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
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 Fund Adviser
Pacific Life Fund Advisors LLC
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
Vice President and General Counsel Fund Adviser
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
1775 I Street, N.W.
Washington D.C. 20006-2401
Anthony H. Zacharski, Esq.
Dechert LLP
1775 I Street, N.W.
Washington D.C. 20006-2401
registrant’s telephone number, including area code: 949-219-6767
Date of fiscal year end: March 31
Date of reporting period: September 30, 2008
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 | |
Special Meeting of Shareholders | E-4 | |
Where to Go for More Information | E-5 |
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
MUTUAL FUNDS - 99.89% | ||||||||
PL Money Market Fund ‘A’ | 1,495,372 | $ | 1,495,372 | |||||
PL International Value Fund ‘A’ | 208,896 | 2,040,918 | ||||||
PL Large-Cap Value Fund ‘A’ | 125,570 | 1,315,976 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,139,492 | 11,178,417 | ||||||
PL Floating Rate Loan Fund ‘A’ | 673,145 | 6,361,218 | ||||||
PL Growth LT Fund ‘A’ | 115,067 | 1,215,106 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 230,473 | 1,869,135 | ||||||
PL International Large-Cap Fund ‘A’ | 108,382 | 1,372,113 | ||||||
PL Main Street® Core Fund ‘A’ | 353,901 | 3,110,786 | ||||||
PL Managed Bond Fund ‘A’ | 2,628,605 | 24,735,172 | ||||||
PL Inflation Managed Fund ‘A’ | 1,322,445 | 12,629,352 | ||||||
PL Comstock Fund ‘A’ | 350,652 | 3,751,983 | ||||||
Total Mutual Funds (Cost $76,694,123) | 71,075,548 | |||||||
TOTAL INVESTMENTS - 99.89% (Cost $76,694,123) | 71,075,548 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.11% | 75,805 | |||||||
NET ASSETS - 100.00% | $ | 71,151,353 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 77.16 | % | ||
Affiliated Equity Funds | 20.63 | % | ||
Affiliated Money Market Fund | 2.10 | % | ||
99.89 | % | |||
Other Assets & Liabilities, Net | 0.11 | % | ||
100.00 | % | |||
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
MUTUAL FUNDS - 100.21% | ||||||||
PL Small-Cap Growth Fund ‘A’ | 128,111 | $ | 1,041,542 | |||||
PL International Value Fund ‘A’ | 655,871 | 6,407,857 | ||||||
PL Large-Cap Value Fund ‘A’ | 442,358 | 4,635,915 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,379,795 | 13,535,789 | ||||||
PL Floating Rate Loan Fund ‘A’ | 742,697 | 7,018,484 | ||||||
PL Growth LT Fund ‘A’ | 413,065 | 4,361,964 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 500,034 | 4,055,274 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 139,965 | 1,051,134 | ||||||
PL International Large-Cap Fund ‘A’ | 439,180 | 5,560,016 | ||||||
PL Small-Cap Value Fund ‘A’ | 122,150 | 1,028,504 | ||||||
PL Main Street Core Fund ‘A’ | 891,261 | 7,834,188 | ||||||
PL Managed Bond Fund ‘A’ | 3,391,670 | 31,915,614 | ||||||
PL Inflation Managed Fund ‘A’ | 1,708,648 | 16,317,593 | ||||||
PL Comstock Fund ‘A’ | 742,675 | 7,946,626 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 287,906 | 2,147,783 | ||||||
Total Mutual Funds (Cost $126,811,148) | 114,858,283 | |||||||
TOTAL INVESTMENTS - 100.21% (Cost $126,811,148) | 114,858,283 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.21%) | (243,347 | ) | ||||||
NET ASSETS - 100.00% | $ | 114,614,936 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 60.01 | % | ||
Affiliated Equity Funds | 40.20 | % | ||
100.21 | % | |||
Other Assets & Liabilities, Net | (0.21 | %) | ||
100.00 | % | |||
See Notes to Financial Statements | A-1 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | ||||||||
MUTUAL FUNDS - 100.20% | |||||||||
PL Small-Cap Growth Fund ‘A’ | 973,440 | $ | 7,914,067 | ||||||
PL International Value Fund ‘A’ | 2,704,034 | 26,418,416 | |||||||
PL Large-Cap Value Fund ‘A’ | 2,843,344 | 29,798,241 | |||||||
PL Short Duration Bond Fund ‘A’ | 3,225,821 | 31,645,300 | |||||||
PL Floating Rate Loan Fund ‘A’ | 1,839,899 | 17,387,043 | |||||||
PL Growth LT Fund ‘A’ | 2,628,683 | 27,758,890 | |||||||
PL Mid-Cap Equity Fund ‘A’ | 3,017,976 | 24,475,789 | |||||||
PL Large-Cap Growth Fund ‘A’ * | 992,129 | 7,450,885 | |||||||
PL International Large-Cap Fund ‘A’ | 1,884,887 | 23,862,667 | |||||||
PL Small-Cap Value Fund ‘A’ | 992,924 | 8,360,420 | |||||||
PL Main Street Core Fund ‘A’ | 4,159,548 | 36,562,426 | |||||||
PL Emerging Markets Fund ‘A’ | 1,139,798 | 11,318,196 | |||||||
PL Managed Bond Fund ‘A’ | 7,875,826 | 74,111,526 | |||||||
PL Inflation Managed Fund ‘A’ | 4,034,623 | 38,530,648 | |||||||
PL Comstock Fund ‘A’ | 3,143,150 | 33,631,707 | |||||||
PL Mid-Cap Growth Fund ‘A’ | 1,015,684 | 7,577,002 | |||||||
PL Real Estate Fund ‘A’ | 799,326 | 8,568,780 | |||||||
Total Mutual Funds (Cost $469,905,326) | 415,372,003 | ||||||||
TOTAL INVESTMENTS - 100.20% (Cost $469,905,326) | 415,372,003 | ||||||||
OTHER ASSETS & LIABILITIES, NET — (0.20%) | (827,687 | ) | |||||||
NET ASSETS - 100.00% | $ | 414,544,316 | |||||||
Note to Schedule of Investments | |||||||||
(a) As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: | |||||||||
Affiliated Equity Funds | 61.20 | % | |||||||
Affiliated Fixed Income Funds | 39.00 | % | |||||||
100.20 | % | ||||||||
Other Assets & Liabilities, Net | (0.20 | %) | |||||||
100.00 | % | ||||||||
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | ||||||||
MUTUAL FUNDS - 100.26% | |||||||||
PL Small-Cap Growth Fund ‘A’ | 1,520,527 | $ | 12,361,886 | ||||||
PL International Value Fund ‘A’ | 4,382,576 | 42,817,770 | |||||||
PL Large-Cap Value Fund ‘A’ | 3,381,014 | 35,433,023 | |||||||
PL Short Duration Bond Fund ‘A’ | 476,750 | 4,676,917 | |||||||
PL Floating Rate Loan Fund ‘A’ | 478,044 | 4,517,512 | |||||||
PL Growth LT Fund ‘A’ | 3,903,220 | 41,217,998 | |||||||
PL Mid-Cap Equity Fund ‘A’ | 4,224,751 | 34,262,730 | |||||||
PL Large-Cap Growth Fund ‘A’ * | 1,025,821 | 7,703,919 | |||||||
PL International Large-Cap Fund ‘A’ | 2,926,037 | 37,043,632 | |||||||
PL Small-Cap Value Fund ‘A’ | 2,094,886 | 17,638,942 | |||||||
PL Main Street Core Fund ‘A’ | 4,802,905 | 42,217,537 | |||||||
PL Emerging Markets Fund ‘A’ | 1,570,547 | 15,595,533 | |||||||
PL Managed Bond Fund ‘A’ | 3,852,852 | 36,255,336 | |||||||
PL Inflation Managed Fund ‘A’ | 2,793,548 | 26,678,383 | |||||||
PL Comstock Fund ‘A’ | 3,763,972 | 40,274,500 | |||||||
PL Mid-Cap Growth Fund ‘A’ | 1,048,236 | 7,819,839 | |||||||
PL Real Estate Fund ‘A’ | 1,727,726 | 18,521,220 | |||||||
Total Mutual Funds (Cost $496,911,855) | 425,036,677 | ||||||||
TOTAL INVESTMENTS - 100.26% (Cost $496,911,855) | 425,036,677 | ||||||||
OTHER ASSETS & LIABILITIES, NET — (0.26%) | (1,119,005 | ) | |||||||
NET ASSETS - 100.00% | $ | 423,917,672 | |||||||
Note to Schedule of Investments | |||||||||
(a) As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: | |||||||||
Affiliated Equity Funds | 83.25 | % | |||||||
Affiliated Fixed Income Funds | 17.01 | % | |||||||
100.26 | % | ||||||||
Other Assets & Liabilities, Net | (0.26 | %) | |||||||
100.00 | % | ||||||||
See Notes to Financial Statements | A-2 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
MUTUAL FUNDS - 100.01% | ||||||||
PL Small-Cap Growth Fund ‘A’ | 1,096,389 | $ | 8,913,640 | |||||
PL International Value Fund ‘A’ | 2,439,031 | 23,829,336 | ||||||
PL Large-Cap Value Fund ‘A’ | 1,474,767 | 15,455,558 | ||||||
PL Growth LT Fund ‘A’ | 1,878,088 | 19,832,608 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 1,821,327 | 14,770,964 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 447,592 | 3,361,419 | ||||||
PL International Large-Cap Fund ‘A’ | 1,423,568 | 18,022,377 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,576,206 | 13,271,654 | ||||||
PL Main Street Core Fund ‘A’ | 2,517,318 | 22,127,221 | ||||||
PL Emerging Markets Fund ‘A’ | 1,038,800 | 10,315,284 | ||||||
PL Comstock Fund ‘A’ | 1,793,309 | 19,188,406 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 452,963 | 3,379,104 | ||||||
PL Real Estate Fund ‘A’ | 918,151 | 9,842,579 | ||||||
Total Mutual Funds (Cost $219,471,502) | 182,310,150 | |||||||
TOTAL INVESTMENTS - 100.01% (Cost $219,471,502) | 182,310,150 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.01%) | (15,118 | ) | ||||||
NET ASSETS - 100.00% | $ | 182,295,032 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 100.01 | % | ||
100.01 | % | |||
Other Assets & Liabilities, Net | (0.01 | %) | ||
100.00 | % | |||
See Notes to Financial Statements | A-3 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MONEY MARKET FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL MONEY MARKET FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 99.98% | ||||||||
Certificates of Deposit - 2.65% | ||||||||
Bank of Scotland PLC (United Kingdom) | ||||||||
2.891% due 10/27/08 § | $ | 500,000 | $ | 500,000 | ||||
BNP Paribas SA (France) | ||||||||
2.690% due 11/12/08 § | 750,000 | 750,000 | ||||||
1,250,000 | ||||||||
Commercial Paper - 74.09% | ||||||||
American Honda Finance Corp | ||||||||
2.700% due 10/01/08 | 1,500,000 | 1,500,000 | ||||||
AstraZeneca PLC (United Kingdom) | ||||||||
2.400% due 10/10/08 | 250,000 | 249,850 | ||||||
AT&T Inc | ||||||||
2.200% due 11/17/08 | 1,500,000 | 1,495,690 | ||||||
BASF SE (Germany) | ||||||||
2.210% due 12/04/08 | 1,000,000 | 996,071 | ||||||
2.550% due 12/15/08 | 500,000 | 497,344 | ||||||
ConocoPhillips Qatar Funding Ltd | ||||||||
2.150% due 10/10/08 | 750,000 | 749,597 | ||||||
E.I. du Pont de Nemours & Co | ||||||||
2.130% due 10/21/08 | 1,750,000 | 1,747,929 | ||||||
E.ON AG (Germany) | ||||||||
2.750% due 10/08/08 | 1,500,000 | 1,499,198 | ||||||
Eaton Corp | ||||||||
2.330% due 10/06/08 | 1,000,000 | 999,676 | ||||||
2.500% due 10/01/08 | 1,000,000 | 1,000,000 | ||||||
Electricite de France (France) | ||||||||
3.000% due 10/22/08 | 1,250,000 | 1,247,813 | ||||||
Genentech Inc | ||||||||
2.600% due 10/21/08 | 1,050,000 | 1,048,483 | ||||||
General Electric Capital Corp | ||||||||
2.350% due 10/27/08 | 500,000 | 499,151 | ||||||
Hewlett-Packard Co | ||||||||
2.170% due 10/02/08 | 2,000,000 | 1,999,879 | ||||||
Honeywell International Inc | ||||||||
2.750% due 10/15/08 | 500,000 | 499,465 | ||||||
Illinois Tool Works | ||||||||
2.200% due 10/24/08 | 2,000,000 | 1,997,189 | ||||||
International Business Machines Corp | ||||||||
2.340% due 11/03/08 | 1,000,000 | 997,856 | ||||||
JPMorgan Chase & Co | ||||||||
2.900% due 12/15/08 | 750,000 | 745,469 | ||||||
Kimberly-Clark Worldwide Inc | ||||||||
2.050% due 10/14/08 | 1,000,000 | 999,260 | ||||||
Medtronic Inc | ||||||||
2.050% due 10/20/08 | 1,500,000 | 1,498,377 | ||||||
National Rural Utilities Cooperative Finance Corp | ||||||||
3.100% due 10/21/08 | 2,000,000 | 1,996,556 | ||||||
Nestle Capital Corp | ||||||||
2.120% due 10/23/08 | 1,600,000 | 1,597,927 | ||||||
Nokia OYJ (Finland) | ||||||||
3.000% due 10/14/08 | 1,900,000 | 1,897,942 | ||||||
Pitney Bowes Inc | ||||||||
2.000% due 10/10/08 | 2,000,000 | 1,999,000 | ||||||
Proctor & Gamble International Funding SCA | ||||||||
2.220% due 10/01/08 | 500,000 | 500,000 | ||||||
Royal Bank of Canada (Canada) | ||||||||
2.630% due 11/21/08 | 1,000,000 | 996,274 | ||||||
The Coca-Cola Co | ||||||||
2.120% due 10/20/08 | 1,000,000 | 998,881 | ||||||
The Pepsi Bottling Group Inc | ||||||||
3.000% due 10/07/08 | 1,500,000 | 1,499,250 | ||||||
The Proctor and Gamble Co | ||||||||
2.250% due 11/04/08 | 750,000 | 748,406 | ||||||
Wal-Mart Stores Inc | ||||||||
2.100% due 12/16/08 | 500,000 | 497,783 | ||||||
35,000,316 | ||||||||
Corporate Notes - 16.27% | ||||||||
Bank of America Corp | ||||||||
2.957% due 02/17/09 § | 200,000 | 199,897 | ||||||
Caterpillar Financial Services Corp | ||||||||
2.887% due 03/10/09 § | 500,000 | 499,634 | ||||||
Cisco Systems Inc | ||||||||
2.892% due 02/20/09 § | 250,000 | 249,986 | ||||||
Emerson Electric Co | ||||||||
5.850% due 03/15/09 | 315,000 | 318,903 | ||||||
General Electric Capital Corp | ||||||||
3.125% due 04/01/09 | 400,000 | 400,999 | ||||||
Honeywell International Inc | ||||||||
2.879% due 03/13/09 § | 230,000 | 229,916 | ||||||
IBM International Group Capital LLC | ||||||||
2.854% due 02/13/09 § | 600,000 | 599,859 | ||||||
3.133% due 07/29/09 § | 750,000 | 752,066 | ||||||
JPMorgan & Co Inc | ||||||||
6.000% due 01/15/09 | 700,000 | 705,057 | ||||||
Procter & Gamble International Funding SCA | ||||||||
2.879% due 02/19/09 § | 200,000 | 200,000 | ||||||
5.300% due 07/06/09 ~ | 500,000 | 508,624 | ||||||
The Pepsi Bottling Holdings Inc | ||||||||
5.625% due 02/17/09 ~ | 500,000 | 504,757 | ||||||
Toyota Motor Credit Corp | ||||||||
2.747% due 11/17/08 § | 1,000,000 | 1,000,077 | ||||||
Wal-Mart Stores Inc | ||||||||
6.875% due 08/10/09 | 500,000 | 517,082 | ||||||
Wells Fargo Bank NA | ||||||||
3.859% due 05/28/09 § | 1,000,000 | 1,000,000 | ||||||
7,686,857 | ||||||||
U.S. Government Agency Issues - 4.24% | ||||||||
Federal Home Loan Bank | ||||||||
2.520% due 04/21/09 | 1,500,000 | 1,500,000 | ||||||
Freddie Mac | ||||||||
2.625% due 06/12/09 | 500,000 | 500,000 | ||||||
2,000,000 | ||||||||
Shares | ||||||||
Money Market Fund - 2.73% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 1,290,641 | 1,290,641 | ||||||
Total Short-Term Investments (Amortized Cost $47,227,814) | 47,227,814 | |||||||
TOTAL INVESTMENTS - 99.98% (Amortized Cost $47,227,814) | 47,227,814 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.02% | 10,644 | |||||||
NET ASSETS - 100.00% | $ | 47,238,458 | ||||||
See Notes to Financial Statements | A-4 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MONEY MARKET FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MONEY MARKET FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Commercial Paper | 74.09 | % | ||
Corporate Notes | 16.27 | % | ||
U.S. Government Agency Issues | 4.24 | % | ||
Money Market Fund | 2.73 | % | ||
Certificates of Deposit | 2.65 | % | ||
99.98 | % | |||
Other Assets & Liabilities, Net | 0.02 | % | ||
100.00 | % | |||
(b) | As of September 30, 2008, 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 | 9.58 | % | ||
A-1 (Short-Term Debt Only) | 75.11 | % | ||
AA | 4.19 | % | ||
A | 8.40 | % | ||
Not Rated | 2.72 | % | ||
100.00 | % | |||
(c) | 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 | A-5 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.74% | ||||||||
Consumer Discretionary -11.82% | ||||||||
AnnTaylor Stores Corp * | 11,500 | $ | 237,360 | |||||
Bally Technologies Inc * | 12,650 | 383,042 | ||||||
bebe Stores Inc | 23,550 | 230,083 | ||||||
Corinthian Colleges Inc * | 27,950 | 419,250 | ||||||
Ctrip.com International Ltd ADR (Cayman) | 5,850 | 225,868 | ||||||
Iconix Brand Group Inc * | 24,000 | 313,920 | ||||||
Life Time Fitness Inc * | 12,000 | 375,240 | ||||||
LKQ Corp * | 23,350 | 396,250 | ||||||
Phillips-Van Heusen Corp | 7,400 | 280,534 | ||||||
priceline.com Inc * | 3,400 | 232,662 | ||||||
Tupperware Brands Corp | 12,150 | 335,705 | ||||||
WMS Industries Inc * | 9,200 | 281,244 | ||||||
3,711,158 | ||||||||
Consumer Staples - 2.02% | ||||||||
Central European Distribution Corp * | 7,150 | 324,681 | ||||||
The Hain Celestial Group Inc * | 11,250 | 309,713 | ||||||
634,394 | ||||||||
Energy - 9.74% | ||||||||
Bristow Group Inc * | 1,550 | 52,452 | ||||||
Cal Dive International Inc * | 20,650 | 218,890 | ||||||
Carrizo Oil & Gas Inc * | 6,600 | 239,382 | ||||||
Comstock Resources Inc * | 4,700 | 235,235 | ||||||
Concho Resources Inc * Δ + | 15,400 | 425,194 | ||||||
Dril-Quip Inc * | 7,300 | 316,747 | ||||||
IHS Inc ‘A’ * | 7,550 | 359,682 | ||||||
International Coal Group Inc * | 39,900 | 248,976 | ||||||
Mariner Energy Inc * | 15,100 | 309,550 | ||||||
Petrobank Energy & Resources Ltd (Canada) * | 8,400 | 318,792 | ||||||
T-3 Energy Services Inc * | 7,400 | 274,688 | ||||||
Uranium One Inc (Canada) * | 26,900 | 58,192 | ||||||
3,057,780 | ||||||||
Financials - 6.78% | ||||||||
Affiliated Managers Group Inc * | 3,900 | 323,115 | ||||||
Brookline Bancorp Inc | 21,800 | 278,822 | ||||||
Digital Realty Trust Inc REIT | 9,000 | 425,250 | ||||||
First Mercury Financial Corp * | 20,600 | 293,550 | ||||||
Greenhill & Co Inc | 2,250 | 165,938 | ||||||
Investment Technology Group Inc * | 5,050 | 153,672 | ||||||
Lazard Ltd ‘A’ (Bermuda) | 5,000 | 213,800 | ||||||
Signature Bank * | 7,900 | 275,552 | ||||||
2,129,699 | ||||||||
Health Care - 21.18% | ||||||||
Acorda Therapeutics Inc * | 6,250 | 149,062 | ||||||
Alexion Pharmaceuticals Inc * | 8,150 | 320,295 | ||||||
Auxilium Pharmaceuticals Inc * | 3,800 | 123,120 | ||||||
Bruker Corp * | 15,600 | 207,948 | ||||||
Cepheid Inc * | 7,750 | 107,182 | ||||||
Community Health Systems Inc * | 12,850 | 376,633 | ||||||
Cubist Pharmaceuticals Inc * | 15,250 | 339,007 | ||||||
ev3 Inc * | 17,300 | 173,692 | ||||||
Gentiva Health Services Inc * | 16,250 | 437,775 | ||||||
Hologic Inc * | 11,500 | 222,295 | ||||||
ICON PLC ADR (Ireland) * | 10,100 | 386,325 | ||||||
Illumina Inc * | 9,200 | 372,876 | ||||||
Insulet Corp * | 11,300 | 157,296 | ||||||
Inverness Medical Innovations Inc * | 5,800 | 174,000 | ||||||
Masimo Corp * | 7,400 | 275,280 | ||||||
Meridian Bioscience Inc | 14,600 | 423,984 | ||||||
Myriad Genetics Inc * | 4,050 | 262,764 | ||||||
Optimer Pharmaceuticals Inc * | 12,050 | 95,798 | ||||||
OSI Pharmaceuticals Inc * | 5,100 | 251,379 | ||||||
Par Pharmaceutical Cos Inc * | 5,850 | 71,897 | ||||||
PAREXEL International Corp * | 13,500 | 386,910 | ||||||
Savient Pharmaceuticals Inc * | 12,200 | 181,902 | ||||||
Tenet Healthcare Corp * | 63,200 | 350,760 | ||||||
Thoratec Corp * | 17,000 | 446,250 | ||||||
United Therapeutics Corp * | 3,400 | 357,578 | ||||||
6,652,008 | ||||||||
Industrials - 14.31% | ||||||||
Actuant Corp ‘A’ | 13,850 | 349,574 | ||||||
Aecom Technology Corp * | 14,900 | 364,156 | ||||||
AirTran Holdings Inc * | 43,950 | 106,798 | ||||||
BE Aerospace Inc * | 11,300 | 178,879 | ||||||
Bucyrus International Inc | 6,800 | 303,824 | ||||||
CLARCOR Inc | 9,100 | 345,345 | ||||||
EnergySolutions Inc | 19,450 | 194,500 | ||||||
Esterline Technologies Corp * | 6,750 | 267,232 | ||||||
FTI Consulting Inc * | 6,000 | 433,440 | ||||||
JA Solar Holdings Co Ltd ADR (Cayman) * | 20,000 | 211,600 | ||||||
RBC Bearings Inc * | 11,100 | 373,959 | ||||||
SunPower Corp ‘B’ * | 2,152 | 148,628 | ||||||
The Geo Group Inc * | 18,000 | 363,780 | ||||||
Titan Machinery Inc * | 11,200 | 233,072 | ||||||
URS Corp * | 8,000 | 293,360 | ||||||
Waste Connections Inc * | 9,550 | 327,565 | ||||||
4,495,712 | ||||||||
Information Technology - 24.88% | ||||||||
ANSYS Inc * | 9,200 | 348,404 | ||||||
Atheros Communications Inc * | 13,650 | 321,867 | ||||||
Cavium Networks Inc * | 10,150 | 142,912 | ||||||
Concur Technologies Inc * | 8,050 | 307,993 | ||||||
Cypress Semiconductor Corp * | 7,850 | 40,977 | ||||||
Foundry Networks Inc * | 9,550 | 173,905 | ||||||
GSI Commerce Inc * | 29,750 | 460,530 | ||||||
Informatica Corp * | 21,900 | 284,481 | ||||||
Interwoven Inc * | 24,450 | 345,234 | ||||||
Mellanox Technologies Ltd (Israel) * | 28,000 | 289,240 | ||||||
Microsemi Corp * | 16,500 | 420,420 | ||||||
NeuStar Inc ‘A’ * | 11,500 | 228,735 | ||||||
NICE Systems Ltd ADR (Israel) * | 15,350 | 418,134 | ||||||
Omniture Inc * | 9,600 | 176,256 | ||||||
ON Semiconductor Corp * | 44,350 | 299,806 | ||||||
Polycom Inc * | 14,850 | 343,481 | ||||||
SI International Inc * | 12,300 | 369,615 | ||||||
Solera Holdings Inc * | 13,250 | 380,540 | ||||||
Sonus Networks Inc * | 50,850 | 146,448 | ||||||
Synaptics Inc * | 8,925 | 269,714 | ||||||
Synchronoss Technologies Inc * | 11,300 | 106,333 | ||||||
Taleo Corp ‘A’ * | 19,800 | 393,822 | ||||||
TeleTech Holdings Inc * | 22,650 | 281,766 | ||||||
Tessera Technologies Inc * | 12,750 | 208,335 | ||||||
THQ Inc * | 20,500 | 246,820 | ||||||
TIBCO Software Inc * | 34,650 | 253,638 | ||||||
VeriFone Holdings Inc * | 15,100 | 249,754 | ||||||
Wright Express Corp * | 10,350 | 305,946 | ||||||
7,815,106 | ||||||||
Materials - 2.03% | ||||||||
Silgan Holdings Inc | 8,550 | 436,820 | ||||||
Thompson Creek Metals Co Inc (Canada) * | 21,200 | 201,612 | ||||||
638,432 | ||||||||
Telecommunication Services - 1.59% | ||||||||
Cincinnati Bell Inc * | 39,050 | 120,664 | ||||||
SBA Communications Corp ‘A’ * | 14,650 | 378,996 | ||||||
499,660 | ||||||||
See Notes to Financial Statements | A-6 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Utilities - 1.39% | ||||||||
ITC Holdings Corp | 8,450 | $ | 437,457 | |||||
Total Common Stocks (Cost $34,102,201) | 30,071,406 | |||||||
TOTAL INVESTMENTS - 95.74% (Cost $34,102,201) | 30,071,406 | |||||||
OTHER ASSETS & LIABILITIES, NET - 4.26% | 1,339,295 | |||||||
NET ASSETS - 100.00% | $ | 31,410,701 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 24.88 | % | ||
Health Care | 21.18 | % | ||
Industrials | 14.31 | % | ||
Consumer Discretionary | 11.82 | % | ||
Energy | 9.74 | % | ||
Financials | 6.78 | % | ||
Materials | 2.03 | % | ||
Consumer Staples | 2.02 | % | ||
Telecommunication Services | 1.59 | % | ||
Utilities | 1.39 | % | ||
95.74 | % | |||
Other Assets & Liabilities, Net | 4.26 | % | ||
100.00 | % | |||
(b) | A security with a market value of $425,194 or 1.35% 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) | 1.35% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | A-7 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.61% | ||||||||
Australia - 3.60% | ||||||||
Australia & New Zealand Banking Group Ltd + | 34,100 | $ | 526,819 | |||||
BHP Billiton Ltd + | 44,000 | 1,138,309 | ||||||
Consolidated Media Holdings Ltd + | 89,100 | 177,960 | ||||||
Lend Lease Corp Ltd + | 50,400 | 371,764 | ||||||
Macquarie Infrastructure Group + | 210,802 | 399,720 | ||||||
National Australia Bank Ltd + | 17,422 | 351,619 | ||||||
OZ Minerals Ltd + | 162,848 | 206,636 | ||||||
Qantas Airways Ltd + | 222,200 | 566,473 | ||||||
3,739,300 | ||||||||
Belgium - 1.29% | ||||||||
Fortis + | 52,432 | 323,923 | ||||||
KBC Groep NV + | 1,527 | 132,836 | ||||||
Solvay SA + | 7,200 | 883,795 | ||||||
1,340,554 | ||||||||
Bermuda - 1.11% | ||||||||
Catlin Group Ltd + | 88,600 | 555,360 | ||||||
Hiscox Ltd + | 136,400 | 599,668 | ||||||
1,155,028 | ||||||||
Canada - 3.34% | ||||||||
Barrick Gold Corp | 14,400 | 527,290 | ||||||
Canadian Imperial Bank of Commerce | 7,364 | 422,639 | ||||||
EnCana Corp | 5,300 | 338,443 | ||||||
Fairfax Financial Holdings Ltd | 2,500 | 801,362 | ||||||
Gerdau Ameristeel Corp | 45,200 | 435,330 | ||||||
Husky Energy Inc | 8,000 | 332,253 | ||||||
Petro-Canada | 18,500 | 615,363 | ||||||
3,472,680 | ||||||||
Finland - 1.82% | ||||||||
Nokia OYJ + | 59,200 | 1,104,162 | ||||||
Outokumpu OYJ + | 15,400 | 245,355 | ||||||
Stora Enso OYJ ‘R’ + | 54,900 | 536,432 | ||||||
1,885,949 | ||||||||
France - 12.87% | ||||||||
Air France-KLM + | 8,400 | 192,322 | ||||||
Arkema + | 7,900 | 291,646 | ||||||
BNP Paribas + | 17,808 | 1,699,903 | ||||||
Compagnie Generale des Etablissements Michelin ‘B’ + | 7,725 | 500,365 | ||||||
Credit Agricole SA + | 63,323 | 1,219,582 | ||||||
France Telecom SA + | 35,400 | 992,954 | ||||||
GDF Suez + | 9,641 | 501,580 | ||||||
Lagardere SCA + | 14,500 | 653,605 | ||||||
Renault SA + | 14,194 | 904,572 | ||||||
Sanofi-Aventis SA + | 25,301 | 1,663,424 | ||||||
Societe Generale + | 14,923 | 1,340,525 | ||||||
Suez Environnement SA * | 2,525 | 62,171 | ||||||
Total SA + | 42,956 | 2,609,568 | ||||||
Vallourec SA + | 3,400 | 733,643 | ||||||
13,365,860 | ||||||||
Germany - 12.33% | ||||||||
Allianz SE + | 12,210 | 1,673,966 | ||||||
BASF SE + | 33,000 | 1,573,320 | ||||||
Celesio AG + | 18,400 | 803,020 | ||||||
Deutsche Bank AG + | 19,900 | 1,423,583 | ||||||
Deutsche Lufthansa AG + | 33,900 | 662,687 | ||||||
Deutsche Telekom AG + | 64,900 | 985,649 | ||||||
E.ON AG + | 32,796 | 1,650,844 | ||||||
Infineon Technologies AG + * | 89,500 | 496,894 | ||||||
Lanxess AG + | 10,700 | 294,679 | ||||||
Muenchener Rueckversicherungs AG + | 7,461 | 1,125,450 | ||||||
RWE AG + | 8,023 | 764,884 | ||||||
Siemens AG + | 7,700 | 718,231 | ||||||
Suedzucker AG + | 12,900 | 187,684 | ||||||
TUI AG + | 26,800 | 442,693 | ||||||
12,803,584 | ||||||||
Ireland - 0.27% | ||||||||
Greencore Group PLC + | 109,900 | 276,306 | ||||||
Italy - 3.36% | ||||||||
Banco Popolare SCARL + | 35,800 | 556,132 | ||||||
ENI SPA + | 65,889 | 1,746,453 | ||||||
Fondiaria-Sai SPA + | 1,600 | 37,766 | ||||||
Telecom Italia SPA + | 422,900 | 629,390 | ||||||
Telecom Italia SPA RNC + | 203,700 | 230,903 | ||||||
UniCredit SPA + | 77,000 | 287,929 | ||||||
3,488,573 | ||||||||
Japan - 17.03% | ||||||||
Astellas Pharma Inc + | 11,000 | 462,211 | ||||||
Canon Inc + | 10,400 | 394,273 | ||||||
DIC Inc + | 124,000 | 234,846 | ||||||
Fujitsu Ltd + | 165,000 | 927,625 | ||||||
Hitachi High-Technologies Corp + | 13,900 | 275,637 | ||||||
Hitachi Ltd | 107,000 | 722,354 | ||||||
Honda Motor Co Ltd + | 26,700 | 809,885 | ||||||
JFE Holdings Inc + | 28,200 | 874,656 | ||||||
Mitsubishi Chemical Holdings Corp + | 127,000 | 671,290 | ||||||
Mitsubishi Corp + | 44,500 | 928,277 | ||||||
Mitsui & Co Ltd + | 67,000 | 831,759 | ||||||
Mitsui OSK Lines Ltd + | 69,000 | 599,497 | ||||||
Namco Bandai Holdings Inc + | 33,100 | 363,888 | ||||||
Nippon Mining Holdings Inc + | 80,000 | 322,242 | ||||||
Nippon Telegraph & Telephone Corp + | 243 | 1,084,618 | ||||||
Nippon Yusen Kabushiki Kaisha + | 76,000 | 495,414 | ||||||
Nissan Motor Co Ltd + | 172,300 | 1,165,055 | ||||||
ORIX Corp + | 4,680 | 585,974 | ||||||
Sharp Corp + | 64,000 | 699,331 | ||||||
Sony Corp + | 23,600 | 727,768 | ||||||
Sumitomo Metal Mining Co Ltd + | 55,000 | 551,195 | ||||||
Sumitomo Mitsui Financial Group Inc + | 186 | 1,166,158 | ||||||
The Tokyo Electric Power Co Inc + | 36,500 | 898,061 | ||||||
Toshiba Corp + | 182,000 | 793,750 | ||||||
Tosoh Corp + | 72,000 | 212,461 | ||||||
Toyota Motor Corp + | 20,800 | 889,252 | ||||||
17,687,477 | ||||||||
Luxembourg - 1.13% | ||||||||
ArcelorMittal + | 23,100 | 1,170,174 | ||||||
Netherlands - 2.86% | ||||||||
ING Groep NV CVA + | 48,321 | 1,035,893 | ||||||
Koninklijke Ahold NV + | 74,500 | 860,601 | ||||||
Koninklijke DSM NV + | 16,400 | 775,712 | ||||||
Koninklijke Philips Electronics NV + | 11,130 | 301,985 | ||||||
2,974,191 | ||||||||
New Zealand - 0.32% | ||||||||
Telecom Corp of New Zealand Ltd + | 183,000 | 337,145 | ||||||
Norway - 1.91% | ||||||||
Norsk Hydro ASA + | 66,150 | 447,519 | ||||||
StatoilHydro ASA + | 64,700 | 1,537,488 | ||||||
1,985,007 | ||||||||
See Notes to Financial Statements | A-8 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Singapore - 0.28% | ||||||||
Neptune Orient Lines Ltd + | 228,000 | $ | 290,777 | |||||
Spain - 2.95% | ||||||||
Banco Santander SA + | 65,700 | 985,124 | ||||||
Repsol YPF SA + | 26,529 | 786,209 | ||||||
Telefonica SA + | 54,400 | 1,293,497 | ||||||
3,064,830 | ||||||||
Sweden - 2.55% | ||||||||
Nordea Bank AB + | 47,900 | 571,875 | ||||||
Svenska Cellulosa AB ‘B’ + | 57,100 | 604,882 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ + | 105,000 | 997,163 | ||||||
Volvo AB ‘B’ + | 52,050 | 470,249 | ||||||
2,644,169 | ||||||||
Switzerland - 4.23% | ||||||||
Credit Suisse Group AG + | 30,379 | 1,418,759 | ||||||
Nestle SA + | 12,530 | 541,516 | ||||||
Novartis AG + | 37,797 | 1,989,995 | ||||||
Zurich Financial Services AG + | 1,590 | 440,304 | ||||||
4,390,574 | ||||||||
United Kingdom - 22.36% | ||||||||
Antofagasta PLC + | 47,900 | 347,952 | ||||||
Arriva PLC + | 55,900 | 694,073 | ||||||
Associated British Foods PLC + | 51,600 | 654,792 | ||||||
AstraZeneca PLC + | 14,722 | 644,224 | ||||||
Aviva PLC + | 65,538 | 570,062 | ||||||
Barclays PLC + | 229,483 | 1,363,452 | ||||||
BP PLC + | 202,998 | 1,690,618 | ||||||
British American Tobacco PLC + | 24,700 | 806,384 | ||||||
Centrica PLC + | 163,500 | 919,970 | ||||||
Drax Group PLC + | 74,300 | 1,000,411 | ||||||
DS Smith PLC + | 57,900 | 112,285 | ||||||
G4S PLC + | 153,200 | 554,003 | ||||||
GlaxoSmithKline PLC + | 96,100 | 2,081,774 | ||||||
HBOS PLC + | 236,331 | 536,180 | ||||||
HSBC Holdings PLC (LI) + | 68,200 | 1,103,352 | ||||||
Kazakhmys PLC + | 9,000 | 94,517 | ||||||
Lloyds TSB Group PLC + | 97,200 | 390,576 | ||||||
Mondi PLC + | 32,500 | 151,682 | ||||||
Pearson PLC + | 48,400 | 524,351 | ||||||
Persimmon PLC + | 51,900 | 377,634 | ||||||
Premier Farnell PLC + | 161,000 | 473,025 | ||||||
Prudential PLC + | 16,645 | 151,768 | ||||||
Royal Dutch Shell PLC ‘A’ (XAMS) + | 107,935 | 3,179,994 | ||||||
The Royal Bank of Scotland Group PLC + | 412,255 | 1,329,893 | ||||||
Thomas Cook Group PLC + | 136,800 | 542,810 | ||||||
TUI Travel PLC + | 125,400 | 484,888 | ||||||
Vodafone Group PLC + | 866,371 | 1,913,311 | ||||||
Xstrata PLC + | 16,820 | 524,186 | ||||||
23,218,167 | ||||||||
Total Common Stocks (Cost $132,371,339) | 99,290,345 | |||||||
TOTAL INVESTMENTS - 95.61% (Cost $132,371,339) | 99,290,345 | |||||||
OTHER ASSETS & LIABILITIES, NET - 4.39% | 4,563,720 | |||||||
NET ASSETS - 100.00% | $ | 103,854,065 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 24.17 | % | ||
Energy | 12.67 | % | ||
Materials | 12.43 | % | ||
Consumer Discretionary | 8.92 | % | ||
Industrials | 8.19 | % | ||
Health Care | 7.36 | % | ||
Telecommunication Services | 7.19 | % | ||
Information Technology | 5.96 | % | ||
Utilities | 5.52 | % | ||
Consumer Staples | 3.20 | % | ||
95.61 | % | |||
Other Assets & Liabilities, Net | 4.39 | % | ||
100.00 | % | |||
(b) | As of September 30, 2008, the Fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 22.36 | % | ||
Japan | 17.03 | % | ||
France | 12.87 | % | ||
Germany | 12.33 | % | ||
Switzerland | 4.23 | % | ||
Australia | 3.60 | % | ||
Italy | 3.36 | % | ||
Canada | 3.34 | % | ||
Spain | 2.95 | % | ||
Netherlands | 2.86 | % | ||
Sweden | 2.55 | % | ||
Norway | 1.91 | % | ||
Finland | 1.82 | % | ||
Belgium | 1.29 | % | ||
Luxembourg | 1.13 | % | ||
Bermuda | 1.11 | % | ||
New Zealand | 0.32 | % | ||
Singapore | 0.28 | % | ||
Ireland | 0.27 | % | ||
95.61 | % | |||
Other Assets & Liabilities, Net | 4.39 | % | ||
100.00 | % | |||
(c) | Securities with a total aggregate market value of $95,033,140 or 91.51% 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) | The amount of $150,600 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of September 30, 2008: |
Net | ||||||||||||
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Depreciation | |||||||||
Dow Jones Euro Stoxx 50 (12/08) | 17 | EUR 537,200 | ($17,041 | ) | ||||||||
See Notes to Financial Statements | A-9 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 86.47% | ||||||||
Consumer Discretionary - 14.21% | ||||||||
DISH Network Corp ‘A’ * | 52,400 | $ | 1,100,401 | |||||
Liberty Media Corp - Entertainment ‘A’ * | 81,700 | 2,040,049 | ||||||
Liberty Media Corp - Interactive ‘A’ * | 60,286 | 778,292 | ||||||
McDonald’s Corp | 36,000 | 2,221,200 | ||||||
News Corp ‘B’ | 87,610 | 1,064,462 | ||||||
Scripps Networks Interactive Inc ‘A’ | 21,500 | 780,665 | ||||||
SES SA FDR (Luxembourg) + | 47,800 | 989,493 | ||||||
Target Corp | 24,200 | 1,187,010 | ||||||
The Home Depot Inc | 31,500 | 815,535 | ||||||
Time Warner Inc | 145,100 | 1,902,261 | ||||||
12,879,368 | ||||||||
Consumer Staples - 13.37% | ||||||||
Altria Group Inc | 59,100 | 1,172,544 | ||||||
Kimberly-Clark Corp | 43,200 | 2,801,088 | ||||||
Kraft Foods Inc ‘A’ | 47,831 | 1,566,465 | ||||||
Lorillard Inc | 13,000 | 924,950 | ||||||
Philip Morris International Inc | 47,400 | 2,279,940 | ||||||
Unilever PLC ADR (United Kingdom) | 34,000 | 925,140 | ||||||
Wal-Mart Stores Inc | 40,900 | 2,449,501 | ||||||
12,119,628 | ||||||||
Energy - 11.12% | ||||||||
Devon Energy Corp | 10,470 | 954,864 | ||||||
Halliburton Co | 44,100 | 1,428,399 | ||||||
Royal Dutch Shell PLC ADR (United Kingdom) | 24,800 | 1,463,448 | ||||||
Suncor Energy Inc (Canada) | 32,390 | 1,369,125 | ||||||
Total SA ADR (France) | 58,000 | 3,519,440 | ||||||
Transocean Inc (Cayman) | 12,248 | 1,345,320 | ||||||
10,080,596 | ||||||||
Financials - 19.89% | ||||||||
Aflac Inc | 18,100 | 1,063,375 | ||||||
American Express Co | 48,870 | 1,731,464 | ||||||
Capital One Financial Corp | 31,400 | 1,601,400 | ||||||
Citigroup Inc | 49,300 | 1,011,143 | ||||||
JPMorgan Chase & Co | 64,000 | 2,988,800 | ||||||
Loews Corp | 53,300 | 2,104,817 | ||||||
Marsh & McLennan Cos Inc | 45,801 | 1,454,640 | ||||||
The Bank of New York Mellon Corp | 41,152 | 1,340,732 | ||||||
The Chubb Corp | 26,180 | 1,437,282 | ||||||
The Travelers Cos Inc | 42,140 | 1,904,728 | ||||||
Wells Fargo & Co | 36,900 | 1,384,857 | ||||||
18,023,238 | ||||||||
Health Care - 5.06% | ||||||||
Abbott Laboratories | 25,300 | 1,456,774 | ||||||
Novartis AG ADR (Switzerland) | 27,900 | 1,474,236 | ||||||
UnitedHealth Group Inc | 26,300 | 667,757 | ||||||
WellPoint Inc * | 21,200 | 991,524 | ||||||
4,590,291 | ||||||||
Industrials - 6.85% | ||||||||
Avery Dennison Corp | 19,100 | 849,568 | ||||||
General Electric Co | 102,800 | 2,621,400 | ||||||
Raytheon Co | 20,500 | 1,096,955 | ||||||
The Boeing Co | 11,400 | 653,790 | ||||||
United Technologies Corp | 16,400 | 984,984 | ||||||
6,206,697 | ||||||||
Information Technology - 4.92% | ||||||||
Comverse Technology Inc * | 31,600 | 302,412 | ||||||
EchoStar Corp ‘A’ * | 6,480 | 156,168 | ||||||
International Business Machines Corp | 13,400 | 1,567,264 | ||||||
Microsoft Corp | 44,700 | 1,193,043 | ||||||
Texas Instruments Inc | 57,500 | 1,236,250 | ||||||
4,455,137 | ||||||||
Materials - 2.49% | ||||||||
Air Products & Chemicals Inc | 11,500 | 787,635 | ||||||
E.I. du Pont de Nemours & Co | 36,400 | 1,466,920 | ||||||
2,254,555 | ||||||||
Telecommunication Services - 6.74% | ||||||||
AT&T Inc | 68,347 | 1,908,248 | ||||||
Embarq Corp | 48,645 | 1,972,555 | ||||||
Sprint Nextel Corp | 183,579 | 1,119,832 | ||||||
Verizon Communications Inc | 34,500 | 1,107,105 | ||||||
6,107,740 | ||||||||
Utilities - 1.82% | ||||||||
Sempra Energy | 32,700 | 1,650,369 | ||||||
Total Common Stocks (Cost $82,768,993) | 78,367,619 | |||||||
SHORT-TERM INVESTMENT - 4.31% | ||||||||
Money Market Fund - 4.31% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 3,908,528 | 3,908,528 | ||||||
Total Short-Term Investment (Cost $3,908,528) | 3,908,528 | |||||||
TOTAL INVESTMENTS - 90.78% (Cost $86,677,521) | 82,276,147 | |||||||
OTHER ASSETS & LIABILITIES, NET - 9.22% | 8,360,703 | |||||||
NET ASSETS - 100.00% | $ | 90,636,850 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 19.89 | % | ||
Consumer Discretionary | 14.21 | % | ||
Consumer Staples | 13.37 | % | ||
Energy | 11.12 | % | ||
Industrials | 6.85 | % | ||
Telecommunication Services | 6.74 | % | ||
Health Care | 5.06 | % | ||
Information Technology | 4.92 | % | ||
Short-Term Investment | 4.31 | % | ||
Materials | 2.49 | % | ||
Utilities | 1.82 | % | ||
90.78 | % | |||
Other Assets & Liabilities, Net | 9.22 | % | ||
100.00 | % | |||
(b) | Securities with a total aggregate market value of $989,493 or 1.09% 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 | A-10 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2008 (Unaudited)
�� | ||||||||
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 15.84% | ||||||||
Consumer Discretionary - 1.05% | ||||||||
Comcast Corp | ||||||||
5.850% due 01/15/10 | $ | 250,000 | $ | 251,541 | ||||
Cox Communications Inc | ||||||||
4.625% due 01/15/10 | 150,000 | 147,841 | ||||||
Time Warner Cable Inc | ||||||||
5.400% due 07/02/12 | 100,000 | 95,201 | ||||||
Time Warner Inc | ||||||||
6.750% due 04/15/11 | 150,000 | 149,751 | ||||||
644,334 | ||||||||
Consumer Staples - 0.24% | ||||||||
CVS/Caremark Corp | ||||||||
4.317% due 09/10/10 § | 150,000 | 149,650 | ||||||
Financials - 12.56% | ||||||||
American General Finance Corp | ||||||||
4.875% due 05/15/10 | 250,000 | 155,555 | ||||||
ANZ Capital Trust Inc | ||||||||
4.484% due 12/15/53 ~ | 500,000 | 487,285 | ||||||
Greater Bay Bancorp | ||||||||
5.125% due 04/15/10 | 100,000 | 101,690 | ||||||
ING Capital Funding Trust III | ||||||||
8.439% due 12/29/49 § | 525,000 | 484,344 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
3.750% due 06/27/11 | 2,100,000 | 2,140,467 | ||||||
4.500% due 09/21/09 | 3,400,000 | 3,457,698 | ||||||
Monumental Global Funding II | ||||||||
3.900% due 06/15/09 ~ D | 400,000 | 394,430 | ||||||
Morgan Stanley | ||||||||
5.050% due 01/21/11 | 250,000 | 180,105 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
9.118% due 03/31/10 | 150,000 | 145,500 | ||||||
Waddell & Reed Financial Inc | ||||||||
5.600% due 01/15/11 | 150,000 | 151,826 | ||||||
7,698,900 | ||||||||
Health Care - 0.58% | ||||||||
UnitedHealth Group Inc | ||||||||
5.125% due 11/15/10 | 350,000 | 352,613 | ||||||
Industrials - 0.66% | ||||||||
GATX Financial Corp | ||||||||
5.125% due 04/15/10 | 150,000 | 151,228 | ||||||
John Deere Capital Corp | ||||||||
5.400% due 04/07/10 | 250,000 | 254,271 | ||||||
405,499 | ||||||||
Telecommunication Services - 0.75% | ||||||||
Deutsche Telekom International Finance BV (Netherlands) | ||||||||
8.500% due 06/15/10 | 200,000 | 207,698 | ||||||
GTE Corp | ||||||||
7.510% due 04/01/09 | 250,000 | 253,590 | ||||||
461,288 | ||||||||
Total Corporate Bonds & Notes (Cost $9,837,680) | 9,712,284 | |||||||
MORTGAGE-BACKED SECURITIES - 18.97% | ||||||||
Collateralized Mortgage Obligations - 5.65% | ||||||||
Citimortgage Alternative Loan Trust | ||||||||
6.000% due 12/25/36 “ | 762,700 | 609,152 | ||||||
Countrywide Alternative Loan Trust | ||||||||
4.355% due 09/25/35 § “ | 685,177 | 435,694 | ||||||
5.750% due 07/25/37 “ | 889,057 | 666,080 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
5.253% due 02/25/35 § “ | 440,882 | 294,525 | ||||||
5.450% due 11/25/34 § “ | 388,688 | 326,528 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
3.665% due 07/25/47 § “ | 910,460 | 525,281 | ||||||
3.775% due 09/25/46 § “ | 1,097,871 | 605,255 | ||||||
3,462,515 | ||||||||
Fannie Mae - 13.32% | ||||||||
4.500% due 11/15/23 “ | 2,000,000 | 1,946,250 | ||||||
5.500% due 10/15/38 “ | 1,000,000 | 997,344 | ||||||
6.000% due 10/01/21 “ | 2,590,516 | 2,651,255 | ||||||
7.000% due 04/01/37 “ | 674,028 | 704,211 | ||||||
7.500% due 12/01/29 - 03/01/38 “ ± | 1,765,446 | 1,869,174 | ||||||
8,168,234 | ||||||||
Total Mortgage-Backed Securities (Cost $12,312,667) | 11,630,749 | |||||||
ASSET-BACKED SECURITIES - 4.22% | ||||||||
Capital One Multi-Asset Execution Trust | ||||||||
4.950% due 08/15/12 “ | 1,600,000 | 1,594,365 | ||||||
Chase Issuance Trust | ||||||||
4.960% due 09/17/12 “ | 1,000,000 | 993,700 | ||||||
Total Asset-Backed Securities (Cost $2,599,528) | 2,588,065 | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 40.13% | ||||||||
Fannie Mae | ||||||||
3.375% due 05/19/11 | 1,200,000 | 1,203,215 | ||||||
4.680% due 06/15/11 | 1,800,000 | 1,860,376 | ||||||
5.125% due 04/15/11 | 1,000,000 | 1,045,645 | ||||||
6.625% due 09/15/09 | 1,000,000 | 1,031,099 | ||||||
Federal Home Loan Bank | ||||||||
3.125% due 06/10/11 | 2,500,000 | 2,464,595 | ||||||
3.500% due 06/23/10 | 1,900,000 | 1,900,169 | ||||||
5.125% due 12/29/08 | 8,000,000 | 8,040,592 | ||||||
5.125% due 09/10/10 | 1,000,000 | 1,034,021 | ||||||
5.250% due 01/16/09 ‡ | 5,000,000 | 5,030,510 | ||||||
Freddie Mac | ||||||||
3.200% due 06/10/10 | 1,000,000 | 996,324 | ||||||
Total U.S. Government Agency Issues (Cost $24,445,592) | 24,606,546 | |||||||
U.S. TREASURY OBLIGATIONS - 6.04% | ||||||||
U.S. Treasury Bonds - 0.51% | ||||||||
4.500% due 02/15/36 | 100,000 | 102,672 | ||||||
4.750% due 02/15/37 | 200,000 | 214,000 | ||||||
316,672 | ||||||||
See Notes to Financial Statements | A-11 | See explanation of symbols and terms, if any, on page A-47 | ||
PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. Treasury Inflation Protected Securities - 4.83% | ||||||||
4.250% due 01/15/10 ^ | $ | 2,875,290 | $ | 2,960,203 | ||||
U.S. Treasury Notes - 0.70% | ||||||||
4.750% due 08/15/17 | 400,000 | 428,906 | ||||||
Total U.S. Treasury Obligations (Cost $3,746,220) | 3,705,781 | |||||||
SHORT-TERM INVESTMENTS - 18.99% | ||||||||
U.S. Treasury Bills - 10.43% | ||||||||
2.100% due 08/27/09 | 6,300,000 | 6,199,339 | ||||||
2.327% due 07/02/09 | 200,000 | 197,394 | ||||||
6,396,733 | ||||||||
Shares | ||||||||
Money Market Funds - 8.56% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 2,249,338 | 2,249,338 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 2,997,579 | 2,997,579 | ||||||
5,246,917 | ||||||||
Total Short-Term Investments (Cost $11,627,056) | 11,643,650 | |||||||
TOTAL INVESTMENTS - 104.19% (Cost $64,568,743) | 63,887,075 | |||||||
OTHER ASSETS & LIABILITIES, NET — (4.19%) | (2,567,226 | ) | ||||||
NET ASSETS - 100.00% | $ | 61,319,849 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
U.S. Government Agency Issues | 40.13 | % | ||
Short-Term Investments | 18.99 | % | ||
Mortgage-Backed Securities | 18.97 | % | ||
Corporate Bonds & Notes | 15.84 | % | ||
U.S. Treasury Obligations | 6.04 | % | ||
Asset-Backed Securities | 4.22 | % | ||
104.19 | % | |||
Other Assets & Liabilities, Net | (4.19 | %) | ||
100.00 | % | |||
(b) | As of September 30, 2008, 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 | 91.94 | % | ||
AA | 0.85 | % | ||
A | 3.43 | % | ||
BBB | 2.74 | % | ||
Not Rated | 1.04 | % | ||
100.00 | % | |||
(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 an aggregate market value of $332,014 were segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of September 30, 2008: |
Net | ||||||||||||
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Contracts | Amount | (Depreciation) | ||||||||||
Long Futures Outstanding | ||||||||||||
Eurodollar (12/08) | 2 | $ | 2,000,000 | $ | 6,754 | |||||||
Eurodollar (03/09) | 2 | 2,000,000 | 9,417 | |||||||||
Eurodollar (06/09) | 2 | 2,000,000 | 9,367 | |||||||||
30-Day Federal Funds (11/08) | 15 | 75,000,000 | 22,162 | |||||||||
U.S. Treasury 2-Year Notes (02/08) | 117 | 23,400,000 | (4,428 | ) | ||||||||
U.S. Treasury 10-Year Notes (12/08) | 6 | 600,000 | 128,848 | |||||||||
Short Futures Outstanding | ||||||||||||
U.S. Treasury 5-Year Notes (12/08) | 19 | 1,900,000 | 6,898 | |||||||||
U.S. Treasury 30-Year Bonds (12/08) | 25 | 2,500,000 | 20,788 | |||||||||
$ | 199,806 | |||||||||||
(e) | 0.64% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | A-12 | See explanation of symbols and terms, if any, on page A-47 | ||
PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SENIOR LOAN NOTES - 100.32% | ||||||||
Consumer Discretionary - 24.74% | ||||||||
Cequal Communications LLC | ||||||||
4.792% due 11/05/13 § | $ | 1,496,203 | $ | 1,316,120 | ||||
Charter Communications Operating LLC (Replacement Term Loan) | ||||||||
4.800% due 03/06/14 § | 1,296,734 | 1,037,569 | ||||||
Cinemark USA Inc | ||||||||
4.615% due 10/05/13 § | 1,296,692 | 1,140,285 | ||||||
Dollar General Corp Tranche B2 | ||||||||
6.478% due 07/07/14 § | 1,300,000 | 1,133,834 | ||||||
Harrah’s Operating Co Term B2 | ||||||||
5.805% due 01/28/15 § • | 1,496,241 | 1,230,030 | ||||||
Kuilima Resort Co (1st Lien) | ||||||||
6.750% due 09/30/10 § W | 985,000 | 643,540 | ||||||
Nielsen Finance LLC (Dollar Term Loan) | ||||||||
4.803% due 08/09/13 § | 1,496,185 | 1,327,326 | ||||||
Toys “R” Us Inc Tranche B | ||||||||
7.059% due 07/19/12 § | 995,025 | 898,756 | ||||||
8,727,460 | ||||||||
Consumer Staples - 4.19% | ||||||||
Wm Wrigley Jr Co Tranche B | ||||||||
07/17/14 § ¥ | 1,500,000 | 1,476,975 | ||||||
Energy - 6.08% | ||||||||
Coffeyville Resources LLC (Funded Letter of Credit) | ||||||||
5.541% due 12/28/10 § | 306,825 | 276,142 | ||||||
Coffeyville Resources LLC Tranche D | ||||||||
5.543% due 12/30/13 § | 990,692 | 891,623 | ||||||
Murray Energy Corp Tranche B (1st Lien) | ||||||||
6.938% due 01/28/10 § | 997,416 | 977,468 | ||||||
2,145,233 | ||||||||
Financials - 8.87% | ||||||||
First Data Corp Tranche B1 (Initial Term Loan) | ||||||||
5.963% due 09/24/14 § | 1,296,725 | 1,116,092 | ||||||
HUB International Ltd (Delayed Draw Term Loan) | ||||||||
6.262% due 06/13/14 § | 274,581 | 240,945 | ||||||
HUB International Ltd (Initial Term Loan) | ||||||||
6.262% due 06/13/14 § | 1,221,633 | 1,071,983 | ||||||
Spirit Finance Corp | ||||||||
5.801% due 08/01/13 § | 1,000,000 | 700,000 | ||||||
3,129,020 | ||||||||
Health Care - 21.59% | ||||||||
Applied Biosystems | ||||||||
09/30/15 § Δ | 1,000,000 | 947,500 | ||||||
Aveta Inc (Original Term Loan) | ||||||||
9.210% due 08/22/11 § | 516,157 | 446,476 | ||||||
Aveta Inc (New Term Loan) | ||||||||
9.210% due 08/22/11 § | 76,678 | 66,326 | ||||||
Aveta Inc (Original Term Loan) | ||||||||
9.210% due 08/22/11 § | 138,169 | 119,517 | ||||||
Aveta Inc (Acquisition Term Loan) | ||||||||
9.210% due 08/22/11 § | 423,003 | 365,897 | ||||||
Fresenius Medical Care AG & Co | ||||||||
09/26/14 § ¥ | 1,500,000 | 1,470,000 | ||||||
HCA Inc Tranche B | ||||||||
6.012% due 11/18/13 § | 1,496,193 | 1,332,150 | ||||||
Mylan Inc Tranche B | ||||||||
7.037% due 10/02/14 § | 1,496,231 | 1,408,941 | ||||||
Talecris Biotherapeutics Holdings Corp (1st Lien) | ||||||||
6.310% due 12/06/13 § | 1,496,193 | 1,458,788 | ||||||
7,615,595 | ||||||||
Information Technology - 8.43% | ||||||||
Freescale Semiconductor Inc | ||||||||
4.236% due 11/29/13 § | 1,296,700 | 1,064,915 | ||||||
Infor Enterprise Solutions Holdings Inc (Delayed Draw Term Loan) | ||||||||
7.520% due 07/30/12 § | 336,000 | 273,279 | ||||||
Infor Enterprise Solutions Holdings Inc (Initial Term Loan) | ||||||||
7.520% due 07/30/12 § | 644,000 | 499,905 | ||||||
SunGard Data Systems Inc (New Term Loan) | ||||||||
4.553% due 02/28/14 § | 1,296,701 | 1,134,613 | ||||||
2,972,712 | ||||||||
Materials - 7.21% | ||||||||
Georgia Gulf Corp | ||||||||
4.987% due 10/03/13 § | 1,495,725 | 1,352,703 | ||||||
Solutia Inc | ||||||||
