UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10385
Pacific Life Funds |
(Exact name of registrant as specified in charter) |
700 Newport Center Drive, P.O. Box 7500 |
(Address of principal executive offices) (Zip code) |
Robin S. Yonis |
(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: March 31, 2007
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
![(COVER PAGE)](https://capedge.com/proxy/N-CSR/0001169232-07-002639/d7194001.jpg)
ANNUAL REPORT
As of March 31, 2007
TABLE OF CONTENTS
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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-17 | |
G-1 | |
G-5 | |
Approval of Investment Advisory Agreement and Fund Management Agreements | G-6 |
G-14 |
PACIFIC LIFE FUNDS
(formerly named Pacific Funds)
To Our Pacific Life Funds Shareholders:
We are pleased to share with you the Pacific Life Funds’ Annual Report dated March 31, 2007.
Pacific Life Funds is comprised of twenty-one separate funds (each individually a “fund” and collectively, the “funds”). Pacific Life Insurance Company (Pacific Life), as adviser to the funds supervised the management of all of the funds and managed six of the funds directly. For the other funds, Pacific Life Funds and Pacific Life retained other firms to serve as portfolio managers under Pacific Life’s supervision. The portfolio managers as of March 31, 2007 are listed below:
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Portfolio Manager |
| Fund |
| ||
Pacific Life |
| PL Portfolio Optimization Conservative (formerly named PF Portfolio Optimization Model A) |
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| PL Portfolio Optimization Moderate-Conservative (formerly named PF Portfolio Optimization Model B) |
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| PL Portfolio Optimization Moderate (formerly named PF Portfolio Optimization Model C) |
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| PL Portfolio Optimization Moderate-Aggressive (formerly named PF Portfolio Optimization Model D) |
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| PL Portfolio Optimization Aggressive (formerly named PF Portfolio Optimization Model E) |
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| PL Money Market Fund (formerly named PF Pacific Life Money Market Fund) |
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AllianceBernstein L.P. (AllianceBernstein) |
| PL International Value Fund (formerly named PF AllianceBernstein International Value Fund) |
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ClearBridge Advisors, LLC (ClearBridge) |
| PL Large-Cap Value Fund (formerly named PF Salomon Brothers Large-Cap Value Fund) |
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Goldman Sachs Asset Management, L.P. (Goldman Sachs) |
| PL Short Duration Bond Fund (formerly named PF Goldman Sachs Short Duration Bond Fund) |
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Janus Capital Management LLC (Janus) |
| PL Growth LT Fund (formerly named PF Janus Growth LT Fund) |
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Lazard Asset Management LLC (Lazard) |
| PL Mid-Cap Value Fund (formerly named PF Lazard Mid-Cap Value Fund) |
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Loomis, Sayles & Company, L.P. (Loomis Sayles) |
| PL Large-Cap Growth Fund (formerly named PF Loomis Sayles Large-Cap Growth Fund) |
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MFS Investment Management (MFS) |
| PL International Large-Cap Fund (formerly named PF MFS International Large-Cap Fund) |
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Neuberger Berman Management Inc. (Neuberger Berman) |
| PL Small-Cap Growth Fund (formerly named PF NB Fasciano Small Equity Fund) |
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OppenheimerFunds, Inc. (Oppenheimer) |
| PL Main Street® Core Fund (formerly named PF Oppenheimer Main Street® Core Fund) |
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| PL Emerging Markets Fund (formerly named PF Oppenheimer Emerging Markets Fund) |
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Pacific Investment Management Company LLC (PIMCO) |
| PL Managed Bond Fund (formerly named PF PIMCO Managed Bond Fund) |
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| PL Inflation Managed Fund (formerly named PF PIMCO Inflation Managed Fund) |
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Van Kampen |
| PL Comstock Fund (formerly named PF Van Kampen Comstock Fund) |
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| PL Mid-Cap Growth Fund (formerly named PF Van Kampen Mid-Cap Growth Fund) |
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| PL Real Estate Fund (formerly named PF Van Kampen Real Estate Fund) |
The opinions contained in this report are those of the portfolio managers as of March 31, 2007, 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 Life Funds. We appreciate your confidence and look forward to serving your financial needs in the years to come.
Sincerely,
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| ||
James T. Morris |
| Mary Ann Brown |
Chairman of the Board and Chief Executive Officer |
| President |
Pacific Life Funds |
| Pacific Life Funds |
A-1
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION
The following market commentaries are written by portfolio managers, and as such are based on their opinions of how their fund(s) performed during the year. Any references to “we,” “I,” or “ours” are references to the portfolio manager.
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 Life Funds’ investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments, and other aspects of the Pacific Life 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 portfolio 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 Life Funds, investors should carefully consider the investment objectives, policies and risks described in the Pacific Life 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 http://www.sec.gov.
PL Portfolio Optimization Funds
The Pacific Life Funds’ Portfolio Optimization Funds are five funds (PL Portfolio Optimization Funds) which commenced operations on December 31, 2003. Each of the PL Portfolio Optimization Funds invests in various funds of Pacific Life Funds to achieve specified target asset allocations to accomplish the risk/return profile for that particular PL Portfolio Optimization Fund. Each PL Portfolio Optimization 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 PL Portfolio Optimization Funds during the twelve-month period.
Market Conditions
The trailing twelve-month period ending March 31, 2007 began on a modestly positive note as the United States (U.S.) economy continued to expand at a mild pace. The U.S. gross domestic product (GDP) grew at an annualized 2.5% rate for the fourth quarter of 2006 and a 3.3% rate for the entire year of 2006. The Federal Reserve Board (Fed) maintained a target Federal Funds rate at 5.25%. Despite the slowing of economic growth, U.S. stocks rallied. U.S equities as measured by the S&P 500 Index, returned 11.82%** for the twelve-month period ending March 31, 2007. Fixed income posted solid returns amid signs of a slowing economy. The Lehman Brothers Aggregate Bond Index returned 6.59%**. On the international side, increased merger and acquisition (M&A) activities and strong corporate earnings extended the international rally once again returning 20.20%** for the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index.
On the market capitalization spectrum for the entire twelve-month period, large-sized companies outperformed relative to mid- and smaller-sized companies. Internationally domiciled companies outpaced domestic, and value-oriented companies outperformed their growth counterparts.
For the first quarter of 2007, last year’s strong positive momentum was well maintained but encountered significant fluctuations during mid-quarter, mainly contributed by concerns in rising delinquencies within the sub-prime section of the mortgage market and declining business investment. Overall, the U.S. market was up in the first quarter of 2007. The S&P 500 Index returned 0.64%**; Lehman Brothers Aggregate Bond Index returned 1.50%**; and International MSCI EAFE Index returned 4.08%** during this three-month period. Leading the way were industrial materials and utilities sectors with apparent weakness only in the financial sector.
Despite a volatile first quarter in 2007 and increased concerns of inflation, we, at 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 PL Portfolio Optimization Fund is a composite of the performance of each of the underlying funds in which it invests, which includes money market, fixed income, domestic equities and possibly international funds, there is no one broad-based industry index to use as a comparison to a PL 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 PL Portfolio Optimization Fund; each comprised of the four broad-based indices shown below. The composite benchmarks were constructed with allocations to each asset class that corresponds to the target allocations for the PL 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 composite benchmarks is shown in the following table. The Pacific Life Funds’ performance listed is net of all fund expenses.
See explanation of symbols and references on A-24
A-2
PACIFIC LIFE 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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| 11.82 | % |
Morgan Stanley Capital International Europe Australasia Far East Index (MSCI EAFE Index)** (International Stocks) |
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| 20.20 | % |
Lehman Brothers Aggregate Bond Index** (Fixed Income) |
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| 6.59 | % |
Merrill Lynch 3-Month U.S. T-Bill Index** (Cash) |
|
| 5.07 | % |
It should be noted that the benchmark indices for the underlying Pacific Life Funds may differ from the Portfolio Optimization broad-based indices.
The Portfolio Optimization Funds had investments in the following underlying funds, which were primary contributors to performance relative to the broad-based indices:
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Underlying Funds |
| 1-Year |
| |
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PL Real Estate Class A* |
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(U.S. Stocks) |
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| 24.19 | % |
PL Mid-Cap Value Class A* |
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(U.S. Stocks) |
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| 14.80 | % |
PL Comstock Class A* |
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(U.S. Stocks) |
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| 13.21 | % |
PL Large-Cap Value Class A* |
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(U.S. Stocks) |
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| 12.09 | % |
The Portfolio Optimization Funds had investments in the following underlying funds, which were primary detractors from performance relative to the broad-based indices:
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Underlying Funds |
| 1-Year |
| |
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PL Large-Cap Growth Class A* |
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(U.S. Stocks) |
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| -3.80 | % |
PL Small-Cap Growth Class A* |
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(U.S. Stocks) |
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| 0.28 | % |
PL Mid-Cap Growth Class A* |
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(U.S. Stocks) |
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| 2.64 | % |
PL Short Duration Bond Class A* |
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(Fixed Income) |
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| 3.76 | % |
PL Emerging Markets Class A* |
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(International Stocks) |
|
| 14.49 | % |
PL Portfolio Optimization Conservative
(PL Conservative Model)
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 6.12%* compared to a 6.59%** return for the Lehman Brothers Aggregate Bond Index, a 11.82%** return for the S&P 500 Index, and a 7.97%(1) return for the PL Conservative Model Composite Benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
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PL Portfolio Optimization |
| Class A |
| Class B |
| Class C |
| Class R |
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1 Year Total Return: |
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Without sales charge* |
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| 6.12 | % |
| 5.52 | % |
| 5.55 | % |
| 6.13 | % |
With maximum sales charge*** |
|
| 0.30 | % |
| 0.52 | % |
| 4.55 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 6.59 | % |
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S&P 500 Index** |
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| 11.82 | % |
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PL Portfolio Optimization Conservative Composite Benchmark(1) |
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| 7.97 | % |
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3 Year Total Return: |
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Without sales charge* |
|
| 3.98 | % |
| 3.43 | % |
| 3.44 | % |
| N/A |
|
With maximum sales charge*** |
|
| 2.04 | % |
| 2.16 | % |
| 3.44 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.31 | % |
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S&P 500 Index** |
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| 10.05 | % |
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PL Portfolio Optimization Conservative Composite Benchmark(1) |
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| 5.20 | % |
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Since Inception (December 31, 2003): |
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Without sales charge* |
|
| 4.14 | % |
| 3.60 | % |
| 3.58 | % |
| 5.37 | % |
With maximum sales charge*** |
|
| 2.35 | % |
| 2.74 | % |
| 3.58 | % |
| N/A |
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Lehman Brothers Aggregate Bond Index** |
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| 3.88 | % |
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S&P 500 Index** |
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| 9.81 | % |
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PL Portfolio Optimization Conservative Composite |
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| 5.48 | % |
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See explanation of symbols and references on A-24
A-3
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The PL Conservative Model has a large concentration in a diverse group of three fixed income funds and one money market fund, with small allocations to domestic and international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $30 million. The fund underperformed its composite benchmark over the past twelve-months.
Overall, the fund’s allocation to fixed income, representing 69% of the fund’s target allocations, was the primary detractor from performance relative to the composite benchmark. Relative underperformance was derived from an allocation to short duration bonds as longer duration bonds outperformed. The fund’s allocation to PL Short Duration Bond Fund underperformed the fixed income portion of the composite benchmark. Inflation-protected bonds and cash also detracted from performance relative to the composite benchmark.
International and domestic equity allocations to the fund served as modest detractors from performance relative to the composite benchmark. In particular, PL Emerging Markets Fund negatively contributed to performance as it underperformed the international component of the composite benchmark. Within the domestic equity component, PL Large-Cap Growth Fund lagged.
PL Portfolio Optimization Moderate-Conservative
(PL Moderate-Conservative Model)
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 7.93%*, compared to a 6.59%** return for the Lehman Brothers Aggregate Bond Index, a 11.82%** return for the S&P 500 Index, and a 9.75%(1) return for the PL Moderate-Conservative Model Composite Benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
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PL Portfolio Optimization |
| Class A |
| Class B |
| Class C |
| Class R |
| ||||
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1 Year Total Return: |
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Without sales charge* |
|
| 7.93 | % |
| 7.39 | % |
| 7.38 | % |
| 7.84 | % |
With maximum sales charge*** |
|
| 2.02 | % |
| 2.39 | % |
| 6.38 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
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| 6.59 | % |
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S&P 500 Index** |
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| 11.82 | % |
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PL Portfolio Optimization Moderate-Conservative Composite Benchmark(1) |
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| 9.75 | % |
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3 Year Total Return: |
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Without sales charge* |
|
| 6.13 | % |
| 5.57 | % |
| 5.60 | % |
| N/A |
|
With maximum sales charge*** |
|
| 4.14 | % |
| 4.36 | % |
| 5.60 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.31 | % |
|
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S&P 500 Index** |
|
| 10.05 | % |
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PL Portfolio Optimization Moderate-Conservative Composite Benchmark(1) |
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| 7.22 | % |
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Since Inception (December 31, 2003): |
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Without sales charge* |
|
| 6.10 | % |
| 5.55 | % |
| 5.58 | % |
| 7.70 | % |
With maximum sales charge*** |
|
| 4.27 | % |
| 4.73 | % |
| 5.58 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.88 | % |
|
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S&P 500 Index** |
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| 9.81 | % |
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PL Portfolio Optimization Moderate-Conservative Composite Benchmark(1) |
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| 7.37 | % |
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See explanation of symbols and references on A-24
A-4
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The PL Moderate-Conservative Model has a large concentration in a diverse group of three fixed income funds and one money market fund, with moderate allocations to domestic and international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $80 million. The fund underperformed its composite benchmark over the past twelve-months.
Overall, the fund’s allocations to fixed income and domestic equity, representing 51% and 31% of the fund’s target allocations, respectively, were the primary detractors from performance relative to the composite benchmark. Within the fixed income allocation, an exposure to short duration bonds negatively contributed to relative performance, as longer duration bonds outperformed. Treasury Inflation Protected Securities (TIPS) also detracted from relative performance. The fund’s allocation to PL Short Duration Bond Fund and PL Inflation Managed Fund underperformed the fixed income portion of the composite benchmark. While the domestic equity allocation of the fund experienced positive contribution from value-oriented funds, it was not enough to offset the weak relative performance of their growth counterparts. Specifically, the PL Large-Cap Growth Fund and PL Mid-Cap Growth Fund trailed the domestic equity component of the composite benchmark.
The international equity allocation of the fund served as a modest detractor from performance relative to the composite benchmark. In particular, PL Emerging Markets Fund negatively contributed to performance as it underperformed the international component of the composite benchmark.
PL Portfolio Optimization Moderate (PL Moderate Model)
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 9.41%*, compared to a 6.59%** return for the Lehman Brothers Aggregate Bond Index, a 11.82%** return for the S&P 500 Index, and a 11.15%(1) return for the PL Moderate Model Composite Benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
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PL Portfolio Optimization |
| Class A |
| Class B |
| Class C |
| Class R |
| ||||
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| ||||||||
1 Year Total Return: |
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Without sales charge* |
|
| 9.41 | % |
| 8.88 | % |
| 8.82 | % |
| 9.24 | % |
With maximum sales charge*** |
|
| 3.42 | % |
| 3.88 | % |
| 7.82 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 6.59 | % |
|
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S&P 500 Index** |
|
| 11.82 | % |
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PL Portfolio Optimization Moderate Composite |
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| 11.15 | % |
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3 Year Total Return: |
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Without sales charge* |
|
| 8.66 | % |
| 8.14 | % |
| 8.12 | % |
| N/A |
|
With maximum sales charge*** |
|
| 6.63 | % |
| 6.99 | % |
| 8.12 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.31 | % |
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S&P 500 Index** |
|
| 10.05 | % |
|
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PL Portfolio Optimization Moderate Composite |
|
| 8.95 | % |
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Since Inception (December 31, 2003): |
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Without sales charge* |
|
| 8.43 | % |
| 7.92 | % |
| 7.87 | % |
| 10.39 | % |
With maximum sales charge*** |
|
| 6.57 | % |
| 7.14 | % |
| 7.87 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.88 | % |
|
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S&P 500 Index** |
|
| 9.81 | % |
|
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PL Portfolio Optimization Moderate Composite |
|
| 9.01 | % |
|
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See explanation of symbols and references on A-24
A-5
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The PL Moderate Model invests in a diverse group of domestic and international equity funds, with a material allocation to fixed income funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $330 million. The fund underperformed its composite benchmark over the past twelve-months.
Overall, the fund’s allocation to domestic equity, representing 46% of the fund’s target allocations, was the primary detractor from performance. During the year, value-oriented funds outperformed their growth counterparts. Specifically, PL Comstock Fund and PL Large-Cap Value Fund outperformed the equity component of the composite benchmark; however, it was not enough to offset the negative contribution of growth funds such as PL Large-Cap Growth Fund, PL Mid-Cap Growth Fund, and PL Small-Cap Growth Fund. On a positive note, an allocation to the real estate sector benefited the fund as PL Real Estate Fund outperformed the equity component of the composite benchmark.
International and fixed income allocations of the fund served as modest detractors from performance relative to the composite benchmark. In particular, PL Emerging Markets Fund negatively contributed to performance as it underperformed the international component of the composite benchmark. Within the fixed income component, PL Short Duration Bond Fund lagged the composite benchmark.
PL Portfolio Optimization Moderate-Aggressive
(PL Moderate-Aggressive Model)
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 10.57%*, compared to a 6.59%** return for the Lehman Brothers Aggregate Bond Index, a 11.82%** return for the S&P 500 Index, and a 12.52%(1) return for the PL Moderate-Aggressive Model Composite Benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
|
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PL Portfolio Optimization |
| Class A |
| Class B |
| Class C |
| Class R |
| ||||
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| ||||||||
1 Year Total Return: |
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Without sales charge* |
|
| 10.57 | % |
| 10.11 | % |
| 10.12 | % |
| 10.57 | % |
With maximum sales charge*** |
|
| 4.49 | % |
| 5.11 | % |
| 9.12 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 6.59 | % |
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S&P 500 Index** |
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| 11.82 | % |
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PL Portfolio Optimization Moderate-Aggressive Composite Benchmark(1) |
|
| 12.52 | % |
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3 Year Total Return: |
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|
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Without sales charge* |
|
| 10.42 | % |
| 9.94 | % |
| 9.94 | % |
| N/A |
|
With maximum sales charge*** |
|
| 8.35 | % |
| 8.83 | % |
| 9.94 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.31 | % |
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S&P 500 Index** |
|
| 10.05 | % |
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PL Portfolio Optimization Moderate-Aggressive Composite Benchmark(1) |
|
| 10.63 | % |
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Since Inception (December 31, 2003): |
|
|
|
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|
|
|
|
|
|
|
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Without sales charge* |
|
| 9.95 | % |
| 9.48 | % |
| 9.44 | % |
| 12.52 | % |
With maximum sales charge*** |
|
| 8.06 | % |
| 8.72 | % |
| 9.44 | % |
| N/A |
|
Lehman Brothers Aggregate Bond Index** |
|
| 3.88 | % |
|
|
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|
|
|
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S&P 500 Index** |
|
| 9.81 | % |
|
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PL Portfolio Optimization Moderate-Aggressive Composite Benchmark(1) |
|
| 10.57 | % |
|
| �� |
|
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|
See explanation of symbols and references on A-24
A-6
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The PL Moderate-Aggressive Model 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 $355 million. The fund underperformed its composite benchmark over the past twelve-months.
Overall, the fund’s allocation to domestic equity, representing 56% of the fund’s target allocations, was the primary detractor from performance. During the year, value-oriented funds outperformed their growth counterparts. Specifically, PL Comstock Fund and PL Large-Cap Value Fund outperformed the equity component of the composite benchmark; however, it was not enough to offset the negative contribution of growth funds such as PL Large-Cap Growth Fund, PL Mid-Cap Growth Fund, and PL Small-Cap Growth Fund. On a positive note, an allocation to the real estate sector benefited the fund as PL Real Estate Fund outperformed the equity component of the composite benchmark.
International and fixed income allocations to the fund served as modest detractors from performance relative to the composite benchmark. In particular, PL Emerging Markets Fund negatively contributed to performance as it underperformed the international component of the composite benchmark. Within the fixed income component, PL Short Duration Bond Fund lagged the composite benchmark.
PL Portfolio Optimization Aggressive
(PL Aggressive Model)
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 12.53%*, compared to a 6.59%** return for the Lehman Brothers Aggregate Bond Index, a 11.82%** return for the S&P 500 Index, and a 13.86%(1) return for the PL Aggressive Model Composite Benchmark.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
|
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|
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|
|
PL Portfolio Optimization |
| Class A |
| Class B |
| Class C |
| Class R |
| ||||
|
|
|
|
|
| ||||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 12.53 | % |
| 12.00 | % |
| 12.01 | % |
| 12.53 | % |
With maximum sales charge*** |
|
| 6.35 | % |
| 7.00 | % |
| 11.01 | % |
| N/A |
|
Lehman Brothers Aggregate |
|
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|
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Bond Index** |
|
| 6.59 | % |
|
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S&P 500 Index** |
|
| 11.82 | % |
|
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PL Portfolio Optimization |
|
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Aggressive Composite |
|
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|
|
Benchmark(1) |
|
| 13.86 | % |
|
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|
3 Year Total Return: |
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|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 12.67 | % |
| 12.19 | % |
| 12.16 | % |
| N/A |
|
With maximum sales charge*** |
|
| 10.55 | % |
| 11.12 | % |
| 12.16 | % |
| N/A |
|
Lehman Brothers Aggregate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond Index** |
|
| 3.31 | % |
|
|
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|
|
|
|
|
|
S&P 500 Index** |
|
| 10.05 | % |
|
|
|
|
|
|
|
|
|
PL Portfolio Optimization |
|
|
|
|
|
|
|
|
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|
|
Aggressive Composite |
|
|
|
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|
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|
|
Benchmark(1) |
|
| 12.08 | % |
|
|
|
|
|
|
|
|
|
Since Inception (December 31, 2003): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 11.92 | % |
| 11.44 | % |
| 11.41 | % |
| 15.61 | % |
With maximum sales charge*** |
|
| 9.99 | % |
| 10.71 | % |
| 11.41 | % |
| N/A |
|
Lehman Brothers Aggregate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond Index** |
|
| 3.88 | % |
|
|
|
|
|
|
|
|
|
S&P 500 Index** |
|
| 9.81 | % |
|
|
|
|
|
|
|
|
|
PL Portfolio Optimization |
|
|
|
|
|
|
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|
|
|
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|
|
Aggressive Composite |
|
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|
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|
|
|
Benchmark(1) |
|
| 11.89 | % |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
A-7 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The PL Aggressive Model invests primarily in a diverse group of nine domestic and three international equity funds. Since its launch on December 31, 2003, the fund’s assets have grown to over $155 million. The fund underperformed its composite benchmark over the past twelve-months.
Overall, the fund’s allocation to domestic equity, representing 68% of the fund’s target allocations, was the primary detractor from performance. During the year, value-oriented funds outperformed their growth counterparts. Specifically, PL Comstock Fund and PL Large-Cap Value Fund outperformed the equity component of the composite benchmark; however, it was not enough to offset the negative contribution of growth funds such as PL Large-Cap Growth Fund, PL Mid-Cap Growth Fund, and PL Small-Cap Growth Fund. On a positive note, an allocation to the real estate sector benefited the fund as PL Real Estate Fund outperformed the equity component of the composite benchmark.
The international allocation to the fund served as a modest detractor from performance relative to the composite benchmark. In particular, PL Emerging Markets Fund negatively contributed to performance as it underperformed the international component of the composite benchmark.
PL Money Market Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 4.31%*, compared to a 5.07%** return for its benchmark, the Merrill Lynch 3-Month U.S. T-Bill Index, and a 4.72%** return for the Lipper Money Market Funds Index. The current yield measured during the seven-day period ending March 31, 2007 was 4.34%*.
Performance Comparison
The following graph shows the value as of March 31, 2007 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.
Average Annual Total Returns for the Periods Ended March 31, 2007
|
|
|
|
|
PL Money Market Fund |
| Class A |
| |
|
|
| ||
1 Year Total Return: |
|
|
|
|
Without sales charge* |
|
| 4.31 | % |
Merrill Lynch 3-Month U.S. |
|
|
|
|
Treasury Bill Index** |
|
| 5.07 | % |
Lipper Money Market |
|
|
|
|
Funds Index** |
|
| 4.72 | % |
5 Year Total Return: |
|
|
|
|
Without sales charge* |
|
| 1.71 | % |
Merrill Lynch 3-Month U.S. |
|
|
|
|
Treasury Bill Index** |
|
| 2.59 | % |
Lipper Money Market |
|
|
|
|
Funds Index** |
|
| 2.13 | % |
Since Inception (September 28, 2001): |
|
|
|
|
Without sales charge* |
|
| 1.61 | % |
Merrill Lynch 3-Month U.S. |
|
|
|
|
Treasury Bill Index** |
|
| 2.55 | % |
Lipper Money Market |
|
|
|
|
Funds Index** |
|
| 2.10 | % |
|
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. For the year, the Federal Open Market Committee (FOMC) continued to take a restrictive monetary policy stance raising the Federal Funds rate from 4.75% in April to 5.25% by June ending seventeen straight rate hikes. Citing signals of moderate economic growth, mixed economic indicators, and cooling residential housing, the FOMC kept rate increases on hold, and although still elevated, believed that core inflation seemed poised to moderate. Commercial paper outstanding was at an all time high, as issuers looked to the short end of the curve for their financing needs. However, many core investment options, such as industrial company commercial paper, continue to lag the financial industry in their velocity and volume of issuance.
The fund’s strategy towards shorter maturities (emphasizing one-month, as well as floating rate securities) benefited the fund during the rate increases. Based on our expectations of future rate moves, economic growth, and value along the yield curve, the fund added longer dated floating and fixed maturities throughout the year. These additions were made to increase the fund’s average maturity as well as construct a more laddered fund. As the rate curve stabilized, above market coupon securities in the fund were called away by issuers, which impacted the fund to a degree, by limiting the yield.
The fund’s investment style continues to emphasize industry and asset type diversification within this asset class. The fund remains weighted towards liquid top-tier industrial issuers, blended with financial and banking related commercial paper, as well as asset-backed securities, fixed and floating rate notes and certificates of deposit.
|
|
A-8 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
PL International Value Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 18.40%*, compared to a 20.20%** return for its benchmark, the MSCI EAFE Index. AllianceBernstein, L.P. (AllianceBernstein) assumed management of the fund on May 1, 2006.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
|
|
|
|
|
|
|
|
|
|
|
PL International Value Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 18.40 | % |
| 17.74 | % |
| 17.82 | % |
With maximum sales charge*** |
|
| 11.89 | % |
| 13.07 | % |
| 16.88 | % |
MSCI EAFE Index** |
|
| 20.20 | % |
|
|
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 11.37 | % |
| 10.80 | % |
| 10.79 | % |
With maximum sales charge*** |
|
| 10.11 | % |
| 10.54 | % |
| 10.79 | % |
MSCI EAFE Index** |
|
| 15.68 | % |
|
|
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 12.44 | % |
| 11.87 | % |
| 11.85 | % |
With maximum sales charge*** |
|
| 11.30 | % |
| 11.65 | % |
| 11.85 | % |
MSCI EAFE Index** |
|
| 15.77 | % |
|
|
|
|
|
|
|
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. While strong economic growth, healthy M&A activity and robust corporate earnings helped international equities advance strongly during the period in review, volatility returned to markets in the first quarter as a sell off in Chinese equities and fears over the subprime mortgage market in the U.S. shook investors. Nonetheless, for the period May 1, 2006 through March 31, 2007 (the “period”), the MSCI EAFE Index rose 19.35%**, with all sectors posting positive returns. AllianceBernstein seeks long-term growth of capital by purchasing stocks of non-U.S. companies selling at a discount to their perceived value. AllianceBernstein implements disciplined risk parameters to reduce volatility and mitigate risk. The fund is allocated amongst a diversified amount of industries including financial, capital equipment, transportation and technology.
The fund outperformed its benchmark during the period, helped by strong stock selection. UK supermart, J. Sainsbury P.L.C. was buoyed by private equity interest. Meanwhile, Japan Tobacco, Inc. outperformed after the company confirmed plans to purchase smaller UK-based rival Gallaher Group. Stock selection in metal and mining, including JFE Holdings, Inc. and voestalpine A.G., benefited from ongoing expectations of industry consolidation.
Detracting from returns was stock selection in the capital equipment sector, including Renault S.A., Nissan Motor Co. Ltd. and European Aeronautic Defense & Space Co. N.V. (EADS). French carmaker Renault’s 44% stake in Nissan left a negative impact after Nissan failed to reach its profit forecast for the first time in four years. Investors linked Nissan’s weak performance to Renault Chief Executive Officer (CEO), Carlos Ghosn’s relinquished responsibilities within Nissan’s North American operations. EADS suffered due to delays in the new A380 plane.
PL Large-Cap Value Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, fund’s Class A returned 12.09%*, compared to a 16.83%** return for its benchmark, the Russell 1000 Value Index.
|
|
A-9 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
|
|
|
|
|
|
|
|
|
|
|
PL Large-Cap Value Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 12.09 | % |
| 11.43 | % |
| 11.46 | % |
With maximum sales charge*** |
|
| 5.90 | % |
| 6.43 | % |
| 10.46 | % |
Russell 1000 Value Index** |
|
| 16.83 | % |
|
|
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 5.77 | % |
| 5.28 | % |
| 5.24 | % |
With maximum sales charge*** |
|
| 4.57 | % |
| 4.95 | % |
| 5.24 | % |
Russell 1000 Value Index** |
|
| 10.25 | % |
|
|
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 6.99 | % |
| 6.51 | % |
| 6.46 | % |
With maximum sales charge*** |
|
| 5.90 | % |
| 6.23 | % |
| 6.46 | % |
Russell 1000 Value Index** |
|
| 11.51 | % |
|
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The U.S. economy expanded at a moderate pace during the twelve-months reporting period. After expanding 2.6% in the second quarter of 2006, GDP increased 2.0% in the third quarter and 2.5% in the fourth quarter. The advance estimate for first quarter 2007 GDP will be released at the end of April. While consumer spending has remained fairly solid, the cooling housing market continued to negatively impact the economy.
After increasing the Federal Funds rate to 5.25% in June 2006—its seventeenth consecutive rate hike—the Fed has held rates steady at its last six meetings. Comments made by Fed Chairman Ben Bernanke in the latest meeting stressed his views that core inflation still remains “uncomfortably high” and inflation was a “greater risk” than the slowing growth of the economy. Oil prices hit a twelve month high of $77.03 on 7/14/06 and traded down to a low of $50.48 (1/18/07) before closing the funds’ fiscal year at $65.87. Oil pulled back from the summer high as a result of excess inventories but headed higher in the new year. In March, tensions over Iran’s seizing of fifteen British sailors in the Persian Gulf put upward pressure on oil prices as the event threatened to disrupt the flow of crude. The subsequent peaceful resolution of this situation caused oil prices to retreat modestly.
Despite increased volatility, the stock market posted solid results during the last twelve-months. The S&P 500 Index treaded water until mid-August and then started its ascent through the end of the year. Stock prices rose on the back of optimism for continued solid corporate profits, a strong labor market and hopes for a soft economic landing. The stock market continued on a positive trajectory in 2007 until giving up the calendar year gains on February 27th. The S&P 500 Index plummeted 50.33 points (3.5%) and the sell-off affected every sector of the broad market. The one-day drop, in part, was triggered by a plunge in China’s market. The repercussions of this decline were widespread, as the stock markets around the world also declined. In March, the market rose modestly, although it continued to fluctuate as investors reacted to incoming economic data.
From an investment style perspective, value stocks significantly outperformed growth stocks. All the sectors within the S&P 500 Index posted positive returns. Utilities, telecommunication services and materials led the way with returns of 33.8%, 28.2% and 20.3%, respectively. There were three sectors that lagged the S&P 500 Index in the last twelve-months. Among them were information technology, 3.1%, industrials, 7.0% and healthcare, 7.3%.
The fund’s top three contributing sectors to performance for the year included financials, consumer discretionary and consumer staples. Top contributors included AT&T, Inc., Altria Group, Inc., News Corp., Sempra Energy and Loews Corp. Less than fourteen months after SBC Communication, Inc.’s acquisition of AT&T, Inc., the newly created company acquired BellSouth Corp. in early January gaining full control of Cingular Wireless LLC. The company has realized a substantial amount of synergies from these acquisitions and we, at ClearBridge, believe it is positioned to bring additional cost savings for them.
The sectors that lagged in the past twelve-months included information technology, materials and healthcare. Stocks that detracted the most from absolute performance over the same period were Sprint Nextel Corp., Masco Corp., Capital One Financial Corp., UnitedHealth Group, Inc. and General Electric Co. Sprint Nextel Corp. experienced operational issues as the company works to integrate its two wireless networks. We continue to hold on to the stock and monitor the situation closely.
We emphasize individual security selection while diversifying the fund’s investments across industries, which may help to reduce risk. We seek to identify those companies with favorable valuations and attractive growth potential. We employ fundamental analysis to analyze each company in detail, evaluating its management, strategy and competitive market position. In selecting individual companies for investment, we
|
|
A-10 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
look for: company specific items such as competitive market position, competitive products and services, experienced management team and stable financial situation; share prices that appear to be temporarily oversold or do not reflect the positive company developments; share prices that appear to undervalue the company’s assets; and special situations including corporate events, changes in management, regulatory changes or turnaround situations.
PL Short Duration Bond Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 3.76%*, compared to a 5.00%** return for its benchmark, the Merrill Lynch 1-3 Year Treasury Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
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PL Short Duration 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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| 3.76 | % |
| 3.31 | % |
| 3.17 | % |
With maximum sales charge*** |
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| -1.97 | % |
| -1.69 | % |
| 2.17 | % |
Merrill Lynch 1-3 Year |
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Treasury Index** |
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| 5.00 | % |
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3 Year Total Return: |
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Without sales charge* |
|
| 1.13 | % |
| 0.61 | % |
| 0.61 | % |
With maximum sales charge*** |
|
| -0.77 | % |
| -0.69 | % |
| 0.61 | % |
Merrill Lynch 1-3 Year |
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Treasury Index** |
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| 2.30 | % |
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Since Inception (December 31, 2003): |
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Without sales charge* |
|
| 1.32 | % |
| 0.81 | % |
| 0.81 | % |
With maximum sales charge*** |
|
| -0.42 | % |
| -0.09 | % |
| 0.81 | % |
Merrill Lynch 1-3 Year |
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Treasury Index** |
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| 2.44 | % |
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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. Over the course of the year, the yield curve continued to flatten as economic growth moderated amid a weakening housing market and continued signs of a slowdown in business activity. Rising delinquencies within the sub-prime sector of the mortgage market further exacerbated concerns regarding the housing market and potential spillover into the broader economy. The Fed raised rates a total of three times in the first half of 2006, pausing in August at 5.25% for the remainder of the reporting period. The Fed cited the need to balance the obvious weakening of the housing sector with the persistence of inflationary pressures. Despite recognizing that “inflation risks remain,” the Fed dropped its tightening bias at its latest meeting in March and stated that “future policy adjustments” would depend on the outlook for inflation and growth. Continued strength in employment has provided the underpinning for strong consumption in the U.S. economy and helped offset the negative effects from weakness in the housing and equity markets. The unemployment rate is close to recent multi-year lows, unit labor costs are elevated and labor productivity has declined. The pressures of a tight labor market, coupled with recent advances in the price of crude oil and gasoline, should maintain the Fed’s focus in coming months. Overall, the Ten-Year Treasury fell 0.22% during the fiscal year, closing at 4.70% on March 31, 2007.
A combination of top-down and bottom-up strategies drove returns over the year. We, at Goldman Sachs, continued to position the fund defensively, maintaining a shorter duration relative to the benchmark, based on our belief that rates would move higher. Our yield curve and duration strategies contributed to returns overall over the period. Cross-sector strategies also helped enhance results as spread sectors posted robust excess returns relative to Treasuries over the year. In particular, the fund benefited from its exposure to the agency and corporate sectors. Within our bottom-up strategies, we sought to add value in security specific trades. Although select credits within the financial subsector underperformed, and the fund’s exposure to TIPS modestly detracted, this was somewhat mitigated by a continued emphasis on short-duration high quality instruments, namely agencies. An exposure to front-end swap spreads was one of the leading drivers of returns.
PL Growth LT Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the PL Growth LT Fund’s Class A returned 7.95%*, compared to a 11.82%** return for its benchmark, the S&P 500 Index.
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A-11 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | |||||||
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PL Growth LT Fund |
| Class A |
| Class B |
| Class C |
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| |||
1 Year Total Return: |
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Without sales charge* |
| 7.95 | % | 7.44 | % | 7.46 | % |
With maximum sales charge*** |
| 2.02 | % | 2.44 | % | 6.46 | % |
S&P 500 Index** |
| 11.82 | % |
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5 Year Total Return: |
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Without sales charge* |
| 5.05 | % | 4.57 | % | 4.49 | % |
With maximum sales charge*** |
| 3.87 | % | 4.24 | % | 4.49 | % |
S&P 500 Index** |
| 6.26 | % |
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Since Inception (September 28, 2001): |
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Without sales charge* |
| 5.24 | % | 4.76 | % | 4.70 | % |
With maximum sales charge*** |
| 4.16 | % | 4.46 | % | 4.70 | % |
S&P 500 Index** |
| 7.70 | % |
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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. Positive gains in equity markets for the twelve-month period ending March 31, 2007 were negatively impacted by concerns about slowing global economic growth. Emerging markets exhibited the most volatility which was punctuated by a sharp, one-day decline in Chinese equity markets. Domestic concerns about sub-prime lending and the waning confidence of the consumer also detracted from the fund’s performance. Against this backdrop, the fund underperformed its benchmark.
During the year, individual technology holdings were the biggest laggards, and an overweight position to the group as a whole further pressured results. Telecommunication holdings also weighed on performance, and some stocks in the consumer staples sector coupled with an underweight position in that sector were additional detractors to relative performance. On the flip side, strong stock selection within the consumer discretionary sector was a leading contributor to performance during the period. Individual holdings within the industrials sector also aided returns.
In terms of identifying stocks for the fund, we, at Janus, focus our analysis on the balance sheet and cash flow statement in an attempt to understand the true profitability of the business. We want to identify business models with high returns on capital, free cash flow growth, sustainable competitive advantages and attractive valuations that are run by credible management teams focused on creating value for shareholders. In an effort to minimize downside risk in the fund, we look for two units of upside potential for every one unit of downside risk in the stocks we purchase. We construct a fund that is comprised primarily of core growth stocks that we can own for a multiyear period, supplemented by opportunistic growth stocks that we believe have temporarily fallen out of favor in the market.
Within the technology sector, Advanced Micro Devices, Inc. (AMD) declined during the year and was sold from the fund. Our initial thesis on AMD centered on its manufacturing advantages and the potential to improve margins and returns as the company captured market share from Intel Corp. However, AMD’s fundamental outlook has been negatively impacted by the price war between it and Intel, as well as industry oversupply issues and a recent acquisition, which we believe has diverted management’s attention. For these reasons, we have elected to exit the position.
UnitedHealth Group, Inc., a leading healthcare provider, also declined during the period and was sold from the fund. The company experienced weakness early last year on concerns that its recent acquisition of PacifiCare Health Systems, Inc. could result in slightly softer earnings in the first half of 2006. The stock came under further pressure in the spring amidst concerns about rising medical costs, as well as inquiries relating to back-dating of executive options. Therefore, the position was exited.
Within the consumer sector, organic food retailer Whole Foods Market, Inc. declined after reporting that company store sales had moderated, after posting years of double-digit gains. The company also guided down future company store expectations. We have trimmed the position but maintained exposure to the name, given our continued robust outlook for growth as Whole Foods expands its store base over the next few years and completes its acquisition of Wild Oats Markets, Inc.
Within the energy sector, NRG Energy, Inc. (NRG) was the top contributor to performance during the period. We were initially attracted to this holding last year due to its reasonable valuations, high free cash generation, improving returns on capital and solid management team. NRG has continued to have a positive impact on the fund in a short period of time.
Within the materials and processing sector, Precision Castparts Corp., a key supplier to the aerospace industry, made a positive contribution to performance after being added to the fund during the year. The company has benefited from The
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|
A-12 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Boeing Cos. market share gains in wide body commercial aircraft, and has been able to report better-than-expected earnings results. We remain constructive on the outlook for this company and have added to the position.
Although the fund’s integrated oils holdings declined in the aggregate, Exxon Mobil Corp. was a strong performer during the year. The company benefited from high commodity prices, solid earnings and reasonable valuation. Exxon remains a core holding in the Fund given its diverse assets, high free cash flow generation, active stock repurchase and attractive production growth profile.
Within healthcare, Switzerland-based Roche Holding A.G. gained as Avastin, the cancer drug developed by its partner Genentech, Inc., continued to gain at a rapid rate in European markets. Future potential approval for indications such as lung and breast cancer suggests that sales may continue to be robust.
Janus seeks to outperform the market over a long-term time frame by purchasing stock of large capitalization companies selling at attractive valuations. Specifically, companies characterized as having high free cash flow growth, high margins, and management teams that seem focused on improving returns on capital.
PL Mid-Cap Value Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 14.80%*, compared to a 11.79%** return for its benchmark, the Russell Midcap Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | |||||||
| |||||||
PL Mid-Cap Value Fund |
| Class A |
| Class B |
| Class C |
|
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| |||
1 Year Total Return: |
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|
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|
|
Without sales charge* |
| 14.80 | % | 14.10 | % | 14.11 | % |
With maximum sales charge*** |
| 8.51 | % | 9.10 | % | 13.11 | % |
Russell Midcap Index** |
| 11.79 | % |
|
|
|
|
Since Inception (December 31, 2004): |
|
|
|
|
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|
|
Without sales charge* |
| 11.82 | % | 11.22 | % | 11.21 | % |
With maximum sales charge*** |
| 9.05 | % | 9.65 | % | 11.21 | % |
Russell Midcap Index** |
| 14.47 | % |
|
|
|
|
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. U.S. equities fell sharply midway through the second quarter of 2006, amid fears about a potential acceleration in inflation and its implications for future monetary policy. Concerns that the Fed would continue to aggressively raise rates, fueled fears of a material global-economic slowdown and a sharp contraction in liquidity, as central banks around the world tightened monetary policy. Following the sharp decline in May and June, the market rebounded in the third quarter, as the Fed left the benchmark interest rate unchanged at 5.25%, for the second time, following seventeen consecutive increases. The Fed cited moderating growth and a cooling housing market as factors contributing to its decision. Investors also cheered a 20% decline in energy prices from prior record levels. As has been the case in recent years, the fourth quarter was marked by a powerful year-end rally that propelled stocks higher. Equity indices neared and, in some cases, finally exceeded the peaks reached in early 2000 during the technology bubble. The multiyear bull market that began in 2003 continued through the first quarter of 2007. In February, U.S. stocks rose modestly, fueled by the combination of moderating economic growth, solid corporate profits, and strong M&A activity. Then, a sharp sell off began two days before the end of February, driving indices to modest losses. However, the market recovered much of these losses in March, and comments from the Fed led investors to believe that the next move in interest rates could be lower. From a sector perspective, utilities, telecommunication services, and industrial stocks were the best performers over the period, while information technology, industrials, and healthcare stocks lagged. Our investment process is focused on companies with valuations that are attractive and whose earnings we believe are more sustainable than those areas of the market with unsustainable highs.
Stock selection in the financials sector benefited performance, as shares of MasterCard, Inc. rose sharply over the period. The company’s second- and third-quarter earnings exceeded expectations, boosted by a secular shift from paper to plastic transactions, coupled with improving margins and a heightened focus on profitability. Holdings in Healthcare Property Investors, Inc., A.G. Edwards, Inc., Ameriprise Financial, Inc., Lincoln National Corp., and Mellon Financial
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|
A-13 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Corp. also contributed to good performance in the financials sector. Stock selection in technology also boosted returns, as shares of DST Systems, Inc., Arrow Electronics, Inc., and Sun Microsystems, Inc. posted gains. In January, DST Systems, Inc. reported earnings that beat analysts’ estimates, and the outlook for the company continues to be positive, due to significant new client commitments to begin in 2007. Returns were also helped by stock selection in consumer discretionary, as the fund’s media holdings, including Idearc, Inc. and R.H. Donnelley Corp., continued to perform well. A retail holding, Dollar Tree Stores, Inc., posted gains, as the company benefited from accelerating sales. Shares of Service Corp. International also rose higher, after the company reported better-than-expected earnings coupled with a robust outlook for 2007 and a substantial increase to its stock-repurchase plan. Performance was also aided by stock selection in consumer staples, as holdings in The Kroger Co., Pilgrims Pride Corp., and Smithfield Foods, Inc. rose in the period. Kroger reported better-than-expected earnings that were fueled by strong same-store sales. Sales were strong, as management’s price-cutting strategy has been successful in increasing traffic. Smithfield Foods, a recent purchase in the first quarter of 2007, benefited from a decline in the price of corn, which is a chief ingredient in livestock feed and a major input cost in the production of hogs. Conversely, stock selection in the energy sector detracted from performance as shares of coal-producer, Massey Energy Co. declined after the price of natural gas, which competes with coal for use by electric utilities, fell sharply in the fourth quarter. Shares of BJ Services Co., an oil-services company, also performed poorly in the period. Returns were also hurt by a lack of exposure to utilities stocks as we, at Lazard, believe that valuations in this sector are unattractive.
PL Large-Cap Growth Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. Loomis Sayles assumed management of the fund on January 1, 2006. For the year ended March 31, 2007, the fund’s Class A returned -3.80%*, compared to a 7.06%** return for its benchmark, the Russell 1000 Growth Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | |||||||
| |||||||
PL Large-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
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| |||
1 Year Total Return: |
|
|
|
|
|
|
|
Without sales charge* |
| -3.80 | % | -4.40 | % | -4.31 | % |
With maximum sales charge*** |
| -9.08 | % | -8.71 | % | -5.18 | % |
Russell 1000 Growth Index** |
| 7.06 | % |
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5 Year Total Return: |
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|
|
Without sales charge* |
| -0.97 | % | -1.48 | % | -1.48 | % |
With maximum sales charge*** |
| -2.09 | % | -1.84 | % | -1.48 | % |
Russell 1000 Growth Index** |
| 3.48 | % |
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|
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Since Inception (September 28, 2001): |
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Without sales charge* |
| 0.86 | % | 0.34 | % | 0.33 | % |
With maximum sales charge*** |
| -0.17 | % | 0.01 | % | 0.33 | % |
Russell 1000 Growth Index** |
| 5.33 | % |
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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. For the twelve-months ending March 31, 2007, the fund underperformed its benchmark primarily due to stock selection in the healthcare and consumer discretionary sectors. Partially offsetting this was strong stock selection in the materials and processing sector.
The fund’s materials and processing stocks contributed the most to positive performance during the period. Precision Castparts Corp., a manufacturer of metal components used in aircraft and other industrial applications, reported a strong quarter, with sales growing over 60% compared to the same period last year. Other strong stocks included Apple, Inc., Cognizant Technology Solutions Corp. and The Goldman Sachs Group, Inc. Shares of Apple rose during the first quarter, after
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A-14 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
the company announced the launch of its iPhone, expected to be in stores June, 2007. Goldman Sachs reported its most profitable quarter ever at March 31, 2007, beating earnings per share (EPS) estimates by approximately 10%. Assets under management reached record highs, and the company enjoyed gains from its proprietary investments both domestically and overseas, mainly in China.
In healthcare, Aetna, Inc. and Medco Health Solutions, Inc. (Medco) were the worst performing stocks. Aetna surpassed first quarter profit estimates and raised its forecast for full-year operating earnings. However, shares tumbled as first quarter medical cost ratios rose from the prior year without any favorable reserve developments to compensate for increased costs. Medco shares fell due to a number of issues plaguing the potential profitability of the prescription benefit management industry.
In consumer discretionary, Starbucks Corp. and Chico’s FAS, Inc. were among the worst performing stocks. Starbucks, the world’s largest coffee chain fell after the company reported July same store sales that fell short of analysts’ estimates. Four percent sales growth reported in July for stores open at least thirteen months was the smallest gain in more than four years. Shares of Chico’s fell in the first half of 2006 after the company announced that investments in some brands could hurt earnings for the year. In addition, comparable store sales have been below expectations for the majority of the year. The stock was subsequently sold.
The fund continues to be positioned in companies displaying leadership qualities and strong fundamentals within their respective industries. During the first quarter of 2007, we, at Loomis Sayles, slightly reduced the fund’s exposure to the consumer staples and healthcare sectors and redeployed the proceeds into the materials and processing sectors, while also marginally adding to the fund’s position in the technology sector.
Loomis Sayles’ core investment process of bottom-up stock selection is geared toward identifying high-growth opportunities, and we expect it may fare relatively well in the predicted environment.
PL International Large-Cap Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 18.70%*, compared to a 20.20%** return for its benchmark, the MSCI EAFE Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | |||||||
| |||||||
PL International Large-Cap Fund |
| Class A |
| Class B |
| Class C |
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| |||
1 Year Total Return: |
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|
|
Without sales charge* |
| 18.70 | % | 18.12 | % | 18.11 | % |
With maximum sales charge*** |
| 12.16 | % | 13.12 | % | 17.11 | % |
MSCI EAFE Index** |
| 20.20 | % |
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5 Year Total Return: |
|
|
|
|
|
|
|
Without sales charge* |
| 12.03 | % | 11.46 | % | 11.49 | % |
With maximum sales charge*** |
| 10.77 | % | 11.20 | % | 11.49 | % |
MSCI EAFE Index** |
| 15.68 | % |
|
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|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
Without sales charge* |
| 12.92 | % | 12.34 | % | 12.37 | % |
With maximum sales charge*** |
| 11.77 | % | 12.13 | % | 12.37 | % |
MSCI EAFE Index** |
| 15.77 | % |
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|
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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. While strong economic growth, healthy M&A activity and robust corporate earnings helped international stocks advance strongly during the year, volatility returned to markets in the first quarter as a sell off in Chinese equities and fears over the subprime mortgage market in the U.S. shook investors. Stock selection in the retail sector was the main source of positive relative results. Top contributors in this sector included supermarkets and convenience stores operator, Tesco P.L.C. (UK) and apparel retailer, NEXT P.L.C. (UK).
An overweighted position versus the benchmark in the consumer staples sector also benefited relative performance. Within this sector, household products manufacturer Reckitt Benckiser P.L.C. (UK) and food company Nestle S.A. (Switzerland) were among the fund’s top contributors.
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|
A-15 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
Security selection in the technology and financial services sectors also aided relative returns. Video game console maker, Nintendo Co. Ltd. (Japan), was a strong performer in the technology sector. In the financial services sector, wealth management firm, Julius Baer Holding A.G. (Switzerland), was a strong contributor. Not owning weak-performing diversified financial services firm, Mitsubishi UFJ Financial Group, Inc. (Japan), was another positive factor.
Stocks in other sectors that helped relative returns included electric utility company Iberdrola S.A. (Spain) and specialty chemical/healthcare products maker, Bayer A.G. (Germany). Avoiding integrated oil company, BP P.L.C. (UK), also benefited relative performance as this stock significantly underperformed the benchmark.
It was stock selection in the industrial goods and services sector and basic materials sectors that were the main detractors from performance. Within the industrial goods and services sector, industrial adhesive tapes maker Nitto Denko Corp. (Japan) dampened returns. In basic materials, glass products manufacturer Asahi Glass Co. Ltd. (Japan) was a detractor. An underweighted position in the utilities and communications sector also held back results relative to the benchmark.
Several individual stocks in the otherwise strong financial services sector detracted from results. These included banking firms Shinsei Bank Ltd. (Japan) and Credit Agricole S.A. (France), consumer finance firm Aeon Credit Service Co. Ltd. (Japan), and investment management firm UBS A.G. (Switzerland).
Stocks in other sectors that negatively affected relative returns included microchip and electronics manufacturer Samsung Electronics Co. Ltd. (South Korea), pharmaceutical company Sanofi-Aventis (France), and tire maker Bridgestone Corp. (Japan).
The fund’s cash position was a detractor from relative performance. The fund holds cash to buy new holdings and to 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.
During the year, the fund’s currency exposure also detracted from the fund’s 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.
PL Small-Cap Growth Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 0.28%*, compared to a 5.91%** return for its benchmark, the Russell 2000 Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | |||||||
| |||||||
PL Small-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
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| |||
1 Year Total Return: |
|
|
|
|
|
|
|
Without sales charge* |
| 0.28 | % | -0.26 | % | -0.17 | % |
With maximum sales charge*** |
| -5.21 | % | -5.24 | % | -1.16 | % |
Russell 2000 Index** |
| 5.91 | % |
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
Without sales charge* |
| 3.63 | % | 3.14 | % | 3.17 | % |
With maximum sales charge*** |
| 2.46 | % | 2.80 | % | 3.17 | % |
Russell 2000 Index** |
| 10.95 | % |
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
Without sales charge* |
| 6.33 | % | 5.80 | % | 5.84 | % |
With maximum sales charge*** |
| 5.24 | % | 5.52 | % | 5.84 | % |
Russell 2000 Index** |
| 14.61 | % |
|
|
|
|
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. U.S. stocks provided strong gains in 2006, as investors benefited from a mid-year pause in the Fed’s long monetary tightening campaign, brisk M&A activity levels and an easing in oil prices from highs early in the year. Overall, value stocks substantially outpaced growth counterparts, while large- and mid-capitalization shares outperformed small-capitalizations. Within the fund’s benchmark, the consumer staples, materials, utilities, telecommunication service and consumer discretionary sectors provided the strongest absolute returns, while the healthcare sector trailed substantially.
Over the course of the reporting period, the fund generated a slightly positive return, trailing the Russell 2000 Index. The underperformance was caused by four holdings in consumer discretionary and media stocks, two of which were sold during
|
|
A-16 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
the period and two of which remain in the fund. These holdings dragged down what would otherwise have been strong performance, as holdings in the industrials and materials sectors strongly outperformed benchmark returns. The two stocks in the fund are believed to have fundamentals and catalysts for growth, and therefore were not sold at period end.
Among the fund’s individual holdings, commercial equipment manufacturer, The Middleby Corp., provided the largest contribution to total return, followed by global information technology (IT) services firm Kanbay International Inc. and consulting firm Watson Wyatt Worldwide, Inc. Meanwhile, headset manufacturer Plantronics, Inc. was the biggest individual drag on absolute returns, followed by Computer Programs and Systems, Inc. a software provider to rural healthcare facilities.
In recent years, small-capitalization market leadership has been concentrated mainly in lower quality stocks, as investors sought more speculative, higher-risk companies in a low-interest rate, high liquidity environment. This has not favored our quality-oriented investment approach. As much of the market has become overextended, the fund’s holdings have looked increasingly attractive. The average earnings growth rate of the fund’s stocks is greater than the Russell 2000 Index, and the average return on equity (our proxy for quality) is more favorable.
In the industrial sector, we, at Neuberger Berman, are comfortable with the fund’s sizable overweighting versus the benchmark due to the diversity and quality of the businesses in the fund, which often benefit from recurring revenue streams. We maintain an overweight position in energy, reflecting our belief that oil and natural gas prices will benefit from tight supply/demand fundamentals over the long term. In contrast, exposure to the financial sector is below benchmark levels. We also continue to be underweight information technology. Overall, we are pleased with the prospects of the fund’s holdings, due to what we believe to be their favorable characteristics relative to the benchmark from growth, quality and value standpoints.
We maintain our longstanding investment philosophy, focusing on companies with consistent earnings growth, superior profitability, considerable free cash flow, recurring revenue streams, high barriers to entry, solid balance sheets, high levels of insider ownership, significant appreciation potential, compelling price/earnings, and value relative to their peers.
PL Main Street Core Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 9.23%*, compared to a 11.82%** return for its benchmark, the S&P 500 Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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.
|
|
|
|
|
Average Annual Total Returns for the Period Ended March 31, 2007 | ||||
|
|
|
|
|
|
|
|
|
|
PL Main Street Core Fund |
| Class A |
| |
|
|
| ||
1 Year Total Return: |
|
|
|
|
Without sales charge* |
|
| 9.23 | % |
S&P 500 Index** |
|
| 11.82 | % |
Since Inception (September 30, 2005): |
|
|
|
|
Without sales charge* |
|
| 10.86 | % |
S&P 500 Index** |
|
| 12.27 | % |
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. Much of 2006 proved to be a relatively difficult year for actively managed equity funds. However, because Oppenheimer implements a highly disciplined investment process, we avoid large “bets” on any particular security or market sector; and therefore, the fund was able to participate in the market’s broad-based rally.
Our emphasis on mega-capitalization stocks also helped the fund’s performance. Because our market capitalization models had indicated last spring that the long cycle of small-capitalization outperformance was coming to an end, we repositioned the fund to exhibit characteristics similar to those of the benchmark, enabling the fund to benefit during the ongoing transition in market leadership to mega-capitalization companies.
In addition, we attempted to optimize our stock selection models for different market environments, including seasonal factors. We employ a “Turn of the Year” model during the fourth and first quarters of each calendar year to position the fund for what historically has been a time of relatively strong performance among lower quality, relatively volatile stocks. This shift helped the fund participate more fully in a rally among “higher beta” stocks near year-end 2006.
|
|
A-17 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
The success of the fund’s market capitalization and seasonal strategies was offset by relatively disappointing results from our security selection models in a number of industry groups such as healthcare. However, the fund’s positions in materials, consumer staples and slight underweighting in the financials sector helped mitigate losses. More specifically, the momentum factors considered by our stock selection models became less predictive of performance as market conditions evolved, and stocks that had done well over the first half of the reporting period fared relatively poorly over the second half. For example, a number of energy companies had strong momentum characteristics after gaining value over the first half of 2006, but many of those companies lagged the averages during the second half as the U.S. economy slowed and commodity prices fell.
PL Emerging Markets Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 14.49%*, compared to a 20.65%** return for its benchmark, the MSCI Emerging Markets (MSCI EM) Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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.
|
|
|
|
|
Average Annual Total Returns for the Period Ended March 31, 2007 | ||||
|
|
|
|
|
PL Emerging Markets Fund |
|
| Class A |
|
|
|
|
| |
1 Year Total Return: |
|
|
|
|
Without sales charge* |
|
| 14.49 | % |
MSCI Emerging Markets Index** |
|
| 20.65 | % |
Since Inception (September 30, 2005): |
|
|
|
|
Without sales charge* |
|
| 24.25 | % |
MSCI Emerging Markets Index** |
|
| 28.02 | % |
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. Although the fund’s performance was underwhelming, we, at Oppenheimer, continue to believe that globalization and continued outsourcing by companies in developed markets will continue to drive economic growth in emerging market economies.
During the year volatility was remarkably limited. International equity markets rose steadily and again outperformed the U.S. stock market. The market’s recent rise was interrupted by two significant corrections. The first was in late spring 2006, as investors became more concerned about rising inflation in the U.S. and increased Middle East tensions. The second began on February 27, 2007, with a sudden drop in China’s stock market that quickly spread to the rest of the world. The decline was exacerbated by new worries of a slowdown in the U.S. economy and its increasingly troubled subprime mortgage market. Both corrections were relatively short-lived, however, and stock prices soon resumed their upward momentum, helped by continued strong economic growth worldwide.
The materials, industrials, information technology and energy sectors all had positive returns during the reporting period. In the materials sector, P.T. Aneka Tambang Tbk. (Aneka) continued to produce stellar returns. Rising demand for commodities in newly industrialized regions, such as China, was a big driver in rising commodity prices during the period and helped Aneka sustain such growth. Among the fund’s industrials stocks, America Latina Logistica S.A., performed well. America Latina Logistica S.A. is a leading rail freight operator in Brazil whose network transports Brazilian agricultural goods from the interior to the country’s ports for export. In the fund’s information technology holdings, Samsung Electronics Co., Ltd. continues to produce solid returns. Samsung became the world’s number one television maker, in particular LCD panels. In the fund’s energy holdings, no particular stock stood out, as the overall sector performed well during the reporting period.
Detracting from returns were sectors such as consumer discretionary, consumer staples and financials. In the consumer discretionary sector, Kia Motors Corp., the Korean auto manufacturer, continued on its downward trend as its stock depreciated on weaker earnings reports. Another poor performing stock in the consumer discretionary sector was Inventec Appliances Corp., a Taiwanese original device manufacturer specializing in the design and manufacture of MP3 players, Global Positioning Systems (GPS) and wireless handsets. In the consumer staples sector, Brazilian grocery store Cia. Brasileira de Distribuicao Grupo Pao de Acucar, continues to suffer from its restructuring efforts. In the financials sector, banks around the world suffered as sub prime woes left investors jittery and with continued uncertainty over interest rates.
The fund’s most positive country contributors to performance were India and South Africa. In India, real incomes
|
|
A-18 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
have grown and consumers are now spending money in a way they never have before. In South Africa, commodity stock holdings, mostly platinum and gold, performed extremely well. Political uncertainty surrounding the transition from apartheid to democracy in the 1990s led to a long period of underinvestment, which the country has started to address over the last several years.
It is important to note that although market conditions may impact our near-term perspective on opportunities, they do not change the way we research companies. In evaluating opportunities around the globe, we continue to apply our long-term oriented, growth investment style. New investments must be in attractive businesses that have sustainable growth or the potential for a dramatic improvement in fundamentals.
PL Managed Bond Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 5.90%*, compared to a 6.59%** return for its benchmark, the Lehman Brothers Aggregate Bond Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007
|
|
|
|
|
|
|
|
|
|
|
PL Managed Bond Fund |
|
| Class A |
|
| Class B |
|
| Class C |
|
|
|
|
|
|
|
|
| |||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 5.90 | % |
| 5.31 | % |
| 5.23 | % |
With maximum sales charge*** |
|
| 0.09 | % |
| 0.31 | % |
| 4.23 | % |
Lehman Brothers Aggregate |
|
|
|
|
|
|
|
|
|
|
Bond Index** |
|
| 6.59 | % |
|
|
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 5.46 | % |
| 4.93 | % |
| 4.95 | % |
With maximum sales charge*** |
|
| 4.28 | % |
| 4.59 | % |
| 4.95 | % |
Lehman Brothers Aggregate |
|
|
|
|
|
|
|
|
|
|
Bond Index** |
|
| 5.35 | % |
|
|
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 4.90 | % |
| 4.37 | % |
| 4.38 | % |
With maximum sales charge*** |
|
| 3.83 | % |
| 4.06 | % |
| 4.38 | % |
Lehman Brothers Aggregate |
|
|
|
|
|
|
|
|
|
|
Bond Index** |
|
| 4.88 | % |
|
|
|
|
|
|
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. Fixed income assets fared well for the twelve-months ending March 31, 2007, as positive market conditions in the first quarter of 2007 and the second half of 2006 more than offset a difficult environment in the second quarter of 2006. The fund’s benchmark was up 6.59% for the twelve-months ending March 31. The benchmark 10-year Treasury bond yielded 4.65% on March 31, twenty-one basis points lower than on April 1, 2006. Bond markets struggled in the second quarter of 2006 as the Fed completed its tightening cycle, raising rates a total of 0.5% to 5.25%. The economic backdrop in the final two quarters of 2006 was more benign. Interest rates moved lower as the Fed held rates steady four times in a row and oil prices reversed course, helping ease headline inflation pressure. Most interest rates fell and bonds rallied during the first quarter of 2007. The gains came amid rising investor anxiety about potential corrections in riskier asset markets, though some of this anxiety subsided as the quarter drew to a close. Two sparks for the heightened anxiety were a sell-off in Chinese equity markets and the collapse of the subprime mortgage sector in the U.S. Worries grew that these adverse developments would usher in the start of a widening risk aversion in financial and asset markets, with contagion effects on consumer confidence and spending. Since risk premiums and volatility were already at historically low levels and corporate profits as a share of the U.S. economy were near record highs, concern about a snapback seemed justified.
Prudent diversification and active management in a diversified mix of high quality strategies preserved value in 2006 and the first quarter of 2007 even as expectations of a steeper yield curve and widening risk premiums proved premature. Interest rate strategies anticipating a weaker economy and the Fed easing began to pay off during the last three quarters as we, at PIMCO, positioned the fund appropriately for slower growth in 2007. Above-benchmark
|
|
A-19 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
duration, especially over the last three quarters, was positive for returns as rates fell on weaker economic data. In 2006, an emphasis on shorter maturities detracted from returns as the yield curve flattened for the year, but in the first quarter of 2007, the emphasis on shorter maturities added to returns as yields on this part of the yield curve fell the most, resulting in an overall positive contribution to the fund. An overweight position to high-quality mortgages, and positive security selection, benefited the fund during the last four quarters as strong overseas purchases and low volatility supported the mortgage sector. Additionally, a modest exposure to emerging market bonds contributed to returns as the sector experienced strong capital inflows and continued improvements in credit quality. Exposure to the yen, euro and emerging market currencies also benefited the fund as these currencies gained amid U.S. dollar weakness.
An underweight position to investment grade corporate bonds detracted from the fund’s performance as corporate bond prices stayed strong, but security selection in the high yield sector was positive and helped to offset some of the loss from being underweight in corporate securities. Small holdings of inflation-protected bonds were negative for fund performance as these issues lost ground to nominal bonds as investor inflation expectations decreased during the year.
A total target duration above the benchmark is a strategy used given the prospects for a slowing economy and downward pressure on real rates.
PL Inflation Managed Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 4.15%*, compared to a 5.30%** return for its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index (Lehman Brothers U.S. TIPS Index).
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
PL Inflation Managed Fund |
|
| Class A |
|
| Class B |
|
| Class C |
|
|
|
|
|
|
|
|
| |||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 4.15 | % |
| 3.57 | % |
| 3.56 | % |
With maximum sales charge*** |
|
| -1.56 | % |
| -1.43 | % |
| 2.56 | % |
Lehman Brothers |
|
|
|
|
|
|
|
|
|
|
Global Real: U.S. TIPS Index** |
|
| 5.30 | % |
|
|
|
|
|
|
3 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 1.88 | % |
| 1.35 | % |
| 1.33 | % |
With maximum sales charge*** |
|
| -0.03 | % |
| 0.13 | % |
| 1.33 | % |
Lehman Brothers |
|
|
|
|
|
|
|
|
|
|
Global Real: U.S. TIPS Index** |
|
| 2.98 | % |
|
|
|
|
|
|
Since Inception (December 31, 2002): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 4.59 | % |
| 4.04 | % |
| 4.04 | % |
With maximum sales charge*** |
|
| 3.21 | % |
| 3.63 | % |
| 4.04 | % |
Lehman Brothers |
|
|
|
|
|
|
|
|
|
|
Global Real: U.S. TIPS Index** |
|
| 5.28 | % |
|
|
|
|
|
|
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. Fixed income assets, including TIPS, gained over the twelve-months ending March 31, 2007. As of March 31, 2007, ten-year TIPS yielded 2.36% above inflation, fifteen basis points higher than a year earlier. TIPS struggled in the second quarter of 2006, as did most domestic fixed income assets, as the U.S. economy continued to strengthen and the Fed raised rates twice. The economic backdrop in the final two quarters of 2006 and the first quarter of 2007 showed signs of slowing growth, which accelerated in 2007 due to market anxieties sparked by a sell-off in Chinese equity markets and the collapse of the sub prime mortgage sector in the U.S. Worries grew that these adverse developments would usher in the start of a widening risk aversion in financial and asset markets, with contagious effects on consumer confidence and spending. Since risk premiums and volatility were already at historically low levels and corporate profits as a share of the U.S. economy were near record highs, concern about a snapback seemed justified. As growth slowed, real interest rates generally moved lower, which was positive for TIPS. Inflation expectations, as reflected by breakeven inflation or the difference between nominal and real yields, also declined over the year, although it did rebound somewhat in the first quarter of 2007. Nonetheless, this overall decline in breakeven inflation caused TIPS to underperform nominal Treasuries for the preceding twelve-month period. The Fed held rates steady six times in a row following the end of a protracted tightening cycle in which the central bank boosted the Federal Funds rate seventeen straight times between June 2004 and June 2006. The Fed stayed on hold throughout the period, however, since there was no substantial evidence that the housing downturn had flowed through to employment and personal consumption.
|
|
A-20 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
PIMCO’s diversified mix of higher quality strategies enhanced value over the preceding twelve-months even though our expectations of a steeper yield curve and widening risk premiums proved premature. The fund benefited from tactical adjustments and holdings in non-index securities, such as nominal Treasury bonds, emerging markets and non U.S. holdings with an emphasis on European bonds. Above benchmark duration during the period was negative for returns as real yields rose for the year. An emphasis on short maturity U.S. nominal bonds was positive as the markets anticipated a Fed easing due to slower growth, while an emphasis on shorter maturity TIPS was negative for performance as yields on these securities rose more than yields on longer-term TIPS. An emphasis on mortgages provided incremental yield that contributed to the fund’s performance. A small allocation to corporate bonds also added value as their relatively higher coupons mitigated the impact of rising real rates. Emerging markets bonds benefited from improving economic fundamentals and continued credit quality upgrades, and the fund’s allocation to these securities was positive for performance. Modest holdings of the yen, euro and emerging market currencies added to performance as these currencies gained versus the dollar.
A total target duration above the benchmark is a strategy used given the prospects for a slowing economy and downward pressure on real rates.
PL Comstock Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 13.21%*, compared to a 16.83%** return for the Russell 1000 Value Index (the fund’s primary benchmark) and a 11.82%** return for the S&P 500 Index (the fund’s secondary benchmark.)
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
PL Comstock Fund |
|
| Class A |
|
| Class B |
|
| Class C |
|
|
|
|
|
|
|
|
| |||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 13.21 | % |
| 12.49 | % |
| 12.58 | % |
With maximum sales charge*** |
|
| 7.00 | % |
| 7.49 | % |
| 11.58 | % |
Russell 1000 Value Index** |
|
| 16.83 | % |
|
|
|
|
|
|
S&P 500 Index** |
|
| 11.82 | % |
|
|
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 6.23 | % |
| 5.68 | % |
| 5.68 | % |
With maximum sales charge*** |
|
| 5.03 | % |
| 5.36 | % |
| 5.68 | % |
Russell 1000 Value Index** |
|
| 10.25 | % |
|
|
|
|
|
|
S&P 500 Index** |
|
| 6.26 | % |
|
|
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 8.36 | % |
| 7.81 | % |
| 7.80 | % |
With maximum sales charge*** |
|
| 7.25 | % |
| 7.55 | % |
| 7.80 | % |
Russell 1000 Value Index** |
|
| 11.51 | % |
|
|
|
|
|
|
S&P 500 Index** |
|
| 7.70 | % |
|
|
|
|
|
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Q. Discuss both positive and negative factors that materially affected the fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. The U.S. stock market’s advance during the twelve-months period ended March 31, 2007 was twice interrupted by periods of amplified price volatility. In the second quarter of 2006, concerns about a U.S.-led global economic slowdown, rising inflation, high oil prices and monetary tightening by the FOMC drove the market into negative territory. The market recovered by August and returned to a steady climb for the remainder of the year. However, at the end of February 2007, the stock markets again encountered significant turbulence. A major sell-off in China’s equity market, difficulties in the U.S. subprime mortgage market and comments made by former Fed Chairman Alan Greenspan provoked a renewed sense of risk aversion among investors. Stocks turned upward toward the end of the reporting period, but did not fully rebound to their February high.
Nonetheless, all sectors within the S&P 500 Index had positive returns for the period under review, with the utilities, telecommunication services and materials sectors producing the highest returns. The information technology sector registered the smallest gain.
The three primary areas of outperformance for the fund relative to the benchmark were the consumer discretionary, information technology and consumer staples sectors. Within the consumer discretionary sector, several of the fund’s holdings in the media industry, especially cable television providers, saw improved performance after a multi-year slump. An underweight position in the information technology sector reduced the fund’s exposure to the sector’s anemic returns during the period. Two strong performing consumer staples stocks, which were not represented in the benchmark but were held in the fund, further bolstered the fund’s relative performance.
|
|
A-21 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
In contrast, the energy sector detracted from performance relative to the benchmark. The group has performed very well for the past two years amid high oil prices, but expensive valuations, in our view, have kept the fund from investing meaningfully in energy stocks. Similarly, a significant underweight position versus the benchmark in the utilities sector dampened fund returns. As with energy stocks, our concerns about what we, at Van Kampen, believe to be lofty valuations among many utilities stocks have resulted in their meager representation within the fund. During the period, the sector performed well relative to the broad market due to some well received M&A announcements and attractive yields relative to fixed income securities’ yields.
