N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-10385

Pacific Life Funds

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500
Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)

Robin S. Yonis
Vice President and General Counsel of Pacific Life Funds
Pacific Life Fund Advisors LLC
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)

Copies to:
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103

Registrant’s telephone number, including area code: 949-219-6767

Date of fiscal year end: March 31

Date of reporting period: June 30, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments—Schedule I.

PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.4%
PL Money Market Fund ‘A’		2,117,648	$	2,117,648
PL International Value Fund ‘A’		338,010		2,585,779
PL Large-Cap Value Fund ‘A’		212,628		1,798,833
PL Short Duration Bond Fund ‘A’		1,578,692		15,518,542
PL Floating Rate Loan Fund ‘A’		1,014,143		9,107,002
PL Growth LT Fund ‘A’		205,235		1,810,177
PL Mid-Cap Equity Fund ‘A’		424,150		2,727,288
PL International Large-Cap Fund ‘A’		160,886		1,747,220
PL Main Street® Core Fund ‘A’		623,743		4,497,183
PL Managed Bond Fund ‘A’		3,243,763		33,605,380
PL Inflation Managed Fund ‘A’		1,915,292		18,540,028
PL Comstock Fund ‘A’		447,134		3,648,614
Total Affiliated Mutual Funds (Cost $99,009,179)				97,703,694
TOTAL INVESTMENTS - 99.4% (Cost $99,009,179)				97,703,694
OTHER ASSETS & LIABILITIES, NET - 0.6%				605,258
NET ASSETS - 100.0%			$	98,308,952

PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.3%
PL Small-Cap Growth Fund ‘A’ *		164,573	$	1,165,175
PL International Value Fund ‘A’		951,999		7,282,793
PL Large-Cap Value Fund ‘A’		545,646		4,616,163
PL Short Duration Bond Fund ‘A’		1,238,506		12,174,516
PL Floating Rate Loan Fund ‘A’		771,965		6,932,244
PL Growth LT Fund ‘A’		517,773		4,566,755
PL Mid-Cap Equity Fund ‘A’		729,281		4,689,276
PL Large-Cap Growth Fund ‘A’ *		185,345		1,108,365
PL International Large-Cap Fund ‘A’		544,689		5,915,322
PL Small-Cap Value Fund ‘A’		179,106		1,153,440
PL Main Street Core Fund ‘A’		1,123,985		8,103,930
PL Managed Bond Fund ‘A’		2,936,719		30,424,411
PL Inflation Managed Fund ‘A’		1,601,707		15,504,523
PL Comstock Fund ‘A’		996,067		8,127,910
PL Mid-Cap Growth Fund ‘A’		375,793		2,356,223
Total Affiliated Mutual Funds (Cost $128,767,134)				114,121,046
TOTAL INVESTMENTS - 99.3% (Cost $128,767,134)				114,121,046
OTHER ASSETS & LIABILITIES, NET - 0.7%				757,693
NET ASSETS - 100.0%			$	114,878,739

See explanation of symbols and terms, if any, on page 45

1

PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PL Small-Cap Growth Fund ‘A’ *		1,088,332	$	7,705,394
PL International Value Fund ‘A’		3,522,599		26,947,880
PL Large-Cap Value Fund ‘A’		3,053,252		25,830,513
PL Short Duration Bond Fund ‘A’		2,568,819		25,251,492
PL Floating Rate Loan Fund ‘A’		1,679,735		15,084,024
PL Growth LT Fund ‘A’		2,949,230		26,012,206
PL Mid-Cap Equity Fund ‘A’		3,498,134		22,493,004
PL Large-Cap Growth Fund ‘A’ *		1,211,650		7,245,666
PL International Large-Cap Fund ‘A’		2,096,083		22,763,463
PL Small-Cap Value Fund ‘A’		1,137,427		7,325,027
PL Main Street Core Fund ‘A’		4,649,551		33,523,259
PL Emerging Markets Fund ‘A’		1,446,248		13,103,005
PL Managed Bond Fund ‘A’		6,031,179		62,483,013
PL Inflation Managed Fund ‘A’		3,394,167		32,855,537
PL Comstock Fund ‘A’		3,647,601		29,764,428
PL Mid-Cap Growth Fund ‘A’		1,235,213		7,744,784
PL Real Estate Fund ‘A’		1,190,897		7,109,656
Total Affiliated Mutual Funds (Cost $463,760,876)				373,242,351
TOTAL INVESTMENTS - 100.0% (Cost $463,760,876)				373,242,351
OTHER ASSETS & LIABILITIES, NET - (0.0%)				33,888
NET ASSETS - 100.0%			$	373,276,239

PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.8%
PL Small-Cap Growth Fund ‘A’ *		1,577,849	$	11,171,174
PL International Value Fund ‘A’		5,256,975		40,215,858
PL Large-Cap Value Fund ‘A’		3,332,592		28,193,728
PL Short Duration Bond Fund ‘A’		322,799		3,173,110
PL Floating Rate Loan Fund ‘A’		377,747		3,392,172
PL Growth LT Fund ‘A’		4,023,756		35,489,525
PL Mid-Cap Equity Fund ‘A’		4,523,647		29,087,050
PL Large-Cap Growth Fund ‘A’ *		1,127,814		6,744,326
PL International Large-Cap Fund ‘A’		3,005,988		32,645,033
PL Small-Cap Value Fund ‘A’		2,178,428		14,029,074
PL Main Street Core Fund ‘A’		4,983,420		35,930,456
PL Emerging Markets Fund ‘A’		1,843,623		16,703,222
PL Managed Bond Fund ‘A’		2,579,314		26,721,692
PL Inflation Managed Fund ‘A’		2,010,726		19,463,832
PL Comstock Fund ‘A’		3,929,704		32,066,385
PL Mid-Cap Growth Fund ‘A’		1,198,596		7,515,200
PL Real Estate Fund ‘A’		2,378,895		14,202,006
Total Affiliated Mutual Funds (Cost $486,522,804)				356,743,843
TOTAL INVESTMENTS - 99.8% (Cost $486,522,804)				356,743,843
OTHER ASSETS & LIABILITIES, NET - 0.2%				788,306
NET ASSETS - 100.0%			$	357,532,149

See explanation of symbols and terms, if any, on page 45

2

PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PL Small-Cap Growth Fund ‘A’ *		1,152,871	$	8,162,325
PL International Value Fund ‘A’		2,736,084		20,931,045
PL Large-Cap Value Fund ‘A’		1,505,958		12,740,403
PL Growth LT Fund ‘A’		1,959,600		17,283,672
PL Mid-Cap Equity Fund ‘A’		1,943,187		12,494,694
PL Large-Cap Growth Fund ‘A’ *		520,802		3,114,398
PL International Large-Cap Fund ‘A’		1,296,915		14,084,497
PL Small-Cap Value Fund ‘A’		1,675,134		10,787,865
PL Main Street Core Fund ‘A’		2,592,242		18,690,061
PL Emerging Markets Fund ‘A’		675,963		6,124,227
PL Comstock Fund ‘A’		1,928,818		15,739,158
PL Mid-Cap Growth Fund ‘A’		508,287		3,186,958
PL Real Estate Fund ‘A’		1,277,027		7,623,851
Total Affiliated Mutual Funds (Cost $211,452,067)				150,963,154
TOTAL INVESTMENTS - 100.0% (Cost $211,452,067)				150,963,154
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(17,807	)
NET ASSETS - 100.0%			$	150,945,347

See explanation of symbols and terms, if any, on page 45

3

PACIFIC LIFE FUNDS
PL MONEY MARKET FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
SHORT-TERM INVESTMENTS - 101.6%
Commercial Paper - 79.4%
Abbott Laboratories
0.220% due 09/08/09	$	500,000	$	499,789
0.220% due 09/09/09		1,500,000		1,499,358
BASF SE (Germany)
0.350% due 10/13/09		1,250,000		1,248,736
0.400% due 07/20/09		1,000,000		999,789
BP Capital Markets PLC (United Kingdom)
0.495% due 07/13/09		1,500,000		1,499,752
0.720% due 10/15/09		750,000		748,410
ConocoPhillips Qatar Funding Ltd (Cayman)
0.300% due 07/07/09		1,250,000		1,249,937
0.320% due 09/16/09		750,000		749,487
0.520% due 07/09/09		250,000		249,971
Electricite de France SA (France)
0.230% due 07/28/09		1,000,000		999,828
0.400% due 09/18/09		1,000,000		999,122
Eli Lilly & Co
0.700% due 10/06/09		1,000,000		998,114
John Deere Capital Corp
0.130% due 07/01/09		1,000,000		1,000,000
John Deere Ltd (Canada)
0.220% due 07/08/09		750,000		749,968
0.230% due 07/10/09		1,500,000		1,499,914
Johnson & Johnson
0.220% due 09/21/09		1,000,000		999,499
0.250% due 09/29/09		1,000,000		999,375
JPMorgan Chase & Co
0.150% due 07/06/09		1,500,000		1,499,969
Kimberly-Clark Worldwide Inc
0.500% due 07/07/09		750,000		749,937
L’Oreal USA Inc
0.300% due 07/13/09		1,250,000		1,249,875
Medtronic Inc
0.190% due 07/22/09		1,500,000		1,499,834
Microsoft Corp
0.200% due 09/23/09		2,000,000		1,999,067
National Rural Utilities Cooperative Finance Corp
0.250% due 07/22/09		500,000		499,927
0.330% due 09/29/09		1,500,000		1,498,762
Nestle Capital Corp
0.360% due 02/16/10		1,000,000		997,700
0.550% due 04/19/10		900,000		895,985
0.700% due 02/16/10		500,000		497,764
NetJets Inc
0.190% due 07/07/09		500,000		499,984
0.200% due 07/01/09		500,000		500,000
NSTAR Electric Co
0.150% due 07/28/09		1,500,000		1,499,831
PepsiCo Inc
0.190% due 07/09/09		1,000,000		999,958
Pfizer Inc
0.150% due 07/23/09		500,000		499,954
0.320% due 11/19/09		1,500,000		1,498,120
Praxair Inc
0.210% due 07/22/09		750,000		749,908
0.350% due 07/20/09		1,500,000		1,499,723
The Coca-Cola Co
0.370% due 12/09/09		750,000		748,759
0.400% due 12/09/09		1,500,000		1,497,317
Total Capital SA (France)
0.240% due 09/09/09		1,250,000		1,249,417
0.250% due 09/21/09		500,000		499,715
Unilever Capital Corp
0.210% due 07/10/09		500,000		499,974
0.220% due 09/08/09		1,750,000		1,749,262
				42,371,791
Corporate Notes - 12.1%
Caterpillar Financial Services Corp
1.199% due 10/09/09 §		500,000		500,268
IBM International Group Capital LLC
0.901% due 09/25/09 ~ §		1,400,000		1,400,652
1.394% due 07/29/09 §		750,000		750,192
Procter & Gamble International Funding SCA
1.224% due 02/08/10 §		1,000,000		1,000,000
5.300% due 07/06/09 ~		500,000		500,157
Wal-Mart Stores Inc
6.875% due 08/10/09		2,295,000		2,308,577
				6,459,846
U.S. Treasury Bills - 1.4%
0.510% due 06/03/10		750,000		746,419

	Shares
Money Market Funds - 8.7%
BlackRock Liquidity Funds Institutional TempCash		2,172,898		2,172,898
BlackRock Liquidity Funds Institutional TempFund		2,443,641		2,443,641
				4,616,539
Total Short-Term Investments (Amortized Cost $54,194,595)				54,194,595
TOTAL INVESTMENTS - 101.6% (Amortized Cost $54,194,595)				54,194,595
OTHER ASSETS & LIABILITIES, NET - (1.6%)				(833,820	)
NET ASSETS - 100.0%			$	53,360,775

Note to Schedule of Investments

(a) Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.

See explanation of symbols and terms, if any, on page 45

4

PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.2%
Consumer Discretionary - 13.5%
Aeropostale Inc *		8,100	$	277,587
American Public Education Inc *		5,000		198,050
Chico’s FAS Inc *		19,800		192,654
Corinthian Colleges Inc *		13,700		231,941
Harman International Industries Inc		6,200		116,560
Iconix Brand Group Inc *		18,400		282,992
J.Crew Group Inc *		6,900		186,438
Jack in the Box Inc *		10,450		234,603
Life Time Fitness Inc *		13,900		278,139
LKQ Corp *		19,600		322,420
Netflix Inc *		4,200		173,628
Office Depot Inc *		13,550		61,788
Orient-Express Hotels Ltd ‘A’ (Bermuda)		25,700		218,193
Penn National Gaming Inc *		7,900		229,969
Regal Entertainment Group ‘A’		23,150		307,664
Shutterfly Inc *		6,650		92,768
The Children’s Place Retail Stores Inc *		5,450		144,044
Tupperware Brands Corp		8,750		227,675
WMS Industries Inc *		4,700		148,097
				3,925,210
Consumer Staples - 3.3%
Central European Distribution Corp *		9,150		243,116
Flowers Foods Inc		11,300		246,792
The Hain Celestial Group Inc *		15,700		245,077
Whole Foods Market Inc		11,600		220,168
				955,153
Energy - 4.0%
Acergy SA ADR (Luxemburg)		16,450		161,868
Comstock Resources Inc *		3,750		123,938
Concho Resources Inc *		8,950		256,776
Dril-Quip Inc *		5,750		219,075
Mariner Energy Inc *		20,950		246,163
Penn Virginia Corp		500		8,185
Quicksilver Resources Inc *		15,150		140,744
				1,156,749
Financials - 5.9%
AllianceBernstein Holding LP		8,150		163,734
Boston Private Financial Holdings Inc		13,350		59,808
Brookline Bancorp Inc		28,000		260,960
First Commonwealth Financial Corp		20,400		129,336
First Mercury Financial Corp		12,950		178,322
Genworth Financial Inc ‘A’		27,200		190,128
Investment Technology Group Inc *		11,900		242,641
Lazard Ltd ‘A’ (Bermuda)		4,900		131,908
Platinum Underwriters Holdings Ltd (Bermuda)		8,000		228,720
Western Alliance Bancorp *		17,450		119,358
				1,704,915
Health Care - 21.0%
Alexion Pharmaceuticals Inc *		8,950		368,024
Allos Therapeutics Inc *		25,350		210,152
AMERIGROUP Corp *		12,000		322,200
Auxilium Pharmaceuticals Inc *		11,300		354,594
Bruker Corp *		10,700		99,082
Community Health Systems Inc *		13,400		338,350
Cubist Pharmaceuticals Inc *		8,100		148,473
Gentiva Health Services Inc *		16,100		265,006
ICON PLC ADR (Ireland) *		14,300		308,594
Insulet Corp *		19,950		153,615
Inverness Medical Innovations Inc *		9,850		350,463
Masimo Corp *		5,850		141,044
Medicis Pharmaceutical Corp ‘A’		15,450		252,144
Medidata Solutions Inc *		3,400		55,692
NuVasive Inc *		8,150		363,490
Optimer Pharmaceuticals Inc *		26,950		403,442
OSI Pharmaceuticals Inc *		6,800		191,964
Owens & Minor Inc		5,650		247,583
PAREXEL International Corp *		21,650		311,327
PharMerica Corp *		14,750		289,543
Savient Pharmaceuticals Inc *		13,850		191,961
Seattle Genetics Inc *		16,550		160,866
Thoratec Corp *		11,400		305,292
United Therapeutics Corp *		1,700		141,661
Wright Medical Group Inc *		9,050		147,153
				6,121,715
Industrials - 14.1%
Actuant Corp ‘A’		14,350		175,070
Aecom Technology Corp *		9,650		308,800
AirTran Holdings Inc *		36,500		225,935
BE Aerospace Inc *		16,850		241,966
Bucyrus International Inc		3,950		112,812
CLARCOR Inc		7,400		216,006
Esterline Technologies Corp *		6,900		186,783
FTI Consulting Inc *		5,500		278,960
Genco Shipping & Trading Ltd		4,150		90,138
Genesee & Wyoming Inc ‘A’ *		8,100		214,731
IHS Inc ‘A’ *		5,250		261,818
Orbital Sciences Corp *		11,350		172,180
RBC Bearings Inc *		14,300		292,435
Resources Connection Inc *		10,200		175,134
SunPower Corp ‘B’ *		4,050		96,998
The Geo Group Inc *		16,900		314,002
URS Corp *		2,350		116,372
Waste Connections Inc *		13,050		338,126
Woodward Governor Co		14,650		290,070
				4,108,336
Information Technology - 27.5%
ANSYS Inc *		8,500		264,860
Atheros Communications Inc *		14,750		283,790
ATMI Inc *		4,650		72,215
Brocade Communications Systems Inc *		37,850		295,987
Concur Technologies Inc *		7,500		233,100
F5 Networks Inc *		6,000		207,540
GSI Commerce Inc *		24,900		354,825
Informatica Corp *		15,400		264,726
LogMeIn Inc *		1,800		28,800
ManTech International Corp ‘A’ *		5,750		247,480
Mellanox Technologies Ltd (Israel) *		27,400		329,622
Monolithic Power Systems Inc *		13,300		298,053
Netlogic Microsystems Inc *		8,650		315,379
NICE Systems Ltd ADR (Israel) *		11,850		273,380
ON Semiconductor Corp *		39,100		268,226
OpenTable Inc *		2,650		79,951
Pegasystems Inc		14,000		369,320
Polycom Inc *		8,850		179,390
Riverbed Technology Inc *		5,500		127,545
SkillSoft PLC ADR (Ireland) *		38,250		298,350
Skyworks Solutions Inc *		26,500		259,170
Solarwinds Inc *		12,150		200,354
Solera Holdings Inc *		12,850		326,390
Starent Networks Corp *		12,950		316,110
Synaptics Inc *		6,675		257,989
Taleo Corp ‘A’ *		19,154		349,944
TeleTech Holdings Inc *		23,600		357,540
TIBCO Software Inc *		35,150		252,026
VanceInfo Technologies Inc ADR (Cayman) *		6,051		89,373
VeriFone Holdings Inc *		19,300		144,943

See explanation of symbols and terms, if any, on page 45

5

PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
VistaPrint Ltd (Bermuda) *		8,750	$	373,188
Wright Express Corp *		10,750		273,803
				7,993,369
Materials - 1.7%
Nalco Holding Co		11,950		201,238
Silgan Holdings Inc		6,200		303,986
				505,224
Telecommunication Services - 2.0%
SBA Communications Corp ‘A’ *		13,550		332,512
Syniverse Holdings Inc *		16,350		262,086
				594,598
Utilities - 1.2%
ITC Holdings Corp		7,950		360,607
Total Common Stocks (Cost $27,193,072)				27,425,876
TOTAL INVESTMENTS - 94.2% (Cost $27,193,072)				27,425,876
OTHER ASSETS & LIABILITIES, NET - 5.8%				1,679,469
NET ASSETS - 100.0%			$	29,105,345

See explanation of symbols and terms, if any, on page 45

6

PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Belgium - 0.0%
Fortis Bank AS Exp. 12/31/49 * +		34,832	$	—
Singapore - 0.0%
Neptune Orient Lines Ltd Exp. 07/08/09 *		171,000		20,070
Total Rights (Cost $0)				20,070
COMMON STOCKS - 97.8%
Australia - 5.5%
Amcor Ltd +		101,000		406,125
Australia & New Zealand Banking Group Ltd +		86,800		1,150,316
BHP Billiton Ltd +		24,100		660,241
Commonwealth Bank of Australia +		12,300		385,555
Fairfax Media Ltd +		168,100		164,727
Lend Lease Corp Ltd +		50,400		283,627
Macquarie Group Ltd +		26,800		839,018
Macquarie Infrastructure Group +		210,802		242,332
National Australia Bank Ltd +		52,522		946,248
Qantas Airways Ltd +		233,058		377,391
				5,455,580
Belgium - 0.5%
Delhaize Group +		6,600		464,669
KBC Groep NV * +		1,527		28,081
				492,750
Bermuda - 0.5%
Catlin Group Ltd +		88,600		469,228
Canada - 3.2%
BCE Inc		24,500		505,524
Brookfield Properties Corp		60,000		474,573
Canadian Imperial Bank of Commerce		7,364		369,165
EnCana Corp		5,300		262,779
Fairfax Financial Holdings Ltd		1,400		351,459
National Bank of Canada		10,600		489,834
Petro-Canada		19,200		741,490
				3,194,824
Finland - 1.4%
Nokia OYJ +		94,700		1,387,087
France - 10.2%
BNP Paribas +		21,308		1,389,551
Credit Agricole SA +		76,754		962,357
France Telecom SA +		46,900		1,067,148
GDF Suez +		9,639		360,810
L’Oreal SA +		2,700		202,672
Lagardere SCA +		14,500		483,419
Renault SA * +		22,394		827,381
Sanofi-Aventis SA +		25,301		1,495,033
Societe Generale +		19,323		1,060,655
Total SA +		35,356		1,916,322
Vallourec SA +		3,400		415,576
				10,180,924
Germany - 11.8%
Allianz SE +		12,210		1,126,283
BASF SE +		33,000		1,314,779
Bayer AG +		18,900		1,015,691
Celesio AG +		18,400		422,675
Daimler AG +		9,700		352,263
Deutsche Bank AG +		18,100		1,100,316
Deutsche Lufthansa AG +		16,900		212,242
Deutsche Post AG +		18,070		235,940
Deutsche Telekom AG +		64,900		767,285
E.ON AG +		38,696		1,373,630
Fresenius Medical Care AG & Co KGaA +		10,300		462,846
Metro AG +		13,700		654,561
Muenchener Rueckversicherungs AG +		7,461		1,008,023
RWE AG +		11,033		870,059
Siemens AG +		7,700		532,475
Suedzucker AG +		12,900		261,457
				11,710,525
Hong Kong - 0.7%
New World Development Ltd +		399,000		718,211
Italy - 3.9%
Banco Popolare SCARL * +		35,800		267,717
ENI SPA +		60,389		1,432,255
Intesa Sanpaolo SPA * +		229,700		742,282
Telecom Italia SPA +		567,700		787,108
Telecom Italia SPA RNC +		396,700		390,795
UniCredit SPA * +		91,043		230,276
				3,850,433
Japan - 21.3%
Aeon Co Ltd +		47,500		468,681
Ajinomoto Co Inc +		43,000		340,157
Astellas Pharma Inc +		11,000		388,434
Canon Inc +		24,100		787,203
DIC Corp +		124,000		193,706
East Japan Railway Co +		10,400		626,141
Elpida Memory Inc * +		14,200		152,929
FUJIFILM Holdings Corp +		9,500		302,336
Fujitsu Ltd +		165,000		896,318
Hitachi High-Technologies Corp +		13,900		236,167
Honda Motor Co Ltd +		24,400		671,265
Isuzu Motors Ltd +		224,000		359,365
JFE Holdings Inc +		5,700		191,505
KDDI Corp +		123		652,643
Kirin Holdings Co Ltd +		45,000		627,820
Kyocera Corp +		5,900		442,937
Kyushu Electric Power Co Inc +		20,900		449,801
Mediceo Paltac Holdings Co Ltd +		26,900		307,128
Mitsubishi Chemical Holdings Corp +		95,000		401,826
Mitsubishi Corp +		58,200		1,073,977
Mitsubishi UFJ Financial Group Inc +		122,400		755,795
Mitsui & Co Ltd +		67,000		793,928
Mitsui Fudosan Co Ltd +		49,000		849,864
Mizuho Financial Group Inc +		106,000		246,274
Namco Bandai Holdings Inc +		33,100		363,032
Nippon Mining Holdings Inc +		80,000		413,400
Nippon Oil Corp +		57,000		335,645
Nippon Telegraph & Telephone Corp +		21,200		863,379
Nissan Motor Co Ltd +		140,300		851,465
NTT DoCoMo Inc +		341		498,759
Panasonic Corp +		19,000		255,979
Sharp Corp +		69,000		715,823
Sony Corp +		33,400		871,373
Sumitomo Mitsui Financial Group Inc +		25,300		1,023,772
Takashimaya Co Ltd +		27,000		212,525

See explanation of symbols and terms, if any, on page 45

7

PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
The Furukawa Electric Co Ltd +		60,000	$	269,920
The Kansai Electric Power Co Inc +		12,700		280,142
The Tokyo Electric Power Co Inc +		35,000		899,896
Toshiba Corp +		182,000		659,376
Tosoh Corp +		72,000		203,661
West Japan Railway Co +		85		281,097
				21,215,444
Luxembourg - 1.0%
ArcelorMittal +		28,600		946,465
Netherlands - 2.0%
ING Groep NV CVA +		74,121		750,925
Koninklijke Ahold NV +		74,500		858,875
Koninklijke Philips Electronics NV +		21,510		397,141
				2,006,941
New Zealand - 0.6%
Fletcher Building Ltd +		61,900		262,593
Telecom Corp of New Zealand Ltd +		187,085		328,223
				590,816
Norway - 1.0%
StatoilHydro ASA +		49,800		983,708
Singapore - 0.2%
Neptune Orient Lines Ltd +		228,000		231,462
Spain - 3.0%
Banco Santander SA +		82,125		992,743
Repsol YPF SA +		7,929		177,490
Telefonica SA +		81,800		1,857,651
				3,027,884
Sweden - 3.1%
Electrolux AB ‘B’ * +		37,600		526,010
Nordea Bank AB +		74,245		590,053
Svenska Cellulosa AB ‘B’ +		57,100		601,173
Telefonaktiebolaget LM Ericsson ‘B’ +		105,000		1,034,400
Volvo AB ‘B’ +		52,050		322,374
				3,074,010
Switzerland - 5.1%
Adecco SA +		5,900		246,604
Credit Suisse Group AG +		25,879		1,185,672
Nestle SA +		32,245		1,217,521
Novartis AG +		34,837		1,418,118
Roche Holding AG +		5,100		694,886
Zurich Financial Services AG +		1,660		293,411
				5,056,212
United Kingdom - 22.8%
Amlin PLC +		74,500		371,409
Arriva PLC +		55,900		374,163
Associated British Foods PLC +		51,600		650,071
AstraZeneca PLC +		22,222		979,822
Aviva PLC +		119,438		672,481
Barclays PLC +		224,283		1,042,253
BP PLC +		278,198		2,198,267
British American Tobacco PLC +		24,700		681,822
BT Group PLC +		441,220		739,262
Centrica PLC +		214,900		790,194
Drax Group PLC +		74,300		537,830
G4S PLC +		153,200		527,664
GlaxoSmithKline PLC +		96,100		1,697,443
HSBC Holdings PLC (LI) +		141,116		1,175,661
J. Sainsbury PLC +		106,800		551,541
Kingfisher PLC +		195,700		574,156
Lloyds Banking Group PLC +		703,062		810,483
Next PLC +		24,900		603,285
Pearson PLC +		48,400		487,402
Premier Farnell PLC +		161,000		334,632
Prudential PLC +		106,445		727,601
Royal Dutch Shell PLC ‘A’ (XAMS) +		124,135		3,110,486
Tate & Lyle PLC +		50,300		264,177
Thomas Cook Group PLC +		136,800		463,540
TUI Travel PLC +		125,400		479,362
Vodafone Group PLC +		971,371		1,889,257
				22,734,264
Total Common Stocks (Cost $125,947,222)				97,326,768
TOTAL INVESTMENTS - 97.8% (Cost $125,947,222)				97,346,838
OTHER ASSETS & LIABILITIES, NET - 2.2%				2,185,723
NET ASSETS - 100.0%			$	99,532,561

Notes to Schedule of Investments

(a) As of June 30, 2009, the Fund was diversified as a percentage of net assets as follows:

Financials	26.0	%
Energy	11.6	%
Telecommunication Services	10.4	%
Consumer Discretionary	9.3	%
Health Care	8.9	%
Consumer Staples	7.3	%
Industrials	7.2	%
Information Technology	6.3	%
Utilities	5.6	%
Materials	5.2	%
	97.8	%
Other Assets & Liabilities, Net	2.2	%
	100.0	%

(b) Securities with a total aggregate market value of $94,131,944 or 94.6% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.

