UNITED STATES FORM N-CSR |
burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. |
Item 1. Annual Report to Shareholders of the Pacific Funds for the fiscal year ended March 31, 2004. |
TABLE OF CONTENTS
PACIFIC FUNDS |
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A-1 | ||
A-2 | ||
B-1 | ||
Financial Statements: |
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| C-1 | |
| C-7 | |
| C-10 | |
D-1 | ||
E-1 | ||
F-1 | ||
G-1 | ||
H-1 |
To Our Pacific Funds Shareholders:
We’ve prepared the enclosed investment results for each of the funds for the past 12 months. Each of the fund managers has prepared a discussion regarding the performance of the funds they manage, including commentary discussing positive and negative factors affecting performance.
The opinions contained in this report are those of the fund managers as of March 31, 2004, and are subject to change at any time. Market and economic conditions and portfolio holdings and investment sectors are subject to change daily. All information provided is for informational purposes only and should not be construed as a recommendation to buy or sell any particular security or fund.
Thank you for investing in Pacific Funds. We appreciate your confidence and look forward to serving your financial needs in the years to come.
![]() | ![]() |
Thomas C. Sutton | Glenn S. Schafer |
Chairman of the Board | President |
A-1
PACIFIC FUNDS PERFORMANCE DISCUSSION
The Portfolio Optimization Funds
PF Portfolio Optimization Models A – E
The Portfolio Optimization Funds are five funds, PF Portfolio Optimization Models A – E, which commenced operations on December 31, 2003. The five PF Portfolio Optimization funds invest in various Pacific Funds to achieve specified target asset allocations to accomplish the risk/return profile for that particular PF Portfolio Optimization Model fund. Each PF Portfolio Optimization Model fund is designed to optimize returns for a given level of risk or minimize risk for a given level of return. The market conditions noted below affected each of the PF Portfolio Optimization Model funds.
Market Conditions
The U.S. gross domestic product (GDP) grew at a 4.1% rate during the fourth quarter of 2003 and a 3.1% rate for the entire year of 2003, showing that the economic environment is improving. Growth in corporate profitability is the most important factor arguing for sustained strong recovery. Highly stimulative monetary and fiscal policy continue to provide support for an economic recovery. Going forward however, the easy stance of both monetary and fiscal policy may give rise to higher inflation.
During the first quarter of 2004 the equity markets started off strong, but the early gains evaporated during the month of March. Geopolitical conflicts and slower than expected employment growth added some uncertainty to the markets causing stocks to sell off, as both individual and institutional investors became more risk averse. Fixed-income portfolios benefited from low interest rates throughout the first quarter of 2004. Generally, fixed-income securities outperformed domestic equities, while international equities outperformed their domestic counterparts. Within domestic equities, value-oriented stocks outperformed growth-oriented stocks and small-capitalization stocks outperformed large-capitalization stocks.
Despite U.S. stock market performance during the first quarter of 2004 being relatively flat, we at Pacific Life Insurance Company (Pacific Life) believe long-term investors should maintain a diversified portfolio stance, which includes exposure to multiple asset classes, to diversify risk.
Performance
Since the performance of each PF Portfolio Optimization Model fund is a composite of the performance of each of the underlying funds in which it invests, which includes money market, a variety of bond, a variety of domestic equity, and possibly international funds, there is no one broad-based industry index to use as a comparison to a PF Portfolio Optimization Model fund’s performance. Therefore, we have provided information regarding two broad-based indices to use to compare to each fund’s performance.
In addition, to assist in performance comparisons, composite benchmark indices were constructed for each PF Portfolio Optimization Model fund, each comprised of the four broad-based indices shown below. The composite benchmark indices were constructed with allocations to each asset class that correspond to the target allocations for the Portfolio Optimization funds. The percentage allocation of the four broad-based indices in each model composite benchmark index is noted in the footnote to each performance graph. However, the actual allocation of any Portfolio Optimization fund will naturally vary from these targets as a result of market performance over time.
The performance of these four broad-based indices for the period December 31, 2003 to March 31, 2004 is shown in the table below:
Broad-Based Indices |
| 3-Month | |||
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Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index)** (U.S. Stocks) |
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| 1.69 | % |
Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE Index)** (International Stocks) |
|
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| 4.34 | % |
Lehman Brothers Government/Credit Index** (Fixed Income) |
|
|
| 3.08 | % |
Merrill Lynch 30-day Treasury Bill Index** (Cash) |
|
|
| 0.24 | % |
It should be noted that the benchmark indices for the underlying Pacific Funds may differ from the Portfolio Optimization broad-based indices.
The Portfolio Optimization Funds had investments in the following underlying funds, which helped performance.
Underlying Funds |
| Since Inception | |||
| |||||
PF Salomon Brothers Large-Cap Value Class A* (U.S. Stocks) |
|
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| 2.72 | % |
PF Van Kampen Mid-Cap Growth Class A* (U.S. Stocks) |
|
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| 5.40 | % |
PF Van Kampen Comstock Class A* (U.S. Stocks) |
|
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| 2.90 | % |
PF PIMCO Inflation Managed Class A* (Fixed Income) |
|
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| 5.00 | % |
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
A-2
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
The Portfolio Optimization funds had investments in the following underlying funds, which hurt performance.
Underlying Funds |
| Since Inception | |||
| |||||
PF Goldman Sachs Short Duration Bond Class A* (Fixed Income) |
|
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| 0.90 | % |
PF AIM Blue Chip Class A* (U.S. Stocks) |
|
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| 0.69 | % |
PF Lazard International Value Class A* (International Stocks) |
|
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| 0.76 | % |
PF Portfolio Optimization Model A Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. For the period ended March 31, 2004, the PF Portfolio Optimization Model A returned 1.50%* for Class A, compared to a 1.69%** return for the S&P 500 Index, a 3.08%** return for the Lehman Brothers Government/Credit Index, and a 2.40%**** return for the Model A Composite Benchmark Index.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Portfolio Optimization Model A |
| Class A |
| Class B |
| Class C |
| ||||
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| ||||||||
Since Inception: |
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|
|
| |
| Without sales charge* |
|
| 1.50 | % |
| 1.40 | % |
| 1.30 | % |
| With maximum sales charge*** |
|
| -4.06 | % |
| -3.60 | % |
| -0.69 | % |
| PF Lehman Brothers Government/Credit Index** |
|
| 3.08 | % |
|
|
|
|
|
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| S&P 500 Index** |
|
| 1.69 | % |
|
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| Model A Composite Benchmark Index**** |
|
| 2.40 | % |
|
|
|
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|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both the positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model A invests primarily in four fixed income funds, including a money market fund, with small allocations to domestic and international equity funds. Since its inception on December 31, 2003, the fund’s assets have grown to over $6 million.
The fund’s allocations to the money market and fixed income funds, which represent a combined 80% of the overall fund, held back fund performance versus the fund’s composite benchmark index. Generally, longer maturity issues outperformed shorter maturities during the first quarter of 2004. The fund’s significant allocation to the PF Goldman Sachs Short Duration Bond Fund underperformed the Lehman Brothers Government/Credit Index while investments in the PF PIMCO Inflation Managed Fund helped performance versus the fund’s composite benchmark index.
Overall, the fund’s limited domestic equity allocations contributed positively to fund performance versus the fund’s composite benchmark index, while the fund’s international equity allocations, although positive, underperformed when compared to the MSCI EAFE Index.
PF Portfolio Optimization Model B Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. For the period ended March 31, 2004, the PF Portfolio Optimization Model B returned 1.40%* for Class A, compared to a 1.69%** return for the S&P 500 Index, a 3.08%** return for the Lehman Brothers Government/Credit Index, and a 2.43%***** return for the Model B Composite Benchmark Index.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
|
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**** |
| The index is comprised of 19% Merrill Lynch 30-day Treasury Bill Index, 61% Lehman Brothers Government/Credit Index, 15% S&P 500 Index, and 5% MSCI EAFE Index. |
|
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***** |
| The index is comprised of 12% Merrill Lynch 30-day Treasury Bill Index, 46% Lehman Brothers Government/Credit Index, 32% S&P 500 Index, and 10% MSCI EAFE Index. |
A-3
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Portfolio Optimization Model B |
| Class A |
| Class B |
| Class C |
| ||||
|
|
|
| ||||||||
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 1.40 | % |
| 1.30 | % |
| 1.30 | % |
| With maximum sales charge*** |
|
| -4.16 | % |
| -3.70 | % |
| -0.69 | % |
| PF Lehman Brothers Government/Credit Index** |
|
| 3.08 | % |
|
|
|
|
|
|
| S&P 500 Index** |
|
| 1.69 | % |
|
|
|
|
|
|
| Model B Composite Benchmark Index**** |
|
| 2.43 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both the positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model B invests the majority of its assets in four fixed income funds, including a money market fund, with the remaining allocations invested in domestic and international equity funds. Since its inception on December 31, 2003, the fund’s assets have grown to over $13 million.
The fund’s allocations to the money market, fixed income and international funds, which represent a combined target allocation of 68% of the overall fund, held back fund performance versus the composite benchmark index. Generally, longer maturity issues outperformed shorter maturities during the first quarter of 2004. The fund’s investments in the PF Goldman Sachs Short Duration Bond Fund underperformed the Lehman Brothers Government/Credit Index, while investments in the PF PIMCO Inflation Managed Fund helped performance versus the fund’s composite benchmark index.
Overall, the fund’s domestic equity allocations contributed positively to fund performance versus the composite benchmark index, while the fund’s international equity allocations, although positive, lagged when compared to the MSCI EAFE Index.
PF Portfolio Optimization Model C Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. For the period ended March 31, 2004, the PF Portfolio Optimization Model C returned 1.40%* for Class A, compared to a 1.69%** return for the S&P 500 Index, a 3.08%** return for the Lehman Brothers Government/Credit Index, and a 2.52%***** return for the Model C Composite Benchmark Index.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
|
|
|
**** |
| The index is comprised of 12% Merrill Lynch 30-day Treasury Bill Index, 46% Lehman Brothers Government/Credit Index, 32% S&P 500 Index, and 10% MSCI EAFE Index. |
|
|
|
***** |
| The index is comprised of 4% Merrill Lynch 30-day Treasury Bill Index, 36% Lehman Brothers Government/Credit Index, 46% S&P 500 Index, and 14% MSCI EAFE Index. |
A-4
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Portfolio Optimization Model C |
| Class A |
| Class B |
| Class C |
| ||||
|
|
|
| ||||||||
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 1.40 | % |
| 1.30 | % |
| 1.20 | % |
| With maximum sales charge*** |
|
| -4.16 | % |
| -3.70 | % |
| -0.79 | % |
| PF Lehman Brothers Government/Credit Index** |
|
| 3.08 | % |
|
|
|
|
|
|
| S&P 500 Index** |
|
| 1.69 | % |
|
|
|
|
|
|
| Model C Composite Benchmark Index**** |
|
| 2.52 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both the positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model C invests in eight domestic and international equity funds, with smaller allocations to fixed income and money market funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $35 million.
The fund’s domestic equity allocations, representing 46% of the fund’s target allocations, contributed positively to fund performance versus the composite benchmark index. Generally, smaller-capitalization stocks and value-oriented stocks drove performance during the first quarter of 2004. The fund’s investments in the PF Van Kampen Mid-Cap Growth Fund and the PF Salomon Brothers Large-Cap Value Fund outperformed relative to the S&P 500 Index.
The fund’s allocations to the money market fund and fixed income funds, which represent a combined target allocation of 40% of the overall fund, held back fund performance versus the composite benchmark index. In particular, the fund’s investments in the PF Goldman Sachs Short Duration Bond Fund underperformed the Lehman Brothers Government/Credit Index, while investments in the PF PIMCO Inflation Managed Fund helped performance versus the fund’s composite benchmark index. The fund’s international equity allocations underperformed relative to the MSCI EAFE Index.
PF Portfolio Optimization Model D Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. For the period ended March 31, 2004, the PF Portfolio Optimization Model D returned 1.10%* for Class A, compared to a 1.69%** return for the S&P 500 Index, a 3.08%** return for the Lehman Brothers Government/Credit Index, and a 2.49%***** return for the Model D Composite Benchmark Index.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Portfolio Optimization Model D |
| Class A |
| Class B |
| Class C |
| ||||
|
|
|
| ||||||||
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 1.10 | % |
| 1.00 | % |
| 0.90 | % |
| With maximum sales charge*** |
|
| -4.44 | % |
| -4.00 | % |
| -1.09 | % |
| PF Lehman Brothers Government/Credit Index** |
|
| 3.08 | % |
|
|
|
|
|
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| S&P 500 Index** |
|
| 1.69 | % |
|
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|
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| Model D Composite Benchmark Index***** |
|
| 2.49 | % |
|
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|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both the positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model D invests primarily in nine domestic and international equity funds, with small allocations to three fixed income funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $33 million.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
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*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
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**** |
| The index is comprised of 4% Merrill Lynch 30-day Treasury Bill Index, 36% Lehman Brothers Government/Credit Index, 46% S&P 500 Index, and 14% MSCI EAFE Index. |
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***** |
| The index is comprised of 2% Merrill Lynch 30-day Treasury Bill Index, 20% Lehman Brothers Government/Credit Index, 58% S&P 500 Index, and 20% MSCI EAFE Index. |
A-5
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
The fund’s domestic equity allocations, representing 58% of the fund’s target allocations, contributed positively to fund performance versus the fund’s composite benchmark index. Generally, smaller-capitalization stocks and value-oriented stocks drove performance during the first quarter of 2004. The fund’s investments in the PF Van Kampen Mid-Cap Growth Fund and the PF Salomon Brothers Large-Cap Value Fund outperformed relative to the S&P 500 Index.
The fund’s international equity allocations, representing 20% of the fund’s target allocation held back fund performance versus the fund’s composite benchmark index. The fund’s investment in the PF Lazard International Value Fund trailed the MSCI EAFE Index.
The fund’s target allocations to fixed income funds, representing 22% of the fund’s target allocations, underperformed relative to the Lehman Brothers Government/Credit Index.
PF Portfolio Optimization Model E Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. For the period ended March 31, 2004, the PF Portfolio Optimization Model E returned 0.80%* for Class A, compared to a 1.69%** return for the S&P 500 Index, a 3.08%** return for the Lehman Brothers Government/Credit Index, and a 2.37%**** return for the Model E Composite Benchmark Index.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Portfolio Optimization Model E |
| Class A |
| Class B |
| Class C |
| ||||
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| ||||||||
Since Inception: |
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|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 0.80 | % |
| 0.70 | % |
| 0.70 | % |
| With maximum sales charge*** |
|
| -4.73 | % |
| -4.30 | % |
| -1.29 | % |
| PF Lehman Brothers Government/Credit Index** |
|
| 3.08 | % |
|
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| S&P 500 Index** |
|
| 1.69 | % |
|
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| Model E Composite Benchmark Index**** |
|
| 2.37 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both the positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model E invests primarily in nine domestic and international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $18 million.
The fund’s domestic equity allocations, representing 69% of the fund’s target allocations, contributed positively to fund performance versus the composite benchmark index. Generally, smaller-capitalization stocks and value-oriented stocks drove performance during the first quarter of 2004. The fund’s investments in the PF Van Kampen Mid-Cap Growth Fund and the PF Salomon Brothers Large-Cap Value Fund outperformed relative to the S&P 500 Index.
The fund’s international equity allocations, representing 23% of the fund’s target allocation, held back fund performance versus the fund’s composite benchmark index. The fund’s investments in the PF Lazard International Value Fund trailed the MSCI EAFE Index.
PF AIM Blue Chip Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 26.58%* compared to a 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
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** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
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|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
|
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|
**** |
| The index is comprised of 2% Merrill Lynch 30-day Treasury Bill Index, 6% Lehman Brothers Government/Credit Index, 69% S&P 500 Index, and 23% MSCI EAFE Index. |
A-6
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF AIM Blue Chip Fund |
| Class A |
| Class B |
| Class C |
| ||||
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| |||||||
1 Year Total Return: |
|
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|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 26.58 | % |
| 26.19 | % |
| 26.07 | % |
| With maximum sales charge*** |
|
| 19.60 | % |
| 21.19 | % |
| 23.82 | % |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 0.94 | % |
| 0.42 | % |
| 0.40 | % |
| With maximum sales charge*** |
|
| -1.32 | % |
| -1.19 | % |
| 0.00 | % |
| S&P 500 Index** |
|
| 4.95 | % |
|
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|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. During the one-year period ending on March 31, 2004, following a quick end to the major conflict in Iraq, the financial markets rallied, while the U.S. economy and corporate earnings environment improved considerably. All of the major market indices posted significant gains for the first time in over three years. The NASDAQ Composite Stock Index (NASDAQ) led the way, returning 48.69%**, followed by the S&P 500 Index at 35.10%**, and the Dow Jones Industrial Average (DJIA), which increased by 32.50%**. All of the sectors within the Russell 3000 Index were in positive territory, with information technology, materials, consumer discretionary, and financials as the best performers. Small-capitalization stocks significantly outperformed large-capitalization stocks, and the value style of investing outperformed the growth style during this period.
GDP growth strengthened throughout 2003 with growth of 3.3% in the second quarter, a very robust 8.2% in the third quarter, and a healthy 4.1% in the fourth quarter. GDP growth in the first quarter of 2004 is also expected to be strong, somewhere between 4% and 5%.
The tax cut package enacted by Congress in May of 2003 is at least partially responsible for higher economic growth as it provided added stimulus to jump-start the economy. The package, which took full effect in the second half of 2003 included immediate wage rate cuts, larger child tax credits, and reduced dividend tax rates. Consumers did their part to sustain economic growth by spending their tax credits, and purchasing homes and automobiles in record numbers, due to record low interest rates.
Employment growth was sluggish at the beginning of the period, as companies were reluctant to hire until the economy showed further signs of stabilization. The unemployment rate reached 6.3% in the summer of 2003, and stabilized slightly by the end of the period at 5.7% in March of 2004. The Institute for Supply Management’s Index, a measure of manufacturing activity, was subdued in the second quarter of 2003, dipping below 50, which is consistent with slower economic growth, but it later began to surge and has now remained above 60 for five consecutive months as of March 31, 2004.
In order to further promote economic growth, the Federal Reserve Board (Fed) continued in an accommodative mode, setting the Fed Funds rate at 1.00%, in the June Federal Open Market Committee (FOMC) meeting, the lowest rate in 45 years.
The economic recovery brought improved earnings fundamentals and a positive outlook for many of the companies in this fund’s universe, and almost all holdings were rewarded with positive returns for the period. On average, the fund held an overweight position in the information technology sector, and held slight underweight positions in industrials, consumer staples, telecommunication services, materials, and utilities stocks relative to its benchmark index.
During the period, the fund underperformed its benchmark index largely due to a combination of stock selection and an underweight position in industrials stocks, as this sector performed very well during the period. Stock selections in the financials and consumer staples sectors also detracted from performance when compared to the S&P 500 Index. On the other hand, good stock picks in the health care sector made a positive contribution to the fund’s performance relative to the benchmark. Within this sector, health care equipment and supply companies benefited the fund the most, as this industry posted a significant gain during the year. Although stock selections in financials detracted from performance relative to the benchmark index, this sector made a significant contribution to the fund’s absolute return for the period, as did holdings in
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-7
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
information technology stocks, especially within the semiconductor and semiconductor equipment industry.
As the economy was turning towards a recovery during much of the period, investors focused on the most economically sensitive segment of the market. Therefore, more volatile, lower quality cyclical stocks were favored; and these companies are predominantly found in the mid- and small-capitalization segment of the market. While the fund was positioned for an economic recovery, and followed the improving earnings fundamentals in many sectors, the overall strategy continued to focus on large-capitalization, high-quality, long-term market leaders from all sectors of the market. Ultimately, this limited the fund’s ability to fully participate in the rally, which was characterized by more economically sensitive and speculative stocks in the lower market-capitalization range of the S&P 500 Index.
The top five contributors to the fund’s return for the period were Citigroup, Inc., Cisco Systems, Inc., Boston Scientific Corp., Intel Corp., and The Home Depot, Inc. The bottom five contributors were Johnson & Johnson, HCA, Inc., Forest Laboratories, Inc., Kohl’s Corp., and Lilly Eli & Co.
PF AIM Aggressive Growth Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 34.23%* compared to a 59.47%** return for its benchmark, the Russell 2500 Growth Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Russell 2500 Growth Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF AIM Aggressive Growth Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 34.23 | % |
| 33.61 | % |
| 33.57 | % | |
| With maximum sales charge*** |
|
| 26.84 | % |
| 28.61 | % |
| 31.19 | % | |
| Russell 2500 Growth Index** |
|
| 59.47 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 6.19 | % |
| 5.69 | % |
| 5.75 | % | |
| With maximum sales charge*** |
|
| 3.82 | % |
| 4.20 | % |
| 5.33 | % | |
| Russell 2500 Growth Index** |
|
| 13.69 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. During the one-year period ending on March 31, 2004, following a quick end to the major conflict in Iraq, the financial markets rallied, while the U.S. economy and corporate earnings environment improved considerably. All of the major market indices posted significant gains for the first time in over three years. The NASDAQ led the way, returning 48.69%**, followed by the S&P 500 Index at 35.10%**, and the DJIA, which increased by 32.50%**. All of the sectors within the Russell 3000 Index were in positive territory, with information technology, materials, consumer discretionary, and financials as the best performers. Small capitalization stocks significantly outperformed large-capitalization stocks, and the value style of investing outperformed the growth style during this period.
GDP growth strengthened throughout 2003 with growth of 3.3% in the second quarter, a very robust 8.2% in the third quarter, and a healthy 4.1% in the fourth quarter. GDP growth in the first quarter of 2004 is also expected to be strong, somewhere between 4% and 5%.
The tax cut package enacted by Congress in May is at least partially responsible for higher economic growth as it provided added stimulus to jump-start the economy. The package, which took full effect in the second half of 2003 included immediate wage rate cuts, larger child tax credits, and reduced dividend tax rates. Consumers did their part to sustain economic growth by spending their tax credits, and purchasing homes and automobiles in record numbers, due to record low interest rates.
Employment growth was sluggish at the beginning of the period, as companies were reluctant to hire until the economy showed further signs of stabilization. The unemployment rate reached 6.3% in the summer of 2003, and stabilized slightly by
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-8
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
the end of the period at 5.7% in March. The Institute for Supply Management’s Index, a measure of manufacturing activity, was subdued in the second quarter of 2003, dipping below 50, which is consistent with slower economic growth, but it later began to surge and has now remained above 60 for five consecutive months.
In order to further promote economic growth, the Fed continued in an accommodative mode, setting the Fed Funds rate at 1.00%, a rate set in the June FOMC meeting, and the lowest rate in 45 years.
At the beginning of the period, before the war in Iraq ended, the fund was positioned somewhat defensively, with core holdings, as managers at AIM waited for the imminent economic recovery. A quick resolution to the war caused a sharp rally in the market in April and May. The fund underperformed during these months, as it did not have the risk and volatility that the market quickly gravitated toward. As the period progressed, managers became more offensive, and transitioned the fund from a cyclically defensive posture to a more aggressive posture. During the period, the fund’s holdings in information technology, consumer discretionary, and industrials were increased as earnings fundamentals within these sectors began to improve.
During the period, the fund underperformed its benchmark index. While the fund’s overall return was positive for this period, a lack of exposure to more volatile, lower quality stocks detracted significantly from performance when compared to the benchmark index. In terms of sectors, the fund’s underperformance was largely due to stock selection in information technology. Within this sector, stock selections and an underweight position versus the benchmark in semiconductors and semiconductor equipment stocks detracted the most from performance when compared to the benchmark. Stock picks in the health care sector also hurt relative performance, mainly due to a lack of exposure to biotechnology stocks, which performed very well during the period. Although health care and information technology stocks detracted from performance when compared to the Russell 2500 Growth Index, these sectors made significant contributions to the fund’s overall return. Companies in the consumer discretionary sector, especially specialty retail stocks, also contributed positively to fund performance on an absolute basis during the period.
The top five contributors for the period were UTStarcom, Inc., Robert Half International, Inc., Fastenal Co., Caremark Rx, Inc., and Fisher Scientific International, Inc. The bottom five contributors were SanDisk Corp., Foundry Networks, Inc., Cytyc Corp., Alliant Techsystems, Inc., and JDS Uniphase Corp.
PF Goldman Sachs Short Duration Bond Fund
Q. How did the fund perform for the period ended March 31, 2004?
A. The PF Goldman Sachs Short Duration Bond Fund commenced operations on December 31, 2003. For the period since inception through March 31, 2004, the Class A returned 0.90%* compared to a 1.00%** return for its benchmark, the Merrill Lynch 1-3 Year Treasury Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Merrill Lynch 1-3 Year Treasury Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Total Returns (Non-Annualized) for the Period Ended March 31, 2004
PF Goldman Sachs Short Duration Bond Fund |
| Class A |
| Class B |
| Class C |
| ||||
|
|
|
|
| |||||||
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 0.90 | % |
| 0.80 | % |
| 0.80 | % |
| With maximum sales charge*** |
|
| -4.63 | % |
| -4.20 | % |
| -1.19 | % |
| Merrill Lynch 1-3 Year Treasury Index** |
|
| 1.00 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-9
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. U.S. data releases have indicated a slight moderation of economic conditions this year following a period of very strong growth in the latter half of 2003 (prior to the inception of this fund). Mixed economic data drove U.S. Treasury yields lower over the reporting period. Despite gains in manufacturing, personal consumption, and productivity, Treasury yields rallied during the first quarter in response to weaker-than-expected employment growth. In addition, equity market volatility and the reemergence of the geopolitical tensions after the Madrid bombing put downward pressure on yields. The Fed held the Fed Funds rate at 1.00% throughout the first quarter of 2004 and maintained its balanced risk assessment. At the end of 2003, the Fed’s stance with regards to monetary policy was accommodative, stating at its December meeting “with inflation quite low and resources slack, the Committee believes that policy accommodation can be maintained for a considerable period”. As indications of a strengthening economy persisted in 2004, the Fed withdrew the “considerable period” language from its policy statement in January, however, reiterated at a subsequent meeting its ability to remain “patient” with regards to raising rates due to low inflationary pressure and excess slack.
In managing the fund Goldman Sachs Asset Management, L.P. (Goldman Sachs) investment philosophy focuses on consistently adding value through a disciplined investment approach. We at Goldman Sachs seek to employ a diversified set of strategies, using a dual top-down and bottom-up approach to maximize total return, while limiting risk to principal. The fund maintains a high credit quality bias focusing on a combination of sector rotation, security selection, and yield curve positioning strategies to add value. The fund currently has exposure to the Treasury and agency sectors of the fixed income market. Within agencies, security selection strategies focus on agency debentures. Relative to the benchmark index, the fund is currently targeting a short duration position, due to our view on growth and inflation.
PF INVESCO Health Sciences Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 28.43%* compared to a 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF INVESCO Health Sciences Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 28.43 | % |
| 27.81 | % |
| 27.78 | % | |
| With maximum sales charge*** |
|
| 21.44 | % |
| 22.81 | % |
| 25.54 | % | |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 1.97 | % |
| 1.42 | % |
| 1.46 | % | |
| With maximum sales charge*** |
|
| -0.31 | % |
| -0.16 | % |
| 1.06 | % | |
| S&P 500 Index** |
|
| 4.95 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. During the one-year period ending on March 31, 2004, following the end of major combat in Iraq, the financial markets rallied, while the U.S. economy and corporate earnings environment improved considerably. All of the major market indices posted significant gains for the first time in over three years. The NASDAQ led the way, returning 48.69%**, followed by the S&P 500 Index at 35.10%**, and the DJIA, which increased by 32.50%**. All of the sectors within the Russell 3000 Index were in positive territory, with information technology, materials, consumer discretionary, and financials as the best performers. Small-capitalization stocks significantly outperformed large-capitalization stocks, and the value style of investing outperformed the growth style during this period.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-10
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
GDP growth strengthened throughout 2003 with growth of 3.3% in the second quarter, a very robust 8.2% in the third quarter, and a healthy 4.1% in the fourth quarter. GDP growth in the first quarter of 2004 is also expected to be strong, somewhere between 4% and 5%.
The tax cut package enacted by Congress in May of 2003 is at least partially responsible for higher economic growth as it provided added stimulus to jump-start the economy. The package, which took full effect in the second half of 2003 included immediate wage rate cuts, larger child tax credits, and reduced dividend tax rates. Consumers did their part to sustain economic growth by spending their tax credits, and purchasing homes and automobiles in record numbers, due to record low interest rates.
Employment growth was sluggish at the beginning of the period, as companies were reluctant to hire until the economy showed further signs of stabilization. The unemployment rate reached 6.3% in the summer of 2003, and stabilized slightly by the end of the period at 5.7% in March. The Institute for Supply Management’s Index, a measure of manufacturing activity, was subdued in the second quarter of 2003, dipping below 50, which is consistent with slower economic growth, but it later began to surge and has now remained above 60 for five consecutive months as of March 31, 2004.
In order to further promote economic growth, the Fed continued in an accommodative mode, setting the Fed Funds rate at 1.00%, in the June FOMC meeting, the lowest rate in 45 years.
For the one-year period ended March 31, 2004, the fund slightly underperformed its benchmark index. In managing the fund, we at INVESCO Funds Group, Inc. (INVESCO) concentrated the fund’s holdings in the pharmaceuticals industry, and also held large weightings relative to its benchmark in the managed health care and health care equipment industries.
The health care sector posted gains for the twelve-month period, although it was one of the lower performing industries in the market. While pharmaceutical stocks underperformed the broad market, the industry got a boost from the passage of the $400 billion Medicare bill in the fourth quarter of 2003. Pharmaceutical stocks positively contributed to the fund’s performance during the period; however, several holdings in the industry such as Johnson & Johnson and Merck & Co., Inc., posted disappointing losses. Health care equipment stocks also positively contributed to the fund’s performance as shares of Boston Scientific Corp. performed especially well.
Going into 2004, we believe that the market for health care stocks will focus on those companies capable of delivering stable and sustainable earnings and cash flow growth. In addition, it appears that many of these companies are trading at attractive valuations by historical standards.
We continue to take an optimistic view of the long-term outlook for the health care sector due to the demographics of an aging population, new product cycles, strong patent positions, and a relatively favorable political and regulatory environment, including the recently approved Medicare and prescription drug benefit plan. Given this backdrop, we continue to implement our strategies of identifying long-term competitive leaders in health care for the fund.
PF INVESCO Technology Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 44.19%* compared to a 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF INVESCO Technology Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 44.19 | % |
| 43.63 | % |
| 43.34 | % | |
| With maximum sales charge*** |
|
| 36.26 | % |
| 38.63 | % |
| 40.90 | % | |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| -0.32 | % |
| -0.76 | % |
| -0.85 | % | |
| With maximum sales charge*** |
|
| -2.54 | % |
| -2.37 | % |
| -1.24 | % | |
| S&P 500 Index** |
|
| 4.95 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-11
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. During the one-year period ending on March 31, 2004, following the end of major combat in Iraq, the financial markets rallied, while the U.S. economy and corporate earnings environment improved considerably. All of the major market indices posted significant gains for the first time in over three years. The NASDAQ led the way, returning 48.69%*, followed by the S&P 500 Index at 35.10%*, and the DJIA, which increased by 32.50%*. All of the sectors within the Russell 3000 Index were in positive territory, with information technology, materials, consumer discretionary, and financials as the best performers. Small-capitalization stocks significantly outperformed large-capitalization stocks, and the value style of investing outperformed the growth style during this period.
GDP growth strengthened throughout 2003 with growth of 3.3% in the second quarter, a very robust 8.2% in the third quarter, and a healthy 4.1% in the fourth quarter. GDP growth in the first quarter of 2004 is also expected to be strong, somewhere between 4% and 5%.
The tax cut package enacted by Congress in May of 2003 is at least partially responsible for higher economic growth as it provided added stimulus to jump-start the economy. The package, which took full effect in the second half of 2003 included immediate wage rate cuts, larger child tax credits, and reduced dividend tax rates. Consumers did their part to sustain economic growth by spending their tax credits, and purchasing homes and automobiles in record numbers, due to record low interest rates.
Employment growth was sluggish at the beginning of the period, as companies were reluctant to hire until the economy showed further signs of stabilization. The unemployment rate reached 6.3% in the summer of 2003, and stabilized slightly by the end of the period at 5.7% in March of 2004. The Institute for Supply Management’s Index, a measure of manufacturing activity, was subdued in the second quarter of 2003, dipping below 50, which is consistent with slower economic growth, but it later began to surge and has now remained above 60 for five consecutive months as of March 31, 2004.
In order to further promote economic growth, the Fed continued in an accommodative mode, setting the Fed Funds rate at 1.00%, in the June FOMC meeting, the lowest rate in 45 years.
Reversing the trend of the past several years, technology stocks rallied for much of the period, and outperformed the S&P 500 Index. Positive investor psychology supported the market due to expectations of economic recovery in the latter half of 2003 and into 2004. Strong earnings and positive guidance sparked the technology market, and investor optimism appeared to follow. The fund outperformed its benchmark index for the period.
In managing the fund, we at INVESCO concentrated fund holdings in the communications equipment, semiconductor, and software industries. Earlier in the period, managers began to rotate holdings into more aggressive opportunities, which benefited the fund. The semiconductor industry was the largest positive contributor to the fund’s performance during the period. Within the semiconductor industry, shares of Intel Corp. and Broadcom Corp. ‘A’ performed particularly well. The fund also benefited from heavy exposure to the communications equipment industry, which was helped by strong performance from Cisco Systems, Inc. Information Technology (IT) consulting stocks detracted from the fund’s performance, which was hurt by weak performance from shares of Cognizant Technology Solutions Corp.
It appears that much of the anticipated increase in demand for technology has already been priced into stocks by the market; however, managers are optimistic about the long-term outlook for technology stocks. They continue to see evidence of economic improvement and we believe that the overall demand for technology products should increase in 2004. Corporations are allocating more of their budgets to IT, and though the increases are small, the managers see this as very encouraging. The managers believe that companies that are not household names will dominate the next bull market wave for technology, and the team’s fundamental research capability will serve as a competitive advantage for the fund in such a market environment.
* |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
A-12
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Janus Growth LT Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 35.70%* compared to a 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Janus Growth LT Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 35.70 | % |
| 34.91 | % |
| 34.87 | % | |
| With maximum sales charge*** |
|
| 28.29 | % |
| 29.91 | % |
| 32.48 | % | |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 1.46 | % |
| 1.06 | % |
| 0.92 | % | |
| With maximum sales charge*** |
|
| -0.80 | % |
| -0.54 | % |
| 0.52 | % | |
| S&P 500 Index** |
|
| 4.95 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. All three major U.S. stock market indices ended the fiscal year with gains. The DJIA added 32.50%**, the broad-based S&P 500 Index climbed 35.10%**and the technology-dominated NASDAQ surged 48.69%** for the twelve months. After hitting a trough in the four months leading up to the war in Iraq, both the stock market and consumer confidence bounced back sharply when hostilities began in mid-March, 2003. Later, signs that the manufacturing sector was emerging from a two-year slump and a tax-cut-driven increase in consumer spending helped to lift investors’ spirits. But the health of the economy still was in doubt as job losses mounted. The Fed acknowledged the mixed picture, cutting its benchmark Federal Funds rate to a 45-year low of 1.00% in June in an attempt to spur corporate investment and hiring. Equity markets took a quick breather in July, as investors questioned the sustainability of the emerging economic recovery. By mid-August, however, it had become increasingly clear that the government’s massive program of fiscal and monetary stimulus was having the desired effect, and markets resumed their advance, supported by improving economic fundamentals and healthy corporate earnings. On the downside, the strengthening economy triggered concerns that the Fed might raise overnight rates. However, the Fed left rates unchanged for the remainder of the fiscal year, although they toned down their accommodative policy stance.
The fund’s positive results during the period are attributable to the diversified nature of its holdings and the fact that at Janus Capital Management LLC (Janus) we are finding attractive large- and mid-capitalization investment opportunities in nearly every corner of the market. Given the extreme volatility of late, macroeconomic trends are taken into consideration, although the fund manager tends not to be guided by them or make large investment decisions based upon such trends. Instead, the focus continues to be on fundamental research. By digging into the numbers and getting on the road and talking to people, we are constantly challenging our ideas and assumptions. This, in turn, helps us build better models, ask better questions, and better understand the business. Equally important, as the fund manager evaluates key metrics such as free cash flow and return on invested capital, the risks of an investment are always carefully weighed against its potential rewards. Ultimately, the fund manager believes this in-depth, stock-specific approach makes the overall fund stronger.
Certain stocks held in the fund, which participated in the broad technology rally, and consequently fueled the fund’s gains, were online services firms Yahoo!, Inc., running one of the Internet’s busiest search engines, and networking giant Cisco Systems, Inc., as well as business software developer Computer Associates International, Inc. Elsewhere, handset manufacturer Nokia OYJ ADR and holding company Berkshire Hathaway, Inc. ‘B’ also provided significant lifts.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-13
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Among the fund’s biggest detractors was biotechnology company MedImmune, Inc. MGIC Investment Corp., a holding company that provides private mortgage insurance coverage, and online auctioneer Internet Auction, Inc. also held back performance. Other disappointments included defense contractor Lockheed Martin Corp. and retailer Kohl’s Corp.
Sector analysis offers a different perspective on the fund’s returns, although it’s important to remember that investment decisions are ultimately driven by extensive research on individual companies, not by the popularity of one group or another. That said, the fund’s holdings in the information technology and consumer discretionary sectors, which notably exceeded the benchmark index’s weightings, contributed dramatically to the fund’s advances. Conversely, the fund’s limited interest in the telecommunication services and materials sectors translated into minimal gains.
PF Lazard International Value Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 36.57%* compared to a 57.54%** return for its benchmark, the MSCI EAFE Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the MSCI EAFE Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Lazard International Value Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 36.57 | % |
| 35.79 | % |
| 35.79 | % | |
| With maximum sales charge*** |
|
| 29.03 | % |
| 30.79 | % |
| 33.40 | % | |
| MSCI EAFE Index** |
|
| 57.54 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 7.83 | % |
| 7.26 | % |
| 7.24 | % | |
| With maximum sales charge*** |
|
| 5.43 | % |
| 5.80 | % |
| 6.81 | % | |
| MSCI EAFE Index** |
|
| 11.07 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. In mid-March of 2003, just before the start of the second Gulf War, sentiment swung abruptly from very negative to very positive. Investors rotated into stocks that stood to gain the most from an improving economy; the stocks that benefited from this change in sentiment included highly leveraged and economically sensitive companies. In fact, many of the greatest beneficiaries were those same lower-quality companies whose business models had been most questioned during the bear market. Early in 2004 there were signs that the rebound in lower-quality stocks had begun to fade as investors began to focus once again on individual companies’ fundamentals, particularly in the U.S.
For the 12 months ended March 31, 2004, the fund lagged its benchmark. Fund holdings in the financial sector had a positive impact on fund performance particularly those geared toward capital markets activities. While the fund’s sole industrial holding rose, the relatively low weight in the sector detracted from fund returns relative to its benchmark. The fund’s substantial allocation to the consumer staples sector detracted from performance. In addition, the fund has maintained a relatively low weight in Japanese stocks as compared to its benchmark, due to the scarcity of companies generating world class returns on capital but this detracted from returns as the Japanese market rallied strongly on optimism over a sustained economic recovery after many false starts.
This atypical market environment, characterized by the significant outperformance of companies generating low returns on capital, was adverse for the fund’s investment style, which when managing the fund, we at Lazard Asset Management LLC (Lazard) tend to seek out companies with a demonstrated ability to generate strong returns on capital trading at attractive valuations. For instance, fund holdings in the consumer staples and energy sectors continue to be highly profitable yet their stock
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-14
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
prices lagged in the rally as investors rotated into companies more leveraged to an economic recovery. However, history has shown that while company fundamentals can lose relevance at an economic turning point, in the long run fundamentals are the key determinant of stock price performance.
PF MFS International Large-Cap Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 41.59%* compared to a 45.33%** return for its previous benchmark, the Morgan Stanley Capital International (MSCI) All Country World Index Free, and a 57.54%** return for its current benchmark, the MSCI EAFE Index. Complete performance information for all classes is included in the following table.
On December 31, 2003, the fund changed its investment policy and strategy from investing in a global universe (including U.S. stocks), to investing in international stocks. In connection with this change, the benchmark index of the fund was changed to the MSCI EAFE Index.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF MFS International Large-Cap Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 41.59 | % |
| 40.79 | % |
| 40.86 | % | |
| With maximum sales charge*** |
|
| 33.76 | % |
| 35.79 | % |
| 38.50 | % | |
| MSCI All Country World Index Free** |
|
| 45.33 | % |
|
|
|
|
|
| |
| MSCI EAFE Index** |
|
| 57.54 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 7.13 | % |
| 6.54 | % |
| 6.61 | % | |
| With maximum sales charge*** |
|
| 4.74 | % |
| 5.07 | % |
| 6.19 | % | |
| MSCI All Country World Index Free** |
|
| 8.17 | % |
|
|
|
|
|
| |
| MSCI EAFE Index** |
|
| 11.07 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The opening of the period on April 1, 2003 coincided with the beginning of a turnaround in global stock markets, as it became apparent that the U.S.- and British-led coalition was on the verge of military success in Iraq. The release of increasingly positive economic numbers as the period progressed, particularly in the corporate earnings area, helped drive the ensuing equity rally. In addition, we at MFS Investment Management (MFS) believe investor concern over issues that had held back the market in late 2002 and early 2003 —including the Iraq situation, a short-lived SARS epidemic, and corporate misdeeds — largely faded as 2003 progressed.
In the equity markets, the big surprise of the period was investors’ appetite for risk. After a brutal three-year market decline, we believed investors would avoid risky investments. Instead, the market experienced an equity rally led by relatively low-quality, higher-risk stocks — stocks of companies with substantial debt on their balance sheets, low profit margins, and/or second- and third-tier competitive positioning. For much of the period, it appeared that investors, favored the stocks that had previously fallen the hardest, rather than industry leaders that had weathered the global downturn relatively well. Toward the end of the period, however, we believed the markets were beginning to rotate toward less risky companies with stronger fundamentals (business factors such as earnings and cash flow growth).
The period was also marked by a significant decline in the U.S. dollar relative to most other currencies — a situation that contributed significantly to fund returns on overseas investments for dollar-based investors. Factors that we at MFS believe contributed to the dollar’s decline included a U.S. trade deficit that non-U.S. investors viewed as excessive; low interest
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-15
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
rates that decreased the attractiveness of dollar-denominated investments; and the Bush administration’s apparent abandonment of a long-standing U.S. policy of publicly advocating a strong dollar.
On a sector basis, the key detractors from performance for the period ended December 31, 2003, were the financial services, leisure, consumer staples, and technology sectors. On a relative basis, the fund’s cash position was the largest single detractor from performance. As with nearly all mutual funds, this fund holds some cash to buy new holdings and to cover shareholder redemptions. In addition, the fund experienced inflows over the period, which temporarily boosted the cash position. In a period when equity markets rose sharply, cash hurt fund performance against its benchmark, which has no cash position.
Relative to its benchmark, the financial services sector was the fund’s weakest area over this same period. An underweighting versus the benchmark in the sector hurt results as the sector outperformed the broad market. In addition, not owning several financial services stocks that soared over the period, including Allianz AG, HSBC Holdings PLC, and ING Groep NV, also hurt performance.
Stock selection in the leisure sector also held back results. Key detractors here included the fund’s positions in Reed Elsevier PLC and Comcast Corp. Stock selection in consumer staples was also detrimental to performance. Not owning Altria Group, Inc. (formerly Philip Morris USA) detracted from performance, as the stock rose sharply over the period. Additionally, the fund’s position in Unilever NV also detracted from performance. In the technology sector, the fund’s positioning in Intel Corp. was the largest detractor from performance as the fund was underweighted in this stock and missed some of its strong performance over the period. Holdings in other sectors that detracted significantly from results included Tokyo Gas Co., Ltd., Kohl’s Corp., and Vodafone Group PLC.
For the period ended December 31, 2003, on a relative basis, the energy, basic materials, health care, and utilities and communications sectors were the fund’s strongest-performing sectors over the period, largely because of stock selection in those sectors. An overweighting compared to the benchmark in basic materials and an underweighting in health care also helped results.
In the energy sector, not owning Exxon Mobil Corp. helped relative performance as the firm’s stock underperformed the broad market. In the basic materials area, Cia Vale Do Rio Doce ADR was the largest single contributor. In health care, not owning Merck & Co., Inc. and underweighting Johnson & Johnson both proved positive for relative performance. Not owning Verizon Communications, Inc., a stock that languished over the period, helped performance in the utilities and communications area. Stocks in other sectors that aided results for this same period included KDDI Corp., Fujikura Ltd., and VERITAS Software Corp.
For the quarter ended March 31, 2004, during which time the fund operated under its new investment policy and strategy, the utilities and communications and health care sectors were the weakest performers. Stock selection in utilities and communications held back results, and the fund’s position in Brasil Telecom Participacoes SA ADR was the largest single detractor in the sector. In the health care area, both stock selection and a relative overweighting versus the benchmark proved detrimental to relative performance. The fund’s holding in Sanofi-Synthelabo SA was the largest detractor in the sector.
Individual stocks in other sectors that held back results included Bayerische Motoren Werke (BMW) AG. In addition, not owning Nokia OYJ hurt relative performance as the stock climbed sharply over the period.
For the quarter ended March 31, 2004, on a relative basis, the financial services, retailing, and energy sectors were the fund’s strongest-performing areas over the period. In all three sectors, stock selection was a key contributor to fund performance. Holdings in OTP Bank RT GDR, DEPFA Bank PLC, and Erste Bank der Oesterreichischen Sparkassen AG helped performance in the financial services area. In retailing, Esprit Holdings Ltd. was a key contributor. In the energy sector, not owning Royal Dutch Petroleum Co. helped relative returns as the stock declined over the period. Holdings in other sectors that contributed to performance included Samsung Electronics Co. Ltd, ITV PLC, and William Hill PLC.
PF PIMCO Inflation Managed Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 10.75%* compared to a 10.83%** return for its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index. Complete performance information for all classes is included in the following table.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
A-16
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Lehman Brothers Global Real: U.S. TIPs Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF PIMCO Inflation Managed Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 10.75 | % |
| 10.20 | % |
| 10.27 | % | |
| With maximum sales charge*** |
|
| 4.65 | % |
| 5.20 | % |
| 8.21 | % | |
| Lehman Brothers Global Real: U.S. TIPs Index** |
|
| 10.83 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 11.40 | % |
| 10.83 | % |
| 10.85 | % | |
| With maximum sales charge*** |
|
| 6.47 | % |
| 7.70 | % |
| 9.96 | % | |
| Lehman Brothers Global Real: U.S. TIPs Index** |
|
| 11.06 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Real return bonds outpaced Treasuries both in the final quarter of 2003 and for the year ended March 31, 2004. These high quality assets demonstrated their defensive characteristics as interest rates trended slightly higher. For the twelve-month period ending March 31, 2004, breakeven-inflation rates increased 57 basis points to 2.43% while yields on 10-year Treasury Inflation Protected Securities (TIPS) fell 58 basis points to 1.39%. All bond sectors capped a strong twelve-month period of performance gaining in the first quarter of 2004 as concern about the durability of the U.S. recovery pushed already low interest rates even lower. Confidence that the Fed would not raise the 1.00% Federal Funds rate anytime soon underpinned the latest rally. Although they were the best performing market sectors for the entire twelve-month period, corporate and emerging market bonds only slightly outpaced Treasuries during the first quarter of 2004 as concern about slower growth boosted demand for higher quality issues.
The fund’s above-benchmark duration contributed to fund returns as real yields fell. For the fund, the purchase of TIPS on a forward settled basis was positive for performance, as these securities outperformed the cost associated with purchasing them in the forward market. An overweight, relative to the benchmark to shorter maturity TIPS was also positive for performance as the U.S. real yield curve steepened. However, security selection of individual TIPS detracted from performance. In addition, modest out of index exposure to nominal Treasury securities detracted from performance as these issues did not perform as well as TIPS issues within the benchmark.
PF PIMCO Managed Bond Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 6.28%* compared to a 6.15%** return for its benchmark, the Lehman Brothers Government/Credit Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Lehman Brothers Government/Credit Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-17
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Average Annual Total Returns for the Periods Ended March 31, 2004
PF PIMCO Managed Bond Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 6.28 | % |
| 5.86 | % |
| 5.86 | % | |
| With maximum sales charge*** |
|
| 0.45 | % |
| 0.86 | % |
| 3.83 | % | |
| Lehman Brothers Government/Credit Index** |
|
| 6.15 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 7.41 | % |
| 6.92 | % |
| 6.92 | % | |
| With maximum sales charge*** |
|
| 5.01 | % |
| 5.45 | % |
| 6.49 | % | |
| Lehman Brothers Government/Credit Index** |
|
| 7.52 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Bonds gained ground for the period ending March 31, 2004 despite volatile interest rates, led by higher yielding corporate and emerging market assets. Although Treasury yields rose only modestly for the year, the markets were far from calm. Yields moved lower through the first quarter of the period as deflation risks dominated the news and were the primary drivers of the market’s view of future Federal Reserve policy. The Fed cut the Federal Funds rate to 1.00% in June and the 10-year Treasury yield plunged to a 45-year low near 3.00%. Rates then reversed course dramatically, jumping more than 130 basis points in July, the worst month in the U.S. government bond market in more than 23 years. This reversal was mainly fueled by investors’ growing confidence that growth would accelerate. Economic performance met investors’ expectations for the second half of 2003. Business investment revived while massive fiscal stimulus and the lagged impact of the mortgage-refinancing boom sustained consumption, leading to 8.2 percent annual growth in the third quarter of 2003, the fastest pace in almost two decades. However, in the first quarter of 2004, concern about the durability of the U.S. economic recovery pushed already low interest rates even lower, and helped bonds to gain further ground. The 10-year Treasury yield finished the period at 3.84 percent, up only 4 basis points for the full period. Inflation was well behaved even in the face of surging commodity prices and a falling U.S. dollar helping to mitigate the rise in interest rates.
Interest rate strategies were negative for the period; the fund’s duration stance detracted from performance, but this was partially offset by a favorable maturity focus that benefited the fund as the yield curve steepened.
A corporate underweight position relative to the benchmark had a negative impact to performance as profits and margins improved, but positive security selection of energy, pipeline, and telecommunication issuers mitigated this impact. Positive security selection within the mortgage sector helped strengthen returns as the fund maintained a modest structural allocation to this segment of the market. Allocations to real return and municipal bonds helped returns; these less volatile assets outperformed amid the volatile rate environment. Emerging market bonds boosted returns as credit fundamentals within the asset class continued to improve. Non-U.S. dollar denominated exposure, mainly to Eurozone issues, had minor negative impact as U.S. holdings modestly outperformed.