We continue to seek stocks with reasonable valuations relative to our assessment of fair value. During the period, we did not make any major changes to the fund’s long-term positioning, which could be described as “defensive”—that is, having greater exposure to those companies whose earnings growth does not depend on the economic cycle—with notable weights in healthcare, consumer discretionary and consumer staples stocks. The financials sector remained the fund’s largest sector weight. All sector weights are driven by the greater valuation opportunities presented by individual companies within these sectors and are not based on economic or market forecasts.
PL Mid-Cap Growth Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 2.64%*, compared to a 6.90%** return for its benchmark, the Russell Midcap Growth Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | ||||||||||
| ||||||||||
PL Mid-Cap Growth Fund |
| Class A |
| Class B |
| Class C |
| |||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| |||
1 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 2.64 | % |
| 2.03 | % |
| 2.13 | % |
With maximum sales charge*** |
|
| -3.01 | % |
| -2.61 | % |
| 1.20 | % |
Russell Midcap Growth Index** |
|
| 6.90 | % |
|
|
|
|
|
|
5 Year Total Return: |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 3.78 | % |
| 3.29 | % |
| 3.27 | % |
With maximum sales charge*** |
|
| 2.61 | % |
| 2.95 | % |
| 3.27 | % |
Russell Midcap Growth Index** |
|
| 9.45 | % |
|
|
|
|
|
|
Since Inception (September 28, 2001): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 5.89 | % |
| 5.39 | % |
| 5.37 | % |
With maximum sales charge*** |
|
| 4.81 | % |
| 5.10 | % |
| 5.37 | % |
Russell Midcap Growth Index** |
|
| 13.02 | % |
|
|
|
|
|
|
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. Over the twelve-months ended March 31, 2007, the U.S. equity markets advanced despite significant volatility. The markets were in positive territory at the beginning of the reporting period, but investors grappled with mounting pressures in the form of sustained high oil prices, rising interest rates, and evidence of a slowing housing market. These anxieties ignited a market sell-off following the FOMC’s sixteenth and seventeenth consecutive Federal Funds rate increases in May and June, respectively. Although many market sectors declined during this period, the energy sector profited as oil prices reached record levels in July. Lower-than-expected second quarter reported GDP growth data further indicated a decline in the economy. However, by August, the U.S. equity market rebounded following the Fed’s decision to pause its monetary tightening. Oil prices began to recede around this time, which bolstered consumer retail spending during the third quarter and carried through the fourth quarter. Despite growing evidence of a softening of the housing market and moderating growth of the overall economy, the market overall continued to progress at a steady pace through the end of the year.
The equity market stayed in positive territory through January and most of February as M&A continued to be strong, stock buybacks and dividend increases sustained positive sentiment for stocks, corporate earnings reports were still met or exceeded expectations and company balance sheets remained healthy. However, this upward momentum was abruptly halted on February 27th when a market sell-off in China occurred following news of tightening credit standards. This decline had a negative impact across the global markets, including in the U.S. Around this time, unexpected comments regarding the possibility of a U.S. recession made by former Fed Chairman Alan Greenspan and reported difficulties in the U.S. sub-prime mortgage markets further eroded investor sentiment. In March, the markets began to regain some lost ground but remained below their previous highs at the end of the period.
|
|
A-22 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
For the twelve-month period ended March 31, 2007, the fund underperformed the benchmark due to stock selection, even though sector allocation decisions did help to mitigate the effect that selection had on total returns.
The sectors that contributed the least to performance relative to the benchmark were financial services, consumer discretionary, and materials and processing. Within the financial services sector, an underweight allocation and security selection in the investment management and miscellaneous financials industries detracted from performance. Additionally, the fund’s avoidance of real estate investment trusts (REITs) further diminished returns. In the consumer discretionary sector, stock selection within the commercial services and casinos and gambling segments, coupled with a missed opportunity in cable televisions services, turned out to be detrimental. These decisions offset the benefits provided by a large sector overweight and the fund’s investment in radio and television broadcasters, and hotel/motel companies. An avoidance of metal fabricating stocks in the materials and processing sector was disadvantageous to relative performance, as was the fund’s underweight position in the sector. The fund’s underweighting in steel companies further deteriorated relative returns. Another sector that significantly dampened relative performance was energy, due to stock selection in crude oil producers.
Despite these detractors from relative performance, there were several sectors that contributed positively to returns. Among these was the technology sector, where investment in semiconductors and computer services software companies had a favorable impact on performance, as did an avoidance of computer technology firms. Furthermore, the sector’s underweight allocation within the fund also helped. Security selection within the multi-industry sector (which includes conglomerates) added to relative returns. Finally, the fund’s holding of tobacco companies in the consumer staples sector bolstered performance.
For the year, the consumer discretionary sector represented the largest sector weight and overweight in the fund, followed by the healthcare and financial services sectors. The healthcare and financial services sectors were underweight relative to the benchmark.
The investment team looks for high quality growth companies that have these attributes: sustainable competitive advantage, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward. We, at Van Kampen, find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process. It is our goal to hold a portfolio of high quality growth stocks we believe will perform well regardless of the market environment. We continue to favor companies that 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.
PL Real Estate Fund
Q. How did the fund perform over the year ended March 31, 2007?
A. For the year ended March 31, 2007, the fund’s Class A returned 24.19%*, compared to a 21.79%** return for its benchmark, the FTSE National Association of Real Estate Investment Trusts (NAREIT) U.S. Real Estate Index.
Performance Comparison
The following graph shows the value as of March 31, 2007 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, 2007 | ||||||||||
| ||||||||||
PL Real Estate Fund |
| Class A |
| Class B |
| Class C |
| |||
|
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|
|
| ||||||
1 Year Total Return: |
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|
|
|
|
|
Without sales charge* |
|
| 24.19 | % |
| 23.53 | % |
| 23.42 | % |
With maximum sales charge*** |
|
| 17.36 | % |
| 18.53 | % |
| 22.42 | % |
FTSE NAREIT U.S. |
|
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|
|
|
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|
|
Real Estate Index** |
|
| 21.79 | % |
|
|
|
|
|
|
Since Inception (December 31, 2004): |
|
|
|
|
|
|
|
|
|
|
Without sales charge* |
|
| 24.64 | % |
| 23.98 | % |
| 23.96 | % |
With maximum sales charge*** |
|
| 21.55 | % |
| 22.61 | % |
| 23.96 | % |
FTSE NAREIT U.S. |
|
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|
|
|
|
|
|
|
|
Real Estate Index** |
|
| 22.11 | % |
|
|
|
|
|
|
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 ended March 31, 2007 was positive for both the direct real estate market as well as the public real estate securities market REITs. The REIT sector continued to benefit from favorable fund flows, as both retail and institutional investors increased allocations to real estate securities. Meanwhile, ongoing improvement in underlying real estate values contributed to and supported rising REIT share
|
|
A-23 | See explanation of symbols and references on A-24 |
PACIFIC LIFE FUNDS PERFORMANCE DISCUSSION (Continued)
prices. Numerous private takeover transactions of public real estate companies at premiums demonstrated the strong underlying value of these companies’ properties and provided evidence of the strong demand for real estate.
During the period under review, each of the major sectors provided strong performance. The retail sector significantly outperformed the benchmark, as mall stocks significantly outperformed and the strip shopping centers performed in line with the benchmark. The office sector also outperformed, driven largely by strong prices for individual transactions as well as ongoing takeover activity and speculation. On the negative side, apartment stocks significantly underperformed due to concerns that cash flow growth might decelerate, as well as weakness in the condo and housing markets and its potential impact on the apartment companies. Among the smaller sectors, healthcare REITs materially outperformed the benchmark, self-storage REITs underperformed the benchmark, and hotel REITs performed in line with the benchmark.
Stock selection was the largest contributor to the fund’s outperformance, and sector allocation was also beneficial. Stock selection was favorable in every sector except industrial and healthcare, with the most significant contributions generated in the hotel, office and mall sectors. From a sector allocation perspective, the largest contributors came from overweight positions in the mall and hotel sectors. The largest detractors were an underweight position in the healthcare sector and an overweight position in the manufactured home communities sector.
We, at Van Kampen, maintain our core investment philosophy as a real estate value investor. This results in the ownership of stocks that, in our opinion, will provide the best valuation relative to their underlying real estate values. Our company specific research leads us to specific preferences for sub-segments within each property sector. Current top-down preferences include overweighting of companies that are focused in the ownership of upscale urban hotels, coastal apartments, high quality retail assets and Class A office properties in central business district locations, and underweighting companies concentrated in the ownership of strip shopping centers and industrial properties.
We believe strongly in the merits of including REITs in a diversified long-term portfolio. REITs have historically provided compelling diversification opportunities, as their performance has not been highly correlated to stocks or bonds.
|
|
Explanation of Symbols and References | |
|
|
* | The total return for each fund (including the 7-day yield for PL 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. |
|
|
A-24
PACIFIC LIFE FUNDS (1)
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, distribution and service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire period from October 1, 2006 to March 31, 2007.
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 03/31/07” 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 10/01/06-03/31/07” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past 6-month period from October 1, 2006 to March 31, 2007.
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 10/01/06-03/31/07” 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’s 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 |
| |||||
PL Portfolio Optimization Conservative | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A |
| $ | 1,000.00 |
| $ | 1,032.70 |
| 0.01 | % |
| $ | 0.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,029.10 |
| 0.64 | % |
|
| 3.24 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,029.20 |
| 0.64 | % |
|
| 3.24 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,031.80 |
| 0.14 | % |
|
| 0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
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|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.88 |
| 0.01 | % |
| $ | 0.05 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.74 |
| 0.64 | % |
|
| 3.23 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.74 |
| 0.64 | % |
|
| 3.23 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.23 |
| 0.14 | % |
|
| 0.71 |
|
|
PL Portfolio Optimization Moderate-Conservative | ||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,052.20 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,049.10 |
| 0.63 | % |
|
| 3.22 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,048.90 |
| 0.63 | % |
|
| 3.22 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,051.30 |
| 0.13 | % |
|
| 0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.28 |
| 0.13 | % |
|
| 0.66 |
|
|
PL Portfolio Optimization Moderate | ||||||||||||||
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|
|
Actual Fund Return |
|
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|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,071.60 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,068.40 |
| 0.63 | % |
|
| 3.25 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,067.70 |
| 0.63 | % |
|
| 3.25 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,070.80 |
| 0.15 | % |
|
| 0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
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|
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|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.18 |
| 0.15 | % |
|
| 0.76 |
|
|
PL Portfolio Optimization Moderate-Aggressive | ||||||||||||||
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|
Actual Fund Return |
|
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|
|
Class A |
| $ | 1,000.00 |
| $ | 1,087.00 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,084.10 |
| 0.63 | % |
|
| 3.27 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,085.10 |
| 0.63 | % |
|
| 3.28 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,087.00 |
| 0.13 | % |
|
| 0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
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|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.28 |
| 0.13 | % |
|
| 0.66 |
|
|
|
|
B-1 | See explanation of references on page B-3 |
PACIFIC LIFE FUNDS (1)
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
|
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|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| |||||
PL Portfolio Optimization Aggressive | ||||||||||||||
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| |
Actual Fund Return |
|
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|
| |
Class A |
| $ | 1,000.00 |
| $ | 1,103.90 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,101.30 |
| 0.63 | % |
|
| 3.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,100.50 |
| 0.63 | % |
|
| 3.30 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,103.00 |
| 0.16 | % |
|
| 0.84 |
|
|
|
|
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|
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|
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| |
Hypothetical |
|
|
|
|
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|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,024.93 |
| 0.00 | % |
| $ | 0.00 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.79 |
| 0.63 | % |
|
| 3.18 |
|
|
Class R |
|
| 1,000.00 |
|
| 1,024.13 |
| 0.16 | % |
|
| 0.81 |
|
|
PL Money Market Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,022.30 |
| 0.95 | % |
| $ | 4.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,020.19 |
| 0.95 | % |
| $ | 4.78 |
|
|
PL International Value Fund | ||||||||||||||
|
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|
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|
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|
|
Actual Fund Return |
|
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|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,145.30 |
| 1.52 | % |
| $ | 8.13 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,141.70 |
| 2.15 | % |
|
| 11.48 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,142.70 |
| 2.15 | % |
|
| 11.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.35 |
| 1.52 | % |
| $ | 7.64 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
PL Large-Cap Value Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,076.40 |
| 1.52 | % |
| $ | 7.87 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,072.90 |
| 2.15 | % |
|
| 11.11 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,073.10 |
| 2.15 | % |
|
| 11.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.35 |
| 1.52 | % |
| $ | 7.64 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
PL Short Duration Bond Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,018.00 |
| 1.27 | % |
| $ | 6.39 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,015.30 |
| 1.90 | % |
|
| 9.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.90 |
| 1.90 | % |
|
| 9.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,018.60 |
| 1.27 | % |
| $ | 6.39 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
PL Growth LT Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,081.20 |
| 1.42 | % |
| $ | 7.37 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,078.90 |
| 2.05 | % |
|
| 10.63 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,079.10 |
| 2.05 | % |
|
| 10.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.85 |
| 1.42 | % |
| $ | 7.14 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.71 |
| 2.05 | % |
|
| 10.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.71 |
| 2.05 | % |
|
| 10.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| |||||
PL Mid-Cap Value Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A |
| $ | 1,000.00 |
| $ | 1,115.20 |
| 1.52 | % |
| $ | 8.02 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,111.40 |
| 2.15 | % |
|
| 11.32 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,111.50 |
| 2.15 | % |
|
| 11.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.35 |
| 1.52 | % |
| $ | 7.64 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,014.21 |
| 2.15 | % |
|
| 10.80 |
|
|
PL Large-Cap Growth Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,061.90 |
| 1.62 | % |
| $ | 8.33 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,057.80 |
| 2.25 | % |
|
| 11.54 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,059.10 |
| 2.25 | % |
|
| 11.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.85 |
| 1.62 | % |
| $ | 8.15 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.71 |
| 2.25 | % |
|
| 11.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.71 |
| 2.25 | % |
|
| 11.30 |
|
|
PL International Large-Cap Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,114.20 |
| 1.72 | % |
| $ | 9.07 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,111.60 |
| 2.35 | % |
|
| 12.37 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,111.60 |
| 2.35 | % |
|
| 12.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.36 |
| 1.72 | % |
| $ | 8.65 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.21 |
| 2.35 | % |
|
| 11.80 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.21 |
| 2.35 | % |
|
| 11.80 |
|
|
PL Small-Cap Growth Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,092.30 |
| 1.67 | % |
| $ | 8.71 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,089.90 |
| 2.30 | % |
|
| 11.98 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,089.70 |
| 2.30 | % |
|
| 11.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.60 |
| 1.67 | % |
| $ | 8.40 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.46 |
| 2.30 | % |
|
| 11.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.46 |
| 2.30 | % |
|
| 11.55 |
|
|
PL Main Street® Core Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,066.80 |
| 1.32 | % |
| $ | 6.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,018.35 |
| 1.32 | % |
| $ | 6.64 |
|
|
PL Emerging Markets Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,188.20 |
| 1.67 | % |
| $ | 9.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.60 |
| 1.67 | % |
| $ | 8.40 |
|
|
|
|
B-2 | See explanation of references on page B-3 |
PACIFIC LIFE FUNDS (1)
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses |
| |||||
PL Managed Bond Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A |
| $ | 1,000.00 |
| $ | 1,024.70 |
| 1.27 | % |
| $ | 6.41 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,021.50 |
| 1.90 | % |
|
| 9.58 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,021.70 |
| 1.90 | % |
|
| 9.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,018.60 |
| 1.27 | % |
| $ | 6.39 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
PL Inflation Managed Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,005.50 |
| 1.27 | % |
| $ | 6.35 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,002.80 |
| 1.90 | % |
|
| 9.49 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,002.70 |
| 1.90 | % |
|
| 9.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,018.60 |
| 1.27 | % |
| $ | 6.39 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,015.46 |
| 1.90 | % |
|
| 9.55 |
|
|
PL Comstock Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,069.10 |
| 1.62 | % |
| $ | 8.36 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,066.00 |
| 2.25 | % |
|
| 11.59 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,065.90 |
| 2.25 | % |
|
| 11.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.85 |
| 1.62 | % |
| $ | 8.15 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.71 |
| 2.25 | % |
|
| 11.30 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.71 |
| 2.25 | % |
|
| 11.30 |
|
|
PL Mid-Cap Growth Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,111.30 |
| 1.57 | % |
| $ | 8.26 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,107.70 |
| 2.20 | % |
|
| 11.56 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,107.90 |
| 2.20 | % |
|
| 11.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,017.10 |
| 1.57 | % |
| $ | 7.90 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,013.96 |
| 2.20 | % |
|
| 11.05 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,013.96 |
| 2.20 | % |
|
| 11.05 |
|
|
PL Real Estate Fund | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,147.80 |
| 1.77 | % |
| $ | 9.48 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,144.00 |
| 2.40 | % |
|
| 12.83 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,143.80 |
| 2.40 | % |
|
| 12.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hypothetical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
| $ | 1,000.00 |
| $ | 1,016.11 |
| 1.77 | % |
| $ | 8.90 |
|
|
Class B |
|
| 1,000.00 |
|
| 1,012.96 |
| 2.40 | % |
|
| 12.04 |
|
|
Class C |
|
| 1,000.00 |
|
| 1,012.96 |
| 2.40 | % |
|
| 12.04 |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days. |
B-3
|
PL PORTFOLIO OPTIMIZATION CONSERVATIVE (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 98.96% |
|
|
|
|
| ||
|
|
|
|
|
| ||
PL Money Market Fund ‘A’ |
|
| 2,502,072 |
| $ | 2,502,072 |
|
PL International Value Fund ‘A’ |
|
| 61,834 |
|
| 889,166 |
|
PL Large-Cap Value Fund ‘A’ |
|
| 42,832 |
|
| 558,098 |
|
PL Short Duration Bond Fund ‘A’ |
|
| 897,890 |
|
| 8,808,298 |
|
PL Growth LT Fund ‘A’ * |
|
| 42,292 |
|
| 554,020 |
|
PL Mid-Cap Value Fund ‘A’ * |
|
| 49,220 |
|
| 571,935 |
|
PL Large-Cap Growth Fund ‘A’ * |
|
| 58,330 |
|
| 550,049 |
|
PL International Large-Cap Fund ‘A’ |
|
| 34,153 |
|
| 568,299 |
|
PL Main Street® Core Fund ‘A’ |
|
| 144,721 |
|
| 1,658,506 |
|
PL Managed Bond Fund ‘A’ |
|
| 786,937 |
|
| 8,003,146 |
|
PL Inflation Managed Fund ‘A’ |
|
| 520,619 |
|
| 5,279,080 |
|
PL Comstock Fund ‘A’ |
|
| 58,443 |
|
| 824,636 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $29,848,758) |
|
|
|
|
| 30,767,305 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 98.96% |
|
|
|
|
|
|
|
(COST $29,848,758) |
|
|
|
|
| 30,767,305 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 1.04% |
|
|
|
|
| 322,764 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 31,090,069 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Affiliated Fixed Income Funds |
|
|
|
|
| 71.05 | % |
Affiliated Equity Funds |
|
|
|
|
| 19.86 | % |
Affiliated Money Market Fund |
|
|
|
|
| 8.05 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 98.96 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 1.04 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
PACIFIC LIFE FUNDS(1) |
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE(1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
MUTUAL FUNDS - 99.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PL Money Market Fund ‘A’ |
|
| 3,189,700 |
| $ | 3,189,700 |
|
PL International Value Fund ‘A’ |
|
| 338,885 |
|
| 4,873,172 |
|
PL Large-Cap Value Fund ‘A’ |
|
| 245,708 |
|
| 3,201,570 |
|
PL Short Duration Bond Fund ‘A’ |
|
| 1,380,286 |
|
| 13,540,602 |
|
PL Growth LT Fund ‘A’ * |
|
| 184,092 |
|
| 2,411,610 |
|
PL Mid-Cap Value Fund ‘A’ * |
|
| 343,437 |
|
| 3,990,732 |
|
PL Large-Cap Growth Fund ‘A’ * |
|
| 174,256 |
|
| 1,643,237 |
|
PL International Large-Cap Fund ‘A’ |
|
| 290,572 |
|
| 4,835,112 |
|
PL Small-Cap Growth Fund ‘A’ * |
|
| 144,642 |
|
| 1,625,773 |
|
PL Main Street Core Fund ‘A’ |
|
| 492,991 |
|
| 5,649,674 |
|
PL Managed Bond Fund ‘A’ |
|
| 1,563,125 |
|
| 15,896,983 |
|
PL Inflation Managed Fund ‘A’ |
|
| 1,101,352 |
|
| 11,167,707 |
|
PL Comstock Fund ‘A’ |
|
| 400,462 |
|
| 5,650,522 |
|
PL Mid-Cap Growth Fund ‘A’ * |
|
| 216,098 |
|
| 2,361,954 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $75,160,539) |
|
|
|
|
| 80,038,348 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.70% |
|
|
|
|
|
|
|
(Cost $75,160,539) |
|
|
|
|
| 80,038,348 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.30% |
|
|
|
|
| 242,478 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 80,280,826 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Affiliated Fixed Income Funds |
|
|
|
|
| 50.58 | % |
Affiliated Equity Funds |
|
|
|
|
| 45.15 | % |
Affiliated Money Market Fund |
|
|
|
|
| 3.97 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.70 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.30 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-1 |
|
PACIFIC LIFE FUNDS (1) |
PL PORTFOLIO OPTIMIZATION MODERATE- (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares | �� | Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PL International Value Fund ‘A’ |
|
| 1,389,704 |
| $ | 19,983,944 |
|
PL Large-Cap Value Fund ‘A’ |
|
| 1,259,453 |
|
| 16,410,673 |
|
PL Short Duration Bond Fund ‘A’ |
|
| 3,335,533 |
|
| 32,721,583 |
|
PL Growth LT Fund ‘A’ * |
|
| 1,259,681 |
|
| 16,501,823 |
|
PL Mid-Cap Value Fund ‘A’ * |
|
| 1,970,163 |
|
| 22,893,297 |
|
PL Large-Cap Growth Fund ‘A’ * |
|
| 1,063,640 |
|
| 10,030,124 |
|
PL International Large-Cap Fund ‘A’ |
|
| 1,200,519 |
|
| 19,976,640 |
|
PL Small-Cap Growth Fund ‘A’ * |
|
| 890,565 |
|
| 10,009,951 |
|
PL Main Street Core Fund ‘A’ |
|
| 2,303,166 |
|
| 26,394,279 |
|
PL Emerging Markets Fund ‘A’ |
|
| 1,035,199 |
|
| 13,467,934 |
|
PL Managed Bond Fund ‘A’ |
|
| 4,503,844 |
|
| 45,804,092 |
|
PL Inflation Managed Fund ‘A’ |
|
| 3,881,872 |
|
| 39,362,179 |
|
PL Comstock Fund ‘A’ |
|
| 1,873,738 |
|
| 26,438,443 |
|
PL Mid-Cap Growth Fund ‘A’ * |
|
| 1,786,925 |
|
| 19,531,090 |
|
PL Real Estate Fund ‘A’ |
|
| 641,011 |
|
| 9,576,711 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $302,023,005) |
|
|
|
|
| 329,102,763 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.52% |
|
|
|
|
|
|
|
(Cost $302,023,005) |
|
|
|
|
| 329,102,763 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.48% |
|
|
|
|
| 1,603,819 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 330,706,582 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 63.87 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 35.65 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.52 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.48 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
PACIFIC LIFE FUNDS (1) |
PL PORTFOLIO OPTIMIZATION MODERATE AGGRESSIVE (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PL International Value Fund ‘A’ |
|
| 2,256,414 |
| $ | 32,447,234 |
|
PL Large-Cap Value Fund ‘A’ |
|
| 1,649,889 |
|
| 21,498,050 |
|
PL Short Duration Bond Fund ‘A’ |
|
| 1,077,894 |
|
| 10,574,137 |
|
PL Growth LT Fund ‘A’ * |
|
| 1,912,743 |
|
| 25,056,934 |
|
PL Mid-Cap Value Fund ‘A’ * |
|
| 2,432,346 |
|
| 28,263,859 |
|
PL Large-Cap Growth Fund ‘A’ * |
|
| 1,173,007 |
|
| 11,061,457 |
|
PL International Large-Cap Fund ‘A’ |
|
| 1,958,334 |
|
| 32,586,681 |
|
PL Small-Cap Growth Fund ‘A’ * |
|
| 1,607,202 |
|
| 18,064,948 |
|
PL Main Street Core Fund ‘A’ |
|
| 3,150,671 |
|
| 36,106,691 |
|
PL Emerging Markets Fund ‘A’ |
|
| 1,414,803 |
|
| 18,406,584 |
|
PL Managed Bond Fund ‘A’ |
|
| 2,766,213 |
|
| 28,132,383 |
|
PL Inflation Managed Fund ‘A’ |
|
| 2,438,812 |
|
| 24,729,551 |
|
PL Comstock Fund ‘A’ |
|
| 2,313,077 |
|
| 32,637,517 |
|
PL Mid-Cap Growth Fund ‘A’ * |
|
| 2,268,545 |
|
| 24,795,193 |
|
PL Real Estate Fund ‘A’ |
|
| 917,901 |
|
| 13,713,443 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $323,133,210) |
|
|
|
|
| 358,074,662 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.48% |
|
|
|
|
|
|
|
(Cost $323,133,210) |
|
|
|
|
| 358,074,662 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.52% |
|
|
|
|
| 1,869,623 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 359,944,285 |
|
|
|
|
|
|
| ||
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 81.86 | % |
Affiliated Fixed Income Funds |
|
|
|
|
| 17.62 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.48 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.52 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-2 |
|
PACIFIC LIFE FUNDS (1) |
PL PORTFOLIO OPTIMIZATION AGGRESSIVE (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
MUTUAL FUNDS - 99.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PL International Value Fund ‘A’ |
|
| 1,146,296 |
| $ | 16,483,738 |
|
PL Large-Cap Value Fund ‘A’ |
|
| 821,367 |
|
| 10,702,413 |
|
PL Growth LT Fund ‘A’ * |
|
| 1,173,309 |
|
| 15,370,347 |
|
PL Mid-Cap Value Fund ‘A’ * |
|
| 1,303,699 |
|
| 15,148,978 |
|
PL Large-Cap Growth Fund ‘A’ * |
|
| 526,905 |
|
| 4,968,713 |
|
PL International Large-Cap Fund ‘A’ |
|
| 1,021,916 |
|
| 17,004,686 |
|
PL Small-Cap Growth Fund ‘A’ * |
|
| 958,989 |
|
| 10,779,040 |
|
PL Main Street Core Fund ‘A’ |
|
| 1,505,396 |
|
| 17,251,833 |
|
PL Emerging Markets Fund ‘A’ |
|
| 704,434 |
|
| 9,164,684 |
|
PL Comstock Fund ‘A’ |
|
| 1,117,774 |
|
| 15,771,790 |
|
PL Mid-Cap Growth Fund ‘A’ * |
|
| 1,266,989 |
|
| 13,848,192 |
|
PL Real Estate Fund ‘A’ |
|
| 486,786 |
|
| 7,272,577 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
|
|
(Cost $136,264,691) |
|
|
|
|
| 153,766,991 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.18% |
|
|
|
|
|
|
|
(COST $136,264,691) |
|
|
|
|
| 153,766,991 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.82% |
|
|
|
|
| 1,266,285 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 155,033,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Affiliated Equity Funds |
|
|
|
|
| 99.18 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.18 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.82 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-3 |
|
PACIFIC LIFE FUNDS (1) |
PL MONEY MARKET FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 99.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities - 1.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust |
|
|
|
|
|
|
|
5.357% due 12/15/07 ~ “ |
| $ | 242,065 |
| $ | 242,065 |
|
General Electric Equipment Midticket LLC |
|
|
|
|
|
|
|
5.301% due 12/15/07 “ |
|
| 124,947 |
|
| 124,947 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 367,012 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Certificates of Deposit - 3.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royal Bank of Canada NY |
|
|
|
|
|
|
|
5.265% due 12/05/07 § |
|
| 500,000 |
|
| 499,933 |
|
Societe Generale NY |
|
|
|
|
|
|
|
5.265% due 09/21/07 § |
|
| 250,000 |
|
| 249,976 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 749,909 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Paper - 86.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
|
|
|
|
|
5.230% due 04/25/07 |
|
| 650,000 |
|
| 647,734 |
|
American Honda Finance Corp |
|
|
|
|
|
|
|
5.210% due 04/16/07 |
|
| 500,000 |
|
| 498,915 |
|
Anheuser-Busch Cos Inc |
|
|
|
|
|
|
|
5.180% due 04/09/07 |
|
| 400,000 |
|
| 399,540 |
|
5.200% due 04/05/07 |
|
| 500,000 |
|
| 499,711 |
|
Bank of Nova Scotia (Canada) |
|
|
|
|
|
|
|
5.230% due 04/03/07 |
|
| 500,000 |
|
| 499,855 |
|
BASF AG (Germany) |
|
|
|
|
|
|
|
5.240% due 04/03/07 |
|
| 350,000 |
|
| 349,898 |
|
Becton Dickinson & Co |
|
|
|
|
|
|
|
5.200% due 04/03/07 |
|
| 500,000 |
|
| 499,856 |
|
Caterpillar Financial Services Corp |
|
|
|
|
|
|
|
5.250% due 04/10/07 |
|
| 650,000 |
|
| 649,147 |
|
Cintas Corp |
|
|
|
|
|
|
|
5.230% due 04/18/07 |
|
| 580,000 |
|
| 578,568 |
|
Colgate-Palmolive Co |
|
|
|
|
|
|
|
5.240% due 04/20/07 |
|
| 500,000 |
|
| 498,617 |
|
Electricite de France (France) |
|
|
|
|
|
|
|
5.240% due 04/12/07 |
|
| 500,000 |
|
| 499,199 |
|
Emerson Electric Co |
|
|
|
|
|
|
|
5.230% due 04/10/07 |
|
| 250,000 |
|
| 249,673 |
|
Florida Power & Light Co |
|
|
|
|
|
|
|
5.250% due 04/02/07 |
|
| 660,000 |
|
| 659,904 |
|
General Electric Capital Corp |
|
|
|
|
|
|
|
5.220% due 04/16/07 |
|
| 500,000 |
|
| 498,913 |
|
Hewlett-Packard Co |
|
|
|
|
|
|
|
5.240% due 04/04/07 |
|
| 350,000 |
|
| 349,847 |
|
5.250% due 04/10/07 |
|
| 415,000 |
|
| 414,455 |
|
Honeywell International Inc |
|
|
|
|
|
|
|
5.250% due 04/11/07 |
|
| 800,000 |
|
| 798,833 |
|
Illinois Tool Works Inc |
|
|
|
|
|
|
|
5.220% due 04/09/07 |
|
| 250,000 |
|
| 249,710 |
|
International Business Machines Corp |
|
|
|
|
|
|
|
5.230% due 04/16/07 |
|
| 730,000 |
|
| 728,409 |
|
John Deere Capital Corp |
|
|
|
|
|
|
|
5.250% due 04/04/07 |
|
| 875,000 |
|
| 874,617 |
|
National Rural Utilities Cooperative Finance Corp |
|
|
|
|
|
|
|
5.260% due 04/25/07 |
|
| 500,000 |
|
| 498,247 |
|
New York Life Capital Corp |
|
|
|
|
|
|
|
5.200% due 05/01/07 |
|
| 750,000 |
|
| 746,750 |
|
NSTAR |
|
|
|
|
|
|
|
5.230% due 04/05/07 |
|
| 500,000 |
|
| 499,709 |
|
PPG Industries Inc |
|
|
|
|
|
|
|
5.240% due 04/03/07 |
|
| 500,000 |
|
| 499,854 |
|
Sysco Corp |
|
|
|
|
|
|
|
5.230% due 05/14/07 |
|
| 500,000 |
|
| 496,877 |
|
Target Corp |
|
|
|
|
|
|
|
5.240% due 04/09/07 |
|
| 570,000 |
|
| 569,336 |
|
The Coca-Cola Co |
|
|
|
|
|
|
|
5.190% due 04/02/07 |
|
| 900,000 |
|
| 899,870 |
|
The Southern Co |
|
|
|
|
|
|
|
5.260% due 04/17/07 |
|
| 425,000 |
|
| 424,006 |
|
Toyota Motor Credit Corp |
|
|
|
|
|
|
|
5.225% due 04/06/07 |
|
| 900,000 |
|
| 899,348 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
5.250% due 04/09/07 |
|
| 400,000 |
|
| 399,533 |
|
5.280% due 04/02/07 |
|
| 365,000 |
|
| 364,946 |
|
United Technologies Corp |
|
|
|
|
|
|
|
5.230% due 05/02/07 |
|
| 500,000 |
|
| 497,748 |
|
5.240% due 04/03/07 |
|
| 280,000 |
|
| 279,918 |
|
Wal-Mart Stores Inc |
|
|
|
|
|
|
|
5.180% due 04/17/07 |
|
| 730,000 |
|
| 728,319 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,249,862 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Corporate Notes - 4.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allstate Life Global Funding Trusts |
|
|
|
|
|
|
|
5.290% due 04/11/08 § |
|
| 500,000 |
|
| 500,000 |
|
American Honda Finance Corp |
|
|
|
|
|
|
|
5.320% due 02/20/08 ~ § |
|
| 400,000 |
|
| 400,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 900,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Government Agency Issues - 3.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
5.250% due 12/26/07 |
|
| 350,000 |
|
| 350,000 |
|
5.250% due 02/01/08 |
|
| 450,000 |
|
| 450,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Fund - 0.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 5,223 |
|
| 5,223 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Amortized Cost $21,072,006) |
|
|
|
|
| 21,072,006 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.88% |
|
|
|
|
|
|
|
(Amortized Cost $21,072,006) |
|
|
|
|
| 21,072,006 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.12% |
|
|
|
|
| 25,586 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 21,097,592 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Commercial Paper |
|
|
|
|
| 86.50 | % |
Corporate Notes |
|
|
|
|
| 4.27 | % |
U.S. Government Agency Issues |
|
|
|
|
| 3.79 | % |
Certificates of Deposit |
|
|
|
|
| 3.55 | % |
Asset-Backed Securities |
|
|
|
|
| 1.74 | % |
Money Market Fund |
|
|
|
|
| 0.03 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.88 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.12 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-4 |
|
PACIFIC LIFE FUNDS (1) |
PL INTERNATIONAL VALUE FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia - 4.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BHP Billiton Ltd + |
|
| 16,600 |
| $ | 402,101 |
|
Coles Group Ltd + |
|
| 32,100 |
|
| 421,428 |
|
Macquarie Airports Ltd + |
|
| 200,473 |
|
| 646,470 |
|
National Australia Bank Ltd + |
|
| 25,000 |
|
| 815,309 |
|
QBE Insurance Group Ltd + |
|
| 29,790 |
|
| 758,759 |
|
Zinifex Ltd + |
|
| 41,600 |
|
| 529,461 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,573,528 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Austria - 1.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMV AG + |
|
| 6,846 |
|
| 432,901 |
|
voestalpine AG + |
|
| 11,300 |
|
| 819,933 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,252,834 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Belgium - 1.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortis + |
|
| 24,600 |
|
| 1,125,008 |
|
KBC Groep NV + |
|
| 1,527 |
|
| 190,158 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,315,166 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Bermuda - 0.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orient Overseas International Ltd + |
|
| 42,000 |
|
| 389,081 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada - 4.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bombardier Inc ‘B’ * |
|
| 62,200 |
|
| 251,063 |
|
EnCana Corp (TSE) |
|
| 11,300 |
|
| 571,607 |
|
Gerdau Ameristeel Corp |
|
| 45,200 |
|
| 535,588 |
|
Husky Energy Inc |
|
| 4,000 |
|
| 279,463 |
|
ING Canada Inc |
|
| 6,100 |
|
| 273,536 |
|
IPSCO Inc |
|
| 1,716 |
|
| 225,258 |
|
Nexen Inc |
|
| 7,914 |
|
| 484,780 |
|
Royal Bank of Canada |
|
| 8,360 |
|
| 416,371 |
|
Teck Cominco Ltd ‘B’ |
|
| 6,300 |
|
| 439,227 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,476,893 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Denmark - 0.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlsberg AS ‘B’ + |
|
| 6,650 |
|
| 722,459 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland - 0.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nokia OYJ * + |
|
| 22,600 |
|
| 520,749 |
|
Stora Enso OYJ ‘R’ + |
|
| 14,000 |
|
| 243,159 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 763,908 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France - 12.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air France-KLM + |
|
| 8,400 |
|
| 384,201 |
|
BNP Paribas + |
|
| 14,408 |
|
| 1,507,002 |
|
Compagnie Generale des Etablissements |
|
|
|
|
|
|
|
Michelin ‘B’ + |
|
| 7,725 |
|
| 854,097 |
|
Credit Agricole SA + |
|
| 20,762 |
|
| 811,526 |
|
France Telecom SA + |
|
| 19,100 |
|
| 506,127 |
|
Renault SA + |
|
| 13,194 |
|
| 1,546,307 |
|
Sanofi-Aventis + |
|
| 13,601 |
|
| 1,183,476 |
|
Societe Generale + |
|
| 7,039 |
|
| 1,217,104 |
|
Total SA + |
|
| 23,256 |
|
| 1,624,678 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,634,518 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany - 11.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allianz AG + |
|
| 7,310 |
|
| 1,495,548 |
|
BASF AG + |
|
| 11,100 |
|
| 1,249,046 |
|
DaimlerChrysler AG + |
|
| 5,000 |
|
| 409,075 |
|
Deutsche Lufthansa AG + |
|
| 33,900 |
|
| 921,076 |
|
Deutsche Telekom AG + |
|
| 13,100 |
|
| 216,929 |
|
E.ON AG + |
|
| 9,832 |
|
| 1,338,464 |
|
|
|
|
|
|
|
|
|
Epcos AG + |
|
| 11,573 |
|
| 201,670 |
|
Muenchener Rueckversicherungs AG + |
|
| 9,061 |
|
| 1,534,422 |
|
RWE AG + |
|
| 10,583 |
|
| 1,118,784 |
|
TUI AG + |
|
| 14,280 |
|
| 353,026 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,838,040 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Greece - 0.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Power Corp SA + |
|
| 12,800 |
|
| 313,679 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong - 0.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sino Land Co Ltd + |
|
| 269,300 |
|
| 578,144 |
|
|
|
|
|
|
| ||
Italy - 3.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Popolare di Verona e Novara SCRL + |
|
| 7,600 |
|
| 236,709 |
|
Buzzi Unicem SPA + |
|
| 12,000 |
|
| 365,621 |
|
ENI SPA + |
|
| 41,589 |
|
| 1,353,381 |
|
Fondiaria-Sai SPA + |
|
| 8,700 |
|
| 400,239 |
|
Fondiaria-Sai SPA RNC + |
|
| 4,600 |
|
| 167,113 |
|
Italcementi SPA + |
|
| 6,500 |
|
| 195,207 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,718,270 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Japan - 22.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aisin Seiki Co Ltd |
|
| 5,800 |
|
| 202,613 |
|
Alps Electric Co Ltd + |
|
| 27,500 |
|
| 321,127 |
|
Canon Inc + |
|
| 7,800 |
|
| 418,815 |
|
Cosmo Oil Co Ltd + |
|
| 26,000 |
|
| 108,540 |
|
Dainippon Ink & Chemicals Inc + |
|
| 124,000 |
|
| 491,192 |
|
EDION Corp + |
|
| 20,400 |
|
| 283,457 |
|
Honda Motor Co Ltd + |
|
| 26,700 |
|
| 930,379 |
|
Isuzu Motors Ltd + |
|
| 125,000 |
|
| 626,399 |
|
Itochu Corp + |
|
| 19,000 |
|
| 187,647 |
|
Japan Tobacco Inc + |
|
| 161 |
|
| 789,272 |
|
JFE Holdings Inc + |
|
| 27,900 |
|
| 1,647,415 |
|
Kyushu Electric Power Co Inc |
|
| 4,200 |
|
| 119,380 |
|
Leopalace21 Corp + |
|
| 7,200 |
|
| 237,731 |
|
Mitsubishi Chemical Holdings Corp + |
|
| 50,500 |
|
| 429,163 |
|
Mitsubishi Corp + |
|
| 13,400 |
|
| 309,340 |
|
Mitsubishi UFJ Financial Group Inc + |
|
| 19 |
|
| 214,068 |
|
Mitsui Chemicals Inc + |
|
| 42,000 |
|
| 365,973 |
|
Mitsui OSK Lines Ltd + |
|
| 84,000 |
|
| 930,079 |
|
Nippon Mining Holdings Inc + |
|
| 51,000 |
|
| 437,111 |
|
Nippon Telegraph & Telephone Corp + |
|
| 174 |
|
| 919,137 |
|
Nissan Motor Co Ltd + |
|
| 68,500 |
|
| 731,813 |
|
Oki Electric Industry Co Ltd * + |
|
| 64,000 |
|
| 123,000 |
|
ORIX Corp + |
|
| 4,680 |
|
| 1,214,293 |
|
Rengo Co Ltd + |
|
| 19,000 |
|
| 107,563 |
|
Seiko Epson Corp + |
|
| 5,800 |
|
| 170,298 |
|
Sharp Corp + |
|
| 47,000 |
|
| 903,796 |
|
Sumitomo Heavy Industries Ltd + |
|
| 5,000 |
|
| 49,632 |
|
Sumitomo Mitsui Financial Group Inc + |
|
| 146 |
|
| 1,321,810 |
|
The Tokyo Electric Power Co Inc + |
|
| 25,000 |
|
| 853,400 |
|
Toshiba Corp + |
|
| 107,000 |
|
| 712,475 |
|
Toyota Motor Corp + |
|
| 20,800 |
|
| 1,332,051 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,488,969 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands - 6.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABN AMRO Holding NV + |
|
| 26,537 |
|
| 1,143,431 |
|
Arcelor Mittal + |
|
| 20,800 |
|
| 1,114,141 |
|
Buhrmann NV + |
|
| 19,500 |
|
| 261,907 |
|
European Aeronautic Defence & Space Co NV + |
|
| 23,531 |
|
| 731,467 |
|
ING Groep NV CVA + |
|
| 41,021 |
|
| 1,735,469 |
|
Wolters Kluwer NV + |
|
| 16,048 |
|
| 481,445 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,467,860 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-5 |
|
PACIFIC LIFE FUNDS (1) |
PL INTERNATIONAL VALUE FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Singapore - 0.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neptune Orient Lines Ltd + |
|
| 107,000 |
| $ | 228,263 |
|
|
|
|
|
|
| ||
Spain - 1.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repsol YPF SA + |
|
| 26,529 |
|
| 893,934 |
|
|
|
|
|
|
| ||
Sweden - 1.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordea Bank AB + |
|
| 32,900 |
|
| 525,613 |
|
Svenska Cellulosa AB ‘B’ + |
|
| 10,600 |
|
| 567,483 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,093,096 |
|
|
|
|
|
|
| ||
Switzerland - 1.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse Group + |
|
| 16,879 |
|
| 1,215,097 |
|
Novartis AG + |
|
| 2,727 |
|
| 152,347 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,367,444 |
|
|
|
|
|
|
| ||
United Kingdom - 21.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AstraZeneca PLC + |
|
| 21,522 |
|
| 1,160,229 |
|
Aviva PLC + |
|
| 64,437 |
|
| 952,114 |
|
BAE Systems PLC + |
|
| 93,326 |
|
| 845,994 |
|
Barclays PLC + |
|
| 87,383 |
|
| 1,239,065 |
|
BP PLC + |
|
| 82,498 |
|
| 891,695 |
|
British Energy Group PLC * + |
|
| 27,500 |
|
| 264,086 |
|
Centrica PLC + |
|
| 73,900 |
|
| 563,801 |
|
Friends Provident PLC + |
|
| 143,939 |
|
| 545,869 |
|
GlaxoSmithKline PLC + |
|
| 19,600 |
|
| 541,022 |
|
Greene King PLC + |
|
| 23,320 |
|
| 506,169 |
|
HBOS PLC + |
|
| 55,441 |
|
| 1,146,202 |
|
Home Retail Group + |
|
| 41,200 |
|
| 361,562 |
|
J. Sainsbury PLC + |
|
| 110,071 |
|
| 1,190,889 |
|
Marston’s PLC + |
|
| 53,696 |
|
| 466,562 |
|
Rio Tinto PLC + |
|
| 2,967 |
|
| 169,427 |
|
Royal Dutch Shell PLC ‘A’ + |
|
| 33,035 |
|
| 1,099,037 |
|
Taylor Woodrow PLC + |
|
| 68,000 |
|
| 655,510 |
|
The Royal Bank of Scotland Group PLC + |
|
| 39,033 |
|
| 1,528,079 |
|
Vodafone Group PLC + |
|
| 599,171 |
|
| 1,602,097 |
|
Xstrata PLC + |
|
| 17,690 |
|
| 908,519 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,637,928 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $64,835,323) |
|
|
|
|
| 76,754,014 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 96.88% |
|
|
|
|
|
|
|
(Cost $64,835,323) |
|
|
|
|
| 76,754,014 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 3.12% |
|
|
|
|
| 2,469,169 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 79,223,183 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 31.80 | % |
Materials & Processing |
|
| 12.06 | % |
Autos & Transportation |
|
| 11.97 | % |
Utilities |
|
| 9.87 | % |
Integrated Oils |
|
| 8.06 | % |
Consumer Discretionary |
|
| 4.11 | % |
Health Care |
|
| 3.83 | % |
Consumer Staples |
|
| 3.64 | % |
Multi-Industry |
|
| 3.28 | % |
Technology |
|
| 3.12 | % |
Producer Durables |
|
| 2.88 | % |
Energy |
|
| 2.26 | % |
|
|
| ||
|
|
| 96.88 | % |
Other Assets & Liabilities, Net |
|
| 3.12 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
| ||
|
|
|
|
|
(b) As of March 31, 2007, the Fund was diversified by geographical region as a percentage of net assets as follows: | ||||
| ||||
Japan |
|
| 22.07 | % |
United Kingdom |
|
| 21.00 | % |
France |
|
| 12.16 | % |
Germany |
|
| 11.16 | % |
Netherlands |
|
| 6.90 | % |
Australia |
|
| 4.51 | % |
Canada |
|
| 4.39 | % |
Italy |
|
| 3.43 | % |
Switzerland |
|
| 1.73 | % |
Belgium |
|
| 1.66 | % |
Austria |
|
| 1.58 | % |
Sweden |
|
| 1.38 | % |
Spain |
|
| 1.13 | % |
Finland |
|
| 0.96 | % |
Denmark |
|
| 0.91 | % |
Hong Kong |
|
| 0.73 | % |
Bermuda |
|
| 0.49 | % |
Greece |
|
| 0.40 | % |
Singapore |
|
| 0.29 | % |
|
|
| ||
|
|
| 96.88 | % |
Other Assets & Liabilities, Net |
|
| 3.12 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(c) Securities with a total aggregate market value of $72,955,128, or 92.09% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.
(d) The amount of $79,300 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
| Number of |
| Notional |
| Unrealized |
| |||
Long Futures Outstanding |
| Contracts |
| Amount |
| Appreciation |
| |||
| ||||||||||
Dow Jones EURO STOXX 50 (06/07) |
|
| 15 |
|
| EUR 601,050 |
| $ | 20,639 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-6
|
PACIFIC LIFE FUNDS (1) |
PL LARGE-CAP VALUE FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 17.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EchoStar Communications Corp ‘A’ * |
|
| 18,600 |
| $ | 807,798 |
|
Kimberly-Clark Corp |
|
| 15,200 |
|
| 1,041,048 |
|
Liberty Media Corp - Capital ‘A’ * |
|
| 3,950 |
|
| 436,831 |
|
Liberty Media Corp - Interactive ‘A’ * |
|
| 18,100 |
|
| 431,142 |
|
McDonald’s Corp |
|
| 26,400 |
|
| 1,189,320 |
|
Newell Rubbermaid Inc |
|
| 25,900 |
|
| 805,231 |
|
News Corp ‘B’ |
|
| 74,100 |
|
| 1,813,227 |
|
Target Corp |
|
| 11,700 |
|
| 693,342 |
|
The Home Depot Inc |
|
| 22,100 |
|
| 811,954 |
|
Time Warner Inc |
|
| 55,100 |
|
| 1,086,572 |
|
Wal-Mart Stores Inc |
|
| 25,700 |
|
| 1,206,615 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,323,080 |
|
|
|
|
|
|
| ||
Consumer Staples - 3.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 24,900 |
|
| 2,186,469 |
|
|
|
|
|
|
| ||
Financial Services - 29.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Inc |
|
| 18,300 |
|
| 861,198 |
|
American Express Co |
|
| 26,400 |
|
| 1,488,960 |
|
American International Group Inc |
|
| 16,200 |
|
| 1,088,964 |
|
Bank of America Corp |
|
| 23,500 |
|
| 1,198,970 |
|
Capital One Financial Corp |
|
| 19,100 |
|
| 1,441,286 |
|
Freddie Mac |
|
| 11,970 |
|
| 712,095 |
|
JPMorgan Chase & Co |
|
| 30,000 |
|
| 1,451,400 |
|
Loews Corp |
|
| 31,600 |
|
| 1,435,588 |
|
Marsh & McLennan Cos Inc |
|
| 30,800 |
|
| 902,132 |
|
Merrill Lynch & Co Inc |
|
| 15,900 |
|
| 1,298,553 |
|
The Bank of New York Co Inc |
|
| 16,900 |
|
| 685,295 |
|
The Chubb Corp |
|
| 18,180 |
|
| 939,361 |
|
The Goldman Sachs Group Inc |
|
| 3,700 |
|
| 764,531 |
|
The Travelers Cos Inc |
|
| 18,400 |
|
| 952,568 |
|
Wachovia Corp |
|
| 20,161 |
|
| 1,109,863 |
|
Wells Fargo & Co |
|
| 28,700 |
|
| 988,141 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,318,905 |
|
|
|
|
|
|
| ||
Health Care - 7.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 16,600 |
|
| 926,280 |
|
Johnson & Johnson |
|
| 8,900 |
|
| 536,314 |
|
Novartis AG ADR (Switzerland) |
|
| 16,300 |
|
| 890,469 |
|
UnitedHealth Group Inc |
|
| 20,000 |
|
| 1,059,400 |
|
WellPoint Inc * |
|
| 13,700 |
|
| 1,111,070 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,523,533 |
|
|
|
|
|
|
| ||
Integrated Oils - 6.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalSantaFe Corp (Cayman) |
|
| 15,100 |
|
| 931,368 |
|
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom) |
|
| 8,500 |
|
| 563,550 |
|
Suncor Energy Inc (Canada) |
|
| 8,200 |
|
| 626,070 |
|
Total SA ADR (France) |
|
| 24,000 |
|
| 1,674,720 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,795,708 |
|
|
|
|
|
|
| ||
Materials & Processing - 4.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
| 8,500 |
|
| 628,660 |
|
Avery Dennison Corp |
|
| 12,000 |
|
| 771,120 |
|
E.I. du Pont de Nemours & Co |
|
| 17,500 |
|
| 865,025 |
|
Masco Corp |
|
| 19,700 |
|
| 539,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,804,585 |
|
|
|
|
|
|
| ||
Multi-Industry - 3.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 32,300 |
|
| 1,142,128 |
|
Textron Inc |
|
| 11,500 |
|
| 1,032,700 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,174,828 |
|
|
|
|
|
|
| ||
Producer Durables - 4.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parker-Hannifin Corp |
|
| 7,540 |
|
| 650,777 |
|
The Boeing Co |
|
| 10,700 |
|
| 951,337 |
|
United Technologies Corp |
|
| 15,100 |
|
| 981,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,583,614 |
|
|
|
|
|
|
| ||
Technology - 7.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comverse Technology Inc* |
|
| 29,100 |
|
| 621,285 |
|
International Business Machines Corp |
|
| 7,700 |
|
| 725,802 |
|
L-3 Communications Holdings Inc |
|
| 7,100 |
|
| 621,037 |
|
Microsoft Corp |
|
| 21,700 |
|
| 604,779 |
|
Nokia OYJ ADR (Finland) |
|
| 43,800 |
|
| 1,003,896 |
|
Raytheon Co |
|
| 12,900 |
|
| 676,734 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,253,533 |
|
|
|
|
|
|
| ||
Utilities - 11.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 18,200 |
|
| 1,128,400 |
|
AT&T Inc |
|
| 42,047 |
|
| 1,657,913 |
|
Embarq Corp |
|
| 14,275 |
|
| 804,396 |
|
Sempra Energy |
|
| 21,100 |
|
| 1,287,311 |
|
SES GLOBAL SA FDR + (Luxembourg) |
|
| 10,700 |
|
| 204,833 |
|
Sprint Nextel Corp |
|
| 76,501 |
|
| 1,450,459 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,533,312 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $46,761,384) |
|
|
|
|
| 56,497,567 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 3.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 3.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 2,221,241 |
|
| 2,221,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investment |
|
|
|
|
|
|
|
(Cost $2,221,241) |
|
|
|
|
| 2,221,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.79% |
|
|
|
|
|
|
|
(Cost $48,982,625) |
|
|
|
|
| 58,718,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.21% |
|
|
|
|
| 120,754 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 58,839,562 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-7
|
PACIFIC LIFE FUNDS (1) |
PL LARGE-CAP VALUE FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Financial Services |
|
| 29.43 | % |
Consumer Discretionary |
|
| 17.54 | % |
Utilities |
|
| 11.10 | % |
Health Care |
|
| 7.69 | % |
Technology |
|
| 7.23 | % |
Integrated Oils |
|
| 6.45 | % |
Materials & Processing |
|
| 4.77 | % |
Producer Durables |
|
| 4.39 | % |
Short-Term Investment |
|
| 3.77 | % |
Consumer Staples |
|
| 3.72 | % |
Multi-Industry |
|
| 3.70 | % |
|
|
| ||
|
|
| 99.79 | % |
Other Assets & Liabilities, Net |
|
| 0.21 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(b) Securities with a total aggregate market value of $204,833, or 0.35% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-8
|
PACIFIC LIFE FUNDS (1) |
PL SHORT DURATION BOND FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
| Amount |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - 6.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GATX Financial Corp |
|
|
|
|
|
|
|
5.125% due 04/15/10 |
| $ | 150,000 |
| $ | 149,480 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 0.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Warner Inc |
|
|
|
|
|
|
|
6.750% due 04/15/11 |
|
| 150,000 |
|
| 158,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 3.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American General Finance Corp |
|
|
|
|
|
|
|
4.875% due 05/15/10 |
|
| 250,000 |
|
| 249,176 |
|
ANZ Capital Trust Inc |
|
|
|
|
|
|
|
4.484% due 12/15/53 ~ |
|
| 500,000 |
|
| 488,882 |
|
Greater Bay Bancorp |
|
|
|
|
|
|
|
5.125% due 04/15/10 |
|
| 100,000 |
|
| 99,593 |
|
ING Capital Funding Trust III |
|
|
|
|
|
|
|
8.439% due 12/29/49 § |
|
| 250,000 |
|
| 276,233 |
|
Mizuho JGB Investment LLC |
|
|
|
|
|
|
|
9.870% due 06/30/08 ~ § |
|
| 300,000 |
|
| 315,840 |
|
Morgan Stanley |
|
|
|
|
|
|
|
5.050% due 01/21/11 |
|
| 250,000 |
|
| 249,059 |
|
PNC Funding Corp |
|
|
|
|
|
|
|
6.500% due 05/01/08 |
|
| 300,000 |
|
| 301,784 |
|
Popular North America Inc |
|
|
|
|
|
|
|
5.200% due 12/12/07 |
|
| 200,000 |
|
| 199,744 |
|
Wachovia Capital Trust III |
|
|
|
|
|
|
|
5.800% due 09/15/99 § |
|
| 100,000 |
|
| 101,281 |
|
Waddell & Reed Financial Inc |
|
|
|
|
|
|
|
5.600% due 01/15/11 |
|
| 150,000 |
|
| 150,454 |
|
Washington Mutual Inc |
|
|
|
|
|
|
|
8.250% due 04/01/10 |
|
| 200,000 |
|
| 216,211 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,648,257 |
|
|
|
|
|
|
| ||
Producer Durables - 0.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Deere Capital Corp |
|
|
|
|
|
|
|
5.400% due 04/07/10 |
|
| 250,000 |
|
| 252,668 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Utilities - 1.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comcast Corp |
|
|
|
|
|
|
|
5.850% due 01/15/10 |
|
| 250,000 |
|
| 254,788 |
|
Cox Communications Inc |
|
|
|
|
|
|
|
4.625% due 01/15/10 |
|
| 150,000 |
|
| 148,067 |
|
Deutsche Telekom International Finance BV |
|
|
|
|
|
|
|
(Netherlands) |
|
|
|
|
|
|
|
8.000% due 06/15/10 |
|
| 200,000 |
|
| 216,957 |
|
GTE Corp |
|
|
|
|
|
|
|
7.510% due 04/01/09 |
|
| 250,000 |
|
| 260,681 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 880,493 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
|
|
|
(Cost $4,040,969) |
|
|
|
|
| 4,089,118 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY ISSUES - 42.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae |
|
|
|
|
|
|
|
3.250% due 01/28/08 § |
|
| 1,300,000 |
|
| 1,288,540 |
|
4.750% due 02/01/08 |
|
| 1,300,000 |
|
| 1,295,839 |
|
5.125% due 09/02/08 |
|
| 10,000,000 |
|
| 10,029,210 |
|
6.625% due 09/15/09 |
|
| 1,000,000 |
|
| 1,041,070 |
|
Federal Farm Credit Bank |
|
|
|
|
|
|
|
3.125% due 02/01/08 |
|
| 1,000,000 |
|
| 984,002 |
|
3.800% due 09/07/07 |
|
| 2,000,000 |
|
| 1,987,740 |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
3.688% due 09/07/07 § |
|
| 1,000,000 |
|
| 995,830 |
|
4.000% due 12/03/07 § |
|
| 1,000,000 |
|
| 988,496 |
|
4.650% due 08/22/08 |
|
| 3,000,000 |
|
| 2,984,496 |
|
Freddie Mac |
|
|
|
|
|
|
|
2.550% due 04/19/07 |
|
| 400,000 |
|
| 399,486 |
|
4.200% due 12/28/07 |
|
| 1,000,000 |
|
| 993,301 |
|
4.480% due 09/19/08 |
|
| 1,000,000 |
|
| 994,093 |
|
4.500% due 04/18/07 |
|
| 800,000 |
|
| 799,709 |
|
5.000% due 09/17/07 |
|
| 3,500,000 |
|
| 3,496,360 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Government Agency Issues |
|
|
|
|
|
|
|
(Cost $28,284,475) |
|
|
|
|
| 28,278,172 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 34.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected Securities - 1.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.875% due 07/15/13 ^ |
|
| 110,188 |
|
| 108,785 |
|
2.000% due 07/15/14 ^ |
|
| 214,726 |
|
| 212,713 |
|
2.375% due 01/15/17 ^ |
|
| 301,059 |
|
| 305,610 |
|
2.375% due 01/15/27 ^ |
|
| 100,353 |
|
| 101,212 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 728,320 |
|
|
|
|
|
|
| ||
U.S. Treasury Notes - 32.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.125% due 09/15/08 |
|
| 8,000,000 |
|
| 7,820,944 |
|
4.375% due 01/31/08 |
|
| 500,000 |
|
| 497,754 |
|
4.500% due 02/15/09 |
|
| 1,000,000 |
|
| 997,657 |
|
4.875% due 10/31/08 |
|
| 7,200,000 |
|
| 7,217,438 |
|
4.875% due 05/15/09 |
|
| 200,000 |
|
| 201,141 |
|
4.875% due 08/15/09 |
|
| 4,800,000 |
|
| 4,832,626 |
|
4.875% due 08/15/16 |
|
| 600,000 |
|
| 609,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 22,177,263 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
(Cost $22,869,632) |
|
|
|
|
| 22,905,583 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 8.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 8.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 3,023,781 |
|
| 3,023,781 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 3,023,781 |
|
| 3,023,781 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $6,047,562) |
|
|
|
|
| 6,047,562 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 91.11% |
|
|
|
|
|
|
|
(Cost $61,242,638) |
|
|
|
|
| 61,320,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 8.89% |
|
|
|
|
| 5,982,288 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 67,302,723 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-9
|
PACIFIC LIFE FUNDS (1) |
PL SHORT DURATION BOND FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
U.S. Government Agency Issues |
|
| 42.02 | % |
U.S. Treasury Obligations |
|
| 34.03 | % |
Short-Term Investments |
|
| 8.98 | % |
Corporate Bonds & Notes |
|
| 6.08 | % |
|
|
| ||
|
|
| 91.11 | % |
Other Assets & Liabilities, Net |
|
| 8.89 | % |
|
|
| ||
|
|
| 100.00 | % |
|
|
| ||
|
|
|
|
|
(b) The amount of $57,475 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized |
| |
|
| Number of |
| Notional |
| Appreciation |
| |||
Long Futures Outstanding |
| Contracts |
| Amount |
| (Depreciation) |
| |||
| ||||||||||
Eurodollar (09/07) |
| 13 |
|
| $ | 13,000,000 |
| ($ | 9,292 | ) |
Eurodollar (03/08) |
| 2 |
|
|
| 2,000,000 |
|
| (479 | ) |
Eurodollar (06/08) |
| 2 |
|
|
| 2,000,000 |
|
| (204 | ) |
Eurodollar (09/08) |
| 2 |
|
|
| 2,000,000 |
|
| (104 | ) |
U.S. Treasury 2-Year Note (06/07) |
| 73 |
|
|
| 14,600,000 |
|
| (6,252 | ) |
U.S. Treasury 5-Year Notes (06/07) |
| 95 |
|
|
| 9,500,000 |
|
| (13,619 | ) |
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Eurodollar (06/07) |
| 6 |
|
|
| 6,000,000 |
|
| 1,630 |
|
Eurodollar (12/07) |
| 51 |
|
|
| 51,000,000 |
|
| 4,790 |
|
U.S. Treasury 10-Year Note (06/07) |
| 11 |
|
|
| 1,100,000 |
|
| (8,129 | ) |
U.S. Treasury 20-Year Bonds (06/07) |
| 36 |
|
|
| 3,600,000 |
|
| 55,158 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| $ | 23,499 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-10
|
PACIFIC LIFE FUNDS (1) |
PL GROWTH LT FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 90.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 3.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayerische Motoren Werke AG + (Germany) |
|
| 8,721 |
| $ | 514,485 |
|
C.H. Robinson Worldwide Inc |
|
| 13,905 |
|
| 663,963 |
|
Canadian National Railway Co (Canada) |
|
| 11,124 |
|
| 491,013 |
|
FedEx Corp |
|
| 3,920 |
|
| 421,126 |
|
Quality Distribution Inc * |
|
| 10,000 |
|
| 86,500 |
|
Union Pacific Corp |
|
| 2,765 |
|
| 280,785 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,457,872 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 16.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avon Products Inc |
|
| 12,740 |
|
| 474,692 |
|
Best Buy Co Inc |
|
| 8,410 |
|
| 409,735 |
|
eBay Inc * |
|
| 11,855 |
|
| 392,993 |
|
Electronic Arts Inc * |
|
| 13,500 |
|
| 679,860 |
|
Google Inc ‘A’ * |
|
| 1,825 |
|
| 836,142 |
|
Harrah’s Entertainment Inc |
|
| 6,895 |
|
| 582,283 |
|
IAC/InterActiveCorp * |
|
| 4,345 |
|
| 163,850 |
|
Industria de Diseno Textil SA + (Spain) |
|
| 4,756 |
|
| 297,053 |
|
Kimberly-Clark Corp |
|
| 8,860 |
|
| 606,821 |
|
Lamar Advertising Co ‘A’ |
|
| 7,360 |
|
| 463,459 |
|
Liberty Global Inc ‘A’ * |
|
| 6,626 |
|
| 218,194 |
|
Liberty Global Inc ‘C’ * |
|
| 7,036 |
|
| 215,583 |
|
Lowe’s Cos Inc |
|
| 12,610 |
|
| 397,089 |
|
LVMH Moet Hennessy Louis Vuitton SA + (France) |
|
| 2,250 |
|
| 249,909 |
|
Melco PBL Entertainment (Macau) Ltd ADR * (Cayman) |
|
| 4,620 |
|
| 74,567 |
|
News Corp ‘A’ |
|
| 21,680 |
|
| 501,242 |
|
Nordstrom Inc |
|
| 19,410 |
|
| 1,027,565 |
|
Sony Corp + (Japan) |
|
| 7,400 |
|
| 373,992 |
|
Staples Inc |
|
| 23,367 |
|
| 603,803 |
|
Station Casinos Inc |
|
| 5,110 |
|
| 442,373 |
|
Yahoo! Inc * |
|
| 42,990 |
|
| 1,345,157 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,356,362 |
|
|
|
|
|
|
| ||
Consumer Staples - 4.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 3,095 |
|
| 271,772 |
|
Reckitt Benckiser PLC + (United Kingdom) |
|
| 6,031 |
|
| 314,510 |
|
Sysco Corp |
|
| 9,280 |
|
| 313,942 |
|
The Coca-Cola Co |
|
| 6,480 |
|
| 311,040 |
|
The Procter & Gamble Co |
|
| 26,170 |
|
| 1,652,897 |
|
Whole Foods Market Inc |
|
| 6,325 |
|
| 283,676 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,147,837 |
|
|
|
|
|
|
| ||
Energy - 4.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Corp |
|
| 4,175 |
|
| 295,173 |
|
Nabors Industries Ltd * (Bermuda) |
|
| 13,790 |
|
| 409,149 |
|
NRG Energy Inc * |
|
| 20,895 |
|
| 1,505,276 |
|
Valero Energy Corp |
|
| 8,020 |
|
| 517,210 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,726,808 |
|
|
|
|
|
|
| ||
Financial Services - 15.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co |
|
| 13,235 |
|
| 746,454 |
|
American International Group Inc |
|
| 7,525 |
|
| 505,831 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 160 |
|
| 582,400 |
|
Chicago Mercantile Exchange Holdings Inc ‘A’ |
|
| 500 |
|
| 266,230 |
|
Fannie Mae |
|
| 13,135 |
|
| 716,908 |
|
Hudson City Bancorp Inc |
|
| 21,415 |
|
| 292,957 |
|
JPMorgan Chase & Co |
|
| 42,068 |
|
| 2,035,250 |
|
Legg Mason Inc |
|
| 2,550 |
|
| 240,236 |
|
Marsh & McLennan Cos Inc |
|
| 2,850 |
|
| 83,477 |
|
Merrill Lynch & Co Inc |
|
| 9,960 |
|
| 813,433 |
|
Moody’s Corp |
|
| 3,895 |
|
| 241,724 |
|
NewAlliance Bancshares Inc |
|
| 22,035 |
|
| 357,187 |
|
Paychex Inc |
|
| 11,425 |
|
| 432,665 |
|
SLM Corp |
|
| 9,610 |
|
| 393,049 |
|
T. Rowe Price Group Inc |
|
| 3,990 |
|
| 188,288 |
|
The Western Union Co |
|
| 26,260 |
|
| 576,407 |
|
UBS AG (NYSE) (Switzerland) |
|
| 10,455 |
|
| 621,341 |
|
UBS AG (XVTX) + (Switzerland) |
|
| 8,800 |
|
| 524,761 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,618,598 |
|
|
|
|
|
|
| ||
Health Care - 11.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amylin Pharmaceuticals Inc * |
|
| 8,715 |
|
| 325,592 |
|
Cardinal Health Inc |
|
| 8,305 |
|
| 605,850 |
|
Celgene Corp * |
|
| 13,060 |
|
| 685,128 |
|
Coventry Health Care Inc * |
|
| 20,020 |
|
| 1,122,121 |
|
CVS/Caremark Corp |
|
| 31,372 |
|
| 1,071,035 |
|
Gilead Sciences Inc * |
|
| 7,820 |
|
| 598,230 |
|
Intuitive Surgical Inc * |
|
| 2,000 |
|
| 243,140 |
|
Manor Care Inc |
|
| 8,720 |
|
| 474,019 |
|
Merck & Co Inc |
|
| 20,460 |
|
| 903,718 |
|
Roche Holding AG + (Switzerland) |
|
| 8,205 |
|
| 1,457,506 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,486,339 |
|
|
|
|
|
|
| ||
Integrated Oils - 3.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EnCana Corp (Canada) |
|
| 4,965 |
|
| 251,378 |
|
Exxon Mobil Corp |
|
| 23,210 |
|
| 1,751,195 |
|
Hess Corp |
|
| 6,305 |
|
| 349,738 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,352,311 |
|
|
|
|
|
|
| ||
Materials & Processing - 5.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Archer-Daniels-Midland Co |
|
| 9,570 |
|
| 351,219 |
|
Ball Corp |
|
| 9,490 |
|
| 435,117 |
|
Monsanto Co |
|
| 11,380 |
|
| 625,445 |
|
Precision Castparts Corp |
|
| 10,685 |
|
| 1,111,774 |
|
Shin-Etsu Chemical Co Ltd + (Japan) |
|
| 2,900 |
|
| 176,446 |
|
Syngenta AG * + (Switzerland) |
|
| 3,537 |
|
| 674,075 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,374,076 |
|
|
|
|
|
|
| ||
Multi-Industry - 2.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 42,630 |
|
| 1,507,397 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 5.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAE Systems PLC + (United Kingdom) |
|
| 33,206 |
|
| 301,010 |
|
Crown Castle International Corp * |
|
| 17,080 |
|
| 548,780 |
|
Emerson Electric Co |
|
| 7,765 |
|
| 334,594 |
|
Lockheed Martin Corp |
|
| 5,920 |
|
| 574,358 |
|
NVR Inc * |
|
| 330 |
|
| 219,450 |
|
The Boeing Co |
|
| 18,115 |
|
| 1,610,605 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,588,797 |
|
|
|
|
|
|
| ||
Technology - 13.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc * |
|
| 9,920 |
|
| 413,664 |
|
Akamai Technologies Inc * |
|
| 6,895 |
|
| 344,198 |
|
Apple Inc *rø |
|
| 9,055 |
|
| 841,300 |
|
Cisco Systems Inc * |
|
| 10,280 |
|
| 262,448 |
|
Corning Inc * |
|
| 22,490 |
|
| 511,423 |
|
EMC Corp * |
|
| 58,255 |
|
| 806,832 |
|
Hewlett-Packard Co |
|
| 16,745 |
|
| 672,144 |
|
Marvell Technology Group Ltd * (Bermuda) |
|
| 15,500 |
|
| 260,555 |
|
Maxim Integrated Products Inc |
|
| 8,825 |
|
| 259,455 |
|
Nokia OYJ ADR (Finland) |
|
| 14,295 |
|
| 327,641 |
|
Oracle Corp * |
|
| 28,250 |
|
| 512,173 |
|
QUALCOMM Inc |
|
| 21,765 |
|
| 928,495 |
|
Research In Motion Ltd * (Canada) |
|
| 1,945 |
|
| 265,473 |
|
Rockwell Automation Inc |
|
| 9,465 |
|
| 566,670 |
|
Samsung Electronics Co Ltd + (S. Korea) |
|
| 550 |
|
| 327,923 |
|
Texas Instruments Inc |
|
| 43,650 |
|
| 1,313,865 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,614,259 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-11
|
PACIFIC LIFE FUNDS (1) |
PL GROWTH LT FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Utilities - 3.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Movil SAB de CV ‘L’ ADR (Mexico) |
|
| 9,560 |
| $ | 456,872 |
|
Level 3 Communications Inc* |
|
| 62,915 |
|
| 383,782 |
|
NeuStar Inc ‘A’ * |
|
| 13,815 |
|
| 392,899 |
|
TXU Corp |
|
| 15,195 |
|
| 974,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,207,553 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $48,200,657) |
|
|
|
|
| 57,438,209 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
| Amount |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 9.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 9.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
5.000% due 04/02/07 |
| $ | 5,800,000 |
|
| 5,799,194 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Funds - 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 34,046 |
|
| 34,046 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 34,046 |
|
| 34,046 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 68,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $5,867,286) |
|
|
|
|
| 5,867,286 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.21% |
|
|
|
|
|
|
|
(Cost $54,067,943) |
|
|
|
|
| 63,305,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.21%) |
|
|
|
|
| (131,665 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 63,173,830 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Consumer Discretionary |
|
| 16.39 | % |
Financial Services |
|
| 15.23 | % |
Technology |
|
| 13.64 | % |
Health Care |
|
| 11.85 | % |
Short-Term Investments |
|
| 9.29 | % |
Producer Durables |
|
| 5.68 | % |
Materials & Processing |
|
| 5.34 | % |
Consumer Staples |
|
| 4.98 | % |
Energy |
|
| 4.32 | % |
Autos & Transportation |
|
| 3.89 | % |
Integrated Oils |
|
| 3.72 | % |
Utilities |
|
| 3.49 | % |
Multi-Industry |
|
| 2.39 | % |
|
|
| ||
|
|
|
|
|
|
|
| 100.21 | % |
Other Assets & Liabilities, Net |
|
| (0.21 | %) |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(c) Securities with a total aggregate market value of $5,211,670 or 8.25% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.