8.500% due 02/28/14 § | 1,296,734 | 1,191,050 | ||||||
2,543,753 | ||||||||
Telecommunication Services - 10.18% | ||||||||
ALLTEL Communications Inc Tranche B2 (Initial Term Loan) | ||||||||
05/15/15 § ¥ | 1,496,222 | 1,450,407 | ||||||
Cricket Communications Inc Term B | ||||||||
7.262% due 06/16/13 § | 1,296,684 | 1,244,816 | ||||||
MetroPCS Wireless Inc Tranche B (New Term Loan) | ||||||||
0.00% due 11/04/13 § | 997,455 | 896,463 | ||||||
3,591,686 | ||||||||
Utilities - 9.03% | ||||||||
Calpine Corp (1st Priority Term Loan) | ||||||||
6.645% due 03/31/14 § | 1,496,231 | 1,287,327 | ||||||
Coleto Creek Power LP (2nd Lien) | ||||||||
7.762% due 06/28/13 § | 977,500 | 803,173 | ||||||
Texas Competitive Electric Holdings Co LLC Tranche B2 (Initial Term Loan) | ||||||||
6.228% due 10/10/14 § | 1,296,725 | 1,095,733 | ||||||
3,186,233 | ||||||||
Total Senior Loan Notes (Cost $37,512,793) | 35,388,667 | |||||||
TOTAL INVESTMENTS - 100.32% (Cost $37,512,793) | 35,388,667 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.32%) | (113,933 | ) | ||||||
NET ASSETS - 100.00% | $ | 35,274,734 | ||||||
See Notes to Financial Statements | A-13 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 24.74 | % | ||
Health Care | 21.59 | % | ||
Telecommunication Services | 10.18 | % | ||
Utilities | 9.03 | % | ||
Financials | 8.87 | % | ||
Information Technology | 8.43 | % | ||
Materials | 7.21 | % | ||
Energy | 6.08 | % | ||
Consumer Staples | 4.19 | % | ||
100.32 | % | |||
Other Assets & Liabilities, Net | (0.32 | %) | ||
100.00 | % | |||
(b) | As of September 30, 2008, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 8.33 | % | ||
BB | 40.83 | % | ||
B | 44.07 | % | ||
Not Rated | 6.77 | % | ||
100.00 | % | |||
(c) | A senior loan with a total market value of $643,540 or 1.82% of the net assets was in default as of September 30, 2008. | |
(d) | 2.69% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | A-14 | See explanation of symbols and terms, if any, on page A-47 | ||
PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL GROWTH LT FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.02% | ||||||||
Consumer Discretionary - 6.43% | ||||||||
Bayerische Motoren Werke AG (Germany) + | 19,190 | $ | 743,817 | |||||
Crown Ltd (Australia) + | 143,933 | 999,664 | ||||||
Lamar Advertising Co ‘A’ * | 14,755 | 455,782 | ||||||
McDonald’s Corp | 21,499 | 1,326,488 | ||||||
Nordstrom Inc | 29,005 | 835,924 | ||||||
Staples Inc | 39,952 | 898,920 | ||||||
The Walt Disney Co | 18,300 | 561,627 | ||||||
Yum! Brands Inc | 11,820 | 385,450 | ||||||
6,207,672 | ||||||||
Consumer Staples - 12.32% | ||||||||
Altria Group Inc | 35,026 | 694,916 | ||||||
Colgate-Palmolive Co | 16,045 | 1,208,991 | ||||||
CVS Caremark Corp | 117,486 | 3,954,579 | ||||||
InBev NV (Belgium) + | 64,998 | 3,867,026 | ||||||
Nestle SA (Switzerland) + | 21,168 | 914,829 | ||||||
Tesco PLC (United Kingdom) + | 179,606 | 1,249,151 | ||||||
11,889,492 | ||||||||
Energy - 8.75% | ||||||||
Devon Energy Corp | 8,522 | 777,206 | ||||||
EOG Resources Inc | 6,650 | 594,909 | ||||||
Exxon Mobil Corp | 9,195 | 714,084 | ||||||
Hess Corp | 40,150 | 3,295,512 | ||||||
Occidental Petroleum Corp | 23,750 | 1,673,188 | ||||||
Petroleo Brasileiro SA ADR (Brazil) | 31,660 | 1,391,457 | ||||||
8,446,356 | ||||||||
Financials - 8.00% | ||||||||
Berkshire Hathaway Inc ‘B’ * | 465 | 2,043,675 | ||||||
CME Group Inc | 1,985 | 737,447 | ||||||
JPMorgan Chase & Co | 47,993 | 2,241,273 | ||||||
ProLogis REIT | 15,115 | 623,796 | ||||||
T. Rowe Price Group Inc | 20,485 | 1,100,249 | ||||||
The Goldman Sachs Group Inc | 7,590 | 971,520 | ||||||
7,717,960 | ||||||||
Health Care - 13.81% | ||||||||
Bayer AG (Germany) + | 13,494 | 988,260 | ||||||
Celgene Corp * | 30,625 | 1,937,950 | ||||||
Coventry Health Care Inc * | 25,590 | 832,955 | ||||||
Covidien Ltd (Bermuda) | 21,375 | 1,149,120 | ||||||
Genentech Inc * | 17,350 | 1,538,598 | ||||||
Gilead Sciences Inc * | 22,485 | 1,024,866 | ||||||
Merck & Co Inc | 16,605 | 524,054 | ||||||
Roche Holding AG (Switzerland) + | 11,499 | 1,800,075 | ||||||
UnitedHealth Group Inc | 107,805 | 2,737,169 | ||||||
Wyeth | 14,890 | 550,037 | ||||||
Zimmer Holdings Inc * | 3,880 | 250,493 | ||||||
13,333,577 | ||||||||
Industrials - 12.51% | ||||||||
C.H. Robinson Worldwide Inc | 15,360 | 782,746 | ||||||
Canadian National Railway Co (Canada) | 16,186 | 774,176 | ||||||
Caterpillar Inc | 8,865 | 528,354 | ||||||
Danaher Corp | 16,040 | 1,113,176 | ||||||
Embraer-Empresa Brasileira de Aeronautica SA ADR (Brazil) | 51,715 | 1,396,822 | ||||||
Emerson Electric Co | 20,875 | 851,491 | ||||||
Illinois Tool Works Inc | 6,250 | 277,813 | ||||||
Lockheed Martin Corp | 9,775 | 1,072,024 | ||||||
Precision Castparts Corp | 9,385 | 739,350 | ||||||
Siemens AG (Germany) + | 21,600 | 2,014,778 | ||||||
SunPower Corp ‘B’ * | 5,128 | 354,057 | ||||||
Suntech Power Holdings Co Ltd ADR (Cayman) * | 7,685 | 275,661 | ||||||
United Parcel Service Inc ‘B’ | 25,755 | 1,619,732 | ||||||
Vallourec SA (France) + | 1,298 | 280,079 | ||||||
12,080,259 | ||||||||
Information Technology - 25.94% | ||||||||
Apple Inc * | 12,614 | 1,433,707 | ||||||
Automatic Data Processing Inc | 21,162 | 904,676 | ||||||
Cisco Systems Inc * | 161,060 | 3,633,514 | ||||||
Corning Inc | 117,395 | 1,836,058 | ||||||
Cypress Semiconductor Corp * | 18,700 | 97,614 | ||||||
Google Inc ‘A’ * | 6,015 | 2,409,128 | ||||||
Hewlett-Packard Co | 40,040 | 1,851,450 | ||||||
Keyence Corp (Japan) + | 2,900 | 578,501 | ||||||
KLA-Tencor Corp | 43,045 | 1,362,374 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 90,705 | 843,557 | ||||||
Microsoft Corp Õ | 121,305 | 3,237,630 | ||||||
Oracle Corp * | 126,510 | 2,569,418 | ||||||
Research In Motion Ltd (Canada) * | 18,810 | 1,284,723 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) + | 640,210 | 1,073,653 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ (Sweden) + | 56,625 | 537,756 | ||||||
Texas Instruments Inc | 29,204 | 627,886 | ||||||
The Western Union Co | 30,885 | 761,933 | ||||||
25,043,578 | ||||||||
Materials - 5.45% | ||||||||
ArcelorMittal (Luxemburg) + | 4,270 | 216,128 | ||||||
K+S AG (Germany) + | 13,417 | 930,281 | ||||||
Monsanto Co | 14,930 | 1,477,771 | ||||||
Praxair Inc | 9,955 | 714,172 | ||||||
Syngenta AG (Switzerland) + | 3,670 | 773,944 | ||||||
Weyerhaeuser Co | 18,930 | 1,146,779 | ||||||
5,259,075 | ||||||||
Telecommunication Services - 1.89% | ||||||||
Crown Castle International Corp * | 62,975 | 1,824,386 | ||||||
Utilities - 2.92% | ||||||||
NRG Energy Inc * | 39,105 | 967,849 | ||||||
The AES Corp * | 158,720 | 1,855,437 | ||||||
2,823,286 | ||||||||
Total Common Stocks (Cost $105,203,181) | 94,625,641 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 0.36% | ||||||||
U.S. Government Agency Issue - 0.10% | ||||||||
Federal Home Loan Bank 0.100% due 10/01/08 | $ | 100,000 | 100,000 | |||||
See Notes to Financial Statements | A-15 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Money Market Funds - 0.26% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 122,806 | $ | 122,806 | |||||
BlackRock Liquidity Funds Institutional TempFund | 122,806 | 122,806 | ||||||
245,612 | ||||||||
Total Short-Term Investments (Cost $345,612) | 345,612 | |||||||
TOTAL INVESTMENTS - 98.38% (Cost $105,548,793) | 94,971,253 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.62% | 1,567,897 | |||||||
NET ASSETS - 100.00% | $ | 96,539,150 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 25.94 | % | ||
Health Care | 13.81 | % | ||
Industrials | 12.51 | % | ||
Consumer Staples | 12.32 | % | ||
Energy | 8.75 | % | ||
Financials | 8.00 | % | ||
Consumer Discretionary | 6.43 | % | ||
Materials | 5.45 | % | ||
Utilities | 2.92 | % | ||
Telecommunication Services | 1.89 | % | ||
Short-Term Investments | 0.36 | % | ||
98.38 | % | |||
Other Assets & Liabilities, Net | 1.62 | % | ||
100.00 | % | |||
(b) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(c) | Securities with a total aggregate market value of $16,967,942 or 17.58% 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) | Forward foreign currency contracts outstanding as of September 30, 2008 were as follows: |
Principal | Net | |||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Buy | CHF | 335,000 | 10/08 | $ | (21,245 | ) | ||||||||||
Sell | CHF | 335,000 | 10/08 | 23,400 | ||||||||||||
Sell | EUR | 2,195,000 | 10/08 | 290,111 | ||||||||||||
Sell | EUR | 2,525,000 | 11/08 | 337,074 | ||||||||||||
Sell | GBP | 495,000 | 11/08 | 64,064 | ||||||||||||
Buy | JPY | 65,200,000 | 10/08 | (2,842 | ) | |||||||||||
Sell | JPY | 100,000,000 | 10/08 | (13,595 | ) | |||||||||||
$ | 676,967 | |||||||||||||||
(e) | The amount of $770,175 in cash was segregated with the broker(s)/custodian to cover written options for the period ended September 30, 2008. | |
(f) | Transactions in written options for the six-month period ended September 30, 2008 were as follows: |
Number of | ||||||||
Contracts | Premium | |||||||
Outstanding, March 31, 2008 | — | $ | — | |||||
Call Options Written | 652 | 23,146 | ||||||
Put Options Written | 652 | 55,420 | ||||||
Call Options Expired | (326 | ) | (16,300 | ) | ||||
Put Options Expired | (326 | ) | (29,014 | ) | ||||
Outstanding, September 30, 2008 | 652 | $ | 33,252 | |||||
(g) | Premiums received and value of written options outstanding as of September 30, 2008: |
Options on Securities
Strike | Expiration | Number of | ||||||||||||||||||||
Counterparty | Description | Price | Date | Contracts | Premium | Value | ||||||||||||||||
Morgan Stanley | Put - OTC Microsoft Corp (01/09) | $ | 22.50 | 01/17/09 | 326 | $ | 26,406 | $ | 26,732 | |||||||||||||
Morgan Stanley | Call - OTC Microsoft Corp (01/09) | 32.50 | 01/17/09 | 326 | 6,846 | 11,410 | ||||||||||||||||
$ | 33,252 | $ | 38,142 | |||||||||||||||||||
See Notes to Financial Statements | A-16 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MID-CAP EQUITY FUND (Formerly PL Mid-Cap Value Fund)
Schedule of Investments
September 30, 2008 (Unaudited)
PL MID-CAP EQUITY FUND (Formerly PL Mid-Cap Value Fund)
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.99% | ||||||||
Consumer Discretionary - 10.63% | ||||||||
Abercrombie & Fitch Co ‘A’ | 13,800 | $ | 544,410 | |||||
Brinker International Inc | 79,600 | 1,424,044 | ||||||
Darden Restaurants Inc | 25,500 | 730,065 | ||||||
Foot Locker Inc | 25,400 | 410,464 | ||||||
Hanesbrands Inc * | 20,800 | 452,400 | ||||||
JC Penney Co Inc | 24,600 | 820,164 | ||||||
Leggett & Platt Inc | 74,600 | 1,625,534 | ||||||
Liz Claiborne Inc | 77,310 | 1,270,203 | ||||||
Starbucks Corp * | 42,100 | 626,027 | ||||||
The Goodyear Tire & Rubber Co * | 37,800 | 578,718 | ||||||
8,482,029 | ||||||||
Consumer Staples - 10.72% | ||||||||
Campbell Soup Co | 35,900 | 1,385,740 | ||||||
Coca-Cola Enterprises Inc | 95,930 | 1,608,746 | ||||||
McCormick & Co Inc | 54,000 | 2,076,300 | ||||||
Molson Coors Brewing Co ‘B’ | 45,300 | 2,117,775 | ||||||
Smithfield Foods Inc * | 44,500 | 706,660 | ||||||
The J.M. Smucker Co | 13,000 | 658,970 | ||||||
8,554,191 | ||||||||
Energy - 7.22% | ||||||||
Denbury Resources Inc * | 28,900 | 550,256 | ||||||
Exterran Holdings Inc * | 16,100 | 514,556 | ||||||
Holly Corp | 31,200 | 902,304 | ||||||
Massey Energy Co | 25,780 | 919,573 | ||||||
Pride International Inc * | 38,900 | 1,151,829 | ||||||
Sunoco Inc | 22,620 | 804,820 | ||||||
The Williams Cos Inc | 38,920 | 920,458 | ||||||
5,763,796 | ||||||||
Financials - 17.30% | ||||||||
Ameriprise Financial Inc | 41,910 | 1,600,962 | ||||||
CBL & Associates Properties Inc REIT | 31,310 | 628,705 | ||||||
City National Corp | 7,300 | 396,390 | ||||||
Federated Investors Inc ‘B’ | 27,300 | 787,059 | ||||||
Hudson City Bancorp Inc | 51,750 | 954,788 | ||||||
Lincoln National Corp | 22,624 | 968,534 | ||||||
Marsh & McLennan Cos Inc | 39,300 | 1,248,168 | ||||||
Marshall & Ilsley Corp | 35,500 | 715,325 | ||||||
PartnerRe Ltd (Bermuda) | 17,500 | 1,169,175 | ||||||
Public Storage REIT | 13,900 | 1,376,239 | ||||||
RenaissanceRe Holdings Ltd (Bermuda) | 29,440 | 1,530,880 | ||||||
The St. Joe Co * | 29,500 | 1,153,155 | ||||||
Willis Group Holdings Ltd (Bermuda) | 39,600 | 1,277,496 | ||||||
13,806,876 | ||||||||
Health Care - 10.57% | ||||||||
Applied Biosystems Inc | 26,800 | 917,900 | ||||||
Forest Laboratories Inc * | 29,000 | 820,120 | ||||||
Hospira Inc * | 44,800 | 1,711,360 | ||||||
Omnicare Inc | 63,100 | 1,815,387 | ||||||
Patterson Cos Inc * | 28,500 | 866,685 | ||||||
Warner Chilcott Ltd ‘A’ (Bermuda) * | 109,000 | 1,648,080 | ||||||
Zimmer Holdings Inc * | 10,100 | 652,056 | ||||||
8,431,588 | ||||||||
Industrials - 14.69% | ||||||||
Cintas Corp | 42,800 | 1,228,788 | ||||||
Con-way Inc | 12,300 | 542,553 | ||||||
Corrections Corp of America * | 39,000 | 969,150 | ||||||
Covanta Holding Corp * | 51,650 | 1,236,501 | ||||||
Dover Corp | 16,440 | 666,642 | ||||||
Foster Wheeler Ltd (Bermuda) * | 16,200 | 584,982 | ||||||
Masco Corp | 64,600 | 1,158,924 | ||||||
Parker-Hannifin Corp | 14,600 | 773,800 | ||||||
Pitney Bowes Inc | 39,340 | 1,308,448 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ * | 89,500 | 1,438,265 | ||||||
Textron Inc | 36,100 | 1,057,008 | ||||||
WESCO International Inc * | 23,500 | 756,230 | ||||||
11,721,291 | ||||||||
Information Technology - 11.97% | ||||||||
Agilent Technologies Inc * | 48,300 | 1,432,578 | ||||||
Analog Devices Inc | 61,300 | 1,615,255 | ||||||
Arrow Electronics Inc * | 24,570 | 644,225 | ||||||
Brocade Communications Systems Inc * | 128,800 | 749,616 | ||||||
Flextronics International Ltd (Singapore) * | 132,930 | 941,144 | ||||||
Ingram Micro Inc ‘A’ * | 70,690 | 1,135,988 | ||||||
Lexmark International Inc ‘A’ * | 22,400 | 729,568 | ||||||
NeuStar Inc ‘A’ * | 62,900 | 1,251,081 | ||||||
Symantec Corp * | 53,700 | 1,051,446 | ||||||
9,550,901 | ||||||||
Materials - 8.11% | ||||||||
Ball Corp | 26,560 | 1,048,854 | ||||||
Bemis Co Inc | 36,500 | 953,380 | ||||||
International Flavors & Fragrances Inc | 26,300 | 1,037,798 | ||||||
Louisiana-Pacific Corp | 57,100 | 531,030 | ||||||
Packaging Corp of America | 57,900 | 1,342,122 | ||||||
RPM International Inc | 51,200 | 990,208 | ||||||
United States Steel Corp | 7,300 | 566,553 | ||||||
6,469,945 | ||||||||
Telecommunication Services - 1.49% | ||||||||
Frontier Communications Corp | 103,500 | 1,190,250 | ||||||
Utilities - 4.29% | ||||||||
American Electric Power Co Inc | 42,400 | 1,572,192 | ||||||
PPL Corp | 11,300 | 418,326 | ||||||
Wisconsin Energy Corp | 31,900 | 1,432,310 | ||||||
3,422,828 | ||||||||
Total Common Stocks (Cost $89,074,391) | 77,393,695 | |||||||
SHORT-TERM INVESTMENT - 2.79% | ||||||||
Money Market Fund - 2.79% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 2,227,151 | 2,227,151 | ||||||
Total Short-Term Investment (Cost $2,227,151) | 2,227,151 | |||||||
TOTAL INVESTMENTS - 99.78% (Cost $91,301,542) | 79,620,846 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.22% | 178,199 | |||||||
NET ASSETS - 100.00% | $ | 79,799,045 | ||||||
See Notes to Financial Statements | A-17 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 17.30 | % | ||
Industrials | 14.69 | % | ||
Information Technology | 11.97 | % | ||
Consumer Staples | 10.72 | % | ||
Consumer Discretionary | 10.63 | % | ||
Health Care | 10.57 | % | ||
Materials | 8.11 | % | ||
Energy | 7.22 | % | ||
Utilities | 4.29 | % | ||
Short-Term Investment | 2.79 | % | ||
Telecommunication Services | 1.49 | % | ||
99.78 | % | |||
Other Assets & Liabilities, Net | 0.22 | % | ||
100.00 | % | |||
See Notes to Financial Statements | A-18 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.35% | ||||||||
Consumer Discretionary - 11.25% | ||||||||
Amazon.com Inc * | 7,932 | $ | 577,132 | |||||
GameStop Corp ‘A’ * | 4,508 | 154,219 | ||||||
Kohl’s Corp * | 5,295 | 243,994 | ||||||
Lowe’s Cos Inc | 15,206 | 360,230 | ||||||
McDonald’s Corp | 9,085 | 560,544 | ||||||
priceline.com Inc * | 2,542 | 173,949 | ||||||
Urban Outfitters Inc * | 9,460 | 301,490 | ||||||
2,371,558 | ||||||||
Consumer Staples - 5.60% | ||||||||
PepsiCo Inc | 4,644 | 330,978 | ||||||
Wal-Mart Stores Inc | 14,174 | 848,881 | ||||||
1,179,859 | ||||||||
Energy - 8.57% | ||||||||
EOG Resources Inc | 2,239 | 200,301 | ||||||
Petrohawk Energy Corp * | 8,008 | 173,213 | ||||||
Southwestern Energy Co * | 11,269 | 344,155 | ||||||
Transocean Inc (Cayman) | 5,302 | 582,372 | ||||||
XTO Energy Inc | 10,900 | 507,068 | ||||||
1,807,109 | ||||||||
Financials - 9.85% | ||||||||
BlackRock Inc | 3,214 | 625,123 | ||||||
JPMorgan Chase & Co | 6,112 | 285,430 | ||||||
T. Rowe Price Group Inc | 9,036 | 485,324 | ||||||
The Charles Schwab Corp | 26,221 | 681,746 | ||||||
2,077,623 | ||||||||
Health Care - 14.41% | ||||||||
Celgene Corp * | 4,528 | 286,532 | ||||||
Covance Inc * | 3,011 | 266,202 | ||||||
Covidien Ltd (Bermuda) | 8,279 | 445,079 | ||||||
Genzyme Corp * | 3,899 | 315,390 | ||||||
Gilead Sciences Inc * | 7,120 | 324,530 | ||||||
Illumina Inc * | 8,955 | 362,946 | ||||||
Intuitive Surgical Inc * | 1,602 | 386,050 | ||||||
Medtronic Inc | 6,991 | 350,249 | ||||||
St. Jude Medical Inc * | 6,910 | 300,516 | ||||||
3,037,494 | ||||||||
Industrials - 8.73% | ||||||||
CSX Corp | 8,826 | 481,635 | ||||||
Cummins Inc | 4,787 | 209,288 | ||||||
First Solar Inc * | 2,655 | 501,556 | ||||||
Flowserve Corp | 3,699 | 328,360 | ||||||
Fluor Corp | 5,738 | 319,607 | ||||||
1,840,446 | ||||||||
Information Technology - 34.06% | ||||||||
Activision Blizzard Inc * | 25,089 | 387,123 | ||||||
Amphenol Corp ‘A’ | 10,055 | 403,608 | ||||||
Apple Inc * | 6,603 | 750,497 | ||||||
Google Inc ‘A’ * | 1,688 | 676,078 | ||||||
Hewlett-Packard Co | 9,449 | 436,922 | ||||||
Intel Corp | 27,306 | 511,441 | ||||||
International Business Machines Corp | 6,327 | 740,006 | ||||||
MasterCard Inc ‘A’ | 1,930 | 342,247 | ||||||
McAfee Inc * | 7,815 | 265,397 | ||||||
Oracle Corp * | 30,579 | 621,059 | ||||||
QUALCOMM Inc | 20,348 | 874,354 | ||||||
Symantec Corp * | 12,147 | 237,838 | ||||||
The Western Union Co | 12,850 | 317,010 | ||||||
Visa Inc ‘A’ | 10,041 | 616,417 | ||||||
7,179,997 | ||||||||
Materials - 3.88% | ||||||||
Monsanto Co | 8,276 | 819,158 | ||||||
Total Common Stocks (Cost $20,341,584) | 20,313,244 | |||||||
TOTAL INVESTMENTS - 96.35% (Cost $20,341,584) | 20,313,244 | |||||||
OTHER ASSETS & LIABILITIES, NET - 3.65% | 769,905 | |||||||
NET ASSETS - 100.00% | $ | 21,083,149 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 34.06 | % | ||
Health Care | 14.41 | % | ||
Consumer Discretionary | 11.25 | % | ||
Financials | 9.85 | % | ||
Industrials | 8.73 | % | ||
Energy | 8.57 | % | ||
Consumer Staples | 5.60 | % | ||
Materials | 3.88 | % | ||
96.35 | % | |||
Other Assets & Liabilities, Net | 3.65 | % | ||
100.00 | % | |||
See Notes to Financial Statements | A-19 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.44% | ||||||||
Australia - 0.39% | ||||||||
QBE Insurance Group Ltd + | 15,721 | $ | 339,040 | |||||
Austria - 1.71% | ||||||||
Erste Bank Group AG + | 30,202 | 1,503,589 | ||||||
Bermuda - 0.60% | ||||||||
Li & Fung Ltd + | 217,200 | 531,499 | ||||||
Brazil - 0.76% | ||||||||
Unibanco — Uniao de Bancos Brasileiros SA GDR | 6,610 | 667,081 | ||||||
Canada - 1.15% | ||||||||
Canadian National Railway Co | 21,170 | 1,012,561 | ||||||
Czech Republic - 0.72% | ||||||||
Komercni Banka AS + | 2,786 | 629,500 | ||||||
France - 19.75% | ||||||||
Air Liquide SA + | 13,422 | 1,474,885 | ||||||
AXA SA + | 84,100 | 2,752,953 | ||||||
GDF Suez SA + | 41,592 | 2,163,873 | ||||||
Legrand SA + | 45,840 | 1,033,858 | ||||||
LVMH Moet Hennessy Louis Vuitton SA + | 39,010 | 3,424,823 | ||||||
Pernod-Ricard SA + | 16,768 | 1,477,106 | ||||||
Schneider Electric SA + | 26,952 | 2,314,486 | ||||||
Total SA + | 34,530 | 2,097,690 | ||||||
Vivendi + | 19,840 | 621,996 | ||||||
17,361,670 | ||||||||
Germany - 9.49% | ||||||||
Bayer AG + | 27,310 | 2,000,102 | ||||||
Bayerische Motoren Werke AG + | 12,070 | 467,841 | ||||||
Deutsche Boerse AG + | 9,360 | 856,535 | ||||||
E.ON AG + | 23,981 | 1,207,125 | ||||||
Linde AG + | 21,500 | 2,295,888 | ||||||
Merck KGaA + | 14,180 | 1,512,197 | ||||||
8,339,688 | ||||||||
India - 1.10% | ||||||||
Infosys Technologies Ltd ADR | 19,580 | 652,210 | ||||||
Satyam Computer Services Ltd ADR | 19,350 | 312,503 | ||||||
964,713 | ||||||||
Italy - 0.98% | ||||||||
Intesa Sanpaolo SPA + | 156,684 | 861,694 | ||||||
Japan - 14.06% | ||||||||
Aeon Credit Service Co Ltd + | 39,900 | 407,240 | ||||||
Bridgestone Corp + | 43,900 | 831,093 | ||||||
Canon Inc + | 69,650 | 2,640,492 | ||||||
FANUC Ltd + | 11,900 | 895,259 | ||||||
Hirose Electric Co Ltd + | 5,400 | 514,667 | ||||||
HOYA Corp + | 62,900 | 1,247,796 | ||||||
Inpex Holdings Inc + | 157 | 1,334,254 | ||||||
Kao Corp + | 68,000 | 1,823,592 | ||||||
OMRON Corp + | 25,300 | 392,714 | ||||||
Ricoh Co Ltd + | 32,000 | 449,951 | ||||||
Shin-Etsu Chemical Co Ltd + | 31,600 | 1,502,603 | ||||||
Tokyo Electron Ltd + | 7,000 | 316,759 | ||||||
12,356,420 | ||||||||
Mexico - 1.35% | ||||||||
America Movil SAB de CV ‘L’ ADR | 14,780 | 685,201 | ||||||
Grupo Modelo SAB de CV ‘C’ | 117,400 | 499,163 | ||||||
1,184,364 | ||||||||
Netherlands - 6.77% | ||||||||
Akzo Nobel NV + | 7,750 | 372,067 | ||||||
ASML Holding NV + | 17,624 | 308,007 | ||||||
Heineken NV + | 57,780 | 2,321,440 | ||||||
TNT NV + | 60,190 | 1,667,664 | ||||||
Wolters Kluwer NV + | 63,310 | 1,283,174 | ||||||
5,952,352 | ||||||||
Singapore - 1.25% | ||||||||
Singapore Telecommunications Ltd + | 480,380 | 1,098,021 | ||||||
South Africa - 0.52% | ||||||||
MTN Group Ltd + | 32,730 | 461,836 | ||||||
South Korea - 1.33% | ||||||||
Samsung Electronics Co Ltd + | 2,543 | 1,165,339 | ||||||
Switzerland - 15.44% | ||||||||
Actelion Ltd + * | 9,991 | 514,821 | ||||||
Compagnie Financiere Richemont SA ‘A’ + | 18,030 | 796,628 | ||||||
Givaudan SA + | 2,090 | 1,745,684 | ||||||
Julius Baer Holding AG + | 26,047 | 1,295,329 | ||||||
Nestle SA + | 103,248 | 4,462,124 | ||||||
Roche Holding AG + | 23,580 | 3,691,258 | ||||||
Swiss Reinsurance Co + | 19,115 | 1,060,987 | ||||||
13,566,831 | ||||||||
Taiwan - 0.82% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 77,154 | 722,936 | ||||||
United Kingdom - 17.10% | ||||||||
BHP Billiton PLC + | 27,350 | 619,589 | ||||||
Burberry Group PLC + | 111,270 | 786,791 | ||||||
Diageo PLC + | 135,610 | 2,313,423 | ||||||
GlaxoSmithKline PLC + | 36,430 | 789,168 | ||||||
HSBC Holdings PLC (LI) + | 37,120 | 600,534 | ||||||
Ladbrokes PLC + | 144,807 | 489,006 | ||||||
Reckitt Benckiser Group PLC + | 61,724 | 2,992,667 | ||||||
Royal Dutch Shell PLC ‘A’ (LI) + | 53,900 | 1,556,648 | ||||||
Smiths Group PLC + | 62,737 | 1,137,628 | ||||||
Standard Chartered PLC + | 43,150 | 1,061,724 | ||||||
Tesco PLC + | 99,237 | 690,189 | ||||||
William Hill PLC + | 135,360 | 570,777 | ||||||
WPP Group PLC + | 175,380 | 1,418,564 | ||||||
15,026,708 | ||||||||
United States - 2.15% | ||||||||
Synthes Inc + | 13,680 | 1,892,523 | ||||||
Total Common Stocks (Cost $93,331,404) | 85,638,365 | |||||||
See Notes to Financial Statements | A-20 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 2.17% | ||||||||
Commercial Paper - 2.17% | ||||||||
Toyota Motor Credit Corp | ||||||||
5.000% due 10/01/08 | $ | 1,906,000 | $ | 1,906,000 | ||||
Shares | ||||||||
Money Market Fund - 0.00% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 338 | 338 | ||||||
Total Short-Term Investments (Cost $1,906,338) | 1,906,338 | |||||||
TOTAL INVESTMENTS - 99.61% (Cost $95,237,742) | 87,544,703 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.39% | 343,301 | |||||||
NET ASSETS - 100.00% | $ | 87,888,004 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 18.86 | % | ||
Financials | 13.70 | % | ||
Consumer Discretionary | 12.77 | % | ||
Health Care | 11.83 | % | ||
Information Technology | 9.93 | % | ||
Industrials | 9.17 | % | ||
Materials | 9.11 | % | ||
Energy | 5.68 | % | ||
Utilities | 3.84 | % | ||
Telecommunication Services | 2.55 | % | ||
Short-Term Investments | 2.17 | % | ||
99.61 | % | |||
Other Assets & Liabilities, Net | 0.39 | % | ||
100.00 | % | |||
(b) | As of September 30, 2008, the Fund was diversified by geographical region as a percentage of net assets as follows: |
France | 19.75 | % | ||
United Kingdom | 17.10 | % | ||
Switzerland | 15.44 | % | ||
Japan | 14.06 | % | ||
Germany | 9.49 | % | ||
Netherlands | 6.77 | % | ||
United States | 4.32 | % | ||
Austria | 1.71 | % | ||
Mexico | 1.35 | % | ||
South Korea | 1.33 | % | ||
Singapore | 1.25 | % | ||
Canada | 1.15 | % | ||
India | 1.10 | % | ||
Italy | 0.98 | % | ||
Taiwan | 0.82 | % | ||
Brazil | 0.76 | % | ||
Czech Republic | 0.72 | % | ||
Bermuda | 0.60 | % | ||
South Africa | 0.52 | % | ||
Australia | 0.39 | % | ||
99.61 | % | |||
Other Assets & Liabilities, Net | 0.39 | % | ||
100.00 | % | |||
(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 $81,086,710 or 92.26% 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 | A-21 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.27% | ||||||||
Consumer Discretionary - 8.36% | ||||||||
Belo Corp ‘A’ | 22,300 | $ | 132,908 | |||||
Brown Shoe Co Inc | 21,900 | 358,722 | ||||||
Callaway Golf Co | 32,700 | 460,089 | ||||||
CKE Restaurants Inc | 24,000 | 254,400 | ||||||
Dover Downs Gaming & Entertainment Inc | 6,000 | 46,680 | ||||||
Ethan Allen Interiors Inc | 14,300 | 400,686 | ||||||
Hillenbrand Inc | 6,900 | 139,104 | ||||||
International Speedway Corp ‘A’ | 10,300 | 400,773 | ||||||
Phillips-Van Heusen Corp | 7,700 | 291,907 | ||||||
Sotheby’s | 17,600 | 353,056 | ||||||
The Cato Corp ‘A’ | 1,200 | 21,060 | ||||||
Thor Industries Inc | 15,900 | 394,638 | ||||||
Wolverine World Wide Inc | 4,300 | 113,821 | ||||||
3,367,844 | ||||||||
Consumer Staples - 7.68% | ||||||||
Casey’s General Stores Inc | 18,800 | 567,196 | ||||||
Corn Products International Inc | 6,100 | 196,908 | ||||||
Del Monte Foods Co | 32,900 | 256,620 | ||||||
Lancaster Colony Corp | 6,400 | 241,024 | ||||||
PepsiAmericas Inc | 19,400 | 401,968 | ||||||
The J.M. Smucker Co | 8,900 | 451,141 | ||||||
Universal Corp | 9,200 | 451,628 | ||||||
WD-40 Co | 7,300 | 262,289 | ||||||
Weis Markets Inc | 7,400 | 266,474 | ||||||
3,095,248 | ||||||||
Energy - 12.70% | ||||||||
Berry Petroleum Co ‘A’ | 13,300 | 515,109 | ||||||
Buckeye Partners LP | 3,400 | 126,106 | ||||||
Cimarex Energy Co | 9,400 | 459,754 | ||||||
General Maritime Corp | 12,900 | 251,292 | ||||||
Gushan Environmental Energy Ltd ADR (Cayman) | 13,600 | 69,496 | ||||||
Holly Corp | 13,300 | 384,636 | ||||||
Linn Energy LLC | 22,100 | 338,130 | ||||||
Lufkin Industries Inc | 4,900 | 388,815 | ||||||
Magellan Midstream Partners LP | 4,600 | 149,040 | ||||||
NuStar Energy LP | 7,400 | 314,278 | ||||||
Penn Virginia Corp | 8,600 | 459,584 | ||||||
St. Mary Land & Exploration Co | 12,300 | 438,495 | ||||||
TC Pipelines LP | 2,300 | 71,162 | ||||||
Tidewater Inc | 8,200 | 453,952 | ||||||
Tsakos Energy Navigation Ltd (Bermuda) | 11,000 | 326,260 | ||||||
Williams Partners LP | 4,500 | 116,325 | ||||||
World Fuel Services Corp | 11,100 | 255,633 | ||||||
5,118,067 | ||||||||
Financials - 21.88% | ||||||||
Advance America Cash Advance Centers Inc | 27,500 | 82,225 | ||||||
American Equity Investment Life Holding Co | 26,600 | 199,500 | ||||||
American Financial Group Inc | 16,200 | 477,900 | ||||||
BancorpSouth Inc | 14,500 | 407,885 | ||||||
Bank of Hawaii Corp | 8,000 | 427,600 | ||||||
CBL & Associates Properties Inc REIT | 19,300 | 387,544 | ||||||
Cullen/Frost Bankers Inc | 7,900 | 461,360 | ||||||
Delphi Financial Group Inc ‘A’ | 14,100 | 395,364 | ||||||
Equity One Inc REIT | 20,900 | 428,241 | ||||||
First Industrial Realty Trust Inc REIT | 12,800 | 367,104 | ||||||
Fulton Financial Corp | 28,300 | 308,753 | ||||||
Healthcare Realty Trust Inc REIT | 15,300 | 445,995 | ||||||
Hilb Rogal & Hobbs Co | 5,100 | 238,374 | ||||||
HRPT Properties Trust REIT | 45,800 | 315,562 | ||||||
Infinity Property & Casualty Corp | 8,900 | 366,680 | ||||||
International Bancshares Corp | 9,200 | 248,400 | ||||||
National Penn Bancshares Inc | 15,700 | 229,220 | ||||||
Nationwide Health Properties Inc REIT | 13,500 | 485,730 | ||||||
Old National Bancorp | 5,700 | 114,114 | ||||||
Potlatch Corp REIT | 9,800 | 454,622 | ||||||
RLI Corp | 6,200 | 384,958 | ||||||
Sovran Self Storage Inc REIT | 3,700 | 166,241 | ||||||
Susquehanna Bancshares Inc | 17,200 | 335,744 | ||||||
Washington Federal Inc | 24,800 | 457,560 | ||||||
Whitney Holding Corp | 9,200 | 223,100 | ||||||
Zenith National Insurance Corp | 11,100 | 406,704 | ||||||
8,816,480 | ||||||||
Health Care - 4.11% | ||||||||
Invacare Corp | 16,000 | 386,240 | ||||||
Owens & Minor Inc | 11,800 | 572,300 | ||||||
Teleflex Inc | 1,900 | 120,631 | ||||||
West Pharmaceutical Services Inc | 11,800 | 576,076 | ||||||
1,655,247 | ||||||||
Industrials - 18.30% | ||||||||
Acuity Brands Inc | 10,500 | 438,480 | ||||||
Albany International Corp ‘A’ | 10,000 | 273,300 | ||||||
Applied Industrial Technologies Inc | 13,800 | 371,634 | ||||||
Arkansas Best Corp | 11,600 | 390,804 | ||||||
Barnes Group Inc | 19,300 | 390,246 | ||||||
Belden Inc | 2,400 | 76,344 | ||||||
Chicago Bridge & Iron Co NV ‘NY’ (Netherlands) | 18,400 | 354,016 | ||||||
Crane Co | 12,800 | 380,288 | ||||||
DRS Technologies Inc | 4,200 | 322,350 | ||||||
DryShips Inc | 1,300 | 46,137 | ||||||
Ennis Inc | 20,500 | 316,930 | ||||||
Genco Shipping & Trading Ltd | 10,000 | 332,400 | ||||||
Granite Construction Inc | 12,000 | 429,840 | ||||||
Harsco Corp | 10,500 | 390,495 | ||||||
KBR Inc | 200 | 3,054 | ||||||
Kelly Services Inc ‘A’ | 18,554 | 353,454 | ||||||
Kennametal Inc | 14,900 | 404,088 | ||||||
Lennox International Inc | 11,200 | 372,624 | ||||||
Lincoln Electric Holdings Inc | 6,800 | 437,308 | ||||||
Mueller Industries Inc | 11,900 | 273,819 | ||||||
Quanex Building Products Corp | 4,400 | 67,056 | ||||||
Regal-Beloit Corp | 9,500 | 403,940 | ||||||
Simpson Manufacturing Co Inc | 3,100 | 83,979 | ||||||
SkyWest Inc | 15,300 | 244,494 | ||||||
Steelcase Inc ‘A’ | 15,600 | 167,700 | ||||||
Tomkins PLC ADR (United Kingdom) | 4,300 | 47,601 | ||||||
7,372,381 | ||||||||
Information Technology - 1.97% | ||||||||
Himax Technologies Inc ADR (Cayman) | 12,500 | 36,125 | ||||||
Imation Corp | 14,700 | 332,514 | ||||||
Nam Tai Electronics Inc (United Kingdom) | 6,700 | 54,739 | ||||||
Park Electrochemical Corp | 7,000 | 169,680 | ||||||
Technitrol Inc | 13,400 | 198,186 | ||||||
791,244 | ||||||||
Materials - 11.08% | ||||||||
AMCOL International Corp | 7,600 | 237,576 | ||||||
Bemis Co Inc | 18,700 | 488,444 | ||||||
Carpenter Technology Corp | 10,200 | 261,630 | ||||||
Commercial Metals Co | 24,200 | 408,738 | ||||||
IAMGOLD Corp (Canada) | 61,800 | 347,316 | ||||||
Innophos Holdings Inc | 1,600 | 39,008 | ||||||
Methanex Corp (Canada) | 17,500 | 348,075 | ||||||
Royal Gold Inc | 16,000 | 575,360 | ||||||
RPM International Inc | 21,500 | 415,810 | ||||||
Sensient Technologies Corp | 13,400 | 376,942 | ||||||
Terra Nitrogen Co LP | 2,200 | 241,670 | ||||||
The Lubrizol Corp | 9,400 | 405,516 | ||||||
Titanium Metals Corp | 28,200 | 319,788 | ||||||
4,465,873 | ||||||||
See Notes to Financial Statements | A-22 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Utilities - 12.19% | ||||||||
AGL Resources Inc | 14,000 | $ | 439,320 | |||||
Atmos Energy Corp | 16,500 | 439,230 | ||||||
Cleco Corp | 17,200 | 434,300 | ||||||
Energen Corp | 9,600 | 434,688 | ||||||
National Fuel Gas Co | 9,700 | 409,146 | ||||||
OGE Energy Corp | 14,100 | 435,408 | ||||||
Southwest Gas Corp | 12,900 | 390,354 | ||||||
Suburban Propane Partners LP | 4,700 | 157,826 | ||||||
UGI Corp | 16,100 | 415,058 | ||||||
Vectren Corp | 16,300 | 453,955 | ||||||
Westar Energy Inc | 18,800 | 433,152 | ||||||
WGL Holdings Inc | 14,500 | 470,524 | ||||||
4,912,961 | ||||||||
Total Common Stocks (Cost $43,124,742) | 39,595,345 | |||||||
SHORT-TERM INVESTMENTS - 1.89% | ||||||||
Money Market Funds - 1.89% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 381,304 | 381,304 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 381,304 | 381,304 | ||||||
762,608 | ||||||||
Total Short-Term Investments (Cost $762,608) | 762,608 | |||||||
TOTAL INVESTMENTS - 100.16% (Cost $43,887,350) | 40,357,953 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.16%) | (65,364 | ) | ||||||
NET ASSETS - 100.00% | $ | 40,292,589 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 21.88 | % | ||
Industrials | 18.30 | % | ||
Energy | 12.70 | % | ||
Utilities | 12.19 | % | ||
Materials | 11.08 | % | ||
Consumer Discretionary | 8.36 | % | ||
Consumer Staples | 7.68 | % | ||
Health Care | 4.11 | % | ||
Information Technology | 1.97 | % | ||
Short-Term Investments | 1.89 | % | ||
100.16 | % | |||
Other Assets & Liabilities, Net | (0.16 | %) | ||
100.00 | % | |||
See Notes to Financial Statements | A-23 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MAIN STREET® CORE FUND
Summary Schedule of Investments
September 30, 2008 (Unaudited)
PL MAIN STREET® CORE FUND
Summary Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.07% | ||||||||
Consumer Discretionary - 9.81% | ||||||||
Best Buy Co Inc | 20,900 | $ | 783,750 | |||||
The DIRECTV Group Inc * | 34,700 | 908,099 | ||||||
The Gap Inc | 45,500 | 808,990 | ||||||
Time Warner Inc | 81,400 | 1,067,154 | ||||||
Other Securities | 7,394,189 | |||||||
10,962,182 | ||||||||
Consumer Staples - 6.91% | ||||||||
Philip Morris International Inc | 20,580 | 989,898 | ||||||
The Kroger Co | 37,710 | 1,036,271 | ||||||
The Procter & Gamble Co | 22,290 | 1,553,390 | ||||||
Wal-Mart Stores Inc | 12,400 | 742,636 | ||||||
Other Securities | 3,401,968 | |||||||
7,724,163 | ||||||||
Energy - 19.15% | ||||||||
Anadarko Petroleum Corp | 19,000 | 921,690 | ||||||
Apache Corp | 11,500 | 1,199,220 | ||||||
Chevron Corp | 32,700 | 2,697,096 | ||||||
ConocoPhillips | 28,345 | 2,076,271 | ||||||
Exxon Mobil Corp | 62,420 | 4,847,537 | ||||||
Hess Corp | 10,000 | 820,800 | ||||||
Marathon Oil Corp | 27,800 | 1,108,386 | ||||||
Noble Corp (Cayman) | 17,200 | 755,080 | ||||||
Occidental Petroleum Corp | 21,780 | 1,534,401 | ||||||
Valero Energy Corp | 25,540 | 773,862 | ||||||
Other Securities | 4,672,431 | |||||||
21,406,774 | ||||||||
Financials - 8.98% | ||||||||
Bank of America Corp | 23,484 | 821,940 | ||||||
Berkshire Hathaway Inc ‘B’ * | 184 | 808,680 | ||||||
JPMorgan Chase & Co | 26,190 | 1,223,073 | ||||||
The Chubb Corp | 21,360 | 1,172,664 | ||||||
Other Securities | 6,012,285 | |||||||
10,038,642 | ||||||||
Health Care - 8.06% | ||||||||
Aetna Inc | 26,180 | 945,360 | ||||||
Johnson & Johnson | 26,300 | 1,822,064 | ||||||
Merck & Co Inc | 23,600 | 744,816 | ||||||
Pfizer Inc | 75,150 | 1,385,766 | ||||||
WellPoint Inc * | 18,100 | 846,537 | ||||||
Other Securities | 3,265,147 | |||||||
9,009,690 | ||||||||
Industrials - 13.51% | ||||||||
Caterpillar Inc | 13,700 | 816,520 | ||||||
General Electric Co | 80,810 | 2,060,655 | ||||||
Norfolk Southern Corp | 15,700 | 1,039,497 | ||||||
Northrop Grumman Corp | 15,060 | 911,732 | ||||||
Raytheon Co | 16,500 | 882,915 | ||||||
The Boeing Co | 18,270 | 1,047,784 | ||||||
Waste Management Inc | 26,400 | 831,336 | ||||||
Other Securities | 7,508,108 | |||||||
15,098,547 | ||||||||
Information Technology - 21.70% | ||||||||
Apple Inc * | 7,060 | 802,440 | ||||||
Applied Materials Inc | 58,870 | 890,703 | ||||||
Cisco Systems Inc * | 80,510 | 1,816,306 | ||||||
Hewlett-Packard Co | 49,570 | 2,292,117 | ||||||
Intel Corp | 100,700 | 1,886,111 | ||||||
International Business Machines Corp | 16,470 | 1,926,331 | ||||||
Microsoft Corp | 109,320 | 2,917,751 | ||||||
Oracle Corp * | 35,770 | 726,489 | ||||||
Symantec Corp * | 56,700 | 1,110,186 | ||||||
Texas Instruments Inc | 49,840 | 1,071,560 | ||||||
Xerox Corp | 64,590 | 744,723 | ||||||
Other Securities | 8,077,505 | |||||||
24,262,222 | ||||||||
Materials - 5.25% | ||||||||
Freeport-McMoRan Copper & Gold Inc | 13,500 | 767,475 | ||||||
Monsanto Co | 9,400 | 930,412 | ||||||
Other Securities | 4,166,287 | |||||||
5,864,174 | ||||||||
Telecommunication Services - 3.19% | ||||||||
AT&T Inc | 56,793 | 1,585,661 | ||||||
Verizon Communications Inc | 24,160 | 775,294 | ||||||
Other Securities | 1,208,398 | |||||||
3,569,353 | ||||||||
Utilities - 1.51% | ||||||||
Duke Energy Corp | 47,300 | 824,439 | ||||||
Other Securities | 865,128 | |||||||
1,689,567 | ||||||||
Total Common Stocks (Cost $122,694,087) | 109,625,314 | |||||||
TOTAL INVESTMENTS - 98.07% (Cost $122,694,087) | 109,625,314 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.93% | 2,162,440 | |||||||
NET ASSETS - 100.00% | $ | 111,787,754 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 21.70 | % | ||
Energy | 19.15 | % | ||
Industrials | 13.51 | % | ||
Consumer Discretionary | 9.81 | % | ||
Financials | 8.98 | % | ||
Health Care | 8.06 | % | ||
Consumer Staples | 6.91 | % | ||
Materials | 5.25 | % | ||
Telecommunication Services | 3.19 | % | ||
Utilities | 1.51 | % | ||
98.07 | % | |||
Other Assets & Liabilities, Net | 1.93 | % | ||
100.00 | % | |||
(b) | Other Securities represent issues not identified as a top-fifty holding in terms of market value and issues or issuers not exceeding one percent of the net assets individually or in aggregate, respectively, as of September 30, 2008. | |
(c) | A Summary Schedule of Investments is presented for this Fund. For information on availablitity of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report. |
See Notes to Financial Statements | A-24 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL EMERGING MARKETS FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 6.66% | ||||||||
Brazil - 6.56% | ||||||||
All America Latina Logistica SA | 28,000 | $ | 192,317 | |||||
Banco Bradesco SA (XBSP) | 25,145 | 401,046 | ||||||
Cia Vale do Rio Doce ADR | 26,300 | 465,510 | ||||||
Lojas Americanas SA | 121,940 | 525,465 | ||||||
Net Servicos de Comunicacao SA * | 25,961 | 225,513 | ||||||
Petroleo Brasileiro SA ADR | 16,900 | 632,398 | ||||||
2,442,249 | ||||||||
South Korea - 0.10% | ||||||||
S-Oil Corp + | 780 | 37,135 | ||||||
Total Preferred Stocks (Cost $2,704,028) | 2,479,384 | |||||||
COMMON STOCKS - 86.10% | ||||||||
Argentina - 0.03% | ||||||||
IRSA Inversiones y Representaciones SA GDR * | 1,600 | 11,632 | ||||||
Bermuda - 0.10% | ||||||||
Varitronix International Ltd + | 95,000 | 38,547 | ||||||
Brazil - 6.80% | ||||||||
B2W Cia Global do Varejo | 3,000 | 70,834 | ||||||
BM&F BOVESPA SA | 101,217 | 445,739 | ||||||
Cia Vale do Rio Doce ADR | 11,100 | 212,565 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes GDR ~ Δ | 800 | 159,258 | ||||||
Diagnosticos da America SA | 4,800 | 65,433 | ||||||
Embraer-Empresa Brasileira de Aeronautica SA ADR | 20,300 | 548,303 | ||||||
Natura Cosmeticos SA | 48,300 | 474,903 | ||||||
Petroleo Brasileiro SA ADR | 8,700 | 382,365 | ||||||
Tele Norte Leste Participacoes SA | 8,600 | 169,478 | ||||||
2,528,878 | ||||||||
Cayman - 2.49% | ||||||||
Focus Media Holding Ltd ADR * | 2,400 | 68,424 | ||||||
SINA Corp * | 17,800 | 626,560 | ||||||
Tencent Holdings Ltd + | 31,800 | 232,437 | ||||||
927,421 | ||||||||
Chile - 2.31% | ||||||||
Banco Santander Chile SA | 5,500,400 | 217,088 | ||||||
Cencosud SA | 211,100 | 495,694 | ||||||
SACI Falabella SA | 41,900 | 146,398 | ||||||
859,180 | ||||||||
China - 2.29% | ||||||||
China Petroleum & Chemical Corp ‘H’ + | 482,000 | 380,410 | ||||||
China Shenhua Energy Co Ltd ‘H’ + | 86,000 | 210,951 | ||||||
Ping An Insurance Group Co of China Ltd ‘H’ + | 16,000 | 93,695 | ||||||
Shanghai Zhenhua Port Machinery Co Ltd ‘B’ + | 106,300 | 96,558 | ||||||
Travelsky Technology Ltd ‘H’ + | 144,000 | 71,528 | ||||||
853,142 | ||||||||
Egypt - 3.68% | ||||||||
Commercial International Bank + | 32,975 | 239,108 | ||||||
Commercial International Bank GDR ~ | 3,450 | 25,130 | ||||||
Eastern Tobacco Co SAE | 2,209 | 113,198 | ||||||
Medinet Nasr Housing & Development + | 4,711 | 25,870 | ||||||
Orascom Telecom Holding SAE + | 133,169 | 966,815 | ||||||
1,370,121 | ||||||||
France - 0.24% | ||||||||
Technip SA + | 1,590 | 89,344 | ||||||
Hong Kong - 6.46% | ||||||||
China Mobile Ltd ADR | 5,800 | 290,464 | ||||||
China Resources Enterprise Ltd + | 171,000 | 417,538 | ||||||
China Unicom Ltd + | 598,000 | 899,609 | ||||||
Hang Lung Properties Ltd + | 88,000 | 207,155 | ||||||
Hong Kong Exchanges & Clearing Ltd + | 8,000 | 98,531 | ||||||
Hutchison Whampoa Ltd + | 28,000 | 215,055 | ||||||
Television Broadcasts Ltd + | 65,000 | 276,023 | ||||||
2,404,375 | ||||||||
India - 11.96% | ||||||||
ABB Ltd/India + | 4,700 | 80,260 | ||||||
Bharat Electronics Ltd + | 4,800 | 92,968 | ||||||
Divi’s Laboratories Ltd + | 7,802 | 226,379 | ||||||
HCL Technologies Ltd + | 29,690 | 125,184 | ||||||
HDFC Bank Ltd ADR | 8,200 | 696,590 | ||||||
Hindustan Unilever Ltd + | 57,000 | 309,545 | ||||||
Housing Development Finance Corp + | 10,900 | 506,918 | ||||||
Infosys Technologies Ltd + | 48,900 | 1,487,173 | ||||||
ITC Ltd + | 40,700 | 165,039 | ||||||
Mahindra & Mahindra Ltd + | 11,569 | 127,504 | ||||||
Rico Auto Industries Ltd + | 4,000 | 1,338 | ||||||
Tata Consultancy Services Ltd + | 26,718 | 383,998 | ||||||
Trent Ltd + | 44 | 420 | ||||||
Zee Entertainment Enterprises Ltd + | 58,100 | 247,007 | ||||||
4,450,323 | ||||||||
Indonesia - 2.71% | ||||||||
P.T. Astra International Tbk + | 129,400 | 230,819 | ||||||
P.T. Bank Central Asia Tbk + | 48,500 | 15,975 | ||||||
P.T. Gudang Garam Tbk + | 145,500 | 90,175 | ||||||
P.T. Telekomunikasi Indonesia Tbk + | 898,400 | 671,042 | ||||||
1,008,011 | ||||||||
Luxembourg - 0.32% | ||||||||
Tenaris SA ADR | 3,200 | 119,328 | ||||||
Mexico - 9.58% | ||||||||
America Movil SAB de CV ‘L’ ADR | 9,100 | 421,876 | ||||||
Corporacion GEO SAB de CV ‘B’ * | 42,000 | 98,889 | ||||||
Corporacion Interamericana de Entretenimiento SAB de CV ‘B’ * | 31,800 | 51,757 | ||||||
Fomento Economico Mexicano SAB de CV | 111,700 | 427,231 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 6,650 | 253,631 | ||||||
Grupo Financiero Banorte SAB de CV ‘O’ | 271,000 | 864,801 | ||||||
Grupo Televisa SA ADR | 34,300 | 750,141 | ||||||
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV * | 75,200 | 77,012 | ||||||
SARE Holding SAB de CV ‘B’ * | 164,418 | 65,999 | ||||||
Wal-Mart de Mexico SAB de CV ‘V’ | 158,236 | 554,148 | ||||||
3,565,485 | ||||||||
Norway - 0.30% | ||||||||
Det Norske Oljeselskap ASA * + | 119,768 | 111,683 | ||||||
See Notes to Financial Statements | A-25 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Philippines - 1.84% | ||||||||
Jollibee Foods Corp + | 142,000 | $ | 154,007 | |||||
SM Prime Holdings Inc + | 2,946,059 | 530,307 | ||||||
684,314 | ||||||||
Portugal - 0.50% | ||||||||
Jeronimo Martins Sociedade Gestora de Participacoes Sociais SA + | 22,000 | 187,626 | ||||||
Russia - 5.24% | ||||||||
LUKOIL ADR | 3,300 | 196,763 | ||||||
Magnit OAO * + | 8,100 | 267,136 | ||||||
NovaTek OAO GDR ~ | 600 | 21,000 | ||||||
OAO Gazprom ADR + | 41,900 | 1,338,973 | ||||||
Polymetal GDR * ~ Δ | 6,800 | 13,600 | ||||||
TMK OAO GDR ~ | 5,600 | 112,000 | ||||||
1,949,472 | ||||||||
South Africa - 4.54% | ||||||||
Adcock Ingram Holdings Ltd * | 6,371 | 25,918 | ||||||
Anglo Platinum Ltd + | 4,400 | 401,224 | ||||||
Impala Platinum Holdings Ltd + | 12,100 | 247,014 | ||||||
Liberty Group Ltd + | 10,600 | 86,930 | ||||||
MTN Group Ltd + | 16,200 | 228,590 | ||||||
Standard Bank Group Ltd + | 47,834 | 549,804 | ||||||
Tiger Brands Ltd + | 8,871 | 148,601 | ||||||
1,688,081 | ||||||||
South Korea - 2.58% | ||||||||
Amorepacific Corp + | 187 | 101,116 | ||||||
GS Engineering & Construction Corp + | 1,092 | 88,186 | ||||||
Hyundai Development Co + | 2,612 | 97,566 | ||||||
Hyundai Engineering & Construction Co Ltd + | 4,505 | 270,234 | ||||||
Jeonbuk Bank + ◊ | 1 | 3 | ||||||
NHN Corp * + | 1,567 | 201,003 | ||||||
Pusan Bank + | 4,370 | 39,476 | ||||||
Shinsegae Co Ltd + | 348 | 164,250 | ||||||
961,834 | ||||||||
Taiwan - 10.39% | ||||||||
Hon Hai Precision Industry Co Ltd + | 52,520 | 188,111 | ||||||
MediaTek Inc + | 91,392 | 947,675 | ||||||
President Chain Store Corp + | 71,000 | 209,303 | ||||||
Realtek Semiconductor Corp + | 110,100 | 187,408 | ||||||
Synnex Technology International Corp + | 133,569 | 209,369 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd + | 1,089,707 | 1,827,473 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 24,754 | 231,945 | ||||||
Yuanta Financial Holding Co Ltd + | 118,000 | 65,301 | ||||||
3,866,585 | ||||||||
Thailand - 0.13% | ||||||||
Kiatnakin Bank PCL + | 96,200 | 48,549 | ||||||
Turkey - 7.35% | ||||||||
Aksigorta AS + | 28,100 | 95,715 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS + | 21,265 | 218,381 | ||||||
BIM Birlesik Magazalar AS + | 8,700 | 269,878 | ||||||
Enka Insaat ve Sanayi AS + | 167 | 1,126 | ||||||
Ford Otomotiv Sanayi AS + | 13,747 | 74,379 | ||||||
Haci Omer Sabanci Holding AS ADR | 73,800 | 69,970 | ||||||
Haci Omer Sabanci Holding AS + | 79,700 | 299,697 | ||||||
Turkcell Iletisim Hizmetleri AS + | 93,700 | 571,948 | ||||||
Turkiye Garanti Bankasi AS * + | 162,300 | 384,113 | ||||||
Turkiye Vakiflar Bankasi TAO ‘D’ ◊ | — | — | ||||||
Yapi ve Kredi Bankasi AS * + | 357,812 | 751,072 | ||||||
2,736,279 | ||||||||
United Kingdom — 4.20% | ||||||||
HSBC Holdings PLC (HSI) + | 63,455 | 1,013,426 | ||||||
SABMiller PLC + | 28,110 | 548,836 | ||||||
1,562,262 | ||||||||
United States - 0.06% | ||||||||
Sohu.com Inc * | 400 | 22,300 | ||||||
Total Common Stocks (Cost $35,969,249) | 32,044,772 | |||||||
SHORT-TERM INVESTMENTS - 5.16% | ||||||||