PF Pacific Life Money Market Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 0.18%* compared to a 1.08%** return for its benchmark, the Merrill Lynch 3-Month U.S. T-Bill Index. The current yield for Class A measured during the seven-day period ending March 31, 2004 was 0.08%.****
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Short-term yields remained very low for the period. Since June 25, 2003, when the Fed cut the Fed Funds target rate to 1.00%, 30-, 60- and 90-day commercial paper yields have been near 1.00%. U.S. Treasury bill yields also moved very little, returning less than 1.00% for the last nine months of the period ended March 31, 2004. Additionally, LIBOR-based floating rate notes offered little additional value, with the index trading in a tight range. Purchasing securities based on the LIBOR index led to consistent returns, but offered little upside as the floating component of the index was flat. The challenge has been finding adequately yielding securities along a very flat yield curve.
In managing the fund, to help mitigate the effects of a flat short-term interest rate environment, we at Pacific Life chose to keep the fund’s average maturity longer than usual. This cuts down on transaction expense by requiring less frequent reinvestment of maturing assets. Additionally, a barbell strategy was used encompassing short-term commercial paper combined with longer, higher yielding assets. These longer assets came by way of callable agency and asset-backed securities. During periods when the agency discount notes and commercial paper
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
|
|
|
**** |
| The 7-day yield for PF Pacific Life Money Market includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
A-18
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
yields were the same, we chose to increase portfolio quality by increasing the fund’s percentage of agency holdings.
PF Putnam Equity Income Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 36.03%* compared to a 40.82%** return for its benchmark, the Russell 1000 Value Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Russell 1000 Value Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Putnam Equity Income Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 36.03 | % |
| 35.48 | % |
| 35.51 | % | |
| With maximum sales charge*** |
|
| 28.55 | % |
| 30.48 | % |
| 33.15 | % | |
| Russell 1000 Value Index** |
|
| 40.82 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 3.75 | % |
| 3.27 | % |
| 3.34 | % | |
| With maximum sales charge*** |
|
| 1.18 | % |
| 1.54 | % |
| 2.88 | % | |
| Russell 1000 Value Index** |
|
| 5.65 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. As markets turned bullish in 2003, investor appetite for risk increased, which favored smaller-capitalization stocks and lower-quality, higher-volatility strategies. The fund’s high-quality emphasis hurt performance for the period, principally in the June 2003 quarter, but to a lesser extent for the remainder of 2003. The low-quality rally throughout much of the period, coupled with unrewarded stock selection within the financials and energy sectors caused the fund to underperform when compared to its benchmark. However, select holdings within the consumer staples and consumer cyclicals contributed positively to performance.
Among the top contributors during the period was an overweight position relative to the benchmark in Altria Group, Inc. (Altria is the parent company of Philip Morris USA) within the consumer staples sector. Shares were volatile during the year as Altria was initially hit by a $10 billion judgment against Philip Morris USA and the company was required to post a $12 billion bond. That amount was later reduced in September allowing investors to focus on the tobacco company’s fundamentals. The fund’s overweight position in Fortune Brands, Inc. (consumer goods) also contributed to performance, as the company expected to exceed expectations.
Stock selection within consumer cyclicals was led by an overweight position relative to the benchmark in Royal Caribbean Cruises Ltd. (liquidated prior to the end of the period), which benefited from a recovery in travel demand, currency effects, and lower fuel costs than previously estimated. The fund’s underweight position in Viacom Inc. also aided results, as falling advertising sales in local markets hurt the media company. Investor skepticism about the recovery in advertising has prevented a revaluation in the stock.
Within the financials sector, the fund’s performance was hurt by an overweight in XL Capital Ltd. This property and casualty insurer’s stock was undercut by the disclosure of an investigation into shortfalls in reserves to pay reinsurance claims. The fund’s underweight in FleetBoston Financial Corp. — the seventh-biggest U.S. bank by assets — also hurt performance results as its shares rose sharply in response to news of a takeover by Bank of America Corp.
Detractors within the energy sector were led by an overweight position relative to the benchmark in Royal Dutch Petroleum Co. (liquidated prior to the end of the period), which declined after the company downgraded its reserve projections by 20%. The fund’s overweight position in BP PLC had a negative impact on performance, as shares of the oil & gas company lagged due to a lower production profile relative to peers and political developments in Russia, where it has a joint venture.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-19
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Salomon Brothers Large-Cap Value Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 39.91%* compared to a 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Salomon Brothers Large-Cap Value Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 39.91 | % |
| 39.36 | % |
| 39.27 | % | |
| With maximum sales charge*** |
|
| 32.15 | % |
| 34.36 | % |
| 36.86 | % | |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 4.20 | % |
| 3.78 | % |
| 3.69 | % | |
| With maximum sales charge*** |
|
| 1.88 | % |
| 2.25 | % |
| 3.28 | % | |
| S&P 500 Index** |
|
| 4.95 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The U.S. equity market finally reversed course in the twelve months ended March 31, 2004 after three very difficult years. All the major indices posted double-digit gains with the S&P 500 Index returning 35.10%** and the NASDAQ strongly rebounding during the period. Many investors were rewarded handsomely for taking risks during the period, as evidenced by the NASDAQ’s strong return. We at Salomon Brothers Asset Management Inc (Salomon) believe aggressive monetary and fiscal stimulus spurred market participants to focus on more risky stocks that had underperformed significantly in prior years. These “higher-beta” stocks led the market’s rebound for the period. Continued signs of an economic recovery helped to sustain equity market gains and to increase market breadth as the year progressed.
The equity market did not begin to accelerate until the second quarter of 2003 when the S&P 500 Index had its best quarterly performance in more than five years. Investors responded to a number of positive developments, including significant progress in the war in Iraq, a rebound in consumer confidence, and improved corporate profits. At the same time, the Fed lowered the Fed Funds rate another 25 basis points to 1.00%, a 45-year low. Longer-term yields followed suit as the ten-year Treasury yield also fell to a 45-year low in June, 2003. Fiscal policy remained stimulative as Congress passed a $350 billion tax reduction package that included rate reductions on capital gains and dividends.
After a relatively quiet third quarter, the S&P 500 Index surged again in the fourth quarter of 2003. Continued signs of economic growth and strong corporate profits fueled the market. Increased merger and acquisition activity also helped push stocks higher. Market breadth increased noticeably during the fourth quarter of 2003 as several economically sensitive groups outperformed. These trends continued into the first quarter of 2004 with the major indices all posting modest gains.
For the twelve-month period ended March 31, 2004, technology stocks led the market’s rebound, accounting for about one-quarter of the S&P 500 Index’s return. Within the S&P 500 Index, the top performing sectors were technology, followed by materials and financials. All sectors of the S&P 500 Index posted positive returns for the period, but telecommunications stocks lagged; the telecommunications sector of the S&P 500 Index, was the only sector that did not post a double-digit return.
Sectors that contributed most to the fund’s performance for the period included financials, technology, and consumer discretionary. Within the financials sector, the fund benefited from an overweight position relative to its benchmark in capital-markets sensitive stocks, like the brokers and securities processors. These stocks rallied strongly as investors responded to increased capital markets activity and more favorable market conditions. Merrill Lynch & Co., Inc., the fund’s largest position among that group, gained more than 70%
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-20
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
during the period. One of the fund’s regional bank holdings, FleetBoston Financial Corp., reacted positively to Bank of America Corp.’s agreement to purchase the company.
Similar to the broad market, technology stocks also provided a boost to fund performance. In particular, the fund’s exposure to telecommunication equipment and hardware stocks contributed noticeably. Several of these stocks, such as Lucent Technologies Inc. and Comverse Technology, Inc., rebounded strongly from depressed levels in 2002. Within the consumer discretionary sector, McDonald’s Corp. and The Home Depot, Inc. also rallied from what we believe were oversold conditions at the beginning of the year. McDonald’s benefited from new product introductions that aided same-store sales while The Home Depot’s stock responded to an improving economy and new management initiatives.
Three of the fund’s sectors that lagged included health care, telecommunications, and utilities. The fact that utilities lagged in a period when the equity markets rebounded strongly is not a surprise, given the group’s lower growth prospects. Within the health care sector, all of the fund’s large-capitalization pharmaceutical holdings underperformed relative to the fund’s benchmark. We believe that pharmaceutical stocks in general have been hurt due to concerns about patent expirations and a slowing pipeline of new drugs. In particular, two of the fund’s laggards included Schering-Plough Corp. and Merck & Co., Inc. Schering-Plough suffered from the expiration of its Claritin allergy drug patent as well as increased competition in the hepatitis market. Merck suffered after terminating two drugs in late-stage development. The fund continues to hold both of these stocks as well as Pfizer Inc., the fund’s largest pharmaceutical holding. Tenet Healthcare Corp., a hospital stock that the fund sold earlier in the year, also penalized performance.
Unlike technology, the telecommunications sector did not rebound last year. Concerns about increased competition on all fronts continue to worry investors. In addition to existing wireline and wireless competitors, the group faces renewed competition from cable companies in the cable telephony industry. Although cable telephony is in the early stages of adoption, we feel its impact may lead to continued deflationary pressures in the sector. The traditional regional bell operating companies plan to compete more effectively by bundling services to consumers and cutting costs. Excess capacity in the industry may lead to further consolidation, particularly in the wireless sector. AT&T Wireless Services, Inc., Verizon Communications, Inc., and SBC Communications, Inc. were three of the fund’s telecommunications holdings that did not perform well during the period. However, the fund continues to hold each of these stocks in the fund based on their favorable valuation and strong cash flow.
In managing the fund, we at Salomon have taken advantage of recent strength in the U.S. equity market to reduce selected positions as a result of increased valuations, particularly in the technology sector. Given our favorable view of the economy, we have added some additional cyclical exposure to the fund. We also continue to focus on those stocks we believe to be high-quality that have lagged in the past year, which has led us to increase the fund’s weighting in consumer staples and health care, particularly the pharmaceutical stocks.
PF Van Kampen Comstock Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 39.34%* compared to 35.10%** return for its benchmark, the S&P 500 Index. Complete performance information for all classes is included in the following table.
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the S&P 500 Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Van Kampen Comstock Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 39.34 | % |
| 38.77 | % |
| 38.60 | % | |
| With maximum sales charge*** |
|
| 31.75 | % |
| 33.77 | % |
| 36.25 | % | |
| S&P 500 Index** |
|
| 35.10 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 5.71 | % |
| 5.22 | % |
| 5.20 | % | |
| With maximum sales charge*** |
|
| 3.36 | % |
| 3.72 | % |
| 4.79 | % | |
| S&P 500 Index** |
|
| 4.95 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-21
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The Van Kampen investment management team assumed management of the fund on May 1, 2003. Since that time, the market environment changed for the better. Once the initial military operations of the Iraqi War ended, investors responded favorably.
Perhaps more importantly for stocks, evidence supporting a strong economic recovery in the second half of 2003 was beginning to mount. A major factor underlying these assumptions was the Fed’s willingness to keep short-term interest rates at historically low levels. In June, the Fed lowered the Fed Funds rate to just 1.00%, a 45-year record low. Lower rates made it less expensive for consumers to borrow and companies to invest in their businesses. As the year went on, inflation—always one of the Fed’s main concerns—remained under control. This allowed the Fed to make clear its intention to keep rates low for an extended period. Against this backdrop, the U.S. economy enjoyed impressive performance toward the end of 2003.
However, in the first quarter of 2004, the Fed adjusted their views regarding interest rates, causing some choppiness in the markets as investors began to anticipate a slowing economy and rising interest rates. Renewed geopolitical concerns also slowed the pace of the markets. Throughout the period—and despite a less-than-rosy employment picture—the consumer continued to be a driving force for the economy.
Since assuming management of the fund in May, 2003, we at Van Kampen have emphasized energy, health care (pharmaceuticals, primarily), and telecommunications stocks.
Within the energy sector, we favored cheaper oil-service companies, such as Halliburton Co. and Schlumberger Ltd., versus exploration and production stocks. As the economic environment for oil services and drilling stocks improved, Halliburton Co. and Schlumberger Ltd. stocks rose. In addition, Halliburton Co. benefited from optimism about a potential settlement of asbestos-related litigation while Schlumberger Ltd. was helped by confidence surrounding the company’s new management team.
The fund’s pharmaceutical exposure serves as a good example of our contrarian discipline. As the economy shows signs of improvement, the market has rotated out of pharmaceutical stocks into more cyclical areas of health care. Additionally, proposed legislation surrounding drug reimportation has contributed to negative sentiment about large-capitalization pharmaceuticals. Against this backdrop, the fund’s pharmaceutical positions hindered performance. However, we believe that some of these drug manufacturers have been overly discounted by the market and offer compelling risk/reward characteristics.
The fund also includes a sizable stake in telecommunications stocks, which appear attractively valued. As a group, telecommunications stocks performed poorly in 2003. But, we believed that certain telecommunications stocks could benefit from a continuing economic recovery and trends toward industry consolidation. During the reporting period, our conviction was rewarded and the fund benefited notably from a stake in Sprint Corp. - FON Group.
Some of the fund’s materials stocks also helped returns. Because the materials sector tends to be highly sensitive to the economy, many stocks in this area performed very well as the strength of the economic recovery became more evident. One particularly good performer was Georgia-Pacific Corp. This company—traditionally a paper and forest-products manufacturer—has increasingly focused on tissues and other consumer-oriented goods, a transition that investors have cheered. The stock’s valuation bounced back in line with the economy’s rebound. In keeping with our discipline, as other investors begin flocking to materials stocks and they appear very fully valued, we at Van Kampen are trimming back certain positions to lock in gains.
On the downside, the fund’s positions in radio and cable broadcasters stocks negatively affected fund performance. Media companies have struggled with a continued weak advertising market.
PF Van Kampen Mid-Cap Growth Fund
Q. How did the fund perform over the year ended March 31, 2004?
A. For the year ended March 31, 2004, the fund’s Class A returned 35.30%* compared to a 49.63%** return for its benchmark, the Russell Midcap Growth Index. Complete performance information for all classes is included in the following table.
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
A-22
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2004 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark (the Russell Midcap Growth Index) is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2004
PF Van Kampen Mid-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
| |||||
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| 35.30 | % |
| 34.86 | % |
| 34.69 | % | |
| With maximum sales charge*** |
|
| 27.96 | % |
| 29.86 | % |
| 32.34 | % | |
| Russell Midcap Growth Index** |
|
| 49.63 | % |
|
|
|
|
|
| |
Since Inception: |
|
|
|
|
|
|
|
|
|
| ||
| Without sales charge* |
|
| -3.45 | % |
| -3.88 | % |
| -3.89 | % | |
| With maximum sales charge*** |
|
| -5.61 | % |
| -5.25 | % |
| -4.28 | % | |
| Russell Midcap Growth Index** |
|
| 13.75 | % |
|
|
|
|
|
| |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The Van Kampen investment management team assumed management of the fund on May 1, 2003.
A quick and successful military campaign in Iraq and the Federal government’s passage of tax relief legislation served as catalysts for a stock market recovery during the period. Low interest rates improved the health of corporations and consumers via debt restructuring, balance sheet de-leveraging, mortgage refinancing, and home purchases. Corporate earnings turned positive after 2001 and 2002 declines with results, in many cases, exceeding estimates. Manufacturing activity has moved in a positive direction with new orders prompting production increases. Corporate capital expenditures are increasing; although until recently the spending has not been on manpower. The low interest rate environment continues to bode well for growth companies.
The technology sector had the largest negative impact on the fund’s relative performance principally due to stock selection; an underweight position in the sector relative to the benchmark index exacerbated the effect as technology stocks experienced a strong rebound. Detractors from performance included SanDisk Corp., Seagate Technology, and Network Appliance, Inc. SanDisk Corp., a manufacturer of flash memory for digital cameras, has been negatively impacted by increased competition from Samsung Electronics Co., Ltd., while an overcapacity of computer disk drives has led to pricing weakness affecting Seagate Technology. EMC Corp. MA is creating stiff competition for Network Appliance, Inc. in network storage.
Stock selection in the financial services sector detracted from the fund’s relative performance. Detractors from performance included eSpeed, Inc., Radian Group, Inc., and Safeco Corp. eSpeed, Inc., a leading developer for electronic marketplaces has been losing market share, while Radian Group, Inc. was impacted by rising losses on its sub-prime mortgage insurance business and the loss of a financial guarantee client. Safeco Corp., an insurance company, experienced difficulties in its life insurance business during the period.
Stock selection in the health care sector also detracted from the fund’s relative performance. Detractors from performance included Lincare Holdings, Inc., MedImmune, Inc., and Trimeris, Inc. Lincare Holdings, Inc., a provider of respiratory services, was negatively impacted by changes to the Medicare reimbursement policy. MedImmune, Inc. deteriorated as a result of a change in accounting practices regarding bad debt allowance and lackluster FluMist sales. Trimeris, Inc., a biopharmaceutical company that manufactures antiviral drugs, experienced a slower than expected launch of Fuzeon, to be used in the treatment of HIV.
The fund’s position in the consumer discretionary sector added to relative performance due to stock selection. Contributors to performance included Coach, Inc., Royal Caribbean Cruises Ltd. and GTECH Holdings Corp. Coach, Inc. continues to report steady revenue gains and operating margin expansion. Royal Caribbean Cruises Ltd., has benefited from a
* |
| The total return for each fund includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
|
** |
| This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. |
|
|
|
*** |
| Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
A-23
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
recovery in the travel industry and firmer pricing. In addition, Royal Caribbean Cruises Ltd. has newer ships than its chief rival, Carnival Corp. GTECH Holdings Corp., a lottery systems provider, continues to add new contracts both in the U.S. and abroad, including recently awarded multi-year contracts in Illinois, Washington State, Mexico, and China.
Stock selection was strong in the other (multi-industry) sector. Standouts included Brascan Corp. and Eaton Corp. Brascan Corp., with real estate, power generation and asset management operations has reported strong results in each of its underlying business units. Eaton Corp. manufactures engineered products which serve industrial, vehicle, construction, commercial, and aerospace markets. Eaton Corp.’s reported earnings and forward earnings guidance are both in excess of analysts’ estimates.
An underweight position relative to the benchmark index in the consumer staples sector also contributed to the fund’s performance.
A-24
PACIFIC FUNDS
PORTFOLIO OPTIMIZATION FUNDS
Schedule of Investments
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
PF PORTFOLIO OPTIMIZATION MODEL A FUND |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MUTUAL FUNDS - 98.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
PF AIM Blue Chip Fund ‘A’ |
| 23,471 |
| $ | 239,173 |
| |
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
| 161,024 |
|
| 1,624,734 |
| |
PF Lazard International Value Fund ‘A’ |
| 19,986 |
|
| 237,638 |
| |
PF MFS International Large-Cap Fund ‘A’ |
| 10,432 |
|
| 121,121 |
| |
PF PIMCO Inflation Managed Fund ‘A’ |
| 62,200 |
|
| 679,847 |
| |
PF PIMCO Managed Bond Fund ‘A’ |
| 122,619 |
|
| 1,281,370 |
| |
PF Pacific Life Money Market Fund ‘A’ |
| 1,197,862 |
|
| 1,197,862 |
| |
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
| 32,948 |
|
| 360,448 |
| |
PF Van Kampen Comstock Fund ‘A’ |
| 15,941 |
|
| 181,254 |
| |
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
| 15,377 |
|
| 123,171 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 98.40% (Cost $5,993,495) |
|
|
|
| 6,046,618 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 1.60% |
|
|
|
| 98,245 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 6,144,863 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
PF PORTFOLIO OPTIMIZATION MODEL B FUND |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MUTUAL FUNDS - 97.31% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
PF AIM Blue Chip Fund ‘A’ |
| 127,589 |
| $ | 1,300,133 |
| |
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
| 208,586 |
|
| 2,104,630 |
| |
PF Lazard International Value Fund ‘A’ |
| 86,820 |
|
| 1,032,288 |
| |
PF MFS International Large-Cap Fund ‘A’ |
| 45,420 |
|
| 527,331 |
| |
PF PIMCO Inflation Managed Fund ‘A’ |
| 136,678 |
|
| 1,493,889 |
| |
PF PIMCO Managed Bond Fund ‘A’ |
| 217,496 |
|
| 2,272,831 |
| |
PF Pacific Life Money Market Fund ‘A’ |
| 1,569,638 |
|
| 1,569,638 |
| |
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
| 155,445 |
|
| 1,700,573 |
| |
PF Van Kampen Comstock Fund ‘A’ |
| 46,272 |
|
| 526,108 |
| |
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
| 83,855 |
|
| 671,680 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 97.31% (Cost $13,089,166) |
|
|
|
| 13,199,101 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 2.69% |
|
|
|
| 365,144 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 13,564,245 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
PF PORTFOLIO OPTIMIZATION MODEL C FUND |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MUTUAL FUNDS - 96.73% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
PF AIM Blue Chip Fund ‘A’ |
| 362,416 |
| $ | 3,693,015 |
| |
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
| 370,178 |
|
| 3,735,094 |
| |
PF Janus Growth LT Fund ‘A’ |
| 98,046 |
|
| 1,013,795 |
| |
PF Lazard International Value Fund ‘A’ |
| 308,346 |
|
| 3,666,229 |
| |
PF MFS International Large-Cap Fund ‘A’ |
| 205,389 |
|
| 2,384,565 |
| |
PF PIMCO Inflation Managed Fund ‘A’ |
| 320,158 |
|
| 3,499,328 |
| |
PF PIMCO Managed Bond Fund ‘A’ |
| 428,784 |
|
| 4,480,796 |
| |
PF Pacific Life Money Market Fund ‘A’ |
| 1,013,624 |
|
| 1,013,624 |
| |
PF Putnam Equity Income Fund ‘A’ |
| 95,366 |
|
| 1,020,417 |
| |
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
| 400,387 |
|
| 4,380,230 |
| |
PF Van Kampen Comstock Fund ‘A’ |
| 119,359 |
|
| 1,357,114 |
| |
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
| 476,065 |
|
| 3,813,277 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 96.73% (Cost $33,801,985) |
|
|
|
| 34,057,484 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 3.27% |
|
|
|
| 1,149,774 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 35,207,258 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
PF PORTFOLIO OPTIMIZATION MODEL D FUND |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MUTUAL FUNDS - 97.48% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
PF AIM Blue Chip Fund ‘A’ |
| 468,533 |
| $ | 4,774,356 |
| |
PF AIM Aggressive Growth Fund ‘A’ |
| 84,286 |
|
| 971,817 |
| |
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
| 159,567 |
|
| 1,610,028 |
| |
PF Janus Growth LT Fund ‘A’ |
| 155,095 |
|
| 1,603,682 |
| |
PF Lazard International Value Fund ‘A’ |
| 398,457 |
|
| 4,737,660 |
| |
PF MFS International Large-Cap Fund ‘A’ |
| 278,039 |
|
| 3,228,031 |
| |
PF PIMCO Inflation Managed Fund ‘A’ |
| 151,928 |
|
| 1,660,572 |
| |
PF PIMCO Managed Bond Fund ‘A’ |
| 250,346 |
|
| 2,616,114 |
| |
PF Putnam Equity Income Fund ‘A’ |
| 120,534 |
|
| 1,289,717 |
| |
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
| 380,384 |
|
| 4,161,399 |
| |
PF Van Kampen Comstock Fund ‘A’ |
| 141,577 |
|
| 1,609,734 |
| |
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
| 492,803 |
|
| 3,947,352 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 97.48% (Cost $32,037,545) |
|
|
|
| 32,210,462 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 2.52% |
|
|
|
| 832,100 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 33,042,562 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
PF PORTFOLIO OPTIMIZATION MODEL E FUND |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MUTUAL FUNDS - 99.13% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
PF AIM Blue Chip Fund ‘A’ |
| 302,402 |
| $ | 3,081,479 |
| |
PF AIM Aggressive Growth Fund ‘A’ |
| 63,960 |
|
| 737,455 |
| |
PF Janus Growth LT Fund ‘A’ |
| 141,304 |
|
| 1,461,079 |
| |
PF Lazard International Value Fund ‘A’ |
| 242,167 |
|
| 2,879,371 |
| |
PF MFS International Large-Cap Fund ‘A’ |
| 205,859 |
|
| 2,390,018 |
| |
PF PIMCO Managed Bond Fund ‘A’ |
| 53,435 |
|
| 558,400 |
| |
PF Putnam Equity Income Fund ‘A’ |
| 68,624 |
|
| 734,273 |
| |
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
| 233,191 |
|
| 2,551,106 |
| |
PF Van Kampen Comstock Fund ‘A’ |
| 80,584 |
|
| 916,243 |
| |
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
| 373,716 |
|
| 2,993,466 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 99.13% (Cost $18,241,650) |
|
|
|
| 18,302,890 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 0.87% |
|
|
|
| 160,855 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 18,463,745 |
| |
|
|
|
|
See Notes to Financial Statements
B-1
PACIFIC FUNDS
PF AIM BLUE CHIP FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 92.80% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 0.97% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Canadian National Railway Co (Canada) |
| 3,150 |
| $ | 123,890 |
| |
United Parcel Service Inc ‘B’ |
| 1,700 |
|
| 118,728 |
| |
|
|
|
| ||||
|
|
|
| 242,618 |
| ||
|
|
|
| ||||
Consumer Discretionary - 17.18% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Apollo Group Inc ‘A’ * |
| 3,350 |
|
| 288,468 |
| |
Avon Products Inc |
| 2,000 |
|
| 151,740 |
| |
Bed Bath & Beyond Inc * |
| 4,500 |
|
| 187,920 |
| |
Best Buy Co Inc |
| 3,400 |
|
| 175,848 |
| |
Carnival Corp |
| 3,040 |
|
| 136,526 |
| |
Cendant Corp |
| 7,800 |
|
| 190,242 |
| |
Clear Channel Communications Inc |
| 2,900 |
|
| 122,815 |
| |
eBay Inc * |
| 1,900 |
|
| 131,727 |
| |
International Game Technology |
| 3,800 |
|
| 170,848 |
| |
McDonald’s Corp |
| 7,000 |
|
| 199,990 |
| |
Nike Inc ‘B’ |
| 2,300 |
|
| 179,101 |
| |
Omnicom Group Inc |
| 3,100 |
|
| 248,775 |
| |
Staples Inc * |
| 5,900 |
|
| 149,801 |
| |
Starwood Hotels & Resorts Worldwide Inc |
| 2,900 |
|
| 117,450 |
| |
Target Corp |
| 3,800 |
|
| 171,152 |
| |
The Gap Inc |
| 7,700 |
|
| 168,784 |
| |
The Home Depot Inc |
| 10,600 |
|
| 396,016 |
| |
Viacom Inc ‘B’ |
| 7,250 |
|
| 284,273 |
| |
Wal-Mart Stores Inc ** |
| 11,300 |
|
| 674,497 |
| |
Waste Management Inc |
| 4,900 |
|
| 147,882 |
| |
|
|
|
| ||||
|
|
|
| 4,293,855 |
| ||
|
|
|
| ||||
Consumer Staples - 5.41% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Colgate-Palmolive Co |
| 3,000 |
|
| 165,300 |
| |
PepsiCo Inc |
| 3,500 |
|
| 188,475 |
| |
Procter & Gamble Co |
| 4,800 |
|
| 503,424 |
| |
Sysco Corp |
| 6,500 |
|
| 253,825 |
| |
The Coca-Cola Co |
| 4,800 |
|
| 241,440 |
| |
|
|
|
| ||||
|
|
|
| 1,352,464 |
| ||
|
|
|
| ||||
Energy - 0.94% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ENSCO International Inc |
| 3,300 |
|
| 92,961 |
| |
Nabors Industries Ltd * (Barbados) |
| 3,100 |
|
| 141,825 |
| |
|
|
|
| ||||
|
|
|
| 234,786 |
| ||
|
|
|
| ||||
Financial Services - 21.07% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
American Express Co |
| 7,200 |
|
| 373,320 |
| |
American International Group Inc |
| 7,600 |
|
| 542,260 |
| |
Bank of America Corp |
| 2,300 |
|
| 186,254 |
| |
Citigroup Inc ** |
| 17,000 |
|
| 878,900 |
| |
Fannie Mae |
| 3,750 |
|
| 278,812 |
| |
First Data Corp |
| 6,100 |
|
| 257,176 |
| |
Fiserv Inc * |
| 3,600 |
|
| 128,772 |
| |
Franklin Resources Inc |
| 3,250 |
|
| 180,960 |
| |
J.P. Morgan Chase & Co |
| 11,700 |
|
| 490,815 |
| |
MBNA Corp |
| 8,700 |
|
| 240,381 |
| |
Merrill Lynch & Co Inc |
| 5,700 |
|
| 339,492 |
| |
Morgan Stanley |
| 5,300 |
|
| 303,690 |
| |
Prudential Financial Inc |
| 3,500 |
|
| 156,730 |
| |
SLM Corp |
| 3,400 |
|
| 142,290 |
| |
The Allstate Corp |
| 2,700 |
|
| 122,742 |
| |
The Goldman Sachs Group Inc |
| 3,400 |
|
| 354,790 |
| |
Wells Fargo & Co |
| 5,100 |
|
| 289,017 |
| |
|
|
|
| ||||
|
|
|
| 5,266,401 |
| ||
|
|
|
| ||||
Health Care - 13.29% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Allergan Inc |
| 2,300 |
|
| 193,568 |
| |
Amgen Inc * |
| 5,500 |
|
| 319,935 |
| |
Boston Scientific Corp * |
| 7,400 |
|
| 313,612 |
| |
Eli Lilly & Co |
| 2,000 |
|
| 133,800 |
| |
Forest Laboratories Inc * |
| 700 |
|
| 50,134 |
| |
Johnson & Johnson |
| 3,800 |
|
| 192,736 |
| |
Medtronic Inc |
| 5,500 |
|
| 262,625 |
| |
Pfizer Inc ** |
| 20,200 |
|
| 708,010 |
| |
St. Jude Medical Inc * |
| 1,900 |
|
| 136,990 |
| |
Teva Pharmaceutical Industries Ltd ADR (Israel) |
| 2,900 |
|
| 183,889 |
| |
UnitedHealth Group Inc |
| 5,700 |
|
| 367,308 |
| |
Wyeth |
| 3,200 |
|
| 120,160 |
| |
Zimmer Holdings Inc * |
| 4,600 |
|
| 339,388 |
| |
|
|
|
| ||||
|
|
|
| 3,322,155 |
| ||
|
|
|
| ||||
Integrated Oils - 2.43% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Exxon Mobil Corp |
| 14,600 |
|
| 607,214 |
| |
|
|
|
| ||||
Materials & Processing - 2.01% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Air Products & Chemicals Inc |
| 3,000 |
|
| 150,360 |
| |
Alcoa Inc |
| 5,100 |
|
| 176,919 |
| |
E.I. du Pont de Nemours & Co |
| 1,500 |
|
| 63,330 |
| |
The Dow Chemical Co |
| 2,800 |
|
| 112,784 |
| |
|
|
|
| ||||
|
|
|
| 503,393 |
| ||
|
|
|
| ||||
Multi-Industry - 5.88% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
3M Co |
| 1,500 |
|
| 122,805 |
| |
Fortune Brands Inc |
| 1,700 |
|
| 130,271 |
| |
General Electric Co ** |
| 22,000 |
|
| 671,440 |
| |
Schlumberger Ltd |
| 3,200 |
|
| 204,320 |
| |
Tyco International Ltd (Bermuda) |
| 11,900 |
|
| 340,935 |
| |
|
|
|
| ||||
|
|
|
| 1,469,771 |
| ||
|
|
|
| ||||
Producer Durables - 4.34% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Applied Materials Inc * |
| 8,700 |
|
| 186,006 |
| |
Danaher Corp |
| 2,550 |
|
| 238,093 |
| |
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) |
| 3,150 |
|
| 213,098 |
| |
KLA-Tencor Corp * |
| 2,700 |
|
| 135,945 |
| |
United Technologies Corp |
| 3,600 |
|
| 310,680 |
| |
|
|
|
| ||||
|
|
|
| 1,083,822 |
| ||
|
|
|
| ||||
Technology - 16.29% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Analog Devices Inc |
| 3,800 |
|
| 182,438 |
| |
Cisco Systems Inc * ** |
| 28,300 |
|
| 665,616 |
| |
Dell Inc * |
| 12,200 |
|
| 410,164 |
| |
EMC Corp MA * |
| 18,100 |
|
| 246,341 |
| |
Intel Corp ** |
| 16,700 |
|
| 454,240 |
| |
International Business Machines Corp |
| 2,700 |
|
| 247,968 |
| |
Linear Technology Corp |
| 3,650 |
|
| 135,123 |
| |
Microchip Technology Inc |
| 5,300 |
|
| 140,768 |
| |
Microsoft Corp ** |
| 28,800 |
|
| 719,136 |
| |
Oracle Corp * |
| 18,400 |
|
| 220,984 |
| |
Texas Instruments Inc |
| 6,700 |
|
| 195,774 |
| |
VERITAS Software Corp * |
| 9,600 |
|
| 258,336 |
| |
Xilinx Inc * |
| 5,150 |
|
| 195,700 |
| |
|
|
|
| ||||
|
|
|
| 4,072,588 |
| ||
|
|
|
| ||||
Utilities - 2.99% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Dominion Resources Inc VA |
| 1,900 |
|
| 122,170 |
| |
FPL Group Inc |
| 1,800 |
|
| 120,330 |
| |
Nextel Communications Inc ‘A’ * |
| 2,650 |
|
| 65,535 |
| |
SBC Communications Inc |
| 5,100 |
|
| 125,154 |
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-2
PACIFIC FUNDS
PF AIM BLUE CHIP FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
The Southern Co |
| 4,000 |
| $ | 122,000 |
| |
Vodafone Group PLC ADR (United Kingdom) |
| 8,000 |
|
| 191,200 |
| |
|
|
|
| ||||
|
|
|
| 746,389 |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $20,822,257) |
|
|
|
| 23,195,456 |
| |
|
|
|
| ||||
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 7.19% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Government Agency Issue - 6.79% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Federal Home Loan Bank |
|
|
|
|
|
| |
0.970% due 04/01/04 | $ | 1,697,000 |
|
| 1,697,000 |
| |
|
|
|
| ||||
U.S. Treasury Bill - 0.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
0.915% due 06/17/04 ** |
| 100,000 |
|
| 99,807 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $1,796,805) |
|
|
|
| 1,796,807 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 99.99% (Cost $22,619,062) |
|
|
|
| 24,992,263 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 0.01% |
|
|
|
| 2,880 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 24,995,143 |
| |
|
|
|
|
Note to Schedule of Investments
(a) Securities with an approximate aggregate market value of $2,908,861 were segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2004:
Type |
| Number of |
| Notional |
| Unrealized |
| ||||||||
|
|
|
| ||||||||||||
S&P EMINI Futures (06/04) |
| 14 |
|
|
| $ | 700 |
|
|
| $ | 13,307 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-3
PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
COMMON STOCKS - 92.49% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 3.39% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
C.H. Robinson Worldwide Inc |
| 1,900 |
| $ | 78,850 |
| |
Expeditors International of Washington Inc |
| 1,980 |
|
| 78,190 |
| |
Gentex Corp |
| 2,200 |
|
| 95,436 |
| |
Lear Corp |
| 350 |
|
| 21,686 |
| |
Sirva Inc * |
| 1,400 |
|
| 33,768 |
| |
|
|
|
| ||||
|
|
|
| 307,930 |
| ||
|
|
|
| ||||
Consumer Discretionary - 32.21% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Aeropostale Inc * |
| 1,400 |
|
| 50,764 |
| |
Apollo Group Inc ‘A’ * |
| 1,825 |
|
| 157,151 |
| |
Arbitron Inc * |
| 500 |
|
| 20,130 |
| |
Belo Corp ‘A’ |
| 1,700 |
|
| 47,192 |
| |
Best Buy Co Inc |
| 2,100 |
|
| 108,612 |
| |
CarMax Inc * |
| 800 |
|
| 23,360 |
| |
CDW Corp |
| 2,440 |
|
| 164,968 |
| |
Chico’s FAS Inc * |
| 850 |
|
| 39,440 |
| |
Cintas Corp |
| 2,200 |
|
| 95,678 |
| |
Citadel Broadcasting Co * |
| 2,900 |
|
| 50,605 |
| |
Coach Inc * |
| 900 |
|
| 36,891 |
| |
Corporate Executive Board Co |
| 1,800 |
|
| 84,600 |
| |
CoStar Group Inc * |
| 1,450 |
|
| 53,490 |
| |
eBay Inc * |
| 700 |
|
| 48,531 |
| |
Electronic Arts Inc * |
| 400 |
|
| 21,584 |
| |
Entercom Communications Corp * |
| 1,150 |
|
| 52,060 |
| |
Fastenal Co |
| 2,180 |
|
| 117,044 |
| |
Fisher Scientific International Inc * |
| 2,250 |
|
| 123,840 |
| |
Foot Locker Inc |
| 800 |
|
| 20,640 |
| |
Fred’s Inc |
| 600 |
|
| 14,562 |
| |
Getty Images Inc * |
| 1,800 |
|
| 97,164 |
| |
Harman International Industries Inc |
| 700 |
|
| 55,720 |
| |
Hot Topic Inc * |
| 1,400 |
|
| 37,030 |
| |
Iron Mountain Inc * |
| 1,005 |
|
| 44,853 |
| |
Krispy Kreme Doughnuts Inc * |
| 1,200 |
|
| 41,208 |
| |
Lamar Advertising Co * |
| 1,800 |
|
| 72,396 |
| |
Marvel Enterprises Inc * |
| 1,200 |
|
| 23,028 |
| |
MSC Industrial Direct Co Inc ‘A’ |
| 2,150 |
|
| 64,392 |
| |
Omnicom Group Inc |
| 1,100 |
|
| 88,275 |
| |
Pacific Sunwear of California Inc * |
| 1,750 |
|
| 42,945 |
| |
Pep Boys-Manny Moe & Jack |
| 900 |
|
| 24,975 |
| |
PETCO Animal Supplies Inc * |
| 1,200 |
|
| 33,816 |
| |
Regis Corp |
| 1,000 |
|
| 44,440 |
| |
Robert Half International Inc * |
| 5,900 |
|
| 139,358 |
| |
Sonic Corp * |
| 685 |
|
| 23,482 |
| |
Staples Inc * |
| 6,350 |
|
| 161,227 |
| |
Starbucks Corp * |
| 590 |
|
| 22,273 |
| |
The Cheesecake Factory Inc * |
| 1,050 |
|
| 48,437 |
| |
The Men’s Wearhouse Inc * |
| 1,700 |
|
| 45,169 |
| |
Tiffany & Co |
| 1,800 |
|
| 68,706 |
| |
Tractor Supply Co * |
| 2,700 |
|
| 104,544 |
| |
United Online Inc * |
| 2,700 |
|
| 44,982 |
| |
University of Phoenix Online * |
| 700 |
|
| 60,914 |
| |
Univision Communications Inc ‘A’ * |
| 2,385 |
|
| 78,729 |
| |
Williams-Sonoma Inc * |
| 3,820 |
|
| 130,644 |
| |
|
|
|
| ||||
|
|
|
| 2,929,849 |
| ||
|
|
|
| ||||
Financial Services - 15.27% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Affiliated Computer Services Inc ‘A’ * |
| 900 |
|
| 46,710 |
| |
Affiliated Managers Group Inc * |
| 1,050 |
|
| 57,309 |
| |
Alliance Data Systems Corp * |
| 5,400 |
|
| 181,170 |
| |
CheckFree Corp * |
| 2,700 |
|
| 79,542 |
| |
Chicago Mercantile Exchange Inc |
| 475 |
|
| 45,951 |
| |
Euronet Worldwide Inc * |
| 1,900 |
|
| 36,119 |
| |
Fiserv Inc * |
| 3,000 |
|
| 107,310 |
| |
HCC Insurance Holdings Inc |
| 720 |
|
| 23,278 |
| |
Investors Financial Services Corp |
| 4,480 |
|
| 185,114 |
| |
Legg Mason Inc |
| 1,380 |
|
| 128,036 |
| |
Lehman Brothers Holdings Inc |
| 1,200 |
|
| 99,444 |
| |
Moody’s Corp |
| 1,000 |
|
| 70,800 |
| |
New York Community Bancorp Inc |
| 2,620 |
|
| 89,814 |
| |
Paychex Inc |
| 1,550 |
|
| 55,180 |
| |
Southwest Bancorp of Texas Inc |
| 1,050 |
|
| 39,616 |
| |
SunGard Data Systems Inc * |
| 1,000 |
|
| 27,400 |
| |
T. Rowe Price Group Inc |
| 2,150 |
|
| 115,735 |
| |
|
|
|
| ||||
|
|
|
| 1,388,528 |
| ||
|
|
|
| ||||
Health Care - 11.95% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Biomet Inc |
| 2,000 |
|
| 76,720 |
| |
Caremark Rx Inc * |
| 3,950 |
|
| 131,337 |
| |
Cooper Cos Inc |
| 900 |
|
| 48,600 |
| |
Health Management Associates Inc ‘A’ |
| 2,010 |
|
| 46,652 |
| |
Henry Schein Inc * |
| 800 |
|
| 57,136 |
| |
Invitrogen Corp * |
| 600 |
|
| 43,014 |
| |
Medicis Pharmaceutical Corp ‘A’ |
| 2,320 |
|
| 92,800 |
| |
Omnicare Inc |
| 2,100 |
|
| 93,093 |
| |
Patterson Dental Co * |
| 670 |
|
| 45,969 |
| |
ResMed Inc * |
| 1,900 |
|
| 85,861 |
| |
St. Jude Medical Inc * |
| 1,500 |
|
| 108,150 |
| |
Taro Pharmaceutical Industries Ltd * (Israel) |
| 1,600 |
|
| 92,784 |
| |
Varian Medical Systems Inc * |
| 580 |
|
| 50,060 |
| |
Zimmer Holdings Inc * |
| 1,550 |
|
| 114,359 |
| |
|
|
|
| ||||
|
|
|
| 1,086,535 |
| ||
|
|
|
| ||||
Materials & Processing - 0.43% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
The Valspar Corp |
| 800 |
|
| 39,384 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Multi-Industry - 1.57% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Brunswick Corp |
| 1,100 |
|
| 44,913 |
| |
Eaton Corp |
| 1,750 |
|
| 98,332 |
| |
|
|
|
| ||||
|
|
|
| 143,245 |
| ||
|
|
|
| ||||
Producer Durables - 6.27% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Agilent Technologies Inc * |
| 1,300 |
|
| 41,119 |
| |
Danaher Corp |
| 1,500 |
|
| 140,055 |
| |
Deere & Co |
| 1,100 |
|
| 76,241 |
| |
Engineered Support Systems Inc |
| 800 |
|
| 39,032 |
| |
Joy Global Inc |
| 1,800 |
|
| 50,526 |
| |
Littelfuse Inc * |
| 700 |
|
| 26,040 |
| |
Plantronics Inc * |
| 2,100 |
|
| 76,881 |
| |
Polycom Inc * |
| 850 |
|
| 18,046 |
| |
Tektronix Inc |
| 1,500 |
|
| 49,065 |
| |
Waters Corp * |
| 1,300 |
|
| 53,092 |
| |
|
|
|
| ||||
|
|
|
| 570,097 |
| ||
|
|
|
| ||||
Technology - 21.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Acxiom Corp |
| 2,200 |
|
| 48,312 |
| |
Adobe Systems Inc |
| 1,250 |
|
| 49,287 |
| |
ADTRAN Inc |
| 1,600 |
|
| 48,048 |
| |
Advanced Fibre Communications Inc * |
| 1,300 |
|
| 28,639 |
| |
Altera Corp * |
| 4,400 |
|
| 89,980 |
| |
AMIS Holdings Inc * |
| 3,300 |
|
| 53,559 |
| |
Analog Devices Inc |
| 1,900 |
|
| 91,219 |
| |
Avaya Inc * |
| 1,300 |
|
| 20,644 |
| |
Avocent Corp * |
| 2,050 |
|
| 75,420 |
| |
BMC Software Inc * |
| 3,700 |
|
| 72,335 |
| |
Broadcom Corp ‘A’ * |
| 1,200 |
|
| 47,004 |
| |
CACI International Inc ‘A’ * |
| 1,400 |
|
| 60,200 |
| |
Cognos Inc * (Canada) |
| 2,000 |
|
| 62,120 |
| |
Comverse Technology Inc * |
| 7,200 |
|
| 130,608 |
| |
Electronics for Imaging Inc * |
| 1,800 |
|
| 44,226 |
| |
Emulex Corp * |
| 1,300 |
|
| 27,677 |
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-4
PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments (Continued)
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
Fairchild Semiconductor International Inc * |
| 2,000 |
| $ | 48,060 |
| |
Foundry Networks Inc * |
| 2,700 |
|
| 46,359 |
| |
Intersil Corp ‘A’ |
| 1,800 |
|
| 40,122 |
| |
L-3 Communications Holdings Inc |
| 800 |
|
| 47,584 |
| |
Linear Technology Corp |
| 2,300 |
|
| 85,146 |
| |
Marvell Technology Group Ltd * (Bermuda) |
| 2,100 |
|
| 94,605 |
| |
Maxim Integrated Products Inc |
| 1,800 |
|
| 84,762 |
| |
MEMC Electronic Materials Inc * |
| 5,600 |
|
| 51,240 |
| |
Microchip Technology Inc |
| 3,925 |
|
| 104,248 |
| |
National Instruments Corp |
| 1,350 |
|
| 42,471 |
| |
OmniVision Technologies Inc * |
| 1,800 |
|
| 49,158 |
| |
QLogic Corp * |
| 700 |
|
| 23,107 |
| |
Rockwell Automation Inc |
| 3,100 |
|
| 107,477 |
| |
Storage Technology Corp * |
| 1,000 |
|
| 27,830 |
| |
Symantec Corp * |
| 850 |
|
| 39,355 |
| |
Tekelec * |
| 1,700 |
|
| 28,203 |
| |
UTStarcom Inc * |
| 970 |
|
| 27,897 |
| |
VERITAS Software Corp * |
| 1,600 |
|
| 43,056 |
| |
Zebra Technologies Corp ‘A’ * |
| 100 |
|
| 6,937 |
| |
|
|
|
| ||||
|
|
|
| 1,946,895 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $6,944,072) |
|
|
|
| 8,412,463 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Principal |
|
|
|
| |||
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENT - 6.55% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Government Agency Issue - 6.55% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Federal Home Loan Bank |
|
|
|
|
|
| |
0.970% due 04/01/04 | $ | 596,000 |
|
| 596,000 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investment (Cost $596,000) |
