PACIFICA FUNDS TRUST, N-30D, 1995-12-08

PACIFICA FUNDS TRUST
N-30D, 1995-12-08

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<PAGE> 1

[LOGO] P A C I F I C A
- --------------------------------------------------------------------------------
November 10, 1995
Dear Shareholder:

We are pleased to present the September 30, 1995 annual report for the Pacifica
Government Money Market Fund and Money Market Fund, which includes audited
financial statements.

Pacifica Funds are designed to meet the varied investment needs of individuals
and institutions. They are managed by First Interstate Capital Management, Inc.,
a subsidiary of First Interstate Bancorp.

ECONOMIC AND INVESTMENT MARKET COMMENT

Over the past few months, investors have closely watched economic numbers,
trying to determine whether the Federal Reserve has successfully calibrated
growth in the U.S. economy to a targeted rate of 1.5% to 2.5%. The capital
markets have been choppy as investors have watched crosscurrents, including: 1)
the Fed tightening during most of 1994 and early 1995, which will probably
continue to have a lagged impact over the next few months; 2) the June easing
and positioning of the Fed for the presidential election in 1996; and 3)
Congressional action on taxes and deficit reduction, which will have to be
studied for its impact on fiscal policy. In addition, the weaknesses showing up
in major sectors of the global economy have had a slowing impact on the U.S.
economy as well.

As we review the various sectors of the U.S. economy, we are seeing developments
that are typical of a later cycle economy. Consumer credit has been rising at a
rate of 8%-15% over the last 18 months, bringing some measures of consumer debt
to record high levels. While consumer debt service payments are not yet at
extreme levels due to longer payment cycles, we do believe the high debt levels
are likely to slow consumption from the 3%-3.5% level we have seen for the past
two quarters. We have also seen some inventory buildup in the consumer sector,
with non-auto durables showing the sharpest increase in the third quarter,
rising 8.9%

Residential investment has rebounded recently, helped by lower mortgage rates.
In the third quarter, this sector grew at a 10.9% rate. Capital spending, while
slowing from its torrid growth rate of 21.5% in the first quarter to 8.3% in the
third quarter, remains one of the stronger parts of our economy, stimulated by
low interest rates, a low dollar, and the strong competitive position of the
U.S. economy.

Government spending grew at a 3.1% rate in the most recent quarter, but we look
for government spending to be fairly flat going forward. Once the President and
Congress conclude their work on tax and deficit reduction bills, investors will
have a clearer picture of government spending plans.

Exports came in stronger than expected in the third quarter due to large
shipments of aircraft. Export demand is currently buffeted by two countervailing
forces: First, the global economy is fairly weak, led by problems in Japan and
Mexico. Second, our weak dollar should be positively impacting export demand for
as long as the next 18 months, through what is known as the J-curve Effect.

We are looking for GDP growth to average between 2% and 2.5% over the next four
quarters. That would represent a slowing from the third quarter's pace of 4.2%.
Any unforeseen shock that would undermine consumer confidence poses the biggest
risk to that forecast. However, inflation seems well under control, with the CPI
running at a 2.5% rate over the past twelve months. The GDP deflator for the
third quarter was recently reported at .6%. But, we are seeing price pressures
in the agriculture area. Corn and soybean prices are up sharply in the past few
months. The CRB Commodity Index, which is heavily weighted in agricultural
products, has risen from 233 this summer to 244 currently.

Since the beginning of the year, a powerful rally in the bond market has
propelled bond prices higher. Yields on U.S. Treasury notes and bonds have
declined by 1 1/2% to 2%. As a result, the bond market's September year-to-date
total return (increase in principal value plus interest income), as measured by
the Lehman Brothers Aggregate Index, stands at 13.6%. This impressive gain comes
on the heels of a 2.9% loss in 1994, which was the worst year for bonds since
the Great Depression.
<PAGE> 2

In the short term, political events could create some uncertainty for interest
rates. Congress must pass a debt ceiling increase and a credible plan to balance
the federal budget. However, the long-term outlook for the bond market appears
to be positive. Year over year inflation has declined and most forward looking
inflation indicators point to declining price pressures.

The U.S. stock market has been very strong this year, with the S&P 500
delivering a total return of 29.8% through the first three quarters of 1995.
Factors which have contributed to this strong performance include: a twenty year
high in profit margins for U.S. industrials reached in the second quarter and a
significant decline in interest rates as the U.S. economy has softened.

Profitability has soared this year with the profit margins for the S&P
Industrials reaching a 20 year high of 5.8%. Helped by a strong economy, a
currency tailwind and strong cost cutting from highly leveraged industries,
earnings for the Dow Jones Industrials and the S&P Industries grew at a 45% and
30% rate respectively for the second quarter. However, earnings momentum appears
to have peaked. With a slower U.S. and global economy, currency drag from a
stronger U.S. dollar and fewer opportunities for cost cutting, earnings momentum
appears to be stalling. We are having to become more selective and focus on
those companies that can produce 12% or better earnings growth in an environment
where the average company is growing 4%-8%.

Over the coming months, the capital markets should continue to be positive for
investment, although it's hard to envision a repeat of this year's stellar
markets. Nothing appears to be disruptive for the bond markets, which would
unsettle stocks. Finally, there continues to be a sizeable flow of investment
dollars into the markets as the result of increased savings for retirement.

Pacifica Funds can be an important investment alternative for you. Please call
us at (800) 662-8417 if you would like additional information.

/s/ MICHAEL C. PETRYCKI
-----------------------

Michael C. Petrycki
President
<PAGE> 3

PACIFICA MONEY MARKET FUNDS

The 12-month period ended September 30, 1995 saw short-term interest rates
generally rise through February. During the period, the Federal Reserve Board
(the Fed) raised the key Federal Funds rate from 4.75% to 5.50% on November 15,
and again from 5.50% to 6.00% on February 1. The Fed then kept rates steady
until July 6, at which time they lowered the Fed Funds rate by 25 basis points
to 5.75%. This change in policy resulted in sharply lower short-term rates as
the market began to price in potential further Fed easing.

As stated in previous reports, we believe the market overly anticipated Fed
easing. This was reflected in negative spreads between money market instruments
and the Fed Funds rate. Further supporting our view is the fact the Fed has left
rates unchanged at their last two Federal Open Market Committee meetings in
August and September. As long as the economy continues to show moderate growth
and stable inflation, we see no reason for the Fed to change policy
aggressively.

In terms of portfolio strategy, with the Fed Funds rate currently higher than
most money market rates, the Pacifica Funds (the Funds) are maintaining shorter
than average maturities until we start to see money market spreads return to
what we believe are more normal levels, given the current interest rate
environment. At present, this strategy enables the Funds to capture higher
yields than what is available from investments in securities with longer
maturities while maintaining extra liquidity.

For the fiscal year ended September 30, 1995, the Funds posted favorable
returns. The Pacifica Money Market Fund had a yield for the 12 months ended
September 30, 1995, of 5.34%* and an effective yield of 5.47%* after
compounding. The Pacifica Government Money Market Fund had a yield for the
12-month period ended September 30, 1995, of 5.10%* and an effective yield of
5.22%* after compounding.
- --------------------------------------------------------------------------------

Past performance is not indicative of future results. When redeemed, shares of
the Funds may be worth more or less than their original cost. Shares of the
Funds are not guaranteed by the U.S. Government or its agencies. Additionally,
Fund shares are not obligations of First Interstate Bancorp and are not insured
by the Federal Deposit Insurance Corp.

*Effective and annualized effective yield is based upon dividends declared daily
and reinvested monthly.
<PAGE> 4

PACIFICA MONEY MARKET FUNDS
PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

The PACIFICA MONEY MARKET FUNDS are convenient investment vehicles designed for
investors who desire daily liquidity and a rate of return higher than that
offered by comparable short-term bank deposit accounts. Both Funds seek to
protect the investors' principal by attempting to maintain the value of their
shares at a constant $1.00 per share. There is no guarantee, however, that the
Funds will be able to maintain their $1.00 share price. Unlike bank deposits,
Fund shares are not FDIC insured and do not offer a fixed rate of return. Past
performance is not indicative of future results.

PACIFICA GOVERNMENT MONEY MARKET FUND
NET ASSETS $109,368,436
FUND COMPARISON

[FIGURE 1]

<TABLE>
<CAPTION>
MEASUREMENT PERIOD PACIFICA GOV'T MONEY DONOGHUE AVERAGE GOV'T
(FISCAL YEAR COVERED) MARKET FUND AGENCY & MONEY FUNDS
<S> <C> <C>
7-DAY YIELD 5.00 5.04
EFFECTIVE 30-DAY YIELD 5.09 5.08
</TABLE>

PACIFICA MONEY MARKET FUND
NET ASSETS $162,658,123
FUND COMPARISON

[FIGURE 2]
<TABLE>
<CAPTION>
DONOGHUE
MEASUREMENT PERIOD PACIFICA MONEY AVERAGE MONEY
(FISCAL YEAR COVERED) MARKET FUND FUNDS & TIER I*
<S> <C> <C>
7-DAY YIELD 5.45 5.21
EFFECTIVE 30-DAY YIELD 5.59 5.24
</TABLE>

7-day yield is prior 7 days dividend factor / 7 X 365

Effective yield assumes that all dividends received during an annual period have
been reinvested.

[FIGURE 3]

<TABLE>
<S> <C>
U.S. Government and Agency Obligations 79%
Repurchase Agreements 21%
</TABLE>

[FIGURE 4]

<TABLE>
<S> <C>
Commercial Paper 67%
Repurchase Agreements 17%
U.S. Government and Agency Obligations 16%
</TABLE>

PACIFICA GOVERNMENT MONEY MARKET FUND 35 DAYS
DONOGHUE AVERAGE GOVERNMENT AGENCY &
MONEY FUNDS 49 DAYS

PACIFICA MONEY MARKET FUND 25 DAYS
DONOGHUE AVERAGE TIER 1 MONEY FUNDS 54 DAYS

"Average Maturity" and "Sector Analysis" subject to change depending upon market
conditions.

*Average of 199 government money market funds tracked by Donoghue's Money Fund
Report. This is an unmanaged index.
**Average of 330 taxable money market funds tracked by Donoghue's Money Fund
Report. This is an unmanaged index.
<PAGE> 5
P A C I F I C A
THE GOVERNMENT MONEY MARKET FUND
Portfolio of Investments -- September 30, 1995

[CAPTION]
<TABLE>
YIELD TO
MATURITY
PRINCIPAL ON DATE OF VALUE
AMOUNT PURCHASE (NOTE 1A)
- ----------- ------------- -------------
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -- 10.81%
U.S. TREASURY BILLS -- 5.28%
$ 6,000,000 5.490%, 05/30/1996............................................... 5.82% $ 5,778,570
------------
U.S. TREASURY NOTES -- 5.53%
6,000,000 7.875%, 02/15/1996............................................... 5.46 6,046,969
------------
TOTAL U.S. TREASURY OBLIGATIONS.............................................. 11,825,539
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 68.66%
FEDERAL FARM CREDIT BANK NOTES -- 5.73%
6,270,000 5.650%, 10/11/1995............................................... 5.75 6,260,160
------------
FEDERAL FARM CREDIT BANK FLOATING RATE NOTES+ -- 13.73%
15,000,000 5.950%, 09/16/1996............................................... 5.84 15,015,724
------------
FEDERAL HOME LOAN BANK NOTES -- 22.74%
9,000,000 5.600%, 10/02/1995............................................... 5.68 8,998,600
10,000,000 6.300%, 10/02/1995............................................... 6.39 9,998,250
6,000,000 5.600%, 02/12/1996............................................... 5.84 5,874,933
------------
24,871,783
------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 6.38%
7,000,000 5.600%, 10/24/1995............................................... 5.76 6,974,956
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 9.11%
10,000,000 5.605%, 10/26/1995............................................... 5.77 9,961,076
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION FLOATING RATE
NOTES+ -- 6.40%
7,000,000 5.390%, 02/16/1996............................................... 5.60 7,000,000
------------
STUDENT LOAN MARKETING ASSOCIATION FLOATING RATE NOTES+ -- 4.57%
5,000,000 5.510%, 04/16/1996............................................... 5.67 5,000,770
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS..................................... 75,084,469
------------
TOTAL INVESTMENTS (Cost: $86,910,008)........................................ 86,910,008
------------
REPURCHASE AGREEMENTS -- 20.54%
11,000,000 Donaldson Lufkin & Jenrette Securities Corp. dated 09/29/1995
6.250%, due 10/02/1995 (Proceeds at maturity $11,005,729);
Collateralized by $10,430,000 U.S. Treasury Notes 8.500%,
04/15/1997....................................................... 6.25 11,000,000
</TABLE>

See accompanying notes to financial statements.

5
<PAGE> 6

P A C I F I C A
THE GOVERNMENT MONEY MARKET FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
YIELD TO
MATURITY
PRINCIPAL ON DATE OF VALUE
AMOUNT PURCHASE (NOTE 1A)
- ----------- ---------- ------------
<C> <S> <C> <C>
REPURCHASE AGREEMENTS (CONTINUED)
$11,467,000 Kemper Financial Corp. dated 09/29/1995
6.220%, due 10/02/1995 (Proceeds at maturity $11,472,944)
Collateralized by:
$3,000,000 Financial Assistance Corp.
9.450%, 11/21/2003,
$8,245,000 U.S. Treasury Notes
4.250%, 11/30/1995............................................... 6.22 % $ 11,467,000
------------
TOTAL REPURCHASE AGREEMENTS (Cost: $22,467,000).............................. 22,467,000
------------
TOTAL INVESTMENTS & REPURCHASE AGREEMENTS -- 100.01%
(Cost: $109,377,008)*.................................................. 109,377,008
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.01%)............................. (8,572)
------------
NET ASSETS -- 100.00%........................................................ $109,368,436
=============
</TABLE>

* The cost of securities is substantially the same for Federal income tax
purposes.
+ See Footnotes to Portfolios of Investments.

See accompanying notes to financial statements.

6
<PAGE> 7

P A C I F I C A
THE MONEY MARKET FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
YIELD TO
MATURITY
ON DATE
PRINCIPAL CREDIT OF VALUE
AMOUNT RATINGS** PURCHASE (NOTE 1A)
- ----------- ---------- --------- -----------
<C> <S> <C> <C>
COMMERCIAL PAPER -- 54.69%
$ 4,000,000 CIESCO L.P. 5.650%, 01/18/1996......................... A1+/P1 5.86% $ 3,931,572
5,000,000 Corestates Capital Corp. 5.900%, 10/27/1995............ A1/P1 6.15 4,978,694
5,000,000 Daimler -- Benz North America Corp. 6.100%,
10/10/1995............................................. A1+/P1 6.38 4,992,375
5,000,000 Diamond Asset Funding Corp. 5.780%, 10/20/1995......... A1+/P1 5.94 4,984,747
5,000,000 Dow Jones Co. 5.660%, 11/15/1995....................... A1+/P1 5.83 4,964,625
5,000,000 ESC Securitization Inc. 5.710%, 10/27/1995............. A1+/P1 5.85 4,979,380
8,000,000 First Boston Corp. 5.730%, 11/01/1995.................. A1/P1 5.84 7,960,527
6,000,000 Ford Motor Credit Corp. 5.700%, 10/05/1995............. A1/P1 5.84 5,996,200
8,000,000 G.E. Capital Corp. 5.720%, 11/03/1995.................. A1/P1 5.85 7,958,053
7,000,000 G.E. Capital Services Inc. 5.680%, 01/17/1996.......... A1+/P1 5.90 6,880,720
8,400,000 Penney (J.C.) Funding Corp. 5.730%, 10/06/1995......... A1/P1 5.84 8,393,315
6,000,000 PHH Corp. 5.730%, 10/06/1995........................... A1/P1 5.85 5,995,225
5,000,000 Transamerica Finance Corp. 6.050%, 10/17/1995.......... A1/P1 6.33 4,986,555
7,000,000 USL Capital Corp. 5.730%, 10/13/1995................... A1/P1 5.85 6,986,630
5,000,000 Waste Management Technologies Inc. 6.480%,
11/02/1995............................................. A1+/P1 6.90 4,971,200
-----------
TOTAL COMMERCIAL PAPER........................................................ 88,959,818
-----------
SHORT TERM NOTES -- 11.68%
8,000,000 Bank of Hawaii, Honolulu 5.9375%, 08/23/1996+.......... A1/P1 5.94 8,000,000
6,000,000 Bear Stearns Companies MTN 5.975%, 05/15/1996+......... A1/P1 6.06 6,000,000
5,000,000 Huntington National Bank, Columbus 6.855%,
02/23/1996............................................. A1/P1 6.85 5,001,602
-----------
TOTAL SHORT TERM NOTES........................................................ 19,001,602
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.81%
SMALL BUSINESS ADMINISTRATION VARIABLE RATE
NOTES++ -- 10.50%
4,668,320 7.375%, 10/01/1995..................................... NR 7.34 4,670,714
2,720,355 7.375%, 10/01/1995..................................... NR 7.33 2,721,756
2,821,973 7.375%, 10/01/1995..................................... NR 7.32 2,823,432
3,627,083 7.375%, 10/01/1995..................................... NR 7.32 3,628,965
3,236,305 7.375%, 10/01/1995..................................... NR 7.32 3,237,997
-----------
17,082,864
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION FLOATING RATE NOTES+ -- 4.31%
7,000,000 5.390%, 02/16/1996..................................... NR 5.39 7,000,000
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS...................................... 24,082,864
-----------
TOTAL INVESTMENTS (Cost: $132,044,284)........................................ 132,044,284
-----------
</TABLE>

See accompanying notes to financial statements.

7
<PAGE> 8

P A C I F I C A
THE MONEY MARKET FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
YIELD TO
MATURITY
ON DATE
PRINCIPAL OF VALUE
AMOUNT PURCHASE (NOTE 1A)
- ----------- --------- -----------
<C> <S> <C> <C>
REPURCHASE AGREEMENTS -- 18.47%
$17,000,000 Donaldson Lufkin & Jenrette Securities Corp., dated 09/29/1995
6.250%, due 10/02/1995 (Proceeds at maturity
$17,008,854);
Collateralized by $17,065,000 U.S. Treasury Notes
6.000%, 06/30/1996................................................. 6.25% $17,000,000
13,040,000 Kemper Financial Corp. dated 09/29/1995
6.220%, due 10/02/1995 (Proceeds at maturity
$13,046,759)
Collateralized by:
$695,000 Federal Home Loan Mortgage Corp.
5.780%, 10/22/2003,
$12,490,000 U.S. Treasury Notes
4.250%, 11/30/1995................................................. 6.22 13,040,000
-----------
TOTAL REPURCHASE AGREEMENTS (Cost: $30,040,000)............................... 30,040,000
-----------
TOTAL INVESTMENTS & REPURCHASE AGREEMENTS -- 99.65%
(Cost: $162,084,284)*.................................................... 162,084,284
OTHER ASSETS LESS LIABILITIES -- 0.35%........................................ 573,839
-----------
NET ASSETS -- 100.00%......................................................... $162,658,123
============
</TABLE>

* The cost of securities is substantially the same for Federal income tax
purposes.
**,+,++ See Footnotes to Portfolios of Investments.

See accompanying notes to financial statements.

8
<PAGE> 9

P A C I F I C A
Footnotes to Portfolios of Investments -- September 30, 1995

**CREDIT RATINGS GIVEN BY RATING AGENCIES ARE EXPLAINED BELOW; CREDIT RATINGS
ARE UNAUDITED.

<TABLE>
<CAPTION>
STANDARD
MOODY'S &
INVESTORS POOR'S
SERVICE CORP.
--------- --------
<C> <C> <S>
P1 A1 Short-term instruments of the highest
quality.
NR NR Not Rated. In the opinion of the
Investment Advisor, instrument judged to
be of comparable investment quality to
rated securities which may be purchased by
the Funds.
</TABLE>

+ FLOATING RATE NOTES. The maturity date shown is the next exercise date of
the demand feature (redemption at par by the issuer) and the rate shown is the
rate in effect at September 30, 1995.

++ VARIABLE RATE NOTES. The maturity date shown is the date of the next rate
change and the rate shown is the rate in effect at September 30, 1995. The yield
to maturity rate represents yield from last reset date.

INVESTMENT PERCENTAGES SHOWN ARE CALCULATED AS A PERCENTAGE OF NET ASSETS.

See accompanying notes to financial statements.