(c) Open futures contracts outstanding as of June 30, 2009 were as follows:

	Number of		Notional	Unrealized
Long Futures Outstanding	Contracts		Amount	Depreciation
Dow Jones EURO STOXX 50 (09/09)		17	EUR 411,740	$	(7,513	)

(d) As of June 30, 2009, $221,372 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

See explanation of symbols and terms, if any, on page 45

8

PACIFIC LIFE FUNDS
PL LARGE-CAP VALUE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 93.0%
Consumer Discretionary - 14.6%
DISH Network Corp ‘A’ *		75,030	$	1,216,236
McDonald’s Corp		28,100		1,615,469
News Corp ‘A’		137,660		1,254,083
Scripps Networks Interactive Inc ‘A’		39,600		1,102,068
SES SA FDR (Luxembourg) +		56,100		1,072,747
Target Corp		29,100		1,148,577
The Home Depot Inc		55,100		1,302,013
Time Warner Cable Inc		27,015		855,565
Time Warner Inc		62,333		1,570,168
				11,136,926
Consumer Staples - 15.3%
Altria Group Inc		38,900		637,571
Kimberly-Clark Corp		48,900		2,563,827
Kraft Foods Inc ‘A’		52,231		1,323,534
Lorillard Inc		12,800		867,456
Philip Morris International Inc		57,200		2,495,064
The Procter & Gamble Co		13,600		694,960
Unilever PLC ADR (United Kingdom)		51,000		1,198,500
Wal-Mart Stores Inc		38,100		1,845,564
				11,626,476
Energy - 14.4%
Devon Energy Corp		11,870		646,915
El Paso Corp		186,200		1,718,626
Exxon Mobil Corp		29,600		2,069,336
Halliburton Co		50,100		1,037,070
Royal Dutch Shell PLC ADR (United Kingdom)		18,600		933,534
Suncor Energy Inc (Canada)		36,690		1,113,175
Total SA ADR (France)		47,580		2,580,263
Transocean Ltd (Switzerland) *		11,548		857,901
				10,956,820
Financials - 19.6%
American Express Co		35,950		835,478
Bank of America Corp		152,790		2,016,828
Capital One Financial Corp		21,420		468,670
JPMorgan Chase & Co		67,000		2,285,370
Loews Corp		28,080		769,392
Marsh & McLennan Cos Inc		55,201		1,111,196
State Street Corp		20,500		967,600
The Bank of New York Mellon Corp		26,632		780,584
The Chubb Corp		28,480		1,135,782
The PNC Financial Services Group Inc		12,100		469,601
The Travelers Cos Inc		45,840		1,881,274
Wells Fargo & Co		90,100		2,185,826
				14,907,601
Health Care - 7.8%
Abbott Laboratories		20,300		954,912
Merck & Co Inc		28,300		791,268
Novartis AG ADR (Switzerland)		28,500		1,162,515
Pfizer Inc		48,700		730,500
Roche Holding AG (Switzerland) +		5,710		778,000
UnitedHealth Group Inc		28,010		699,690
WellPoint Inc *		16,000		814,240
				5,931,125
Industrials - 5.9%
General Electric Co		112,940		1,323,657
Raytheon Co		27,700		1,230,711
The Boeing Co		12,600		535,500
United Technologies Corp		27,400		1,423,704
				4,513,572
Information Technology - 3.6%
International Business Machines Corp		14,600		1,524,532
Microsoft Corp		50,700		1,205,139
				2,729,671
Materials - 1.8%
Air Products & Chemicals Inc		21,100		1,362,849
Telecommunication Services - 7.4%
AT&T Inc		79,947		1,985,883
Embarq Corp		25,745		1,082,835
Sprint Nextel Corp *		136,589		656,993
Verizon Communications Inc		62,200		1,911,406
				5,637,117
Utilities - 2.6%
Sempra Energy		39,500		1,960,384
Total Common Stocks (Cost $79,541,422)				70,762,541
SHORT-TERM INVESTMENT - 5.1%
Money Market Fund - 5.1%
BlackRock Liquidity Funds Institutional TempFund		3,839,389		3,839,389
Total Short-Term Investment (Cost $3,839,389)				3,839,389
TOTAL INVESTMENTS - 98.1% (Cost $83,380,811)				74,601,930
OTHER ASSETS & LIABILITIES, NET - 1.9%				1,481,249
NET ASSETS - 100.0%			$	76,083,179

Note to Schedule of Investments

(a) Securities with a total aggregate market value of $1,850,747 or 2.4% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.

See explanation of symbols and terms, if any, on page 45

9

PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
CORPORATE BONDS & NOTES - 40.5%
Consumer Discretionary - 1.4%
Comcast Corp
5.850% due 01/15/10	$	250,000	$	254,222
Cox Communications Inc
4.625% due 01/15/10		150,000		150,731
Time Warner Cable Inc
5.400% due 07/02/12		100,000		103,454
Time Warner Inc
6.750% due 04/15/11		150,000		157,072
Viacom Inc
5.750% due 04/30/11		125,000		128,043
				793,522
Consumer Staples - 1.9%
Anheuser-Busch InBev Worldwide Inc
7.200% due 01/15/14 ~ D		175,000		188,401
CVS Caremark Corp
2.150% due 09/10/10 §		150,000		150,453
General Mills Inc
6.000% due 02/15/12		200,000		215,463
Kellogg Co
6.600% due 04/01/11		175,000		187,597
The Kroger Co
6.750% due 04/15/12		100,000		108,201
Wal-Mart Stores Inc
3.200% due 05/15/14		250,000		248,337
				1,098,452
Energy - 0.6%
Enterprise Products Operating LLC
4.600% due 08/01/12		150,000		151,176
6.375% due 02/01/13		100,000		104,339
XTO Energy Inc
5.900% due 08/01/12		100,000		106,086
				361,601
Financials - 28.0%
American General Finance Corp
4.875% due 05/15/10		250,000		210,381
ANZ Capital Trust Inc
4.484% ~ ±		250,000		245,191
Bank of America Corp
2.100% due 04/30/12		1,000,000		1,002,389
Citigroup Funding Inc
2.125% due 07/12/12		200,000		200,231
Citigroup Inc
2.125% due 04/30/12		2,000,000		2,010,514
Dexia Credit Local (France)
2.375% due 09/23/11 ~ D		600,000		604,478
General Electric Capital Corp
2.125% due 12/21/12		100,000		99,427
2.625% due 12/28/12		500,000		499,847
General Motors Acceptance Corp LLC
2.200% due 12/19/12		500,000		498,528
Greater Bay Bancorp
5.125% due 04/15/10		100,000		102,252
ING Capital Funding Trust III
8.439% § ±		350,000		220,564
Kreditanstalt fuer Wiederaufbau (Germany)
3.750% due 06/27/11		2,100,000		2,196,298
4.500% due 09/21/09		3,400,000		3,421,444
LeasePlan Corp NV (Netherlands)
3.000% due 05/07/12 ~		300,000		301,382
Merrill Lynch & Co Inc
6.050% due 08/15/12		125,000		125,453
Morgan Stanley
5.050% due 01/21/11		250,000		255,028
PNC Funding Corp
1.875% due 06/22/11		600,000		604,715
Rabobank Nederland NV (Netherlands)
4.200% due 05/13/14 ~ D		150,000		149,830
Societe Financement de l’Economie Francaise (France)
2.000% due 02/25/11 ~		400,000		402,972
Suncorp-Metway Ltd (Australia)
2.381% due 04/15/11 ~ §		900,000		899,054
The Bear Stearns Cos LLC
6.950% due 08/10/12		500,000		543,959
The Charles Schwab Corp
4.950% due 06/01/14		125,000		127,339
The Royal Bank of Scotland Group PLC (United Kingdom)
2.625% due 05/11/12 ~		700,000		705,665
9.118% ±		150,000		122,269
Waddell & Reed Financial Inc
5.600% due 01/15/11		150,000		150,373
WEA Finance LLC
5.400% due 10/01/12 ~		75,000		72,039
				15,771,622
Health Care - 1.3%
Merck & Co Inc
1.875% due 06/30/11		125,000		125,245
Roche Holdings Inc
5.000% due 03/01/14 ~		225,000		235,670
UnitedHealth Group Inc
5.125% due 11/15/10		350,000		362,310
				723,225
Industrials - 0.5%
John Deere Capital Corp
5.400% due 04/07/10		250,000		258,175
Information Technology - 0.6%
Hewlett-Packard Co
2.250% due 05/27/11		350,000		351,280
Telecommunication Services - 4.4%
BellSouth Corp
4.950% due 04/26/10 ~		700,000		715,315
Deutsche Telekom International Finance BV (Netherlands)
8.500% due 06/15/10		200,000		210,396
France Telecom SA (France)
7.750% due 03/01/11		150,000		162,314
Rogers Communications Inc (Canada)
5.500% due 03/15/14		50,000		51,929
6.250% due 06/15/13		50,000		53,080
6.375% due 03/01/14		125,000		134,162
Telefonica Europe BV (Netherlands)
7.750% due 09/15/10		100,000		105,528
Verizon Wireless Capital LLC
3.750% due 05/20/11 ~		775,000		791,338
Vodafone Group PLC (United Kingdom)
5.350% due 02/27/12		250,000		263,573
				2,487,635
Utilities - 1.8%
CenterPoint Energy Resources Corp
7.875% due 04/01/13		75,000		80,086
Commonwealth Edison Co
4.740% due 08/15/10		175,000		177,165

See explanation of symbols and terms, if any, on page 45

10

PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
Duke Energy Corp
6.300% due 02/01/14	$	225,000	$	243,238
FirstEnergy Corp
6.450% due 11/15/11		100,000		104,451
MidAmerican Energy Holdings Co
5.000% due 02/15/14		250,000		260,149
Progress Energy Inc
6.050% due 03/15/14		150,000		157,942
				1,023,031
Total Corporate Bonds & Notes (Cost $22,808,660)				22,868,543
MORTGAGE-BACKED SECURITIES - 18.6%
Collateralized Mortgage Obligations - Residential - 3.1%
Citimortgage Alternative Loan Trust
6.000% due 12/25/36 “		671,225		485,357
Fannie Mae
1.154% due 04/25/48 § “		435,802		433,490
Freddie Mac
0.669% due 11/15/36 § “		586,623		575,641
Structured Adjustable Rate Mortgage Loan Trust
5.355% due 11/25/34 § “		355,006		257,350
				1,751,838
Fannie Mae - 14.3%
4.500% due 06/01/13 “		74,851		76,737
4.500% due 09/01/20 “		74,047		76,381
4.500% due 06/01/23 “		733,936		750,263
5.000% due 12/01/18 “		940,062		984,510
5.000% due 12/01/19 “		939,733		984,165
5.000% due 07/01/34 “		923,089		943,822
5.500% due 08/01/24 “		1,000,000		1,043,281
6.000% due 10/01/21 “		2,138,750		2,279,306
6.000% due 03/01/36 “		127,250		133,316
6.000% due 11/01/36 “		372,877		390,654
6.000% due 02/01/38 “		386,424		404,484
				8,066,919
Freddie Mac - 1.2%
4.500% due 12/01/18 “		635,395		659,394
Total Mortgage-Backed Securities (Cost $10,577,411)				10,478,151
ASSET-BACKED SECURITIES - 4.7%
Capital One Multi-Asset Execution Trust
4.950% due 08/15/12 “		1,600,000		1,616,839
Chase Issuance Trust
4.960% due 09/17/12 “		1,000,000		1,035,646
Total Asset-Backed Securities (Cost $2,599,528)				2,652,485
U.S. GOVERNMENT AGENCY ISSUES - 17.8%
Fannie Mae
2.000% due 03/02/11		1,000,000		1,007,509
4.680% due 06/15/11		1,800,000		1,917,052
Federal Home Loan Bank
3.125% due 06/10/11 ‡		2,500,000		2,577,493
Freddie Mac
2.000% due 02/25/11		1,500,000		1,510,674
2.000% due 03/16/11		500,000		503,201
2.050% due 03/09/11		2,500,000		2,521,010
Total U.S. Government Agency Issues      (Cost $9,797,835)				10,036,939
U.S. TREASURY OBLIGATIONS - 10.1%
U.S. Treasury Inflation Protected Securities - 5.1%
4.250% due 01/15/10 ^		2,788,126		2,843,889
U.S. Treasury Notes - 3.7%
1.125% due 06/30/11		2,100,000		2,101,140
U.S. Treasury Strip Securities - 1.3%
0.000% due 11/15/21		700,000		406,425
0.000% due 11/15/27		800,000		349,850
				756,275
Total U.S. Treasury Obligations (Cost $5,673,293)				5,701,304
FOREIGN GOVERNMENT BONDS & NOTES - 0.4%
Japan Finance Corp (Japan)
2.000% due 06/24/11		200,000		200,495
Total Foreign Government Bonds & Notes (Cost $199,782)				200,495

	Shares
SHORT-TERM INVESTMENTS - 9.5%
Money Market Funds - 9.5%
BlackRock Liquidity Funds Institutional TempCash		2,600,444		2,600,444
BlackRock Liquidity Funds Institutional TempFund		2,777,130		2,777,130
				5,377,574
Total Short-Term Investments (Cost $5,377,574)				5,377,574
TOTAL INVESTMENTS - 101.6% (Cost $57,034,083)				57,315,491
OTHER ASSETS & LIABILITIES, NET - (1.6%)				(909,647	)
NET ASSETS - 100.0%			$	56,405,844

See explanation of symbols and terms, if any, on page 45

11

PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of June 30, 2009 were as follows:

					Unrealized
	Number of		Notional		Appreciation
Long Futures Outstanding	Contracts		Amount		(Depreciation)
Eurodollar (07/09)		3	$	3,000,000	$	234
Eurodollar (08/09)		3		3,000,000		295
Eurodollar (09/09)		12		12,000,000		19,609
Eurodollar (12/09)		19		19,000,000		28,524
Eurodollar (03/10)		9		9,000,000		(245	)
Eurodollar (06/10)		4		4,000,000		(110	)
Eurodollar (09/11)		2		2,000,000		(80	)
Eurodollar (12/11)		2		2,000,000		(55	)
U.S. Treasury 2-Year Notes (09/09)		53		10,600,000		(27,710	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes (09/09)		13		1,300,000		(1,281	)
U.S. Treasury 10-Year Notes (09/09)		2		200,000		(5,545	)
U.S. Treasury 30-Year Bonds (09/09)		19		1,900,000		(45,531	)
					$	(31,895	)

(b) 1.7% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

(c) As of June 30, 2009, securities with a total aggregate market value of $330,000 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

See explanation of symbols and terms, if any, on page 45

12

PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
SENIOR LOAN NOTES - 92.0%
Consumer Discretionary - 24.8%
Blockbuster Inc Tranche B
5.100% due 08/20/11 §	$	1,000,000	$	777,185
Burlington Coat Factory Warehouse Corp
2.560% due 05/28/13 §		500,000		395,000
Cequel Communications LLC
2.320% due 11/05/13 §		1,484,810		1,362,937
Charter Communications Operating LLC (New Term Loan)
due 03/05/14 § ∞		498,734		450,731
Cinemark USA Inc
2.240% due 10/05/13 §		788,050		745,976
Clarke American Corp Tranche B
2.970% due 06/30/14 §		997,455		777,596
Discovery Communications Holdings LLC Term C
due 05/14/14 § ∞		498,750		499,580
Dollar General Corp Tranche B1
due 07/07/14 § ∞		1,000,000		952,815
Kronos Inc
due 06/11/14 § ∞		498,683		456,295
Kuilima Resort Co (1st Lien)
7.250% due 09/30/10 § D Ω		141,161		—
Nielsen Finance LLC (Class A Dollar Term Loan)
2.321% due 08/09/13 §		152,680		138,248
Nielsen Finance LLC (Class B Dollar Term Loan)
4.071% due 05/01/16 §		318,806		289,980
Regal Cinemas Corp (New Term Loan)
4.348% due 10/27/13 §		498,718		487,564
Sabre Inc (Initial Term Loan)
due 09/30/14 § ∞		500,000		362,500
TWCC Holding Corp
7.250% due 09/14/15 §		498,744		500,988
Univision Communications Inc
due 09/29/14 § ∞		500,000		376,093
				8,573,488
Consumer Staples - 6.8%
Dole Food Co Inc (Credit-Linked Deposit)
1.139% due 04/12/13 §		47,262		47,424
Dole Food Co Inc Tranche B
8.000% due 04/12/13 §		82,618		82,902
Solvest Ltd Tranche C
8.000% due 04/12/13 §		307,842		308,899
Sturm Foods Inc (Initial Term Loan 1st Lien)
3.625% due 01/31/14 §		493,440		450,674
Wm Wrigley Jr Co Tranche B
6.500% due 09/30/14 §		1,462,500		1,470,727
				2,360,626
Energy - 3.9%
Coffeyville Resources LLC (Funded Letter of Credit)
3.150% due 12/28/10 §		67,370		63,728
Coffeyville Resources LLC Tranche D
8.750% due 12/30/13 §		538,641		509,522
Venoco Inc (2nd Lien)
4.375% due 05/07/14 §		988,971		761,508
				1,334,758
Financials - 6.6%
Digicel International Finance Limited Tranche A
due 03/30/12 § D ∞		500,000		475,000
First Data Corp Tranche B1 (Initial Term Loan)
3.070% due 09/24/14 §		788,171		593,493
HUB International Ltd (Delayed Draw Term Loan)
2.810% due 06/13/14 §		180,976		159,711
HUB International Ltd (Initial Term Loan)
2.810% due 06/13/14 §		805,154		710,548
Spirit Finance Corp
4.028% due 08/01/13 §		1,000,000		323,330
				2,262,082
Health Care - 17.9%
Aveta Inc (Acquisition Term Loan)
5.560% due 08/22/11 §		325,404		287,440
Aveta Inc (New Term Loan)
5.560% due 08/22/11 §		58,986		52,104
Aveta Inc (Original Term Loan)
5.560% due 08/22/11 §		503,355		444,630
CHS/Community Health Systems Inc (Delayed Draw Term Loan)
2.560% due 07/25/14 §		24,270		21,901
CHS/Community Health Systems Inc (Funded Term Loan)
2.900% due 07/25/14 §		475,730		429,294
HCA Inc Tranche B1
2.848% due 11/18/13 §		777,643		704,257
IM US Holdings LLC (2nd Lien)
4.560% due 06/26/15 §		500,000		460,000
Life Technologies Corp Facility Term B
5.250% due 11/23/15 §		992,500		998,693
Mylan Inc Tranche B
3.810% due 10/02/14 §		1,462,312		1,415,503
Talecris Biotherapeutics Holdings Corp (1st Lien)
4.420% due 12/06/13 §		1,484,772		1,356,094
				6,169,916
Industrials - 1.4%
Northwest Airlines Inc
2.320% due 12/31/10 §		500,000		473,055
Information Technology - 8.6%
Brocade Communication Systems Inc
7.000% due 10/07/13 §		500,000		501,458
Infor Enterprise Solutions Holdings Inc (Delayed Draw Term Loan)
4.060% due 07/30/12 §		333,429		275,079
Infor Enterprise Solutions Holdings Inc (Initial Term Loan)
4.060% due 07/30/12 §		639,071		527,234
SunGard Data Systems Inc Tranche A
2.460% due 02/28/14 §		43,992		40,913
SunGard Data Systems Inc Tranche B
4.340% due 02/28/16 §		1,242,810		1,166,464
Vertafore Inc (New Term Loan)
due 01/31/12 § ∞		498,724		461,320
				2,972,468
Materials - 11.1%
Ashland Inc Term B
7.650% due 05/13/14 §		470,000		474,843
Georgia Gulf Corp
8.910% due 10/03/13 §		1,484,276		1,197,165
Murray Energy Corp Tranche B (1st Lien)
6.938% due 01/28/10 §		945,609		921,969
Nalco Co
6.500% due 05/13/16 §		500,000		501,878
Solutia Inc
7.250% due 02/28/14 §		788,200		731,336
				3,827,191

See explanation of symbols and terms, if any, on page 45

13

PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
Telecommunication Services - 3.9%
Level 3 Financing Inc Tranche A
3.155% due 03/13/14 §	$	500,000	$	416,250
MetroPCS Wireless Inc Tranche B (New Term Loan)
3.040% due 11/03/13 §		491,104		467,943
due 11/03/13 § ∞		498,718		475,198
				1,359,391
Utilities - 7.0%
Calpine Corp (1st Priority Term Loan)
3.475% due 03/29/14 §		986,190		876,378
Coleto Creek Power LP (2nd Lien)
4.310% due 06/28/13 §		970,000		624,437
Texas Competitive Electric Holdings Co LLC Tranche B2 (Initial Term Loan)
3.820% due 10/10/14 §		1,286,902		923,178
				2,423,993
Total Senior Loan Notes (Cost $33,385,660)				31,756,968
TOTAL INVESTMENTS - 92.0% (Cost $33,385,660)				31,756,968
OTHER ASSETS & LIABILITIES, NET - 8.0%				2,775,301
NET ASSETS - 100.0%			$	34,532,269

Note to Schedule of Investments

(a) 1.4% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See explanation of symbols and terms, if any, on page 45

14

PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.7%
Energy - 0.7%
Petroleo Brasileiro SA ADR (Brazil)		18,605	$	620,663
Total Preferred Stocks (Cost $649,683)				620,663
COMMON STOCKS - 95.5%
Consumer Discretionary - 4.0%
Adidas AG (Germany) +		15,100		575,424
Crown Ltd (Australia) +		114,310		666,194
Lamar Advertising Co ‘A’ *		14,755		225,309
Liberty Media Corp - Entertainment ‘A’ *		21,570		576,997
McDonald’s Corp		12,059		693,272
Staples Inc		17,402		350,998
The Home Depot Inc		15,495		366,147
				3,454,341
Consumer Staples - 16.2%
Altria Group Inc		16,575		271,664
Anheuser-Busch InBev NV (Belgium) +		157,753		5,720,057
Anheuser-Busch InBev NV Strip VVPR (Belgium) *		110,992		467
Colgate-Palmolive Co		16,655		1,178,175
CVS Caremark Corp		62,876		2,003,858
Kimberly-Clark Corp		14,610		766,002
Nestle SA (Switzerland) +		21,097		796,590
Tesco PLC (United Kingdom) +		280,587		1,638,585
The Coca-Cola Co		14,935		716,731
Wal-Mart Stores Inc		19,840		961,050
				14,053,179
Energy - 10.0%
EOG Resources Inc		35,845		2,434,592
Hess Corp		13,940		749,275
National-Oilwell Varco Inc *		12,165		397,309
Occidental Petroleum Corp		44,970		2,959,476
Petroleo Brasileiro SA ADR (Brazil)		12,920		529,462
XTO Energy Inc		42,100		1,605,694
				8,675,808
Financials - 8.0%
ACE Ltd (Switzerland)		25,795		1,140,913
Berkshire Hathaway Inc ‘B’ *		460		1,332,036
ICICI Bank Ltd ADR (India)		8,165		240,867
JPMorgan Chase & Co		33,753		1,151,315
T. Rowe Price Group Inc		22,835		951,534
The Goldman Sachs Group Inc		14,220		2,096,597
				6,913,262
Health Care - 12.3%
Baxter International Inc		20,965		1,110,306
Celgene Corp *		42,710		2,043,246
Covidien PLC (Ireland)		39,220		1,468,397
Genzyme Corp *		8,770		488,226
Gilead Sciences Inc *		38,050		1,782,262
Roche Holding AG (Switzerland) +		14,291		1,947,180
UnitedHealth Group Inc		75,160		1,877,497
				10,717,114
Industrials - 9.3%
C.H. Robinson Worldwide Inc		7,810		407,292
Canadian National Railway Co (Canada)		24,151		1,037,527
Danaher Corp		21,545		1,330,188
Emerson Electric Co		14,100		456,840
Expeditors International of Washington Inc		12,920		430,753
Illinois Tool Works Inc		19,580		731,117
Lockheed Martin Corp		8,435		680,283
Northrop Grumman Corp		10,415		475,757
Precision Castparts Corp		12,430		907,763
Tyco International Ltd (Switzerland)		22,220		577,276
United Parcel Service Inc ‘B’		20,860		1,042,791
				8,077,587
Information Technology - 28.2%
Amphenol Corp ‘A’		22,920		725,189
Apple Inc *		26,269		3,741,494
Cisco Systems Inc *		141,190		2,631,782
Citrix Systems Inc *		13,670		435,936
Corning Inc		57,505		923,530
eBay Inc *		71,755		1,229,163
Google Inc ‘A’ *		2,410		1,016,032
International Business Machines Corp		18,685		1,951,088
KLA-Tencor Corp		57,385		1,448,971
Marvell Technology Group Ltd (Bermuda) *		92,035		1,071,287
Microsoft Corp		43,480		1,033,520
Oracle Corp		117,925		2,525,953
QUALCOMM Inc		39,675		1,793,310
Research In Motion Ltd (Canada) *		7,275		516,889
Symantec Corp *		52,450		816,122
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) +		520,850		854,819
Telefonaktiebolaget LM Ericsson ‘B’ (Sweden) +		53,807		530,076
Texas Instruments Inc		20,199		430,239
Yahoo! Inc *		53,005		830,058
				24,505,458
Materials - 4.0%
Monsanto Co		5,665		421,136
Newmont Mining Corp		11,765		480,835
Potash Corp of Saskatchewan Inc (Canada)		9,260		861,643
Praxair Inc		16,055		1,141,029
Weyerhaeuser Co		17,355		528,113
				3,432,756
Telecommunication Services - 2.6%
Crown Castle International Corp *		92,300		2,217,046
Utilities - 0.9%
NRG Energy Inc *		31,245		811,120
Total Common Stocks (Cost $83,520,201)				82,857,671

	Principal
	Amount
SHORT-TERM INVESTMENTS - 3.3%
U.S. Government Agency Issue - 2.8%
Federal Home Loan Bank
0.010% due 07/01/09	$	2,400,000	2,400,000

See explanation of symbols and terms, if any, on page 45

15

PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Money Market Funds - 0.5%
BlackRock Liquidity Funds Institutional TempCash		210,420	$	210,420
BlackRock Liquidity Funds Institutional TempFund		210,420		210,420
				420,840
Total Short-Term Investments (Cost $2,820,840)				2,820,840
TOTAL INVESTMENTS - 99.5% (Cost $86,990,724)				86,299,174
OTHER ASSETS & LIABILITIES, NET - 0.5%				456,704
NET ASSETS - 100.0%			$	86,755,878

Notes to Schedule of Investments

(a)	Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(b)	Securities with a total aggregate market value of $12,728,925 or 14.7% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.
(c)	Forward foreign currency contracts outstanding as of June 30, 2009 were as follows:

		Principal
Contracts		Amount			Unrealized
to Buy or		Covered by			Appreciation
to Sell	Currency	Contracts	Expiration		(Depreciation)
Sell	AUD	65,000	07/09	$	(2,784	)
Sell	AUD	258,000	08/09		(3,508	)
Buy	EUR	355,000	07/09		4,497
Sell	EUR	355,000	07/09		(13,763	)
Sell	EUR	1,785,000	08/09		(28,015	)
Sell	GBP	100,000	07/09		(11,968	)
Sell	GBP	298,000	08/09		(4,222	)
Buy	JPY	1,700,000	07/09		(362	)
Sell	JPY	1,700,000	07/09		(55	)
				$	(60,180	)

(d) Transactions in written options for the period ended June 30, 2009 were as follows:

	Number of
	Contracts			Premium
Outstanding, March 31, 2009		—		$	—
Put Options Written		19			8,578
Put Options Expired		(19	)		(8,578	)
Outstanding, June 30, 2009		—		$	—

