PACIFICA FUNDS TRUST
NOTICE TO SHAREHOLDERS
Shares of Pacifica Prime Money Market and Pacifica Treasury Money Market
Funds:
* are not insured by the FDIC or guaranteed by any other governmental
agency;
* are not bank deposits or obligations of or guaranteed by First
Interstate Bank of California, its parent company or its affiliates; and
* are subject to investment risks, including possible loss of principal.
There can be no assurance that the Pacifica Prime Money Market Fund or
Pacifica Treasury Money Market Fund will be able to maintain a stable net
asset value of $1.00 per share.
PACIFICA FUNDS TRUST
LETTER TO SHAREHOLDERS
Dear Shareholder:
The 12-month period ended September 30, 1995 saw short-term interest
rates generally rise through February. During the period, the Federal Reserve
Board 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 rates
as the market began to price in potential further Fed easing.
As stated in previous reports, we believe the market has overly
anticipated further Fed easing. This is 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.
In terms of portfolio strategy, with the Fed Funds rate currently higher
than most money market rates, the Funds are maintaining below-average
maturities until we start to see money market spreads return to what we
believe are normal levels, given the current interest rate environment. At
present, this strategy can enable the Funds to seek higher yields than from
investments in securities with longer maturities.
For the fiscal year ended September 30, 1995, the Funds posted favorable
returns. The Pacifica Prime Money Market Fund-Service shares for the 12
months ended September 30, 1995, had a yield of 5.46% and an effective yield
of 5.60% after compounding.* For the Fund's Institutional shares, the
annualized yield was 5.67% and the annualized effective yield was 5.82% after
compounding since inception on 8/11/95.*
The Pacifica Treasury Money Market Fund-Service shares had a yield for
the 12-month period ended September 30, 1995, of 5.29% and an effective yield
of 5.42% after compounding.* For the Fund's Institutional shares, the
annualized yield was 5.52% and the annualized effective yield was 5.66% after
compounding since inception on 8/11/95.*
Sincerely,
[Michael J. Neitzke signature logo]
Michael J. Neitzke
Portfolio Manager
First Insterstate Capital Management
October 17, 1995
Los Angeles, CA
*Effective and annualized effective yield is based upon dividends declared
daily and reinvested monthly.
<TABLE>
<CAPTION>
PACIFICA PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
PRINCIPAL
BANKER'S ACCEPTANCES-5.4% AMOUNT VALUE
________ ________
<S> <C> <C>
Huntington National Bank
5.78%, 11/2/95............. $ 10,000,000 $ 9,999,560
Mellon Bank NA
5.85%, 2/7/96........................................................... 25,000,000 24,991,424
___________
TOTAL BANKER'S ACCEPTANCES (cost $34,990,984).................. $34,990,984
===========
COMMERCIAL PAPER-57.8%
Associates Corp. of North America
5.75%, 10/26/95.................................... $ 30,000,000 $29,881,250
Budget Funding Corp.
5.78%, 10/13/95......................................................... 20,000,000 19,961,867
Ciesco L.P.
6.40%, 10/23/95......................................................... 10,000,000 9,962,294
6.45%, 11/27/95......................................................... 10,000,000 9,902,308
Corestates Capital Corp.
5.77%, 12/20/95......................................................... 15,000,000 14,811,000
Corporate Asset Funding Co. Inc.
5.78%, 10/30/95......................................................... 25,000,000 24,884,201
Deere (John) Capital Corp.
5.77%, 2/2/96........................................................... 25,000,000 24,517,778
Dynamic Funding (Series A)
5.88%, 10/31/95......................................................... 17,547,000 17,462,107
5.88%, 11/30/95......................................................... 7,948,000 7,871,567
Ford Motor Credit Co.
5.77%, 10/3/95.......................................................... 30,000,000 29,990,450
General Electric Capital Corp.
5.76%, 12/4/95.......................................................... 20,000,000 19,798,045
General Electric Capital Services Inc.
5.82%, 1/17/96.......................................................... 15,000,000 14,744,400
Matterhorn Capital Corp.
5.79%, 11/7/95 (a)...................................................... 25,000,000 24,852,257
Penney (J.C.) Funding Corp.
5.76%, 10/6/95.......................................................... 15,000,000 14,988,125
PHH Corp.
