UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10385
Pacific Funds
(Exact name of registrant as specified in charter)
700 Newport Center Drive, P.O. Box 7500, Newport Beach, CA 92660
(Address of principal executive offices)
Robin S. Yonis
Vice President and Investment Counsel of
Pacific Life Insurance Company
700 Newport Center Drive
Post Office Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington D.C. 20006-2401
Registrant’s telephone number, including area code: (949) 219-6767
Date of fiscal year end: March 31
Date of reporting period: April 1, 2005 – September 30, 2005
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
TABLE OF CONTENTS
|
|
PACIFIC FUNDS |
|
A-1 | |
Financial Statements: |
|
B-1 | |
B-7 | |
B-10 | |
C-1 | |
D-1 | |
E-1 | |
F-1 | |
Approval of Investment Advisory Agreement and Fund Management Agreements | F-4 |
F-9 |
|
PACIFIC FUNDS |
PF PORTFOLIO OPTIMIZATION MODEL A |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 100.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF AIM Blue Chip Fund ‘A’ |
|
| 85,760 |
| $ | 900,482 |
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 650,118 |
|
| 6,377,658 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 46,778 |
|
| 493,038 |
|
PF Lazard International Value Fund ‘A’ |
|
| 68,438 |
|
| 951,970 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 34,192 |
|
| 473,216 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 461,806 |
|
| 4,701,183 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 241,177 |
|
| 2,544,418 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 4,323,325 |
|
| 4,323,325 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 118,094 |
|
| 1,404,140 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 53,645 |
|
| 661,974 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
| 22,831,404 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.17% |
|
|
|
|
| 22,831,404 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.17%) |
|
|
|
|
| (39,834 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 22,791,570 |
|
|
|
|
|
|
| ||
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
|
Affiliated Fixed Income Funds |
|
|
|
|
| 59.77 | % |
Affiliated Equity Funds |
|
|
|
|
| 21.43 | % |
Affiliated Money Market Fund |
|
|
|
|
| 18.97 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.17 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (0.17 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
PACIFIC FUNDS |
PF PORTFOLIO OPTIMIZATION MODEL B |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF AIM Blue Chip Fund ‘A’ |
|
| 425,813 |
| $ | 4,471,036 |
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 958,964 |
|
| 9,407,437 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 157,892 |
|
| 1,664,183 |
|
PF Lazard International Value Fund ‘A’ |
|
| 376,480 |
|
| 5,236,838 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 213,697 |
|
| 2,957,573 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 918,329 |
|
| 9,348,593 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 579,375 |
|
| 6,112,408 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 6,120,456 |
|
| 6,120,456 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 567,492 |
|
| 6,747,476 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 179,288 |
|
| 2,212,410 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
|
| 206,993 |
|
| 2,107,186 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
| 56,385,596 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.70% |
|
|
|
|
| 56,385,596 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.30% |
|
|
|
|
| 172,086 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 56,557,682 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 44.91 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 43.97 | % |
Affiliated Money Market Fund |
|
|
|
|
| 10.82 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.70 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.30 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-1 |
|
PACIFIC FUNDS |
PF PORTFOLIO OPTIMIZATION MODEL C |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF AIM Blue Chip Fund ‘A’ |
|
| 1,588,095 |
| $ | 16,674,994 |
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 1,844,794 |
|
| 18,097,428 |
|
PF Janus Growth LT Fund ‘A’ |
|
| 445,225 |
|
| 5,066,665 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 784,982 |
|
| 8,273,708 |
|
PF Lazard International Value Fund ‘A’ |
|
| 1,469,992 |
|
| 20,447,593 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 993,643 |
|
| 13,752,017 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 1,930,591 |
|
| 19,653,415 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 1,564,000 |
|
| 16,500,202 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 4,962,384 |
|
| 4,962,384 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 1,687,031 |
|
| 20,058,802 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 533,143 |
|
| 6,578,986 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
|
| 1,224,381 |
|
| 12,464,197 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 451,614 |
|
| 4,990,332 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
| 167,520,723 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.84% |
|
|
|
|
| 167,520,723 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.16% |
|
|
|
|
| 272,621 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 167,793,344 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 64.55 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 32.33 | % |
Affiliated Money Market Fund |
|
|
|
|
| 2.96 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.84 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.16 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
PACIFIC FUNDS |
PF PORTFOLIO OPTIMIZATION MODEL D |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF AIM Blue Chip Fund ‘A’ |
|
| 1,484,538 |
| $ | 15,587,649 |
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 788,127 |
|
| 7,731,523 |
|
PF Janus Growth LT Fund ‘A’ |
|
| 694,018 |
|
| 7,897,925 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 1,171,053 |
|
| 12,342,899 |
|
PF Lazard International Value Fund ‘A’ |
|
| 1,837,930 |
|
| 25,565,607 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 1,394,041 |
|
| 19,293,522 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 1,209,568 |
|
| 12,313,403 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 736,117 |
|
| 7,766,034 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 1,709,452 |
|
| 20,325,382 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 624,704 |
|
| 7,708,853 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
|
| 1,398,505 |
|
| 14,236,783 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 556,254 |
|
| 6,146,612 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
| 156,916,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.59% |
|
|
|
|
| 156,916,192 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.41% |
|
|
|
|
| 650,034 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 157,566,226 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 81.94 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 17.65 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.59 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.41 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-2 |
|
PACIFIC FUNDS |
PF PORTFOLIO OPTIMIZATION MODEL E |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF AIM Blue Chip Fund ‘A’ |
|
| 598,262 |
| $ | 6,281,748 |
|
PF Janus Growth LT Fund ‘A’ |
|
| 401,470 |
|
| 4,568,729 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 638,732 |
|
| 6,732,237 |
|
PF Lazard International Value Fund ‘A’ |
|
| 658,969 |
|
| 9,166,261 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 668,753 |
|
| 9,255,535 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 162,641 |
|
| 1,655,683 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 570,155 |
|
| 6,779,139 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 225,249 |
|
| 2,779,577 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ |
|
| 738,407 |
|
| 7,516,983 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 255,554 |
|
| 2,823,870 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
| 57,559,762 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.76% |
|
|
|
|
| 57,559,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.24% |
|
|
|
|
| 136,463 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 57,696,225 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 96.89 | % |
Affiliated Fixed Income Fund |
|
|
|
|
| 2.87 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.76 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.24 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-3 |
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 1.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Northern Santa Fe Corp |
|
| 5,080 |
| $ | 303,784 |
|
Canadian National Railway Co (Canada) |
|
| 5,645 |
|
| 400,739 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 704,523 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 15.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bed Bath & Beyond Inc * |
|
| 7,905 |
|
| 317,623 |
|
Best Buy Co Inc |
|
| 9,319 |
|
| 405,656 |
|
Cendant Corp |
|
| 16,713 |
|
| 344,956 |
|
Chico’s FAS Inc * |
|
| 6,974 |
|
| 256,643 |
|
eBay Inc * |
|
| 12,503 |
|
| 515,124 |
|
Federated Department Stores Inc |
|
| 5,066 |
|
| 338,763 |
|
J.C. Penney Co Inc |
|
| 9,035 |
|
| 428,440 |
|
Nike Inc ‘B’ |
|
| 7,340 |
|
| 599,531 |
|
Nordstrom Inc |
|
| 18,068 |
|
| 620,094 |
|
Staples Inc |
|
| 11,858 |
|
| 252,812 |
|
Starbucks Corp * |
|
| 6,550 |
|
| 328,155 |
|
Target Corp |
|
| 7,418 |
|
| 385,217 |
|
The Gillette Co |
|
| 11,744 |
|
| 683,501 |
|
The Home Depot Inc |
|
| 24,105 |
|
| 919,365 |
|
Yahoo! Inc * |
|
| 14,907 |
|
| 504,453 |
|
Yum! Brands Inc |
|
| 7,340 |
|
| 355,329 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,255,662 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVS Corp |
|
| 12,702 |
|
| 368,485 |
|
PepsiCo Inc |
|
| 9,373 |
|
| 531,543 |
|
The Procter & Gamble Co |
|
| 18,633 |
|
| 1,107,918 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,007,946 |
|
|
|
|
|
|
| ||
Energy - 4.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BJ Services Co |
|
| 16,486 |
|
| 593,331 |
|
ENSCO International Inc |
|
| 9,373 |
|
| 436,688 |
|
Valero Energy Corp |
|
| 8,416 |
|
| 951,513 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,981,532 |
|
|
|
|
|
|
| ||
Financial Services - 12.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co |
|
| 8,874 |
|
| 509,723 |
|
Bank of America Corp |
|
| 11,293 |
|
| 475,435 |
|
CIGNA Corp |
|
| 5,235 |
|
| 616,997 |
|
Franklin Resources Inc |
|
| 5,201 |
|
| 436,676 |
|
Genworth Financial Inc ‘A’ |
|
| 13,921 |
|
| 448,813 |
|
Merrill Lynch & Co Inc |
|
| 8,187 |
|
| 502,272 |
|
MGIC Investment Corp |
|
| 6,958 |
|
| 446,704 |
|
SLM Corp |
|
| 7,250 |
|
| 388,890 |
|
The Allstate Corp |
|
| 13,014 |
|
| 719,544 |
|
The Goldman Sachs Group Inc |
|
| 9,647 |
|
| 1,172,882 |
|
The Hartford Financial Services Group Inc |
|
| 6,664 |
|
| 514,261 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,232,197 |
|
|
|
|
|
|
| ||
Health Care - 23.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aetna Inc |
|
| 13,360 |
|
| 1,150,830 |
|
Alcon Inc (Switzerland) |
|
| 5,896 |
|
| 753,981 |
|
Allergan Inc |
|
| 4,291 |
|
| 393,141 |
|
Amgen Inc * |
|
| 13,308 |
|
| 1,060,248 |
|
C.R. Bard Inc |
|
| 3,953 |
|
| 261,017 |
|
Express Scripts Inc * |
|
| 4,595 |
|
| 285,809 |
|
Genentech Inc * |
|
| 4,742 |
|
| 399,324 |
|
Gilead Sciences Inc * |
|
| 7,537 |
|
| 367,504 |
|
HCA Inc |
|
| 12,576 |
|
| 602,642 |
|
Johnson & Johnson |
|
| 24,660 |
|
| 1,560,485 |
|
Medco Health Solutions Inc * |
|
| 5,993 |
|
| 328,596 |
|
Medtronic Inc |
|
| 10,390 |
|
| 557,112 |
|
Novartis AG ADR (Switzerland) |
|
| 8,013 |
|
| 408,663 |
|
Pfizer Inc |
|
| 12,221 |
| 305,158 |
| |
Roche Holding AG (Switzerland) |
|
| 4,349 |
|
| 604,033 |
|
UnitedHealth Group Inc |
|
| 12,332 |
|
| 693,058 |
|
Varian Medical Systems Inc * |
|
| 7,678 |
|
| 303,358 |
|
WellPoint Inc * |
|
| 11,381 |
|
| 862,907 |
|
Wyeth |
|
| 5,332 |
|
| 246,712 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 11,144,578 |
|
|
|
|
|
|
| ||
Integrated Oils - 4.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ConocoPhillips |
|
| 9,409 |
|
| 657,783 |
|
GlobalSantaFe Corp (Cayman) |
|
| 10,595 |
|
| 483,344 |
|
Schlumberger Ltd (Netherlands) |
|
| 9,440 |
|
| 796,548 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,937,675 |
|
|
|
|
|
|
| ||
Materials & Processing - 1.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
| 4,404 |
|
| 242,836 |
|
The Dow Chemical Co |
|
| 10,501 |
|
| 437,577 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 680,413 |
|
|
|
|
|
|
| ||
Multi-Industry - 3.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortune Brands Inc |
|
| 5,645 |
|
| 459,108 |
|
General Electric Co |
|
| 26,695 |
|
| 898,820 |
|
Tyco International Ltd (Bermuda) |
|
| 12,902 |
|
| 359,321 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,717,249 |
|
|
|
|
|
|
| ||
Producer Durables - 6.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D.R. Horton Inc |
|
| 13,529 |
|
| 490,020 |
|
Danaher Corp |
|
| 9,373 |
|
| 504,549 |
|
KLA-Tencor Corp |
|
| 8,583 |
|
| 418,507 |
|
Lockheed Martin Corp |
|
| 8,357 |
|
| 510,111 |
|
The Boeing Co |
|
| 5,759 |
|
| 391,324 |
|
United Technologies Corp |
|
| 11,858 |
|
| 614,719 |
|
Waters Corp * |
|
| 5,733 |
|
| 238,493 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,167,723 |
|
|
|
|
|
|
| ||
Technology - 20.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amdocs Ltd * (United Kingdom) |
|
| 20,328 |
|
| 563,695 |
|
Analog Devices Inc |
|
| 22,278 |
|
| 827,405 |
|
Apple Computer Inc * |
|
| 5,872 |
|
| 314,798 |
|
Cisco Systems Inc * |
|
| 40,991 |
|
| 734,969 |
|
Dell Inc * |
|
| 21,118 |
|
| 722,236 |
|
EMC Corp * |
|
| 57,025 |
|
| 737,903 |
|
General Dynamics Corp |
|
| 4,226 |
|
| 505,218 |
|
Intel Corp |
|
| 19,978 |
|
| 492,458 |
|
Marvell Technology Group Ltd * (Bermuda) |
|
| 6,347 |
|
| 292,660 |
|
Microchip Technology Inc |
|
| 9,239 |
|
| 278,279 |
|
Microsoft Corp |
|
| 46,549 |
|
| 1,197,706 |
|
Oracle Corp * |
|
| 71,367 |
|
| 884,237 |
|
QUALCOMM Inc |
|
| 24,843 |
|
| 1,111,724 |
|
Symantec Corp * |
|
| 29,020 |
|
| 657,593 |
|
Taiwan Semiconductor Manufacturing Co Ltd ADR (Taiwan) |
|
| 31,459 |
|
| 258,593 |
|
Texas Instruments Inc |
|
| 11,102 |
|
| 376,358 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,955,832 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 46,785,330 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-4
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENT - 3.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 3.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
| $ | 1,592,000 |
| $ | 1,591,719 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
| 1,591,719 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.34% |
|
|
|
|
| 48,377,049 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.34%) |
|
|
|
|
| (164,745 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 48,212,304 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
| Health Care |
|
| 23.12 | % |
| Technology |
|
| 20.65 | % |
| Consumer Discretionary |
|
| 15.05 | % |
| Financial Services |
|
| 12.93 | % |
| Producer Durables |
|
| 6.57 | % |
| Consumer Staples |
|
| 4.16 | % |
| Energy |
|
| 4.11 | % |
| Integrated Oils |
|
| 4.02 | % |
| Multi-Industry |
|
| 3.56 | % |
| Short-Term Investment |
|
| 3.30 | % |
| Autos & Transportation |
|
| 1.46 | % |
| Materials & Processing |
|
| 1.41 | % |
|
|
|
| ||
|
|
|
| 100.34 | % |
| Other Assets & Liabilities, Net |
|
| (0.34 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(c) Transactions in written options for the period ended September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
| Premium |
| ||
Outstanding, March 31, 2005 |
|
| 138 |
| $ | 12,946 |
|
Call Options Written |
|
| 167 |
|
| 18,564 |
|
Call Options Expired |
|
| (305 | ) |
| (31,510 | ) |
|
| ||||||
Outstanding, September 30, 2005 |
|
| — |
| $ | — |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-5
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 87.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 11.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Axle & Manufacturing Holdings Inc |
|
| 3,900 |
| $ | 90,012 |
|
Forward Air Corp |
|
| 5,000 |
|
| 184,200 |
|
Heartland Express Inc |
|
| 11,400 |
|
| 231,876 |
|
Hub Group Inc ‘A’ * |
|
| 2,500 |
|
| 91,775 |
|
Modine Manufacturing Co |
|
| 5,000 |
|
| 183,400 |
|
Offshore Logistics Inc * |
|
| 4,700 |
|
| 173,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 955,163 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 23.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blyth Inc |
|
| 7,900 |
|
| 176,091 |
|
Christopher & Banks Corp |
|
| 3,900 |
|
| 54,093 |
|
Courier Corp |
|
| 2,500 |
|
| 93,500 |
|
Elizabeth Arden Inc * |
|
| 1,900 |
|
| 41,002 |
|
Emmis Communications Corp ‘A’ * |
|
| 12,200 |
|
| 269,498 |
|
G&K Services Inc ‘A’ |
|
| 5,600 |
|
| 220,584 |
|
Journal Register Co |
|
| 11,800 |
|
| 190,924 |
|
Korn/Ferry International * |
|
| 2,500 |
|
| 40,975 |
|
LoJack Corp * |
|
| 4,200 |
|
| 88,788 |
|
MWI Veterinary Supply Inc * |
|
| 1,100 |
|
| 21,945 |
|
Navigant Consulting Inc * |
|
| 3,500 |
|
| 67,060 |
|
Ritchie Bros. Auctioneers Inc (Canada) |
|
| 3,100 |
|
| 136,369 |
|
Rollins Inc |
|
| 10,100 |
|
| 197,152 |
|
The Steak n Shake Co * |
|
| 7,100 |
|
| 128,865 |
|
Universal Technical Institute Inc * |
|
| 2,100 |
|
| 74,781 |
|
Watson Wyatt & Co Holdings |
|
| 4,700 |
|
| 126,665 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,928,292 |
|
|
|
|
|
|
| ||
Energy - 6.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARBO Ceramics Inc |
|
| 4,600 |
|
| 303,554 |
|
Hydril Co * |
|
| 1,300 |
|
| 89,232 |
|
TETRA Technologies Inc * |
|
| 4,800 |
|
| 149,856 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 542,642 |
|
|
|
|
|
|
| ||
Financial Services - 17.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Equity Investment Life Holding Co |
|
| 4,900 |
|
| 55,615 |
|
Assured Guaranty Ltd (Bermuda) |
|
| 17,100 |
|
| 409,203 |
|
Boston Private Financial Holdings Inc |
|
| 5,600 |
|
| 148,624 |
|
FactSet Research Systems Inc |
|
| 2,200 |
|
| 77,528 |
|
Financial Federal Corp |
|
| 2,400 |
|
| 95,520 |
|
Greater Bay Bancorp |
|
| 2,500 |
|
| 61,600 |
|
Hilb Rogal & Hobbs Co |
|
| 3,000 |
|
| 111,960 |
|
ITLA Capital Corp * |
|
| 2,000 |
|
| 104,980 |
|
RLI Corp |
|
| 2,800 |
|
| 129,528 |
|
W.P. Stewart & Co Ltd (Bermuda) |
|
| 3,900 |
|
| 87,048 |
|
Wintrust Financial Corp |
|
| 2,200 |
|
| 110,572 |
|
World Acceptance Corp * |
|
| 1,500 |
|
| 38,115 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,430,293 |
|
|
|
|
|
|
| ||
Health Care - 7.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apria Healthcare Group Inc * |
|
| 4,400 |
|
| 140,404 |
|
Computer Programs & Systems Inc |
|
| 1,600 |
|
| 55,264 |
|
Hooper Holmes Inc |
|
| 6,000 |
|
| 23,580 |
|
ICU Medical Inc * |
|
| 3,100 |
|
| 89,156 |
|
K-V Pharmaceutical Co ‘A’ * |
|
| 9,600 |
|
| 170,592 |
|
Landauer Inc |
|
| 1,500 |
|
| 73,500 |
|
Young Innovations Inc |
|
| 1,300 |
|
| 49,218 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 601,714 |
|
|
|
|
|
|
| ||
Materials & Processing - 6.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCOL International Corp |
|
| 3,800 |
|
| 72,466 |
|
Cabot Microelectronics Corp * |
|
| 2,500 |
|
| 73,450 |
|
CLARCOR Inc |
|
| 3,300 |
|
| 94,776 |
|
Drew Industries Inc * |
|
| 2,400 |
|
| 61,944 |
|
OM Group Inc * |
|
| 3,400 |
|
| 68,442 |
|
Spartech Corp |
|
| 9,000 |
|
| 175,860 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 546,938 |
|
|
|
|
|
|
| ||
Producer Durables - 6.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Corp * |
|
| 900 |
|
| 25,398 |
|
Bucyrus International Inc ‘A’ |
|
| 2,200 |
|
| 108,086 |
|
Lindsay Manufacturing Co |
|
| 1,400 |
|
| 30,814 |
|
Mine Safety Appliances Co |
|
| 1,000 |
|
| 38,700 |
|
Regal-Beloit Corp |
|
| 5,100 |
|
| 165,444 |
|
Robbins & Myers Inc |
|
| 4,400 |
|
| 98,912 |
|
The Middleby Corp * |
|
| 1,400 |
|
| 101,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 568,854 |
|
|
|
|
|
|
| ||
Technology - 7.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daktronics Inc |
|
| 2,800 |
|
| 67,144 |
|
j2 Global Communications Inc * |
|
| 2,300 |
|
| 92,966 |
|
Kanbay International Inc * |
|
| 6,300 |
|
| 118,440 |
|
Methode Electronics Inc |
|
| 8,800 |
|
| 101,376 |
|
ScanSource Inc * |
|
| 4,700 |
|
| 229,078 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 609,004 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 7,182,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 87.97% |
|
|
|
|
| 7,182,900 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 12.03% |
|
|
|
|
| 981,853 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 8,164,753 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
| Consumer Discretionary |
|
| 23.62 | % |
| Financial Services |
|
| 17.52 | % |
| Autos & Transportation |
|
| 11.70 | % |
| Technology |
|
| 7.46 | % |
| Health Care |
|
| 7.37 | % |
| Producer Durables |
|
| 6.96 | % |
| Materials & Processing |
|
| 6.70 | % |
| Energy |
|
| 6.64 | % |
|
|
|
| ||
|
|
|
| 87.97 | % |
| Other Assets & Liabilities, Net |
|
| 12.03 | % |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
(b) Transactions in written options for the period ended September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
|
| Number of |
|
| Premium |
|
Outstanding, March 31, 2005 |
|
| 53 |
| $ | 5,285 |
|
Call Options Written |
|
| 129 |
|
| 17,499 |
|
Call Options Expired |
|
| (82 | ) |
| (8,819 | ) |
Call Options Repurchased |
|
| (100 | ) |
| (13,965 | ) |
|
| ||||||
Outstanding, September 30, 2005 |
|
| — |
| $ | — |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-6
PACIFIC FUNDS
PF GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
U.S. GOVERNMENT AGENCY ISSUES - 66.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
2.250% due 02/28/06 |
| $ | 1,000,000 |
| $ | 993,250 |
|
2.300% due 04/28/06 |
|
| 500,000 |
|
| 494,580 |
|
2.350% due 07/28/06 |
|
| 1,000,000 |
|
| 984,412 |
|
2.375% due 03/30/07 |
|
| 1,000,000 |
|
| 971,138 |
|
2.500% due 05/12/06 |
|
| 400,000 |
|
| 395,826 |
|
2.625% due 01/19/07 |
|
| 1,000,000 |
|
| 978,393 |
|
3.250% due 07/12/06 |
|
| 1,000,000 |
|
| 992,095 |
|
3.550% due 01/12/07 |
|
| 1,500,000 |
|
| 1,484,919 |
|
Federal Farm Credit Bank |
|
|
|
|
|
|
|
1.850% due 03/03/06 |
|
| 1,200,000 |
|
| 1,189,580 |
|
3.125% due 02/01/08 |
|
| 1,000,000 |
|
| 972,359 |
|
3.800% due 09/07/07 |
|
| 2,000,000 |
|
| 1,979,272 |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
1.700% due 12/30/05 |
|
| 1,500,000 |
|
| 1,491,876 |
|
1.720% due 01/23/06 |
|
| 500,000 |
|
| 496,565 |
|
2.000% due 02/13/06 |
|
| 500,000 |
|
| 496,358 |
|
2.010% due 03/17/06 |
|
| 1,000,000 |
|
| 990,686 |
|
2.100% due 11/21/05 |
|
| 1,000,000 |
|
| 997,513 |
|
2.300% due 08/30/06 |
|
| 400,000 |
|
| 392,861 |
|
2.320% due 07/24/06 |
|
| 2,000,000 |
|
| 1,968,510 |
|
2.500% due 03/13/06 |
|
| 500,000 |
|
| 496,588 |
|
2.720% due 10/26/06 |
|
| 1,000,000 |
|
| 983,224 |
|
3.000% due 05/15/06 |
|
| 1,000,000 |
|
| 992,417 |
|
3.303% due 09/07/07 § |
|
| 1,000,000 |
|
| 986,180 |
|
3.375% due 02/15/08 |
|
| 1,000,000 |
|
| 976,832 |
|
3.800% due 12/29/06 |
|
| 700,000 |
|
| 695,329 |
|
4.875% due 02/15/07 |
|
| 1,000,000 |
|
| 1,006,445 |
|
6.500% due 11/15/05 |
|
| 500,000 |
|
| 501,230 |
|
Freddie Mac |
|
|
|
|
|
|
|
2.050% due 07/14/06 |
|
| 2,000,000 |
|
| 1,965,860 |
|
2.270% due 04/28/06 |
|
| 500,000 |
|
| 494,497 |
|
2.550% due 04/19/07 |
|
| 400,000 |
|
| 389,461 |
|
2.810% due 02/02/06 |
|
| 500,000 |
|
| 498,118 | �� |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Government Agency Issues |
|
|
|
|
| 28,256,374 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 19.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes - 19.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.375% due 02/28/07 |
|
| 3,500,000 |
|
| 3,462,816 |
|
3.625% due 04/30/07 |
|
| 3,150,000 |
|
| 3,124,409 |
|
3.750% due 05/15/08 |
|
| 500,000 |
|
| 494,805 |
|
4.000% due 04/15/10 |
|
| 300,000 |
|
| 297,363 |
|
4.250% due 08/15/13 |
|
| 400,000 |
|
| 398,750 |
|
4.750% due 05/15/14 |
|
| 350,000 |
|
| 360,692 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,138,835 |
|
|
|
|
|
|
| ||
U.S. Treasury Strips - 0.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
0.000% due 11/15/22 |
|
| 300,000 |
|
| 135,451 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
| 8,274,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
| |||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 9.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 9.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 1,918,832 |
|
| 1,918,832 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,918,832 |
|
| 1,918,832 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,837,664 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 3,837,664 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 94.87% |
|
|
|
|
| 40,368,324 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 5.13% |
|
|
|
|
| 2,181,519 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 42,549,843 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
U.S. Government Agency Issues |
|
| 66.41 | % |
U.S. Treasury Obligations |
|
| 19.44 | % |
Short-Term Investments |
|
| 9.02 | % |
|
|
| ||
|
|
| 94.87 | % |
Other Assets & Liabilities, Net |
|
| 5.13 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(b) The amount of $35,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized |
|
|
|
| Number of |
|
| Notional |
|
| Appreciation |
|
Long Futures Outstanding |
|
| Contracts |
|
| Amount |
|
| (Depreciation) |
|
| ||||||||||
Eurodollar (03/06) |
|
| 7 |
| $ | 7,000,000 |
| $ | (6,850 | ) |
U.S. Treasury 2-Year Notes (12/05) |
|
| 61 |
|
| 12,200,000 |
|
| (58,113 | ) |
U.S. Treasury 5-Year Notes (12/05) |
|
| 16 |
|
| 1,600,000 |
|
| (10,654 | ) |
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Eurodollar (12/05) |
|
| 4 |
|
| 4,000,000 |
|
| 2,902 |
|
Eurodollar (03/07) |
|
| 3 |
|
| 3,000,000 |
|
| 4,248 |
|
U.S. Treasury 20-Year Bonds (12/05) |
|
| 5 |
|
| 500,000 |
|
| 6,420 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| $ | (62,047 | ) |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-7
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
PREFERRED STOCKS - 0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services - 0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
| 1,200 |
| $ | 66,075 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Preferred Stocks |
|
|
|
|
| 66,075 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
COMMON STOCKS - 95.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 7.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayerische Motoren Werke AG (Germany) |
|
| 5,144 |
|
| 241,481 |
|
C.H. Robinson Worldwide Inc |
|
| 4,230 |
|
| 271,228 |
|
Canadian National Railway Co (Canada) |
|
| 8,837 |
|
| 627,339 |
|
FedEx Corp |
|
| 4,110 |
|
| 358,104 |
|
Harley-Davidson Inc |
|
| 3,180 |
|
| 154,039 |
|
Union Pacific Corp |
|
| 3,355 |
|
| 240,554 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,892,745 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 23.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amazon.com Inc * |
|
| 1,930 |
|
| 87,429 |
|
Best Buy Co Inc |
|
| 5,440 |
|
| 236,803 |
|
BMTC Group Inc ‘A’ (Canada) |
|
| 9,592 |
|
| 115,516 |
|
eBay Inc * |
|
| 3,485 |
|
| 143,582 |
|
Electronic Arts Inc * |
|
| 6,755 |
|
| 384,292 |
|
Google Inc ‘A’ * |
|
| 595 |
|
| 188,294 |
|
Harman International Industries Inc |
|
| 2,405 |
|
| 245,959 |
|
Lamar Advertising Co ‘A’ * |
|
| 3,820 |
|
| 173,275 |
|
Liberty Global Inc ‘A’ * |
|
| 5,201 |
|
| 140,843 |
|
Liberty Global Inc ‘C’ * |
|
| 5,201 |
|
| 133,926 |
|
Liberty Media Corp ‘A’ * |
|
| 55,556 |
|
| 447,226 |
|
Lions Gate Entertainment Corp * (Canada) |
|
| 8,240 |
|
| 78,610 |
|
Lowe’s Cos Inc |
|
| 4,250 |
|
| 273,700 |
|
LVMH Moet Hennessy Louis Vuitton SA (France) |
|
| 4,475 |
|
| 368,950 |
|
Marvel Entertainment Inc * |
|
| 7,005 |
|
| 125,179 |
|
Nike Inc ‘B’ |
|
| 5,150 |
|
| 420,652 |
|
PETsMART Inc |
|
| 3,765 |
|
| 82,002 |
|
R.R. Donnelley & Sons Co |
|
| 3,385 |
|
| 125,482 |
|
Staples Inc |
|
| 17,487 |
|
| 372,823 |
|
Starwood Hotels & Resorts Worldwide Inc |
|
| 8,405 |
|
| 480,514 |
|
The Walt Disney Co |
|
| 6,585 |
|
| 158,896 |
|
Time Warner Inc |
|
| 21,365 |
|
| 386,920 |
|
Univision Communications Inc ‘A’ * |
|
| 4,560 |
|
| 120,977 |
|
Yahoo! Inc * |
|
| 23,585 |
|
| 798,116 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,089,966 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dean Foods Co * |
|
| 4,585 |
|
| 178,173 |
|
The Procter & Gamble Co |
|
| 12,455 |
|
| 740,574 |
|
Whole Foods Market Inc |
|
| 1,795 |
|
| 241,338 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,160,085 |
|
|
|
|
|
|
| ||
Energy - 2.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Corp |
|
| 2,805 |
|
| 210,992 |
|
BJ Services Co |
|
| 9,350 |
|
| 336,507 |
|
Reliant Energy Inc * |
|
| 10,010 |
|
| 154,554 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 702,053 |
|
|
|
|
|
|
| ||
Financial Services - 11.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American International Group Inc |
|
| 3,255 |
|
| 201,680 |
|
Automatic Data Processing Inc |
|
| 4,460 |
|
| 191,958 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 241 |
|
| 658,171 |
|
Chicago Mercantile Exchange Holdings Inc |
|
| 285 |
|
| 96,131 |
|
Citigroup Inc |
|
| 4,170 |
|
| 189,818 |
|
Fannie Mae |
|
| 2,315 |
|
| 103,758 |
|
International Securities Exchange Inc * |
|
| 5,735 |
|
| 134,199 |
|
JPMorgan Chase & Co |
|
| 22,468 |
|
| 762,339 |
|
NewAlliance Bancshares Inc |
|
| 11,805 |
|
| 172,825 |
|
Standard Chartered PLC (United Kingdom) |
|
| 10,213 |
|
| 220,307 |
|
The Goldman Sachs Group Inc |
|
| 2,245 |
|
| 272,947 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,004,133 |
|
|
|
|
|
|
| ||
Health Care - 16.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aetna Inc |
|
| 2,835 |
|
| 244,207 |
|
Caremark Rx Inc * |
|
| 11,145 |
|
| 556,470 |
|
Celgene Corp * |
|
| 5,510 |
|
| 299,303 |
|
Coventry Health Care Inc * |
|
| 4,160 |
|
| 357,843 |
|
Eli Lilly & Co |
|
| 6,270 |
|
| 335,570 |
|
LifePoint Hospitals Inc * |
|
| 3,965 |
|
| 173,390 |
|
Manor Care Inc |
|
| 3,975 |
|
| 152,680 |
|
Neurocrine Biosciences Inc * |
|
| 2,225 |
|
| 109,448 |
|
Roche Holding AG (Switzerland) |
|
| 6,064 |
|
| 842,229 |
|
Sanofi-Aventis (France) |
|
| 3,476 |
|
| 287,212 |
|
UnitedHealth Group Inc |
|
| 15,485 |
|
| 870,257 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,228,609 |
|
|
|
|
|
|
| ||
Integrated Oils - 3.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amerada Hess Corp |
|
| 1,170 |
|
| 160,875 |
|
BP PLC ADR (United Kingdom) |
|
| 7,370 |
|
| 522,165 |
|
EnCana Corp (NYSE) (Canada) |
|
| 3,240 |
|
| 188,924 |
|
GlobalSantaFe Corp (Cayman) |
|
| 3,265 |
|
| 148,949 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,020,913 |
|
|
|
|
|
|
| ||
Materials & Processing - 2.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delta & Pine Land Co |
|
| 3,625 |
|
| 95,736 |
|
Givaudan SA (Switzerland) |
|
| 300 |
|
| 192,113 |
|
POSCO (S. Korea) |
|
| 560 |
|
| 125,578 |
|
Syngenta AG * (Switzerland) |
|
| 1,147 |
|
| 120,056 |
|
Syngenta AG ADR * (Switzerland) |
|
| 1,285 |
|
| 26,985 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 560,468 |
|
|
|
|
|
|
| ||
Multi-Industry - 4.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 24,745 |
|
| 833,164 |
|
Smiths Group PLC (United Kingdom) |
|
| 19,348 |
|
| 327,267 |
|
Tyco International Ltd (Bermuda) |
|
| 5,140 |
|
| 143,149 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,303,580 |
|
|
|
|
|
|
| ||
Producer Durables - 1.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lockheed Martin Corp |
|
| 4,900 |
|
| 299,096 |
|
Pentair Inc |
|
| 2,180 |
|
| 79,570 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 378,666 |
|
|
|
|
|
|
| ||
Technology - 16.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc |
|
| 5,325 |
|
| 158,951 |
|
Check Point Software Technologies Ltd * (Israel) |
|
| 5,155 |
|
| 125,370 |
|
Cisco Systems Inc * |
|
| 28,020 |
|
| 502,399 |
|
Corning Inc * |
|
| 12,265 |
|
| 237,083 |
|
Dell Inc * |
|
| 11,140 |
|
| 380,988 |
|
Hewlett-Packard Co |
|
| 11,125 |
|
| 324,850 |
|
Maxim Integrated Products Inc |
|
| 11,645 |
|
| 496,659 |
|
Microsoft Corp |
|
| 27,685 |
|
| 712,335 |
|
Motorola Inc |
|
| 11,065 |
|
| 244,426 |
|
SafeNet Inc * |
|
| 3,195 |
|
| 116,010 |
|
Samsung Electronics Co Ltd (S. Korea) |
|
| 660 |
|
| 371,902 |
|
Texas Instruments Inc |
|
| 21,920 |
|
| 743,088 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,414,061 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-8
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Utilities - 2.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comcast Corp Special ‘A’ * |
|
| 8,980 |
| $ | 258,444 |
|
Nextel Partners Inc ‘A’ * |
|
| 10,855 |
|
| 272,461 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 530,905 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 25,286,184 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 4.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 4.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prudential Funding |
| $ | 1,100,000 |
|
| 1,099,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 0.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 42,177 |
|
| 42,177 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 42,177 |
|
| 42,177 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 84,354 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 1,184,122 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.65% |
|
|
|
|
| 26,536,381 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.65%) |
|
|
|
|
| (171,302 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 26,365,079 |
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 23.10 | % |
Technology |
|
| 16.74 | % |
Health Care |
|
| 16.04 | % |
Financial Services |
|
| 11.65 | % |
Autos & Transportation |
|
| 7.18 | % |
Multi-Industry |
|
| 4.94 | % |
Short-Term Investments |
|
| 4.49 | % |
Consumer Staples |
|
| 4.40 | % |
Integrated Oils |
|
| 3.87 | % |
Energy |
|
| 2.66 | % |
Materials & Processing |
|
| 2.13 | % |
Utilities |
|
| 2.01 | % |
Producer Durables |
|
| 1.44 | % |
|
|
| ||
|
|
| 100.65 | % |
Other Assets & Liabilities, Net |
|
| (0.65 | %) |
|
|
| ||
|
|
| 100.00 | % |
|
|
| ||
|
|
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | ||||
| ||||
(c) Forward foreign currency contracts outstanding as of September 30, 2005 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
|
|
| Principal Amount |
|
|
|
|
|
|
|
to Buy or |
|
|
|
|
| Covered by |
|
|
|
|
| Unrealized |
|
to Sell |
|
| Currency |
|
| Contracts |
|
| Expiration |
|
| Appreciation |
|
| |||||||||||||
Sell |
|
| CHF |
|
| 335,000 |
|
| 01/06 |
| $ | 3,856 |
|
Sell |
|
| CHF |
|
| 125,000 |
|
| 02/06 |
|
| 3,284 |
|
Sell |
|
| EUR |
|
| 25,000 |
|
| 12/05 |
|
| 452 |
|
Sell |
|
| EUR |
|
| 190,000 |
|
| 01/06 |
|
| 6,830 |
|
Buy |
|
| KRW |
|
| 65,000,000 |
|
| 11/05 |
|
| 386 |
|
Sell |
|
| KRW |
|
| 220,000,000 |
|
| 11/05 |
|
| 7,663 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| $ | 22,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-9
|
PACIFIC FUNDS |
PF LAZARD MID-CAP VALUE FUND |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 8.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNF Inc |
|
| 8,500 |
| $ | 446,250 |
|
Laidlaw International Inc |
|
| 18,000 |
|
| 435,060 |
|
Lear Corp |
|
| 15,000 |
|
| 509,550 |
|
Norfolk Southern Corp |
|
| 17,700 |
|
| 717,912 |
|
Southwest Airlines Co |
|
| 23,900 |
|
| 354,915 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,463,687 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 31.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARAMARK Corp ‘B’ |
|
| 24,800 |
|
| 662,408 |
|
Belo Corp ‘A’ |
|
| 24,700 |
|
| 564,642 |
|
Brinker International Inc * |
|
| 10,000 |
|
| 375,600 |
|
CDW Corp |
|
| 7,900 |
|
| 465,468 |
|
Dex Media Inc |
|
| 36,700 |
|
| 1,019,893 |
|
Dollar Tree Stores Inc * |
|
| 24,500 |
|
| 530,425 |
|
Expedia Inc * |
|
| 20,400 |
|
| 404,124 |
|
Foot Locker Inc |
|
| 20,600 |
|
| 451,964 |
|
GTECH Holdings Corp |
|
| 18,600 |
|
| 596,316 |
|
Liz Claiborne Inc |
|
| 13,000 |
|
| 511,160 |
|
MSC Industrial Direct Co Inc ‘A’ |
|
| 5,200 |
|
| 172,484 |
|
Newell Rubbermaid Inc |
|
| 20,400 |
|
| 462,060 |
|
Pier 1 Imports Inc |
|
| 30,700 |
|
| 345,989 |
|
Republic Services Inc |
|
| 9,000 |
|
| 317,610 |
|
Royal Caribbean Cruises Ltd (Liberia) |
|
| 10,800 |
|
| 466,560 |
|
Sears Holdings Corp * |
|
| 2,151 |
|
| 267,627 |
|
Service Corp International |
|
| 45,700 |
|
| 378,853 |
|
The Stanley Works |
|
| 9,900 |
|
| 462,132 |
|
Westwood One Inc |
|
| 43,800 |
|
| 871,182 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,326,497 |
|
|
|
|
|
|
| ||
Consumer Staples - 1.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Pepsi Bottling Group Inc |
|
| 19,700 |
|
| 562,435 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy - 4.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baker Hughes Inc |
|
| 6,000 |
|
| 358,080 |
|
BJ Services Co |
|
| 14,000 |
|
| 503,860 |
|
The Williams Cos Inc |
|
| 16,100 |
|
| 403,305 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,265,245 |
|
|
|
|
|
|
| ||
Financial Services - 20.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmSouth Bancorp |
|
| 13,000 |
|
| 328,380 |
|
City National Corp |
|
| 3,800 |
|
| 266,342 |
|
DST Systems Inc * |
|
| 9,300 |
|
| 509,919 |
|
Federated Investors Inc ‘B’ |
|
| 12,300 |
|
| 408,729 |
|
Health Care Property Investors Inc |
|
| 14,400 |
|
| 388,656 |
|
Hudson City Bancorp Inc |
|
| 27,800 |
|
| 330,820 |
|
Jefferson-Pilot Corp |
|
| 11,900 |
|
| 608,923 |
|
Mercantile Bankshares Corp |
|
| 5,100 |
|
| 274,788 |
|
MGIC Investment Corp |
|
| 7,300 |
|
| 468,660 |
|
North Fork Bancorp Inc |
|
| 12,900 |
|
| 328,950 |
|
PartnerRe Ltd (Bermuda) |
|
| 2,100 |
|
| 134,505 |
|
Protective Life Corp |
|
| 17,900 |
|
| 737,122 |
|
RenaissanceRe Holdings Ltd (Bermuda) |
|
| 6,700 |
|
| 292,991 |
|
The First Marblehead Corp |
|
| 10,900 |
|
| 276,860 |
|
Trizec Properties Inc |
|
| 12,600 |
|
| 290,556 |
|
Willis Group Holdings Ltd (Bermuda) |
|
| 11,000 |
|
| 413,050 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,059,251 |
|
|
|
|
|
|
| ||
Health Care - 1.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Laboratory Corp of America Holdings * |
|
| 12,200 |
|
| 594,262 |
|
|
|
|
|
|
|
Integrated Oils - 1.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 7,600 |
|
| 346,712 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Materials & Processing - 9.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ball Corp |
|
| 14,500 |
|
| 532,730 |
|
Cabot Corp |
|
| 5,300 |
|
| 174,953 |
|
Celanese Corp ‘A’ |
|
| 22,500 |
|
| 388,125 |
|
Louisiana-Pacific Corp |
|
| 22,700 |
|
| 628,563 |
|
Pactiv Corp * |
|
| 15,500 |
|
| 271,560 |
|
Rohm & Haas Co |
|
| 6,300 |
|
| 259,119 |
|
Temple-Inland Inc |
|
| 14,700 |
|
| 600,495 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,855,545 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortune Brands Inc |
|
| 5,700 |
|
| 463,581 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 2.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dover Corp |
|
| 13,100 |
|
| 534,349 |
|
Polycom Inc * |
|
| 12,300 |
|
| 198,891 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 733,240 |
|
|
|
|
|
|
| ||
Technology - 9.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrow Electronics Inc * |
|
| 16,200 |
|
| 508,032 |
|
Avaya Inc * |
|
| 67,800 |
|
| 698,340 |
|
BEA Systems Inc * |
|
| 53,900 |
|
| 484,022 |
|
Ingram Micro Inc ‘A’ * |
|
| 32,200 |
|
| 596,988 |
|
Vishay Intertechnology Inc * |
|
| 35,200 |
|
| 420,640 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,708,022 |
|
|
|
|
|
|
| ||
Utilities - 4.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 5,746 |
|
| 374,122 |
|
Citizens Communications Co |
|
| 43,800 |
|
| 593,490 |
|
PanAmSat Holding Corp |
|
| 20,000 |
|
| 484,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,451,612 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 28,830,089 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 10.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 10.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 1,533,449 |
|
| 1,533,449 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,533,448 |
|
| 1,533,448 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,066,897 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 3,066,897 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 106.84% |
|
|
|
|
| 31,896,986 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (6.84%) |
|
|
|
|
| (2,042,363 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 29,854,623 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-10
|
PACIFIC FUNDS |
PF LAZARD MID-CAP VALUE FUND |
Schedule of Investments (Continued) |
September 30, 2005 (Unaudited) |
Note to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
| |
| Consumer Discretionary |
|
| 31.24 | % |
| Financial Services |
|
| 20.30 | % |
| Short-Term Investments |
|
| 10.27 | % |
| Materials & Processing |
|
| 9.57 | % |
| Technology |
|
| 9.07 | % |
| Autos & Transportation |
|
| 8.25 | % |
| Utilities |
|
| 4.86 | % |
| Energy |
|
| 4.24 | % |
| Producer Durables |
|
| 2.46 | % |
| Health Care |
|
| 1.99 | % |
| Consumer Staples |
|
| 1.88 | % |
| Multi-Industry |
|
| 1.55 | % |
| Integrated Oils |
|
| 1.16 | % |
|
|
|
| ||
|
|
|
| 106.84 | % |
| Other Assets & Liabilities, Net |
|
| (6.84 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-11
|
PACIFIC FUNDS |
PF LAZARD INTERNATIONAL VALUE FUND |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 95.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denmark - 1.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Danske Bank AS |
|
| 38,000 |
| $ | 1,162,781 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland - 4.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nokia OYJ |
|
| 155,000 |
|
| 2,596,839 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France - 12.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA |
|
| 48,700 |
|
| 1,336,828 |
|
Sanofi-Aventis |
|
| 16,552 |
|
| 1,367,646 |
|
Societe Generale |
|
| 17,900 |
|
| 2,042,672 |
|
Total SA |
|
| 8,000 |
|
| 2,183,523 |
|
Vivendi Universal SA |
|
| 37,700 |
|
| 1,230,613 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,161,282 |
|
|
|
|
|
|
| ||
Germany - 4.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schering AG |
|
| 19,200 |
|
| 1,213,773 |
|
Siemens AG |
|
| 24,600 |
|
| 1,895,151 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,108,924 |
|
|
|
|
|
|
| ||
Ireland - 2.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Irish Banks PLC |
|
| 60,817 |
|
| 1,293,746 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy - 5.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENI SPA |
|
| 72,000 |
|
| 2,138,237 |
|
Sanpaolo IMI SPA |
|
| 84,800 |
|
| 1,316,767 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,455,004 |
|
|
|
|
|
|
| ||
Japan - 9.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canon Inc |
|
| 35,800 |
|
| 1,933,175 |
|
Hoya Corp |
|
| 5,300 |
|
| 176,013 |
|
Hoya Corp * |
|
| 15,900 |
|
| 540,645 |
|
Kao Corp |
|
| 73,000 |
|
| 1,797,348 |
|
Nomura Holdings Inc |
|
| 129,300 |
|
| 2,005,790 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,452,971 |
|
|
|
|
|
|
| ||
Netherlands - 2.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heineken NV |
|
| 57,450 |
|
| 1,844,228 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland - 15.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compagnie Financiere Richemont AG ‘A’ |
|
| 37,000 |
|
| 1,464,795 |
|
Credit Suisse Group |
|
| 42,600 |
|
| 1,885,582 |
|
Nestle SA |
|
| 6,800 |
|
| 1,990,807 |
|
Novartis AG |
|
| 24,600 |
|
| 1,247,530 |
|
Swiss Reinsurance Co |
|
| 17,500 |
|
| 1,149,048 |
|
UBS AG |
|
| 28,600 |
|
| 2,430,188 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,167,950 |
|
|
|
|
|
|
| ||
United Kingdom - 36.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays PLC |
|
| 225,500 |
|
| 2,279,022 |
|
BP PLC |
|
| 175,500 |
|
| 2,084,789 |
|
Cadbury Schweppes PLC |
|
| 262,442 |
|
| 2,647,749 |
|
Diageo PLC |
|
| 127,600 |
|