See explanation of symbols and terms, if any, on page 45

16

PACIFIC LIFE FUNDS
PL MID-CAP EQUITY FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.1%
Consumer Discretionary - 12.7%
Abercrombie & Fitch Co ‘A’		37,500	$	952,125
Burger King Holdings Inc		44,900		775,423
J.C. Penney Co Inc		35,500		1,019,205
Leggett & Platt Inc		91,600		1,395,068
Mattel Inc		97,400		1,563,270
Starbucks Corp *		81,000		1,125,090
The Gap Inc		50,700		831,480
Viacom Inc ‘B’ *		62,200		1,411,940
				9,073,601
Consumer Staples - 9.0%
Avon Products Inc		34,600		891,988
Campbell Soup Co		32,500		956,150
McCormick & Co Inc		45,800		1,489,874
Molson Coors Brewing Co ‘B’		35,500		1,502,715
Sara Lee Corp		78,700		768,112
The J.M. Smucker Co		17,100		832,086
				6,440,925
Energy - 7.9%
Holly Corp		65,900		1,184,882
Massey Energy Co		29,680		579,947
Patterson-UTI Energy Inc		89,800		1,154,828
Pride International Inc *		49,500		1,240,470
The Williams Cos Inc		73,520		1,147,647
Valero Energy Corp		20,200		341,178
				5,648,952
Financials - 12.5%
Ameriprise Financial Inc		55,510		1,347,228
City National Corp		19,500		718,185
Hudson City Bancorp Inc		57,250		760,852
Marsh & McLennan Cos Inc		35,500		714,615
Northern Trust Corp		6,800		365,024
PartnerRe Ltd (Bermuda)		11,800		766,410
Public Storage REIT		21,300		1,394,724
RenaissanceRe Holdings Ltd (Bermuda)		22,240		1,035,050
The St. Joe Co *		39,100		1,035,759
Waddell & Reed Financial Inc ‘A’		32,600		859,662
				8,997,509
Health Care - 11.8%
Cardinal Health Inc		24,500		748,475
Hospira Inc *		58,700		2,261,124
Life Technologies Corp *		27,787		1,159,274
Omnicare Inc		47,200		1,215,872
Patterson Cos Inc *		38,600		837,620
Warner Chilcott Ltd ‘A’ (Bermuda) *		80,100		1,053,315
Zimmer Holdings Inc *		27,300		1,162,980
				8,438,660
Industrials - 14.0%
Cintas Corp		35,200		803,968
Corrections Corp of America *		80,100		1,360,899
Covanta Holding Corp *		53,750		911,600
Dover Corp		29,840		987,406
Foster Wheeler AG (Switzerland) *		67,700		1,607,875
Monster Worldwide Inc *		53,800		635,378
Parker-Hannifin Corp		22,700		975,192
Republic Services Inc		70,700		1,725,787
Spirit AeroSystems Holdings Inc ‘A’ *		77,300		1,062,102
				10,070,207
Information Technology - 14.5%
Agilent Technologies Inc *		64,100		1,301,871
Analog Devices Inc		58,000		1,437,240
Fidelity National Information Services Inc		27,600		550,896
Ingram Micro Inc ‘A’ *		90,390		1,581,825
Juniper Networks Inc *		39,100		922,760
Lam Research Corp *		31,200		811,200
NetApp Inc *		28,600		563,992
NeuStar Inc ‘A’ *		35,800		793,328
Symantec Corp *		112,000		1,742,720
VeriSign Inc *		38,900		718,872
				10,424,704
Materials - 8.6%
Air Products & Chemicals Inc		18,000		1,162,620
Ball Corp		42,160		1,903,945
Bemis Co Inc		34,900		879,480
Packaging Corp of America		93,200		1,509,840
RPM International Inc		53,100		745,524
				6,201,409
Utilities - 4.1%
American Electric Power Co Inc		44,100		1,274,049
Energen Corp		17,700		706,230
Wisconsin Energy Corp		23,400		952,614
				2,932,893
Total Common Stocks (Cost $71,273,284)				68,228,860
SHORT-TERM INVESTMENT - 4.5%
Money Market Fund - 4.5%
BlackRock Liquidity Funds Institutional TempFund		3,214,558		3,214,558
Total Short-Term Investment (Cost $3,214,558)				3,214,558
TOTAL INVESTMENTS - 99.6% (Cost $74,487,842)				71,443,418
OTHER ASSETS & LIABILITIES, NET - 0.4%				320,186
NET ASSETS - 100.0%			$	71,763,604

See explanation of symbols and terms, if any, on page 45

17

PACIFIC LIFE FUNDS
PL LARGE-CAP GROWTH FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Consumer Discretionary - 12.7%
Amazon.com Inc *		8,500	$	711,110
Coach Inc		6,200		166,656
DeVry Inc		5,800		290,232
International Game Technology		29,500		469,050
McDonald’s Corp		4,100		235,709
The Home Depot Inc		12,200		288,286
The Sherwin-Williams Co		5,400		290,250
				2,451,293
Consumer Staples - 3.9%
Colgate-Palmolive Co		6,200		438,588
Kellogg Co		6,700		312,019
				750,607
Energy - 9.7%
Exxon Mobil Corp		4,900		342,559
Schlumberger Ltd (Netherlands)		4,900		265,139
Southwestern Energy Co *		11,700		454,545
Weatherford International Ltd (Switzerland) *		13,600		266,016
XTO Energy Inc		14,300		545,402
				1,873,661
Financials - 9.0%
BlackRock Inc		1,800		315,756
CME Group Inc		1,800		559,998
IntercontinentalExchange Inc *		4,600		525,504
The Charles Schwab Corp		19,800		347,292
				1,748,550
Health Care - 15.7%
Alcon Inc (Switzerland)		3,700		429,644
Allergan Inc		16,500		785,070
Baxter International Inc		3,700		195,952
Express Scripts Inc *		6,600		453,750
Laboratory Corp of America Holdings *		4,000		271,160
Medco Health Solutions Inc *		5,600		255,416
Stryker Corp		7,900		313,946
Zimmer Holdings Inc *		8,000		340,800
				3,045,738
Industrials - 9.3%
Burlington Northern Santa Fe Corp		4,600		338,284
Expeditors International of Washington Inc		3,600		120,024
General Dynamics Corp		5,100		282,489
Parker-Hannifin Corp		4,300		184,728
Union Pacific Corp		11,500		598,690
United Technologies Corp		5,400		280,584
				1,804,799
Information Technology - 30.9%
Adobe Systems Inc *		12,100		342,430
Apple Inc *		7,300		1,039,739
Cisco Systems Inc *		33,900		631,896
Google Inc ‘A’ *		2,200		927,498
MasterCard Inc ‘A’		4,200		702,702
Oracle Corp		17,800		381,276
QUALCOMM Inc		19,100		863,320
salesforce.com inc *		6,200		236,654
Visa Inc ‘A’		13,600		846,736
				5,972,251
Materials - 6.2%
Ecolab Inc		5,600		218,344
Monsanto Co		6,100		453,474
Praxair Inc		7,300		518,811
				1,190,629
Telecommunication Services - 1.5%
American Tower Corp ‘A’ *		9,100		286,923
Total Common Stocks (Cost $17,818,609)				19,124,451
TOTAL INVESTMENTS - 98.9% (Cost $17,818,609)				19,124,451
OTHER ASSETS & LIABILITIES, NET - 1.1%				203,196
NET ASSETS - 100.0%			$	19,327,647

See explanation of symbols and terms, if any, on page 45

18

PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.1%
Australia - 0.4%
QBE Insurance Group Ltd +		17,101	$	273,652
Austria - 0.5%
Erste Bank Group AG +		15,457		419,632
Bermuda - 1.0%
Li & Fung Ltd +		293,200		782,852
Canada - 2.1%
Canadian National Railway Co		39,010		1,675,870
Czech Republic - 0.5%
Komercni Banka AS +		3,033		417,852
France - 19.5%
Air Liquide SA +		15,582		1,429,744
AXA SA +		87,870		1,663,114
Danone +		16,038		795,243
GDF Suez +		46,836		1,753,167
Legrand SA +		49,780		1,089,324
LVMH Moet Hennessy Louis Vuitton SA +		33,890		2,599,155
Pernod-Ricard SA +		19,508		1,233,365
Schneider Electric SA +		31,577		2,416,811
Total SA +		29,130		1,578,868
Vivendi +		31,575		757,924
				15,316,715
Germany - 10.7%
Bayer AG +		32,140		1,727,212
Beiersdorf AG +		8,850		416,892
Deutsche Boerse AG +		10,180		792,258
E.ON AG +		20,381		723,484
Linde AG +		30,970		2,544,285
Merck KGaA +		14,890		1,515,145
SAP AG +		16,550		667,270
				8,386,546
Hong Kong - 0.6%
CNOOC Ltd +		404,000		497,668
India - 1.6%
Infosys Technologies Ltd ADR		32,960		1,212,269
Italy - 0.7%
Intesa Sanpaolo SPA * +		169,973		549,272
Japan - 12.3%
Aeon Credit Service Co Ltd +		43,400		567,809
Canon Inc +		47,850		1,562,973
FANUC Ltd +		12,900		1,033,759
Hirose Electric Co Ltd +		5,000		533,436
HOYA Corp +		74,800		1,498,386
INPEX Corp +		197		1,570,718
Kao Corp +		55,000		1,196,821
Konica Minolta Holdings Inc +		25,500		266,435
Lawson Inc +		9,100		400,546
Shin-Etsu Chemical Co Ltd +		14,700		681,770
Tokyo Electron Ltd +		7,800		376,427
				9,689,080
Mexico - 1.2%
America Movil SAB de CV ‘L’ ADR		17,500		677,600
Grupo Modelo SAB de CV ‘C’ *		79,800		285,064
				962,664
Netherlands - 7.1%
ASML Holding NV +		20,814		451,144
Heineken NV +		68,160		2,540,227
TNT NV +		66,978		1,309,149
Wolters Kluwer NV +		73,260		1,285,205
				5,585,725
Singapore - 1.2%
Singapore Telecommunications Ltd +		473,380		976,651
South Africa - 0.8%
MTN Group Ltd +		39,370		604,661
South Korea - 1.2%
Samsung Electronics Co Ltd +		2,047		946,460
Switzerland - 16.1%
Actelion Ltd * +		10,856		569,009
Compagnie Financiere Richemont SA ‘A’ * +		36,871		768,698
Givaudan SA +		2,480		1,522,343
Julius Baer Holding AG +		28,245		1,098,510
Nestle SA +		98,039		3,701,800
Roche Holding AG +		25,600		3,488,057
Sonova Holding AG +		7,794		634,643
Swiss Reinsurance Co +		14,225		472,661
UBS AG * +		31,510		386,893
				12,642,614
Taiwan - 1.2%
Taiwan Semiconductor Manufacturing Co Ltd ADR		96,424		907,350
United Kingdom - 18.6%
BHP Billiton PLC +		20,590		464,070
Burberry Group PLC +		91,050		634,544
Diageo PLC +		138,770		1,993,169
GlaxoSmithKline PLC +		30,690		542,087
HSBC Holdings PLC (LI) +		123,003		1,024,759
Ladbrokes PLC +		156,707		474,889
Reckitt Benckiser Group PLC +		66,984		3,059,018
Royal Dutch Shell PLC ‘A’ (LI) +		56,150		1,408,483
Smiths Group PLC +		68,012		786,952
Standard Chartered PLC +		66,557		1,251,471
Tesco PLC +		107,857		629,868
William Hill PLC +		290,770		941,700
WPP PLC +		209,641		1,394,111
				14,605,121
United States - 1.8%
Synthes Inc +		14,300		1,382,737
Total Common Stocks (Cost $89,047,141)				77,835,391

See explanation of symbols and terms, if any, on page 45

19

PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.4%
Money Market Fund - 0.4%
BlackRock Liquidity Funds Institutional TempCash		339,815	$	339,815
Total Short-Term Investment (Cost $339,815)				339,815
TOTAL INVESTMENTS - 99.5% (Cost $89,386,956)				78,175,206
OTHER ASSETS & LIABILITIES, NET - 0.5%				371,858
NET ASSETS - 100.0%			$	78,547,064

Notes to Schedule of Investments

(a) As of June 30, 2009, the Fund was diversified as a percentage of net assets as follows:

Consumer Staples	20.7	%
Health Care	12.5	%
Consumer Discretionary	12.3	%
Financials	11.4	%
Information Technology	10.7	%
Industrial	10.6	%
Materials	8.5	%
Energy	6.4	%
Utilities	3.1	%
Telecommunication Services	2.9	%
Short-Term Investment	0.4	%
	99.5	%
Other Assets & Liabilities, Net	0.5	%
	100.0	%

(b) Securities with a total aggregate market value of $73,077,238 or 93.0% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.

See explanation of symbols and terms, if any, on page 45

20

PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 78.7%
Consumer Discretionary - 3.5%
Dover Downs Gaming & Entertainment Inc		4,500	$	20,925
Hillenbrand Inc		7,800		129,792
International Speedway Corp ‘A’		10,300		263,783
Phillips-Van Heusen Corp		9,500		272,555
RadioShack Corp		11,700		163,332
Sturm Ruger & Co Inc		5,400		67,176
Wolverine World Wide Inc		12,000		264,720
				1,182,283
Consumer Staples - 6.2%
Casey’s General Stores Inc		11,400		292,866
Corn Products International Inc		12,600		337,554
Del Monte Foods Co		34,900		327,362
PepsiAmericas Inc		200		5,362
Ruddick Corp		10,700		250,701
The J.M. Smucker Co		4,900		238,434
Universal Corp		6,500		215,215
Vector Group Ltd		6,600		94,314
WD-40 Co		6,200		179,800
Weis Markets Inc		3,200		107,264
				2,048,872
Energy - 10.6%
Berry Petroleum Co ‘A’		10,600		197,054
Buckeye Partners LP		5,000		214,150
CARBO Ceramics Inc		4,300		147,060
Cimarex Energy Co		10,300		291,902
El Paso Pipeline Partners LP		2,700		47,331
Frontier Oil Corp		20,000		262,200
General Maritime Corp		11,910		117,790
Holly Corp		13,300		239,134
Linn Energy LLC		14,000		273,980
Lufkin Industries Inc		3,600		151,380
Magellan Midstream Partners LP		6,800		236,368
NuStar Energy LP		5,000		270,150
Penn Virginia Corp		5,200		85,124
St. Mary Land & Exploration Co		5,500		114,785
Sunoco Logistics Partners LP		900		48,798
TC Pipelines LP		1,600		55,664
Teekay Corp		3,400		71,502
Tidewater Inc		6,200		265,794
Tsakos Energy Navigation Ltd (Bermuda)		6,500		104,910
Williams Partners LP		2,900		52,374
World Fuel Services Corp		7,000		288,610
				3,536,060
Financials - 11.4%
Advance America Cash Advance Centers Inc		22,500		99,675
American Equity Investment Life Holding Co		9,300		51,894
American Financial Group Inc		15,200		328,016
American Physicians Capital Inc		2,100		82,236
Bank of Hawaii Corp		7,400		265,142
Cash America International Inc		4,900		114,611
Chimera Investment Corp REIT		86,200		300,838
Cullen/Frost Bankers Inc		5,800		267,496
Delphi Financial Group Inc ‘A’		12,600		244,818
Equity One Inc REIT		13,200		175,032
Federated Investors Inc ‘B’		10,900		262,581
Franklin Street Properties Corp REIT		15,900		210,675
Healthcare Realty Trust Inc REIT		12,700		213,741
HRPT Properties Trust REIT		35,800		145,348
Infinity Property & Casualty Corp		4,300		156,778
Nationwide Health Properties Inc REIT		10,000		257,400
PS Business Parks Inc REIT		3,600		174,384
RLI Corp		4,300		192,640
Sovran Self Storage Inc REIT		5,100		125,460
Zenith National Insurance Corp		6,300		136,962
				3,805,727
Health Care - 6.1%
Hill-Rom Holdings Inc		7,800		126,516
Invacare Corp		9,700		171,205
Owens & Minor Inc		8,700		381,234
PerkinElmer Inc		18,150		315,810
STERIS Corp		8,400		219,072
Teleflex Inc		6,200		277,946
The Cooper Cos Inc		12,200		301,706
West Pharmaceutical Services Inc		7,000		243,950
				2,037,439
Industrials - 13.7%
Acuity Brands Inc		9,400		263,670
American Ecology Corp		2,000		35,840
Applied Industrial Technologies Inc		9,400		185,180
Barnes Group Inc		13,900		165,271
Belden Inc		11,400		190,380
Bucyrus International Inc		8,900		254,184
Crane Co		12,600		281,106
Curtiss-Wright Corp		9,000		267,570
Ennis Inc		13,000		161,980
Granite Construction Inc		6,900		229,632
Harsco Corp		10,300		291,490
KBR Inc		17,500		322,700
Kennametal Inc		5,800		111,244
Lennox International Inc		8,500		273,190
Lincoln Electric Holdings Inc		1,700		61,268
Mueller Industries Inc		7,900		164,320
Quanex Building Products Corp		4,400		49,368
Regal-Beloit Corp		6,800		270,096
SkyWest Inc		12,800		130,560
The Brink’s Co		9,300		269,979
Tomkins PLC ADR (United Kingdom)		3,300		32,076
Trinity Industries Inc		7,700		104,874
Triumph Group Inc		3,600		144,000
Valmont Industries Inc		4,000		288,320
				4,548,298
Information Technology - 2.4%
Diebold Inc		10,600		279,416
Himax Technologies Inc ADR (Cayman)		13,500		50,625
Jabil Circuit Inc		35,700		264,894
MTS Systems Corp		3,000		61,950
Park Electrochemical Corp		7,000		150,710
				807,595
Materials - 13.5%
AMCOL International Corp		5,700		123,006
Bemis Co Inc		13,700		345,240
Carpenter Technology Corp		6,500		135,265
Cliffs Natural Resources Inc		4,400		107,668
Commercial Metals Co		24,400		391,132
Compass Minerals International Inc		7,300		400,843
IAMGOLD Corp (Canada)		39,700		401,764
Innophos Holdings Inc		4,700		79,383
International Flavors & Fragrances Inc		8,000		261,760
Methanex Corp (Canada)		13,100		160,344
Olin Corp		20,000		237,800
Royal Gold Inc		9,400		391,980
RPM International Inc		19,500		273,780
Sensient Technologies Corp		11,700		264,069
Sonoco Products Co		11,400		273,030
Terra Industries Inc		10,900		263,998
The Lubrizol Corp		7,800		369,018
				4,480,080

See explanation of symbols and terms, if any, on page 45

21

PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Telecommunication Services - 0.1%
Partner Communications Co Ltd ADR (Israel)		2,700	$	46,143
Utilities - 11.2%
AGL Resources Inc		9,600		305,280
American Water Works Co Inc		12,600		240,786
Amerigas Partners LP		1,100		37,103
Atmos Energy Corp		11,700		292,968
Avista Corp		3,000		53,430
Cleco Corp		13,400		300,428
Energen Corp		9,100		363,090
National Fuel Gas Co		8,300		299,464
OGE Energy Corp		10,900		308,688
Southwest Gas Corp		8,400		186,564
Suburban Propane Partners LP		3,800		160,246
UGI Corp		11,800		300,782
Vectren Corp		12,000		281,160
Westar Energy Inc		16,200		304,074
WGL Holdings Inc		9,200		294,584
				3,728,647
Total Common Stocks (Cost $29,618,488)				26,221,144
SHORT-TERM INVESTMENTS - 9.0%
Money Market Funds - 9.0%
BlackRock Liquidity Funds Institutional TempCash		1,502,873		1,502,873
BlackRock Liquidity Funds Institutional TempFund		1,502,873		1,502,873
Total Short-Term Investments (Cost $3,005,746)				3,005,746
TOTAL INVESTMENTS - 87.7% (Cost $32,624,234)				29,226,890
OTHER ASSETS & LIABILITIES, NET - 12.3%				4,080,465
NET ASSETS - 100.0%			$	33,307,355

See explanation of symbols and terms, if any, on page 45

22

PACIFIC LIFE FUNDS
PL MAIN STREET^® CORE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.8%
Consumer Discretionary - 8.6%
Aaron’s Inc		480	$	14,314
Abercrombie & Fitch Co ‘A’		2,800		71,092
Advance Auto Parts Inc		1,900		78,831
Aeropostale Inc *		2,600		89,102
American Eagle Outfitters Inc		5,840		82,753
American Greetings Corp ‘A’		370		4,322
Ameristar Casinos Inc		70		1,332
AnnTaylor Stores Corp *		3,470		27,691
Apollo Group Inc ‘A’ *		200		14,224
Autoliv Inc		2,910		83,721
AutoNation Inc *		3,410		59,163
AutoZone Inc *		300		45,333
Barnes & Noble Inc		950		19,598
bebe Stores Inc		530		3,646
Best Buy Co Inc		5,330		178,502
Bob Evans Farms Inc		1,230		35,350
BorgWarner Inc		2,820		96,247
Boyd Gaming Corp *		60		510
Brink’s Home Security Holdings Inc *		180		5,096
Brinker International Inc		2,530		43,086
Brunswick Corp		2,830		12,226
Cablevision Systems Corp ‘A’		3,770		73,176
Callaway Golf Co		440		2,231
Career Education Corp *		1,260		31,361
Carnival Corp (Panama)		7,410		190,956
Carter’s Inc *		60		1,477
CBS Corp ‘B’		18,490		127,951
CEC Entertainment Inc *		1,020		30,070
Centex Corp		690		5,837
Chipotle Mexican Grill Inc ‘B’ *		54		3,769
Clear Channel Outdoor Holdings Inc ‘A’ *		1,600		8,480
Coach Inc		4,050		108,864
Comcast Corp ‘A’		15,930		230,826
Corinthian Colleges Inc *		570		9,650
DISH Network Corp ‘A’ *		6,590		106,824
DreamWorks Animation SKG Inc ‘A’ *		1,460		40,281
Expedia Inc *		7,020		106,072
Foot Locker Inc		1,350		14,134
Fossil Inc *		1,200		28,896
Gannett Co Inc		190		678
Gentex Corp		2,210		25,636
Grupo Televisa SA ADR (Mexico)		6,600		112,200
Guess? Inc		1,940		50,013
H&R Block Inc		900		15,507
Harman International Industries Inc		2,060		38,728
International Game Technology		300		4,770
International Speedway Corp ‘A’		120		3,073
Jack in the Box Inc *		250		5,613
Johnson Controls Inc		8,050		174,846
Jones Apparel Group Inc		3,050		32,727
Kohl’s Corp *		4,090		174,848
Lennar Corp ‘A’		1,500		14,535
Liberty Media Corp - Capital ‘A’ *		670		9,085
Liberty Media Corp - Entertainment ‘A’ *		5,470		146,323
Liberty Media Corp - Interactive ‘A’ *		13,050		65,381
Limited Brands Inc		7,440		89,057
Liz Claiborne Inc		6,400		18,432
Lowe’s Cos Inc		21,930		425,661
McDonald’s Corp		10,300		592,147
Meredith Corp		2,500		63,875
Meritage Homes Corp *		200		3,772
Netflix Inc *		1,900		78,546
News Corp ‘A’		44,830		408,401
Nike Inc ‘B’		2,110		109,256
Nordstrom Inc		3,110		61,858
Office Depot Inc *		3,080		14,045
Penske Auto Group Inc		1,260		20,966
Polaris Industries Inc		300		9,636
Polo Ralph Lauren Corp		1,130		60,500
priceline.com Inc *		1,130		126,052
Quicksilver Inc *		10		19
Regis Corp		560		9,750
Rent-A-Center Inc *		1,530		27,280
Ross Stores Inc		750		28,950
Royal Caribbean Cruises Ltd (Liberia)		2,490		33,715
Sally Beauty Holdings Inc *		1,540		9,794
Scholastic Corp		1,400		27,706
Service Corp International		2,240		12,275
Snap-on Inc		1,000		28,740
Speedway Motorsports Inc		570		7,843
The Buckle Inc		790		25,098
The Children’s Place Retail Stores Inc *		1,700		44,931
The DIRECTV Group Inc *		10,270		253,772
The Dress Barn Inc *		2,180		31,174
The Gap Inc		22,050		361,620
The Goodyear Tire & Rubber Co *		2,390		26,911
The Gymboree Corp *		100		3,548
The Home Depot Inc		4,080		96,410
The McGraw-Hill Cos Inc		7,710		232,148
The Men’s Wearhouse Inc		70		1,343
The Ryland Group Inc		1,250		21,000
The Stanley Works		1,570		53,129
The Talbots Inc		1,280		6,912
The Timberland Co ‘A’ *		2,000		26,540
The Walt Disney Co		22,550		526,092
The Warnaco Group Inc *		2,740		88,776
The Washington Post Co ‘B’		100		35,218
Thor Industries Inc		1,880		34,536
Time Warner Cable Inc		14,544		460,608
Time Warner Inc		27,150		683,909
Tractor Supply Co *		120		4,958
TRW Automotive Holdings Corp *		4,610		52,093
UniFirst Corp		70		2,602
Urban Outfitters Inc *		940		19,618
Viacom Inc ‘B’ *		5,780		131,206
WABCO Holdings Inc		3,090		54,693
Warner Music Group Corp *		320		1,872
Whirlpool Corp		240		10,214
Williams-Sonoma Inc		10		119
WMS Industries Inc *		970		30,565
Wolverine World Wide Inc		260		5,736
Wyndham Worldwide Corp		5,290		64,115
				8,620,699
Consumer Staples - 9.7%
Altria Group Inc		9,060		148,493
Bunge Ltd (Bermuda)		310		18,677
Casey’s General Stores Inc		910		23,378
Colgate-Palmolive Co		15,850		1,121,229
CVS Caremark Corp		6,910		220,222
General Mills Inc		13,300		745,066
Herbalife Ltd (Cayman)		1,700		53,618
Kimberly-Clark Corp		610		31,982
Kraft Foods Inc ‘A’		3,870		98,066
Mead Johnson Nutrition Co ‘A’ *		1,000		31,770
PepsiCo Inc		8,430		463,313
Philip Morris International Inc		55,100		2,403,462
Safeway Inc		22,410		456,492
SUPERVALU Inc		1,540		19,943
Sysco Corp		9,910		222,777
The Coca-Cola Co		7,420		356,086
The Kroger Co		10,300		227,115
The Procter & Gamble Co		23,080		1,179,388
Unilever NV ‘NY’ (Netherlands)		11,000		265,980
Wal-Mart Stores Inc		34,350		1,663,914
				9,750,971