5.77%, 10/6/95.......................................................... 25,000,000 24,980,104
Phillip Morris Companies Inc.
5.76%, 10/20/95......................................................... 25,000,000 24,924,660
US Bancorp
5.76%, 11/14/95......................................................... 12,500,000 12,412,611
PACIFICA PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
________ ________
USL Captal Corp.
5.75%, 11/2/95.......................................................... $20,000,000 $19,898,311
5.77%, 11/10/95......................................................... 7,000,000 6,955,433
Weyerhauser Mortgage Co.
5.77%, 10/6/95.......................................................... 20,000,000 19,984,083
_________
TOTAL COMMERCIAL PAPER (cost $372,782,851).................................. $372,782,851
===========
BANK NOTES-3.1%
Comerica Bank, Detroit
6.15%, 6/13/96 (b)
(cost $20,000,000)...................................................... $ 20,000,000 $20,000,000
===========
CORPORATE NOTES-6.2%
Bear Stearns Companies Inc.
5.91%, 10/30/95 (b)..................................................... $20,000,000 $20,000,000
Merrill Lynch & Co. Inc.
6.05%, 5/1/96 (b)....................................................... 20,000,000 20,000,000
_________
TOTAL CORPORATE NOTES (cost $40,000,000).................................... $40,000,000
===========
MASTER DEMAND NOTES-7.8%
Goldman Sachs Group L.P.
5.87%, 10/27/95 (b)..................................................... $25,000,000 $25,000,000
Morgan (J.P.) & Co.
6.50%, 1/3/96 (b)....................................................... 25,000,000 25,000,000
_________
TOTAL MASTER DEMAND NOTES (cost $50,000,000)................................ $50,000,000
===========
REPURCHASE AGREEMENT-19.6%
Salomon Brothers Inc.
6.45%, dated 9/29/95 due 10/2/95 in the amount of
$126,111,511 (fully collateralized by $468,106,000
U.S. Treasury Strips due from 2/15/96 to 8/15/2023,
value $128,570,726)
(cost $126,043,763)........................... $126,043,763 $126,043,763
===========
TOTAL INVESTMENTS (cost $643,817,598)............................... 99.9% $643,817,598
====== ===========
CASH AND RECEIVABLES (NET).......................................... .1% $ 785,790
====== ===========
NET ASSETS ................................................... 100.0% $ 644,603,388
====== ===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
PACIFICA TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS-41.6% PURCHASE AMOUNT VALUE
______ ________ ________
<S> <C> <C> <C>
10/5/95.................................................... 5.18% $ 160,000,000 $ 159,908,089
10/12/95................................................... 5.16 155,000,000 154,756,663
10/19/95................................................... 6.14 20,000,000 19,940,750
11/24/95................................................... 5.47 25,000,000 24,799,563
5/2/96..................................................... 5.75 40,000,000 38,686,278
5/30/96.................................................... 5.74 35,000,000 33,708,325
___________
TOTAL U.S. TREASURY BILLS (cost $431,799,668).................. $431,799,668
============
U.S. TREASURY NOTES-13.1%
3.88%, 10/31/95............................................ 5.32% $30,000,000 $29,959,821
7.88%, 2/15/96............................................. 5.56 65,000,000 65,503,078
8.88%, 2/15/96............................................. 5.56 20,000,000 20,224,607
7.38%, 5/15/96............................................. 5.53 20,000,000 20,190,354
___________
TOTAL U.S. TREASURY NOTES (cost $135,877,860).................. $135,877,860
============
REPURCHASE AGREEMENTS-45.2%
Goldman, Sachs & Co.
dated 9/29/95, due 10/2/95 in the amount of
$134,182,871 (fully collateralized by
$9,872,000 U.S. Treasury Bonds, 9.875%-11.75%,
due from 2/15/2010 to 11/15/2015, value
$13,397,535 and by $122,702,000 U.S. Treasury
Notes, 4.75%-9.875% due from 4/15/96 to
2/15/2003, value $120,714,395)............................. 6.40% $ 134,111,345 $ 134,111,345
HSBC Securities Inc.