9
<PAGE> 10

P A C I F I C A
Statements of Assets and Liabilities
September 30, 1995

<TABLE>
<CAPTION>
THE
GOVERNMENT
MONEY MARKET THE MONEY
FUND MARKET FUND
------------ ------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (note 1A).......................... $ 86,910,008 $132,044,284
(identified cost $86,910,008 and $132,044,284, respectively)
Repurchase Agreements, at value (note 3)............................... 22,467,000 30,040,000
(identified cost $22,467,000 and $30,040,000, respectively)
Cash................................................................... 39,762 58,022
Receivables:
Interest............................................................. 235,292 547,280
Fund shares sold..................................................... 40,944 50,300
Paydowns............................................................. 5,261 143,309
Prepaid expenses and other assets...................................... 18,691 22,652
----------- ------------
Total assets....................................................... 109,716,958 162,905,847
----------- ------------
LIABILITIES:
Advisory fee payable (note 2).......................................... 24,853 30,810
Due to Furman Selz (note 2)............................................ 45,839 31,563
Dividend payable....................................................... 84,416 117,560
Payable for Fund shares purchased...................................... 79,072 35,531
Distribution expense payable (note 2).................................. 11,042 6,964
Accrued expenses....................................................... 103,300 25,296
----------- ------------
Total liabilities.................................................. 348,522 247,724
----------- ------------
NET ASSETS:
Par value of shares of beneficial interest outstanding ($.001 per
share); unlimited number of shares authorized........................ 109,368 162,658
Additional paid-in capital............................................. 109,259,068 162,495,465
----------- ------------
Net assets applicable to outstanding shares............................ $109,368,436 $162,658,123
============ ============
Shares of beneficial interest outstanding.............................. 109,368,436 162,658,123
=========== ============
Net asset value per share outstanding.................................. $1.00 $1.00
===== =====
</TABLE>

See accompanying notes to financial statements.

10
<PAGE> 11

P A C I F I C A
Statements of Operations
For the Year Ended September 30, 1995

<TABLE>
<CAPTION>
THE
GOVERNMENT
MONEY MARKET THE MONEY
FUND MARKET FUND
------------ -----------
<S> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest................................................................ $7,502,134 $9,209,752
----------- ----------
Expenses:
Advisory (note 2)....................................................... 383,269 461,445
Administrative services (note 2)........................................ 255,512 307,630
Shareholder services (note 2)........................................... 111,960 94,823
Distribution (note 2)................................................... 80,663 51,203
Custodian (note 2)...................................................... 73,086 84,131
Fund accounting (note 2)................................................ 37,207 39,846
Professional fees....................................................... 34,806 35,302
Registration............................................................ 17,469 25,479
Reports to shareholders................................................. 14,497 15,638
Trustees' fees and expenses............................................. 7,437 7,437
Miscellaneous........................................................... 16,495 16,606
----------- ----------
Total expenses before waivers......................................... 1,032,401 1,139,540
Expenses waived by Advisor and Administrator (note 2)................. (25,550) (153,815)
----------- ----------
Total expenses........................................................ 1,006,851 985,725
----------- ----------
Net investment income..................................................... 6,495,283 8,224,027
----------- ----------
REALIZED GAIN ON INVESTMENTS:
Net realized gain on investment transactions.............................. 454,418 --
----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $6,949,701 $8,224,027
=========== ==========
</TABLE>

See accompanying notes to financial statements.

11
<PAGE> 12

P A C I F I C A
Statements of Changes in Net Assets

THE GOVERNMENT THE MONEY
MONEY MARKET FUND MARKET FUND
--------------------------------- ---------------------------------

YEAR ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------------- ---------------------------------
1995 1994 1995 1994
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 6,495,283 $ 4,536,797 $ 8,224,027 $ 5,327,175
Net realized gain on investment
transactions...................... 454,418 -- -- 3,327
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations................... 6,949,701 4,536,797 8,224,027 5,330,502
--------------- --------------- --------------- ---------------
Distributions to shareholders from:
Net investment income............... (6,495,283) (4,536,797) (8,224,027) (5,327,175)
Net realized gains on investments... (454,418) -- -- (3,327)
--------------- --------------- --------------- ---------------
(6,949,701) (4,536,797) (8,224,027) (5,330,502)
--------------- --------------- --------------- ---------------
Capital share transactions:
Net proceeds from sale of shares.... 4,140,356,138 2,340,015,678 5,790,579,654 2,899,200,853
Net asset value of shares issued to
shareholders in reinvestment of
distributions..................... 1,587,592 615,623 2,554,636 1,231,912
--------------- --------------- --------------- ---------------
4,141,943,730 2,340,631,301 5,793,134,290 2,900,432,765
Cost of shares redeemed............. (4,226,851,391) (2,335,289,315) (5,789,187,631) (2,902,196,078)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets
derived from capital share
transactions................... (84,907,661) 5,341,986 3,946,659 (1,763,313)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets.............................. (84,907,661) 5,341,986 3,946,659 (1,763,313)
NET ASSETS:
Beginning of year..................... 194,276,097 188,934,111 158,711,464 160,474,777
--------------- --------------- --------------- ---------------
End of year........................... $ 109,368,436 $ 194,276,097 $ 162,658,123 $ 158,711,464
=============== =============== =============== ===============
</TABLE>

See accompanying notes to financial statements.

12
<PAGE> 13

P A C I F I C A
Notes to Financial Statements -- September 30, 1995

1. The Government Money Market Fund and The Money Market Fund (together,
the "Funds") are separately managed portfolios which comprise part of Pacifica
Funds Trust (the "Trust"), an open-end management investment company registered
under the Investment Company Act of 1940, consisting of ten portfolios at
September 30, 1995. The Trust was organized as a Massachusetts business trust on
July 17, 1984. The following is a summary of significant accounting policies
consistently followed by the Funds in the preparation of their financial
statements:

A. The Funds value investments at amortized cost, which approximates
market value.

C. The Funds declare and record dividends from taxable net investment
income on each business day and pay such dividends within five business
days after the end of each month. In addition, by distributing during each
calendar year substantially all of their net investment income, capital
gains and certain other amounts, if any, the Funds intend not to be subject
to a Federal excise tax.

D. Investment transactions are recorded on the trade date. Identified
cost of investments sold is used to calculate realized gains and losses for
both financial statement and Federal income tax purposes. Interest income,
including the amortization of discount or premium, is recorded as earned.

E. Expenses directly attributable to a Fund are charged to that Fund;
other expenses are allocated proportionately among each Fund within the
Trust in relation to the net assets of each Fund or on another reasonable
basis.

2. First Interstate Capital Management ("FICM") is the investment advisor
to the Funds. FICM manages the investment and reinvestment of the assets of the
Funds and continually reviews, supervises and administers the Funds'
investments. FICM is responsible for placing orders for the purchase and sale of
the Funds' investments directly with brokers or dealers selected by it in its
discretion and for furnishing to the Board of Trustees, which has overall
responsibility for the business affairs of the Trust, periodic reports on the
performance of the Funds. As compensation for their advisory services, the
Government Money Market Fund and the Government Income Fund each pay FICM an
annual fee payable monthly equal to .30% of the first $500 million, .25% of the
next $500 million and .20% in excess of $1 billion of each Fund's average daily
net assets.

In addition, First Interstate Bank of California ("FICAL"), an affiliate of
FICM, serves as Custodian for the Funds, for which FICAL receives a fee based
upon net assets and certain transaction charges. For the year ended September
30, 1995, the Funds incurred the following amounts due to FICM and FICAL:

<TABLE>
<CAPTION>
THE
GOVERNMENT THE
MONEY MARKET MONEY MARKET
FUND FUND
------------ ------------
<S> <C> <C>
Advisory fees.......................................... $383,269 $461,445
Custodial fees......................................... 73,086 84,131
---------- ----------
$456,355 $545,576
========== ==========
</TABLE>

13
<PAGE> 14

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

Trust's officers and trustees affiliated with Furman Selz. As compensation for
their administrative services, each Fund pays Furman Selz an annual fee payable
monthly equal to .20% of the average daily net assets of each Fund.

The Funds have adopted a non-compensatory Distribution Plan and Agreement
(the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended. The Plan provides for payment by each Fund for actual expenses
incurred. Such payments shall not exceed .25% of average net assets. Pacifica
Funds Distributor, Inc., an affiliate of Furman Selz, acts as Distributor for
the Trust.

The Funds also retain Furman Selz to provide personnel and facilities to
perform shareholder servicing, transfer agency related services and fund
accounting. For the year ended September 30, 1995, Furman Selz earned the
following fees from the Funds:

<TABLE>
<CAPTION>
THE
GOVERNMENT THE
MONEY MARKET MONEY MARKET
FUND FUND
------------ ------------
<S> <C> <C>
Administrative fee..................................... $255,512 $307,630
Shareholder servicing and fund accounting fees......... 81,500 84,904
---------- ----------
$337,012 $392,534
========== ==========
</TABLE>

Certain of the states in which the shares of the Funds are qualified for
sale impose limitations on the expenses of the Funds. If, in any fiscal year,
the total expenses of a Fund (excluding taxes, interest, distribution expenses,
brokerage commissions, certain portfolio transaction expenses, other
expenditures which are capitalized in accordance with generally accepted
accounting principles and extraordinary expenses, but including the advisory and
administrative services fees) exceed the expense limitations applicable to that
Fund imposed by the securities regulations of any state, FICM and Furman Selz
will pay or reimburse the Fund to the extent of advisory and administrative
fees. For the year ended September 30, 1995, the Funds did not exceed such
limitation.

For the year ended September 30, 1995, FICM and Furman Selz voluntarily
waived fees as follows:

<TABLE>
<CAPTION>
THE
GOVERNMENT THE
MONEY MARKET MONEY MARKET
FUND FUND
------------ ------------
<S> <C> <C>
Advisory fees waived................................... $ -- $123,052
Administrative fees waived............................. 25,550 30,763
---------- ----------
$ 25,550 $153,815
========== ==========
</TABLE>

Various banks (including First Interstate Bancorp), trust companies,
broker-dealers (other than Furman Selz) or other financial organizations
(collectively, "Service Organizations") also provide administrative services for
the Funds, such as maintaining shareholder accounts and records. The Funds pay
fees (which vary depending upon the services provided) to Service Organizations
in amounts up to an annual rate of 0.25% of the daily net assets of the Fund's
shares owned by shareholders with whom the Service Organization has a servicing
relationship. For the year ended September 30, 1995, First Interstate Bancorp
was the only service organization to receive payments. First Interstate Bancorp
earned $44,864 and $19,383 in such fees from the Government Money Market and
Money Market Funds, respectively.

14
<PAGE> 15

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

3. The Funds may enter into repurchase agreements with government
securities dealers recognized by the Federal Reserve Board, with member banks of
the Federal Reserve System or with other brokers or dealers that meet the credit
guidelines established by the Trustees. The Funds will always receive and
maintain securities as collateral whose market value, including accrued
interest, will be at least 100% of the dollar amount invested by that Fund in
each agreement, and that Fund will make payment for such securities only upon
physical delivery or upon evidence of book entry transfer to the account of the
custodian. To the extent that any repurchase transaction exceeds one business
day, the value of the collateral is marked-to-market on a daily basis to ensure
the adequacy of the collateral. If the seller defaults, and the value of the
collateral declines, or if bankruptcy proceedings are commenced with respect to
the seller of the security, realization of the collateral by the Fund may be
delayed or limited.

In the pursuit of its minimum credit risk policy, The Funds maintain
diversified portfolios of money market instruments, each of which matures in 397
days or less and is rated high quality by at least two nationally recognized
statistical rating organizations, or, if not rated, is judged by the Board of
Trustees to be of comparable quality. The ability of the issuer of the
instruments to meet its obligations may be affected by economic developments in
a specific industry, region or country. At September 30, 1995, industry
concentration of the Money Market Fund's portfolio for industries in excess of
5% of net assets were: Automotive -- 6.4%, Banking -- 10.4%, Brokerage -- 8.1%,
Financial Services -- 8.6% and Leasing -- 7.5%.

4. Transactions in shares of beneficial interest for the year ended
September 30, 1995, were as follows:

<TABLE>
<CAPTION>
NET
SHARES SHARES SHARES INCREASE
SOLD REINVESTED REPURCHASED (DECREASE)
------------- --------- -------------- -----------
<S> <C> <C> <C> <C>
The Government Money Market
Fund........................... 4,140,356,138 1,587,592 (4,226,851,391) (84,907,661)
The Money Market Fund............ 5,790,579,654 2,554,636 (5,789,187,631) 3,946,659
</TABLE>

15
<PAGE> 16

P A C I F I C A
Financial Highlights
For a share outstanding throughout each year

<TABLE>
<CAPTION>
THE GOVERNMENT MONEY MARKET FUND
------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year..................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income................................ 0.047 0.031 0.027 0.039 0.061
Net realized gain on investments..................... 0.004 -- -- -- --
-------- -------- -------- -------- --------
Total from Investment Operations..................... 0.051 0.031 0.027 0.039 0.061
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income................. (0.047) -- -- -- --
Dividends from net realized gain on investments...... (0.004) -- -- -- --
-------- -------- -------- -------- --------
Total Distributions.................................. (0.051) (0.031) (0.027) (0.039) (0.061)
-------- -------- -------- -------- --------
Net Asset Value, End of Year........................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return........................................... 5.22% 3.16% 2.77% 3.99% 6.30%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)............... $109,368 $194,276 $188,934 $184,705 $171,375
Ratio of Expenses to Average Net Assets.............. 0.79% 0.77% 0.83% 0.82% 0.85%
Effect of Waivers on above Ratio..................... 0.02% 0.02% 0.01% 0.00% 0.03%
Ratio of Net Investment Income to Average
Net Assets......................................... 5.08% 3.07% 2.73% 3.85% 6.13%
</TABLE>

<TABLE>
<CAPTION>
THE MONEY MARKET FUND
------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year..................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income................................ 0.053 0.033 0.030 0.040 0.063
-------- -------- -------- -------- --------
Total from Investment Operations..................... 0.053 0.033 0.030 0.040 0.063
-------- -------- -------- -------- --------
Less Distributions from net investment income.......... (0.053) (0.033) (0.030) (0.040) (0.063)
-------- -------- -------- -------- --------
Net Asset Value, End of Year........................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return........................................... 5.47% 3.37% 3.04% 4.07% 6.47%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)............... $162,658 $158,711 $160,475 $126,727 $136,552
Ratio of Expenses to Average Net Assets.............. 0.64% 0.63% 0.64% 0.68% 0.73%
Effect of Waivers on above Ratio..................... 0.10% 0.10% 0.10% 0.08% 0.01%
Ratio of Net Investment Income to Average
Net Assets......................................... 5.35% 3.31% 2.99% 3.95% 6.33%
</TABLE>

16
<PAGE> 17

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

Shareholders and Board of Trustees
Pacifica Funds Trust

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of The Government Money Market Fund and The Money
Market Fund (two of the portfolios comprising Pacifica Funds Trust) as of
September 30, 1995, and the related statements of operations and changes in net
assets, and financial highlights for the year then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit. The statements of
changes in net assets for the year ended September 30, 1994 and the financial
highlights for each of the four years in the period then ended were audited by
other auditors whose report dated November 22, 1994 expressed an unqualified
opinion on those statements and financial highlights.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included verification by examination of securities held by the
custodian as of September 30, 1995 and confirmation of securities not held by
the custodian by correspondence with others. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above and audited by us present fairly, in all material respects, the financial
position of The Government Money Market Fund and The Money Market Fund at
September 30, 1995, and the results of their operations, the changes in their
net assets and the financial highlights for the year then ended, in conformity
with generally accepted accounting principles.

/s/ ERNST & YOUNG LLP
---------------------

New York, New York
November 15, 1995

17
<PAGE> 18

TAX STATUS OF DIVIDENDS PAID (UNAUDITED)

The following table represents the tax status of dividends and
distributions paid by the Funds during the fiscal year ended September 30, 1995.
Certain portions of this information were previously reported to you on Form
1099 at the close of calendar 1994. This information is presented in order to
comply with regulatory requirements and requires no current action on your part.

<TABLE>
<CAPTION>
% OF INCOME
DERIVED FROM
INCOME % OF INCOME GOVERNMENT SECURITIES
DIVIDENDS PAID DERIVED FROM HELD SUBJECT TO
PER SHARE GOVERNMENT SECURITIES REPURCHASE AGREEMENTS
--------------- --------------------- ---------------------
<S> <C> <C> <C>
The Government Money Market Fund............. $ 0.05097 61.1% 24.9%
The Money Market Fund........................ $ 0.05344 13.5% 23.3%
</TABLE>

Additionally, none of the dividends and distributions paid by the Funds
qualify for the dividends received deduction available to corporations.

18
<PAGE> 19

P A C I F I C A
BOARD OF TRUSTEES

JOSEPH N. HANKIN*+ President, Westchester Community College

RICHARD A. WEDEMEYER* Vice President, Performance Advantage, Inc.

JOHN E. HEILMANN* Former Chairman, Distillers Somerset, Inc.

DENNIS W. DRAPER Associate Professor of Finance, University of Southern
California

JACK D. HENDERSON, ESQ. Partner in Clanahan, Tanner, Downing & Knowlton, P.C.

* Member of Audit Committee

+ Member of Nominating Committee

- ---------------------------------------------------------------------------------------------

OFFICERS

MICHAEL C. PETRYCKI President

STEVEN D. BLECHER Executive Vice President

JOAN V. FIORE Vice President & Secretary

JOHN J. PILEGGI Vice President & Treasurer

DONALD E. BROSTROM Assistant Treasurer
</TABLE>
<PAGE> 20

[LOGO]

P A C I F I C A

INVESTMENT ADVISOR
First Interstate Capital Management, Inc.
7501 East McCormick Parkway
Scottsdale, Arizona 85258

ADMINISTRATOR
Furman Selz Incorporated
230 Park Avenue
New York, New York 10017

DISTRIBUTOR
Pacifica Funds Distributor, Inc.
230 Park Avenue
New York, New York 10017

CUSTODIAN
First Interstate Bank of California
707 Wilshire Boulevard
Los Angeles, California 90017

COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005

INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019

This report is for the information of the shareholders of the Pacifica Family of
Mutual Funds. Its use in connection with any offering of the Trust's shares is
authorized only in case of a concurrent or prior delivery of the Trust's current
prospectus.

[LOGO]

P A C I F I C A

A FAMILY OF
MUTUAL FUNDS

The Government Money Market Fund
And
The Money Market Fund

Annual Report
September 30, 1995

Investment Advisor
FIRST INTERSTATE
CAPITAL MANAGEMENT, INC.
<PAGE> 21

LOGO P A C I F I C A
- --------------------------------------------------------------------------------
November 10, 1995
Dear Shareholder:

We are pleased to present the September 30, 1995 annual report for the Pacifica
Asset Preservation Fund and Government Income Fund, which includes audited
financial statements.

ECONOMIC AND INVESTMENT MARKET COMMENT

Pacifica Funds can be an important investment alternative for you. Please call
us at (800) 662-8417 if you would like additional information.

/s/ MICHAEL C. PETRYCKI
-----------------------
Michael C. Petrycki

President

TAXABLE FIXED INCOME MARKETS

The 3rd quarter of 1995 ended with yield levels virtually unchanged from the end
of June, with the exception of the yield on the 30-year Treasury bond, which
declined by 11 basis points. Although yields were little changed, the quarter
was characterized by high volatility. For example, the yield on the 5-year
Treasury note started the quarter at 6.0%, traded as high as 6.37%, traded as
low as 5.74% and ended the quarter at 6.0%. The broad investment grade market
returned 1.93%, with all but 16 basis points coming from coupon income, and the
year to date return stands at 13.61% versus a negative 2.8% for all of 1994.

The current portfolio strategy is a barbell structure, with the short end of the
barbell comprised of short average life mortgage product, asset-backed
securities and high quality corporates. The long end of the barbell is primarily
invested in highly liquid U.S. Treasury securities. We are utilizing this
strategy because we believe the Federal Reserve will not aggressively lower
short-term interest rates and longer term Treasuries offer higher than average
real rates of return. With the 2-year Treasury trading 25 basis points through
Fed Funds, we believe the market is pricing in 75 to 100 basis points of casing
in the near future. If the Fed does not ease as aggressively as the market
currently anticipates, the curve should flatten over time.
<PAGE> 23

PACIFICA ASSET PRESERVATION FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $51,607,218

The PACIFICA ASSET PRESERVATION FUND is a high quality, short-term fixed income
fund designed for investors who desire a higher yield than current money market
rates but who wish to minimize share price fluctuation. This fund is managed for
price stability, investing exclusively in high quality fixed income securities.
The Fund's average maturity is not to exceed one year. Unlike a money market
fund, the Asset Preservation Fund will not maintain a stable $1.00 share price.

[FIGURE 1]

VALUE OF $10,000 INVESTMENT (Invested July 2, 1990)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>

One
Pacifica Year
Asset Treasury
Measurement Period Preservation Bill
(Fiscal Year Covered) Fund Index*

Portfolio composition is subject to change depending upon market conditions.

[FIGURE 2]

<TABLE>
<S> <C>
SECTOR ANALYSIS
- ---------------------------------
CORPORATE BONDS 35%
ASSET BACKED SECURITIES 24%
MORTGAGE BACKED SECURITIES 19%
GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS 21%
CASH EQUIVALENTS 1%
</TABLE>

- ------------------------------------------
30-DAY YIELD
5.08%

SEC YIELD
5.38%

- ------------------------------------------
WEIGHTED AVERAGE MATURITY
0.9 Year

- --------------------------------------------------------------------------------

The 30-day yield is the income distribution rate for a period, divided by the
period-end NAV.