See explanation of symbols and terms, if any, on page 45

23

PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Energy - 12.8%
Anadarko Petroleum Corp		11,210	$	508,822
Apache Corp		6,070		437,950
Baker Hughes Inc		8,670		315,935
Bill Barrett Corp *		490		13,455
Chevron Corp		31,720		2,101,450
Cimarex Energy Co		1,340		37,976
Complete Production Services Inc *		2,850		18,126
ConocoPhillips		3,005		126,390
Denbury Resources Inc *		2,300		33,879
Devon Energy Corp		1,590		86,655
Diamond Offshore Drilling Inc		350		29,067
Dresser-Rand Group Inc *		2,650		69,165
Enterprise Products Partners LP		6,200		154,628
Exterran Holdings Inc *		330		5,293
Exxon Mobil Corp		63,740		4,456,063
Halliburton Co		33,910		701,937
Helix Energy Solutions Group Inc *		310		3,370
Hess Corp		4,840		260,150
Key Energy Services Inc *		2,310		13,306
Kinder Morgan Energy Partners LP		2,300		117,576
Marathon Oil Corp		6,200		186,806
Mariner Energy Inc *		410		4,818
Murphy Oil Corp		9,660		524,731
National Oilwell Varco Inc *		4,560		148,930
Noble Corp (Switzerland)		790		23,898
Noble Energy Inc		4,810		283,646
Occidental Petroleum Corp		20,050		1,319,491
Oceaneering International Inc *		1,070		48,364
Oil States International Inc *		1,360		32,926
Overseas Shipholding Group Inc		270		9,191
Parker Drilling Co *		570		2,474
Plains All American Pipeline LP		600		25,530
Plains Exploration & Production Co *		1,600		43,776
Pride International Inc *		2,240		56,134
Schlumberger Ltd (Netherlands)		5,690		307,886
SEACOR Holdings Inc *		440		33,106
Stone Energy Corp *		493		3,658
Superior Energy Services Inc *		520		8,980
Tidewater Inc		1,250		53,588
Transocean Ltd (Switzerland) *		1,000		74,290
Unit Corp *		1,080		29,776
Valero Energy Corp		6,170		104,211
XTO Energy Inc		1,840		70,178
				12,887,581
Financials - 12.3%
Affiliated Managers Group Inc *		380		22,112
Allied World Assurance Co Holdings Ltd (Bermuda)		950		38,788
American Express Co		25,690		597,036
American Financial Group Inc		3,260		70,351
AmeriCredit Corp *		2,770		37,533
Ameriprise Financial Inc		2,460		59,704
Aon Corp		5,400		204,498
Aspen Insurance Holdings Ltd (Bermuda)		2,720		60,765
Assurant Inc		750		18,067
AXIS Capital Holdings Ltd (Bermuda)		1,280		33,510
Bank of America Corp		110,374		1,456,937
Berkshire Hathaway Inc ‘B’ *		67		194,014
BlackRock Inc		1,740		305,231
Brown & Brown Inc		3,860		76,930
Capital One Financial Corp		700		15,316
Cash America International Inc		620		14,502
Cincinnati Financial Corp		1,570		35,089
CIT Group Inc		4,520		9,718
CNA Financial Corp		3,380		52,289
Delphi Financial Group Inc ‘A’		1,500		29,145
Discover Financial Services		37,970		389,952
Eaton Vance Corp		440		11,770
First Horizon National Corp *		1		7
Forest City Enterprises Inc ‘A’		700		4,620
Franklin Resources Inc		6,060		436,381
GAMCO Investors Inc ‘A’		180		8,730
Genworth Financial Inc ‘A’		5,280		36,907
Greenhill & Co Inc		140		10,109
Harleysville Group Inc		190		5,362
HCC Insurance Holdings Inc		1,270		30,493
Hudson City Bancorp Inc		450		5,980
Interactive Brokers Group Inc ‘A’ *		2,500		38,825
Investment Technology Group Inc *		270		5,505
IPC Holdings Ltd (Bermuda)		1,600		43,744
Janus Capital Group Inc		5,060		57,684
Jefferies Group Inc *		150		3,200
Jones Lang LaSalle Inc		30		982
JPMorgan Chase & Co		51,670		1,762,464
Leucadia National Corp *		1,600		33,744
Lincoln National Corp		11,400		196,194
Loews Corp		16,451		450,757
MetLife Inc		5,140		154,251
Morgan Stanley		4,890		139,414
Northern Trust Corp		1,700		91,256
NYSE Euronext		1,590		43,328
Old Republic International Corp		2,100		20,685
OneBeacon Insurance Group Ltd ‘A’ (Bermuda)		570		6,663
Pacific Capital Bancorp		400		856
PacWest Bancorp		140		1,842
People’s United Financial Inc		19,300		290,272
PHH Corp *		1,050		19,089
Platinum Underwriters Holdings Ltd (Bermuda)		740		21,157
Popular Inc		6,610		14,542
Protective Life Corp		2,550		29,172
Provident Financial Services Inc		870		7,917
Prudential Financial Inc		10,930		406,815
Regions Financial Corp		63,620		257,025
Reinsurance Group of America Inc		300		10,473
RLI Corp		410		18,368
SEI Investments Co		1,910		34,456
Selective Insurance Group Inc		480		6,130
StanCorp Financial Group Inc		110		3,155
State Auto Financial Corp		160		2,800
State Street Corp		16,000		755,200
T. Rowe Price Group Inc		4,000		166,680
TD Ameritrade Holding Corp *		12,160		213,286
Teton Advisors Inc * + ∆		3		9
The Allstate Corp		10,100		246,440
The Bank of New York Mellon Corp		950		27,844
The Chubb Corp		11,620		463,406
The First American Corp		280		7,255
The Goldman Sachs Group Inc		3,070		452,641
The Hartford Financial Services Group Inc		1,910		22,672
The NASDAQ OMX Group Inc *		1,100		23,441
The Navigators Group Inc *		150		6,665
The Phoenix Cos Inc *		470		785
The Student Loan Corp		180		6,696
The Travelers Cos Inc		18,720		768,269
Torchmark Corp		200		7,408
Transatlantic Holdings Inc		330		14,299
Tree.com Inc *		70		672
U.S. Bancorp		33,450		599,424
United Fire & Casualty Co		40		686
Unitrin Inc		1,260		15,145
Virtus Investment Partners Inc *		105		1,542
W.R. Berkley Corp		3,230		69,348
Waddell & Reed Financial Inc ‘A’		220		5,801
Wells Fargo & Co		1,670		40,514
XL Capital Ltd ‘A’ (Cayman)		4,490		51,455
				12,412,194

See explanation of symbols and terms, if any, on page 45

24

PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Health Care - 14.1%
Abbott Laboratories		29,150	$	1,371,216
Aetna Inc		26,230		657,061
Allergan Inc		6,500		309,270
AMERIGROUP Corp *		2,780		74,643
Amgen Inc *		19,170		1,014,860
Baxter International Inc		1,820		96,387
Becton Dickinson & Co		4,350		310,198
Biogen Idec Inc *		2,940		132,741
Bristol-Myers Squibb Co		15,720		319,273
C.R. Bard Inc		2,040		151,878
Cardinal Health Inc		790		24,134
Celgene Corp *		7,100		339,664
Centene Corp *		370		7,393
CIGNA Corp		4,920		118,523
Coventry Health Care Inc *		2,950		55,194
Eli Lilly & Co		11,990		415,334
Endo Pharmaceuticals Holdings Inc *		2,660		47,667
Facet Biotech Corp *		500		4,645
Forest Laboratories Inc *		4,810		120,779
Gilead Sciences Inc *		4,320		202,349
IMS Health Inc		680		8,636
Inverness Medical Innovations Inc *		730		25,973
Johnson & Johnson		23,590		1,339,912
Kindred Healthcare Inc *		200		2,474
King Pharmaceuticals Inc *		8,680		83,588
Laboratory Corp of America Holdings *		11,300		766,027
Lincare Holdings Inc *		30		706
McKesson Corp		7,460		328,240
Medco Health Solutions Inc *		9,700		442,417
MEDNAX Inc *		90		3,792
Medtronic Inc		4,290		149,678
Merck & Co Inc		52,670		1,472,653
Omnicare Inc		1,580		40,701
Pfizer Inc		71,480		1,072,200
Quest Diagnostics Inc		1,740		98,188
Schering-Plough Corp		6,530		164,034
Sirona Dental Systems Inc *		60		1,199
STERIS Corp		680		17,734
Stryker Corp		9,300		369,582
Thermo Fisher Scientific Inc *		9,220		375,899
UnitedHealth Group Inc		2,420		60,452
Universal Health Services Inc ‘B’		1,410		68,879
Warner Chilcott Ltd ‘A’ (Bermuda) *		160		2,104
Watson Pharmaceuticals Inc *		1,970		66,310
WellCare Health Plans Inc *		310		5,732
WellPoint Inc *		19,570		995,917
Wyeth		3,060		138,893
Zimmer Holdings Inc *		7,890		336,114
				14,211,243
Industrials - 11.1%
3M Co		680		40,868
A.O. Smith Corp		380		12,377
Acuity Brands Inc		2,150		60,307
AGCO Corp *		1,320		38,372
Alexander & Baldwin Inc		660		15,470
AMERCO Inc *		10		371
Arkansas Best Corp		910		23,978
Armstrong World Industries Inc *		1,160		19,128
Baldor Electric Co		2,790		66,374
Barnes Group Inc		420		4,994
BE Aerospace Inc *		540		7,754
Belden Inc		2,910		48,597
Briggs & Stratton Corp		1,040		13,874
Caterpillar Inc		13,290		439,102
Ceradyne Inc *		1,890		33,377
Chart Industries Inc *		50		909
Chicago Bridge & Iron Co NV ‘NY’ (Netherlands)		2,380		29,512
CIRCOR International Inc		720		16,999
Cooper Industries Ltd ‘A’ (Bermuda)		1,410		43,780
Copart Inc *		1,240		42,991
CoStar Group Inc *		530		21,131
Crane Co		830		18,517
CSX Corp		2,430		84,151
Cummins Inc		4,620		162,670
Danaher Corp		2,700		166,698
Deere & Co		3,900		155,805
Deluxe Corp		80		1,025
Dover Corp		3,340		110,521
EMCOR Group Inc *		960		19,315
Emerson Electric Co		11,500		372,600
EnPro Industries Inc *		80		1,441
Equifax Inc		2,410		62,901
FedEx Corp		2,710		150,730
First Advantage Corp ‘A’ *		280		4,259
Flowserve Corp		300		20,943
Fluor Corp		3,290		168,744
Gardner Denver Inc *		20		503
Genco Shipping & Trading Ltd		520		11,294
General Dynamics Corp		9,600		531,744
General Electric Co		43,100		505,132
Goodrich Corp		2,140		106,936
GrafTech International Ltd *		6,000		67,860
Granite Construction Inc		180		5,990
Harsco Corp		2,490		70,467
Herman Miller Inc		1,050		16,107
Hertz Global Holdings Inc *		8,490		67,835
HNI Corp		2,050		37,023
Honeywell International Inc		14,050		441,170
Hubbell Inc ‘B’		1,190		38,151
IDEX Corp		1,800		44,226
Illinois Tool Works Inc		10,720		400,285
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) *		5,240		109,516
Interface Inc ‘A’		1,900		11,780
Joy Global Inc		1,960		70,011
KBR Inc		3,100		57,164
Kirby Corp *		200		6,358
Korn/Ferry International *		1,080		11,491
L-3 Communications Holdings Inc		2,570		178,307
Lennox International Inc		1,460		46,924
Lincoln Electric Holdings Inc		680		24,507
Lockheed Martin Corp		1,280		103,232
Manpower Inc		2,070		87,644
Monster Worldwide Inc *		310		3,661
Mueller Water Products Inc ‘A’		1,770		6,620
Navistar International Corp *		1,530		66,708
Nordson Corp		1,170		45,232
Norfolk Southern Corp		7,760		292,319
Northrop Grumman Corp		12,680		579,222
Oshkosh Corp		15		218
Owens Corning Inc *		1,210		15,464
PACCAR Inc		3,510		114,110
Pacer International Inc		300		669
Parker-Hannifin Corp		3,210		137,902
Pitney Bowes Inc		3,080		67,544
Precision Castparts Corp		1,430		104,433
Raytheon Co		9,480		421,196
Republic Services Inc		4,700		114,727
Robert Half International Inc		1,520		35,902
Rockwell Automation Inc		1,740		55,889
RR Donnelley & Sons Co		5,140		59,727
Sauer-Danfoss Inc		100		613
SkyWest Inc		2,250		22,950
Spirit AeroSystems Holdings Inc ‘A’ *		630		8,656
Terex Corp *		110		1,328
The Boeing Co		25,520		1,084,600
The Manitowoc Co Inc		700		3,682
The Shaw Group Inc *		1,080		29,603

See explanation of symbols and terms, if any, on page 45

25

PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
The Timken Co		3,520	$	60,122
The Toro Co		1,940		58,006
Thomas & Betts Corp *		1,170		33,731
Titan International Inc		1,810		13,521
Trinity Industries Inc		2,530		34,459
Triumph Group Inc		930		37,200
TrueBlue Inc *		830		6,972
Tutor Perini Corp *		30		521
Tyco International Ltd (Switzerland)		3,535		91,839
Union Pacific Corp		6,620		344,637
United Parcel Service Inc ‘B’		3,300		164,967
United Technologies Corp		24,180		1,256,393
Viad Corp		30		517
Waste Management Inc		4,960		139,674
Watsco Inc		150		7,340
Watts Water Technologies Inc ‘A’		1,720		37,049
WESCO International Inc *		2,770		69,361
Woodward Governor Co		890		17,622
				11,179,148
Information Technology - 18.9%
3Com Corp *		7,400		34,854
Accenture Ltd ‘A’ (Bermuda)		10,660		356,684
Adobe Systems Inc *		7,220		204,326
ADTRAN Inc		1,960		42,081
Advent Software Inc *		50		1,639
Affiliated Computer Services Inc ‘A’ *		350		15,547
Agilent Technologies Inc *		1,720		34,933
Akamai Technologies Inc *		4,820		92,448
Amdocs Ltd (United Kingdom) *		4,620		99,099
Amkor Technology Inc *		4,910		23,224
Amphenol Corp ‘A’		1,310		41,448
Analog Devices Inc		3,780		93,668
Anixter International Inc *		1,210		45,484
ANSYS Inc *		1,650		51,414
Apple Inc *		9,570		1,363,055
Applied Materials Inc		42,760		469,077
Arrow Electronics Inc *		3,730		79,225
Atmel Corp *		4,500		16,785
Autodesk Inc *		4,400		83,512
Avid Technology Inc *		410		5,498
Avnet Inc *		3,100		65,193
Avocent Corp *		2,710		37,832
AVX Corp		1,570		15,590
Broadcom Corp ‘A’ *		8,460		209,723
Broadridge Financial Solutions Inc		3,750		62,175
CA Inc		10,940		190,684
Cabot Microelectronics Corp *		220		6,224
Cadence Design Systems Inc *		1,310		7,729
Check Point Software Technologies Ltd (Israel) *		3,100		72,757
Ciena Corp *		2,380		24,633
Cisco Systems Inc *		122,220		2,278,181
Coherent Inc *		670		13,856
CommScope Inc *		1,090		28,623
Computer Sciences Corp *		2,230		98,789
Corning Inc		20,390		327,463
Cymer Inc *		50		1,486
Dell Inc *		3,940		54,096
Digital River Inc *		420		15,254
Dolby Laboratories Inc ‘A’ *		1,450		54,056
eBay Inc *		28,980		496,427
EMC Corp *		10,320		135,192
Emulex Corp *		5,410		52,910
Entegris Inc *		1,500		4,080
F5 Networks Inc *		1,650		57,074
FactSet Research Systems Inc		1,150		57,350
Fairchild Semiconductor International Inc *		1,760		12,302
Fidelity National Information Services Inc		710		14,172
Fiserv Inc *		1,200		54,840
Gartner Inc *		100		1,526
Google Inc ‘A’ *		1,680		708,271
Harris Corp		1,060		30,062
Hewitt Associates Inc ‘A’ *		4,300		128,054
IAC/ InterActiveCorp *		140		2,247
Ingram Micro Inc ‘A’ *		5,900		103,250
Integrated Device Technology Inc *		4,440		26,818
InterDigital Inc *		1,430		34,949
International Business Machines Corp		15,970		1,667,587
International Rectifier Corp *		800		11,848
Itron Inc *		610		33,593
Jabil Circuit Inc		4,620		34,280
JDS Uniphase Corp *		13,470		77,048
Lawson Software Inc *		1,630		9,095
LSI Corp *		17,220		78,523
Marvell Technology Group Ltd (Bermuda) *		9,010		104,876
MasterCard Inc ‘A’		3,200		535,392
MEMC Electronic Materials Inc *		4,380		78,008
MICROS Systems Inc *		2,700		68,364
Microsemi Corp *		700		9,660
Microsoft Corp		119,890		2,849,785
Molex Inc		4,350		67,643
National Instruments Corp		930		20,981
National Semiconductor Corp		3,770		47,314
Net 1 U.E.P.S. Technologies Inc *		1,780		24,190
Nuance Communications Inc *		2,020		24,422
NVIDIA Corp *		6,930		78,240
ON Semiconductor Corp *		20		137
Open Text Corp (Canada) *		910		33,142
Oracle Corp		11,359		243,310
Parametric Technology Corp *		3,900		45,591
Paychex Inc		12,700		320,040
Perot Systems Corp ‘A’ *		3,820		54,741
Plexus Corp *		310		6,343
Progress Software Corp *		490		10,373
QLogic Corp *		3,510		44,507
QUALCOMM Inc		19,200		867,840
Quest Software Inc *		890		12,407
Rofin-Sinar Technologies Inc *		470		9,405
SanDisk Corp *		4,200		61,698
Sapient Corp *		1,370		8,617
Semtech Corp *		50		796
Silicon Laboratories Inc *		390		14,797
Skyworks Solutions Inc *		4,200		41,076
Sohu.com Inc *		1,070		67,228
Solera Holdings Inc *		310		7,874
Sun Microsystems Inc *		7,260		66,937
Sybase Inc *		1,890		59,233
Symantec Corp *		29,460		458,398
Synaptics Inc *		2,700		104,355
Synopsys Inc *		3,320		64,773
Take-Two Interactive Software Inc *		1,530		14,489
Tech Data Corp *		460		15,047
Tellabs Inc *		13,370		76,610
Teradata Corp *		1,110		26,007
Teradyne Inc *		2,520		17,287
Texas Instruments Inc		40,500		862,650
The Western Union Co		18,570		304,548
THQ Inc *		100		716
Total System Services Inc		1,210		16,202
Trimble Navigation Ltd *		3,270		64,190
Unisys Corp *		580		876
ValueClick Inc *		4,950		52,074
VeriSign Inc *		280		5,174
Vishay Intertechnology Inc *		8,460		57,443
Western Digital Corp *		3,660		96,990
Xerox Corp		23,470		152,086
Xilinx Inc		8,380		171,455
Zebra Technologies Corp ‘A’ *		190		4,495
				19,000,675

See explanation of symbols and terms, if any, on page 45

26

PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Materials - 3.7%
Air Products & Chemicals Inc		1,100	$	71,049
AK Steel Holding Corp		320		6,141
Alcoa Inc		10,760		111,151
Allegheny Technologies Inc		1,330		46,457
Ashland Inc		1,912		53,632
Carpenter Technology Corp		2,950		61,389
CF Industries Holdings Inc		1,100		81,554
Cliffs Natural Resources Inc		320		7,830
Commercial Metals Co		3,330		53,380
Cytec Industries Inc		40		745
Domtar Corp *		1,855		30,756
E.I. du Pont de Nemours & Co		1,050		26,901
Eastman Chemical Co		1,420		53,818
Ferro Corp		1,220		3,355
Freeport-McMoRan Copper & Gold Inc		4,950		248,044
H.B. Fuller Co		630		11,831
Kaiser Aluminum Corp		180		6,464
MeadWestvaco Corp		1,810		29,702
Monsanto Co		6,920		514,433
Nalco Holding Co		1,200		20,208
NewMarket Corp		360		24,239
Nucor Corp		10,230		454,519
Owens-Illinois Inc *		3,470		97,195
Praxair Inc		2,700		191,889
Reliance Steel & Aluminum Co		2,730		104,805
Rockwood Holdings Inc *		980		14,347
RPM International Inc		2,410		33,836
Schnitzer Steel Industries Inc ‘A’		1,430		75,590
Sealed Air Corp		5,000		92,250
Sonoco Products Co		2,250		53,888
Southern Copper Corp		26,220		535,937
Temple-Inland Inc		630		8,266
Terra Industries Inc		2,900		70,238
The Dow Chemical Co		2,510		40,511
The Mosaic Co		7,630		338,009
The Valspar Corp		2,480		55,874
United States Steel Corp		2,320		82,917
Valhi Inc		170		1,263
Westlake Chemical Corp		870		17,739
Worthington Industries Inc		2,140		27,371
				3,759,523
Telecommunication Services - 2.4%
America Movil SAB de CV ‘L’ ADR (Mexico)		2,000		77,440
AT&T Inc		23,363		580,337
Centennial Communications Corp *		1,600		13,376
Embarq Corp		2,300		96,738
NII Holdings Inc *		2,750		52,443
NTELOS Holdings Corp		450		8,289
Premiere Global Services Inc *		1,010		10,948
Qwest Communication International Inc		23,720		98,438
Sprint Nextel Corp *		66,720		320,923
Syniverse Holdings Inc *		2,270		36,388
tw telecom Inc *		3,800		39,026
Verizon Communications Inc		33,360		1,025,153
Windstream Corp		7,790		65,124
				2,424,623
Utilities - 1.2%
American Electric Power Co Inc		5,950		171,895
Duke Energy Corp		21,190		309,162
Exelon Corp		320		16,387
Integrys Energy Group Inc		530		15,895
PG&E Corp		2,380		91,487
Public Service Enterprise Group Inc		5,600		182,728
RRI Energy Inc *		2,520		12,625
Sempra Energy		900		44,667
The AES Corp *		22,300		258,903
Wisconsin Energy Corp		2,400		97,704
				1,201,453
Total Common Stocks (Cost $100,134,467)				95,448,110
EXCHANGE-TRADED FUND - 0.7%
Standard & Poor’s Depositary Receipts Trust I		7,600		698,592
Total Exchange-Traded Fund (Cost $704,106)				698,592
TOTAL INVESTMENTS - 95.5% (Cost $100,838,573)				96,146,702
OTHER ASSETS & LIABILITIES, NET - 4.5%				4,570,131
NET ASSETS - 100.0%			$	100,716,833

Notes to Schedule of Investments

(a)	A security with a total aggregate market value of $9 or less than 0.1% of the net assets was valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.
(b)	Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See explanation of symbols and terms, if any, on page 45

27

PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 6.9%
Brazil - 6.9%
All America Latina Logistica SA		28,000	$	171,901
Cia de Bebidas das Americas ADR		3,700		239,871
Itau Unibanco Holding SA ADR		3,100		49,073
Lojas Americanas SA		119,940		557,006
Net Servicos de Comunicacao SA *		27,408		267,156
Petroleo Brasileiro SA ADR		23,800		793,968
Vale SA ADR		26,300		403,705
				2,482,680
Total Preferred Stocks (Cost $2,099,867)				2,482,680
COMMON STOCKS - 86.3%
Argentina - 0.0%
IRSA Inversiones y Representaciones SA GDR *		1,500		7,185
Bermuda - 0.8%
Credicorp Ltd		3,300		192,060
Shangri-La Asia Ltd +		70,000		103,388
				295,448
Brazil - 4.9%
B2W Cia Global do Varejo		13,000		242,154
BM&F BOVESPA SA		85,216		508,817
Cyrela Brazil Realty SA Empreendimentos e Participacoes		16,000		120,031
Diagnosticos da America SA *		4,800		84,511
Embraer-Empresa Brasileira de Aeronautica SA ADR		15,900		263,304
Natura Cosmeticos SA		41,800		546,099
				1,764,916
Canada - 0.2%
Equinox Minerals Ltd *		7,700		17,808
First Quantum Minerals Ltd		400		19,344
Niko Resources Ltd		600		41,267
				78,419
Cayman - 2.8%
Baidu Inc ADR *		300		90,327
NetEase.com *		900		31,662
SINA Corp *		14,900		439,252
Tencent Holdings Ltd +		37,400		433,937
				995,178
Chile - 2.7%
Banco Santander Chile SA		5,599,700		250,976
Cencosud SA		250,600		655,578
SACI Falabella SA		1,800		7,116
Sociedad Quimica y Minera de Chile SA ADR		1,700		61,523
				975,193
China - 1.6%
China Shenhua Energy Co Ltd ‘H’ +		94,000		343,418
Shanghai Zhenhua Heavy Industry Co Ltd ‘B’ +		164,190		140,737
Travelsky Technology Ltd ‘H’ +		156,000		86,272
				570,427

Colombia - 0.7%
Almacenes Exito SA GDR ~	5,000	32,882
BanColombia SA ADR	7,400	225,700
		258,582
Denmark - 1.3%
Carlsberg AS ‘B’ +	7,100	455,468
Egypt - 3.6%
Commercial International Bank +	37,733	329,166
Eastern Tobacco Co SAE	4,418	88,739
Egyptian Financial Group-Hermes Holding +	50,355	203,494
Orascom Construction Industries +	900	30,549
Orascom Telecom Holding SAE * +	122,969	653,889
		1,305,837
Hong Kong - 9.5%
China Mobile Ltd +	35,000	350,434
China Resources Enterprise Ltd +	211,000	420,961
China Unicom Hong Kong Ltd +	473,000	628,914
CNOOC Ltd +	398,000	490,277
Hang Lung Properties Ltd +	111,000	365,527
Hong Kong Exchanges & Clearing Ltd +	54,000	834,651
Television Broadcasts Ltd +	80,000	320,395
		3,411,159
India - 12.6%
ABB Ltd India +	5,000	80,971
Cairn India Ltd * +	7,800	37,801
Colgate Palmolive India Ltd +	2,000	25,215
Divi’s Laboratories Ltd +	8,202	190,097
HDFC Bank Ltd ADR	9,400	969,422
Hindustan Unilever Ltd +	8,741	48,650
Housing Development Finance Corp * +	13,400	654,105
Infosys Technologies Ltd +	48,700	1,800,924
ITC Ltd +	14,900	59,234
Tata Consultancy Services Ltd +	33,036	268,353
Zee Entertainment Enterprises Ltd +	101,200	372,670
		4,507,442
Indonesia - 3.0%
P.T. Astra International Tbk +	118,400	274,904
P.T. Bank Central Asia Tbk +	514,500	176,351
P.T. Telekomunikasi Indonesia Tbk +	756,400	559,962
P.T. Unilever Indonesia Tbk +	76,500	69,129
		1,080,346
Luxembourg - 1.6%
Oriflame Cosmetics SA SDR +	5,200	226,694
Tenaris SA ADR	12,800	346,112
		572,806
Mexico - 6.6%
America Movil SAB de CV ‘L’ ADR	13,100	507,232
Corporacion GEO SAB de CV ‘B’ *	35,400	68,390
Corporacion Interamericana de Entretenimiento SAB de CV ‘B’ *	30,800	15,507
Fomento Economico Mexicano SAB de CV	123,600	398,632
Fomento Economico Mexicano SAB de CV ADR	4,150	133,796
Grupo Modelo SAB de CV ‘C’ *	59,800	213,619
Grupo Televisa SA ADR	33,600	571,200
SARE Holding SAB de CV ‘B’ *	181,118	55,292
Wal-Mart de Mexico SAB de CV ‘V’	139,536	413,789
		2,377,457

See explanation of symbols and terms, if any, on page 45

28

PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Shares		Value
Norway - 0.6%
Det Norske Oljeselskap International ASA * +		179,568	$	224,963
Philippines - 2.4%
Jollibee Foods Corp +		141,600		143,880
Philippine Long Distance Telephone Co +		1,000		49,586
SM Prime Holdings Inc +		3,516,059		649,117
				842,583
Portugal - 0.4%
Jeronimo Martins Sociedade Gestora de Participacoes Sociais SA +		21,700		148,015
Russia - 5.2%
Gazprom OAO ADR +		35,300		716,811
Magnit OAO +		19,500		727,531
MMC Norilsk Nickel JSC ADR *		8,900		80,990
NovaTek OAO GDR (OTC) ~		8,300		332,000
NovaTek OAO GDR (LI) +		400		19,061
				1,876,393
South Africa - 5.0%
Adcock Ingram Holdings Ltd +		6,871		38,036
Anglo Platinum Ltd +		4,700		332,941
Impala Platinum Holdings Ltd +		13,300		294,295
JSE Ltd +		3,400		21,385
MTN Group Ltd +		24,600		377,817
Standard Bank Group Ltd +		48,734		560,648
Tiger Brands Ltd +		9,871		184,452
				1,809,574
South Korea - 4.6%
GS Engineering & Construction Corp +		1,202		69,338
Hyundai Engineering & Construction Co Ltd +		4,956		206,560
Mirae Asset Securities Co Ltd +		5,621		304,453
NHN Corp * +		3,938		542,829
Shinsegae Co Ltd +		1,291		510,171
				1,633,351
Taiwan - 6.0%
Epistar Corp +		124,000		333,079
HTC Corp +		9,000		126,468
MediaTek Inc +		67,391		800,096
President Chain Store Corp +		53,000		135,488
Synnex Technology International Corp +		29,569		47,983
Taiwan Semiconductor Manufacturing Co Ltd +		440,000		722,128
				2,165,242
Thailand - 0.1%
Kiatnakin Bank PCL		94,800		45,216
Turkey - 5.5%
Aksigorta AS +		30,300		78,453
Anadolu Efes Biracilik Ve Malt Sanayii AS +		29,765		267,553
BIM Birlesik Magazalar AS +		3,100		108,157
Enka Insaat ve Sanayi AS +		121,550		375,478
Haci Omer Sabanci Holding AS +		79,958		212,243
Turkcell Iletisim Hizmetleri AS +		131,700		728,128
Yapi ve Kredi Bankasi AS * +		143,212		209,569
				1,979,581

United Kingdom - 4.2%
Anglo American PLC +	22,600		660,803
SABMiller PLC +	35,810		731,165
Tullow Oil PLC +	6,800		105,318
			1,497,286
United States - 0.4%
Sohu.com Inc *	2,100		131,943
Total Common Stocks (Cost $25,518,564)			31,010,010
SHORT-TERM INVESTMENTS - 4.4%
Money Market Funds - 4.4%
BlackRock Liquidity Funds Institutional TempCash	783,482		783,482
BlackRock Liquidity Funds Institutional TempFund	783,482		783,482
Total Short-Term Investments (Cost $1,566,964)			1,566,964
TOTAL INVESTMENTS - 97.6% (Cost $29,185,395)			35,059,654
OTHER ASSETS & LIABILITIES, NET - 2.4%			852,170
NET ASSETS - 100.0%		$	35,911,824

Notes to Schedule of Investments

(a) As of June 30, 2009, the Fund was diversified as a percentage of net assets as follows:

Financials	19.1	%
Consumer Staples	17.9	%
Information Technology	16.3	%
Telecommunication Services	10.7	%
Consumer Discretionary	9.8	%
Energy	9.6	%
Materials	5.2	%
Short-Term Investments	4.4	%
Industrials	3.7	%
Health Care	0.9	%
	97.6	%
Other Assets & Liabilities, Net	2.4	%
	100.0	%

(b) Securities with a total aggregate market value of $22,800,535 or 63.5% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.