dated 9/29/95, due 10/2/95 in the amount of
$160,086,000 (fully collateralized by
$57,104,000 U.S. Treasury Bills, due from
10/12/95 to 9/19/96, value $55,066,635, by
$8,204,000 U.S. Treasury Bonds, 3.5%-15.75%,
due from 11/15/1995 to 8/15/2005, value
$10,697,802, and by $90,799,000 U.S. Treasury Notes
5.5%-8.875%, due from 1/15/2000 to 8/15/2001
value $97,438,386)......................................... 6.45 160,000,000 160,000,000
PACIFICA TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
REPURCHASE AGREEMENTS (CONTINUED) PURCHASE AMOUNT VALUE
_________ ________ ________
J.P. Morgan Securities
dated 9/29/95, due 10/2/95 in the amount of
$175,093,333 (fully collateralized by
$169,692,000 U.S. Treasury Notes, 6.125%-8.5%,
due from 6/30/99 to 11/15/2000, value
$178,504,456).............................................. 6.40% $175,000,000 $175,000,000
___________
TOTAL REPURCHASE AGREEMENTS (cost $469,111,345)................ $469,111,345
============
TOTAL INVESTMENTS (cost $1,036,788,873)............ 99.9% $1,036,788,873
======= ============
CASH AND RECEIVABLES (NET)......................... .1% $ 1,361,193
======= ============
NET ASSETS......................................... 100.0% $1,038,150,066
======= ============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by irrevocable letter of credit.
(b) Variable interest rate subject to periodic change.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
PACIFICA FUNDS TRUST
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995
PACIFICA PRIME PACIFICA TREASURY
MONEY MARKET MONEY MARKET
FUND FUND
________ _________
<S> <C> <C>
ASSETS:
Investments in securities, at value
(including repurchase agreements of $126,043,763 and $469,111,345
for the Prime Money Market Fund and Treasury Money Market Fund,
respectively)-Note 2(a,b)....................................... $643,817,598 $1,036,788,873
Cash.............................................................. 2,930,853 4,344,679
Interest receivable............................................... 846,534 2,101,731
Prepaid expenses.................................................. 58,688 154,046
_____________- _____________-
647,653,673 1,043,389,329
_____________- _____________-
LIABILITIES:
Due to First Interstate Capital Management, Inc................... $ 154,346 $ 276,255
Due to The Dreyfus Corporation.................................... 50,203 85,539
Dividends payable................................................. 2,745,983 4,552,495
Accrued expenses.................................................. 99,753 324,974
_____________- _____________-
3,050,285 5,239,263
_____________- _____________-
NET ASSETS ............................................... $644,603,388 $1,038,150,066
============= ==============
REPRESENTED BY:
Paid-in capital................................................... $644,706,476 $1,038,150,066
Accumulated undistributed net realized (loss) on investments...... (103,088) _-
_____________- _____________-
NET ASSETS, at value.................................................. $644,603,388 $1,038,150,066
============= ==============
Shares of Beneficial Interest outstanding-Note 4:
Service Shares
(unlimited number of $.001 par value shares authorized)......... 614,100,571 1,001,707,107
============= ==============
Institutional Shares
(unlimited number of $.001 par value shares authorized)......... 30,605,905 36,442,959
============= ==============
NET ASSET VALUE per share:
Prime Money Market Fund:
Service shares ($613,997,483 / 614,100,571 shares).............. $1.00
======
Institutional shares ($30,605,905 / 30,605,905 shares).......... $1.00
======
Treasury Money Market Fund:
Service shares ($1,001,707,107 / 1,001,707,107 shares).......... $1.00
======
Institutional shares ($36,442,959 / 36,442,959 shares).......... $1.00
======
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
PACIFICA FUNDS TRUST
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1995
PACIFICA PRIME PACIFICA TREASURY
MONEY MARKET MONEY MARKET
FUND FUND
____________ ______________
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $33,982,412 $52,925,189
__________ __________
EXPENSES-NOTE 2(C):
Investment advisory and management fee-Note 3(a)...................... $1,694,406 $2,545,887
Shareholder servicing costs-Note 3(b)................................. 1,444,406 2,304,715
Administration fee-Note 3(a).......................................... 577,763 921,886
Custodian fees-Note 3(c).............................................. 67,459 108,325
Professional fees..................................................... 56,616 86,005