*Treasury Bills are guaranteed by the U.S. Government as to timely payment of
interest and principal. Shares of the Pacifica Asset Preservation Fund are not
government guaranteed.

Investment performance includes the reinvestment of income dividends and capital
gains. Inception date of the Fund was 7/2/90. Performance is historical and does
not predict future performance. Investment return and principal value will
fluctuate so that Fund shares, when redeemed, may be worth more or less than
their original cost.
<PAGE> 24

PACIFICA GOVERNMENT INCOME FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $84,981,075

The PACIFICA GOVERNMENT INCOME FUND is a high quality, intermediate maturity
bond fund which invests no less than 65% of its assets in issues backed by the
U.S. Government or one of its agencies or instrumentalities. (Fund shares are
not government guaranteed.) This Fund appeals to the investor who seeks
preservation of capital and total return over an intermediate time horizon.

[FIGURE 3]

VALUE OF $10,000 INVESTMENT (Invested July 2, 1990)
- -------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Pacifica Government
Government Income Fund Lehman
Measurement Period Income (with maximum Government/Corporate
(Fiscal Year Covered) Fund 4.5% sales charge) Index*

Portfolio composition is subject to change depending upon market conditions.

[FIGURE 4]

<TABLE>
<S> <C>
SECTOR ANALYSIS
- ---------------------------------
GOVERNMENT AGENCY OBLIGATIONS 51%
U.S. TREASURY OBLIGATIONS 27%
CORPORATE BONDS 9%
ASSET BACKED SECURITIES 11%
U.S. GOVT. CASH 2%
</TABLE>

- ------------------------------------------
30-DAY YIELD
5.90%

SEC YIELD
5.72%

- ------------------------------------------
WEIGHTED AVERAGE MATURITY
7.3 Years
- --------------------------------------------------------------------------------
The 30-day yield is the income distribution rate for a period, divided by the
period-end NAV.

The SEC yield is an attempt to show the yield a shareholder would earn if the
shareholder invests today. It is current income on a yield to maturity basis,
minus expenses for the period, divided by average shares eligible for dividends
during a 30 day period, times the period-end maximum offering price.
*LEHMAN GOVERNMENT/CORPORATE INTERMEDIATE BOND INDEX -- One of the most popular
and widely used bond market indexes, it is composed of Government, Agency,
Corporate and Yankee Bonds. No mortgage-backed securities are included. This
index has an average maturity of approximately seven years. This index is
comprised of approximately 60% Government Bonds, 10% Agency Bonds, 25%
Corporate Bonds and 5% Yankee Bonds. This is an unmanaged index.
Investment performance includes the reinvestment of income dividends and capital
gains. Inception date of the Fund was 7/2/90. Performance is historical and does
not predict future performance. Investment return and principal value will
fluctuate so that Fund shares, when redeemed, may be worth more or less than
their original cost.
<PAGE> 25

P A C I F I C A
THE ASSET PRESERVATION FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 9.96%
U.S. TREASURY NOTES -- 9.96%
$3,000,000 7.500%, 12/31/1996............................................... $ 3,033,972 $ 3,061,875
2,000,000 8.500%, 04/15/1997............................................... 2,065,892 2,078,124
----------- -----------
TOTAL U.S. TREASURY OBLIGATIONS.................................... 5,099,864 5,139,999
----------- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.96%
FEDERAL NATIONAL MORTGAGE ASSOCIATION
PASS-THROUGH SECURITIES -- 0.44%
231,172 6.500%, 11/01/1998 Pool #68853................................... 228,152 229,626
----------- -----------
SMALL BUSINESS ADMINISTRATION
VARIABLE RATE NOTES+ -- 10.52%
1,360,178 7.375%, 05/25/2016 Pool #501516.................................. 1,360,876 1,389,081
4,001,766 7.000%, 03/25/2018 Pool #502139.................................. 3,992,842 4,039,302
----------- -----------
5,353,718 5,428,383
----------- -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS........................... 5,581,870 5,658,009
----------- -----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 19.04%
FEDERAL HOME LOAN MORTGAGE CORP. -- 7.80%
1,500,000 160, 5.000%, 04/15/2003.......................................... 1,468,603 1,471,575
1,000,000 1344-E, 7.000%, 12/15/2003....................................... 1,000,000 1,003,470
1,541,696 112-G, 8.800%, 01/15/2020........................................ 1,592,179 1,548,125
----------- -----------
4,060,782 4,023,170
----------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 11.24%
1,000,000 1992-150, 6.500%, 05/25/2017..................................... 995,376 997,690
2,766,768 1992-49E, 7.000%, 07/25/2017..................................... 2,766,768 2,768,124
1,000,000 1992-150G, 6.750%, 09/25/2018.................................... 998,764 999,980
1,034,411 1991-21, 7000%, 12/25/2019....................................... 1,034,411 1,037,411
----------- -----------
5,795,319 5,803,205
----------- -----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS.......................... 9,856,101 9,826,375
----------- -----------
ASSET-BACKED SECURITIES -- 23.71%
142,279 Bank of the West 1989-1, 9.100%, 09/15/2004........................ 142,406 144,006
1,029,003 CFC Grantor Trust Series 7-1, 8.650%, 10/15/1996................... 1,041,522 1,034,447
1,045,361 Eagle Credit Trust 19, 5.400%, 03/15/2000.......................... 1,043,914 1,034,594
Fleetwood Credit Co. Grantor Trust:
290,677 1989-A, 8.750%, 10/15/2004....................................... 288,331 294,194
633,100 1992-A, 7.100%, 02/15/2007....................................... 630,915 637,165
</TABLE>

See accompanying notes to financial statements.

5
<PAGE> 26

P A C I F I C A
THE ASSET PRESERVATION FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
ASSET-BACKED SECURITIES (CONTINUED)
$3,000,000 Ford Motor Credit Company Grantor Trust
1992-3, 5.625%, 10/15/1997....................................... $ 2,994,360 $ 3,003,300
2,000,000 Olympic Automobile Receivables Trust
1995-D, 5.800%, 10/15/1998....................................... 1,999,088 1,998,080
2,000,000 Unisys Receivables Master Trust I
5.050%, 11/15/1996............................................... 1,998,107 1,995,660
2,129,157 Western Financial Grantor Trust
1993-3 A1, 4.250%, 12/01/1998.................................... 2,088,571 2,095,537
----------- -----------
TOTAL ASSET-BACKED SECURITIES...................................... 12,227,214 12,236,983
----------- -----------
CORPORATE NOTES/BONDS -- 35.03%
AUTOMOTIVE LENDING -- 5.89%
3,000,000 General Motors Acceptance Corp. 7.750%, 04/15/1997................. 3,067,662 3,037,629
----------- -----------
CREDIT LENDING -- 5.79%
3,000,000 Countrywide Credit Industries Inc. 5.120%, 03/15/1996.............. 2,997,195 2,989,197
----------- -----------
FINANCE -- 3.88%
2,000,000 International Lease Financial Corp. 7.400%, 11/15/1995............. 2,000,279 2,002,780
----------- -----------
UTILITIES -- 5.79%
3,000,000 Detroit Edison Co. 6.000%, 12/01/1996.............................. 3,001,070 2,987,010
----------- -----------
MISCELLANEOUS -- 13.68%
2,000,000 Adolph Coors Co. 8.950%, 06/16/1997................................ 2,087,707 2,086,642
3,000,000 Salomon Inc. 5.500%, 05/28/1996.................................... 3,012,906 2,975,682
2,000,000 Smith Barney Co. 6.000%, 03/15/1997................................ 1,995,743 1,995,156
----------- -----------
7,096,356 7,057,480
----------- -----------
TOTAL CORPORATE NOTES/BONDS........................................ 18,162,562 18,074,096
----------- -----------
TOTAL INVESTMENTS -- 98.70%........................................ 50,927,611 50,935,462
----------- -----------
REPURCHASE AGREEMENT -- 1.93%
997,000 Donaldson, Lufkin & Jenrette Securities Corp. dated 09/29/1995,
6.250%, due 10/02/1995 (Proceeds at maturity $997,519);
Collateralized by $6,302,000 U.S. Treasury Strips, due
08/15/2022....................................................... 997,000 997,000
----------- -----------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENT -- 100.63%.............. $51,924,611* 51,932,462
============
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.63)%................... (325,244)
-----------
NET ASSETS -- 100.00%.............................................. $51,607,218
============
</TABLE>

- ---------------
* The cost of securities is substantially the same for Federal income tax
purposes.

+ Variable/Floating Rate Notes. The rate shown is the rate in effect at
September 30, 1995.

See accompanying notes to financial statements.

6
<PAGE> 27

P A C I F I C A
THE GOVERNMENT INCOME FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ----------- ------------ -----------
<C> <S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 26.89%
U.S. TREASURY NOTES -- 25.38%
$ 4,000,000 8.125%, 02/15/1998............................................. $ 4,029,651 $ 4,197,500
2,000,000 8.250%, 07/15/1998............................................. 2,024,534 2,118,750
3,000,000 7.875%, 08/15/2001............................................. 3,014,046 3,268,125
5,000,000 6.375%, 08/15/2002............................................. 5,137,071 5,075,000
5,000,000 7.500%, 02/15/2005............................................. 5,138,917 5,445,310
1,250,000 8.125%, 08/15/2019............................................. 1,460,117 1,467,577
------------ -----------
20,804,336 21,572,262
------------ -----------
U.S. TREASURY BONDS -- 1.51%
1,000,000 10.750%, 05/15/2003............................................ 1,071,259 1,274,687
------------ -----------
TOTAL U.S. TREASURY OBLIGATIONS.................................. 21,875,595 22,846,949
------------ -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 40.23%
FEDERAL HOME LOAN BANK BONDS -- 1.26%
1,050,000 8.250%, 05/27/1996............................................. 1,055,300 1,067,512
------------ -----------
FEDERAL HOME LOAN MORTGAGE CORP. BONDS -- 6.02%
1,000,000 8.125%, 09/30/1996............................................. 1,009,617 1,021,221
2,000,000 8.420%, 01/12/1998............................................. 2,008,099 2,017,814
2,000,000 8.000%, 08/15/2023............................................. 2,075,787 2,075,440
------------ -----------
5,093,503 5,114,475
------------ -----------
FEDERAL HOME LOAN MORTGAGE CORP.
PASS-THROUGH SECURITIES -- 3.53%
225,233 8.250%, 08/01/2001 -- Pool #220009............................. 218,268 230,145
59,996 8.750%, 08/01/2008 -- Pool #189194............................. 58,506 62,021
303,423 8.000%, 11/01/2008 -- Pool #544269............................. 293,060 308,637
334,159 8.500%, 01/01/2009 -- Pool #291786............................. 326,231 343,763
1,737,595 9.000%, 07/01/2017 -- Pool #536534............................. 1,828,663 1,813,528
224,108 10.500%, 08/01/2019 -- Pool #546103............................ 236,732 244,278
------------ -----------
2,961,460 3,002,372
------------ -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
PASS-THROUGH SECURITIES -- 5.85%
232,338 6.500%, 11/01/1998 -- Pool #68853.............................. 229,303 230,784
384,908 8.750%, 03/01/2007 -- Pool #02783.............................. 380,355 400,723
4,215,822 6.000%, 07/01/2008 -- Pool #50761.............................. 4,201,262 4,086,713
28,544 9.500%, 02/01/2009 -- Pool #75336.............................. 28,567 30,203
221,799 8.000%, 08/01/2018 -- Pool #83785.............................. 210,395 227,066
------------ -----------
5,049,882 4,975,489
------------ -----------
</TABLE>

See accompanying notes to financial statements.

7
<PAGE> 28

P A C I F I C A
THE GOVERNMENT INCOME FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ----------- ------------ -----------
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS -- 21.16%
$ 3,000,000 8.637%, 01/01/1996(a).......................................... $ 3,008,269 $ 3,020,070
1,000,000 9.350%, 02/12/1996............................................. 1,007,849 1,012,910
3,000,000 8.350%, 11/10/1999............................................. 3,037,914 3,232,824
5,000,000 8.625%, 11/10/2004............................................. 5,387,402 5,368,115
5,000,000 8.500%, 02/01/2005............................................. 5,374,236 5,352,250
------------ -----------
17,815,670 17,986,169
------------ -----------
TENNESSEE VALLEY AUTHORITY -- 2.41%
2,000,000 8.250%, 11/15/1996............................................. 2,039,090 2,045,418
------------ -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS......................... 34,014,905 34,191,435
------------ -----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 10.95%
FEDERAL HOME LOAN MORTGAGE CORP. -- 1.18%
1,000,000 1334-E 7.000%, 12/15/2003...................................... 1,000,000 1,003,470
------------ -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 9.77%
869,741 1991-141 SP, Inverse Floater, 9.184%, 04/25/2010+.............. 875,127 871,915
2,021,826 1993-129A, 5.200%, 07/25/1999.................................. 2,001,475 2,010,767
922,256 1992-49E, 7.000%, 07/25/2017................................... 920,941 922,708
4,500,000 1992-79J, 7.500%, 08/25/2020................................... 4,512,641 4,500,180
------------ -----------
8,310,184 8,305,570
------------ -----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS........................ 9,310,184 9,309,040
------------ -----------
ASSET-BACKED SECURITIES -- 11.38%
142,279 Bank of the West 1989-1, 9.100%, 09/15/2004...................... 142,406 144,006
573,660 CFC Grantor Trust Series 7-1, 8.650%, 10/15/1996................. 580,639 576,695
2,000,000 Chrysler Auto Receivable Co. 7.875%, 03/15/1998.................. 1,973,689 2,027,080
Fleetwood Credit Company Grantor Trust:
290,677 1989-A, 8.750%, 10/15/2004..................................... 288,331 294,194
633,100 1992-A, 7.100%, 02/15/2007..................................... 630,915 637,165
2,000,000 Ford Motor Credit Company Grantor Trust 1992-3, 5.625%,
10/15/1997..................................................... 1,996,240 2,002,200
1,000,000 Olympic Automobile Receivables Trust Series 1995-D, 6.050%,
11/15/2000..................................................... 998,834 992,880
3,000,000 Unisys Receivables Master Trust I, 5.050%, 11/15/1996............ 2,997,160 2,993,490
------------ -----------
TOTAL ASSET-BACKED SECURITIES.................................... 9,608,214 9,667,710
------------ -----------
CORPORATE NOTES/BONDS -- 9.25%
AUTOMOTIVE CREDIT LENDING -- 2.38%
2,000,000 General Motors Acceptance Corp. 7.750%, 04/15/1997............... 2,045,108 2,025,086
------------ -----------
CONSUMER SPENDING -- 1.17%
1,000,000 General Motors Corp. 7.400%, 09/01/2025.......................... 991,954 993,911
------------ -----------
</TABLE>

See accompanying notes to financial statements.

8
<PAGE> 29

P A C I F I C A
THE GOVERNMENT INCOME FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ----------- ------------ -----------
<C> <S> <C> <C>
CORPORATE NOTES/BONDS (CONTINUED)
CONSUMER STAPLES -- 1.95%
$ 1,750,000 Rite Aid Corp. 6.875%, 08/15/2013................................ $ 1,657,816 $ 1,653,456
------------ -----------
FINANCIAL SERVICES -- 1.29%
1,100,000 Smith Barney Inc. 6.000%, 03/15/1997............................. 1,097,659 1,097,336
------------ -----------
MISCELLANEOUS -- 2.46%
2,000,000 Adolph Coors Co. 8.950%, 06/16/1997.............................. 2,087,707 2,086,642
------------ -----------
TOTAL CORPORATE NOTES/BONDS...................................... 7,880,244 7,856,431
------------ -----------
TOTAL INVESTMENTS................................................ 82,689,142 83,871,565
------------ -----------
REPURCHASE AGREEMENT -- 0.19%
165,000 Donaldson, Lufkin, & Jenrette Securities Corp. dated 09/29/1995,
6.250%, due 10/02/1995 (Proceeds at maturity $165,086);
Collateralized by $169,000 U.S. Treasury Notes 8.500%,
04/15/1997..................................................... 165,000 165,000
------------ -----------
TOTAL REPURCHASE AGREEMENT....................................... 165,000 165,000
------------ -----------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENT -- 98.89%............. $ 82,854,142 84,036,565
=============
OTHER ASSETS LESS LIABILITIES -- 1.11%........................... 944,510
-----------
NET ASSETS -- 100.00%............................................ $84,981,075
============
</TABLE>

- ---------------

(a) Security restricted as to resale. (Total value of restricted securities is
$3,020,070, or 3.55% of net assets).

+ Inverse Floater. Rate is subject to change periodically. The rate shown is
the rate in effect at September 30, 1995.

See accompanying notes to financial statements.

9
<PAGE> 30

P A C I F I C A
Statements of Assets and Liabilities
September 30, 1995

<TABLE>
<CAPTION>
THE ASSET THE
PRESERVATION GOVERNMENT
FUND INCOME FUND
------------ ------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (note 1A)....................... $ 50,935,462 $ 83,871,565
(identified cost $50,927,611 and $82,689,142, respectively)
Repurchase Agreements, at value (note 3)............................ 997,000 165,000
(identified cost $997,000 and $165,000, respectively)
Receivables:
Interest.......................................................... 736,419 1,235,335
Paydowns.......................................................... 218,458 17,827
Fund shares sold.................................................. 6,586 --
Prepaid expenses and other assets................................... 13,022 13,984
------------ ------------
Total assets................................................... 52,906,947 85,303,711
------------ ------------
LIABILITIES:
Advisory fee payable (note 2)....................................... 15,380 35,431
Due to Furman Selz (note 2)......................................... 15,353 19,948
Due to custodian.................................................... 1,829 8,551
Payable for investment securities purchased......................... 979,670 --
Payable for fund shares repurchased................................. 105,300 --
Distribution expense payable (note 2)............................... 28,486 56,343
Dividend payable.................................................... 14,690 27,634
Accrued expenses.................................................... 139,021 174,729
------------ ------------
Total liabilities.............................................. 1,299,729 322,636
------------ ------------
NET ASSETS:
Par value of shares of beneficial interest outstanding ($.001 per
share); unlimited number of shares authorized..................... 5,120 8,643
Additional paid-in capital.......................................... 52,447,689 94,756,376
Accumulated net realized loss on investment transactions............ (838,752) (10,966,367)
Distributions in excess of net investment income (note 1C).......... (14,690) --
Net unrealized appreciation on investments.......................... 7,851 1,182,423
------------ ------------
Net assets applicable to outstanding shares......................... $ 51,607,218 $ 84,981,075
============ =============
Shares of beneficial interest outstanding........................... 5,119,804 8,642,781
============ =============
Net asset value per share outstanding............................... $10.08 $ 9.83
====== ======
Maximum offering price per share.................................... $10.08 $10.29
====== ======
</TABLE>

See accompanying notes to financial statements.

10
<PAGE> 31

P A C I F I C A
Statements of Operations
For the Year Ended September 30, 1995

<TABLE>
<CAPTION>
THE ASSET THE
PRESERVATION GOVERNMENT
FUND INCOME FUND
------------ -----------
<S> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest....................................................... $4,274,712 $ 6,915,535
------------ -----------
Expenses:
Advisory (note 2).............................................. 251,732 500,935
Administrative services (note 2)............................... 143,847 200,374
Distribution (note 2).......................................... 69,672 76,101
Custodian (note 2)............................................. 41,692 56,544
Shareholder services (note 2).................................. 40,689 36,935
Fund accounting (note 2)....................................... 34,275 35,447
Professional fees.............................................. 31,681 33,089
Reports to shareholders........................................ 16,479 19,063
Amortization of organization expenses (note 1D)................ 16,271 8,317
Registration................................................... 16,191 15,855
Trustees' fees and expenses.................................... 7,437 7,437
Miscellaneous.................................................. 14,966 22,981
------------ -----------
Total expenses before waivers................................ 684,932 1,013,078
Expenses waived by Administrator (note 2).................... (14,385) (20,038)
------------ -----------
Total expenses............................................... 670,547 993,040
------------ -----------
Net investment income............................................. 3,604,165 5,922,495
------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions...................... (838,752) (6,984,147)
Change in net unrealized appreciation on investments.............. 917,169 9,796,631
------------ -----------
Net realized and unrealized gain on investments................... 78,417 2,812,484
------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................ $3,682,582 $ 8,734,979
========== ==========
</TABLE>

See accompanying notes to financial statements.