See explanation of symbols and terms, if any, on page 45

29

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.0%
Financials - 0.0%
Fannie Mae		8,000	$	10,720
Total Preferred Stocks (Cost $200,000)				10,720
CONVERTIBLE PREFERRED STOCKS - 1.5%
Financials - 1.5%
American International Group Inc 8.500%		8,300		79,016
Lehman Brothers Holdings Inc 8.750% Ω		1,500		1,200
Wells Fargo & Co 7.500%		3,000		2,354,910
				2,435,126
Total Convertible Preferred Stocks (Cost $3,661,903)				2,435,126

	Principal
	Amount
CORPORATE BONDS & NOTES - 27.7%
Consumer Discretionary - 0.0%
General Motors Corp
8.375% due 07/05/33 Ω	EUR	200,000	33,528
Consumer Staples - 0.8%
Kraft Foods Inc
6.125% due 02/01/18	$	700,000	724,949
6.875% due 02/01/38		100,000	105,983
Reynolds American Inc
7.625% due 06/01/16		100,000	100,437
Wal-Mart Stores Inc
5.800% due 02/15/18		200,000	218,241
6.500% due 08/15/37		100,000	111,971
			1,261,581
Energy - 1.0%
Colorado Interstate Gas Co
6.800% due 11/15/15		200,000	206,436
Enterprise Products Operating LLC
4.625% due 10/15/09		100,000	100,301
Gaz Capital SA (Russia)
8.146% due 04/11/18 ~		500,000	457,500
NGPL PipeCo LLC
7.119% due 12/15/17 ~		500,000	524,867
7.768% due 12/15/37 ~		200,000	218,934
The Williams Cos Inc
6.375% due 10/01/10 ~		100,000	100,019
			1,608,057
Financials - 22.8%
American Express Bank FSB
5.500% due 04/16/13		600,000	589,514
American Express Centurion Bank
6.000% due 09/13/17		1,200,000	1,096,322
American General Finance Corp
4.875% due 05/15/10		600,000	504,913
American International Group Inc
5.850% due 01/16/18		800,000	423,833
ANZ National International Ltd (New Zealand)
6.200% due 07/19/13 ~		300,000	309,413
Bank of America Corp
4.875% due 01/15/13		100,000	98,908
5.650% due 05/01/18		700,000	619,576
Barclays Bank PLC (United Kingdom)
5.450% due 09/12/12		800,000	839,772
6.050% due 12/04/17 ~		2,700,000	2,345,047
10.179% due 06/12/21 ~ D		720,000	769,506
CIT Group Inc
1.322% due 04/27/11 §		500,000	354,185
Citigroup Capital XXI
8.300% due 12/21/77 §		2,000,000	1,562,056
Citigroup Inc
2.125% due 04/30/12		500,000	502,628
5.500% due 04/11/13		700,000	656,834
5.625% due 08/27/12		50,000	46,858
5.875% due 05/29/37		200,000	156,554
Deutsche Bank AG (Germany)
6.000% due 09/01/17		900,000	919,572
Dexia Credit Local (France)
1.262% due 09/23/11 ~ §		500,000	498,704
Ford Motor Credit Co LLC
7.250% due 10/25/11		100,000	86,543
7.800% due 06/01/12		300,000	258,339
9.750% due 09/15/10		100,000	95,815
General Electric Capital Corp
0.953% due 08/15/11 §		400,000	378,959
2.250% due 03/12/12		1,000,000	1,009,608
5.875% due 01/14/38		900,000	713,537
6.875% due 01/10/39		200,000	180,341
General Motors Acceptance Corp LLC
6.625% due 05/15/12		300,000	244,446
7.000% due 02/01/12		600,000	498,322
HCP Inc
5.950% due 09/15/11		900,000	881,401
JPMorgan Chase & Co
2.200% due 06/15/12		200,000	201,207
7.900% § ±		300,000	263,259
KeyBank NA
7.000% due 02/01/11		400,000	407,372
Keycorp
1.444% due 11/22/10 §	EUR	500,000	630,375
LeasePlan Corp (Netherlands)
3.125% due 02/10/12		300,000	426,887
Lehman Brothers Holdings Inc
2.851% due 12/23/08 Ω	$	500,000	76,250
5.625% due 01/24/13 Ω		1,200,000	187,500
6.750% due 12/28/17 Ω		500,000	50
6.875% due 05/02/18 Ω		100,000	16,500
Merrill Lynch & Co Inc
1.534% due 02/08/10 §	EUR	100,000	137,943
6.875% due 04/25/18	$	900,000	834,334
Metropolitan Life Global Funding I
5.125% due 04/10/13 ~		300,000	305,486
Morgan Stanley
0.550% due 04/19/12 §		100,000	89,573
5.950% due 12/28/17		1,900,000	1,826,141
Nykredit Realkredit AS (Denmark)
5.000% due 10/01/38 §	DKK	899,099	157,600
5.000% due 10/01/38 §		766,687	136,701
Principal Life Income Funding Trusts
5.300% due 04/24/13	$	100,000	99,889
Realkredit Danmark AS (Denmark)
4.100% due 01/01/38 §	DKK	2,384,963	421,062
4.100% due 10/01/38 §		859,034	152,891
Regions Bank/Birmingham AL
7.500% due 05/15/18 ~	$	300,000	264,793

See explanation of symbols and terms, if any, on page 45

30

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
Regions Financial Corp
0.774% due 06/26/12 §	$	900,000	$	708,437
Santander Perpetual SA Unipersonal (Spain)
6.671% ~ § ±		200,000		148,216
Santander US Debt SA Unipersonal (Spain)
0.697% due 11/20/09 ~ §		500,000		496,897
SLM Corp
0.829% due 03/15/11 §		600,000		514,917
1.322% due 10/25/11 §		900,000		729,618
Societe de Financement (France)
3.375% due 05/05/14 ~		200,000		200,792
Societe de Financement de l’Economie Francaise (France)
2.125% due 05/20/12		300,000		420,521
The Bear Stearns Cos Inc
0.854% due 11/28/11 §		2,500,000		2,440,833
6.400% due 10/02/17		400,000		401,345
The Goldman Sachs Group Inc
1.187% due 02/06/12 §		200,000		191,102
6.250% due 09/01/17		1,100,000		1,090,086
6.750% due 10/01/37		1,200,000		1,068,666
The Royal Bank of Scotland Group PLC (United Kingdom)
1.320% due 04/08/11 ~ §		400,000		399,624
2.625% due 05/11/12 ~		100,000		100,809
3.000% due 12/09/11 ~		800,000		817,357
7.640% § ±		500,000		202,722
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland)
8.700% due 08/07/18 ~		100,000		96,397
UBS AG (Switzerland)
5.875% due 12/20/17		700,000		652,940
Wachovia Corp
1.218% due 08/01/13 §		300,000		269,593
1.261% due 10/15/11 §		600,000		570,217
Wells Fargo Co
7.980% § ±		1,700,000		1,413,071
				36,211,479
Health Care - 0.6%
Roche Holdings Inc
7.000% due 03/01/39 ~		400,000		464,676
UnitedHealth Group Inc
6.000% due 02/15/18		400,000		384,522
6.875% due 02/15/38		100,000		92,725
				941,923
Materials - 0.4%
C10 Capital SPV Ltd (United Kingdom)
6.722% § ±		300,000		153,791
Codelco Inc (Chile)
6.150% due 10/24/36 ~		200,000		196,833
Vale Overseas Ltd (Cayman)
6.250% due 01/23/17		200,000		202,629
				553,253
Telecommunication Services - 1.7%
AT&T Inc
4.125% due 09/15/09		100,000		100,510
6.300% due 01/15/38		200,000		193,676
BellSouth Corp
4.950% due 04/26/10 ~		900,000		919,691
Verizon Wireless Capital LLC
5.250% due 02/01/12 ~		1,300,000		1,372,149
				2,586,026

Utilities - 0.4%
Electricite de France (France)
5.500% due 01/26/14 ~	200,000	215,613
6.500% due 01/26/19 ~	200,000	219,409
6.950% due 01/26/39 ~	200,000	225,292
		660,314
Total Corporate Bonds & Notes (Cost $47,496,749)		43,856,161
SENIOR LOAN NOTES - 0.0%
Health Care - 0.0%
HCA Inc Term B
2.848% due 11/18/13 §	49,047	44,419
Total Senior Loan Notes (Cost $47,933)		44,419
MORTGAGE-BACKED SECURITIES - 74.5%
Collateralized Mortgage Obligations - Commercial - 2.7%
Bear Stearns Commercial Mortgage Securities
5.471% due 01/12/45 “ §	100,000	83,326
5.700% due 10/11/17 “	200,000	159,423
Commercial Mortgage Pass-Through Certificates
5.306% due 12/10/46 “	200,000	146,388
Credit Suisse Mortgage Capital Certificates
5.467% due 09/15/39 “	900,000	632,520
5.658% due 03/15/39 “ §	100,000	71,779
Greenwich Capital Commercial Funding Corp
5.444% due 03/10/39 “	400,000	319,933
LB-UBS Commercial Mortgage Trust
5.866% due 09/15/45 “ §	600,000	460,621
Lehman Brothers Floating Rate Commercial Mortgage Trust
0.399% due 09/15/21 ~ “ §	43,524	38,547
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.700% due 09/12/49 “	500,000	346,307
Morgan Stanley Capital I
5.731% due 07/12/44 “ §	1,700,000	1,399,875
Wachovia Bank Commercial Mortgage Trust
0.409% due 09/15/21 ~ “ §	398,448	287,154
5.342% due 12/15/43 “	600,000	396,351
		4,342,224
Collateralized Mortgage Obligations - Residential - 11.9%
Adjustable Rate Mortgage Trust
4.577% due 05/25/35 “ §	78,735	68,474
Banc of America Funding Corp
3.678% due 05/25/35 “ §	226,337	192,134
Banc of America Mortgage Securities Inc
3.994% due 07/25/33 “ §	139,262	120,959
5.000% due 05/25/34 “	77,289	75,869
Bear Stearns Adjustable Rate Mortgage Trust
3.954% due 03/25/35 “ §	262,109	225,250
4.537% due 08/25/33 “ §	336,615	295,935
4.550% due 08/25/35 “ §	105,297	93,019
4.625% due 10/25/35 “ §	588,497	466,657
4.730% due 10/25/35 “ §	106,133	102,393

See explanation of symbols and terms, if any, on page 45

31

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
Bear Stearns Alt-A Trust
5.360% due 05/25/35 “ §	$	79,323	$	51,407
5.491% due 09/25/35 “ §		93,880		51,013
5.677% due 11/25/36 “ §		124,382		63,310
Chevy Chase Mortgage Funding Corp
0.564% due 08/25/35 ~ “ §		104,680		67,937
Citigroup Mortgage Loan Trust Inc
4.248% due 08/25/35 “ §		122,363		97,444
4.700% due 12/25/35 “ §		202,732		163,791
Countrywide Alternative Loan Trust
5.246% due 06/25/37 “ §		468,431		219,130
Countrywide Home Loan Mortgage
Pass-Through Trust
0.634% due 03/25/35 “ §		44,516		20,321
0.654% due 06/25/35 ~ “ §		236,276		171,721
CS First Boston Mortgage Securities Corp
1.048% due 03/25/32 ~ “ §		10,093		7,641
6.000% due 11/25/35 “		160,294		137,480
Downey Saving and Loan Association Mortgage Loan Trust
0.493% due 04/19/48 “ §		693,306		118,827
Fannie Mae
0.514% due 10/27/37 “ §		3,400,000		3,096,125
1.625% due 11/25/23 “ §		475,363		480,578
4.250% due 07/25/17 “		259,915		268,778
4.500% due 04/25/17 “		218,690		224,891
4.500% due 10/25/17 “		268,765		278,134
5.000% due 01/25/17 “		194,529		200,155
5.000% due 07/25/19 “		2,187		2,198
5.500% due 09/25/24 “		212,782		214,523
6.000% due 03/25/31 “		1,579,629		1,652,970
Freddie Mac
2.539% due 10/25/44 “ §		69,131		68,070
2.740% due 07/25/44 “ §		372,060		368,484
4.000% due 10/15/23 “		87,078		87,261
4.500% due 06/15/17 “		316,694		326,855
4.500% due 10/15/19 “		237,955		244,184
5.000% due 09/15/16 “		2,164		2,168
5.000% due 04/15/18 “		664,374		689,563
5.000% due 11/15/24 “		123,592		126,396
5.000% due 05/15/26 “		240,349		247,742
5.000% due 11/15/26 “		292,480		299,973
5.000% due 09/15/27 “		1,536,066		1,570,984
5.000% due 12/15/27 “		1,621,090		1,674,925
5.000% due 04/15/30 “		301,517		310,283
5.500% due 03/15/17 “		52,189		54,402
8.000% due 04/15/30 “		464,370		500,267
GMAC Mortgage Corp Loan Trust
5.500% due 09/25/34 “		57,487		57,658
Harborview Mortgage Loan Trust
0.403% due 01/19/38 “ §		90,810		83,947
0.483% due 12/19/36 “ §		948,984		393,206
0.503% due 01/19/38 “ §		286,039		122,279
0.533% due 05/19/35 “ §		48,035		21,543
JPMorgan Mortgage Trust
5.012% due 02/25/35 “ §		106,369		93,094
Mellon Residential Funding Corp
0.799% due 06/15/30 “ §		19,143		15,937
Merrill Lynch Floating Trust
0.859% due 07/09/21 ~ “ §		500,000		450,441
Merrill Lynch Mortgage Investors Inc
0.524% due 02/25/36 “ §		58,967		31,857
Residential Accredit Loans Inc
0.494% due 06/25/46 “ §		139,798		53,892
6.000% due 06/25/36 “		450,654		238,594
Residential Asset Securitization Trust
0.714% due 05/25/33 “ §		33,385		28,585
Structured Asset Mortgage Investments Inc
0.534% due 05/25/36 “ §		286,408		113,710
Structured Asset Securities Corp
4.101% due 08/25/32 “ §		31,449		27,700
4.400% due 10/25/35 ~ “ §		143,976		99,143
5.000% due 12/25/34 “		39,666		38,122
Washington Mutual Mortgage Pass-Through Certificates
0.624% due 01/25/45 “ §		41,475		19,340
0.634% due 01/25/45 “ §		40,211		20,281
0.854% due 12/25/27 “ §		107,136		80,153
2.630% due 02/27/34 “ §		13,955		11,438
2.740% due 08/25/42 “ §		7,087		4,491
2.880% due 09/25/46 “ §		134,755		61,112
Wells Fargo Mortgage-Backed Securities Trust
3.536% due 12/25/34 “ §		222,099		204,837
4.046% due 07/25/35 “ §		284,624		257,449
4.500% due 11/25/18 “		173,455		167,777
5.242% due 04/25/36 “ §		334,811		264,225
5.511% due 08/25/36 “ §		85,871		64,305
				18,825,737
Fannie Mae - 48.8%
2.638% due 10/01/44 “ §		67,536		66,768
4.287% due 11/01/34 “ §		276,743		283,370
4.647% due 12/01/36 “ §		29,983		30,167
4.708% due 09/01/35 “ §		311,766		315,694
5.000% due 08/01/20 “		1,052,141		1,096,298
5.000% due 06/01/35 “		936,997		958,043
5.000% due 08/01/35 “		377,629		385,875
5.000% due 11/01/35 “		56,197		57,424
5.000% due 03/01/36 “		1,437,929		1,469,328
5.000% due 04/01/36 “		481,734		492,555
5.079% due 11/01/32 “ §		361,766		371,908
5.469% due 06/01/37 “ §		1,975,480		2,050,519
5.493% due 12/01/35 “ §		155,027		161,122
5.500% due 12/01/14 “		26,210		27,662
5.500% due 12/01/20 “		54,142		56,939
5.500% due 07/01/21 “		52,917		55,502
5.500% due 08/01/21 “		633,472		664,413
5.500% due 10/01/21 “		662,346		696,560
5.500% due 12/01/21 “		172,329		180,746
5.500% due 04/01/22 “		677,013		709,552
5.500% due 05/01/22 “		1,570,777		1,646,272
5.500% due 05/01/22 “		503,031		527,208
5.500% due 07/01/22 “		156,162		163,667
5.500% due 06/01/23 “		414,763		434,674
5.500% due 06/01/23 “		123,503		128,585
5.500% due 09/01/23 “		1,006,353		1,054,664
5.500% due 02/01/24 “		114,860		119,586
5.500% due 02/01/33 “		281,408		292,309
5.500% due 08/01/33 “		10,037		10,416
5.500% due 01/01/34 “		56,232		58,358
5.500% due 02/01/34 “		246,049		255,351
5.500% due 03/01/34 “		33,418		34,661
5.500% due 04/01/34 “		14,683		15,238
5.500% due 03/01/37 “		452,637		467,980
5.500% due 05/01/37 “		183,571		189,793
5.500% due 05/01/37 “		305,701		316,063
5.500% due 06/01/37 “		21,648		22,382
5.500% due 08/01/37 “		125,652		130,206
5.500% due 08/01/37 “		4,454,856		4,616,301
5.500% due 09/01/37 “		585,858		605,717
5.500% due 11/01/37 “		78,711		81,379
5.500% due 02/01/38 “		1,405,778		1,454,308
5.500% due 03/01/38 “		802,475		829,631
5.500% due 06/01/38 “		1,746,260		1,805,354
5.500% due 06/01/38 “		1,868,545		1,931,777
5.500% due 06/01/38 “		1,340,929		1,386,382
5.500% due 06/01/38 “		3,609,121		3,733,713
5.500% due 07/01/38 “		28,333		29,291
5.500% due 07/01/38 “		837,113		865,441

See explanation of symbols and terms, if any, on page 45

32

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
5.500% due 07/15/38 “	$	7,200,000	$	7,430,623
5.500% due 09/01/38 “		415,594		429,681
5.500% due 09/01/38 “		188,595		194,978
5.500% due 09/01/38 “		3,999,999		4,135,360
5.500% due 09/01/38 “		2,238,070		2,313,933
5.500% due 11/01/38 “		853,962		882,860
5.500% due 11/13/38 “		241,249		250,218
5.500% due 11/13/38 “		278,294		288,815
5.500% due 12/01/38 “		7,000,005		7,236,887
6.000% due 09/01/22 “		82,321		87,100
6.000% due 01/01/23 “		62,323		65,900
6.000% due 02/01/33 “		94,090		99,223
6.000% due 12/01/35 “		129,398		135,769
6.000% due 06/01/36 “		318,562		333,749
6.000% due 06/01/36 “		32,169		33,702
6.000% due 07/01/36 “		37,831		39,635
6.000% due 08/01/36 “		21,107		22,114
6.000% due 09/01/36 “		696,166		729,356
6.000% due 09/01/36 “		124,442		130,375
6.000% due 09/01/36 “		89,260		93,515
6.000% due 10/01/36 “		43,074		45,128
6.000% due 10/01/36 “		892,294		934,834
6.000% due 11/01/36 “		61,580		64,516
6.000% due 12/01/36 “		325,355		340,866
6.000% due 03/01/37 “		58,332		61,058
6.000% due 04/01/37 “		35,906		37,584
6.000% due 06/01/37 “		23,718		24,827
6.000% due 07/01/37 “		52,020		54,451
6.000% due 07/01/37 “		38,678		40,522
6.000% due 09/01/37 “		785,598		822,316
6.000% due 09/01/37 “		24,117		25,244
6.000% due 09/01/37 “		2,859,604		2,993,257
6.000% due 11/01/37 “		29,092		30,452
6.000% due 12/01/37 “		513,334		537,326
6.000% due 02/01/38 “		29,734		31,117
6.000% due 07/15/38 “		12,500,000		13,064,450
6.500% due 03/01/17 “		82,231		87,168
				77,466,061
Freddie Mac - 8.7%
4.333% due 11/01/31 “ §		9,630		9,717
4.697% due 06/01/35 “ §		614,850		633,102
4.738% due 09/01/35 “ §		297,359		308,165
4.826% due 04/01/32 “ §		30,295		30,596
5.294% due 09/01/35 “ §		278,985		289,166
5.500% due 03/01/23 “		55,219		57,470
5.500% due 04/01/38 “		418,538		432,725
5.500% due 07/15/38 “		11,000,000		11,352,341
5.500% due 08/19/38 “		384,125		397,146
6.000% due 12/01/22 “		69,016		72,845
6.000% due 03/01/23 “		155,891		164,440
				13,747,713
Government National Mortgage Association - 2.4%
6.500% due 11/15/36 “		83,205		88,448
6.500% due 08/15/37 “		107,221		113,927
6.500% due 07/15/38 “		613,173		651,233
6.500% due 10/15/38 “		492,694		523,275
6.500% due 10/15/38 “		2,323,709		2,467,942
				3,844,825
Total Mortgage-Backed Securities (Cost $119,915,285)				118,226,560
ASSET-BACKED SECURITIES - 2.0%
Argent Securities Inc
0.364% due 10/25/36 “ §		10,340		10,165
Asset Backed Funding Certificates
0.374% due 10/25/36 “ §		13,033		12,814
0.664% due 06/25/34 “ §		138,554		68,058
Bear Stearns Asset Backed Securities Trust
4.902% due 10/25/36 “ §		228,945		128,787
Carrington Mortgage Loan Trust
0.474% due 01/25/36 “ §		179,535		170,250
Citibank Omni Master Trust
1.415% due 12/23/13 ~ “ §		1,700,000		1,697,413
JPMorgan Mortgage Acquisition Corp
0.364% due 07/25/36 “ §		58,070		55,047
Lehman XS Trust
0.434% due 11/25/36 “ §		31,443		30,718
Long Beach Mortgage Loan Trust
0.594% due 10/25/34 “ §		18,554		11,876
Park Place Securities Inc
0.574% due 09/25/35 “ §		138,718		88,333
Residential Asset Securities Corp
0.384% due 11/25/36 “ §		30,359		29,761
Saxon Asset Securities Trust
0.374% due 11/25/36 “ §		30,197		29,061
SBI Heloc Trust
0.484% due 08/25/36 ~ “ §		80,573		70,950
Securitized Asset-Backed Receivables LLC Trust
0.364% due 09/25/36 “ §		44,419		39,051
0.444% due 05/25/37 “ §		297,019		185,352
SLC Student Loan Trust
0.863% due 02/15/15 “ §		134,617		134,436
SLM Student Loan Trust
1.092% due 10/25/16 “ §		247,216		246,368
Small Business Administration
4.754% due 08/10/14 “		78,489		81,096
Structured Asset Securities Corp
0.364% due 10/25/36 “ §		81,574		74,530
Wells Fargo Home Equity Trust
0.364% due 01/25/37 “ §		15,523		15,306
Total Asset-Backed Securities (Cost $3,555,923)				3,179,372
U.S. GOVERNMENT AGENCY ISSUES - 7.9%
Fannie Mae
1.375% due 04/28/11		3,000,000		3,009,114
Federal Home Loan Banks
3.375% due 06/24/11		100,000		103,784
Freddie Mac
0.926% due 05/04/11 §		5,700,000		5,714,689
0.937% due 08/05/11 §		100,000		100,036
1.125% due 06/01/11		1,000,000		998,732
1.211% due 04/07/11 §		400,000		401,302
1.625% due 04/26/11		1,800,000		1,814,841
4.875% due 06/13/18		100,000		107,810
5.000% due 12/14/18		200,000		190,231
5.250% due 07/18/11		100,000		107,963
Total U.S. Government Agency Issues (Cost $12,230,838)				12,548,502

See explanation of symbols and terms, if any, on page 45

33

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 0.6%
Export-Import Bank of Korea (South Korea)
1.386% due 10/04/11 ~ §	$	800,000	$	802,092
Republic of Panama (Panama)
9.375% due 04/01/29		40,000		50,400
United Mexican States (Mexico)
5.950% due 03/19/19		100,000		101,500
Total Foreign Government Bonds & Notes (Cost $947,264)				953,992
MUNICIPAL BONDS - 3.4%
Austin Texas Water & Wastewater System Revenue ‘A’
5.000% due 11/15/29		200,000		202,140
Buckeye Tobacco Settlement Financing Authority OH ‘A2’
5.875% due 06/01/47		1,100,000		622,325
California Educational Facilities Authority ‘A’
4.750% due 10/01/37		900,000		829,584
California State
5.650% due 04/01/39 §		100,000		98,441
California State Build America Bonds
7.500% due 04/01/34		100,000		91,534
7.550% due 04/01/39		100,000		91,140
Clark County Tax-BD BK NV
5.000% due 06/01/26		900,000		890,847
Houston Texas Combined Utilities Systems First Lien Revenue ‘A’
5.000% due 11/15/36		100,000		97,376
Los Angeles Unified School District CA ‘A1’
4.500% due 01/01/28		400,000		366,092
Texas State Transportation Commission Mobility Fund
5.000% due 04/01/37		900,000		907,416
Texas State Transportation Commission Mobility Fund ‘A’
4.750% due 04/01/35		100,000		95,698
Tobacco Securitization Authority of Southern California ‘A1’
5.000% due 06/01/37		800,000		485,728
Tobacco Settlement Finance Authority of WV ‘A’
7.467% due 06/01/47		865,000		581,194
Total Municipal Bonds (Cost $6,236,486)				5,359,515
PURCHASED OPTIONS - 0.9%
(See Note (g) to Notes to Schedule of Investments) (Cost $267,074)				1,390,348
SHORT-TERM INVESTMENTS - 4.8%
U.S. Treasury Bills - 0.1%
0.111% due 07/23/09 ‡		80,000		79,995

	Shares
Money Market Funds - 0.6%
BlackRock Liquidity Funds Institutional TempCash		500,254	500,254
BlackRock Liquidity Funds Institutional TempFund		500,254	500,254
			1,000,508