(d) Forward foreign currency contracts outstanding as of March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
| Principal Amount |
|
|
|
| Net |
| |||
to Buy or |
|
|
| Covered by |
|
|
|
| Unrealized |
| |||
to Sell |
| Currency |
| Contracts |
| Expiration |
| Depreciation |
| ||||
| |||||||||||||
Sell |
| CHF |
|
| 335,000 |
|
| 06/07 |
|
| ($ | 4,339 | ) |
Sell |
| EUR |
|
| 95,000 |
|
| 06/07 |
|
|
| (2,996 | ) |
Sell |
| EUR |
|
| 25,000 |
|
| 10/07 |
|
|
| (329 | ) |
Sell |
| KRW |
|
| 6,000,000 |
|
| 08/07 |
|
|
| (27 | ) |
Sell |
| KRW |
|
| 71,000,000 |
|
| 10/07 |
|
|
| (555 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ($ | 8,246 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
(e) Transactions in written options for the year ended March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
|
|
| ||
|
| Contracts |
| Premium |
| ||
| |||||||
Outstanding, March 31, 2006 |
|
| — |
| $ | — |
|
Call Options Written |
|
| 444 |
|
| 19,773 |
|
Put Options Written |
|
| 134 |
|
| 4,596 |
|
Call Options Expired |
|
| (429 | ) |
| (16,869 | ) |
Put Options Expired |
|
| (134 | ) |
| (4,596 | ) |
|
|
| |||||
Outstanding, March 31, 2007 |
|
| 15 |
| $ | 2,904 |
|
|
|
|
(f) Premiums received and value of written options outstanding as of March 31, 2007:
|
| Number of |
|
|
|
|
|
|
| |
Type |
| Contracts |
| Premium |
| Value |
| |||
| ||||||||||
Call - CBOT Apple Inc |
|
|
|
|
|
|
|
|
|
|
Strike @ $120.00 exp 4/21/07 |
|
|
|
|
|
|
|
|
|
|
Goldman Sachs |
|
| 15 |
| $ | 2,904 |
| $ | 38 |
|
|
|
|
|
|
|
(g) Securities with a market value of $139,365 were segregated with broker(s)/custodian to cover call options written as of March 31, 2007.
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-12
|
PACIFIC LIFE FUNDS (1) |
PL MID-CAP VALUE FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 95.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 2.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overseas Shipholding Group Inc |
|
| 14,000 |
| $ | 876,400 |
|
YRC Worldwide Inc * |
|
| 24,360 |
|
| 979,759 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,856,159 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Discretionary - 18.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belo Corp ‘A’ |
|
| 54,310 |
|
| 1,013,968 |
|
CDW Corp |
|
| 17,600 |
|
| 1,081,168 |
|
Cintas Corp |
|
| 19,500 |
|
| 703,950 |
|
Darden Restaurants Inc |
|
| 27,000 |
|
| 1,112,130 |
|
Foot Locker Inc |
|
| 48,500 |
|
| 1,142,175 |
|
Idearc Inc |
|
| 38,050 |
|
| 1,335,555 |
|
Liz Claiborne Inc |
|
| 35,410 |
|
| 1,517,319 |
|
Pacific Sunwear of California Inc * |
|
| 45,930 |
|
| 956,722 |
|
R.H. Donnelley Corp |
|
| 21,538 |
|
| 1,526,829 |
|
Republic Services Inc |
|
| 26,335 |
|
| 732,640 |
|
Royal Caribbean Cruises Ltd (Liberia) |
|
| 25,970 |
|
| 1,094,895 |
|
The Stanley Works |
|
| 15,740 |
|
| 871,366 |
|
The Talbots Inc |
|
| 18,790 |
|
| 443,820 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,532,537 |
|
|
|
|
|
|
| ||
Consumer Staples - 7.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coca-Cola Enterprises Inc |
|
| 76,830 |
|
| 1,555,807 |
|
Constellation Brands Inc ‘A’ * |
|
| 37,600 |
|
| 796,368 |
|
Pilgrim’s Pride Corp |
|
| 26,530 |
|
| 880,531 |
|
Smithfield Foods Inc * |
|
| 38,400 |
|
| 1,150,080 |
|
The Kroger Co |
|
| 28,690 |
|
| 810,493 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,193,279 |
|
|
|
|
|
|
| ||
Energy - 8.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BJ Services Co |
|
| 35,200 |
|
| 982,080 |
|
Foundation Coal Holdings Inc |
|
| 27,900 |
|
| 958,086 |
|
Massey Energy Co |
|
| 43,980 |
|
| 1,055,080 |
|
Smith International Inc |
|
| 18,310 |
|
| 879,796 |
|
Sunoco Inc |
|
| 14,520 |
|
| 1,022,789 |
|
The Williams Cos Inc |
|
| 29,720 |
|
| 845,831 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,743,662 |
|
|
|
|
|
|
| ||
Financial Services - 23.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.G. Edwards Inc |
|
| 14,830 |
|
| 1,025,939 |
|
Ameriprise Financial Inc |
|
| 19,410 |
|
| 1,109,087 |
|
Aon Corp |
|
| 34,400 |
|
| 1,305,824 |
|
CBL & Associates Properties Inc REIT |
|
| 20,310 |
|
| 910,700 |
|
Covanta Holding Corp * |
|
| 38,550 |
|
| 855,039 |
|
DST Systems Inc * |
|
| 12,470 |
|
| 937,744 |
|
Hudson City Bancorp Inc |
|
| 80,250 |
|
| 1,097,820 |
|
Huntington Bancshares Inc |
|
| 38,100 |
|
| 832,485 |
|
Lincoln National Corp |
|
| 19,524 |
|
| 1,323,532 |
|
Marshall & Ilsley Corp |
|
| 17,500 |
|
| 810,425 |
|
Mellon Financial Corp |
|
| 38,980 |
|
| 1,681,597 |
|
OneBeacon Insurance Group Ltd (Bermuda) |
|
| 32,600 |
|
| 815,000 |
|
PartnerRe Ltd (Bermuda) |
|
| 19,996 |
|
| 1,370,526 |
|
Protective Life Corp |
|
| 16,190 |
|
| 713,008 |
|
RenaissanceRe Holdings Ltd (Bermuda) |
|
| 21,540 |
|
| 1,080,016 |
|
Willis Group Holdings Ltd (Bermuda) |
|
| 20,400 |
|
| 807,432 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,676,174 |
|
|
|
|
|
|
| ||
Health Care - 6.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barr Pharmaceuticals Inc * |
|
| 19,250 |
|
| 892,237 |
|
Hospira Inc * |
|
| 25,200 |
|
| 1,030,680 |
|
Invitrogen Corp * |
|
| 10,950 |
|
| 696,968 |
|
Sepracor Inc * |
|
| 15,370 |
|
| 716,703 |
|
Warner Chilcott Ltd ‘A’ * (Bermuda) |
|
| 67,600 |
|
| 1,001,156 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,337,744 |
|
|
|
|
|
|
| ||
Materials & Processing - 6.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ball Corp |
|
| 19,160 |
|
| 878,486 |
|
Cabot Corp |
|
| 14,550 |
|
| 694,472 |
|
Celanese Corp ‘A’ |
|
| 22,720 |
|
| 700,685 |
|
Louisiana-Pacific Corp |
|
| 52,700 |
|
| 1,057,162 |
|
Masco Corp |
|
| 25,700 |
|
| 704,180 |
|
USG Corp * |
|
| 13,900 |
|
| 648,852 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,683,837 |
|
|
|
|
|
|
| ||
Multi-Industry - 2.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fortune Brands Inc |
|
| 9,920 |
|
| 781,894 |
|
Textron Inc |
|
| 14,250 |
|
| 1,279,650 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,061,544 |
|
|
|
|
|
|
| ||
Producer Durables - 5.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dover Corp |
|
| 27,740 |
|
| 1,353,989 |
|
Hubbell Inc ‘B’ |
|
| 25,710 |
|
| 1,240,250 |
|
Pitney Bowes Inc |
|
| 33,740 |
|
| 1,531,459 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,125,698 |
|
|
|
|
|
|
| ||
Technology - 9.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analog Devices Inc |
|
| 19,700 |
|
| 679,453 |
|
Arrow Electronics Inc * |
|
| 31,370 |
|
| 1,184,217 |
|
Avaya Inc * |
|
| 61,360 |
|
| 724,662 |
|
Flextronics International Ltd * (Singapore) |
|
| 96,130 |
|
| 1,051,662 |
|
Ingram Micro Inc ‘A’ * |
|
| 59,890 |
|
| 1,156,476 |
|
Solectron Corp * |
|
| 270,770 |
|
| 852,926 |
|
Sun Microsystems Inc * |
|
| 125,740 |
|
| 755,697 |
|
Vishay Intertechnology Inc * |
|
| 48,980 |
|
| 684,740 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,089,833 |
|
|
|
|
|
|
| ||
Utilities - 4.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 26,426 |
|
| 1,638,412 |
|
Citizens Communications Co |
|
| 90,940 |
|
| 1,359,553 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,997,965 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 68,298,432 |
|
|
|
|
|
|
| ||
SHORT-TERM INVESTMENTS - 5.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 5.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 681,834 |
|
| 681,834 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 3,209,742 |
|
| 3,209,742 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,891,576 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 3,891,576 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.92% |
|
|
|
|
| 72,190,008 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.92%) |
|
|
|
|
| (661,619 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 71,528,389 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-13 |
|
PACIFIC LIFE FUNDS (1) |
PL MID-CAP VALUE FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
Note to Schedule of Investments | |||||||
| |||||||
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 23.31 | % |
Consumer Discretionary |
|
|
|
|
| 18.92 | % |
Technology |
|
|
|
|
| 9.91 | % |
Energy |
|
|
|
|
| 8.03 | % |
Consumer Staples |
|
|
|
|
| 7.26 | % |
Materials & Processing |
|
|
|
|
| 6.55 | % |
Health Care |
|
|
|
|
| 6.06 | % |
Producer Durables |
|
|
|
|
| 5.77 | % |
Short-Term Investments |
|
|
|
|
| 5.44 | % |
Utilities |
|
|
|
|
| 4.19 | % |
Multi-Industry |
|
|
|
|
| 2.88 | % |
Autos & Transportation |
|
|
|
|
| 2.60 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.92 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (0.92 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-14 |
|
PACIFIC LIFE FUNDS (1) |
PL LARGE-CAP GROWTH FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 20.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best Buy Co Inc |
|
| 5,091 |
| $ | 248,034 |
|
Coach Inc * |
|
| 12,436 |
|
| 622,422 |
|
eBay Inc * |
|
| 13,084 |
|
| 433,735 |
|
Google Inc ‘A’ * |
|
| 2,796 |
|
| 1,281,015 |
|
Kohl’s Corp * |
|
| 4,519 |
|
| 346,201 |
|
Las Vegas Sands Corp * |
|
| 6,111 |
|
| 529,274 |
|
Monster Worldwide Inc * |
|
| 7,096 |
|
| 336,137 |
|
News Corp ‘A’ |
|
| 21,178 |
|
| 489,635 |
|
Nordstrom Inc |
|
| 7,717 |
|
| 408,538 |
|
Polo Ralph Lauren Corp |
|
| 4,191 |
|
| 369,437 |
|
The McGraw-Hill Cos Inc |
|
| 9,075 |
|
| 570,636 |
|
The Walt Disney Co |
|
| 13,378 |
|
| 460,605 |
|
Yahoo! Inc * |
|
| 12,083 |
|
| 378,077 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,473,746 |
|
|
|
|
|
|
| ||
Consumer Staples - 1.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PepsiCo Inc |
|
| 6,657 |
|
| 423,119 |
|
|
|
|
|
|
| ||
Energy - 1.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XTO Energy Inc |
|
| 10,250 |
|
| 561,803 |
|
|
|
|
|
|
| ||
Financial Services - 19.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Data Systems Corp * |
|
| 6,091 |
|
| 375,327 |
|
American International Group Inc |
|
| 6,374 |
|
| 428,460 |
|
BlackRock Inc |
|
| 3,232 |
|
| 505,194 |
|
CB Richard Ellis Group Inc ‘A’ * |
|
| 23,161 |
|
| 791,643 |
|
Chicago Mercantile Exchange Holdings Inc ‘A’ |
|
| 1,161 |
|
| 618,186 |
|
IntercontinentalExchange Inc * |
|
| 3,555 |
|
| 434,457 |
|
MasterCard Inc ‘A’ |
|
| 3,885 |
|
| 412,742 |
|
Morgan Stanley |
|
| 9,085 |
|
| 715,535 |
|
NYSE Group Inc * |
|
| 3,190 |
|
| 299,063 |
|
T. Rowe Price Group Inc |
|
| 7,834 |
|
| 369,686 |
|
The Goldman Sachs Group Inc |
|
| 4,753 |
|
| 982,112 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,932,405 |
|
|
|
|
|
|
| ||
Health Care - 16.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 14,319 |
|
| 799,000 |
|
Baxter International Inc |
|
| 7,972 |
|
| 419,885 |
|
Celgene Corp * |
|
| 8,700 |
|
| 456,402 |
|
CVS/Caremark Corp |
|
| 23,903 |
|
| 816,048 |
|
Genentech Inc * |
|
| 6,804 |
|
| 558,744 |
|
Gilead Sciences Inc * |
|
| 8,717 |
|
| 666,851 |
|
St. Jude Medical Inc * |
|
| 7,702 |
|
| 289,672 |
|
Stryker Corp |
|
| 8,389 |
|
| 556,358 |
|
Thermo Fisher Scientific Inc * |
|
| 9,281 |
|
| 433,887 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,996,847 |
|
|
|
|
|
|
| ||
Materials & Processing - 7.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Technologies Inc |
|
| 4,414 |
|
| 470,930 |
|
Freeport-McMoRan Copper & Gold Inc |
|
| 9,338 |
|
| 618,082 |
|
Monsanto Co |
|
| 5,626 |
|
| 309,205 |
|
Precision Castparts Corp |
|
| 7,905 |
|
| 822,515 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,220,732 |
|
|
|
|
|
|
| ||
Producer Durables - 1.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Boeing Co |
|
| 5,134 |
|
| 456,464 |
|
|
|
|
|
|
| ||
Technology - 27.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems Inc * |
|
| 12,359 |
|
| 515,370 |
|
Akamai Technologies Inc * |
|
| 9,783 |
|
| 488,367 |
|
Apple Inc * |
|
| 12,472 |
|
| 1,158,774 |
|
Cisco Systems Inc * |
|
| 46,309 |
|
| 1,182,269 |
|
Cognizant Technology Solutions Corp ‘A’ * |
|
| 6,685 |
|
| 590,085 |
|
Corning Inc * |
|
| 19,652 |
|
| 446,886 |
|
EMC Corp * |
|
| 27,058 |
|
| 374,753 |
|
International Business Machines Corp |
|
| 9,355 |
|
| 881,802 |
|
MEMC Electronic Materials Inc * |
|
| 8,581 |
|
| 519,837 |
|
Microsoft Corp |
|
| 21,260 |
|
| 592,516 |
|
Network Appliance Inc * |
|
| 19,040 |
|
| 695,341 |
|
Oracle Corp * |
|
| 22,021 |
|
| 399,241 |
|
QUALCOMM Inc |
|
| 18,192 |
|
| 776,071 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,621,312 |
|
|
|
|
|
|
| ||
Utilities - 2.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comcast Corp ‘A’ * |
|
| 24,629 |
|
| 639,123 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 30,325,551 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 97.94% |
|
|
|
|
| 30,325,551 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 2.06% |
|
|
|
|
| 638,638 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 30,964,189 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
| |||||||
Technology |
|
|
|
|
| 27.84 | % |
Consumer Discretionary |
|
|
|
|
| 20.91 | % |
Financial Services |
|
|
|
|
| 19.16 | % |
Health Care |
|
|
|
|
| 16.14 | % |
Materials & Processing |
|
|
|
|
| 7.17 | % |
Utilities |
|
|
|
|
| 2.06 | % |
Energy |
|
|
|
|
| 1.82 | % |
Producer Durables |
|
|
|
|
| 1.47 | % |
Consumer Staples |
|
|
|
|
| 1.37 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 97.94 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 2.06 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-15 |
|
PACIFIC LIFE FUNDS (1) |
PL INTERNATIONAL LARGE-CAP FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia - 0.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QBE Insurance Group Ltd + |
|
| 23,971 |
| $ | 610,543 |
|
|
|
|
|
|
| ||
Austria - 0.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AG + |
|
| 9,600 |
|
| 747,733 |
|
|
|
|
|
|
| ||
Bermuda - 0.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Li & Fung Ltd + |
|
| 205,200 |
|
| 641,710 |
|
|
|
|
|
|
| ||
Canada - 0.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co |
|
| 14,020 |
|
| 618,843 |
|
|
|
|
|
|
| ||
Czech Republic - 0.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Komercni Banka AS + |
|
| 2,503 |
|
| 434,817 |
|
|
|
|
|
|
| ||
France - 22.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA SA + |
|
| 47,710 |
|
| 2,028,995 |
|
Credit Agricole SA + |
|
| 41,343 |
|
| 1,615,977 |
|
Gaz de France SA + |
|
| 14,970 |
|
| 699,116 |
|
L’Air Liquide SA + |
|
| 5,508 |
|
| 1,340,483 |
|
L’Air Liquide SA - Registered * + |
|
| 3,468 |
|
| 844,008 |
|
L’Oreal SA + |
|
| 6,510 |
|
| 711,053 |
|
Legrand SA + |
|
| 24,250 |
|
| 805,420 |
|
LVMH Moet Hennessy Louis Vuitton SA + |
|
| 19,470 |
|
| 2,162,545 |
|
Pernod-Ricard SA + |
|
| 7,554 |
|
| 1,535,985 |
|
Sanofi-Aventis + |
|
| 13,585 |
|
| 1,182,084 |
|
Schneider Electric SA + |
|
| 17,892 |
|
| 2,280,544 |
|
Total SA + |
|
| 25,480 |
|
| 1,780,048 |
|
Vivendi + |
|
| 16,230 |
|
| 661,470 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,647,728 |
|
|
|
|
|
|
| ||
Germany - 6.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayer AG + |
|
| 26,250 |
|
| 1,680,700 |
|
Bayerische Motoren Werke AG + |
|
| 12,920 |
|
| 762,200 |
|
Continental AG + |
|
| 5,035 |
|
| 650,755 |
|
E.ON AG + |
|
| 14,850 |
|
| 2,021,582 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,115,237 |
|
|
|
|
|
|
| ||
Indonesia - 0.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.T. Bank Central Asia Tbk + |
|
| 603,000 |
|
| 335,538 |
|
|
|
|
|
|
| ||
Italy - 1.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assicurazioni Generali SPA + |
|
| 8,840 |
|
| 376,509 |
|
Banca Intesa Sanpaolo SPA + |
|
| 84,546 |
|
| 642,584 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,019,093 |
|
|
|
|
|
|
| ||
Japan - 17.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeon Credit Service Co Ltd + |
|
| 27,400 |
|
| 459,354 |
|
Asahi Glass Co Ltd + |
|
| 70,000 |
|
| 982,225 |
|
Bridgestone Corp + |
|
| 29,200 |
|
| 580,281 |
|
Canon Inc + |
|
| 30,450 |
|
| 1,634,990 |
|
FANUC Ltd + |
|
| 8,300 |
|
| 769,041 |
|
Hirose Electric Co Ltd + |
|
| 3,200 |
|
| 383,093 |
|
Kao Corp + |
|
| 72,000 |
|
| 2,105,044 |
|
Nintendo Co Ltd + |
|
| 1,700 |
|
| 493,275 |
|
Nomura Holdings Inc + |
|
| 53,900 |
|
| 1,117,481 |
|
OMRON Corp + |
|
| 22,300 |
|
| 598,400 |
|
Ricoh Co Ltd + |
|
| 56,000 |
|
| 1,256,687 |
|
Shinsei Bank Ltd + |
|
| 130,000 |
|
| 621,624 |
|
The Shizuoka Bank Ltd + |
|
| 34,000 |
|
| 360,902 |
|
Tokyo Gas Co Ltd + |
|
| 101,640 |
|
| 564,923 |
|
Toyota Motor Corp + |
|
| 29,100 |
|
| 1,863,591 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,790,911 |
|
|
|
|
|
|
| ||
Netherlands - 1.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TNT NV + |
|
| 21,130 |
|
| 971,260 |
|
|
|
|
|
|
| ||
Singapore - 1.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore Telecommunications Ltd + |
|
| 424,380 |
|
| 916,221 |
|
|
|
|
|
|
| ||
South Korea - 2.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Samsung Electronics Co Ltd + |
|
| 3,072 |
|
| 1,831,599 |
|
|
|
|
|
|
| ||
Spain - 0.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA + |
|
| 30,870 |
|
| 758,021 |
|
|
|
|
|
|
| ||
Sweden - 0.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telefonaktiebolaget LM Ericsson ‘B’ + |
|
| 146,710 |
|
| 543,895 |
|
|
|
|
|
|
| ||
Switzerland - 15.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actelion Ltd * + |
|
| 1,890 |
|
| 440,487 |
|
Givaudan SA + |
|
| 890 |
|
| 825,886 |
|
Julius Baer Holding AG + |
|
| 9,382 |
|
| 1,285,811 |
|
Nestle SA + |
|
| 8,274 |
|
| 3,224,201 |
|
Roche Holding AG + |
|
| 15,760 |
|
| 2,799,548 |
|
Swiss Reinsurance Co + |
|
| 17,765 |
|
| 1,625,532 |
|
UBS AG + |
|
| 37,962 |
|
| 2,263,748 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 12,465,213 |
|
|
|
|
|
|
| ||
Thailand - 0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangkok Bank PCL + |
|
| 100,270 |
|
| 323,903 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom - 20.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BG Group PLC + |
|
| 58,180 |
|
| 839,252 |
|
BHP Billiton PLC + |
|
| 31,340 |
|
| 696,334 |
|
Diageo PLC + |
|
| 78,600 |
|
| 1,593,272 |
|
GlaxoSmithKline PLC + |
|
| 70,500 |
|
| 1,946,022 |
|
HSBC Holdings PLC + |
|
| 52,540 |
|
| 920,040 |
|
Ladbrokes PLC + |
|
| 110,657 |
|
| 880,129 |
|
NEXT PLC + |
|
| 14,910 |
|
| 660,370 |
|
Reckitt Benckiser PLC + |
|
| 47,754 |
|
| 2,490,318 |
|
Royal Dutch Shell PLC ‘A’ + |
|
| 35,640 |
|
| 1,185,364 |
|
Smiths Group PLC + |
|
| 54,760 |
|
| 1,106,978 |
|
Tesco PLC + |
|
| 120,647 |
|
| 1,055,857 |
|
William Hill PLC + |
|
| 115,430 |
|
| 1,446,187 |
|
WPP Group PLC + |
|
| 104,350 |
|
| 1,584,420 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,404,543 |
|
|
|
|
|
|
| ||
United States - 0.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthes Inc + |
|
| 3,520 |
|
| 435,838 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 75,612,646 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-16 |
|
PACIFIC LIFE FUNDS (1) |
PL INTERNATIONAL LARGE-CAP FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
SHORT-TERM INVESTMENTS - 2.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper - 2.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargill Inc |
| $ | 2,328,000 |
| $ | 2,327,651 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
Money Market Fund - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 177 |
|
| 177 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 2,327,828 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.45% |
|
|
|
|
| 77,940,474 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.55% |
|
|
|
|
| 431,998 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 78,372,472 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 21.09 | % |
Consumer Discretionary |
|
|
|
|
| 14.48 | % |
Consumer Staples |
|
|
|
|
| 12.63 | % |
Health Care |
|
|
|
|
| 10.83 | % |
Technology |
|
|
|
|
| 7.97 | % |
Autos & Transportation |
|
|
|
|
| 6.95 | % |
Materials & Processing |
|
|
|
|
| 5.98 | % |
Utilities |
|
|
|
|
| 5.36 | % |
Producer Durables |
|
|
|
|
| 4.92 | % |
Integrated Oils |
|
|
|
|
| 4.86 | % |
Short-Term Investments |
|
|
|
|
| 2.97 | % |
Multi-Industry |
|
|
|
|
| 1.41 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.45 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.55 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(b) As of March 31, 2007, the Fund was diversified by geographical region as a percentage of net assets as follows: | |||||||
| |||||||
France |
|
|
|
|
| 22.52 | % |
United Kingdom |
|
|
|
|
| 20.93 | % |
Japan |
|
|
|
|
| 17.60 | % |
Switzerland |
|
|
|
|
| 15.90 | % |
Germany |
|
|
|
|
| 6.53 | % |
United States |
|
|
|
|
| 3.53 | % |
South Korea |
|
|
|
|
| 2.34 | % |
Italy |
|
|
|
|
| 1.30 | % |
Netherlands |
|
|
|
|
| 1.24 | % |
Singapore |
|
|
|
|
| 1.17 | % |
Spain |
|
|
|
|
| 0.97 | % |
Austria |
|
|
|
|
| 0.95 | % |
Bermuda |
|
|
|
|
| 0.82 | % |
Canada |
|
|
|
|
| 0.79 | % |
Australia |
|
|
|
|
| 0.78 | % |
Sweden |
|
|
|
|
| 0.69 | % |
Czech Republic |
|
|
|
|
| 0.55 | % |
Indonesia |
|
|
|
|
| 0.43 | % |
Thailand |
|
|
|
|
| 0.41 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.45 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.55 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(c) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |||||||
|
|
|
|
|
|
|
|
(d) Securities with a total aggregate market value of $74,993,803, or 95.69% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees. |
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-17 |
|
PACIFIC LIFE FUNDS (1) |
PL SMALL-CAP GROWTH FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 94.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 2.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bristow Group Inc * |
|
| 7,500 |
| $ | 273,375 |
|
Heartland Express Inc |
|
| 20,866 |
|
| 331,352 |
|
Hub Group Inc ‘A’ * |
|
| 14,200 |
|
| 411,658 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,016,385 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 28.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Garden & Pet Co * |
|
| 9,800 |
|
| 144,746 |
|
Central Garden & Pet Co ‘A’ * |
|
| 21,000 |
|
| 308,700 |
|
Courier Corp |
|
| 19,700 |
|
| 769,679 |
|
Guitar Center Inc * |
|
| 9,200 |
|
| 415,104 |
|
Hibbett Sports Inc * |
|
| 14,900 |
|
| 425,991 |
|
Houston Wire & Cable Co * |
|
| 23,100 |
|
| 647,262 |
|
Journal Communications Inc ‘A’ |
|
| 50,200 |
|
| 658,122 |
|
Korn/Ferry International * |
|
| 35,900 |
|
| 823,546 |
|
LoJack Corp * |
|
| 33,500 |
|
| 635,830 |
|
Monro Muffler Brake Inc |
|
| 12,100 |
|
| 424,710 |
|
MWI Veterinary Supply Inc * |
|
| 13,300 |
|
| 438,900 |
|
Navigant Consulting Inc * |
|
| 40,000 |
|
| 790,400 |
|
RC2 Corp * |
|
| 13,200 |
|
| 533,148 |
|
Ritchie Bros. Auctioneers Inc (Canada) |
|
| 22,300 |
|
| 1,304,996 |
|
Rollins Inc |
|
| 57,800 |
|
| 1,329,978 |
|
Ruby Tuesday Inc |
|
| 11,600 |
|
| 331,760 |
|
The Advisory Board Co * |
|
| 6,500 |
|
| 329,030 |
|
The Steak n Shake Co * |
|
| 26,200 |
|
| 439,374 |
|
Watson Wyatt Worldwide Inc ‘A’ |
|
| 27,200 |
|
| 1,323,280 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 12,074,556 |
|
|
|
|
|
|
| ||
Energy - 7.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berry Petroleum Co ‘A’ |
|
| 27,900 |
|
| 855,414 |
|
Cal Dive International Inc * |
|
| 29,600 |
|
| 361,416 |
|
CARBO Ceramics Inc |
|
| 8,300 |
|
| 386,365 |
|
Comstock Resources Inc * |
|
| 11,300 |
|
| 309,394 |
|
TETRA Technologies Inc * |
|
| 50,800 |
|
| 1,255,268 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,167,857 |
|
|
|
|
|
|
| ||
Financial Services - 14.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Equity Investment Life Holding Co |
|
| 37,000 |
|
| 485,810 |
|
Amerisafe Inc * |
|
| 40,200 |
|
| 757,770 |
|
Boston Private Financial Holdings Inc |
|
| 21,700 |
|
| 605,864 |
|
Financial Federal Corp |
|
| 20,700 |
|
| 544,824 |
|
H&E Equipment Services Inc * |
|
| 15,600 |
|
| 335,400 |
|
Hilb Rogal & Hobbs Co |
|
| 7,200 |
|
| 353,160 |
|
ITLA Capital Corp |
|
| 7,500 |
|
| 390,150 |
|
Online Resources Corp * |
|
| 35,300 |
|
| 404,891 |
|
Texas Capital Bancshares Inc * |
|
| 27,100 |
|
| 555,550 |
|
Tower Group Inc |
|
| 6,400 |
|
| 206,208 |
|
Wilshire Bancorp Inc |
|
| 27,600 |
|
| 452,640 |
|
Wintrust Financial Corp |
|
| 27,000 |
|
| 1,204,470 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,296,737 |
|
|
|
|
|
|
| ||
Health Care - 9.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattem Inc * |
|
| 4,100 |
|
| 241,654 |
|
Computer Programs & Systems Inc |
|
| 19,000 |
|
| 509,580 |
|
Haemonetics Corp * |
|
| 7,500 |
|
| 350,625 |
|
Healthcare Services Group Inc |
|
| 13,400 |
|
| 383,910 |
|
Healthspring Inc * |
|
| 19,700 |
|
| 463,935 |
|
ICU Medical Inc * |
|
| 5,000 |
|
| 196,000 |
|
KV Pharmaceutical Co ‘A’ * |
|
| 17,600 |
|
| 435,248 |
|
Landauer Inc |
|
| 7,500 |
|
| 378,600 |
|
LCA-Vision Inc |
|
| 11,900 |
|
| 490,161 |
|
Owens & Minor Inc |
|
| 7,900 |
|
| 290,167 |
|
Young Innovations Inc |
|
| 9,300 |
|
| 253,146 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,993,026 |
|
|
|
|
|
|
| ||
Materials & Processing - 12.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCOL International Corp |
|
| 28,300 |
|
| 839,095 |
|
Cabot Microelectronics Corp * |
|
| 23,200 |
|
| 777,432 |
|
CLARCOR Inc |
|
| 10,200 |
|
| 324,360 |
|
Drew Industries Inc * |
|
| 18,600 |
|
| 533,448 |
|
Interline Brands Inc * |
|
| 32,300 |
|
| 708,016 |
|
NCI Building Systems Inc * |
|
| 5,700 |
|
| 272,118 |
|
RBC Bearings Inc * |
|
| 21,000 |
|
| 702,030 |
|
Rockwood Holdings Inc * |
|
| 29,100 |
|
| 805,488 |
|
Spartech Corp |
|
| 8,800 |
|
| 258,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,220,179 |
|
|
|
|
|
|
| ||
Producer Durables - 14.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Corp * |
|
| 29,100 |
|
| 701,019 |
|
Actuant Corp ‘A’ |
|
| 21,500 |
|
| 1,092,415 |
|
Argon ST Inc * |
|
| 32,100 |
|
| 849,366 |
|
Bucyrus International Inc ‘A’ |
|
| 22,850 |
|
| 1,176,775 |
|
IDEX Corp |
|
| 10,300 |
|
| 524,064 |
|
Regal-Beloit Corp |
|
| 12,600 |
|
| 584,388 |
|
The Middleby Corp * |
|
| 9,100 |
|
| 1,199,744 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,127,771 |
|
|
|
|
|
|
| ||
Technology - 4.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
j2 Global Communications Inc * |
|
| 41,900 |
|
| 1,161,468 |
|
ScanSource Inc * |
|
| 25,800 |
|
| 692,472 |
|
Transaction Systems Architects Inc * |
|
| 6,800 |
|
| 220,252 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,074,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 39,970,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 94.60% |
|
|
|
|
| 39,970,703 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 5.40% |
|
|
|
|
| 2,280,858 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 42,251,561 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
| |||||||
Consumer Discretionary |
|
|
|
|
| 28.58 | % |
Financial Services |
|
|
|
|
| 14.90 | % |
Producer Durables |
|
|
|
|
| 14.50 | % |
Materials & Processing |
|
|
|
|
| 12.35 | % |
Health Care |
|
|
|
|
| 9.45 | % |
Energy |
|
|
|
|
| 7.50 | % |
Technology |
|
|
|
|
| 4.91 | % |
Autos & Transportation |
|
|
|
|
| 2.41 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 94.60 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 5.40 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-18 |
|
PACIFIC LIFE FUNDS (1) |
PL MAIN STREET® CORE FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 98.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Motors Corp |
|
| 8,400 |
| $ | 257,376 |
|
Laidlaw International Inc |
|
| 400 |
|
| 13,840 |
|
PACCAR Inc |
|
| 1,800 |
|
| 132,120 |
|
Swift Transportation Co Inc * |
|
| 100 |
|
| 3,116 |
|
United Parcel Service Inc ‘B’ |
|
| 3,600 |
|
| 252,360 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 658,812 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 12.63% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avon Products Inc |
|
| 500 |
|
| 18,630 |
|
Best Buy Co Inc |
|
| 7,100 |
|
| 345,912 |
|
CBS Corp ‘B’ |
|
| 8,000 |
|
| 244,720 |
|
Chipotle Mexican Grill Inc ‘B’ * |
|
| 255 |
|
| 14,637 |
|
Clear Channel Communications Inc |
|
| 10,400 |
|
| 364,416 |
|
Coach Inc * |
|
| 7,100 |
|
| 355,355 |
|
Costco Wholesale Corp |
|
| 3,400 |
|
| 183,056 |
|
EchoStar Communications Corp ‘A’ * |
|
| 4,500 |
|
| 195,435 |
|
Federated Department Stores Inc |
|
| 11,400 |
|
| 513,570 |
|
Gannett Co Inc |
|
| 2,300 |
|
| 129,467 |
|
Google Inc ‘A’ * |
|
| 1,700 |
|
| 778,872 |
|
IAC/InterActiveCorp * |
|
| 2,000 |
|
| 75,420 |
|
J.C. Penney Co Inc |
|
| 4,100 |
|
| 336,856 |
|
Kohl’s Corp * |
|
| 6,900 |
|
| 528,609 |
|
Liberty Global Inc ‘A’ * |
|
| 1,500 |
|
| 49,395 |
|
Liberty Media Corp - Capital ‘A’ * |
|
| 3,000 |
|
| 331,770 |
|
Liberty Media Corp - Interactive ‘A’ * |
|
| 4,600 |
|
| 109,572 |
|
Lowe’s Cos Inc |
|
| 8,600 |
|
| 270,814 |
|
Mattel Inc |
|
| 700 |
|
| 19,299 |
|
McDonald’s Corp |
|
| 7,100 |
|
| 319,855 |
|
News Corp ‘A’ |
|
| 18,600 |
|
| 430,032 |
|
Nordstrom Inc |
|
| 8,300 |
|
| 439,402 |
|
Omnicom Group Inc |
|
| 4,000 |
|
| 409,520 |
|
Sabre Holdings Corp ‘A’ |
|
| 700 |
|
| 22,925 |
|
Sears Holdings Corp * |
|
| 2,200 |
|
| 396,352 |
|
Target Corp |
|
| 4,800 |
|
| 284,448 |
|
The DIRECTV Group Inc * |
|
| 7,700 |
|
| 177,639 |
|
The Gap Inc |
|
| 11,400 |
|
| 196,194 |
|
The Home Depot Inc |
|
| 16,400 |
|
| 602,536 |
|
The McGraw-Hill Cos Inc |
|
| 1,900 |
|
| 119,472 |
|
The TJX Cos Inc |
|
| 10,700 |
|
| 288,472 |
|
The Walt Disney Co |
|
| 26,500 |
|
| 912,395 |
|
Time Warner Inc |
|
| 24,000 |
|
| 473,280 |
|
United Online Inc |
|
| 500 |
|
| 7,015 |
|
Viacom Inc ‘B’ * |
|
| 7,900 |
|
| 324,769 |
|
Wal-Mart Stores Inc |
|
| 8,700 |
|
| 408,465 |
|
Yum! Brands Inc |
|
| 5,600 |
|
| 323,456 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 11,002,032 |
|
|
|
|
|
|
| ||
Consumer Staples - 6.63% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 18,000 |
|
| 1,580,580 |
|
Campbell Soup Co |
|
| 3,000 |
|
| 116,850 |
|
ConAgra Foods Inc |
|
| 10,000 |
|
| 249,100 |
|
General Mills Inc |
|
| 3,100 |
|
| 180,482 |
|
H.J. Heinz Co |
|
| 4,000 |
|
| 188,480 |
|
Kellogg Co |
|
| 2,500 |
|
| 128,575 |
|
Kraft Foods Inc ‘A’ |
|
| 2,700 |
|
| 85,482 |
|
PepsiCo Inc |
|
| 11,300 |
|
| 718,228 |
|
Reynolds American Inc |
|
| 2,200 |
|
| 137,302 |
|
Safeway Inc |
|
| 9,300 |
|
| 340,752 |
|
Sara Lee Corp |
|
| 7,500 |
|
| 126,900 |
|
The Coca-Cola Co |
|
| 13,200 |
|
| 633,600 |
|
The Kroger Co |
|
| 15,000 |
|
| 423,750 |
|
The Procter & Gamble Co |
|
| 13,700 |
|
| 865,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,775,373 |
|
|
|
|
|
|
| ||
Energy - 1.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp |
|
| 6,500 |
|
| 279,370 |
|
Apache Corp |
|
| 4,500 |
|
| 318,150 |
|
Devon Energy Corp |
|
| 3,100 |
|
| 214,582 |
|
Halliburton Co |
|
| 7,700 |
|
| 244,398 |
|
Valero Energy Corp |
|
| 6,400 |
|
| 412,736 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,469,236 |
|
|
|
|
|
|
| ||
Financial Services - 21.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACE Ltd (Cayman) |
|
| 1,200 |
|
| 68,472 |
|
American International Group Inc |
|
| 17,000 |
|
| 1,142,740 |
|
Ameriprise Financial Inc |
|
| 6,300 |
|
| 359,982 |
|
Automatic Data Processing Inc |
|
| 5,000 |
|
| 242,000 |
|
Bank of America Corp |
|
| 35,854 |
|
| 1,829,271 |
|
BB&T Corp |
|
| 800 |
|
| 32,816 |
|
BlackRock Inc |
|
| 500 |
|
| 78,155 |
|
CIGNA Corp |
|
| 2,300 |
|
| 328,118 |
|
CIT Group Inc |
|
| 900 |
|
| 47,628 |
|
Citigroup Inc |
|
| 38,200 |
|
| 1,961,188 |
|
CNA Financial Corp * |
|
| 1,100 |
|
| 47,399 |
|
Countrywide Financial Corp |
|
| 8,200 |
|
| 275,848 |
|
Fannie Mae |
|
| 8,300 |
|
| 453,014 |
|
Fifth Third Bancorp |
|
| 3,400 |
|
| 131,546 |
|
First Data Corp |
|
| 18,600 |
|
| 500,340 |
|
Freddie Mac |
|
| 7,900 |
|
| 469,971 |
|
Genworth Financial Inc ‘A’ |
|
| 5,100 |
|
| 178,194 |
|
John H. Harland Co |
|
| 200 |
|
| 10,246 |
|
JPMorgan Chase & Co |
|
| 28,800 |
|
| 1,393,344 |
|
Lehman Brothers Holdings Inc |
|
| 3,700 |
|
| 259,259 |
|
Lincoln National Corp |
|
| 1,400 |
|
| 94,906 |
|
Loews Corp |
|
| 6,700 |
|
| 304,381 |
|
MasterCard Inc ‘A’ |
|
| 1,800 |
|
| 191,232 |
|
Merrill Lynch & Co Inc |
|
| 9,700 |
|
| 792,199 |
|
MetLife Inc |
|
| 3,800 |
|
| 239,970 |
|
Morgan Stanley |
|
| 8,600 |
|
| 677,336 |
|
National City Corp |
|
| 5,600 |
|
| 208,600 |
|
Paychex Inc |
|
| 6,700 |
|
| 253,729 |
|
Principal Financial Group Inc |
|
| 6,000 |
|
| 359,220 |
|
Prudential Financial Inc |
|
| 2,500 |
|
| 225,650 |
|
SunTrust Banks Inc |
|
| 2,700 |
|
| 224,208 |
|
The Allstate Corp |
|
| 9,100 |
|
| 546,546 |
|
The Bank of New York Co Inc |
|
| 8,100 |
|
| 328,455 |
|
The Chubb Corp |
|
| 4,400 |
|
| 227,348 |
|
The Goldman Sachs Group Inc |
|
| 3,000 |
|
| 619,890 |
|
The PNC Financial Services Group Inc |
|
| 1,000 |
|
| 71,970 |
|
The Progressive Corp |
|
| 1,700 |
|
| 37,094 |
|
The Travelers Cos Inc |
|
| 9,400 |
|
| 486,638 |
|
The Western Union Co |
|
| 10,800 |
|
| 237,060 |
|
U.S. Bancorp |
|
| 14,100 |
|
| 493,077 |
|
Wachovia Corp |
|
| 14,745 |
|
| 811,712 |
|
Washington Mutual Inc |
|
| 11,300 |
|
| 456,294 |
|
Wells Fargo & Co |
|
| 29,300 |
|
| 1,008,799 |
|
XL Capital Ltd ‘A’ (Cayman) |
|
| 1,500 |
|
| 104,940 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,810,785 |
|
|
|
|
|
|
| ||
Health Care - 12.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 5,600 |
|
| 312,480 |
|
Aetna Inc |
|
| 11,400 |
|
| 499,206 |
|
AmerisourceBergen Corp |
|
| 600 |
|
| 31,650 |
|
Amgen Inc * |
|
| 7,400 |
|
| 413,512 |
|
Biogen Idec Inc * |
|
| 5,100 |
|
| 226,338 |
|
Bristol-Myers Squibb Co |
|
| 8,200 |
|
| 227,632 |
|
CVS/Caremark Corp |
|
| 13,360 |
|
| 456,110 |
|
Eli Lilly & Co |
|
| 3,600 |
|
| 193,356 |
|
Forest Laboratories Inc * |
|
| 8,800 |
|
| 452,672 |
|
Johnson & Johnson |
|
| 23,500 |
|
| 1,416,110 |
|
McKesson Corp |
|
| 6,700 |
|
| 392,218 |
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
| |
C-19 |
|
PACIFIC LIFE FUNDS (1) |
PL MAIN STREET CORE FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Medco Health Solutions Inc * |
|
| 4,300 |
| $ | 311,879 |
|
Medtronic Inc |
|
| 5,400 |
|
| 264,924 |
|
Merck & Co Inc |
|
| 22,900 |
|
| 1,011,493 |
|
Pfizer Inc |
|
| 69,700 |
|
| 1,760,622 |
|
Schering-Plough Corp |
|
| 7,100 |
|
| 181,121 |
|
Thermo Fisher Scientific Inc * |
|
| 4,400 |
|
| 205,700 |
|
UnitedHealth Group Inc |
|
| 21,640 |
|
| 1,146,271 |
|
WellPoint Inc * |
|
| 12,255 |
|
| 993,881 |
|
Zimmer Holdings Inc * |
|
| 4,100 |
|
| 350,181 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,847,356 |
|
|
|
|
|
|
| ||
Integrated Oils - 9.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chevron Corp |
|
| 24,300 |
|
| 1,797,228 |
|
ConocoPhillips |
|
| 13,075 |
|
| 893,676 |
|
Exxon Mobil Corp |
|
| 51,900 |
|
| 3,915,855 |
|
Hess Corp |
|
| 4,300 |
|
| 238,521 |
|
Marathon Oil Corp |
|
| 5,700 |
|
| 563,331 |
|
Occidental Petroleum Corp |
|
| 10,400 |
|
| 512,824 |
|
Paramount Resources Ltd ‘A’ * (Canada) |
|
| 3,200 |
|
| 55,435 |
|
Schlumberger Ltd (Netherlands) |
|
| 7,100 |
|
| 490,610 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,467,480 |
|
|
|
|
|
|
| ||
Materials & Processing - 2.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Products & Chemicals Inc |
|
| 1,100 |
|
| 81,356 |
|
E.I. du Pont de Nemours & Co |
|
| 3,600 |
|
| 177,948 |
|
Freeport-McMoRan Copper & Gold Inc |
|
| 6,646 |
|
| 439,899 |
|
International Paper Co |
|
| 3,000 |
|
| 109,200 |
|
Masco Corp |
|
| 3,700 |
|
| 101,380 |
|
Nucor Corp |
|
| 7,500 |
|
| 488,475 |
|
PPG Industries Inc |
|
| 900 |
|
| 63,279 |
|
Rohm & Haas Co |
|
| 3,900 |
|
| 201,708 |
|
Southern Copper Corp |
|
| 3,900 |
|
| 279,474 |
|
The Dow Chemical Co |
|
| 5,700 |
|
| 261,402 |
|
United States Steel Corp |
|
| 300 |
|
| 29,751 |
|
Vulcan Materials Co |
|
| 600 |
|
| 69,888 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,303,760 |
|
|
|
|
|
|
| ||
Multi-Industry - 4.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3M Co |
|
| 3,900 |
|
| 298,077 |
|
Eaton Corp |
|
| 3,700 |
|
| 309,172 |
|
General Electric Co |
|
| 59,600 |
|
| 2,107,456 |
|
Honeywell International Inc |
|
| 10,700 |
|
| 492,842 |
|
Tyco International Ltd (Bermuda) |
|
| 19,400 |
|
| 612,070 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,819,617 |
|
|
|
|
|
|
| ||
Producer Durables - 3.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agilent Technologies Inc * |
|
| 9,800 |
|
| 330,162 |
|
Applied Materials Inc |
|
| 20,900 |
|
| 382,888 |
|
Caterpillar Inc |
|
| 3,100 |
|
| 207,793 |
|
Danaher Corp |
|
| 4,000 |
|
| 285,800 |
|
Illinois Tool Works Inc |
|
| 400 |
|
| 20,640 |
|
Lockheed Martin Corp |
|
| 6,100 |
|
| 591,822 |
|
Northrop Grumman Corp |
|
| 6,600 |
|
| 489,852 |
|
The Boeing Co |
|
| 4,000 |
|
| 355,640 |
|
United Technologies Corp |
|
| 5,600 |
|
| 364,000 |
|
Xerox Corp * |
|
| 26,300 |
|
| 444,207 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,472,804 |
|
|
|
|
|
|
| ||
Technology - 16.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agere Systems Inc * |
|
| 700 |
|
| 15,834 |
|
Analog Devices Inc |
|
| 8,800 |
|
| 303,512 |
|
Apple Inc * |
|
| 5,000 |
|
| 464,550 |
|
CA Inc |
|
| 8,400 |
|
| 217,644 |
|
Cisco Systems Inc * |
|
| 56,800 |
|
| 1,450,104 |
|
Dell Inc * |
|
| 27,000 |
|
| 626,670 |
|
Electronic Data Systems Corp |
|
| 13,700 |
|
| 379,216 |
|
EMC Corp * |
|
| 26,200 |
|
| 362,870 |
|
General Dynamics Corp |
|
| 5,800 |
|
| 443,120 |
|
Hewlett-Packard Co |
|
| 32,500 |
|
| 1,304,550 |
|
Hyperion Solutions Corp * |
|
| 500 |
|
| 25,915 |
|
Intel Corp |
|
| 29,800 |
|
| 570,074 |
|
International Business Machines Corp |
|
| 18,700 |
|
| 1,762,662 |
|
Intuit Inc * |
|
| 4,700 |
|
| 128,592 |
|
MEMC Electronic Materials Inc * |
|
| 1,600 |
|
| 96,928 |
|
Microsoft Corp |
|
| 88,100 |
|
| 2,455,347 |
|
Motorola Inc |
|
| 47,000 |
|
| 830,490 |
|
Network Appliance Inc * |
|
| 2,600 |
|
| 94,952 |
|
Oracle Corp * |
|
| 39,100 |
|
| 708,883 |
|
QUALCOMM Inc |
|
| 12,800 |
|
| 546,048 |
|
Raytheon Co |
|
| 9,800 |
|
| 514,108 |
|
Sun Microsystems Inc * |
|
| 21,200 |
|
| 127,412 |
|
Symantec Corp * |
|
| 26,400 |
|
| 456,720 |
|
Texas Instruments Inc |
|
| 12,200 |
|
| 367,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,253,421 |
|
|
|
|
|
|
| ||
Utilities - 5.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alltel Corp |
|
| 4,800 |
|
| 297,600 |
|
American Electric Power Co Inc |
|
| 3,800 |
|
| 185,250 |
|
AT&T Inc |
|
| 38,053 |
|
| 1,500,430 |
|
Constellation Energy Group Inc |
|
| 1,400 |
|
| 121,730 |
|
Duke Energy Corp |
|
| 16,000 |
|
| 324,640 |
|
Edison International |
|
| 5,200 |
|
| 255,476 |
|
FirstEnergy Corp |
|
| 700 |
|
| 46,368 |
|
PG&E Corp |
|
| 6,900 |
|
| 333,063 |
|
Progress Energy Inc |
|
| 1,500 |
|
| 75,660 |
|
Qwest Communication International Inc * |
|
| 27,900 |
|
| 250,821 |
|
Sempra Energy |
|
| 1,500 |
|
| 91,515 |
|
Sprint Nextel Corp |
|
| 37,200 |
|
| 705,312 |
|
Verizon Communications Inc |
|
| 26,000 |
|
| 985,920 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,173,785 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 86,054,461 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUND - 0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard & Poor’s Depositary Receipts Trust I |
|
| 2,500 |
|
| 355,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Exchange Traded Fund |
|
|
|
|
| 355,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.17% |
|
|
|
|
| 86,409,461 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.83% |
|
|
|
|
| 726,798 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 87,136,259 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-20 |
|
PACIFIC LIFE FUNDS (1) |
PL MAIN STREET CORE FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
Note to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 21.58 | % |
Technology |
|
|
|
|
| 16.36 | % |
Consumer Discretionary |
|
|
|
|
| 12.63 | % |
Health Care |
|
|
|
|
| 12.45 | % |
Integrated Oils |
|
|
|
|
| 9.72 | % |
Consumer Staples |
|
|
|
|
| 6.63 | % |
Utilities |
|
|
|
|
| 5.94 | % |
Multi-Industry |
|
|
|
|
| 4.38 | % |
Producer Durables |
|
|
|
|
| 3.98 | % |
Materials & Processing |
|
|
|
|
| 2.64 | % |
Energy |
|
|
|
|
| 1.69 | % |
Autos & Transportation |
|
|
|
|
| 0.76 | % |
Exchange Traded Fund |
|
|
|
|
| 0.41 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.17 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.83 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-21 |
|
PACIFIC LIFE FUNDS (1) |
PL EMERGING MARKETS FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
PREFERRED STOCKS - 6.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil - 6.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Latina Logistica SA |
|
| 81,000 |
| $ | 976,969 |
|
Banco Bradesco SA |
|
| 23,604 |
|
| 476,602 |
|
Cia Vale do Rio Doce ADR |
|
| 16,050 |
|
| 502,044 |
|
Eletropaulo Metropolitana de Sao Paulo SA ‘B’ * |
|
| 3,094,200 |
|
| 142,673 |
|
Lojas Americanas SA |
|
| 6,874,000 |
|
| 430,296 |
|
Petroleo Brasileiro SA ADR |
|
| 3,150 |
|
| 281,452 |
|
Sadia SA |
|
| 156,000 |
|
| 588,322 |
|
Tele Norte Leste Participacoes SA |
|
| 4,000 |
|
| 55,157 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,453,515 |
|
|
|
|
|
|
| ||
South Korea - 0.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyundai Motor Co + |
|
| 1,590 |
|
| 59,518 |
|
S-Oil Corp + |
|
| 1,005 |
|
| 55,996 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 115,514 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Preferred Stocks |
|
|
|
|
| 3,569,029 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 87.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda - 0.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bunge Ltd |
|
| 1,600 |
|
| 131,552 |
|
Varitronix International Ltd + |
|
| 137,000 |
|
| 74,127 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 205,679 |
|
|
|
|
|
|
| ||
Brazil - 9.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Latina Logistica SA GDR ~ |
|
| 5,200 |
|
| 63,488 |
|
Aracruz Celulose SA ADR |
|
| 2,800 |
|
| 146,916 |
|
Banco Bradesco SA ADR |
|
| 6,200 |
|
| 250,728 |
|
Brascan Residential Properties SA * |
|
| 2,000 |
|
| 12,522 |
|
Camargo Correa Desenvolvimento Imobiliario SA |
|
| 8,000 |
|
| 46,595 |
|
Cia Brasileira de Distribuicao Grupo |
|
|
|
|
|
|
|
Pao de Acucar ADR |
|
| 4,500 |
|
| 130,005 |
|
Cia de Bebidas das Americas ADR |
|
| 1,000 |
|
| 52,150 |
|
Cia Vale do Rio Doce ADR |
|
| 17,500 |
|
| 647,325 |
|
Cyrela Brazil Realty SA Empreendimentos |
|
|
|
|
|
|
|
e Participacoes GDR ~ |
|
| 2,100 |
|
| 392,493 |
|
Diagnosticos da America SA * |
|
| 10,800 |
|
| 239,033 |
|
Gafisa SA |
|
| 6,600 |
|
| 83,289 |
|
Iguatemi Empresa de Shopping Centers SA * |
|
| 2,000 |
|
| 29,374 |
|
Lupatech SA * |
|
| 1,000 |
|
| 17,619 |
|
Natura Cosmeticos SA |
|
| 9,600 |
|
| 107,029 |
|
Petroleo Brasileiro SA ADR |
|
| 21,750 |
|
| 2,164,354 |
|
Tele Norte Leste Participacoes SA |
|
| 11,600 |
|
| 331,115 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,714,035 |
|
|
|
|
|
|
| ||
Canada - 0.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yamana Gold Inc |
|
| 14,100 |
|
| 202,476 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Cayman Islands - 0.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hutchison Telecommunications International Ltd * + |
|
| 85,000 |
|
| 171,619 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chile - 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Empresas Copec SA |
|
| 1,400 |
|
| 18,544 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
China - 2.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Oilfield Services Ltd ‘H’ + |
|
| 76,000 |
|
| 60,881 |
|
China Petroleum & Chemical Corp ‘H’ + |
|
| 546,000 |
|
| 460,880 |
|
China Shenhua Energy Co Ltd ‘H’ + |
|
| 152,500 |
|
| 365,992 |
|
PetroChina Co Ltd ‘H’ + |
|
| 216,000 |
|
| 253,160 |
|
Yanzhou Coal Mining Co Ltd ‘H’ + |
|
| 288,000 |
|
| 276,188 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,417,101 |
|
|
|
|
|
|
| ||
Denmark - 0.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLSmidth & Co A/S + |
|
| 3,300 |
|
| 222,973 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Egypt - 2.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial International Bank GDR |
|
| 5,950 |
|
| 57,641 |
|
Commercial International Bank SP GDR |
|
| 14,400 |
|
| 139,500 |
|
Commercial International Bank SP GDR ~ |
|
| 12,500 |
|
| 121,505 |
|
Eastern Tobacco Co |
|
| 4,067 |
|
| 285,584 |
|
Medinet Nasr Housing & Development |
|
| 7,500 |
|
| 197,722 |
|
Orascom Telecom Holding SAE + |
|
| 8,600 |
|
| 594,155 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,396,107 |
|
|
|
|
|
|
| ||
France - 0.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technip SA + |
|
| 6,010 |
|
| 437,244 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong - 1.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Mobile Ltd ADR |
|
| 14,900 |
|
| 668,265 |
|
Television Broadcasts Ltd + |
|
| 7,000 |
|
| 43,680 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 711,945 |
|
|
|
|
|
|
| ||
India - 14.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amtek Auto Ltd + |
|
| 43,000 |
|
| 362,264 |
|
Bajaj Auto Ltd + |
|
| 5,500 |
|
| 305,960 |
|
Bharat Electronics Ltd + |
|
| 8,900 |
|
| 305,982 |
|
Bharat Forge Ltd + |
|
| 3,300 |
|
| 23,837 |
|
Bharat Heavy Electricals Ltd + |
|
| 4,712 |
|
| 244,333 |
|
Bharti Airtel Ltd * + |
|
| 39,000 |
|
| 682,066 |
|
Divi’s Laboratories Ltd + |
|
| 2,157 |
|
| 151,601 |
|
GAIL India Ltd + |
|
| 20,690 |
|
| 124,874 |
|
Gateway Distriparks Ltd + |
|
| 7,300 |
|
| 27,447 |
|
HCL Technologies Ltd + |
|
| 30,890 |
|
| 206,478 |
|
HDFC Bank Ltd ADR |
|
| 2,100 |
|
| 135,345 |
|
Hero Honda Motors Ltd + |
|
| 2,906 |
|
| 45,793 |
|
Housing Development Finance Corp + |
|
| 19,300 |
|
| 671,958 |
|
ICICI Bank Ltd ADR |
|
| 16,400 |
|
| 602,700 |
|
Idea Cellular Ltd * |
|
| 14,345 |
|
| 31,221 |
|
Infosys Technologies Ltd + |
|
| 15,200 |
|
| 702,540 |
|
ITC Ltd + |
|
| 44,200 |
|
| 153,573 |
|
Larsen & Toubro Ltd + |
|
| 19,200 |
|
| 713,094 |
|
Mahindra & Mahindra Ltd + |
|
| 21,439 |
|
| 383,301 |
|
Reliance Capital Ltd + |
|
| 11,800 |
|
| 180,821 |
|
Reliance Industries Ltd + |
|
| 12,800 |
|
| 402,884 |
|
Reliance Natural Resources Ltd * + |
|
| 22,700 |
|
| 11,490 |
|
Rico Auto Industries Ltd + |
|
| 41,800 |
|
| 44,506 |
|
Siemens India Ltd + |
|
| 4,600 |
|
| 114,576 |
|
Tata Consultancy Services Ltd + |
|
| 18,692 |
|
| 529,256 |
|
Trent Ltd + |
|
| 3,169 |
|
| 49,263 |
|
United Breweries Ltd + |
|
| 21,090 |
|
| 129,508 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,336,671 |
|
|
|
|
|
|
| ||
Indonesia - 5.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.T. Aneka Tambang Tbk + |
|
| 493,600 |
|
| 636,887 |
|
P.T. Astra International Tbk + |
|
| 155,000 |
|
| 223,188 |
|
P.T. Bank Mandiri Persero Tbk + |
|
| 829,500 |
|
| 225,972 |
|
P.T. Gudang Garam Tbk + |
|
| 228,000 |
|
| 263,337 |
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-22 |
|
PACIFIC LIFE FUNDS (1) |
PL EMERGING MARKETS FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
P.T. Indosat Tbk + |
|
| 1,100,000 |
| $ | 750,336 |
|
P.T. Ramayana Lestari Sentosa Tbk + |
|
| 323,800 |
|
| 28,631 |
|
P.T. Telekomunikasi Indonesia Tbk + |
|
| 653,500 |
|
| 703,187 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,831,538 |
|
|
|
|
|
|
| ||
Israel - 1.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Hapoalim BM + |
|
| 29,226 |
|
| 140,099 |
|
Bank Leumi Le-Israel BM + |
|
| 39,100 |
|
| 140,363 |
|
Elbit Systems Ltd + |
|
| 519 |
|
| 18,462 |
|
Israel Discount Bank Ltd ‘A’ * + |
|
| 86,000 |
|
| 180,735 |
|
Makhteshim-Agan Industries Ltd + |
|
| 2,800 |
|
| 17,652 |
|
ORMAT Industries Ltd + |
|
| 2,700 |
|
| 32,053 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 529,364 |
|
|
|
|
|
|
| ||
Lebanon - 0.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solidere GDR ~ |
|
| 7,200 |
|
| 115,488 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Luxembourg - 0.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenaris SA ADR |
|
| 5,600 |
|
| 257,040 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Mexico - 4.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America Movil SAB de CV ‘L’ ADR |
|
| 14,500 |
|
| 692,955 |
|
Consorcio Ara SAB de CV |
|
| 76,400 |
|
| 131,506 |
|
Corporacion GEO SA de CV ‘B’ * |
|
| 21,600 |
|
| 125,237 |
|
Corporacion Interamericana |
|
|
|
|
|
|
|
de Entretenimiento SA de CV ‘B’ * |
|
| 33,900 |
|
| 95,881 |
|
Empresas ICA SA de CV * |
|
| 71,916 |
|
| 277,874 |
|
Fomento Economico Mexicano SAB de CV ADR |
|
| 2,950 |
|
| 325,651 |
|
Grupo Financiero Banorte SAB de CV ‘O’ |
|
| 11,100 |
|
| 52,593 |
|
Grupo Financiero Inbursa SA de CV ‘O’ |
|
| 70,100 |
|
| 137,174 |
|
Impulsora del Desarrollo y el Empleo |
|
|
|
|
|
|
|
en America Latina SA de CV * |
|
| 160,700 |
|
| 200,907 |
|
SARE Holding SAB de CV ‘B’ * |
|
| 215,534 |
|
| 356,351 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,396,129 |
|
|
|
|
|
|
| ||
Norway - 0.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Det Norske Oljeselskap ASA * + |
|
| 85,368 |
|
| 151,347 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Panama - 0.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano de Exportaciones SA ‘E’ |
|
| 14,300 |
|
| 237,952 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Philippines - 1.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jollibee Foods Corp + |
|
| 149,800 |
|
| 168,529 |
|
SM Prime Holdings Inc + |
|
| 2,274,295 |
|
| 540,602 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 709,131 |
|
|
|
|
|
|
| ||
Portugal - 0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jeronimo Martins Sociedade Gestora |
|
|
|
|
|
|
|
de Participacoes Sociais SA + |
|
| 4,300 |
|
| 112,005 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Russia - 4.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JSC MMC Norilsk Nickel ADR |
|
| 1,500 |
|
| 285,825 |
|
LUKOIL ADR |
|
| 8,500 |
|
| 732,700 |
|
Polymetal GDR * ~ |
|
| 30,700 |
|
| 223,496 |
|
Surgutneftegaz OJSC ADR + |
|
| 9,910 |
|
| 627,714 |
|
TMK OAO GDR * ~ |
|
| 13,200 |
|
| 435,600 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,305,335 |
|
|
|
|
|
|
| ||
Singapore - 0.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Keppel Corp Ltd + |
|
| 23,000 |
|
| 287,729 |
|
SembCorp Marine Ltd + |
|
| 81,000 |
|
| 187,003 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 474,732 |
|
|
|
|
|
|
| ||
South Africa - 7.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anglo Platinum Ltd + |
|
| 6,700 |
|
| 1,053,076 |
|
AngloGold Ashanti Ltd ADR |
|
| 16,500 |
|
| 735,735 |
|
Aspen Pharmacare Holdings Ltd * + |
|
| 14,454 |
|
| 73,612 |
|
Aveng Ltd + |
|
| 10,579 |
|
| 67,001 |
|
Harmony Gold Mining Co Ltd ADR * |
|
| 19,200 |
|
| 266,880 |
|
Impala Platinum Holdings Ltd + |
|
| 20,700 |
|
| 649,536 |
|
JD Group Ltd + |
|
| 7,700 |
|
| 94,415 |
|
Liberty Group Ltd + |
|
| 10,100 |
|
| 114,610 |
|
Massmart Holdings Ltd + |
|
| 24,600 |
|
| 285,773 |
|
Murray & Roberts Holdings Ltd + |
|
| 41,460 |
|
| 318,989 |
|
Steinhoff International Holdings Ltd + |
|
| 90,400 |
|
| 290,884 |
|
Tiger Brands Ltd + |
|
| 4,342 |
|
| 105,613 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,056,124 |
|
|
|
|
|
|
| ||
South Korea - 12.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Able C&C Co Ltd * + |
|
| 875 |
|
| 5,451 |
|
AmorePacific Corp + |
|
| 400 |
|
| 220,413 |
|
Daegu Bank + |
|
| 7,980 |
|
| 144,541 |
|
Daewoo Shipbuilding & Marine Engineering Co Ltd + |
|
| 3,240 |
|
| 118,577 |
|
FINETEC Corp + |
|
| 7,088 |
|
| 122,888 |
|
GS Engineering & Construction Corp + |
|
| 1,553 |
|
| 138,608 |
|
Hana Financial Group Inc + |
|
| 2,843 |
|
| 146,813 |
|
Humax Co Ltd + |
|
| 10,836 |
|
| 256,694 |
|
Hyundai Development Co + |
|
| 2,780 |
|
| 152,582 |
|
Hyundai Engineering & Construction Co Ltd * + |
|
| 5,479 |
|
| 294,103 |
|
Hyundai Motor Co + |
|
| 4,759 |
|
| 333,184 |
|
Jeonbuk Bank + |
|
| 12,596 |
|
| 122,184 |
|
Kia Motors Corp * + |
|
| 22,090 |
|
| 297,345 |
|
Kookmin Bank ADR |
|
| 3,200 |
|
| 288,480 |
|
Korea Exchange Bank + |
|
| 7,570 |
|
| 122,008 |
|
Korea Investment Holdings Co Ltd * + |
|
| 4,560 |
|
| 238,827 |
|
Kyeryong Construction Industrial Co Ltd + |
|
| 2,800 |
|
| 113,367 |
|
LG Corp + |
|
| 2,830 |
|
| 95,493 |
|
LG Electronics Inc + |
|
| 2,480 |
|
| 168,651 |
|
LG Philips LCD Co Ltd * + |
|
| 2,763 |
|
| 96,223 |
|
Mirae Asset Securities Co Ltd * + |
|
| 3,765 |
|
| 236,406 |
|
Pacific Corp + |
|
| 228 |
|
| 33,477 |
|
Pusan Bank + |
|
| 8,540 |
|
| 126,660 |
|
S-Oil Corp + |
|
| 4,018 |
|
| 276,417 |
|
Samsung Electronics Co Ltd + |
|
| 1,756 |
|
| 1,046,969 |
|
Samsung Heavy Industries Co Ltd + |
|
| 5,340 |
|
| 141,821 |
|
Shinhan Financial Group Co Ltd + |
|
| 3,450 |
|
| 197,178 |
|
Shinsegae Co Ltd + |
|
| 389 |
|
| 222,922 |
|
SsangYong Motor Co * + |
|
| 53,698 |
|
| 350,610 |
|
Telechips Inc + |
|
| 1,887 |
|
| 29,211 |
|
Woori Finance Holdings Co Ltd + |
|
| 6,240 |
|
| 150,917 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,289,020 |
|
|
|
|
|
|
| ||
Taiwan - 9.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cathay Financial Holding Co Ltd + |
|
| 204,303 |
|
| 423,307 |
|
Chi Mei Optoelectronics Corp + |
|
| 146,000 |
|
| 151,693 |
|
Continental Engineering Corp + |
|
| 75,130 |
|
| 57,461 |
|
Far Eastern Textile Co Ltd + |
|
| 80,360 |
|
| 68,963 |
|
Fubon Financial Holding Co Ltd + |
|
| 298,000 |
|
| 268,203 |
|
High Tech Computer Corp + |
|
| 1,200 |
|
| 18,429 |
|
Hon Hai Precision Industry Co Ltd + |
|
| 143,000 |
|
| 955,518 |
|
Inventec Appliances Corp + |
|
| 87,000 |
|
| 211,509 |
|
Inventec Co Ltd + |
|
| 250,600 |
|
| 199,562 |
|
Lite-On Technology Corp + |
|
| 202,870 |
|
| 261,175 |
|
MediaTek Inc + |
|
| 20,000 |
|
| 228,880 |
|
MiTAC International Corp + |
|
| 115,319 |
|
| 127,609 |
|
Powerchip Semiconductor Corp + |
|
| 12,491 |
|
| 7,465 |
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-23 |
|
PACIFIC LIFE FUNDS (1) |
PL EMERGING MARKETS FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
President Chain Store Corp + |
|
| 60,000 |
| $ | 146,651 |
|
Quanta Computer Inc + |
|
| 214,300 |
|
| 326,173 |
|
Shin Kong Financial Holding Co Ltd + |
|
| 44,656 |
|
| 39,531 |
|
Sunplus Technology Co Ltd + |
|
| 128,473 |
|
| 295,547 |
|
Synnex Technology International Corp + |
|
| 145,800 |
|
| 180,436 |
|
Taiwan Fertilizer Co Ltd + |
|
| 10,000 |
|
| 16,580 |
|
Taiwan Semiconductor Manufacturing Co Ltd + |
|
| 83,000 |
|
| 168,908 |
|
Uni-President Enterprises Corp + |
|
| 63,000 |
|
| 60,199 |
|
United Microelectronics Corp + |
|
| 854,200 |
|
| 487,163 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,700,962 |
|
|
|
|
|
|
| ||
Thailand - 1.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Info Service PCL + |
|
| 71,700 |
|
| 137,267 |
|
Bangkok Bank PCL + |
|
| 11,600 |
|
| 37,472 |
|
Kasikornbank PCL + |
|
| 10,600 |
|
| 20,294 |
|
Kiatnakin Bank PCL + |
|
| 94,400 |
|
| 78,049 |
|
Krung Thai Bank PCL + |
|
| 60,800 |
|
| 20,837 |
|
Siam Commercial Bank PCL |
|
| 6,000 |
|
| 11,568 |
|
TISCO Bank PCL |
|
| 148,000 |
|
| 92,579 |
|
TMB Bank PCL * |
|
| 3,770,063 |
|
| 187,428 |
|
True Corp PCL * |
|
| 127,300 |
|
| 19,810 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 605,304 |
|
|
|
|
|
|
| ||
Turkey - 3.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aksigorta AS + |
|
| 65,000 |
|
| 317,352 |
|
Anadolu Anonim Turk Sigorta Sirketi + |
|
| 5,899 |
|
| 12,208 |
|
Ford Otomotiv Sanayi AS + |
|
| 13,987 |
|
| 121,936 |
|
Haci Omer Sabanci Holding AS + |
|
| 98,600 |
|
| 398,641 |
|
Haci Omer Sabanci Holding AS ADR |
|
| 73,800 |
|
| 75,793 |
|
Koc Holding AS * + |
|
| 86,748 |
|
| 387,589 |
|
Tupras Turkiye Petrol Rafinerileri AS + |
|
| 16,000 |
|
| 354,742 |
|
Turkiye Vakiflar Bankasi TAO * |
|
| 66,148 |
|
| 148,263 |
|
Turkiye Vakiflar Bankasi TAO ‘D’ + |
|
| 69,300 |
|
| 172,537 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,989,061 |
|
|
|
|
|
|
| ||
United Kingdom - 0.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highland Gold Mining Ltd * + |
|
| 57,360 |
|
| 209,731 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United States - 0.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hydril Co LP * |
|
| 4,100 |
|
| 394,584 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 45,199,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 4.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 4.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 163,160 |
|
| 163,160 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 2,377,625 |
|
| 2,377,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,540,785 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 2,540,785 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.87% |
|
|
|
|
| 51,309,055 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.13% |
|
|
|
|
| 67,439 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 51,376,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments | |||||||
| |||||||
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 17.69 | % |
Materials & Processing |
|
|
|
|
| 13.53 | % |
Technology |
|
|
|
|
| 12.77 | % |
Integrated Oils |
|
|
|
|
| 11.40 | % |
Utilities |
|
|
|
|
| 10.00 | % |
Autos & Transportation |
|
|
|
|
| 7.36 | % |
Producer Durables |
|
|
|
|
| 5.86 | % |
Multi-Industry |
|
|
|
|
| 5.10 | % |
Short-Term Investments |
|
|
|
|
| 4.94 | % |
Consumer Discretionary |
|
|
|
|
| 4.49 | % |
Consumer Staples |
|
|
|
|
| 4.35 | % |
Energy |
|
|
|
|
| 1.48 | % |
Health Care |
|
|
|
|
| 0.90 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.87 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.13 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(b) As of March 31, 2007, the Fund was diversified by geographical region as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Brazil |
|
|
|
|
| 15.90 | % |
India |
|
|
|
|
| 14.28 | % |
South Korea |
|
|
|
|
| 12.47 | % |
Taiwan |
|
|
|
|
| 9.15 | % |
South Africa |
|
|
|
|
| 7.90 | % |
United States |
|
|
|
|
| 5.71 | % |
Indonesia |
|
|
|
|
| 5.51 | % |
Mexico |
|
|
|
|
| 4.66 | % |
Russia |
|
|
|
|
| 4.49 | % |
Turkey |
|
|
|
|
| 3.87 | % |
China |
|
|
|
|
| 2.76 | % |
Egypt |
|
|
|
|
| 2.72 | % |
Hong Kong |
|
|
|
|
| 1.39 | % |
Philippines |
|
|
|
|
| 1.38 | % |
Thailand |
|
|
|
|
| 1.18 | % |
Israel |
|
|
|
|
| 1.03 | % |
Singapore |
|
|
|
|
| 0.92 | % |
France |
|
|
|
|
| 0.85 | % |
Luxembourg |
|
|
|
|
| 0.50 | % |
Panama |
|
|
|
|
| 0.46 | % |
Denmark |
|
|
|
|
| 0.43 | % |
United Kingdom |
|
|
|
|
| 0.41 | % |
Bermuda |
|
|
|
|
| 0.40 | % |
Canada |
|
|
|
|
| 0.39 | % |
Cayman Islands |
|
|
|
|
| 0.33 | % |
Norway |
|
|
|
|
| 0.29 | % |
Lebanon |
|
|
|
|
| 0.23 | % |
Portugal |
|
|
|
|
| 0.22 | % |
Chile |
|
|
|
|
| 0.04 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.87 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.13 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
(c) Securities with a total aggregate market value of $31,103,315, or 60.54% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees. |
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-24 |
|
PACIFIC LIFE FUNDS (1) |
PL MANAGED BOND FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - 10.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 0.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Resort Group |
|
|
|
|
|
|
|
10.250% due 08/01/07 |
| $ | 400,000 |
| $ | 407,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Staples - 0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reynolds American Inc |
|
|
|
|
|
|
|
7.625% due 06/01/16 |
|
| 100,000 |
|
| 106,883 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy - 0.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Interstate Gas Co |
|
|
|
|
|
|
|
6.800% due 11/15/15 |
|
| 200,000 |
|
| 213,697 |
|
Enterprise Products Operating LP |
|
|
|
|
|
|
|
4.625% due 10/15/09 |
|
| 100,000 |
|
| 98,754 |
|
The Williams Cos Inc |
|
|
|
|
|
|
|
6.375% due 10/01/10 ~ |
|
| 100,000 |
|
| 101,875 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 414,326 |
|
|
|
|
|
|
| ||
Financial Services - 8.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Bank FSB |
|
|
|
|
|
|
|
5.330% due 09/26/08 § |
|
| 500,000 |
|
| 500,250 |
|
Bank of America Corp |
|
|
|
|
|
|
|
4.875% due 01/15/13 |
|
| 100,000 |
|
| 98,276 |
|
5.370% due 11/24/08 § |
|
| 400,000 |
|
| 400,056 |
|
Bank of America NA |
|
|
|
|
|
|
|
5.350% due 12/18/08 § |
|
| 400,000 |
|
| 399,834 |
|
Bear Stearns Co Inc |
|
|
|
|
|
|
|
5.660% due 01/30/09 § |
|
| 500,000 |
|
| 502,416 |
|
Citigroup Inc |
|
|
|
|
|
|
|
5.625% due 08/27/12 |
|
| 50,000 |
|
| 50,965 |
|
Export-Import Bank of Korea (South Korea) |
|
|
|
|
|
|
|
5.580% due 10/04/11 ~ § |
|
| 800,000 |
|
| 800,941 |
|