Prospectus and shareholders' reports.................................. 12,510 13,536
Trustees' fees and expenses-Note 3(d)................................. 9,492 8,612
Registration fees..................................................... 8,956 55,297
Miscellaneous......................................................... 28,517 81,882
__________ __________
3,900,125 6,126,145
Less-reduction in investment advisory and management
fee and shareholder servicing costs due to
undertakings-Note 3(a,b).......................................... 1,545,737 2,228,713
__________ __________
TOTAL EXPENSES.................................................. 2,354,388 3,897,432
__________ __________
INVESTMENT INCOME-NET, representing net increase in net
assets resulting from operations........................................ $31,628,024 $49,027,757
=========== ===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
PACIFICA FUNDS TRUST
STATEMENT OF CHANGES IN NET ASSETS
PACIFICA PRIME MONEY MARKET FUND PACIFICA TREASURY MONEY MARKET FUND
_____________________________________________ ____________________________________________
YEAR ENDED SIX MONTHS ENDED YEAR ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, SEPTEMBER 30,
1994 1994* 1995 1994 1994* 1995
_______ _____________ ________ _______ _________ _______
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net... $18,196,599 $10,119,420 $ 31,628,024 $19,111,559 $12,935,211 $ 49,027,757
Net realized gain
on investments.. 9,560 - - - - _
_______ _____________ ________ _______ _________ _______
Net Increase In Net Assets
Resulting From Operation 18,206,159 10,119,420 31,628,024 19,111,559 12,935,211 49,027,757
_______ _____________ ________ _______ _________ _______
DIVIDENDS TO
SHAREHOLDERS FROM:
Investment income-net:
Service shares...... (18,196,599) (10,119,420) (31,328,215) (19,111,559) (12,935,211) (48,762,724)
Institutional shares... _ _ (299,809) _ - (265,033)
Net realized gain
on investments:
Service shares............ _ _ _ (30,993) _ -
Institutional shares...... _ _ - - - -
_______ _____________ ________ _______ _________ _______
TOTAL DIVIDENDS....... (18,196,599) (10,119,420) (31,628,024) (19,142,552) (12,935,211) (49,027,757)
_______ _____________ ________ _______ _________ _______
CAPITAL SHARE TRANSACTIONS
(NET)-Note 4....... 59,110,337 37,705,886 79,298,223 40,743,629 35,680,545 347,519,721
_______ _____________ ________ _______ _________ _______
TOTAL INCREASE IN
NET ASSETS.... 59,119,897 37,705,886 79,298,223 40,712,636 35,680,545 347,519,721
NET ASSETS:
Beginning of period.... 468,479,382 527,599,279 565,305,165 614,237,164 654,949,800 690,630,345
_______ _____________ ________ _______ _________ _______
End of period........... $527,599,279 $565,305,165 $ 644,603,388 $654,949,800 $690,630,345 $1,038,150,066
============ ============ =========== ============ ============ ==============
*The Funds changed their fiscal year ends from March 31 to September 30.
</TABLE>
PACIFICA FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1-GENERAL:
Pacifica Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940 (the "Act") as an open-end management investment company
and operates as a series company offering multiple investment portfolios,
including Pacifica Prime Money Market Fund and Pacifica Treasury Money Market
Fund (the "Funds"). The Trust accounts separately for the assets, liabilities
and operations of each investment portfolio. First Interstate Capital
Management, Inc. ("FICM" or "Advisor"), an indirect wholly-owned subsidiary
of First Interstate Bancorp, serves as the Funds' Investment Adviser. The
Dreyfus Corporation ("Dreyfus") serves as the Funds' Administrator. Dreyfus
is a direct subsidiary of Mellon Bank, N.A. First Interstate Bank of
California ("FICAL"), a wholly-owned banking subsidiary of First Interstate
Bancorp, serves as the Funds' Custodian. Furman Selz Incorporated ("Furman
Selz") serves as the Funds' Transfer Agent and Dividend Disbursing Agent.
Premier Mutual Fund Services, Inc., until September 30, 1995, acted as the
distributor of the Funds' shares, which are sold to the public without a
sales charge. Effective October 1, 1995 Pacifica Funds Distributor Inc. (the
"Distributor") was engaged as the Funds' distributor.
The Funds were formerly separate investment portfolios of Pacific
American Fund. Effective October 1, 1994, Pacific American Fund was
reorganized into Pacifica Funds Trust. In connection therewith, the Funds
have changed their fiscal year ends from March 31 to September 30.