	Principal
	Amount
Repurchase Agreement - 4.1%
JPMorgan Chase & Co 0.090% due 07/01/09 (Dated 06/30/09, repurchase price of $6,500,016; collateralized by Freddie Mac:
2.125% due 04/02/12 and market value $6,666,694)	$	6,500,000		6,500,000
Total Short-Term Investments (Cost $7,580,503)				7,580,503
TOTAL INVESTMENTS - 123.3% (Cost $202,139,958)				195,585,218
TOTAL SECURITIES SOLD SHORT - (1.3%) (See Note (d) to Notes to Schedule of Investments) (Proceeds $2,030,625)				(2,035,312	)
OTHER ASSETS & LIABILITIES, NET - (22.0%)				(34,921,363	)
NET ASSETS - 100.0%			$	158,628,543

Notes to Schedule of Investments

(a)	Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(b)	Securities with a total aggregate market value of $315,028 or 0.2% of the net assets were in default as of June 30, 2009.
(c)	0.5% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.
(d)	Securities sold short outstanding as of June 30, 2009 were as follows:

	Principal
Description	Amount		Value
Fannie Mae
5.000% due 07/13/39	$	2,000,000	$	2,035,312
Total Securities sold short (Proceeds $2,030,625)			$	2,035,312

See explanation of symbols and terms, if any, on page 45

34

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

(e) Open futures contracts outstanding as of June 30, 2009 were as follows:

					Unrealized
	Number of		Notional		Appreciation
Long Futures Outstanding	Contracts		Amount		(Depreciation)
3-Month Euribor (03/10)		2	EUR	2,000,000	$	3,612
Eurodollar (09/09)		6	$	6,000,000		1,650
Eurodollar (12/09)		48		48,000,000		12,213
Eurodollar (03/10)		2		2,000,000		12,613
Eurodollar (06/10)		14		14,000,000		15,450
Eurodollar (09/10)		5		5,000,000		12,287
Eurodollar (12/10)		12		12,000,000		(5,463	)
United Kingdom 90-Day LIBOR
Sterling Interest Rate (09/09)		31	GBP	15,500,000		281,781
United Kingdom 90-Day LIBOR
Sterling Interest Rate (03/10)		2		1,000,000		1,481
United Kingdom 90-Day LIBOR
Sterling Interest Rate (06/10)		4		2,000,000		(247	)
United Kingdom 90-Day LIBOR
Sterling Interest Rate (09/10)		4		2,000,000		(1,851	)
United Kingdom 90-Day LIBOR
Sterling Interest Rate (12/10)		4		2,000,000		(3,290	)
United Kingdom 90-Day LIBOR
Sterling Interest Rate (03/11)		2		1,000,000		(2,632	)
					$	327,604

(f) Forward foreign currency contracts outstanding as of June 30, 2009 were as follows:

		Principal
Contracts		Amount				Unrealized
to Buy or		Covered by				Appreciation
to Sell	Currency	Contracts		Expiration		(Depreciation)
Buy	AUD		1,078,000		07/09	$	19,946
Buy	BRL		2,365,632		08/09		98,222
Buy	CAD		199,000		08/09		(10,598	)
Buy	CNY		9,580,578		07/09		(59,402	)
Sell	CNY		9,580,578		07/09		(42,020	)
Buy	CNY		3,899,463		09/09		8,453
Sell	CNY		3,899,463		09/09		(13,774	)
Buy	CNY		1,751,383		03/10		(755	)
Buy	DKK		511,000		07/09		(1,292	)
Buy	DKK		511,000		10/09		—
Sell	EUR		1,239,000		07/09		(9,311	)
Buy	GBP		174,000		07/09		13,417
Sell	GBP		676,000		07/09		(66,227	)
Sell	GBP		502,000		08/09		3,964
Sell	JPY		2,474,000		07/09		39
Buy	SGD		86,784		07/09		(104	)
Sell	SGD		86,784		07/09		(2,918	)
						$	(62,360	)

(g) Purchased options outstanding as of June 30, 2009 were as follows:

Interest Rate Swaptions

	Pay/Receive
	Floating Rate
	Based on 3-Month	Exercise			Expiration		Counter-	Notional
Description	EUR-LIBOR	Rate			Date		party	Amount		Cost		Value
Call-OTC 2-Year Interest Rate Swap	Pay		4.070	%		09/14/09	DUB	EUR	11,200,000	$	57,912	$	640,796
	Based on 3-Month
	USD-LIBOR
Call-OTC 2-Year Interest Rate Swap	Pay		3.600	%		07/02/09	RBS	$	1,600,000		15,380		65,189
Call-OTC 2-Year Interest Rate Swap	Pay		3.450	%		08/03/09	BRC		900,000		9,810		32,176
Call-OTC 2-Year Interest Rate Swap	Pay		3.450	%		08/03/09	RBS		1,700,000		17,136		60,776
Call-OTC 2-Year Interest Rate Swap	Pay		3.500	%		08/03/09	RBS		16,100,000		166,836		591,411
Total Purchased Options										$	267,074	$	1,390,348

See explanation of symbols and terms, if any, on page 45

35

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

(h) Transactions in written options for the three-month period ended June 30, 2009 were as follows:

	Number of			Notional Amount
	Contracts			in $			Premium
Outstanding, March 31, 2009		28			4,500,000		$	34,346
Call Options Written		22			3,000,000			14,751
Put Options Written		42			3,000,000			19,317
Call Options Expired		(36	)		(3,000,000	)		(18,279	)
Put Options Expired		(36	)		(5,000,000	)		(35,235	)
Outstanding, June 30, 2009		20			2,500,000		$	14,900

(i) Premiums received and value of written options outstanding as of June 30, 2009 were as follows:

Interest Rate Swaptions

	Pay/Receive
	Floating Rate
	Based on 3-Month	Exercise			Expiration		Counter-	Notional
Description	USD-LIBOR	Rate			Date		party	Amount		Premium		Value
Put-OTC 2-Year Interest Rate Swap	Pay		2.000	%		07/27/09	BRC	$	500,000	$	2,075	$	398
Put-OTC 2-Year Interest Rate Swap	Pay		2.000	%		07/27/09	CIT		500,000		2,025		398
Put-OTC 2-Year Interest Rate Swap	Pay		2.000	%		07/27/09	DUB		1,000,000		4,350		796
Put-OTC 7-Year Interest Rate Swap	Pay		4.400	%		08/03/09	RBS		500,000		2,000		907
										$	10,450	$	2,499

Options on Exchange-Traded Futures Contracts

	Exercise		Expiration		Counter-	Number of
Description	Price		Date		party	Contracts		Premium		Value
Put-CME Eurodollar Futures (09/09)	$	98.50		09/14/09	MER		20	$	4,450	$	875
Total Written Options								$	14,900	$	3,374

(j) Swap agreements outstanding as of June 30, 2009 were as follows:

Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection (1)

Upfront

Fixed Deal

Implied Credit

Premiums

Pay

Expiration

Counter-

Spread at

Notional

Market

Paid/

Unrealized

Referenced Obligation

Rate

Date

party

06/30/09(3)

Amount(4)

Value(5)

(Received)

Appreciation

Health Care Properties 5.950% due 09/15/11

(0.460

%)

09/20/11

JPM

3.650

%

$

900,000

$

59,505

$

—

$

59,505

Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (2)

															Upfront
	Fixed Deal						Implied Credit								Premiums			Unrealized
	Receive			Expiration		Counter-	Spread at			Notional		Market			Paid/			Appreciation
Referenced Obligation	Rate			Date		party	06/30/09(3)			Amount(4)		Value(5)			(Received)			(Depreciation)
General Electric Capital Corp 6.000% due 06/15/12		1.500	%		09/20/11	DUB		4.194	%	$	100,000	$	(5,520	)	$	—		$	(5,520	)
General Electric Capital Corp 5.625% due 09/15/17		4.000	%		12/20/13	CIT		4.175	%		200,000		(1,075	)		—			(1,075	)
General Electric Capital Corp 5.625% due 09/15/17		4.230	%		12/20/13	DUB		4.175	%		200,000		651			—			651
General Electric Capital Corp 5.625% due 09/15/17		4.325	%		12/20/13	CIT		4.175	%		200,000		1,363			—			1,363
General Electric Capital Corp 6.000% due 06/15/12		4.400	%		12/20/13	BRC		4.175	%		200,000		1,941			—			1,941
General Electric Capital Corp 6.000% due 06/15/12		4.500	%		12/20/13	BRC		4.175	%		300,000		4,013			—			4,013
General Electric Capital Corp 6.000% due 06/15/12		4.700	%		12/20/13	BRC		4.175	%		400,000		8,351			—			8,351
General Electric Capital Corp 5.625% due 09/15/17		4.750	%		12/20/13	DUB		4.175	%		400,000		9,101			—			9,101
International Lease Finance Corp 4.150% due 01/20/15		5.000	%		12/20/13	BRC		9.152	%		300,000		(37,520	)		(51,000	)		13,480
SLM Corp 5.125% due 08/27/12		5.000	%		12/20/13	CIT		7.779	%		400,000		(36,396	)		(57,000	)		20,604
American International Group 6.250% due 05/01/36		5.000	%		12/20/13	DUB		14.290	%		500,000		(129,683	)		(46,250	)		(83,433	)
Reynolds American Inc 7.625% due 06/01/16		1.280	%		06/20/17	DUB		2.550	%		200,000		(15,561	)		—			(15,561	)
												$	(200,335	)	$	(154,250	)	$	(46,085	)

Credit Default Swaps on Credit Indices — Sell Protection (2)

												Upfront
	Fixed Deal											Premiums
	Receive			Expiration		Counter-	Notional		Market			Paid/			Unrealized
Referenced Obligation	Rate			Date		party	Amount (4)		Value (5)			(Received)			Depreciation
Dow Jones CDX NA HY-8 Index		0.483	%		06/20/12	BRC	$	776,816	$	(33,447	)	$	—		$	(33,447	)
Dow Jones CDX NA HY-9 Index		2.080	%		12/20/12	MER		1,456,185		(40,050	)		—			(40,050	)
Dow Jones CDX NA HY-9 Index		6.370	%		12/20/12	MER		500,000		(86,616	)		—			(86,616	)
Dow Jones CDX NA IG-9 Index		0.548	%		12/20/17	GSC		97,228		(5,490	)		—			(5,490	)
									$	(165,603	)	$	—		$	(165,603	)
Total Credit Default Swaps (6)									$	(306,433	)	$	(154,250	)	$	(152,183	)

See explanation of symbols and terms, if any, on page 45

36

PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(4)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement.
(5)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
(6)	The aggregate fair value of credit default swaps in a net liability as of June 30, 2009 was $271,192.

Interest Rate Swaps

													Upfront
													Premiums			Unrealized
	Counter-	Pay/Receive	Fixed			Expiration		Notional		Market			Paid/			Appreciation
Floating Rate Index	party	Floating Rate	Rate			Date		Amount		Value			(Received)			(Depreciation)
3-Month Australian Bank Bill	CIT	Pay		7.000	%		09/15/09	AUD	4,200,000	$	31,072		$	(8,140	)	$	39,212
6-Month EUR-LIBOR	GSC	Pay		4.000	%		09/19/09	EUR	200,000		2,572			(1,974	)		4,546
BRL - CDI Compounded	MER	Pay		12.670	%		01/04/10	BRL	2,000,000		25,846			—			25,846
BRL - CDI Compounded	MSC	Pay		12.670	%		01/04/10		8,400,000		108,552			7,053			101,499
6-Month EUR-LIBOR	MSC	Pay		4.500	%		03/19/10	EUR	4,200,000		172,021			(2,904	)		174,925
6-Month GBP-LIBOR	RBS	Pay		5.000	%		09/15/10	GBP	300,000		23,157			(9,463	)		32,620
6-Month EUR-LIBOR	BNP	Pay		4.500	%		03/18/11	EUR	5,200,000		396,579			8,277			388,302
3-Month Australian Bank Bill	CIT	Pay		4.500	%		06/15/11	AUD	2,300,000		(6,806	)		2,645			(9,451	)
3-Month Australian Bank Bill	DUB	Pay		4.500	%		06/15/11		6,920,000		(20,477	)		7,078			(27,555	)
3-Month Australian Bank Bill	MSC	Pay		4.500	%		06/15/11		3,600,000		(10,653	)		3,423			(14,076	)
6-Month Australian Bank Bill	UBS	Pay		4.250	%		09/15/11		6,000,000		(20,859	)		49,983			(70,842	)
6-Month Australian Bank Bill	CSF	Pay		6.250	%		09/15/11		1,200,000		32,356			129			32,227
BRL - CDI Compounded	MSC	Pay		10.115	%		01/02/12	BRL	8,900,000		(196,305	)		(199,363	)		3,058
BRL - CDI Compounded	GSC	Pay		10.150	%		01/02/12		6,100,000		(130,842	)		(23,780	)		(107,062	)
BRL - CDI Compounded	UBS	Pay		10.575	%		01/02/12		1,200,000		(16,108	)		(31,680	)		15,572
BRL - CDI Compounded	BRC	Pay		10.600	%		01/02/12		1,500,000		(6,924	)		—			(6,924	)
BRL - CDI Compounded	HSB	Pay		10.610	%		01/02/12		1,400,000		(6,322	)		—			(6,322	)
BRL - CDI Compounded	BRC	Pay		10.680	%		01/02/12		5,600,000		(65,714	)		(65,566	)		(148	)
BRL - CDI Compounded	MER	Pay		12.540	%		01/02/12		4,000,000		62,457			(20,439	)		82,896
BRL - CDI Compounded	MSC	Pay		12.540	%		01/02/12		900,000		14,053			(6,048	)		20,101
BRL - CDI Compounded	UBS	Pay		12.540	%		01/02/12		3,000,000		46,843			(14,783	)		61,626
BRL - CDI Compounded	HSB	Pay		14.765	%		01/02/12		100,000		3,769			667			3,102
BRL - CDI Compounded	MER	Pay		14.765	%		01/02/12		200,000		7,537			1,029			6,508
France CPI Excluding Tobacco	BRC	Pay		1.948	%		03/15/12	EUR	400,000		7,700			148			7,552
France CPI Excluding Tobacco	RBS	Pay		1.955	%		03/28/12		100,000		1,742			—			1,742
France CPI Excluding Tobacco	RBS	Pay		1.950	%		03/30/12		100,000		1,678			—			1,678
France CPI Excluding Tobacco	GSC	Pay		1.960	%		03/30/12		100,000		1,867			—			1,867
France CPI Excluding Tobacco	BRC	Pay		1.960	%		04/05/12		100,000		1,725			—			1,725
France CPI Excluding Tobacco	BNP	Pay		1.940	%		04/10/12		100,000		1,369			—			1,369
France CPI Excluding Tobacco	RBS	Pay		1.940	%		04/10/12		100,000		1,451			—			1,451
France CPI Excluding Tobacco	BRC	Pay		1.980	%		04/30/12		100,000		1,615			—			1,615
6-Month GBP-LIBOR	RBS	Pay		5.100	%		09/15/13	GBP	400,000		47,232			(755	)		47,987
6-Month EUR-LIBOR	BNP	Pay		4.500	%		03/18/14	EUR	300,000		34,615			(4,508	)		39,123
6-Month EUR-LIBOR	CSF	Pay		4.500	%		03/18/14		2,100,000		242,306			(9,168	)		251,474
6-Month GBP-LIBOR	DUB	Pay		5.000	%		03/18/14	GBP	100,000		11,196			50			11,146
6-Month GBP-LIBOR	GSC	Pay		5.250	%		03/18/14		100,000		13,110			(19	)		13,129
6-Month GBP-LIBOR	RBS	Pay		5.250	%		03/18/14		200,000		26,218			(156	)		26,374
6-Month GBP-LIBOR	DUB	Pay		5.000	%		09/15/15		200,000		23,123			303			22,820
6-Month GBP-LIBOR	GSC	Pay		5.000	%		09/15/15		300,000		34,684			—			34,684
3-Month USD-LIBOR	DUB	Pay		3.500	%		06/24/16	$	3,000,000		19,495			—			19,495
28-Day Mexico Interbank TIIE Banxico	GSC	Pay		8.170	%		11/04/16	MXN	1,200,000		1,449			1,757			(308	)
3-Month USD-LIBOR	DUB	Pay		5.000	%		12/15/35	$	1,800,000		72,382			(37,080	)		109,462
Total Interest Rate Swaps										$	990,761		$	(353,284	)	$	1,344,045
Total Swap Agreements										$	684,328		$	(507,534	)	$	1,191,862

(k) As of June 30, 2009, $355,300 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts, and a security with a total aggregate market value of $79,995 was fully or partially segregated with the broker(s)/custodian as collateral for open swap contracts.

See explanation of symbols and terms, if any, on page 45

37

PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.1%
Financials - 0.1%
Wells Fargo & Co 7.500%		100	$	78,497
Total Convertible Preferred Stocks (Cost $100,000)				78,497

	Principal
	Amount
CORPORATE BONDS & NOTES - 10.6%
Energy - 1.8%
Rockies Express Pipeline LLC
4.250% due 08/20/09 ~ §	$	500,000	500,067
Valero Energy Corp
9.375% due 03/15/19		1,000,000	1,140,881
			1,640,948
Financials - 7.5%
American Express Centurion Bank
6.000% due 09/13/17		200,000	182,720
American Express Co
7.000% due 03/19/18		210,000	204,244
American International Group Inc
8.175% due 05/15/58 ~ §		200,000	57,098
Bank of America Corp
5.650% due 05/01/18		300,000	265,533
Citigroup Funding Inc
2.036% due 05/07/10 §		800,000	783,678
Credit Suisse ‘NY’
5.000% due 05/15/13		1,200,000	1,228,285
Ford Motor Credit Co LLC
7.875% due 06/15/10		500,000	475,036
HBOS PLC (United Kingdom)
6.750% due 05/21/18 ~		500,000	377,977
Merrill Lynch & Co Inc
6.875% due 04/25/18		700,000	648,927
Metropolitan Life Global Funding I
2.550% due 06/10/11 ~ §		700,000	699,140
5.125% due 04/10/13 ~		100,000	101,829
New York Life Global Funding
4.650% due 05/09/13 ~		300,000	304,665
Santander Perpetual SA Unipersonal (Spain)
6.671% ~ § ±		300,000	222,324
The Goldman Sachs Group Inc
6.150% due 04/01/18		200,000	195,039
Wachovia Bank NA
1.806% due 05/14/10 §		1,000,000	1,000,315
			6,746,810
Health Care - 0.9%
Roche Holdings Inc
2.661% due 02/25/11 ~ §		800,000	809,254
Information Technology - 0.4%
Hewlett-Packard Co
2.250% due 05/27/11		300,000	301,097
Total Corporate Bonds & Notes (Cost $9,796,719)			9,498,109
MORTGAGE-BACKED SECURITIES - 14.0%
Collateralized Mortgage Obligations - Commercial - 0.4%
JPMorgan Chase Commercial
Mortgage Securities Corp
5.336% due 05/15/47 “		110,000	84,631
Morgan Stanley Capital I
5.881% due 06/11/49 “ §		100,000	75,597
Wachovia Bank Commercial Mortgage Trust
5.418% due 01/15/45 “ §		210,000	168,269
			328,497
Collateralized Mortgage Obligations - Residential - 2.3%
Bear Stearns Adjustable Rate Mortgage Trust
2.530% due 08/25/35 “ §		45,873	40,173
2.960% due 03/25/35 “ §		161,022	139,327
3.954% due 03/25/35 “ §		59,411	51,057
4.550% due 08/25/35 “ §		82,131	72,555
Citigroup Mortgage Loan Trust Inc
4.050% due 08/25/35 “ §		69,087	55,000
4.248% due 08/25/35 “ §		61,182	48,722
Countrywide Home Loan Mortgage Pass-Through Trust
0.654% due 06/25/35 “ ~ §		47,255	34,344
4.622% due 01/19/34 “ §		483,981	428,438
Freddie Mac
0.549% due 02/15/19 “ §		604,017	592,987
GSR Mortgage Loan Trust
4.409% due 09/25/35 “ §		116,839	97,589
MLCC Mortgage Investors Inc
4.346% due 12/25/34 “ §		373,026	330,615
Residential Accredit Loans Inc
0.494% due 06/25/46 “ §		209,697	80,838
Structured Asset Mortgage Investments Inc
0.524% due 05/25/46 “ §		178,313	72,181
			2,043,826
Fannie Mae - 9.4%
5.000% due 04/01/36 “		401,445	410,462
6.000% due 07/13/39 “		7,700,000	8,047,701
			8,458,163
Freddie Mac - 0.9%
6.000% due 02/01/39 “		806,298	842,551
Government National Mortgage Association - 1.0%
6.000% due 07/20/39 “		900,000	937,828
Total Mortgage-Backed Securities (Cost $12,828,967)			12,610,865
ASSET-BACKED SECURITIES - 0.0%
Freddie Mac Structured Pass-Through Securities
0.594% due 09/25/31 “ §		3,238	2,954
Total Asset-Backed Securities (Cost $3,239)			2,954

See explanation of symbols and terms, if any, on page 45

38

PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

	Principal
	Amount		Value
U.S. GOVERNMENT AGENCY ISSUES - 3.2%
Freddie Mac
0.937% due 08/05/11 §	$	2,000,000	$	2,000,726
5.875% due 03/21/11		800,000		839,271
				2,839,997
Total U.S. Government Agency Issues (Cost $2,837,205)				2,839,997
U.S. TREASURY OBLIGATIONS - 99.1%
U.S. Treasury Inflation Protected Securities - 99.1%
0.625% due 04/15/13 ^		2,017,560		1,996,123
1.250% due 04/15/14 ^		2,015,020		2,023,205
1.625% due 01/15/15 ^		4,578,347		4,555,455
1.750% due 01/15/28 ^		3,358,674		3,169,749
1.875% due 07/15/13 ^		812,651		833,221
1.875% due 07/15/15 ^		9,527,457		9,597,818
2.000% due 04/15/12 ^		1,365,988		1,405,686
2.000% due 01/15/14 ^		7,444,154		7,610,118
2.000% due 07/15/14 ^		1,131,170		1,157,328
2.000% due 01/15/16 ^		1,074,290		1,090,069
2.000% due 01/15/26 ^		3,437,728		3,363,604
2.375% due 04/15/11 ^		8,487,523		8,740,715
2.375% due 01/15/17 ^		1,797,427		1,874,378
2.375% due 01/15/25 ^		2,974,977		3,054,930
2.375% due 01/15/27 ^		1,480,234		1,531,117
2.500% due 07/15/16 ^		5,384,631		5,648,812
2.500% due 01/15/29 ^		496,560		526,819
2.625% due 07/15/17 ^		7,098,651		7,557,849
3.000% due 07/15/12 ^		4,901,779		5,187,649
3.375% due 01/15/12 ^		240,164		255,475
3.375% due 04/15/32 ^		180,188		225,572
3.500% due 01/15/11 ^		5,146,320		5,373,075
3.625% due 04/15/28 ^		2,201,561		2,677,649
3.875% due 04/15/29 ^		7,718,658		9,766,403
				89,222,819
Total U.S. Treasury Obligations (Cost $86,553,671)				89,222,819
MUNICIPAL BONDS - 0.1%
Tobacco Settlement Finance Authority of WV ‘A’
7.467% due 06/01/47		95,000		63,831
Tobacco Settlement Financing Corp RI ‘A’
6.000% due 06/01/23		75,000		68,086
Total Municipal Bonds (Cost $157,067)				131,917
SHORT-TERM INVESTMENTS - 3.1%
U.S. Government Agency Issue - 2.1%
Federal Home Loan Bank
0.010% due 07/01/09		1,900,000		1,900,000

	Shares
Money Market Funds - 1.0%
BlackRock Liquidity Funds Institutional TempCash		457,405		457,405
BlackRock Liquidity Funds Institutional TempFund		457,405		457,405
				914,810
Total Short-Term Investments (Cost $2,814,810)				2,814,810
TOTAL INVESTMENTS - 130.2% (Cost $115,091,678)				117,199,968
TOTAL SECURITIES SOLD SHORT - (0.8%) (See Note (c) to Notes to Schedule of Investments) (Proceeds $707,328)				(716,672	)
OTHER ASSETS & LIABILITIES, NET - (29.4%)				(26,466,270	)
NET ASSETS - 100.0%			$	90,017,026

Notes to Schedule of Investments

(a)	Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(b)	Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.
(c)	Securities sold short outstanding as of June 30, 2009 were as follows:

	Principal
Description	Amount		Value
Fannie Mae
5.000% due 07/13/39	$	400,000	$	407,063
5.500% due 07/13/39		300,000		309,609
Total Securities sold short (Proceeds $707,328)			$	716,672

(d) Open futures contracts outstanding as of June 30, 2009 were as follows:

	Number of		Notional	Unrealized
Long Futures Outstanding	Contracts		Amount	Appreciation
3-Month Euribor (09/10)		11	EUR 11,000,000	$	2,315
United Kingdom 90-Day LIBOR
Sterling Interest Rate (12/09)		30	GBP15,000,000		24,678
				$	26,993

See explanation of symbols and terms, if any, on page 45

39

PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

(e) Forward foreign currency contracts outstanding as of June 30, 2009 were as follows:

			Principal
Contracts			Amount			Unrealized
to Buy or			Covered by			Appreciation
to Sell		Currency	Contracts	Expiration		(Depreciation)
Buy	AUD		287,000	07/09	$	5,310
Sell	AUD		319,476	07/09		(2,841	)
Sell	BRL		112,008	08/09		(5,680	)
Sell	CHF		85,000	07/09		1,495
Sell	CHF		85,000	10/09		368
Buy	CNY		1,867,956	07/09		(14,527	)
Sell	CNY		1,867,956	07/09		193
Buy	CNY		2,639,305	09/09		(3,287	)
Sell	CNY		306,206	09/09		(1,043	)
Buy	CNY		2,603,741	03/10		(1,351	)
Sell	EUR		132,000	07/09		(992	)
Buy	GBP		32,000	07/09		2,467
Sell	GBP		86,000	07/09		(8,022	)
Sell	GBP		54,000	08/09		426
Sell	MXN		105,737	11/09		(763	)
Buy	SGD		72,320	07/09		(86	)
Sell	SGD		72,320	07/09		(1,445	)
					$	(29,778	)

(f) Transactions in written options for the three-month period ended June 30, 2009 were as follows:

	Number of			Notional Amount
	Contracts			in $			Premium
Outstanding, March 31, 2009		23			9,500,000		$	135,225
Call Options Written		20			1,100,000			10,471
Put Options Written		36			9,400,000			77,402
Call Options Closed		—			(2,700,000	)		(72,105	)
Call Options Expired		(27	)		(2,500,000	)		(18,039	)
Put Options Expired		(27	)		(5,100,000	)		(24,553	)
Outstanding June 30, 2009		25			9,700,000		$	108,401

(g) Premiums received and value of written options outstanding as of June 30, 2009 were as follows:

Interest Rate Swaptions

	Pay/Receive
	Floating Rate
	Based on
	3-Month	Exercise			Expiration		Counter-	Notional
Description	USD-LIBOR	Rate			Date		party	Amount		Premium		Value
Put - OTC 7-Year Interest Rate Swap	Pay		4.400	%		08/03/09	BRC	$	1,500,000	$	4,425	$	2,721
Put - OTC 7-Year Interest Rate Swap	Pay		4.250	%		08/21/09	BRC		1,000,000		5,050		5,173
Put - OTC 7-Year Interest Rate Swap	Pay		4.250	%		08/21/09	RBS		2,800,000		25,102		14,484
Call - OTC 5-Year Interest Rate Swap	Receive		3.420	%		11/23/09	RBS		200,000		3,200		4,845
Put - OTC 5-Year Interest Rate Swap	Pay		3.420	%		11/23/09	RBS		200,000		4,720		3,514
Put - OTC 5-Year Interest Rate Swap	Pay		3.750	%		11/23/09	CIT		2,000,000		19,650		24,460
Put - OTC 7-Year Interest Rate Swap	Pay		5.365	%		09/20/10	RBS		2,000,000		39,845		33,272
										$	101,992	$	88,469

Options on Exchange-Traded Futures Contracts

	Exercise		Expiration		Counter-	Number of
Description	Price		Date		party	Contracts		Premium		Value
Put - CBOT 10-Year U.S. Treasury Note Futures (09/09)	$	110.00		08/21/09	MER		3	$	1,305	$	656
Call - CBOT 10-Year U.S. Treasury Note Futures (09/09)		120.00		08/21/09	MER		3		1,071		1,266
Put - CME Eurodollar Futures (09/09)		98.50		09/14/09	MER		12		2,932		525
Put - CME Eurodollar Futures (09/09)		98.63		09/14/09	MER		7		1,101		350
								$	6,409	$	2,797
Total Written Options								$	108,401	$	91,266

(h) Swap agreements outstanding as of June 30, 2009 were as follows:

Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection (1)

Upfront

Fixed Deal

Implied Credit

Premiums

Pay

Expiration

Counter-

Spread at

Notional

Market

Paid/

Unrealized

Referenced Obligation

Rate

Date

party

06/30/09(3)

Amount(4)

Value(5)

(Received)

Depreciation

Valero Energy Corp 9.375% due 03/15/19

(2.700

%)

03/20/19

GSC

2.626

%

$

1,000,000

$

( 5,966

)

$

—

$

(5,966

)

See explanation of symbols and terms, if any, on page 45

40

PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
June 30, 2009 (Unaudited)

Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (2)

															Upfront
	Fixed Deal						Implied Credit								Premiums
	Receive			Expiration		Counter-	Spread at			Notional		Market			Paid/		Unrealized
Referenced Obligation	Rate			Date		party	06/30/09 (3)			Amount (4)		Value (5)			(Received)		Depreciation
Ford Motor Credit Co 7.000% due 10/01/13		3.800	%		09/20/12	MSC		9.285	%	$	100,000	$	(14,329	)	$	—	$	(14,329	)
American International Group Inc 6.250% due 05/01/36		1.950	%		03/20/13	DUB		14.859	%		1,200,000		(385,911	)		—		(385,911	)
												$	(400,240	)	$	—	$	(400,240	)

Credit Default Swaps on Credit Indices - Buy Protection (1)

												Upfront
	Fixed Deal											Premiums
	Pay			Expiration		Counter-	Notional		Market			Paid/		Unrealized
Referenced Obligation	Rate			Date		party	Amount (4)		Value (5)			(Received)		Depreciation
Dow Jones CDX NA IG-12 Index ∆		(1.000	%)		06/20/14	GSC	$	800,000	$	11,337		$	16,356	$	(5,019	)
Total Credit Default Swaps (6)									$	(394,869	)	$	16,356	$	(411,225	)

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(4)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement.
(5)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
(6)	The aggregate fair value of credit default swaps in a net liability as of June 30, 2009 was $411,225.