Money Market Funds - 5.16% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 346,591 | 346,591 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 1,574,495 | 1,574,495 | ||||||
1,921,086 | ||||||||
Total Short-Term Investments (Cost $1,921,086) | 1,921,086 | |||||||
TOTAL INVESTMENTS - 97.92% (Cost $40,594,363) | 36,445,242 | |||||||
OTHER ASSETS & LIABILITIES, NET - 2.08% | 775,515 | |||||||
NET ASSETS - 100.00% | $ | 37,220,757 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 20.91 | % | ||
Information Technology | 18.22 | % | ||
Consumer Staples | 13.43 | % | ||
Telecommunication Services | 11.34 | % | ||
Consumer Discretionary | 9.92 | % | ||
Energy | 9.76 | % | ||
Short-Term Investments | 5.16 | % | ||
Industrials | 4.73 | % | ||
Materials | 3.60 | % | ||
Health Care | 0.85 | % | ||
97.92 | % | |||
Other Assets & Liabilities, Net | 2.08 | % | ||
100.00 | % | |||
See Notes to Financial Statements | A-26 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
(b) | As of September 30, 2008, the Fund was diversified by geographical region as a percentage of net assets as follows: |
Brazil | 13.36 | % | ||
India | 11.96 | % | ||
Taiwan | 10.39 | % | ||
Mexico | 9.58 | % | ||
Turkey | 7.35 | % | ||
Hong Kong | 6.46 | % | ||
Russia | 5.24 | % | ||
United States | 5.22 | % | ||
South Africa | 4.54 | % | ||
United Kingdom | 4.20 | % | ||
Egypt | 3.68 | % | ||
Indonesia | 2.71 | % | ||
South Korea | 2.68 | % | ||
Cayman | 2.49 | % | ||
Chile | 2.31 | % | ||
China | 2.29 | % | ||
Philippines | 1.84 | % | ||
Portugal | 0.50 | % | ||
Luxembourg | 0.32 | % | ||
Norway | 0.30 | % | ||
France | 0.24 | % | ||
Thailand | 0.13 | % | ||
Bermuda | 0.10 | % | ||
Argentina | 0.03 | % | ||
97.92 | % | |||
Other Assets & Liabilities, Net | 2.08 | % | ||
100.00 | % | |||
(c) | Securities with a total aggregate market value of $22,483,542 or 60.41% 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) | 0.46% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | A-27 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS — 0.01% | ||||||||
Financials - 0.01% | ||||||||
Fannie Mae | 8,000 | $ | 17,440 | |||||
Total Preferred Stocks (Cost $200,000) | 17,440 | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.16% | ||||||||
Financials - 0.16% | ||||||||
Bank of America Corp 7.250% | 200 | 167,600 | ||||||
Lehman Brothers Holdings Inc 8.750% W | 1,500 | 750 | ||||||
Wachovia Corp 7.500% | 300 | 115,500 | ||||||
283,850 | ||||||||
Total Convertible Preferred Stocks (Cost $2,000,000) | 283,850 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 21.43% | ||||||||
Consumer Discretionary - 0.06% | ||||||||
General Motors Corp | ||||||||
8.375% due 07/05/33 | $ | 200,000 | 108,400 | |||||
Consumer Staples - 0.66% | ||||||||
Kraft Foods Inc | ||||||||
6.125% due 02/01/18 | 700,000 | 656,879 | ||||||
6.875% due 02/01/38 | 100,000 | 92,338 | ||||||
Reynolds American Inc | ||||||||
7.625% due 06/01/16 | 100,000 | 99,427 | ||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | 200,000 | 195,730 | ||||||
6.500% due 08/15/37 | 100,000 | 94,120 | ||||||
1,138,494 | ||||||||
Energy - 1.22% | ||||||||
Colorado Interstate Gas Co | ||||||||
6.800% due 11/15/15 | 200,000 | 190,470 | ||||||
Enterprise Products Operating LP | ||||||||
4.625% due 10/15/09 | 100,000 | 97,890 | ||||||
Gaz Capital SA (Russia) | ||||||||
8.146% due 04/11/18 ~ | 500,000 | 440,000 | ||||||
NGPL PipeCo LLC | ||||||||
7.119% due 12/15/17 ~ | 500,000 | 475,346 | ||||||
7.768% due 12/15/37 ~ | 200,000 | 196,679 | ||||||
The Williams Cos Inc | ||||||||
6.375% due 10/01/10 ~ | 100,000 | 98,045 | ||||||
The Williams Cos Inc Credit Linked Certificate Trust | ||||||||
6.750% due 04/15/09 ~ | 600,000 | 598,098 | ||||||
2,096,528 | ||||||||
Financials - 18.47% | ||||||||
American Express Bank FSB | ||||||||
2.507% due 06/12/09 § | 600,000 | 591,898 | ||||||
5.500% due 04/16/13 | 600,000 | 549,671 | ||||||
6.000% due 09/13/17 | 1,200,000 | 1,003,834 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 1,200,000 | 1,005,810 | ||||||
American International Group Inc | ||||||||
5.850% due 01/16/18 | 800,000 | 402,143 | ||||||
ANZ National International Ltd (New Zealand) | ||||||||
6.200% due 07/19/13 ~ | 300,000 | 298,116 | ||||||
Bank of America Corp | ||||||||
4.875% due 01/15/13 | 100,000 | 91,752 | ||||||
5.650% due 05/01/18 | 700,000 | 590,642 | ||||||
8.000% due 01/30/58 § | 900,000 | 713,756 | ||||||
8.125% due 11/15/80 § | 1,600,000 | 1,294,704 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.450% due 09/12/12 | 1,000,000 | 982,659 | ||||||
6.050% due 12/04/17 ~ | 2,700,000 | 2,515,479 | ||||||
7.700% due 10/25/99 ~§ | 900,000 | 793,157 | ||||||
Citigroup Capital XXI | ||||||||
8.300% due 12/21/57 § | 400,000 | 298,680 | ||||||
Citigroup Global Markets Holdings Inc | ||||||||
3.244% due 01/12/09 § | 1,000,000 | 993,595 | ||||||
Citigroup Inc | ||||||||
5.500% due 04/11/13 | 700,000 | 611,591 | ||||||
5.625% due 08/27/12 | 50,000 | 43,133 | ||||||
5.875% due 05/29/37 | 200,000 | 139,054 | ||||||
8.400% due 04/30/99 § | 1,200,000 | 818,292 | ||||||
Countrywide Home Loans Inc | ||||||||
5.414% due 11/24/08 § | EUR 700,000 | 979,495 | ||||||
Deutsche Bank AG (Germany) | ||||||||
6.000% due 09/01/17 | $ | 900,000 | 851,724 | |||||
Ford Motor Credit Co LLC | ||||||||
7.250% due 10/25/11 | 100,000 | 63,628 | ||||||
7.800% due 06/01/12 | 300,000 | 186,408 | ||||||
9.750% due 09/15/10 | 100,000 | 71,736 | ||||||
General Electric Capital Corp | ||||||||
2.874% due 08/15/11 § | 400,000 | 390,928 | ||||||
5.875% due 01/14/38 | 900,000 | 665,453 | ||||||
General Motors Acceptance Corp LLC | ||||||||
6.625% due 05/15/12 | 300,000 | 127,092 | ||||||
7.000% due 02/01/12 | 600,000 | 244,709 | ||||||
Glitnir Banki HF (Iceland) | ||||||||
3.046% due 04/20/10 ~ § | 100,000 | 86,191 | ||||||
HCP Inc | ||||||||
5.950% due 09/15/11 | 900,000 | 849,911 | ||||||
JPMorgan Chase & Co | ||||||||
7.900% due 04/29/49 § | 200,000 | 168,826 | ||||||
Lehman Brothers Holdings Inc | ||||||||
2.851% due 12/23/08 § W | 500,000 | 65,000 | ||||||
5.625% due 01/24/13 W | 1,200,000 | 156,000 | ||||||
6.750% due 12/28/17 W | 500,000 | 2,500 | ||||||
6.875% due 05/02/18 W | 100,000 | 13,000 | ||||||
Merrill Lynch & Co Inc | ||||||||
2.839% due 10/23/08 § | 400,000 | 399,758 | ||||||
2.894% due 08/14/09 § | 400,000 | 385,842 | ||||||
6.875% due 04/25/18 | 900,000 | 797,610 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 300,000 | 291,732 | ||||||
Morgan Stanley | ||||||||
2.913% due 02/09/09 § | 300,000 | 261,473 | ||||||
5.300% due 03/01/13 | 100,000 | 68,742 | ||||||
5.950% due 12/28/17 | 1,900,000 | 1,192,096 | ||||||
Nykredit Realkredit AS (Denmark) | ||||||||
5.000% due 10/01/38 § | DKK 1,676,567 | 283,149 | ||||||
Principal Life Income Funding Trusts | ||||||||
5.300% due 04/24/13 | $ | 100,000 | 99,786 | |||||
Realkredit Danmark AS (Denmark) | ||||||||
5.000% due 10/01/38 § | DKK 3,262,017 | 548,516 | ||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% due 04/24/56 ~ § | $ | 200,000 | 186,737 | |||||
Santander US Debt SA Unipersonal (Spain) | ||||||||
2.874% due 11/20/09 ~ § | 500,000 | 495,335 | ||||||
SLM Corp | ||||||||
3.030% due 10/25/11 § | 900,000 | 574,601 |
See Notes to Financial Statements | A-28 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
The Bear Stearns Cos Inc | ||||||||
2.999% due 11/28/11 § | $ | 2,500,000 | $ | 2,399,770 | ||||
3.096% due 01/30/09 § | 500,000 | 497,074 | ||||||
6.400% due 10/02/17 | 400,000 | 374,180 | ||||||
The Goldman Sachs Group Inc | ||||||||
6.250% due 09/01/17 | 1,100,000 | 922,409 | ||||||
6.750% due 10/01/37 | 1,200,000 | 803,039 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
7.640% due 03/31/56 § | 500,000 | 373,057 | ||||||
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland) | ||||||||
8.700% due 08/07/18 ~ | 100,000 | 89,655 | ||||||
UBS AG (Switzerland) | ||||||||
5.875% due 12/20/17 | 700,000 | 622,611 | ||||||
Unicredit Luxembourg Finance SA (Luxembourg) | ||||||||
2.846% due 10/24/08 ~ § | 400,000 | 399,690 | ||||||
Wachovia Corp | ||||||||
2.921% due 10/15/11 § | 600,000 | 413,990 | ||||||
7.980% due 12/31/99 § | 1,600,000 | 669,584 | ||||||
31,811,003 | ||||||||
Health Care - 0.32% | ||||||||
HCA Inc | ||||||||
9.250% due 11/15/16 | 100,000 | 97,500 | ||||||
UnitedHealth Group Inc | ||||||||
6.000% due 02/15/18 | 400,000 | 362,471 | ||||||
6.875% due 02/15/38 | 100,000 | 88,294 | ||||||
548,265 | ||||||||
Information Technology - 0.12% | ||||||||
Xerox Corp | ||||||||
9.750% due 01/15/09 | 200,000 | 203,344 | ||||||
Materials - 0.37% | ||||||||
C10 Capital SPV Ltd (United Kingdom) | ||||||||
6.722% due 12/31/49 ~ § | 300,000 | 273,150 | ||||||
Codelco Inc (Chile) | ||||||||
6.150% due 10/24/36 ~ | 200,000 | 178,490 | ||||||
Vale Overseas Ltd (Cayman) | ||||||||
6.250% due 01/23/17 | 200,000 | 187,888 | ||||||
639,528 | ||||||||
Telecommunication Services - 0.21% | ||||||||
AT&T Inc | ||||||||
6.300% due 01/15/38 | 200,000 | 166,132 | ||||||
Qwest Communications International Inc | ||||||||
7.500% due 02/15/14 | 100,000 | 87,000 | ||||||
SBC Communications Inc | ||||||||
4.125% due 09/15/09 | 100,000 | 99,233 | ||||||
352,365 | ||||||||
Total Corporate Bonds & Notes (Cost $45,815,842) | 36,897,927 | |||||||
SENIOR LOAN NOTES - 0.51% | ||||||||
Health Care - 0.51% | ||||||||
HCA Inc Term B | ||||||||
6.012% due 11/18/13 § | 987,437 | 879,175 | ||||||
Total Senior Loan Notes (Cost $961,168) | 879,175 | |||||||
MORTGAGE-BACKED SECURITIES - 85.88% | ||||||||
Collateralized Mortgage Obligations - 17.98% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
4.577% due 05/25/35 “ § | 110,934 | 103,808 | ||||||
Banc of America Funding Corp | ||||||||
4.135% due 05/25/35 “ § | 258,570 | 227,230 | ||||||
Banc of America Mortgage Securities Inc | ||||||||
3.994% due 07/25/33 “ § | 163,445 | 153,673 | ||||||
5.000% due 05/25/34 “ | 98,619 | 89,381 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
4.125% due 03/25/35 “ § | 420,137 | 402,655 | ||||||
4.534% due 08/25/33 “ § | 405,800 | 373,021 | ||||||
4.550% due 08/25/35 “ § | 124,521 | 119,085 | ||||||
4.625% due 10/25/35 “ § | 650,150 | 586,571 | ||||||
4.750% due 10/25/35 “ § | 135,552 | 133,165 | ||||||
Bear Stearns Alt-A Trust | ||||||||
5.370% due 05/25/35 “ § | 86,565 | 73,629 | ||||||
5.504% due 09/25/35 “ § | 102,233 | 82,473 | ||||||
5.775% due 11/25/36 “ § | 136,117 | 88,296 | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
5.700% due 06/11/50 “ | 200,000 | 170,525 | ||||||
Chevy Chase Mortgage Funding Corp | ||||||||
3.457% due 08/25/35 ~ “ § | 115,985 | 103,130 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
4.248% due 08/25/35 “ § | 141,124 | 134,630 | ||||||
4.700% due 12/25/35 “ § | 221,795 | 206,287 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
5.306% due 12/10/46 “ | 100,000 | 86,839 | ||||||
Countrywide Alternative Loan Trust | ||||||||
5.426% due 06/25/37 “ § | 492,835 | 335,260 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
3.527% due 03/25/35 “ § | 47,623 | 28,386 | ||||||
3.547% due 06/25/35 ~ “ § | 260,187 | 218,552 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
5.467% due 09/15/39 “ | 900,000 | 793,174 | ||||||
CS First Boston Mortgage Securities Corp | ||||||||
3.076% due 03/25/32 ~ “ § | 11,890 | 10,859 | ||||||
6.000% due 11/25/35 “ | 181,550 | 168,304 | ||||||
Downey Savings & Loan Association Mortgage Loan Trust | ||||||||
3.210% due 04/19/48 “ § | 737,343 | 279,949 | ||||||
Fannie Mae | ||||||||
3.375% due 11/25/23 “ § | 547,628 | 544,437 | ||||||
3.407% due 10/27/37 “ § | 3,400,000 | 3,131,740 | ||||||
4.250% due 07/25/17 “ | 334,196 | 332,596 | ||||||
4.500% due 04/25/17 - 10/25/17 “ ± | 622,685 | 620,501 | ||||||
5.000% due 01/25/17 - 07/15/19 “ ± | 283,855 | 286,199 | ||||||
5.500% due 09/25/24 “ | 554,740 | 558,241 | ||||||
6.000% due 03/25/31 “ | 1,930,969 | 1,979,805 | ||||||
Freddie Mac | ||||||||
2.718% due 02/15/19 “ § | 1,926,268 | 1,878,016 | ||||||
4.000% due 06/15/22 - 10/15/23 “ ± | 574,339 | 574,067 | ||||||
4.278% due 10/25/44 “ § | 74,041 | 71,468 | ||||||
4.478% due 07/25/44 “ § | 401,298 | 365,760 | ||||||
4.500% due 06/15/17 - 10/15/19 “ ± | 743,637 | 745,987 | ||||||
5.000% due 09/15/16 - 04/15/30 “ ± | 6,200,939 | 6,265,437 | ||||||
5.500% due 03/15/17 “ | 69,824 | 71,148 | ||||||
8.000% due 04/15/30 “ | 520,435 | 561,466 | ||||||
GMAC Mortgage Corp Loan Trust | ||||||||
5.500% due 09/25/34 “ | 88,186 | 87,378 | ||||||
Greenwich Capital Commercial Funding Corp | ||||||||
5.444% due 03/10/39 “ | 300,000 | 254,272 | ||||||
Harborview Mortgage Loan Trust | ||||||||
3.120% due 01/19/38 “ § | 144,021 | 132,685 | ||||||
3.200% due 12/19/36 “ § | 1,029,342 | 602,888 | ||||||
3.220% due 01/19/38 “ § | 305,652 | 184,742 | ||||||
3.250% due 05/19/35 “ § | 50,837 | 32,890 |
See Notes to Financial Statements | A-29 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
JPMorgan Mortgage Trust | ||||||||
5.021% due 02/25/35 “ § | $ | 126,326 | $ | 110,116 | ||||
LB-UBS Commercial Mortgage Trust | ||||||||
5.866% due 09/15/45 “ § | 600,000 | 515,698 | ||||||
Lehman Brothers Floating Rate | ||||||||
Commercial Mortgage Trust | ||||||||
2.568% due 09/15/21 ~ “ § | 45,794 | 41,515 | ||||||
Lehman XS Trust | ||||||||
3.287% due 07/25/46 “ § | 48,797 | 47,960 | ||||||
Mellon Residential Funding Corp | ||||||||
2.947% due 06/15/30 “ § | 21,413 | 20,190 | ||||||
Merrill Lynch Floating Trust | ||||||||
2.986% due 07/09/21 ~ “ § | 500,000 | 456,037 | ||||||
Merrill Lynch Mortgage Investors Inc | ||||||||
3.417% due 02/25/36 “ § | 62,905 | 51,131 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
5.700% due 09/12/49 “ | 500,000 | 424,660 | ||||||
MLCC Mortgage Investors Inc | ||||||||
2.868% due 03/15/25 “ § | 24,426 | 18,607 | ||||||
Morgan Stanley Capital I | ||||||||
5.731% due 07/12/44 “ § | 1,700,000 | 1,529,596 | ||||||
Residential Accredit Loans Inc | ||||||||
3.387% due 06/25/46 “ § | 151,365 | 94,942 | ||||||
6.000% due 06/25/36 “ | 502,096 | 378,634 | ||||||
Residential Asset Securitization Trust | ||||||||
3.607% due 05/25/33 “ § | 44,316 | 40,414 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
3.427% due 05/25/36 “ § | 307,213 | 189,440 | ||||||
Structured Asset Securities Corp | ||||||||
5.000% due 12/25/34 “ | 139,085 | 138,455 | ||||||
5.010% due 08/25/32 “ § | 32,103 | 32,069 | ||||||
5.034% due 10/25/35 ~ “ § | 168,174 | 142,451 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
2.578% due 09/15/21 ~ “ § | 411,697 | 376,252 | ||||||
5.342% due 12/15/43 “ | 600,000 | 496,069 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
3.517% due 01/25/45 “ § | 44,520 | 29,740 | ||||||
3.527% due 01/25/45 “ § | 42,697 | 29,289 | ||||||
3.747% due 12/25/27 “ § | 119,341 | 102,822 | ||||||
3.948% due 02/27/34 “ § | 15,129 | 14,298 | ||||||
4.198% due 09/25/46 “ § | 140,168 | 91,220 | ||||||
4.255% due 08/25/42 “ § | 8,137 | 7,281 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
4.109% due 12/25/34 “ § | 276,828 | 256,085 | ||||||
4.336% due 07/25/35 “ § | 400,000 | 371,345 | ||||||
4.500% due 11/25/18 “ | 213,483 | 207,909 | ||||||
5.240% due 04/25/36 “ § | 415,523 | 390,033 | ||||||
5.511% due 08/25/36 “ § | 113,957 | 102,131 | ||||||
30,956,994 | ||||||||
Fannie Mae - 56.84% | ||||||||
4.055% due 10/01/44 “ § | 76,381 | 78,140 | ||||||
4.527% due 11/01/34 “ § | 334,683 | 335,581 | ||||||
4.705% due 09/01/35 “ § | 364,079 | 369,078 | ||||||
4.910% due 12/01/35 “ § | 212,274 | 212,638 | ||||||
5.000% due 08/01/20 - 11/15/38 “ ± | 13,810,779 | 13,505,529 | ||||||
5.088% due 11/01/32 “ § | 415,173 | 420,503 | ||||||
5.092% due 12/01/36 “ § | 33,173 | 33,258 | ||||||
5.472% due 06/01/37 “ § | 2,124,936 | 2,182,102 | ||||||
5.500% due 12/01/14 - 10/15/38 “ ± | 57,115,954 | 57,089,526 | ||||||
6.000% due 09/01/22 - 10/15/38 “ ± | 23,211,154 | 23,531,272 | ||||||
6.500% due 03/01/17 “ | 97,553 | 101,413 | ||||||
97,859,040 | ||||||||
Freddie Mac - 8.09% | ||||||||
4.692% due 06/01/35 “ § | 752,915 | 768,458 | ||||||
4.737% due 09/01/35 “ § | 331,259 | 331,322 | ||||||
5.300% due 09/01/35 “ § | 326,688 | 328,452 | ||||||
5.481% due 04/01/32 “ § | 35,559 | 36,154 | ||||||
5.500% due 03/01/23 - 10/15/38 “ ± | 12,233,027 | 12,179,016 | ||||||
5.836% due 11/01/31 “ § | 11,339 | 11,627 | ||||||
6.000% due 12/01/22 - 03/01/23 “ ± | 263,979 | 269,376 | ||||||
13,924,405 | ||||||||
Government National Mortgage Association - 2.97% | ||||||||
6.500% due 10/22/38 “ | 5,000,000 | 5,117,970 | ||||||
Total Mortgage-Backed Securities (Cost $148,790,606) | 147,858,409 | |||||||
ASSET-BACKED SECURITIES - 2.84% | ||||||||
Argent Securities Inc | ||||||||
3.257% due 10/25/36 “ § | 216,273 | 211,536 | ||||||
Asset Backed Funding Certificates | ||||||||
3.267% due 10/25/36 “ § | 83,292 | 81,480 | ||||||
3.557% due 06/25/34 “ § | 138,554 | 113,356 | ||||||
Bear Stearns Asset Backed Securities Trust | ||||||||
5.437% due 10/25/36 “ § | 252,200 | 183,734 | ||||||
Carrington Mortgage Loan Trust | ||||||||
3.367% due 01/25/36 “ § | 329,886 | 326,184 | ||||||
Citibank Omni Master Trust | ||||||||
4.288% due 12/23/13 ~ “ § | 1,700,000 | 1,690,513 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
3.257% due 10/25/36 “ § | 7,142 | 7,114 | ||||||
JPMorgan Mortgage Acquisition Corp | ||||||||
2.519% due 07/25/36 “ § | 113,591 | 110,546 | ||||||
Lehman XS Trust | ||||||||
3.327% due 11/25/36 “ § | 95,953 | 90,723 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
3.487% due 10/25/34 “ § | 18,554 | 14,288 | ||||||
Park Place Securities Inc | ||||||||
3.467% due 09/25/35 “ § | 138,718 | 131,521 | ||||||
Residential Asset Securities Corp | ||||||||
3.277% due 11/25/36 “ § | 122,087 | 120,307 | ||||||
Saxon Asset Securities Trust | ||||||||
3.267% due 10/25/46 “ § | 90,249 | 88,304 | ||||||
SBI Heloc Trust | ||||||||
3.377% due 08/25/36 ~ “ § | 151,009 | 147,498 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
3.257% due 09/25/36 “ § | 111,872 | 109,493 | ||||||
3.337% due 05/25/37 “ § | 410,647 | 360,895 | ||||||
SLC Student Loan Trust | ||||||||
2.784% due 02/15/15 “ § | 338,000 | 335,713 | ||||||
SLM Student Loan Trust | ||||||||
2.800% due 10/25/16 “ § | 346,101 | 343,441 | ||||||
Small Business Administration | ||||||||
4.754% due 08/10/14 “ | 103,766 | 100,810 | ||||||
Soundview Home Equity Loan Trust | ||||||||
3.307% due 10/25/36 “ § | 41,750 | 41,445 | ||||||
Structured Asset Securities Corp | ||||||||
3.257% due 10/25/36 “ § | 148,626 | 141,119 | ||||||
Wells Fargo Home Equity Trust | ||||||||
3.257% due 01/25/37 “ § | 137,512 | 134,048 | ||||||
Total Asset-Backed Securities (Cost $5,094,425) | 4,884,068 | |||||||
See Notes to Financial Statements | A-30 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.29% | ||||||||
Freddie Mac | ||||||||
4.875% due 06/13/18 | $ | 300,000 | $ | 304,639 | ||||
5.000% due 12/14/18 | 200,000 | 188,359 | ||||||
Total U.S. Government Agency Issues (Cost $483,004) | 492,998 | |||||||
U.S. TREASURY OBLIGATIONS - 0.16% | ||||||||
U.S. Treasury Inflation Protected Securities - 0.16% | ||||||||
1.750% due 01/15/28 ^ | 314,880 | 274,807 | ||||||
Total U.S. Treasury Obligations (Cost $296,455) | 274,807 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.50% | ||||||||
Export-Import Bank of Korea (South Korea) | ||||||||
3.011% due 10/04/11 ~ § Δ | 800,000 | 802,567 | ||||||
Republic of Panama (Panama) | ||||||||
9.375% due 04/01/29 | 40,000 | 49,800 | ||||||
Total Foreign Government Bonds & Notes (Cost $849,738) | 852,367 | |||||||
MUNICIPAL BONDS - 2.61% | ||||||||
Austin Texas Water & Wastewater System Revenue ‘A’ | ||||||||
5.000% due 11/15/29 | 200,000 | 184,204 | ||||||
Buckeye Tobacco Settlement Financing Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 1,100,000 | 833,019 | ||||||
California Educational Facilities Authority ‘A’ | ||||||||
4.750% due 10/01/37 | 900,000 | 788,841 | ||||||
Houston Texas Combined Utilities Systems First Lien Revenue ‘A’ | ||||||||
5.000% due 11/15/36 | 100,000 | 86,944 | ||||||
Los Angeles Unified School District CA ‘A1’ | ||||||||
4.500% due 01/01/28 | 400,000 | 348,104 | ||||||
Texas State Transportation Commission Mobility Fund | ||||||||
5.000% due 04/01/37 | 900,000 | 842,967 | ||||||
Texas State Transportation Commission Mobility Fund ‘A’ | ||||||||
4.750% due 04/01/35 | 100,000 | 87,574 | ||||||
Tobacco Securitization Authority of Southern California ‘A1’ | ||||||||
5.000% due 06/01/37 | 800,000 | 567,752 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 885,000 | 759,817 | ||||||
Total Municipal Bonds | ||||||||
(Cost $5,177,515) | 4,499,222 | |||||||
PURCHASED OPTIONS - 0.39% | ||||||||
(See Note (i) to Notes to Schedule of Investments) (Cost $652,188) | 671,982 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 4.94% | ||||||||
Money Market Funds - 2.15% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 1,855,325 | $ | 1,855,325 | |||||
BlackRock Liquidity Funds Institutional TempFund | 1,855,325 | 1,855,325 | ||||||
3,710,650 | ||||||||
Principal | ||||||||
Amount | ||||||||
Repurchase Agreement - 2.79% | ||||||||
JPMorgan Chase & Co | ||||||||
0.000% due 10/01/08 | ||||||||
(Dated 09/30/08, repurchase price of $4,800,000; collateralized by U.S. Govt Agency Obligations: 4.760% due 01/14/16 and market value $5,034,941) | $ | 4,800,000 | 4,800,000 | |||||
Total Short-Term Investments (Cost $8,510,650) | 8,510,650 | |||||||
TOTAL INVESTMENTS - 119.72% (Cost $218,831,591) | 206,122,895 | |||||||
TOTAL SECURITIES SOLD SHORT - (8.40%) (See Note (g) to Notes to Schedule of Investments) (Proceeds $14,448,022) | (14,452,140 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET — (11.32%) | (19,493,017 | ) | ||||||
NET ASSETS - 100.00% | $ | 172,177,738 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Mortgage-Backed Securities | 85.88 | % | ||
Corporate Bonds & Notes | 21.43 | % | ||
Short-Term Investments | 4.94 | % | ||
Asset-Backed Securities | 2.84 | % | ||
Municipal Bonds | 2.61 | % | ||
Senior Loan Notes | 0.51 | % | ||
Foreign Government Bonds & Notes | 0.50 | % | ||
Purchased Options | 0.39 | % | ||
U.S. Government Agency Issues | 0.29 | % | ||
Convertible Preferred Stocks | 0.16 | % | ||
U.S. Treasury Obligations | 0.16 | % | ||
Preferred Stocks | 0.01 | % | ||
119.72 | % | |||
Securities sold short | (8.40 | %) | ||
Other Assets & Liabilities, Net | (11.32 | %) | ||
100.00 | % | |||
See Notes to Financial Statements | A-31 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
(b) | As of September 30, 2008, 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 | 78.44 | % | ||
AA | 7.79 | % | ||
A | 7.61 | % | ||
BBB | 3.75 | % | ||
BB | 0.31 | % | ||
B | 0.45 | % | ||
Not Rated | 1.65 | % | ||
100.00 | % | |||
(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 $237,250 or 0.14% of the net assets were in default as of September 30, 2008. |
(e) | 0.43% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(f) | The amount of $1,199,000 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of September 30, 2008: |
Net | ||||||||||||
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
3-Month Euribor (12/08) | 14 | EUR | 14,000,000 | $ | 10,382 | |||||||
3-Month Euribor (03/09) | 10 | 10,000,000 | 30,021 | |||||||||
3-Month Euribor (06/09) | 6 | 6,000,000 | 21,750 | |||||||||
Eurodollar (12/08) | 389 | $ | 389,000,000 | (310,925 | ) | |||||||
Eurodollar (03/09) | 257 | 257,000,000 | 142,963 | |||||||||
Eurodollar (06/09) | 55 | 55,000,000 | 43,675 | |||||||||
Eurodollar (09/09) | 8 | 8,000,000 | 19,300 | |||||||||
Eurodollar (12/09) | 2 | 2,000,000 | 250 | |||||||||
Eurodollar (03/10) | 2 | 2,000,000 | 488 | |||||||||
Eurodollar (06/10) | 2 | 2,000,000 | 550 | |||||||||
Eurodollar (09/10) | 2 | 2,000,000 | 588 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (12/08) | 34 | GBP | 17,000,000 | (33,001 | ) | |||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (03/09) | 124 | 62,000,000 | 208,130 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (06/09) | 91 | 45,500,000 | 204,496 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (09/09) | 31 | 15,500,000 | 59,935 | |||||||||
$ | 398,602 | |||||||||||
(g) | Securities sold short outstanding as of September 30, 2008: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
5.000% due 10/14/38 | $ | 1,000,000 | $ | 974,531 | ||||
U.S. Treasury Notes | ||||||||
2.125% due 01/31/10 | 2,600,000 | 2,607,922 | ||||||
2.375% due 08/31/10 | 2,700,000 | 2,721,516 | ||||||
4.500% due 02/28/11 | 7,700,000 | 8,148,171 | ||||||
Total Securities sold short (Proceeds $14,448,022) | $ | 14,452,140 | ||||||
(h) | Forward foreign currency contracts outstanding as of September 30, 2008 were as follows: |
Principal | Net | |||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Buy | AUD | 609,000 | 10/08 | $ | (32,615 | ) | ||||||||||
Sell | AUD | 680,000 | 10/08 | 13,410 | ||||||||||||
Buy | BRL | 7,850,778 | 12/08 | (429,354 | ) | |||||||||||
Sell | BRL | 3,366,525 | 12/08 | 109,336 | ||||||||||||
Buy | CNY | 374,439 | 10/08 | 508 | ||||||||||||
Sell | CNY | 374,439 | 10/08 | (12 | ) | |||||||||||
Buy | CNY | 3,864,368 | 11/08 | (8,798 | ) | |||||||||||
Buy | CNY | 7,997,575 | 07/09 | (82,031 | ) | |||||||||||
Sell | DKK | 4,871,000 | 12/08 | 18,319 | ||||||||||||
Buy | EUR | 834,200 | 10/08 | (50,846 | ) | |||||||||||
Sell | EUR | 3,238,000 | 10/08 | 112,910 | ||||||||||||
Buy | GBP | 600,000 | 10/08 | (46,193 | ) | |||||||||||
Sell | GBP | 2,366,000 | 11/08 | 81,499 | ||||||||||||
Sell | JPY | 49,273,000 | 10/08 | (9,033 | ) | |||||||||||
Buy | MXN | 14,394,546 | 11/08 | (49,016 | ) | |||||||||||
Sell | MXN | 14,394,546 | 11/08 | 92,389 | ||||||||||||
Buy | MYR | 2,401,359 | 11/08 | (57,565 | ) | |||||||||||
Buy | PHP | 5,800,000 | 11/08 | (7,538 | ) | |||||||||||
Buy | PHP | 4,291,250 | 02/09 | (3,946 | ) | |||||||||||
Buy | PLN | 1,531,617 | 05/09 | (48,879 | ) | |||||||||||
Sell | PLN | 1,531,617 | 05/09 | 58,795 | ||||||||||||
Buy | RUB | 21,220,255 | 11/08 | (34,036 | ) | |||||||||||
Sell | RUB | 21,220,255 | 11/08 | 76,385 | ||||||||||||
Buy | RUB | 19,360,780 | 05/09 | (58,596 | ) | |||||||||||
Sell | RUB | 19,360,780 | 05/09 | 73,411 | ||||||||||||
Buy | SGD | 945,793 | 11/08 | (25,090 | ) | |||||||||||
Sell | SGD | 151,682 | 11/08 | 168 | ||||||||||||
$ | (306,418 | ) | ||||||||||||||
(i) | Purchased options outstanding as of September 30, 2008: |
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||
Based on | ||||||||||||||||||||||||||
3-Month | Exercise | Expiration | Notional | |||||||||||||||||||||||
Counterparty | Description | EUR-LIBOR | Rate | Date | Amount | Cost | Value | |||||||||||||||||||
Deutsche Bank | Call - OTC 2-Year Interest Rate Swap D | Pay | 4.070 | % | 09/14/09 | EUR | 11,200,000 | $ | 57,912 | $ | 75,032 | |||||||||||||||
Based on 3-Month | ||||||||||||||||||||||||||
USD-LIBOR | ||||||||||||||||||||||||||
Royal Bank of Scotland | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.150 | % | 02/02/09 | $ | 9,000,000 | 97,200 | 45,578 | |||||||||||||||||
Barclays | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.500 | % | 02/02/09 | 4,200,000 | 47,670 | 33,579 | ||||||||||||||||||
Royal Bank of Scotland | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.600 | % | 07/02/09 | 1,600,000 | 15,380 | 14,335 | ||||||||||||||||||
Barclays | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.450 | % | 08/03/09 | 900,000 | 9,810 | 6,794 | ||||||||||||||||||
Royal Bank of Scotland | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.450 | % | 08/03/09 | 2,400,000 | 24,192 | 18,117 | ||||||||||||||||||
Royal Bank of Scotland | Call - OTC 2-Year Interest Rate Swap D | Pay | 3.500 | % | 08/03/09 | 16,100,000 | 166,836 | 127,682 | ||||||||||||||||||
$ | 419,000 | $ | 321,117 | |||||||||||||||||||||||
Options on Securities
Strike | Expiration | Notional | ||||||||||||||||||||
Counterparty | Description | Price | Date | Amount | Cost | Value | ||||||||||||||||
Deutsche Bank | Call - OTC U.S. Treasury Notes 4.875% due 05/31/11 D | $ | 111.50 | 10/31/08 | $ | 3,000,000 | $ | 352 | $ | 1,920 | ||||||||||||
See Notes to Financial Statements | A-32 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Foreign Currency Options
Exercise | Expiration | Notional | ||||||||||||||||||||
Counterparty | Description | Price | Date | Amount | Cost | Value | ||||||||||||||||
Credit Suisse | Call - OTC Japanese yen versus U.S. dollar D | JPY | 103.80 | 03/17/10 | $ | 500,000 | $ | 21,781 | $ | 21,741 | ||||||||||||
Credit Suisse | Put - OTC Japanese yen versus U.S. dollar D | 103.80 | 03/17/10 | 500,000 | 21,781 | 30,743 | ||||||||||||||||
Royal Bank of Scotland | Call - OTC Japanese yen versus U.S. dollar D | 105.40 | 03/31/10 | 1,000,000 | 41,925 | 34,980 | ||||||||||||||||
Royal Bank of Scotland | Put - OTC Japanese yen versus U.S.dollar D | 105.40 | 03/31/10 | 1,000,000 | 41,925 | 68,865 | ||||||||||||||||
Morgan Stanley | Call - OTC U.S. dollar versus Euro D | $ | 1.38 | 06/03/10 | EUR | 1,100,000 | 52,712 | 84,227 | ||||||||||||||
Morgan Stanley | Put - OTC U.S. dollar versus Euro D | 1.38 | 06/03/10 | 1,100,000 | 52,712 | 108,389 | ||||||||||||||||
$ | 232,836 | $ | 348,945 | |||||||||||||||||||
Total Purchased Options | $ | 652,188 | $ | 671,982 | ||||||||||||||||||
(j) | Transactions in written options for the six-month period ended September 30, 2008 were as follows: |
Number of | Notional Amount | Notional Amount | ||||||||||||||
Contracts | in EUR | in $ | Premium | |||||||||||||
Outstanding, March 31, 2008 | 56 | 3,600,000 | 25,500,000 | $ | 674,080 | |||||||||||
Call Options Written | 34 | — | 1,200,000 | 50,314 | ||||||||||||
Put Options Written | 34 | — | — | 14,696 | ||||||||||||
Call Options Expired | (19 | ) | — | (12,900,000 | ) | (254,766 | ) | |||||||||
Put Options Expired | (75 | ) | — | (500,000 | ) | (60,744 | ) | |||||||||
Outstanding, September 30, 2008 | 30 | 3,600,000 | 13,300,000 | $ | 423,580 | |||||||||||
(k) | Premiums received and value of written options outstanding as of September 30, 2008: |
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||
Based on | ||||||||||||||||||||||
6-Month | Exercise | Expiration | Notional | |||||||||||||||||||
Counterparty | Description | EUR-LIBOR | Rate | Date | Amount | Premium | Value | |||||||||||||||
Deutsche Bank | Call — OTC 7-Year Interest Rate Swap D | Receive | 4.250 | % | 09/14/09 | EUR | 3,600,000 | $52,968 | $ | 51,179 | ||||||||||||
Based on | ||||||||||||||||||||||
3-Month | ||||||||||||||||||||||
USD-LIBOR | ||||||||||||||||||||||
Royal Bank of Scotland | Call — OTC 7-Year Interest Rate Swap D | Receive | 4.250 | % | 02/02/09 | $ | 3,000,000 | 90,450 | 60,072 | |||||||||||||
Barclays | Call — OTC 7-Year Interest Rate Swap D | Receive | 4.600 | % | 02/02/09 | 1,400,000 | 44,940 | 43,684 | ||||||||||||||
Royal Bank of Scotland | Call — OTC 5-Year Interest Rate Swap D | Receive | 4.200 | % | 07/02/09 | 700,000 | 15,470 | 15,105 | ||||||||||||||
Barclays | Call — OTC 5-Year Interest Rate Swap D | Receive | 4.150 | % | 08/03/09 | 400,000 | 10,040 | 8,205 | ||||||||||||||
Royal Bank of Scotland | Call — OTC 5-Year Interest Rate Swap D | Receive | 4.300 | % | 08/03/09 | 7,000,000 | 167,913 | 165,701 | ||||||||||||||
Royal Bank of Scotland | Call — OTC 7-Year Interest Rate Swap D | Receive | 4.400 | % | 08/03/09 | 800,000 | 25,093 | 22,450 | ||||||||||||||
$ | 406,874 | $ | 366,396 | |||||||||||||||||||
Options on Exchange-Traded Futures Contracts
Exercise | Expiration | Numbers of | ||||||||||||||||||
Counterparty | Description | Price | Date | Contracts | Premium | Value | ||||||||||||||
Merrill Lynch | Put — CBOT U.S. Treasury 10-Year Note Futures (12/08) | $ | 113.00 | 11/21/08 | 15 | $ | 8,462 | $ | 19,219 | |||||||||||
Merrill Lynch | Call — CBOT U.S. Treasury 10-Year Note Futures (12/08) | 119.00 | 11/21/08 | 15 | 8,244 | 9,141 | ||||||||||||||
$ | 16,706 | $ | 28,360 | |||||||||||||||||
Total Written Options | $ | 423,580 | $ | 394,756 | ||||||||||||||||
(l) Swap agreements outstanding as of September 30, 2008:
Credit Default Swaps
Unrealized | ||||||||||||||||||
Buy/Sell | (Pay)/Receive | Expiration | Notional | Appreciation | ||||||||||||||
Counterparty | Referenced Obligation | Protection (1) | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||
Citigroup | Wal-Mart Stores Inc 3.375% due 10/01/08 D | Buy | (0.140 | %) | 12/20/08 | $ | 100,000 | $ | 23 | |||||||||
Barclays | Eli Lilly & Co 6.000% due 03/15/12 D | Buy | (0.160 | %) | 12/20/08 | 100,000 | (19 | ) | ||||||||||
Morgan Stanley | Emerson Electric Co 4.625% due 10/15/12 D | Buy | (0.210 | %) | 12/20/08 | 100,000 | (18 | ) | ||||||||||
Merrill Lynch | Gannett Co Inc 6.375% due 04/01/12 D | Buy | (0.220 | %) | 12/20/08 | 100,000 | 570 | |||||||||||
Morgan Stanley | The Allstate Corp 6.125% due 02/15/12 D | Buy | (0.260 | %) | 12/20/08 | 100,000 | 95 | |||||||||||
Citigroup | Eaton Corp 5.750% due 07/15/12 D | Buy | (0.280 | %) | 12/20/08 | 100,000 | 42 | |||||||||||
Barclays | FedEx Corp 7.250% due 02/15/11 D | Buy | (0.290 | %) | 12/20/08 | 100,000 | 111 |
See Notes to Financial Statements | A-33 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Unrealized | ||||||||||||||||||||
Buy/Sell | (Pay)/Receive | Expiration | Notional | Appreciation | ||||||||||||||||
Counterparty | Referenced Obligation | Protection (1) | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||||
Merrill Lynch | Ingersoll-Rand Co Ltd 6.480% due 06/01/25 D | Buy | (0.320 | %) | 12/20/08 | $ | 100,000 | $ | (21 | ) | ||||||||||
Royal Bank of Scotland | Republic of Indonesia 6.750% due 03/10/14 D | Sell | 0.400 | % | 12/20/08 | 200,000 | (285 | ) | ||||||||||||
Barclays | Ukraine Government Bond 7.650% due 06/11/13 D | Sell | 0.710 | % | 12/20/08 | 100,000 | (803 | ) | ||||||||||||
Morgan Stanley | Glitnir Banki HF 3.046% due 04/20/10 D | Buy | (0.170 | %) | 06/20/10 | 100,000 | 23,055 | |||||||||||||
Morgan Stanley | Dow Jones CDX NA EM3 Index D | Sell | 2.100 | % | 06/20/10 | 400,000 | 14,270 | |||||||||||||
JPMorgan Chase | Health Care Properties 5.950% due 09/15/11 D | Buy | (0.460 | %) | 09/20/11 | 900,000 | 74,655 | |||||||||||||
Deutsche Bank | General Electric Capital Corp 6.000% due 6/15/12 D | Sell | 1.500 | % | 09/20/11 | 100,000 | (11,655 | ) | ||||||||||||
Barclays | Dow Jones CDX NA HY-8 Index D | Sell | 0.483 | % | 06/20/12 | 794,923 | (27,327 | ) | ||||||||||||
Citigroup | Noble Corp 5.875% due 06/01/13 D | Buy | (0.520 | %) | 06/20/12 | 300,000 | 2,930 | |||||||||||||
BNP Paribas | The Goldman Sachs Group Inc 6.600% due 01/15/12 D | Sell | 0.820 | % | 09/20/12 | 100,000 | (11,979 | ) | ||||||||||||
Citigroup | The Goldman Sachs Group Inc 6.600% due 01/15/12 D | Sell | 0.920 | % | 09/20/12 | 100,000 | (11,657 | ) | ||||||||||||
Royal Bank of Scotland | Merrill Lynch Co 5.000% due 01/15/15 D | Sell | 0.920 | % | 09/20/12 | 100,000 | (11,274 | ) | ||||||||||||
Merrill Lynch | Dow Jones CDX NA HY-9 Index D | Sell | 2.080 | % | 12/20/12 | 1,490,481 | 1,867 | |||||||||||||
Merrill Lynch | Dow Jones CDX NA HY-9 Index D | Sell | 6.370 | % | 12/20/12 | 500,000 | 5,401 | |||||||||||||
Barclays | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 300,000 | 3,277 | |||||||||||||
Deutsche Bank | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 12,700,000 | 76,279 | |||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 2,500,000 | 40,691 | |||||||||||||
Morgan Stanley | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 2,500,000 | 40,791 | |||||||||||||
Morgan Stanley | Dow Jones CDX NA IG5 Index D | Sell | 0.458 | % | 12/20/15 | 900,000 | (175,661 | ) | ||||||||||||
UBS | Weyerhaeuser Co 6.750% due 03/15/12 D | Buy | (0.960 | %) | 06/20/17 | 100,000 | 6,009 | |||||||||||||
Deutsche Bank | Reynolds America Inc 7.625% due 06/01/16 D | Sell | 1.280 | % | 06/20/17 | 200,000 | (6,980 | ) | ||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-9 Index D | Sell | 0.548 | % | 12/20/17 | 100,000 | 72 | |||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-9 Index D | Sell | 0.555 | % | 12/20/17 | 500,000 | 648 | |||||||||||||
Goldman Sachs | Trinity 2005-1A B 4.415% due 03/08/40 CDO D | Buy | (2.050 | %) | 03/08/40 | 1,010,811 | 794,956 | |||||||||||||
Goldman Sachs | Dow Jones ABX NA HE.A Index D | Sell | 0.110 | % | 05/25/46 | 1,000,000 | 17,518 | |||||||||||||
Morgan Stanley | Dow Jones CMBX NA AAA-3 Index D | Sell | 0.080 | % | 12/13/49 | 400,000 | 18,293 | |||||||||||||
$ | 863,874 | |||||||||||||||||||
(1) | If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs. |
Interest Rate Swaps
Unrealized | ||||||||||||||||||||
Pay/Receive | Fixed | Expiration | Notional | Appreciation | ||||||||||||||||
Counterparty | Floating Rate Index | Floating Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||
Merrill Lynch | 30-Day USD-CMM Rate D | Receive | 5.000 | % | 01/16/09 | $ | 1,400,000 | $ | 58,059 | |||||||||||
Merrill Lynch | 30-Day USD-CMM Rate D | Receive | 4.500 | % | 01/23/09 | 900,000 | 82,502 | |||||||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Pay | 6.000 | % | 03/20/09 | GBP 3,500,000 | 9,886 | |||||||||||||
Royal Bank of Scotland | 6-Month GBP-LIBOR D | Pay | 6.000 | % | 06/19/09 | 100,000 | 590 | |||||||||||||
Citigroup | 3-Month Australian Bank Bill D | Pay | 7.000 | % | 09/15/09 | AUD 4,200,000 | 25,720 | |||||||||||||
Goldman Sachs | 6-Month EUR-LIBOR D | Pay | 4.000 | % | 09/19/09 | EUR 200,000 | (509 | ) | ||||||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 12.670 | % | 01/04/10 | BRL 2,000,000 | (13,550 | ) | ||||||||||||
Morgan Stanley | BRL — CDI Compounded D | Pay | 12.670 | % | 01/04/10 | 8,400,000 | (63,963 | ) | ||||||||||||
Morgan Stanley | 6-Month EUR-LIBOR D | Pay | 4.500 | % | 03/19/10 | EUR 4,200,000 | (13,572 | ) | ||||||||||||
Deutsche Bank | 6-Month Australian Bank Bill D | Pay | 7.000 | % | 06/15/10 | AUD 6,600,000 | 31,804 | |||||||||||||
Morgan Stanley | 6-Month Australian Bank Bill D | Pay | 7.000 | % | 06/15/10 | 3,400,000 | 20,820 | |||||||||||||
Royal Bank of Scotland | 6-Month GBP-LIBOR D | Pay | 5.000 | % | 09/15/10 | GBP 300,000 | 7,996 | |||||||||||||
UBS | 3-Month Australian Bank Bill D | Pay | 6.000 | % | 09/15/10 | AUD 2,200,000 | (593 | ) | ||||||||||||
Barclays | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/16/10 | $ | 300,000 | 236 | ||||||||||||
Barclays | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/10 | 32,500,000 | 45,787 | |||||||||||||
Deutsche Bank | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/10 | 29,400,000 | 15,507 | |||||||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/10 | 900,000 | 6,836 | |||||||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/10 | 70,000,000 | 188,685 | |||||||||||||
UBS | 6-Month Australian Bank Bill D | Pay | 7.500 | % | 03/15/11 | AUD 5,900,000 | 93,925 | |||||||||||||
BNP Paribas | 6-Month EUR-LIBOR D | Pay | 4.500 | % | 03/18/11 | EUR 5,200,000 | 54 | |||||||||||||
Credit Suisse | 6-Month Australian Bank Bill D | Pay | 6.250 | % | 09/15/11 | AUD 1,200,000 | 1,172 | |||||||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 14.765 | % | 01/01/12 | BRL 100,000 | (134 | ) | ||||||||||||
Morgan Stanley | BRL — CDI Compounded D | Pay | 10.115 | % | 01/02/12 | 8,900,000 | (256,305 | ) | ||||||||||||
Goldman Sachs | BRL — CDI Compounded D | Pay | 10.150 | % | 01/02/12 | 6,100,000 | (285,027 | ) | ||||||||||||
UBS | BRL — CDI Compounded D | Pay | 10.575 | % | 01/02/12 | 1,200,000 | (19,964 | ) | ||||||||||||
Barclays | BRL — CDI Compounded D | Pay | 10.680 | % | 01/02/12 | 5,600,000 | (166,494 | ) | ||||||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 12.540 | % | 01/02/12 | 4,000,000 | (41,853 | ) | ||||||||||||
Morgan Stanley | BRL — CDI Compounded D | Pay | 12.540 | % | 01/02/12 | 900,000 | (7,968 | ) | ||||||||||||
UBS | BRL — CDI Compounded D | Pay | 12.540 | % | 01/02/12 | 3,000,000 | (31,936 | ) | ||||||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 14.765 | % | 01/02/12 | 200,000 | 35 | |||||||||||||
Barclays | France CPI Excluding Tobacco D | Pay | 1.948 | % | 03/15/12 | EUR 400,000 | (15,912 | ) | ||||||||||||
Royal Bank of Scotland | France CPI Excluding Tobacco D | Pay | 1.955 | % | 03/28/12 | 100,000 | (4,126 | ) |
See Notes to Financial Statements | A-34 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Unrealized | ||||||||||||||||||||
Pay/Receive | Fixed | Expiration | Notional | Appreciation | ||||||||||||||||
Counterparty | Floating Rate Index | Floating Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||
Royal Bank of Scotland | France CPI Excluding Tobacco D | Pay | 1.950 | % | 03/30/12 | EUR 100,000 | $ | (4,185 | ) | |||||||||||
Goldman Sachs | France CPI Excluding Tobacco D | Pay | 1.960 | % | 03/30/12 | 100,000 | (4,285 | ) | ||||||||||||
Barclays | France CPI Excluding Tobacco D | Pay | 1.960 | % | 04/05/12 | 100,000 | (4,080 | ) | ||||||||||||
BNP Paribas | France CPI Excluding Tobacco D | Pay | 1.940 | % | 04/10/12 | 100,000 | (4,119 | ) | ||||||||||||
Royal Bank of Scotland | France CPI Excluding Tobacco D | Pay | 1.940 | % | 04/10/12 | 100,000 | (4,388 | ) | ||||||||||||
Barclays | France CPI Excluding Tobacco D | Pay | 1.980 | % | 04/30/12 | 100,000 | (4,148 | ) | ||||||||||||
Royal Bank of Scotland | 6-Month GBP-LIBOR D | Pay | 5.100 | % | 09/15/13 | GBP 400,000 | (822 | ) | ||||||||||||
Citigroup | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/13 | $ | 22,100,000 | 63,133 | ||||||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Pay | 4.000 | % | 12/17/13 | 11,700,000 | 140,313 | |||||||||||||
BNP Paribas | 6-Month EUR-LIBOR D | Pay | 4.500 | % | 03/18/14 | EUR 300,000 | 2,374 | |||||||||||||
Credit Suisse | 6-Month EUR-LIBOR D | Pay | 4.500 | % | 03/18/14 | 2,100,000 | (5,769 | ) | ||||||||||||
Goldman Sachs | 6-Month GBP-LIBOR D | Pay | 5.250 | % | 03/18/14 | GBP 100,000 | 1,428 | |||||||||||||
Royal Bank of Scotland | 6-Month GBP-LIBOR D | Pay | 5.250 | % | 03/18/14 | 200,000 | 2,972 | |||||||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Pay | 5.000 | % | 09/15/15 | 200,000 | (2,296 | ) | ||||||||||||
Goldman Sachs | 6-Month GBP-LIBOR D | Pay | 5.000 | % | 09/15/15 | 300,000 | (2,990 | ) | ||||||||||||
Goldman Sachs | 28-Day Mexico Interbank TIIE Banxico D | Pay | 8.170 | % | 11/04/16 | MXN 1,200,000 | (5,716 | ) | ||||||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Receive | 5.000 | % | 09/20/17 | GBP 1,100,000 | (53,494 | ) | ||||||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Pay | 5.000 | % | 12/17/18 | $ | 20,200,000 | 501,546 | ||||||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/23 | 22,700,000 | (468,574 | ) | ||||||||||||
Goldman Sachs | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/28 | 900,000 | 19,349 | |||||||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/28 | 13,800,000 | (870,540 | ) | ||||||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/28 | 2,700,000 | (154,984 | ) | ||||||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Receive | 4.000 | % | 12/15/35 | GBP 1,000,000 | (46,016 | ) | ||||||||||||
Morgan Stanley | 6-Month GBP-LIBOR D | Receive | 4.000 | % | 12/15/35 | 800,000 | (40,521 | ) | ||||||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Receive | 4.500 | % | 12/15/35 | 300,000 | (24,388 | ) | ||||||||||||
Deutsche Bank | 3-Month USD-LIBOR D | Pay | 5.000 | % | 12/15/35 | $ | 1,800,000 | 44,463 | ||||||||||||
Barclays | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/38 | 2,100,000 | (154,316 | ) | ||||||||||||
Deutsche Bank | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/38 | 500,000 | 17,803 | |||||||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/38 | 1,600,000 | 28,902 | |||||||||||||
Royal Bank of Scotland | 3-Month USD-LIBOR D | Receive | 5.000 | % | 12/17/38 | 5,700,000 | 129,838 | |||||||||||||
$ | (1,235,802 | ) | ||||||||||||||||||
Total Swap Agreements | $ | (371,928 | ) | |||||||||||||||||
See Notes to Financial Statements | A-35 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.04% | ||||||||
Financials - 0.04% | ||||||||
Wachovia Corp 7.500% | 100 | $ | 38,501 | |||||
Total Convertible Preferred Stocks (Cost $100,000) | 38,501 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 13.71% | ||||||||
Consumer Discretionary - 0.20% | ||||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | $ | 200,000 | 195,730 | |||||
Energy - 0.51% | ||||||||
Rockies Express Pipeline LLC | ||||||||
5.100% due 08/20/09 ~ § | 500,000 | 499,669 | ||||||
Financials - 13.00% | ||||||||
Allstate Life Global Funding II | ||||||||
3.461% due 05/21/10 § | 800,000 | 796,107 | ||||||
Allstate Life Global Funding Trusts | ||||||||
5.375% due 04/30/13 | 400,000 | 386,522 | ||||||
American Express Bank FSB | ||||||||
6.000% due 09/13/17 | 300,000 | 250,958 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 200,000 | 167,635 | ||||||
American Express Co | ||||||||
7.000% due 03/19/18 | 210,000 | 185,648 | ||||||
American International Group Inc | ||||||||
8.175% due 05/15/58 ~ § | 200,000 | 32,055 | ||||||
Bank of America Corp | ||||||||
5.650% due 05/01/18 | 300,000 | 253,132 | ||||||
8.125% due 12/29/58 § | 1,000,000 | 809,190 | ||||||
Bank of America NA | ||||||||
2.810% due 02/27/09 § | 500,000 | 498,497 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.450% due 09/12/12 | 700,000 | 687,861 | ||||||
Citigroup Funding Inc | ||||||||
3.852% due 05/07/10 § | 1,800,000 | 1,698,129 | ||||||
Credit Suisse ‘NY’ | ||||||||
5.000% due 05/15/13 | 1,200,000 | 1,113,148 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.875% due 06/15/10 | 500,000 | 381,800 | ||||||
General Electric Capital Corp | ||||||||
2.859% due 12/12/08 § | 100,000 | 99,695 | ||||||
HBOS PLC (United Kingdom) | ||||||||