Ford Motor Credit Co |
|
|
|
|
|
|
|
7.000% due 10/01/13 |
|
| 300,000 |
|
| 279,230 |
|
7.250% due 10/25/11 |
|
| 100,000 |
|
| 97,283 |
|
General Electric Capital Corp |
|
|
|
|
|
|
|
5.430% due 08/15/11 § |
|
| 500,000 |
|
| 499,855 |
|
Health Care Properties Investors Inc |
|
|
|
|
|
|
|
5.950% due 09/15/11 |
|
| 900,000 |
|
| 916,692 |
|
HSBC Finance Corp |
|
|
|
|
|
|
|
5.360% due 05/21/08 § |
|
| 400,000 |
|
| 400,270 |
|
Lehman Brothers Holdings Inc |
|
|
|
|
|
|
|
5.400% due 12/23/08 § |
|
| 500,000 |
|
| 500,092 |
|
Merrill Lynch & Co Inc |
|
|
|
|
|
|
|
5.400% due 10/23/08 § |
|
| 400,000 |
|
| 400,065 |
|
5.450% due 08/14/09 § |
|
| 400,000 |
|
| 400,204 |
|
Morgan Stanley |
|
|
|
|
|
|
|
5.300% due 03/01/13 |
|
| 100,000 |
|
| 100,000 |
|
5.470% due 02/09/09 § |
|
| 300,000 |
|
| 300,395 |
|
Nykredit Realkredit A/S (Denmark) |
|
|
|
|
|
|
|
4.833% due 10/01/38 § |
| DKK | 1,700,000 |
|
| 301,160 |
|
Realkredit Danmark A/S (Denmark) |
|
|
|
|
|
|
|
4.510% due 10/01/38 § |
|
| 3,300,000 |
|
| 584,026 |
|
Santander US Debt SA Unipersonal (Spain) |
|
|
|
|
|
|
|
5.408% due 11/20/09 ~ § |
| $ | 500,000 |
|
| 500,533 |
|
Unicredit Luxembourg Finance SA (Luxembourg) |
|
|
|
|
|
|
|
5.410% due 10/24/08 ~ § |
|
| 400,000 |
|
| 400,242 |
|
VTB Capital SA for Vneshtorgbank (Luxembourg) |
|
|
|
|
|
|
|
5.960% due 08/01/08 ~ § |
|
| 200,000 |
|
| 200,350 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,633,135 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Integrated Oils - 0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pemex Project Funding Master Trust |
|
|
|
|
|
|
|
7.375% due 12/15/14 |
|
| 50,000 |
|
| 55,350 |
|
9.250% due 03/30/18 |
|
| 100,000 |
|
| 126,950 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 182,300 |
|
|
|
|
|
|
| ||
Materials & Processing - 0.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Codelco Inc (Chile) |
|
|
|
|
|
|
|
6.150% due 10/24/36 ~ |
|
| 200,000 |
|
| 205,215 |
|
Vale Overseas Ltd (Cayman) |
|
|
|
|
|
|
|
6.250% due 01/23/17 |
|
| 200,000 |
|
| 204,792 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 410,007 |
|
|
|
|
|
|
| ||
Producer Durables - 0.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xerox Corp |
|
|
|
|
|
|
|
9.750% due 01/15/09 |
|
| 200,000 |
|
| 215,487 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Utilities - 0.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entergy Gulf States Inc |
|
|
|
|
|
|
|
3.600% due 06/01/08 |
|
| 100,000 |
|
| 98,039 |
|
PSEG Energy Holdings LLC |
|
|
|
|
|
|
|
8.625% due 02/15/08 |
|
| 163,000 |
|
| 166,871 |
|
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 |
|
| 97,806 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 466,216 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
| 10,835,354 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 62.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 14.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustable Rate Mortgage Trust |
|
|
|
|
|
|
|
4.586% due 05/25/35 “ § |
|
| 165,000 |
|
| 163,019 |
|
Arkle Master Issuer PLC (United Kingdom) |
|
|
|
|
|
|
|
5.300% due 11/19/07 ~ “ § |
|
| 400,000 |
|
| 400,125 |
|
Arran Residential Mortgages Funding PLC |
|
|
|
|
|
|
|
(United Kingdom) |
|
|
|
|
|
|
|
5.340% due 04/12/36 ~ “ § |
|
| 366,518 |
|
| 366,518 |
|
Banc of America Funding Corp |
|
|
|
|
|
|
|
4.113% due 05/25/35 “ § |
|
| 307,130 |
|
| 306,230 |
|
Banc of America Mortgage Securities Inc |
|
|
|
|
|
|
|
3.994% due 07/25/33 “ § |
|
| 206,433 |
|
| 196,085 |
|
5.000% due 05/25/34 “ |
|
| 122,537 |
|
| 121,051 |
|
Bear Stearns Adjustable Rate Mortgage Trust Inc |
|
|
|
|
|
|
|
4.625% due 10/25/35 “ § |
|
| 775,796 |
|
| 762,956 |
|
4.750% due 10/25/35 “ § |
|
| 216,343 |
|
| 214,361 |
|
Bear Stearns Alt-A Trust |
|
|
|
|
|
|
|
5.393% due 05/25/35 “ § |
|
| 114,887 |
|
| 115,103 |
|
5.825% due 11/25/36 “ § |
|
| 176,258 |
|
| 177,523 |
|
Bear Stearns Asset Backed Securities Inc |
|
|
|
|
|
|
|
5.452% due 10/25/36 “ § |
|
| 359,296 |
|
| 356,633 |
|
Chevy Chase Mortgage Funding Corp |
|
|
|
|
|
|
|
5.570% due 08/25/35 ~ “ § |
|
| 277,198 |
|
| 277,451 |
|
Citigroup Mortgage Loan Trust Inc |
|
|
|
|
|
|
|
4.700% due 12/25/35 “ § |
|
| 260,624 |
|
| 257,843 |
|
Countrywide Home Loan Mortgage |
|
|
|
|
|
|
|
Pass-Through Trust |
|
|
|
|
|
|
|
5.640% due 03/25/35 “ § |
|
| 81,530 |
|
| 81,742 |
|
5.660% due 06/25/35 ~ “ § |
|
| 329,974 |
|
| 329,346 |
|
CS First Boston Mortgage Securities Corp |
|
|
|
|
|
|
|
5.952% due 03/25/32 ~ “ § |
|
| 21,595 |
|
| 21,560 |
|
6.000% due 11/25/35 “ |
|
| 287,745 |
|
| 290,403 |
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-25 |
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
Fannie Mae |
|
|
|
|
|
|
|
4.250% due 07/25/17 “ |
| $ | 481,292 |
| $ | 469,950 |
|
4.500% due 04/25/17 “ |
|
| 449,931 |
|
| 443,123 |
|
4.500% due 10/25/17 “ |
|
| 452,194 |
|
| 441,205 |
|
5.000% due 01/25/17 “ |
|
| 446,184 |
|
| 443,809 |
|
6.625% due 11/25/23 “ § |
|
| 707,720 |
|
| 731,174 |
|
Freddie Mac |
|
|
|
|
|
|
|
4.000% due 06/15/22 - 10/15/23 “ ± |
|
| 1,532,514 |
|
| 1,511,771 |
|
4.500% due 10/15/19 “ |
|
| 441,303 |
|
| 435,168 |
|
5.000% due 09/15/16-11/15/26 “ ± |
|
| 992,303 |
|
| 988,123 |
|
6.133% due 10/25/44 “ § |
|
| 133,509 |
|
| 134,683 |
|
6.250% due 04/15/23 “ |
|
| 35,879 |
|
| 35,904 |
|
6.333% due 07/25/44 “ § |
|
| 753,189 |
|
| 761,723 |
|
GMAC Mortgage Corp Loan Trust |
|
|
|
|
|
|
|
5.500% due 09/25/34 “ |
|
| 116,515 |
|
| 116,071 |
|
Harborview Mortgage Loan Trust |
|
|
|
|
|
|
|
5.410% due 01/19/38 “ § |
|
| 351,297 |
|
| 351,789 |
|
5.510% due 01/19/38 “ § |
|
| 382,049 |
|
| 382,601 |
|
5.540% due 05/19/35 “ § |
|
| 84,965 |
|
| 85,124 |
|
Lehman Brothers Floating Rate Commercial |
|
|
|
|
|
|
|
Mortgage Trust |
|
|
|
|
|
|
|
5.400% due 09/15/21 ~ “ § |
|
| 165,660 |
|
| 165,763 |
|
Mellon Residential Funding Corp |
|
|
|
|
|
|
|
5.560% due 06/15/30 “ § |
|
| 27,933 |
|
| 27,989 |
|
MLCC Mortgage Investors Inc |
|
|
|
|
|
|
|
5.700% due 03/15/25 “ § |
|
| 47,651 |
|
| 47,810 |
|
Residential Asset Securitization Trust |
|
|
|
|
|
|
|
5.720% due 05/25/33 “ § |
|
| 68,673 |
|
| 69,168 |
|
Structured Asset Mortgage Investments Inc |
|
|
|
|
|
|
|
5.540% due 05/25/36 “ § |
|
| 361,167 |
|
| 361,761 |
|
Structured Asset Securities Corp |
|
|
|
|
|
|
|
5.000% due 12/25/34 “ |
|
| 234,714 |
|
| 233,670 |
|
5.331% due 10/25/35 ~ “ § |
|
| 329,531 |
|
| 328,378 |
|
Washington Mutual Inc |
|
|
|
|
|
|
|
5.111% due 10/25/32 “ § |
|
| 21,894 |
|
| 21,829 |
|
5.590% due 12/25/27 “ § |
|
| 161,390 |
|
| 161,476 |
|
5.630% due 01/25/45 “ § |
|
| 75,711 |
|
| 75,868 |
|
5.640% due 01/25/45 “ § |
|
| 73,502 |
|
| 73,659 |
|
5.642% due 02/27/34 “ § |
|
| 18,650 |
|
| 18,845 |
|
5.892% due 09/25/46 “ § |
|
| 195,726 |
|
| 195,726 |
|
6.383% due 08/25/42 “ § |
|
| 19,292 |
|
| 19,363 |
|
Wells Fargo Mortgage-Backed Securities Trust |
|
|
|
|
|
|
|
3.988% due 12/25/34 “ § |
|
| 364,529 |
|
| 357,637 |
|
4.319% due 07/25/35 “ § |
|
| 400,000 |
|
| 393,145 |
|
4.500% due 11/25/18 “ |
|
| 284,564 |
|
| 278,866 |
|
5.529% due 08/25/36 “ § |
|
| 173,333 |
|
| 172,942 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,774,062 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Fannie Mae - 46.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.850% due 10/01/33 “ § |
|
| 1,108,709 |
|
| 1,108,147 |
|
4.189% due 11/01/34 “ § |
|
| 555,165 |
|
| 552,028 |
|
4.709% due 09/01/35 “ § |
|
| 446,020 |
|
| 457,045 |
|
4.903% due 12/01/35 “ § |
|
| 301,704 |
|
| 301,430 |
|
5.000% due 08/01/20 - 03/01/36 “ ± |
|
| 7,245,895 |
|
| 7,044,300 |
|
5.000% due 04/15/21 - 05/15/37 # “ ± |
|
| 3,500,000 |
|
| 3,421,875 |
|
5.500% due 12/01/14 - 07/01/36 “ ± |
|
| 17,217,114 |
|
| 17,064,170 |
|
6.000% due 09/01/22 - 01/01/23 “ ± |
|
| 225,202 |
|
| 229,197 |
|
6.000% due 04/15/37 # “ |
|
| 16,000,000 |
|
| 16,120,000 |
|
6.183% due 10/01/44 “ § |
|
| 162,144 |
|
| 163,350 |
|
6.348% due 12/01/36 “ § |
|
| 44,328 |
|
| 44,906 |
|
6.500% due 03/01/17 “ |
|
| 138,496 |
|
| 141,924 |
|
6.500% due 04/15/37 # “ |
|
| 2,000,000 |
|
| 2,040,624 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 48,688,996 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Freddie Mac - 2.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.706% due 06/01/35 “ § |
|
| 1,062,169 |
|
| 1,078,121 |
|
4.744% due 09/01/35 “ § |
|
| 418,704 |
|
| 415,987 |
|
5.334% due 09/01/35 “ § |
|
| 424,900 |
|
| 425,491 |
|
5.500% due 08/01/07 - 03/01/23 “ ± |
|
| 111,228 |
|
| 111,008 |
|
5.906% due 11/01/31 “ § |
|
| 31,174 |
|
| 31,747 |
|
6.000% due 12/01/22 - 03/01/23 “ ± |
|
| 348,946 |
|
| 354,991 |
|
6.425% due 04/01/32 “ § |
|
| 113,454 |
|
| 114,701 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,532,046 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
| 65,995,104 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES - 7.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Credit Account Master Trust |
|
|
|
|
|
|
|
5.430% due 11/16/09 “ § |
|
| 500,000 |
|
| 500,348 |
|
Argent Securities Inc |
|
|
|
|
|
|
|
5.370% due 10/25/36 “ § |
|
| 612,671 |
|
| 613,085 |
|
Asset Backed Funding Certificates |
|
|
|
|
|
|
|
5.380% due 10/25/36 “ § |
|
| 264,609 |
|
| 264,757 |
|
5.670% due 06/25/34 “ § |
|
| 226,211 |
|
| 226,820 |
|
Carrington Mortgage Loan Trust |
|
|
|
|
|
|
|
5.480% due 01/25/36 “ § |
|
| 500,000 |
|
| 500,394 |
|
Citigroup Mortgage Loan Trust Inc |
|
|
|
|
|
|
|
5.370% due 10/25/36 “ § |
|
| 297,837 |
|
| 298,022 |
|
First Franklin Mortgage Loan Asset-Backed |
|
|
|
|
|
|
|
Certificates |
|
|
|
|
|
|
|
5.370% due 11/25/36 “ § |
|
| 352,226 |
|
| 352,420 |
|
Honda Auto Receivables Owner Trust |
|
|
|
|
|
|
|
5.342% due 11/15/07 “ |
|
| 183,566 |
|
| 183,669 |
|
HSI Asset Securitization Corp Trust |
|
|
|
|
|
|
|
5.370% due 12/25/36 “ § |
|
| 461,991 |
|
| 462,243 |
|
JP Morgan Mortgage Acquisition Corp |
|
|
|
|
|
|
|
5.370% due 07/25/36 “ § |
|
| 293,242 |
|
| 293,384 |
|
5.390% due 03/25/36 “ § |
|
| 226,979 |
|
| 227,090 |
|
5.530% due 06/25/35 “ § |
|
| 289,831 |
|
| 290,337 |
|
Lehman XS Trust |
|
|
|
|
|
|
|
5.400% due 07/25/46 “ § |
|
| 268,953 |
|
| 269,106 |
|
5.440% due 11/25/36 “ § |
|
| 299,013 |
|
| 299,383 |
|
Long Beach Mortgage Loan Trust |
|
|
|
|
|
|
|
5.600% due 10/25/34 “ § |
|
| 131,245 |
|
| 131,471 |
|
Nelnet Student Loan Trust |
|
|
|
|
|
|
|
5.360% due 12/22/14 “ § |
|
| 219,791 |
|
| 219,790 |
|
Park Place Securities Inc |
|
|
|
|
|
|
|
5.580% due 09/25/35 “ § |
|
| 319,505 |
|
| 320,079 |
|
Residential Asset Securities Corp |
|
|
|
|
|
|
|
5.390% due 11/25/36 “ § |
|
| 348,006 |
|
| 348,199 |
|
Saxon Asset Securities Trust |
|
|
|
|
|
|
|
5.380% due 11/25/36 “ § |
|
| 312,934 |
|
| 313,107 |
|
SBI Heloc Trust |
|
|
|
|
|
|
|
5.490% due 08/25/36 ~ “ § |
|
| 332,088 |
|
| 332,087 |
|
Securitized Asset-Backed Receivables LLC Trust |
|
|
|
|
|
|
|
5.370% due 09/25/36 “ § |
|
| 312,805 |
|
| 312,956 |
|
Small Business Administration |
|
|
|
|
|
|
|
4.754% due 08/10/14 “ |
|
| 166,594 |
|
| 162,537 |
|
Soundview Home Equity Loan Trust |
|
|
|
|
|
|
|
5.420% due 10/25/36 “ § |
|
| 258,860 |
|
| 259,036 |
|
Structured Asset Securities Corp |
|
|
|
|
|
|
|
5.370% due 10/25/36 “ § |
|
| 329,748 |
|
| 329,930 |
|
Wells Fargo Home Equity Trust |
|
|
|
|
|
|
|
5.370% due 01/25/37 “ § |
|
| 462,995 |
|
| 463,246 |
|
5.430% due 11/25/35 ~ “ § |
|
| 234,884 |
|
| 235,019 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Securities |
|
|
|
|
| 8,208,515 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-26 |
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 2.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected Securities - 2.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.875% due 04/15/10 ^ |
| $ | 1,816,042 |
| $ | 1,756,525 |
|
2.000% due 07/15/14 ^ |
|
| 536,815 |
|
| 531,783 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,288,308 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
| 2,288,308 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS, NOTES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic of Panama (Panama) |
|
|
|
|
|
|
|
9.625% due 02/08/11 |
|
| 48,000 |
|
| 54,912 |
|
Republic of South Africa (South Africa) |
|
|
|
|
|
|
|
9.125% due 05/19/09 |
|
| 25,000 |
|
| 26,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notional |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Mexican States Value Recovery Rights |
|
|
|
|
|
|
|
(Mexico) |
|
|
|
|
|
|
|
0.000% due 06/30/07 § |
|
| 250,000 |
|
| 3,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Foreign Government Bonds, Notes & Rights |
|
|
|
|
|
|
|
(Cost $79,778) |
|
|
|
|
| 85,475 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 0.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austin Texas Water & Wastewater System |
|
|
|
|
|
|
|
Revenue ‘A’ |
|
|
|
|
|
|
|
5.000% due 11/15/29 |
|
| 200,000 |
|
| 209,926 |
|
City of Chicago IL ‘A’ |
|
|
|
|
|
|
|
5.000% due 01/01/34 ¸ |
|
| 200,000 |
|
| 207,558 |
|
New York City Municipal Water Finance |
|
|
|
|
|
|
|
Authority ‘D’ |
|
|
|
|
|
|
|
5.000% due 06/15/38 ¸ |
|
| 100,000 |
|
| 105,069 |
|
Texas State Transportation Commission |
|
|
|
|
|
|
|
Mobility Fund ‘A’ |
|
|
|
|
|
|
|
4.750% due 04/01/35 |
|
| 100,000 |
|
| 101,662 |
|
Tobacco Settlement Financing Corp VA |
|
|
|
|
|
|
|
5.625% due 06/01/37 |
|
| 100,000 |
|
| 106,410 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
|
|
|
(Cost $712,646) |
|
|
|
|
| 730,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Notional |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PURCHASED CALL OPTIONS - 0.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 4.75 Exp. 02/01/08 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.750%) |
|
|
|
|
|
|
|
Broker: Barclays |
|
| 3,100,000 |
|
| 7,736 |
|
1-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 4.85 Exp. 07/02/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.850%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 5,200,000 |
|
| 2,886 |
|
1-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.00 Exp. 08/08/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.000%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 60,600,000 |
|
| 97,242 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 3.96 Exp 07/02/07 |
|
|
|
|
|
|
|
(Pay 3-Month EUR LIBOR, Receive 3.960%) |
|
|
|
|
|
|
|
Broker: Citigroup |
| EUR | 8,000,000 |
|
| 1,037 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 4.75 Exp. 03/31/08 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.750%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
| $ | 10,200,000 |
|
| 54,839 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 4.90 Exp. 10/25/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 4.900%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 3,100,000 |
|
| 15,284 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.00 Exp.12/20/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.000%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers |
|
| 4,400,000 |
|
| 29,592 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.00 Exp. 02/01/08 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.000%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 3,000,000 |
|
| 21,545 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.06 Exp. 06/15/07 |
|
|
|
|
|
|
|
(Pay 3-Month GBP LIBOR, Receive 5.063%) |
|
|
|
|
|
|
|
Broker: JPMorgan Chase |
| GBP | 3,500,000 |
|
| 94 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.18 Exp. 09/14/07 |
|
|
|
|
|
|
|
(Pay 3-Month GBP LIBOR, Receive 5.184%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 6,600,000 |
|
| 4,477 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.20 Exp. 01/25/10 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.200%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers |
| $ | 4,600,000 |
|
| 47,744 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.25 Exp. 06/07/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.250%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 4,000,000 |
|
| 25,560 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.25 Exp. 07/02/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.250%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 11,300,000 |
|
| 79,123 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.37 Exp. 07/02/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.370%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 7,700,000 |
|
| 68,168 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.50 Exp. 06/29/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.500%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 5,300,000 |
|
| 58,130 |
|
30-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.75 Exp. 04/27/09 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.750%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers |
|
| 100,000 |
|
| 7,570 |
|
JPY vs. USD OTC |
|
|
|
|
|
|
|
Strike @ $103.80 Exp. 03/17/10 |
|
|
|
|
|
|
|
Broker: Credit Suisse |
|
| 500,000 |
|
| 26,101 |
|
JPY vs. USD OTC |
|
|
|
|
|
|
|
Strike @ $121.00 Exp. 01/18/08 |
|
|
|
|
|
|
|
Broker: Citigroup |
|
| 400,000 |
|
| 2,164 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Call Options |
|
|
|
|
|
|
|
(Cost $506,790) |
|
|
|
|
| 549,292 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-27 |
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Notional |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
PURCHASED PUT OPTIONS - 0.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.20 Exp. 01/25/10 |
|
|
|
|
|
|
|
(Receive 3-Month LIBOR, Pay 5.200%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers |
| $ | 4,600,000 |
| $ | 34,782 |
|
30-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 6.25 Exp. 04/27/09 |
|
|
|
|
|
|
|
(Receive 3-Month LIBOR, Pay 6.250%) |
|
|
|
|
|
|
|
Broker: Lehman Brothers |
|
| 100,000 |
|
| 1,469 |
|
Fannie Mae 6.00% due 06/05/37 OTC |
|
|
|
|
|
|
|
Strike @ $89.25 Exp. 06/05/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 1,000,000 |
|
| 70 |
|
JPY vs. USD OTC |
|
|
|
|
|
|
|
Strike @ $103.80 Exp. 03/17/10 |
|
|
|
|
|
|
|
Broker: Credit Suisse |
|
| 500,000 |
|
| 19,002 |
|
|
|
|
|
|
|
|
|
|
| Number of |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Eurodollar (06/07) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.25 Exp. 06/18/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 142 |
|
| 888 |
|
Eurodollar (09/07) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.25 Exp. 09/17/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 82 |
|
| 512 |
|
Eurodollar (09/07) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.50 Exp. 09/17/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 89 |
|
| 556 |
|
Eurodollar (03/08) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.50 Exp. 03/17/08 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 20 |
|
| 125 |
|
Eurodollar (12/07) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.75 Exp. 12/17/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 39 |
|
| 244 |
|
Eurodollar (03/08) Futures CME |
|
|
|
|
|
|
|
Strike @ $91.75 Exp. 03/17/08 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 70 |
|
| 437 |
|
Eurodollar (12/07) Futures CME |
|
|
|
|
|
|
|
Strike @ $92.25 Exp. 12/17/07 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 185 |
|
| 1,156 |
|
Eurodollar (03/08) Futures CME |
|
|
|
|
|
|
|
Strike @ $93.00 Exp. 03/17/08 |
|
|
|
|
|
|
|
Broker: Merrill Lynch |
|
| 9 |
|
| 56 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Put Options |
|
|
|
|
|
|
|
(Cost $69,590) |
|
|
|
|
| 59,297 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 34.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit - 8.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC NY |
|
|
|
|
|
|
|
5.281% due 03/17/08 § |
| $ | 1,000,000 |
|
| 1,000,149 |
|
BNP Paribas NY |
|
|
|
|
|
|
|
5.263% due 05/28/08 § |
|
| 500,000 |
|
| 500,170 |
|
Countrywide Bank NA |
|
|
|
|
|
|
|
5.320% due 04/25/07 § |
|
| 400,000 |
|
| 400,011 |
|
Dexia Credit Local SA NY |
|
|
|
|
|
|
|
5.270% due 09/29/08 § |
|
| 500,000 |
|
| 500,141 |
|
Fortis Bank NY |
|
|
|
|
|
|
|
5.265% due 06/30/08 § |
|
| 400,000 |
|
| 400,130 |
|
5.300% due 09/30/08 § |
|
| 500,000 |
|
| 499,924 |
|
Nordea Bank Finland PLC NY |
|
|
|
|
|
|
|
5.263% due 03/31/08 § |
|
| 900,000 |
|
| 900,100 |
|
5.298% due 05/28/08 § |
|
| 500,000 |
|
| 500,286 |
|
Royal Bank of Canada NY |
|
|
|
|
|
|
|
5.265% due 06/30/08 § |
|
| 500,000 |
|
| 500,523 |
|
Skandinaviska Enskilda Banken NY |
|
|
|
|
|
|
|
5.270% due 10/03/07 § |
|
| 400,000 |
|
| 400,037 |
|
Societe Generale NY |
|
|
|
|
|
|
|
5.258% due 06/11/07 § |
|
| 400,000 |
|
| 400,014 |
|
5.270% due 03/25/08 § |
|
| 1,000,000 |
|
| 1,000,082 |
|
The Royal Bank of Scotland NY |
|
|
|
|
|
|
|
5.260% due 07/03/08 § |
|
| 500,000 |
|
| 499,997 |
|
5.265% due 03/26/08 § |
|
| 1,000,000 |
|
| 999,859 |
|
Unicredito Italiano NY |
|
|
|
|
|
|
|
5.360% due 05/29/08 § |
|
| 500,000 |
|
| 500,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,001,673 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Paper - 14.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbey National North America |
|
|
|
|
|
|
|
5.220% due 06/01/07 |
|
| 2,300,000 |
|
| 2,279,952 |
|
DaimlerChrysler |
|
|
|
|
|
|
|
5.350% due 06/22/07 |
|
| 400,000 |
|
| 395,086 |
|
IXIS Commercial Paper |
|
|
|
|
|
|
|
5.230% due 06/08/07 |
|
| 2,800,000 |
|
| 2,772,746 |
|
Rabobank USA Finance Corp |
|
|
|
|
|
|
|
5.400% due 04/02/07 |
|
| 2,900,000 |
|
| 2,899,566 |
|
Societe Generale North America Inc |
|
|
|
|
|
|
|
5.220% due 05/04/07 |
|
| 1,800,000 |
|
| 1,791,632 |
|
UBS Finance LLC DE |
|
|
|
|
|
|
|
5.230% due 06/01/07 |
|
| 4,500,000 |
|
| 4,460,775 |
|
Viacom Inc |
|
|
|
|
|
|
|
5.590% due 05/29/07 § |
|
| 400,000 |
|
| 400,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,999,757 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Foreign Government Issues - 4.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
French Treasury Bills (France) |
|
|
|
|
|
|
|
3.649% due 05/16/07 |
| EUR | 2,100,000 |
|
| 2,792,566 |
|
3.683% due 05/10/07 |
|
| 1,500,000 |
|
| 1,995,932 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,788,498 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - - 2.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
5.000% due 04/02/07 |
| $ | 2,900,000 |
|
| 2,899,597 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Bills - 0.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.890% due 06/14/07 ‡ |
|
| 450,000 |
|
| 445,546 |
|
5.040% due 05/31/07 ‡ |
|
| 535,000 |
|
| 530,713 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 976,259 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Funds - 3.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional |
|
|
|
|
|
|
|
TempCash |
|
| 1,783,220 |
|
| 1,783,220 |
|
BlackRock Liquidity Funds Institutional |
|
|
|
|
|
|
|
TempFund |
|
| 1,783,220 |
|
| 1,783,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,566,440 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-28 |
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Repurchase Agreement - 0.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse Securities (USA) LLC |
|
|
|
|
|
|
|
5.125% due 04/02/07 |
|
|
|
|
|
|
|
(dated 03/30/07, repurchase price |
|
|
|
|
|
|
|
of $200,085; collateralized by U.S. |
|
|
|
|
|
|
|
Treasury Notes: $203,000 4.500% due |
|
|
|
|
|
|
|
11/30/11 and market value $204,110) |
| $ | 200,000 |
| $ | 200,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $36,354,552) |
|
|
|
|
| 36,432,224 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 118.66% |
|
|
|
|
|
|
|
(Cost $125,092,228) |
|
|
|
|
| 125,184,194 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (18.66%) |
|
|
|
|
| (19,687,434 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 105,496,760 |
|
|
|
|
|
|
|
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Mortgage-Backed Securities |
|
| 62.56 | % |
Short-Term Investments |
|
| 34.53 | % |
Corporate Bonds & Notes |
|
| 10.27 | % |
Asset-Backed Securities |
|
| 7.78 | % |
U.S. Treasury Obligations |
|
| 2.17 | % |
Municipal Bonds |
|
| 0.69 | % |
Purchased Options |
|
| 0.58 | % |
Foreign Government Bonds, Notes & Rights |
|
| 0.08 | % |
|
|
| ||
|
|
| 118.66 | % |
Other Assets & Liabilities, Net |
|
| (18.66 | %) |
|
|
| ||
|
|
| 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 $976,259 were segregated with the broker to cover margin requirements for the following open futures contracts as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
| |
Long Futures Outstanding |
| Number of |
| Notional |
| Net |
| ||||
3-Month Euribor (09/07) |
| 14 |
|
| EUR | 14,000,000 |
| ($ | 17,299 | ) | |
Euro-Bobl 5-Year Notes (06/07) |
| 52 |
|
|
| 5,200,000 |
|
| (50,709 | ) | |
Euro-Bund 10-Year Notes (06/07) |
| 22 |
|
|
| 2,200,000 |
|
| (36,148 | ) | |
Eurodollar (06/07) |
| 237 |
|
| $ | 237,000,000 |
|
| (23,275 | ) | |
Eurodollar (12/07) |
| 33 |
|
|
| 33,000,000 |
|
| 1,238 |
| |
Eurodollar (03/08) |
| 189 |
|
|
| 189,000,000 |
|
| 102,688 |
| |
Eurodollar (06/08) |
| 157 |
|
|
| 157,000,000 |
|
| 53,400 |
| |
United Kingdom 90-Day LIBOR Put |
|
|
|
|
|
|
|
|
|
| |
Options Strike @ $93.00 (12/07) |
| 48 |
|
| GBP | 24,000,000 |
|
| (9,446 | ) | |
United Kingdom 90-Day LIBOR Put |
|
|
|
|
|
|
|
|
|
| |
Options Strike @ $92.50 (06/08) |
| 79 |
|
|
| 39,500,000 |
|
| (956 | ) | |
United Kingdom 90-Day LIBOR Sterling |
|
|
|
|
|
|
|
|
|
| |
Interest Rate (03/08) |
| 50 |
|
|
| 25,000,000 |
|
| (20,785 | ) | |
United Kingdom 90-Day LIBOR Sterling |
|
|
|
|
|
|
|
|
|
| |
Interest Rate (12/07) |
| 48 |
|
|
| 24,000,000 |
|
| (588 | ) | |
United Kingdom 90-Day LIBOR Sterling |
|
|
|
|
|
|
|
|
|
| |
Interest Rate (06/08) |
| 83 |
|
|
| 41,500,000 |
|
| (40,784 | ) | |
| |||||||||||
Long Futures Outstanding |
| Number of |
| Notional |
| Net |
| ||||
United Kingdom 90-Day LIBOR Sterling |
|
|
|
|
|
|
|
|
|
| |
Interest Rate (09/08) |
| 33 |
|
| GBP | 16,500,000 |
| ($ | 14,218 | ) | |
United Kingdom 90-Day LIBOR Sterling |
|
|
|
|
|
|
|
|
|
| |
Interest Rate (12/08) |
| 34 |
|
|
| 17,000,000 |
|
| (13,824 | ) | |
U.S. Treasury 10-Year Note (06/07) |
| 11 |
|
| $ | 1,100,000 |
|
| 2,563 |
| |
| |||||||||||
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| ||||
Euro-Bund 10-Year Note Call Options |
|
|
|
|
|
|
|
|
|
| |
Strike @ $117.50 (06/07) |
| 5 |
|
| EUR | 500,000 |
|
| 1,296 |
| |
Euro-Bund 10-Year Note Put Options |
|
|
|
|
|
|
|
|
|
| |
Strike @ $114.50 (06/07) |
| 5 |
|
|
| 500,000 |
|
| 2,697 |
| |
U.S. Treasury 2-Year Note (06/07) |
| 82 |
|
| $ | 16,400,000 |
|
| (16,531 | ) | |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| ($ | 80,681 | ) | |
|
|
|
|
|
|
|
|
|
(d) Forward foreign currency contracts outstanding as of March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Currency |
| Principal Amount |
| Expiration |
| Net |
| |||
| ||||||||||||
Sell |
| AUD |
| 61,207 |
|
| 04/07 |
| ($ | 559 | ) | |
Buy |
| BRL |
| 1,154,866 |
|
| 05/07 |
|
| 23,939 |
| |
Sell |
| BRL |
| 1,154,866 |
|
| 05/07 |
|
| (7,495 | ) | |
Buy |
| BRL |
| 1,178,855 |
|
| 06/07 |
|
| 36,841 |
| |
Sell |
| BRL |
| 423,043 |
|
| 06/07 |
|
| (5,525 | ) | |
Buy |
| BRL |
| 243,703 |
|
| 03/08 |
|
| (21 | ) | |
Buy |
| CAD |
| 724,000 |
|
| 04/07 |
|
| 10,510 |
| |
Sell |
| CAD |
| 1,289,331 |
|
| 04/07 |
|
| (8,220 | ) | |
Buy |
| CNY |
| 8,902,105 |
|
| 05/07 |
|
| (518 | ) | |
Sell |
| CNY |
| 3,623,242 |
|
| 05/07 |
|
| 1,700 |
| |
Buy |
| CNY |
| 8,790,219 |
|
| 11/07 |
|
| 11,243 |
| |
Buy |
| CNY |
| 3,623,242 |
|
| 01/08 |
|
| 967 |
| |
Sell |
| DKK |
| 4,980,000 |
|
| 06/07 |
|
| (10,709 | ) | |
Buy |
| EUR |
| 2,000,000 |
|
| 04/07 |
|
| 3,663 |
| |
Sell |
| EUR |
| 6,115,000 |
|
| 04/07 |
|
| (4,223 | ) | |
Sell |
| GBP |
| 657,000 |
|
| 04/07 |
|
| (12,014 | ) | |
Buy |
| JPY |
| 108,291,000 |
|
| 05/07 |
|
| 24,895 |
| |
Sell |
| JPY |
| 101,655,735 |
|
| 05/07 |
|
| 1,844 |
| |
Buy |
| KRW |
| 495,566,100 |
|
| 04/07 |
|
| (3,972 | ) | |
Buy |
| MXN |
| 3,710,698 |
|
| 04/07 |
|
| 1,240 |
| |
Sell |
| MXN |
| 3,710,698 |
|
| 04/07 |
|
| 733 |
| |
Buy |
| MXN |
| 3,710,698 |
|
| 03/08 |
|
| (865 | ) | |
Buy |
| NOK |
| 1,539,536 |
|
| 04/07 |
|
| 4,493 |
| |
Sell |
| NZD |
| 70,000 |
|
| 04/07 |
|
| (797 | ) | |
Buy |
| PLN |
| 853,597 |
|
| 04/07 |
|
| 92 |
| |
Sell |
| PLN |
| 853,597 |
|
| 04/07 |
|
| (1,001 | ) | |
Buy |
| PLN |
| 853,597 |
|
| 09/07 |
|
| 1,020 |
| |
Buy |
| RUB |
| 8,442,840 |
|
| 12/07 |
|
| 2,880 |
| |
Buy |
| SGD |
| 481,900 |
|
| 04/07 |
|
| 2,010 |
| |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| $ | 72,151 |
|
|
|
|
|
|
|
|
|
|
|
|
(e) Transactions in written options for the year ended March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
| Number of |
|
| Premium |
| |
| |||||||
Outstanding, March 31, 2006 |
|
| 6,600,000 |
| $ | 50,404 |
|
Call Options Written |
|
| 50,400,053 |
|
| 508,210 |
|
Put Options Written |
|
| 30 |
|
| 13,778 |
|
Call Options Expired |
|
| (16,500,018 | ) |
| (122,307 | ) |
Put Options Expired |
|
| (800,030 | ) |
| (18,341 | ) |
|
|
| |||||
Outstanding, March 31, 2007 |
|
| 39,700,035 |
| $ | 431,744 |
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-29 |
|
PACIFIC LIFE FUNDS (1) |
(f) Premiums received and value of written options outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Type |
| Pay/Receive |
| Exercise |
| Expiration |
| Notional |
| Premium |
| Value |
| ||||||
| ||||||||||||||||||||||
Citigroup |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 4.100 | % |
|
| 07/02/07 |
| EUR | 3,500,000 |
| $ | 44,256 |
| $ | 8,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6-Month |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
JPMorgan Chase |
|
| Call - OTC 8-Year Interest Rate Swap |
|
| Receive |
| 4.850 | % |
|
| 06/15/07 |
| GBP | 1,000,000 |
|
| 15,134 |
|
| 198 |
|
Royal Bank of Scotland |
|
| Call - OTC 8-Year Interest Rate Swap |
|
| Receive |
| 4.850 | % |
|
| 09/14/07 |
|
| 1,900,000 |
|
| 38,017 |
|
| 3,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3-Month |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.340 | % |
|
| 06/07/07 |
| $ | 2,000,000 |
|
| 20,340 |
|
| 33,310 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.600 | % |
|
| 06/29/07 |
|
| 2,300,000 |
|
| 25,415 |
|
| 62,988 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 4.950 | % |
|
| 07/02/07 |
|
| 1,100,000 |
|
| 11,880 |
|
| 6,604 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.370 | % |
|
| 07/02/07 |
|
| 4,900,000 |
|
| 59,325 |
|
| 90,385 |
|
Royal Bank of Scotland |
|
| Call - OTC 7-Year Interest Rate Swap |
|
| Receive |
| 5.500 | % |
|
| 07/02/07 |
|
| 2,500,000 |
|
| 28,808 |
|
| 66,465 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 4.900 | % |
|
| 08/08/07 |
|
| 10,900,000 |
|
| 57,498 |
|
| 68,064 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.010 | % |
|
| 10/25/07 |
|
| 1,300,000 |
|
| 11,968 |
|
| 13,911 |
|
Lehman Brothers |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.150 | % |
|
| 12/20/07 |
|
| 1,900,000 |
|
| 27,450 |
|
| 28,577 |
|
Barclays |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 4.900 | % |
|
| 02/01/08 |
|
| 700,000 |
|
| 8,715 |
|
| 7,097 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.100 | % |
|
| 02/01/08 |
|
| 1,300,000 |
|
| 15,600 |
|
| 18,696 |
|
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 4.900 | % |
|
| 03/31/08 |
|
| 4,400,000 |
|
| 56,045 |
|
| 48,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Strike Price |
|
|
|
|
|
| Contracts |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Merrill Lynch |
|
| Call - CBOT U.S. Treasury 30-Year Futures |
|
|
|
| $ 110.00 |
|
|
| 05/25/07 |
|
| 35 |
|
| 11,293 |
|
| 6,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 431,744 |
| $ | 462,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) Credit default swaps outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Counterparty |
| Reference Entity |
| Buy/Sell |
| (Pay)/Receive |
| Expiration |
| Notional |
| Unrealized |
| ||||
Goldman Sachs |
| American International Group 5.600% due 10/18/16 |
| Sell |
| 0.060 | % |
| 03/20/08 |
| $ | 900,000 |
| $ | (112 | ) | |
Lehman Brothers |
| Johnson & Johnson 3.800% due 05/15/13 |
| Buy |
| (0.110 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (176 | ) | |
Lehman Brothers |
| The Home Depot Inc 5.375% due 04/01/06 |
| Buy |
| (0.120 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (51 | ) | |
Citigroup |
| Wal-Mart Stores Inc 3.375% due 10/01/08 |
| Buy |
| (0.140 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (157 | ) | |
Barclays |
| Eli Lilly & Co 6.000% due 03/15/12 |
| Buy |
| (0.160 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (224 | ) | |
Morgan Stanley |
| Emerson Electric Co 4.625% due 10/15/12 |
| Buy |
| (0.210 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (241 | ) | |
Merrill Lynch |
| Gannett Co Inc 6.375% due 04/01/12 |
| Buy |
| (0.220 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (151 | ) | |
Morgan Stanley |
| The Allstate Corp 6.125% due 02/15/12 |
| Buy |
| (0.260 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (330 | ) | |
Citigroup |
| Eaton Corp 5.750% due 07/15/12 |
| Buy |
| (0.280 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (363 | ) | |
Barclays |
| FedEx Corp 7.250% due 02/15/11 |
| Buy |
| (0.290 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (278 | ) | |
Lehman Brothers |
| Whirlpool Corp 8.600% due 05/01/10 |
| Buy |
| (0.290 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (154 | ) | |
Merrill Lynch |
| Ingersoll-Rand Co Ltd 6.480% due 06/01/25 |
| Buy |
| (0.320 | %) |
| 12/20/08 |
|
| 100,000 |
|
| (363 | ) | |
Royal Bank of Scotland |
| Republic of Indonesia 6.750% due 03/10/14 |
| Sell |
| 0.400 | % |
| 12/20/08 |
|
| 200,000 |
|
| 7 |
| |
Barclays |
| Ukraine Government Bond 7.650% due 06/11/13 |
| Sell |
| 0.710 | % |
| 12/20/08 |
|
| 100,000 |
|
| 242 |
| |
Morgan Stanley |
| Dow Jones CDX NA EM3 Index |
| Sell |
| 2.100 | % |
| 06/20/10 |
|
| 400,000 |
|
| 29,337 |
| |
JPMorgan Chase |
| Health Care Properties 5.950% due 09/15/11 |
| Buy |
| (0.460 | %) |
| 09/20/11 |
|
| 900,000 |
|
| (1,261 | ) | |
Deutsche Bank |
| Dow Jones CDX NA IG7 Index |
| Buy |
| (0.400 | %) |
| 12/20/11 |
|
| 1,900,000 |
|
| 3,093 |
| |
Morgan Stanley |
| Dow Jones CDX NA IG5 Index |
| Buy |
| (0.140 | %) |
| 12/20/12 |
|
| 1,300,000 |
|
| 979 |
| |
Morgan Stanley |
| Dow Jones CDX NA IG5 Index |
| Sell |
| 0.460 | % |
| 12/20/15 |
|
| 900,000 |
|
| (3,376 | ) | |
Morgan Stanley |
| Dow Jones CDX NA IG7 Index |
| Buy |
| (0.650 | %) |
| 12/20/16 |
|
| 1,600,000 |
|
| 13,441 |
| |
Deutsche Bank |
| Dow Jones ITRAXX6 NA HI4 Index |
| Buy |
| (0.850 | %) |
| 12/20/16 |
| EUR | 800,000 |
|
| (941 | ) | |
HSBC |
| Dow Jones ITRAXX6 NA HI4 Index |
| Buy |
| (0.850 | %) |
| 12/20/16 |
|
| 800,000 |
|
| (899 | ) | |
Goldman Sachs |
| Trinity CDO Ltd 6.940% due 03/08/40 |
| Buy |
| (2.050 | %) |
| 03/08/40 |
| $ | 1,000,000 |
|
| 84,100 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 122,122 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-30 |
|
PACIFIC LIFE FUNDS (1) |
(h) Interest rate swaps outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
| Floating Rate Index |
| Pay/Receive |
| Fixed |
| Expiration |
| Notional |
| Unrealized |
| |||
UBS |
| 6-Month JPY-LIBOR |
| Pay |
| 1.000 | % |
| 09/18/08 |
| JPY | 600,000,000 |
|
| $4,986 |
|
Citigroup |
| 3-Month New Zealand Bank Bill |
| Pay |
| 7.250 | % |
| 06/15/09 |
| NZD | 1,000,000 |
|
| (7,002 | ) |
UBS |
| 3-Month New Zealand Bank Bill |
| Pay |
| 7.250 | % |
| 06/15/09 |
|
| 5,800,000 |
|
| (18,122 | ) |
UBS |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/18/09 |
| $ | 11,300,000 |
|
| 55,152 |
|
Barclays |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/09 |
|
| 5,900,000 |
|
| 18,402 |
|
Deutsche Bank |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/09 |
|
| 9,800,000 |
|
| (1,089 | ) |
Citigroup |
| 6-Month Australia Bank Bill |
| Pay |
| 6.500 | % |
| 01/15/10 |
| AUD | 3,700,000 |
|
| (4,194 | ) |
Deutsche Bank |
| 6-Month Australia Bank Bill |
| Pay |
| 6.500 | % |
| 01/15/10 |
|
| 7,400,000 |
|
| (7,922 | ) |
Royal Bank of Scotland |
| 6-Month GBP-LIBOR |
| Pay |
| 5.000 | % |
| 09/15/10 |
| GBP | 300,000 |
|
| (2,640 | ) |
Barclays |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/11 |
| EUR | 5,900,000 |
|
| 19,187 |
|
Barclays |
| France CPI Excluding Tobacco |
| Pay |
| 1.948 | % |
| 03/15/12 |
|
| 400,000 |
|
| 449 |
|
Lehman Brothers |
| France CPI Excluding Tobacco |
| Pay |
| 1.965 | % |
| 03/15/12 |
|
| 100,000 |
|
| 227 |
|
Goldman Sachs |
| France CPI Excluding Tobacco |
| Pay |
| 1.995 | % |
| 03/15/12 |
|
| 300,000 |
|
| (82 | ) |
Royal Bank of Scotland |
| France CPI Excluding Tobacco |
| Pay |
| 1.955 | % |
| 03/28/12 |
|
| 100,000 |
|
| — |
|
Royal Bank of Scotland |
| France CPI Excluding Tobacco |
| Pay |
| 1.950 | % |
| 03/30/12 |
|
| 100,000 |
|
| — |
|
Goldman Sachs |
| France CPI Excluding Tobacco |
| Pay |
| 1.960 | % |
| 03/30/12 |
|
| 100,000 |
|
| — |
|
UBS |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/12 |
| $ | 800,000 |
|
| (636 | ) |
Goldman Sachs |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/14 |
|
| 5,200,000 |
|
| (17,160 | ) |
Lehman Brothers |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/14 |
|
| 3,000,000 |
|
| 38,130 |
|
Barclays |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/14 |
| EUR | 1,000,000 |
|
| 5,315 |
|
Deutsche Bank |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/14 |
|
| 200,000 |
|
| 254 |
|
HSBC |
| 6-Month EUR-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/14 |
|
| 2,500,000 |
|
| 3,171 |
|
Deutsche Bank |
| 6-Month GBP-LIBOR |
| Pay |
| 5.000 | % |
| 09/15/15 |
| GBP | 200,000 |
|
| (11,553 | ) |
Goldman Sachs |
| 6-Month GBP-LIBOR |
| Pay |
| 5.000 | % |
| 09/15/15 |
|
| 300,000 |
|
| (16,875 | ) |
Citigroup |
| 28-Day Mexico Interbank TIIE Banxico |
| Pay |
| 8.720 | % |
| 09/05/16 |
| MXN | 6,300,000 |
|
| 14,913 |
|
Merrill Lynch |
| 28-Day Mexico Interbank TIIE Banxico |
| Pay |
| 8.720 | % |
| 09/05/16 |
|
| 2,600,000 |
|
| 4,558 |
|
Citigroup |
| 28-Day Mexico Interbank TIIE Banxico |
| Pay |
| 8.170 | % |
| 11/04/16 |
|
| 2,800,000 |
|
| 7,991 |
|
Goldman Sachs |
| 28-Day Mexico Interbank TIIE Banxico |
| Pay |
| 8.170 | % |
| 11/04/16 |
|
| 900,000 |
|
| 1,836 |
|
Barclays |
| 3-Month USD-LIBOR |
| Receive |
| 5.000 | % |
| 06/20/17 |
| $ | 100,000 |
|
| 2,292 |
|
Citigroup |
| 3-Month USD-LIBOR |
| Receive |
| 5.000 | % |
| 06/20/17 |
|
| 3,100,000 |
|
| 66,175 |
|
Deutsche Bank |
| 3-Month USD-LIBOR |
| Receive |
| 5.000 | % |
| 06/20/17 |
|
| 2,600,000 |
|
| 58,206 |
|
Lehman Brothers |
| 3-Month USD-LIBOR |
| Receive |
| 5.000 | % |
| 06/20/17 |
|
| 200,000 |
|
| 4,584 |
|
Royal Bank of Scotland |
| 3-Month USD-LIBOR |
| Receive |
| 5.000 | % |
| 06/20/17 |
|
| 600,000 |
|
| 13,751 |
|
Morgan Stanley |
| 6-Month EUR-LIBOR |
| Pay |
| 6.000 | % |
| 06/18/34 |
| EUR | 1,000,000 |
|
| 24,839 |
|
Barclays |
| 6-Month GBP-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/35 |
| GBP | 200,000 |
|
| 9,713 |
|
Deutsche Bank |
| 6-Month GBP-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/35 |
|
| 1,000,000 |
|
| 42,519 |
|
Goldman Sachs |
| 6-Month GBP-LIBOR |
| Receive |
| 4.000 | % |
| 12/15/35 |
|
| 1,500,000 |
|
| 65,583 |
|
Deutsche Bank |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 12/15/35 |
| $ | 1,800,000 |
|
| (49,558 | ) |
Deutsche Bank |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/37 |
|
| 1,400,000 |
|
| (52,286 | ) |
Goldman Sachs |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/37 |
|
| 1,200,000 |
|
| 1,312 |
|
Lehman Brothers |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/37 |
|
| 800,000 |
|
| (27,478 | ) |
Morgan Stanley |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/37 |
|
| 200,000 |
|
| (6,865 | ) |
Royal Bank of Scotland |
| 3-Month USD-LIBOR |
| Pay |
| 5.000 | % |
| 06/20/37 |
|
| 1,100,000 |
|
| (29,035 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 211,048 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Investments sold short outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
Type |
| Principal |
| Value |
| ||
Fannie Mae |
|
|
|
|
|
|
|
5.500% 04/15/37 # |
| $ | 1,000,000 |
| $ | 989,688 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
4.500% 02/15/16 # |
|
| 400,000 |
|
| 396,063 |
|
|
|
|
|
|
| ||
Total Investments sold short |
|
|
|
|
|
|
|
(Proceeds $1,391,265) |
|
|
|
| $ | 1,385,751 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-31 |
|
PACIFIC LIFE FUNDS (1) |
PL INFLATION MANAGED FUND (1) |
Schedule of Investments |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Principal |
| Value |
| ||
|
|
|
| ||||
CORPORATE BONDS & NOTES - 2.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 0.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSC Holdings Inc |
|
|
|
|
|
|
|
7.875% due 12/15/07 |
| $ | 100,000 |
| $ | 101,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Financial Services - 1.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America NA |
|
|
|
|
|
|
|
5.360% due 02/27/09 § |
|
| 500,000 |
|
| 500,244 |
|
Ford Motor Credit Co |
|
|
|
|
|
|
|
7.875% due 06/15/10 |
|
| 500,000 |
|
| 502,209 |
|
General Electric Capital Corp |
|
|
|
|
|
|
|
5.380% due 12/12/08 § |
|
| 100,000 |
|
| 100,094 |
|
Rabobank Nederland (Netherlands) |
|
|
|
|
|
|
|
5.380% due 01/15/09~ § |
|
| 100,000 |
|
| 100,084 |
|
Travelers Property Casualty Corp |
|
|
|
|
|
|
|
3.750% due 03/15/08 |
|
| 100,000 |
|
| 98,328 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,300,959 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Integrated Oils - 0.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pemex Project Funding Master Trust |
|
|
|
|
|
|
|
9.250% due 03/30/18 |
|
| 200,000 |
|
| 253,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mission Energy Holding |
|
|
|
|
|
|
|
13.500% due 07/15/08 |
|
| 200,000 |
|
| 219,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes |
|
|
|
|
|
|
|
(Cost $1,843,100) |
|
|
|
|
| 1,875,234 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES - 7.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations - 0.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Countrywide Home Loan Mortgage |
|
|
|
|
|
|
|
Pass-Through Trust |
|
|
|
|
|
|
|
5.660% due 06/25/35~ “ § |
|
| 65,995 |
|
| 65,869 |
|
GSR Mortgage Loan Trust |
|
|
|
|
|
|
|
4.539% due 09/25/35 “ § |
|
| 161,129 |
|
| 160,062 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 225,931 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Fannie Mae - 7.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.500% due 10/01/35 “ |
|
| 87,776 |
|
| 86,974 |
|
5.500% due 04/12/37 # “ |
|
| 4,200,000 |
|
| 4,156,690 |
|
6.000% due 09/01/36 - 12/01/36 “ ± |
|
| 289,266 |
|
| 291,506 |
|
6.000% due 04/12/37 # “ |
|
| 2,000,000 |
|
| 2,015,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,550,170 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Mortgage-Backed Securities |
|
|
|
|
|
|
|
(Cost $6,782,655) |
|
|
|
|
| 6,776,101 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES - 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac Structured Pass-Through Securities |
|
|
|
|
|
|
|
5.600% due 09/25/31 “ § |
|
| 5,637 |
|
| 5,640 |
|
Lehman XS Trust |
|
|
|
|
|
|
|
5.400% due 07/25/46 “ § |
|
| 67,238 |
|
| 67,277 |
|
Merrill Lynch Mortgage Investors Inc |
|
|
|
|
|
|
|
5.400% due 01/25/37 “ § |
|
| 22,958 |
|
| 22,973 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Asset-Backed Securities |
|
|
|
|
|
|
|
(Cost $95,834) |
|
|
|
|
| 95,890 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 97.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds - 0.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.625% due 02/15/27 |
|
| 100,000 |
|
| 121,328 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Protected Securities - 97.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.875% due 04/15/10 # ^ |
|
| 6,960,420 |
|
| 6,729,673 |
|
1.625% due 01/15/15 ^ |
|
| 4,345,467 |
|
| 4,173,008 |
|
1.875% due 07/15/13 ^ |
|
| 1,212,068 |
|
| 1,196,634 |
|
1.875% due 07/15/15 ^ |
|
| 9,259,916 |
|
| 9,054,827 |
|
2.000% due 01/15/14 ^ |
|
| 3,669,121 |
|
| 3,634,437 |
|
2.000% due 01/15/16 ^ |
|
| 2,956,956 |
|
| 2,912,256 |
|
2.000% due 01/15/26 ^ |
|
| 3,466,776 |
|
| 3,295,878 |
|
2.375% due 04/15/11 ^ |
|
| 1,427,440 |
|
| 1,446,455 |
|
2.375% due 01/15/17 ^ |
|
| 7,426,122 |
|
| 7,538,390 |
|
2.375% due 01/15/25 ^ |
|
| 7,869,708 |
|
| 7,923,198 |
|
2.375% due 01/15/27 ^ |
|
| 1,806,354 |
|
| 1,821,807 |
|
2.500% due 07/15/16 ^ |
|
| 5,110,710 |
|
| 5,245,868 |
|
3.000% due 07/15/12 ^ |
|
| 5,318,271 |
|
| 5,576,292 |
|
3.375% due 04/15/32 ^ |
|
| 285,038 |
|
| 347,635 |
|
3.500% due 01/15/11 ^ |
|
| 3,720,896 |
|
| 3,929,761 |
|
3.625% due 01/15/08 # ^ |
|
| 2,894,067 |
|
| 2,930,692 |
|
3.625% due 04/15/28 ^ |
|
| 1,964,447 |
|
| 2,391,793 |
|
3.875% due 01/15/09 ^ |
|
| 1,604,200 |
|
| 1,663,292 |
|
3.875% due 04/15/29 ^ |
|
| 7,201,643 |
|
| 9,143,839 |
|
4.250% due 01/15/10 ^ |
|
| 2,766,601 |
|
| 2,942,864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 83,898,599 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Notes - 0.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500% due 02/28/11 |
|
| 100,000 |
|
| 99,895 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
(Cost $84,321,401) |
|
|
|
|
| 84,119,822 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT BONDS & NOTES - 0.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom Gilt Inflation Linked Bond |
|
|
|
|
|
|
|
(United Kingdom) |
|
|
|
|
|
|
|
2.500% due 05/20/09 ^ |
| GBP | 100,000 |
|
| 501,309 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Foreign Government Bonds & Notes |
|
|
|
|
|
|
|
(Cost $500,642) |
|
|
|
|
| 501,309 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 0.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp RI ‘A’ |
|
|
|
|
|
|
|
6.000% due 06/01/23 |
| $ | 100,000 |
|
| 106,593 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
|
|
|
(Cost $89,450) |
|
|
|
|
| 106,593 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-32 |
|
PACIFIC LIFE FUNDS (1) |
PL INFLATION MANAGED FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
|
|
|
|
|
|
|
|
|
| Notional |
| Value |
| ||
|
|
|
| ||||
PURCHASED CALL OPTIONS - 0.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.25 Exp. 06/07/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.250%) |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
| $ | 3,000,000 |
| $ | 19,170 |
|
2-Year Interest Rate Swap OTC |
|
|
|
|
|
|
|
Strike @ 5.25 Exp. 06/07/07 |
|
|
|
|
|
|
|
(Pay 3-Month LIBOR, Receive 5.250%) |
|
|
|
|
|
|
|
Broker: Wachovia |
|
| 1,000,000 |
|
| 6,390 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Call Options |
|
|
|
|
|
|
|
(Cost $16,880) |
|
|
|
|
| 25,560 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PURCHASED STRADDLE OPTION - 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call & Put CHF vs. USD Delta Neutral Straddle. |
|
|
|
|
|
|
|
Strike & premium determined on a future date, |
|
|
|
|
|
|
|
based upon an implied volatility parameter of |
|
|
|
|
|
|
|
7.075%. |
|
|
|
|
|
|
|
Exp. 09/26/07 OTC |
|
|
|
|
|
|
|
Broker: Royal Bank of Scotland |
|
| 400,000 |
|
| 864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Purchased Straddle Option |
|
|
|
|
|
|
|
(Cost $0) |
|
|
|
|
| 864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| ||
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 5.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Government Issues - 3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
French Treasury Bills (France) |
|
|
|
|
|
|
|
2.532% due 05/31/07 |
| EUR | 2,070,000 |
|
| 2,748,331 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
U.S. Treasury Bills - 0.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.890% due 06/14/07 ‡ |
| $ | 10,000 |
|
| 9,901 |
|
4.930% due 05/31/07 ‡ |
|
| 15,000 |
|
| 14,880 |
|
4.960% due 06/14/07 ‡ |
|
| 180,000 |
|
| 178,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 203,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Funds - 1.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional |
|
|
|
|
|
|
|
TempCash |
|
| 717,147 |
|
| 717,147 |
|
BlackRock Liquidity Funds Institutional |
|
|
|
|
|
|
|
TempFund |
|
| 717,147 |
|
| 717,147 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,434,294 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $4,349,425) |
|
|
|
|
| 4,385,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 113.85% |
|
|
|
|
|
|
|
(Cost $97,999,387) |
|
|
|
|
| 97,886,998 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (13.85%) |
|
|
|
|
| (11,908,815 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 85,978,183 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: |
|
|
|
|
|
U.S. Treasury Obligations |
|
| 97.84 | % |
Mortgage-Backed Securities |
|
| 7.88 | % |
Short-Term Investments |
|
| 5.10 | % |
Corporate Bonds & Notes |
|
| 2.18 | % |
Foreign Government Bonds & Notes |
|
| 0.58 | % |
Municipal Bonds |
|
| 0.13 | % |
Asset-Backed Securities |
|
| 0.11 | % |
Purchased Options |
|
| 0.03 | % |
|
|
| ||
|
|
|
|
|
|
|
| 113.85 | % |
Other Assets & Liabilities, Net |
|
| (13.85 | %) |
|
|
| ||
|
|
|
|
|
|
|
| 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 $203,000 were segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2007: |
|
|
|
|
|
|
|
|
|
|
|
Long Futures Outstanding |
| Number of |
| Notional |
| Net |
| |||
|
|
|
|
|
|
|
|
|
|
|
Euro-Bund 10-Year Notes (06/07) |
| 5 |
|
| EUR | 500,000 |
| ($ | 8,215 | ) |
Eurodollar (09/07) |
| 13 |
|
| $ | 2,000,000 |
|
| (875 | ) |
United Kingdom 90-Day LIBOR |
|
|
|
|
|
|
|
|
|
|
Sterling Interest Rate (03/08) |
| 25 |
|
| GBP | 12,500,000 |
|
| (12,176 | ) |
United Kingdom 90-Day LIBOR |
|
|
|
|
|
|
|
|
|
|
Sterling Interest Rate (06/08) |
| 22 |
|
|
| 11,000,000 |
|
| (10,971 | ) |
U.S. Treasury 5-Year Notes (06/07) |
| 54 |
|
| $ | 5,400,000 |
|
| 28,688 |
|
|
|
|
|
|
|
|
|
|
|
|
Short Futures Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Euro-Bund 10-Year Note |
|
|
|
|
|
|
|
|
|
|
Call Options Strike @ EUR 116.5 (06/07) |
| 12 |
|
| EUR | 1,200,000 |
|
| 2,489 |
|
Euro-Bund 10-Year Note |
|
|
|
|
|
|
|
|
|
|
Call Options Strike @ EUR 117.5 (06/07) |
| 10 |
|
|
| 1,000,000 |
|
| 3,291 |
|
Euro-Bund 10-Year Note |
|
|
|
|
|
|
|
|
|
|
Put Options Strike @ EUR 113.5 (06/07) |
| 12 |
|
|
| 1,200,000 |
|
| 2,250 |
|
Euro-Bund 10-Year Note |
|
|
|
|
|
|
|
|
|
|
Put Options Strike @ EUR 114.5 (06/07) |
| 10 |
|
|
| 1,000,000 |
|
| (1,651 | ) |
Eurodollar (12/07) |
| 16 |
|
| $ | 16,000,000 |
|
| 5,200 |
|
Eurodollar (03/08) |
| 17 |
|
|
| 17,000,000 |
|
| 313 |
|
Eurodollar (06/08) |
| 17 |
|
|
| 17,000,000 |
|
| (3,188 | ) |
Eurodollar (09/08) |
| 17 |
|
|
| 17,000,000 |
|
| (5,213 | ) |
U.S. Treasury 10-Year Note (06/07) |
| 38 |
|
|
| 3,800,000 |
|
| (3,563 | ) |
U.S. Treasury 30-Year Bonds (06/07) |
| 68 |
|
|
| 6,800,000 |
|
| 119,000 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| $ | 115,379 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
(d) Investment sold short outstanding as of March 31, 2007: | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
Type |
|
|
| Principal |
| Value |
| |||
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
|
|
4.250% due 11/15/13 # |
|
|
|
| $ | 600,000 |
| $ | 588,914 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
Total Investments sold short |
|
|
|
|
|
|
|
|
|
|
(Proceeds $591,986) |
|
|
|
|
|
|
| $ | 588,914 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-33 |
|
PACIFIC LIFE FUNDS (1) |
PL INFLATION MANAGED FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
(e) Forward foreign currency contracts outstanding as of March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
| Currency |
| Principal |
|
| Expiration |
|
| Net |
| |
Buy |
|
| CHF |
| 266,000 |
|
|
| 06/07 |
| $ | 508 |
|
Buy |
|
| CNY |
| 6,507,744 |
|
|
| 01/08 |
|
| 11,167 |
|
Buy |
|
| CNY |
| 3,586,143 |
|
|
| 03/08 |
|
| 2,503 |
|
Buy |
|
| CNY |
| 5,916,844 |
|
|
| 03/09 |
|
| (1,349 | ) |
Sell |
|
| EUR |
| 1,559,000 |
|
|
| 04/07 |
|
| (1,077 | ) |
Buy |
|
| GBP |
| 17,000 |
|
|
| 04/07 |
|
| 609 |
|
Sell |
|
| GBP |
| 301,000 |
|
|
| 04/07 |
|
| (4,467 | ) |
Buy |
|
| JPY |
| 6,166,000 |
|
|
| 05/07 |
|
| 1,418 |
|
Sell |
|
| JPY |
| 9,924,702 |
|
|
| 05/07 |
|
| 245 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| $ | 9,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(f) Transactions in written options for the year ended March 31, 2007 were as follows:
|
|
|
|
|
|
|
|
|
|
| Number of |
|
| Premium |
|
Outstanding, March 31, 2006 |
|
| 11 |
| $ | 8,011 |
|
Call Options Written |
|
| 5,700,101 |
|
| 46,944 |
|
Put Options Written |
|
| 6,100,101 |
|
| 50,752 |
|
Call Options Expired |
|
| (4,700,092 | ) |
| (33,710 | ) |
Put Options Expired |
|
| (6,100,097 | ) |
| (53,280 | ) |
|
| ||||||
Outstanding, March 31, 2007 |
|
| 1,000,024 |
| $ | 18,717 |
|
|
|
(g) Premiums received and value of written options outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Type |
| Pay/Receive |
| Exercise |
| Expiration |
| Notional |
| Premium |
| Value |
| ||||||
Royal Bank of Scotland |
|
| Call - OTC 5-Year Interest Rate Swap |
|
| Receive |
| 5.340 | % |
|
| 06/07/07 |
| $ | 1,000,000 |
| $ | 10,170 |
| $ | 16,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Strike Price |
|
|
|
| Numbers of |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Merrill Lynch |
|
| Put - CBOT U.S. Treasury 10-Year Futures |
|
|
|
| $ | 105.00 |
|
| 05/25/07 |
|
| 8 |
|
| 3,099 |
|
| 250 |
|
Merrill Lynch |
|
| Put - CBOT U.S. Treasury 10-Year Futures |
|
|
|
|
| 107.00 |
|
| 05/25/07 |
|
| 4 |
|
| 799 |
|
| 1,187 |
|
Merrill Lynch |
|
| Call - CBOT U.S. Treasury 10-Year Futures |
|
|
|
|
| 108.00 |
|
| 05/25/07 |
|
| 8 |
|
| 2,849 |
|
| 6,375 |
|
Merrill Lynch |
|
| Call - CBOT U.S. Treasury 10-Year Futures |
|
|
|
|
| 110.00 |
|
| 05/25/07 |
|
| 4 |
|
| 1,800 |
|
| 688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 18,717 |
| $ | 25,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Credit default swap outstanding as of March 31, 2007: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Reference Entity |
|
| Buy/Sell |
| (Pay)/Receive |
|
| Expiration |
|
|
|
|
| Notional |
|
| Unrealized |
| |
Bear Stearns |
|
| Ford Motor Credit Co 7.000% due 10/01/13 |
|
| Sell |
| 4.350 | % |
|
| 06/20/07 |
|
|
|
| $ | 500,000 |
| $ | 4,401 |
|
Royal Bank of Scotland |
|
| Republic of Indonesia 6.750% due 03/10/14 |
|
| Sell |
| 0.400 | % |
|
| 12/20/08 |
|
|
|
|
| 1,000,000 |
|
| 34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 4,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-34 |
|
PACIFIC LIFE FUNDS (1) |
PL INFLATION MANAGED FUND (1) |
Schedule of Investments (Continued) |
March 31, 2007 |
(i) Interest rate swaps outstanding as of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
| Floating Rate Index |
| Pay/Receive |
|
| Fixed |
|
| Expiration |
| Notional |
| Unrealized |
| |||
Barclays |
|
| 6-Month GBP-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/15/09 |
| GBP | 1,200,000 |
| $ | (19,831 | ) |
UBS |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/18/09 |
| $ | 12,000,000 |
|
| 58,404 |
|
Barclays |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/09 |
|
| 12,300,000 |
|
| (13,052 | ) |
Goldman Sachs |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/09 |
|
| 2,800,000 |
|
| (2,971 | ) |
UBS |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/09 |
|
| 6,600,000 |
|
| (6,739 | ) |
Citigroup |
|
| 6-Month Australian Bank Bill |
|
| Pay |
|
| 6.500 | % |
| 01/15/10 |
| AUD | 300,000 |
|
| (359 | ) |
Deutsche Bank |
|
| 6-Month Australian Bank Bill |
|
| Pay |
|
| 6.500 | % |
| 01/15/10 |
|
| 1,100,000 |
|
| (1,049 | ) |
Royal Bank of Canada |
|
| 6-Month Australian Bank Bill |
|
| Pay |
|
| 6.500 | % |
| 01/15/10 |
|
| 700,000 |
|
| (523 | ) |
Credit Suisse |
|
| 6-Month GBP-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 09/15/10 |
| GBP | 500,000 |
|
| (5,293 | ) |
Royal Bank of Scotland |
|
| 6-Month GBP-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 09/15/10 |
|
| 1,000,000 |
|
| (9,304 | ) |
Barclays |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.103 | % |
| 10/15/10 |
| EUR | 500,000 |
|
| 11,285 |
|
UBS |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.146 | % |
| 10/15/10 |
|
| 100,000 |
|
| 2,347 |
|
JPMorgan Chase |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.261 | % |
| 07/14/11 |
|
| 500,000 |
|
| 15,025 |
|
JPMorgan Chase |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.028 | % |
| 10/15/11 |
|
| 200,000 |
|
| 2,887 |
|
UBS |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.095 | % |
| 10/15/11 |
|
| 300,000 |
|
| 5,297 |
|
Goldman Sachs |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 1.976 | % |
| 12/15/11 |
|
| 4,000,000 |
|
| 20,813 |
|
BNP Paribas |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 1.988 | % |
| 12/15/11 |
|
| 1,000,000 |
|
| 4,795 |
|
Morgan Stanley |
|
| 6-Month JPY-LIBOR |
|
| Pay |
|
| 1.500 | % |
| 06/20/12 |
| JPY | 580,000,000 |
|
| 8,322 |
|
Citigroup |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/12 |
| $ | 800,000 |
|
| 4,916 |
|
Goldman Sachs |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 06/20/14 |
|
| 300,000 |
|
| 1,803 |
|
Goldman Sachs |
|
| 6-Month GBP-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 09/15/15 |
| GBP | 300,000 |
|
| 5,286 |
|
UBS |
|
| Eurostat Eurozone HICP Excluding Tobacco |
|
| Receive |
|
| 2.275 | % |
| 10/15/16 |
| EUR | 200,000 |
|
| (795 | ) |
UBS |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.350 | % |
| 10/15/16 |
|
| 200,000 |
|
| 1,461 |
|
JPMorgan Chase |
|
| France CPI Excluding Tobacco |
|
| Pay |
|
| 2.353 | % |
| 10/15/16 |
|
| 100,000 |
|
| 766 |
|
Citigroup |
|
| 28-Day Mexico Interbank TIIE Banxico |
|
| Pay |
|
| 8.170 | % |
| 11/04/16 |
| MXN | 1,700,000 |
|
| 3,982 |
|
Credit Suisse |
|
| 6-Month EUR-LIBOR |
|
| Receive |
|
| 4.000 | % |
| 06/15/17 |
| EUR | 500,000 |
|
| 18,047 |
|
Barclays |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 06/20/17 |
| $ | 2,000,000 |
|
| 2,718 |
|
Citigroup |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 06/20/17 |
|
| 3,600,000 |
|
| 75,884 |
|
JPMorgan Chase |
|
| 3-Month USD-LIBOR |
|
| Receive |
|
| 5.000 | % |
| 06/20/17 |
|
| 300,000 |
|
| 6,876 |
|
Barclays |
|
| 6-Month GBP-LIBOR |
|
| Receive |
|
| 4.000 | % |
| 12/15/35 |
| GBP | 400,000 |
|
| 9,188 |
|
Credit Suisse |
|
| 6-Month GBP-LIBOR |
|
| Receive |
|
| 4.000 | % |
| 12/15/35 |
|
| 200,000 |
|
| 4,713 |
|
HSBC |
|
| 6-Month GBP-LIBOR |
|
| Receive |
|
| 4.250 | % |
| 06/12/36 |
|
| 200,000 |
|
| 31,826 |
|
Goldman Sachs |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/37 |
| $ | 500,000 |
|
| 7,656 |
|
JPMorgan Chase |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/37 |
|
| 500,000 |
|
| (10,389 | ) |
Royal Bank of Scotland |
|
| 3-Month USD-LIBOR |
|
| Pay |
|
| 5.000 | % |
| 06/20/37 |
|
| 1,000,000 |
|
| 5,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 239,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
|
|
C-35 |
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 96.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 0.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Airlines Co |
|
| 21,800 |
| $ | 320,460 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Discretionary - 15.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clear Channel Communications Inc |
|
| 12,799 |
|
| 448,477 |
|
Gannett Co Inc |
|
| 7,000 |
|
| 394,030 |
|
Kimberly-Clark Corp |
|
| 28,300 |
|
| 1,938,267 |
|
Liberty Media Corp - Capital ‘A’ * |
|
| 10,075 |
|
| 1,114,194 |
|
Liberty Media Corp - Interactive ‘A’ * |
|
| 52,375 |
|
| 1,247,572 |
|
Lowe’s Cos Inc |
|
| 12,200 |
|
| 384,178 |
|
News Corp ‘B’ |
|
| 40,100 |
|
| 981,247 |
|
The Home Depot Inc |
|
| 8,100 |
|
| 297,594 |
|
The Walt Disney Co |
|
| 2,200 |
|
| 75,746 |
|
Time Warner Inc |
|
| 111,800 |
|
| 2,204,696 |
|
Viacom Inc ‘B’ * |
|
| 44,650 |
|
| 1,835,561 |
|
Wal-Mart Stores Inc |
|
| 45,900 |
|
| 2,155,005 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,076,567 |
|
|
|
|
|
|
| ||
Consumer Staples - 10.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc |
|
| 17,200 |
|
| 1,510,332 |
|
Anheuser-Busch Cos Inc |
|
| 12,990 |
|
| 655,475 |
|
Cadbury Schweppes PLC ADR (United Kingdom) |
|
| 30,700 |
|
| 1,577,059 |
|
Kraft Foods Inc ‘A’ |
|
| 30,800 |
|
| 975,128 |
|
The Coca-Cola Co |
|
| 47,700 |
|
| 2,289,600 |
|
Unilever NV ‘NY’ (Netherlands) |
|
| 69,400 |
|
| 2,027,868 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,035,462 |
|
|
|
|
|
|
| ||
Financial Services - 27.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Inc |