| 1,834,238 |
|
GlaxoSmithKline PLC |
|
| 105,700 |
|
| 2,688,361 |
|
HSBC Holdings PLC |
|
| 153,461 |
|
| 2,482,074 |
|
Imperial Tobacco Group PLC |
|
| 45,500 |
|
| 1,303,301 |
|
Royal Dutch Shell PLC ‘A’ |
|
| 63,500 |
|
| 2,096,443 |
|
Tesco PLC |
|
| 212,300 |
|
| 1,158,932 |
|
|
|
|
|
|
|
|
|
Unilever PLC |
|
| 245,600 |
|
| 2,564,469 |
|
Vodafone Group PLC |
|
| 928,284 |
|
| 2,415,017 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 23,554,395 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 61,798,120 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 4.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 4.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 1,463,252 |
|
| 1,463,252 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,463,253 |
|
| 1,463,253 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,926,505 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 2,926,505 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.79% |
|
|
|
|
| 64,724,625 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.21% |
|
|
|
|
| 135,835 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 64,860,460 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
| Financial Services |
|
| 29.90 | % |
| Consumer Staples |
|
| 20.57 | % |
| Health Care |
|
| 10.05 | % |
| Integrated Oils |
|
| 9.81 | % |
| Technology |
|
| 6.98 | % |
| Consumer Discretionary |
|
| 6.93 | % |
| Short-Term Investments |
|
| 4.51 | % |
| Multi-Industry |
|
| 4.02 | % |
| Utilities |
|
| 3.72 | % |
| Energy |
|
| 3.30 | % |
|
|
|
| ||
|
|
|
| 99.79 | % |
| Other Assets & Liabilities, Net |
|
| 0.21 | % |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-12
|
PACIFIC FUNDS |
PF MFS INTERNATIONAL LARGE-CAP FUND |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia - 1.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QBE Insurance Group Ltd |
|
| 46,414 |
| $ | 661,186 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Austria - 1.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AG |
|
| 16,600 |
|
| 887,807 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Bermuda - 0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Esprit Holdings Ltd |
|
| 51,500 |
|
| 385,054 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Brazil - 0.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cia Vale do Rio Doce ADR |
|
| 7,850 |
|
| 344,301 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada - 3.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co |
|
| 11,395 |
|
| 808,931 |
|
EnCana Corp (TSE) |
|
| 13,010 |
|
| 759,337 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,568,268 |
|
|
|
|
|
|
| ||
Cayman - 1.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hutchison Telecommunications International Ltd * |
|
| 505,000 |
|
| 732,370 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France - 17.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA |
|
| 40,070 |
|
| 1,099,932 |
|
Business Objects SA * |
|
| 6,830 |
|
| 234,357 |
|
Credit Agricole SA |
|
| 24,183 |
|
| 709,170 |
|
Groupe Danone |
|
| 3,550 |
|
| 382,498 |
|
L’Air Liquide SA |
|
| 3,093 |
|
| 568,751 |
|
L’Air Liquide SA - Registered * + |
|
| 3,153 |
|
| 579,784 |
|
LVMH Moet Hennessy Louis Vuitton SA |
|
| 9,120 |
|
| 751,916 |
|
Sanofi-Aventis |
|
| 9,315 |
|
| 769,673 |
|
Schneider Electric SA |
|
| 16,082 |
|
| 1,269,860 |
|
Societe Television Francaise 1 |
|
| 6,825 |
|
| 181,032 |
|
Total SA |
|
| 4,580 |
|
| 1,250,067 |
|
Veolia Environnement |
|
| 8,630 |
|
| 364,160 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,161,200 |
|
|
|
|
|
|
| ||
Germany - 1.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schering AG |
|
| 8,580 |
|
| 542,405 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong - 1.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNOOC Ltd |
|
| 1,145,500 |
|
| 834,315 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hungary - 1.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTP Bank RT GDR |
|
| 7,010 |
|
| 555,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Indonesia - 0.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.T. Bank Central Asia Tbk |
|
| 702,000 |
|
| 235,136 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Ireland - 0.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPFA BANK PLC |
|
| 27,910 |
|
| 447,808 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Israel - 1.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Check Point Software Technologies Ltd * |
|
| 21,010 |
|
| 510,963 |
|
|
|
|
|
|
|
Italy - 1.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FASTWEB SPA * |
|
| 6,760 |
|
| 302,304 |
|
UniCredito Italiano SPA |
|
| 114,040 |
|
| 642,807 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 945,111 |
|
|
|
|
|
|
| ||
Japan - 14.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asahi Glass Co Ltd |
|
| 80,000 |
|
| 839,324 |
|
Bridgestone Corp |
|
| 32,000 |
|
| 684,989 |
|
Canon Inc |
|
| 6,000 |
|
| 323,996 |
|
Chugai Pharmaceutical Co Ltd |
|
| 16,700 |
|
| 318,495 |
|
Kaneka Corp |
|
| 23,000 |
|
| 300,062 |
|
Murata Manufacturing Co Ltd |
|
| 2,900 |
|
| 161,707 |
|
Nintendo Co Ltd |
|
| 5,200 |
|
| 606,483 |
|
Nitto Denko Corp |
|
| 8,800 |
|
| 495,349 |
|
OMRON Corp |
|
| 8,100 |
|
| 197,291 |
|
Ricoh Co Ltd |
|
| 30,000 |
|
| 468,552 |
|
Shinsei Bank Ltd |
|
| 105,000 |
|
| 661,337 |
|
Tokyo Gas Co Ltd |
|
| 163,640 |
|
| 664,535 |
|
Toray Industries Inc |
|
| 94,000 |
|
| 500,141 |
|
Toyota Motor Corp |
|
| 20,300 |
|
| 929,880 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,152,141 |
|
|
|
|
|
|
| ||
Mexico - 1.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Televisa SA ADR |
|
| 7,440 |
|
| 533,522 |
|
Wal-Mart de Mexico SA de CV ‘V’ |
|
| 54,700 |
|
| 278,865 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 812,387 |
|
|
|
|
|
|
| ||
Netherlands - 1.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reed Elsevier NV |
|
| 35,110 |
|
| 484,421 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Poland - 0.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
| 21,030 |
|
| 203,076 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Singapore - 1.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SingTel |
|
| 448,290 |
|
| 649,101 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea - 2.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Samsung Electronics Co Ltd |
|
| 2,280 |
|
| 1,284,753 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Spain - 5.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
| 56,210 |
|
| 985,643 |
|
Iberdrola SA |
|
| 16,910 |
|
| 472,517 |
|
Telefonica SA |
|
| 60,473 |
|
| 989,889 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,448,049 |
|
|
|
|
|
|
| ||
Sweden - 5.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Copco AB ‘A’ |
|
| 21,030 |
|
| 406,815 |
|
Hennes & Mauritz AB ‘B’ |
|
| 18,310 |
|
| 652,904 |
|
Sandvik AB |
|
| 24,090 |
|
| 1,197,642 |
|
Telefonaktiebolaget LM Ericsson ‘B’ |
|
| 108,870 |
|
| 397,338 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,654,699 |
|
|
|
|
|
|
| ||
Switzerland - 9.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Julius Baer Holding AG ‘B’ |
|
| 2,504 |
|
| 195,941 |
|
Nestle SA |
|
| 4,891 |
|
| 1,431,918 |
|
Roche Holding AG |
|
| 9,010 |
|
| 1,251,398 |
|
Syngenta AG * |
|
| 1,145 |
|
| 119,847 |
|
Synthes Inc |
|
| 1,920 |
|
| 224,547 |
|
UBS AG |
|
| 12,921 |
|
| 1,097,918 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,321,569 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-13
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Thailand - 0.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangkok Bank PCL |
|
| 102,290 |
| $ | 284,104 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom - 18.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AstraZeneca PLC |
|
| 18,270 |
|
| 849,115 |
|
BG Group PLC |
|
| 29,210 |
|
| 277,180 |
|
Diageo PLC |
|
| 51,910 |
|
| 746,201 |
|
Hilton Group PLC |
|
| 184,820 |
|
| 1,025,220 |
|
NEXT PLC |
|
| 22,820 |
|
| 560,276 |
|
Reckitt Benckiser PLC |
|
| 59,464 |
|
| 1,811,314 |
|
Smith & Nephew PLC |
|
| 61,930 |
|
| 519,943 |
|
Tesco PLC |
|
| 93,400 |
|
| 509,865 |
|
Vodafone Group PLC |
|
| 476,990 |
|
| 1,240,934 |
|
William Hill PLC |
|
| 94,480 |
|
| 971,529 |
|
Yell Group PLC |
|
| 53,490 |
|
| 451,206 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,962,783 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 46,068,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
|
|
|
| Amount |
|
|
|
|
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 3.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 3.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargill Inc |
|
|
|
|
|
|
|
3.850% due 10/03/05 |
| $ | 1,677,000 |
|
| 1,676,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Fund - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 423 |
|
| 423 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 1,677,064 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.67% |
|
|
|
|
| 47,745,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.33% |
|
|
|
|
| 159,187 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 47,904,450 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 18.09 | % |
Consumer Discretionary |
|
| 14.37 | % |
Utilities |
|
| 10.55 | % |
Consumer Staples |
|
| 10.19 | % |
Health Care |
|
| 9.34 | % |
Materials & Processing |
|
| 7.82 | % |
Technology |
|
| 7.13 | % |
Integrated Oils |
|
| 6.52 | % |
Producer Durables |
|
| 6.34 | % |
Autos & Transportation |
|
| 5.06 | % |
Short-Term Investments |
|
| 3.50 | % |
Multi-Industry |
|
| 0.76 | % |
|
|
| ||
|
|
| 99.67 | % |
Other Assets & Liabilities, Net |
|
| 0.33 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-14
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
PREFERRED STOCKS - 0.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services - 0.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
| 800 |
| $ | 44,050 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Preferred Stocks |
|
|
|
|
| 44,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
CORPORATE BONDS & NOTES - 3.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DaimlerChrysler NA Holding Corp |
|
|
|
|
|
|
|
4.026% due 03/07/07 § |
| $ | 100,000 |
|
| 99,892 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Staples - 0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever Capital Corp |
|
|
|
|
|
|
|
6.875% due 11/01/05 |
|
| 50,000 |
|
| 50,110 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy - 0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Williams Cos Inc |
|
|
|
|
|
|
|
6.375% due 10/01/10 ~ |
|
| 100,000 |
|
| 99,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 2.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp |
|
|
|
|
|
|
|
4.875% due 01/15/13 |
|
| 100,000 |
|
| 99,800 |
|
CIT Group Inc |
|
|
|
|
|
|
|
7.750% due 04/02/12 |
|
| 100,000 |
|
| 114,782 |
|
Citigroup Inc |
|
|
|
|
|
|
|
5.625% due 08/27/12 |
|
| 50,000 |
|
| 52,049 |
|
Ford Motor Credit Co |
|
|
|
|
|
|
|
4.740% due 11/16/06 § |
|
| 100,000 |
|
| 99,678 |
|
5.800% due 01/12/09 |
|
| 100,000 |
|
| 93,376 |
|
7.250% due 10/25/11 |
|
| 200,000 |
|
| 190,064 |
|
General Motors Acceptance Corp |
|
|
|
|
|
|
|
5.850% due 01/14/09 |
|
| 100,000 |
|
| 93,186 |
|
6.875% due 08/28/12 |
|
| 200,000 |
|
| 179,228 |
|
Morgan Stanley |
|
|
|
|
|
|
|
5.300% due 03/01/13 |
|
| 100,000 |
|
| 101,149 |
|
Pemex Project Funding Master Trust |
|
|
|
|
|
|
|
7.375% due 12/15/14 |
|
| 50,000 |
|
| 55,625 |
|
9.250% due 03/30/18 ~ |
|
| 100,000 |
|
| 127,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,206,437 |
|
|
|
|
|
|
| ||
Integrated Oils - 0.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Products Operating LP |
|
|
|
|
|
|
|
4.625% due 10/15/09 |
|
| 100,000 |
|
| 97,809 |
|
Occidental Petroleum Corp |
|
|
|
|
|
|
|
8.450% due 02/15/29 |
|
| 100,000 |
|
| 140,119 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 237,928 |
|
|
|
|
|
|
| ||
Materials & Processing - 0.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fort James Corp |
|
|
|
|
|
|
|
6.875% due 09/15/07 |
|
| 200,000 |
|
| 207,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 0.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entergy Gulf States Inc |
|
|
|
|
|
|
|
3.600% due 06/01/08 |
|
| 100,000 |
|
| 96,079 |
|
Qwest Communications International Inc |
|
|
|
|
|
|
|
7.500% due 02/15/14 ~ |
|
| 100,000 |
|
| 95,500 |
|
SBC Communications Inc |
|
|
|
|
|
|
|
4.125% due 09/15/09 |
|
| 100,000 |
|
| 97,567 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 289,146 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
| 2,190,263 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 71.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 16.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustable Rate Mortgage Trust |
|
|
|
|
|
|
|
4.627% due 05/25/35 “ § |
|
| 252,149 |
|
| 249,891 |
|
Banc of America Funding Corp |
|
|
|
|
|
|
|
4.117% due 05/25/35 “ § |
|
| 379,117 |
|
| 374,086 |
|
Banc of America Large Loan |
|
|
|
|
|
|
|
3.968% due 11/15/15 ~ “ § |
|
| 88,595 |
|
| 88,658 |
|
Banc of America Mortgage Securities |
|
|
|
|
|
|
|
3.994% due 07/25/33 “ § |
|
| 254,188 |
|
| 247,732 |
|
5.000% due 05/25/34 “ |
|
| 152,225 |
|
| 150,685 |
|
Bear Stearns Adjustable Rate Mortgage Trust |
|
|
|
|
|
|
|
4.750% due 11/25/35 # “ § |
|
| 300,000 |
|
| 298,447 |
|
Bear Stearns Alt-A Trust |
|
|
|
|
|
|
|
5.433% due 05/25/35 “ § |
|
| 179,506 |
|
| 180,454 |
|
Countrywide Home Loan Mortgage Pass-Through Trust |
|
|
|
|
|
|
|
4.150% due 03/25/35 “ § |
|
| 172,085 |
|
| 172,226 |
|
4.170% due 06/25/35 ~ “ § |
|
| 472,595 |
|
| 474,157 |
|
Credit-Based Asset Servicing & Securitization LLC |
|
|
|
|
|
|
|
4.150% due 06/25/32 “ § |
|
| 159,494 |
|
| 159,696 |
|
CS First Boston Mortgage Securities Corp |
|
|
|
|
|
|
|
3.973% due 03/25/32 ~ “ § |
|
| 73,187 |
|
| 73,303 |
|
4.160% due 03/25/32 ~ “ § |
|
| 69,299 |
|
| 68,827 |
|
Fannie Mae |
|
|
|
|
|
|
|
4.000% due 08/25/09 “ |
|
| 249,696 |
|
| 249,098 |
|
5.000% due 04/25/14 “ |
|
| 294,395 |
|
| 294,310 |
|
5.125% due 11/25/23 “ § |
|
| 850,000 |
|
| 856,606 |
|
Fannie Mae Grantor Trust |
|
|
|
|
|
|
|
3.651% due 11/28/35 “ § |
|
| 313,720 |
|
| 313,620 |
|
Fannie Mae Structured Pass-Through Securities |
|
|
|
|
|
|
|
4.065% due 10/25/44 “ § |
|
| 260,002 |
|
| 260,893 |
|
4.137% due 07/25/44 “ § |
|
| 1,427,533 |
|
| 1,435,840 |
|
Fannie Mae Whole Loan |
|
|
|
|
|
|
|
3.943% due 05/25/34 “ § |
|
| 32,621 |
|
| 32,533 |
|
Freddie Mac |
|
|
|
|
|
|
|
2.750% due 02/15/12 “ |
|
| 263,104 |
|
| 261,210 |
|
3.500% due 03/15/10 “ |
|
| 263,648 |
|
| 262,975 |
|
5.000% due 09/15/16 “ |
|
| 45,320 |
|
| 45,548 |
|
5.000% due 05/15/19 “ |
|
| 803,951 |
|
| 805,704 |
|
6.250% due 04/15/23 “ |
|
| 121,963 |
|
| 122,880 |
|
GMAC Mortgage Corp Loan Trust |
|
|
|
|
|
|
|
5.500% due 09/25/34 “ |
|
| 144,668 |
|
| 145,040 |
|
Harborview Mortgage Loan Trust |
|
|
|
|
|
|
|
4.010% due 05/19/35 “ § |
|
| 186,954 |
|
| 186,769 |
|
Homestar Mortgage Acceptance Corp |
|
|
|
|
|
|
|
4.020% due 01/25/22 “ § |
|
| 40,017 |
|
| 40,045 |
|
Mellon Residential Funding Corp |
|
|
|
|
|
|
|
4.008% due 06/15/30 “ § |
|
| 42,857 |
|
| 42,798 |
|
MLCC Mortgage Investors Inc |
|
|
|
|
|
|
|
4.148% due 03/15/25 “ § |
|
| 86,246 |
|
| 86,653 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-15
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
Residential Asset Securitization Trust |
|
|
|
|
|
|
|
4.230% due 05/25/33 “ § |
| $ | 104,209 |
| $ | 104,643 |
|
Small Business Administration |
|
|
|
|
|
|
|
4.754% due 08/10/14 “ |
|
| 192,833 |
|
| 193,714 |
|
Structured Asset Securities Corp |
|
|
|
|
|
|
|
4.000% due 12/25/34 “ § |
|
| 93,079 |
|
| 93,139 |
|
Washington Mutual Inc |
|
|
|
|
|
|
|
4.007% due 02/27/34 “ § |
|
| 24,765 |
|
| 24,511 |
|
4.100% due 12/25/27 “ § |
|
| 222,265 |
|
| 222,219 |
|
4.137% due 08/25/42 “ § |
|
| 49,566 |
|
| 49,576 |
|
4.140% due 01/25/45 “ § |
|
| 181,678 |
|
| 181,916 |
|
4.150% due 01/25/45 “ § |
|
| 184,777 |
|
| 184,760 |
|
5.131% due 10/25/32 “ § |
|
| 35,526 |
|
| 35,557 |
|
Wells Fargo Mortgage-Backed Securities Trust |
|
|
|
|
|
|
|
3.989% due 01/25/35 “ § |
|
| 440,427 |
|
| 432,608 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,503,327 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Fannie Mae - 52.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.080% due 10/24/35 # § |
|
| 300,000 |
|
| 302,853 |
|
3.937% due 10/01/44 “ |
|
| 358,149 |
|
| 362,332 |
|
4.198% due 11/01/34 “ |
|
| 800,000 |
|
| 803,144 |
|
5.000% due 10/13/35 # “ |
|
| 3,600,000 |
|
| 3,524,623 |
|
5.103% due 12/01/36 “ |
|
| 59,432 |
|
| 59,433 |
|
5.500% due 12/01/14 “ |
|
| 78,342 |
|
| 79,631 |
|
5.500% due 06/01/23 “ |
|
| 235,529 |
|
| 237,124 |
|
5.500% due 02/01/24 # “ |
|
| 213,765 |
|
| 215,212 |
|
5.500% due 02/01/33 “ |
|
| 484,881 |
|
| 485,292 |
|
5.500% due 01/01/34 “ |
|
| 91,422 |
|
| 91,493 |
|
5.500% due 02/01/34 “ |
|
| 399,998 |
|
| 400,308 |
|
5.500% due 03/01/34 “ |
|
| 60,672 |
|
| 60,696 |
|
5.500% due 06/01/34 “ |
|
| 804,685 |
|
| 804,995 |
|
5.500% due 02/01/35 “ |
|
| 399,999 |
|
| 402,124 |
|
5.500% due 05/01/35 “ |
|
| 3,103,186 |
|
| 3,103,767 |
|
5.500% due 06/01/35 “ |
|
| 8,008,018 |
|
| 8,009,519 |
|
5.500% due 07/01/35 “ |
|
| 99,952 |
|
| 99,971 |
|
5.500% due 08/01/35 “ |
|
| 6,065,067 |
|
| 6,066,204 |
|
5.500% due 09/01/35 # “ |
|
| 100,001 |
|
| 100,657 |
|
5.500% due 09/01/35 “ |
|
| 499,434 |
|
| 499,528 |
|
5.500% due 10/13/35 # “ |
|
| 4,100,000 |
|
| 4,098,721 |
|
6.000% due 09/01/22 “ |
|
| 179,972 |
|
| 184,287 |
|
6.000% due 01/01/23 “ |
|
| 128,868 |
|
| 131,911 |
|
6.500% due 03/01/17 “ |
|
| 202,440 |
|
| 209,474 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 30,333,299 |
|
|
|
|
|
|
| ||
Freddie Mac - 1.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500% due 08/01/07 “ |
|
| 48,071 |
|
| 48,727 |
|
5.500% due 03/01/23 “ |
|
| 107,694 |
|
| 108,486 |
|
5.680% due 04/01/32 “ § |
|
| 277,613 |
|
| 286,267 |
|
5.937% due 11/01/31 “ § |
|
| 44,660 |
|
| 45,174 |
|
6.000% due 12/01/22 “ |
|
| 144,933 |
|
| 148,441 |
|
6.000% due 03/01/23 “ |
|
| 314,146 |
|
| 321,729 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 958,824 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
| 40,795,450 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES - 2.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA Trust |
|
|
|
|
|
|
|
3.930% due 11/26/35 ~ “ § |
|
| 310,834 |
|
| 310,877 |
|
Bank One Issuance Trust |
|
|
|
|
|
|
|
3.818% due 10/15/08 “ § |
|
| 200,000 |
|
| 200,166 |
|
Carrington Mortgage Loan Trust |
|
|
|
|
|
|
|
3.910% due 06/25/35 “ § |
|
| 269,546 |
|
| 269,692 |
|
Countrywide Asset-Backed Certificates |
|
|
|
|
|
|
|
3.910% due 07/30/35 “ § |
|
| 265,744 |
|
| 265,905 |
|
3.970% due 05/25/23 “ § |
|
| 74,491 |
|
| 74,551 |
|
4.020% due 09/25/21 “ § |
|
| 3,549 |
|
| 3,549 |
|
DaimlerChrysler Auto Trust |
|
|
|
|
|
|
|
3.750% due 12/08/07 “ |
|
| 100,000 |
|
| 99,807 |
|
Morgan Stanley Dean Witter Capital I Inc Trust |
|
|
|
|
|
|
|
4.160% due 07/25/32 “ § |
|
| 974 |
|
| 983 |
|
New Century Home Equity Loan Trust |
|
|
|
|
|
|
|
3.920% due 07/25/35 “ § |
|
| 268,234 |
|
| 268,295 |
|
SLM Student Loan Trust |
|
|
|
|
|
|
|
3.960% due 09/17/12 “ § |
|
| 66,443 |
|
| 66,546 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Securities |
|
|
|
|
| 1,560,371 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY ISSUE - 1.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
3.799% due 09/22/06 § |
|
| 900,000 |
|
| 899,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Government Agency Issue |
|
|
|
|
| 899,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 26.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds - 10.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.000% due 02/15/26 |
|
| 1,100,000 |
|
| 1,297,657 |
|
6.125% due 11/15/27 |
|
| 300,000 |
|
| 362,074 |
|
6.250% due 08/15/23 |
|
| 500,000 |
|
| 598,027 |
|
7.250% due 08/15/22 |
|
| 100,000 |
|
| 130,688 |
|
8.125% due 08/15/19 |
|
| 400,000 |
|
| 546,234 |
|
8.125% due 05/15/21 |
|
| 600,000 |
|
| 834,961 |
|
8.750% due 05/15/17 |
|
| 1,100,000 |
|
| 1,524,188 |
|
8.875% due 08/15/17 |
|
| 400,000 |
|
| 560,969 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,854,798 |
|
|
|
|
|
|
| ||
U.S. Treasury Inflation Protected Securities - 0.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.875% due 07/15/13 ^ |
|
| 106,373 |
|
| 107,836 |
|
1.875% due 07/15/15 ^ |
|
| 100,442 |
|
| 101,360 |
|
2.000% due 07/15/14 ^ |
|
| 103,646 |
|
| 105,909 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 315,105 |
|
|
|
|
|
|
| ||
U.S. Treasury Notes - 15.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.875% due 09/15/10 # |
|
| 2,260,000 |
|
| 2,228,749 |
|
4.125% due 05/15/15 # |
|
| 4,000,000 |
|
| 3,932,344 |
|
4.250% due 11/15/13 |
|
| 300,000 |
|
| 298,793 |
|
4.250% due 08/15/14 |
|
| 700,000 |
|
| 695,844 |
|
4.250% due 11/15/14 |
|
| 1,800,000 |
|
| 1,787,697 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,943,427 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
| 15,113,330 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS - 3.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bundesrepublik Deutschland (Germany) |
|
|
|
|
|
|
|
5.500% due 01/04/31 |
| EUR | 100,000 |
|
| 158,196 |
|
Hong Kong Government International Bond (Hong Kong) |
|
|
|
|
|
|
|
5.125% due 08/01/14 ~ |
| $ | 100,000 |
|
| 101,317 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-16
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments (Continued) |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
Republic of Brazil (Brazil) |
|
|
|
|
|
|
|
4.250% due 04/15/06 § |
| $ | 16,000 |
| $ | 16,030 |
|
4.313% due 04/15/09 § |
|
| 7,530 |
|
| 7,492 |
|
4.313% due 04/15/12 § |
|
| 90,589 |
|
| 89,348 |
|
8.000% due 01/15/18 |
|
| 94,000 |
|
| 99,781 |
|
8.875% due 10/14/19 |
|
| 100,000 |
|
| 108,775 |
|
11.000% due 08/17/40 |
|
| 25,000 |
|
| 30,650 |
|
11.500% due 03/12/08 |
|
| 170,000 |
|
| 194,140 |
|
Republic of Panama (Panama) |
|
|
|
|
|
|
|
9.625% due 02/08/11 |
|
| 80,000 |
|
| 96,000 |
|
Republic of Peru (Peru) |
|
|
|
|
|
|
|
9.125% due 02/21/12 |
|
| 232,000 |
|
| 279,560 |
|
Republic of South Africa (South Africa) |
|
|
|
|
|
|
|
9.125% due 05/19/09 |
|
| 25,000 |
|
| 28,500 |
|
Russian Federation Government Bond (Russia) |
|
|
|
|
|
|
|
5.000% due 03/31/30 § |
|
| 200,000 |
|
| 230,311 |
|
8.250% due 03/31/10 |
|
| 40,000 |
|
| 43,420 |
|
United Mexican States (Mexico) |
|
|
|
|
|
|
|
8.000% due 09/24/22 |
|
| 185,000 |
|
| 225,238 |
|
|
|
|
|
|
|
|
|
|
| Notional |
|
|
|
| |
|
|
|
|
|
| ||
United Mexican States Value Recovery |
|
|
|
|
|
|
|
0.000% due 06/30/06 § |
|
| 250,000 |
|
| 5,125 |
|
0.000% due 06/30/07 § |
|
| 250,000 |
|
| 6,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Foreign Government Bonds |
|
|
|
|
| 1,720,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
MUNICIPAL BONDS - 2.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austin Texas Water & Wastewater System Revenue ‘1114’ |
|
|
|
|
|
|
|
6.990% due 11/15/29 ~ § |
|
| 100,000 |
|
| 109,072 |
|
California State Economic Recovery ‘1072’ |
|
|
|
|
|
|
|
7.040% due 07/01/11 ~ § |
|
| 50,000 |
|
| 58,708 |
|
Chicago IIlinois ‘1110’ |
|
|
|
|
|
|
|
6.990% due 01/01/34 ~ § |
|
| 100,000 |
|
| 106,606 |
|
Energy Northwest Washington Electric Revenue ‘A’ |
|
|
|
|
|
|
|
5.500% due 07/01/12 |
|
| 100,000 |
|
| 110,643 |
|
Florida State Board of Education ‘A’ |
|
|
|
|
|
|
|
5.000% due 06/01/32 |
|
| 100,000 |
|
| 104,453 |
|
Golden State Tobacco Securitization Corp CA ‘A-1’ |
|
|
|
|
|
|
|
6.250% due 06/01/33 |
|
| 50,000 |
|
| 55,542 |
|
6.750% due 06/01/39 |
|
| 100,000 |
|
| 114,986 |
|
New York City Municipal Water Finance Authority ‘1083’ |
|
|
|
|
|
|
|
7.010% due 06/15/34 ~ § |
|
| 50,000 |
|
| 53,544 |
|
New York City Municipal Water Finance Authority ‘1307’ |
|
|
|
|
|
|
|
7.023% due 06/15/38 ~ § |
|
| 50,000 |
|
| 53,967 |
|
San Antonio Texas Refunding ‘A’ |
|
|
|
|
|
|
|
5.000% due 02/01/10 |
|
| 100,000 |
|
| 106,376 |
|
State of Texas ‘1306’ |
|
|
|
|
|
|
|
6.551% due 04/01/35 ~ § |
|
| 50,000 |
|
| 51,450 |
|
Tobacco Settlement Financing Corp NJ |
|
|
|
|
|
|
|
6.000% due 06/01/37 |
|
| 200,000 |
|
| 213,872 |
|
Tobacco Settlement Financing Corp VA |
|
|
|
|
|
|
|
5.625% due 06/01/37 |
|
| 100,000 |
|
| 103,879 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
| 1,243,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notional |
|
|
| ||
|
|
|
| ||||
PURCHASED CALL OPTION - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap (3-Month LIBOR vs. 5.750%) OTC |
|
|
|
|
|
|
|
Strike @ $5.75 Exp. 04/27/09 |
|
|
|
|
|
|
|
Broker: Lehman Brothers Holdings Inc |
|
| 100,000 |
|
| 12,602 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Call Option |
|
|
|
|
| 12,602 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PURCHASED PUT OPTIONS - 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap (3-Month LIBOR vs. 6.250%) OTC |
|
|
|
|
|
|
|
Strike @ $6.25 Exp. 04/27/09 |
|
|
|
|
|
|
|
Broker: Lehman Brothers Holdings Inc |
|
| 100,000 |
|
| 2,917 |
|
|
|
|
|
|
|
|
|
|
| Number of |
|
|
|
| |
|
|
|
|
|
| ||
Eurodollar (12/05) Futures CME |
|
|
|
|
|
|
|
Strike @ $93.75 Exp. 12/19/05 |
|
|
|
|
|
|
|
Broker: Merrill Lynch & Co Inc |
|
| 13 |
|
| 81 |
|
Eurodollar (12/05) Futures CME |
|
|
|
|
|
|
|
Strike @ $94.00 Exp. 12/19/05 |
|
|
|
|
|
|
|
Broker: Merrill Lynch & Co Inc |
|
| 11 |
|
| 69 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Put Options |
|
|
|
|
| 3,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 9.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 3.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP Paribas Finance Inc |
|
|
|
|
|
|
|
3.745% due 12/12/05 |
| $ | 200,000 |
|
| 198,491 |
|
Public Service Electric & Gas Co |
|
|
|
|
|
|
|
3.690% due 11/30/05 |
|
| 100,000 |
|
| 99,330 |
|
Rabobank USA Finance Corp |
|
|
|
|
|
|
|
3.880% due 10/03/05 |
|
| 400,000 |
|
| 399,914 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
3.760% due 12/19/05 |
|
| 800,000 |
|
| 793,322 |
|
3.780% due 12/22/05 |
|
| 500,000 |
|
| 495,653 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,986,710 |
|
|
|
|
|
|
| ||
Foreign Government Agency Issues - 2.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
German Treasury Bills (Germany) |
|
|
|
|
|
|
|
1.996% due 10/19/05 |
| EUR | 500,000 |
|
| 600,270 |
|
1.998% due 11/16/05 |
|
| 500,000 |
|
| 599,327 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,199,597 |
|
|
|
|
|
|
| ||
U.S. Treasury Bills - 0.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.380% due 12/15/05 ‡ |
| $ | 60,000 |
|
| 59,607 |
|
3.510% due 12/01/05 ‡ |
|
| 460,000 |
|
| 457,563 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 517,170 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-17
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments (Continued) |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Money Market Funds - 2.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 745,899 |
| $ | 745,899 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 745,900 |
|
| 745,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,491,799 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 5,195,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 119.79% |
|
|
|
|
| 68,777,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (19.79%) |
|
|
|
|
| (11,362,134 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 57,415,536 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
|
| |
Mortgage-Backed Securities |
|
|
|
|
| 71.05 | % | |
U.S. Treasury Obligations |
|
|
|
|
| 26.32 | % | |
Short-Term Investments |
|
|
|
|
| 9.05 | % | |
Corporate Bonds & Notes |
|
|
|
|
| 3.81 | % | |
Foreign Government Bonds |
|
|
|
|
| 3.00 | % | |
Asset-Backed Securities |
|
|
|
|
| 2.72 | % | |
Municipal Bonds |
|
|
|
|
| 2.16 | % | |
U.S. Government Agency Issue |
|
|
|
|
| 1.57 | % | |
Equity Securities |
|
|
|
|
| 0.08 | % | |
Purchased Options |
|
|
|
|
| 0.03 | % | |
|
|
|
|
|
| |||
|
|
|
|
|
| 119.79 | % | |
Other Assets & Liabilities, Net |
|
|
|
|
| (19.79 | %) | |
|
|
|
|
|
| |||
|
|
|
|
|
| 100.00 | % | |
|
|
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(c) Securities with an aggregate market value of $517,170 were segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
| |
Long Futures Outstanding |
| Number of |
| Notional |
| Unrealized |
| |||||
| ||||||||||||
Euro-Bund 10-Year Notes (12/05) |
|
|
| 25 |
|
| EUR | 2,500,000 |
| $ | (11,093 | ) |
Eurodollar (11/05) |
|
|
| 14 |
|
| $ | 14,000,000 |
|
| (6,913 | ) |
Eurodollar (12/05) |
|
|
| 35 |
|
|
| 35,000,000 |
|
| (40,625 | ) |
Eurodollar (03/06) |
|
|
| 9 |
|
|
| 9,000,000 |
|
| (12,600 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasury 20-Year Bonds (12/05) |
|
|
| 10 |
|
|
| 1,000,000 |
|
| 1,563 |
|
United Kingdom 90-Day |
|
|
|
|
|
|
|
|
|
|
|
|
GBP-LIBOR (12/05) Strike @ $94.25 |
|
|
|
|
|
|
|
|
|
|
|
|
Written Put Options |
|
|
| 5 |
|
| GBP | 2,500,000 |
|
| 3,528 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| $ | (66,140 | ) |
|
|
|
|
|
|
|
|
|
|
|
(d) Investment sold short outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
Type |
| Principal |
| Value |
| ||
| |||||||
U.S. Treasury Notes |
|
|
|
|
|
|
|
4.250% due 08/15/13 # |
| $ | 500,000 |
| $ | 498,438 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Investment sold short |
|
|
|
| $ | 498,438 |
|
|
|
|
|
|
|
(e) Forward foreign currency contracts outstanding as of September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Currency |
| Principal |
| Expiration |
| Unrealized |
| ||||
| |||||||||||||
Buy |
|
| EUR |
|
| 287,000 |
|
| 11/05 |
| $ | (849 | ) |
Sell |
|
| EUR |
|
| 1,351,000 |
|
| 11/05 |
|
| 7,446 |
|
Buy |
|
| JPY |
|
| 75,327,000 |
|
| 10/05 |
|
| (20,232 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| $ | (13,635 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
(f) Transactions in written options for the period ended September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
| Premium |
| ||
| |||||||
Outstanding, March 31, 2005 |
|
| 3,200,047 |
| $ | 94,249 |
|
Call Options Written |
|
| 1,800,046 |
|
| 18,185 |
|
Put Options Written |
|
| 1,800,054 |
|
| 24,289 |
|
Call Options Expired |
|
| (3,400,043 | ) |
| (54,322 | ) |
Put Options Expired |
|
| (3,400,028 | ) |
| (60,132 | ) |
Put Options Repurchased |
|
| (13 | ) |
| (4,020 | ) |
|
|
| |||||
Outstanding, September 30, 2005 |
|
| 63 |
| $ | 18,249 |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-18
|
PACIFIC FUNDS |
(g) Premiums received and value of written options outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Type |
| Strike Price |
| Expiration |
| Number of |
| Premium |
| Value |
| |||||
| ||||||||||||||||||
JPMorgan Chase & Co |
| Put - CBOT U.S. Treasury 10-Year Futures |
| $ | 108.00 |
|
| 11/22/05 |
|
| 13 |
| $ | 7,864 |
| $ | 2,844 |
|
Citigroup Inc |
| Put - CBOT U.S. Treasury 10-Year Futures |
|
| 109.00 |
|
| 11/22/05 |
|
| 25 |
|
| 4,997 |
|
| 11,328 |
|
Citigroup Inc |
| Call - CBOT U.S. Treasury 10-Year Futures |
|
| 115.00 |
|
| 11/22/05 |
|
| 25 |
|
| 5,388 |
|
| 391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 18,249 |
| $ | 14,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Credit default swaps outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Reference Entity |
| Buy/Sell |
| Pay/Receive |
| Expiration |
| Notional |
| Unrealized |
| ||
Credit Suisse Group |
| Gaz Capital SA 8.625% due 04/28/34 |
| Sell |
| 0.720% |
| 04/20/06 |
| $ | 100,000 |
| $ | 160 |
|
Citibank NA |
| General Motors Acceptance Corp 6.875% due 08/28/12 |
| Sell |
| 2.950% |
| 06/20/06 |
|
| 100,000 |
|
| 697 |
|
Merrill Lynch & Co Inc |
| Russian Federation 5.000% due 03/31/30 |
| Sell |
| 0.610% |
| 03/20/07 |
|
| 100,000 |
|
| 400 |
|
The Goldman Sachs Group Inc |
| Russian Federation 5.000% due 03/31/30 |
| Sell |
| 0.700% |
| 03/20/07 |
|
| 100,000 |
|
| 528 |
|
HSBC Holdings PLC |
| General Motors Corp 7.125% due 07/15/13 |
| Sell |
| 3.750% |
| 06/20/07 |
|
| 200,000 |
|
| (2,500 | ) |
Lehman Brothers Holdings Inc |
| Johnson & Johnson 3.800% due 05/15/13 |
| Buy |
| 0.110% |
| 12/20/08 |
|
| 100,000 |
|
| (211 | ) |
Lehman Brothers Holdings Inc |
| The Home Depot Inc 5.375% due 04/01/06 |
| Buy |
| 0.120% |
| 12/20/08 |
|
| 100,000 |
|
| (61 | ) |
Citigroup Inc |
| Wal-Mart Stores Inc 3.375% due 10/01/08 |
| Buy |
| 0.140% |
| 12/20/08 |
|
| 100,000 |
|
| (151 | ) |
Barclays Bank PLC |
| Eli Lilly & Co 6.000% due 03/15/12 |
| Buy |
| 0.160% |
| 12/20/08 |
|
| 100,000 |
|
| (333 | ) |
Morgan Stanley |
| Emerson Electric Co 4.625% due 10/15/12 |
| Buy |
| 0.210% |
| 12/20/08 |
|
| 100,000 |
|
| (121 | ) |
Merrill Lynch & Co Inc |
| Gannett Co Inc 6.375% due 04/01/12 |
| Buy |
| 0.220% |
| 12/20/08 |
|
| 100,000 |
|
| (31 | ) |
Morgan Stanley |
| The Allstate Corp 6.125% due 02/15/12 |
| Buy |
| 0.260% |
| 12/20/08 |
|
| 100,000 |
|
| (212 | ) |
Citigroup Inc |
| Eaton Corp 5.750% due 07/15/12 |
| Buy |
| 0.280% |
| 12/20/08 |
|
| 100,000 |
|
| (333 | ) |
Barclays Bank PLC |
| FedEx Corp 7.250% due 10/15/12 |
| Buy |
| 0.290% |
| 12/20/08 |
|
| 100,000 |
|
| (484 | ) |
Lehman Brothers Holdings Inc |
| Whirlpool Corp 8.600% due 05/01/10 |
| Buy |
| 0.290% |
| 12/20/08 |
|
| 100,000 |
|
| 210 |
|
Merrill Lynch & Co Inc |
| Ingersoll-Rand Co Ltd 6.480% due 06/01/25 |
| Buy |
| 0.320% |
| 12/20/08 |
|
| 100,000 |
|
| (666 | ) |
Morgan Stanley |
| Dow Jones CDX NA EM3 Index |
| Sell |
| 2.100% |
| 06/20/10 |
|
| 400,000 |
|
| 24,152 |
|
Citibank NA |
| Dow Jones CDX NA HY4 Index |
| Sell |
| 3.600% |
| 06/20/10 |
|
| 990,000 |
|
| 21,994 |
|
Lehman Brothers Holdings Inc |
| Republic of Turkey 11.875% due 01/15/30 |
| Buy |
| 2.260% |
| 09/20/10 |
|
| 100,000 |
|
| (861 | ) |
Lehman Brothers Holdings Inc |
| Dow Jones CDX NA XO5 Index |
| Sell |
| 2.000% |
| 12/20/10 |
|
| 900,000 |
|
| 654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 42,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Interest rate swaps outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Floating Rate Index |
| Pay/Receive |
| Fixed |
| Expiration |
| Notional |
| Unrealized |
| ||
JPMorgan Chase & Co |
| 6-Month GBP-LIBOR |
| Pay |
| 4.500% |
| 09/20/09 |
| GBP | 900,000 |
| $ | (2,556 | ) |
Merrill Lynch & Co Inc |
| 6-Month GBP-LIBOR |
| Pay |
| 4.500% |
| 09/20/09 |
|
| 700,000 |
|
| (879 | ) |
Lehman Brothers Holdings Inc |
| 3-Month USD-LIBOR |
| Receive |
| 4.000% |
| 12/15/10 |
| $ | 2,300,000 |
|
| 41,268 |
|
UBS Securities Inc |
| 3-Month USD-LIBOR |
| Pay |
| 4.000% |
| 12/15/10 |
|
| 1,500,000 |
|
| (21,364 | ) |
Merrill Lynch & Co Inc |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000% |
| 12/15/14 |
| EUR | 2,500,000 |
|
| (48,131 | ) |
Barclays Bank PLC |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 12/15/15 |
| $ | 100,000 |
|
| 2,525 |
|
Lehman Brothers Holdings Inc |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 12/15/15 |
|
| 200,000 |
|
| 5,141 |
|
The Goldman Sachs Group Inc |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 12/15/15 |
|
| 2,100,000 |
|
| 58,009 |
|
JPMorgan Chase & Co |
| 3-Month Canada Bankers Acceptance |
| Pay |
| 4.500% |
| 06/15/25 |
| CAD | 300,000 |
|
| (26 | ) |
Merrill Lynch & Co Inc |
| 3-Month Canada Bankers Acceptance |
| Pay |
| 4.500% |
| 06/15/25 |
|
| 100,000 |
|
| 121 |
|
Lehman Brothers Holdings Inc |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 12/15/25 |
| $ | 300,000 |
|
| 11,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 45,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-19
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - 2.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services - 2.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Motor Credit Co |
| $ | 500,000 |
| $ | 466,879 |
|
General Motors Acceptance Corp |
|
| 500,000 |
|
| 491,583 |
|
Pemex Project Funding Master Trust |
|
| 200,000 |
|
| 255,000 |
|
Travelers Property Casualty Corp |
|
| 100,000 |
|
| 97,283 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,310,745 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
| 1,310,745 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 6.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 0.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Countrywide Home Loan Mortgage Pass-Through Trust |
|
| 94,519 |
|
| 94,832 |
|
GSR Mortgage Loan Trust |
|
| 200,000 |
|
| 197,800 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 292,632 |
|
|
|
|
|
|
| ||
Fannie Mae - 5.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000% due 10/13/35 “ # |
|
| 500,000 |
|
| 489,531 |
|
5.500% due 10/13/35 “ # |
|
| 2,800,000 |
|
| 2,799,126 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,288,657 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
| 3,581,289 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITY - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac |
|
| 11,083 |
|
| 11,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Security |
|
|
|
|
| 11,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 94.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds - 0.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.625% due 02/15/27 |
|
| 100,000 |
|
| 126,976 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected Securities - 94.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.875% due 04/15/10 ^ |
|
| 515,560 |
|
| 502,550 |
|
1.625% due 01/15/15 ^ |
|
| 3,375,966 |
|
| 3,336,933 |
|
1.875% due 07/15/13 ^ |
|
| 106,357 |
|
| 107,820 |
|
1.875% due 07/15/15 ^ |
|
| 803,416 |
|
| 810,760 |
|
2.000% due 01/15/14 ^ |
|
| 3,647,271 |
|
| 3,724,349 |
|
2.000% due 07/15/14 ^ |
|
| 6,632,320 |
|
| 6,777,143 |
|
2.375% due 01/15/25 ^ |
|
| 5,005,329 |
|
| 5,356,488 |
|
3.000% due 07/15/12 ^ |
|
| 3,503,737 |
|
| 3,813,873 |
|
3.375% due 01/15/07 ^ |
|
| 3,575,497 |
|
| 3,698,827 |
|
3.375% due 04/15/32 ^ |
|
| 275,128 |
|
| 363,835 |
|
3.500% due 01/15/11 ^ |
|
| 2,244,700 |
|
| 2,472,941 |
|
3.625% due 01/15/08 ^ |
|
| 2,660,086 |
|
| 2,816,576 |
|
3.625% due 04/15/28 ^ |
|
| 1,896,152 |
|
| 2,481,515 |
|
3.875% due 01/15/09 ^ |
|
| 3,573,300 |
|
| 3,877,592 |
|
3.875% due 04/15/29 ^ |
|
| 6,832,438 |
|
| 9,355,103 |
|
4.250% due 01/15/10 # ^ |
|
| 3,148,713 |
|
| 3,522,994 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 53,019,299 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
| 53,146,275 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS - 1.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bundesrepublik Deutschland (Germany) |
| EUR | 100,000 |
|
| 172,011 |
|
Republic of Brazil (Brazil) |
| $ | 82,354 |
|
| 81,226 |
|
8.000% due 01/15/18 |
|
| 100,000 |
|
| 106,150 |
|
Russian Federation Government Bond (Russia) |
|
| 100,000 |
|
| 115,155 |
|
8.250% due 03/31/10 |
|
| 100,000 |
|
| 108,550 |
|
Spanish Government Bond (Spain) |
| EUR | 100,000 |
|
| 164,261 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Foreign Government Bonds |
|
|
|
|
| 747,353 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 0.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire Municipal Bond Bank ‘B’ |
| $ | 100,000 |
|
| 109,507 |
|
Tobacco Settlement Financing Corp RI ‘A’ |
|
| 100,000 |
|
| 105,769 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
| 215,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 6.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 2.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Societe Generale North America Inc |
|
| 200,000 |
|
| 198,238 |
|
UBS Finance LLC DE |
|
| 1,200,000 |
|
| 1,184,213 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,382,451 |
|
|
|
|
|
|
| ||
Foreign Government Issues - 3.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dutch Treasury Certificates (Netherlands) |
| EUR | 1,100,000 |
|
| 1,317,775 |
|
German Treasury Bills (Germany) |
|
| 400,000 |
|
| 480,216 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,797,991 |
|
|
|
|
|
|
| ||
U.S. Treasury Bills - 0.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.380% due 12/15/05 ‡ |
| $ | 115,000 |
|
| 114,247 |
|
3.510% due 12/01/05 ‡ |
|
| 5,000 |
|
| 4,974 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 119,221 |
|
|
|
|
|
|
| ||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-20
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Money Market Funds - 0.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 212,158 |
| $ | 212,158 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 212,158 |
|
| 212,158 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 424,316 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 3,723,979 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 112.12% |
|
|
|
|
| 62,736,009 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (12.12%) |
|
|
|
|
| (6,780,780 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 55,955,229 |
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
| U.S. Treasury Obligations |
|
| 94.98 | % |
| Short-Term Investments |
|
| 6.66 | % |
| Mortgage-Backed Securities |
|
| 6.40 | % |
| Corporate Bonds & Notes |
|
| 2.34 | % |
| Foreign Government Bonds |
|
| 1.34 | % |
| Municipal Bonds |
|
| 0.38 | % |
| Asset-Backed Security |
|
| 0.02 | % |
|
|
|
| ||
|
|
|
| 112.12 | % |
| Other Assets & Liabilities, Net |
|
| (12.12 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(c) Securities with an aggregate market value of $119,221 were segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
Long Futures Outstanding |
| Number of |
| Notional |
| Unrealized |
| |||
| ||||||||||
Euro-Bund 10-Year Notes (12/05) |
|
| 5 |
|
| EUR 500,000 |
| $ | (1,695 | ) |
U.S. Treasury 5-Year Notes (12/05) |
|
| 28 |
| $ | 2,800,000 |
|
| (15,969 | ) |
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasury 10-Year Notes (12/05) |
|
| 15 |
|
| 1,500,000 |
|
| 11,016 |
|
U.S. Treasury 20-Year Bonds (12/05) |
|
| 1 |
|
| 100,000 |
|
| 3,063 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| $ | (3,585 | ) |
|
|
|
|
|
|
|
|
|
(d) Investment sold short outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
Type |
| Principal |
| Value |
| ||
| |||||||
U.S. Treasury Notes |
|
|
|
|
|
|
|
4.250% due 11/15/13 # |
| $ | 600,000 |
| $ | 597,586 |
|
|
|
|
|
|
| ||
Total Investment sold short |
|
|
|
| $ | 597,586 |
|
|
|
|
|
|
|
(e) Forward foreign currency contracts outstanding as of September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Currency |
| Principal |
| Expiration |
| Unrealized |
| ||||||||
| |||||||||||||||||
Sell |
|
| EUR |
|
|
| 1,711,000 |
|
|
|
| 11/05 |
|
| $ | 9,431 |
|
Buy |
|
| JPY |
|
|
| 55,527,000 |
|
|
|
| 10/05 |
|
|
| (14,914 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (5,483 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f) Transactions in written options for the period ended September 30, 2005 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of |
| Premium |
| ||||||
| |||||||||||
Outstanding, March 31, 2005 |
|
|
| 36 |
|
|
| $ | 8,099 |
|
|
Call Options Written |
|
|
| 46 |
|
|
|
| 9,893 |
|
|
Put Options Written |
|
|
| 46 |
|
|
|
| 10,253 |
|
|
Call Options Expired |
|
|
| (54 | ) |
|
|
| (11,076 | ) |
|
Put Options Expired |
|
|
| (48 | ) |
|
|
| (9,863 | ) |
|
|
|
| |||||||||
Outstanding, September 30, 2005 |
|
|
| 26 |
|
|
| $ | 7,306 |
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-21 |
|
PACIFIC FUNDS |
(g) Premiums received and value of written options outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Type |
| Strike Price |
| Expiration |
| Number of |
| Premium |
| Value |
| |||||
| |||||||||||||||||||
JPMorgan Chase & Co |
|
| Put - CBOT U.S. Treasury 10-Year Futures |
| $ | 109.00 |
|
| 11/22/05 |
|
| 10 |
| $ | 1,999 |
| $ | 4,531 |
|
JPMorgan Chase & Co |
|
| Put - CBOT U.S. Treasury 10-Year Futures |
|
| 110.00 |
|
| 11/22/05 |
|
| 6 |
|
| 3,308 |
|
| 5,156 |
|
JPMorgan Chase & Co |
|
| Call - CBOT U.S. Treasury 10-Year Futures |
|
| 114.00 |
|
| 11/22/05 |
|
| 10 |
|
| 1,999 |
|
| 313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 7,306 |
| $ | 10,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Credit default swap outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Reference Entity |
| Buy/Sell |
| Pay/Receive |
| Expiration |
| Notional |
| Unrealized |
| |||||||||
| |||||||||||||||||||||||
The Bear Stearns Cos Inc |
|
| Ford Motor Credit Co 7.000% due 10/01/13 |
|
|
| Sell |
|
|
|
| 4.350 | % |
|
| 06/20/07 |
| $ | 500,000 |
| $ | 18,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Interest rate swaps outstanding as of September 30, 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Floating Rate Index |
| Pay/Receive Floating Rate |
|
| Fixed |
| Expiration |
| Notional |