|
|
|
| 596,000 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 99.04% (Cost $7,540,072) |
|
|
|
| 9,008,463 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 0.96% |
|
|
|
| 87,381 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 9,095,844 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-5
PACIFIC FUNDS
PF GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments
March 31, 2004
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. GOVERNMENT AGENCY ISSUES - 32.83% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Fannie Mae |
|
|
|
|
|
| |
2.500% due 03/09/06 | $ | 500,000 |
| $ | 502,897 |
| |
Federal Home Loan Bank |
|
|
|
|
|
| |
2.100% due 11/21/05 |
| 1,000,000 |
|
| 1,008,338 |
| |
2.750% due 11/15/06 |
| 500,000 |
|
| 508,430 |
| |
3.500% due 11/15/07 |
| 500,000 |
|
| 516,020 |
| |
6.500% due 11/15/05 |
| 500,000 |
|
| 539,292 |
| |
Freddie Mac |
|
|
|
|
|
| |
3.000% due 12/15/06 |
| 500,000 |
|
| 503,944 |
| |
3.000% due 01/30/07 |
| 500,000 |
|
| 502,716 |
| |
3.000% due 07/27/07 |
| 410,000 |
|
| 412,996 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total U.S. Government Agency Issues (Cost $4,462,552) |
|
|
|
| 4,494,633 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. TREASURY OBLIGATIONS - 53.25% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Treasury Notes - 51.70% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
1.250% due 05/31/05 |
| 1,100,000 |
|
| 1,101,032 |
| |
1.500% due 02/28/05 |
| 3,000,000 |
|
| 3,011,253 |
| |
1.625% due 02/28/06 |
| 1,400,000 |
|
| 1,402,626 |
| |
1.875% due 01/31/06 |
| 1,050,000 |
|
| 1,057,302 |
| |
2.250% due 02/15/07 |
| 500,000 |
|
| 504,414 |
| |
|
|
|
| ||||
|
|
|
| 7,076,627 |
| ||
|
|
|
| ||||
U.S. Treasury Strips - 1.55% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
0.000% due 05/15/12 (PO) |
| 200,000 |
|
| 146,962 |
| |
0.000% due 05/15/14 (PO) |
| 100,000 |
|
| 65,527 |
| |
|
|
|
| ||||
|
|
|
| 212,489 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total U.S. Treasury Obligations (Cost $7,270,182) |
|
|
|
| 7,289,116 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Shares |
|
|
|
| |||
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 8.87% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 8.87% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 607,178 |
|
| 607,178 |
| |
BlackRock Liquidity Funds Institutional TempFund |
| 607,178 |
|
| 607,178 |
| |
|
|
|
| ||||
|
|
|
| 1,214,356 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $1,214,356) |
|
|
|
| 1,214,356 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 94.95% (Cost $12,947,090) |
|
|
|
| 12,998,105 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 5.05% |
|
|
|
| 691,703 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 13,689,808 |
| |
|
|
|
|
Notes to Schedule of Investments
(a)s The amount of $50,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2004:
Type |
| Number of |
| Notional |
| Unrealized |
| ||||
|
|
|
| ||||||||
90-Day Eurodollar Futures (09/04) | 4 |
| $ | 4,000,000 |
|
| $ | (50 | ) |
| |
90-Day Eurodollar Futures (06/05) | 4 |
| $ | 4,000,000 |
|
|
| 320 |
|
| |
U.S. Treasury 2-Year Notes (06/04) | 7 |
| $ | 1,400,000 |
|
|
| 4,842 |
|
| |
U.S. Treasury 5-Year Notes (06/04) | 4 |
| $ | 400,000 |
|
|
| (2,750 | ) |
| |
U.S. Treasury 20-Year Notes (06/04) | 1 |
| $ | 100,000 |
|
|
| (1,375 | ) |
| |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| $ | 987 |
|
| ||
|
|
|
|
|
|
|
|
(b) PO - Principal Only
See Notes to Financial Statements
B-6
PACIFIC FUNDS
PF INVESCO HEALTH SCIENCES FUND
Schedule of Investments
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
|
|
|
|
| |||
COMMON STOCKS - 91.90% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Consumer Staples - 3.78% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Procter & Gamble Co |
| 2,665 |
| $ | 279,505 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Health Care - 82.81% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Abbott Laboratories |
| 2,260 |
|
| 92,886 |
| |
Aetna Inc |
| 3,500 |
|
| 314,020 |
| |
Alcon Inc (Switzerland) |
| 2,700 |
|
| 170,910 |
| |
Allergan Inc |
| 1,800 |
|
| 151,488 |
| |
Amgen Inc * |
| 2,700 |
|
| 157,059 |
| |
Anthem Inc * |
| 2,700 |
|
| 244,728 |
| |
Aventis SA ADR (France) |
| 2,100 |
|
| 161,490 |
| |
Barr Laboratories Inc * |
| 2,250 |
|
| 103,275 |
| |
Biogen Idec Inc * |
| 3,300 |
|
| 183,480 |
| |
Boston Scientific Corp * |
| 5,200 |
|
| 220,376 |
| |
Bristol-Myers Squibb Co |
| 2,900 |
|
| 70,267 |
| |
Caremark Rx Inc * |
| 8,370 |
|
| 278,302 |
| |
Community Health Systems Inc * |
| 2,700 |
|
| 75,141 |
| |
Coventry Health Care Inc * |
| 3,950 |
|
| 167,204 |
| |
Elan Corp PLC ADR * (Ireland) |
| 5,500 |
|
| 113,410 |
| |
Eli Lilly & Co |
| 1,000 |
|
| 66,900 |
| |
Forest Laboratories Inc * |
| 2,800 |
|
| 200,536 |
| |
Genentech Inc * |
| 800 |
|
| 84,656 |
| |
Genzyme Corp * |
| 1,400 |
|
| 65,856 |
| |
Guidant Corp |
| 2,400 |
|
| 152,088 |
| |
Health Management Associates Inc ‘A’ |
| 3,300 |
|
| 76,593 |
| |
Invitrogen Corp * |
| 1,500 |
|
| 107,535 |
| |
Johnson & Johnson |
| 2,140 |
|
| 108,541 |
| |
Kinetic Concepts Inc * |
| 1,800 |
|
| 80,730 |
| |
King Pharmaceuticals Inc * |
| 1,100 |
|
| 18,524 |
| |
Medco Health Solutions Inc * |
| 6,089 |
|
| 207,026 |
| |
Medtronic Inc |
| 3,500 |
|
| 167,125 |
| |
Merck & Co Inc |
| 1,700 |
|
| 75,123 |
| |
Novartis AG ADR (Switzerland) |
| 3,037 |
|
| 129,376 |
| |
Pfizer Inc |
| 4,800 |
|
| 168,240 |
| |
Pharmaceutical Resources Inc * |
| 1,100 |
|
| 62,546 |
| |
Roche Holding AG (Switzerland) |
| 1,966 |
|
| 192,045 |
| |
Sankyo Co Ltd. (Japan) |
| 4,000 |
|
| 87,086 |
| |
Shire Pharmaceuticals Group PLC ADR * (United Kingdom) |
| 7,500 |
|
| 220,725 |
| |
St. Jude Medical Inc * |
| 2,300 |
|
| 165,830 |
| |
Teva Pharmaceutical Industries Ltd ADR (Israel) |
| 2,820 |
|
| 178,816 |
| |
Triad Hospitals Inc * |
| 1,700 |
|
| 52,394 |
| |
UnitedHealth Group Inc |
| 4,802 |
|
| 309,441 |
| |
Valeant Pharmaceuticals International |
| 3,800 |
|
| 90,706 |
| |
WellPoint Health Networks Inc * |
| 1,400 |
|
| 159,208 |
| |
Wyeth |
| 2,400 |
|
| 90,120 |
| |
Yamanouchi Pharmaceutical Co Ltd (Japan) |
| 2,700 |
|
| 92,911 |
| |
Zimmer Holdings Inc * |
| 2,860 |
|
| 211,011 |
| |
|
|
|
| ||||
|
|
|
| 6,125,724 |
| ||
|
|
|
| ||||
Multi-Industry - 4.28% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Takeda Chemical Industries Ltd (Japan) |
| 5,300 |
|
| 236,382 |
| |
Tyco International Ltd (Bermuda) |
| 2,800 |
|
| 80,220 |
| |
|
|
|
| ||||
|
|
|
| 316,602 |
| ||
|
|
|
| ||||
Producer Durables - 1.03% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Thermo Electron Corp * |
| 2,700 |
|
| 76,356 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $5,412,111) |
|
|
|
| 6,798,187 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENT - 3.02% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 3.02% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 223,751 |
|
| 223,751 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investment (Cost $223,751) |
|
|
|
| 223,751 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 94.92% (Cost $5,635,862) |
|
|
|
| 7,021,938 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 5.08% |
|
|
|
| 375,690 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 7,397,628 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-7
PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
COMMON STOCKS - 94.99% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Consumer Discretionary - 9.14% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
CDW Corp |
| 700 |
| $ | 47,327 |
| |
eBay Inc * |
| 1,400 |
|
| 97,062 |
| |
Electronic Arts Inc * |
| 300 |
|
| 16,122 |
| |
Sirius Satellite Radio Inc * |
| 7,400 |
|
| 25,160 |
| |
SkillSoft PLC ADR * (Ireland) |
| 3,600 |
|
| 46,440 |
| |
Time Warner Inc * |
| 4,500 |
|
| 75,870 |
| |
United Online Inc * |
| 1,600 |
|
| 26,656 |
| |
VeriSign Inc * |
| 5,000 |
|
| 82,950 |
| |
Yahoo! Inc * |
| 2,700 |
|
| 131,193 |
| |
|
|
|
| ||||
|
|
|
| 548,780 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Financial Services - 3.85% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Affiliated Computer Services Inc ‘A’ * |
| 500 |
|
| 25,950 |
| |
Automatic Data Processing Inc |
| 1,100 |
|
| 46,200 |
| |
DST Systems Inc * |
| 1,300 |
|
| 58,955 |
| |
Fair Isaac Corp |
| 900 |
|
| 32,472 |
| |
Paychex Inc |
| 1,900 |
|
| 67,640 |
| |
|
|
|
| ||||
|
|
|
| 231,217 |
| ||
|
|
|
| ||||
Health Care - 4.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Biogen Idec Inc * |
| 1,600 |
|
| 88,960 |
| |
Boston Scientific Corp * |
| 1,600 |
|
| 67,808 |
| |
Genentech Inc * |
| 300 |
|
| 31,746 |
| |
Teva Pharmaceutical Industries Ltd ADR (Israel) |
| 1,200 |
|
| 76,092 |
| |
|
|
|
| ||||
|
|
|
| 264,606 |
| ||
|
|
|
| ||||
Producer Durables - 4.91% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Applied Materials Inc * |
| 2,400 |
|
| 51,312 |
| |
Arris Group Inc * |
| 3,200 |
|
| 29,440 |
| |
KLA-Tencor Corp * |
| 800 |
|
| 40,280 |
| |
Lam Research Corp * |
| 1,300 |
|
| 32,773 |
| |
Lexmark International Inc * |
| 1,100 |
|
| 101,200 |
| |
Teradyne Inc * |
| 1,300 |
|
| 30,979 |
| |
Xerox Corp * |
| 600 |
|
| 8,742 |
| |
|
|
|
| ||||
|
|
|
| 294,726 |
| ||
|
|
|
| ||||
Technology - 68.55% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Accenture Ltd ‘A’ * (Bermuda) |
| 600 |
|
| 14,880 |
| |
Advanced Fibre Communications Inc * |
| 1,300 |
|
| 28,639 |
| |
Advanced Mirco Devices Inc * |
| 1,900 |
|
| 30,837 |
| |
Agere Systems Inc ‘A’ * |
| 7,100 |
|
| 22,791 |
| |
Alcatel SA ADR (France) * |
| 2,800 |
|
| 44,380 |
| |
Altera Corp * |
| 2,700 |
|
| 55,215 |
| |
Amdocs Ltd * (United Kingdom) |
| 2,700 |
|
| 75,033 |
| |
Amphenol Corp ‘A’ * |
| 1,600 |
|
| 47,520 |
| |
Analog Devices Inc |
| 1,100 |
|
| 52,811 |
| |
Apple Computer Inc * |
| 3,300 |
|
| 89,265 |
| |
Applied Micro Circuits Corp * |
| 3,500 |
|
| 20,125 |
| |
Arrow Electronics Inc * |
| 600 |
|
| 15,276 |
| |
ASML Holding NV ‘NY’ * (Netherlands) |
| 1,600 |
|
| 29,328 |
| |
AU Optronics Corp ADR (Taiwan) |
| 2,100 |
|
| 43,890 |
| |
Avaya Inc * |
| 3,000 |
|
| 47,640 |
| |
BEA Systems Inc * |
| 5,400 |
|
| 68,904 |
| |
Broadcom Corp ‘A’ * |
| 2,300 |
|
| 90,091 |
| |
Chartered Semiconductor Manufacturing Ltd ADR * (Singapore) |
| 1,600 |
|
| 15,088 |
| |
Check Point Software Technologies Ltd * (Israel) |
| 2,800 |
|
| 63,756 |
| |
CIENA Corp * |
| 3,700 |
|
| 18,389 |
| |
Cisco Systems Inc * |
| 8,200 |
|
| 192,864 |
| |
Cognizant Technology Solutions Corp * |
| 800 |
|
| 36,200 |
| |
Cognos Inc * (Canada) |
| 700 |
|
| 21,742 |
| |
Computer Associates International Inc |
| 2,300 |
|
| 61,778 |
| |
Comverse Technology Inc * |
| 4,200 |
|
| 76,188 |
| |
Corning Inc * |
| 5,500 |
|
| 61,490 |
| |
Cypress Semiconductor Corp * |
| 2,100 |
|
| 42,987 |
| |
Dell Inc * |
| 1,900 |
|
| 63,878 |
| |
EMC Corp MA * |
| 10,500 |
|
| 142,905 |
| |
Emulex Corp * |
| 1,800 |
|
| 38,322 |
| |
Fairchild Semiconductor International Inc * |
| 900 |
|
| 21,627 |
| |
FileNET Corp * |
| 1,400 |
|
| 37,310 |
| |
Flextronics International Ltd * (Singapore) |
| 5,300 |
|
| 91,266 |
| |
Foundry Networks Inc * |
| 1,400 |
|
| 24,038 |
| |
Hewlett-Packard Co |
| 2,000 |
|
| 45,680 |
| |
Hyperion Solutions Corp * |
| 1,300 |
|
| 53,885 |
| |
Intel Corp |
| 2,000 |
|
| 54,400 |
| |
International Business Machines Corp |
| 600 |
|
| 55,104 |
| |
International Rectifier Corp * |
| 500 |
|
| 22,995 |
| |
Jabil Circuit Inc * |
| 2,100 |
|
| 61,803 |
| |
JDS Uniphase Corp * |
| 10,100 |
|
| 41,107 |
| |
Juniper Networks Inc * |
| 2,700 |
|
| 70,227 |
| |
KEMET Corp * |
| 900 |
|
| 12,906 |
| |
Linear Technology Corp |
| 1,200 |
|
| 44,424 |
| |
Lucent Technologies Inc * |
| 4,500 |
|
| 18,495 |
| |
Marvell Technology Group Ltd * (Bermuda) |
| 900 |
|
| 40,545 |
| |
Maxim Integrated Products Inc |
| 1,800 |
|
| 84,762 |
| |
Mercury Interactive Corp * |
| 1,400 |
|
| 62,720 |
| |
Microchip Technology Inc |
| 2,100 |
|
| 55,776 |
| |
Micron Technology Inc * |
| 1,800 |
|
| 30,078 |
| |
Microsoft Corp |
| 4,700 |
|
| 117,359 |
| |
Motorola Inc |
| 4,500 |
|
| 79,200 |
| |
National Semiconductor Corp * |
| 1,100 |
|
| 48,873 |
| |
NetScreen Technologies Inc * |
| 900 |
|
| 32,787 |
| |
Network Appliance Inc * |
| 2,100 |
|
| 45,045 |
| |
Nokia OYJ ADR (Finland) |
| 1,450 |
|
| 29,406 |
| |
Nomura Research Institute Ltd (Japan) |
| 200 |
|
| 22,762 |
| |
Nortel Networks Corp * (Canada) |
| 7,000 |
|
| 41,580 |
| |
Novell Inc * |
| 6,600 |
|
| 75,108 |
| |
Oracle Corp * |
| 6,700 |
|
| 80,467 |
| |
PMC-Sierra Inc * |
| 300 |
|
| 5,091 |
| |
QUALCOMM Inc |
| 900 |
|
| 59,778 |
| |
Red Hat Inc * |
| 1,700 |
|
| 38,862 |
| |
Samsung Electronics Co Ltd GDR (South Korea) |
| 200 |
|
| 49,893 |
| |
Sanmina-SCI Corp * |
| 5,000 |
|
| 55,050 |
| |
SAP AG ADR (Germany) |
| 2,300 |
|
| 90,413 |
| |
Siebel Systems Inc * |
| 3,500 |
|
| 40,285 |
| |
Silicon Laboratories Inc * |
| 800 |
|
| 42,304 |
| |
Sycamore Networks Inc * |
| 4,100 |
|
| 16,728 |
| |
Symantec Corp * |
| 2,680 |
|
| 124,084 |
| |
Taiwan Semiconductor Manufacturing Co Ltd ADR * (Taiwan) |
| 6,111 |
|
| 63,799 |
| |
Telefonaktiebolaget LM Ericsson ADR * (Sweden) |
| 3,000 |
|
| 83,250 |
| |
Texas Instruments Inc |
| 3,800 |
|
| 111,036 |
| |
United Microelectronics Corp ADR * (Taiwan) |
| 3,072 |
|
| 15,974 |
| |
VERITAS Software Corp * |
| 700 |
|
| 18,837 |
| |
Vishay Intertechnology Inc * |
| 1,600 |
|
| 34,144 |
| |
Vitesse Semiconductor Corp * |
| 4,100 |
|
| 29,069 |
| |
Xilinx Inc * |
| 2,200 |
|
| 83,600 |
| |
Zebra Technologies Corp ‘A’ * |
| 600 |
|
| 41,622 |
| |
|
|
|
| ||||
|
|
|
| 4,117,766 |
| ||
|
|
|
| ||||
Utilities - 4.14% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Cox Communications Inc ‘A’ * |
| 1,400 |
|
| 44,240 |
| |
Nextel Communications Inc ‘A’ * |
| 3,600 |
|
| 89,028 |
| |
Nextel Partners Inc ‘A’ * |
| 2,800 |
|
| 35,448 |
| |
Nippon Telegraph & Telephone ADR (Japan) |
| 214 |
|
| 6,065 |
| |
Vodafone Group PLC ADR (United Kingdom) |
| 3,100 |
|
| 74,090 |
| |
|
|
|
| ||||
|
|
|
| 248,871 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $4,453,642) |
|
|
|
| 5,705,966 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-8
PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENT - 3.06% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Money Market Fund - 3.06% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 183,718 |
| $ | 183,718 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investment (Cost $183,718) |
|
|
|
| 183,718 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 98.05% (Cost $4,637,360) |
|
|
|
| 5,889,684 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 1.95% |
|
|
|
| 117,225 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 6,006,909 |
| |
|
|
|
|
Notes to Schedule of Investments
(a) Transactions in written call options for the year ended March 31, 2004, were as follows:
|
| Number of |
| Premium |
| |||
|
|
|
| |||||
Outstanding, March 31, 2003 |
| 16 |
|
| $ | 2,272 |
| |
Options Written |
| 123 |
|
|
| 13,019 |
| |
Options Expired |
| (83 | ) |
|
| (7,300 | ) | |
Options Repurchased |
| (37 | ) |
|
| (5,672 | ) | |
|
|
|
| |||||
Outstanding, March 31, 2004 |
| 19 |
|
| $ | 2,319 |
| |
|
|
|
|
(b) Premiums received and value of written options outstanding at March 31, 2004:
Type |
| Notional |
| Premium |
| Value |
| |||||
|
|
|
| |||||||||
Call - CBOE Dell Inc Strike @ 35.00 Exp 05/22/04 | $ | 1,900 |
|
| $ | 2,319 |
|
| $ | 1,330 |
| |
|
|
|
|
|
|
|
See Notes to Financial Statements
B-9
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
COMMON STOCKS - 93.37% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 3.07% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
C.H. Robinson Worldwide Inc |
| 1,505 |
| $ | 62,457 |
| |
Canadian National Railway Co (Canada) |
| 5,447 |
|
| 214,230 |
| |
FedEx Corp |
| 1,065 |
|
| 80,045 |
| |
Kansas City Southern * |
| 2,315 |
|
| 32,179 |
| |
|
|
|
| ||||
|
|
|
| 388,911 |
| ||
|
|
|
| ||||
Consumer Discretionary - 21.62% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Amazon.com Inc * |
| 5,210 |
|
| 225,489 |
| |
Avon Products Inc |
| 1,660 |
|
| 125,944 |
| |
British Sky Broadcasting Group PLC (United Kingdom) |
| 5,932 |
|
| 73,971 |
| |
Clear Channel Communications Inc |
| 1,050 |
|
| 44,467 |
| |
eBay Inc * |
| 475 |
|
| 32,932 |
| |
EchoStar Communications Corp ‘A’ * |
| 3,760 |
|
| 123,140 |
| |
Electronic Arts Inc * |
| 1,805 |
|
| 97,398 |
| |
Harman International Industries Inc |
| 800 |
|
| 63,680 |
| |
International Game Technology |
| 1,565 |
|
| 70,362 |
| |
Kohl’s Corp * |
| 530 |
|
| 25,615 |
| |
Lamar Advertising Co * |
| 1,615 |
|
| 64,955 |
| |
Liberty Media Corp ‘A’ * |
| 59,331 |
|
| 649,674 |
| |
LVMH Moet Hennessy Louis Vuitton SA (France) |
| 764 |
|
| 56,145 |
| |
Marvel Enterprises Inc * |
| 2,570 |
|
| 49,318 |
| |
PETsMART Inc |
| 1,975 |
|
| 53,839 |
| |
Staples Inc * |
| 3,835 |
|
| 97,371 |
| |
Starwood Hotels & Resorts Worldwide Inc |
| 4,700 |
|
| 190,350 |
| |
Time Warner Inc * |
| 18,210 |
|
| 307,021 |
| |
Yahoo! Inc * |
| 8,050 |
|
| 391,150 |
| |
|
|
|
| ||||
|
|
|
| 2,742,821 |
| ||
|
|
|
| ||||
Consumer Staples - 0.44% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Whole Foods Market Inc |
| 750 |
|
| 56,212 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Energy - 0.48% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BJ Services Co * |
| 1,415 |
|
| 61,227 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Financial Services - 16.65% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
American International Group Inc |
| 1,015 |
|
| 72,420 |
| |
Bangkok Bank PCL * NVDR (Thailand) |
| 20,500 |
|
| 47,741 |
| |
Bank One Corp |
| 3,265 |
|
| 178,008 |
| |
Berkshire Hathaway Inc ‘B’ * |
| 153 |
|
| 475,985 |
| |
Citigroup Inc |
| 3,855 |
|
| 199,304 |
| |
E*TRADE Financial Corp * |
| 7,220 |
|
| 96,387 |
| |
Fannie Mae |
| 1,855 |
|
| 137,919 |
| |
Fifth Third Bancorp |
| 2,235 |
|
| 123,752 |
| |
Franklin Financial Corp TN |
| 125 |
|
| 3,945 |
| |
Freddie Mac |
| 2,205 |
|
| 130,227 |
| |
MBNA Corp |
| 3,045 |
|
| 84,133 |
| |
MGIC Investment Corp |
| 2,425 |
|
| 155,758 |
| |
The Allstate Corp |
| 2,755 |
|
| 125,242 |
| |
The Goldman Sachs Group Inc |
| 2,400 |
|
| 250,440 |
| |
Travelers Property Casualty Corp ‘B’ |
| 1,810 |
|
| 31,259 |
| |
|
|
|
| ||||
|
|
|
| 2,112,520 |
| ||
|
|
|
| ||||
Health Care - 15.38% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Anthem Inc * |
| 1,385 |
|
| 125,536 |
| |
Caremark Rx Inc * |
| 4,890 |
|
| 162,592 |
| |
Forest Laboratories Inc * |
| 3,485 |
|
| 249,596 |
| |
Guidant Corp |
| 3,135 |
|
| 198,665 |
| |
Medco Health Solutions Inc * |
| 2,305 |
|
| 78,370 |
| |
Medtronic Inc |
| 3,750 |
|
| 179,063 |
| |
Pfizer Inc |
| 7,285 |
|
| 255,339 |
| |
Roche Holding AG (Switzerland) |
| 3,801 |
|
| 371,294 |
| |
UnitedHealth Group Inc |
| 4,830 |
|
| 311,245 |
| |
WellPoint Health Networks Inc * |
| 165 |
|
| 18,764 |
| |
|
|
|
| ||||
|
|
|
| 1,950,464 |
| ||
|
|
|
| ||||
Integrated Oils - 1.14% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
EnCana Corp (Canada) |
| 2,362 |
|
| 101,885 |
| |
YUKOS ADR (Russia) |
| 715 |
|
| 43,186 |
| |
|
|
|
| ||||
|
|
|
| 145,071 |
| ||
|
|
|
| ||||
Materials & Processing - 1.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Givaudan SA (Switzerland) |
| 155 |
|
| 79,161 |
| |
POSCO (South Korea) |
| 360 |
|
| 50,870 |
| |
Syngenta AG (Switzerland) |
| 518 |
|
| 37,781 |
| |
Syngenta AG ADR (Switzerland) |
| 710 |
|
| 10,246 |
| |
|
|
|
| ||||
|
|
|
| 178,058 |
| ||
|
|
|
| ||||
Multi-Industry - 3.76% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Tyco International Ltd (Bermuda) |
| 16,625 |
|
| 476,306 |
| |
|
|
|
| ||||
Producer Durables - 3.78% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Applied Materials Inc * |
| 8,170 |
|
| 174,675 |
| |
Komatsu Ltd (Japan) |
| 10,000 |
|
| 63,440 |
| |
Lexmark International Inc * |
| 175 |
|
| 16,100 |
| |
Lockheed Martin Corp |
| 3,515 |
|
| 160,425 |
| |
Northrop Grumman Corp |
| 660 |
|
| 64,957 |
| |
|
|
|
| ||||
|
|
|
| 479,597 |
| ||
|
|
|
| ||||
Technology - 20.72% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Amdocs Ltd * (United Kingdom) |
| 390 |
|
| 10,838 |
| |
BMC Software Inc * |
| 3,235 |
|
| 63,244 |
| |
Cisco Systems Inc * |
| 18,435 |
|
| 433,591 |
| |
Computer Associates International Inc |
| 12,360 |
|
| 331,990 |
| |
Corning Inc * |
| 5,240 |
|
| 58,583 |
| |
Dell Inc * |
| 1,825 |
|
| 61,356 |
| |
Microsoft Corp |
| 9,080 |
|
| 226,728 |
| |
Motorola Inc |
| 3,090 |
|
| 54,384 |
| |
Nokia OYJ ADR (Finland) |
| 17,185 |
|
| 348,512 |
| |
Oracle Corp * |
| 5,680 |
|
| 68,217 |
| |
Samsung Electronics Co Ltd (South Korea) |
| 1,050 |
|
| 523,878 |
| |
Symantec Corp * |
| 3,695 |
|
| 171,079 |
| |
Synopsys Inc * |
| 2,565 |
|
| 74,282 |
| |
Texas Instruments Inc |
| 6,900 |
|
| 201,618 |
| |
|
|
|
| ||||
|
|
|
| 2,628,300 |
| ||
|
|
|
| ||||
Utilities - 4.93% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
AT&T Wireless Services Inc * |
| 535 |
|
| 7,281 |
| |
Cablevision Systems Corp ‘A’ * |
| 11,243 |
|
| 257,240 |
| |
Comcast Corp Special ‘A’ * |
| 8,450 |
|
| 235,586 |
| |
Cox Communications Inc ‘A’ * |
| 3,975 |
|
| 125,610 |
| |
|
|
|
| ||||
|
|
|
| 625,717 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $9,629,045) |
|
|
|
| 11,845,204 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
| Principal |
|
|
|
| ||
|
|
|
|
| |||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 8.48% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Government Agency Issue - 7.88% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Fannie Mae 1.030% due 04/01/04 | $ | 1,000,000 |
|
| 1,000,000 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-10
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments (Continued)
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
|
|
|
|
| |||
Money Market Funds - 0.60% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 37,976 |
| $ | 37,976 |
| |
BlackRock Liquidity Funds Institutional TempFund |
| 37,976 |
|
| 37,976 |
| |
|
|
|
| ||||
|
|
|
| 75,952 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $1,075,952) |
|
|
|
| 1,075,952 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 101.85% (Cost $10,704,997) |
|
|
|
| 12,921,156 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - (1.85%) |
|
|
|
| (234,683 | ) | |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 12,686,473 |
| |
|
|
|
|
Notes to Schedule of Investments
(a) Forward foreign currency contracts outstanding at March 31, 2004 were as follows:
Contracts to |
| Currency |
| Principal Amount |
| Expiration |
| Unrealized |
| ||||||
|
|
|
|
| |||||||||||
Sell |
| CHF |
|
| 50,000 |
|
| 04/04 |
|
| $ | (1,646 | ) |
| |
Sell |
| CHF |
|
| 25,000 |
|
| 04/04 |
|
|
| 259 |
|
| |
Sell |
| CHF |
|
| 70,000 |
|
| 09/04 |
|
|
| (165 | ) |
| |
Sell |
| EUR |
|
| 90,000 |
|
| 09/04 |
|
|
| (1,936 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| $ | (3,488 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Principal amount denoted in the indicated currency:
CHF – Swiss Franc
EUR – Eurodollar
See Notes to Financial Statements
B-11
PACIFIC FUNDS
PF LAZARD INTERNATIONAL VALUE FUND
Schedule of Investments
March 31, 2004
| Shares |
| Value |
| |||
|
|
| |||||
COMMON STOCKS - 91.06% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Denmark - 1.96% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Danske Bank AS |
| 18,300 |
| $ | 413,832 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Finland - 3.88% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Nokia OYJ |
| 40,000 |
|
| 819,918 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
France - 9.70% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Aventis SA |
| 5,300 |
|
| 407,397 |
| |
AXA |
| 19,700 |
|
| 411,072 |
| |
Societe Generale |
| 7,300 |
|
| 623,479 |
| |
Total SA |
| 3,300 |
|
| 605,869 |
| |
|
|
|
| ||||
|
|
|
| 2,047,817 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Germany - 1.96% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Siemens AG |
| 5,600 |
|
| 413,390 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Ireland - 2.93% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Allied Irish Banks PLC |
| 41,517 |
|
| 619,383 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Italy - 4.78% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ENI SPA |
| 30,300 |
|
| 609,172 |
| |
Sanpaolo IMI SPA |
| 35,000 |
|
| 398,715 |
| |
|
|
|
| ||||
|
|
|
| 1,007,887 |
| ||
|
|
|
| ||||
Japan - 8.32% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Canon Inc |
| 12,800 |
|
| 663,161 |
| |
Kao Corp |
| 28,000 |
|
| 640,554 |
| |
Nomura Holdings Inc |
| 24,800 |
|
| 451,733 |
| |
|
|
|
| ||||
|
|
|
| 1,755,448 |
| ||
|
|
|
| ||||
Netherlands - 8.79% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ABN Amro Holding NV |
| 18,400 |
|
| 410,401 |
| |
Heineken NV |
| 20,900 |
|
| 837,295 |
| |
Royal Dutch Petroleum Co |
| 12,800 |
|
| 607,958 |
| |
|
|
|
| ||||
|
|
|
| 1,855,654 |
| ||
|
|
|
| ||||
Switzerland - 17.60% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Compagnie Financiere Richemont AG ‘A’ |
| 15,700 |
|
| 421,980 |
| |
Credit Suisse Group |
| 12,100 |
|
| 419,300 |
| |
Nestle SA |
| 2,400 |
|
| 611,911 |
| |
Novartis AG |
| 14,600 |
|
| 620,026 |
| |
Roche Holding AG |
| 4,300 |
|
| 420,038 |
| |
Swiss Reinsurance Co |
| 6,000 |
|
| 413,466 |
| |
UBS AG |
| 10,900 |
|
| 809,638 |
| |
|
|
|
| ||||
|
|
|
| 3,716,359 |
| ||
|
|
|
| ||||
United Kingdom - 31.14% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Barclays PLC |
| 93,700 |
|
| 825,306 |
| |
BP PLC |
| 74,200 |
|
| 621,845 |
| |
Cadbury Schweppes PLC |
| 105,042 |
|
| 828,197 |
| |
Diageo PLC |
| 47,200 |
|
| 615,037 |
| |
GlaxoSmithKline PLC |
| 42,000 |
|
| 824,392 |
| |
HSBC Holdings PLC |
| 55,059 |
|
| 818,634 |
| |
Tesco PLC |
| 91,200 |
|
| 411,909 |
| |
Unilever PLC |
| 83,400 |
|
| 825,401 |
| |
Vodafone Group PLC |
| 339,800 |
|
| 804,051 |
| |
|
|
|
| ||||
|
|
|
| 6,574,772 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $16,173,917) |
|
|
|
| 19,224,460 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 8.82% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 8.82% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 931,266 |
|
| 931,266 |
| |
BlackRock Liquidity Funds Institutional TempFund |
| 931,266 |
|
| 931,266 |
| |
|
|
|
| ||||
|
|
|
| 1,862,532 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $1,862,532) |
|
|
|
| 1,862,532 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 99.88% (Cost $18,036,449) |
|
|
|
| 21,086,992 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 0.12% |
|
|
|
| 24,418 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 21,111,410 |
| |
|
|
|
|
Note to Schedule of Investments
(a) At March 31, 2004, the Fund’s equity securities were diversified as a percentage of net assets as follows:
Financial Services |
|
| 31.33 | % | |
Consumer Staples |
|
| 19.56 | % | |
Health Care |
|
| 10.76 | % | |
Integrated Oils |
|
| 8.70 | % | |
Technology |
|
| 7.02 | % | |
Utilities |
|
| 3.81 | % | |
Materials & Processing |
|
| 3.03 | % | |
Energy |
|
| 2.89 | % | |
Consumer Discretionary |
|
| 2.00 | % | |
Multi-Industry |
|
| 1.96 | % | |
|
| ||||
Total Equity Securities |
|
| 91.06 | % | |
|
|
See Notes to Financial Statements
B-12
PACIFIC FUNDS
PF MFS INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
WARRANTS - 0.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
South Africa - 0.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Bidvest Group Ltd |
| 28 |
| $ | 28 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Warrants (Cost $0) |
|
|
|
| 28 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
COMMON STOCKS - 95.35% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Australia - 4.16% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
QBE Insurance Group Ltd |
| 40,221 |
|
| 343,302 |
| |
The News Corp Ltd |
| 35,086 |
|
| 315,545 |
| |
|
|
|
| ||||
|
|
|
| 658,847 |
| ||
|
|
|
| ||||
Austria - 1.63% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Erste Bank der Oesterreichischen Sparkassen AG |
| 1,730 |
|
| 258,945 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Brazil - 1.75% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Brasil Telecom Participacoes SA ADR |
| 4,220 |
|
| 144,113 |
| |
Cia Vale do Rio Doce ADR |
| 2,410 |
|
| 132,309 |
| |
|
|
|
| ||||
|
|
|
| 276,422 |
| ||
|
|
|
| ||||
Canada - 3.20% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BCE Inc |
| 11,280 |
|
| 236,801 |
| |
Canadian National Railway Co |
| 4,285 |
|
| 168,529 |
| |
EnCana Corp |
| 2,360 |
|
| 101,798 |
| |
|
|
|
| ||||
|
|
|
| 507,128 |
| ||
|
|
|
| ||||
China - 0.11% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Semiconductor Manufacturing International Corp * |
| 60,000 |
|
| 18,098 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
France - 15.43% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
AXA |
| 17,170 |
|
| 358,280 |
| |
Credit Agricole SA |
| 8,883 |
|
| 231,971 |
| |
France Telecom SA * |
| 8,150 |
|
| 208,522 |
| |
L’Air Liquide SA |
| 2,060 |
|
| 350,616 |
| |
L’Oreal SA |
| 2,390 |
|
| 182,979 |
| |
Sanofi-Synthelabo SA |
| 3,295 |
|
| 215,215 |
| |
Schneider Electric SA |
| 3,594 |
|
| 234,082 |
| |
Societe Television Francaise 1 |
| 3,636 |
|
| 115,460 |
| |
Total SA |
| 1,770 |
|
| 324,966 |
| |
Veolia Environnement |
| 7,980 |
|
| 222,609 |
| |
|
|
|
| ||||
|
|
|
| 2,444,700 |
| ||
|
|
|
| ||||
Germany - 2.29% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Bayerische Motoren Werke AG |
| 5,350 |
|
| 217,553 |
| |
Schering AG |
| 3,070 |
|
| 145,287 |
| |
|
|
|
| ||||
|
|
|
| 362,840 |
| ||
|
|
|
| ||||
Hong Kong - 1.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Esprit Holdings Ltd |
| 53,000 |
|
| 222,446 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Hungary - 1.20% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
OTP Bank RT GDR * |
| 5,040 |
|
| 190,512 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Ireland - 1.95% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Anglo Irish Bank Corp PLC |
| 18 |
|
| 288 |
| |
DEFPA Bank PLC |
| 1,250 |
|
| 196,623 |
| |
Irish Life & Permanent PLC |
| 6,820 |
|
| 111,803 |
| |
|
|
|
| ||||
|
|
|
| 308,714 |
| ||
|
|
|
| ||||
Italy - 1.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Riunione Adriatica di Sicurta SPA |
| 8,890 |
|
| 158,957 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Japan - 13.55% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Bridgestone Corp |
| 9,000 |
|
| 141,270 |
| |
Canon Inc |
| 7,000 |
|
| 362,666 |
| |
Chugai Pharmaceutical Co Ltd |
| 13,900 |
|
| 221,256 |
| |
Citizen Watch Co Ltd |
| 11,000 |
|
| 109,117 |
| |
Honda Motor Co Ltd |
| 5,000 |
|
| 230,692 |
| |
KDDI Corp |
| 34 |
|
| 191,839 |
| |
Murata Manufacturing Co Ltd |
| 3,200 |
|
| 203,316 |
| |
Seiko Epson Corp |
| 5,300 |
|
| 213,967 |
| |
Tokyo Broadcasting Systems Inc |
| 4,500 |
|
| 90,402 |
| |
Tokyo Gas Co Ltd |
| 50,640 |
|
| 191,783 |
| |
Yamaha Corp |
| 10,200 |
|
| 190,696 |
| |
|
|
|
| ||||
|
|
|
| 2,147,004 |
| ||
|
|
|
| ||||
Mexico - 1.06% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Grupo Televisia SA ADR |
| 3,530 |
|
| 167,110 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Netherlands - 1.32% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Reed Elsevier NV |
| 15,890 |
|
| 209,721 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Norway - 0.49% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
DnB NOR ASA |
| 11,724 |
|
| 76,841 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Singapore - 2.42% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
DBS Group Holdings Ltd |
| 15,000 |
|
| 128,859 |
| |
Singapore Telecommunications Ltd |
| 126,000 |
|
| 175,141 |
| |
United Overseas Bank Ltd |
| 10,000 |
|
| 79,940 |
| |
|
|
|
| ||||
|
|
|
| 383,940 |
| ||
|
|
|
| ||||
South Korea - 3.12% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Samsung Electronics Co Ltd |
| 540 |
|
| 269,423 |
| |
Samsung SDI Co Ltd |
| 1,530 |
|
| 224,205 |
| |
|
|
|
| ||||
|
|
|
| 493,628 |
| ||
|
|
|
| ||||
Spain - 3.83% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Banco Bilbao Vizcaya Argentaria SA |
| 11,580 |
|
| 153,263 |
| |
Iberdrola SA |
| 8,050 |
|
| 166,196 |
| |
Telefonica SA |
| 18,966 |
|
| 286,912 |
| |
|
|
|
| ||||
|
|
|
| 606,371 |
| ||
|
|
|
| ||||
Sweden - 5.16% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Atlas Copco AB ‘A’ |
| 3,440 |
|
| 122,250 |
| |
Hennes & Mauritz AB ‘B’ |
| 13,090 |
|
| 352,362 |
| |
Sandvik AB |
| 6,580 |
|
| 209,843 |
| |
Telefonaktiebolaget LM Ericsson ‘B’ |
| 47,940 |
|
| 132,861 |
| |
|
|
|
| ||||
|
|
|
| 817,316 |
| ||
|
|
|
| ||||
Switzerland - 10.56% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Credit Suisse Group |
| 6,470 |
|
| 224,204 |
| |
Nestle SA |
| 885 |
|
| 225,642 |
| |
Novartis AG |
| 7,500 |
|
| 318,507 |
| |
Roche Holding AG |
| 3,190 |
|
| 311,610 |
| |
Straumann Holding AG |
| 420 |
|
| 72,605 |
| |
Syngenta AG |
| 1,775 |
|
| 129,463 |
| |
Synthes-Stratec Inc |
| 95 |
|
| 97,411 |
| |
UBS AG |
| 3,959 |
|
| 294,069 |
| |
|
|
|
| ||||
|
|
|
| 1,673,511 |
| ||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-13
PACIFIC FUNDS
PF MFS INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
March 31, 2004
Shares |
| Value |
| ||||
|
| ||||||
|
|
|
| ||||
United Kingdom - 19.72% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
AMVESCAP PLC |
| 39,590 |
| $ | 291,408 |
| |
AstraZeneca PLC |
| 6,130 |
|
| 284,244 |
| |
BG Group PLC |
| 17,960 |
|
| 107,358 |
| |
BOC Group PLC |
| 5,800 |
|
| 95,990 |
| |
BP PLC ADR |
| 3,165 |
|
| 162,048 |
| |
British Sky Broadcasting Group PLC |
| 10,730 |
|
| 133,802 |
| |
Diageo PLC |
| 18,190 |
|
| 237,024 |
| |
Kingfisher PLC |
| 50,689 |
|
| 268,765 |
| |
NEXT PLC |
| 6,130 |
|
| 161,105 |
| |
Reckitt Benckiser PLC |
| 19,994 |
|
| 494,237 |
| |
Royal Bank of Scotland Group PLC |
| 7,152 |
|
| 217,934 |
| |
Vodafone Group PLC |
| 172,160 |
|
| 407,373 |
| |
Vodafone Group PLC ADR |
| 946 |
|
| 22,609 |
| |
William Hill PLC |
| 25,260 |
|
| 241,059 |
| |
|
|
|
| ||||
|
|
|
| 3,124,956 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $14,213,906) |
|
|
|
| 15,108,007 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Principal |
|
|
|
| |||
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 6.80% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Government Agency Issue - 6.79% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Fannie Mae 1.030% due 04/01/04 | $ | 1,076,000 |
|
| 1,076,000 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Shares |
|
|
|
| |||
|
|
|
| ||||
|
|
|
|
| |||
Money Market Fund - 0.01% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 688 |
|
| 688 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $1,076,688) |
|
|
|
| 1,076,688 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 102.15% (Cost $15,290,594) |
|
|
|
| 16,184,723 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - (2.15%) |
|
|
|
| (340,187 | ) | |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 15,844,536 |
| |
|
|
|
|
Note to Schedule of Investments
(a) At March 31, 2004, the Fund’s equity securities were diversified as a percentage of net assets as follows:
Financial Services |
|
| 20.94 | % | |
Consumer Discretionary |
|
| 16.22 | % | |
Utilities |
|
| 12.82 | % | |
Health Care |
|
| 10.51 | % | |
Technology |
|
| 7.71 | % | |
Consumer Staples |
|
| 6.04 | % | |
Producer Durables |
|
| 4.86 | % | |
Autos & Transportation |
|
| 4.78 | % | |
Materials & Processing |
|
| 4.47 | % | |
Integrated Oils |
|
| 4.39 | % | |
Multi-Industry |
|
| 2.61 | % | |
|
| ||||
Total Equity Securities |
|
| 95.35 | % | |
|
|
See Notes to Financial Statements
B-14
PACIFIC FUNDS
PF PIMCO INFLATION MANAGED FUND
Schedule of Investments
March 31, 2004
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
CORPORATE BONDS & NOTES - 2.39% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Financial Services - 1.44% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Ford Motor Credit Co |
|
|
|
|
|
| |
2.995% due 10/25/04 + | $ | 100,000 |
| $ | 100,650 |
| |
General Motors Acceptance Corp |
|
|
|
|
|
| |
1.820% due 05/17/04 + |
| 100,000 |
|
| 100,046 |
| |
Travelers Property Casualty Corp |
|
|
|
|
|
| |
3.750% due 03/15/08 |
| 100,000 |
|
| 102,395 |
| |
|
|
|
| ||||
|
|
|
| 303,091 |
| ||
|
|
|
| ||||
Utilities - 0.95% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Entergy Gulf States Inc |
|
|
|
|
|
| |
2.010% due 06/18/07 ~ + |
| 100,000 |
|
| 100,401 |
| |
Verizon Wireless Capital LLC |
|
|
|
|
|
| |
1.190% due 05/23/05 ~ + |
| 100,000 |
|
| 99,932 |
| |
|
|
|
| ||||
|
|
|
| 200,333 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Corporate Bonds & Notes (Cost $498,455) |
|
|
|
| 503,424 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. TREASURY OBLIGATIONS - 110.44% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Treasury Inflation-Index Bonds - 110.44% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
2.000% due 01/15/14 # ^ |
| 3,269,793 |
|
| 3,432,007 |
| |
3.000% due 07/15/12 ^ |
| 746,656 |
|
| 850,109 |
| |
3.375% due 01/15/07 ^ |
| 4,090,625 |
|
| 4,509,435 |
| |
3.375% due 04/15/32 ^ |
| 260,805 |
|
| 345,984 |
| |
3.500% due 01/15/11 ^ |
| 1,595,880 |
|
| 1,861,695 |
| |
3.625% due 01/15/08 ^ |
| 4,813,956 |
|
| 5,449,928 |
| |
3.625% due 04/15/28 ^ |
| 286,218 |
|
| 377,248 |
| |
3.875% due 04/15/29 # ^ |
| 3,102,889 |
|
| 4,281,986 |
| |
4.250% due 01/15/10 ^ |
| 1,760,960 |
|
| 2,111,639 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total U.S. Treasury Obligations (Cost $22,636,140) |
|
|
|
| 23,220,031 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 11.31% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Commercial Paper - 3.32% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ANZ (Delaware) Inc |
|
|
|
|
|
| |
1.030% due 06/22/04 |
| 200,000 |
|
| 199,532 |
| |
Svenska Handelsbanken AB (Sweden) |
|
|
|
|
|
| |
1.025% due 05/24/04 |
| 500,000 |
|
| 499,245 |
| |
|
|
|
| ||||
|
|
|
| 698,777 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. Government Agency Issues - 1.90% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Fannie Mae |
|
|
|
|
|
| |
1.005% due 07/01/04 |
| 200,000 |
|
| 199,505 |
| |
Freddie Mac |
|
|
|
|
|
| |
1.010% due 07/15/04 |
| 200,000 |
|
| 199,428 |
| |
|
|
|
| ||||
|
|
|
| 398,933 |
| ||
|
|
|
| ||||
Money Market Funds - 6.09% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 639,914 |
|
| 639,914 |
| |
BlackRock Liquidity Funds Institutional TempFund |
| 639,914 |
|
| 639,914 |
| |
|
|
|
| ||||
|
|
|
| 1,279,828 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $2,377,507) |
|
|
|
| 2,377,538 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 124.14% (Cost $25,512,102) |
|
|
|
| 26,100,993 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - (24.14%) |
|
|
|
| (5,075,692 | ) | |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 21,025,301 |
| |
|
|
|
|
Notes to Schedule of Investments
(a) Transactions in written options for the year ended March 31, 2004, were as follows:
|
| Number of |
| Premium |
| ||
|
|
|
| ||||
Outstanding, March 31, 2003 |
| 0 |
| $ | 0 |
| |
Call Options Written |
| 2,000,000 |
|
| 18,055 |
| |
Put Options Written |
| 2,000,000 |
|
| 16,721 |
| |
Options Expired |
| 0 |
|
| 0 |
| |
Options Repurchased |
| 0 |
|
| 0 |
| |
|
| ||||||
Outstanding, March 31, 2004 |
| 4,000,000 |
| $ | 34,776 |
| |
|
|
(b) Premiums received and value of written options outstanding at March 31, 2004:
Type |
| Notional |
| Premium |
| Value |
| |||
|
|
|
| |||||||
Call - OTC Swaption (3 month LIBOR vs. 3.800%) Strike @ 3.80 Exp 10/07/04 | $ | 500,000 |
| $ | 4,350 |
| $ | 7,490 |
| |
Call - OTC Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp 11/02/04 | $ | 1,300,000 |
|
| 11,505 |
|
| 15,945 |
| |
Call - OTC Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp 10/07/04 | $ | 200,000 |
|
| 2,200 |
|
| 4,177 |
| |
Put - OTC Swaption (3 month LIBOR vs. 6.000%) Strike @ 6.00 Exp 10/07/04 | $ | 500,000 |
|
| 4,900 |
|
| 552 |
| |
Put - OTC Swaption (3 month LIBOR vs. 6.500%) Strike @ 6.50 Exp 10/07/04 | $ | 200,000 |
|
| 1,200 |
|
| 91 |
| |
Put - OTC Swaption (3 month LIBOR vs. 7.000%) Strike @ 7.00 Exp 11/02/04 | $ | 1,300,000 |
|
| 10,621 |
|
| 843 |
| |
|
|
|
|
| ||||||
|
|
| $ | 34,776 |
| $ | 29,098 |
| ||
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-15
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments
March 31, 2004
| Principal |
| Value |
| |||
|
|
| |||||
|
|
|
|
| |||
CORPORATE BONDS & NOTES - 7.22% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 0.49% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
General Motors Corp |
|
|
|
|
|
| |
8.250% due 07/15/23 | $ | 100,000 |
| $ | 111,903 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Financial Services - 3.21% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Bank of America Corp |
|
|
|
|
|
| |
4.875% due 01/15/13 |
| 100,000 |
|
| 103,875 |
| |
CIT Group Inc |
|
|
|
|
|
| |
7.750% due 04/02/12 |
| 100,000 |
|
| 120,968 |
| |
Citigroup Inc |
|
|
|
|
|
| |
5.625% due 08/27/12 |
| 50,000 |
|
| 54,794 |
| |
General Motors Acceptance Corp |
|
|
|
|
|
| |
6.875% due 08/28/12 |
| 200,000 |
|
| 216,374 |
| |
Morgan Stanley |
|
|
|
|
|
| |
5.300% due 03/01/13 |
| 100,000 |
|
| 105,150 |
| |
Qwest Capital Funding Inc |
|
|
|
|
|
| |
7.250% due 02/15/11 |
| 100,000 |
|
| 86,500 |
| |
Unilever Capital Corp |
|
|
|
|
|
| |
6.875% due 11/01/05 |
| 50,000 |
|
| 54,011 |
| |
|
|
|
| ||||
|
|
|
| 741,672 |
| ||
|
|
|
| ||||
Integrated Oils - 1.12% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Occidental Petroleum Corp |
|
|
|
|
|
| |
8.450% due 02/15/29 |
| 100,000 |
|
| 136,220 |
| |
Petroleos Mexicanos (Mexico) |
|
|
|
|
|
| |
9.250% due 03/30/18 |
| 100,000 |
|
| 123,250 |
| |
|
|
|
| ||||
|
|
|
| 259,470 |
| ||
|
|
|
| ||||
Utilities - 2.40% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Entergy Gulf States Inc |
|
|
|
|
|
| |
3.600% due 06/01/08 |
| 100,000 |
|
| 99,864 |
| |
Oncor Electirc Delivery |
|
|
|
|
|
| |
7.250% due 01/15/33 |
| 70,000 |
|
| 82,706 |
| |
Pacific Gas & Electric Co |
|
|
|
|
|
| |
1.810% due 04/03/06 + |
| 200,000 |
|
| 200,116 |
| |
Progress Energy Inc |
|
|
|
|
|
| |
6.850% due 04/15/12 |
| 50,000 |
|
| 57,303 |
| |
TXU Energy Co |
|
|
|
|
|
| |
7.000% due 03/15/13 |
| 100,000 |
|
| 114,831 |
| |
|
|
|
| ||||
|
|
|
| 554,820 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Corporate Bonds & Notes (Cost $1,564,289) |
|
|
|
| 1,667,865 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
MORTGAGE-BACKED SECURITIES - 30.87% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Collateralized Mortgage Obligations - 13.95% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Credit-Based Asset Servicing & Securitization LLC |
|
|
|
|
|
| |
1.410% due 06/25/32 ” + |
| 127,791 |
|
| 128,083 |
| |
CS First Boston Mortgage Securities Corp |
|
|
|
|
|
| |
1.420% due 03/25/32 ~ ” + |
| 175,620 |
|
| 173,425 |
| |
1.750% due 03/25/32 ~ ” + |
| 167,631 |
|
| 165,685 |
| |
7.500% due 02/25/31 ” |
| 46,802 |
|
| 47,001 |
| |
Fannie Mae |
|
|
|
|
|
| |
2.375% due 11/25/23 ” + |
| 850,000 |
|
| 886,130 |
| |
6.250% due 10/25/22 ” |
| 174,418 |
|
| 176,941 |
| |
Freddie Mac |
|
|
|
|
|
| |
5.000% due 09/15/16 ” |
| 92,972 |
|
| 95,309 |
| |
6.000% due 01/15/28 ” |
| 6,709 |
|
| 6,708 |
| |
6.000% due 04/15/28 ” |
| 130,259 |
|
| 131,738 |
| |
6.250% due 04/15/23 ” |
| 314,847 |
|
| 326,328 |
| |
6.500% due 08/15/28 ” |
| 380,022 |
|
| 382,057 |
| |
Government National Mortgage Association |
|
|
|
|
|
| |
5.500% due 11/20/31 ” |
| 268,851 |
|
| 272,599 |
| |
MLCC Mortgage Investors Inc |
|
|
|
|
|
| |
1.470% due 03/15/25 ” + |
| 118,578 |
|
| 119,092 |
| |
Residential Funding Mortgage Securities I Inc |
|
|
|
|
|
| |
5.605% due 09/25/32 ” + |
| 77,138 |
|
| 78,226 |
| |
Washington Mutual Inc |
|
|
|
|
|
| |
3.061% due 02/27/34 ” + |
| 38,336 |
|
| 38,838 |
| |
5.152% due 10/25/32 ” + |
| 100,370 |
|
| 102,610 |
| |
Washington Mutual Mortgage Securities Corp |
|
|
|
|
|
| |
5.750% due 12/25/32 ” |
| 52,849 |
|
| 52,869 |
| |
6.010% due 01/25/31 ” + |
| 8,720 |
|
| 8,727 |
| |
Wells Fargo Mortgage-Backed Securities Trust |
|
|
|
|
|
| |
4.656% due 09/25/32 ” + |
| 29,234 |
|
| 29,450 |
| |
|
|
|
| ||||
|
|
|
| 3,221,816 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Fannie Mae - 8.03% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
4.817% due 12/01/36 ” + |
| 92,563 |
|
| 95,422 |
| |
5.500% due 12/01/14 ” |
| 131,147 |
|
| 137,315 |
| |
5.500% due 06/01/23 # ” |
| 341,381 |
|
| 352,899 |
| |
6.000% due 09/01/22 # ” |
| 336,904 |
|
| 352,241 |
| |
6.000% due 01/01/23 # ” |
| 223,776 |
|
| 233,976 |
| |
6.500% due 03/01/17 ” |
| 374,731 |
|
| 398,941 |
| |
6.500% due 08/01/32 ” |
| 268,599 |
|
| 282,289 |
| |
|
|
|
| ||||
|
|
|
| 1,853,083 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Freddie Mac - 8.89% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
5.500% due 08/01/07 ” |
| 134,772 |
|
| 138,587 |
| |
5.500% due 03/01/23 # ” |
| 155,226 |
|
| 160,632 |
| |
5.673% due 04/01/32 ” + |
| 783,817 |
|
| 817,295 |
| |
5.920% due 11/01/31 ” + |
| 130,475 |
|
| 134,732 |
| |
6.000% due 12/01/22 ” |
| 255,384 |
|
| 266,639 |
| |
6.000% due 03/01/23 # ” |