|
| 10,600 |
|
| 498,836 |
|
American International Group Inc |
|
| 13,800 |
|
| 927,636 |
|
Bank of America Corp |
|
| 50,700 |
|
| 2,586,714 |
|
Barclays PLC ADR (United Kingdom) |
|
| 3,100 |
|
| 176,514 |
|
Berkshire Hathaway Inc ‘B’ * |
|
| 105 |
|
| 382,200 |
|
Citigroup Inc |
|
| 71,600 |
|
| 3,675,944 |
|
Fannie Mae |
|
| 8,600 |
|
| 469,388 |
|
First Data Corp |
|
| 9,600 |
|
| 258,240 |
|
Freddie Mac |
|
| 27,000 |
|
| 1,606,230 |
|
Genworth Financial Inc ‘A’ |
|
| 8,100 |
|
| 283,014 |
|
JPMorgan Chase & Co |
|
| 24,900 |
|
| 1,204,662 |
|
Merrill Lynch & Co Inc |
|
| 13,300 |
|
| 1,086,211 |
|
MetLife Inc |
|
| 10,800 |
|
| 682,020 |
|
SunTrust Banks Inc |
|
| 2,900 |
|
| 240,816 |
|
The Bank of New York Co Inc |
|
| 32,200 |
|
| 1,305,710 |
|
The Chubb Corp |
|
| 32,280 |
|
| 1,667,908 |
|
The Hartford Financial Services Group Inc |
|
| 4,300 |
|
| 410,994 |
|
The PNC Financial Services Group Inc |
|
| 9,500 |
|
| 683,715 |
|
The Travelers Cos Inc |
|
| 11,086 |
|
| 573,922 |
|
The Western Union Co |
|
| 14,600 |
|
| 320,470 |
|
Torchmark Corp |
|
| 5,500 |
|
| 360,745 |
|
U.S. Bancorp |
|
| 12,200 |
|
| 426,634 |
|
Wachovia Corp |
|
| 39,456 |
|
| 2,172,053 |
|
Wells Fargo & Co |
|
| 33,100 |
|
| 1,139,633 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 23,140,209 |
|
|
|
|
|
|
| ||
Health Care - 21.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 25,000 |
|
| 1,395,000 |
|
Boston Scientific Corp * |
|
| 41,900 |
|
| 609,226 |
|
Bristol-Myers Squibb Co |
|
| 83,500 |
|
| 2,317,960 |
|
Cardinal Health Inc |
|
| 14,500 |
|
| 1,057,775 |
|
CVS/Caremark Corp |
|
| 34,800 |
|
| 1,188,072 |
|
Eli Lilly & Co |
|
| 33,700 |
|
| 1,810,027 |
|
GlaxoSmithKline PLC ADR (United Kingdom) |
|
| 34,600 |
|
| 1,911,996 |
|
Pfizer Inc |
|
| 67,300 |
|
| 1,699,998 |
|
Roche Holding AG ADR (Switzerland) |
|
| 14,300 |
|
| 1,259,215 |
|
Sanofi-Aventis ADR (France) |
|
| 13,400 |
|
| 583,034 |
|
Schering-Plough Corp |
|
| 73,900 |
|
| 1,885,189 |
|
Wyeth |
|
| 46,100 |
|
| 2,306,383 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,023,875 |
|
|
|
|
|
|
| ||
Materials & Processing - 8.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcoa Inc |
|
| 52,800 |
|
| 1,789,920 |
|
E.I. du Pont de Nemours & Co |
|
| 41,800 |
|
| 2,066,174 |
|
International Paper Co |
|
| 72,258 |
|
| 2,630,191 |
|
Rohm & Haas Co |
|
| 12,200 |
|
| 630,984 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,117,269 |
|
|
|
|
|
|
| ||
Multi-Industry - 1.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co |
|
| 27,400 |
|
| 968,864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Producer Durables - 0.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KLA-Tencor Corp |
|
| 4,800 |
|
| 255,936 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Technology - 5.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cisco Systems Inc * |
|
| 8,700 |
|
| 222,111 |
|
Dell Inc * |
|
| 48,700 |
|
| 1,130,327 |
|
Hewlett-Packard Co |
|
| 9,800 |
|
| 393,372 |
|
Intel Corp |
|
| 34,200 |
|
| 654,246 |
|
International Business Machines Corp |
|
| 8,300 |
|
| 782,358 |
|
L-3 Communications Holdings Inc |
|
| 700 |
|
| 61,229 |
|
McAfee Inc * |
|
| 14,800 |
|
| 430,384 |
|
Microsoft Corp |
|
| 18,100 |
|
| 504,447 |
|
Telefonaktiebolaget LM Ericsson ADR (Sweden) |
|
| 7,300 |
|
| 270,757 |
|
Texas Instruments Inc |
|
| 14,000 |
|
| 421,400 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,870,631 |
|
|
|
|
|
|
| ||
Utilities - 7.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc |
|
| 4,300 |
|
| 209,625 |
|
AT&T Inc |
|
| 37,700 |
|
| 1,486,511 |
|
Comcast Corp ‘A’ * |
|
| 71,500 |
|
| 1,855,425 |
|
Sprint Nextel Corp |
|
| 17,700 |
|
| 335,592 |
|
Verizon Communications Inc |
|
| 60,900 |
|
| 2,309,328 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,196,481 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
| 83,005,754 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 8.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 7.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
5.000% due 04/02/07 |
| $ | 6,800,000 |
|
| 6,799,056 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-36
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
Money Market Funds - 0.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 34,687 |
| $ | 34,687 |
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 34,687 |
|
| 34,687 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 69,374 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
| 6,868,430 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 104.91% |
|
|
|
|
| 89,874,184 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (4.91%) |
|
|
|
|
| (4,205,798 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 85,668,386 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows: | |||||||
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
| 27.01 | % |
Health Care |
|
|
|
|
| 21.04 | % |
Consumer Discretionary |
|
|
|
|
| 15.26 | % |
Consumer Staples |
|
|
|
|
| 10.55 | % |
Materials & Processing |
|
|
|
|
| 8.31 | % |
Short-Term Investments |
|
|
|
|
| 8.02 | % |
Utilities |
|
|
|
|
| 7.23 | % |
Technology |
|
|
|
|
| 5.69 | % |
Multi-Industry |
|
|
|
|
| 1.13 | % |
Autos & Transportation |
|
|
|
|
| 0.37 | % |
Producer Durables |
|
|
|
|
| 0.30 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 104.91 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| (4.91 | %) |
|
|
|
|
|
| ||
|
|
|
|
|
| 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 references, symbols and terms, if any, on page C-41 |
C-37
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 94.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autos & Transportation - 5.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.H. Robinson Worldwide Inc |
|
| 41,419 |
| $ | 1,977,758 |
|
Expeditors International of Washington Inc |
|
| 38,291 |
|
| 1,582,184 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,559,942 |
|
|
|
|
|
|
| ||
Consumer Discretionary - 43.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abercrombie & Fitch Co ‘A’ |
|
| 25,690 |
|
| 1,944,219 |
|
Amazon.com Inc * |
|
| 49,698 |
|
| 1,977,483 |
|
Apollo Group Inc ‘A’ * |
|
| 22,160 |
|
| 972,824 |
|
AutoZone Inc * |
|
| 10,261 |
|
| 1,314,845 |
|
Baidu.com Inc ADR * (Cayman) |
|
| 7,477 |
|
| 721,904 |
|
Choice Hotels International Inc |
|
| 18,578 |
|
| 658,219 |
|
ChoicePoint Inc * |
|
| 31,293 |
|
| 1,171,297 |
|
Expedia Inc * |
|
| 30,084 |
|
| 697,347 |
|
Focus Media Holding Ltd ADR * (Cayman) |
|
| 9,648 |
|
| 756,982 |
|
Grupo Televisa SA ADR (Mexico) |
|
| 74,805 |
|
| 2,229,189 |
|
Hilton Hotels Corp |
|
| 19,884 |
|
| 715,029 |
|
InterContinental Hotels Group PLC ADR |
|
|
|
|
|
|
|
(United Kingdom) |
|
| 53,338 |
|
| 1,319,049 |
|
Iron Mountain Inc * |
|
| 57,312 |
|
| 1,497,563 |
|
ITT Educational Services Inc * |
|
| 8,656 |
|
| 705,377 |
|
Lamar Advertising Co ‘A’ |
|
| 15,285 |
|
| 962,496 |
|
Li & Fung Ltd + (Bermuda) |
|
| 412,000 |
|
| 1,288,423 |
|
Monster Worldwide Inc * |
|
| 40,234 |
|
| 1,905,885 |
|
PetSmart Inc |
|
| 18,968 |
|
| 625,185 |
|
The Corporate Executive Board Co |
|
| 31,178 |
|
| 2,368,281 |
|
Urban Outfitters Inc * |
|
| 25,170 |
|
| 667,257 |
|
Weight Watchers International Inc |
|
| 13,649 |
|
| 629,082 |
|
Wendy’s International Inc |
|
| 50,065 |
|
| 1,567,035 |
|
Wynn Resorts Ltd |
|
| 19,886 |
|
| 1,886,386 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 28,581,357 |
|
|
|
|
|
|
| ||
Energy - 2.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwestern Energy Co * |
|
| 42,900 |
|
| 1,758,042 |
|
|
|
|
|
|
| ||
Financial Services - 8.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alleghany Corp * |
|
| 2,508 |
|
| 937,056 |
|
Brown & Brown Inc |
|
| 23,005 |
|
| 622,285 |
|
Calamos Asset Management Inc ‘A’ |
|
| 41,289 |
|
| 921,570 |
|
Fortress Investment Group LLC ‘A’ |
|
| 2,736 |
|
| 78,468 |
|
Janus Capital Group Inc |
|
| 62,079 |
|
| 1,298,072 |
|
Leucadia National Corp |
|
| 33,766 |
|
| 993,396 |
|
People’s Bank |
|
| 21,281 |
|
| 944,876 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,795,723 |
|
|
|
|
|
|
| ||
Health Care - 7.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dade Behring Holdings Inc |
|
| 40,876 |
|
| 1,792,413 |
|
Stericycle Inc * |
|
| 16,023 |
|
| 1,305,875 |
|
Techne Corp * |
|
| 26,778 |
|
| 1,529,024 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,627,312 |
|
|
|
|
|
|
| ||
Integrated Oils - 4.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Petroleum Corp * (Canada) |
|
| 55,852 |
|
| 2,967,417 |
|
|
|
|
|
|
| ||
Materials & Processing - 6.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabot Corp |
|
| 15,321 |
|
| 731,271 |
|
Chaparral Steel Co |
|
| 13,900 |
|
| 808,563 |
|
Forest City Enterprises Inc ‘A’ |
|
| 6,843 |
|
| 452,870 |
|
MeadWestvaco Corp |
|
| 19,956 |
|
| 615,443 |
|
Texas Industries Inc |
|
| 12,597 |
|
| 951,451 |
|
The St. Joe Co |
|
| 12,163 |
|
| 636,247 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,195,845 |
|
|
|
|
|
|
| ||
Producer Durables - 6.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Castle International Corp * |
|
| 39,159 |
|
| 1,258,179 |
|
Desarrolladora Homex SAB de CV ADR * (Mexico) |
|
| 17,313 |
|
| 1,003,288 |
|
NVR Inc * |
|
| 1,359 |
|
| 903,735 |
|
Pentair Inc |
|
| 30,394 |
|
| 947,077 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,112,279 |
|
|
|
|
|
|
| ||
Technology - 4.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equinix Inc * |
|
| 11,307 |
|
| 968,218 |
|
salesforce.com inc * |
|
| 23,947 |
|
| 1,025,411 |
|
Tessera Technologies Inc * |
|
| 20,782 |
|
| 825,877 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,819,506 |
|
|
|
|
|
|
| ||
Utilities - 5.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NII Holdings Inc * |
|
| 29,618 |
|
| 2,197,063 |
|
Questar Corp |
|
| 7,534 |
|
| 672,108 |
|
Tencent Holdings Ltd + (Cayman) |
|
| 232,000 |
|
| 754,669 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,623,840 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $52,650,999) |
|
|
|
|
| 62,041,263 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
OPEN-END MUTUAL FUND - 2.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeroplan Income Fund (Canada) |
|
| 103,910 |
|
| 1,755,084 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Open-End Mutual Fund |
|
|
|
|
|
|
|
(Cost $1,575,978) |
|
|
|
|
| 1,755,084 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 6.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agency Issue - 6.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
5.000% due 04/02/07 |
| $ | 4,600,000 |
|
| 4,599,361 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Money Market Fund - 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempCash |
|
| 13,337 |
|
| 13,337 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $4,612,698) |
|
|
|
|
| 4,612,698 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 103.70% |
|
|
|
|
|
|
|
(Cost $58,839,675) |
|
|
|
|
| 68,409,045 |
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (3.70%) |
|
|
|
|
| (2,441,114 | ) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 65,967,931 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-38
|
PACIFIC LIFE FUNDS (1) |
Notes to Schedule of Investments
(a) As of March 31, 2007, the Fund was diversified as a percentage of net assets as follows:
|
|
|
|
|
Consumer Discretionary |
|
| 43.33 | % |
Financial Services |
|
| 8.79 | % |
Health Care |
|
| 7.01 | % |
Short-Term Investments |
|
| 6.99 | % |
Materials & Processing |
|
| 6.36 | % |
Producer Durables |
|
| 6.23 | % |
Utilities |
|
| 5.49 | % |
Autos & Transportation |
|
| 5.40 | % |
Integrated Oils |
|
| 4.50 | % |
Technology |
|
| 4.27 | % |
Energy |
|
| 2.67 | % |
Open-End Mutual Fund |
|
| 2.66 | % |
|
|
| ||
|
|
| 103.70 | % |
Other Assets & Liabilities, Net |
|
| (3.70 | %) |
|
|
| ||
|
|
| 100.00 | % |
|
|
|
(b) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(c) Securities with a total aggregate market value of $2,043,092 or 3.10% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-39
|
PACIFIC LIFE FUNDS (1) |
|
|
|
|
|
|
|
|
|
| Shares |
| Value |
| ||
|
|
|
| ||||
COMMON STOCKS - 97.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 9.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Entertainment Co * |
|
| 1,006 |
| $ | 53,187 |
|
Hilton Hotels Corp |
|
| 26,686 |
|
| 959,629 |
|
Morgans Hotel Group Co * |
|
| 14,330 |
|
| 301,072 |
|
Starwood Hotels & Resorts Worldwide Inc |
|
| 24,784 |
|
| 1,607,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,921,129 |
|
|
|
|
|
|
| ||
Financial Services - 84.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Realty Trust REIT |
|
| 5,155 |
|
| 134,391 |
|
AMB Property Corp REIT |
|
| 13,210 |
|
| 776,616 |
|
American Campus Communities Inc REIT |
|
| 2,920 |
|
| 88,447 |
|
Archstone-Smith Trust REIT |
|
| 19,605 |
|
| 1,064,159 |
|
AvalonBay Communities Inc REIT |
|
| 8,626 |
|
| 1,121,380 |
|
Boston Properties Inc REIT |
|
| 12,908 |
|
| 1,515,399 |
|
Brandywine Realty Trust REIT |
|
| 26,474 |
|
| 884,496 |
|
BRE Properties Inc REIT |
|
| 11,245 |
|
| 710,122 |
|
Brookfield Properties Corp (Canada) |
|
| 36,027 |
|
| 1,451,888 |
|
Camden Property Trust REIT |
|
| 455 |
|
| 31,991 |
|
Cedar Shopping Centers Inc REIT |
|
| 3,280 |
|
| 53,136 |
|
Cogdell Spencer Inc REIT |
|
| 2,080 |
|
| 43,826 |
|
Colonial Properties Trust REIT |
|
| 2,585 |
|
| 118,057 |
|
DCT Industrial Trust Inc REIT |
|
| 470 |
|
| 5,560 |
|
Equity Lifestyle Properties Inc REIT |
|
| 7,180 |
|
| 387,792 |
|
Equity One Inc REIT |
|
| 40 |
|
| 1,060 |
|
Equity Residential REIT |
|
| 42,649 |
|
| 2,056,961 |
|
Essex Property Trust Inc REIT |
|
| 4,352 |
|
| 563,497 |
|
Federal Realty Investment Trust REIT |
|
| 9,813 |
|
| 889,254 |
|
General Growth Properties Inc REIT |
|
| 15,106 |
|
| 975,394 |
|
GMH Communities Trust REIT |
|
| 4,760 |
|
| 47,552 |
|
Health Care Property Investors Inc REIT |
|
| 2,530 |
|
| 91,156 |
|
Health Care REIT Inc |
|
| 644 |
|
| 28,272 |
|
Hersha Hospitality Trust REIT |
|
| 9,927 |
|
| 116,940 |
|
Highwoods Properties Inc REIT |
|
| 4,826 |
|
| 190,579 |
|
Host Hotels & Resorts Inc REIT |
|
| 66,494 |
|
| 1,749,457 |
|
Kilroy Realty Corp REIT |
|
| 589 |
|
| 43,439 |
|
LaSalle Hotel Properties REIT |
|
| 110 |
|
| 5,054 |
|
Legacy Hotels REIT (Canada) |
|
| 32,660 |
|
| 383,428 |
|
Liberty Property Trust REIT |
|
| 9,291 |
|
| 452,658 |
|
Mack-Cali Realty Corp REIT |
|
| 16,026 |
|
| 763,318 |
|
Maguire Properties Inc REIT |
|
| 700 |
|
| 24,892 |
|
Mid-America Apartment Communities Inc REIT |
|
| 2,910 |
|
| 163,717 |
|
Parkway Properties Inc REIT |
|
| 708 |
|
| 36,993 |
|
Plum Creek Timber Co Inc REIT |
|
| 11,543 |
|
| 455,025 |
|
Post Properties Inc REIT |
|
| 13,928 |
|
| 636,928 |
|
ProLogis REIT |
|
| 8,007 |
|
| 519,895 |
|
Public Storage Inc REIT |
|
| 9,057 |
|
| 857,426 |
|
Ramco-Gershenson Properties Trust REIT |
|
| 920 |
|
| 32,853 |
|
Regency Centers Corp REIT |
|
| 10,745 |
|
| 897,745 |
|
Republic Property Trust REIT |
|
| 5,910 |
|
| 67,906 |
|
Senior Housing Properties Trust REIT |
|
| 17,170 |
|
| 410,363 |
|
Simon Property Group Inc REIT |
|
| 25,880 |
|
| 2,879,150 |
|
SL Green Realty Corp REIT |
|
| 1,101 |
|
| 151,035 |
|
Sovran Self Storage Inc REIT |
|
| 755 |
|
| 41,835 |
|
Strategic Hotels & Resorts Inc REIT |
|
| 28,657 |
|
| 655,386 |
|
Sunstone Hotel Investors Inc REIT |
|
| 6,761 |
|
| 184,305 |
|
Taubman Centers Inc REIT |
|
| 2,244 |
|
| 130,130 |
|
The Macerich Co REIT |
|
| 10,873 |
|
| 1,004,230 |
|
Universal Health Realty Income Trust REIT |
|
| 3,000 |
|
| 107,250 |
|
Vornado Realty Trust REIT |
|
| 8,895 |
|
| 1,061,529 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 27,063,872 |
|
|
|
|
|
|
| ||
Health Care - 2.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assisted Living Concepts Inc ‘A’ * |
|
| 5,800 |
|
| 68,440 |
|
Manor Care Inc |
|
| 1,930 |
|
| 104,915 |
|
Sunrise Senior Living REIT (Canada) |
|
| 29,740 |
|
| 433,907 |
|
Tenet Healthcare Corp * |
|
| 23,020 |
|
| 148,019 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 755,281 |
|
|
|
|
|
|
| ||
Materials & Processing - 1.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Homes Corp |
|
| 3,657 |
|
| 117,390 |
|
Forest City Enterprises Inc ‘A’ |
|
| 6,645 |
|
| 439,766 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 557,156 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(Cost $22,862,984) |
|
|
|
|
| 31,297,438 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 2.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 2.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds Institutional TempFund |
|
| 652,575 |
|
| 652,575 |
|
|
|
|
|
|
| ||
Total Short-Term Investment |
|
|
|
|
|
|
|
(Cost $652,575) |
|
|
|
|
| 652,575 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.80% |
|
|
|
|
|
|
|
(Cost $23,515,559) |
|
|
|
|
| 31,950,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.20% |
|
|
|
|
| 64,070 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
NET ASSETS - 100.00% |
|
|
|
| $ | 32,014,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note to Schedule of Investments |
| ||||||
|
| ||||||
(a) As of March 31, 2007, the Fund was diversified by property sector as a percentage of net assets as follows: |
| ||||||
|
|
|
|
|
|
|
|
Retail |
|
|
|
|
| 21.86 | % |
Office/Industrial |
|
|
|
|
| 21.50 | % |
Residential |
|
|
|
|
| 20.62 | % |
Lodging |
|
|
|
|
| 18.79 | % |
Diversified |
|
|
|
|
| 6.27 | % |
Health Care/Assisted Living |
|
|
|
|
| 4.49 | % |
Self-Storage |
|
|
|
|
| 2.81 | % |
Short-Term Investment |
|
|
|
|
| 2.04 | % |
Land |
|
|
|
|
| 1.42 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 99.80 | % |
Other Assets & Liabilities, Net |
|
|
|
|
| 0.20 | % |
|
|
|
|
|
| ||
|
|
|
|
|
| 100.00 | % |
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of references, symbols and terms, if any, on page C-41 |
C-40
|
PACIFIC LIFE FUNDS (1) |
|
|
Explanation of References and Symbols for Schedules of Investments | |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
* | Non-income producing securities. |
|
|
+ | Securities were fair valued under procedures established by the Pacific Life Funds’ Board of Trustees, including considerations to determine fair values for certain foreign securities. See Note 2A to Financial Statements. |
|
|
~ | 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. |
|
|
“ | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. |
|
|
^ | Securities with their principal amount adjusted for inflation. |
|
|
§ | Variable rate securities. The rate shown is based on the latest available information as of March 31, 2007. |
|
|
± | Securities are grouped by coupon rate and represent a range of maturities. |
|
|
‡ | Securities were fully/partially segregated with the broker(s)/custodian to cover margin requirements for open futures contracts as of March 31, 2007. |
|
|
r | A portion of this security is subject to call/put options written. |
|
|
ø | Securities were fully/partially segregated with the broker(s)/custodian as collateral for option contracts as of March 31, 2007. |
|
|
¸ | Underlying municipal bond security transferred to a Tender Option Bond Trust. See Note 2Q to Financial Statements. |
|
|
| Explanation of Terms for Schedules of Investments |
|
|
Currency Abbreviations: | |
| |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNY | Chinese Renminbi |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
KRW | Korean Won |
MXN | Mexican Peso |
NZD | New Zealand Dollar |
PLN | Polish Zloty |
RUB | Russian Ruble |
SGD | Singapore Dollars |
USD | United States Dollar |
|
|
Other Abbreviations: | |
| |
ADR | American Depositary Receipt |
CBOT | Chicago Board of Trade |
CME | Chicago Mercantile Exchange |
CPI | Consumer Price Index |
CVA | Certificaten Van Aandelen (Dutch Certificate) |
FDR | Fiduciary Depositary Receipt |
GDR | Global Depositary Receipt |
LIBOR | London Interbank Offered Rate |
‘NY’ | New York Shares |
NYSE | New York Stock Exchange |
OTC | Over the Counter |
REIT | Real Estate Investment Trust |
RNC | Riparmio Non-Convertible (Non-Convertible savings shares on Italian Stock Exchanges) |
TSE | Toronto Stock Exchange |
XVTX | Virt-X Pan-European Stock Exchange |
See Notes to Financial Statements
C-41
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Money |
| PL International |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 29,848,758 |
| $ | 75,160,539 |
| $ | 302,023,005 |
| $ | 323,133,210 |
| $ | 136,264,691 |
| $ | 21,072,006 |
| $ | 64,835,323 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 30,767,305 |
| $ | 80,038,348 |
| $ | 329,102,763 |
| $ | 358,074,662 |
| $ | 153,766,991 |
| $ | 21,072,006 |
| $ | 76,754,014 |
|
Cash (2) |
|
| 25,871 |
|
| 578,505 |
|
| 367,712 |
|
| 343,039 |
|
| 129,439 |
|
| — |
|
| 3,149,407 |
|
Foreign currency held, at value (3) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 65,121 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 69,667 |
|
| 120,796 |
|
| 312,300 |
|
| 165,998 |
|
| 1,795 |
|
| 15,800 |
|
| 316,624 |
|
Foreign tax reclaim |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 122,822 |
|
Fund shares sold |
|
| 345,959 |
|
| 409,929 |
|
| 2,210,428 |
|
| 2,554,282 |
|
| 1,524,668 |
|
| 63,210 |
|
| 37,466 |
|
Securities sold |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 160,390 |
|
Variation margin |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 20,639 |
|
Due from adviser |
|
| 8,099 |
|
| 39,584 |
|
| 152,093 |
|
| 169,259 |
|
| 80,575 |
|
| 6,551 |
|
| 34,170 |
|
Prepaid expenses and other assets |
|
| 14,619 |
|
| 5,285 |
|
| 19,226 |
|
| 20,051 |
|
| 7,691 |
|
| 1,267 |
|
| 5,082 |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 31,231,520 |
|
| 81,192,447 |
|
| 332,164,522 |
|
| 361,327,291 |
|
| 155,511,159 |
|
| 21,158,834 |
|
| 80,665,735 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 13,327 |
|
| 128,295 |
|
| 468,874 |
|
| 544,134 |
|
| 209,219 |
|
| 14,549 |
|
| 3,400 |
|
Securities purchased |
|
| 94,822 |
|
| 698,893 |
|
| 678,626 |
|
| 506,820 |
|
| 129,439 |
|
| — |
|
| 1,288,836 |
|
Income distributions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,370 |
|
| — |
|
Accrued advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 7,659 |
|
| 55,336 |
|
Accrued administration fees |
|
| 8,596 |
|
| 23,296 |
|
| 95,767 |
|
| 103,680 |
|
| 43,776 |
|
| 6,702 |
|
| 22,785 |
|
Accrued support services |
|
| 3,274 |
|
| 9,604 |
|
| 36,670 |
|
| 39,071 |
|
| 15,934 |
|
| 2,183 |
|
| 8,731 |
|
Accrued custodian fees |
|
| 5,410 |
|
| 7,037 |
|
| 7,521 |
|
| 7,494 |
|
| 6,176 |
|
| 11,792 |
|
| 19,173 |
|
Accrued legal and audit fees |
|
| 6,417 |
|
| 18,922 |
|
| 72,278 |
|
| 77,009 |
|
| 31,245 |
|
| 4,292 |
|
| 15,551 |
|
Accrued deferred trustee compensation |
|
| 1,486 |
|
| 3,727 |
|
| 12,075 |
|
| 11,858 |
|
| 4,601 |
|
| 8,382 |
|
| 10,205 |
|
Accrued distribution and/or service fees |
|
| 2,347 |
|
| 5,279 |
|
| 22,007 |
|
| 24,640 |
|
| 9,708 |
|
| 858 |
|
| 3,504 |
|
Accrued transfer agency out-of-pocket expenses |
|
| 4,161 |
|
| 12,240 |
|
| 47,736 |
|
| 51,080 |
|
| 20,810 |
|
| 2,605 |
|
| 10,303 |
|
Accrued other |
|
| 1,611 |
|
| 4,328 |
|
| 16,386 |
|
| 17,220 |
|
| 6,975 |
|
| 850 |
|
| 4,728 |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 141,451 |
|
| 911,621 |
|
| 1,457,940 |
|
| 1,383,006 |
|
| 477,883 |
|
| 61,242 |
|
| 1,442,552 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 31,090,069 |
| $ | 80,280,826 |
| $ | 330,706,582 |
| $ | 359,944,285 |
| $ | 155,033,276 |
| $ | 21,097,592 |
| $ | 79,223,183 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Includes margin deposits of $79,300 segregated for futures contracts in the PL International Value Fund. |
|
|
(3) | Foreign currency held at cost for the PL International Value Fund was $64,879. |
See Notes to Financial Statements
D-1
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Money |
| PL International |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 30,166,525 |
| $ | 74,507,712 |
| $ | 298,880,580 |
| $ | 318,216,410 |
| $ | 134,367,003 |
| $ | 21,088,877 |
| $ | 67,237,208 |
|
Undistributed/accumulated net investment income (loss) |
|
| 134,080 |
|
| 227,946 |
|
| 440,032 |
|
| 27,567 |
|
| (4,979 | ) |
| 8,809 |
|
| 93,511 |
|
Undistributed/accumulated net realized gain (loss) |
|
| (129,083 | ) |
| 667,359 |
|
| 4,306,212 |
|
| 6,758,856 |
|
| 3,168,952 |
|
| (94 | ) |
| (55,809 | ) |
Net unrealized appreciation on investments and assets and liabilities in foreign currencies |
|
| 918,547 |
|
| 4,877,809 |
|
| 27,079,758 |
|
| 34,941,452 |
|
| 17,502,300 |
|
| — |
|
| 11,948,273 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 31,090,069 |
| $ | 80,280,826 |
| $ | 330,706,582 |
| $ | 359,944,285 |
| $ | 155,033,276 |
| $ | 21,097,592 |
| $ | 79,223,183 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 11,730,156 |
| $ | 36,345,490 |
| $ | 149,905,459 |
| $ | 158,754,173 |
| $ | 75,546,009 |
| $ | 21,097,592 |
| $ | 77,126,793 |
|
Shares of beneficial interest outstanding |
|
| 1,116,339 |
|
| 3,241,673 |
|
| 12,413,718 |
|
| 12,457,626 |
|
| 5,598,839 |
|
| 21,099,461 |
|
| 5,361,204 |
|
Net Asset Value per share* |
| $ | 10.51 |
| $ | 11.21 |
| $ | 12.08 |
| $ | 12.74 |
| $ | 13.49 |
| $ | 1.00 |
| $ | 14.39 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.61 |
|
| 0.65 |
|
| 0.70 |
|
| 0.74 |
|
| 0.79 |
|
| — |
|
| 0.84 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 11.12 |
| $ | 11.86 |
| $ | 12.78 |
| $ | 13.48 |
| $ | 14.28 |
| $ | 1.00 |
| $ | 15.23 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 2,821,695 |
| $ | 12,098,496 |
| $ | 43,774,373 |
| $ | 56,938,058 |
| $ | 23,715,718 |
|
|
|
| $ | 661,816 |
|
Shares of beneficial interest outstanding |
|
| 269,743 |
|
| 1,084,664 |
|
| 3,642,947 |
|
| 4,494,070 |
|
| 1,768,715 |
|
|
|
|
| 47,049 |
|
Net Asset Value and offering price per share* |
| $ | 10.46 |
| $ | 11.15 |
| $ | 12.02 |
| $ | 12.67 |
| $ | 13.41 |
|
|
|
| $ | 14.07 |
|
|
| |||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 16,322,186 |
| $ | 30,463,606 |
| $ | 134,694,900 |
| $ | 143,280,687 |
| $ | 55,389,319 |
|
|
|
| $ | 1,434,574 |
|
Shares of beneficial interest outstanding |
|
| 1,561,774 |
|
| 2,730,526 |
|
| 11,222,531 |
|
| 11,329,854 |
|
| 4,132,394 |
|
|
|
|
| 102,029 |
|
Net Asset Value and offering price per share* |
| $ | 10.45 |
| $ | 11.16 |
| $ | 12.00 |
| $ | 12.65 |
| $ | 13.40 |
|
|
|
| $ | 14.06 |
|
|
| |||||||||||||||||||||
Class R Shares:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 216,032 |
| $ | 1,373,234 |
| $ | 2,331,850 |
| $ | 971,367 |
| $ | 382,230 |
|
|
|
|
|
|
|
Shares of beneficial interest outstanding |
|
| 20,579 |
|
| 122,591 |
|
| 193,350 |
|
| 76,223 |
|
| 28,336 |
|
|
|
|
|
|
|
Net Asset Value per share |
| $ | 10.50 |
| $ | 11.20 |
| $ | 12.06 |
| $ | 12.74 |
| $ | 13.49 |
|
|
|
|
|
|
|
|
|
|
|
* | 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 PL Portfolio Optimization Funds only. |
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | PL Money Market Fund offers Class A Shares only and is not subject to a front-end sales load. |
See Notes to Financial Statements
D-2
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL |
| PL Short |
| PL Growth |
| PL Mid-Cap |
| PL |
| PL |
| PL |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost | �� | $ | 48,982,625 |
| $ | 61,242,638 |
| $ | 54,067,943 |
| $ | 66,474,462 |
| $ | 26,933,290 |
| $ | 62,094,767 |
| $ | 36,058,142 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 58,718,808 |
| $ | 61,320,435 |
| $ | 63,305,495 |
| $ | 72,190,008 |
| $ | 30,325,551 |
| $ | 77,940,474 |
| $ | 39,970,703 |
|
Cash (2) |
|
| — |
|
| 5,332,044 |
|
| — |
|
| — |
|
| 662,870 |
|
| — |
|
| 2,250,756 |
|
Foreign currency held, at value (3) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 55,506 |
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 112,445 |
|
| 467,447 |
|
| 56,831 |
|
| 69,150 |
|
| 7,896 |
|
| 211,942 |
|
| 25,385 |
|
Foreign tax reclaim |
|
| 592 |
|
| — |
|
| 12,989 |
|
| — |
|
| — |
|
| 71,199 |
|
| — |
|
Fund shares sold |
|
| 91,848 |
|
| 151,908 |
|
| 78,174 |
|
| 58,682 |
|
| 93,950 |
|
| 82,158 |
|
| 46,280 |
|
Securities sold |
|
| — |
|
| 101,660 |
|
| 28,119 |
|
| 308,628 |
|
| 391,585 |
|
| 339,044 |
|
| 17,607 |
|
Variation margin |
|
| — |
|
| 4,731 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Due from adviser |
|
| 27,532 |
|
| 21,218 |
|
| 26,073 |
|
| 42,038 |
|
| 4,979 |
|
| — |
|
| 23,375 |
|
Prepaid expenses and other assets |
|
| 3,097 |
|
| 4,282 |
|
| 4,001 |
|
| 3,070 |
|
| 1,610 |
|
| 4,851 |
|
| 2,397 |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 58,954,322 |
|
| 67,403,725 |
|
| 63,511,682 |
|
| 72,671,576 |
|
| 31,488,441 |
|
| 78,705,174 |
|
| 42,336,503 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| 2,250 |
|
| — |
|
| 4,833 |
|
| — |
|
| — |
|
| 2,847 |
|
| 800 |
|
Securities purchased |
|
| — |
|
| 35 |
|
| 207,885 |
|
| 1,010,382 |
|
| 443,781 |
|
| 118,983 |
|
| — |
|
Accrued advisory fees |
|
| 41,183 |
|
| 33,530 |
|
| 38,953 |
|
| 50,363 |
|
| 23,430 |
|
| 76,142 |
|
| 34,538 |
|
Accrued administration fees |
|
| 16,958 |
|
| 19,559 |
|
| 18,178 |
|
| 20,738 |
|
| 8,632 |
|
| 22,312 |
|
| 12,088 |
|
Accrued support services |
|
| 6,548 |
|
| 7,421 |
|
| 6,985 |
|
| 8,076 |
|
| 3,274 |
|
| 8,731 |
|
| 4,584 |
|
Accrued custodian fees |
|
| 9,983 |
|
| 6,819 |
|
| 16,462 |
|
| 19,573 |
|
| 16,668 |
|
| 50,894 |
|
| 9,039 |
|
Accrued legal and audit fees |
|
| 12,735 |
|
| 14,757 |
|
| 13,875 |
|
| 15,712 |
|
| 6,448 |
|
| 17,319 |
|
| 9,038 |
|
Accrued foreign capital gains tax |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 9,706 |
|
| — |
|
Accrued deferred trustee compensation |
|
| 11,213 |
|
| 2,973 |
|
| 7,479 |
|
| 1,550 |
|
| 14,672 |
|
| 6,387 |
|
| 5,017 |
|
Accrued distribution and/or service fees |
|
| 2,693 |
|
| 2,805 |
|
| 2,746 |
|
| 2,977 |
|
| 1,420 |
|
| 3,390 |
|
| 1,838 |
|
Accrued transfer agency out-of-pocket expenses |
|
| 7,733 |
|
| 8,716 |
|
| 8,225 |
|
| 9,488 |
|
| 3,883 |
|
| 10,299 |
|
| 5,413 |
|
Accrued other |
|
| 3,464 |
|
| 4,387 |
|
| 3,947 |
|
| 4,328 |
|
| 2,044 |
|
| 5,692 |
|
| 2,587 |
|
Forward foreign currency contracts depreciation |
|
| — |
|
| — |
|
| 8,246 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Outstanding options written, at value (premiums received $2,904) |
|
| — |
|
| — |
|
| 38 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 114,760 |
|
| 101,002 |
|
| 337,852 |
|
| 1,143,187 |
|
| 524,252 |
|
| 332,702 |
|
| 84,942 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 58,839,562 |
| $ | 67,302,723 |
| $ | 63,173,830 |
| $ | 71,528,389 |
| $ | 30,964,189 |
| $ | 78,372,472 |
| $ | 42,251,561 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Includes margin deposits of $57,475 segregated for futures contracts in the PL Short Duration Bond Fund. |
|
|
(3) | Foreign currency held at cost for the PL International Large-Cap Fund was $55,204. |
See Notes to Financial Statements
D-3
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL |
| PL Short |
| PL |
| PL |
| PL |
| PL |
| PL |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 48,805,018 |
| $ | 67,854,406 |
| $ | 53,723,432 |
| $ | 62,196,442 |
| $ | 30,275,562 |
| $ | 60,672,104 |
| $ | 38,336,757 |
|
Undistributed/accumulated net investment income (loss) |
|
| 47,819 |
|
| 10,362 |
|
| (12,937 | ) |
| (1,991 | ) |
| (14,674 | ) |
| (6,423 | ) |
| (5,153 | ) |
Undistributed/accumulated net realized gain (loss) |
|
| 250,505 |
|
| (663,341 | ) |
| 230,755 |
|
| 3,618,392 |
|
| (2,688,960 | ) |
| 1,865,822 |
|
| 7,396 |
|
Net unrealized appreciation on investments and assets and liabilities in foreign currencies |
|
| 9,736,220 |
|
| 101,296 |
|
| 9,232,580 |
|
| 5,715,546 |
|
| 3,392,261 |
|
| 15,840,969 |
|
| 3,912,561 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 58,839,562 |
| $ | 67,302,723 |
| $ | 63,173,830 |
| $ | 71,528,389 |
| $ | 30,964,189 |
| $ | 78,372,472 |
| $ | 42,251,561 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 56,601,294 |
| $ | 66,823,364 |
| $ | 61,954,071 |
| $ | 71,181,483 |
| $ | 29,712,900 |
| $ | 76,806,387 |
| $ | 41,377,716 |
|
Shares of beneficial interest outstanding |
|
| 4,343,490 |
|
| 6,810,466 |
|
| 4,728,093 |
|
| 6,126,051 |
|
| 3,151,617 |
|
| 4,614,726 |
|
| 3,681,626 |
|
Net Asset Value per share* |
| $ | 13.03 |
| $ | 9.81 |
| $ | 13.10 |
| $ | 11.62 |
| $ | 9.43 |
| $ | 16.64 |
| $ | 11.24 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| 0.76 |
|
| 0.57 |
|
| 0.76 |
|
| 0.68 |
|
| 0.55 |
|
| 0.97 |
|
| 0.65 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 13.79 |
| $ | 10.38 |
| $ | 13.86 |
| $ | 12.30 |
| $ | 9.98 |
| $ | 17.61 |
| $ | 11.89 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 686,810 |
| $ | 45,224 |
| $ | 445,125 |
| $ | 94,263 |
| $ | 427,663 |
| $ | 668,434 |
| $ | 441,882 |
|
Shares of beneficial interest outstanding |
|
| 53,597 |
|
| 4,614 |
|
| 34,835 |
|
| 8,210 |
|
| 46,730 |
|
| 41,167 |
|
| 40,512 |
|
Net Asset Value and offering price per share* |
| $ | 12.81 |
| $ | 9.80 |
| $ | 12.78 |
| $ | 11.48 |
| $ | 9.15 |
| $ | 16.24 |
| $ | 10.91 |
|
|
| |||||||||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 1,551,458 |
| $ | 434,135 |
| $ | 774,634 |
| $ | 252,643 |
| $ | 823,626 |
| $ | 897,651 |
| $ | 431,963 |
|
Shares of beneficial interest outstanding |
|
| 121,431 |
|
| 44,341 |
|
| 60,826 |
|
| 22,018 |
|
| 90,133 |
|
| 55,114 |
|
| 39,538 |
|
Net Asset Value and offering price per share* |
| $ | 12.78 |
| $ | 9.79 |
| $ | 12.74 |
| $ | 11.47 |
| $ | 9.14 |
| $ | 16.29 |
| $ | 10.93 |
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
See Notes to Financial Statements
D-4
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL |
| PL |
| PL Managed |
| PL Inflation |
| PL Comstock |
| PL Mid-Cap |
| PL |
| |||||||
|
| |||||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost |
| $ | 79,485,062 |
| $ | 41,840,141 |
| $ | 125,092,228 |
| $ | 97,999,387 |
| $ | 80,415,072 |
| $ | 58,839,675 |
| $ | 23,515,559 |
|
|
| |||||||||||||||||||||
Investments, at value |
| $ | 86,409,461 |
| $ | 51,309,055 |
| $ | 125,184,194 |
| $ | 97,886,998 |
| $ | 89,874,184 |
| $ | 68,409,045 |
| $ | 31,950,013 |
|
Cash |
|
| 1,252,977 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Foreign currency held, at value (2) |
|
| — |
|
| 536,958 |
|
| 1,695,795 |
|
| 208,423 |
|
| — |
|
| 9,793 |
|
| 23,173 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
| 98,539 |
|
| 168,076 |
|
| 370,664 |
|
| 569,553 |
|
| 125,200 |
|
| 30,498 |
|
| 94,144 |
|
Foreign tax reclaim |
|
| — |
|
| 146 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Fund shares sold |
|
| 208,108 |
|
| 42,912 |
|
| 126,531 |
|
| 107,020 |
|
| 196,549 |
|
| 91,812 |
|
| 6,269 |
|
Securities sold |
|
| 3,620,826 |
|
| 143,577 |
|
| 6,460,082 |
|
| 381,870 |
|
| 518,674 |
|
| 35,712 |
|
| 197,300 |
|
Variation margin |
|
| — |
|
| — |
|
| — |
|
| 141 |
|
| — |
|
| — |
|
| — |
|
Securities sold short |
|
| — |
|
| — |
|
| 10,308,893 |
|
| 602,270 |
|
| — |
|
| — |
|
| — |
|
Swap agreements |
|
| — |
|
| — |
|
| 333,985 |
|
| 116,587 |
|
| — |
|
| — |
|
| — |
|
Due from adviser |
|
| 36,042 |
|
| — |
|
| 36,035 |
|
| 24,231 |
|
| 28,280 |
|
| 30,170 |
|
| 19,299 |
|
Forward foreign currency contracts appreciation |
|
| — |
|
| — |
|
| 128,070 |
|
| 16,450 |
|
| — |
|
| — |
|
| — |
|
Prepaid expenses and other assets |
|
| 5,467 |
|
| 2,962 |
|
| 6,586 |
|
| 5,561 |
|
| 5,738 |
|
| 3,674 |
|
| 1,975 |
|
Swap appreciation |
|
| — |
|
| — |
|
| 594,744 |
|
| 314,085 |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Total Assets |
|
| 91,631,420 |
|
| 52,203,686 |
|
| 145,245,579 |
|
| 100,233,189 |
|
| 90,748,625 |
|
| 68,610,704 |
|
| 32,292,173 |
|
|
| |||||||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares redeemed |
|
| — |
|
| — |
|
| 1,355 |
|
| 7,267 |
|
| 2,250 |
|
| 21,155 |
|
| 1,716 |
|
Securities purchased |
|
| 4,329,794 |
|
| 591,506 |
|
| 27,595,117 |
|
| 13,158,804 |
|
| 4,917,284 |
|
| 2,491,806 |
|
| 203,781 |
|
Securities covering shorts |
|
| — |
|
| — |
|
| 8,934,585 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Securities sold short, at value (proceeds $1,391,265 and $591,986, respectively) |
|
| — |
|
| — |
|
| 1,385,751 |
|
| 588,914 |
|
| — |
|
| — |
|
| — |
|
Swap agreements |
|
| — |
|
| — |
|
| 489,825 |
|
| 254,722 |
|
| — |
|
| — |
|
| — |
|
Floating rate certificates |
|
| — |
|
| — |
|
| 150,000 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Variation margin |
|
| — |
|
| — |
|
| 214,057 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Income distributions |
|
| — |
|
| — |
|
| 3,310 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued advisory fees |
|
| 45,868 |
|
| 60,126 |
|
| 53,376 |
|
| 43,419 |
|
| 65,745 |
|
| 48,621 |
|
| 29,796 |
|
Accrued administration fees |
|
| 24,698 |
|
| 14,584 |
|
| 31,136 |
|
| 25,328 |
|
| 24,222 |
|
| 18,908 |
|
| 9,481 |
|
Accrued support services |
|
| 9,386 |
|
| 5,675 |
|
| 12,005 |
|
| 9,604 |
|
| 9,386 |
|
| 7,421 |
|
| 3,711 |
|
Accrued custodian fees |
|
| 42,336 |
|
| 79,132 |
|
| 24,388 |
|
| 16,838 |
|
| 15,377 |
|
| 16,547 |
|
| 13,485 |
|
Accrued legal and audit fees |
|
| 18,684 |
|
| 11,083 |
|
| 23,804 |
|
| 18,941 |
|
| 18,723 |
|
| 14,571 |
|
| 7,322 |
|
Accrued foreign capital gains tax |
|
| — |
|
| 42,911 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued deferred trustee compensation |
|
| 2,198 |
|
| 1,284 |
|
| 17,710 |
|
| 6,738 |
|
| 7,495 |
|
| 8,153 |
|
| 1,181 |
|
Accrued distribution and/or service fees |
|
| 3,565 |
|
| 2,103 |
|
| 5,737 |
|
| 3,982 |
|
| 3,725 |
|
| 3,018 |
|
| 1,371 |
|
Accrued transfer agency out-of-pocket expenses |
|
| 11,019 |
|
| 6,663 |
|
| 14,141 |
|
| 11,588 |
|
| 11,045 |
|
| 8,767 |
|
| 4,357 |
|
Accrued other |
|
| 7,613 |
|
| 12,125 |
|
| 12,414 |
|
| 6,508 |
|
| 4,987 |
|
| 3,806 |
|
| 1,889 |
|
Forward foreign currency contracts depreciation |
|
| — |
|
| — |
|
| 55,919 |
|
| 6,893 |
|
| — |
|
| — |
|
| — |
|
Outstanding options written, at value (premiums received $431,744 and $18,717, respectively) |
|
| — |
|
| — |
|
| 462,615 |
|
| 25,155 |
|
| — |
|
| — |
|
| — |
|
Swap depreciation |
|
| — |
|
| — |
|
| 261,574 |
|
| 70,305 |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Total Liabilities |
|
| 4,495,161 |
|
| 827,192 |
|
| 39,748,819 |
|
| 14,255,006 |
|
| 5,080,239 |
|
| 2,642,773 |
|
| 278,090 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 87,136,259 |
| $ | 51,376,494 |
| $ | 105,496,760 |
| $ | 85,978,183 |
| $ | 85,668,386 |
| $ | 65,967,931 |
| $ | 32,014,083 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Foreign currency held at cost for the PL Emerging Markets, PL Managed Bond, PL Inflation Managed, PL Mid-Cap Growth and PL Real Estate Funds were $533,760, $1,686,209, $206,427, $9,757 and $23,463, respectively. |
See Notes to Financial Statements
D-5
PACIFIC LIFE FUNDS (1)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Main Street |
| PL Emerging |
| PL Managed |
| PL Inflation |
| PL Comstock Fund |
| PL Mid-Cap |
| PL Real Estate |
| |||||||
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 78,759,028 |
| $ | 41,297,926 |
| $ | 104,921,772 |
| $ | 87,667,313 |
| $ | 75,555,157 |
| $ | 53,923,191 |
| $ | 22,429,920 |
|
Undistributed/accumulated net investment income (loss) |
|
| 186,896 |
|
| (23,765 | ) |
| 153,701 |
|
| 516,060 |
|
| 175,463 |
|
| (194,144 | ) |
| (34,379 | ) |
Undistributed/accumulated net realized gain (loss) |
|
| 1,265,936 |
|
| 679,477 |
|
| 20,292 |
|
| (2,460,161 | ) |
| 478,654 |
|
| 2,669,628 |
|
| 1,184,378 |
|
Net unrealized appreciation on investments and assets and liabilities in foreign currencies |
|
| 6,924,399 |
|
| 9,422,856 |
|
| 400,995 |
|
| 254,971 |
|
| 9,459,112 |
|
| 9,569,256 |
|
| 8,434,164 |
|
|
| |||||||||||||||||||||
NET ASSETS |
| $ | 87,136,259 |
| $ | 51,376,494 |
| $ | 105,496,760 |
| $ | 85,978,183 |
| $ | 85,668,386 |
| $ | 65,967,931 |
| $ | 32,014,083 |
|
|
| |||||||||||||||||||||
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
| $ | 87,136,259 |
| $ | 51,376,494 |
| $ | 101,939,919 |
| $ | 82,339,911 |
| $ | 83,788,151 |
| $ | 63,462,268 |
| $ | 31,504,470 |
|
Shares of beneficial interest outstanding |
|
| 7,600,588 |
|
| 3,949,044 |
|
| 10,029,054 |
|
| 8,125,435 |
|
| 5,936,123 |
|
| 5,806,438 |
|
| 2,108,559 |
|
Net Asset Value per share* |
| $ | 11.46 |
| $ | 13.01 |
| $ | 10.16 |
| $ | 10.13 |
| $ | 14.11 |
| $ | 10.93 |
| $ | 14.94 |
|
Sales Charge - Maximum is 5.50% of offering price |
|
| — |
|
| — |
|
| 0.59 |
|
| 0.59 |
|
| 0.82 |
|
| 0.64 |
|
| 0.87 |
|
|
| |||||||||||||||||||||
Maximum offering price per share |
| $ | 11.46 |
| $ | 13.01 |
| $ | 10.75 |
| $ | 10.72 |
| $ | 14.93 |
| $ | 11.57 |
| $ | 15.81 |
|
|
| |||||||||||||||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
| $ | 914,546 |
| $ | 899,702 |
| $ | 685,555 |
| $ | 1,074,704 |
| $ | 176,950 |
|
Shares of beneficial interest outstanding |
|
|
|
|
|
|
|
| 90,162 |
|
| 89,393 |
|
| 49,343 |
|
| 100,973 |
|
| 11,920 |
|
Net Asset Value and offering price per share* |
|
|
|
|
|
|
| $ | 10.14 |
| $ | 10.06 |
| $ | 13.89 |
| $ | 10.64 |
| $ | 14.84 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
| $ | 2,642,295 |
| $ | 2,738,570 |
| $ | 1,194,680 |
| $ | 1,430,959 |
| $ | 332,663 |
|
Shares of beneficial interest outstanding |
|
|
|
|
|
|
|
| 260,154 |
|
| 271,997 |
|
| 86,176 |
|
| 134,775 |
|
| 22,456 |
|
Net Asset Value and offering price per share* |
|
|
|
|
|
|
| $ | 10.16 |
| $ | 10.07 |
| $ | 13.86 |
| $ | 10.62 |
| $ | 14.81 |
|
|
|
|
|
|
|
|
|
|
|
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | PL Main Street Core Fund and PL Emerging Markets Fund offer Class A shares only and are not subject to a front-end sales load. |
See Notes to Financial Statements
D-6
PACIFIC LIFE FUNDS (1)
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Portfolio |
| PL Money |
| PL International |
| |||||||
|
| |||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (2) |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 582 |
| $ | 1,719,769 |
|
Dividends from mutual fund investments |
|
| 697,689 |
|
| 1,480,852 |
|
| 3,962,189 |
|
| 2,794,519 |
|
| 595,492 |
|
| — |
|
| — |
|
Interest |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,057,124 |
|
| 17,077 |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 697,689 |
|
| 1,480,852 |
|
| 3,962,189 |
|
| 2,794,519 |
|
| 595,492 |
|
| 1,057,706 |
|
| 1,736,846 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 81,013 |
|
| 550,773 |
|
Administration fees |
|
| 87,749 |
|
| 241,771 |
|
| 915,817 |
|
| 963,005 |
|
| 386,413 |
|
| 70,886 |
|
| 226,789 |
|
Support services expenses |
|
| 17,528 |
|
| 46,386 |
|
| 161,198 |
|
| 164,464 |
|
| 63,393 |
|
| 15,459 |
|
| 61,244 |
|
Custodian fees and expenses |
|
| 31,912 |
|
| 39,438 |
|
| 48,363 |
|
| 46,899 |
|
| 36,073 |
|
| 41,244 |
|
| 58,200 |
|
Shareholder reports |
|
| 8,046 |
|
| 20,428 |
|
| 69,860 |
|
| 70,069 |
|
| 27,056 |
|
| 7,462 |
|
| 19,668 |
|
Distribution and/or service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 44,586 |
|
| 132,946 |
|
| 495,192 |
|
| 503,432 |
|
| 223,472 |
|
| 50,633 |
|
| 268,862 |
|
Class B |
|
| 22,222 |
|
| 102,704 |
|
| 365,078 |
|
| 449,728 |
|
| 173,238 |
|
| — |
|
| 5,363 |
|
Class C |
|
| 124,766 |
|
| 270,713 |
|
| 1,077,607 |
|
| 1,106,842 |
|
| 397,307 |
|
| — |
|
| 15,800 |
|
Class R (3) |
|
| 629 |
|
| 4,681 |
|
| 5,024 |
|
| 2,938 |
|
| 637 |
|
| — |
|
| — |
|
Transfer agency out-of-pocket expenses |
|
| 18,520 |
|
| 50,373 |
|
| 187,452 |
|
| 193,603 |
|
| 75,769 |
|
| 12,475 |
|
| 40,908 |
|
Registration fees |
|
| 46,481 |
|
| 62,949 |
|
| 77,982 |
|
| 88,542 |
|
| 72,574 |
|
| 24,044 |
|
| 46,118 |
|
Legal and audit fees |
|
| 12,401 |
|
| 32,489 |
|
| 116,041 |
|
| 120,582 |
|
| 48,272 |
|
| 9,068 |
|
| 30,061 |
|
Trustees’ fees and expenses |
|
| 2,944 |
|
| 8,072 |
|
| 28,490 |
|
| 29,429 |
|
| 11,304 |
|
| 2,167 |
|
| 7,233 |
|
Other |
|
| 8,321 |
|
| 15,656 |
|
| 42,464 |
|
| 41,956 |
|
| 18,381 |
|
| 6,099 |
|
| 30,976 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 426,105 |
|
| 1,028,606 |
|
| 3,590,568 |
|
| 3,781,489 |
|
| 1,533,889 |
|
| 320,550 |
|
| 1,361,995 |
|
Adviser Expense Reimbursement |
|
| (233,903 | ) |
| (517,561 | ) |
| (1,647,668 | ) |
| (1,718,549 | ) |
| (739,235 | ) |
| (113,640 | ) |
| (289,007 | ) |
Distribution and/or Service Fees Waiver |
|
| (104,983 | ) |
| (291,443 | ) |
| (1,112,009 | ) |
| (1,168,024 | ) |
| (464,741 | ) |
| — |
|
| — |
|
|
| |||||||||||||||||||||
Net Expenses |
|
| 87,219 |
|
| 219,602 |
|
| 830,891 |
|
| 894,916 |
|
| 329,913 |
|
| 206,910 |
|
| 1,072,988 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME |
|
| 610,470 |
|
| 1,261,250 |
|
| 3,131,298 |
|
| 1,899,603 |
|
| 265,579 |
|
| 850,796 |
|
| 663,858 |
|
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security and forward transactions (2) |
|
| (70,590 | ) |
| (218,897 | ) |
| 116,717 |
|
| (999,288 | ) |
| (221,019 | ) |
| (70 | ) |
| 12,535,199 |
|
Futures contracts and swap transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 63,530 |
|
Foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (127,691 | ) |
Capital gain distributions from mutual fund investments |
|
| 390,703 |
|
| 2,149,939 |
|
| 10,409,602 |
|
| 14,537,836 |
|
| 6,628,343 |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 320,113 |
|
| 1,931,042 |
|
| 10,526,319 |
|
| 13,538,548 |
|
| 6,407,324 |
|
| (70 | ) |
| 12,471,038 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and forwards (2) |
|
| 527,778 |
|
| 2,079,162 |
|
| 10,394,610 |
|
| 13,512,652 |
|
| 7,106,691 |
|
| — |
|
| (1,958,867 | ) |
Futures contracts and swaps |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 20,639 |
|
Foreign currencies |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 17,895 |
|
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| 527,778 |
|
| 2,079,162 |
|
| 10,394,610 |
|
| 13,512,652 |
|
| 7,106,691 |
|
| — |
|
| (1,920,333 | ) |
|
| |||||||||||||||||||||
NET GAIN (LOSS) |
|
| 847,891 |
|
| 4,010,204 |
|
| 20,920,929 |
|
| 27,051,200 |
|
| 13,514,015 |
|
| (70 | ) |
| 10,550,705 |
|
|
| |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 1,458,361 |
| $ | 5,271,454 |
| $ | 24,052,227 |
| $ | 28,950,803 |
| $ | 13,779,594 |
| $ | 850,726 |
| $ | 11,214,563 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Dividends were net of $225,281 foreign tax withheld for the PL International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gain for all these funds. |
|
|
(3) | Class R shares are offered to the PL Portfolio Optimization Funds only. |
See Notes to Financial Statements
D-7
PACIFIC LIFE FUNDS (1)
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Large-Cap |
| PL Short Duration |
| PL Growth LT |
| PL Mid-Cap |
| PL Large-Cap |
| PL International |
| PL Small-Cap |
| |||||||
|
| |||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (2) |
| $ | 986,485 |
| $ | 218,222 |
| $ | 601,080 |
| $ | 775,199 |
| $ | 195,711 |
| $ | 2,168,177 |
| $ | 339,154 |
|
Interest |
|
| — |
|
| 2,318,978 |
|
| 142,530 |
|
| — |
|
| — |
|
| 83,754 |
|
| — |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 986,485 |
|
| 2,537,200 |
|
| 743,610 |
|
| 775,199 |
|
| 195,711 |
|
| 2,251,931 |
|
| 339,154 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 393,325 |
|
| 326,249 |
|
| 383,304 |
|
| 412,414 |
|
| 230,964 |
|
| 655,920 |
|
| 325,156 |
|
Administration fees |
|
| 161,957 |
|
| 190,312 |
|
| 178,875 |
|
| 169,818 |
|
| 85,092 |
|
| 218,640 |
|
| 113,805 |
|
Support services expenses |
|
| 36,018 |
|
| 38,206 |
|
| 35,813 |
|
| 26,557 |
|
| 15,806 |
|
| 43,333 |
|
| 20,993 |
|
Custodian fees and expenses |
|
| 29,541 |
|
| 20,576 |
|
| 46,816 |
|
| 48,641 |
|
| 60,542 |
|
| 140,978 |
|
| 31,669 |
|
Shareholder reports |
|
| 15,956 |
|
| 15,745 |
|
| 13,494 |
|
| 11,410 |
|
| 13,195 |
|
| 17,487 |
|
| 9,723 |
|
Distribution and/or service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 186,722 |
|
| 231,113 |
|
| 212,512 |
|
| 199,539 |
|
| 97,072 |
|
| 260,723 |
|
| 134,343 |
|
Class B |
|
| 6,363 |
|
| 295 |
|
| 4,223 |
|
| 780 |
|
| 4,838 |
|
| 5,463 |
|
| 4,126 |
|
Class C |
|
| 17,092 |
|
| 4,264 |
|
| 10,198 |
|
| 1,729 |
|
| 10,481 |
|
| 9,789 |
|
| 5,209 |
|
Transfer agency out-of-pocket expenses |
|
| 28,107 |
|
| 34,192 |
|
| 33,092 |
|
| 24,793 |
|
| 14,653 |
|
| 39,341 |
|
| 18,995 |
|
Registration fees |
|
| 45,695 |
|
| 44,571 |
|
| 43,110 |
|
| 44,092 |
|
| 42,301 |
|
| 43,787 |
|
| 42,404 |
|
Legal and audit fees |
|
| 20,352 |
|
| 24,248 |
|
| 22,654 |
|
| 21,971 |
|
| 12,344 |
|
| 28,607 |
|
| 13,404 |
|
Trustees’ fees and expenses |
|
| 4,802 |
|
| 6,056 |
|
| 5,857 |
|
| 4,210 |
|
| 2,464 |
|
| 6,979 |
|
| 3,347 |
|
Other |
|
| 14,496 |
|
| 17,631 |
|
| 16,235 |
|
| 11,263 |
|
| 11,003 |
|
| 23,249 |
|
| 9,604 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 960,426 |
|
| 953,458 |
|
| 1,006,183 |
|
| 977,217 |
|
| 600,755 |
|
| 1,494,296 |
|
| 732,778 |
|
Adviser Expense Reimbursement |
|
| (193,610 | ) |
| (197,905 | ) |
| (213,449 | ) |
| (198,479 | ) |
| (170,991 | ) |
| (339,401 | ) |
| (149,587 | ) |
|
| |||||||||||||||||||||
Net Expenses |
|
| 766,816 |
|
| 755,553 |
|
| 792,734 |
|
| 778,738 |
|
| 429,764 |
|
| 1,154,895 |
|
| 583,191 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 219,669 |
|
| 1,781,647 |
|
| (49,124 | ) |
| (3,539 | ) |
| (234,053 | ) |
| 1,097,036 |
|
| (244,037 | ) |
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security and forward transactions (2) |
|
| 1,393,224 |
|
| (30,387 | ) |
| 945,094 |
|
| 4,622,649 |
|
| (2,236,847 | ) |
| 5,548,583 |
|
| 15,580 |
|
Futures contracts and swap transactions |
|
| — |
|
| (107,411 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Written option transactions |
|
| — |
|
| — |
|
| 14,602 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Foreign currency transactions |
|
| (51 | ) |
| — |
|
| (17,329 | ) |
| — |
|
| — |
|
| (25,655 | ) |
| — |
|
|
| |||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 1,393,173 |
|
| (137,798 | ) |
| 942,367 |
|
| 4,622,649 |
|
| (2,236,847 | ) |
| 5,522,928 |
|
| 15,580 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and forwards (2) |
|
| 3,751,703 |
|
| 352,710 |
|
| 3,194,901 |
|
| 4,064,941 |
|
| 1,980,347 |
|
| 4,203,777 |
|
| 1,522,847 |
|
Futures contracts and swaps |
|
| — |
|
| 82,023 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Written options |
|
| — |
|
| — |
|
| 2,866 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Foreign currencies |
|
| 55 |
|
| — |
|
| 573 |
|
| — |
|
| — |
|
| 3,423 |
|
| — |
|
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation |
|
| 3,751,758 |
|
| 434,733 |
|
| 3,198,340 |
|
| 4,064,941 |
|
| 1,980,347 |
|
| 4,207,200 |
|
| 1,522,847 |
|
|
| |||||||||||||||||||||
NET GAIN (LOSS) |
|
| 5,144,931 |
|
| 296,935 |
|
| 4,140,707 |
|
| 8,687,590 |
|
| (256,500 | ) |
| 9,730,128 |
|
| 1,538,427 |
|
|
| |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 5,364,600 |
| $ | 2,078,582 |
| $ | 4,091,583 |
| $ | 8,684,051 |
| ($ | 490,553 | ) | $ | 10,827,164 |
| $ | 1,294,390 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Dividends were net of $13,906, $0, $10,284, $0, $0, $183,546 and $2,004 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PL International Large-Cap Fund are net of foreign capital gains tax withheld of $126. Change in unrealized appreciation (depreciation) on securities for the PL International Large-Cap Fund are net of increase in deferred foreign capital gains tax of $8,032. |
See Notes to Financial Statements
D-8
PACIFIC LIFE FUNDS (1)
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Main Street |
| PL Emerging |
| PL Managed |
| PL Inflation |
| PL Comstock |
| PL Mid-Cap |
| PL Real Estate |
| |||||||
|
| |||||||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends, net of foreign taxes withheld (2) |
| $ | 1,312,801 |
| $ | 908,705 |
| $ | 145,815 |
| $ | 68,592 |
| $ | 1,659,455 |
| $ | 455,109 |
| $ | 582,063 |
|
Interest |
|
| — |
|
| — |
|
| 4,037,459 |
|
| 2,811,419 |
|
| 211,412 |
|
| 82,225 |
|
| — |
|
|
| |||||||||||||||||||||
Total Investment Income |
|
| 1,312,801 |
|
| 908,705 |
|
| 4,183,274 |
|
| 2,880,011 |
|
| 1,870,867 |
|
| 537,334 |
|
| 582,063 |
|
|
| |||||||||||||||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees |
|
| 433,673 |
|
| 399,616 |
|
| 514,800 |
|
| 433,278 |
|
| 667,472 |
|
| 467,910 |
|
| 296,528 |
|
Administration fees |
|
| 233,516 |
|
| 139,866 |
|
| 300,300 |
|
| 252,746 |
|
| 245,911 |
|
| 181,965 |
|
| 94,350 |
|
Support services expenses |
|
| 46,960 |
|
| 34,707 |
|
| 58,451 |
|
| 51,294 |
|
| 48,362 |
|
| 32,869 |
|
| 18,408 |
|
Custodian fees and expenses |
|
| 134,070 |
|
| 246,092 |
|
| 77,785 |
|
| 55,531 |
|
| 55,801 |
|
| 46,308 |
|
| 35,543 |
|
Shareholder reports |
|
| 14,269 |
|
| 8,048 |
|
| 24,247 |
|
| 21,215 |
|
| 18,697 |
|
| 14,366 |
|
| 7,879 |
|
Distribution and/or service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 283,859 |
|
| 170,381 |
|
| 353,305 |
|
| 290,049 |
|
| 294,844 |
|
| 208,000 |
|
| 113,777 |
|
Class B |
|
| — |
|
| — |
|
| 9,296 |
|
| 11,609 |
|
| 6,136 |
|
| 9,626 |
|
| 1,347 |
|
Class C |
|
| — |
|
| — |
|
| 23,256 |
|
| 35,497 |
|
| 10,860 |
|
| 19,992 |
|
| 2,077 |
|
Transfer agency out-of-pocket expenses |
|
| 41,305 |
|
| 23,341 |
|
| 55,344 |
|
| 49,420 |
|
| 47,026 |
|
| 31,437 |
|
| 17,294 |
|
Registration fees |
|
| 747 |
|
| 458 |
|
| 44,109 |
|
| 46,065 |
|
| 44,061 |
|
| 43,121 |
|
| 43,442 |
|
Legal and audit fees |
|
| 28,948 |
|
| 16,830 |
|
| 38,646 |
|
| 32,590 |
|
| 31,013 |
|
| 22,985 |
|
| 12,194 |
|
Trustees’ fees and expenses |
|
| 7,326 |
|
| 4,215 |
|
| 9,649 |
|
| 8,662 |
|
| 8,292 |
|
| 5,462 |
|
| 2,984 |
|
Offering expenses |
|
| 2,804 |
|
| 6,504 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other |
|
| 26,299 |
|
| 72,760 |
|
| 69,519 |
|
| 24,028 |
|
| 16,450 |
|
| 12,392 |
|
| 9,077 |
|
|
| |||||||||||||||||||||
Total Expenses |
|
| 1,253,776 |
|
| 1,122,818 |
|
| 1,578,707 |
|
| 1,311,984 |
|
| 1,494,925 |
|
| 1,096,433 |
|
| 654,900 |
|
Adviser Expense Reimbursement |
|
| (300,236 | ) |
| (411,421 | ) |
| (365,613 | ) |
| (282,559 | ) |
| (263,118 | ) |
| (207,435 | ) |
| (144,757 | ) |
|
| |||||||||||||||||||||
Net Expenses |
|
| 953,540 |
|
| 711,397 |
|
| 1,213,094 |
|
| 1,029,425 |
|
| 1,231,807 |
|
| 888,998 |
|
| 510,143 |
|
|
| |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
|
| 359,261 |
|
| 197,308 |
|
| 2,970,180 |
|
| 1,850,586 |
|
| 639,060 |
|
| (351,664 | ) |
| 71,920 |
|
|
| |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment security and forward transactions (2) |
|
| 1,784,183 |
|
| 1,437,975 |
|
| (97,413 | ) |
| (839,472 | ) |
| 1,323,581 |
|
| 4,343,073 |
|
| 2,694,144 |
|
Closed short positions |
|
| — |
|
| — |
|
| 9,892 |
|
| (9,198 | ) |
| — |
|
| — |
|
| — |
|
Futures contracts and swap transactions |
|
| — |
|
| — |
|
| 388,664 |
|
| (218,152 | ) |
| — |
|
| — |
|
| — |
|
Written option transactions |
|
| — |
|
| — |
|
| 114,833 |
|
| 66,349 |
|
| — |
|
| — |
|
| — |
|
Foreign currency transactions |
|
| (440 | ) |
| (109,405 | ) |
| 114,642 |
|
| 132,325 |
|
| — |
|
| (6,739 | ) |
| 2 |
|
|
| |||||||||||||||||||||
Net Realized Gain (Loss) |
|
| 1,783,743 |
|
| 1,328,570 |
|
| 530,618 |
|
| (868,148 | ) |
| 1,323,581 |
|
| 4,336,334 |
|
| 2,694,146 |
|
|
| |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and forwards (2) |
|
| 3,915,571 |
|
| 4,956,240 |
|
| 1,105,123 |
|
| 1,602,476 |
|
| 6,378,532 |
|
| (1,275,152 | ) |
| 2,814,325 |
|
Short positions |
|
| — |
|
| — |
|
| (1,445 | ) |
| 527 |
|
| — |
|
| — |
|
| — |
|
Futures contracts and swaps |
|
| — |
|
| — |
|
| 380,657 |
|
| 285,033 |
|
| — |
|
| — |
|
| — |
|
Written options |
|
| — |
|
| — |
|
| (72,771 | ) |
| (2,887 | ) |
| — |
|
| — |
|
| — |
|
Foreign currencies |
|
| — |
|
| (3,057 | ) |
| 8,079 |
|
| 1,951 |
|
| — |
|
| (113 | ) |
| (290 | ) |
|
| |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) |
|
| 3,915,571 |
|
| 4,953,183 |
|
| 1,419,643 |
|
| 1,887,100 |
|
| 6,378,532 |
|
| (1,275,265 | ) |
| 2,814,035 |
|
|
| |||||||||||||||||||||
NET GAIN |
|
| 5,699,314 |
|
| 6,281,753 |
|
| 1,950,261 |
|
| 1,018,952 |
|
| 7,702,113 |
|
| 3,061,069 |
|
| 5,508,181 |
|
|
| |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 6,058,575 |
| $ | 6,479,061 |
| $ | 4,920,441 |
| $ | 2,869,538 |
| $ | 8,341,173 |
| $ | 2,709,405 |
| $ | 5,580,101 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Dividends were net of $56, $100,863, $0, $0, $23,691, $4,823 and $6,790 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PL Emerging Markets Fund are net of foreign capital gains tax withheld of $29,112. Change in unrealized appreciation (depreciation) on securities for the PL Emerging Markets Fund are net of decrease in deferred foreign capital gains tax of $91,164. |
See Notes to Financial Statements
D-9
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 610,470 |
| $ | 421,503 |
| $ | 1,261,250 |
| $ | 784,165 |
| $ | 3,131,298 |
| $ | 1,771,031 |
|
Net realized gain |
|
| 320,113 |
|
| 129,138 |
|
| 1,931,042 |
|
| 907,490 |
|
| 10,526,319 |
|
| 3,590,598 |
|
Net change in unrealized appreciation |
|
| 527,778 |
|
| 294,717 |
|
| 2,079,162 |
|
| 1,981,397 |
|
| 10,394,610 |
|
| 13,286,192 |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 1,458,361 |
|
| 845,358 |
|
| 5,271,454 |
|
| 3,673,052 |
|
| 24,052,227 |
|
| 18,647,821 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (276,635 | ) |
| (207,109 | ) |
| (714,716 | ) |
| (462,976 | ) |
| (2,330,189 | ) |
| (1,155,068 | ) |
Class B |
|
| (47,324 | ) |
| (32,392 | ) |
| (199,744 | ) |
| (116,283 | ) |
| (553,061 | ) |
| (299,092 | ) |
Class C |
|
| (276,985 | ) |
| (183,732 | ) |
| (515,437 | ) |
| (285,513 | ) |
| (1,710,064 | ) |
| (822,892 | ) |
Class R (2) |
|
| (4,497 | ) |
| (203 | ) |
| (27,637 | ) |
| (162 | ) |
| (25,977 | ) |
| (139 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (170,635 | ) |
| (29,914 | ) |
| (698,767 | ) |
| (36,613 | ) |
| (3,157,475 | ) |
| (206,873 | ) |
Class B |
|
| (34,753 | ) |
| (5,137 | ) |
| (236,827 | ) |
| (12,228 | ) |
| (1,006,839 | ) |
| (74,990 | ) |
Class C |
|
| (207,525 | ) |
| (28,115 | ) |
| (626,210 | ) |
| (30,034 | ) |
| (2,967,863 | ) |
| (200,137 | ) |
Class R (2) |
|
| (2,580 | ) |
| (5 | ) |
| (22,904 | ) |
| (11 | ) |
| (28,858 | ) |
| (11 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (1,020,934 | ) |
| (486,607 | ) |
| (3,042,242 | ) |
| (943,820 | ) |
| (11,780,326 | ) |
| (2,759,202 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 8,244,974 |
|
| 9,088,361 |
|
| 16,719,836 |
|
| 17,240,990 |
|
| 69,431,900 |
|
| 47,999,401 |
|
Class B |
|
| 1,924,447 |
|
| 992,649 |
|
| 3,789,858 |
|
| 3,829,034 |
|
| 15,091,476 |
|
| 13,368,094 |
|
Class C |
|
| 8,949,176 |
|
| 8,687,538 |
|
| 13,515,370 |
|
| 13,244,683 |
|
| 57,674,987 |
|
| 39,321,633 |
|
Class R (2) |
|
| 215,421 |
|
| 10,021 |
|
| 1,282,297 |
|
| 307,636 |
|
| 2,517,639 |
|
| 12,244 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 388,145 |
|
| 219,456 |
|
| 1,304,546 |
|
| 454,795 |
|
| 5,038,616 |
|
| 1,252,677 |
|
Class B |
|
| 79,301 |
|
| 37,529 |
|
| 391,087 |
|
| 116,412 |
|
| 1,471,898 |
|
| 353,682 |
|
Class C |
|
| 442,950 |
|
| 200,788 |
|
| 1,045,705 |
|
| 302,221 |
|
| 4,410,655 |
|
| 980,599 |
|
Class R (2) |
|
| 7,077 |
|
| 208 |
|
| 50,541 |
|
| 173 |
|
| 54,127 |
|
| 150 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (6,958,344 | ) |
| (7,855,627 | ) |
| (10,974,539 | ) |
| (10,348,146 | ) |
| (25,148,034 | ) |
| (14,827,844 | ) |
Class B |
|
| (1,152,537 | ) |
| (583,459 | ) |
| (1,452,821 | ) |
| (1,992,856 | ) |
| (6,142,133 | ) |
| (3,877,077 | ) |
Class C |
|
| (4,630,408 | ) |
| (6,613,432 | ) |
| (8,824,004 | ) |
| (6,097,870 | ) |
| (21,181,437 | ) |
| (10,626,292 | ) |
Class R (2) |
|
| (20,067 | ) |
| (11 | ) |
| (295,954 | ) |
| (24,020 | ) |
| (337,573 | ) |
| (3 | ) |
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 7,490,135 |
|
| 4,184,021 |
|
| 16,551,922 |
|
| 17,033,052 |
|
| 102,882,121 |
|
| 73,957,264 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 7,927,562 |
|
| 4,542,772 |
|
| 18,781,134 |
|
| 19,762,284 |
|
| 115,154,022 |
|
| 89,845,883 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 23,162,507 |
|
| 18,619,735 |
|
| 61,499,692 |
|
| 41,737,408 |
|
| 215,552,560 |
|
| 125,706,677 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 31,090,069 |
| $ | 23,162,507 |
| $ | 80,280,826 |
| $ | 61,499,692 |
| $ | 330,706,582 |
| $ | 215,552,560 |
|
|
| ||||||||||||||||||
Undistributed Net Investment Income |
| $ | 134,080 |
| $ | 63,556 |
| $ | 227,946 |