| Unrealized |
| ||||
Barclays Bank PLC |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 4.000 | % |
| 12/15/07 |
| $ | 12,000,000 |
| $ | (90,488 | ) |
The Goldman Sachs Group Inc |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 4.000 | % |
| 12/15/07 |
|
| 400,000 |
|
| (3,016 | ) |
UBS AG |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 4.000 | % |
| 12/15/07 |
|
| 600,000 |
|
| (4,524 | ) |
UBS AG |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.146 | % |
| 10/15/10 |
|
| EUR 100,000 |
|
| (19 | ) |
Lehman Brothers Holdings Inc |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 4.000 | % |
| 12/15/10 |
| $ | 200,000 |
|
| 3,564 |
|
The Goldman Sachs Group Inc |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 12/15/12 |
|
| 300,000 |
|
| 5,922 |
|
The Goldman Sachs Group Inc |
|
| 6-Month EUR-LIBOR |
|
| Receive |
|
| 4.500 | % |
| 06/17/15 |
|
| EUR 500,000 |
|
| (7,051 | ) |
JPMorgan Chase & Co |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 12/15/15 |
| $ | 300,000 |
|
| 9,643 |
|
The Goldman Sachs Group Inc |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 12/15/15 |
|
| 4,500,000 |
|
| 134,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 49,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-22 |
|
PACIFIC FUNDS |
PF PACIFIC LIFE MONEY MARKET FUND |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 127.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities - 3.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar Financial Asset Trust |
|
|
|
|
|
|
|
3.206% due 04/25/06 “ |
| $ | 184,669 |
| $ | 184,669 |
|
GE Commercial Equipment Financing LLC |
|
|
|
|
|
|
|
3.424% due 06/20/06 “ |
|
| 311,948 |
|
| 311,948 |
|
Honda Auto Receivables Owner Trust |
|
|
|
|
|
|
|
3.182% due 05/15/06 “ |
|
| 185,626 |
|
| 185,626 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 682,243 |
|
|
|
|
|
|
| ||
Commercial Paper - 94.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABN AMRO North America Finance Inc |
|
|
|
|
|
|
|
3.740% due 10/26/05 |
|
| 1,000,000 |
|
| 997,403 |
|
Alltel Corp |
|
|
|
|
|
|
|
3.720% due 10/04/05 |
|
| 575,000 |
|
| 574,822 |
|
Canadian Wheat Board (Canada) |
|
|
|
|
|
|
|
3.700% due 10/11/05 |
|
| 1,000,000 |
|
| 998,972 |
|
Coca-Cola Enterprises Inc |
|
|
|
|
|
|
|
3.680% due 10/03/05 |
|
| 750,000 |
|
| 749,847 |
|
3.750% due 10/06/05 |
|
| 400,000 |
|
| 399,792 |
|
Colgate-Palmolive Co |
|
|
|
|
|
|
|
3.720% due 10/11/05 |
|
| 1,000,000 |
|
| 998,967 |
|
First Data Corp |
|
|
|
|
|
|
|
3.720% due 10/07/05 |
|
| 1,000,000 |
|
| 999,380 |
|
Gannett Co Inc |
|
|
|
|
|
|
|
3.590% due 10/03/05 |
|
| 1,000,000 |
|
| 999,801 |
|
Illinois Tool Works Inc |
|
|
|
|
|
|
|
3.670% due 10/05/05 |
|
| 1,060,000 |
|
| 1,059,568 |
|
JPMorgan Chase & Co |
|
|
|
|
|
|
|
3.700% due 10/03/05 |
|
| 1,000,000 |
|
| 999,794 |
|
Kimberly-Clark Worldwide Inc |
|
|
|
|
|
|
|
3.580% due 10/14/05 |
|
| 1,000,000 |
|
| 998,707 |
|
MassMutual Global Funding |
|
|
|
|
|
|
|
3.730% due 10/18/05 |
|
| 470,000 |
|
| 469,172 |
|
Merck & Co Inc |
|
|
|
|
|
|
|
3.710% due 10/21/05 |
|
| 1,000,000 |
|
| 997,939 |
|
MetLife Funding Inc |
|
|
|
|
|
|
|
3.740% due 10/21/05 |
|
| 1,195,000 |
|
| 1,192,517 |
|
PepsiCo Inc |
|
|
|
|
|
|
|
3.710% due 10/17/05 |
|
| 1,000,000 |
|
| 998,351 |
|
Societe Generale North America Inc |
|
|
|
|
|
|
|
3.740% due 10/05/05 |
|
| 1,000,000 |
|
| 999,584 |
|
Teachers Insurance & Annuity Association of America |
|
|
|
|
|
|
|
3.710% due 10/07/05 |
|
| 1,150,000 |
|
| 1,149,289 |
|
The New York Times Co |
|
|
|
|
|
|
|
3.710% due 10/11/05 |
|
| 1,000,000 |
|
| 998,969 |
|
The Southern Co |
|
|
|
|
|
|
|
3.750% due 10/18/05 |
|
| 1,080,000 |
|
| 1,078,087 |
|
Toyota Motor Credit Corp |
|
|
|
|
|
|
|
3.730% due 10/13/05 |
|
| 1,020,000 |
|
| 1,018,732 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
3.730% due 10/03/05 |
|
| 605,000 |
|
| 604,875 |
|
3.800% due 10/06/05 |
|
| 600,000 |
|
| 599,683 |
|
Wal-Mart Stores Inc |
|
|
|
|
|
|
|
3.740% due 10/18/05 |
|
| 955,000 |
|
| 953,313 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 20,837,564 |
|
|
|
|
|
|
| ||
Corporate Notes - 9.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Honda Finance Corp |
|
|
|
|
|
|
|
3.645% due 12/06/05 ~ § |
|
| 200,000 |
|
| 200,000 |
|
Fifth Third Bancorp |
|
|
|
|
|
|
|
3.790% due 10/23/06 ~ § |
|
| 275,000 |
|
| 275,000 |
|
Norddeutsche Landesbank NY |
|
|
|
|
|
|
|
3.710% due 09/14/06 § |
|
| 1,000,000 |
|
| 999,900 |
|
Pfizer Inc |
|
|
|
|
|
|
|
3.660% due 11/04/05 § |
|
| 220,000 |
|
| 220,000 |
|
Westdeutsche Landesbank NY |
|
|
|
|
|
|
|
3.746% due 03/20/06 § |
|
| 500,000 |
|
| 499,974 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,194,874 |
|
|
|
|
|
|
| ||
U.S. Government Agency Issues - 20.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
2.510% due 11/04/05 |
|
| 400,000 |
|
| 400,000 |
|
3.250% due 03/07/06 § |
|
| 500,000 |
|
| 500,000 |
|
3.375% due 03/03/06 § |
|
| 550,000 |
|
| 550,000 |
|
3.500% due 04/18/06 § |
|
| 500,000 |
|
| 500,000 |
|
3.500% due 05/09/06 § |
|
| 500,000 |
|
| 500,000 |
|
3.750% due 08/18/06 § |
|
| 2,000,000 |
|
| 2,000,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,450,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Fund - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 3,810 |
|
| 3,810 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term |
|
|
|
|
| 28,168,491 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 127.70% |
|
|
|
|
| 28,168,491 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (27.70%) |
|
|
|
|
| (6,109,812 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 22,058,679 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
| Commercial Paper |
|
| 94.47 | % |
| U.S. Government Agency Issues |
|
| 20.17 | % |
| Corporate Notes |
|
| 9.95 | % |
| Asset-Backed Securities |
|
| 3.09 | % |
| Money Market Fund |
|
| 0.02 | % |
|
|
|
| ||
|
|
|
| 127.70 | % |
| Other Assets & Liabilities, Net |
|
| (27.70 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-23 |
|
PACIFIC FUNDS |
PF SALOMON BROTHERS LARGE-CAP VALUE FUND |
Schedule of Investments |
September 30, 2005 (Unaudited) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 94.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 13.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery Holding Co ‘A’ * |
|
| 4,970 |
| $ | 71,767 |
|
EchoStar Communications Corp ‘A’ |
|
| 19,800 |
|
| 585,486 |
|
J.C. Penney Co Inc |
|
| 12,300 |
|
| 583,266 |
|
Kimberly-Clark Corp |
|
| 9,400 |
|
| 559,582 |
|
Liberty Global Inc ‘A’ * |
|
| 4,200 |
|
| 113,736 |
|
Liberty Global Inc ‘C’ * |
|
| 4,200 |
|
| 108,150 |
|
Liberty Media Corp ‘A’ * |
|
| 79,800 |
|
| 642,390 |
|
McDonald’s Corp |
|
| 28,300 |
|
| 947,767 |
|
Newell Rubbermaid Inc |
|
| 26,500 |
|
| 600,225 |
|
News Corp ‘B’ |
|
| 88,600 |
|
| 1,461,900 |
|
Target Corp |
|
| 10,200 |
|
| 529,686 |
|
Time Warner Inc |
|
| 56,900 |
|
| 1,030,459 |
|
Viacom Inc ‘B’ |
|
| 17,300 |
|
| 571,073 |
|
Wal-Mart Stores Inc |
|
| 16,400 |
|
| 718,648 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,524,135 |
|
|
|
|
|
|
| ||
Consumer Staples - 6.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 31,200 |
|
| 2,299,752 |
|
Sara Lee Corp |
|
| 27,100 |
|
| 513,545 |
|
The Kroger Co * |
|
| 51,600 |
|
| 1,062,444 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,875,741 |
|
|
|
|
|
|
| ||
Energy - 4.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Resources Inc |
|
| 7,600 |
|
| 618,032 |
|
ENSCO International Inc |
|
| 27,700 |
|
| 1,290,543 |
|
Halliburton Co |
|
| 6,600 |
|
| 452,232 |
|
Nabors Industries Ltd * (Bermuda) |
|
| 5,600 |
|
| 402,248 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,763,055 |
|
|
|
|
|
|
| ||
Financial Services - 27.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co |
|
| 15,700 |
|
| 901,808 |
|
American International Group Inc |
|
| 20,700 |
|
| 1,282,572 |
|
Bank of America Corp |
|
| 48,400 |
|
| 2,037,640 |
|
Capital One Financial Corp |
|
| 16,000 |
|
| 1,272,320 |
|
Comerica Inc |
|
| 9,700 |
|
| 571,330 |
|
Equity Office Properties Trust |
|
| 18,000 |
|
| 588,780 |
|
Equity Residential |
|
| 15,600 |
|
| 590,460 |
|
Freddie Mac |
|
| 15,900 |
|
| 897,714 |
|
Golden West Financial Corp |
|
| 12,100 |
|
| 718,619 |
|
JPMorgan Chase & Co |
|
| 26,400 |
|
| 895,752 |
|
Loews Corp |
|
| 10,900 |
|
| 1,007,269 |
|
MBNA Corp |
|
| 12,900 |
|
| 317,856 |
|
Merrill Lynch & Co Inc |
|
| 21,200 |
|
| 1,300,620 |
|
The Chubb Corp |
|
| 7,940 |
|
| 711,027 |
|
The Goldman Sachs Group Inc |
|
| 7,500 |
|
| 911,850 |
|
The St. Paul Travelers Cos Inc |
|
| 5,500 |
|
| 246,785 |
|
U.S. Bancorp |
|
| 19,700 |
|
| 553,176 |
|
Wachovia Corp |
|
| 18,100 |
|
| 861,379 |
|
Wells Fargo & Co |
|
| 20,600 |
|
| 1,206,542 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,873,499 |
|
|
|
|
|
|
| ||
Health Care - 7.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Johnson & Johnson |
|
| 11,000 |
|
| 696,080 |
|
Novartis AG ADR (Switzerland) |
|
| 13,100 |
|
| 668,100 |
|
Pfizer Inc |
|
| 25,900 |
|
| 646,723 |
|
Sanofi-Aventis ADR (France) |
|
| 20,200 |
|
| 839,310 |
|
UnitedHealth Group Inc |
|
| 17,400 |
|
| 977,880 |
|
WellPoint Inc * |
|
| 12,800 |
|
| 970,496 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,798,589 |
|
|
|
|
|
|
| ||
Integrated Oils - 8.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 15,900 |
|
| 725,358 |
|
Marathon Oil Corp |
|
| 17,700 |
|
| 1,220,061 |
|
Nexen Inc (Canada) |
|
| 4,600 |
|
| 219,236 |
|
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom) |
|
| 9,300 |
|
| 610,452 |
|
Suncor Energy Inc (Canada) |
|
| 9,000 |
|
| 544,770 |
|
Total SA ADR (France) |
|
| 12,500 |
|
| 1,697,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,017,627 |
|
|
|
|
|
|
| ||
Materials & Processing - 2.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
| 9,300 |
|
| 512,802 |
|
Avery Dennison Corp |
|
| 12,200 |
|
| 639,158 |
|
E.I. du Pont de Nemours & Co |
|
| 14,500 |
|
| 567,965 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,719,925 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Textron Inc |
|
| 11,500 |
|
| 824,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 4.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lexmark International Inc ‘A’ * |
|
| 9,500 |
|
| 579,975 |
|
The Boeing Co |
|
| 18,200 |
|
| 1,236,690 |
|
United Technologies Corp |
|
| 15,900 |
|
| 824,256 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,640,921 |
|
|
|
|
|
|
| ||
Technology - 8.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comverse Technology Inc * |
|
| 21,700 |
|
| 570,059 |
|
International Business Machines Corp |
|
| 7,900 |
|
| 633,738 |
|
Maxim Integrated Products Inc |
|
| 10,800 |
|
| 460,620 |
|
Microsoft Corp |
|
| 48,200 |
|
| 1,240,186 |
|
Nokia OYJ ADR (Finland) |
|
| 66,400 |
|
| 1,122,824 |
|
Nortel Networks Corp * (Canada) |
|
| 245,500 |
|
| 800,330 |
|
Raytheon Co |
|
| 18,200 |
|
| 691,964 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,519,721 |
|
|
|
|
|
|
| ||
Utilities - 9.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 18,600 |
|
| 1,211,046 |
|
AT&T Corp |
|
| 16,300 |
|
| 322,740 |
|
Comcast Corp ‘A’ * |
|
| 31,100 |
|
| 913,718 |
|
SBC Communications Inc |
|
| 31,700 |
|
| 759,849 |
|
Sempra Energy |
|
| 17,500 |
|
| 823,550 |
|
SES GLOBAL SA FDR (Luxembourg) |
|
| 18,500 |
|
| 290,157 |
|
Sprint Nextel Corp |
|
| 72,001 |
|
| 1,712,183 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,033,243 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 58,591,236 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 4.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 4.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 2,791,032 |
|
| 2,791,032 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
| 2,791,032 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 98.81% |
|
|
|
|
| 61,382,268 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 1.19% |
|
|
|
|
| 740,603 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 62,122,871 |
|
|
|
|
|
|
| ||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-24 |
|
PACIFIC FUNDS |
PF SALOMON BROTHERS LARGE-CAP VALUE FUND |
Schedule of Investments (Continued) |
September 30, 2005 (Unaudited) |
Note to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
| Financial Services |
|
| 27.16 | % |
| Consumer Discretionary |
|
| 13.72 | % |
| Utilities |
|
| 9.71 | % |
| Technology |
|
| 8.89 | % |
| Integrated Oils |
|
| 8.08 | % |
| Health Care |
|
| 7.72 | % |
| Consumer Staples |
|
| 6.24 | % |
| Short-Term Investment |
|
| 4.49 | % |
| Energy |
|
| 4.45 | % |
| Producer Durables |
|
| 4.25 | % |
| Materials & Processing |
|
| 2.77 | % |
| Multi-Industry |
|
| 1.33 | % |
|
|
|
| ||
|
|
|
| 98.81 | % |
| Other Assets & Liabilities, Net |
|
| 1.19 | % |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
| |
A-25 |
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 91.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Airlines Co |
|
| 9,400 |
| $ | 139,590 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Discretionary - 14.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best Buy Co Inc |
|
| 2,550 |
|
| 111,001 |
|
Clear Channel Communications Inc |
|
| 21,700 |
|
| 713,713 |
|
Federated Department Stores Inc |
|
| 2,634 |
|
| 176,136 |
|
Gannett Co Inc |
|
| 1,600 |
|
| 110,128 |
|
Jones Apparel Group Inc |
|
| 6,074 |
|
| 173,109 |
|
Kimberly-Clark Corp |
|
| 8,900 |
|
| 529,817 |
|
Liberty Media Corp ‘A’ * |
|
| 43,700 |
|
| 351,785 |
|
Mattel Inc |
|
| 9,400 |
|
| 156,792 |
|
McDonald’s Corp |
|
| 4,100 |
|
| 137,309 |
|
The Walt Disney Co |
|
| 18,300 |
|
| 441,579 |
|
Time Warner Inc |
|
| 27,900 |
|
| 505,269 |
|
Tribune Co |
|
| 3,000 |
|
| 101,670 |
|
Viacom Inc ‘B’ |
|
| 12,900 |
|
| 425,829 |
|
Wal-Mart Stores Inc |
|
| 12,200 |
|
| 534,604 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,468,741 |
|
|
|
|
|
|
| ||
Consumer Staples - 7.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 7,800 |
|
| 574,938 |
|
Anheuser-Busch Cos Inc |
|
| 2,390 |
|
| 102,866 |
|
Kraft Foods Inc ‘A’ |
|
| 12,400 |
|
| 379,316 |
|
The Coca-Cola Co |
|
| 10,000 |
|
| 431,900 |
|
Unilever NV ‘NY’ (Netherlands) |
|
| 9,900 |
|
| 707,355 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,196,375 |
|
|
|
|
|
|
| ||
Energy - 0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Halliburton Co |
|
| 1,800 |
|
| 123,336 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 23.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Inc |
|
| 1,500 |
|
| 67,950 |
|
Ambac Financial Group Inc |
|
| 2,000 |
|
| 144,120 |
|
American International Group Inc |
|
| 3,700 |
|
| 229,252 |
|
Assurant Inc |
|
| 1,300 |
|
| 49,478 |
|
Bank of America Corp |
|
| 21,100 |
|
| 888,310 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 5 |
|
| 13,655 |
|
Citigroup Inc |
|
| 20,400 |
|
| 928,608 |
|
Fannie Mae |
|
| 2,300 |
|
| 103,086 |
|
First Data Corp |
|
| 3,400 |
|
| 136,000 |
|
Freddie Mac |
|
| 19,300 |
|
| 1,089,678 |
|
Genworth Financial Inc ‘A’ |
|
| 2,800 |
|
| 90,272 |
|
JPMorgan Chase & Co |
|
| 6,900 |
|
| 234,117 |
|
Lehman Brothers Holdings Inc |
|
| 600 |
|
| 69,888 |
|
Merrill Lynch & Co Inc |
|
| 3,900 |
|
| 239,265 |
|
MetLife Inc |
|
| 3,100 |
|
| 154,473 |
|
RenaissanceRe Holdings Ltd (Bermuda) |
|
| 300 |
|
| 13,119 |
|
SunTrust Banks Inc |
|
| 400 |
|
| 27,780 |
|
The Bank of New York Co Inc |
|
| 9,300 |
|
| 273,513 |
|
The Chubb Corp |
|
| 6,400 |
|
| 573,120 |
|
The Hartford Financial Services Group Inc |
|
| 600 |
|
| 46,302 |
|
The PNC Financial Services Group Inc |
|
| 6,000 |
|
| 348,120 |
|
The St. Paul Travelers Cos Inc |
|
| 3,986 |
|
| 178,852 |
|
Torchmark Corp |
|
| 3,600 |
|
| 190,188 |
|
Wachovia Corp |
|
| 8,156 |
|
| 388,144 |
|
Wells Fargo & Co |
|
| 10,500 |
|
| 614,985 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,092,275 |
|
|
|
|
|
|
| ||
Health Care - 16.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corp |
|
| 3,900 |
|
| 301,470 |
|
Boston Scientific Corp * |
|
| 4,300 |
|
| 100,491 |
|
Bristol-Myers Squibb Co |
|
| 41,100 |
|
| 988,866 |
|
Cardinal Health Inc |
|
| 2,700 |
|
| 171,288 |
|
GlaxoSmithKline PLC ADR (United Kingdom) |
|
| 29,700 |
|
| 1,523,016 |
|
Pfizer Inc |
|
| 15,600 |
|
| 389,532 |
|
Roche Holding AG ADR (Switzerland) |
|
| 7,000 |
|
| 488,113 |
|
Sanofi-Aventis ADR (France) |
|
| 6,700 |
|
| 278,385 |
|
Schering-Plough Corp |
|
| 18,000 |
|
| 378,900 |
|
Wyeth |
|
| 8,700 |
|
| 402,549 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,022,610 |
|
|
|
|
|
|
| ||
Integrated Oils - 1.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 1,000 |
|
| 45,620 |
|
Total SA ADR (France) |
|
| 2,400 |
|
| 325,968 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 371,588 |
|
|
|
|
|
|
| ||
Materials & Processing - 10.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Inc |
|
| 22,600 |
|
| 551,892 |
|
E.I. du Pont de Nemours & Co |
|
| 13,800 |
|
| 540,546 |
|
Georgia-Pacific Corp |
|
| 24,910 |
|
| 848,435 |
|
International Paper Co |
|
| 29,258 |
|
| 871,888 |
|
Rohm & Haas Co |
|
| 4,600 |
|
| 189,198 |
|
The Dow Chemical Co |
|
| 6,200 |
|
| 258,354 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,260,313 |
|
|
|
|
|
|
| ||
Producer Durables - 0.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cognex Corp |
|
| 1,700 |
|
| 51,119 |
|
Credence Systems Corp * |
|
| 3,800 |
|
| 30,324 |
|
Lexmark International Inc ‘A’ * |
|
| 1,200 |
|
| 73,260 |
|
Novellus Systems Inc * |
|
| 400 |
|
| 10,032 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 164,735 |
|
|
|
|
|
|
| ||
Technology - 3.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Computer Services Inc ‘A’ * |
|
| 4,900 |
|
| 267,540 |
|
Check Point Software Technologies Ltd * (Israel) |
|
| 800 |
|
| 19,456 |
|
Cisco Systems Inc * |
|
| 9,200 |
|
| 164,956 |
|
Dell Inc * |
|
| 6,600 |
|
| 225,720 |
|
Flextronics International Ltd * (Singapore) |
|
| 3,800 |
|
| 48,830 |
|
Hewlett-Packard Co |
|
| 4,300 |
|
| 125,560 |
|
Intel Corp |
|
| 700 |
|
| 17,255 |
|
International Business Machines Corp |
|
| 1,400 |
|
| 112,308 |
|
Microsoft Corp |
|
| 4,100 |
|
| 105,493 |
|
Nokia OYJ ADR (Finland) |
|
| 2,400 |
|
| 40,584 |
|
Telefonaktiebolaget LM Ericsson ADR (Sweden) |
|
| 1,100 |
|
| 40,524 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,168,226 |
|
|
|
|
|
|
| ||
Utilities - 11.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc |
|
| 6,200 |
|
| 246,140 |
|
Constellation Energy Group Inc |
|
| 3,700 |
|
| 227,920 |
|
Dominion Resources Inc |
|
| 2,800 |
|
| 241,192 |
|
FirstEnergy Corp |
|
| 5,400 |
|
| 281,448 |
|
Public Service Enterprise Group Inc |
|
| 2,400 |
|
| 154,464 |
|
SBC Communications Inc |
|
| 37,500 |
|
| 898,875 |
|
Sprint Nextel Corp |
|
| 23,900 |
|
| 568,342 |
|
Verizon Communications Inc |
|
| 27,900 |
|
| 912,051 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,530,432 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 27,538,221 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-26
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 9.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - - 9.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
| $ | 2,740,000 |
| $ | 2,739,467 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 0.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 4,059 |
|
| 4,059 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 4,059 |
|
| 4,059 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,118 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 2,747,585 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.16% |
|
|
|
|
| 30,285,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.16%) |
|
|
|
|
| (47,888 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 30,237,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
| |
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
| ||||
|
|
|
|
|
|
| Financial Services |
|
| 23.46 | % |
| Health Care |
|
| 16.61 | % |
| Consumer Discretionary |
|
| 14.78 | % |
| Utilities |
|
| 11.68 | % |
| Materials & Processing |
|
| 10.78 | % |
| Short-Term Investments |
|
| 9.09 | % |
| Consumer Staples |
|
| 7.26 | % |
| Technology |
|
| 3.86 | % |
| Integrated Oils |
|
| 1.23 | % |
| Producer Durables |
|
| 0.54 | % |
| Autos & Transportation |
|
| 0.46 | % |
| Energy |
|
| 0.41 | % |
|
|
|
| ||
|
|
|
| 100.16 | % |
| Other Assets & Liabilities, Net |
|
| (0.16 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
| ||
|
|
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-27
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
| ||||||||||||
|
| |||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
|
| Shares |
| Value |
|
| ||||||||||||||
|
|
|
|
| ||||||||||||||||
COMMON STOCKS - 98.60% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Autos & Transportation - 6.45% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
C.H. Robinson Worldwide Inc |
|
| 16,525 |
| $ | 1,059,583 |
|
| ||||||||||||
Expeditors International of Washington Inc |
|
| 17,900 |
|
| 1,016,362 |
|
| ||||||||||||
Harley-Davidson Inc |
|
| 11,800 |
|
| 571,592 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 2,647,537 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Consumer Discretionary - 40.33% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Activision Inc * |
|
| 31,233 |
|
| 638,715 |
|
| ||||||||||||
BJ’s Wholesale Club Inc * |
|
| 14,100 |
|
| 391,980 |
|
| ||||||||||||
Career Education Corp * |
|
| 14,400 |
|
| 512,064 |
|
| ||||||||||||
Chico’s FAS Inc * |
|
| 11,720 |
|
| 431,296 |
|
| ||||||||||||
ChoicePoint Inc * |
|
| 9,025 |
|
| 389,609 |
|
| ||||||||||||
Expedia Inc * |
|
| 11,200 |
|
| 221,872 |
|
| ||||||||||||
Gaylord Entertainment Co * |
|
| 7,900 |
|
| 376,435 |
|
| ||||||||||||
Getty Images Inc * |
|
| 16,751 |
|
| 1,441,256 |
|
| ||||||||||||
International Game Technology |
|
| 43,350 |
|
| 1,170,450 |
|
| ||||||||||||
International Speedway Corp ‘A’ |
|
| 9,610 |
|
| 504,237 |
|
| ||||||||||||
Iron Mountain Inc * |
|
| 27,252 |
|
| 1,000,148 |
|
| ||||||||||||
ITT Educational Services Inc * |
|
| 10,550 |
|
| 520,643 |
|
| ||||||||||||
Lamar Advertising Co ‘A’ * |
|
| 13,485 |
|
| 611,680 |
|
| ||||||||||||
Monster Worldwide Inc * |
|
| 36,100 |
|
| 1,108,631 |
|
| ||||||||||||
NetEase.com Inc ADR * (Cayman) |
|
| 4,500 |
|
| 405,045 |
|
| ||||||||||||
P.F. Chang’s China Bistro Inc * |
|
| 12,280 |
|
| 550,512 |
|
| ||||||||||||
Penn National Gaming Inc * |
|
| 14,500 |
|
| 451,095 |
|
| ||||||||||||
SCP Pool Corp |
|
| 10,000 |
|
| 349,300 |
|
| ||||||||||||
Shanda Interactive Entertainment Ltd ADR * |
|
| 9,600 |
|
| 259,680 |
|
| ||||||||||||
SINA Corp * (Cayman) |
|
| 8,900 |
|
| 244,750 |
|
| ||||||||||||
Station Casinos Inc |
|
| 13,175 |
|
| 874,293 |
|
| ||||||||||||
Strayer Education Inc |
|
| 7,725 |
|
| 730,167 |
|
| ||||||||||||
The Cheesecake Factory Inc * |
|
| 12,350 |
|
| 385,814 |
|
| ||||||||||||
The Corporate Executive Board Co |
|
| 19,083 |
|
| 1,488,092 |
|
| ||||||||||||
Tractor Supply Co * |
|
| 10,868 |
|
| 496,124 |
|
| ||||||||||||
Weight Watchers International Inc * |
|
| 6,900 |
|
| 355,902 |
|
| ||||||||||||
Wynn Resorts Ltd * |
|
| 14,345 |
|
| 647,677 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 16,557,467 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Consumer Staples - 1.49% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Loews Corp - Carolina Group |
|
| 15,400 |
|
| 610,302 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial Services - 8.09% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Ameritrade Holding Corp * |
|
| 20,750 |
|
| 445,710 |
|
| ||||||||||||
Brown & Brown Inc |
|
| 8,300 |
|
| 412,427 |
|
| ||||||||||||
Calamos Asset Management Inc ‘A’ |
|
| 22,088 |
|
| 545,132 |
|
| ||||||||||||
CB Richard Ellis Group Inc ‘A’ * |
|
| 8,800 |
|
| 432,960 |
|
| ||||||||||||
Chicago Mercantile Exchange Holdings Inc |
|
| 3,310 |
|
| 1,116,463 |
|
| ||||||||||||
White Mountains Insurance Group Ltd (Bermuda) |
|
| 610 |
|
| 368,440 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 3,321,132 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Health Care - 10.89% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Dade Behring Holdings Inc |
|
| 25,650 |
|
| 940,329 |
|
| ||||||||||||
DaVita Inc * |
|
| 8,300 |
|
| 382,381 |
|
| ||||||||||||
Gen-Probe Inc * |
|
| 8,850 |
|
| 437,632 |
|
| ||||||||||||
INAMED Corp * |
|
| 8,350 |
|
| 631,928 |
|
| ||||||||||||
Kinetic Concepts Inc * |
|
| 6,202 |
|
| 352,274 |
|
| ||||||||||||
Patterson Cos Inc * |
|
| 8,933 |
|
| 357,588 |
|
| ||||||||||||
Stericycle Inc * |
|
| 16,673 |
|
| 952,862 |
|
| ||||||||||||
Techne Corp * |
|
| 7,325 |
|
| 417,379 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 4,472,373 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Integrated Oils - 6.20% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Ultra Petroleum Corp * (Canada) |
|
| 44,780 |
|
| 2,547,086 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Materials & Processing - 2.85% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Cameco Corp (Canada) |
|
| 7,700 |
|
| 411,950 |
|
| ||||||||||||
Rinker Group Ltd ADR (Australia) |
|
| 6,992 |
|
| 444,761 |
|
| ||||||||||||
The St. Joe Co |
|
| 5,008 |
|
| 312,750 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 1,169,461 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Multi-Industry - 1.16% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Brascan Corp ‘A’ (Canada) |
|
| 10,200 |
|
| 475,320 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Producer Durables - 7.14% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Crown Castle International Corp * |
|
| 40,362 |
|
| 994,116 |
|
| ||||||||||||
Desarrolladora Homex SA de CV ADR * (Mexico) |
|
| 18,620 |
|
| 571,820 |
|
| ||||||||||||
Lexmark International Inc ‘A’ * |
|
| 9,425 |
|
| 575,397 |
|
| ||||||||||||
NVR Inc * |
|
| 895 |
|
| 792,030 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 2,933,363 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Technology - 6.69% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Freescale Semiconductor Inc ‘A’ * |
|
| 15,300 |
|
| 358,173 |
|
| ||||||||||||
Marvell Technology Group Ltd * (Bermuda) |
|
| 13,975 |
|
| 644,387 |
|
| ||||||||||||
Red Hat Inc * |
|
| 27,900 |
|
| 591,201 |
|
| ||||||||||||
salesforce.com inc * |
|
| 28,500 |
|
| 658,920 |
|
| ||||||||||||
Tessera Technologies Inc * |
|
| 16,600 |
|
| 496,506 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 2,749,187 | �� |
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Utilities - 7.31% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
NII Holdings Inc * |
|
| 17,970 |
|
| 1,517,566 |
|
| ||||||||||||
Questar Corp |
|
| 6,025 |
|
| 530,923 |
|
| ||||||||||||
Southwestern Energy Co * |
|
| 12,990 |
|
| 953,466 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| 3,001,955 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Total Common Stocks |
|
|
|
|
| 40,485,183 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
|
| Principal |
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
SHORT-TERM INVESTMENTS - 1.52% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
U.S. Government Agency Issue - 1.51% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Fannie Mae |
|
|
|
|
|
|
|
| ||||||||||||
3.500% due 10/03/05 |
| $ | 620,000 |
|
| 619,879 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
|
| Shares |
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Money Market Fund - 0.01% |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
BlackRock Liquidity Funds Institutional TempCash |
|
| 4,670 |
|
| 4,670 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Total Short-Term Investments |
|
|
|
|
| 624,549 |
|
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
TOTAL INVESTMENTS - 100.12% |
|
|
|
|
| 41,109,732 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.12%) |
|
|
|
|
| (50,463 | ) |
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
NET ASSETS - 100.00% |
|
|
|
| $ | 41,059,269 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-28
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
| |
|
|
|
|
|
|
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
| |
|
|
|
|
|
|
| Consumer Discretionary |
|
| 40.33 | % |
| Health Care |
|
| 10.89 | % |
| Financial Services |
|
| 8.09 | % |
| Utilities |
|
| 7.31 | % |
| Producer Durables |
|
| 7.14 | % |
| Technology |
|
| 6.69 | % |
| Autos & Transportation |
|
| 6.45 | % |
| Integrated Oils |
|
| 6.20 | % |
| Materials & Processing |
|
| 2.85 | % |
| Short-Term Investments |
|
| 1.52 | % |
| Consumer Staples |
|
| 1.49 | % |
| Multi-Industry |
|
| 1.16 | % |
|
|
|
| ||
|
|
|
| 100.12 | % |
| Other Assets & Liabilities, Net |
|
| (0.12 | %) |
|
|
|
| ||
|
|
|
| 100.00 | % |
|
|
|
| ||
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-29
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 9.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Hotels Corp |
|
| 40,320 |
| $ | 899,943 |
|
Lodgian Inc * |
|
| 1,900 |
|
| 19,475 |
|
Starwood Hotels & Resorts Worldwide Inc |
|
| 16,555 |
|
| 946,449 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,865,867 |
|
|
|
|
|
|
| ||
Financial Services - 85.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Realty Trust |
|
| 8,420 |
|
| 151,476 |
|
AMB Property Corp |
|
| 10,945 |
|
| 491,430 |
|
American Campus Communities Inc |
|
| 2,500 |
|
| 60,050 |
|
AMLI Residential Properties Trust |
|
| 1,300 |
|
| 41,691 |
|
Apartment Investment & Management Co ‘A’ |
|
| 1,865 |
|
| 72,325 |
|
Archstone-Smith Trust |
|
| 19,965 |
|
| 796,004 |
|
Arden Realty Inc |
|
| 12,340 |
|
| 508,038 |
|
AvalonBay Communities Inc |
|
| 10,265 |
|
| 879,710 |
|
Boston Properties Inc |
|
| 11,890 |
|
| 843,001 |
|
Brandywine Realty Trust |
|
| 7,890 |
|
| 245,300 |
|
BRE Properties Inc ‘A’ |
|
| 6,300 |
|
| 280,350 |
|
Brookfield Properties Corp (Canada) |
|
| 28,297 |
|
| 833,913 |
|
Capital Automotive REIT |
|
| 1,280 |
|
| 49,549 |
|
Cedar Shopping Centers Inc |
|
| 1,900 |
|
| 27,493 |
|
Correctional Properties Trust |
|
| 655 |
|
| 19,263 |
|
Developers Diversified Realty Corp |
|
| 1,270 |
|
| 59,309 |
|
Equity Lifestyle Properties Inc |
|
| 5,745 |
|
| 258,525 |
|
Equity Office Properties Trust |
|
| 10,960 |
|
| 358,502 |
|
Equity Residential |
|
| 12,040 |
|
| 455,714 |
|
Essex Property Trust Inc |
|
| 4,600 |
|
| 414,000 |
|
Federal Realty Investment Trust |
|
| 9,720 |
|
| 592,240 |
|
Gables Residential Trust |
|
| 2,285 |
|
| 99,740 |
|
General Growth Properties Inc |
|
| 4,795 |
|
| 215,439 |
|
Health Care Property Investors Inc |
|
| 3,990 |
|
| 107,690 |
|
Heritage Property Investment Trust Inc |
|
| 2,340 |
|
| 81,900 |
|
Highwoods Properties Inc |
|
| 1,400 |
|
| 41,314 |
|
Host Marriott Corp |
|
| 34,020 |
|
| 574,938 |
|
Kilroy Realty Corp |
|
| 100 |
|
| 5,603 |
|
Legacy Hotels REIT (Canada) |
|
| 9,000 |
|
| 54,270 |
|
Liberty Property Trust |
|
| 100 |
|
| 4,254 |
|
Mack-Cali Realty Corp |
|
| 8,655 |
|
| 388,956 |
|
MeriStar Hospitality Corp * |
|
| 8,790 |
|
| 80,253 |
|
Omega Healthcare Investors Inc |
|
| 7,275 |
|
| 101,268 |
|
Pan Pacific Retail Properties Inc |
|
| 355 |
|
| 23,394 |
|
Post Properties Inc |
|
| 8,545 |
|
| 318,301 |
|
Prentiss Properties Trust |
|
| 2,480 |
|
| 100,688 |
|
ProLogis |
|
| 11,212 |
|
| 496,804 |
|
PS Business Parks Inc CA |
|
| 4,215 |
|
| 193,047 |
|
Public Storage Inc |
|
| 9,020 |
|
| 604,340 |
|
Ramco-Gershenson Properties Trust |
|
| 800 |
|
| 23,352 |
|
Reckson Associates Realty Corp |
|
| 8,650 |
|
| 298,857 |
|
Regency Centers Corp |
|
| 9,805 |
|
| 563,297 |
|
Senior Housing Properties Trust |
|
| 12,245 |
|
| 232,655 |
|
Shurgard Storage Centers Inc ‘A’ |
|
| 7,776 |
|
| 434,445 |
|
Simon Property Group Inc |
|
| 22,540 |
|
| 1,670,665 |
|
SL Green Realty Corp |
|
| 5,800 |
|
| 395,444 |
|
Spirit Finance Corp |
|
| 4,935 |
|
| 55,519 |
|
Taubman Centers Inc |
|
| 7,020 |
|
| 222,534 |
|
The Macerich Co |
|
| 8,455 |
|
| 549,068 |
|
Trizec Properties Inc |
|
| 2,165 |
|
| 49,925 |
|
Universal Health Realty Income Trust |
|
| 400 |
|
| 13,300 |
|
Vornado Realty Trust |
|
| 5,510 |
|
| 477,276 |
|
Windrose Medical Properties Trust |
|
| 710 |
|
| 10,849 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 15,927,268 |
|
|
|
|
|
|
| ||
Health Care - 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunrise Senior Living REIT (Canada) |
|
| 200 |
|
| 2,328 |
|
|
|
|
|
|
| ||
Materials & Processing - 1.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forest City Enterprises Inc ‘A’ |
|
| 5,620 |
|
| 214,122 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 18,009,585 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 3.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 3.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 695,581 |
|
| 695,581 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
| 695,581 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.98% |
|
|
|
|
| 18,705,166 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.02% |
|
|
|
|
| 4,380 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 18,709,546 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of September 30, 2005, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
| Financial Services |
| 85.13 | % |
| Consumer Discretionary |
| 9.97 | % |
| Short-Term Investment |
| 3.72 | % |
| Materials & Processing |
| 1.15 | % |
| Health Care |
| 0.01 | % |
|
|
|
| |
|
|
| 99.98 | % |
| Other Assets & Liabilities, Net |
| 0.02 | % |
|
|
|
| |
|
|
| 100.00 | % |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-31 |
A-30
|
PACIFIC FUNDS |
|
|
Explanation of Symbols for Schedules of Investments | |
|
|
* | Non-income producing securities. |
|
|
+ | Securities were fair valued under procedures established by the Funds’ Board of Trustees. |
|
|
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities may be sold to “qualified institutional buyers” in transactions exempt from registration pursuant to Rule 144A of the 1933 Act. |
|
|
# | Securities purchased on a when-issued or delayed-delivery basis. |
|
|
‡ | Securities were fully/partially segregated with the custodian to cover margin requirements for open futures contracts as of September 30, 2005. |
|
|
“ | 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 September 30, 2005. |
|
|
Explanation of Terms for Schedules of Investments | |
| |
Currency Abbreviations: | |
| |
CAD | Canadian Dollar |
CHF | Swiss Franc |
EUR | Eurodollar |
GBP | British Pound |
JPY | Japanese Yen |
KRW | Korean Won |
|
|
Other Abbreviations: | |
| |
ADR | American Depositary Receipt |
CBOT | Chicago Board of Trade |
CME | Chicago Mercantile Exchange |
CPI | Consumer Price Index |
FDR | Fiduciary Depositary Receipt |
GDR | Global Depositary Receipt |
LIBOR | London Interbank Offered Rate |
‘NY’ | New York Shares |
NYSE | New York Stock Exchange |
OTC | Over the Counter |
TSE | Toronto Stock Exchange |
See Notes to Financial Statements
A-31
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF AIM |
| PF AIM |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 22,451,357 |
| $ | 54,225,674 |
| $ | 157,489,699 |
| $ | 145,218,046 |
| $ | 51,887,320 |
| $ | 43,770,984 |
| $ | 7,086,203 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 22,831,404 |
| $ | 56,385,596 |
| $ | 167,520,723 |
| $ | 156,916,192 |
| $ | 57,559,762 |
| $ | 48,377,049 |
| $ | 7,182,900 |
|
Cash |
|
| 3,557 |
|
| — |
|
| — |
|
| 233,457 |
|
| 26,239 |
|
| 1,193 |
|
| 1,002,098 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 44,732 |
|
| 84,823 |
|
| 185,317 |
|
| 93,396 |
|
| 7,565 |
|
| 28,547 |
|
| 2,483 |
|
Fund shares sold |
|
| 9,649 |
|
| 281,801 |
|
| 863,476 |
|
| 960,892 |
|
| 191,989 |
|
| 33,687 |
|
| 363 |
|
Securities sold |
|
| — |
|
| 13,948 |
|
| 63,036 |
|
| — |
|
| — |
|
| 596,912 |
|
| — |
|
Due from adviser |
|
| 18,196 |
|
| 35,966 |
|
| 95,804 |
|
| 87,951 |
|
| 36,640 |
|
| 17,101 |
|
| 10,217 |
|
Prepaid expenses and other assets |
|
| 10,797 |
|
| 11,095 |
|
| 12,203 |
|
| 16,123 |
|
| 11,439 |
|
| 18,510 |
|
| 19,509 |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 22,918,335 |
|
| 56,813,229 |
|
| 168,740,559 |
|
| 158,308,011 |
|
| 57,833,634 |
|
| 49,072,999 |
|
| 8,217,570 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 36,917 |
|
| 75,634 |
|
| 475,858 |
|
| 210,912 |
|
| 25,495 |
|
| 11,472 |
|
| 9,116 |
|
Securities purchased |
|
| 47,963 |
|
| 84,650 |
|
| 184,799 |
|
| 326,400 |
|
| 33,478 |
|
| 705,444 |
|
| — |
|
Due to custodian |
|
| — |
|
| 13,948 |
|
| 63,036 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Capital gains distributions |
|
| — |
|
| — |
|
| — |
|
| 50 |
|
| — |
|
| — |
|
| — |
|
Accrued advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 36,515 |
|
| 6,745 |
|
Accrued administration fees |
|
| 6,436 |
|
| 16,136 |
|
| 47,221 |
|
| 44,150 |
|
| 16,210 |
|
| 13,453 |
|
| 2,361 |
|
Accrued deferred trustee compensation |
|
| 1,155 |
|
| 2,663 |
|
| 7,474 |
|
| 6,820 |
|
| 2,820 |
|
| 20,154 |
|
| 5,951 |
|
Accrued distribution and service (12b-1) fees |
|
| 8,003 |
|
| 15,659 |
|
| 41,288 |
|
| 37,652 |
|
| 12,149 |
|
| 20,064 |
|
| 3,747 |
|
Accrued other |
|
| 26,291 |
|
| 46,857 |
|
| 127,539 |
|
| 115,801 |
|
| 47,257 |
|
| 53,593 |
|
| 24,897 |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 126,765 |
|
| 255,547 |
|
| 947,215 |
|
| 741,785 |
|
| 137,409 |
|
| 860,695 |
|
| 52,817 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 22,791,570 |
| $ | 56,557,682 |
| $ | 167,793,344 |
| $ | 157,566,226 |
| $ | 57,696,225 |
| $ | 48,212,304 |
| $ | 8,164,753 |
|
|
|
See Notes to Financial Statements
B-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF AIM |
| PF AIM |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 22,300,675 |
| $ | 54,141,412 |
| $ | 157,120,796 |
| $ | 145,417,940 |
| $ | 52,111,598 |
| $ | 46,951,396 |
| $ | 7,545,150 |
|
Undistributed/accumulated net investment income (loss) |
|
| 171,316 |
|
| 275,118 |
|
| 531,782 |
|
| 206,288 |
|
| (8,535 | ) |
| (161,031 | ) |
| (50,456 | ) |
Undistributed/accumulated net realized gain (loss) |
|
| (60,468 | ) |
| (18,770 | ) |
| 109,742 |
|
| 243,852 |
|
| (79,280 | ) |
| (3,183,663 | ) |
| 573,362 |
|
Net unrealized appreciation on investments and assets and liabilities in foreign currencies |
|
| 380,047 |
|
| 2,159,922 |
|
| 10,031,024 |
|
| 11,698,146 |
|
| 5,672,442 |
|
| 4,605,602 |
|
| 96,697 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 22,791,570 |
| $ | 56,557,682 |
| $ | 167,793,344 |
| $ | 157,566,226 |
| $ | 57,696,225 |
| $ | 48,212,304 |
| $ | 8,164,753 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 9,232,950 |
| $ | 27,324,913 |
| $ | 71,913,386 |
| $ | 63,449,896 |
| $ | 28,044,916 |
| $ | 46,119,402 |
| $ | 7,255,436 |
|
Shares of beneficial interest outstanding |
|
| 892,022 |
|
| 2,560,934 |
|
| 6,510,713 |
|
| 5,626,094 |
|
| 2,439,192 |
|
| 4,390,676 |
|
| 691,798 |
|
Net Asset Value * |
| $ | 10.35 |
| $ | 10.67 |
| $ | 11.05 |
| $ | 11.28 |
| $ | 11.50 |
| $ | 10.50 |
| $ | 10.49 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.60 |
|
| 0.62 |
|
| 0.64 |
|
| 0.66 |
|
| 0.67 |
|
| 0.61 |
|
| 0.61 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 10.95 |
| $ | 11.29 |
| $ | 11.69 |
| $ | 11.94 |
| $ | 12.17 |
| $ | 11.11 |
| $ | 11.10 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 1,962,034 |
| $ | 8,424,384 |
| $ | 26,144,928 |
| $ | 26,640,823 |
| $ | 8,168,094 |
| $ | 561,360 |
| $ | 308,893 |
|
Shares of beneficial interest outstanding |
|
| 190,459 |
|
| 793,521 |
|
| 2,378,859 |
|
| 2,374,379 |
|
| 714,049 |
|
| 54,454 |
|
| 30,078 |
|
Net Asset Value and offering price per share * |
| $ | 10.30 |
| $ | 10.62 |
| $ | 10.99 |
| $ | 11.22 |
| $ | 11.44 |
| $ | 10.31 |
| $ | 10.27 |
|
|
| |||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 11,586,585 |
| $ | 20,798,377 |
| $ | 69,725,011 |
| $ | 67,465,481 |
| $ | 21,473,178 |
| $ | 1,531,542 |
| $ | 600,424 |
|
Shares of beneficial interest outstanding |
|
| 1,125,872 |
|
| 1,958,714 |
|
| 6,350,155 |
|
| 6,023,417 |
|
| 1,878,782 |
|
| 148,755 |
|
| 58,399 |
|
Net Asset Value and offering price per share * |
| $ | 10.29 |
| $ | 10.62 |
| $ | 10.98 |
| $ | 11.20 |
| $ | 11.43 |
| $ | 10.30 |
| $ | 10.28 |
|
|
| |||||||||||||||||||||
Class R Shares: ** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 10,001 |
| $ | 10,008 |
| $ | 10,019 |
| $ | 10,026 |
| $ | 10,037 |
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 966 |
|
| 938 |
|
| 907 |
|
| 889 |
|
| 873 |
|
|
|
|
|
|
|
Net Asset Value |
| $ | 10.35 |
| $ | 10.67 |
| $ | 11.05 |
| $ | 11.28 |
| $ | 11.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
** | Class R shares are offered to the PF Portfolio Optimization Models only. |
See Notes to Financial Statements
B-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Goldman |
| PF Janus |
| PF Lazard |
| PF Lazard |
| PF MFS |
| PF Oppenheimer |
| PF Oppenheimer |
| |||||||||||||
|
|
| ||||||||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investments, at cost |
|
| $ | 40,627,848 |
|
| $ | 22,105,807 |
| $ | 30,802,171 |
| $ | 54,409,728 |
| $ | 40,361,738 |
|
| $ | — |
|
|
| $ | — |
|
|
|
|
| ||||||||||||||||||||||||||
Investments, at value |
|
| $ | 40,368,324 |
|
| $ | 26,536,381 |
| $ | 31,896,986 |
| $ | 64,724,625 |
| $ | 47,745,263 |
|
| $ | — |
|
|
| $ | — |
|
|
Cash (2) |
|
|
| 2,019,496 |
|
|
| — |
|
| 2,178,951 |
|
| — |
|
| — |
|
|
| 10,010 |
|
|
|
| 4,010 |
|
|
Foreign currency held, at value (3) |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| 56,474 |
|
|
| — |
|
|
|
| — |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
| 253,057 |
|
|
| 18,944 |
|
| 30,843 |
|
| 242,476 |
|
| 91,306 |
|
|
| — |
|
|
|
| — |
|
|
Fund shares sold |
|
|
| 13,535 |
|
|
| 19,524 |
|
| 47,488 |
|
| 25,064 |
|
| 14,929 |
|
|
| — |
|
|
|
| — |
|
|
Securities sold |
|
|
| — |
|
|
| 44,184 |
|
| 194,470 |
|
| — |
|
| 356,540 |
|
|
| — |
|
|
|
| — |
|
|
Due from adviser |
|
|
| 10,945 |
|
|
| 11,831 |
|
| 17,995 |
|
| 19,154 |
|
| 28,362 |
|
|
| 238 |
|
|
|
| 250 |
|
|
Forward foreign currency contracts appreciation |
|
|
| — |
|
|
| 22,471 |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Prepaid expenses and other assets |
|
|
| 1,178 |
|
|
| 17,411 |
|
| 5,005 |
|
| 17,830 |
|
| 17,669 |
|
|
| — |
|
|
|
| 6,000 |
|
|
|
|
|
| |||||||||||||||||||||||||
Total Assets |
|
|
| 42,666,535 |
|
|
| 26,670,746 |
|
| 34,371,738 |
|
| 65,029,149 |
|
| 48,310,543 |
|
|
| 10,248 |
|
|
|
| 10,260 |
|
|
|
|
|
| |||||||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
|
| 11,558 |
|
|
| 2,168 |
|
| 4,238,962 |
|
| 6,489 |
|
| 2,323 |
|
|
| — |
|
|
|
| — |
|
|
Securities purchased |
|
|
| — |
|
|
| 228,921 |
|
| 191,606 |
|
| — |
|
| 236,586 |
|
|
| — |
|
|
|
| — |
|
|
Variation margin |
|
|
| 15,276 |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Income distributions |
|
|
| 37 |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Accrued advisory fees |
|
|
| 20,705 |
|
|
| 15,780 |
|
| 23,296 |
|
| 44,617 |
|
| 40,897 |
|
|
| — | (4) |
|
|
| — | (4) |
|
Accrued administration fees |
|
|
| 12,078 |
|
|
| 7,364 |
|
| 9,592 |
|
| 18,372 |
|
| 13,632 |
|
|
| — | (4) |
|
|
| — | (4) |
|
Accrued deferred trustee compensation |
|
|
| 2,316 |
|
|
| 8,492 |
|
| 884 |
|
| 12,257 |
|
| 6,763 |
|
|
| — |
|
|
|
| — |
|
|
Accrued distribution and service (12b-1) fees |
|
|
| 17,539 |
|
|
| 10,935 |
|
| 13,781 |
|
| 26,999 |
|
| 19,914 |
|
|
| — | (4) |
|
|
| — | (4) |
|
Accrued other |
|
|
| 37,183 |
|
|
| 32,007 |
|
| 38,994 |
|
| 59,955 |
|
| 85,978 |
|
|
| 238 |
|
|
|
| 250 |
|
|
|
|
|
| |||||||||||||||||||||||||
Total Liabilities |
|
|
| 116,692 |
|
|
| 305,667 |
|
| 4,517,115 |
|
| 168,689 |
|
| 406,093 |
|
|
| 238 |
|
|
|
| 250 |
|
|
|
|
|
| |||||||||||||||||||||||||
NET ASSETS |
|
| $ | 42,549,843 |
|
| $ | 26,365,079 |
| $ | 29,854,623 |
| $ | 64,860,460 |
| $ | 47,904,450 |
|
| $ | 10,010 |
|
|
| $ | 10,010 |
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
|
|
(2) | Includes margin deposits of $35,000 segregated for futures contracts in the PF Goldman Sachs Short Duration Bond Fund. |
|
|
(3) | Foreign currency held at cost for the MFS International Large-Cap Fund was $55,118. |
|
|
(4) | Amounts represent less than $1. |
See Notes to Financial Statements
B-3
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Goldman |
| PF Janus |
| PF Lazard |
| PF Lazard |
| PF MFS |
| PF Oppenheimer |
| PF Oppenheimer |
| |||||||||||
|
|
| ||||||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Paid-in capital |
| $ | 43,154,563 |
| $ | 23,513,421 |
| $ | 27,819,674 |
| $ | 54,272,237 |
| $ | 40,181,673 |
|
| $ | 10,010 |
|
|
| $ | 10,010 |
|
|
Undistributed/accumulated net investment income (loss) |
|
| 1,030 |
|
| (64,735 | ) |
| (22,856 | ) |
| 376,451 |
|
| 126,264 |
|
|
