Government Securities Fund
Fund Objective

CONSERVATIVE investors seeking high CURRENT INCOME and some CAPITAL PRESERVATION may wish to consider this Fund. At least 80% of the Fund’s assets are invested in  U.S. Government fixed income securities.  These include securities issued or guaranteed by the U.S. Treasury; issued by a U.S. Government agency; or issued by a Government-Sponsored Enterprise (GSE).  May also invest a limited amount in high quality, dividend-paying stocks as a hedge against inflation.


Fund Manager
Jingjing Yan, CFA

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Risk Profile
Most Conservative Most Aggressive 

Investment Style
  • Actively managed for total return
  • Limited equity exposure for inflation hedge
  • Low-risk investments
Investor Profile
  • Conservative
  • Income-focused
  • Capital preservation aim
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Class A Shares

Portfolio
As of 12/31/2011

Investment Mix
Test

1)
U.S. Government Securities 81.68%
2)
Common Stock 12.55%
3)
Preferred Stock 5.31%
4)
Cash and Cash Equivalents 0.46%
Total Net Assets
$1.87 Million

Top Equity Positions
MCDONALD'S CORP. 1.91%
MICROSOFT CORP. 1.80%
AT&T INC. 1.78%
KIMBERLY-CLARK CORP. 1.53%
SOUTHERN CO. 1.52%
CONSOLIDATED EDISON INC. 1.51%
CHEVRON CORP. 1.48%
PPL CORP. 1.02%

The Fund's portfolio is subject to change.

Average Maturity
8.89 years


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Performance
As of 12/31/2011

Average Annual Returns YTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Without sales charge
 0.00% 0.00% 1.47% 1.50% 1.25% 3.64%
With sales charge
 (4.80%) (4.80%) (0.18%) 0.50% 0.75% 3.38%


Calendar Year Total Returns
Without sales charge

2002 2003 2004 2005 2006 2007 2008 2009 2010 12/31/2011
2.78% (2.20%) 0.26% 1.08% 3.14% 5.54% (2.28%) 2.26% 2.16% 0.00%



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Fund Facts Portfolio Income
Inception Date 2/8/1993 Dividend payments Quarterly
Ticker PADGX Capital Gains Payments Annually
CUSIP 694336108 YTD Distributions N/A / Share
Minimum Investment 1 $1,000
Maximum Sales Charge 4.75%
Expense Ratio 2 3.13%
Expense Ratio with waived fees 2 1.69%
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1The minimum initial investment applies to non-qualified plan accounts. The minimum initial investment for qualified plan accounts is $500. The minimum additional investment for non-qualified plan accounts, qualified plan accounts, and investments made under an Automatic Investment Plan (AIP) is $25. There are no minimum investment requirements for employer sponsored plan accounts. We reserve the right to waive the minimum requirements at our discretion. Please see the prospectus for more details.

2Fund expenses are for the fiscal year 12/31/09. The investment adviser is waiving a portion of its management fees for the Fund. Expense ratios shown reflect the waiver, without which they would have been higher. The waivers may be discontinued at any time with 90 days written notice in consultation with the Fund's Board, but are expected to continue at their current level. Please see the Fund’s most recent Annual Report for more details. 

Performance quoted represents past performance and does not guarantee future results. Current performance may be higher or lower than performance quoted. Call (800) 989-6693 for current month-end performance. Performance figures represent the change in value over the periods shown and assume the reinvestment of dividends and capital gains at net asset value and after waivers. Performance has been restated to include the maximum initial sales charge, unless otherwise stated. Returns without the sales charge would be lower if the sales charge was included. The investment adviser is waiving a portion of its management fees for the Fund. Results shown reflect the waiver, without which the results would have been lower. Please see the Fund’s most recent Annual Report for more details. The principal value and return of an investment will fluctuate so that an investor’s shares may be worth less than the original cost when redeemed.

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Shares of the Pacific Advisors Funds (the “Funds”) are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks including the possible loss of the principal amount invested. For more information on the Funds, including objectives, risks, charges and expenses, please download the prospectus or call (800) 989-6693 to request a copy. Please read the prospectus carefully and consider the investment objectives, risks, charges, and expenses before investing. Pacific Advisors Funds are distributed by Pacific Global Fund Distributors, Inc. 101 N. Brand Blvd., Suite 1950, Glendale, CA 91203.

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