| $ | 102,024 |
| $ | 440,032 |
| $ | 128,720 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
| |
(2) | Class R shares commenced operations on September 30, 2005 and are offered to the PL Portfolio Optimization Funds only. |
See Notes to Financial Statements
D-10
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| PL Money Market Fund (2) |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 1,899,603 |
| $ | 894,350 |
| $ | 265,579 |
| $ | 91,212 |
| $ | 850,796 |
| $ | 600,514 |
|
Net realized gain (loss) |
|
| 13,538,548 |
|
| 4,145,865 |
|
| 6,407,324 |
|
| 2,221,777 |
|
| (70 | ) |
| (24 | ) |
Net change in unrealized appreciation |
|
| 13,512,652 |
|
| 17,473,101 |
|
| 7,106,691 |
|
| 8,340,124 |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 28,950,803 |
|
| 22,513,316 |
|
| 13,779,594 |
|
| 10,653,113 |
|
| 850,726 |
|
| 600,490 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (2,178,212 | ) |
| (873,900 | ) |
| (875,422 | ) |
| (297,790 | ) |
| (850,811 | ) |
| (585,460 | ) |
Class B |
|
| (661,394 | ) |
| (251,905 | ) |
| (222,743 | ) |
| (62,760 | ) |
| — |
|
| (4,201 | ) |
Class C |
|
| (1,603,935 | ) |
| (654,629 | ) |
| (515,305 | ) |
| (157,638 | ) |
| — |
|
| (10,853 | ) |
Class R (3) |
|
| (14,236 | ) |
| (118 | ) |
| (3,712 | ) |
| (95 | ) |
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (3,094,854 | ) |
| (276,939 | ) |
| (1,686,286 | ) |
| (125,833 | ) |
| — |
|
| — |
|
Class B |
|
| (1,180,927 | ) |
| (114,447 | ) |
| (554,134 | ) |
| (38,611 | ) |
| — |
|
| — |
|
Class C |
|
| (2,891,629 | ) |
| (291,154 | ) |
| (1,255,129 | ) |
| (107,188 | ) |
| — |
|
| — |
|
Class R (3) |
|
| (19,218 | ) |
| (13 | ) |
| (4,288 | ) |
| (12 | ) |
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (11,644,405 | ) |
| (2,463,105 | ) |
| (5,117,019 | ) |
| (789,927 | ) |
| (850,811 | ) |
| (600,514 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
|
Class A |
|
| 75,706,903 |
|
| 49,232,539 |
|
| 39,855,610 |
|
| 20,370,094 |
|
| 54,952,403 |
|
| 26,799,152 |
|
Class B |
|
| 23,658,914 |
|
| 15,372,124 |
|
| 10,620,731 |
|
| 6,897,377 |
|
| — |
|
| 189,675 |
|
Class C |
|
| 60,228,951 |
|
| 40,732,993 |
|
| 28,678,605 |
|
| 19,453,506 |
|
| — |
|
| 2,003,182 |
|
Class R (3) |
|
| 1,042,626 |
|
| 10,663 |
|
| 403,844 |
|
| 10,011 |
|
| — |
|
| — |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 4,984,854 |
|
| 1,084,413 |
|
| 2,468,954 |
|
| 414,265 |
|
| 796,111 |
|
| 578,993 |
|
Class B |
|
| 1,776,996 |
|
| 353,194 |
|
| 746,498 |
|
| 96,251 |
|
| — |
|
| 4,086 |
|
Class C |
|
| 4,348,738 |
|
| 914,490 |
|
| 1,721,562 |
|
| 258,489 |
|
| — |
|
| 9,277 |
|
Class R (3) |
|
| 33,454 |
|
| 131 |
|
| 8,000 |
|
| 107 |
|
| — |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (23,061,870 | ) |
| (9,067,393 | ) |
| (10,387,010 | ) |
| (4,358,584 | ) |
| (53,943,622 | ) |
| (30,426,529 | ) |
Class B |
|
| (6,476,394 | ) |
| (2,843,443 | ) |
| (1,882,050 | ) |
| (1,643,463 | ) |
| — |
|
| (866,017 | ) |
Class C |
|
| (18,389,160 | ) |
| (7,969,861 | ) |
| (8,893,730 | ) |
| (10,144,931 | ) |
| — |
|
| (5,270,328 | ) |
Class R (3) |
|
| (185,060 | ) |
| (1 | ) |
| (49,623 | ) |
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| 123,668,952 |
|
| 87,819,849 |
|
| 63,291,391 |
|
| 31,353,122 |
|
| 1,804,892 |
|
| (6,978,509 | ) |
|
| ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 140,975,350 |
|
| 107,870,060 |
|
| 71,953,966 |
|
| 41,216,308 |
|
| 1,804,807 |
|
| (6,978,533 | ) |
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 218,968,935 |
|
| 111,098,875 |
|
| 83,079,310 |
|
| 41,863,002 |
|
| 19,292,785 |
|
| 26,271,318 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 359,944,285 |
| $ | 218,968,935 |
| $ | 155,033,276 |
| $ | 83,079,310 |
| $ | 21,097,592 |
| $ | 19,292,785 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) . |
| $ | 27,567 |
| ($ | 9,890 | ) | ($ | 4,979 | ) | ($ | 1,196 | ) | $ | 8,809 |
| $ | 8,824 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Class B and C shares of the PL Money Market Fund were converted to Class A shares on June 29, 2005. In connection with the conversion in the PL Money Market Fund from Class B and Class C to Class A, 783,748 (valued at $783,748) from Class B and 1,237,985 shares (valued at $1,237,935) from Class C were converted for 2,021,733 shares (valued at $2,021,733) of Class A. |
|
|
(3) | Class R shares commenced operations on September 30, 2005 and are offered to the PL Portfolio Optimizations Funds only. |
See Notes to Financial Statements
D-11
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL International Value Fund |
| PL Large-Cap Value Fund |
| PL Short Duration Bond Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 663,858 |
| $ | 541,002 |
| $ | 219,669 |
| $ | 87,415 |
| $ | 1,781,647 |
| $ | 783,522 |
|
Net realized gain (loss) |
|
| 12,471,038 |
|
| 2,431,990 |
|
| 1,393,173 |
|
| 3,080,071 |
|
| (137,798 | ) |
| (369,967 | ) |
Net change in unrealized appreciation (depreciation) |
|
| (1,920,333 | ) |
| 6,061,794 |
|
| 3,751,758 |
|
| 2,107,493 |
|
| 434,733 |
|
| (53,666 | ) |
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 11,214,563 |
|
| 9,034,786 |
|
| 5,364,600 |
|
| 5,274,979 |
|
| 2,078,582 |
|
| 359,889 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (562,992 | ) |
| (285,630 | ) |
| (142,190 | ) |
| (100,824 | ) |
| (1,757,347 | ) |
| (781,958 | ) |
Class B |
|
| (2,781 | ) |
| (389 | ) |
| — |
|
| (785 | ) |
| (829 | ) |
| (413 | ) |
Class C |
|
| (5,436 | ) |
| (2,236 | ) |
| — |
|
| (1,683 | ) |
| (11,144 | ) |
| (8,887 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (13,810,058 | ) |
| (610,482 | ) |
| (3,184,094 | ) |
| (8,349 | ) |
| — |
|
| — |
|
Class B |
|
| (124,102 | ) |
| (4,582 | ) |
| (48,680 | ) |
| (152 | ) |
| — |
|
| — |
|
Class C |
|
| (339,646 | ) |
| (17,324 | ) |
| (145,262 | ) |
| (442 | ) |
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (14,845,015 | ) |
| (920,643 | ) |
| (3,520,226 | ) |
| (112,235 | ) |
| (1,769,320 | ) |
| (791,258 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 17,809,230 |
|
| 26,179,615 |
|
| 19,340,872 |
|
| 20,423,579 |
|
| 27,653,904 |
|
| 23,164,325 |
|
Class B |
|
| 175,895 |
|
| 126,806 |
|
| 93,219 |
|
| 100,259 |
|
| 32,150 |
|
| 32,356 |
|
Class C |
|
| 346,992 |
|
| 463,143 |
|
| 473,500 |
|
| 213,292 |
|
| 614,506 |
|
| 397,990 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 14,280,968 |
|
| 892,078 |
|
| 3,307,859 |
|
| 108,484 |
|
| 1,757,347 |
|
| 781,958 |
|
Class B |
|
| 123,687 |
|
| 4,799 |
|
| 48,496 |
|
| 914 |
|
| 709 |
|
| 357 |
|
Class C |
|
| 340,637 |
|
| 19,292 |
|
| 141,759 |
|
| 2,121 |
|
| 11,076 |
|
| 7,879 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (9,105,236 | ) |
| (28,067,047 | ) |
| (2,272,360 | ) |
| (41,430,393 | ) |
| (7,842,318 | ) |
| (13,908,845 | ) |
Class B |
|
| (31,148 | ) |
| (208,681 | ) |
| (49,531 | ) |
| (91,489 | ) |
| (8,228 | ) |
| (24,781 | ) |
Class C |
|
| (719,714 | ) |
| (353,815 | ) |
| (720,101 | ) |
| (330,609 | ) |
| (779,397 | ) |
| (391,123 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| 23,221,311 |
|
| (943,810 | ) |
| 20,363,713 |
|
| (21,003,842 | ) |
| 21,439,749 |
|
| 10,060,116 |
|
|
| ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 19,590,859 |
|
| 7,170,333 |
|
| 22,208,087 |
|
| (15,841,098 | ) |
| 21,749,011 |
|
| 9,628,747 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 59,632,324 |
|
| 52,461,991 |
|
| 36,631,475 |
|
| 52,472,573 |
|
| 45,553,712 |
|
| 35,924,965 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 79,223,183 |
| $ | 59,632,324 |
| $ | 58,839,562 |
| $ | 36,631,475 |
| $ | 67,302,723 |
| $ | 45,553,712 |
|
|
|
| |||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) . |
| $ | 93,511 |
| $ | 119,119 |
| $ | 47,819 |
| ($ | 11,587 | ) | $ | 10,362 |
| ($ | 1,965 | ) |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
See Notes to Financial Statements
D-12
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Growth LT Fund |
| PL Mid-Cap Value Fund |
| PL Large-Cap Growth Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss |
| ($ | 49,124 | ) | ($ | 142,199 | ) | ($ | 3,539 | ) | ($ | 44,010 | ) | ($ | 234,053 | ) | ($ | 232,085 | ) |
Net realized gain (loss) |
|
| 942,367 |
|
| 1,295,843 |
|
| 4,622,649 |
|
| 1,693,598 |
|
| (2,236,847 | ) |
| 4,784,811 |
|
Net change in unrealized appreciation (depreciation) |
|
| 3,198,340 |
|
| 3,259,706 |
|
| 4,064,941 |
|
| 1,698,565 |
|
| 1,980,347 |
|
| (1,484,020 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 4,091,583 |
|
| 4,413,350 |
|
| 8,684,051 |
|
| 3,348,153 |
|
| (490,553 | ) |
| 3,068,706 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
| — |
|
| (19,869 | ) |
| — |
|
| — |
|
Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Class C |
|
| — |
|
| — |
|
| — |
|
| (59 | ) |
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (415,079 | ) |
| — |
|
| (1,529,217 | ) |
| (1,230,191 | ) |
| (1,924,708 | ) |
| — |
|
Class B |
|
| (3,360 | ) |
| — |
|
| (3,018 | ) |
| (2,960 | ) |
| (52,141 | ) |
| — |
|
Class C |
|
| (8,973 | ) |
| — |
|
| (6,679 | ) |
| (7,028 | ) |
| (112,916 | ) |
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (427,412 | ) |
| — |
|
| (1,538,914 | ) |
| (1,260,107 | ) |
| (2,089,765 | ) |
| — |
|
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 21,131,131 |
|
| 27,671,881 |
|
| 39,592,797 |
|
| 11,590,066 |
|
| 14,786,880 |
|
| 11,125,992 |
|
Class B |
|
| 59,648 |
|
| 73,432 |
|
| 25,010 |
|
| 38,014 |
|
| 21,517 |
|
| 128,630 |
|
Class C |
|
| 518,612 |
|
| 1,182,947 |
|
| 129,342 |
|
| 147,705 |
|
| 187,864 |
|
| 465,243 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 414,498 |
|
| — |
|
| 1,528,174 |
|
| 1,247,915 |
|
| 1,919,528 |
|
| — |
|
Class B |
|
| 3,351 |
|
| — |
|
| 2,976 |
|
| 2,960 |
|
| 49,084 |
|
| — |
|
Class C |
|
| 8,716 |
|
| — |
|
| 6,253 |
|
| 6,862 |
|
| 105,750 |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (6,874,064 | ) |
| (7,770,226 | ) |
| (1,049,855 | ) |
| (16,380,349 | ) |
| (4,108,738 | ) |
| (39,854,311 | ) |
Class B |
|
| (57,865 | ) |
| (89,586 | ) |
| (5,146 | ) |
| (12,791 | ) |
| (150,894 | ) |
| (96,115 | ) |
Class C |
|
| (732,124 | ) |
| (873,683 | ) |
| (29,389 | ) |
| (106,119 | ) |
| (880,473 | ) |
| (264,451 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| 14,471,903 |
|
| 20,194,765 |
|
| 40,200,162 |
|
| (3,465,737 | ) |
| 11,930,518 |
|
| (28,495,012 | ) |
|
| ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS |
|
| 18,136,074 |
|
| 24,608,115 |
|
| 47,345,299 |
|
| (1,377,691 | ) |
| 9,350,200 |
|
| (25,426,306 | ) |
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 45,037,756 |
|
| 20,429,641 |
|
| 24,183,090 |
|
| 25,560,781 |
|
| 21,613,989 |
|
| 47,040,295 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 63,173,830 |
| $ | 45,037,756 |
| $ | 71,528,389 |
| $ | 24,183,090 |
| $ | 30,964,189 |
| $ | 21,613,989 |
|
|
| ||||||||||||||||||
Accumulated Net Investment Loss |
| ($ | 12,937 | ) | ($ | 18,995 | ) | ($ | 1,991 | ) | ($ | 1,292 | ) | ($ | 14,674 | ) | ($ | 20,495 | ) |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
See Notes to Financial Statements
D-13
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL International Large-Cap Fund |
| PL Small-Cap Growth Fund |
| PL Main Street Core Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 1,097,036 |
| ($ | 16,605 | ) | ($ | 244,037 | ) | ($ | 137,205 | ) | $ | 359,261 |
| $ | 59,313 |
|
Net realized gain . |
|
| 5,522,928 |
|
| 2,573,549 |
|
| 15,580 |
|
| 683,647 |
|
| 1,783,743 |
|
| 388,155 |
|
Net change in unrealized appreciation |
|
| 4,207,200 |
|
| 7,196,893 |
|
| 1,522,847 |
|
| 2,034,957 |
|
| 3,915,571 |
|
| 3,008,828 |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 10,827,164 |
|
| 9,753,837 |
|
| 1,294,390 |
|
| 2,581,399 |
|
| 6,058,575 |
|
| 3,456,296 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (1,185,122 | ) |
| (119,809 | ) |
| — |
|
| — |
|
| (196,087 | ) |
| (74,605 | ) |
Class B |
|
| (9,355 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Class C |
|
| (12,735 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (4,861,022 | ) |
| (728,896 | ) |
| (25,606 | ) |
| (1,597,397 | ) |
| (906,200 | ) |
| — |
|
Class B |
|
| (44,159 | ) |
| (6,357 | ) |
| (444 | ) |
| (53,879 | ) |
| — |
|
| — |
|
Class C |
|
| (75,957 | ) |
| (12,331 | ) |
| (614 | ) |
| (104,373 | ) |
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (6,188,350 | ) |
| (867,393 | ) |
| (26,664 | ) |
| (1,755,649 | ) |
| (1,102,287 | ) |
| (74,605 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 20,900,912 |
|
| 20,720,796 |
|
| 23,266,818 |
|
| 15,136,648 |
|
| 31,238,042 |
|
| 60,118,138 |
|
Class B |
|
| 217,066 |
|
| 109,987 |
|
| 63,917 |
|
| 125,718 |
|
| — |
|
| — |
|
Class C |
|
| 471,697 |
|
| 360,946 |
|
| 179,302 |
|
| 86,036 |
|
| — |
|
| — |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 6,024,062 |
|
| 844,826 |
|
| 25,560 |
|
| 1,575,875 |
|
| 1,102,287 |
|
| 74,605 |
|
Class B |
|
| 53,514 |
|
| 6,152 |
|
| 444 |
|
| 53,879 |
|
| — |
|
| — |
|
Class C |
|
| 86,997 |
|
| 12,147 |
|
| 614 |
|
| 103,005 |
|
| — |
|
| — |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (7,377,448 | ) |
| (15,710,900 | ) |
| (7,408,606 | ) |
| (472,672 | ) |
| (4,090,073 | ) |
| (9,644,719 | ) |
Class B |
|
| (74,982 | ) |
| (141,072 | ) |
| (45,228 | ) |
| (32,500 | ) |
| — |
|
| — |
|
Class C |
|
| (629,647 | ) |
| (206,799 | ) |
| (280,322 | ) |
| (204,552 | ) |
| — |
|
| — |
|
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 19,672,171 |
|
| 5,996,083 |
|
| 15,802,499 |
|
| 16,371,437 |
|
| 28,250,256 |
|
| 50,548,024 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 24,310,985 |
|
| 14,882,527 |
|
| 17,070,225 |
|
| 17,197,187 |
|
| 33,206,544 |
|
| 53,929,715 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year or Period |
|
| 54,061,487 |
|
| 39,178,960 |
|
| 25,181,336 |
|
| 7,984,149 |
|
| 53,929,715 |
|
| — |
|
|
| ||||||||||||||||||
End of Year or Period |
| $ | 78,372,472 |
| $ | 54,061,487 |
| $ | 42,251,561 |
| $ | 25,181,336 |
| $ | 87,136,259 |
| $ | 53,929,715 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
| ($ | 6,423 | ) | ($ | 27,703 | ) | ($ | 5,153 | ) | ($ | 5,547 | ) | $ | 186,896 |
| $ | 24,162 |
|
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
|
|
(2) | Operations commenced on September 30, 2005. |
See Notes to Financial Statements
D-14
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Emerging Markets Fund |
| PL Managed Bond Fund |
| PL Inflation Managed Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Period Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 197,308 |
| $ | 235,494 |
| $ | 2,970,180 |
| $ | 1,644,794 |
| $ | 1,850,586 |
| $ | 1,846,530 |
|
Net realized gain (loss) |
|
| 1,328,570 |
|
| 1,056,151 |
|
| 530,618 |
|
| 84,018 |
|
| (868,148 | ) |
| (436,425 | ) |
Net change in unrealized appreciation (depreciation) |
|
| 4,953,183 |
|
| 4,469,673 |
|
| 1,419,643 |
|
| (764,445 | ) |
| 1,887,100 |
|
| (2,116,449 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| 6,479,061 |
|
| 5,761,318 |
|
| 4,920,441 |
|
| 964,367 |
|
| 2,869,538 |
|
| (706,344 | ) |
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (148,762 | ) |
| (230,044 | ) |
| (3,244,606 | ) |
| (1,513,717 | ) |
| (1,759,350 | ) |
| (2,386,687 | ) |
Class B |
|
| — |
|
| — |
|
| (30,225 | ) |
| (24,396 | ) |
| (25,531 | ) |
| (60,677 | ) |
Class C |
|
| — |
|
| — |
|
| (79,226 | ) |
| (47,907 | ) |
| (77,259 | ) |
| (194,195 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (1,810,425 | ) |
| (774 | ) |
| — |
|
| — |
|
| — |
|
| (34,299 | ) |
Class B |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1,006 | ) |
Class C |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (3,722 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (1,959,187 | ) |
| (230,818 | ) |
| (3,354,057 | ) |
| (1,586,020 | ) |
| (1,862,140 | ) |
| (2,680,586 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 12,001,372 |
|
| 27,749,239 |
|
| 37,823,707 |
|
| 34,290,082 |
|
| 31,755,968 |
|
| 42,314,028 |
|
Class B |
|
| — |
|
| — |
|
| 38,698 |
|
| 116,710 |
|
| 57,177 |
|
| 476,346 |
|
Class C |
|
| — |
|
| — |
|
| 1,090,326 |
|
| 1,016,757 |
|
| 372,446 |
|
| 1,610,629 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 1,959,187 |
|
| 230,818 |
|
| 3,206,949 |
|
| 1,481,604 |
|
| 1,721,013 |
|
| 2,398,557 |
|
Class B |
|
| — |
|
| — |
|
| 28,341 |
|
| 22,656 |
|
| 22,151 |
|
| 55,805 |
|
Class C |
|
| — |
|
| — |
|
| 74,986 |
|
| 44,749 |
|
| 66,839 |
|
| 178,232 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (579,704 | ) |
| (34,792 | ) |
| (9,426,778 | ) |
| (8,879,511 | ) |
| (18,197,720 | ) |
| (11,985,770 | ) |
Class B |
|
| — |
|
| — |
|
| (218,228 | ) |
| (220,199 | ) |
| (596,984 | ) |
| (250,024 | ) |
Class C |
|
| — |
|
| — |
|
| (644,251 | ) |
| (1,328,603 | ) |
| (1,877,191 | ) |
| (3,110,695 | ) |
|
| ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions |
|
| 13,380,855 |
|
| 27,945,265 |
|
| 31,973,750 |
|
| 26,544,245 |
|
| 13,323,699 |
|
| 31,687,108 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 17,900,729 |
|
| 33,475,765 |
|
| 33,540,134 |
|
| 25,922,592 |
|
| 14,331,097 |
|
| 28,300,178 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year or Period |
|
| 33,475,765 |
|
| — |
|
| 71,956,626 |
|
| 46,034,034 |
|
| 71,647,086 |
|
| 43,346,908 |
|
|
| ||||||||||||||||||
End of Year or Period |
| $ | 51,376,494 |
| $ | 33,475,765 |
| $ | 105,496,760 |
| $ | 71,956,626 |
| $ | 85,978,183 |
| $ | 71,647,086 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
| ($ | 23,765 | ) | $ | 4,724 |
| $ | 153,701 |
| $ | 126,850 |
| $ | 516,060 |
| ($ | 128,375 | ) |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
| |
(2) | Operations commenced on September 30, 2005. |
See Notes to Financial Statements
D-15
PACIFIC LIFE FUNDS (1)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Comstock Fund |
| PL Mid-Cap Growth Fund |
| PL Real Estate Fund |
| ||||||||||||
|
| ||||||||||||||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
|
| ||||||||||||||||||
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 639,060 |
| $ | 309,235 |
| ($ | 351,664 | ) | ($ | 409,551 | ) | $ | 71,920 |
| $ | 78,401 |
|
Net realized gain |
|
| 1,323,581 |
|
| 2,065,613 |
|
| 4,336,334 |
|
| 5,888,062 |
|
| 2,694,146 |
|
| 546,563 |
|
Net change in unrealized appreciation (depreciation) |
|
| 6,378,532 |
|
| 990,914 |
|
| (1,275,265 | ) |
| 4,863,715 |
|
| 2,814,035 |
|
| 5,965,227 |
|
|
| ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations |
|
| 8,341,173 |
|
| 3,365,762 |
|
| 2,709,405 |
|
| 10,342,226 |
|
| 5,580,101 |
|
| 6,590,191 |
|
|
| ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (568,291 | ) |
| (226,345 | ) |
| — |
|
| — |
|
| (82,984 | ) |
| (306,317 | ) |
Class B |
|
| (2,315 | ) |
| — |
|
| — |
|
| — |
|
| (176 | ) |
| (867 | ) |
Class C |
|
| (5,041 | ) |
| (657 | ) |
| — |
|
| — |
|
| (589 | ) |
| (1,019 | ) |
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (1,941,310 | ) |
| (1,586,586 | ) |
| (3,998,837 | ) |
| — |
|
| (1,757,906 | ) |
| (150,900 | ) |
Class B |
|
| (17,085 | ) |
| (18,421 | ) |
| (86,024 | ) |
| — |
|
| (10,121 | ) |
| (572 | ) |
Class C |
|
| (30,943 | ) |
| (41,338 | ) |
| (198,846 | ) |
| — |
|
| (16,905 | ) |
| (689 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders |
|
| (2,564,985 | ) |
| (1,873,347 | ) |
| (4,283,707 | ) |
| — |
|
| (1,868,681 | ) |
| (460,364 | ) |
|
| ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 25,968,437 |
|
| 45,688,937 |
|
| 22,972,484 |
|
| 9,529,295 |
|
| 7,222,674 |
|
| 5,480,368 |
|
Class B |
|
| 132,744 |
|
| 155,448 |
|
| 231,125 |
|
| 203,351 |
|
| 131,633 |
|
| 101,896 |
|
Class C |
|
| 668,211 |
|
| 504,360 |
|
| 319,912 |
|
| 852,727 |
|
| 268,665 |
|
| 82,175 |
|
Dividends and distribution reinvestments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| 2,507,408 |
|
| 1,810,860 |
|
| 3,985,850 |
|
| — |
|
| 1,839,694 |
|
| 457,217 |
|
Class B |
|
| 19,400 |
|
| 18,405 |
|
| 74,680 |
|
| — |
|
| 10,297 |
|
| 1,439 |
|
Class C |
|
| 34,685 |
|
| 40,989 |
|
| 189,658 |
|
| — |
|
| 17,226 |
|
| 1,663 |
|
Cost of shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
| (12,768,536 | ) |
| (9,526,495 | ) |
| (2,156,944 | ) |
| (16,057,697 | ) |
| (6,780,443 | ) |
| (330,501 | ) |
Class B |
|
| (51,551 | ) |
| (45,760 | ) |
| (118,278 | ) |
| (129,615 | ) |
| (80,362 | ) |
| (40,824 | ) |
Class C |
|
| (535,960 | ) |
| (498,721 | ) |
| (1,343,352 | ) |
| (338,536 | ) |
| (89,810 | ) |
| (23,090 | ) |
|
| ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions |
|
| 15,974,838 |
|
| 38,148,023 |
|
| 24,155,135 |
|
| (5,940,475 | ) |
| 2,539,574 |
|
| 5,730,343 |
|
|
| ||||||||||||||||||
NET INCREASE IN NET ASSETS |
|
| 21,751,026 |
|
| 39,640,438 |
|
| 22,580,833 |
|
| 4,401,751 |
|
| 6,250,994 |
|
| 11,860,170 |
|
|
| ||||||||||||||||||
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
| 63,917,360 |
|
| 24,276,922 |
|
| 43,387,098 |
|
| 38,985,347 |
|
| 25,763,089 |
|
| 13,902,919 |
|
|
| ||||||||||||||||||
End of Year |
| $ | 85,668,386 |
| $ | 63,917,360 |
| $ | 65,967,931 |
| $ | 43,387,098 |
| $ | 32,014,083 |
| $ | 25,763,089 |
|
|
| ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) |
| $ | 175,463 |
| $ | 112,050 |
| ($ | 194,144 | ) | ($ | 9,579 | ) | ($ | 34,379 | ) | ($ | 17,613 | ) |
|
|
|
|
(1) | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
See Notes to Financial Statements
D-16
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Portfolio Optimization Conservative |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.34 |
| $ | 0.29 |
| $ | 0.33 |
| $ | 0.62 |
| ($ | 0.28 | ) | ($ | 0.17 | ) | ($ | 0.45 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.18 |
|
| 0.22 |
|
| 0.20 |
|
| 0.42 |
|
| (0.23 | ) |
| (0.03 | ) |
| (0.26 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.15 |
|
| 0.13 |
|
| 0.05 |
|
| 0.18 |
|
| (0.13 | ) |
| (0.02 | ) |
| (0.15 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.02 |
|
| 0.13 |
|
| 0.15 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.30 |
| $ | 0.23 |
| $ | 0.33 |
| $ | 0.56 |
| ($ | 0.23 | ) | ($ | 0.17 | ) | ($ | 0.40 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.14 |
|
| 0.17 |
|
| 0.20 |
|
| 0.37 |
|
| (0.18 | ) |
| (0.03 | ) |
| (0.21 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| 0.08 |
|
| 0.04 |
|
| 0.12 |
|
| (0.10 | ) |
| (0.02 | ) |
| (0.12 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (5) |
| 0.14 |
|
| 0.14 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.29 |
| $ | 0.23 |
| $ | 0.33 |
| $ | 0.56 |
| ($ | 0.23 | ) | ($ | 0.17 | ) | ($ | 0.40 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.13 |
|
| 0.17 |
|
| 0.20 |
|
| 0.37 |
|
| (0.18 | ) |
| (0.03 | ) |
| (0.21 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 0.08 |
|
| 0.04 |
|
| 0.12 |
|
| (0.10 | ) |
| (0.02 | ) |
| (0.12 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (5) |
| 0.13 |
|
| 0.13 |
|
| — |
|
| — |
|
| — |
|
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.33 |
| $ | 0.28 |
| $ | 0.34 |
| $ | 0.62 |
| ($ | 0.28 | ) | ($ | 0.17 | ) | ($ | 0.45 | ) |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 10.35 |
|
| 0.11 |
|
| 0.09 |
|
| 0.20 |
|
| (0.21 | ) |
| (0.01 | ) |
| (0.22 | ) |
PL Portfolio Optimization Moderate-Conservative |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.87 |
| $ | 0.23 |
| $ | 0.61 |
| $ | 0.84 |
| ($ | 0.25 | ) | ($ | 0.25 | ) | ($ | 0.50 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.33 |
|
| 0.18 |
|
| 0.57 |
|
| 0.75 |
|
| (0.19 | ) |
| (0.02 | ) |
| (0.21 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| 0.11 |
|
| 0.22 |
|
| 0.33 |
|
| (0.12 | ) |
| (0.02 | ) |
| (0.14 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.13 |
|
| 0.14 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.82 |
| $ | 0.17 |
| $ | 0.61 |
| $ | 0.78 |
| ($ | 0.20 | ) | ($ | 0.25 | ) | ($ | 0.45 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.29 |
|
| 0.13 |
|
| 0.56 |
|
| 0.69 |
|
| (0.14 | ) |
| (0.02 | ) |
| (0.16 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 0.06 |
|
| 0.21 |
|
| 0.27 |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (— | )(5) |
| 0.13 |
|
| 0.13 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.83 |
| $ | 0.17 |
| $ | 0.61 |
| $ | 0.78 |
| ($ | 0.20 | ) | ($ | 0.25 | ) | ($ | 0.45 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.29 |
|
| 0.13 |
|
| 0.57 |
|
| 0.70 |
|
| (0.14 | ) |
| (0.02 | ) |
| (0.16 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 0.06 |
|
| 0.21 |
|
| 0.27 |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (— | )(5) |
| 0.13 |
|
| 0.13 |
|
| — |
|
| — |
|
| — |
|
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.87 |
| $ | 0.22 |
| $ | 0.61 |
| $ | 0.83 |
| ($ | 0.25 | ) | ($ | 0.25 | ) | ($ | 0.50 | ) |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 10.67 |
|
| 0.09 |
|
| 0.29 |
|
| 0.38 |
|
| 0.17 | ) |
| (0.01 | ) |
| (0.18 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Portfolio Optimization Conservative |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.51 |
|
| 6.12 | % | $ | 11,730 |
|
| 0.02 | % |
| 1.37 | % |
| 2.77 | % |
| 35.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.34 |
|
| 4.12 | % |
| 9,887 |
|
| 0.03 | % |
| 1.57 | % |
| 2.17 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.18 |
|
| 1.74 | % |
| 8,262 |
|
| 0.00 | % |
| 2.35 | % |
| 1.29 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.15 |
|
| 1.50 | % |
| 1,957 |
|
| 0.00 | % |
| 4.50 | % |
| 0.61 | % |
| 9.38 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.46 |
|
| 5.52 | % | $ | 2,822 |
|
| 0.58 | % |
| 1.93 | % |
| 2.20 | % |
| 35.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.30 |
|
| 3.56 | % |
| 1,923 |
|
| 0.53 | % |
| 2.07 | % |
| 1.67 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| 1.25 | % |
| 1,450 |
|
| 0.50 | % |
| 2.85 | % |
| 0.79 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.14 |
|
| 1.40 | % |
| 449 |
|
| 0.50 | % |
| 5.00 | % |
| 0.11 | % |
| 9.38 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.45 |
|
| 5.55 | % | $ | 16,322 |
|
| 0.58 | % |
| 1.93 | % |
| 2.20 | % |
| 35.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.29 |
|
| 3.65 | % |
| 11,342 |
|
| 0.53 | % |
| 2.07 | % |
| 1.67 | % |
| 66.26 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 1.18 | % |
| 8,908 |
|
| 0.50 | % |
| 2.85 | % |
| 0.79 | % |
| 20.21 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.13 |
|
| 1.30 | % |
| 3,739 |
|
| 0.50 | % |
| 5.00 | % |
| 0.11 | % |
| 9.38 | % |
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.50 |
|
| 6.13 | % | $ | 216 |
|
| 0.10 | % |
| 1.43 | % |
| 2.68 | % |
| 35.84 | % |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 10.33 |
|
| 1.90 | % |
| 10 |
|
| 0.03 | % |
| 1.57 | % |
| 2.17 | % |
| 66.26 | % |
PL Portfolio Optimization Moderate-Conservative |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.21 |
|
| 7.93 | % | $ | 36,345 |
|
| 0.01 | % |
| 1.18 | % |
| 2.13 | % |
| 18.25 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.87 |
|
| 7.23 | % |
| 28,292 |
|
| 0.02 | % |
| 1.32 | % |
| 1.72 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.33 |
|
| 3.28 | % |
| 19,664 |
|
| 0.00 | % |
| 1.74 | % |
| 1.05 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.14 |
|
| 1.40 | % |
| 5,197 |
|
| 0.00 | % |
| 2.86 | % |
| 0.46 | % |
| 2.81 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.15 |
|
| 7.39 | % | $ | 12,098 |
|
| 0.58 | % |
| 1.75 | % |
| 1.56 | % |
| 18.25 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.82 |
|
| 6.70 | % |
| 9,058 |
|
| 0.52 | % |
| 1.82 | % |
| 1.22 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.29 |
|
| 2.69 | % |
| 6,699 |
|
| 0.50 | % |
| 2.24 | % |
| 0.55 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.13 |
|
| 1.30 | % |
| 3,013 |
|
| 0.50 | % |
| 3.36 | % |
| (0.04 | %) |
| 2.81 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.16 |
|
| 7.38 | % | $ | 30,464 |
|
| 0.58 | % |
| 1.75 | % |
| 1.56 | % |
| 18.25 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.83 |
|
| 6.80 | % |
| 23,860 |
|
| 0.52 | % |
| 1.82 | % |
| 1.22 | % |
| 37.91 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.29 |
|
| 2.70 | % |
| 15,375 |
|
| 0.50 | % |
| 2.24 | % |
| 0.55 | % |
| 7.82 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.13 |
|
| 1.30 | % |
| 5,354 |
|
| 0.50 | % |
| 3.36 | % |
| (0.04 | %) |
| 2.81 | % |
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.20 |
|
| 7.84 | % | $ | 1,373 |
|
| 0.10 | % |
| 1.25 | % |
| 2.04 | % |
| 18.25 | % |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 10.87 |
|
| 3.63 | % |
| 290 |
|
| 0.02 | % |
| 1.32 | % |
| 1.72 | % |
| 37.91 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-1
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Portfolio Optimization Moderate |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.56 |
| $ | 0.18 |
| $ | 0.88 |
| $ | 1.06 |
| ($ | 0.22 | ) | ($ | 0.32 | ) | ($ | 0.54 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.54 |
|
| 0.15 |
|
| 1.06 |
|
| 1.21 |
|
| (0.16 | ) |
| (0.03 | ) |
| (0.19 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| 0.08 |
|
| 0.43 |
|
| 0.51 |
|
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.13 |
|
| 0.14 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.51 |
| $ | 0.11 |
| $ | 0.89 |
| $ | 1.00 |
| (($ | 0.17 | ) | ($ | 0.32 | ) | ($ | 0.49 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.50 |
|
| 0.09 |
|
| 1.07 |
|
| 1.16 |
|
| (0.12 | ) |
| (0.03 | ) |
| (0.15 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.13 |
|
| 0.03 |
|
| 0.43 |
|
| 0.46 |
|
| (0.07 | ) |
| (0.02 | ) |
| (0.09 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (— | )(5) |
| 0.13 |
|
| 0.13 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.50 |
| $ | 0.11 |
| $ | 0.88 |
| $ | 0.99 |
| ($ | 0.17 | ) | ($ | 0.32 | ) | ($ | 0.49 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.49 |
|
| 0.09 |
|
| 1.07 |
|
| 1.16 |
|
| (0.12 | ) |
| (0.03 | ) |
| (0.15 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.12 |
|
| 0.03 |
|
| 0.43 |
|
| 0.46 |
|
| (0.07 | ) |
| (0.02 | ) |
| (0.09 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (— | )(5) |
| 0.12 |
|
| 0.12 |
|
| — |
|
| — |
|
| — |
|
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.56 |
| $ | 0.16 |
| $ | 0.88 |
| $ | 1.04 |
| ($ | 0.22 | ) | ($ | 0.32 | ) | ($ | 0.54 | ) |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 11.05 |
|
| 0.07 |
|
| 0.60 |
|
| 0.67 |
|
| (0.15 | ) |
| (0.01 | ) |
| (0.16 | ) |
PL Portfolio Optimization Moderate-Aggressive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.02 |
| $ | 0.12 |
| $ | 1.12 |
| $ | 1.24 |
| ($ | 0.20 | ) | ($ | 0.32 | ) | ($ | 0.52 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.66 |
|
| 0.10 |
|
| 1.44 |
|
| 1.54 |
|
| (0.13 | ) |
| (0.05 | ) |
| (0.18 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.11 |
|
| 0.05 |
|
| 0.58 |
|
| 0.63 |
|
| (0.06 | ) |
| (0.02 | ) |
| (0.08 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.10 |
|
| 0.11 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.97 |
| $ | 0.05 |
| $ | 1.13 |
| $ | 1.18 |
| ($ | 0.16 | ) | ($ | 0.32 | ) | ($ | 0.48 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.63 |
|
| 0.04 |
|
| 1.45 |
|
| 1.49 |
|
| (0.10 | ) |
| (0.05 | ) |
| (0.15 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.10 |
|
| — | (5) |
| 0.58 |
|
| 0.58 |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.11 |
|
| 0.10 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.95 |
| $ | 0.05 |
| $ | 1.13 |
| $ | 1.18 |
| ($ | 0.16 | ) | ($ | 0.32 | ) | ($ | 0.48 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.61 |
|
| 0.04 |
|
| 1.45 |
|
| 1.49 |
|
| (0.10 | ) |
| (0.05 | ) |
| (0.15 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.09 |
|
| — | (5) |
| 0.57 |
|
| 0.57 |
|
| (0.03 | ) |
| (0.02 | ) |
| (0.05 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.10 |
|
| 0.09 |
|
| — |
|
| — |
|
| — |
|
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.02 |
| $ | 0.11 |
| $ | 1.13 |
| $ | 1.24 |
| ($ | 0.20 | ) | ($ | 0.32 | ) | ($ | 0.52 | ) |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 11.28 |
|
| 0.05 |
|
| 0.83 |
|
| 0.88 |
|
| (0.13 | ) |
| (0.01 | ) |
| (0.14 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Portfolio Optimization Moderate |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.08 |
|
| 9.41 | % | $ | 149,905 |
|
| 0.00 | % |
| 1.06 | % |
| 1.51 | % |
| 8.24 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.56 |
|
| 11.58 | % |
| 95,079 |
|
| 0.00 | % |
| 1.20 | % |
| 1.33 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.54 |
|
| 5.09 | % |
| 53,783 |
|
| 0.00 | % |
| 1.41 | % |
| 0.82 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.14 |
|
| 1.40 | % |
| 12,743 |
|
| 0.00 | % |
| 2.31 | % |
| 0.36 | % |
| 0.86 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.02 |
|
| 8.88 | % | $ | 43,774 |
|
| 0.57 | % |
| 1.63 | % |
| 0.94 | % |
| 8.24 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.51 |
|
| 11.10 | % |
| 31,687 |
|
| 0.50 | % |
| 1.70 | % |
| 0.83 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.50 |
|
| 4.55 | % |
| 19,414 |
|
| 0.50 | % |
| 1.91 | % |
| 0.32 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.13 |
|
| 1.30 | % |
| 5,594 |
|
| 0.50 | % |
| 2.81 | % |
| (0.14 | %) |
| 0.86 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.00 |
|
| 8.82 | % | $ | 134,695 |
|
| 0.57 | % |
| 1.63 | % |
| 0.94 | % |
| 8.24 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.50 |
|
| 11.12 | % |
| 88,774 |
|
| 0.50 | % |
| 1.70 | % |
| 0.83 | % |
| 26.54 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.49 |
|
| 4.53 | % |
| 52,510 |
|
| 0.50 | % |
| 1.91 | % |
| 0.32 | % |
| 5.78 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.12 |
|
| 1.20 | % |
| 16,870 |
|
| 0.50 | % |
| 2.81 | % |
| (0.14 | %) |
| 0.86 | % |
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.06 |
|
| 9.24 | % | $ | 2,332 |
|
| 0.11 | % |
| 1.13 | % |
| 1.40 | % |
| 8.24 | % |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 11.56 |
|
| 6.16 | % |
| 13 |
|
| 0.00 | % |
| 1.20 | % |
| 1.33 | % |
| 26.54 | % |
PL Portfolio Optimization Moderate-Aggressive |
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|
| |||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.74 |
|
| 10.57 | % | $ | 158,754 |
|
| 0.00 | % |
| 1.05 | % |
| 1.02 | % |
| 6.96 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.02 |
|
| 14.59 | % |
| 93,498 |
|
| 0.00 | % |
| 1.19 | % |
| 0.86 | % |
| 27.98 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.66 |
|
| 6.26 | % |
| 43,986 |
|
| 0.00 | % |
| 1.43 | % |
| 0.52 | % |
| 10.16 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.11 |
|
| 1.10 | % |
| 13,362 |
|
| 0.00 | % |
| 2.47 | % |
| 0.22 | % |
| 0.68 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.67 |
|
| 10.11 | % | $ | 56,938 |
|
| 0.57 | % |
| 1.62 | % |
| 0.44 | % |
| 6.96 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.97 |
|
| 14.09 | % |
| 35,154 |
|
| 0.50 | % |
| 1.69 | % |
| 0.36 | % |
| 27.98 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.63 |
|
| 5.79 | % |
| 18,954 |
|
| 0.50 | % |
| 1.93 | % |
| 0.02 | % |
| 10.16 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.10 |
|
| 1.00 | % |
| 6,962 |
|
| 0.50 | % |
| 2.97 | % |
| (0.28 | %) |
| 0.68 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.65 |
|
| 10.12 | % | $ | 143,281 |
|
| 0.57 | % |
| 1.62 | % |
| 0.44 | % |
| 6.96 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.95 |
|
| 14.13 | % |
| 90,306 |
|
| 0.50 | % |
| 1.69 | % |
| 0.36 | % |
| 27.98 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.61 |
|
| 5.72 | % |
| 48,159 |
|
| 0.50 | % |
| 1.93 | % |
| 0.02 | % |
| 10.16 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.09 |
|
| 0.90 | % |
| 12,719 |
|
| 0.50 | % |
| 2.97 | % |
| (0.28 | %) |
| 0.68 | % |
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.74 |
|
| 10.57 | % | $ | 971 |
|
| 0.10 | % |
| 1.12 | % |
| 0.92 | % |
| 6.96 | % |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 12.02 |
|
| 7.92 | % |
| 11 |
|
| 0.00 | % |
| 1.19 | % |
| 0.86 | % |
| 27.98 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-2
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
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| ||||||||||||||||||
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|
| Investment Activities |
| Distributions |
| ||||||||||||||
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| |||||||
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| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Portfolio Optimization Aggressive |
|
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|
|
|
|
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|
|
|
|
|
| ||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.57 |
| $ | 0.07 |
| $ | 1.46 |
| $ | 1.53 |
| ($ | 0.19 | ) | ($ | 0.42 | ) | ($ | 0.61 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.75 |
|
| 0.05 |
|
| 1.94 |
|
| 1.99 |
|
| (0.11 | ) |
| (0.06 | ) |
| (0.17 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.02 |
|
| 0.70 |
|
| 0.72 |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.05 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| — | (5) |
| 0.08 |
|
| 0.08 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.52 |
| ($ | — | )(5) | $ | 1.46 |
| $ | 1.46 |
| ($ | 0.15 | ) | ($ | 0.42 | ) | ($ | 0.57 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.72 |
|
| (0.01 | ) |
| 1.94 |
|
| 1.93 |
|
| (0.07 | ) |
| (0.06 | ) |
| (0.13 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.07 |
|
| (0.03 | ) |
| 0.71 |
|
| 0.68 |
|
| — |
|
| (0.03 | ) |
| (0.03 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.08 |
|
| 0.07 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.51 |
| ($ | — | )(5) | $ | 1.46 |
| $ | 1.46 |
| ($ | 0.15 | ) | ($ | 0.42 | ) | ($ | 0.57 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.72 |
|
| (0.01 | ) |
| 1.93 |
|
| 1.92 |
|
| (0.07 | ) |
| (0.06 | ) |
| (0.13 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.07 |
|
| (0.03 | ) |
| 0.71 |
|
| 0.68 |
|
| — |
|
| (0.03 | ) |
| (0.03 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.08 |
|
| 0.07 |
|
| — |
|
| — |
|
| — |
|
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.57 |
| $ | 0.05 |
| $ | 1.48 |
| $ | 1.53 |
| ($ | 0.19 | ) | ($ | 0.42 | ) | ($ | 0.61 | ) |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 11.50 |
|
| 0.02 |
|
| 1.17 |
|
| 1.19 |
|
| (0.11 | ) |
| (0.01 | ) |
| (0.12 | ) |
PL Money Market Fund (6) |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
| ||||||||
Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 1.00 |
| $ | 0.04 |
| $ | — |
| $ | 0.04 |
| ($ | 0.04 | ) | ($ | — |
| ($ | 0.04 | ) |
|
| 4/1/2005 - 3/31/2006 |
|
| 1.00 |
|
| 0.03 |
|
| — |
|
| 0.03 |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
|
| 4/1/2004 - 3/31/2005 |
|
| 1.00 |
|
| 0.01 |
|
| — |
|
| 0.01 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 4/1/2003 - 3/31/2004 |
|
| 1.00 |
|
| — | (5) |
| — |
|
| — | (5) |
| — | (5) |
| — |
|
| — | (5) |
|
| 4/1/2002 - 3/31/2003 |
|
| 1.00 |
|
| 0.01 |
|
| — |
|
| 0.01 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
PL International Value Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.30 |
| $ | 0.16 |
| $ | 2.48 |
| $ | 2.64 |
| ($ | 0.14 | ) | ($ | 3.41 | ) | ($ | 3.55 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 13.22 |
|
| 0.14 |
|
| 2.19 |
|
| 2.33 |
|
| (0.08 | ) |
| (0.17 | ) |
| (0.25 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.89 |
|
| 0.08 |
|
| 1.46 |
|
| 1.54 |
|
| (0.02 | ) |
| (0.19 | ) |
| (0.21 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.73 |
|
| 0.06 |
|
| 3.13 |
|
| 3.19 |
|
| (0.03 | ) |
| — |
|
| (0.03 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.09 |
|
| 0.07 |
|
| (2.33 | ) |
| (2.26 | ) |
| (0.04 | ) |
| (0.06 | ) |
| (0.10 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.05 |
| $ | 0.07 |
| $ | 2.44 |
| $ | 2.51 |
| ($ | 0.08 | ) | ($ | 3.41 | ) | ($ | 3.49 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 13.00 |
|
| 0.07 |
|
| 2.16 |
|
| 2.23 |
|
| (0.01 | ) |
| (0.17 | ) |
| (0.18 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.73 |
|
| 0.01 |
|
| 1.45 |
|
| 1.46 |
|
| — |
|
| (0.19 | ) |
| (0.19 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.66 |
|
| 0.02 |
|
| 3.07 |
|
| 3.09 |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.08 |
|
| 0.02 |
|
| (2.33 | ) |
| (2.31 | ) |
| (0.05 | ) |
| (0.06 | ) |
| (0.11 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.02 |
| $ | 0.07 |
| $ | 2.43 |
| $ | 2.50 |
| ($ | 0.05 | ) | ($ | 3.41 | ) | ($ | 3.46 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 13.00 |
|
| 0.07 |
|
| 2.14 |
|
| 2.21 |
|
| (0.02 | ) |
| (0.17 | ) |
| (0.19 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.73 |
|
| 0.01 |
|
| 1.45 |
|
| 1.46 |
|
| — |
|
| (0.19 | ) |
| (0.19 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.66 |
|
| 0.02 |
|
| 3.07 |
|
| 3.09 |
|
| (0.02 | ) |
| — |
|
| (0.02 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.07 |
|
| 0.02 |
|
| (2.32 | ) |
| (2.30 | ) |
| (0.05 | ) |
| (0.06 | ) |
| (0.11 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
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| |||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Portfolio Optimization Aggressive |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.49 |
|
| 12.53 | % | $ | 75,546 |
|
| 0.00 | % |
| 1.09 | % |
| 0.54 | % |
| 10.14 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.57 |
|
| 18.59 | % |
| 39,397 |
|
| 0.00 | % |
| 1.29 | % |
| 0.42 | % |
| 42.51 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.75 |
|
| 7.17 | % |
| 18,244 |
|
| 0.00 | % |
| 1.75 | % |
| 0.23 | % |
| 22.37 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.08 |
|
| 0.80 | % |
| 8,187 |
|
| 0.00 | % |
| 2.52 | % |
| 0.09 | % |
| 0.00 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.41 |
|
| 12.00 | % | $ | 23,716 |
|
| 0.58 | % |
| 1.67 | % |
| (0.04 | %) |
| 10.14 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.52 |
|
| 18.11 | % |
| 12,889 |
|
| 0.50 | % |
| 1.79 | % |
| (0.08 | %) |
| 42.51 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.72 |
|
| 6.75 | % |
| 6,110 |
|
| 0.50 | % |
| 2.25 | % |
| (0.27 | %) |
| 22.37 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.07 |
|
| 0.70 | % |
| 2,409 |
|
| 0.50 | % |
| 3.02 | % |
| (0.41 | %) |
| 0.00 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.40 |
|
| 12.01 | % | $ | 55,389 |
|
| 0.58 | % |
| 1.67 | % |
| (0.04 | %) |
| 10.14 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.51 |
|
| 18.00 | % |
| 30,782 |
|
| 0.50 | % |
| 1.79 | % |
| (0.08 | %) |
| 42.51 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.72 |
|
| 6.75 | % |
| 17,510 |
|
| 0.50 | % |
| 2.25 | % |
| (0.27 | %) |
| 22.37 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.07 |
|
| 0.70 | % |
| 7,868 |
|
| 0.50 | % |
| 3.02 | % |
| (0.41 | %) |
| 0.00 | % |
Class R: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.49 |
|
| 12.53 | % | $ | 382 |
|
| 0.14 | % |
| 1.17 | % |
| 0.40 | % |
| 10.14 | % |
|
| 9/30/2005 - 3/31/2006 (4) |
|
| 12.57 |
|
| 10.44 | % |
| 11 |
|
| 0.00 | % |
| 1.29 | % |
| 0.42 | % |
| 42.51 | % |
PL Money Market Fund (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 1.00 |
|
| 4.31 | % | $ | 21,098 |
|
| 1.02 | % (7) |
| 1.58 | % |
| 4.20 | % |
| N/A |
|
|
| 4/1/2005 - 3/31/2006 |
|
| 1.00 |
|
| 2.76 | % |
| 19,293 |
|
| 0.94 | % (7) |
| 1.79 | % |
| 2.67 | % |
| N/A |
|
|
| 4/1/2004 - 3/31/2005 |
|
| 1.00 |
|
| 0.77 | % |
| 22,341 |
|
| 0.95 | % (7) |
| 2.05 | % |
| 0.83 | % |
| N/A |
|
|
| 4/1/2003 - 3/31/2004 |
|
| 1.00 |
|
| 0.18 | % |
| 14,627 |
|
| 0.95 | % (7) |
| 2.53 | % |
| 0.14 | % |
| N/A |
|
|
| 4/1/2002 - 3/31/2003 |
|
| 1.00 |
|
| 0.58 | % |
| 13,092 |
|
| 1.08 | % (7) |
| 2.50 | % |
| 0.59 | % |
| N/A |
|
PL International Value Fund (8) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 14.39 |
|
| 18.40 | % | $ | 77,127 |
|
| 1.64 | % |
| 2.08 | % |
| 1.04 | % |
| 108.86 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.30 |
|
| 17.85 | % |
| 57,657 |
|
| 1.80 | % |
| 2.28 | % |
| 0.99 | % |
| 55.25 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 13.22 |
|
| 13.13 | % |
| 50,801 |
|
| 1.80 | % |
| 2.45 | % |
| 0.62 | % |
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.89 |
|
| 36.57 | % |
| 20,007 |
|
| 1.80 | % |
| 2.86 | % |
| 0.73 | % |
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.73 |
|
| (20.50 | %) |
| 7,218 |
|
| 1.80 | % |
| 3.89 | % |
| 0.76 | % |
| 19.60 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 14.07 |
|
| 17.74 | % | $ | 662 |
|
| 2.21 | % |
| 2.65 | % |
| 0.47 | % |
| 108.86 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.05 |
|
| 17.36 | % |
| 427 |
|
| 2.30 | % |
| 2.78 | % |
| 0.49 | % |
| 55.25 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 13.00 |
|
| 12.59 | % |
| 449 |
|
| 2.30 | % |
| 2.95 | % |
| 0.12 | % |
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.73 |
|
| 35.79 | % |
| 324 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.66 |
|
| (20.93 | %) |
| 771 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| 19.60 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 14.06 |
|
| 17.82 | % | $ | 1,435 |
|
| 2.21 | % |
| 2.65 | % |
| 0.47 | % |
| 108.86 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.02 |
|
| 17.19 | % |
| 1,548 |
|
| 2.30 | % |
| 2.78 | % |
| 0.49 | % |
| 55.25 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 13.00 |
|
| 12.59 | % |
| 1,212 |
|
| 2.30 | % |
| 2.95 | % |
| 0.12 | % |
| 20.92 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.73 |
|
| 35.79 | % |
| 781 |
|
| 2.30 | % |
| 3.36 | % |
| 0.23 | % |
| 58.63 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.66 |
|
| (20.93 | %) |
| 1,656 |
|
| 2.30 | % |
| 4.39 | % |
| 0.26 | % |
| 19.60 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-3
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
| Net |
| Net |
| Net |
| Total |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.67 |
| $ | 0.06 |
| $ | 1.37 |
| $ | 1.43 |
| ($ | 0.04 | ) | ($ | 1.03 | ) | ($ | 1.07 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.30 |
|
| 0.02 |
|
| 1.38 |
|
| 1.40 |
|
| (0.03 | ) |
| — | (5) |
| (0.03 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.94 |
|
| 0.06 |
|
| 0.35 |
|
| 0.41 |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.83 |
|
| 0.03 |
|
| 3.09 |
|
| 3.12 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.92 |
|
| 0.04 |
|
| (3.05 | ) |
| (3.01 | ) |
| (0.02 | ) |
| (0.06 | ) |
| (0.08 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.51 |
| ($ | 0.01 | ) | $ | 1.34 |
| $ | 1.33 |
| $ | — |
| ($ | 1.03 | ) | ($ | 1.03 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.19 |
|
| (0.03 | ) |
| 1.37 |
|
| 1.34 |
|
| (0.02 | ) |
| — | (5) |
| (0.02 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.83 |
|
| — | (5) |
| 0.36 |
|
| 0.36 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.78 |
|
| (0.02 | ) |
| 3.08 |
|
| 3.06 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.91 |
|
| (0.01 | ) |
| (3.03 | ) |
| (3.04 | ) |
| (0.03 | ) |
| (0.06 | ) |
| (0.09 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.48 |
| ($ | 0.01 | ) | $ | 1.34 |
| $ | 1.33 |
| $ | — |
| ($ | 1.03 | ) | ($ | 1.03 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.16 |
|
| (0.03 | ) |
| 1.36 |
|
| 1.33 |
|
| (0.01 | ) |
| — | (5) |
| (0.01 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.81 |
|
| — | (5) |
| 0.35 |
|
| 0.35 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.77 |
|
| (0.02 | ) |
| 3.07 |
|
| 3.05 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.90 |
|
| (0.01 | ) |
| (3.04 | ) |
| (3.05 | ) |
| (0.02 | ) |
| (0.06 | ) |
| (0.08 | ) |
PL Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.76 |
| $ | 0.32 |
| $ | 0.04 |
| $ | 0.36 |
| ($ | 0.31 | ) | $ | — |
| ($ | 0.31 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.85 |
|
| 0.19 |
|
| (0.09 | ) |
| 0.10 |
|
| (0.19 | ) |
| — |
|
| (0.19 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.09 |
|
| 0.09 |
|
| (0.22 | ) |
| (0.13 | ) |
| (0.09 | ) |
| (0.02 | ) |
| (0.11 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| 0.01 |
|
| 0.08 |
|
| 0.09 |
|
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.74 |
| $ | 0.26 |
| $ | 0.06 |
| $ | 0.32 |
| ($ | 0.26 | ) | $ | — |
| ($ | 0.26 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.85 |
|
| 0.14 |
|
| (0.11 | ) |
| 0.03 |
|
| (0.14 | ) |
| — |
|
| (0.14 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.04 |
|
| (0.21 | ) |
| (0.17 | ) |
| (0.04 | ) |
| (0.02 | ) |
| (0.06 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.09 |
|
| 0.08 |
|
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.74 |
| $ | 0.27 |
| $ | 0.03 |
| $ | 0.30 |
| ($ | 0.25 | ) | $ | — |
| ($ | 0.25 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.83 |
|
| 0.14 |
|
| (0.09 | ) |
| 0.05 |
|
| (0.14 | ) |
| — |
|
| (0.14 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.08 |
|
| 0.04 |
|
| (0.22 | ) |
| (0.18 | ) |
| (0.05 | ) |
| (0.02 | ) |
| (0.07 | ) |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| 0.09 |
|
| 0.08 |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Large-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.03 |
|
| 12.09 | % | $ | 56,601 |
|
| 1.63 | % |
| 2.05 | % |
| 0.50 | % |
| 19.58 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.67 |
|
| 12.47 | % |
| 34,459 |
|
| 1.80 | % |
| 2.25 | % |
| 0.20 | % |
| 77.07 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.30 |
|
| 3.78 | % |
| 50,430 |
|
| 1.80 | % |
| 2.28 | % |
| 0.54 | % |
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.94 |
|
| 39.91 | % |
| 25,315 |
|
| 1.80 | % |
| 2.73 | % |
| 0.29 | % |
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 7.83 |
|
| (27.69 | %) |
| 11,736 |
|
| 1.80 | % |
| 2.94 | % |
| 0.41 | % |
| 49.00 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.81 |
|
| 11.43 | % | $ | 687 |
|
| 2.20 | % |
| 2.62 | % |
| (0.07 | %) |
| 19.58 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.51 |
|
| 11.99 | % |
| 573 |
|
| 2.30 | % |
| 2.75 | % |
| (0.30 | %) |
| 77.07 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.19 |
|
| 3.32 | % |
| 504 |
|
| 2.30 | % |
| 2.78 | % |
| 0.04 | % |
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.83 |
|
| 39.36 | % |
| 556 |
|
| 2.30 | % |
| 3.23 | % |
| (0.21 | %) |
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 7.78 |
|
| (28.02 | %) |
| 955 |
|
| 2.30 | % |
| 3.44 | % |
| (0.09 | %) |
| 49.00 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.78 |
|
| 11.46 | % | $ | 1,551 |
|
| 2.20 | % |
| 2.62 | % |
| (0.07 | %) |
| 19.58 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.48 |
|
| 11.88 | % |
| 1,599 |
|
| 2.30 | % |
| 2.75 | % |
| (0.30 | %) |
| 77.07 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.16 |
|
| 3.33 | % |
| 1,538 |
|
| 2.30 | % |
| 2.78 | % |
| 0.04 | % |
| 43.72 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.81 |
|
| 39.27 | % |
| 1,277 |
|
| 2.30 | % |
| 3.23 | % |
| (0.21 | %) |
| 38.10 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 7.77 |
|
| (28.08 | %) |
| 2,015 |
|
| 2.30 | % |
| 3.44 | % |
| (0.09 | %) |
| 49.00 | % |
PL Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.81 |
|
| 3.76 | % | $ | 66,823 |
|
| 1.39 | % |
| 1.75 | % |
| 3.28 | % |
| 77.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.76 |
|
| 1.03 | % |
| 44,945 |
|
| 1.55 | % |
| 1.93 | % |
| 1.97 | % |
| 91.81 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 9.85 |
|
| (1.34 | %) |
| 35,333 |
|
| 1.55 | % |
| 2.34 | % |
| 0.93 | % |
| 203.81 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.09 |
|
| 0.90 | % |
| 13,617 |
|
| 1.55 | % |
| 2.72 | % |
| 0.23 | % |
| 144.88 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.80 |
|
| 3.31 | % | $ | 45 |
|
| 1.96 | % |
| 2.32 | % |
| 2.71 | % |
| 77.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.74 |
|
| 0.35 | % |
| 20 |
|
| 2.05 | % |
| 2.43 | % |
| 1.47 | % |
| 91.81 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 9.85 |
|
| (1.77 | %) |
| 13 |
|
| 2.05 | % |
| 2.84 | % |
| 0.43 | % |
| 203.81 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.08 |
|
| 0.80 | % |
| 10 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | %) |
| 144.88 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.79 |
|
| 3.17 | % | $ | 434 |
|
| 1.96 | % |
| 2.32 | % |
| 2.71 | % |
| 77.84 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.74 |
|
| 0.52 | % |
| 588 |
|
| 2.05 | % |
| 2.43 | % |
| 1.47 | % |
| 91.81 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 9.83 |
|
| (1.81 | %) |
| 579 |
|
| 2.05 | % |
| 2.84 | % |
| 0.43 | % |
| 203.81 | % |
|
| 12/31/2003 - 3/31/2004 (4) |
|
| 10.08 |
|
| 0.80 | % |
| 62 |
|
| 2.05 | % |
| 3.22 | % |
| (0.27 | %) |
| 144.88 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-4
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.23 |
| ($ | 0.01 | ) | $ | 0.98 |
| $ | 0.97 |
| $ | — |
| ($ | 0.10 | ) | ($ | 0.10 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.64 |
|
| (0.05 | ) |
| 1.64 |
|
| 1.59 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.34 |
|
| (0.05 | ) |
| 0.35 |
|
| 0.30 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.62 |
|
| (0.10 | ) |
| 2.82 |
|
| 2.72 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 |
|
| 10.32 |
|
| (0.08 | ) |
| (2.62 | ) |
| (2.70 | ) |
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.00 |
| ($ | 0.08 | ) | $ | 0.96 |
| $ | 0.88 |
| $ | — |
| ($ | 0.10 | ) | ($ | 0.10 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.95 |
| ($ | 0.08 | ) | $ | 0.97 |
| $ | 0.89 |
| $ | — |
| ($ | 0.10 | ) | ($ | 0.10 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
PL Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.54 |
| ($ | — | )(5) | $ | 1.51 |
| $ | 1.51 |
| $ | — |
| ($ | 0.43 | ) | ($ | 0.43 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.90 |
|
| (0.02 | ) |
| 1.30 |
|
| 1.28 |
|
| (0.01 | ) |
| (0.63 | ) |
| (0.64 | ) |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.01 | ) |
| (0.09 | ) |
| (0.10 | ) |
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.48 |
| ($ | 0.06 | ) | $ | 1.49 |
| $ | 1.43 |
| $ | — |
| ($ | 0.43 | ) | ($ | 0.43 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.89 |
|
| (0.07 | ) |
| 1.29 |
|
| 1.22 |
|
| — |
|
| (0.63 | ) |
| (0.63 | ) |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.02 | ) |
| (0.09 | ) |
| (0.11 | ) |
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.47 |
| ($ | 0.06 | ) | $ | 1.49 |
| $ | 1.43 |
| $ | — |
| ($ | 0.43 | ) | ($ | 0.43 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.89 |
|
| (0.07 | ) |
| 1.29 |
|
| 1.22 |
|
| (0.01 | ) |
| (0.63 | ) |
| (0.64 | ) |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| (0.02 | ) |
| (0.09 | ) |
| (0.11 | ) |
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Growth LT Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.10 |
|
| 7.95 | % | $ | 61,954 |
|
| 1.54 | % |
| 1.95 | % |
| (0.08 | %) |
| 37.99 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.23 |
|
| 14.94 | % |
| 43,733 |
|
| 1.70 | % |
| 2.15 | % |
| (0.44 | %) |
| 69.48 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.64 |
|
| 2.90 | % |
| 19,585 |
|
| 1.70 | % |
| 2.54 | % |
| (0.44 | %) |
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.34 |
|
| 35.70 | % |
| 11,994 |
|
| 1.70 | % |
| 3.21 | % |
| (1.08 | %) |
| 42.65 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 7.62 |
|
| (26.16 | %) |
| 6,832 |
|
| 1.70 | % |
| 4.01 | % |
| (0.95 | %) |
| 124.73 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.78 |
|
| 7.44 | % | $ | 445 |
|
| 2.11 | % |
| 2.52 | % |
| (0.65 | %) |
| 37.99 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.00 |
|
| 14.30 | % |
| 412 |
|
| 2.20 | % |
| 2.65 | % |
| (0.94 | %) |
| 69.48 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.49 |
|
| 2.44 | % |
| 373 |
|
| 2.20 | % |
| 3.04 | % |
| (0.94 | %) |
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.24 |
|
| 34.91 | % |
| 293 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58 | %) |
| 42.65 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 7.58 |
|
| (26.31 | %) |
| 301 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45 | %) |
| 124.73 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.74 |
|
| 7.46 | % | $ | 775 |
|
| 2.11 | % |
| 2.52 | % |
| (0.65 | %) |
| 37.99 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.95 |
|
| 14.24 | % |
| 893 |
|
| 2.20 | % |
| 2.65 | % |
| (0.94 | %) |
| 69.48 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.46 |
|
| 2.45 | % |
| 472 |
|
| 2.20 | % |
| 3.04 | % |
| (0.94 | %) |
| 42.84 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.21 |
|
| 34.87 | % |
| 400 |
|
| 2.20 | % |
| 3.71 | % |
| (1.58 | %) |
| 42.65 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 7.57 |
|
| (26.58 | %) |
| 624 |
|
| 2.20 | % |
| 4.51 | % |
| (1.45 | %) |
| 124.73 | % |
PL Mid-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.62 |
|
| 14.80 | % | $ | 71,181 |
|
| 1.60 | % |
| 2.01 | % |
| (— | %)(5) |
| 74.07 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.54 |
|
| 13.11 | % |
| 23,992 |
|
| 1.80 | % |
| 2.44 | % |
| (0.16 | %) |
| 112.93 | % |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 9.90 |
|
| (1.00 | %) |
| 25,454 |
|
| 1.80 | % |
| 3.20 | % |
| (0.42 | %) |
| 16.26 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.48 |
|
| 14.10 | % | $ | 94 |
|
| 2.19 | % |
| 2.60 | % |
| (0.59 | %) |
| 74.07 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.48 |
|
| 12.53 | % |
| 64 |
|
| 2.30 | % |
| 2.94 | % |
| (0.66 | %) |
| 112.93 | % |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 9.89 |
|
| (1.10 | %) |
| 33 |
|
| 2.30 | % |
| 3.70 | % |
| (0.92 | %) |
| 16.26 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.47 |
|
| 14.11 | % | $ | 253 |
|
| 2.19 | % |
| 2.60 | % |
| (0.59 | %) |
| 74.07 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.47 |
|
| 12.50 | % |
| 128 |
|
| 2.30 | % |
| 2.94 | % |
| (0.66 | %) |
| 112.93 | % |
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 9.89 |
|
| (1.10 | %) |
| 73 |
|
| 2.30 | % |
| 3.70 | % |
| (0.92 | %) |
| 16.26 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-5
PACIFIC LIFE FUNDS**
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Large-Cap Growth Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.85 |
| ($ | 0.09 | ) | ($ | 0.40 | ) | ($ | 0.49 | ) | $ | — |
| ($ | 0.93 | ) | ($ | 0.93 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.14 |
|
| (0.07 | ) |
| 0.78 |
|
| 0.71 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.19 |
|
| (0.01 | ) |
| (0.04 | ) |
| (0.05 | ) |
| — |
|
| — |
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.05 |
|
| (0.07 | ) |
| 2.21 |
|
| 2.14 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.96 |
|
| (0.06 | ) |
| (2.85 | ) |
| (2.91 | ) |
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.62 |
| ($ | 0.14 | ) | ($ | 0.40 | ) | ($ | 0.54 | ) | $ | — |
| ($ | 0.93 | ) | ($ | 0.93 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.60 |
| ($ | 0.14 | ) | ($ | 0.39 | ) | ($ | 0.53 | ) | $ | — |
| ($ | 0.93 | ) | ($ | 0.93 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
PL International Large-Cap Fund (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.45 |
| $ | 0.28 |
| $ | 2.49 |
| $ | 2.77 |
| ($ | 0.30 | ) | ($ | 1.28 | ) | ($ | 1.58 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.83 |
|
| (— | )(5) |
| 2.89 |
|
| 2.89 |
|
| (0.04 | ) |
| (0.23 | ) |
| (0.27 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.61 |
|
| (0.01 | ) |
| 1.46 |
|
| 1.45 |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.20 |
|
| (0.04 | ) |
| 3.45 |
|
| 3.41 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.03 |
|
| (0.04 | ) |
| (2.59 | ) |
| (2.63 | ) |
| — |
|
| (0.20 | ) |
| (0.20 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.15 |
| $ | 0.19 |
| $ | 2.43 |
| $ | 2.62 |
| ($ | 0.25 | ) | ($ | 1.28 | ) | ($ | 1.53 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.60 |
|
| (0.07 | ) |
| 2.85 |
|
| 2.78 |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.46 |
|
| (0.07 | ) |
| 1.44 |
|
| 1.37 |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
|
| 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 | ) |
| — |
|
| (0.20 | ) |
| (0.20 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 15.16 |
| $ | 0.19 |
| $ | 2.44 |
| $ | 2.63 |
| ($ | 0.22 | ) | ($ | 1.28 | ) | ($ | 1.50 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.62 |
|
| (0.07 | ) |
| 2.84 |
|
| 2.77 |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.48 |