6.750% due 05/21/18 ~ | 500,000 | 419,939 | ||||||
Merrill Lynch & Co Inc | ||||||||
5.054% due 05/12/10 § | 1,100,000 | 1,061,497 | ||||||
6.875% due 04/25/18 | 700,000 | 620,363 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 100,000 | 97,244 | ||||||
Morgan Stanley | ||||||||
6.625% due 04/01/18 | 300,000 | 198,845 | ||||||
New York Life Global Funding | ||||||||
4.650% due 05/09/13 ~ | 300,000 | 300,117 | ||||||
Rabobank Nederland NV (Netherlands) | ||||||||
2.811% due 01/15/09 ~ § | 100,000 | 99,934 | ||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% due 04/24/56 ~ § | 300,000 | 280,106 |
The Goldman Sachs Group Inc | ||||||||
6.150% due 04/01/18 | 200,000 | 166,585 | ||||||
6.750% due 10/01/37 | 500,000 | 334,600 | ||||||
UBS AG (Switzerland) | ||||||||
5.750% due 04/25/18 | 500,000 | 435,641 | ||||||
Wachovia Bank NA | ||||||||
3.704% due 05/14/10 § | 1,000,000 | 818,930 | ||||||
Wachovia Corp | ||||||||
5.500% due 05/01/13 | 700,000 | 579,685 | ||||||
12,773,863 | ||||||||
Total Corporate Bonds & Notes (Cost $15,174,950) | 13,469,262 | |||||||
MORTGAGE-BACKED SECURITIES - 79.43% | ||||||||
Collateralized Mortgage Obligations - 2.63% | ||||||||
Bear Stearns Adjustable Rate Mortgage Trust Inc | ||||||||
4.125% due 03/25/35 “ § | 299,700 | 281,615 | ||||||
4.130% due 08/25/35 “ § | 56,087 | 52,890 | ||||||
4.550% due 08/25/35 “ § | 97,126 | 92,886 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
4.248% due 08/25/35 “ § | 70,562 | 67,315 | ||||||
4.748% due 08/25/35 “ § | 83,118 | 79,084 | ||||||
Countrywide Home Loan Mortgage | ||||||||
Pass-Through Trust | ||||||||
3.547% due 06/25/35 “ ~ § | 52,037 | 43,710 | ||||||
4.612% due 01/19/34 “ § | 532,620 | 476,839 | ||||||
Freddie Mac | ||||||||
2.718% due 02/15/19 “ § | 722,351 | 704,256 | ||||||
GSR Mortgage Loan Trust | ||||||||
4.539% due 09/25/35 “ § | 133,624 | 119,914 | ||||||
Lehman XS Trust | ||||||||
3.287% due 07/25/46 “ § | 12,199 | 11,990 | ||||||
MLCC Mortgage Investors Inc | ||||||||
4.704% due 12/25/34 “ § | 430,113 | 400,225 | ||||||
Residential Accredit Loans Inc | ||||||||
3.387% due 06/25/46 “ § | 227,048 | 142,412 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
3.417% due 05/25/46 “ § | 185,143 | 113,815 | ||||||
2,586,951 | ||||||||
Fannie Mae - 74.11% | ||||||||
5.000% due 04/01/36 - 04/01/38 “ ± | 1,053,154 | 1,027,737 | ||||||
5.500% due 09/01/35 - 11/01/37 “ ± | 48,793,943 | 48,708,705 | ||||||
6.000% due 12/01/35 - 05/13/38 “ ± | 22,759,263 | 23,075,827 | ||||||
72,812,269 | ||||||||
Freddie Mac - 1.66% | ||||||||
5.500% due 04/01/38 “ | 621,021 | 618,313 | ||||||
6.000% due 09/01/38 “ | 996,342 | 1,009,697 | ||||||
1,628,010 | ||||||||
Government National Mortgage Association - 1.03% | ||||||||
6.000% due 10/22/38 “ | 1,000,000 | 1,014,844 | ||||||
Total Mortgage-Backed Securities (Cost $78,174,140) | 78,042,074 | |||||||
ASSET-BACKED SECURITIES - 0.00% | ||||||||
Freddie Mac Structured Pass-Through Securities | ||||||||
3.487% due 09/25/31 “ § | 3,642 | 3,410 | ||||||
Total Asset-Backed Securities (Cost $3,643) | 3,410 | |||||||
See Notes to Financial Statements | A-36 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.65% | ||||||||
Freddie Mac | ||||||||
4.875% due 06/13/18 | $ | 1,100,000 | $ | 1,117,011 | ||||
5.000% due 02/16/17 | 500,000 | 507,566 | ||||||
Total U.S. Government Agency Issues (Cost $1,637,171) | 1,624,577 | |||||||
U.S. TREASURY OBLIGATIONS - 102.39% | ||||||||
U.S. Treasury Inflation Protected Securities — 100.19% | ||||||||
0.875% due 04/15/10 ^ | 1,389,192 | 1,368,031 | ||||||
1.625% due 01/15/15 ^ | 4,707,292 | 4,595,048 | ||||||
1.750% due 01/15/28 ^ | 2,826,873 | 2,469,984 | ||||||
1.875% due 07/15/13 ^ | 1,432,908 | 1,431,334 | ||||||
1.875% due 07/15/15 ^ | 9,805,596 | 9,676,240 | ||||||
2.000% due 04/15/12 ^ | 1,405,014 | 1,410,934 | ||||||
2.000% due 01/15/14 ^ | 7,652,667 | 7,654,726 | ||||||
2.000% due 07/15/14 ^ | 1,166,530 | 1,163,979 | ||||||
2.000% due 01/15/16 ^ | 4,528,655 | 4,484,203 | ||||||
2.000% due 01/15/26 ^ | 7,401,112 | 6,772,571 | ||||||
2.375% due 04/15/11 ^ | 8,728,868 | 8,842,176 | ||||||
2.375% due 01/15/17 ^ | 761,626 | 768,492 | ||||||
2.375% due 01/15/25 ^ | 3,881,914 | 3,756,887 | ||||||
2.375% due 01/15/27 ^ | 4,031,890 | 3,895,421 | ||||||
2.500% due 07/15/16 ^ | 5,536,305 | 5,677,959 | ||||||
2.625% due 07/15/17 ^ | 7,937,652 | 8,188,039 | ||||||
3.000% due 07/15/12 ^ | 5,031,510 | 5,243,548 | ||||||
3.375% due 01/15/12 ^ | 247,022 | 259,349 | ||||||
3.375% due 04/15/32 ^ | 185,264 | 212,747 | ||||||
3.500% due 01/15/11 ^ | 5,292,378 | 5,508,756 | ||||||
3.625% due 04/15/28 ^ | 2,270,382 | 2,612,714 | ||||||
3.875% due 04/15/29 ^ | 7,953,127 | 9,497,570 | ||||||
4.250% due 01/15/10 ^ | 2,867,766 | 2,952,901 | ||||||
98,443,609 | ||||||||
U.S. Treasury Notes - 2.20% | ||||||||
2.500% due 03/31/13 | 2,200,000 | 2,165,438 | ||||||
Total U.S. Treasury Obligations (Cost $103,305,208) | 100,609,047 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.14% | ||||||||
Italy Buoni Poliennali Del Tesoro (Italy) | ||||||||
2.350% due 09/15/19 ^ | EUR 102,218 | 137,455 | ||||||
Total Foreign Government Bonds & Notes (Cost $143,897) | 137,455 | |||||||
MUNICIPAL BONDS - 0.99% | ||||||||
Buckeye Tobacco Settlement | ||||||||
Financing Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | $ | 100,000 | 75,729 | |||||
Texas Water Development Board | ||||||||
4.500% due 07/15/24 | 800,000 | 721,328 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 100,000 | 85,855 | ||||||
Tobacco Settlement Financing Corp RI ‘A’ | ||||||||
6.000% due 06/01/23 | 95,000 | 90,976 | ||||||
Total Municipal Bonds (Cost $958,994) | 973,888 | |||||||
PURCHASED OPTIONS - 0.22% | ||||||||
(See Note (h) to Notes to Schedule of Investments)(Cost $15,771) | 212,724 | |||||||
SHORT-TERM INVESTMENTS - 6.58% | ||||||||
Certificates of Deposit - 1.52% | ||||||||
Unicredito Italiano NY | ||||||||
3.088% due 05/18/09 § | 1,500,000 | 1,498,599 | ||||||
Shares | ||||||||
Money Market Funds - 0.64% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 315,970 | 315,970 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 315,970 | 315,970 | ||||||
631,940 | ||||||||
Principal | ||||||||
Amount | ||||||||
Repurchase Agreements - 4.42% | ||||||||
Deutsche Bank | ||||||||
0.500% due 10/01/08 | ||||||||
(Dated 09/30/08, repurchase price of $3,600,050; collateralized by U.S. Treasury Inflation Protected Securities: 2.234% due 04/15/29 and market value $4,133,219) | $ | 3,600,000 | 3,600,000 | |||||
JPMorgan Chase & Co | ||||||||
0.100% due 10/06/08 | ||||||||
(Dated 09/30/08, repurchase price of $739,377; collateralized by U.S. Treasury Notes: 4.760% due 08/31/12 and market value $750,450) | 739,375 | 739,375 | ||||||
4,339,375 | ||||||||
Total Short-Term Investments (Cost $6,471,314) | 6,469,914 | |||||||
TOTAL INVESTMENTS - 205.15% (Cost $205,985,088) | 201,580,852 | |||||||
TOTAL SECURITIES SOLD SHORT- (61.60%) | ||||||||
(See Note (e) to Notes to Schedule of Investments) | ||||||||
(Proceeds $59,847,196) | (60,534,059 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET — (43.55%) | (42,789,437 | ) | ||||||
NET ASSETS - 100.00% | $ | 98,257,356 | ||||||
See Notes to Financial Statements | A-37 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
U.S. Treasury Obligations | 102.39 | % | ||
Mortgage-Backed Securities | 79.43 | % | ||
Corporate Bonds & Notes | 13.71 | % | ||
Short-Term Investments | 6.58 | % | ||
U.S. Government Agency Issues | 1.65 | % | ||
Municipal Bonds | 0.99 | % | ||
Purchased Options | 0.22 | % | ||
Foreign Government Bonds & Notes | 0.14 | % | ||
Convertible Preferred Stocks | 0.04 | % | ||
Asset-Backed Securities | 0.00 | % | ||
205.15 | % | |||
Securities sold short | (61.60 | %) | ||
Other Assets & Liabilities, Net | (43.55 | %) | ||
100.00 | % | |||
(b) | As of September 30, 2008, 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 | 92.43 | % | ||
AA | 3.64 | % | ||
A | 3.33 | % | ||
BBB | 0.40 | % | ||
B | 0.20 | % | ||
100.00 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(d) | 0.91% of the fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(e) | Securities sold short outstanding as of September 30, 2008: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
5.500% due 10/14/38 | $ | 50,900,000 | $ | 50,764,809 | ||||
Freddie Mac | ||||||||
5.500% due 10/14/38 | 900,000 | 895,360 | ||||||
U.S. Treasury Bonds | ||||||||
4.750% due 08/15/17 | 800,000 | 857,813 | ||||||
5.000% due 05/15/37 | 700,000 | 778,914 |
Principal | ||||||||
Description | Amount | Value | ||||||
| | | ||||||||
U.S. Treasury Notes | ||||||||
2.500% due 03/31/13 | $ | 2,300,000 | $ | 2,263,868 | ||||
3.500% due 02/15/18 | 1,600,000 | 1,569,501 | ||||||
3.625% due 12/31/12 | 930,000 | 962,551 | ||||||
4.125% due 08/31/12 | 700,000 | 738,008 | ||||||
4.250% due 11/15/13 | 600,000 | 638,156 | ||||||
4.250% due 08/15/14 | 1,000,000 | 1,065,079 | ||||||
Total Securities sold short (Proceeds $59,847,196) | $ | 60,534,059 | ||||||
(f) | The amount of $495,000 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of September 30, 2008: |
Net | ||||||||||||
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
3-Month Euribor (12/08) | 7 | EUR | 7,000,000 | $ | (13,673 | ) | ||||||
3-Month Euribor (03/09) | 18 | 18,000,000 | 47,830 | |||||||||
3-Month Euribor (06/09) | 10 | 10,000,000 | (5,878 | ) | ||||||||
Eurodollar (12/08) | 34 | $ | 34,000,000 | 35,288 | ||||||||
Eurodollar (03/09) | 70 | 70,000,000 | 224,600 | |||||||||
Eurodollar (06/09) | 50 | 50,000,000 | 153,400 | |||||||||
Eurodollar (09/09) | 31 | 31,000,000 | 82,862 | |||||||||
Eurodollar (12/09) | 13 | 13,000,000 | 8,400 | |||||||||
Eurodollar (03/10) | 12 | 12,000,000 | 8,637 | |||||||||
Euro-Bund 10-Year Notes | ||||||||||||
Call Options | ||||||||||||
Strike @ EUR 124.00 (12/08) | 16 | EUR | 1,600,000 | 665 | ||||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (12/08) | 7 | GBP | 3,500,000 | (12,200 | ) | |||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (03/09) | 4 | 2,000,000 | 622 | |||||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (06/09) | 30 | 15,000,000 | 54,380 | |||||||||
U.S. Treasury 10-Year Notes (12/08) | 9 | $ | 900,000 | (8,203 | ) | |||||||
Short Futures Outstanding | ||||||||||||
Euro-Bund 10-Year Notes (12/08) | 16 | EUR | 1,600,000 | (23,200 | ) | |||||||
United Kingdom Gilt | ||||||||||||
10-Year Notes (12/08) | 1 | GBP | 100,000 | (587 | ) | |||||||
$ | 552,943 | |||||||||||
(g) | Forward foreign currency contracts outstanding as of September 30, 2008 were as follows: |
Principal | Net | |||||||||||||
Contracts | Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||
Buy | BRL | 3,393,861 | 12/08 | $ | (194,398 | ) | ||||||||
Sell | BRL | 3,393,861 | 12/08 | 136,869 | ||||||||||
Buy | BRL | 1,204,706 | 06/09 | (30,748 | ) | |||||||||
Sell | CHF | 85,000 | 12/08 | 861 | ||||||||||
Buy | CNY | 1,089,150 | 12/08 | (1,308 | ) | |||||||||
Buy | CNY | 5,916,844 | 03/09 | 17,334 | ||||||||||
Sell | CNY | 5,916,844 | 03/09 | (7,275 | ) | |||||||||
Buy | CNY | 1,867,956 | 07/09 | (18,706 | ) | |||||||||
Buy | CNY | 2,294,580 | 09/09 | (9,056 | ) | |||||||||
Buy | EUR | 703,137 | 10/08 | (38,568 | ) | |||||||||
Sell | EUR | 610,713 | 10/08 | 28,375 | ||||||||||
Buy | GBP | 849,584 | 10/08 | (51,671 | ) | |||||||||
Sell | GBP | 871,000 | 11/08 | 30,003 | ||||||||||
Buy | JPY | 47,247,000 | 10/08 | 8,661 | ||||||||||
Sell | JPY | 20,099,000 | 10/08 | 1,084 | ||||||||||
Sell | JPY | 20,099,000 | 11/08 | — |
See Notes to Financial Statements | A-38 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Principal | Net | |||||||||||||
Contracts | Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||
Buy | MXN | 9,743,101 | 11/08 | $ | (33,420 | ) | ||||||||
Sell | MXN | 9,743,101 | 11/08 | 59,347 | ||||||||||
Buy | MXN | 20,288 | 05/09 | (56 | ) | |||||||||
Buy | MYR | 190,514 | 11/08 | (3,768 | ) | |||||||||
Sell | MYR | 428,261 | 11/08 | (1,349 | ) | |||||||||
Buy | MYR | 236,504 | 02/09 | (4,649 | ) | |||||||||
Buy | PLN | 999,197 | 05/09 | (31,888 | ) | |||||||||
Buy | RUB | 13,522,103 | 11/08 | (23,628 | ) | |||||||||
Sell | RUB | 13,989,994 | 11/08 | 15,304 | ||||||||||
Buy | RUB | 454,950 | 05/09 | (1,377 | ) | |||||||||
Buy | SGD | 535,718 | 11/08 | (18,452 | ) | |||||||||
$ | (172,479 | ) | ||||||||||||
(h) Purchased options outstanding as of September 30, 2008:
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on | ||||||||||||||||||||||||||||
3-Month | Exercise | Expiration | Notional | |||||||||||||||||||||||||
Counterparty | Description | EUR-LIBOR | Rate | Date | Amount | Cost | Value | |||||||||||||||||||||
Royal Bank of Scotland | Call — OTC 2-Year Interest Rate Swap D | Pay | 3.850 | % | 08/03/09 | EUR 1,000,000 | $ | 10,575 | $ | 10,983 | ||||||||||||||||||
Options on Exchange-Traded Futures Contracts
Exercise | Expiration | Numbers of | ||||||||||||||||||||||
Counterparty | Description | Price | Date | Contracts | Cost | Value | ||||||||||||||||||
Merrill Lynch | Put - CBOT U.S. Treasury Note Futures (12/08) | $ | 99.00 | 11/21/08 | 45 | $ | 813 | $ | 703 | |||||||||||||||
Merrill Lynch | Call - CBOT U.S. Treasury Note Futures (12/08) | 125.00 | 11/21/08 | 12 | 218 | 94 | ||||||||||||||||||
Merrill Lynch | Call - CBOT U.S. Treasury Note Futures (12/08) | 138.00 | 11/21/08 | 24 | 435 | 375 | ||||||||||||||||||
Merrill Lynch | Call - CBOT U.S. Treasury Bond Futures (12/08) | 140.00 | 11/21/08 | 27 | 489 | 421 | ||||||||||||||||||
Merrill Lynch | Call - CBOT U.S. Treasury Note Futures (12/08) | 140.00 | 11/21/08 | 11 | 113 | 86 | ||||||||||||||||||
$ | 2,068 | $ | 1,679 | |||||||||||||||||||||
Options on Securities
Strike | Expiration | Notional | ||||||||||||||||||||
Counterparty | Description | Price | Date | Amount | Cost | Value | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 1.875% due 07/15/15 D | $ | 95.50 | 10/01/08 | $ | 2,000,000 | $ | 156 | $ | 19,660 | ||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 2.000% due 01/15/14 D | 95.25 | 10/06/08 | 5,000,000 | 391 | 34,250 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 2.000% due 04/15/12 D | 95.75 | 10/06/08 | 800,000 | 63 | 2,048 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 2.375% due 04/15/11 D | 97.50 | 10/06/08 | 4,000,000 | 313 | 19,040 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 3.000% due 07/15/12 D | 99.50 | 10/06/08 | 5,000,000 | 391 | 44,300 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 3.500% due 01/15/11 D | 100.50 | 10/06/08 | 5,000,000 | 391 | 72,750 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 2.375% due 04/15/11 D | 93.75 | 10/24/08 | 4,500,000 | 352 | 1,845 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 2.500% due 07/15/16 D | 96.00 | 10/24/08 | 5,000,000 | 391 | 5,950 | ||||||||||||||||
Morgan Stanley | Put — OTC U.S. Treasury Inflation Protected Securities 4.250% due 01/15/10 D | 98.25 | 11/03/08 | 2,800,000 | 219 | 219 | ||||||||||||||||
Merrill Lynch | Put — OTC Fannie Mae 6.000% due 12/11/38 D | 81.00 | 12/04/08 | 4,000,000 | 461 | — | ||||||||||||||||
$ | 3,128 | $ | 200,062 | |||||||||||||||||||
Total Purchased Options | $ | 15,771 | $ | 212,724 | ||||||||||||||||||
(i) | Transactions in written options for the six-month period ended September 30, 2008 were as follows: |
Number of | Notional Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2008 | 7 | 7,740,000 | $ | 226,993 | ||||||||
Call Options Written | 149 | 300,000 | 126,545 | |||||||||
Put Options Written | 134 | — | 71,056 | |||||||||
Call Options Expired | (130 | ) | (2,000,000 | ) | (163,956 | ) | ||||||
Put Options Expired | (113 | ) | (2,000,000 | ) | (124,145 | ) | ||||||
Outstanding, September 30, 2008 | 47 | 4,040,000 | $ | 136,493 | ||||||||
See Notes to Financial Statements | A-39 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
(j) Premiums received and value of written options outstanding as of September 30, 2008:
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||
Based on | ||||||||||||||||||||||||
3-Month | Exercise | Expiration | Notional | |||||||||||||||||||||
Counterparty | Description | USD-LIBOR | Rate | Date | Amount | Premium | Value | |||||||||||||||||
Royal Bank of Scotland | Call — OTC 7-Year Interest Rate Swap D | Receive | 4.550 | % | 08/03/09 | $ | 300,000 | $ | 9,185 | $ | 9,771 | |||||||||||||
Royal Bank of Scotland | Call — OTC 7-Year Interest Rate Swap D | Receive | 5.365 | % | 09/20/10 | 1,000,000 | 31,445 | 57,526 | ||||||||||||||||
Royal Bank of Scotland | Put — OTC 7-Year Interest Rate Swap D | Pay | 5.365 | % | 09/20/10 | 1,000,000 | 31,445 | 25,054 | ||||||||||||||||
$ | 72,075 | $ | 92,351 | |||||||||||||||||||||
Options on Exchange-Traded Futures Contracts
Exercise | Expiration | Numbers of | ||||||||||||||||||
Counterparty | Description | Price | Date | Contracts | Premium | Value | ||||||||||||||
Merrill Lynch | Put — CBOT U.S. Treasury Bond Futures (12/08) | $ | 111.00 | 11/21/08 | 2 | $ | 1,464 | $ | 1,438 | |||||||||||
Merrill Lynch | Put — CBOT U.S. Treasury Note Futures (12/08) | 113.00 | 11/21/08 | 19 | 9,671 | 24,344 | ||||||||||||||
Merrill Lynch | Call — CBOT U.S. Treasury Note Futures (12/08) | 118.00 | 11/21/08 | 21 | 13,994 | 17,063 | ||||||||||||||
Merrill Lynch | Call — CBOT U.S. Treasury Bond Futures (12/08) | 120.00 | 11/21/08 | 2 | 1,651 | 3,125 | ||||||||||||||
Merrill Lynch | Call — CBOT U.S. Treasury Bond Futures (12/08) | 121.00 | 11/21/08 | 3 | 2,664 | 3,844 | ||||||||||||||
$ | 29,444 | $ | 49,814 | |||||||||||||||||
Foreign Currency Options
Exercise | Expiration | Notional | ||||||||||||||||||||||
Counterparty | Description | Price | Date | Amount | Premium | Value | ||||||||||||||||||
JPMorgan Chase | Put — OTC Japanese yen versus U.S. dollar D | JPY 95.00 | 03/05/09 | $ | 870,000 | $ | 17,487 | $ | 11,304 | |||||||||||||||
Royal Bank of Scotland | Put — OTC Japanese yen versus U.S. dollar D | 95.00 | 03/05/09 | 870,000 | 17,487 | 11,294 | ||||||||||||||||||
$ | 34,974 | $ | 22,598 | |||||||||||||||||||||
Total Written Options | $ | 136,493 | $ | 164,763 | ||||||||||||||||||||
(k) Swap agreements outstanding as of September 30, 2008:
Credit Default Swaps
Unrealized | ||||||||||||||||||||||
Buy/Sell | (Pay)/Receive | Expiration | Notional | Appreciation | ||||||||||||||||||
Counterparty | Referenced Obligation | Protection (1) | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Royal Bank of Scotland | Republic of Indonesia 6.750% due 03/10/14 D | Sell | 0.400 | % | 12/20/08 | $ | 1,000,000 | $ | (1,427 | ) | ||||||||||||
Merrill Lynch | Dow Jones CDX HY-8 Index D | Buy | (2.750 | %) | 06/20/12 | 198,000 | 17,172 | |||||||||||||||
Morgan Stanley | General Motors Acceptance Corp 6.875% due 08/28/12 D | Sell | 6.850 | % | 06/20/12 | 100,000 | (48,759 | ) | ||||||||||||||
Royal Bank of Scotland | Lehman Brothers Holding Inc 6.625% due 01/18/12 D | Sell | 0.660 | % | 09/20/12 | 100,000 | (84,480 | ) | ||||||||||||||
Citigroup | The Bear Stearns Cos Inc 5.300% due 10/30/15 D | Sell | 0.720 | % | 09/20/12 | 100,000 | (2,260 | ) | ||||||||||||||
Morgan Stanley | The Goldman Sachs Group Inc 6.600% due 01/15/12 D | Sell | 0.800 | % | 09/20/12 | 100,000 | (12,040 | ) | ||||||||||||||
Goldman Sachs | General Motors Acceptance Corp 6.875% due 08/28/12 D | Sell | 3.050 | % | 09/20/12 | 100,000 | (53,348 | ) | ||||||||||||||
Morgan Stanley | Ford Motor Credit Co 7.000% due 10/01/13 D | Sell | 3.800 | % | 09/20/12 | 100,000 | (43,010 | ) | ||||||||||||||
Citigroup | General Motors Acceptance Corp 6.875% due 08/28/12 D | Buy | (5.000 | %) | 09/20/12 | 100,000 | 50,988 | |||||||||||||||
Goldman Sachs | General Motors Acceptance Corp 6.875% due 08/28/12 D | Sell | 5.350 | % | 09/20/12 | 500,000 | (252,839 | ) | ||||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-9 Index D | Buy | (0.600 | %) | 12/20/12 | 900,000 | 20,921 | |||||||||||||||
Morgan Stanley | Dow Jones CDX NA IG-9 Index D | Buy | (0.600 | %) | 12/20/12 | 2,800,000 | 134,985 | |||||||||||||||
Royal Bank of Scotland | Dow Jones CDX NA IG-9 Index D | Buy | (0.600 | %) | 12/20/12 | 400,000 | 11,103 | |||||||||||||||
Deutsche Bank | Dow Jones CDX NA IG-9 Index D | Sell | 0.710 | % | 12/20/12 | 600,000 | 7,016 | |||||||||||||||
Deutsche Bank | Dow Jones CDX NA IG-9 Index D | Sell | 0.720 | % | 12/20/12 | 3,900,000 | 47,158 | |||||||||||||||
Goldman Sachs | Bear Stearns Cos Inc 5.300% due 10/30/15 D | Buy | (1.780 | %) | 12/20/12 | 100,000 | (1,613 | ) | ||||||||||||||
Deutsche Bank | American International Group Inc 6.250% due 05/01/36 D | Sell | 1.950 | % | 03/20/13 | 1,200,000 | (405,150 | ) | ||||||||||||||
Deutsche Bank | Dow Jones CDX NA IG-10 Index D | Sell | 1.550 | % | 06/20/13 | 200,000 | 1,692 | |||||||||||||||
Deutsche Bank | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 6,700,000 | 89,215 | |||||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 1,900,000 | 29,555 | |||||||||||||||
Merrill Lynch | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 1,500,000 | 17,012 | |||||||||||||||
Morgan Stanley | Dow Jones CDX NA IG-10 Index D | Buy | (1.550 | %) | 06/20/13 | 1,100,000 | 12,099 | |||||||||||||||
Credit Suisse | Chesapeake Energy Corp 6.875%, due 01/15/16 D | Sell | 2.100 | % | 09/20/13 | 75,000 | (4,276 | ) | ||||||||||||||
Barclays | Dow Jones CDX NA IG-9 Index D | Buy | (0.800 | %) | 12/20/17 | 2,700,000 | 124,594 | |||||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-9 Index D | Buy | (0.800 | %) | 12/20/17 | 400,000 | 19,783 | |||||||||||||||
Morgan Stanley | Dow Jones CDX NA IG-9 Index D | Buy | (0.800 | %) | 12/20/17 | 500,000 | 17,244 | |||||||||||||||
Barclays | Dow Jones CDX NA IG-10 Index D | Buy | (1.500 | %) | 06/20/18 | 700,000 | 29,121 | |||||||||||||||
Goldman Sachs | Dow Jones CDX NA IG-10 Index D | Buy | (1.500 | %) | 06/20/18 | 300,000 | 9,127 | |||||||||||||||
Morgan Stanley | Dow Jones CMBX NA AAA-3 Index D | Sell | 0.080 | % | 12/13/49 | 400,000 | 15,762 | |||||||||||||||
$ | (254,655 | ) | ||||||||||||||||||||
(1) | If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs. |
See Notes to Financial Statements | A-40 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Interest Rate Swaps
Unrealized | ||||||||||||||||
Pay/Receive | Fixed | Expiration | Notional | Appreciation | ||||||||||||
Counterparty | Floating Rate Index | Floating Rate | Rate | Date | Amount | (Depreciation) | ||||||||||
Morgan Stanley | 6-Month JPY-LIBOR D | Pay | 1.000% | 03/18/09 | JPY | 300,000,000 | $ | 6,508 | ||||||||
Barclays | 6-Month Australian Bank Bill D | Pay | 7.000% | 12/15/09 | AUD | 800,000 | 4,265 | |||||||||
Morgan Stanley | 6-Month Australian Bank Bill D | Pay | 7.000% | 12/15/09 | 1,600,000 | 8,468 | ||||||||||
Morgan Stanley | 6-Month GBP-LIBOR D | Pay | 5.000% | 12/19/09 | GBP | 3,000,000 | (1,139 | ) | ||||||||
Citigroup | 6-Month Australian Bank Bill D | Pay | 6.500% | 01/15/10 | AUD | 300,000 | 27 | |||||||||
Deutsche Bank | 6-Month Australian Bank Bill D | Pay | 6.500% | 01/15/10 | 1,100,000 | 365 | ||||||||||
Royal Bank of Canada | 6-Month Australian Bank Bill D | Pay | 6.500% | 01/15/10 | 700,000 | 377 | ||||||||||
Deutsche Bank | 6-Month EUR-LIBOR D | Pay | 4.500% | 03/19/10 | EUR | 1,200,000 | (4,073 | ) | ||||||||
Morgan Stanley | 6-Month EUR-LIBOR D | Pay | 4.500% | 03/19/10 | 1,200,000 | (4,070 | ) | |||||||||
Deutsche Bank | 6-Month GBP-LIBOR D | Pay | 6.000% | 03/20/10 | GBP | 1,400,000 | 536 | |||||||||
Deutsche Bank | 6-Month Australian Bank Bill D | Pay | 7.000% | 06/15/10 | AUD | 5,200,000 | 36,568 | |||||||||
Deutsche Bank | 3-Month USD-LIBOR D | Pay | 4.000% | 06/17/10 | $ | 100,000 | 145 | |||||||||
Credit Suisse | 6-Month GBP-LIBOR D | Pay | 5.000% | 09/15/10 | GBP | 500,000 | 12,385 | |||||||||
Royal Bank of Scotland | 6-Month GBP-LIBOR D | Pay | 5.000% | 09/15/10 | 1,000,000 | 26,051 | ||||||||||
Barclays | France CPI Excluding Tobacco D | Pay | 2.103% | 10/15/10 | EUR | 500,000 | (3,540 | ) | ||||||||
UBS | France CPI Excluding Tobacco D | Pay | 2.146% | 10/15/10 | 100,000 | (459 | ) | |||||||||
Goldman Sachs | 6-Month EUR-LIBOR D | Pay | 4.500% | 03/18/11 | 400,000 | 1,482 | ||||||||||
JPMorgan Chase | France CPI Excluding Tobacco D | Pay | 2.261% | 07/14/11 | 500,000 | (2,108 | ) | |||||||||
JPMorgan Chase | France CPI Excluding Tobacco D | Pay | 2.028% | 10/15/11 | 200,000 | (4,501 | ) | |||||||||
UBS | France CPI Excluding Tobacco D | Pay | 2.095% | 10/15/11 | 300,000 | (5,267 | ) | |||||||||
Goldman Sachs | France CPI Excluding Tobacco D | Pay | 1.976% | 12/15/11 | 4,000,000 | (140,348 | ) | |||||||||
BNP Paribas | France CPI Excluding Tobacco D | Pay | 1.988% | 12/15/11 | 1,000,000 | (31,774 | ) | |||||||||
Morgan Stanley | BRL — CDI Compounded D | Pay | 10.115% | 01/02/12 | BRL | 1,300,000 | (47,619 | ) | ||||||||
Barclays | BRL — CDI Compounded D | Pay | 10.680% | 01/02/12 | 2,200,000 | (72,006 | ) | |||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 12.540% | 01/02/12 | 200,000 | (2,195 | ) | |||||||||
Morgan Stanley | BRL — CDI Compounded D | Pay | 12.540% | 01/02/12 | 900,000 | (11,417 | ) | |||||||||
HSBC | BRL — CDI Compounded D | Pay | 14.765% | 01/02/12 | 2,300,000 | (3,092 | ) | |||||||||
Merrill Lynch | BRL — CDI Compounded D | Pay | 14.765% | 01/02/12 | 100,000 | 341 | ||||||||||
Morgan Stanley | 6-Month GBP-LIBOR D | Pay | 5.000% | 09/17/13 | GBP | 400,000 | 886 | |||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Pay | 4.000% | 12/17/13 | $ | 3,500,000 | (1,111 | ) | ||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Pay | 4.000% | 12/17/13 | 1,800,000 | 21,587 | ||||||||||
Deutsche Bank | 6-Month EUR-LIBOR D | Pay | 4.500% | 03/18/14 | EUR | 100,000 | (156 | ) | ||||||||
Barclays | 6-Month GBP-LIBOR D | Pay | 5.000% | 03/18/14 | GBP | 100,000 | 2,016 | |||||||||
UBS | Eurostat Eurozone HICP Excluding Tobacco D | Receive | 2.275% | 10/15/16 | EUR | 200,000 | (3,578 | ) | ||||||||
UBS | France CPI Excluding Tobacco D | Pay | 2.350% | 10/15/16 | 200,000 | (3,578 | ) | |||||||||
JPMorgan Chase | France CPI Excluding Tobacco D | Pay | 2.353% | 10/15/16 | 100,000 | (1,463 | ) | |||||||||
Barclays | United Kingdom RPI Index D | Pay | 3.250% | 12/14/17 | GBP | 400,000 | (35,002 | ) | ||||||||
Barclays | 6-Month Australian Bank Bill D | Receive | 6.750% | 12/15/17 | AUD | 100,000 | (2,659 | ) | ||||||||
Morgan Stanley | 6-Month Australian Bank Bill D | Receive | 6.750% | 12/15/17 | 200,000 | (5,240 | ) | |||||||||
Royal Bank of Scotland | United Kingdom RPI Index D | Pay | 3.183% | 12/19/17 | GBP | 600,000 | (56,715 | ) | ||||||||
Barclays | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/18 | $ | 1,000,000 | (64,314 | ) | ||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/18 | 500,000 | (3,496 | ) | |||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/18 | 3,200,000 | (78,925 | ) | |||||||||
HSBC | 6-Month EUR-LIBOR D | Pay | 5.000% | 03/18/19 | EUR | 100,000 | (540 | ) | ||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/23 | $ | 700,000 | (28,295 | ) | ||||||||
Royal Bank of Scotland | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/23 | 200,000 | (4,745 | ) | |||||||||
Royal Bank of Scotland | United Kingdom RPI Index D | Pay | 3.440% | 09/10/27 | GBP | 100,000 | (18,421 | ) | ||||||||
Barclays | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/28 | $ | 400,000 | (10,321 | ) | ||||||||
Barclays | 6-Month EUR-LIBOR D | Receive | 4.000% | 12/15/35 | EUR | 400,000 | 1,590 | |||||||||
Credit Suisse | 6-Month GBP-LIBOR D | Receive | 4.000% | 12/15/35 | GBP | 400,000 | 927 | |||||||||
HSBC | 6-Month GBP-LIBOR D | Receive | 4.250% | 06/12/36 | 200,000 | 16,752 | ||||||||||
Barclays | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | $ | 1,500,000 | 6,936 | |||||||||
Citigroup | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | 3,000,000 | (187,642 | ) | |||||||||
Goldman Sachs | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | 1,900,000 | (36,421 | ) | |||||||||
Merrill Lynch | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | 400,000 | (7,978 | ) | |||||||||
Morgan Stanley | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | 100,000 | 1,806 | ||||||||||
Royal Bank of Scotland | 3-Month USD-LIBOR D | Receive | 5.000% | 12/17/38 | 300,000 | 6,834 | ||||||||||
Barclays | 6-Month GBP-LIBOR D | Receive | 5.000% | 03/18/39 | GBP | 100,000 | (6,598 | ) | ||||||||
Goldman Sachs | 6-Month GBP-LIBOR D | Receive | 5.000% | 03/18/39 | 100,000 | (5,275 | ) | |||||||||
$ | (739,229 | ) | ||||||||||||||
Total Swap Agreements | $ | ( 993,884 | ) | |||||||||||||
See Notes to Financial Statements | A-41 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL COMSTOCK FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL COMSTOCK FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.03% | ||||||||
Consumer Discretionary - 19.37% | ||||||||
Comcast Corp ‘A’ | 273,300 | $ | 5,364,879 | |||||
J.C. Penney Co Inc | 21,600 | 720,144 | ||||||
Liberty Media Corp — Entertainment ‘A’ * | 53,500 | 1,335,895 | ||||||
Liberty Media Corp — Interactive ‘A’ * | 102,075 | 1,317,788 | ||||||
Lowe’s Cos Inc | 38,000 | 900,220 | ||||||
Macy’s Inc | 43,200 | 776,736 | ||||||
News Corp ‘B’ | 115,200 | 1,399,680 | ||||||
The Home Depot Inc | 29,900 | 774,111 | ||||||
Time Warner Inc | 335,500 | 4,398,405 | ||||||
Viacom Inc ‘B’ * | 151,950 | 3,774,438 | ||||||
20,762,296 | ||||||||
Consumer Staples - 16.58% | ||||||||
Altria Group Inc | 29,000 | 575,360 | ||||||
Cadbury PLC ADR (United Kingdom) | 58,236 | 2,384,182 | ||||||
CVS Caremark Corp | 28,100 | 945,846 | ||||||
Dr Pepper Snapple Group Inc * | 28,452 | 753,409 | ||||||
Kimberly-Clark Corp | 14,100 | 914,244 | ||||||
Kraft Foods Inc ‘A’ | 121,702 | 3,985,741 | ||||||
Philip Morris International Inc | 13,900 | 668,590 | ||||||
Sara Lee Corp | 44,700 | 564,561 | ||||||
The Coca-Cola Co | 20,100 | 1,062,888 | ||||||
The Procter & Gamble Co | 8,900 | 620,241 | ||||||
Unilever NV ‘NY’ (Netherlands) | 71,500 | 2,013,440 | ||||||
Wal-Mart Stores Inc | 54,900 | 3,287,961 | ||||||
17,776,463 | ||||||||
Financials - 26.69% | ||||||||
Aflac Inc | 8,100 | 475,875 | ||||||
Bank of America Corp | 145,600 | 5,096,000 | ||||||
Barclays PLC ADR (United Kingdom) | 2,900 | 71,630 | ||||||
Berkshire Hathaway Inc ‘B’ * | 182 | 799,890 | ||||||
Citigroup Inc | 168,000 | 3,445,680 | ||||||
Genworth Financial Inc ‘A’ | 26,100 | 224,721 | ||||||
JPMorgan Chase & Co | 60,400 | 2,820,680 | ||||||
Merrill Lynch & Co Inc | 20,900 | 528,770 | ||||||
MetLife Inc | 29,600 | 1,657,600 | ||||||
The Bank of New York Mellon Corp | 71,539 | 2,330,741 | ||||||
The Chubb Corp | 83,680 | 4,594,032 | ||||||
The Goldman Sachs Group Inc | 2,800 | 358,400 | ||||||
The Hartford Financial Services Group Inc | 26,500 | 1,086,235 | ||||||
The PNC Financial Services Group Inc | 15,000 | 1,120,500 | ||||||
The Travelers Cos Inc | 28,086 | 1,269,487 | ||||||
Torchmark Corp | 5,000 | 299,000 | ||||||
U.S. Bancorp | 21,300 | 767,226 | ||||||
Wells Fargo & Co | 44,200 | 1,658,826 | ||||||
28,605,293 | ||||||||
Health Care - 11.44% | ||||||||
Abbott Laboratories | 9,100 | 523,978 | ||||||
Boston Scientific Corp * | 101,600 | 1,246,632 | ||||||
Bristol-Myers Squibb Co | 102,900 | 2,145,465 | ||||||
Cardinal Health Inc | 45,500 | 2,242,240 | ||||||
Eli Lilly & Co | 9,500 | 418,285 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 8,400 | 365,064 | ||||||
Pfizer Inc | 58,800 | 1,084,272 | ||||||
Roche Holding AG ADR (Switzerland) | 3,400 | 264,571 | ||||||
Schering-Plough Corp | 101,400 | 1,872,858 | ||||||
UnitedHealth Group Inc | 16,300 | 413,857 | ||||||
WellPoint Inc * | 10,400 | 486,408 | ||||||
Wyeth | 32,500 | 1,200,550 | ||||||
12,264,180 | ||||||||
Industrials - 2.16% | ||||||||
General Electric Co | 48,700 | 1,241,850 | ||||||
Southwest Airlines Co | 73,900 | 1,072,289 | ||||||
2,314,139 | ||||||||
Information Technology - 9.37% | ||||||||
Alcatel-Lucent ADR (France) * | 89,400 | 343,296 | ||||||
Computer Sciences Corp * | 13,500 | 541,755 | ||||||
Dell Inc * | 75,300 | 1,240,944 | ||||||
eBay Inc * | 87,500 | 1,958,250 | ||||||
Hewlett-Packard Co | 24,200 | 1,119,008 | ||||||
Intel Corp | 28,100 | 526,313 | ||||||
International Business Machines Corp | 21,200 | 2,479,552 | ||||||
KLA-Tencor Corp | 15,800 | 500,070 | ||||||
Microsoft Corp | 25,500 | 680,595 | ||||||
Telefonaktiebolaget LM Ericsson ADR (Sweden) | 35,100 | 330,993 | ||||||
The Western Union Co | 12,900 | 318,243 | ||||||
10,039,019 | ||||||||
Materials - 6.14% | ||||||||
Alcoa Inc | 11,700 | 264,186 | ||||||
E.I. du Pont de Nemours & Co | 40,899 | 1,648,229 | ||||||
International Paper Co | 178,248 | 4,666,533 | ||||||
6,578,948 | ||||||||
Telecommunication Services - 5.28% | ||||||||
AT&T Inc | 73,100 | 2,040,952 | ||||||
Verizon Communications Inc | 112,600 | 3,613,334 | ||||||
5,654,286 | ||||||||
Total Common Stocks (Cost $116,740,689) | 103,994,624 | |||||||
SHORT-TERM INVESTMENTS - 1.68% | ||||||||
Money Market Funds - 1.68% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 902,727 | 902,727 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 902,727 | 902,727 | ||||||
1,805,454 | ||||||||
Total Short-Term Investments (Cost $1,805,454) | 1,805,454 | |||||||
TOTAL INVESTMENTS - 98.71% (Cost $118,546,143) | 105,800,078 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.29% | 1,382,860 | |||||||
NET ASSETS - 100.00% | $ | 107,182,938 | ||||||
See Notes to Financial Statements | A-42 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Financials | 26.69 | % | ||
Consumer Discretionary | 19.37 | % | ||
Consumer Staples | 16.58 | % | ||
Health Care | 11.44 | % | ||
Information Technology | 9.37 | % | ||
Materials | 6.14 | % | ||
Telecommunication Services | 5.28 | % | ||
Industrials | 2.16 | % | ||
Short-Term Investments | 1.68 | % | ||
98.71 | % | |||
Other Assets & Liabilities, Net | 1.29 | % | ||
100.00 | % | |||
See Notes to Financial Statements | A-43 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.54% | ||||||||
Health Care - 0.54% | ||||||||
Ironwood Pharmaceuticals Inc ‘H’ 8.000% * D | 11,028 | $ | 132,336 | |||||
Total Convertible Preferred Stocks (Cost $132,336) | 132,336 | |||||||
COMMON STOCKS - 91.20% | ||||||||
Consumer Discretionary - 25.63% | ||||||||
Abercrombie & Fitch Co ‘A’ | 9,183 | 362,269 | ||||||
Ascent Media Corp ‘A’ * | 895 | 21,858 | ||||||
Choice Hotels International Inc | 7,646 | 207,207 | ||||||
Ctrip.com International Ltd ADR (Cayman) | 14,781 | 570,694 | ||||||
Discovery Communications Inc ‘A’ * | 8,950 | 127,530 | ||||||
Discovery Communications Inc ‘C’ * | 8,950 | 126,725 | ||||||
Gafisa SA ADR (Brazil) | 11,800 | 303,260 | ||||||
Groupe Aeroplan Inc (Canada) | 17,991 | 222,975 | ||||||
Grupo Televisa SA ADR (Mexico) | 11,982 | 262,046 | ||||||
Li & Fung Ltd (Bermuda) + | 164,200 | 401,805 | ||||||
Lululemon Athletica Inc * | 9,259 | 213,235 | ||||||
Mohawk Industries Inc * | 3,364 | 226,700 | ||||||
Morningstar Inc * | 8,526 | 472,937 | ||||||
New Oriental Education & Technology Group Inc ADR (Cayman) * | 4,068 | 261,328 | ||||||
NVR Inc * | 433 | 247,676 | ||||||
Penn National Gaming Inc * | 3,433 | 91,215 | ||||||
priceline.com Inc * | 5,654 | 386,903 | ||||||
Starbucks Corp * | 33,759 | 501,996 | ||||||
Strayer Education Inc | 1,362 | 272,754 | ||||||
Wynn Resorts Ltd | 11,509 | 939,595 | ||||||
6,220,708 | ||||||||
Energy - 12.41% | ||||||||
IHS Inc ‘A’ * | 9,022 | 429,808 | ||||||
Petrohawk Energy Corp * | 5,625 | 121,669 | ||||||
Range Resources Corp | 6,397 | 274,239 | ||||||
Southwestern Energy Co * | 32,660 | 997,436 | ||||||
Ultra Petroleum Corp (Canada) * | 21,480 | 1,188,703 | ||||||
3,011,855 | ||||||||
Financials - 10.94% | ||||||||
Alleghany Corp * | 871 | 317,915 | ||||||
Brookfield Asset Management Inc ‘A’ (Canada) | 14,683 | 402,902 | ||||||
Calamos Asset Management Inc ‘A’ | 15,295 | 274,086 | ||||||
Forest City Enterprises Inc ‘A’ | 10,040 | 307,927 | ||||||
GLG Partners Inc | 20,800 | 112,736 | ||||||
IntercontinentalExchange Inc * | 4,075 | 328,771 | ||||||
Leucadia National Corp | 20,062 | 911,617 | ||||||
2,655,954 | ||||||||
Health Care - 10.63% | ||||||||
Gen-Probe Inc * | 7,753 | 411,297 | ||||||
Illumina Inc * | 21,198 | 859,155 | ||||||
Intuitive Surgical Inc * | 1,313 | 316,407 | ||||||
Mindray Medical International Ltd ADR (Cayman) | 11,199 | 377,742 | ||||||
Techne Corp * | 8,524 | 614,751 | ||||||
2,579,352 | ||||||||
Industrials - 9.52% | ||||||||
Aecom Technology Corp * | 7,537 | 184,204 | ||||||
C.H. Robinson Worldwide Inc | 13,184 | 671,857 | ||||||
Covanta Holding Corp * | 14,288 | 342,055 | ||||||
Expeditors International of Washington Inc | 12,188 | 424,630 | ||||||
Grupo Aeroportuario del Pacifico SA de CV ADR (Mexico) | 8,743 | 223,471 | ||||||
Monster Worldwide Inc * | 12,807 | 190,952 | ||||||
The Corporate Executive Board Co | 8,782 | 274,438 | ||||||
2,311,607 | ||||||||
Information Technology - 12.28% | ||||||||
Akamai Technologies Inc * | 8,634 | 150,577 | ||||||
Alibaba.com Ltd (Cayman) * + | 227,100 | 210,691 | ||||||
Baidu.com Inc ADR (Cayman) * | 2,551 | 633,235 | ||||||
Equinix Inc * | 3,416 | 237,275 | ||||||
Redecard SA (Brazil) | 36,288 | 451,955 | ||||||
salesforce.com inc * | 7,623 | 368,953 | ||||||
Tencent Holdings Ltd (Cayman) + | 94,200 | 688,540 | ||||||
Teradata Corp * | 12,245 | 238,778 | ||||||
2,980,004 | ||||||||
Materials - 7.01% | ||||||||
Intrepid Potash Inc * | 6,211 | 184,591 | ||||||
Martin Marietta Materials Inc | 6,407 | 717,456 | ||||||
Nalco Holding Co | 24,456 | 453,414 | ||||||
Rockwood Holdings Inc * | 7,122 | 182,751 | ||||||
Texas Industries Inc | 4,010 | 163,849 | ||||||
1,702,061 | ||||||||
Telecommunication Services - 1.47% | ||||||||
NII Holdings Inc * | 9,428 | 357,510 | ||||||
Utilities - 1.31% | ||||||||
Questar Corp | 7,744 | 316,885 | ||||||
Total Common Stocks (Cost $22,744,678) | 22,135,936 | |||||||
SHORT-TERM INVESTMENT - 4.32% | ||||||||
Money Market Fund - 4.32% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 1,047,487 | 1,047,487 | ||||||
Total Short-Term Investment (Cost $1,047,487) | 1,047,487 | |||||||
TOTAL INVESTMENTS - 96.06% (Cost $23,924,501) | 23,315,759 | |||||||
OTHER ASSETS & LIABILITIES, NET - 3.94% | 955,650 | |||||||
NET ASSETS - 100.00% | $ | 24,271,409 | ||||||
See Notes to Financial Statements | A-44 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 25.63 | % | ||
Energy | 12.41 | % | ||
Information Technology | 12.28 | % | ||
Health Care | 11.17 | % | ||
Financials | 10.94 | % | ||
Industrials | 9.52 | % | ||
Materials | 7.01 | % | ||
Short-Term Investment | 4.32 | % | ||
Telecommunication Services | 1.47 | % | ||
Utilities | 1.31 | % | ||
96.06 | % | |||
Other Assets & Liabilities, Net | 3.94 | % | ||
100.00 | % | |||
(b) | Securities with a total aggregate market value of $1,301,036 or 5.36% 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) | 0.55% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | A-45 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
PL REAL ESTATE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL REAL ESTATE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.29% | ||||||||
Consumer Discretionary - 4.74% | ||||||||
Millennium & Copthorne Hotels PLC (United Kingdom) + | 2,400 | $ | 10,539 | |||||
Morgans Hotel Group Co * | 16,784 | 183,113 | ||||||
Starwood Hotels & Resorts Worldwide Inc | 56,368 | 1,586,196 | ||||||
1,779,848 | ||||||||
Financials - 89.18% | ||||||||
Acadia Realty Trust REIT | 12,665 | 320,171 | ||||||
AMB Property Corp REIT | 13,189 | 597,462 | ||||||
AvalonBay Communities Inc REIT | 28,429 | 2,797,982 | ||||||
Boston Properties Inc REIT | 21,394 | 2,003,762 | ||||||
Brandywine Realty Trust REIT | 784 | 12,568 | ||||||
Brookfield Properties Corp (Canada) | 80,279 | 1,271,619 | ||||||
Camden Property Trust REIT | 25,566 | 1,172,457 | ||||||
Care Investment Trust Inc REIT | 4,595 | 52,751 | ||||||
DCT Industrial Trust Inc REIT | 25,330 | 189,722 | ||||||
Developers Diversified Realty Corp REIT | 5,461 | 173,059 | ||||||
Douglas Emmett Inc REIT | 12,591 | 290,474 | ||||||
Duke Realty Corp REIT | 21,725 | 534,000 | ||||||
Equity Lifestyle Properties Inc REIT | 8,465 | 448,899 | ||||||
Equity One Inc REIT | 281 | 5,758 | ||||||
Equity Residential REIT | 49,960 | 2,218,724 | ||||||
Extendicare REIT (Canada) | 1,580 | 10,318 | ||||||
Federal Realty Investment Trust REIT | 13,040 | 1,116,224 | ||||||
Forest City Enterprises Inc ‘A’ | 32,343 | 991,960 | ||||||
General Growth Properties Inc REIT | 26,742 | 403,804 | ||||||
HCP Inc REIT | 19,110 | 766,884 | ||||||
Healthcare Realty Trust Inc REIT | 38,100 | 1,110,615 | ||||||
Hersha Hospitality Trust REIT | 5,886 | 43,792 | ||||||
Highwoods Properties Inc REIT | 1,416 | 50,353 | ||||||
Host Hotels & Resorts Inc REIT | 109,065 | 1,449,474 | ||||||
Kilroy Realty Corp REIT | 8,214 | 392,547 | ||||||
Liberty Property Trust REIT | 21,441 | 807,254 | ||||||
Mack-Cali Realty Corp REIT | 22,139 | 749,848 | ||||||
National Health Investors Inc REIT | 4,076 | 139,318 | ||||||
Plum Creek Timber Co Inc REIT | 27,039 | 1,348,164 | ||||||
Post Properties Inc REIT | 23,983 | 670,804 | ||||||
ProLogis REIT | 32,631 | 1,346,681 | ||||||
PS Business Parks Inc REIT | 6,382 | 367,603 | ||||||
Public Storage REIT | 9,647 | 955,149 | ||||||
Ramco-Gershenson Properties Trust REIT | 6,715 | 150,550 | ||||||
Regency Centers Corp REIT | 23,451 | 1,563,947 | ||||||
Senior Housing Properties Trust REIT | 40,283 | 959,944 | ||||||
Simon Property Group Inc REIT | 34,310 | 3,328,070 | ||||||
Sovran Self Storage Inc REIT | 6,837 | 307,186 | ||||||
Strategic Hotels & Resorts Inc REIT | 47,092 | 355,545 | ||||||
Taubman Centers Inc REIT | 5,343 | 267,150 | ||||||
The Macerich Co REIT | 8,718 | 554,901 | ||||||
Ventas Inc REIT | 950 | 46,949 | ||||||
Vornado Realty Trust REIT | 12,520 | 1,138,694 | ||||||
Weingarten Realty Investors REIT | 370 | 13,198 | ||||||
33,496,334 | ||||||||
Health Care - 1.37% | ||||||||
Assisted Living Concepts Inc ‘A’ * | 44,861 | 285,765 | ||||||
Brookdale Senior Living Inc | 10,472 | 230,279 | ||||||
516,044 | ||||||||
Total Common Stocks (Cost $35,563,925) | 35,792,226 | |||||||
SHORT-TERM INVESTMENT - 1.60% | ||||||||
Money Market Fund - 1.60% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 600,676 | $ | 600,676 | |||||
Total Short-Term Investment (Cost $600,676) | 600,676 | |||||||
TOTAL INVESTMENTS - 96.89% (Cost $36,164,601) | 36,392,902 | |||||||
OTHER ASSETS & LIABILITIES, NET - 3.11% | 1,169,695 | |||||||
NET ASSETS - 100.00% | $ | 37,562,597 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified by property sector as a percentage of net assets as follows: |
Retail | 20.99 | % | ||
Office/Industrial | 20.74 | % | ||
Residential | 18.26 | % | ||
Lodging | 9.66 | % | ||
Health Care/Assisted Living | 9.59 | % | ||
Diversified | 9.10 | % | ||
Land | 3.59 | % | ||
Self-Storage | 3.36 | % | ||
95.29 | % | |||
Short-Term Investment | 1.60 | % | ||
Other Assets & Liabilities, Net | 3.11 | % | ||
100.00 | % | |||
(b) | A security with a total aggregate market value of $10,539 or 0.03% 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. |
See Notes to Financial Statements | A-46 | See explanation of symbols and terms, if any, on page A-47 |
PACIFIC LIFE FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2008 (Unaudited)
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2008 (Unaudited)
Explanation of Symbols for Schedules of Investments
* | Non-income producing securities. | |
+ | 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. | |
~ | 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 with their principal amount adjusted for inflation. | |
§ | Variable rate securities. The rate shown is based on the latest available information as of September 30, 2008. | |
± | Securities are grouped by coupon rate and represent a range of maturities. | |
‡ | Securities were fully/partially segregated with the broker(s)/custodian as collateral for securities sold short, delayed delivery securities, futures contracts, written options contracts, and/or swap contracts as of September 30, 2008. | |
” | 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. | |
à | Total shares owned by the fund as of September 30, 2008 were less than one share. | |
D | Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to Funds’ policy and procedures. (See Note T in Notes to Financial Statements). | |
• | Participation interest in loans. | |
W | Securities were in default as of September 30, 2008. | |
¥ | Unsettled position. Contract rates do not take effect until settlement date. | |
Õ | A portion of this security is subject to call and/or put options written. |
Explanation of Terms for Schedules of Investments
Currency Abbreviations:
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CHF | Swiss Franc | |
CNY | Chinese Renminbi | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PHP | Philippines Peso | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SGD | Singapore Dollar | |
USD | United States Dollar |
Other Abbreviations:
ADR | American Depositary Receipt | |
CBOT | Chicago Board of Trade | |
CDO | Collateralized Debt Obligation | |
CMM | Constant Maturity Mortgage Rate | |
CPI | Consumer Price Index | |
CVA | Certificaten Van Aandelen (Dutch Certificate) | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
HSI | Hong Kong Stock Exchange | |
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) | |
XAMS | Amsterdam Stock Exchange | |
XBSP | Sao Paulo Stock Exchange |
Note: The descriptions and industry classifications of the companies shown in the schedule of investments were obtained from published reports and other sources believed to be reliable.