| 511,549 |
|
| 534,071 |
| |
|
|
|
| ||||
|
|
|
| 2,051,956 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Mortgage-Backed Securities (Cost $7,099,985) |
|
|
|
| 7,126,855 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
ASSET-BACKED SECURITY - 0.35% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Morgan Stanley Dean Witter Capital I Inc Trust | �� |
|
|
|
|
|
|
1.420% due 07/25/32 ” + |
| 79,946 |
|
| 80,201 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Asset-Backed Security (Cost $79,946) |
|
|
|
| 80,201 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. TREASURY OBLIGATIONS - 30.99% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
U.S. Treasury Bonds - 17.62% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
6.250% due 08/15/23 |
| 500,000 |
|
| 594,668 |
| |
6.875% due 08/15/25 |
| 300,000 |
|
| 383,332 |
| |
7.500% due 11/15/16 |
| 1,000,000 |
|
| 1,318,672 |
| |
7.875% due 02/15/21 |
| 400,000 |
|
| 553,360 |
| |
8.000% due 11/15/21 |
| 400,000 |
|
| 561,672 |
| |
8.750% due 05/15/17 |
| 200,000 |
|
| 290,102 |
| |
8.875% due 08/15/17 |
| 250,000 |
|
| 366,406 |
| |
|
|
|
| ||||
|
|
|
| 4,068,212 |
| ||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-16
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2004
Principal |
| Value |
| ||||
|
| ||||||
|
|
|
| ||||
U.S. Treasury Inflation-Index Bonds - 5.09% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
3.625% due 01/15/08 ^ | $ | 458,472 |
| $ | 519,041 |
| |
3.875% due 01/15/09 ^ |
| 338,727 |
|
| 393,598 |
| |
4.250% due 01/15/10 ^ |
| 220,120 |
|
| 263,955 |
| |
|
|
|
| ||||
|
|
|
| 1,176,594 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. Treasury Notes - 8.28% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
1.625% due 04/30/05 |
| 1,100,000 |
|
| 1,105,630 |
| |
1.875% due 01/31/06 |
| 800,000 |
|
| 805,563 |
| |
|
|
|
| ||||
|
|
|
| 1,911,193 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total U.S. Treasury Obligations (Cost $6,860,690) |
|
|
|
| 7,155,999 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
FOREIGN GOVERNMENT BONDS - 2.88% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Republic of Brazil (Brazil) |
|
|
|
|
|
| |
2.000% due 04/15/06 + |
| 40,000 |
|
| 39,277 |
| |
2.063% due 04/15/09 + |
| 10,353 |
|
| 9,752 |
| |
11.500% due 03/12/08 |
| 170,000 |
|
| 193,375 |
| |
United Mexican States (Mexico) |
|
|
|
|
|
| |
8.000% due 09/24/22 |
| 185,000 |
|
| 214,137 |
| |
|
|
|
|
|
| ||
Notional |
|
|
|
| |||
|
|
|
| ||||
United Mexican States Value Recovery Rights (Mexico) |
|
|
|
|
|
| |
0.000% due 06/30/04 + |
| 250,000 |
|
| 1,250 |
| |
0.000% due 06/30/05 + |
| 250,000 |
|
| 5,000 |
| |
0.000% due 06/30/06 + |
| 250,000 |
|
| 3,750 |
| |
0.000% due 06/30/07 + |
| 250,000 |
|
| 2,500 |
| |
|
|
|
|
|
| ||
| Principal |
|
|
|
| ||
|
|
|
|
| |||
Republic of Peru (Peru) |
|
|
|
|
|
| |
9.125% due 02/21/12 |
| 172,000 |
|
| 195,650 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Foreign Government Bonds (Cost $562,093) |
|
|
|
| 664,691 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
MUNICIPAL BONDS - 3.36% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
California State Anticipated Warrants ‘A’ |
|
|
|
|
|
| |
2.000% due 06/16/04 |
| 200,000 |
|
| 200,384 |
| |
Energy Northwest Washington Electric Revenue |
|
|
|
|
|
| |
5.500% due 07/01/12 |
| 100,000 |
|
| 114,433 |
| |
Florida State Board of Education ‘A’ |
|
|
|
|
|
| |
5.000% due 06/01/32 |
| 100,000 |
|
| 104,476 |
| |
Golden State Tobacco Securitization Corp CA |
|
|
|
|
|
| |
6.250% due 06/01/33 |
| 50,000 |
|
| 49,010 |
| |
6.750% due 06/01/39 |
| 100,000 |
|
| 98,665 |
| |
Illinois State Taxable Pension |
|
|
|
|
|
| |
5.100% due 06/01/33 |
| 100,000 |
|
| 97,220 |
| |
San Antonio Texas Refunding |
|
|
|
|
|
| |
5.000% due 02/01/10 |
| 100,000 |
|
| 111,740 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Municipal Bonds (Cost $767,667) |
|
|
|
| 775,928 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Notional |
| Value |
| ||||
|
| ||||||
|
|
|
| ||||
PURCHASED PUT OPTIONS - 0.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Euro-Bund June Futures (EUX) |
|
|
|
|
|
| |
Strike 106.50 @ Exp. 05/24/04 |
|
|
|
|
|
| |
10 Contracts | EUR | 1,000,000 |
| $ | — |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Eurodollar June Futures (CME) |
|
|
|
|
|
| |
Strike @ 93.00 Exp. 06/14/04 |
|
|
|
|
|
| |
16 Contracts | EUR | 16,000,000 |
|
| — |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Purchased Put Options (Cost $160) |
|
|
|
| — |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Principal |
|
|
|
| |||
|
|
|
| ||||
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 22.35% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Certificate of Deposit - 0.43% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Altria Group Inc |
|
|
|
|
|
| |
1.800% due 10/29/04 + | $ | 100,000 |
|
| 100,005 |
| |
|
|
|
| ||||
Commercial Paper - 16.43% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ANZ (Delaware) Inc |
|
|
|
|
|
| |
1.020% due 06/03/04 |
| 300,000 |
|
| 299,464 |
| |
1.030% due 06/02/04 |
| 300,000 |
|
| 299,473 |
| |
CBA (Delaware) Finance |
|
|
|
|
|
| |
1.030% due 05/10/04 |
| 200,000 |
|
| 199,781 |
| |
Danske Corp ‘A’ |
|
|
|
|
|
| |
1.030% due 05/10/04 |
| 500,000 |
|
| 499,452 |
| |
Danske Corp ‘B’ |
|
|
|
|
|
| |
1.020% due 06/04/04 |
| 100,000 |
|
| 99,818 |
| |
European Investment Bank |
|
|
|
|
|
| |
1.010% due 05/25/04 |
| 600,000 |
|
| 599,091 |
| |
General Electric Capital Corp |
|
|
|
|
|
| |
1.040% due 05/11/04 |
| 500,000 |
|
| 499,433 |
| |
HBOS Treasury Service PLC (United Kingdom) |
|
|
|
|
|
| |
1.030% due 06/21/04 |
| 600,000 |
|
| 598,614 |
| |
Nestle Capital Corp |
|
|
|
|
|
| |
1.010% due 06/04/04 ~ |
| 300,000 |
|
| 299,455 |
| |
Svenska Handelsbanken AB (Sweden) |
|
|
|
|
|
| |
1.025% due 05/24/04 |
| 200,000 |
|
| 199,698 |
| |
UBS Finance (Delaware) LLC |
|
|
|
|
|
| |
1.020% due 06/03/04 |
| 200,000 |
|
| 199,643 |
| |
|
|
|
| ||||
|
|
|
| 3,793,922 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
U.S. Treasury Bill - 1.99% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
0.943% due 06/03/04 ** |
| 460,000 |
|
| 459,280 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Shares |
|
|
|
| |||
|
|
|
| ||||
Money Market Funds - 3.50% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempCash |
| 403,345 |
|
| 403,345 |
| |
BlackRock Liquidity Funds Institutional TempFund |
| 403,345 |
|
| 403,345 |
| |
|
|
|
| ||||
|
|
|
| 806,690 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Cost $5,159,826) |
|
|
|
| 5,159,897 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 98.02% (Cost $22,094,656) |
|
|
|
| 22,631,436 |
| |
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - 1.98% |
|
|
|
| 457,298 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 23,088,734 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-17
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2004
Notes to Schedule of Investments
(a) Securities with an approximate aggregate market value of $459,280 were segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2004:
Type |
| Number of |
| Notional |
| Unrealized |
| |||||
|
|
|
| |||||||||
Euro-BOBL Futures (06/04) | 18 |
|
| $ | 1,800,000 |
|
| $ | 15,558 |
|
| |
Euro-Bund Futures (06/04) | 26 |
|
| $ | 2,600,000 |
|
|
| 50,483 |
|
| |
90-Day Eurodaollar Futures (12/05) | 9 |
|
| $ | 9,000,000 |
|
|
| 29,531 |
|
| |
90-Day GBP LIBOR Futures (12/04) | 7 |
|
| GBP | 3,500,000 |
|
|
| (1,724 | ) |
| |
U.S. Treasury 5-Year Notes (06/04) | 3 |
|
| $ | 300,000 |
|
|
| 3,797 |
|
| |
U.S. Treasury 10-Year Notes (06/04) | 82 |
|
| $ | 8,200,000 |
|
|
| 130,282 |
|
| |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| $ | 227,927 |
|
| ||
|
|
|
|
|
|
|
|
|
(b) Forward foreign currency contracts outstanding at March 31, 2004 were as follows:
Contracts |
| Currency |
| Principal |
| Expiration |
| Unrealized |
| |||||
|
|
|
|
| ||||||||||
Buy | CNY |
|
|
| 1,619,550 |
| 09/04 |
|
| $ | (1,493 | ) |
| |
Buy | CNY |
|
|
| 789,750 |
| 09/05 |
|
|
| 1,292 |
|
| |
Sell | CNY |
|
|
| 810,500 |
| 09/04 |
|
|
| 658 |
|
| |
Sell | CNY |
|
|
| 809,050 |
| 09/04 |
|
|
| (224 | ) |
| |
Buy | EUR |
|
|
| 67,000 |
| 04/04 |
|
|
| 1,009 |
|
| |
Sell | EUR |
|
|
| 76,000 |
| 04/04 |
|
|
| 451 |
|
| |
Sell | GBP |
|
|
| 26,000 |
| 04/04 |
|
|
| 157 |
|
| |
Buy | JPY |
|
|
| 32,181,000 |
| 05/04 |
|
|
| 17,716 |
|
| |
Sell | JPY |
|
|
| 8,209,000 |
| 05/04 |
|
|
| (1,668 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| $ | 17,898 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(c) Swap agreements outstanding as of March 31, 2004:
Type |
| Notional |
| Unrealized |
| ||
|
|
| |||||
Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 4.000%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Goldman Sachs |
|
|
|
|
|
| |
Exp. 06/16/04 | $ | 400,000 |
| $ | 14,830 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 5.000%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Merrill Lynch |
|
|
|
|
|
| |
Exp. 06/16/04 | $ | 1,300,000 |
|
| (85,566 | ) | |
|
|
|
|
|
| ||
Receive floating rate based on 6-month GBP-LIBOR and pay fixed rate equal to 4.000%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Goldman Sachs |
|
|
|
|
|
| |
Exp. 09/14/04 | GBP | 400,000 |
|
| 112 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 6-month EUR-LIBOR and pay fixed rate equal to 3.250%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: J.P. Morgan Chase |
|
|
|
|
|
| |
Exp. 03/15/05 | EUR | 400,000 |
|
| 3,730 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 6-month EUR-LIBOR and pay fixed rate equal to 3.500%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: J.P. Morgan Chase |
|
|
|
|
|
| |
Exp. 03/15/05 | EUR | 300,000 |
|
| 3,448 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 6-month EUR-LIBOR and pay fixed rate equal to 4.000%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Barclays Bank PLC |
|
|
|
|
|
| |
Exp. 03/15/05 | EUR | 300,000 |
| $ | 2,812 |
| |
|
|
|
|
|
| ||
Broker: Merrill Lynch |
|
|
|
|
|
| |
Exp. 03/15/05 | EUR | 200,000 |
|
| 2,346 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 3-month SEK-LIBOR and pay fixed rate equal to 4.500%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: J.P. Morgan Chase |
|
|
|
|
|
| |
Exp. 06/17/05 | SEK | 2,600,000 |
|
| 2,845 |
| |
|
|
|
|
|
| ||
Broker: Merrill Lynch |
|
|
|
|
|
| |
Exp. 06/17/08 | SEK | 5,200,000 |
|
| 12,486 |
| |
|
|
|
|
|
| ||
Receive floating rate based on 6-month EUR-LIBOR and pay fixed rate equal to 5.000%. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Goldman Sachs |
|
|
|
|
|
| |
Exp. 06/16/14 | EUR | 1,700,000 |
|
| (103,209 | ) | |
|
|
|
|
|
| ||
Broker: J.P. Morgan Chase |
|
|
|
|
|
| |
Exp. 06/16/14 | EUR | 700,000 |
|
| (42,422 | ) | |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.260% and receive from the counterparty at par in the event of default of the Allstate Corp 6.125% due 02/15/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Morgan Stanley |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| (131 | ) | |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.280% and receive from the counterparty at par in the event of default of the Eaton Corp 5.750% due 07/15/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Citigroup Global Markets |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| (166 | ) | |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.160% and receive from the counterparty at par in the event of default of the Eli Lilly 6.000% due 03/15/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Barclays Bank PLC |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| (135 | ) | |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.210% and receive from the counterparty at par in the event of default of the Emerson Electric Co 4.625% due 10/15/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Morgan Stanley |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 179 |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.290% and receive from the counterparty at par in the event of default of the Fedex Corp 7.250% due 10/15/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Barclays Bank PLC |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 438 |
|
See Notes to Financial Statements
B-18
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2004
Type |
| Notional |
| Unrealized |
| ||
|
|
| |||||
Pay fixed rate equal to 0.220% and receive from the counterparty at par in the event of default of the Gannett Co Inc 6.375% due 04/01/12. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Merrill Lynch |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
| $ | — |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.120% and receive from the counterparty at par in the event of default of The Home Depot Inc 5.375% due 04/01/06. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Lehman Brothers |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 135 |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.320% and receive from the counterparty at par in the event of default of the Ingersoll-Rand Co 6.480% due 06/01/25. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Merrill Lynch |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 44 |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.110% and receive from the counterparty at par in the event of default of the Johnson & Johnson 3.800% due 05/15/13. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Lehman Brothers |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| — |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.140% and receive from the counterparty at par in the event of default of the Wal-Mart Stores 3.375% due 10/01/08. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Citigroup Global Markets |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 45 |
| |
|
|
|
|
|
| ||
Pay fixed rate equal to 0.290% and receive from the counterparty at par in the event of default of the Whirlpool Corp 8.600% due 05/01/10. |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Broker: Lehman Brothers |
|
|
|
|
|
| |
Exp. 12/20/08 | $ | 100,000 |
|
| 215 |
| |
|
|
|
| ||||
|
|
| $ | (187,964 | ) | ||
|
|
|
|
(d) Investments Sold Short outstanding as of March 31, 2004:
Type |
| Principal |
| Value |
| ||
|
|
| |||||
Fannie Mae |
|
|
|
|
|
| |
5.000% due 05/15/34 # ” | $ | 1,000,000 |
| $ | (1,001,250 | ) | |
6.000% due 04/15/34 # ” |
| 2,500,000 |
|
| (2,602,345 | ) | |
U.S. Treasury Note |
|
|
|
|
|
| |
4.250% due 08/15/13 # ” |
| 2,000,000 |
|
| (2,073,126 | ) | |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Investments Sold Short (Proceeds $5,677,701) |
|
|
| $ | (5,676,721 | ) | |
|
|
|
|
(e) Transactions in written options for the year ended March 31, 2004, were as follows:
|
| Number of |
| Premium |
| ||
|
|
|
| ||||
Outstanding, March 31, 2003 |
| 7,500,011 |
| $ | 173,959 |
| |
Call Options Written |
| 1,100,031 |
|
| 35,766 |
| |
Put Options Written |
| 1,600,012 |
|
| 37,023 |
| |
Call Options Expired |
| (2,300,025 | ) |
| (32,057 | ) | |
Put Options Expired |
| (2 | ) |
| (993 | ) | |
Call Options Repurchased |
| (15 | ) |
| (12,722 | ) | |
Put Options Repurchased |
| (900,012 | ) |
| (27,602 | ) | |
|
| ||||||
Outstanding, March 31, 2004 |
| 7,000,000 |
| $ | 173,374 |
| |
|
|
(f) Premiums received and value of written options outstanding at March 31, 2004:
Type |
| Notional |
| Premium |
| Value |
| |||
|
|
|
| |||||||
Call - OTC Swaption (3 month LIBOR vs 10.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 4.00 Exp 10/07/04 | $ | 700,000 |
| $ | 17,570 |
| $ | 8,064 |
| |
Call - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 4.00 Exp 09/23/05 | $ | 500,000 |
|
| 7,550 |
|
| 9,967 |
| |
Call - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 3.80 Exp 10/07/04 | $ | 200,000 |
|
| 2,064 |
|
| 2,996 |
| |
Call - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 5.00 Exp 01/07/05 | $ | 1,000,000 |
|
| 27,150 |
|
| 60,366 |
| |
Call - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 4.00 Exp 09/23/05 | $ | 1,100,000 |
|
| 29,370 |
|
| 21,927 |
| |
Put - OTC Swaption (3 month LIBOR vs 10.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 6.00 Exp 10/07/04 | $ | 700,000 |
|
| 22,260 |
|
| 1,870 |
| |
Put - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 6.00 Exp 09/23/05 | $ | 500,000 |
|
| 7,700 |
|
| 3,174 |
| |
Put - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 6.00 Exp 10/07/04 | $ | 200,000 |
|
| 1,720 |
|
| 221 |
| |
Put - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 7.00 Exp 01/07/05 | $ | 1,000,000 |
|
| 20,700 |
|
| 1,027 |
| |
Put - OTC Swaption (3 month LIBOR vs 7.000%) |
|
|
|
|
|
|
|
|
| |
Strike @ 6.00 Exp 09/23/05 | $ | 1,100,000 |
|
| 37,290 |
|
| 15,004 |
| |
|
|
|
|
| ||||||
|
|
| $ | 173,374 |
| $ | 124,616 |
| ||
|
|
|
|
|
(g) Notional and principal amount denoted in the indicated currency:
CNY – Chinese Yuan | |
EUR – Eurodollar | |
GBP – British Pounds | |
JPY – Japanese Yen | |
SEK – Swedish Krona |
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-19
PACIFIC FUNDS
PF PACIFIC LIFE MONEY MARKET FUND
Schedule of Investments
March 31, 2004
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 102.31% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Corporate Note - 1.53% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Wells Fargo & Co |
|
|
|
|
|
| |
1.040% due 06/17/04 + | $ | 250,000 |
| $ | 250,000 |
| |
|
|
|
| ||||
Commercial Paper - 55.71% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
American Honda Finance Corp |
|
|
|
|
|
| |
1.000% due 04/22/04 |
| 750,000 |
|
| 749,562 |
| |
BMW U.S. Capital LLC |
|
|
|
|
|
| |
1.000% due 04/28/04 |
| 700,000 |
|
| 699,475 |
| |
Coca-Cola Enterprises Inc |
|
|
|
|
|
| |
0.980% due 04/02/04 ~ |
| 290,000 |
|
| 289,992 |
| |
Dow Jones & Co Inc |
|
|
|
|
|
| |
1.000% due 04/15/04 ~ |
| 700,000 |
|
| 699,728 |
| |
Fortune Brands Inc |
|
|
|
|
|
| |
1.010% due 04/22/04 ~ |
| 850,000 |
|
| 849,499 |
| |
Kimberly-Clark Worldwide Inc |
|
|
|
|
|
| |
0.970% due 04/19/04 ~ |
| 550,000 |
|
| 549,733 |
| |
Koch Industries LLC |
|
|
|
|
|
| |
1.000% due 04/06/04 ~ |
| 550,000 |
|
| 549,924 |
| |
Medtronic Inc |
|
|
|
|
|
| |
0.980% due 04/05/04 ~ |
| 750,000 |
|
| 749,918 |
| |
National Rural Utilities Cooperative Finance Corp |
|
|
|
|
|
| |
1.030% due 05/10/04 |
| 600,000 |
|
| 599,331 |
| |
Societe Generale North America Inc |
|
|
|
|
|
| |
1.020% due 05/19/04 |
| 450,000 |
|
| 449,388 |
| |
The Clorox Co |
|
|
|
|
|
| |
0.990% due 04/19/04 |
| 550,000 |
|
| 549,728 |
| |
Toyota Motor Credit Corp |
|
|
|
|
|
| |
1.030% due 04/16/04 |
| 700,000 |
|
| 699,700 |
| |
Verizon Network Funding Corp |
|
|
|
|
|
| |
0.980% due 04/14/04 |
| 450,000 |
|
| 449,841 |
| |
Volkswagen of America Inc |
|
|
|
|
|
| |
1.010% due 04/22/04 ~ |
| 750,000 |
|
| 749,558 |
| |
Wal-Mart Stores Inc |
|
|
|
|
|
| |
0.970% due 04/13/04 ~ |
| 460,000 |
|
| 459,851 |
| |
|
|
|
| ||||
|
|
|
| 9,095,228 |
| ||
|
|
|
| ||||
U.S. Government Agency Issues - 36.94% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Fannie Mae |
|
|
|
|
|
| |
0.960% due 04/12/04 |
| 600,000 |
|
| 599,824 |
| |
1.000% due 04/21/04 |
| 500,000 |
|
| 499,722 |
| |
1.000% due 06/02/04 |
| 550,000 |
|
| 549,053 |
| |
Federal Farm Credit Bank |
|
|
|
|
|
| |
1.000% due 07/02/04 |
| 250,000 |
|
| 250,000 |
| |
Federal Home Loan Bank |
|
|
|
|
|
| |
0.985% due 04/21/04 |
| 2,000,000 |
|
| 1,998,905 |
| |
0.985% due 04/23/04 |
| 1,635,000 |
|
| 1,634,016 |
| |
Freddie Mac |
|
|
|
|
|
| |
1.350% due 11/03/04 |
| 500,000 |
|
| 500,000 |
| |
|
|
|
| ||||
|
|
|
| 6,031,520 |
| ||
|
|
|
| ||||
Asset-Backed Securities - 8.12% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Daimler Chrysler Auto Trust |
|
|
|
|
|
| |
1.100% due 08/09/04 ~ ” |
| 22,959 |
|
| 22,959 |
| |
Honda Auto Receivables Owner Trust |
|
|
|
|
|
| |
1.110% due 09/13/04 ” |
| 48,019 |
|
| 48,019 |
| |
Nissan Auto Lease Trust |
|
|
|
|
|
| |
1.166% due 10/15/04 ” |
| 126,071 |
|
| 126,071 |
| |
USAA Auto Owner Trust |
|
|
|
|
|
| |
1.080% due 03/15/05 ” |
| 750,000 |
|
| 750,000 |
| |
Volkswagen Auto Loan Enhanced Trust |
|
|
|
|
|
| |
1.146% due 11/19/04 ” |
| 174,846 |
|
| 174,846 |
| |
WFS Financial Owner Trust |
|
|
|
|
|
| |
1.129% due 08/20/04 ” |
| 88,427 |
|
| 88,427 |
| |
Whole Auto Loan Trust |
|
|
|
|
|
| |
1.100% due 09/15/04 ” |
| 114,782 |
|
| 114,782 |
| |
|
|
|
| ||||
|
|
|
| 1,325,104 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Shares |
|
|
|
| |||
|
|
|
| ||||
Money Market Fund - 0.01% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BlackRock Liquidity Funds Institutional TempFund |
| 1,575 |
|
| 1,575 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Short-Term Investments (Amortized Cost $16,703,427) |
|
|
|
| 16,703,427 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 102.31% (Cost $16,703,427) |
|
|
|
| 16,703,427 |
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
OTHER ASSETS AND LIABILITIES, NET - (2.31%) |
|
|
|
| (376,574 | ) | |
|
|
|
| ||||
|
|
|
|
|
| ||
NET ASSETS - 100.00% |
|
|
| $ | 16,326,853 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-20
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
CONVERTIBLE PREFERRED STOCKS - 3.89% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 0.31% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Ford Motor Co Capital Trust II 6.500% |
| 900 |
| $ | 47,745 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Consumer Discretionary - 0.04% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
The Interpublic Group of Cos Inc 5.375% |
| 102 |
|
| 5,848 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Financial Services - 0.69% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Platinum Underwriters Holdings Ltd 7.000% (Bermuda) |
| 167 |
|
| 5,331 |
| |
The Hartford Financial Services Group Inc 6.000% |
| 769 |
|
| 47,832 |
| |
The Hartford Financial Services Group Inc 7.000% |
| 497 |
|
| 31,684 |
| |
The PMI Group Inc 5.875% |
| 430 |
|
| 10,987 |
| |
The St. Paul Travelers Companies Inc 9.000% |
| 130 |
|
| 9,616 |
| |
|
|
|
| ||||
|
|
|
| 105,450 |
| ||
|
|
|
| ||||
Health Care - 0.03% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Baxter International Inc 7.000% |
| 80 |
|
| 4,320 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Materials & Processing - 0.33% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Boise Cascade Corp 7.500% |
| 780 |
|
| 39,663 |
| |
Hercules Trust II 6.500% |
| 15 |
|
| 11,925 |
| |
|
|
|
| ||||
|
|
|
| 51,588 |
| ||
|
|
|
| ||||
Producer Durables - 1.63% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Northrop Grumman Corp 7.250% |
| 180 |
|
| 18,608 |
| |
Xerox Corp 6.250% |
| 1,730 |
|
| 231,820 |
| |
|
|
|
| ||||
|
|
|
| 250,428 |
| ||
|
|
|
| ||||
Technology - 0.07% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Solectron Corp 7.250% |
| 720 |
|
| 11,232 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Utilities - 0.79% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
CenterPoint Energy Inc 2.000% |
| 1,960 |
|
| 65,815 |
| |
Dominion Resources Inc VA 9.500% |
| 510 |
|
| 28,641 |
| |
ONEOK Inc 8.500% |
| 770 |
|
| 24,132 |
| |
Sempra Energy 8.500% |
| 95 |
|
| 2,774 |
| |
|
|
|
| ||||
|
|
|
| 121,362 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Convertible Preferred Stocks (Cost $516,225) |
|
|
|
| 597,973 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
COMMON STOCKS - 92.59% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Autos & Transportation - 3.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BorgWarner Inc |
| 290 |
|
| 24,601 |
| |
Canadian National Railway Co (Canada) |
| 1,484 |
|
| 58,366 |
| |
Lear Corp |
| 890 |
|
| 55,144 |
| |
Southwest Airlines Co |
| 1,860 |
|
| 26,430 |
| |
Union Pacific Corp |
| 4,946 |
|
| 295,870 |
| |
|
|
|
| ||||
|
|
|
| 460,411 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Consumer Discretionary - 10.29% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
AutoZone Inc * |
| 600 |
|
| 51,582 |
| |
Darden Restaurants Inc |
| 3,321 |
|
| 82,327 |
| |
Harrah’s Entertainment Inc |
| 1,553 |
|
| 85,244 |
| |
Hilton Hotels Corp |
| 3,300 |
|
| 53,625 |
| |
J.C. Penney Co Inc |
| 1,470 |
|
| 51,126 |
| |
Kimberly-Clark Corp |
| 175 |
|
| 11,042 |
| |
Liberty Media Corp ‘A’ * |
| 20,007 |
|
| 219,077 |
| |
Limited Brands Inc |
| 3,944 |
|
| 78,880 |
| |
Liz Claiborne Inc |
| 540 |
|
| 19,813 |
| |
Lowe’s Cos Inc |
| 1,500 |
|
| 84,195 |
| |
Mattel Inc |
| 5,009 |
|
| 92,366 |
| |
McDonald’s Corp |
| 2,000 |
|
| 57,140 |
| |
Office Depot Inc * |
| 5,889 |
|
| 110,831 |
| |
Republic Services Inc |
| 3,440 |
|
| 93,121 |
| |
Service Corp International * |
| 5,880 |
|
| 43,924 |
| |
The TJX Cos Inc |
| 1,430 |
|
| 35,121 |
| |
The Walt Disney Co |
| 5,773 |
|
| 144,267 |
| |
Viacom Inc ‘B’ |
| 2,760 |
|
| 108,220 |
| |
Wal-Mart Stores Inc |
| 490 |
|
| 29,248 |
| |
Whirlpool Corp |
| 1,855 |
|
| 127,754 |
| |
|
|
|
| ||||
|
|
|
| 1,578,903 |
| ||
|
|
|
| ||||
Consumer Staples - 5.57% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Altria Group Inc |
| 6,994 |
|
| 380,823 |
| |
Coca-Cola Enterprises Inc |
| 5,688 |
|
| 137,479 |
| |
Colgate-Palmolive Co |
| 1,504 |
|
| 82,871 |
| |
ConAgra Foods Inc |
| 2,331 |
|
| 62,797 |
| |
General Mills Inc |
| 1,973 |
|
| 92,100 |
| |
H.J. Heinz Co |
| 2,625 |
|
| 97,886 |
| |
|
|
|
| ||||
|
|
|
| 853,956 |
| ||
|
|
|
| ||||
Energy - 0.87% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Apache Corp |
| 1,420 |
|
| 61,301 |
| |
Sunoco Inc |
| 62 |
|
| 3,868 |
| |
Valero Energy Corp |
| 1,137 |
|
| 68,174 |
| |
|
|
|
| ||||
|
|
|
| 133,343 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Financial Services - 35.96% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
ACE Ltd (Bermuda) |
| 5,718 |
|
| 243,930 |
| |
American International Group Inc |
| 2,382 |
|
| 169,956 |
| |
Aon Corp |
| 1,520 |
|
| 42,423 |
| |
Bank of America Corp |
| 4,667 |
|
| 377,934 |
| |
Berkshire Hathaway Inc ‘B’ * |
| 38 |
|
| 118,218 |
| |
Capital One Financial Corp |
| 440 |
|
| 33,189 |
| |
CIGNA Corp |
| 1,372 |
|
| 80,975 |
| |
CIT Group Inc |
| 1,000 |
|
| 38,050 |
| |
Citigroup Inc |
| 14,702 |
|
| 760,093 |
| |
Compass Bancshares Inc |
| 1,150 |
|
| 47,691 |
| |
Countrywide Financial Corp |
| 920 |
|
| 88,228 |
| |
Equity Office Properties Trust |
| 4,199 |
|
| 121,309 |
| |
Fannie Mae |
| 2,098 |
|
| 155,986 |
| |
First Data Corp |
| 1,480 |
|
| 62,397 |
| |
FleetBoston Financial Corp |
| 2,972 |
|
| 133,443 |
| |
Freddie Mac |
| 3,977 |
|
| 234,882 |
| |
J.P. Morgan Chase & Co |
| 9,694 |
|
| 406,663 |
| |
M&T Bank Corp |
| 260 |
|
| 23,361 |
| |
MBIA Inc |
| 620 |
|
| 38,874 |
| |
MBNA Corp |
| 2,290 |
|
| 63,273 |
| |
Merrill Lynch & Co Inc |
| 2,157 |
|
| 128,471 |
| |
Morgan Stanley |
| 1,226 |
|
| 70,250 |
| |
Old Republic International Corp |
| 1,340 |
|
| 32,910 |
| |
Radian Group Inc |
| 1,430 |
|
| 60,918 |
| |
SouthTrust Corp |
| 115 |
|
| 3,813 |
| |
State Street Corp |
| 2,140 |
|
| 111,558 |
| |
SunTrust Banks Inc |
| 370 |
|
| 25,793 |
| |
The Bank of New York Co Inc |
| 8,689 |
|
| 273,704 |
| |
The PMI Group Inc |
| 1,150 |
|
| 42,964 |
| |
Torchmark Corp |
| 734 |
|
| 39,482 |
| |
Travelers Property Casualty Corp ‘B’ |
| 7,916 |
|
| 136,709 |
| |
U.S. Bancorp |
| 16,117 |
|
| 445,635 |
| |
Wachovia Corp |
| 6,504 |
|
| 305,688 |
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-21
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Washington Mutual Inc |
| 3,415 |
| $ | 145,855 |
| |
Wells Fargo & Co |
| 5,213 |
|
| 295,421 |
| |
XL Capital Ltd ‘A’ (Bermuda) |
| 1,784 |
|
| 135,655 |
| |
Zions Bancorp |
| 430 |
|
| 24,596 |
| |
|
|
|
| ||||
|
|
|
| 5,520,297 |
| ||
|
|
|
| ||||
Health Care - 3.00% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Abbott Laboratories |
| 3,507 |
|
| 144,138 |
| |
Johnson & Johnson |
| 600 |
|
| 30,432 |
| |
King Pharmaceuticals Inc * |
| 4,740 |
|
| 79,821 |
| |
McKesson Corp |
| 1,040 |
|
| 31,294 |
| |
Medco Health Solutions Inc * |
| 1,040 |
|
| 35,360 |
| |
Pfizer Inc |
| 3,571 |
|
| 125,163 |
| |
Wyeth |
| 380 |
|
| 14,269 |
| |
|
|
|
| ||||
|
|
|
| 460,477 |
| ||
|
|
|
| ||||
Integrated Oils - 9.60% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Amerada Hess Corp |
| 850 |
|
| 55,488 |
| |
BP PLC ADR (United Kingdom) |
| 3,465 |
|
| 177,408 |
| |
Canadian Natural Resources Ltd (Canada) |
| 930 |
|
| 51,745 |
| |
ConocoPhillips |
| 1,927 |
|
| 134,524 |
| |
Exxon Mobil Corp |
| 13,430 |
|
| 558,554 |
| |
GlobalSantaFe Corp |
| 3,184 |
|
| 88,420 |
| |
Noble Corp * |
| 1,610 |
|
| 61,856 |
| |
Total SA ADR (France) |
| 2,130 |
|
| 195,960 |
| |
Unocal Corp |
| 4,012 |
|
| 149,567 |
| |
|
|
|
| ||||
|
|
|
| 1,473,522 |
| ||
|
|
|
| ||||
Materials & Processing - 5.32% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Avery Dennison Corp |
| 674 |
|
| 41,930 |
| |
Boise Cascade Corp |
| 2,610 |
|
| 90,436 |
| |
Engelhard Corp |
| 1,930 |
|
| 57,688 |
| |
Masco Corp |
| 7,836 |
|
| 238,449 |
| |
MeadWestvaco Corp |
| 910 |
|
| 25,744 |
| |
PPG Industries Inc |
| 1,345 |
|
| 78,413 |
| |
Smurfit-Stone Container Corp * |
| 4,510 |
|
| 79,331 |
| |
Sonoco Products Co |
| 2,881 |
|
| 69,951 |
| |
The Dow Chemical Co |
| 3,349 |
|
| 134,898 |
| |
|
|
|
| ||||
|
|
|
| 816,840 |
| ||
|
|
|
| ||||
Multi-Industry - 2.30% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Eaton Corp |
| 720 |
|
| 40,457 |
| |
Honeywell International Inc |
| 2,915 |
|
| 98,673 |
| |
Tyco International Ltd (Bermuda) |
| 7,480 |
|
| 214,302 |
| |
|
|
|
| ||||
|
|
|
| 353,432 |
| ||
|
|
|
| ||||
Producer Durables - 4.21% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Dover Corp |
| 1,660 |
|
| 64,358 |
| |
D.R. Horton Inc |
| 1,120 |
|
| 39,682 |
| |
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) |
| 2,750 |
|
| 186,038 |
| |
Lennar Corp ‘A’ |
| 740 |
|
| 39,982 |
| |
Lockheed Martin Corp |
| 1,731 |
|
| 79,003 |
| |
Northrop Grumman Corp |
| 970 |
|
| 95,467 |
| |
Pitney Bowes Inc |
| 1,469 |
|
| 62,594 |
| |
The Boeing Co |
| 1,932 |
|
| 79,347 |
| |
|
|
|
| ||||
|
|
|
| 646,471 |
| ||
|
|
|
| ||||
Technology - 5.17% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Celestica Inc * (Canada) |
| 3,870 |
|
| 63,468 |
| |
Computer Associates International Inc |
| 4,030 |
|
| 108,246 |
| |
Hewlett-Packard Co |
| 18,722 |
|
| 427,611 |
| |
International Business Machines Corp |
| 520 |
|
| 47,757 |
| |
Micron Technology Inc * |
| 2,040 |
|
| 34,088 |
| |
Microsoft Corp |
| 1,910 |
|
| 47,693 |
| |
Sun Microsystems Inc * |
| 6,140 |
|
| 25,542 |
| |
Vishay Intertechnology Inc * |
| 1,850 |
|
| 39,479 |
| |
|
|
|
| ||||
|
|
|
| 793,884 |
| ||
|
|
|
| ||||
Utilities - 7.30% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
BellSouth Corp |
| 3,008 |
|
| 83,292 |
| |
Dominion Resources Inc VA |
| 690 |
|
| 44,367 |
| |
DPL Inc |
| 1,420 |
|
| 26,625 |
| |
Edison International |
| 2,800 |
|
| 68,012 |
| |
Entergy Corp |
| 1,440 |
|
| 85,680 |
| |
Exelon Corp |
| 1,947 |
|
| 134,090 |
| |
PG&E Corp * |
| 3,580 |
|
| 103,713 |
| |
Pinnacle West Capital Corp |
| 141 |
|
| 5,548 |
| |
Progress Energy Inc |
| 2,340 |
|
| 110,167 |
| |
SBC Communications Inc |
| 6,723 |
|
| 164,982 |
| |
SCANA Corp |
| 91 |
|
| 3,217 |
| |
Sempra Energy |
| 530 |
|
| 16,854 |
| |
Verizon Communications Inc |
| 7,508 |
|
| 274,342 |
| |
|
|
|
| ||||
|
|
|
| 1,120,889 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Common Stocks (Cost $12,316,338) |
|
|
|
| 14,212,425 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
EXCHANGE TRADED FUND - 0.41% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
iShares Russell 1000 Value Index Fund |
| 1,051 |
|
| 62,724 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
Total Exchange Traded Fund (Cost $61,472) |
|
|
|
| 62,724 |
| |
|
|
|
| ||||
|
|
|
|
|
| ||
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
| ||
CONVERTIBLE CORPORATE BONDS & NOTES - 0.77% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Consumer Discretionary - 0.44% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Service Corp International |
|
|
|
|
|
| |
6.750% due 06/22/08 | $ | 59,000 |
|
| 67,702 |
| |
|
|
|
| ||||
Consumer Staples - 0.22% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Rite Aid Corp |
|
|
|
|
|
| |
4.750% due 12/01/06 |
| 30,000 |
|
| 34,463 |
| |
|
|
|
| ||||
Multi-Industry - 0.11% |
|
|
|
|
|
| |
|
|
|
|
|
| ||
Tyco International Group SA (Bermuda) |
|
|
|
|
|
| |
2.750% due 01/15/18 |
| 7,000 |
|
| 9,555 |
| |
2.750% due 01/15/18 ~ |
| 5,000 |
|
| 6,825 |
| |
|
|
|
| ||||
|
|
|
| 16,380 |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
Total Convertible Corporate Bonds & Notes (Cost $98,958) |
|
|
|
| 118,545 |
| |
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-22
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 2.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 2.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 342,428 |
| $ | 342,428 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment (Cost $342,428) |
|
|
|
|
| 342,428 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.89% (Cost $13,335,421) |
|
|
|
|
| 15,334,095 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS AND LIABILITIES, NET - 0.11% |
|
|
|
|
| 16,337 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 15,350,432 |
|
|
|
|
|
|
|
See Notes to Financial Statements
B-23
PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
PREFERRED STOCK - 1.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 1.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The News Corp Ltd ADR (Australia) |
|
| 11,400 |
| $ | 361,494 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Preferred Stock (Cost $281,265) |
|
|
|
|
| 361,494 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
COMMON STOCKS - 92.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 12.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costco Wholesale Corp * |
|
| 4,600 |
|
| 172,776 |
|
Federated Department Stores Inc |
|
| 5,000 |
|
| 270,250 |
|
Kimberly-Clark Corp |
|
| 6,800 |
|
| 429,080 |
|
Liberty Media Corp ‘A’ * |
|
| 33,500 |
|
| 366,825 |
|
McDonald’s Corp |
|
| 15,800 |
|
| 451,406 |
|
Newell Rubbermaid Inc |
|
| 8,600 |
|
| 199,520 |
|
Target Corp |
|
| 8,100 |
|
| 364,824 |
|
The Home Depot Inc |
|
| 7,400 |
|
| 276,464 |
|
Time Warner Inc * |
|
| 19,300 |
|
| 325,398 |
|
Viacom Inc ‘B’ |
|
| 4,600 |
|
| 180,366 |
|
Waste Management Inc |
|
| 7,400 |
|
| 223,332 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,260,241 |
|
|
|
|
|
|
| ||
Consumer Staples - 6.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 11,700 |
|
| 637,065 |
|
Kraft Foods Inc ‘A’ |
|
| 10,100 |
|
| 323,301 |
|
Safeway Inc * |
|
| 16,700 |
|
| 343,686 |
|
The Kroger Co * |
|
| 25,200 |
|
| 419,328 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,723,380 |
|
|
|
|
|
|
| ||
Energy - 3.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Corp |
|
| 30,300 |
|
| 215,433 |
|
ENSCO International Inc |
|
| 11,600 |
|
| 326,772 |
|
Nabors Industries Ltd * (Barbados) |
|
| 6,100 |
|
| 279,075 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 821,280 |
|
|
|
|
|
|
| ||
Financial Services - 23.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co |
|
| 5,500 |
|
| 285,175 |
|
American International Group Inc |
|
| 7,200 |
|
| 513,720 |
|
Bank of America Corp |
|
| 3,200 |
|
| 259,136 |
|
Equity Office Properties Trust |
|
| 10,900 |
|
| 314,901 |
|
Equity Residential |
|
| 6,500 |
|
| 194,025 |
|
FleetBoston Financial Corp |
|
| 9,500 |
|
| 426,550 |
|
J.P. Morgan Chase & Co |
|
| 7,600 |
|
| 318,820 |
|
Loews Corp |
|
| 6,300 |
|
| 372,078 |
|
MBNA Corp |
|
| 12,300 |
|
| 339,849 |
|
Merrill Lynch & Co Inc |
|
| 6,700 |
|
| 399,052 |
|
Morgan Stanley |
|
| 5,200 |
|
| 297,960 |
|
The Bank of New York Co Inc |
|
| 10,600 |
|
| 333,900 |
|
The Goldman Sachs Group Inc |
|
| 3,100 |
|
| 323,485 |
|
The Hartford Financial Services Group Inc |
|
| 3,500 |
|
| 222,950 |
|
The St. Paul Cos Inc |
|
| 5,900 |
|
| 236,059 |
|
U.S. Bancorp |
|
| 11,700 |
|
| 323,505 |
|
Wachovia Corp |
|
| 6,000 |
|
| 282,000 |
|
Waddell & Reed Financial Inc ‘A’ |
|
| 9,900 |
|
| 242,748 |
|
Washington Mutual Inc |
|
| 5,900 |
|
| 251,989 |
|
Wells Fargo & Co |
|
| 4,800 |
|
| 272,016 |
|
XL Capital Ltd ‘A’ (Bermuda) |
|
| 2,600 |
|
| 197,704 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,407,622 |
|
|
|
|
|
|
| ||
Health Care - 8.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlaxoSmithKline PLC ADR (United Kingdom) |
|
| 8,000 |
|
| 319,600 |
|
HCA Inc |
|
| 8,300 |
|
| 337,146 |
|
Johnson & Johnson |
|
| 5,200 |
|
| 263,744 |
|
Merck & Co Inc |
|
| 7,500 |
|
| 331,425 |
|
Pfizer Inc |
|
| 19,400 |
|
| 679,970 |
|
Schering-Plough Corp |
|
| 15,100 |
|
| 244,922 |
|
Wyeth |
|
| 6,000 |
|
| 225,300 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,402,107 |
|
|
|
|
|
|
| ||
Integrated Oils - 7.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP PLC ADR (United Kingdom) |
|
| 10,000 |
|
| 512,000 |
|
ChevronTexaco Corp |
|
| 5,400 |
|
| 474,012 |
|
GlobalSantaFe Corp |
|
| 6,700 |
|
| 186,059 |
|
Royal Dutch Petroleum Co ‘NY’ (Netherlands) |
|
| 7,000 |
|
| 333,060 |
|
Total SA ADR (France) |
|
| 4,700 |
|
| 432,400 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,937,531 |
|
|
|
|
|
|
| ||
Materials & Processing - 4.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Inc |
|
| 12,300 |
|
| 426,687 |
|
Avery Dennison Corp |
|
| 4,400 |
|
| 273,724 |
|
International Paper Co |
|
| 8,400 |
|
| 354,984 |
|
The Dow Chemical Co |
|
| 3,800 |
|
| 153,064 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,208,459 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Honeywell International Inc |
|
| 12,100 |
|
| 409,585 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 3.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lockheed Martin Corp |
|
| 7,200 |
|
| 328,608 |
|
The Boeing Co |
|
| 6,400 |
|
| 262,848 |
|
United Technologies Corp |
|
| 3,300 |
|
| 284,790 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 876,246 |
|
|
|
|
|
|
| ||
Technology - 11.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Com Corp * |
|
| 14,500 |
|
| 102,370 |
|
Celestica Inc * (Canada) |
|
| 11,600 |
|
| 190,240 |
|
Comverse Technology Inc * |
|
| 9,200 |
|
| 166,888 |
|
Hewlett-Packard Co |
|
| 21,700 |
|
| 495,628 |
|
International Business Machines Corp |
|
| 2,400 |
|
| 220,416 |
|
Lucent Technologies Inc * |
|
| 61,100 |
|
| 251,121 |
|
Microsoft Corp |
|
| 15,500 |
|
| 387,035 |
|
Nokia OYJ ADR (Finland) |
|
| 18,000 |
|
| 365,040 |
|
Nortel Networks Corp * (Canada) |
|
| 67,300 |
|
| 399,762 |
|
Novell Inc * |
|
| 12,400 |
|
| 141,112 |
|
Solectron Corp * |
|
| 39,600 |
|
| 218,988 |
|
Sun Microsystems Inc * |
|
| 63,100 |
|
| 262,496 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,201,096 |
|
|
|
|
|
|
| ||
Utilities - 10.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameren Corp |
|
| 4,200 |
|
| 193,578 |
|
AT&T Corp |
|
| 11,800 |
|
| 230,926 |
|
AT&T Wireless Services Inc * |
|
| 29,100 |
|
| 396,051 |
|
Comcast Corp ‘A’ * |
|
| 6,470 |
|
| 185,948 |
|
Comcast Corp Special ‘A’ * |
|
| 6,800 |
|
| 189,584 |
|
FirstEnergy Corp |
|
| 8,400 |
|
| 328,272 |
|
NiSource Inc |
|
| 15,400 |
|
| 327,250 |
|
Progress Energy Inc |
|
| 5,500 |
|
| 258,940 |
|
SBC Communications Inc |
|
| 15,500 |
|
| 380,370 |
|
Verizon Communications Inc |
|
| 12,100 |
|
| 442,134 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,933,053 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $22,322,507) |
|
|
|
|
| 25,180,600 |
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-24
PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 4.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 4.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,223,840 |
| $ | 1,223,840 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment (Cost $1,223,840) |
|
|
|
|
| 1,223,840 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 98.60% (Cost $23,827,612) |
|
|
|
|
| 26,765,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS AND LIABILITIES, NET - 1.40% |
|
|
|
|
| 381,225 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 27,147,159 |
|
|
|
|
|
|
|
See Notes to Financial Statements
B-25
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
COMMON STOCKS - 90.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 1.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Northern Santa Fe Corp |
|
| 2,300 |
| $ | 72,450 |
|
General Motors Corp |
|
| 1,200 |
|
| 56,520 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 128,970 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 10.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clear Channel Communications Inc |
|
| 4,000 |
|
| 169,400 |
|
Darden Restaurants Inc |
|
| 2,600 |
|
| 64,454 |
|
Eastman Kodak Co |
|
| 2,700 |
|
| 70,659 |
|
Federated Department Stores Inc |
|
| 1,600 |
|
| 86,480 |
|
Jones Apparel Group Inc |
|
| 2,900 |
|
| 104,835 |
|
Kimberly-Clark Corp |
|
| 4,000 |
|
| 252,400 |
|
Liberty Media Corp ‘A’ * |
|
| 14,500 |
|
| 158,775 |
|
McDonald’s Corp |
|
| 5,400 |
|
| 154,278 |
|
The May Department Stores Co |
|
| 1,100 |
|
| 38,038 |
|
The Walt Disney Co |
|
| 6,900 |
|
| 172,431 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,271,750 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 3,000 |
|
| 163,350 |
|
CVS Corp |
|
| 1,600 |
|
| 56,480 |
|
Kraft Foods Inc ‘A’ |
|
| 3,900 |
|
| 124,839 |
|
The Kroger Co * |
|
| 7,300 |
|
| 121,472 |
|
Unilever NV ‘NY’ (Netherlands) |
|
| 1,800 |
|
| 124,992 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 591,133 |
|
|
|
|
|
|
| ||
Energy - 4.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diamond Offshore Drilling Inc |
|
| 1,700 |
|
| 41,123 |
|
Halliburton Co |
|
| 17,900 |
|
| 543,981 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 585,104 |
|
|
|
|
|
|
| ||
Financial Services - 18.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Computer Services Inc ‘A’ * |
|
| 700 |
|
| 36,330 |
|
AMBAC Financial Group Inc |
|
| 1,200 |
|
| 88,536 |
|
Assurant Inc * |
|
| 1,600 |
|
| 40,240 |
|
Bank of America Corp |
|
| 3,300 |
|
| 267,234 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 5 |
|
| 15,555 |
|
Capital One Financial Corp |
|
| 200 |
|
| 15,086 |
|
Chubb Corp |
|
| 2,400 |
|
| 166,896 |
|
Citigroup Inc |
|
| 4,500 |
|
| 232,650 |
|
Fannie Mae |
|
| 800 |
|
| 59,480 |
|
Freddie Mac |
|
| 7,100 |
|
| 419,326 |
|
J.P. Morgan Chase & Co |
|
| 1,200 |
|
| 50,340 |
|
Merrill Lynch & Co Inc |
|
| 500 |
|
| 29,780 |
|
MetLife Inc |
|
| 1,800 |
|
| 64,224 |
|
PNC Financial Services Group Inc |
|
| 2,800 |
|
| 155,176 |
|
Principal Financial Group |
|
| 500 |
|
| 17,815 |
|
RenaissanceRe Holdings Ltd (Bermuda) |
|
| 300 |
|
| 15,600 |
|
SunGard Data Systems Inc * |
|
| 1,600 |
|
| 43,840 |
|
SunTrust Banks Inc |
|
| 400 |
|
| 27,884 |
|
The Allstate Corp |
|
| 3,700 |
|
| 168,202 |
|
The Goldman Sachs Group Inc |
|
| 100 |
|
| 10,435 |
|
Torchmark Corp |
|
| 1,600 |
|
| 86,064 |
|
Travelers Property Casualty Corp ‘A’ |
|
| 800 |
|
| 13,720 |
|
Travelers Property Casualty Corp ‘B’ |
|
| 2,400 |
|
| 41,448 |
|
Wells Fargo & Co |
|
| 3,900 |
|
| 221,013 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,286,874 |
|
|
|
|
|
|
| ||
Health Care - 12.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aetna Inc |
|
| 2,300 |
|
| 206,356 |
|
AmerisourceBergen Corp |
|
| 1,100 |
|
| 60,148 |
|
Bristol-Myers Squibb Co |
|
| 15,200 |
|
| 368,296 |
|
GlaxoSmithKline PLC ADR (United Kingdom) |
|
| 9,400 |
|
| 375,530 |
|
Merck & Co Inc |
|
| 900 |
|
| 39,771 |
|
Pfizer Inc |
|
| 5,200 |
|
| 182,260 |
|
Roche Holding AG ADR (Switzerland) |
|
| 1,200 |
|
| 117,220 |
|
Schering-Plough Corp |
|
| 6,000 |
|
| 97,320 |
|
Wyeth |
|
| 1,800 |
|
| 67,590 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,514,491 |
|
|
|
|
|
|
| ||
Integrated Oils - 7.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP PLC ADR (United Kingdom) |
|
| 2,900 |
|
| 148,480 |
|
ConocoPhillips |
|
| 1,500 |
|
| 104,715 |
|
GlobalSantaFe Corp |
|
| 7,300 |
|
| 202,721 |
|
Petroleo Brasileiro SA ADR (Brazil) |
|
| 1,800 |
|
| 60,300 |
|
Royal Dutch Petroleum Co ‘NY’ (Netherlands) |
|
| 900 |
|
| 42,822 |
|
Total SA ADR (France) |
|
| 1,600 |
|
| 147,200 |
|
Transocean Inc * |
|
| 6,700 |
|
| 186,863 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 893,101 |
|
|
|
|
|
|
| ||
Materials & Processing - 9.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Inc |
|
| 2,800 |
|
| 97,132 |
|
Boise Cascade Corp |
|
| 2,500 |
|
| 86,625 |
|
E.I. du Pont de Nemours & Co |
|
| 2,900 |
|
| 122,438 |
|
Georgia-Pacific Corp |
|
| 8,900 |
|
| 299,841 |
|
International Paper Co |
|
| 6,600 |
|
| 278,916 |
|
Rohm & Haas Co |
|
| 900 |
|
| 35,856 |
|
The Dow Chemical Co |
|
| 5,900 |
|
| 237,652 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,158,460 |
|
|
|
|
|
|
| ||
Multi-Industry - 3.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schlumberger Ltd |
|
| 7,100 |
|
| 453,335 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 1.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cognex Corp |
|
| 1,800 |
|
| 59,850 |
|
Credence Systems Corp * |
|
| 3,600 |
|
| 42,768 |
|
Lexmark International Inc * |
|
| 400 |
|
| 36,800 |
|
Novellus Systems Inc * |
|
| 400 |
|
| 12,716 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 152,134 |
|
|
|
|
|
|
| ||