In July 1995, Pacific American Money Market Portfolio and Pacific
American U.S. Treasury Portfolio were renamed Pacifica Prime Money Market
Fund and Pacifica Treasury Money Market Fund, respectively.
Each Fund seeks to maintain a stable net asset value of $1.00 per share,
although there is no assurance that it will be able to do so.
On May 12, 1995, the Funds' Board of Trustees approved the issuance of
multiple classes of shares of each Fund. Effective August 11, 1995, existing
shares of the Funds were classified as Service shares and the Funds began
offering both Service and Institutional shares to investors. Effective
October 1, 1995 the Funds began offering Investor shares to investors.
Effective October 1, 1995, the Pacifica Prime Money Market Fund acquired
all of the assets and assumed all of the liabilities of the Westcore Cash
Reserve Fund and the Westcore Money Market "A" Fund. In addition, effective
October 1, 1995, the Pacifica Treasury Money Market Fund acquired all of the
assets and all of the liabilities of the Westcore Treasury Money Market Fund
and the Westcore Government Money Market Fund. These acquisitions were
accomplished in separate tax-free exchanges for shares of the respective
Fund.
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Funds' Board of Trustees to represent the fair
value of the Funds' investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income is recognized on the accrual basis. Cost of investments represents
amortized cost.
The Funds may enter into repurchase agreements with financial
institutions deemed to be creditworthy by the Funds' Adviser, subject to the
seller's agreement to repurchase and the Funds' agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Funds' custodian and
sub-custodians and, pursuant to the terms of the repurchase agreement, must
have an aggregate market value greater than or equal to the
repurchase price plus accrued interest at all times. If the value of the
underlying securities falls below the
PACIFICA FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
value of the repurchase price plus accrued interest, the Funds will require
the seller to deposit additional
collateral by the next business day. If the request for additional collateral
is not met, or the seller defaults on its repurchase obligation, the Funds
maintain the right to sell the underlying securities at market value and may
claim any resulting loss against the seller.
The Prime Money Market Fund may lend its securities to broker-dealers and
other institutional investors. The Fund's policy is to receive collateral on
each loan equal at all times to the market value of the securities loaned
plus accrued interest. The Fund may bear the risk of delay in receiving
additional collateral or in recovering the securities loaned or even a loss
of rights in the collateral should the borrower of the securities fail
financially. The Fund receives compensation for lending its securities in the
form of fees or it retains a portion of interest on the investment of any
cash received as collateral. The Fund also continues to receive interest on
the securities loaned, and any gain or loss in the market price of the
securities loaned that may occur during the term of the loan will be for the
account of the Fund.
(C) EXPENSES: Expenses directly attributable to each Fund are charged to
that Fund's operations; expenses which are applicable to more than one
investment portfolio of the Trust are allocated between them, based on net
assets.
(D) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Trust, with
respect to both Funds, to declare dividends from investment income-net on
each business day; such dividends are paid monthly. Dividends from net
realized gain, if any, with respect to both Funds, are normally declared and
paid annually, but each Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code.
However, to the extent that a net realized gain of either Fund can be reduced
by a capital loss carryover of that Fund, such gain will not be distributed.
(E) FEDERAL INCOME TAXES: It is the policy of each Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the provisions
available to certain investment companies, as defined in applicable sections
of the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise
taxes.
The Pacifica Prime Money Market Fund has an unused capital loss carryover
of approximately $103,100 available for Federal income tax purposes to be
applied against future profits from sales of securities, if any, realized
subsequent to September 30, 1995. If not applied, $46,700 expires on
September 30, 1999 and $56,400 expires on September 30, 2000.
At September 30, 1995, the cost of investments of each Fund for Federal
income tax purposes was substantially the same as the cost for financial
reporting purposes (see the Statement of Investments).