| — |
|
|
|
| — |
|
|
Undistributed/accumulated net realized gain (loss) |
|
| (284,179 | ) |
| (1,536,415 | ) |
| 962,990 |
|
| (95,077 | ) |
| 215,016 |
|
|
| — |
|
|
|
| — |
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
| (321,571 | ) |
| 4,452,808 |
|
| 1,094,815 |
|
| 10,306,849 |
|
| 7,381,497 |
|
|
| — |
|
|
|
| — |
|
|
|
|
| ||||||||||||||||||||||||
NET ASSETS |
| $ | 42,549,843 |
| $ | 26,365,079 |
| $ | 29,854,623 |
| $ | 64,860,460 |
| $ | 47,904,450 |
|
| $ | 10,010 |
|
|
| $ | 10,010 |
|
|
|
|
| ||||||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 41,959,135 |
| $ | 25,248,025 |
| $ | 29,666,829 |
| $ | 63,021,808 |
| $ | 46,817,946 |
|
| $ | 10,010 |
|
|
| $ | 10,010 |
|
|
Shares of beneficial interest outstanding |
|
| 4,276,082 |
|
| 2,218,414 |
|
| 2,813,497 |
|
| 4,530,960 |
|
| 3,381,623 |
|
|
| 1,001 |
|
|
|
| 1,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value * |
| $ | 9.81 |
| $ | 11.38 |
| $ | 10.54 |
| $ | 13.91 |
| $ | 13.84 |
|
| $ | 10.00 |
|
|
| $ | 10.00 |
|
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.57 |
|
| 0.66 |
|
| 0.61 |
|
| 0.81 |
|
| 0.81 |
|
|
| — |
|
|
|
| — |
|
|
|
|
| ||||||||||||||||||||||||
Maximum offering price per share |
| $ | 10.38 |
| $ | 12.04 |
| $ | 11.15 |
| $ | 14.72 |
| $ | 14.65 |
|
| $ | 10.00 |
|
|
| $ | 10.00 |
|
|
|
|
| ||||||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 31,179 |
| $ | 415,934 |
| $ | 47,167 |
| $ | 373,590 |
| $ | 351,068 |
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 3,182 |
|
| 37,160 |
|
| 4,480 |
|
| 27,330 |
|
| 25,863 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value and offering price per |
| $ | 9.80 |
| $ | 11.19 |
| $ | 10.53 |
| $ | 13.67 |
| $ | 13.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� | |||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 559,529 |
| $ | 701,120 |
| $ | 140,627 |
| $ | 1,465,062 |
| $ | 735,436 |
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 57,129 |
|
| 62,870 |
|
| 13,382 |
|
| 107,268 |
|
| 54,084 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value and offering price per |
| $ | 9.79 |
| $ | 11.15 |
| $ | 10.51 |
| $ | 13.66 |
| $ | 13.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | PF Oppenheimer Main Street Core and PF Oppenheimer Emerging Markets Funds offer Class A shares only and are not subject to a front-end sales load. Only the PF Portfolio Optimization Models can invest in these two Funds. |
See Notes to Financial Statements
B-4
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF PIMCO |
| PF PIMCO |
| PF Pacific Life |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| |||||||||||||||
|
| |||||||||||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investments, at cost |
| $ | 68,807,694 |
| $ | 62,235,145 |
|
| $ | 28,168,491 |
|
|
| $ | 55,758,093 |
|
|
| $ | 28,866,115 |
|
|
| $ | 33,101,300 |
|
| $ | 16,585,203 |
|
|
| |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value |
| $ | 68,777,670 |
| $ | 62,736,009 |
|
| $ | 28,168,491 |
|
|
| $ | 61,382,268 |
|
|
| $ | 30,285,806 |
|
|
| $ | 41,109,732 |
|
| $ | 18,705,166 |
|
Cash |
|
| — |
|
| — |
|
|
| — |
|
|
|
| 240,411 |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Foreign currency held, at value (1) |
|
| 130,989 |
|
| 21,375 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Deposit with brokers for securities sold short |
|
| 507,521 |
|
| 610,738 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 420,955 |
|
| 422,686 |
|
|
| 30,071 |
|
|
|
| 108,815 |
|
|
|
| 39,775 |
|
|
|
| 4,741 |
|
|
| 89,617 |
|
Fund shares sold |
|
| 20,565 |
|
| 39,996 |
|
|
| 69,704 |
|
|
|
| 49,776 |
|
|
|
| 23,451 |
|
|
|
| 29,149 |
|
|
| 19,087 |
|
Securities sold |
|
| 3,219,236 |
|
| — |
|
|
| — |
|
|
|
| 613,249 |
|
|
|
| 11,698 |
|
|
|
| — |
|
|
| — |
|
Due from adviser |
|
| 19,192 |
|
| 15,325 |
|
|
| 9,624 |
|
|
|
| 18,123 |
|
|
|
| 12,469 |
|
|
|
| 16,344 |
|
|
| 13,904 |
|
Forward foreign currency contracts appreciation |
|
| 7,446 |
|
| 9,431 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Prepaid expenses and other assets |
|
| 17,694 |
|
| 1,815 |
|
|
| 19,007 |
|
|
|
| 19,499 |
|
|
|
| 18,107 |
|
|
|
| 18,055 |
|
|
| 3,691 |
|
Swap appreciation |
|
| 167,017 |
|
| 172,612 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| |||||||||||||||||||||||||||||
Total Assets |
|
| 73,288,285 |
|
| 64,029,987 |
|
|
| 28,296,897 |
|
|
|
| 62,432,141 |
|
|
|
| 30,391,306 |
|
|
|
| 41,178,021 |
|
|
| 18,831,465 |
|
|
| |||||||||||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 29,605 |
|
| 13,423 |
|
|
| 5,177,130 |
|
|
|
| 27,202 |
|
|
|
| 4,191 |
|
|
|
| 1,469 |
|
|
| 2,200 |
|
Securities purchased |
|
| 14,762,543 |
|
| 6,859,859 |
|
|
| 1,001,961 |
|
|
|
| 123,396 |
|
|
|
| 57,976 |
|
|
|
| — |
|
|
| 62,190 |
|
Securities sold short, at value (proceeds $507,521 and $610,738, respectively) |
|
| 498,438 |
|
| 597,586 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Swap agreements |
|
| — |
|
| 1,412 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Variation margin |
|
| 11,478 |
|
| 3,398 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Income distributions |
|
| 3,954 |
|
| 5,907 |
|
|
| 180 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Accrued advisory fees |
|
| 28,097 |
|
| 27,381 |
|
|
| 8,787 |
|
|
|
| 42,418 |
|
|
|
| 23,247 |
|
|
|
| 29,463 |
|
|
| 16,395 |
|
Accrued administration fees |
|
| 16,390 |
|
| 15,972 |
|
|
| 7,688 |
|
|
|
| 17,466 |
|
|
|
| 8,565 |
|
|
|
| 11,458 |
|
|
| 5,217 |
|
Accrued deferred trustee compensation |
|
| 21,377 |
|
| 6,890 |
|
|
| 11,262 |
|
|
|
| 14,874 |
|
|
|
| 7,516 |
|
|
|
| 9,994 |
|
|
| 480 |
|
Accrued distribution and service |
|
| 24,829 |
|
| 25,446 |
|
|
| 5,492 |
|
|
|
| 25,819 |
|
|
|
| 12,879 |
|
|
|
| 17,380 |
|
|
| 7,496 |
|
Accrued other |
|
| 361,474 |
|
| 387,472 |
|
|
| 25,718 |
|
|
|
| 58,095 |
|
|
|
| 39,014 |
|
|
|
| 48,988 |
|
|
| 27,941 |
|
Forward foreign currency contracts depreciation |
|
| 21,081 |
|
| 14,914 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Outstanding options written, at value (premiums received |
|
| 14,563 |
|
| 10,000 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
Swap depreciation |
|
| 78,920 |
|
| 105,098 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| |||||||||||||||||||||||||||||
Total Liabilities |
|
| 15,872,749 |
|
| 8,074,758 |
|
|
| 6,238,218 |
|
|
|
| 309,270 |
|
|
|
| 153,388 |
|
|
|
| 118,752 |
|
|
| 121,919 |
|
|
| |||||||||||||||||||||||||||||
NET ASSETS |
| $ | 57,415,536 |
| $ | 55,955,229 |
|
| $ | 22,058,679 |
|
|
| $ | 62,122,871 |
|
|
| $ | 30,237,918 |
|
|
| $ | 41,059,269 |
|
| $ | 18,709,546 |
|
|
|
|
|
(1) | Foreign currency held at cost for the PF PIMCO Managed Bond and PF PIMCO Inflation Managed Fund were $130,985 and $21,379, respectively. |
See Notes to Financial Statements
B-5
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF PIMCO |
| PF PIMCO |
|
|
| PF Salomon |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Managed |
| Inflation |
| PF Pacific Life |
| Brothers |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| |||||||||||
|
| Bond |
| Managed |
| Money Market |
| Large-Cap Value |
| Comstock |
| Mid-Cap Growth |
| Real Estate |
| |||||||||||
|
| Fund |
| Fund |
| Fund (1) |
| Fund |
| Fund |
| Fund |
| Fund |
| |||||||||||
| ||||||||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 57,122,391 |
| $ | 55,476,935 |
| $ | 22,050,227 |
| $ | 56,204,445 |
|
| $ | 27,905,334 |
|
| $ | 33,292,985 |
|
| $ | 16,397,698 |
|
|
Undistributed/accumulated net investment income (loss) |
|
| 275,039 |
|
| 195,196 |
|
| 8,448 |
|
| 54,524 |
|
|
| 71,995 |
|
|
| (268,177 | ) |
|
| 78,811 |
|
|
Undistributed/accumulated net realized gain (loss) |
|
| 27,069 |
|
| (286,385 | ) |
| 4 |
|
| 239,727 |
|
|
| 840,898 |
|
|
| 26,029 |
|
|
| 113,074 |
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
| (8,963 | ) |
| 569,483 |
|
| — |
|
| 5,624,175 |
|
|
| 1,419,691 |
|
|
| 8,008,432 |
|
|
| 2,119,963 |
|
|
| ||||||||||||||||||||||||||
NET ASSETS |
| $ | 57,415,536 |
| $ | 55,955,229 |
| $ | 22,058,679 |
| $ | 62,122,871 |
|
| $ | 30,237,918 |
|
| $ | 41,059,269 |
|
| $ | 18,709,546 |
|
|
| ||||||||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 54,043,396 |
| $ | 49,576,411 |
| $ | 22,058,679 |
| $ | 59,986,566 |
|
| $ | 28,704,175 |
|
| $ | 38,527,696 |
|
| $ | 18,594,933 |
|
|
Shares of beneficial interest outstanding |
|
| 5,308,515 |
|
| 4,699,201 |
|
| 22,060,443 |
|
| 5,044,976 |
|
|
| 2,325,183 |
|
|
| 3,784,571 |
|
|
| 1,682,615 |
|
|
Net Asset Value * |
| $ | 10.18 |
| $ | 10.55 |
| $ | 1.00 |
| $ | 11.89 |
|
| $ | 12.34 |
|
| $ | 10.18 |
|
| $ | 11.05 |
|
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.59 |
|
| 0.61 |
|
| — |
|
| 0.69 |
|
|
| 0.72 |
|
|
| 0.59 |
|
|
| 0.64 |
|
|
| ||||||||||||||||||||||||||
Maximum offering price per share |
| $ | 10.77 |
| $ | 11.16 |
| $ | 1.00 |
| $ | 12.58 |
|
| $ | 13.06 |
|
| $ | 10.77 |
|
| $ | 11.69 |
|
|
| ||||||||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 1,158,958 |
| $ | 1,529,409 |
|
|
|
| $ | 529,862 |
|
| $ | 455,463 |
|
| $ | 773,857 |
|
| $ | 73,888 |
|
|
Shares of beneficial interest outstanding |
|
| 114,085 |
|
| 145,779 |
|
|
|
|
| 45,095 |
|
|
| 37,429 |
|
|
| 77,314 |
|
|
| 6,698 |
|
|
Net Asset Value and offering price per share * |
| $ | 10.16 |
| $ | 10.49 |
|
|
|
| $ | 11.75 |
|
| $ | 12.17 |
|
| $ | 10.01 |
|
| $ | 11.03 |
|
|
|
|
|
|
| ||||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 2,213,182 |
| $ | 4,849,409 |
|
|
|
| $ | 1,606,443 |
|
| $ | 1,078,280 |
|
| $ | 1,757,716 |
|
| $ | 40,725 |
|
|
Shares of beneficial interest outstanding |
|
| 217,542 |
|
| 462,184 |
|
|
|
|
| 137,035 |
|
|
| 88,738 |
|
|
| 175,878 |
|
|
| 3,690 |
|
|
Net Asset Value and offering price per share * |
| $ | 10.17 |
| $ | 10.49 |
|
|
|
| $ | 11.72 |
|
| $ | 12.15 |
|
| $ | 9.99 |
|
| $ | 11.04 |
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. |
See Notes to Financial Statements
B-6
PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF AIM |
| |||||||||||||||||||||
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF AIM |
| Aggressive |
| |||||||||||||||||||||
|
| Optimization |
| Optimization |
| Optimization |
| Optimization |
| Optimization |
| Blue Chip |
| Growth |
| |||||||||||||||||||||
|
| Model A |
| Model B |
| Model C |
| Model D |
| Model E |
| Fund |
| Fund |
| |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (1) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 252,747 |
|
|
| $ | 28,363 |
|
|
Dividends from mutual fund investments |
|
|
| 203,725 |
|
|
|
| 345,074 |
|
|
|
| 745,426 |
|
|
|
| 407,440 |
|
|
|
| 59,174 |
|
|
|
| — |
|
|
|
| — |
|
|
Interest |
|
|
| 1,119 |
|
|
|
| 1,295 |
|
|
|
| 3,511 |
|
|
|
| 3,448 |
|
|
|
| 1,824 |
|
|
|
| 27,611 |
|
|
|
| 7,413 |
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Investment Income |
|
|
| 204,844 |
|
|
|
| 346,369 |
|
|
|
| 748,937 |
|
|
|
| 410,888 |
|
|
|
| 60,998 |
|
|
|
| 280,358 |
|
|
|
| 35,776 |
|
|
|
| |||||||||||||||||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 208,572 |
|
|
|
| 40,142 |
|
|
Administration fees |
|
|
| 38,453 |
|
|
|
| 86,470 |
|
|
|
| 258,704 |
|
|
|
| 236,211 |
|
|
|
| 88,621 |
|
|
|
| 76,842 |
|
|
|
| 14,050 |
|
|
Support services expenses |
|
|
| 7,440 |
|
|
|
| 15,653 |
|
|
|
| 48,376 |
|
|
|
| 42,881 |
|
|
|
| 16,392 |
|
|
|
| 16,250 |
|
|
|
| 2,300 |
|
|
Custodian fees and expenses |
|
|
| 15,034 |
|
|
|
| 15,582 |
|
|
|
| 19,362 |
|
|
|
| 18,733 |
|
|
|
| 14,508 |
|
|
|
| 23,233 |
|
|
|
| 33,099 |
|
|
Shareholder reports |
|
|
| 2,435 |
|
|
|
| 5,160 |
|
|
|
| 15,790 |
|
|
|
| 14,009 |
|
|
|
| 5,408 |
|
|
|
| 5,395 |
|
|
|
| 791 |
|
|
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 25,058 |
|
|
|
| 57,547 |
|
|
|
| 158,875 |
|
|
|
| 135,586 |
|
|
|
| 58,263 |
|
|
|
| 104,955 |
|
|
|
| 17,869 |
|
|
Class B |
|
|
| 9,055 |
|
|
|
| 38,222 |
|
|
|
| 115,508 |
|
|
|
| 114,594 |
|
|
|
| 35,930 |
|
|
|
| 2,667 |
|
|
|
| 1,463 |
|
|
Class C |
|
|
| 50,692 |
|
|
|
| 93,743 |
|
|
|
| 305,896 |
|
|
|
| 289,124 |
|
|
|
| 100,748 |
|
|
|
| 6,971 |
|
|
|
| 2,942 |
|
|
Class R (2) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| N/A |
|
|
|
| N/A |
|
|
Transfer agency out-of-pocket expenses |
|
|
| 11,535 |
|
|
|
| 25,563 |
|
|
|
| 75,680 |
|
|
|
| 67,187 |
|
|
|
| 27,023 |
|
|
|
| 27,214 |
|
|
|
| 4,653 |
|
|
Registration fees |
|
|
| 18,325 |
|
|
|
| 20,787 |
|
|
|
| 28,583 |
|
|
|
| 25,019 |
|
|
|
| 21,398 |
|
|
|
| 17,288 |
|
|
|
| 15,464 |
|
|
Legal and audit fees |
|
|
| 5,976 |
|
|
|
| 10,849 |
|
|
|
| 32,214 |
|
|
|
| 28,731 |
|
|
|
| 11,537 |
|
|
|
| 10,054 |
|
|
|
| 1,278 |
|
|
Trustees’ fees and expenses |
|
|
| 1,664 |
|
|
|
| 3,347 |
|
|
|
| 11,167 |
|
|
|
| 9,766 |
|
|
|
| 3,454 |
|
|
|
| 3,623 |
|
|
|
| 348 |
|
|
Other |
|
|
| 2,966 |
|
|
|
| 5,590 |
|
|
|
| 11,278 |
|
|
|
| 10,303 |
|
|
|
| 5,714 |
|
|
|
| 7,733 |
|
|
|
| 4,962 |
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Expenses |
|
|
| 188,633 |
|
|
|
| 378,513 |
|
|
|
| 1,081,433 |
|
|
|
| 992,144 |
|
|
|
| 388,996 |
|
|
|
| 510,797 |
|
|
|
| 139,361 |
|
|
Adviser Expense Reimbursement/Distributor Waiver |
|
|
| (156,138 | ) |
|
|
| (308,879 | ) |
|
|
| (867,813 | ) |
|
|
| (790,286 | ) |
|
|
| (320,658 | ) |
|
|
| (88,835 | ) |
|
|
| (58,881 | ) |
|
|
| |||||||||||||||||||||||||||||||||||
Net Expenses |
|
|
| 32,495 |
|
|
|
| 69,634 |
|
|
|
| 213,620 |
|
|
|
| 201,858 |
|
|
|
| 68,338 |
|
|
|
| 421,962 |
|
|
|
| 80,480 |
|
|
|
| |||||||||||||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
|
| 172,349 |
|
|
|
| 276,735 |
|
|
|
| 535,317 |
|
|
|
| 209,030 |
|
|
|
| (7,340 | ) |
|
|
| (141,604 | ) |
|
|
| (44,704 | ) |
|
|
| |||||||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (1) |
|
|
| (35,634 | ) |
|
|
| (30,453 | ) |
|
|
| (88,311 | ) |
|
|
| (2,087 | ) |
|
|
| (88,256 | ) |
|
|
| (83,019 | ) |
|
|
| 671,604 |
|
|
Futures contracts and written option transactions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 47,179 |
|
|
|
| — |
|
|
Foreign currency transactions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 903 |
|
|
|
| — |
|
|
Capital gain distributions from mutual fund investments |
|
|
| 24,930 |
|
|
|
| 72,750 |
|
|
|
| 248,089 |
|
|
|
| 287,529 |
|
|
|
| 113,238 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||||||||||
Net Realized Gain (Loss) |
|
|
| (10,704 | ) |
|
|
| 42,297 |
|
|
|
| 159,778 |
|
|
|
| 285,442 |
|
|
|
| 24,982 |
|
|
|
| (34,937 | ) |
|
|
| 671,604 |
|
|
|
| |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (1) |
|
|
| 283,995 |
|
|
|
| 1,342,672 |
|
|
|
| 6,632,068 |
|
|
|
| 7,742,447 |
|
|
|
| 3,616,957 |
|
|
|
| 1,706,574 |
|
|
|
| (255,708 | ) |
|
Futures contracts and written options |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 3,557 |
|
|
|
| (2,352 | ) |
|
Foreign currency transactions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (463 | ) |
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
|
| 283,995 |
|
|
|
| 1,342,672 |
|
|
|
| 6,632,068 |
|
|
|
| 7,742,447 |
|
|
|
| 3,616,957 |
|
|
|
| 1,709,668 |
|
|
|
| (258,060 | ) |
|
|
| |||||||||||||||||||||||||||||||||||
NET GAIN |
|
|
| 273,291 |
|
|
|
| 1,384,969 |
|
|
|
| 6,791,846 |
|
|
|
| 8,027,889 |
|
|
|
| 3,641,939 |
|
|
|
| 1,674,731 |
|
|
|
| 413,544 |
|
|
|
| |||||||||||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
| $ | 445,640 |
|
|
| $ | 1,661,704 |
|
|
| $ | 7,327,163 |
|
|
| $ | 8,236,919 |
|
|
| $ | 3,634,599 |
|
|
| $ | 1,533,127 |
|
|
| $ | 368,840 |
|
|
|
|
|
|
(1) | Dividends were net of $329 foreign taxes withheld for the PF AIM Blue Chip Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds. |
|
|
(2) | Class R shares commenced operations on September 30, 2005 and amounts represent less than $1. Class R shares are offered to the PF Portfolio Optimization Models only. |
See Notes to Financial Statements
B-7
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Goldman |
| PF Janus |
| PF Lazard |
| PF Lazard |
| PF MFS |
| PF Oppenhiemer |
| PF Oppenhiemer |
| |||||||||||
|
| |||||||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Dividends, net of foreign taxes withheld (2) |
| $ | 35,401 |
| $ | 103,548 |
| $ | 250,302 |
| $ | 950,512 |
| $ | 578,439 |
|
| $ | — |
|
|
| $ | — |
|
|
Interest |
|
| 576,701 |
|
| 20,993 |
|
| 297 |
|
| 423 |
|
| 27,363 |
|
|
| — | (3) |
|
|
| — | (3) |
|
|
| |||||||||||||||||||||||||
Total Investment Income |
|
| 612,102 |
|
| 124,541 |
|
| 250,599 |
|
| 950,935 |
|
| 605,802 |
|
|
| — | (3) |
|
|
| — | (3) |
|
|
| |||||||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 113,196 |
|
| 88,249 |
|
| 128,742 |
|
| 236,327 |
|
| 215,485 |
|
|
| — | (3) |
|
|
| — | (3) |
|
Administration fees |
|
| 66,031 |
|
| 41,183 |
|
| 53,012 |
|
| 97,311 |
|
| 71,828 |
|
|
| — | (3) |
|
|
| — | (3) |
|
Support services expenses |
|
| 12,542 |
|
| 7,625 |
|
| 10,153 |
|
| 18,780 |
|
| 13,801 |
|
|
| 22 |
|
|
|
| 9 |
|
|
Custodian fees and expenses |
|
| 8,500 |
|
| 24,271 |
|
| 14,276 |
|
| 36,007 |
|
| 110,788 |
|
|
| 55 |
|
|
|
| 98 |
|
|
Shareholder reports |
|
| 4,158 |
|
| 2,480 |
|
| 3,327 |
|
| 6,193 |
|
| 4,558 |
|
|
| 7 |
|
|
|
| 3 |
|
|
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 92,722 |
|
| 56,523 |
|
| 75,365 |
|
| 134,843 |
|
| 100,230 |
|
|
| — | (3) |
|
|
| — | (3) |
|
Class B |
|
| 138 |
|
| 1,950 |
|
| 174 |
|
| 1,811 |
|
| 1,687 |
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
| 3,079 |
|
| 2,671 |
|
| 557 |
|
| 6,535 |
|
| 3,077 |
|
|
| — |
|
|
|
| — |
|
|
Transfer agency out-of-pocket expenses |
|
| 20,064 |
|
| 12,531 |
|
| 16,446 |
|
| 29,868 |
|
| 22,350 |
|
|
| 30 |
|
|
|
| 23 |
|
|
Registration fees |
|
| 17,392 |
|
| 16,114 |
|
| 16,344 |
|
| 18,129 |
|
| 17,286 |
|
|
| 2 |
|
|
|
| 1 |
|
|
Legal and audit fees |
|
| 7,771 |
|
| 4,760 |
|
| 6,470 |
|
| 12,047 |
|
| 8,642 |
|
|
| 14 |
|
|
|
| 6 |
|
|
Trustees’ fees and expenses |
|
| 2,628 |
|
| 1,636 |
|
| 2,550 |
|
| 4,308 |
|
| 3,159 |
|
|
| 5 |
|
|
|
| 2 |
|
|
Offering expenses |
|
| — |
|
| — |
|
| 33,787 |
|
| — |
|
| — |
|
|
| 96 |
|
|
|
| 96 |
|
|
Other |
|
| 6,330 |
|
| 6,099 |
|
| 6,359 |
|
| 8,471 |
|
| 10,602 |
|
|
| 7 |
|
|
|
| 12 |
|
|
|
| |||||||||||||||||||||||||
Total Expenses |
|
| 354,551 |
|
| 266,092 |
|
| 367,562 |
|
| 610,630 |
|
| 583,493 |
|
|
| 238 |
|
|
|
| 250 |
|
|
Adviser Expense Reimbursement |
|
| (60,519 | ) |
| (63,750 | ) |
| (94,566 | ) |
| (105,999 | ) |
| (170,664 | ) |
|
| (238 | ) |
|
|
| (250 | ) |
|
|
| |||||||||||||||||||||||||
Net Expenses |
|
| 294,032 |
|
| 202,342 |
|
| 272,996 |
|
| 504,631 |
|
| 412,829 |
|
|
| — | (3) |
|
|
| — | (3) |
|
|
| |||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 318,070 |
|
| (77,801 | ) |
| (22,397 | ) |
| 446,304 |
|
| 192,973 |
|
|
| — | (3) |
|
|
| — | (3) |
|
|
| |||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (2) |
|
| (120,432 | ) |
| 42,488 |
|
| 974,387 |
|
| 473,395 |
|
| 497,148 |
|
|
| — |
|
|
|
| — |
|
|
Futures contracts and written option transactions |
|
| (8,170 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Foreign currency transactions |
|
| — |
|
| 5,890 |
|
| — |
|
| (122,117 | ) |
| (25,685 | ) |
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||
Net Realized Gain (Loss) |
|
| (128,602 | ) |
| 48,378 |
|
| 974,387 |
|
| 351,278 |
|
| 471,463 |
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (2) |
|
| 38,195 |
|
| 1,678,685 |
|
| 1,142,775 |
|
| 2,505,790 |
|
| 2,950,575 |
|
|
| — |
|
|
|
| — |
|
|
Futures contracts and written options |
|
| (79,995 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Foreign currency transactions |
|
| — |
|
| (411 | ) |
| — |
|
| (5,753 | ) |
| (5,954 | ) |
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| (41,800 | ) |
| 1,678,274 |
|
| 1,142,775 |
|
| 2,500,037 |
|
| 2,944,621 |
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||
NET GAIN (LOSS) |
|
| (170,402 | ) |
| 1,726,652 |
|
| 2,117,162 |
|
| 2,851,315 |
|
| 3,416,084 |
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING |
| $ | 147,668 |
| $ | 1,648,851 |
| $ | 2,094,765 |
| $ | 3,297,619 |
| $ | 3,609,057 |
|
| $ | — | (3) |
|
| $ | — | (3) |
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
|
|
(2) | Dividends were net of $0, $4,104, $0, $117,570, $69,303, $0, and $0 foreign taxes withheld, respectively. No foreign capital gains tax was withheld on realized and change in unrealized capital gains for all of these funds. |
|
|
(3) | Amounts represent less than $1. |
See Notes to Financial Statements
B-8
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2005 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF PIMCO |
| PF PIMCO |
|
|
|
| PF Salomon |
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
| Managed |
| Inflation |
| PF Pacific Life |
| Brothers |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| |||||||||||||||||
|
| Bond |
| Managed |
| Money Market |
| Large-Cap Value |
| Comstock |
| Mid-Cap Growth |
| Real Estate |
| |||||||||||||||||
|
| Fund |
| Fund |
| Fund (1) |
| Fund |
| Fund |
| Fund |
| Fund |
| |||||||||||||||||
|
| |||||||||||||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends, net of foreign taxes withheld (2) |
| $ | 21,306 |
| $ | 8,145 |
|
| $ | 573 |
|
|
| $ | 564,633 |
|
|
| $ | 304,040 |
|
|
| $ | 77,036 |
|
|
| $ | 284,790 |
|
|
Interest |
|
| 1,039,272 |
|
| 1,449,081 |
|
|
| 415,356 |
|
|
|
| 5,858 |
|
|
|
| 41,021 |
|
|
|
| 11,954 |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||||||
Total Investment Income |
|
| 1,060,578 |
|
| 1,457,226 |
|
|
| 415,929 |
|
|
|
| 570,491 |
|
|
|
| 345,061 |
|
|
|
| 88,990 |
|
|
|
| 284,790 |
|
|
|
| |||||||||||||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 158,095 |
|
| 155,798 |
|
|
| 52,224 |
|
|
|
| 234,449 |
|
|
|
| 130,784 |
|
|
|
| 166,640 |
|
|
|
| 92,619 |
|
|
Administration fees |
|
| 92,222 |
|
| 90,882 |
|
|
| 45,696 |
|
|
|
| 96,538 |
|
|
|
| 48,184 |
|
|
|
| 64,805 |
|
|
|
| 29,470 |
|
|
Support services expenses |
|
| 20,434 |
|
| 18,165 |
|
|
| 8,760 |
|
|
|
| 18,515 |
|
|
|
| 9,112 |
|
|
|
| 12,573 |
|
|
|
| 6,826 |
|
|
Custodian fees and expenses |
|
| 31,081 |
|
| 14,096 |
|
|
| 13,244 |
|
|
|
| 19,737 |
|
|
|
| 23,672 |
|
|
|
| 24,826 |
|
|
|
| 8,167 |
|
|
Shareholder reports |
|
| 5,902 |
|
| 5,159 |
|
|
| 2,877 |
|
|
|
| 6,145 |
|
|
|
| 3,025 |
|
|
|
| 4,166 |
|
|
|
| 2,225 |
|
|
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 122,832 |
|
| 113,779 | �� |
|
| 45,289 |
|
|
|
| 132,793 |
|
|
|
| 65,288 |
|
|
|
| 86,984 |
|
|
|
| 41,915 |
|
|
Class B |
|
| 5,833 |
|
| 6,741 |
|
|
| 1,795 |
|
|
|
| 2,495 |
|
|
|
| 2,066 |
|
|
|
| 3,462 |
|
|
|
| 194 |
|
|
Class C |
|
| 11,995 |
|
| 25,364 |
|
|
| 4,871 |
|
|
|
| 7,742 |
|
|
|
| 5,026 |
|
|
|
| 7,725 |
|
|
|
| 174 |
|
|
Transfer agency out-of-pocket expenses |
|
| 28,096 |
|
| 26,114 |
|
|
| 13,624 |
|
|
|
| 31,100 |
|
|
|
| 15,153 |
|
|
|
| 21,447 |
|
|
|
| 10,881 |
|
|
Registration fees |
|
| 18,315 |
|
| 18,708 |
|
|
| 17,774 |
|
|
|
| 17,579 |
|
|
|
| 16,486 |
|
|
|
| 16,932 |
|
|
|
| 15,905 |
|
|
Legal and audit fees |
|
| 12,027 |
|
| 10,292 |
|
|
| 11,413 |
|
|
|
| 11,660 |
|
|
|
| 5,597 |
|
|
|
| 7,594 |
|
|
|
| 4,388 |
|
|
Trustees’ fees and expenses |
|
| 3,630 |
|
| 3,472 |
|
|
| 1,384 |
|
|
|
| 4,123 |
|
|
|
| 1,879 |
|
|
|
| 2,761 |
|
|
|
| 1,717 |
|
|
Offering expenses |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 33,767 |
|
|
Other |
|
| 19,253 |
|
| 7,434 |
|
|
| 5,558 |
|
|
|
| 8,200 |
|
|
|
| 6,004 |
|
|
|
| 6,975 |
|
|
|
| 4,589 |
|
|
|
| |||||||||||||||||||||||||||||||
Total Expenses |
|
| 529,715 |
|
| 496,004 |
|
|
| 224,509 |
|
|
|
| 591,076 |
|
|
|
| 332,276 |
|
|
|
| 426,890 |
|
|
|
| 252,837 |
|
|
Adviser Expense Reimbursement/ |
|
| (112,388 | ) |
| (77,473 | ) |
|
| (116,933 | ) |
|
|
| (89,478 | ) |
|
|
| (67,162 | ) |
|
|
| (78,759 | ) |
|
|
| (80,045 | ) |
|
|
| |||||||||||||||||||||||||||||||
Net Expenses |
|
| 417,327 |
|
| 418,531 |
|
|
| 107,576 |
|
|
|
| 501,598 |
|
|
|
| 265,114 |
|
|
|
| 348,131 |
|
|
|
| 172,792 |
|
|
|
| |||||||||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 643,251 |
|
| 1,038,695 |
|
|
| 308,353 |
|
|
|
| 68,893 |
|
|
|
| 79,947 |
|
|
|
| (259,141 | ) |
|
|
| 111,998 |
|
|
|
| |||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (2) |
|
| (89,631 | ) |
| (196,322 | ) |
|
| (5 | ) |
|
|
| 1,113,520 |
|
|
|
| 858,997 |
|
|
|
| 3,140,784 |
|
|
|
| 115,055 |
|
|
Closed short positions |
|
| (49,309 | ) |
| (19,563 | ) |
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Futures contracts and written option transactions |
|
| 544,299 |
|
| 137,365 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Foreign currency transactions |
|
| (25,000 | ) |
| 48,985 |
|
|
| — |
|
|
|
| (657 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| 15 |
|
|
|
| |||||||||||||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 380,359 |
|
| (29,535 | ) |
|
| (5 | ) |
|
|
| 1,112,863 |
|
|
|
| 858,997 |
|
|
|
| 3,140,784 |
|
|
|
| 115,070 |
|
|
|
| |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (2) |
|
| 239,569 |
|
| 92,143 |
|
|
| — |
|
|
|
| 1,747,206 |
|
|
|
| (669,975 | ) |
|
|
| 2,027,626 |
|
|
|
| 2,465,061 |
|
|
Short positions |
|
| 17,273 |
|
| (9,414 | ) |
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Futures contracts and written options |
|
| 77,748 |
|
| 9,414 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Foreign currency transactions |
|
| (89,350 | ) |
| (6,980 | ) |
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| 245,240 |
|
| 85,163 |
|
|
| — |
|
|
|
| 1,747,206 |
|
|
|
| (669,975 | ) |
|
|
| 2,027,626 |
|
|
|
| 2,465,061 |
|
|
|
| |||||||||||||||||||||||||||||||
NET GAIN (LOSS) |
|
| 625,599 |
|
| 55,628 |
|
|
| (5 | ) |
|
|
| 2,860,069 |
|
|
|
| 189,022 |
|
|
|
| 5,168,410 |
|
|
|
| 2,580,131 |
|
|
|
| |||||||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 1,268,850 |
| $ | 1,094,323 |
|
| $ | 308,348 |
|
|
| $ | 2,928,962 |
|
|
| $ | 268,969 |
|
|
| $ | 4,909,269 |
|
|
| $ | 2,692,129 |
|
|
|
|
|
|
(1) | Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. |
(2) | Dividends were net of $0, $0, $0, $11,706, $5,033, $696, and $2,077 foreign taxes withheld, respectively. No foreign capital gains tax was withheld on realized and change in unrealized capital gains for all of these funds. |
See Notes to Financial Statements
B-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||||||
|
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||
|
| ||||||||||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net investment income |
| $ | 172,349 |
|
| $ | 122,443 |
|
|
| $ | 276,735 |
|
|
| $ | 224,303 |
|
| $ | 535,317 |
|
| $ | 389,638 |
|
|
Net realized gain (loss) |
|
| (10,704 | ) |
|
| 101,961 |
|
|
|
| 42,297 |
|
|
|
| 201,563 |
|
|
| 159,778 |
|
|
| 784,685 |
|
|
Change in net unrealized appreciation |
|
| 283,995 |
|
|
| 42,929 |
|
|
|
| 1,342,672 |
|
|
|
| 707,315 |
|
|
| 6,632,068 |
|
|
| 3,143,457 |
|
|
|
| ||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 445,640 |
|
|
| 267,333 |
|
|
|
| 1,661,704 |
|
|
|
| 1,133,181 |
|
|
| 7,327,163 |
|
|
| 4,317,780 |
|
|
|
| ||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (20,594 | ) |
|
| (79,955 | ) |
|
|
| (30,499 | ) |
|
|
| (195,045 | ) |
|
| (41,299 | ) |
|
| (349,335 | ) |
|
Class B |
|
| (1,840 | ) |
|
| (9,600 | ) |
|
|
| (3,176 | ) |
|
|
| (46,158 | ) |
|
| — |
|
|
| (103,677 | ) |
|
Class C |
|
| (8,123 | ) |
|
| (80,037 | ) |
|
|
| (8,055 | ) |
|
|
| (114,632 | ) |
|
| — |
|
|
| (266,646 | ) |
|
Class R (2) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (24,981 | ) |
|
| (11,708 | ) |
|
|
| (8,364 | ) |
|
|
| (39,753 | ) |
|
| (118,932 | ) |
|
| (83,398 | ) |
|
Class B |
|
| (4,146 | ) |
|
| (1,839 | ) |
|
|
| (2,897 | ) |
|
|
| (12,566 | ) |
|
| (44,116 | ) |
|
| (33,783 | ) |
|
Class C |
|
| (22,427 | ) |
|
| (14,838 | ) |
|
|
| (7,113 | ) |
|
|
| (30,957 | ) |
|
| (115,752 | ) |
|
| (89,938 | ) |
|
Class R (2) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
| ||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| (82,111 | ) |
|
| (197,977 | ) |
|
|
| (60,104 | ) |
|
|
| (439,111 | ) |
|
| (320,099 | ) |
|
| (926,777 | ) |
|
|
| ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 4,990,025 |
|
|
| 7,708,691 |
|
|
|
| 9,328,008 |
|
|
|
| 16,313,119 |
|
|
| 23,723,263 |
|
|
| 44,234,234 |
|
|
Class B |
|
| 600,987 |
|
|
| 1,238,441 |
|
|
|
| 2,456,023 |
|
|
|
| 4,426,424 |
|
|
| 7,503,535 |
|
|
| 13,817,119 |
|
|
Class C |
|
| 5,682,364 |
|
|
| 7,455,702 |
|
|
|
| 7,633,248 |
|
|
|
| 12,994,985 |
|
|
| 18,520,820 |
|
|
| 39,370,763 |
|
|
Class R (2) |
|
| 10,010 |
|
|
| — |
|
|
|
| 10,010 |
|
|
|
| — |
|
|
| 10,010 |
|
|
| — |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 41,036 |
|
|
| 88,651 |
|
|
|
| 35,609 |
|
|
|
| 218,240 |
|
|
| 143,816 |
|
|
| 410,402 |
|
|
Class B |
|
| 6,523 |
|
|
| 10,397 |
|
|
|
| 5,508 |
|
|
|
| 58,207 |
|
|
| 42,089 |
|
|
| 133,793 |
|
|
Class C |
|
| 29,250 |
|
|
| 91,445 |
|
|
|
| 14,655 |
|
|
|
| 137,435 |
|
|
| 110,496 |
|
|
| 342,801 |
|
|
Class R (2) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (4,233,435 | ) |
|
| (1,528,911 | ) |
|
|
| (2,463,343 | ) |
|
|
| (2,416,936 | ) |
|
| (8,789,532 | ) |
|
| (4,956,243 | ) |
|
Class B |
|
| (122,755 | ) |
|
| (254,285 | ) |
|
|
| (975,797 | ) |
|
|
| (894,911 | ) |
|
| (1,904,625 | ) |
|
| (657,815 | ) |
|
Class C |
|
| (3,195,699 | ) |
|
| (2,404,615 | ) |
|
|
| (2,825,247 | ) |
|
|
| (3,357,470 | ) |
|
| (4,280,269 | ) |
|
| (5,586,638 | ) |
|
Class R (2) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
| ||||||||||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 3,808,306 |
|
|
| 12,405,516 |
|
|
|
| 13,218,674 |
|
|
|
| 27,479,093 |
|
|
| 35,079,603 |
|
|
| 87,108,416 |
|
|
|
| ||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 4,171,835 |
|
|
| 12,474,872 |
|
|
|
| 14,820,274 |
|
|
|
| 28,173,163 |
|
|
| 42,086,667 |
|
|
| 90,499,419 |
|
|
|
| ||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
| 18,619,735 |
|
|
| 6,144,863 |
|
|
|
| 41,737,408 |
|
|
|
| 13,564,245 |
|
|
| 125,706,677 |
|
|
| 35,207,258 |
|
|
|
| ||||||||||||||||||||||||||
End of Period/Year |
| $ | 22,791,570 |
|
| $ | 18,619,735 |
|
|
| $ | 56,557,682 |
|
|
| $ | 41,737,408 |
|
| $ | 167,793,344 |
|
| $ | 125,706,677 |
|
|
|
| ||||||||||||||||||||||||||
Undistributed Net Investment Income |
| $ | 171,316 |
|
| $ | 29,524 |
|
|
| $ | 275,118 |
|
|
| $ | 40,113 |
|
| $ | 531,782 |
|
| $ | 37,764 |
|
|
|
|
|
|
(1) | Unaudited. |
|
|
(2) | Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only. |
See Notes to Financial Statements
B-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF AIM |
| ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
|
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net investment income (loss) |
|
| $ | 209,030 |
|
|
| $ | 147,133 |
|
|
| $ | (7,340 | ) |
|
| $ | (16,662 | ) |
|
| $ | (141,604 | ) |
|
| $ | (38,667 | ) |
|
Net realized gain (loss) |
|
|
| 285,442 |
|
|
|
| 828,610 |
|
|
|
| 24,982 |
|
|
|
| 234,789 |
|
|
|
| (34,937 | ) |
|
|
| (352,920 | ) |
|
Change in net unrealized appreciation |
|
|
| 7,742,447 |
|
|
|
| 3,782,782 |
|
|
|
| 3,616,957 |
|
|
|
| 1,994,245 |
|
|
|
| 1,709,668 |
|
|
|
| 509,409 |
|
|
|
| ||||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
|
| 8,236,919 |
|
|
|
| 4,758,525 |
|
|
|
| 3,634,599 |
|
|
|
| 2,212,372 |
|
|
|
| 1,533,127 |
|
|
|
| 117,822 |
|
|
|
| ||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| (194,088 | ) |
|
|
| — |
|
|
|
| (34,000 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| (46,600 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| — |
|
|
|
| (124,553 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class R (2) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (184,641 | ) |
|
|
| (79,868 | ) |
|
|
| (87,304 | ) |
|
|
| (42,149 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| (78,053 | ) |
|
|
| (36,432 | ) |
|
|
| (26,720 | ) |
|
|
| (15,110 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| (197,205 | ) |
|
|
| (88,848 | ) |
|
|
| (76,462 | ) |
|
|
| (44,214 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class R (2) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| ||||||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| (459,899 | ) |
|
|
| (570,389 | ) |
|
|
| (190,486 | ) |
|
|
| (135,473 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 20,288,192 |
|
|
|
| 32,837,504 |
|
|
|
| 9,735,884 |
|
|
|
| 11,903,632 |
|
|
|
| 7,433,854 |
|
|
|
| 23,903,116 |
|
|
Class B |
|
|
| 7,106,263 |
|
|
|
| 12,368,615 |
|
|
|
| 2,117,653 |
|
|
|
| 3,882,486 |
|
|
|
| 44,276 |
|
|
|
| 107,633 |
|
|
Class C |
|
|
| 19,288,302 |
|
|
|
| 36,388,144 |
|
|
|
| 9,828,575 |
|
|
|
| 14,613,609 |
|
|
|
| 264,677 |
|
|
|
| 699,324 |
|
|
Class R (2) |
|
|
| 10,010 |
|
|
|
| — |
|
|
|
| 10,010 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 173,291 |
|
|
|
| 249,956 |
|
|
|
| 86,552 |
|
|
|
| 75,834 |
|
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| 75,240 |
|
|
|
| 81,620 |
|
|
|
| 25,398 |
|
|
|
| 14,486 |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| 191,918 |
|
|
|
| 209,147 |
|
|
|
| 74,539 |
|
|
|
| 42,948 |
|
|
|
| — |
|
|
|
| — |
|
|
Class R (2) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (4,192,273 | ) |
|
|
| (4,063,303 | ) |
|
|
| (1,689,068 | ) |
|
|
| (2,753,189 | ) |
|
|
| (7,933,477 | ) |
|
|
| (2,295,870 | ) |
|
Class B |
|
|
| (791,936 | ) |
|
|
| (1,244,222 | ) |
|
|
| (562,293 | ) |
|
|
| (490,578 | ) |
|
|
| (26,045 | ) |
|
|
| (73,287 | ) |
|
Class C |
|
|
| (3,458,676 | ) |
|
|
| (2,959,284 | ) |
|
|
| (7,238,140 | ) |
|
|
| (5,966,870 | ) |
|
|
| (144,403 | ) |
|
|
| (413,586 | ) |
|
Class R (2) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
|
| 38,690,331 |
|
|
|
| 73,868,177 |
|
|
|
| 12,389,110 |
|
|
|
| 21,322,358 |
|
|
|
| (361,118 | ) |
|
|
| 21,927,330 |
|
|
|
| ||||||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
|
| 46,467,351 |
|
|
|
| 78,056,313 |
|
|
|
| 15,833,223 |
|
|
|
| 23,399,257 |
|
|
|
| 1,172,009 |
|
|
|
| 22,045,152 |
|
|
|
| ||||||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| 111,098,875 |
|
|
|
| 33,042,562 |
|
|
|
| 41,863,002 |
|
|
|
| 18,463,745 |
|
|
|
| 47,040,295 |
|
|
|
| 24,995,143 |
|
|
|
| ||||||||||||||||||||||||||||||
End of Period/Year |
|
| $ | 157,566,226 |
|
|
| $ | 111,098,875 |
|
|
| $ | 57,696,225 |
|
|
| $ | 41,863,002 |
|
|
| $ | 48,212,304 |
|
|
| $ | 47,040,295 |
|
|
|
| ||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| $ | 206,288 |
|
|
| $ | (2,742 | ) |
|
| $ | (8,535 | ) |
|
| $ | (1,195 | ) |
|
| $ | (161,031 | ) |
|
| $ | (19,427 | ) |
|
|
|
|
|
(1) | Unaudited. |
|
|
(2) | Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only. |
See Notes to Financial Statements
B-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF AIM |
| PF Goldman Sachs |
| PF Janus |
| ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| $ | (44,704 | ) |
|
| $ | (139,113 | ) |
| $ | 318,070 |
|
| $ | 221,881 |
|
|
| $ | (77,801 | ) |
|
| $ | (75,475 | ) |
|
Net realized gain (loss) |
|
|
| 671,604 |
|
|
|
| 1,797,957 |
|
|
| (128,602 | ) |
|
| (154,351 | ) |
|
|
| 48,378 |
|
|
|
| 127,537 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| (258,060 | ) |
|
|
| (1,113,634 | ) |
|
| (41,800 | ) |
|
| (331,773 | ) |
|
|
| 1,678,274 |
|
|
|
| 561,882 |
|
|
|
|
| |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
| 368,840 |
|
|
|
| 545,210 |
|
|
| 147,668 |
|
|
| (264,243 | ) |
|
|
| 1,648,851 |
|
|
|
| 613,944 |
|
|
|
|
| |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
| (319,105 | ) |
|
| (240,151 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
| (199 | ) |
|
| (51 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
| (3,509 | ) |
|
| (2,267 | ) |
|
|
| — |
|
|
|
| — |
|
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (1,068,193 | ) |
|
|
| (260,748 | ) |
|
| — |
|
|
| (30,850 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| (44,549 | ) |
|
|
| (7,068 | ) |
|
| — |
|
|
| (16 | ) |
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| (89,560 | ) |
|
|
| (13,797 | ) |
|
| — |
|
|
| (272 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
| |||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| (1,202,302 | ) |
|
|
| (281,613 | ) |
|
| (322,813 | ) |
|
| (273,607 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
| |||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 47,369 |
|
|
|
| 7,019,974 |
|
|
| 13,377,786 |
|
|
| 23,363,478 |
|
|
|
| 5,177,039 |
|
|
|
| 8,414,454 |
|
|
Class B |
|
|
| 29,643 |
|
|
|
| 68,575 |
|
|
| 32,162 |
|
|
| 13,025 |
|
|
|
| 28,630 |
|
|
|
| 105,612 |
|
|
Class C |
|
|
| 18,914 |
|
|
|
| 308,946 |
|
|
| 240,768 |
|
|
| 694,686 |
|
|
|
| 628,757 |
|
|
|
| 338,137 |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 1,049,303 |
|
|
|
| 258,606 |
|
|
| 319,105 |
|
|
| 270,766 |
|
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| 44,549 |
|
|
|
| 7,068 |
|
|
| 184 |
|
|
| 67 |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| 88,382 |
|
|
|
| 13,797 |
|
|
| 3,358 |
|
|
| 2,399 |
|
|
|
| — |
|
|
|
| — |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (219,842 | ) |
|
|
| (8,874,274 | ) |
|
| (6,897,934 | ) |
|
| (1,388,781 | ) |
|
|
| (1,092,865 | ) |
|
|
| (1,414,751 | ) |
|
Class B |
|
|
| (16,708 | ) |
|
|
| (63,684 | ) |
|
| (13,846 | ) |
|
| (9,971 | ) |
|
|
| (10,871 | ) |
|
|
| (34,726 | ) |
|
Class C |
|
|
| (27,544 | ) |
|
|
| (114,300 | ) |
|
| (261,560 | ) |
|
| (172,662 | ) |
|
|
| (444,103 | ) |
|
|
| (279,502 | ) |
|
|
|
| |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
|
| 1,014,066 |
|
|
|
| (1,375,292 | ) |
|
| 6,800,023 |
|
|
| 22,773,007 |
|
|
|
| 4,286,587 |
|
|
|
| 7,129,224 |
|
|
|
|
| |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
|
| 180,604 |
|
|
|
| (1,111,695 | ) |
|
| 6,624,878 |
|
|
| 22,235,157 |
|
|
|
| 5,935,438 |
|
|
|
| 7,743,168 |
|
|
|
|
| |||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| 7,984,149 |
|
|
|
| 9,095,844 |
|
|
| 35,924,965 |
|
|
| 13,689,808 |
|
|
|
| 20,429,641 |
|
|
|
| 12,686,473 |
|
|
|
|
| |||||||||||||||||||||||||||
End of Period/Year |
|
| $ | 8,164,753 |
|
|
| $ | 7,984,149 |
|
| $ | 42,549,843 |
|
| $ | 35,924,965 |
|
|
| $ | 26,365,079 |
|
|
| $ | 20,429,641 |
|
|
|
|
| |||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| $ | (50,456 | ) |
|
| $ | (5,752 | ) |
| $ | 1,030 |
|
| $ | 5,773 |
|
|
| $ | (64,735 | ) |
|
| $ | 13,066 |
|
|
|
|
|
|
|
(1) | Unaudited. |
See Notes to Financial Statements
B-12
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Lazard |
| PF Lazard |
| PF MFS |
| ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
| Six-Month |
| Period Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| $ | (22,397 | ) |
|
| $ | (17,934 | ) |
| $ | 446,304 |
|
| $ | 210,387 |
|
|
| $ | 192,973 |
|
|
| $ | (33,372 | ) |
|
Net realized gain (loss) |
|
|
| 974,387 |
|
|
|
| 102,512 |
|
|
| 351,278 |
|
|
| (74,743 | ) |
|
|
| 471,463 |
|
|
|
| (174,235 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| 1,142,775 |
|
|
|
| (47,960 | ) |
|
| 2,500,037 |
|
|
| 4,753,365 |
|
|
|
| 2,944,621 |
|
|
|
| 3,540,468 |
|
|
|
|
| |||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
|
| 2,094,765 |
|
|
|
| 36,618 |
|
|
| 3,297,619 |
|
|
| 4,889,009 |
|
|
|
| 3,609,057 |
|
|
|
| 3,332,861 |
|
|
|
|
| |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (19,869 | ) |
|
|
| — |
|
|
| (85,833 | ) |
|
| (51,361 | ) |
|
|
| (23,075 | ) |
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| (60 | ) |
|
|
| — |
|
|
| (389 | ) |
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (113,434 | ) |
|
|
| — |
|
|
| (121,801 | ) |
|
| (464,854 | ) |
|
|
| (37,445 | ) |
|
|
| (393,509 | ) |
|
Class B |
|
|
| (127 | ) |
|
|
| — |
|
|
| (793 | ) |
|
| (5,764 | ) |
|
|
| (315 | ) |
|
|
| (5,397 | ) |
|
Class C |
|
|
| (348 | ) |
|
|
| — |
|
|
| (2,862 | ) |
|
| (14,769 | ) |
|
|
| (555 | ) |
|
|
| (5,069 | ) |
|
|
|
| |||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| (133,838 | ) |
|
|
| — |
|
|
| (211,678 | ) |
|
| (536,748 | ) |
|
|
| (61,390 | ) |
|
|
| (403,975 | ) |
|
|
|
| |||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 7,067,818 |
|
|
|
| 33,637,096 |
|
|
| 17,994,810 |
|
|
| 27,621,826 |
|
|
|
| 13,851,924 |
|
|
|
| 21,043,935 |
|
|
Class B |
|
|
| 24,464 |
|
|
|
| 32,650 |
|
|
| 42,803 |
|
|
| 147,735 |
|
|
|
| 42,295 |
|
|
|
| 131,639 |
|
|
Class C |
|
|
| 71,862 |
|
|
|
| 74,026 |
|
|
| 260,361 |
|
|
| 567,562 |
|
|
|
| 170,831 |
|
|
|
| 404,665 |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 133,303 |
|
|
|
| — |
|
|
| 207,346 |
|
|
| 515,467 |
|
|
|
| 60,354 |
|
|
|
| 393,369 |
|
|
Class B |
|
|
| 127 |
|
|
|
| — |
|
|
| 766 |
|
|
| 4,688 |
|
|
|
| 304 |
|
|
|
| 4,018 |
|
|
Class C |
|
|
| 408 |
|
|
|
| — |
|
|
| 3,251 |
|
|
| 14,702 |
|
|
|
| 551 |
|
|
|
| 5,069 |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (4,941,318 | ) |
|
|
| (8,219,609 | ) |
|
| (8,980,940 | ) |
|
| (1,526,143 | ) |
|
|
| (8,762,797 | ) |
|
|
| (1,445,515 | ) |
|
Class B |
|
|
| (12,735 | ) |
|
|
| — |
|
|
| (136,256 | ) |
|
| (66,007 | ) |
|
|
| (106,938 | ) |
|
|
| (38,492 | ) |
|
Class C |
|
|
| (11,014 | ) |
|
|
| — |
|
|
| (79,613 | ) |
|
| (281,510 | ) |
|
|
| (78,701 | ) |
|
|
| (93,150 | ) |
|
|
|
| |||||||||||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
|
| 2,332,915 |
|
|
|
| 25,524,163 |
|
|
| 9,312,528 |
|
|
| 26,998,320 |
|
|
|
| 5,177,823 |
|
|
|
| 20,405,538 |
|
|
|
|
| |||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
|
| 4,293,842 |
|
|
|
| 25,560,781 |
|
|
| 12,398,469 |
|
|
| 31,350,581 |
|
|
|
| 8,725,490 |
|
|
|
| 23,334,424 |
|
|
|
|
| |||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| 25,560,781 |
|
|
|
| — |
|
|
| 52,461,991 |
|
|
| 21,111,410 |
|
|
|
| 39,178,960 |
|
|
|
| 15,844,536 |
|
|
|
|
| |||||||||||||||||||||||||||
End of Period/Year |
|
| $ | 29,854,623 |
|
|
| $ | 25,560,781 |
|
| $ | 64,860,460 |
|
| $ | 52,461,991 |
|
|
| $ | 47,904,450 |
|
|
| $ | 39,178,960 |
|
|
|
|
| |||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| $ | (22,856 | ) |
|
| $ | 19,470 |
|
| $ | 376,451 |
|
| $ | 16,369 |
|
|
| $ | 126,264 |
|
|
| $ | (43,634 | ) |
|
|
|
|
|
|
(1) | Unaudited. |
|
|
(2) | Operations commenced on December 31, 2004. |
See Notes to Financial Statements
B-13
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Oppenheimer |
| PF Oppenheimer |
| PF PIMCO |
| PF PIMCO |
| ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
| Period Ended |
| Period Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
| $ | — | (3) |
|
| $ | — | (3) |
|
| $ | 643,251 |
|
|
| $ | 453,963 |
|
| $ | 1,038,695 |
|
| $ | 573,909 |
|
|
Net realized gain (loss) |
|
|
| — |
|
|
|
| — |
|
|
|
| 380,359 |
|
|
|
| 809,383 |
|
|
| (29,535 | ) |
|
| 378,982 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| — |
|
|
|
| — |
|
|
|
| 245,240 |
|
|
|
| (899,022 | ) |
|
| 85,163 |
|
|
| (110,249 | ) |
|
|
|
|
| ||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
|
| — | (3) |
|
|
| — | (3) |
|
|
| 1,268,850 |
|
|
|
| 364,324 |
|
|
| 1,094,323 |
|
|
| 842,642 |
|
|
|
|
|
| ||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| (574,759 | ) |
|
|
| (779,845 | ) |
|
| (830,454 | ) |
|
| (582,114 | ) |
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| (10,478 | ) |
|
|
| (20,998 | ) |
|
| (21,610 | ) |
|
| (19,286 | ) |
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| (20,726 | ) |
|
|
| (47,916 | ) |
|
| (73,453 | ) |
|
| (118,529 | ) |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (681,854 | ) |
|
| (34,298 | ) |
|
| (728,503 | ) |
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (23,616 | ) |
|
| (1,006 | ) |
|
| (28,316 | ) |
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (54,667 | ) |
|
| (3,722 | ) |
|
| (175,898 | ) |
|
|
|
|
| ||||||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
|
| — |
|
|
|
| — |
|
|
|
| (605,963 | ) |
|
|
| (1,608,896 | ) |
|
| (964,543 | ) |
|
| (1,652,646 | ) |
|
|
|
|
| ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 10,010 |
|
|
|
| 10,010 |
|
|
|
| 13,872,131 |
|
|
|
| 25,351,645 |
|
|
| 20,197,622 |
|
|
| 22,634,655 |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| 56,290 |
|
|
|
| 422,813 |
|
|
| 372,123 |
|
|
| 599,839 |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| 783,885 |
|
|
|
| 1,118,396 |
|
|
| 669,161 |
|
|
| 4,071,866 |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| 559,202 |
|
|
|
| 1,409,209 |
|
|
| 856,000 |
|
|
| 1,300,593 |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| 9,674 |
|
|
|
| 41,282 |
|
|
| 20,755 |
|
|
| 45,117 |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| 19,353 |
|
|
|
| 94,224 |
|
|
| 70,059 |
|
|
| 272,560 |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| (3,542,670 | ) |
|
|
| (2,906,831 | ) |
|
| (8,038,669 | ) |
|
| (3,121,567 | ) |
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| (58,834 | ) |
|
|
| (260,619 | ) |
|
| (65,248 | ) |
|
| (111,116 | ) |
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| (980,416 | ) |
|
|
| (1,080,247 | ) |
|
| (1,603,262 | ) |
|
| (2,560,336 | ) |
|
|
|
|
| ||||||||||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
|
| 10,010 |
|
|
|
| 10,010 |
|
|
|
| 10,718,615 |
|
|
|
| 24,189,872 |
|
|
| 12,478,541 |
|
|
| 23,131,611 |
|
|
|
|
|
| ||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
|
| 10,010 |
|
|
|
| 10,010 |
|
|
|
| 11,381,502 |
|
|
|
| 22,945,300 |
|
|
| 12,608,321 |
|
|
| 22,321,607 |
|
|
|
|
|
| ||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| — |
|
|
|
| — |
|
|
|
| 46,034,034 |
|
|
|
| 23,088,734 |
|
|
| 43,346,908 |
|
|
| 21,025,301 |
|
|
|
|
|
| ||||||||||||||||||||||||||
End of Period/Year |
|
| $ | 10,010 |
|
|
| $ | 10,010 |
|
|
| $ | 57,415,536 |
|
|
| $ | 46,034,034 |
|
| $ | 55,955,229 |
|
| $ | 43,346,908 |
|
|
|
|
|
| ||||||||||||||||||||||||||
Undistributed Net Investment Income |
|
| $ | — | (3) |
|
| $ | — | (3) |
|
| $ | 275,039 |
|
|
| $ | 237,751 |
|
| $ | 195,196 |
|
| $ | 82,018 |
|
|
|
|
|
|
|
|
(1) | Unaudited. |
|
|
(2) | Operations commenced on September 30, 2005. |
|
|
(3) | Amounts represent less than $1. |
See Notes to Financial Statements
B-14
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Pacific Life |
| PF Salomon Brothers |
| PF Van Kampen |
| ||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||
|
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| Six-Month |
| Year Ended |
| ||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| $ | 308,353 |
|
|
| $ | 153,259 |
|
|
| $ | 68,893 |
|
|
| $ | 203,352 |
|
|
| $ | 79,947 |
|
|
| $ | 93,866 |
|
|
Net realized gain (loss) |
|
|
| (5 | ) |
|
|
| (7 | ) |
|
|
| 1,112,863 |
|
|
|
| 671,715 |
|
|
|
| 858,997 |
|
|
|
| 1,491,523 |
|
|
Change in net unrealized appreciation (depreciation) |
|
|
| — |
|
|
|
| — |
|
|
|
| 1,747,206 |
|
|
|
| 938,647 |
|
|
|
| (669,975 | ) |
|
|
| 372,160 |
|
|
|
|
| |||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
|
| 308,348 |
|
|
|
| 153,252 |
|
|
|
| 2,928,962 |
|
|
|
| 1,813,714 |
|
|
|
| 268,969 |
|
|
|
| 1,957,549 |
|
|
|
|
| |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (293,299 | ) |
|
|
| (143,532 | ) |
|
|
| (37,961 | ) |
|
|
| (200,695 | ) |
|
|
| (37,112 | ) |
|
|
| (75,062 | ) |
|
Class B |
|
|
| (4,201 | ) |
|
|
| (2,106 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| (10,853 | ) |
|
|
| (7,567 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (657 | ) |
|
|
| (491 | ) |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (705,571 | ) |
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (10,917 | ) |
|
|
| — |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (26,754 | ) |
|
|
| — |
|
|
|
|
| |||||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| (308,353 | ) |
|
|
| (153,205 | ) |
|
|
| (37,961 | ) |
|
|
| (200,695 | ) |
|
|
| (781,011 | ) |
|
|
| (75,553 | ) |
|
|
|
| |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A (1) |
|
|
| 12,461,313 |
|
|
|
| 16,732,059 |
|
|
|
| 15,099,773 |
|
|
|
| 26,154,271 |
|
|
|
| 6,432,078 |
|
|
|
| 10,064,547 |
|
|
Class B |
|
|
| 189,675 |
|
|
|
| 881,811 |
|
|
|
| 31,219 |
|
|
|
| 150,380 |
|
|
|
| 72,184 |
|
|
|
| 138,195 |
|
|
Class C |
|
|
| 2,003,182 |
|
|
|
| 8,159,389 |
|
|
|
| 133,622 |
|
|
|
| 663,039 |
|
|
|
| 373,337 |
|
|
|
| 696,356 |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 291,231 |
|
|
|
| 142,409 |
|
|
|
| 37,807 |
|
|
|
| 199,478 |
|
|
|
| 740,998 |
|
|
|
| 74,771 |
|
|
Class B |
|
|
| 4,086 |
|
|
|
| 1,999 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10,906 |
|
|
|
| — |
|
|
Class C |
|
|
| 9,277 |
|
|
|
| 6,780 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 26,824 |
|
|
|
| 471 |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (13,035,053 | ) |
|
|
| (9,160,559 | ) |
|
|
| (8,371,365 | ) |
|
|
| (2,782,015 | ) |
|
|
| (1,003,223 | ) |
|
|
| (861,781 | ) |
|
Class B (1) |
|
|
| (866,017 | ) |
|
|
| (955,313 | ) |
|
|
| (29,577 | ) |
|
|
| (216,725 | ) |
|
|
| (7,538 | ) |
|
|
| (239,947 | ) |
|
Class C (1) |
|
|
| (5,270,328 | ) |
|
|
| (5,864,157 | ) |
|
|
| (142,182 | ) |
|
|
| (456,033 | ) |
|
|
| (172,528 | ) |
|
|
| (101,912 | ) |
|
|
|
| |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
|
| (4,212,634 | ) |
|
|
| 9,944,418 |
|
|
|
| 6,759,297 |
|
|
|
| 23,712,395 |
|
|
|
| 6,473,038 |
|
|
|
| 9,770,700 |
|
|
|
|
| |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
|
| (4,212,639 | ) |
|
|
| 9,944,465 |
|
|
|
| 9,650,298 |
|
|
|
| 25,325,414 |
|
|
|
| 5,960,996 |
|
|
|
| 11,652,696 |
|
|
|
|
| |||||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| 26,271,318 |
|
|
|
| 16,326,853 |
|
|
|
| 52,472,573 |
|
|
|
| 27,147,159 |
|
|
|
| 24,276,922 |
|
|
|
| 12,624,226 |
|
|
|
|
| |||||||||||||||||||||||||||||
End of Period/Year |
|
| $ | 22,058,679 |
|
|
| $ | 26,271,318 |
|
|
| $ | 62,122,871 |
|
|
| $ | 52,472,573 |
|
|
| $ | 30,237,918 |
|
|
| $ | 24,276,922 |
|
|
|
|
| |||||||||||||||||||||||||||||
Undistributed Net Investment Income |
|
| $ | 8,448 |
|
|
| $ | 8,448 |
|
|
| $ | 54,524 |
|
|
| $ | 23,592 |
|
|
| $ | 71,995 |
|
|
| $ | 29,817 |
|
|
|
|
|
|
|
(1) | Class B and Class C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. In connection with the conversion in the PF Pacific Life Money Market Fund from Class B and Class C to Class A, 783,748 shares (valued at $783,748) from Class B and 1,237,985 shares (valued at $1,237,985) from Class C were converted for 2,021,733 shares (valued at $2,021,733) of Class A. |
|
|
(2) | Unaudited. |
See Notes to Financial Statements
B-15
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Van Kampen |
| PF Van Kampen |
| ||||||||||||||||
|
|
| |||||||||||||||||||
|
| Six-Month |
| Year Ended |
| Six-Month |
| Period Ended |
| ||||||||||||
|
|
| |||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| $ | (259,141 | ) |
|
| $ | (433,436 | ) |
|
| $ | 111,998 |
|
|
| $ | 50,443 |
|
|
Net realized gain (loss) |
|
|
| 3,140,784 |
|
|
|
| 189,883 |
|
|
|
| 115,070 |
|
|
|
| (1,996 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| 2,027,626 |
|
|
|
| 3,985,375 |
|
|
|
| 2,465,061 |
|
|
|
| (345,098 | ) |
|
|
|
| |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
| 4,909,269 |
|
|
|
| 3,741,822 |
|
|
|
| 2,692,129 |
|
|
|
| (296,651 | ) |
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| (89,734 | ) |
|
|
| (22,627 | ) |
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| (146 | ) |
|
|
| (10 | ) |
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| (95 | ) |
|
|
| (48 | ) |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
| |||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| — |
|
|
|
| — |
|
|
|
| (89,975 | ) |
|
|
| (22,685 | ) |
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 2,909,817 |
|
|
|
| 17,109,249 |
|
|
|
| 2,302,454 |
|
|
|
| 18,966,370 |
|
|
Class B |
|
|
| 51,664 |
|
|
|
| 173,279 |
|
|
|
| 90,520 |
|
|
|
| 18,222 |
|
|
Class C |
|
|
| 214,486 |
|
|
|
| 515,228 |
|
|
|
| 24,983 |
|
|
|
| 32,845 |
|
|
Dividend and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| 89,434 |
|
|
|
| 22,627 |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| 146 |
|
|
|
| 10 |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| 95 |
|
|
|
| 40 |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (5,884,726 | ) |
|
|
| (2,165,589 | ) |
|
|
| (244,149 | ) |
|
|
| (4,817,859 | ) |
|
Class B |
|
|
| (34,696 | ) |
|
|
| (72,481 | ) |
|
|
| (37,579 | ) |
|
|
| — |
|
|
Class C |
|
|
| (91,892 | ) |
|
|
| (166,374 | ) |
|
|
| (21,431 | ) |
|
|
| — |
|
|
|
|
| |||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
|
| (2,835,347 | ) |
|
|
| 15,393,312 |
|
|
|
| 2,204,473 |
|
|
|
| 14,222,255 |
|
|
|
|
| |||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
|
| 2,073,922 |
|
|
|
| 19,135,134 |
|
|
|
| 4,806,627 |
|
|
|
| 13,902,919 |
|
|
|
|
| |||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period/Year |
|
|
| 38,985,347 |
|
|
|
| 19,850,213 |
|
|
|
| 13,902,919 |
|
|
|
| — |
|
|
|
|
| |||||||||||||||||||
End of Period/Year |
|
| $ | 41,059,269 |
|
|
| $ | 38,985,347 |
|
|
| $ | 18,709,546 |
|
|
| $ | 13,902,919 |
|
|
|
|
| |||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| $ | (268,177 | ) |
|
| $ | (9,036 | ) |
|
| $ | 78,811 |
|
|
| $ | 56,788 |
|
|
|
|
|
|
|
(1) | Unaudited. |
|
|
(2) | Operations commenced on December 31, 2004. |
See Notes to Financial Statements
B-16
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||||||
PF Portfolio Optimization Model A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.18 |
|
| $ | 0.10 |
|
| $ | 0.11 |
|
| $ | 0.21 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.15 |
|
|
| 0.13 |
|
|
| 0.05 |
|
|
| 0.18 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| 0.02 |
|
|
| 0.13 |
|
|
| 0.15 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.14 |
|
| $ | 0.06 |
|
| $ | 0.13 |
|
| $ | 0.19 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.14 |
|
|
| 0.08 |
|
|
| 0.04 |
|
|
| 0.12 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.14 |
|
|
| 0.14 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.13 |
|
| $ | 0.06 |
|
| $ | 0.13 |
|
| $ | 0.19 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.13 |
|
|
| 0.08 |
|
|
| 0.04 |
|
|
| 0.12 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.13 |
|
|
| 0.13 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | 10.35 |
|
| $ | — | (7) |
| $ | — |
|
| $ | — | (7) |
|
PF Portfolio Optimization Model B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.33 |
|
| $ | 0.06 |
|
| $ | 0.29 |
|
| $ | 0.35 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.14 |
|
|
| 0.11 |
|
|
| 0.22 |
|
|
| 0.33 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| 0.01 |
|
|
| 0.13 |
|
|
| 0.14 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.29 |
|
| $ | 0.04 |
|
| $ | 0.29 |
|
| $ | 0.33 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.13 |
|
|
| 0.06 |
|
|
| 0.21 |
|
|
| 0.27 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.13 |
|
|
| 0.13 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.29 |
|
| $ | 0.04 |
|
| $ | 0.29 |
|
| $ | 0.33 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.13 |
|
|
| 0.06 |
|
|
| 0.21 |
|
|
| 0.27 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.13 |
|
|
| 0.13 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | 10.67 |
|
| $ | — | (7) |
| $ | — |
|
| $ | — | (7) |
|
PF Portfolio Optimization Model C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 10.54 |
|
| $ | 0.05 |
|
| $ | 0.49 |
|
| $ | 0.54 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.14 |
|
|
| 0.08 |
|
|
| 0.43 |
|
|
| 0.51 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| 0.01 |
|
|
| 0.13 |
|
|
| 0.14 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 10.50 |
|
| $ | 0.03 |
|
| $ | 0.48 |
|
| $ | 0.51 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.13 |
|
|
| 0.03 |
|
|
| 0.43 |
|
|
| 0.46 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.13 |
|
|
| 0.13 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 10.49 |
|
| $ | 0.03 |
|
| $ | 0.48 |
|
| $ | 0.51 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.12 |
|
|
| 0.03 |
|
|
| 0.43 |
|
|
| 0.46 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.12 |
|
|
| 0.12 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | 11.05 |
|
| $ | — | (7) |
| $ | — |
|
| $ | — | (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
| Dividends |
| Distributions from |
| Total |
| Net |
| ||||||||
PF Portfolio Optimization Model A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | (0.02 | ) |
| $ | (0.02 | ) |
| $ | (0.04 | ) |
| $ | 10.35 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.13 | ) |
|
| (0.02 | ) |
|
| (0.15 | ) |
|
| 10.18 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.15 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | (0.01 | ) |
| $ | (0.02 | ) |
| $ | (0.03 | ) |
| $ | 10.30 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.10 | ) |
|
| (0.02 | ) |
|
| (0.12 | ) |
|
| 10.14 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.14 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | (0.01 | ) |
| $ | (0.02 | ) |
| $ | (0.03 | ) |
| $ | 10.29 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.10 | ) |
|
| (0.02 | ) |
|
| (0.12 | ) |
|
| 10.13 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.13 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 10.35 |
|
|
PF Portfolio Optimization Model B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | (0.01 | ) |
| $ | — | (7) |
| $ | (0.01 | ) |
| $ | 10.67 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.12 | ) |
|
| (0.02 | ) |
|
| (0.14 | ) |
|
| 10.33 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.14 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — | (7) |
| $ | — | (7) |
| $ | — | (7) |
| $ | 10.62 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.09 | ) |
|
| (0.02 | ) |
|
| (0.11 | ) |
|
| 10.29 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.13 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — | (7) |
| $ | — | (7) |
| $ | — | (7) |
| $ | 10.62 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.09 | ) |
|
| (0.02 | ) |
|
| (0.11 | ) |
|
| 10.29 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.13 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 10.67 |
|
|
PF Portfolio Optimization Model C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | (0.01 | ) |
| $ | (0.02 | ) |
| $ | (0.03 | ) |
| $ | 11.05 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.09 | ) |
|
| (0.02 | ) |
|
| (0.11 | ) |
|
| 10.54 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.14 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | — |
|
| $ | (0.02 | ) |
| $ | (0.02 | ) |
| $ | 10.99 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.07 | ) |
|
| (0.02 | ) |
|
| (0.09 | ) |
|
| 10.50 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.13 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | — |
|
| $ | (0.02 | ) |
| $ | (0.02 | ) |
| $ | 10.98 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.07 | ) |
|
| (0.02 | ) |
|
| (0.09 | ) |
|
| 10.49 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.12 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 11.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
|
|
|
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios |
| Ratios |
| Portfolio |
| |||||||||
PF Portfolio Optimization Model A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 2.09 | % |
| $ | 9,233 |
|
| 0.02 | % |
| 1.45 | % |
| 1.84 | % |
| 0.41% |
|
| 24.00 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 1.74 | % |
|
| 8,262 |
|
| 0.00 | % |
| 2.35 | % |
| 1.29 | % |
| (1.06% | ) |
| 20.21 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.50 | % |
|
| 1,957 |
|
| 0.00 | % |
| 4.50 | % |
| 0.61 | % |
| (3.89% | ) |
| 9.38 | % |
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 1.81 | % |
| $ | 1,962 |
|
| 0.52 | % |
| 1.95 | % |
| 1.34 | % |
| (0.09% | ) |
| 24.00 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 1.25 | % |
|
| 1,450 |
|
| 0.50 | % |
| 2.85 | % |
| 0.79 | % |
| (1.56% | ) |
| 20.21 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.40 | % |
|
| 449 |
|
| 0.50 | % |
| 5.00 | % |
| 0.11 | % |
| (4.39% | ) |
| 9.38 | % |
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 1.89 | % |
| $ | 11,587 |
|
| 0.52 | % |
| 1.95 | % |
| 1.34 | % |
| (0.09% | ) |
| 24.00 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 1.18 | % |
|
| 8,908 |
|
| 0.50 | % |
| 2.85 | % |
| 0.79 | % |
| (1.56% | ) |
| 20.21 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.30 | % |
|
| 3,739 |
|
| 0.50 | % |
| 5.00 | % |
| 0.11 | % |
| (4.39% | ) |
| 9.38 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
|
| 0.00 | % |
| $ | 10 |
|
| 0.02 | % |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
|
PF Portfolio Optimization Model B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 3.47 | % |
| $ | 27,325 |
|
| 0.02 | % |
| 1.27 | % |
| 1.39 | % |
| 0.14% |
|
| 4.38 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 3.28 | % |
|
| 19,664 |
|
| 0.00 | % |
| 1.74 | % |
| 1.05 | % |
| (0.69% | ) |
| 7.82 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.40 | % |
|
| 5,197 |
|
| 0.00 | % |
| 2.86 | % |
| 0.46 | % |
| (2.40% | ) |
| 2.81 | % |
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 3.29 | % |
| $ | 8,424 |
|
| 0.52 | % |
| 1.77 | % |
| 0.89 | % |
| (0.36% | ) |
| 4.38 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 2.69 | % |
|
| 6,699 |
|
| 0.50 | % |
| 2.24 | % |
| 0.55 | % |
| (1.19% | ) |
| 7.82 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.30 | % |
|
| 3,013 |
|
| 0.50 | % |
| 3.36 | % |
| (0.04 | %) |
| (2.90% | ) |
| 2.81 | % |
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
|
| 3.29 | % |
| $ | 20,798 |
|
| 0.52 | % |
| 1.77 | % |
| 0.89 | % |
| (0.36% | ) |
| 4.38 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 2.70 | % |
|
| 15,375 |
|
| 0.50 | % |
| 2.24 | % |
| 0.55 | % |
| (1.19% | ) |
| 7.82 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.30 | % |
|
| 5,354 |
|
| 0.50 | % |
| 3.36 | % |
| (0.04 | %) |
| (2.90% | ) |
| 2.81 | % |
|
Class R: |
|
| 9/30/2005 (4),(6) |
|
| 0.00 | % |
| $ | 10 |
|
| 0.02 | % |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
|
PF Portfolio Optimization Model C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
|
| 5.10 | % |
| $ | 71,913 |
|
| 0.00 | % (7) |
| 1.18 | % |
| 1.01 | % |
| (0.17% | ) |
| 2.15 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 5.09 | % |
|
| 53,783 |
|
| 0.00 | % |
| 1.41 | % |
| 0.82 | % |
| (0.59% | ) |
| 5.78 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.40 | % |
|
| 12,743 |
|
| 0.00 | % |
| 2.31 | % |
| 0.36 | % |
| (1.95% | ) |
| 0.86 | % |
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
|
| 4.86 | % |
| $ | 26,145 |
|
| 0.50 | % |
| 1.68 | % |
| 0.51 | % |
| (0.67% | ) |
| 2.15 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 4.55 | % |
|
| 19,414 |
|
| 0.50 | % |
| 1.91 | % |
| 0.32 | % |
| (1.09% | ) |
| 5.78 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.30 | % |
|
| 5,594 |
|
| 0.50 | % |
| 2.81 | % |
| (0.14 | %) |
| (2.45% | ) |
| 0.86 | % |
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
|
| 4.87 | % |
| $ | 69,725 |
|
| 0.50 | % |
| 1.68 | % |
| 0.51 | % |
| (0.67% | ) |
| 2.15 | % |
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 4.53 | % |
|
| 52,510 |
|
| 0.50 | % |
| 1.91 | % |
| 0.32 | % |
| (1.09% | ) |
| 5.78 | % |
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 1.20 | % |
|
| 16,870 |
|
| 0.50 | % |
| 2.81 | % |
| (0.14 | %) |
| (2.45% | ) |
| 0.86 | % |
|
Class R: |
|
| 9/30/2005 (4),(6) |
|
| 0.00 | % |
| $ | 10 |
|
| 0.00 | % (7) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
|
|
|
See Notes to Financial Statements | See explanation of references on C-8 |
C-1
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||||||
PF Portfolio Optimization Model D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.66 |
|
| $ | 0.03 |
|
| $ | 0.63 |
|
| $ | 0.66 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.11 |
|
|
| 0.05 |
|
|
| 0.58 |
|
|
| 0.63 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| 0.01 |
|
|
| 0.10 |
|
|
| 0.11 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.63 |
|
| $ | 0.01 |
|
| $ | 0.62 |
|
| $ | 0.63 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.10 |
|
|
| — | (7) |
|
| 0.58 |
|
|
| 0.58 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| (0.01 | ) |
|
| 0.11 |
|
|
| 0.10 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.61 |
|
| $ | 0.01 |
|
| $ | 0.62 |
|
| $ | 0.63 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.09 |
|
|
| — | (7) |
|
| 0.57 |
|
|
| 0.57 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| (0.01 | ) |
|
| 0.10 |
|
|
| 0.09 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | 11.28 |
|
| $ | — | (7) |
| $ | — |
|
| $ | — | (7) |
|
PF Portfolio Optimization Model E |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.75 |
|
| $ | 0.01 |
|
| $ | 0.78 |
|
| $ | 0.79 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.08 |
|
|
| 0.02 |
|
|
| 0.70 |
|
|
| 0.72 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| — | (7) |
|
| 0.08 |
|
|
| 0.08 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.72 |
|
| $ | (0.01 | ) |
| $ | 0.77 |
|
| $ | 0.76 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.07 |
|
|
| (0.03 | ) |
|
| 0.71 |
|
|
| 0.68 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| (0.01 | ) |
|
| 0.08 |
|
|
| 0.07 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | 10.72 |
|
| $ | (0.01 | ) |
| $ | 0.76 |
|
| $ | 0.75 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.07 |
|
|
| (0.03 | ) |
|
| 0.71 |
|
|
| 0.68 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| 10.00 |
|
|
| (0.01 | ) |
|
| 0.08 |
|
|
| 0.07 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | 11.50 |
|
| $ | — | (7) |
| $ | — |
|
| $ | — | (7) |
|
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 10.14 |
|
| $ | (0.03 | ) |
| $ | 0.39 |
|
| $ | 0.36 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.19 |
|
|
| (0.01 | ) |
|
| (0.04 | ) |
|
| (0.05 | ) |
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 8.05 |
|
|
| (0.07 | ) |
|
| 2.21 |
|
|
| 2.14 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| 10.96 |
|
|
| (0.06 | ) |
|
| (2.85 | ) |
|
| (2.91 | ) |
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 10.00 |
|
|
| (0.05 | ) |
|
| 1.06 |
|
|
| 1.01 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 9.98 |
|
| $ | (0.06 | ) |
| $ | 0.39 |
|
| $ | 0.33 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.07 |
|
|
| (0.06 | ) |
|
| (0.03 | ) |
|
| (0.09 | ) |
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 7.98 |
|
|
| (0.11 | ) |
|
| 2.20 |
|
|
| 2.09 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| 10.94 |
|
|
| (0.10 | ) |
|
| (2.86 | ) |
|
| (2.96 | ) |
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 10.00 |
|
|
| (0.08 | ) |
|
| 1.06 |
|
|
| 0.98 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | 9.97 |
|
| $ | (0.06 | ) |
| $ | 0.39 |
|
| $ | 0.33 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 10.06 |
|
|
| (0.06 | ) |
|
| (0.03 | ) |
|
| (0.09 | ) |
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 7.98 |
|
|
| (0.11 | ) |
|
| 2.19 |
|
|
| 2.08 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| 10.93 |
|
|
| (0.10 | ) |
|
| (2.85 | ) |
|
| (2.95 | ) |
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 10.00 |
|
|
| (0.08 | ) |
|
| 1.06 |
|
|
| 0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
| Dividends |
| Distributions from |
| Total |
| Net |
| ||||||||
PF Portfolio Optimization Model D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.28 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.06 | ) |
|
| (0.02 | ) |
|
| (0.08 | ) |
|
| 10.66 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.11 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.22 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.03 | ) |
|
| (0.02 | ) |
|
| (0.05 | ) |
|
| 10.63 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.10 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.20 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.03 | ) |
|
| (0.02 | ) |
|
| (0.05 | ) |
|
| 10.61 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.09 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 11.28 |
|
|
PF Portfolio Optimization Model E |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.50 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| (0.02 | ) |
|
| (0.03 | ) |
|
| (0.05 | ) |
|
| 10.75 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.08 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.44 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| — |
|
|
| (0.03 | ) |
|
| (0.03 | ) |
|
| 10.72 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.07 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| $ | — |
|
| $ | (0.04 | ) |
| $ | (0.04 | ) |
| $ | 11.43 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| — |
|
|
| (0.03 | ) |
|
| (0.03 | ) |
|
| 10.72 |
|
|
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.07 |
|
|
Class R: |
|
| 9/30/2005 (4),(6) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 11.50 |
|
|
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 10.50 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.14 |
|
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.19 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 8.05 |
|
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| (0.03 | ) |
|
| (0.02 | ) |
|
| (0.05 | ) |
|
| 10.96 |
|
|
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 10.31 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 9.98 |
|
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.07 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 7.98 |
|
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| (0.02 | ) |
|
| (0.02 | ) |
|
| (0.04 | ) |
|
| 10.94 |
|
|
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | 10.30 |
|
|
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 9.97 |
|
|
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10.06 |
|
|
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 7.98 |
|
|
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
| (0.03 | ) |
|
| (0.02 | ) |
|
| (0.05 | ) |
|
| 10.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
| Total |
| Net Assets, |
| Ratios of |
| Ratios of |
| Ratios |
| Ratios |
| Portfolio |
| |||||||||||
PF Portfolio Optimization Model D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 6.18 | % |
| $ | 63,450 |
|
| 0.00 | % |
| 1.17 | % |
| 0.61 | % |
| (0.56 | %) |
| 0.09 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 6.26 | % |
|
| 43,986 |
|
| 0.00 | % |
| 1.43 | % |
| 0.52 | % |
| (0.91 | %) |
| 10.16 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 1.10 | % |
|
| 13,362 |
|
| 0.00 | % |
| 2.47 | % |
| 0.22 | % |
| (2.25 | %) |
| 0.68 | % |
| |||
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 5.91 | % |
| $ | 26,641 |
|
| 0.50 | % |
| 1.67 | % |
| 0.11 | % |
| (1.06 | %) |
| 0.09 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 5.79 | % |
|
| 18,954 |
|
| 0.50 | % |
| 1.93 | % |
| 0.02 | % |
| (1.41 | %) |
| 10.16 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 1.00 | % |
|
| 6,962 |
|
| 0.50 | % |
| 2.97 | % |
| (0.28 | %) |
| (2.75 | %) |
| 0.68 | % |
| |||
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 5.93 | % |
| $ | 67,465 |
|
| 0.50 | % |
| 1.67 | % |
| 0.11 | % |
| (1.06 | %) |
| 0.09 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 5.72 | % |
|
| 48,159 |
|
| 0.50 | % |
| 1.93 | % |
| 0.02 | % |
| (1.41 | %) |
| 10.16 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 0.90 | % |
|
| 12,719 |
|
| 0.50 | % |
| 2.97 | % |
| (0.28 | %) |
| (2.75 | %) |
| 0.68 | % |
| |||
Class R: |
|
| 9/30/2005 (4),(6) |
| 0.00 | % |
| $ | 10 |
|
| 0.00 | % |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| |||
PF Portfolio Optimization Model E |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 7.38 | % |
| $ | 28,045 |
|
| 0.00 | % |
| 1.27 | % |
| 0.24 | % |
| (1.03 | %) |
| 9.40 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 7.17 | % |
|
| 18,244 |
|
| 0.00 | % |
| 1.75 | % |
| 0.23 | % |
| (1.52 | %) |
| 22.37 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 0.80 | % |
|
| 8,187 |
|
| 0.00 | % |
| 2.52 | % |
| 0.09 | % |
| (2.43 | %) |
| 0.00 | % |
| |||
Class B: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 7.12 | % |
| $ | 8,168 |
|
| 0.50 | % |
| 1.77 | % |
| (0.26 | %) |
| (1.53 | %) |
| 9.40 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 6.75 | % |
|
| 6,110 |
|
| 0.50 | % |
| 2.25 | % |
| (0.27 | %) |
| (2.02 | %) |
| 22.37 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 0.70 | % |
|
| 2,409 |
|
| 0.50 | % |
| 3.02 | % |
| (0.41 | %) |
| (2.93 | %) |
| 0.00 | % |
| |||
Class C: |
|
| 4/1/2005 - 9/30/2005 (4) |
| 7.03 | % |
| $ | 21,473 |
|
| 0.50 | % |
| 1.77 | % |
| (0.26 | %) |
| (1.53 | %) |
| 9.40 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| 6.75 | % |
|
| 17,510 |
|
| 0.50 | % |
| 2.25 | % |
| (0.27 | %) |
| (2.02 | %) |
| 22.37 | % |
| |||
|
|
| 12/31/2003 - 3/31/2004 (5) |
| 0.70 | % |
|
| 7,868 |
|
| 0.50 | % |
| 3.02 | % |
| (0.41 | %) |
| (2.93 | %) |
| 0.00 | % |
| |||
Class R: |
|
| 9/30/2005 (4),(6) |
| 0.00 | % |
| $ | 10 |
|
| 0.00 | % |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| N/A | (8) |
| |||
PF AIM Blue Chip Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| 3.55 | % |
| $ | 46,119 |
|
| 1.90 | % |
| 2.30 | % |
| (0.62 | %) |
| (1.02 | %) |
| 56.19 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| (0.49 | %) |
|
| 45,147 |
|
| 1.90 | % |
| 2.37 | % |
| (0.08 | %) |
| (0.55 | %) |
| 38.40 | % |
| |||
|
|
| 4/1/2003 - 3/31/2004 (5) |
| 26.58 | % |
|
| 23,408 |
|
| 1.90 | % |
| 3.12 | % |
| (0.69 | %) |
| (1.91 | %) |
| 78.30 | % |
| |||
|
|
| 4/1/2002 - 3/31/2003 (5) |
| (26.55 | %) |
|
| 7,922 |
|
| 1.90 | % |
| 3.94 | % |
| (0.67 | %) |
| (2.71 | %) |
| 35.58 | % |
| |||
|
|
| 9/28/2001 - 3/31/2002 (5) |
| 10.09 | % |
|
| 10,867 |
|
| 1.90 | % |
| 5.99 | % |
| (0.92 | %) |
| (5.01 | %) |
| 12.63 | % |
| |||
Class B: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| 3.31 | % |
| $ | 561 |
|
| 2.40 | % |
| 2.80 | % |
| (1.12 | %) |
| (1.52 | %) |
| 56.19 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| (0.89 | %) |
|
| 526 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58 | %) |
| (1.05 | %) |
| 38.40 | % |
| |||
|
|
| 4/1/2003 - 3/31/2004 (5) |
| 26.19 | % |
|
| 497 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | %) |
| (2.41 | %) |
| 78.30 | % |
| |||
|
|
| 4/1/2002 - 3/31/2003 (5) |
| (27.06 | %) |
|
| 757 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | %) |
| (3.21 | %) |
| 35.58 | % |
| |||
|
|
| 9/28/2001 - 3/31/2002 (5) |
| 9.79 | % |
|
| 43 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | %) |
| (5.51 | %) |
| 12.63 | % |
| |||
Class C: |
|
| 4/1/2005 - 9/30/2005 (4),(5) |
| 3.31 | % |
| $ | 1,532 |
|
| 2.40 | % |
| 2.80 | % |
| (1.12 | %) |
| (1.52 | %) |
| 56.19 | % |
| |||
|
|
| 4/1/2004 - 3/31/2005 (5) |
| (0.89 | %) |
|
| 1,367 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58 | %) |
| (1.05 | %) |
| 38.40 | % |
| |||
|
|
| 4/1/2003 - 3/31/2004 (5) |
| 26.07 | % |
|
| 1,090 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | %) |
| (2.41 | %) |
| 78.30 | % |
| |||
|
|
| 4/1/2002 - 3/31/2003 (5) |
| (26.99 | %) |
|
| 1,467 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | %) |
| (3.21 | %) |
| 35.58 | % |
| |||
|
|
| 9/28/2001 - 3/31/2002 (5) |
| 9.74 | % |
|
| 154 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | %) |
| (5.51 | %) |
| 12.63 | % |
| |||
|
|
See Notes to Financial Statements | See explanation of references on C-8 |
C-2
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each period or year ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
| Net Asset Value, Beginning of Period or Year |
| Net Investment Income (Loss) |
| Net Realized and Unrealized Gain (Loss) |
| Total from Investment Operations |
| |||||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 11.78 |
|
|
| $ | (0.06 | ) |
|
| $ | 0.58 |
|
|
| $ | 0.52 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.53 |
|
|
|
| (0.16 | ) |
|
|
| 0.69 |
|
|
|
| 0.53 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.59 |
|
|
|
| (0.15 | ) |
|
|
| 3.09 |
|
|
|
| 2.94 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.63 |
|
|
|
| (0.16 | ) |
|
|
| (2.88 | ) |
|
|
| (3.04 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.09 | ) |
|
|
| 1.81 |
|
|
|
| 1.72 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 11.59 |
|
|
| $ | (0.08 | ) |
|
| $ | 0.57 |
|
|
| $ | 0.49 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.41 |
|
|
|
| (0.21 | ) |
|
|
| 0.67 |
|
|
|
| 0.46 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.53 |
|
|
|
| (0.22 | ) |
|
|
| 3.10 |
|
|
|
| 2.88 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.61 |
|
|
|
| (0.19 | ) |
|
|
| (2.89 | ) |
|
|
| (3.08 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.12 | ) |
|
|
| 1.80 |
|
|
|
| 1.68 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 11.61 |
|
|
| $ | (0.08 | ) |
|
| $ | 0.56 |
|
|
| $ | 0.48 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.42 |
|
|
|
| (0.21 | ) |
|
|
| 0.68 |
|
|
|
| 0.47 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.55 |
|
|
|
| (0.23 | ) |
|
|
| 3.10 |
|
|
|
| 2.87 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.61 |
|
|
|
| (0.19 | ) |
|
|
| (2.87 | ) |
|
|
| (3.06 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.12 | ) |
|
|
| 1.81 |
|
|
|
| 1.69 |
|
|
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.85 |
|
|
| $ | 0.08 |
|
|
| $ | (0.04 | ) |
|
| $ | 0.04 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.09 |
|
|
|
| 0.09 |
|
|
|
| (0.22 | ) |
|
|
| (0.13 | ) |
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| 10.00 |
|
|
|
| 0.01 |
|
|
|
| 0.08 |
|
|
|
| 0.09 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.85 |
|
|
| $ | 0.06 |
|
|
| $ | (0.05 | ) |
|
| $ | 0.01 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.08 |
|
|
|
| 0.04 |
|
|
|
| (0.21 | ) |
|
|
| (0.17 | ) |
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.09 |
|
|
|
| 0.08 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.83 |
|
|
| $ | 0.06 |
|
|
| $ | (0.04 | ) |
|
| $ | 0.02 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.08 |
|
|
|
| 0.04 |
|
|
|
| (0.22 | ) |
|
|
| (0.18 | ) |
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.09 |
|
|
|
| 0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
|
|
| Dividends from Net Investment Income |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset Value, End of Period or Year |
| ||||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (1.81 | ) |
|
| $ | (1.81 | ) |
|
| $ | 10.49 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.28 | ) |
|
|
| (0.28 | ) |
|
|
| 11.78 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.53 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.59 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| (0.07 | ) |
|
|
| (0.09 | ) |
|
|
| 11.63 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (1.81 | ) |
|
| $ | (1.81 | ) |
|
| $ | 10.27 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.28 | ) |
|
|
| (0.28 | ) |
|
|
| 11.59 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.41 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.53 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| — |
|
|
|
| (0.07 | ) |
|
|
| (0.07 | ) |
|
|
| 11.61 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (1.81 | ) |
|
| $ | (1.81 | ) |
|
| $ | 10.28 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.28 | ) |
|
|
| (0.28 | ) |
|
|
| 11.61 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.42 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.55 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.01 | ) |
|
|
| (0.07 | ) |
|
|
| (0.08 | ) |
|
|
| 11.61 |
|
|
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.08 | ) |
|
| $ | — |
|
|
| $ | (0.08 | ) |
|
| $ | 9.81 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.09 | ) |
|
|
| (0.02 | ) |
|
|
| (0.11 | ) |
|
|
| 9.85 |
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.09 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.06 | ) |
|
| $ | — |
|
|
| $ | (0.06 | ) |
|
| $ | 9.80 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.04 | ) |
|
|
| (0.02 | ) |
|
|
| (0.06 | ) |
|
|
| 9.85 |
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.08 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.06 | ) |
|
| $ | — |
|
|
| $ | (0.06 | ) |
|
| $ | 9.79 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.05 | ) |
|
|
| (0.02 | ) |
|
|
| (0.07 | ) |
|
|
| 9.83 |
|
|
| 12/31/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
| Total Returns (1) |
| Net Assets, End of Period or Year (in thousands) |
| Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3) |
| Ratios of Expenses Before Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3) |
| Portfolio Turnover Rates |
| ||||||||||||||||
PF AIM Aggressive Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 4.76 | % |
| $ | 7,255 |
|
|
|
| 1.95 | % |
|
|
| 3.42 | % |
|
|
| (1.06 | %) |
|
|
| (2.53 | %) |
|
| 178.53 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| 4.54 | % |
|
| 7,116 |
|
|
|
| 1.95 | % |
|
|
| 3.38 | % |
|
|
| (1.36 | %) |
|
|
| (2.79 | %) |
|
| 201.57 | % |
| 4/1/2003 - 3/31/2004 (5) |
|
| 34.23 | % |
|
| 8,469 |
|
|
|
| 1.95 | % |
|
|
| 3.55 | % |
|
|
| (1.61 | %) |
|
|
| (3.21 | %) |
|
| 110.77 | % |
| 4/1/2002 - 3/31/2003 (5) |
|
| (26.14 | %) |
|
| 5,031 |
|
|
|
| 1.95 | % |
|
|
| 4.27 | % |
|
|
| (1.66 | %) |
|
|
| (3.98 | %) |
|
| 71.87 | % |
| 9/28/2001 - 3/31/2002 (5) |
|
| 17.21 | % |
|
| 7,654 |
|
|
|
| 1.95 | % |
|
|
| 6.84 | % |
|
|
| (1.67 | %) |
|
|
| (6.56 | %) |
|
| 44.75 | % |
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 4.55 | % |
| $ | 309 |
|
|
|
| 2.45 | % |
|
|
| 3.92 | % |
|
|
| (1.56 | %) |
|
|
| (3.03 | %) |
|
| 178.53 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| 3.97 | % |
|
| 283 |
|
|
|
| 2.45 | % |
|
|
| 3.88 | % |
|
|
| (1.86 | %) |
|
|
| (3.29 | %) |
|
| 201.57 | % |
| 4/1/2003 - 3/31/2004 (5) |
|
| 33.61 | % |
|
| 267 |
|
|
|
| 2.45 | % |
|
|
| 4.05 | % |
|
|
| (2.11 | %) |
|
|
| (3.71 | %) |
|
| 110.77 | % |
| 4/1/2002 - 3/31/2003 (5) |
|
| (26.44 | %) |
|
| 63 |
|
|
|
| 2.45 | % |
|
|
| 4.77 | % |
|
|
| (2.16 | %) |
|
|
| (4.48 | %) |
|
| 71.87 | % |
| 9/28/2001 - 3/31/2002 (5) |
|
| 16.84 | % |
|
| 12 |
|
|
|
| 2.45 | % |
|
|
| 7.34 | % |
|
|
| (2.17 | %) |
|
|
| (7.06 | %) |
|
| 44.75 | % |
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 4.46 | % |
| $ | 600 |
|
|
|
| 2.45 | % |
|
|
| 3.92 | % |
|
|
| (1.56 | %) |
|
|
| (3.03 | %) |
|
| 178.53 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| 4.06 | % |
|
| 585 |
|
|
|
| 2.45 | % |
|
|
| 3.88 | % |
|
|
| (1.86 | %) |
|
|
| (3.29 | %) |
|
| 201.57 | % |
| 4/1/2003 - 3/31/2004 (5) |
|
| 33.57 | % |
|
| 360 |
|
|
|
| 2.45 | % |
|
|
| 4.05 | % |
|
|
| (2.11 | %) |
|
|
| (3.71 | %) |
|
| 110.77 | % |
| 4/1/2002 - 3/31/2003 (5) |
|
| (26.36 | %) |
|
| 115 |
|
|
|
| 2.45 | % |
|
|
| 4.77 | % |
|
|
| (2.16 | %) |
|
|
| (4.48 | %) |
|
| 71.87 | % |
| 9/28/2001 - 3/31/2002 (5) |
|
| 16.91 | % |
|
| 25 |
|
|
|
| 2.45 | % |
|
|
| 7.34 | % |
|
|
| (2.17 | %) |
|
|
| (7.06 | %) |
|
| 44.75 | % |
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 0.43 | % |
| $ | 41,959 |
|
|
|
| 1.55 | % |
|
|
| 1.87 | % |
|
|
| 1.69 | % |
|
|
| 1.37 | % |
|
| 53.39 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| (1.34 | %) |
|
| 35,333 |
|
|
|
| 1.55 | % |
|
|
| 2.34 | % |
|
|
| 0.93 | % |
|
|
| 0.14 | % |
|
| 203.81 | % |
| 12/31/2003 - 3/31/2004 (5) |
|
| 0.90 | % |
|
| 13,617 |
|
|
|
| 1.55 | % |
|
|
| 2.72 | % |
|
|
| 0.23 | % |
|
|
| (0.94 | %) |
|
| 144.88 | % |
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 0.14 | % |
| $ | 31 |
|
|
|
| 2.05 | % |
|
|
| 2.37 | % |
|
|
| 1.19 | % |
|
|
| 0.87 | % |
|
| 53.39 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| (1.77 | %) |
|
| 13 |
|
|
|
| 2.05 | % |
|
|
| 2.84 | % |
|
|
| 0.43 | % |
|
|
| (0.36 | %) |
|
| 203.81 | % |
| 12/31/2003 - 3/31/2004 (5) |
|
| 0.80 | % |
|
| 10 |
|
|
|
| 2.05 | % |
|
|
| 3.22 | % |
|
|
| (0.27 | %) |
|
|
| (1.44 | %) |
|
| 144.88 | % |
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 0.17 | % |
| $ | 560 |
|
|
|
| 2.05 | % |
|
|
| 2.37 | % |
|
|
| 1.19 | % |
|
|
| 0.87 | % |
|
| 53.39 | % |
| 4/1/2004 - 3/31/2005 (5) |
|
| (1.81 | %) |
|
| 579 |
|
|
|
| 2.05 | % |
|
|
| 2.84 | % |
|
|
| 0.43 | % |
|
|
| (0.36 | %) |
|
| 203.81 | % |
| 12/31/2003 - 3/31/2004 (5) |
|
| 0.80 | % |
|
| 62 |
|
|
|
| 2.05 | % |
|
|
| 3.22 | % |
|
|
| (0.27 | %) |
|
|
| (1.44 | %) |
|
| 144.88 | % |
See Notes to Financial Statements | See explanation of references on C-8 |
C-3
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each period or year ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
| Net Asset Value, Beginning of Period or Year |
| Net Investment Income (Loss) |
| Net Realized and Unrealized Gain (Loss) |
| Total from Investment Operations |
| |||||||||||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.64 |
|
|
| $ | (0.04 | ) |
|
| $ | 0.78 |
|
|
| $ | 0.74 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.34 |
|
|
|
| (0.05 | ) |
|
|
| 0.35 |
|
|
|
| 0.30 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.04 | ) |
|
|
| 0.39 |
|
|
|
| 0.35 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.49 |
|
|
| $ | (0.06 | ) |
|
| $ | 0.76 |
|
|
| $ | 0.70 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.24 |
|
|
|
| (0.10 | ) |
|
|
| 0.35 |
|
|
|
| 0.25 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 0.40 |
|
|
|
| 0.33 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.46 |
|
|
| $ | (0.06 | ) |
|
| $ | 0.75 |
|
|
| $ | 0.69 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.21 |
|
|
|
| (0.10 | ) |
|
|
| 0.35 |
|
|
|
| 0.25 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 0.40 |
|
|
|
| 0.33 |
|
|
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 9.90 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.70 |
|
|
| $ | 0.69 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| (0.09 | ) |
|
|
| (0.10 | ) |
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 9.89 |
|
|
| $ | (0.02 | ) |
|
| $ | 0.70 |
|
|
| $ | 0.68 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| (0.02 | ) |
|
|
| (0.09 | ) |
|
|
| (0.11 | ) |
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 9.89 |
|
|
| $ | (0.02 | ) |
|
| $ | 0.69 |
|
|
| $ | 0.67 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| (0.02 | ) |
|
|
| (0.09 | ) |
|
|
| (0.11 | ) |
|
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 13.22 |
|
|
| $ | 0.11 |
|
|
| $ | 0.63 |
|
|
| $ | 0.74 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.89 |
|
|
|
| 0.08 |
|
|
|
| 1.46 |
|
|
|
| 1.54 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.73 |
|
|
|
| 0.06 |
|
|
|
| 3.13 |
|
|
|
| 3.19 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.09 |
|
|
|
| 0.07 |
|
|
|
| (2.33 | ) |
|
|
| (2.26 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.02 | ) |
|
|
| 1.14 |
|
|
|
| 1.12 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 13.00 |
|
|
| $ | 0.07 |
|
|
| $ | 0.63 |
|
|
| $ | 0.70 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.73 |
|
|
|
| 0.01 |
|
|
|
| 1.45 |
|
|
|
| 1.46 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.66 |
|
|
|
| 0.02 |
|
|
|
| 3.07 |
|
|
|
| 3.09 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.08 |
|
|
|
| 0.02 |
|
|
|
| (2.33 | ) |
|
|
| (2.31 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.14 |
|
|
|
| 1.09 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 13.00 |
|
|
| $ | 0.07 |
|
|
| $ | 0.62 |
|
|
| $ | 0.69 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.73 |
|
|
|
| 0.01 |
|
|
|
| 1.45 |
|
|
|
| 1.46 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.66 |
|
|
|
| 0.02 |
|
|
|
| 3.07 |
|
|
|
| 3.09 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.07 |
|
|
|
| 0.02 |
|
|
|
| (2.32 | ) |
|
|
| (2.30 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.14 |
|
|
|
| 1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
| Dividends from Net Investment Income |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset Value, End of Period or Year |
| ||||||||||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.38 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.64 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.34 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.62 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.32 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.19 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.49 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.24 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.58 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 10.30 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.15 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.46 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 10.21 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.57 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 10.31 |
|
|
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | (0.01 | ) |
|
| $ | (0.04 | ) |
|
| $ | (0.05 | ) |
|
| $ | 10.54 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 9.90 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | — |
|
|
| $ | (0.04 | ) |
|
| $ | (0.04 | ) |
|
| $ | 10.53 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 9.89 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | (0.01 | ) |
|
| $ | (0.04 | ) |
|
| $ | (0.05 | ) |
|
| $ | 10.51 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 9.89 |
|
|
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.02 | ) |
|
| $ | (0.03 | ) |
|
| $ | (0.05 | ) |
|
| $ | 13.91 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.02 | ) |
|
|
| (0.19 | ) |
|
|
| (0.21 | ) |
|
|
| 13.22 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 11.89 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.04 | ) |
|
|
| (0.06 | ) |
|
|
| (0.10 | ) |
|
|
| 8.73 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 11.09 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (0.03 | ) |
|
| $ | (0.03 | ) |
|
| $ | 13.67 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.19 | ) |
|
|
| (0.19 | ) |
|
|
| 13.00 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 11.73 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.05 | ) |
|
|
| (0.06 | ) |
|
|
| (0.11 | ) |
|
|
| 8.66 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 11.08 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (0.03 | ) |
|
| $ | (0.03 | ) |
|
| $ | 13.66 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.19 | ) |
|
|
| (0.19 | ) |
|
|
| 13.00 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 11.73 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.05 | ) |
|
|
| (0.06 | ) |
|
|
| (0.11 | ) |
|
|
| 8.66 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 11.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||||
|
|
| Total Returns (1) |
| Net Assets, End of Period or Year (in thousands) |
| Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3) |
| Ratios of Expenses Before Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3) |
| Portfolio Turnover Rates |
| |||||||||||||||||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 6.96 | % |
| $ | 25,248 |
|
|
|
| 1.70 | % |
|
|
| 2.24 | % |
|
|
| (0.64 | %) |
|
|
| (1.18 | %) |
|
|
| 17.70 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 2.90 | % |
|
| 19,585 |
|
|
|
| 1.70 | % |
|
|
| 2.54 | % |
|
|
| (0.44 | %) |
|
|
| (1.28 | %) |
|
|
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 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 (5) |
|
| 3.50 | % |
|
| 9,819 |
|
|
|
| 1.70 | % |
|
|
| 6.29 | % |
|
|
| (0.78 | %) |
|
|
| (5.37 | %) |
|
|
| 64.33 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 6.67 | % |
| $ | 416 |
|
|
|
| 2.20 | % |
|
|
| 2.74 | % |
|
|
| (1.14 | %) |
|
|
| (1.68 | %) |
|
|
| 17.70 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 2.44 | % |
|
| 373 |
|
|
|
| 2.20 | % |
|
|
| 3.04 | % |
|
|
| (0.94 | %) |
|
|
| (1.78 | %) |
|
|
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 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 (5) |
|
| 3.27 | % |
|
| 57 |
|
|
|
| 2.20 | % |
|
|
| 6.79 | % |
|
|
| (1.28 | %) |
|
|
| (5.87 | %) |
|
|
| 64.33 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 6.60 | % |
| $ | 701 |
|
|
|
| 2.20 | % |
|
|
| 2.74 | % |
|
|
| (1.14 | %) |
|
|
| (1.68 | %) |
|
|
| 17.70 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 2.45 | % |
|
| 472 |
|
|
|
| 2.20 | % |
|
|
| 3.04 | % |
|
|
| (0.94 | %) |
|
|
| (1.78 | %) |
|
|
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 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 (5) |
|
| 3.33 | % |
|
| 84 |
|
|
|
| 2.20 | % |
|
|
| 6.79 | % |
|
|
| (1.28 | %) |
|
|
| (5.87 | %) |
|
|
| 64.33 | % |
|
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| 6.93 | % |
| $ | 29,667 |
|
|
|
| 1.80 | % |
|
|
| 2.42 | % |
|
|
| (0.15 | %) |
|
|
| (0.77 | %) |
|
|
| 50.58 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
| (1.00 | %) |
|
| 25,454 |
|
|
|
| 1.80 | % |
|
|
| 3.20 | % |
|
|
| (0.42 | %) |
|
|
| (1.82 | %) |
|
|
| 16.26 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| 6.67 | % |
| $ | 47 |
|
|
|
| 2.30 | % |
|
|
| 2.92 | % |
|
|
| (0.65 | %) |
|
|
| (1.27 | %) |
|
|
| 50.58 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
| (1.10 | %) |
|
| 33 |
|
|
|
| 2.30 | % |
|
|
| 3.70 | % |
|
|
| (0.92 | %) |
|
|
| (2.32 | %) |
|
|
| 16.26 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| 6.74 | % |
| $ | 141 |
|
|
|
| 2.30 | % |
|
|
| 2.92 | % |
|
|
| (0.65 | %) |
|
|
| (1.27 | %) |
|
|
| 50.58 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
| (1.10 | %) |
|
| 73 |
|
|
|
| 2.30 | % |
|
|
| 3.70 | % |
|
|
| (0.92 | %) |
|
|
| (2.32 | %) |
|
|
| 16.26 | % |
|
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 5.63 | % |
| $ | 63,022 |
|
|
|
| 1.80 | % |
|
|
| 2.18 | % |
|
|
| 1.62 | % |
|
|
| 1.24 | % |
|
|
| 4.30 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 13.13 | % |
|
| 50,801 |
|
|
|
| 1.80 | % |
|
|
| 2.45 | % |
|
|
| 0.62 | % |
|
|
| (0.03 | %) |
|
|
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 36.57 | % |
|
| 20,007 |
|
|
|
| 1.80 | % |
|
|
| 2.86 | % |
|
|
| 0.73 | % |
|
|
| (0.33 | %) |
|
|
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
| (20.50 | %) |
|
| 7,218 |
|
|
|
| 1.80 | % |
|
|
| 3.89 | % |
|
|
| 0.76 | % |
|
|
| (1.33 | %) |
|
|
| 19.60 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 11.21 | % |
|
| 7,817 |
|
|
|
| 1.80 | % |
|
|
| 7.07 | % |
|
|
| (0.35 | %) |
|
|
| (5.62 | %) |
|
|
| 7.11 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 5.40 | % |
| $ | 374 |
|
|
|
| 2.30 | % |
|
|
| 2.68 | % |
|
|
| 1.12 | % |
|
|
| 0.74 | % |
|
|
| 4.30 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 12.59 | % |
|
| 449 |
|
|
|
| 2.30 | % |
|
|
| 2.95 | % |
|
|
| 0.12 | % |
|
|
| (0.53 | %) |
|
|
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 35.79 | % |
|
| 324 |
|
|
|
| 2.30 | % |
|
|
| 3.36 | % |
|
|
| 0.23 | % |
|
|
| (0.83 | %) |
|
|
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
| (20.93 | %) |
|
| 771 |
|
|
|
| 2.30 | % |
|
|
| 4.39 | % |
|
|
| 0.26 | % |
|
|
| (1.83 | %) |
|
|
| 19.60 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 10.95 | % |
|
| 26 |
|
|
|
| 2.30 | % |
|
|
| 7.57 | % |
|
|
| (0.85 | %) |
|
|
| (6.12 | %) |
|
|
| 7.11 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| 5.36 | % |
| $ | 1,465 |
|
|
|
| 2.30 | % |
|
|
| 2.68 | % |
|
|
| 1.12 | % |
|
|
| 0.74 | % |
|
|
| 4.30 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
| 12.59 | % |
|
| 1,212 |
|
|
|
| 2.30 | % |
|
|
| 2.95 | % |
|
|
| 0.12 | % |
|
|
| (0.53 | %) |
|
|
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
| 35.79 | % |
|
| 781 |
|
|
|
| 2.30 | % |
|
|
| 3.36 | % |
|
|
| 0.23 | % |
|
|
| (0.83 | %) |
|
|
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
| (20.93 | %) |
|
| 1,656 |
|
|
|
| 2.30 | % |
|
|
| 4.39 | % |
|
|
| 0.26 | % |
|
|
| (1.83 | %) |
|
|
| 19.60 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
| 10.91 | % |
|
| 143 |
|
|
|
| 2.30 | % |
|
|
| 7.57 | % |
|
|
| (0.85 | %) |
|
|
| (6.12 | %) |
|
|
| 7.11 | % |
|
See Notes to Financial Statements | See explanation of references on C-8 |
C-4
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each period or year ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
| Net Asset Value, Beginning of Period or Year |
| Net Investment Income (Loss) |
| Net Realized and Unrealized Gain (Loss) |
| Total from Investment Operations |
| |||||||||||||
PF MFS International Large-Cap Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 12.83 |
|
|
| $ | 0.06 |
|
|
| $ | 0.97 |
|
|
| $ | 1.03 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.61 |
|
|
|
| (0.01 | ) |
|
|
| 1.46 |
|
|
|
| 1.45 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.20 |
|
|
|
| (0.04 | ) |
|
|
| 3.45 |
|
|
|
| 3.41 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.03 |
|
|
|
| (0.04 | ) |
|
|
| (2.59 | ) |
|
|
| (2.63 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.10 |
|
|
|
| 1.05 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 12.60 |
|
|
| $ | 0.03 |
|
|
| $ | 0.95 |
|
|
| $ | 0.98 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.46 |
|
|
|
| (0.07 | ) |
|
|
| 1.44 |
|
|
|
| 1.37 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.14 |
|
|
|
| (0.09 | ) |
|
|
| 3.41 |
|
|
|
| 3.32 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.01 |
|
|
|
| (0.08 | ) |
|
|
| (2.59 | ) |
|
|
| (2.67 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.10 |
|
|
|
| 1.02 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 12.62 |
|
|
| $ | 0.03 |
|
|
| $ | 0.96 |
|
|
| $ | 0.99 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.48 |
|
|
|
| (0.07 | ) |
|
|
| 1.44 |
|
|
|
| 1.37 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 8.14 |
|
|
|
| (0.09 | ) |
|
|
| 3.43 |
|
|
|
| 3.34 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 11.01 |
|
|
|
| (0.08 | ) |
|
|
| (2.59 | ) |
|
|
| (2.67 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.10 |
|
|
|
| 1.02 |
|
|
PF Oppenheimer Main Street Core Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
| $ | 10.00 |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
PF Oppenheimer Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
| $ | 10.00 |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.03 |
|
|
| $ | 0.13 |
|
|
| $ | 0.14 |
|
|
| $ | 0.27 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.45 |
|
|
|
| 0.14 |
|
|
|
| (0.09 | ) |
|
|
| 0.05 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.16 |
|
|
|
| 0.17 |
|
|
|
| 0.46 |
|
|
|
| 0.63 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 9.85 |
|
|
|
| 0.21 |
|
|
|
| 1.02 |
|
|
|
| 1.23 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
|
| 0.06 |
|
|
|
| (0.09 | ) |
|
|
| (0.03 | ) |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.01 |
|
|
| $ | 0.10 |
|
|
| $ | 0.14 |
|
|
| $ | 0.24 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.44 |
|
|
|
| 0.09 |
|
|
|
| (0.10 | ) |
|
|
| (0.01 | ) |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.14 |
|
|
|
| 0.12 |
|
|
|
| 0.46 |
|
|
|
| 0.58 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 9.84 |
|
|
|
| 0.15 |
|
|
|
| 1.03 |
|
|
|
| 1.18 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| (0.10 | ) |
|
|
| (0.06 | ) |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.02 |
|
|
| $ | 0.10 |
|
|
| $ | 0.14 |
|
|
| $ | 0.24 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.44 |
|
|
|
| 0.09 |
|
|
|
| (0.09 | ) |
|
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.14 |
|
|
|
| 0.12 |
|
|
|
| 0.46 |
|
|
|
| 0.58 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 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 from Capital Gains |
| Total Distributions |
| Net Asset |
| |||||||||||||
PF MFS International Large-Cap Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.01 | ) |
|
| $ | (0.01 | ) |
|
| $ | (0.02 | ) |
|
| $ | 13.84 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.23 | ) |
|
|
| (0.23 | ) |
|
|
| 12.83 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.61 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| (0.20 | ) |
|
|
| 8.20 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.01 | ) |
|
|
| (0.01 | ) |
|
|
| (0.02 | ) |
|
|
| 11.03 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | (0.01 | ) |
|
| $ | 13.57 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.23 | ) |
|
|
| (0.23 | ) |
|
|
| 12.60 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.46 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| (0.20 | ) |
|
|
| 8.14 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| (0.01 | ) |
|
|
| 11.01 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | (0.01 | ) |
|
| $ | 13.60 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| (0.23 | ) |
|
|
| (0.23 | ) |
|
|
| 12.62 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.48 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| — |
|
|
|
| (0.20 | ) |
|
|
| (0.20 | ) |
|
|
| 8.14 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| (0.01 | ) |
|
|
| 11.01 |
|
|
PF Oppenheimer Main Street Core Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.00 |
|
|
PF Oppenheimer Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.00 |
|
|
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.12 | ) |
|
| $ | — |
|
|
| $ | (0.12 | ) |
|
| $ | 10.18 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.25 | ) |
|
|
| (0.22 | ) |
|
|
| (0.47 | ) |
|
|
| 10.03 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.34 | ) |
|
|
| — |
|
|
|
| (0.34 | ) |
|
|
| 10.45 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.36 | ) |
|
|
| (0.56 | ) |
|
|
| (0.92 | ) |
|
|
| 10.16 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| (0.07 | ) |
|
|
| (0.05 | ) |
|
|
| (0.12 | ) |
|
|
| 9.85 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.09 | ) |
|
| $ | — |
|
|
| $ | (0.09 | ) |
|
| $ | 10.16 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.20 | ) |
|
|
| (0.22 | ) |
|
|
| (0.42 | ) |
|
|
| 10.01 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.28 | ) |
|
|
| — |
|
|
|
| (0.28 | ) |
|
|
| 10.44 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.32 | ) |
|
|
| (0.56 | ) |
|
|
| (0.88 | ) |
|
|
| 10.14 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| (0.05 | ) |
|
|
| (0.05 | ) |
|
|
| (0.10 | ) |
|
|
| 9.84 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.09 | ) |
|
| $ | — |
|
|
| $ | (0.09 | ) |
|
| $ | 10.17 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.20 | ) |
|
|
| (0.22 | ) |
|
|
| (0.42 | ) |
|
|
| 10.02 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.28 | ) |
|
|
| — |
|
|
|
| (0.28 | ) |
|
|
| 10.44 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (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 Returns (1) |
| Net Assets, End of Period or Year (in thousands) |
| Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3) |
| Ratios of Expenses Before Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3) |
| Portfolio Turnover Rates |
| |||||||||||||||||||||
PF MFS International Large-Cap Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 8.04 | % |
|
| $ | 46,818 |
|
|
|
| 2.00 | % |
|
|
| 2.83 | % |
|
|
| 0.95 | % |
|
|
| 0.12 | % |
|
|
| 24.36 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 12.73 | % |
|
|
| 38,195 |
|
|
|
| 2.00 | % |
|
|
| 3.35 | % |
|
|
| (0.12 | %) |
|
|
| (1.47 | %) |
|
|
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 41.59 | % |
|
|
| 15,358 |
|
|
|
| 2.03 | % |
|
|
| 5.96 | % |
|
|
| (0.38 | %) |
|
|
| (4.31 | %) |
|
|
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (24.11 | %) |
|
|
| 4,505 |
|
|
|
| 2.05 | % |
|
|
| 9.08 | % |
|
|
| (0.40 | %) |
|
|
| (7.43 | %) |
|
|
| 137.37 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.54 | % |
|
|
| 6,808 |
|
|
|
| 2.05 | % |
|
|
| 9.38 | % |
|
|
| (0.92 | %) |
|
|
| (8.25 | %) |
|
|
| 77.66 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 7.80 | % |
|
| $ | 351 |
|
| �� |
| 2.50 | % |
|
|
| 3.33 | % |
|
|
| 0.45 | % |
|
|
| (0.38 | %) |
|
|
| 24.36 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 12.18 | % |
|
|
| 391 |
|
|
|
| 2.50 | % |
|
|
| 3.85 | % |
|
|
| (0.62 | %) |
|
|
| (1.97 | %) |
|
|
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 40.79 | % |
|
|
| 265 |
|
|
|
| 2.53 | % |
|
|
| 6.46 | % |
|
|
| (0.88 | %) |
|
|
| (4.81 | %) |
|
|
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (24.52 | %) |
|
|
| 58 |
|
|
|
| 2.55 | % |
|
|
| 9.58 | % |
|
|
| (0.90 | %) |
|
|
| (7.93 | %) |
|
|
| 137.37 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.24 | % |
|
|
| 22 |
|
|
|
| 2.55 | % |
|
|
| 9.88 | % |
|
|
| (1.42 | %) |
|
|
| (8.75 | %) |
|
|
| 77.66 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 7.87 | % |
|
| $ | 735 |
|
|
|
| 2.50 | % |
|
|
| 3.33 | % |
|
|
| 0.45 | % |
|
|
| (0.38 | %) |
|
|
| 24.36 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 12.16 | % |
|
|
| 593 |
|
|
|
| 2.50 | % |
|
|
| 3.85 | % |
|
|
| (0.62 | %) |
|
|
| (1.97 | %) |
|
|
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 40.86 | % |
|
|
| 222 |
|
|
|
| 2.53 | % |
|
|
| 6.46 | % |
|
|
| (0.88 | %) |
|
|
| (4.81 | %) |
|
|
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (24.43 | %) |
|
|
| 79 |
|
|
|
| 2.55 | % |
|
|
| 9.58 | % |
|
|
| (0.90 | %) |
|
|
| (7.93 | %) |
|
|
| 137.37 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.24 | % |
|
|
| 11 |
|
|
|
| 2.55 | % |
|
|
| 9.88 | % |
|
|
| (1.42 | %) |
|
|
| (8.75 | %) |
|
|
| 77.66 | % |
|
PF Oppenheimer Main Street Core Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
|
| 0.00 | % |
|
| $ | 10 |
|
|
|
| 1.60 | % |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
PF Oppenheimer Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 9/30/2005 (4),(6) |
|
|
| 0.00 | % |
|
| $ | 10 |
|
|
|
| 1.95 | % |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
|
| N/A | (8) |
|
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 2.67 | % |
|
| $ | 54,043 |
|
|
|
| 1.55 | % |
|
|
| 1.98 | % |
|
|
| 2.48 | % |
|
|
| 2.05 | % |
|
|
| 280.75 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 0.56 | % |
|
|
| 42,546 |
|
|
|
| 1.55 | % |
|
|
| 2.22 | % |
|
|
| 1.37 | % |
|
|
| 0.70 | % |
|
|
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 6.28 | % |
|
|
| 19,802 |
|
|
|
| 1.55 | % |
|
|
| 2.86 | % |
|
|
| 1.65 | % |
|
|
| 0.34 | % |
|
|
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 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: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 2.42 | % |
|
| $ | 1,159 |
|
|
|
| 2.05 | % |
|
|
| 2.48 | % |
|
|
| 1.98 | % |
|
|
| 1.55 | % |
|
|
| 280.75 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.05 | %) |
|
|
| 1,135 |
|
|
|
| 2.05 | % |
|
|
| 2.72 | % |
|
|
| 0.87 | % |
|
|
| 0.20 | % |
|
|
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 5.86 | % |
|
|
| 972 |
|
|
|
| 2.05 | % |
|
|
| 3.36 | % |
|
|
| 1.15 | % |
|
|
| (0.16 | %) |
|
|
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 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: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 2.40 | % |
|
| $ | 2,213 |
|
|
|
| 2.05 | % |
|
|
| 2.48 | % |
|
|
| 1.98 | % |
|
|
| 1.55 | % |
|
|
| 280.75 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 0.04 | % |
|
|
| 2,353 |
|
|
|
| 2.05 | % |
|
|
| 2.72 | % |
|
|
| 0.87 | % |
|
|
| 0.20 | % |
|
|
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 5.86 | % |
|
|
| 2,315 |
|
|
|
| 2.05 | % |
|
|
| 3.36 | % |
|
|
| 1.15 | % |
|
|
| (0.16 | %) |
|
|
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 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 C-8 |
C-5
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each period or year ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
|
|
| Net Asset Value, Beginning of Period or Year |
| Net Investment Income (Loss) |
| Net Realized and |
| Total from Investment Operations |
| ||||||||||||
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.51 |
|
|
| $ | 0.22 |
|
|
| $ | 0.02 |
|
|
| $ | 0.24 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.93 |
|
|
|
| 0.20 |
|
|
|
| (0.01 | ) |
|
|
| 0.19 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.28 |
|
|
|
| 0.12 |
|
|
|
| 0.96 |
|
|
|
| 1.08 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 10.00 |
|
|
|
| 0.06 |
|
|
|
| 0.27 |
|
|
|
| 0.33 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.45 |
|
|
| $ | 0.19 |
|
|
| $ | 0.02 |
|
|
| $ | 0.21 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.89 |
|
|
|
| 0.15 |
|
|
|
| (0.02 | ) |
|
|
| 0.13 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.27 |
|
|
|
| 0.07 |
|
|
|
| 0.95 |
|
|
|
| 1.02 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| 0.28 |
|
|
|
| 0.32 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 10.45 |
|
|
| $ | 0.19 |
|
|
| $ | 0.02 |
|
|
| $ | 0.21 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.89 |
|
|
|
| 0.15 |
|
|
|
| (0.01 | ) |
|
|
| 0.14 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.27 |
|
|
|
| 0.07 |
|
|
|
| 0.95 |
|
|
|
| 1.02 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| 0.28 |
|
|
|
| 0.32 |
|
|
PF Pacific Life Money Market Fund (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 1.00 |
|
|
| $ | 0.01 |
|
|
| $ | — |
|
|
| $ | 0.01 |
|
|
| 4/1/2004 - 3/31/2005 |
|
|
| 1.00 |
|
|
|
| 0.01 |
|
|
|
| — |
|
|
|
| 0.01 |
|
|
| 4/1/2003 - 3/31/2004 |
|
|
| 1.00 |
|
|
|
| — | (7) |
|
|
| — |
|
|
|
| — | (7) |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 1.00 |
|
|
|
| 0.01 |
|
|
|
| — |
|
|
|
| 0.01 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| 1.00 |
|
|
|
| — | (7) |
|
|
| — |
|
|
|
| — | (7) |
|
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 11.30 |
|
|
| $ | 0.01 |
|
|
| $ | 0.59 |
|
|
| $ | 0.60 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.94 |
|
|
|
| 0.06 |
|
|
|
| 0.35 |
|
|
|
| 0.41 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 7.83 |
|
|
|
| 0.03 |
|
|
|
| 3.09 |
|
|
|
| 3.12 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 10.92 |
|
|
|
| 0.04 |
|
|
|
| (3.05 | ) |
|
|
| (3.01 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.96 |
|
|
|
| 0.95 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 11.19 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.57 |
|
|
| $ | 0.56 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.83 |
|
|
|
| — | (7) |
|
|
| 0.36 |
|
|
|
| 0.36 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 7.78 |
|
|
|
| (0.02 | ) |
|
|
| 3.08 |
|
|
|
| 3.06 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 10.91 |
|
|
|
| (0.01 | ) |
|
|
| (3.03 | ) |
|
|
| (3.04 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.97 |
|
|
|
| 0.94 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 11.16 |
|
|
| $ | (0.01 | ) |
|
| $ | 0.57 |
|
|
| $ | 0.56 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.81 |
|
|
|
| — | (7) |
|
|
| 0.35 |
|
|
|
| 0.35 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 7.77 |
|
|
|
| (0.02 | ) |
|
|
| 3.07 |
|
|
|
| 3.05 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| 10.90 |
|
|
|
| (0.01 | ) |
|
|
| (3.04 | ) |
|
|
| (3.05 | ) |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.96 |
|
|
|
| 0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
| ||||||||||||||||||
|
|
|
| |||||||||||||||||||
|
|
| Dividends |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset |
| ||||||||||||
|
|
| ||||||||||||||||||||
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.19 | ) |
|
| $ | (0.01 | ) |
|
| $ | (0.20 | ) |
|
| $ | 10.55 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.26 | ) |
|
|
| (0.35 | ) |
|
|
| (0.61 | ) |
|
|
| 10.51 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.20 | ) |
|
|
| (0.23 | ) |
|
|
| (0.43 | ) |
|
|
| 10.93 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.28 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.16 | ) |
|
| $ | (0.01 | ) |
|
| $ | (0.17 | ) |
|
| $ | 10.49 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.22 | ) |
|
|
| (0.35 | ) |
|
|
| (0.57 | ) |
|
|
| 10.45 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.17 | ) |
|
|
| (0.23 | ) |
|
|
| (0.40 | ) |
|
|
| 10.89 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.27 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.16 | ) |
|
| $ | (0.01 | ) |
|
| $ | (0.17 | ) |
|
| $ | 10.49 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.23 | ) |
|
|
| (0.35 | ) |
|
|
| (0.58 | ) |
|
|
| 10.45 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.17 | ) |
|
|
| (0.23 | ) |
|
|
| (0.40 | ) |
|
|
| 10.89 |
|
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 10.27 |
|
|
PF Pacific Life Money Market Fund (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | (0.01 | ) |
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | 1.00 |
|
|
| 4/1/2004 - 3/31/2005 |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 1.00 |
|
|
| 4/1/2003 - 3/31/2004 |
|
|
| — | (7) |
|
|
| — |
|
|
|
| — | (7) |
|
|
| 1.00 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 1.00 |
|
|
| 9/28/2001 - 3/31/2002 |
|
|
| — | (7) |
|
|
| — |
|
|
|
| — | (7) |
|
|
| 1.00 |
|
|
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | (0.01 | ) |
|
| $ | — |
|
|
| $ | (0.01 | ) |
|
| $ | 11.89 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 11.30 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 10.94 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.02 | ) |
|
|
| (0.06 | ) |
|
|
| (0.08 | ) |
|
|
| 7.83 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
|
| 10.92 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.75 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.19 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 10.83 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.03 | ) |
|
|
| (0.06 | ) |
|
|
| (0.09 | ) |
|
|
| 7.78 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
|
| 10.91 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11.72 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.16 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 10.81 |
|
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (0.02 | ) |
|
|
| (0.06 | ) |
|
|
| (0.08 | ) |
|
|
| 7.77 |
|
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| (0.02 | ) |
|
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
|
| 10.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||||||
|
|
| Total Returns (1) |
| Net Assets, End of Period or Year (in thousands) |
| Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3) |
| Ratios of Expenses Before Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3) |
| Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3) |
| Portfolio Turnover Rates |
| |||||||||||||||||||||
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 2.24 | % |
|
| $ | 49,576 |
|
|
|
| 1.55 | % |
|
|
| 1.85 | % |
|
|
| 4.06 | % |
|
|
| 3.76 | % |
|
|
| 61.19 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 1.99 | % |
|
|
| 36,465 |
|
|
|
| 1.55 | % |
|
|
| 2.04 | % |
|
|
| 1.96 | % |
|
|
| 1.47 | % |
|
|
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.75 | % |
|
|
| 16,263 |
|
|
|
| 1.55 | % |
|
|
| 2.73 | % |
|
|
| 1.13 | % |
|
|
| (0.05 | %) |
|
|
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 3.30 | % |
|
|
| 6,290 |
|
|
|
| 1.55 | % |
|
|
| 4.00 | % |
|
|
| 2.19 | % |
|
|
| (0.26 | %) |
|
|
| 199.92 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 2.01 | % |
|
| $ | 1,529 |
|
|
|
| 2.05 | % |
|
|
| 2.35 | % |
|
|
| 3.56 | % |
|
|
| 3.26 | % |
|
|
| 61.19 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 1.43 | % |
|
|
| 1,199 |
|
|
|
| 2.05 | % |
|
|
| 2.54 | % |
|
|
| 1.46 | % |
|
|
| 0.97 | % |
|
|
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.20 | % |
|
|
| 697 |
|
|
|
| 2.05 | % |
|
|
| 3.23 | % |
|
|
| 0.63 | % |
|
|
| (0.55 | %) |
|
|
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 3.16 | % |
|
|
| 161 |
|
|
|
| 2.05 | % |
|
|
| 4.50 | % |
|
|
| 1.69 | % |
|
|
| (0.76 | %) |
|
|
| 199.92 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 1.97 | % |
|
| $ | 4,849 |
|
|
|
| 2.05 | % |
|
|
| 2.35 | % |
|
|
| 3.56 | % |
|
|
| 3.26 | % |
|
|
| 61.19 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 1.44 | % |
|
|
| 5,682 |
|
|
|
| 2.05 | % |
|
|
| 2.54 | % |
|
|
| 1.46 | % |
|
|
| 0.97 | % |
|
|
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 10.27 | % |
|
|
| 4,065 |
|
|
|
| 2.05 | % |
|
|
| 3.23 | % |
|
|
| 0.63 | % |
|
|
| (0.55 | %) |
|
|
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (5) |
|
|
| 3.11 | % |
|
|
| 480 |
|
|
|
| 2.05 | % |
|
|
| 4.50 | % |
|
|
| 1.69 | % |
|
|
| (0.76 | %) |
|
|
| 199.92 | % |
|
PF Pacific Life Money Market Fund (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 1.19 | % |
|
| $ | 22,059 |
|
|
|
| 0.82 | %(11) |
|
|
| 1.69 | % |
|
|
| 2.36 | %(11) |
|
|
| 1.50 | % |
|
|
| N/A |
|
|
| 4/1/2004 - 3/31/2005 |
|
|
| 0.77 | % |
|
|
| 22,341 |
|
|
|
| 0.95 | % |
|
|
| 2.05 | % |
|
|
| 0.83 | % |
|
|
| (0.27 | %) |
|
|
| N/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 |
|
|
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 5.30 | % |
|
| $ | 59,987 |
|
|
|
| 1.80 | % |
|
|
| 2.13 | % |
|
|
| 0.27 | % |
|
|
| (0.06 | %) |
|
|
| 26.88 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 3.78 | % |
|
|
| 50,430 |
|
|
|
| 1.80 | % |
|
|
| 2.28 | % |
|
|
| 0.54 | % |
|
|
| 0.06 | % |
|
|
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 39.91 | % |
|
|
| 25,315 |
|
|
|
| 1.80 | % |
|
|
| 2.73 | % |
|
|
| 0.29 | % |
|
|
| (0.64 | %) |
|
|
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (27.69 | %) |
|
|
| 11,736 |
|
|
|
| 1.80 | % |
|
|
| 2.94 | % |
|
|
| 0.41 | % |
|
|
| (0.73 | %) |
|
|
| 49.00 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 9.54 | % |
|
|
| 19,748 |
|
|
|
| 1.80 | % |
|
|
| 3.93 | % |
|
|
| (0.14 | %) |
|
|
| (2.27 | %) |
|
|
| 27.37 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 5.01 | % |
|
| $ | 530 |
|
|
|
| 2.30 | % |
|
|
| 2.63 | % |
|
|
| (0.23 | %) |
|
|
| (0.56 | %) |
|
|
| 26.88 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 3.32 | % |
|
|
| 504 |
|
|
|
| 2.30 | % |
|
|
| 2.78 | % |
|
|
| 0.04 | % |
|
|
| (0.44 | %) |
|
|
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 39.36 | % |
|
|
| 556 |
|
|
|
| 2.30 | % |
|
|
| 3.23 | % |
|
|
| (0.21 | %) |
|
|
| (1.14 | %) |
|
|
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (28.02 | %) |
|
|
| 955 |
|
|
|
| 2.30 | % |
|
|
| 3.44 | % |
|
|
| (0.09 | %) |
|
|
| (1.23 | %) |
|
|
| 49.00 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 9.38 | % |
|
|
| 151 |
|
|
|
| 2.30 | % |
|
|
| 4.43 | % |
|
|
| (0.64 | %) |
|
|
| (2.77 | %) |
|
|
| 27.37 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 4.92 | % |
|
| $ | 1,606 |
|
|
|
| 2.30 | % |
|
|
| 2.63 | % |
|
|
| (0.23 | %) |
|
|
| (0.56 | %) |
|
|
| 26.88 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 3.33 | % |
|
|
| 1,538 |
|
|
|
| 2.30 | % |
|
|
| 2.78 | % |
|
|
| 0.04 | % |
|
|
| (0.44 | %) |
|
|
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 39.27 | % |
|
|
| 1,277 |
|
|
|
| 2.30 | % |
|
|
| 3.23 | % |
|
|
| (0.21 | %) |
|
|
| (1.14 | %) |
|
|
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (5) |
|
|
| (28.08 | %) |
|
|
| 2,015 |
|
|
|
| 2.30 | % |
|
|
| 3.44 | % |
|
|
| (0.09 | %) |
|
|
| (1.23 | %) |
|
|
| 49.00 | % |
|
| 9/28/2001 - 3/31/2002 (5) |
|
|
| 9.30 | % |
|
|
| 243 |
|
|
|
| 2.30 | % |
|
|
| 4.43 | % |
|
|
| (0.64 | %) |
|
|
| (2.77 | %) |
|
|
| 27.37 | % |
|
|
|
|
See Notes to Financial Statements | See explanation of references on C-8 |
C-6
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period or year ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
| Investment Activities |
| ||||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| Net Asset Value, |
| Net Investment |
| Net Realized and Unrealized Gain (Loss) |
| Total from |
| ||||||||||||
PF Van Kampen Comstock Fund (12) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 12.58 |
|
|
| $ | 0.03 |
|
|
| $ | 0.09 |
|
|
| $ | 0.12 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.37 |
|
|
|
| 0.07 |
|
|
|
| 1.19 |
|
|
|
| 1.26 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.54 |
|
|
|
| 1.49 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 12.42 |
|
|
| $ | 0.01 |
|
|
| $ | 0.08 |
|
|
| $ | 0.09 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.24 |
|
|
|
| 0.01 |
|
|
|
| 1.17 |
|
|
|
| 1.18 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.54 |
|
|
|
| 1.47 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 12.41 |
|
|
| $ | 0.01 |
|
|
| $ | 0.08 |
|
|
| $ | 0.09 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.24 |
|
|
|
| 0.01 |
|
|
|
| 1.17 |
|
|
|
| 1.18 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.53 |
|
|
|
| 1.46 |
|
|
PF Van Kampen Mid-Cap Growth Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 8.93 |
|
|
| $ | (0.06 | ) |
|
| $ | 1.31 |
|
|
| $ | 1.25 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 8.01 |
|
|
|
| (0.12 | ) |
|
|
| 1.04 |
|
|
|
| 0.92 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.45 |
|
|
|
| 1.37 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 8.80 |
|
|
| $ | (0.08 | ) |
|
| $ | 1.29 |
|
|
| $ | 1.21 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 7.93 |
|
|
|
| (0.15 | ) |
|
|
| 1.02 |
|
|
|
| 0.87 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.45 |
|
|
|
| 1.34 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
| $ | 8.79 |
|
|
| $ | (0.08 | ) |
|
| $ | 1.28 |
|
|
| $ | 1.20 |
|
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 7.92 |
|
|
|
| (0.16 | ) |
|
|
| 1.03 |
|
|
|
| 0.87 |
|
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.46 |
|
|
|
| 1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
|
|
| Dividends |
| Distributions from Capital |
| Total |
| Net Asset |
| ||||||||||||
PF Van Kampen Comstock Fund (12) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005(4) |
|
| $ | (0.02 | ) |
|
| $ | (0.34 | ) |
|
| $ | (0.36 | ) |
|
| $ | 12.34 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| (0.05 | ) |
|
|
| — |
|
|
|
| (0.05 | ) |
|
|
| 12.58 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.37 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
|
| 8.16 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| (0.04 | ) |
|
|
| — |
|
|
|
| (0.04 | ) |
|
|
| 11.45 |
|
|
Class B: | 4/1/2005 - 9/30/2005(4) |
|
| $ | — |
|
|
| $ | (0.34 | ) |
|
| $ | (0.34 | ) |
|
| $ | 12.17 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 12.42 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.24 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
|
| 8.10 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| (0.04 | ) |
|
|
| — |
|
|
|
| (0.04 | ) |
|
|
| 11.43 |
|
|
Class C: | 4/1/2005 - 9/30/2005(4) |
|
| $ | (0.01 | ) |
|
| $ | (0.34 | ) |
|
| $ | (0.35 | ) |
|
| $ | 12.15 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 12.41 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 11.24 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
|
| 8.11 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| (0.03 | ) |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| 11.43 |
|
|
PF Van Kampen Mid-Cap Growth Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 9/30/2005(4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.18 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.93 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.01 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| (0.84 | ) |
|
|
| 5.92 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| (0.02 | ) |
|
|
| (0.17 | ) |
|
|
| (0.19 | ) |
|
|
| 11.18 |
|
|
Class B: | 4/1/2005 - 9/30/2005(4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 10.01 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.80 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.93 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| (0.84 | ) |
|
|
| 5.88 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| — |
|
|
|
| (0.17 | ) |
|
|
| (0.17 | ) |
|
|
| 11.17 |
|
|
Class C: | 4/1/2005 - 9/30/2005(4) |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 9.99 |
|
|
| 4/1/2004 - 3/31/2005(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8.79 |
|
|
| 4/1/2003 - 3/31/2004(5) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7.92 |
|
|
| 4/1/2002 - 3/31/2003 |
|
|
| — |
|
|
|
| (0.84 | ) |
|
|
| (0.84 | ) |
|
|
| 5.88 |
|
|
| 9/28/2001 - 3/31/2002(5) |
|
|
| (0.02 | ) |
|
|
| (0.17 | ) |
|
|
| (0.19 | ) |
|
|
| 11.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||||||
|
|
| Total |
| Net |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| |||||||||||||||||||||
PF Van Kampen Comstock Fund (12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 0.97 | % |
|
| $ | 28,704 |
|
|
|
| 1.90 | % |
|
|
| 2.39 | % |
|
|
| 0.61 | % |
|
|
| 0.12 | % |
|
|
| 10.67 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.08 | % |
|
|
| 23,017 |
|
|
|
| 1.90 | % |
|
|
| 2.70 | % |
|
|
| 0.55 | % |
|
|
| (0.25 | %) |
|
|
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 14.94 | % |
|
|
| 9,002 |
|
|
|
| 1.90 | % |
|
|
| 6.26 | % |
|
|
| (0.84 | %) |
|
|
| (5.20 | %) |
|
|
| 18.71 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 0.76 | % |
|
| $ | 455 |
|
|
|
| 2.40 | % |
|
|
| 2.89 | % |
|
|
| 0.11 | % |
|
|
| (0.38 | %) |
|
|
| 10.67 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.50 | % |
|
|
| 388 |
|
|
|
| 2.40 | % |
|
|
| 3.20 | % |
|
|
| 0.05 | % |
|
|
| (0.75 | %) |
|
|
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 14.71 | % |
|
|
| 105 |
|
|
|
| 2.40 | % |
|
|
| 6.76 | % |
|
|
| (1.34 | %) |
|
|
| (5.70 | %) |
|
|
| 18.71 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 0.75 | % |
|
| $ | 1,078 |
|
|
|
| 2.40 | % |
|
|
| 2.89 | % |
|
|
| 0.11 | % |
|
|
| (0.38 | %) |
|
|
| 10.67 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.50 | % |
|
|
| 872 |
|
|
|
| 2.40 | % |
|
|
| 3.20 | % |
|
|
| 0.05 | % |
|
|
| (0.75 | %) |
|
|
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 14.67 | % |
|
|
| 21 |
|
|
|
| 2.40 | % |
|
|
| 6.76 | % |
|
|
| (1.34 | %) |
|
|
| (5.70 | %) |
|
|
| 18.71 | % |
|
PF Van Kampen Mid-Cap Growth Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 14.00 | % |
|
| $ | 38,528 |
|
|
|
| 1.85 | % |
|
|
| 2.28 | % |
|
|
| (1.37 | %) |
|
|
| (1.80 | %) |
|
|
| 64.05 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 11.49 | % |
|
|
| 36,882 |
|
|
|
| 1.85 | % |
|
|
| 2.43 | % |
|
|
| (1.37 | %) |
|
|
| (1.95 | %) |
|
|
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 13.79 | % |
|
|
| 11,383 |
|
|
|
| 1.85 | % |
|
|
| 5.33 | % |
|
|
| (1.44 | %) |
|
|
| (4.92 | %) |
|
|
| 70.54 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 13.75 | % |
|
| $ | 774 |
|
|
|
| 2.35 | % |
|
|
| 2.78 | % |
|
|
| (1.87 | %) |
|
|
| (2.30 | %) |
|
|
| 64.05 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.97 | % |
|
|
| 667 |
|
|
|
| 2.35 | % |
|
|
| 2.93 | % |
|
|
| (1.87 | %) |
|
|
| (2.45 | %) |
|
|
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 13.52 | % |
|
|
| 82 |
|
|
|
| 2.35 | % |
|
|
| 5.83 | % |
|
|
| (1.94 | %) |
|
|
| (5.42 | %) |
|
|
| 70.54 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4) |
|
|
| 13.65 | % |
|
| $ | 1,758 |
|
|
|
| 2.35 | % |
|
|
| 2.78 | % |
|
|
| (1.87 | %) |
|
|
| (2.30 | %) |
|
|
| 64.05 | % |
|
| 4/1/2004 - 3/31/2005 (5) |
|
|
| 10.99 | % |
|
|
| 1,436 |
|
|
|
| 2.35 | % |
|
|
| 2.93 | % |
|
|
| (1.87 | %) |
|
|
| (2.45 | %) |
|
|
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (5) |
|
|
| 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 (5) |
|
|
| 13.53 | % |
|
|
| 116 |
|
|
|
| 2.35 | % |
|
|
| 5.83 | % |
|
|
| (1.94 | %) |
|
|
| (5.42 | %) |
|
|
| 70.54 | % |
|
|
|
See Notes to Financial Statements | See explanation of references on C-8 |
C-7
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period or year ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
|
|
| Net Asset Value, Beginning |
| Net Investment |
| Net Realized and |
| Total from |
| ||||||||||||
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.39 |
|
|
| $ | 0.07 |
|
|
| $ | 1.65 |
|
|
| $ | 1.72 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| 0.05 |
|
|
|
| (0.64 | ) |
|
|
| (0.59 | ) |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.39 |
|
|
| $ | 0.04 |
|
|
| $ | 1.64 |
|
|
| $ | 1.68 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| (0.64 | ) |
|
|
| (0.60 | ) |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | 9.38 |
|
|
| $ | 0.04 |
|
|
| $ | 1.65 |
|
|
| $ | 1.69 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| 10.00 |
|
|
|
| 0.03 |
|
|
|
| (0.64 | ) |
|
|
| (0.61 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
| Dividends |
| Distributions from Capital |
| Total |
| Net Asset |
| |||||||||||||
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.06 | ) |
|
| $ | — |
|
|
| $ | (0.06 | ) |
|
| $ | 11.05 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (0.02 | ) |
|
|
| — |
|
|
|
| (0.02 | ) |
|
|
| 9.39 |
|
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.04 | ) |
|
| $ | — |
|
|
| $ | (0.04 | ) |
|
| $ | 11.03 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 9.39 |
|
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
| $ | (0.03 | ) |
|
| $ | — |
|
|
| $ | (0.03 | ) |
|
| $ | 11.04 |
|
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (0.01 | ) |
|
|
| — |
|
|
|
| (0.01 | ) |
|
|
| 9.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||||||||
|
| Total |
| Net |
| Ratios of |
| Ratios of |
| Ratios of Net |
| Ratios of Net |
| Portfolio |
| ||||||||||||||||||||||
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class A: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 18.29 | % |
|
| $ | 18,595 |
|
|
|
| 2.05 | % |
|
|
| 3.00 | % |
|
|
| 1.33 | % |
|
|
| 0.38 | % |
|
|
| 2.98 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (5.95 | %) |
|
|
| 13,853 |
|
|
|
| 2.05 | % |
|
|
| 3.57 | % |
|
|
| 2.01 | % |
|
|
| 0.49 | % |
|
|
| 0.79 | % |
|
Class B: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 17.92 | % |
|
| $ | 74 |
|
|
|
| 2.55 | % |
|
|
| 3.50 | % |
|
|
| 0.83 | % |
|
|
| (0.12 | %) |
|
|
| 2.98 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (6.05 | %) |
|
|
| 17 |
|
|
|
| 2.55 | % |
|
|
| 4.07 | % |
|
|
| 1.51 | % |
|
|
| (0.01 | %) |
|
|
| 0.79 | % |
|
Class C: | 4/1/2005 - 9/30/2005 (4),(5) |
|
|
| 18.04 | % |
|
| $ | 41 |
|
|
|
| 2.55 | % |
|
|
| 3.50 | % |
|
|
| 0.83 | % |
|
|
| (0.12 | %) |
|
|
| 2.98 | % |
|
| 12/31/2004 - 3/31/2005 (5) |
|
|
| (6.06 | %) |
|
|
| 32 |
|
|
|
| 2.55 | % |
|
|
| 4.07 | % |
|
|
| 1.51 | % |
|
|
| (0.01 | %) |
|
|
| 0.79 | % |
|
|
|
(1) | The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. |
|
|
(2) | The ratios of net expenses after expense reductions to average daily net assets are after adviser expense reimbursements and distributor waivers, if any, as discussed in Note 5 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 and distributor waivers, if any. |
|
|
(3) | The ratios are annualized for periods of less than one full year. |
|
|
(4) | Unaudited. |
|
|
(5) | Per share investment income has been calculated using the average shares method. |
|
|
(6) | Class R shares of the PF Portfolio Optimization Models, PF Oppenheimer Main Street Core Fund, and PF Oppenheimer Emerging Markets Fund commenced operations on September 30, 2005. Class R shares are offered to the PF Portfolio Optimization Models only and the Oppenheimer Funds offer Class A shares only. |
|
|
(7) | Amount represents less than $0.005 per share or less than 0.005%. |
|
|
(8) | The R shares of the Portfolio Optimization Models, PF Oppenheimer Main Street Core, and PF Oppenheimer Emerging Markets Funds were in existence for one day during the reporting period and not enough information was available to provide meaningful results. |
|
|
(9) | The PF MFS International Large-Cap Fund was formerly named the PF MFS Global Growth Fund. |
|
|
(10) | Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. |
|
|
(11) | The expense cap for the PF Pacific Life Money Market Fund was 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 the average daily net assets for the PF Pacific Life Money Market Class A was at an annualized rate of 0.47%. |
|
|
(12) | The PF Van Kampen Comstock Fund was formerly named the PF Janus Strategic Value Fund. |
|
|
(13) | The PF Van Kampen Mid-Cap Growth Fund was formerly named the PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
C-8
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Funds is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company, and as of September 30, 2005, is comprised of twenty-one 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 NB Fasciano Small Equity effective October 1, 2005), PF Goldman Sachs Short Duration Bond, PF Janus Growth LT, PF Lazard Mid-Cap Value, PF Lazard International Value, PF MFS International Large-Cap, PF Oppenheimer Main Street® Core, PF Oppenheimer Emerging Markets, PF PIMCO Managed Bond, PF PIMCO Inflation Managed, PF Pacific Life Money Market, PF Salomon Brothers Large-Cap Value, PF Van Kampen Comstock, PF Van Kampen Mid-Cap Growth, and PF Van Kampen Real Estate. Main Street is a registered trademark of OppenheimerFunds, Inc. Each Fund, with the exception of PF Pacific Life Money Market, PF Oppenheimer Main Street Core, and PF Oppenheimer Emerging Markets, has at least three separate classes of shares: Class A, B, and C. PF Pacific Life Money Market, PF Oppenheimer Main Street Core, and PF Oppenheimer Emerging Markets Funds offer Class A shares only. 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, (collectively, “Portfolio Optimization Funds”) also offer Class R shares effective September 30, 2005 (R shares offered to the public on October 1, 2005). Only the Portfolio Optimization Funds can invest in PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund. Each class is distinguished by its level of distribution and service (12b-1) fees and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R shares are sold at Net Asset Value (“NAV”) without an initial sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1% on redemptions of such Class A shares within one year of purchase. Class A shares of PF Pacific Life Money Market Fund are sold without an initial sales charge.