11
<PAGE> 32

P A C I F I C A
Statements of Changes in Net Assets

<TABLE>
<CAPTION>
THE ASSET THE GOVERNMENT
PRESERVATION FUND INCOME FUND
---------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
SEPTEMBER YEAR ENDED SEPTEMBER SEPTEMBER
30, SEPTEMBER 30, 30, 30,
1995 1994 1995 1994
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income........................ $ 3,604,165 $ 5,225,923 $ 5,922,495 $ 9,310,213
Net realized gain (loss) on:
Investment transactions.................... (838,752) 85,724 (6,984,147) (3,564,054)
Foreign currency transactions.............. -- -- -- (275,975)
Change in unrealized appreciation
(depreciation) on investments.............. 917,169 (1,932,600) 9,796,631 (14,152,176)
------------ ------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations.................. 3,682,582 3,379,047 8,734,979 (8,681,992)
------------ ------------- ------------ ------------
Distributions to shareholders from:
Net investment income........................ (3,553,023) (5,225,923) (5,360,219) (9,310,213)
Realized gains on investments................ -- (85,724) -- (3,543,113)
Paid-in-capital.............................. (51,142) (414,235) (562,276) --
------------ ------------- ------------ ------------
(3,604,165) (5,725,882) (5,922,495) (12,853,326)
------------ ------------- ------------ ------------
Capital share transactions:
Net proceeds from sale of shares............. 14,552,138 76,304,336 14,725,909 41,885,272
Net asset value of shares issued to
shareholders in reinvestment of
distributions.............................. 2,996,842 4,661,299 2,401,402 8,517,268
------------ ------------- ------------ ------------
17,548,980 80,965,635 17,127,311 50,402,540
Cost of shares redeemed...................... (69,198,805) (139,194,754) (59,330,735) (75,568,132)
------------ ------------- ------------ ------------
Decrease in net assets derived from capital
share transactions...................... (51,649,825) (58,229,119) (42,203,424) (25,165,592)
------------ ------------- ------------ ------------
Net decrease in net assets..................... (51,571,408) (60,575,954) (39,390,940) (46,700,910)
NET ASSETS:
Beginning of year.............................. 103,178,626 163,754,580 124,372,015 171,072,925
------------ ------------- ------------ ------------
End of year.................................... $ 51,607,218 $ 103,178,626 $ 84,981,075 $124,372,015
============= ============== ============= =============
</TABLE>

See accompanying notes to financial statements.

12
<PAGE> 33

P A C I F I C A
Notes to Financial Statements -- September 30, 1995

1. The Asset Preservation Fund and The Government Income Fund, (together,
the "Funds") are separately managed portfolios which comprise part of Pacifica
Funds Trust (the "Trust"), an open-end management investment company registered
under the Investment Company Act of 1940, consisting of ten portfolios at
September 30, 1995. The Trust was organized as a Massachusetts business trust on
July 17, 1984. The following is a summary of significant accounting policies
consistently followed by the Funds in the preparation of their financial
statements:

A. The Funds value investments at the last sales price on the
securities exchange on which such securities are primarily traded.
Over-the-counter securities or exchange traded securities for which there
are no transactions, are valued at the current bid price. Bonds and other
fixed-income securities may be valued on the basis of prices provided by a
pricing service approved by the Board of Trustees. In the absence of market
quotations, investments are valued at fair value as determined in good
faith by, or at the direction of, the Trustees. Short-term securities which
mature in 60 days or less are valued at amortized cost, if their term to
maturity at purchase was 60 days or less, or by amortizing their value on
the 61st day prior to maturity, if their original term to maturity at
purchase exceeded 60 days.

B. It is the Funds' policy to comply with the requirements of
Subchapter M of the Internal Revenue Code (the "Code") applicable to
regulated investment companies and to distribute all of their "investment
company taxable income," as defined in the Code, and net capital gains, if
any, to their shareholders. Therefore, no Federal income tax provision is
required. In addition, by distributing during each calendar year
substantially all of their net investment income, capital gains and certain
other amounts, if any, each Fund intends not to be subject to a Federal
excise tax.

The Government Income Fund has an unused capital loss carryover of
approximately $3,928,000 to be applied against future profits from sales of
securities, if any, realized subsequent to September 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through September 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal year 1996. If not applied, the carryover
will expire on September 30, 2003.

C. The Funds declare dividends from taxable net investment income on
each business day and pay such dividends within five business days after
the end of each month. The amount of dividends and distributions from net
investment income and net realized capital gains are determined in
accordance with Federal income tax regulations which may differ from net
investment income and net realized capital gains as determined by generally
accepted accounting principles. These "book/tax" differences are either
considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within
the capital accounts based on their Federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and distributions
which exceed net investment income and net realized capital gain for
financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of
net realized capital gains. To the extent dividends and distributions
exceed net investment income and net realized capital gains for tax
purposes, they are reported as distributions of paid-in-capital.

To reflect reclassifications arising from permanent book/tax
differences for the year ended September 30, 1995, The Asset Preservation
Fund credited distributions in excess of net investment income and charged
paid-in-capital $62,355. To reflect reclassifications arising from
permanent book/tax differences for the year ended September 30, 1994,
distributions in excess of net investment income was credited and
paid-in-capital was charged $428,330.

To reflect reclassifications arising from permanent book/tax
differences for the year ended September 30, 1995, The Government Income
Fund credited distributions in excess of net investment income and charged
paid-in-capital $562,276.

13
<PAGE> 34

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

D. Costs incurred in connection with the original organization and
initial registration of each Fund have been deferred and are amortized on a
straight-line basis over the five year period beginning with each Fund's
commencement of operations.

E. Investment transactions are recorded on the trade date. Identified
cost of investments sold is used to calculate realized gains and losses for
both financial statement and Federal income tax purposes. Interest income,
including the amortization of discount or premium, is recorded as earned.

F. Expenses directly attributable to a Fund are charged to that Fund;
other expenses are allocated proportionately among each Fund within the
Trust in relation to the net assets of each Fund or on another reasonable
basis.

2. First Interstate Capital Management ("FICM") is the investment advisor
to the Funds. FICM manages the investment and reinvestment of the assets of the
Funds and continually reviews, supervises and administers the Funds'
investments. FICM is responsible for placing orders for the purchase and sale of
the Funds' investments directly with brokers or dealers selected by it in its
discretion and for furnishing to the Board of Trustees, which has overall
responsibility for the business affairs of the Trust, periodic reports on the
performance of the Funds. As compensation for their advisory services, The Asset
Preservation Fund and The Government Income Fund each pay FICM an annual fee
payable monthly equal to .35% and .50%, respectively, of the Fund's average
daily net assets.

In addition, First Interstate Bank of California ("FICAL"), an affiliate of
FICM, serves as Custodian for the Funds, for which FICAL receives a fee based
upon net assets and certain transaction charges. For the year ended September
30, 1995 the Funds incurred the following amounts due to FICM and FICAL:

<TABLE>
<CAPTION>
THE THE
ASSET GOVERNMENT
PRESERVATION INCOME
FUND FUND
-------- --------
<S> <C> <C>
Advisory fees.............................................. $251,732 $500,935
Custodial fees............................................. 41,692 56,544
-------- --------
$293,424 $557,479
======== ========
</TABLE>

Furman Selz, Inc. ("Furman Selz") provides administrative services for the
operation of the Funds, furnishes office space and facilities required for
conducting the business of the Funds and pays the compensation of the Trust's
officers and trustees affiliated with Furman Selz. As compensation for their
administrative services, each Fund pays Furman Selz an annual fee payable
monthly equal to .20% of the Fund's average daily net assets.

The Funds have adopted a non-compensatory Distribution Plan and Agreement
(the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended. The Plan provides for payment by each Fund for actual expenses
incurred. Such payments shall not exceed .50% of average net assets. Pacifica
Funds Distributor, Inc., an affiliate of Furman Selz, acts as Distributor for
the Trust.

<TABLE>
<CAPTION>
THE THE
ASSET GOVERNMENT
PRESERVATION INCOME
FUND FUND
-------- --------
<S> <C> <C>
Administrative fee......................................... $143,847 $200,374
Shareholder servicing and fund accounting fees............. 44,469 41,614
-------- --------
$188,316 $241,988
======== ========
</TABLE>

14
<PAGE> 35

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

For the year ended September 30, 1995, Furman Selz voluntarily waived
administrative fees of $14,385 and $20,038 for The Asset Preservation Fund and
The Government Income Fund, respectively.

3. The Funds may enter into repurchase agreements with government
securities dealers recognized by the Federal Reserve Board, with member banks of
the Federal Reserve System or with other brokers or dealers that meet the credit
guidelines established by the Trustees. It is the policy of the Funds to receive
and maintain securities as collateral whose market value, including accrued
interest, will be at least 100% of the dollar amount invested by that Fund in
each agreement, and that Fund will make payment for such securities only upon
physical delivery or upon evidence of book entry transfer to the account of the
custodian. To the extent that any repurchase transaction exceeds one business
day, the value of the collateral is marked-to-market on a daily basis to ensure
the adequacy of the collateral. If the seller defaults, and the value of the
collateral declines, or if bankruptcy proceedings are commenced with respect to
the seller of the security, realization of the collateral by the Fund may be
delayed or limited.

4. The cost of securities purchased and proceeds from securities sold
(excluding short-term securities) for the year ended September 30, 1995, were as
follows:

CORPORATE NOTES AND U.S. GOVERNMENT
BONDS OBLIGATIONS
----------------------- -----------------------
PROCEEDS PROCEEDS
COST OF FROM COST OF FROM
SECURITIES SECURITIES SECURITIES SECURITIES
PURCHASED SOLD PURCHASED SOLD
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
The Asset Preservation Fund......... $16,614,555 $56,186,890 $13,681,584 $12,049,891
The Government Income Fund.......... 9,899,370 26,139,048 58,785,043 80,055,126
</TABLE>

5. Unrealized appreciation/depreciation at September 30, 1995, based on
cost of securities for Federal income tax purposes, is as follows:

<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION APPRECIATION
---------- --------- ----------
<S> <C> <C> <C>
The Asset Preservation Fund.................. $ 162,722 $(154,871) $ 7,851
The Government Income Fund................... 1,470,809 (288,386) 1,182,423
</TABLE>

6. Transactions in shares of beneficial interest for the year ended
September 30, 1995, were as follows:

<TABLE>
<CAPTION>
SHARES SHARES SHARES NET
SOLD REINVESTED REPURCHASED DECREASE
--------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
The Asset Preservation Fund.............. 1,453,118 298,957 (6,914,010) (5,161,935)
The Government Income Fund............... 1,558,299 251,419 (6,240,968) (4,431,250)
</TABLE>

15
<PAGE> 36

P A C I F I C A
Financial Highlights
For a share outstanding throughout each period

<TABLE>
<CAPTION>
THE ASSET PRESERVATION FUND
------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------------------
1995 1994 1993 1992 1991
------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year.............................. $ 10.04 $ 10.21 $ 10.32 $ 10.17 $ 9.99
------- -------- -------- -------- -------
Income from Investment Operations:
Net investment income*........................................ 0.50 0.40 0.47 0.57 0.72
Net gain (loss) on securities (both realized and
unrealized)*................................................ 0.04 (0.13) (0.10) 0.15 0.18
------- -------- -------- -------- -------
Total from Investment Operations.............................. 0.54 0.27 0.37 0.72 0.90
------- -------- -------- -------- -------
Less Distributions:
Dividends from net investment income.......................... (0.49) (0.40) (0.47) (0.57) (0.72)
Distributions from capital gains.............................. -- (0.01) (0.01) -- --
Distributions from paid-in-capital............................ (0.01) (0.03) -- -- --
------- -------- -------- -------- -------
Total Distributions........................................... (0.50) (0.44) (0.48) (0.57) (0.72)
------- -------- -------- -------- -------
Net Asset Value, End of Year.................................... $ 10.08 $ 10.04 $ 10.21 $ 10.32 $ 10.17
======== ========= ========= ========= ========
Total Return (not reflecting sales load)........................ 5.56% 2.74% 3.68% 7.30% 9.29%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)........................ $51,607 $103,179 $163,755 $160,083 $73,412
Ratio of Expenses to Average Net Assets....................... 0.94% 0.84% 0.80% 0.75% 0.62%
Effect of Waivers on above Ratio.............................. 0.02% 0.02% 0.03% 0.01% 0.24%
Ratio of Net Investment Income to Average Net Assets.......... 5.03% 3.92% 4.64% 5.52% 6.90%
Portfolio Turnover Rate....................................... 52% 32% 49% 21% 30%
</TABLE>

<TABLE>
<CAPTION>
THE GOVERNMENT INCOME FUND
------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------------------
1995 1994 1993 1992 1991
------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year.............................. $ 9.51 $ 10.87 $ 10.76 $ 10.44 $ 9.91
------- -------- -------- -------- -------
Income from Investment Operations:
Net investment income*........................................ 0.57 0.57 0.71 0.76 0.81
Net gain (loss) on securities (both realized and
unrealized)*................................................ 0.32 (1.11) 0.17 0.33 0.53
------- -------- -------- -------- -------
Total from Investment Operations.............................. 0.89 (0.54) 0.88 1.09 1.34
------- -------- -------- -------- -------
Less Distributions:
Dividends from net investment income.......................... (0.52) (0.59) (0.71) (0.76) (0.81)
Distributions from capital gains.............................. -- (0.23) (0.06) (0.01) --
Distributions from paid-in-capital............................ (0.05) -- -- -- --
------- -------- -------- -------- -------
Total Distributions........................................... (0.57) (0.82) (0.77) (0.77) (0.81)
------- -------- -------- -------- -------
Net Asset Value, End of Year.................................... $ 9.83 $ 9.51 $ 10.87 $ 10.76 $ 10.44
======== ========= ========= ========= ========
Total Return (not reflecting sales load)........................ 9.63% (5.20)% 8.17% 10.77% 14.06%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)........................ $84,981 $124,372 $171,073 $138,150 $76,711
Ratio of Expenses to Average Net Assets....................... 0.99% 0.94% 0.85% 0.79% 0.54%
Effect of Waivers on above Ratio.............................. 0.02% 0.02% 0.09% 0.12% 0.44%
Ratio of Net Investment Income to Average Net Assets.......... 5.92% 5.88% 6.49% 7.11% 7.97%
Portfolio Turnover Rate....................................... 72% 55% 52% 22% 7%
</TABLE>

- ---------------
* Per share data based upon average monthly shares outstanding.

16
<PAGE> 37

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

Shareholders and Board of Trustees
Pacifica Funds Trust

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of The Asset Preservation Fund and The Government
Income Fund (two of the portfolios comprising Pacifica Funds Trust) as of
September 30, 1995, and the related statements of operations and changes in net
assets, and financial highlights for the year then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit. The statements of
changes in net assets for the year ended September 30, 1994 and the financial
highlights for each of the four years in the period then ended were audited by
other auditors whose report dated November 22, 1994 expressed an unqualified
opinion on those statements and financial highlights.

In our opinion, the financial statements and financial highlights referred to
above and audited by us present fairly, in all material respects, the financial
position of The Asset Preservation Fund and The Government Income Fund at
September 30, 1995, and the results of their operations, the changes in their
net assets and the financial highlights for the year then ended, in conformity
with generally accepted accounting principles.

/s/ ERNST & YOUNG LLP
---------------------

New York, New York
November 15, 1995

17
<PAGE> 38

TAX STATUS OF DIVIDENDS PAID (UNAUDITED)

<TABLE>
<CAPTION>
% OF INCOME
DERIVED
FROM GOVERNMENT
LONG TERM % OF INCOME SECURITIES HELD
CAPITAL GAINS INCOME DERIVED FROM SUBJECT TO
DIVIDENDS PAID DIVIDENDS GOVERNMENT REPURCHASE
PER SHARE PAID PER SHARE SECURITIES AGREEMENTS
-------------- -------------- ------------ ---------------
<S> <C> <C> <C> <C>
The Asset Preservation Fund.................. $ 0.0000 $ 0.5042 29.0% 4.9%
The Government Income Fund................... 0.0000 0.5656 51.8% 3.4%
</TABLE>

Additionally, none of the dividends and distributions paid by the Funds
qualify for the dividends received deduction available to corporations.

18
<PAGE> 39

P A C I F I C A
BOARD OF TRUSTEES

<TABLE>
<S> <C>
JOSEPH N. HANKIN*+ President, Westchester Community College
RICHARD A. WEDEMEYER* Vice President, Performance Advantage, Inc.
JOHN E. HEILMANN* Former Chairman, Distillers Somerset, Inc.
DENNIS W. DRAPER Associate Professor of Finance, University of Southern
California
JACK D. HENDERSON, ESQ. Partner in Clanahan, Tanner, Downing & Knowlton, P.C.
* Member of Audit Committee
+ Member of Nominating Committee
- ---------------------------------------------------------------------------------------------
OFFICERS
MICHAEL C. PETRYCKI President
STEVEN D. BLECHER Executive Vice President
JOAN V. FIORE Vice President & Secretary
JOHN J. PILEGGI Vice President & Treasurer
DONALD E. BROSTROM Assistant Treasurer
</TABLE>
<PAGE> 40

LOGO

P A C I F I C A
INVESTMENT ADVISOR
First Interstate Capital Management, Inc.
7501 East McCormick Parkway
Scottsdale, Arizona 85258

ADMINISTRATOR
Furman Selz Incorporated
230 Park Avenue
New York, New York 10017

DISTRIBUTOR
Pacifica Funds Distributor, Inc.
230 Park Avenue
New York, New York 10017

CUSTODIAN
First Interstate Bank of California
707 Wilshire Boulevard
Los Angeles, California 90017

COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005

INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019

P A C I F I C A

A FAMILY OF
MUTUAL FUNDS
The Asset Preservation Fund
And
The Government Income
Fund
Annual Report
September 30, 1995
Investment Advisor
FIRST INTERSTATE
CAPITAL MANAGEMENT, INC.
<PAGE> 41

[LOGO] P A C I F I C A
- --------------------------------------------------------------------------------
November 10, 1995
Dear Shareholder:

We are pleased to present the September 30, 1995 annual report for the Pacifica
Short Term California Tax-Free Fund and California Tax-Free Fund, which includes
audited financial statements.

ECONOMIC AND INVESTMENT MARKET COMMENT

Profitability has soared this year with the profit margins for the S&P
Industrials reaching a 20 year high of 5.8%. Helped by a strong economy, a
currency tailwind and strong cost cutting from highly leverage industries,
earnings for the Dow Jones Industrials and the S&P Industrials grew at a 45% and
30% rate respectively for the second quarter. However, earnings momentum appears
to have peaked. With a slower U.S. and global economy, currency drag from a
stronger U.S. dollar and fewer opportunities for cost cutting, earnings momentum
appears to be stalling. We are having to become more selective and focus on
those companies that can produce 12% or better earnings growth in an environment
where the average company is growing 4%-8%.

Pacifica Funds can be an important investment alternative for you. Please call
us at (800) 662-8417 if you would like additional information.

/s/ MICHAEL C. PETRYCKI
-------------------------
Michael C. Petrycki
President

PACIFICA CALIFORNIA TAX-FREE FUNDS

The credit picture in California cleared up somewhat during the past quarter.
Governor Wilson signed his approval of the consensus recovery plan for Orange
County. The revised plan diverts revenues from local governments and agencies to
the county for the next 15 years, allowing general creditors and noteholders to
be repaid, and carrying the county out of bankruptcy. Approval by participants
in the Orange County Investment Pool is required, but it is expected to pass.

The state's economy showed more signs of an upturn. Job growth was expected to
come in at 2.3% for the year. Home prices were predicted to show the first
increase since 1990, but probably not until 1996. Moody's affirmed the state's
A1 rating, ending a series of downgrades, and shoring up confidence in the
state's fragile recovery.

Throughout the course of the past year, the Funds continued to invest primarily
in good quality, user supported revenue bonds issued for essential purposes.
Demand for short-term municipals rose sharply during the third quarter,
providing an opportunity for the Funds to receive firm prices for these
securities, and to reinvest proceeds in longer-term issues with substantially
higher yields.

For the past year, the Pacifica California Tax-Free Fund had a total return of
9.82%. The Pacifica Short Term California Tax-Free Fund posted a return of
6.13%. These returns represent a strong turnaround from 1994, when most bond
funds recorded negative total returns.
<PAGE> 43

PACIFICA SHORT TERM CALIFORNIA TAX-FREE FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $19,094,791

The PACIFICA SHORT TERM CALIFORNIA TAX-FREE FUND is designed for the more
conservative tax-free investor who seeks high after tax income and low share
price volatility. This Fund provides investors with income that is exempt from
both federal and California state income taxes.* The average maturity of the
Fund's issues is not to exceed three years, significantly reducing the share
price fluctuation inherent in higher yielding, longer-term bond funds.