Technology - 3.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Check Point Software Technologies Ltd * (Israel) |
|
| 800 |
|
| 18,216 |
|
Cisco Systems Inc * |
|
| 400 |
|
| 9,408 |
|
Comverse Technology Inc * |
|
| 300 |
|
| 5,442 |
|
Flextronics International Ltd * (Singapore) |
|
| 4,500 |
|
| 77,490 |
|
Hewlett-Packard Co |
|
| 3,600 |
|
| 82,224 |
|
Intel Corp |
|
| 700 |
|
| 19,040 |
|
International Business Machines Corp |
|
| 400 |
|
| 36,736 |
|
Jabil Circuit Inc * |
|
| 700 |
|
| 20,601 |
|
JDS Uniphase Corp * |
|
| 1,600 |
|
| 6,512 |
|
Microsoft Corp |
|
| 2,400 |
|
| 59,928 |
|
Nokia OYJ ADR (Finland) |
|
| 2,400 |
|
| 48,672 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 384,269 |
|
|
|
|
|
|
| ||
Utilities - 15.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc |
|
| 1,500 |
|
| 49,380 |
|
CenterPoint Energy Inc |
|
| 2,700 |
|
| 30,861 |
|
Constellation Energy Group Inc |
|
| 1,500 |
|
| 59,925 |
|
Exelon Corp |
|
| 300 |
|
| 20,661 |
|
FirstEnergy Corp |
|
| 2,900 |
|
| 113,332 |
|
Pulbic Service Enterprise Group Inc |
|
| 1,500 |
|
| 70,470 |
|
SBC Communications Inc |
|
| 14,800 |
|
| 363,192 |
|
Scottish Power PLC ADR (United Kingdom) |
|
| 1,400 |
|
| 39,704 |
|
Sprint Corp-FON Group |
|
| 29,100 |
|
| 536,313 |
|
TXU Corp |
|
| 8,300 |
|
| 237,878 |
|
Verizon Communications Inc |
|
| 12,400 |
|
| 453,096 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,974,812 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $9,676,927) |
|
|
|
|
| 11,394,433 |
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-26
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 10.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 10.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac 0.990% due 04/01/04 |
| $ | 1,265,000 |
| $ | 1,265,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Funds - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 286 |
|
| 286 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 285 |
|
| 285 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 571 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments (Cost $1,265,571) |
|
|
|
|
| 1,265,571 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.28% (Cost $10,942,498) |
|
|
|
|
| 12,660,004 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS AND LIABILITIES, NET - (0.28%) |
|
|
|
|
| (35,778 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 12,624,226 |
|
|
|
|
|
|
|
See Notes to Financial Statements
B-27
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
| ||
COMMON STOCKS - 98.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 1.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.H. Robinson Worldwide Inc |
|
| 4,800 |
| $ | 199,200 |
|
Gentex Corp |
|
| 3,500 |
|
| 151,830 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 351,030 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 35.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apollo Group Inc ‘A’ * |
|
| 3,400 |
|
| 292,774 |
|
Career Education Corp * |
|
| 1,725 |
|
| 97,704 |
|
CDW Corp |
|
| 1,465 |
|
| 99,049 |
|
Chico’s FAS Inc * |
|
| 4,362 |
|
| 202,397 |
|
ChoicePoint Inc * |
|
| 4,600 |
|
| 174,938 |
|
Coach Inc * |
|
| 4,730 |
|
| 193,883 |
|
Corporate Executive Board Co |
|
| 2,050 |
|
| 96,350 |
|
DeVry Inc * |
|
| 4,550 |
|
| 137,182 |
|
Dollar Tree Stores Inc * |
|
| 7,930 |
|
| 244,958 |
|
Electronic Arts Inc * |
|
| 3,975 |
|
| 214,491 |
|
Fisher Scientific International Inc * |
|
| 1,850 |
|
| 101,824 |
|
Getty Images Inc * |
|
| 2,850 |
|
| 153,843 |
|
GTECH Holdings Corp |
|
| 7,180 |
|
| 424,625 |
|
Harman International Industries Inc |
|
| 2,442 |
|
| 194,383 |
|
International Game Technology |
|
| 5,000 |
|
| 224,800 |
|
Iron Mountain Inc * |
|
| 4,475 |
|
| 199,719 |
|
ITT Educational Services Inc * |
|
| 1,575 |
|
| 49,140 |
|
Krispy Kreme Doughnuts Inc * |
|
| 2,000 |
|
| 68,680 |
|
MGM MIRAGE * |
|
| 2,200 |
|
| 99,748 |
|
Mohawk Industries Inc * |
|
| 1,665 |
|
| 137,113 |
|
Outback Steakhouse Inc |
|
| 3,936 |
|
| 191,683 |
|
P.F. Chang’s China Bistro Inc * |
|
| 4,000 |
|
| 201,240 |
|
PETsMART Inc |
|
| 5,965 |
|
| 162,606 |
|
R.H. Donnelley Corp * |
|
| 3,350 |
|
| 156,445 |
|
Radio One Inc ‘D’ * |
|
| 12,825 |
|
| 237,262 |
|
Royal Caribbean Cruises Ltd (Liberia) |
|
| 13,745 |
|
| 606,155 |
|
Sonic Corp * |
|
| 3,050 |
|
| 104,554 |
|
Station Casinos Inc |
|
| 13,425 |
|
| 592,982 |
|
The Cheesecake Factory Inc * |
|
| 4,275 |
|
| 197,206 |
|
The Washington Post Co ‘B’ |
|
| 105 |
|
| 92,863 |
|
Univision Communications Inc ‘A’ * |
|
| 11,600 |
|
| 382,916 |
|
Westwood One Inc * |
|
| 4,925 |
|
| 145,041 |
|
Wynn Resorts Ltd * |
|
| 14,115 |
|
| 494,025 |
|
XM Satellite Radio Holdings Inc ‘A’ * |
|
| 3,450 |
|
| 96,600 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,069,179 |
|
|
|
|
|
|
| ||
Consumer Staples - 0.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whole Foods Market Inc |
|
| 1,300 |
|
| 97,435 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy - 1.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BJ Services Co * |
|
| 4,300 |
|
| 186,061 |
|
Smith International Inc * |
|
| 3,855 |
|
| 206,281 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 392,342 |
|
|
|
|
|
|
| ||
Financial Services - 9.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameritrade Holding Corp * |
|
| 10,175 |
|
| 156,695 |
|
Assurant Inc * |
|
| 3,925 |
|
| 98,714 |
|
Chicago Mercantile Exchange Inc |
|
| 1,100 |
|
| 106,414 |
|
Doral Financial Corp |
|
| 2,877 |
|
| 101,270 |
|
Global Payments Inc |
|
| 3,100 |
|
| 139,748 |
|
Interactive Data Corp * |
|
| 7,250 |
|
| 128,905 |
|
Legg Mason Inc |
|
| 2,095 |
|
| 194,374 |
|
Moody’s Corp |
|
| 1,410 |
|
| 99,828 |
|
Plum Creek Timber Co Inc |
|
| 5,850 |
|
| 190,008 |
|
SunGard Data Systems Inc * |
|
| 4,530 |
|
| 124,122 |
|
The Dun & Bradstreet Corp * |
|
| 1,775 |
|
| 94,963 |
|
UCBH Holdings Inc |
|
| 4,600 |
|
| 184,184 |
|
White Mountains Insurance Group Ltd |
|
| 400 |
|
| 209,800 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,829,025 |
|
|
|
|
|
|
| ||
Health Care - 19.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allergan Inc |
|
| 2,200 |
|
| 185,152 |
|
Apogent Technologies Inc * |
|
| 4,700 |
|
| 144,196 |
|
Biogen Idec Inc * |
|
| 3,575 |
|
| 198,770 |
|
C.R. Bard Inc |
|
| 2,000 |
|
| 195,280 |
|
Caremark Rx Inc * |
|
| 8,750 |
|
| 290,937 |
|
Celgene Corp * |
|
| 2,275 |
|
| 108,404 |
|
Charles River Laboratories International Inc * |
|
| 2,825 |
|
| 121,051 |
|
Community Health Systems Inc * |
|
| 3,375 |
|
| 93,926 |
|
Dade Behring Holdings Inc * |
|
| 7,000 |
|
| 311,360 |
|
DaVita Inc * |
|
| 2,025 |
|
| 96,694 |
|
Elan Corp PLC ADR * (Ireland) |
|
| 3,400 |
|
| 70,108 |
|
Genzyme Corp * |
|
| 1,990 |
|
| 93,610 |
|
Gilead Sciences Inc * |
|
| 1,750 |
|
| 97,597 |
|
IDEXX Laboratories Inc * |
|
| 1,975 |
|
| 112,318 |
|
Kinetic Concepts Inc * |
|
| 2,500 |
|
| 112,125 |
|
Lincare Holdings Inc * |
|
| 2,850 |
|
| 89,547 |
|
Omnicare Inc |
|
| 2,175 |
|
| 96,418 |
|
PacifiCare Health Systems Inc * |
|
| 2,675 |
|
| 105,796 |
|
Patterson Dental Co * |
|
| 2,900 |
|
| 198,969 |
|
Shire Pharmaceuticals Group PLC ADR * (United Kingdom) |
|
| 3,250 |
|
| 95,648 |
|
St. Jude Medical Inc * |
|
| 1,350 |
|
| 97,335 |
|
Stericycle Inc * |
|
| 6,500 |
|
| 311,090 |
|
Taro Pharmaceutical Industries Ltd * (Israel) |
|
| 2,200 |
|
| 127,578 |
|
Varian Medical Systems Inc * |
|
| 2,775 |
|
| 239,510 |
|
VCA Antech Inc * |
|
| 3,900 |
|
| 138,957 |
|
Zimmer Holdings Inc * |
|
| 2,525 |
|
| 186,295 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,918,671 |
|
|
|
|
|
|
| ||
Integrated Oils - 3.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suncor Energy Inc (Canada) |
|
| 3,725 |
|
| 101,879 |
|
Ultra Petroleum Corp * (Canada) |
|
| 18,975 |
|
| 569,440 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 671,319 |
|
|
|
|
|
|
| ||
Materials & Processing - 4.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Standard Companies Inc * |
|
| 835 |
|
| 94,981 |
|
Ecolab Inc |
|
| 3,575 |
|
| 101,995 |
|
Freeport-McMoRan Copper & Gold Inc ‘B’ |
|
| 5,975 |
|
| 233,563 |
|
Phelps Dodge Corp * |
|
| 1,100 |
|
| 89,826 |
|
Placer Dome Inc (Canada) |
|
| 8,175 |
|
| 146,905 |
|
Rinker Group Ltd ADR (Australia) |
|
| 3,750 |
|
| 199,237 |
|
Sealed Air Corp * |
|
| 1,740 |
|
| 86,530 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 953,037 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brascan Corp ‘A’ (Canada) |
|
| 5,150 |
|
| 207,339 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 4.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Castle International Corp * |
|
| 22,823 |
|
| 288,254 |
|
Graco Inc |
|
| 3,425 |
|
| 99,702 |
|
KLA-Tencor Corp * |
|
| 3,500 |
|
| 176,225 |
|
Lexmark International Inc * |
|
| 2,875 |
|
| 264,500 |
|
NVR Inc * |
|
| 208 |
|
| 95,680 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 924,361 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Technology - 12.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc |
|
| 7,265 |
|
| 286,459 |
|
Altera Corp * |
|
| 8,525 |
|
| 174,336 |
|
Avaya Inc * |
|
| 4,350 |
|
| 69,078 |
|
Cognizant Technology Solutions Corp * |
|
| 1,550 |
|
| 70,137 |
|
See Notes to Financial Statements | See explanation of symbols on B-29 |
B-28
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2004
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Corning Inc * |
|
| 15,450 |
| $ | 172,731 |
|
Integrated Circuit Systems Inc * |
|
| 2,660 |
|
| 66,580 |
|
Juniper Networks Inc * |
|
| 4,975 |
|
| 129,400 |
|
Marvell Technology Group Ltd * (Bermuda) |
|
| 3,525 |
|
| 158,801 |
|
Mercury Interactive Corp * |
|
| 3,875 |
|
| 173,600 |
|
National Semiconductor Corp * |
|
| 1,600 |
|
| 71,088 |
|
Network Appliance Inc * |
|
| 10,100 |
|
| 216,645 |
|
QLogic Corp * |
|
| 1,705 |
|
| 56,282 |
|
Rambus Inc * |
|
| 1,975 |
|
| 55,359 |
|
Red Hat Inc * |
|
| 11,800 |
|
| 269,748 |
|
Symantec Corp * |
|
| 6,190 |
|
| 286,597 |
|
Synopsys Inc * |
|
| 5,810 |
|
| 168,258 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,425,099 |
|
|
|
|
|
|
| ||
Utilities - 3.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDT Corp ‘B’ * |
|
| 4,850 |
|
| 97,727 |
|
Kinder Morgan Inc |
|
| 1,600 |
|
| 100,832 |
|
NII Holdings Inc ‘B’ * |
|
| 2,920 |
|
| 102,288 |
|
NTL Inc * |
|
| 5,973 |
|
| 355,095 |
|
Questar Corp |
|
| 2,625 |
|
| 95,655 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 751,597 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $17,595,003) |
|
|
|
|
| 19,590,434 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
| |
SHORT-TERM INVESTMENTS - 3.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 3.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac 0.990% due 04/01/04 |
| $ | 779,000 |
|
| 779,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Fund - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 136 |
|
| 136 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments (Cost $779,136) |
|
|
|
|
| 779,136 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 102.62% (Cost $18,374,139) |
|
|
|
|
| 20,369,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS AND LIABILITIES, NET - (2.62%) |
|
|
|
|
| (519,357 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 19,850,213 |
|
|
|
|
|
|
|
Explanation of Symbols for Schedules of Investments
~ | Securities purchased in a private placement transaction; resale to the public may require registration. |
|
|
# | Securities purchased on a when-issued or delayed delivery basis. |
|
|
* | Non-income producing securities. |
|
|
** | Securities were fully/partially segregated with the custodian to cover margin requirements for open futures contracts as of March 31, 2004. |
|
|
” | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. |
|
|
^ | Securities with their principal amount adjusted for inflation. |
|
|
+ | Variable rate securities. The rate listed is as of March 31, 2004. |
See Notes to Financial Statements
B-29
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2004
|
| PF Portfolio |
|
|
| PF Portfolio |
| PF Portfolio |
|
|
| PF AIM |
| PF AIM |
| ||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments, at cost |
| $ | 5,993,495 |
| $ | 13,089,166 |
| $ | 33,801,985 |
| $ | 32,037,545 |
| $ | 18,241,650 |
| $ | 22,619,062 |
| $ | 7,540,072 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Investments, at value |
| $ | 6,046,618 |
| $ | 13,199,101 |
| $ | 34,057,484 |
| $ | 32,210,462 |
| $ | 18,302,890 |
| $ | 24,992,263 |
| $ | 9,008,463 |
| |
Cash |
|
| 49,676 |
|
| 322,161 |
|
| 163,836 |
|
| 220,898 |
|
| 439,991 |
|
| 934 |
|
| 286 |
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Dividends and interest |
|
| 16 |
|
| 11 |
|
| 47 |
|
| 35 |
|
| 22 |
|
| 15,385 |
|
| 1,675 |
|
| Fund shares sold |
|
| 50,542 |
|
| 311,750 |
|
| 1,082,098 |
|
| 755,008 |
|
| 105,258 |
|
| 162,568 |
|
| 28,110 |
|
| Securities sold |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 56,329 |
|
| 62,981 |
|
Due from adviser |
|
| — |
|
| 15,703 |
|
| 64,615 |
|
| 71,295 |
|
| 23,380 |
|
| 145,361 |
|
| 61,919 |
| |
Prepaid expenses and other assets |
|
| 58,832 |
|
| 63,087 |
|
| 68,006 |
|
| 67,683 |
|
| 63,651 |
|
| 6,024 |
|
| 2,074 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Assets |
|
| 6,205,684 |
|
| 13,911,813 |
|
| 35,436,086 |
|
| 33,325,381 |
|
| 18,935,192 |
|
| 25,378,864 |
|
| 9,165,508 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund shares redeemed |
|
| 120 |
|
| 160 |
|
| 720 |
|
| 840 |
|
| 731 |
|
| — |
|
| 30 |
|
| Securities purchased |
|
| 49,676 |
|
| 322,161 |
|
| 163,836 |
|
| 220,898 |
|
| 439,991 |
|
| 277,613 |
|
| 36,899 |
|
| Accrued advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 19,093 |
|
| 7,449 |
|
| Accrued administration fees |
|
| 1,478 |
|
| 3,617 |
|
| 9,343 |
|
| 8,812 |
|
| 4,890 |
|
| 7,034 |
|
| 2,607 |
|
| Accrued trustee fees |
|
| 223 |
|
| 452 |
|
| 1,105 |
|
| 1,061 |
|
| 493 |
|
| 642 |
|
| 25 |
|
| Accrued deferred trustee compensation |
|
| 88 |
|
| 234 |
|
| 578 |
|
| 556 |
|
| 307 |
|
| 14,667 |
|
| 4,471 |
|
| Accrued distribution and service (12b-1) fees |
|
| 1,449 |
|
| 3,128 |
|
| 8,263 |
|
| 7,501 |
|
| 3,920 |
|
| 10,729 |
|
| 3,984 |
|
| Accrued other |
|
| 7,787 |
|
| 17,816 |
|
| 44,983 |
|
| 43,151 |
|
| 21,115 |
|
| 52,712 |
|
| 14,199 |
|
Variation margin on futures contracts |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,231 |
|
| — |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Liabilities |
|
| 60,821 |
|
| 347,568 |
|
| 228,828 |
|
| 282,819 |
|
| 471,447 |
|
| 383,721 |
|
| 69,664 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS |
| $ | 6,144,863 |
| $ | 13,564,245 |
| $ | 35,207,258 |
| $ | 33,042,562 |
| $ | 18,463,745 |
| $ | 24,995,143 |
| $ | 9,095,844 |
| |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
C-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2004
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF AIM |
| PF AIM |
| ||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
| $ | 6,086,853 |
| $ | 13,443,645 |
| $ | 34,932,777 |
| $ | 32,859,432 |
| $ | 18,400,130 |
| $ | 25,419,485 |
| $ | 7,906,376 |
| |
Accumulated undistributed net investment income (loss) |
|
| 5,506 |
|
| 10,550 |
|
| 20,004 |
|
| 11,823 |
|
| 2,375 |
|
| (15,074 | ) |
| (4,471 | ) | |
Accumulated undistributed net realized gain (loss) |
|
| (619 | ) |
| 115 |
|
| (1,022 | ) |
| (1,610 | ) |
| — |
|
| (2,795,793 | ) |
| (274,452 | ) | |
Net unrealized appreciation on investments, futures and assets and liabilities in foreign currencies |
|
| 53,123 |
|
| 109,935 |
|
| 255,499 |
|
| 172,917 |
|
| 61,240 |
|
| 2,386,525 |
|
| 1,468,391 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS |
| $ | 6,144,863 |
| $ | 13,564,245 |
| $ | 35,207,258 |
| $ | 33,042,562 |
| $ | 18,463,745 |
| $ | 24,995,143 |
| $ | 9,095,844 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 1,956,882 |
| $ | 5,196,600 |
| $ | 12,742,978 |
| $ | 13,361,955 |
| $ | 8,187,235 |
| $ | 23,408,430 |
| $ | 8,468,529 |
|
| Shares of beneficial interest outstanding |
|
| 192,835 |
|
| 512,407 |
|
| 1,256,147 |
|
| 1,321,143 |
|
| 812,288 |
|
| 2,296,536 |
|
| 734,471 |
|
| Net Asset Value* |
| $ | 10.15 |
| $ | 10.14 |
| $ | 10.14 |
| $ | 10.11 |
| $ | 10.08 |
| $ | 10.19 |
| $ | 11.53 |
|
| Sales Charge - 5.50% of offering price |
|
| 0.59 |
|
| 0.59 |
|
| 0.59 |
|
| 0.59 |
|
| 0.59 |
|
| 0.59 |
|
| 0.67 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Maximum offering price per share |
| $ | 10.74 |
| $ | 10.73 |
| $ | 10.73 |
| $ | 10.70 |
| $ | 10.67 |
| $ | 10.78 |
| $ | 12.20 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 448,739 |
| $ | 3,013,203 |
| $ | 5,593,934 |
| $ | 6,961,787 |
| $ | 2,408,858 |
| $ | 496,611 |
| $ | 267,151 |
|
| Shares of beneficial interest outstanding |
|
| 44,261 |
|
| 297,569 |
|
| 552,018 |
|
| 689,014 |
|
| 239,262 |
|
| 49,303 |
|
| 23,422 |
|
| Net Asset Value and offering price per share* |
| $ | 10.14 |
| $ | 10.13 |
| $ | 10.13 |
| $ | 10.10 |
| $ | 10.07 |
| $ | 10.07 |
| $ | 11.41 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 3,739,242 |
| $ | 5,354,442 |
| $ | 16,870,346 |
| $ | 12,718,820 |
| $ | 7,867,652 |
| $ | 1,090,102 |
| $ | 360,164 |
|
| Shares of beneficial interest outstanding |
|
| 369,190 |
|
| 528,693 |
|
| 1,666,836 |
|
| 1,260,451 |
|
| 781,574 |
|
| 108,321 |
|
| 31,538 |
|
| Net Asset Value* |
| $ | 10.13 |
| $ | 10.13 |
| $ | 10.12 |
| $ | 10.09 |
| $ | 10.07 |
| $ | 10.06 |
| $ | 11.42 |
|
| Sales Charge - 1.00% of offering price |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.12 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Maximum offering price per share |
| $ | 10.23 |
| $ | 10.23 |
| $ | 10.22 |
| $ | 10.19 |
| $ | 10.17 |
| $ | 10.16 |
| $ | 11.54 |
|
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
See Notes to Financial Statements
C-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2004
|
| PF Goldman |
| PF INVESCO |
| PF INVESCO |
| PF Janus |
| PF Lazard |
| PF MFS |
| PF PIMCO |
| ||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investments, at cost |
| $ | 12,947,090 |
| $ | 5,635,862 |
| $ | 4,637,360 |
| $ | 10,704,997 |
| $ | 18,036,449 |
| $ | 15,290,594 |
| $ | 25,512,102 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
Investments, at value |
| $ | 12,998,105 |
| $ | 7,021,938 |
| $ | 5,889,684 |
| $ | 12,921,156 |
| $ | 21,086,992 |
| $ | 16,184,723 |
| $ | 26,100,993 |
| |||
Cash (2) |
|
| 530,441 |
|
| 417,958 |
|
| 33,133 |
|
| — |
|
| 164,356 |
|
| — |
|
| — |
| |||
Foreign currency held, at value (3) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 57,185 |
|
| — |
| |||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Dividends and interest |
|
| 57,816 |
|
| 4,559 |
|
| 1,086 |
|
| 8,943 |
|
| 114,703 |
|
| 36,524 |
|
| 158,687 |
| ||
| Fund shares sold |
|
| 94,025 |
|
| 5,638 |
|
| 3,750 |
|
| 66,052 |
|
| 156,568 |
|
| 104,637 |
|
| 162,645 |
| ||
| Securities sold |
|
| — |
|
| 42,727 |
|
| 100,619 |
|
| 35,715 |
|
| — |
|
| 41,535 |
|
| — |
| ||
Due from adviser |
|
| — |
|
| 43,010 |
|
| 43,585 |
|
| 61,390 |
|
| 88,130 |
|
| 157,954 |
|
| 61,347 |
| |||
Forward foreign currency contracts appreciation |
|
| — |
|
| — |
|
| — |
|
| 259 |
|
| — |
|
| — |
|
| — |
| |||
Variation margin on futures contracts |
|
| 106 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |||
Prepaid expenses and other assets |
|
| 42,516 |
|
| 1,751 |
|
| 1,332 |
|
| 2,827 |
|
| 4,696 |
|
| 2,719 |
|
| 4,090 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Assets |
|
| 13,723,009 |
|
| 7,537,581 |
|
| 6,073,189 |
|
| 13,096,342 |
|
| 21,615,445 |
|
| 16,585,277 |
|
| 26,487,762 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Fund shares redeemed |
|
| — |
|
| 15,204 |
|
| — |
|
| 15,106 |
|
| 10 |
|
| — |
|
| 50,585 |
| ||
| Securities purchased |
|
| — |
|
| 96,111 |
|
| 41,562 |
|
| 341,662 |
|
| 435,928 |
|
| 667,320 |
|
| 5,323,025 |
| ||
| Accrued advisory fees |
|
| 6,442 |
|
| 6,933 |
|
| 5,563 |
|
| 7,743 |
|
| 14,375 |
|
| 13,192 |
|
| 10,071 |
| ||
| Accrued administration fees |
|
| 3,758 |
|
| 2,206 |
|
| 1,770 |
|
| 3,613 |
|
| 5,919 |
|
| 4,397 |
|
| 5,875 |
| ||
| Accrued trustee fees |
|
| 446 |
|
| 69 |
|
| — |
|
| 202 |
|
| — |
|
| — |
|
| 2 |
| ||
| Accrued deferred trustee compensation |
|
| 256 |
|
| 4,394 |
|
| 3,779 |
|
| 6,046 |
|
| 7,817 |
|
| 3,870 |
|
| 3,560 |
| ||
| Accrued distribution and service (12b-1) fees |
|
| 5,399 |
|
| 3,368 |
|
| 2,733 |
|
| 5,450 |
|
| 8,933 |
|
| 6,480 |
|
| 10,201 |
| ||
| Accrued other |
|
| 16,900 |
|
| 11,668 |
|
| 9,543 |
|
| 26,300 |
|
| 31,053 |
|
| 45,482 |
|
| 30,044 |
| ||
Forward foreign currency contracts depreciation |
|
| — |
|
| — |
|
| — |
|
| 3,747 |
|
| — |
|
| — |
|
| — |
| |||
Outstanding options written, at value (premiums received $2,319 and $34,776, respectively) |
|
| — |
|
| — |
|
| 1,330 |
|
| — |
|
| — |
|
| — |
|
| 29,098 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Liabilities |
|
| 33,201 |
|
| 139,953 |
|
| 66,280 |
|
| 409,869 |
|
| 504,035 |
|
| 740,741 |
|
| 5,462,461 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
NET ASSETS |
| $ | 13,689,808 |
| $ | 7,397,628 |
| $ | 6,006,909 |
| $ | 12,686,473 |
| $ | 21,111,410 |
| $ | 15,844,536 |
| $ | 21,025,301 |
| |||
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1) |
| Formerly named PF MFS Global Growth Fund. |
|
|
|
(2) |
| Includes margin deposits segregated for futures contracts in the PF Goldman Sachs Short Duration Bond Fund of $50,000. |
|
|
|
(3) |
| Foreign currency held at cost for the PF MFS International Large-Cap Fund was $55,410. |
See Notes to Financial Statements
C-3
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2004
|
| PF Goldman |
| PF INVESCO |
| PF INVESCO |
| PF Janus |
| PF Lazard |
| PF MFS |
| PF PIMCO |
| ||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
| $ | 13,585,219 |
| $ | 7,180,226 |
| $ | 6,188,015 |
| $ | 12,208,791 |
| $ | 17,961,389 |
| $ | 14,598,312 |
| $ | 19,866,783 |
| |
Accumulated undistributed net investment income (loss) |
|
| 22,118 |
|
| (6,325 | ) |
| (3,917 | ) |
| (16,707 | ) |
| (18,344 | ) |
| (3,870 | ) |
| (1,017 | ) | |
Accumulated undistributed net realized gain (loss) |
|
| 30,469 |
|
| (1,161,541 | ) |
| (1,430,502 | ) |
| (1,718,263 | ) |
| 114,918 |
|
| 353,686 |
|
| 564,966 |
| |
Net unrealized appreciation on investments, futures and assets and liabilities in foreign currencies |
|
| 52,002 |
|
| 1,385,268 |
|
| 1,253,313 |
|
| 2,212,652 |
|
| 3,053,447 |
|
| 896,408 |
|
| 594,569 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS |
| $ | 13,689,808 |
| $ | 7,397,628 |
| $ | 6,006,909 |
| $ | 12,686,473 |
| $ | 21,111,410 |
| $ | 15,844,536 |
| $ | 21,025,301 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 13,617,398 |
| $ | 6,877,254 |
| $ | 5,515,336 |
| $ | 11,993,545 |
| $ | 20,006,553 |
| $ | 15,357,647 |
| $ | 16,263,425 |
|
| Shares of beneficial interest outstanding |
|
| 1,349,577 |
|
| 656,351 |
|
| 555,699 |
|
| 1,160,421 |
|
| 1,682,429 |
|
| 1,323,185 |
|
| 1,487,762 |
|
| Net Asset Value* |
| $ | 10.09 |
| $ | 10.48 |
| $ | 9.93 |
| $ | 10.34 |
| $ | 11.89 |
| $ | 11.61 |
| $ | 10.93 |
|
| Sales Charge - 5.50% of offering price |
|
| 0.59 |
|
| 0.61 |
|
| 0.58 |
|
| 0.60 |
|
| 0.69 |
|
| 0.68 |
|
| 0.64 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Maximum offering price per share |
| $ | 10.68 |
| $ | 11.09 |
| $ | 10.51 |
| $ | 10.94 |
| $ | 12.58 |
| $ | 12.29 |
| $ | 11.57 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 10,088 |
| $ | 218,236 |
| $ | 121,208 |
| $ | 292,746 |
| $ | 323,716 |
| $ | 264,604 |
| $ | 697,297 |
|
| Shares of beneficial interest outstanding |
|
| 1,001 |
|
| 21,110 |
|
| 12,359 |
|
| 28,582 |
|
| 27,595 |
|
| 23,083 |
|
| 64,022 |
|
| Net Asset Value and offering price per share* |
| $ | 10.08 |
| $ | 10.34 |
| $ | 9.81 |
| $ | 10.24 |
| $ | 11.73 |
| $ | 11.46 |
| $ | 10.89 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 62,322 |
| $ | 302,138 |
| $ | 370,365 |
| $ | 400,182 |
| $ | 781,141 |
| $ | 222,285 |
| $ | 4,064,579 |
|
| Shares of beneficial interest outstanding |
|
| 6,184 |
|
| 29,199 |
|
| 37,811 |
|
| 39,194 |
|
| 66,585 |
|
| 19,368 |
|
| 373,276 |
|
| Net Asset Value* |
| $ | 10.08 |
| $ | 10.35 |
| $ | 9.80 |
| $ | 10.21 |
| $ | 11.73 |
| $ | 11.48 |
| $ | 10.89 |
|
| Sales Charge - 1.00% of offering price |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.10 |
|
| 0.12 |
|
| 0.12 |
|
| 0.11 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Maximum offering price per share |
| $ | 10.18 |
| $ | 10.45 |
| $ | 9.90 |
| $ | 10.31 |
| $ | 11.85 |
| $ | 11.60 |
| $ | 11.00 |
|
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | Formerly named PF MFS Global Growth Fund. |
See Notes to Financial Statements
C-4
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES(Continued)
MARCH 31, 2004
|
| PF PIMCO |
| PF Pacific Life |
| PF Putnam |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments, at cost |
| $ | 22,094,656 |
| $ | 16,703,427 |
| $ | 13,335,421 |
| $ | 23,827,612 |
| $ | 10,942,498 |
| $ | 18,374,139 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Investments, at value |
| $ | 22,631,436 |
| $ | 16,703,427 |
| $ | 15,334,095 |
| $ | 26,765,934 |
| $ | 12,660,004 |
| $ | 20,369,570 |
| |
Cash |
|
| — |
|
| — |
|
| — |
|
| 434,689 |
|
| — |
|
| — |
| |
Foreign currency held, at value (3) |
|
| 192,122 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Dividends and interest |
|
| 144,698 |
|
| 4,980 |
|
| 26,079 |
|
| 48,548 |
|
| 23,130 |
|
| 1,755 |
|
| Fund shares sold |
|
| 130,049 |
|
| 53,597 |
|
| 43,145 |
|
| 168,965 |
|
| 54,524 |
|
| 133,842 |
|
| Securities sold |
|
| 90,116 |
|
| — |
|
| 49,592 |
|
| — |
|
| — |
|
| 155,541 |
|
| Securities sold short |
|
| 5,677,701 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Other |
|
| 32,940 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Due from adviser |
|
| 156,391 |
|
| 125,888 |
|
| 92,594 |
|
| 102,248 |
|
| 74,655 |
|
| 88,855 |
| |
Forward foreign currency contracts appreciation |
|
| 21,283 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Variation margin on futures contracts |
|
| 112,308 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Prepaid expenses and other assets |
|
| 7,976 |
|
| 4,685 |
|
| 3,567 |
|
| 6,095 |
|
| 2,893 |
|
| 3,767 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Total Assets |
|
| 29,197,020 |
|
| 16,892,577 |
|
| 15,549,072 |
|
| 27,526,479 |
|
| 12,815,206 |
|
| 20,753,330 |
| |
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund shares redeemed |
|
| 5,387 |
|
| 498,014 |
|
| 3,500 |
|
| 281,555 |
|
| 159 |
|
| 70 |
|
| Securities purchased |
|
| — |
|
| — |
|
| 131,035 |
|
| 2,105 |
|
| 144,820 |
|
| 840,416 |
|
| Securities sold short, at value (proceeds $5,677,701) |
|
| 5,676,721 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Income and capital gains distributions |
|
| 4,295 |
|
| 30 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Accrued advisory fees |
|
| 11,133 |
|
| 5,856 |
|
| 12,058 |
|
| 18,996 |
|
| 9,809 |
|
| 14,065 |
|
| Accrued administration fees |
|
| 6,494 |
|
| 5,124 |
|
| 4,442 |
|
| 7,822 |
|
| 3,614 |
|
| 5,470 |
|
| Accrued trustee fees |
|
| 1,933 |
|
| 2,406 |
|
| — |
|
| 653 |
|
| 56 |
|
| 437 |
|
| Accrued deferred trustee compensation |
|
| 15,614 |
|
| 8,482 |
|
| 8,207 |
|
| 9,852 |
|
| 5,070 |
|
| 6,464 |
|
| Accrued distribution and service (12b-1) fees |
|
| 10,675 |
|
| 7,371 |
|
| 6,692 |
|
| 11,959 |
|
| 5,450 |
|
| 8,427 |
|
| Accrued other |
|
| 60,069 |
|
| 38,441 |
|
| 32,706 |
|
| 46,378 |
|
| 22,002 |
|
| 27,768 |
|
Forward foreign currency contracts depreciation |
|
| 3,385 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Outstanding options written, at value (premium received $173,374) |
|
| 124,616 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Interest rate swap depreciation |
|
| 187,964 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
|
|
|
|
|
|
|
| |||||||||||||
Total Liabilities |
|
| 6,108,286 |
|
| 565,724 |
|
| 198,640 |
|
| 379,320 |
|
| 190,980 |
|
| 903,117 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS |
| $ | 23,088,734 |
| $ | 16,326,853 |
| $ | 15,350,432 |
| $ | 27,147,159 |
| $ | 12,624,226 |
| $ | 19,850,213 |
| |
|
|
|
|
|
|
|
|
(1) | Formerly named PF Janus Strategic Value Fund. |
|
|
(2) | Formerly named PF MFS Mid-Cap Growth Fund. |
|
|
(3) | Foreign currency held at cost for the PF PIMCO Managed Bond Fund was $191,681. |
See Notes to Financial Statements
C-5
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2004
|
| PF PIMCO |
| PF Pacific Life |
| PF Putnam |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
| $ | 22,213,904 |
| $ | 16,319,083 |
| $ | 14,052,041 |
| $ | 25,732,753 |
| $ | 11,661,596 |
| $ | 21,170,198 |
| |
Accumulated undistributed net investment income (loss) |
|
| 275,901 |
|
| 7,827 |
|
| 8,460 |
|
| 28,494 |
|
| 11,504 |
|
| (6,464 | ) | |
Accumulated undistributed net realized loss |
|
| (45,890 | ) |
| (57 | ) |
| (708,743 | ) |
| (1,552,410 | ) |
| (766,380 | ) |
| (3,308,952 | ) | |
Net unrealized appreciation on investments, futures and assets and liabilities in foreign currencies |
|
| 644,819 |
|
| — |
|
| 1,998,674 |
|
| 2,938,322 |
|
| 1,717,506 |
|
| 1,995,431 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS |
| $ | 23,088,734 |
| $ | 16,326,853 |
| $ | 15,350,432 |
| $ | 27,147,159 |
| $ | 12,624,226 |
| $ | 19,850,213 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 19,801,687 |
| $ | 14,627,279 |
| $ | 14,511,218 |
| $ | 25,314,992 |
| $ | 11,944,795 |
| $ | 18,388,268 |
|
| Shares of beneficial interest outstanding |
|
| 1,894,467 |
|
| 14,628,191 |
|
| 1,356,592 |
|
| 2,314,111 |
|
| 1,050,285 |
|
| 2,295,133 |
|
| Net Asset Value* |
| $ | 10.45 |
| $ | 1.00 |
| $ | 10.70 |
| $ | 10.94 |
| $ | 11.37 |
| $ | 8.01 |
|
| Sales Charge - 5.50% of offering price |
|
| 0.61 |
|
| — |
|
| 0.62 |
|
| 0.64 |
|
| 0.66 |
|
| 0.47 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Maximum offering price per share |
| $ | 11.06 |
| $ | 1.00 |
| $ | 11.32 |
| $ | 11.58 |
| $ | 12.03 |
| $ | 8.48 |
|
|
|
|
|
|
|
|
| |||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 972,132 |
| $ | 743,755 |
| $ | 223,314 |
| $ | 555,643 |
| $ | 453,185 |
| $ | 504,433 |
|
| Shares of beneficial interest outstanding |
|
| 93,157 |
|
| 744,107 |
|
| 21,064 |
|
| 51,317 |
|
| 40,335 |
|
| 63,585 |
|
| Net Asset Value and offering price per share* |
| $ | 10.44 |
| $ | 1.00 |
| $ | 10.60 |
| $ | 10.83 |
| $ | 11.24 |
| $ | 7.93 |
|
|
|
|
|
|
|
|
| |||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Assets |
| $ | 2,314,915 |
| $ | 955,819 |
| $ | 615,900 |
| $ | 1,276,524 |
| $ | 226,246 |
| $ | 957,512 |
|
| Shares of beneficial interest outstanding |
|
| 221,685 |
|
| 956,361 |
|
| 58,074 |
|
| 118,129 |
|
| 20,136 |
|
| 120,845 |
|
| Net Asset Value* |
| $ | 10.44 |
| $ | 1.00 |
| $ | 10.61 |
| $ | 10.81 |
| $ | 11.24 |
| $ | 7.92 |
|
| Sales Charge - 1.00% of offering price |
|
| 0.11 |
|
| — |
|
| 0.11 |
|
| 0.11 |
|
| 0.11 |
|
| 0.08 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Maximum offering price per share |
| $ | 10.55 |
| $ | 1.00 |
| $ | 10.72 |
| $ | 10.92 |
| $ | 11.35 |
| $ | 8.00 |
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | Formerly named PF Janus Strategic Value Fund. |
|
|
(2) | Formerly named PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
C-6
PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2004
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF AIM |
| PF AIM |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividends, net of foreign taxes withheld (2) |
|
| $ | 5,561 |
|
|
| $ | 10,650 |
|
|
| $ | 20,255 |
|
|
| $ | 12,035 |
|
|
| $ | 2,483 |
|
| $ | 170,566 |
| $ | 20,431 |
| |
Interest |
|
|
| 56 |
|
|
|
| 118 |
|
|
|
| 334 |
|
|
|
| 310 |
|
|
|
| 163 |
|
|
| 8,594 |
|
| 4,017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investment Income |
|
|
| 5,617 |
|
|
|
| 10,768 |
|
|
|
| 20,589 |
|
|
|
| 12,345 |
|
|
|
| 2,646 |
|
|
| 179,160 |
|
| 24,448 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Advisory fees |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| 140,161 |
|
| 72,962 |
| |
Administration fees |
|
|
| 3,225 |
|
|
|
| 8,154 |
|
|
|
| 20,096 |
|
|
|
| 19,659 |
|
|
|
| 10,855 |
|
|
| 51,638 |
|
| 25,537 |
| |
Support services expenses |
|
|
| 760 |
|
|
|
| 1,680 |
|
|
|
| 4,121 |
|
|
|
| 3,961 |
|
|
|
| 1,961 |
|
|
| 5,647 |
|
| 6,362 |
| |
Custodian fees and expenses |
|
|
| 5,500 |
|
|
|
| 6,000 |
|
|
|
| 7,300 |
|
|
|
| 7,300 |
|
|
|
| 5,999 |
|
|
| 31,434 |
|
| 30,818 |
| |
Shareholder reports |
|
|
| 704 |
|
|
|
| 1,556 |
|
|
|
| 3,015 |
|
|
|
| 2,867 |
|
|
|
| 1,815 |
|
|
| 6,441 |
|
| 3,871 |
| |
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| 57,154 |
|
| 33,312 |
|
| Class B |
|
|
| 393 |
|
|
|
| 2,831 |
|
|
|
| 4,745 |
|
|
|
| 5,826 |
|
|
|
| 1,947 |
|
|
| 10,906 |
|
| 2,475 |
|
| Class C |
|
|
| 2,841 |
|
|
|
| 4,298 |
|
|
|
| 13,412 |
|
|
|
| 10,540 |
|
|
|
| 6,632 |
|
|
| 22,323 |
|
| 3,863 |
|
Transfer agency out-of-pocket expenses |
|
|
| 4,313 |
|
|
|
| 9,534 |
|
|
|
| 23,382 |
|
|
|
| 22,474 |
|
|
|
| 11,123 |
|
|
| 59,579 |
|
| 27,355 |
| |
Accounting out-of-pocket expenses |
|
|
| 65 |
|
|
|
| 71 |
|
|
|
| 112 |
|
|
|
| 121 |
|
|
|
| 99 |
|
|
| 6,545 |
|
| 2,691 |
| |
Registration fees |
|
|
| 1,527 |
|
|
|
| 2,188 |
|
|
|
| 5,114 |
|
|
|
| 14,485 |
|
|
|
| 3,174 |
|
|
| 38,841 |
|
| 29,511 |
| |
Legal and audit fees |
|
|
| 2,988 |
|
|
|
| 5,606 |
|
|
|
| 14,200 |
|
|
|
| 13,571 |
|
|
|
| 6,708 |
|
|
| 24,773 |
|
| 12,673 |
| |
Trustees’ fees and expenses |
|
|
| 851 |
|
|
|
| 1,879 |
|
|
|
| 4,609 |
|
|
|
| 4,430 |
|
|
|
| 2,193 |
|
|
| 9,151 |
|
| 4,352 |
| |
Offering expenses |
|
|
| 15,773 |
|
|
|
| 15,773 |
|
|
|
| 15,773 |
|
|
|
| 15,773 |
|
|
|
| 15,773 |
|
|
| — |
|
| — |
| |
Other |
|
|
| 1,131 |
|
|
|
| 2,499 |
|
|
|
| 6,130 |
|
|
|
| 5,891 |
|
|
|
| 2,916 |
|
|
| 12,600 |
|
| 6,116 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Expenses |
|
|
| 40,071 |
|
|
|
| 62,069 |
|
|
|
| 122,009 |
|
|
|
| 126,898 |
|
|
|
| 71,195 |
|
|
| 477,193 |
|
| 261,898 |
| |
Adviser Expense Reimbursement |
|
|
| (36,837 | ) |
|
|
| (54,940 | ) |
|
|
| (103,852 | ) |
|
|
| (110,532 | ) |
|
|
| (62,617 | ) |
|
| (180,256 | ) |
| (116,454 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Expenses |
|
|
| 3,234 |
|
|
|
| 7,129 |
|
|
|
| 18,157 |
|
|
|
| 16,366 |
|
|
|
| 8,578 |
|
|
| 296,937 |
|
| 145,444 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
|
| 2,383 |
|
|
|
| 3,639 |
|
|
|
| 2,432 |
|
|
|
| (4,021 | ) |
|
|
| (5,932 | ) |
|
| (117,777 | ) |
| (120,996 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment security transactions |
|
|
| (619 | ) |
|
|
| 115 |
|
|
|
| (1,022 | ) |
|
|
| (1,610 | ) |
|
|
| — |
|
|
| (558,155 | ) |
| 655,478 |
|
| Futures contracts and written option transactions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| 96,287 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Realized Gain (Loss) |
|
|
| (619 | ) |
|
|
| 115 |
|
|
|
| (1,022 | ) |
|
|
| (1,610 | ) |
|
|
| — |
|
|
| (461,868 | ) |
| 655,478 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Change in net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment securities |
|
|
| 53,123 |
|
|
|
| 109,935 |
|
|
|
| 255,499 |
|
|
|
| 172,917 |
|
|
|
| 61,240 |
|
|
| 3,242,016 |
|
| 1,477,627 |
|
| Futures contracts and written options |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| �� | — |
|
|
|
| — |
|
|
| 15,337 |
|
| — |
|
| Foreign currencies |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| (7 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Change in Net Unrealized Appreciation |
|
|
| 53,123 |
|
|
|
| 109,935 |
|
|
|
| 255,499 |
|
|
|
| 172,917 |
|
|
|
| 61,240 |
|
|
| 3,257,346 |
|
| 1,477,627 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NET GAIN |
|
|
| 52,504 |
|
|
|
| 110,050 |
|
|
|
| 254,477 |
|
|
|
| 171,307 |
|
|
|
| 61,240 |
|
|
| 2,795,478 |
|
| 2,133,105 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
| $ | 54,887 |
|
|
| $ | 113,689 |
|
|
| $ | 256,909 |
|
|
| $ | 167,286 |
|
|
| $ | 55,308 |
|
| $ | 2,677,701 |
| $ | 2,012,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2003. |
|
|
(2) | Net of $272 and $50 foreign withholding taxes for the PF AIM Blue Chip and PF AIM Aggressive Growth Funds, respectively. |
See Notes to Financial Statements
C-7
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2004
|
| PF Goldman |
| PF INVESCO |
| PF INVESCO |
| PF Janus |
| PF Lazard |
| PF MFS |
| PF PIMCO |
| ||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividends, net of foreign taxes withheld (3) |
| $ | 1,346 |
| $ | 59,623 |
| $ | 8,578 |
| $ | 52,937 |
| $ | 392,107 |
| $ | 128,741 |
| $ | 5,042 |
| |
Interest |
|
| 45,214 |
|
| 119 |
|
| 60 |
|
| 8,089 |
|
| 208 |
|
| 5,804 |
|
| 370,000 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investment Income |
|
| 46,560 |
|
| 59,742 |
|
| 8,638 |
|
| 61,026 |
|
| 392,315 |
|
| 134,545 |
|
| 375,042 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Advisory fees |
|
| 15,645 |
|
| 74,054 |
|
| 59,862 |
|
| 73,879 |
|
| 131,889 |
|
| 88,193 |
|
| 83,980 |
| |
Administration fees |
|
| 9,126 |
|
| 23,562 |
|
| 19,047 |
|
| 34,477 |
|
| 54,307 |
|
| 28,578 |
|
| 48,989 |
| |
Support services expenses |
|
| 1,720 |
|
| 6,712 |
|
| 6,422 |
|
| 9,881 |
|
| 10,732 |
|
| 6,966 |
|
| 10,074 |
| |
Custodian fees and expenses |
|
| 1,000 |
|
| 18,422 |
|
| 23,695 |
|
| 31,004 |
|
| 26,995 |
|
| 204,644 |
|
| 6,177 |
| |
Shareholder reports |
|
| 1,593 |
|
| 2,644 |
|
| 1,741 |
|
| 5,497 |
|
| 7,228 |
|
| 3,224 |
|
| 6,707 |
| |
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 12,963 |
|
| 31,878 |
|
| 25,650 |
|
| 42,994 |
|
| 57,396 |
|
| 37,805 |
|
| 48,625 |
|
| Class B |
|
| 25 |
|
| 1,599 |
|
| 899 |
|
| 4,301 |
|
| 12,669 |
|
| 2,439 |
|
| 9,528 |
|
| Class C |
|
| 124 |
|
| 1,966 |
|
| 2,221 |
|
| 8,218 |
|
| 27,702 |
|
| 3,603 |
|
| 33,190 |
|
Transfer agency out-of-pocket expenses |
|
| 9,761 |
|
| 24,357 |
|
| 16,477 |
|
| 44,386 |
|
| 50,823 |
|
| 29,454 |
|
| 44,583 |
| |
Accounting out-of-pocket expenses |
|
| 410 |
|
| 1,993 |
|
| 3,990 |
|
| 3,744 |
|
| 4,934 |
|
| 28,421 |
|
| 3,263 |
| |
Registration fees |
|
| 1,419 |
|
| 29,327 |
|
| 29,222 |
|
| 29,889 |
|
| 32,560 |
|
| 32,078 |
|
| 29,283 |
| |
Legal and audit fees |
|
| 5,764 |
|
| 11,761 |
|
| 8,928 |
|
| 18,610 |
|
| 25,749 |
|
| 13,478 |
|
| 19,886 |
| |
Trustees’ fees and expenses |
|
| 1,924 |
|
| 3,947 |
|
| 2,924 |
|
| 6,331 |
|
| 8,576 |
|
| 4,274 |
|
| 7,674 |
| |
Offering expenses |
|
| 6,992 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 41,251 |
| |
Other |
|
| 2,560 |
|
| 5,650 |
|
| 4,323 |
|
| 8,933 |
|
| 11,670 |
|
| 6,498 |
|
| 9,851 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Expenses |
|
| 71,026 |
|
| 237,872 |
|
| 205,401 |
|
| 322,144 |
|
| 463,230 |
|
| 489,655 |
|
| 403,061 |
| |
Adviser Expense Reimbursement |
|
| (30,535 | ) |
| (98,080 | ) |
| (92,280 | ) |
| (148,424 | ) |
| (163,749 | ) |
| (320,872 | ) |
| (164,752 | ) | |
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Expenses |
|
| 40,491 |
|
| 139,792 |
|
| 113,121 |
|
| 173,720 |
|
| 299,481 |
|
| 168,783 |
|
| 238,309 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 6,069 |
|
| (80,050 | ) |
| (104,483 | ) |
| (112,694 | ) |
| 92,834 |
|
| (34,238 | ) |
| 136,733 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment security transactions |
|
| 30,528 |
|
| 763,952 |
|
| 387,263 |
|
| 425,668 |
|
| 518,536 |
|
| 1,196,389 |
|
| 857,837 |
|
| Closed short positions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (4,194 | ) |
| Futures contracts and written option transactions |
|
| (59 | ) |
| — |
|
| (9,401 | ) |
| — |
|
| — |
|
| — |
|
| 10,423 |
|
| Foreign currency transactions |
|
| — |
|
| (1,932 | ) |
| (137 | ) |
| (21,288 | ) |
| (104,171 | ) |
| 3,210 |
|
| — |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Realized Gain |
|
| 30,469 |
|
| 762,020 |
|
| 377,725 |
|
| 404,380 |
|
| 414,365 |
|
| 1,199,599 |
|
| 864,066 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
Change in net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment securities |
|
| 51,015 |
|
| 953,180 |
|
| 1,502,756 |
|
| 2,480,079 |
|
| 3,985,530 |
|
| 1,174,263 |
|
| 511,981 |
|
| Short positions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1,260 | ) |
| Futures contracts and written options |
|
| 987 |
|
| — |
|
| (963 | ) |
| — |
|
| — |
|
| — |
|
| 5,678 |
|
| Foreign currencies |
|
| — |
|
| (863 | ) |
| — |
|
| 1,017 |
|
| 1,067 |
|
| 2,167 |
|
| — |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Change in Net Unrealized Appreciation |
|
| 52,002 |
|
| 952,317 |
|
| 1,501,793 |
|
| 2,481,096 |
|
| 3,986,597 |
|
| 1,176,430 |
|
| 516,399 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
NET GAIN |
|
| 82,471 |
|
| 1,714,337 |
|
| 1,879,518 |
|
| 2,885,476 |
|
| 4,400,962 |
|
| 2,376,029 |
|
| 1,380,465 |
| |
|
|
|
|
|
|
|
|
| |||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 88,540 |
| $ | 1,634,287 |
| $ | 1,775,035 |
| $ | 2,772,782 |
| $ | 4,493,796 |
| $ | 2,341,791 |
| $ | 1,517,198 |
|
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2003. |
|
|
(2) | Formerly named PF MFS Global Growth Fund. |
|
|
(3) | Net of $0, $1,846, $413, $1,742, $50,783, $13,514, and $0 foreign withholding taxes, respectively. |
See Notes to Financial Statements
C-8
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2004
|
| PF PIMCO |
| PF Pacific Life |
| PF Putnam |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividends, net of foreign taxes withheld (3) |
| $ | 6,241 |
| $ | 554 |
| $ | 303,184 |
| $ | 427,392 |
| $ | 171,717 |
| $ | 48,366 |
| |
Interest |
|
| 742,364 |
|
| 179,831 |
|
| 13,261 |
|
| 3,118 |
|
| 6,707 |
|
| 4,894 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Total Investment Income |
|
| 748,605 |
|
| 180,385 |
|
| 316,445 |
|
| 430,510 |
|
| 178,424 |
|
| 53,260 |
| |
|
|
|
|
|
|
|
| |||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Advisory fees |
|
| 140,276 |
|
| 66,098 |
|
| 119,539 |
|
| 175,217 |
|
| 79,324 |
|
| 111,135 |
| |
Administration fees |
|
| 81,828 |
|
| 57,836 |
|
| 44,040 |
|
| 72,148 |
|
| 29,225 |
|
| 43,219 |
| |
Support services expenses |
|
| 25,497 |
|
| 14,742 |
|
| 8,275 |
|
| 14,727 |
|
| 14,156 |
|
| 16,988 |
| |
Custodian fees and expenses |
|
| 35,282 |
|
| 14,934 |
|
| 46,519 |
|
| 16,800 |
|
| 23,874 |
|
| 57,304 |
| |
Shareholder reports |
|
| 11,954 |
|
| 8,166 |
|
| 6,648 |
|
| 9,929 |
|
| 4,654 |
|
| 5,160 |
| |
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 82,359 |
|
| 69,509 |
|
| 56,667 |
|
| 80,789 |
|
| 37,527 |
|
| 47,234 |
|
| Class B |
|
| 21,523 |
|
| 10,519 |
|
| 3,784 |
|
| 14,286 |
|
| 4,600 |
|
| 9,497 |
|
| Class C |
|
| 47,553 |
|
| 15,707 |
|
| 8,713 |
|
| 30,274 |
|
| 3,845 |
|
| 19,520 |
|
Transfer agency out-of-pocket expenses |
|
| 112,343 |
|
| 80,542 |
|
| 49,510 |
|
| 74,689 |
|
| 39,632 |
|
| 33,228 |
| |
Accounting out-of-pocket expenses |
|
| 21,640 |
|
| — |
|
| 7,205 |
|
| 3,625 |
|
| 3,107 |
|
| 4,934 |
| |
Registration fees |
|
| 33,604 |
|
| 31,633 |
|
| 29,528 |
|
| 32,495 |
|
| 32,300 |
|
| 33,841 |
| |
Legal and audit fees |
|
| 48,514 |
|
| 33,076 |
|
| 21,180 |
|
| 32,995 |
|
| 18,484 |
|
| 21,321 |
| |
Trustees’ fees and expenses |
|
| 17,588 |
|
| 10,661 |
|
| 6,922 |
|
| 12,566 |
|
| 5,119 |
|
| 7,053 |
| |
Other |
|
| 23,108 |
|
| 17,865 |
|
| 10,889 |
|
| 15,423 |
|
| 7,721 |
|
| 10,267 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Total Expenses |
|
| 703,069 |
|
| 431,288 |
|
| 419,419 |
|
| 585,963 |
|
| 303,568 |
|
| 420,701 |
| |
Adviser Expense Reimbursement/Distributor waiver |
|
| (306,150 | ) |
| (271,427 | ) |
| (174,093 | ) |
| (192,635 | ) |
| (140,698 | ) |
| (177,748 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
Net Expenses |
|
| 396,919 |
|
| 159,861 |
|
| 245,326 |
|
| 393,328 |
|
| 162,870 |
|
| 242,953 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 351,686 |
|
| 20,524 |
|
| 71,119 |
|
| 37,182 |
|
| 15,554 |
|
| (189,693 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment security transactions |
|
| 270,395 |
|
| (7 | ) |
| 93,425 |
|
| (191,570 | ) |
| (34,017 | ) |
| 1,603,495 |
|
| Closed short positions |
|
| (254,176 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Futures contracts and written option transactions |
|
| 445,052 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Foreign currency transactions |
|
| 57,498 |
|
| — |
|
| — |
|
| — |
|
| 5 |
|
| — |
|
|
|
|
|
|
|
|
| |||||||||||||
Net Realized Gain (Loss) |
|
| 518,769 |
|
| (7 | ) |
| 93,425 |
|
| (191,570 | ) |
| (34,012 | ) |
| 1,603,495 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Investment securities |
|
| 175,864 |
|
| — |
|
| 3,456,331 |
|
| 6,352,314 |
|
| 2,444,854 |
|
| 1,983,332 |
|
| Short positions |
|
| 980 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Futures contracts and written options |
|
| 214,969 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Foreign currencies |
|
| 5,192 |
|
| — |
|
| — |
|
| — |
|
| (27 | ) |
| — |
|
|
|
|
|
|
|
|
| |||||||||||||
Change in Net Unrealized Appreciation |
|
| 397,005 |
|
| — |
|
| 3,456,331 |
|
| 6,352,314 |
|
| 2,444,827 |
|
| 1,983,332 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET GAIN (LOSS) |