Interest Rate Swaps

													Upfront
													Premiums			Unrealized
	Counter-	Pay/Receive	Fixed			Expiration		Notional		Market			Paid/			Appreciation
Floating Rate Index	party	Floating Rate	Rate			Date		Amount		Value			(Received)			(Depreciation)
6-Month GBP-LIBOR	DUB	Pay		6.000	%		03/20/10	GBP	900,000	$	63,524		$	15,181		$	48,343
France CPI Excluding Tobacco	BRC	Pay		2.103	%		10/15/10	EUR	500,000		28,006			(416	)		28,422
France CPI Excluding Tobacco	UBS	Pay		2.146	%		10/15/10		100,000		5,746			—			5,746
6-Month EUR-LIBOR	GSC	Pay		4.500	%		03/18/11		400,000		30,467			(842	)		31,309
France CPI Excluding Tobacco ∆	JPM	Pay		2.261	%		07/14/11		500,000		29,758			—			29,758
France CPI Excluding Tobacco	JPM	Pay		2.028	%		10/15/11		200,000		7,785			—			7,785
France CPI Excluding Tobacco	UBS	Pay		2.095	%		10/15/11		300,000		13,221			—			13,221
France CPI Excluding Tobacco	BNP	Pay		1.988	%		12/15/11		1,000,000		24,400			—			24,400
BRL - CDI Compounded	MSC	Pay		10.115	%		01/02/12	BRL	1,300,000		(28,674	)		(18,939	)		(9,735	)
BRL - CDI Compounded	BRC	Pay		10.680	%		01/02/12		800,000		(9,388	)		(6,967	)		(2,421	)
BRL - CDI Compounded	HSB	Pay		14.765	%		01/02/12		2,300,000		86,679			15,333			71,346
BRL - CDI Compounded	MER	Pay		14.765	%		01/02/12		100,000		3,769			191			3,578
3-Month USD-LIBOR	DUB	Pay		4.000	%		12/16/14	$	100,000		3,049			630			2,419
3-Month USD-LIBOR	RBS	Pay		4.000	%		12/16/14		3,000,000		91,463			19,841			71,622
3-Month USD-LIBOR	DUB	Pay		3.500	%		06/24/16		200,000		1,300			—			1,300
Eurostat Eurozone HICP Excluding Tobacco	UBS	Receive		2.275	%		10/15/16	EUR	200,000		2,095			—			2,095
France CPI Excluding Tobacco	UBS	Pay		2.350	%		10/15/16		200,000		(6,386	)		—			(6,386	)
France CPI Excluding Tobacco	JPM	Pay		2.353	%		10/15/16		100,000		(3,264	)		—			(3,264	)
United Kingdom RPI Index	BRC	Pay		3.250	%		12/14/17	GBP	400,000		18,364			1,632			16,732
United Kingdom RPI Index	RBS	Pay		3.183	%		12/19/17		600,000		17,097			838			16,259
United Kingdom RPI Index	RBS	Pay		3.440	%		09/10/27		100,000		(4,107	)		—			(4,107	)
Total Interest Rate Swaps										$	374,904		$	26,482		$	348,422
Total Swap Agreements										$	(19,965	)	$	42,838		$	(62,803	)

(i) As of June 30, 2009, $103,700 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

See explanation of symbols and terms, if any, on page 45

41

PACIFIC LIFE FUNDS
PL COMSTOCK FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.0%
Consumer Discretionary - 17.9%
Comcast Corp ‘A’		235,314	$	3,409,700
J.C. Penney Co Inc		25,100		720,621
Liberty Media Corp - Entertainment ‘A’ *		49,500		1,324,125
Liberty Media Corp - Interactive ‘A’ *		74,375		372,619
Lowe’s Cos Inc		39,100		758,931
Macy’s Inc		52,973		622,962
News Corp ‘B’		136,100		1,438,577
Target Corp		8,300		327,601
The Home Depot Inc		34,800		822,324
Time Warner Cable Inc		26,181		829,152
Time Warner Inc		88,033		2,217,551
Viacom Inc ‘B’ *		152,350		3,458,345
				16,302,508
Consumer Staples - 15.1%
Altria Group Inc		43,100		706,409
Cadbury PLC ADR (United Kingdom)		74,536		2,564,038
CVS Caremark Corp		36,500		1,163,255
Dr Pepper Snapple Group Inc *		34,452		730,038
Kimberly-Clark Corp		6,000		314,580
Kraft Foods Inc ‘A’		71,802		1,819,463
Philip Morris International Inc		22,200		968,364
The Coca-Cola Co		28,900		1,386,911
The Procter & Gamble Co		5,200		265,720
Unilever NV ‘NY’ (Netherlands)		79,900		1,931,982
Wal-Mart Stores Inc		39,900		1,932,756
				13,783,516
Energy - 3.5%
BP PLC ADR (United Kingdom)		10,600		505,408
Chevron Corp		7,100		470,375
ConocoPhillips		12,400		521,544
Halliburton Co		50,800		1,051,560
Total SA ADR (France)		12,300		667,029
				3,215,916
Financials - 19.0%
Aflac Inc		10,400		323,336
Bank of America Corp		70,701		933,253
Berkshire Hathaway Inc ‘B’ *		222		642,852
JPMorgan Chase & Co		73,300		2,500,263
MetLife Inc		35,000		1,050,350
The Bank of New York Mellon Corp		71,939		2,108,532
The Chubb Corp		105,280		4,198,567
The Goldman Sachs Group Inc		4,900		722,456
The PNC Financial Services Group Inc		23,000		892,630
The Travelers Cos Inc		47,586		1,952,930
Torchmark Corp		17,500		648,200
U.S. Bancorp		30,000		537,600
Wells Fargo & Co		30,800		747,208
				17,258,177
Health Care - 16.0%
Abbott Laboratories		14,300		672,672
Boston Scientific Corp *		118,100		1,197,534
Bristol-Myers Squibb Co		95,900		1,947,729
Cardinal Health Inc		53,700		1,640,535
Eli Lilly & Co		32,400		1,122,336
GlaxoSmithKline PLC ADR (United Kingdom)		11,800		417,012
Pfizer Inc		123,900		1,858,500
Roche Holding AG ADR (Switzerland)		18,800		641,268
Schering-Plough Corp		95,100		2,388,912
UnitedHealth Group Inc		20,700		517,086
WellPoint Inc *		12,600		641,214
Wyeth		34,400		1,561,416
				14,606,214
Industrials - 1.6%
Emerson Electric Co		14,200		460,080
General Electric Co		82,400		965,728
				1,425,808
Information Technology - 13.3%
Accenture Ltd ‘A’ (Bermuda)		13,300		445,018
Cisco Systems Inc *		61,700		1,150,088
Computer Sciences Corp *		6,100		270,230
Dell Inc *		152,167		2,089,253
eBay Inc *		151,200		2,590,056
Hewlett-Packard Co		26,800		1,035,820
Intel Corp		71,300		1,180,015
International Business Machines Corp		11,400		1,190,388
KLA-Tencor Corp		29,600		747,400
Microsoft Corp		30,800		732,116
The Western Union Co		15,900		260,760
Yahoo! Inc *		23,400		366,444
				12,057,588
Materials - 5.8%
Alcoa Inc		115,600		1,194,148
E.I. du Pont de Nemours & Co		37,899		970,972
International Paper Co		207,477		3,139,127
				5,304,247
Telecommunication Services - 3.8%
AT&T Inc		51,100		1,269,324
Verizon Communications Inc		70,300		2,160,319
				3,429,643
Total Common Stocks (Cost $101,203,308)				87,383,617
SHORT-TERM INVESTMENTS - 3.7%
Money Market Funds - 3.7%
BlackRock Liquidity Funds Institutional TempCash		1,702,351		1,702,352
BlackRock Liquidity Funds Institutional TempFund		1,702,351		1,702,351
				3,404,703
Total Short-Term Investments (Cost $3,404,703)				3,404,703
TOTAL INVESTMENTS - 99.7% (Cost $104,608,011)				90,788,320
OTHER ASSETS & LIABILITIES, NET - 0.3%				265,249
NET ASSETS - 100.0%			$	91,053,569

See explanation of symbols and terms, if any, on page 45

42

PACIFIC LIFE FUNDS
PL MID-CAP GROWTH FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.6%
Health Care - 0.6%
Ironwood Pharmaceuticals Inc ‘H’ 8.000% + * ∆		11,028	$	132,336
Total Convertible Preferred Stocks (Cost $132,336)				132,336
COMMON STOCKS - 96.1%
Consumer Discretionary - 26.1%
Abercrombie & Fitch Co ‘A’		9,553		242,551
Ctrip.com International Ltd ADR (Cayman) *		16,137		747,143
Discovery Communications Inc ‘C’ *		11,675		239,688
Gafisa SA ADR (Brazil)		12,888		212,652
Groupe Aeroplan Inc (Canada)		36,694		260,264
Las Vegas Sands Corp *		23,790		186,989
Li & Fung Ltd (Bermuda) +		250,200		668,041
Mohawk Industries Inc *		3,674		131,088
Morningstar Inc *		10,172		419,392
Netflix Inc *		4,376		180,904
New Oriental Education & Technology Group Inc ADR (Cayman) *		6,367		428,881
NVR Inc *		472		237,128
priceline.com Inc *		5,627		627,692
Sears Holdings Corp *		3,553		236,346
Starbucks Corp *		36,871		512,138
Strayer Education Inc		1,487		324,330
Wynn Resorts Ltd *		12,570		443,721
				6,098,948
Energy - 10.4%
Petrohawk Energy Corp *		9,486		211,538
Range Resources Corp		4,889		202,453
Southwestern Energy Co *		28,572		1,110,022
Ultra Petroleum Corp (Canada) *		23,460		914,940
				2,438,953
Financials - 8.9%
Brookfield Asset Management Inc ‘A’ (Canada)		22,007		375,660
Calamos Asset Management Inc ‘A’		15,295		215,812
Greenhill & Co Inc		3,161		228,256
IntercontinentalExchange Inc *		4,451		508,482
Leucadia National Corp *		26,631		561,648
Moody’s Corp		7,503		197,704
				2,087,562
Health Care - 11.7%
Allergan Inc		6,398		304,417
Gen-Probe Inc *		8,468		363,955
Illumina Inc *		23,151		901,500
Intuitive Surgical Inc *		1,434		234,688
Mindray Medical International Ltd ADR (Cayman)		12,232		341,517
Techne Corp		9,310		594,071
				2,740,148
Industrials - 10.5%
Aecom Technology Corp *		9,525		304,800
C.H. Robinson Worldwide Inc		9,266		483,222
Covanta Holding Corp *		15,605		264,661
Expeditors International of Washington Inc		19,222		640,861
IHS Inc ‘A’ *		8,078		402,850
Monster Worldwide Inc *		13,988		165,198
The Corporate Executive Board Co		9,908		205,690
				2,467,282
Information Technology - 19.9%
Alibaba.com Ltd (Cayman) * +		248,100		437,260
Autodesk Inc *		16,926		321,256
Baidu Inc ADR (Cayman) *		2,787		839,138
BYD Co Ltd ‘H’ (China) * +		54,400		214,426
Equinix Inc *		3,603		262,082
Redecard SA (Brazil)		39,682		607,533
salesforce.com inc *		13,970		533,235
Tencent Holdings Ltd (Cayman) +		80,800		937,490
Teradata Corp *		21,591		505,877
				4,658,297
Materials - 7.2%
Intrepid Potash Inc *		13,154		369,364
Martin Marietta Materials Inc		6,997		551,923
Nalco Holding Co		22,752		383,144
Rockwood Holdings Inc *		16,755		245,293
Texas Industries Inc		4,379		137,325
				1,687,049
Telecommunication Services - 1.4%
Millicom International Cellular SA (Luxemborg) *		2,389		134,405
NII Holdings Inc *		10,297		196,364
				330,769
Total Common Stocks (Cost $23,518,702)				22,509,008
SHORT-TERM INVESTMENT - 3.3%
Money Market Fund - 3.3%
BlackRock Liquidity Funds Institutional TempCash		776,899		776,899
Total Short-Term Investment (Cost $776,899)				776,899
TOTAL INVESTMENTS - 100.0% (Cost $24,427,937)				23,418,243
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(2,304	)
NET ASSETS - 100.0%			$	23,415,939

Notes to Schedule of Investments
(a)	Securities with a total aggregate market value of $2,389,553 or 10.2% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.
(b)	0.6% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See explanation of symbols and terms, if any, on page 45

43

PACIFIC LIFE FUNDS
PL REAL ESTATE FUND
Schedule of Investments
June 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.2%
Consumer Discretionary - 4.3%
Morgans Hotel Group Co *		30,094	$	115,260
Starwood Hotels & Resorts Worldwide Inc		51,347		1,139,903
				1,255,163
Financials - 92.1%
Acadia Realty Trust REIT		25,964		338,830
AMB Property Corp REIT		18,256		343,395
AvalonBay Communities Inc REIT		32,059		1,793,380
Boston Properties Inc REIT		31,089		1,482,945
Brookfield Properties Corp (Canada)		137,339		1,094,592
Camden Property Trust REIT		19,926		549,958
Care Investment Trust Inc REIT		5,957		30,976
DCT Industrial Trust Inc REIT		41,060		167,525
DiamondRock Hospitality Co REIT		14,710		92,085
Digital Realty Trust Inc REIT		3,410		122,249
Duke Realty Corp REIT		12,480		109,450
Equity Lifestyle Properties Inc REIT		16,504		613,619
Equity One Inc REIT		281		3,726
Equity Residential REIT		97,215		2,161,089
Extendicare REIT (Canada)		1,580		8,490
Federal Realty Investment Trust REIT		22,570		1,162,806
Forest City Enterprises Inc ‘A’		81,403		537,260
HCP Inc REIT		50,050		1,060,560
Healthcare Realty Trust Inc REIT		41,519		698,765
Highwoods Properties Inc REIT		3,406		76,192
Host Hotels & Resorts Inc REIT		133,155		1,117,170
Kilroy Realty Corp REIT		6,624		136,057
Kite Realty Group Trust REIT		17,840		52,093
Liberty Property Trust REIT		19,531		449,994
LTC Properties Inc REIT		3,720		76,074
Mack-Cali Realty Corp REIT		25,789		587,989
Nationwide Health Properties Inc REIT		6,180		159,073
Plum Creek Timber Co Inc REIT		33,729		1,004,450
Post Properties Inc REIT		39,850		535,584
PS Business Parks Inc REIT		6,382		309,144
Public Storage REIT		28,677		1,877,770
Ramco-Gershenson Properties Trust REIT		6,125		61,311
Rayonier Inc REIT		1,760		63,976
Regency Centers Corp REIT		35,261		1,230,962
Senior Housing Properties Trust REIT		63,143		1,030,494
Simon Property Group Inc REIT		56,707		2,916,435
Sovran Self Storage Inc REIT		4,452		109,519
Taubman Centers Inc REIT		9,013		242,089
Ventas Inc REIT		29,920		893,411
Vornado Realty Trust REIT		35,274		1,588,406
Weingarten Realty Investors REIT		4,040		58,620
				26,948,513
Health Care - 0.8%
Assisted Living Concepts Inc ‘A’ *		12,210		177,656
Capital Senior Living Corp *		12,030		54,737
				232,393
Total Common Stocks (Cost $35,005,296)				28,436,069
SHORT-TERM INVESTMENT - 2.3%
Money Market Fund - 2.3%
BlackRock Liquidity Funds Institutional TempFund		665,987		665,987
Total Short-Term Investment (Cost $665,987)				665,987
TOTAL INVESTMENTS - 99.5% (Cost $35,671,283)				29,102,056
OTHER ASSETS & LIABILITIES, NET - 0.5%				138,029
NET ASSETS - 100.0%			$	29,240,085

Note to Schedule of Investments
(a)	As of June 30, 2009, the Fund was diversified by property sector as a percentage of net assets as follows:

Retail	20.6	%
Residential	17.2	%
Office/Industrial	16.3	%
Health Care/Assisted Living	14.3	%
Diversified	10.2	%
Lodging	8.4	%
Self-Storage	6.8	%
Land	3.4	%
	97.2	%
Short-Term Investment	2.3	%
Other Assets & Liabilities, Net	0.5	%
	100.0	%

See explanation of symbols and terms, if any, on page 45

44

PACIFIC LIFE FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
June 30, 2009 (Unaudited)

Explanation of Symbols:

*	Non-income producing securities.
+	Securities were fair valued under procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
^	Securities with their principal amount adjusted for inflation.
§	Variable rate securities. The rate shown is based on the latest available information as of June 30, 2009.
±	The security is a perpetual bond and has no definite maturity date.
‡	Securities were fully/partially segregated with the broker(s)/custodian as collateral for securities sold short, delayed delivery securities, futures contracts, written option contracts and/or swap contracts as of June 30, 2009.
“	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
∆	Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to the Funds’ policy and procedures. Under the Funds’ policy, a holding is generally deemed illiquid if it cannot be sold or disposed of within seven days in the ordinary course of business at approximately the amount which a fund has valued the holding. Illiquid holdings may be difficult to value and difficult to sell, which means a fund may not be able to sell a holding quickly for its full value.
Ω	Securities were in default as of June 30, 2009.
¥	Unsettled position. Contract rates do not take effect until settlement date.
Counterparty Abbreviations:
BRC	Barclays
BNP	BNP Paribas
CIT	Citigroup
CSF	Credit Suisse
DUB	Deutsche Bank
GSC	Goldman Sachs
HSB	HSBC
JPM	JPMorgan Chase
MER	Merrill Lynch
MSC	Morgan Stanley
RBS	Royal Bank of Scotland
UBS	UBS
Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Renminbi
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
SGD	Singapore Dollar
USD	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt
CBOT	Chicago Board of Trade
CME	Chicago Mercantile Exchange
CPI	Consumer Price Index
CVA	Certificaten Van Aandelen (Dutch Certificate)
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
LI	London Stock Exchange
LIBOR	London Interbank Offered Rate
‘NY’	New York Shares
OTC	Over the Counter
REIT	Real Estate Investment Trust
RNC	Riparmio Non-Convertible (Non-convertible savings shares on Italian Stock Exchanges)
SDR	Swedish Depositary Receipt
VVPR	Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon)
XAMS	Amsterdam Stock Exchange

Note: The descriptions and industry and geographic classifications of the companies shown in the schedule of investments were obtained from published reports and other sources believed to be reliable.

45

PACIFIC LIFE FUNDS
FEDERAL INCOME TAX INFORMATION
June 30, 2009 (Unaudited)

     The aggregate Federal Tax cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation or depreciation on derivatives and assets and liabilities in foreign currencies as of June 30, 2009, were as follows:

								Net			Net			Net
	Total Cost of		Gross		Gross			Appreciation			Appreciation			Unrealized
	Investments		Appreciation		Depreciation			(Depreciation)			(Depreciation)			Appreciation
Funds	on Tax Basis		on Investments		on Investments			on Investments			on Other (1)			(Depreciation)
PL Portfolio Optimization Conservative	$	101,823,360	$	1,024,993	$	(5,144,659	)	$	(4,119,666	)	$	—		$	(4,119,666	)
PL Portfolio Optimization Moderate-Conservative		130,773,024		1,021,472		(17,673,450	)		(16,651,978	)		—			(16,651,978	)
PL Portfolio Optimization Moderate		467,578,077		1,899,735		(96,235,461	)		(94,335,726	)		—			(94,335,726	)
PL Portfolio Optimization Moderate-Aggressive		490,121,402		909,826		(134,287,385	)		(133,377,559	)		—			(133,377,559	)
PL Portfolio Optimization Aggressive		216,316,773		273,429		(65,627,048	)		(65,353,619	)		—			(65,353,619	)
PL Money Market		54,194,595		—		—			—			—			—
PL Small-Cap Growth		27,867,984		2,520,490		(2,962,598	)		(442,108	)		—			(442,108	)
PL International Value		126,917,642		4,178,987		(33,749,791	)		(29,570,804	)		6,732			(29,564,072	)
PL Large-Cap Value		84,180,115		2,682,983		(12,261,168	)		(9,578,185	)		429			(9,577,756	)
PL Short Duration Bond		57,034,083		764,947		(483,539	)		281,408			(31,895	)		249,513
PL Floating Rate Loan		33,385,660		356,236		(1,984,928	)		(1,628,692	)		—			(1,628,692	)
PL Growth LT		89,346,713		6,286,986		(9,334,525	)		(3,047,539	)		(61,970	)		(3,109,509	)
PL Mid-Cap Equity		75,838,407		4,849,973		(9,244,962	)		(4,394,989	)		—			(4,394,989	)
PL Large-Cap Growth		17,969,130		1,235,642		(80,321	)		1,155,321			—			1,155,321
PL International Large-Cap		90,833,212		4,254,976		(16,912,982	)		(12,658,006	)		9,109			(12,648,897	)
PL Small-Cap Value		32,955,928		1,618,939		(5,347,977	)		(3,729,038	)		—			(3,729,038	)
PL Main Street Core		103,109,182		4,907,463		(11,869,943	)		(6,962,480	)		—			(6,962,480	)
PL Emerging Markets		31,443,302		5,013,295		(1,396,943	)		3,616,352			4,642			3,620,994
PL Managed Bond		202,477,159		5,365,808		(12,257,749	)		(6,891,941	)		1,461,518			(5,430,423	)
PL Inflation Managed		122,202,164		3,027,777		(8,029,973	)		(5,002,196	)		(56,510	)		(5,058,706	)
PL Comstock		111,107,475		3,150,056		(23,469,211	)		(20,319,155	)		—			(20,319,155	)
PL Mid-Cap Growth		24,703,411		3,831,181		(5,116,349	)		(1,285,168	)		—			(1,285,168	)
PL Real Estate		37,973,816		1,076,691		(9,948,451	)		(8,871,760	)		(567	)		(8,872,327	)

(1) Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies.

46

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements
June 30, 2009 (Unaudited)

FUND VALUATION

     The net asset value (“NAV”) per share for each class of shares for each fund of the Pacific Life Funds (each individually, a “Fund”, and collectively, the “Funds”) is calculated by taking the total value of a Fund’s assets (the value of the securities and other investments a Fund holds plus cash or other assets, including interest accrued but not yet received), subtracting the Fund’s liabilities (including accrued expenses, dividends payable and any borrowings of a Fund), and dividing by the total number of shares outstanding.

     Each Fund’s NAV is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open, including those days when foreign markets are closed. For purposes of calculating the NAV, the Funds use pricing data as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern Time, although it occasionally closes earlier. The NAV of the Portfolio Optimization Funds is calculated based on the NAVs calculated for each of the Underlying Funds.

     The value of each security and other investment instruments (collectively “holdings”) is based on actual market value or fair value.

     Actual Market Value

     Pricing data is obtained from various sources approved by the Board of Trustees (the “Board”).

     Domestic equity holdings, are generally valued at the last reported sale price received shortly after the close of the NYSE and do not normally take into account trading, clearances or settlements that take place after the NYSE close.

     Domestic fixed Income and treasury holdings are generally priced using data as of the NYSE close, or, if not available, data reflecting the closing of the principal markets or market participants for those holdings, which may be earlier than the NYSE.

     Foreign holdings are normally priced using data reflecting the closing of the principal markets or market participants for those holdings, which may be earlier than the NYSE. Foreign equity holdings are generally valued at their last reported sales price on a principal exchange. Quotations of foreign holdings in foreign currencies and those valued using foreign currency rates are converted into to U.S. dollar equivalents using a foreign exchange quotation from an approved source.

     Over the Counter (“OTC”) holdings and other equity holdings, including options contracts and listed holdings for which no sales are reported, are generally valued at the mean between the most recent bid and ask prices obtained from a quotation and/or valuation reporting system, from established market makers, or from broker-dealers.

     Other fixed income holdings are generally valued using the mean between the most recent bid and ask prices provided by approved pricing and quotation services which are based on evaluated prices determined from various observable market and other factors. Certain bonds are valued by a benchmark, matrix, or other pricing methods and processes under procedures approved by the Board. If bid and ask prices are not available, holdings may be valued at bid prices or evaluated prices.

     Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximates market value.

     Fair Value

     In the event that market quotations are not readily available, (i.e., approved pricing services or dealers do not provide a valuation for a particular holding), the valuations are deemed unreliable or inaccurate, or if events that could materially affect the NAV occur after the close of the principal market for a particular holding but before each Fund values its assets, the holdings may be valued at their fair value, as determined in good faith pursuant to procedures adopted by and/or methodologies approved by the Pacific Life Funds’ Board and in accordance with the provisions of the Investment Company Act of 1940.

     As a general principle, the fair value of a holding is the amount which the Funds might reasonably expect to receive for the holding upon its current sale. In determining the fair value of holdings, the Funds may consider a variety of factors, including information that becomes known after the close of the NYSE, and the values that are determined will be deemed to be the price as of the time of close of the NYSE. Fair valuations will also be used when events significantly affecting the values of a Fund’s foreign holdings occur between the close of foreign markets and the close of regular trading on the NYSE; or when, under the Funds’ procedures, the closing price of a foreign holding is deemed unreliable. All of these events could materially affect a Fund’s NAV.