[FIGURE 1]

<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT (Invested Jan. 20, 1993)
- ---------------------------------------------------------------------------------------------------------
Pacifica Short Term
California Tax-Free Lehman Bros. 3 Year
Fund Muni Bond Index
<S> <C> <C>
1/20/93 10000 10000
3/93 10063 10127
6/93 10235 10279
9/93 10369 10425
12/93 10488 10544
3/94 10326 10402
6/94 10484 10516
9/94 10570 10614
12/94 10733 10615
3/95 11096 10913
6/95 11264 11144
9/95 11477 11383
</TABLE>
- ------------------------------------------
30-DAY YIELD
4.02%

SEC YIELD
3.78%

TAXABLE EQUIVALENT YIELD
Combined Tax Rate of 46.24%
7.48%

--------------------------------------------
WEIGHTED AVERAGE MATURITY
2.2 Years

- --------------------------------------------------------------------------------

*A portion of the income from this Fund may be subject to the Federal
Alternative Minimum Tax (AMT).

The 30-day yield is the income distribution rate for a period, divided by the
period-end NAV.

PACIFICA CALIFORNIA TAX-FREE FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $161,342,948

The PACIFICA CALIFORNIA TAX-FREE FUND provides investors with income exempt from
both federal and state income taxes by investing in California Municipal Bonds.*
The Fund maintains a high quality rating, presently averaging AA. The average
maturity of the Fund's issues is not to exceed 15 years. By selecting shorter
maturities than many tax-free funds, the impact of interest rate fluctuations is
minimized. Risk is further reduced through geographic and issue-type
diversification among numerous California issues.

[FIGURE 2]

<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT (Invested July 2, 1990)
- ---------------------------------------------------------------------------------------------------------
Pacifica California Lehman Bros.
Pacifica California Tax-Free Fund 15 Year Muni Bond
Tax-Free Fund with 4.500% load Index
<S> <C> <C> <C>
7/2/90 10000 9550 10000
9/90 10045 9593 9982
12/90 10518 10045 10428
3/91 10750 10266 10648
6/91 10944 10452 10881
9/91 11359 10848 11315
12/91 11653 11129 11675
3/92 11669 11144 11754
6/92 12076 11533 12198
9/92 12341 11786 12552
12/92 12598 12031 12845
3/93 13029 12443 13405
6/93 13468 12862 13885
9/93 13862 13238 14435
12/93 14108 13471 14663
3/94 13257 12660 13725
6/94 13351 12750 13920
9/94 13445 12840 14002
12/94 13216 12628 14240
3/95 14120 13491 15395
6/95 14377 13738 15754
9/95 14766 14110 16291
</TABLE>
- ------------------------------------------
30-DAY YIELD
4.96%

SEC YIELD
4.48%

TAXABLE EQUIVALENT YIELD
Combined Tax Rate of 46.24%
9.23%

--------------------------------------------
WEIGHTED AVERAGE MATURITY
7.52 Years

- --------------------------------------------------------------------------------
*A portion of the income from this Fund may be subject to the Federal
Alternative Minimum Tax (AMT).

The 30-day yield is the income distribution rate for period, divided by
period-end NAV.

P A C I F I C A
THE SHORT TERM CALIFORNIA TAX-FREE FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
CREDIT PRINCIPAL
RATING** AMOUNT COST VALUE
- ------------ ---------- ----------- -----------
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS -- 94.02%
Baa/NR California Educational Facilities Authority Revenue
Pooled College & University Financing, Series B
5.100%, 06/01/1998....................................... $1,000,000 $ 993,620 $ 1,007,621
NR/A California Health Facilities Financing, Insured, Episcopal
Homes
7.200%, 07/01/1999 (Insured; CMI)........................ 1,000,000 1,018,754 1,027,529
NR/A California Health Facilities Financing, Mercy Senior
Housing,
Series A, 7.400%, 12/01/2000............................. 365,000 399,821 406,876
A/NR California Health Facilities Financing, St. Francis
Memorial Hospital, Series A, 4.625%, 11/01/1996.......... 1,000,000 1,005,920 1,004,496
A/A- California State Public Works Board, Lease Rev., Dept. of
Corrections State Prison, Series A, 7.200%, 11/01/1998... 750,000 780,118 788,166
NR/A- California State Public Works Board, Lease Rev.,
State Prison -- Corcoran, Series A, 7.000%, 09/01/1998... 500,000 516,975 523,022
Aaa/AAA Los Angeles California, Series A, 5.000%, 09/01/2023....... 1,500,000 1,500,000 1,518,533
NR/A- Los Angeles Community Redevelopment Agency, Tax Allocation,
Cent. Bus. Dist., Series G, 6.100%, 07/01/1996........... 1,000,000 1,008,195 1,014,056
A/NR Los Angeles COPS, 7.300%, 10/01/1996....................... 1,000,000 1,022,812 1,032,405
Aa/AA Los Angeles Dept. of Water & Power, Waterworks Revenue
7.100%, 08/01/2002....................................... 750,000 800,349 813,234
Aaa/AAA Oakland, California Rev. Refunding Series A
7.000%, 08/01/1998 (Insured; FGIC)....................... 500,000 534,782 537,477
NR/NR Pleasanton Joint Powers Financing Authority Revenue
Series B, 5.625%, 09/02/1997............................. 1,465,000 1,461,045 1,493,252
A/A- Sacramento MUD Electric Revenue
Series W, 7.500%, 08/15/1999............................. 500,000 542,576 549,113
A/A San Diego COPS, Childrens Center Project
4.750%, 10/01/1996....................................... 575,000 575,671 578,700
A1/NR San Diego, COPS, 6.600%, 12/01/2001........................ 500,000 530,803 536,437
San Francisco, California City & County Redevelopment
Agency Lease Rev., George R. Moscone Convention Center
A/A- 7.250%, 07/01/1997....................................... 1,000,000 1,050,240 1,048,930
A/A- 7.400%, 07/01/1998....................................... 1,250,000 1,337,344 1,343,173
Baa1/NR Solano County COPS, Justice Facility & Public Building
4.850%, 10/01/1998....................................... 1,980,000 1,965,812 1,989,330
NR/NR University of California COPS, San Diego Medical Center
5.920%, 03/15/2000....................................... 715,307 722,676 740,337
----------- -----------
TOTAL MUNICIPAL OBLIGATIONS................................ 17,767,513 17,952,687
----------- -----------
FLOATING RATE MUNICIPAL DEMAND NOTES+ -- 4.19%
VMIG1/A-1+ California Health -- St. Francis Hosp.
4.350%, 10/02/1995....................................... 200,000 200,000 200,000
VMIG1/A-1+ California PCR -- Edison B
4.350%, 10/02/1995....................................... 200,000 200,000 200,000
VMIG1/A-1+ California PCR -- Shell Oil Co. A
4.300%, 10/02/1995....................................... 100,000 100,000 100,000
VMIG1/A-1+ California PCR -- Shell Oil Co. B
4.300%, 10/02/1995....................................... 300,000 300,000 300,000
----------- -----------
TOTAL FLOATING RATE MUNICIPAL DEMAND NOTES.............................. 800,000 800,000
----------- -----------
TOTAL INVESTMENTS -- 98.21%............................................. $18,567,513* 18,752,687
===========
OTHER ASSETS LESS LIABILITIES -- 1.79%.................................. 342,104
-----------
NET ASSETS -- 100.00%................................................... $19,094,791
===========
</TABLE>

* The cost of securities is substantially the same for Federal income tax
purposes.

**,+ See Footnotes to Portfolios of Investments.

See accompanying notes to financial statements.

5
<PAGE> 46

P A C I F I C A
THE CALIFORNIA TAX-FREE FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
CREDIT PRINCIPAL
RATINGS** AMOUNT COST VALUE
- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS -- 98.15%
A/A Alameda County California -- Capital Projects
6.250%, 06/01/2006............................... $ 2,000,000 $ 2,033,008 $ 2,065,964
California Educational Facilities Authority
Revenue
Aa/AA Pomona College, 6.000%, 2/15/2017................ 3,200,000 3,135,788 3,226,966
Baa/NR Pooled College & University Financing -- Series B
6.125%, 06/01/2009............................... 2,000,000 1,980,000 1,977,928
Aa/AA University of Southern California Project, Series B
6.750%, 10/01/2015............................... 1,380,000 1,388,942 1,491,944
California Health Facilities Financing
NR/A Episcopal Homes, 7.300%, 07/01/2000 (Insured;
CMI)........................................... 1,000,000 1,019,004 1,027,489
Aaa/AAA San Diego Hospital Assn., Series A,
6.200%, 08/01/2012............................... 4,000,000 3,950,668 4,084,104
Aaa/AAA Scripps Memorial Hospital, Series A,
6.400%, 10/01/2012............................... 2,000,000 1,988,607 2,084,676
A/NR Scripps Research Inst., Series A,
6.625%, 07/01/2014............................... 2,000,000 1,994,431 2,098,612
aa/NR California Special Districts Finance Authority
COPS, Series A,
8.500%, 07/01/2018............................... 500,000 521,410 543,863
Aa/AA California State Department Water Residential
Central Valley Project Revenue, Series J,
6.000%, 12/01/2007............................... 5,000,000 4,936,019 5,338,370
A1/A California State Franchise Tax Board COPS,
6.900%, 10/01/2006............................... 1,000,000 973,870 1,075,535
California State General Obligation
A1/A 6.800%, 11/01/2001............................... 1,000,000 1,045,768 1,111,703
Aa/A+ 7.000% 03/01/2003................................ 1,000,000 1,001,187 1,130,632
Aa/A+ 6.700%, 02/01/2004............................... 1,000,000 1,009,386 1,116,123
Aaa/AAA 5.750%, 03/01/2015 (Insured; AMBAC).............. 3,000,000 2,881,445 2,948,220
California State Public Works Board
A1/A Community Colleges, Series A, 6.625%,
09/01/2007..................................... 2,000,000 1,975,740 2,148,174
Aaa/AAA Lease Rev. Dept. of Corrections, Series A
6.400%, 11/01/2010 (Insured; MBIA)............... 3,000,000 2,971,360 3,211,449
Aaa/AAA Central Coast Water Authority State Water Project
Regulated Facilities, 6.350%, 10/01/2007
(Insured; AMBAC)................................. 4,090,000 4,090,000 4,435,384
Aaa/AAA Chino Basin California Municipal Water District
6.000%, 08/01/2016 (Insured; AMBAC).............. 1,800,000 1,762,252 1,808,368
Contra Costa County COPS
Aaa/AAA 7.700%, 06/01/2002 (Insured; AMBAC).............. 1,000,000 1,086,568 1,128,096
Aaa/AAA 7.750%, 06/01/2003 (Insured; AMBAC).............. 1,000,000 1,086,729 1,131,599
A1/A+ Contra Costa Transportation Authority Sales Tax
Revenue, Series A, 6.500%, 03/01/2009............ 2,000,000 1,967,395 2,201,990
Contra Costa Water Authority Water Treatment
Revenue, Series A
Aaa/AAA 5.700%, 10/01/2012 (Insured; FGIC)............... 2,505,000 2,485,484 2,478,134
Aaa/AAA 6.000%, 10/01/2013 (Insured; FGIC)............... 3,240,000 3,190,720 3,264,621
Aa/AA- East Bay Municipal Utilities
6.000%, 06/01/2012 (Insured; Secondary FGIC)..... 5,000,000 4,767,382 5,053,345
</TABLE>

See accompanying notes to financial statements.

6
<PAGE> 47

P A C I F I C A
THE CALIFORNIA TAX-FREE FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
CREDIT PRINCIPAL
RATINGS** AMOUNT COST VALUE
- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS (CONTINUED)
Aa/AA- East Bay Regional Park District, Series B
6.375%, 09/01/2011............................. $ 2,025,000 $ 2,014,538 $ 2,118,454
Aaa/AAA Encina Joint Power Authority, Wastewater Rev.,
6.650%, 08/01/2002 (Insured; AMBAC)............ 1,000,000 1,038,245 1,093,294
Aaa/AAA Fresno California Water System Revenue
6.000%, 06/01/2016 (Insured; FGIC)............. 3,000,000 2,961,036 3,013,779
Long Beach Water Revenue District
Aa/AA 6.000%, 05/01/2014............................. 2,000,000 1,987,942 2,024,882
Aa/AA 6.125%, 05/01/2019............................. 1,000,000 993,895 1,010,019
Aaa/AAA Long Beach California Financing Authority Revenue
6.000%, 11/01/2008 (Insured; AMBAC)............ 3,000,000 2,992,854 3,196,257
A1/A+ Los Angeles Adult and Juvenile Detention Center
7.500%, 06/01/2001............................. 1,000,000 1,071,420 1,141,645
Aa/AA- Los Angeles Airport Revenue Refunding
Series C, 7.000%, 05/01/2005................... 1,500,000 1,563,509 1,598,871
A1/AA Los Angeles California, Solid Waste
6.500%, 11/01/1998............................. 2,000,000 2,051,601 2,121,156
Los Angeles County COPS, Correctional Facs.
Project
Aaa/AAA 6.500%, 09/01/2013............................. 1,000,000 1,016,739 1,042,855
A1/A 7.000%, 03/01/2004............................. 1,000,000 991,220 1,082,464
A1/A Los Angeles County Harbor Revenue
6.400%, 08/01/2015............................. 2,145,000 2,133,086 2,234,320
Aa/AA Los Angeles Department of Water and Power
Waterworks Revenue 5.700%, 09/01/2011.......... 2,945,000 2,821,045 2,947,904
A1/A+ Los Angeles Met Transportation Authority STR
Series A, 6.250%, 07/01/2016................... 2,250,000 2,224,140 2,258,120
A/A- Los Angeles Unified School District
Dr. Francisco Bravo Medical COPS
6.600%, 06/01/2005............................. 2,000,000 1,995,000 2,169,020
Los Angeles Wastewater System Revenue
A1/A 6.650%, 08/01/2003............................. 1,000,000 970,460 1,078,985
A1/A Series A, 6.900%, 02/01/2004................... 1,000,000 982,500 1,110,890
Aaa/AAA Series B, 6.250%, 06/01/2012 (Insured; AMBAC).. 4,000,000 3,967,012 4,123,668
Metropolitan Water District Southern California
Waterworks Revenue
Aa/AA+ 6.625%, 07/01/2006............................. 3,000,000 2,971,486 3,302,778
Aa/AA+ Series A, 5.750%, 07/01/2013................... 8,000,000 7,911,759 7,972,760
Aaa/AAA Series A, 5.750%, 07/01/2015................... 2,000,000 1,960,253 1,988,126
Aaa/AAA Murrieta Valley California University School
District
Series B, 6.250%, 09/01/2011................... 1,000,000 1,012,285 1,035,259
Northern California CA-OR Transmission Project
Revenue
Aaa/AAA Series A, 6.200%, 05/01/2004 (Insured; AMBAC).. 1,340,000 1,340,000 1,465,234
Aaa/AAA Series A, 6.300%, 05/01/2005 (Insured; AMBAC).. 1,000,000 1,000,000 1,096,072
Aa/AA Orange County Local Transportation Authority
Sales Tax Revenue 6.000%, 02/15/2008 (Insured;
Secondary MBIA)................................ 6,000,000 6,032,170 6,244,440
</TABLE>

See accompanying notes to financial statements.

7
<PAGE> 48

P A C I F I C A
THE CALIFORNIA TAX-FREE FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
CREDIT PRINCIPAL
RATINGS** AMOUNT COST VALUE
- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS (CONTINUED)
NR/A Richmond Joint Powers Financing Authority
Revenue, Series B
7.250%, 05/15/2013............................. $ 700,000 $ 698,441 $ 752,247
Sacramento MUD Electric Revenue
A/A- Series V, 7.600%, 08/15/2000................... 1,000,000 1,070,262 1,096,619
Aaa/AAA Series A, 6.250%, 08/15/2010 (Insured; AMBAC).. 2,500,000 2,473,274 2,665,003
NR/AAA Sub-Refunding, 8.000%, 11/15/2010................ 205,000 205,000 206,103
San Diego County Water Authority Revenue COPS,
Series A
Aa/AA- 6.375%, 05/01/2006............................. 1,500,000 1,574,128 1,614,946
Aa/AA- 6.400%, 05/01/2008............................. 4,400,000 4,359,913 4,732,380
A1/NR San Diego Metropolitan Transportation Development
Board Authority COPS
6.700%, 12/01/2002............................. 1,000,000 992,625 1,067,526
Aaa/AA+ San Diego Public Safety Communication Project
6.500%, 07/15/2007............................. 1,000,000 987,470 1,105,069
San Francisco City and County Airport Community
International Airport Revenue
Aaa/AAA 6.200%, 05/01/2007 (Insured; AMBAC)............ 1,000,000 969,710 1,075,201
Aaa/AAA 6.300%, 05/01/2011 (Insured; AMBAC)............ 2,085,000 2,069,720 2,174,651
A/A- San Francisco City and County Redevelopment
Agency Lease Revenue George P. Moscone
Convention Center
7.500%, 07/01/1999............................. 1,000,000 1,006,370 1,095,072
San Francisco City and County Public Utilities
Community Water Revenue, Series A
Aa/AA 6.400%, 11/01/2007............................. 5,500,000 5,454,019 5,966,703
Aa/AA 6.750%, 11/01/2010............................. 2,000,000 2,009,234 2,162,982
Aaa/AAA San Francisco City and County Sewer Revenue
Refunding
6.000%, 10/01/2011 (Insured; AMBAC)............ 4,500,000 4,428,725 4,597,227
Aaa/AAA Santa Clara County California
Financing -- Authority Lease Revenue Project A,
6.875%, 11/15/2014 (Insured; AMBAC)............ 2,250,000 2,208,880 2,472,230
Southern California Public Power Authority
A/A 7.000%, 07/01/2004............................. 2,000,000 2,036,739 2,182,846
A/A 6.750%, 07/01/2011............................. 1,000,000 956,060 1,077,752
University of California Revenue
A-/A Series B, 6.100%, 09/01/2010................... 1,000,000 992,556 1,004,370
A-/A Series B, 6.300%, 09/01/2013................... 2,000,000 1,984,170 2,002,004
</TABLE>

See accompanying notes to financial statements.

8
<PAGE> 49

P A C I F I C A
THE CALIFORNIA TAX-FREE FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
CREDIT PRINCIPAL
RATINGS** AMOUNT COST VALUE
- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS (CONTINUED)
A1/A+ Ventura County California
5.750%, 12/01/2006............................. $ 2,000,000 $ 1,959,554 $ 2,008,990
Aaa/AAA Yucaipa Park School Facilities Financing
Authority
6.900%, 10/01/2017 (Insured; MBIA)............. 580,000 564,885 648,223
------------ ------------
TOTAL MUNICIPAL OBLIGATIONS..................................... 150,249,093 158,362,685
------------ ------------
FLOATING RATE MUNICIPAL DEMAND NOTES+ -- 0.31%
VMIG1/Aa3 California Health Facilities -- St. Francis
Memorial Hospital Series B 4.350%,
10/02/1995..................................... 100,000 100,000 100,000
VMIG1/A2 California PCR -- Shell Oil Company Project A,
4.300%, 10/02/1995............................. 200,000 200,000 200,000
VMIG1/A2 California PCR -- Shell Oil Company Project B,
4.300%, 10/02/1995............................. 100,000 100,000 100,000
VMIG1/A2 California PCR -- Southern California Edison,
Series A,
4.350%, 10/02/1995............................. 100,000 100,000 100,000
------------ ------------
TOTAL FLOATING RATE MUNICIPAL DEMAND NOTES+..................... 500,000 500,000
------------ ------------
TOTAL INVESTMENTS -- 98.46%..................................... $150,749,093* 158,862,685
=============
OTHER ASSETS LESS LIABILITIES -- 1.54%.......................... 2,480,263
------------
NET ASSETS -- 100.00%........................................... $161,342,948
=============
</TABLE>

* The cost of securities is substantially the same for Federal income tax
purposes.

**,+ See Footnotes to Portfolios of Investments.

See accompanying notes to financial statements.

9
<PAGE> 50

P A C I F I C A
Footnotes to Portfolios of Investments
September 30, 1995

** CREDIT RATINGS GIVEN BY RATING AGENCIES ARE EXPLAINED BELOW; CREDIT RATINGS
ARE UNAUDITED.

<TABLE>
<CAPTION>
MOODY'S
INVESTORS STANDARD & POOR'S
SERVICE CORP.
- ----- -----
<C> <C> <S>
VMIG1 A1 Short-term instruments of the highest quality.
Aaa AAA Instrument judged to be of the highest quality and carrying
the smallest amount of investment risk.
Aa AA Instrument judged to be of high quality by all standards.
A A Instrument judged to have adequate security of interest and
principal but certain protective elements may be lacking.
Baa BBB Instrument judged to have adequate capacity to pay interest
and repay principal.
NR NR Not Rated. In the opinion of the Investment Advisor,
instrument judged to be of comparable investment quality to
rated securities which may be purchased by the Funds.
</TABLE>

Items which possess the strongest investment attributes of their category are
given that letter rating followed by a number. The Standard & Poor's ratings may
be modified by the addition of a plus or minus sign to show relative standing
within the major rating categories.

+ FLOATING RATE MUNICIPAL DEMAND NOTES. The maturity date shown is the next
exercise date of the demand feature (redemption at par by the issuer) and the
rate shown is the rate in effect at September 30, 1995.