|
| 915,774 |
|
| (7 | ) |
| 3,549,756 |
|
| 6,160,744 |
|
| 2,410,815 |
|
| 3,586,827 |
| |
|
|
|
|
|
|
|
| |||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 1,267,460 |
| $ | 20,517 |
| $ | 3,620,875 |
| $ | 6,197,926 |
| $ | 2,426,369 |
| $ | 3,397,134 |
|
|
|
|
|
|
|
|
|
(1) | Formerly named PF Janus Stategic Value Fund. |
|
|
(2) | Formerly named PF MFS Mid-Cap Growth Fund. |
|
|
(3) | Net of $0, $0, $1,856, $4,785, $1,387 and $759, foreign withholding taxes, respectively. |
See Notes to Financial Statements
C-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| ||||||
|
|
|
|
|
|
| |||||||||||
|
| Period Ended |
| Period Ended |
| Period Ended |
| Period Ended |
| Period Ended |
| ||||||
|
|
|
|
|
|
| |||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) |
| $ | 2,383 |
| $ | 3,639 |
| $ | 2,432 |
| $ | (4,021 | ) | $ | (5,932 | ) | |
Net realized gain (loss) |
|
| (619 | ) |
| 115 |
|
| (1,022 | ) |
| (1,610 | ) |
| — |
| |
Change in net unrealized appreciation |
|
| 53,123 |
|
| 109,935 |
|
| 255,499 |
|
| 172,917 |
|
| 61,240 |
| |
|
|
|
|
|
|
| |||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 54,887 |
|
| 113,689 |
|
| 256,909 |
|
| 167,286 |
|
| 55,308 |
| |
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
| |||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
|
|
|
|
|
|
| |||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 2,233,140 |
|
| 5,649,869 |
|
| 13,094,785 |
|
| 13,417,132 |
|
| 8,272,753 |
|
| Class B |
|
| 467,679 |
|
| 3,164,117 |
|
| 5,567,570 |
|
| 7,233,852 |
|
| 2,426,197 |
|
| Class C |
|
| 3,930,307 |
|
| 5,589,111 |
|
| 17,165,760 |
|
| 13,213,704 |
|
| 7,934,802 |
|
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (292,937 | ) |
| (498,468 | ) |
| (443,269 | ) |
| (144,669 | ) |
| (126,402 | ) |
| Class B |
|
| (23,278 | ) |
| (178,631 | ) |
| (19,382 | ) |
| (301,359 | ) |
| (17,952 | ) |
| Class C |
|
| (224,935 | ) |
| (275,442 | ) |
| (415,115 | ) |
| (543,384 | ) |
| (80,961 | ) |
|
|
|
|
|
|
| |||||||||||
Net Increase in Net Assets Derived from Capital Share Transactions |
|
| 6,089,976 |
|
| 13,450,556 |
|
| 34,950,349 |
|
| 32,875,276 |
|
| 18,408,437 |
| |
|
|
|
|
|
|
| |||||||||||
NET INCREASE IN NET ASSETS |
|
| 6,144,863 |
|
| 13,564,245 |
|
| 35,207,258 |
|
| 33,042,562 |
|
| 18,463,745 |
| |
|
|
|
|
|
|
| |||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
|
|
|
|
|
|
| |||||||||||
End of Period |
| $ | 6,144,863 |
| $ | 13,564,245 |
| $ | 35,207,258 |
| $ | 33,042,562 |
| $ | 18,463,745 |
| |
|
|
|
|
|
|
| |||||||||||
Undistributed net investment income at end of period |
| $ | 5,506 |
| $ | 10,550 |
| $ | 20,004 |
| $ | 11,823 |
| $ | 2,375 |
| |
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2003. |
See Notes to Financial Statements
C-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
| PF AIM Blue Chip Fund |
| PF AIM Aggressive Growth Fund |
| PF Goldman Sachs Short |
| ||||||||||||
|
|
|
|
| |||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
| ||||||||
|
|
|
|
|
|
| |||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) |
| $ | (117,777 | ) | $ | (67,971 | ) | $ | (120,996 | ) | $ | (98,866 | ) |
| $ | 6,069 |
|
| |
Net realized gain (loss) |
|
| (461,868 | ) |
| (976,563 | ) |
| 655,478 |
|
| (777,769 | ) |
|
| 30,469 |
|
| |
Change in net unrealized appreciation (depreciation) |
|
| 3,257,346 |
|
| (1,973,986 | ) |
| 1,477,627 |
|
| (1,115,746 | ) |
|
| 52,002 |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 2,677,701 |
|
| (3,018,520 | ) |
| 2,012,109 |
|
| (1,992,381 | ) |
|
| 88,540 |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 16,067,388 |
|
| 1,900,875 |
|
| 3,105,811 |
|
| 193,336 |
|
|
| 13,672,919 |
|
|
| Class B |
|
| 1,156,383 |
|
| 800,289 |
|
| 336,503 |
|
| 60,918 |
|
|
| 10,010 |
|
|
| Class C |
|
| 2,831,826 |
|
| 1,473,852 |
|
| 590,678 |
|
| 114,733 |
|
|
| 62,360 |
|
|
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (9,951,821 | ) |
| (1,996,697 | ) |
| (1,507,321 | ) |
| (847,697 | ) |
|
| (143,651 | ) |
|
| Class B |
|
| (1,730,319 | ) |
| (40,980 | ) |
| (198,653 | ) |
| (2,348 | ) |
|
| — |
|
|
| Class C |
|
| (3,883,409 | ) |
| (37,479 | ) |
| (452,324 | ) |
| (8,084 | ) |
|
| (370 | ) |
|
Proceeds from fund acquisition (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 7,488,383 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class B |
|
| 50,735 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| Class C |
|
| 142,407 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions |
|
| 12,171,573 |
|
| 2,099,860 |
|
| 1,874,694 |
|
| (489,142 | ) |
|
| 13,601,268 |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 14,849,274 |
|
| (918,660 | ) |
| 3,886,803 |
|
| (2,481,523 | ) |
|
| 13,689,808 |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Year/Period |
|
| 10,145,869 |
|
| 11,064,529 |
|
| 5,209,041 |
|
| 7,690,564 |
|
|
| — |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
End of Year/Period |
| $ | 24,995,143 |
| $ | 10,145,869 |
| $ | 9,095,844 |
| $ | 5,209,041 |
|
| $ | 13,689,808 |
|
| |
|
|
|
|
|
|
|
|
| |||||||||||
Undistributed net investment income (loss) at end of year/period |
| $ | (15,074 | ) | $ | (5,256 | ) | $ | (4,471 | ) | $ | (3,526 | ) |
| $ | 22,118 |
|
| |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2003. |
|
|
(2) | See Note 3 in Notes to Financial Statements. |
See Notes to Financial Statements
C-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
| PF INVESCO Health Sciences Fund |
| PF INVESCO Technology Fund |
| PF Janus Growth LT Fund |
| |||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment loss |
| $ | (80,050 | ) | $ | (89,289 | ) | $ | (104,483 | ) | $ | (85,600 | ) | $ | (112,694 | ) | $ | (76,447 | ) | |
Net realized gain (loss) |
|
| 762,020 |
|
| (1,537,522 | ) |
| 377,725 |
|
| (1,648,225 | ) |
| 404,380 |
|
| (1,925,843 | ) | |
Change in net unrealized appreciation (depreciation) |
|
| 952,317 |
|
| 223,983 |
|
| 1,501,793 |
|
| (1,645,163 | ) |
| 2,481,096 |
|
| (606,804 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 1,634,287 |
|
| (1,402,828 | ) |
| 1,775,035 |
|
| (3,378,988 | ) |
| 2,772,782 |
|
| (2,609,094 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
| |||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 226,151 |
|
| 805,954 |
|
| 135,549 |
|
| 30,769 |
|
| 5,380,341 |
|
| 835,684 |
|
| Class B |
|
| 87,041 |
|
| 91,991 |
|
| 90,911 |
|
| 24,496 |
|
| 371,333 |
|
| 275,409 |
|
| Class C |
|
| 206,672 |
|
| 96,992 |
|
| 289,701 |
|
| 78,233 |
|
| 894,919 |
|
| 615,901 |
|
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (547,498 | ) |
| (1,634,258 | ) |
| (209,126 | ) |
| (601,001 | ) |
| (2,589,629 | ) |
| (1,286,073 | ) |
| Class B |
|
| (13,774 | ) |
| (11,115 | ) |
| (26,845 | ) |
| (15,949 | ) |
| (513,895 | ) |
| (7,630 | ) |
| Class C |
|
| (63,798 | ) |
| (5,082 | ) |
| (46,241 | ) |
| (744 | ) |
| (1,386,348 | ) |
| (27,389 | ) |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions |
|
| (105,206 | ) |
| (655,518 | ) |
| 233,949 |
|
| (484,196 | ) |
| 2,156,721 |
|
| 405,902 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 1,529,081 |
|
| (2,058,346 | ) |
| 2,008,984 |
|
| (3,863,184 | ) |
| 4,929,503 |
|
| (2,203,192 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Year |
|
| 5,868,547 |
|
| 7,926,893 |
|
| 3,997,925 |
|
| 7,861,109 |
|
| 7,756,970 |
|
| 9,960,162 |
| |
|
|
|
|
|
|
|
| |||||||||||||
End of Year |
| $ | 7,397,628 |
| $ | 5,868,547 |
| $ | 6,006,909 |
| $ | 3,997,925 |
| $ | 12,686,473 |
| $ | 7,756,970 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment loss at end of year |
| $ | (6,325 | ) | $ | (3,312 | ) | $ | (3,917 | ) | $ | (3,035 | ) | $ | (16,707 | ) | $ | (16,023 | ) | |
|
|
|
|
|
|
|
|
See Notes to Financial Statements
C-12
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
| PF Lazard International Value Fund |
| PF MFS International Large-Cap Fund (1) |
| PF PIMCO Inflation Managed Fund |
| |||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) |
| $ | 92,834 |
| $ | 57,826 |
| $ | (34,238 | ) | $ | (22,555 | ) | $ | 136,733 |
| $ | 31,487 |
| |
Net realized gain (loss) |
|
| 414,365 |
|
| (408,788 | ) |
| 1,199,599 |
|
| (795,770 | ) |
| 864,066 |
|
| 70,345 |
| |
Change in net unrealized appreciation (depreciation) |
|
| 3,986,597 |
|
| (1,535,408 | ) |
| 1,176,430 |
|
| (736,191 | ) |
| 516,399 |
|
| 78,170 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 4,493,796 |
|
| (1,886,370 | ) |
| 2,341,791 |
|
| (1,554,516 | ) |
| 1,517,198 |
|
| 180,002 |
| |
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (23,198 | ) |
| (28,445 | ) |
| — |
|
| — |
|
| (154,803 | ) |
| (29,246 | ) |
| Class B |
|
| (2,972 | ) |
| (1,913 | ) |
| — |
|
| — |
|
| (15,333 | ) |
| (562 | ) |
| Class C |
|
| (6,770 | ) |
| (4,078 | ) |
| — |
|
| — |
|
| (43,314 | ) |
| (1,373 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| (45,705 | ) |
| — |
|
| (124,390 | ) |
| (200,394 | ) |
| — |
|
| Class B |
|
| — |
|
| (389 | ) |
| — |
|
| (418 | ) |
| (27,945 | ) |
| — |
|
| Class C |
|
| — |
|
| (2,132 | ) |
| — |
|
| (212 | ) |
| (92,770 | ) |
| — |
|
|
|
|
|
|
|
|
| |||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| (32,940 | ) |
| (82,662 | ) |
| — |
|
| (125,020 | ) |
| (534,559 | ) |
| (31,181 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 38,792,992 |
|
| 6,682,746 |
|
| 16,083,888 |
|
| 4,191,604 |
|
| 11,697,438 |
|
| 6,347,968 |
|
| Class B |
|
| 1,526,229 |
|
| 845,346 |
|
| 384,450 |
|
| 43,068 |
|
| 2,456,030 |
|
| 159,771 |
|
| Class C |
|
| 3,460,266 |
|
| 1,759,737 |
|
| 598,210 |
|
| 74,289 |
|
| 7,431,039 |
|
| 504,905 |
|
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 22,913 |
|
| 72,436 |
|
| — |
|
| 113,748 |
|
| 354,500 |
|
| 29,246 |
|
| Class B |
|
| 2,905 |
|
| 2,207 |
|
| — |
|
| 418 |
|
| 42,578 |
|
| 473 |
|
| Class C |
|
| 6,759 |
|
| 6,305 |
|
| — |
|
| 212 |
|
| 122,662 |
|
| 1,304 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (28,999,092 | ) |
| (5,618,470 | ) |
| (7,367,278 | ) |
| (4,942,110 | ) |
| (2,863,640 | ) |
| (232,743 | ) |
| Class B |
|
| (2,442,743 | ) |
| (42,393 | ) |
| (257,516 | ) |
| (222 | ) |
| (2,010,159 | ) |
| — |
|
| Class C |
|
| (5,365,157 | ) |
| (79,744 | ) |
| (580,936 | ) |
| (1,231 | ) |
| (4,119,142 | ) |
| (28,389 | ) |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions |
|
| 7,005,072 |
|
| 3,628,170 |
|
| 8,860,818 |
|
| (520,224 | ) |
| 13,111,306 |
|
| 6,782,535 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 11,465,928 |
|
| 1,659,138 |
|
| 11,202,609 |
|
| (2,199,760 | ) |
| 14,093,945 |
|
| 6,931,356 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Year/Period |
|
| 9,645,482 |
|
| 7,986,344 |
|
| 4,641,927 |
|
| 6,841,687 |
|
| 6,931,356 |
|
| — |
| |
|
|
|
|
|
|
|
| |||||||||||||
End of Year/Period |
| $ | 21,111,410 |
| $ | 9,645,482 |
| $ | 15,844,536 |
| $ | 4,641,927 |
| $ | 21,025,301 |
| $ | 6,931,356 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income (loss) at end of year/period |
| $ | (18,344 | ) | $ | 25,933 |
| $ | (3,870 | ) | $ | (3,824 | ) | $ | (1,017 | ) | $ | 7,915 |
| |
|
|
|
|
|
|
|
|
(1) Formerly named PF MFS Global Growth Fund.
(2) Operations commenced on December 31, 2002.
See Notes to Financial Statements
C-13
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
| PF PIMCO Managed Bond Fund |
| PF Pacific Life Money Market Fund |
| PF Putnam Equity Income Fund |
| |||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
| $ | 351,686 |
| $ | 559,594 |
| $ | 20,524 |
| $ | 117,708 |
| $ | 71,119 |
| $ | 55,860 |
| |
Net realized gain (loss) |
|
| 518,769 |
|
| 2,246,858 |
|
| (7 | ) |
| (50 | ) |
| 93,425 |
|
| (782,021 | ) | |
Change in net unrealized appreciation (depreciation) |
|
| 397,005 |
|
| 644,076 |
|
| — |
|
| — |
|
| 3,456,331 |
|
| (1,942,233 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 1,267,460 |
|
| 3,450,528 |
|
| 20,517 |
|
| 117,658 |
|
| 3,620,875 |
|
| (2,668,394 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (534,088 | ) |
| (822,096 | ) |
| (22,723 | ) |
| (117,028 | ) |
| (64,859 | ) |
| (90,783 | ) |
| Class B |
|
| (65,410 | ) |
| (32,967 | ) |
| (722 | ) |
| (245 | ) |
| (1,696 | ) |
| (959 | ) |
| Class C |
|
| (145,679 | ) |
| (96,396 | ) |
| (1,079 | ) |
| (435 | ) |
| (4,870 | ) |
| (2,562 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| — |
|
| (1,013,640 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| Class B |
|
| — |
|
| (61,509 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| Class C |
|
| — |
|
| (197,240 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
| |||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| (745,177 | ) |
| (2,223,848 | ) |
| (24,524 | ) |
| (117,708 | ) |
| (71,425 | ) |
| (94,304 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 36,395,333 |
|
| 12,479,148 |
|
| 38,550,926 |
|
| 7,721,450 |
|
| 3,995,985 |
|
| 727,291 |
|
| Class B |
|
| 1,897,466 |
|
| 1,858,665 |
|
| 1,522,624 |
|
| 821,580 |
|
| 369,933 |
|
| 279,145 |
|
| Class C |
|
| 5,604,847 |
|
| 4,246,502 |
|
| 3,533,422 |
|
| 1,497,246 |
|
| 1,022,608 |
|
| 573,829 |
|
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| 439,156 |
|
| 1,530,194 |
|
| 21,253 |
|
| 109,308 |
|
| 64,756 |
|
| 90,410 |
|
| Class B |
|
| 64,598 |
|
| 92,878 |
|
| 662 |
|
| 247 |
|
| 1,694 |
|
| 959 |
|
| Class C |
|
| 131,590 |
|
| 255,022 |
|
| 1,045 |
|
| 435 |
|
| 4,870 |
|
| 2,562 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Class A |
|
| (35,689,854 | ) |
| (30,122,684 | ) |
| (37,033,673 | ) |
| (21,795,052 | ) |
| (1,526,542 | ) |
| (197,143 | ) |
| Class B |
|
| (3,010,031 | ) |
| (121,135 | ) |
| (1,560,988 | ) |
| (127,876 | ) |
| (530,783 | ) |
| (9,527 | ) |
| Class C |
|
| (8,061,275 | ) |
| (249,008 | ) |
| (3,651,257 | ) |
| (499,191 | ) |
| (1,214,318 | ) |
| (23,159 | ) |
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions |
|
| (2,228,170 | ) |
| (10,030,418 | ) |
| 1,384,014 |
|
| (12,271,853 | ) |
| 2,188,203 |
|
| 1,444,367 |
| |
|
|
|
|
|
|
|
| |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| (1,705,887 | ) |
| (8,803,738 | ) |
| 1,380,007 |
|
| (12,271,903 | ) |
| 5,737,653 |
|
| (1,318,331 | ) | |
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Year |
|
| 24,794,621 |
|
| 33,598,359 |
|
| 14,946,846 |
|
| 27,218,749 |
|
| 9,612,779 |
|
| 10,931,110 |
| |
|
|
|
|
|
|
|
| |||||||||||||
End of Year |
| $ | 23,088,734 |
| $ | 24,794,621 |
| $ | 16,326,853 |
| $ | 14,946,846 |
| $ | 15,350,432 |
| $ | 9,612,779 |
| |
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income at end of year |
| $ | 275,901 |
| $ | 163,662 |
| $ | 7,827 |
| $ | 47,347 |
| $ | 8,460 |
| $ | 12,362 |
| |
|
|
|
|
|
|
|
|
See Notes to Financial Statements
C-14
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
| PF Salomon Brothers |
| PF Van Kampen |
| PF Van Kampen |
| ||||||||||||||
|
|
|
|
| |||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||||
|
|
|
|
|
|
|
| ||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net investment income (loss) |
| $ | 37,182 |
| $ | 59,298 |
| $ | 15,554 |
| $ | (72,152 | ) | $ | (189,693 | ) | $ | (112,543 | ) | ||
Net realized gain (loss) |
|
| (191,570 | ) |
| (1,227,554 | ) |
| (34,012 | ) |
| (692,100 | ) |
| 1,603,495 |
|
| (4,844,623 | ) | ||
Change in net unrealized appreciation (depreciation) |
|
| 6,352,314 |
|
| (4,356,079 | ) |
| 2,444,827 |
|
| (1,751,574 | ) |
| 1,983,332 |
|
| 241,624 |
| ||
|
|
|
|
|
|
|
| ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 6,197,926 |
|
| (5,524,335 | ) |
| 2,426,369 |
|
| (2,515,826 | ) |
| 3,397,134 |
|
| (4,715,542 | ) | ||
|
|
|
|
|
|
|
| ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Class A |
|
| (19,016 | ) |
| (34,071 | ) |
| — |
|
| — |
|
| — |
|
| — |
| |
| Class B |
|
| (1,551 | ) |
| (1,682 | ) |
| — |
|
| — |
|
| — |
|
| — |
| |
| Class C |
|
| (3,132 | ) |
| (4,576 | ) |
| — |
|
| — |
|
| — |
|
| — |
| |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Class A |
|
| — |
|
| (98,565 | ) |
| — |
|
| (49,164 | ) |
| — |
|
| (843,858 | ) | |
| Class B |
|
| — |
|
| (965 | ) |
| — |
|
| (784 | ) |
| — |
|
| (7,367 | ) | |
| Class C |
|
| — |
|
| (2,918 | ) |
| — |
|
| (632 | ) |
| — |
|
| (22,315 | ) | |
|
|
|
|
|
|
|
| ||||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders |
|
| (23,699 | ) |
| (142,777 | ) |
| — |
|
| (50,580 | ) |
| — |
|
| (873,540 | ) | ||
|
|
|
|
|
|
|
| ||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Class A |
|
| 16,905,955 |
|
| 3,046,380 |
|
| 5,748,025 |
|
| 515,634 |
|
| 14,036,444 |
|
| 1,670,491 |
| |
| Class B |
|
| 1,355,041 |
|
| 941,383 |
|
| 395,196 |
|
| 157,848 |
|
| 1,031,161 |
|
| 562,549 |
| |
| Class C |
|
| 3,456,042 |
|
| 2,064,546 |
|
| 646,355 |
|
| 106,658 |
|
| 2,469,277 |
|
| 1,166,586 |
| |
Dividends reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Class A |
|
| 18,591 |
|
| 130,473 |
|
| — |
|
| 48,385 |
|
| — |
|
| 823,409 |
| |
| Class B |
|
| 1,431 |
|
| 2,185 |
|
| — |
|
| 378 |
|
| — |
|
| 7,319 |
| |
| Class C |
|
| 3,106 |
|
| 7,437 |
|
| — |
|
| 631 |
|
| — |
|
| 22,315 |
| |
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Class A |
|
| (7,962,209 | ) |
| (5,848,309 | ) |
| (1,296,281 | ) |
| (1,735,118 | ) |
| (4,394,169 | ) |
| (2,274,920 | ) | |
| Class B |
|
| (2,258,347 | ) |
| (43,395 | ) |
| (282,850 | ) |
| (19,927 | ) |
| (1,389,725 | ) |
| (13,861 | ) | |
| Class C |
|
| (5,252,643 | ) |
| (70,164 | ) |
| (618,950 | ) |
| (30,237 | ) |
| (3,217,337 | ) |
| (38,785 | ) | |
|
|
|
|
|
|
|
| ||||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions |
|
| 6,266,967 |
|
| 230,536 |
|
| 4,591,495 |
|
| (955,748 | ) |
| 8,535,651 |
|
| 1,925,103 |
| ||
|
|
|
|
|
|
|
| ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 12,441,194 |
|
| (5,436,576 | ) |
| 7,017,864 |
|
| (3,522,154 | ) |
| 11,932,785 |
|
| (3,663,979 | ) | ||
|
|
|
|
|
|
|
| ||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Beginning of Year |
|
| 14,705,965 |
|
| 20,142,541 |
|
| 5,606,362 |
|
| 9,128,516 |
|
| 7,917,428 |
|
| 11,581,407 |
| ||
|
|
|
|
|
|
|
| ||||||||||||||
End of Year |
| $ | 27,147,159 |
| $ | 14,705,965 |
| $ | 12,624,226 |
| $ | 5,606,362 |
| $ | 19,850,213 |
| $ | 7,917,428 |
| ||
|
|
|
|
|
|
|
| ||||||||||||||
Undistributed net investment income (loss) at end of year |
| $ | 28,494 |
| $ | 17,913 |
| $ | 11,504 |
| $ | (4,055 | ) | $ | (6,464 | ) | $ | (4,438 | ) | ||
|
|
|
|
|
|
|
|
(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
See Notes to Financial Statements
C-15
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
|
|
| Investment Activities |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
| Net Asset Value, |
| Net Investment |
| Net Realized and |
| Total from |
| |||||||||||||
PF Portfolio Optimization Model A Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.02 |
|
|
| $ | 0.13 |
|
|
| $ | 0.15 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.14 |
|
|
| $ | 0.14 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.13 |
|
|
| $ | 0.13 |
|
|
PF Portfolio Optimization Model B Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.01 |
|
|
| $ | 0.13 |
|
|
| $ | 0.14 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.13 |
|
|
| $ | 0.13 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.13 |
|
|
| $ | 0.13 |
|
|
PF Portfolio Optimization Model C Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.01 |
|
|
| $ | 0.13 |
|
|
| $ | 0.14 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.13 |
|
|
| $ | 0.13 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.12 |
|
|
| $ | 0.12 |
|
|
PF Portfolio Optimization Model D Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.01 |
|
|
| $ | 0.10 |
|
|
| $ | 0.11 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.11 |
|
|
| $ | 0.10 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.10 |
|
|
| $ | 0.09 |
|
|
PF Portfolio Optimization Model E Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.00 |
|
|
| $ | 0.08 |
|
|
| $ | 0.08 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.08 |
|
|
| $ | 0.07 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.08 |
|
|
| $ | 0.07 |
|
|
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.05 |
|
|
| $ | (0.07 | ) |
|
| $ | 2.21 |
|
|
| $ | 2.14 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.96 |
|
|
|
| (0.06 | ) |
|
|
| (2.85 | ) |
|
|
| (2.91 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.06 |
|
|
|
| 1.01 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.98 |
|
|
| $ | (0.11 | ) |
|
| $ | 2.20 |
|
|
| $ | 2.09 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.94 |
|
|
|
| (0.10 | ) |
|
|
| (2.86 | ) |
|
|
| (2.96 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.06 |
|
|
|
| 0.98 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.98 |
|
|
| $ | (0.11 | ) |
|
| $ | 2.19 |
|
|
| $ | 2.08 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.93 |
|
|
|
| (0.10 | ) |
|
|
| (2.85 | ) |
|
|
| (2.95 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.06 |
|
|
|
| 0.98 |
|
| |
|
| Distributions |
|
|
| ||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
|
| Dividends |
| Distributions |
| Return of |
| Total |
| Net Asset |
| ||||||||||||||||
PF Portfolio Optimization Model A Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.15 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.14 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.13 |
|
|
PF Portfolio Optimization Model B Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.14 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.13 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.13 |
|
|
PF Portfolio Optimization Model C Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.14 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.13 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.12 |
|
|
PF Portfolio Optimization Model D Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.11 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.10 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.09 |
|
|
PF Portfolio Optimization Model E Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.08 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.07 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.07 |
|
|
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.19 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.05 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.96 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.07 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.98 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.04 | ) |
|
|
| 10.94 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.06 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.98 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.93 |
|
| |
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||
PF Portfolio Optimization Model A Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 1.50 | % |
|
| $ | 1,957 |
|
| 0.00 | % |
| 4.00 | % |
| 0.61 | % |
| (3.39 | )% |
| 9.38 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 1.40 | % |
|
| $ | 449 |
|
| 0.50 | % |
| 4.50 | % |
| 0.11 | % |
| (3.89 | )% |
| 9.38 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 1.30 | % |
|
| $ | 3,739 |
|
| 0.50 | % |
| 4.50 | % |
| 0.11 | % |
| (3.89 | )% |
| 9.38 | % |
|
PF Portfolio Optimization Model B Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 1.40 | % |
|
| $ | 5,197 |
|
| 0.00 | % |
| 2.36 | % |
| 0.46 | % |
| (1.90 | )% |
| 2.81 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 1.30 | % |
|
| $ | 3,013 |
|
| 0.50 | % |
| 2.86 | % |
| (0.04 | )% |
| (2.40 | )% |
| 2.81 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 1.30 | % |
|
| $ | 5,354 |
|
| 0.50 | % |
| 2.86 | % |
| (0.04 | )% |
| (2.40 | )% |
| 2.81 | % |
|
PF Portfolio Optimization Model C Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 1.40 | % |
|
| $ | 12,743 |
|
| 0.00 | % |
| 1.81 | % |
| 0.36 | % |
| (1.45 | )% |
| 0.86 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 1.30 | % |
|
| $ | 5,594 |
|
| 0.50 | % |
| 2.31 | % |
| (0.14 | )% |
| (1.95 | )% |
| 0.86 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 1.20 | % |
|
| $ | 16,870 |
|
| 0.50 | % |
| 2.31 | % |
| (0.14 | )% |
| (1.95 | )% |
| 0.86 | % |
|
PF Portfolio Optimization Model D Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 1.10 | % |
|
| $ | 13,362 |
|
| 0.00 | % |
| 1.97 | % |
| 0.22 | % |
| (1.75 | )% |
| 0.68 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 1.00 | % |
|
| $ | 6,962 |
|
| 0.50 | % |
| 2.47 | % |
| (0.28 | )% |
| (2.25 | )% |
| 0.68 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 0.90 | % |
|
| $ | 12,719 |
|
| 0.50 | % |
| 2.47 | % |
| (0.28 | )% |
| (2.25 | )% |
| 0.68 | % |
|
PF Portfolio Optimization Model E Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 0.80 | % |
|
| $ | 8,187 |
|
| 0.00 | % |
| 2.02 | % |
| 0.09 | % |
| (1.93 | )% |
| 0.00 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 0.70 | % |
|
| $ | 2,409 |
|
| 0.50 | % |
| 2.52 | % |
| (0.41 | )% |
| (2.43 | )% |
| 0.00 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 0.70 | % |
|
| $ | 7,868 |
|
| 0.50 | % |
| 2.52 | % |
| (0.41 | )% |
| (2.43 | )% |
| 0.00 | % |
|
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 26.58 | % |
|
| $ | 23,408 |
|
| 1.90 | % |
| 3.12 | % |
| (0.69 | )% |
| (1.91 | )% |
| 78.30 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (26.55 | )% |
|
|
| 7,922 |
|
| 1.90 | % |
| 3.94 | % |
| (0.67 | )% |
| (2.71 | )% |
| 35.58 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.09 | % |
|
|
| 10,867 |
|
| 1.90 | % |
| 5.99 | % |
| (0.92 | )% |
| (5.01 | )% |
| 12.63 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 26.19 | % |
|
| $ | 497 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | )% |
| (2.41 | )% |
| 78.30 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (27.06 | )% |
|
|
| 757 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | )% |
| (3.21 | )% |
| 35.58 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 9.79 | % |
|
|
| 43 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | )% |
| (5.51 | )% |
| 12.63 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 26.07 | % |
|
| $ | 1,090 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | )% |
| (2.41 | )% |
| 78.30 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (26.99 | )% |
|
|
| 1,467 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | )% |
| (3.21 | )% |
| 35.58 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 9.74 | % |
|
|
| 154 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | )% |
| (5.51 | )% |
| 12.63 | % |
| |
See Notes to Financial Statements | See explanation of references on D-6 |
D-1
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
| Investment Activities |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
|
| Net Asset Value, |
| Net Investment |
| Net Realized and |
| Total from |
| |||||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.59 |
|
|
| $ | (0.15 | ) |
|
| $ | 3.09 |
|
|
| $ | 2.94 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.63 |
|
|
|
| (0.16 | ) |
|
|
| (2.88 | ) |
|
|
| (3.04 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.09 | ) |
|
|
| 1.81 |
|
|
|
| 1.72 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.53 |
|
|
| $ | (0.22 | ) |
|
| $ | 3.10 |
|
|
| $ | 2.88 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.61 |
|
|
|
| (0.19 | ) |
|
|
| (2.89 | ) |
|
|
| (3.08 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.12 | ) |
|
|
| 1.80 |
|
|
|
| 1.68 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.55 |
|
|
| $ | (0.23 | ) |
|
| $ | 3.10 |
|
|
| $ | 2.87 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.61 |
|
|
|
| (0.19 | ) |
|
|
| (2.87 | ) |
|
|
| (3.06 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.12 | ) |
|
|
| 1.81 |
|
|
|
| 1.69 |
|
| |
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | 0.01 |
|
|
| $ | 0.08 |
|
|
| $ | 0.09 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.09 |
|
|
| $ | 0.08 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | 10.00 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.09 |
|
|
| $ | 0.08 |
|
|
PF INVESCO Health Sciences Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.16 |
|
|
| $ | (0.11 | ) |
|
| $ | 2.43 |
|
|
| $ | 2.32 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.89 |
|
|
|
| (0.12 | ) |
|
|
| (1.61 | ) |
|
|
| (1.73 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| (0.02 | ) |
|
|
| (0.09 | ) |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.09 |
|
|
| $ | (0.16 | ) |
|
| $ | 2.41 |
|
|
| $ | 2.25 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.86 |
|
|
|
| (0.15 | ) |
|
|
| (1.62 | ) |
|
|
| (1.77 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.10 | ) |
|
|
| (0.02 | ) |
|
|
| (0.12 | ) |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.10 |
|
|
| $ | (0.16 | ) |
|
| $ | 2.41 |
|
|
| $ | 2.25 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.86 |
|
|
|
| (0.15 | ) |
|
|
| (1.61 | ) |
|
|
| (1.76 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.10 | ) |
|
|
| (0.02 | ) |
|
|
| (0.12 | ) |
| |
Distributions |
|
|
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
|
| Dividends |
| Distributions |
| Return of |
| Total |
| Net Asset |
| ||||||||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.53 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.59 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.07 | ) |
|
|
| — |
|
|
|
| (0.09 | ) |
|
|
| 11.63 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.41 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.53 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| (0.07 | ) |
|
|
| — |
|
|
|
| (0.07 | ) |
|
|
| 11.61 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.42 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.55 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.01 | ) |
|
|
| (0.07 | ) |
|
|
| — |
|
|
|
| (0.08 | ) |
|
|
| 11.61 |
|
| |
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.09 |
|
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.08 |
|
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.08 |
|
|
PF INVESCO Health Sciences Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.48 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.16 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| (0.02 | ) |
|
|
| 9.89 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.34 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.09 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| (0.02 | ) |
|
|
| 9.86 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.35 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.10 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| (0.02 | ) |
|
|
| 9.86 |
|
| |
Ratios/Supplemental Data |
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 34.23 | % |
|
| $ | 8,469 |
|
| 1.95 | % |
| 3.55 | % |
| (1.61 | )% |
| (3.21 | )% |
| 110.77 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (26.14 | )% |
|
|
| 5,031 |
|
| 1.95 | % |
| 4.27 | % |
| (1.66 | )% |
| (3.98 | )% |
| 71.87 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 17.21 | % |
|
|
| 7,654 |
|
| 1.95 | % |
| 6.84 | % |
| (1.67 | )% |
| (6.56 | )% |
| 44.75 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 33.61 | % |
|
| $ | 267 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11 | )% |
| (3.71 | )% |
| 110.77 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (26.44 | )% |
|
|
| 63 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16 | )% |
| (4.48 | )% |
| 71.87 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 16.84 | % |
|
|
| 12 |
|
| 2.45 | % |
| 7.34 | % |
| (2.17 | )% |
| (7.06 | )% |
| 44.75 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 33.57 | % |
|
| $ | 360 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11 | )% |
| (3.71 | )% |
| 110.77 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (26.36 | )% |
|
|
| 115 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16 | )% |
| (4.48 | )% |
| 71.87 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 16.91 | % |
|
|
| 25 |
|
| 2.45 | % |
| 7.34 | % |
| (2.17 | )% |
| (7.06 | )% |
| 44.75 | % |
| |
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 12/31/2003 - 3/31/2004 (4) |
| 0.90 | % |
|
| $ | 13,617 |
|
| 1.55 | % |
| 2.72 | % |
| 0.23 | % |
| (0.94 | )% |
| 144.88 | % |
|
Class B: | 12/31/2003 - 3/31/2004 (4) |
| 0.80 | % |
|
| $ | 10 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | )% |
| (1.44 | )% |
| 144.88 | % |
|
Class C: | 12/31/2003 - 3/31/2004 (4) |
| 0.80 | % |
|
| $ | 62 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | )% |
| (1.44 | )% |
| 144.88 | % |
|
PF INVESCO Health Sciences Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 28.43 | % |
|
| $ | 6,877 |
|
| 2.05 | % |
| 3.51 | % |
| (1.16 | )% |
| (2.62 | )% |
| 123.34 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (17.49 | )% |
|
|
| 5,643 |
|
| 2.05 | % |
| 4.04 | % |
| (1.37 | )% |
| (3.36 | )% |
| 139.83 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| (0.92 | )% |
|
|
| 7,854 |
|
| 2.05 | % |
| 4.82 | % |
| (1.43 | )% |
| (4.20 | )% |
| 22.74 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 27.81 | % |
|
| $ | 218 |
|
| 2.55 | % |
| 4.01 | % |
| (1.66 | )% |
| (3.12 | )% |
| 123.34 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (17.95 | )% |
|
|
| 108 |
|
| 2.55 | % |
| 4.54 | % |
| (1.87 | )% |
| (3.86 | )% |
| 139.83 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| (1.22 | )% |
|
|
| 37 |
|
| 2.55 | % |
| 5.32 | % |
| (1.93 | )% |
| (4.70 | )% |
| 22.74 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 27.78 | % |
|
| $ | 302 |
|
| 2.55 | % |
| 4.01 | % |
| (1.66 | )% |
| (3.12 | )% |
| 123.34 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (17.85 | )% |
|
|
| 117 |
|
| 2.55 | % |
| 4.54 | % |
| (1.87 | )% |
| (3.86 | )% |
| 139.83 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| (1.22 | )% |
|
|
| 37 |
|
| 2.55 | % |
| 5.32 | % |
| (1.93 | )% |
| (4.70 | )% |
| 22.74 | % |
| |
See Notes to Financial Statements | See explanation of references on D-6 |
D-2
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
|
|
| Investment Activities |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
| Net Asset Value, |
| Net Investment |
| Net Realized and Unrealized Gain |
| Total from |
| |||||||||||||
PF INVESCO Technology Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 6.88 |
|
|
| $ | (0.17 | ) |
|
| $ | 3.22 |
|
|
| $ | 3.05 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 12.47 |
|
|
|
| (0.14 | ) |
|
|
| (5.45 | ) |
|
|
| (5.59 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.12 | ) |
|
|
| 2.59 |
|
|
|
| 2.47 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 6.83 |
|
|
| $ | (0.22 | ) |
|
| $ | 3.20 |
|
|
| $ | 2.98 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 12.44 |
|
|
|
| (0.19 | ) |
|
|
| (5.42 | ) |
|
|
| (5.61 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.15 | ) |
|
|
| 2.59 |
|
|
|
| 2.44 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 6.83 |
|
|
| $ | (0.22 | ) |
|
| $ | 3.19 |
|
|
| $ | 2.97 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 12.44 |
|
|
|
| (0.17 | ) |
|
|
| (5.44 | ) |
|
|
| (5.61 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.15 | ) |
|
|
| 2.59 |
|
|
|
| 2.44 |
|
| |
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.62 |
|
|
| $ | (0.10 | ) |
|
| $ | 2.82 |
|
|
| $ | 2.72 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.32 |
|
|
|
| (0.08 | ) |
|
|
| (2.62 | ) |
|
|
| (2.70 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.04 | ) |
|
|
| 0.39 |
|
|
|
| 0.35 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.58 |
|
|
| $ | (0.15 | ) |
|
| $ | 2.81 |
|
|
| $ | 2.66 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.30 |
|
|
|
| (0.06 | ) |
|
|
| (2.66 | ) |
|
|
| (2.72 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 0.40 |
|
|
|
| 0.33 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.57 |
|
|
| $ | (0.15 | ) |
|
| $ | 2.79 |
|
|
| $ | 2.64 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.31 |
|
|
|
| (0.08 | ) |
|
|
| (2.66 | ) |
|
|
| (2.74 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 0.40 |
|
|
|
| 0.33 |
|
| |
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.73 |
|
|
| $ | 0.06 |
|
|
| $ | 3.13 |
|
|
| $ | 3.19 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.09 |
|
|
|
| 0.07 |
|
|
|
| (2.33 | ) |
|
|
| (2.26 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.02 | ) |
|
|
| 1.14 |
|
|
|
| 1.12 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.66 |
|
|
| $ | 0.02 |
|
|
| $ | 3.07 |
|
|
| $ | 3.09 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.08 |
|
|
|
| 0.02 |
|
|
|
| (2.33 | ) |
|
|
| (2.31 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.14 |
|
|
|
| 1.09 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.66 |
|
|
| $ | 0.02 |
|
|
| $ | 3.07 |
|
|
| $ | 3.09 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.07 |
|
|
|
| 0.02 |
|
|
|
| (2.32 | ) |
|
|
| (2.30 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.14 |
|
|
|
| 1.09 |
|
| |
|
| Distributions |
|
|
| ||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
|
| Dividends |
| Distributions |
| Return of |
| Total |
| Net Asset |
| ||||||||||||||||
PF INVESCO Technology Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 9.93 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 6.88 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 12.47 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 9.81 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 6.83 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 12.44 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 9.80 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 6.83 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 12.44 |
|
| |
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.34 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.62 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.32 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4 |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.24 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.58 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.30 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.21 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.57 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 10.31 |
|
| |
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.03 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.03 | ) |
|
| $ | 11.89 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.04 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.10 | ) |
|
|
| 8.73 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 11.09 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.02 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.02 | ) |
|
| $ | 11.73 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.05 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.11 | ) |
|
|
| 8.66 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 11.08 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.02 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.02 | ) |
|
| $ | 11.73 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.05 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.11 | ) |
|
|
| 8.66 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 11.07 |
|
| |
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||
PF INVESCO Technology Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 44.19 | % |
|
| $ | 5,515 |
|
| 2.05 | % |
| 3.75 | % |
| (1.89 | )% |
| (3.59 | )% |
| 118.89 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (44.83 | )% |
|
|
| 3,885 |
|
| 2.05 | % |
| 4.80 | % |
| (1.78 | )% |
| (4.53 | )% |
| 96.29 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 24.70 | % |
|
|
| 7,801 |
|
| 2.05 | % |
| 4.81 | % |
| (1.82 | )% |
| (4.58 | )% |
| 32.50 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 43.63 | % |
|
| $ | 121 |
|
| 2.55 | % |
| 4.25 | % |
| (2.39 | )% |
| (4.09 | )% |
| 118.89 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (45.10 | )% |
|
|
| 35 |
|
| 2.55 | % |
| 5.30 | % |
| (2.28 | )% |
| (5.03 | )% |
| 96.29 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 24.40 | % |
|
|
| 47 |
|
| 2.55 | % |
| 5.31 | % |
| (2.32 | )% |
| (5.08 | )% |
| 32.50 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 43.34 | % |
|
| $ | 370 |
|
| 2.55 | % |
| 4.25 | % |
| (2.39 | )% |
| (4.09 | )% |
| 118.89 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (45.10 | )% |
|
|
| 78 |
|
| 2.55 | % |
| 5.30 | % |
| (2.28 | )% |
| (5.03 | )% |
| 96.29 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 24.40 | % |
|
|
| 13 |
|
| 2.55 | % |
| 5.31 | % |
| (2.32 | )% |
| (5.08 | )% |
| 32.50 | % |
| |
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 35.70 | % |
|
| $ | 11,994 |
|
| 1.70 | % |
| 3.21 | % |
| (1.08 | )% |
| (2.59 | )% |
| 42.65 | % |
|
4/1/2002 - 3/31/2003 |
| (26.16 | )% |
|
|
| 6,832 |
|
| 1.70 | % |
| 4.01 | % |
| (0.95 | )% |
| (3.26 | )% |
| 124.73 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 3.50 | % |
|
|
| 9,819 |
|
| 1.70 | % |
| 6.29 | % |
| (0.78 | )% |
| (5.37 | )% |
| 64.33 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 34.91 | % |
|
| $ | 293 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58 | )% |
| (3.09 | )% |
| 42.65 | % |
|
4/1/2002 - 3/31/2003 |
| (26.31 | )% |
|
|
| 301 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45 | )% |
| (3.76 | )% |
| 124.73 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 3.27 | % |
|
|
| 57 |
|
| 2.20 | % |
| 6.79 | % |
| (1.28 | )% |
| (5.87 | )% |
| 64.33 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 34.87 | % |
|
| $ | 400 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58 | )% |
| (3.09 | )% |
| 42.65 | % |
|
4/1/2002 - 3/31/2003 |
| (26.58 | )% |
|
|
| 624 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45 | )% |
| (3.76 | )% |
| 124.73 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 3.33 | % |
|
|
| 84 |
|
| 2.20 | % |
| 6.79 | % |
| (1.28 | )% |
| (5.87 | )% |
| 64.33 | % |
| |
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 36.57 | % |
|
| $ | 20,007 |
|
| 1.80 | % |
| 2.86 | % |
| 0.73 | % |
| (0.33 | )% |
| 58.63 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (20.50 | )% |
|
|
| 7,218 |
|
| 1.80 | % |
| 3.89 | % |
| 0.76 | % |
| (1.33 | )% |
| 19.60 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 11.21 | % |
|
|
| 7,817 |
|
| 1.80 | % |
| 7.07 | % |
| (0.35 | )% |
| (5.62 | )% |
| 7.11 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 35.79 | % |
|
| $ | 324 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| (0.83 | )% |
| 58.63 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (20.93 | )% |
|
|
| 771 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| (1.83 | )% |
| 19.60 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.95 | % |
|
|
| 26 |
|
| 2.30 | % |
| 7.57 | % |
| (0.85 | )% |
| (6.12 | )% |
| 7.11 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 35.79 | % |
|
| $ | 781 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| (0.83 | )% |
| 58.63 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (20.93 | )% |
|
|
| 1,656 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| (1.83 | )% |
| 19.60 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.91 | % |
|
|
| 143 |
|
| 2.30 | % |
| 7.57 | % |
| (0.85 | )% |
| (6.12 | )% |
| 7.11 | % |
| |
See Notes to Financial Statements | See explanation of references on D-6 |
D-3
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
|
|
| Investment Activities |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
| Net Asset Value, |
| Net Investment |
| Net Realized and Unrealized Gain |
| Total from |
| |||||||||||||
PF MFS International Large-Cap Fund (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.20 |
|
|
| $ | (0.04 | ) |
|
| $ | 3.45 |
|
|
| $ | 3.41 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.03 |
|
|
|
| (0.04 | ) |
|
|
| (2.59 | ) |
|
|
| (2.63 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.10 |
|
|
|
| 1.05 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.14 |
|
|
| $ | (0.09 | ) |
|
| $ | 3.41 |
|
|
| $ | 3.32 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.01 |
|
|
|
| (0.08 | ) |
|
|
| (2.59 | ) |
|
|
| (2.67 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.10 |
|
|
|
| 1.02 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.14 |
|
|
| $ | (0.09 | ) |
|
| $ | 3.43 |
|
|
| $ | 3.34 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 11.01 |
|
|
|
| (0.08 | ) |
|
|
| (2.59 | ) |
|
|
| (2.67 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.10 |
|
|
|
| 1.02 |
|
| |
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.28 |
|
|
| $ | 0.12 |
|
|
| $ | 0.96 |
|
|
| $ | 1.08 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
|
| 0.06 |
|
|
|
| 0.27 |
|
|
|
| 0.33 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.27 |
|
|
| $ | 0.07 |
|
|
| $ | 0.95 |
|
|
| $ | 1.02 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| 0.28 |
|
|
|
| 0.32 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.27 |
|
|
| $ | 0.07 |
|
|
| $ | 0.95 |
|
|
| $ | 1.02 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| 0.28 |
|
|
|
| 0.32 |
|
| |
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.16 |
|
|
| $ | 0.17 |
|
|
| $ | 0.46 |
|
|
| $ | 0.63 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.85 |
|
|
|
| 0.21 |