See Notes to Financial Statements | A-47 |
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2008 (Unaudited)
SEPTEMBER 30, 2008 (Unaudited)
PL Portfolio | PL Portfolio | PL Portfolio | ||||||||||||||||||||||||||||||
Optimization | Optimization | PL Portfolio | Optimization | PL Portfolio | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||
Conservative | Moderate- | Optimization | Moderate- | Optimization | Market | Growth | Value | |||||||||||||||||||||||||
Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 76,694,123 | $ | 126,811,148 | $ | 469,905,326 | $ | 496,911,855 | $ | 219,471,502 | $ | 47,227,814 | $ | 34,102,201 | $ | 132,371,339 | ||||||||||||||||
Investments, at value | $ | 71,075,548 | $ | 114,858,283 | $ | 415,372,003 | $ | 425,036,677 | $ | 182,310,150 | $ | 47,227,814 | $ | 30,071,406 | $ | 99,290,345 | ||||||||||||||||
Cash (1) | 292,860 | 185,536 | — | — | 115,337 | — | 1,332,237 | 3,831,219 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 266,222 | 332,442 | 802,308 | 403,581 | 24,343 | 81,166 | 4,344 | 480,849 | ||||||||||||||||||||||||
Foreign tax reclaim | — | — | — | — | — | — | — | 148,049 | ||||||||||||||||||||||||
Fund shares sold | 598,575 | 687,176 | 975,937 | 785,767 | 454,884 | 497,895 | 71 | 104,876 | ||||||||||||||||||||||||
Securities sold | — | — | 264,359 | 170,913 | — | — | 163,839 | 210,516 | ||||||||||||||||||||||||
Due from adviser and/or administrator | 29,972 | 50,012 | 172,155 | 179,666 | 82,172 | 6,765 | 16,516 | 31,111 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 7,556 | 3,615 | 5,246 | 11,144 | 4,634 | 17,567 | 2,092 | 4,619 | ||||||||||||||||||||||||
Total Assets | 72,270,733 | 116,117,064 | 417,592,008 | 426,587,748 | 182,991,520 | 47,831,207 | 31,590,505 | 104,101,584 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares redeemed | 499,891 | 872,888 | 1,576,470 | 1,673,845 | 368,185 | 543,809 | 2,383 | 4,549 | ||||||||||||||||||||||||
Securities purchased | 558,708 | 517,907 | 802,173 | 402,660 | 139,619 | — | 109,953 | — | ||||||||||||||||||||||||
Due to custodian | — | — | 264,359 | 170,913 | — | — | — | — | ||||||||||||||||||||||||
Due to custodian in foreign currency (2) | — | — | — | �� | — | — | — | — | 76,072 | |||||||||||||||||||||||
Variation margin | — | — | — | — | — | — | — | 4,395 | ||||||||||||||||||||||||
Income distributions | — | — | — | — | — | 3,732 | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 11,715 | 19,566 | 71,574 | 73,891 | 31,831 | 7,551 | 16,733 | 58,888 | ||||||||||||||||||||||||
Accrued administration fees | 17,573 | 29,349 | 107,361 | 110,835 | 47,747 | 11,326 | 8,367 | 27,179 | ||||||||||||||||||||||||
Accrued support service expenses | 2,950 | 6,114 | 23,431 | 25,000 | 11,329 | — | 5,545 | 7,025 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 2,374 | 2,458 | 2,966 | 3,029 | 3,414 | 6,504 | 4,205 | — | ||||||||||||||||||||||||
Accrued legal and audit fees | 8,397 | 18,678 | 71,273 | 75,721 | 34,037 | 4,677 | 11,373 | 23,809 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 2,241 | 5,580 | 20,250 | 21,059 | 8,833 | 7,602 | 5,562 | 11,114 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 5,010 | 8,413 | 28,642 | 29,604 | 11,848 | 1,954 | 1,327 | 4,527 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 4,867 | 10,872 | 43,311 | 47,312 | 22,422 | 2,331 | 7,592 | 13,836 | ||||||||||||||||||||||||
Accrued other | 5,654 | 10,303 | 35,882 | 36,207 | 17,223 | 3,263 | 6,764 | 16,125 | ||||||||||||||||||||||||
Total Liabilities | 1,119,380 | 1,502,128 | 3,047,692 | 2,670,076 | 696,488 | 592,749 | 179,804 | 247,519 | ||||||||||||||||||||||||
NET ASSETS | $ | 71,151,353 | $ | 114,614,936 | $ | 414,544,316 | $ | 423,917,672 | $ | 182,295,032 | $ | 47,238,458 | $ | 31,410,701 | $ | 103,854,065 | ||||||||||||||||
(1) | Includes margin deposits of $150,600 segregated for futures contracts in the PL International Value Fund. | |
(2) | Foreign currency held at cost for the PL International Value Fund was ($75,916). |
See Notes to Financial Statements
B-1
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
PL Portfolio | PL Portfolio | PL Portfolio | ||||||||||||||||||||||||||||||
Optimization | Optimization | PL Portfolio | Optimization | PL Portfolio | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||
Conservative | Moderate- | Optimization | Moderate- | Optimization | Market | Growth | Value | |||||||||||||||||||||||||
Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund(1) | Fund | Fund | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 75,286,557 | $ | 124,798,138 | $ | 464,493,095 | $ | 493,755,540 | $ | 222,645,658 | $ | 47,229,429 | $ | 40,077,730 | $ | 140,576,047 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,053,076 | 1,389,995 | 3,320,392 | 1,508,929 | (123,239 | ) | 8,980 | (212,837 | ) | 2,317,695 | ||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 430,295 | 379,668 | 1,264,152 | 528,381 | (3,066,035 | ) | 49 | (4,423,397 | ) | (5,930,107 | ) | |||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (5,618,575 | ) | (11,952,865 | ) | (54,533,323 | ) | (71,875,178 | ) | (37,161,352 | ) | — | (4,030,795 | ) | (33,109,570 | ) | |||||||||||||||||
NET ASSETS | $ | 71,151,353 | $ | 114,614,936 | $ | 414,544,316 | $ | 423,917,672 | $ | 182,295,032 | $ | 47,238,458 | $ | 31,410,701 | $ | 103,854,065 | ||||||||||||||||
Class A Shares: | �� | |||||||||||||||||||||||||||||||
Net Assets | $ | 29,142,856 | $ | 45,327,450 | $ | 180,833,074 | $ | 186,965,570 | $ | 87,865,513 | $ | 47,238,458 | $ | 31,410,701 | $ | 103,854,065 | ||||||||||||||||
Shares of beneficial interest outstanding | 2,973,690 | 4,584,203 | 17,843,247 | 18,440,579 | 8,649,884 | 47,240,097 | 3,861,247 | 10,629,710 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 9.80 | $ | 9.89 | $ | 10.13 | $ | 10.14 | $ | 10.16 | $ | 1.00 | $ | 8.13 | $ | 9.77 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.57 | 0.58 | 0.59 | 0.59 | 0.59 | — | 0.47 | 0.57 | ||||||||||||||||||||||||
Maximum offering price per share | $ | 10.37 | $ | 10.47 | $ | 10.72 | $ | 10.73 | $ | 10.75 | $ | 1.00 | $ | 8.60 | $ | 10.34 | ||||||||||||||||
Class B Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 7,289,172 | $ | 14,861,421 | $ | 52,994,219 | $ | 61,523,929 | $ | 27,183,298 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 750,119 | 1,516,223 | 5,276,695 | 6,148,695 | 2,720,962 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 9.72 | $ | 9.80 | $ | 10.04 | $ | 10.01 | $ | 9.99 | ||||||||||||||||||||||
Class C Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 32,305,259 | $ | 50,769,698 | $ | 170,599,013 | 170,478,196 | $ | 65,374,119 | |||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,325,759 | 5,182,200 | 17,014,979 | 17,083,399 | 6,544,558 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 9.71 | $ | 9.80 | $ | 10.03 | $ | 9.98 | $ | 9.99 | ||||||||||||||||||||||
Class R Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 2,414,066 | $ | 3,656,367 | $ | 10,118,010 | $ | 4,949,977 | $ | 1,872,102 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 246,999 | 370,741 | 1,002,265 | 489,125 | 184,849 | |||||||||||||||||||||||||||
Net Asset Value per share | $ | 9.77 | $ | 9.86 | $ | 10.10 | $ | 10.12 | $ | 10.13 | ||||||||||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
** | 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). | |
(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, 2008 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund(1) | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 86,677,521 | $ | 64,568,743 | $ | 37,512,793 | $ | 105,548,793 | $ | 91,301,542 | $ | 20,341,584 | $ | 95,237,742 | $ | 43,887,350 | ||||||||||||||||
Investments, at value | $ | 82,276,147 | $ | 63,887,075 | $ | 35,388,667 | $ | 94,971,253 | $ | 79,620,846 | $ | 20,313,244 | $ | 87,544,703 | $ | 40,357,953 | ||||||||||||||||
Cash (2) | 8,173,486 | — | 5,993,122 | 770,175 | — | 513,165 | — | — | ||||||||||||||||||||||||
Foreign currency held, at value (3) | — | — | — | 100,002 | — | — | 58,368 | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 167,484 | 481,093 | 203,300 | 67,605 | 160,200 | 4,493 | 193,628 | 112,932 | ||||||||||||||||||||||||
Foreign tax reclaim | — | — | — | 31,946 | — | — | 157,102 | — | ||||||||||||||||||||||||
Fund shares sold | 1,783 | 57,418 | 23,856 | 11,160 | 2 | 11,127 | 53,593 | — | ||||||||||||||||||||||||
Securities sold | 272,983 | 1,971,736 | 1,509,105 | 59,546 | 833,759 | 394,408 | 19,441 | 362,122 | ||||||||||||||||||||||||
Due from adviser | 15,382 | 12,473 | 11,279 | 16,741 | 18,150 | 9,037 | 29,257 | 15,571 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | 714,649 | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 3,092 | 3,415 | — | 3,391 | 1,132 | 1,891 | 3,330 | — | ||||||||||||||||||||||||
Total Assets | 90,910,357 | 66,413,210 | 43,129,329 | 96,746,468 | 80,634,089 | 21,247,365 | 88,059,422 | 40,848,578 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares redeemed | 1,759 | — | — | — | 69,254 | 3,137 | 6,638 | 38,897 | ||||||||||||||||||||||||
Securities purchased | 149,908 | 4,946,263 | 7,793,848 | — | 644,971 | 107,596 | — | 441,353 | ||||||||||||||||||||||||
Variation margin | — | 71,067 | — | — | — | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 50,333 | 20,052 | 22,394 | 46,782 | 46,210 | 13,970 | 64,488 | 26,612 | ||||||||||||||||||||||||
Accrued administration fees | 23,231 | 15,039 | 8,958 | 25,518 | 21,328 | 5,588 | 22,760 | 10,645 | ||||||||||||||||||||||||
Accrued support service expenses | 3,096 | — | 3,452 | — | 3,755 | 506 | 4,624 | 8,155 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 2,608 | 3,061 | 12,231 | 27,179 | 4,995 | 9,635 | 22,561 | 573 | ||||||||||||||||||||||||
Accrued legal and audit fees | 13,009 | 11,172 | 3,824 | 9,547 | 14,928 | 4,486 | 17,702 | 11,610 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 10,726 | 4,158 | 200 | 7,620 | 3,810 | 12,458 | 7,659 | 1,195 | ||||||||||||||||||||||||
Accrued service fees | 3,790 | 2,518 | 1,470 | 4,105 | 3,372 | 894 | 3,774 | 1,712 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 7,432 | 5,160 | 3,370 | 3,900 | 8,308 | 2,315 | 10,069 | 9,105 | ||||||||||||||||||||||||
Accrued other | 7,615 | 14,871 | 4,848 | 6,843 | 14,113 | 3,631 | 11,143 | 6,132 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | 37,682 | — | — | — | — | ||||||||||||||||||||||||
Outstanding options written, at value (premiums received $33,252) | — | — | — | 38,142 | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 273,507 | 5,093,361 | 7,854,595 | 207,318 | 835,044 | 164,216 | 171,418 | 555,989 | ||||||||||||||||||||||||
NET ASSETS | $ | 90,636,850 | $ | 61,319,849 | $ | 35,274,734 | $ | 96,539,150 | $ | 79,799,045 | $ | 21,083,149 | $ | 87,888,004 | $ | 40,292,589 | ||||||||||||||||
(1) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. | |
(2) | Includes margin deposits of $770,175 segregated for put and call options written in the PL Growth LT Fund. | |
(3) | Foreign currency held at cost for the PL Growth LT and PL International Large-Cap Funds were $104,730 and $55,293, respectively. |
See Notes to Financial Statements
B-3
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund | Fund | Fund(1) | Fund | Fund(2) | Fund | Fund | Fund(1) | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 98,338,081 | $ | 61,770,381 | $ | 37,315,869 | $ | 109,160,407 | $ | 101,274,808 | $ | 24,955,187 | $ | 96,562,314 | $ | 44,082,194 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 447,610 | 31,861 | 4,737 | 121,209 | 424,681 | (125,969 | ) | 957,702 | 315,803 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (3,747,467 | ) | (531 | ) | 78,254 | (2,830,316 | ) | (10,219,748 | ) | (3,717,729 | ) | (1,935,077 | ) | (576,011 | ) | |||||||||||||||||
Net unrealized depreciation on investments and assets and liabilities in foreign currencies | (4,401,374 | ) | (481,862 | ) | (2,124,126 | ) | (9,912,150 | ) | (11,680,696 | ) | (28,340 | ) | (7,696,935 | ) | (3,529,397 | ) | ||||||||||||||||
NET ASSETS | $ | 90,636,850 | $ | 61,319,849 | $ | 35,274,734 | $ | 96,539,150 | $ | 79,799,045 | $ | 21,083,149 | $ | 87,888,004 | $ | 40,292,589 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 90,636,850 | $ | 61,319,849 | $ | 35,274,734 | $ | 96,539,150 | $ | 79,799,045 | $ | 21,083,149 | $ | 87,888,004 | $ | 40,292,589 | ||||||||||||||||
Shares of beneficial interest outstanding | 8,643,977 | 6,247,675 | 3,733,784 | 9,140,829 | 9,838,101 | 2,807,820 | 6,941,485 | 4,786,166 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 10.49 | $ | 9.81 | $ | 9.45 | $ | 10.56 | $ | 8.11 | $ | 7.51 | $ | 12.66 | $ | 8.42 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.61 | 0.57 | — | 0.61 | 0.47 | 0.44 | 0.74 | — | ||||||||||||||||||||||||
Maximum offering price per share | $ | 11.10 | $ | 10.38 | $ | 9.45 | $ | 11.17 | $ | 8.58 | $ | 7.95 | $ | 13.40 | $ | 8.42 | ||||||||||||||||
* | 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 and Small-Cap Value Funds are offered to the PL Portfolio Optimization Funds only and are not subject to a front-end sales load. | |
(2) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. |
See Notes to Financial Statements
B-4
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 122,694,087 | $ | 40,594,363 | $ | 218,831,591 | $ | 205,985,088 | $ | 118,546,143 | $ | 23,924,501 | $ | 36,164,601 | ||||||||||||||
Investments, at value | $ | 109,625,314 | $ | 36,445,242 | $ | 206,122,895 | $ | 201,580,852 | $ | 105,800,078 | $ | 23,315,759 | $ | 36,392,902 | ||||||||||||||
Cash (1) | 1,280,606 | — | 1,199,000 | 495,000 | — | 995,131 | — | |||||||||||||||||||||
Foreign currency held, at value (2) | — | 369,625 | 507,712 | 323,078 | — | 6,452 | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 133,405 | 135,297 | 1,280,220 | 1,295,474 | 185,394 | 8,684 | 155,859 | |||||||||||||||||||||
Foreign tax reclaim | — | 3,169 | — | — | — | — | — | |||||||||||||||||||||
Fund shares sold | 18,189 | 14,004 | 83,076 | 54,492 | 142,109 | 18,413 | — | |||||||||||||||||||||
Securities sold | 2,638,511 | 466,494 | 15,108,339 | 6,956,065 | 1,758,159 | 127,406 | 1,224,541 | |||||||||||||||||||||
Variation margin | — | — | 452 | — | — | — | — | |||||||||||||||||||||
Securities sold short | — | — | 14,496,700 | 72,442,776 | — | — | — | |||||||||||||||||||||
Swap agreements | — | — | 2,205,445 | 232,528 | — | — | — | |||||||||||||||||||||
Due from adviser | 19,085 | 26,112 | 32,322 | 26,228 | 11,329 | 18,305 | 11,322 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | 637,130 | 297,838 | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 6,252 | 2,082 | 4,475 | 1,473 | 9,145 | 5,098 | 482 | |||||||||||||||||||||
Swap appreciation | — | — | 2,663,288 | 811,399 | — | — | — | |||||||||||||||||||||
Total Assets | 113,721,362 | 37,462,025 | 244,341,054 | 284,517,203 | 107,906,214 | 24,495,248 | 37,785,106 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | — | — | 6,372 | 15,508 | 219,598 | 6,747 | 105,141 | |||||||||||||||||||||
Securities purchased | 1,828,558 | 146,428 | 46,954,103 | 106,860,722 | 361,965 | 146,754 | 262 | |||||||||||||||||||||
Due to custodian in foreign currency (2) | — | — | — | — | — | — | 47,402 | |||||||||||||||||||||
Securities covering shorts | — | — | 2,727,560 | 15,360,198 | — | — | — | |||||||||||||||||||||
Securities sold short, at value (proceeds $14,448,022 and $59,847,196 respectively) | — | — | 14,452,140 | 60,534,059 | — | — | — | |||||||||||||||||||||
Swap agreements | — | — | 3,370,838 | 696,969 | — | — | — | |||||||||||||||||||||
Variation margin | — | — | — | 151,908 | — | — | — | |||||||||||||||||||||
Income distributions | — | — | 3,089 | 1,906 | — | — | — | |||||||||||||||||||||
Accrued advisory fees | 43,536 | 25,695 | 58,339 | 33,447 | 69,587 | 14,904 | 29,452 | |||||||||||||||||||||
Accrued administration fees | 29,024 | 9,636 | 43,754 | 25,085 | 27,835 | 6,387 | 9,817 | |||||||||||||||||||||
Accrued support service expenses | — | — | — | 1,456 | — | 2,984 | 504 | |||||||||||||||||||||
Accrued custodian fees and expenses | — | 38,865 | 17,359 | 10,017 | 6,806 | 7,492 | 5,735 | |||||||||||||||||||||
Accrued legal and audit fees | 12,651 | 7,054 | 23,126 | 17,350 | 12,722 | 13,097 | 6,457 | |||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 4,153 | 2,467 | 17,680 | 7,730 | 8,084 | 8,581 | 1,952 | |||||||||||||||||||||
Accrued foreign capital gains tax | — | 20 | — | — | — | — | — | |||||||||||||||||||||
Accrued service fees | 4,713 | 1,568 | 7,121 | 4,091 | 4,494 | 1,027 | 1,543 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 4,720 | 3,254 | 10,630 | 8,574 | 4,022 | 8,359 | 3,587 | |||||||||||||||||||||
Accrued interest | — | — | 81,286 | 57,938 | — | — | — | |||||||||||||||||||||
Accrued other | 6,253 | 6,281 | 16,399 | 32,526 | 8,163 | 7,507 | 10,657 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | 943,548 | 470,317 | — | — | — | |||||||||||||||||||||
Outstanding options written, at value (premiums received $423,580 and $136,493, respectively) | — | — | 394,756 | 164,763 | — | — | — | |||||||||||||||||||||
Swap depreciation | — | — | 3,035,216 | 1,805,283 | — | — | — | |||||||||||||||||||||
Total Liabilities | 1,933,608 | 241,268 | 72,163,316 | 186,259,847 | 723,276 | 223,839 | 222,509 | |||||||||||||||||||||
NET ASSETS | $ | 111,787,754 | $ | 37,220,757 | $ | 172,177,738 | $ | 98,257,356 | $ | 107,182,938 | $ | 24,271,409 | $ | 37,562,597 | ||||||||||||||
(1) | Includes margin deposits of $1,199,000 and $495,000 segregated for futures contracts in the PL Managed Bond and PL Inflation Managed Funds, respectively. | |
(2) | Foreign currency held at cost for the PL Emerging Markets, PL Managed Bond, PL Inflation Managed, PL Mid-Cap Growth, and PL Real Estate Funds were $378,508, $527,565, $334,051, $6,471, and ($53,351), respectively. |
See Notes to Financial Statements
B-5
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2008 (Unaudited)
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Fund (1) | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 135,496,231 | $ | 38,480,814 | $ | 186,107,234 | $ | 106,051,547 | $ | 132,990,393 | $ | 23,733,659 | $ | 39,989,718 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | 429,258 | 395,688 | (779,676 | ) | 386,826 | 870,888 | (269,607 | ) | 245,388 | |||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (11,068,962 | ) | 2,528,275 | (169,226 | ) | (2,440,876 | ) | (13,932,278 | ) | 1,416,029 | (2,906,751 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (13,068,773 | ) | (4,184,020 | ) | (12,980,594 | ) | (5,740,141 | ) | (12,746,065 | ) | (608,672 | ) | 234,242 | |||||||||||||||
NET ASSETS | $ | 111,787,754 | $ | 37,220,757 | $ | 172,177,738 | $ | 98,257,356 | $ | 107,182,938 | $ | 24,271,409 | $ | 37,562,597 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 111,787,754 | $ | 37,220,757 | $ | 172,177,738 | $ | 98,257,356 | $ | 107,182,938 | $ | 24,271,409 | $ | 37,562,597 | ||||||||||||||
Shares of beneficial interest outstanding | 12,724,906 | 3,749,192 | 18,302,719 | 10,284,738 | 10,021,579 | 3,251,642 | 3,504,291 | |||||||||||||||||||||
Net Asset Value per share* | $ | 8.78 | $ | 9.93 | $ | 9.41 | $ | 9.55 | $ | 10.70 | $ | 7.46 | $ | 10.72 | ||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | — | — | 0.55 | 0.56 | 0.62 | 0.43 | 0.62 | |||||||||||||||||||||
Maximum offering price per share | $ | 8.78 | $ | 9.93 | $ | 9.96 | $ | 10.11 | $ | 11.32 | $ | 7.89 | $ | 11.34 | ||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Main Street Core and PL Emerging Markets 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-6
PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2008 (Unaudited)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2008 (Unaudited)
PL Portfolio | PL Portfolio | PL Portfolio | ||||||||||||||||||||||||||||||
Optimization | Optimization | PL Portfolio | Optimization | PL Portfolio | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||
Conservative | Moderate- | Optimization | Moderate- | Optimization | Market | Growth | Value | |||||||||||||||||||||||||
Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund(1) | Fund(1) | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,398 | $ | 3,225,952 | ||||||||||||||||
Dividends from mutual fund investments | 1,224,207 | 1,712,442 | 4,485,212 | 2,730,052 | 386,927 | 28,363 | — | — | ||||||||||||||||||||||||
Interest | 1,286 | 635 | 1,946 | 1,715 | 816 | 462,540 | 10,644 | 24,720 | ||||||||||||||||||||||||
Total Investment Income | 1,225,493 | 1,713,077 | 4,487,158 | 2,731,767 | 387,743 | 490,903 | 50,042 | 3,250,672 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 35,122 | 60,396 | 222,957 | 230,981 | 100,426 | 58,814 | 153,525 | 479,673 | ||||||||||||||||||||||||
Administration fees | 105,144 | 197,232 | 737,601 | 771,803 | 340,513 | 64,870 | 61,614 | 206,997 | ||||||||||||||||||||||||
Support services expenses | 7,943 | 16,533 | 62,580 | 66,187 | 29,516 | 5,238 | 11,028 | 22,559 | ||||||||||||||||||||||||
Custodian fees and expenses | 6,465 | 6,835 | 6,919 | 6,607 | 6,558 | 12,750 | 14,140 | 36,061 | ||||||||||||||||||||||||
Shareholder report expenses | 4,163 | 8,934 | 33,910 | 35,882 | 16,043 | 2,534 | 5,088 | 11,175 | ||||||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||||||
Class A | 34,576 | 62,649 | 248,990 | 263,128 | 124,805 | 50,167 | 46,764 | 157,464 | ||||||||||||||||||||||||
Class B (3) | 30,597 | 78,294 | 289,427 | 346,220 | 154,280 | — | 856 | 1,254 | ||||||||||||||||||||||||
Class C (3) | 147,444 | 261,146 | 934,709 | 949,702 | 382,351 | — | 622 | 2,152 | ||||||||||||||||||||||||
Class R (3) | 4,575 | 8,312 | 23,297 | 10,852 | 4,376 | — | — | — | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 13,696 | 30,410 | 119,429 | 129,801 | 58,930 | 7,381 | 15,204 | 33,381 | ||||||||||||||||||||||||
Registration fees | 25,393 | 27,906 | 41,655 | 41,403 | 34,660 | 11,147 | 16,414 | 17,378 | ||||||||||||||||||||||||
Legal and audit fees | 9,421 | 18,964 | 70,990 | 74,804 | 33,385 | 5,631 | 11,272 | 24,023 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 1,403 | 2,806 | 10,541 | 11,064 | 4,911 | 1,112 | 1,652 | 3,627 | ||||||||||||||||||||||||
Other | 4,004 | 7,494 | 24,526 | 26,253 | 12,707 | 2,708 | 6,685 | 20,402 | ||||||||||||||||||||||||
Total Expenses | 429,946 | 787,911 | 2,827,531 | 2,964,687 | 1,303,461 | 222,352 | 344,864 | 1,016,146 | ||||||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (177,632 | ) | (317,114 | ) | (1,108,152 | ) | (1,163,804 | ) | (537,223 | ) | (53,171 | ) | (86,532 | ) | (185,612 | ) | ||||||||||||||||
Distribution and/or Service Fees Waiver | (81,373 | ) | (151,664 | ) | (566,671 | ) | (592,534 | ) | (261,148 | ) | — | — | — | |||||||||||||||||||
Net Expenses | 170,941 | 319,133 | 1,152,708 | 1,208,349 | 505,090 | 169,181 | 258,332 | 830,534 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,054,552 | 1,393,944 | 3,334,450 | 1,523,418 | (117,347 | ) | 321,722 | (208,290 | ) | 2,420,138 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment security and forward transactions (2) | (787,657 | ) | (1,950,397 | ) | (7,020,107 | ) | (6,259,804 | ) | (3,976,697 | ) | 136 | (1,896,091 | ) | (5,431,008 | ) | |||||||||||||||||
Futures contracts and swap transactions | — | — | — | — | — | — | — | 65,746 | ||||||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | — | — | (152,938 | ) | |||||||||||||||||||||||
Capital gain distributions from mutual fund investments | 1,822,828 | 2,844,558 | 9,153,483 | 7,867,416 | 2,087,574 | — | — | — | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 1,035,171 | 894,161 | 2,133,376 | 1,607,612 | (1,889,123 | ) | 136 | (1,896,091 | ) | (5,518,200 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (2) | (6,937,451 | ) | (13,509,991 | ) | (55,389,738 | ) | (64,007,561 | ) | (26,671,073 | ) | — | (1,585,236 | ) | (28,329,585 | ) | |||||||||||||||||
Futures contracts and swaps | — | — | — | — | — | — | — | (38,449 | ) | |||||||||||||||||||||||
Foreign currencies | — | — | — | — | — | — | — | (33,094 | ) | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (6,937,451 | ) | (13,509,991 | ) | (55,389,738 | ) | (64,007,561 | ) | (26,671,073 | ) | — | (1,585,236 | ) | (28,401,128 | ) | |||||||||||||||||
NET GAIN (LOSS) | (5,902,280 | ) | (12,615,830 | ) | (53,256,362 | ) | (62,399,949 | ) | (28,560,196 | ) | 136 | (3,481,327 | ) | (33,919,328 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($4,847,728 | ) | ($11,221,886 | ) | ($49,921,912 | ) | ($60,876,531 | ) | ($28,677,543 | ) | $ | 321,858 | ($3,689,617 | ) | ($31,499,190 | ) | ||||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Dividends were net of $485,390 foreign taxes withheld for the PL International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds. | |
(3) | 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, 2008 (Unaudited)
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2008 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund (1) | Fund (1) | Fund (2) | Fund (1) | Fund (1),(3) | Fund (1) | Fund (1) | Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (4) | $ | 930,343 | $ | — | $ | 13,285 | $ | 662,064 | $ | 971,610 | $ | 73,020 | $ | 1,681,110 | $ | 510,333 | ||||||||||||||||
Dividends from mutual fund investments | 51,566 | 60,829 | — | 1,516 | 53,528 | — | 793 | 17,583 | ||||||||||||||||||||||||
Interest | 31,742 | 1,644,858 | 527,498 | 53,625 | — | 2,400 | 24,907 | 3,065 | ||||||||||||||||||||||||
Total Investment Income | 1,013,651 | 1,705,687 | 540,783 | 717,205 | 1,025,138 | 75,420 | 1,706,810 | 530,981 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 317,453 | 188,416 | 68,571 | 306,770 | 341,584 | 114,329 | 469,753 | 132,013 | ||||||||||||||||||||||||
Administration fees | 138,452 | 120,127 | 27,429 | 154,728 | 147,792 | 43,552 | 160,578 | 51,198 | ||||||||||||||||||||||||
Support services expenses | 12,328 | 11,046 | 3,452 | 9,305 | 14,179 | 4,053 | 16,889 | 10,749 | ||||||||||||||||||||||||
Custodian fees and expenses | 9,823 | 9,786 | 13,611 | 51,671 | 17,698 | 19,565 | 64,478 | 9,484 | ||||||||||||||||||||||||
Shareholder report expenses | 6,095 | 5,477 | 1,645 | 4,662 | 7,008 | 2,030 | 8,329 | 5,198 | ||||||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||||||
Class A | 106,548 | 91,232 | 22,857 | 119,606 | 113,318 | 32,660 | 122,553 | 40,433 | ||||||||||||||||||||||||
Class B | 1,270 | 91 | — | 947 | 140 | 936 | 1,458 | — | ||||||||||||||||||||||||
Class C | 2,238 | 91 | — | 824 | 368 | 1,458 | 1,332 | — | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 18,403 | 16,348 | 4,854 | 14,088 | 20,874 | 6,198 | 24,918 | 15,370 | ||||||||||||||||||||||||
Registration fees | 16,814 | 18,084 | 149 | 16,699 | 16,596 | 16,113 | 17,065 | 510 | ||||||||||||||||||||||||
Legal and audit fees | 12,931 | 11,105 | 4,213 | 8,977 | 14,758 | 3,939 | 17,759 | 12,693 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 1,914 | 1,613 | 660 | 1,288 | 2,179 | 562 | 2,637 | 1,939 | ||||||||||||||||||||||||
Offering expenses | — | — | 3,096 | — | — | — | — | 2,955 | ||||||||||||||||||||||||
Other | 6,620 | 8,153 | 3,285 | 7,570 | 7,628 | 4,062 | 12,066 | 5,012 | ||||||||||||||||||||||||
Total Expenses | 650,889 | 481,569 | 153,822 | 697,135 | 704,122 | 249,457 | 919,815 | 287,554 | ||||||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (94,459 | ) | (92,206 | ) | (34,965 | ) | (124,923 | ) | (112,575 | ) | (60,155 | ) | (176,810 | ) | (66,588 | ) | ||||||||||||||||
Net Expenses | 556,430 | 389,363 | 118,857 | 572,212 | 591,547 | 189,302 | 743,005 | 220,966 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 457,221 | 1,316,324 | 421,926 | 144,993 | 433,591 | (113,882 | ) | 963,805 | 310,015 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment security and forward transactions (4) | (3,522,372 | ) | 291,769 | 78,254 | (2,350,623 | ) | (4,074,327 | ) | (2,026,049 | ) | (1,201,963 | ) | (264,931 | ) | ||||||||||||||||||
Closed short positions | — | (781 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Futures contracts and swap transactions | — | 4,348 | — | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency transactions | 85 | — | — | (82,971 | ) | — | — | (29,273 | ) | — | ||||||||||||||||||||||
Net Realized Gain (Loss) | (3,522,287 | ) | 295,336 | 78,254 | (2,433,594 | ) | (4,074,327 | ) | (2,026,049 | ) | (1,231,236 | ) | (264,931 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (4) | (5,690,371 | ) | (2,017,475 | ) | (2,124,126 | ) | (14,871,592 | ) | (4,449,167 | ) | (2,560,670 | ) | (18,398,789 | ) | (1,956,496 | ) | ||||||||||||||||
Futures contracts and swaps | — | (93,753 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Written options | — | — | — | (4,890 | ) | — | — | — | — | |||||||||||||||||||||||
Foreign currencies | — | — | — | 801,116 | — | — | (30,170 | ) | — | |||||||||||||||||||||||
Change in Net Unrealized Depreciation | (5,690,371 | ) | (2,111,228 | ) | (2,124,126 | ) | (14,075,366 | ) | (4,449,167 | ) | (2,560,670 | ) | (18,428,959 | ) | (1,956,496 | ) | ||||||||||||||||
NET LOSS | (9,212,658 | ) | (1,815,892 | ) | (2,045,872 | ) | (16,508,960 | ) | (8,523,494 | ) | (4,586,719 | ) | (19,660,195 | ) | (2,221,427 | ) | ||||||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | ($8,755,437 | ) | ($499,568 | ) | ($1,623,946 | ) | ($16,363,967 | ) | ($8,089,903 | ) | ($4,700,601 | ) | ($18,696,390 | ) | ($1,911,412 | ) | ||||||||||||||||
(1) | Class B and 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) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. | |
(4) | Dividends were net of $18,560, $0, $0, $71,548, $0, $0, $193,459 and $605 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, 2008 (Unaudited)
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2008 (Unaudited)
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund (1) | Fund (1) | Fund (1) | Fund (1) | Fund (1) | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (2) | $ | 1,092,986 | $ | 753,037 | $ | 24,896 | $ | 3,084 | $ | 1,711,644 | $ | 164,583 | $ | 744,126 | ||||||||||||||
Dividends from mutual fund investments | 6,564 | 21,251 | 18,114 | 14,236 | 1,619 | 1,331 | 20,760 | |||||||||||||||||||||
Interest | 8,580 | — | 4,679,856 | 2,981,257 | 45,025 | 17,807 | — | |||||||||||||||||||||
Total Investment Income | 1,108,130 | 774,288 | 4,722,866 | 2,998,577 | 1,758,288 | 183,721 | 764,886 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 338,384 | 209,870 | 447,204 | 290,573 | 535,056 | 174,978 | 200,064 | |||||||||||||||||||||
Administration fees | 199,609 | 75,567 | 290,636 | 186,711 | 203,968 | 69,936 | 65,014 | |||||||||||||||||||||
Support services expenses | 12,494 | 6,896 | 23,369 | 17,418 | 12,458 | 12,123 | 6,170 | |||||||||||||||||||||
Custodian fees and expenses | 64,312 | 105,184 | 41,866 | 39,834 | 18,625 | 19,708 | 18,244 | |||||||||||||||||||||
Shareholder report expenses | 6,281 | 3,347 | 11,460 | 8,522 | 6,378 | 5,898 | 3,046 | |||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||
Class A | 153,351 | 57,748 | 221,920 | 140,919 | 155,312 | 51,163 | 49,804 | |||||||||||||||||||||
Class B | — | — | 1,920 | 1,778 | 1,186 | 2,456 | 232 | |||||||||||||||||||||
Class C | — | — | 4,506 | 4,808 | 1,568 | 2,376 | 518 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 18,760 | 9,984 | 34,401 | 25,877 | 19,297 | 17,760 | 9,086 | |||||||||||||||||||||
Registration fees | 781 | 398 | 17,699 | 16,709 | 16,994 | 16,764 | 15,898 | |||||||||||||||||||||
Legal and audit fees | 11,974 | 6,555 | 23,447 | 17,616 | 11,657 | 12,765 | 6,447 | |||||||||||||||||||||
Trustees’ compensation and expenses | 1,709 | 924 | 3,498 | 2,610 | 1,680 | 1,873 | 947 | |||||||||||||||||||||
Other | 12,107 | 21,981 | 57,549 | 38,847 | 7,840 | 7,025 | 4,766 | |||||||||||||||||||||
Total Expenses | 819,762 | 498,454 | 1,179,475 | 792,222 | 992,019 | 394,825 | 380,236 | |||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (144,007 | ) | (161,539 | ) | (235,672 | ) | (183,042 | ) | (111,688 | ) | (100,993 | ) | (69,626 | ) | ||||||||||||||
Net Expenses | 675,755 | 336,915 | 943,803 | 609,180 | 880,331 | 293,832 | 310,610 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 432,375 | 437,373 | 3,779,063 | 2,389,397 | 877,957 | (110,111 | ) | 454,276 | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investment security and forward transactions (2) | (1,201,590 | ) | 2,971,554 | 462,429 | (2,931,863 | ) | (13,109,674 | ) | 1,692,795 | (1,533,751 | ) | |||||||||||||||||
Closed short positions | — | — | 525,299 | 290,347 | — | — | — | |||||||||||||||||||||
Futures contracts and swap transactions | — | — | (356,563 | ) | 397,842 | — | — | — | ||||||||||||||||||||
Written option transactions | — | — | (116,474 | ) | 229,084 | — | — | — | ||||||||||||||||||||
Foreign currency transactions | — | (82,552 | ) | 1,737,958 | 608,205 | — | (20,408 | ) | (14 | ) | ||||||||||||||||||
Net Realized Gain (Loss) | (1,201,590 | ) | 2,889,002 | 2,252,649 | (1,406,385 | ) | (13,109,674 | ) | 1,672,387 | (1,533,765 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investment securities and forwards (2) | (13,686,289 | ) | (12,396,004 | ) | (14,876,727 | ) | (5,662,601 | ) | (646,238 | ) | (5,702,927 | ) | (462,010 | ) | ||||||||||||||
Short positions | — | — | 360,170 | (564,894 | ) | — | — | — | ||||||||||||||||||||
Futures contracts and swaps | — | — | (2,608,282 | ) | (951,184 | ) | — | — | — | |||||||||||||||||||
Written options | — | — | 551,224 | 86,752 | — | — | — | |||||||||||||||||||||
Foreign currencies | — | (38,058 | ) | (978,496 | ) | (586,657 | ) | — | 114 | 5,854 | ||||||||||||||||||
Change in Net Unrealized Depreciation | (13,686,289 | ) | (12,434,062 | ) | (17,552,111 | ) | (7,678,584 | ) | (646,238 | ) | (5,702,813 | ) | (456,156 | ) | ||||||||||||||
NET LOSS | (14,887,879 | ) | (9,545,060 | ) | (15,299,462 | ) | (9,084,969 | ) | (13,755,912 | ) | (4,030,426 | ) | (1,989,921 | ) | ||||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | ($14,455,504 | ) | ($9,107,687 | ) | ($11,520,399 | ) | ($6,695,572 | ) | ($12,877,955 | ) | ($4,140,537 | ) | ($1,535,645 | ) | ||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Dividends were net of $67, $72,713, $0, $0, $11,442, $3,001, and $5,313 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PL Emerging Markets Fund are net of foreign capital gains tax withheld of $16,454. Change in unrealized appreciation (depreciation) on securities for the PL Emerging Markets Fund are net of decrease in deferred foreign capital gains tax of $11,557. No foreign tax was withheld on realized and change in unrealized capital gains for all other funds. |
See Notes to Financial Statements
B-9
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
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 | |||||||||||||||||||||||||
2008(1) | March 31, 2008 | 2008(1) | March 31, 2008 | 2008(1) | March 31, 2008 | 2008(1) | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 1,054,552 | $ | 1,031,918 | $ | 1,393,944 | $ | 2,123,461 | $ | 3,334,450 | $ | 6,014,229 | $ | 1,523,418 | $ | 3,871,871 | ||||||||||||||||
Net realized gain | 1,035,171 | 303,776 | 894,161 | 2,295,390 | 2,133,376 | 15,927,323 | 1,607,612 | 21,822,277 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (6,937,451 | ) | 400,329 | (13,509,991 | ) | (3,320,683 | ) | (55,389,738 | ) | (26,223,343 | ) | (64,007,561 | ) | (42,809,069 | ) | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,847,728 | ) | 1,736,023 | (11,221,886 | ) | 1,098,168 | (49,921,912 | ) | (4,281,791 | ) | (60,876,531 | ) | (17,114,921 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (103,698 | ) | (531,437 | ) | (157,769 | ) | (1,425,082 | ) | (453,569 | ) | (5,458,244 | ) | (149,751 | ) | (5,437,711 | ) | ||||||||||||||||
Class B (2) | (13,965 | ) | (93,827 | ) | (21,037 | ) | (333,338 | ) | (28,786 | ) | (1,215,376 | ) | — | (1,410,876 | ) | |||||||||||||||||
Class C (2) | (66,854 | ) | (463,810 | ) | (75,896 | ) | (1,117,493 | ) | (93,155 | ) | (4,021,034 | ) | — | (3,826,531 | ) | |||||||||||||||||
Class R (2) | (5,269 | ) | (23,368 | ) | (9,280 | ) | (59,244 | ) | (16,902 | ) | (195,594 | ) | (1,450 | ) | (64,206 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (64,214 | ) | (209,271 | ) | (463,724 | ) | (658,537 | ) | (3,015,177 | ) | (4,077,288 | ) | (4,360,077 | ) | (5,711,468 | ) | ||||||||||||||||
Class B (2) | (13,519 | ) | (45,198 | ) | (143,096 | ) | (205,953 | ) | (878,553 | ) | (1,200,808 | ) | (1,431,835 | ) | (1,947,303 | ) | ||||||||||||||||
Class C (2) | (67,381 | ) | (233,240 | ) | (482,131 | ) | (624,293 | ) | (2,839,022 | ) | (3,814,994 | ) | (3,957,648 | ) | (5,128,058 | ) | ||||||||||||||||
Class R (2) | (3,654 | ) | (8,338 | ) | (31,485 | ) | (24,240 | ) | (140,300 | ) | (122,276 | ) | (90,242 | ) | (57,135 | ) | ||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (338,554 | ) | (1,608,489 | ) | (1,384,418 | ) | (4,448,180 | ) | (7,465,464 | ) | (20,105,614 | ) | (9,991,003 | ) | (23,583,288 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 13,339,732 | 21,699,302 | 10,601,297 | 26,786,982 | 36,144,022 | 90,498,782 | 36,029,914 | 102,741,478 | ||||||||||||||||||||||||
Class B (2) | 3,600,770 | 2,889,866 | 3,235,341 | 6,478,280 | 9,227,660 | 22,739,582 | 8,692,312 | 26,122,220 | ||||||||||||||||||||||||
Class C (2) | 15,045,791 | 18,772,296 | 15,045,919 | 31,735,726 | 34,630,988 | 88,147,744 | 31,039,136 | 84,619,763 | ||||||||||||||||||||||||
Class R (2) | 1,364,816 | 1,423,394 | 1,678,521 | 2,222,980 | 4,618,183 | 9,780,636 | 2,788,294 | 2,834,483 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 156,197 | 671,896 | 576,187 | 1,922,011 | 3,268,836 | 8,883,146 | 4,299,445 | 10,557,264 | ||||||||||||||||||||||||
Class B (2) | 24,451 | 122,552 | 152,939 | 486,546 | 862,630 | 2,286,118 | 1,382,950 | 3,231,375 | ||||||||||||||||||||||||
Class C (2) | 126,415 | 640,312 | 519,766 | 1,613,168 | 2,817,141 | 7,435,720 | 3,820,761 | 8,623,537 | ||||||||||||||||||||||||
Class R (2) | 8,923 | 31,705 | 40,765 | 83,484 | 157,202 | 317,870 | 91,692 | 121,341 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (6,233,094 | ) | (10,137,716 | ) | (11,252,700 | ) | (13,267,287 | ) | (26,513,627 | ) | (45,953,150 | ) | (25,543,552 | ) | (50,714,636 | ) | ||||||||||||||||
Class B (2) | (711,054 | ) | (941,476 | ) | (1,984,043 | ) | (3,575,516 | ) | (6,122,766 | ) | (9,420,718 | ) | (6,327,319 | ) | (12,248,484 | ) | ||||||||||||||||
Class C (2) | (6,323,006 | ) | (9,986,687 | ) | (7,389,779 | ) | (14,126,323 | ) | (23,323,594 | ) | (39,549,604 | ) | (20,228,272 | ) | (35,599,020 | ) | ||||||||||||||||
Class R (2) | (429,848 | ) | (35,505 | ) | (720,010 | ) | (573,828 | ) | (1,104,533 | ) | (4,215,753 | ) | (294,093 | ) | (501,459 | ) | ||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 19,970,093 | 25,149,939 | 10,504,203 | 39,786,223 | 34,662,142 | 130,950,373 | 35,751,268 | 139,787,862 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 14,783,811 | 25,277,473 | (2,102,101 | ) | 36,436,211 | (22,725,234 | ) | 106,562,968 | (35,116,266 | ) | 99,089,653 | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 56,367,542 | 31,090,069 | 116,717,037 | 80,280,826 | 437,269,550 | 330,706,582 | 459,033,938 | 359,944,285 | ||||||||||||||||||||||||
End of Period/Year | $ | 71,151,353 | $ | 56,367,542 | $ | 114,614,936 | $ | 116,717,037 | $ | 414,544,316 | $ | 437,269,550 | $ | 423,917,672 | $ | 459,033,938 | ||||||||||||||||
Undistributed Net Investment Income | $ | 1,053,076 | $ | 188,310 | $ | 1,389,995 | $ | 260,033 | $ | 3,320,392 | $ | 578,354 | $ | 1,508,929 | $ | 136,712 | ||||||||||||||||
(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 | |||||||||||||||||||||||||
2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | ($117,347 | ) | $ | 465,955 | $ | 321,722 | $ | 1,040,367 | ($208,290 | ) | ($508,540 | ) | $ | 2,420,138 | $ | 1,610,801 | ||||||||||||||||
Net realized gain (loss) | (1,889,123 | ) | 11,713,864 | 136 | 7 | (1,896,091 | ) | 3,356,491 | (5,518,200 | ) | 1,927,822 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (26,671,073 | ) | (27,992,579 | ) | — | — | (1,585,236 | ) | (6,358,120 | ) | (28,401,128 | ) | (16,656,715 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (28,677,543 | ) | (15,812,760 | ) | 321,858 | 1,040,374 | (3,689,617 | ) | (3,510,169 | ) | (31,499,190 | ) | (13,118,092 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (2,489,729 | ) | (321,722 | ) | (1,040,367 | ) | — | — | (552,926 | ) | (1,059,002 | ) | |||||||||||||||||||
Class B (3) | — | (582,138 | ) | — | — | — | — | — | (524 | ) | ||||||||||||||||||||||
Class C (3) | — | (1,511,445 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class R (3) | — | (25,704 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (2,731,262 | ) | (3,003,207 | ) | — | — | — | (5,415,705 | ) | (20,366 | ) | (2,423,998 | ) | |||||||||||||||||||
Class B (3) | (856,254 | ) | (924,245 | ) | — | — | — | (50,731 | ) | — | (12,039 | ) | ||||||||||||||||||||
Class C (3) | (2,100,835 | ) | (2,231,500 | ) | — | — | — | (43,934 | ) | — | (21,820 | ) | ||||||||||||||||||||
Class R (3) | (47,288 | ) | (22,989 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (5,735,639 | ) | (10,790,957 | ) | (321,722 | ) | (1,040,367 | ) | — | (5,510,370 | ) | (573,292 | ) | (3,517,383 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 18,088,108 | 55,707,224 | 51,768,184 | 91,048,917 | 3,474,911 | 6,194,051 | 20,349,713 | 64,544,215 | ||||||||||||||||||||||||
Class B (3) | 3,771,359 | 15,649,040 | — | — | 933 | 40,720 | 12,969 | 95,101 | ||||||||||||||||||||||||
Class C (3) | 10,940,467 | 51,641,272 | — | — | 488 | 49,726 | 1,889 | 127,475 | ||||||||||||||||||||||||
Class R (3) | 987,738 | 1,039,751 | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 2,643,614 | 5,257,925 | 296,213 | 988,340 | — | 5,415,301 | 571,986 | 3,474,020 | ||||||||||||||||||||||||
Class B (3) | 822,608 | 1,446,408 | — | — | — | 50,731 | — | 12,500 | ||||||||||||||||||||||||
Class C (3) | 2,032,554 | 3,631,381 | — | — | — | 43,934 | — | 21,103 | ||||||||||||||||||||||||
Class R (3) | 47,288 | 48,325 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (12,905,428 | ) | (27,705,613 | ) | (47,462,506 | ) | (70,498,425 | ) | (6,222,320 | ) | (6,867,565 | ) | (10,388,253 | ) | (4,620,026 | ) | ||||||||||||||||
Class B (3) | (2,233,003 | ) | (6,933,114 | ) | — | — | (8,001 | ) | (85,296 | ) | (22,749 | ) | (173,379 | ) | ||||||||||||||||||
Class C (3) | (10,337,674 | ) | (25,231,817 | ) | — | — | (58,646 | ) | (159,671 | ) | (131,720 | ) | (536,005 | ) | ||||||||||||||||||
Class R (3) | (63,565 | ) | (66,193 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
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 | 13,794,066 | 74,484,589 | 4,601,891 | 21,538,832 | (2,812,635 | ) | 4,681,931 | 10,393,835 | 62,945,004 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (20,619,116 | ) | 47,880,872 | 4,602,027 | 21,538,839 | (6,502,252 | ) | (4,338,608 | ) | (21,678,647 | ) | 46,309,529 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 202,914,148 | 155,033,276 | 42,636,431 | 21,097,592 | 37,912,953 | 42,251,561 | 125,532,712 | 79,223,183 | ||||||||||||||||||||||||
End of Period/Year | $ | 182,295,032 | $ | 202,914,148 | $ | 47,238,458 | $ | 42,636,431 | $ | 31,410,701 | $ | 37,912,953 | $ | 103,854,065 | $ | 125,532,712 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($123,239 | ) | ($5,892 | ) | $ | 8,980 | $ | 8,980 | ($212,837 | ) | ($4,547 | ) | $ | 2,317,695 | $ | 450,483 | ||||||||||||||||
(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 | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | September 30, | Year Ended | ||||||||||||||||||||||
2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2), (3) | 2008 (2) | March 31, 2008 | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 457,221 | $ | 527,773 | $ | 1,316,324 | $ | 2,704,236 | $ | 421,926 | $ | 144,993 | $ | 262,960 | ||||||||||||||
Net realized gain (loss) | (3,522,287 | ) | 880,800 | 295,336 | 1,759,234 | 78,254 | (2,433,594 | ) | 2,686,394 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (5,690,371 | ) | (8,447,223 | ) | (2,111,228 | ) | 1,528,070 | (2,124,126 | ) | (14,075,366 | ) | (5,069,364 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,755,437 | ) | (7,038,650 | ) | (499,568 | ) | 5,991,540 | (1,623,946 | ) | (16,363,967 | ) | (2,120,010 | ) | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||
Class A | (84,688 | ) | (500,421 | ) | (1,289,376 | ) | (2,704,239 | ) | (417,189 | ) | — | (290,119 | ) | |||||||||||||||
Class B | — | — | (177 | ) | (1,158 | ) | — | — | — | |||||||||||||||||||
Class C | — | — | (164 | ) | (3,947 | ) | — | — | — | |||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||
Class A | (78,132 | ) | (1,240,297 | ) | (1,391,760 | ) | — | — | (1,903,771 | ) | (1,377,242 | ) | ||||||||||||||||
Class B | — | (12,854 | ) | — | — | — | — | (8,123 | ) | |||||||||||||||||||
Class C | — | (25,296 | ) | — | — | — | — | (8,423 | ) | |||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (162,820 | ) | (1,778,868 | ) | (2,681,477 | ) | (2,709,344 | ) | (417,189 | ) | (1,903,771 | ) | (1,683,907 | ) | ||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||
Class A | 32,067,538 | 21,853,160 | 7,992,132 | 16,073,706 | 37,062,338 | 36,477,212 | 19,685,481 | |||||||||||||||||||||
Class B | 891 | 55,034 | — | 173 | — | 945 | 39,696 | |||||||||||||||||||||
Class C | 4,759 | 65,017 | 2,046 | 28,127 | — | 1,963 | 49,752 | |||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||
Class A | 162,582 | 1,737,222 | 2,681,134 | 2,704,239 | 417,189 | 1,901,816 | 1,666,001 | |||||||||||||||||||||
Class B | — | 12,814 | 177 | 1,151 | — | — | 8,101 | |||||||||||||||||||||
Class C | — | 24,124 | 152 | 3,879 | — | — | 7,716 | |||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||
Class A | (1,576,966 | ) | (2,663,274 | ) | (29,926,043 | ) | (5,193,251 | ) | (163,658 | ) | (1,480,670 | ) | (2,309,247 | ) | ||||||||||||||
Class B | (562,898 | ) | (122,103 | ) | — | (8,201 | ) | — | (3,740 | ) | (79,779 | ) | ||||||||||||||||
Class C | (1,024,284 | ) | (500,553 | ) | (16,783 | ) | (426,662 | ) | — | (33,231 | ) | (495,041 | ) | |||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||
Class A (1) | 1,315,179 | — | 69,326 | — | — | 731,518 | — | |||||||||||||||||||||
Class B (1) | (487,057 | ) | — | (39,694 | ) | — | — | (403,971 | ) | — | ||||||||||||||||||
Class C (1) | (828,122 | ) | — | (29,633 | ) | — | — | (327,547 | ) | — | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 29,071,622 | 20,461,441 | (19,267,186 | ) | 13,183,161 | 37,315,869 | 36,864,295 | 18,572,680 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 20,153,365 | 11,643,923 | (22,448,231 | ) | 16,465,357 | 35,274,734 | 18,596,557 | 14,768,763 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Beginning of Period/Year | 70,483,485 | 58,839,562 | 83,768,080 | 67,302,723 | — | 77,942,593 | 63,173,830 | |||||||||||||||||||||
End of Period/Year | $ | 90,636,850 | $ | 70,483,485 | $ | 61,319,849 | $ | 83,768,080 | $ | 35,274,734 | $ | 96,539,150 | $ | 77,942,593 | ||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 447,610 | $ | 75,077 | $ | 31,861 | $ | 5,254 | $ | 4,737 | $ | 121,209 | $ | (23,784 | ) | |||||||||||||
(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 Large-Cap Growth | PL International Large-Cap | PL Small-Cap | |||||||||||||||||||||||||||||
Fund (1), (2) | Fund (2) | Fund (2) | Value 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, | Period Ended | |||||||||||||||||||||||||
2008 (3) | March 31, 2008 | 2008 (3) | March 31, 2008 | 2008 (3) | March 31, 2008 | 2008 (3) | March 31, 2008 (4) | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 433,591 | $ | 446,836 | $ | (113,882 | ) | $ | (271,217 | ) | $ | 963,805 | $ | 1,057,411 | $ | 310,015 | $ | 168,897 | ||||||||||||||
Net realized gain (loss) | (4,074,327 | ) | (1,322,294 | ) | (2,026,049 | ) | 997,280 | (1,231,236 | ) | 2,448,353 | (264,931 | ) | (311,080 | ) | ||||||||||||||||||
Net change in unrealized depreciation | (4,449,167 | ) | (12,947,075 | ) | (2,560,670 | ) | (859,931 | ) | (18,428,959 | ) | (5,108,945 | ) | (1,956,496 | ) | (1,572,901 | ) | ||||||||||||||||
Net Decrease in Net Assets Resulting from Operations | (8,089,903 | ) | (13,822,533 | ) | (4,700,601 | ) | (133,868 | ) | (18,696,390 | ) | (1,603,181 | ) | (1,911,412 | ) | (1,715,084 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (232,929 | ) | (220,826 | ) | — | — | (95,255 | ) | (866,389 | ) | (50,852 | ) | (118,054 | ) | ||||||||||||||||||
Class B | — | — | — | — | — | (2,106 | ) | — | — | |||||||||||||||||||||||
Class C | — | — | — | — | — | (1,225 | ) | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (5,997 | ) | (8,404,781 | ) | — | — | (781,483 | ) | (4,258,607 | ) | — | — | ||||||||||||||||||||
Class B | — | (7,881 | ) | — | — | — | (32,096 | ) | — | — | ||||||||||||||||||||||
Class C | — | (22,860 | ) | — | — | — | (37,947 | ) | — | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (238,926 | ) | (8,656,348 | ) | — | — | (876,738 | ) | (5,198,370 | ) | (50,852 | ) | (118,054 | ) | ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 10,214,676 | 30,097,244 | 2,737,872 | 3,533,877 | 12,704,005 | 23,343,032 | 25,532,991 | 25,756,137 | ||||||||||||||||||||||||
Class B | 1,150 | 17,494 | 1,647 | 28,524 | 17,226 | 92,953 | — | — | ||||||||||||||||||||||||
Class C | 66 | 33,517 | 1,242 | 84,574 | 5,667 | 87,980 | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 238,924 | 8,625,604 | — | — | 875,769 | 5,118,160 | 50,852 | 118,054 | ||||||||||||||||||||||||
Class B | — | 7,796 | — | — | — | 34,170 | — | — | ||||||||||||||||||||||||
Class C | — | 22,857 | — | — | — | 38,494 | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (7,738,403 | ) | (2,292,165 | ) | (3,122,878 | ) | (6,893,473 | ) | (2,191,946 | ) | (2,506,948 | ) | (2,440,823 | ) | (4,929,220 | ) | ||||||||||||||||
Class B | (25 | ) | (44,073 | ) | (415,899 | ) | (57,744 | ) | (609,212 | ) | (143,775 | ) | — | — | ||||||||||||||||||
Class C | (11,832 | ) | (94,464 | ) | (669,350 | ) | (274,963 | ) | (588,708 | ) | (386,656 | ) | — | — | ||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (2) | 210,133 | — | 981,076 | — | 1,115,829 | — | — | — | ||||||||||||||||||||||||
Class B (2) | (60,101 | ) | — | (406,919 | ) | — | (608,612 | ) | — | — | — | |||||||||||||||||||||
Class C (2) | (150,032 | ) | — | (574,157 | ) | — | (507,217 | ) | — | — | — | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 2,704,556 | 36,373,810 | (1,467,366 | ) | (3,579,205 | ) | 10,212,801 | 25,677,410 | 23,143,020 | 20,944,971 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (5,624,273 | ) | 13,894,929 | (6,167,967 | ) | (3,713,073 | ) | (9,360,327 | ) | 18,875,859 | 21,180,756 | 19,111,833 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 85,423,318 | 71,528,389 | 27,251,116 | 30,964,189 | 97,248,331 | 78,372,472 | 19,111,833 | — | ||||||||||||||||||||||||
End of Period/Year | $ | 79,799,045 | $ | 85,423,318 | $ | 21,083,149 | $ | 27,251,116 | $ | 87,888,004 | $ | 97,248,331 | $ | 40,292,589 | $ | 19,111,833 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 424,681 | $ | 224,019 | $ | (125,969 | ) | $ | (12,087 | ) | $ | 957,702 | $ | 89,152 | $ | 315,803 | $ | 56,640 | ||||||||||||||
(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. | |
(4) | Operations commenced on June 29, 2007. |
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 Main Street Core | PL Emerging Markets | PL Managed Bond | PL Inflation Managed | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 432,375 | $ | 722,380 | $ | 437,373 | $ | 251,036 | $ | 3,779,063 | $ | 5,809,176 | $ | 2,389,397 | $ | 5,091,238 | ||||||||||||||||
Net realized gain (loss) | (1,201,590 | ) | (5,429,518 | ) | 2,889,002 | 8,880,626 | 2,252,649 | 4,465,452 | (1,406,385 | ) | 9,105,556 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (13,686,289 | ) | (6,306,883 | ) | (12,434,062 | ) | (1,172,814 | ) | (17,552,111 | ) | 4,170,522 | (7,678,584 | ) | 1,683,472 | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (14,455,504 | ) | (11,014,021 | ) | (9,107,687 | ) | 7,958,848 | (11,520,399 | ) | 14,445,150 | (6,695,572 | ) | 15,880,266 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (204,354 | ) | (707,894 | ) | (12,163 | ) | (158,409 | ) | (5,032,085 | ) | (5,296,109 | ) | (2,248,507 | ) | (4,949,549 | ) | ||||||||||||||||
Class B | — | — | — | — | (3,708 | ) | (23,230 | ) | (1,803 | ) | (33,592 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (8,416 | ) | (62,747 | ) | (4,855 | ) | (93,257 | ) | ||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (5,703,935 | ) | (3,950,682 | ) | (6,068,532 | ) | (6,841,800 | ) | (156,804 | ) | (7,952,335 | ) | — | ||||||||||||||||||
Class B | — | — | — | — | — | (1,161 | ) | — | — | |||||||||||||||||||||||
Class C | — | — | — | — | — | (3,392 | ) | — | — | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (204,354 | ) | (6,411,829 | ) | (3,962,845 | ) | (6,226,941 | ) | (11,886,009 | ) | (5,543,443 | ) | (10,207,500 | ) | (5,076,398 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 16,961,597 | 39,400,204 | 2,426,987 | 2,449,166 | 22,142,313 | 70,464,965 | 8,878,414 | 30,294,992 | ||||||||||||||||||||||||