|
| (0.07 | ) |
| 1.44 |
|
| 1.37 |
|
| — |
|
| (0.23 | ) |
| (0.23 | ) |
|
| 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 | ) |
| — |
|
| (0.20 | ) |
| (0.20 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Large-Cap Growth Fund (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.43 |
|
| (3.80 | %) | $ | 29,713 |
|
| 1.73 | % |
| 2.43 | % |
| (0.93% | ) |
| 147.66 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.85 |
|
| 7.00 | % |
| 19,366 |
|
| 1.90 | % |
| 2.58 | % |
| (0.62% | ) |
| 160.96 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.14 |
|
| (0.49 | %) |
| 45,147 |
|
| 1.90 | % |
| 2.37 | % |
| (0.08% | ) |
| 38.40 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.19 |
|
| 26.58 | % |
| 23,408 |
|
| 1.90 | % |
| 3.12 | % |
| (0.69% | ) |
| 78.30 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.05 |
|
| (26.55 | %) |
| 7,922 |
|
| 1.90 | % |
| 3.94 | % |
| (0.67% | ) |
| 35.58 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.15 |
|
| (4.40 | %) | $ | 428 |
|
| 2.31 | % |
| 3.01 | % |
| (1.50% | ) |
| 147.66 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.62 |
|
| 6.41 | % |
| 594 |
|
| 2.40 | % |
| 3.08 | % |
| (1.12% | ) |
| 160.96 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 9.98 |
|
| (0.89 | %) |
| 526 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58% | ) |
| 38.40 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.07 |
|
| 26.19 | % |
| 497 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19% | ) |
| 78.30 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 7.98 |
|
| (27.06 | %) |
| 757 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17% | ) |
| 35.58 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.14 |
|
| (4.31 | %) | $ | 824 |
|
| 2.31 | % |
| 3.01 | % |
| (1.50% | ) |
| 147.66 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.60 |
|
| 6.32 | % |
| 1,654 |
|
| 2.40 | % |
| 3.08 | % |
| (1.12% | ) |
| 160.96 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 9.97 |
|
| (0.89 | %) |
| 1,367 |
|
| 2.40 | % |
| 2.87 | % |
| (0.58% | ) |
| 38.40 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.06 |
|
| 26.07 | % |
| 1,090 |
|
| 2.40 | % |
| 3.62 | % |
| (1.19% | ) |
| 78.30 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 7.98 |
|
| (26.99 | %) |
| 1,467 |
|
| 2.40 | % |
| 4.44 | % |
| (1.17% | ) |
| 35.58 | % |
PL International Large-Cap Fund (10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 16.64 |
|
| 18.70 | % | $ | 76,806 |
|
| 1.84 | % |
| 2.38 | % |
| 1.77% |
|
| 47.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.45 |
|
| 22.72 | % |
| 52,728 |
|
| 2.00 | % |
| 2.79 | % |
| (0.03% | ) |
| 63.12 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.83 |
|
| 12.73 | % |
| 38,195 |
|
| 2.00 | % |
| 3.35 | % |
| (0.12% | ) |
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.61 |
|
| 41.59 | % |
| 15,358 |
|
| 2.03 | % |
| 5.96 | % |
| (0.38% | ) |
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.20 |
|
| (24.11 | %) |
| 4,505 |
|
| 2.05 | % |
| 9.08 | % |
| (0.40% | ) |
| 137.37 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 16.24 |
|
| 18.12 | % | $ | 668 |
|
| 2.41 | % |
| 2.95 | % |
| 1.20% |
|
| 47.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.15 |
|
| 22.16 | % |
| 436 |
|
| 2.50 | % |
| 3.29 | % |
| (0.53% | ) |
| 63.12 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.60 |
|
| 12.18 | % |
| 391 |
|
| 2.50 | % |
| 3.85 | % |
| (0.62% | ) |
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.46 |
|
| 40.79 | % |
| 265 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88% | ) |
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.14 |
|
| (24.52 | %) |
| 58 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90% | ) |
| 137.37 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 16.29 |
|
| 18.11 | % | $ | 898 |
|
| 2.41 | % |
| 2.95 | % |
| 1.20% |
|
| 47.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 15.16 |
|
| 22.12 | % |
| 897 |
|
| 2.50 | % |
| 3.29 | % |
| (0.53% | ) |
| 63.12 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.62 |
|
| 12.16 | % |
| 593 |
|
| 2.50 | % |
| 3.85 | % |
| (0.62% | ) |
| 55.12 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.48 |
|
| 40.86 | % |
| 222 |
|
| 2.53 | % |
| 6.46 | % |
| (0.88% | ) |
| 150.05 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.14 |
|
| (24.43 | %) |
| 79 |
|
| 2.55 | % |
| 9.58 | % |
| (0.90% | ) |
| 137.37 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-6
PACIFIC LIFE 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 |
| Distributions |
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| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||||
PL Small-Cap Growth Fund (11) |
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Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.22 |
| ($ | 0.08 | ) | $ | 0.11 |
| $ | 0.03 |
| $ | — |
| ($ | 0.01 | ) | ($ | 0.01 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.78 |
|
| (0.10 | ) |
| 1.62 |
|
| 1.52 |
|
| — |
|
| (2.08 | ) |
| (2.08 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.53 |
|
| (0.16 | ) |
| 0.69 |
|
| 0.53 |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.59 |
|
| (0.15 | ) |
| 3.09 |
|
| 2.94 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 11.63 |
|
| (0.16 | ) |
| (2.88 | ) |
| (3.04 | ) |
| — |
|
| — |
|
| — |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.95 |
| ($ | 0.14 | ) | $ | 0.11 |
| ($ | 0.03 | ) | $ | — |
| ($ | 0.01 | ) | ($ | 0.01 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.59 |
|
| (0.16 | ) |
| 1.60 |
|
| 1.44 |
|
| — |
|
| (2.08 | ) |
| (2.08 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.41 |
|
| (0.21 | ) |
| 0.67 |
|
| 0.46 |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.96 |
| ($ | 0.14 | ) | $ | 0.12 |
| ($ | 0.02 | ) | $ | — |
| ($ | 0.01 | ) | ($ | 0.01 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.61 |
|
| (0.16 | ) |
| 1.59 |
|
| 1.43 |
|
| — |
|
| (2.08 | ) |
| (2.08 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.42 |
|
| (0.21 | ) |
| 0.68 |
|
| 0.47 |
|
| — |
|
| (0.28 | ) |
| (0.28 | ) |
|
| 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 | ) |
| — |
|
| — |
|
| — |
|
PL Main Street Core Fund |
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Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 10.67 |
| $ | 0.05 |
| $ | 0.92 |
| $ | 0.97 |
| ($ | 0.03 | ) | ($ | 0.15 | ) | ($ | 0.18 | ) |
|
| 9/30/2005 - 3/31/2006 |
|
| 10.00 |
|
| 0.01 |
|
| 0.67 |
|
| 0.68 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
PL Emerging Markets Fund |
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Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 12.00 |
| $ | 0.06 |
| $ | 1.56 |
| $ | 1.62 |
| ($ | 0.05 | ) | ($ | 0.56 | ) | ($ | 0.61 | ) |
|
| 9/30/2005 - 3/31/2006 |
|
| 10.00 |
|
| 0.08 |
|
| 2.00 |
|
| 2.08 |
|
| (0.08 | ) |
| — | (5) |
| (0.08 | ) |
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|
| Ratios/Supplemental Data |
| |||||||||||||||||||
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| |||||||||||||||||||
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| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||||
PL Small-Cap Growth Fund (11) |
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| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.24 |
|
| 0.28 | % | $ | 41,378 |
|
| 1.78 | % |
| 2.24 | % |
| (0.74 | %) |
| 52.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.22 |
|
| 15.01 | % |
| 24,218 |
|
| 1.95 | % |
| 2.95 | % |
| (0.99 | %) |
| 132.27 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.78 |
|
| 4.54 | % |
| 7,116 |
|
| 1.95 | % |
| 3.38 | % |
| (1.36 | %) |
| 201.57 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.53 |
|
| 34.23 | % |
| 8,469 |
|
| 1.95 | % |
| 3.55 | % |
| (1.61 | %) |
| 110.77 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.59 |
|
| (26.14 | %) |
| 5,031 |
|
| 1.95 | % |
| 4.27 | % |
| (1.66 | %) |
| 71.87 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.91 |
|
| (0.26 | %) | $ | 442 |
|
| 2.35 | % |
| 2.81 | % |
| (1.31 | %) |
| 52.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.95 |
|
| 14.49 | % |
| 425 |
|
| 2.45 | % |
| 3.45 | % |
| (1.49 | %) |
| 132.27 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.59 |
|
| 3.97 | % |
| 283 |
|
| 2.45 | % |
| 3.88 | % |
| (1.86 | %) |
| 201.57 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.41 |
|
| 33.61 | % |
| 267 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11 | %) |
| 110.77 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.53 |
|
| (26.44 | %) |
| 63 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16 | %) |
| 71.87 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.93 |
|
| (0.17 | %) | $ | 432 |
|
| 2.35 | % |
| 2.81 | % |
| (1.31 | %) |
| 52.87 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.96 |
|
| 14.38 | % |
| 539 |
|
| 2.45 | % |
| 3.45 | % |
| (1.49 | %) |
| 132.27 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.61 |
|
| 4.06 | % |
| 585 |
|
| 2.45 | % |
| 3.88 | % |
| (1.86 | %) |
| 201.57 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.42 |
|
| 33.57 | % |
| 360 |
|
| 2.45 | % |
| 4.05 | % |
| (2.11 | %) |
| 110.77 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 8.55 |
|
| (26.36 | %) |
| 115 |
|
| 2.45 | % |
| 4.77 | % |
| (2.16 | %) |
| 71.87 | % |
PL Main Street Core Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 11.46 |
|
| 9.23 | % | $ | 87,136 |
|
| 1.43 | % |
| 1.88 | % |
| 0.54 | % |
| 107.36 | % |
|
| 9/30/2005 - 3/31/2006 |
|
| 10.67 |
|
| 6.85 | % |
| 53,930 |
|
| 1.60 | % |
| 2.00 | % |
| 0.29 | % |
| 42.30 | % |
PL Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 |
| $ | 13.01 |
|
| 14.49 | % | $ | 51,376 |
|
| 1.78 | % |
| 2.81 | % |
| 0.49 | % |
| 58.31 | % |
|
| 9/30/2005 - 3/31/2006 |
|
| 12.00 |
|
| 20.94 | % |
| 33,476 |
|
| 1.95 | % |
| 5.53 | % |
| 1.88 | % |
| 41.88 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-7
|
PACIFIC LIFE FUNDS** |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each year or period ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.98 |
| $ | 0.35 |
| $ | 0.22 |
| $ | 0.57 |
| ($ | 0.39 | ) | $ | — |
| ($ | 0.39 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.03 |
|
| 0.29 |
|
| (0.07 | ) |
| 0.22 |
|
| (0.27 | ) |
| — |
|
| (0.27 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.45 |
|
| 0.14 |
|
| (0.09 | ) |
| 0.05 |
|
| (0.25 | ) |
| (0.22 | ) |
| (0.47 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.16 |
|
| 0.17 |
|
| 0.46 |
|
| 0.63 |
|
| (0.34 | ) |
| — |
|
| (0.34 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 9.85 |
|
| 0.21 |
|
| 1.02 |
|
| 1.23 |
|
| (0.36 | ) |
| (0.56 | ) |
| (0.92 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.96 |
| $ | 0.29 |
| $ | 0.22 |
| $ | 0.51 |
| ($ | 0.33 | ) | $ | — |
| ($ | 0.33 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.01 |
|
| 0.24 |
|
| (0.07 | ) |
| 0.17 |
|
| (0.22 | ) |
| — |
|
| (0.22 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.44 |
|
| 0.09 |
|
| (0.10 | ) |
| (0.01 | ) |
| (0.20 | ) |
| (0.22 | ) |
| (0.42 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.14 |
|
| 0.12 |
|
| 0.46 |
|
| 0.58 |
|
| (0.28 | ) |
| — |
|
| (0.28 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 9.84 |
|
| 0.15 |
|
| 1.03 |
|
| 1.18 |
|
| (0.32 | ) |
| (0.56 | ) |
| (0.88 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.98 |
| $ | 0.29 |
| $ | 0.22 |
| $ | 0.51 |
| ($ | 0.33 | ) | $ | — |
| ($ | 0.33 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.02 |
|
| 0.24 |
|
| (0.06 | ) |
| 0.18 |
|
| (0.22 | ) |
| — |
|
| (0.22 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.44 |
|
| 0.09 |
|
| (0.09 | ) |
| — |
|
| (0.20 | ) |
| (0.22 | ) |
| (0.42 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.14 |
|
| 0.12 |
|
| 0.46 |
|
| 0.58 |
|
| (0.28 | ) |
| — |
|
| (0.28 | ) |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 9.84 |
|
| 0.15 |
|
| 1.03 |
|
| 1.18 |
|
| (0.32 | ) |
| (0.56 | ) |
| (0.88 | ) |
PL Inflation Managed Fund |
|
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|
|
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|
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|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.00 |
| $ | 0.26 |
| $ | 0.14 |
| $ | 0.40 |
| ($ | 0.27 | ) | $ | — |
| ($ | 0.27 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.51 |
|
| 0.33 |
|
| (0.36 | ) |
| (0.03 | ) |
| (0.47 | ) |
| (0.01 | ) |
| (0.48 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.93 |
|
| 0.20 |
|
| (0.01 | ) |
| 0.19 |
|
| (0.26 | ) |
| (0.35 | ) |
| (0.61 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.28 |
|
| 0.12 |
|
| 0.96 |
|
| 1.08 |
|
| (0.20 | ) |
| (0.23 | ) |
| (0.43 | ) |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.00 |
|
| 0.06 |
|
| 0.27 |
|
| 0.33 |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.93 |
| $ | 0.20 |
| $ | 0.14 |
| $ | 0.34 |
| ($ | 0.21 | ) | $ | — |
| ($ | 0.21 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.45 |
|
| 0.28 |
|
| (0.36 | ) |
| (0.08 | ) |
| (0.43 | ) |
| (0.01 | ) |
| (0.44 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.89 |
|
| 0.15 |
|
| (0.02 | ) |
| 0.13 |
|
| (0.22 | ) |
| (0.35 | ) |
| (0.57 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.27 |
|
| 0.07 |
|
| 0.95 |
|
| 1.02 |
|
| (0.17 | ) |
| (0.23 | ) |
| (0.40 | ) |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.00 |
|
| 0.04 |
|
| 0.28 |
|
| 0.32 |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 9.93 |
| $ | 0.20 |
| $ | 0.15 |
| $ | 0.35 |
| ($ | 0.21 | ) | $ | — |
| ($ | 0.21 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.45 |
|
| 0.28 |
|
| (0.37 | ) |
| (0.09 | ) |
| (0.42 | ) |
| (0.01 | ) |
| (0.43 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.89 |
|
| 0.15 |
|
| (0.01 | ) |
| 0.14 |
|
| (0.23 | ) |
| (0.35 | ) |
| (0.58 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.27 |
|
| 0.07 |
|
| 0.95 |
|
| 1.02 |
|
| (0.17 | ) |
| (0.23 | ) |
| (0.40 | ) |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.00 |
|
| 0.04 |
|
| 0.28 |
|
| 0.32 |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Managed Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.16 |
|
| 5.90 | % | $ | 101,940 |
|
| 1.39 | % |
| 1.82 | % |
| 3.49 | % |
| 477.64 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.98 |
|
| 2.19 | % |
| 68,825 |
|
| 1.55 | % |
| 2.00 | % |
| 2.84 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.03 |
|
| 0.56 | % |
| 42,546 |
|
| 1.55 | % |
| 2.22 | % |
| 1.37 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.45 |
|
| 6.28 | % |
| 19,802 |
|
| 1.55 | % |
| 2.86 | % |
| 1.65 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.16 |
|
| 12.80 | % |
| 18,236 |
|
| 1.55 | % |
| 2.82 | % |
| 2.02 | % |
| 445.26 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.14 |
|
| 5.31 | % | $ | 915 |
|
| 1.96 | % |
| 2.39 | % |
| 2.92 | % |
| 477.64 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.96 |
|
| 1.67 | % |
| 1,049 |
|
| 2.05 | % |
| 2.50 | % |
| 2.34 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.01 |
|
| (0.05 | %) |
| 1,135 |
|
| 2.05 | % |
| 2.72 | % |
| 0.87 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.44 |
|
| 5.86 | % |
| 972 |
|
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.14 |
|
| 12.27 | % |
| 1,986 |
|
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 445.26 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.16 |
|
| 5.23 | % | $ | 2,642 |
|
| 1.96 | % |
| 2.39 | % |
| 2.92 | % |
| 477.64 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.98 |
|
| 1.75 | % |
| 2,082 |
|
| 2.05 | % |
| 2.50 | % |
| 2.34 | % |
| 534.38 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.02 |
|
| 0.04 | % |
| 2,353 |
|
| 2.05 | % |
| 2.72 | % |
| 0.87 | % |
| 323.24 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.44 |
|
| 5.86 | % |
| 2,315 |
|
| 2.05 | % |
| 3.36 | % |
| 1.15 | % |
| 459.70 | % |
|
| 4/1/2002 - 3/31/2003 (4) |
|
| 10.14 |
|
| 12.28 | % |
| 4,573 |
|
| 2.05 | % |
| 3.32 | % |
| 1.52 | % |
| 445.26 | % |
PL Inflation Managed Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.13 |
|
| 4.15 | % | $ | 82,340 |
|
| 1.39 | % |
| 1.78 | % |
| 2.60 | % |
| 356.40 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 10.00 |
|
| (0.44 | %) |
| 66,103 |
|
| 1.55 | % |
| 1.89 | % |
| 3.21 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.51 |
|
| 1.99 | % |
| 36,465 |
|
| 1.55 | % |
| 2.04 | % |
| 1.96 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.93 |
|
| 10.75 | % |
| 16,263 |
|
| 1.55 | % |
| 2.73 | % |
| 1.13 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.28 |
|
| 3.30 | % |
| 6,290 |
|
| 1.55 | % |
| 4.00 | % |
| 2.19 | % |
| 199.92 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.06 |
|
| 3.57 | % | $ | 900 |
|
| 1.96 | % |
| 2.35 | % |
| 2.03 | % |
| 356.40 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.93 |
|
| (0.91 | %) |
| 1,402 |
|
| 2.05 | % |
| 2.39 | % |
| 2.71 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.45 |
|
| 1.43 | % |
| 1,199 |
|
| 2.05 | % |
| 2.54 | % |
| 1.46 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.89 |
|
| 10.20 | % |
| 697 |
|
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.27 |
|
| 3.16 | % |
| 161 |
|
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| 199.92 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.07 |
|
| 3.56 | % | $ | 2,739 |
|
| 1.96 | % |
| 2.35 | % |
| 2.03 | % |
| 356.40 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.93 |
|
| (0.95 | %) |
| 4,142 |
|
| 2.05 | % |
| 2.39 | % |
| 2.71 | % |
| 188.82 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 10.45 |
|
| 1.44 | % |
| 5,682 |
|
| 2.05 | % |
| 2.54 | % |
| 1.46 | % |
| 284.19 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 10.89 |
|
| 10.27 | % |
| 4,065 |
|
| 2.05 | % |
| 3.23 | % |
| 0.63 | % |
| 507.96 | % |
|
| 12/31/2002 - 3/31/2003 (4) |
|
| 10.27 |
|
| 3.11 | % |
| 480 |
|
| 2.05 | % |
| 4.50 | % |
| 1.69 | % |
| 199.92 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
| |
E-8 |
|
|
PACIFIC LIFE FUNDS** |
FINANCIAL HIGHLIGHTS (Continued) |
Selected per share, ratios and supplemental data for each year or period ended were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Distributions |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| |||||||
PL Comstock Fund (12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.92 |
| $ | 0.12 |
| $ | 1.55 |
| $ | 1.67 |
| ($ | 0.11 | ) | ($ | 0.37 | ) | ($ | 0.48 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.58 |
|
| 0.10 |
|
| 0.83 |
|
| 0.93 |
|
| (0.06 | ) |
| (0.53 | ) |
| (0.59 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.37 |
|
| 0.07 |
|
| 1.19 |
|
| 1.26 |
|
| (0.05 | ) |
| — |
|
| (0.05 | ) |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.16 |
|
| 0.02 |
|
| 3.19 |
|
| 3.21 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 |
|
| 11.45 |
|
| (0.11 | ) |
| (3.12 | ) |
| (3.23 | ) |
| — |
|
| (0.06 | ) |
| (0.06 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.75 |
| $ | 0.05 |
| $ | 1.51 |
| $ | 1.56 |
| ($ | 0.05 | ) | ($ | 0.37 | ) | ($ | 0.42 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.42 |
|
| 0.04 |
|
| 0.82 |
|
| 0.86 |
|
| — |
|
| (0.53 | ) |
| (0.53 | ) |
|
| 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 | ) |
| — |
|
| (0.06 | ) |
| (0.06 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.72 |
| $ | 0.05 |
| $ | 1.52 |
| $ | 1.57 |
| ($ | 0.06 | ) | ($ | 0.37 | ) | ($ | 0.43 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.41 |
|
| 0.04 |
|
| 0.81 |
|
| 0.85 |
|
| (0.01 | ) |
| (0.53 | ) |
| (0.54 | ) |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 11.24 |
|
| 0.01 |
|
| 1.17 |
|
| 1.18 |
|
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| 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 | ) |
| — |
|
| (0.06 | ) |
| (0.06 | ) |
PL Mid-Cap Growth Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.67 |
| ($ | 0.07 | ) | $ | 0.31 |
| $ | 0.24 |
| $ | — |
| ($ | 0.98 | ) | ($ | 0.98 | ) |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 8.93 |
|
| (0.11 | ) |
| 2.85 |
|
| 2.74 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 8.01 |
|
| (0.12 | ) |
| 1.04 |
|
| 0.92 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 5.92 |
|
| (0.10 | ) |
| 2.19 |
|
| 2.09 |
|
| — |
|
| — |
|
| — |
|
|
| 4/1/2002 - 3/31/2003 |
|
| 11.18 |
|
| (0.09 | ) |
| (4.33 | ) |
| (4.42 | ) |
| — |
|
| (0.84 | ) |
| (0.84 | ) |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.45 |
| ($ | 0.13 | ) | $ | 0.30 |
| $ | 0.17 |
| $ | — |
| ($ | 0.98 | ) | ($ | 0.98 | ) |
|
| 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 | ) |
| — |
|
| (0.84 | ) |
| (0.84 | ) |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 11.42 |
| ($ | 0.13 | ) | $ | 0.31 |
| $ | 0.18 |
| $ | — |
| ($ | 0.98 | ) | ($ | 0.98 | ) |
|
| 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 | ) |
| — |
|
| (0.84 | ) |
| (0.84 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net |
| Total |
| Net |
| Ratios |
| Ratios |
| Ratios |
| Portfolio |
| |||||||
PL Comstock Fund (12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 14.11 |
|
| 13.21 | % | $ | 83,788 |
|
| 1.74 | % |
| 2.11 | % |
| 0.92 | % |
| 40.11 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.92 |
|
| 7.62 | % |
| 62,447 |
|
| 1.90 | % |
| 2.25 | % |
| 0.79 | % |
| 22.40 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.58 |
|
| 11.08 | % |
| 23,017 |
|
| 1.90 | % |
| 2.70 | % |
| 0.55 | % |
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.37 |
|
| 39.34 | % |
| 11,945 |
|
| 1.90 | % |
| 3.59 | % |
| 0.24 | % |
| 105.34 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 8.16 |
|
| (28.26 | %) |
| 5,331 |
|
| 1.90 | % |
| 3.87 | % |
| (1.04 | %) |
| 37.78 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.89 |
|
| 12.49 | % | $ | 686 |
|
| 2.31 | % |
| 2.68 | % |
| 0.35 | % |
| 40.11 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.75 |
|
| 7.14 | % |
| 532 |
|
| 2.40 | % |
| 2.75 | % |
| 0.29 | % |
| 22.40 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.42 |
|
| 10.50 | % |
| 388 |
|
| 2.40 | % |
| 3.20 | % |
| 0.05 | % |
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.24 |
|
| 38.77 | % |
| 453 |
|
| 2.40 | % |
| 4.09 | % |
| (0.26 | %) |
| 105.34 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 8.10 |
|
| (28.66 | %) |
| 201 |
|
| 2.40 | % |
| 4.37 | % |
| (1.54 | %) |
| 37.78 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 13.86 |
|
| 12.58 | % | $ | 1,195 |
|
| 2.31 | % |
| 2.68 | % |
| 0.35 | % |
| 40.11 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 12.72 |
|
| 7.05 | % |
| 938 |
|
| 2.40 | % |
| 2.75 | % |
| 0.29 | % |
| 22.40 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 12.41 |
|
| 10.50 | % |
| 872 |
|
| 2.40 | % |
| 3.20 | % |
| 0.05 | % |
| 34.41 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 11.24 |
|
| 38.60 | % |
| 226 |
|
| 2.40 | % |
| 4.09 | % |
| (0.26 | %) |
| 105.34 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 8.11 |
|
| (28.57 | %) |
| 74 |
|
| 2.40 | % |
| 4.37 | % |
| (1.54 | %) |
| 37.78 | % |
PL Mid-Cap Growth Fund (13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.93 |
|
| 2.64 | % | $ | 63,462 |
|
| 1.68 | % |
| 2.08 | % |
| (0.64 | %) |
| 60.08 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.67 |
|
| 30.68 | % |
| 39,980 |
|
| 1.85 | % |
| 2.29 | % |
| (1.04 | %) |
| 107.64 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 8.93 |
|
| 11.49 | % |
| 36,882 |
|
| 1.85 | % |
| 2.43 | % |
| (1.37 | %) |
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 8.01 |
|
| 35.30 | % |
| 18,388 |
|
| 1.85 | % |
| 3.29 | % |
| (1.42 | %) |
| 326.09 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 5.92 |
|
| (40.51 | %) |
| 6,191 |
|
| 1.85 | % |
| 4.31 | % |
| (1.39 | %) |
| 158.16 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.64 |
|
| 2.03 | % | $ | 1,075 |
|
| 2.25 | % |
| 2.65 | % |
| (1.22 | %) |
| 60.08 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.45 |
|
| 30.11 | % |
| 948 |
|
| 2.35 | % |
| 2.79 | % |
| (1.54 | %) |
| 107.64 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 8.80 |
|
| 10.97 | % |
| 667 |
|
| 2.35 | % |
| 2.93 | % |
| (1.87 | %) |
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.93 |
|
| 34.86 | % |
| 504 |
|
| 2.35 | % |
| 3.79 | % |
| (1.92 | %) |
| 326.09 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 5.88 |
|
| (40.84 | %) |
| 586 |
|
| 2.35 | % |
| 4.81 | % |
| (1.89 | %) |
| 158.16 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 10.62 |
|
| 2.13 | % | $ | 1,431 |
|
| 2.25 | % |
| 2.65 | % |
| (1.22 | %) |
| 60.08 | % |
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 11.42 |
|
| 29.92 | % |
| 2,460 |
|
| 2.35 | % |
| 2.79 | % |
| (1.54 | %) |
| 107.64 | % |
|
| 4/1/2004 - 3/31/2005 (4) |
|
| 8.79 |
|
| 10.99 | % |
| 1,436 |
|
| 2.35 | % |
| 2.93 | % |
| (1.87 | %) |
| 82.70 | % |
|
| 4/1/2003 - 3/31/2004 (4) |
|
| 7.92 |
|
| 34.69 | % |
| 958 |
|
| 2.35 | % |
| 3.79 | % |
| (1.92 | %) |
| 326.09 | % |
|
| 4/1/2002 - 3/31/2003 |
|
| 5.88 |
|
| (40.78 | %) |
| 1,141 |
|
| 2.35 | % |
| 4.81 | % |
| (1.89 | %) |
| 158.16 | % |
|
|
See Notes to Financial Statements | See explanation of references and symbols on E-10 |
E-9
|
PACIFIC LIFE 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 |
| Distributions |
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| Net |
| Net |
| Net |
| Total from |
| Distributions |
| Distributions |
| Total |
| Net |
| ||||||||
PL Real Estate Fund |
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Class A: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.89 |
| $ | 0.04 |
| $ | 3.01 |
| $ | 3.05 |
| ($ | 0.05 | ) | ($ | 0.95 | ) | ($ | 1.00 | ) | $ | 14.94 |
|
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.39 |
|
| 0.05 |
|
| 3.70 |
|
| 3.75 |
|
| (0.17 | ) |
| (0.08 | ) |
| (0.25 | ) |
| 12.89 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| 0.05 |
|
| (0.64 | ) |
| (0.59 | ) |
| (0.02 | ) |
| — |
|
| (0.02 | ) |
| 9.39 |
|
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.85 |
| ($ | 0.04 | ) | $ | 3.00 |
| $ | 2.96 |
| ($ | 0.02 | ) | ($ | 0.95 | ) | ($ | 0.97 | ) | $ | 14.84 |
|
|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.39 |
|
| (0.01 | ) |
| 3.70 |
|
| 3.69 |
|
| (0.15 | ) |
| (0.08 | ) |
| (0.23 | ) |
| 12.85 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| 0.04 |
|
| (0.64 | ) |
| (0.60 | ) |
| (0.01 | ) |
| — |
|
| (0.01 | ) |
| 9.39 |
|
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
| $ | 12.85 |
| ($ | 0.04 | ) | $ | 2.98 |
| $ | 2.94 |
| ($ | 0.03 | ) | ($ | 0.95 | ) | ($ | 0.98 | ) | $ | 14.81 |
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|
| 4/1/2005 - 3/31/2006 (4) |
|
| 9.38 |
|
| (0.01 | ) |
| 3.70 |
|
| 3.69 |
|
| (0.14 | ) |
| (0.08 | ) |
| (0.22 | ) |
| 12.85 |
|
|
| 12/31/2004 - 3/31/2005 (4) |
|
| 10.00 |
|
| 0.03 |
|
| (0.64 | ) |
| (0.61 | ) |
| (0.01 | ) |
| — |
|
| (0.01 | ) |
| 9.38 |
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| Ratios/Supplemental Data |
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| Total |
| Net |
| Ratios of |
| Ratios of |
| Ratios |
| Portfolio |
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PL Real Estate Fund |
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Class A: |
| 4/1/2006 - 3/31/2007 (4) |
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| 24.19 | % | $ | 31,504 |
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| 1.89 | % |
| 2.42 | % |
| 0.27 | % |
| 36.83 | % |
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| 4/1/2005 - 3/31/2006 (4) |
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| 40.43 | % |
| 25,552 |
|
| 2.05 | % |
| 2.76 | % |
| 0.41 | % |
| 9.81 | % |
|
| 12/31/2004 - 3/31/2005 (4) |
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| (5.95 | %) |
| 13,853 |
|
| 2.05 | % |
| 3.57 | % |
| 2.01 | % |
| 0.79 | % |
Class B: |
| 4/1/2006 - 3/31/2007 (4) |
|
| 23.53 | % | $ | 177 |
|
| 2.46 | % |
| 2.99 | % |
| (0.30 | %) |
| 36.83 | % |
|
| 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) |
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| (6.05 | %) |
| 17 |
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| 2.55 | % |
| 4.07 | % |
| 1.51 | % |
| 0.79 | % |
Class C: |
| 4/1/2006 - 3/31/2007 (4) |
|
| 23.42 | % | $ | 333 |
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| 2.46 | % |
| 2.99 | % |
| (0.30 | %) |
| 36.83 | % |
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| 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 | % |
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** | See Note 1 to Financial Statements regarding name changes which occurred during the year ended March 31, 2007. |
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(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. |
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(2) | The ratios of net expenses after expense reductions to average daily net assets are after adviser expense reimbursements, if any, as discussed in Note 5 to the Financial Statements. Additionally, non 12b-1 servicing fees for Class A shares were reduced by 0.25% as discussed in Note 3 to the Financial Statements. The expense ratios for all the PL Portfolio Optimization Funds do not include expenses of the underlying funds (see Note 1 to Financial Statements) in which the PL Portfolio Optimization Funds invest. |
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(3) | The ratios are annualized for periods of less than one full year. |
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(4) | Per share investment income has been calculated using the average shares method. |
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(5) | Amount represents less than $0.005 per share or less than 0.005%. |
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(6) | Class B and C shares of the PL Money Market Fund were converted to Class A shares on June 29, 2005. |
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(7) | The expense cap for the PL Money Market Class A was 0.05% for the period July 1, 2002 to June 30, 2005. From July 1, 2005 to August 31, 2006 the expense cap was 0.45%. Subsequent to August 31, 2006 the expense cap was 0.30%. |
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(8) | Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund. |
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(9) | Prior to January 1, 2006, the PL Large-Cap Growth Fund was named the PF AIM Blue Chip Fund. |
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(10) | Prior to January 1, 2004, the PL International Large-Cap Fund was named the PF MFS Global Growth Fund. |
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(11) | Prior to October 1, 2005, the PL Small Cap Growth Fund was named the PF AIM Aggressive Growth Fund. |
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(12) | Prior to May 1, 2003, the PL Comstock Fund was named the PF Janus Strategic Value Fund. |
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(13) | Prior to May 1, 2003, the PL Mid-Cap Growth Fund was named the PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
E-10
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
Pacific Life Funds (formerly 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, 2007, was comprised of twenty-one separate funds (each individually, a “Fund”, and collectively, the “Funds”):
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Current Name |
| Former Name |
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PL Portfolio Optimization Conservative |
| PF Portfolio Optimization Model A |
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PL Portfolio Optimization Moderate-Conservative |
| PF Portfolio Optimization Model B |
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PL Portfolio Optimization Moderate |
| PF Portfolio Optimization Model C |
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PL Portfolio Optimization Moderate-Aggressive |
| PF Portfolio Optimization Model D |
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PL Portfolio Optimization Aggressive |
| PF Portfolio Optimization Model E |
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PL Money Market Fund |
| PF Pacific Life Money Market Fund |
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PL International Value Fund |
| PF AllianceBernstein International Value Fund, prior to May 1, 2006, the Fund was named PF Lazard International Value Fund |
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PL Large-Cap Value Fund |
| PF Salomon Brothers Large-Cap Value Fund |
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PL Short Duration Bond Fund |
| PF Goldman Sachs Short Duration Bond Fund |
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PL Growth LT Fund |
| PF Janus Growth LT Fund |
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PL Mid-Cap Value Fund |
| PF Lazard Mid-Cap Value Fund |
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PL Large-Cap Growth Fund |
| PF Loomis Sayles Large-Cap Growth Fund |
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PL International Large-Cap Fund |
| PF MFS International Large-Cap Fund |
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PL Small-Cap Growth Fund |
| PF NB Fasciano Small Equity Fund |
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PL Main Street® Core Fund (1) |
| PF Oppenheimer Main Street Core Fund |
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PL Emerging Markets Fund |
| PF Oppenheimer Emerging Markets Fund |
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PL Managed Bond Fund |
| PF PIMCO Managed Bond Fund |
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PL Inflation Managed Fund |
| PF PIMCO Inflation Managed Fund |
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PL Comstock Fund |
| PF Van Kampen Comstock Fund |
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PL Mid-Cap Growth Fund |
| PF Van Kampen Mid-Cap Growth Fund |
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PL Real Estate Fund |
| PF Van Kampen Real Estate Fund |
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(1) | Main Street is a registered trademark of OppenheimerFunds, Inc. |
Each Fund, with the exception of PL Money Market, PL Main Street Core, and PL Emerging Markets Funds, has at least three separate classes of shares: Class A, B, and C. PL Money Market, PL Main Street Core, and PL Emerging Markets Funds offer Class A shares only. PL Portfolio Optimization Conservative, PL Portfolio Optimization Moderate-Conservative, PL Portfolio Optimization Moderate, PL Portfolio Optimization Moderate-Aggressive and PL Portfolio Optimization Aggressive, (collectively, “Portfolio Optimization Funds”) also offer Class R shares. Presently, only the Portfolio Optimization Funds can invest in PL Main Street Core Fund and PL Emerging Markets Fund. Each class is distinguished by its level of distribution and/or service fees and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R shares are sold at net asset value (“NAV”) without an initial sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1% on redemptions of such Class A shares within one year of purchase. Class A shares of PL Money Market Fund are sold without an initial sales charge.
The Portfolio Optimization Funds invest all of their assets in Class A shares of other funds of Pacific Life 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. An asset allocation process is used 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. The asset allocation strategy of each Portfolio Optimization Fund is periodically evaluated and the target allocations may be updated 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 Life Funds may change and Underlying Funds may be added to or deleted from a Portfolio Optimization Fund. The asset class allocations, Underlying Funds (including any funds organized in the future), or target allocations with respect to each Underlying Fund may be changed without prior approval from shareholders as determined necessary to pursue stated investment goals. The target allocation percentages as well as other information on the Portfolio Optimization Funds is described in the prospectuses.
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 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.
F-1
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 prices obtained from a quotation and valuation 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”). If bid and ask prices are not available, securities may be valued at bid prices or evaluated prices. 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. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities and the PL Money Market Fund, which record discounts and premiums on a straight-line basis. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which 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/or service fees (see Note 3). Income, other non-class specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative daily net assets.
C. Distributions to Shareholders
The Funds currently declare and pay dividends on net investment income at least annually, except for the PL Money Market, PL Short Duration Bond, PL Managed Bond, PL Inflation Managed, and PL Real Estate Funds. Dividends are generally: 1) declared daily and paid monthly for the PL Money Market Fund; 2) declared and paid monthly for the PL Short Duration Bond, PL Managed Bond, and PL Inflation Managed Funds; and 3) declared and paid quarterly for the PL Real Estate Fund. Dividends may be declared less frequently if advantageous to the specific Fund. All realized capital gains are distributed at least annually for all Funds.
Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, passive foreign investment companies, post-October losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
D. Foreign Currency Translation
Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the end of the reporting period. Purchases and sales of securities, interest income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
F-2
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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/or 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 of the new Funds 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. Certain options may be written or purchased with premiums to be determined on a futures date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on 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 Statements of Operations. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
J. Swaps
Certain Funds may enter into interest rate, total return, credit default, and other swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return and to manage its exposure to interest and credit risk. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. In
F-3
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party (typically corporate issues or sovereign issues of an emerging country) on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where a Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund generally receives an upfront payment or fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
Swaps are marked to market daily based upon quotations from market makers 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 Statements of Operations, when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received by the 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 Statements 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. IOs are subject to accelerated principal paydowns as a result of prepayment or refinancing of underlying pool of mortgage instruments. As a result, interest income on IOs may be reduced considerably. The market value of POs is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of POs increase, the yield on POs increases. 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 Statements of Operations.
M. Equity-Linked Structured Notes
Certain Funds may invest in equity-linked structured notes. Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.
N. Government Sponsored Enterprise Securities
Certain Funds may invest in securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar U.S. Government sponsored entities such as Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Banks
F-4
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(“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.
O. When-Issued Securities and Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. The market values of the securities purchased on a when-issued or delayed-delivery basis are identified as such in each applicable Fund’s Schedule of Investments. When when-issued securities and delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a when-issued or delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
P. 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.
Q. Inverse Floater Structures
Certain Funds invest in residual certificates issued by tender option bond trusts (“TOB’s”). A TOB is established by a third party sponsor forming a special purpose entity, into which a Fund, or an agent on behalf of a Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate trust certificates (“floating rate certificates”), which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to a Fund which made the transfer. The transfer of the municipal securities to a TOB is accounted for as secured borrowings. Therefore, the municipal securities deposited into a TOB are presented in the Funds’ Schedules of Investments and the proceeds from the transaction are reported as floating rate certificates payable of the Funds. Interest income from the underlying security is recorded by the Funds on an accrual basis. Interest expense incurred on the floating rate certificates and other expenses related to remarketing, administration and trustee services to a TOB is reported as an expense of the Funds. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender the floating rate certificates to the TOB for redemption at par at each reset date. The TOB Residuals’ interests held by the Funds include the right of the Funds to (1) cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) transfer a corresponding share of the municipal securities from the TOB to the Funds.
Financial transactions executed through TOB’s generally will under perform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investments in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s net asset value per share.
R. Repurchase Agreements
Certain Funds may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a Fund are fully collateralized by U.S. Government securities, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s Investors Service, Inc. (“Moody’s”) or AAA, AA or A by Standard & Poor’s Corporation (“Standard & Poor’s”)) or, if not rated by Moody’s or Standard & Poor’s, are of equivalent investment quality as determined by Pacific Life Funds or the applicable portfolio manager. Such collateral is in the possession of the Funds’ custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.
S. New Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes. This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective as of the beginning of the first fiscal year beginning after December 15, 2006; with early application permitted if no interim financial statements have been issued. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained as of the adoption date.
F-5
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
The Securities and Exchange Commission (“SEC”) has announced it will permit delay in implementation of FIN 48 by investment companies until, in the case of the Funds, September 30, 2007. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds’ net assets, results of operations and financial statement disclosure.
In addition, in September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value Measurements, which defines fair value, established a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. SFAS 157 emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability. SFAS 157 will be effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the potential impact, if any, the adoption of SFAS 157 will have on the Funds’ financial statement disclosures.
T. 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. Each Fund, other than the PL Money Market Fund, may invest up to 15% of its net assets in illiquid securities. The PL Money Market Fund may invest up to 10% of its net assets in illiquid securities. The term “illiquid securities” for this purpose means securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a Fund has valued the securities. The market value of illiquid securities held by each Fund as of March 31, 2007 was less than 15% (10% for the PL Money Market Fund) of its net assets.
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 2R above.
3. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, Pacific Life Insurance Company (“Pacific Life”) served as investment adviser to the Funds (the “Adviser”) (see Note 13), and during the period earned advisory fees at the following rates, based on an annual percentage of the average daily net assets of each Fund. The fees were accrued daily by the Funds:
|
|
|
|
|
|
|
PL Money Market |
| See (1) |
| PL Small-Cap Growth |
| 1.00% |
|
|
|
|
|
|
|
PL International Value |
| 0.85% |
| PL Main Street Core |
| 0.65% |
|
|
|
|
|
|
|
PL Large-Cap Value |
| 0.85% |
| PL Emerging Markets |
| 1.00% |
|
|
|
|
|
|
|
PL Short Duration Bond |
| 0.60% |
| PL Managed Bond |
| 0.60% |
|
|
|
|
|
|
|
PL Growth LT |
| 0.75% |
| PL Inflation Managed |
| 0.60% |
|
|
|
|
|
|
|
PL Mid-Cap Value |
| 0.85% |
| PL Comstock |
| 0.95% |
|
|
|
|
|
|
|
PL Large-Cap Growth |
| 0.95% |
| PL Mid-Cap Growth |
| 0.90% |
|
|
|
|
|
|
|
PL International Large-Cap |
| 1.05% |
| PL 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 received no fees for the investment advisory services under the Investment Advisory Agreement with respect to the Portfolio Optimization Funds. The Portfolio Optimization Funds did indirectly bear the advisory fees paid by the Underlying Funds in which they invested.
Pursuant to Fund Management Agreements, Pacific Life Funds and the Adviser engaged other portfolio managers, under the Adviser’s supervision, to manage fifteen of the twenty-one Funds. As of March 31, 2007, the following firms served as sub-advisers for their respective Funds: AllianceBernstein L.P. for the PL International Value Fund; ClearBridge Advisors, LLC for the PL Large-Cap Value Fund; Goldman Sachs Asset Management, L.P. for the PL Short Duration Bond Fund; Janus Capital Management LLC for the PL Growth LT Fund; Lazard Asset Management LLC for the PL Mid-Cap Value Fund; Loomis, Sayles & Company, L.P. for the PL Large-Cap Growth Fund; MFS Investment Management for the PL International Large-Cap Fund; Neuberger Berman Management Inc. for the PL Small-Cap Growth Fund; OppenheimerFunds, Inc. for the PL Main Street Core and PL Emerging Markets Funds; Pacific Investment Management Company LLC for the PL Managed Bond and PL Inflation Managed Funds; and Van Kampen for the PL Comstock, PL Mid-Cap Growth and PL Real Estate Funds. The Adviser paid the related management fees to these other managers, as compensation for advisory services provided to the Funds.
Pursuant to an Administration and Shareholder Services Agreement (the “Agreement”), Pacific Life served as Administrator (the “Administrator”) to the Funds. Under the Agreement, the Funds compensated 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 Adviser provides support services to the Funds that are outside the scope of the Adviser’s responsibilities under the Agreement. Under the support services agreement, the Funds
F-6
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
compensated 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 reimbursed 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. Effective January 1, 2007, the Distributor received 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 “12b-1 Plans”) for Class B, C and R shares. The Distributor also received service fees pursuant to a non 12b-1 Service Plan (the “Plan”) adopted by Class A shares. Under the 12b-1 Plans, each Fund paid to the Distributor both distribution and servicing fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee was 0.75% for Class B and C shares and 0.25% for R shares. The servicing fee was 0.25% for Class A, B, C, and R shares. Pursuant to the Plan, Class A shares did not pay a distribution fee. For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, which were charged an annual servicing fee of 0.25% of average daily net assets without payment of a front-end sales charge. To avoid duplication of fees, the servicing fee for each class of the Portfolio Optimization Funds was waived up to 0.25% (in the aggregate); the amount of the aggregate waiver was dependent on the amount of actual distribution and/or servicing fees incurred by the Underlying Funds within a particular Portfolio Optimization Fund. The fees were accrued daily.
Prior to January 1, 2007, the Distributor received 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 PL Money Market Fund, paid to the Distributor both distribution and servicing fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee was 0.25% for Class A and R shares and 0.75% for Class B and C shares. The servicing fee was 0.25% for Class A, B, C, and R shares. Under a separate non 12b-1 service plan, the PL Money Market Fund paid to the Distributor a servicing fee at an annual rate of 0.25% of average daily net assets. The PL Money Market Fund did not pay a distribution fee. For the Portfolio Optimization Funds, each class of shares invested in Class A shares of the Underlying Funds, which were charged an annual distribution and servicing fee of 0.50% (for PL 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 was waived up to 0.50% (in the aggregate); the amount of the aggregate waiver was dependent on the amount of actual distribution and/or servicing fees incurred by the Underlying Funds within a particular Portfolio Optimization Fund. The fees were accrued daily.
For the year ended March 31, 2007, the Distributor, acting as underwriter, received net commissions of $7,505,444 from the sale of Class A shares and received $442,414 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 “Deferred Compensation Plan”). The Deferred Compensation 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 Deferred Compensation 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 track the performance of the Class A shares of the corresponding series of the Funds without a sales load. Accordingly, the market value appreciation or depreciation of the 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 Deferred Compensation Plan was frozen to permit no further deferrals. A new Deferred Compensation Plan was adopted to comply with section 409A of the Internal Revenue Code. The new Deferred Compensation Plan is substantially similar to the old Deferred Compensation Plan, but provides that a Trustee may receive deferred amounts in the event of a disability or unforeseeable emergency. Also, the new Deferred Compensation Plan provides that a Trustee may only elect to further defer amounts in a deferral account if (i) such election is made more than twelve-months prior to the date such account would otherwise be paid; and (ii) the revised date of payment selected is no earlier than five years after the date such account would otherwise have been paid. As of March 31, 2007, the total deferred trustee compensation liability was $148,733.
5. EXPENSE REDUCTIONS
To help limit the Funds’ expenses during the period, the Adviser, pursuant to an expense limitation agreement, 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 exceeded an annual rate based on a
F-7
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
percentage of a Fund’s average daily net assets. The expense cap was 0.00% for the Portfolio Optimization Funds and 0.45% for the Underlying Funds through August 31, 2006 and 0.00% for the Portfolio Optimization Funds and 0.30% for the Underlying Funds from September 1, 2006 through March 31, 2007. For the PL Money Market Fund, the expense cap was reduced to 0.05% for the period July 1, 2002 through June 30, 2005. Such reduction or reimbursement is subject to repayment to the Adviser, 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 the Adviser will have the effect of increasing such expenses of the Funds, but not above the expense cap.
The cumulative reimbursement amounts as of March 31, 2007 that are subject to repayment for each Fund are as follows:
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|
|
|
|
|
|
|
| Expiration |
| |||||||
|
|
| ||||||||
Funds |
| 2008 |
| 2009 |
| 2010 |
| |||
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
PL Portfolio Optimization Conservative |
| $ | 227,677 |
| $ | 239,802 |
| $ | 233,903 |
|
PL Portfolio Optimization Moderate-Conservative |
|
| 355,811 |
|
| 442,372 |
|
| 517,561 |
|
PL Portfolio Optimization Moderate |
|
| 679,146 |
|
| 1,185,218 |
|
| 1,647,668 |
|
PL Portfolio Optimization Moderate-Aggressive |
|
| 629,641 |
|
| 1,107,412 |
|
| 1,718,549 |
|
PL Portfolio Optimization Aggressive |
|
| 369,133 |
|
| 469,853 |
|
| 739,235 |
|
PL Money Market |
|
| 213,591 |
|
| 166,678 |
|
| 113,640 |
|
PL International Value |
|
| 226,073 |
|
| 267,723 |
|
| 289,007 |
|
PL Large-Cap Value |
|
| 189,257 |
|
| 219,212 |
|
| 193,610 |
|
PL Short Duration Bond |
|
| 189,312 |
|
| 150,594 |
|
| 197,905 |
|
PL Growth LT |
|
| 136,338 |
|
| 140,644 |
|
| 213,449 |
|
PL Mid-Cap Value |
|
| 58,835 |
|
| 173,484 |
|
| 198,479 |
|
PL Large-Cap Growth |
|
| 172,805 |
|
| 245,172 |
|
| 170,991 |
|
PL International Large-Cap |
|
| 340,780 |
|
| 355,135 |
|
| 339,401 |
|
PL Small-Cap Growth |
|
| 142,612 |
|
| 134,926 |
|
| 149,587 |
|
PL Main Street Core |
|
| — |
|
| 82,462 |
|
| 300,236 |
|
PL Emerging Markets |
|
| — |
|
| 448,741 |
|
| 411,421 |
|
PL Managed Bond |
|
| 229,552 |
|
| 265,770 |
|
| 365,613 |
|
PL Inflation Managed |
|
| 150,852 |
|
| 197,676 |
|
| 282,559 |
|
PL Comstock |
|
| 142,219 |
|
| 138,900 |
|
| 263,118 |
|
PL Mid-Cap Growth |
|
| 179,956 |
|
| 167,673 |
|
| 207,435 |
|
PL Real Estate |
|
| 38,207 |
|
| 136,561 |
|
| 144,757 |
|
|
|
|
|
| ||||||
| ||||||||||
Total |
| $ | 4,671,797 |
| $ | 6,736,008 |
| $ | 8,698,124 |
|
|
|
|
|
|
Due to the current regulatory and/or accounting standards, all expense reimbursements made by the Adviser for the period September 28, 2001 (the Pacific Life Funds’ commencement date of operations) to March 31, 2004 ($6,920,424) expired for future recoupment as of March 31, 2007. 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, 2007. The Adviser’s expense reimbursement is presented in the accompanying Statements of Operations.
6. TRANSACTIONS WITH AFFILIATES
The Funds have incurred $6,572,395 of investment advisory fees, $5,459,583 of administration fees, and $1,037,449 of support services expenses, for the year ended March 31, 2007. As of March 31, 2007, $708,085, $571,424, and $218,274 remained payable for investment advisory fees, administration fees, and support services expenses, respectively.
For the year ended March 31, 2007, the Funds also incurred $5,953,985 of distribution and/or service fees (after distribution and/or service fee waivers of $3,141,200), payable to the Distributor under the 12b-1 Plans and non 12b-1 service plan. As of March 31, 2007, $109,713 remained payable.
7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS
The tax character of distributions paid during the year ended March 31, 2007, was as follows:
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|
|
|
|
|
| Distributions Paid From |
| |||||||
|
|
| ||||||||
Funds |
|
|
| Long-Term |
| Total |
| |||
| ||||||||||
PL Portfolio Optimization Conservative |
| $ | 708,423 |
| $ | 312,511 |
| $ | 1,020,934 |
|
PL Portfolio Optimization Moderate-Conservative |
|
| 1,576,122 |
|
| 1,466,120 |
|
| 3,042,242 |
|
PL Portfolio Optimization Moderate |
|
| 5,275,436 |
|
| 6,504,890 |
|
| 11,780,326 |
|
PL Portfolio Optimization Moderate-Aggressive |
|
| 5,203,133 |
|
| 6,441,272 |
|
| 11,644,405 |
|
PL Portfolio Optimization Aggressive |
|
| 1,747,872 |
|
| 3,369,147 |
|
| 5,117,019 |
|
PL Money Market |
|
| 850,811 |
|
| — |
|
| 850,811 |
|
PL International Value |
|
| 3,146,042 |
|
| 11,698,973 |
|
| 14,845,015 |
|
PL Large-Cap Value |
|
| 309,131 |
|
| 3,211,095 |
|
| 3,520,226 |
|
PL Short Duration Bond |
|
| 1,769,320 |
|
| — |
|
| 1,769,320 |
|
PL Growth LT |
|
| — |
|
| 427,412 |
|
| 427,412 |
|
PL Mid-Cap Value |
|
| 563,298 |
|
| 975,616 |
|
| 1,538,914 |
|
PL Large-Cap Growth |
|
| — |
|
| 2,089,765 |
|
| 2,089,765 |
|
PL International Large-Cap |
|
| 1,423,650 |
|
| 4,764,700 |
|
| 6,188,350 |
|
PL Small-Cap Growth |
|
| — |
|
| 26,664 |
|
| 26,664 |
|
PL Main Street Core |
|
| 888,934 |
|
| 213,353 |
|
| 1,102,287 |
|
PL Emerging Markets |
|
| 1,918,359 |
|
| 40,828 |
|
| 1,959,187 |
|
PL Managed Bond |
|
| 3,354,057 |
|
| — |
|
| 3,354,057 |
|
PL Inflation Managed |
|
| 1,862,140 |
|
| — |
|
| 1,862,140 |
|
PL Comstock |
|
| 1,010,840 |
|
| 1,554,145 |
|
| 2,564,985 |
|
PL Mid-Cap Growth |
|
| — |
|
| 4,283,707 |
|
| 4,283,707 |
|
PL Real Estate |
|
| 250,209 |
|
| 1,618,472 |
|
| 1,868,681 |
|
F-8
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
The tax character of distributions paid during the year ended March 31, 2006, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions Paid From |
| |||||||
|
| |||||||||
Funds |
| Ordinary |
| Long-Term |
| Total |
| |||
PL Portfolio Optimization |
| $ | 457,472 |
| $ | 29,135 |
| $ | 486,607 |
|
PL Portfolio Optimization |
|
| 866,783 |
|
| 77,037 |
|
| 943,820 |
|
PL Portfolio Optimization |
|
| 2,444,470 |
|
| 314,732 |
|
| 2,759,202 |
|
PL Portfolio Optimization |
|
| 2,029,146 |
|
| 433,959 |
|
| 2,463,105 |
|
PL Portfolio Optimization |
|
| 592,619 |
|
| 197,308 |
|
| 789,927 |
|
PL Money Market |
|
| 600,514 |
|
| — |
|
| 600,514 |
|
PL International Value |
|
| 469,290 |
|
| 451,353 |
|
| 920,643 |
|
PL Large-Cap Value |
|
| 103,292 |
|
| 8,943 |
|
| 112,235 |
|
PL Short Duration Bond |
|
| 791,258 |
|
| — |
|
| 791,258 |
|
PL Mid-Cap Value |
|
| 1,260,107 |
|
| — |
|
| 1,260,107 |
|
PL International Large-Cap |
|
| 343,236 |
|
| 524,157 |
|
| 867,393 |
|
PL Small-Cap Growth |
|
| 204,940 |
|
| 1,550,709 |
|
| 1,755,649 |
|
PL Main Street Core |
|
| 74,605 |
|
| — |
|
| 74,605 |
|
PL Emerging Markets |
|
| 230,818 |
|
| — |
|
| 230,818 |
|
PL Managed Bond |
|
| 1,586,020 |
|
| — |
|
| 1,586,020 |
|
PL Inflation Managed |
|
| 2,661,073 |
|
| 19,513 |
|
| 2,680,586 |
|
PL Comstock |
|
| 330,675 |
|
| 1,542,672 |
|
| 1,873,347 |
|
PL Real Estate |
|
| 361,688 |
|
| 98,676 |
|
| 460,364 |
|
As of March 31, 2007, the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Accumulated |
| Undistributed |
| Undistributed |
| Net |
| ||||
PL Portfolio Optimization |
| $ | — |
| $ | 152,518 |
| $ | 152,467 |
| $ | 620,007 |
|
PL Portfolio Optimization |
|
| — |
|
| 247,054 |
|
| 1,036,461 |
|
| 4,493,321 |
|
PL Portfolio Optimization |
|
| — |
|
| 474,654 |
|
| 4,775,458 |
|
| 26,588,397 |
|
PL Portfolio Optimization |
|
| — |
|
| 41,607 |
|
| 7,167,146 |
|
| 34,531,622 |
|
PL Portfolio Optimization |
|
| — |
|
| — |
|
| 3,488,775 |
|
| 17,182,477 |
|
PL Money Market |
|
| (94 | ) |
| 18,550 |
|
| — |
|
| — |
|
PL International Value |
|
| (34,881 | ) |
| 138,578 |
|
| — |
|
| 11,892,464 |
|
PL Large-Cap Value |
|
| — |
|
| 127,659 |
|
| 359,607 |
|
| 9,558,575 |
|
PL Short Duration Bond |
|
| (637,361 | ) |
| 13,354 |
|
| — |
|
| 99,460 |
|
PL Growth LT |
|
| (13,690 | ) |
| — |
|
| 272,259 |
|
| 9,191,076 |
|
PL Mid-Cap Value |
|
| — |
|
| 2,295,355 |
|
| 1,488,060 |
|
| 5,550,523 |
|
PL Large-Cap Growth |
|
| (2,634,139 | ) |
| — |
|
| — |
|
| 3,337,440 |
|
PL International Large-Cap |
|
| — |
|
| — |
|
| 2,338,569 |
|
| 15,368,223 |
|
PL Small-Cap Growth |
|
| — |
|
| — |
|
| 273,253 |
|
| 3,646,704 |
|
PL Main Street Core |
|
| (179 | ) |
| 1,078,399 |
|
| 916,808 |
|
| 6,384,513 |
|
PL Emerging Markets |
|
| (22,364 | ) |
| 316,731 |
|
| 647,636 |
|
| 9,137,966 |
|
PL Managed Bond |
|
| (12,842 | ) |
| 254,973 |
|
| 149,998 |
|
| 396,065 |
|
PL Inflation Managed |
|
| (1,467,416 | ) |
| 532,261 |
|
| — |
|
| (595,168 | ) |
PL Comstock |
|
| — |
|
| 333,814 |
|
| 899,198 |
|
| 8,887,651 |
|
PL Mid-Cap Growth |
|
| (6,739 | ) |
| 992,245 |
|
| 1,755,389 |
|
| 9,491,250 |
|
PL Real Estate |
|
| — |
|
| 455,346 |
|
| 896,949 |
|
| 8,271,828 |
|
|
|
(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, 2007, are summarized in Note 8.