INVESTMENT PERCENTAGES SHOWN ARE CALCULATED AS A PERCENTAGE OF NET ASSETS.

ABBREVIATIONS USED IN THE PORTFOLIO OF INVESTMENTS:

<TABLE>
<C> <S>
AMBAC American Municipal Bond Assurance Corporation
CMI California Mortgage Insurance
COPS Certificates of Participation
FGIC Financial Guaranty Insurance Company
MBIA Municipal Bond Insurance Association
MUD Municipal Utility District
PCR Pollution Control Revenue
STR Sales Tax Revenue
</TABLE>

See accompanying notes to financial statements.

10
<PAGE> 51

P A C I F I C A
Statements of Assets and Liabilities
September 30, 1995

<TABLE>
<CAPTION>
THE
SHORT TERM
CALIFORNIA THE CALIFORNIA
TAX-FREE FUND TAX-FREE FUND
--------------- ---------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (note 1A)...................... $18,752,687 $ 158,862,685
(identified cost $18,567,513 and $150,749,093, respectively)
Cash............................................................... 79,626 40,127
Receivables:
Interest......................................................... 294,107 2,899,464
Fund shares sold................................................. -- 146
Other assets....................................................... 59,222 17,203
--------------- ---------------
Total assets................................................... 19,185,642 161,819,625
--------------- ---------------
LIABILITIES:
Advisory fee payable (note 2)...................................... 349 66,777
Due to Furman Selz (note 2)........................................ 3,493 153,085
Distribution expense payable (note 2).............................. 9,851 75,558
Dividend payable................................................... 4,178 43,829
Payable for fund shares repurchased................................ -- 38,574
Accrued expenses................................................... 72,980 98,854
--------------- ---------------
Total liabilities.............................................. 90,851 476,677
--------------- ---------------
NET ASSETS:
Par value of shares of beneficial interest outstanding ($.001 per
share);
unlimited number of shares authorized............................ 1,881 15,013
Additional paid-in capital......................................... 18,994,151 156,269,259
Accumulated net realized loss on investment transactions........... (86,415) (3,137,629)
Accumulated undistributed net investment income.................... -- 82,713
Net unrealized appreciation on investments......................... 185,174 8,113,592
--------------- ---------------
Net assets applicable to outstanding shares........................ $19,094,791 $ 161,342,948
=============== ===============
Shares of beneficial interest outstanding.......................... 1,881,089 15,013,058
=============== ===============
Net asset value per share outstanding.............................. $10.15 $10.75
====== ======
Maximum offering price per share................................... $10.15 $11.26
====== ======
</TABLE>

See accompanying notes to financial statements.

11
<PAGE> 52

P A C I F I C A
Statements of Operations
For Year Ended September 30, 1995

<TABLE>
<CAPTION>
THE
SHORT TERM
CALIFORNIA THE CALIFORNIA
TAX-FREE FUND TAX-FREE FUND
------------------ ---------------
<S> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest....................................................... $1,216,618 $10,199,086
-------------- -------------
Expenses:
Advisory (note 2).............................................. 89,669 844,113
Administrative services (note 2)............................... 51,239 337,645
Fund accounting (note 2)....................................... 34,255 53,781
Professional fees.............................................. 29,252 46,689
Custodian (note 2)............................................. 16,224 72,848
Shareholder services (note 2).................................. 15,673 58,293
Distribution (note 2).......................................... 13,795 81,081
Reports to shareholders........................................ 11,400 28,686
Amortization of organization expenses (note 1D)................ 8,612 8,317
Registration................................................... 8,352 14,964
Trustees' fees and expenses.................................... 7,437 7,437
Miscellaneous.................................................. 13,565 17,837
-------------- -------------
Total expenses before waivers................................ 299,473 1,571,691
Expenses waived by Advisor and Administrator (note 2)........ (135,783) (33,764)
-------------- -------------
Total expenses............................................... 163,690 1,537,927
-------------- -------------
Net investment income............................................ 1,052,928 8,661,159
-------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions.............. 165,399 (3,123,518)
Change in net unrealized appreciation on investments............. 339,697 9,097,550
-------------- -------------
Net realized and unrealized gain on investments.................. 505,096 5,974,032
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... $1,558,024 $14,635,191
============== =============
</TABLE>

See accompanying notes to financial statements.

12
<PAGE> 53

P A C I F I C A
Statements of Changes in Net Assets

<TABLE>
<CAPTION>
THE SHORT TERM
CALIFORNIA TAX-FREE FUND THE CALIFORNIA TAX-FREE FUND
------------------------------- -------------------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
------------------------------- -------------------------------
1995 1994 1995 1994
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income............... $ 1,052,928 $ 1,319,005 $ 8,661,159 $ 10,585,797
Net realized gain (loss) on
investment
transactions...................... 165,399 (248,750) (3,123,518) 1,967,751
Change in net unrealized
appreciation (depreciation) on
investments....................... 339,697 (578,614) 9,097,550 (19,439,669)
------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations........................ 1,558,024 491,641 14,635,191 (6,886,121)
------------ ------------ ------------ ------------
Distributions to shareholders from:
Net investment income............... (1,052,928) (1,319,005) (8,661,159) (10,585,797)
Realized gains on investments....... -- -- (1,721,936) (3,969,728)
------------ ------------ ------------ ------------
(1,052,928) (1,319,005) (10,383,095) (14,555,525)
------------ ------------ ------------ ------------
Capital share transactions:
Net proceeds from sale of shares.... 27,872,575 27,648,312 33,353,018 31,473,772
Net asset value of shares issued to
shareholders in reinvestment of
dividends and capital gain
distributions..................... 376,437 643,473 3,152,456 6,237,503
------------ ------------ ------------ ------------
28,249,012 28,291,785 36,505,474 37,711,275
Cost of shares redeemed............. (34,974,097) (42,787,023) (73,833,598) (48,153,662)
------------ ------------ ------------ ------------
Decrease in net assets derived
from capital share
transactions................... (6,725,085) (14,495,238) (37,328,124) (10,442,387)
------------ ------------ ------------ ------------
Net decrease in net assets............ (6,219,989) (15,322,602) (33,076,028) (31,884,033)
NET ASSETS:
Beginning of year..................... 25,314,780 40,637,382 194,418,976 226,303,009
------------ ------------ ------------ ------------
End of year (including undistributed
net investment income of $82,713 in
1995 and $27,699 in 1994, for The
California Tax-Free Fund)........... $ 19,094,791 $ 25,314,780 $161,342,948 $194,418,976
============= ============= ============= =============
</TABLE>

See accompanying notes to financial statements.

13
<PAGE> 54

P A C I F I C A
Notes to Financial Statements -- September 30, 1995

1. The Short Term California Tax-Free Fund and The California Tax-Free
Fund (together, the "Funds") are separately managed portfolios which comprise
part of Pacifica Funds Trust (the "Trust"), an open-end management investment
company registered under the Investment Company Act of 1940, consisting of ten
portfolios at September 30, 1995. The Trust was organized as a Massachusetts
business trust on July 17, 1984. The following is a summary of significant
accounting policies consistently followed by the Funds in the preparation of
their financial statements:

B. It is the Funds' policy to comply with the requirements of
Subchapter M of the Internal Revenue Code (the "Code") applicable to
regulated investment companies and to distribute all of their "investment
company taxable income," as defined in the Code, and net capital gains, if
any, to their shareholders. Therefore, no Federal income tax provision is
required. In addition, by distributing during each calendar year
substantially all of their net investment income, capital gains and certain
other amounts, if any, the Funds intend not to be subject to a Federal
excise tax.

The Short Term California Tax-Free Fund and The California Tax-Free
Fund have unused capital loss carryovers of approximately $86,000 and
$388,000, respectively, to be applied against future profits from sales of
securities, if any, realized subsequent to September 30, 1995. The
carryovers do not include net realized securities losses from November 1,
1994 through September 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal year 1996. If not applied, the carryovers
will expire on September 30, 2003.

C. The Funds declare dividends from taxable net investment income on
each business day and pay such dividends within five business days after
the end of each month. The amount of dividends and distributions from net
investment income and net realized capital gains are determined in
accordance with Federal income tax regulations which may differ from net
investment income and net realized capital gains as determined by generally
accepted accounting principles. These "book/tax" differences are either
considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within
the capital accounts based on their Federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and distributions
which exceed net investment income and net realized capital gains for
financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of
net realized capital gains. To the extent dividends and distributions
exceed net investment income and net realized capital gains for tax
purposes, they are reported as distributions of paid-in-capital.

The California Tax-Free Fund had permanent book/tax differences
primarily attributable to dividend redesignations. To reflect
reclassifications arising from permanent book/tax differences as of
September 30, 1995, accumulated net investment income was credited $55,014
and accumulated undistributed net realized gains was charged $55,014.

14
<PAGE> 55

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

2. First Interstate Capital Management ("FICM") is the investment advisor
to the Funds. FICM manages the investment and reinvestment of the assets of the
Funds and continually reviews, supervises and administers the Funds'
investments. FICM is responsible for placing orders for the purchase and sale of
the Funds' investments directly with brokers or dealers selected by it in its
discretion and for furnishing to the Board of Trustees, which has overall
responsibility for the business affairs of the Trust, periodic reports on the
performance of the Funds. As compensation for their advisory services, The Short
Term California Tax-Free Fund and The California Tax-Free Fund each pay FICM an
annual fee payable monthly equal to .35% and .50%, respectively, of each Fund's
average daily net assets.

<TABLE>
<CAPTION>
THE SHORT TERM
CALIFORNIA THE CALIFORNIA
TAX- FREE FUND TAX-FREE FUND
-------------- --------------
<S> <C> <C>
Advisory fees............................................... $ 89,669 $844,113
Custodial fees.............................................. 16,224 72,848
----------- ----------
$105,893 $916,961
=========== ==========
</TABLE>

The Funds have adopted a non-compensatory Distribution Plan and Agreement
(the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended. The Plan provides for payment by each Fund for actual expenses
incurred. Such payments shall not exceed .50% of average net assets. Pacifica
Funds Distributor, Inc., an affiliate of Furman Selz, acts as Distributor for
the Trust.

<TABLE>
<CAPTION>
THE SHORT TERM
CALIFORNIA THE CALIFORNIA
TAX- FREE FUND TAX-FREE FUND
-------------- --------------
<S> <C> <C>
Administrative fee.......................................... $ 51,239 $337,645
Shareholder servicing and fund accounting fees.............. 33,753 57,518
----------- ----------
$ 84,992 $395,163
=========== ==========
</TABLE>

15
<PAGE> 56

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

For the year ended September 30, 1995, FICM and Furman Selz voluntarily
waived fees as follows:

<TABLE>
<CAPTION>
THE SHORT
TERM THE
CALIFORNIA CALIFORNIA
TAX-FREE TAX-FREE
FUND FUND
----------- -----------
<S> <C> <C>
Advisory fees waived................................ $ 84,544 $ --
Administrative fees waived.......................... 51,239 33,764
----------- -----------
$ 135,783 $ 33,764
=========== ===========
</TABLE>

3. The cost of securities purchased and proceeds from securities sold
(excluding short-term securities) for the year ended September 30, 1995 were as
follows:

<TABLE>
<CAPTION>
PROCEEDS
COST OF FROM
SECURITIES SECURITIES
PURCHASED SOLD
----------- -----------
<S> <C> <C>
The Short Term California Tax-Free Fund............. $22,146,393 $26,666,234
The California Tax-Free Fund........................ 69,696,819 104,706,847
</TABLE>

4. Unrealized appreciation (depreciation) at September 30, 1995, based on
cost of securities for Federal income tax purposes, is as follows:

<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION (DEPRECIATION) APPRECIATION
---------- -------------- ----------
<S> <C> <C> <C>
The Short Term California Tax-Free Fund........... $ 187,908 $ (2,734) $ 185,174
The California Tax-Free Fund...................... 8,123,014 (9,422) 8,113,592
</TABLE>

5. Transactions in shares of beneficial interest for the year ended
September 30, 1995 were as follows:

<TABLE>
<CAPTION>
SHARES SHARES SHARES NET
SOLD REINVESTED REPURCHASED DECREASE
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
The Short Term California Tax-Free 2,817,460 37,620 (3,515,111) (660,031)
Fund..................................
The California Tax-Free Fund............ 3,248,836 309,986 (7,211,337) (3,652,515)
</TABLE>

6. Effective October 1, 1995, the Pacifica California Tax-Free Fund
acquired all of the assets and assumed all of the liabilities of the Westcore
California Intermediate Tax-Free Fund. This acquisition was accomplished as a
tax-free exchange for shares of the Pacifica California Tax-Free Fund.

16
<PAGE> 57

P A C I F I C A
Financial Highlights
For a share outstanding throughout each year

<TABLE>
<CAPTION>
THE SHORT TERM CALIFORNIA
TAX-FREE FUND
-----------------------------
YEAR ENDED
SEPTEMBER 30,
-----------------------------
1995 1994 1993(a)
------- ------- -------
<S> <C> <C> <C>
Net Asset Value, Beginning of Year................................................... $ 9.96 $ 10.16 $10.00
------- ------- -------
Income from Investment Operations:
Net investment income*............................................................. 0.41 0.39 0.24
Net gain (loss) on securities both realized and unrealized*........................ 0.19 (0.20) 0.16
------- ------- -------
Total from Investment Operations................................................... 0.60 0.19 0.40
------- ------- -------
Less Distributions:
Dividends from net investment income............................................... (0.41) (0.39) (0.24)
Distributions from capital gains................................................... -- -- --
------- ------- -------
Total Distributions................................................................ (0.41) (0.39) (0.24)
------- ------- -------
Net Asset Value, End of Year......................................................... $ 10.15 $ 9.96 $10.16
======== ======== ========
Total Return (not reflecting sales load)............................................. 6.13% 1.93% 4.09%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)............................................. $19,095 $25,315 $40,637
Ratio of Expenses to Average Net Assets............................................ 0.64% 0.56% 0.28%+
Effect of Waivers/Reimbursement on above Ratio..................................... 0.53% 0.53% 0.78%+
Ratio of Net Investment Income to Average Net Assets............................... 4.12% 3.88% 3.53%+
Portfolio Turnover Rate............................................................ 96% 31% 23%
</TABLE>

<TABLE>
<CAPTION>
THE CALIFORNIA TAX-FREE FUND
--------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
--------------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............................ $ 10.42 $ 11.49 $ 10.82 $ 10.52 $ 9.88
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income*...................................... 0.54 0.54 0.57 0.59 0.62
Net gain (loss) on securities both realized and
unrealized*............................................... 0.44 (0.87) 0.73 0.30 0.64
-------- -------- -------- -------- --------
Total from Investment Operations............................ 0.98 (0.33) 1.30 0.89 1.26
-------- -------- -------- -------- --------
Less Distributions:
Dividends from net investment income........................ (0.54) (0.54) (0.57) (0.59) (0.62)
Distributions from capital gains............................ (0.11) (0.20) (0.06) -- --
-------- -------- -------- -------- --------
Total Distributions......................................... (0.65) (0.74) (0.63) (0.59) (0.62)
-------- -------- -------- -------- --------
Net Asset Value, End of Year.................................. $ 10.75 $ 10.42 $ 11.49 $ 10.82 $ 10.52
========= ========= ========= ========= =========
Total Return (not reflecting sales load)...................... 9.82% (2.99)% 12.34% 8.71% 13.13%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)...................... $161,343 $194,419 $226,303 $198,347 $140,127
Ratio of Expenses to Average Net Assets..................... 0.91% 0.94% 0.87% 0.80% 0.57%
Effect of Waivers/Reimbursement on above Ratio.............. 0.02% 0.02% 0.07% 0.11% 0.43%
Ratio of Net Investment Income to Average Net Assets........ 5.13% 4.96% 5.11% 5.51% 6.06%
Portfolio Turnover Rate..................................... 42% 36% 40% 14% 5%
</TABLE>

- ---------------

* Per share data based upon average monthly shares outstanding.

+ Annualized.

(a) Commencement of Operations, January 20, 1993.

17
<PAGE> 58

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

Shareholders and Board of Trustees
Pacifica Funds Trust

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of The Short-Term California Tax-Free Fund and
The California Tax-Free Fund (two of the portfolios comprising Pacifica Funds
Trust), as of September 30, 1995, and the related statements of operations and
changes in net assets, and financial highlights for the year then ended. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit. The statements
of changes in net assets for the year ended September 30, 1994 and the financial
highlights for each of the four years in the period then ended were audited by
other auditors whose report dated November 22, 1994 expressed an unqualified
opinion on those statements and financial highlights.

In our opinion, the financial statements and financial highlights referred to
above and audited by us present fairly, in all material respects, the financial
position of The Short-Term California Tax-Free Fund and The California Tax-Free
Fund at September 30, 1995, and the results of their operations, the changes in
their net assets and the financial highlights for the year then ended, in
conformity with generally accepted accounting principles.

/s/ ERNST & YOUNG LLP
---------------------
New York, New York
November 15, 1995

18
<PAGE> 59

P A C I F I C A
BOARD OF TRUSTEES

[LOGO]

P A C I F I C A
INVESTMENT ADVISOR
First Interstate Capital Management, Inc.
7501 East McCormick Parkway
Scottsdale, Arizona 85258

ADMINISTRATOR
Furman Selz Incorporated
230 Park Avenue
New York, New York 10017

DISTRIBUTOR
Pacifica Funds Distributor, Inc.
230 Park Avenue
New York, New York 10017

CUSTODIAN
First Interstate Bank of California
707 Wilshire Boulevard
Los Angeles, California 90017

COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005

INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019

P A C I F I C A

A FAMILY OF
MUTUAL FUNDS

The Short Term California
Tax-Free Fund And
The California
Tax-Free Fund

Annual Report
September 30, 1995

Investment Advisor
FIRST INTERSTATE
CAPITAL MANAGEMENT, INC.
<PAGE> 61

[LOGO] P A C I F I C A
- --------------------------------------------------------------------------------
November 10, 1995
Dear Shareholder:

We are pleased to present the September 30, 1995 annual report for the Pacifica
Equity Value Fund and Balanced Fund, which includes audited financial
statements.

ECONOMIC AND INVESTMENT MARKET COMMENT

Profitability has soared this year with the profit margins for the S&P
Industrials reaching a 20 year high of 5.8%. Helped by a strong economy, a
currency tailwind and strong cost cutting from highly leveraged industries,
earnings for the Dow Jones Industrials and the S&P Industrials grew at a 45% and
30% rate respectively for the second quarter. However, earnings momentum appears
to have peaked. With a slower U.S. and global economy, currency drag from a
stronger U.S. dollar and fewer opportunities for cost cutting, earnings momentum
appears to be stalling. We are having to become more selective and focus on
those companies that can produce 12% or better earnings growth in an environment
where the average company is growing 4%-8%.

Pacifica Funds can be an important investment alternative for you. Please call
us at (800) 662-8417 if you would like additional information.

/s/ MICHAEL C. PETRYCKI
-----------------------
Michael C. Petrycki
President

PACIFICA EQUITY FUNDS

During the third quarter of 1995, the stock market continued its march to new
highs, fueled by several factors including mergers, restructurings and earnings
reports. For the quarter, the Equity Value Fund had a total return of 7.1%,
slightly under-performing the Lipper Equity Growth/Income Index at 7.5% and the
S&P 500 at 8.0%. For the year, Equity Value stands at 20.3% versus the S&P 500
return of 29.8%.

While consolidation in several industries including Banking, heated up,
Technology continued to come through with strong earnings. Our actions, such as
better aligning the market sectors in the Pacifica Equity Value Fund and the
Pacifica Balanced Fund, has helped us take advantage of such trends. Of the top
five performing stocks in our Funds for the quarter, three are new additions to
the portfolio: Banctec, a "value" technology play, was our best performing
equity (up 37.6% for the quarter); Texas Industries (up 35.7%); and Ameridata
(up 27.0%).

On the fixed income side, during the third quarter, interest rates fluctuated in
a wide range, but ended the quarter little changed. In this environment the
fixed income portion of the Balanced Fund was able to produce a positive total
rate of return, with nearly all of its return coming from income earned. The
Fund's posture has not changed dramatically from the position taken during the
second quarter. Specifically, the Fund continues to maintain a conservative
maturity profile, in high quality issues. The fixed income portion of the Fund
closed the quarter with an average maturity of 4.6 years and a 84% weighting in
Government securities. The Fund continues to hold a portion of its assets in
securities that offer relative value in stable to rising interest rate
environments, namely premium callable securities and selective mortgage
products.

For the third quarter, the Balanced Fund had a total return of 3.8%,
under-performing the Lipper Balanced Index at 5.4%. For the year, the Balanced
Fund stands at 13.6% versus the Index return of 19.5%.