|
|
|
| 1.02 |
|
|
|
| 1.23 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
|
| 0.06 |
|
|
|
| (0.09 | ) |
|
|
| (0.03 | ) |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.14 |
|
|
| $ | 0.12 |
|
|
| $ | 0.46 |
|
|
| $ | 0.58 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.84 |
|
|
|
| 0.15 |
|
|
|
| 1.03 |
|
|
|
| 1.18 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| (0.10 | ) |
|
|
| (0.06 | ) |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 10.14 |
|
|
| $ | 0.12 |
|
|
| $ | 0.46 |
|
|
| $ | 0.58 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 9.84 |
|
|
|
| 0.15 |
|
|
|
| 1.03 |
|
|
|
| 1.18 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| (0.10 | ) |
|
|
| (0.06 | ) |
| |
|
| Distributions |
|
|
| ||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
|
| Dividends |
| Distributions |
| Return of |
| Total |
| Net Asset |
| ||||||||||||||||
PF MFS International Large-Cap Fund (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.61 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| 8.20 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.01 | ) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 11.03 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.46 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| 8.14 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 11.01 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.48 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| 8.14 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 11.01 |
|
| |
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.20 | ) |
|
| $ | (0.23 | ) |
|
| $ | — |
|
|
| $ | (0.43 | ) |
|
| $ | 10.93 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.28 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.17 | ) |
|
| $ | (0.23 | ) |
|
| $ | — |
|
|
| $ | (0.40 | ) |
|
| $ | 10.89 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.27 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.17 | ) |
|
| $ | (0.23 | ) |
|
| $ | — |
|
|
| $ | (0.40 | ) |
|
| $ | 10.89 |
|
|
12/31/2002 - 3/31/2003 (4) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.27 |
|
| |
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.34 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.34 | ) |
|
| $ | 10.45 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.36 | ) |
|
|
| (0.56 | ) |
|
|
| — |
|
|
|
| (0.92 | ) |
|
|
| 10.16 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| (0.07 | ) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.12 | ) |
|
|
| 9.85 |
|
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.28 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.28 | ) |
|
| $ | 10.44 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.32 | ) |
|
|
| (0.56 | ) |
|
|
| — |
|
|
|
| (0.88 | ) |
|
|
| 10.14 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| (0.05 | ) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.10 | ) |
|
|
| 9.84 |
|
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.28 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.28 | ) |
|
| $ | 10.44 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.32 | ) |
|
|
| (0.56 | ) |
|
|
| — |
|
|
|
| (0.88 | ) |
|
|
| 10.14 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| (0.05 | ) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.10 | ) |
|
|
| 9.84 |
|
| |
Ratios/Supplemental Data |
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||
PF MFS International Large-Cap Fund (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 41.59 | % |
|
| $ | 15,358 |
|
| 2.03 | % |
| 5.96 | % |
| (0.38 | )% |
| (4.31 | )% |
| 150.05 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (24.11 | )% |
|
|
| 4,505 |
|
| 2.05 | % |
| 9.08 | % |
| (0.40 | )% |
| (7.43 | )% |
| 137.37 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.54 | % |
|
|
| 6,808 |
|
| 2.05 | % |
| 9.38 | % |
| (0.92 | )% |
| (8.25 | )% |
| 77.66 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 40.79 | % |
|
| $ | 265 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88 | )% |
| (4.81 | )% |
| 150.05 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (24.52 | )% |
|
|
| 58 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90 | )% |
| (7.93 | )% |
| 137.37 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.24 | % |
|
|
| 22 |
|
| 2.55 | % |
| 9.88 | % |
| (1.42 | )% |
| (8.75 | )% |
| 77.66 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 40.86 | % |
|
| $ | 222 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88 | )% |
| (4.81 | )% |
| 150.05 | % |
|
4/1/2002 - 3/31/2003 (4) |
| (24.43 | )% |
|
|
| 79 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90 | )% |
| (7.93 | )% |
| 137.37 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 10.24 | % |
|
|
| 11 |
|
| 2.55 | % |
| 9.88 | % |
| (1.42 | )% |
| (8.75 | )% |
| 77.66 | % |
| |
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 10.75 | % |
|
| $ | 16,263 |
|
| 1.55 | % |
| 2.73 | % |
| 1.13 | % |
| (0.05 | )% |
| 507.96 | % |
|
12/31/2002 - 3/31/2003 (4) |
| 3.30 | % |
|
|
| 6,290 |
|
| 1.55 | % |
| 4.00 | % |
| 2.19 | % |
| (0.26 | )% |
| 199.92 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 10.20 | % |
|
| $ | 697 |
|
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| (0.55 | )% |
| 507.96 | % |
|
12/31/2002 - 3/31/2003 (4) |
| 3.16 | % |
|
|
| 161 |
|
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| (0.76 | )% |
| 199.92 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 10.27 | % |
|
| $ | 4,065 |
|
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| (0.55 | )% |
| 507.96 | % |
|
12/31/2002 - 3/31/2003 (4) |
| 3.11 | % |
|
|
| 480 |
|
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| (0.76 | )% |
| 199.92 | % |
| |
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 6.28 | % |
|
| $ | 19,802 |
|
| 1.55 | % |
| 2.86 | % |
| 1.65 | % |
| 0.34 | % |
| 459.70 | % |
|
4/1/2002 - 3/31/2003 (4) |
| 12.80 | % |
|
|
| 18,236 |
|
| 1.55 | % |
| 2.82 | % |
| 2.02 | % |
| 0.75 | % |
| 445.26 | % |
| |
9/28/2001 - 3/31/2002 |
| (0.28 | )% |
|
|
| 33,055 |
|
| 1.55 | % |
| 2.54 | % |
| 1.16 | % |
| 0.17 | % |
| 522.25 | % |
| |
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 5.86 | % |
|
| $ | 972 |
|
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| (0.16 | )% |
| 459.70 | % |
|
4/1/2002 - 3/31/2003 (4) |
| 12.27 | % |
|
|
| 1,986 |
|
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 0.25 | % |
| 445.26 | % |
| |
9/28/2001 - 3/31/2002 |
| (0.55 | )% |
|
|
| 173 |
|
| 2.05 | % |
| 3.04 | % |
| 0.66 | % |
| (0.33 | )% |
| 522.25 | % |
| |
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 5.86 | % |
|
| $ | 2,315 |
|
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| (0.16 | )% |
| 459.70 | % |
|
4/1/2002 - 3/31/2003 (4) |
| 12.28 | % |
|
|
| 4,573 |
|
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 0.25 | % |
| 445.26 | % |
| |
9/28/2001 - 3/31/2002 |
| (0.57 | )% |
|
|
| 370 |
|
| 2.05 | % |
| 3.04 | % |
| 0.66 | % |
| (0.33 | )% |
| 522.25 | % |
| |
See Notes to Financial Statements | See explanation of references on D-6 |
D-4
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
|
|
|
| Investment Activities |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||||||||||
| ||||||||||||||||||||||
PF Pacific Life Money Market Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 |
|
| $ | 1.00 |
|
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 1.00 |
|
|
|
| 0.01 |
|
|
|
| — |
|
|
|
| 0.01 |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 1.00 |
|
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
| |
| ||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
| $ | 1.00 |
|
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 1.00 |
|
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 1.00 |
|
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
| |
| ||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
| $ | 1.00 |
|
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 1.00 |
|
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 1.00 |
|
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
| |
| ||||||||||||||||||||||
PF Putnam Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 |
|
| $ | 7.91 |
|
|
| $ | 0.06 |
|
|
| $ | 2.79 |
|
|
| $ | 2.85 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.45 |
|
|
|
| 0.06 |
|
|
|
| (2.51 | ) |
|
|
| (2.45 | ) |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| 0.01 |
|
|
|
| 0.44 |
|
|
|
| 0.45 |
|
| |
| ||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
| $ | 7.85 |
|
|
| $ | 0.01 |
|
|
| $ | 2.77 |
|
|
| $ | 2.78 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.43 |
|
|
|
| 0.04 |
|
|
|
| (2.52 | ) |
|
|
| (2.48 | ) |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.44 |
|
|
|
| 0.43 |
|
| |
| ||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
| $ | 7.86 |
|
|
| $ | 0.01 |
|
|
| $ | 2.78 |
|
|
| $ | 2.79 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 10.43 |
|
|
|
| 0.03 |
|
|
|
| (2.50 | ) |
|
|
| (2.47 | ) |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.44 |
|
|
|
| 0.43 |
|
| |
| ||||||||||||||||||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.83 |
|
|
| $ | 0.03 |
|
|
| $ | 3.09 |
|
|
| $ | 3.12 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.92 |
|
|
|
| 0.04 |
|
|
|
| (3.05 | ) |
|
|
| (3.01 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.96 |
|
|
|
| 0.95 |
|
| |
| ||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.78 |
|
|
| $ | (0.02 | ) |
|
| $ | 3.08 |
|
|
| $ | 3.06 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.91 |
|
|
|
| (0.01 | ) |
|
|
| (3.03 | ) |
|
|
| (3.04 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.97 |
|
|
|
| 0.94 |
|
| |
| ||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 7.77 |
|
|
| $ | (0.02 | ) |
|
| $ | 3.07 |
|
|
| $ | 3.05 |
|
|
4/1/2002 - 3/31/2003 (4) |
|
|
| 10.90 |
|
|
|
| (0.01 | ) |
|
|
| (3.04 | ) |
|
|
| (3.05 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.96 |
|
|
|
| 0.93 |
|
| |
|
|
|
| Distributions |
|
|
|
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
|
|
| Dividends |
| Distributions |
| Return of |
| Total |
| Net Asset |
| ||||||||||||||||||
| ||||||||||||||||||||||||||||||
PF Pacific Life Money Market Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Class A: | 4/1/2003 - 3/31/2004 |
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 1.00 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 1.00 |
|
| ||||
9/28/2001 - 3/31/2002 |
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1.00 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 1.00 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1.00 |
|
| ||||
9/28/2001 - 3/31/2002 |
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1.00 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
| $ | — | (5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 1.00 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1.00 |
|
| ||||
9/28/2001 - 3/31/2002 |
|
|
| — | (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1.00 |
|
| ||||
| ||||||||||||||||||||||||||||||
PF Putnam Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Class A: | 4/1/2003 - 3/31/2004 |
|
| $ | (0.06 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.06 | ) |
|
| $ | 10.70 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| (0.09 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.09 | ) |
|
|
| 7.91 |
|
| ||||
12/31/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.45 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
| $ | (0.03 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.03 | ) |
|
| $ | 10.60 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| (0.10 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.10 | ) |
|
|
| 7.85 |
|
| ||||
12/31/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.43 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
| $ | (0.04 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.04 | ) |
|
| $ | 10.61 |
|
| |||
4/1/2002 - 3/31/2003 |
|
|
| (0.10 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.10 | ) |
|
|
| 7.86 |
|
| ||||
12/31/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.43 |
|
| ||||
| ||||||||||||||||||||||||||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.01 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | 10.94 |
|
| |||
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.02 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.08 | ) |
|
|
| 7.83 |
|
| ||||
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.92 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.01 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | 10.83 |
|
| |||
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.03 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.09 | ) |
|
|
| 7.78 |
|
| ||||
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.91 |
|
| ||||
| ||||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | (0.01 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | 10.81 |
|
| |||
4/1/2002 - 3/31/2003 (4) |
|
|
| (0.02 | ) |
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.08 | ) |
|
|
| 7.77 |
|
| ||||
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.90 |
|
| ||||
| ||||||||||||||||||||||||||||||
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Portfolio |
| |||||||||||||
| ||||||||||||||||||||||||||||
PF Pacific Life Money Market Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 |
|
|
| 0.18 | % |
|
| $ | 14,627 |
|
|
| 0.95 | % |
| 2.53 | % |
| 0.14 | % |
| (1.44 | )% |
| N/A |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 0.58 | % |
|
|
| 13,092 |
|
|
| 1.08 | % |
| 2.50 | % |
| 0.59 | % |
| (0.83 | )% |
| N/A |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 0.33 | % |
|
|
| 27,056 |
|
|
| 1.35 | % |
| 2.59 | % |
| 0.57 | % |
| (0.67 | )% |
| N/A |
|
| |
| ||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
|
| 0.06 | % |
|
| $ | 744 |
|
|
| 1.06 | %(6) |
| 3.03 | % |
| 0.03 | %(6) |
| (1.94 | )% |
| N/A |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 0.12 | % |
|
|
| 782 |
|
|
| 1.49 | %(6) |
| 3.00 | % |
| 0.18 | %(6) |
| (1.33 | )% |
| N/A |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 0.09 | % |
|
|
| 88 |
|
|
| 1.85 | % |
| 3.09 | % |
| 0.07 | % |
| (1.17 | )% |
| N/A |
|
| |
| ||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
|
| 0.06 | % |
|
| $ | 956 |
|
|
| 1.06 | %(6) |
| 3.03 | % |
| 0.03 | %(6) |
| (1.94 | )% |
| N/A |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 0.12 | % |
|
|
| 1,073 |
|
|
| 1.49 | %(6) |
| 3.00 | % |
| 0.18 | %(6) |
| (1.33 | )% |
| N/A |
|
| |
9/28/2001 - 3/31/2002 |
|
|
| 0.09 | % |
|
|
| 75 |
|
|
| 1.85 | % |
| 3.09 | % |
| 0.07 | % |
| (1.17 | )% |
| N/A |
|
| |
| ||||||||||||||||||||||||||||
PF Putnam Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 |
|
|
| 36.03 | % |
|
| $ | 14,511 |
|
|
| 1.90 | % |
| 3.28 | % |
| 0.62 | % |
| (0.77 | )% |
| 64.58 | % |
|
4/1/2002 - 3/31/2003 |
|
|
| (23.59 | )% |
|
|
| 8,812 |
|
|
| 1.90 | % |
| 4.38 | % |
| 0.59 | % |
| (1.89 | )% |
| 45.60 | % |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 4.50 | % |
|
|
| 10,877 |
|
|
| 1.90 | % |
| 5.97 | % |
| 0.20 | % |
| (3.87 | )% |
| 10.27 | % |
| |
| ||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 |
|
|
| 35.48 | % |
|
| $ | 223 |
|
|
| 2.40 | % |
| 3.78 | % |
| 0.12 | % |
| (1.27 | )% |
| 64.58 | % |
|
4/1/2002 - 3/31/2003 |
|
|
| (23.92 | )% |
|
|
| 265 |
|
|
| 2.40 | % |
| 4.88 | % |
| 0.09 | % |
| (2.39 | )% |
| 45.60 | % |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 4.30 | % |
|
|
| 13 |
|
|
| 2.40 | % |
| 6.47 | % |
| (0.30 | )% |
| (4.37 | )% |
| 10.27 | % |
| |
| ||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 |
|
|
| 35.51 | % |
|
| $ | 616 |
|
|
| 2.40 | % |
| 3.78 | % |
| 0.12 | % |
| (1.27 | )% |
| 64.58 | % |
|
4/1/2002 - 3/31/2003 |
|
|
| (23.83 | )% |
|
|
| 536 |
|
|
| 2.40 | % |
| 4.88 | % |
| 0.09 | % |
| (2.39 | )% |
| 45.60 | % |
| |
12/31/2001 - 3/31/2002 (4) |
|
|
| 4.30 | % |
|
|
| 41 |
|
|
| 2.40 | % |
| 6.47 | % |
| (0.30 | )% |
| (4.37 | )% |
| 10.27 | % |
| |
| ||||||||||||||||||||||||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
|
| 39.91 | % |
|
| $ | 25,315 |
|
|
| 1.80 | % |
| 2.73 | % |
| 0.29 | % |
| (0.64 | )% |
| 38.10 | % |
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (27.69 | )% |
|
|
| 11,736 |
|
|
| 1.80 | % |
| 2.94 | % |
| 0.41 | % |
| (0.73 | )% |
| 49.00 | % |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 9.54 | % |
|
|
| 19,748 |
|
|
| 1.80 | % |
| 3.93 | % |
| (0.14 | )% |
| (2.27 | )% |
| 27.37 | % |
| |
| ||||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
|
| 39.36 | % |
|
| $ | 556 |
|
|
| 2.30 | % |
| 3.23 | % |
| (0.21 | )% |
| (1.14 | )% |
| 38.10 | % |
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (28.02 | )% |
|
|
| 955 |
|
|
| 2.30 | % |
| 3.44 | % |
| (0.09 | )% |
| (1.23 | )% |
| 49.00 | % |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 9.38 | % |
|
|
| 151 |
|
|
| 2.30 | % |
| 4.43 | % |
| (0.64 | )% |
| (2.77 | )% |
| 27.37 | % |
| |
| ||||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
|
| 39.27 | % |
|
| $ | 1,277 |
|
|
| 2.30 | % |
| 3.23 | % |
| (0.21 | )% |
| (1.14 | )% |
| 38.10 | % |
|
4/1/2002 - 3/31/2003 (4) |
|
|
| (28.08 | )% |
|
|
| 2,015 |
|
|
| 2.30 | % |
| 3.44 | % |
| (0.09 | )% |
| (1.23 | )% |
| 49.00 | % |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 9.30 | % |
|
|
| 243 |
|
|
| 2.30 | % |
| 4.43 | % |
| (0.64 | )% |
| (2.77 | )% |
| 27.37 | % |
| |
|
See Notes to Financial Statements | See explanation of references on D-6 |
D-5
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:
|
|
|
|
| Investment Activities |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
| Net Asset |
| Net Investment |
| Net Realized |
| Total from |
| ||||||||||||
| ||||||||||||||||||||||
PF Van Kampen Comstock Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.16 |
|
|
| $ | 0.02 |
|
|
| $ | 3.19 |
|
|
| $ | 3.21 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.45 |
|
|
|
| (0.11 | ) |
|
|
| (3.12 | ) |
|
|
| (3.23 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.54 |
|
|
|
| 1.49 |
|
| |
| ||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.10 |
|
|
| $ | (0.03 | ) |
|
| $ | 3.17 |
|
|
| $ | 3.14 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.43 |
|
|
|
| (0.11 | ) |
|
|
| (3.16 | ) |
|
|
| (3.27 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.54 |
|
|
|
| 1.47 |
|
| |
| ||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 8.11 |
|
|
| $ | (0.03 | ) |
|
| $ | 3.16 |
|
|
| $ | 3.13 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.43 |
|
|
|
| (0.11 | ) |
|
|
| (3.15 | ) |
|
|
| (3.26 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.53 |
|
|
|
| 1.46 |
|
| |
| ||||||||||||||||||||||
PF Van Kampen Mid-Cap Growth Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 5.92 |
|
|
| $ | (0.10 | ) |
|
| $ | 2.19 |
|
|
| $ | 2.09 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.18 |
|
|
|
| (0.09 | ) |
|
|
| (4.33 | ) |
|
|
| (4.42 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.45 |
|
|
|
| 1.37 |
|
| |
| ||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 5.88 |
|
|
| $ | (0.14 | ) |
|
| $ | 2.19 |
|
|
| $ | 2.05 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.17 |
|
|
|
| (0.08 | ) |
|
|
| (4.37 | ) |
|
|
| (4.45 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.45 |
|
|
|
| 1.34 |
|
| |
| ||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | 5.88 |
|
|
| $ | (0.14 | ) |
|
| $ | 2.18 |
|
|
| $ | 2.04 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| 11.16 |
|
|
|
| (0.09 | ) |
|
|
| (4.35 | ) |
|
|
| (4.44 | ) |
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.46 |
|
|
|
| 1.35 |
|
| |
|
|
|
| Distributions |
|
|
| |||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
|
|
| Dividends from |
| Distributions |
| Return of |
| Total |
| Net Asset |
| |||||||||||||||
| |||||||||||||||||||||||||||
PF Van Kampen Comstock Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.37 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| 8.16 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.04 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.04 | ) |
|
|
| 11.45 |
|
| |
| |||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.24 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| 8.10 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.04 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.04 | ) |
|
|
| 11.43 |
|
| |
| |||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.24 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| 8.11 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 11.43 |
|
| |
| |||||||||||||||||||||||||||
PF Van Kampen Mid-Cap Growth Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 8.01 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| 5.92 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.17 | ) |
|
|
| — |
|
|
|
| (0.19 | ) |
|
|
| 11.18 |
|
| |
| |||||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 7.93 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| 5.88 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| — |
|
|
|
| (0.17 | ) |
|
|
| — |
|
|
|
| (0.17 | ) |
|
|
| 11.17 |
|
| |
| |||||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 7.92 |
|
|
4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| 5.88 |
|
| |
9/28/2001 - 3/31/2002 (4) |
|
|
| (0.02 | ) |
|
|
| (0.17 | ) |
|
|
| — |
|
|
|
| (0.19 | ) |
|
|
| 11.16 |
|
| |
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||
| |||||||||||||||||||||||||
PF Van Kampen Comstock Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 39.34 | % |
|
| $ | 11,945 |
|
| 1.90 | % |
| 3.59 | % |
| 0.24 | % |
| (1.45 | )% |
| 105.34 | % |
|
4/1/2002 - 3/31/2003 |
| (28.26 | )% |
|
|
| 5,331 |
|
| 1.90 | % |
| 3.87 | % |
| (1.04 | )% |
| (3.01 | )% |
| 37.78 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 14.94 | % |
|
|
| 9,002 |
|
| 1.90 | % |
| 6.26 | % |
| (0.84 | )% |
| (5.20 | )% |
| 18.71 | % |
| |
| |||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 38.77 | % |
|
| $ | 453 |
|
| 2.40 | % |
| 4.09 | % |
| (0.26 | )% |
| (1.95 | )% |
| 105.34 | % |
|
4/1/2002 - 3/31/2003 |
| (28.66 | )% |
|
|
| 201 |
|
| 2.40 | % |
| 4.37 | % |
| (1.54 | )% |
| (3.51 | )% |
| 37.78 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 14.71 | % |
|
|
| 105 |
|
| 2.40 | % |
| 6.76 | % |
| (1.34 | )% |
| (5.70 | )% |
| 18.71 | % |
| |
| |||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 38.60 | % |
|
| $ | 226 |
|
| 2.40 | % |
| 4.09 | % |
| (0.26 | )% |
| (1.95 | )% |
| 105.34 | % |
|
4/1/2002 - 3/31/2003 |
| (28.57 | )% |
|
|
| 74 |
|
| 2.40 | % |
| 4.37 | % |
| (1.54 | )% |
| (3.51 | )% |
| 37.78 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 14.67 | % |
|
|
| 21 |
|
| 2.40 | % |
| 6.76 | % |
| (1.34 | )% |
| (5.70 | )% |
| 18.71 | % |
| |
| |||||||||||||||||||||||||
PF Van Kampen Mid-Cap Growth Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2003 - 3/31/2004 (4) |
| 35.30 | % |
|
| $ | 18,388 |
|
| 1.85 | % |
| 3.29 | % |
| (1.42 | )% |
| (2.86 | )% |
| 326.09 | % |
|
4/1/2002 - 3/31/2003 |
| (40.51 | )% |
|
|
| 6,191 |
|
| 1.85 | % |
| 4.31 | % |
| (1.39 | )% |
| (3.85 | )% |
| 158.16 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 13.79 | % |
|
|
| 11,383 |
|
| 1.85 | % |
| 5.33 | % |
| (1.44 | )% |
| (4.92 | )% |
| 70.54 | % |
| |
| |||||||||||||||||||||||||
Class B: | 4/1/2003 - 3/31/2004 (4) |
| 34.86 | % |
|
| $ | 504 |
|
| 2.35 | % |
| 3.79 | % |
| (1.92 | )% |
| (3.36 | )% |
| 326.09 | % |
|
4/1/2002 - 3/31/2003 |
| (40.84 | )% |
|
|
| 586 |
|
| 2.35 | % |
| 4.81 | % |
| (1.89 | )% |
| (4.35 | )% |
| 158.16 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 13.52 | % |
|
|
| 82 |
|
| 2.35 | % |
| 5.83 | % |
| (1.94 | )% |
| (5.42 | )% |
| 70.54 | % |
| |
| |||||||||||||||||||||||||
Class C: | 4/1/2003 - 3/31/2004 (4) |
| 34.69 | % |
|
| $ | 958 |
|
| 2.35 | % |
| 3.79 | % |
| (1.92 | )% |
| (3.36 | )% |
| 326.09 | % |
|
4/1/2002 - 3/31/2003 |
| (40.78 | )% |
|
|
| 1,141 |
|
| 2.35 | % |
| 4.81 | % |
| (1.89 | )% |
| (4.35 | )% |
| 158.16 | % |
| |
9/28/2001 - 3/31/2002 (4) |
| 13.53 | % |
|
|
| 116 |
|
| 2.35 | % |
| 5.83 | % |
| (1.94 | )% |
| (5.42 | )% |
| 70.54 | % |
| |
|
(1) | Total returns are not annualized for periods less than one full year. Calculation does not include the effect of any sales charges for Classes A, B and C. |
|
|
(2) | The ratios of net expenses after expense reductions to average daily net assets are after adviser expense reimbursements, if any, as discussed in Note 7 to the Financial Statements. The ratios of net investment income (loss) before expense reductions to average daily net assets are grossed up by the adviser expense reimbursements, if any. |
|
|
(3) | The ratios are annualized for periods of less than one full year. |
|
|
(4) | Per share investment income has been calculated using the average shares method. |
|
|
(5) | Amount represents less than $0.01 per share. |
|
|
(6) | The expense cap for the PF Pacific Life Money Market Fund is 0.05% for the period 7/1/02 - 6/30/05. The effect of the 12b-1 waiver by the Distributor on the ratios of net expenses and net investment income (loss) after expense reductions to average daily net assets for PF Pacific Life Money Market Class B and C were 0.39% and 0.39%, respectively, for the year ended March 31, 2004, and 0.09% and 0.09% for Class B and C, respectively, for the year ended March 31, 2003. |
|
|
(7) | PF MFS International Large-Cap Fund was formerly named PF MFS Global Growth Fund. |
|
|
(8) | PF Van Kampen Comstock Fund was formerly named PF Janus Strategic Value Fund. |
|
|
(9) | PF Van Kampen Mid-Cap Growth Fund was formerly named PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
D-6
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Pacific Funds is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company, and as of March 31, 2004, is comprised of twenty separate funds (each individually, a “Fund”, and collectively, the “Funds”): PF Portfolio Optimization Model A, PF Portfolio Optimization Model B, PF Portfolio Optimization Model C, PF Portfolio Optimization Model D, PF Portfolio Optimization Model E, PF AIM Blue Chip, PF AIM Aggressive Growth, PF Goldman Sachs Short Duration Bond, PF INVESCO Health Sciences, PF INVESCO Technology, PF Janus Growth LT, PF Lazard International Value, PF MFS International Large-Cap (formerly PF MFS Global Growth), PF PIMCO Inflation Managed, PF PIMCO Managed Bond, PF Pacific Life Money Market, PF Putnam Equity Income, PF Salomon Brothers Large-Cap Value, PF Van Kampen Comstock (formerly PF Janus Strategic Value), and PF Van Kampen Mid-Cap Growth (formerly PF MFS Mid-Cap Growth). Each Fund has three separate classes of shares: Class A, B, and C. Each class is distinguished by the level of distribution services provided and is substantially the same except that (i) Class A shares are subject to a maximum 5.50% front-end sales charge, except that for an investment of $1 million or more there is no front-end sales charge; however a 1% contingent deferred sales charge (“CDSC”) is imposed upon the redemption of Class A shares within one year of their purchase if the purchase was part of an investment of $1 million or more (when there was no initial sales charge), (ii) Class B shares are subject to a maximum 5.00% CDSC, and (iii) Class C shares are subject to a maximum 1.00% front-end sales charge, except for shares of the PF Pacific Life Money Market Fund, which are sold at the net asset value (“NAV”) per share without an initial sales charge, and a maximum 1.00% CDSC is imposed upon the redemption of Class C shares within one year of their purchase.
PF Portfolio Optimization Model A, PF Portfolio Optimization Model B, PF Portfolio Optimization Model C, PF Portfolio Optimization Model D, and PF Portfolio Optimization Model E Funds, (collectively, “Portfolio Optimization Funds”) invest all of their assets in Class A shares of other Pacific Funds (collectively, the “Underlying Funds”). Pacific Life Insurance Company (“Pacific Life”) uses an asset allocation process to determine the Portfolio Optimization Funds’ investment mix. The target allocation percentages are described in the prospectus. The Portfolio Optimization Funds will invest new assets and reinvested dividends based on the target allocations. However, allocation percentages of each of the Portfolio Optimization Funds could change substantially as the Underlying Funds’ asset values change due to market movements and portfolio management decisions. Annually, Pacific Life will evaluate the asset allocation strategies of the Portfolio Optimization Funds and rebalance, as needed, to reflect changes in the target allocations.
All of the Funds except PF Goldman Sachs Short Duration Bond Fund, PF PIMCO Inflation Managed Fund, PF Putnam Equity Income Fund, and the Portfolio Optimization Funds commenced operations on September 28, 2001. The PF Putnam Equity Income Fund commenced operations on December 31, 2001, the PF PIMCO Inflation Managed Fund commenced operations on December 31, 2002, and the PF Goldman Sachs Short Duration Bond Fund, and the Portfolio Optimization Funds commenced operations on December 31, 2003.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies. These principles require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds in the preparation of the financial statements.
A. Fund Valuation
The NAV per share is calculated once each business day, Monday through Friday, exclusive of Federal holidays, as of the time of the close of the New York Stock Exchange (“NYSE”), which is usually 4:00 p.m. Eastern time, although it occasionally closes earlier, on each day the NYSE is open for trading. Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign) and the official closing price on the NASDAQ National Market as reported by a pricing source approved by the Funds’ Board of Trustees (the “Board”). Securities traded on over-the-counter markets and listed securities for which no sales are reported are generally valued at the mean between the most recent bid and asked quotes obtained from a quotation reporting system, from established market makers, brokers or dealers. Fixed income securities are generally valued at prices obtained from pricing services or brokers and dealers. Certain bonds are valued by a benchmark, matrix, or other pricing processes approved by the Board. Securities for which market quotations are not readily available or are deemed to be unreliable or inaccurate are valued at their fair value as determined in good faith pursuant to procedures established by the Board. If events occur between the time of the determination of the closing price of a foreign security 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 security is not deemed to be reliable, and there could be a material effect on a Fund’s NAV, the security would be valued at “fair value” as determined in accordance with procedures and methodologies approved by the Board. In determining the fair value of securities, the Funds may consider available information including information that becomes known after the time of the close of the NYSE, and the values that are determined will be deemed to be the price as of the time of the close of the NYSE. Effective September 15, 2003, the Funds retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data, and fair values determined
E-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
with the assistance of the service will be based on the data utilized by the service. These fair values may not accurately reflect the price that a Fund could obtain for a foreign security if it were to dispose of the security as of the close of the NYSE. Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximates market value.
B. Securities Transactions and Investment Income
Securities transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date; interest income is not accrued until settlement date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recorded on the accrual basis.
Discounts and premiums are recorded on a daily basis using the effective yield method except for short-term securities and PF Pacific Life Money Market Fund, which recognize discounts and premiums on a straight-line basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed securities are reclassified as a component of interest income.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to distribution and service (12b-1) fees (included in Note 4). Income, other non-class specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
C. Foreign Currency Translation
Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the end of the reporting period. Purchases and sales of securities, interest income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
Net realized foreign exchange gains and losses arise from sales of a Fund’s securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the period-end, resulting from changes in the exchange rate.
D. Expense Allocation
General expenses of the Funds (including legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses and fees and expenses of the Independent Trustees) are allocated to each Fund in proportion to its relative average daily net assets. Expenses directly attributable to a particular Fund (including advisory, administration, custody, registration and distribution and service (12b-1) fees) are charged directly to that Fund.
E. Offering Costs
The Funds bear all costs associated with offering expenses including legal, printing and internal services support. All such costs are amortized to expense on a straight-line basis over twelve months from commencement of operations.
F. Futures Contracts
Certain Funds may use futures contracts to manage their exposure to the stock markets, fluctuations in interest rates, and foreign currency values. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Fund’s cost of the contract. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
G. Options and Options on Futures Contracts
Certain Funds may write options on interest rate futures and purchase put and call options and write secured put and covered call options. When a Fund writes (sells) an option, an amount equal to the premium received is recorded as an asset with an equal liability that is “marked-to-market” based on the option’s quoted daily settlement price. Any fluctuation in the value of such an instrument is recorded as unrealized appreciation or depreciation until terminated, at which time realized gains and losses are recognized. The purposes of using options or options on futures contracts include hedging exposure to rising interest rates while retaining capital gain potential from falling rates and capitalizing on anticipated changes in market volatility or to earn additional income. These options may relate to particular securities, stock indexes, options on swaps, or foreign currencies. These investments involve, to varying degrees, elements of market risk and risks in excess of the amount recognized in the Statements of Assets and Liabilities. Risks may include an imperfect correlation between the changes in market value of the securities held by a Fund and the prices of options or options on futures contracts, an illiquid secondary market for the instruments, or the inability of a counterparty to perform its obligations.
E-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
H. Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purpose of hedging against foreign exchange risk arising from a Fund’s investment in foreign securities. These contracts are “marked-to-market” daily at the applicable translation rates and any result of unrealized appreciation or depreciation is recorded in a Fund’s financial statements. A Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
I. Swaps
Certain Funds may enter into interest rate, total return, and currency exchange swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are “marked-to-market” daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statements of Operations. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty.
J. Inflation-Indexed Bonds
Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment of interest income, even though investors do not receive their principal until maturity.
K. Stripped Mortgage-Backed Securities
Stripped mortgage-backed securities (“SMBS”) represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.
L. When-Issued Securities and Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. The market values of the securities purchased on a when-issued or delayed-delivery basis are identified as such in each applicable Fund’s Schedule of Investments. When delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
M. Short Sales
Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. A Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.
N. Repurchase Agreements
Certain Funds may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a Fund are fully collateralized by U.S. Government securities or securities issued by U.S. Government agencies and such collateral is in the possession of the Funds’ custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.
O. Investment Risk
The price of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity.
E-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Fixed income securities are affected primarily by the financial condition of the companies that have issued them, and by changes in interest rates.
There are certain additional risks involved in investing in foreign securities that are not inherent in investments in domestic securities. These risks may involve adverse political and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets.
3. REORGANIZATION
On December 31, 2003, PF AIM Blue Chip Fund, (the “Surviving Fund”), acquired all of the assets and liabilities of PF Putnam Research Fund, (the “Acquired Fund”), in a tax-free exchange for shares of the Surviving Fund (together the “Reorganization”), pursuant to a plan of reorganization approved by the Board and shareholders of the Acquired Fund. Pacific Life paid all of the Reorganization costs which amounted to $78,947. The value of shares issued by the Surviving Fund is presented in the Statements of Changes in Net Assets. The number of shares acquired and issued by the Surviving Fund, and the net assets and unrealized appreciation/depreciation as of the Reorganization date immediately prior to and after the Reorganization were as follows:
|
| Shares |
| Shares |
| Surviving |
| Acquired |
| ||||||||
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Class A |
|
|
| 781,292 |
|
|
|
| 739,603 |
|
| $ | 5,959,088 |
| $ | 7,488,383 |
|
Class B |
|
|
| 5,342 |
|
|
|
| 5,075 |
|
|
| 1,824,082 |
|
| 50,735 |
|
Class C |
|
|
| 15,005 |
|
|
|
| 14,225 |
|
|
| 3,982,255 |
|
| 142,407 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
|
| 801,639 |
|
|
|
| 758,903 |
|
| $ | 11,765,425 |
| $ | 7,681,525 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
| Net Asset |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
|
| $ | 13,447,471 |
|
|
| $ | 10.12 |
|
|
|
|
|
|
|
|
Class B |
|
|
| 1,874,817 |
|
|
|
| 10.00 |
|
|
|
|
|
|
|
|
Class C |
|
|
| 4,124,662 |
|
|
|
| 10.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total |
|
| $ | 19,446,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The net unrealized appreciation of the Acquired Fund at time of reorganization was $544,213.
4. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, Pacific Life serves as Investment Adviser to the Funds, and receives from the Funds the following advisory fee rates based on an annual percentage of the average daily net assets of each Fund and the fees are accrued daily by the Funds:
PF AIM Blue Chip |
|
| 0.95 | % |
|
|
|
|
|
PF AIM Aggressive Growth |
|
| 1.00 | % |
|
|
|
|
|
PF Goldman Sachs Short Duration Bond |
|
| 0.60 | % |
|
|
|
|
|
PF INVESCO Health Sciences |
|
| 1.10 | % |
|
|
|
|
|
PF INVESCO Technology |
|
| 1.10 | % |
|
|
|
|
|
PF Janus Growth LT |
|
| 0.75 | % |
|
|
|
|
|
PF Lazard International Value |
|
| 0.85 | % |
|
|
|
|
|
PF MFS International Large-Cap (1) |
|
| 1.05 | % |
|
|
|
|
|
PF PIMCO Inflation Managed |
|
| 0.60 | % |
|
|
|
|
|
PF PIMCO Managed Bond |
|
| 0.60 | % |
|
|
|
|
|
PF Pacific Life Money Market |
|
| See | (2) |
|
|
|
|
|
PF Putnam Equity Income |
|
| 0.95 | % |
|
|
|
|
|
PF Salomon Brothers Large-Cap Value |
|
| 0.85 | % |
|
|
|
|
|
PF Van Kampen Comstock |
|
| 0.95 | % |
|
|
|
|
|
PF Van Kampen Mid-Cap Growth |
|
| 0.90 | % |
| (1) | Prior to 1/1/04 the advisory fee rate was 1.10% of the average daily net assets. |
| (2) | 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. |
Pacific Life receives no fees for the investment advisory services under the Investment Advisory Agreement with respect to the Portfolio Optimization Funds. The Portfolio Optimization Funds indirectly bear the fees paid by the Underlying Funds in which they invest.
Pursuant to Fund Management Agreements, the Funds and Pacific Life engage other fund managers under Pacific Life’s supervision for fourteen of the twenty Funds. The following firms serve as sub-advisers for their respective Funds: AIM Capital Management, Inc., Goldman Sachs Asset Management, L.P., INVESCO Funds Group, Inc., Janus Capital Management LLC, Lazard Asset Management LLC, MFS Investment Management, Pacific Investment Management Company LLC, Putnam Investment Management LLC, Salomon Brothers Asset Management Inc, and Van Kampen. Pacific Life, as Investment Adviser to the Funds, pays the related management fees as compensation for advisory services provided to the Funds.
Pursuant to an Administration and Shareholder Services Agreement, (the “Agreement”) Pacific Life serves as Administrator (the “Administrator”) to the Funds. Under the Agreement, the Funds compensate the Administrator at an annual rate of 0.35% of average daily net assets for procuring or providing certain administrative, transfer agency, and shareholder services. In addition, the Funds compensate the Administrator for support services based on an internal billing rate at cost for the time spent by the legal, accounting, tax, and compliance personnel for providing assistance, coordination, and supervision to the Funds.
Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Funds’ shares. Under the distribution and service (12b-1) plans, each Fund pays to the Distributor fees at annual rates expressed as a percentage of average daily net assets. Each Fund, except the Portfolio Optimization Funds, pays a distribution fee as compensation for services rendered and expenses borne by the Distributor in connection with the distribution of shares of the Funds (0.25% for Class A shares and 0.75% for Class B and C shares). Additionally, each Fund pays a shareholder servicing fee as compensation in connection with services rendered to
E-4
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
shareholders of the Funds and/or maintenance of shareholder accounts (0.25% for Class A, B, and C shares). For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, which charge an annual distribution and shareholder servicing fee of 0.50% of average daily net assets without payment of a front-end sales charge. To avoid duplication of fees, the distribution and shareholder servicing fee for each class of the Portfolio Optimization Funds will be reduced by 0.50%. The Portfolio Optimization Funds’ Class A shares will not accrue a fee and Class B and Class C shares will accrue 0.50%. The fees are accrued daily.
For the year ended March 31, 2004, the Distributor, acting as underwriter, received net commissions of $1,681,867 from the sale of Class A and Class C shares and received $47,971 in CDSC from redemptions of Class B and Class C shares.
5. TRUSTEE DEFERRED COMPENSATION PLAN
Each Independent Trustee is eligible to participate in the Funds’ Deferred Compensation Plan (the “Plan”). The Plan allows each Independent Trustee to voluntarily defer receipt of all or a percentage of fees which otherwise would be payable for services performed. Amounts in the deferral account are obligations of the Funds that are payable in accordance with the Plan. A Trustee who defers compensation has the option to select credit rate options that track the performance of the Class A shares of the corresponding series of the Pacific Funds without a sales load. Accordingly, the market value appreciation/depreciation of the Independent Trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. As of March 31, 2004, total deferred trustee compensation was $104,312.
6. DISTRIBUTIONS TO SHAREHOLDERS
The Funds currently declare and pay dividends on net investment income at least annually, except for the PF Goldman Sachs Short Duration Bond Fund, PF PIMCO Inflation Managed Fund, the PF PIMCO Managed Bond Fund, and the PF Pacific Life Money Market Fund. Dividends are generally declared and paid monthly for the PF Goldman Sachs Short Duration Bond Fund, PF PIMCO Inflation Managed Fund, and PF PIMCO Managed Bond Fund, and are generally declared daily and paid monthly for PF Pacific Life Money Market Fund. Dividends may be declared less frequently if it is advantageous to the Funds. All realized capital gains are distributed at least annually for all Funds.
Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, passive foreign investment companies (“PFICs”), 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.