NOTE 3-INVESTMENT ADVISORY AND MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER
TRANSACTIONS WITH AFFILIATES:
(A) Effective October 1, 1994, fees payable by the Funds pursuant to the
provisions of a new Investment Advisory and Management Agreement with FICM
are payable monthly, at an annual rate of .30 of 1% of the first $500 million
of each Fund's average daily net assets, .25 of 1% of the next $500 million
of each Fund's net assets, and .20 of 1% of each Fund's net assets in excess
of $1 billion. Fees payable by the Funds pursuant to the provisions of an
Administration Agreement with Dreyfus are payable monthly based on an annual
rate of .10 of 1% of the average daily value of each Fund's net assets. The
Investment Advisory and Management Agreement and the Administration Agreement
further provide that FICM and Dreyfus will make certain reimbursements to
the Funds if, in any fiscal year, the
PACIFICA FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
aggregate expenses of each Fund (as determined in accordance with the
Agreements and applicable state securities regulations)
exceed the expense limitations of any state having jurisdiction over the
Funds. California "blue sky" regulations, the most stringent state expense
limitation applicable to the Funds, presently require reimbursement of
expenses in any fiscal year that such expenses exceed 2 1/2% of the first $30
million, 2% of the next $70 million and 1 1/2% of the excess over $100
million of the average value of either Funds' net assets.
For the year ended September 30, 1995, FICM voluntarily agreed to waive
receipt of the advisory and management fees payable to it by the Pacifica
Prime Money Market Fund in excess of .12 of 1% of the average daily value of
the Fund's net assets. From October 1, 1994 through August 10, 1995, FICM
voluntarily agreed to waive receipt of the advisory and management fees
payable to it by the Pacifica Treasury Money Market Fund in excess of .13 of
1% of the average daily value of the Fund's net assets and thereafter has
undertaken through September 30, 1995 to waive receipt of the advisory and
management fee in excess of .12 of 1% of the average daily value of the
Fund's net assets. The advisory and management fees paid by each Fund to FICM
for the year ended September 30, 1995 amounted to $693,315 for the Pacifica
Prime Money Market Fund and $1,160,424 for the Pacifica Treasury Money Market
Fund after total reductions in the advisory and management fee of $1,001,091
and $1,385,463 for each Fund, respectively.
(B) The Trust has entered into service agreements with certain
institutions ("service organizations") that may be affiliated with FICM. The
service organizations render shareholder accounting and support services to
their customers who are the beneficial owners of shares of the Trust. The
Funds pay the service organizations fees at an annual rate of up to .25 of 1%
of the average daily net asset value of the Service and Institutional shares
held by the service organizations for the benefit of their customers.
Agreements between the Funds and service organizations are terminable at any
time by the Funds without penalty. From October 1, 1994 through August 10,
1995, the service organizations voluntarily agreed to reduce the fees payable
to them by each Fund by .10 of 1% of the average daily value of the
respective Fund's net assets. From August 11, 1995 through September 30,
1995, the service organizations voluntarily agreed to reduce the fees payable
to them by the Pacifica Prime Money Market and Pacifica Treasury Money Market
Funds by .05 of 1% and .04 of 1% of the average daily value of the respective
Fund's net assets for the Service shares. Additionally, From August 11, 1995
through September 30, 1995, there were no fees charged by service organization
s on Institutional shares. For the year ended September 30, 1995, the
Pacifica Prime Money Market Fund and Pacifica Treasury Money Market Fund made
payments to service organizations, totalling $899,761 and $1,461,465 (which
include payments to affiliates of $894,783 and $1,461,465), respectively, net
of amounts voluntarily waived, which were $544,645 and $843,250,
respectively.
(C) During the year ended September 30, 1995, FICAL, a wholly-owned
banking subsidiary of First Interstate Bancorp, served as the Custodian and
Transfer Agent of the Funds. For such period, custodian fees amounted to
$67,459 and $108,325 for the Pacifica Prime Money Market Fund and Pacifica
Treasury Money Market Fund, respectively. No fees were paid to FICAL as
Transfer Agent, although it did receive payments as a service organization as
described in Note 3(b) above. Effective October 1, 1995, Furman Selz became
the Fund's Transfer Agent.
(D) For the year ended September 30, 1995, each trustee received from the
Trust $5,000 per annum plus $1,000 per regular meeting attended, $500 per
committee meeting attended, and reimbursement for travel and out-of-pocket
expenses.
PACIFICA FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 4-SHARES OF BENEFICIAL INTEREST:
At September 30, 1995, there were an unlimited number of Service and
Institutional shares of Beneficial Interest authorized for each portfolio.