We continue to feel positive about the direction our Funds are moving and the
strategy we have put in place. As always, we will focus on quality securities
trading at below-average valuations.
<PAGE> 63

PACIFICA EQUITY VALUE FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $170,406,334

The PACIFICA EQUITY VALUE FUND is a stock fund which invests in both large and
small companies whose stock price appears to be low in relation to the intrinsic
value and/or earnings potential of the company. Empirical evidence suggests that
a consistent, value oriented approach provides the greatest potential for
superior long-term performance. The Fund is diversified among numerous industry
groups, minimizing the event risk from any one stock or industry. The Fund is
suited for longer-term investors with time horizons of five years or greater.

[FIGURE 1]

VALUE OF $10,000 INVESTMENT (Invested July 2, 1990)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Pacifica Equity
Measurement Period Pacifica Equity Value Fund with S & P 500 Stock
(Fiscal Year Covered) Value Fund 4.500% load Index*
<S> <C> <C> <C>
7/2/90 10000.00 9550.00 10000.00
9/90 8480.00 8098.40 8621.75
12/90 9306.15 8887.37 9393.55
3/91 10484.76 10012.95 10761.22
6/91 10188.34 9729.86 10738.95
9/91 10773.21 10288.42 11317.01
12/91 11241.24 10735.38 12263.24
3/92 11462.73 10946.91 11950.28
6/92 11378.65 10866.61 12185.16
9/92 11400.00 10887.00 12562.99
12/92 12427.29 11868.06 13203.85
3/93 13565.07 12954.64 13769.61
6/93 13998.22 13368.30 13840.45
9/93 14756.09 14092.07 14194.42
12/93 15635.41 14931.82 14522.89
3/94 15438.94 14744.19 13968.87
6/94 15331.08 14641.18 14025.91
9/94 15861.52 15147.75 14716.49
12/94 15368.16 14676.59 14712.75
3/95 16204.81 15475.60 16145.13
6/95 17268.95 16491.85 17677.12
9/95 18491.39 17659.28 19082.49
</TABLE>

* The S&P 500 index is an unmanaged index that is generally considered
representative of the U.S. stock market.

<TABLE>
- ---------------------------------------------
<S> <C>
TOP TEN HOLDINGS
Bristol-Myers Squibb 3.0%
General Electric 2.8%
General Motors 2.7%
Banctec Inc. 2.7%
Burlington Northern 2.6%
Seagate Technology Inc. 2.5%
DuPont (E.I.) de Nemours & Co. 2.4%
FMC Corp. 2.4%
Nationsbank Corp. 2.4%
Willamette Industries 2.3%
- ---------------------------------------------
</TABLE>

PACIFICA BALANCED FUND

PORTFOLIO HIGHLIGHTS AS OF SEPTEMBER 30, 1995

NET ASSETS $89,033,677

The PACIFICA BALANCED FUND provides investors with opportunity to realize the
higher returns and growth potential available from stock market investments at a
reduced level of share price volatility by combining stock market investments
with fixed income securities. This Fund is ideally suited for the investor who
desires growth of principal over a period of five years or more but who wishes
to limit exposure to stock market volatility.

[FIGURE 2]

VALUE OF $10,000 INVESTMENT (Invested July 2, 1990)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Pacifica Lehman Govern
Measurement Period Pacifica Balanced Fund ment/Corporate S & P 500 Stock
(Fiscal Year Covered) Balanced Fund with 4.500% load Index Index*
<S> <C> <C> <C> <C>
7/2/90 10000 9550 10000 10000
9/90 9500 9073 10060 8622
12/90 10142 9686 10573 9394
3/91 10966 10473 10858 10761
6/91 10872 10383 11022 10739
9/91 11471 10955 11657 11317
12/91 12021 11480 12278 12263
3/92 12108 11563 12094 11950
6/92 12208 11658 12585 12185
9/92 12508 11945 13199 12563
12/92 13201 12607 13209 13204
3/93 14153 13516 13824 13770
6/93 14539 13885 14240 13840
9/93 15117 14436 14712 14194
12/93 15790 15080 14669 14523
3/94 15433 14739 14208 13969
6/94 15263 14576 14032 14026
9/94 15594 14892 14102 14716
12/94 15190 14507 14154 14713
3/95 15826 15114 14860 16145
6/95 16613 15866 15823 17677
9/95 17250 16474 16126 19082
</TABLE>

* The S&P 500 index is an unmanaged index that is generally considered
representative of the U.S. stock market.

SECTOR ANALYSIS
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
CORPORATE NOTES 5%
GOVERNMENT/GOVERNMENT AGENCY
OBLIGATIONS 44%
COMMON STOCK 49%
CASH AND OTHER 2%
</TABLE>

P A C I F I C A
THE EQUITY VALUE FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
SHARES COST VALUE
- ------------ ------------ ------------
<C> <S> <C> <C>
COMMON STOCKS -- 98.38%
BASIC INDUSTRY -- 9.48%
63,300 Ball Corp. ................................................. $ 1,673,445 $ 1,875,262
60,000 Du Pont (E.I.) de Nemours & Co. ............................ 3,083,220 4,125,000
53,300 FMC Corp. .................................................. 2,354,936 4,050,800
86,200 International Paper Co. .................................... 2,888,239 3,620,400
197,300 Owens-Illinois Inc.+........................................ 1,951,269 2,490,913
------------ ------------
11,951,109 16,162,375
------------ ------------
CHEMICALS -- 4.56%
240,000 Sterling Chemicals Inc. .................................... 2,767,419 1,980,000
60,000 Union Carbide Corp. ........................................ 1,945,500 2,385,000
138,900 Wellman Inc. ............................................... 3,580,401 3,403,050
------------ ------------
8,293,320 7,768,050
------------ ------------
COMPUTERS/ELECTRONICS -- 9.31%
250,000 Excel Industries Inc. ...................................... 3,287,747 3,500,000
40,000 International Business Machines Corp. ...................... 3,600,720 3,775,000
100,000 Seagate Technology Inc.+.................................... 2,606,935 4,212,500
185,000 Standard Microsystems Co.+.................................. 3,690,531 3,168,125
153,300 Unisys Corp.+............................................... 1,441,141 1,207,237
------------ ------------
14,627,074 15,862,862
------------ ------------
CONSUMER SPENDING -- 8.23%
180,000 Ethan Allen Interiors Inc.+................................. 3,609,184 3,870,000
100,000 Ford Motor Company.......................................... 3,020,500 3,112,500
100,000 General Motors Corp. ....................................... 3,453,899 4,687,500
97,600 Libbey Inc. ................................................ 1,247,686 2,330,200
10,115 Salton/Maxim Housewares Inc.+ .............................. 0 27,184
------------ ------------
11,331,269 14,027,384
------------ ------------
CONSUMER STAPLES -- 7.75%
300,000 Ameridata Technologies Inc.+................................ 2,770,215 3,525,000
219,100 Banctec Inc.+............................................... 3,427,632 4,601,100
44,900 Dayton Hudson Corp. ........................................ 3,180,257 3,406,788
20,000 Philip Morris Cos., Inc. ................................... 966,200 1,670,000
------------ ------------
10,344,304 13,202,888
------------ ------------
ENERGY -- 13.41%
50,000 Amoco Corp. ................................................ 3,402,602 3,206,250
75,900 CasTech Aluminum Group Inc.+ ............................... 1,120,297 1,223,887
127,100 Cyprus Amax Minerals Co. ................................... 3,346,198 3,574,687
50,000 Exxon Corp. ................................................ 3,553,380 3,612,500
34,980 Mobil Corp. ................................................ 2,169,319 3,484,883
30,974 Royal Dutch Petroleum Co. ADR............................... 3,081,722 3,802,059
100,000 Tesoro Petroleum Corp.+..................................... 1,038,460 825,000
24,890 Texaco, Inc. ............................................... 1,571,829 1,608,516
128,500 Ziegler Coal Holdings Co.................................... 1,890,196 1,509,875
------------ ------------
21,174,003 22,847,657
------------ ------------
FINANCE -- 11.60%
90,300 American Bankers Insurance Group, Inc. ..................... 2,146,794 3,341,100
60,000 BankAmerica Corp. .......................................... 2,433,600 3,592,500
60,000 Nationsbank Corp. .......................................... 3,354,162 4,035,000
68,000 Providian Corp. ............................................ 2,058,634 2,822,000
</TABLE>

See accompanying notes to financial statements.

5
<PAGE> 66

P A C I F I C A
THE EQUITY VALUE FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
OR SHARES COST VALUE
- ------------ ------------ ------------
<C> <S> <C> <C>
COMMON STOCKS (CONTINUED)
FINANCE (continued)
41,900 Republic New York Corp. .................................... $ 1,744,590 $ 2,451,150
36,000 Union Bank/San Francisco, CA................................ 967,500 1,908,000
52,750 Whitney Holding Co. ........................................ 1,031,556 1,622,062
------------ ------------
13,736,836 19,771,812
------------ ------------
HEALTH CARE -- 4.56%
70,000 Bristol-Myers Squibb Co. ................................... 4,111,661 5,101,250
60,000 Upjohn Co. ................................................. 2,302,710 2,677,500
------------ ------------
6,414,371 7,778,750
------------ ------------
MANUFACTURING -- 19.60%
75,000 General Electric Co. ....................................... 2,940,961 4,781,250
413,500 Griffon Corp.+ ............................................. 3,440,558 3,566,438
59,200 Johnson Controls Inc. ...................................... 3,306,281 3,744,400
120,000 Lukens Inc. ................................................ 3,663,702 3,495,000
200,000 Park-Ohio Industries+ ...................................... 2,815,180 2,900,000
200,000 Southdown Inc.+............................................. 3,774,962 3,525,000
44,800 Texas Industries Inc. ...................................... 1,689,064 2,363,200
93,800 U.S. Can Corp.+............................................. 1,121,850 1,231,125
140,000 Varlen Corp. ............................................... 3,919,126 3,780,000
60,000 Willamette Industries Inc. ................................. 3,266,999 4,005,000
------------ ------------
29,938,683 33,391,413
------------ ------------
SERVICES -- 2.55%
60,000 Burlington Northern Inc. ................................... 3,010,419 4,350,000
------------ ------------
UTILITIES -- 7.33%
20,000 Bellsouth Corp. ............................................ 1,343,600 1,462,500
100,000 GTE Corp. .................................................. 3,309,623 3,925,000
85,941 Houston Industries Inc. .................................... 3,214,865 3,792,147
70,120 U.S. West, Inc. ............................................ 2,728,664 3,304,405
------------ ------------
10,596,752 12,484,052
------------ ------------
TOTAL COMMON STOCKS......................................... 141,418,140 167,647,243
------------ ------------
REPURCHASE AGREEMENT -- 1.55%
$2,633,000 Donaldson, Lufkin, & Jenrette Securities Corp. dated
09/29/1995
6.250%, due 10/02/1995 (Proceeds at maturity $2,634,371)
Collateralized by $2,541,000 U.S. Treasury Notes
8.625%, 08/15/1997........................................ 2,633,000 2,633,000
------------ ------------
TOTAL REPURCHASE AGREEMENT.................................. 2,633,000 2,633,000
------------ ------------
TOTAL COMMON STOCKS AND REPURCHASE AGREEMENT -- 99.93%...... $144,051,140* 170,280,243
============
OTHER ASSETS LESS LIABILITIES -- 0.07%...................... 126,091
------------
NET ASSETS -- 100.00%....................................... $170,406,334
============
* The cost of securities is substantially the same for Federal income tax purposes.
+ Non-income producing security.
</TABLE>

See accompanying notes to financial statements.

6
<PAGE> 67

P A C I F I C A
THE BALANCED FUND
Portfolio of Investments -- September 30, 1995

<TABLE>
<CAPTION>
SHARES COST VALUE
- ------------ ----------- -----------
<C> <S> <C> <C>
COMMON STOCKS -- 49.36%
BASIC INDUSTRY -- 4.95%
26,600 Ball Corp..................................................... $ 701,201 $ 788,025
11,800 Du Pont (E.I.) de Nemours & Co. .............................. 558,460 811,250
12,800 FMC Corp...................................................... 567,190 972,800
20,000 International Paper Co. ...................................... 585,510 840,000
78,500 Owens-Illinois Inc.+.......................................... 777,523 991,063
----------- -----------
3,189,884 4,403,138
----------- -----------
CHEMICALS -- 2.26%
60,000 Sterling Chemicals Inc. ...................................... 691,855 495,000
15,000 Union Carbide Corp. .......................................... 486,375 596,250
37,700 Wellman Inc. ................................................. 971,785 923,650
----------- -----------
2,150,015 2,014,900
----------- -----------
COMPUTERS/ELECTRONICS -- 4.83%
67,000 Excel Industries Inc. ........................................ 882,050 938,000
10,000 International Business Machines Corp. ........................ 900,180 943,750
25,000 Seagate Technology, Inc.+..................................... 651,284 1,053,125
51,800 Standard Microsystems Co.+.................................... 1,033,350 887,075
60,300 Unisys Corp.+ ................................................ 560,201 474,863
----------- -----------
4,027,065 4,296,813
----------- -----------
CONSUMER SPENDING -- 4.26%
44,900 Ethan Allen Interiors Inc.+................................... 890,836 965,350
25,000 Ford Motor Company............................................ 755,125 778,125
25,000 General Motors Corp. ......................................... 859,315 1,171,875
36,200 Libbey Inc. .................................................. 463,010 864,275
4,501 Salton/Maxim Housewares Inc.+ ................................ 0 12,096
----------- -----------
2,968,286 3,791,721
----------- -----------
CONSUMER STAPLES -- 3.97%
75,000 Ameridata Technologies Inc.+.................................. 692,554 881,250
59,500 Banctec Inc.+................................................. 930,827 1,249,500
13,000 Dayton Hudson Corp............................................ 920,788 986,375
5,000 Philip Morris Cos., Inc. ..................................... 241,550 417,500
----------- -----------
2,785,719 3,534,625
----------- -----------
ENERGY -- 6.05%
13,000 Amoco Corp. .................................................. 884,676 833,625
10,200 CasTech Aluminum Group Inc.+ ................................. 149,512 164,475
34,500 Cyprus Amax Minerals Co. ..................................... 908,291 970,313
13,000 Exxon Corp. .................................................. 923,879 939,250
8,800 Royal Dutch Petroleum Co. ADR................................. 1,051,741 1,080,200
25,000 Tesoro Petroleum Corp.+....................................... 259,795 206,250
10,120 Texaco, Inc. ................................................. 633,555 654,005
46,000 Ziegler Coal Holdings Co...................................... 679,152 540,500
----------- -----------
5,490,601 5,388,618
----------- -----------
FINANCE -- 5.73%
35,800 American Bankers Insurance Group, Inc. ....................... 831,325 1,324,600
15,000 BankAmerica Corp. ............................................ 655,275 898,125
15,000 Nationsbank Corp. ............................................ 838,540 1,008,750
29,400 Providian Corp. .............................................. 896,770 1,220,100
21,225 Whitney Holding Co. .......................................... 415,067 652,669
----------- -----------
3,636,977 5,104,244
----------- -----------
</TABLE>

See accompanying notes to financial statements.

7
<PAGE> 68

P A C I F I C A
THE BALANCED FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
OR SHARES COST VALUE
- ------------ ----------- -----------
<C> <S> <C> <C>
COMMON STOCKS (CONTINUED)
HEALTH CARE -- 2.47%
21,000 Bristol-Myers Squibb Co. ..................................... $ 1,235,021 $ 1,530,375
15,000 Upjohn Co. ................................................... 575,678 669,375
----------- -----------
1,810,699 2,199,750
----------- -----------
MANUFACTURING -- 9.97%
19,000 General Electric Co. ......................................... 695,881 1,211,250
115,700 Griffon Corp.+ ............................................... 962,690 997,912
16,600 Johnson Controls Inc. ........................................ 927,099 1,049,950
30,000 Lukens Inc. .................................................. 915,926 873,750
50,000 Park-Ohio Industries+ ........................................ 703,795 725,000
50,000 Southdown Inc.+............................................... 943,740 881,250
12,200 Texas Industries Inc. ........................................ 459,968 643,550
42,100 U.S. Can Corp.+............................................... 501,450 552,563
35,000 Varlen Corp. ................................................. 979,781 945,000
15,000 Willamette Industries Inc. ................................... 816,750 1,001,250
----------- -----------
7,907,080 8,881,475
----------- -----------
SERVICES -- 1.22%
15,000 Burlington Northern Inc. ..................................... 767,921 1,087,500
----------- -----------
UTILITIES -- 3.65%
5,000 Bellsouth Corp. .............................................. 335,900 365,625
25,000 GTE Corp. .................................................... 827,406 981,250
18,000 Houston Industries Inc. ...................................... 668,286 794,250
23,500 U.S. West, Inc. .............................................. 925,259 1,107,438
----------- -----------
2,756,851 3,248,563
----------- -----------
TOTAL COMMON STOCKS........................................... 37,491,098 43,951,347
----------- -----------
CORPORATE NOTES -- 4.51%
AUTOMOTIVE -- 0.56%
$ 500,000 General Motors Corp. 7.400%, 09/01/2025....................... 495,977 496,956
----------- -----------
CONSUMER SPENDING -- 2.80%
2,318,000 American Airlines Inc. 9.050%, 01/15/2003..................... 2,463,342 2,493,238
----------- -----------
CONSUMER STAPLES -- 1.15%
1,000,000 General Mills Inc. 8.750%, 08/15/1996......................... 1,000,033 1,023,213
----------- -----------
TOTAL CORPORATE NOTES......................................... 3,959,352 4,013,407
----------- -----------
ASSET-BACKED SECURITIES -- 1.12%
1,000,000 Olympic Automobile Receivables Trust 1995-D, 6.050%,
11/15/2000.................................................... 998,834 992,880
----------- -----------
</TABLE>

See accompanying notes to financial statements.

8
<PAGE> 69

P A C I F I C A
THE BALANCED FUND
Portfolio of Investments (continued) -- September 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT COST VALUE
- ------------ ----------- -----------
<C> <S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 22.44%
U.S. TREASURY NOTES -- 22.44%
$ 5,000,000 6.000%, 12/31/1997............................................ $ 4,925,695 $ 5,017,185
5,000,000 5.125%, 04/30/1998............................................ 4,919,011 4,906,250
5,000,000 6.875%, 03/31/2000............................................ 4,992,117 5,165,625
2,000,000 7.875%, 08/15/2001............................................ 2,009,364 2,178,750
1,500,000 7.250%, 05/15/2004............................................ 1,432,589 1,602,186
1,000,000 7.875%, 11/15/2004............................................ 996,474 1,113,437
----------- -----------
TOTAL U.S. TREASURY OBLIGATIONS............................... 19,275,250 19,983,433
----------- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 21.49%
FEDERAL HOME LOAN MORTGAGE CORP.
PASS-THROUGH SECURITIES -- 6.37%
600,000 8.125%, 09/30/1996............................................ 605,770 612,733
3,000,000 8.420%, 01/12/1998............................................ 3,012,148 3,026,721
268,122 8.250%, 08/01/2001............................................ 259,832 273,971
164,063 8.500%, 12/01/2002............................................ 159,566 168,779
300,743 8.500%, 01/01/2009............................................ 288,560 309,387
224,108 10.500%, 08/01/2019........................................... 236,732 244,278
1,000,000 8.000%, 09/15/2023............................................ 1,037,893 1,037,720
----------- -----------
5,600,501 5,673,589
----------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS -- 9.01%
500,000 9.200%, 01/10/1996............................................ 500,457 504,772
2,000,000 8.350%, 11/10/1999............................................ 2,025,276 2,155,216
2,500,000 8.625%, 11/10/2004............................................ 2,693,701 2,684,057
2,500,000 8.500%, 02/01/2005............................................ 2,687,118 2,676,125
----------- -----------
7,906,552 8,020,170
----------- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
PASS-THROUGH SECURITIES -- 6.11%
1,008,426 5.200%, 07/25/1999............................................ 998,275 1,002,910
312,956 8.000%, 06/01/2008............................................ 308,870 320,388
9,123 9.500%, 02/01/2009............................................ 9,084 9,653
123,222 8.000%, 08/01/2018............................................ 115,866 126,148
1,475,557 7.000%, 12/25/2019............................................ 1,472,824 1,479,836
2,500,000 7.500%, 08/25/2020............................................ 2,507,023 2,500,100
----------- -----------
5,411,942 5,439,035
----------- -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS...................... 18,918,995 19,132,794
----------- -----------
TOTAL INVESTMENTS............................................. 80,643,529 88,073,861
----------- -----------
REPURCHASE AGREEMENT -- 0.15%
133,000 Donaldson, Lufkin & Jenrette Securities Corp. dated 09/29/1995
6.250%, due 10/02/1995 (Proceeds at maturity $133,069)
Collateralized by $882,000 U.S. Treasury Strip 05/15/2023..... 133,000 133,000
----------- -----------
TOTAL REPURCHASE AGREEMENT.................................... 133,000 133,000
----------- -----------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENT -- 99.07% ... $80,776,529* 88,206,861
===========
OTHER ASSETS LESS LIABILITIES -- 0.93% ... 826,816
-----------
NET ASSETS -- 100.00%......................................... $89,033,677
===========
</TABLE>

* The cost of securities is substantially the same for Federal income tax
purposes.
+ Non-income producing security.