Class B | — | — | — | — | 10,549 | 30,708 | 260 | 16,612 | ||||||||||||||||||||||||
Class C | — | — | — | — | 2,266 | 285,315 | 1,070 | 41,626 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 204,354 | 6,411,829 | 3,962,845 | 6,226,941 | 11,847,894 | 5,429,652 | 10,167,691 | 4,938,226 | ||||||||||||||||||||||||
Class B | — | — | — | — | 3,464 | 22,633 | 1,614 | 30,170 | ||||||||||||||||||||||||
Class C | — | — | — | — | 8,081 | 63,175 | 4,303 | 81,721 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (2,654,535 | ) | (3,586,246 | ) | (3,731,256 | ) | (14,151,795 | ) | (16,889,509 | ) | (10,766,617 | ) | (29,135,770 | ) | (5,727,890 | ) | ||||||||||||||||
Class B | — | — | — | — | (8,663 | ) | (164,406 | ) | (126,125 | ) | (155,126 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (321,532 | ) | (974,609 | ) | (80,992 | ) | (852,419 | ) | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | — | — | — | 2,590,719 | — | 2,785,176 | — | ||||||||||||||||||||||||
Class B (1) | — | — | — | — | (824,773 | ) | — | (718,824 | ) | — | ||||||||||||||||||||||
Class C (1) | — | — | — | — | (1,765,946 | ) | — | (2,066,352 | ) | — | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 14,511,416 | 42,225,787 | 2,658,576 | (5,475,688 | ) | 16,794,863 | 64,390,816 | (10,289,535 | ) | 28,667,912 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (148,442 | ) | 24,799,937 | (10,411,956 | ) | (3,743,781 | ) | (6,611,545 | ) | 73,292,523 | (27,192,607 | ) | 39,471,780 | |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 111,936,196 | 87,136,259 | 47,632,713 | 51,376,494 | 178,789,283 | 105,496,760 | 125,449,963 | 85,978,183 | ||||||||||||||||||||||||
End of Period/Year | $ | 111,787,754 | $ | 111,936,196 | $ | 37,220,757 | $ | 47,632,713 | $ | 172,177,738 | $ | 178,789,283 | $ | 98,257,356 | $ | 125,449,963 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 429,258 | $ | 201,237 | $ | 395,688 | ($29,522 | ) | ($779,676 | ) | $ | 485,470 | $ | 386,826 | $ | 252,594 | ||||||||||||||||
(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 | |||||||||||||||||||
2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | 2008 (2) | March 31, 2008 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 877,957 | $ | 1,194,978 | $ | (110,111 | ) | $ | (147,165 | ) | $ | 454,276 | $ | 365,982 | ||||||||||
Net realized gain (loss) | (13,109,674 | ) | 1,601,296 | 1,672,387 | 10,548,598 | (1,533,765 | ) | 109,934 | ||||||||||||||||
Net change in unrealized depreciation | (646,238 | ) | (21,558,939 | ) | (5,702,813 | ) | (4,475,115 | ) | (456,156 | ) | (7,743,766 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (12,877,955 | ) | (18,762,665 | ) | (4,140,537 | ) | 5,926,318 | (1,535,645 | ) | (7,267,850 | ) | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (334,730 | ) | (1,042,485 | ) | — | — | (224,476 | ) | (527,192 | ) | ||||||||||||||
Class B | — | (293 | ) | — | — | — | (531 | ) | ||||||||||||||||
Class C | — | — | — | — | — | (1,573 | ) | |||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | (2,859,888 | ) | (1,551,981 | ) | (11,271,959 | ) | — | (2,467,699 | ) | ||||||||||||||
Class B | — | (17,317 | ) | — | (232,340 | ) | — | (7,070 | ) | |||||||||||||||
Class C | — | (25,351 | ) | — | (236,491 | ) | — | (18,045 | ) | |||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (334,730 | ) | (3,945,334 | ) | (1,551,981 | ) | (11,740,790 | ) | (224,476 | ) | (3,022,110 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | 17,136,775 | 63,995,032 | 2,754,550 | 6,445,182 | 3,868,378 | 16,144,820 | ||||||||||||||||||
Class B | 1,314 | 61,621 | 5,481 | 104,389 | 1,095 | 16,876 | ||||||||||||||||||
Class C | 5,632 | 94,098 | 6,595 | 136,310 | 1,831 | 93,542 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | 334,610 | 3,901,393 | 1,544,383 | 11,246,534 | 224,476 | 2,994,888 | ||||||||||||||||||
Class B | — | 17,609 | — | 209,330 | — | 7,599 | ||||||||||||||||||
Class C | — | 23,926 | — | 227,260 | — | 19,579 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | (21,398,139 | ) | (4,957,385 | ) | (26,338,152 | ) | (25,506,434 | ) | (2,952,681 | ) | (2,590,529 | ) | ||||||||||||
Class B | (497,848 | ) | (137,263 | ) | (39,846 | ) | (182,470 | ) | (466 | ) | (75,586 | ) | ||||||||||||
Class C | (721,612 | ) | (424,527 | ) | (194,930 | ) | (607,714 | ) | (6,890 | ) | (148,337 | ) | ||||||||||||
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 | (5,139,268 | ) | 62,574,504 | (22,261,919 | ) | (7,927,613 | ) | 1,135,743 | 16,462,852 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (18,351,953 | ) | 39,866,505 | (27,954,437 | ) | (13,742,085 | ) | (624,378 | ) | 6,172,892 | ||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Period/Year | 125,534,891 | 85,668,386 | 52,225,846 | 65,967,931 | 38,186,975 | 32,014,083 | ||||||||||||||||||
End of Period/Year | $ | 107,182,938 | $ | 125,534,891 | $ | 24,271,409 | $ | 52,225,846 | $ | 37,562,597 | $ | 38,186,975 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 870,888 | $ | 327,661 | $ | (269,607 | ) | $ | (159,496 | ) | $ | 245,388 | $ | 15,588 | ||||||||||
(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 PERIOD ENDED SEPTEMBER 30, 2008 (Unaudited)
PL Floating | ||||
Rate Loan | ||||
Fund (2) | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net decrease in net assets from operations | $ | (1,623,946 | ) | |
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | ||||
Purchases of long-term securities | (43,644,145 | ) | ||
Proceeds from disposition of long-term securities | 6,301,222 | |||
Increase in receivable for securities sold | (1,509,105 | ) | ||
Increase in dividends and interest receivable | (203,300 | ) | ||
Increase in due from adviser | (11,279 | ) | ||
Increase in payable for securities purchased | 7,793,848 | |||
Increase in distribution fee payable | 1,470 | |||
Increase in accrued advisory fees | 22,394 | |||
Increase in administration fees payable | 8,958 | |||
Increase in accrued support service fees | 3,452 | |||
Increase in accrued custodian expenses | 12,231 | |||
Increase in legal and audit fees | 3,824 | |||
Increase in deferred trustee compensation and expenses | 200 | |||
Increase in transfer agency out-of-pocket expenses | 3,370 | |||
Increase in accrued other liabilities | 4,848 | |||
Net amortization on investments | (91,616 | ) | ||
Net realized gain on investment securities | (78,254 | ) | ||
Net unrealized depreciation on investments | 2,124,126 | |||
Net cash flow used by operating activities | (30,881,702 | ) | ||
CASH FLOWS USED IN FINANCING ACTIVITIES: | ||||
Proceeds from shares sold | 37,038,482 | |||
Payment of shares redeemed | (163,658 | ) | ||
Net cash flow provided by financing activities | 36,874,824 | |||
NET INCREASE IN CASH | 5,993,122 | |||
CASH: | ||||
Net change in cash | 5,993,122 | |||
Beginning of the period | — | |||
End of the period | $ | 5,993,122 | ||
(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 Statement of Financial Accounting Standards No. 102, Statement of Cash Flows – Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale, issued by the Financial Accounting Standards Board and therefore includes a Statement of Cash Flows. All other funds have met the exception criteria. | |
(2) | Operations commenced on June 30, 2008. |
See Notes to Financial Statements
B-16
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net Asset | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning of | Investment | Net Realized | from | Net | from | ||||||||||||||||||||||||||||
Year or | Income | and Unrealized | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | Gain (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.55 | $ | 0.19 | $ | (0.88 | ) | $ | (0.69 | ) | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.06 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | 0.02 | 0.13 | 0.15 | — | — | — | ||||||||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.49 | $ | 0.15 | $ | (0.88 | ) | $ | (0.73 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.04 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | — | (6) | 0.14 | 0.14 | — | — | — | |||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.49 | $ | 0.15 | $ | (0.89 | ) | $ | (0.74 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.04 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | — | (6) | 0.13 | 0.13 | — | — | — | |||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.53 | $ | 0.18 | $ | (0.89 | ) | $ | (0.71 | ) | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.05 | ) | |||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.96 | $ | 0.15 | $ | (1.09 | ) | $ | (0.94 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.13 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | 0.01 | 0.13 | 0.14 | — | — | — | ||||||||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.89 | $ | 0.11 | $ | (1.09 | ) | $ | (0.98 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.11 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (—) | (6) | 0.13 | 0.13 | — | — | — | |||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.89 | $ | 0.11 | $ | (1.08 | ) | $ | (0.97 | ) | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.12 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (—) | (6) | 0.13 | 0.13 | — | — | — | |||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses After | Expenses Before | Net Investment | ||||||||||||||||||||||||||||
Value, | End of Year | Expense Reductions | Expense Reductions | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of Year | Total | or Period | to Average | to Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Returns (1) | (in thousands) | Net Assets (2), (3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.80 | (6.56 | %) | $ | 29,143 | 0.11 | % | 0.90 | % | 3.66 | % | 18.56 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.15 | 1.50 | % | 1,957 | 0.00 | % | 4.50 | % | 0.61 | % | 9.38 | % | ||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.72 | (6.91 | %) | $ | 7,289 | 0.86 | % | 1.65 | % | 2.91 | % | 18.56 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.14 | 1.40 | % | 449 | 0.50 | % | 5.00 | % | 0.11 | % | 9.38 | % | ||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.71 | (7.01 | %) | $ | 32,305 | 0.86 | % | 1.65 | % | 2.91 | % | 18.56 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.13 | 1.30 | % | 3,739 | 0.50 | % | 5.00 | % | 0.11 | % | 9.38 | % | ||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.77 | (6.70 | %) | $ | 2,414 | 0.36 | % | 1.15 | % | 3.41 | % | 18.56 | % | |||||||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.89 | (8.65 | %) | $ | 45,327 | 0.10 | % | 0.87 | % | 2.72 | % | 15.60 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.14 | 1.40 | % | 5,197 | 0.00 | % | 2.86 | % | 0.46 | % | 2.81 | % | ||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.80 | (9.05 | %) | $ | 14,861 | 0.85 | % | 1.62 | % | 1.97 | % | 15.60 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.13 | 1.30 | % | 3,013 | 0.50 | % | 3.36 | % | (0.04 | %) | 2.81 | % | ||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.80 | (9.04 | %) | $ | 50,770 | 0.85 | % | 1.62 | % | 1.97 | % | 15.60 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.13 | 1.30 | % | 5,354 | 0.50 | % | 3.36 | % | (0.04 | %) | 2.81 | % | ||||||||||||||||||||
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 Asset | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning of | Investment | Net Realized | from | Net | from | ||||||||||||||||||||||||||||
Year or | Income | and Unrealized | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | Gain (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | |||||||||||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.94 | $ | 0.13 | $ | (1.08 | ) | $ | (0.95 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.13 | ) | |||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.51 | $ | 0.11 | $ | (1.29 | ) | $ | (1.18 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.20 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | 0.01 | 0.13 | 0.14 | — | — | — | ||||||||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.44 | $ | 0.06 | $ | (1.28 | ) | $ | (1.22 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | (0.18 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (—) | (6) | 0.13 | 0.13 | — | — | — | |||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.42 | $ | 0.06 | $ | (1.27 | ) | $ | (1.21 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | (0.18 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (—) | (6) | 0.12 | 0.12 | — | — | — | |||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.48 | $ | 0.09 | $ | (1.28 | ) | $ | (1.19 | ) | $ | (0.02 | ) | $ | (0.17 | ) | $ | (0.19 | ) | |||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.79 | $ | 0.06 | $ | (1.46 | ) | $ | (1.40 | ) | $ | (0.01 | ) | $ | (0.24 | ) | $ | (0.25 | ) | |||||||||||||
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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | 0.01 | 0.10 | 0.11 | — | — | — | ||||||||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.69 | $ | 0.02 | $ | (1.46 | ) | $ | (1.44 | ) | $ | — | $ | (0.24 | ) | $ | (0.24 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (0.01 | ) | 0.11 | 0.10 | — | — | — | |||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses After | Expenses Before | Net Investment | ||||||||||||||||||||||||||||
Value, | End of Year | Expense Reductions | Expense Reductions | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of Year | Total | or Period | to Average | to Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Returns (1) | (in thousands) | Net Assets (2), (3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | ||||||||||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.86 | (8.79 | %) | $ | 3,656 | 0.35 | % | 1.12 | % | 2.47 | % | 15.60 | % | |||||||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.13 | (10.43 | %) | $ | 180,833 | 0.10 | % | 0.84 | % | 1.88 | % | 12.58 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.14 | 1.40 | % | 12,743 | 0.00 | % | 2.31 | % | 0.36 | % | 0.86 | % | ||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.04 | (10.84 | %) | $ | 52,994 | 0.85 | % | 1.59 | % | 1.13 | % | 12.58 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.13 | 1.30 | % | 5,594 | 0.50 | % | 2.81 | % | (0.14 | %) | 0.86 | % | ||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.03 | (10.76 | %) | $ | 170,599 | 0.85 | % | 1.59 | % | 1.13 | % | 12.58 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.12 | 1.20 | % | 16,870 | 0.50 | % | 2.81 | % | (0.14 | %) | 0.86 | % | ||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.10 | (10.50 | %) | $ | 10,118 | 0.35 | % | 1.09 | % | 1.63 | % | 12.58 | % | |||||||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.14 | (12.11 | %) | $ | 186,966 | 0.10 | % | 0.84 | % | 1.06 | % | 12.39 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.11 | 1.10 | % | 13,362 | 0.00 | % | 2.47 | % | 0.22 | % | 0.68 | % | ||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.01 | (12.54 | %) | $ | 61,524 | 0.85 | % | 1.59 | % | 0.31 | % | 12.39 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.10 | 1.00 | % | 6,962 | 0.50 | % | 2.97 | % | (0.28 | %) | 0.68 | % | ||||||||||||||||||||
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 Asset | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning of | Investment | Net Realized | from | Net | from | ||||||||||||||||||||||||||||
Year or | Income | and Unrealized | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | Gain (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (Continued) | |||||||||||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.67 | $ | 0.02 | $ | (1.47 | ) | $ | (1.45 | ) | $ | — | $ | (0.24 | ) | $ | (0.24 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (0.01 | ) | 0.10 | 0.09 | — | — | — | |||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.79 | $ | 0.05 | $ | (1.48 | ) | $ | (1.43 | ) | $ | (—) | (6) | $ | (0.24 | ) | $ | (0.24 | ) | |||||||||||||
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 Portfolic Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 12.04 | $ | 0.02 | $ | (1.57 | ) | $ | (1.55 | ) | $ | — | $ | (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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | — | (6) | 0.08 | 0.08 | — | — | — | |||||||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.93 | $ | (0.03 | ) | $ | (1.58 | ) | $ | (1.61 | ) | $ | — | $ | (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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (0.01 | ) | 0.08 | 0.07 | — | — | — | |||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.92 | $ | (0.03 | ) | $ | (1.57 | ) | $ | (1.60 | ) | $ | — | $ | (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 | ) | |||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | (0.01 | ) | 0.08 | 0.07 | — | — | — | |||||||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 12.03 | $ | — | (6) | $ | (1.57 | ) | $ | (1.57 | ) | $ | — | $ | (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 | Ratios of | Ratios of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses After | Expenses Before | Net Investment | ||||||||||||||||||||||||||||
Value, | End of Year | Expense Reductions | Expense Reductions | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of Year | Total | or Period | to Average | to Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Returns (1) | (in thousands) | Net Assets (2), (3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (Continued) | ||||||||||||||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.98 | (12.65 | %) | $ | 170,478 | 0.85 | % | 1.59 | % | 0.31 | % | 12.39 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.09 | 0.90 | % | 12,719 | 0.50 | % | 2.97 | % | (0.28 | %) | 0.68 | % | ||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.12 | (12.31 | %) | $ | 4,950 | 0.35 | % | 1.09 | % | 0.81 | % | 12.39 | % | |||||||||||||||||
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 Portfolic Optimization Aggressive Fund | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.16 | (13.20 | %) | $ | 87,866 | 0.10 | % | 0.86 | % | 0.28 | % | 11.29 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.08 | 0.80 | % | 8,187 | 0.00 | % | 2.52 | % | 0.09 | % | 0.00 | % | ||||||||||||||||||||
Class B: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.99 | (13.84 | %) | $ | 27,183 | 0.85 | % | 1.61 | % | (0.47 | %) | 11.29 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.07 | 0.70 | % | 2,409 | 0.50 | % | 3.02 | % | (0.41 | %) | 0.00 | % | ||||||||||||||||||||
Class C: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.99 | (13.76 | %) | $ | 65,374 | 0.85 | % | 1.61 | % | (0.47 | %) | 11.29 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.07 | 0.70 | % | 7,868 | 0.50 | % | 3.02 | % | (0.41 | %) | 0.00 | % | ||||||||||||||||||||
Class R: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.13 | (13.38 | %) | $ | 1,872 | 0.35 | % | 1.11 | % | 0.03 | % | 11.29 | % | |||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Net Asset | Net | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Realized and | Total | Distributions | Distributions | |||||||||||||||||||||||||||||
Beginning of | Investment | Unrealized | from | from | from | |||||||||||||||||||||||||||||
Year or | Income | Gain | Investment | Net Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Money Market Fund (7) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (5) | $ | 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 | ) | |||||||||||||||||||||||||
4/1/2003 - 3/31/2004 | 1.00 | — | (6) | — | — | (6) | (—) | (6) | — | (—) | (6) | |||||||||||||||||||||||
PL Small-Cap Growth Fund (8),(9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.12 | $ | (0.05 | ) | $ | (0.94 | ) | $ | (0.99 | ) | $ | — | $ | — | $ | — | ||||||||||||||||
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 | ) | ||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.59 | (0.15 | ) | 3.09 | 2.94 | — | — | — | ||||||||||||||||||||||||||
PL International Value Fund (9),(10) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 12.82 | $ | 0.24 | $ | (3.24 | ) | $ | (3.00 | ) | $ | (0.05 | ) | $ | (— | ) (6) | $ | (0.05 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.73 | 0.06 | 3.13 | 3.19 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
PL Large-Cap Value Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 11.59 | $ | 0.06 | $ | (1.14 | ) | $ | (1.08 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||||||
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 | ) | |||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 7.83 | 0.03 | 3.09 | 3.12 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||
PL Short Duration Bond Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.22 | $ | 0.18 | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.18 | ) | $ | (0.16 | ) | $ | (0.34 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.00 | 0.01 | 0.08 | 0.09 | — | — | — | |||||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratios of | Ratios of | |||||||||||||||||||||||||||||||
Net | Expenses | Expenses | ||||||||||||||||||||||||||||||
Assets, | After | Before | Ratios of | |||||||||||||||||||||||||||||
Net Asset | End of | Expense | Expense | Net Investment | ||||||||||||||||||||||||||||
Value, | Year | Reductions to | Reductions to | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of | Total | or Period | Average | Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | Year or period | Returns (1) | (in thousands) | Net Assets (2),(3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Money Market Fund (7) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (5) | $ | 1.00 | 0.80 | % | $ | 47,238 | 0.84 | % | 1.11 | % | 1.60 | % | 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 | |||||||||||||||||||||
4/1/2003 - 3/31/2004 | 1.00 | 0.18 | % | 14,627 | 0.95 | % | 2.53 | % | 0.14 | % | N/A | |||||||||||||||||||||
PL Small-Cap Growth Fund (8),(9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.13 | (10.86 | %) | $ | 31,411 | 1.36 | % | 1.82 | % | (1.10 | %) | 30.72 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 11.53 | 34.23 | % | 8,469 | 1.95 | % | 3.55 | % | (1.61 | %) | 110.77 | % | ||||||||||||||||||||
PL International Value Fund (9),(10) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.77 | (23.45 | %) | $ | 103,854 | 1.31 | % | 1.60 | % | 3.83 | % | 15.13 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 11.89 | 36.57 | % | 20,007 | 1.80 | % | 2.86 | % | 0.73 | % | 58.63 | % | ||||||||||||||||||||
PL Large-Cap Value Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.49 | (9.38 | %) | $ | 90,637 | 1.29 | % | 1.51 | % | 1.07 | % | 17.49 | % | |||||||||||||||||
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 | % | 33,459 | 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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.94 | 39.91 | % | 25,315 | 1.80 | % | 2.73 | % | 0.29 | % | 38.10 | % | ||||||||||||||||||||
PL Short Duration Bond Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.81 | (0.71 | %) | $ | 61,320 | 1.07 | % | 1.32 | % | 3.61 | % | 61.71 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
12/31/2003 - 3/31/2004 (4) | 10.09 | 0.90 | % | 13,617 | 1.55 | % | 2.72 | % | 0.23 | % | 144.88 | % | ||||||||||||||||||||
See Notes to Financial Statements | C-4 | See explanation of references on C-7 |
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:
Distributions | ||||||||||||||||||||||||||||||||||
Net Asset | Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning of | Investment | Net Realized | from | Net | from | |||||||||||||||||||||||||||||
Year or | Income | and Unrealized | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Floating Rate Loan Fund (11) | ||||||||||||||||||||||||||||||||||
Class A: | 6/30/2008 - 9/30/2008(4),(5) | $ | 10.00 | $ | 0.12 | $ | (0.56 | ) | $ | (0.44 | ) | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | |||||||||||||||
PL Growth LT Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 12.63 | $ | 0.02 | $ | (1.80 | ) | $ | (1.78 | ) | $ | — | $ | (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 | — | — | — | ||||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 7.62 | (0.10 | ) | 2.82 | 2.72 | — | — | — | ||||||||||||||||||||||||||
PL Mid-Cap Equity Fund (9),(12) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.92 | $ | 0.04 | $ | (0.83 | ) | $ | (0.79 | ) | $ | (0.02 | ) | $ | (— | )(6) | $ | (0.02 | ) | ||||||||||||||
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 Large-Cap Growth Fund (9),(13) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.24 | $ | (0.04 | ) | $ | (1.69 | ) | $ | (1.73 | ) | $ | — | $ | — | $ | — | ||||||||||||||||
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 | ) | — | — | — | ||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.05 | (0.07 | ) | 2.21 | 2.14 | — | — | — | ||||||||||||||||||||||||||
PL International Large-Cap Fund (9),(14) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 15.55 | $ | 0.15 | $ | (2.91 | ) | $ | (2.76 | ) | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.13 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.20 | (0.04 | ) | 3.45 | 3.41 | — | — | — | ||||||||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.80 | $ | 0.09 | $ | (0.45 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | |||||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 9.91 | $ | 0.04 | $ | (1.15 | ) | $ | (1.11 | ) | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | |||||||||||||||
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 | ) | |||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses After | Expenses Before | Net Investment | ||||||||||||||||||||||||||||
Value, | End of Year | Expense Reductions | Expense Reductions | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of Year | Total | or Period | to Average | to Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Returns (1) | (in thousands) | Net Assets (2), (3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Floating Rate Loan Fund (11) | ||||||||||||||||||||||||||||||||
Class A: | 6/30/2008 - 9/30/2008(4),(5) | $ | 9.45 | (4.40 | %) | $ | 35,275 | 1.30 | % | 1.68 | % | 4.61 | % | 25.74 | % | |||||||||||||||||
PL Growth LT Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 10.56 | (14.42 | %) | $ | 96,539 | 1.19 | % | 1.45 | % | 0.30 | % | 29.21 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.34 | 35.70 | % | 11,994 | 1.70 | % | 3.21 | % | (1.08 | %) | 42.65 | % | ||||||||||||||||||||
PL Mid-Cap Equity Fund (9),(12) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.11 | (8.84 | %) | $ | 79,799 | 1.30 | % | 1.55 | % | 0.96 | % | 43.71 | % | |||||||||||||||||
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 Large-Cap Growth Fund (9),(13) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 7.51 | (18.72 | %) | $ | 21,083 | 1.41 | % | 1.86 | % | (0.84 | %) | 82.68 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.19 | 26.58 | % | 23,408 | 1.90 | % | 3.12 | % | (0.69 | %) | 78.30 | % | ||||||||||||||||||||
PL International Large-Cap Fund (9),(14) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 12.66 | (17.84 | %) | $ | 87,888 | 1.50 | % | 1.86 | % | 1.96 | % | 12.76 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 11.61 | 41.59 | % | 15,358 | 2.03 | % | 5.96 | % | (0.38 | %) | 150.05 | % | ||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.42 | (4.08 | %) | $ | 40,293 | 1.37 | % | 1.78 | % | 1.92 | % | 18.79 | % | |||||||||||||||||
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: | 4/1/2008 - 9/30/2008 (4),(5) | $ | 8.78 | (11.15 | %) | $ | 111,788 | 1.10 | % | 1.34 | % | 0.70 | % | 56.44 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
See Notes to Financial Statements | C-5 | See explanation of references on C-7 |
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:
Distributions | ||||||||||||||||||||||||||||||||||
Net Asset | Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning of | Investment | Net Realized | from | Net | from | |||||||||||||||||||||||||||||
Year or | Income | and Unrealized | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 13.58 | $ | 0.12 | $ | (2.62 | ) | $ | (2.50 | ) | $ | (— | )(6) | $ | (1.15 | ) | $ | (1.15 | ) | ||||||||||||||
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 | ) | ||||||||||||||||||||||||
PL Managed Bond Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 10.73 | $ | 0.22 | $ | (0.86 | ) | $ | (0.64 | ) | $ | (0.29 | ) | $ | (0.39 | ) | $ | (0.68 | ) | ||||||||||||||
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 | ) | |||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.16 | 0.17 | 0.46 | 0.63 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||||||||
PL Inflation Managed Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 11.08 | $ | 0.22 | $ | (0.87 | ) | $ | (0.65 | ) | $ | (0.21 | ) | $ | (0.67 | ) | $ | (0.88 | ) | ||||||||||||||
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 | ) | |||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.28 | 0.12 | 0.96 | 1.08 | (0.20 | ) | (0.23 | ) | (0.43 | ) | ||||||||||||||||||||||||
PL Comstock Fund (9),(15) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 11.84 | $ | 0.08 | $ | (1.19 | ) | $ | (1.11 | ) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | |||||||||||||||
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 | ) | |||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.16 | 0.02 | 3.19 | 3.21 | — | — | — | |||||||||||||||||||||||||||
PL Mid-Cap Growth Fund (9),(16) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 9.31 | $ | (0.02 | ) | $ | (1.55 | ) | $ | (1.57 | ) | $ | — | $ | (0.28 | ) | $ | (0.28 | ) | ||||||||||||||
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 | — | — | — | ||||||||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 5.92 | (0.10 | ) | 2.19 | 2.09 | — | — | — | ||||||||||||||||||||||||||
PL Real Estate Fund (9) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 11.25 | $ | 0.13 | $ | (0.60 | ) | $ | (0.47 | ) | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | |||||||||||||||
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 | Ratios of | Ratios of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses After | Expenses Before | Net Investment | ||||||||||||||||||||||||||||
Value, | End of Year | Expense Reductions | Expense Reductions | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
End of Year | Total | or Period | to Average | to Average | to Average | Turnover | ||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Returns (1) | (in thousands) | Net Assets (2), (3) | Net Assets (3) | Net Assets (3) | Rates | |||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 9.93 | (19.93 | %) | $ | 37,221 | 1.46 | % | 2.16 | % | 1.89 | % | 27.42 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
PL Managed Bond Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 9.41 | (6.27 | %) | $ | 172,178 | 1.05 | % | 1.31 | % | 4.23 | % | 183.27 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.45 | 6.28 | % | 19,802 | 1.55 | % | 2.86 | % | 1.65 | % | 459.70 | % | ||||||||||||||||||||
PL Inflation Managed Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 9.55 | (6.34 | %) | $ | 98,257 | 1.06 | % | 1.38 | % | 4.20 | % | 405.00 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 10.93 | 10.75 | % | 16,263 | 1.55 | % | 2.73 | % | 1.13 | % | 507.96 | % | ||||||||||||||||||||
PL Comstock Fund (9),(15) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 10.70 | (9.39 | %) | $ | 107,183 | 1.41 | % | 1.59 | % | 1.41 | % | 28.25 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 11.37 | 39.34 | % | 11,945 | 1.90 | % | 3.59 | % | 0.24 | % | 105.34 | % | ||||||||||||||||||||
PL Mid-Cap Growth Fund (9),(16) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 7.46 | (17.46 | %) | $ | 24,271 | 1.39 | % | 1.87 | % | (0.51 | %) | 24.18 | % | |||||||||||||||||
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 | % | ||||||||||||||||||||
4/1/2003 - 3/31/2004 (4) | 8.01 | 35.30 | % | 18,388 | 1.85 | % | 3.29 | % | (1.42 | %) | 326.09 | % | ||||||||||||||||||||
PL Real Estate Fund (9) | ||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 9/30/2008(4),(5) | $ | 10.72 | (4.13 | %) | $ | 37,563 | 1.55 | % | 1.90 | % | 2.27 | % | 21.72 | % | |||||||||||||||||
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 | C-6 | See explanation of references on C-7 |
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 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) | Operations commenced on June 30, 2008. | |
(12) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. | |
(13) | Prior to January 1, 2006, the PL Large-Cap Growth Fund was named the PF AIM Blue Chip Fund. | |
(14) | Prior to January 1, 2004, the PL International Large-Cap Fund was named the PF MFS Global Growth Fund. | |
(15) | Prior to May 1, 2003, the PL Comstock Fund was named the PF Janus Strategic Value Fund. | |
(16) | Prior to May 1, 2003, the PL Mid-Cap Growth Fund was named the PF MFS Mid-Cap Growth Fund. |
C-7
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Life Funds 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, 2008, 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 (formerly PL Mid-Cap Value Fund), PL Large-Cap Growth 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 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 Large-Cap Growth, PL International Large-Cap, PL Managed Bond, PL Inflation Managed, 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 Pacific Life Funds (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 asset allocation strategy of each Portfolio Optimization Fund is periodically evaluated by an independent statistical research service and the target allocations may be updated at that time. 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 without prior approval from shareholders as determined necessary 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 some specific types of investments and the significant accounting policies followed by the Funds in the preparation of the financial statements.
A. Fund Valuation
The NAV per share for each class of shares for each Fund is calculated by subtracting a Fund’s liabilities (including accrued expenses, dividends payable and any borrowings of a Fund) from a Fund’s total assets (the value of the securities and other investments a Fund holds plus cash or other assets, including interest accrued but not yet received) and dividing the result by the total number of shares outstanding.
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. The NAV of the Portfolio Optimization Funds is calculated based on the NAVs calculated for each of the Underlying Funds.
The value of each security and other investment instruments (collectively “holdings”) is based on pricing data obtained from various sources approved by the Board of Trustees (the “Board”). Equity holdings, including options, are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign). Treasury holdings are generally valued at the last reported sale price obtained from pricing/quotation sources (including pricing services and quotation reporting systems), market makers, or broker-dealers.
D-1
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Other equity and fixed income holdings traded in over-the-counter markets and for which no sales are reported are generally valued at the mean between the most recent bid and ask prices obtained from a pricing/quotation and/or valuation reporting system, from established market makers, or from broker-dealers. Bid and ask prices for fixed income holdings are generally 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. Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximates market 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 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 that term is defined in the 1940 Act, as determined in good faith pursuant to procedures adopted by and/or methodologies approved by the Pacific Life Funds’ 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. Fair valuations are based on a variety of factors and available information which the Funds may consider, including information that becomes known after the close of the NYSE. The values that are determined are deemed to be the price as of the time of close of the NYSE. When fair value pricing of holdings is employed, the prices of holdings used by the Funds to calculate its NAV may differ from market quotations or official closing prices. 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.
If events occur between the time of the determination of the closing price of a foreign holding on an exchange or over-the-counter market and the time a Fund’s NAV is determined, or if, under the Funds’ procedures, the closing price of a foreign holding is not deemed to be reliable, and there could be a material effect on a Fund’s NAV, the holding would be valued at fair value as determined in accordance with procedures and methodologies approved by the Board.
The Pacific Life Funds 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. These fair values may not be indicative of the price that a Fund could obtain for a foreign holding if it were to dispose of the holding as of the close of the NYSE.
The Funds implemented Statement of Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value Measurements, issued by the Financial Accounting Standards Board (“FASB”) as of April 1, 2008. Under SFAS 157, the Funds are required to characterize their 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 the Funds’ 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 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 above), are reflected as Level 2.
The following is a summary of the Funds’ holdings as of September 30, 2008 as categorized under the three-tier hierarchy of inputs defined in SFAS 157.
D-2
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, 2008 | Price | Input | Input | ||||||||||||
PL Portfolio Optimization Conservative | ||||||||||||||||
Investments in Securities | $ | 71,075,548 | $ | 71,075,548 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 71,075,548 | $ | 71,075,548 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Conservative | ||||||||||||||||
Investments in Securities | $ | 114,858,283 | $ | 114,858,283 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 114,858,283 | $ | 114,858,283 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate | ||||||||||||||||
Investments in Securities | $ | 415,372,003 | $ | 415,372,003 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 415,372,003 | $ | 415,372,003 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Aggressive | ||||||||||||||||
Investments in Securities | $ | 425,036,677 | $ | 425,036,677 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 425,036,677 | $ | 425,036,677 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Aggressive | ||||||||||||||||
Investments in Securities | $ | 182,310,150 | $ | 182,310,150 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 182,310,150 | $ | 182,310,150 | $ | — | $ | — | ||||||||
PL Money Market | ||||||||||||||||
Investments in Securities | $ | 47,227,814 | $ | 1,290,641 | $ | 45,937,173 | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 47,227,814 | $ | 1,290,641 | $ | 45,937,173 | $ | — | ||||||||
PL Small-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 30,071,406 | $ | 30,071,406 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 30,071,406 | $ | 30,071,406 | $ | — | $ | — | ||||||||
PL International Value | ||||||||||||||||
Investments in Securities | $ | 99,290,345 | $ | 4,257,205 | $ | 95,033,140 | $ | — | ||||||||
Other Financial Instruments* | (17,041 | ) | (17,041 | ) | — | — | ||||||||||
Total | $ | 99,273,304 | $ | 4,240,164 | $ | 95,033,140 | $ | — | ||||||||
PL Large-Cap Value | ||||||||||||||||
Investments in Securities | $ | 82,276,147 | $ | 81,286,654 | $ | 989,493 | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 82,276,147 | $ | 81,286,654 | $ | 989,493 | $ | — | ||||||||
PL Short Duration Bond | ||||||||||||||||
Investments in Securities | $ | 63,887,075 | $ | 5,246,917 | $ | 58,640,158 | $ | — | ||||||||
Other Financial Instruments* | 199,806 | 199,806 | — | — | ||||||||||||
Total | $ | 64,086,881 | $ | 5,446,723 | $ | 58,640,158 | $ | — | ||||||||
PL Floating Rate Loan | ||||||||||||||||
Investments in Securities | $ | 35,388,667 | $ | — | $ | 33,911,692 | $ | 1,476,975 | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 35,388,667 | $ | — | $ | 33,911,692 | $ | 1,476,975 | ||||||||
PL Growth LT | ||||||||||||||||
Investments in Securities | $ | 94,971,253 | $ | 77,903,309 | $ | 17,067,944 | $ | — | ||||||||
Other Financial Instruments* | 638,825 | 638,825 | — | — | ||||||||||||
Total | $ | 95,610,078 | $ | 78,542,134 | $ | 17,067,944 | $ | — | ||||||||
PL Mid-Cap Equity | ||||||||||||||||
Investments in Securities | $ | 79,620,846 | $ | 79,620,846 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 79,620,846 | $ | 79,620,846 | $ | — | $ | — | ||||||||
PL Large-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 20,313,244 | $ | 20,313,244 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 20,313,244 | $ | 20,313,244 | $ | — | $ | — | ||||||||
D-3
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, 2008 | Price | Input | Input | ||||||||||||
PL International Large-Cap | ||||||||||||||||
Investments in Securities | $ | 87,544,703 | $ | 6,055,582 | $ | 81,489,121 | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 87,544,703 | $ | 6,055,582 | $ | 81,489,121 | $ | — | ||||||||
PL Small-Cap Value | ||||||||||||||||
Investments in Securities | $ | 40,357,953 | $ | 40,357,953 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 40,357,953 | $ | 40,357,953 | $ | — | $ | — | ||||||||
PL Main Street Core | ||||||||||||||||
Investments in Securities | $ | 109,625,314 | $ | 109,625,314 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 109,625,314 | $ | 109,625,314 | $ | — | $ | — | ||||||||
PL Emerging Markets | ||||||||||||||||
Investments in Securities | $ | 36,445,242 | $ | 13,961,699 | $ | 22,483,543 | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 36,445,242 | $ | 13,961,699 | $ | 22,483,543 | $ | — | ||||||||
PL Managed Bond | ||||||||||||||||
Investments in Securities | $ | 206,122,895 | $ | 4,781,665 | $ | 200,347,635 | $ | 993,595 | ||||||||
Other Financial Instruments* | (15,126,640 | ) | (14,359,956 | ) | (1,517,117 | ) | 750,433 | |||||||||
Total | $ | 190,996,255 | $ | (9,578,291 | ) | $ | 198,830,518 | $ | 1,744,028 | |||||||
PL Inflation Managed | ||||||||||||||||
Investments in Securities | $ | 201,580,852 | $ | 103,105,806 | $ | 98,475,046 | $ | — | ||||||||
Other Financial Instruments* | (61,312,242 | ) | (60,176,193 | ) | (883,469 | ) | (252,580 | ) | ||||||||
Total | $ | 140,268,610 | $ | 42,929,613 | $ | 97,591,577 | $ | (252,580 | ) | |||||||
PL Comstock | ||||||||||||||||
Investments in Securities | $ | 105,800,078 | $ | 105,800,078 | $ | — | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 105,800,078 | $ | 105,800,078 | $ | — | $ | — | ||||||||
PL Mid-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 23,315,759 | $ | 21,882,387 | $ | 1,301,036 | $ | 132,336 | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 23,315,759 | $ | 21,882,387 | $ | 1,301,036 | $ | 132,336 | ||||||||
PL Real Estate | ||||||||||||||||
Investments in Securities | $ | 36,392,902 | $ | 36,382,363 | $ | 10,539 | $ | — | ||||||||
Other Financial Instruments* | — | — | — | — | ||||||||||||
Total | $ | 36,392,902 | $ | 36,382,363 | $ | 10,539 | $ | — | ||||||||
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining value as of September 30, 2008:
Investments in | ||||||||||||
Total | Investments in | Other Financial | ||||||||||
Funds | Value | Securities | Instruments* | |||||||||
PL Floating Rate Loan | ||||||||||||
Value, beginning of period | $ | — | $ | — | $ | — | ||||||
Net purchases (sales) | 1,468,333 | 1,468,333 | — | |||||||||
Accrued discounts (premiums) | — | — | — | |||||||||
Total realized and unrealized gains (losses) | 8,642 | 8,642 | — | |||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of period | $ | 1,476,975 | $ | 1,476,975 | $ | — | ||||||
D-4
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Investments in | ||||||||||||
Total | Investments in | Other Financial | ||||||||||
Funds | Value | Securities | Instruments* | |||||||||
PL Emerging Markets | ||||||||||||
Value, beginning of period | $ | 89,032 | $ | 89,032 | $ | — | ||||||
Net purchases (sales) | (29,293 | ) | (29,293 | ) | — | |||||||
Total realized and unrealized gains (losses) | (59,739 | ) | (59,739 | ) | — | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of period | $ | — | $ | — | $ | — | ||||||
PL Managed Bond | ||||||||||||
Value, beginning of period | $ | 808,345 | $ | 122,530 | $ | 685,815 | ||||||
Net purchases (sales) | (4,908 | ) | (4,908 | ) | — | |||||||
Accrued discounts (premiums) | — | — | — | |||||||||
Total realized and unrealized gains (losses) | 49,008 | (5,210 | ) | 54,218 | ||||||||
Transfers in and/or out of Level 3 | 891,583 | 881,183 | 10,400 | |||||||||
Value, end of period | $ | 1,744,028 | $ | 993,595 | $ | 750,433 | ||||||
PL Inflation Managed | ||||||||||||
Value, beginning of period | $ | (46,846 | ) | $ | — | $ | (46,846 | ) | ||||
Net purchases (sales) | — | — | — | |||||||||
Accrued discounts (premiums) | — | — | — | |||||||||
Total realized and unrealized gains (losses) | (205,734 | ) | — | (205,734 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of period | $ | (252,580 | ) | $ | — | $ | (252,580 | ) | ||||
PL Mid-Cap Growth | ||||||||||||
Value, beginning of period | $ | — | $ | — | $ | — | ||||||
Net purchases (sales) | 132,336 | 132,336 | — | |||||||||
Total realized and unrealized gains (losses) | — | — | — | |||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of period | $ | 132,336 | $ | 132,336 | $ | — | ||||||
* | Other financial instruments include open futures contracts, swap contracts, written options, short sales, unfunded loan commitments and forward foreign currency contracts, if any. |
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), if any, 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 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 2K) 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. 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.
D-5
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 associated with offering expenses including legal, printing and support service expenses. All such costs are amortized to expense of the new Funds on a straight-line basis over twelve months from commencement of operations.
G. Futures Contracts
Certain Funds may enter into futures contracts for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve a Fund’s investment goal. 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 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. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
H. Options Contracts
Certain Funds may write and/or purchase call and put options on securities, futures, interest rate swaps, or currencies. 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 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 received 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 futures, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the futures, swap, security or currency underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. The risk associated with purchasing put and call options is limited to the premium paid.
I. Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve a Fund’s investment
D-6
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
goal. 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. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
J. Swaps
Certain Funds may enter into interest rate, total return, credit default, and other swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return and to manage its exposure to interest and other financial risks. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the 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.
Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest. For example, an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.
Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. 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.
Credit default swap agreements 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 by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where a Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund generally receives an upfront payment or 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 portfolio because, in addition to its net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
Swaps are marked-to-market daily based upon 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. 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 or paid by a Fund are included as part of realized gain or loss in the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligations to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.
K. 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
D-7
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. As of September 30, 2008, no Fund had unfunded loan commitments.
L. Inflation-Indexed Bonds
Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment of interest income in the Statements of Operations.
M. Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage related and other asset-backed securities. These securities include collateralized mortgage obligations (“CMOs”), mortgage dollar rolls, 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 a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.
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.
N. 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 (“FHLB’s”). Freddie Mac, Fannie Mae, and the FHLB’s, although chartered and sponsored by Congress, are 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 supported only by the credit of the issuing entity, which depends entirely on its own resources to repay the debt, and are subject to the risk of default.
O. 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
D-8
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
P. 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.
Q. 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 borrow 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.
R. 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 (“Standard & Poor’s”)) or, if not rated by Moody’s or Standard & Poor’s, 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.
S. New Accounting Pronouncement
In March 2008, FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS 161”), Disclosures about Derivative Instruments and Hedging Activities. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the implementation of SFAS 161 will have on the Funds’ financial statement disclosures.
In September 2008, FASB issued Staff Position FAS 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (the “FSP”). The FSP requires enhanced disclosures regarding a Fund’s credit derivatives holdings and risks of certain guarantees. The FSP is effective for annual and interim reporting periods ending after November 15, 2008. Management is currently evaluating the impact the implementation of the FSP will have on the Funds’ financial statement disclosures.
T. General Investment Risks
An investment in a Fund represents an indirect investment in the holdings owned by each Fund. The value of these holdings may move up or down, sometimes rapidly and unpredictably. An investment in a Fund at any point in time may be worth more or less than the original
D-9
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
investment. Investments in a Fund may be affected by general economic and market conditions, government and political events, investor perceptions, changes in interest rates and market liquidity.
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 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 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 sub-prime loans or sub-prime 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.
Recent market events affecting the U.S. economy as well as foreign markets have left many assets with significant deteriorating values. Certain companies and governmental entities have recently experienced financial difficulties creating volatility and illiquidity that have negatively impacted the markets as a whole. The values of a Fund’s holdings, as reflected in the schedule of investments, may be adversely affected by downturns in the markets, either directly or indirectly, and investors are exposed to potential decreases in the value of such holdings.
Each Fund may not invest in illiquid securities and bank loans (collectively, “holdings”) if as a result of such investment, more than 15% (10% for the PL Money Market Fund) of its net assets 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, 2008 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.
For additional risks, refer to discussions on specific types of investments in Notes 2G through 2R above.
3. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS
Pacific Life Fund Advisors LLC (“PLFA”), a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as investment adviser to the Funds. PLFA also does business under the name Pacific Asset Management (“PAM”). PAM manages the PL Money Market Fund. For the other Funds, with the exception of the Portfolio Optimization Funds, PLFA has retained other portfolio managers as discussed below. Pursuant to an Investment Advisory Agreement, PLFA received advisory fees from the Funds based on the following advisory rates, which were based on an annual percentage of the average daily net assets of each Fund for the period April 1, 2008 to June 30, 2008:
PL Portfolio Optimization Conservative | 0.00 | % | PL Large-Cap Value | 0.85 | % | PL Main Street Core | 0.65 | % | ||||||||
PL Portfolio Optimization Moderate-Conservative | 0.00 | % | PL Short Duration Bond | 0.60 | % | PL Emerging Markets | 1.00 | % | ||||||||
PL Portfolio Optimization Moderate | 0.00 | % | PL Floating Rate Loan (2) | 0.75 | % | PL Managed Bond | 0.60 | % | ||||||||
PL Portfolio Optimization Moderate-Aggressive | 0.00 | % | PL Growth LT | 0.75 | % | PL Inflation Managed | 0.60 | % | ||||||||
PL Portfolio Optimization Aggressive | 0.00 | % | PL Mid-Cap Equity | 0.85 | % | PL Comstock | 0.95 | % | ||||||||
PL Money Market | See (1) | PL Large-Cap Growth | 0.95 | % | PL Mid-Cap Growth | 0.90 | % | |||||||||
PL Small-Cap Growth | 1.00 | % | PL International Large-Cap | 1.05 | % | PL Real Estate | 1.10 | % | ||||||||
PL International Value | 0.85 | % | PL Small-Cap Value | 0.95 | % |
(1) | An annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% in excess of $500 million. | |
(2) | PL Floating Rate Loan Fund commenced operations on June 30, 2008. |
D-10
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
A new advisory fee schedule of 0.20% of average daily net assets for the Portfolio Optimization Funds went into effect on July 1, 2008. At that same time, an equivalent decrease in the annual advisory fee paid by each of the Underlying Funds in which the Portfolio Optimization Funds currently invest, and an additional decrease in the advisory fee paid to PLFA by the PL Small-Cap Growth Fund went into effect. Although net expense at the Portfolio Optimization Funds level increased, the total direct (at the Portfolio Optimization Fund level) and indirect (at the Underlying Fund level) expenses of the Portfolio Optimization Funds remained the same or slightly lower after all of the changes became effective in both the Portfolio Optimization Funds and Underlying Funds. These changes were approved by shareholders (see page E-4 for information on the Special Meeting of Shareholders).
Pursuant to the new fee schedule, PLFA receives advisory fees from the Funds 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 Large-Cap Value | 0.65 | % | PL Main Street Core | 0.45 | % | ||||||||
PL Portfolio Optimization Moderate-Conservative | 0.20 | % | PL Short Duration Bond | 0.40 | % | PL Emerging Markets | 0.80 | % | ||||||||
PL Portfolio Optimization Moderate | 0.20 | % | PL Floating Rate Loan (2) | 0.75 | % | PL Managed Bond | 0.40 | % | ||||||||
PL Portfolio Optimization Moderate-Aggressive | 0.20 | % | PL Growth LT | 0.55 | % | PL Inflation Managed | 0.40 | % | ||||||||
PL Portfolio Optimization Aggressive | 0.20 | % | PL Mid-Cap Equity | 0.65 | % | PL Comstock | 0.75 | % | ||||||||
PL Money Market | See (1) | PL Large-Cap Growth | 0.75 | % | PL Mid-Cap Growth | 0.70 | % | |||||||||
PL Small-Cap Growth | 0.60 | % | PL International Large-Cap | 0.85 | % | PL Real Estate | 0.90 | % | ||||||||
PL International Value | 0.65 | % | PL Small-Cap Value | 0.75 | % |
(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) | PL Floating Rate Loan Fund commenced operations on June 30, 2008 and was not included in the advisory fee reduction. |
Pursuant to Fund Management Agreements, the Funds and PLFA engage other portfolio managers under PLFA’s supervision for seventeen of the twenty-three Funds. As of September 30, 2008, 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; Loomis, Sayles & Company, L.P. for the PL Large-Cap Growth Fund; MFS Investment Management for the PL International Large-Cap Fund; NFJ Investment Group L.P. 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; 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 Funds. Effective July 1, 2008 under the Agreement, the Funds 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. Prior to July 1, 2008, the Fund compensated the Administrator at an annual rate of 0.35%. 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 Funds compensate Pacific Life and PLFA for their expenses in providing support services to the Funds 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 Funds’ 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 Funds’ 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 Funds’ shares and makes distribution and service payments to selling groups in connection with the sale of the Funds’ 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.
D-11
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
For the six-month period ended September 30, 2008, the Distributor, acting as underwriter, received net commissions of $3,779,667 from the sale of Class A shares and received $471,588 in CDSC from redemptions of Class B and C shares.
4. TRUSTEE COMPENSATION
The Funds pay 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 Pacific Life Funds’ 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 Funds 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 series of the 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, 2008, the total deferred trustee compensation liability was $136,790 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; foreign taxes on dividends, interest or gains; interest; taxes; brokerage commissions and other transactional expenses; extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of each Fund’s business) that exceed an annual 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, 2009. Pacific Life, as Administrator, charges the Funds at an annual rate of 0.30% (prior to July 1, 2008 was 0.35%) 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 May 1, 2007, Pacific Life has agreed to waive its administration fee to the level of the expense cap through June 30, 2009.
The investment adviser expense reimbursement and administrator fee reduction for the six-month period ended September 30, 2008 for each Fund were as follows:
Investment | Total | |||||||||||
Adviser | Administrator | Reimbursements | ||||||||||
Expense | Fee | and | ||||||||||
Funds | Reimbursements | Reductions | Reductions | |||||||||
PL Portfolio Optimization Conservative | $ | 72,488 | $ | 105,144 | $ | 177,632 | ||||||
PL Portfolio Optimization Moderate-Conservative | 119,882 | 197,232 | 317,114 | |||||||||
PL Portfolio Optimization Moderate | 370,551 | 737,601 | 1,108,152 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 392,001 | 771,803 | 1,163,804 | |||||||||
PL Portfolio Optimization Aggressive | 196,710 | 340,513 | 537,223 | |||||||||
PL Money Market | 48,501 | 4,670 | 53,171 | |||||||||
PL Small-Cap Growth | 81,482 | 5,050 | 86,532 | |||||||||
PL International Value | 168,605 | 17,007 | 185,612 | |||||||||
PL Large-Cap Value | 84,928 | 9,531 | 94,459 | |||||||||
PL Short Duration Bond | 81,613 | 10,593 | 92,206 | |||||||||
PL Floating Rate Loan | 34,965 | — | 34,965 | |||||||||
PL Growth LT | 114,260 | 10,663 | 124,923 | |||||||||
PL Mid-Cap Equity | 100,919 | 11,656 | 112,575 | |||||||||
PL Large-Cap Growth | 56,522 | 3,633 | 60,155 | |||||||||
PL International Large-Cap | 164,141 | 12,669 | 176,810 | |||||||||
PL Small-Cap Value | 63,909 | 2,679 | 66,588 | |||||||||
PL Main Street Core | 128,419 | 15,588 | 144,007 | |||||||||
PL Emerging Markets | 155,270 | 6,269 | 161,539 | |||||||||
PL Managed Bond | 213,289 | 22,383 | 235,672 | |||||||||
PL Inflation Managed | 167,433 | 15,609 | 183,042 | |||||||||
PL Comstock | 94,929 | 16,759 | 111,688 | |||||||||
PL Mid-Cap Growth | 93,917 | 7,076 | 100,993 | |||||||||
PL Real Estate | 64,604 | 5,022 | 69,626 | |||||||||
Total | $ | 3,069,338 | $ | 2,329,150 | $ | 5,398,488 | ||||||
There is no guarantee that PLFA and/or Pacific Life will continue to cap and/or reduce expenses after June 30, 2009. Any reimbursement and reduction is subject to repayment to PLFA and/or Pacific Life, for a period of time as permitted under regulatory and/or accounting
D-12
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
standards (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.
The cumulative reimbursement and reduction amounts, if any, as of September 30, 2008 that are subject to repayment for each Fund are as follows:
Expiration | ||||||||||||||||
Funds | 2009 | 2010 | 2011 | 2012 | ||||||||||||
PL Portfolio Optimization Conservative | $ | 239,802 | $ | 233,903 | $ | 257,268 | $ | 177,632 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 442,372 | 517,561 | 575,493 | 317,114 | ||||||||||||
PL Portfolio Optimization Moderate | 1,185,218 | 1,647,668 | 2,124,615 | 1,108,152 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 1,107,412 | 1,718,549 | 2,302,787 | 1,163,804 | ||||||||||||
PL Portfolio Optimization Aggressive | 469,853 | 739,235 | 1,080,933 | 537,223 | ||||||||||||
PL Money Market | 166,678 | 113,640 | 93,254 | 53,171 | ||||||||||||
PL Small-Cap Growth | 134,926 | 149,587 | 165,822 | 86,532 | ||||||||||||
PL International Value | 267,723 | 289,007 | 343,568 | 185,612 | ||||||||||||
PL Large-Cap Value | 219,212 | 193,610 | 198,498 | 94,459 | ||||||||||||
PL Short Duration Bond | 150,594 | 197,905 | 212,660 | 92,206 | ||||||||||||
PL Floating Rate Loan | — | — | — | 34,965 | ||||||||||||
PL Growth LT | 140,644 | 213,449 | 272,256 | 124,923 | ||||||||||||
PL Mid-Cap Equity | 173,484 | 198,479 | 234,458 | 112,575 | ||||||||||||
PL Large-Cap Growth | 245,172 | 170,991 | 140,798 | 60,155 | ||||||||||||
PL International Large-Cap | 355,135 | 339,401 | 357,364 | 176,810 | ||||||||||||
PL Small-Cap Value | — | — | 66,498 | 66,588 | ||||||||||||
PL Main Street Core | 82,462 | 300,236 | 315,029 | 144,007 | ||||||||||||
PL Emerging Markets | 448,741 | 411,421 | 455,787 | 161,539 | ||||||||||||
PL Managed Bond | 265,770 | 365,613 | 501,374 | 235,672 | ||||||||||||
PL Inflation Managed | 197,676 | 282,559 | 359,755 | 183,042 | ||||||||||||
PL Comstock | 138,900 | 263,118 | 300,315 | 111,688 | ||||||||||||
PL Mid-Cap Growth | 167,673 | 207,435 | 238,535 | 100,993 | ||||||||||||
PL Real Estate | 136,561 | 144,757 | 138,599 | 69,626 | ||||||||||||
Total | $ | 6,736,008 | $ | 8,698,124 | $ | 10,735,666 | $ | 5,398,488 | ||||||||
Due to the current regulatory and/or accounting standards, 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, 2005 ($11,592,221) expired for future recoupment as of March 31, 2008. 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, 2008. The adviser expense reimbursement and administrator fee reduction is presented in the Statements of Operations.
6. TRANSACTIONS WITH AFFILIATES
The Funds have incurred $5,476,912 of investment advisory fees, $2,091,921 of administration fees (after $2,329,150 administrator fee reduction), and $394,513 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, 2008. As of September 30, 2008, $857,550, $644,342, and $109,926, respectively, remained payable.
For the six-month period ended September 30, 2008, the Funds also incurred $4,477,544 of distribution and/or service fees (after distribution and/or service fee waivers of $1,653,390), payable to the Distributor under the 12b-1 Plans and non 12b-1 service plan. As of September 30, 2008, $137,517 remained payable.
7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS
The tax character of distributions paid during the six-month period ended September 30, 2008, were as follows:
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Portfolio Optimization Conservative | $ | 204,805 | $ | 133,749 | $ | 338,554 | ||||||
PL Portfolio Optimization Moderate-Conservative | 278,449 | 1,105,969 | 1,384,418 | |||||||||
PL Portfolio Optimization Moderate | 592,412 | 6,873,052 | 7,465,464 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 151,201 | 9,839,802 | 9,991,003 | |||||||||
PL Portfolio Optimization Aggressive | — | 5,735,639 | 5,735,639 | |||||||||
PL Money Market | 321,722 | — | 321,722 | |||||||||
PL International Value | 573,292 | — | 573,292 |
D-13
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Large-Cap Value | $ | 84,688 | $ | 78,132 | $ | 162,820 | ||||||
PL Short Duration Bond | 1,546,279 | 1,135,198 | 2,681,477 | |||||||||
PL Floating Rate Loan | 417,189 | — | 417,189 | |||||||||
PL Growth LT | — | 1,903,771 | 1,903,771 | |||||||||
PL Mid-Cap Equity | 238,926 | — | 238,926 | |||||||||
PL International Large-Cap | 95,255 | 781,483 | 876,738 | |||||||||
PL Small-Cap Value | 50,852 | — | 50,852 | |||||||||
PL Main Street Core | 204,354 | — | 204,354 | |||||||||
PL Emerging Markets | 218,871 | 3,743,974 | 3,962,845 | |||||||||
PL Managed Bond | 11,886,009 | — | 11,886,009 | |||||||||
PL Inflation Managed | 10,207,500 | — | 10,207,500 | |||||||||
PL Comstock | 334,730 | — | 334,730 | |||||||||
PL Mid-Cap Growth | — | 1,551,981 | 1,551,981 | |||||||||
PL Real Estate | 224,476 | — | 224,476 |
The tax character of distributions paid during the year ended March 31, 2008, were as follows:
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Portfolio Optimization Conservative | $ | 1,198,682 | $ | 409,807 | $ | 1,608,489 | ||||||
PL Portfolio Optimization Moderate-Conservative | 2,956,503 | 1,491,677 | 4,448,180 | |||||||||
PL Portfolio Optimization Moderate | 11,117,211 | 8,988,403 | 20,105,614 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 10,777,565 | 12,805,723 | 23,583,288 | |||||||||
PL Portfolio Optimization Aggressive | 4,531,572 | 6,259,385 | 10,790,957 | |||||||||
PL Money Market | 1,040,367 | — | 1,040,367 | |||||||||
PL Small-Cap Growth | 1,969,306 | 3,541,064 | 5,510,370 | |||||||||
PL International Value | 1,675,910 | 1,841,473 | 3,517,383 | |||||||||
PL Large-Cap Value | 568,964 | 1,209,904 | 1,778,868 | |||||||||
PL Short Duration Bond | 2,709,344 | — | 2,709,344 | |||||||||
PL Growth LT | 205,532 | 1,478,375 | 1,683,907 | |||||||||
PL Mid-Cap Equity | 5,417,760 | 3,238,588 | 8,656,348 | |||||||||
PL International Large-Cap | 1,209,472 | 3,988,898 | 5,198,370 | |||||||||
PL Small-Cap Value | 118,054 | — | 118,054 | |||||||||
PL Main Street Core | 3,267,703 | 3,144,126 | 6,411,829 | |||||||||
PL Emerging Markets | 1,219,252 | 5,007,689 | 6,226,941 | |||||||||
PL Managed Bond | 5,393,445 | 149,998 | 5,543,443 | |||||||||
PL Inflation Managed | 5,076,398 | — | 5,076,398 | |||||||||
PL Comstock | 1,457,505 | 2,487,829 | 3,945,334 | |||||||||
PL Mid-Cap Growth | 3,927,155 | 7,813,635 | 11,740,790 | |||||||||
PL Real Estate | 861,504 | 2,160,606 | 3,022,110 |
As of March 31, 2008, 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 | $ | — | $ | 204,798 | $ | 133,752 | $ | 714,002 | ||||||||
PL Portfolio Optimization Moderate-Conservative | — | 278,441 | 1,105,969 | 1,042,639 | ||||||||||||
PL Portfolio Optimization Moderate | — | 592,403 | 6,873,046 | (12,803 | ) | |||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | 151,196 | 9,839,791 | (8,946,837 | ) | |||||||||||
PL Portfolio Optimization Aggressive | — | — | 5,735,626 | (11,667,178 | ) | |||||||||||
PL Money Market | (87 | ) | 16,378 | — | — | |||||||||||
PL Small-Cap Growth | (2,341,185 | ) | — | — | (2,631,680 | ) | ||||||||||
PL International Value | (440,915 | ) | 573,283 | — | (4,772,858 | ) | ||||||||||
PL Large-Cap Value | (72,367 | ) | 84,685 | 78,131 | 1,136,163 | |||||||||||
PL Short Duration Bond | — | 265,018 | 1,135,195 | 1,629,366 | ||||||||||||
PL Growth LT | (149,269 | ) | — | 1,903,765 | 3,898,812 | |||||||||||
PL Mid-Cap Equity | (5,478,255 | ) | 238,907 | — | (7,905,077 | ) | ||||||||||
PL Large-Cap Growth | (1,568,164 | ) | — | — | 2,408,814 | |||||||||||
PL International Large-Cap | — | 95,253 | 781,478 | 10,028,188 | ||||||||||||
PL Small-Cap Value | (283,363 | ) | 50,850 | — | (1,594,734 | ) |
D-14
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Net | ||||||||||||||||
Accumulated | Undistributed | Undistributed | Unrealized | |||||||||||||
Capital and | Ordinary | Long-Term | Appreciation | |||||||||||||
Funds | Other Losses | Income | Capital Gains | (Depreciation) (1) | ||||||||||||
PL Main Street Core | $ | (8,725,714 | ) | $ | 204,345 | $ | — | $ | (524,142 | ) | ||||||
PL Emerging Markets | (39,806 | ) | 218,866 | 3,743,974 | 7,889,318 | |||||||||||
PL Managed Bond | (2,753,243 | ) | 8,064,044 | — | 4,181,818 | |||||||||||
PL Inflation Managed | (494,621 | ) | 8,607,662 | — | 1,002,065 | |||||||||||
PL Comstock | (283,725 | ) | 334,722 | — | (12,638,706 | ) | ||||||||||
PL Mid-Cap Growth | (5,737 | ) | — | 1,551,977 | 4,691,453 | |||||||||||
PL Real Estate | (959,835 | ) | 16,974 | — | 317,672 |
(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, 2008, 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, 2008, 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, 2008, 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, 2008, were as follows:
Post- | Post-October | Accumulated | ||||||||||||||||||||||||||||||||||||||
Net Capital | October | Foreign | Capital and | |||||||||||||||||||||||||||||||||||||
Loss | Net Capital Loss Carryover Expiring in | Capital Loss | Currency | Other | ||||||||||||||||||||||||||||||||||||
Funds | Carryover | 2010 | 2011 | 2013 | 2014 | 2015 | 2016 | Deferral | Loss Deferral | Losses | ||||||||||||||||||||||||||||||
PL Money Market | $ | (87 | ) | $ | — | $ | — | $ | — | $ | (6 | ) | $ | (81 | ) | $ | — | $ | — | $ | — | $ | (87 | ) | ||||||||||||||||
PL Small-Cap Growth | — | — | — | — | — | — | — | (2,341,185 | ) | — | (2,341,185 | ) | ||||||||||||||||||||||||||||
PL International Value | — | — | — | — | — | — | — | (347,482 | ) | (93,433 | ) | (440,915 | ) | |||||||||||||||||||||||||||
PL Large-Cap Value | — | — | — | — | — | — | — | (72,345 | ) | (22 | ) | (72,367 | ) | |||||||||||||||||||||||||||
PL Growth LT | — | — | — | — | — | — | — | — | (149,269 | ) | (149,269 | ) | ||||||||||||||||||||||||||||
PL Mid-Cap Equity | — | — | — | — | — | — | — | (5,478,255 | ) | — | (5,478,255 | ) | ||||||||||||||||||||||||||||
PL Large-Cap Growth* | (1,140,595 | ) | — | (64,425 | ) | — | — | (1,076,170 | ) | — | (427,569 | ) | — | (1,568,164 | ) | |||||||||||||||||||||||||
PL Small-Cap Value | (32,441 | ) | — | — | — | — | — | (32,441 | ) | (250,922 | ) | — | (283,363 | ) | ||||||||||||||||||||||||||
PL Main Street Core | — | — | — | — | — | — | — | (8,725,714 | ) | — | (8,725,714 | ) | ||||||||||||||||||||||||||||
PL Emerging Markets | — | — | — | — | — | — | — | — | (39,806 | ) | (39,806 | ) | ||||||||||||||||||||||||||||
PL Managed Bond | — | — | — | — | — | — | — | (2,753,243 | ) | — | (2,753,243 | ) | ||||||||||||||||||||||||||||
PL Inflation Managed | — | — | — | — | — | — | — | (467,335 | ) | (27,286 | ) | (494,621 | ) | |||||||||||||||||||||||||||
PL Comstock | — | — | — | — | — | — | — | (283,725 | ) | — | (283,725 | ) | ||||||||||||||||||||||||||||
PL Mid-Cap Growth | — | — | — | — | — | — | — | — | (5,737 | ) | (5,737 | ) | ||||||||||||||||||||||||||||
PL Real Estate | — | — | — | — | — | — | — | (959,835 | ) | — | (959,835 | ) |
* | The availability of a certain amount of capital loss carryforward, which was acquired on December 31, 2003 in the merger with the PF Putnam Research Fund, may be limited in a given year. |
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, 2008, were as follows:
Gross | Gross | Net Unrealized | Net Unrealized | |||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | Appreciation | ||||||||||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | (Depreciation) | Net Unrealized | |||||||||||||||||||
Funds | on Tax Basis | on Investments | on Investments | on Investments | on Other(1) | Depreciation | ||||||||||||||||||
PL Portfolio Optimization Conservative | $ | 77,882,262 | $ | — | $ | (6,806,714 | ) | $ | (6,806,714 | ) | $ | — | $ | (6,806,714 | ) | |||||||||
PL Portfolio Optimization Moderate-Conservative | 128,125,926 | — | (13,267,643 | ) | (13,267,643 | ) | — | (13,267,643 | ) | |||||||||||||||
PL Portfolio Optimization Moderate | 472,732,727 | 237 | (57,360,961 | ) | (57,360,724 | ) | — | (57,360,724 | ) |
D-15
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 Moderate-Aggressive | $ | 499,548,858 | $ | 12,616 | $ | (74,524,797 | ) | $ | (74,512,181 | ) | $ | — | $ | (74,512,181 | ) | |||||||||
PL Portfolio Optimization Aggressive | 221,210,680 | — | (38,900,530 | ) | (38,900,530 | ) | — | (38,900,530 | ) | |||||||||||||||
PL Money Market | 47,227,814 | — | — | — | — | — | ||||||||||||||||||
PL Small-Cap Growth | 34,345,682 | 2,681,575 | (6,955,851 | ) | (4,274,276 | ) | — | (4,274,276 | ) | |||||||||||||||
PL International Value | 132,439,808 | 1,317,539 | (34,467,002 | ) | (33,149,463 | ) | (28,575 | ) | (33,178,038 | ) | ||||||||||||||
PL Large-Cap Value | 86,979,380 | 5,210,398 | (9,913,631 | ) | (4,703,233 | ) | — | (4,703,233 | ) | |||||||||||||||
PL Short Duration Bond | 64,568,743 | 375,131 | (1,056,799 | ) | (681,668 | ) | 199,806 | (481,862 | ) | |||||||||||||||
PL Floating Rate Loan | 37,512,793 | 96,131 | (2,220,257 | ) | (2,124,126 | ) | — | (2,124,126 | ) | |||||||||||||||
PL Growth LT | 105,548,793 | 3,779,481 | (14,357,021 | ) | (10,577,540 | ) | — | (10,577,540 | ) | |||||||||||||||
PL Mid-Cap Equity | 92,370,362 | 2,352,741 | (15,102,257 | ) | (12,749,516 | ) | — | (12,749,516 | ) | |||||||||||||||
PL Large-Cap Growth | 20,434,506 | 1,340,974 | (1,462,236 | ) | (121,262 | ) | — | (121,262 | ) | |||||||||||||||
PL International Large-Cap | 95,846,187 | 5,788,470 | (14,089,954 | ) | (8,301,484 | ) | (3,896 | ) | (8,305,380 | ) | ||||||||||||||
PL Small-Cap Value | 43,998,515 | 1,672,766 | (5,313,328 | ) | (3,640,562 | ) | — | (3,640,562 | ) | |||||||||||||||
PL Main Street Core | 123,679,353 | 3,908,066 | (17,962,105 | ) | (14,054,039 | ) | — | (14,054,039 | ) | |||||||||||||||
PL Emerging Markets | 40,980,885 | 2,803,832 | (7,339,475 | ) | (4,535,643 | ) | (34,899 | ) | (4,570,542 | ) | ||||||||||||||
PL Managed Bond | 218,904,397 | 1,726,218 | (14,507,720 | ) | (12,781,502 | ) | (271,898 | ) | (13,053,400 | ) | ||||||||||||||
PL Inflation Managed | 209,933,991 | 799,901 | (9,153,040 | ) | (8,353,139 | ) | (1,335,905 | ) | (9,689,044 | ) | ||||||||||||||
PL Comstock | 123,199,912 | 4,993,992 | (22,393,826 | ) | (17,399,834 | ) | — | (17,399,834 | ) | |||||||||||||||
PL Mid-Cap Growth | 24,228,029 | 3,841,330 | (4,753,600 | ) | (912,270 | ) | 70 | (912,200 | ) | |||||||||||||||
PL Real Estate | 36,857,528 | 3,975,770 | (4,440,396 | ) | (464,626 | ) | 5,941 | (458,685 | ) |
(1) | Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies. |
The Funds implemented FASB Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes. The implementation of FIN 48 resulted in no liability for unrecognized tax benefits and no change to the beginning net asset values of each of the Funds.
As of and during the six-month period ended September 30, 2008, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six-month period ended September 30, 2008, the Funds did not incur any interest or penalties.
The Funds remain subject to examination by Federal and State tax authorities for the tax years ended March 31, 2005, through March 31, 2008.
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, 2008, were as follows:
U.S. Government Securities | Other Securities | |||||||||||||||
Funds | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $ | 35,289,198 | $ | 11,882,139 | ||||||||
PL Portfolio Optimization Moderate-Conservative | — | — | 32,408,940 | 18,636,218 | ||||||||||||
PL Portfolio Optimization Moderate | — | — | 97,194,774 | 56,050,711 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | — | 94,468,729 | 57,695,288 | ||||||||||||
PL Portfolio Optimization Aggressive | — | — | 33,427,289 | 23,233,716 | ||||||||||||
PL Small-Cap Growth | — | — | 10,969,476 | 12,937,018 | ||||||||||||
PL International Value | — | — | 30,805,246 | 18,269,031 | ||||||||||||
PL Large-Cap Value | — | — | 35,998,573 | 13,520,702 | ||||||||||||
PL Short Duration Bond | 29,647,093 | 49,085,804 | 10,348,160 | 7,665,595 | ||||||||||||
PL Floating Rate Loan | — | — | 43,644,145 | 6,301,198 | ||||||||||||
PL Growth LT | — | — | 63,906,680 | 25,872,868 | ||||||||||||
PL Mid-Cap Equity | — | — | 42,529,248 | 37,050,731 | ||||||||||||
PL Large-Cap Growth | 21,439,956 | 23,527,013 | ||||||||||||||
PL International Large-Cap | — | — | 22,963,974 | 12,092,225 | ||||||||||||
PL Small-Cap Value | — | — | 28,685,451 | 5,478,472 |
D-16
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
U.S. Government Securities | Other Securities | |||||||||||||||
Funds | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Main Street Core | $ | — | $ | — | $ | 81,125,562 | $ | 67,254,931 | ||||||||
PL Emerging Markets | — | — | 11,922,111 | 13,789,693 | ||||||||||||
PL Managed Bond | 340,943,443 | 357,803,450 | 50,270,177 | 44,767,133 | ||||||||||||
PL Inflation Managed | 813,571,808 | 800,072,993 | 18,626,291 | 5,365,401 | ||||||||||||
PL Comstock | — | — | 33,131,441 | 34,726,354 | ||||||||||||
PL Mid-Cap Growth | — | — | 9,805,713 | 34,286,133 | ||||||||||||
PL Real Estate | — | — | 9,410,549 | 8,136,488 |
10. 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 | |||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,285,448 | 2,044,366 | 987,010 | 2,356,748 | 3,180,004 | 7,372,963 | 3,079,981 | 7,919,506 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 15,150 | 64,073 | 54,204 | 170,911 | 295,021 | 731,425 | 380,481 | 824,356 | ||||||||||||||||||||||||
Shares repurchased | (601,539 | ) | (950,147 | ) | (1,054,586 | ) | (1,171,757 | ) | (2,374,814 | ) | (3,775,070 | ) | (2,242,855 | ) | (3,978,516 | ) | ||||||||||||||||
Net increase (decrease) | 699,059 | 1,158,292 | (13,372 | ) | 1,355,902 | 1,100,211 | 4,329,318 | 1,217,607 | 4,765,346 | |||||||||||||||||||||||
Beginning shares outstanding | 2,274,631 | 1,116,339 | 4,597,575 | 3,241,673 | 16,743,036 | 12,413,718 | 17,222,972 | 12,457,626 | ||||||||||||||||||||||||
Ending shares outstanding | 2,973,690 | 2,274,631 | 4,584,203 | 4,597,575 | 17,843,247 | 16,743,036 | 18,440,579 | 17,222,972 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 351,284 | 273,848 | 303,205 | 575,014 | 820,559 | 1,869,065 | 756,674 | 2,031,614 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 2,385 | 11,734 | 14,483 | 43,434 | 78,350 | 189,055 | 123,698 | 253,664 | ||||||||||||||||||||||||
Shares repurchased | (70,013 | ) | (88,862 | ) | (186,825 | ) | (317,752 | ) | (551,028 | ) | (772,253 | ) | (560,522 | ) | (950,503 | ) | ||||||||||||||||
Net increase | 283,656 | 196,720 | 130,863 | 300,696 | 347,881 | 1,285,867 | 319,850 | 1,334,775 | ||||||||||||||||||||||||
Beginning shares outstanding | 466,463 | 269,743 | 1,385,360 | 1,084,664 | 4,928,814 | 3,642,947 | 5,828,845 | 4,494,070 | ||||||||||||||||||||||||
Ending shares outstanding | 750,119 | 466,463 | 1,516,223 | 1,385,360 | 5,276,695 | 4,928,814 | 6,148,695 | 5,828,845 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 1,462,921 | 1,786,254 | 1,403,911 | 2,818,712 | 3,067,824 | 7,240,475 | 2,694,004 | 6,626,048 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 12,345 | 61,321 | 49,220 | 144,123 | 256,334 | 615,952 | 342,362 | 678,236 | ||||||||||||||||||||||||
Shares repurchased | (613,076 | ) | (945,780 | ) | (697,286 | ) | (1,267,006 | ) | (2,102,736 | ) | (3,285,401 | ) | (1,778,776 | ) | (2,808,329 | ) | ||||||||||||||||
Net increase | 862,190 | 901,795 | 755,845 | 1,695,829 | 1,221,422 | 4,571,026 | 1,257,590 | 4,495,955 | ||||||||||||||||||||||||
Beginning shares outstanding | 2,463,569 | 1,561,774 | 4,426,355 | 2,730,526 | 15,793,557 | 11,222,531 | 15,825,809 | 11,329,854 | ||||||||||||||||||||||||
Ending shares outstanding | 3,325,759 | 2,463,569 | 5,182,200 | 4,426,355 | 17,014,979 | 15,793,557 | 17,083,399 | 15,825,809 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 132,908 | 134,408 | 156,270 | 197,444 | 410,616 | 807,358 | 240,872 | 221,191 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 867 | 3,026 | 3,842 | 7,433 | 14,239 | 26,267 | 8,121 | 9,501 | ||||||||||||||||||||||||
Shares repurchased | (41,429 | ) | (3,360 | ) | (66,357 | ) | (50,482 | ) | (98,089 | ) | (351,476 | ) | (26,832 | ) | (39,951 | ) | ||||||||||||||||
Net increase | 92,346 | 134,074 | 93,755 | 154,395 | 326,766 | 482,149 | 222,161 | 190,741 | ||||||||||||||||||||||||
Beginning shares outstanding | 154,653 | 20,579 | 276,986 | 122,591 | 675,499 | 193,350 | 266,964 | 76,223 | ||||||||||||||||||||||||
Ending shares outstanding | 246,999 | 154,653 | 370,741 | 276,986 | 1,002,265 | 675,499 | 489,125 | 266,964 | ||||||||||||||||||||||||
D-17
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 | |||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,520,222 | 4,045,470 | 51,768,184 | 91,048,830 | 373,848 | 560,801 | 1,648,900 | 4,373,906 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 230,475 | 387,742 | 296,213 | 988,340 | — | 484,256 | 46,352 | 242,203 | ||||||||||||||||||||||||
Shares repurchased | (1,094,110 | ) | (2,038,754 | ) | (47,462,506 | ) | (70,498,425 | ) | (661,077 | ) | (643,002 | ) | (843,236 | ) | (304,164 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | — | 64,795 | — | 104,545 | — | ||||||||||||||||||||||||
Net increase (decrease) | 656,587 | 2,394,458 | 4,601,891 | 21,538,745 | (222,434 | ) | 402,055 | 956,561 | 4,311,945 | |||||||||||||||||||||||
Beginning shares outstanding | 7,993,297 | 5,598,839 | 42,638,206 | 21,099,461 | 4,083,681 | 3,681,626 | 9,673,149 | 5,361,204 | ||||||||||||||||||||||||
Ending shares outstanding | 8,649,884 | 7,993,297 | 47,240,097 | 42,638,206 | 3,861,247 | 4,083,681 | 10,629,710 | 9,673,149 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 320,061 | 1,152,638 | 103 | 3,645 | 979 | 6,671 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | 72,540 | 107,232 | — | 4,722 | — | 892 | ||||||||||||||||||||||||||
Shares repurchased | (192,279 | ) | (507,945 | ) | (889 | ) | (7,513 | ) | (1,725 | ) | (12,085 | ) | ||||||||||||||||||||
Converted to Class A shares | — | — | (40,580 | ) | — | (41,781 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 200,322 | 751,925 | (41,366 | ) | 854 | (42,527 | ) | (4,522 | ) | |||||||||||||||||||||||
Beginning shares outstanding | 2,520,640 | 1,768,715 | 41,366 | 40,512 | 42,527 | 47,049 | ||||||||||||||||||||||||||
Ending shares outstanding | 2,720,962 | 2,520,640 | — | 41,366 | — | 42,527 | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 933,005 | 3,804,170 | 54 | 4,384 | 145 | 8,774 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | 179,396 | 269,560 | — | 4,080 | — | 1,505 | ||||||||||||||||||||||||||
Shares repurchased | (894,116 | ) | (1,879,851 | ) | (6,381 | ) | (14,587 | ) | (10,054 | ) | (37,080 | ) | ||||||||||||||||||||
Converted to Class A shares | — | — | (27,088 | ) | — | (65,319 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 218,285 | 2,193,879 | (33,415 | ) | (6,123 | ) | (75,228 | ) | (26,801 | ) | ||||||||||||||||||||||
Beginning shares outstanding | 6,326,273 | 4,132,394 | 33,415 | 39,538 | 75,228 | 102,029 | ||||||||||||||||||||||||||
Ending shares outstanding | 6,544,558 | 6,326,273 | — | 33,415 | — | 75,228 | ||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 83,367 | 75,915 | ||||||||||||||||||||||||||||||
Dividend and distribution reinvested | 4,130 | 3,589 | ||||||||||||||||||||||||||||||
Shares repurchased | (5,429 | ) | (5,059 | ) | ||||||||||||||||||||||||||||
Net increase | 82,068 | 74,445 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 102,781 | 28,336 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 184,849 | 102,781 | ||||||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
D-18
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Large-Cap | PL Short Duration | PL Floating Rate Loan | PL Growth | |||||||||||||||||||||||||||||
Value Fund (1) | Bond Fund (1) | Fund (2) | LT Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | Year ended | ||||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 9/30/2008 | 3/31/2008 | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,711,670 | 1,668,606 | 794,356 | 1,620,819 | 3,707,365 | 2,939,332 | 1,433,973 | |||||||||||||||||||||||||
Dividend and distribution reinvested | 14,516 | 132,030 | 269,238 | 271,557 | 42,845 | 154,493 | 118,176 | |||||||||||||||||||||||||
Shares repurchased | (141,229 | ) | (199,370 | ) | (3,009,415 | ) | (516,210 | ) | (16,426 | ) | (122,402 | ) | (167,280 | ) | ||||||||||||||||||
Converted from Class B and C shares | 114,264 | — | 6,864 | — | — | 56,444 | — | |||||||||||||||||||||||||
Net increase (decrease) | 2,699,221 | 1,601,266 | (1,938,957 | ) | 1,376,166 | 3,733,784 | 3,027,867 | 1,384,869 | ||||||||||||||||||||||||
Beginning shares outstanding | 5,944,756 | 4,343,490 | 8,186,632 | 6,810,466 | — | 6,112,962 | 4,728,093 | |||||||||||||||||||||||||
Ending shares outstanding | 8,643,977 | 5,944,756 | 6,247,675 | 8,186,632 | 3,733,784 | 9,140,829 | 6,112,962 | |||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 76 | 4,218 | — | 18 | 74 | 2,924 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 987 | 17 | 117 | — | 592 | ||||||||||||||||||||||||||
Shares repurchased | (6,307 | ) | (9,383 | ) | — | (830 | ) | (296 | ) | (5,958 | ) | |||||||||||||||||||||
Converted to Class A shares | (43,188 | ) | — | (3,936 | ) | — | (32,171 | ) | — | |||||||||||||||||||||||
Net decrease | (49,419 | ) | (4,178 | ) | (3,919 | ) | (695 | ) | (32,393 | ) | (2,442 | ) | ||||||||||||||||||||
Beginning shares outstanding | 49,419 | 53,597 | 3,919 | 4,614 | 32,393 | 34,835 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 49,419 | — | 3,919 | — | 32,393 | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 412 | 5,074 | 199 | 2,836 | 155 | 3,711 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 1,860 | 15 | 394 | (2,549 | ) | 567 | |||||||||||||||||||||||||
Shares repurchased | (16,754 | ) | (38,361 | ) | (1,649 | ) | (43,204 | ) | (26,175 | ) | (36,535 | ) | ||||||||||||||||||||
Converted to Class A shares | (73,662 | ) | — | (2,932 | ) | — | — | — | ||||||||||||||||||||||||
Net decrease | (90,004 | ) | (31,427 | ) | (4,367 | ) | (39,974 | ) | (28,569 | ) | (32,257 | ) | ||||||||||||||||||||
Beginning shares outstanding | 90,004 | 121,431 | 4,367 | 44,341 | 28,569 | 60,826 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 90,004 | — | 4,367 | — | 28,569 | ||||||||||||||||||||||||||
PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | |||||||||||||||||||||||||||||
Equity Fund (1), (3) | Growth Fund (1) | Large-Cap Fund (1) | Value Fund (4) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | |||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,118,045 | 2,817,854 | 197,150 | 364,737 | 777,220 | 1,402,505 | 2,879,385 | 2,701,104 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 27,120 | 813,309 | — | — | 58,541 | 307,596 | 5,753 | 12,874 | ||||||||||||||||||||||||
Shares repurchased | (885,423 | ) | (201,846 | ) | (328,503 | ) | (676,783 | ) | (145,078 | ) | (147,387 | ) | (271,972 | ) | (540,978 | ) | ||||||||||||||||
Converted from Class B and C shares | 22,991 | — | 99,602 | — | 73,362 | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) | 282,733 | 3,429,317 | (31,751 | ) | (312,046 | ) | 764,045 | 1,562,714 | 2,613,166 | 2,173,000 | ||||||||||||||||||||||
Beginning shares outstanding | 9,555,368 | 6,126,051 | 2,839,571 | 3,151,617 | 6,177,440 | 4,614,726 | 2,173,000 | — | ||||||||||||||||||||||||
Ending shares outstanding | 9,838,101 | 9,555,368 | 2,807,820 | 2,839,571 | 6,941,485 | 6,177,440 | 4,786,166 | 2,173,000 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 127 | 1,639 | 177 | 2,913 | 1,100 | 5,739 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 725 | — | — | — | 2,101 | ||||||||||||||||||||||||||
Shares repurchased | (3 | ) | (3,989 | ) | (949 | ) | (5,912 | ) | (38 | ) | (8,877 | ) | ||||||||||||||||||||
Converted to Class A shares | (6,709 | ) | — | (42,959 | ) | (41,192 | ) | — | ||||||||||||||||||||||||
Net decrease | (6,585 | ) | (1,625 | ) | (43,731 | ) | (2,999 | ) | (40,130 | ) | (1,037 | ) | ||||||||||||||||||||
Beginning shares outstanding | 6,585 | 8,210 | 43,731 | 46,730 | 40,130 | 41,167 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 6,585 | — | 43,731 | — | 40,130 | ||||||||||||||||||||||||||
(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 PL Mid-Cap Value Fund. | |
(4) | Operations commenced on June 29, 2007. |
D-19
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | |||||||||||||||||||||||||||||
Equity Fund (1), (2) | Growth Fund (1) | Large-Cap Fund (1) | Value Fund (3) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | |||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 7 | 2,983 | 135 | 8,602 | 362 | 5,352 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 2,131 | — | — | — | 2,354 | ||||||||||||||||||||||||||
Shares repurchased | (1,264 | ) | (9,107 | ) | (9,953 | ) | (28,195 | ) | (5,143 | ) | (23,862 | ) | ||||||||||||||||||||
Converted to Class A shares | (16,768 | ) | — | (60,722 | ) | — | (34,177 | ) | — | |||||||||||||||||||||||
Net decrease | (18,025 | ) | (3,993 | ) | (70,540 | ) | (19,593 | ) | (38,958 | ) | (16,156 | ) | ||||||||||||||||||||
Beginning shares outstanding | 18,025 | 22,018 | 70,540 | 90,133 | 38,958 | 55,114 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 18,025 | — | 70,540 | — | 38,958 | ||||||||||||||||||||||||||
PL Main Street | PL Emerging | PL Managed | PL Inflation | |||||||||||||||||||||||||||||
Core Fund | Markets Fund | Bond Fund (1) | Managed Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,671,732 | 3,446,280 | 205,817 | 174,291 | 2,163,543 | 6,879,657 | 838,618 | 2,979,055 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 20,313 | 559,901 | 325,357 | 415,599 | 1,193,178 | 523,641 | 996,489 | 485,101 | ||||||||||||||||||||||||
Shares repurchased | (267,996 | ) | (305,912 | ) | (289,108 | ) | (1,031,808 | ) | (1,689,736 | ) | (1,046,446 | ) | (2,852,787 | ) | (547,086 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | — | 249,828 | — | 259,913 | — | ||||||||||||||||||||||||
Net increase (decrease) | 1,424,049 | 3,700,269 | 242,066 | (441,918 | ) | 1,916,813 | 6,356,852 | (757,767 | ) | 2,917,070 | ||||||||||||||||||||||
Beginning shares outstanding | 11,300,857 | 7,600,588 | 3,507,126 | 3,949,044 | 16,385,906 | 10,029,054 | 11,042,505 | 8,125,435 | ||||||||||||||||||||||||
Ending shares outstanding | 12,724,906 | 11,300,857 | 3,749,192 | 3,507,126 | 18,302,719 | 16,385,906 | 10,284,738 | 11,042,505 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 983 | 2,947 | 24 | 1,604 | ||||||||||||||||||||||||||||
Dividend and distribution reinvested | 326 | 2,196 | 150 | 3,000 | ||||||||||||||||||||||||||||
Shares repurchased | (809 | ) | (16,063 | ) | (11,675 | ) | (15,387 | ) | ||||||||||||||||||||||||
Converted to Class A shares | (79,742 | ) | — | (67,109 | ) | — | ||||||||||||||||||||||||||
Net decrease | (79,242 | ) | (10,920 | ) | (78,610 | ) | (10,783 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 79,242 | 90,162 | 78,610 | 89,393 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | 79,242 | — | 78,610 | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 211 | 28,527 | 97 | 3,973 | ||||||||||||||||||||||||||||
Dividend and distribution reinvested | 760 | 6,125 | 400 | 8,131 | ||||||||||||||||||||||||||||
Shares repurchased | (30,109 | ) | (95,145 | ) | (7,459 | ) | (84,335 | ) | ||||||||||||||||||||||||
Converted to Class A shares | (170,523 | ) | — | (192,804 | ) | — | ||||||||||||||||||||||||||
Net decrease | (199,661 | ) | (60,493 | ) | (199,766 | ) | (72,231 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 199,661 | 260,154 | 199,766 | 271,997 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | 199,661 | — | 199,766 | ||||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Formerly named PL Mid-Cap Value Fund. | |
(3) | Operations commenced on June 29, 2007. |
D-20
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 | |||||||||||||||||||
9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | 9/30/2008 | 3/31/2008 | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 1,357,817 | 4,626,337 | 309,913 | 580,857 | 358,520 | 1,234,517 | ||||||||||||||||||
Dividend and distribution reinvested | 30,982 | 288,772 | 165,529 | 1,034,270 | 21,317 | 248,696 | ||||||||||||||||||
Shares repurchased | (1,958,249 | ) | (353,798 | ) | (2,812,132 | ) | (2,029,753 | ) | (270,386 | ) | (224,535 | ) | ||||||||||||
Converted from Class B and C shares | 93,595 | — | 196,520 | — | 27,603 | — | ||||||||||||||||||
Net increase (decrease) | (475,855 | ) | 4,561,311 | (2,140,170 | ) | (414,626 | ) | 137,054 | 1,258,678 | |||||||||||||||
Beginning shares outstanding | 10,497,434 | 5,936,123 | 5,391,812 | 5,806,438 | 3,367,237 | 2,108,559 | ||||||||||||||||||
Ending shares outstanding | 10,021,579 | 10,497,434 | 3,251,642 | 5,391,812 | 3,504,291 | 3,367,237 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 110 | 4,495 | 588 | 9,165 | 110 | 1,471 | ||||||||||||||||||
Dividend and distribution reinvested | — | 1,303 | — | 20,051 | — | 625 | ||||||||||||||||||
Shares repurchased | (2,548 | ) | (10,517 | ) | (4,082 | ) | (16,880 | ) | (40 | ) | (5,403 | ) | ||||||||||||
Converted to Class A shares | (42,186 | ) | — | (109,815 | ) | — | (8,683 | ) | — | |||||||||||||||
Net increase (decrease) | (44,624 | ) | (4,719 | ) | (113,309 | ) | 12,336 | (8,613 | ) | (3,307 | ) | |||||||||||||
Beginning shares outstanding | 44,624 | 49,343 | 113,309 | 100,973 | 8,613 | 11,920 | ||||||||||||||||||
Ending shares outstanding | — | 44,624 | — | 113,309 | — | 8,613 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 477 | 7,040 | 704 | 12,133 | 192 | 7,417 | ||||||||||||||||||
Dividend and distribution reinvested | — | 1,762 | 1 | 21,755 | — | 1,616 | ||||||||||||||||||
Shares repurchased | (11,256 | ) | (31,083 | ) | (20,134 | ) | (53,663 | ) | (577 | ) | (11,921 | ) | ||||||||||||
Converted to Class A shares | (53,116 | ) | — | (95,571 | ) | — | (19,183 | ) | — | |||||||||||||||
Net decrease | (63,895 | ) | (22,281 | ) | (115,000 | ) | (19,775 | ) | (19,568 | ) | (2,888 | ) | ||||||||||||
Beginning shares outstanding | 63,895 | 86,176 | 115,000 | 134,775 | 19,568 | 22,456 | ||||||||||||||||||
Ending shares outstanding | — | 63,895 | — | 115,000 | — | 19,568 | ||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
As of September 30, 2008, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C, and R) owned the following percentages of the total shares outstanding of each of the following Underlying Funds, as applicable:
Portfolio Optimization Funds | ||||||||||||||||||||
PL Portfolio | PL Portfolio | |||||||||||||||||||
PL Portfolio | Optimization | PL Portfolio | Optimization | PL Portfolio | ||||||||||||||||
Optimization | Moderate- | Optimization | Moderate- | Optimization | ||||||||||||||||
Underlying Funds | Conservative | Conservative | Moderate | Aggressive | Aggressive | |||||||||||||||
PL Money Market | 3.17 | % | N/A | N/A | N/A | N/A | ||||||||||||||
PL Small-Cap Growth | N/A | 3.32 | % | 25.21 | % | 39.38 | % | 28.39 | % | |||||||||||
PL International Value | 1.97 | % | 6.17 | % | 25.44 | % | 41.23 | % | 22.95 | % | ||||||||||
PL Large-Cap Value | 1.45 | % | 5.12 | % | 32.89 | % | 39.11 | % | 17.06 | % | ||||||||||
PL Short Duration Bond | 18.24 | % | 22.08 | % | 51.63 | % | 7.63 | % | N/A | |||||||||||
PL Floating Rate Loan | 18.03 | % | 19.89 | % | 49.28 | % | 12.80 | % | N/A | |||||||||||
PL Growth LT | 1.26 | % | 4.52 | % | 28.76 | % | 42.70 | % | 20.55 | % | ||||||||||
PL Mid-Cap Equity | 2.34 | % | 5.08 | % | 30.68 | % | 42.94 | % | 18.51 | % | ||||||||||
PL Large-Cap Growth | N/A | 4.98 | % | 35.33 | % | 36.53 | % | 15.94 | % | |||||||||||
PL International Large-Cap | 1.56 | % | 6.33 | % | 27.15 | % | 42.15 | % | 20.51 | % | ||||||||||
PL Small-Cap Value | N/A | 2.55 | % | 20.75 | % | 43.77 | % | 32.93 | % | |||||||||||
PL Main Street Core | 2.78 | % | 7.00 | % | 32.69 | % | 37.74 | % | 19.78 | % | ||||||||||
PL Emerging Markets | N/A | N/A | 30.40 | % | 41.89 | % | 27.71 | % | ||||||||||||
PL Managed Bond | 14.36 | % | 18.53 | % | 43.03 | % | 21.05 | % | N/A | |||||||||||
PL Inflation Managed | 12.86 | % | 16.61 | % | 39.23 | % | 27.16 | % | N/A | |||||||||||
PL Comstock | 3.50 | % | 7.41 | % | 31.36 | % | 37.56 | % | 17.89 | % | ||||||||||
PL Mid-Cap Growth | N/A | 8.85 | % | 31.24 | % | 32.24 | % | 13.93 | % | |||||||||||
PL Real Estate | N/A | N/A | 22.81 | % | 49.30 | % | 26.20 | % |
D-21
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
11. INDEMNIFICATIONS
Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Funds. In addition, the Funds entered into an agreement with each of the trustees which provides that the Funds 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 Funds, to the fullest extent permitted by the Funds’ 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 Funds enters into contracts with service providers and others that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Funds and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
12. U.S. TREASURY’S TEMPORARY MONEY MARKET FUND GUARANTEE PROGRAM
The PL Money Market Fund has not experienced difficulties in maintaining its $1.00 share price during the period, but there can be no assurances of future performance. Accordingly, the PL Money Market Fund has applied to participate in the voluntary, temporary money market fund guarantee program (the “Program”) that was recently announced by the U.S. Department of the Treasury (the “Treasury”). Participation in the Program by the PL Money Market Fund was approved by the Board on October 7, 2008 and becomes effective upon the Treasury’s execution of the PL Money Market Fund’s application.
The Program’s guarantee applies to shareholders of the PL Money Market Fund as of the close of business on September 19, 2008 (“Eligible Shareholders”). The Program covers 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 are not covered under the Program.
If an Eligible Shareholder redeems all of his or her shares of the PL Money Market Fund from their Pacific Life Funds account and subsequently purchases shares of the PL Money Market Fund in that same account from which PL Money Market Fund shares were originally redeemed, those shares would be covered to the extent described above. Shares protected under the Program that are transferred ‘in kind’ during the coverage period, where there is no change in the beneficial ownership structure of an account would continue to be covered up to the account value established as of September 19, 2008 (e.g., transfers in kind between intermediaries, directly held accounts moved to omnibus or networked positions or vice versa). Certain transfers ‘in kind’ or re-registrations that involve a change in the beneficial ownership of an account (e.g., individual to joint) may not be eligible for coverage.
If the PL Money Market Fund’s net asset value declines to below $0.995 during the coverage period (a “Guarantee Event”) and the PL Money Market Fund seeks to recover under the Program, the PL Money Market Fund would be required to liquidate within thirty (30) days (unless Treasury consents to a later date). Upon liquidation, shares not protected under the Program would receive only net asset value per share. An Eligible Shareholder would receive up to $1.00 per protected share upon liquidation of the PL Money Market Fund pursuant to the Program (subject to adjustment and the overall limit of $50 billion currently available under the Program to all money market funds participating in the Program).
The Program has an initial three-month term beginning September 19, 2008, which may be extended by the Treasury through September 18, 2009. Participation for the initial three-month term requires a payment to the Treasury equal to 0.01% 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, the PL Money Market Fund’s adviser has agreed to reimburse the PL Money Market Fund for the expense of the initial three-month term. If the Program is extended, the PL Money Market Fund’s Board will consider whether to participate and any additional cost could be borne by the PL Money Market Fund.
D-22
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 the fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and 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, 2008 to September 30, 2008.
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, and distributor fee waivers. The “Ending Account Value at 09/30/08” 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 04/01/08-09/30/08” 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, 2008 to September 30, 2008.
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 04/01/08-09/30/08.”
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 | 04/01/08 - | |||||||||||||
04/01/08 | 09/30/08 | Ratio | 09/30/08 | |||||||||||||
PL Portfolio Optimization Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 934.40 | 0.11 | % | $ | 0.53 | ||||||||
Class B | 1,000.00 | 930.90 | 0.86 | % | 4.16 | |||||||||||
Class C | 1,000.00 | 929.90 | 0.86 | % | 4.16 | |||||||||||
Class R | 1,000.00 | 933.00 | 0.36 | % | 1.74 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.52 | 0.11 | % | $ | 0.56 | ||||||||
Class B | 1,000.00 | 1,020.76 | 0.86 | % | 4.36 | |||||||||||
Class C | 1,000.00 | 1,020.76 | 0.86 | % | 4.36 | |||||||||||
Class R | 1,000.00 | 1,023.26 | 0.36 | % | 1.83 | |||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 913.50 | 0.10 | % | $ | 0.48 | ||||||||
Class B | 1,000.00 | 909.50 | 0.85 | % | 4.07 | |||||||||||
Class C | 1,000.00 | 909.60 | 0.85 | % | 4.07 | |||||||||||
Class R | 1,000.00 | 912.10 | 0.35 | % | 1.68 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Class B | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class C | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class R | 1,000.00 | 1,023.31 | 0.35 | % | 1.78 | |||||||||||
PL Portfolio Optimization Moderate Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 895.70 | 0.10 | % | $ | 0.48 | ||||||||
Class B | 1,000.00 | 891.60 | 0.85 | % | 4.03 | |||||||||||
Class C | 1,000.00 | 892.40 | 0.85 | % | 4.03 | |||||||||||
Class R | 1,000.00 | 895.00 | 0.35 | % | 1.66 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Class B | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class C | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class R | 1,000.00 | 1,023.31 | 0.35 | % | 1.78 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 878.90 | 0.10 | % | $ | 0.47 | ||||||||
Class B | 1,000.00 | 874.60 | 0.85 | % | 3.99 | |||||||||||
Class C | 1,000.00 | 873.50 | 0.85 | % | 3.99 | |||||||||||
Class R | 1,000.00 | 876.90 | 0.35 | % | 1.65 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Class B | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class C | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class R | 1,000.00 | 1,023.31 | 0.35 | % | 1.78 |
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 | 04/01/08 - | |||||||||||||
04/01/08 | 09/30/08 | Ratio | 09/30/08 | |||||||||||||
PL Portfolio Optimization Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 868.00 | 0.10 | % | $ | 0.47 | ||||||||
Class B | 1,000.00 | 861.60 | 0.85 | % | 3.97 | |||||||||||
Class C | 1,000.00 | 862.40 | 0.85 | % | 3.97 | |||||||||||
Class R | 1,000.00 | 866.20 | 0.35 | % | 1.64 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Class B | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class C | 1,000.00 | 1,020.81 | 0.85 | % | 4.31 | |||||||||||
Class R | 1,000.00 | 1,023.31 | 0.35 | % | 1.78 | |||||||||||
PL Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,008.00 | 0.84 | % | $ | 4.23 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.86 | 0.84 | % | $ | 4.26 | ||||||||
PL Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 891.40 | 1.36 | % | $ | 6.45 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.15 | 1.36 | % | $ | 6.88 | ||||||||
PL International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 765.50 | 1.31 | % | $ | 5.80 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.50 | 1.31 | % | $ | 6.63 | ||||||||
PL Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 906.20 | 1.29 | % | $ | 6.16 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.60 | 1.29 | % | $ | 6.53 | ||||||||
PL Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 992.90 | 1.07 | % | $ | 5.35 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.70 | 1.07 | % | $ | 5.42 | ||||||||
PL Floating Rate Loan Fund (3) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 956.00 | 1.30 | % | $ | 3.24 | ||||||||
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 | $ | 855.80 | 1.19 | % | $ | 5.54 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.10 | 1.19 | % | $ | 6.02 | ||||||||
PL Mid-Cap Equity Fund (formerly PL Mid-Cap Value Fund) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 911.60 | 1.30 | % | $ | 6.23 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 | ||||||||
PL Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 812.80 | 1.41 | % | $ | 6.41 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.41 | % | $ | 7.13 | ||||||||
PL International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 821.60 | 1.50 | % | $ | 6.85 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.55 | 1.50 | % | $ | 7.59 | ||||||||
PL Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 959.20 | 1.37 | % | $ | 6.73 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.20 | 1.37 | % | $ | 6.93 | ||||||||
PL Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 888.50 | 1.10 | % | $ | 5.21 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.55 | 1.10 | % | $ | 5.57 | ||||||||
PL Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 800.70 | 1.46 | % | $ | 6.59 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.75 | 1.46 | % | $ | 7.38 | ||||||||
PL Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 937.30 | 1.05 | % | $ | 5.10 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.80 | 1.05 | % | $ | 5.32 | ||||||||
PL Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 936.60 | 1.06 | % | $ | 5.15 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.75 | 1.06 | % | $ | 5.37 | ||||||||
PL Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 906.10 | 1.41 | % | $ | 6.74 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.00 | 1.41 | % | $ | 7.13 | ||||||||
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 | 04/01/08 - | |||||||||||||
04/01/08 | 09/30/08 | Ratio | 09/30/08 | |||||||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 825.40 | 1.39 | % | $ | 6.36 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.15 | 1.39 | % | $ | 7.03 | ||||||||
PL Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 958.70 | 1.55 | % | $ | 7.61 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.30 | 1.55 | % | $ | 7.84 |
(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, then divided by 365 days. | |
(2) | The annualized expense ratios for all 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. | |
(3) | The PL Floating Rate Loan Fund commenced operations on June 30, 2008. The actual Fund return and expense paid during the period for this Fund were for the period June 30, 2008 to September 30, 2008, instead of the entire six-month period. The hypothetical return is based on the entire six-month period for comparison purposes. |
E-3
PACIFIC LIFE FUNDS
SPECIAL MEETING OF SHAREHOLDERS
(Unaudited)
SPECIAL MEETING OF SHAREHOLDERS
(Unaudited)
Shareholders of record as of January 18, 2008 representing the PL Portfolio Optimization Conservative Fund, PL Portfolio Optimization Moderate-Conservative Fund, PL Portfolio Optimization Moderate Fund, PL Portfolio Optimization Moderate-Aggressive Fund, and PL Portfolio Optimization Aggressive Fund (collectively, the “Portfolio Optimization Funds”) were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the offices of Pacific Life Funds on March 25, 2008. The necessary quorum and passing requirements for each Portfolio Optimization Fund were satisfied and the proposal passed. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:
Proposal for each Portfolio Optimization Fund:
To amend the Investment Advisory Agreement relating to the Portfolio Optimization Funds to implement an annual advisory fee of 0.20% of average daily net assets, which, upon implementation of the new advisory fee will be accompanied by: (i) an equivalent decrease in the annual advisory fee paid by each of the Underlying Funds of the Pacific Life Funds in which the Portfolio Optimization Funds currently invest; (ii) a 0.05% decrease in the administration fee paid to the Pacific Life Funds’ administrator by the Portfolio Optimization Funds and Underlying Funds; (iii) an extension of contractual expense caps through June 30, 2009 for the Portfolio Optimization Funds and Underlying Funds; and (iv) an additional 0.20% decrease in the advisory fee paid to Pacific Life Fund Advisors LLC by the PL Small-Cap Growth Fund.