Transactions in the Fund's Service and Institutional shares of each
portfolio were all at $1.00 per share and are summarized as follows (000's
omitted):
<TABLE>
<CAPTION>
PACIFICA PRIME MONEY MARKET FUND PACIFICA TREASURY MONEY MARKET FUND
____________________________________________ ___________________________________________
YEAR ENDED SIX MONTHS ENDED YEAR ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, SEPTEMBER 30,
1994 1994* 1995 1994 1994* 1995
_______ _________ _______ _________ ________ ________
<S> <C> <C> <C> <C> <C> <C>
Shares sold:
Service shares........... $9,426,994 $3,580,239 $8,252,511 $9,765,954 $5,705,462 $20,388,948
Institutional shares..... __ __ 104,661 __ __ 120,817
Shares redeemed:
Service shares........... (9,367,884) (3,542,533) (8,203,819) (9,725,210) (5,669,781) (20,077,871)
Institutional shares..... __ __ (74,055) __ __ (84,374)
_______ _________ _______ _________ ________ ________
Net increase............... $59,110 $ 37,706 $79,298 $40,744 $35,681 $ 347,520
========= ========= ========= ======== ========= ============
*The Funds changed their fiscal year ends from March 31 to September 30.
</TABLE>
NOTE 5-FINANCIAL HIGHLIGHTS:
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
PACIFICA PRIME MONEY MARKET FUND
_______________________________________________________________________________________________
SERVICE SHARES INSTITUTIONAL SHARES
__________________________________________________________________________ ________________
SIX MONTHS ENDED YEAR ENDED YEAR ENDED
YEAR ENDED MARCH 31, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
_____________________________________
PER SHARE DATA: 1991 1992 1993 1994 1994(1) 1995 1995(2)
____ ____ ____ ____ _____ ____ ______
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.0000 $1.0000 $.9997 $.9998 $.9998 $.9998 $1.0000
____ ____ ____ ____ _____ ____ ______
INVESTMENT OPERATIONS:
Investment income-net .0745 .0510 .0327 .0296 .0185 .0546 .0079
Net realized gain (loss)
on investments.... - (.0003) .0001 - - - -
____ ____ ____ ____ _____ ____ ______
TOTAL FROM INVESTMENT
OPERATIONS.... .0745 .0507 .0328 .0296 .0185 .0546 .0079
____ ____ ____ ____ _____ ____ ______
DISTRIBUTIONS:
Dividends from investment
income-net........ (.0745) (.0510) (.0327) (.0296) (.0185) (.0546) (.0079)
____ ____ ____ ____ _____ ____ ______
Net asset value,
end of period..... $1.0000 $.9997 $.9998 $.9998 $.9998 $.9998 $1.0000
==== ==== ==== ==== ===== ==== ======
TOTAL INVESTMENT
RETURN............ 7.72% 5.22% 3.32% 3.00% 3.71%(3) 5.60% 5.68%(3)
RATIOS/SUPPLEMENTAL
DATA:
Ratio of expenses to
average net assets .47% .43% .41% .41% .41%(3) .41% .26%(3)
Ratio of net investment
income to average
net assets........ 7.38% 5.09% 3.27% 2.96% 3.67%(3) 5.47% 5.67%(3)
Decrease reflected in above
expense ratios due to
voluntary reductions .47% .48% .48% .48% .48%(3) .27% .43%(3)
Net Assets, end of period
(000's Omitted)... $543,834 $528,397 $468,479 $527,599 $565,305 $614,101 $30,606
(1) The Fund changed its fiscal year end from March 31 to September 30.
(2) From August 11, 1995 (commencement of initial offering) to September 30, 1995.
(3) Annualized.