8. FEDERAL INCOME TAX INFORMATION
Each Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. Each Fund presented in the first table below declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2007 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 (see Note 2C). In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
Net capital loss carryovers and post-October capital losses, if any, as of March 31, 2007, 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, 2007, were as follows:
F-9
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Post- |
| Post-October |
| Accumulated |
| |||||||||
|
| Net Capital |
| Net Capital Loss Carryover Expiring in |
| October |
| Foreign |
| Capital and |
| |||||||||||||||||
|
| Loss |
|
| Capital Loss |
| Currency |
| Other |
| ||||||||||||||||||
Funds |
| Carryover |
| 2010 |
| 2011 |
| 2013 |
| 2014 |
| 2015 |
| Deferral |
| Loss Deferral |
| Losses |
| |||||||||
PL Money Market |
| ($ | 94 | ) | $ | — |
| $ | — |
| $ | — |
| ($ | 13 | ) | ($ | 81 | ) | $ | — |
| $ | — |
| ($ | 94 | ) |
PL International Value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (34,881 | ) |
| (34,881 | ) |
PL Short Duration Bond |
|
| (586,766 | ) |
| — |
|
| — |
|
| (87,029 | ) |
| (337,035 | ) |
| (162,702 | ) |
| (50,595 | ) |
| — |
|
| (637,361 | ) |
PL Growth LT |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (13,690 | ) |
| (13,690 | ) |
PL Large-Cap Growth* |
|
| (2,355,550 | ) |
| (221,245 | ) |
| (207,304 | ) |
| — |
|
| — |
|
| (1,927,001 | ) |
| (278,589 | ) |
| — |
|
| (2,634,139 | ) |
PL Main Street Core |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (179 | ) |
| (179 | ) |
PL Emerging Markets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (22,364 | ) |
| (22,364 | ) |
PL Managed Bond |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (12,842 | ) |
| — |
|
| (12,842 | ) |
PL Inflation Managed |
|
| (1,352,540 | ) |
| — |
|
| — |
|
| — |
|
| (207,330 | ) |
| (1,145,210 | ) |
| (114,876 | ) |
| — |
|
| (1,467,416 | ) |
PL Mid-Cap Growth |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (6,739 | ) |
| (6,739 | ) |
|
|
* | 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. |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives and assets and liabilities in foreign currencies as of March 31, 2007, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
| Total Cost of |
| Gross |
| Gross |
| Net Unrealized |
| Net Unrealized |
| Net Unrealized |
| ||||||
PL Portfolio Optimization Conservative |
| $ | 30,147,298 |
| $ | 631,611 |
| ($ | 11,604 | ) | $ | 620,007 |
| $ | — |
| $ | 620,007 |
|
PL Portfolio Optimization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moderate-Conservative |
|
| 75,545,027 |
|
| 4,663,274 |
|
| (169,953 | ) |
| 4,493,321 |
|
| — |
|
| 4,493,321 |
|
PL Portfolio Optimization Moderate |
|
| 302,514,366 |
|
| 27,493,909 |
|
| (905,512 | ) |
| 26,588,397 |
|
| — |
|
| 26,588,397 |
|
PL Portfolio Optimization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moderate-Aggressive |
|
| 323,543,040 |
|
| 34,990,170 |
|
| (458,548 | ) |
| 34,531,622 |
|
| — |
|
| 34,531,622 |
|
PL Portfolio Optimization Aggressive |
|
| 136,584,514 |
|
| 17,182,477 |
|
| — |
|
| 17,182,477 |
|
| — |
|
| 17,182,477 |
|
PL Money Market |
|
| 21,072,006 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
PL International Value |
|
| 64,891,132 |
|
| 13,202,506 |
|
| (1,339,624 | ) |
| 11,862,882 |
|
| 29,582 |
|
| 11,892,464 |
|
PL Large-Cap Value |
|
| 49,160,270 |
|
| 9,734,643 |
|
| (176,105 | ) |
| 9,558,538 |
|
| 37 |
|
| 9,558,575 |
|
PL Short Duration Bond |
|
| 61,244,474 |
|
| 121,833 |
|
| (45,872 | ) |
| 75,961 |
|
| 23,499 |
|
| 99,460 |
|
PL Growth LT |
|
| 54,109,447 |
|
| 9,804,743 |
|
| (608,695 | ) |
| 9,196,048 |
|
| (4,972 | ) |
| 9,191,076 |
|
PL Mid-Cap Value |
|
| 66,639,485 |
|
| 6,460,011 |
|
| (909,488 | ) |
| 5,550,523 |
|
| — |
|
| 5,550,523 |
|
PL Large-Cap Growth |
|
| 26,988,111 |
|
| 3,564,396 |
|
| (226,956 | ) |
| 3,337,440 |
|
| — |
|
| 3,337,440 |
|
PL International Large-Cap |
|
| 62,567,514 |
|
| 16,255,457 |
|
| (882,497 | ) |
| 15,372,960 |
|
| (4,737 | ) |
| 15,368,223 |
|
PL Small-Cap Growth |
|
| 36,323,999 |
|
| 4,376,211 |
|
| (729,507 | ) |
| 3,646,704 |
|
| — |
|
| 3,646,704 |
|
PL Main Street Core |
|
| 80,024,948 |
|
| 7,122,594 |
|
| (738,081 | ) |
| 6,384,513 |
|
| — |
|
| 6,384,513 |
|
PL Emerging Markets |
|
| 42,125,031 |
|
| 10,211,832 |
|
| (1,027,808 | ) |
| 9,184,024 |
|
| (46,058 | ) |
| 9,137,966 |
|
PL Managed Bond |
|
| 125,097,158 |
|
| 545,901 |
|
| (458,865 | ) |
| 87,036 |
|
| 309,029 |
|
| 396,065 |
|
PL Inflation Managed |
|
| 98,849,527 |
|
| 652,696 |
|
| (1,615,225 | ) |
| (962,529 | ) |
| 367,361 |
|
| (595,168 | ) |
PL Comstock |
|
| 80,986,533 |
|
| 9,456,775 |
|
| (569,124 | ) |
| 8,887,651 |
|
| — |
|
| 8,887,651 |
|
PL Mid-Cap Growth |
|
| 58,917,681 |
|
| 10,476,697 |
|
| (985,333 | ) |
| 9,491,364 |
|
| (114 | ) |
| 9,491,250 |
|
PL Real Estate |
|
| 23,677,896 |
|
| 8,299,496 |
|
| (27,379 | ) |
| 8,272,117 |
|
| (289 | ) |
| 8,271,828 |
|
|
|
(1) | Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies. |
F-10
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. RECLASSIFICATION OF ACCOUNTS
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, 2007. 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/ |
| |||
PL Portfolio Optimization Conservative |
| $ | — |
| $ | 65,495 |
| ($ | 65,495 | ) | |
PL Portfolio Optimization Moderate-Conservative |
|
| — |
|
| 322,206 |
|
| (322,206 | ) | |
PL Portfolio Optimization Moderate |
|
| — |
|
| 1,799,305 |
|
| (1,799,305 | ) | |
PL Portfolio Optimization Moderate-Aggressive |
|
| — |
|
| 2,595,631 |
|
| (2,595,631 | ) | |
PL Portfolio Optimization Aggressive |
|
| — |
|
| 1,347,820 |
|
| (1,347,820 | ) | |
PL International Value |
|
| (2 | ) |
| (118,257 | ) |
| 118,259 |
| |
PL Large-Cap Value |
|
| — |
|
| (18,073 | ) |
| 18,073 |
| |
PL Growth LT |
|
| (72,511 | ) |
| 55,182 |
|
| 17,329 |
| |
PL Mid-Cap Value |
|
| — |
|
| 2,840 |
|
| (2,840 | ) | |
PL Large-Cap Growth |
|
| (240,039 | ) |
| 239,874 |
|
| 165 |
| |
PL International Large-Cap |
|
| (1 | ) |
| 131,456 |
|
| (131,455 | ) | |
PL Small-Cap Growth Fund |
|
| (244,431 | ) |
| 244,431 |
|
| — |
| |
PL Main Street Core |
|
| — |
|
| (440 | ) |
| 440 |
| |
PL Emerging Markets |
|
| (3,695 | ) |
| (77,035 | ) |
| 80,730 |
| |
PL Managed Bond |
|
| — |
|
| 410,728 |
|
| (410,728 | ) | |
PL Inflation Managed |
|
| — |
|
| 655,989 |
|
| (655,989 | ) | |
PL Mid-Cap Growth |
|
| — |
|
| 167,099 |
|
| (167,099 | ) | |
PL Real Estate |
|
| (4,418 | ) |
| (4,937 | ) |
| 9,355 |
|
10. PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of securities (excluding short-term investments and the PL Money Market Fund since it trades exclusively in short-term debt securities) for the year ended March 31, 2007, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| U.S. Government Securities |
| Other Securities |
| |||||||||
Funds |
|
| Purchases |
| Sales |
| Purchases |
| Sales |
| ||||
PL Portfolio Optimization Conservative |
| $ | — |
| $ | — |
| $ | 16,222,126 |
| $ | 9,015,663 |
| |
PL Portfolio Optimization Moderate-Conservative |
|
| — |
|
| — |
|
| 29,201,719 |
|
| 12,637,132 |
| |
PL Portfolio Optimization Moderate |
|
| — |
|
| — |
|
| 125,432,535 |
|
| 21,620,677 |
| |
PL Portfolio Optimization Moderate-Aggressive |
|
| — |
|
| — |
|
| 146,844,117 |
|
| 19,226,623 |
| |
PL Portfolio Optimization Aggressive |
|
| — |
|
| — |
|
| 75,135,579 |
|
| 11,263,286 |
| |
PL International Value |
|
| — |
|
| — |
|
| 77,314,281 |
|
| 69,530,459 |
| |
PL Large-Cap Value |
|
| — |
|
| — |
|
| 25,322,580 |
|
| 8,650,932 |
| |
PL Short Duration Bond |
|
| 64,089,125 |
|
| 37,210,936 |
|
| 4,156,427 |
|
| 401,763 |
| |
PL Growth LT |
|
| 657,950 |
|
| — |
|
| 30,097,405 |
|
| 18,472,737 |
| |
PL Mid-Cap Value |
|
| — |
|
| — |
|
| 70,881,817 |
|
| 33,977,645 |
| |
PL Large-Cap Growth |
|
| — |
|
| — |
|
| 44,770,765 |
|
| 35,494,425 |
| |
PL International Large-Cap |
|
| — |
|
| — |
|
| 42,747,968 |
|
| 29,419,381 |
| |
PL Small-Cap Growth |
|
| — |
|
| — |
|
| 31,169,480 |
|
| 15,783,868 |
| |
PL Main Street Core |
|
| — |
|
| — |
|
| 101,648,976 |
|
| 71,515,292 |
| |
PL Emerging Markets |
|
| — |
|
| — |
|
| 33,428,905 |
|
| 22,722,330 |
| |
PL Managed Bond |
|
| 372,838,775 |
|
| 357,221,989 |
|
| 39,213,284 |
|
| 16,904,553 |
| |
PL Inflation Managed |
|
| 296,706,611 |
|
| 286,031,801 |
|
| 1,404,875 |
|
| 1,148,831 |
| |
PL Comstock |
|
| — |
|
| — |
|
| 44,069,902 |
|
| 26,972,169 |
| |
PL Mid-Cap Growth |
|
| — |
|
| — |
|
| 48,696,526 |
|
| 30,421,571 |
| |
PL Real Estate |
|
| — |
|
| — |
|
| 12,229,409 |
|
| 9,681,669 |
|
F-11
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. SHARES OF BENEFICIAL INTEREST
Changes in shares of beneficial interest of each Fund were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| PL Portfolio Optimization |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 794,064 |
|
| 885,426 |
|
| 1,523,364 |
|
| 1,627,957 |
|
| 5,913,200 |
|
| 4,366,916 |
|
| 6,170,703 |
|
| 4,361,474 |
|
Dividend and distribution reinvested |
|
| 37,608 |
|
| 21,363 |
|
| 119,645 |
|
| 42,617 |
|
| 430,874 |
|
| 112,606 |
|
| 406,077 |
|
| 95,303 |
|
Shares repurchased |
|
| (671,888 | ) |
| (762,116 | ) |
| (1,003,945 | ) |
| (972,075 | ) |
| (2,158,319 | ) |
| (1,355,461 | ) |
| (1,896,294 | ) |
| (806,023 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 159,784 |
|
| 144,673 |
|
| 639,064 |
|
| 698,499 |
|
| 4,185,755 |
|
| 3,124,061 |
|
| 4,680,486 |
|
| 3,650,754 |
|
Beginning shares outstanding |
|
| 956,555 |
|
| 811,882 |
|
| 2,602,609 |
|
| 1,904,110 |
|
| 8,227,963 |
|
| 5,103,902 |
|
| 7,777,140 |
|
| 4,126,386 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 1,116,339 |
|
| 956,555 |
|
| 3,241,673 |
|
| 2,602,609 |
|
| 12,413,718 |
|
| 8,227,963 |
|
| 12,457,626 |
|
| 7,777,140 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 186,290 |
|
| 96,834 |
|
| 344,636 |
|
| 363,814 |
|
| 1,292,839 |
|
| 1,226,231 |
|
| 1,943,372 |
|
| 1,372,110 |
|
Dividend and distribution reinvested |
|
| 7,705 |
|
| 3,682 |
|
| 35,994 |
|
| 10,942 |
|
| 126,451 |
|
| 31,907 |
|
| 145,685 |
|
| 31,266 |
|
Shares repurchased |
|
| (111,013 | ) |
| (56,681 | ) |
| (132,756 | ) |
| (188,951 | ) |
| (529,736 | ) |
| (353,403 | ) |
| (531,574 | ) |
| (249,886 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 82,982 |
|
| 43,835 |
|
| 247,874 |
|
| 185,805 |
|
| 889,554 |
|
| 904,735 |
|
| 1,557,483 |
|
| 1,153,490 |
|
Beginning shares outstanding |
|
| 186,761 |
|
| 142,926 |
|
| 836,790 |
|
| 650,985 |
|
| 2,753,393 |
|
| 1,848,658 |
|
| 2,936,587 |
|
| 1,783,097 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 269,743 |
|
| 186,761 |
|
| 1,084,664 |
|
| 836,790 |
|
| 3,642,947 |
|
| 2,753,393 |
|
| 4,494,070 |
|
| 2,936,587 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 863,678 |
|
| 847,070 |
|
| 1,234,705 |
|
| 1,257,672 |
|
| 4,940,141 |
|
| 3,597,268 |
|
| 4,934,871 |
|
| 3,645,475 |
|
Dividend and distribution reinvested |
|
| 43,093 |
|
| 19,630 |
|
| 96,286 |
|
| 28,411 |
|
| 378,885 |
|
| 88,500 |
|
| 357,208 |
|
| 81,073 |
|
Shares repurchased |
|
| (447,370 | ) |
| (643,389 | ) |
| (804,169 | ) |
| (576,175 | ) |
| (1,818,137 | ) |
| (969,387 | ) |
| (1,519,145 | ) |
| (708,630 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 459,401 |
|
| 223,311 |
|
| 526,822 |
|
| 709,908 |
|
| 3,500,889 |
|
| 2,716,381 |
|
| 3,772,934 |
|
| 3,017,918 |
|
Beginning 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 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 1,561,774 |
|
| 1,102,373 |
|
| 2,730,526 |
|
| 2,203,704 |
|
| 11,222,531 |
|
| 7,721,642 |
|
| 11,329,854 |
|
| 7,556,920 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class R (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 20,822 |
|
| 968 |
|
| 118,130 |
|
| 28,883 |
|
| 215,802 |
|
| 1,106 |
|
| 87,238 |
|
| 945 |
|
Dividend and distribution reinvested |
|
| 685 |
|
| 20 |
|
| 4,625 |
|
| 16 |
|
| 4,664 |
|
| 13 |
|
| 2,719 |
|
| 11 |
|
Shares repurchased |
|
| (1,915 | ) |
| (1 | ) |
| (26,847 | ) |
| (2,216 | ) |
| (28,235 | ) |
| — |
|
| (14,690 | ) |
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase |
|
| 19,592 |
|
| 987 |
|
| 95,908 |
|
| 26,683 |
|
| 192,231 |
|
| 1,119 |
|
| 75,267 |
|
| 956 |
|
Beginning shares outstanding |
|
| 987 |
|
| — |
|
| 26,683 |
|
| — |
|
| 1,119 |
|
| — |
|
| 956 |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 20,579 |
|
| 987 |
|
| 122,591 |
|
| 26,683 |
|
| 193,350 |
|
| 1,119 |
|
| 76,223 |
|
| 956 |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio Optimization |
| PL Money |
| PL International |
| PL Large-Cap |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,079,460 |
|
| 1,777,284 |
|
| 54,952,403 |
|
| 24,759,184 |
|
| 1,186,866 |
|
| 1,918,744 |
|
| 1,534,609 |
|
| 1,753,040 |
|
Dividend and distribution reinvested |
|
| 192,642 |
|
| 35,610 |
|
| 796,111 |
|
| 576,288 |
|
| 1,014,827 |
|
| 64,399 |
|
| 272,507 |
|
| 9,102 |
|
Shares repurchased |
|
| (806,602 | ) |
| (376,012 | ) |
| (53,943,622 | ) |
| (30,404,735 | ) |
| (608,994 | ) |
| (2,058,171 | ) |
| (182,520 | ) |
| (3,504,272 | ) |
Converted from Class B and C shares |
|
| — |
|
| — |
|
| — |
|
| 2,021,733 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 2,465,500 |
|
| 1,436,882 |
|
| 1,804,892 |
|
| (3,047,530 | ) |
| 1,592,699 |
|
| (75,028 | ) |
| 1,624,596 |
|
| (1,742,130 | ) |
Beginning shares outstanding |
|
| 3,133,339 |
|
| 1,696,457 |
|
| 19,294,569 |
|
| 22,342,099 |
|
| 3,768,505 |
|
| 3,843,533 |
|
| 2,718,894 |
|
| 4,461,024 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 5,598,839 |
|
| 3,133,339 |
|
| 21,099,461 |
|
| 19,294,569 |
|
| 5,361,204 |
|
| 3,768,505 |
|
| 4,343,490 |
|
| 2,718,894 |
|
|
|
|
|
|
|
|
|
(1) | Operations commenced on September 30, 2005. |
|
|
(2) | Class B and C shares of the PL Money Market Fund were converted to Class A shares on June 29, 2005. Only Class A shares are offered after that date. |
|
|
(3) | Prior to May 1, 2006, the Fund was named PF Lazard International Value Fund. |
F-12
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Portfolio Optimization |
| PL Money |
| PL International |
| PL Large-Cap |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 826,200 |
|
| 594,230 |
|
|
|
|
| 189,675 |
|
| 11,814 |
|
| 9,839 |
|
| 7,741 |
|
| 8,868 |
|
Dividend and distribution reinvested |
|
| 58,711 |
|
| 8,342 |
|
|
|
|
| 4,086 |
|
| 8,972 |
|
| 349 |
|
| 4,079 |
|
| 76 |
|
Shares repurchased |
|
| (145,818 | ) |
| (142,681 | ) |
|
|
|
| (82,618 | ) |
| (2,129 | ) |
| (16,336 | ) |
| (3,985 | ) |
| (8,228 | ) |
Converted to Class A shares |
|
| — |
|
| — |
|
|
|
|
| (783,748 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) |
|
| 739,093 |
|
| 459,891 |
|
|
|
|
| (672,605 | ) |
| 18,657 |
|
| (6,148 | ) |
| 7,835 |
|
| 716 |
|
Beginning shares outstanding |
|
| 1,029,622 |
|
| 569,731 |
|
|
|
|
| 672,605 |
|
| 28,392 |
|
| 34,540 |
|
| 45,762 |
|
| 45,046 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ending shares outstanding |
|
| 1,768,715 |
|
| 1,029,622 |
|
|
|
|
| — |
|
| 47,049 |
|
| 28,392 |
|
| 53,597 |
|
| 45,762 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,228,998 |
|
| 1,710,940 |
|
|
|
|
| 2,003,182 |
|
| 23,215 |
|
| 34,299 |
|
| 39,192 |
|
| 18,566 |
|
Dividend and distribution reinvested |
|
| 135,286 |
|
| 22,473 |
|
|
|
|
| 9,277 |
|
| 24,697 |
|
| 1,409 |
|
| 11,985 |
|
| 177 |
|
Shares repurchased |
|
| (692,113 | ) |
| (907,226 |
|
|
|
|
| (4,032,847 | ) |
| (48,932 | ) |
| (25,891 | ) |
| (57,886 | ) |
| (28,370 | ) |
Converted to Class A shares |
|
| — |
|
| — |
|
|
|
|
| (1,237,985 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) |
|
| 1,672,171 |
|
| 826,187 |
|
|
|
|
| (3,258,373 | ) |
| (1,020 | ) |
| 9,817 |
|
| (6,709 | ) |
| (9,627 | ) |
Beginning shares outstanding |
|
| 2,460,223 |
|
| 1,634,036 |
|
|
|
|
| 3,258,373 |
|
| 103,049 |
|
| 93,232 |
|
| 128,140 |
|
| 137,767 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ending shares outstanding |
|
| 4,132,394 |
|
| 2,460,223 |
|
|
|
|
| — |
|
| 102,029 |
|
| 103,049 |
|
| 121,431 |
|
| 128,140 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class R (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 30,563 |
|
| 873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and distribution reinvested |
|
| 611 |
|
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
| (3,720 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net increase |
|
| 27,454 |
|
| 882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| 882 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ending shares outstanding |
|
| 28,336 |
|
| 882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Short Duration |
| PL Growth |
| PL Mid-Cap |
| PL Large-Cap |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
|
|
|
|
| ||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,825,677 |
|
| 2,355,270 |
|
| 1,704,306 |
|
| 2,394,848 |
|
| 3,806,869 |
|
| 1,132,097 |
|
| 1,612,839 |
|
| 1,063,228 |
|
Dividend and distribution reinvested |
|
| 179,695 |
|
| 79,702 |
|
| 32,358 |
|
| — |
|
| 142,487 |
|
| 121,770 |
|
| 219,375 |
|
| — |
|
Shares repurchased |
|
| (802,022 | ) |
| (1,414,937 | ) |
| (585,271 | ) |
| (658,698 | ) |
| (99,105 | ) |
| (1,548,817 | ) |
| (465,242 | ) |
| (3,729,244 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 2,203,350 |
|
| 1,020,035 |
|
| 1,151,393 |
|
| 1,736,150 |
|
| 3,850,251 |
|
| (294,950 | ) |
| 1,366,972 |
|
| (2,666,016 | ) |
Beginning shares outstanding |
|
| 4,607,116 |
|
| 3,587,081 |
|
| 3,576,700 |
|
| 1,840,550 |
|
| 2,275,800 |
|
| 2,570,750 |
|
| 1,784,645 |
|
| 4,450,661 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 6,810,466 |
|
| 4,607,116 |
|
| 4,728,093 |
|
| 3,576,700 |
|
| 6,126,051 |
|
| 2,275,800 |
|
| 3,151,617 |
|
| 1,784,645 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,284 |
|
| 3,277 |
|
| 4,888 |
|
| 6,749 |
|
| 2,320 |
|
| 3,658 |
|
| 2,342 |
|
| 12,711 |
|
Dividend and distribution reinvested |
|
| 72 |
|
| 37 |
|
| 268 |
|
| — |
|
| 284 |
|
| 290 |
|
| 5,754 |
|
| — |
|
Shares repurchased |
|
| (843 | ) |
| (2,525 | ) |
| (4,674 | ) |
| (7,912 | ) |
| (466 | ) |
| (1,224 | ) |
| (17,288 | ) |
| (9,488 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| 2,513 |
|
| 789 |
|
| 482 |
|
| (1,163 | ) |
| 2,138 |
|
| 2,724 |
|
| (9,192 | ) |
| 3,223 |
|
Beginning shares outstanding |
|
| 2,101 |
|
| 1,312 |
|
| 34,353 |
|
| 35,516 |
|
| 6,072 |
|
| 3,348 |
|
| 55,922 |
|
| 52,699 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 4,614 |
|
| 2,101 |
|
| 34,835 |
|
| 34,353 |
|
| 8,210 |
|
| 6,072 |
|
| 46,730 |
|
| 55,922 |
|
|
|
|
|
|
| ||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 62,817 |
|
| 40,587 |
|
| 44,666 |
|
| 107,126 |
|
| 12,112 |
|
| 14,242 |
|
| 18,950 |
|
| 44,754 |
|
Dividend and distribution reinvested |
|
| 1,135 |
|
| 804 |
|
| 699 |
|
| — |
|
| 594 |
|
| 673 |
|
| 12,412 |
|
| — |
|
Shares repurchased |
|
| (80,020 | ) |
| (39,847 | ) |
| (59,228 | ) |
| (77,577 | ) |
| (2,879 | ) |
| (10,154 | ) |
| (97,203 | ) |
| (25,957 | ) |
|
|
|
|
|
| ||||||||||||||||||||
Net increase (decrease) |
|
| (16,068 | ) |
| 1,544 |
|
| (13,863 | ) |
| 29,549 |
|
| 9,827 |
|
| 4,761 |
|
| (65,841 | ) |
| 18,797 |
|
Beginning shares outstanding |
|
| 60,409 |
|
| 58,865 |
|
| 74,689 |
|
| 45,140 |
|
| 12,191 |
|
| 7,430 |
|
| 155,974 |
|
| 137,177 |
|
|
|
|
|
|
| ||||||||||||||||||||
Ending shares outstanding |
|
| 44,341 |
|
| 60,409 |
|
| 60,826 |
|
| 74,689 |
|
| 22,018 |
|
| 12,191 |
|
| 90,133 |
|
| 155,974 |
|
|
|
|
|
|
|
|
|
(1) | Class B and C shares of the PL Money Market Fund were converted to Class A shares on June 29, 2005. Only Class A shares are offered after that date. |
|
|
(2) | Prior to May 1, 2006, the Fund was named PF Lazard International Value Fund. |
|
|
(3) | Operations commenced on September 30, 2005. |
|
|
(4) | Prior to January 1, 2006, the Fund was named PF AIM Blue Chip Fund. |
F-13
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL International |
| PL Small-Cap |
| PL Main Street |
| PL Emerging |
| ||||||||||||||||
|
| Large-Cap Fund |
| Growth Fund (1) |
| Core Fund (2) |
| Markets Fund (2) |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Period ended |
| Year ended |
| Period ended |
| ||||||||
|
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| ||||||||
|
|
|
|
| |||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,294,036 |
|
| 1,562,089 |
|
| 2,231,530 |
|
| 1,444,000 |
|
| 2,834,332 |
|
| 5,972,403 |
|
| 1,034,159 |
|
| 2,771,483 |
|
Dividend and distribution reinvested |
|
| 381,312 |
|
| 60,347 |
|
| 2,389 |
|
| 153,201 |
|
| 101,211 |
|
| 7,279 |
|
| 177,319 |
|
| 21,372 |
|
Shares repurchased |
|
| (473,277 | ) |
| (1,186,840 | ) |
| (710,584 | ) |
| (43,156 | ) |
| (387,177 | ) |
| (927,460 | ) |
| (51,951 | ) |
| (3,338 | ) |
|
|
|
|
| |||||||||||||||||||||
Net increase |
|
| 1,202,071 |
|
| 435,596 |
|
| 1,523,335 |
|
| 1,554,045 |
|
| 2,548,366 |
|
| 5,052,222 |
|
| 1,159,527 |
|
| 2,789,517 |
|
Beginning shares outstanding |
|
| 3,412,655 |
|
| 2,977,059 |
|
| 2,158,291 |
|
| 604,246 |
|
| 5,052,222 |
|
| — |
|
| 2,789,517 |
|
| — |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 4,614,726 |
|
| 3,412,655 |
|
| 3,681,626 |
|
| 2,158,291 |
|
| 7,600,588 |
|
| 5,052,222 |
|
| 3,949,044 |
|
| 2,789,517 |
|
|
|
|
|
| |||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 13,882 |
|
| 8,423 |
|
| 6,179 |
|
| 11,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and distribution reinvested |
|
| 3,472 |
|
| 447 |
|
| 43 |
|
| 5,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
| (4,979 | ) |
| (11,069 | ) |
| (4,519 | ) |
| (2,934 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net increase (decrease) |
|
| 12,375 |
|
| (2,199 | ) |
| 1,703 |
|
| 14,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| 28,792 |
|
| 30,991 |
|
| 38,809 |
|
| 24,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ending shares outstanding |
|
| 41,167 |
|
| 28,792 |
|
| 40,512 |
|
| 38,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 30,649 |
|
| 26,568 |
|
| 17,036 |
|
| 8,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and distribution reinvested |
|
| 5,639 |
|
| 880 |
|
| 59 |
|
| 10,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
| (40,332 | ) |
| (15,296 | ) |
| (26,670 | ) |
| (19,570 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net increase (decrease) |
|
| (4,044 | ) |
| 12,152 |
|
| (9,575 | ) |
| (1,244 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning shares outstanding |
|
| 59,158 |
|
| 47,006 |
|
| 49,113 |
|
| 50,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Ending shares outstanding |
|
| 55,114 |
|
| 59,158 |
|
| 39,538 |
|
| 49,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PL Managed |
| PL Inflation |
| PL Comstock |
| PL Mid-Cap |
| ||||||||||||||||
|
| Bond Fund |
| Managed Fund |
| Fund |
| Growth Fund |
| ||||||||||||||||
|
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||||
|
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| 3/31/2007 |
| 3/31/2006 |
| ||||||||
|
|
|
|
| |||||||||||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,755,772 |
|
| 3,383,468 |
|
| 3,165,974 |
|
| 4,059,745 |
|
| 1,902,664 |
|
| 3,608,114 |
|
| 2,201,255 |
|
| 910,063 |
|
Dividend and distribution reinvested |
|
| 318,615 |
|
| 146,352 |
|
| 171,315 |
|
| 230,857 |
|
| 188,089 |
|
| 145,079 |
|
| 381,284 |
|
| — |
|
Shares repurchased |
|
| (940,419 | ) |
| (876,919 | ) |
| (1,825,311 | ) |
| (1,146,399 | ) |
| (986,149 | ) |
| (751,477 | ) |
| (203,376 | ) |
| (1,611,772 | ) |
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| 3,133,968 |
|
| 2,652,901 |
|
| 1,511,978 |
|
| 3,144,203 |
|
| 1,104,604 |
|
| 3,001,716 |
|
| 2,379,163 |
|
| (701,709 | ) |
Beginning shares outstanding |
|
| 6,895,086 |
|
| 4,242,185 |
|
| 6,613,457 |
|
| 3,469,254 |
|
| 4,831,519 |
|
| 1,829,803 |
|
| 3,427,275 |
|
| 4,128,984 |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 10,029,054 |
|
| 6,895,086 |
|
| 8,125,435 |
|
| 6,613,457 |
|
| 5,936,123 |
|
| 4,831,519 |
|
| 5,806,438 |
|
| 3,427,275 |
|
|
|
|
|
| |||||||||||||||||||||
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,853 |
|
| 11,532 |
|
| 5,726 |
|
| 45,501 |
|
| 10,030 |
|
| 12,799 |
|
| 22,009 |
|
| 21,218 |
|
Dividend and distribution reinvested |
|
| 2,825 |
|
| 2,241 |
|
| 2,222 |
|
| 5,397 |
|
| 1,488 |
|
| 1,504 |
|
| 7,308 |
|
| — |
|
Shares repurchased |
|
| (21,858 | ) |
| (21,838 | ) |
| (59,747 | ) |
| (24,440 | ) |
| (3,942 | ) |
| (3,772 | ) |
| (11,093 | ) |
| (14,229 | ) |
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| (15,180 | ) |
| (8,065 | ) |
| (51,799 | ) |
| 26,458 |
|
| 7,576 |
|
| 10,531 |
|
| 18,224 |
|
| 6,989 |
|
Beginning shares outstanding |
|
| 105,342 |
|
| 113,407 |
|
| 141,192 |
|
| 114,734 |
|
| 41,767 |
|
| 31,236 |
|
| 82,749 |
|
| 75,760 |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 90,162 |
|
| 105,342 |
|
| 89,393 |
|
| 141,192 |
|
| 49,343 |
|
| 41,767 |
|
| 100,973 |
|
| 82,749 |
|
|
|
|
|
| |||||||||||||||||||||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 108,164 |
|
| 99,730 |
|
| 37,258 |
|
| 155,194 |
|
| 50,267 |
|
| 40,851 |
|
| 30,620 |
|
| 85,413 |
|
Dividend and distribution reinvested |
|
| 7,455 |
|
| 4,421 |
|
| 6,697 |
|
| 17,224 |
|
| 2,639 |
|
| 3,362 |
|
| 18,651 |
|
| — |
|
Shares repurchased |
|
| (64,166 | ) |
| (130,230 | ) |
| (189,178 | ) |
| (298,792 | ) |
| (40,458 | ) |
| (40,749 | ) |
| (129,853 | ) |
| (33,489 | ) |
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) |
|
| 51,453 |
|
| (26,079 | ) |
| (145,223 | ) |
| (126,374 | ) |
| 12,448 |
|
| 3,464 |
|
| (80,582 | ) |
| 51,924 |
|
Beginning shares outstanding |
|
| 208,701 |
|
| 234,780 |
|
| 417,220 |
|
| 543,594 |
|
| 73,728 |
|
| 70,264 |
|
| 215,357 |
|
| 163,433 |
|
|
|
|
|
| |||||||||||||||||||||
Ending shares outstanding |
|
| 260,154 |
|
| 208,701 |
|
| 271,997 |
|
| 417,220 |
|
| 86,176 |
|
| 73,728 |
|
| 134,775 |
|
| 215,357 |
|
|
|
|
|
|
|
|
(1) | Prior to October 1, 2005, the Fund was named PF AIM Aggressive Growth Fund. |
|
|
(2) | Operations commenced on September 30, 2005. These two Funds offer Class A shares only. |
F-14
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
|
|
|
|
|
|
|
|
|
| PL Real Estate |
| ||||
|
| Fund |
| ||||
|
| Year ended |
| Year ended |
| ||
|
| 3/31/2007 |
| 3/31/2006 |
| ||
|
| ||||||
Class A |
|
|
|
|
|
|
|
Shares sold |
|
| 520,344 |
|
| 497,818 |
|
Dividend and distribution reinvested |
|
| 131,207 |
|
| 40,767 |
|
Shares repurchased |
|
| (525,599 | ) |
| (31,349 | ) |
|
| ||||||
Net increase |
|
| 125,952 |
|
| 507,236 |
|
Beginning shares outstanding |
|
| 1,982,607 |
|
| 1,475,371 |
|
|
| ||||||
Ending shares outstanding |
|
| 2,108,559 |
|
| 1,982,607 |
|
|
| ||||||
Class B |
|
|
|
|
|
|
|
Shares sold |
|
| 9,276 |
|
| 9,142 |
|
Dividend and distribution reinvested |
|
| 781 |
|
| 128 |
|
Shares repurchased |
|
| (5,655 | ) |
| (3,606 | ) |
|
| ||||||
Net increase |
|
| 4,402 |
|
| 5,664 |
|
Beginning shares outstanding |
|
| 7,518 |
|
| 1,854 |
|
|
| ||||||
Ending shares outstanding |
|
| 11,920 |
|
| 7,518 |
|
|
| ||||||
Class C |
|
|
|
|
|
|
|
Shares sold |
|
| 19,414 |
|
| 7,560 |
|
Dividend and distribution reinvested |
|
| 1,227 |
|
| 148 |
|
Shares repurchased |
|
| (7,082 | ) |
| (2,228 | ) |
|
| ||||||
Net increase |
|
| 13,559 |
|
| 5,480 |
|
Beginning shares outstanding |
|
| 8,897 |
|
| 3,417 |
|
|
| ||||||
Ending shares outstanding |
|
| 22,456 |
|
| 8,897 |
|
|
|
As of March 31, 2007, Pacific Life owned 20% of the total shares outstanding of the Class A shares of the PL Emerging Markets Fund.
As of March 31, 2007, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C, and R) owned the following percentages of the total shares outstanding of each of the following Underlying Funds, as applicable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Optimization Funds | ||||||||||||||
|
| |||||||||||||||
|
|
|
|
| PL Portfolio |
|
|
|
| PL Portfolio |
|
|
|
| ||
|
| PL Portfolio |
| Optimization |
| PL Portfolio |
| Optimization |
| PL Portfolio |
| |||||
|
| Optimization |
| Moderate- |
| Optimization |
| Moderate- |
| Optimization |
| |||||
Underlying Fund |
| Conservative |
| Conservative |
| Moderate |
| Aggressive |
| Aggressive |
| |||||
| ||||||||||||||||
PL Money Market |
| 11.86 | % |
| 15.12 | % |
| N/A |
|
| N/A |
|
| N/A |
|
|
PL International Value |
| 1.12 | % |
| 6.15 | % |
| 25.22 | % |
| 40.95 | % |
| 20.80 | % |
|
PL Large-Cap Value |
| 0.95 | % |
| 5.44 | % |
| 27.87 | % |
| 36.51 | % |
| 18.18 | % |
|
PL Short Duration Bond |
| 13.09 | % |
| 20.12 | % |
| 48.63 | % |
| 15.71 | % |
| N/A |
|
|
PL Growth LT |
| 0.88 | % |
| 3.82 | % |
| 26.11 | % |
| 39.65 | % |
| 24.32 | % |
|
PL Mid-Cap Value |
| 0.80 | % |
| 5.58 | % |
| 32.00 | % |
| 39.51 | % |
| 21.18 | % |
|
PL Large-Cap Growth |
| 1.77 | % |
| 5.30 | % |
| 32.34 | % |
| 35.67 | % |
| 16.02 | % |
|
PL International Large-Cap |
| 0.72 | % |
| 6.17 | % |
| 25.48 | % |
| 41.57 | % |
| 21.69 | % |
|
PL Small-Cap Growth |
| N/A |
|
| 3.85 | % |
| 23.67 | % |
| 42.73 | % |
| 25.49 | % |
|
PL Main Street Core |
| 1.90 | % |
| 6.49 | % |
| 30.30 | % |
| 41.45 | % |
| 19.81 | % |
|
PL Emerging Markets |
| N/A |
|
| N/A |
|
| 26.21 | % |
| 35.83 | % |
| 17.84 | % |
|
PL Managed Bond |
| 7.58 | % |
| 15.06 | % |
| 43.39 | % |
| 26.65 | % |
| N/A |
|
|
PL Inflation Managed |
| 6.13 | % |
| 12.98 | % |
| 45.74 | % |
| 28.74 | % |
| N/A |
|
|
PL Comstock |
| 0.96 | % |
| 6.60 | % |
| 30.86 | % |
| 38.10 | % |
| 18.41 | % |
|
PL Mid-Cap Growth |
| N/A |
|
| 3.58 | % |
| 29.57 | % |
| 37.55 | % |
| 20.97 | % |
|
PL Real Estate |
| N/A |
|
| N/A |
|
| 29.91 | % |
| 42.83 | % |
| 22.72 | % |
|
F-15
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. INDEMNIFICATIONS
Under the Pacific Life Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Funds. In addition, the Pacific Life 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 Life 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 Life Funds enters into contracts with service providers and others that contain general indemnification clauses. The Pacific Life Funds’ maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Pacific Life Funds and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
13. SUBSEQUENT EVENT
Pacific Life recently formed Pacific Life Fund Advisors LLC (“PLFA”), a Delaware limited liability company and wholly-owned subsidiary of Pacific Life. Pacific Life transferred its responsibility as investment adviser over Pacific Life Funds to PLFA on May 1, 2007, whereby PLFA became the investment adviser to the Pacific Life Funds.
14. TAX INFORMATION (UNAUDITED)
For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any) for each of the Funds that qualify for the dividends-received deductions for the period of January 1, 2006 to December 31, 2006 is as follows:
|
|
|
|
| |
Funds |
|
| Percentage |
| |
|
|
| |||
PL Portfolio Optimization Conservative |
| 5.96 | % |
| |
PL Portfolio Optimization Moderate-Conservative |
| 11.68 | % |
| |
PL Portfolio Optimization Moderate |
| 15.44 | % |
| |
PL Portfolio Optimization Moderate-Aggressive |
| 20.84 | % |
| |
PL Portfolio Optimization Aggressive |
| 24.79 | % |
| |
PL Large-Cap Value |
| 100.00 | % |
| |
PL Mid-Cap Value |
| 72.76 | % |
| |
PL Main Street Core |
| 100.00 | % |
| |
PL Comstock |
| 100.00 | % |
| |
PL Real Estate |
| 27.37 | % |
|
The following Funds designated the listed amounts as long-term capital gain dividend during the year ended March 31, 2007. 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 |
| |
|
|
| |||
PL Portfolio Optimization Conservative |
| $ | 347,157 |
| |
PL Portfolio Optimization Moderate-Conservative |
|
| 1,793,285 |
| |
PL Portfolio Optimization Moderate |
|
| 8,923,552 |
| |
PL Portfolio Optimization Moderate-Aggressive |
|
| 11,288,320 |
| |
PL Portfolio Optimization Aggressive |
|
| 5,336,467 |
| |
PL International Value |
|
| 11,698,973 |
| |
PL Large-Cap Value |
|
| 3,211,095 |
| |
PL Growth LT |
|
| 699,671 |
| |
PL Mid-Cap Value |
|
| 2,060,757 |
| |
PL Large-Cap Growth |
|
| 2,089,765 |
| |
PL International Large-Cap |
|
| 5,359,025 |
| |
PL Small-Cap Growth |
|
| 273,487 |
| |
PL Main Street Core |
|
| 1,076,456 |
| |
PL Emerging Markets |
|
| 688,464 |
| |
PL Managed Bond |
|
| 149,998 |
| |
PL Comstock |
|
| 1,576,053 |
| |
PL Mid-Cap Growth |
|
| 4,283,707 |
| |
PL Real Estate |
|
| 2,245,366 |
|
F-16
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To The Board of Trustees and Shareholders of
Pacific Life Funds:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Pacific Life Funds (formerly Pacific Funds) comprised of the Portfolio Optimization Funds (PL Portfolio Optimization Conservative (formerly named PF Portfolio Optimization Model A), PL Portfolio Optimization Moderate-Conservative (formerly named PF Portfolio Optimization Model B), PL Portfolio Optimization Moderate (formerly named PF Portfolio Optimization Model C), PL Portfolio Optimization Moderate-Aggressive (formerly named PF Portfolio Optimization Model D), PL Portfolio Optimization Aggressive (formerly named PF Portfolio Optimization Model E) (collectively the “Portfolio Optimization Funds”), and the PL Money Market Fund (formerly named PF Pacific Life Money Market Fund), PL International Value Fund (formerly named PF Lazard International Value Fund), PL Large-Cap Value Fund (formerly named PF Salomon Brothers Large-Cap Value Fund), PL Short Duration Bond Fund (formerly named PF Goldman Sachs Short Duration Bond Fund), PL Growth LT Fund (formerly named PF Janus Growth LT Fund), PL Mid-Cap Value Fund (formerly named PF Lazard Mid-Cap Value Fund), PL Large-Cap Growth Fund (formerly named PF Loomis Sayles Large-Cap Growth Fund), PL International Large-Cap Fund (formerly named PF MFS International Large-Cap Fund), PL Small-Cap Growth Fund (formerly named PF NB Fasciano Small Equity Fund), PL Main Street® Core Fund (formerly named PF Oppenheimer Main Street® Core Fund), PL Emerging Markets Fund (formerly named PF Oppenheimer Emerging Markets Fund), PL Managed Bond Fund (formerly named PF PIMCO Managed Bond Fund), PL Inflation Managed Fund (formerly named PF PIMCO Inflation Managed Fund), PL Comstock Fund (formerly named PF Van Kampen Comstock Fund), PL Mid-Cap Growth Fund (formerly named PF Van Kampen Mid-Cap Growth Fund), and PL Real Estate Fund (formerly named PF Van Kampen Real Estate Fund) (collectively the “Funds”) as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended (as to the PL Main Street® Core Fund and PL Emerging Markets Fund, for the year then ended March 31, 2007 and for the period from September 30, 2005 (commencement of operations) through March 31, 2006), and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Pacific Life 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 Pacifice Life Funds for the year ended March 31, 2003 were audited by other auditors with a report dated May 2, 2003, 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 Life 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 Life 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, 2007, 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 Life Funds as of March 31, 2007, the results of their operations, the changes in each of their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
May 21, 2007
F-17
PACIFIC LIFE 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 Life 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 Life Funds, 700 Newport Center Drive, Newport Beach, CA 92660.
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
INDEPENDENT |
|
|
|
| ||
|
|
|
|
|
|
|
Frederick L. Blackmon |
| Trustee since 9/13/05 |
| Trustee (1/05 to present) of Pacific Select Fund; Director (2005 to present) of Trustmark Mutual Holding Company; Former Executive Vice President and Chief Financial Officer (1995 to 2003) of Zurich Life and has been retired since that time; Executive Vice President and Chief Financial Officer (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. |
| 54 |
|
|
|
|
|
|
|
Gale K. Caruso |
| Trustee since 1/01/06 |
| Trustee (1/06 to present) of Pacific Select Fund; Member of the Board of Directors (2005 to present) of LandAmerica Financial Group, Inc.; Former President and Chief Executive Officer (1999 to 2003) of Zurich Life; Former Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; 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. |
| 54 |
|
|
|
|
|
|
|
Lucie H. Moore |
| Trustee since 6/12/01 |
| Trustee (10/98 to present) of Pacific Select Fund; Vice Chairman of the Board of Trustees, The Pegasus School; Chairman of the Development Committee of the Board of Directors, Homeword; Advisory Board, Court Appointed Special Advocates (CASA) of Orange County; and Former Partner (1994) with Gibson, Dunn & Crutcher (Law). |
| 54 |
|
|
|
|
|
|
|
Nooruddin (Rudy) S. |
| Trustee since 9/13/05 |
| Trustee (1/05 to present) of Pacific Select Fund; Former President (1997 to 2000) of Transamerica Insurance and 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. |
| 54 |
|
|
| See explanation of symbols on page G-4 |
G-1
PACIFIC LIFE FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
INDEPENDENT |
|
|
|
| ||
|
|
|
|
|
|
|
G. Thomas Willis |
| Trustee since 2/24/04 |
| Trustee (11/03 to present) of Pacific Select Fund; 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. |
| 54 |
|
|
|
|
|
|
|
INTERESTED PERSONS |
|
|
|
| ||
|
|
|
|
|
|
|
James T. Morris*** |
| Chief Executive Officer, Chairman of the Board and Trustee since 1/11/07 (President 11/14/05 to 1/10/07 and Executive Vice President 6/05 to 11/05) |
| 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; Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06), 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, and similar positions with other subsidiaries and affiliates of Pacific Life; Director (4/06 to present), Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06), Executive Vice President (1/02 to 1/06), and Senior Vice President (8/99 to 1/02) of Pacific Life & Annuity Company (PL&A); Director (12/05 to present) of Pacific Alliance Reinsurance Ltd.; Director (2/06 to present) of Pacific Life & Annuity Services, Inc.; Director (4/06 to present) of Confederation Life Insurance & Annuity Company; and Chief Executive Officer, Chairman of the Board and Trustee (1/07 to present), President (11/05 to 1/07) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund. |
| 54 |
|
|
|
|
|
|
|
Mary Ann Brown |
| President since 1/11/07 (Executive Vice President 6/20/06 to 1/10/07) |
| Senior Vice President (5/06 to present) of Pacific LifeCorp; Senior Vice President (3/05 to present) of Pacific Life; Trustee (9/05 to present), Pacific Life Employees Retirement Plan; Current and Prior Board Member and Vice Chairman (8/01 to present) National Association of Variable Annuities (NAVA); Chairman (7/04 to 10/05) of NAVA; Senior Vice President (7/03 to 11/03), Finance, New York Life Insurance Company; MetLife, Inc. (12/98 to 6/03), Senior Vice President and Head of Individual Business Product Management (12/98 to 7/02) responsibilities included: President of New England Products and Services; Chairman, Security First Group (later Met Life Investors); Chairman, Chief Executive Officer and President, New England Pension and Annuity Company; Board Member, New England Zenith Funds; Board Member, Reinsurance Group of America, Chairman and Chief Executive Officer of Exeter Reinsurance Company, Ltd.; Chairman and Chief Executive Officer of Missouri Reinsurance Company, Ltd; Chairman of Underwriting Policy and Rate Setting Committees; Senior Vice President and Chief Actuary, MetLife, Inc. (7/02 to 6/03); Director and Senior Vice President (12/05 to present) of Pacific Alliance Reinsurance Ltd; and President (1/07 to present) and Executive Vice President (6/06 to 1/07) of Pacific Select Fund. |
| 54 |
|
|
| See explanation of symbols on page G-4 |
G-2
PACIFIC LIFE FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
INTERESTED |
|
|
|
| ||
|
|
|
|
|
|
|
Robin S. Yonis |
| Vice President and General Counsel since 6/12/01 |
| 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. |
| 54 |
|
|
|
|
|
|
|
Brian D. Klemens |
| Vice President and Treasurer since 6/12/01 |
| Vice President and Treasurer (6/99 to present) of Pacific Mutual Holding Company and Pacific Life Corp: Vice President and Treasurer (12/98 to present) of Pacific Life, and similar positions with other subsidiaries and affiliates of Pacific Life; and Vice President and Treasurer (4/96 to present) of Pacific Select Fund. |
| 54 |
|
|
|
|
|
|
|
Sharon E. Pacheco |
| Vice President and Chief Compliance Officer since 6/4/04 |
| Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; 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; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund. |
| 54 |
|
|
|
|
|
|
|
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. |
| 54 |
|
|
|
|
|
|
|
Howard T. Hirakawa |
| Vice President since 6/20/06 |
| Vice President (4/05 to present), Assistant Vice President (4/00 to 4/05) of Pacific Life; and Vice President (6/06 to present) of Pacific Select Fund. |
| 54 |
|
|
|
|
|
|
|
Laurene E. MacElwee |
| Vice President and Assistant Secretary since 4/04/05 |
| 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. |
| 54 |
|
|
|
|
|
|
|
Carleton J. Muench |
| Vice President since 11/30/06 |
| Assistant Vice President (10/06 to present) of Pacific Life; Director of Research (5/05 to 9/06), and Senior Investment Analyst (10/03 to 4/05) of Mason Investment Advisory Services, Inc.; Investment Analyst (2/01 to 9/02), Due Diligence Analyst (1/00 to 1/01), and Performance Analyst (10/98 to 12/99) of Manulife Financial; and Assistant Vice President (11/06 to present) of Pacific Select Fund. |
| 54 |
|
|
| See explanation of symbols on page G-4 |
G-3
PACIFIC LIFE FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
|
|
|
|
|
|
|
Name and Age |
| Position(s) held with Fund |
| Current Directorship(s) Held and |
| Number of |
|
|
| ||||
INTERESTED |
|
|
|
| ||
|
|
|
|
|
|
|
Audrey L. Milfs |
| Secretary since 6/12/01 |
| 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. |
| 54 |
|
|
|
|
* | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. |
|
|
** | As of March 31, 2007, the “Fund Complex” consisted of Pacific Select Fund (33 portfolios) and Pacific Life Funds (21 funds). |
|
|
*** | Information is presented as of March 31, 2007 and excludes information pertaining to the promotion of Mr. Morris to Director, Chief Executive Officer, and President of Pacific Life Insurance Company and to similar positions with subsidiaries and affiliates of Pacific Life, which were all effective April 1, 2007. |
G-4
PACIFIC LIFE FUNDS
SPECIAL MEETING OF SHAREHOLDERS
(Unaudited)
Shareholders of record on October 14, 2005 representing 114,392,588.54 shares of the Trust (2,334,659.25 representing shares of the PF Janus Growth LT Fund) were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the offices of the Trust on December 9, 2005. The necessary quorum and passing requirements were satisfied and both proposals passed. A brief description of the matters voted upon as well as the corrected(1) 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. (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Votes For |
| Votes Withheld |
| Total |
| Total |
| ||||
|
|
|
|
|
| ||||||||
|
| Number |
| Percent (3) |
| Number |
| Percent (3) |
| Voted |
| Number |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frederick L. Blackmon |
| 83,152,716.71 |
| 98.90% |
| 923,043.49 |
| 1.10% |
| 84,075,760.20 |
| 114,392,588.54 |
|
Gale K. Caruso |
| 83,122,822.70 |
| 98.87% |
| 952,937.50 |
| 1.13% |
| 84,075,760.20 |
| 114,392,588.54 |
|
Nooruddin (Rudy) S. Veerjee |
| 83,025,995.37 |
| 98.75% |
| 1,049,764.83 |
| 1.25% |
| 84,075,760.20 |
| 114,392,588.54 |
|
G. Thomas Willis |
| 83,144,109.33 |
| 98.89% |
| 931,650.87 |
| 1.11% |
| 84,075,760.20 |
| 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Votes For |
| Votes Against |
| Abstentions (4) |
| Total |
| Total |
| ||||||
|
|
|
|
|
|
| |||||||||||
|
| Number |
| Percent (3) |
| Number |
| Percent (3) |
| Number |
| Percent (3) |
| Voted |
| Number |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) | During the reporting period, an error in the echo voting process was discovered and corrected. The correction did not materially impact the voting results. |
|
|
(2) | As of the Meeting date, Lucie H. Moore and Thomas C. Sutton continued to serve as trustees and were not required to be presented for election. |
|
|
(3) | Based on total outstanding shares voted. |
|
|
(4) | The information presented includes broker non-votes. |
Note: Numbers have been rounded to two decimal places.
G-5
PACIFIC LIFE FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
The Board of Trustees (the “Trustees” or “Board”) of Pacific Life 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, and 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 “Portfolio 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 Portfolio Managers under Pacific Life’s supervision. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on November 30, 2006. At an in-person meeting on January 11, 2007, the Board, including all of the Independent Trustees, approved a new Fund Management Agreement effective July 1, 2007 with respect to the PL Small-Cap Growth Fund (formerly the PF NB Fasciano Small Equity Fund). Additionally, at an in-person meeting on March 20, 2007, the Board, including all of the Independent Trustees, acknowledged a transfer of advisory rights and responsibilities from Pacific Life to Pacific Life Fund Advisors LLC (“PLFA”), a wholly-owned subsidiary of Pacific Life, whereby effective May 1, 2007 PLFA will become the investment adviser to the Funds. Also, at the in-person meeting on March 20, 2007, the Board, including all of the Independent Trustees, approved the addition of the PL Small-Cap Value Fund to the Trust, to be managed by NFJ Investment Group L.P., effective July 1, 2007.
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 Portfolio 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 Portfolio Managers. The Board also reviewed financial and profitability information regarding Pacific Life and information provided by the Portfolio 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. 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 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, and in the case of the Independent Trustees, in light of the legal advice furnished to them by independent legal counsel. 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 Portfolio 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 considered 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. 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 reviewed 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 compliance by Pacific Life, the Portfolio Managers, and the Funds with applicable laws and regulations. The Board additionally reviewed information on Pacific Life’s responses to regulatory and compliance developments throughout the year. Also, the Trustees noted that Pacific Life appeared to have implemented effective controls and monitoring of investment style consistency by Portfolio Managers.
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PACIFIC LIFE FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
The Portfolio Managers. The Trustees considered various materials relating to the Portfolio Managers, including copies of each existing Fund Management Agreement; copies of the Form ADV for each Portfolio Manager; financial information relating to each Portfolio Manager; and other information deemed relevant to the Board’s evaluation of each Portfolio Manager, including qualitative assessments from senior management of Pacific Life.
The Board considered the benefits to shareholders of retaining each Portfolio Manager and continuing the Fund Management Agreements particularly in light of the nature, extent, and quality of the services to be provided by the Portfolio 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 Portfolio Managers, including the background and experience of each of the Portfolio Manager’s management and the expertise of each Portfolio Manager’s fund management team, as well as the investment methodology used by the Portfolio Manager. The Board also considered that the CCO had previously reviewed each Portfolio Manager’s compliance policies and procedures, including the assessment of each Portfolio Manager’s compliance program as required under Rule 38a-1 of the 1940 Act and each Portfolio Manager’s code of ethics. The Board also considered that each Portfolio 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 Portfolio Managers, and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when Pacific Life and the Board believed it to be appropriate.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by Pacific Life and the Portfolio Managers.
2. Investment Results
The Board 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 both on information provided by Pacific Life using Morningstar data and with one or more relevant benchmark indices. The information provided to the Board included each Portfolio Managers’ performance record for the one-, three- and five-year periods (if available) with respect to each Fund. In reviewing the performance data provided, as well as the respective benchmark indices, the Board noted that several Funds were above the median of their respective peer group funds and above their respective benchmark indices. The Board also observed, however, that certain of the Funds had not performed as well and trailed their respective peer group medians and benchmark indices. The Board discussed with representatives of Pacific Life possible action to address the performance of those Funds, including an assessment of the approach used by the Portfolio Managers as well as oversight and monitoring by Pacific Life as the investment adviser. The Board also reviewed the detailed monitoring of the Portfolio Managers’ investment results by Pacific Life, including Pacific Life’s policy of recommending to the Board the use of a new portfolio 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 continues to be 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 continues to have 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 Portfolio 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 Independent Trustees 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 prepared by Pacific Life based on information retrieved from Morningstar’s database. The Board also considered information regarding the sub-advisory fees charged under other investment advisory contracts, such as contracts of each Portfolio 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 Portfolio Managers, and that each Fund’s portfolio 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’ contractual advisory fees were higher than the average of the respective Morningstar category. The Trustees noted that the Funds were subject to expense limits agreed to by Pacific Life. Further, the Trustees noted that the Funds have
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
been in operation for a limited period of time and have relatively few assets, and have been and continue to be subsidized by Pacific Life during these initial years. The Trustees concluded that total expenses should decline as assets increase in future years. The Board also considered the significant administrative services provided in connection with the administrative fees charged by the Funds.
The Trustees ultimately concluded that the advisory fees and total expenses of each Fund were reasonable compared to the advisory fees and 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 Portfolio 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 Portfolio Managers, the Board noted that it was difficult to accurately determine or evaluate the profitability of the Fund Management Agreements to the Portfolio Managers because many manage substantial assets other than the Funds and, further, any such assessment would involve assumptions regarding the Portfolio Managers’ allocation policies, capital structure, cost of capital, business mix and other factors. Accordingly, in the case of the Portfolio Managers, the Board gave less weight to profitability considerations and did not view this data as important as other data, given the arms’-length nature of the relationship between Pacific Life and such Portfolio 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 through expense limitation agreements, 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 in light of the Trust’s size.
5. Ancillary Benefits
The Trustees considered a variety of other benefits received by Pacific Life, the Portfolio Managers, and their affiliates as a result of their respective relationship with the Funds, including fees for administrative services, as well as commissions paid to broker-dealers affiliated with the Portfolio Managers and the use of soft-dollars by certain of the Portfolio Managers.
6. Conclusion
Based on its review, including their consideration of each of the factors referred to above, and assisted by the advice of independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Advisory Agreement and each applicable Fund Management Agreement are fair and reasonable with respect to each Fund and its shareholders, 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 Advisory Agreement and Fund Management Agreement Approvals
Transfer of Advisory Rights and Responsibilities to PLFA
At an in-person meeting on March 20, 2007, the Board, including all of the Independent Trustees, acknowledged a transfer of advisory rights and responsibilities effective May 1, 2007 from Pacific Life Insurance Company (“Pacific Life”), the investment adviser to the Funds, to Pacific Life Fund Advisors LLC (“PLFA”), a Delaware limited liability company and wholly-owned subsidiary of Pacific Life whereby PLFA will become the investment adviser to the Funds (the “Transaction”). Pacific Life is the parent company and managing member of PLFA and no changes in the organizational structure of Pacific Life’s parent companies will occur as part of the Transaction. The Board was provided with information which indicated that Pacific Life had represented that in connection with the Transaction: (i) no material change in the nature or the level of the services provided to the Funds would occur; (ii) no increase in the investment advisory fees payable by any of the Funds would be implemented; (iii) no material changes were expected in the personnel and day-to-day operations of the area responsible for
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
management of the Funds; (iv) existing shareholders would be notified of the Transaction; and (v) Pacific Life would retain control over the provision of advisory services to the Funds as the parent company, control person and affiliated person of PLFA. Additionally, the Board noted that it would receive a legal opinion from counsel to the Funds to the effect that the Transaction will not result in a change of control or management of the investment adviser and therefore will not be considered an ‘‘assignment’’ under the Investment Company Act of 1940, as amended, and accordingly, will not result in a termination of the Advisory Agreement between Pacific Life and the Funds.
PLFA became the investment adviser to the Trust, on May 1, 2007; prior to that date, Pacific Life served as investment adviser. Accordingly, references below to “Adviser” refer to Pacific Life prior to May 1, 2007 and PLFA effective May 1, 2007.
PL Small-Cap Growth Fund
In addition to considering the existing Fund Management Agreements during the fiscal period September 30, 2006 through March 31, 2007, the Board considered and approved changes with respect to the PL Small-Cap Growth Fund (formerly the PF NB Fasciano Small Equity Fund) (“Small-Cap Growth Fund”). Under the 1940 Act, a change in a portfolio manager, a change in the compensation paid to a Portfolio 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, the Adviser can hire, terminate and replace, as applicable, Portfolio Managers and enter into new Fund Management Agreements (except, as a general matter, Portfolio Managers affiliated with the Adviser) without shareholder approval.
At the January 11, 2007 Board meeting, the Board, including the Independent Trustees, approved, effective July 1, 2007, Fred Alger Management, Inc. (“Alger”) as the new Portfolio Manager of Small-Cap Growth Fund, a name change from the “PF NB Fasciano Small Equity Fund” to the “PL Small-Cap Growth Fund” and approved a Fund Management Agreement with Alger with respect to the Small-Cap Growth Fund (the “Alger Agreement”). In connection with this matter, also at the January 11, 2007 meeting, the Board approved the termination of the Fund Management Agreement for the Small-Cap Growth Fund with the prior Portfolio Manager, Neuberger Berman Management, Inc., effective as of the close of business June 30, 2007. Alger’s appointment as Portfolio Manager was made in accordance with the SEC exemptive order noted above and does not require shareholder approval.
The Board evaluated the proposed Alger Agreement among the Small-Cap Growth Fund, the Adviser and Alger principally with reference to the factors described below. The Board also considered the various screening processes that the Adviser utilizes in proposing a new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as due diligence conducted by the Adviser on the investment resources, personnel and operations of a portfolio manager and an assessment of the investment strategies used by a portfolio manager. Additionally, the Board reviewed the specific criteria and information evaluated by the Adviser during the selection process of Alger, including certain other firms considered by the Adviser, and the Adviser’s analysis in reaching its conclusion to recommend Alger as the new Portfolio Manager, which was ultimately approved by the Board.
The Board also noted that the fee rates payable under the Alger Agreement are the result of arm’s-length negotiations between the Adviser and Alger, and that the portfolio management fees will be paid by the Adviser to Alger and are not paid directly by the Small-Cap Growth Fund.
In evaluating the Alger Agreement, 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 Alger, particularly in light of the nature, extent, and quality of the services to be provided by Alger. Under the Alger Agreement, Alger 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 Small-Cap Growth Fund. The Board considered the quality of the management services expected to be provided to the Small-Cap Growth Fund over both the short- and long-term, the organizational depth and resources of Alger, including the background and experience of Alger’s management and the expertise of the Small-Cap Growth Fund management team, as well as the investment strategies, processes and philosophy to be used with respect to the small-cap growth strategy. The Board also considered that Alger had represented that it had the capacity and the resources to assume a fund of this size that may continue to grow.
Additionally, the Board considered that the Trust’s CCO had reviewed the compliance operations of Alger, 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 Alger Agreement.
In making its assessments, the Board reviewed the due diligence the Adviser conducted with respect to Alger, and was aided by the assessments and recommendations of the Adviser and the materials provided by Alger.
The Board concluded it was satisfied with the nature, extent and quality of the management services to be provided by Alger.
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PACIFIC LIFE FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
2. Investment Results
The Board considered materials compiled by the Adviser regarding investment performance. The Board considered information about the historical performance of a comparable mutual fund advised by Alger that had substantially similar investment strategies to the Small-Cap Growth Fund (the “Alger Portfolio”) for the year-to-date, one-, three- and five-year periods, and found that Alger had performed in the top quartile of its applicable Morningstar category during these periods. The Board also considered the performance of the Alger Portfolio against a pertinent benchmark, noting that the Alger Portfolio had outperformed the benchmark during the year-to-date, one-, three-, and five-year periods. The Board also considered information about the historical performance of other comparable accounts advised by Alger that had substantially similar investment strategies to the Small-Cap Growth Fund. The Board also considered that the appointment of Alger was intended to benefit all shareholders, including those who utilize the Portfolio Optimization Funds.
The Board determined that Alger’s performance record was acceptable.
3. Portfolio Management (sub-advisory) Fees
In assessing the portfolio management fees to be charged by Alger with respect to the Small-Cap Growth Fund, the Board compared the fees to be paid under the Alger Agreement to the fund management fees that were paid to the Fund’s prior portfolio manager. The Board noted that the assets of the Fund would continue to be aggregated with another portfolio of Pacific Select Fund (an affiliated registered investment company advised by the Adviser) for purposes of the fee calculation. The Board additionally considered that Alger agreed to assume a fund management fee schedule under the Alger Agreement that contained breakpoints, which would cause the rate paid by the Adviser to be reduced as the Small-Cap Growth Fund’s asset levels rise. The Board considered that the portfolio management fee payable to Alger would result in a lower weighted fee than the current portfolio management fee associated with the Small-Cap Growth Fund. The Board considered that the Adviser would retain a larger portion of the advisory fees than it did with respect to the Fund Management Agreement in place prior to May 1, 2007. The Board also considered information regarding portfolio management fees paid by other accounts managed by Alger (the “Accounts”) and that the fees payable under the Alger Agreement are comparable to the portfolio management fees paid by the Accounts.
The Board noted that the portfolio management fee was the result of arm’s-length negotiations between the Adviser and Alger, and that the portfolio management fee would be paid by the Adviser and would not be paid directly by the Small-Cap Growth Fund. In light of these factors, the Board concluded that the fees under the Alger Agreement were reasonable.
4. Costs, Level of Profits and Economies of Scale
Costs and Profitability. The Board considered the estimated profitability of the Alger Agreement to Alger to the extent practicable based on the financial information provided by Alger. The Board considered that generally it is difficult to accurately determine or evaluate the potential profitability to Alger because it manages substantial assets and, further, that any such assessment would involve assumptions regarding Alger’s asset allocation policies, capital structure, cost of capital, business mix and other factors. The Board gave less weight to profitability considerations and did not view this data as important as other data, given the arm’s-length nature of the relationship between the Adviser and Alger with respect to the negotiation of the portfolio management fee and the fact that the portfolio management fees would be paid by the Adviser.
Economies of Scale. The Board considered the extent to which economies of scale would be realized as assets of the Small-Cap Growth Fund grow. The Board considered that there is an expense limitation agreement in place for the Trust and that the Small-Cap Growth Fund currently has relatively small asset levels which do not produce significant economies of scale.
The Board concluded that at the current time, given the Small-Cap Growth Fund’s asset levels, the current fee structure reflected in the Alger Agreement was reasonable.
5. Ancillary Benefits
The Board considered any potential benefits to be derived by Alger from its relationship with the Small-Cap Growth 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 noted that Alger represented that it anticipates utilizing soft dollar credits generated by portfolio commissions to pay for research services and uses affiliated broker-dealers to effect securities transactions.
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 Alger Agreement is fair and reasonable, and that the Alger Agreement is in the best interests of the Small-Cap Growth Fund and its shareholders.
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PACIFIC LIFE FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
PL Small-Cap Value Fund
At an in-person meeting on March 20, 2007, the Board, including all of the Independent Trustees, approved the establishment and designation, effective July 1, 2007, of a newly organized Fund of the Trust, the PL Small-Cap Value Fund (the “New Fund”). In connection with the approval of the New Fund, the Board also approved effective July 1, 2007, the Advisory Agreement with PLFA and a fund management agreement (the “NFJ Agreement”) with NFJ Investment Group L.P. (“NFJ”).
In evaluating the Advisory Agreement and the NFJ Agreement for the New Fund, the Board, including the Independent Trustees, considered the factors described below. The Board also considered the various screening processes that the Adviser utilizes in proposing a new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as due diligence conducted by the Adviser on the investment resources, personnel and operations of a portfolio manager and an assessment of the investment strategies used by a portfolio manager. Additionally, the Board reviewed the specific criteria and information evaluated by the Adviser during the selection process of NFJ, including certain other firms considered by the Adviser, and the Adviser’s analysis in reaching its conclusion to recommend NFJ as the new Portfolio Manager, which was ultimately approved by the Board.
1. Nature, Extent and Quality of Services
The Adviser, its personnel and its resources. The Board considered the benefits to shareholders of retaining the Adviser to serve as the adviser to the New Fund in light of the nature, extent, and quality of services expected to be provided by the Adviser. The Board considered the ability of the Adviser to provide an appropriate level of support and resources to the New Fund and whether the Adviser has sufficiently qualified personnel. The Board based this review on information and material provided to them throughout the year by the Adviser. The Board also considered the background and experience of the Adviser’s senior management, and that the expertise of and amount of attention expected to be given to the New Fund by the Adviser’s management and staff is substantial. The Board also considered the Adviser’s compliance operations with respect to the Trust, including the measures taken by the Adviser to assist the Trust in complying with Rule 38a-1 under the 1940 Act.
The Portfolio Manager. The Board considered the benefits to shareholders of retaining NFJ as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by NFJ. Under the NFJ Agreement, NFJ 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 New Fund. The Board considered the quality of the management services expected to be provided to the New Fund over both the short- and long-term, the organizational depth and resources of NFJ, including the background and experience of the NFJ’s management and the expertise of the management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
Additionally, the Board considered that the Trust’s CCO had reviewed the compliance operations of NFJ, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and their code of ethics prior to the effectiveness of the new NFJ Agreement.
In making its assessments the Board reviewed the due diligence the Adviser conducted with respect to NFJ, and was aided by the assessments and recommendations of the Adviser and the materials provided by NFJ. The Board also considered that the Adviser has historically exercised diligence in monitoring the performance of the Portfolio Managers, and has taken and recommended measures to attempt to remedy relative underperformance by a Fund when the Adviser and the Board believed appropriate, and that it was expected that the Adviser would continue to exercise a comparable level of review and oversight.
The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the New Fund by the Adviser under the Advisory Agreement and NFJ under the NFJ Agreement.
2. Investment Results
The Adviser. The Board considered the efforts and process by the Adviser to search for and screen advisory firms that are qualified to manage a small-cap value fund, and the identification of NFJ to serve as Portfolio Manager to manage the day-to-day investment activities of the New Fund. Because this consideration related to a newly organized fund, no actual performance record for this Fund was available. However, the Board considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related NFJ Agreement with NFJ, as described below.
The Portfolio Manager. The Board considered materials compiled by the Adviser regarding NFJ’s investment performance. The Board considered information about the historical performance of a another small-cap value portfolio of Pacific Select Fund (an affiliated registered investment company of the Trust advised by Adviser) managed by NFJ using similar investment strategies proposed to be employed for the New Fund (the “NFJ Portfolio”). The Board considered the performance of the NFJ Portfolio against a pertinent benchmark for the one- and
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
three-year periods. The Board considered that materials compiled by the Adviser’s management from one independent source ranked the performance of the NFJ Portfolio in the top decile over the three- and five-year periods and another independent source ranked it in the top 6% among its peer group over the three-year period. The Board considered materials indicating that the performance of the NFJ Portfolio outperformed the pertinent benchmark over the three-year period. Additionally, the Board considered performance information presented by the Adviser of other potential portfolio managers. The Board also considered the need for NFJ to adhere to its general investment mandate in order to function appropriately as an investment option underlying the Portfolio Optimization Funds.
The Board determined that NFJ’s performance record was acceptable.
3. Advisory and Portfolio Management (Sub-advisory) Fees
Advisory Fee. The Board reviewed information that compared the New Fund’s proposed advisory fee rate to an industry average for small-cap value funds. The Board considered that the proposed advisory fee would be higher than the industry average for small cap value funds based on the data presented to the Board. However, the Board noted that the New Fund will only be available to shareholders through the Portfolio Optimization Funds (the Trust’s asset allocation funds) and that the Adviser would not charge a corresponding asset allocation advisory fee at the Portfolio Optimization Fund level. The Board considered materials comprised by the Adviser which indicated that the proposed advisory fee, when compared to competitor advisory fees at the asset allocation fund level, appeared reasonable. The Board concluded that the compensation payable under the Advisory Agreement is reasonable.
Portfolio Management Fees. The Board considered information regarding the portfolio management fees paid by other funds managed by NFJ and that the fees payable under the NFJ Agreement are comparable to the portfolio management fees paid by other funds managed by NFJ. The Board noted that the assets of the Fund would be aggregated with another portfolio of Pacific Select Fund for purposes of the fee calculation. The Board additionally considered that NFJ agreed to assume a portfolio management fee schedule under the NFJ Agreement that contained breakpoints, which would cause the rate paid by PLFA to be reduced as the Fund’s asset levels rise.
The Board noted that the portfolio management fee was the result of arm’s-length negotiations between the Adviser and NFJ, and that the New Fund’s portfolio management fees would be paid by PLFA and would not be paid directly by the New Fund. In light of these factors, the Board concluded that the fees under the NFJ Agreement were reasonable.
4. Costs, Level of Profits and Economies of Scale
The Adviser’s Costs and Profitability. The Board considered the cost of services to be provided and projected revenues and profits to be realized by the Adviser from the relationship with the New Fund based on the projected assets, income and expenses of the Adviser in its relationship with the Trust. This information is only estimated because there is no actual operating history for the New Fund. The Board considered the overall financial soundness of the Adviser. The Board reviewed projected profitability information with respect to the profit or loss to the Adviser from the Advisory Agreement.
In addition, the Board considered that the Adviser, and not the New Fund, pays NFJ the portfolio management fees for its services.
The Portfolio Manager. The Board considered the estimated profitability of the NFJ Agreement to NFJ to the extent practicable based on the financial information provided by NFJ. The Board considered that generally it is difficult to accurately determine or evaluate the potential profitability of the NFJ Agreement to NFJ because it manages substantial assets and, further, that any such assessment would involve assumptions regarding NFJ’s asset allocation policies, capital structure, cost of capital, business mix and other factors. The Board gave less weight to profitability considerations and did not view this data as important as other data, given the arms’-length nature of the relationship between the Adviser and NFJ with respect to the negotiation of portfolio management fees and the fact that the portfolio management fees would be paid by the Adviser.
Economies of Scale. The Board considered the extent to which economies of scale may be realized by the New Fund and the Trust as assets grow. Because the New Fund has no operating history and no assets, no economies of scale exist at this time with respect to the New Fund.
The Board concluded that under the current circumstances, the current advisory fee structures reflected in the Advisory Agreement and NFJ Agreement are reasonable.
5. Ancillary Benefits
The Board considered other potential benefits that may be received by the Adviser and NFJ as a result of their relationship with the New Fund, including fees for administrative services. The potential benefits that may be derived by the Adviser from its relationship with the New Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to funds. The Board considered potential benefits to be derived by NFJ from its relationship with the New Fund and concluded that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
The Board noted that NFJ represented that it anticipates utilizing soft dollar credits generated by portfolio commissions to pay for research services but prohibits the use of affiliated broker-dealers to effect securities transactions.
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 Advisory Agreement and the NFJ Agreement are fair and reasonable, and that the Advisory Agreement and the NFJ Agreement are in the best interests of the New Fund and its shareholders.
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WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Funds 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 is filed pursuant to applicable regulations, is available after filing (i) on the SEC’s Web site at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the 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.
Availability of a Complete Schedule of Investments
The Funds’ annual and semi-annual reports may contain a summary schedule of investments (SOI) for certain funds. A complete schedule for each summary SOI presented is available (i) on the Funds’ Webpage at http://www.PacificLife.com; (ii) on the SEC’s Web site at http://www.sec.gov; and (iii) upon request, without charge, by calling 1-800-722-2333.
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PACIFIC LIFE FUNDS ANNUAL REPORT
as of March 31, 2007
PACIFIC LIFE FUNDS
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
3012-07A
Item 2. Code of Ethics.
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.
A copy of this Code of Ethics is filed as Exhibit 12(a) (1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board has determined that G. Thomas Willis, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation 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.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate audit fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2007 and 2006 were $201,500 and $205,000, respectively. |
Audit-Related Fees
| (b) | There were no audit related fees billed to the Registrant for the last two fiscal years by the principal accountant. |
Tax Fees
| (c) | 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, 2007 and 2006 were $63,000 and $62,000, respectively. |
All Other Fees
| (d) | There were no other fees billed to the Registrant for the last two fiscal years by the principal accountant. |
| (e)(1) | The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence: |
Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either:
(i) The Audit Committee shall pre-approve such engagement; or
(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.
(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.
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.
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).
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A
(c) 100%
(d) N/A
| (f) | Not applicable. |
| (g) | The aggregate fees billed for the years ended March 31, 2007 and 2006 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 $90,000 and $62,000, respectively. |
| (h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. | Controls and Procedures. |
| (a) | The Chairman of the Board, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) and internal control over financial reporting as defined under Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
| (b) | There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
| (a)(3) | Not applicable. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pacific Life Funds
| By: | /s/ Mary Ann Brown |
| Mary Ann Brown |
| President |
| Date: | June 8, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James T. Morris |
James T. Morris
Chief Executive Officer
| Date: | June 8, 2007 |
| By: | /s/ Mary Ann Brown |
Mary Ann Brown
President
| Date: | June 8, 2007 |
| By: | /s/ Brian D. Klemens |
Brian D. Klemens
Treasurer (Principal Financial and Accounting Officer)
| Date: | June 8, 2007 |