     The Trust has retained a statistical research service to assist in determining the fair value of foreign holdings as approved by the Board. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine fair values for certain foreign holdings. In light of the subjectivity and judgment involved in making fair value determinations, fair value may not be indicative of the particular amount for which the Funds could obtain upon its current sale of that holding.

47

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

FAIR VALUE MEASUREMENTS

     The Funds implemented Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), as of January 1, 2008. Under SFAS 157, the Funds are required to characterize its holdings as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the holdings. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

• Level 1 – Quoted prices in active markets for identical holdings

• Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

• Level 3 – Significant unobservable inputs that are not corroborated by observable market data

     The inputs or methodologies used for valuing the Funds’ holdings are not necessarily an indication of the risks associated with investing in those holdings. For example, money market holdings are valued using amortized cost in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a holding, but since the value is not obtained from a quoted price in an active market, such holdings are reflected as Level 2. Foreign holdings that are valued with the assistance of a statistical research service (as described under “Fair Value” above) are reflected as Level 2.

     The Funds implemented Financial Accounting Standards Board (“FASB”) Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP 157-4”). The following is a description of valuation inputs and techniques that the Funds currently utilize to fair value each major category of assets and liabilities in accordance with FSP 157-4:

     Equity Securities (Common and Preferred Stock) – Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     U.S. Treasury Obligations – U.S. Treasuries are fair valued based on a pricing model that evaluates the mean between the most recently published bid and ask price. The model also takes into consideration live data received from active market makers and inter-broker-dealer brokers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     U.S. Government Agency Issues and Mortgage-Backed Securities – U.S. Government Agency issues and mortgage-backed securities are fair valued using a pricing model based on inputs that include issuer type, coupon, and cash flows. The model acts as a benchmark or baseline starting point to evaluate all securities. The model is then adjusted for specific characteristics of each security including, weighted average maturity, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, and the next coupon reset date. To the extent that these inputs are observable and timely, the fair values of U.S. Government agency issues and mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

     Municipal Bonds – Municipal bonds are fair valued based on a pricing model that takes into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     Foreign Government Bonds and Notes – Foreign government bonds and notes are fair valued based on a discounted cash flow model that incorporates option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     Corporate Bonds – Corporate bonds held by the Funds are generally comprised of two main categories consisting of investment grade bonds and high yield bonds. Investment grade bonds are fair valued using various inputs and techniques, which include broker-dealer quotations, recently executed transactions in securities of the issuer or comparable issuers, and options adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. Fair values for high yield bonds are based primarily from broker-dealer quotations from relevant market

48

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

makers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     Asset-Backed Securities – Asset-backed securities are fair valued using a pricing model based on a security’s average life volatility. The model also takes into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type. To the extent that these inputs are observable and timely, the fair values of asset-backed securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     Derivative Instruments – Listed derivatives, such as futures contracts, that are actively traded on a national securities exchange are fair valued based on quoted prices from the applicable exchange and are categorized as Level 1. The fair values of OTC derivatives including, forwards, swaps, certain option contracts, and commodities can differ based on the type of derivative instrument and the terms of the transaction. OTC derivatives are fair valued using various inputs including, quotations from various broker-dealers and counterparties, and pricing models that use certain observable inputs such as the creditworthiness of the counterparties, default probabilities, yield curves and credit curves. The pricing models utilized generally do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets. As a result, a majority of the Funds’ derivative instruments are categorized as Level 2. If the pricing inputs used are not observable and/or the market for the applicable derivative instruments is inactive, the fair values would be categorized as Level 3.

     Senior Loan Notes – Senior loan notes are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable and timely, the fair values of senior loan notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

     The following is a summary of the Funds’ holdings as of June 30, 2009 as categorized under the three-tier hierarchy of inputs as defined in SFAS 157:

					Level 2		Level 3
	Total		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
Funds	06/30/09		Price		Input		Input
PL Portfolio Optimization Conservative
Assets            Investments in Securities*	$	97,703,694	$	97,703,694	$	—	$	—
PL Portfolio Optimization Moderate-Conservative
Assets            Investments in Securities*	$	114,121,046	$	114,121,046	$	—	$	—
PL Portfolio Optimization Moderate
Assets            Investments in Securities*	$	373,242,351	$	373,242,351	$	—	$	—
PL Portfolio Optimization Moderate-Aggressive
Assets            Investments in Securities*	$	356,743,843	$	356,743,843	$	—	$	—
PL Portfolio Optimization Aggressive
Assets            Investments in Securities*	$	150,963,154	$	150,963,154	$	—	$	—
PL Money Market
Assets            Short-Term Investments
Commercial Paper	$	42,371,791	$	—	$	42,371,791	$	—
Corporate Notes		6,459,846		—		6,459,846		—
U.S. Treasury Bills		746,419		—		746,419		—
Money Market Funds		4,616,539		4,616,539		—		—
Total	$	54,194,595	$	4,616,539	$	49,578,056	$	—
PL Small-Cap Growth
Assets            Investments in Securities*	$	27,425,876	$	27,425,876	$	—	$	—
PL International Value
Assets            Rights	$	20,070	$	20,070	$	—	$	—
Common Stocks
Australia		5,455,580		—		5,455,580		—
Belgium		492,750		—		492,750		—
Bermuda		469,228		—		469,228		—
Canada		3,194,824		3,194,824		—		—
Finland		1,387,087		—		1,387,087		—

49

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

							Level 2		Level 3
	Total			Level 1			Significant		Significant
	Value at			Quoted			Observable		Unobservable
Funds	06/30/09			Price			Input		Input
PL International Value (continued)
Common Stocks (continued)
France	$	10,180,924		$	—		$	10,180,924	$	—
Germany		11,710,525			—			11,710,525		—
Hong Kong		718,211			—			718,211		—
Italy		3,850,433			—			3,850,433		—
Japan		21,215,444			—			21,215,444		—
Luxembourg		946,465			—			946,465		—
Netherlands		2,006,941			—			2,006,941		—
New Zealand		590,816			—			590,816		—
Norway		983,708			—			983,708		—
Singapore		231,462			—			231,462		—
Spain		3,027,884			—			3,027,884		—
Sweden		3,074,010			—			3,074,010		—
Switzerland		5,056,212			—			5,056,212		—
United Kingdom		22,734,264			—			22,734,264		—
		97,326,768			3,194,824			94,131,944		—
		97,346,838			3,214,894			94,131,944		—
Liabilities        Investments in Other Financial Instruments**		(7,513	)		(7,513	)		—		—
Total	$	97,339,325		$	3,207,381		$	94,131,944	$	—
PL Large-Cap Value
Assets            Common Stocks
Consumer Discretionary	$	11,136,926		$	10,064,179		$	1,072,747	$	—
Consumer Staples		11,626,476			11,626,476			—		—
Energy		10,956,820			10,956,820			—		—
Financials		14,907,601			14,907,601			—		—
Health Care		5,931,125			5,153,125			778,000		—
Industrials		4,513,572			4,513,572			—		—
Information Technology		2,729,671			2,729,671			—		—
Materials		1,362,849			1,362,849			—		—
Telecommunication Services		5,637,117			5,637,117			—		—
Utilities		1,960,384			1,960,384			—		—
		70,762,541			68,911,794			1,850,747		—
Short-Term Investments		3,839,389			3,839,389			—		—
Total	$	74,601,930		$	72,751,183		$	1,850,747	$	—
PL Short Duration Bond
Assets            Corporate Bonds & Notes	$	22,868,543		$	—		$	22,868,543	$	—
Mortgage-Backed Securities		10,478,151			—			10,478,151		—
Asset-Backed Securities		2,652,485			—			2,652,485		—
U.S. Government Agency Issues		10,036,939			—			10,036,939		—
U.S. Treasury Obligations		5,701,304			—			5,701,304		—
Foreign Government Bonds & Notes		200,495			—			200,495		—
Short-Term Investments		5,377,574			5,377,574			—		—
Investments in Other Financial Instruments**		48,662			48,662			—		—
		57,364,153			5,426,236			51,937,917		—
Liabilities        Investments in Other Financial Instruments**		(80,557	)		(80,557	)		—		—
Total	$	57,283,596		$	5,345,679		$	51,937,917	$	—
PL Floating Rate Loan
Assets            Senior Loan Notes	$	31,756,968		$	—		$	31,756,968	$	—
PL Growth LT
Assets            Preferred Stocks	$	620,663		$	620,663		$	—	$	—
Common Stocks
Consumer Discretionary		3,454,341			2,212,723			1,241,618		—
Consumer Staples		14,053,179			5,897,947			8,155,232		—
Energy		8,675,808			8,675,808			—		—
Financials		6,913,262			6,913,262			—		—
Health Care		10,717,114			8,769,934			1,947,180		—
Industrials		8,077,587			8,077,587			—		—
Information Technology		24,505,458			23,120,563			1,384,895		—

50

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

						Level 2			Level 3
	Total			Level 1		Significant			Significant
	Value at			Quoted		Observable			Unobservable
Funds	06/30/09			Price		Input			Input
PL Growth LT (continued)
Common Stocks (continued)
Materials	$	3,432,756		$	3,432,756	$	—		$	—
Telecommunication Services		2,217,046			2,217,046		—			—
Utilities		811,120			811,120		—			—
		82,857,671			70,128,746		12,728,925			—
Short-Term Investments		2,820,840			420,840		2,400,000			—
Investments in Other Financial Instruments**		4,497			—		4,497
		86,303,671			71,170,249		15,133,422			—
Liabilities        Investments in Other Financial Instruments**		(64,677	)		—		(64,677	)		—
Total	$	86,238,994		$	71,170,249	$	15,068,745		$	—
PL Mid-Cap Equity
Assets            Investments in Securities*	$	71,443,418		$	71,443,418	$	—		$	—
PL Large-Cap Growth
Assets            Investments in Securities*	$	19,124,451		$	19,124,451	$	—		$	—
PL International Large-Cap
Assets            Common Stocks
Australia	$	273,652		$	—	$	273,652		$	—
Austria		419,632			—		419,632			—
Bermuda		782,852			—		782,852			—
Canada		1,675,870			1,675,870		—			—
Czech Republic		417,852			—		417,852			—
France		15,316,715			—		15,316,715			—
Germany		8,386,546			—		8,386,546			—
Hong Kong		497,668			—		497,668			—
India		1,212,269			1,212,269		—			—
Italy		549,272			—		549,272			—
Japan		9,689,080			—		9,689,080			—
Mexico		962,664			962,664		—			—
Netherlands		5,585,725			—		5,585,725			—
Singapore		976,651			—		976,651			—
South Africa		604,661			—		604,661			—
South Korea		946,460			—		946,460			—
Switzerland		12,642,614			—		12,642,614			—
Taiwan		907,350			907,350		—			—
United Kingdom		14,605,121			—		14,605,121			—
United States		1,382,737			—		1,382,737			—
		77,835,391			4,758,153		73,077,238			—
Short-Term Investment		339,815			339,815		—			—
Total	$	78,175,206		$	5,097,968	$	73,077,238		$	—
PL Small-Cap Value
Assets            Investments in Securities*	$	29,226,890		$	29,226,890	$	—		$	—
PL Main Street Core
Assets            Common Stocks
Consumer Discretionary	$	8,620,699		$	8,620,699	$	—		$	—
Consumer Staples		9,750,971			9,750,971		—			—
Energy		12,887,581			12,887,581		—			—
Financials		12,412,194			12,412,185		—			9
Health Care		14,211,243			14,211,243		—			—
Industrials		11,179,148			11,179,148		—			—
Information Technology		19,000,675			19,000,675		—			—
Materials		3,759,523			3,759,523		—			—
Telecommunication Services		2,424,623			2,424,623		—			—
Utilities		1,201,453			1,201,453		—			—
		95,448,110			95,448,101		—			9
Exchange-Traded Fund		698,592			698,592		—			—
Total	$	96,146,702		$	96,146,693	$	—		$	9

51

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

							Level 2			Level 3
	Total			Level 1			Significant			Significant
	Value at			Quoted			Observable			Unobservable
Funds	06/30/09			Price			Input			Input
PL Emerging Markets
Assets            Preferred Stocks	$	2,482,680		$	2,482,680		$	—		$	—
Common Stocks
Argentina		7,185			7,185			—			—
Bermuda		295,448			192,060			103,388			—
Brazil		1,764,916			1,764,916			—			—
Canada		78,419			78,419			—			—
Cayman		995,178			561,241			433,937			—
Chile		975,193			975,193			—			—
China		570,427			—			570,427			—
Colombia		258,582			258,582			—			—
Denmark		455,468			—			455,468			—
Egypt		1,305,837			88,739			1,217,098			——
Hong Kong		3,411,159			—			3,411,159			—
India		4,507,442			969,422			3,538,020			—
Indonesia		1,080,346			—			1,080,346			—
Luxembourg		572,806			346,112			226,694			—
Mexico		2,377,457			2,377,457			—			—
Norway		224,963			—			224,963			—
Philippines		842,583			—			842,583			—
Portugal		148,015			—			148,015			—
Russia		1,876,393			412,990			1,463,403			—
South Africa		1,809,574			—			1,809,574			—
South Korea		1,633,351			—			1,633,351			—
Taiwan		2,165,242			—			2,165,242			—
Thailand		45,216			45,216			—			—
Turkey		1,979,581			—			1,979,581			—
United Kingdom		1,497,286			—			1,497,286			—
United States		131,943			131,943			—			—
		31,010,010			8,209,475			22,800,535			—
Short-Term Investments		1,566,964			1,566,964			—			—
Total	$	35,059,654		$	12,259,119		$	22,800,535		$	—
PL Managed Bond
Assets            Preferred Stocks	$	10,720		$	10,720		$	—		$	—
Convertible Preferred Stocks		2,435,126			2,435,126			—			—
Corporate Bonds & Notes		43,856,161			—			43,086,655			769,506
Senior Loan Notes		44,419			—			44,419			—
Mortgage-Backed Securities		118,226,560			—			118,127,417			99,143
Asset-Backed Securities		3,179,372			—			3,179,372			—
U.S. Government Agency Issues		12,548,502			—			12,548,502			—
Foreign Government Bonds & Notes		953,992			—			953,992			—
Municipal Bonds		5,359,515			—			5,359,515			—
Short-Term Investments		7,580,503			1,000,508			6,579,995			—
Investments in Other Financial Instruments**		3,581,218			341,087			3,221,132			18,999
		197,776,088			3,787,441			193,100,999			887,648
Liabilities        Securities sold short		(2,035,312	)		—			(2,035,312	)		—
Investments in Other Financial Instruments**		(737,138	)		(14,358	)		(722,780	)		—
		(2,772,450	)		(14,358	)		(2,758,092	)		—
Total	$	195,003,638		$	3,773,083		$	190,342,907		$	887,648
PL Inflation Managed
Assets            Convertible Preferred Stocks	$	78,497		$	78,497		$	—		$	—
Corporate Bonds & Notes		9,498,109			—			9,498,109			—
Mortgage-Backed Securities		12,610,865			—			12,610,865			—
Asset-Backed Securities		2,954			—			2,954			—
U.S. Government Agency Issues		2,839,997			—			2,839,997			—
U.S. Treasury Obligations		89,222,819			—			89,222,819			—
Municipal Bonds		131,917			—			131,917			—
Short-Term Investments		2,814,810			914,810			1,900,000			—
Investments in Other Financial Instruments**		411,587			26,993			240,176			144,418
		117,611,555			1,020,300			116,446,837			144,418

52

PACIFIC LIFE FUNDS
Fund Valuation and Fair Value Measurements (Continued)
June 30, 2009 (Unaudited)

							Level 2			Level 3
	Total			Level 1			Significant			Significant
	Value at			Quoted			Observable			Unobservable
Funds	06/30/09			Price			Input			Input
PL Inflation Managed (continued)
Liabilities Securities sold short	$	(716,672	)	$	—		$	(716,672	)	$	—
Investments in Other Financial Instruments**		(568,441	)		(2,797	)		(551,887	)		(13,757	)
		(1,285,113	)		(2,797	)		(1,268,559	)		(13,757	)
Total	$	116,326,442		$	1,017,503		$	115,178,278		$	130,661
PL Comstock
Assets Investments in Securities*	$	90,788,320		$	90,788,320		$	—		$	—
PL Mid-Cap Growth
Assets Convertible Preferred Stocks	$	132,336		$	—		$	—		$	132,336
Common Stocks
Consumer Discretionary		6,098,948			5,430,907			668,041			—
Energy		2,438,953			2,438,953			—			—
Financials		2,087,562			2,087,562			—			—
Health Care		2,740,148			2,740,148			—			—
Industrials		2,467,282			2,467,282			—			—
Information Technology		4,658,297			3,069,121			1,589,176			—
Materials		1,687,049			1,687,049			—			—
Telecommunication Services		330,769			330,769			—			—
		22,509,008			20,251,791			2,257,217			—
Short-Term Investment		776,899			776,899			—			—
Total	$	23,418,243		$	21,028,690		$	2,257,217		$	132,336
PL Real Estate
Assets Investments in Securities*	$	29,102,056		$	29,102,056		$	—		$	—

     The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining value for the period ended June 30, 2009. The value of holdings transferred in and/or out of Level 3 are determined on the basis of specific identification date method. Total realized and unrealized gains (losses) of Level 3 holdings are included in net realized and unrealized gains (losses) in the Funds’ Statement of Operations. Funds not listed held no Level 3 holdings at the beginning of the period.

																		Change in Net
																		Unrealized
																		Appreciation
											Total Change							(Depreciation)
											in Net			Transfers				on Level 3
	Value,		Net			Accrued			Total Net		Unrealized			In and/				Holdings Held at
	Beginning		Purchases			Discounts			Realized Gains		Appreciation			or Out of		Value,		the End of Period
Funds	of Period		(Sales)			(Premiums)			(Losses)		(Depreciation)			Level 3		End of Period		if Applicable
PL Main Street Core
Common Stocks Financials	$	8	$	—		$	—		$	—	$	1		$	—	$	9	$	1
PL Managed Bond
Corporate Bonds & Notes	$	—	$	—		$	(951	)	$	—	$	374,458		$	395,999	$	769,506	$	374,458
Mortgage-Backed Securities		—		(7,762	)		—			40		16,994			89,871		99,143		16,994
Other Financial Instruments **		1,002,875		—			—			—		(983,876	)		—		18,999		(3,680	)
	$	1,002,875	$	(7,762	)	$	(951	)	$	40	$	(592,424	)	$	485,870	$	887,648	$	387,772
PL Inflation Managed
Other Financial Instruments **	$	252,576	$	—		$	—		$	—	$	(121,915	)	$	—	$	130,661	$	(5,996	)
PL Mid-Cap Growth
Convertible Preferred Stocks	$	132,336	$	—		$	—		$	—	$	—		$	—	$	132,336	$	—

*	For Funds that have their investments categorized in a single level, refer to their respective schedule of investments for further industry breakout, if applicable.
**	Other financial instruments include open futures contracts, swap contracts, purchased options, written options, and forward foreign currency contracts, if any.

53

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities
June 30, 2009 (Unaudited)

     DERIVATIVE INVESTMENT HOLDINGS CATEGORIZED BY RISK EXPOSURE

     In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). The new standard requires all companies to enhance disclosures about a fund’s derivative and hedging activities to enable financial statement users to understand how and why the entity uses derivative investments, to manage risks, how derivative investments are accounted for under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”), and how derivative investments affect the entity’s financial position, results of operations, and cash flows. The new standard is effective for statements issued for fiscal years and interim periods beginning after November 15, 2008.

     Market Risks Managed By Investing In Derivatives

     Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, options contracts, forward foreign currency contracts, interest rate swaps, and credit default swaps. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, credit (including counterparty), and price volatility risks.

     Interest rate risk — A Fund may be exposed to interest rate risk through investments in derivative instruments tied to fixed income securities. Interest rate risk is the risk that fixed income securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than fixed income securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a fixed income security’s yield (market price to interest rate movement).

     Foreign investments and currency risk — A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting standards and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of a Fund.

     Price volatility risk — Derivatives tied to equity and fixed income securities are exposed to potential price volatility. Fixed income securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade fixed income securities (including loans) may be relatively greater than for investment grade fixed income securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. Commodity — linked derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

     Credit risk — Credit risk is the risk that a fixed income security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g. may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of fixed income security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in fixed income (debt) holdings may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality. In addition, certain managers may attempt to minimize credit risks to a Fund by performing extensive

54

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities (Continued)
June 30, 2009 (Unaudited)

reviews of each counterparty and entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction.

     A Fund’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

     Credit Related Contingent Features

     Certain Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over the counter derivative and foreign exchange contracts, entered into by a Fund and those counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and certain events of default or termination, such as credit related contingent features. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. For example, many ISDA Master Agreements include credit related contingent features, which may be established between a Fund and its derivatives counterparty to reduce the risk that a Fund will not fulfill its payment obligations to its counterparties. These triggering events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Thus, if a credit related contingent feature is triggered, it would allow the derivatives counterparty to close out all transactions under the agreement and demand payment or additional collateral to cover their exposure to a Fund. Any election made by a counterparty to early terminate a transaction could be material to the Fund’s financial statements. To reduce credit risk associated with ISDA transactions, a Fund may enter into master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A Fund’s overall exposure to credit risk, subject to master netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

     Futures Contracts

     In the normal course of pursuing its investment objectives, certain Funds are subject to price volatility, interest rate, currency, credit and other risks relating to a Fund’s investments. Certain Funds may enter into futures contracts to manage these risks, and may also use futures for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging, or to otherwise help achieve a Fund’s investment goal. Futures contracts are also subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Futures present minimal counterparty credit risk since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

     Options Contracts

     In the normal course of pursuing its investment objectives, certain Funds are subject to price volatility risk, interest rate risk, and foreign investments and currency risk. Certain Funds may enter into options contracts to manage these risks, and may also write and/or purchase call and put options on securities, futures, interest rate swaps, or currencies for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or to otherwise help achieve a Fund’s investment goal. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call or put option, an amount equal to the premium received or paid by a Fund is included in a Fund’s Statement of Assets and Liabilities as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the

55

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities (Continued)
June 30, 2009 (Unaudited)

underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying the written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

     Forward Foreign Currency Contracts

     In the normal course of pursuing its investment objectives, certain Funds are subject to foreign investment and currency risk, the risk that counterparties are unable to meet the terms of the contracts or that the value of the foreign currencies change unfavorably versus the U.S. dollar. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) to manage these risks, and may also enter into forward foreign currency contracts for the purpose of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or to otherwise help achieve a Fund’s investment goals. Forward foreign currency contracts can help a Fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable translation rates. A Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

     Swaps

     In the normal course of pursuing its investment objectives, certain Funds are subject to elements of credit, interest rate, price volatility and documentation risks in excess of the related amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates. Certain Funds may enter into swap agreements to manage these risks and also for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or to otherwise help achieve a Fund’s investment goal. Certain Funds may also enter into swap agreements to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return and to manage its exposure to credit, currency, interest rate, and commodity and inflation risks. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to specified underlying assets based on a notional principal amount. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

     Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Unrealized appreciation is recorded as an asset and unrealized depreciation is recorded as a liability on the Statements of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are included in the calculation of realized gain or loss in the Statements of Operations, when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received by a Fund are included as part of realized gain or loss in the Statements of Operations.

     Interest Rate Swaps

     In the normal course of pursuing its investment objectives, certain Funds may invest in interest rate swaps to manage interest rate risk or for purposes of hedging, duration management, as a substitute for securities, to increase returns, or to otherwise help achieve a Fund’s investment goals. Because certain Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain the ability to generate income at prevailing market rates, certain Funds may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor

56

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities (Continued)
June 30, 2009 (Unaudited)

or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. A Fund investing in interest rate swaps are subject to the risk that the counterparties are unable to meet the terms of the contracts. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

     Credit Default Swaps

     In the normal course of pursuing its investment objectives, certain Funds may invest in credit default swaps to manage credit risk or for purposes of hedging, duration management, as a substitute for securities, to increase returns, or to otherwise help achieve a Fund’s investment goals. A Fund investing in credit default swaps is subject to the risk that counterparties are unable to meet the terms of the contracts. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

     If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

     Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

     Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

     Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid

57

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities (Continued)
June 30, 2009 (Unaudited)

entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swap to achieve a similar effect. Credit default swap on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

     Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

     A Fund may use pairs trades of credit default swaps. Pairs trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pairs trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

     A Fund may also use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

     A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

     The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to the Schedules of Investments. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2009 for which a Fund is the seller of protection are disclosed in the footnotes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

     Total Return Swaps

     In the normal course of pursuing its investment objectives, certain Funds may invest in total return swaps. A Fund investing in credit default swaps is subject to the risk that counterparties are unable to meet the terms of the contracts. A Fund investing in total return swaps is subject to the risk that the counterparties are unable to meet the terms of the contracts. A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

58

PACIFIC LIFE FUNDS
Derivative Instruments and Hedging Activities (Continued)
June 30, 2009 (Unaudited)

     The following is a summary of the Funds’ derivative instruments categorized by primary risk exposure as of June 30, 2009:

			Asset Derivatives Value
	Total Value at			Equity		Interest Rate		Credit		Foreign Exchange		Other
Fund	June 30, 2009			Contracts		Contracts		Contracts		Contracts		Contracts
PL Short Duration Bond	$	48,662		$	—	$	48,662	$	—	$	—	$	—
PL Growth LT		4,497			—		—		—		4,497		—
PL Managed Bond		3,581,218			—		3,318,168		119,009		144,041		—
PL Inflation Managed		411,587			—		401,328		—		10,259		—
Total	$	4,045,964		$	—	$	3,768,158	$	119,009	$	158,797	$	—

				Liability Derivatives Value
	Total Value at				Equity			Interest Rate			Credit			Foreign Exchange			Other
Fund	June 30, 2009				Contracts			Contracts			Contracts			Contracts			Contracts
PL International Value	$	(7,513	)		$	(7,513	)	$	—		$	—		$	—		$	—
PL Short Duration Bond		(80,557	)			—			(80,557	)		—			—			—
PL Growth LT		(64,677	)			—			—			—			(64,677	)		—
PL Managed Bond		(737,138	)			—			(259,545	)		(271,192	)		(206,401	)		—
PL Inflation Managed		(568,441	)			—			(117,179	)		(411,225	)		(40,037	)		—
Total	$	(1,458,326	)		$	(7,513	)	$	(457,281	)	$	(682,417	)	$	(311,115	)	$	—

59

Item 2. Controls and Procedures.

(a)

The Chief Executive Officer, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b)

There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pacific Life Funds
By:	/s/ Mary Ann Brown Mary Ann Brown
	President
Date:	8/28/09

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James T. Morris James T. Morris
	Chief Executive Officer
Date:	8/28/09
By:	/s/ Mary Ann Brown
	Mary Ann Brown
	President
Date:	8/28/09
By:	/s/ Brian D. Klemens
	Brian D. Klemens
	Treasurer (Principal Financial and
	Accounting Officer)
Date:	8/28/09

EX-99.CERT

Exhibit 99 Cert.

FORM N-Q CERTIFICATION

I, James T. Morris, certify that:

1.	I have reviewed this report on Form N-Q of Pacific Life Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	8/25/09
Name:	/s/ James T. Morris James T. Morris
Title:	Chief Executive Officer, Pacific Life Funds

FORM N-Q CERTIFICATION

I, Mary Ann Brown, certify that:

1.	I have reviewed this report on Form N-Q of Pacific Life Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	8/25/09
Name:	/s/ Mary Ann Brown Mary Ann Brown
Title:	President, Pacific Life Funds

FORM N-Q CERTIFICATION

I, Brian D. Klemens, certify that:

1.	I have reviewed this report on Form N-Q of Pacific Life Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	8/25/09
Name:	/s/ Brian D. Klemens Brian D. Klemens
Title:	Treasurer (Principal Financial and Accounting Officer), Pacific Life Funds