The tax character of distributions paid during the year ended March 31, 2004, was as follows:
|
| Distributions paid from |
| ||||||||
|
|
| |||||||||
Funds |
| Ordinary |
| Long-Term |
| ||||||
|
|
| |||||||||
PF Lazard International Value |
|
| $ | 32,940 |
|
|
| $ | — |
|
|
PF PIMCO Inflation Managed |
|
|
| 528,324 |
|
|
|
| 6,235 |
|
|
PF PIMCO Managed Bond |
|
|
| 745,177 |
|
|
|
| — |
|
|
PF Pacific Life Money Market |
|
|
| 24,524 |
|
|
|
| — |
|
|
PF Putnam Equity Income |
|
|
| 71,425 |
|
|
|
| — |
|
|
PF Salomon Brothers Large-Cap Value |
|
|
| 23,699 |
|
|
|
| — |
|
|
The tax character of distributions paid during the year ended March 31, 2003 was as follows:
|
| Distributions paid from |
| ||||||||
|
|
| |||||||||
Funds |
| Ordinary |
| Long-Term |
| ||||||
|
|
| |||||||||
PF Lazard International Value |
|
| $ | 82,662 |
|
|
| $ | — |
|
|
PF MFS International Large-Cap |
|
|
| 125,020 |
|
|
|
| — |
|
|
PF PIMCO Inflation Managed |
|
|
| 31,181 |
|
|
|
| — |
|
|
PF PIMCO Managed Bond |
|
|
| 1,575,720 |
|
|
|
| 648,128 |
|
|
PF Pacific Life Money Market |
|
|
| 117,708 |
|
|
|
| — |
|
|
PF Putnam Equity Income |
|
|
| 94,304 |
|
|
|
| — |
|
|
PF Salomon Brothers Large-Cap Value |
|
|
| 142,777 |
|
|
|
| — |
|
|
PF Van Kampen Comstock |
|
|
| 50,580 |
|
|
|
| — |
|
|
PF Van Kampen Mid-Cap Growth |
|
|
| 873,540 |
|
|
|
| — |
|
|
As of March 31, 2004, the components of distributable earnings on a tax basis were as follows:
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Unrealized |
| ||||||||||||
|
|
|
|
| |||||||||||||||||
PF Portfolio Optimization Model A |
|
| $ | — |
|
|
| $ | 6,369 |
|
|
| $ | — |
|
|
| $ | 51,641 |
|
|
PF Portfolio Optimization Model B |
|
|
| — |
|
|
|
| 11,471 |
|
|
|
| — |
|
|
|
| 109,129 |
|
|
PF Portfolio Optimization Model C |
|
|
| — |
|
|
|
| 20,018 |
|
|
|
| — |
|
|
|
| 254,463 |
|
|
PF Portfolio Optimization Model D |
|
|
| — |
|
|
|
| 11,926 |
|
|
|
| — |
|
|
|
| 171,204 |
|
|
PF Portfolio Optimization Model E |
|
|
| — |
|
|
|
| 2,375 |
|
|
|
| — |
|
|
|
| 61,240 |
|
|
PF AIM Blue Chip |
|
|
| (2,440,790 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 2,031,463 |
|
|
PF AIM Aggressive Growth |
|
|
| (241,598 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 1,435,537 |
|
|
PF Goldman Sachs Short Duration Bond |
|
|
| — |
|
|
|
| 53,254 |
|
|
|
| 557 |
|
|
|
| 50,778 |
|
|
PF INVESCO Health Sciences |
|
|
| (1,062,455 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 1,285,059 |
|
|
E-5
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Unrealized |
| ||||||||||||
|
|
|
|
| |||||||||||||||||
PF INVESCO Technology |
|
| $ | (1,334,968 | ) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 1,155,653 |
|
|
PF Janus Growth LT |
|
|
| (1,480,064 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 1,963,811 |
|
|
PF Lazard International Value |
|
|
| (49,666 | ) |
|
|
| 39,139 |
|
|
|
| 335,476 |
|
|
|
| 2,829,985 |
|
|
PF MFS International Large-Cap |
|
|
| — |
|
|
|
| 97,765 |
|
|
|
| 306,209 |
|
|
|
| 843,841 |
|
|
PF PIMCO Inflation Managed |
|
|
| — |
|
|
|
| 719,980 |
|
|
|
| 19 |
|
|
|
| 436,401 |
|
|
PF PIMCO Managed Bond |
|
|
| — |
|
|
|
| 313,915 |
|
|
|
| 339,215 |
|
|
|
| 315,125 |
|
|
PF Pacific Life Money Market |
|
|
| (57 | ) |
|
|
| 16,339 |
|
|
|
| — |
|
|
|
| — |
|
|
PF Putnam Equity Income |
|
|
| (477,126 | ) |
|
|
| 16,667 |
|
|
|
| — |
|
|
|
| 1,767,057 |
|
|
PF Salomon Brothers Large-Cap Value |
|
|
| (1,521,573 | ) |
|
|
| 38,346 |
|
|
|
| — |
|
|
|
| 2,907,485 |
|
|
PF Van Kampen Comstock |
|
|
| (759,686 | ) |
|
|
| 16,574 |
|
|
|
| — |
|
|
|
| 1,710,812 |
|
|
PF Van Kampen Mid-Cap Growth |
|
|
| (3,157,073 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 1,843,552 |
|
|
The components of the accumulated capital and other losses as of March 31, 2004 are summarized in Note 8.
7. EXPENSE REDUCTIONS
Pacific Life has contractually agreed to waive all or part of its investment advisory fees or administration fees, or otherwise reimburse each Fund, except the Portfolio Optimization Funds, for operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; foreign taxes on dividends, interest or gains; interest; taxes; brokerage commissions and other transactional expenses; extraordinary expenses such as litigation; and other expenses not incurred in the ordinary course of each Fund’s business) that exceed an annual rate of 0.45% of a Fund’s average daily net assets for the Funds through June 30, 2005, except for the PF Pacific Life Money Market Fund. The expense cap for the PF Pacific Life Money Market Fund has been reduced to 0.05% for the period July 1, 2002 through June 30, 2005. Such waiver or reimbursement is subject to repayment to Pacific Life, for a period of time as permitted under regulatory and/or accounting standards (currently 3 years), to the extent such expenses fall below the 0.45% expense cap in future years. Any amounts repaid to Pacific Life will have the effect of increasing such expenses of the Funds, but not above the 0.45% expense cap. There is no guarantee that Pacific Life will continue to cap the expenses after June 30, 2005.
Pacific Life has also contractually agreed to waive its administrative fee and charges for support services and otherwise reimburse each of the Portfolio Optimization Funds, for its operating expenses (including organizational expenses, but not including 12b-1 distribution and service fees; foreign taxes on dividends, interest or gains; interest; taxes; transactional expenses; extraordinary expenses such as litigation; and other expenses not incurred in the ordinary course of each of the Portfolio Optimization Fund’s business) through June 30, 2005. There is no guarantee that Pacific Life will continue to waive expenses after June 30, 2005.
The Distributor has also agreed to waive part of its 12b-1 fees for the PF Pacific Life Money Market Fund. The total amount waived by the Distributor for the year ended March 31, 2004 was $10,234.
The cumulative reimbursement amounts as of March 31, 2004 that are subject to repayment for each Fund are as follows:
|
| Expiration |
| |||||||
|
|
| ||||||||
Funds |
| 2005 |
| 2006 |
| 2007 |
| |||
|
|
|
| |||||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | — |
| $ | 36,837 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| — |
|
| 54,940 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| — |
|
| 103,852 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| — |
|
| 110,532 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| — |
|
| 62,617 |
|
PF AIM Blue Chip |
|
| 191,685 |
|
| 192,697 |
|
| 180,256 |
|
PF AIM Aggressive Growth |
|
| 164,928 |
|
| 137,076 |
|
| 116,454 |
|
PF Goldman Sachs Short Duration Bond |
|
| — |
|
| — |
|
| 30,535 |
|
PF INVESCO Health Sciences |
|
| 101,705 |
|
| 128,537 |
|
| 98,080 |
|
PF INVESCO Technology |
|
| 105,965 |
|
| 131,800 |
|
| 92,280 |
|
PF Janus Growth LT |
|
| 201,429 |
|
| 181,111 |
|
| 148,424 |
|
PF Lazard International Value |
|
| 181,009 |
|
| 174,426 |
|
| 163,749 |
|
PF MFS International Large-Cap |
|
| 231,269 |
|
| 391,365 |
|
| 320,872 |
|
PF PIMCO Inflation Managed |
|
| — |
|
| 35,513 |
|
| 164,752 |
|
PF PIMCO Managed Bond |
|
| 139,799 |
|
| 360,805 |
|
| 306,150 |
|
PF Pacific Life Money Market |
|
| 139,704 |
|
| 291,629 |
|
| 271,427 |
|
PF Putnam Equity Income |
|
| 102,380 |
|
| 241,155 |
|
| 174,093 |
|
PF Salomon Brothers Large-Cap Value |
|
| 166,357 |
|
| 187,014 |
|
| 192,635 |
|
PF Van Kampen Comstock |
|
| 167,973 |
|
| 134,554 |
|
| 140,698 |
|
PF Van Kampen Mid-Cap Growth |
|
| 164,483 |
|
| 193,070 |
|
| 177,748 |
|
Pacific Life’s expense reimbursement is presented in the accompanying Statements of Operations.
E-6
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
8. FEDERAL INCOME TAX
Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2004 to qualify as a regulated investment company and is not required to pay Federal income tax under Regulation M of the Internal Revenue Code. Each Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined on a tax basis and may differ from such amounts for financial reporting purposes. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
Net capital loss carryovers and post-October capital losses, if any, as of March 31, 2004, are available to offset future realized capital gains and thereby reduce future capital gains distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The estimated net capital loss carryovers, the post-October capital losses and foreign currency losses deferred, and the accumulated capital and other losses as of March 31, 2004, and the aggregate cost of investments and the composition of unrealized appreciation and depreciation on investment securities for Federal income tax purposes as of March 31, 2004, were as follows:
|
| Net Capital Loss Carryover |
| Post- |
| Post-October |
| |||||||||
|
|
|
|
| ||||||||||||
Funds |
| Expiring |
| Expiring |
| Expiring |
|
|
| |||||||
|
|
|
|
|
| |||||||||||
PF Porfolio Optimization Model A |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model D |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model E |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF AIM Blue Chip* |
|
| (1,040,026 | ) |
| (947,027 | ) |
| (390,913 | ) |
| (62,824 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF AIM Aggressive Growth |
|
| — |
|
| (241,598 | ) |
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Goldman Sachs Short Duration Bond |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF INVESCO Health Sciences |
|
| — |
|
| (1,060,524 | ) |
| — |
|
| — |
|
| (1,931 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF INVESCO Technology |
|
| (13,573 | ) |
| (1,197,169 | ) |
| (124,089 | ) |
| — |
|
| (137 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Janus Growth LT |
|
| — |
|
| (1,465,915 | ) |
| — |
|
| — |
|
| (14,149 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Lazard International Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (49,666 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF MFS International Large-Cap |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF PIMCO Inflation Managed |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF PIMCO Managed Bond |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Pacific Life Money Market |
|
| — |
|
| (37 | ) |
| (19 | ) |
| (1 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Putnam Equity Income |
|
| — |
|
| (327,559 | ) |
| (149,567 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| (498,187 | ) |
| (945,588 | ) |
| (77,798 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Van Kampen Comstock |
|
| — |
|
| (495,603 | ) |
| (264,083 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| (3,157,073 | ) |
| — |
|
| — |
|
| — |
|
Funds |
| Accumulated |
| Total Cost |
| Gross |
| Gross |
| Net Unrealized |
| |||||
|
|
|
|
|
| |||||||||||
PF Porfolio Optimization Model A |
| $ | — |
| $ | 5,994,977 |
| $ | 53,417 |
| $ | (1,776 | ) | $ | 51,641 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model B |
|
| — |
|
| 13,089,972 |
|
| 130,662 |
|
| (21,533 | ) |
| 109,129 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model C |
|
| — |
|
| 33,803,021 |
|
| 338,466 |
|
| (84,003 | ) |
| 254,463 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model D |
|
| — |
|
| 32,039,258 |
|
| 268,707 |
|
| (97,503 | ) |
| 171,204 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Porfolio Optimization Model E |
|
| — |
|
| 18,241,650 |
|
| 121,693 |
|
| (60,453 | ) |
| 61,240 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF AIM Blue Chip* |
|
| (2,440,790 | ) |
| 22,960,800 |
|
| 2,161,330 |
|
| (129,867 | ) |
| 2,031,463 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF AIM Aggressive Growth |
|
| (241,598 | ) |
| 7,572,926 |
|
| 1,545,507 |
|
| (109,970 | ) |
| 1,435,537 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Goldman Sachs Short Duration Bond |
|
| — |
|
| 12,947,327 |
|
| 50,778 |
|
| — |
|
| 50,778 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF INVESCO Health Sciences |
|
| (1,062,455 | ) |
| 5,736,879 |
|
| 1,294,935 |
|
| (9,876 | ) |
| 1,285,059 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF INVESCO Technology |
|
| (1,334,968 | ) |
| 4,734,031 |
|
| 1,232,244 |
|
| (76,591 | ) |
| 1,155,653 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Janus Growth LT |
|
| (1,480,064 | ) |
| 10,957,345 |
|
| 2,015,353 |
|
| (51,542 | ) |
| 1,963,811 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Lazard International Value |
|
| (49,666 | ) |
| 18,257,007 |
|
| 2,866,924 |
|
| (36,939 | ) |
| 2,829,985 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF MFS International Large-Cap |
|
| — |
|
| 15,340,882 |
|
| 1,015,766 |
|
| (171,925 | ) |
| 843,841 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF PIMCO Inflation Managed |
|
| — |
|
| 25,664,592 |
|
| 446,855 |
|
| (10,454 | ) |
| 436,401 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF PIMCO Managed Bond |
|
| — |
|
| 22,316,311 |
|
| 590,463 |
|
| (275,338 | ) |
| 315,125 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Pacific Life Money Market |
|
| (57 | ) |
| 16,703,427 |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Putnam Equity Income |
|
| (477,126 | ) |
| 13,567,038 |
|
| 1,844,917 |
|
| (77,860 | ) |
| 1,767,057 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Salomon Brothers Large-Cap Value |
|
| (1,521,573 | ) |
| 23,858,449 |
|
| 3,519,387 |
|
| (611,902 | ) |
| 2,907,485 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Van Kampen Comstock |
|
| (759,686 | ) |
| 10,949,192 |
|
| 1,780,405 |
|
| (69,593 | ) |
| 1,710,812 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
PF Van Kampen Mid-Cap Growth |
|
| (3,157,073 | ) |
| 18,526,018 |
|
| 2,053,979 |
|
| (210,427 | ) |
| 1,843,552 |
|
| * | The availability of a certain amount of this 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. |
E-7
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. RECLASSIFICATION OF ACCOUNTS
During the year ended March 31, 2004, reclassifications have been made in each Fund’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2004. Additional adjustments may be needed in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to the reclassification of foreign currency transactions, non-deductible expenses, treatment of net operating losses, use of tax equalization, and certain differences in the computation of distributable income and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.
Funds |
| Paid-In |
| Undistributed |
| Accumulated |
| |||
|
|
|
| |||||||
PF Portfolio Optimization Model A |
| $ | (3,123 | ) | $ | 3,123 |
| $ | — |
|
PF Portfolio Optimization Model B |
|
| (6,911 | ) |
| 6,911 |
|
| — |
|
PF Portfolio Optimization Model C |
|
| (17,572 | ) |
| 17,572 |
|
| — |
|
PF Portfolio Optimization Model D |
|
| (15,844 | ) |
| 15,844 |
|
| — |
|
PF Portfolio Optimization Model E |
|
| (8,307 | ) |
| 8,307 |
|
| — |
|
PF AIM Blue Chip |
|
| (239,281 | ) |
| 179,791 |
|
| 59,490 |
|
PF AIM Aggressive Growth |
|
| (120,051 | ) |
| 120,051 |
|
| — |
|
PF Goldman Sachs Short Duration Bond |
|
| (16,049 | ) |
| 16,049 |
|
| — |
|
PF INVESCO Health Sciences |
|
| (78,969 | ) |
| 77,037 |
|
| 1,932 |
|
PF INVESCO Technology |
|
| (103,738 | ) |
| 103,601 |
|
| 137 |
|
PF Janus Growth LT |
|
| (133,298 | ) |
| 112,010 |
|
| 21,288 |
|
PF Lazard International Value |
|
| — |
|
| (104,171 | ) |
| 104,171 |
|
PF MFS International Large-Cap |
|
| — |
|
| 34,192 |
|
| (34,192 | ) |
PF PIMCO Inflation Managed |
|
| (19,449 | ) |
| 67,785 |
|
| (48,336 | ) |
PF PIMCO Managed Bond |
|
| — |
|
| 505,730 |
|
| (505,730 | ) |
PF Pacific Life Money Market |
|
| 35,520 |
|
| (35,520 | ) |
| — |
|
PF Putnam Equity Income |
|
| — |
|
| (3,596 | ) |
| 3,596 |
|
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| (2,902 | ) |
| 2,902 |
|
PF Van Kampen Comstock |
|
| — |
|
| 5 |
|
| (5 | ) |
PF Van Kampen Mid-Cap Growth |
|
| (187,667 | ) |
| 187,667 |
|
| — |
|
10. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding short-term investments and the PF Pacific Life Money Market Fund since it trades exclusively in short-term debt securities) for the year ended March 31, 2004, are summarized in the following tables:
|
| U.S. Government Securities |
| Other Securities |
| ||||||||
|
|
|
| ||||||||||
Funds |
| Purchases |
| Sales |
| Purchases |
| Sales |
| ||||
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Portfolio Optimization Model A |
| $ | — |
| $ | — |
| $ | 6,301,047 |
| $ | 306,933 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| — |
|
| 13,310,654 |
|
| 221,604 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| — |
|
| 33,973,574 |
|
| 170,566 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| — |
|
| 32,170,368 |
|
| 131,213 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| — |
|
| 18,241,650 |
|
| — |
|
PF AIM Blue Chip |
|
| — |
|
| — |
|
| 12,714,807 |
|
| 9,283,838 |
|
PF AIM Aggressive Growth |
|
| — |
|
| — |
|
| 9,000,553 |
|
| 7,590,642 |
|
PF Goldman Sachs Short Duration Bond |
|
| 22,867,423 |
|
| 11,159,531 |
|
| — |
|
| — |
|
PF INVESCO Health Sciences |
|
| — |
|
| — |
|
| 8,033,667 |
|
| 8,687,825 |
|
PF INVESCO Technology |
|
| — |
|
| — |
|
| 6,304,306 |
|
| 6,199,041 |
|
PF Janus Growth LT |
|
| 101,821 |
|
| 39,110 |
|
| 5,896,900 |
|
| 3,806,313 |
|
PF Lazard International Value |
|
| — |
|
| — |
|
| 14,221,769 |
|
| 8,418,656 |
|
PF MFS International Large-Cap |
|
| — |
|
| 14,480 |
|
| 19,937,787 |
|
| 11,511,510 |
|
PF PIMCO Inflation Managed |
|
| 102,551,263 |
|
| 87,402,849 |
|
| 199,705 |
|
| — |
|
PF PIMCO Managed Bond |
|
| 93,092,531 |
|
| 93,370,351 |
|
| 4,997,764 |
|
| 11,672,359 |
|
PF Putnam Equity Income |
|
| 1,038,306 |
|
| 1,388,648 |
|
| 9,083,503 |
|
| 6,535,113 |
|
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| 155,387 |
|
| 12,667,207 |
|
| 7,182,811 |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| 11,728,210 |
|
| 8,138,314 |
|
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| — |
|
| 48,102,205 |
|
| 39,433,233 |
|
E-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. SHARES OF BENEFICIAL INTEREST
Transactions in shares of each Fund for the years or periods ended March 31, 2004 and 2003, were as follows:
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares sold |
|
|
| 221,772 |
|
|
|
| 562,071 |
|
|
|
| 1,299,854 |
|
|
|
| 1,335,442 |
|
|
Distributions reinvested |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares redeemed |
|
|
| (28,937 | ) |
|
|
| (49,664 | ) |
|
|
| (43,707 | ) |
|
|
| (14,299 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ending Balances |
|
|
| 192,835 |
|
|
|
| 512,407 |
|
|
|
| 1,256,147 |
|
|
|
| 1,321,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares sold |
|
|
| 46,564 |
|
|
|
| 315,298 |
|
|
|
| 553,922 |
|
|
|
| 718,780 |
|
|
Distributions reinvested |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares redeemed |
|
|
| (2,303 | ) |
|
|
| (17,729 | ) |
|
|
| (1,904 | ) |
|
|
| (29,766 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ending Balances |
|
|
| 44,261 |
|
|
|
| 297,569 |
|
|
|
| 552,018 |
|
|
|
| 689,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares sold |
|
|
| 391,451 |
|
|
|
| 555,885 |
|
|
|
| 1,707,775 |
|
|
|
| 1,315,112 |
|
|
Distributions reinvested |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Shares redeemed |
|
|
| (22,261 | ) |
|
|
| (27,192 | ) |
|
|
| (40,939 | ) |
|
|
| (54,661 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
|
| 369,190 |
|
|
|
| 528,693 |
|
|
|
| 1,666,836 |
|
|
|
| 1,260,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF AIM |
| PF AIM |
| PF Goldman Sachs | ||||||||||||||
|
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
| 983,915 |
|
| 991,619 |
|
| 585,399 |
|
| 658,211 |
|
|
| — |
|
Shares sold |
|
|
| 824,754 |
|
|
| 1,591,780 |
|
| 222,273 |
|
| 290,771 |
|
| 20,830 |
|
|
| 1,363,837 |
|
Shares issued in connection with acquisition (2) |
|
|
| — |
|
|
| 739,603 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Distributions reinvested |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Shares redeemed |
|
|
| (12,466 | ) |
|
| (1,018,762 | ) |
| (229,977 | ) |
| (141,699 | ) |
| (93,642 | ) |
|
| (14,260 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
|
| 812,288 |
|
|
| 2,296,536 |
|
| 983,915 |
|
| 734,471 |
|
| 585,399 |
|
|
| 1,349,577 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
| 94,800 |
|
| 3,971 |
|
| 7,353 |
|
| 1,006 |
|
|
| — |
|
Shares sold |
|
|
| 241,042 |
|
|
| 124,313 |
|
| 95,912 |
|
| 34,140 |
|
| 6,620 |
|
|
| 1,001 |
|
Shares issued in connection with acquisition (2) |
|
|
| — |
|
|
| 5,075 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Distributions reinvested |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Shares redeemed |
|
|
| (1,780 | ) |
|
| (174,885 | ) |
| (5,083 | ) |
| (18,071 | ) |
| (273 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
|
| 239,262 |
|
|
| 49,303 |
|
| 94,800 |
|
| 23,422 |
|
| 7,353 |
|
|
| 1,001 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
|
| — |
|
|
| 183,681 |
|
| 14,112 |
|
| 13,495 |
|
| 2,168 |
|
|
| — |
|
Shares sold |
|
|
| 789,592 |
|
|
| 304,661 |
|
| 174,163 |
|
| 58,980 |
|
| 12,247 |
|
|
| 6,221 |
|
Shares issued in connection with acquisition (2) |
|
|
| — |
|
|
| 14,225 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Distributions reinvested |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Shares redeemed |
|
|
| (8,018 | ) |
|
| (394,246 | ) |
| (4,594 | ) |
| (40,937 | ) |
| (920 | ) |
|
| (37 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
|
| 781,574 |
|
|
| 108,321 |
|
| 183,681 |
|
| 31,538 |
|
| 13,495 |
|
|
| 6,184 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2003. |
|
|
(2) | See Note 3 to Financial Statements regarding shares issued in connection with acquisition. |
E-9
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
| PF INVESCO |
| PF INVESCO |
| PF Janus |
| PF Lazard |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year��ended |
| Year ended |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 691,406 |
|
| 794,141 |
|
| 564,549 |
|
| 625,516 |
|
| 896,084 |
|
| 951,073 |
|
| 826,623 |
|
| 704,668 |
|
Shares sold |
|
| 22,993 |
|
| 91,480 |
|
| 13,995 |
|
| 4,005 |
|
| 531,498 |
|
| 102,538 |
|
| 3,639,264 |
|
| 729,553 |
|
Distributions reinvested |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,291 |
|
| 7,015 |
|
Shares redeemed |
|
| (58,048 | ) |
| (194,215 | ) |
| (22,845 | ) |
| (64,972 | ) |
| (267,161 | ) |
| (157,527 | ) |
| (2,785,749 | ) |
| (614,613 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 656,351 |
|
| 691,406 |
|
| 555,699 |
|
| 564,549 |
|
| 1,160,421 |
|
| 896,084 |
|
| 1,682,429 |
|
| 826,623 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 13,381 |
|
| 3,721 |
|
| 5,123 |
|
| 3,812 |
|
| 39,741 |
|
| 5,550 |
|
| 89,093 |
|
| 2,327 |
|
Shares sold |
|
| 9,230 |
|
| 11,001 |
|
| 9,950 |
|
| 3,413 |
|
| 40,974 |
|
| 35,152 |
|
| 147,003 |
|
| 91,248 |
|
Distributions reinvested |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 294 |
|
| 233 |
|
Shares redeemed |
|
| (1,501 | ) |
| (1,341 | ) |
| (2,714 | ) |
| (2,102 | ) |
| (52,133 | ) |
| (961 | ) |
| (208,795 | ) |
| (4,715 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 21,110 |
|
| 13,381 |
|
| 12,359 |
|
| 5,123 |
|
| 28,582 |
|
| 39,741 |
|
| 27,595 |
|
| 89,093 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 14,423 |
|
| 3,715 |
|
| 11,430 |
|
| 1,040 |
|
| 82,377 |
|
| 8,107 |
|
| 191,224 |
|
| 12,922 |
|
Shares sold |
|
| 21,816 |
|
| 11,254 |
|
| 31,401 |
|
| 10,478 |
|
| 99,341 |
|
| 77,927 |
|
| 334,829 |
|
| 186,266 |
|
Distributions reinvested |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 682 |
|
| 643 |
|
Shares redeemed |
|
| (7,040 | ) |
| (546 | ) |
| (5,020 | ) |
| (88 | ) |
| (142,524 | ) |
| (3,657 | ) |
| (460,150 | ) |
| (8,607 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 29,199 |
|
| 14,423 |
|
| 37,811 |
|
| 11,430 |
|
| 39,194 |
|
| 82,377 |
|
| 66,585 |
|
| 191,224 |
|
|
|
|
|
|
|
|
|
|
|
|
| PF MFS International |
| PF PIMCO |
| PF PIMCO |
| PF Pacific Life |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Period ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Beginning Balances |
|
| 549,549 |
|
| 617,508 |
|
| 611,735 |
|
| — |
|
| 1,795,231 |
|
| 3,357,105 |
|
| 13,089,685 |
|
| 27,053,979 |
|
Shares sold |
|
| 1,514,376 |
|
| 494,408 |
|
| 1,116,158 |
|
| 631,493 |
|
| 3,557,254 |
|
| 1,205,919 |
|
| 38,550,926 |
|
| 7,721,450 |
|
Distributions reinvested |
|
| — |
|
| 11,595 |
|
| 34,051 |
|
| 2,854 |
|
| 42,878 |
|
| 150,859 |
|
| 21,253 |
|
| 109,308 |
|
Shares redeemed |
|
| (740,740 | ) |
| (573,962 | ) |
| (274,182 | ) |
| (22,612 | ) |
| (3,500,896 | ) |
| (2,918,652 | ) |
| (37,033,673 | ) |
| (21,795,052 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 1,323,185 |
|
| 549,549 |
|
| 1,487,762 |
|
| 611,735 |
|
| 1,894,467 |
|
| 1,795,231 |
|
| 14,628,191 |
|
| 13,089,685 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 7,073 |
|
| 2,043 |
|
| 15,668 |
|
| — |
|
| 195,812 |
|
| 17,592 |
|
| 781,809 |
|
| 87,858 |
|
Shares sold |
|
| 39,081 |
|
| 5,014 |
|
| 238,284 |
|
| 15,622 |
|
| 186,217 |
|
| 180,739 |
|
| 1,522,624 |
|
| 821,580 |
|
Distributions reinvested |
|
| — |
|
| 43 |
|
| 4,095 |
|
| 46 |
|
| 6,340 |
|
| 9,191 |
|
| 662 |
|
| 247 |
|
Shares redeemed |
|
| (23,071 | ) |
| (27 | ) |
| (194,025 | ) |
| — |
|
| (295,212 | ) |
| (11,710 | ) |
| (1,560,988 | ) |
| (127,876 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 23,083 |
|
| 7,073 |
|
| 64,022 |
|
| 15,668 |
|
| 93,157 |
|
| 195,812 |
|
| 744,107 |
|
| 781,809 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 9,692 |
|
| 1,001 |
|
| 46,773 |
|
| — |
|
| 450,834 |
|
| 37,632 |
|
| 1,073,151 |
|
| 74,661 |
|
Shares sold |
|
| 61,657 |
|
| 8,802 |
|
| 713,335 |
|
| 49,393 |
|
| 549,872 |
|
| 412,387 |
|
| 3,533,422 |
|
| 1,497,246 |
|
Distributions reinvested |
|
| — |
|
| 22 |
|
| 11,804 |
|
| 127 |
|
| 12,908 |
|
| 25,244 |
|
| 1,045 |
|
| 435 |
|
Shares redeemed |
|
| (51,981 | ) |
| (133 | ) |
| (398,636 | ) |
| (2,747 | ) |
| (791,929 | ) |
| (24,429 | ) |
| (3,651,257 | ) |
| (499,191 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 19,368 |
|
| 9,692 |
|
| 373,276 |
|
| 46,773 |
|
| 221,685 |
|
| 450,834 |
|
| 956,361 |
|
| 1,073,151 |
|
|
|
|
|
|
|
|
|
|
|
(1) | On December 31, 2003, PF MFS Global Growth Fund changed its name to PF MFS International Large-Cap Fund. |
|
|
(2) | Operations commenced on December 31, 2002. |
E-10
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
| PF Putnam |
| PF Salomon Brothers |
| PF Van Kampen |
| PF Van Kampen Mid-Cap Growth Fund (1) |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 1,114,198 |
|
| 1,041,437 |
|
| 1,499,384 |
|
| 1,807,799 |
|
| 652,997 |
|
| 786,021 |
|
| 1,046,112 |
|
| 1,018,038 |
|
Shares sold |
|
| 385,399 |
|
| 86,086 |
|
| 1,580,175 |
|
| 357,374 |
|
| 521,760 |
|
| 48,543 |
|
| 1,836,920 |
|
| 261,651 |
|
Distributions reinvested |
|
| 6,403 |
|
| 9,997 |
|
| 1,990 |
|
| 14,406 |
|
| — |
|
| 4,947 |
|
| — |
|
| 121,267 |
|
Shares redeemed |
|
| (149,408 | ) |
| (23,322 | ) |
| (767,438 | ) |
| (680,195 | ) |
| (124,472 | ) |
| (186,514 | ) |
| (587,899 | ) |
| (354,844 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 1,356,592 |
|
| 1,114,198 |
|
| 2,314,111 |
|
| 1,499,384 |
|
| 1,050,285 |
|
| 652,997 |
|
| 2,295,133 |
|
| 1,046,112 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 33,716 |
|
| 1,255 |
|
| 122,759 |
|
| 13,840 |
|
| 24,782 |
|
| 9,208 |
|
| 99,558 |
|
| 7,378 |
|
Shares sold |
|
| 39,272 |
|
| 33,524 |
|
| 142,984 |
|
| 114,122 |
|
| 41,480 |
|
| 17,823 |
|
| 148,639 |
|
| 93,422 |
|
Distributions reinvested |
|
| 169 |
|
| 113 |
|
| 154 |
|
| 256 |
|
| — |
|
| 39 |
|
| — |
|
| 1,081 |
|
Shares redeemed |
|
| (52,093 | ) |
| (1,176 | ) |
| (214,580 | ) |
| (5,459 | ) |
| (25,927 | ) |
| (2,288 | ) |
| (184,612 | ) |
| (2,323 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 21,064 |
|
| 33,716 |
|
| 51,317 |
|
| 122,759 |
|
| 40,335 |
|
| 24,782 |
|
| 63,585 |
|
| 99,558 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balances |
|
| 68,200 |
|
| 3,885 |
|
| 259,334 |
|
| 22,297 |
|
| 9,186 |
|
| 1,846 |
|
| 194,145 |
|
| 10,382 |
|
Shares sold |
|
| 108,516 |
|
| 66,711 |
|
| 365,282 |
|
| 244,853 |
|
| 67,612 |
|
| 10,745 |
|
| 357,590 |
|
| 187,003 |
|
Distributions reinvested |
|
| 482 |
|
| 298 |
|
| 336 |
|
| 864 |
|
| — |
|
| 64 |
|
| — |
|
| 3,296 |
|
Shares redeemed |
|
| (119,124 | ) |
| (2,694 | ) |
| (506,823 | ) |
| (8,680 | ) |
| (56,662 | ) |
| (3,469 | ) |
| (430,890 | ) |
| (6,536 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balances |
|
| 58,074 |
|
| 68,200 |
|
| 118,129 |
|
| 259,334 |
|
| 20,136 |
|
| 9,186 |
|
| 120,845 |
|
| 194,145 |
|
|
|
|
|
|
|
|
|
|
|
(1) | On May 1, 2003, the PF Janus Strategic Value Fund and the PF MFS Mid-Cap Growth Fund changed their names to PF Van Kampen Comstock Fund and PF Van Kampen Mid-Cap Growth Fund, respectively. |
As of March 31, 2004, Pacific Life owned a percentage of the aggregate of Classes A, B, and C shares outstanding of each of the following Funds:
PF AIM Blue Chip |
|
| 28.3 | % |
PF AIM Aggressive Growth |
|
| 63.8 | % |
PF Goldman Sachs Short Duration Bond |
|
| 33.2 | % |
PF INVESCO Health Sciences |
|
| 70.9 | % |
PF INVESCO Technology |
|
| 82.5 | % |
PF Janus Growth LT |
|
| 40.8 | % |
PF Lazard International Value |
|
| 28.6 | % |
PF MFS International Large-Cap |
|
| 37.5 | % |
PF PIMCO Inflation Managed |
|
| 27.2 | % |
PF Pacific Life Money Market |
|
| 31.0 | % |
PF Putnam Equity Income |
|
| 70.7 | % |
PF Salomon Brothers Large-Cap Value |
|
| 20.4 | % |
PF Van Kampen Comstock |
|
| 45.5 | % |
PF Van Kampen Mid-Cap Growth |
|
| 23.0 | % |
12. TRANSACTIONS WITH AFFILIATES
The Funds have incurred $1,432,214 of investment advisory fees, $685,546 of administration fees, and $171,384 of support services expenses (not including $94,613, $33,115, and $17,386, respectively, incurred by the Acquired Fund - see Note 3) payable to Pacific Life, for the year ended March 31, 2004. As of March 31, 2004, $162,778, $98,285, and $42,324, respectively, remained payable. For the year ended March 31, 2004, the Funds also incurred $1,113,199 (not including $47,936 incurred by the Acquired Fund) of distribution expenses payable to the Distributor under the distribution and service (12b-1) plans. As of March 31, 2004, $132,112 remained payable.
E-11
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2004, each of the Portfolio Optimization Funds owned a percentage of the total (aggregate of Classes A, B and C) shares outstanding of each of the following Underlying Funds, as applicable:
|
| Portfolio Optimization Funds | ||||||||||||||
Underlying Fund |
| Portfolio | Portfolio Optimization Model B |
| Portfolio | Portfolio | Portfolio | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ||||||||||||||||
PF AIM Blue Chip |
|
| 0.96 | % |
| 5.20 | % |
| 14.77 | % |
| 19.09 | % |
| 12.32 | % |
PF AIM Aggressive Growth |
|
| N/A |
|
| N/A |
|
| N/A |
|
| 10.68 | % |
| 8.10 | % |
PF Goldman Sachs Short Duration Bond |
|
| 11.87 | % |
| 15.37 | % |
| 27.28 | % |
| 11.76 | % |
| N/A |
|
PF Janus Growth LT |
|
| N/A |
|
| N/A |
|
| 7.98 | % |
| 12.63 | % |
| 11.50 | % |
PF Lazard International Value |
|
| 1.12 | % |
| 4.89 | % |
| 17.36 | % |
| 22.43 | % |
| 13.63 | % |
PF MFS International Large-Cap |
|
| 0.76 | % |
| 3.33 | % |
| 15.04 | % |
| 20.36 | % |
| 15.07 | % |
PF PIMCO Inflation Managed |
|
| 3.23 | % |
| 7.10 | % |
| 16.63 | % |
| 7.89 | % |
| N/A |
|
PF PIMCO Managed Bond |
|
| 5.55 | % |
| 9.84 | % |
| 19.41 | % |
| 11.33 | % |
| 2.42 | % |
PF Pacific Life Money Market |
|
| 7.34 | % |
| 9.61 | % |
| 6.21 | % |
| N/A |
|
| N/A |
|
PF Putnam Equity Income |
|
| N/A |
|
| N/A |
|
| 6.64 | % |
| 8.40 | % |
| 4.78 | % |
PF Salomon Brothers Large-Cap Value |
|
| 1.33 | % |
| 6.26 | % |
| 16.12 | % |
| 15.32 | % |
| 9.39 | % |
PF Van Kampen Comstock |
|
| 1.44 | % |
| 4.17 | % |
| 10.75 | % |
| 12.75 | % |
| 7.25 | % |
PF Van Kampen Mid-Cap Growth |
|
| 0.62 | % |
| 3.38 | % |
| 19.20 | % |
| 19.87 | % |
| 15.07 | % |
E-12
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To The Board of Trustees and Shareholders of
Pacific Funds:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Pacific Funds comprised of the Portfolio Optimization Funds (PF Optimization Model A, PF Optimization Model B, PF Optimization Model C, PF Optimization Model D, and PF Optimization Model E) (collectively the “Portfolio Optimization Funds”), and the PF AIM Blue Chip Fund, PF AIM Aggressive Growth Fund, PF Goldman Sachs Short Duration Bond Fund, PF INVESCO Health Sciences Fund, PF INVESCO Technology Fund, PF Janus Growth LT Fund, PF Lazard International Value Fund, PF MFS International Large-Cap Fund (formerly PF MFS Global Growth Fund), PF PIMCO Inflation Managed Fund, PF PIMCO Managed Bond Fund, PF Pacific Life Money Market Fund, PF Putnam Equity Income Fund, PF Salomon Brothers Large-Cap Value Fund, PF Van Kampen Comstock Fund (formerly PF Janus Strategic Value Fund), and PF Van Kampen Mid-Cap Growth Fund (formerly PF MFS Mid-Cap Growth Fund) (collectively the “Funds”) as of March 31, 2004, the related statements of operations for the year then ended, (as to the Portfolio Optimization Funds and PF Goldman Sachs Short Duration Bond Fund, for the period from commencement of operations through March 31, 2004), the statements of changes in net assets for each of the two years in the period then ended (as to the PF PIMCO Inflation Managed Fund, for the year ended March 31, 2004, and for the period from commencement of operations through March 31, 2003, and as to the Portfolio Optimization Funds and PF Goldman Sachs Short Duration Bond Fund, for the period from commencement of operations through March 31, 2004), and the financial highlights for the three periods from commencement of operations through March 31, 2004. These financial statements and financial highlights are the responsibility of the Portfolio Optimization Funds’ and the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial statements and financial highlights of the Funds for the years or periods ended March 31, 2002 and 2003 were audited by other auditors with reports dated May 16, 2002 and May 2, 2003, respectively, expresses an unqualified opinion on those financial statements and financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2004, by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements and financial highlights presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned Funds as of March 31, 2004, the results of their operations, the changes in their net assets, and the related financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America.
|
Philadelphia, PA May 14, 2004 |
F-1
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
ADDITIONAL INFORMATION
(UNAUDITED)
TAX INFORMATION
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) for each of the Funds that qualifies for the dividends-received deductions is as follows:
Funds |
| Percentage |
| ||
|
| ||||
PF Putnam Equity Income |
|
| 100.00 | % |
|
PF Salomon Brothers Large-Cap Value |
|
| 100.00 | % |
|
The PF PIMCO Inflation Managed Fund designated $6,235 as long-term capital gain dividend during the year ended March 31, 2004.
CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Upon the recommendation of the Audit Committee, the Board, including the Independent Trustees, who are not “interested persons” of the Funds, selected Deloitte & Touche LLP to replace Ernst & Young LLP (“E&Y”) as the Funds’ independent auditors, effective for the year ended March 31, 2004. E&Y’s reports on the Funds’ financial statements for the fiscal years ended March 31, 2002 and 2003 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to the uncertainty, audit scope, or accounting principles. During the periods or year ended March 31, 2002 and 2003 and the interim period commencing April 1, 2003 and ended June 25, 2003, (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused it to make reference to the subject matter of disagreements in connection with its report on the Funds’ financial statements for such year, and (ii) there were no ‘reportable events’ of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
SPECIAL MEETING OF SHAREHOLDERS
In accordance with Rule 30e-1(b), under the 1940 Act, the Funds are required to furnish certain information regarding any matters submitted to a vote of the Funds’ shareholders.
Shareholders of record on December 1, 2003, representing 802,295.165 shares of the PF Putnam Research Fund, were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the offices of the Funds on December 31, 2003. 92.028% of the outstanding shares of the PF Putnam Research Fund were voted at the Meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting is outlined as follows:
Proposal:
To approve or disapprove a Plan of Reorganization providing for the acquisition of all the assets and liabilities of the PF Putnam Research Fund by the PF AIM Blue Chip Fund, in exchange for shares of the PF AIM Blue Chip Fund.
Votes For |
| Votes Against |
Abstentions |
| Outstanding | |||||||||||||||
Number |
| Percent* |
| Number |
| Percent* |
| Number |
| Percent* |
| |||||||||
|
|
|
|
|
| |||||||||||||||
737,085.552 |
|
| 91.872% |
|
| 0.000 |
|
| 0.000% |
|
| 1,250.490 |
|
| 0.156% |
|
|
| 802,295.165 |
|
|
|
|
|
|
|
|
|
|
|
|
* Based on total shares outstanding.
G-1
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION
(UNAUDITED)
The business and affairs of the Funds are managed under the direction of the Board of Trustees under the Pacific Funds’ Declaration of Trust. Information pertaining to the trustees and officers of the Funds is set forth below. Trustees who are not deemed to be “interested persons” of the Funds, as defined in the 1940 Act are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Funds and thus are referred to as “Interested Persons”, because of their positions with Pacific Life. The Funds’ Statement of Additional Information (SAI) includes additional information about the trustees and is available without charge, upon request, by calling the Funds toll-free at 1-800-722-2333.
The address of each trustee and officer, is c/o Pacific Funds, 700 Newport Center Drive, Newport Beach, CA 92660.
Name and Age |
| Position(s) with the Fund |
| Principal Occupation(s) |
| Number of |
|
|
| ||||
|
|
|
|
|
|
|
INDEPENDENT TRUSTEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lucie H. Moore, 47 |
| Trustee since 6/13/01 |
| Trustee of Pacific Select Fund; Former partner (1994) with Gibson, Dunn & Crutcher (Law). |
| 52 |
|
|
|
|
|
|
|
Richard L. Nelson, 74 |
| Trustee since 6/13/01 |
| Trustee of Pacific Select Fund; Former Trustee (2001) and Trustee Emeritus (2003) PIMCO Funds, Multi-Manager Series; Former Director (2000) of Wynn’s International, Inc. (Industrial); Retired Partner (1983) with Ernst & Young LLP (Accounting and Auditing). |
| 52 |
|
|
|
|
|
|
|
Lyman W. Porter, 74 |
| Trustee since 6/13/01 |
| Trustee of Pacific Select Fund; Professor Emeritus of Management in the Graduate School of Management at the University of California, Irvine; Member of the Board of Trustees of the American University of Armenia; Former Trustee (2001) and Trustee Emeritus (2003) PIMCO Funds; Multi-Manager Series; Former Member (1995) of the Academic Advisory Board of the Czechoslovak Management Center; Former Dean (1983) of the Graduate School of Management, University of California, Irvine. |
| 52 |
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Alan Richards, 74 |
| Trustee since 6/13/01 |
| Trustee of Pacific Select Fund; Chairman of the Board and Director, NETirement.com, Inc. (Retirement Planning Software); Chairman of of IBIS Capital, LLC (Financial); Former Trustee (2001) and Trustee Emeritus (2003) PIMCO Funds; Multi-Manager Series; Former Director (1998) of Western National Corporation (Insurance Holding Company); Retired Chairman (1986) of E.F. Hutton Insurance Group; Former Director (1986) of E.F. Hutton and Company, Inc. (Financial). |
| 52 |
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G. Thomas Willis, 62 |
| Trustee since 3/18/04 |
| Trustee of Pacific Select Fund; Retired Partner (2002) of PricewaterhouseCoopers LLP(Accounting and Auditing). |
| 52 |
H-1
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(UNAUDITED)
Name and Age |
| Position(s) with the Fund |
| Principal Occupation(s) |
| Number of |
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INTERESTED PERSONS |
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Thomas C. Sutton, 61 |
| Chairman of the |
| Chairman of the Board, Director and Chief Executive Officer of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp; and similar positions with other subsidiaries and affiliates of Pacific Life; Chairman of the board and Trustee of Pacific Select Fund; Former Director of Newhall Land & Farming (2004); Director of The Irvine Company (Real Estate); Director of Edison International(Utilities); Former Management Board Member of PIMCO Advisors L.P. (1997); Former Equity Board Member of PIMCO Advisors L.P. (1997). |
| 52 |
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Glenn S. Schafer, 54 |
| President |
| President and Director of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; President of Pacific Select Fund; Director of Beckman Coulter, Inc. (Manufacturer of Bio-medical diagnostic systems), Former Management Board Member of PIMCO Advisors L.P. (2000); Former Equity Board Member of PIMCO Advisors L.P. (1997). |
| 52 |
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Brian D. Klemens, 47 |
| Vice President |
| Vice President and Treasurer of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life (12/98 to present); Assistant Vice President and Assistant Controller (4/94 to 12/98) of Pacific Life; and Vice President and Treasurer of Pacific Select Fund. |
| 52 |
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Diane N. Ledger, 64 | �� | Vice President |
| Vice President, Variable Regulatory Compliance of Pacific Life and Pacific Life & Annuity Company, and Vice President and Assistant Secretary of Pacific Select Fund. |
| 52 |
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Robin S. Yonis, 49 |
| Vice President |
| Assistant Vice President and Investment Counsel of Pacific Life. |
| 20 |
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Audrey L. Milfs, 57 |
| Secretary |
| Vice President, Director and Secretary of Pacific Life; Vice President and Secretary of Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries of Pacific Life; and Secretary of Pacific Select Fund. |
| 52 |
(1) | As of the close of business on March 31, 2004, the “Fund Complex” consisted of Pacific Funds (20 Funds) and Pacific Select Fund (32 portfolios). |
H-2
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
ANNUAL REPORT
as of March 31, 2004
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
1700 Market Street
25th Floor
Philadelphia, PA 19103
COUNSEL
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006-2401
PACIFIC FUNDS
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
3012-4A
Item 2. | Code of Ethics. |
(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. |
(b) During the period covered by this report, no amendments were made to the provisions of the code of ethics referenced in 2(a) above. |
(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics referenced in 2(a) above were granted. |
A copy of this code of ethics is filed as Exhibit 11(a) to this Form N-CSR. |
Item 3. | Audit Committee Financial Expert. |
The Registrant’s Board has determined that G. Thomas Willis, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor will it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Willis is retired partner of PricewaterhouseCoopers LLP. |
Item 4. | Principal Accountant Fees and Services. |
(a) The aggregate audit fees billed to The Registrant for fiscal year ended March 31, 2003 by Ernst & Young LLP, the Registrant’s principal accountant at that time were $109,500 and for March 31, 2004 by Deloitte & Touche LLP, the Registrant’s current principal accountant were $157,500. |
(b) Audit-Related Fees. There were no audit-related fees billed to the Registrant for the last two fiscal years by the principal accountants. |
(c) Tax Fees. The aggregate fees billed to the Registrant for professional services for tax compliance, tax advice or tax planning for the fiscal year ended March 31, 2003 by Ernst & Young LLP, the Registrant’s principal accountant at that time, were $26,815 and for March 31, 2004 by Deloitte & Touche LLP, the Registrant’s current principal accountant, were $0. |
(d) All Other Fees. None. |
(e)(1) | The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence: |
Pre-Approval Requirements for Services to the Registrant. Before the Auditor is engaged by the Registrant to render audit, audit related or permissible non-audit services, either: |
(i) | The Audit Committee shall pre-approve all audit related services and permissible non-audit services (e.g., tax services) to be provided to the Registrant; or |
(ii) | The Audit Committee shall establish policies and procedures governing the Auditor’s engagement. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee may delegate to one or more of |
its members the authority to grant pre-approvals; any matter approved by the delegated member shall be presented to the full Audit Committee at its next scheduled meeting. |
(iii) | De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Fund constitutes not more than 5 percent of the total amount of revenues paid by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person) to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee. |
Pre-Approval of Non-Audit Services Provided to the Adviser and Certain Control Persons. If the nature of the services provided have a direct impact on the operations or financial reporting of the Registrant, the Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant. |
(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) Not applicable. |
(g) The aggregate fees billed for the fiscal year ended March 31, 2003 by Ernst & Young LLP, the Registrant’s principal accountant at the time, and for the fiscal year ended March 31, 2004 by Deloitte & Touche LLP, the Registrant’s current principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $43,561 and $276,282, respectively. |
(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountants’ independence. |
Item 5. | Audit Committee of Listed Registrants—not applicable |
Item 6. | (Reserved) |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—not applicable |
Item 8. | (Reserved) |
Item 9. | There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors. |
Item 10. | Controls and Procedures |
(a) | The Chairman of the Board, President and Treasurer have evaluated the effectiveness of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment |
Company Act) and (a) concluded to recommend enhancements to Registrant’s Board of Trustees to (1) allocate responsibility and coordinate the gathering of information required by Item 5(a) of Form N-1A, and (2) enhance quality control procedures, and (b) concluded that the enhanced procedures are designed to ensure that information required to be disclosed on the Registrant’s reports on Form N-CSR is accumulated and communicated to them by appropriate persons to allow timely decisions regarding required disclosure, and is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms. |
(b) | There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 11. | Exhibits |
(a) | Code of ethics that is subject to the disclosure of Item 2 hereof. |
(b) | Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |