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
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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 – March 31, 2006
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.
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Item 1. | Reports to Stockholders. |
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| 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
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PACIFIC FUNDS |
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A-1 | ||
A-2 | ||
B-1 | ||
C-1 | ||
Financial Statements: |
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D-1 | ||
D-7 | ||
D-10 | ||
E-1 | ||
F-1 | ||
F-16 | ||
G-1 | ||
G-4 | ||
Approval of Investment Advisory Agreement and Fund Management Agreements | G-5 | |
G-10 |
To Our Pacific Funds Shareholders:
We’ve prepared the enclosed investment results for each of the funds for the past twelve-months. Each of the fund managers has prepared a discussion regarding the performance of the funds they manage, including commentary discussing positive and negative factors affecting performance.
The opinions contained in this report are those of the fund managers as of March 31, 2006, and are subject to change at any time. Market and economic conditions and portfolio holdings and investment sectors are subject to change daily. All information provided is for informational purposes only and should not be construed as a recommendation to buy or sell any particular security or fund.
Thank you for investing in Pacific Funds. We appreciate your confidence and look forward to serving your financial needs in the years to come.
Sincerely,
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Thomas C. Sutton |
| James T. Morris |
Chairman of the Board and Chief Executive Officer |
| President |
A-1
PACIFIC FUNDS PERFORMANCE DISCUSSION
The following market commentaries are written by fund managers, and as such are based on their opinions of how their fund(s) performed during the year.
This report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include information concerning possible or assumed future results of the Pacific Funds’ investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments, and other aspects of the Pacific Funds’ operations or general economic conditions. In addition, when used in this report, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects” and future or conditional verbs such as “will,” “may,” “could,” “should” and “would,” or any other statement that necessarily depends on future events, are intended to identify forward-looking statements.
Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that a fund manager believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. In connection with any forward-looking statements and any investment in the Pacific Funds, investors should carefully consider the investment objectives, policies and risks described in the Pacific Funds’ current Prospectus and Statement of Additional Information as filed with the Securities and Exchange Commission (SEC), which may be obtained from the SEC’s website at www.sec.gov.
Portfolio Optimization Funds
PF Portfolio Optimization Models A – E
The Portfolio Optimization Funds are five funds, PF Portfolio Optimization Models A – E, which commenced operations on December 31, 2003. The five PF Portfolio Optimization funds invest in various Pacific Funds to achieve specified target asset allocations to accomplish the risk/return profile for that particular PF Portfolio Optimization Model fund. Each PF Portfolio Optimization Model fund is designed to optimize returns for a given level of risk or minimize risk for a given level of return. The market conditions noted below affected each of the PF Portfolio Optimization Model funds during the twelve-month period.
Market Conditions
The United States (U.S.) gross domestic product (GDP) grew at a 1.7% rate during the fourth quarter of 2005 and a 3.5% rate for the entire year of 2005, showing that the current economic environment is strong. Corporate profitability remains high, growing at a 16.4% rate during 2005, which provides a sound foundation for equity markets in 2006. Strong economic data during the first quarter of 2006 helped domestic equities and the S&P 500 Index to post their strongest quarter of performance since 2004. The strong economic data also led to a decline in bond prices, causing the yield curve to steepen slightly. The Federal Reserve Board (Fed) continued its stated policy of “measured” interest rate increases, instituting two 25 basis point (0.25%) rate hikes during the first quarter of 2006 to bring the Federal Funds rate to 4.75%. After eighteen-years at the Fed, the tenure of Alan Greenspan has ended and Ben Bernanke has assumed the reigns as the new chairman. Going forward, many economists expect U.S. economic growth to moderate in the second half of 2006 in a lagged response to the Fed’s string of fifteen consecutive interest rate hikes. Crude oil prices continue to rise, ending the first quarter of 2006 at $66.63 per barrel.
Over the past twelve-months ended March 31, 2006, all of the major indices have experienced positive performance. Generally, equities outperformed fixed-income securities, while international equities outperformed domestic equities. Within domestic equities, small-capitalization stocks outperformed large-capitalization stocks, while value and growth investment styles produced similar results.
Despite a strong start to 2006, we at Pacific Life Insurance Company (Pacific Life) believe long-term investors should maintain a diversified portfolio stance, which includes exposure to multiple asset classes to diversify risk.
Performance
Since the performance of each PF Portfolio Optimization fund is a composite of the performance of each of the underlying funds in which it invests, which includes money market, bonds, domestic equities, and possibly international funds, there is no one broad-based industry index to use as a comparison to a PF Portfolio Optimization fund’s performance. Therefore, we have provided information regarding two broad-based indices to use as a comparison to each fund’s performance.
In addition, to assist in performance comparisons, composite benchmark indices were constructed for each PF Portfolio Optimization Model fund; each comprised of the four broad-based indices shown on the following page. The composite benchmark indices were constructed with allocations to each asset class that corresponds to the target allocations for the Portfolio Optimization funds. However, the actual allocation of any Portfolio Optimization fund will naturally vary from these targets as a result of market performance over time.
The one-year performance of these four broad-based indices is shown in the following table. The Pacific Funds performance listed is net of all fund expenses.
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A-2 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
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Broad-Based Indices |
| 1-Year |
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S&P 500 Index** (U.S. Stocks) |
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| 11.72 | % |
Morgan Stanley Capital International Europe |
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Australasia Far East Index (MSCI EAFE |
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Index)** (International Stocks) |
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| 24.41 | % |
Lehman Brothers Aggregate Bond Index** |
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(Fixed Income) |
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| 2.26 | % |
Merrill Lynch 3-Month U.S. T-Bill Index** (Cash) |
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| 3.53 | % |
It should be noted that the benchmark indices for the underlying Pacific Funds may differ from the Portfolio Optimization broad-based indices.
The Portfolio Optimization funds had investments in the following underlying funds, which helped performance relative to the broad-based indices.
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Underlying Funds |
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| 1-Year |
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PF Van Kampen Mid-Cap Growth Class A* |
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(U.S. Stocks) |
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| 30.68 | % |
PF Van Kampen Real Estate Class A* |
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(U.S. Stocks) |
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| 40.43 | % |
PF Salomon Brothers Large-Cap Value Class A* |
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(U.S. Stocks) |
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| 12.47 | % |
PF Janus Growth LT Class A* (U.S. Stocks) |
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| 14.94 | % |
The Portfolio Optimization funds had investments in the following underlying funds, which hurt performance relative to the broad-based indices.
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Underlying Funds |
| 1-Year |
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PF PIMCO Inflation Managed Class A* |
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(Fixed Income) |
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| -0.44 | % |
PF Goldman Sachs Short Duration Bond Class A* |
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(Fixed Income) |
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| 1.03 | % |
PF Van Kampen Comstock Class A* (U.S. Stocks) |
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| 7.62 | % |
PF Lazard International Value Class A* |
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(International Stocks) |
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| 17.85 | % |
PF Portfolio Optimization Model A
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 4.12%* compared to a 11.72%** return for the S&P 500 Index, a 2.26%** return for the Lehman Brothers Aggregate Bond Index, a 2.02%** return for the Lehman Brothers Government Credit Index, and a 4.88%(1) return for the Model A Composite Benchmark. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index from the Lehman Brothers Government/Credit Index since it is more widely recognized as being representative of the fixed income market and is, therefore, a more appropriate benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B, C, and R shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
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PF Portfolio Optimization Model A |
| Class A |
| Class B |
| Class C |
| Class R(2) |
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1 Year Total Return: |
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Without sales charge* |
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| 4.12 | % |
| 3.56 | % |
| 3.65 | % |
| N/A |
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With maximum sales charge*** |
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| -1.59 | % |
| -1.44 | % |
| 2.65 | % |
| N/A |
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Lehman Brothers Aggregate |
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Bond Index** |
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| 2.26 | % |
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Lehman Brothers |
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Government/Credit Index** |
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| 2.02 | % |
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S&P 500 Index** |
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| 11.72 | % |
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Model A Composite |
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Benchmark(1) |
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| 4.88 | % |
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Since Inception: |
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Without sales charge* |
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| 3.27 | % |
| 2.76 | % |
| 2.72 | % |
| 1.90 | % |
With maximum sales charge*** |
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| 0.72 | % |
| 1.02 | % |
| 2.72 | % |
| N/A |
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Lehman Brothers Aggregate |
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Bond Index** |
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| 2.70 | % |
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Lehman Brothers |
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Government/Credit Index** |
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| 2.44 | % |
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S&P 500 Index** |
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| 8.92 | % |
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Model A Composite |
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Benchmark(1) |
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| 4.39 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model A invests primarily in a diverse group of four fixed income funds, with small allocations
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A-3 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
to domestic and international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $23 million.
The fund underperformed its Composite Benchmark over the past twelve-months. The fund’s allocations to the money market and fixed income funds, which represent a combined target allocation of 77% of the overall fund, held back fund performance. Generally, inflation-protected bonds and shorter maturities underperformed longer maturities and cash over the period. The fund’s significant allocation to the PF Goldman Sachs Short Duration Bond Fund and investments in the PF PIMCO Inflation Managed Fund underperformed the fixed income portion of the Composite Benchmark.
Overall, the fund’s limited domestic equity allocations produced similar results to the domestic equity portion of the Composite Benchmark.
PF Portfolio Optimization Model B
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 7.23%*, compared to a 11.72%** return for the S&P 500 Index, a 2.26%** return for the Lehman Brothers Aggregate Bond Index, a 2.02%** return for the Lehman Brothers Government/Credit Index, and a 7.55%(1) return for the Model B Composite Benchmark. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index from the Lehman Brothers Government/Credit Index since it is more widely recognized as being representative of the fixed income market and is, therefore, a more appropriate benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B, C, and R shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
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PF Portfolio Optimization Model B |
| Class A |
| Class B |
| Class C |
| Class R(2) |
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1 Year Total Return: |
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Without sales charge* |
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| 7.23 | % |
| 6.70 | % |
| 6.80 | % |
| N/A |
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With maximum sales charge*** |
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| 1.34 | % |
| 1.70 | % |
| 5.80 | % |
| N/A |
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Lehman Brothers Aggregate |
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Bond Index** |
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| 2.26 | % |
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Lehman Brothers |
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Government/Credit Index** |
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| 2.02 | % |
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S&P 500 Index** |
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| 11.72 | % |
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Model B Composite |
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Benchmark(1) |
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| 7.55 | % |
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Since Inception: |
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Without sales charge* |
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| 5.29 | % |
| 4.75 | % |
| 4.79 | % |
| 3.63 | % |
With maximum sales charge*** |
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| 2.68 | % |
| 3.05 | % |
| 4.79 | % |
| N/A |
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Lehman Brothers Aggregate |
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Bond Index** |
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| 2.70 | % |
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Lehman Brothers |
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Government/Credit Index** |
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| 2.44 | % |
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S&P 500 Index** |
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| 8.92 | % |
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Model B Composite |
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Benchmark(1) |
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| 6.33 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model B invests the majority of its assets in a diverse group of four fixed income funds, with the remaining allocations invested in domestic and international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $61 million.
The fund slightly underperformed its Composite Benchmark over the past twelve-months. The fund’s allocations to money market and fixed income funds, which represent a combined target allocation of 57% of the overall fund, held back fund performance. Generally, inflation-protected bonds and shorter maturities underperformed longer maturities and cash over the period. The fund’s significant allocation to the PF Goldman Sachs Short Duration Bond Fund and investments in the PF PIMCO Inflation Managed Fund underperformed the fixed income portion of the Composite Benchmark.
Overall, the fund’s limited domestic equity allocations added to performance and outperformed when compared to the domestic equity portion of the Composite Benchmark.
PF Portfolio Optimization Model C
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 11.58%* compared to a 11.72%** return for the S&P 500 Index, a 2.26%** return for the Lehman Brothers Aggregate Bond Index, a 2.02%** return for the Lehman Brothers
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A-4 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Government/Credit Index, and a 10.06%(1) return for the Model C Composite Benchmark. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index from the Lehman Brothers Government/Credit Index since it is more widely recognized as being representative of the fixed income market and is, therefore, a more appropriate benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B, C, and R shares will vary due to differences in fees and sales charges.
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Average Annual Total Returns for the Periods Ended March 31, 2006 | |||||||||||||
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PF Portfolio Optimization Model C |
| Class A |
| Class B |
| Class C |
| Class R(2) |
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1 Year Total Return: |
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Without sales charge* |
| 11.58 | % |
| 11.10 | % |
| 11.12 | % |
| N/A |
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With maximum sales charge*** |
| 5.48 | % |
| 6.10 | % |
| 10.12 | % |
| N/A |
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Lehman Brothers Aggregate |
| 2.26 | % |
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Lehman Brothers |
| 2.02 | % |
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S&P 500 Index** |
| 11.72 | % |
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Model C Composite Benchmark(1) |
| 10.06 | % |
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Since Inception: |
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Without sales charge* |
| 8.00 | % |
| 7.50 | % |
| 7.45 | % |
| 6.16 | % |
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With maximum sales charge*** |
| 5.32 | % |
| 5.86 | % |
| 7.45 | % |
| N/A |
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Lehman Brothers Aggregate |
| 2.70 | % |
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Lehman Brothers |
| 2.44 | % |
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S&P 500 Index** |
| 8.92 | % |
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Model C Composite |
| 8.07 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model C invests in a diverse group of nine domestic and three international equity funds, with smaller allocations to fixed income and money market funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $215 million.
The fund significantly outperformed its Composite Benchmark over the past twelve-months. The fund’s domestic equity allocations, representing 44% of the fund’s target allocations, helped fund performance, and the allocations overall outperformed compared to the domestic equity portion of the Composite Benchmark. Generally, small- and mid-capitalization stocks drove performance during the past year. The fund’s investments in the PF Janus Growth LT and the PF Van Kampen Mid-Cap Growth Funds outperformed relative to the domestic equity portion of the Composite Benchmark. The fund’s allocations to the PF Van Kampen Real Estate Fund also helped performance.
The fund’s allocations to the international equity funds, which represent a combined target allocation of 19% of the overall fund, held back fund performance. In particular, the fund’s investment in the PF Lazard International Value Fund underperformed relative to the international equity portion of the Composite Benchmark.
PF Portfolio Optimization Model D
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 14.59%*, compared to a 11.72%** return for the S&P 500 Index, a 2.26%** return for the Lehman Brothers Aggregate Bond Index, a 2.02%** return for the Lehman Brothers Government/Credit Index, and a 12.23%(1) return for the Model D Composite Benchmark. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index from the Lehman Brothers Government/Credit Index since it is more widely recognized as being representative of the fixed income market and is, therefore, a more appropriate benchmark.
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A-5 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B, C, and R shares will vary due to differences in fees and sales charges.
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Average Annual Total Returns for the Periods Ended March 31, 2006 | |||||||||||||
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PF Portfolio Optimization Model D |
| Class A |
| Class B |
| Class C |
| Class R(2) |
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1 Year Total Return: |
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Without sales charge* |
| 14.59 | % |
| 14.09 | % |
| 14.13 | % |
| N/A |
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With maximum sales charge*** |
| 8.29 | % |
| 9.09 | % |
| 13.13 | % |
| N/A |
|
|
Lehman Brothers Aggregate |
| 2.26 | % |
|
|
|
|
|
|
|
|
|
|
Lehman Brothers |
| 2.02 | % |
|
|
|
|
|
|
|
|
|
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
|
|
|
|
|
|
|
Model D Composite |
| 12.23 | % |
|
|
|
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 9.68 | % |
| 9.20 | % |
| 9.14 | % |
| 7.92 | % |
|
With maximum sales charge*** |
| 6.96 | % |
| 7.60 | % |
| 9.14 | % |
| N/A |
|
|
Lehman Brothers Aggregate |
| 2.70 | % |
|
|
|
|
|
|
|
|
|
|
Lehman Brothers |
| 2.44 | % |
|
|
|
|
|
|
|
|
|
|
S&P 500 Index** |
| 8.92 | % |
|
|
|
|
|
|
|
|
|
|
Model D Composite |
| 9.72 | % |
|
|
|
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model D invests primarily in a diverse group of nine domestic and three international equity funds, with small allocations to fixed income funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $218 million.
The fund significantly outperformed its Composite Benchmark over the past twelve-months. The fund’s domestic equity allocations, representing 58% of the fund’s target allocations, helped fund performance, and the allocations overall outperformed compared to the domestic equity portion of the Composite Benchmark. Generally, small- and mid-capitalization stocks drove performance during the past year. The fund’s investments in the PF Janus Growth LT and the PF Van Kampen Mid-Cap Growth Funds outperformed relative to the domestic equity portion of the Composite Benchmark. The fund’s allocations to the PF Van Kampen Real Estate Fund also helped performance.
The fund’s international equity allocations, representing 24% of the fund’s target allocation, held back fund performance. The fund’s investment in the PF Lazard International Value Fund trailed the international equity portion of the Composite Benchmark.
PF Portfolio Optimization Model E
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 18.59%*, compared to a 11.72%** return for the S&P 500 Index, a 2.26%** return for the Lehman Brothers Aggregate Bond Index, a 2.02%** return for the Lehman Brothers Government/Credit Index, and a 14.24%(1) return for the Model E Composite Benchmark. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index from the Lehman Brothers Government/Credit Index since it is more widely recognized as being representative of the fixed income market and is, therefore, a more appropriate benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B, C, and R shares will vary due to differences in fees and sales charges.
|
|
A-6 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
|
|
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|
|
|
|
|
|
|
|
|
Average Annual Total Returns for the Periods Ended March 31, 2006 | |||||||||||||
| |||||||||||||
PF Portfolio Optimization Model E |
| Class A |
| Class B |
| Class C |
| Class R(2) |
| ||||
|
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 18.59 | % |
| 18.11 | % |
| 18.00 | % |
| N/A |
|
|
With maximum sales charge*** |
| 12.03 | % |
| 13.11 | % |
| 17.00 | % |
| N/A |
|
|
Lehman Brothers Aggregate |
| 2.26 | % |
|
|
|
|
|
|
|
|
|
|
Lehman Brothers |
| 2.02 | % |
|
|
|
|
|
|
|
|
|
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
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|
|
|
|
|
|
Model E Composite |
| 14.24 | % |
|
|
|
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 11.65 | % |
| 11.20 | % |
| 11.15 | % |
| 10.44 | % |
|
With maximum sales charge*** |
| 8.88 | % |
| 9.63 | % |
| 11.15 | % |
| N/A |
|
|
Lehman Brothers Aggregate |
| 2.70 | % |
|
|
|
|
|
|
|
|
|
|
Lehman Brothers |
| 2.44 | % |
|
|
|
|
|
|
|
|
|
|
S&P 500 Index** |
| 8.92 | % |
|
|
|
|
|
|
|
|
|
|
Model E Composite |
| 11.03 | % |
|
|
|
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. PF Portfolio Optimization Model E invests primarily in a diverse group of eight domestic and three international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $83 million.
The fund significantly outperformed its Composite Benchmark over the past twelve-months. The fund’s domestic equity allocations, representing 66% of the fund’s target allocations, helped fund performance and the allocations overall outperformed compared to the domestic equity portion of the Composite Benchmark. Generally, small- and mid-capitalization stocks drove performance during the past year. The fund’s investments in the PF Janus Growth LT and the PF Van Kampen Mid-Cap Growth Funds outperformed relative to the domestic equity portion of the Composite Benchmark. The fund’s allocations to the PF Van Kampen Real Estate Fund also helped performance.
The fund’s international equity allocations, representing 32% of the fund’s target allocation, held back fund performance The fund’s investment in the PF Lazard International Value Fund trailed the international equity portion of the Composite Benchmark.
PF Goldman Sachs Short Duration Bond Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 1.03%*, compared to a 2.32%** return for its benchmark, the Merrill Lynch 1-3 Year Treasury Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns for the Periods Ended March 31, 2006 | ||||||||||
| ||||||||||
PF Goldman Sachs Short Duration Bond Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 1.03 | % |
| 0.35 | % |
| 0.52 | % |
|
With maximum sales charge*** |
| -4.50 | % |
| -4.59 | % |
| -0.47 | % |
|
Merrill Lynch 1-3 Year |
| 2.32 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 0.26 | % |
| -0.28 | % |
| -0.22 | % |
|
With maximum sales charge*** |
| -2.22 | % |
| -2.04 | % |
| -0.22 | % |
|
Merrill Lynch 1-3 Year |
| 1.32 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The Treasury yield curve continued to flatten over the past year, with shorter- and intermediate-term yields rising more than longer-term yields. The Fed’s tightening monetary policy was the primary driver of short-term interest rates. The Federal Funds target rate closed the year at 4.75% following eight, 25 basis point (0.25%) rate hikes over the reporting period. Continued strong economic data, which reflected a positive outlook for growth and employment, also helped drive the rise in yields. Overall, economic data remained resilient, despite a number of challenges, including Hurricanes Katrina and Rita and higher energy prices. Fears that higher energy prices could cause inflationary pressures contributed to rising rates; however, inflation largely remained in check. The transition from Alan Greenspan to the new Fed Chairman, Ben Bernanke, proved uneventful, though Mr. Bernanke suggested that further
|
|
A-7 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
tightening may be necessary. The ten-year Treasury yield hit 4.86% on March 30, 2006, its highest level since June 2004. Overall, the ten-year Treasury yield rose 0.36% over the year closing at 4.85%. Fixed income spread markets posted modest outperformance relative to Treasuries over the year.
A combination of top-down and bottom-up strategies drove fund returns over the year. Higher interest rates were a drag on total return; however, we, at Goldman Sachs Asset Management, L.P. (Goldman), maintained a strategy which helped enhance relative returns as the treasury curve sold off over the year. Sector and security selection strategies within agency securities were also key drivers of returns as the agency sector posted strong outperformance relative to Treasuries over the year. The fund’s focus on short-dated agency debentures also helped drive positive returns as these securities offered attractive spreads relative to Treasuries.
We continue to position the fund defensively, maintaining a slightly short duration position relative to the benchmark, as we anticipate more rate increases than what the market expects. We also remain more positive on long-term economic growth than consensus estimates, further driving our short duration bias. We expect growth to remain at- or slightly-above its historical trend in 2006, averaging 3.5%. At current spread levels, we continue to believe most sectors appear over- or fully-valued, especially in the investment grade universe. Thus, we will seek to add value by focusing on security selection. In managing the fund, we continue to seek exposure to agency debentures with attractive option-adjusted spreads.
PF Janus Growth LT Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 14.94%*, compared to a 11.72%** return for its benchmark, the S&P 500 Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns for the Periods Ended March 31, 2006 | ||||||||||
| ||||||||||
PF Janus Growth LT Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 14.94 | % |
| 14.30 | % |
| 14.24 | % |
|
With maximum sales charge*** |
| 8.62 | % |
| 9.30 | % |
| 13.24 | % |
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 17.08 | % |
| 16.46 | % |
| 16.44 | % |
|
With maximum sales charge*** |
| 14.91 | % |
| 15.47 | % |
| 16.44 | % |
|
S&P 500 Index** |
| 17.21 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 4.64 | % |
| 4.18 | % |
| 4.09 | % |
|
With maximum sales charge*** |
| 3.34 | % |
| 3.79 | % |
| 4.09 | % |
|
S&P 500 Index** |
| 6.81 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Despite steadily climbing oil prices and interest rates, the economy proved resilient during the twelve-month period ended March 31, 2006. Company profits in general remained solid, giving a boost to stock prices after they faltered in the wake of the Gulf Coast hurricanes.
The fund’s outperformance versus its benchmark during the period can be attributed to Janus Capital Management LLC’s (Janus) approach of seeking opportunities across many different sectors of the market and then carefully constructing the portfolio one company at a time. However, sector weightings can and often do have an impact on performance.
|
|
A-8 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
For instance, during the period, the fund’s exposure to healthcare stocks contributed materially to the fund’s strong relative performance, due primarily to our strong stock selection. Several well chosen stocks in the industrials and information technology sectors also enhanced fund performance results. Meanwhile, the fund’s underweight position versus the benchmark in the financial services sector, which was an area of strength in the overall market, prevented the fund from fully participating in this sector’s gains. The fund’s performance was also held back by the weak results of select energy holdings.
Although we, at Janus, remain mindful of the economic factors that could affect fund performance results, our focus–first and foremost– is on individual company fundamentals. Ultimately, our research is aimed at uncovering what truly drives a company’s free cash flow, and whether we believe that company will outperform. In turn, we place less emphasis on aggressive sector allocations and short-term considerations, instead favoring holdings that we believe have the most attractive risk/reward characteristics for the long-term.
Reviewing the fund’s list of top contributors, it is worth noting that pharmaceutical and transportation stocks have proven to be among the fund’s best-performing sectors for the past two years. Standing out in the pharmaceutical category was Swiss company, Roche Holding AG. Although the company boasts a solid diagnostics business, its double-digit annual gain was largely due to its majority stake in biotechnology firm, Genentech Inc., and its growing portfolio of cancer therapies, including Avastin, Rituxan and Tarceva. The drug maker is also restructuring its balance sheet, exiting unrelated businesses to focus solely on pharmaceuticals and diagnostics. We believe that Roche Holding’s tremendous revenue growth and improving fundamentals, both in top-line sales and operating margins, add up to a very attractive business.
Another outsized contributor to performance was Celgene Corp., a biotechnology company that focuses on the discovery, development and sales of drugs used in the treatment of various blood-borne cancers and inflammatory diseases. Celgene’s newest drug, Revlimid, was approved by the Food and Drug Administration (FDA) in the final week of December 2005 for treating myelodysplastic syndrome (MDS), a blood-borne disease. Just over two-months later, the FDA granted priority status to Celgene’s application for Revlimid to treat multiple myeloma, another blood disorder similar to leukemia, and it is expected to rule on the second indication by the end of June 2006.
In transportation, Canadian National Railway Co. moved ahead. The railroad, which operates passenger- and product-hauling lines in Canada and the U.S., easily outdistanced earnings estimates for the past year. Although we expect the railroad’s fast-paced earnings growth to slow somewhat in the future, Janus’ research indicates that its margins and cash flow generation should remain strong, as Canadian National Railway benefits from projected rising customer demand driven by surging Asian imports and expanding domestic markets.
The fund also benefited from an investment in financial services powerhouse, JPMorgan Chase & Co., which we added after concerns over the integration of its 2004 merger with Bank One Corp. weighed on its share price. The stock recovered strongly in late 2005, aided by news that well-known financial industry executive, James Dimon, will ascend to the role of chief executive officer six-months ahead of schedule. Under Dimon’s guidance, we believe that JPMorgan Chase will successfully capture the synergies created by the Bank One merger. Meanwhile, the company’s earnings growth remains healthy, supported by strong stock trading performance.
In creating a fund that represents a broad spectrum of the market, we have concentrated the majority of the fund’s holdings in what are considered classic growth stocks, but a portion may be categorized as turnaround situations.Unfortunately, the fund’s investment in industrial conglomerate Tyco International Ltd. (Tyco) suffered as turnaround efforts at the firm stalled. The company, whose myriad businesses include security and fire protection systems, electronics, healthcare, engineering products and plastics and adhesives, tempered expectations due to weak growth in its plastics unit, tepid revenue and working capital issues. Although we believe that Tyco has upside potential, and its management is committed to resolving problems in the healthcare and fire and safety divisions in the coming months, we are carefully weighing the stock’s risk-reward profile.
Another detractor to fund performance was computer maker Dell Inc., which struggled with short-term revenue growth issues and increasing margin pressure in its core personal computer (PC) business. Ultimately, we believe the value of Dell’s well-honed direct-distribution model and its track record of strong execution will return to the fore, although PC sales growth in 2006 may suffer from software maker Microsoft Corp.’s recently announced delay in the rollout of its new operating system.
Looking ahead, further interest rate increases, heightened energy costs and persistent worries about consumer attitudes and activities could drag on the economy. Still, Janus has confidence in the strength of corporate balance sheets and profits. Bond credit spreads have widened as well, which supports a belief that risk is being priced more effectively in the market. Regardless of what direction the economy takes, we will continue to focus on companies that should benefit from a focus on free cash flow generation and return on capital.
PF Lazard Mid-Cap Value Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 13.11%*, compared to a 21.54%** return for its benchmark, the Russell Midcap Index.
|
|
A-9 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
|
|
|
|
|
|
|
|
|
|
|
PF Lazard Mid-Cap Value Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| |
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 13.11 | % |
| 12.53 | % |
| 12.50 | % |
|
With maximum sales charge*** |
| 6.85 | % |
| 7.53 | % |
| 11.50 | % |
|
Russell Midcap Index** |
| 21.54 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 9.50 | % |
| 8.97 | % |
| 8.94 | % |
|
With maximum sales charge*** |
| 4.66 | % |
| 5.81 | % |
| 8.94 | % |
|
Russell Midcap Index** |
| 16.65 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. After falling sharply in mid-April, based on news of disappointing March retail sales and a widening trade deficit, the markets posted gains in the second quarter of 2005. Although the Fed raised short-term interest rates twice during the quarter to 3.25%, it appeared as though decelerating economic growth would cause policy makers to end the tightening cycle soon. The third quarter of 2005 saw stocks end the quarter with solid gains. Stocks rose sharply in July but experienced small losses in August, which were offset by equal gains in September. Energy stocks outpaced the market in the third quarter of 2005 based on the rising price of oil, after hurricanes Katrina and Rita devastated the Gulf shores and crippled oil production and refining in that area. The implications of higher gasoline prices dampened consumer confidence in September, and consumer-related companies were among the quarter’s worst performing stocks. The Fed raised the benchmark interest rate by 25 basis points (0.25%) in September, the second hike of the quarter, possibly signaling inflationary pressures rather than slowing growth. The housing market remained feverish. After weakness early in October, the markets rebounded sharply during November and December, as the outlook for the U.S. economy continued to be positive and inflation appeared under control, despite high energy and raw-materials prices. The Fed raised interest rates twice during the fourth quarter of 2005, in an effort to preempt inflation. The first quarter of 2006 witnessed a sharp rally in U.S. stocks, which then flattened in a mid-quarter sell off, attributed to concerns over the sustainability of U.S. economic growth, and worries that continued Fed tightening would lead to a reduction in risk tolerance. However, a continuation of strong profit growth, coupled with robust merger activity, aided the overall rally, and U.S. stocks experienced their best performance in five quarters. From a sector perspective, the energy sector, which had been a top performer in 2005, lagged the broader market, as stocks with exposure to natural gas prices declined. Conversely, the telecommunication services sector, a laggard in 2005, was one of the top performers, driven by merger and acquisition activity.
Stock selection in the industrials sector benefited fund performance, as the shares of Dover Corp. rose steadily during the period. The company’s most recent earnings beat analysts’ expectations, with both revenues and operating margins witnessing solid growth. An underweight position versus the benchmark in utilities stocks also boosted performance, as this sector declined after performing well in 2005. The utilities sector reached multi-year high valuations in 2005, and we, at Lazard Asset Management LLC (Lazard), believe that the recent underperformance should continue. An overweight position and stock selection in the consumer discretionary sector, particularly media stocks, detracted from fund performance, as Westwood One Inc. shares declined. The company recently announced that revenues for the first quarter of 2006 would be lower than had previously been forecasted, due to a weaker advertising market and greater competitive pressure. In addition, increased investment spending in 2006 is likely to further depress earnings relative to prior expectations. Also in the consumer discretionary sector, shares of Lear Corp. declined. As the severity of the auto industry problems became much more dramatic, Lear’s future outlook deteriorated. Because pressures on General Motors Corp. and Ford Motor Co. continued to mount, we decided to sell the fund’s stock in Lear. Stock selection in the financial sector also hurt fund performance, as some insurance holdings declined, due to losses generated as a result of the devastating hurricane season in the southern Gulf Coast of the U.S. However, we believe that these holdings should ultimately benefit from improved pricing in the industry. Also in the financial sector, an underweight position versus the benchmark in real estate investment trusts (REITs) detracted from performance, as this group performed well despite the rising interest rate environment.
PF Lazard International Value Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 17.85%*, compared to a 24.41%** return for its benchmark, the MSCI EAFE Index.
|
|
A-10 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
|
|
|
|
|
|
|
|
|
|
|
PF Lazard International Value Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 17.85 | % |
| 17.36 | % |
| 17.19 | % |
|
With maximum sales charge*** |
| 11.36 | % |
| 12.36 | % |
| 16.19 | % |
|
MSCI EAFE Index** |
| 24.41 | % |
|
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 22.11 | % |
| 21.51 | % |
| 21.46 | % |
|
With maximum sales charge*** |
| 19.82 | % |
| 20.60 | % |
| 21.46 | % |
|
MSCI EAFE Index** |
| 31.13 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 11.16 | % |
| 10.61 | % |
| 10.57 | % |
|
With maximum sales charge*** |
| 9.78 | % |
| 10.30 | % |
| 10.57 | % |
|
MSCI EAFE Index** |
| 14.80 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The twelve-month period ending March 31, 2006 began with the international markets bouncing back positively in May and June of 2005, after having fallen sharply in April. The U.S. dollar rallied, while the euro continued to fall after French and Dutch voters rejected the proposed European Union (EU) constitution. June witnessed falling bond yields, which outweighed concerns over record oil prices. Although there were signs of faltering growth in the United Kingdom (U.K.) economy, the Bank of England voted not to cut the benchmark interest rate. European markets were the best performers. Japan experienced sluggish export demand, causing the government to cut its estimates for first-quarter economic growth. However, other Asia-Pacific markets performed well.
The next three-months in 2005 saw the international markets rebound due to investor confidence in companies’ profit forecasts despite the high price of energy. The U.S. dollar weakened early in the third quarter of 2005, rallied later in the quarter, and ended the month of September roughly flat. Energy stocks outpaced the market, as the price of oil topped $70 per barrel in the crippling aftermath of U.S. hurricanes Katrina and Rita. The Fed raised the benchmark interest rate by 25 basis points (0.25%) in September, which was the Fed’s second rate hike in the quarter. Growth in European economies appeared to be picking up: business confidence in Germany rose to a new high, unemployment in Italy reached a new low, and France’s consumer spending was robust. For the first time since 1991, Japan experienced an economic rebound, fueled by consumer and capital spending, not government outlays. October, however, witnessed weakness in the international markets, before they rebounded in November and December. The U.S. dollar was strong versus most currencies during the fourth quarter of 2005, continuing the trend that began at the beginning of the year.
The outlook for international economies continued to be positive, and inflation appeared to be under control, despite high energy and raw-materials costs. The European Central Bank raised interest rates in December for the first time in many years. Signs of economic recovery in Japan fueled speculation that the Bank of Japan might end its zero-interest-rate policy fairly soon. Mergers and acquisitions were strong. The last three-months of this twelve-month period (the first quarter of 2006), witnessed a sharp rally in international stocks, which flattened into a mid-quarter sell-off over the sustainability of growth and worries that monetary tightening around the world would lead to a global reduction in investor risk tolerance. However, a continuation of strong profit growth, coupled with robust merger and acquisition activity (particularly in Europe), aided the overall rally in international markets. While economic reports are still strong, Japan lagged the overall global broad market as the Bank of Japan halted its policy of flooding the market with inflation-fighting funds. Takeover speculation in Europe helped stocks to advance in the face of forecasts for slower earnings and the European Central Bank’s second benchmark rate increase in three-months.
Stock selection in the healthcare sector benefited fund performance, as the shares of Schering AG rose sharply during the period. The German pharmaceuticals producer received an uninvited cash bid from Merck & Co. Inc., which was subsequently topped by Bayer AG. The shares of Swiss pharmaceuticals producer, Roche Holding AG, also rose considerably, as the company’s sales increased by 20% for the full year 2005 and its operating margins expanded by 200 basis points to 25.4%. An underweight position versus the benchmark and stock selection in the consumer discretionary sector also helped fund returns, as Compagnie Financiere Richemont AG ‘A’ shares posted solid gains. This Swiss manufacturer and retailer of luxury goods continue to benefit from robust demand by affluent consumers.
Stock selection in the technology sector also boosted fund performance, as most of the fund’s hardware and equipment holdings witnessed robust demand for their products. The top performer in this sector was Hoya Corp., which continued to
|
|
A-11 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
post solid earnings results throughout the period, in addition to doubling its dividend payout and announcing a share buyback. The demand for the company’s glass templates, which are used to make liquid crystal displays, remains robust. The shares of Nokia OYJ, one of the leading mobile-phone makers, also posted solid gains over the period, rising to a twenty-month high in December. The company has launched a variety of new phones and is benefiting from stronger-than-expected global handset demand. Canon Inc. shares also rose considerably over the period, based on robust demand for digital cameras. The company’s return on invested capital is among the highest in the industry and the shares appear to be attractively valued.
Conversely, an overweight position versus the benchmark and stock selection in the consumer staples sector detracted from fund performance, as the shares of U.K. grocer, Tesco PLC, fell as a result of profit taking after posting a solid gain in February. Cadbury Schweppes PLC shares also declined after the company announced that it would miss its annual profitability goal, due to higher oil prices and disruptions caused by the hurricane season in the U.S. However, the company’s confectionery business, which Lazard believes has been transformed by its acquisition of Adams Confectionary from Pfizer Inc. in March of 2003, is delivering above-sector-average sales growth, and its American beverage business is doing well, from an innovation and profit-generation point of view. Adams brought to Cadbury Schweppes four significant brands: Trident sugar-free gum, Dentyne Ice chewing gum, Halls medicated confectionary products, and Bubbas bubble gum, as well as access to the Latin American market. The fund’s underweight positions versus the benchmark in the materials and industrials stocks detracted from its performance, as these sectors produced some of the largest gains for the period.
PF Loomis Sayles Large-Cap Growth Fund (formerly PF AIM Blue Chip Fund)
Q. How did the fund perform over the period ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 7.00%*, compared to a 13.14%** return for its benchmark, the Russell 1000 Growth Index, and a 11.72%** return for the S&P 500 Index. For the three-month period from January 1, 2006 (the date on which Loomis, Sayles Asset Management L.P. (Loomis) assumed management of the fund) through March 31, 2006, the fund’s Class A returned 1.21%*, compared to a 3.09%** return for the Russell 1000 Growth Index and a 4.21%** return for the S&P 500 Index. The fund’s benchmark was changed to the Russell 1000 Growth Index due to the fund’s style of investing in growth-oriented companies. For the nine-month period from April 1, 2005 to December 31, 2005, during which A I M Capital Management, Inc. (AIM) was manager, the fund’s Class A returned 6.69%*, compared to a 10.42%** return for the Russell 1000 Growth Index and a 10.23%** return for the S&P 500 Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
|
|
|
|
|
|
|
|
|
|
|
PF Loomis Sayles Large-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 7.00 | % |
| 6.41 | % |
| 6.32 | % |
|
With maximum sales charge*** |
| 1.12 | % |
| 1.41 | % |
| 5.32 | % |
|
Russell 1000 Growth Index** |
| 13.14 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 10.46 | % |
| 10.00 | % |
| 9.93 | % |
|
With maximum sales charge*** |
| 8.39 | % |
| 8.88 | % |
| 9.93 | % |
|
Russell 1000 Growth Index** |
| 14.80 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 17.21 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 1.93 | % |
| 1.43 | % |
| 1.39 | % |
|
With maximum sales charge*** |
| 0.66 | % |
| 1.00 | % |
| 1.39 | % |
|
Russell 1000 Growth Index** |
| 4.95 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 6.81 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Equity markets posted modest returns during the nine-month period from April 1, 2005 to December 31, 2005, during which AIM was manager to the fund. The NASDAQ was up 1.37%** and the Dow Jones Industrial Average increased 1.83%** at the end of 2005. From a style perspective, value stocks continued to outperform growth stocks, and large-capitalization stocks outperformed small-capitalization stocks; ending six years of outperformance by small-capitalization stocks.
|
|
A-12 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
While continuing to battle a wall of concerns, the U.S. economy celebrated its fourth consecutive year of expansion during 2005. With consumer spending contributing over 65% to the U.S. economy, the primary focus of concern was on the financial health of the U.S. consumer. With a slowing housing market, elevated energy prices and the Fed raising rates, there was concern that consumers were tapped out. But the job market was holding steady with the unemployment rate near four-year lows at 5%, and consumers would be likely to continue their spending habits if real wages were to hold up. The manufacturing sector slowed at the end of 2005 but remained at expansion levels in early 2006. Business capital expenditures will be another key driver to the continued economic expansion, and analysts will be looking for signs of a pick up in this area. Rising energy prices and an overall healthy global economy drove inflation up and had the Fed aggressively trying to keep prices down by raising rates 2% during 2005. The Federal Funds rate was 4.25% with more tightening expected into early 2006, but many analysts believe that the Fed will stop raising rates during the year.
In terms of sectors, the fund outperformed its benchmark by the widest margin in the healthcare, energy and consumer discretionary sectors. On the other hand, the fund underperformed the S&P 500 Index by the widest margin in the information technology and financial sectors. On an absolute basis, the healthcare and energy sectors contributed the most to the fund’s overall return, while materials stocks were the biggest detractors from performance during the period AIM managed the fund.
On January 1, 2006, Loomis assumed management of the fund.
During the first quarter of 2006, the fund lagged its benchmark. In general, stronger-than-expected economic growth led to a rotation into more cyclically sensitive stocks such as industrials as well as profit taking in sectors such as healthcare where we, at Loomis, have significant positions. The underperformance in the healthcare sector was attributable to softness of the managed care company, UnitedHealth Group Inc., and medical device companies St. Jude Medical Inc. and Medtronic Inc.; all of which were coming off of a strong 2005. The fund also underperformed in the consumer discretionary sector, as Yahoo! Inc. reported disappointing earnings in January, while eBay Inc. drifted lower even though the company had a glowing January earnings report.
On the positive side, the fund’s best performance during the first quarter of 2006 was seen in financial services and technology stocks. The stocks that had the greatest positive impact on performance were Corning Inc., CB Richard Ellis Group Inc. ‘A’ and The Goldman Sachs Group Inc. Corning, the high tech glass manufacturer, continues to perform very well as the transition to flat panel/LCD televisions by consumers is generating strong demand. CB Richard Ellis Group shares hit new highs resulting from broad strength in global commercial real estate markets. Goldman Sachs reported stellar fiscal first quarter 2006 results, fueled by strong growth across all business segments. The environment for the investment banks such as Goldman Sachs and Lehman Brothers Holdings Inc. remain excellent with robust global activity in fixed income, mergers and acquisitions, and equities.
While technology sector performance was strong in the aggregate, Apple Computer Inc. has been a short-term disappointment, although it remains a top holding in the fund. The volatility was not unexpected as this was a transition quarter, with Apple replacing chipsets for its Mac lineup with the new dual Intel Corp. processors (replacing IBM-supplied chipsets). This likely led to some delay in consumer purchases in anticipation of the new Intel machines. Given the record sales of iPods in the fourth quarter holiday season, investors were concerned about a seasonal drop in the first quarter of 2006. Despite these short-term risks, Loomis believes the valuation remains attractive and product innovation is among the strongest in the sector.
Yahoo posted a disappointing fourth quarter 2005, and first quarter 2006 guidance was less than investors expected. Margins fell lower than expected. Shares of Google Inc. ‘A’ had a volatile first quarter 2006. After reaching record highs early in the year, the shares declined as the January earnings report was light relative to expectations. The position size has been trimmed, but we remain long-term supporters of Google as its revenue growth prospects continue to be excellent so the fund continues to hold some of the stock. The question with Google, as always, is the long-term structure of profit margins, so we continue to monitor the position very closely.
The fund continues to be positioned in companies displaying leadership qualities and strong fundamentals within their respective industries. During the first quarter of 2006, we slightly reduced the fund’s exposure to the healthcare and consumer discretionary sectors and redeployed the proceeds into the industrial and financial services sectors. The financial services sector remains the largest overweight sector versus the benchmark with positions concentrated in the investment banks/brokers, specialty finance and asset management industries.
Loomis continues to expect the equity market backdrop to remain favorable as the economy continues to move ahead at a healthy rate, and the typical company looks poised to again deliver earnings growth in the low double-digit range. In the short run, however, we believe that a fixation on predicting the end of the interest rate hikes by the Fed casts a conservative shadow over the market for some of the higher revenue growth companies. We expect a more neutral Fed policy in the latter half of 2006. While earnings and economic growth may moderate in the coming months, we believe the fund remains positioned to potentially benefit from the greater earnings growth expected for the fund’s holdings compared to the market average.
|
|
A-13 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF MFS International Large-Cap Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 22.72%*, compared to a 24.41%** return for its benchmark, the MSCI EAFE Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
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|
|
|
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|
|
Average Annual Total Returns for the Periods Ended March 31, 2006 |
| ||||||||||
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| ||||||||||
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|
|
PF MFS International Large-Cap Fund |
|
| Class A |
| Class B |
| Class C | ||||
|
|
|
|
| |||||||
1 | Year Total Return: |
|
|
|
|
|
|
|
|
|
|
| Without sales charge* |
|
| 22.72 | % |
| 22.16 | % |
| 22.12 | % |
| With maximum sales charge*** |
|
| 15.94 | % |
| 17.16 | % |
| 21.12 | % |
| MSCI EAFE Index** |
|
| 24.41 | % |
|
|
|
|
|
|
3 | Year Total Return: |
|
|
|
|
|
|
|
|
|
|
| Without sales charge* |
|
| 25.12 | % |
| 24.49 | % |
| 24.49 | % |
| With maximum sales charge*** |
|
| 22.77 | % |
| 23.63 | % |
| 24.49 | % |
| MSCI EAFE Index** |
|
| 31.13 | % |
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 11.67 | % |
| 11.10 | % |
| 11.13 | % |
| With maximum sales charge*** |
|
| 10.28 | % |
| 10.79 | % |
| 11.13 | % |
| MSCI EAFE Index** |
|
| 14.80 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. A combination of security selection and an underweight position versus the benchmark in the utilities and communications sectors boosted the fund’s performance during the period. Within the communications sector, global communications services company, Hutchison Telecommunications International Ltd., was the top contributor to fund performance.
Relative results were also aided by favorable stock selection in the energy sector. The fund’s holdings in Chinese oil and gas company CNOOC Ltd. (which is not a benchmark constituent) contributed to returns during the period. This sector also benefited from not owning Dutch oil and gas distribution firm Royal Dutch Shell PLC ‘A’, which underperformed the benchmark during the period.
The fund’s overweighted position in the strong-performing industrial goods and services sector also helped relative returns. Swedish industrial products manufacturer Atlas Copco AB ‘A’, French manufacturer of electrical distribution equipment Schneider Electric SA, Japanese industrial adhesive tapes maker Nitto Denko Corp., and Swedish drilling tools maker Sandvik AB were among MFS Investment Management’s (MFS) top contributors to fund performance.
Elsewhere, the fund’s stock holdings in Japanese textile manufacturer Toray Industries Inc., German pharmaceutical company Schering AG, and Canadian railroad firm Canadian National Railway Co. (which is not a benchmark constituent) also positively impacted relative fund performance. Toray Industries, a holding in the fund, was sold because we believed that it reached a level that represented fair value.
During the reporting period, the fund’s currency exposure was also a contributor to relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and, as such, it is common for our funds to have different currency exposure than the benchmark.
Security selection and, to a lesser extent, the fund’s underweighting versus the benchmark in the strong-performing financial services sector hurt performance relative to the benchmark. Not owning Japanese banking firm Mitsubishi UFJ Financial Group Inc., a benchmark constituent, negatively impacted results as the stock rose significantly over the period.
In the basic materials sector, stock selection held back relative results. In the consumer staples sector, a combination of stock selection and an overweighted position hindered relative performance. In this sector, the fund’s holdings in U.K.-based household products manufacturer, Reckitt Benckiser PLC, and Swiss candy and confections company, Nestle SA, detracted from relative returns.
French chemical manufacturer, L’Air Liquide SA, despite its overall positive return, underperformed the benchmark and therefore, detracted from the fund’s relative performance. Israeli-headquartered software security provider Check Point Software Technologies Ltd. (which is not a benchmark constituent) and several U.K.-based securities also hindered relative results, including gaming operator, William Hill PLC, medical device manufacturer Smith & Nephew PLC, home improvement store operator Kingfisher PLC, which was sold during the period, and apparel retailer, NEXT PLC.
The fund’s cash position was also a detractor from relative performance. The fund holds cash to buy new holdings and to
|
|
A-14 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
provide liquidity. In a period when equity markets rose, as measured by the fund’s benchmark, holding cash hurt performance versus the benchmark, which has no cash position.
PF NB Fasciano Small Equity Fund (formerly PF AIM Aggressive Growth Fund)
Q. How did the fund perform over the period ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 15.01%*, compared to a 25.85%** return for its benchmark, the Russell 2000 Index and a 22.68%** return for the Russell Midcap Growth Index. The fund’s benchmark was changed to the Russell 2000 Index due to the fund’s style of investing in smaller-capitalization stocks. From October 1, 2005 (the date Neuberger Berman Management Inc. (Neuberger Berman) assumed management) to March 31, 2006, the fund’s Class A returned a 9.79%* compared to a 15.23%** return for the Russell 2000 Index and a 11.32%** return for the Russell Midcap Growth Index. For the six-month period from April 1, 2005 to September 30, 2005 during which AIM was the manager, the fund’s Class A returned 4.76%*, compared to a 9.21%** return for the Russell 2000 Index and a 10.21%** return for the Russell Midcap Growth Index.
Performance Comparison
|
|
| The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges. |
Average Annual Total Returns for the Periods Ended March 31, 2006
|
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|
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|
|
PF NB Fasciano Small Equity Fund |
|
| Class A |
| Class B |
| Class C | ||||
|
|
|
|
|
| ||||||
1 | Year Total Return: |
|
|
|
|
|
|
|
|
|
|
| Without sales charge* |
|
| 15.01 | % |
| 14.49 | % |
| 14.38 | % |
| With maximum sales charge*** |
|
| 8.65 | % |
| 9.77 | % |
| 13.44 | % |
| Russell 2000 Index** |
|
| 25.85 | % |
|
|
|
|
|
|
| Russell Midcap Growth Index** |
|
| 22.68 | % |
|
|
|
|
|
|
3 | Year Total Return: |
|
|
|
|
|
|
|
|
|
|
| Without sales charge* |
|
| 17.30 | % |
| 16.73 | % |
| 16.71 | % |
| With maximum sales charge*** |
|
| 15.11 | % |
| 15.74 | % |
| 16.71 | % |
| Russell 2000 Index** |
|
| 29.53 | % |
|
|
|
|
|
|
| Russell Midcap Growth Index** |
|
| 25.75 | % |
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
| |
| Without sales charge* |
|
| 7.72 | % |
| 7.20 | % |
| 7.23 | % |
| With maximum sales charge*** |
|
| 6.38 | % |
| 6.85 | % |
| 7.23 | % |
| Russell 2000 Index** |
|
| 16.63 | % |
|
|
|
|
|
|
| Russell Midcap Growth Index** |
|
| 14.42 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Equity markets posted modest returns during the period from April 1, 2005 to September 30, 2005 during which AIM was manager to the fund. The NASDAQ was up 1.37%** at the end of 2005. From a style perspective, value stocks continued to outperform growth stocks, and large-capitalization stocks outperformed small-capitalization stocks ending six years of outperformance by small-capitalization stocks.
While continuing to battle a wall of concerns, the U.S. economy celebrated its fourth consecutive year of expansion during 2005. With consumer spending contributing over 65% to the U.S. economy, the primary focus of concern was on the financial health of the U.S. consumer. With a slowing housing market, elevated energy prices and the Fed raising rates, there was concern that consumers were tapped out. But the job market was holding steady with the unemployment rate near four-year lows at 5%, and consumers would be likely to continue their spending habits if real wages were to hold up. The manufacturing sector slowed at the end of 2005 but still remained at expansion levels. Business capital expenditures will be another key driver to the continued economic expansion, and analysts will be looking for signs of a pick up in this area. Rising energy prices and an overall healthy global economy drove inflation up and had the Fed aggressively trying to keep prices down by raising rates 2% during 2005. The Federal Funds rate at December 31, 2005 was 4.25%.
In terms of sectors, the fund’s underperformance during the period was largely due to stock selections in the healthcare, materials, and consumer staples sectors. The fund’s underweight position versus the benchmark in the energy sector also hurt performance when compared to the benchmark, as this was the best performing sector for the year. Alternatively, the fund outperformed its benchmark in industrials and information technology when compared to the benchmark.
|
|
A-15 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
In absolute terms, the information technology, healthcare and energy sectors made the largest contribution to the fund’s overall return, while consumer discretionary and consumer staples were the biggest detractors from performance during the period AIM managed the fund.
Neuberger Berman assumed management of the fund on October 1, 2005.
The fund generated a solid positive return during the six-month reporting period. Over the period, equity market performance was positive across the board. Results ranged widely among various indices, as market-capitalization had a pronounced impact on returns. Small-capitalization indices posted double-digit percentage gains while large-capitalization indices had more modest single-digit gains. The performance of mid-capitalization stocks fell between that of small- and large-capitalization stocks. Within large-capitalization stocks, value-style stocks outperformed growth-style indices. Within small-and mid-capitalization stocks, however, growth stocks outperformed value stocks. The Russell 2000 Growth Index and the fund’s benchmark were the top-performing broad-based domestic equity indices over this time period. Meanwhile, the Russell 1000 Growth and S&P 500 indices were two of the weakest performing indices during the period.
The fund’s holdings within the industrials sector made the largest contribution to total return over the period. Four of the fund’s top ten individual contributors came from this sector. Fund holdings within the information technology, financials, materials and healthcare sectors also made substantial contributions to the fund’s total return.
Holdings within the consumer discretionary sector made an overall detraction from the fund’s total return. The fund’s two largest individual detractors were news and media companies, which have been pressured by investor concerns tied to the migration of advertising towards the Internet. We, at Neuberger Berman, believe the market has overreacted to this issue, and that print advertising, particularly classifieds, is still a viable revenue generator for newspaper companies. These companies are currently out of favor, but their real value, in our opinion, is understated at current share price levels.
The fund’s return over the period fell below the strong return of its benchmark. The underperformance of the holdings in the consumer discretionary sector was largely to blame for the shortfall, as the fund’s three largest holdings in the sector declined significantly, detracting from relative performance. In addition, the less-robust (albeit solid) return generated by Neuberger Berman’s selection of information technology stocks and the fund’s underweight allocation to this sector also dampened returns relative to the fund’s benchmark.
On the other hand, positive stock selection within the financials and energy sectors boosted relative performance, as the fund’s holdings outperformed their index sector counterparts. Our lack of exposure to the utilities sector, the only sector in the index to post a decline over the period, also benefited the fund’s relative return.
The substantial outperformance exhibited by small-capitalization stocks of late appears to have postponed the long-anticipated rotation towards superior performance for large-capitalization stocks. Recently, the strongest small-capitalization stock returns have been generated by companies with rich valuations, a history of poor financial returns and, in a number of instances, no earnings. This is a direction Neuberger Berman has no intention of following since we remain focused on companies with strong financial conditions, which possess clean balance sheets and have demonstrated the ability to generate meaningful levels of free cash flow. We seek those companies with a proven history of strong return on investment and consistent, stable earnings growth driven by business models centered on products and services that drive recurring revenues.
PF Oppenheimer Main Street®Core Fund
Q. How did the fund perform over the period ended March 31, 2006?
A. The PF Oppenheimer Main Street Core Fund commenced operations on September 30, 2005. For the period since inception (September 30, 2005) through March 31, 2006, the fund’s Class A returned 6.85%*, compared to a 6.38%** return for its benchmark, the S&P 500 Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown.
|
|
|
|
|
Total Returns (Non-Annualized) for the Period Ended March 31, 2006 |
| |||
|
|
|
|
|
PF Oppenheimer Main Street Core Fund |
| Class A |
| |
|
|
| ||
Since Inception: |
|
|
|
|
Without sales charge* |
|
| 6.85 | % |
S&P 500 Index** |
|
| 6.38 | % |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
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A-16 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The fund produced higher returns than its benchmark during the period. Results were achieved despite relatively weak performance by very large-“mega-capitalization” stocks, an area of focus for the fund. Our successful stock selection strategy helped offset any weakness among mega-capitalization stocks as a group. As always, our security selection process was driven by our disciplined, quantitative investment approach.
Although we, at Oppenheimer Funds Inc. (Oppenheimer), rely on our “bottom-up” quantitative process to choose investments, the fund was, nonetheless, affected by varying performance trends across the U.S. equity market’s capitalization ranges. “Mega-capitalization” stocks, with market capitalizations of $46.7 billion or more, lagged the averages as investors apparently were more attracted to higher earnings growth rates from smaller companies. Mid-capitalization stocks produced the highest returns of any capitalization range over the reporting period, followed by small-capitalization stocks and large-capitalization stocks. Micro-capitalization and mega-capitalization stocks, which represent the high and low ends of the market’s range, posted only modestly positive absolute returns.
Despite the fund’s relatively heavy exposure to mega-capitalization stocks, we mitigated the effects of their relative weakness through fortunate timing to the extent that we were able to change the allocation of the fund’s holdings. The fund benefited from its emphasis on mega-capitalization stocks over the first two-months of the reporting period, when these stocks fared relatively well. Subsequently, in anticipation of seasonal factors that typically boost the relative performance of smaller-capitalization stocks around the turn of the year, we reduced the fund’s emphasis on mega-capitalization stocks and increased its weighting in the large- and mid-capitalization ranges. This shift positioned the fund for stronger returns from smaller-capitalization stocks in December and January. In fact, January proved to be a particularly good month for stocks; 94 of the 500 stocks in the fund’s large-capitalization benchmark hit all-time highs, and companies in the mid-capitalization range fared even better.
Although the energy sector has consistently represented the equity market’s top performer for several years, moderating oil and gas prices in the wake of the peak reached their peaks immediately after Hurricane Katrina caused energy stocks to relinquish their leadership position for the six-month reporting period. Instead, the materials, financials and industrials sectors ranked among the better-performing industry groups, while utilities and consumer discretionary stocks represented the only components of the benchmark to produce negative absolute returns for the reporting period. Relatively heavy exposure to financials stocks helped the fund’s performance, and its relatively light holdings in the utilities, consumer staples and consumer discretionary sectors helped it avoid the full brunt of sector-related weakness.
As we prepared for “turn of the year” seasonal factors in the fall, the fund’s average weighted market capitalization declined from roughly 109% of the benchmark to about 102%. This shift included less emphasis on mega-capitalization stocks and a greater focus on large- and mid-capitalization stocks. The information technology sector overtook the energy group as the fund’s area of greatest relative emphasis, partly because Oppenheimer’s models have found more opportunities among technology stocks after an extended period of underperformance. In addition, the fund’s holdings in financials stocks moved from an overweighted position to one that was slightly underweighted compared to the benchmark.
Oppenheimer’s models have continued to indicate that large-capitalization stocks currently are more attractive than smaller-capitalization stocks and, to a lesser extent, mega-capitalization stocks. While no one can predict accurately the timing of changes in market cycles, we believe that a period of large-capitalization outperformance may be overdue. Additionally, our models recently have found more opportunities among technology, healthcare and energy stocks, and fewer in the utilities, consumer staples and financials sectors. However, it is important to understand that these tilts are the result of our quantitative investment process, not our personal speculations on possible economic and market forces.
PF Oppenheimer Emerging Markets Fund
Q. How did the fund perform over the period ended March 31, 2006?
A. The PF Oppenheimer Emerging Markets Fund commenced operations on September 30, 2005. For the period since inception (September 30, 2005) through March 31, 2006, the fund’s Class A returned 20.94%*, compared to a 20.06%** return for its benchmark, the MSCI Emerging Markets Index.
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A-17 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown.
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Total Returns (Non-Annualized) for the Period Ended March 31, 2006 |
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PF Oppenheimer Emerging Markets Fund |
| Class A |
| |
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Since Inception: |
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Without sales charge* |
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| 20.94 | % |
MSCI Emerging Markets Index** |
|
| 20.06 | % |
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The fund posted strong absolute and relative performance during the period ended March 31, 2006. We, at Oppenheimer, attribute the fund’s performance to sector-wide gains across many stocks in the emerging markets sector as well as the success of our individual stock selection strategy, which has led to strong results in many of the fund’s key holdings.
The fund’s performance can also be attributed to strong returns from many of the stocks within Oppenheimer’s investment philosophy based on long-term thematic investing. The fund has a thematic orientation with research driven by themes developed by Oppenheimer of Mass Affluence, New Technology and Restructuring (MANTRA). These major trends, as outlined below, lie at the heart of our disciplined investment approach:
Mass Affluence - We look for strongly branded companies. The recent broadening of wealth within societies has increased consumption worldwide, fueling demand for luxury goods and financial services.
New Technology - We invest in leading edge technology companies. Technological advances should continue to open up a new world of opportunities with near- and long-term potential.
Restructuring - We seek out companies with recent management changes or privatization. A competitive market model has taken root in major economies worldwide. In Europe, government-run firms are being privatized, long-standing subsidies cut and merit incentives introduced, creating investment opportunities as firms restructure and merger activity increases.
The global environment for the emerging markets sector was very positive and the stock markets reflected that view. Strong earnings growth throughout the emerging markets sector coupled with low interest rates in the developed economies were the two most significant drivers of the fund’s returns.
The fund had significant exposure to the financials and consumer discretionary sectors during the period. Financials stocks tied to mortgage and consumer lending have historically been a key part of the fund’s Mass Affluence theme. Two financial stocks that fell into this category and performed well were Brazil’s Banco Bradesco SA, a beneficiary of strong domestic consumption growth, and Woori Finance Holdings Co. Ltd. of South Korea.
Stocks in the consumer discretionary sector were also large drivers of performance during the reporting period, most notably two Brazilian stocks, Cyrela Brazil Realty SA Empreendimentos e Participacoes and department store Lojas Americanas SA. GS Home Shopping Inc., a South Korean cable and Internet retailer, also posted strong gains on the heels of its announcement of a home shopping venture in China early in the reporting period. These stocks all fall into Oppenheimer’s Mass Affluence theme.
Relative to the benchmark, the best performing countries were Brazil and South Korea, which also serve as the two largest areas of investment for the fund. In Brazil, the outperformance was driven largely by individual stock selection. As discussed earlier, several financial and consumer discretionary stocks in Brazil added to fund performance. In South Korea, Hynix Semiconductor Inc., one of the leading semiconductor manufacturing firms, and NHN Corp., the country’s Internet search engine company, posted especially strong returns. Since NHN had performed well during the period, we sold some of the position.
Only a handful of consumer-oriented sector names within Hong Kong disappointed, including Television Broadcasts Ltd. and The Hongkong & Shanghai Hotels Ltd. Otherwise, it was the fund’s lack of exposure to some of the better-performing energy stocks and electronic firms that detracted from fund performance, many of which did not meet our valuation criteria.
Going into 2006, our outlook remains largely unchanged. We, at Oppenheimer, believe that earnings growth in the emerging markets sector will likely outpace that of the developed markets sector while valuations still look relatively attractive. Those factors, coupled with a low yield environment in the developed markets sector, give us confidence that the current bull market may have two to three years to run. That being said, it is important to recognize that returns have been particularly strong with minor corrections over the past
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A-18 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
eighteen-months, and we believe that a more significant correction is increasingly likely. Therefore, we would view it as a healthy development toward keeping stock market expectations in line with the steady and strong growth in the emerging markets sector in the next several years.
PF PIMCO Managed Bond Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 2.19%*, compared to a 2.26%** return for its benchmark, the Lehman Brothers Aggregate Bond Index and a 2.02%** return for the Lehman Brothers Government/Credit Index. The fund’s benchmark was changed to the Lehman Brothers Aggregate Bond Index since it is a more widely used benchmark and includes more similar investments to the fund than the Lehman Brothers Government/Credit Index.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
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| Average Annual Total Returns for the Periods Ended March 31, 2006 |
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PF PIMCO Managed Bond Fund |
| Class A |
| Class B |
| Class C |
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1 | Year Total Return: |
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| Without sales charge* |
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| 2.19 | % |
| 1.67 | % |
| 1.75 | % |
| With maximum sales charge*** |
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| -3.39 | % |
| -3.31 | % |
| 0.76 | % |
| Lehman Bothers Aggregate |
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| Bond Index** |
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| 2.26 | % |
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| Lehman Brothers |
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| Government/Credit Index** |
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| 2.02 | % |
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3 | Year Total Return: |
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| Without sales charge* |
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| 2.98 | % |
| 2.46 | % |
| 2.52 | % |
| With maximum sales charge*** |
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| 1.06 | % |
| 1.20 | % |
| 2.52 | % |
| Lehman Bothers Aggregate |
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| Bond Index** |
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| 2.92 | % |
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| Lehman Brothers |
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| Government/Credit Index** |
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| 2.83 | % |
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Since Inception: |
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| Without sales charge* |
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| 4.68 | % |
| 4.16 | % |
| 4.20 | % |
| With maximum sales charge*** |
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| 3.38 | % |
| 3.77 | % |
| 4.20 | % |
| Lehman Bothers Aggregate |
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| Bond Index** |
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| 4.50 | % |
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| Lehman Brothers |
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| Government/Credit Index** |
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| 4.67 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Bonds gained ground in 2005, leaning against the headwinds of Fed tightening and concern that higher energy prices would fuel inflation pressure. The second quarter of 2005 saw a rally in fixed income markets worldwide as interest rates fell amid signs of an economic slowdown and risk appetites for credit-sensitive assets revived. The third quarter was essentially a reversal of the previous three-months. Most bond sectors lost ground as interest rates rose. Rates were volatile intra quarter, as investor sentiment shifted about the direction of Fed policy, the impact of Gulf Coast hurricanes, and the potential for a pullback in the U.S. housing market. The Fed raised rates twice during the quarter, in 25 basis point (0.25%) increments to a level of 4.25%. As the year drew to a close, some optimism arose that the Fed might be near the end of its rate increases as a fall in energy prices calmed fears about inflation. Signs that higher mortgage rates and lofty valuations could finally be pinching affordability in surging property markets also helped placate bond markets. Rates continued to rise during the first quarter of 2006, weighing on bond returns. The Fed tightened twice during this period, bringing the Federal Funds rate to 4.75%. The European Central Bank joined the Fed in raising rates during the quarter and the Bank of Japan announced the end of its “quantitative easing” policy, which has flooded Japanese markets with liquidity. Unwinding of this policy should remove a low cost source of financing for investors looking to make longer term, higher yielding investments. The fund’s benchmark, a widely used index for the high-grade bond market, returned 2.26%** for the one-year period ending March 31, 2006, despite the tightening cycle by the Fed that began in 2004.
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A-19 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Prudent diversification outside of core sectors added value in a challenging environment for bonds. Interest rate strategies were negative for performance during the twelve-month period. An above benchmark duration for most of the period was negative for performance as interest rates rose. An emphasis on short and intermediate maturities was also negative as the yield curve flattened during the period and inverted during the first quarter of 2006. An overweight position to mortgages for most of the period was positive for performance as corporate earnings continued their solid momentum. Exposure to European bonds added value as economic growth was generally slower, and interest rate increases were milder outside the U.S. Emerging market bonds also contributed to returns as credit quality and economic indicators continued to improve.
The global economy is transitioning away from policy-driven growth engineered by major central banks towards more self-sustaining, internally generated growth. The Fed and the European Central Bank have already stepped back from monetary reflation. The Bank of Japan has announced its intent to do the same. Pacific Investment Management Co. LLC (PIMCO) expects that the U.S., Japan/China and the Eurozone have sufficient sources of internal demand to withstand the withdrawal of monetary stimulus. The risks to our forecast are primarily to the downside, as each of the world’s biggest economies has structural weaknesses that could make the withdrawal more painful than anticipated. Key elements of the outlook are:
The U.S. economy should grow more slowly; euphoria in the housing sector will continue to erode over the course of the year, with a dampening effect on consumer spending.
This Fed tightening cycle has extended longer than PIMCO expected but is nearing its end; the Fed should stop at a Federal Funds rate near 5% as the economy slows.
Inflation is likely to be benign; wage/price pressure is under control amid an abundant supply of workers in emerging economies.
With respect to portfolio strategy, we expect to position the fund for a favorable bond market environment as the economy cools and Fed tightening draws to a close. We plan to target duration moderately above the index as we believe slower growth will create downward pressure on interest rates. We also expect to focus on short to intermediate maturities in the U.S. and the U.K., which should outperform as we expect yield curves in both of these markets to steepen. Part of this strategy will include a lengthening of the maturities of Eurodollar futures positions, in an attempt to benefit from Fed easing later this year or in early 2007. With regard to sector strategies, we plan to retain our overweight to mortgages, which add high quality yield to the portfolio, but expect to trim holdings to harvest recent gains. We plan to underweight the richly valued corporate sector and compensate for lost corporate income with the mortgage overweight and de-emphasize Eurozone bonds as the European Central Bank is still in the early stages of a tightening cycle. Additionally, we also plan to continue to hold emerging market bonds, where long-term credit fundamentals remain strong, but trim positions to take profits after several years of gains.
PF PIMCO Inflation Managed Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned - -0.44%*, compared to a 0.86%** return for its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index (Lehman U.S. TIPS Index).
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
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Average Annual Total Returns for the Periods Ended March 31, 2006 | ||||||||||||||
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PF PIMCO Inflation Managed Fund |
| Class A |
| Class B |
| Class C |
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1 | Year Total Return: |
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| Without sales charge* |
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| -0.44 | % |
| -0.91 | % |
| -0.95 | % | |||
| With maximum sales charge*** |
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| -5.90 | % |
| -5.66 | % |
| -1.90 | % | |||
| Lehman Brothers Global Real: |
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| |||
| U.S. TIPS Index** |
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| 0.86 | % |
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3 | Year Total Return: |
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| Without sales charge* |
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| 3.99 | % |
| 3.47 | % |
| 3.48 | % | |||
| With maximum sales charge*** |
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| 2.04 | % |
| 2.25 | % |
| 3.48 | % | |||
| Lehman Brothers Global Real: |
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| U.S. TIPS Index** |
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| 4.75 | % |
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Since Inception: |
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| Without sales charge* |
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| 4.72 | % |
| 4.19 | % |
| 4.19 | % | |||
| With maximum sales charge*** |
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| 2.92 | % |
| 3.35 | % |
| 4.19 | % | |||
| Lehman Brothers Global Real: |
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| |||
| U.S. TIPS Index** |
|
| 5.28 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
|
|
A-20 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
A. Bonds gained ground in 2005, leaning against the headwinds of Fed tightening and concern that higher energy prices would fuel inflation pressure. The Lehman U.S. TIPS Index returned 0.86%** for the year ended March 31, 2006. Fixed income markets in general were dominated during 2005 by speculation about the path and duration of the Fed’s tightening cycle. Market expectations of continued Fed tightening drove short-term real rates higher and helped produce a significant flattening of the real yield curve. The difference in yield between two- and ten-year TIPS increased from 143 basis points (1.43%) at the start of 2005 to a 72 basis point (0.72%) inversion by year end. As the year drew to a close, some optimism arose that the Fed might be moving closer to the end of its rate increases, which could produce a steeper yield curve. A drop in energy prices, which soared after the Gulf Coast hurricanes, calmed fears about inflation. Signs also emerged that higher mortgage rates and lofty valuations could finally be pinching affordability in property markets. Real yields continued their general upward trend through the first quarter of 2006, weighing on bond returns. In the U.S., real yields climbed across most of the yield curve. The exception was at the short end, which reacted more to rising near-term inflation expectations than to concerns that the Fed would keep tightening. This was due to higher oil prices adding to headline inflation even as core inflation remained subdued. Longer maturity real yields rose on the potential for more Fed rate hikes and for monetary contraction in Europe and Japan to draw capital away from the U.S.
Performance was relatively stable despite a volatile market. Interest rate strategies were negative but sector strategies added high quality income and helped performance. Above-index U.S. TIPS duration detracted from returns, as real yields rose on positive economic data and potential Fed rate increases. An emphasis on short maturity nominal bonds was also negative for performance due to a flattening nominal yield curve. In terms of sector strategies, a modest allocation to Eurozone positions that benefit when actual Consumer Price Index (CPI) prints are less than inflation expectations contributed to fund performance. An allocation to municipal bonds, which has a stable retail investor base and tends to outperform Treasuries when rates rise, was an additional positive. Allocations to emerging market bonds also added value as Emerging Markets credit quality and economic indicators continued to improve.
The global economy is transitioning away from policy-driven growth engineered by major central banks towards more self-sustaining, internally generated growth. The Fed and the European Central Bank have already stepped back from monetary reflation. The Bank of Japan has announced its intent to do the same. PIMCO expects that the U.S., Japan/China and the Eurozone have sufficient sources of internal demand to withstand the withdrawal of monetary stimulus. The risks to our forecast are primarily to the downside, as each of the world’s biggest economies has structural weaknesses that could make the withdrawal more painful than anticipated. Key elements of the outlook are:
The U.S. economy should grow more slowly; euphoria in the housing sector will continue to erode over the course of the year, with a dampening effect on consumer spending.
This Fed tightening cycle has extended longer than PIMCO expected but is nearing its end; the Fed should stop at a Federal Funds rate near 5% as the economy slows.
Inflation is likely to be benign; wage/price pressure is under control amid an abundant supply of workers in emerging economies.
With regard to strategy, we expect to position the fund for a favorable bond market environment as the economy cools and Fed tightening draws to a close. We plan to target real duration moderately above the index as slower growth will create downward pressure on real interest rates. We plan to focus on short to intermediate maturities in the U.S. and the U.K., which should outperform as both yield curves steepen. We will also focus on longer maturity TIPS, which should benefit from pension fund demand for longer-dated assets. We expect to hold municipal bonds as insurance against higher rates; their stable retail investor base potentially allows municipal bonds to hold their value better than taxable bonds if rates rise. We plan to retain exposure to mortgages, which add high quality yield to the portfolio, but trim holdings to harvest recent gains, and will de-emphasize Eurozone bonds as the European Central Bank is still in the early stages of a tightening cycle. We will also maintain select, modest exposure to corporate bonds to capture incremental yield. Additionally, we expect to continue to hold emerging market bonds, where long-term credit fundamentals remain strong, but trim positions to take profits after several years of gains.
PF Pacific Life Money Market Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 2.76%*, compared to a 3.53%** return for its benchmark, the Merrill Lynch 3-Month U.S. T-Bill Index. The current yield measured during the seven-day period ending March 31, 2006 was 3.57%*.
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A-21 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown.
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Average Annual Total Returns for the Periods Ended March 31, 2006 |
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PF Pacific Life Money Market Fund |
| Class A |
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1 Year Total Return: |
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Without sales charge* |
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| 2.76 | % |
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Merrill Lynch 3-Month |
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U.S. T-Bill Index** |
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| 3.53 | % |
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3 Year Total Return: |
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Without sales charge* |
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| 1.23 | % |
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Merrill Lynch 3-Month |
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U.S. T-Bill Index** |
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| 2.09 | % |
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Since Inception: |
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Without sales charge* |
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| 1.02 | % |
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Merrill Lynch 3-Month |
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U.S. T-Bill Index** |
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| 2.00 | % |
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Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The Federal Reserve Open Market Committee (FOMC) continued to take a more restrictive monetary policy stance, raising the Federal Funds rate by 2.00%, reaching 4.75% by the March 28, 2006 meeting. Continued economic growth coupled with potential inflation pressure contributed to an increasing interest rate environment for commercial paper and other money market assets. The fund’s shorter duration, emphasizing one-month and shorter maturities, combined with occasional longer asset-backed and agency callable notes, benefited from this environment. This strategy held the fund’s average maturity in a more neutral (approximately fifty days) range through the year.
Although top tier industrial commercial paper issuance continued to be limited on a historical basis, despite overall commercial paper supply at a five-year high, the fund’s investment style continues to emphasize industry diversification within this asset class. This strategy is executed in combination with investments in banking and financing related issuers.
Constraining fund yield to some degree during the period was the fund’s underweighting of asset-backed and foreign bank sponsored commercial paper.
To the extent the commercial paper yield curve continues to rise in response to the Fed’s activities, the fund will remain weighted towards shorter maturities, liquid, top-tier, industrial issuers blended with financial and banking related commercial paper. As rates stabilize longer term, while dependent on relative value, Pacific Life expects the fund should move maturities out along a more laddered scale away from the current more barbelled strategy.
PF Salomon Brothers Large-Cap Value Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 12.47%*, compared to a 13.31%** return for its benchmark, the Russell 1000 Value Index, and a 11.72%** return for the S&P 500 Index. The fund’s benchmark was changed to the Russell 1000 Value Index due to the fund’s style of investing in value-oriented companies.
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
|
|
A-22 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
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Average Annual Total Returns for the Periods Ended March 31, 2006 |
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PF Salomon Brothers |
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|
|
Large-Cap Value Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 12.47 | % |
| 11.99 | % |
| 11.88 | % |
|
With maximum sales charge*** |
| 6.26 | % |
| 6.99 | % |
| 10.88 | % |
|
Russell 1000 Value Index** |
| 13.31 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 17.76 | % |
| 17.26 | % |
| 17.20 | % |
|
With maximum sales charge*** |
| 15.54 | % |
| 16.29 | % |
| 17.20 | % |
|
Russell 1000 Value Index** |
| 21.77 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 17.21 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 5.89 | % |
| 5.45 | % |
| 5.38 | % |
|
With maximum sales charge*** |
| 4.57 | % |
| 5.08 | % |
| 5.38 | % |
|
Russell 1000 Value Index** |
| 10.36 | % |
|
|
|
|
|
|
|
S&P 500 Index** |
| 6.81 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. From a style perspective, value stocks significantly outperformed their growth stock counterparts, with the S&P 500/Citigroup Value and S&P 500/Citigroup Growth Indexes gaining 14.82%** and 8.75%**, respectively.
The overall stock market, as measured by the S&P 500 Index, generated strong results during the twelve-month period, returning 11.72%**.
There was no shortage of headwinds during the reporting period, including record high oil prices, steadily rising short-term interest rates, a devastating hurricane season, and geopolitical issues. However, while there were bumps in the road, to a large extent investors remained focused on the big picture—namely a solid economic environment and strong corporate profits.
The majority of the market’s gains were generated during the second half of the reporting period, as oil prices began to moderate and investors anticipated that the Fed would stop raising interest rates sooner rather than later. In addition, there were hopes that the Fed would be able to orchestrate a “Goldilocks” economy—one that expands enough to produce solid corporate profits, but that’s not so volatile that it triggers a substantial increase in inflation.
However, the market gave back some of its gains in late March 2006, which was triggered by the Fed’s fifteenth consecutive rate hike, its accompanying statement that led market participants to believe that the Fed would raise rates at least one more time in May and perhaps institute additional hikes as the year progresses.
Within the S&P 500 Index, all sectors posted positive returns with the energy sector leading the way with a gain of 21.8%, followed by the financials and telecommunication services sectors, posting gains of 17.4% and 17.1%, respectively for the twelve-month period. The consumer discretionary, consumer staples and healthcare sectors lagged but still posted positive returns of 1.9%, 4.5% and 8.5%, respectively.
The sectors that contributed most to the fund’s performance for the period included the financials, energy, and industrials sectors. Top contributors included Marathon Oil Corp., Merrill Lynch & Co. Inc., The Boeing Co., GlobalSantaFe Corp. and Nokia OYJ. During the period, the fund’s positions in all of these stocks were decreased. As a risk management tool, when stocks move substantially toward price targets, we at Salomon Brothers Asset Management Inc. (Salomon), tend to harvest profits and then redeploy proceeds into new ideas that may have potential upside.
Three of the fund’s sectors that lagged performance included the consumer discretionary, materials and utilities sectors. Stocks that detracted from performance came from a number of different sectors and included Lexmark International Inc., Comcast Corp., Sara Lee Corp., Viacom Inc. ‘B’ and Johnson & Johnson. In October, Lexmark shares fell sharply after the company pre-announced it was slashing its profit forecast. The company underestimated the competitive pressures in the printer industry and was forced to cut prices to stem market share losses. The fund’s positions in Comcast and CBS Corp. ‘B’ were sold during the period. The sale of Comcast was due to our assessment that it would be more difficult for the company to execute on their business plan given the increased level of competition in the cable, direct broadcast, satellite and telecommunications space. Also, the fund’s position in Viacom was sold prior to the split between Viacom and CBS Corp. We did not see the split as creating real shareholder value and thought the valuation was fair.
PF Van Kampen Comstock Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 7.62%*, compared to a 11.72%** return for its benchmark, the S&P 500 Index.
|
|
A-23 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmarks is also shown.Performance data for Class B and C shares will vary due to differences in fees and sales charges.
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Average Annual Total Returns for the Periods Ended March 31, 2006 |
| |||||||||
| ||||||||||
PF Van Kampen Comstock Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 7.62 | % |
| 7.14 | % |
| 7.05 | % |
|
With maximum sales charge*** |
| 1.71 | % |
| 2.14 | % |
| 6.05 | % |
|
S&P 500 Index** |
| 11.72 | % |
|
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 18.54 | % |
| 17.99 | % |
| 17.91 | % |
|
With maximum sales charge*** |
| 16.35 | % |
| 17.03 | % |
| 17.91 | % |
|
S&P 500 Index** |
| 17.21 | % |
|
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
| 7.31 | % |
| 6.80 | % |
| 6.77 | % |
|
With maximum sales charge*** |
| 5.97 | % |
| 6.44 | % |
| 6.77 | % |
|
S&P 500 Index** |
| 6.81 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Despite high energy prices, rising interest rates, and inflationary pressures, the stock market advanced with strength during the year ended March 31, 2006. A moderately growing economy continued to support stock prices, as did generally strong corporate earnings and a resilient consumer. Although the market encountered periods of turbulence, volatility levels remained relatively low. Early in the period, investor sentiment deteriorated as U.S. automakers reported declining sales. However, positive economic data spurred a stock rally through July. In August, the Gulf Coast hurricanes caused spiking oil and natural gas prices, but initial pessimism about the hurricanes’ economic toll proved short lived. Following a very strong rally in November, the market began 2006 on an upbeat note, even as a disappointing fourth quarter GDP figure and less positive corporate earnings were reported. The best performing sectors in the S&P 500 Index were energy, financials, and telecommunication services. The worst performers in the index included the consumer discretionary and consumer staples sectors.
The consumer discretionary sector detracted most significantly from the fund’s relative results during the period. Within the sector, the fund continued to emphasize media stocks, which have been trading at what we, at Van Kampen, would consider attractive valuations and reasonable risk-reward profiles. Materials stocks were another drag on fund returns. The fund’s holdings included paper stocks, which are less exposed to the booming global demand coming from China and India. The information technology sector also held back gains. The fund has continued to be underweight versus the benchmark in the information technology sector based on a lack of compelling valuations, in our view.
On the positive side, healthcare and utilities sector holdings enhanced results. Within the healthcare sector, the fund holds significant exposure to large-capitalization pharmaceutical companies. Abating patent concerns and anticipation for certain new drugs caused stock prices to increase during the period. In the utilities sector, the fund’s selections slightly outperformed the benchmark’s sector.
We maintain our focus on analyzing the financial health of individual companies rather than trying to forecast broad market movements or the direction of the economy. Although market conditions have challenged us to find abundant new investment opportunities lately, we continue to seek stocks that we believe have reasonable valuations relative to our assessment of fair value.
PF Van Kampen Mid-Cap Growth Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 30.68%*, compared to a 22.68%** return for its benchmark, the Russell Midcap Growth Index.
|
|
A-24 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
|
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|
|
|
|
|
|
|
|
PF Van Kampen Mid-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 30.68 | % |
| 30.11 | % |
| 29.92 | % |
With maximum sales charge*** |
|
| 23.49 | % |
| 25.11 | % |
| 28.92 | % |
Russell Midcap Growth Index** |
|
| 22.68 | % |
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 25.39 | % |
| 24.88 | % |
| 24.77 | % |
With maximum sales charge*** |
|
| 23.07 | % |
| 24.01 | % |
| 24.77 | % |
Russell Midcap Growth Index** |
|
| 25.75 | % |
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 6.62 | % |
| 6.15 | % |
| 6.11 | % |
With maximum sales charge*** |
|
| 5.30 | % |
| 5.78 | % |
| 6.11 | % |
Russell Midcap Growth Index** |
|
| 14.42 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. Despite high energy prices, rising interest rates, and inflationary pressures, the market advanced with strength during the year ended March 31, 2006. A moderately growing economy continued to support stock prices, as did generally strong corporate earnings and a resilient consumer. Although the market encountered periods of turbulence, volatility levels remained relatively low. Early in the period, investor sentiment deteriorated as U.S. automakers reported declining sales. However, positive economic data spurred a stock rally through July. In August, the Gulf Coast hurricanes caused spiking oil and natural gas prices, but initial pessimism about the hurricanes’ economic toll proved short lived. Following a very strong rally in November, the market began 2006 on an upbeat note, even as a disappointing fourth quarter GDP figure and less positive corporate earnings were reported.
In this environment, small- and mid-capitalization stocks outpaced large-capitalization stocks during the period. The best performing sectors in the fund’s benchmark were the other energy, financial services, and autos and transportation sectors. The sectors that most lagged the benchmark average were the integrated oils, consumer discretionary, and consumer staples sectors; although, the integrated oils sector was the only group to post a negative absolute return for the period.
Stock selection drove the fund’s performance during the period, offsetting the negative influence of sector allocation. In particular, selections in the financial services, energy, and utilities sectors contributed most to relative returns. In the financial services sector, stocks of diversified financial services, miscellaneous financials, and securities brokerage companies advanced with strength. Within the energy sector, stock picks in crude oil producers drove relative outperformance, although the fund’s underweight position versus the benchmark modestly detracted from performance. In the utilities sector, wireless carriers and gas distributors’ securities added to relative fund performance as well.
In contrast, the fund lost ground relative to the benchmark primarily in the healthcare and materials and processing sectors. Within the healthcare sector, the fund’s biotechnology research and production stocks detracted from relative gains, as did holdings in drugs and pharmaceuticals stocks. Disappointing results from a range of industries within the materials and processing sector slowed performance. Copper production, engineering and contracting services, and real estate companies were particularly detrimental. A lack of exposure to the steel industry also had a negative effect on fund performance.
Van Kampen’s goal is to hold a portfolio of high quality growth stocks that we believe will perform well regardless of the market environment. We continue to favor companies that appear to have some uniqueness or dynamic competitive advantage in their business model, with a high quality stream of cash flow and the ability to redeploy capital at a high rate of return.
PF Van Kampen Real Estate Fund
Q. How did the fund perform over the year ended March 31, 2006?
A. For the year ended March 31, 2006, the fund’s Class A returned 40.43%*, compared to a 38.46%** return for its benchmark, the FTSE National Association of Real Estate Investment Trusts (NAREIT) U.S. Real Estate Index.
|
|
A-25 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2006 of a $10,000 investment made in Class A shares since the fund began operations. For comparison purposes, the performance of the fund’s benchmark is also shown. Performance data for Class B and C shares will vary due to differences in fees and sales charges.
Average Annual Total Returns for the Periods Ended March 31, 2006
|
|
|
|
|
|
|
|
|
|
|
PF Van Kampen Real Estate Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
|
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|
|
|
|
|
|
|
|
|
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 40.43 | % |
| 39.65 | % |
| 39.74 | % |
With maximum sales charge*** |
|
| 32.66 | % |
| 34.65 | % |
| 38.74 | % |
FTSE NAREIT U.S. Real Estate |
|
|
|
|
|
|
|
|
|
|
Index** |
|
| 38.46 | % |
|
|
|
|
|
|
Since Inception: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 25.01 | % |
| 24.34 | % |
| 24.39 | % |
With maximum sales charge*** |
|
| 19.48 | % |
| 21.29 | % |
| 24.39 | % |
FTSE NAREIT U.S. Real Estate |
|
|
|
|
|
|
|
|
|
|
Index** |
|
| 22.37 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The period was very positive for both direct real estate investment and REITs. During the year ended March 31, 2006, the real estate sector continued to benefit from favorable fund flows as both retail and institutional investors increased allocations to real estate securities. Meanwhile, the ongoing improvement in underlying real estate values contributed to and supported rising REIT share prices in 2005. Throughout the year, numerous private takeover transactions of public real estate companies at meaningful premiums demonstrated the strong underlying value of these companies’ properties and provided evidence of the strong demand for real estate.
During the period, each of the major sectors provided very strong performance. Apartment stocks outperformed the benchmark due to the continued improvement in fundamentals and private takeovers of several public apartment companies. Despite a disappointing recovery for cash flows, the office sector also outperformed. Generally, investors were encouraged with regard to private market values in the office sector due to strong prices for individual transactions as well as continued takeover activity and speculation. The retail sector also performed in line with the benchmark, as mall stocks modestly underperformed and strip shopping center stocks outperformed the benchmark. The underperformance of the mall stocks was primarily due to company specific issues at two of the larger mall owners. Turning to the smaller sectors, the storage sector was the best performing of all sectors due to outstanding earnings from the largest stock, Public Storage Inc., in the sector and the successful culmination of its merger between Public Storage Inc. and Shurgard Storage Centers Inc. ‘A’. The healthcare REITs underperformed due to lackluster earnings growth prospects. Hotel stocks modestly underperformed.
Stock selection was the largest contributor to the fund’s outperformance this year and sector allocation was also beneficial. Stock selection was favorable in every sector except hotels, with the most significant contributions generated within the apartment, office, and mall sectors. From a sector allocation perspective, the largest contributors were an overweight position to the apartment sector and underweight position to the healthcare sector. These positives were partially offset by an overweight position to the hotel sector, which underperformed the benchmark on an overall basis.
We, at Van Kampen, have maintained our core investment philosophy as a real estate value investor. We believe that this results in the ownership of stocks, which in our opinion provides the best valuation relative to their underlying real estate values. Our company specific research tends to lead us to specific preferences for sub-segments within each property sector. Current preferences include: overweighting companies focused on the ownership of upscale urban hotels, coastal apartments, high quality retail assets and Class A office properties in central business district locations, and underweighting owners of strip shopping centers and lesser quality offices. We have selectively added to stocks, particularly in the office sector, where the price discrepancy between companies that own high quality assets in the central business district markets versus high quality assets in key suburban markets has become significant. In other words, we have selectively added to stocks which are owners of assets in stronger suburban markets as the relative valuation of these companies has improved.
|
|
A-26 | See explanation of symbols and references on A-27 |
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Explanation of Symbols and References
|
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* | The total return for each fund (including the 7-day yield for PF Pacific Life Money Market Fund) includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable sales charges. Past performance is not predictive of future performance. |
|
|
** | This index is unmanaged and does not reflect any fees or expenses. Results include reinvested dividends. Sources for indices: Lipper Analytical Services, except for Lehman Brothers Global Real: U.S. TIPS Index (Bloomberg) and the FTSE National Association of Real Estate Investment Trusts (NAREIT) U.S. Real Estate Index (Ibbottson). |
|
|
*** | Performance figures for each class reflect the deduction of any applicable maximum front-end sales charge at the time of investment, and reflect any applicable contingent deferred sales charge that would be deducted upon redemption at the end of the period presented. |
|
|
(1) | The Composite Benchmarks are composed using the four broad-based indices presented on page A-3 of this report. The percentage amounts of each broad-based index within each Composite Benchmark are based on each fund’s target asset class allocations in effect during the applicable period. The percentages attributed to a broad-based index within a Composite Benchmark will change if a fund’s target asset class allocations change. Within the broad-based indices, the Lehman Brothers Government/Credit Index was replaced with the Lehman Brothers Aggregate Bond Index. The Composite Benchmark Performance as of 03/31/06 for each Portfolio Optimization Fund using the Lehman Brothers Government/Credit Index for the 1-year and since inception periods, respectively, was: Model A Composite Benchmark 4.70% and 4.22%; Model B Composite Benchmark 7.41% and 6.21%; Model C Composite Benchmark 9.96% and 7.98%; Model D Composite Benchmark 12.17% and 9.66%; and Model E Composite Benchmark 14.23% and 11.01%. The value of a $10,000 investment in each Composite Benchmark for performance comparisons as of 03/31/06 using the Lehman Brothers Government/Credit Index instead of the Lehman Brothers Aggregate Bond Index was as follows: Model A Composite Benchmark $10,974; Model B Composite Benchmark $11,453; Model C Composite Benchmark $11,886; Model D Composite Benchmark $12,307; and Model E Composite Benchmark $12,651. |
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|
(2) | The PF Portfolio Optimization Funds Class R commenced operations on 9/30/05; returns are cumulative for this time period. |
A-27
[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 from October 1, 2005 to March 31, 2006.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return” provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable adviser reimbursement and fee waivers. The “Ending Account Value at 03/31/06” column 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 10/01/05-03/31/06” column shows the dollar amount that would have been paid by you. All of the information illustrated in the following table is based on the 6-month period from October 1, 2005 to March 31, 2006.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 10/01/05-03/31/06” column.
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 expenses, after any applicable adviser 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 hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any 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 other costs were included, your costs would have been higher.
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| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||||
PF Portfolio Optimization Model A | |||||||||||||||||
Actual Fund Return |
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Class A |
| $ | 1,000.00 |
| $ | 1,019.90 |
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|
| 0.03 | % |
|
| $ | 0.15 |
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|
Class B |
|
| 1,000.00 |
|
| 1,017.20 |
|
|
| 0.53 | % |
|
|
| 2.67 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,017.20 |
|
|
| 0.53 | % |
|
|
| 2.67 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,019.00 |
|
|
| 0.03 | % |
|
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| 0.15 |
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Hypothetical |
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Class A |
| $ | 1,000.00 |
| $ | 1,024.83 |
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| 0.03 | % |
|
| $ | 0.15 |
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Class B |
|
| 1,000.00 |
|
| 1,022.34 |
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| 0.53 | % |
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| 2.67 |
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Class C |
|
| 1,000.00 |
|
| 1,022.34 |
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| 0.53 | % |
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| 2.67 |
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Class R |
|
| 1,000.00 |
|
| 1,024.83 |
|
|
| 0.03 | % |
|
|
| 0.15 |
|
|
PF Portfolio Optimization Model B | |||||||||||||||||
Actual Fund Return |
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Class A |
| $ | 1,000.00 |
| $ | 1,036.30 |
|
|
| 0.02 | % |
|
| $ | 0.10 |
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Class B |
|
| 1,000.00 |
|
| 1,033.00 |
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|
| 0.52 | % |
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| 2.64 |
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Class C |
|
| 1,000.00 |
|
| 1,033.90 |
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|
| 0.52 | % |
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| 2.64 |
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Class R |
|
| 1,000.00 |
|
| 1,036.30 |
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|
| 0.02 | % |
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| 0.10 |
|
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Hypothetical |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.83 |
|
|
| 0.02 | % |
|
| $ | 0.10 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.34 |
|
|
| 0.52 | % |
|
|
| 2.62 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.34 |
|
|
| 0.52 | % |
|
|
| 2.62 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.83 |
|
|
| 0.02 | % |
|
|
| 0.10 |
|
|
PF Portfolio Optimization Model C | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,061.60 |
|
|
| 0.00 | %(2) |
|
| $ | 0.00 | (2) |
|
Class B |
|
| 1,000.00 |
|
| 1,059.50 |
|
|
| 0.50 | % |
|
|
| 2.57 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,059.60 |
|
|
| 0.50 | % |
|
|
| 2.57 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,061.60 |
|
|
| 0.00 | %(2) |
|
|
| 0.00 | (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
|
|
| 0.00 | %(2) |
|
| $ | 0.00 | (2) |
|
Class B |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.93 |
|
|
| 0.00 | %(2) |
|
|
| 0.00 | (2) |
|
PF Portfolio Optimization Model D | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,079.20 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,077.20 |
|
|
| 0.50 | % |
|
|
| 2.59 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,077.40 |
|
|
| 0.50 | % |
|
|
| 2.59 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,079.20 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.93 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
See explanation of references on page B-3
B-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 |
| $ | 1,104.40 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,102.60 |
|
|
| 0.50 | % |
|
|
| 2.62 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,102.50 |
|
|
| 0.50 | % |
|
|
| 2.62 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,104.40 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
|
|
| 0.00 | % |
|
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,022.44 |
|
|
| 0.50 | % |
|
|
| 2.52 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.93 |
|
|
| 0.00 | % |
|
|
| 0.00 |
|
|
PF Goldman Sachs Short Duration Bond Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,006.00 |
|
|
| 1.55 | % |
|
| $ | 7.75 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,002.20 |
|
|
| 2.05 | % |
|
|
| 10.23 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,003.50 |
|
|
| 2.05 | % |
|
|
| 10.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.20 |
|
|
| 1.55 | % |
|
| $ | 7.80 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
PF Janus Growth LT Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,074.70 |
|
|
| 1.70 | % |
|
| $ | 8.79 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,071.50 |
|
|
| 2.20 | % |
|
|
| 11.36 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,071.80 |
|
|
| 2.20 | % |
|
|
| 11.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.45 |
|
|
| 1.70 | % |
|
| $ | 8.55 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.96 |
|
|
| 2.20 | % |
|
|
| 11.05 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.96 |
|
|
| 2.20 | % |
|
|
| 11.05 |
|
|
PF Lazard Mid-Cap Value Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,057.70 |
|
|
| 1.80 | % |
|
| $ | 9.23 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,055.00 |
|
|
| 2.30 | % |
|
|
| 11.78 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,054.00 |
|
|
| 2.30 | % |
|
|
| 11.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.96 |
|
|
| 1.80 | % |
|
| $ | 9.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
PF Lazard International Value Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,115.60 |
|
|
| 1.80 | % |
|
| $ | 9.49 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,113.40 |
|
|
| 2.30 | % |
|
|
| 12.12 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,112.30 |
|
|
| 2.30 | % |
|
|
| 12.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.96 |
|
|
| 1.80 | % |
|
| $ | 9.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||||
PF Loomis Sayles Large-Cap Growth Fund (3) | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,033.30 |
|
|
| 1.90 | % |
|
| $ | 9.63 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,030.10 |
|
|
| 2.40 | % |
|
|
| 12.15 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,029.10 |
|
|
| 2.40 | % |
|
|
| 12.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.46 |
|
|
| 1.90 | % |
|
| $ | 9.55 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.96 |
|
|
| 2.40 | % |
|
|
| 12.04 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.96 |
|
|
| 2.40 | % |
|
|
| 12.04 |
|
|
PF MFS International Large-Cap Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,135.90 |
|
|
| 2.00 | % |
|
| $ | 10.65 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,133.20 |
|
|
| 2.50 | % |
|
|
| 13.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,132.10 |
|
|
| 2.50 | % |
|
|
| 13.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,014.96 |
|
|
| 2.00 | % |
|
| $ | 10.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.47 |
|
|
| 2.50 | % |
|
|
| 12.54 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.47 |
|
|
| 2.50 | % |
|
|
| 12.54 |
|
|
PF NB Fasciano Small Equity Fund (4) | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,097.90 |
|
|
| 1.95 | % |
|
| $ | 10.20 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,095.10 |
|
|
| 2.45 | % |
|
|
| 12.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,095.00 |
|
|
| 2.45 | % |
|
|
| 12.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.21 |
|
|
| 1.95 | % |
|
| $ | 9.80 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.72 |
|
|
| 2.45 | % |
|
|
| 12.29 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.72 |
|
|
| 2.45 | % |
|
|
| 12.29 |
|
|
PF Oppenheimer Main Street® Core Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,068.50 |
|
|
| 1.60 | % |
|
| $ | 8.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.95 |
|
|
| 1.60 | % |
|
| $ | 8.05 |
|
|
PF Oppenheimer Emerging Markets Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,209.40 |
|
|
| 1.95 | % |
|
| $ | 10.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.21 |
|
|
| 1.95 | % |
|
| $ | 9.80 |
|
|
PF PIMCO Managed Bond Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 995.30 |
|
|
| 1.55 | % |
|
| $ | 7.71 |
|
|
Class B |
|
| 1,000.00 |
|
| 992.70 |
|
|
| 2.05 | % |
|
|
| 10.18 |
|
|
Class C |
|
| 1,000.00 |
|
| 993.70 |
|
|
| 2.05 | % |
|
|
| 10.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.20 |
|
|
| 1.55 | % |
|
| $ | 7.80 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
See explanation of references on page B-3
B-2
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||||
PF PIMCO Inflation Managed Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 973.80 |
|
|
| 1.55 | % |
|
| $ | 7.63 |
|
|
Class B |
|
| 1,000.00 |
|
| 971.40 |
|
|
| 2.05 | % |
|
|
| 10.08 |
|
|
Class C |
|
| 1,000.00 |
|
| 971.30 |
|
|
| 2.05 | % |
|
|
| 10.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.20 |
|
|
| 1.55 | % |
|
| $ | 7.80 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.71 |
|
|
| 2.05 | % |
|
|
| 10.30 |
|
|
PF Pacific Life Money Market Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.50 |
|
|
| 0.94 | % |
|
| $ | 4.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,020.84 |
|
|
| 0.94 | % |
|
| $ | 4.73 |
|
|
PF Salomon Brothers Large-Cap Value Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,068.10 |
|
|
| 1.80 | % |
|
| $ | 9.28 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,066.50 |
|
|
| 2.30 | % |
|
|
| 11.85 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,066.30 |
|
|
| 2.30 | % |
|
|
| 11.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.96 |
|
|
| 1.80 | % |
|
| $ | 9.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.46 |
|
|
| 2.30 | % |
|
|
| 11.55 |
|
|
PF Van Kampen Comstock Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,065.80 |
|
|
| 1.90 | % |
|
| $ | 9.79 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,063.30 |
|
|
| 2.40 | % |
|
|
| 12.35 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,062.60 |
|
|
| 2.40 | % |
|
|
| 12.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.46 |
|
|
| 1.90 | % |
|
| $ | 9.55 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.96 |
|
|
| 2.40 | % |
|
|
| 12.04 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.96 |
|
|
| 2.40 | % |
|
|
| 12.04 |
|
|
PF Van Kampen Mid-Cap Growth Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,146.40 |
|
|
| 1.85 | % |
|
| $ | 9.90 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,143.90 |
|
|
| 2.35 | % |
|
|
| 12.56 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,143.10 |
|
|
| 2.35 | % |
|
|
| 12.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,015.71 |
|
|
| 1.85 | % |
|
| $ | 9.30 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.21 |
|
|
| 2.35 | % |
|
|
| 11.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.21 |
|
|
| 2.35 | % |
|
|
| 11.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| ||||||||
PF Van Kampen Real Estate Fund | |||||||||||||||||
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,187.20 |
|
|
| 2.05 | % |
|
| $ | 11.18 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,184.20 |
|
|
| 2.55 | % |
|
|
| 13.89 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,183.80 |
|
|
| 2.55 | % |
|
|
| 13.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,014.71 |
|
|
| 2.05 | % |
|
| $ | 10.30 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.22 |
|
|
| 2.55 | % |
|
|
| 12.79 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.22 |
|
|
| 2.55 | % |
|
|
| 12.79 |
|
|
|
|
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365 days. |
|
|
(2) | Amount represents less than $0.005 or 0.005%. |
|
|
(3) | PF Loomis Sayles Large-Cap Growth Fund formerly named PF AIM Blue Chip Fund. |
|
|
(4) | PF NB Fasciano Small Equity Fund formerly named PF AIM Aggressive Growth Fund. |
B-3
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL A
Schedule of Investments
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 663,856 |
| $ | 6,479,239 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 43,770 |
|
| 461,334 |
|
PF Lazard International Value Fund ‘A’ |
|
| 48,153 |
|
| 736,745 |
|
PF Loomis Sayles Large-Cap Growth Fund ‘A’ * |
|
| 42,140 |
|
| 457,221 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 48,759 |
|
| 753,329 |
|
PF Oppenheimer Main Street® Core Fund ‘A’ |
|
| 132,816 |
|
| 1,417,142 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 571,838 |
|
| 5,706,947 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 336,261 |
|
| 3,362,614 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 2,087,430 |
|
| 2,087,430 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 55,585 |
|
| 704,268 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 72,553 |
|
| 937,384 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $22,712,884) |
|
|
|
|
| 23,103,653 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.75% |
|
|
|
|
|
|
|
(Cost $22,712,884) |
|
|
|
|
| 23,103,653 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.25% |
|
|
|
|
| 58,854 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 23,162,507 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
|
|
Affiliated Fixed Income Funds |
|
|
|
|
| 67.13 | % |
Affiliated Equity Funds |
|
|
|
|
| 23.61 | % |
Affiliated Money Market Fund |
|
|
|
|
| 9.01 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.75 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.25 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL B
Schedule of Investments
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 100.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 1,058,417 |
| $ | 10,330,147 |
|
PF Janus Growth LT Fund ‘A’ * |
|
| 152,577 |
|
| 1,866,014 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 176,338 |
|
| 1,858,605 |
|
PF Lazard International Value Fund ‘A’ |
|
| 298,802 |
|
| 4,571,668 |
|
PF Loomis Sayles Large-Cap Growth Fund ‘A’ * |
|
| 167,466 |
|
| 1,817,002 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 257,113 |
|
| 3,972,394 |
|
PF Oppenheimer Main Street Core Fund ‘A’ |
|
| 410,760 |
|
| 4,382,806 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 1,148,424 |
|
| 11,461,267 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 831,172 |
|
| 8,311,719 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 4,274,501 |
|
| 4,274,501 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 148,766 |
|
| 1,884,864 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 383,069 |
|
| 4,949,249 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ * |
|
| 165,661 |
|
| 1,933,259 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $58,814,848) |
|
|
|
|
| 61,613,495 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.19% |
|
|
|
|
|
|
|
(Cost $58,814,848) |
|
|
|
|
| 61,613,495 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.19%) |
|
|
|
|
| (113,803 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 61,499,692 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
|
|
Affiliated Fixed Income Funds |
|
|
|
|
| 48.95 | % |
Affiliated Equity Funds |
|
|
|
|
| 44.29 | % |
Affiliated Money Market Fund |
|
|
|
|
| 6.95 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.19 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (0.19 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-1
|
|
|
|
|
|
|
|
PACIFIC FUNDS | |||||||
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 1,968,711 |
| $ | 19,214,621 |
|
PF Janus Growth LT Fund ‘A’ * |
|
| 878,932 |
|
| 10,749,343 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 610,217 |
|
| 6,431,692 |
|
PF Lazard International Value Fund ‘A’ |
|
| 1,146,506 |
|
| 17,541,535 |
|
PF Loomis Sayles Large-Cap Growth Fund ‘A’ * |
|
| 584,415 |
|
| 6,340,905 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 983,522 |
|
| 15,195,410 |
|
PF NB Fasciano Small Equity Fund ‘A’ * |
|
| 391,755 |
|
| 4,395,494 |
|
PF Oppenheimer Main Street Core Fund ‘A’ |
|
| 1,415,464 |
|
| 15,103,001 |
|
PF Oppenheimer Emerging Markets Fund ‘A’ |
|
| 736,788 |
|
| 8,841,450 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 2,964,919 |
|
| 29,589,891 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 2,502,752 |
|
| 25,027,523 |
|
PF Pacific Life Money Market Fund ‘A’ |
|
| 4,281,595 |
|
| 4,281,595 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 850,657 |
|
| 10,777,828 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 1,658,222 |
|
| 21,424,227 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ * |
|
| 1,127,212 |
|
| 13,154,569 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 520,597 |
|
| 6,710,494 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $198,094,430) |
|
|
|
|
| 214,779,578 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.64% |
|
|
|
|
|
|
|
(Cost $198,094,430) |
|
|
|
|
| 214,779,578 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.36% |
|
|
|
|
| 772,982 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 215,552,560 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
| |||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 63.40 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 34.25 | % |
Affiliated Money Market Fund |
|
|
|
|
| 1.99 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.64 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.36 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC FUNDS | |||||||
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Goldman Sachs Short Duration Bond Fund ‘A’ |
|
| 883,613 |
| $ | 8,624,059 |
|
PF Janus Growth LT Fund ‘A’ * |
|
| 1,426,118 |
|
| 17,441,426 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 1,031,485 |
|
| 10,871,850 |
|
PF Lazard International Value Fund ‘A’ |
|
| 1,459,099 |
|
| 22,324,220 |
|
PF Loomis Sayles Large-Cap Growth Fund ‘A’ * |
|
| 792,125 |
|
| 8,594,557 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 1,280,726 |
|
| 19,787,221 |
|
PF NB Fasciano Small Equity Fund ‘A’ * |
|
| 598,115 |
|
| 6,710,853 |
|
PF Oppenheimer Main Street Core Fund ‘A’ |
|
| 2,245,339 |
|
| 23,957,762 |
|
PF Oppenheimer Emerging Markets Fund ‘A’ |
|
| 890,905 |
|
| 10,690,860 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 1,497,999 |
|
| 14,950,029 |
|
PF PIMCO Inflation Managed Fund ‘A’ |
|
| 1,477,265 |
|
| 14,772,651 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 859,647 |
|
| 10,891,732 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 1,838,325 |
|
| 23,751,159 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ * |
|
| 1,336,293 |
|
| 15,594,542 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 696,733 |
|
| 8,980,882 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $196,515,003) |
|
|
|
|
| 217,943,803 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.53% |
|
|
|
|
|
|
|
(Cost $196,515,003) |
|
|
|
|
| 217,943,803 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.47% |
|
|
|
|
| 1,025,132 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 218,968,935 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
| |||||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 82.02 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 17.51 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.53 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.47 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-2
|
|
|
|
|
|
|
|
PACIFIC FUNDS | |||||||
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PF Janus Growth LT Fund ‘A’ * |
|
| 945,100 |
| $ | 11,558,568 |
|
PF Lazard Mid-Cap Value Fund ‘A’ |
|
| 390,259 |
|
| 4,113,332 |
|
PF Lazard International Value Fund ‘A’ |
|
| 682,409 |
|
| 10,440,862 |
|
PF MFS International Large-Cap Fund ‘A’ |
|
| 738,586 |
|
| 11,411,156 |
|
PF NB Fasciano Small Equity Fund ‘A’ * |
|
| 454,701 |
|
| 5,101,748 |
|
PF Oppenheimer Main Street Core Fund ‘A’ |
|
| 847,771 |
|
| 9,045,720 |
|
PF Oppenheimer Emerging Markets Fund ‘A’ |
|
| 405,857 |
|
| 4,870,278 |
|
PF PIMCO Managed Bond Fund ‘A’ |
|
| 161,546 |
|
| 1,612,231 |
|
PF Salomon Brothers Large-Cap Value Fund ‘A’ |
|
| 454,462 |
|
| 5,758,035 |
|
PF Van Kampen Comstock Fund ‘A’ |
|
| 692,914 |
|
| 8,952,455 |
|
PF Van Kampen Mid-Cap Growth Fund ‘A’ * |
|
| 507,060 |
|
| 5,917,387 |
|
PF Van Kampen Real Estate Fund ‘A’ |
|
| 327,948 |
|
| 4,227,253 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $72,613,416) |
|
|
|
|
| 83,009,025 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.92% |
|
|
|
|
|
|
|
(Cost $72,613,416) |
|
|
|
|
| 83,009,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.08% |
|
|
|
|
| 70,285 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 83,079,310 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
| |||||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 97.98 | % |
Affiliated Fixed Income Fund |
|
|
|
|
| 1.94 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.92 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.08 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-3
|
|
|
|
|
|
|
|
PACIFIC FUNDS | |||||||
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
CORPORATE NOTES - 0.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services - 0.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNC Funding Corp |
|
|
|
|
|
|
|
6.500% due 05/01/08 |
| $ | 300,000 |
| $ | 306,666 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
Total Corporate Notes |
|
|
|
|
|
|
|
(Cost $307,255) |
|
|
|
|
| 306,666 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY ISSUES - 77.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
2.300% due 04/28/06 |
|
| 500,000 |
|
| 499,061 |
|
2.350% due 07/28/06 |
|
| 1,000,000 |
|
| 991,711 |
|
2.375% due 03/30/07 |
|
| 1,000,000 |
|
| 973,605 |
|
2.500% due 05/12/06 |
|
| 400,000 |
|
| 398,916 |
|
2.625% due 01/19/07 |
|
| 1,000,000 |
|
| 980,814 |
|
3.250% due 07/12/06 |
|
| 1,000,000 |
|
| 995,249 |
|
3.550% due 01/12/07 |
|
| 1,500,000 |
|
| 1,482,300 |
|
6.625% due 09/15/09 |
|
| 1,000,000 |
|
| 1,046,925 |
|
Federal Farm Credit Bank |
|
|
|
|
|
|
|
3.125% due 02/01/08 |
|
| 1,000,000 |
|
| 966,613 |
|
3.800% due 09/07/07 |
|
| 2,000,000 |
|
| 1,964,874 |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
2.300% due 08/30/06 |
|
| 400,000 |
|
| 395,741 |
|
2.320% due 07/24/06 |
|
| 2,000,000 |
|
| 1,983,678 |
|
2.720% due 10/26/06 |
|
| 1,000,000 |
|
| 986,838 |
|
3.000% due 05/15/06 |
|
| 1,000,000 |
|
| 997,654 |
|
3.375% due 02/15/07 |
|
| 1,000,000 |
|
| 985,389 |
|
3.375% due 02/15/08 |
|
| 1,000,000 |
|
| 969,874 |
|
3.625% due 02/16/07 |
|
| 1,270,000 |
|
| 1,254,050 |
|
3.800% due 12/29/06 |
|
| 700,000 |
|
| 693,366 |
|
3.808% due 09/07/07 § |
|
| 1,000,000 |
|
| 993,750 |
|
4.000% due 12/03/07 § |
|
| 1,000,000 |
|
| 976,996 |
|
4.125% due 09/06/07 |
|
| 500,000 |
|
| 493,438 |
|
4.125% due 10/26/07 |
|
| 2,000,000 |
|
| 1,971,454 |
|
4.750% due 08/17/07 |
|
| 2,000,000 |
|
| 1,990,946 |
|
4.875% due 02/15/07 |
|
| 1,000,000 |
|
| 997,679 |
|
Freddie Mac |
|
|
|
|
|
|
|
2.050% due 07/14/06 |
|
| 2,000,000 |
|
| 1,983,744 |
|
2.270% due 04/28/06 |
|
| 500,000 |
|
| 499,051 |
|
2.550% due 04/19/07 |
|
| 400,000 |
|
| 389,700 |
|
4.200% due 12/28/07 |
|
| 1,000,000 |
|
| 985,643 |
|
4.480% due 09/19/08 |
|
| 1,000,000 |
|
| 982,586 |
|
4.500% due 04/18/07 |
|
| 800,000 |
|
| 794,114 |
|
5.000% due 09/17/07 |
|
| 3,500,000 |
|
| 3,495,688 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Government Agency Issues |
|
|
|
|
|
|
|
(Cost $35,357,702) |
|
|
|
|
| 35,121,447 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 10.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected Security - 1.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.875% due 07/15/15 ^ |
|
| 509,620 |
|
| 490,271 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Notes - 9.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.875% due 05/15/09 |
|
| 1,300,000 |
|
| 1,264,961 |
|
4.375% due 12/31/07 |
|
| 1,200,000 |
|
| 1,190,813 |
|
4.375% due 11/15/08 |
|
| 1,000,000 |
|
| 988,907 |
|
4.500% due 02/15/09 |
|
| 1,000,000 |
|
| 991,641 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,436,322 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
(Cost $4,964,662) |
|
|
|
|
| 4,926,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 9.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 9.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 2,053,109 |
|
| 2,053,109 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 2,053,110 |
|
| 2,053,110 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,106,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $4,106,219) |
|
|
|
|
| 4,106,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 97.60% |
|
|
|
|
|
|
|
(Cost $44,735,838) |
|
|
|
|
| 44,460,925 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 2.40% |
|
|
|
|
| 1,092,787 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 45,553,712 |
|
|
|
|
|
|
| ||
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
| |||||
|
|
|
|
|
|
|
|
U.S. Government Agency Issues |
|
|
|
|
| 77.10 | % |
U.S. Treasury Obligations |
|
|
|
|
| 10.82 | % |
Short-Term Investments |
|
|
|
|
| 9.01 | % |
Corporate Notes |
|
|
|
|
| 0.67 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 97.60 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 2.40 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(b) The amount of $85,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts as of March 31, 2006: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Futures Outstanding |
| Number of |
| Notional |
| Unrealized |
| |||||
| ||||||||||||
Eurodollar (06/06) |
|
|
| 6 |
|
| $ | 6,000,000 |
|
| ($5,558 | ) |
Eurodollar (09/06) |
|
|
| 18 |
|
|
| 18,000,000 |
|
| (18,449 | ) |
Eurodollar (12/06) |
|
|
| 15 |
|
|
| 15,000,000 |
|
| (17,026 | ) |
Eurodollar (03/07) |
|
|
| 10 |
|
|
| 10,000,000 |
|
| (10,896 | ) |
Eurodollar (06/07) |
|
|
| 13 |
|
|
| 13,000,000 |
|
| (12,744 | ) |
Eurodollar (09/07) |
|
|
| 13 |
|
|
| 13,000,000 |
|
| (11,507 | ) |
U.S. Treasury 2-Year Notes (06/06) |
|
|
| 4 |
|
|
| 800,000 |
|
| 239 |
|
U.S. Treasury 5-Year Notes (06/06) |
|
|
| 21 |
|
|
| 2,100,000 |
|
| (8,121 | ) |
U.S. Treasury 10-Year Notes (06/06) |
|
|
| 15 |
|
|
| 1,500,000 |
|
| (19,026 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasury 20-Year Bonds (06/06) |
|
|
| 16 |
|
|
| 1,600,000 |
|
| 44,564 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ($58,524 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-4
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 93.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 8.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayerische Motoren Werke AG (Germany) |
|
| 9,717 |
| $ | 535,201 |
|
C.H. Robinson Worldwide Inc |
|
| 12,410 |
|
| 609,207 |
|
Canadian National Railway Co (Canada) |
|
| 22,874 |
|
| 1,035,735 |
|
FedEx Corp |
|
| 4,995 |
|
| 564,135 |
|
Harley-Davidson Inc |
|
| 3,755 |
|
| 194,809 |
|
Union Pacific Corp |
|
| 7,080 |
|
| 660,918 |
|
United Parcel Service Inc ‘B’ |
|
| 4,770 |
|
| 378,643 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,978,648 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 14.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BMTC Group Inc ‘A’ (Canada) |
|
| 14,476 |
|
| 235,513 |
|
CSK Auto Corp * |
|
| 14,325 |
|
| 198,688 |
|
eBay Inc * |
|
| 5,260 |
|
| 205,456 |
|
Electronic Arts Inc * |
|
| 11,850 |
|
| 648,432 |
|
Federated Department Stores Inc |
|
| 3,535 |
|
| 258,055 |
|
Google Inc ‘A’ * |
|
| 1,130 |
|
| 440,700 |
|
IAC/InterActiveCorp * |
|
| 13,670 |
|
| 402,855 |
|
Industria de Diseno Textil SA (Spain) |
|
| 4,756 |
|
| 183,570 |
|
Lamar Advertising Co ‘A’ * |
|
| 6,195 |
|
| 325,981 |
|
Liberty Global Inc ‘A’ * |
|
| 6,626 |
|
| 135,634 |
|
Liberty Global Inc ‘C’ * |
|
| 7,036 |
|
| 138,961 |
|
Liberty Media Corp ‘A’ * |
|
| 52,021 |
|
| 427,092 |
|
Lowe’s Cos Inc |
|
| 6,600 |
|
| 425,304 |
|
LVMH Moet Hennessy Louis Vuitton SA (France) |
|
| 2,250 |
|
| 220,588 |
|
Marvel Entertainment Inc * |
|
| 7,250 |
|
| 145,870 |
|
Nordstrom Inc |
|
| 2,470 |
|
| 96,775 |
|
R.R. Donnelley & Sons Co |
|
| 7,360 |
|
| 240,819 |
|
Staples Inc |
|
| 23,367 |
|
| 596,326 |
|
Univision Communications Inc ‘A’ * |
|
| 5,990 |
|
| 206,475 |
|
Yahoo! Inc * |
|
| 33,210 |
|
| 1,071,355 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,604,449 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dean Foods Co * |
|
| 8,755 |
|
| 339,957 |
|
Sysco Corp |
|
| 7,315 |
|
| 234,446 |
|
The Procter & Gamble Co |
|
| 20,845 |
|
| 1,201,089 |
|
Whole Foods Market Inc |
|
| 6,540 |
|
| 434,517 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,210,009 |
|
|
|
|
|
|
| ||
Energy - 3.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Corp |
|
| 5,050 |
|
| 330,826 |
|
BJ Services Co |
|
| 9,970 |
|
| 344,962 |
|
EOG Resources Inc |
|
| 3,700 |
|
| 266,400 |
|
Halliburton Co |
|
| 7,620 |
|
| 556,412 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,498,600 |
|
|
|
|
|
|
| ||
Financial Services - 10.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co |
|
| 7,830 |
|
| 411,466 |
|
Automatic Data Processing Inc |
|
| 6,730 |
|
| 307,426 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 211 |
|
| 635,532 |
|
Chicago Mercantile Exchange Holdings Inc |
|
| 430 |
|
| 192,425 |
|
Fannie Mae |
|
| 9,190 |
|
| 472,366 |
|
JPMorgan Chase & Co |
|
| 31,993 |
|
| 1,332,189 |
|
Merrill Lynch & Co Inc |
|
| 6,270 |
|
| 493,825 |
|
NewAlliance Bancshares Inc |
|
| 22,035 |
|
| 317,965 |
|
Standard Chartered PLC (United Kingdom) |
|
| 15,413 |
|
| 383,471 |
|
The Goldman Sachs Group Inc |
|
| 1,475 |
|
| 231,516 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,778,181 |
|
|
|
|
|
|
| ||
Health Care - 18.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 10,085 |
|
| 428,310 |
|
Aetna Inc |
|
| 10,360 |
|
| 509,090 |
|
Alcon Inc (Switzerland) |
|
| 975 |
|
| 101,654 |
|
Amgen Inc * |
|
| 4,500 |
|
| 327,375 |
|
Amylin Pharmaceuticals Inc * |
|
| 1,260 |
|
| 61,677 |
|
Boston Scientific Corp * |
|
| 10,065 |
|
| 231,998 |
|
Cardinal Health Inc |
|
| 5,720 |
|
| 426,254 |
|
Caremark Rx Inc * |
|
| 11,135 |
|
| 547,619 |
|
Celgene Corp * |
|
| 13,630 |
|
| 602,719 |
|
Coventry Health Care Inc * |
|
| 10,825 |
|
| 584,334 |
|
Idenix Pharmaceuticals Inc * |
|
| 15,000 |
|
| 203,550 |
|
Manor Care Inc |
|
| 8,720 |
|
| 386,732 |
|
Merck & Co Inc |
|
| 19,600 |
|
| 690,508 |
|
Neurocrine Biosciences Inc * |
|
| 3,360 |
|
| 216,854 |
|
Patterson Cos Inc * |
|
| 6,470 |
|
| 227,744 |
|
Roche Holding AG (Switzerland) |
|
| 10,902 |
|
| 1,623,195 |
|
UnitedHealth Group Inc |
|
| 18,860 |
|
| 1,053,520 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,223,133 |
|
|
|
|
|
|
| ||
Integrated Oils - 3.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amerada Hess Corp |
|
| 2,550 |
|
| 363,120 |
|
EnCana Corp (NYSE) (Canada) |
|
| 8,685 |
|
| 405,850 |
|
Exxon Mobil Corp |
|
| 13,405 |
|
| 815,829 |
|
Occidental Petroleum Corp |
|
| 1,765 |
|
| 163,527 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,748,326 |
|
|
|
|
|
|
| ||
Materials & Processing - 2.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ball Corp |
|
| 7,085 |
|
| 310,535 |
|
Masco Corp |
|
| 4,265 |
|
| 138,570 |
|
Precision Castparts Corp |
|
| 2,735 |
|
| 162,459 |
|
Syngenta AG * (Switzerland) |
|
| 2,895 |
|
| 406,830 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,018,394 |
|
|
|
|
|
|
| ||
Multi-Industry - 2.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 37,940 |
|
| 1,319,553 |
|
|
|
|
|
|
| ||
Producer Durables - 4.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerson Electric Co |
|
| 2,735 |
|
| 228,728 |
|
Lockheed Martin Corp |
|
| 5,845 |
|
| 439,135 |
|
NVR Inc * |
|
| 60 |
|
| 44,337 |
|
The Boeing Co |
|
| 17,275 |
|
| 1,346,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,058,441 |
|
|
|
|
|
|
| ||
Technology - 16.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc * |
|
| 7,350 |
|
| 256,662 |
|
Advanced Micro Devices Inc * |
|
| 15,130 |
|
| 501,711 |
|
Apple Computer Inc * |
|
| 7,870 |
|
| 493,606 |
|
CA Inc |
|
| 8,025 |
|
| 218,360 |
|
Cisco Systems Inc * |
|
| 22,725 |
|
| 492,451 |
|
Corning Inc * |
|
| 15,690 |
|
| 422,218 |
|
EMC Corp * |
|
| 47,600 |
|
| 648,788 |
|
Marvell Technology Group Ltd * (Bermuda) |
|
| 3,280 |
|
| 177,448 |
|
Microsoft Corp |
|
| 44,425 |
|
| 1,208,804 |
|
Oracle Corp * |
|
| 31,450 |
|
| 430,551 |
|
QUALCOMM Inc |
|
| 4,340 |
|
| 219,647 |
|
Research In Motion Ltd * (Canada) |
|
| 4,420 |
|
| 375,170 |
|
Samsung Electronics Co Ltd (S. Korea) |
|
| 550 |
|
| 356,628 |
|
SanDisk Corp * |
|
| 1,875 |
|
| 107,850 |
|
SAP AG (Germany) |
|
| 2,015 |
|
| 437,123 |
|
Texas Instruments Inc |
|
| 32,065 |
|
| 1,041,151 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,388,168 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-5
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Utilities - 2.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Movil SA de CV ‘L’ ADR (Mexico) |
|
| 7,930 |
| $ | 271,682 |
|
Level 3 Communications Inc * |
|
| 66,810 |
|
| 346,076 |
|
Nextel Partners Inc ‘A’ * |
|
| 15,380 |
|
| 435,561 |
|
The AES Corp * |
|
| 13,345 |
|
| 227,666 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,280,985 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 42,106,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 6.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - - 6.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
| $ | 2,900,000 |
|
| 2,899,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Shares |
|
|
| ||
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Funds - 0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 21,836 |
|
| 21,836 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 21,836 |
|
| 21,836 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 43,672 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 2,942,923 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 100.03% |
|
|
|
|
| 45,049,810 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.03%) |
|
|
|
|
| (12,054 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 45,037,756 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Health Care |
|
| 18.26 | % |
Technology |
|
| 16.41 | % |
Consumer Discretionary |
|
| 14.66 | % |
Financial Services |
|
| 10.61 | % |
Autos & Transportation |
|
| 8.83 | % |
Short-Term Investments |
|
| 6.54 | % |
Consumer Staples |
|
| 4.91 | % |
Producer Durables |
|
| 4.57 | % |
Integrated Oils |
|
| 3.88 | % |
Energy |
|
| 3.33 | % |
Multi-Industry |
|
| 2.93 | % |
Utilities |
|
| 2.84 | % |
Materials & Processing |
|
| 2.26 | % |
|
|
| ||
|
|
| 100.03 | % |
Other Assets & Liabilities, Net |
|
| (0.03 | %) |
|
|
| ||
|
|
| 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 March 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Currency |
| Principal Amount |
| Expiration |
| Net |
| |||||
| ||||||||||||||
| Sell |
| CHF |
|
| 335,000 |
|
| 06/06 |
|
| $ | 9,631 |
|
| Sell |
| EUR |
|
| 25,000 |
|
| 05/06 |
|
|
| (632 | ) |
| Sell |
| EUR |
|
| 95,000 |
|
| 06/06 |
|
|
| 1,812 |
|
| Buy |
| KRW |
|
| 49,000,000 |
|
| 05/06 |
|
|
| (47 | ) |
| Sell |
| KRW |
|
| 120,000,000 |
|
| 05/06 |
|
|
| (8,243 | ) |
| Sell |
| KRW |
|
| 22,000,000 |
|
| 08/06 |
|
|
| (173 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| $ | 2,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-6
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 94.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 4.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Laidlaw International Inc |
|
| 14,000 |
| $ | 380,800 |
|
Norfolk Southern Corp |
|
| 4,800 |
|
| 259,536 |
|
Overseas Shipholding Group Inc |
|
| 2,900 |
|
| 138,997 |
|
Teekay Shipping Corp |
|
| 3,900 |
|
| 144,573 |
|
YRC Worldwide Inc * |
|
| 3,100 |
|
| 117,986 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,041,892 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 25.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARAMARK Corp ‘B’ |
|
| 23,500 |
|
| 694,190 |
|
Belo Corp ‘A’ |
|
| 19,400 |
|
| 385,672 |
|
CDW Corp |
|
| 7,000 |
|
| 411,950 |
|
Dollar Tree Stores Inc * |
|
| 16,800 |
|
| 464,856 |
|
Expedia Inc * |
|
| 24,100 |
|
| 488,507 |
|
Foot Locker Inc |
|
| 11,800 |
|
| 281,784 |
|
GTECH Holdings Corp |
|
| 400 |
|
| 13,620 |
|
Liz Claiborne Inc |
|
| 14,300 |
|
| 586,014 |
|
R.H. Donnelley Corp * |
|
| 8,738 |
|
| 508,814 |
|
Republic Services Inc |
|
| 10,000 |
|
| 425,100 |
|
Royal Caribbean Cruises Ltd (Liberia) |
|
| 9,100 |
|
| 382,382 |
|
Sears Holdings Corp * |
|
| 2,251 |
|
| 297,672 |
|
Service Corp International |
|
| 51,100 |
|
| 398,580 |
|
The Stanley Works |
|
| 10,000 |
|
| 506,600 |
|
Westwood One Inc |
|
| 20,700 |
|
| 228,528 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,074,269 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pilgrim’s Pride Corp |
|
| 14,700 |
|
| 318,549 |
|
The Kroger Co * |
|
| 16,800 |
|
| 342,048 |
|
The Pepsi Bottling Group Inc |
|
| 17,300 |
|
| 525,747 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,186,344 |
|
|
|
|
|
|
| ||
Energy - 4.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baker Hughes Inc |
|
| 4,300 |
|
| 294,120 |
|
BJ Services Co |
|
| 8,000 |
|
| 276,800 |
|
The Williams Cos Inc |
|
| 24,900 |
|
| 532,611 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,103,531 |
|
|
|
|
|
|
| ||
Financial Services - 22.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameriprise Financial Inc |
|
| 8,000 |
|
| 360,480 |
|
AmSouth Bancorp |
|
| 13,000 |
|
| 351,650 |
|
City National Corp |
|
| 3,700 |
|
| 284,123 |
|
DST Systems Inc * |
|
| 7,200 |
|
| 417,168 |
|
Health Care Property Investors Inc |
|
| 9,200 |
|
| 261,280 |
|
Hudson City Bancorp Inc |
|
| 27,000 |
|
| 358,830 |
|
Jefferson-Pilot Corp |
|
| 8,700 |
|
| 486,678 |
|
Mellon Financial Corp |
|
| 11,000 |
|
| 391,600 |
|
MGIC Investment Corp |
|
| 6,600 |
|
| 439,758 |
|
PartnerRe Ltd (Bermuda) |
|
| 7,500 |
|
| 465,675 |
|
Protective Life Corp |
|
| 14,300 |
|
| 711,282 |
|
RenaissanceRe Holdings Ltd (Bermuda) |
|
| 7,300 |
|
| 318,426 |
|
Trizec Properties Inc |
|
| 10,000 |
|
| 257,300 |
|
Willis Group Holdings Ltd (Bermuda) |
|
| 10,400 |
|
| 356,304 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,460,554 |
|
|
|
|
|
|
| ||
Health Care - 3.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Laboratory Corp of America Holdings * |
|
| 7,400 |
|
| 432,752 |
|
Sepracor Inc * |
|
| 500 |
|
| 24,405 |
|
Triad Hospitals Inc * |
|
| 11,400 |
|
| 477,660 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 934,817 |
|
|
|
|
|
|
| ||
Integrated Oils - 0.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 2,000 |
|
| 121,500 |
|
|
|
|
|
|
| ||
Materials & Processing - 7.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ball Corp |
|
| 10,200 |
|
| 447,066 |
|
Cabot Corp |
|
| 10,500 |
|
| 356,895 |
|
Celanese Corp ‘A’ |
|
| 15,300 |
|
| 320,841 |
|
Louisiana-Pacific Corp |
|
| 10,900 |
|
| 296,480 |
|
Pactiv Corp * |
|
| 9,100 |
|
| 223,314 |
|
Temple-Inland Inc |
|
| 5,200 |
|
| 231,660 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,876,256 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortune Brands Inc |
|
| 5,800 |
|
| 467,654 |
|
|
|
|
|
|
| ||
Producer Durables - 3.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dover Corp |
|
| 10,000 |
|
| 485,600 |
|
Hubbell Inc ‘B’ |
|
| 3,000 |
|
| 153,780 |
|
Pitney Bowes Inc |
|
| 7,000 |
|
| 300,510 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 939,890 |
|
|
|
|
|
|
| ||
Technology - 9.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrow Electronics Inc * |
|
| 7,600 |
|
| 245,252 |
|
Avaya Inc * |
|
| 63,700 |
|
| 719,810 |
|
BEA Systems Inc * |
|
| 11,100 |
|
| 145,743 |
|
Compuware Corp * |
|
| 24,300 |
|
| 190,269 |
|
Flextronics International Ltd * (Singapore) |
|
| 22,900 |
|
| 237,015 |
|
Ingram Micro Inc ‘A’ * |
|
| 13,500 |
|
| 270,000 |
|
Solectron Corp * |
|
| 62,800 |
|
| 251,200 |
|
Vishay Intertechnology Inc * |
|
| 23,500 |
|
| 334,640 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,393,929 |
|
|
|
|
|
|
| ||
Utilities - 4.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 7,546 |
|
| 488,604 |
|
Citizens Communications Co |
|
| 36,800 |
|
| 488,336 |
|
Mirant Corp * |
|
| 8,600 |
|
| 215,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,191,940 |
|
|
|
|
|
|
| ||
| |||||||
Total Common Stocks |
|
|
|
|
| 22,792,576 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-7
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 7.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 7.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 632,567 |
| $ | 632,567 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,087,509 |
|
| 1,087,509 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,720,076 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 1,720,076 |
|
|
|
|
|
|
| ||
| |||||||
TOTAL INVESTMENTS - 101.36% |
|
|
|
|
| 24,512,652 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (1.36%) |
|
|
|
|
| (329,562 | ) |
|
|
|
|
|
| ||
| |||||||
NET ASSETS - 100.00% |
|
|
|
| $ | 24,183,090 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Consumer Discretionary |
|
| 25.12 | % |
Financial Services |
|
| 22.58 | % |
Technology |
|
| 9.90 | % |
Materials & Processing |
|
| 7.76 | % |
Short-Term Investments |
|
| 7.11 | % |
Utilities |
|
| 4.93 | % |
Consumer Staples |
|
| 4.91 | % |
Energy |
|
| 4.56 | % |
Autos & Transportation |
|
| 4.31 | % |
Producer Durables |
|
| 3.89 | % |
Health Care |
|
| 3.86 | % |
Multi-Industry |
|
| 1.93 | % |
Integrated Oils |
|
| 0.50 | % |
|
|
| ||
|
|
| 101.36 | % |
Other Assets & Liabilities, Net |
|
| (1.36 | %) |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-8
|
PACIFIC FUNDS |
PF LAZARD INTERNATIONAL VALUE FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium - 1.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
InBev NV |
|
| 24,000 |
| $ | 1,125,572 |
|
|
|
|
|
|
| ||
| |||||||
Denmark - 0.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Danske Bank AS |
|
| 15,100 |
|
| 560,322 |
|
|
|
|
|
|
| ||
| |||||||
Finland - 3.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nokia OYJ |
|
| 111,600 |
|
| 2,309,954 |
|
|
|
|
|
|
| ||
| |||||||
France - 10.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA |
|
| 37,900 |
|
| 1,330,115 |
|
Sanofi-Aventis |
|
| 12,352 |
|
| 1,175,055 |
|
Societe Generale |
|
| 8,500 |
|
| 1,278,327 |
|
Total SA |
|
| 6,700 |
|
| 1,767,602 |
|
Vivendi Universal SA |
|
| 28,600 |
|
| 982,239 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,533,338 |
|
|
|
|
|
|
| ||
Germany - 5.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schering AG |
|
| 14,200 |
|
| 1,476,306 |
|
Siemens AG |
|
| 20,300 |
|
| 1,895,237 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,371,543 |
|
|
|
|
|
|
| ||
Ireland - 1.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Irish Banks PLC |
|
| 48,617 |
|
| 1,160,662 |
|
|
|
|
|
|
| ||
| |||||||
Italy - 5.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENI SPA |
|
| 63,500 |
|
| 1,806,854 |
|
Sanpaolo IMI SPA |
|
| 67,000 |
|
| 1,199,242 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,006,096 |
|
|
|
|
|
|
| ||
Japan - 17.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canon Inc |
|
| 28,800 |
|
| 1,906,134 |
|
Hoya Corp |
|
| 17,200 |
|
| 694,138 |
|
Kao Corp |
|
| 43,000 |
|
| 1,132,540 |
|
Mitsubishi UFJ Financial Group Inc |
|
| 105 |
|
| 1,605,778 |
|
Mitsui Sumitomo Insurance Co Ltd |
|
| 43,000 |
|
| 584,902 |
|
Nissan Motor Co Ltd |
|
| 97,400 |
|
| 1,156,884 |
|
Nomura Holdings Inc |
|
| 97,100 |
|
| 2,165,569 |
|
Sumitomo Mitsui Financial Group Inc |
|
| 100 |
|
| 1,104,503 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,350,448 |
|
|
|
|
|
|
| ||
Netherlands - 3.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heineken NV |
|
| 44,450 |
|
| 1,687,116 |
|
TNT NV |
|
| 19,400 |
|
| 671,681 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,358,797 |
|
|
|
|
|
|
| ||
Sweden - 1.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telefonaktiebolaget LM Ericsson ‘B’ |
|
| 306,300 |
|
| 1,164,085 |
|
|
|
|
|
|
| ||
| |||||||
Switzerland - 16.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compagnie Financiere Richemont AG ‘A’ |
|
| 28,900 |
|
| 1,385,533 |
|
Credit Suisse Group |
|
| 20,300 |
|
| 1,139,067 |
|
Julius Baer Holding AG |
|
| 12,600 |
|
| 1,139,524 |
|
Nestle SA |
|
| 5,500 |
|
| 1,632,723 |
|
Novartis AG |
|
| 30,300 |
|
| 1,685,077 |
|
Swiss Reinsurance Co |
|
| 16,500 |
|
| 1,153,032 |
|
UBS AG |
|
| 10,569 |
|
| 1,160,956 |
|
Zurich Financial Services AG * |
|
| 2,500 |
|
| 587,293 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,883,205 |
|
|
|
|
|
|
| ||
| |||||||
United Kingdom - 27.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays PLC |
|
| 150,300 |
|
| 1,758,727 |
|
BP PLC |
|
| 148,600 |
|
| 1,706,562 |
|
Cadbury Schweppes PLC |
|
| 108,842 |
|
| 1,081,669 |
|
Diageo PLC |
|
| 98,700 |
|
| 1,554,486 |
|
GlaxoSmithKline PLC |
|
| 66,500 |
|
| 1,738,841 |
|
HSBC Holdings PLC |
|
| 124,261 |
|
| 2,083,358 |
|
Imperial Tobacco Group PLC |
|
| 41,200 |
|
| 1,221,891 |
|
Reckitt Benckiser PLC |
|
| 16,400 |
|
| 577,278 |
|
Royal Dutch Shell PLC ‘A’ |
|
| 52,500 |
|
| 1,642,733 |
|
Tesco PLC |
|
| 158,600 |
|
| 909,325 |
|
Unilever PLC |
|
| 58,000 |
|
| 593,533 |
|
Vodafone Group PLC |
|
| 797,384 |
|
| 1,669,385 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,537,788 |
|
|
|
|
|
|
| ||
| |||||||
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $44,484,252) |
|
|
|
|
| 58,361,810 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 3.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 3.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 1,014,755 |
|
| 1,014,755 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,014,754 |
|
| 1,014,754 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,029,509 |
|
|
|
|
|
|
| ||
| |||||||
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $2,029,509) |
|
|
|
|
| 2,029,509 |
|
|
|
|
|
|
| ||
| |||||||
TOTAL INVESTMENTS - 101.27% |
|
|
|
|
|
|
|
(Cost $46,513,761) |
|
|
|
|
| 60,391,319 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (1.27%) |
|
|
|
|
| (758,995 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 59,632,324 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 33.56 | % |
Consumer Staples |
|
|
|
|
| 17.41 | % |
Health Care |
|
|
|
|
| 10.19 | % |
Technology |
|
|
|
|
| 9.02 | % |
Integrated Oils |
|
|
|
|
| 8.58 | % |
Consumer Discretionary |
|
|
|
|
| 5.87 | % |
Multi-Industry |
|
|
|
|
| 4.34 | % |
Short-Term Investments |
|
|
|
|
| 3.40 | % |
Autos & Transportation |
|
|
|
|
| 3.07 | % |
Energy |
|
|
|
|
| 3.03 | % |
Utilities |
|
|
|
|
| 2.80 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 101.27 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (1.27 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-9
|
PACIFIC FUNDS |
PF LOOMIS SAYLES LARGE-CAP GROWTH FUND (Formerly PF AIM Blue Chip Fund) |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 98.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 19.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico’s FAS Inc * |
|
| 11,350 |
| $ | 461,264 |
|
Coach Inc * |
|
| 14,975 |
|
| 517,835 |
|
eBay Inc * |
|
| 11,375 |
|
| 444,308 |
|
Getty Images Inc * |
|
| 2,925 |
|
| 219,024 |
|
Google Inc ‘A’ * |
|
| 900 |
|
| 351,000 |
|
Lowe’s Cos Inc |
|
| 5,200 |
|
| 335,088 |
|
Monster Worldwide Inc * |
|
| 9,050 |
|
| 451,233 |
|
Nordstrom Inc |
|
| 7,800 |
|
| 305,604 |
|
Starbucks Corp * |
|
| 16,500 |
|
| 621,060 |
|
The Home Depot Inc |
|
| 10,000 |
|
| 423,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,129,416 |
|
|
|
|
|
|
| ||
Consumer Staples - 3.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PepsiCo Inc |
|
| 7,625 |
|
| 440,649 |
|
Whole Foods Market Inc |
|
| 6,025 |
|
| 400,301 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 840,950 |
|
|
|
|
|
|
| ||
Energy - 2.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG Resources Inc |
|
| 2,725 |
|
| 196,200 |
|
National Oilwell Varco Inc * |
|
| 2,950 |
|
| 189,154 |
|
XTO Energy Inc |
|
| 4,850 |
|
| 211,315 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 596,669 |
|
|
|
|
|
|
| ||
Financial Services - 21.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CB Richard Ellis Group Inc ‘A’ * |
|
| 6,025 |
|
| 486,217 |
|
Chicago Mercantile Exchange Holdings Inc |
|
| 775 |
|
| 346,812 |
|
Franklin Resources Inc |
|
| 3,650 |
| �� | 343,976 |
|
Legg Mason Inc |
|
| 5,450 |
|
| 683,049 |
|
Lehman Brothers Holdings Inc |
|
| 4,625 |
|
| 668,451 |
|
Moody’s Corp |
|
| 8,800 |
|
| 628,848 |
|
Prudential Financial Inc |
|
| 5,975 |
|
| 452,965 |
|
TD Ameritrade Holding Corp |
|
| 18,425 |
|
| 384,530 |
|
The Goldman Sachs Group Inc |
|
| 4,525 |
|
| 710,244 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,705,092 |
|
|
|
|
|
|
| ||
Health Care - 22.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aetna Inc |
|
| 10,850 |
|
| 533,169 |
|
Amgen Inc * |
|
| 5,275 |
|
| 383,756 |
|
Caremark Rx Inc * |
|
| 10,550 |
|
| 518,849 |
|
DaVita Inc * |
|
| 4,875 |
|
| 293,524 |
|
Express Scripts Inc * |
|
| 4,050 |
|
| 355,995 |
|
Genentech Inc * |
|
| 5,450 |
|
| 460,579 |
|
Gilead Sciences Inc * |
|
| 4,950 |
|
| 307,989 |
|
Humana Inc * |
|
| 5,950 |
|
| 313,268 |
|
Intuitive Surgical Inc * |
|
| 1,650 |
|
| 194,700 |
|
St. Jude Medical Inc * |
|
| 9,050 |
|
| 371,050 |
|
UnitedHealth Group Inc |
|
| 12,650 |
|
| 706,629 |
|
Zimmer Holdings Inc * |
|
| 5,050 |
|
| 341,380 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,780,888 |
|
|
|
|
|
|
| ||
Producer Durables - 5.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar Inc |
|
| 5,675 |
|
| 407,522 |
|
Emerson Electric Co |
|
| 5,650 |
|
| 472,509 |
|
Joy Global Inc |
|
| 5,450 |
|
| 325,747 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,205,778 |
|
|
|
|
|
|
| ||
Technology - 23.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc * |
|
| 6,550 |
|
| 228,726 |
|
Apple Computer Inc * |
|
| 11,500 |
|
| 721,280 |
|
Broadcom Corp ‘A’ * |
|
| 11,825 |
|
| 510,367 |
|
Cisco Systems Inc * |
|
| 30,325 |
|
| 657,142 |
|
Cognizant Technology Solutions Corp ‘A’ * |
|
| 3,875 |
|
| 230,524 |
|
Corning Inc * |
|
| 21,400 |
|
| 575,874 |
|
Hewlett-Packard Co |
|
| 11,000 |
|
| 361,900 |
|
Motorola Inc |
|
| 13,600 |
|
| 311,576 |
|
Network Appliance Inc * |
|
| 9,925 |
|
| 357,598 |
|
QUALCOMM Inc |
|
| 13,875 |
|
| 702,214 |
|
Texas Instruments Inc |
|
| 11,875 |
|
| 385,581 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,042,782 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $19,889,661) |
|
|
|
|
| 21,301,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 98.55% |
|
|
|
|
|
|
|
(Cost $19,889,661) |
|
|
|
|
| 21,301,575 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 1.45% |
|
|
|
|
| 312,414 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 21,613,989 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Technology |
|
|
|
|
| 23.33 | % |
Health Care |
|
|
|
|
| 22.12 | % |
Financial Services |
|
|
|
|
| 21.77 | % |
Consumer Discretionary |
|
|
|
|
| 19.10 | % |
Producer Durables |
|
|
|
|
| 5.58 | % |
Consumer Staples |
|
|
|
|
| 3.89 | % |
Energy |
|
|
|
|
| 2.76 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 98.55 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 1.45 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(b) Transactions in written options for the year ended March 31, 2006 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, March 31, 2006 |
|
| — |
| $ | — |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-10
|
PACIFIC FUNDS |
PF MFS INTERNATIONAL LARGE-CAP FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia - 1.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QBE Insurance Group Ltd |
|
| 43,331 |
| $ | 678,733 |
|
|
|
|
|
|
| ||
Austria - 0.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AG |
|
| 7,810 |
|
| 460,548 |
|
|
|
|
|
|
| ||
| |||||||
Bermuda - 1.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Esprit Holdings Ltd |
|
| 67,000 |
|
| 521,552 |
|
Li & Fung Ltd |
|
| 162,000 |
|
| 365,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 886,927 |
|
|
|
|
|
|
| ||
| |||||||
Brazil - 0.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cia Vale do Rio Doce ADR |
|
| 5,100 |
|
| 247,503 |
|
|
|
|
|
|
| ||
| |||||||
Canada - 0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co |
|
| 10,030 |
|
| 454,158 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Cayman Islands - 1.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hutchison Telecommunications International Ltd * |
|
| 425,000 |
|
| 725,756 |
|
|
|
|
|
|
| ||
| |||||||
France - 20.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA |
|
| 41,860 |
|
| 1,469,092 |
|
Credit Agricole SA |
|
| 27,233 |
|
| 1,059,710 |
|
Groupe Danone |
|
| 2,260 |
|
| 276,892 |
|
L’Air Liquide SA |
|
| 3,853 |
|
| 802,183 |
|
L’Air Liquide SA - Registered * + |
|
| 3,153 |
|
| 656,445 |
|
LVMH Moet Hennessy Louis Vuitton SA |
|
| 10,140 |
|
| 994,118 |
|
Pernod-Ricard SA |
|
| 4,540 |
|
| 869,839 |
|
Sanofi-Aventis |
|
| 12,135 |
|
| 1,154,412 |
|
Schneider Electric SA |
|
| 16,032 |
|
| 1,731,078 |
|
Societe Television Francaise 1 |
|
| 7,310 |
|
| 221,467 |
|
Total SA |
|
| 4,690 |
|
| 1,237,322 |
|
Veolia Environnement |
|
| 6,970 |
|
| 387,110 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,859,668 |
|
|
|
|
|
|
| ||
Germany - 3.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayer AG |
|
| 9,800 |
|
| 392,627 |
|
E.ON AG |
|
| 5,710 |
|
| 628,378 |
|
Schering AG |
|
| 7,850 |
|
| 816,127 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,837,132 |
|
|
|
|
|
|
| ||
Hong Kong - 1.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNOOC Ltd |
|
| 1,208,500 |
|
| 934,510 |
|
|
|
|
|
|
| ||
| |||||||
Hungary - 0.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTP Bank Rt GDR |
|
| 7,730 |
|
| 535,689 |
|
|
|
|
|
|
| ||
| |||||||
Indonesia - 0.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.T. Bank Central Asia Tbk |
|
| 728,000 |
|
| 335,164 |
|
|
|
|
|
|
| ||
| |||||||
Israel - 0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Check Point Software Technologies Ltd * |
|
| 21,850 |
|
| 437,437 |
|
|
|
|
|
|
| ||
Italy - 3.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assicurazioni Generali SPA |
|
| 20,990 |
|
| 790,578 |
|
FASTWEB SPA * |
|
| 6,670 |
|
| 340,368 |
|
UniCredito Italiano SPA |
|
| 120,760 |
|
| 872,941 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,003,887 |
|
|
|
|
|
|
| ||
Japan - 16.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asahi Glass Co Ltd |
|
| 79,000 |
|
| 1,180,637 |
|
Bridgestone Corp |
|
| 34,000 |
|
| 709,176 |
|
Canon Inc |
|
| 15,900 |
|
| 1,052,345 |
|
Kaneka Corp |
|
| 30,000 |
|
| 359,643 |
|
Kao Corp |
|
| 20,000 |
|
| 526,763 |
|
Nintendo Co Ltd |
|
| 5,500 |
|
| 822,430 |
|
Nitto Denko Corp |
|
| 5,600 |
|
| 475,310 |
|
OMRON Corp |
|
| 11,500 |
|
| 330,247 |
|
ORIX Corp |
|
| 1,290 |
|
| 401,687 |
|
Ricoh Co Ltd |
|
| 40,000 |
|
| 781,648 |
|
Shinsei Bank Ltd |
|
| 104,000 |
|
| 728,088 |
|
Tokyo Gas Co Ltd |
|
| 75,640 |
|
| 330,965 |
|
Toyota Motor Corp |
|
| 21,600 |
|
| 1,180,017 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,878,956 |
|
|
|
|
|
|
| ||
Mexico - 0.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Televisa SA ADR |
|
| 26,440 |
|
| 526,156 |
|
|
|
|
|
|
| ||
| |||||||
Poland - 0.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
| 22,950 |
|
| 246,099 |
|
|
|
|
|
|
| ||
| |||||||
Singapore - 1.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore Telecommunications Ltd |
|
| 417,290 |
|
| 684,357 |
|
|
|
|
|
|
| ||
| |||||||
South Korea - 3.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Samsung Electronics Co Ltd |
|
| 2,550 |
|
| 1,653,458 |
|
|
|
|
|
|
| ||
| |||||||
Spain - 2.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
| 55,380 |
|
| 1,155,680 |
|
Iberdrola SA |
|
| 11,140 |
|
| 359,642 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,515,322 |
|
|
|
|
|
|
| ||
Sweden - 3.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Copco AB ‘A’ |
|
| 15,340 |
|
| 431,336 |
|
Sandvik AB |
|
| 6,830 |
|
| 403,828 |
|
Svenska Handelsbanken AB ‘A’ |
|
| 12,200 |
|
| 339,128 |
|
Telefonaktiebolaget LM Ericsson ‘B’ |
|
| 140,340 |
|
| 533,359 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,707,651 |
|
|
|
|
|
|
| ||
Switzerland - 11.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Julius Baer Holding AG |
|
| 7,582 |
|
| 685,704 |
|
Nestle SA |
|
| 5,540 |
|
| 1,644,598 |
|
Roche Holding AG |
|
| 10,020 |
|
| 1,491,874 |
|
Swiss Reinsurance Co |
|
| 10,560 |
|
| 737,940 |
|
UBS AG |
|
| 13,768 |
|
| 1,512,352 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,072,468 |
|
|
|
|
|
|
| ||
Thailand - 0.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangkok Bank PCL |
|
| 101,070 |
|
| 301,585 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-11
|
PACIFIC FUNDS |
PF MFS INTERNATIONAL LARGE-CAP FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
United Kingdom - 19.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AstraZeneca PLC |
|
| 13,400 |
| $ | 675,157 |
|
BG Group PLC |
|
| 45,630 |
|
| 570,405 |
|
Diageo PLC |
|
| 55,600 |
|
| 875,678 |
|
GlaxoSmithKline PLC |
|
| 36,880 |
|
| 964,338 |
|
Ladbrokes PLC |
|
| 221,490 |
|
| 1,496,944 |
|
NEXT PLC |
|
| 24,680 |
|
| 707,507 |
|
Reckitt Benckiser PLC |
|
| 52,594 |
|
| 1,851,303 |
|
Smith & Nephew PLC |
|
| 64,150 |
|
| 569,534 |
|
Tesco PLC |
|
| 181,760 |
|
| 1,042,111 |
|
William Hill PLC |
|
| 97,560 |
|
| 1,016,162 |
|
WPP Group PLC |
|
| 31,500 |
|
| 377,899 |
|
Yell Group PLC |
|
| 20,910 |
|
| 197,812 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,344,850 |
|
|
|
|
|
|
| ||
United States - 0.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthes Inc |
|
| 1,880 |
|
| 206,221 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $40,900,338) |
|
|
|
|
| 52,534,235 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 2.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 2.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Funding Inc |
|
|
|
|
|
|
|
4.830% due 04/03/06 |
| $ | 1,371,000 |
|
| 1,370,632 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Fund - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 162 |
|
| 162 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $1,370,794) |
|
|
|
|
| 1,370,794 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.71% |
|
|
|
|
|
|
|
(Cost $42,271,132) |
|
|
|
|
| 53,905,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.29% |
|
|
|
|
| 156,458 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 54,061,487 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 22.77 | % |
Consumer Discretionary |
|
|
|
|
| 14.38 | % |
Consumer Staples |
|
|
|
|
| 12.13 | % |
Health Care |
|
|
|
|
| 11.60 | % |
Technology |
|
|
|
|
| 8.86 | % |
Materials & Processing |
|
|
|
|
| 6.88 | % |
Utilities |
|
|
|
|
| 5.68 | % |
Integrated Oils |
|
|
|
|
| 5.07 | % |
Producer Durables |
|
|
|
|
| 4.75 | % |
Autos & Transportation |
|
|
|
|
| 4.33 | % |
Short-Term Investments |
|
|
|
|
| 2.54 | % |
Multi-Industry |
|
|
|
|
| 0.72 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.71 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.29 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 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 C-38 |
C-12
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 91.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 10.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bristow Group Inc * |
|
| 7,400 |
| $ | 228,660 |
|
Forward Air Corp |
|
| 13,900 |
|
| 518,331 |
|
H&E Equipment Services Inc * |
|
| 5,600 |
|
| 163,072 |
|
Heartland Express Inc |
|
| 31,700 |
|
| 690,743 |
|
Hub Group Inc ‘A’ * |
|
| 11,400 |
|
| 519,612 |
|
Modine Manufacturing Co |
|
| 14,600 |
|
| 430,700 |
|
Winnebago Industries Inc |
|
| 4,200 |
|
| 127,428 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,678,546 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 23.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Garden & Pet Co * |
|
| 5,700 |
|
| 302,898 |
|
Courier Corp |
|
| 6,500 |
|
| 288,210 |
|
Elizabeth Arden Inc * |
|
| 11,100 |
|
| 258,852 |
|
Emmis Communications Corp ‘A’ * |
|
| 22,300 |
|
| 356,800 |
|
G&K Services Inc ‘A’ |
|
| 11,800 |
|
| 501,972 |
|
Guitar Center Inc * |
|
| 3,400 |
|
| 162,180 |
|
Journal Communications Inc ‘A’ |
|
| 18,700 |
|
| 231,880 |
|
Journal Register Co |
|
| 32,300 |
|
| 393,414 |
|
Korn/Ferry International * |
|
| 13,300 |
|
| 271,187 |
|
LoJack Corp * |
|
| 14,400 |
|
| 345,312 |
|
MWI Veterinary Supply Inc * |
|
| 4,300 |
|
| 141,470 |
|
Navigant Consulting Inc * |
|
| 15,200 |
|
| 324,520 |
|
RC2 Corp * |
|
| 4,600 |
|
| 183,126 |
|
Ritchie Bros. Auctioneers Inc (Canada) |
|
| 10,400 |
|
| 514,800 |
|
Rollins Inc |
|
| 27,700 |
|
| 560,648 |
|
The Steak n Shake Co * |
|
| 24,000 |
|
| 506,400 |
|
Universal Technical Institute Inc * |
|
| 7,400 |
|
| 222,740 |
|
Watson Wyatt Worldwide Inc ‘A’ |
|
| 12,800 |
|
| 417,024 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,983,433 |
|
|
|
|
|
|
| ||
Energy - 7.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berry Petroleum Co ‘A’ |
|
| 4,100 |
|
| 280,645 |
|
CARBO Ceramics Inc |
|
| 9,300 |
|
| 529,263 |
|
Hydril Co * |
|
| 3,300 |
|
| 257,235 |
|
TETRA Technologies Inc * |
|
| 17,200 |
|
| 809,088 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,876,231 |
|
|
|
|
|
|
| ||
Financial Services - 12.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Equity Investment Life Holding Co |
|
| 16,500 |
|
| 236,610 |
|
Amerisafe Inc * |
|
| 10,900 |
|
| 130,800 |
|
Assured Guaranty Ltd (Bermuda) |
|
| 9,200 |
|
| 230,000 |
|
Boston Private Financial Holdings Inc |
|
| 14,400 |
|
| 486,576 |
|
FactSet Research Systems Inc |
|
| 4,400 |
|
| 195,140 |
|
Financial Federal Corp |
|
| 10,800 |
|
| 316,440 |
|
Hilb Rogal & Hobbs Co |
|
| 7,700 |
|
| 317,394 |
|
ITLA Capital Corp |
|
| 3,000 |
|
| 144,660 |
|
Online Resources Corp * |
|
| 800 |
|
| 10,400 |
|
Texas Capital Bancshares Inc * |
|
| 5,400 |
|
| 129,600 |
|
W.P. Stewart & Co Ltd (Bermuda) |
|
| 9,900 |
|
| 208,692 |
|
Wilshire Bancorp Inc |
|
| 12,700 |
|
| 236,093 |
|
Wintrust Financial Corp |
|
| 7,700 |
|
| 447,909 |
|
World Acceptance Corp * |
|
| 5,600 |
|
| 153,440 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,243,754 |
|
|
|
|
|
|
| ||
Health Care - 7.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apria Healthcare Group Inc * |
|
| 6,400 |
|
| 147,072 |
|
Computer Programs & Systems Inc |
|
| 8,100 |
|
| 405,000 |
|
Healthspring Inc * |
|
| 5,300 |
|
| 98,633 |
|
ICU Medical Inc * |
|
| 7,700 |
|
| 278,663 |
|
KV Pharmaceutical Co ‘A’ * |
|
| 17,500 |
|
| 422,100 |
|
Landauer Inc |
|
| 2,900 |
|
| 145,638 |
|
LCA-Vision Inc |
|
| 4,300 |
|
| 215,473 |
|
Sybron Dental Specialties Inc * |
|
| 1,500 |
|
| 61,860 |
|
Young Innovations Inc |
|
| 6,200 |
|
| 226,424 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,000,863 |
|
|
|
|
|
|
| ||
Materials & Processing - 8.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCOL International Corp |
|
| 12,200 |
|
| 351,360 |
|
Cabot Microelectronics Corp * |
|
| 8,000 |
|
| 296,800 |
|
CLARCOR Inc |
|
| 16,100 |
|
| 573,160 |
|
Drew Industries Inc * |
|
| 7,300 |
|
| 259,515 |
|
Interline Brands Inc * |
|
| 10,500 |
|
| 264,915 |
|
Rockwood Holdings Inc * |
|
| 11,500 |
|
| 264,730 |
|
Spartech Corp |
|
| 9,700 |
|
| 232,800 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,243,280 |
|
|
|
|
|
|
| ||
Producer Durables - 13.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Corp * |
|
| 11,000 |
|
| 244,200 |
|
Actuant Corp ‘A’ |
|
| 6,900 |
|
| 422,418 |
|
Argon ST Inc * |
|
| 9,600 |
|
| 321,888 |
|
Bucyrus International Inc ‘A’ |
|
| 17,550 |
|
| 845,735 |
|
IDEX Corp |
|
| 3,200 |
|
| 166,944 |
|
Plantronics Inc |
|
| 11,700 |
|
| 414,531 |
|
Regal-Beloit Corp |
|
| 14,400 |
|
| 608,688 |
|
The Middleby Corp * |
|
| 4,900 |
|
| 410,228 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,434,632 |
|
|
|
|
|
|
| ||
Technology - 6.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
j2 Global Communications Inc * |
|
| 8,400 |
|
| 394,800 |
|
Kanbay International Inc * |
|
| 18,600 |
|
| 283,836 |
|
Methode Electronics Inc |
|
| 22,300 |
|
| 242,847 |
|
ScanSource Inc * |
|
| 11,000 |
|
| 664,510 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,585,993 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 23,046,732 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 91.52% |
|
|
|
|
| 23,046,732 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 8.48% |
|
|
|
|
| 2,134,604 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 25,181,336 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Consumer Discretionary |
|
| 23.76 | % |
Producer Durables |
|
| 13.64 | % |
Financial Services |
|
| 12.88 | % |
Autos & Transportation |
|
| 10.64 | % |
Materials & Processing |
|
| 8.91 | % |
Health Care |
|
| 7.94 | % |
Energy |
|
| 7.45 | % |
Technology |
|
| 6.30 | % |
|
|
|
| |
|
|
| 91.52 | % |
Other Assets & Liabilities, Net |
|
| 8.48 | % |
|
|
|
| |
|
|
| 100.00 | % |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-13
|
PACIFIC FUNDS |
(b) Transactions in written options for the year ended March 31, 2006 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, March 31, 2006 |
|
| — |
| $ | — |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-14
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 99.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 1.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska Air Group Inc * |
|
| 300 |
| $ | 10,635 |
|
AMR Corp * |
|
| 1,200 |
|
| 32,460 |
|
Burlington Northern Santa Fe Corp |
|
| 2,100 |
|
| 174,993 |
|
Continental Airlines Inc ‘B’ * |
|
| 500 |
|
| 13,450 |
|
CSX Corp |
|
| 900 |
|
| 53,820 |
|
FedEx Corp |
|
| 100 |
|
| 11,294 |
|
Ford Motor Co |
|
| 17,000 |
|
| 135,320 |
|
General Maritime Corp |
|
| 200 |
|
| 6,668 |
|
Genuine Parts Co |
|
| 100 |
|
| 4,383 |
|
Harley-Davidson Inc |
|
| 2,800 |
|
| 145,264 |
|
Landstar System Inc |
|
| 300 |
|
| 13,236 |
|
Norfolk Southern Corp |
|
| 3,700 |
|
| 200,059 |
|
OMI Corp |
|
| 300 |
|
| 5,406 |
|
Overseas Shipholding Group Inc |
|
| 300 |
|
| 14,379 |
|
Southwest Airlines Co |
|
| 800 |
|
| 14,392 |
|
The Goodyear Tire & Rubber Co * |
|
| 1,300 |
|
| 18,824 |
|
TRW Automotive Holdings Corp * |
|
| 300 |
|
| 6,990 |
|
United Parcel Service Inc ‘B’ |
|
| 300 |
|
| 23,814 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 885,387 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 11.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administaff Inc |
|
| 200 |
|
| 10,872 |
|
American Eagle Outfitters Inc |
|
| 900 |
|
| 26,874 |
|
American Greetings Corp ‘A’ |
|
| 300 |
|
| 6,486 |
|
AnnTaylor Stores Corp * |
|
| 300 |
|
| 11,037 |
|
Apollo Group Inc ‘A’ * |
|
| 900 |
|
| 47,259 |
|
AutoNation Inc * |
|
| 1,000 |
|
| 21,550 |
|
Avon Products Inc |
|
| 3,200 |
|
| 99,744 |
|
Barnes & Noble Inc |
|
| 500 |
|
| 23,125 |
|
Bed Bath & Beyond Inc * |
|
| 1,100 |
|
| 42,240 |
|
Best Buy Co Inc |
|
| 3,400 |
|
| 190,162 |
|
Career Education Corp * |
|
| 500 |
|
| 18,865 |
|
CBS Corp ‘B’ |
|
| 4,100 |
|
| 98,318 |
|
CDW Corp |
|
| 300 |
|
| 17,655 |
|
Cendant Corp |
|
| 11,900 |
|
| 206,465 |
|
Chico’s FAS Inc * |
|
| 300 |
|
| 12,192 |
|
Choice Hotels International Inc |
|
| 200 |
|
| 9,156 |
|
Circuit City Stores Inc |
|
| 800 |
|
| 19,584 |
|
Claire’s Stores Inc |
|
| 400 |
|
| 14,524 |
|
Clear Channel Communications Inc |
|
| 6,700 |
|
| 194,367 |
|
Coach Inc * |
|
| 4,100 |
|
| 141,778 |
|
Costco Wholesale Corp |
|
| 1,400 |
|
| 75,824 |
|
Dollar General Corp |
|
| 700 |
|
| 12,369 |
|
Dollar Tree Stores Inc * |
|
| 800 |
|
| 22,136 |
|
EarthLink Inc * |
|
| 1,500 |
|
| 14,325 |
|
eBay Inc * |
|
| 2,500 |
|
| 97,650 |
|
Federated Department Stores Inc |
|
| 1,600 |
|
| 116,800 |
|
Gannett Co Inc |
|
| 2,700 |
|
| 161,784 |
|
Google Inc ‘A’ * |
|
| 400 |
|
| 156,000 |
|
Hasbro Inc |
|
| 1,000 |
|
| 21,100 |
|
International Game Technology |
|
| 1,900 |
|
| 66,918 |
|
J.C. Penney Co Inc |
|
| 3,500 |
|
| 211,435 |
|
Jones Apparel Group Inc |
|
| 300 |
|
| 10,611 |
|
Kimberly-Clark Corp |
|
| 300 |
|
| 17,340 |
|
Kohl’s Corp * |
|
| 1,500 |
|
| 79,515 |
|
Liberty Media Corp ‘A’ * |
|
| 6,400 |
|
| 52,544 |
|
Live Nation Inc * |
|
| 425 |
|
| 8,432 |
|
Lowe’s Cos Inc |
|
| 4,000 |
|
| 257,760 |
|
Manpower Inc |
|
| 400 |
|
| 22,872 |
|
McDonald’s Corp |
|
| 4,500 |
|
| 154,620 |
|
News Corp ‘A’ |
|
| 9,400 |
|
| 156,134 |
|
Nordstrom Inc |
|
| 4,400 |
|
| 172,392 |
|
Office Depot Inc * |
|
| 2,600 |
|
| 96,824 |
|
Omnicom Group Inc |
|
| 1,000 |
|
| 83,250 |
|
PHH Corp * |
|
| 300 |
|
| 8,010 |
|
Phillips-Van Heusen Corp |
|
| 100 |
|
| 3,821 |
|
R.H. Donnelley Corp * |
|
| 100 |
|
| 5,823 |
|
Robert Half International Inc |
|
| 400 |
|
| 15,444 |
|
Sabre Holdings Corp ‘A’ |
|
| 800 |
|
| 18,824 |
|
Saks Inc * |
|
| 300 |
|
| 5,790 |
|
Six Flags Inc * |
|
| 100 |
|
| 1,018 |
|
Staples Inc |
|
| 9,100 |
|
| 232,232 |
|
Starbucks Corp * |
|
| 1,000 |
|
| 37,640 |
|
Target Corp |
|
| 3,500 |
|
| 182,035 |
|
Tech Data Corp * |
|
| 200 |
|
| 7,382 |
|
The Children’s Place Retail Stores Inc * |
|
| 200 |
|
| 11,580 |
|
The Corporate Executive Board Co |
|
| 100 |
|
| 10,090 |
|
The Gap Inc |
|
| 8,600 |
|
| 160,648 |
|
The Home Depot Inc |
|
| 10,800 |
|
| 456,840 |
|
The McGraw-Hill Cos Inc |
|
| 2,300 |
|
| 132,526 |
|
The Men’s Wearhouse Inc |
|
| 400 |
|
| 14,376 |
|
The Sports Authority Inc * |
|
| 300 |
|
| 11,070 |
|
The Talbots Inc |
|
| 300 |
|
| 8,061 |
|
The Timberland Co ‘A’ * |
|
| 600 |
|
| 20,538 |
|
The TJX Cos Inc |
|
| 2,800 |
|
| 69,496 |
|
The Walt Disney Co |
|
| 6,700 |
|
| 186,863 |
|
Tiffany & Co |
|
| 100 |
|
| 3,754 |
|
Time Warner Inc |
|
| 18,300 |
|
| 307,257 |
|
Too Inc * |
|
| 300 |
|
| 10,305 |
|
United Online Inc |
|
| 1,100 |
|
| 14,146 |
|
Viacom Inc ‘B’ * |
|
| 4,200 |
|
| 162,960 |
|
Wal-Mart Stores Inc |
|
| 6,900 |
|
| 325,956 |
|
Waste Management Inc |
|
| 3,200 |
|
| 112,960 |
|
Whirlpool Corp |
|
| 100 |
|
| 9,147 |
|
Yahoo! Inc * |
|
| 2,000 |
|
| 64,520 |
|
Yum! Brands Inc |
|
| 2,300 |
|
| 112,378 |
|
Zale Corp * |
|
| 100 |
|
| 2,803 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,007,181 |
|
|
|
|
|
|
| ||
Consumer Staples - 5.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Albertson’s Inc |
|
| 700 |
|
| 17,969 |
|
Altria Group Inc |
|
| 9,600 |
|
| 680,256 |
|
Brown-Forman Corp ‘B’ |
|
| 100 |
|
| 7,697 |
|
Campbell Soup Co |
|
| 1,900 |
|
| 61,560 |
|
Colgate-Palmolive Co |
|
| 900 |
|
| 51,390 |
|
ConAgra Foods Inc |
|
| 900 |
|
| 19,314 |
|
Dean Foods Co * |
|
| 400 |
|
| 15,532 |
|
Del Monte Foods Co |
|
| 300 |
|
| 3,558 |
|
General Mills Inc |
|
| 1,900 |
|
| 96,292 |
|
H.J. Heinz Co |
|
| 1,800 |
|
| 68,256 |
|
Loews Corp-Carolina Group |
|
| 300 |
|
| 14,181 |
|
PepsiCo Inc |
|
| 4,000 |
|
| 231,160 |
|
Performance Food Group Co * |
|
| 100 |
|
| 3,119 |
|
Pilgrim’s Pride Corp |
|
| 500 |
|
| 10,835 |
|
Reynolds American Inc |
|
| 1,900 |
|
| 200,450 |
|
Safeway Inc |
|
| 7,700 |
|
| 193,424 |
|
Sara Lee Corp |
|
| 4,200 |
|
| 75,096 |
|
SUPERVALU Inc |
|
| 600 |
|
| 18,492 |
|
Sysco Corp |
|
| 800 |
|
| 25,640 |
|
The Coca-Cola Co |
|
| 4,800 |
|
| 200,976 |
|
The Kroger Co * |
|
| 8,900 |
|
| 181,204 |
|
The Pepsi Bottling Group Inc |
|
| 1,100 |
|
| 33,429 |
|
The Procter & Gamble Co |
|
| 11,800 |
|
| 679,916 |
|
Walgreen Co |
|
| 800 |
|
| 34,504 |
|
Whole Foods Market Inc |
|
| 700 |
|
| 46,508 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,970,758 |
|
|
|
|
|
|
| ||
Energy - 3.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp |
|
| 2,600 |
|
| 262,626 |
|
Apache Corp |
|
| 3,200 |
|
| 209,632 |
|
Burlington Resources Inc |
|
| 2,600 |
|
| 238,966 |
|
Comstock Resources Inc * |
|
| 300 |
|
| 8,907 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-15
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Devon Energy Corp |
|
| 4,900 |
| $ | 299,733 |
|
EOG Resources Inc |
|
| 2,700 |
|
| 194,400 |
|
Grey Wolf Inc * |
|
| 1,100 |
|
| 8,184 |
|
Halliburton Co |
|
| 400 |
|
| 29,208 |
|
Kerr-McGee Corp |
|
| 1,800 |
|
| 171,864 |
|
Remington Oil & Gas Corp * |
|
| 200 |
|
| 8,644 |
|
Sunoco Inc |
|
| 2,100 |
|
| 162,897 |
|
Swift Energy Co * |
|
| 200 |
|
| 7,492 |
|
Tesoro Corp |
|
| 400 |
|
| 27,336 |
|
Universal Compression Holdings Inc * |
|
| 100 |
|
| 5,067 |
|
Valero Energy Corp |
|
| 3,300 |
|
| 197,274 |
|
Veritas DGC Inc * |
|
| 300 |
|
| 13,617 |
|
Whiting Petroleum Corp * |
|
| 200 |
|
| 8,198 |
|
XTO Energy Inc |
|
| 2,600 |
|
| 113,282 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,967,327 |
|
|
|
|
|
|
| ||
Financial Services - 22.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accredited Home Lenders Holding Co * |
|
| 200 |
|
| 10,236 |
|
ACE Ltd (Cayman) |
|
| 900 |
|
| 46,809 |
|
Aflac Inc |
|
| 2,100 |
|
| 94,773 |
|
American Express Co |
|
| 3,200 |
|
| 168,160 |
|
American International Group Inc |
|
| 9,400 |
|
| 621,246 |
|
AmeriCredit Corp * |
|
| 1,100 |
|
| 33,803 |
|
Ameriprise Financial Inc |
|
| 2,000 |
|
| 90,120 |
|
AmerUs Group Co |
|
| 300 |
|
| 18,072 |
|
Aon Corp |
|
| 3,900 |
|
| 161,889 |
|
Astoria Financial Corp |
|
| 700 |
|
| 21,672 |
|
Automatic Data Processing Inc |
|
| 100 |
|
| 4,568 |
|
Bank of America Corp |
|
| 23,154 |
|
| 1,054,433 |
|
BB&T Corp |
|
| 2,400 |
|
| 94,080 |
|
Capital One Financial Corp |
|
| 2,500 |
|
| 201,300 |
|
CheckFree Corp * |
|
| 300 |
|
| 15,150 |
|
Chicago Mercantile Exchange Holdings Inc |
|
| 300 |
|
| 134,250 |
|
CIGNA Corp |
|
| 1,800 |
|
| 235,116 |
|
CIT Group Inc |
|
| 2,700 |
|
| 144,504 |
|
Citigroup Inc |
|
| 23,300 |
|
| 1,100,459 |
|
Comerica Inc |
|
| 600 |
|
| 34,782 |
|
Countrywide Financial Corp |
|
| 5,000 |
|
| 183,500 |
|
Fair Isaac Corp |
|
| 400 |
|
| 15,848 |
|
Fannie Mae |
|
| 3,200 |
|
| 164,480 |
|
Fidelity National Financial Inc |
|
| 700 |
|
| 24,871 |
|
Fidelity National Title Group Inc ‘A’ |
|
| 35 |
|
| 797 |
|
First Data Corp |
|
| 7,100 |
|
| 332,422 |
|
Fiserv Inc * |
|
| 600 |
|
| 25,530 |
|
Freddie Mac |
|
| 2,100 |
|
| 128,100 |
|
Fremont General Corp |
|
| 100 |
|
| 2,156 |
|
Genworth Financial Inc ‘A’ |
|
| 5,600 |
|
| 187,208 |
|
Global Payments Inc |
|
| 300 |
|
| 15,903 |
|
Golden West Financial Corp |
|
| 700 |
|
| 47,530 |
|
Janus Capital Group Inc |
|
| 600 |
|
| 13,902 |
|
JPMorgan Chase & Co |
|
| 17,200 |
|
| 716,208 |
|
KeyCorp |
|
| 2,300 |
|
| 84,640 |
|
LandAmerica Financial Group Inc |
|
| 100 |
|
| 6,785 |
|
Lehman Brothers Holdings Inc |
|
| 2,500 |
|
| 361,325 |
|
Lincoln National Corp |
|
| 200 |
|
| 10,918 |
|
Loews Corp |
|
| 500 |
|
| 50,600 |
|
M&T Bank Corp |
|
| 600 |
|
| 68,484 |
|
MBIA Inc |
|
| 400 |
|
| 24,052 |
|
Mellon Financial Corp |
|
| 2,900 |
|
| 103,240 |
|
Merrill Lynch & Co Inc |
|
| 6,600 |
|
| 519,816 |
|
MetLife Inc |
|
| 4,200 |
|
| 203,154 |
|
MGIC Investment Corp |
|
| 300 |
|
| 19,989 |
|
Moody’s Corp |
|
| 800 |
|
| 57,168 |
|
Morgan Stanley |
|
| 7,500 |
|
| 471,150 |
|
National City Corp |
|
| 4,200 |
|
| 146,580 |
|
North Fork Bancorp Inc |
|
| 300 |
|
| 8,649 |
|
Northern Trust Corp |
|
| 1,000 |
|
| 52,500 |
|
Principal Financial Group Inc |
|
| 4,200 |
|
| 204,960 |
|
Prudential Financial Inc |
|
| 3,100 |
|
| 235,011 |
|
Radian Group Inc |
|
| 400 |
|
| 24,100 |
|
Regions Financial Corp |
|
| 1,700 |
|
| 59,789 |
|
Safeco Corp |
|
| 300 |
|
| 15,063 |
|
StanCorp Financial Group Inc |
|
| 300 |
|
| 16,233 |
|
State Street Corp |
|
| 2,000 |
|
| 120,860 |
|
SunTrust Banks Inc |
|
| 1,700 |
|
| 123,692 |
|
T. Rowe Price Group Inc |
|
| 100 |
|
| 7,821 |
|
TD Ameritrade Holding Corp |
|
| 100 |
|
| 2,087 |
|
The Allstate Corp |
|
| 4,600 |
|
| 239,706 |
|
The Bank of New York Co Inc |
|
| 4,300 |
|
| 154,972 |
|
The Bear Stearns Cos Inc |
|
| 400 |
|
| 55,480 |
|
The Charles Schwab Corp |
|
| 9,700 |
|
| 166,937 |
|
The Chubb Corp |
|
| 1,600 |
|
| 152,704 |
|
The Dun & Bradstreet Corp * |
|
| 200 |
|
| 15,336 |
|
The Goldman Sachs Group Inc |
|
| 3,000 |
|
| 470,880 |
|
The Hanover Insurance Group Inc |
|
| 100 |
|
| 5,242 |
|
The Hartford Financial Services Group Inc |
|
| 2,400 |
|
| 193,320 |
|
The PMI Group Inc |
|
| 300 |
|
| 13,776 |
|
The PNC Financial Services Group Inc |
|
| 800 |
|
| 53,848 |
|
The Progressive Corp |
|
| 1,300 |
|
| 135,538 |
|
The St. Paul Travelers Cos Inc |
|
| 6,300 |
|
| 263,277 |
|
U.S. Bancorp |
|
| 11,500 |
|
| 350,750 |
|
UnionBanCal Corp |
|
| 600 |
|
| 42,096 |
|
United Rentals Inc * |
|
| 300 |
|
| 10,350 |
|
Wachovia Corp |
|
| 7,300 |
|
| 409,165 |
|
Washington Mutual Inc |
|
| 2,800 |
|
| 119,336 |
|
Wells Fargo & Co |
|
| 5,200 |
|
| 332,124 |
|
Zenith National Insurance Corp |
|
| 200 |
|
| 9,626 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 12,337,006 |
|
|
|
|
|
|
| ||
Health Care - 12.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 2,800 |
|
| 118,916 |
|
Abgenix Inc * |
|
| 500 |
|
| 11,250 |
|
Aetna Inc |
|
| 4,100 |
|
| 201,474 |
|
Alkermes Inc * |
|
| 400 |
|
| 8,820 |
|
Allergan Inc |
|
| 1,300 |
|
| 141,050 |
|
Alpharma Inc ‘A’ |
|
| 400 |
|
| 10,728 |
|
AmerisourceBergen Corp |
|
| 700 |
|
| 33,789 |
|
Amgen Inc * |
|
| 6,900 |
|
| 501,975 |
|
Andrx Corp * |
|
| 300 |
|
| 7,122 |
|
Baxter International Inc |
|
| 2,500 |
|
| 97,025 |
|
Becton Dickinson & Co |
|
| 2,600 |
|
| 160,108 |
|
Biogen Idec Inc * |
|
| 1,100 |
|
| 51,810 |
|
Boston Scientific Corp * |
|
| 3,200 |
|
| 73,760 |
|
Bristol-Myers Squibb Co |
|
| 4,500 |
|
| 110,745 |
|
Cardinal Health Inc |
|
| 3,500 |
|
| 260,820 |
|
Caremark Rx Inc * |
|
| 5,100 |
|
| 250,818 |
|
Coventry Health Care Inc * |
|
| 300 |
|
| 16,194 |
|
Endo Pharmaceuticals Holdings Inc * |
|
| 300 |
|
| 9,843 |
|
Express Scripts Inc * |
|
| 1,800 |
|
| 158,220 |
|
Forest Laboratories Inc * |
|
| 2,700 |
|
| 120,501 |
|
Genentech Inc * |
|
| 1,000 |
|
| 84,510 |
|
Genesis HealthCare Corp * |
|
| 200 |
|
| 8,788 |
|
Genzyme Corp * |
|
| 600 |
|
| 40,332 |
|
Gilead Sciences Inc * |
|
| 2,800 |
|
| 174,216 |
|
Guidant Corp |
|
| 900 |
|
| 70,254 |
|
HCA Inc |
|
| 4,400 |
|
| 201,476 |
|
Health Net Inc * |
|
| 400 |
|
| 20,328 |
|
Healthways Inc * |
|
| 200 |
|
| 10,188 |
|
Henry Schein Inc * |
|
| 400 |
|
| 19,144 |
|
Humana Inc * |
|
| 700 |
|
| 36,855 |
|
IMS Health Inc |
|
| 500 |
|
| 12,885 |
|
Johnson & Johnson |
|
| 13,000 |
|
| 769,860 |
|
Kinetic Concepts Inc * |
|
| 300 |
|
| 12,351 |
|
King Pharmaceuticals Inc * |
|
| 1,400 |
|
| 24,150 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-16
PF OPPENHEIMER MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Kos Pharmaceuticals Inc * |
|
| 400 |
| $ | 19,108 |
|
Manor Care Inc |
|
| 300 |
|
| 13,305 |
|
McKesson Corp |
|
| 4,300 |
|
| 224,159 |
|
Medco Health Solutions Inc * |
|
| 3,000 |
|
| 171,660 |
|
Medicis Pharmaceutical Corp ‘A’ |
|
| 100 |
|
| 3,260 |
|
Medtronic Inc |
|
| 3,300 |
|
| 167,475 |
|
Mentor Corp |
|
| 300 |
|
| 13,593 |
|
Merck & Co Inc |
|
| 12,200 |
|
| 429,806 |
|
Millipore Corp * |
|
| 200 |
|
| 14,612 |
|
Pediatrix Medical Group Inc * |
|
| 200 |
|
| 20,528 |
|
Pfizer Inc |
|
| 31,900 |
|
| 794,948 |
|
Quest Diagnostics Inc |
|
| 1,900 |
|
| 97,470 |
|
Sierra Health Services Inc * |
|
| 500 |
|
| 20,350 |
|
Techne Corp * |
|
| 200 |
|
| 12,028 |
|
UnitedHealth Group Inc |
|
| 6,240 |
|
| 348,566 |
|
Watson Pharmaceuticals Inc * |
|
| 600 |
|
| 17,244 |
|
WellCare Health Plans Inc * |
|
| 200 |
|
| 9,088 |
|
WellPoint Inc * |
|
| 4,755 |
|
| 368,180 |
|
Wyeth |
|
| 5,700 |
|
| 276,564 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,852,249 |
|
|
|
|
|
|
| ||
Integrated Oils - 7.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amerada Hess Corp |
|
| 1,100 |
|
| 156,640 |
|
Canadian Natural Resources Ltd (TSE) (Canada) |
|
| 1,200 |
|
| 66,687 |
|
Chevron Corp |
|
| 11,900 |
|
| 689,843 |
|
ConocoPhillips |
|
| 9,400 |
|
| 593,610 |
|
Exxon Mobil Corp |
|
| 29,400 |
|
| 1,789,284 |
|
Giant Industries Inc * |
|
| 100 |
|
| 6,954 |
|
KCS Energy Inc * |
|
| 300 |
|
| 7,800 |
|
Marathon Oil Corp |
|
| 2,500 |
|
| 190,425 |
|
Murphy Oil Corp |
|
| 200 |
|
| 9,964 |
|
Occidental Petroleum Corp |
|
| 2,926 |
|
| 271,094 |
|
Paramount Resources Ltd ‘A’ * (Canada) |
|
| 3,500 |
|
| 124,823 |
|
Schlumberger Ltd (Netherlands) |
|
| 200 |
|
| 25,314 |
|
Talisman Energy Inc (Canada) |
|
| 900 |
|
| 47,795 |
|
Transocean Inc * (Cayman) |
|
| 1,500 |
|
| 120,450 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,100,683 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Materials & Processing - 3.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agrium Inc (Canada) |
|
| 500 |
|
| 12,630 |
|
AK Steel Holding Corp * |
|
| 1,600 |
|
| 24,000 |
|
Archer-Daniels-Midland Co |
|
| 400 |
|
| 13,460 |
|
Building Materials Holding Corp |
|
| 300 |
|
| 10,692 |
|
Carpenter Technology Corp |
|
| 200 |
|
| 18,904 |
|
Commercial Metals Co |
|
| 300 |
|
| 16,047 |
|
E.I. du Pont de Nemours & Co |
|
| 1,800 |
|
| 75,978 |
|
Energizer Holdings Inc * |
|
| 300 |
|
| 15,900 |
|
FMC Corp |
|
| 100 |
|
| 6,198 |
|
Freeport-McMoRan Copper & Gold Inc ‘B’ |
|
| 2,900 |
|
| 173,333 |
|
Lone Star Technologies Inc * |
|
| 200 |
|
| 11,082 |
|
Louisiana-Pacific Corp |
|
| 300 |
|
| 8,160 |
|
Lubrizol Corp |
|
| 100 |
|
| 4,285 |
|
Masco Corp |
|
| 4,100 |
|
| 133,209 |
|
MeadWestvaco Corp |
|
| 700 |
|
| 19,117 |
|
Monsanto Co |
|
| 1,000 |
|
| 84,750 |
|
NS Group Inc * |
|
| 200 |
|
| 9,206 |
|
Nucor Corp |
|
| 2,200 |
|
| 230,538 |
|
Phelps Dodge Corp |
|
| 1,600 |
|
| 128,848 |
|
PPG Industries Inc |
|
| 1,600 |
|
| 101,360 |
|
Precision Castparts Corp |
|
| 700 |
|
| 41,580 |
|
Quanex Corp |
|
| 200 |
|
| 13,326 |
|
Quanta Services Inc * |
|
| 500 |
|
| 8,010 |
|
Reliance Steel & Aluminum Co |
|
| 300 |
|
| 28,176 |
|
Rohm & Haas Co |
|
| 1,900 |
|
| 92,853 |
|
Sealed Air Corp |
|
| 300 |
|
| 17,361 |
|
Southern Copper Corp |
|
| 400 |
|
| 33,792 |
|
Steel Dynamics Inc |
|
| 300 |
|
| 17,019 |
|
Texas Industries Inc |
|
| 200 |
|
| 12,098 |
|
The Dow Chemical Co |
|
| 6,000 |
|
| 243,600 |
|
The Scotts Miracle-Gro Co ‘A’ |
|
| 300 |
|
| 13,728 |
|
Tronox Inc ‘B’ * |
|
| 363 |
|
| 6,167 |
|
United States Steel Corp |
|
| 100 |
|
| 6,068 |
|
URS Corp * |
|
| 600 |
|
| 24,150 |
|
USG Corp * |
|
| 400 |
|
| 37,984 |
|
Weyerhaeuser Co |
|
| 900 |
|
| 65,187 |
|
Worthington Industries Inc |
|
| 300 |
|
| 6,018 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,764,814 |
|
|
|
|
|
|
| ||
Multi-Industry - 3.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3M Co |
|
| 1,900 |
|
| 143,811 |
|
Eaton Corp |
|
| 200 |
|
| 14,594 |
|
General Electric Co |
|
| 43,200 |
|
| 1,502,496 |
|
Honeywell International Inc |
|
| 3,600 |
|
| 153,972 |
|
ITT Industries Inc |
|
| 300 |
|
| 16,866 |
|
Johnson Controls Inc |
|
| 1,700 |
|
| 129,081 |
|
SPX Corp |
|
| 400 |
|
| 21,368 |
|
Teleflex Inc |
|
| 100 |
|
| 7,163 |
|
Tyco International Ltd (Bermuda) |
|
| 4,500 |
|
| 120,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,110,311 |
|
|
|
|
|
|
| ||
Producer Durables - 5.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agilent Technologies Inc * |
|
| 5,400 |
|
| 202,770 |
|
Alliant Techsystems Inc * |
|
| 300 |
|
| 23,151 |
|
American Tower Corp ‘A’ * |
|
| 2,100 |
|
| 63,672 |
|
Applied Materials Inc |
|
| 11,200 |
|
| 196,112 |
|
BE Aerospace Inc * |
|
| 300 |
|
| 7,536 |
|
Beazer Homes USA Inc |
|
| 100 |
|
| 6,570 |
|
Caterpillar Inc |
|
| 2,500 |
|
| 179,525 |
|
Crown Castle International Corp * |
|
| 600 |
|
| 17,010 |
|
Cymer Inc * |
|
| 300 |
|
| 13,632 |
|
Danaher Corp |
|
| 1,000 |
|
| 63,550 |
|
Deere & Co |
|
| 1,700 |
|
| 134,385 |
|
Emerson Electric Co |
|
| 1,600 |
|
| 133,808 |
|
Flowserve Corp * |
|
| 400 |
|
| 23,336 |
|
Illinois Tool Works Inc |
|
| 2,000 |
|
| 192,620 |
|
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) |
|
| 3,100 |
|
| 129,549 |
|
KLA-Tencor Corp |
|
| 2,400 |
|
| 116,064 |
|
Lam Research Corp * |
|
| 700 |
|
| 30,100 |
|
Lennar Corp ‘A’ |
|
| 100 |
|
| 6,038 |
|
Lexmark International Inc ‘A’ * |
|
| 600 |
|
| 27,228 |
|
Lockheed Martin Corp |
|
| 3,800 |
|
| 285,494 |
|
Mettler-Toledo International Inc * |
|
| 100 |
|
| 6,034 |
|
Northrop Grumman Corp |
|
| 4,400 |
|
| 300,476 |
|
Novellus Systems Inc * |
|
| 900 |
|
| 21,600 |
|
Parker-Hannifin Corp |
|
| 300 |
|
| 24,183 |
|
Pitney Bowes Inc |
|
| 700 |
|
| 30,051 |
|
Polycom Inc * |
|
| 200 |
|
| 4,336 |
|
Roper Industries Inc |
|
| 300 |
|
| 14,589 |
|
Terex Corp * |
|
| 300 |
|
| 23,772 |
|
The Boeing Co |
|
| 6,500 |
|
| 506,545 |
|
United Technologies Corp |
|
| 3,300 |
|
| 191,301 |
|
Waters Corp * |
|
| 300 |
|
| 12,945 |
|
Xerox Corp * |
|
| 11,800 |
|
| 179,360 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,167,342 |
|
|
|
|
|
|
| ||
Technology - 17.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc * |
|
| 900 |
|
| 31,428 |
|
ADTRAN Inc |
|
| 600 |
|
| 15,708 |
|
Advanced Micro Devices Inc * |
|
| 4,700 |
|
| 155,852 |
|
Analog Devices Inc |
|
| 5,000 |
|
| 191,450 |
|
Apple Computer Inc * |
|
| 2,400 |
|
| 150,528 |
|
Applera Corp-Applied Biosystems Group |
|
| 900 |
|
| 24,426 |
|
Arrow Electronics Inc * |
|
| 700 |
|
| 22,589 |
|
Autodesk Inc * |
|
| 2,700 |
|
| 104,004 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-17
PF OPPENHEIMER MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Avaya Inc * |
|
| 1,700 |
| $ | 19,210 |
|
Avnet Inc * |
|
| 600 |
|
| 15,228 |
|
BEA Systems Inc * |
|
| 2,300 |
|
| 30,199 |
|
BMC Software Inc * |
|
| 1,100 |
|
| 23,826 |
|
Broadcom Corp ‘A’ * |
|
| 3,850 |
|
| 166,166 |
|
Brocade Communications Systems Inc * |
|
| 2,900 |
|
| 19,372 |
|
CA Inc |
|
| 6,000 |
|
| 163,260 |
|
CACI International Inc ‘A’ * |
|
| 200 |
|
| 13,150 |
|
Cadence Design Systems Inc * |
|
| 1,400 |
|
| 25,886 |
|
Ceridian Corp * |
|
| 500 |
|
| 12,725 |
|
Check Point Software Technologies Ltd * (Israel) |
|
| 800 |
|
| 16,016 |
|
Cisco Systems Inc * |
|
| 30,000 |
|
| 650,100 |
|
Citrix Systems Inc * |
|
| 600 |
|
| 22,740 |
|
Cognos Inc * (Canada) |
|
| 200 |
|
| 7,780 |
|
Computer Sciences Corp * |
|
| 1,000 |
|
| 55,550 |
|
Compuware Corp * |
|
| 2,500 |
|
| 19,575 |
|
Corning Inc * |
|
| 3,300 |
|
| 88,803 |
|
Dell Inc * |
|
| 16,400 |
|
| 488,064 |
|
Digital River Inc * |
|
| 300 |
|
| 13,083 |
|
Electronic Data Systems Corp |
|
| 700 |
|
| 18,781 |
|
EMC Corp * |
|
| 20,400 |
|
| 278,052 |
|
Emulex Corp * |
|
| 400 |
|
| 6,836 |
|
Freescale Semiconductor Inc ‘B’ * |
|
| 6,300 |
|
| 174,951 |
|
General Dynamics Corp |
|
| 3,100 |
|
| 198,338 |
|
Genesis Microchip Inc * |
|
| 200 |
|
| 3,408 |
|
Hewlett-Packard Co |
|
| 18,000 |
|
| 592,200 |
|
Hyperion Solutions Corp * |
|
| 600 |
|
| 19,560 |
|
Intel Corp |
|
| 37,100 |
|
| 717,885 |
|
International Business Machines Corp |
|
| 7,500 |
|
| 618,525 |
|
Internet Security Systems Inc * |
|
| 400 |
|
| 9,592 |
|
Intersil Corp ‘A’ |
|
| 900 |
|
| 26,028 |
|
Intuit Inc * |
|
| 600 |
|
| 31,914 |
|
Jabil Circuit Inc * |
|
| 800 |
|
| 34,288 |
|
Juniper Networks Inc * |
|
| 2,600 |
|
| 49,712 |
|
Komag Inc * |
|
| 300 |
|
| 14,280 |
|
Linear Technology Corp |
|
| 800 |
|
| 28,064 |
|
LSI Logic Corp * |
|
| 2,600 |
|
| 30,056 |
|
Lucent Technologies Inc * |
|
| 48,700 |
|
| 148,535 |
|
McAfee Inc * |
|
| 800 |
|
| 19,464 |
|
Micrel Inc * |
|
| 300 |
|
| 4,446 |
|
Microchip Technology Inc |
|
| 900 |
|
| 32,670 |
|
Microsemi Corp * |
|
| 300 |
|
| 8,733 |
|
Microsoft Corp |
|
| 44,100 |
|
| 1,199,961 |
|
MicroStrategy Inc ‘A’ * |
|
| 100 |
|
| 10,529 |
|
Motorola Inc |
|
| 19,300 |
|
| 442,163 |
|
National Semiconductor Corp |
|
| 1,200 |
|
| 33,408 |
|
NCR Corp * |
|
| 800 |
|
| 33,432 |
|
Network Appliance Inc * |
|
| 600 |
|
| 21,618 |
|
Novell Inc * |
|
| 2,600 |
|
| 19,968 |
|
NVIDIA Corp * |
|
| 800 |
|
| 45,808 |
|
OmniVision Technologies Inc * |
|
| 500 |
|
| 15,100 |
|
Oracle Corp * |
|
| 20,800 |
|
| 284,752 |
|
Palm Inc * |
|
| 600 |
|
| 13,896 |
|
Parametric Technology Corp * |
|
| 560 |
|
| 9,145 |
|
PerkinElmer Inc |
|
| 200 |
|
| 4,694 |
|
QLogic Corp * |
|
| 1,000 |
|
| 19,350 |
|
QUALCOMM Inc |
|
| 7,100 |
|
| 359,331 |
|
Raytheon Co |
|
| 5,900 |
|
| 270,456 |
|
Red Hat Inc * |
|
| 900 |
|
| 25,182 |
|
Rockwell Automation Inc |
|
| 2,400 |
|
| 172,584 |
|
Sanmina-SCI Corp * |
|
| 5,100 |
|
| 20,910 |
|
Solectron Corp * |
|
| 6,600 |
|
| 26,400 |
|
Symantec Corp * |
|
| 9,200 |
|
| 154,836 |
|
Synopsys Inc * |
|
| 1,700 |
|
| 37,995 |
|
Texas Instruments Inc |
|
| 14,400 |
|
| 467,568 |
|
The Reynolds & Reynolds Co ‘A’ |
|
| 100 |
|
| 2,840 |
|
Websense Inc * |
|
| 200 |
|
| 5,516 |
|
Western Digital Corp * |
|
| 2,300 |
|
| 44,689 |
|
Zoran Corp * |
|
| 200 |
|
| 4,376 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,359,543 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Utilities - 3.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc |
|
| 400 |
|
| 13,608 |
|
AT&T Inc |
|
| 8,391 |
|
| 226,893 |
|
BellSouth Corp |
|
| 6,600 |
|
| 228,690 |
|
CenturyTel Inc |
|
| 600 |
|
| 23,472 |
|
Constellation Energy Group Inc |
|
| 1,300 |
|
| 71,123 |
|
Dobson Communications Corp ‘A’ * |
|
| 1,000 |
|
| 8,020 |
|
Edison International |
|
| 3,000 |
|
| 123,540 |
|
Exelon Corp |
|
| 300 |
|
| 15,870 |
|
FirstEnergy Corp |
|
| 700 |
|
| 34,230 |
|
PG&E Corp |
|
| 4,400 |
|
| 171,160 |
|
Progress Energy Inc |
|
| 200 |
|
| 8,796 |
|
Qwest Communications International Inc * |
|
| 23,600 |
|
| 160,480 |
|
Sprint Nextel Corp |
|
| 15,900 |
|
| 410,856 |
|
The AES Corp * |
|
| 900 |
|
| 15,354 |
|
TXU Corp |
|
| 3,100 |
|
| 138,756 |
|
Verizon Communications Inc |
|
| 12,200 |
|
| 415,532 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,066,380 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 53,588,981 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.37% |
|
|
|
|
| 53,588,981 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.63% |
|
|
|
|
| 340,734 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 53,929,715 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 22.88 | % |
Technology |
|
| 17.36 | % |
Health Care |
|
| 12.71 | % |
Consumer Discretionary |
|
| 11.14 | % |
Integrated Oils |
|
| 7.60 | % |
Producer Durables |
|
| 5.87 | % |
Consumer Staples |
|
| 5.51 | % |
Multi-Industry |
|
| 3.91 | % |
Utilities |
|
| 3.83 | % |
Energy |
|
| 3.65 | % |
Materials & Processing |
|
| 3.27 | % |
Autos & Transportation |
|
| 1.64 | % |
|
|
| ||
|
|
| 99.37 | % |
Other Assets & Liabilities, Net |
|
| 0.63 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-18
PF OPPENHEIMER EMERGING MARKETS FUND
Schedule of Investments
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
PREFERRED STOCKS - 6.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil - 6.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Latina Logistica SA |
|
| 4,500 |
| $ | 280,689 |
|
Banco Bradesco SA |
|
| 9,600 |
|
| 344,695 |
|
Cia de Bebidas das Americas ADR |
|
| 3,100 |
|
| 133,176 |
|
Cia Energetica de Minas Gerais |
|
| 159,000 |
|
| 7,248 |
|
Cia Vale do Rio Doce ADR |
|
| 4,800 |
|
| 207,504 |
|
Electropaulo Metropolitana Electricidade de |
|
| 4,374,800 |
|
| 209,238 |
|
Embraer-Empresa Brasileira de Aeronautica SA |
|
| 15,500 |
|
| 143,253 |
|
Lojas Americanas SA |
|
| 6,887,000 |
|
| 294,321 |
|
Petroleo Brasileiro SA ADR ‘A’ |
|
| 1,000 |
|
| 79,850 |
|
Sadia SA |
|
| 133,000 |
|
| 358,928 |
|
Vivo Participacoes SA ADR |
|
| 1,900 |
|
| 8,132 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,067,034 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea - 0.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyundai Motor Co |
|
| 1,190 |
|
| 63,688 |
|
LG Electronics Inc |
|
| 1,450 |
|
| 73,873 |
|
S-Oil Corp |
|
| 770 |
|
| 45,173 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 182,734 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Preferred Stocks |
|
|
|
|
| 2,249,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
COMMON STOCKS - 88.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda - 1.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dairy Farm International Holdings Ltd |
|
| 9,500 |
|
| 33,250 |
|
Guoco Group Ltd |
|
| 8,000 |
|
| 102,434 |
|
Midland Holdings Ltd |
|
| 244,000 |
|
| 136,793 |
|
Varitronix International Ltd |
|
| 107,000 |
|
| 72,399 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 344,876 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Brazil - 6.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Latina Logistica SA GDR ~ |
|
| 500 |
|
| 31,093 |
|
Banco Nossa Caixa SA |
|
| 6,000 |
|
| 132,809 |
|
Cia Brasileira de Distribuicao Grupo Pao de |
|
| 10,300 |
|
| 434,145 |
|
Cyrela Brazil Realty SA Empreendimentos e |
|
| 1,700 |
|
| 302,078 |
|
Diagnosticos da America SA * |
|
| 13,000 |
|
| 334,612 |
|
Diagnosticos da America SA ADR * ~ |
|
| 600 |
|
| 46,190 |
|
Embraer-Empresa Brasileira de Aeronautica SA |
|
| 10,000 |
|
| 90,804 |
|
Gafisa SA * |
|
| 3,000 |
|
| 32,024 |
|
Gafisa SA GDR * ~ |
|
| 1,300 |
|
| 27,670 |
|
Light SA * |
|
| 4,441,000 |
|
| 30,578 |
|
Natura Cosmeticos SA |
|
| 10,500 |
|
| 124,991 |
|
Petroleo Brasileiro SA ADR |
|
| 5,200 |
|
| 450,684 |
|
Rossi Residencial SA |
|
| 2,000 |
|
| 23,937 |
|
Tele Norte Leste Participacoes SA |
|
| 10,300 |
|
| 224,943 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,286,558 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Cayman Islands - 0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hutchison Telecommunications International Ltd * |
|
| 43,000 |
|
| 73,429 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
China - 0.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sinotrans Ltd |
|
| 301,000 |
|
| 121,228 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Egypt - 3.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial International Bank GDR |
|
| 9,800 |
|
| 119,854 |
|
Commercial International Bank GDR ~ |
|
| 6,400 |
|
| 78,002 |
|
Eastern Tobacco Co |
|
| 3,367 |
|
| 207,117 |
|
Medinet Nasr Housing & Development |
|
| 5,815 |
|
| 86,312 |
|
Orascom Telecom Holding SAE |
|
| 6,324 |
|
| 347,377 |
|
Vodafone Egypt Telecommunications SAE |
|
| 19,581 |
|
| 298,813 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,137,475 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Greece - 0.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Folli-Follie SA |
|
| 800 |
|
| 22,899 |
|
INTRALOT SA-Integrated Lottery Systems & Services |
|
| 2,400 |
|
| 62,823 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 85,722 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong - 2.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hang Lung Group Ltd |
|
| 53,000 |
|
| 120,902 |
|
Henderson Land Development Co Ltd |
|
| 52,000 |
|
| 288,176 |
|
Shaw Brothers Ltd |
|
| 27,000 |
|
| 34,102 |
|
Television Broadcasts Ltd |
|
| 17,000 |
|
| 96,402 |
|
The Hongkong & Shanghai Hotels Ltd |
|
| 32,000 |
|
| 36,499 |
|
The Link REIT * |
|
| 66,000 |
|
| 142,902 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 718,983 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hungary - 1.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Danubius Hotel & Spa Rt * |
|
| 700 |
|
| 18,960 |
|
Magyar Telekom Telecommunications PLC |
|
| 40,959 |
|
| 183,329 |
|
OTP Bank Rt |
|
| 7,200 |
|
| 249,715 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 452,004 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
India - 16.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amtek Auto Ltd |
|
| 31,600 |
|
| 224,644 |
|
Asian Paints Ltd |
|
| 200 |
|
| 2,895 |
|
Bajaj Auto Ltd |
|
| 1,800 |
|
| 111,084 |
|
Bharat Electronics Ltd |
|
| 2,300 |
|
| 68,439 |
|
Bharat Heavy Electricals Ltd |
|
| 3,593 |
|
| 181,018 |
|
Bharat Petroleum Corp Ltd * |
|
| 19,400 |
|
| 185,412 |
|
Bharti Tele-Ventures Ltd * |
|
| 27,600 |
|
| 255,998 |
|
Cipla Ltd |
|
| 7,200 |
|
| 107,150 |
|
Divi’s Laboratories Ltd |
|
| 2,657 |
|
| 112,018 |
|
GAIL India Ltd |
|
| 33,810 |
|
| 241,988 |
|
Gateway Distriparks Ltd GDR ~ |
|
| 12,000 |
|
| 68,273 |
|
HCL Technologies Ltd |
|
| 17,500 |
|
| 257,270 |
|
Hindustan Petroleum Corp Ltd |
|
| 20,700 |
|
| 148,784 |
|
Housing Development Finance Corp |
|
| 12,700 |
|
| 381,514 |
|
ICICI Bank Ltd ADR |
|
| 7,700 |
|
| 213,136 |
|
Infosys Technologies Ltd |
|
| 6,400 |
|
| 428,786 |
|
ITC Ltd |
|
| 42,100 |
|
| 184,625 |
|
Larsen & Toubro Ltd |
|
| 6,400 |
|
| 349,871 |
|
Mahindra & Mahindra Ltd |
|
| 12,910 |
|
| 181,915 |
|
National Thermal Power Corp Ltd |
|
| 17,100 |
|
| 51,531 |
|
Oil & Natural Gas Corp Ltd |
|
| 4,020 |
|
| 118,463 |
|
Patni Computer Systems Ltd |
|
| 2,200 |
|
| 22,648 |
|
Ranbaxy Laboratories Ltd |
|
| 12,692 |
|
| 123,312 |
|
Reliance Capital Ventures Ltd * |
|
| 20,000 |
|
| 11,168 |
|
Reliance Communication Ventures Ltd * |
|
| 20,000 |
|
| 138,742 |
|
Reliance Energy Ventures Ltd * |
|
| 20,000 |
|
| 19,506 |
|
Reliance Industries Ltd |
|
| 16,300 |
|
| 291,330 |
|
Reliance Natural Resources Ltd * |
|
| 20,000 |
|
| 15,011 |
|
Rico Auto Industries Ltd |
|
| 29,500 |
|
| 59,663 |
|
Sun Pharmaceutical Industries Ltd |
|
| 5,600 |
|
| 108,168 |
|
Tata Consultancy Services Ltd |
|
| 9,011 |
|
| 387,878 |
|
Trent Ltd |
|
| 673 |
|
| 13,836 |
|
United Breweries Holdings Ltd * |
|
| 4,700 |
|
| 76,774 |
|
United Breweries Ltd |
|
| 2,409 |
|
| 80,945 |
|
Zee Telefilms Ltd |
|
| 27,100 |
|
| 145,548 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,369,343 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-19
PF OPPENHEIMER EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2006
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Indonesia - 4.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.T. Aneka Tambang Tbk |
|
| 480,400 |
| $ | 230,983 |
|
P.T. Astra International Tbk |
|
| 244,500 |
|
| 303,555 |
|
P.T. Bank Mandiri Persero Tbk |
|
| 734,000 |
|
| 136,828 |
|
P.T. Gudang Garam Tbk |
|
| 178,500 |
|
| 206,775 |
|
P.T. Indosat Tbk |
|
| 611,000 |
|
| 345,692 |
|
P.T. Telekomunikasi Indonesia Tbk |
|
| 585,500 |
|
| 442,236 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,666,069 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Israel - 1.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Hapoalim BM |
|
| 57,575 |
|
| 266,394 |
|
Bank Leumi Le-Israel BM |
|
| 85,000 |
|
| 307,927 |
|
Israel Discount Bank Ltd ‘A’ * |
|
| 30,300 |
|
| 57,383 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 631,704 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Lebanon - 0.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solidere GDR * ~ |
|
| 4,700 |
|
| 102,413 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Mexico - 6.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Movil SA de CV ‘L’ ADR |
|
| 11,300 |
|
| 387,138 |
|
Cemex SA de CV ADR |
|
| 5,100 |
|
| 332,928 |
|
Consorcio ARA SA de CV |
|
| 27,000 |
|
| 120,339 |
|
Corporacion GEO SA de CV ‘B’ * |
|
| 66,300 |
|
| 252,850 |
|
Corporacion Interamericana de Entretenimiento |
|
| 41,600 |
|
| 83,722 |
|
Empresas ICA SA de CV * |
|
| 69,917 |
|
| 213,957 |
|
Fomento Economico Mexicano SA de CV ADR |
|
| 1,800 |
|
| 164,988 |
|
Grupo Aeroportuario del Pacifico SA de CV ADR * |
|
| 1,300 |
|
| 41,535 |
|
Grupo Financiero Banorte SA de CV ‘O’ |
|
| 39,000 |
|
| 92,825 |
|
Grupo Financiero Inbursa SA de CV ‘O’ |
|
| 85,200 |
|
| 128,406 |
|
Grupo Televisa SA ADR |
|
| 8,200 |
|
| 163,180 |
|
Impulsora del Desarrollo y el Empleo en America |
|
| 130,800 |
|
| 147,848 |
|
SARE Holding SA de CV ‘B’ * |
|
| 171,748 |
|
| 195,079 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,324,795 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway - 0.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Det Norske Oljeselskap ASA |
|
| 26,042 |
|
| 191,929 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Panama - 0.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano de Exportaciones SA ‘E’ |
|
| 14,700 |
|
| 250,047 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Peru - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cia de Minas Buenaventura SA ADR |
|
| 300 |
|
| 7,407 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Philippines - 1.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jollibee Foods Corp |
|
| 143,900 |
|
| 101,259 |
|
SM Prime Holdings Inc |
|
| 1,578,281 |
|
| 243,714 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 344,973 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Portugal - 0.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jeronimo Martins Sociedade Gestora de |
|
|
|
|
|
|
|
Participacoes Sociais SA |
|
| 5,300 |
|
| 91,654 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Singapore - 0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PEARL Energy Ltd * |
|
| 12,000 |
|
| 14,704 |
|
Singapore Press Holdings Ltd |
|
| 36,000 |
|
| 100,257 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 114,961 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Africa - 5.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anglo Platinum Ltd |
|
| 4,300 |
|
| 390,128 |
|
Harmony Gold Mining Co Ltd ADR * |
|
| 3,700 |
|
| 58,756 |
|
Impala Platinum Holdings Ltd |
|
| 1,400 |
|
| 264,537 |
|
JD Group Ltd |
|
| 5,300 |
|
| 80,289 |
|
Liberty Group Ltd |
|
| 8,600 |
|
| 124,142 |
|
Massmart Holdings Ltd |
|
| 12,800 |
|
| 121,242 |
|
Murray & Roberts Holdings Ltd |
|
| 25,460 |
|
| 114,385 |
|
Standard Bank Group Ltd |
|
| 25,400 |
|
| 349,351 |
|
Steinhoff International Holdings Ltd |
|
| 58,700 |
|
| 211,360 |
|
Tiger Brands Ltd |
|
| 3,014 |
|
| 84,997 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,799,187 |
|
|
|
|
|
|
| ||
South Korea - 17.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Able C&C Co Ltd |
|
| 2,174 |
|
| 31,102 |
|
AmorePacific Corp |
|
| 430 |
|
| 168,176 |
|
Daegu Bank |
|
| 5,620 |
|
| 104,985 |
|
FINETEC Corp |
|
| 8,108 |
|
| 91,795 |
|
GS Engineering & Construction Corp |
|
| 1,070 |
|
| 63,654 |
|
GS Home Shopping Inc |
|
| 885 |
|
| 83,800 |
|
Hana Financial Holdings |
|
| 5,373 |
|
| 254,392 |
|
Humax Co Ltd |
|
| 10,901 |
|
| 278,247 |
|
Hynix Semiconductor Inc * |
|
| 112 |
|
| 3,331 |
|
Hyundai Development Co |
|
| 1,830 |
|
| 83,721 |
|
Hyundai Engineering & Construction Co Ltd * |
|
| 4,709 |
|
| 240,151 |
|
Hyundai Heavy Industries Co Ltd |
|
| 4,940 |
|
| 431,157 |
|
Hyundai Mobis |
|
| 1,870 |
|
| 165,521 |
|
Hyundai Motor Co |
|
| 5,317 |
|
| 447,096 |
|
Industrial Bank of Korea |
|
| 6,750 |
|
| 125,051 |
|
Jeonbuk Bank |
|
| 10,305 |
|
| 98,746 |
|
Joongang Construction Co Ltd |
|
| 1,130 |
|
| 29,425 |
|
Kia Motors Corp |
|
| 19,730 |
|
| 405,119 |
|
Kolon Engineering & Construction Co Ltd |
|
| 1,360 |
|
| 18,757 |
|
Kookmin Bank ADR |
|
| 2,300 |
|
| 196,696 |
|
Korea Investment Holdings Co Ltd * |
|
| 2,680 |
|
| 95,990 |
|
KT&G Corp |
|
| 63 |
|
| 3,553 |
|
Kyeryong Construction Industrial Co Ltd |
|
| 2,030 |
|
| 68,426 |
|
LG Corp |
|
| 2,330 |
|
| 80,936 |
|
LG Electronics Inc |
|
| 2,120 |
|
| 171,939 |
|
LG International Corp |
|
| 450 |
|
| 11,069 |
|
Mirae Asset Securities Co Ltd * |
|
| 1,761 |
|
| 108,386 |
|
Mobilians Co Ltd * |
|
| 1,580 |
|
| 18,213 |
|
Mtekvision Co Ltd |
|
| 2,988 |
|
| 83,649 |
|
NHN Corp * |
|
| 277 |
|
| 85,529 |
|
Samsung Electronics Co Ltd |
|
| 70 |
|
| 45,389 |
|
Shinhan Financial Group Co Ltd |
|
| 4,280 |
|
| 191,622 |
|
SK Corp |
|
| 2,050 |
|
| 137,567 |
|
SK Telecom Co Ltd |
|
| 521 |
|
| 103,224 |
|
SK Telecom Co Ltd ADR |
|
| 11,400 |
|
| 268,926 |
|
S-Oil Corp |
|
| 2,790 |
|
| 214,218 |
|
SsangYong Motor Co * |
|
| 42,608 |
|
| 275,838 |
|
Telechips Inc |
|
| 2,325 |
|
| 64,131 |
|
Woori Finance Holdings Co Ltd |
|
| 15,630 |
|
| 310,477 |
|
Yedang Entertainment Co Ltd * |
|
| 8,787 |
|
| 81,395 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,741,399 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Taiwan - 10.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AU Optronics Corp |
|
| 108,000 |
|
| 162,374 |
|
Cathay Financial Holding Co Ltd |
|
| 105,000 |
|
| 187,624 |
|
China Motor Corp |
|
| 60,000 |
|
| 61,001 |
|
Continental Engineering Corp |
|
| 88,000 |
|
| 37,143 |
|
Fubon Financial Holding Co Ltd |
|
| 302,000 |
|
| 255,865 |
|
Fubon Financial Holding Co Ltd GDR |
|
| 5,700 |
|
| 48,299 |
|
High Tech Computer Corp |
|
| 6,000 |
|
| 164,148 |
|
Hon Hai Precision Industry Co Ltd |
|
| 49,000 |
|
| 303,434 |
|
Inventec Appliances Corp |
|
| 41,000 |
|
| 191,367 |
|
Inventec Co Ltd |
|
| 238,000 |
|
| 132,717 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-20
|
PACIFIC FUNDS |
PF OPPENHEIMER EMERGING MARKETS FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Lite-On Technology Corp |
|
| 193,000 |
| $ | 267,572 |
|
Merry Electronics Co Ltd |
|
| 30,000 |
|
| 96,123 |
|
MiTAC International Corp |
|
| 94,000 |
|
| 120,474 |
|
Motech Industries Inc |
|
| 10,000 |
|
| 251,090 |
|
Powerchip Semiconductor Corp |
|
| 191,000 |
|
| 111,804 |
|
President Chain Store Corp |
|
| 42,000 |
|
| 88,766 |
|
Quanta Computer Inc |
|
| 182,000 |
|
| 298,862 |
|
Shin Kong Financial Holding Co Ltd |
|
| 41,000 |
|
| 33,726 |
|
Sunplus Technology Co Ltd |
|
| 171,000 |
|
| 235,491 |
|
Synnex Technology International Corp |
|
| 94,000 |
|
| 104,401 |
|
Taiwan Fertilizer Co Ltd |
|
| 8,000 |
|
| 9,612 |
|
Uni-President Enterprises Corp |
|
| 61,000 |
|
| 37,211 |
|
United Microelectronics Corp |
|
| 592,000 |
|
| 373,893 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,572,997 |
|
|
|
|
|
|
| ||
Thailand - 1.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Info Service PCL |
|
| 54,000 |
|
| 127,100 |
|
Kiatnakin Finance PCL |
|
| 82,700 |
|
| 72,329 |
|
TISCO Bank PCL * |
|
| 114,200 |
|
| 80,785 |
|
TMB Bank PCL * |
|
| 1,790,400 |
|
| 194,353 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 474,567 |
|
|
|
|
|
|
| ||
Turkey - 3.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aksigorta AS |
|
| 46,000 |
|
| 224,098 |
|
Ford Otomotiv Sanayi AS |
|
| 7,308 |
|
| 65,226 |
|
Haci Omer Sabanci Holding AS |
|
| 49,800 |
|
| 351,878 |
|
Haci Omer Sabanci Holding AS ADR |
|
| 47,800 |
|
| 84,372 |
|
Koc Holding AS |
|
| 44,949 |
|
| 239,037 |
|
Petkim Petrokimya Holding AS * |
|
| 12,921 |
|
| 60,064 |
|
Turkiye Is Bankasi ‘C’ |
|
| 500 |
|
| 4,165 |
|
Turkiye Vakiflar Bankasi TAO ‘D’ * |
|
| 41,900 |
|
| 229,055 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,257,895 |
|
|
|
|
|
|
| ||
United Kingdom - 1.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highland Gold Mining Ltd |
|
| 14,945 |
|
| 69,587 |
|
HSBC Holdings PLC ADR |
|
| 14 |
|
| 1,174 |
|
HSBC Holdings PLC (HSI) |
|
| 13,321 |
|
| 223,012 |
|
Old Mutual PLC |
|
| 60,930 |
|
| 213,044 |
|
Standard Chartered PLC |
|
| 2,950 |
|
| 73,395 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 580,212 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $25,460,245) |
|
|
|
|
| 29,741,827 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 3.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 3.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,283,621 |
|
| 1,283,621 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
|
|
|
(Cost $1,283,621) |
|
|
|
|
| 1,283,621 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.40% |
|
|
|
|
|
|
|
(Cost $28,671,378) |
|
|
|
|
| 33,275,216 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.60% |
|
|
|
|
| 200,549 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 33,475,765 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
|
| ||||
Financial Services |
|
|
|
|
| 24.86 | % |
Technology |
|
|
|
|
| 13.03 | % |
Utilities |
|
|
|
|
| 11.23 | % |
Consumer Discretionary |
|
|
|
|
| 8.71 | % |
Autos & Transportation |
|
|
|
|
| 8.69 | % |
Producer Durables |
|
|
|
|
| 7.10 | % |
Materials & Processing |
|
|
|
|
| 5.16 | % |
Multi-Industry |
|
|
|
|
| 4.98 | % |
Integrated Oils |
|
|
|
|
| 4.74 | % |
Consumer Staples |
|
|
|
|
| 4.53 | % |
Short-Term Investment |
|
|
|
|
| 3.83 | % |
Health Care |
|
|
|
|
| 2.48 | % |
Energy |
|
|
|
|
| 0.06 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.40 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.60 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
|
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| ||
|
| Amount |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - - 2.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DaimlerChrysler NA Holding Corp |
|
|
|
|
|
|
|
5.100% due 03/07/07 § |
| $ | 100,000 |
| $ | 100,063 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy - 0.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Williams Cos Inc |
|
|
|
|
|
|
|
6.375% due 10/01/10 ~ |
|
| 100,000 |
|
| 99,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 1.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp |
|
|
|
|
|
|
|
4.875% due 01/15/13 |
|
| 100,000 |
|
| 96,687 |
|
CIT Group Inc |
|
|
|
|
|
|
|
7.750% due 04/02/12 |
|
| 100,000 |
|
| 110,357 |
|
Citigroup Inc |
|
|
|
|
|
|
|
5.625% due 08/27/12 |
|
| 50,000 |
|
| 50,338 |
|
Ford Motor Credit Co |
|
|
|
|
|
|
|
5.700% due 11/16/06 § |
|
| 100,000 |
|
| 99,719 |
|
5.800% due 01/12/09 |
|
| 100,000 |
|
| 91,382 |
|
7.250% due 10/25/11 |
|
| 200,000 |
|
| 182,448 |
|
Morgan Stanley |
|
|
|
|
|
|
|
5.300% due 03/01/13 |
|
| 100,000 |
|
| 97,939 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 728,870 |
|
|
|
|
|
|
| ||
Integrated Oils - 0.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Products Operating LP |
|
|
|
|
|
|
|
4.625% due 10/15/09 |
|
| 100,000 |
|
| 96,715 |
|
Occidental Petroleum Corp |
|
|
|
|
|
|
|
8.450% due 02/15/29 |
|
| 100,000 |
|
| 130,931 |
|
Pemex Project Funding Master Trust |
|
|
|
|
|
|
|
7.375% due 12/15/14 |
|
| 50,000 |
|
| 53,500 |
|
9.250% due 03/30/18 |
|
| 100,000 |
|
| 123,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 404,396 |
|
|
|
|
|
|
| ||
Utilities - 0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entergy Gulf States Inc |
|
|
|
|
|
|
|
3.600% due 06/01/08 |
|
| 100,000 |
|
| 95,688 |
|
Qwest Communications International Inc |
|
|
|
|
|
|
|
7.500% due 02/15/14 |
|
| 100,000 |
|
| 103,500 |
|
SBC Communications Inc |
|
|
|
|
|
|
|
4.125% due 09/15/09 |
|
| 100,000 |
|
| 95,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 294,891 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
|
|
|
(Cost $1,619,708) |
|
|
|
|
| 1,627,720 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 61.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 14.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustable Rate Mortgage Trust |
|
|
|
|
|
|
|
4.616% due 05/25/35 “ § |
|
| 221,947 |
|
| 217,689 |
|
Banc of America Funding Corp |
|
|
|
|
|
|
|
4.115% due 05/25/35 “ § |
|
| 353,148 |
|
| 342,631 |
|
Banc of America Large Loan |
|
|
|
|
|
|
|
4.949% due 11/15/15 ~ “ § |
|
| 8,439 |
|
| 8,445 |
|
Banc of America Mortgage Securities |
|
|
|
|
|
|
|
3.994% due 07/25/33 “ § |
|
| 229,597 |
|
| 218,756 |
|
5.000% due 05/25/34 “ |
|
| 141,396 |
|
| 135,881 |
|
Bear Stearns Adjustable Rate Mortgage Trust |
|
|
|
|
|
|
|
4.750% due 10/25/35 “ § |
|
| 273,598 |
|
| 269,660 |
|
Bear Stearns Alt-A Trust |
|
|
|
|
|
|
|
5.415% due 05/25/35 “ § |
|
| 153,357 |
|
| 152,562 |
|
Citigroup Mortgage Loan Trust Inc |
|
|
|
|
|
|
|
4.700% due 12/25/35 “ § |
|
| 293,898 |
|
| 289,998 |
|
Countrywide Home Loan Mortgage |
|
|
|
|
|
|
|
Pass-Through Trust |
|
|
|
|
|
|
|
5.138% due 03/25/35 “ § |
|
| 139,829 |
|
| 140,140 |
|
5.158% due 06/25/35 ~ “ § |
|
| 420,828 |
|
| 422,444 |
|
Credit-Based Asset Servicing & Securitization LLC |
|
|
|
|
|
|
|
5.138% due 06/25/32 “ § |
|
| 42,936 |
|
| 42,974 |
|
CS First Boston Mortgage Securities Corp |
|
|
|
|
|
|
|
4.879% due 03/25/32 ~ “ § |
|
| 52,796 |
|
| 53,089 |
|
5.148% due 03/25/32 ~ “ § |
|
| 48,106 |
|
| 48,106 |
|
Fannie Mae |
|
|
|
|
|
|
|
4.000% due 08/25/09 “ |
|
| 145,060 |
|
| 144,339 |
|
5.000% due 04/25/14 “ |
|
| 2,524 |
|
| 2,517 |
|
5.875% due 11/25/23 “ § |
|
| 847,165 |
|
| 874,310 |
|
Fannie Mae Grantor Trust |
|
|
|
|
|
|
|
4.285% due 11/28/35 “ § |
|
| 115,991 |
|
| 116,041 |
|
Fannie Mae Whole Loan |
|
|
|
|
|
|
|
4.880% due 05/25/34 “ § |
|
| 1,962 |
|
| 1,956 |
|
Freddie Mac |
|
|
|
|
|
|
|
2.750% due 02/15/12 “ |
|
| 143,784 |
|
| 142,870 |
|
3.500% due 03/15/10 “ |
|
| 123,078 |
|
| 122,664 |
|
4.000% due 06/15/22 - 10/15/23 “ ± |
|
| 2,536,222 |
|
| 2,489,745 |
|
5.000% due 09/15/16 - 05/15/19 “ ± |
|
| 525,462 |
|
| 524,190 |
|
6.250% due 04/15/23 “ |
|
| 84,768 |
|
| 85,018 |
|
Freddie Mac Structured Pass-Through Securities |
|
|
|
|
|
|
|
4.818% due 10/25/44 “ § |
|
| 214,310 |
|
| 215,654 |
|
5.018% due 07/25/44 “ § |
|
| 1,193,249 |
|
| 1,199,398 |
|
GMAC Mortgage Corp Loan Trust |
|
|
|
|
|
|
|
5.500% due 09/25/34 “ |
|
| 135,264 |
|
| 133,468 |
|
Harborview Mortgage Loan Trust |
|
|
|
|
|
|
|
4.996% due 05/19/35 “ § |
|
| 164,999 |
|
| 165,285 |
|
Mellon Residential Funding Corp |
|
|
|
|
|
|
|
4.989% due 06/15/30 “ § |
|
| 38,079 |
|
| 38,029 |
|
MLCC Mortgage Investors Inc |
|
|
|
|
|
|
|
5.129% due 03/15/25 “ § |
|
| 71,636 |
|
| 71,957 |
|
Residential Asset Securitization Trust |
|
|
|
|
|
|
|
5.218% due 05/25/33 “ § |
|
| 89,078 |
|
| 89,687 |
|
SAMI |
|
|
|
|
|
|
|
0.000% due 03/25/36 # “ § |
|
| 400,000 |
|
| 400,000 |
|
Small Business Administration |
|
|
|
|
|
|
|
4.754% due 08/10/14 “ |
|
| 181,567 |
|
| 173,282 |
|
Structured Asset Securities Corp |
|
|
|
|
|
|
|
5.000% due 12/25/34 “ |
|
| 336,648 |
|
| 332,275 |
|
Washington Mutual Inc |
|
|
|
|
|
|
|
4.597% due 02/27/34 “ § |
|
| 22,502 |
|
| 22,094 |
|
5.018% due 08/25/42 “ § |
|
| 36,352 |
|
| 36,005 |
|
5.088% due 12/25/27 “ § |
|
| 200,619 |
|
| 200,601 |
|
5.128% due 01/25/45 “ § |
|
| 133,893 |
|
| 134,528 |
|
5.129% due 10/25/32 “ § |
|
| 30,323 |
|
| 30,155 |
|
5.138% due 01/25/45 “ § |
|
| 138,971 |
|
| 139,166 |
|
Wells Fargo Mortgage-Backed Securities Trust |
|
|
|
|
|
|
|
3.989% due 12/25/34 “ § |
|
| 416,769 |
|
| 405,222 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,632,831 |
|
|
|
|
|
|
| ||
Fannie Mae - 45.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.854% due 10/01/33 “ § |
|
| 1,386,453 |
|
| 1,356,889 |
|
4.194% due 11/01/34 “ § |
|
| 703,133 |
|
| 693,704 |
|
4.717% due 06/01/35 “ § |
|
| 1,268,872 |
|
| 1,278,655 |
|
4.951% due 10/01/44 “ § |
|
| 296,707 |
|
| 296,988 |
|
5.000% due 04/18/21 # “ |
|
| 2,000,000 |
|
| 1,950,000 |
|
5.000% due 08/01/35 - 11/01/35 “ ± |
|
| 572,911 |
|
| 545,733 |
|
5.500% due 12/01/14 - 03/01/36 “ ± |
|
| 19,661,355 |
|
| 19,211,399 |
|
5.500% due 05/15/35 - 04/15/36 # “ ± |
|
| 6,900,000 |
|
| 6,731,529 |
|
5.529% due 12/01/36 “ § |
|
| 53,374 |
|
| 53,379 |
|
6.000% due 09/01/22 - 01/01/23 “ ± |
|
| 275,021 |
|
| 276,824 |
|
6.500% due 03/01/17 “ |
|
| 175,486 |
|
| 179,746 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 32,574,846 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
|
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments (Continued) |
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
| Amount |
| Value |
| ||
|
|
|
| ||||
Freddie Mac - 1.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500% due 08/01/07 - 03/01/23 “ ± |
| $ | 140,138 |
| $ | 138,929 |
|
5.714% due 04/01/32 “ § |
|
| 238,152 |
|
| 243,595 |
|
5.927% due 11/01/31 “ § |
|
| 37,940 |
|
| 37,807 |
|
6.000% due 12/01/22 - 03/01/23 “ ± |
|
| 411,317 |
|
| 414,042 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 834,373 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
|
|
|
(Cost $44,763,681) |
|
|
|
|
| 44,042,050 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES - 0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA Trust |
|
|
|
|
|
|
|
4.918% due 11/26/35 ~ “ § |
|
| 103,952 |
|
| 104,142 |
|
Carrington Mortgage Loan Trust |
|
|
|
|
|
|
|
4.898% due 06/25/35 “ § |
|
| 138,301 |
|
| 138,392 |
|
Countrywide Asset-Backed Certificates |
|
|
|
|
|
|
|
4.898% due 12/25/35 “ § |
|
| 152,303 |
|
| 152,372 |
|
DaimlerChrysler Auto Trust |
|
|
|
|
|
|
|
3.750% due 12/08/07 “ |
|
| 53,934 |
|
| 53,821 |
|
Morgan Stanley Dean Witter Capital I Inc Trust |
|
|
|
|
|
|
|
5.148% due 07/25/32 “ § |
|
| 974 |
|
| 986 |
|
New Century Home Equity Loan Trust |
|
|
|
|
|
|
|
4.908% due 07/25/35 “ § |
|
| 155,055 |
|
| 155,140 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Securities |
|
|
|
|
|
|
|
(Cost $604,518) |
|
|
|
|
| 604,853 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY ISSUE - 1.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
4.810% due 09/22/06 § |
|
| 900,000 |
|
| 899,961 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Government Agency Issue |
|
|
|
|
|
|
|
(Cost $899,714) |
|
|
|
|
| 899,961 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 15.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds - 6.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.000% due 02/15/26 |
|
| 1,200,000 |
|
| 1,339,313 |
|
6.125% due 11/15/27 |
|
| 300,000 |
|
| 341,625 |
|
6.250% due 08/15/23 |
|
| 500,000 |
|
| 567,227 |
|
7.250% due 08/15/22 |
|
| 100,000 |
|
| 124,039 |
|
8.750% due 05/15/17 |
|
| 1,100,000 |
|
| 1,452,087 |
|
8.875% due 08/15/17 |
|
| 400,000 |
|
| 534,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,358,510 |
|
|
|
|
|
|
| ||
U.S. Treasury Inflation |
|
|
|
|
|
|
|
Protected Securities - 3.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.875% due 07/15/13 ^ |
|
| 107,942 |
|
| 104,852 |
|
1.875% due 07/15/15 ^ |
|
| 101,924 |
|
| 98,054 |
|
2.000% due 07/15/14 ^ |
|
| 105,175 |
|
| 102,607 |
|
2.000% due 01/15/16 ^ |
|
| 399,544 |
|
| 387,698 |
|
3.375% due 01/15/07 ^ |
|
| 1,626,703 |
|
| 1,644,623 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,337,834 |
|
|
|
|
|
|
| ||
U.S. Treasury Notes - 5.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.875% due 09/15/10 |
|
| 900,000 |
|
| 866,004 |
|
4.125% due 05/15/15 |
|
| 100,000 |
|
| 94,527 |
|
4.250% due 11/15/13 |
|
| 300,000 |
|
| 288,235 |
|
4.250% due 08/15/14 |
|
| 200,000 |
|
| 191,492 |
|
4.250% due 11/15/14 |
|
| 3,000,000 |
|
| 2,868,282 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,308,540 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
(Cost $11,297,315) |
|
|
|
|
| 11,004,884 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS, |
|
|
|
|
|
|
|
NOTES, & RIGHTS - 1.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong Government International Bond |
|
|
|
|
|
|
|
(Hong Kong) |
|
|
|
|
|
|
|
5.125% due 08/01/14 ~ |
|
| 100,000 |
|
| 97,828 |
|
Republic of Brazil (Brazil) |
|
|
|
|
|
|
|
5.188% due 04/15/06 § |
|
| 8,000 |
|
| 7,930 |
|
5.250% due 04/15/09 § |
|
| 6,589 |
|
| 6,591 |
|
5.250% due 04/15/12 § |
|
| 160,591 |
|
| 160,912 |
|
8.000% due 01/15/18 |
|
| 94,000 |
|
| 102,084 |
|
Republic of Panama (Panama) |
|
|
|
|
|
|
|
9.625% due 02/08/11 |
|
| 48,000 |
|
| 55,560 |
|
Republic of Peru (Peru) |
|
|
|
|
|
|
|
9.125% due 02/21/12 |
|
| 232,000 |
|
| 263,320 |
|
Republic of South Africa (South Africa) |
|
|
|
|
|
|
|
9.125% due 05/19/09 |
|
| 25,000 |
|
| 27,500 |
|
Russian Federation Government Bond (Russia) |
|
|
|
|
|
|
|
8.250% due 03/31/10 |
|
| 35,556 |
|
| 37,696 |
|
| |||||||
|
| Notional |
|
|
|
| |
|
| Amount |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Mexican States Value Recovery |
|
|
|
|
|
|
|
Rights (Mexico) |
|
|
|
|
|
|
|
0.000% due 06/30/06 § |
|
| 250,000 |
|
| 3,500 |
|
0.000% due 06/30/07 § |
|
| 250,000 |
|
| 6,437 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Foreign Government Bonds, Notes, & Rights |
|
|
|
|
|
|
|
(Cost $717,803) |
|
|
|
|
| 769,358 |
|
|
|
|
|
|
| ||
| |||||||
|
| Principal |
|
|
|
| |
|
| Amount |
|
|
|
| |
|
|
|
|
|
| ||
MUNICIPAL BONDS - 1.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austin Texas Water & Wastewater System |
|
|
|
|
|
|
|
Revenue ‘1114’ |
|
|
|
|
|
|
|
6.570% due 11/15/29 ~ § |
|
| 100,000 |
|
| 107,788 |
|
City of Chicago IL ‘1110’ |
|
|
|
|
|
|
|
6.570% due 01/01/34 ~ § |
|
| 100,000 |
|
| 105,392 |
|
Energy Northwest Washington Electric Revenue ‘A’ |
|
|
|
|
|
|
|
5.500% due 07/01/12 |
|
| 100,000 |
|
| 108,663 |
|
Florida State Board of Education ‘A’ |
|
|
|
|
|
|
|
5.000% due 06/01/32 |
|
| 100,000 |
|
| 103,209 |
|
Golden State Tobacco Securitization Corp CA ‘A-1’ |
|
|
|
|
|
|
|
6.250% due 06/01/33 |
|
| 50,000 |
|
| 54,533 |
|
6.750% due 06/01/39 |
|
| 100,000 |
|
| 112,586 |
|
New York City Municipal Water Finance Authority |
|
|
|
|
|
|
|
‘1083’ |
|
|
|
|
|
|
|
6.580% due 06/15/34 ~ § |
|
| 50,000 |
|
| 52,728 |
|
New York City Municipal Water Finance Authority |
|
|
|
|
|
|
|
‘1307’ |
|
|
|
|
|
|
|
6.620% due 06/15/38 ~ § |
|
| 50,000 |
|
| 53,268 |
|
San Antonio Texas Refunding ‘A’ |
|
|
|
|
|
|
|
5.000% due 02/01/10 |
|
| 100,000 |
|
| 104,407 |
|
State of Texas ‘1306’ |
|
|
|
|
|
|
|
5.580% due 04/01/35 ~ § |
|
| 50,000 |
|
| 50,363 |
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-23
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp NJ |
|
|
|
|
|
|
|
6.000% due 06/01/37 |
| $ | 200,000 |
| $ | 209,822 |
|
Tobacco Settlement Financing Corp VA |
|
|
|
|
|
|
|
5.625% due 06/01/37 |
|
| 100,000 |
|
| 102,544 |
|
|
|
|
|
|
| ||
Total Municipal Bonds |
|
|
|
|
|
|
|
(Cost $1,122,690) |
|
|
|
|
| 1,165,303 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| Notional |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
PURCHASED CALL OPTIONS - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $4.25 Exp 10/12/06 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.250%) |
|
|
|
|
|
|
|
Broker: JPMorgan Chase & Co |
|
| 5,300,000 |
|
| 339 |
|
2-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $4.25 Exp 10/19/06 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.250%) |
|
|
|
|
|
|
|
Broker: Barclays PLC |
|
| 2,300,000 |
|
| 170 |
|
2-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $4.73 Exp 02/01/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.730%) |
|
|
|
|
|
|
|
Broker: Wachovia Corp |
|
| 2,600,000 |
|
| 4,160 |
|
2-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $4.75 Exp 08/08/06 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.750%) |
|
|
|
|
|
|
|
Broker: Merrill Lynch & Co Inc |
|
| 3,300,000 |
|
| 1,126 |
|
30-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $5.75 Exp 04/27/09 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.750%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers Holdings Inc |
|
| 100,000 |
|
| 8,706 |
|
|
|
|
|
|
| ||
Total Purchased Call Options |
|
|
|
|
|
|
|
(Cost $50,851) |
|
|
|
|
| 14,501 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PURCHASED PUT OPTIONS - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap |
|
|
|
|
|
|
|
Strike @ $6.25 Exp. 04/27/09 |
|
|
|
|
|
|
|
(Receive 3-Month LIBOR, Pay 6.250%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers Holdings Inc |
|
| 100,000 |
|
| 3,772 |
|
Japanese Yen Currency Swap OTC |
|
|
|
|
|
|
|
Strike @ $115.00 Exp. 05/26/06 |
|
|
|
|
|
|
|
Broker: JPMorgan Chase & Co |
|
| 600,000 |
|
| 4,696 |
|
Japanese Yen Currency Swap OTC |
|
|
|
|
|
|
|
Strike @ $115.00 Exp. 05/26/06 |
|
|
|
|
|
|
|
Broker: Morgan Stanley |
|
| 200,000 |
|
| 1,565 |
|
|
|
|
|
|
|
|
|
|
| Number of |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Eurodollar (12/06) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.75 Exp 12/18/06 |
|
|
|
|
|
|
|
Broker: Merrill Lynch & Co Inc |
|
| 13 |
|
| 81 |
|
|
|
|
|
|
| ||
Total Purchased Put Options |
|
|
|
|
|
|
|
(Cost $17,852) |
|
|
|
|
| 10,114 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
| |||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 30.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 17.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Ireland (Ireland) |
|
|
|
|
|
|
|
4.770% due 06/08/06 |
| $ | 1,300,000 |
|
| 1,288,393 |
|
CBA Finance DE |
|
|
|
|
|
|
|
4.810% due 06/19/06 |
|
| 1,900,000 |
|
| 1,880,257 |
|
Danske Corp |
|
|
|
|
|
|
|
4.740% due 06/08/06 |
|
| 500,000 |
|
| 495,563 |
|
Dexia LLC DE |
|
|
|
|
|
|
|
4.840% due 06/27/06 |
|
| 1,900,000 |
|
| 1,878,144 |
|
ForeningsSparbanken AB (Sweden) |
|
|
|
|
|
|
|
4.700% due 05/26/06 |
|
| 1,400,000 |
|
| 1,389,626 |
|
4.760% due 06/02/06 |
|
| 500,000 |
|
| 495,950 |
|
HBOS Treasury Services PLC (United Kingdom) |
|
|
|
|
|
|
|
4.635% due 05/15/06 |
|
| 300,000 |
|
| 298,273 |
|
Nordea North America Inc |
|
|
|
|
|
|
|
4.500% due 04/20/06 |
|
| 1,800,000 |
|
| 1,795,612 |
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
|
|
|
|
|
4.830% due 06/22/06 |
|
| 1,900,000 |
|
| 1,879,341 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
4.440% due 04/28/06 |
|
| 1,300,000 |
|
| 1,295,496 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 12,696,655 |
|
|
|
|
|
|
| ||
Foreign Government Issues - 9.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium Treasury Bills (Belgium) |
|
|
|
|
|
|
|
2.535% due 06/15/06 |
|
| EUR 2,250,000 |
|
| 2,712,480 |
|
French Treasury Bills (France) |
|
|
|
|
|
|
|
2.482% due 05/24/06 |
|
| 1,640,000 |
|
| 1,980,290 |
|
2.649% due 07/20/06 |
|
| 800,000 |
|
| 961,827 |
|
German Treasury Bills (Germany) |
|
|
|
|
|
|
|
2.661% due 08/16/06 |
|
| 890,000 |
|
| 1,067,713 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,722,310 |
|
|
|
|
|
|
| ||
U.S. Government Agency Issue - 0.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
4.765% due 06/28/06 |
| $ | 500,000 |
|
| 494,356 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Bills - 0.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500% due 06/15/06‡ |
|
| 60,000 |
|
| 59,457 |
|
4.510% due 06/01/06‡ |
|
| 460,000 |
|
| 456,642 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 516,099 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Funds - 1.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 625,431 |
|
| 625,431 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 625,430 |
|
| 625,430 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,250,861 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $21,633,821) |
|
|
|
|
| 21,680,281 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 113.71% |
|
|
|
|
|
|
|
(Cost $82,727,953) |
|
|
|
|
| 81,819,025 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (13.71%) |
|
|
|
|
| (9,862,399 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 71,956,626 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
|
|
C-24
|
PACIFIC FUNDS |
PF PIMCO MANAGED BOND FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
Notes to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Mortgage-Backed Securities |
|
| 61.21 | % |
Short-Term Investments |
|
| 30.13 | % |
U.S. Treasury Obligations |
|
| 15.29 | % |
Corporate Bonds & Notes |
|
| 2.26 | % |
Municipal Bonds |
|
| 1.62 | % |
U.S. Government Agency Issue |
|
| 1.25 | % |
Foreign Government Bonds, Notes, & Rights |
|
| 1.07 | % |
Asset-Backed Securities |
|
| 0.84 | % |
Purchased Options |
|
| 0.04 | % |
|
|
| ||
|
|
| 113.71 | % |
Other Assets & Liabilities, Net |
|
| (13.71 | %) |
|
|
| ||
|
|
| 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 $516,099 were segregated with the broker to cover margin requirements for the following open futures contracts as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
Long Futures Outstanding |
| Number of |
| Notional |
| Unrealized |
| |||
| ||||||||||
Euro-Bund 10-Year Notes (06/06) |
|
| 23 |
| EUR 2,300,000 |
|
| ($39,894 | ) | |
Eurodollar (06/06) |
|
| 94 |
| $ | 94,000,000 |
|
| (88,225 | ) |
Eurodollar (12/06) |
|
| 12 |
|
| 12,000,000 |
|
| (14,700 | ) |
U.S. Treasury 5-Year Notes (06/06) |
|
| 62 |
|
| 6,200,000 |
|
| (38,055 | ) |
U.S. Treasury 10-Year Notes (06/06) |
|
| 17 |
|
| 1,700,000 |
|
| (26,375 | ) |
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Euro-Bobl 5-Year Notes (06/06) |
|
| 6 |
| EUR 600,000 |
|
| (1,163 | ) | |
U.S. Treasury 20-Year Bonds (06/06) |
|
| 26 |
| $ | 2,600,000 |
|
| 83,445 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ($124,967 | ) |
|
|
|
|
|
|
|
|
|
(d) Investments sold short outstanding as of March 31, 2006.
|
|
|
|
|
|
|
|
Type |
|
| Principal |
|
| Value |
|
Fannie Mae |
|
|
|
|
|
|
|
5.000% due 04/12/36 # |
| $ | 300,000 |
| $ | 285,656 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
4.250% due 08/15/13 # |
|
| 500,000 |
|
| 481,055 |
|
|
|
|
|
|
| ||
Total Investments sold short |
|
|
|
|
|
|
|
(Proceeds $773,670) |
|
|
|
| $ | 766,711 |
|
|
|
|
|
|
|
(e) Forward foreign currency contracts outstanding as of March 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
| Currency |
|
| Principal |
| Expiration |
|
| Net |
| |
| |||||||||||||
Buy |
|
| EUR |
|
| 940,000 |
| 04/06 |
|
|
| ($5,976 | ) |
Buy |
|
| EUR |
|
| 840,000 |
| 04/06 |
|
|
| 2,896 |
|
Sell |
|
| EUR |
|
| 1,817,000 |
| 04/06 |
|
|
| (10,466 | ) |
Sell |
|
| EUR |
|
| 4,402,000 |
| 06/06 |
|
|
| (17,460 | ) |
Buy |
|
| GBP |
|
| 18,000 |
| 05/06 |
|
|
| (298 | ) |
Buy |
|
| JPY |
|
| 44,307,000 |
| 04/06 |
|
|
| (2,220 | ) |
Buy |
|
| JPY |
|
| 66,327,000 |
| 05/06 |
|
|
| 1,754 |
|
Buy |
|
| JPY |
|
| 14,031,000 |
| 05/06 |
|
|
| (308 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| ($32,078 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
(f) Transactions in written options for the year ended March 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
| Premium |
| ||
Outstanding, March 31, 2005 |
|
| 3,200,047 |
| $ | 94,249 |
|
Call Options Written |
|
| 7,600,055 |
|
| 66,105 |
|
Put Options Written |
|
| 2,600,063 |
|
| 30,933 |
|
Call Options Expired |
|
| (3,400,077 | ) |
| (61,790 | ) |
Put Options Expired |
|
| (3,400,075 | ) |
| (75,073 | ) |
Put Options Repurchased |
|
| (13 | ) |
| (4,020 | ) |
|
| ||||||
Outstanding, March 31, 2006 |
|
| 6,600,000 |
| $ | 50,404 |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
|
|
C-25
|
PACIFIC FUNDS |
|
(g) Premiums received and value of written options outstanding as of March 31, 2006: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Type |
| Pay/Receive |
| Exercise |
| Expiration |
| Notional |
| Premium |
| Value |
| |||
Merrill Lynch & Co Inc |
| Call - OTC 5-Year Interest Rate Swap |
| Receive |
| 4.780% |
| 08/08/06 |
| $ | 1,400,000 |
| $ | 13,195 |
| $ | 1,341 |
|
JPMorgan Chase & Co |
| Call - OTC 5-Year Interest Rate Swap |
| Receive |
| 4.300% |
| 10/12/06 |
|
| 2,300,000 |
|
| 16,675 |
|
| 504 |
|
Barclays PLC |
| Call - OTC 5-Year Interest Rate Swap |
| Receive |
| 4.310% |
| 10/19/06 |
|
| 1,000,000 |
|
| 6,950 |
|
| 261 |
|
Wachovia Corp |
| Call - OTC 5-Year Interest Rate Swap |
| Receive |
| 4.780% |
| 02/01/07 |
|
| 1,100,000 |
|
| 9,020 |
|
| 4,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Strike Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
JPMorgan Chase & Co |
| Put - Japanese Yen Currency Swap OTC |
|
|
| $112.00 |
| 05/26/06 |
|
| 600,000 |
|
| 3,100 |
|
| 1,577 |
|
Morgan Stanley |
| Put - Japanese Yen Currency Swap OTC |
|
|
| 112.00 |
| 05/26/06 |
|
| 200,000 |
|
| 1,464 |
|
| 526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 50,404 |
| $ | 8,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Credit default swaps outstanding as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| $ | 27 |
|
Citigroup Inc |
| General Motors Acceptance Corp 6.875% due 08/28/12 |
| Sell |
| 2.950% |
| 06/20/06 |
|
| 100,000 |
|
| 218 |
|
Merrill Lynch & Co Inc |
| Russian Federation 5.000% due 03/31/30 |
| Sell |
| 0.610% |
| 03/20/07 |
|
| 100,000 |
|
| 296 |
|
The Goldman Sachs Group Inc |
| Russian Federation 5.000% due 03/31/30 |
| Sell |
| 0.700% |
| 03/20/07 |
|
| 100,000 |
|
| 382 |
|
HSBC Holdings PLC |
| General Motors Corp 7.125% due 07/15/13 |
| Sell |
| 3.750% |
| 06/20/07 |
|
| 200,000 |
|
| (12,722 | ) |
Lehman Brothers Holdings Inc |
| Johnson & Johnson 3.800% due 05/15/13 |
| Buy |
| (0.110%) |
| 12/20/08 |
|
| 100,000 |
|
| (254 | ) |
Lehman Brothers Holdings Inc |
| The Home Depot Inc 5.375% due 04/01/06 |
| Buy |
| (0.120%) |
| 12/20/08 |
|
| 100,000 |
|
| (215 | ) |
Citigroup Inc |
| Wal-Mart Stores Inc 3.375% due 10/01/08 |
| Buy |
| (0.140%) |
| 12/20/08 |
|
| 100,000 |
|
| (267 | ) |
Barclays PLC |
| Eli Lilly & Co 6.000% due 03/15/12 |
| Buy |
| (0.160%) |
| 12/20/08 |
|
| 100,000 |
|
| (343 | ) |
Morgan Stanley |
| Emerson Electric Co 4.625% due 10/15/12 |
| Buy |
| (0.210%) |
| 12/20/08 |
|
| 100,000 |
|
| (236 | ) |
Merrill Lynch & Co Inc |
| Gannett Co Inc 6.375% due 04/01/12 |
| Buy |
| (0.220%) |
| 12/20/08 |
|
| 100,000 |
|
| (27 | ) |
Morgan Stanley |
| The Allstate Corp 6.125% due 02/15/12 |
| Buy |
| (0.260%) |
| 12/20/08 |
|
| 100,000 |
|
| (441 | ) |
Citigroup Inc |
| Eaton Corp 5.750% due 07/15/12 |
| Buy |
| (0.280%) |
| 12/20/08 |
|
| 100,000 |
|
| (482 | ) |
Barclays PLC |
| FedEx Corp 7.250% due 10/15/12 |
| Buy |
| (0.290%) |
| 12/20/08 |
|
| 100,000 |
|
| (441 | ) |
Lehman Brothers Holdings Inc |
| Whirlpool Corp 8.600% due 05/01/10 |
| Buy |
| (0.290%) |
| 12/20/08 |
|
| 100,000 |
|
| (201 | ) |
Merrill Lynch & Co Inc |
| Ingersoll-Rand Co Ltd 6.480% due 06/01/25 |
| Buy |
| (0.320%) |
| 12/20/08 |
|
| 100,000 |
|
| (656 | ) |
Morgan Stanley |
| Dow Jones CDX NA EM3 Index |
| Sell |
| 2.100% |
| 06/20/10 |
|
| 400,000 |
|
| 29,110 |
|
Lehman Brothers Holdings Inc |
| Republic of Turkey 11.875% due 01/15/30 |
| Buy |
| (2.260%) |
| 09/20/10 |
|
| 100,000 |
|
| (3,313 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 10,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security. |
(i) Interest rate swaps outstanding as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Floating Rate Index |
| Pay/Receive |
| Fixed |
| Expiration |
|
Notional |
|
| Unrealized |
| |
Barclays PLC |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 % |
| 06/21/11 |
| $ | 1,000,000 |
|
| ($5,396 | ) |
Citigroup Inc |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/11 |
|
| 7,900,000 |
|
| (69,661 | ) |
Deutsche Bank AG |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/11 |
|
| 900,000 |
|
| (3,092 | ) |
Lehman Brothers Holdings Inc |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/11 |
|
| 4,700,000 |
|
| (22,094 | ) |
Morgan Stanley |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/11 |
|
| 1,100,000 |
|
| (23,205 | ) |
UBS AG |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/11 |
|
| 2,500,000 |
|
| (39,923 | ) |
Deutsche Bank AG |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/13 |
|
| 2,600,000 |
|
| (75,878 | ) |
Morgan Stanley |
| 6-Month JPY-LIBOR |
| Receive |
| 2.000% |
| 12/20/13 |
| JPY | 168,000,000 |
|
| 25,399 |
|
Barclays PLC |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000% |
| 12/15/14 |
| EUR | 1,000,000 |
|
| 42,146 |
|
JPMorgan Chase & Co |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000% |
| 12/15/14 |
|
| 700,000 |
|
| 21,295 |
|
Merrill Lynch & Co Inc |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000% |
| 12/15/14 |
|
| 2,500,000 |
|
| 122,700 |
|
Barclays PLC |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 06/21/16 |
| $ | 100,000 |
|
| 2,047 |
|
Lehman Brothers Holdings Inc |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 06/21/16 |
|
| 200,000 |
|
| 4,102 |
|
The Goldman Sachs Group Inc |
| 3-Month USD-LIBOR |
| Receive |
| 5.000% |
| 06/21/16 |
|
| 2,100,000 |
|
| 43,111 |
|
Deutsche Bank AG |
| 6-Month GBP-LIBOR |
| Receive |
| 4.000% |
| 12/15/35 |
| GBP | 500,000 |
|
| 13,900 |
|
Deutsche Bank AG |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 12/15/35 |
| $ | 1,800,000 |
|
| (39,783 | ) |
Morgan Stanley |
| 3-Month USD-LIBOR |
| Pay |
| 5.000% |
| 06/21/36 |
|
| 200,000 |
|
| (9,304 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($13,636 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-26
|
PACIFIC FUNDS |
PF PIMCO INFLATION MANAGED FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - 2.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services - 1.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Motor Credit Co |
|
|
|
|
|
|
|
5.800% due 01/12/09 |
| $ | 500,000 |
| $ | 456,911 |
|
General Electric Capital Corp |
|
|
|
|
|
|
|
4.930% due 12/12/08 § |
|
| 100,000 |
|
| 100,054 |
|
General Motors Acceptance Corp |
|
|
|
|
|
|
|
5.500% due 01/16/07 § |
|
| 500,000 |
|
| 492,185 |
|
Rabobank Nederland (Netherlands) |
|
|
|
|
|
|
|
4.640% due 01/15/09 ~ § |
|
| 100,000 |
|
| 100,056 |
|
Travelers Property Casualty Corp |
|
|
|
|
|
|
|
3.750% due 03/15/08 |
|
| 100,000 |
|
| 97,386 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,246,592 |
|
|
|
|
|
|
| ||
Integrated Oils - 0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pemex Project Funding Master Trust |
|
|
|
|
|
|
|
9.250% due 03/30/18 |
|
| 200,000 |
|
| 246,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
|
|
|
(Cost $1,513,626) |
|
|
|
|
| 1,493,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 3.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 0.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Countrywide Home Loan Mortgage |
|
|
|
|
|
|
|
Pass-Through Trust |
|
|
|
|
|
|
|
5.158% due 06/25/35 ~ “ § |
|
| 84,166 |
|
| 84,489 |
|
GSR Mortgage Loan Trust |
|
|
|
|
|
|
|
4.540% due 09/25/35 “ § |
|
| 182,428 |
|
| 178,109 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 262,598 |
|
|
|
|
|
|
| ||
Fannie Mae - 3.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.000% due 05/11/36 # “ |
|
| 500,000 |
|
| 475,625 |
|
5.500% due 10/01/35 “ |
|
| 98,733 |
|
| 96,434 |
|
5.500% due 04/12/36 # “ |
|
| 1,800,000 |
|
| 1,757,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,329,309 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
|
|
|
(Cost $2,607,760) |
|
|
|
|
| 2,591,907 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES - 0.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac Structured Pass-Through Securities |
|
|
|
|
|
|
|
5.098% due 09/25/31 “ § |
|
| 8,838 |
|
| 8,843 |
|
Merrill Lynch Mortgage Investors Inc |
|
|
|
|
|
|
|
4.898% due 01/25/37 “ § |
|
| 95,098 |
|
| 95,098 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Securities |
|
|
|
|
|
|
|
(Cost $103,939) |
|
|
|
|
| 103,941 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 106.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds - 0.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500% due 02/15/36 |
|
| 300,000 |
|
| 281,579 |
|
6.625% due 02/15/27 |
|
| 100,000 |
|
| 119,953 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 401,532 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected |
|
|
|
|
|
|
|
Securities - 105.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.875% due 04/15/10 ^ |
|
| 4,813,854 |
|
| 4,561,131 |
|
1.625% due 01/15/15 ^ |
|
| 3,426,258 |
|
| 3,234,470 |
|
1.875% due 07/15/13 ^ |
|
| 1,187,362 |
|
| 1,153,365 |
|
1.875% due 07/15/15 ^ |
|
| 9,071,236 |
|
| 8,726,819 |
|
2.000% due 01/15/14 ^ |
|
| 3,701,643 |
|
| 3,613,877 |
|
2.000% due 07/15/14 # ^ |
|
| 8,634,850 |
|
| 8,421,056 |
|
2.000% due 01/15/26 ^ |
|
| 2,497,150 |
|
| 2,367,221 |
|
2.375% due 01/15/25 ^ |
|
| 6,236,878 |
|
| 6,269,771 |
|
3.000% due 07/15/12 ^ |
|
| 3,666,212 |
|
| 3,821,597 |
|
3.375% due 01/15/07 ^ |
|
| 3,128,275 |
|
| 3,162,736 |
|
3.375% due 04/15/32 ^ |
|
| 279,228 |
|
| 344,061 |
|
3.500% due 01/15/11 ^ |
|
| 3,986,780 |
|
| 4,215,553 |
|
3.625% due 01/15/08 # ^ |
|
| 6,024,599 |
|
| 6,178,893 |
|
3.625% due 04/15/28 ^ |
|
| 1,924,412 |
|
| 2,366,126 |
|
3.875% due 01/15/09 ^ |
|
| 4,593,630 |
|
| 4,810,753 |
|
3.875% due 04/15/29 ^ |
|
| 7,054,866 |
|
| 9,056,684 |
|
4.250% due 01/15/10 ^ |
|
| 3,181,545 |
|
| 3,419,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 75,723,405 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
(Cost $77,848,850) |
|
|
|
|
| 76,124,937 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT NOTES - 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic of Brazil (Brazil) |
|
|
|
|
|
|
|
5.250% due 04/15/12 § |
|
| 76,472 |
|
| 76,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Foreign Government Notes |
|
|
|
|
|
|
|
(Cost $74,786) |
|
|
|
|
| 76,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 0.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire Municipal Bond Bank ‘B’ |
|
|
|
|
|
|
|
5.000% due 08/15/13 |
|
| 100,000 |
|
| 107,107 |
|
Tobacco Settlement Financing Corp RI ‘A’ |
|
|
|
|
|
|
|
6.000% due 06/01/23 |
|
| 100,000 |
|
| 104,481 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
|
|
|
(Cost $195,586) |
|
|
|
|
| 211,588 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Notional |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PURCHASED PUT OPTION - 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ $4.25 Exp. 06/12/06 |
|
|
|
|
|
|
|
(Receive 6-Month GBP LIBOR, Pay 4.250%) |
|
|
|
|
|
|
|
Broker: HSBC Holdings PLC |
|
| 200,000 |
|
| 8,313 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Put Option |
|
|
|
|
|
|
|
(Cost $5,856) |
|
|
|
|
| 8,313 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-27
|
PACIFIC FUNDS |
PF PIMCO INFLATION MANAGED FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 5.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 2.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Danske Corp |
|
|
|
|
|
|
|
4.840% due 06/27/06 |
| $ | 1,200,000 |
| $ | 1,186,196 |
|
Rabobank USA Finance Corp |
|
|
|
|
|
|
|
4.830% due 04/03/06 |
|
| 300,000 |
|
| 299,919 |
|
Westpac Banking Corp |
|
|
|
|
|
|
|
4.700% due 05/23/06 |
|
| 600,000 |
|
| 595,840 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,081,955 |
|
|
|
|
|
|
| ||
Foreign Government Issues - 2.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dutch Treasury Certificates (Netherlands) |
|
|
|
|
|
|
|
2.460% due 04/28/06 |
| EUR | 1,400,000 |
|
| 1,693,792 |
|
French Treasury Bills (France) |
|
|
|
|
|
|
|
2.553% due 06/29/06 |
|
| 60,000 |
|
| 72,261 |
|
German Treasury Bills (Germany) |
|
|
|
|
|
|
|
2.653% due 08/16/06 |
|
| 20,000 |
|
| 23,993 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,790,046 |
|
|
|
|
|
|
| ||
U.S. Treasury Bills - 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500% due 06/15/06 ‡ |
| $ | 115,000 |
|
| 113,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Money Market Funds - 0.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 149,147 |
|
| 149,147 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 149,146 |
|
| 149,146 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 298,293 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $4,247,087) |
|
|
|
|
| 4,284,254 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 118.49% |
|
|
|
|
|
|
|
(Cost $86,597,490) |
|
|
|
|
| 84,894,657 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (18.49%) |
|
|
|
|
| (13,247,571 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 71,647,086 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
U.S. Treasury Obligations |
|
| 106.25 | % |
Short-Term Investments |
|
| 5.98 | % |
Mortgage-Backed Securities |
|
| 3.62 | % |
Corporate Bonds & Notes |
|
| 2.08 | % |
Municipal Bonds |
|
| 0.30 | % |
Asset-Backed Securities |
|
| 0.14 | % |
Foreign Government Notes |
|
| 0.11 | % |
Purchased Put Option |
|
| 0.01 | % |
|
|
| ||
|
|
| 118.49 | % |
Other Assets & Liabilities, Net |
|
| (18.49 | %) |
|
|
| ||
|
|
| 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 $113,960 were segregated with the broker to cover margin requirements for the following open futures contracts as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Futures Outstanding |
| Number of |
| Notional |
| Unrealized |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro-Bund 10-Year Notes (06/06) |
|
|
| 5 |
|
| EUR | 500,000 |
|
| ($8,422 | ) |
Eurodollar (12/06) |
|
|
| 1 |
|
| $ | 1,000,000 |
|
| (1,162 | ) |
Eurodollar (03/07) |
|
|
| 1 |
|
|
| 1,000,000 |
|
| (1,100 | ) |
Eurodollar (06/07) |
|
|
| 1 |
|
|
| 1,000,000 |
|
| (1,000 | ) |
Eurodollar (09/07) |
|
|
| 1 |
|
|
| 1,000,000 |
|
| (913 | ) |
U.S. Treasury 5-Year Notes (06/06) |
|
|
| 59 |
|
|
| 5,900,000 |
|
| (43,320 | ) |
U.S. Treasury 10-Year Notes (06/06) |
|
|
| 4 |
|
|
| 400,000 |
|
| (4,750 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasury 20-Year Bonds (06/06) |
|
|
| 20 |
|
|
| 2,000,000 |
|
| 67,031 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| $ | 6,364 |
|
|
|
|
|
|
|
|
|
|
|
|
(d) Investment sold short outstanding as of March 31, 2006:
|
|
|
|
|
|
|
|
Type |
| Principal |
| Value |
| ||
U.S. Treasury Notes |
|
|
|
|
|
|
|
4.250% 11/15/13 # |
| $ | 600,000 |
| $ | 576,469 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Investment sold short |
|
|
|
|
|
|
|
(Proceeds $579,014) |
|
|
|
| $ | 576,469 |
|
|
|
|
|
|
|
(e) Forward foreign currency contracts outstanding as of March 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Currency |
| Principal |
| Expiration |
| Net |
| |||
Buy |
| EUR |
|
| 112,000 |
|
| 04/06 |
|
| ($712 | ) |
Sell |
| EUR |
|
| 1,545,000 |
|
| 04/06 |
|
| (3,073 | ) |
Buy |
| JPY |
|
| 49,527,000 |
|
| 05/06 |
|
| 1,310 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ($2,475 | ) |
|
|
|
|
|
|
|
|
|
|
|
(f) Transactions in written options for the year ended March 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
| Premium |
| ||
Outstanding, March 31, 2005 |
|
| 36 |
| $ | 8,099 |
|
Call Options Written |
|
| 117 |
|
| 23,506 |
|
Put Options Written |
|
| 122 |
|
| 34,942 |
|
Call Options Expired |
|
| (132 | ) |
| (25,104 | ) |
Put Options Expired |
|
| (132 | ) |
| (33,432 | ) |
|
| ||||||
Outstanding, March 31, 2006 |
|
| 11 |
| $ | 8,011 |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC FUNDS |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) Premiums received and value of written options outstanding as of March 31, 2006: |
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Type |
| Strike Price |
| Expiration |
| Number of |
| Premium |
| Value |
| |||||||
| |||||||||||||||||||||
JPMorgan Chase & Co |
|
| Put - CBOT U.S. Treasury 10-Year Futures |
|
| $ | 107.00 |
|
| 05/26/06 |
|
|
| 3 |
| $ | 1,678 |
| $ | 3,187 |
|
Citigroup Inc |
|
| Put - CBOT U.S. Treasury 20-Year Futures |
|
|
| 110.00 |
|
| 05/26/06 |
|
|
| 5 |
|
| 4,749 |
|
| 8,281 |
|
JPMorgan Chase & Co |
|
| Call - CBOT U.S. Treasury 10-Year Futures |
|
|
| 110.00 |
|
| 05/26/06 |
|
|
| 3 |
|
| 1,584 |
|
| 94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 8,011 |
| $ | 11,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Credit default swap outstanding as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| $ | 7,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security. |
(i) Interest rate swaps outstanding as of March 31, 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Floating Rate Index |
| Pay/Receive |
| Fixed |
| Expiration |
| Notional |
| Unrealized |
| |||||
Barclays PLC |
|
| 3-Month USD-LIBOR |
|
| Pay |
| 5.000 | % |
|
| 06/21/08 |
| $ | 12,000,000 |
|
| ($73,938 | ) |
The Goldman Sachs Group Inc |
|
| 3-Month USD-LIBOR |
|
| Pay |
| 5.000 | % |
|
| 06/21/08 |
|
| 400,000 |
|
| (2,417 | ) |
UBS AG |
|
| 3-Month USD-LIBOR |
|
| Pay |
| 5.000 | % |
|
| 06/21/08 |
|
| 600,000 |
|
| (3,625 | ) |
Barclays PLC |
|
| France CPI Excluding Tobacco |
|
| Pay |
| 2.103 | % |
|
| 10/15/10 |
| EUR 500,000 |
|
| 1,415 |
| |
UBS AG |
|
| France CPI Excluding Tobacco |
|
| Pay |
| 2.146 | % |
|
| 10/15/10 |
|
| 100,000 |
|
| 412 |
|
Lehman Brothers Holdings Inc |
|
| 3-Month USD-LIBOR |
|
| Receive |
| 5.000 | % |
|
| 06/21/11 |
| $ | 200,000 |
|
| 2,665 |
|
Barclays PLC |
|
| 3-Month USD-LIBOR |
|
| Receive |
| 5.000 | % |
|
| 06/21/13 |
|
| 300,000 |
|
| 5,446 |
|
The Goldman Sachs Group Inc |
|
| 6-Month EUR-LIBOR |
|
| Receive |
| 4.500 | % |
|
| 06/17/15 |
| EUR 500,000 |
|
| 32,035 |
| |
JPMorgan Chase & Co |
|
| 3-Month USD-LIBOR |
|
| Receive |
| 5.000 | % |
|
| 06/21/16 |
| $ | 300,000 |
|
| 6,153 |
|
The Goldman Sachs Group Inc |
|
| 3-Month USD-LIBOR |
|
| Receive |
| 5.000 | % |
|
| 06/21/16 |
|
| 4,500,000 |
|
| 92,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 60,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-29
|
|
|
|
|
|
|
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
| |||||||
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 105.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of Deposit - 2.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Co |
|
|
|
|
|
|
|
4.745% due 04/12/06 |
| $ | 500,000 |
| $ | 500,000 |
|
|
|
|
|
|
| ||
Commercial Paper - 69.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
|
|
|
|
|
|
4.750% due 04/13/06 |
|
| 600,000 |
|
| 599,050 |
|
Anheuser-Busch Cos Inc |
|
|
|
|
|
|
|
4.720% due 04/03/06 |
|
| 550,000 |
|
| 549,856 |
|
Becton Dickinson & Co |
|
|
|
|
|
|
|
4.740% due 04/17/06 |
|
| 200,000 |
|
| 199,579 |
|
BMW U.S. Capital LLC |
|
|
|
|
|
|
|
4.650% due 04/04/06 |
|
| 700,000 |
|
| 699,729 |
|
BNP Paribas Finance Inc |
|
|
|
|
|
|
|
4.671% due 04/05/06 |
|
| 700,000 |
|
| 699,637 |
|
Caterpillar Inc |
|
|
|
|
|
|
|
4.730% due 04/07/06 |
|
| 690,000 |
|
| 689,456 |
|
CBA Finance DE |
|
|
|
|
|
|
|
4.760% due 04/20/06 |
|
| 690,000 |
|
| 688,267 |
|
Coca-Cola Enterprise Inc |
|
|
|
|
|
|
|
4.750% due 04/03/06 |
|
| 597,000 |
|
| 596,843 |
|
Colgate-Palmolive Co |
|
|
|
|
|
|
|
4.700% due 04/21/06 |
|
| 690,000 |
|
| 688,198 |
|
Consolidated Edison Co of NY |
|
|
|
|
|
|
|
4.820% due 04/03/06 |
|
| 600,000 |
|
| 599,839 |
|
Eaton Corp |
|
|
|
|
|
|
|
4.750% due 04/10/06 |
|
| 250,000 |
|
| 249,703 |
|
Florida Power & Light Co |
|
|
|
|
|
|
|
4.700% due 04/18/06 |
|
| 700,000 |
|
| 698,446 |
|
General Electric Capital Corp |
|
|
|
|
|
|
|
4.590% due 04/06/06 |
|
| 700,000 |
|
| 699,554 |
|
Honeywell International Inc |
|
|
|
|
|
|
|
4.850% due 04/03/06 |
|
| 600,000 |
|
| 599,838 |
|
Kimberly-Clark Worldwide Inc |
|
|
|
|
|
|
|
4.670% due 04/27/06 |
|
| 690,000 |
|
| 687,673 |
|
Nestle Capital Corp |
|
|
|
|
|
|
|
4.690% due 04/19/06 |
|
| 750,000 |
|
| 748,241 |
|
Societe Generale North America Inc |
|
|
|
|
|
|
|
4.760% due 04/03/06 |
|
| 200,000 |
|
| 199,947 |
|
Sysco Corp |
|
|
|
|
|
|
|
4.820% due 04/03/06 |
|
| 325,000 |
|
| 324,913 |
|
The Hershey Co |
|
|
|
|
|
|
|
4.750% due 04/03/06 |
|
| 600,000 |
|
| 599,842 |
|
Toyota Motor Credit Corp |
|
|
|
|
|
|
|
4.710% due 04/06/06 |
|
| 690,000 |
|
| 689,549 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
4.750% due 04/17/06 |
|
| 600,000 |
|
| 598,733 |
|
United Technologies Corp |
|
|
|
|
|
|
|
4.730% due 04/21/06 |
|
| 600,000 |
|
| 598,423 |
|
Wal-Mart Stores Inc |
|
|
|
|
|
|
|
4.690% due 04/04/06 |
|
| 700,000 |
|
| 699,726 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,405,042 |
|
|
|
|
|
|
| ||
Corporate Notes - 7.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Honda Finance Corp |
|
|
|
|
|
|
|
4.670% due 11/07/06 ~ § |
|
| 500,000 |
|
| 500,000 |
|
Norddeutsche Landesbank NY |
|
|
|
|
|
|
|
4.700% due 09/14/06 § |
|
| 1,000,000 |
|
| 999,952 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,499,952 |
|
|
|
|
|
|
| ||
U.S. Government Agency Issues - 25.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
4.000% due 04/18/06 |
|
| 500,000 |
|
| 500,000 |
|
4.000% due 05/09/06 |
|
| 500,000 |
|
| 500,000 |
|
4.250% due 08/18/06 § |
|
| 2,000,000 |
|
| 2,000,000 |
|
4.300% due 10/20/06 § |
|
| 250,000 |
|
| 250,000 |
|
4.300% due 11/15/06 § |
|
| 250,000 |
|
| 250,000 |
|
4.450% due 03/05/07 § |
|
| 200,000 |
|
| 200,000 |
|
4.500% due 03/06/07 § |
|
| 200,000 |
|
| 200,000 |
|
4.900% due 05/01/07 # § |
|
| 500,000 |
|
| 500,000 |
|
5.000% due 05/01/07 # § |
|
| 500,000 |
|
| 500,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,900,000 |
|
|
|
|
|
|
| ||
|
|
| Shares |
|
|
|
|
|
|
|
|
|
| ||
Money Market Fund - 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 7,442 |
|
| 7,442 |
|
|
|
|
|
|
| ||
Total Short-Term Investments |
|
|
|
|
|
|
|
(Amortized Cost $20,312,436) |
|
|
|
|
| 20,312,436 |
|
|
|
|
|
|
| ||
| |||||||
TOTAL INVESTMENTS - 105.29% |
|
|
|
|
|
|
|
(Amortized Cost $20,312,436) |
|
|
|
|
| 20,312,436 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (5.29%) |
|
|
|
|
| (1,019,651 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 19,292,785 |
|
|
|
|
|
|
| ||
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Commercial Paper |
|
|
|
|
| 69.48 | % |
U.S. Government Agency Issues |
|
|
|
|
| 25.40 | % |
Corporate Notes |
|
|
|
|
| 7.78 | % |
Certificate of Deposit |
|
|
|
|
| 2.59 | % |
Money Market Fund |
|
|
|
|
| 0.04 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 105.29 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (5.29 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 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 C-38 |
C-30
|
PACIFIC FUNDS |
PF SALOMON BROTHERS LARGE-CAP VALUE FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 95.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 14.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EchoStar Communications Corp ‘A’ * |
|
| 11,500 |
| $ | 343,505 |
|
J.C. Penney Co Inc |
|
| 6,400 |
|
| 386,624 |
|
Kimberly-Clark Corp |
|
| 9,600 |
|
| 554,880 |
|
Liberty Global Inc ‘A’ * |
|
| 4,700 |
|
| 96,209 |
|
Liberty Global Inc ‘C’ * |
|
| 3,260 |
|
| 64,385 |
|
Liberty Media Corp ‘A’ * |
|
| 47,800 |
|
| 392,438 |
|
McDonald’s Corp |
|
| 19,000 |
|
| 652,840 |
|
Newell Rubbermaid Inc |
|
| 16,000 |
|
| 403,040 |
|
News Corp ‘B’ |
|
| 53,200 |
|
| 934,192 |
|
Target Corp |
|
| 6,100 |
|
| 317,261 |
|
Time Warner Inc |
|
| 34,300 |
|
| 575,897 |
|
Wal-Mart Stores Inc |
|
| 13,600 |
|
| 642,464 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,363,735 |
|
|
|
|
|
|
| ||
Consumer Staples - 6.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 15,900 |
|
| 1,126,674 |
|
Sara Lee Corp |
|
| 19,600 |
|
| 350,448 |
|
The Kroger Co * |
|
| 48,100 |
|
| 979,316 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,456,438 |
|
|
|
|
|
|
| ||
Energy - 0.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Halliburton Co |
|
| 4,000 |
|
| 292,080 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 27.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Inc |
|
| 7,800 |
|
| 352,014 |
|
American Express Co |
|
| 13,900 |
|
| 730,445 |
|
American International Group Inc |
|
| 12,300 |
|
| 812,907 |
|
Bank of America Corp |
|
| 21,000 |
|
| 956,340 |
|
Capital One Financial Corp |
|
| 9,900 |
|
| 797,148 |
|
Freddie Mac |
|
| 9,500 |
|
| 579,500 |
|
Golden West Financial Corp |
|
| 8,800 |
|
| 597,520 |
|
JPMorgan Chase & Co |
|
| 18,600 |
|
| 774,504 |
|
Loews Corp |
|
| 6,500 |
|
| 657,800 |
|
Merrill Lynch & Co Inc |
|
| 12,500 |
|
| 984,500 |
|
The Chubb Corp |
|
| 5,640 |
|
| 538,282 |
|
The Goldman Sachs Group Inc |
|
| 3,700 |
|
| 580,752 |
|
The St. Paul Travelers Cos Inc |
|
| 11,100 |
|
| 463,869 |
|
Wachovia Corp |
|
| 10,900 |
|
| 610,945 |
|
Wells Fargo & Co |
|
| 12,300 |
|
| 785,601 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,222,127 |
|
|
|
|
|
|
| ||
Health Care - 10.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 10,900 |
|
| 462,923 |
|
Johnson & Johnson |
|
| 6,500 |
|
| 384,930 |
|
Novartis AG ADR (Switzerland) |
|
| 10,100 |
|
| 559,944 |
|
Pfizer Inc |
|
| 21,200 |
|
| 528,304 |
|
Sanofi-Aventis ADR (France) |
|
| 12,100 |
|
| 574,145 |
|
UnitedHealth Group Inc |
|
| 11,500 |
|
| 642,390 |
|
WellPoint Inc * |
|
| 8,300 |
|
| 642,669 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,795,305 |
|
|
|
|
|
|
| ||
Integrated Oils - 8.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 9,500 |
|
| 577,125 |
|
Marathon Oil Corp |
|
| 9,500 |
|
| 723,615 |
|
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom) |
|
| 5,500 |
|
| 342,430 |
|
Suncor Energy Inc (Canada) |
|
| 5,400 |
|
| 415,908 |
|
Total SA ADR (France) |
|
| 7,500 |
|
| 987,975 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,047,053 |
|
|
|
|
|
|
| ||
Materials & Processing - 4.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
| 5,500 |
|
| 369,545 |
|
Avery Dennison Corp |
|
| 7,400 |
|
| 432,752 |
|
E.I. du Pont de Nemours & Co |
|
| 14,100 |
|
| 595,161 |
|
Masco Corp |
|
| 12,200 |
|
| 396,378 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,793,836 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Textron Inc |
|
| 7,000 |
|
| 653,730 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 4.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parker-Hannifin Corp |
|
| 4,540 |
|
| 365,969 |
|
The Boeing Co |
|
| 10,900 |
|
| 849,437 |
|
United Technologies Corp |
|
| 9,500 |
|
| 550,715 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,766,121 |
|
|
|
|
|
|
| ||
Technology - 4.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Business Machines Corp |
|
| 4,700 |
|
| 387,609 |
|
Microsoft Corp |
|
| 13,400 |
|
| 364,614 |
|
Nokia OYJ ADR (Finland) |
|
| 27,200 |
|
| 563,584 |
|
Raytheon Co |
|
| 11,000 |
|
| 504,240 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,820,047 |
|
|
|
|
|
|
| ||
Utilities - 10.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 11,300 |
|
| 731,675 |
|
AT&T Inc |
|
| 26,047 |
|
| 704,311 |
|
Sempra Energy |
|
| 18,900 |
|
| 878,094 |
|
SES GLOBAL SA FDR (Luxembourg) |
|
| 8,900 |
|
| 141,722 |
|
Sprint Nextel Corp |
|
| 47,401 |
|
| 1,224,842 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,680,644 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $28,906,636) |
|
|
|
|
| 34,891,116 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 4.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 4.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 1,665,529 |
|
| 1,665,529 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
|
|
|
(Cost $1,665,529) |
|
|
|
|
| 1,665,529 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.80% |
|
|
|
|
|
|
|
(Cost $30,572,165) |
|
|
|
|
| 36,556,645 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.20% |
|
|
|
|
| 74,830 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 36,631,475 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-31
| |
PACIFIC FUNDS | |
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 27.90 | % |
Consumer Discretionary |
|
| 14.64 | % |
Health Care |
|
| 10.36 | % |
Utilities |
|
| 10.05 | % |
Integrated Oils |
|
| 8.32 | % |
Consumer Staples |
|
| 6.71 | % |
Technology |
|
| 4.97 | % |
Materials & Processing |
|
| 4.90 | % |
Producer Durables |
|
| 4.82 | % |
Short-Term Investment |
|
| 4.55 | % |
Multi-Industry |
|
| 1.78 | % |
Energy |
|
| 0.80 | % |
|
|
| ||
|
|
| 99.80 | % |
Other Assets & Liabilities, Net |
|
| 0.20 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-32
|
PACIFIC FUNDS |
PF VAN KAMPEN COMSTOCK FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 91.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Airlines Co |
|
| 19,700 |
| $ | 354,403 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Discretionary - 13.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBS Corp ‘B’ |
|
| 13,950 |
|
| 334,521 |
|
Clear Channel Communications Inc |
|
| 46,600 |
|
| 1,351,866 |
|
Federated Department Stores Inc |
|
| 5,134 |
|
| 374,782 |
|
Gannett Co Inc |
|
| 3,800 |
|
| 227,696 |
|
Kimberly-Clark Corp |
|
| 18,700 |
|
| 1,080,860 |
|
Liberty Media Corp ‘A’ * |
|
| 92,200 |
|
| 756,962 |
|
News Corp ‘B’ |
|
| 23,200 |
|
| 407,392 |
|
The Walt Disney Co |
|
| 38,600 |
|
| 1,076,554 |
|
Time Warner Inc |
|
| 58,500 |
|
| 982,215 |
|
Tribune Co |
|
| 3,500 |
|
| 96,005 |
|
Viacom Inc ‘B’ * |
|
| 17,450 |
|
| 677,060 |
|
Wal-Mart Stores Inc |
|
| 25,700 |
|
| 1,214,068 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,579,981 |
|
|
|
|
|
|
| ||
Consumer Staples - 7.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 14,600 |
|
| 1,034,556 |
|
Anheuser-Busch Cos Inc |
|
| 7,490 |
|
| 320,347 |
|
Kraft Foods Inc ‘A’ |
|
| 26,200 |
|
| 794,122 |
|
The Coca-Cola Co |
|
| 22,300 |
|
| 933,701 |
|
Unilever NV ‘NY’ (Netherlands) |
|
| 21,000 |
|
| 1,453,620 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,536,346 |
|
|
|
|
|
|
| ||
Financial Services - 25.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Inc |
|
| 4,100 |
|
| 185,033 |
|
Ambac Financial Group Inc |
|
| 3,700 |
|
| 294,520 |
|
American International Group Inc |
|
| 7,800 |
|
| 515,502 |
|
Bank of America Corp |
|
| 44,400 |
|
| 2,021,976 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 5 |
|
| 15,060 |
|
Citigroup Inc |
|
| 43,000 |
|
| 2,030,890 |
|
Fannie Mae |
|
| 5,000 |
|
| 257,000 |
|
First Data Corp |
|
| 7,100 |
|
| 332,422 |
|
Freddie Mac |
|
| 40,700 |
|
| 2,482,700 |
|
Genworth Financial Inc ‘A’ |
|
| 5,800 |
|
| 193,894 |
|
JPMorgan Chase & Co |
|
| 14,600 |
|
| 607,944 |
|
Merrill Lynch & Co Inc |
|
| 7,800 |
|
| 614,328 |
|
MetLife Inc |
|
| 6,300 |
|
| 304,731 |
|
SunTrust Banks Inc |
|
| 3,200 |
|
| 232,832 |
|
The Bank of New York Co Inc |
|
| 19,600 |
|
| 706,384 |
|
The Chubb Corp |
|
| 10,690 |
|
| 1,020,254 |
|
The Hartford Financial Services Group Inc |
|
| 600 |
|
| 48,330 |
|
The PNC Financial Services Group Inc |
|
| 11,200 |
|
| 753,872 |
|
The St. Paul Travelers Cos Inc |
|
| 11,586 |
|
| 484,179 |
|
Torchmark Corp |
|
| 6,700 |
|
| 382,570 |
|
U.S. Bancorp |
|
| 7,200 |
|
| 219,600 |
|
Wachovia Corp |
|
| 20,356 |
|
| 1,140,954 |
|
Wells Fargo & Co |
|
| 22,300 |
|
| 1,424,301 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,269,276 |
|
|
|
|
|
|
| ||
Health Care - 16.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 9,700 |
|
| 411,959 |
|
Boston Scientific Corp * |
|
| 19,300 |
|
| 444,865 |
|
Bristol-Myers Squibb Co |
|
| 83,500 |
|
| 2,054,935 |
|
Cardinal Health Inc |
|
| 5,800 |
|
| 432,216 |
|
GlaxoSmithKline PLC ADR (United Kingdom) |
|
| 54,900 |
|
| 2,871,819 |
|
Pfizer Inc |
|
| 39,700 |
|
| 989,324 |
|
Roche Holding AG ADR (Switzerland) |
|
| 11,700 |
|
| 868,871 |
|
Sanofi-Aventis ADR (France) |
|
| 14,200 |
|
| 673,790 |
|
Schering-Plough Corp |
|
| 46,700 |
|
| 886,833 |
|
Wyeth |
|
| 18,400 |
|
| 892,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,527,380 |
|
|
|
|
|
|
| ||
Integrated Oils - 0.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total SA ADR (France) |
|
| 4,400 |
|
| 579,612 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials & Processing - 9.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Inc |
|
| 52,700 |
|
| 1,610,512 |
|
E.I. du Pont de Nemours & Co |
|
| 30,300 |
|
| 1,278,963 |
|
International Paper Co |
|
| 72,758 |
|
| 2,515,244 |
|
Rohm & Haas Co |
|
| 8,400 |
|
| 410,508 |
|
The Dow Chemical Co |
|
| 4,600 |
|
| 186,760 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,001,987 |
|
|
|
|
|
|
| ||
Multi-Industry - 0.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 9,400 |
|
| 326,932 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cognex Corp |
|
| 1,700 |
|
| 50,388 |
|
Credence Systems Corp * |
|
| 3,800 |
|
| 27,892 |
|
Lexmark International Inc ‘A’ * |
|
| 1,200 |
|
| 54,456 |
|
Novellus Systems Inc * |
|
| 400 |
|
| 9,600 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 142,336 |
|
|
|
|
|
|
| ||
Technology - 3.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Computer Services Inc ‘A’ * |
|
| 3,521 |
|
| 210,063 |
|
Cisco Systems Inc * |
|
| 20,500 |
|
| 444,235 |
|
Dell Inc * |
|
| 18,800 |
|
| 559,488 |
|
Flextronics International Ltd * (Singapore) |
|
| 3,900 |
|
| 40,365 |
|
Hewlett-Packard Co |
|
| 7,300 |
|
| 240,170 |
|
Intel Corp |
|
| 26,400 |
|
| 510,840 |
|
International Business Machines Corp |
|
| 2,700 |
|
| 222,669 |
|
Microsoft Corp |
|
| 8,600 |
|
| 234,006 |
|
Nokia OYJ ADR (Finland) |
|
| 2,400 |
|
| 49,728 |
|
Telefonaktiebolaget LM Ericsson ADR (Sweden) |
|
| 1,100 |
|
| 41,492 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,553,056 |
|
|
|
|
|
|
| ||
Utilities - 13.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc |
|
| 10,500 |
|
| 357,210 |
|
AT&T Inc |
|
| 98,200 |
|
| 2,655,328 |
|
Comcast Corp ‘A’ * |
|
| 32,700 |
|
| 855,432 |
|
Dominion Resources Inc |
|
| 1,300 |
|
| 89,739 |
|
FirstEnergy Corp |
|
| 5,000 |
|
| 244,500 |
|
Sprint Nextel Corp |
|
| 66,600 |
|
| 1,720,944 |
|
Verizon Communications Inc |
|
| 70,800 |
|
| 2,411,448 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,334,601 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $55,125,330) |
|
|
|
|
| 58,205,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| ||
|
|
|
|
| |||
SHORT-TERM INVESTMENTS - 9.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 9.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
4.650% due 04/03/06 |
| $ | 6,100,000 |
|
| 6,098,424 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-33
|
PACIFIC FUNDS |
PF VAN KAMPEN COMSTOCK FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Money Market Funds - 0.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 21,569 |
| $ | 21,569 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 21,568 |
|
| 21,568 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 43,137 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $6,141,561) |
|
|
|
|
| 6,141,561 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.67% |
|
|
|
|
|
|
|
(Cost $61,266,891) |
|
|
|
|
| 64,347,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.67%) |
|
|
|
|
| (430,111 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 63,917,360 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 25.45 | % |
Health Care |
|
| 16.47 | % |
Consumer Discretionary |
|
| 13.42 | % |
Utilities |
|
| 13.04 | % |
Short-Term Investments |
|
| 9.61 | % |
Materials & Processing |
|
| 9.39 | % |
Consumer Staples |
|
| 7.10 | % |
Technology |
|
| 3.99 | % |
Integrated Oils |
|
| 0.91 | % |
Autos & Transportation |
|
| 0.56 | % |
Multi-Industry |
|
| 0.51 | % |
Producer Durables |
|
| 0.22 | % |
|
|
| ||
|
|
|
|
|
|
|
| 100.67 | % |
Other Assets & Liabilities, Net |
|
| (0.67 | %) |
|
|
| ||
|
|
| 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 C-38 |
C-34
|
PACIFIC FUNDS |
PF VAN KAMPEN MID-CAP GROWTH FUND |
Schedule of Investments |
March 31, 2006 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 5.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.H. Robinson Worldwide Inc |
|
| 24,150 |
| $ | 1,185,523 |
|
Expeditors International of Washington Inc |
|
| 13,900 |
|
| 1,200,821 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,386,344 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 41.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abercrombie & Fitch Co ‘A’ |
|
| 9,400 |
|
| 548,020 |
|
Activision Inc * |
|
| 68,010 |
|
| 937,858 |
|
Amazon.com Inc * |
|
| 16,200 |
|
| 591,462 |
|
American Eagle Outfitters Inc |
|
| 24,500 |
|
| 731,570 |
|
Apollo Group Inc ‘A’ * |
|
| 15,800 |
|
| 829,658 |
|
AutoZone Inc * |
|
| 13,000 |
|
| 1,295,970 |
|
Choice Hotels International Inc |
|
| 12,350 |
|
| 565,383 |
|
ChoicePoint Inc * |
|
| 9,025 |
|
| 403,869 |
|
Expedia Inc * |
|
| 24,800 |
|
| 502,696 |
|
Getty Images Inc * |
|
| 15,051 |
|
| 1,127,019 |
|
International Game Technology |
|
| 17,275 |
|
| 608,425 |
|
Iron Mountain Inc * |
|
| 23,452 |
|
| 955,434 |
|
ITT Educational Services Inc * |
|
| 9,850 |
|
| 630,892 |
|
Lamar Advertising Co ‘A’ * |
|
| 12,185 |
|
| 641,175 |
|
Monster Worldwide Inc * |
|
| 26,600 |
|
| 1,326,276 |
|
NetEase.com Inc ADR * (Cayman) |
|
| 22,800 |
|
| 559,512 |
|
Outback Steakhouse Inc |
|
| 8,700 |
|
| 382,800 |
|
P.F. Chang’s China Bistro Inc * |
|
| 10,580 |
|
| 521,488 |
|
Station Casinos Inc |
|
| 15,875 |
|
| 1,259,999 |
|
The Cheesecake Factory Inc * |
|
| 11,050 |
|
| 413,822 |
|
The Corporate Executive Board Co |
|
| 17,283 |
|
| 1,743,855 |
|
Weight Watchers International Inc |
|
| 8,500 |
|
| 436,900 |
|
Wendy’s International Inc |
|
| 12,775 |
|
| 792,817 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,806,900 |
|
|
|
|
|
|
| ||
Consumer Staples - 1.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loews Corp-Carolina Group |
|
| 14,000 |
|
| 661,780 |
|
|
|
|
|
|
| ||
Energy - 1.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwestern Energy Co * |
|
| 23,380 |
|
| 752,602 |
|
|
|
|
|
|
| ||
Financial Services - 13.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Asset Management Inc ‘A’ (Canada) |
|
| 16,400 |
|
| 902,984 |
|
Brown & Brown Inc |
|
| 13,300 |
|
| 441,560 |
|
Calamos Asset Management Inc ‘A’ |
|
| 24,388 |
|
| 912,111 |
|
CB Richard Ellis Group Inc ‘A’ * |
|
| 8,000 |
|
| 645,600 |
|
CheckFree Corp * |
|
| 8,300 |
|
| 419,150 |
|
Chicago Mercantile Exchange Holdings Inc |
|
| 1,925 |
|
| 861,437 |
|
Global Payments Inc |
|
| 7,900 |
|
| 418,779 |
|
Janus Capital Group Inc |
|
| 18,800 |
|
| 435,596 |
|
TD Ameritrade Holding Corp |
|
| 20,950 |
|
| 437,227 |
|
White Mountains Insurance Group Ltd (Bermuda) |
|
| 730 |
|
| 433,985 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,908,429 |
|
|
|
|
|
|
| ||
Health Care - 8.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dade Behring Holdings Inc |
|
| 23,250 |
|
| 830,258 |
|
DaVita Inc * |
|
| 7,100 |
|
| 427,491 |
|
Gen-Probe Inc * |
|
| 15,495 |
|
| 854,084 |
|
Stericycle Inc * |
|
| 15,073 |
|
| 1,019,236 |
|
Techne Corp * |
|
| 7,425 |
|
| 446,540 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,577,609 |
|
|
|
|
|
|
| ||
Integrated Oils - 5.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Petroleum Corp * (Canada) |
|
| 40,380 |
|
| 2,516,078 |
|
|
|
|
|
|
| ||
Materials & Processing - 2.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida Rock Industries Inc |
|
| 10,975 |
|
| 617,014 |
|
The St. Joe Co |
|
| 6,608 |
|
| 415,247 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,032,261 |
|
|
|
|
|
|
| ||
Producer Durables - 7.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Castle International Corp * |
|
| 34,092 |
|
| 966,508 |
|
Desarrolladora Homex SA de CV ADR * (Mexico) |
|
| 16,720 |
|
| 590,718 |
|
NVR Inc * |
|
| 805 |
|
| 594,855 |
|
Pentair Inc |
|
| 22,000 |
|
| 896,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,048,581 |
|
|
|
|
|
|
| ||
Technology - 6.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akamai Technologies Inc * |
|
| 15,400 |
|
| 506,506 |
|
Marvell Technology Group Ltd * (Bermuda) |
|
| 7,075 |
|
| 382,758 |
|
Red Hat Inc * |
|
| 25,200 |
|
| 705,096 |
|
salesforce.com inc * |
|
| 18,600 |
|
| 675,738 |
|
Tessera Technologies Inc * |
|
| 14,500 |
|
| 465,160 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,735,258 |
|
|
|
|
|
|
| ||
Utilities - 4.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NII Holdings Inc * |
|
| 27,940 |
|
| 1,647,622 |
|
Questar Corp |
|
| 5,425 |
|
| 380,021 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,027,643 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $31,608,964) |
|
|
|
|
| 42,453,485 |
|
|
|
|
|
|
| ||
| |||||||
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 2.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - - 2.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
4.650% due 04/03/06 |
| $ | 955,000 |
|
| 954,753 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Fund - 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 3,079 |
|
| 3,079 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $957,832) |
|
|
|
|
| 957,832 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.06% |
|
|
|
|
|
|
|
(Cost $32,566,796) |
|
|
|
|
| 43,411,317 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.06%) |
|
|
|
|
| (24,219 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 43,387,098 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-38 |
C-35
|
PACIFIC FUNDS |
PF VAN KAMPEN MID-CAP GROWTH FUND |
Schedule of Investments (Continued) |
March 31, 2006 |
Notes to Schedule of Investments
|
|
(a) | As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
|
|
|
| 41.04 | % |
Financial Services |
|
|
|
|
| 13.62 | % |
Health Care |
|
|
|
|
| 8.25 | % |
Producer Durables |
|
|
|
|
| 7.03 | % |
Technology |
|
|
|
|
| 6.30 | % |
Integrated Oils |
|
|
|
|
| 5.80 | % |
Autos & Transportation |
|
|
|
|
| 5.50 | % |
Utilities |
|
|
|
|
| 4.67 | % |
Materials & Processing |
|
|
|
|
| 2.38 | % |
Short-Term Investments |
|
|
|
|
| 2.21 | % |
Energy |
|
|
|
|
| 1.73 | % |
Consumer Staples |
|
|
|
|
| 1.53 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.06 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (0.06 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 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 C-38 |
C-36
|
PACIFIC FUNDS |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
COMMON STOCKS - 96.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 11.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotels Inc (Canada) |
|
| 3,050 |
| $ | 154,635 |
|
Hilton Hotels Corp |
|
| 40,660 |
|
| 1,035,203 |
|
Morgans Hotel Group Co * |
|
| 14,330 |
|
| 253,068 |
|
Starwood Hotels & Resorts Worldwide Inc |
|
| 20,545 |
|
| 1,391,513 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,834,419 |
|
|
|
|
|
|
| ||
Financial Services - 84.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Realty Trust |
|
| 8,140 |
|
| 191,697 |
|
AMB Property Corp |
|
| 9,445 |
|
| 512,580 |
|
American Campus Communities Inc |
|
| 2,500 |
|
| 64,775 |
|
Apartment Investment & Management Co ‘A’ |
|
| 1,725 |
|
| 80,902 |
|
Archstone-Smith Trust |
|
| 19,805 |
|
| 965,890 |
|
Arden Realty Inc |
|
| 11,870 |
|
| 535,693 |
|
AvalonBay Communities Inc |
|
| 10,535 |
|
| 1,149,368 |
|
Boston Properties Inc |
|
| 14,165 |
|
| 1,320,886 |
|
Brandywine Realty Trust |
|
| 12,098 |
|
| 384,232 |
|
BRE Properties Inc ‘A’ |
|
| 6,640 |
|
| 371,840 |
|
Brookfield Properties Corp (Canada) |
|
| 33,657 |
|
| 1,149,387 |
|
Cedar Shopping Centers Inc |
|
| 1,900 |
|
| 30,096 |
|
CentraCore Properties Trust |
|
| 2,085 |
|
| 52,229 |
|
Cogdell Spencer Inc |
|
| 1,850 |
|
| 39,442 |
|
Developers Diversified Realty Corp |
|
| 1,085 |
|
| 59,404 |
|
Equity Lifestyle Properties Inc |
|
| 5,765 |
|
| 286,809 |
|
Equity Office Properties Trust |
|
| 25,540 |
|
| 857,633 |
|
Equity Residential |
|
| 19,511 |
|
| 912,920 |
|
Essex Property Trust Inc |
|
| 6,123 |
|
| 665,754 |
|
Federal Realty Investment Trust |
|
| 9,780 |
|
| 735,456 |
|
General Growth Properties Inc |
|
| 5,625 |
|
| 274,894 |
|
Health Care Property Investors Inc |
|
| 6,710 |
|
| 190,564 |
|
Heritage Property Investment Trust Inc |
|
| 1,250 |
|
| 49,487 |
|
Hersha Hospitality Trust |
|
| 1,661 |
|
| 16,261 |
|
Highwoods Properties Inc |
|
| 1,195 |
|
| 40,307 |
|
Host Marriott Corp |
|
| 52,215 |
|
| 1,117,401 |
|
Legacy Hotels REIT (Canada) |
|
| 23,700 |
|
| 169,455 |
|
Liberty Property Trust |
|
| 2,580 |
|
| 121,673 |
|
Mack-Cali Realty Corp |
|
| 12,581 |
|
| 603,888 |
|
MeriStar Hospitality Corp * |
|
| 19,470 |
|
| 202,099 |
|
Pan Pacific Retail Properties Inc |
|
| 355 |
|
| 25,170 |
|
Parkway Properties Inc |
|
| 1,910 |
|
| 83,429 |
|
Post Properties Inc |
|
| 9,855 |
|
| 438,548 |
|
ProLogis |
|
| 10,882 |
|
| 582,187 |
|
PS Business Parks Inc |
|
| 3,665 |
|
| 204,947 |
|
Public Storage Inc |
|
| 8,640 |
|
| 701,827 |
|
Ramco-Gershenson Properties Trust |
|
| 800 |
|
| 24,216 |
|
Reckson Associates Realty Corp |
|
| 4,500 |
|
| 206,190 |
|
Regency Centers Corp |
|
| 12,205 |
|
| 820,054 |
|
Republic Property Trust |
|
| 5,300 |
|
| 62,381 |
|
Senior Housing Properties Trust |
|
| 13,740 |
|
| 248,694 |
|
Shurgard Storage Centers Inc ‘A’ |
|
| 6,615 |
|
| 440,757 |
|
Simon Property Group Inc |
|
| 26,275 |
|
| 2,210,779 |
|
SL Green Realty Corp |
|
| 4,570 |
|
| 463,855 |
|
Spirit Finance Corp |
|
| 3,345 |
|
| 40,809 |
|
Taubman Centers Inc |
|
| 5,745 |
|
| 239,394 |
|
The Macerich Co |
|
| 9,555 |
|
| 706,592 |
|
Trizec Properties Inc |
|
| 14,590 |
|
| 375,401 |
|
United Dominion Realty Trust Inc |
|
| 1,510 |
|
| 43,095 |
|
Universal Health Realty Income Trust |
|
| 2,250 |
|
| 82,193 |
|
Vornado Realty Trust |
|
| 5,070 |
|
| 486,720 |
|
Windrose Medical Properties Trust |
|
| 1,330 |
|
| 20,056 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 21,660,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - 0.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunrise Senior Living REIT (Canada) |
|
| 7,360 |
|
| 78,531 |
|
|
|
|
|
|
| ||
Materials & Processing - 1.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forest City Enterprises Inc ‘A’ |
|
| 6,470 |
|
| 305,061 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 24,878,327 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| |
SHORT-TERM INVESTMENT - 3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 823,337 |
|
| 823,337 |
|
|
|
|
|
|
| ||
Total Short-Term Investment |
|
|
|
|
| 823,337 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS - 99.76% |
|
|
|
|
| 25,701,664 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.24% |
|
|
|
|
| 61,425 |
|
|
|
|
|
|
| ||
| |||||||
NET ASSETS - 100.00% |
|
|
|
| $ | 25,763,089 |
|
|
|
|
|
|
|
Note to Schedule of Investments
(a) As of March 31, 2006, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 84.08 | % |
Consumer Discretionary |
|
| 11.00 | % |
Short-Term Investment |
|
| 3.20 | % |
Materials & Processing |
|
| 1.18 | % |
Health Care |
|
| 0.30 | % |
|
|
| ||
|
|
| 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 C-38 |
C-37
|
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 segregated with the custodian/broker to cover margin requirements for open futures contracts as of March 31, 2006. |
|
|
“ | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. |
|
|
^ | Securities with their principal amount adjusted for inflation. |
|
|
§ | Variable rate securities. The rate listed is as of March 31, 2006. |
|
|
± | Securities are grouped by coupon rate and represent a range of maturities. |
Explanation of Terms for Schedules of Investments
Currency Abbreviations:
|
|
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 |
|
|
HSI | Hong Kong Stock Exchange |
|
|
LIBOR | London Interbank Offered Rate |
|
|
‘NY’ | New York Shares |
|
|
NYSE | New York Stock Exchange |
|
|
OTC | Over the Counter |
|
|
REIT | Real Estate Investment Trust |
|
|
TSE | Toronto Stock Exchange |
See Notes to Financial Statements
C-38
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Goldman |
| PF Janus |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 22,712,884 |
| $ | 58,814,848 |
| $ | 198,094,430 |
| $ | 196,515,003 |
| $ | 72,613,416 |
| $ | 44,735,838 |
| $ | 39,017,753 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 23,103,653 |
| $ | 61,613,495 |
| $ | 214,779,578 |
| $ | 217,943,803 |
| $ | 83,009,025 |
| $ | 44,460,925 |
| $ | 45,049,810 |
|
Cash (1) |
|
| — |
|
| 19,530 |
|
| — |
|
| 405,501 |
|
| 12,830 |
|
| 885,266 |
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 34,542 |
|
| 63,280 |
|
| 1,062 |
|
| 1,172 |
|
| 482 |
|
| 287,260 |
|
| 42,784 |
|
Foreign tax reclaim |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 8,046 |
|
Fund shares sold |
|
| 85,089 |
|
| 89,325 |
|
| 1,220,657 |
|
| 1,288,073 |
|
| 459,716 |
|
| 20,367 |
|
| 44,169 |
|
Securities sold |
|
| 14,255 |
|
| — |
|
| 231,726 |
|
| — |
|
| — |
|
| — |
|
| 420,149 |
|
Variation margin |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 3,994 |
|
| — |
|
Due from adviser |
|
| 24,246 |
|
| 50,247 |
|
| 141,387 |
|
| 137,673 |
|
| 57,907 |
|
| 26,013 |
|
| 16,482 |
|
Forward foreign currency contracts appreciation |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 11,443 |
|
Prepaid expenses and other assets |
|
| 1,428 |
|
| 3,496 |
|
| 10,751 |
|
| 10,140 |
|
| 3,753 |
|
| 2,645 |
|
| 1,964 |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 23,263,213 |
|
| 61,839,373 |
|
| 216,385,161 |
|
| 219,786,362 |
|
| 83,543,713 |
|
| 45,686,470 |
|
| 45,594,847 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 7,968 |
|
| 165,241 |
|
| 321,280 |
|
| 144,254 |
|
| 348,612 |
|
| 29,985 |
|
| 52,298 |
|
Securities purchased |
|
| 34,379 |
|
| 82,409 |
|
| — |
|
| 405,502 |
|
| 12,830 |
|
| — |
|
| 390,004 |
|
Due to custodian |
|
| 14,255 |
|
| — |
|
| 231,726 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Income distributions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 129 |
|
| — |
|
Accrued advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 22,868 |
|
| 27,825 |
|
Accrued administration fees |
|
| 6,932 |
|
| 18,152 |
|
| 62,637 |
|
| 62,983 |
|
| 23,837 |
|
| 13,340 |
|
| 12,985 |
|
Accrued deferred trustee compensation |
|
| 1,530 |
|
| 3,604 |
|
| 10,610 |
|
| 9,890 |
|
| 3,960 |
|
| 2,976 |
|
| 8,184 |
|
Accrued distribution and service (12b-1) fees |
|
| 6,172 |
|
| 14,717 |
|
| 51,050 |
|
| 51,751 |
|
| 17,876 |
|
| 19,317 |
|
| 19,106 |
|
Accrued transfer agent fees |
|
| 10,147 |
|
| 23,123 |
|
| 70,790 |
|
| 64,935 |
|
| 23,545 |
|
| 17,879 |
|
| 10,954 |
|
Accrued other |
|
| 19,323 |
|
| 32,435 |
|
| 84,508 |
|
| 78,112 |
|
| 33,743 |
|
| 26,264 |
|
| 26,640 |
|
Forward foreign currency contracts depreciation |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 9,095 |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 100,706 |
|
| 339,681 |
|
| 832,601 |
|
| 817,427 |
|
| 464,403 |
|
| 132,758 |
|
| 557,091 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 23,162,507 |
| $ | 61,499,692 |
| $ | 215,552,560 |
| $ | 218,968,935 |
| $ | 83,079,310 |
| $ | 45,553,712 |
| $ | 45,037,756 |
|
|
|
|
|
(1) | Includes margin deposits of $85,000 segregated for futures contracts in the PF Goldman Sachs Short Duration Bond Fund. |
See Notes to Financial Statements
D-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Goldman |
| PF Janus |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 22,676,390 |
| $ | 57,955,790 |
| $ | 195,998,459 |
| $ | 194,547,458 |
| $ | 71,075,612 |
| $ | 46,414,657 |
| $ | 39,324,040 |
|
Undistributed/accumulated net investment income (loss) |
|
| 63,556 |
|
| 102,024 |
|
| 128,720 |
|
| (9,890 | ) |
| (1,196 | ) |
| (1,965 | ) |
| (18,995 | ) |
Undistributed/accumulated net realized gain (loss) |
|
| 31,792 |
|
| 643,231 |
|
| 2,740,233 |
|
| 3,002,567 |
|
| 1,609,285 |
|
| (525,543 | ) |
| (301,529 | ) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
| 390,769 |
|
| 2,798,647 |
|
| 16,685,148 |
|
| 21,428,800 |
|
| 10,395,609 |
|
| (333,437 | ) |
| 6,034,240 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 23,162,507 |
| $ | 61,499,692 |
| $ | 215,552,560 |
| $ | 218,968,935 |
| $ | 83,079,310 |
| $ | 45,553,712 |
| $ | 45,037,756 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 9,887,431 |
| $ | 28,292,121 |
| $ | 95,079,137 |
| $ | 93,497,608 |
| $ | 39,396,839 |
| $ | 44,945,101 |
| $ | 43,733,024 |
|
Shares of beneficial interest outstanding |
|
| 956,555 |
|
| 2,602,609 |
|
| 8,227,963 |
|
| 7,777,140 |
|
| 3,133,339 |
|
| 4,607,116 |
|
| 3,576,700 |
|
Net Asset Value per share* |
| $ | 10.34 |
| $ | 10.87 |
| $ | 11.56 |
| $ | 12.02 |
| $ | 12.57 |
| $ | 9.76 |
| $ | 12.23 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.60 |
|
| 0.63 |
|
| 0.67 |
|
| 0.70 |
|
| 0.73 |
|
| 0.57 |
|
| 0.71 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 10.94 |
| $ | 11.50 |
| $ | 12.23 |
| $ | 12.72 |
| $ | 13.30 |
| $ | 10.33 |
| $ | 12.94 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 1,923,336 |
| $ | 9,057,981 |
| $ | 31,686,847 |
| $ | 35,153,777 |
| $ | 12,889,296 |
| $ | 20,472 |
| $ | 412,118 |
|
Shares of beneficial interest outstanding |
|
| 186,761 |
|
| 836,790 |
|
| 2,753,393 |
|
| 2,936,587 |
|
| 1,029,622 |
|
| 2,101 |
|
| 34,353 |
|
Net Asset Value and offering price per share* |
| $ | 10.30 |
| $ | 10.82 |
| $ | 11.51 |
| $ | 11.97 |
| $ | 12.52 |
| $ | 9.74 |
| $ | 12.00 |
|
|
| |||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 11,341,546 |
| $ | 23,859,598 |
| $ | 88,773,636 |
| $ | 90,306,063 |
| $ | 30,782,085 |
| $ | 588,139 |
| $ | 892,614 |
|
Shares of beneficial interest outstanding |
|
| 1,102,373 |
|
| 2,203,704 |
|
| 7,721,642 |
|
| 7,556,920 |
|
| 2,460,223 |
|
| 60,409 |
|
| 74,689 |
|
Net Asset Value and offering price per share* |
| $ | 10.29 |
| $ | 10.83 |
| $ | 11.50 |
| $ | 11.95 |
| $ | 12.51 |
| $ | 9.74 |
| $ | 11.95 |
|
|
| |||||||||||||||||||||
Class R Shares: ** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 10,194 |
| $ | 289,992 |
| $ | 12,940 |
| $ | 11,487 |
| $ | 11,090 |
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 987 |
|
| 26,683 |
|
| 1,119 |
|
| 956 |
|
| 882 |
|
|
|
|
|
|
|
Net Asset Value per share |
| $ | 10.33 |
| $ | 10.87 |
| $ | 11.56 |
| $ | 12.02 |
| $ | 12.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 Portfolio Optimization Models only. |
See Notes to Financial Statements
D-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Lazard |
| PF Lazard |
| PF Loomis |
| PF MFS |
| PF NB |
| PF Oppenheimer |
| PF Oppenheimer |
| |||||||||||||
|
| |||||||||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 22,862,047 |
| $ | 46,513,761 |
|
| $ | 19,889,661 |
|
| $ | 42,271,132 |
| $ | 20,657,018 |
|
| $ | 50,580,153 |
|
|
| $ | 28,671,378 |
|
|
|
| |||||||||||||||||||||||||||
Investments, at value |
| $ | 24,512,652 |
| $ | 60,391,319 |
|
| $ | 21,301,575 |
|
| $ | 53,905,029 |
| $ | 23,046,732 |
|
| $ | 53,588,981 |
|
|
| $ | 33,275,216 |
|
|
Cash |
|
| — |
|
| — |
|
|
| 640,607 |
|
|
| — |
|
| 2,093,073 |
|
|
| 826,956 |
|
|
|
| — |
|
|
Foreign currency held, at value (1) |
|
| — |
|
| — |
|
|
| — |
|
|
| 57,525 |
|
| — |
|
|
| — |
|
|
|
| 416,254 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 19,596 |
|
| 276,899 |
|
|
| 4,761 |
|
|
| 103,556 |
|
| 15,724 |
|
|
| 61,511 |
|
|
|
| 207,659 |
|
|
Foreign tax reclaim |
|
| — |
|
| 69,684 |
|
|
| — |
|
|
| 23,564 |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
Fund shares sold |
|
| 73,492 |
|
| 238,747 |
|
|
| 59,182 |
|
|
| 10,115 |
|
| 52,708 |
|
|
| 41,892 |
|
|
|
| 2,646 |
|
|
Securities sold |
|
| 346,736 |
|
| — |
|
|
| 77,942 |
|
|
| 442,065 |
|
| 80,703 |
|
|
| 1,620,709 |
|
|
|
| 163,060 |
|
|
Due from adviser |
|
| 14,518 |
|
| 55,003 |
|
|
| 51,668 |
|
|
| 38,596 |
|
| 7,268 |
|
|
| 12,526 |
|
|
|
| 133,961 |
|
|
Prepaid expenses and other assets |
|
| 1,925 |
|
| 5,304 |
|
|
| 2,624 |
|
|
| 2,785 |
|
| 809 |
|
|
| 4,735 |
|
|
|
| 7,523 |
|
|
|
| |||||||||||||||||||||||||||
Total Assets |
|
| 24,968,919 |
|
| 61,036,956 |
|
|
| 22,138,359 |
|
|
| 54,583,235 |
|
| 25,297,017 |
|
|
| 56,157,310 |
|
|
|
| 34,206,319 |
|
|
|
| |||||||||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 8,860 |
|
| 17,891 |
|
|
| 10,599 |
|
|
| 163,587 |
|
| 8,835 |
|
|
| 15,794 |
|
|
|
| — |
|
|
Securities purchased |
|
| 703,575 |
|
| 1,213,991 |
|
|
| 405,980 |
|
|
| 166,709 |
|
| 46,043 |
|
|
| 2,105,184 |
|
|
|
| 260,080 |
|
|
Accrued advisory fees |
|
| 16,880 |
|
| 41,076 |
|
|
| 17,007 |
|
|
| 46,885 |
|
| 20,244 |
|
|
| 29,100 |
|
|
|
| 27,994 |
|
|
Accrued administration fees |
|
| 6,951 |
|
| 16,914 |
|
|
| 6,265 |
|
|
| 15,629 |
|
| 7,085 |
|
|
| 15,669 |
|
|
|
| 9,798 |
|
|
Accrued foreign capital gains tax |
|
| — |
|
| — |
|
|
| — |
|
|
| 1,674 |
|
| — |
|
|
| — |
|
|
|
| 134,075 |
|
|
Accrued deferred trustee compensation |
|
| 1,291 |
|
| 11,889 |
|
|
| 18,253 |
|
|
| 6,955 |
|
| 5,547 |
|
|
| 778 |
|
|
|
| 477 |
|
|
Accrued distribution and service (12b-1) fees |
|
| 10,010 |
|
| 24,981 |
|
|
| 9,903 |
|
|
| 22,877 |
|
| 10,504 |
|
|
| 22,385 |
|
|
|
| 13,997 |
|
|
Accrued transfer agent fees |
|
| 13,180 |
|
| 24,066 |
|
|
| 18,132 |
|
|
| 17,814 |
|
| 4,069 |
|
|
| 7,830 |
|
|
|
| 4,207 |
|
|
Accrued other |
|
| 25,082 |
|
| 53,824 |
|
|
| 38,231 |
|
|
| 79,618 |
|
| 13,354 |
|
|
| 30,855 |
|
|
|
| 279,926 |
|
|
|
| |||||||||||||||||||||||||||
Total Liabilities |
|
| 785,829 |
|
| 1,404,632 |
|
|
| 524,370 |
|
|
| 521,748 |
|
| 115,681 |
|
|
| 2,227,595 |
|
|
|
| 730,554 |
|
|
|
| |||||||||||||||||||||||||||
NET ASSETS |
| $ | 24,183,090 |
| $ | 59,632,324 |
|
| $ | 21,613,989 |
|
| $ | 54,061,487 |
| $ | 25,181,336 |
|
| $ | 53,929,715 |
|
|
| $ | 33,475,765 |
|
|
|
|
|
|
(1) | Foreign currency held at cost for the PF MFS International Large-Cap and PF Oppenheimer Emerging Markets Funds were $55,147 and $416,908, respectively. |
See Notes to Financial Statements
D-3
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Lazard |
| PF Lazard |
| PF Loomis |
| PF MFS |
| PF NB |
| PF Oppenheimer |
| PF Oppenheimer |
| |||||||||||||||
|
| |||||||||||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 21,996,280 |
| $ | 44,015,899 |
|
| $ | 18,585,083 |
|
|
| $ | 40,999,934 |
|
| $ | 22,778,689 |
|
| $ | 50,508,772 |
|
|
| $ | 27,920,766 |
|
|
Undistributed/accumulated net investment income (loss) |
|
| (1,292 | ) |
| 119,119 |
|
|
| (20,495 | ) |
|
|
| (27,703 | ) |
|
| (5,547 | ) |
|
| 24,162 |
|
|
|
| 4,724 |
|
|
Undistributed/accumulated net realized gain (loss) |
|
| 537,497 |
|
| 1,628,700 |
|
|
| 1,637,487 |
|
|
|
| 1,455,487 |
|
|
| 18,480 |
|
|
| 387,953 |
|
|
|
| 1,080,602 |
|
|
Net unrealized appreciation on investments and assets and liabilities in foreign currencies |
|
| 1,650,605 |
|
| 13,868,606 |
|
|
| 1,411,914 |
|
|
|
| 11,633,769 |
|
|
| 2,389,714 |
|
|
| 3,008,828 |
|
|
|
| 4,469,673 |
|
|
|
| |||||||||||||||||||||||||||||
NET ASSETS |
| $ | 24,183,090 |
| $ | 59,632,324 |
|
| $ | 21,613,989 |
|
|
| $ | 54,061,487 |
|
| $ | 25,181,336 |
|
| $ | 53,929,715 |
|
|
| $ | 33,475,765 |
|
|
|
| |||||||||||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 23,991,790 |
| $ | 57,656,761 |
|
| $ | 19,366,323 |
|
|
| $ | 52,728,314 |
|
| $ | 24,217,790 |
|
| $ | 53,929,715 |
|
|
| $ | 33,475,765 |
|
|
Shares of beneficial interest outstanding |
|
| 2,275,800 |
|
| 3,768,505 |
|
|
| 1,784,645 |
|
|
|
| 3,412,655 |
|
|
| 2,158,291 |
|
|
| 5,052,222 |
|
|
|
| 2,789,517 |
|
|
Net Asset Value per share* |
| $ | 10.54 |
| $ | 15.30 |
|
| $ | 10.85 |
|
|
| $ | 15.45 |
|
| $ | 11.22 |
|
| $ | 10.67 |
|
|
| $ | 12.00 |
|
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.61 |
|
| 0.89 |
|
|
| 0.63 |
|
|
|
| 0.90 |
|
|
| 0.65 |
|
|
| — |
|
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||||
Maximum offering price per share |
| $ | 11.15 |
| $ | 16.19 |
|
| $ | 11.48 |
|
|
| $ | 16.35 |
|
| $ | 11.87 |
|
| $ | 10.67 |
|
|
| $ | 12.00 |
|
|
|
| |||||||||||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 63,626 |
| $ | 427,276 |
|
| $ | 593,754 |
|
|
| $ | 436,080 |
|
| $ | 425,044 |
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 6,072 |
|
| 28,392 |
|
|
| 55,922 |
|
|
|
| 28,792 |
|
|
| 38,809 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value and offering price per share* |
| $ | 10.48 |
| $ | 15.05 |
|
| $ | 10.62 |
|
|
| $ | 15.15 |
|
| $ | 10.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 127,674 |
| $ | 1,548,287 |
|
| $ | 1,653,912 |
|
|
| $ | 897,093 |
|
| $ | 538,502 |
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 12,191 |
|
| 103,049 |
|
|
| 155,974 |
|
|
|
| 59,158 |
|
|
| 49,113 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value and offering price per share* |
| $ | 10.47 |
| $ | 15.02 |
|
| $ | 10.60 |
|
|
| $ | 15.16 |
|
| $ | 10.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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. |
See Notes to Financial Statements
D-4
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF PIMCO |
| PF PIMCO |
| PF Pacific Life |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 82,727,953 |
| $ | 86,597,490 |
| $ | 20,312,436 |
| $ | 30,572,165 |
| $ | 61,266,891 |
| $ | 32,566,796 |
| $ | 20,081,535 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 81,819,025 |
| $ | 84,894,657 |
| $ | 20,312,436 |
| $ | 36,556,645 |
| $ | 64,347,471 |
| $ | 43,411,317 |
| $ | 25,701,664 |
|
Cash |
|
| — |
|
| — |
|
| — |
|
| 16,671 |
|
| — |
|
| — |
|
| — |
|
Foreign currency held, at value (1) |
|
| 228,384 |
|
| 38,892 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Deposit with brokers for securities sold short |
|
| 773,670 |
|
| 579,014 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 352,187 |
|
| 560,995 |
|
| 30,289 |
|
| 68,416 |
|
| 98,932 |
|
| 9,974 |
|
| 86,845 |
|
Foreign tax reclaim |
|
| — |
|
| — |
|
| — |
|
| 340 |
|
| — |
|
| — |
|
| — |
|
Fund shares sold |
|
| 32,411 |
|
| 34,021 |
|
| 280,765 |
|
| 44,400 |
|
| 41,061 |
|
| 71,521 |
|
| 5,831 |
|
Securities sold |
|
| 19,047,603 |
|
| 482,187 |
|
| — |
|
| 177,694 |
|
| 112,371 |
|
| 13,879 |
|
| 61,359 |
|
Swap agreements |
|
| 2,393 |
|
| 58,680 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Due from adviser |
|
| 38,934 |
|
| 37,811 |
|
| 10,757 |
|
| 32,776 |
|
| 13,326 |
|
| 12,470 |
|
| 15,454 |
|
Forward foreign currency contracts appreciation |
|
| 4,650 |
|
| 1,310 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Prepaid expenses and other assets |
|
| 3,723 |
|
| 3,736 |
|
| 1,751 |
|
| 3,348 |
|
| 2,419 |
|
| 2,477 |
|
| 1,203 |
|
Swap appreciation |
|
| 304,733 |
|
| 147,742 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 102,607,713 |
|
| 86,839,045 |
|
| 20,635,998 |
|
| 36,900,290 |
|
| 64,615,580 |
|
| 43,521,638 |
|
| 25,872,356 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 45,902 |
|
| 110,495 |
|
| 286,453 |
|
| 24,586 |
|
| 49,359 |
|
| 14,976 |
|
| 911 |
|
Securities purchased |
|
| 28,894,170 |
|
| 14,185,016 |
|
| 1,000,000 |
|
| 115,102 |
|
| 504,453 |
|
| — |
|
| 38,198 |
|
Securities sold short, at value (proceeds $773,670 and $579,014, respectively) |
|
| 766,711 |
|
| 576,469 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Swap agreements |
|
| 374,565 |
|
| 59,078 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Variation margin |
|
| 35,861 |
|
| 4,669 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Income distributions |
|
| 2,730 |
|
| — |
|
| 532 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued advisory fees |
|
| 36,260 |
|
| 36,483 |
|
| 6,442 |
|
| 26,015 |
|
| 50,937 |
|
| 31,509 |
|
| 23,380 |
|
Accrued administration fees |
|
| 21,152 |
|
| 21,282 |
|
| 5,637 |
|
| 10,712 |
|
| 18,767 |
|
| 12,253 |
|
| 7,439 |
|
Accrued deferred trustee compensation |
|
| 20,061 |
|
| 7,346 |
|
| 10,294 |
|
| 13,901 |
|
| 7,616 |
|
| 9,579 |
|
| 857 |
|
Accrued distribution and service (12b-1) fees |
|
| 31,557 |
|
| 32,841 |
|
| 4,027 |
|
| 16,218 |
|
| 27,425 |
|
| 18,907 |
|
| 10,715 |
|
Accrued transfer agent fees |
|
| 24,060 |
|
| 22,889 |
|
| 11,155 |
|
| 23,188 |
|
| 12,962 |
|
| 15,407 |
|
| 7,817 |
|
Accrued other |
|
| 44,892 |
|
| 40,064 |
|
| 18,673 |
|
| 39,093 |
|
| 26,701 |
|
| 31,909 |
|
| 19,950 |
|
Forward foreign currency contracts depreciation |
|
| 36,728 |
|
| 3,785 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Outstanding options written, at value (premiums received $50,404, and $8,011, respectively) |
|
| 8,504 |
|
| 11,562 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Swap depreciation |
|
| 307,934 |
|
| 79,980 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 30,651,087 |
|
| 15,191,959 |
|
| 1,343,213 |
|
| 268,815 |
|
| 698,220 |
|
| 134,540 |
|
| 109,267 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 71,956,626 |
| $ | 71,647,086 |
| $ | 19,292,785 |
| $ | 36,631,475 |
| $ | 63,917,360 |
| $ | 43,387,098 |
| $ | 25,763,089 |
|
|
|
|
|
(1) | Foreign currency held at cost for the PF PIMCO Managed Bond and PF PIMCO Inflation Managed Funds were $226,718 and $38,833, respectively. |
See Notes to Financial Statements
D-5
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF PIMCO |
| PF PIMCO |
| PF Pacific Life |
| PF Salomon |
| PF Van Kampen |
| PF Van Kampen |
| PF Van Kampen |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 72,948,022 |
| $ | 74,343,614 |
| $ | 19,283,985 |
| $ | 28,441,305 |
| $ | 59,580,319 |
| $ | 29,768,056 |
| $ | 19,894,764 |
|
Undistributed/accumulated net investment income (loss) |
|
| 126,850 |
|
| (128,375 | ) |
| 8,824 |
|
| (11,587 | ) |
| 112,050 |
|
| (9,579 | ) |
| (17,613 | ) |
Undistributed/accumulated net realized gain (loss) |
|
| (99,598 | ) |
| (936,024 | ) |
| (24 | ) |
| 2,217,295 |
|
| 1,144,411 |
|
| 2,784,100 |
|
| 265,809 |
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
| (1,018,648 | ) |
| (1,632,129 | ) |
| — |
|
| 5,984,462 |
|
| 3,080,580 |
|
| 10,844,521 |
|
| 5,620,129 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 71,956,626 |
| $ | 71,647,086 |
| $ | 19,292,785 |
| $ | 36,631,475 |
| $ | 63,917,360 |
| $ | 43,387,098 |
| $ | 25,763,089 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 68,825,207 |
| $ | 66,103,372 |
| $ | 19,292,785 |
| $ | 34,459,440 |
| $ | 62,447,065 |
| $ | 39,979,557 |
| $ | 25,552,155 |
|
Shares of beneficial interest outstanding |
|
| 6,895,086 |
|
| 6,613,457 |
|
| 19,294,569 |
|
| 2,718,894 |
|
| 4,831,519 |
|
| 3,427,275 |
|
| 1,982,607 |
|
Net Asset Value per share* |
| $ | 9.98 |
| $ | 10.00 |
| $ | 1.00 |
| $ | 12.67 |
| $ | 12.92 |
| $ | 11.67 |
| $ | 12.89 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.58 |
|
| 0.58 |
|
| — |
|
| 0.74 |
|
| 0.75 |
|
| 0.68 |
|
| 0.75 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 10.56 |
| $ | 10.58 |
| $ | 1.00 |
| $ | 13.41 |
| $ | 13.67 |
| $ | 12.35 |
| $ | 13.64 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 1,049,368 |
| $ | 1,401,558 |
|
|
|
| $ | 572,635 |
| $ | 532,418 |
| $ | 947,574 |
| $ | 96,633 |
|
Shares of beneficial interest outstanding |
|
| 105,342 |
|
| 141,192 |
|
|
|
|
| 45,762 |
|
| 41,767 |
|
| 82,749 |
|
| 7,518 |
|
Net Asset Value and offering price per share* |
| $ | 9.96 |
| $ | 9.93 |
|
|
|
| $ | 12.51 |
| $ | 12.75 |
| $ | 11.45 |
| $ | 12.85 |
|
|
| |||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 2,082,051 |
| $ | 4,142,156 |
|
|
|
| $ | 1,599,400 |
| $ | 937,877 |
| $ | 2,459,967 |
| $ | 114,301 |
|
Shares of beneficial interest outstanding |
|
| 208,701 |
|
| 417,220 |
|
|
|
|
| 128,140 |
|
| 73,728 |
|
| 215,357 |
|
| 8,897 |
|
Net Asset Value and offering price per share* |
| $ | 9.98 |
| $ | 9.93 |
|
|
|
| $ | 12.48 |
| $ | 12.72 |
| $ | 11.42 |
| $ | 12.85 |
|
|
|
|
|
* | 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
D-6
PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio | �� | PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Portfolio |
| PF Goldman |
| PF Janus |
| |||||||
|
| |||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (1) |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 115,798 |
| $ | 317,853 |
|
Dividends from mutual fund investments |
|
| 488,203 |
|
| 933,371 |
|
| 2,248,875 |
|
| 1,355,609 |
|
| 244,188 |
|
| — |
|
| — |
|
Interest |
|
| 1,809 |
|
| 2,787 |
|
| 8,420 |
|
| 9,771 |
|
| 5,154 |
|
| 1,289,823 |
|
| 73,268 |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 490,012 |
|
| 936,158 |
|
| 2,257,295 |
|
| 1,365,380 |
|
| 249,342 |
|
| 1,405,621 |
|
| 391,121 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 239,570 |
|
| 232,780 |
|
Administration fees |
|
| 78,190 |
|
| 188,477 |
|
| 589,760 |
|
| 558,672 |
|
| 209,238 |
|
| 139,749 |
|
| 108,631 |
|
Support services expenses |
|
| 24,054 |
|
| 43,011 |
|
| 117,830 |
|
| 106,500 |
|
| 45,362 |
|
| 37,775 |
|
| 22,227 |
|
Custodian fees and expenses |
|
| 29,658 |
|
| 30,831 |
|
| 38,364 |
|
| 37,233 |
|
| 28,455 |
|
| 16,027 |
|
| 47,795 |
|
Shareholder reports |
|
| 9,215 |
|
| 20,008 |
|
| 60,936 |
|
| 55,361 |
|
| 20,832 |
|
| 15,848 |
|
| 10,199 |
|
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 49,032 |
|
| 126,280 |
|
| 364,357 |
|
| 327,047 |
|
| 140,756 |
|
| 196,431 |
|
| 149,501 |
|
Class B |
|
| 18,712 |
|
| 81,617 |
|
| 258,194 |
|
| 265,097 |
|
| 87,064 |
|
| 274 |
|
| 4,105 |
|
Class C |
|
| 106,572 |
|
| 203,584 |
|
| 698,067 |
|
| 676,962 |
|
| 229,195 |
|
| 6,147 |
|
| 7,266 |
|
Class R (2) |
|
| 25 |
|
| 373 |
|
| 28 |
|
| 26 |
|
| 26 |
|
| — |
|
| — |
|
Transfer agency out-of-pocket expenses |
|
| 24,944 |
|
| 55,521 |
|
| 168,233 |
|
| 151,397 |
|
| 58,033 |
|
| 42,354 |
|
| 26,549 |
|
Registration fees |
|
| 46,068 |
|
| 52,451 |
|
| 67,915 |
|
| 69,633 |
|
| 53,791 |
|
| 34,796 |
|
| 33,652 |
|
Legal and audit fees |
|
| 15,267 |
|
| 29,101 |
|
| 83,118 |
|
| 75,061 |
|
| 30,224 |
|
| 20,711 |
|
| 12,377 |
|
Trustees’ fees and expenses |
|
| 4,070 |
|
| 8,627 |
|
| 27,248 |
|
| 24,373 |
|
| 8,931 |
|
| 6,731 |
|
| 4,213 |
|
Other |
|
| 8,337 |
|
| 14,344 |
|
| 31,813 |
|
| 29,182 |
|
| 14,987 |
|
| 16,280 |
|
| 14,669 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 414,144 |
|
| 854,225 |
|
| 2,505,863 |
|
| 2,376,544 |
|
| 926,894 |
|
| 772,693 |
|
| 673,964 |
|
Adviser Expense Reimbursement |
|
| (239,802 | ) |
| (442,372 | ) |
| (1,185,218 | ) |
| (1,107,412 | ) |
| (469,853 | ) |
| (150,594 | ) |
| (140,644 | ) |
Distributor Waiver |
|
| (105,833 | ) |
| (259,860 | ) |
| (834,381 | ) |
| (798,102 | ) |
| (298,911 | ) |
| — |
|
| — |
|
|
| |||||||||||||||||||||
Net Expenses |
|
| 68,509 |
|
| 151,993 |
|
| 486,264 |
|
| 471,030 |
|
| 158,130 |
|
| 622,099 |
|
| 533,320 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 421,503 |
|
| 784,165 |
|
| 1,771,031 |
|
| 894,350 |
|
| 91,212 |
|
| 783,522 |
|
| (142,199 | ) |
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (1) |
|
| 48,515 |
|
| 574,965 |
|
| 2,262,081 |
|
| 2,442,873 |
|
| 1,459,742 |
|
| (232,569 | ) |
| 1,248,856 |
|
Futures contracts and written option transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (137,398 | ) |
| 34,406 |
|
Foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 12,581 |
|
Capital gain distributions from mutual fund investments |
|
| 80,623 |
|
| 332,525 |
|
| 1,328,517 |
|
| 1,702,992 |
|
| 762,035 |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 129,138 |
|
| 907,490 |
|
| 3,590,598 |
|
| 4,145,865 |
|
| 2,221,777 |
|
| (369,967 | ) |
| 1,295,843 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (1) |
|
| 294,717 |
|
| 1,981,397 |
|
| 13,286,192 |
|
| 17,473,101 |
|
| 8,340,124 |
|
| 22,806 |
|
| 3,233,186 |
|
Futures contracts and written options |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (76,472 | ) |
| — |
|
Foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 26,520 |
|
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| 294,717 |
|
| 1,981,397 |
|
| 13,286,192 |
|
| 17,473,101 |
|
| 8,340,124 |
|
| (53,666 | ) |
| 3,259,706 |
|
|
| |||||||||||||||||||||
NET GAIN (LOSS) |
|
| 423,855 |
|
| 2,888,887 |
|
| 16,876,790 |
|
| 21,618,966 |
|
| 10,561,901 |
|
| (423,633 | ) |
| 4,555,549 |
|
|
| |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 845,358 |
| $ | 3,673,052 |
| $ | 18,647,821 |
| $ | 22,513,316 |
| $ | 10,653,113 |
| $ | 359,889 |
| $ | 4,413,350 |
|
|
|
|
|
(1) | Dividends were net of $14,180 foreign taxes withheld for the PF Janus Growth LT 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 are offered to the PF Optimization Models only. |
See Notes to Financial Statements
D-7
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Lazard |
| PF Lazard |
| PF Loomis |
| PF MFS |
| PF NB |
| PF Oppenheimer |
| PF Oppenheimer |
| |||||||
|
| |||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (3) |
| $ | 441,752 |
| $ | 1,550,325 |
| $ | 414,954 |
| $ | 821,259 |
| $ | 85,160 |
| $ | 364,864 |
| $ | 471,112 |
|
Interest |
|
| 2,735 |
|
| 3,836 |
|
| 45,045 |
|
| 62,364 |
|
| 44,009 |
|
| 23,782 |
|
| 8,527 |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 444,487 |
|
| 1,554,161 |
|
| 459,999 |
|
| 883,623 |
|
| 129,169 |
|
| 388,646 |
|
| 479,639 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 230,300 |
|
| 474,295 |
|
| 340,940 |
|
| 469,820 |
|
| 134,335 |
|
| 133,792 |
|
| 125,203 |
|
Administration fees |
|
| 94,829 |
|
| 195,298 |
|
| 125,610 |
|
| 156,607 |
|
| 47,017 |
|
| 72,041 |
|
| 43,821 |
|
Support services expenses |
|
| 26,580 |
|
| 63,548 |
|
| 56,984 |
|
| 35,302 |
|
| 21,442 |
|
| 8,144 |
|
| 4,900 |
|
Custodian fees and expenses |
|
| 30,131 |
|
| 81,407 |
|
| 55,370 |
|
| 214,454 |
|
| 51,309 |
|
| 65,000 |
|
| 420,500 |
|
Shareholder reports |
|
| 9,367 |
|
| 23,152 |
|
| 29,749 |
|
| 16,615 |
|
| 11,218 |
|
| 2,837 |
|
| 1,520 |
|
Distribution and service (12b-1) fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 134,667 |
|
| 270,229 |
|
| 169,238 |
|
| 218,392 |
|
| 62,745 |
|
| 102,916 |
|
| 62,601 |
|
Class B |
|
| 443 |
|
| 3,735 |
|
| 5,610 |
|
| 3,665 |
|
| 3,231 |
|
| — |
|
| — |
|
Class C |
|
| 1,165 |
|
| 13,802 |
|
| 14,798 |
|
| 6,998 |
|
| 5,613 |
|
| — |
|
| — |
|
Transfer agency out-of-pocket expenses |
|
| 33,308 |
|
| 60,421 |
|
| 50,227 |
|
| 44,887 |
|
| 9,787 |
|
| 9,154 |
|
| 4,791 |
|
Registration fees |
|
| 27,993 |
|
| 35,415 |
|
| 37,523 |
|
| 35,014 |
|
| 35,282 |
|
| 208 |
|
| 118 |
|
Legal and audit fees |
|
| 15,983 |
|
| 29,648 |
|
| 26,283 |
|
| 22,256 |
|
| 7,817 |
|
| 3,634 |
|
| 9,780 |
|
Trustees’ fees and expenses |
|
| 5,656 |
|
| 9,928 |
|
| 7,860 |
|
| 7,307 |
|
| 1,290 |
|
| 1,673 |
|
| 872 |
|
Offering expenses |
|
| 37,922 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,820 |
|
| 6,541 |
|
Other |
|
| 13,637 |
|
| 20,004 |
|
| 17,064 |
|
| 24,046 |
|
| 10,214 |
|
| 9,576 |
|
| 12,239 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 661,981 |
|
| 1,280,882 |
|
| 937,256 |
|
| 1,255,363 |
|
| 401,300 |
|
| 411,795 |
|
| 692,886 |
|
Adviser Expense Reimbursement |
|
| (173,484 | ) |
| (267,723 | ) |
| (245,172 | ) |
| (355,135 | ) |
| (134,926 | ) |
| (82,462 | ) |
| (448,741 | ) |
|
| |||||||||||||||||||||
Net Expenses |
|
| 488,497 |
|
| 1,013,159 |
|
| 692,084 |
|
| 900,228 |
|
| 266,374 |
|
| 329,333 |
|
| 244,145 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| (44,010 | ) |
| 541,002 |
|
| (232,085 | ) |
| (16,605 | ) |
| (137,205 | ) |
| 59,313 |
|
| 235,494 |
|
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (3) |
|
| 1,583,263 |
|
| 2,581,987 |
|
| 4,599,810 |
|
| 2,624,975 |
|
| 608,670 |
|
| 298,445 |
|
| 1,092,865 |
|
Futures contracts and written option transactions |
|
| 110,335 |
|
| 7,559 |
|
| 187,084 |
|
| 2,262 |
|
| 74,977 |
|
| 89,508 |
|
| — |
|
Foreign currency transactions |
|
| — |
|
| (157,556 | ) |
| (2,083 | ) |
| (53,688 | ) |
| — |
|
| 202 |
|
| (36,714 | ) |
|
| |||||||||||||||||||||
Net Realized Gain |
|
| 1,693,598 |
|
| 2,431,990 |
|
| 4,784,811 |
|
| 2,573,549 |
|
| 683,647 |
|
| 388,155 |
|
| 1,056,151 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (3) |
|
| 1,698,565 |
|
| 6,068,451 |
|
| (1,487,577 | ) |
| 7,199,273 |
|
| 2,037,309 |
|
| 3,008,828 |
|
| 4,469,763 |
|
Futures contracts and written options |
|
| — |
|
| — |
|
| 3,557 |
|
| — |
|
| (2,352 | ) |
| — |
|
| — |
|
Foreign currency transactions |
|
| — |
|
| (6,657 | ) |
| — |
|
| (2,380 | ) |
| — |
|
| — |
|
| (90 | ) |
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| 1,698,565 |
|
| 6,061,794 |
|
| (1,484,020 | ) |
| 7,196,893 |
|
| 2,034,957 |
|
| 3,008,828 |
|
| 4,469,673 |
|
|
| |||||||||||||||||||||
NET GAIN |
|
| 3,392,163 |
|
| 8,493,784 |
|
| 3,300,791 |
|
| 9,770,442 |
|
| 2,718,604 |
|
| 3,396,983 |
|
| 5,525,824 |
|
|
| |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 3,348,153 |
| $ | 9,034,786 |
| $ | 3,068,706 |
| $ | 9,753,837 |
| $ | 2,581,399 |
| $ | 3,456,296 |
| $ | 5,761,318 |
|
|
|
|
|
(1) | PF Loomis Sayles Large-Cap Growth and PF NB Fasciano Small Equity Funds were formerly named PF AIM Blue Chip and PF AIM Aggressive Growth Funds, respectively. |
|
|
(2) | Operations commenced on September 30, 2005. |
|
|
(3) | Dividends were net of $0, $178,416, $405, $86,165, $548, $81 and $22,284 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PF Oppenheimer Emerging Markets Fund are net of foreign capital gains tax withheld of $22,212. Change in net unrealized appreciation on securities for the PF MFS International Large-Cap and PF Oppenheimer Emerging Markets Funds are net of decrease in deferred foreign capital gains tax of $1,674 and $134,075, respectively. |
See Notes to Financial Statements
D-8
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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) |
| $ | 54,804 |
| $ | 21,935 |
| $ | 861 |
| $ | 953,088 |
| $ | 925,633 |
| $ | 269,045 |
| $ | 472,728 |
|
Interest |
|
| 2,514,264 |
|
| 2,763,485 |
|
| 812,398 |
|
| 13,929 |
|
| 150,275 |
|
| 38,028 |
|
| — |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 2,569,068 |
|
| 2,785,420 |
|
| 813,259 |
|
| 967,017 |
|
| 1,075,908 |
|
| 307,073 |
|
| 472,728 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 351,170 |
|
| 351,283 |
|
| 90,467 |
|
| 410,438 |
|
| 379,749 |
|
| 342,195 |
|
| 211,262 |
|
Administration fees |
|
| 204,849 |
|
| 204,915 |
|
| 79,159 |
|
| 169,004 |
|
| 139,907 |
|
| 133,076 |
|
| 67,220 |
|
Support services expenses |
|
| 50,466 |
|
| 47,004 |
|
| 27,803 |
|
| 49,256 |
|
| 24,450 |
|
| 30,547 |
|
| 17,183 |
|
Custodian fees and expenses |
|
| 59,723 |
|
| 42,495 |
|
| 26,140 |
|
| 37,318 |
|
| 44,026 |
|
| 43,275 |
|
| 25,044 |
|
Shareholder reports |
|
| 22,107 |
|
| 20,289 |
|
| 11,133 |
|
| 22,451 |
|
| 11,426 |
|
| 16,010 |
|
| 5,570 |
|
Distribution and service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 275,556 |
|
| 261,326 |
|
| 69,191 |
|
| 230,994 |
|
| 192,692 |
|
| 176,886 |
|
| 95,418 |
|
Class B |
|
| 11,402 |
|
| 14,259 |
|
| 1,795 |
|
| 5,229 |
|
| 4,569 |
|
| 7,723 |
|
| 607 |
|
Class C |
|
| 22,768 |
|
| 48,559 |
|
| 4,871 |
|
| 15,651 |
|
| 9,782 |
|
| 18,723 |
|
| 615 |
|
Transfer agency out-of-pocket expenses |
|
| 58,959 |
|
| 55,776 |
|
| 27,974 |
|
| 61,070 |
|
| 31,658 |
|
| 41,159 |
|
| 20,532 |
|
Registration fees |
|
| 35,365 |
|
| 32,630 |
|
| 30,994 |
|
| 36,220 |
|
| 34,568 |
|
| 34,543 |
|
| 27,155 |
|
Legal and audit fees |
|
| 29,235 |
|
| 26,560 |
|
| 26,261 |
|
| 33,306 |
|
| 14,548 |
|
| 18,795 |
|
| 10,000 |
|
Trustees’ fees and expenses |
|
| 9,304 |
|
| 8,849 |
|
| 4,032 |
|
| 9,636 |
|
| 4,905 |
|
| 6,380 |
|
| 3,495 |
|
Offering expenses |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 36,911 |
|
Other |
|
| 59,140 |
|
| 22,621 |
|
| 9,388 |
|
| 18,241 |
|
| 13,293 |
|
| 14,985 |
|
| 9,876 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 1,190,044 |
|
| 1,136,566 |
|
| 409,208 |
|
| 1,098,814 |
|
| 905,573 |
|
| 884,297 |
|
| 530,888 |
|
Adviser Expense Reimbursement |
|
| (265,770 | ) |
| (197,676 | ) |
| (166,678 | ) |
| (219,212 | ) |
| (138,900 | ) |
| (167,673 | ) |
| (136,561 | ) |
Distributor Waiver |
|
| — |
|
| — |
|
| (29,785 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Net Expenses |
|
| 924,274 |
|
| 938,890 |
|
| 212,745 |
|
| 879,602 |
|
| 766,673 |
|
| 716,624 |
|
| 394,327 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 1,644,794 |
|
| 1,846,530 |
|
| 600,514 |
|
| 87,415 |
|
| 309,235 |
|
| (409,551 | ) |
| 78,401 |
|
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security, swap, and forward transactions (2) |
|
| (277,058 | ) |
| (516,489 | ) |
| (24 | ) |
| 2,965,021 |
|
| 1,900,456 |
|
| 5,788,909 |
|
| 546,548 |
|
Closed short positions |
|
| (20,232 | ) |
| 11,279 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Futures contracts and written option transactions |
|
| 439,972 |
|
| 138,435 |
|
| — |
|
| 115,221 |
|
| 165,157 |
|
| 99,153 |
|
| — |
|
Foreign currency transactions |
|
| (58,664 | ) |
| (69,650 | ) |
| — |
|
| (171 | ) |
| — |
|
| — |
|
| 15 |
|
|
| |||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 84,018 |
|
| (436,425 | ) |
| (24 | ) |
| 3,080,071 |
|
| 2,065,613 |
|
| 5,888,062 |
|
| 546,563 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, swaps and forwards (2) |
|
| (730,633 | ) |
| (2,111,306 | ) |
| — |
|
| 2,107,511 |
|
| 990,914 |
|
| 4,863,715 |
|
| 5,965,227 |
|
Short positions |
|
| 15,149 |
|
| (1,193 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Futures contracts and written options |
|
| 57,135 |
|
| (322 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Foreign currency transactions |
|
| (106,096 | ) |
| (3,628 | ) |
| — |
|
| (18 | ) |
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| (764,445 | ) |
| (2,116,449 | ) |
| — |
|
| 2,107,493 |
|
| 990,914 |
|
| 4,863,715 |
|
| 5,965,227 |
|
|
| |||||||||||||||||||||
NET GAIN (LOSS) |
|
| (680,427 | ) |
| (2,552,874 | ) |
| (24 | ) |
| 5,187,564 |
|
| 3,056,527 |
|
| 10,751,777 |
|
| 6,511,790 |
|
|
| |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 964,367 |
|
| ($706,344 | ) | $ | 600,490 |
| $ | 5,274,979 |
| $ | 3,365,762 |
| $ | 10,342,226 |
| $ | 6,590,191 |
|
|
|
|
|
(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, $17,826, $10,390, $1,267, and $4,259 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 |
D-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| ||||||||||||
|
| Model A |
| Model B |
| Model C |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| March 31, 2006 |
| March 31, 2005 |
| March 31, 2006 |
| March 31, 2005 |
| March 31, 2006 |
| March 31, 2005 |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 421,503 |
| $ | 122,443 |
| $ | 784,165 |
| $ | 224,303 |
| $ | 1,771,031 |
| $ | 389,638 |
|
Net realized gain |
|
| 129,138 |
|
| 101,961 |
|
| 907,490 |
|
| 201,563 |
|
| 3,590,598 |
|
| 784,685 |
|
Net change in unrealized appreciation |
|
| 294,717 |
|
| 42,929 |
|
| 1,981,397 |
|
| 707,315 |
|
| 13,286,192 |
|
| 3,143,457 |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 845,358 |
|
| 267,333 |
|
| 3,673,052 |
|
| 1,133,181 |
|
| 18,647,821 |
|
| 4,317,780 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (207,109 | ) |
| (79,955 | ) |
| (462,976 | ) |
| (195,045 | ) |
| (1,155,068 | ) |
| (349,335 | ) |
Class B |
|
| (32,392 | ) |
| (9,600 | ) |
| (116,283 | ) |
| (46,158 | ) |
| (299,092 | ) |
| (103,677 | ) |
Class C |
|
| (183,732 | ) |
| (80,037 | ) |
| (285,513 | ) |
| (114,632 | ) |
| (822,892 | ) |
| (266,646 | ) |
Class R (1) |
|
| (203 | ) |
| — |
|
| (162 | ) |
| — |
|
| (139 | ) |
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (29,914 | ) |
| (11,708 | ) |
| (36,613 | ) |
| (39,753 | ) |
| (206,873 | ) |
| (83,398 | ) |
Class B |
|
| (5,137 | ) |
| (1,839 | ) |
| (12,228 | ) |
| (12,566 | ) |
| (74,990 | ) |
| (33,783 | ) |
Class C |
|
| (28,115 | ) |
| (14,838 | ) |
| (30,034 | ) |
| (30,957 | ) |
| (200,137 | ) |
| (89,938 | ) |
Class R (1) |
|
| (5 | ) |
| — |
|
| (11 | ) |
| — |
|
| (11 | ) |
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| (486,607 | ) |
| (197,977 | ) |
| (943,820 | ) |
| (439,111 | ) |
| (2,759,202 | ) |
| (926,777 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 9,088,361 |
|
| 7,708,691 |
|
| 17,240,990 |
|
| 16,313,119 |
|
| 47,999,401 |
|
| 44,234,234 |
|
Class B |
|
| 992,649 |
|
| 1,238,441 |
|
| 3,829,034 |
|
| 4,426,424 |
|
| 13,368,094 |
|
| 13,817,119 |
|
Class C |
|
| 8,687,538 |
|
| 7,455,702 |
|
| 13,244,683 |
|
| 12,994,985 |
|
| 39,321,633 |
|
| 39,370,763 |
|
Class R (1) |
|
| 10,021 |
|
| — |
|
| 307,636 |
|
| — |
|
| 12,244 |
|
| — |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 219,456 |
|
| 88,651 |
|
| 454,795 |
|
| 218,240 |
|
| 1,252,677 |
|
| 410,402 |
|
Class B |
|
| 37,529 |
|
| 10,397 |
|
| 116,412 |
|
| 58,207 |
|
| 353,682 |
|
| 133,793 |
|
Class C |
|
| 200,788 |
|
| 91,445 |
|
| 302,221 |
|
| 137,435 |
|
| 980,599 |
|
| 342,801 |
|
Class R (1) |
|
| 208 |
|
| — |
|
| 173 |
|
| — |
|
| 150 |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (7,855,627 | ) |
| (1,528,911 | ) |
| (10,348,146 | ) |
| (2,416,936 | ) |
| (14,827,844 | ) |
| (4,956,243 | ) |
Class B |
|
| (583,459 | ) |
| (254,285 | ) |
| (1,992,856 | ) |
| (894,911 | ) |
| (3,877,077 | ) |
| (657,815 | ) |
Class C |
|
| (6,613,432 | ) |
| (2,404,615 | ) |
| (6,097,870 | ) |
| (3,357,470 | ) |
| (10,626,292 | ) |
| (5,586,638 | ) |
Class R (1) |
|
| (11 | ) |
| — |
|
| (24,020 | ) |
| — |
|
| (3 | ) |
| — |
|
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 4,184,021 |
|
| 12,405,516 |
|
| 17,033,052 |
|
| 27,479,093 |
|
| 73,957,264 |
|
| 87,108,416 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 4,542,772 |
|
| 12,474,872 |
|
| 19,762,284 |
|
| 28,173,163 |
|
| 89,845,883 |
|
| 90,499,419 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 18,619,735 |
|
| 6,144,863 |
|
| 41,737,408 |
|
| 13,564,245 |
|
| 125,706,677 |
|
| 35,207,258 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 23,162,507 |
| $ | 18,619,735 |
| $ | 61,499,692 |
| $ | 41,737,408 |
| $ | 215,552,560 |
| $ | 125,706,677 |
|
|
| ||||||||||||||||||
Undistributed Net Investment Income |
| $ | 63,556 |
| $ | 29,524 |
| $ | 102,024 |
| $ | 40,113 |
| $ | 128,720 |
| $ | 37,764 |
|
|
|
|
|
(1) | Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only. |
See Notes to Financial Statements
D-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
| PF Portfolio Optimization |
| PF Goldman Sachs |
| ||||||||||||
|
| Model D |
| Model E |
| Short Duration Bond Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| March 31, 2006 |
| March 31, 2005 |
| March 31, 2006 |
| March 31, 2005 |
| March 31, 2006 |
| March 31, 2005 |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 894,350 |
| $ | 147,133 |
| $ | 91,212 |
|
| ($16,662 | ) | $ | 783,522 |
| $ | 221,881 |
|
Net realized gain (loss) |
|
| 4,145,865 |
|
| 828,610 |
|
| 2,221,777 |
|
| 234,789 |
|
| (369,967 | ) |
| (154,351 | ) |
Net change in unrealized appreciation (depreciation) |
|
| 17,473,101 |
|
| 3,782,782 |
|
| 8,340,124 |
|
| 1,994,245 |
|
| (53,666 | ) |
| (331,773 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 22,513,316 |
|
| 4,758,525 |
|
| 10,653,113 |
|
| 2,212,372 |
|
| 359,889 |
|
| (264,243 | ) |
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (873,900 | ) |
| (194,088 | ) |
| (297,790 | ) |
| (34,000 | ) |
| (781,958 | ) |
| (240,151 | ) |
Class B |
|
| (251,905 | ) |
| (46,600 | ) |
| (62,760 | ) |
| — |
|
| (413 | ) |
| (51 | ) |
Class C |
|
| (654,629 | ) |
| (124,553 | ) |
| (157,638 | ) |
| — |
|
| (8,887 | ) |
| (2,267 | ) |
Class R (1) |
|
| (118 | ) |
| — |
|
| (95 | ) |
| — |
|
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (276,939 | ) |
| (79,868 | ) |
| (125,833 | ) |
| (42,149 | ) |
| — |
|
| (30,850 | ) |
Class B |
|
| (114,447 | ) |
| (36,432 | ) |
| (38,611 | ) |
| (15,110 | ) |
| — |
|
| (16 | ) |
Class C |
|
| (291,154 | ) |
| (88,848 | ) |
| (107,188 | ) |
| (44,214 | ) |
| — |
|
| (272 | ) |
Class R (1) |
|
| (13 | ) |
| — |
|
| (12 | ) |
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| (2,463,105 | ) |
| (570,389 | ) |
| (789,927 | ) |
| (135,473 | ) |
| (791,258 | ) |
| (273,607 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 49,232,539 |
|
| 32,837,504 |
|
| 20,370,094 |
|
| 11,903,632 |
|
| 23,164,325 |
|
| 23,363,478 |
|
Class B |
|
| 15,372,124 |
|
| 12,368,615 |
|
| 6,897,377 |
|
| 3,882,486 |
|
| 32,356 |
|
| 13,025 |
|
Class C |
|
| 40,732,993 |
|
| 36,388,144 |
|
| 19,453,506 |
|
| 14,613,609 |
|
| 397,990 |
|
| 694,686 |
|
Class R (1) |
|
| 10,663 |
|
| — |
|
| 10,011 |
|
| — |
|
| — |
|
| — |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 1,084,413 |
|
| 249,956 |
|
| 414,265 |
|
| 75,834 |
|
| 781,958 |
|
| 270,766 |
|
Class B |
|
| 353,194 |
|
| 81,620 |
|
| 96,251 |
|
| 14,486 |
|
| 357 |
|
| 67 |
|
Class C |
|
| 914,490 |
|
| 209,147 |
|
| 258,489 |
|
| 42,948 |
|
| 7,879 |
|
| 2,399 |
|
Class R (1) |
|
| 131 |
|
| — |
|
| 107 |
|
| — |
|
| — |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (9,067,393 | ) |
| (4,063,303 | ) |
| (4,358,584 | ) |
| (2,753,189 | ) |
| (13,908,845 | ) |
| (1,388,781 | ) |
Class B |
|
| (2,843,443 | ) |
| (1,244,222 | ) |
| (1,643,463 | ) |
| (490,578 | ) |
| (24,781 | ) |
| (9,971 | ) |
Class C |
|
| (7,969,861 | ) |
| (2,959,284 | ) |
| (10,144,931 | ) |
| (5,966,870 | ) |
| (391,123 | ) |
| (172,662 | ) |
Class R (1) |
|
| (1 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 87,819,849 |
|
| 73,868,177 |
|
| 31,353,122 |
|
| 21,322,358 |
|
| 10,060,116 |
|
| 22,773,007 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 107,870,060 |
|
| 78,056,313 |
|
| 41,216,308 |
|
| 23,399,257 |
|
| 9,628,747 |
|
| 22,235,157 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 111,098,875 |
|
| 33,042,562 |
|
| 41,863,002 |
|
| 18,463,745 |
|
| 35,924,965 |
|
| 13,689,808 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 218,968,935 |
| $ | 111,098,875 |
| $ | 83,079,310 |
| $ | 41,863,002 |
| $ | 45,553,712 |
| $ | 35,924,965 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| ($9,890 | ) |
| ($2,742 | ) |
| ($1,196 | ) |
| ($1,195 | ) |
| ($1,965 | ) | $ | 5,773 |
|
|
|
|
|
(1) | Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only. |
| |
See Notes to Financial Statements |
D-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Janus |
| PF Lazard |
| PF Lazard |
| ||||||||||||
|
| Growth LT Fund |
| Mid-Cap Value Fund |
| International Value Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| March 31, 2006 |
| March 31, 2005 |
| March 31, 2006 |
| March 31, 2005 (1) |
| March 31, 2006 |
| March 31, 2005 |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| ($142,199 | ) |
| ($75,475 | ) |
| ($44,010 | ) |
| ($17,934 | ) | $ | 541,002 |
| $ | 210,387 |
|
Net realized gain (loss) |
|
| 1,295,843 |
|
| 127,537 |
|
| 1,693,598 |
|
| 102,512 |
|
| 2,431,990 |
|
| (74,743 | ) |
Net change in unrealized appreciation (depreciation) |
|
| 3,259,706 |
|
| 561,882 |
|
| 1,698,565 |
|
| (47,960 | ) |
| 6,061,794 |
|
| 4,753,365 |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 4,413,350 |
|
| 613,944 |
|
| 3,348,153 |
|
| 36,618 |
|
| 9,034,786 |
|
| 4,889,009 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| (19,869 | ) |
| — |
|
| (285,630 | ) |
| (51,361 | ) |
Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (389 | ) |
| — |
|
Class C |
|
| — |
|
| — |
|
| (59 | ) |
| — |
|
| (2,236 | ) |
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| (1,230,191 | ) |
| — |
|
| (610,482 | ) |
| (464,854 | ) |
Class B |
|
| — |
|
| — |
|
| (2,960 | ) |
| — |
|
| (4,582 | ) |
| (5,764 | ) |
Class C |
|
| — |
|
| — |
|
| (7,028 | ) |
| — |
|
| (17,324 | ) |
| (14,769 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| — |
|
| — |
|
| (1,260,107 | ) |
| — |
|
| (920,643 | ) |
| (536,748 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 27,671,881 |
|
| 8,414,454 |
|
| 11,590,066 |
|
| 33,637,096 |
|
| 26,179,615 |
|
| 27,621,826 |
|
Class B |
|
| 73,432 |
|
| 105,612 |
|
| 38,014 |
|
| 32,650 |
|
| 126,806 |
|
| 147,735 |
|
Class C |
|
| 1,182,947 |
|
| 338,137 |
|
| 147,705 |
|
| 74,026 |
|
| 463,143 |
|
| 567,562 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| 1,247,915 |
|
| — |
|
| 892,078 |
|
| 515,467 |
|
Class B |
|
| — |
|
| — |
|
| 2,960 |
|
| — |
|
| 4,799 |
|
| 4,688 |
|
Class C |
|
| — |
|
| — |
|
| 6,862 |
|
| — |
|
| 19,292 |
|
| 14,702 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (7,770,226 | ) |
| (1,414,751 | ) |
| (16,380,349 | ) |
| (8,219,609 | ) |
| (28,067,047 | ) |
| (1,526,143 | ) |
Class B |
|
| (89,586 | ) |
| (34,726 | ) |
| (12,791 | ) |
| — |
|
| (208,681 | ) |
| (66,007 | ) |
Class C |
|
| (873,683 | ) |
| (279,502 | ) |
| (106,119 | ) |
| — |
|
| (353,815 | ) |
| (281,510 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| 20,194,765 |
|
| 7,129,224 |
|
| (3,465,737 | ) |
| 25,524,163 |
|
| (943,810 | ) |
| 26,998,320 |
|
|
| ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 24,608,115 |
|
| 7,743,168 |
|
| (1,377,691 | ) |
| 25,560,781 |
|
| 7,170,333 |
|
| 31,350,581 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year/Period |
|
| 20,429,641 |
|
| 12,686,473 |
|
| 25,560,781 |
|
| — |
|
| 52,461,991 |
|
| 21,111,410 |
|
|
| ||||||||||||||||||
End of Year/Period |
| $ | 45,037,756 |
| $ | 20,429,641 |
| $ | 24,183,090 |
| $ | 25,560,781 |
| $ | 59,632,324 |
| $ | 52,461,991 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| ($18,995 | ) | $ | 13,066 |
|
| ($1,292 | ) | $ | 19,470 |
| $ | 119,119 |
| $ | 16,369 |
|
|
|
|
|
(1) | Operations commenced on December 31, 2004. |
See Notes to Financial Statements
D-12
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Loomis Sayles |
| PF MFS |
| PF NB Fasciano |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss |
|
| ($232,085 | ) |
| ($38,667 | ) |
| ($16,605 | ) |
| ($33,372 | ) |
| ($137,205 | ) |
| ($139,113 | ) |
Net realized gain (loss) |
|
| 4,784,811 |
|
| (352,920 | ) |
| 2,573,549 |
|
| (174,235 | ) |
| 683,647 |
|
| 1,797,957 |
|
Net change in unrealized appreciation (depreciation) |
|
| (1,484,020 | ) |
| 509,409 |
|
| 7,196,893 |
|
| 3,540,468 |
|
| 2,034,957 |
|
| (1,113,634 | ) |
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 3,068,706 |
|
| 117,822 |
|
| 9,753,837 |
|
| 3,332,861 |
|
| 2,581,399 |
|
| 545,210 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| (119,809 | ) |
| — |
|
| — |
|
| — |
|
Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| (728,896 | ) |
| (393,509 | ) |
| (1,597,397 | ) |
| (260,748 | ) |
Class B |
|
| — |
|
| — |
|
| (6,357 | ) |
| (5,397 | ) |
| (53,879 | ) |
| (7,068 | ) |
Class C |
|
| — |
|
| — |
|
| (12,331 | ) |
| (5,069 | ) |
| (104,373 | ) |
| (13,797 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| — |
|
| — |
|
| (867,393 | ) |
| (403,975 | ) |
| (1,755,649 | ) |
| (281,613 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 11,125,992 |
|
| 23,903,116 |
|
| 20,720,796 |
|
| 21,043,935 |
|
| 15,136,648 |
|
| 7,019,974 |
|
Class B |
|
| 128,630 |
|
| 107,633 |
|
| 109,987 |
|
| 131,639 |
|
| 125,718 |
|
| 68,575 |
|
Class C |
|
| 465,243 |
|
| 699,324 |
|
| 360,946 |
|
| 404,665 |
|
| 86,036 |
|
| 308,946 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| 844,826 |
|
| 393,369 |
|
| 1,575,875 |
|
| 258,606 |
|
Class B |
|
| — |
|
| — |
|
| 6,152 |
|
| 4,018 |
|
| 53,879 |
|
| 7,068 |
|
Class C |
|
| — |
|
| — |
|
| 12,147 |
|
| 5,069 |
|
| 103,005 |
|
| 13,797 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (39,854,311 | ) |
| (2,295,870 | ) |
| (15,710,900 | ) |
| (1,445,515 | ) |
| (472,672 | ) |
| (8,874,274 | ) |
Class B |
|
| (96,115 | ) |
| (73,287 | ) |
| (141,072 | ) |
| (38,492 | ) |
| (32,500 | ) |
| (63,684 | ) |
Class C |
|
| (264,451 | ) |
| (413,586 | ) |
| (206,799 | ) |
| (93,150 | ) |
| (204,552 | ) |
| (114,300 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| (28,495,012 | ) |
| 21,927,330 |
|
| 5,996,083 |
|
| 20,405,538 |
|
| 16,371,437 |
|
| (1,375,292 | ) |
|
| ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| (25,426,306 | ) |
| 22,045,152 |
|
| 14,882,527 |
|
| 23,334,424 |
|
| 17,197,187 |
|
| (1,111,695 | ) |
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 47,040,295 |
|
| 24,995,143 |
|
| 39,178,960 |
|
| 15,844,536 |
|
| 7,984,149 |
|
| 9,095,844 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 21,613,989 |
| $ | 47,040,295 |
| $ | 54,061,487 |
| $ | 39,178,960 |
| $ | 25,181,336 |
| $ | 7,984,149 |
|
|
| ||||||||||||||||||
Accumulated Net Investment Loss |
|
| ($20,495 | ) |
| ($19,427 | ) |
| ($27,703 | ) |
| ($43,634 | ) |
| ($5,547 | ) |
| ($5,752 | ) |
|
|
|
|
(1) | Formerly named PF AIM Blue Chip Fund. |
| |
(2) | Formerly named PF AIM Aggressive Growth Fund. |
See Notes to Financial Statements
D-13
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Oppenheimer |
| PF Oppenheimer |
| PF PIMCO |
| PF PIMCO |
| ||||||||||
|
| ||||||||||||||||||
|
| Period Ended |
| Period Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 59,313 |
| $ | 235,494 |
| $ | 1,644,794 |
| $ | 453,963 |
| $ | 1,846,530 |
| $ | 573,909 |
|
Net realized gain (loss) |
|
| 388,155 |
|
| 1,056,151 |
|
| 84,018 |
|
| 809,383 |
|
| (436,425 | ) |
| 378,982 |
|
Net change in unrealized appreciation (depreciation) |
|
| 3,008,828 |
|
| 4,469,673 |
|
| (764,445 | ) |
| (899,022 | ) |
| (2,116,449 | ) |
| (110,249 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 3,456,296 |
|
| 5,761,318 |
|
| 964,367 |
|
| 364,324 |
|
| (706,344 | ) |
| 842,642 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (74,605 | ) |
| (230,044 | ) |
| (1,513,717 | ) |
| (779,845 | ) |
| (2,386,687 | ) |
| (582,114 | ) |
Class B |
|
| — |
|
| — |
|
| (24,396 | ) |
| (20,998 | ) |
| (60,677 | ) |
| (19,286 | ) |
Class C |
|
| — |
|
| — |
|
| (47,907 | ) |
| (47,916 | ) |
| (194,195 | ) |
| (118,529 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| (774 | ) |
| — |
|
| (681,854 | ) |
| (34,299 | ) |
| (728,503 | ) |
Class B |
|
| — |
|
| — |
|
| — |
|
| (23,616 | ) |
| (1,006 | ) |
| (28,316 | ) |
Class C |
|
| — |
|
| — |
|
| — |
|
| (54,667 | ) |
| (3,722 | ) |
| (175,898 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
| (74,605 | ) |
| (230,818 | ) |
| (1,586,020 | ) |
| (1,608,896 | ) |
| (2,680,586 | ) |
| (1,652,646 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 60,118,138 |
|
| 27,749,239 |
|
| 34,290,082 |
|
| 25,351,645 |
|
| 42,314,028 |
|
| 22,634,655 |
|
Class B |
|
| — |
|
| — |
|
| 116,710 |
|
| 422,813 |
|
| 476,346 |
|
| 599,839 |
|
Class C |
|
| — |
|
| — |
|
| 1,016,757 |
|
| 1,118,396 |
|
| 1,610,629 |
|
| 4,071,866 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 74,605 |
|
| 230,818 |
|
| 1,481,604 |
|
| 1,409,209 |
|
| 2,398,557 |
|
| 1,300,593 |
|
Class B |
|
| — |
|
| — |
|
| 22,656 |
|
| 41,282 |
|
| 55,805 |
|
| 45,117 |
|
Class C |
|
| — |
|
| — |
|
| 44,749 |
|
| 94,224 |
|
| 178,232 |
|
| 272,560 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (9,644,719 | ) |
| (34,792 | ) |
| (8,879,511 | ) |
| (2,906,831 | ) |
| (11,985,770 | ) |
| (3,121,567 | ) |
Class B |
|
| — |
|
| — |
|
| (220,199 | ) |
| (260,619 | ) |
| (250,024 | ) |
| (111,116 | ) |
Class C |
|
| — |
|
| — |
|
| (1,328,603 | ) |
| (1,080,247 | ) |
| (3,110,695 | ) |
| (2,560,336 | ) |
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 50,548,024 |
|
| 27,945,265 |
|
| 26,544,245 |
|
| 24,189,872 |
|
| 31,687,108 |
|
| 23,131,611 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 53,929,715 |
|
| 33,475,765 |
|
| 25,922,592 |
|
| 22,945,300 |
|
| 28,300,178 |
|
| 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 |
| $ | 53,929,715 |
| $ | 33,475,765 |
| $ | 71,956,626 |
| $ | 46,034,034 |
| $ | 71,647,086 |
| $ | 43,346,908 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
| $ | 24,162 |
| $ | 4,724 |
| $ | 126,850 |
| $ | 237,751 |
|
| ($128,375 | ) | $ | 82,018 |
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
See Notes to Financial Statements
D-14
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Pacific Life |
|
| PF Salomon Brothers |
|
| PF Van Kampen |
| |||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||
|
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
|
| Year Ended |
| ||||||||||||
|
|
| |||||||||||||||||||||||||||||
OPERATIONS |
|
|
| ||||||||||||||||||||||||||||
Net investment income |
|
| $ | 600,514 |
|
|
| $ | 153,259 |
|
|
| $ | 87,415 |
|
|
| $ | 203,352 |
|
|
| $ | 309,235 |
|
|
| $ | 93,866 |
|
|
Net realized gain (loss) |
|
|
| (24 | ) |
|
|
| (7 | ) |
|
|
| 3,080,071 |
|
|
|
| 671,715 |
|
|
|
| 2,065,613 |
|
|
|
| 1,491,523 |
|
|
Net change in unrealized appreciation |
|
|
| — |
|
|
|
| — |
|
|
|
| 2,107,493 |
|
|
|
| 938,647 |
|
|
|
| 990,914 |
|
|
|
| 372,160 |
|
|
|
|
| |||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
|
| 600,490 |
|
|
|
| 153,252 |
|
|
|
| 5,274,979 |
|
|
|
| 1,813,714 |
|
|
|
| 3,365,762 |
|
|
|
| 1,957,549 |
|
|
|
|
| |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (585,460 | ) |
|
|
| (143,532 | ) |
|
|
| (100,824 | ) |
|
|
| (200,695 | ) |
|
|
| (226,345 | ) |
|
|
| (75,062 | ) |
|
Class B |
|
|
| (4,201 | ) |
|
|
| (2,106 | ) |
|
|
| (785 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Class C |
|
|
| (10,853 | ) |
|
|
| (7,567 | ) |
|
|
| (1,683 | ) |
|
|
| — |
|
|
|
| (657 | ) |
|
|
| (491 | ) |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| — |
|
|
|
| — |
|
|
|
| (8,349 | ) |
|
|
| — |
|
|
|
| (1,586,586 | ) |
|
|
| — |
|
|
Class B |
|
|
| — |
|
|
|
| — |
|
|
|
| (152 | ) |
|
|
| — |
|
|
|
| (18,421 | ) |
|
|
| — |
|
|
Class C |
|
|
| — |
|
|
|
| — |
|
|
|
| (442 | ) |
|
|
| — |
|
|
|
| (41,338 | ) |
|
|
| — |
|
|
|
|
| |||||||||||||||||||||||||||||
Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
|
|
| (600,514 | ) |
|
|
| (153,205 | ) |
|
|
| (112,235 | ) |
|
|
| (200,695 | ) |
|
|
| (1,873,347 | ) |
|
|
| (75,553 | ) |
|
|
|
| |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A (1) |
|
|
| 26,799,152 |
|
|
|
| 16,732,059 |
|
|
|
| 20,423,579 |
|
|
|
| 26,154,271 |
|
|
|
| 45,688,937 |
|
|
|
| 10,064,547 |
|
|
Class B |
|
|
| 189,675 |
|
|
|
| 881,811 |
|
|
|
| 100,259 |
|
|
|
| 150,380 |
|
|
|
| 155,448 |
|
|
|
| 138,195 |
|
|
Class C |
|
|
| 2,003,182 |
|
|
|
| 8,159,389 |
|
|
|
| 213,292 |
|
|
|
| 663,039 |
|
|
|
| 504,360 |
|
|
|
| 696,356 |
|
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| 578,993 |
|
|
|
| 142,409 |
|
|
|
| 108,484 |
|
|
|
| 199,478 |
|
|
|
| 1,810,860 |
|
|
|
| 74,771 |
|
|
Class B |
|
|
| 4,086 |
|
|
|
| 1,999 |
|
|
|
| 914 |
|
|
|
| — |
|
|
|
| 18,405 |
|
|
|
| — |
|
|
Class C |
|
|
| 9,277 |
|
|
|
| 6,780 |
|
|
|
| 2,121 |
|
|
|
| — |
|
|
|
| 40,989 |
|
|
|
| 471 |
|
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
| (30,426,529 | ) |
|
|
| (9,160,559 | ) |
|
|
| (41,430,393 | ) |
|
|
| (2,782,015 | ) |
|
|
| (9,526,495 | ) |
|
|
| (861,781 | ) |
|
Class B (1) |
|
|
| (866,017 | ) |
|
|
| (955,313 | ) |
|
|
| (91,489 | ) |
|
|
| (216,725 | ) |
|
|
| (45,760 | ) |
|
|
| (239,947 | ) |
|
Class C (1) |
|
|
| (5,270,328 | ) |
|
|
| (5,864,157 | ) |
|
|
| (330,609 | ) |
|
|
| (456,033 | ) |
|
|
| (498,721 | ) |
|
|
| (101,912 | ) |
|
|
|
| |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
|
| (6,978,509 | ) |
|
|
| 9,944,418 |
|
|
|
| (21,003,842 | ) |
|
|
| 23,712,395 |
|
|
|
| 38,148,023 |
|
|
|
| 9,770,700 |
|
|
|
|
| |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
|
| (6,978,533 | ) |
|
|
| 9,944,465 |
|
|
|
| (15,841,098 | ) |
|
|
| 25,325,414 |
|
|
|
| 39,640,438 |
|
|
|
| 11,652,696 |
|
|
|
|
| |||||||||||||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
|
| 26,271,318 |
|
|
|
| 16,326,853 |
|
|
|
| 52,472,573 |
|
|
|
| 27,147,159 |
|
|
|
| 24,276,922 |
|
|
|
| 12,624,226 |
|
|
|
|
| |||||||||||||||||||||||||||||
End of Year |
|
| $ | 19,292,785 |
|
|
| $ | 26,271,318 |
|
|
| $ | 36,631,475 |
|
|
| $ | 52,472,573 |
|
|
| $ | 63,917,360 |
|
|
| $ | 24,276,922 |
|
|
|
|
| |||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
|
| $ | 8,824 |
|
|
| $ | 8,448 |
|
|
|
| ($11,587 | ) |
|
| $ | 23,592 |
|
|
| $ | 112,050 |
|
|
| $ | 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. |
See Notes to Financial Statements
D-15
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
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| PF Van Kampen |
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| PF Van Kampen |
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| Year Ended |
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| Year Ended |
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| Year Ended |
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| Period Ended |
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OPERATIONS |
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Net investment income (loss) |
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| ($409,551 | ) |
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| ($433,436 | ) |
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| $ | 78,401 |
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| $ | 50,443 |
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Net realized gain (loss) |
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| 5,888,062 |
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| 189,883 |
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| 546,563 |
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| (1,996 | ) |
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Net change in unrealized appreciation (depreciation) |
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| 4,863,715 |
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| 3,985,375 |
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| 5,965,227 |
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| (345,098 | ) |
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Net Increase (Decrease) in Net Assets Resulting from Operations |
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| 10,342,226 |
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| 3,741,822 |
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| 6,590,191 |
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| (296,651 | ) |
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DISTRIBUTIONS TO SHAREHOLDERS |
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Net investment income |
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Class A |
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| — |
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| — |
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| (306,317 | ) |
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| (22,627 | ) |
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Class B |
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| — |
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| — |
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| (867 | ) |
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| (10 | ) |
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Class C |
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| — |
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| — |
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| (1,019 | ) |
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| (48 | ) |
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Net realized gains |
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Class A |
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| — |
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| — |
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| (150,900 | ) |
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| — |
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Class B |
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| — |
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| — |
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| (572 | ) |
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| — |
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Class C |
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| — |
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| — |
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| (689 | ) |
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| — |
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Net Decrease in Net Assets from Dividends and Distributions to Shareholders |
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| — |
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| — |
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| (460,364 | ) |
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| (22,685 | ) |
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CAPITAL SHARE TRANSACTIONS |
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Proceeds from sale of shares |
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Class A |
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| 9,529,295 |
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| 17,109,249 |
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| 5,480,368 |
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| 18,966,370 |
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Class B |
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| 203,351 |
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| 173,279 |
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| 101,896 |
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| 18,222 |
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Class C |
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| 852,727 |
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| 515,228 |
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| 82,175 |
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| 32,845 |
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Dividends and distribution reinvestments |
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Class A |
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| — |
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| — |
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| 457,217 |
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| 22,627 |
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Class B |
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| — |
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| — |
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| 1,439 |
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| 10 |
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Class C |
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| — |
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| — |
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| 1,663 |
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| 40 |
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Cost of shares repurchased |
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Class A |
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| (16,057,697 | ) |
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| (2,165,589 | ) |
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| (330,501 | ) |
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| (4,817,859 | ) |
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Class B |
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| (129,615 | ) |
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| (72,481 | ) |
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| (40,824 | ) |
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| — |
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Class C |
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| (338,536 | ) |
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| (166,374 | ) |
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| (23,090 | ) |
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| — |
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Net Increase (Decrease) in Net Assets from Capital Share Transactions |
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| (5,940,475 | ) |
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| 15,393,312 |
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| 5,730,343 |
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| 14,222,255 |
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NET INCREASE IN NET ASSETS |
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| 4,401,751 |
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| 19,135,134 |
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| 11,860,170 |
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| 13,902,919 |
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NET ASSETS |
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Beginning of Year |
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| 38,985,347 |
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| 19,850,213 |
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| 13,902,919 |
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| — |
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End of Year |
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| $ | 43,387,098 |
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| $ | 38,985,347 |
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| $ | 25,763,089 |
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| $ | 13,902,919 |
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Undistributed/Accumulated Net Investment Income (Loss) |
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| ($9,579 | ) |
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| ($9,036 | ) |
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| ($17,613 | ) |
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| $ | 56,788 |
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(1) | Operations commenced on December 31, 2004. |
See Notes to Financial Statements
D-16
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
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| Investment Activities |
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| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||
PF Portfolio Optimization Model A |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.18 |
| $ | 0.22 |
| $ | 0.20 |
| $ | 0.42 |
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|
| 4/1/2004 - 3/31/2005 (4) |
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| 10.15 |
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| 0.13 |
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| 0.05 |
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| 0.18 |
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| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
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| 0.02 |
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| 0.13 |
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| 0.15 |
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Class B: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.14 |
| $ | 0.17 |
| $ | 0.20 |
| $ | 0.37 |
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| 4/1/2004 - 3/31/2005 (4) |
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| 10.14 |
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| 0.08 |
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| 0.04 |
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| 0.12 |
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| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
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| — | (7) |
| 0.14 |
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| 0.14 |
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Class C: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.13 |
| $ | 0.17 |
| $ | 0.20 |
| $ | 0.37 |
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|
| 4/1/2004 - 3/31/2005 (4) |
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| 10.13 |
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| 0.08 |
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| 0.04 |
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| 0.12 |
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| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
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| — | (7) |
| 0.13 |
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| 0.13 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
| $ | 10.35 |
| $ | 0.11 |
| $ | 0.09 |
| $ | 0.20 |
|
PF Portfolio Optimization Model B |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.33 |
| $ | 0.18 |
| $ | 0.57 |
| $ | 0.75 |
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|
| 4/1/2004 - 3/31/2005 (4) |
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| 10.14 |
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| 0.11 |
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| 0.22 |
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| 0.33 |
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|
| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
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| 0.01 |
|
| 0.13 |
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| 0.14 |
|
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.29 |
| $ | 0.13 |
| $ | 0.56 |
| $ | 0.69 |
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|
| 4/1/2004 - 3/31/2005 (4) |
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| 10.13 |
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| 0.06 |
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| 0.21 |
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| 0.27 |
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| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
|
| — | (7) |
| 0.13 |
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| 0.13 |
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Class C: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.29 |
| $ | 0.13 |
| $ | 0.57 |
| $ | 0.70 |
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
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| 0.06 |
|
| 0.21 |
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| 0.27 |
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|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (7) |
| 0.13 |
|
| 0.13 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
| $ | 10.67 |
| $ | 0.09 |
| $ | 0.29 |
| $ | 0.38 |
|
PF Portfolio Optimization Model C |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.54 |
| $ | 0.15 |
| $ | 1.06 |
| $ | 1.21 |
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| 0.08 |
|
| 0.43 |
|
| 0.51 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.13 |
|
| 0.14 |
|
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.50 |
| $ | 0.09 |
| $ | 1.07 |
| $ | 1.16 |
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 0.03 |
|
| 0.43 |
|
| 0.46 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (7) |
| 0.13 |
|
| 0.13 |
|
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.49 |
| $ | 0.09 |
| $ | 1.07 |
| $ | 1.16 |
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.12 |
|
| 0.03 |
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| 0.43 |
|
| 0.46 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
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| 10.00 |
|
| — | (7) |
| 0.12 |
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| 0.12 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
| $ | 11.05 |
| $ | 0.07 |
| $ | 0.60 |
| $ | 0.67 |
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| Distributions |
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| Dividends |
| Distributions |
| Total |
| Net Asset |
| ||||
PF Portfolio Optimization Model A |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
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| ($0.23 | ) |
| ($0.03 | ) |
| ($0.26 | ) | $ | 10.34 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.13 | ) |
| (0.02 | ) |
| (0.15 | ) |
| 10.18 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.15 |
|
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.18 | ) |
| ($0.03 | ) |
| ($0.21 | ) | $ | 10.30 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.10 | ) |
| (0.02 | ) |
| (0.12 | ) |
| 10.14 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.14 |
|
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.18 | ) |
| ($0.03 | ) |
| ($0.21 | ) | $ | 10.29 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.10 | ) |
| (0.02 | ) |
| (0.12 | ) |
| 10.13 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.13 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| ($0.21 | ) |
| ($0.01 | ) |
| ($0.22 | ) | $ | 10.33 |
|
PF Portfolio Optimization Model B |
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|
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|
| ||
Class A: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.19 | ) |
| ($0.02 | ) |
| ($0.21 | ) | $ | 10.87 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.12 | ) |
| (0.02 | ) |
| (0.14 | ) |
| 10.33 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.14 |
|
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.14 | ) |
| ($0.02 | ) |
| ($0.16 | ) | $ | 10.82 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
| 10.29 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.13 |
|
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.14 | ) |
| ($0.02 | ) |
| ($0.16 | ) | $ | 10.83 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
| 10.29 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.13 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| ($0.17 | ) |
| ($0.01 | ) |
| ($0.18 | ) | $ | 10.87 |
|
PF Portfolio Optimization Model C |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.16 | ) |
| ($0.03 | ) |
| ($0.19 | ) | $ | 11.56 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
| 10.54 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.14 |
|
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.12 | ) |
| ($0.03 | ) |
| ($0.15 | ) | $ | 11.51 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.07 | ) |
| (0.02 | ) |
| (0.09 | ) |
| 10.50 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.13 |
|
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.12 | ) |
| ($0.03 | ) |
| ($0.15 | ) | $ | 11.50 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.07 | ) |
| (0.02 | ) |
| (0.09 | ) |
| 10.49 |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.12 |
|
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| ($0.15 | ) |
| ($0.01 | ) |
| ($0.16 | ) | $ | 11.56 |
|
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|
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| Ratios/Supplemental Data |
| ||||||||||||||||
| |||||||||||||||||||||
|
|
|
| Total |
| Net |
| Ratios of |
| Ratios |
| Ratios |
| Portfolio |
| ||||||
PF Portfolio Optimization Model A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 4.12 | % | $ | 9,887 |
|
| 0.03 | % |
| 1.57 | % |
| 2.17 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.74 | % |
| 8,262 |
|
| 0.00 | % |
| 2.35 | % (6) |
| 1.29 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.50 | % |
| 1,957 |
|
| 0.00 | % |
| 4.50 | % (6) |
| 0.61 | % |
| 9.38 | % |
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 3.56 | % | $ | 1,923 |
|
| 0.53 | % |
| 2.07 | % |
| 1.67 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.25 | % |
| 1,450 |
|
| 0.50 | % |
| 2.85 | % (6) |
| 0.79 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.40 | % |
| 449 |
|
| 0.50 | % |
| 5.00 | % (6) |
| 0.11 | % |
| 9.38 | % |
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 3.65 | % | $ | 11,342 |
|
| 0.53 | % |
| 2.07 | % |
| 1.67 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.18 | % |
| 8,908 |
|
| 0.50 | % |
| 2.85 | % (6) |
| 0.79 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.30 | % |
| 3,739 |
|
| 0.50 | % |
| 5.00 | % (6) |
| 0.11 | % |
| 9.38 | % |
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| 1.90 | % | $ | 10 |
|
| 0.03 | % |
| 1.57 | % |
| 2.17 | % |
| 66.26 | % |
PF Portfolio Optimization Model B |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 7.23 | % | $ | 28,292 |
|
| 0.02 | % |
| 1.32 | % |
| 1.72 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 3.28 | % |
| 19,664 |
|
| 0.00 | % |
| 1.74 | % (6) |
| 1.05 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.40 | % |
| 5,197 |
|
| 0.00 | % |
| 2.86 | % (6) |
| 0.46 | % |
| 2.81 | % |
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 6.70 | % | $ | 9,058 |
|
| 0.52 | % |
| 1.82 | % |
| 1.22 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 2.69 | % |
| 6,699 |
|
| 0.50 | % |
| 2.24 | % (6) |
| 0.55 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.30 | % |
| 3,013 |
|
| 0.50 | % |
| 3.36 | % (6) |
| (0.04 | %) |
| 2.81 | % |
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 6.80 | % | $ | 23,860 |
|
| 0.52 | % |
| 1.82 | % |
| 1.22 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 2.70 | % |
| 15,375 |
|
| 0.50 | % |
| 2.24 | % (6) |
| 0.55 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.30 | % |
| 5,354 |
|
| 0.50 | % |
| 3.36 | % (6) |
| (0.04 | %) |
| 2.81 | % |
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| 3.63 | % | $ | 290 |
|
| 0.02 | % |
| 1.32 | % |
| 1.72 | % |
| 37.91 | % |
PF Portfolio Optimization Model C |
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Class A: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.58 | % | $ | 95,079 |
|
| 0.00 | % |
| 1.20 | % |
| 1.33 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 5.09 | % |
| 53,783 |
|
| 0.00 | % |
| 1.41 | % (6) |
| 0.82 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.40 | % |
| 12,743 |
|
| 0.00 | % |
| 2.31 | % (6) |
| 0.36 | % |
| 0.86 | % |
Class B: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.10 | % | $ | 31,687 |
|
| 0.50 | % |
| 1.70 | % |
| 0.83 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 4.55 | % |
| 19,414 |
|
| 0.50 | % |
| 1.91 | % (6) |
| 0.32 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.30 | % |
| 5,594 |
|
| 0.50 | % |
| 2.81 | % (6) |
| (0.14 | %) |
| 0.86 | % |
Class C: |
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.12 | % | $ | 88,774 |
|
| 0.50 | % |
| 1.70 | % |
| 0.83 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 4.53 | % |
| 52,510 |
|
| 0.50 | % |
| 1.91 | % (6) |
| 0.32 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.20 | % |
| 16,870 |
|
| 0.50 | % |
| 2.81 | % (6) |
| (0.14 | %) |
| 0.86 | % |
Class R: |
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| 6.16 | % | $ | 13 |
|
| 0.00 | % |
| 1.20 | % |
| 1.33 | % |
| 26.54 | % |
See Notes to Financial Statements | See explanation of references on E-8 |
E-1
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
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| Investment Activities |
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| Net Asset Value, |
| Net Investment Income |
| Net |
| Total from |
| ||||
PF Portfolio Optimization Model D |
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| ||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.66 |
| $ | 0.10 |
| $ | 1.44 |
| $ | 1.54 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.11 |
|
| 0.05 |
|
| 0.58 |
|
| 0.63 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.10 |
|
| 0.11 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.63 |
| $ | 0.04 |
| $ | 1.45 |
| $ | 1.49 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.10 |
|
| — | (7) |
| 0.58 |
|
| 0.58 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.11 |
|
| 0.10 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.61 |
| $ | 0.04 |
| $ | 1.45 |
| $ | 1.49 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.09 |
|
| — | (7) |
| 0.57 |
|
| 0.57 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.10 |
|
| 0.09 |
|
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
| $ | 11.28 |
| $ | 0.05 |
| $ | 0.83 |
| $ | 0.88 |
|
PF Portfolio Optimization Model E |
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| ||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.75 |
| $ | 0.05 |
| $ | 1.94 |
| $ | 1.99 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.02 |
|
| 0.70 |
|
| 0.72 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (7) |
| 0.08 |
|
| 0.08 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.72 |
|
| ($0.01 | ) | $ | 1.94 |
| $ | 1.93 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.07 |
|
| (0.03 | ) |
| 0.71 |
|
| 0.68 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.08 |
|
| 0.07 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.72 |
|
| ($0.01 | ) | $ | 1.93 |
| $ | 1.92 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.07 |
|
| (0.03 | ) |
| 0.71 |
|
| 0.68 |
|
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.08 |
|
| 0.07 |
|
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
| $ | 11.50 |
| $ | 0.02 |
| $ | 1.17 |
| $ | 1.19 |
|
PF Goldman Sachs Short Duration Bond Fund |
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| ||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.85 |
| $ | 0.19 |
|
| ($0.09 | ) | $ | 0.10 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.09 |
|
| 0.09 |
|
| (0.22 | ) |
| (0.13 | ) |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.08 |
|
| 0.09 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.85 |
| $ | 0.14 |
|
| ($0.11 | ) | $ | 0.03 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.04 |
|
| (0.21 | ) |
| (0.17 | ) |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.09 |
|
| 0.08 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.83 |
| $ | 0.14 |
|
| ($0.09 | ) | $ | 0.05 |
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|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.04 |
|
| (0.22 | ) |
| (0.18 | ) |
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.09 |
|
| 0.08 |
|
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| Distributions |
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| Dividends |
| Distributions |
| Total |
| Net Asset |
| ||||||
PF Portfolio Optimization Model D |
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| ||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.13 | ) |
| ($0.05 | ) |
| ($0.18 | ) | $ | 12.02 |
| ||
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.06 | ) |
| (0.02 | ) |
| (0.08 | ) |
| 10.66 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.11 |
| ||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.10 | ) |
| ($0.05 | ) |
| ($0.15 | ) | $ | 11.97 |
| ||
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
| 10.63 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.10 |
| ||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.10 | ) |
| ($0.05 | ) |
| ($0.15 | ) | $ | 11.95 |
| ||
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|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
| 10.61 |
| ||
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|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.09 |
| ||
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| ($0.13 | ) |
| ($0.01 | ) |
| ($0.14 | ) | $ | 12.02 |
| ||
PF Portfolio Optimization Model E |
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Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.11 | ) |
| ($0.06 | ) |
| ($0.17 | ) | $ | 12.57 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.05 | ) |
| 10.75 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.08 |
| ||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.07 | ) |
| ($0.06 | ) |
| ($0.13 | ) | $ | 12.52 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.03 | ) |
| (0.03 | ) |
| 10.72 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.07 |
| ||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.07 | ) |
| ($0.06 | ) |
| ($0.13 | ) | $ | 12.51 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.03 | ) |
| (0.03 | ) |
| 10.72 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.07 |
| ||
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| ($0.11 | ) |
| ($0.01 | ) |
| ($0.12 | ) | $ | 12.57 |
| ||
PF Goldman Sachs Short Duration Bond Fund |
|
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|
|
|
|
|
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|
| ||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.19 | ) | $ | — |
|
| ($0.19 | ) | $ | 9.76 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
| 9.85 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.09 |
| ||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.14 | ) | $ | — |
|
| ($0.14 | ) | $ | 9.74 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.04 | ) |
| (0.02 | ) |
| (0.06 | ) |
| 9.85 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.08 |
| ||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.14 | ) | $ | — |
|
| ($0.14 | ) | $ | 9.74 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.05 | ) |
| (0.02 | ) |
| (0.07 | ) |
| 9.83 |
| ||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.08 |
| ||
|
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|
|
|
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|
| Ratios/Supplemental Data |
|
| |||||||||||||||||||
| ||||||||||||||||||||||||||
|
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|
|
| Total |
| Net Assets, End of Year or Period (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) |
| Portfolio Turnover Rates |
| ||||||||||
PF Portfolio Optimization Model D |
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|
|
|
|
|
|
| ||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.59 | % | $ | 93,498 |
|
| 0.00 | % |
| 1.19 | % |
| 0.86 | % |
| 27.98 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 6.26 | % |
| 43,986 |
|
| 0.00 | % |
| 1.43 | % (6) |
| 0.52 | % |
| 10.16 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.10 | % |
| 13,362 |
|
| 0.00 | % |
| 2.47 | %(6) |
| 0.22 | % |
| 0.68 | % | ||||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.09 | % | $ | 35,154 |
|
| 0.50 | % |
| 1.69 | % |
| 0.36 | % |
| 27.98 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 5.79 | % |
| 18,954 |
|
| 0.50 | % |
| 1.93 | % (6) |
| 0.02 | % |
| 10.16 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 1.00 | % |
| 6,962 |
|
| 0.50 | % |
| 2.97 | % (6) |
| (0.28 | %) |
| 0.68 | % | ||||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.13 | % | $ | 90,306 |
|
| 0.50 | % |
| 1.69 | % |
| 0.36 | % |
| 27.98 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 5.72 | % |
| 48,159 |
|
| 0.50 | % |
| 1.93 | % (6) |
| 0.02 | % |
| 10.16 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.90 | % |
| 12,719 |
|
| 0.50 | % |
| 2.97 | % (6) |
| (0.28 | %) |
| 0.68 | % | ||||
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| 7.92 | % | $ | 11 |
|
| 0.00 | % |
| 1.19 | % |
| 0.86 | % |
| 27.98 | % | ||||
PF Portfolio Optimization Model E |
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| ||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 18.59 | % | $ | 39,397 |
|
| 0.00 | % |
| 1.29 | % |
| 0.42 | % |
| 42.51 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 7.17 | % |
| 18,244 |
|
| 0.00 | % |
| 1.75 | % (6) |
| 0.23 | % |
| 22.37 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.80 | % |
| 8,187 |
|
| 0.00 | % |
| 2.52 | % (6) |
| 0.09 | % |
| 0.00 | % | ||||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 18.11 | % | $ | 12,889 |
|
| 0.50 | % |
| 1.79 | % |
| (0.08 | %) |
| 42.51 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 6.75 | % |
| 6,110 |
|
| 0.50 | % |
| 2.25 | % (6) |
| (0.27 | %) |
| 22.37 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.70 | % |
| 2,409 |
|
| 0.50 | % |
| 3.02 | % (6) |
| (0.41 | %) |
| 0.00 | % | ||||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 18.00 | % | $ | 30,782 |
|
| 0.50 | % |
| 1.79 | % |
| (0.08 | %) |
| 42.51 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 6.75 | % |
| 17,510 |
|
| 0.50 | % |
| 2.25 | % (6) |
| (0.27 | %) |
| 22.37 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.70 | % |
| 7,868 |
|
| 0.50 | % |
| 3.02 | % (6) |
| (0.41 | %) |
| 0.00 | % | ||||
Class R: |
|
| 9/30/2005 - 3/31/2006 (4),(5) |
|
| 10.44 | % | $ | 11 |
|
| 0.00 | % |
| 1.29 | % |
| 0.42 | % |
| 42.51 | % | ||||
PF Goldman Sachs Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 1.03 | % | $ | 44,945 |
|
| 1.55 | % |
| 1.93 | % |
| 1.97 | % |
| 91.81 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (1.34 | %) |
| 35,333 |
|
| 1.55 | % |
| 2.34 | % |
| 0.93 | % |
| 203.81 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.90 | % |
| 13,617 |
|
| 1.55 | % |
| 2.72 | % |
| 0.23 | % |
| 144.88 | % | ||||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 0.35 | % | $ | 20 |
|
| 2.05 | % |
| 2.43 | % |
| 1.47 | % |
| 91.81 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (1.77 | %) |
| 13 |
|
| 2.05 | % |
| 2.84 | % |
| 0.43 | % |
| 203.81 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.80 | % |
| 10 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | %) |
| 144.88 | % | ||||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 0.52 | % | $ | 588 |
|
| 2.05 | % |
| 2.43 | % |
| 1.47 | % |
| 91.81 | % | ||||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (1.81 | %) |
| 579 |
|
| 2.05 | % |
| 2.84 | % |
| 0.43 | % |
| 203.81 | % | ||||
|
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 0.80 | % |
| 62 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | %) |
| 144.88 | % | ||||
|
|
See Notes to Financial Statements | See explanation of references on E-8 |
E-2
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each year or period ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| |||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.64 |
|
| ($0.05 | ) | $ | 1.64 |
| $ | 1.59 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.34 |
|
| (0.05 | ) |
| 0.35 |
|
| 0.30 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.62 |
|
| (0.10 | ) |
| 2.82 |
|
| 2.72 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| 10.32 |
|
| (0.08 | ) |
| (2.62 | ) |
| (2.70 | ) |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.04 | ) |
| 0.39 |
|
| 0.35 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.49 |
|
| ($0.11 | ) | $ | 1.62 |
| $ | 1.51 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.24 |
|
| (0.10 | ) |
| 0.35 |
|
| 0.25 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.58 |
|
| (0.15 | ) |
| 2.81 |
|
| 2.66 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| 10.30 |
|
| (0.06 | ) |
| (2.66 | ) |
| (2.72 | ) |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.07 | ) |
| 0.40 |
|
| 0.33 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 10.46 |
|
| ($0.11 | ) | $ | 1.60 |
| $ | 1.49 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.21 |
|
| (0.10 | ) |
| 0.35 |
|
| 0.25 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.57 |
|
| (0.15 | ) |
| 2.79 |
|
| 2.64 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| 10.31 |
|
| (0.08 | ) |
| (2.66 | ) |
| (2.74 | ) |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.07 | ) |
| 0.40 |
|
| 0.33 |
|
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.90 |
|
| ($0.02 | ) | $ | 1.30 |
| $ | 1.28 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| (0.09 | ) |
| (0.10 | ) |
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.89 |
|
| ($0.07 | ) | $ | 1.29 |
| $ | 1.22 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.02 | ) |
| (0.09 | ) |
| (0.11 | ) |
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 9.89 |
|
| ($0.07 | ) | $ | 1.29 |
| $ | 1.22 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.02 | ) |
| (0.09 | ) |
| (0.11 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends from Net Investment Income |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset Value, End of Year or Period |
| |||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 12.23 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.64 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.34 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| — |
|
| — |
|
| 7.62 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
| 10.32 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 12.00 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.49 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.24 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| — |
|
| — |
|
| 7.58 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
| 10.30 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 11.95 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.46 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.21 |
|
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| — |
|
| — |
|
| 7.57 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
| 10.31 |
|
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.01 | ) |
| ($0.63 | ) |
| ($0.64 | ) | $ | 10.54 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 9.90 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
|
| ($0.63 | ) |
| ($0.63 | ) | $ | 10.48 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 9.89 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.01 | ) |
| ($0.63 | ) |
| ($0.64 | ) | $ | 10.47 |
|
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 9.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Returns (1) |
| Net Assets, End of |
| Ratios |
| Ratios |
| Ratios of |
| Portfolio |
| ||||||
PF Janus Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.94 | % | $ | 43,733 |
|
| 1.70 | % |
| 2.15 | % |
| (0.44% | ) |
| 69.48 | % |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 2.90 | % |
| 19,585 |
|
| 1.70 | % |
| 2.54 | % |
| (0.44% | ) |
| 42.84 | % |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 35.70 | % |
| 11,994 |
|
| 1.70 | % |
| 3.21 | % |
| (1.08% | ) |
| 42.65 | % |
|
|
| 4/1/2002 - 3/31/2003 |
|
| (26.16 | %) |
| 6,832 |
|
| 1.70 | % |
| 4.01 | % |
| (0.95% | ) |
| 124.73 | % |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 3.50 | % |
| 9,819 |
|
| 1.70 | % |
| 6.29 | % |
| (0.78% | ) |
| 64.33 | % |
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.30 | % | $ | 412 |
|
| 2.20 | % |
| 2.65 | % |
| (0.94% | ) |
| 69.48 | % |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 2.44 | % |
| 373 |
|
| 2.20 | % |
| 3.04 | % |
| (0.94% | ) |
| 42.84 | % |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 34.91 | % |
| 293 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58% | ) |
| 42.65 | % |
|
|
| 4/1/2002 - 3/31/2003 |
|
| (26.31 | %) |
| 301 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45% | ) |
| 124.73 | % |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 3.27 | % |
| 57 |
|
| 2.20 | % |
| 6.79 | % |
| (1.28% | ) |
| 64.33 | % |
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.24 | % | $ | 893 |
|
| 2.20 | % |
| 2.65 | % |
| (0.94% | ) |
| 69.48 | % |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 2.45 | % |
| 472 |
|
| 2.20 | % |
| 3.04 | % |
| (0.94% | ) |
| 42.84 | % |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 34.87 | % |
| 400 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58% | ) |
| 42.65 | % |
|
|
| 4/1/2002 - 3/31/2003 |
|
| (26.58 | %) |
| 624 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45% | ) |
| 124.73 | % |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 3.33 | % |
| 84 |
|
| 2.20 | % |
| 6.79 | % |
| (1.28% | ) |
| 64.33 | % |
PF Lazard Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 13.11 | % | $ | 23,992 |
|
| 1.80 | % |
| 2.44 | % |
| (0.16% | ) |
| 112.93 | % |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (1.00 | %) |
| 25,454 |
|
| 1.80 | % |
| 3.20 | % |
| (0.42% | ) |
| 16.26 | % |
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.53 | % | $ | 64 |
|
| 2.30 | % |
| 2.94 | % |
| (0.66% | ) |
| 112.93 | % |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (1.10 | %) |
| 33 |
|
| 2.30 | % |
| 3.70 | % |
| (0.92% | ) |
| 16.26 | % |
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.50 | % | $ | 128 |
|
| 2.30 | % |
| 2.94 | % |
| (0.66% | ) |
| 112.93 | % |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (1.10 | %) |
| 73 |
|
| 2.30 | % |
| 3.70 | % |
| (0.92% | ) |
| 16.26 | % |
|
|
|
See Notes to Financial Statements |
| See explanation of references on E-8 |
E-3
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
| Net |
| Net |
| Total |
| ||||
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
| $ | 13.22 |
| $ | 0.14 |
| $ | 2.19 |
| $ | 2.33 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.89 |
|
| 0.08 |
|
| 1.46 |
|
| 1.54 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.73 |
|
| 0.06 |
|
| 3.13 |
|
| 3.19 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.09 |
|
| 0.07 |
|
| (2.33 | ) |
| (2.26 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.02 | ) |
| 1.14 |
|
| 1.12 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
| $ | 13.00 |
| $ | 0.07 |
| $ | 2.16 |
| $ | 2.23 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.73 |
|
| 0.01 |
|
| 1.45 |
|
| 1.46 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.66 |
|
| 0.02 |
|
| 3.07 |
|
| 3.09 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.08 |
|
| 0.02 |
|
| (2.33 | ) |
| (2.31 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.05 | ) |
| 1.14 |
|
| 1.09 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
| $ | 13.00 |
| $ | 0.07 |
| $ | 2.14 |
| $ | 2.21 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.73 |
|
| 0.01 |
|
| 1.45 |
|
| 1.46 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.66 |
|
| 0.02 |
|
| 3.07 |
|
| 3.09 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.07 |
|
| 0.02 |
|
| (2.32 | ) |
| (2.30 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.05 | ) |
| 1.14 |
|
| 1.09 |
|
PF Loomis Sayles Large-Cap Growth Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
| $ | 10.14 |
|
| ($0.07 | ) | $ | 0.78 |
| $ | 0.71 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.19 |
|
| (0.01 | ) |
| (0.04 | ) |
| (0.05 | ) |
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.05 |
|
| (0.07 | ) |
| 2.21 |
|
| 2.14 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.96 |
|
| (0.06 | ) |
| (2.85 | ) |
| (2.91 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.05 | ) |
| 1.06 |
|
| 1.01 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
| $ | 9.98 |
|
| ($0.12 | ) | $ | 0.76 |
| $ | 0.64 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.07 |
|
| (0.06 | ) |
| (0.03 | ) |
| (0.09 | ) |
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.98 |
|
| (0.11 | ) |
| 2.20 |
|
| 2.09 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.94 |
|
| (0.10 | ) |
| (2.86 | ) |
| (2.96 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.08 | ) |
| 1.06 |
|
| 0.98 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
| $ | 9.97 |
|
| ($0.12 | ) | $ | 0.75 |
| $ | 0.63 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.06 |
|
| (0.06 | ) |
| (0.03 | ) |
| (0.09 | ) |
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.98 |
|
| (0.11 | ) |
| 2.19 |
|
| 2.08 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.93 |
|
| (0.10 | ) |
| (2.85 | ) |
| (2.95 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.08 | ) |
| 1.06 |
|
| 0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
| Distributions |
| Total |
| Net |
| ||||
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.08 | ) |
| ($0.17 | ) |
| ($0.25 | ) | $ | 15.30 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.02 | ) |
| (0.19 | ) |
| (0.21 | ) |
| 13.22 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
| 11.89 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.04 | ) |
| (0.06 | ) |
| (0.10 | ) |
| 8.73 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
| 11.09 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.01 | ) |
| ($0.17 | ) |
| ($0.18 | ) | $ | 15.05 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.19 | ) |
| (0.19 | ) |
| 13.00 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
| 11.73 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.05 | ) |
| (0.06 | ) |
| (0.11 | ) |
| 8.66 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
| 11.08 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.02 | ) |
| ($0.17 | ) |
| ($0.19 | ) | $ | 15.02 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.19 | ) |
| (0.19 | ) |
| 13.00 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
| 11.73 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.05 | ) |
| (0.06 | ) |
| (0.11 | ) |
| 8.66 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
| 11.07 |
|
PF Loomis Sayles Large-Cap Growth Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 10.85 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.14 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.19 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 8.05 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
| 10.96 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 10.62 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 9.98 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.07 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 7.98 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| (0.02 | ) |
| (0.04 | ) |
| 10.94 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
| $ | 10.60 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
| 9.97 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 10.06 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 7.98 |
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
| 10.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Net |
| Ratios of |
| Ratios of |
| Ratios |
| Portfolio |
| ||||||
PF Lazard International Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| 17.85 | % | $ | 57,657 |
|
| 1.80 | % |
| 2.28 | % |
| 0.99 | % |
| 55.25 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 13.13 | % |
| 50,801 |
|
| 1.80 | % |
| 2.45 | % |
| 0.62 | % |
| 20.92 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 36.57 | % |
| 20,007 |
|
| 1.80 | % |
| 2.86 | % |
| 0.73 | % |
| 58.63 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (20.50 | %) |
| 7,218 |
|
| 1.80 | % |
| 3.89 | % |
| 0.76 | % |
| 19.60 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 11.21 | % |
| 7,817 |
|
| 1.80 | % |
| 7.07 | % |
| (0.35 | %) |
| 7.11 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| 17.36 | % | $ | 427 |
|
| 2.30 | % |
| 2.78 | % |
| 0.49 | % |
| 55.25 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.59 | % |
| 449 |
|
| 2.30 | % |
| 2.95 | % |
| 0.12 | % |
| 20.92 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 35.79 | % |
| 324 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| 58.63 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (20.93 | %) |
| 771 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| 19.60 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.95 | % |
| 26 |
|
| 2.30 | % |
| 7.57 | % |
| (0.85 | %) |
| 7.11 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| 17.19 | % | $ | 1,548 |
|
| 2.30 | % |
| 2.78 | % |
| 0.49 | % |
| 55.25 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.59 | % |
| 1,212 |
|
| 2.30 | % |
| 2.95 | % |
| 0.12 | % |
| 20.92 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 35.79 | % |
| 781 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| 58.63 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (20.93 | %) |
| 1,656 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| 19.60 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.91 | % |
| 143 |
|
| 2.30 | % |
| 7.57 | % |
| (0.85 | %) |
| 7.11 | % |
PF Loomis Sayles Large-Cap Growth Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| 7.00 | % | $ | 19,366 |
|
| 1.90 | % |
| 2.58 | % |
| (0.62 | %) |
| 160.96 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.49 | %) |
| 45,147 |
|
| 1.90 | % |
| 2.37 | % |
| (0.08 | %) |
| 38.40 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 26.58 | % |
| 23,408 |
|
| 1.90 | % |
| 3.12 | % |
| (0.69 | %) |
| 78.30 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (26.55 | %) |
| 7,922 |
|
| 1.90 | % |
| 3.94 | % |
| (0.67 | %) |
| 35.58 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.09 | % |
| 10,867 |
|
| 1.90 | % |
| 5.99 | % |
| (0.92 | %) |
| 12.63 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| 6.41 | % | $ | 594 |
|
| 2.40 | % |
| 3.08 | % |
| (1.12 | %) |
| 160.96 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.89 | %) |
| 526 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58 | %) |
| 38.40 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 26.19 | % |
| 497 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | %) |
| 78.30 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (27.06 | %) |
| 757 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | %) |
| 35.58 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 9.79 | % |
| 43 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | %) |
| 12.63 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| 6.32 | % | $ | 1,654 |
|
| 2.40 | % |
| 3.08 | % |
| (1.12 | %) |
| 160.96 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.89 | %) |
| 1,367 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58 | %) |
| 38.40 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 26.07 | % |
| 1,090 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19 | %) |
| 78.30 | % |
| 4/1/2002 - 3/31/2003 (4) |
|
| (26.99 | %) |
| 1,467 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17 | %) |
| 35.58 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 9.74 | % |
| 154 |
|
| 2.40 | % |
| 6.49 | % |
| (1.42 | %) |
| 12.63 | % |
E-4
|
|
See Notes to Financial Statements | See explanation of references on E-8 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
| Net Asset |
| Net |
| Net |
| Total |
| |||||
PF MFS International Large-Cap Fund (9) |
| ||||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 12.83 |
| $ | — | (7) | $ | 2.89 |
| $ | 2.89 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.61 |
|
| (0.01 | ) |
| 1.46 |
|
| 1.45 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.20 |
|
| (0.04 | ) |
| 3.45 |
|
| 3.41 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.03 |
|
| (0.04 | ) |
| (2.59 | ) |
| (2.63 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.05 | ) |
| 1.10 |
|
| 1.05 |
| |
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 12.60 |
|
| ($0.07 | ) | $ | 2.85 |
| $ | 2.78 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.46 |
|
| (0.07 | ) |
| 1.44 |
|
| 1.37 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.14 |
|
| (0.09 | ) |
| 3.41 |
|
| 3.32 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.01 |
|
| (0.08 | ) |
| (2.59 | ) |
| (2.67 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.08 | ) |
| 1.10 |
|
| 1.02 |
| |
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 12.62 |
|
| ($0.07 | ) | $ | 2.84 |
| $ | 2.77 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.48 |
|
| (0.07 | ) |
| 1.44 |
|
| 1.37 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.14 |
|
| (0.09 | ) |
| 3.43 |
|
| 3.34 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.01 |
|
| (0.08 | ) |
| (2.59 | ) |
| (2.67 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.08 | ) |
| 1.10 |
|
| 1.02 |
| |
PF NB Fasciano Small Equity Fund (10) |
| ||||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 11.78 |
|
| ($0.10 | ) | $ | 1.62 |
| $ | 1.52 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.53 |
|
| (0.16 | ) |
| 0.69 |
|
| 0.53 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.59 |
|
| (0.15 | ) |
| 3.09 |
|
| 2.94 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.63 |
|
| (0.16 | ) |
| (2.88 | ) |
| (3.04 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.09 | ) |
| 1.81 |
|
| 1.72 |
| |
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 11.59 |
|
| ($0.16 | ) | $ | 1.60 |
| $ | 1.44 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.41 |
|
| (0.21 | ) |
| 0.67 |
|
| 0.46 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.53 |
|
| (0.22 | ) |
| 3.10 |
|
| 2.88 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.61 |
|
| (0.19 | ) |
| (2.89 | ) |
| (3.08 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.12 | ) |
| 1.80 |
|
| 1.68 |
| |
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | 11.61 |
|
| ($0.16 | ) | $ | 1.59 |
| $ | 1.43 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.42 |
|
| (0.21 | ) |
| 0.68 |
|
| 0.47 |
| |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.55 |
|
| (0.23 | ) |
| 3.10 |
|
| 2.87 |
| |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.61 |
|
| (0.19 | ) |
| (2.87 | ) |
| (3.06 | ) | |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.00 |
|
| (0.12 | ) |
| 1.81 |
|
| 1.69 |
| |
PF Oppenheimer Main Street Core Fund |
| ||||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
| $ | 10.00 |
| $ | 0.01 |
| $ | 0.67 |
| $ | 0.68 |
| |
PF Oppenheimer Emerging Markets Fund |
| ||||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
| $ | 10.00 |
| $ | 0.08 |
| $ | 2.00 |
| $ | 2.08 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
| Dividends |
| Distributions |
| Total |
| Net Asset |
| ||||
PF MFS International Large-Cap Fund (9) |
| |||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| ($0.04 | ) |
| ($0.23 | ) |
| ($0.27 | ) | $ | 15.45 |
|
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
| 12.83 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.61 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| (0.20 | ) |
| (0.20 | ) |
| 8.20 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.01 | ) |
| (0.01 | ) |
| (0.02 | ) |
| 11.03 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| ($0.23 | ) | ($0.23 | ) | $ | 15.15 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
| 12.60 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.46 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| (0.20 | ) |
| (0.20 | ) |
| 8.14 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| — |
|
| (0.01 | ) |
| (0.01 | ) |
| 11.01 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
|
| ($0.23 | ) | ($0.23 | ) | $ | 15.16 |
| |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
| 12.62 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.48 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| (0.20 | ) |
| (0.20 | ) |
| 8.14 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| — |
|
| (0.01 | ) |
| (0.01 | ) |
| 11.01 |
|
PF NB Fasciano Small Equity Fund (10) |
| |||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| ($2.08 | ) | ($2.08 | ) | $ | 11.22 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
| 11.78 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.53 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 8.59 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| (0.07 | ) |
| (0.09 | ) |
| 11.63 |
|
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| ($2.08 | ) | ($2.08 | ) | $ | 10.95 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
| 11.59 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.41 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 8.53 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| — |
|
| (0.07 | ) |
| (0.07 | ) |
| 11.61 |
|
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| ($2.08 | ) | ($2.08 | ) | $ | 10.96 |
| ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
| 11.61 |
|
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
| 11.42 |
|
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| — |
|
| — |
|
| — |
|
| 8.55 |
|
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.01 | ) |
| (0.07 | ) |
| (0.08 | ) |
| 11.61 |
|
PF Oppenheimer Main Street Core Fund |
| |||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
|
| ($0.01 | ) | $ | — |
| ($0.01 | ) | $ | 10.67 |
| |
PF Oppenheimer Emerging Markets Fund |
| |||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
|
| ($0.08 | ) | $ | — | (7) |
| ($0.08 | ) | $ | 12.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| ||||||||
PF MFS International Large-Cap Fund (9) |
| |||||||||||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 22.72 | % | $ | 52,728 |
|
| 2.00 | % |
| 2.79 | % |
| (0.03% | ) |
| 63.12 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.73 | % |
| 38,195 |
|
| 2.00 | % |
| 3.35 | % |
| (0.12% | ) |
| 55.12 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 41.59 | % |
| 15,358 |
|
| 2.03 | % |
| 5.96 | % |
| (0.38% | ) |
| 150.05 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (24.11 | %) |
| 4,505 |
|
| 2.05 | % |
| 9.08 | % |
| (0.40% | ) |
| 137.37 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.54 | % |
| 6,808 |
|
| 2.05 | % |
| 9.38 | % |
| (0.92% | ) |
| 77.66 | % | ||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 22.16 | % | $ | 436 |
|
| 2.50 | % |
| 3.29 | % |
| (0.53% | ) |
| 63.12 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.18 | % |
| 391 |
|
| 2.50 | % |
| 3.85 | % |
| (0.62% | ) |
| 55.12 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 40.79 | % |
| 265 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88% | ) |
| 150.05 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (24.52 | %) |
| 58 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90% | ) |
| 137.37 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.24 | % |
| 22 |
|
| 2.55 | % |
| 9.88 | % |
| (1.42% | ) |
| 77.66 | % | ||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 22.12 | % | $ | 897 |
|
| 2.50 | % |
| 3.29 | % |
| (0.53% | ) |
| 63.12 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.16 | % |
| 593 |
|
| 2.50 | % |
| 3.85 | % |
| (0.62% | ) |
| 55.12 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 40.86 | % |
| 222 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88% | ) |
| 150.05 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (24.43 | %) |
| 79 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90% | ) |
| 137.37 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 10.24 | % |
| 11 |
|
| 2.55 | % |
| 9.88 | % |
| (1.42% | ) |
| 77.66 | % | ||
PF NB Fasciano Small Equity Fund (10) |
| |||||||||||||||||||||||
Class A: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.01 | % | $ | 24,218 |
|
| 1.95 | % |
| 2.95 | % |
| (0.99% | ) |
| 132.27 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 4.54 | % |
| 7,116 |
|
| 1.95 | % |
| 3.38 | % |
| (1.36% | ) |
| 201.57 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 34.23 | % |
| 8,469 |
|
| 1.95 | % |
| 3.55 | % |
| (1.61% | ) |
| 110.77 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (26.14 | %) |
| 5,031 |
|
| 1.95 | % |
| 4.27 | % |
| (1.66% | ) |
| 71.87 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 17.21 | % |
| 7,654 |
|
| 1.95 | % |
| 6.84 | % |
| (1.67% | ) |
| 44.75 | % | ||
Class B: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.49 | % | $ | 425 |
|
| 2.45 | % |
| 3.45 | % |
| (1.49% | ) |
| 132.27 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 3.97 | % |
| 283 |
|
| 2.45 | % |
| 3.88 | % |
| (1.86% | ) |
| 201.57 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 33.61 | % |
| 267 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11% | ) |
| 110.77 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (26.44 | %) |
| 63 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16% | ) |
| 71.87 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 16.84 | % |
| 12 |
|
| 2.45 | % |
| 7.34 | % |
| (2.17% | ) |
| 44.75 | % | ||
Class C: |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 14.38 | % | $ | 539 |
|
| 2.45 | % |
| 3.45 | % |
| (1.49% | ) |
| 132.27 | % | ||
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 4.06 | % |
| 585 |
|
| 2.45 | % |
| 3.88 | % |
| (1.86% | ) |
| 201.57 | % | ||
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 33.57 | % |
| 360 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11% | ) |
| 110.77 | % | ||
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (26.36 | %) |
| 115 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16% | ) |
| 71.87 | % | ||
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| 16.91 | % |
| 25 |
|
| 2.45 | % |
| 7.34 | % |
| (2.17% | ) |
| 44.75 | % | ||
PF Oppenheimer Main Street Core Fund |
| |||||||||||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
|
| 6.85 | % | $ | 53,930 |
|
| 1.60 | % |
| 2.00 | % |
| 0.29% |
| 42.30 | % | |||
PF Oppenheimer Emerging Markets Fund |
| |||||||||||||||||||||||
Class A: |
|
| 9/30/2005 - 3/31/2006 (5) |
|
| 20.94 | % | $ | 33,476 |
|
| 1.95 | % |
| 5.53 | % |
| 1.88% |
| 41.88 | % | |||
|
|
See Notes to Financial Statements | See explanation of references on E-8 |
E-5
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| Investment Activities |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
| Net Asset |
| Net |
| Net |
| Total |
| |||||||
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.03 |
|
| $ | 0.29 |
|
| ($0.07 | ) | $ | 0.22 |
| |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.45 |
|
|
| 0.14 |
|
| (0.09 | ) |
| 0.05 |
| |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.16 |
|
|
| 0.17 |
|
| 0.46 |
|
| 0.63 |
| |
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 9.85 |
|
|
| 0.21 |
|
| 1.02 |
|
| 1.23 |
| |
| 9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
| 0.06 |
|
| (0.09 | ) |
| (0.03 | ) | |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.01 |
|
| $ | 0.24 |
|
| ($0.07 | ) | $ | 0.17 |
| |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.44 |
|
|
| 0.09 |
|
| (0.10 | ) |
| (0.01 | ) | |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.14 |
|
|
| 0.12 |
|
| 0.46 |
|
| 0.58 |
| |
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 9.84 |
|
|
| 0.15 |
|
| 1.03 |
|
| 1.18 |
| |
| 9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
| 0.04 |
|
| (0.10 | ) |
| (0.06 | ) | |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.02 |
|
| $ | 0.24 |
|
| ($0.06 | ) | $ | 0.18 |
| |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.44 |
|
|
| 0.09 |
|
| (0.09 | ) |
| — |
| |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.14 |
|
|
| 0.12 |
|
| 0.46 |
|
| 0.58 |
| |
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 9.84 |
|
|
| 0.15 |
|
| 1.03 |
|
| 1.18 |
| |
| 9/28/2001 - 3/31/2002 |
|
|
| 10.00 |
|
|
| 0.04 |
|
| (0.10 | ) |
| (0.06 | ) | |
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.51 |
|
| $ | 0.33 |
|
| ($0.36 | ) |
| ($0.03 | ) | |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.93 |
|
|
| 0.20 |
|
| (0.01 | ) |
| 0.19 |
| |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.28 |
|
|
| 0.12 |
|
| 0.96 |
|
| 1.08 |
| |
| 12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
| 0.06 |
|
| 0.27 |
|
| 0.33 |
| |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.45 |
|
| $ | 0.28 |
|
| ($0.36 | ) |
| ($0.08 | ) | |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.89 |
|
|
| 0.15 |
|
| (0.02 | ) |
| 0.13 |
| |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.27 |
|
|
| 0.07 |
|
| 0.95 |
|
| 1.02 |
| |
| 12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
| 0.04 |
|
| 0.28 |
|
| 0.32 |
| |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 10.45 |
|
| $ | 0.28 |
|
| ($0.37 | ) |
| ($0.09 | ) | |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.89 |
|
|
| 0.15 |
|
| (0.01 | ) |
| 0.14 |
| |
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 10.27 |
|
|
| 0.07 |
|
| 0.95 |
|
| 1.02 |
| |
| 12/31/2002 - 3/31/2003 (4) |
|
|
| 10.00 |
|
|
| 0.04 |
|
| 0.28 |
|
| 0.32 |
| |
PF Pacific Life Money Market Fund (11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: | 4/1/2005 - 3/31/2006 |
|
| $ | 1.00 |
|
| $ | 0.03 |
| $ | — |
| $ | 0.03 |
| |
| 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) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
| |||||||
| ||||||||||||||
|
|
| Dividends |
| Distributions |
| Total |
| Net Asset |
| ||||
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.27 | ) | $ | — |
|
| ($0.27 | ) | $ | 9.98 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.25 | ) |
| (0.22 | ) |
| (0.47 | ) |
| 10.03 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.34 | ) |
| — |
|
| (0.34 | ) |
| 10.45 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.36 | ) |
| (0.56 | ) |
| (0.92 | ) |
| 10.16 |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.07 | ) |
| (0.05 | ) |
| (0.12 | ) |
| 9.85 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.22 | ) | $ | — |
|
| ($0.22 | ) | $ | 9.96 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.20 | ) |
| (0.22 | ) |
| (0.42 | ) |
| 10.01 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.28 | ) |
| — |
|
| (0.28 | ) |
| 10.44 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.32 | ) |
| (0.56 | ) |
| (0.88 | ) |
| 10.14 |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.05 | ) |
| (0.05 | ) |
| (0.10 | ) |
| 9.84 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.22 | ) | $ | — |
|
| ($0.22 | ) | $ | 9.98 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.20 | ) |
| (0.22 | ) |
| (0.42 | ) |
| 10.02 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.28 | ) |
| — |
|
| (0.28 | ) |
| 10.44 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.32 | ) |
| (0.56 | ) |
| (0.88 | ) |
| 10.14 |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.05 | ) |
| (0.05 | ) |
| (0.10 | ) |
| 9.84 |
|
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.47 | ) |
| ($0.01 | ) |
| ($0.48 | ) | $ | 10.00 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.26 | ) |
| (0.35 | ) |
| (0.61 | ) |
| 10.51 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.20 | ) |
| (0.23 | ) |
| (0.43 | ) |
| 10.93 |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
| 10.28 |
|
Class B | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.43 | ) |
| ($0.01 | ) |
| ($0.44 | ) | $ | 9.93 |
|
: | 4/1/2004 - 3/31/2005 (4) |
|
| (0.22 | ) |
| (0.35 | ) |
| (0.57 | ) |
| 10.45 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.17 | ) |
| (0.23 | ) |
| (0.40 | ) |
| 10.89 |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
| 10.27 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.42 | ) |
| ($0.01 | ) |
| ($0.43 | ) | $ | 9.93 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.23 | ) |
| (0.35 | ) |
| (0.58 | ) |
| 10.45 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.17 | ) |
| (0.23 | ) |
| (0.40 | ) |
| 10.89 |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
| 10.27 |
|
PF Pacific Life Money Market Fund (11) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 |
|
| ($0.03 | ) | $ | — |
|
| ($0.03 | ) | $ | 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Total |
| Net |
| Ratios of |
| Ratios of |
| Ratios of |
| Portfolio Turnover Rates |
| ||||||
PF PIMCO Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| 2.19 | % | $ | 68,825 |
| 1.55 | % |
| 2.00 | % |
| 2.84 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 0.56 | % |
| 42,546 |
| 1.55 | % |
| 2.22 | % |
| 1.37 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 6.28 | % |
| 19,802 |
| 1.55 | % |
| 2.86 | % |
| 1.65 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 12.80 | % |
| 18,236 |
| 1.55 | % |
| 2.82 | % |
| 2.02 | % |
| 445.26 | % |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.28 | %) |
| 33,055 |
| 1.55 | % |
| 2.54 | % |
| 1.16 | % |
| 522.25 | % |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| 1.67 | % | $ | 1,049 |
| 2.05 | % |
| 2.50 | % |
| 2.34 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.05 | %) |
| 1,135 |
| 2.05 | % |
| 2.72 | % |
| 0.87 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 5.86 | % |
| 972 |
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 12.27 | % |
| 1,986 |
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 445.26 | % |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.55 | %) |
| 173 |
| 2.05 | % |
| 3.04 | % |
| 0.66 | % |
| 522.25 | % |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| 1.75 | % | $ | 2,082 |
| 2.05 | % |
| 2.50 | % |
| 2.34 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 0.04 | % |
| 2,353 |
| 2.05 | % |
| 2.72 | % |
| 0.87 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 5.86 | % |
| 2,315 |
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 12.28 | % |
| 4,573 |
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 445.26 | % |
|
| 9/28/2001 - 3/31/2002 |
|
| (0.57 | %) |
| 370 |
| 2.05 | % |
| 3.04 | % |
| 0.66 | % |
| 522.25 | % |
|
PF PIMCO Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| (0.44 | %) | $ | 66,103 |
| 1.55 | % |
| 1.89 | % |
| 3.21 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.99 | % |
| 36,465 |
| 1.55 | % |
| 2.04 | % |
| 1.96 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.75 | % |
| 16,263 |
| 1.55 | % |
| 2.73 | % |
| 1.13 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 3.30 | % |
| 6,290 |
| 1.55 | % |
| 4.00 | % |
| 2.19 | % |
| 199.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| (0.91 | %) | $ | 1,402 |
| 2.05 | % |
| 2.39 | % |
| 2.71 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.43 | % |
| 1,199 |
| 2.05 | % |
| 2.54 | % |
| 1.46 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.20 | % |
| 697 |
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 3.16 | % |
| 161 |
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| 199.92 | % |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| (0.95 | %) | $ | 4,142 |
| 2.05 | % |
| 2.39 | % |
| 2.71 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 1.44 | % |
| 5,682 |
| 2.05 | % |
| 2.54 | % |
| 1.46 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.27 | % |
| 4,065 |
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 3.11 | % |
| 480 |
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| 199.92 | % |
|
PF Pacific Life Money Market Fund (11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 |
|
| 2.76 | % | $ | 19,293 |
| 0.94 | % (12) |
| 1.79 | % |
| 2.67 | % (12) |
| N/A |
|
|
| 4/1/2004 - 3/31/2005 |
|
| 0.77 | % |
| 22,341 |
| 0.95 | % (12) |
| 2.05 | % |
| 0.83 | % (12) |
| N/A |
|
|
| 4/1/2003 - 3/31/2004 |
|
| 0.18 | % |
| 14,627 |
| 0.95 | % (12) |
| 2.53 | % |
| 0.14 | % (12) |
| N/A |
|
|
| 4/1/2002 - 3/31/2003 |
|
| 0.58 | % |
| 13,092 |
| 1.08 | % (12) |
| 2.50 | % |
| 0.59 | % (12) |
| N/A |
|
|
| 9/28/2001 - 3/31/2002 |
|
| 0.33 | % |
| 27,056 |
| 1.35 | % (12) |
| 2.59 | % |
| 0.57 | % (12) |
| N/A |
|
|
See Notes to Financial Statements | See explanation of references on E-8 |
E-6
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each year or period ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| Net Asset Value, |
| Net Investment Income (Loss) |
| Net Realized and Unrealized Gain (Loss) |
| Total |
| ||||||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 11.30 |
|
|
| $ | 0.02 |
|
|
| $ | 1.38 |
|
| $ | 1.40 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.94 |
|
|
|
| 0.06 |
|
|
|
| 0.35 |
|
|
| 0.41 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 7.83 |
|
|
|
| 0.03 |
|
|
|
| 3.09 |
|
|
| 3.12 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 10.92 |
|
|
|
| 0.04 |
|
|
|
| (3.05 | ) |
|
| (3.01 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.01 | ) |
|
|
| 0.96 |
|
|
| 0.95 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 11.19 |
|
|
|
| ($0.03 | ) |
|
| $ | 1.37 |
|
| $ | 1.34 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.83 |
|
|
|
| — | (7) |
|
|
| 0.36 |
|
|
| 0.36 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 7.78 |
|
|
|
| (0.02 | ) |
|
|
| 3.08 |
|
|
| 3.06 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 10.91 |
|
|
|
| (0.01 | ) |
|
|
| (3.03 | ) |
|
| (3.04 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.97 |
|
|
| 0.94 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 11.16 |
|
|
|
| ($0.03 | ) |
|
| $ | 1.36 |
|
| $ | 1.33 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 10.81 |
|
|
|
| — | (7) |
|
|
| 0.35 |
|
|
| 0.35 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 7.77 |
|
|
|
| (0.02 | ) |
|
|
| 3.07 |
|
|
| 3.05 |
|
| 4/1/2002 - 3/31/2003 (4) |
|
|
| 10.90 |
|
|
|
| (0.01 | ) |
|
|
| (3.04 | ) |
|
| (3.05 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.03 | ) |
|
|
| 0.96 |
|
|
| 0.93 |
|
PF Van Kampen Comstock Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 12.58 |
|
|
| $ | 0.10 |
|
|
| $ | 0.83 |
|
| $ | 0.93 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 11.37 |
|
|
|
| 0.07 |
|
|
|
| 1.19 |
|
|
| 1.26 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 8.16 |
|
|
|
| 0.02 |
|
|
|
| 3.19 |
|
|
| 3.21 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.45 |
|
|
|
| (0.11 | ) |
|
|
| (3.12 | ) |
|
| (3.23 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.05 | ) |
|
|
| 1.54 |
|
|
| 1.49 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 12.42 |
|
|
| $ | 0.04 |
|
|
| $ | 0.82 |
|
| $ | 0.86 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 11.24 |
|
|
|
| 0.01 |
|
|
|
| 1.17 |
|
|
| 1.18 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 8.10 |
|
|
|
| (0.03 | ) |
|
|
| 3.17 |
|
|
| 3.14 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.43 |
|
|
|
| (0.11 | ) |
|
|
| (3.16 | ) |
|
| (3.27 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.54 |
|
|
| 1.47 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 12.41 |
|
|
| $ | 0.04 |
|
|
| $ | 0.81 |
|
| $ | 0.85 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 11.24 |
|
|
|
| 0.01 |
|
|
|
| 1.17 |
|
|
| 1.18 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 8.11 |
|
|
|
| (0.03 | ) |
|
|
| 3.16 |
|
|
| 3.13 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.43 |
|
|
|
| (0.11 | ) |
|
|
| (3.15 | ) |
|
| (3.26 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.07 | ) |
|
|
| 1.53 |
|
|
| 1.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
| ||||||||||||||
| |||||||||||||||||||
|
|
| Dividends from Net Investment Income |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset Value, End |
| |||||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.03 | ) |
| $ | — | (7) |
|
|
| ($0.03 | ) |
| $ | 12.67 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.05 | ) |
|
| — |
|
|
|
| (0.05 | ) |
|
| 11.30 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.01 | ) |
|
| — |
|
|
|
| (0.01 | ) |
|
| 10.94 |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.02 | ) |
|
| (0.06 | ) |
|
|
| (0.08 | ) |
|
| 7.83 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
| 10.92 |
|
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.02 | ) |
| $ | — | (7) |
|
|
| ($0.02 | ) |
| $ | 12.51 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 11.19 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.01 | ) |
|
| — |
|
|
|
| (0.01 | ) |
|
| 10.83 |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.03 | ) |
|
| (0.06 | ) |
|
|
| (0.09 | ) |
|
| 7.78 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
| 10.91 |
|
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.01 | ) |
| $ | — | (7) |
|
|
| ($0.01 | ) |
| $ | 12.48 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 11.16 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| (0.01 | ) |
|
| — |
|
|
|
| (0.01 | ) |
|
| 10.81 |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| (0.02 | ) |
|
| (0.06 | ) |
|
|
| (0.08 | ) |
|
| 7.77 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
|
| (0.01 | ) |
|
|
| (0.03 | ) |
|
| 10.90 |
|
|
PF Van Kampen Comstock Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.06 | ) |
|
| ($0.53 | ) |
|
|
| ($0.59 | ) |
| $ | 12.92 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.05 | ) |
|
| — |
|
|
|
| (0.05 | ) |
|
| 12.58 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 11.37 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
| 8.16 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.04 | ) |
|
| — |
|
|
|
| (0.04 | ) |
|
| 11.45 |
|
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
|
|
| ($0.53 | ) |
|
| ($0.53 | ) |
| $ | 12.75 |
|
| |
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 12.42 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 11.24 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
| 8.10 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.04 | ) |
|
| — |
|
|
|
| (0.04 | ) |
|
| 11.43 |
|
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.01 | ) |
|
| ($0.53 | ) |
|
|
| ($0.54 | ) |
| $ | 12.72 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| (0.01 | ) |
|
| — |
|
|
|
| (0.01 | ) |
|
| 12.41 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
|
| — |
|
|
|
| — |
|
|
| 11.24 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
|
| (0.06 | ) |
|
|
| (0.06 | ) |
|
| 8.11 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.03 | ) |
|
| — |
|
|
|
| (0.03 | ) |
|
| 11.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
| ||||||||||||||||||||
|
|
| Total |
| Net Assets, End of Year or Period (in thousands) |
| Ratios of Expenses |
| Ratios of Expenses |
| Ratios of Net Investment Income |
| Portfolio Turnover Rates |
| ||||||
PF Salomon Brothers Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
| 12.47 | % |
| $ | 34,459 |
| 1.80 | % |
| 2.25 | % |
| 0.20 | % |
|
| 77.07 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 3.78 | % |
|
| 50,430 |
| 1.80 | % |
| 2.28 | % |
| 0.54 | % |
|
| 43.72 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 39.91 | % |
|
| 25,315 |
| 1.80 | % |
| 2.73 | % |
| 0.29 | % |
|
| 38.10 | % |
| 4/1/2002 - 3/31/2003 (4) |
| (27.69 | %) |
|
| 11,736 |
| 1.80 | % |
| 2.94 | % |
| 0.41 | % |
|
| 49.00 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 9.54 | % |
|
| 19,748 |
| 1.80 | % |
| 3.93 | % |
| (0.14 | %) |
|
| 27.37 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
| 11.99 | % |
| $ | 573 |
| 2.30 | % |
| 2.75 | % |
| (0.30 | %) |
|
| 77.07 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 3.32 | % |
|
| 504 |
| 2.30 | % |
| 2.78 | % |
| 0.04 | % |
|
| 43.72 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 39.36 | % |
|
| 556 |
| 2.30 | % |
| 3.23 | % |
| (0.21 | %) |
|
| 38.10 | % |
| 4/1/2002 - 3/31/2003 (4) |
| (28.02 | %) |
|
| 955 |
| 2.30 | % |
| 3.44 | % |
| (0.09 | %) |
|
| 49.00 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 9.38 | % |
|
| 151 |
| 2.30 | % |
| 4.43 | % |
| (0.64 | %) |
|
| 27.37 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
| 11.88 | % |
| $ | 1,599 |
| 2.30 | % |
| 2.75 | % |
| (0.30 | %) |
|
| 77.07 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 3.33 | % |
|
| 1,538 |
| 2.30 | % |
| 2.78 | % |
| 0.04 | % |
|
| 43.72 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 39.27 | % |
|
| 1,277 |
| 2.30 | % |
| 3.23 | % |
| (0.21 | %) |
|
| 38.10 | % |
| 4/1/2002 - 3/31/2003 (4) |
| (28.08 | %) |
|
| 2,015 |
| 2.30 | % |
| 3.44 | % |
| (0.09 | %) |
|
| 49.00 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 9.30 | % |
|
| 243 |
| 2.30 | % |
| 4.43 | % |
| (0.64 | %) |
|
| 27.37 | % |
PF Van Kampen Comstock Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
| 7.62 | % |
| $ | 62,447 |
| 1.90 | % |
| 2.25 | % |
| 0.79 | % |
|
| 22.40 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 11.08 | % |
|
| 23,017 |
| 1.90 | % |
| 2.70 | % |
| 0.55 | % |
|
| 34.41 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 39.34 | % |
|
| 11,945 |
| 1.90 | % |
| 3.59 | % |
| 0.24 | % |
|
| 105.34 | % |
| 4/1/2002 - 3/31/2003 |
| (28.26 | %) |
|
| 5,331 |
| 1.90 | % |
| 3.87 | % |
| (1.04 | %) |
|
| 37.78 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 14.94 | % |
|
| 9,002 |
| 1.90 | % |
| 6.26 | % |
| (0.84 | %) |
|
| 18.71 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
| 7.14 | % |
| $ | 532 |
| 2.40 | % |
| 2.75 | % |
| 0.29 | % |
|
| 22.40 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 10.50 | % |
|
| 388 |
| 2.40 | % |
| 3.20 | % |
| 0.05 | % |
|
| 34.41 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 38.77 | % |
|
| 453 |
| 2.40 | % |
| 4.09 | % |
| (0.26 | %) |
|
| 105.34 | % |
| 4/1/2002 - 3/31/2003 |
| (28.66 | %) |
|
| 201 |
| 2.40 | % |
| 4.37 | % |
| (1.54 | %) |
|
| 37.78 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 14.71 | % |
|
| 105 |
| 2.40 | % |
| 6.76 | % |
| (1.34 | %) |
|
| 18.71 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
| 7.05 | % |
| $ | 938 |
| 2.40 | % |
| 2.75 | % |
| 0.29 | % |
|
| 22.40 | % |
| 4/1/2004 - 3/31/2005 (4) |
| 10.50 | % |
|
| 872 |
| 2.40 | % |
| 3.20 | % |
| 0.05 | % |
|
| 34.41 | % |
| 4/1/2003 - 3/31/2004 (4) |
| 38.60 | % |
|
| 226 |
| 2.40 | % |
| 4.09 | % |
| (0.26 | %) |
|
| 105.34 | % |
| 4/1/2002 - 3/31/2003 |
| (28.57 | %) |
|
| 74 |
| 2.40 | % |
| 4.37 | % |
| (1.54 | %) |
|
| 37.78 | % |
| 9/28/2001 - 3/31/2002 (4) |
| 14.67 | % |
|
| 21 |
| 2.40 | % |
| 6.76 | % |
| (1.34 | %) |
|
| 18.71 | % |
|
|
|
See Notes to Financial Statements |
| See explanation of references on E-8 |
E-7
|
PACIFIC FUNDS |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each year or period ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| ||||||||||||
| ||||||||||||||||||||
|
|
| Net Asset Value, |
| Net Investment Income (Loss) |
| Net Realized and Unrealized Gain (Loss) |
| Total from Investment Operations |
| ||||||||||
PF Van Kampen Mid-Cap Growth Fund (14) |
|
|
|
|
|
|
|
|
| |||||||||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 8.93 |
|
|
| ($0.11 | ) |
|
| $ | 2.85 |
|
| $ | 2.74 |
| |
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 8.01 |
|
|
|
| (0.12 | ) |
|
|
| 1.04 |
|
|
| 0.92 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 5.92 |
|
|
|
| (0.10 | ) |
|
|
| 2.19 |
|
|
| 2.09 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.18 |
|
|
|
| (0.09 | ) |
|
|
| (4.33 | ) |
|
| (4.42 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.08 | ) |
|
|
| 1.45 |
|
|
| 1.37 |
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 8.80 |
|
|
|
| ($0.15 | ) |
|
| $ | 2.80 |
|
| $ | 2.65 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 7.93 |
|
|
|
| (0.15 | ) |
|
|
| 1.02 |
|
|
| 0.87 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 5.88 |
|
|
|
| (0.14 | ) |
|
|
| 2.19 |
|
|
| 2.05 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.17 |
|
|
|
| (0.08 | ) |
|
|
| (4.37 | ) |
|
| (4.45 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.45 |
|
|
| 1.34 |
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 8.79 |
|
|
|
| ($0.15 | ) |
|
| $ | 2.78 |
|
| $ | 2.63 |
|
| 4/1/2004 - 3/31/2005 (4) |
|
|
| 7.92 |
|
|
|
| (0.16 | ) |
|
|
| 1.03 |
|
|
| 0.87 |
|
| 4/1/2003 - 3/31/2004 (4) |
|
|
| 5.88 |
|
|
|
| (0.14 | ) |
|
|
| 2.18 |
|
|
| 2.04 |
|
| 4/1/2002 - 3/31/2003 |
|
|
| 11.16 |
|
|
|
| (0.09 | ) |
|
|
| (4.35 | ) |
|
| (4.44 | ) |
| 9/28/2001 - 3/31/2002 (4) |
|
|
| 10.00 |
|
|
|
| (0.11 | ) |
|
|
| 1.46 |
|
|
| 1.35 |
|
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 9.39 |
|
|
| $ | 0.05 |
|
|
| $ | 3.70 |
|
| $ | 3.75 |
|
| 12/31/2004 - 3/31/2005 (4) |
|
|
| 10.00 |
|
|
|
| 0.05 |
|
|
|
| (0.64 | ) |
|
| (0.59 | ) |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 9.39 |
|
|
|
| ($0.01 | ) |
|
| $ | 3.70 |
|
| $ | 3.69 |
|
| 12/31/2004 - 3/31/2005 (4) |
|
|
| 10.00 |
|
|
|
| 0.04 |
|
|
|
| (0.64 | ) |
|
| (0.60 | ) |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| $ | 9.38 |
|
|
| $ | (0.01 | ) |
|
| $ | 3.70 |
|
| $ | 3.69 |
|
| 12/31/2004 - 3/31/2005 (4) |
|
|
| 10.00 |
|
|
|
| 0.03 |
|
|
|
| (0.64 | ) |
|
| (0.61 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
|
|
| ||||||||
| ||||||||||||||||
|
|
| Dividends from Net Investment Income |
| Distributions from Capital Gains |
| Total Distributions |
| Net Asset Value, End of Year or Period |
| ||||||
PF Van Kampen Mid-Cap Growth Fund (14) |
|
|
|
|
|
|
|
|
| |||||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
|
| $ | 11.67 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 8.93 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 8.01 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| (0.84 | ) |
| (0.84 | ) |
|
| 5.92 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| (0.17 | ) |
| (0.19 | ) |
|
| 11.18 |
|
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
|
| $ | 11.45 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 8.80 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 7.93 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| (0.84 | ) |
| (0.84 | ) |
|
| 5.88 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| — |
|
| (0.17 | ) |
| (0.17 | ) |
|
| 11.17 |
|
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
| $ | — |
| $ | — |
| $ | — |
|
| $ | 11.42 |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 8.79 |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| — |
|
| — |
|
| — |
|
|
| 7.92 |
|
|
| 4/1/2002 - 3/31/2003 |
|
| — |
|
| (0.84 | ) |
| (0.84 | ) |
|
| 5.88 |
|
|
| 9/28/2001 - 3/31/2002 (4) |
|
| (0.02 | ) |
| (0.17 | ) |
| (0.19 | ) |
|
| 11.16 |
|
|
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.17 | ) |
| ($0.08 | ) |
| ($0.25 | ) |
| $ | 12.89 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
|
| 9.39 |
|
|
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.15 | ) |
| ($0.08 | ) |
| ($0.23 | ) |
| $ | 12.85 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 9.39 |
|
|
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| ($0.14 | ) |
| ($0.08 | ) |
| ($0.22 | ) |
| $ | 12.85 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 9.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
| ||||||||||||||||||||
|
|
| Total Returns (1) |
| Net Assets, End of Year or Period (in thousands) |
|
|
| Ratios of Expenses |
| Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3) |
| Portfolio Turnover Rates |
| ||||||
PF Van Kampen Mid-Cap Growth Fund (14) |
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|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| 30.68 | % | $ | 39,980 |
| 1.85 | % |
| 2.29 | % |
| (1.04 | %) |
|
| 107.64 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.49 | % |
| 36,882 |
| 1.85 | % |
| 2.43 | % |
| (1.37 | %) |
|
| 82.70 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 35.30 | % |
| 18,388 |
| 1.85 | % |
| 3.29 | % |
| (1.42 | %) |
|
| 326.09 | % |
| 4/1/2002 - 3/31/2003 |
|
| (40.51 | %) |
| 6,191 |
| 1.85 | % |
| 4.31 | % |
| (1.39 | %) |
|
| 158.16 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 13.79 | % |
| 11,383 |
| 1.85 | % |
| 5.33 | % |
| (1.44 | %) |
|
| 70.54 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| 30.11 | % | $ | 948 |
| 2.35 | % |
| 2.79 | % |
| (1.54 | %) |
|
| 107.64 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.97 | % |
| 667 |
| 2.35 | % |
| 2.93 | % |
| (1.87 | %) |
|
| 82.70 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 34.86 | % |
| 504 |
| 2.35 | % |
| 3.79 | % |
| (1.92 | %) |
|
| 326.09 | % |
| 4/1/2002 - 3/31/2003 |
|
| (40.84 | %) |
| 586 |
| 2.35 | % |
| 4.81 | % |
| (1.89 | %) |
|
| 158.16 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 13.52 | % |
| 82 |
| 2.35 | % |
| 5.83 | % |
| (1.94 | %) |
|
| 70.54 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| 29.92 | % | $ | 2,460 |
| 2.35 | % |
| 2.79 | % |
| (1.54 | %) |
|
| 107.64 | % |
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.99 | % |
| 1,436 |
| 2.35 | % |
| 2.93 | % |
| (1.87 | %) |
|
| 82.70 | % |
| 4/1/2003 - 3/31/2004 (4) |
|
| 34.69 | % |
| 958 |
| 2.35 | % |
| 3.79 | % |
| (1.92 | %) |
|
| 326.09 | % |
| 4/1/2002 - 3/31/2003 |
|
| (40.78 | %) |
| 1,141 |
| 2.35 | % |
| 4.81 | % |
| (1.89 | %) |
|
| 158.16 | % |
| 9/28/2001 - 3/31/2002 (4) |
|
| 13.53 | % |
| 116 |
| 2.35 | % |
| 5.83 | % |
| (1.94 | %) |
|
| 70.54 | % |
PF Van Kampen Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A: | 4/1/2005 - 3/31/2006 (4) |
|
| 40.43 | % | $ | 25,552 |
| 2.05 | % |
| 2.76 | % |
| 0.41 | % |
|
| 9.81 | % |
| 12/31/2004 - 3/31/2005 (4) |
|
| (5.95 | %) |
| 13,853 |
| 2.05 | % |
| 3.57 | % |
| 2.01 | % |
|
| 0.79 | % |
Class B: | 4/1/2005 - 3/31/2006 (4) |
|
| 39.65 | % | $ | 97 |
| 2.55 | % |
| 3.26 | % |
| (0.09 | %) |
|
| 9.81 | % |
| 12/31/2004 - 3/31/2005 (4) |
|
| (6.05 | %) |
| 17 |
| 2.55 | % |
| 4.07 | % |
| 1.51 | % |
|
| 0.79 | % |
Class C: | 4/1/2005 - 3/31/2006 (4) |
|
| 39.74 | % | $ | 114 |
| 2.55 | % |
| 3.26 | % |
| (0.09 | %) |
|
| 9.81 | % |
| 12/31/2004 - 3/31/2005 (4) |
|
| (6.06 | %) |
| 32 |
| 2.55 | % |
| 4.07 | % |
| 1.51 | % |
|
| 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. |
|
|
(3) | The ratios are annualized for periods of less than one full year. |
|
|
(4) | Per share investment income has been calculated using the average shares method. |
|
|
(5) | Class R shares of the PF Portfolio Optimization Models, and Class A shares of PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund commenced operations on September 30, 2005. |
|
|
(6) | The prior year ratios were changed to conform with current year presentations. This change had no impact on total net assets or net asset value per share. |
|
|
(7) | Amount represents less than $0.005 per share or less than 0.005%. |
|
|
(8) | The PF Loomis Sayles Large-Cap Growth Fund was formerly named the PF AIM Blue Chip Fund. |
|
|
(9) | The PF MFS International Large-Cap Fund was formerly named the PF MFS Global Growth Fund. |
|
|
(10) | The PF NB Fasciano Small Equity Fund was formerly named the PF AIM Aggressive Growth Fund. |
|
|
(11) | Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. |
|
|
(12) | The expense cap for the PF Pacific Life Money Market Class A was 0.05% for the period 7/1/02 - 6/30/05. Subsequent to 6/30/05 the expense cap was 0.45%. 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 0.11% for the year ended 3/31/06. |
|
|
(13) | The PF Van Kampen Comstock Fund was formerly named the PF Janus Strategic Value Fund. |
|
|
(14) | The PF Van Kampen Mid-Cap Growth Fund was formerly named the PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
E-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Pacific Funds is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company, and as of March 31, 2006, was 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 Goldman Sachs Short Duration Bond, PF Janus Growth LT, PF Lazard Mid-Cap Value, PF Lazard International Value, PF Loomis Sayles Large-Cap Growth (formerly PF AIM Blue Chip), PF MFS International Large-Cap, PF NB Fasciano Small Equity (formerly PF AIM Aggressive Growth), 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. Presently, 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 funds of 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 each of the Portfolio Optimization Funds’ investment mixes. The Portfolio Optimization Funds use a monthly allocation percentage (“MAP”) 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. Pacific Life periodically evaluates each Portfolio Optimization Fund’s asset allocation strategy and may update the target allocations at that time. When target allocations are updated, a process known as reallocation is used. The reallocation process may be accomplished by using rebalancing to move the assets among the Underlying Funds, or by using MAP methodology, or by using a combination of the two. Reallocation may cause the Portfolio Optimization Funds to temporarily deviate from their 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 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, including when foreign markets are closed. For purposes of
F-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
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 is 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 proprietary computer models based on historical performance of markets and other considerations to determine fair values for certain foreign securities. 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. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income is recorded on an accrual basis. Interest income includes coupon interest and amortization of premium and discount on debt securities. Discounts and premiums are recorded on a daily basis using the effective yield method except for short-term securities and the PF Pacific Life Money Market Fund, which record discounts and premiums on a straight-line basis. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable (i.e. reclaimed). The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Realized gains and losses from securities transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage- and asset-backed securities are recorded as interest income in the Statements of Operations.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to distribution and 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 daily 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
F-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
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 appreciation and depreciation 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 custodial asset-based fees, 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, custodial transaction-based, registration, other professional, distribution and service (12b-1) fees, non 12b-1 service fees, certain taxes, and offering costs) 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 appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading 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 appreciation or depreciation 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.
F-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
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 appreciation or depreciation in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities. These upfront payments are 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.
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. Due to principal not being received at the maturity of an IO, adjustments are made to book value of the security on each 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
F-4
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
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 prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity.
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.
Asset allocation does not guarantee future results. Investment in an individual fund or funds in a single asset class may outperform or underperform an asset allocation fund.
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 Goldman Sachs Short |
| PF Oppenheimer Emerging |
|
Duration Bond | 0.60% | Markets | 1.00% |
|
|
|
|
|
| PF PIMCO |
|
PF Janus Growth LT | 0.75% | Managed Bond | 0.60% |
|
|
|
|
|
| PF PIMCO Inflation |
|
PF Lazard Mid-Cap Value | 0.85% | Managed | 0.60% |
|
|
|
|
PF Lazard |
| PF Pacific Life Money |
|
International Value | 0.85% | Market | See (1) |
|
|
|
|
PF Loomis Sayles Large-Cap |
| PF Salomon Brothers Large- |
|
Growth | 0.95% | Cap Value | 0.85% |
| |||
PF MFS International |
|
|
|
Large-Cap | 1.05% | PF Van Kampen Comstock | 0.95% |
|
|
|
|
PF NB Fasciano |
| PF Van Kampen |
|
Small Equity | 1.00% | Mid-Cap Growth | 0.90% |
|
|
|
|
PF Oppenheimer Main |
| PF Van Kampen |
|
Street Core | 0.65% | 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. As of March 31, 2006, the following firms served as sub-advisers for their respective Funds: Goldman Sachs Asset Management, L.P., Janus Capital Management LLC, Lazard Asset Management LLC, Loomis, Sayles & Company, L.P., MFS Investment Management, Neuberger Berman Management Inc., 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.
F-5
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 its expenses in providing support services to the Funds in connection with various matters, including: expense of registering and qualifying the Funds on state and Federal levels; providing legal, compliance, accounting, tax and chief compliance officer services; maintaining the Funds’ legal existence; and shareholders’ meetings and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Funds reimburse Pacific Life for these support services on an approximate cost basis.
Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Funds’ shares. The Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisings, and other marketing efforts by the Distributor in connection with the distribution or sale of the Funds’ shares and makes distribution and servicing payments to selling groups in connection with the sale of the Funds’ shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and servicing fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940 (together the “Plans”). Under the Plans, each Fund, except the PF Pacific Life Money Market Fund, pays to the Distributor both distribution and servicing fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee is 0.25% for Class A and R shares and 0.75% for Class B and C shares. The servicing fee is 0.25% for Class A, B, C, and R shares. Under a separate service plan, the PF Pacific Life Money Market Fund pays to the Distributor a servicing fee at an annual rate of 0.25% of average daily net assets. The PF Pacific Life Money Market Fund does not pay a distribution fee. 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 servicing fee of 0.50% (for PF Pacific Life Money Market Fund 0.25% servicing fee only) of average daily net assets without payment of a front-end sales charge. To avoid duplication of fees, the distribution and servicing fee for each class of the Portfolio Optimization Funds will be waived up to 0.50% (in the aggregate); the amount of the aggregate waiver is dependent on the amount of actual distribution and/or servicing fees incurred by the Underlying Funds within a particular Portfolio Optimization Model. The fees are accrued daily.
For the year ended March 31, 2006, the Distributor, acting as underwriter, received net commissions of $5,419,974 from the sale of Class A shares and received $306,276 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 Funds without a sales load. Accordingly, the market value appreciation or 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 old 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 previously 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 March 31, 2006, the total deferred trustee compensation liability was $155,598.
5. EXPENSE REDUCTIONS
To help limit the Funds’ expenses, under contract, Pacific Life has reimbursed 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, 2007. For the PF Pacific Life Money Market Fund, the expense cap was reduced to 0.05% for the period July 1, 2002 through June 30, 2005 and increased to 0.45% thereafter through June 30, 2007. 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, 2007.
The cumulative reimbursement amounts as of March 31, 2006 that are subject to repayment for each Fund are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration |
| |||||||
|
|
| ||||||||
Funds |
| 2007 |
| 2008 |
| 2009 |
| |||
|
|
|
| |||||||
PF Portfolio Optimization Model A |
| $ | 36,837 |
| $ | 227,677 |
| $ | 239,802 |
|
PF Portfolio Optimization Model B |
|
| 54,940 |
|
| 355,811 |
|
| 442,372 |
|
PF Portfolio Optimization Model C |
|
| 103,852 |
|
| 679,146 |
|
| 1,185,218 |
|
F-6
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration |
| |||||||
|
|
| ||||||||
Funds |
| 2007 |
| 2008 |
| 2009 |
| |||
|
|
|
| |||||||
PF Portfolio Optimization Model D |
| $ | 110,532 |
| $ | 629,641 |
| $ | 1,107,412 |
|
PF Portfolio Optimization Model E |
|
| 62,617 |
|
| 369,133 |
|
| 469,853 |
|
PF Goldman Sachs Short Duration Bond |
|
| 30,535 |
|
| 189,312 |
|
| 150,594 |
|
PF Janus Growth LT |
|
| 148,424 |
|
| 136,338 |
|
| 140,644 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| 58,835 |
|
| 173,484 |
|
PF Lazard International Value |
|
| 163,749 |
|
| 226,073 |
|
| 267,723 |
|
PF Loomis Sayles Large-Cap Growth |
|
| 180,256 |
|
| 172,805 |
|
| 245,172 |
|
PF MFS International Large-Cap |
|
| 320,872 |
|
| 340,780 |
|
| 355,135 |
|
PF NB Fasciano Small Equity |
|
| 116,454 |
|
| 142,612 |
|
| 134,926 |
|
PF Oppenheimer Main Street Core |
|
| — |
|
| — |
|
| 82,462 |
|
PF Oppenheimer Emerging Markets |
|
| — |
|
| — |
|
| 448,741 |
|
PF PIMCO Managed Bond |
|
| 306,150 |
|
| 229,552 |
|
| 265,770 |
|
PF PIMCO Inflation Managed |
|
| 164,752 |
|
| 150,852 |
|
| 197,676 |
|
PF Pacific Life Money Market |
|
| 271,427 |
|
| 213,591 |
|
| 166,678 |
|
PF Salomon Brothers Large-Cap Value |
|
| 192,635 |
|
| 189,257 |
|
| 219,212 |
|
PF Van Kampen Comstock |
|
| 140,698 |
|
| 142,219 |
|
| 138,900 |
|
PF Van Kampen Mid-Cap Growth |
|
| 177,748 |
|
| 179,956 |
|
| 167,673 |
|
PF Van Kampen Real Estate |
|
| — |
|
| 38,207 |
|
| 136,561 |
|
|
|
|
|
| ||||||
| ||||||||||
Total |
| $ | 2,582,478 |
| $ | 4,671,797 |
| $ | 6,736,008 |
|
|
|
|
|
|
Due to the current regulatory and/or accounting standards, all expense reimbursements made by the adviser for the period September 28, 2001 (the Pacific Funds’ commencement date of operations) to March 31, 2003 ($4,337,946) expired for future recoupment as of March 31, 2006. Based on the Funds’ experience, the likelihood of repayment by the Funds for the amounts presented in the table above prior to the expiration is considered remote and no liabilities for such repayments were recorded by the Funds as of March 31, 2006. 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 waived 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 $4,517,599 of investment advisory fees, $3,606,070 of administration fees, and $860,368 of support services expenses payable to Pacific Life, for the year ended March 31, 2006. As of March 31, 2006, $460,905, $376,419, and $47,987 remained payable for investment advisory fees, administration fees, and support services expenses, respectively.
For the year ended March 31, 2006, the Funds also incurred $4,218,330 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 March 31, 2006, $436,336 remained payable.
7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS
The tax character of distributions paid during the year ended March 31, 2006, was as follows:
|
| Distributions Paid From |
| |||||||
|
|
| ||||||||
| ||||||||||
Funds |
| Ordinary |
| Long-Term |
| Total |
| |||
| ||||||||||
PF Portfolio Optimization Model A |
| $ | 457,472 |
| $ | 29,135 |
| $ | 486,607 |
|
PF Portfolio Optimization Model B |
|
| 866,783 |
|
| 77,037 |
|
| 943,820 |
|
PF Portfolio Optimization Model C |
|
| 2,444,470 |
|
| 314,732 |
|
| 2,759,202 |
|
PF Portfolio Optimization Model D |
|
| 2,029,146 |
|
| 433,959 |
|
| 2,463,105 |
|
PF Portfolio Optimization Model E |
|
| 592,619 |
|
| 197,308 |
|
| 789,927 |
|
PF Goldman Sachs Short Duration Bond |
|
| 791,258 |
|
| — |
|
| 791,258 |
|
PF Lazard Mid-Cap Value |
|
| 1,260,107 |
|
| — |
|
| 1,260,107 |
|
PF Lazard International Value |
|
| 469,290 |
|
| 451,353 |
|
| 920,643 |
|
PF MFS International Large-Cap |
|
| 343,236 |
|
| 524,157 |
|
| 867,393 |
|
PF NB Fasciano Small Equity |
|
| 204,940 |
|
| 1,550,709 |
|
| 1,755,649 |
|
PF Oppenheimer Main Street Core |
|
| 74,605 |
|
| — |
|
| 74,605 |
|
PF Oppenheimer Emerging Markets |
|
| 230,818 |
|
| — |
|
| 230,818 |
|
PF PIMCO Managed Bond |
|
| 1,586,020 |
|
| — |
|
| 1,586,020 |
|
PF PIMCO Inflation Managed |
|
| 2,661,073 |
|
| 19,513 |
|
| 2,680,586 |
|
PF Pacific Life Money Market |
|
| 600,514 |
|
| — |
|
| 600,514 |
|
PF Salomon Brothers Large-Cap Value |
|
| 103,292 |
|
| 8,943 |
|
| 112,235 |
|
PF Van Kampen Comstock |
|
| 330,675 |
|
| 1,542,672 |
|
| 1,873,347 |
|
PF Van Kampen Real Estate |
|
| 361,688 |
|
| 98,676 |
|
| 460,364 |
|
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 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 NB Fasciano Small Equity |
|
| — |
|
| 281,613 |
|
| 281,613 |
|
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, 2006 the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Net |
| ||||
| |||||||||||||
PF Portfolio Optimization |
|
|
|
|
|
|
|
|
|
|
|
|
|
Model A |
| $ | — |
| $ | 120,779 |
| $ | 117,821 |
| $ | 249,047 |
|
PF Portfolio Optimization |
|
|
|
|
|
|
|
|
|
|
|
|
|
Model B |
|
| — |
|
| 224,073 |
|
| 709,296 |
|
| 2,614,137 |
|
F-7
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Net |
| ||||
| |||||||||||||
PF Portfolio Optimization Model C |
| $ | — |
| $ | 671,694 |
| $ | 2,356,796 |
| $ | 16,536,221 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| 745,159 |
|
| 2,320,098 |
|
| 21,366,110 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| 262,108 |
|
| 1,521,455 |
|
| 10,224,096 |
|
PF Goldman Sachs Short Duration Bond |
|
| (583,656 | ) |
| 1,140 |
|
| — |
|
| (274,913 | ) |
PF Janus Growth LT |
|
| (215,835 | ) |
| — |
|
| — |
|
| 5,957,174 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| 293,521 |
|
| 402,919 |
|
| 1,490,248 |
|
PF Lazard International Value |
|
| (19,233 | ) |
| 229,329 |
|
| 1,930,723 |
|
| 13,496,449 |
|
PF Loomis Sayles Large-Cap Growth |
|
| (430,790 | ) |
| — |
|
| 2,089,600 |
|
| 1,388,350 |
|
PF MFS International Large-Cap |
|
| (20,747 | ) |
| 41,873 |
|
| 1,744,244 |
|
| 11,303,268 |
|
PF NB Fasciano Small Equity |
|
| — |
|
| — |
|
| 26,430 |
|
| 2,381,764 |
|
PF Oppenheimer Main Street Core |
|
| — |
|
| 499,897 |
|
| 53,705 |
|
| 2,868,119 |
|
PF Oppenheimer Emerging Markets |
|
| (45,178 | ) |
| 1,372,811 |
|
| — |
|
| 4,362,007 |
|
PF PIMCO Managed Bond |
|
| (184,757 | ) |
| 188,257 |
|
| — |
|
| (871,339 | ) |
PF PIMCO Inflation Managed |
|
| (612,667 | ) |
| (337,355 | ) |
| (4,532 | ) |
| (2,067,755 | ) |
PF Pacific Life Money Market |
|
| (24 | ) |
| 19,649 |
|
| — |
|
| — |
|
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| 2,314 |
|
| 2,508,698 |
|
| 5,693,077 |
|
PF Van Kampen Comstock |
|
| — |
|
| 483,695 |
|
| 877,290 |
|
| 2,983,674 |
|
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| — |
|
| 2,911,859 |
|
| 10,716,579 |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| 270,055 |
|
| 5,599,837 |
|
|
|
(1) | Amount includes appreciation and depreciation on investments, derivatives, and assets and liabilities in foreign currencies. |
The components of the accumulated capital and other losses as of March 31, 2006, are summarized in Note 8.
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, 2006 to qualify as a regulated investment company and is not required to pay Federal income tax under Subchapter 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 (Note 2C). In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
Net capital loss carryovers and post-October capital losses, if any, as of March 31, 2006, 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, 2006, are presented in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Capital |
| Net Capital Loss |
| Post- |
| Post-October |
| Accumulated |
| ||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||
Funds |
|
| 2010 |
| 2011 |
| 2013 |
| 2014 |
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||||||
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 Goldman Sachs Short Duration Bond |
|
| (424,064 | ) |
| — |
|
| — |
|
| (87,029 | ) |
| (337,035 | ) |
| (159,592 | ) |
| — |
|
| (583,656 | ) |
PF Janus Growth LT |
|
| (215,835 | ) |
| — |
|
| (215,835 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| (215,835 | ) |
PF Lazard Mid-Cap Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Lazard International Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (19,233 | ) |
| (19,233 | ) |
PF Loomis Sayles Large-Cap Growth* |
|
| (428,549 | ) |
| (221,245 | ) |
| (207,304 | ) |
| — |
|
| — |
|
| — |
|
| (2,241 | ) |
| (430,790 | ) |
PF MFS International Large-Cap |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (20,747 | ) |
| (20,747 | ) |
PF NB Fasciano Small Equity |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Oppenheimer Main Street Core |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Oppenheimer Emerging Markets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (45,178 | ) |
| (45,178 | ) |
PF PIMCO Managed Bond |
|
| (69,299 | ) |
| — |
|
| — |
|
| — |
|
| (69,299 | ) |
| (42,035 | ) |
| (73,423 | ) |
| (184,757 | ) |
PF PIMCO Inflation Managed |
|
| (207,330 | ) |
| — |
|
| — |
|
| — |
|
| (207,330 | ) |
| (281,833 | ) |
| (123,504 | ) |
| (612,667 | ) |
PF Pacific Life Money Market |
|
| (13 | ) |
| — |
|
| — |
|
| — |
|
| (13 | ) |
| (11 | ) |
| — |
|
| (24 | ) |
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
* | 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. |
F-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investment securities for Federal income tax purposes as of March 31, 2006, are presented in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Total Cost |
| Gross |
| Gross |
| Net |
| ||||
|
|
|
|
| |||||||||
PF Portfolio Optimization Model A |
| $ | 22,854,606 |
| $ | 528,345 |
|
| ($279,298 | ) | $ | 249,047 |
|
PF Portfolio Optimization Model B |
|
| 58,999,358 |
|
| 3,262,850 |
|
| (648,713 | ) |
| 2,614,137 |
|
PF Portfolio Optimization Model C |
|
| 198,243,357 |
|
| 18,402,961 |
|
| (1,866,740 | ) |
| 16,536,221 |
|
PF Portfolio Optimization Model D |
|
| 196,577,693 |
|
| 22,373,318 |
|
| (1,007,208 | ) |
| 21,366,110 |
|
PF Portfolio Optimization Model E |
|
| 72,784,929 |
|
| 10,248,924 |
|
| (24,828 | ) |
| 10,224,096 |
|
PF Goldman Sachs Short Duration Bond |
|
| 44,735,838 |
|
| 4,069 |
|
| (278,982 | ) |
| (274,913 | ) |
PF Janus Growth LT |
|
| 39,103,447 |
|
| 6,263,167 |
|
| (316,804 | ) |
| 5,946,363 |
|
PF Lazard Mid-Cap Value |
|
| 23,022,404 |
|
| 1,981,094 |
|
| (490,846 | ) |
| 1,490,248 |
|
PF Lazard International Value |
|
| 46,894,870 |
|
| 13,615,644 |
|
| (119,195 | ) |
| 13,496,449 |
|
PF Loomis Sayles Large-Cap Growth |
|
| 19,913,225 |
|
| 1,917,312 |
|
| (528,962 | ) |
| 1,388,350 |
|
PF MFS International Large-Cap |
|
| 42,601,761 |
|
| 11,478,103 |
|
| (174,835 | ) |
| 11,303,268 |
|
PF NB Fasciano Small Equity |
|
| 20,664,968 |
|
| 2,945,854 |
|
| (564,090 | ) |
| 2,381,764 |
|
PF Oppenheimer Main Street Core |
|
| 50,720,862 |
|
| 3,536,793 |
|
| (668,674 | ) |
| 2,868,119 |
|
PF Oppenheimer Emerging Markets |
|
| 28,913,209 |
|
| 4,844,578 |
|
| (482,571 | ) |
| 4,362,007 |
|
PF PIMCO Managed Bond |
|
| 82,800,084 |
|
| 273,546 |
|
| (1,254,605 | ) |
| (981,059 | ) |
PF PIMCO Inflation Managed |
|
| 87,033,116 |
|
| 51,304 |
|
| (2,189,763 | ) |
| (2,138,459 | ) |
PF Pacific Life Money Market |
|
| 20,312,436 |
|
| — |
|
| — |
|
| — |
|
PF Salomon Brothers Large-Cap Value |
|
| 30,863,568 |
|
| 5,781,378 |
|
| (88,301 | ) |
| 5,693,077 |
|
PF Van Kampen Comstock |
|
| 61,363,797 |
|
| 3,717,073 |
|
| (733,399 | ) |
| 2,983,674 |
|
PF Van Kampen Mid-Cap Growth |
|
| 32,694,738 |
|
| 11,034,960 |
|
| (318,381 | ) |
| 10,716,579 |
|
PF Van Kampen Real Estate |
|
| 20,101,827 |
|
| 5,627,510 |
|
| (27,673 | ) |
| 5,599,837 |
|
9. RECLASSIFICATION OF ACCOUNTS
During the year ended March 31, 2006 reclassifications, as shown in the following table, have been made in each Fund’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2006. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to the reclassification of foreign currency transactions, non-deductible expenses, treatment of net operating losses, use of tax equalization, and certain differences in the computation of distributable income and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Paid-In |
| Undistributed/ |
| Undistributed/ |
| |||
|
|
|
| |||||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | 35,965 |
|
| ($35,965 | ) |
PF Portfolio Optimization Model B |
|
| — |
|
| 142,680 |
|
| (142,680 | ) |
PF Portfolio Optimization Model C |
|
| 2 |
|
| 597,116 |
|
| (597,118 | ) |
PF Portfolio Optimization Model D |
|
| — |
|
| 879,054 |
|
| (879,054 | ) |
PF Portfolio Optimization Model E |
|
| 2 |
|
| 427,070 |
|
| (427,072 | ) |
PF Goldman Sachs Short Duration Bond |
|
| 1 |
|
| (2 | ) |
| 1 |
|
PF Janus Growth LT |
|
| (97,559 | ) |
| 110,138 |
|
| (12,579 | ) |
PF Lazard Mid-Cap Value |
|
| (24,742 | ) |
| 43,176 |
|
| (18,434 | ) |
PF Lazard International Value |
|
| — |
|
| (149,997 | ) |
| 149,997 |
|
PF Loomis Sayles Large-Cap Growth |
|
| (232,419 | ) |
| 231,017 |
|
| 1,402 |
|
PF MFS International Large-Cap |
|
| 1 |
|
| 152,345 |
|
| (152,346 | ) |
PF NB Fasciano Small Equity |
|
| (123,832 | ) |
| 137,410 |
|
| (13,578 | ) |
PF Oppenheimer Main Street Core |
|
| (39,252 | ) |
| 39,454 |
|
| (202 | ) |
PF Oppenheimer Emerging Markets |
|
| (24,499 | ) |
| (726 | ) |
| 25,225 |
|
PF PIMCO Managed Bond |
|
| 1 |
|
| (169,675 | ) |
| 169,674 |
|
PF PIMCO Inflation Managed |
|
| (341,888 | ) |
| 584,636 |
|
| (242,748 | ) |
PF Pacific Life Money Market |
|
| (367 | ) |
| 376 |
|
| (9 | ) |
PF Salomon Brothers Large-Cap Value |
|
| (1 | ) |
| (19,302 | ) |
| 19,303 |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| — |
|
PF Van Kampen Mid-Cap Growth |
|
| (419,801 | ) |
| 409,008 |
|
| 10,793 |
|
PF Van Kampen Real Estate |
|
| (28,804 | ) |
| 155,401 |
|
| (126,597 | ) |
F-9
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
10. PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of securities (excluding short-term investments and the PF Pacific Life Money Market Fund since it trades exclusively in short-term debt securities) for the year ended March 31, 2006, are summarized in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Securities |
| Other Securities |
| ||||||||
Funds |
| Purchases |
| Sales |
| Purchases |
| Sales |
| ||||
PF Portfolio Optimization Model A |
| $ | — |
| $ | — |
| $ | 14,727,210 |
| $ | 14,952,329 |
|
PF Portfolio Optimization Model B |
|
| — |
|
| — |
|
| 37,946,059 |
|
| 20,321,021 |
|
PF Portfolio Optimization Model C |
|
| — |
|
| — |
|
| 118,955,298 |
|
| 44,627,505 |
|
PF Portfolio Optimization Model D |
|
| — |
|
| — |
|
| 132,047,979 |
|
| 44,648,226 |
|
PF Portfolio Optimization Model E |
|
| — |
|
| — |
|
| 56,898,979 |
|
| 25,424,041 |
|
PF Goldman Sachs Short Duration Bond |
|
| 46,217,890 |
|
| 32,919,422 |
|
| 307,272 |
|
| — |
|
PF Janus Growth LT |
|
| — |
|
| — |
|
| 39,062,121 |
|
| 20,374,380 |
|
PF Lazard Mid-Cap Value |
|
| — |
|
| — |
|
| 28,306,112 |
|
| 32,897,393 |
|
PF Lazard International Value |
|
| — |
|
| — |
|
| 35,501,606 |
|
| 29,026,168 |
|
PF Loomis Sayles Large-Cap Growth |
|
| — |
|
| — |
|
| 55,211,791 |
|
| 81,928,066 |
|
PF MFS International Large-Cap |
|
| — |
|
| — |
|
| 35,804,858 |
|
| 27,223,871 |
|
PF NB Fasciano Small Equity |
|
| — |
|
| — |
|
| 29,906,182 |
|
| 16,896,188 |
|
PF Oppenheimer Main Street Core |
|
| — |
|
| — |
|
| 69,514,705 |
|
| 19,128,027 |
|
PF Oppenheimer Emerging Markets |
|
| — |
|
| — |
|
| 37,741,416 |
|
| 11,269,244 |
|
PF PIMCO Managed Bond |
|
| 320,137,194 |
|
| 284,659,934 |
|
| 8,199,579 |
|
| 6,125,462 |
|
PF PIMCO Inflation Managed |
|
| 147,489,128 |
|
| 111,446,385 |
|
| 1,544,609 |
|
| 809,406 |
|
PF Salomon Brothers Large-Cap Value |
|
| — |
|
| — |
|
| 34,952,786 |
|
| 52,871,532 |
|
PF Van Kampen Comstock |
|
| — |
|
| — |
|
| 44,502,657 |
|
| 8,240,615 |
|
PF Van Kampen Mid-Cap Growth |
|
| — |
|
| — |
|
| 40,489,703 |
|
| 47,343,222 |
|
PF Van Kampen Real Estate |
|
| — |
|
| — |
|
| 7,177,946 |
|
| 1,837,874 |
|
F-10
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. 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 |
| ||||||||||||
|
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 885,426 |
|
| 760,748 |
|
| 1,627,957 |
|
| 1,606,919 |
|
| 4,366,916 |
|
| 4,288,080 |
|
| 4,361,474 |
|
| 3,172,899 |
|
Dividend and distribution reinvested |
|
| 21,363 |
|
| 8,657 |
|
| 42,617 |
|
| 20,905 |
|
| 112,606 |
|
| 38,391 |
|
| 95,303 |
|
| 23,038 |
|
Shares repurchased |
|
| (762,116 | ) |
| (150,358 | ) |
| (972,075 | ) |
| (236,121 | ) |
| (1,355,461 | ) |
| (478,716 | ) |
| (806,023 | ) |
| (390,694 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 144,673 |
|
| 619,047 |
|
| 698,499 |
|
| 1,391,703 |
|
| 3,124,061 |
|
| 3,847,755 |
|
| 3,650,754 |
|
| 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 |
|
| 956,555 |
|
| 811,882 |
|
| 2,602,609 |
|
| 1,904,110 |
|
| 8,227,963 |
|
| 5,103,902 |
|
| 7,777,140 |
|
| 4,126,386 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 96,834 |
|
| 122,633 |
|
| 363,814 |
|
| 435,338 |
|
| 1,226,231 |
|
| 1,347,064 |
|
| 1,372,110 |
|
| 1,208,600 |
|
Dividend and distribution reinvested |
|
| 3,682 |
|
| 1,017 |
|
| 10,942 |
|
| 5,591 |
|
| 31,907 |
|
| 12,538 |
|
| 31,266 |
|
| 7,537 |
|
Shares repurchased |
|
| (56,681 | ) |
| (24,985 | ) |
| (188,951 | ) |
| (87,513 | ) |
| (353,403 | ) |
| (62,962 | ) |
| (249,886 | ) |
| (122,054 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 43,835 |
|
| 98,665 |
|
| 185,805 |
|
| 353,416 |
|
| 904,735 |
|
| 1,296,640 |
|
| 1,153,490 |
|
| 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 |
|
| 186,761 |
|
| 142,926 |
|
| 836,790 |
|
| 650,985 |
|
| 2,753,393 |
|
| 1,848,658 |
|
| 2,936,587 |
|
| 1,783,097 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 847,070 |
|
| 739,419 |
|
| 1,257,672 |
|
| 1,282,504 |
|
| 3,597,268 |
|
| 3,846,241 |
|
| 3,645,475 |
|
| 3,542,271 |
|
Dividend and distribution reinvested |
|
| 19,630 |
|
| 8,956 |
|
| 28,411 |
|
| 13,189 |
|
| 88,500 |
|
| 32,158 |
|
| 81,073 |
|
| 19,330 |
|
Shares repurchased |
|
| (643,389 | ) |
| (238,503 | ) |
| (576,175 | ) |
| (330,590 | ) |
| (969,387 | ) |
| (539,974 | ) |
| (708,630 | ) |
| (283,050 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 223,311 |
|
| 509,872 |
|
| 709,908 |
|
| 965,103 |
|
| 2,716,381 |
|
| 3,338,425 |
|
| 3,017,918 |
|
| 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 |
|
| 1,102,373 |
|
| 879,062 |
|
| 2,203,704 |
|
| 1,493,796 |
|
| 7,721,642 |
|
| 5,005,261 |
|
| 7,556,920 |
|
| 4,539,002 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class R (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 968 |
|
|
|
|
| 28,883 |
|
|
|
|
| 1,106 |
|
|
|
|
| 945 |
|
|
|
|
Dividend and distribution reinvested |
|
| 20 |
|
|
|
|
| 16 |
|
|
|
|
| 13 |
|
|
|
|
| 11 |
|
|
|
|
Shares repurchased |
|
| (1 | ) |
|
|
|
| (2,216 | ) |
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net increase |
|
| 987 |
|
|
|
|
| 26,683 |
|
|
|
|
| 1,119 |
|
|
|
|
| 956 |
|
|
|
|
Beginning shares outstanding |
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Ending shares outstanding |
|
| 987 |
|
|
|
|
| 26,683 |
|
|
|
|
| 1,119 |
|
|
|
|
| 956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
|
| PF Goldman Sachs |
|
| PF Janus Growth |
|
| PF Lazard Mid-Cap |
| ||||||||||||
|
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Period ended |
|
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,777,284 |
|
| 1,147,473 |
|
| 2,355,270 |
|
| 2,350,005 |
|
| 2,394,848 |
|
| 816,345 |
|
| 1,132,097 |
|
| 3,399,452 |
|
Dividend and distribution reinvested |
|
| 35,610 |
|
| 6,900 |
|
| 79,702 |
|
| 27,316 |
|
| — |
|
| — |
|
| 121,770 |
|
| — |
|
Shares repurchased |
|
| (376,012 | ) |
| (270,204 | ) |
| (1,414,937 | ) |
| (139,817 | ) |
| (658,698 | ) |
| (136,216 | ) |
| (1,548,817 | ) |
| (828,702 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 1,436,882 |
|
| 884,169 |
|
| 1,020,035 |
|
| 2,237,504 |
|
| 1,736,150 |
|
| 680,129 |
|
| (294,950 | ) |
| 2,570,750 |
|
Beginning shares outstanding |
|
| 1,696,457 |
|
| 812,288 |
|
| 3,587,081 |
|
| 1,349,577 |
|
| 1,840,550 |
|
| 1,160,421 |
|
| 2,570,750 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding |
|
| 3,133,339 |
|
| 1,696,457 |
|
| 4,607,116 |
|
| 3,587,081 |
|
| 3,576,700 |
|
| 1,840,550 |
|
| 2,275,800 |
|
| 2,570,750 |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
| |
(2) | Operations commenced on December 31, 2004. |
F-11
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Portfolio Optimization |
|
| PF Goldman Sachs |
|
| PF Janus Growth |
|
| PF Lazard Mid-Cap |
| ||||||||||||
|
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Period ended |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 594,230 |
|
| 377,653 |
|
| 3,277 |
|
| 1,310 |
|
| 6,749 |
|
| 10,346 |
|
| 3,658 |
|
| 3,348 |
|
Dividend and distribution reinvested |
|
| 8,342 |
|
| 1,320 |
|
| 37 |
|
| 7 |
|
| — |
|
| — |
|
| 290 |
|
| — |
|
Shares repurchased |
|
| (142,681 | ) |
| (48,504 | ) |
| (2,525 | ) |
| (1,006 | ) |
| (7,912 | ) |
| (3,412 | ) |
| (1,224 | ) |
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 459,891 |
|
| 330,469 |
|
| 789 |
|
| 311 |
|
| (1,163 | ) |
| 6,934 |
|
| 2,724 |
|
| 3,348 |
|
Beginning shares outstanding |
|
| 569,731 |
|
| 239,262 |
|
| 1,312 |
|
| 1,001 |
|
| 35,516 |
|
| 28,582 |
|
| 3,348 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 1,029,622 |
|
| 569,731 |
|
| 2,101 |
|
| 1,312 |
|
| 34,353 |
|
| 35,516 |
|
| 6,072 |
|
| 3,348 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,710,940 |
|
| 1,415,830 |
|
| 40,587 |
|
| 69,913 |
|
| 107,126 |
|
| 32,637 |
|
| 14,242 |
|
| 7,430 |
|
Dividend and distribution reinvested |
|
| 22,473 |
|
| 3,915 |
|
| 804 |
|
| 243 |
|
| — |
|
| — |
|
| 673 |
|
| — |
|
Shares repurchased |
|
| (907,226 | ) |
| (567,283 | ) |
| (39,847 | ) |
| (17,475 | ) |
| (77,577 | ) |
| (26,691 | ) |
| (10,154 | ) |
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 826,187 |
|
| 852,462 |
|
| 1,544 |
|
| 52,681 |
|
| 29,549 |
|
| 5,946 |
|
| 4,761 |
|
| 7,430 |
|
Beginning shares outstanding |
|
| 1,634,036 |
|
| 781,574 |
|
| 58,865 |
|
| 6,184 |
|
| 45,140 |
|
| 39,194 |
|
| 7,430 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 2,460,223 |
|
| 1,634,036 |
|
| 60,409 |
|
| 58,865 |
|
| 74,689 |
|
| 45,140 |
|
| 12,191 |
|
| 7,430 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class R (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and distribution reinvested |
|
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net increase |
|
| 882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Ending shares outstanding |
|
| 882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Lazard |
|
| PF Loomis Sayles |
|
| PF MFS International |
|
| PF NB Fasciano Small |
| ||||||||||||
|
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,918,744 |
|
| 2,240,190 |
|
| 1,063,228 |
|
| 2,383,955 |
|
| 1,562,089 |
|
| 1,735,922 |
|
| 1,444,000 |
|
| 603,513 |
|
Dividend and distribution reinvested |
|
| 64,399 |
|
| 42,278 |
|
| — |
|
| — |
|
| 60,347 |
|
| 34,206 |
|
| 153,201 |
|
| 21,390 |
|
Shares repurchased |
|
| (2,058,171 | ) |
| (121,364 | ) |
| (3,729,244 | ) |
| (229,830 | ) |
| (1,186,840 | ) |
| (116,254 | ) |
| (43,156 | ) |
| (755,128 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| (75,028 | ) |
| 2,161,104 |
|
| (2,666,016 | ) |
| 2,154,125 |
|
| 435,596 |
|
| 1,653,874 |
|
| 1,554,045 |
|
| (130,225 | ) |
Beginning shares outstanding |
|
| 3,843,533 |
|
| 1,682,429 |
|
| 4,450,661 |
|
| 2,296,536 |
|
| 2,977,059 |
|
| 1,323,185 |
|
| 604,246 |
|
| 734,471 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 3,768,505 |
|
| 3,843,533 |
|
| 1,784,645 |
|
| 4,450,661 |
|
| 3,412,655 |
|
| 2,977,059 |
|
| 2,158,291 |
|
| 604,246 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 9,839 |
|
| 11,788 |
|
| 12,711 |
|
| 10,794 |
|
| 8,423 |
|
| 10,843 |
|
| 11,955 |
|
| 6,032 |
|
Dividend and distribution reinvested |
|
| 349 |
|
| 392 |
|
| — |
|
| — |
|
| 447 |
|
| 354 |
|
| 5,357 |
|
| 593 |
|
Shares repurchased |
|
| (16,336 | ) |
| (5,235 | ) |
| (9,488 | ) |
| (7,398 | ) |
| (11,069 | ) |
| (3,289 | ) |
| (2,934 | ) |
| (5,616 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| (6,148 | ) |
| 6,945 |
|
| 3,223 |
|
| 3,396 |
|
| (2,199 | ) |
| 7,908 |
|
| 14,378 |
|
| 1,009 |
|
Beginning shares outstanding |
|
| 34,540 |
|
| 27,595 |
|
| 52,699 |
|
| 49,303 |
|
| 30,991 |
|
| 23,083 |
|
| 24,431 |
|
| 23,422 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 28,392 |
|
| 34,540 |
|
| 55,922 |
|
| 52,699 |
|
| 28,792 |
|
| 30,991 |
|
| 38,809 |
|
| 24,431 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 34,299 |
|
| 47,663 |
|
| 44,754 |
|
| 70,457 |
|
| 26,568 |
|
| 34,757 |
|
| 8,092 |
|
| 27,832 |
|
Dividend and distribution reinvested |
|
| 1,409 |
|
| 1,224 |
|
| — |
|
| — |
|
| 880 |
|
| 446 |
|
| 10,234 |
|
| 1,156 |
|
Shares repurchased |
|
| (25,891 | ) |
| (22,240 | ) |
| (25,957 | ) |
| (41,601 | ) |
| (15,296 | ) |
| (7,565 | ) |
| (19,570 | ) |
| (10,169 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 9,817 |
|
| 26,647 |
|
| 18,797 |
|
| 28,856 |
|
| 12,152 |
|
| 27,638 |
|
| (1,244 | ) |
| 18,819 |
|
Beginning shares outstanding |
|
| 93,232 |
|
| 66,585 |
|
| 137,177 |
|
| 108,321 |
|
| 47,006 |
|
| 19,368 |
|
| 50,357 |
|
| 31,538 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 103,049 |
|
| 93,232 |
|
| 155,974 |
|
| 137,177 |
|
| 59,158 |
|
| 47,006 |
|
| 49,113 |
|
| 50,357 |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on December 31, 2004. |
| |
(2) | Operations commenced on September 30, 2005. |
| |
(3) | On January 1, 2006, the PF AIM Blue Chip Fund changed its name to PF Loomis Sayles Large-Cap Growth Fund. |
| |
(4) | On October 1, 2005, the PF AIM Aggressive Growth Fund changed its name to PF Fasciano Small Equity Fund. |
F-12
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Oppenheimer |
|
| PF Oppenheimer |
|
| PF PIMCO |
|
| PF PIMCO |
|
| PF Pacific Life |
| |||||||||
|
|
| Period ended |
|
| Period ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
|
|
| 3/31/2006 |
|
| 3/31/2006 |
|
| 3/31/2006 |
|
| 3/31/2005 |
|
| 3/31/2006 |
|
| 3/31/2005 |
|
| 3/31/2006 |
|
| 3/31/2005 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 5,972,403 |
|
| 2,771,483 |
|
| 3,383,468 |
|
| 2,494,435 |
|
| 4,059,745 |
|
| 2,153,906 |
|
| 24,759,184 |
|
| 16,732,058 |
|
Dividend and distribution reinvested |
|
| 7,279 |
|
| 21,372 |
|
| 146,352 |
|
| 139,591 |
|
| 230,857 |
|
| 125,607 |
|
| 576,288 |
|
| 142,409 |
|
Shares repurchased |
|
| (927,460 | ) |
| (3,338 | ) |
| (876,919 | ) |
| (286,308 | ) |
| (1,146,399 | ) |
| (298,021 | ) |
| (30,404,735 | ) |
| (9,160,559 | ) |
Converted from Class B and C shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,021,733 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 5,052,222 |
|
| 2,789,517 |
|
| 2,652,901 |
|
| 2,347,718 |
|
| 3,144,203 |
|
| 1,981,492 |
|
| (3,047,530 | ) |
| 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 |
|
| 5,052,222 |
|
| 2,789,517 |
|
| 6,895,086 |
|
| 4,242,185 |
|
| 6,613,457 |
|
| 3,469,254 |
|
| 19,294,569 |
|
| 22,342,099 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
|
|
|
|
| 11,532 |
|
| 41,984 |
|
| 45,501 |
|
| 56,939 |
|
| 189,675 |
|
| 881,811 |
|
Dividend and distribution reinvested |
|
|
|
|
|
|
|
| 2,241 |
|
| 4,101 |
|
| 5,397 |
|
| 4,378 |
|
| 4,086 |
|
| 1,999 |
|
Shares repurchased |
|
|
|
|
|
|
|
| (21,838 | ) |
| (25,835 | ) |
| (24,440 | ) |
| (10,605 | ) |
| (82,618 | ) |
| (955,312 | ) |
Converted to Class A shares |
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (783,748 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) |
|
|
|
|
|
|
|
| (8,065 | ) |
| 20,250 |
|
| 26,458 |
|
| 50,712 |
|
| (672,605 | ) |
| (71,502 | ) |
Beginning shares outstanding |
|
|
|
|
|
|
|
| 113,407 |
|
| 93,157 |
|
| 114,734 |
|
| 64,022 |
|
| 672,605 |
|
| 744,107 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ending shares outstanding |
|
|
|
|
|
|
|
| 105,342 |
|
| 113,407 |
|
| 141,192 |
|
| 114,734 |
|
| — |
|
| 672,605 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
|
|
|
|
|
| 99,730 |
|
| 110,257 |
|
| 155,194 |
|
| 388,901 |
|
| 2,003,182 |
|
| 8,159,389 |
|
Dividend and distribution reinvested |
|
|
|
|
|
|
|
| 4,421 |
|
| 9,351 |
|
| 17,224 |
|
| 26,465 |
|
| 9,277 |
|
| 6,780 |
|
Shares repurchased |
|
|
|
|
|
|
|
| (130,230 | ) |
| (106,513 | ) |
| (298,792 | ) |
| (245,048 | ) |
| (4,032,847 | ) |
| (5,864,157 | ) |
Converted to Class A shares |
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1,237,985 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) |
|
|
|
|
|
|
|
| (26,079 | ) |
| 13,095 |
|
| (126,374 | ) |
| 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 |
|
|
|
|
|
|
|
| 208,701 |
|
| 234,780 |
|
| 417,220 |
|
| 543,594 |
|
| — |
|
| 3,258,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PF Salomon Brothers |
|
| PF Van Kampen |
|
| PF Van Kampen |
|
| PF Van Kampen |
| ||||||||||||
|
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Year ended |
|
| Period ended |
|
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,753,040 |
|
| 2,382,828 |
|
| 3,608,114 |
|
| 844,873 |
|
| 910,063 |
|
| 2,086,147 |
|
| 497,818 |
|
| 1,983,219 |
|
Dividend and distribution reinvested |
|
| 9,102 |
|
| 17,416 |
|
| 145,079 |
|
| 5,994 |
|
| — |
|
| — |
|
| 40,767 |
|
| 2,410 |
|
Shares repurchased |
|
| (3,504,272 | ) |
| (253,331 | ) |
| (751,477 | ) |
| (71,349 | ) |
| (1,611,772 | ) |
| (252,296 | ) |
| (31,349 | ) |
| (510,258 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| (1,742,130 | ) |
| 2,146,913 |
|
| 3,001,716 |
|
| 779,518 |
|
| (701,709 | ) |
| 1,833,851 |
|
| 507,236 |
|
| 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 |
|
| 2,718,894 |
|
| 4,461,024 |
|
| 4,831,519 |
|
| 1,829,803 |
|
| 3,427,275 |
|
| 4,128,984 |
|
| 1,982,607 |
|
| 1,475,371 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 8,868 |
|
| 13,679 |
|
| 12,799 |
|
| 11,674 |
|
| 21,218 |
|
| 20,939 |
|
| 9,142 |
|
| 1,853 |
|
Dividend and distribution reinvested |
|
| 76 |
|
| — |
|
| 1,504 |
|
| — |
|
| — |
|
| — |
|
| 128 |
|
| 1 |
|
Shares repurchased |
|
| (8,228 | ) |
| (19,950 | ) |
| (3,772 | ) |
| (20,773 | ) |
| (14,229 | ) |
| (8,764 | ) |
| (3,606 | ) |
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 716 |
|
| (6,271 | ) |
| 10,531 |
|
| (9,099 | ) |
| 6,989 |
|
| 12,175 |
|
| 5,664 |
|
| 1,854 |
|
Beginning shares outstanding |
|
| 45,046 |
|
| 51,317 |
|
| 31,236 |
|
| 40,335 |
|
| 75,760 |
|
| 63,585 |
|
| 1,854 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 45,762 |
|
| 45,046 |
|
| 41,767 |
|
| 31,236 |
|
| 82,749 |
|
| 75,760 |
|
| 7,518 |
|
| 1,854 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 18,566 |
|
| 61,355 |
|
| 40,851 |
|
| 58,452 |
|
| 85,413 |
|
| 62,090 |
|
| 7,560 |
|
| 3,413 |
|
Dividend and distribution reinvested |
|
| 177 |
|
| — |
|
| 3,362 |
|
| 37 |
|
| — |
|
| — |
|
| 148 |
|
| 4 |
|
Shares repurchased |
|
| (28,370 | ) |
| (41,717 | ) |
| (40,749 | ) |
| (8,361 | ) |
| (33,489 | ) |
| (19,502 | ) |
| (2,228 | ) |
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| (9,627 | ) |
| 19,638 |
|
| 3,464 |
|
| 50,128 |
|
| 51,924 |
|
| 42,588 |
|
| 5,480 |
|
| 3,417 |
|
Beginning shares outstanding |
|
| 137,767 |
|
| 118,129 |
|
| 70,264 |
|
| 20,136 |
|
| 163,433 |
|
| 120,845 |
|
| 3,417 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 128,140 |
|
| 137,767 |
|
| 73,728 |
|
| 70,264 |
|
| 215,357 |
|
| 163,433 |
|
| 8,897 |
|
| 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. |
F-13
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2006, Pacific Life owned the following percentage of the total (aggregate of Classes A, B, and C) shares outstanding of each of the Funds:
|
|
|
|
|
PF NB Fasciano Small Equity (formerly named PF AIM Aggressive Growth Fund) |
|
| 27.7 | % |
| ||||
PF Oppenheimer Emerging Markets |
|
| 27.1 | % |
| ||||
PF Pacific Life Money Market |
|
| 0.1 | % |
| ||||
PF Van Kampen Real Estate |
|
| 20.5 | % |
As of March 31, 2006, 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 Goldman Sachs Short Duration Bond |
| 14.22 | % |
| 22.67 | % |
| 42.16 | % |
| 18.92 | % |
| N/A |
|
|
PF Janus Growth LT |
| N/A |
|
| 4.14 | % |
| 23.85 | % |
| 38.69 | % |
| 25.64 | % |
|
PF Lazard Mid-Cap Value |
| 1.91 | % |
| 7.69 | % |
| 26.60 | % |
| 44.96 | % |
| 17.01 | % |
|
PF Lazard International Value |
| 1.23 | % |
| 7.66 | % |
| 29.40 | % |
| 37.41 | % |
| 17.50 | % |
|
PF Loomis Sayles Large-Cap Growth |
| 2.11 | % |
| 8.39 | % |
| 29.27 | % |
| 39.67 | % |
| N/A |
|
|
PF MFS International Large-Cap |
| 1.39 | % |
| 7.34 | % |
| 28.10 | % |
| 36.59 | % |
| 21.10 | % |
|
PF NB Fasciano Small Equity |
| N/A |
|
| N/A |
|
| 17.44 | % |
| 26.63 | % |
| 20.24 | % |
|
PF Oppenheimer Main Street Core |
| 2.63 | % |
| 8.13 | % |
| 28.02 | % |
| 44.44 | % |
| 16.78 | % |
|
PF Oppenheimer Emerging Markets |
| N/A |
|
| N/A |
|
| 26.41 | % |
| 31.94 | % |
| 14.55 | % |
|
PF PIMCO Managed Bond |
| 7.93 | % |
| 15.93 | % |
| 41.13 | % |
| 20.78 | % |
| 2.24 | % |
|
PF PIMCO Inflation Managed |
| 4.69 | % |
| 11.59 | % |
| 34.90 | % |
| 20.60 | % |
| N/A |
|
|
PF Pacific Life Money Market |
| 10.82 | % |
| 22.15 | % |
| 22.19 | % |
| N/A |
|
| N/A |
|
|
PF Salomon Brothers Large-Cap Value |
| 1.92 | % |
| 5.14 | % |
| 29.41 | % |
| 29.72 | % |
| 15.71 | % |
|
PF Van Kampen Comstock |
| 1.47 | % |
| 7.74 | % |
| 33.52 | % |
| 37.16 | % |
| 14.01 | % |
|
PF Van Kampen Mid-Cap Growth |
| N/A |
|
| 4.45 | % |
| 30.26 | % |
| 35.87 | % |
| 13.61 | % |
|
PF Van Kampen Real Estate |
| N/A |
|
| N/A |
|
| 26.04 | % |
| 34.85 | % |
| 16.41 | % |
|
12. 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, Pacific Funds enters 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.
F-14
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. TAX INFORMATION (Unaudited)
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) for each of the Funds that qualify for the dividends-received deductions for the period of January 1, 2005 to December 31, 2005 is as follows:
|
|
|
| |
Funds |
| Percentage |
| |
|
| |||
PF Portfolio Optimization Model A |
| 3.54 | % |
|
PF Portfolio Optimization Model B |
| 7.29 | % |
|
PF Portfolio Optimization Model C |
| 10.01 | % |
|
PF Portfolio Optimization Model D |
| 15.46 | % |
|
PF Portfolio Optimization Model E |
| 21.58 | % |
|
PF Lazard Mid-Cap Value |
| 24.71 | % |
|
PF NB Fasciano Small Equity |
| 20.26 | % |
|
PF Oppenheimer Main Street Core |
| 93.16 | % |
|
PF Salomon Brothers Large-Cap Value |
| 100.00 | % |
|
PF Van Kampen Comstock |
| 100.00 | % |
|
The following Funds designated the listed amounts as distributable long-term capital gains during the year ended March 31, 2006. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.
|
|
|
|
|
Funds |
| Amount |
| |
|
| |||
PF Portfolio Optimization Model A |
| $ | 134,000 |
|
PF Portfolio Optimization Model B |
|
| 771,606 |
|
PF Portfolio Optimization Model C |
|
| 2,563,454 |
|
PF Portfolio Optimization Model D |
|
| 2,548,168 |
|
PF Portfolio Optimization Model E |
|
| 1,608,114 |
|
PF Lazard Mid-Cap Value |
|
| 402,919 |
|
PF Lazard International Value |
|
| 2,282,273 |
|
PF Loomis Sayles Large-Cap Growth |
|
| 2,089,600 |
|
PF MFS International Large-Cap |
|
| 2,231,261 |
|
PF NB Fasciano Small Equity |
|
| 1,550,709 |
|
PF Oppenheimer Main Street Core |
|
| 53,705 |
|
PF Salomon Brothers Large-Cap Value |
|
| 2,517,641 |
|
PF Van Kampen Comstock |
|
| 1,678,244 |
|
PF Van Kampen Mid-Cap Growth |
|
| 2,911,859 |
|
PF Van Kampen Real Estate |
|
| 368,731 |
|
F-15
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To The Board of Trustees and Shareholders of
Pacific Funds:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Pacific Funds comprised of the Portfolio Optimization Funds (PF Optimization Model A, PF Optimization Model B, PF Optimization Model C, PF Optimization Model D, and PF Optimization Model E) (collectively the “Portfolio Optimization Funds”), and the PF Goldman Sachs Short Duration Bond, PF Janus Growth LT, PF Lazard Mid-Cap Value, PF Lazard International Value, PF Loomis Sayles Large-Cap Growth (formerly named PF AIM Blue Chip), PF MFS International Large-Cap, PF NB Fasciano Small Equity (formerly named PF AIM Aggressive Growth), 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 Funds (collectively the “Funds”) as of March 31, 2006, the related statements of operations for the year then ended (as to the PF Oppenheimer Main Street® Core and the PF Oppenheimer Emerging Markets Funds, for the period from commencement of operations through March 31, 2006), the statements of changes in net assets for each of the two years in the period then ended (as to the PF Lazard Mid-Cap Value and the PF Van Kampen Real Estate Funds, for the year ended March 31, 2006 and for the period from commencement of operations through March 31, 2005, and as to the PF Oppenheimer Main Street® Core and the PF Oppenheimer Emerging Markets Funds, for the period from commencement of operations through March 31, 2006), and the financial highlights for each of the periods from commencement of operations through March 31, 2006. These financial statements and financial highlights are the responsibility of the Pacific Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Funds for the years or periods ended March 31, 2002 and 2003 were audited by other auditors with reports dated May 16, 2002 and May 2, 2003, respectively, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Pacific Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Pacific Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2006, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned Portfolio Optimization Funds and Funds, constituting the Pacific Funds, as of March 31, 2006, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America.
Philadelphia, PA
May 23, 2006
F-16
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 Principal Occupation(s) |
| Number of |
|
|
| ||||
INDEPENDENT TRUSTEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Frederick L. Blackmon |
| Trustee since 9/13/05 |
| Trustee of Pacific Select Fund (1/05 to present); Director of Trustmark Insurance Company (2005 to present); Former Executive Vice President (EVP) and Chief Financial Officer (CFO) (1995 to 2003) of Zurich Life and has been retired since that time; EVP and CFO (1989 to 1995) of Alexander Hamilton Life Insurance Company (subsidiary of Household International); Former member, Board of Regents (1993 to 1996), Eastern Michigan University; and Former member, Board of Governors (1994 to 1999), of Cranbrook Schools. |
| 55 |
|
|
|
|
|
|
|
Gale K. Caruso |
| Trustee since 1/01/06 |
| Trustee of Pacific Select Fund (1/06 to present); Former President and CEO of Zurich Life (1999 to 2003); Former Chairman, President and CEO of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; Member of the Board of Directors of LandAmerica Financial Group; Member of the Advisory Council of the Trust for Public Land in Maine; Member of Editorial Advisory Board for The Journal of Risk Finance; Member of the Board of Directors of Make-A-Wish of Maine; and Former Member, Board of Directors of the Illinois Life Insurance Council. |
| 55 |
|
|
|
|
|
|
|
Lucie H. Moore |
| Trustee since 6/13/01 |
| Trustee of Pacific Select Fund (10/98 to present); 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; and Former Partner (1994) with Gibson, Dunn & Crutcher (Law). |
| 55 |
|
|
|
|
|
|
|
Nooruddin (Rudy) S. Veerjee |
| Trustee since 9/13/05 |
| Trustee of Pacific Select Fund (1/05 to present); Former President (1997 to 2000) of Transamerica Insurance & Investment Group and has been retired since that time; Former President (1994 to 1997) of Transamerica Asset Management; Former Chairman and Chief Executive Officer (1995 to 2000) of Transamerica Premier Funds (Mutual Fund); and Former Director (1994 to 2000) of various Transamerica Life Companies. |
| 55 |
|
|
|
|
|
|
|
G. Thomas Willis |
| Trustee since 2/24/04 |
| Trustee of Pacific Select Fund (11/03 to present); Certified Public Accountant in California (1967 to present); Audit Partner (1976 to 2002) of PricewaterhouseCoopers LLP (Accounting and Auditing) and has been retired since that time. |
| 55 |
G-1
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and Principal Occupation(s) |
| Number of |
|
|
| ||||
INTERESTED PERSONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas C. Sutton |
| Chief Executive Officer since 11/14/05 and Chairman of the Board and Trustee since 6/13/01 |
| Chairman of the Board, Director and Chief Executive Officer (8/97 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Chairman of the Board and Chief Executive Officer (1/90 to present), and Director (9/87 to present) of Pacific Life, and similar positions with other subsidiaries and affiliates of Pacific Life; Chief Executive Officer (11/05 to present), Chairman of the Board and Trustee (7/87 to present) of Pacific Select Fund; Director of The Irvine Company (Real Estate); Director of Edison International (Utilities); and Former Director of Newhall Land & Farming (2004). |
| 55 |
|
|
|
|
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|
James T. Morris |
| President since 11/14/05 (Executive Vice President 6/05 to 11/05) |
| Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06) and Executive Vice President (1/02 to 1/06), Senior Vice President (4/96 to 1/02), and Vice President (4/90 to 4/96) of Pacific Life; Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06) and Executive Vice President (1/02 to 1/06), and Senior Vice President (8/99 to 1/02) of Pacific Life & Annuity Company (PL&A); Chief Operating Officer (1/06 to present), and Chief Insurance Officer and Executive Vice President (7/05 to 1/06) of Pacific Mutual Holding Company and Pacific LifeCorp; and President (11/05 to present) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund. |
| 55 |
|
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|
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|
Robin S. Yonis |
| Vice President and General Counsel since 6/13/01 |
| Vice President (4/04 to present) and Investment Counsel of Pacific Life and PL&A; Assistant Vice President (11/93 to 4/04) and Investment Counsel of Pacific Life; Assistant Vice President (8/99 to 4/04) and Investment Counsel of PL&A; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
|
|
|
Brian D. Klemens |
| Vice President and Treasurer since 6/13/01 |
| Vice President and Treasurer (12/98 to present) of Pacific Life; Vice President and Treasurer (6/99 to present) of Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; and Vice President and Treasurer (4/96 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
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|
|
Sharon E. Pacheco |
| Vice President and Chief Compliance Officer since 6/4/04 |
| Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present ), and Assistant Vice President (11/97 to 2/00) of Pacific Life; Vice President (4/00 to present) and Chief Compliance Officer (1/03 to present), and Assistant Vice President (8/99 to 4/00) of PL&A; Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund. |
| 55 |
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|
Eddie Tung |
| Vice President and Assistant Treasurer since 11/14/05 |
| Assistant Vice President (4/03 to present) and Director (4/00 to 4/03) of Variable Products Accounting, Pacific Life; and Assistant Vice President and Assistant Treasurer (11/05 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
|
|
|
Laurene E. MacElwee |
| Vice President and Assistant |
| Assistant Vice President (4/02 to present) and Director (4/00 to 4/02) of Variable Products & Fund Compliance, Pacific Life; and Assistant Vice President and Assistant Secretary (4/05 to present) of Pacific Select Fund. |
| 55 |
|
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|
G-2
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
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|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and Principal Occupation(s) |
| Number of |
|
|
| ||||
INTERESTED PERSONS |
|
|
|
|
|
|
Katayoun Mobedshahi |
| Vice President and Assistant Secretary since 4/04/05 |
| Assistant Vice President and Investment Counsel (2/05 to present) of Pacific Life; Associate (5/03 to 2/05), Stradley Ronon Stevens & Young, LLP; Senior Counsel (4/01 to 5/03), Securities & Exchange Commission; and Assistant Vice President and Assistant Secretary (4/05 to present) of Pacific Select Fund. |
| 55 |
|
|
|
|
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|
|
Audrey L. Milfs |
| Secretary since 6/13/01 |
| Vice President and Secretary (8/97 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (8/97 to present), Vice President (4/91 to present), and Secretary (7/83 to present) of Pacific Life, and similar positions with other subsidiaries of Pacific Life; and Secretary (7/87 to present) of Pacific Select Fund. |
| 55 |
|
|
* | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. |
|
|
** | As of March 31, 2006, the “Fund Complex” consisted of Pacific Select Fund (34 portfolios) and Pacific Funds (21 funds). |
G-3
PACIFIC FUNDS
SPECIAL MEETING OF SHAREHOLDERS
(Unaudited)
In accordance with Rule 30e-1(b), under the Investment Company Act of 1940, Pacific Funds (the “Trust”) is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders during the period covered by this report.
Shareholders of record on October 14, 2005 representing 114,392,588.54 shares of the Trust were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the office of the Trust on December 9, 2005. The necessary quorum and passing requirements were satisfied and both proposals passed. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:
Proposal #1 for all shareholders of Pacific Funds:
To elect four nominees to the Trust’s Board of Trustees. (1)
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| ||||
|
| Votes For |
| Votes Withheld |
| Total |
| Total |
| ||||
|
|
|
|
|
| ||||||||
|
| Number |
| Percent (2) |
| Number |
| Percent (2) |
|
|
| ||
|
|
|
|
|
|
|
| ||||||
Frederick L. Blackmon |
| 79,345,216.97 |
| 98.93% |
| 858,910.07 |
| 1.07% |
| 80,204,127.04 |
| 114,392,588.54 |
|
Gale K. Caruso |
| 79,315,322.95 |
| 98.89% |
| 888,804.09 |
| 1.11% |
| 80,204,127.04 |
| 114,392,588.54 |
|
Nooruddin (Rudy) S. Veerjee |
| 79,218,527.94 |
| 98.77% |
| 985,599.10 |
| 1.23% |
| 80,204,127.04 |
| 114,392,588.54 |
|
G. Thomas Willis |
| 79,336,609.59 |
| 98.92% |
| 867,517.45 |
| 1.08% |
| 80,204,127.04 |
| 114,392,588.54 |
|
Proposal #2 for all shareholders of the PF Janus Growth LT Fund of Pacific Funds:
To change the investment goal of the PF Janus Growth LT Fund to seek long-term growth of capital.
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| Votes For |
| Votes Against |
| Abstentions (3) |
| Total |
| Total |
| ||||||
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|
|
|
|
|
| |||||||||||
|
| Number |
| Percent (2) |
| Number |
| Percent (2) |
| Number |
| Percent (2) |
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| ||
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| ||||||||
PF Janus Growth LT Fund |
| 2,120,988.62 |
| 96.21% |
| 13,656.95 |
| 0.62% |
| 69,981.00 |
| 3.17% |
| 2,204,626.57 |
| 2,334,659.25 |
|
|
|
(1) | Lucy H. Moore and Thomas C. Sutton continue to serve as trustees and were not required to be presented for election. |
|
|
(2) | Based on total outstanding shares voted. |
|
|
(3) | The information presented includes broker non-votes. |
G-4
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
The Board of Trustees (the “Trustees” or “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 Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves the first two-year term, and thereafter determines annually whether to renew, the Investment Advisory Agreement (the “Advisory Agreement”) with Pacific Life Insurance Company (“Pacific Life”) 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. For the other Funds, Pacific Life has retained other firms to serve as Fund Managers under Pacific Life’s supervision. The Board, including all of the independent Trustees (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on November 14, 2005. At an in-person meeting on January 10, 2006, the Board, including all the Independent Trustees, approved a new Fund Management Agreement effective May 1, 2006 with respect to the PF Lazard International Value Fund (the “PF AllianceBernstein International Value Fund” as of May 1, 2006).
At these meetings, the Board considered information provided to assist them in their review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written responses from Pacific Life and each Fund Manager to questions posed to them on behalf of the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received in-person presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. 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, including reports on Fund performance, compliance, fee comparisons, and other services provided to the Funds by Pacific Life and the Fund Managers. The Board also reviewed financial and profitability information regarding Pacific Life and the Fund Managers, and descriptions of various functions such as compliance monitoring and fund trading practices, and information about the personnel providing investment management and administrative services to each Fund. Additionally, with respect to the meeting on November 14, 2005, counsel to the Independent Trustees provided a memorandum indicating counsel had not identified any issues or omissions in the materials counsel believed would materially affect the Trustees’ assessment of Pacific Life’s and the Fund Managers’ performance, organization, skills, and qualifications to manage public money. The Board reviewed performance and fee data for all of the Funds.
The approval determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the foregoing materials and in considering the information in the management presentations, the Independent Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. 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. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements in light of the legal advice furnished to them by independent legal counsel and their own business judgment. This discussion is not intended to be all-inclusive.
Annual Consideration and Approval of Investment Advisory and Fund Management Agreements
In evaluating the Advisory Agreement and each Fund Management Agreement, the Board, including the Independent Trustees, considered the following factors, among others:
1. Nature, Extent and Quality of Services
Pacific Life, its personnel and its resources. The Trustees considered the depth and quality of Pacific Life’s investment management process, including its sophisticated monitoring and oversight of the Fund Managers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees discussed the high quality of the products and services provided by Pacific Life, such as the many educational services and tools to assist intermediaries in effectively understanding and meeting shareholder needs, and the back-up support that is directly accessible by shareholders. The Trustees also considered that Pacific Life makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and Fund accounting. The Trustees further considered Pacific Life’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.
The Trustees considered Pacific Life’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to those programs; its efforts to keep the Trustees informed; and its attention to matters that may involve conflicts of interest with each Fund. In this regard, the Board reviews information throughout the year on Pacific Life’s compliance policies and procedures, its compliance history, and reports from the Trust’s Chief Compliance Officer (“CCO”) on Pacific Life’s compliance with applicable laws and regulations. The Board additionally reviews information on Pacific Life’s responses to regulatory developments and compliance issues raised by regulators throughout the year. Also, the Trustees noted in particular that Pacific Life appeared to have implemented very effective controls and monitoring of investment style consistency by Fund Managers.
G-5
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
The Fund Managers. The Trustees considered various materials relating to the Fund Managers, including copies of each existing Fund Management Agreement; copies of the Form ADV for each Fund Manager; financial information relating to each Fund Manager; and other information deemed relevant to the Board’s evaluation of each Fund Manager, including qualitative assessments provided verbally by senior management of Pacific Life.
The Board considered the benefits to shareholders of retaining each Fund Manager and continuing the Fund Management Agreements particularly in light of the nature, extent, and quality of the services to be provided by the Fund Managers. The Board considered the quality of the management services which have benefited and should continue to benefit the Funds and their shareholders, the organizational depth and resources of the Fund Managers, including the background and experience of each of the Fund Manager’s management and the expertise of each Fund Manager’s Fund management team, as well as the investment methodology to be used by the Fund Manager. The Board also considered that the CCO had previously reviewed each Fund Manager’s compliance policies and procedures, including the assessment of each Fund Manager’s compliance program as required under Rule 38a-1 of the 1940 Act and each Fund Manager’s code of ethics. The Board also considered that each Fund Manager agreed to cooperate with the CCO in reviewing its compliance operations.
In making its assessments, the Board considered that Pacific Life has historically exercised diligence in monitoring the performance of the 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.
The Board concluded that the nature, extent and quality of the investment management services provided by Pacific Life and the Fund Managers have benefited and should continue to benefit each respective Fund and its shareholders.
2. Investment Results
The Board first considered the investment results of each Fund of the Trust in light of its objective. The Trustees compared each Fund’s total returns with the total returns of appropriate groups of peer funds based on information provided by Pacific Life using a third-party service, as well as, one or more relevant benchmark indices. The Trustees noted that while several of the Funds with at least three years’ of performance information had investment results above the median of their respective peer group funds and above their respective benchmark indices, several others had not performed as well. The Board discussed possible action to address the performance of those Funds, including possible changes in Fund Managers depending in part on recommendations by Pacific Life as the investment adviser. In this connection, the Board noted that the Board had replaced certain of the Fund Managers in connection with performance issues. The Board also reviewed and discussed the performance of Funds with shorter performance records.
The Board also reviewed the detailed monitoring of Fund Managers’ investment results by Pacific Life, including Pacific Life’s policy of recommending to the Board the use of a new manager if performance lagged and could not be improved within a reasonable timeframe. The Board noted that many of the best independent investment advisers consistently compete to be considered to provide fund management services for the Funds. Generally, the Board noted that there is an excellent record of well managed Funds that work well in the Portfolio Optimization Funds, which are asset allocation funds, and that the Funds continue to deliver the investment style as disclosed to shareholders.
Ultimately the Board concluded that Pacific Life has a strong record of effectively managing a multi-manager fund group designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that Pacific Life was implementing each Fund’s investment objective either directly or through the selection of Fund Managers and that Pacific Life’s record in managing each Fund indicates that its continued management as well as the continuation of the respective Fund Management Agreements will benefit each Fund and its shareholders.
3. Advisory Fees and Total Expense Ratios
The Trustees reviewed the advisory fees and total expense ratios of each Fund and compared such amounts with the average fee and expense levels of other funds in applicable peer fund groups. In this regard, the Board requested and reviewed information from Pacific Life relating to the advisory fees and total operating expense ratios for each of the Funds. The Board also reviewed written materials provided by Pacific Life using a third-party service, which included comparative information about each Fund’s total expense ratios and certain components thereof, relative to those of peer groups presented by Pacific Life. The Board also considered information regarding the sub-advisory fees charged under other investment advisory contracts, such as contracts of each Fund Manager with other registered investment companies or other types of clients. The Board was mindful that the fee rates were the result of arms’-length negotiations between Pacific Life and the Fund Managers, and that each Funds’ Fund management fees are paid by Pacific Life and are not paid directly by any Fund.
The Trustees observed that several of the Funds’ total expenses were ranked lower than the median of their respective peer groups. The Trustees also observed that several Funds’ total fees were higher than the median of the respective peer groups. The Trustees noted that the Funds were subject to expense limits agreed to by Pacific Life. Further, the Trustees noted that the Funds are relatively new and smaller Funds, and that total expenses should decline as assets increase.
G-6
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
The Trustees ultimately concluded that the advisory fees and total expenses of each Fund were reasonable compared to the expense levels of the other funds in the Fund’s respective peer groups.
4. Costs, Level of Profits and Economies of Scale
The Trustees reviewed information regarding Pacific Life’s costs of sponsoring the Funds and information regarding the profitability of Pacific Life.
Pacific Life’s Costs and Profitability. The Trustees noted that, based on the data available, Pacific Life appears to be providing products that are competitively priced with other funds. Based on information received, the Trustees further considered the substantial fee waivers and reimbursements that Pacific Life has provided to the Funds and noted that Pacific Life’s overall profitability appeared reasonable at the current time. The Trustees also reviewed information provided during the past year regarding the structure and manner in which Pacific Life’s and the Fund Managers’ investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered Pacific Life’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.
With respect to the Fund Managers, the Board noted that it was difficult to accurately determine or evaluate the profitability of the Fund Management Agreements to the Fund Managers because many manage substantial assets other than the Funds and, further, any such an assessment would involve assumptions regarding the Fund Managers’ allocation policies, capital structure, cost of capital, business mix and other factors. Accordingly, in the case of the Fund Managers, 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 such Fund Managers with respect to the negotiation of Fund management fees.
Economies of Scale. The Trustees noted and considered the extent to which economies of scale may be realized as each Fund grows and whether advisory fee levels reflect economies of scale if the Fund grows in size. The Trustees noted that the Funds have relatively small asset levels that do not currently produce significant economies of scale.
The Trustees noted, however, Pacific Life’s commitment to competitive total expenses of the Funds, and its consistent reinvestment in the business in the form of improvements in technology and customer service.
The Board concluded that the Funds’ cost structures were reasonable.
5. Ancillary Benefits
The Trustees considered a variety of other benefits received by Pacific Life, the Fund Managers, and their affiliates as a result of their respective relationship with the Funds, including fees for administrative services and reimbursement at cost for support services, as well as commissions paid to broker-dealers affiliated with the Fund Managers and the use of soft-dollars by certain of the Fund Managers.
6. Conclusion
Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of independent counsel, the Trustees concluded that the Advisory Agreement and each applicable Fund Management Agreement are fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received reasonable value in return for the advisory fees and other amounts paid to Pacific Life and its respective Fund Manager, if applicable, and that the renewal of the Advisory Agreement and each applicable Fund Management Agreement would be in the best interests of the Funds and their shareholders.
Other Investment Advisory and Fund Management Agreement Approvals
In addition to considering the existing Fund Management Agreements during the period October 1, 2005 through March 31, 2006, the Board considered and approved changes with respect to the PF Lazard International Value Fund (the “PF AllianceBernstein International Value Fund” as of May 1, 2006). Under the 1940 Act, a change in a Fund Manager, a change in the compensation paid to a Fund Manager, or an assignment of any Fund Management Agreement requires shareholder approval of a new Fund Management Agreement. However, under an exemptive order issued to Pacific Life and the Trust by the Securities and Exchange Commission (“SEC”) on January 13, 1999, Pacific Life can hire, terminate and replace, as applicable, Fund managers and enter into new Fund Management Agreements (except, as a general matter, Fund managers affiliated with Pacific Life) without shareholder approval.
PF AllianceBernstein International Value Fund
At the January 10, 2006 Board meeting, the Board approved, effective May 1, 2006, AllianceBernstein, L.P., formerly Alliance Capital Management, L.P. (“AllianceBernstein”) as the new Fund Manager, a name change from the “PF Lazard International Value Fund” to the “PF AllianceBernstein International Value Fund,” approved a Portfolio Management Agreement with AllianceBernstein with respect to this Fund (the “AllianceBernstein Agreement”), and approved changes to certain investment policies, techniques and nonfundamental investment
G-7
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
restrictions of the Fund. In connection with this matter, also at the January 10, 2006 meeting, the Board approved the termination of the Fund Management Agreement for the Fund with the prior Fund Manager effective as of the close of business April 30, 2006. AllianceBernstein’s appointment as Fund Manager was made in accordance with the SEC exemptive order noted above and does not require shareholder approval.
The Board evaluated the AllianceBernstein Agreement principally with reference to the factors described below under the heading entitled “Factors.” The Board also considered 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, personnel and operations of a Fund Manager and assessing the investment strategies used by a Fund Manager. Additionally, the Board reviewed the specific criteria and information evaluated by Pacific Life during the selection process of AllianceBernstein, including certain other firms considered by Pacific Life, and Pacific Life’s analysis in reaching its conclusion to recommend AllianceBernstein as the new Fund Manager, which was ultimately accepted by the Board.
The Board also noted that the fee rates payable under the AllianceBernstein Agreement are the result of arms’-length negotiations between Pacific Life and AllianceBernstein, and that the Fund management fees are paid by Pacific Life to AllianceBernstein and are not paid directly by such Fund.
Factors
In evaluating the approvals described above regarding the AllianceBernstein Agreement during the Board’s January 10, 2006 meeting, the Board, including the Independent Trustees, considered the following factors, among others:
1. Nature, Extent and Quality of Services
The Board considered the benefits to shareholders of retaining AllianceBernstein, particularly in light of the nature, extent, and quality of the services to be provided by AllianceBernstein. Under the AllianceBernstein Agreement, AllianceBernstein would be responsible for providing investment management services, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Fund. The Board considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of AllianceBernstein, including the background and experience of AllianceBernstein’s management and the expertise of the Fund management team, as well as the investment strategies, processes and philosophy to be used with respect to the international value strategy. The Board also considered that AllianceBernstein had represented that it had the capacity and the resources to assume a fund of this size that will continue to grow.
Additionally, the Board considered that the Trust’s CCO had reviewed the compliance operations of AllianceBernstein, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and its code of ethics prior to the effectiveness of the AllianceBernstein Agreement. The Board concluded it was satisfied with the nature, extent and quality of the management services to be provided by AllianceBernstein.
In making its assessments, the Board reviewed the due diligence Pacific Life conducted with respect to AllianceBernstein, and was aided by the assessments and recommendations of Pacific Life and the materials provided by AllianceBernstein.
2. Investment Results
The Board considered information about the historical performance of a comparable mutual fund advised by AllianceBernstein that had substantially similar investment strategies to the Fund (the “AllianceBernstein Fund”), as well as information comparing the performance of the AllianceBernstein Fund with the performance of the PF Lazard International Value Fund for the year-to-date, one-, and three-year periods, and found that AllianceBernstein had outperformed the prior fund manager over the year-to-date, one-, and three-year periods. The Board also considered the performance of the AllianceBernstein Fund against a pertinent benchmark, noting that the AllianceBernstein Fund had outperformed the benchmark during the year-to-date, one-, three-, five- and ten-year periods. The Board considered materials compiled by management from an independent source.
The Board also considered that the appointment of AllianceBernstein was expected to benefit all shareholders, including those who utilize the Portfolio Optimization Funds. The Board also considered the need for AllianceBernstein to adhere to its general investment mandate of a large-capitalization sector of developed international markets, which could at times have an impact on the Fund’s performance. The AllianceBernstein materials examined by the Board reflected that certain of the Fund’s investment policies, techniques and nonfundamental investment restrictions were different than those of comparable accounts managed by AllianceBernstein, and accordingly were changed.
The Board determined that AllianceBernstein’s performance record was acceptable and that AllianceBernstein should be engaged to manage the Fund’s assets.
G-8
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
3. Sub-Advisory Fees and Total Expenses
In assessing the sub-advisory management fees to be charged by AllianceBernstein with respect to the PF AllianceBernstein International Value Fund, the Board compared the fees to be paid under the AllianceBernstein Agreement to the sub-advisory management fees that were paid to the Fund’s prior fund manager. The Board considered that AllianceBernstein agreed to assume the current sub-advisory fee schedule associated with the Fund. The Board noted that although the sub-advisory fee schedule would be the same for AllianceBernstein as the prior Fund manager, the actual sub-advisory fees paid by Pacific Life to AllianceBernstein would potentially increase because the assets of the Fund would no longer be aggregated with another fund of the Trust and another portfolio of Pacific Select Fund (an affiliated registered investment company advised by Pacific Life) for purposes of the fee calculation. However the Board considered that the advisory fees paid by Fund shareholders would remain the same. The Board additionally considered that the sub-advisory management fee payable to AllianceBernstein under the AllianceBernstein Agreement contained breakpoints, which would cause the rate paid by Pacific Life to be reduced as the Fund’s asset level rose. The Board also considered information regarding the sub-advisory fees paid by other accounts managed by AllianceBernstein and that the fees payable under the AllianceBernstein Agreement are comparable to the sub-advisory fees paid by other accounts managed by AllianceBernstein.
The Board was mindful that the fee rates were the result of arms’-length negotiations between Pacific Life and AllianceBernstein, and that the Fund’s sub-advisory management fees are paid by Pacific Life and are not paid directly by the Fund. In light of these factors, the Board concluded that the fees under the AllianceBernstein Agreement were reasonable.
4. Profitability to the Fund Manager and Other Benefits
The Board considered the estimated profitability of the AllianceBernstein Agreement to AllianceBernstein to the extent practicable based on the financial information provided by AllianceBernstein. The Board considered that generally it is difficult to accurately determine or evaluate the potential profitability to AllianceBernstein because it manages substantial assets and, further, that any such assessment would involve assumptions regarding AllianceBernstein’s asset allocation policies, capital structure, cost of capital, business mix and other factors.
The Board considered any potential benefits to be derived by AllianceBernstein from its relationship with the Fund and concluded that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual. 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 AllianceBernstein with respect to the negotiation of sub-advisory management fees. The Board also concluded that at the current time, given the Fund’s asset levels, the current fee structures reflected in the AllianceBernstein Agreement were reasonable.
5. Economies of Scale
The Board considered the extent to which economies of scale would be realized as assets of the PF AllianceBernstein International Value Fund grow. The Board considered that there is an expense limitation agreement in place for the Trust and that the Fund currently has relatively small asset levels which do not produce significant economies of scale. The Board concluded that at the current time the compensation payable reflected in the AllianceBernstein Agreement was appropriate.
6. Conclusion
Based on its review, including its consideration of each of the factors referred to above, the Board concluded that the compensation payable under the AllianceBernstein Agreement is fair and reasonable and is not excessive, and that the AllianceBernstein Agreement is in the best interests of the Fund and its shareholders.
G-9
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.
G-10
PACIFIC FUNDS
ANNUAL REPORT
as of March 31, 2006
PACIFIC FUNDS
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
3012-6A
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Item 1. | Reports to Stockholders. | |
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| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). | |
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Item 2. | Code of Ethics. | |
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| As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report. | |
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| A copy of this Code of Ethics is filed as Exhibit 12(a) (1) to this Form N-CSR. | |
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Item 3. | Audit Committee Financial Expert. | |
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| The Registrant’s Board has determined that G. Thomas Willis, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Willis is a retired partner of PricewaterhouseCoopers LLP. | |
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Item 4. | Principal Accountant Fees and Services. | |
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| (a) | Audit Fees. The aggregate audit fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2006 and 2005 were $205,000 and $163,000, respectively. |
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| (b) | Audit-Related Fees. For the fiscal years ended March 31, 2006 and 2005 there were no aggregate audit-related fees billed to the Registrant by the principal accountant. |
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| (c) | Tax Fees. The aggregate tax fees billed to the Registrant for professional services for tax compliance, tax advice or tax planning for the fiscal years ended March 31, 2006 and 2005 were $62,000 and $66,700, respectively. |
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| (d) | All Other fees. For the fiscal years ended March 31, 2006 and 2005, there were no other fees billed to the Registrant by the principal accountant. |
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| (e)(1) | The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence: |
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| Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either: | |
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| (i) The Audit Committee shall pre-approve such engagement; or |
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| (ii) Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this Section shall be presented to the full Audit Committee at its next scheduled meeting. |
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| (iii) De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee. |
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| Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex (see note 4), if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. | |
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| Application of De Minimis Exception: The De Minimis exceptions set forth above apply to pre-approvals under this Section as well, except that the “total amount of revenues” calculation for this Section’s services is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person). | |
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| (e)(2) | No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
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| (f) | Not applicable. |
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| (g) | The aggregate fees billed for the years ended March 31, 2006 and 2005 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $62,200 and $76,700, respectively. |
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| (h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
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Item 5. | Audit Committee of Listed Registrants—not applicable. | |
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Item 6. | Schedule of Investments—Schedule I. |
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Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—not applicable. | |
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Item 8. | Portfolio Managers of Closed-End Management Investment Companies—not applicable. | |
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Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers—not applicable. | |
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Item 10. | Submission of Matters to a Vote of Security Holders. | |
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| There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors. | |
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Item 11. | Controls and Procedures. | |
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| (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. | |
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| (b) There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. | |
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Item 12. | Exhibits. |
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| (a)(1) | Exhibit 99(a) (1)—Code of Ethics that is subject to the disclosure of Item 2 hereof. |
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| (a)(2) | Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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| 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.
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| Pacific Funds | ||
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| By: | /s/ JAMES T. MORRIS |
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| James T. Morris |
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| President |
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| Date: | June 2, 2006 |
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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.
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| By: | /s/ THOMAS C. SUTTON |
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| Thomas C. Sutton |
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| Chief Executive Officer |
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| Date: | June 2, 2006 |
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| By: | /s/ JAMES T. MORRIS |
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| James T. Morris |
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| President |
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| Date: | June 2, 2006 |
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| By: | /s/ BRIAN D. KLEMENS |
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| Brian D. Klemens |
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| Treasurer (Principal Financial and |
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| Accounting Officer) |
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| Date: | June 2, 2006 |
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