Total | Total | |||||||||||||||||||||||||||||||
�� | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
PL Portfolio | Votes For | Votes Against | Votes Withheld (1) | Shares | Shares | |||||||||||||||||||||||||||
Optimization Funds | Number | Percent (2) | Number | Percent (2) | Number | Percent (2) | Voted | Number | ||||||||||||||||||||||||
Conservative | 2,039,441.32 | 90.20 | % | 93,548.42 | 4.14 | % | 127,969.26 | 5.66 | % | 2,260,959.00 | 4,266,980.00 | |||||||||||||||||||||
Moderate-Conservative | 5,053,814.91 | 91.94 | % | 229,705.34 | 4.18 | % | 213,519.11 | 3.88 | % | 5,497,039.36 | 10,433,991.00 | |||||||||||||||||||||
Moderate | 15,756,438.55 | 79.15 | % | 3,022,076.71 | 15.18 | % | 1,128,696.68 | 5.67 | % | 19,907,211.94 | 37,133,238.00 | |||||||||||||||||||||
Moderate-Aggressive | 16,613,140.69 | 86.43 | % | 895,783.19 | 4.66 | % | 1,712,547.34 | 8.91 | % | 19,221,471.22 | 38,082,059.00 | |||||||||||||||||||||
Aggressive | 7,476,488.38 | 88.53 | % | 508,611.83 | 6.02 | % | 460,192.03 | 5.45 | % | 8,445,292.24 | 16,478,739.00 |
(1) | The information presented includes broker non-votes. | |
2) | Based on total outstanding shares voted. |
E-4
PACIFIC LIFE FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
Pacific Life Funds file 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 Pacific Life Funds’ 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 Pacific Life Funds’ Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.
Information Relating to Investments Held by the Pacific Life Funds
For complete descriptions of the various securities and other instruments held by the Pacific Life Funds and their risks, please see the Pacific Life Funds’ prospectus and SAI. The prospectus and SAI are available (i) on the Pacific Life Funds’ Webpage at http://www.PacificLife.com; (ii) on the SEC’s Web site at http://www.sec.gov; and (iii) upon request, without charge, by calling 1-800-722-2333.
Availability of Proxy Voting Record
Pacific Life Funds file, 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 (i) on the Pacific Life Funds’ Webpage at http://www.PacificLife.com; and (ii) on the SEC’s Web site at http://www.sec.gov.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that Pacific Life Funds use to determine how to vote proxies relating to Fund securities is described in the Pacific Life Funds’ Statement of Additional Information (“SAI”), which is available (i) on the Pacific Life Funds’ Webpage at http://www.PacificLife.com; and (ii) on the SEC’s Web site at http://www.sec.gov; (iii) upon request, without charge, by calling 1-800-722-2333.
Availability of a Complete Schedule of Investments
The Pacific Life Fund’s annual and semi-annual reports may contain a summary schedule of investments (“SOI”) for certain Funds. A complete schedule for the summary SOI presented is available (i) on the Pacific Life Funds’ Webpage at http://www.PacificLife.com; (ii) on the SEC’s Web site at http://www.sec.gov; and (iii) upon request, without charge, by calling 1-800-722-2333.
E-5
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC LIFE FUNDS | ||||||
SEMI-ANNUAL REPORT | ||||||
as of September 30, 2008 | ||||||
PACIFIC LIFE FUNDS | ||||||
Mailing Address: | ||||||
P.O. Box 9768 | ||||||
Providence, RI 02940-9768 | ||||||
ADDRESS SERVICE REQUESTED | ||||||
3167-08A
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) | The Schedule of Investments in securities of unaffiliated issuers as of the close of reporting period for the PL Main Street® Core Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the 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 Large-Cap Growth Fund, PL International Large-Cap Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL Managed Bond Fund, PL Inflation Managed Fund, PL Comstock Fund, PL Mid-Cap Growth Fund, PL Real Estate Fund are included as part of the report to shareholders filed under Item 1 of this form. |
PACIFIC LIFE FUNDS
PL MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
PL MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.07% | ||||||||
Consumer Discretionary - 9.81% | ||||||||
Aaron Rents Inc | 700 | $ | 18,949 | |||||
Aeropostale Inc * | 2,900 | 93,119 | ||||||
American Eagle Outfitters Inc | 5,400 | 82,350 | ||||||
American Greetings Corp ‘A’ | 600 | 9,174 | ||||||
AnnTaylor Stores Corp * | 1,300 | 26,832 | ||||||
ArvinMeritor Inc | 400 | 5,216 | ||||||
Autoliv Inc | 2,300 | 77,625 | ||||||
AutoNation Inc * | 7,700 | 86,548 | ||||||
AutoZone Inc * | 600 | 74,004 | ||||||
Barnes & Noble Inc | 1,100 | 28,688 | ||||||
bebe Stores Inc | 1,900 | 18,563 | ||||||
Best Buy Co Inc | 20,900 | 783,750 | ||||||
Big Lots Inc * | 3,200 | 89,056 | ||||||
Bob Evans Farms Inc | 1,000 | 27,290 | ||||||
BorgWarner Inc | 2,500 | 81,925 | ||||||
Boyd Gaming Corp | 300 | 2,808 | ||||||
Brinker International Inc | 1,900 | 33,991 | ||||||
Brunswick Corp | 2,500 | 31,975 | ||||||
Cablevision Systems Corp ‘A’ | 4,000 | 100,640 | ||||||
Callaway Golf Co | 2,700 | 37,989 | ||||||
Career Education Corp * | 300 | 4,905 | ||||||
Carnival Corp (Panama) | 400 | 14,140 | ||||||
Carter’s Inc * | 700 | 13,811 | ||||||
CBS Corp ‘B’ | 46,000 | 670,680 | ||||||
CEC Entertainment Inc * | 500 | 16,600 | ||||||
Centex Corp | 1,600 | 25,920 | ||||||
Chipotle Mexican Grill Inc ‘B’ * | 55 | 2,571 | ||||||
Comcast Corp ‘A’ | 4,700 | 92,261 | ||||||
Corinthian Colleges Inc * | 300 | 4,500 | ||||||
Cox Radio Inc ‘A’ * | 1,000 | 10,560 | ||||||
Dillard’s Inc ‘A’ | 2,300 | 27,140 | ||||||
Dollar Tree Inc * | 2,900 | 105,444 | ||||||
DreamWorks Animation SKG Inc ‘A’ * | 3,100 | 97,495 | ||||||
Exide Technologies * | 200 | 1,476 | ||||||
Expedia Inc * | 2,400 | 36,264 | ||||||
Foot Locker Inc | 4,000 | 64,640 | ||||||
Ford Motor Co * | 71,658 | 372,622 | ||||||
Fossil Inc * | 300 | 8,469 | ||||||
Gannett Co Inc | 3,000 | 50,730 | ||||||
Gentex Corp | 4,900 | 70,070 | ||||||
Genuine Parts Co | 1,600 | 64,336 | ||||||
H&R Block Inc | 1,600 | 36,080 | ||||||
Hanesbrands Inc * | 2,600 | 56,550 | ||||||
Harte-Hanks Inc | 1,000 | 10,370 | ||||||
Hasbro Inc | 3,100 | 107,632 | ||||||
Hillenbrand Inc | 100 | 2,016 | ||||||
HSN Inc * | 1,020 | 11,230 | ||||||
International Speedway Corp ‘A’ | 700 | 27,237 | ||||||
Interval Leisure Group Inc * | 1,020 | 10,608 | ||||||
Jack in the Box Inc * | 900 | 18,990 | ||||||
Jones Apparel Group Inc | 1,900 | 35,169 | ||||||
KB Home | 300 | 5,904 | ||||||
Lear Corp * | 2,600 | 27,300 | ||||||
Lennar Corp ‘A’ | 4,600 | 69,874 | ||||||
Liberty Media Corp — Capital ‘A’ * | 200 | 2,676 | ||||||
Liberty Media Corp — Interactive ‘A’ * | 9,100 | 117,481 | ||||||
Limited Brands Inc | 6,200 | 107,384 | ||||||
Liz Claiborne Inc | 2,200 | 36,146 | ||||||
LKQ Corp * | 4,800 | 81,456 | ||||||
Macy’s Inc | 3,400 | 61,132 | ||||||
Marvel Entertainment Inc * | 600 | 20,484 | ||||||
Mattel Inc | 4,000 | 72,160 | ||||||
McDonald’s Corp | 5,100 | 314,670 | ||||||
Mediacom Communications Corp ‘A’ * | 100 | 592 | ||||||
Meredith Corp | 1,300 | 36,465 | ||||||
Netflix Inc * | 1,300 | 40,144 | ||||||
News Corp ‘A’ | 18,500 | 221,815 | ||||||
NVR Inc * | 100 | 57,200 | ||||||
Office Depot Inc * | 7,400 | 43,068 | ||||||
OfficeMax Inc | 500 | 4,445 | ||||||
Papa John’s International Inc * | 300 | 8,148 | ||||||
Penske Auto Group Inc | 1,900 | 21,793 | ||||||
Phillips-Van Heusen Corp | 200 | 7,582 | ||||||
Polaris Industries Inc | 700 | 31,843 | ||||||
Pool Corp | 100 | 2,333 | ||||||
priceline.com Inc * | 900 | 61,587 | ||||||
Pulte Homes Inc | 2,300 | 32,131 | ||||||
Quicksilver Inc * | 500 | 2,870 | ||||||
RadioShack Corp | 4,700 | 81,216 | ||||||
Regal Entertainment Group ‘A’ | 100 | 1,578 | ||||||
Regis Corp | 500 | 13,750 | ||||||
Rent-A-Center Inc * | 1,500 | 33,420 | ||||||
Ross Stores Inc | 3,000 | 110,430 | ||||||
Sally Beauty Holdings Inc * | 3,400 | 29,240 | ||||||
Scholastic Corp | 1,000 | 25,680 | ||||||
Service Corp International | 6,400 | 53,504 | ||||||
Skechers U.S.A. Inc ‘A’ * | 1,100 | 18,513 | ||||||
Snap-on Inc | 1,900 | 100,054 | ||||||
Speedway Motorsports Inc | 300 | 5,844 | ||||||
Staples Inc | 14,700 | 330,750 | ||||||
Tempur-Pedic International Inc | 400 | 4,704 | ||||||
The Children’s Place Retail Stores Inc * | 600 | 20,010 | ||||||
The DIRECTV Group Inc * | 34,700 | 908,099 | ||||||
The Dress Barn Inc * | 2,100 | 32,109 | ||||||
The Gap Inc | 45,500 | 808,990 | ||||||
The Goodyear Tire & Rubber Co * | 900 | 13,779 | ||||||
The Gymboree Corp * | 700 | 24,850 | ||||||
The Men’s Wearhouse Inc | 200 | 4,248 | ||||||
The Ryland Group Inc | 600 | 15,912 | ||||||
The Stanley Works | 1,100 | 45,914 | ||||||
The Talbots Inc | 300 | 3,930 | ||||||
The Timberland Co ‘A’ * | 500 | 8,685 | ||||||
The TJX Cos Inc | 21,300 | 650,076 | ||||||
The Walt Disney Co | 17,000 | 521,730 | ||||||
The Warnaco Group Inc * | 1,700 | 76,993 | ||||||
Thor Industries Inc | 800 | 19,856 | ||||||
Ticketmaster * | 1,020 | 10,945 | ||||||
Time Warner Cable Inc ‘A’ * | 9,600 | 232,320 | ||||||
Time Warner Inc | 81,400 | 1,067,154 | ||||||
Tractor Supply Co * | 1,000 | 42,050 | ||||||
TRW Automotive Holdings Corp * | 4,200 | 66,822 | ||||||
UniFirst Corp | 200 | 8,618 | ||||||
Urban Outfitters Inc * | 1,500 | 47,805 | ||||||
Viacom Inc ‘B’ * | 1,500 | 37,260 | ||||||
WABCO Holdings Inc | 1,600 | 56,864 | ||||||
Warner Music Group Corp | 100 | 760 | ||||||
Williams-Sonoma Inc | 2,000 | 32,360 | ||||||
Wolverine World Wide Inc | 1,200 | 31,764 | ||||||
Wyndham Worldwide Corp | 5,500 | 86,405 | ||||||
Zale Corp * | 300 | 7,500 | ||||||
10,962,182 | ||||||||
Consumer Staples - 6.91% | ||||||||
Altria Group Inc | 19,780 | 392,435 | ||||||
Casey’s General Stores Inc | 900 | 27,153 | ||||||
Chattem Inc * | 400 | 31,272 | ||||||
CVS Caremark Corp | 3,300 | 111,078 | ||||||
Del Monte Foods Co | 1,500 | 11,700 | ||||||
Fresh Del Monte Produce Inc (Cayman) * | 400 | 8,880 | ||||||
Herbalife Ltd (Cayman) | 2,100 | 82,992 | ||||||
Longs Drug Stores Corp | 300 | 22,692 | ||||||
Lorillard Inc | 4,861 | 345,860 | ||||||
NBTY Inc * | 1,200 | 35,424 | ||||||
Nu Skin Enterprises Inc ‘A’ | 900 | 14,598 | ||||||
PepsiCo Inc | 10,070 | 717,689 | ||||||
Philip Morris International Inc | 20,580 | 989,898 |
See Notes to Financial Statements | 1 | See explanation of symbols and terms, if any, on page 6 |
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Pilgrim’s Pride Corp | 600 | $ | 1,494 | |||||
Reynolds American Inc | 2,700 | 131,274 | ||||||
Safeway Inc | 29,300 | 694,996 | ||||||
The Coca-Cola Co | 12,600 | 666,288 | ||||||
The Kroger Co | 37,710 | 1,036,271 | ||||||
The Pepsi Bottling Group Inc | 700 | 20,419 | ||||||
The Procter & Gamble Co | 22,290 | 1,553,390 | ||||||
Tyson Foods Inc ‘A’ | 4,000 | 47,760 | ||||||
Universal Corp | 700 | 34,363 | ||||||
Wal-Mart Stores Inc | 12,400 | 742,636 | ||||||
Weis Markets Inc | 100 | 3,601 | ||||||
7,724,163 | ||||||||
Energy - 19.15% | ||||||||
Anadarko Petroleum Corp | 19,000 | 921,690 | ||||||
Apache Corp | 11,500 | 1,199,220 | ||||||
Berry Petroleum Co ‘A’ | 900 | 34,857 | ||||||
Bill Barrett Corp * | 800 | 25,688 | ||||||
BPZ Resources Inc * | 100 | 1,720 | ||||||
Chesapeake Energy Corp | 6,900 | 247,434 | ||||||
Chevron Corp | 32,700 | 2,697,096 | ||||||
Cimarex Energy Co | 1,700 | 83,147 | ||||||
ConocoPhillips | 28,345 | 2,076,271 | ||||||
Continental Resources Inc * | 500 | 19,615 | ||||||
CVR Energy Inc * | 100 | 852 | ||||||
Delta Petroleum Corp * | 1,200 | 16,296 | ||||||
Denbury Resources Inc * | 3,800 | 72,352 | ||||||
Devon Energy Corp | 3,900 | 355,680 | ||||||
Dresser-Rand Group Inc * | 2,600 | 81,822 | ||||||
Exxon Mobil Corp | 62,420 | 4,847,537 | ||||||
Frontier Oil Corp | 2,000 | 36,840 | ||||||
Grey Wolf Inc * | 1,700 | 13,226 | ||||||
GulfMark Offshore Inc * | 600 | 26,928 | ||||||
Halliburton Co | 3,500 | 113,365 | ||||||
Hess Corp | 10,000 | 820,800 | ||||||
Key Energy Services Inc * | 1,600 | 18,560 | ||||||
Lufkin Industries Inc | 400 | 31,740 | ||||||
Marathon Oil Corp | 27,800 | 1,108,386 | ||||||
Mariner Energy Inc * | 2,800 | 57,400 | ||||||
Massey Energy Co | 1,500 | 53,505 | ||||||
Murphy Oil Corp | 5,300 | 339,942 | ||||||
Nabors Industries Ltd * (Bermuda) | 2,900 | 72,268 | ||||||
Noble Corp (Cayman) | 17,200 | 755,080 | ||||||
Noble Energy Inc | 12,100 | 672,639 | ||||||
Nordic American Tanker Shipping Ltd (Bermuda) | 500 | 16,030 | ||||||
Occidental Petroleum Corp | 21,780 | 1,534,401 | ||||||
Oil States International Inc * | 2,000 | 70,700 | ||||||
Overseas Shipholding Group Inc | 1,200 | 69,972 | ||||||
Parker Drilling Co * | 200 | 1,604 | ||||||
Patterson-UTI Energy Inc | 3,900 | 78,078 | ||||||
Pioneer Drilling Co * | 200 | 2,660 | ||||||
Plains Exploration & Production Co * | 2,100 | 73,836 | ||||||
Rosetta Resources Inc * | 1,300 | 23,868 | ||||||
Schlumberger Ltd (Netherlands) | 8,800 | 687,192 | ||||||
SEACOR Holdings Inc * | 400 | 31,580 | ||||||
Spectra Energy Corp | 16,100 | 383,180 | ||||||
Stone Energy Corp * | 733 | 31,028 | ||||||
Swift Energy Co * | 700 | 27,083 | ||||||
The Williams Cos Inc | 2,500 | 59,125 | ||||||
Transocean Inc (Cayman) * | 2,800 | 307,552 | ||||||
Unit Corp * | 1,300 | 64,766 | ||||||
Valero Energy Corp | 25,540 | 773,862 | ||||||
VeraSun Energy Corp * | 900 | 2,817 | ||||||
W&T Offshore Inc | 2,200 | 60,038 | ||||||
Whiting Petroleum Corp * | 500 | 35,630 | ||||||
XTO Energy Inc | 5,800 | 269,816 | ||||||
21,406,774 | ||||||||
Financials - 8.98% | ||||||||
ACE Ltd (Switzerland) | 2,400 | 129,912 | ||||||
Allied World Assurance Co Holdings Ltd (Bermuda) | 1,000 | 35,520 | ||||||
American Financial Group Inc | 3,300 | 97,350 | ||||||
AmeriCredit Corp * | 1,600 | 16,208 | ||||||
AmTrust Financial Services Inc | 200 | 2,718 | ||||||
Arch Capital Group Ltd (Bermuda) * | 1,500 | 109,545 | ||||||
Aspen Insurance Holdings Ltd (Bermuda) | 2,100 | 57,750 | ||||||
Assurant Inc | 2,000 | 110,000 | ||||||
AXIS Capital Holdings Ltd (Bermuda) | 3,600 | 114,156 | ||||||
Bank of America Corp | 23,484 | 821,940 | ||||||
Berkshire Hathaway Inc ‘B’ * | 184 | 808,680 | ||||||
BlackRock Inc | 1,700 | 330,650 | ||||||
Brown & Brown Inc | 4,000 | 86,480 | ||||||
Cash America International Inc | 700 | 25,228 | ||||||
Cathay General Bancorp | 100 | 2,380 | ||||||
Cincinnati Financial Corp | 2,500 | 71,100 | ||||||
Citigroup Inc | 25,050 | 513,776 | ||||||
CNA Financial Corp | 3,100 | 81,344 | ||||||
Conseco Inc * | 1,200 | 4,224 | ||||||
Delphi Financial Group Inc ‘A’ | 200 | 5,608 | ||||||
Discover Financial Services | 8,850 | 122,307 | ||||||
E*TRADE FINANCIAL Corp * | 2,500 | 7,000 | ||||||
East West Bancorp Inc | 500 | 6,850 | ||||||
Employers Holdings Inc | 800 | 13,904 | ||||||
Endurance Specialty Holdings Ltd (Bermuda) | 1,100 | 34,012 | ||||||
Everest Re Group Ltd (Bermuda) | 300 | 25,959 | ||||||
Fidelity National Financial Inc ‘A’ | 6,200 | 91,140 | ||||||
First Commonwealth Financial Corp | 100 | 1,347 | ||||||
First Horizon National Corp | 3,710 | 35,247 | ||||||
First Midwest Bancorp Inc | 800 | 19,392 | ||||||
FirstMerit Corp | 1,400 | 29,400 | ||||||
Flagstone Reinsurance Holdings Ltd (Bermuda) | 100 | 1,027 | ||||||
General Growth Properties Inc REIT | 1,400 | 21,140 | ||||||
Genworth Financial Inc ‘A’ | 5,700 | 49,077 | ||||||
Hancock Holding Co | 400 | 20,400 | ||||||
Harleysville Group Inc | 500 | 18,900 | ||||||
HCC Insurance Holdings Inc | 3,200 | 86,400 | ||||||
International Bancshares Corp | 900 | 24,300 | ||||||
Invesco Ltd (Bermuda) | 300 | 6,294 | ||||||
IPC Holdings Ltd (Bermuda) | 1,200 | 36,252 | ||||||
JPMorgan Chase & Co | 26,190 | 1,223,073 | ||||||
KBW Inc * | 400 | 13,176 | ||||||
Knight Capital Group Inc ‘A’ * | 2,100 | 31,206 | ||||||
Legg Mason Inc | 1,600 | 60,896 | ||||||
Leucadia National Corp | 2,000 | 90,880 | ||||||
Loews Corp | 8,241 | 325,437 | ||||||
Max Capital Group Ltd (Bermuda) | 1,300 | 30,199 | ||||||
Montpelier Re Holdings Ltd (Bermuda) | 700 | 11,557 | ||||||
Morgan Stanley | 1,400 | 32,200 | ||||||
National Penn Bancshares Inc | 2,000 | 29,200 | ||||||
Nationwide Financial Services Inc ‘A’ | 400 | 19,732 | ||||||
Nelnet Inc ‘A’ | 100 | 1,420 | ||||||
Odyssey Re Holdings Corp | 2,200 | 96,360 | ||||||
Old National Bancorp | 1,700 | 34,034 | ||||||
OneBeacon Insurance Group Ltd (Bermuda) | 500 | 10,575 | ||||||
Pacific Capital Bancorp | 1,300 | 26,455 | ||||||
Park National Corp | 100 | 7,800 | ||||||
PartnerRe Ltd (Bermuda) | 1,400 | 93,534 | ||||||
PHH Corp * | 1,000 | 13,290 | ||||||
Philadelphia Consolidated Holding Corp * | 1,300 | 76,141 | ||||||
Platinum Underwriters Holdings Ltd (Bermuda) | 1,000 | 35,480 | ||||||
Popular Inc | 9,100 | 75,439 | ||||||
ProAssurance Corp * | 700 | 39,200 | ||||||
Protective Life Corp | 2,400 | 68,424 | ||||||
Provident Financial Services Inc | 1,200 | 19,812 | ||||||
Regions Financial Corp | 4,500 | 43,200 | ||||||
RenaissanceRe Holdings Ltd (Bermuda) | 1,000 | 52,000 | ||||||
RLI Corp | 400 | 24,836 |
See Notes to Financial Statements | 2 | See explanation of symbols and terms, if any, on page 6 |
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Selective Insurance Group Inc | 1,200 | $ | 27,504 | |||||
StanCorp Financial Group Inc | 1,900 | 94,392 | ||||||
State Auto Financial Corp | 100 | 2,907 | ||||||
Stifel Financial Corp * | 100 | 4,990 | ||||||
Susquehanna Bancshares Inc | 2,000 | 39,040 | ||||||
SVB Financial Group * | 100 | 5,792 | ||||||
TD Ameritrade Holding Corp * | 6,200 | 100,440 | ||||||
TFS Financial Corp | 1,000 | 12,520 | ||||||
The Bank of New York Mellon Corp | 2,600 | 84,708 | ||||||
The Chubb Corp | 21,360 | 1,172,664 | ||||||
The Colonial BancGroup Inc | 4,100 | 32,226 | ||||||
The First American Corp | 200 | 5,900 | ||||||
The Goldman Sachs Group Inc | 3,380 | 432,640 | ||||||
The Hanover Insurance Group Inc | 1,800 | 81,936 | ||||||
The NASDAQ OMX Group Inc * | 3,100 | 94,767 | ||||||
The Navigators Group Inc * | 200 | 11,600 | ||||||
The Phoenix Companies Inc | 200 | 1,848 | ||||||
The Student Loan Corp | 100 | 9,300 | ||||||
The Travelers Cos Inc | 8,630 | 390,076 | ||||||
Torchmark Corp | 100 | 5,980 | ||||||
Transatlantic Holdings Inc | 400 | 21,740 | ||||||
Tree.com Inc * | 170 | 819 | ||||||
Trustmark Corp | 200 | 4,148 | ||||||
UnionBanCal Corp | 200 | 14,658 | ||||||
Unitrin Inc | 500 | 12,470 | ||||||
Unum Group | 5,500 | 138,050 | ||||||
Validus Holdings Ltd (Bermuda) | 100 | 2,325 | ||||||
W.R. Berkley Corp | 4,200 | 98,910 | ||||||
Webster Financial Corp | 1,700 | 42,925 | ||||||
Wells Fargo & Co | 8,210 | 308,121 | ||||||
Westamerica Bancorp | 100 | 5,753 | ||||||
Willis Group Holdings Ltd (Bermuda) | 1,500 | 48,390 | ||||||
Zenith National Insurance Corp | 500 | 18,320 | ||||||
Zions Bancorp | 1,300 | 50,310 | ||||||
10,038,642 | ||||||||
Health Care - 8.06% | ||||||||
Abbott Laboratories | 3,500 | 201,530 | ||||||
Aetna Inc | 26,180 | 945,360 | ||||||
Alpharma Inc ‘A’ * | 1,200 | 44,268 | ||||||
American Medical Systems Holdings Inc * | 1,000 | 17,760 | ||||||
AMERIGROUP Corp * | 1,300 | 32,825 | ||||||
Amgen Inc * | 9,630 | 570,770 | ||||||
Analogic Corp | 400 | 19,904 | ||||||
Boston Scientific Corp * | 10,700 | 131,289 | ||||||
Cardinal Health Inc | 700 | 34,496 | ||||||
Celera Corp * | 100 | 1,545 | ||||||
Centene Corp * | 1,000 | 20,510 | ||||||
Chemed Corp | 600 | 24,636 | ||||||
Coventry Health Care Inc * | 900 | 29,295 | ||||||
Cubist Pharmaceuticals Inc * | 1,300 | 28,899 | ||||||
Eli Lilly & Co | 10,100 | 444,703 | ||||||
Emergency Medical Services Corp ‘A’ * | 300 | 8,964 | ||||||
Endo Pharmaceuticals Holdings Inc * | 200 | 4,000 | ||||||
Genentech Inc * | 3,200 | 283,776 | ||||||
Gilead Sciences Inc * | 1,100 | 50,138 | ||||||
Health Net Inc * | 3,400 | 80,240 | ||||||
HealthExtras Inc * | 600 | 15,672 | ||||||
Healthspring Inc * | 1,400 | 29,624 | ||||||
Hill-Rom Holdings Inc | 1,300 | 39,403 | ||||||
Johnson & Johnson | 26,300 | 1,822,064 | ||||||
Kindred Healthcare Inc * | 1,000 | 27,570 | ||||||
King Pharmaceuticals Inc * | 9,800 | 93,884 | ||||||
KV Pharmaceutical Co ‘A’ * | 200 | 4,542 | ||||||
LifePoint Hospitals Inc * | 1,100 | 35,354 | ||||||
Lincare Holdings Inc * | 1,100 | 33,099 | ||||||
Magellan Health Services Inc * | 400 | 16,424 | ||||||
Martek Biosciences Corp * | 900 | 28,278 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 1,500 | 22,365 | ||||||
Medtronic Inc | 1,200 | 60,120 | ||||||
Merck & Co Inc | 23,600 | 744,816 | ||||||
Molina Healthcare Inc * | 100 | 3,100 | ||||||
Omnicare Inc | 900 | 25,893 | ||||||
Owens & Minor Inc | 800 | 38,800 | ||||||
PDL BioPharma Inc | 2,900 | 26,999 | ||||||
Pfizer Inc | 75,150 | 1,385,766 | ||||||
Pharmaceutical Product Development Inc | 2,300 | 95,105 | ||||||
PSS World Medical Inc * | 500 | 9,750 | ||||||
Sepracor Inc * | 4,600 | 84,226 | ||||||
Sirona Dental Systems Inc * | 800 | 18,624 | ||||||
STERIS Corp | 1,100 | 41,338 | ||||||
Teleflex Inc | 100 | 6,349 | ||||||
Thermo Fisher Scientific Inc * | 1,100 | 60,500 | ||||||
UnitedHealth Group Inc | 7,870 | 199,819 | ||||||
Universal Health Services Inc ‘B’ | 1,100 | 61,633 | ||||||
Varian Inc * | 500 | 21,450 | ||||||
Warner Chilcott Ltd ‘A’ (Bermuda) * | 1,900 | 28,728 | ||||||
Watson Pharmaceuticals Inc * | 3,500 | 99,750 | ||||||
WellCare Health Plans Inc * | 200 | 7,200 | ||||||
WellPoint Inc * | 18,100 | 846,537 | ||||||
9,009,690 | ||||||||
Industrials - 13.51% | ||||||||
3M Co | 6,140 | 419,423 | ||||||
A.O. Smith Corp | 700 | 27,433 | ||||||
Acuity Brands Inc | 800 | 33,408 | ||||||
Aecom Technology Corp * | 2,800 | 68,432 | ||||||
Alexander & Baldwin Inc | 600 | 26,418 | ||||||
AMERCO * | 100 | 4,193 | ||||||
American Reprographics Co * | 100 | 1,725 | ||||||
Applied Industrial Technologies Inc | 1,200 | 32,316 | ||||||
Arkansas Best Corp | 900 | 30,321 | ||||||
Armstrong World Industries Inc | 600 | 17,340 | ||||||
Avis Budget Group Inc * | 3,400 | 19,516 | ||||||
Baldor Electric Co | 1,000 | 28,810 | ||||||
Barnes Group Inc | 800 | 16,176 | ||||||
BE Aerospace Inc * | 3,700 | 58,571 | ||||||
Belden Inc | 900 | 28,629 | ||||||
Brady Corp ‘A’ | 400 | 14,112 | ||||||
Carlisle Cos Inc | 300 | 8,991 | ||||||
Caterpillar Inc | 13,700 | 816,520 | ||||||
Ceradyne Inc * | 700 | 25,662 | ||||||
CIRCOR International Inc | 300 | 13,029 | ||||||
Clean Harbors Inc * | 400 | 27,020 | ||||||
Continental Airlines Inc ‘B’ * | 2,200 | 36,696 | ||||||
Cooper Industries Ltd ‘A’ (Bermuda) | 2,000 | 79,900 | ||||||
Copart Inc * | 900 | 34,200 | ||||||
CoStar Group Inc * | 100 | 4,539 | ||||||
Crane Co | 300 | 8,913 | ||||||
CSX Corp | 1,200 | 65,484 | ||||||
Cummins Inc | 12,000 | 524,640 | ||||||
Deluxe Corp | 1,700 | 24,463 | ||||||
Dover Corp | 2,900 | 117,595 | ||||||
DRS Technologies Inc | 600 | 46,050 | ||||||
DynCorp International Inc ‘A’ * | 100 | 1,676 | ||||||
Eaton Corp | 160 | 8,989 | ||||||
EMCOR Group Inc * | 2,600 | 68,432 | ||||||
Emerson Electric Co | 4,200 | 171,318 | ||||||
EnPro Industries Inc * | 500 | 18,580 | ||||||
Esterline Technologies Corp * | 700 | 27,713 | ||||||
Excel Maritime Carriers Ltd (Liberia) | 400 | 6,032 | ||||||
First Advantage Corp ‘A’ * | 100 | 1,405 | ||||||
Gardner Denver Inc * | 1,900 | 65,968 | ||||||
GATX Corp | 600 | 23,742 | ||||||
General Dynamics Corp | 3,700 | 272,394 | ||||||
General Electric Co | 80,810 | 2,060,655 | ||||||
GrafTech International Ltd * | 3,900 | 58,929 | ||||||
Granite Construction Inc | 900 | 32,238 | ||||||
Heartland Express Inc | 900 | 13,968 | ||||||
Herman Miller Inc | 1,400 | 34,258 |
See Notes to Financial Statements | 3 | See explanation of symbols and terms, if any, on page 6 |
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Hertz Global Holdings Inc * | 7,900 | $ | 59,803 | |||||
HNI Corp | 900 | 22,806 | ||||||
Honeywell International Inc | 5,830 | 242,237 | ||||||
Hub Group Inc ‘A’ * | 1,000 | 37,650 | ||||||
Hubbell Inc ‘B’ | 200 | 7,010 | ||||||
IDEX Corp | 2,700 | 83,754 | ||||||
IKON Office Solutions Inc | 2,400 | 40,824 | ||||||
Illinois Tool Works Inc | 5,100 | 226,695 | ||||||
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) | 10,200 | 317,934 | ||||||
Interface Inc ‘A’ | 1,000 | 11,370 | ||||||
KBR Inc | 3,400 | 51,918 | ||||||
Kennametal Inc | 2,900 | 78,648 | ||||||
Korn/Ferry International * | 600 | 10,692 | ||||||
L-3 Communications Holdings Inc | 4,300 | 422,776 | ||||||
Lennox International Inc | 1,000 | 33,270 | ||||||
Lincoln Electric Holdings Inc | 1,300 | 83,603 | ||||||
Manpower Inc | 1,900 | 82,004 | ||||||
MasTec Inc * | 400 | 5,316 | ||||||
Monster Worldwide Inc * | 4,800 | 71,568 | ||||||
MPS Group Inc * | 2,500 | 25,200 | ||||||
MSC Industrial Direct Co Inc ‘A’ | 1,900 | 87,533 | ||||||
Mueller Industries Inc | 1,000 | 23,010 | ||||||
Mueller Water Products Inc ‘A’ | 700 | 6,286 | ||||||
Navigant Consulting Inc * | 100 | 1,989 | ||||||
Navistar International Corp * | 400 | 21,672 | ||||||
Nordson Corp | 1,300 | 63,843 | ||||||
Norfolk Southern Corp | 15,700 | 1,039,497 | ||||||
Northrop Grumman Corp | 15,060 | 911,732 | ||||||
Old Dominion Freight Line Inc * | 100 | 2,834 | ||||||
Orbital Sciences Corp * | 1,100 | 26,367 | ||||||
Oshkosh Corp | 500 | 6,580 | ||||||
Owens Corning Inc * | 600 | 14,346 | ||||||
Pacer International Inc | 600 | 9,882 | ||||||
Parker-Hannifin Corp | 11,800 | 625,400 | ||||||
Pentair Inc | 1,700 | 58,769 | ||||||
Raytheon Co | 16,500 | 882,915 | ||||||
Regal-Beloit Corp | 300 | 12,756 | ||||||
Resources Connection Inc * | 1,200 | 27,036 | ||||||
Robbins & Myers Inc | 800 | 24,744 | ||||||
Robert Half International Inc | 4,300 | 106,425 | ||||||
Roper Industries Inc | 300 | 17,088 | ||||||
RR Donnelley & Sons Co | 4,000 | 98,120 | ||||||
Ryder System Inc | 1,100 | 68,200 | ||||||
SkyWest Inc | 1,600 | 25,568 | ||||||
Steelcase Inc ‘A’ | 2,500 | 26,875 | ||||||
SYKES Enterprises Inc * | 500 | 10,980 | ||||||
TBS International Ltd ‘A’ (Bermuda) * | 100 | 1,346 | ||||||
Textainer Group Holdings Ltd (Bermuda) | 200 | 3,038 | ||||||
The Boeing Co | 18,270 | 1,047,784 | ||||||
The Brink’s Co | 1,400 | 85,428 | ||||||
The Timken Co | 3,100 | 87,885 | ||||||
The Toro Co | 900 | 37,170 | ||||||
Thomas & Betts Corp * | 2,000 | 78,140 | ||||||
Titan International Inc | 200 | 4,264 | ||||||
Trinity Industries Inc | 800 | 20,584 | ||||||
Triumph Group Inc | 500 | 22,855 | ||||||
Tyco International Ltd (Bermuda) | 5,295 | 185,431 | ||||||
United Rentals Inc * | 1,773 | 27,021 | ||||||
United Stationers Inc * | 500 | 23,915 | ||||||
United Technologies Corp | 9,900 | 594,594 | ||||||
UTI Worldwide Inc (United Kingdom) | 900 | 15,318 | ||||||
W.W. Grainger Inc | 400 | 34,788 | ||||||
Waste Management Inc | 26,400 | 831,336 | ||||||
Watsco Inc | 400 | 20,112 | ||||||
Watson Wyatt Worldwide Inc ‘A’ | 1,300 | 64,649 | ||||||
Watts Water Technologies Inc ‘A’ | 1,000 | 27,350 | ||||||
Werner Enterprises Inc | 1,600 | 34,736 | ||||||
WESCO International Inc * | 900 | 28,962 | ||||||
Westinghouse Air Brake Technologies Corp | 1,500 | 76,845 | ||||||
Woodward Governor Co | 2,300 | 81,121 | ||||||
YRC Worldwide Inc * | 1,800 | 21,528 | ||||||
15,098,547 | ||||||||
Information Technology - 21.70% | ||||||||
3Com Corp * | 400 | 932 | ||||||
Activision Blizzard Inc * | 2,700 | 41,661 | ||||||
Acxiom Corp | 1,300 | 16,302 | ||||||
ADTRAN Inc | 1,400 | 27,286 | ||||||
Affiliated Computer Services Inc ‘A’ * | 2,100 | 106,323 | ||||||
Agilent Technologies Inc * | 6,620 | 196,349 | ||||||
Altera Corp | 5,800 | 119,944 | ||||||
Amdocs Ltd (United Kingdom) * | 4,000 | 109,520 | ||||||
Amkor Technology Inc * | 3,800 | 24,206 | ||||||
Amphenol Corp ‘A’ | 2,700 | 108,378 | ||||||
Analog Devices Inc | 4,600 | 121,210 | ||||||
Anixter International Inc * | 700 | 41,657 | ||||||
ANSYS Inc * | 300 | 11,361 | ||||||
Apple Inc * | 7,060 | 802,440 | ||||||
Applied Materials Inc | 58,870 | 890,703 | ||||||
Arrow Electronics Inc * | 3,400 | 89,148 | ||||||
Atmel Corp * | 9,500 | 32,205 | ||||||
Autodesk Inc * | 3,800 | 127,490 | ||||||
Avid Technology Inc * | 300 | 7,218 | ||||||
Avnet Inc * | 3,800 | 93,594 | ||||||
Avocent Corp * | 1,200 | 24,552 | ||||||
AVX Corp | 1,300 | 13,247 | ||||||
Benchmark Electronics Inc * | 1,900 | 26,752 | ||||||
BMC Software Inc * | 100 | 2,863 | ||||||
Broadridge Financial Solutions Inc | 3,800 | 58,482 | ||||||
Brocade Communications Systems Inc * | 13,000 | 75,660 | ||||||
CA Inc | 16,800 | 335,328 | ||||||
Cabot Microelectronics Corp * | 700 | 22,456 | ||||||
Cadence Design Systems Inc * | 9,200 | 62,192 | ||||||
Check Point Software Technologies Ltd (Israel) * | 3,300 | 75,042 | ||||||
Ciena Corp * | 800 | 8,064 | ||||||
Cisco Systems Inc * | 80,510 | 1,816,306 | ||||||
Citrix Systems Inc * | 1,900 | �� | 47,994 | |||||
Cogent Inc * | 1,100 | 11,242 | ||||||
Cognex Corp | 600 | 12,096 | ||||||
Coherent Inc * | 500 | 17,775 | ||||||
Computer Sciences Corp * | 2,800 | 112,364 | ||||||
Compuware Corp * | 10,200 | 98,838 | ||||||
Comtech Telecommunications Corp * | 400 | 19,696 | ||||||
Concur Technologies Inc * | 700 | 26,782 | ||||||
Convergys Corp * | 2,500 | 36,950 | ||||||
Corning Inc | 7,900 | 123,556 | ||||||
Cymer Inc * | 900 | 22,797 | ||||||
Dell Inc * | 6,100 | 100,528 | ||||||
Digital River Inc * | 300 | 9,720 | ||||||
Dolby Laboratories Inc ‘A’ * | 300 | 10,557 | ||||||
EarthLink Inc * | 800 | 6,800 | ||||||
EchoStar Corp ‘A’ * | 1,864 | 44,922 | ||||||
Electronics for Imaging Inc * | 600 | 8,358 | ||||||
EMC Corp * | 7,800 | 93,288 | ||||||
Emulex Corp * | 2,500 | 26,675 | ||||||
Entegris Inc * | 1,900 | 9,196 | ||||||
F5 Networks Inc * | 1,300 | 30,394 | ||||||
Fair Isaac Corp | 1,300 | 29,978 | ||||||
Fairchild Semiconductor International Inc * | 3,000 | 26,670 | ||||||
FEI Co * | 100 | 2,381 | ||||||
Fidelity National Information Services Inc | 1,100 | 20,306 | ||||||
Gartner Inc * | 1,800 | 40,824 | ||||||
Global Payments Inc | 400 | 17,944 | ||||||
Google Inc ‘A’ * | 1,700 | 680,884 | ||||||
Harris Corp | 1,900 | 87,780 | ||||||
Hewitt Associates Inc ‘A’ * | 2,600 | 94,744 | ||||||
Hewlett-Packard Co | 49,570 | 2,292,117 | ||||||
IAC/ InterActiveCorp * | 4,050 | 70,065 |
See Notes to Financial Statements | 4 | See explanation of symbols and terms, if any, on page 6 |
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Informatica Corp * | 1,900 | $ | 24,681 | |||||
Ingram Micro Inc ‘A’ * | 5,500 | 88,385 | ||||||
Integrated Device Technology Inc * | 3,800 | 29,564 | ||||||
Intel Corp | 100,700 | 1,886,111 | ||||||
InterDigital Inc * | 1,000 | 24,050 | ||||||
Intermec Inc * | 200 | 3,928 | ||||||
International Business Machines Corp | 16,470 | 1,926,331 | ||||||
Intersil Corp ‘A’ | 4,600 | 76,268 | ||||||
Intuit Inc * | 5,200 | 164,372 | ||||||
Itron Inc * | 200 | 17,706 | ||||||
j2 Global Communications Inc * | 1,300 | 30,355 | ||||||
Jabil Circuit Inc | 7,500 | 71,550 | ||||||
JDS Uniphase Corp * | 9,200 | 77,832 | ||||||
KLA-Tencor Corp | 3,200 | 101,280 | ||||||
Lawson Software Inc * | 1,500 | 10,500 | ||||||
Lexmark International Inc ‘A’ * | 2,900 | 94,453 | ||||||
Linear Technology Corp | 3,800 | 116,508 | ||||||
LSI Corp * | 17,100 | 91,656 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 9,600 | 89,280 | ||||||
Mentor Graphics Corp * | 200 | 2,270 | ||||||
Metavante Technologies Inc * | 300 | 5,778 | ||||||
MICROS Systems Inc * | 300 | 7,998 | ||||||
Microsemi Corp * | 400 | 10,192 | ||||||
Microsoft Corp | 109,320 | 2,917,751 | ||||||
MicroStrategy Inc ‘A’ * | 100 | 5,953 | ||||||
MKS Instruments Inc * | 1,400 | 27,874 | ||||||
Molex Inc | 4,100 | 92,045 | ||||||
National Instruments Corp | 1,900 | 57,095 | ||||||
National Semiconductor Corp | 2,200 | 37,862 | ||||||
NCR Corp * | 4,200 | 92,610 | ||||||
Net 1 U.E.P.S. Technologies Inc * | 1,000 | 22,330 | ||||||
Novellus Systems Inc * | 1,900 | 37,316 | ||||||
Open Text Corp (Canada) * | 1,000 | 34,580 | ||||||
Oracle Corp * | 35,770 | 726,489 | ||||||
Parametric Technology Corp * | 1,500 | 27,600 | ||||||
Perot Systems Corp ‘A’ * | 2,400 | 41,640 | ||||||
Plantronics Inc | 1,400 | 31,528 | ||||||
Plexus Corp * | 1,100 | 22,770 | ||||||
PMC-Sierra Inc * | 4,900 | 36,358 | ||||||
Polycom Inc * | 2,500 | 57,825 | ||||||
Power Integrations Inc * | 200 | 4,820 | ||||||
Progress Software Corp * | 700 | 18,193 | ||||||
QLogic Corp * | 4,200 | 64,512 | ||||||
QUALCOMM Inc | 14,720 | 632,518 | ||||||
Quest Software Inc * | 1,400 | 17,766 | ||||||
RealNetworks Inc * | 500 | 2,540 | ||||||
RF Micro Devices Inc * | 4,700 | 13,724 | ||||||
Rofin-Sinar Technologies Inc * | 300 | 9,183 | ||||||
SanDisk Corp * | 4,900 | 95,795 | ||||||
Sapient Corp * | 400 | 2,972 | ||||||
Seagate Technology LLC (Cayman) | 24,000 | 290,880 | ||||||
Semtech Corp * | 2,200 | 30,712 | ||||||
Silicon Laboratories Inc * | 1,000 | 30,700 | ||||||
Sohu.com Inc * | 900 | 50,175 | ||||||
Sun Microsystems Inc * | 14,000 | 106,400 | ||||||
Sybase Inc * | 3,100 | 94,922 | ||||||
Symantec Corp * | 56,700 | 1,110,186 | ||||||
Synaptics Inc * | 1,200 | 36,264 | ||||||
SYNNEX Corp * | 900 | 20,106 | ||||||
Synopsys Inc * | 3,700 | 73,815 | ||||||
Tech Data Corp * | 1,000 | 29,850 | ||||||
Technitrol Inc | 300 | 4,437 | ||||||
Tekelec * | 2,100 | 29,379 | ||||||
TeleTech Holdings Inc * | 600 | 7,464 | ||||||
Tellabs Inc * | 8,800 | 35,728 | ||||||
Teradata Corp * | 800 | 15,600 | ||||||
Teradyne Inc * | 8,300 | 64,823 | ||||||
Texas Instruments Inc | 49,840 | 1,071,560 | ||||||
TIBCO Software Inc * | 4,400 | 32,208 | ||||||
Total System Services Inc | 700 | 11,480 | ||||||
Trimble Navigation Ltd * | 3,000 | 77,580 | ||||||
Tyco Electronics Ltd (Bermuda) | 5,500 | 152,130 | ||||||
Unisys Corp * | 400 | 1,100 | ||||||
ValueClick Inc * | 300 | 3,069 | ||||||
Verigy Ltd (Singapore) * | 300 | 4,884 | ||||||
Visa Inc ‘A’ | 1,170 | 71,826 | ||||||
Vishay Intertechnology Inc * | 3,600 | 23,832 | ||||||
Western Digital Corp * | 4,500 | 95,940 | ||||||
Wind River Systems Inc * | 2,400 | 24,000 | ||||||
Xerox Corp | 64,590 | 744,723 | ||||||
Xilinx Inc | 2,700 | 63,315 | ||||||
Zebra Technologies Corp ‘A’ * | 1,700 | 47,345 | ||||||
24,262,222 | ||||||||
Materials - 5.25% | ||||||||
AK Steel Holding Corp | 2,900 | 75,168 | ||||||
Alcoa Inc | 28,600 | 645,788 | ||||||
AptarGroup Inc | 400 | 15,644 | ||||||
Ashland Inc | 700 | 20,468 | ||||||
Ball Corp | 200 | 7,898 | ||||||
Carpenter Technology Corp | 600 | 15,390 | ||||||
Celanese Corp ‘A’ | 1,200 | 33,492 | ||||||
CF Industries Holdings Inc | 900 | 82,314 | ||||||
Chemtura Corp | 5,700 | 25,992 | ||||||
Crown Holdings Inc * | 3,500 | 77,735 | ||||||
Cytec Industries Inc | 900 | 35,019 | ||||||
Domtar Corp * | 6,500 | 29,900 | ||||||
Ferro Corp | 1,200 | 24,120 | ||||||
Freeport-McMoRan Copper & Gold Inc | 13,500 | 767,475 | ||||||
Greif Inc ‘A’ | 1,400 | 91,868 | ||||||
H.B. Fuller Co | 1,300 | 27,131 | ||||||
Hercules Inc | 4,000 | 79,160 | ||||||
Kaiser Aluminum Corp | 500 | 21,475 | ||||||
Koppers Holdings Inc | 600 | 22,446 | ||||||
Louisiana-Pacific Corp | 300 | 2,790 | ||||||
MeadWestvaco Corp | 900 | 20,979 | ||||||
Minerals Technologies Inc | 500 | 29,680 | ||||||
Monsanto Co | 9,400 | 930,412 | ||||||
Nalco Holding Co | 4,200 | 77,868 | ||||||
NewMarket Corp | 400 | 21,024 | ||||||
Newmont Mining Corp | 1,500 | 58,140 | ||||||
NOVA Chemicals Corp (Canada) | 1,200 | 27,120 | ||||||
Nucor Corp | 18,040 | 712,580 | ||||||
Olin Corp | 1,200 | 23,280 | ||||||
Olympic Steel Inc | 200 | 5,898 | ||||||
Owens-Illinois Inc * | 2,900 | 85,260 | ||||||
Reliance Steel & Aluminum Co | 1,900 | 72,143 | ||||||
Rock-Tenn Co ‘A’ | 1,000 | 39,980 | ||||||
Rockwood Holdings Inc * | 100 | 2,566 | ||||||
RPM International Inc | 4,400 | 85,096 | ||||||
RTI International Metals Inc * | 100 | 1,956 | ||||||
Schnitzer Steel Industries Inc ‘A’ | 1,200 | 47,088 | ||||||
Sealed Air Corp | 5,000 | 109,950 | ||||||
Silgan Holdings Inc | 200 | 10,218 | ||||||
Smurfit-Stone Container Corp * | 2,200 | 10,340 | ||||||
Sonoco Products Co | 3,100 | 92,008 | ||||||
Southern Copper Corp | 30,000 | 572,400 | ||||||
Temple-Inland Inc | 1,400 | 21,364 | ||||||
Terra Industries Inc | 2,300 | 67,620 | ||||||
The Dow Chemical Co | 7,400 | 235,172 | ||||||
The Mosaic Co | 2,500 | 170,100 | ||||||
The Scotts Miracle-Gro Co ‘A’ | 1,200 | 28,368 | ||||||
The Valspar Corp | 2,300 | 51,267 | ||||||
United States Steel Corp | 1,300 | 100,893 | ||||||
Valhi Inc | 200 | 3,600 | ||||||
Westlake Chemical Corp | 1,100 | 23,133 | ||||||
Worthington Industries Inc | 1,700 | 25,398 | ||||||
5,864,174 | ||||||||
See Notes to Financial Statements | 5 | See explanation of symbols and terms, if any, on page 6 |
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2008 (Unaudited)
Shares | Value | |||||||
Telecommunication Services - 3.19% | ||||||||
AT&T Inc | 56,793 | $ | 1,585,661 | |||||
Centennial Communications Corp * | 2,100 | 13,104 | ||||||
CenturyTel Inc | 800 | 29,320 | ||||||
Clearwire Corp ‘A’ * | 1,100 | 13,068 | ||||||
Embarq Corp | 2,800 | 113,540 | ||||||
MetroPCS Communications Inc * | 3,600 | 50,364 | ||||||
NTELOS Holdings Corp | 900 | 24,201 | ||||||
Premiere Global Services Inc * | 1,700 | 23,902 | ||||||
Sprint Nextel Corp | 115,640 | 705,404 | ||||||
Syniverse Holdings Inc * | 1,700 | 28,237 | ||||||
Telephone & Data Systems Inc | 2,400 | 85,800 | ||||||
US Cellular Corp * | 700 | 32,844 | ||||||
Verizon Communications Inc | 24,160 | 775,294 | ||||||
Windstream Corp | 8,100 | 88,614 | ||||||
3,569,353 | ||||||||
Utilities - 1.51% | ||||||||
American Electric Power Co Inc | 200 | 7,416 | ||||||
Avista Corp | 1,400 | 30,394 | ||||||
DPL Inc | 2,800 | 69,440 | ||||||
Duke Energy Corp | 47,300 | 824,439 | ||||||
Edison International | 1,000 | 39,900 | ||||||
Exelon Corp | 200 | 12,524 | ||||||
FirstEnergy Corp | 6,000 | 401,940 | ||||||
Hawaiian Electric Industries Inc | 400 | 11,604 | ||||||
Integrys Energy Group Inc | 2,000 | 99,880 | ||||||
Mirant Corp * | 800 | 14,632 | ||||||
New Jersey Resources Corp | 300 | 10,767 | ||||||
Reliant Energy Inc * | 5,700 | 41,895 | ||||||
Sierra Pacific Resources | 1,800 | 17,244 | ||||||
South Jersey Industries Inc | 200 | 7,140 | ||||||
Southwest Gas Corp | 500 | 15,130 | ||||||
The Laclede Group Inc | 600 | 29,094 | ||||||
Unisource Energy Corp | 700 | 20,433 | ||||||
WGL Holdings Inc | 1,100 | 35,695 | ||||||
1,689,567 | ||||||||
Total Common Stocks (Cost $122,694,087) | 109,625,314 | |||||||
TOTAL INVESTMENTS - 98.07% (Cost $122,694,087) | 109,625,314 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.93% | 2,162,440 | |||||||
NET ASSETS - 100.00% | $ | 111,787,754 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2008, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 21.70 | % | ||
Energy | 19.15 | % | ||
Industrials | 13.51 | % | ||
Consumer Discretionary | 9.81 | % | ||
Financials | 8.98 | % | ||
Health Care | 8.06 | % | ||
Consumer Staples | 6.91 | % | ||
Materials | 5.25 | % | ||
Telecommunication Services | 3.19 | % | ||
Utilities | 1.51 | % | ||
98.07 | % | |||
Other Assets & Liabilities, Net | 1.93 | % | ||
100.00 | % | |||
Explanation of Symbols for Schedules of Investments
* | Non-income producing securities. |
Explanation of Terms for Schedules of Investments
REIT | Real Estate Investment Trust |
Note: The descriptions and industry classifications of the companies shown in the schedule of investments were obtained from published reports and other sources believed to be reliable.
See Notes to Financial Statements | 6 |
(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 that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Code of Ethics — Not applicable. | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99 CERT pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | |
(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: | December 8, 2008 | |||||
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 | |||||
Chief Executive Officer | ||||||
Date: | December 8, 2008 | |||||
By: | /s/ Mary Ann Brown | |||||
Mary Ann Brown President | ||||||
Date: | December 8, 2008 | |||||
By: | /s/ Brian D. Klemens | |||||
Brian D. Klemens | ||||||
Treasurer (Principal Financial and Accounting Officer) | ||||||
Date: | December 8, 2008 | |||||