The Portfolio Optimization Funds invest all of their assets in Class A shares of other Pacific Funds (collectively, the “Underlying Funds”) without payment of a front-end sales charge. No CDSC is charged to the Portfolio Optimization Funds upon the sales of shares of the Underlying Funds. Pacific Life Insurance Company (“Pacific Life”) uses an asset allocation process to determine the Portfolio Optimization Funds’ investment mix. The Portfolio Optimization Funds use a monthly allocation percentage method, which considers the value of the Underlying Funds and a sales forecast for the upcoming month, to invest purchase proceeds and meet redemption needs. This method is intended to help maintain target allocations, although there is no guarantee that the Portfolio Optimization Funds will maintain their target allocations using this method. Actual holdings of the Portfolio Optimization Funds could vary from their target allocations due to actual cash flows and changes to the Underlying Funds’ asset values as a result of market movements and portfolio management decisions. Annually, Pacific Life will evaluate each Portfolio Optimization Fund’s asset allocation strategy and rebalance the Funds to reflect changes in the target allocations. The Funds offered by Pacific Funds may change and Underlying Funds may be added to or deleted from a Portfolio Optimization Fund. Pacific Life reserves the right to rebalance each Portfolio Optimization Fund’s investments in the Underlying Funds more frequently than annually. Pacific Life may change the asset class allocations, Underlying Funds (including any funds organized in the future) or target allocations with respect to each Underlying Fund without prior approval from shareholders as it determines necessary to pursue stated investment goals. The target allocation percentages as well as other information on the Portfolio Optimization Funds is described in the prospectuses.
All of the Funds except the Portfolio Optimization Funds, PF Goldman Sachs Short Duration Bond Fund, PF Lazard Mid-Cap Value Fund, PF Oppenheimer Main Street Core Fund, PF Oppenheimer Emerging Markets Fund, PF PIMCO Inflation Managed Fund, and PF Van Kampen Real Estate Fund commenced operations on September 28, 2001. The PF PIMCO Inflation Managed Fund commenced operations on December 31, 2002, the PF Goldman Sachs Short Duration Bond Fund and the Portfolio Optimization Funds commenced operations on December 31, 2003, the PF Lazard Mid-Cap Value and PF Van Kampen Real Estate Funds commenced operations on December 31, 2004, and the PF Oppenheimer Main Street Core and PF Oppenheimer Emerging Markets Funds commenced operations on September 30, 2005.
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 for each Fund is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open. For purposes of calculating the NAV, the Funds use pricing data as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern time, although it occasionally closes earlier.
D-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign). Securities, including option contracts, 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, or from broker-dealers.
Fixed income securities are generally valued at the mean between the bid and asked prices obtained from pricing sources (including pricing services and quotation reporting systems), market makers, or broker-dealers. Certain bonds are valued by a benchmark, matrix, or other pricing processes approved by the Funds’ Board of Trustees (the “Board”). Money market instruments and short-term securities maturing within sixty days are valued at amortized cost, which approximates market value. The NAV of the Portfolio Optimization Funds will be calculated based on the NAVs calculated for each of the Underlying Funds.
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. Fair values may not be indicative of the price that a Fund could obtain for a security if it were to dispose of the security as of the close of the NYSE.
In determining the fair value of securities, the Funds may consider available information, including information that becomes known after the time of 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.
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 that the 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.
The Funds have 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 with the assistance of the service will be based on the data utilized by the service. These fair values may not be indicative of 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.
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 and 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 a Fund is informed of the ex-dividend date or upon receipt of the dividend. The Funds estimate components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. 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 reported as interest income in the Statements of Operations.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to distribution and service (12b-1) fees (see Note 3). Income, other non-class specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
C. 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, PF PIMCO Managed Bond, PF PIMCO Inflation Managed, PF Pacific Life Money Market, and PF Van Kampen Real Estate Funds. Dividends are generally: 1) declared and paid monthly for the PF Goldman Sachs Short Duration Bond, PF PIMCO Managed Bond, and PF PIMCO Inflation Managed Funds; 2) declared daily and paid monthly for the PF Pacific Life Money Market Fund; and 3) declared and paid quarterly for the PF Van Kampen Real Estate Fund. Dividends may be declared less frequently if advantageous to the specific Fund. All realized capital gains are distributed at least annually for all Funds.
Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, passive foreign investment companies, post-October losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
D. Foreign Currency Translation
Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the 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.
D-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The Funds do not separately report on the Statements of Operations the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included in net realized gain or loss and change in unrealized appreciation or depreciation from investments.
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.
E. 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 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.
F. 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.
G. 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 until the contracts are closed. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
H. Options Contracts
Certain Funds may write or purchase call and put options on futures, swaps, securities, or currencies. Writing put options or purchasing call options tends to increase a fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call or put option, an amount equal to the premium received or paid by the Fund is included in a Fund’s Statement of Assets and Liability as a liability or an investment and subsequently adjusted to the current market value, based on the option’s quoted daily settlement price, of the option written or purchased. Premiums received or paid from writing or purchasing options, which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying futures, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the futures, swap, security or currency underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. The risk associated with purchasing put and call options is limited to the premium paid.
I. Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for 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. 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. The change, if any, is recorded as unrealized gains or losses in the Statement of Operations. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
J. Swaps
Certain Funds may enter into interest rate, total return, credit default, and other swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return and to manage its exposure to interest and credit risk. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. In connection with these agreements, securities may be identified as collateral in accordance with the terms and the respective swap agreements.
D-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Interest rate swap agreements involve the exchange by a fund with another party of their respective commitments to pay or receive interest. For example, an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.
Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a fund will receive a payment from or make a payment to the counterparty.
In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party (typically corporate issues or sovereign issues of an emerging country) on its obligation. A fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where a fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations, when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the portfolios are included as part of realized gain (loss) in the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligations to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.
K. Inflation-Indexed Bonds
Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment of interest income in the Statement of Operations, even though investors do not receive their principal until maturity.
L. Stripped Mortgage-Backed Securities
Certain Funds may invest in stripped mortgage-backed securities (“SMBS”). 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. Payments received for IOs are included in interest income in the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to book value of the security on coupon date until maturity. These adjustments are included in interest income in the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income in the Statement of Operations.
M. Government Sponsored Enterprise Securities
Certain Funds invest in securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar U.S. Government sponsored entities such as Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Banks (“FHLB’s”). Freddie Mac, Fannie Mae, and the FHLB’s, although chartered and sponsored by Congress, are not funded by Congressional appropriations. The debt and mortgage-backed securities issued by these entities are neither guaranteed nor insured by the U.S. Government.
N. 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 when-issued securities and 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 when-issued or 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.
D-4
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
O. 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.
P. Repurchase Agreements
Certain Funds may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a Fund are fully collateralized by U.S. Government securities, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s Investors Service, Inc. (“Moody’s”) or AAA, AA or A by Standard & Poor’s Corporation (“Standard & Poor’s”)) or, if not rated by Moody’s or Standard & Poor’s, are of equivalent investment quality as determined by Pacific Life or a Fund Manager. Such collateral is in the possession of the Funds’ custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.
Q. General 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.
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 foreign currency fluctuations, adverse political, social and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets. The markets in emerging markets countries can be extremely volatile.
For additional risks, refer to discussions on specific types of investments in Notes 2G through 2P above.
3. 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. 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 Janus Growth LT | 0.75% |
PF Lazard Mid-Cap Value | 0.85% |
PF Lazard International Value | 0.85% |
PF MFS International Large-Cap | 1.05% |
PF Oppenheimer Main Street Core | 0.65% |
|
|
PF Oppenheimer Emerging Markets | 1.00% |
PF PIMCO Managed Bond | 0.60% |
PF PIMCO Inflation Managed | 0.60% |
PF Pacific Life Money Market | See (1) |
PF Salomon Brothers Large- Cap Value | 0.85% |
PF Van Kampen Comstock | 0.95% |
PF Van Kampen Mid-Cap Growth | 0.90% |
PF Van Kampen Real Estate | 1.10% |
|
|
(1) | An annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% in excess of $500 million. |
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 fund managers under Pacific Life’s supervision for fifteen of the twenty-one Funds. The following firms serve as sub-advisers for their respective Funds: A I M Capital Management, Inc., Goldman Sachs Asset Management, L.P., Janus Capital Management LLC, Lazard Asset Management LLC, Neuberger Berman Management, Inc. (sub-adviser of PF NB Fasciano Small Equity, formerly PF AIM Aggressive Growth, effective October 1, 2005), MFS Investment Management, OppenheimerFunds, Inc., Pacific Investment Management Company 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 administrative, transfer agency, and shareholder services. In addition, the Funds compensate the Administrator for support services at cost for 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) and non 12b-1 service plans, each Fund pays to the Distributor fees at annual rates expressed as a percentage of average daily net assets. Each Fund, except the PF Pacific Life Money Market Fund, pays a distribution fee as compensation for services rendered and
D-5
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
expenses borne by the Distributor in connection with the distribution of shares of the Funds (0.25% for Class A and R 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 shareholders of the Funds and/or maintenance of shareholder accounts (0.25% for Class A, B, C, and R shares). For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, which are charged an annual distribution and shareholder servicing fee of 0.50% (0.25% of shareholder servicing fees for PF Pacific Life Money Market only) 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 waived up to 0.50%, which is dependent on the amount of actual 12b-1 and/or service fees incurred by the Underlying Funds within a particular Portfolio Optimization Model. The fees are accrued daily.
For the six-month period ended September 30, 2005, the Distributor, acting as underwriter, received net commissions of $2,605,870 from the sale of Class A shares and received $153,639 in CDSC from redemptions of Class B and C shares.
4. TRUSTEE DEFERRED COMPENSATION PLAN
Each independent trustee of the Board (“Trustee”) is eligible to participate in the Funds’ Deferred Compensation Plan (the “Plan”). The Plan allows each 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. Deferral amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. A Trustee who defers compensation has the option to select credit rate options that mirror the performance of the Class A shares of the corresponding series of the Pacific Funds without a sales load. Accordingly, the market value appreciation/depreciation of the Trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. Effective January 1, 2005, the Plan was frozen to permit no further deferrals. A new Plan was adopted to comply with section 409A of the Internal Revenue Code. The new Plan is substantially similar to the old Plan, but provides that a Trustee may receive deferred amounts in the event of a disability or unforeseeable emergency. Also, the new Plan provides that a Trustee may only elect to further defer amounts in a deferral account if (i) such election is made more than 12 months prior to the date such account would otherwise be paid; and (ii) the revised date of payment selected is no earlier than 5 years after the date such account would otherwise have been paid. As of September 30, 2005, total deferred trustee compensation liability was $150,142.
5. EXPENSE REDUCTIONS
To help limit the Funds’ expenses, Pacific Life has contractually agreed to reduce its investment advisory fees or administration fees, or otherwise reimburse each Fund for its operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; non 12b-1 service fees; 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 based on a percentage of a Fund’s average daily net assets. The expense cap is 0.00% for the Portfolio Optimization Funds and 0.45% for the Underlying Funds through June 30, 2006. Such reduction 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 from the end of the fiscal year in which the reimbursement took place), to the extent such expenses fall below the 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 expense cap. There is no guarantee that Pacific Life will continue to cap expenses after June 30, 2006.
The cumulative reimbursement amounts as of September 30, 2005 that are subject to repayment for each Fund are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration |
| ||||||||||
|
|
| |||||||||||
Funds |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| ||||
|
|
|
|
| |||||||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | 36,837 |
| $ | 227,677 |
| $ | 103,828 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| 54,940 |
|
| 355,811 |
|
| 189,002 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| 103,852 |
|
| 679,146 |
|
| 501,152 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| 110,532 |
|
| 629,641 |
|
| 452,841 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| 62,617 |
|
| 369,133 |
|
| 194,056 |
|
PF AIM Blue Chip |
|
| 192,697 |
|
| 180,256 |
|
| 172,805 |
|
| 88,835 |
|
PF AIM Aggressive Growth |
|
| 137,076 |
|
| 116,454 |
|
| 142,612 |
|
| 58,881 |
|
PF Goldman Sachs Short Duration Bond |
|
| — |
|
| 30,535 |
|
| 189,312 |
|
| 60,519 |
|
PF Janus Growth LT |
|
| 181,111 |
|
| 148,424 |
|
| 136,338 |
|
| 63,750 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| — |
|
| 58,835 |
|
| 94,566 |
|
PF Lazard International Value |
|
| 174,426 |
|
| 163,749 |
|
| 226,073 |
|
| 105,999 |
|
PF MFS International Large-Cap |
|
| 391,365 |
|
| 320,872 |
|
| 340,780 |
|
| 170,664 |
|
PF Oppenheimer Main Street Core |
|
| — |
|
| — |
|
| — |
|
| 238 |
|
PF Oppenheimer Emerging Markets |
|
| — |
|
| — |
|
| — |
|
| 250 |
|
PF PIMCO Managed Bond |
|
| 360,805 |
|
| 306,150 |
|
| 229,552 |
|
| 112,388 |
|
PF PIMCO Inflation Managed |
|
| 35,513 |
|
| 164,752 |
|
| 150,852 |
|
| 77,473 |
|
PF Pacific Life Money Market |
|
| 291,629 |
|
| 271,427 |
|
| 213,591 |
|
| 87,148 |
|
PF Salomon Brothers Large-Cap Value |
|
| 187,014 |
|
| 192,635 |
|
| 189,257 |
|
| 89,478 |
|
PF Van Kampen Comstock |
|
| 134,554 |
|
| 140,698 |
|
| 142,219 |
|
| 67,162 |
|
PF Van Kampen Mid-Cap Growth |
|
| 193,070 |
|
| 177,748 |
|
| 179,956 |
|
| 78,759 |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| 38,207 |
|
| 80,045 |
|
|
|
|
|
|
| ||||||||
Total |
| $ | 2,279,260 |
| $ | 2,582,478 |
| $ | 4,671,797 |
| $ | 2,677,034 |
|
|
|
|
|
|
|
D-6
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Due to the current regulatory and/or accounting standards, all expense reimbursements made by the adviser for the period September 28, 2001 (the Funds’ commencement date of operations) to March 31, 2002 ($2,058,686) expired for future recoupment as of March 31, 2005. Pacific Life’s expense reimbursement is presented in the accompanying Statements of Operations.
For the period April 15, 2005 to June 30, 2005, the Distributor has also agreed to waive part of the 12b-1 fees for the PF Pacific Life Money Market Fund. The total amount waived by the Distributor for Class A, B, and C was $24,326, $1,535, and $3,924, respectively.
6. TRANSACTIONS WITH AFFILIATES
The Funds have incurred $2,021,322 of investment advisory fees, $1,596,513 of administration fees, and $306,609 of support services expenses payable to Pacific Life, for the six-month period ended September 30, 2005. As of September 30, 2005, $364,343, $289,761, and $133,906 remained payable for investment advisory fees, administration fees, and support services expenses, respectively.
For the six-month period ended September 30, 2005, the Funds also incurred $1,868,754 of distribution expenses net of any waiver payable to the Distributor under the distribution and service (12b-1) and non 12b-1 service plans. As of September 30, 2005, $347,071 remained payable.
7. TAX CHARACTER OF DISTRIBUTIONS
The tax character of distributions paid during the six-month period ended September 30, 2005, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions Paid From |
| |||||||
|
|
| ||||||||
|
|
|
| |||||||
Funds |
| Ordinary |
| Long-Term |
| Total |
| |||
| ||||||||||
PF Portfolio Optimization Model A |
| $ | 30,557 |
| $ | 51,554 |
| $ | 82,111 |
|
PF Portfolio Optimization Model B |
|
| 41,730 |
|
| 18,374 |
|
| 60,104 |
|
PF Portfolio Optimization Model C |
|
| 208,579 |
|
| 111,520 |
|
| 320,099 |
|
PF Portfolio Optimization Model D |
|
| 248,594 |
|
| 211,305 |
|
| 459,899 |
|
PF Portfolio Optimization Model E |
|
| 74,336 |
|
| 116,150 |
|
| 190,486 |
|
PF AIM Aggressive Growth |
|
| 98,528 |
|
| 1,103,774 |
|
| 1,202,302 |
|
PF Goldman Sachs Short Duration Bond |
|
| 322,813 |
|
| — |
|
| 322,813 |
|
PF Lazard Mid-Cap Value |
|
| 133,838 |
|
| — |
|
| 133,838 |
|
PF Lazard International Value |
|
| 111,313 |
|
| 100,365 |
|
| 211,678 |
|
PF MFS International Large-Cap |
|
| 23,075 |
|
| 38,315 |
|
| 61,390 |
|
PF PIMCO Managed Bond |
|
| 605,963 |
|
| — |
|
| 605,963 |
|
PF PIMCO Inflation Managed |
|
| 945,030 |
|
| 19,513 |
|
| 964,543 |
|
PF Pacific Life Money Market |
|
| 308,353 |
|
| — |
|
| 308,353 |
|
PF Salomon Brothers Large-Cap Value |
|
| 37,961 |
|
| — |
|
| 37,961 |
|
PF Van Kampen Comstock |
|
| 37,769 |
|
| 743,242 |
|
| 781,011 |
|
PF Van Kampen Real Estate |
|
| 89,975 |
|
| — |
|
| 89,975 |
|
The tax character of distributions paid during the year ended March 31, 2005 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions Paid From |
| |||||||
|
|
| ||||||||
|
|
|
| |||||||
Funds |
| Ordinary |
| Long-Term |
| Total |
| |||
| ||||||||||
PF Portfolio Optimization Model A |
| $ | 169,592 |
| $ | 28,385 |
| $ | 197,977 |
|
PF Portfolio Optimization Model B |
|
| 355,835 |
|
| 83,276 |
|
| 439,111 |
|
PF Portfolio Optimization Model C |
|
| 719,658 |
|
| 207,119 |
|
| 926,777 |
|
PF Portfolio Optimization Model D |
|
| 365,241 |
|
| 205,148 |
|
| 570,389 |
|
PF Portfolio Optimization Model E |
|
| 34,000 |
|
| 101,473 |
|
| 135,473 |
|
PF AIM Aggressive Growth |
|
| — |
|
| 281,613 |
|
| 281,613 |
|
PF Goldman Sachs Short Duration Bond |
|
| 273,607 |
|
| — |
|
| 273,607 |
|
PF Lazard International Value |
|
| 78,010 |
|
| 458,738 |
|
| 536,748 |
|
PF MFS International Large-Cap |
|
| 97,765 |
|
| 306,210 |
|
| 403,975 |
|
PF PIMCO Managed Bond |
|
| 1,233,639 |
|
| 375,257 |
|
| 1,608,896 |
|
PF PIMCO Inflation Managed |
|
| 1,638,499 |
|
| 14,147 |
|
| 1,652,646 |
|
PF Pacific Life Money Market |
|
| 153,205 |
|
| — |
|
| 153,205 |
|
PF Salomon Brothers Large-Cap Value |
|
| 200,695 |
|
| — |
|
| 200,695 |
|
PF Van Kampen Comstock |
|
| 75,553 |
|
| — |
|
| 75,553 |
|
PF Van Kampen Real Estate |
|
| 22,685 |
|
| — |
|
| 22,685 |
|
As of March 31, 2005 the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Unrealized |
| ||||
| |||||||||||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | 62,218 |
| $ | 15,653 |
| $ | 49,989 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| 41,257 |
|
| 14,727 |
|
| 759,830 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| 201,356 |
|
| 108,074 |
|
| 3,359,105 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| 241,247 |
|
| 206,317 |
|
| 3,926,445 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| 70,104 |
|
| 111,429 |
|
| 1,960,176 |
|
PF AIM Blue Chip |
|
| (1,451,357 | ) |
| — |
|
| — |
|
| 2,451,980 |
|
PF AIM Aggressive Growth |
|
| — |
|
| 97,929 |
|
| 1,101,268 |
|
| 257,269 |
|
PF Goldman Sachs Short Duration Bond |
|
| (123,510 | ) |
| 6,884 |
|
| — |
|
| (311,654 | ) |
PF Janus Growth LT |
|
| (1,397,720 | ) |
| — |
|
| — |
|
| 2,608,230 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| 131,874 |
|
| — |
|
| (57,765 | ) |
PF Lazard International Value |
|
| (58,295 | ) |
| 108,215 |
|
| 99,804 |
|
| 7,365,661 |
|
PF MFS International Large-Cap |
|
| (1,099 | ) |
| 22,109 |
|
| 37,141 |
|
| 4,177,678 |
|
PF PIMCO Managed Bond |
|
| (587,091 | ) |
| 337,316 |
|
| — |
|
| 37,120 |
|
PF PIMCO Inflation Managed |
|
| — |
|
| 105,495 |
|
| 14,981 |
|
| 79,220 |
|
PF Pacific Life Money Market |
|
| — |
|
| 19,311 |
|
| — |
|
| — |
|
PF Salomon Brothers Large-Cap Value |
|
| (828,124 | ) |
| 37,030 |
|
| — |
|
| 3,831,957 |
|
PF Van Kampen Comstock |
|
| — |
|
| 36,613 |
|
| 741,717 |
|
| 2,073,092 |
|
PF Van Kampen Mid-Cap Growth |
|
| (3,004,858 | ) |
| — |
|
| — |
|
| 5,870,909 |
|
PF Van Kampen Real Estate |
|
| (1,702 | ) |
| 56,848 |
|
| — |
|
| (345,392 | ) |
The components of the accumulated capital and other losses as of March 31, 2005, are summarized in Note 8 on the following page.
D-7
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
8. FEDERAL INCOME TAX
Each Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. Each Fund presented in the first table below declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2005 to qualify as a regulated investment company and is not required to pay Federal income tax under Regulation M of the Internal Revenue Code (‘the Code”). Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined on a tax basis and may differ from such amounts for financial reporting purposes. 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, 2005, are available to offset future realized capital gains and thereby reduce future capital gains distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The net capital loss carryovers and the post-October capital and foreign currency losses deferred as of March 31, 2005, are presented in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Capital |
| Net Capital Loss |
| Post-October |
| Post-October |
| Accumulated |
| |||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||
Funds |
|
| 2011 |
| 2012 |
| 2013 |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
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* |
|
| (1,285,487 | ) |
| (739,723 | ) |
| (390,913 | ) |
| (154,851 | ) |
| (165,870 | ) |
|
| — |
|
|
|
| (1,451,357 | ) |
|
PF AIM Aggressive Growth |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
PF Goldman Sachs Short Duration Bond |
|
| (87,029 | ) |
| — |
|
| — |
|
| (87,029 | ) |
| (36,481 | ) |
|
| — |
|
|
|
| (123,510 | ) |
|
PF Janus Growth LT |
|
| (1,394,151 | ) |
| (1,394,151 | ) |
| — |
|
| — |
|
| — |
|
|
| (3,569 | ) |
|
|
| (1,397,720 | ) |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
PF Lazard International Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (58,295 | ) |
|
|
| (58,295 | ) |
|
PF MFS International Large-Cap |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (1,099 | ) |
|
|
| (1,099 | ) |
|
PF PIMCO Managed Bond |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (587,091 | ) |
|
| — |
|
|
|
| (587,091 | ) |
|
PF PIMCO Inflation Managed |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
PF Pacific Life Money Market |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
PF Salomon Brothers Large-Cap Value |
|
| (828,124 | ) |
| — |
|
| (828,124 | ) |
| — |
|
| — |
|
|
| — |
|
|
|
| (828,124 | ) |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
PF Van Kampen Mid-Cap Growth |
|
| (3,004,858 | ) |
| (3,004,858 | ) |
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| (3,004,858 | ) |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1,702 | ) |
|
| — |
|
|
|
| (1,702 | ) |
|
|
|
* | 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. |
D-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investment securities for Federal income tax purposes as of September 30, 2005, are presented in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Total Cost |
| Gross |
| Gross |
| Net |
| ||||
|
|
|
| ||||||||||
PF Portfolio Optimization Model A |
| $ | 22,529,931 |
| $ | 365,887 |
| $ | (64,414 | ) | $ | 301,473 |
|
PF Portfolio Optimization Model B |
|
| 54,313,895 |
|
| 2,185,513 |
|
| (113,812 | ) |
| 2,071,701 |
|
PF Portfolio Optimization Model C |
|
| 157,618,243 |
|
| 10,162,042 |
|
| (259,562 | ) |
| 9,902,480 |
|
PF Portfolio Optimization Model D |
|
| 145,249,393 |
|
| 11,791,973 |
|
| (125,174 | ) |
| 11,666,799 |
|
PF Portfolio Optimization Model E |
|
| 52,073,768 |
|
| 5,486,383 |
|
| (389 | ) |
| 5,485,994 |
|
PF AIM Blue Chip |
|
| 44,026,192 |
|
| 4,761,699 |
|
| (410,842 | ) |
| 4,350,857 |
|
PF AIM Aggressive Growth |
|
| 7,086,317 |
|
| 136,652 |
|
| (40,069 | ) |
| 96,583 |
|
PF Goldman Sachs Short Duration Bond |
|
| 40,641,303 |
|
| 248 |
|
| (273,227 | ) |
| (272,979 | ) |
PF Janus Growth LT |
|
| 22,261,956 |
|
| 4,530,850 |
|
| (256,425 | ) |
| 4,274,425 |
|
PF Lazard Mid-Cap Value |
|
| 30,870,193 |
|
| 2,045,362 |
|
| (1,018,569 | ) |
| 1,026,793 |
|
PF Lazard International Value |
|
| 54,851,013 |
|
| 9,873,612 |
|
| — |
|
| 9,873,612 |
|
PF MFS International Large-Cap |
|
| 40,653,682 |
|
| 7,349,851 |
|
| (258,270 | ) |
| 7,091,581 |
|
PF Oppenheimer Main Street Core (1) |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Oppenheimer Emerging Markets (1) |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF PIMCO Managed Bond |
|
| 68,874,427 |
|
| 353,702 |
|
| (450,459 | ) |
| (96,757 | ) |
PF PIMCO Inflation Managed |
|
| 62,416,084 |
|
| 495,907 |
|
| (175,982 | ) |
| 319,925 |
|
PF Pacific Life Money Market |
|
| 28,168,491 |
|
| — |
|
| — |
|
| — |
|
PF Salomon Brothers Large-Cap Value |
|
| 55,992,470 |
|
| 6,883,747 |
|
| (1,493,949 | ) |
| 5,389,798 |
|
PF Van Kampen Comstock |
|
| 28,897,812 |
|
| 2,460,827 |
|
| (1,072,833 | ) |
| 1,387,994 |
|
PF Van Kampen Mid-Cap Growth |
|
| 33,226,057 |
|
| 8,624,179 |
|
| (740,504 | ) |
| 7,883,675 |
|
PF Van Kampen Real Estate |
|
| 16,586,941 |
|
| 2,119,547 |
|
| (1,322 | ) |
| 2,118,225 |
|
9. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding short-term investments and the PF Pacific Life Money Market Fund since it trades exclusively in short-term debt securities) for the six-month period ended September 30, 2005, are summarized in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Securities |
| Other Securities |
| ||||||||
Funds |
| Purchases |
| Sales |
| Purchases |
| Sales |
| ||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | — |
| $ | 9,447,968 |
| $ | 5,206,926 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| — |
|
| 15,788,633 |
|
| 2,147,351 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| — |
|
| 39,223,542 |
|
| 3,150,089 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| — |
|
| 38,666,351 |
|
| 118,593 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| — |
|
| 17,003,774 |
|
| 4,706,935 |
|
PF AIM Blue Chip |
|
| — |
|
| — |
|
| 24,142,604 |
|
| 24,286,582 |
|
PF AIM Aggressive Growth |
|
| — |
|
| — |
|
| 13,430,760 |
|
| 14,042,468 |
|
PF Goldman Sachs Short Duration Bond |
|
| 20,201,361 |
|
| 18,648,578 |
|
| — |
|
| — |
|
PF Janus Growth LT |
|
| — |
|
| — |
|
| 8,675,395 |
|
| 3,934,430 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| — |
|
| 16,408,944 |
|
| 14,105,546 |
|
PF Lazard International Value |
|
| — |
|
| — |
|
| 17,818,456 |
|
| 2,235,457 |
|
PF MFS International Large-Cap |
|
| — |
|
| — |
|
| 18,040,385 |
|
| 9,579,465 |
|
PF Oppenheimer Main Street Core (1) |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Oppenheimer Emerging Markets (1) |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF PIMCO Managed Bond |
|
| 163,185,436 |
|
| 127,417,440 |
|
| 7,066,108 |
|
| 3,699,703 |
|
PF PIMCO Inflation Managed |
|
| 41,353,610 |
|
| 29,568,071 |
|
| 3,072,349 |
|
| 164,730 |
|
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| — |
|
| 21,960,217 |
|
| 13,972,078 |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| 8,482,859 |
|
| 2,652,216 |
|
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| — |
|
| 23,789,600 |
|
| 27,127,207 |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| 2,486,174 |
|
| 488,276 |
|
|
|
(1) | The PF Oppenheimer Main Street Core and PF Oppenheimer Emerging Markets Funds commenced operations on September 30, 2005. There was no investment activity on that day. |
D-9
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
10. SHARES OF BENEFICIAL INTEREST
Changes in shares of beneficial interest of each Fund were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| ||||||||||||||||
|
| Model A |
| Model B |
| Model C |
| Model D |
| ||||||||||||||||
|
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 487,875 |
|
| 760,748 |
|
| 888,943 |
|
| 1,606,919 |
|
| 2,213,573 |
|
| 4,288,080 |
|
| 1,870,074 |
|
| 3,172,899 |
|
Dividend and distribution reinvested |
|
| 3,995 |
|
| 8,657 |
|
| 3,411 |
|
| 20,905 |
|
| 13,466 |
|
| 38,391 |
|
| 16,075 |
|
| 23,038 |
|
Shares repurchased |
|
| (411,730 | ) |
| (150,358 | ) |
| (235,530 | ) |
| (236,121 | ) |
| (820,228 | ) |
| (478,716 | ) |
| (386,441 | ) |
| (390,694 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 80,140 |
|
| 619,047 |
|
| 656,824 |
|
| 1,391,703 |
|
| 1,406,811 |
|
| 3,847,755 |
|
| 1,499,708 |
|
| 2,805,243 |
|
Beginning shares outstanding |
|
| 811,882 |
|
| 192,835 |
|
| 1,904,110 |
|
| 512,407 |
|
| 5,103,902 |
|
| 1,256,147 |
|
| 4,126,386 |
|
| 1,321,143 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 892,022 |
|
| 811,882 |
|
| 2,560,934 |
|
| 1,904,110 |
|
| 6,510,713 |
|
| 5,103,902 |
|
| 5,626,094 |
|
| 4,126,386 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 58,816 |
|
| 122,633 |
|
| 235,859 |
|
| 435,338 |
|
| 703,636 |
|
| 1,347,064 |
|
| 657,218 |
|
| 1,208,600 |
|
Dividend and distribution reinvested |
|
| 638 |
|
| 1,017 |
|
| 530 |
|
| 5,591 |
|
| 3,958 |
|
| 12,538 |
|
| 7,012 |
|
| 7,537 |
|
Shares repurchased |
|
| (11,921 | ) |
| (24,985 | ) |
| (93,853 | ) |
| (87,513 | ) |
| (177,393 | ) |
| (62,962 | ) |
| (72,948 | ) |
| (122,054 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 47,533 |
|
| 98,665 |
|
| 142,536 |
|
| 353,416 |
|
| 530,201 |
|
| 1,296,640 |
|
| 591,282 |
|
| 1,094,083 |
|
Beginning shares outstanding |
|
| 142,926 |
|
| 44,261 |
|
| 650,985 |
|
| 297,569 |
|
| 1,848,658 |
|
| 552,018 |
|
| 1,783,097 |
|
| 689,014 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 190,459 |
|
| 142,926 |
|
| 793,521 |
|
| 650,985 |
|
| 2,378,859 |
|
| 1,848,658 |
|
| 2,374,379 |
|
| 1,783,097 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 555,138 |
|
| 739,419 |
|
| 734,343 |
|
| 1,282,504 |
|
| 1,737,498 |
|
| 3,846,241 |
|
| 1,783,649 |
|
| 3,542,271 |
|
Dividend and distribution reinvested |
|
| 2,862 |
|
| 8,956 |
|
| 1,409 |
|
| 13,189 |
|
| 10,404 |
|
| 32,158 |
|
| 17,919 |
|
| 19,330 |
|
Shares repurchased |
|
| (311,190 | ) |
| (238,503 | ) |
| (270,834 | ) |
| (330,590 | ) |
| (403,008 | ) |
| (539,974 | ) |
| (317,153 | ) |
| (283,050 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 246,810 |
|
| 509,872 |
|
| 464,918 |
|
| 965,103 |
|
| 1,344,894 |
|
| 3,338,425 |
|
| 1,484,415 |
|
| 3,278,551 |
|
Beginning shares outstanding |
|
| 879,062 |
|
| 369,190 |
|
| 1,493,796 |
|
| 528,693 |
|
| 5,005,261 |
|
| 1,666,836 |
|
| 4,539,002 |
|
| 1,260,451 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 1,125,872 |
|
| 879,062 |
|
| 1,958,714 |
|
| 1,493,796 |
|
| 6,350,155 |
|
| 5,005,261 |
|
| 6,023,417 |
|
| 4,539,002 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 966 |
|
|
|
|
| 938 |
|
|
|
|
| 907 |
|
|
|
|
| 889 |
|
|
|
|
Dividend and distribution reinvested |
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
Shares repurchased |
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase |
|
| 966 |
|
|
|
|
| 938 |
|
|
|
|
| 907 |
|
|
|
|
| 889 |
|
|
|
|
Beginning shares outstanding |
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ending shares outstanding |
|
| 966 |
|
|
|
|
| 938 |
|
|
|
|
| 907 |
|
|
|
|
| 889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF AIM |
| PF AIM |
| PF Goldman Sachs |
| ||||||||||||||||
|
| Model E |
| Blue Chip Fund |
| Aggressive Growth Fund |
| Short Duration Bond Fund |
| ||||||||||||||||
|
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 888,526 |
|
| 1,147,473 |
|
| 723,455 |
|
| 2,383,955 |
|
| 4,317 |
|
| 603,513 |
|
| 1,356,209 |
|
| 2,350,005 |
|
Dividend and distribution reinvested |
|
| 7,955 |
|
| 6,900 |
|
| — |
|
| — |
|
| 102,471 |
|
| 21,390 |
|
| 32,387 |
|
| 27,316 |
|
Shares repurchased |
|
| (153,746 | ) |
| (270,204 | ) |
| (783,440 | ) |
| (229,830 | ) |
| (19,236 | ) |
| (755,128 | ) |
| (699,595 | ) |
| (139,817 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 742,735 |
|
| 884,169 |
|
| (59,985 | ) |
| 2,154,125 |
|
| 87,552 |
|
| (130,225 | ) |
| 689,001 |
|
| 2,237,504 |
|
Beginning shares outstanding |
|
| 1,696,457 |
|
| 812,288 |
|
| 4,450,661 |
|
| 2,296,536 |
|
| 604,246 |
|
| 734,471 |
|
| 3,587,081 |
|
| 1,349,577 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 2,439,192 |
|
| 1,696,457 |
|
| 4,390,676 |
|
| 4,450,661 |
|
| 691,798 |
|
| 604,246 |
|
| 4,276,082 |
|
| 3,587,081 |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
D-10
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF AIM |
| PF AIM |
| PF Goldman Sachs |
| ||||||||||||||||
|
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 193,435 |
|
| 377,653 |
|
| 4,368 |
|
| 10,794 |
|
| 2,659 |
|
| 6,032 |
|
| 3,257 |
|
| 1,310 |
|
Dividend and distribution reinvested |
|
| 2,345 |
|
| 1,320 |
|
| — |
|
| — |
|
| 4,437 |
|
| 593 |
|
| 19 |
|
| 7 |
|
Shares repurchased |
|
| (51,462 | ) |
| (48,504 | ) |
| (2,613 | ) |
| (7,398 | ) |
| (1,449 | ) |
| (5,616 | ) |
| (1,406 | ) |
| (1,006 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 144,318 |
|
| 330,469 |
|
| 1,755 |
|
| 3,396 |
|
| 5,647 |
|
| 1,009 |
|
| 1,870 |
|
| 311 |
|
Beginning shares outstanding |
|
| 569,731 |
|
| 239,262 |
|
| 52,699 |
|
| 49,303 |
|
| 24,431 |
|
| 23,422 |
|
| 1,312 |
|
| 1,001 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 714,049 |
|
| 569,731 |
|
| 54,454 |
|
| 52,699 |
|
| 30,078 |
|
| 24,431 |
|
| 3,182 |
|
| 1,312 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 902,700 |
|
| 1,415,830 |
|
| 26,034 |
|
| 70,457 |
|
| 1,732 |
|
| 27,832 |
|
| 24,520 |
|
| 69,913 |
|
Dividend and distribution reinvested |
|
| 6,889 |
|
| 3,915 |
|
| — |
|
| — |
|
| 8,793 |
|
| 1,156 |
|
| 341 |
|
| 243 |
|
Shares repurchased |
|
| (664,843 | ) |
| (567,283 | ) |
| (14,456 | ) |
| (41,601 | ) |
| (2,483 | ) |
| (10,169 | ) |
| (26,597 | ) |
| (17,475 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 244,746 |
|
| 852,462 |
|
| 11,578 |
|
| 28,856 |
|
| 8,042 |
|
| 18,819 |
|
| (1,736 | ) |
| 52,681 |
|
Beginning shares outstanding |
|
| 1,634,036 |
|
| 781,574 |
|
| 137,177 |
|
| 108,321 |
|
| 50,357 |
|
| 31,538 |
|
| 58,865 |
|
| 6,184 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 1,878,782 |
|
| 1,634,036 |
|
| 148,755 |
|
| 137,177 |
|
| 58,399 |
|
| 50,357 |
|
| 57,129 |
|
| 58,865 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and distribution reinvested |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net increase |
|
| 873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Ending shares outstanding |
|
| 873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Janus Growth |
| PF Lazard Mid-Cap |
| PF Lazard |
| PF MFS International |
| ||||||||||||||||
|
| Period ended |
| Year ended |
| Period ended |
| Period ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| ||||||||
|
|
|
|
| |||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 478,709 |
|
| 816,345 |
|
| 701,525 |
|
| 3,399,452 |
|
| 1,353,936 |
|
| 2,240,190 |
|
| 1,081,025 |
|
| 1,735,922 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 13,133 |
|
| — |
|
| 15,974 |
|
| 42,278 |
|
| 4,828 |
|
| 34,206 |
|
Shares repurchased |
|
| (100,845 | ) |
| (136,216 | ) |
| (471,911 | ) |
| (828,702 | ) |
| (682,483 | ) |
| (121,364 | ) |
| (681,289 | ) |
| (116,254 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 377,864 |
|
| 680,129 |
|
| 242,747 |
|
| 2,570,750 |
|
| 687,427 |
|
| 2,161,104 |
|
| 404,564 |
|
| 1,653,874 |
|
Beginning shares outstanding |
|
| 1,840,550 |
|
| 1,160,421 |
|
| 2,570,750 |
|
| — |
|
| 3,843,533 |
|
| 1,682,429 |
|
| 2,977,059 |
|
| 1,323,185 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 2,218,414 |
|
| 1,840,550 |
|
| 2,813,497 |
|
| 2,570,750 |
|
| 4,530,960 |
|
| 3,843,533 |
|
| 3,381,623 |
|
| 2,977,059 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,663 |
|
| 10,346 |
|
| 2,338 |
|
| 3,348 |
|
| 3,235 |
|
| 11,788 |
|
| 3,332 |
|
| 10,843 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 13 |
|
| — |
|
| 60 |
|
| 392 |
|
| 25 |
|
| 354 |
|
Shares repurchased |
|
| (1,019 | ) |
| (3,412 | ) |
| (1,219 | ) |
| — |
|
| (10,505 | ) |
| (5,235 | ) |
| (8,485 | ) |
| (3,289 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 1,644 |
|
| 6,934 |
|
| 1,132 |
|
| 3,348 |
|
| (7,210 | ) |
| 6,945 |
|
| (5,128 | ) |
| 7,908 |
|
Beginning shares outstanding |
|
| 35,516 |
|
| 28,582 |
|
| 3,348 |
|
| — |
|
| 34,540 |
|
| 27,595 |
|
| 30,991 |
|
| 23,083 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 37,160 |
|
| 35,516 |
|
| 4,480 |
|
| 3,348 |
|
| 27,330 |
|
| 34,540 |
|
| 25,863 |
|
| 30,991 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 58,338 |
|
| 32,637 |
|
| 6,960 |
|
| 7,430 |
|
| 19,839 |
|
| 47,663 |
|
| 13,161 |
|
| 34,757 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 40 |
|
| — |
|
| 255 |
|
| 1,224 |
|
| 45 |
|
| 446 |
|
Shares repurchased |
|
| (40,608 | ) |
| (26,691 | ) |
| (1,048 | ) |
| — |
|
| (6,058 | ) |
| (22,240 | ) |
| (6,128 | ) |
| (7,565 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 17,730 |
|
| 5,946 |
|
| 5,952 |
|
| 7,430 |
|
| 14,036 |
|
| 26,647 |
|
| 7,078 |
|
| 27,638 |
|
Beginning shares outstanding |
|
| 45,140 |
|
| 39,194 |
|
| 7,430 |
|
| — |
|
| 93,232 |
|
| 66,585 |
|
| 47,006 |
|
| 19,368 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 62,870 |
|
| 45,140 |
|
| 13,382 |
|
| 7,430 |
|
| 107,268 |
|
| 93,232 |
|
| 54,084 |
|
| 47,006 |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
|
|
(2) | Operations commenced on December 31, 2004. |
D-11
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Oppenheimer |
| PF Oppenheimer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
| PF PIMCO |
| PF PIMCO |
| PF Pacific Life |
| ||||||||||||||||
|
|
|
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| ||||||||||
|
|
|
|
| |||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,001 |
|
| 1,001 |
|
| 1,358,644 |
|
| 2,494,435 |
|
| 1,911,374 |
|
| 2,153,906 |
|
| 10,439,580 |
|
| 16,732,058 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 54,671 |
|
| 139,591 |
|
| 80,491 |
|
| 125,607 |
|
| 291,231 |
|
| 142,409 |
|
Shares repurchased |
|
| — |
|
| — |
|
| (346,985 | ) |
| (286,308 | ) |
| (761,918 | ) |
| (298,021 | ) |
| (13,034,200 | ) |
| (9,160,559 | ) |
Converted from Class B and C shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,021,733 |
|
| — |
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| 1,001 |
|
| 1,001 |
|
| 1,066,330 |
|
| 2,347,718 |
|
| 1,229,947 |
|
| 1,981,492 |
|
| (281,656 | ) |
| 7,713,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| — |
|
| — |
|
| 4,242,185 |
|
| 1,894,467 |
|
| 3,469,254 |
|
| 1,487,762 |
|
| 22,342,099 |
|
| 14,628,191 |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 1,001 |
|
| 1,001 |
|
| 5,308,515 |
|
| 4,242,185 |
|
| 4,699,201 |
|
| 3,469,254 |
|
| 22,060,443 |
|
| 22,342,099 |
|
|
|
|
|
| |||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
|
|
|
|
| 5,533 |
|
| 41,984 |
|
| 35,316 |
|
| 56,939 |
|
| 189,675 |
|
| 881,811 |
|
Dividend and distribution reinvested |
|
|
|
|
|
|
|
| 948 |
|
| 4,101 |
|
| 1,962 |
|
| 4,378 |
|
| 4,086 |
|
| 1,999 |
|
Shares repurchased |
|
|
|
|
|
|
|
| (5,803 | ) |
| (25,835 | ) |
| (6,233 | ) |
| (10,605 | ) |
| (82,618 | ) |
| (955,312 | ) |
Converted to Class A shares |
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (783,748 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase (decrease) |
|
|
|
|
|
|
|
| 678 |
|
| 20,250 |
|
| 31,045 |
|
| 50,712 |
|
| (672,605 | ) |
| (71,502 | ) |
Beginning shares outstanding |
|
|
|
|
|
|
|
| 113,407 |
|
| 93,157 |
|
| 114,734 |
|
| 64,022 |
|
| 672,605 |
|
| 744,107 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Ending shares outstanding |
|
|
|
|
|
|
|
| 114,085 |
|
| 113,407 |
|
| 145,779 |
|
| 114,734 |
|
| — |
|
| 672,605 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
|
|
|
|
| 76,642 |
|
| 110,257 |
|
| 63,406 |
|
| 388,901 |
|
| 2,003,182 |
|
| 8,159,389 |
|
Dividend and distribution reinvested |
|
|
|
|
|
|
|
| 1,895 |
|
| 9,351 |
|
| 6,625 |
|
| 26,465 |
|
| 9,277 |
|
| 6,780 |
|
Shares repurchased |
|
|
|
|
|
|
|
| (95,775 | ) |
| (106,513 | ) |
| (151,441 | ) |
| (245,048 | ) |
| (4,032,847 | ) |
| (5,864,157 | ) |
Converted to Class A shares |
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1,237,985 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase (decrease) |
|
|
|
|
|
|
|
| (17,238 | ) |
| 13,095 |
|
| (81,410 | ) |
| 170,318 |
|
| (3,258,373 | ) |
| 2,302,012 |
|
Beginning shares outstanding |
|
|
|
|
|
|
|
| 234,780 |
|
| 221,685 |
|
| 543,594 |
|
| 373,276 |
|
| 3,258,373 |
|
| 956,361 |
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Ending shares outstanding |
|
|
|
|
|
|
|
| 217,542 |
|
| 234,780 |
|
| 462,184 |
|
| 543,594 |
|
| — |
|
| 3,258,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Salomon Brothers |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| ||||||||||||||||
|
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| Period ended |
| ||||||||
|
|
|
|
| |||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,320,422 |
|
| 2,382,828 |
|
| 515,397 |
|
| 844,873 |
|
| 310,360 |
|
| 2,086,147 |
|
| 222,862 |
|
| 1,983,219 |
|
Dividend and distribution reinvested |
|
| 3,299 |
|
| 17,416 |
|
| 60,638 |
|
| 5,994 |
|
| — |
|
| — |
|
| 8,330 |
|
| 2,410 |
|
Shares repurchased |
|
| (739,769 | ) |
| (253,331 | ) |
| (80,655 | ) |
| (71,349 | ) |
| (654,773 | ) |
| (252,296 | ) |
| (23,948 | ) |
| (510,258 | ) |
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| 583,952 |
|
| 2,146,913 |
|
| 495,380 |
|
| 779,518 |
|
| (344,413 | ) |
| 1,833,851 |
|
| 207,244 |
|
| 1,475,371 |
|
Beginning shares outstanding |
|
| 4,461,024 |
|
| 2,314,111 |
|
| 1,829,803 |
|
| 1,050,285 |
|
| 4,128,984 |
|
| 2,295,133 |
|
| 1,475,371 |
|
| — |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 5,044,976 |
|
| 4,461,024 |
|
| 2,325,183 |
|
| 1,829,803 |
|
| 3,784,571 |
|
| 4,128,984 |
|
| 1,682,615 |
|
| 1,475,371 |
|
|
|
|
|
| |||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,715 |
|
| 13,679 |
|
| 5,897 |
|
| 11,674 |
|
| 5,513 |
|
| 20,939 |
|
| 8,160 |
|
| 1,853 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 904 |
|
| — |
|
| — |
|
| — |
|
| 14 |
|
| 1 |
|
Shares repurchased |
|
| (2,666 | ) |
| (19,950 | ) |
| (608 | ) |
| (20,773 | ) |
| (3,959 | ) |
| (8,764 | ) |
| (3,330 | ) |
| — |
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| 49 |
|
| (6,271 | ) |
| 6,193 |
|
| (9,099 | ) |
| 1,554 |
|
| 12,175 |
|
| 4,844 |
|
| 1,854 |
|
Beginning shares outstanding |
|
| 45,046 |
|
| 51,317 |
|
| 31,236 |
|
| 40,335 |
|
| 75,760 |
|
| 63,585 |
|
| 1,854 |
|
| — |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 45,095 |
|
| 45,046 |
|
| 37,429 |
|
| 31,236 |
|
| 77,314 |
|
| 75,760 |
|
| 6,698 |
|
| 1,854 |
|
|
|
|
|
| |||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 11,931 |
|
| 61,355 |
|
| 30,351 |
|
| 58,452 |
|
| 22,438 |
|
| 62,090 |
|
| 2,358 |
|
| 3,413 |
|
Dividend and distribution reinvested |
|
| — |
|
| — |
|
| 2,228 |
|
| 37 |
|
| — |
|
| — |
|
| 10 |
|
| 4 |
|
Shares repurchased |
|
| (12,663 | ) |
| (41,717 | ) |
| (14,105 | ) |
| (8,361 | ) |
| (9,993 | ) |
| (19,502 | ) |
| (2,095 | ) |
| — |
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| (732 | ) |
| 19,638 |
|
| 18,474 |
|
| 50,128 |
|
| 12,445 |
|
| 42,588 |
|
| 273 |
|
| 3,417 |
|
Beginning shares outstanding |
|
| 137,767 |
|
| 118,129 |
|
| 70,264 |
|
| 20,136 |
|
| 163,433 |
|
| 120,845 |
|
| 3,417 |
|
| — |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 137,035 |
|
| 137,767 |
|
| 88,738 |
|
| 70,264 |
|
| 175,878 |
|
| 163,433 |
|
| 3,690 |
|
| 3,417 |
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. These two funds offer Class A shares only. |
|
|
(2) | Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. Only Class A shares are offered after that date. |
|
|
(3) | Operations commenced on December 31, 2004. |
D-12
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
As of September 30, 2005, Pacific Life owned the following percentage of the total (aggregate of Classes A, B, and C) shares outstanding of each of the Funds:
|
|
|
|
|
PF AIM Aggressive Growth |
|
| 77.7 | % |
PF Janus Growth LT |
|
| 21.6 | % |
PF Oppenheimer Main Street Core |
|
| 100.0 | % |
PF Oppenheimer Emerging Markets |
|
| 100.0 | % |
PF Van Kampen Comstock |
|
| 21.3 | % |
PF Van Kampen Real Estate |
|
| 23.8 | % |
As of September 30, 2005, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C, and R) owned the following percentages of the total shares outstanding of each of the following Underlying Funds, as applicable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Optimization Funds |
| |||||||||||||
|
|
| ||||||||||||||
Underlying Fund |
| Portfolio |
| Portfolio |
| Portfolio |
| Portfolio |
| Portfolio |
| |||||
|
| |||||||||||||||
PF AIM Blue Chip |
| 1.87 | % |
| 9.27 | % |
| 34.57 | % |
| 32.32 | % |
| 13.02 | % |
|
PF Goldman Sachs Short Duration Bond |
| 14.99 | % |
| 22.11 | % |
| 42.54 | % |
| 18.17 | % |
| N/A |
|
|
PF Janus Growth LT |
| N/A |
|
| N/A |
|
| 19.20 | % |
| 29.93 | % |
| 17.32 | % |
|
PF Lazard Mid-Cap Value |
| 1.65 | % |
| 5.58 | % |
| 27.72 | % |
| 41.36 | % |
| 22.56 | % |
|
PF Lazard International Value |
| 1.47 | % |
| 8.07 | % |
| 31.51 | % |
| 39.39 | % |
| 14.12 | % |
|
PF MFS International Large-Cap |
| 0.99 | % |
| 6.17 | % |
| 28.70 | % |
| 40.27 | % |
| 19.32 | % |
|
PF PIMCO Managed Bond |
| 8.19 | % |
| 16.28 | % |
| 34.23 | % |
| 21.45 | % |
| 2.88 | % |
|
PF PIMCO Inflation Managed |
| 4.54 | % |
| 10.92 | % |
| 29.47 | % |
| 13.87 | % |
| N/A |
|
|
PF Pacific Life Money Market |
| 19.60 | % |
| 27.74 | % |
| 22.49 | % |
| N/A |
|
| N/A |
|
|
PF Salomon Brothers Large-Cap Value |
| 2.26 | % |
| 10.86 | % |
| 32.27 | % |
| 32.70 | % |
| 10.91 | % |
|
PF Van Kampen Comstock |
| 2.19 | % |
| 7.31 | % |
| 21.75 | % |
| 25.48 | % |
| 9.19 | % |
|
PF Van Kampen Mid-Cap Growth |
| N/A |
|
| 5.13 | % |
| 30.32 | % |
| 34.64 | % |
| 18.29 | % |
|
PF Van Kampen Real Estate |
| N/A |
|
| N/A |
|
| 26.68 | % |
| 32.86 | % |
| 15.09 | % |
|
11. INDEMNIFICATIONS
Under the Pacific Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Funds. In addition, effective June 8, 2005, the Pacific Funds entered into an agreement with each of the Trustees which provides that it will indemnify and hold harmless each Trustee against any expenses actually and reasonably incurred by any Trustee in any proceeding arising out of or in connection with the Trustee’s services to the Funds, to the fullest extent permitted by the Pacific Funds’ Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Pacific Funds enter into contracts with service providers and others that contain general indemnification clauses. The Pacific Funds’ maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Pacific Funds and/or the Trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
D-13
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire period April 1, 2005 to September 30, 2005, or from the period of inception for funds that started after April 1, 2005, but prior to September 30, 2005.
ACTUAL EXPENSES
The first section of the table for each fund, entitled “Actual Fund Return,” provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable advisers reimbursement and fee waivers. The “Ending Account Value” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/05-09/30/05” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past 6-month period from April 1, 2005 to September 30, 2005, or for funds that started after April 1, 2005, but prior to September 30, 2005, the applicable period during that time.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the first section under the heading entitled “Expenses Paid During the Period 04/01/05-09/30/05.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical,” provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable advisers reimbursement and fee waivers. It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the information to compare the ongoing costs of investing in the fund to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||
|
|
| |||||||||||||
PF Portfolio Optimization Model A |
| ||||||||||||||
| |||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A |
| $ | 1,000.00 |
| $ | 1,020.90 |
| 0.02 | % |
|
| $ | 0.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,018.10 |
| 0.52 | % |
|
|
| 2.63 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,018.90 |
| 0.52 | % |
|
|
| 2.63 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,000.00 |
| 0.02 | % |
|
|
| 0.00 | (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.97 |
| 0.02 | % |
|
| $ | 0.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.46 |
| 0.52 | % |
|
|
| 2.64 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.46 |
| 0.52 | % |
|
|
| 2.64 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,024.97 |
| 0.02 | % |
|
|
| 0.10 |
|
|
| |||||||||||||||
PF Portfolio Optimization Model B |
| ||||||||||||||
| |||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,034.70 |
| 0.02 | % |
|
| $ | 0.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,032.90 |
| 0.52 | % |
|
|
| 2.65 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,032.90 |
| 0.52 | % |
|
|
| 2.65 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,000.00 |
| 0.02 | % |
|
|
| 0.00 | (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.97 |
| 0.02 | % |
|
| $ | 0.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.46 |
| 0.52 | % |
|
|
| 2.64 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.46 |
| 0.52 | % |
|
|
| 2.64 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,024.97 |
| 0.02 | % |
|
|
| 0.10 |
|
|
| |||||||||||||||
PF Portfolio Optimization Model C |
| ||||||||||||||
| |||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,051.00 |
| 0.00 | % (3) |
|
| $ | 0.00 | (3) |
|
Class B |
|
| 1,000.00 |
|
| 1,048.60 |
| 0.50 | % |
|
|
| 2.57 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,048.70 |
| 0.50 | % |
|
|
| 2.57 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,000.00 |
| 0.00 | % (3) |
|
|
| 0.00 | (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,025.07 |
| 0.00 | % (3) |
|
| $ | 0.00 | (3) |
|
Class B |
|
| 1,000.00 |
|
| 1,022.56 |
| 0.50 | % |
|
|
| 2.54 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.56 |
| 0.50 | % |
|
|
| 2.54 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,025.07 |
| 0.00 | % (3) |
|
|
| 0.00 | (3) |
|
| |||||||||||||||
PF Portfolio Optimization Model D |
| ||||||||||||||
| |||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,061.80 |
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,059.10 |
| 0.50 | % |
|
|
| 2.58 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,059.30 |
| 0.50 | % |
|
|
| 2.58 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,000.00 |
| 0.00 | % |
|
|
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,025.07 |
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.56 |
| 0.50 | % |
|
|
| 2.54 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.56 |
| 0.50 | % |
|
|
| 2.54 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,025.07 |
| 0.00 | % |
|
|
| 0.00 |
|
|
|
See explanation of references on page E-3
E-1
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||||
PF Portfolio Optimization Model E | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,073.80 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,071.20 |
|
|
| 0.50 | % |
|
|
| 2.60 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,070.30 |
|
|
| 0.50 | % |
|
|
| 2.59 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,000.00 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,025.07 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.56 |
|
|
| 0.50 | % |
|
|
| 2.54 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.56 |
|
|
| 0.50 | % |
|
|
| 2.54 |
|
|
Class R (2) |
|
| 1,000.00 |
|
| 1,025.07 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
PF AIM Blue Chip Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,035.50 |
|
|
| 1.90 | % |
|
| $ | 9.70 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,033.10 |
|
|
| 2.40 | % |
|
|
| 12.23 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,033.10 |
|
|
| 2.40 | % |
|
|
| 12.23 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.54 |
|
|
| 1.90 | % |
|
| $ | 9.60 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.04 |
|
|
| 2.40 | % |
|
|
| 12.11 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.04 |
|
|
| 2.40 | % |
|
|
| 12.11 |
|
|
PF AIM Aggressive Growth Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,047.60 |
|
|
| 1.95 | % |
|
| $ | 10.01 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,045.50 |
|
|
| 2.45 | % |
|
|
| 12.56 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,044.60 |
|
|
| 2.45 | % |
|
|
| 12.56 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.29 |
|
|
| 1.95 | % |
|
| $ | 9.85 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.78 |
|
|
| 2.45 | % |
|
|
| 12.36 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.78 |
|
|
| 2.45 | % |
|
|
| 12.36 |
|
|
PF Goldman Sachs Short Duration Bond Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,004.30 |
|
|
| 1.55 | % |
|
| $ | 7.79 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,001.40 |
|
|
| 2.05 | % |
|
|
| 10.29 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,001.70 |
|
|
| 2.05 | % |
|
|
| 10.29 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.30 |
|
|
| 1.55 | % |
|
| $ | 7.84 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
PF Janus Growth LT Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,069.60 |
|
|
| 1.70 | % |
|
| $ | 8.82 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,066.70 |
|
|
| 2.20 | % |
|
|
| 11.40 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,066.00 |
|
|
| 2.20 | % |
|
|
| 11.39 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.55 |
|
|
| 1.70 | % |
|
| $ | 8.59 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.04 |
|
|
| 2.20 | % |
|
|
| 11.11 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.04 |
|
|
| 2.20 | % |
|
|
| 11.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Lazard Mid-Cap Value Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,069.30 |
|
|
| 1.80 | % |
|
| $ | 9.34 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,066.70 |
|
|
| 2.30 | % |
|
|
| 11.92 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,067.40 |
|
|
| 2.30 | % |
|
|
| 11.92 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.04 |
|
|
| 1.80 | % |
|
| $ | 9.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
PF Lazard International Value Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,056.30 |
|
|
| 1.80 | % |
|
| $ | 9.28 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,054.00 |
|
|
| 2.30 | % |
|
|
| 11.84 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,053.60 |
|
|
| 2.30 | % |
|
|
| 11.84 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.04 |
|
|
| 1.80 | % |
|
| $ | 9.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
PF MFS International Large-Cap Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,080.40 |
|
|
| 2.00 | % |
|
| $ | 10.43 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,078.00 |
|
|
| 2.50 | % |
|
|
| 13.02 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,078.70 |
|
|
| 2.50 | % |
|
|
| 13.03 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.04 |
|
|
| 2.00 | % |
|
| $ | 10.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.53 |
|
|
| 2.50 | % |
|
|
| 12.61 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.53 |
|
|
| 2.50 | % |
|
|
| 12.61 |
|
|
PF Oppenheimer Main Street Core Fund (2) | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,000.00 |
|
|
| 1.60 | % |
|
| $ | 0.04 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.05 |
|
|
| 1.60 | % |
|
| $ | 8.09 |
|
|
PF Oppenheimer Emerging Markets Fund (2) | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,000.00 |
|
|
| 1.95 | % |
|
| $ | 0.05 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.29 |
|
|
| 1.95 | % |
|
| $ | 9.85 |
|
|
PF PIMCO Managed Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,026.70 |
|
|
| 1.55 | % |
|
| $ | 7.87 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,024.20 |
|
|
| 2.05 | % |
|
|
| 10.40 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,024.00 |
|
|
| 2.05 | % |
|
|
| 10.40 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.30 |
|
|
| 1.55 | % |
|
| $ | 7.84 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
See explanation of references on page E-3
E-2
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning Account |
| Ending Account |
| Annualized |
| Expenses |
| ||||||||
| |||||||||||||||||
PF PIMCO Inflation Managed Fund |
| ||||||||||||||||
| |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Class A |
| $ | 1,000.00 |
| $ | 1,022.40 |
|
|
| 1.55 | % |
|
| $ | 7.86 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,020.10 |
|
|
| 2.05 | % |
|
|
| 10.38 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,019.70 |
|
|
| 2.05 | % |
|
|
| 10.38 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.30 |
|
|
| 1.55 | % |
|
| $ | 7.84 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.79 |
|
|
| 2.05 | % |
|
|
| 10.35 |
|
|
PF Pacific Life Money Market Fund |
| ||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A |
| $ | 1,000.00 |
| $ | 1,011.90 |
|
|
| 0.82 | % |
|
| $ | 4.14 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,020.96 |
|
|
| 0.82 | % |
|
| $ | 4.15 |
|
|
PF Salomon Brothers Large-Cap Value Fund |
| ||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Class A |
| $ | 1,000.00 |
| $ | 1,053.00 |
|
|
| 1.80 | % |
|
| $ | 9.26 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,050.10 |
|
|
| 2.30 | % |
|
|
| 11.82 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,049.20 |
|
|
| 2.30 | % |
|
|
| 11.82 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.04 |
|
|
| 1.80 | % |
|
| $ | 9.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.54 |
|
|
| 2.30 | % |
|
|
| 11.61 |
|
|
PF Van Kampen Comstock Fund |
| ||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Class A |
| $ | 1,000.00 |
| $ | 1,009.70 |
|
|
| 1.90 | % |
|
| $ | 9.57 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,007.60 |
|
|
| 2.40 | % |
|
|
| 12.08 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,007.50 |
|
|
| 2.40 | % |
|
|
| 12.08 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.54 |
|
|
| 1.90 | % |
|
| $ | 9.60 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.04 |
|
|
| 2.40 | % |
|
|
| 12.11 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.04 |
|
|
| 2.40 | % |
|
|
| 12.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
PF Van Kampen Mid-Cap Growth Fund |
| ||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Class A |
| $ | 1,000.00 |
| $ | 1,140.00 |
|
|
| 1.85 | % |
|
| $ | 9.92 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,137.50 |
|
|
| 2.35 | % |
|
|
| 12.59 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,136.50 |
|
|
| 2.35 | % |
|
|
| 12.59 |
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.79 |
|
|
| 1.85 | % |
|
| $ | 9.35 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.29 |
|
|
| 2.35 | % |
|
|
| 11.86 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.29 |
|
|
| 2.35 | % |
|
|
| 11.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PF Van Kampen Real Estate Fund |
| |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Class A |
| $ | 1,000.00 |
| $ | 1,182.90 |
|
|
| 2.05 | % |
|
| $ | 11.22 |
|
| |
Class B |
|
| 1,000.00 |
|
| 1,179.20 |
|
|
| 2.55 | % |
|
|
| 13.93 |
|
| |
Class C |
|
| 1,000.00 |
|
| 1,180.40 |
|
|
| 2.55 | % |
|
|
| 13.94 |
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A |
| $ | 1,000.00 |
| $ | 1,014.79 |
|
|
| 2.05 | % |
|
| $ | 10.35 |
|
| |
Class B |
|
| 1,000.00 |
|
| 1,012.28 |
|
|
| 2.55 | % |
|
|
| 12.86 |
|
| |
Class C |
|
| 1,000.00 |
|
| 1,012.28 |
|
|
| 2.55 | % |
|
|
| 12.86 |
|
|
|
|
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days. |
|
|
(2) | Class R for the Portfolio Optimizations Funds, Class A for the PF Oppenheimer Main Street Core, and Class A for the PF Oppenheimer Emerging Markets Funds commenced operations on September 30, 2005. The actual fund return by class and expenses paid during the period for these funds or classes were for the one day of operations on September 30, 2005, instead of the entire 6-month period. The hypothetical return is based on the entire 6-month period, for comparison purposes. |
|
|
(3) | Amount represents less than $0.005 or 0.005%. |
E-3
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) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
|
|
|
|
|
|
|
INDEPENDENT TRUSTEES |
|
|
|
| ||
|
|
|
|
|
|
|
Frederick L. Blackmon |
| Trustee since 2005 |
| Trustee of Pacific Select Fund; Director, Trustmark Insurance Company; Former Executive Vice President (EVP) and Chief Financial Officer (CFO) of Zurich Life (1995 to 2003) and has been retired since that time; EVP and CFO of Alexander Hamilton Life Insurance Company (Subsidiary of Household International) (1989 to 1995); Former member, Board of Regents, Eastern Michigan University; and Former member, Board of Governors, of Cranbrook Schools. |
| 55 |
|
|
|
|
|
|
|
Lucie H. Moore |
| Trustee since 2001 |
| Trustee of Pacific Select Fund; Vice Chairman of the Board of Trustees, The Pegasus School; Chairman of the Development Committee of the Board of Directors, Homeword; Advisory Board, Court Appointed Special Advocates (CASA) of Orange County; Former Partner (1994) with Gibson, Dunn & Crutcher (Law). |
| 55 |
|
|
|
|
|
|
|
Richard L. Nelson |
| Trustee since 2001 |
| Trustee of Pacific Select Fund; Former Trustee (2001) of PIMCO Funds, Multi-Manager Series; Former Director (2000) of Wynn’s International, Inc. (Industrial); Retired Partner (1983) with Ernst & Young LLP (Accounting and Auditing). |
| 55 |
|
|
|
|
|
|
|
Lyman W. Porter |
| Trustee since 2001 |
| Trustee of Pacific Select Fund; Professor Emeritus of Management in the Merage School of Business at the University of California, Irvine; Member of the Board of Trustees of the American University of Armenia; Former Trustee (2001) of 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. |
| 55 |
|
|
|
|
|
|
|
Alan Richards |
| Trustee since 2001 |
| Trustee of Pacific Select Fund; Chairman and Co-owner of NETirement.com, Inc. (Retirement Planning Software); Chairman and Co-owner of IBIS Capital, LLC (Financial); Member of the Advisory Board of Lease & Financial International Inc. (Insurance); Former Trustee of (2001) 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); and Former Chairman and CEO (1986) of E.F. Hutton Life Insurance Company. |
| 55 |
F-1
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
|
|
|
|
|
|
|
INDEPENDENT TRUSTEES |
|
|
|
| ||
|
|
|
|
|
|
|
Nooruddin (Rudy) S. |
| Trustee since 2005 |
| Trustee of Pacific Select Fund; Former President of Transamerica Insurance & Investment Group (1998-2000) and has been retired since that time; Former President of Transamerica Asset Management (1994-1997); Former Chairman and Chief Executive Officer (1995-2000) of Transamerica Premier Funds (Mutual Fund); Former Director of various Transamerica Life companies (1994-2000). |
| 55 |
|
|
|
|
|
|
|
G. Thomas Willis |
| Trustee since 2004 |
| Trustee of Pacific Select Fund; Certified Public Accountant; Retired Audit Partner (1976-2002) of PricewaterhouseCoopers LLP, (Accounting and Auditing) and has been retired since 2002. |
| 55 |
|
|
|
|
|
|
|
INTERESTED PERSONS |
|
|
|
| ||
|
|
|
|
|
|
|
Thomas C. Sutton |
| Chairman of the Board and |
| 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 (1/90 to present); Chairman of the Board and Trustee, Pacific Select Fund; Director of The Irvine Company (Real Estate); Director of Edison International (Utilities). |
| 55 |
|
|
|
|
|
|
|
James T. Morris |
| Executive Vice President |
| Chief Insurance Officer (4/05 to present) and Executive Vice President (1/02 to present), Senior Vice President (4/96 to 12/01), Vice President (4/90 to 3/96) of Pacific Life Insurance Company; Chief Insurance Officer (4/05 to present) and Executive Vice President (1/02 to present), Senior Vice President (8/99 to 12/01) of Pacific Life & Annuity Company; Executive Vice President and Chief Insurance Officer (7/05 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; and Executive Vice President (6/05 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
|
|
|
Robin S. Yonis |
| Vice President and General |
| Vice President and Investment Counsel of Pacific Life and Pacific Life and Annuity (4/04 to present); Assistant Vice President and Investment Counsel (11/93 to 4/04) of Pacific Life and (8/99 to 4/04) of Pacific Life and Annuity; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
|
|
|
Brian D. Klemens |
| Vice President and Treasurer |
| Vice President and Treasurer (12/98 to present) of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; Vice President and Treasurer of Pacific Select Fund. |
| 55 |
|
|
|
|
|
|
|
Sharon E. Pacheco |
| Vice President and Chief |
| Vice President (2/00 to present) and Assistant Vice President (11/97 to 2/00) of Pacific Life; Vice President (4/00 to present) and Assistant Vice President (8/99 to 4/00) of Pacific Life & Annuity Company; Chief Compliance Officer (1/03 to present) of Pacific Life and Pacific Life & Annuity Company; Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company, Pacific LifeCorp, and (6/04 to present) of Pacific Select Fund. |
| 55 |
F-2
PACIFIC FUNDS
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
|
|
|
|
|
|
|
INTERESTED PERSONS |
|
|
|
| ||
|
|
|
|
|
|
|
Laurene E. MacElwee |
| Vice President and Assistant Secretary since 2005 |
| Assistant Vice President (4/02 to present) of Pacific Life; Assistant Vice President and Assistant Secretary of Pacific Select Fund (4/05 to present). |
| 55 |
|
|
|
|
|
|
|
Katayoun Mobedshahi |
| Vice President and Assistant Secretary since 2005 |
| Assistant Vice President and Investment Counsel of Pacific Life (2/05 to present); Associate, Stradley Ronon Stevens & Young, LLP (5/03 to 2/05); Senior Counsel, Securities & Exchange Commission (4/01 to 5/03); Associate General Counsel, North American Securities Administrators Association (NASAA) (10/98 to 4/01). Assistant Vice President and Assistant Secretary of Pacific Select Fund (4/05 to present). |
| 55 |
|
|
|
|
|
|
|
Audrey L. Milfs |
| Secretary since 2001 |
| Director, Vice President and Secretary of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp, and similar positions with other subsidiaries of Pacific Life; and Secretary of Pacific Select Fund. |
| 55 |
|
|
* | Each trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. On October 7, 2005, the Board of Trustees accepted the resignations of Messrs. Nelson, Porter, and Richards effective December 31, 2005 pursuant to the Funds’ retirement policy. |
|
|
** | As of September 30, 2005, the “Fund Complex” consisted of Pacific Select Fund (34 portfolios) and Pacific Funds (21 funds). |
F-3
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
The Board of Trustees (the “Board”) of Pacific Funds (the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by law, initially approves, and determines annually whether to renew, the investment advisory agreement with Pacific Life (the “Advisory Agreement”) and each Fund Management Agreement (the “Fund Management Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers, or “Fund Managers.” Pacific Life serves as the investment adviser for all of the Funds and manages six Funds directly. The other Funds are managed by the Fund Managers. The Board, including all of the Independent Trustees, last renewed the Advisory Agreement for all of the Funds then operating, at an in-person meeting of the Trustees held on December 10, 2004. The description below does not relate to the approvals at that meeting, but to approvals that have occurred since that meeting.
From the period April 1, 2005 through September 30, 2005, the Board approved certain Agreements for individual Funds, and this report describes those approvals. As described in greater detail below, at an in-person meeting held on April 4, 2005, the Board, including all of the Independent Trustees, approved the transfer of the Fund Management Agreement for the PF Lazard Mid-Cap Value Fund and PF Lazard International Value Fund (the “Lazard Funds”) from Lazard Asset Management to Lazard Asset Management LLC (“LAM LLC”) in connection with an internal reorganization, as well as the continuation of the agreement with LAM LLC in light of an initial public offering of the parent company of LAM LLC. At an in-person meeting held on June 8, 2005, the Board, including all of the Independent Trustees, approved the Advisory Agreement with Pacific Life with respect to two newly organized Funds – the PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund (together, the “New Funds”). In addition, as described in greater detail below, at an in-person meeting held on June 8, 2005, the Board, including all of the Independent Trustees, approved new Fund Management Agreements with respect to the New Funds and PF NB Fasciano Small Equity Fund (prior to October 1, 2005, the PF AIM Aggressive Growth Fund). At an in-person meeting on September 12, 2005, the Board, including all of the Independent Trustees, approved new Fund Management Agreements with respect to the PF Loomis Sayles Large-Cap Growth Fund (prior to January 1, 2006, the PF AIM Blue Chip Fund) and PF Salomon Brothers Large-Cap Value Fund.
At meetings between April 1, 2005 and September 30, 2005, the Board considered the information provided to assist them in their review of the Agreements and made assessments with respect to each Agreement. Pacific Life and the Fund Managers provided materials to the Trustees for their evaluation of the Agreements, including materials compiled by Fund Managers and from independent sources, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. Discussed below are factors considered by the Board in approving the Agreements. This discussion is not intended to be all-inclusive. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings. The approval determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process.
Approval of Investment Advisory Agreement
In evaluating the Advisory Agreement for the New Funds, the Board, including the Independent Trustees, considered the following factors, among others:
Nature, Extent and Quality of Services to be Provided
The Board considered the benefits to shareholders of retaining Pacific Life to serve as the adviser to the New Funds in light of the nature, extent, and quality of services expected to be provided by Pacific Life. The Board considered the ability of Pacific Life to provide an appropriate level of support and resources to the New Funds and whether Pacific Life has sufficiently qualified personnel. The Board based this review on information and material provided to them throughout the year by Pacific Life, as well as the Board’s ongoing experience in working with Pacific Life. The Board noted the background and experience of Pacific Life’s senior management, and that the expertise of and amount of attention expected to be given to the New Funds by Pacific Life’s management and staff is substantial. The Board considered the entrepreneurial risk assumed by Pacific Life because it serves as the sponsor of the Trust and the New Funds. The Board also considered Pacific Life’s compliance operations with respect to the New Funds, including the measures taken by Pacific Life to assist the Trust in complying with Rule 38a-1 under the Investment Company Act of 1940 (the “1940 Act”).
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the New Funds by Pacific Life under the Advisory Agreement.
Performance
The Board considered Pacific Life’s efforts to search for and screen advisory firms that are qualified to manage Funds that focus on large capitalization issuers with respect to the PF Oppenheimer Main Street Core Fund and advisory firms that are qualified to manage Funds that focus on emerging and developing markets with respect to the PF Oppenheimer Emerging Markets Fund, and the identification by Pacific Life of OppenheimerFunds, Inc. (“Oppenheimer”) to recommend to the Board that it serve as Fund Manager to manage the day-to-day
F-4
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
investment activities of the New Funds. The Board considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related Fund Management Agreement with Oppenheimer, as described below under the heading “Approval of Fund Management Agreements-Performance.”
Advisory Fees
The Board compared the advisory fee rates of the PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund to other advisory fee rates charged to similar funds. Specifically, the Board compared the advisory fee rate of each of the PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund to (1) the advisory fee rates charged to similar funds advised by Oppenheimer, and (2) the Morningstar mutual fund average advisory fee for similar funds. The Board also noted that Pacific Life has agreed to certain expense limitations as described in greater detail below.
Expense Limitations
The Board also considered that to help limit fund expenses, Pacific Life has contractually agreed to reduce its investment advisory fees, or otherwise reimburse each Fund for its operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; non 12b-1 service fees; interest; taxes (including foreign taxes on dividends, interest and gains); 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 at least until June 30, 2006. The Board further considered that this reduction or reimbursement is subject to repayment to Pacific Life, for a period of time as permitted under regulatory and/or accounting standards (currently three years from the end of the fiscal year in which the reduction or reimbursement took place), to the extent such expenses fall below the 0.45% expense cap in future years, and that amounts repaid to Pacific Life will have the effect of increasing such expenses of a Fund, but not above the 0.45% expense cap.
Profitability to Pacific Life
The Board considered the cost of services to be provided and projected profits to be realized by Pacific Life from the relationship with the New Funds, together with all other Funds of the Trust, based on the projected assets, income and expenses of Pacific Life in its relationship with the Trust. The Board considered that the New Funds would be subsidized by Pacific Life under the expense limitation arrangements that are in place, if necessary, which was considered highly likely. The Board also considered the overall financial soundness of Pacific Life and its subsidiaries, as reflected in its consolidated financial statements. The Board reviewed projected profitability information with respect to the profit or loss to Pacific Life from the Advisory Agreement as well as its entire line of business. The Board reviewed the revenues and benefits derived from the Trust as a whole, as well as those that are expected to be derived from the New Funds. In addition, the Board considered that Pacific Life, and not the Trust, pays the Fund Managers their fund management fees for their services. The Board concluded that the compensation payable under the Advisory Agreement is fair and bears a reasonable relationship to the services to be rendered.
Economies of Scale
The Board noted its view that the reputation and performance of Pacific Life and the Fund Managers helps the Funds attract assets, and the Board considered the extent to which economies of scale may be realized by the New Funds as assets grow. The Board noted that, as newly organized Funds, there are no anticipated economies of scale with respect to the New Funds at this time, and that it is expected that Pacific Life will incur significant expenses as a result of the organization of the New Funds and the expense limitation agreement that will be in place as discussed above.
Quality of Service to Shareholders and Other Factors
The Board considered the investment-related services rendered by Pacific Life in connection with the Funds; the implementation of compliance procedures related to the Sarbanes-Oxley Act of 2002, and the rules under the Act; and Pacific Life’s plans to arrange for coordination between the Chief Compliance Officer (“CCO”) of the Trust and the chief compliance officer of each Fund Manager. The Board also considered Pacific Life’s historic role as the sponsor of the Trust and its knowledge of Pacific Life’s operations.
Other Benefits
The Board considered other benefits that may be received by Pacific Life as a result of Pacific Life’s relationship with the Trust. The Board concluded that any potential benefits to be derived by Pacific Life from its relationship with the New Funds includes potential for larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds.
F-5
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
Conclusion
After consideration of these factors, the Board found that: (i) the Advisory Agreement is in the best interests of the New Funds and their shareholders; and (ii) the compensation payable under the Advisory Agreement is fair and reasonable.
Approval of Fund Management Agreements
Under the 1940 Act, a change in Fund Manager requires shareholder approval of a new Fund Management Agreement; however, under an exemptive order from the Securities and Exchange Commission, Pacific Life and the Trust can hire, terminate and replace, as applicable, Fund Managers (except, as a general matter, Fund Managers affiliated with Pacific Life) without shareholder approval. In addition, under the 1940 Act, certain corporate reorganizations do not give rise to an assignment of an investment advisory agreement that requires shareholder approval.
In 2003, Lazard Asset Management (“LAM”), a division of Lazard Freres & Co. LLC (“Lazard Freres”) was reorganized as a wholly-owned subsidiary of Lazard Freres, and renamed Lazard Asset Management LLC. LAM represented to the Board that this change in structure did not result in a change of control or an assignment of the LAM Fund Management Agreement under the 1940 Act. Lazard Freres also represented that the same personnel would continue to manage the respective Funds, and that they expected no changes in management. Accordingly, at an in-person meeting held on April 4, 2005, the Board approved the transfer of the Fund Management Agreement with LAM to LAM LLC for the Lazard Funds.
Lazard LLC, which owns Lazard Freres and indirectly owns LAM LLC filed a registration statement with the SEC to effect an initial public offering, which was expected to be deemed a change in control and result in a technical legal assignment under the 1940 Act of the Fund Management Agreement with LAM LLC. Such an assignment would generally require approval of a new Fund Management Agreement. At an in-person meeting held on April 4, 2005, the Board, including all of the Independent Trustees, approved the continuation of the Fund Management Agreement with LAM LLC for the Lazard Funds. The Board considered representations from LAM LLC that the same personnel would continue to manage the respective Funds, and that they expected no changes in management.
At an in-person meeting held on June 8, 2005, the Board, including all of the Independent Trustees, approved new Fund Management Agreements with Oppenheimer with respect to the New Funds and Neuberger Berman Management Inc. (“Neuberger Berman”) with respect to the PF NB Fasciano Small Equity Fund (prior to October 1, 2005, the PF AIM Aggressive Growth Fund).
In the third quarter of 2005, Citigroup Inc. agreed to sell substantially all of its asset management business, including Salomon Brothers Asset Management Inc (“Salomon”), the Fund Manager to the PF Salomon Brothers Large-Cap Value Fund, to Legg Mason, Inc., which would result in a change of control and be deemed an assignment of Salomon’s Fund Management Agreement under the 1940 Act. As a result, at an in-person meeting on September 12, 2005, the Board, including all of the Independent Trustees, approved a new Fund Management Agreement with Salomon with respect to the PF Salomon Brothers Large-Cap Value Fund.
At the September 12, 2005 meeting, the Board also approved a Fund Management Agreement with Loomis, Sayles & Company, L.P. (“Loomis”) with respect to the PF Loomis Sayles Large-Cap Growth Fund (prior to January 1, 2006, the PF AIM Blue Chip Fund).
The Board evaluated the Fund Management Agreements with each Fund Manager principally with reference to the factors described below. The Board also considered, if applicable, the various screening processes that Pacific Life utilizes in proposing a new Fund Manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the conduct of due diligence on the investment resources and personnel of a Fund Manager and assessing the investment strategies used by a Fund Manager, including if applicable, on-site visits to a Fund Manager’s place of business.
The Board also noted that the fees payable under each Fund Management Agreement are paid by Pacific Life and negotiated by Pacific Life, and therefore are the result of arms’ length negotiations.
In evaluating the Fund Management Agreements, the Board, including the Independent Trustees, considered the following factors, among others:
Nature, Extent and Quality of Services to be Provided
The Board considered the benefits to shareholders of retaining each new Fund Manager or continuing a Fund Management Agreement with an existing Fund Manager, as applicable, particularly in light of the nature, extent, and quality of services to be provided by the Fund Manager. The Board considered the quality of the investment management services expected to be provided to each applicable Fund over both the short- and long-term, the organizational depth and resources of each Fund Manager, including the background and experience of the Fund Manager’s management and the expertise of the Fund Manager’s Fund management team, as well as the investment methodology to be used by the Fund Manager. The Board reviewed the qualifications, backgrounds and responsibilities of each Fund Manager’s management personnel who would be responsible for the day-to-day management of the Funds. The Board concluded that each of these
F-6
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
Fund Managers are high-caliber investment advisory firms that enjoy strong reputations. The Board also considered that the Trust’s CCO would, in the case of a new Fund Manager, review the new Fund Manager’s compliance operations, including the assessment of each new Fund Manager’s compliance program as required under Rule 38a-1 of the 1940 Act, and each new Fund Manager’s code of ethics prior to the effectiveness of the applicable Fund Management Agreement. The Board also noted that each Fund Manager agreed to cooperate with the CCO. The Board concluded it was satisfied with the nature, extent and quality of the management services to be provided by each Fund Manager.
In making these assessments the Board took note of the extensive due diligence Pacific Life conducted for each new Fund Manager, and was aided by the assessments and recommendations of Pacific Life and the materials provided by the new Fund Managers. With respect to existing Fund Managers, the Board considered its prior experiences with those Fund Managers. The Board also considered that Pacific Life has historically exercised diligence in monitoring the performance of Fund Managers, and has taken and recommended measures to attempt to remedy relative underperformance by a Fund when Pacific Life and the Board believed appropriate.
Performance
With respect to the New Funds, the Board considered information about the historical performance of accounts advised by Oppenheimer that had substantially similar investment strategies to the relevant Fund, as well as information comparing the performance of Oppenheimer on their comparable accounts with the performance of comparable portfolios of Pacific Select Fund, a related fund advised by Pacific Life, for various periods, which included performance for the one-, three-, and five-year periods. For the PF NB Fasciano Small Equity Fund, the performance record of Neuberger Berman examined by the Board reflected accounts that had some policies that varied from those of the Fund, and the strategy of the Fund was changed to align it more closely to the other accounts managed by Neuberger Berman. With respect to the PF Loomis Sayles Large-Cap Growth Fund, the performance record of Loomis examined by the Board reflected accounts that had some policies that varied from those of the Fund, and the strategy of the Fund was changed to align it more closely to the other accounts managed by Loomis. The Board also noted the need for each Fund Manager to adhere to its investment mandates, which could at times have an impact on a Fund’s performance.
With respect to the New Funds, the Board considered that Oppenheimer’s comparable accounts performed well in relation to the applicable benchmark and other funds focused on the large-cap core/large-cap growth markets and emerging markets for periods the Board believed were relevant. For the PF NB Fasciano Small Equity Fund and PF Loomis Sayles Large-Cap Growth Fund, the Board considered the performance of each proposed Fund Manager’s comparable accounts in relation to performance of the prior Fund Manager of the respective Fund, and found that for the significant periods the comparable accounts outperformed the performance of the prior Fund Manager. Further, the Board considered each proposed Fund Manager’s performance against their broader peer group and against pertinent benchmarks during various periods. In each instance, the Board determined that the new Fund Manager’s performance was acceptable and that the proposed Fund Manager should be engaged to manage the respective Fund’s assets. The Board considered materials compiled by management from an independent source as well as materials provided directly to the Independent Trustees from a separate independent source. The significant consideration of the Board with respect to the approval of the transfer and assignment of the Fund Management Agreements for the Lazard Funds and the PF Salomon Brothers Large-Cap Fund was the impact on the Funds of the changes in the corporate organization of LAM LLC and Salomon, and on their personnel and their resources that would be available in managing the respective Funds, and the Board concluded based on representations from these firms that there would be no adverse impact on LAM LLC’s or Salomon’s personnel or resources that are available to manage the respective Funds. The Board also considered that Lazard and Salomon would continue to be responsible for the day-to-day management of the respective Funds and that the terms and conditions of the new Fund Management Agreements would be the same or substantially the same as that of the old Fund Management Agreements with Lazard and Salomon, respectively.
Fund Management Fees
In assessing the Fund management fees for the PF NB Fasciano Small Equity Fund and PF Loomis Sayles Large-Cap Growth Fund, the Board compared the Fund management fees to the Fund management fees that were paid to the prior Fund Manager for the pertinent Fund. The Board noted that for the PF Loomis Sayles Large-Cap Growth Fund, the weighted Fund management fees would decrease. The Board noted that for the PF NB Fasciano Small Equity Fund the fees would increase from the fee paid to the prior Fund Manager.
With respect to the PF NB Fasciano Small Equity Fund, PF Loomis Sayles Large-Cap Growth Fund and the New Funds, the Board considered information regarding the advisory and sub-advisory fees paid by other accounts, including relevant portfolios of Pacific Select Fund, managed by the respective Fund Managers. The Board noted that the Fund management fee rates for the PF NB Fasciano Small Equity Fund, PF Loomis Sayles Large-Cap Growth Fund and the New Funds were comparable to that of other similar accounts managed by the respective Fund Manager.
F-7
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
In each instance, the Board was mindful that the fee rates were the result of arms’ length negotiations between Pacific Life and the Fund Manager, and that the Fund management fees are paid by Pacific Life and not paid directly by the Funds. In light of these factors, the Board determined that the Fund management fees were reasonable.
Profitability to the Fund Manager and Other Benefits
The Board considered the profitability or projected profitability, as applicable, of each Fund Management Agreement to the Fund Managers to the extent practicable based on the financial information provided by each Fund Manager. The Board noted that it was difficult to accurately determine or evaluate the profitability of the Fund Management Agreements to each of the Fund Managers because each Fund Manager managed substantial assets or had multiple business lines and, further, that any such an assessment would involve assumptions regarding the Fund Managers’ allocation policies, capital structure, cost of capital, business mix and other factors, and there was no assurance that the assumptions by the Fund Managers were consistent. The Board considered any benefits to be derived by the Fund Managers from their relationships with the Funds, such as soft dollar arrangements. The Board noted that Oppenheimer, Loomis and Neuberger Berman represented in the materials presented to the Board that in addition to the fees they would receive under their respective Fund Management Agreements, they expect to receive additional benefits from the New Funds, PF Loomis Sayles Large-Cap Growth Fund and PF Fasciano Small Equity Fund, respectively, in the form of research obtainable from brokers in return for brokerage commissions paid to such brokers other than the fees they would receive under the respective Fund Management Agreement. The Board noted that profitability of the Fund Management Agreements to the Fund Managers of the PF Salomon Brothers Large-Cap Value Fund and the Lazard Funds had been examined by the Board in connection with the December annual reviews, and that profitability was not a significant factor in connection with the approval of the transfers and/or assignments of the Fund Management Agreements for these Funds.
The Board concluded that any potential benefits to be derived by the Fund Managers from their relationships with the respective Funds included benefits which were consistent with those generally derived by sub-advisers to mutual funds. In the case of Fund Managers that are not affiliated with Pacific Life, the Board gave less weight to profitability considerations and did not view this data as important, given the arms’ length nature of the relationship between Pacific Life and these Fund Managers with respect to the negotiation of fund management fees. The Board also concluded that at the current time, given the Funds’ asset levels, the current fee structures reflected in each Fund Management Agreement were reasonable.
Economies of Scale
The Board considered the extent to which economies of scale would be realized as assets of the Funds grew. The Board concluded that at the current time, given the recent organization of Pacific Funds and the Funds’ asset levels, the current fee structures reflected in each Agreement were appropriate.
Conclusion
After consideration of these factors, the Board found that: (i) each Fund Management Agreement is in the best interests of the respective Fund and its shareholders; and (ii) the compensation payable under each of the Fund Management Agreements is fair and reasonable.
F-8
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Funds will file Form N-Q (complete schedules of portfolio holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Funds’ Form N-Q, when required to be filed pursuant to applicable regulations, will be available after filing (i) on the SEC’s Web site at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Funds’ Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Funds use to determine how to vote proxies relating to fund securities is described in the Funds’ Statement of Additional Information, which is available (i) upon request, without charge, by calling 1-800-722-2333; (ii) on the Funds’ Webpage at http://www.PacificLife.com; and (iii) on the SEC’s Web site at http://www.sec.gov.
Availability of Proxy Voting Record
The Funds file, by August 31 of each year, information regarding how the Funds’ managers voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. Such information is available after filing (i) on the Funds’ Webpage at http://www.PacificLife.com; and (ii) on the SEC’s Web site at http://www.sec.gov.
F-9
PACIFIC FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2005
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
3167 - 5A
Item 2. | Code of Ethics —not applicable. |
Item 3. | Audit Committee Financial Expert —not applicable. |
Item 4. | Principal Accountant Fees and Services —not applicable. |
Item 5. | Audit Committee of Listed Registrants —not applicable. |
Item 6. | Schedule of Investments —Schedule I, not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment |
Companies —not applicable.
Item 8. | Portfolio managers of Closed-end Management Investment Companies —not applicable. |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers —not applicable.
Item 10. Submission of Matters to a Vote of Security Holders —not applicable.
Item 11. Controls and Procedures.
(a) The Chief Executive Officer, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
(1) Code of ethics—not applicable.
(2) (a) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Exhibit 99.906 CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Pacific Funds |
| By: | /s / JAMES T. MORRIS | ||
| James T. Morris |
| ||
| President |
| ||
| Date: | December 5, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ THOMAS C. SUTTON | ||
| Thomas C. Sutton |
| ||
| Chief Executive Officer |
| ||
| Date: | December 5, 2005 |
| By: | /s/ JAMES T. MORRIS | ||
| James T. Morris |
| ||
| President |
| ||
| Date: | December 5, 2005 |
| By: | /s/ BRIAN D. KLEMENS |
| |
| Brian D. Klemens |
| ||
| Treasurer (Principal Financial and | |||
Accounting Officer)
| Date: | December 5, 2005 |