</TABLE>
PACIFICA FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5-FINANCIAL HIGHLIGHTS (CONTINUED):
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
PACIFICA TREASURY MONEY MARKET FUND
_______________________________________________________________________________________________
SERVICE SHARES INSTITUTIONAL SHARES
__________________________________________________________________________ ________________
SIX MONTHS ENDED YEAR ENDED YEAR ENDED
YEAR ENDED MARCH 31, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
_____________________________________
PER SHARE DATA: 1991 1992 1993 1994 1994(1) 1995 1995(2)
____ ____ ____ ____ _____ ____ ______
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.0000 $1.0001 $.9999 $1.0001 $1.0000 $1.0000 $1.0000
____ ____ ____ ____ _____ ____ ______
INVESTMENT OPERATIONS:
Investment income-net .0716 .0489 .0309 .0277 .0186 .0529 .0077
Net realized gain
on investments.... .0003 .0002 .0002 - - - -
____ ____ ____ ____ _____ ____ ______
TOTAL FROM INVESTMENT
OPERATIONS.... .0719 .0491 .0311 .0277 .0186 .0529 .0077
DISTRIBUTIONS:
Dividends from investment
income-net........ (.0716) (.0489) (.0309) (.0277) (.0186) (.0529) (.0077)
____ ____ ____ ____ _____ ____ ______
Dividends from net realized
gain on investments (.0002) (.0004) - (.0001) - - _
____ ____ ____ ____ _____ ____ ______
TOTAL DISTRIBUTIONS (.0718) (.0493) (.0309) (.0278) (.0186) (.0529) (.0077)
____ ____ ____ ____ _____ ____ ______
Net asset value,
end of period..... $1.0001 $.9999 $1.0001 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ====== ======= ========= ======== =======
TOTAL INVESTMENT
RETURN.............. 7.42% 5.03% 3.13% 2.81% 3.75%(3) 5.42% 5.51%(3)
RATIOS/SUPPLEMENTAL
DATA:
Ratio of expenses to
average net assets .48% .45% .43% .43% .43%(3) .42% .26%(3)
Ratio of net investment
income to average
net assets........ 7.10% 4.73% 3.04% 2.77% 3.72%(3) 5.32% 5.42%(3)
Decrease reflected in above
expense ratios due to
voluntary reductions .46% .48% .48% .47% .47%(3) .24% .43%(3)
Net Assets, end of period
(000's Omitted)... $118,623 $118,623 $614,237 $654,950 $690,630 $1,001,707 $36,443
(1) The Fund changed its fiscal year end from March 31 to September 30.
(2) From August 11, 1995 (commencement of initial offering) to September 30, 1995.
(3) Annualized.
</TABLE>
PACIFICA FUNDS TRUST
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
PACIFICA FUNDS TRUST
We have audited the accompanying statement of assets and liabilities,
including the statements of investments, of Pacifica Prime Money Market Fund
and Pacifica Treasury Money Market Fund (two of the portfolios comprising
Pacifica Funds Trust), as of September 30, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets
and financial highlights for the year ended September 30, 1995 and the six
months ended September 30, 1994. 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 audits. The statement of changes in net
assets for the year ended March 31, 1994 and the financial highlights for
each of the four years in the period ended March 31, 1994 were audited by
other auditors whose report dated May 4, 1994 expressed an unqualified
opinion on that statement and those financial highlights.
We conducted our audits 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 audits provide 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 Pacifica Prime Money Market Fund and Pacifica
Treasury Money Market Fund, at September 30, 1995, and the results of their
operations for the year then ended and the changes in their net assets and
the financial highlights for the year then ended and for the six months ended
September 30, 1994, in conformity with generally accepted accounting
principles.
[Ernst & Young signature logo]
New York, New York
November 15, 1995
PACIFICA FUNDS TRUST
PACIFICA TREASURY MONEY MARKET FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
For State individual income tax purposes, the Fund hereby designates 38.32%
of the ordinary income dividends paid during its fiscal year ended September
30, 1995 as attributable to interest income from direct obligations of the
United States. Such dividends are currently exempt from taxation for
individual income tax purposes in most states, including New York, California
and the District of Columbia.
[Dreyfus lion "d" logo]
PACIFICA
FUNDS TRUST
PACIFICA FUNDS TRUST
237 Park Avenue
New York, NY 10017
INVESTMENT ADVISER
First Interstate Capital Management, Inc.
7501 E. McCormick Parkway
Scottsdale, Arizona 85258
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
First Interstate Bank of California
707 Wilshire Boulevard
Los Angeles, California 90017
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Furman Selz Incorporated
230 Park Avenue
New York, NY 10169
Further information is contained
in the Prospectus, which must
precede or accompany this report.
NOT FDIC INSURED
Printed in U.S.A. 988/990SA959
[Dreyfus logo]
A FAMILY OF
MUTUAL FUNDS
Pacifica Prime Money
Market Fund
Pacifica
Treasury Money Market Fund
Annual Report
September 30, 1995