See accompanying notes to financial statements.

9
<PAGE> 70

P A C I F I C A
Statements of Assets and Liabilities
September 30, 1995

<TABLE>
<CAPTION>
THE EQUITY THE BALANCED
VALUE FUND FUND
----------- ------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (note 1A)......................... $167,647,243 $88,073,861
(identified cost $141,418,140 and $80,643,529, respectively)
Repurchase Agreements, at value (note 3).............................. 2,633,000 133,000
(identified cost $2,633,000 and $133,000, respectively)
Receivables:
Dividends and interest.............................................. 286,652 900,624
Fund shares sold.................................................... 6,950 839
Paydowns............................................................ -- 8,802
Other assets (note 1D)................................................ 17,097 11,352
----------- -----------
Total assets...................................................... 170,590,942 89,128,478
----------- -----------
LIABILITIES:
Advisory fee payable (note 2)......................................... 84,971 44,388
Due to Furman Selz (note 2)........................................... 35,959 20,135
Due to Custodian...................................................... 34,924 16,487
Distribution expense payable (note 2)................................. 5,183 --
Payable for fund shares repurchased................................... 5,000 5,000
Accrued expenses...................................................... 18,571 8,791
----------- -----------
Total liabilities................................................. 184,608 94,801
----------- -----------
NET ASSETS:
Par value of shares of beneficial interest outstanding ($.001 per
share); unlimited number of shares authorized....................... 12,843 7,520
Additional paid-in capital............................................ 135,823,385 81,557,861
Accumulated net realized gain on investment transactions.............. 8,341,003 --
Overdistribution of net realized gain on investment transactions...... -- (27,534)
Accumulated undistributed net investment income....................... -- 65,498
Net unrealized appreciation on investments............................ 26,229,103 7,430,332
----------- -----------
Net assets applicable to outstanding shares........................... $170,406,334 $89,033,677
============ ===========
Shares of beneficial interest outstanding............................. 12,843,083 7,519,759
============ ===========
Net asset value per share outstanding................................. $13.27 $11.84
====== ======
Maximum offering price per share...................................... $13.90 $12.40
====== ======
</TABLE>

See accompanying notes to financial statements.

10
<PAGE> 71

P A C I F I C A
Statements of Operations
For the Year Ended September 30, 1995

<TABLE>
<CAPTION>
THE EQUITY THE BALANCED
VALUE FUND FUND
----------- ------------
<S> <C> <C>
NET INVESTMENT INCOME:
Income:
Dividends (net of foreign taxes of $25,368 and $7,207,
respectively)....................................................... $ 4,378,563 $1,290,557
Interest............................................................. 471,482 3,623,162
----------- -----------
Total income....................................................... 4,850,045 4,913,719
----------- -----------
Expenses:
Advisory (note 2).................................................... 992,870 579,850
Administrative services (note 2)..................................... 330,957 193,283
Custodian (note 2)................................................... 75,337 55,767
Shareholder services (note 2)........................................ 57,044 55,467
Fund accounting (note 2)............................................. 41,470 33,008
Professional fees.................................................... 36,222 32,845
Distribution (note 2)................................................ 17,837 9,480
Registration......................................................... 17,609 12,993
Reports to shareholders.............................................. 13,680 14,398
Amortization of organization expenses (note 1D)...................... 8,314 8,314
Trustees' fees and expenses.......................................... 7,437 7,437
Miscellaneous........................................................ 16,715 15,360
----------- -----------
Total expenses before waivers...................................... 1,615,492 1,018,202
Expenses waived by Administrator (note 2).......................... (33,096) (19,328)
----------- -----------
Total expenses..................................................... 1,582,396 998,874
----------- -----------
Net investment income.................................................. 3,267,649 3,914,845
----------- -----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investment transactions........................... 8,515,659 38,123
Net change in net unrealized appreciation on investments............... 13,330,878 5,217,447
----------- -----------
Net realized and unrealized gain on investments........................ 21,846,537 5,255,570
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $25,114,186 $9,170,415
=========== ===========
</TABLE>

See accompanying notes to financial statements.

11
<PAGE> 72

P A C I F I C A
Statements of Changes in Net Assets

<TABLE>
<CAPTION>
THE EQUITY THE BALANCED
VALUE FUND FUND
------------------------------- -------------------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
------------------------------- -------------------------------
1995 1994 1995 1994
--------------- ------------- --------------- -------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income.................. $ 3,267,649 $ 2,538,813 $ 3,914,845 $ 4,050,027
Net realized gain on investment
transactions......................... 8,515,659 11,048,358 38,123 5,085,262
Change in unrealized appreciation
(depreciation) on investments........ 13,330,878 (2,473,320) 5,217,447 (6,885,097)
-------------- ------------ -------------- ------------
Net increase in net assets resulting
from operations...................... 25,114,186 11,113,851 9,170,415 2,250,192
-------------- ------------ -------------- ------------
Net equalization credits(debits)(note
1G).................................... (68,961) 95,437 (110,805) 5,095
-------------- ------------ -------------- ------------
Distributions to shareholders from:
Net investment income.................. (3,385,737) (2,680,314) (3,890,856) (4,250,408)
Realized gains on investments.......... (9,614,397) (17,006,454) (4,373,450) (7,552,859)
-------------- ------------ -------------- ------------
(13,000,134) (19,686,768) (8,264,306) (11,803,267)
-------------- ------------ -------------- ------------
Capital share transactions:
Net proceeds from sale of shares....... 98,056,766 102,751,742 12,865,491 35,113,958
Net asset value of shares issued to
shareholders in reinvestment of
dividends
and capital gain distributions....... 10,889,321 17,992,727 7,817,760 11,393,799
-------------- ------------ -------------- ------------
108,946,087 120,744,469 20,683,251 46,507,757
Cost of shares redeemed................ (119,436,631) (83,966,264) (40,734,756) (33,103,438)
-------------- ------------ -------------- ------------
Increase (decrease) in net assets
derived from capital share
transactions...................... (10,490,544) 36,778,205 (20,051,505) 13,404,319
-------------- ------------ -------------- ------------
Net increase (decrease) in net assets.... 1,554,547 28,300,725 (19,256,201) 3,856,339
NET ASSETS:
Beginning of year........................ 168,851,787 140,551,062 108,289,878 104,433,539
-------------- ------------ -------------- ------------
End of year (including undistributed net
investment income of $65,498 in 1995
for The Balanced Fund)................. $ 170,406,334 $168,851,787 $ 89,033,677 $108,289,878
============== ============ ============== ============
</TABLE>

See accompanying notes to financial statements.

12
<PAGE> 73

P A C I F I C A
Notes to Financial Statements -- September 30, 1995

1. The Equity Value Fund and The Balanced Fund, (together, the "Funds")
are separately managed portfolios which comprise part of Pacifica Funds Trust
(the "Trust"), an open-end management investment company registered under the
Investment Company Act of 1940 consisting of ten portfolios at September 30,
1995. The Trust was organized as a Massachusetts business trust on July 17,
1984. The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements:

B. It is the Funds' policy to comply with the requirements of
Subchapter M of the Internal Revenue Code (the "Code") applicable to
regulated investment companies and to distribute all of their "investment
company taxable income," as defined in the Code, and net capital gains, if
any, to their shareholders. Therefore, no Federal income tax provision is
required. In addition, by distributing during each calendar year
substantially all of their net investment income, capital gains and certain
other amounts, if any, the Funds intend not to be subject to a Federal
excise tax.

C. Dividends are recorded on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized
capital gains are determined in accordance with Federal income tax
regulations which may differ from net investment income and net realized
capital gains as determined by generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent
in nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the capital accounts based on their Federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions which exceed net investment income and net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income or
distributions in excess of net realized capital gains. To the extent
dividends and distributions exceed net investment income and net realized
capital gains for tax purposes, they are reported as distributions of paid-
in capital.

The Equity Value Fund had permanent book/tax differences primarily
attributable to dividend redesignations and equalization credits. To
reflect reclassifications arising from permanent book/tax differences for
the year ended September 30, 1995, accumulated undistributed net investment
income was credited $187,049, accumulated undistributed net realized gains
was charged $118,088 and paid-in-capital was charged $68,961.

The Balanced Fund had permanent book/tax differences primarily
attributable to dividend redesignations and equalization credits. To
reflect reclassifications arising from permanent book/tax differences for
the year ended September 30, 1995, accumulated undistributed net investment
income was credited $152,314, accumulated undistributed net realized gain
was charged $41,509 and paid-in-capital was charged $110,805.

13
<PAGE> 74

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

G. The Funds use an accounting policy known as equalization whereby a
portion of the proceeds from sales and the cost of repurchases of capital
shares, equivalent on a per share basis to the amount of undistributed net
investment income on the transaction date, is credited or charged to
undistributed net investment income. As a result, undistributed net
investment income per share is unaffected by the sales or repurchases of
the Funds' shares.

2. First Interstate Capital Management ("FICM") is the investment advisor
to the Funds. FICM manages the investment and reinvestment of the assets of the
Funds and continually reviews, supervises and administers the Funds'
investments. FICM is responsible for placing orders for the purchase and sale of
the Funds' investments directly with brokers or dealers selected by it in its
discretion and for furnishing to the Board of Trustees, which has overall
responsibility for the business affairs of the Trust, periodic reports on the
performance of the Funds. As compensation for their advisory services, The
Equity Value Fund and The Balanced Fund each pay FICM an annual fee payable
monthly equal to .60% of each Fund's average daily net assets.

<TABLE>
<CAPTION>
THE EQUITY THE BALANCED
VALUE FUND FUND
---------- ------------
<S> <C> <C>
Advisory fees.............................................. $ 992,870 $579,850
Custodial fees............................................. 75,337 55,767
---------- ----------
$1,068,207 $635,617
========= ==========
</TABLE>

The Funds have adopted a non-compensatory Distribution Plan and Agreement
(the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended. The Plan provides for payment by each Fund for actual expenses
incurred. Such payments shall not exceed .50% of average net assets. Pacifica
Funds Distributor, Inc., an affiliate of Furman Selz, acts as Distributor for
the Trust.

14
<PAGE> 75

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

<TABLE>
<CAPTION>
THE EQUITY THE BALANCED
VALUE FUND FUND
---------- ------------
<S> <C> <C>
Administrative fee......................................... $330,957 $193,283
Shareholder servicing and fund accounting fees............. 59,228 58,747
--------- ----------
$390,185 $252,030
========= ==========
</TABLE>

For the year ended September 30, 1995, Furman Selz voluntarily waived
administrative fees of $33,096 and $19,328 for The Equity Value Fund and The
Balanced Fund, respectively.

3. The Funds may enter into repurchase agreements with government
securities dealers recognized by the Federal Reserve Board, with member banks of
the Federal Reserve System or with other brokers or dealers that meet the credit
guidelines established by the Trustees. It is the policy of the Funds to receive
and maintain securities as collateral whose market value, including accrued
interest, will be at least 100% of the dollar amount invested by that Fund in
each agreement, and that Fund will make payment for such securities only upon
physical delivery or upon evidence of book entry transfer to the account of the
custodian. To the extent that any repurchase transaction exceeds one business
day, the value of the collateral is marked-to-market on a daily basis to ensure
the adequacy of the collateral. If the seller defaults, and the value of the
collateral declines, or if bankruptcy proceedings are commenced with respect to
the seller of the security, realization of the collateral by the Fund may be
delayed or limited.

4. The cost of securities purchased and proceeds from securities sold
(excluding short-term securities) for the year ended September 30, 1995 were as
follows:

<TABLE>
<CAPTION>
COMMON STOCKS,
CORPORATE NOTES AND BONDS U.S. GOVERNMENT OBLIGATIONS
------------------------------- -----------------------------
PROCEEDS PROCEEDS
COST OF FROM COST OF FROM
SECURITIES SECURITIES SECURITIES SECURITIES
PURCHASED SOLD PURCHASED SOLD
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
The Equity Value Fund... $118,366,953 $131,015,309 $ -- $ --
The Balanced Fund....... 31,545,683 74,249,239 48,976,368 27,503,376
</TABLE>

15
<PAGE> 76

P A C I F I C A
Notes to Financial Statements (continued) -- September 30, 1995

5. Unrealized appreciation (depreciation) at September 30, 1995, based on
the cost of securities for Federal income tax purposes, is as follows:

<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION (DEPRECIATION) APPRECIATION
----------- ----------- -----------
<S> <C> <C> <C>
The Equity Value Fund........................ $29,298,106 $(3,069,003) $26,229,103
The Balanced Fund............................ 8,336,078 (905,746) 7,430,332
</TABLE>

6. Transactions in shares of beneficial interest for the year ended
September 30, 1995 were as follows:

<TABLE>
<CAPTION>
SHARES SHARES SHARES NET
SOLD REINVESTED REPURCHASED (DECREASE)
--------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
The Equity Value Fund............ 8,141,771 969,487 (9,924,924 ) (813,666)
The Balanced Fund................ 1,142,667 717,293 (3,620,385 ) (1,760,425)
</TABLE>

7. Effective October 1, 1995, the Pacifica Equity Value Fund acquired all
of the assets and assumed all of the liabilities of the Westcore Basic Value
Fund. In addition, effective October 1, 1995, the Pacifica Balanced Fund
acquired all of the assets and assumed all of the liabilities of the Westcore
Balanced Investment Fund. These acquisitions were accomplished in separate
tax-free exchanges for shares of the respective Fund.

16
<PAGE> 77

P A C I F I C A
Financial Highlights
For a share outstanding throughout each year

<TABLE>
<CAPTION>
THE EQUITY VALUE FUND**
------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year............................... $ 12.36 $ 13.17 $ 10.73 $ 10.45 $ 8.48
-------- -------- -------- ------- -------
Income from Investment Operations:
Net investment income*......................................... 0.24 0.20 0.21 0.20 0.28
Net gain on securities (both realized and unrealized)*......... 1.63 0.74 2.75 0.49 1.98
-------- -------- -------- ------- -------
Total from Investment Operations............................... 1.87 0.94 2.96 0.69 2.26
-------- -------- -------- ------- -------
Less Distributions:
Dividends from net investment income........................... (0.25) (0.21) (0.23) (0.22) (0.29)
Distributions from capital gains............................... (0.71) (1.54) (0.29) (0.19) --
-------- -------- -------- ------- -------
Total Distributions............................................ (0.96) (1.75) (0.52) (0.41) (0.29)
-------- -------- -------- ------- -------
Net Asset Value, End of Year..................................... $ 13.27 $ 12.36 $ 13.17 $ 10.73 $ 10.45
======== ======== ======== ======= =======
Total Return (not reflecting sales load)......................... 16.58% 7.49% 28.22% 6.81% 27.05%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands)......................... $170,406 $168,852 $140,551 $92,915 $68,412
Ratio of Expenses to Average Net Assets........................ 0.96% 0.99% 0.98% 1.02% 0.98%
Effect of Waivers on above Ratio............................... 0.02% 0.02% 0.01% -- 0.13%
Ratio of Net Investment Income to Average Net Assets........... 1.97% 1.60% 1.73% 1.86% 2.69%
Portfolio Turnover Rate........................................ 75% 41% 82% 78% 36%
</TABLE>

<TABLE>
<CAPTION>
THE BALANCED FUND
-----------------------------------------------------
YEAR ENDED SEPTEMBER 30,
-----------------------------------------------------
1995 1994 1993 1992 1991
------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year................................ $ 11.67 $ 12.71 $ 11.18 $ 10.80 $ 9.50
------- -------- -------- ------- -------
Income from Investment Operations:
Net investment income*.......................................... 0.46 0.43 0.44 0.42 0.52
Net gain (loss) on securities (both realized and unrealized)*... 0.68 (0.13) 1.72 0.53 1.40
------- -------- -------- ------- -------
Total from Investment Operations................................ 1.14 0.30 2.16 0.95 1.92
------- -------- -------- ------- -------
Less Distributions:
Dividends from net investment income............................ (0.47) (0.46) (0.43) (0.43) (0.62)
Distributions from capital gains................................ (0.50) (0.88) (0.20) (0.14) --
------- -------- -------- ------- -------
Total Distributions............................................. (0.97) (1.34) (0.63) (0.57) (0.62)
------- -------- -------- ------- -------
Net Asset Value, End of Year...................................... $ 11.84 $ 11.67 $ 12.71 $ 11.18 $ 10.80
======= ======== ======== ======= =======
Total Return (not reflecting sales load).......................... 10.62% 2.30% 19.83% 9.03% 20.78%
Ratios/Supplemental Data:
Net Assets, End of Year (in thousands).......................... $89,034 $108,290 $104,434 $65,226 $50,038
Ratio of Expenses to Average Net Assets......................... 1.03% 1.09% 1.01% 1.02% 0.96%
Effect of Waivers on above Ratio................................ 0.02% 0.02% 0.05% 0.08% 0.22%
Ratio of Net Investment Income to Average Net Assets............ 4.05% 3.55% 3.62% 3.76% 5.88%
Portfolio Turnover Rate......................................... 90% 35% 60% 49% 30%
</TABLE>

- ---------------

* Per share data based upon average monthly shares outstanding.
** Name changed from The Growth Fund, effective February 1, 1992.

17
<PAGE> 78

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

Shareholders and Board of Trustees
Pacifica Funds Trust

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of The Equity Value Fund and The Balanced Fund
(two of the portfolios comprising Pacifica Funds Trust), as of September 30,
1995, and the related statements of operations and changes in net assets, and
financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit. The statements of changes in net assets
for the year ended September 30, 1994 and the financial highlights for each of
the four years in the period then ended were audited by other auditors whose
report dated November 22, 1994 expressed an unqualified opinion on those
statements and financial highlights.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included verification by examination of securities held by the
custodian as of September 30, 1995 and confirmation of securities not held by
the custodian by correspondence with others. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above and audited by us, present fairly, in all material respects, the financial
position of The Equity Value Fund and The Balanced Fund at September 30, 1995,
and the results of their operations, the changes in their net assets and the
financial highlights for the year then ended, in conformity with generally
accepted accounting principles.

/s/ ERNST & YOUNG LLP
---------------------
New York, New York
November 15, 1995

TAX STATUS OF DIVIDENDS PAID (UNAUDITED)

<TABLE>
<CAPTION>
% OF
INCOME
DERIVED
FROM
% OF GOVERNMENT
INCOME SECURITIES
LONG TERM SHORT TERM DERIVED HELD
CAPITAL GAINS CAPITAL GAINS INCOME FROM SUBJECT TO
DIVIDENDS PAID DIVIDENDS PAID DIVIDENDS PAID GOVERNMENT REPURCHASE
PER SHARE PER SHARE PER SHARE SECURITIES AGREEMENTS
--------------- --------------- -------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
The Equity Value Fund............ $ 0.380 $ 0.320 $0.260 0.0% 9.6%
The Balanced Fund................ 0.335 0.160 0.470 38.2 5.2
</TABLE>

Additionally, 100% and 30%, respectively, of the income dividends paid by
the Equity Value and Balanced Funds qualify for the dividends received deduction
available to corporations.

18
<PAGE> 79

P A C I F I C A

BOARD OF TRUSTEES

<TABLE>
<S> <C>
JOSEPH N. HANKIN*+ President, Westchester Community College

RICHARD A. WEDEMEYER* Vice President, Performance Advantage, Inc.

JOHN E. HEILMANN* Former Chairman, Distillers Somerset, Inc.

DENNIS W. DRAPER Associate Professor of Finance, University of Southern
California

JACK D. HENDERSON, ESQ. Partner in Clanahan, Tanner, Downing & Knowlton, P.C.

* Member of Audit Committee

+ Member of Nominating Committee

- ---------------------------------------------------------------------------------------------

OFFICERS

MICHAEL C. PETRYCKI President

STEVEN D. BLECHER Executive Vice President

JOAN V. FIORE Vice President & Secretary

JOHN J. PILEGGI Vice President & Treasurer

DONALD E. BROSTROM Assistant Treasurer
</TABLE>
<PAGE> 80

[LOGO]

P A C I F I C A

INVESTMENT ADVISOR
First Interstate Capital Management, Inc.
7501 East McCormick Parkway
Scottsdale, Arizona 85258

ADMINISTRATOR
Furman Selz Incorporated
230 Park Avenue
New York, New York 10017

DISTRIBUTOR
Pacifica Funds Distributor, Inc.
230 Park Avenue
New York, New York 10017

CUSTODIAN
First Interstate Bank of California
707 Wilshire Boulevard
Los Angeles, California 90017

COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005

INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019

[LOGO]

P A C I F I C A

A FAMILY OF
MUTUAL FUNDS

The Equity Value Fund
And
The Balanced Fund

Annual Report
September 30, 1995

Investment Advisor
FIRST INTERSTATE
CAPITAL MANAGEMENT, INC.