N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10385

Pacific Life Funds

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500
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: September 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

TABLE OF CONTENTS

PACIFIC LIFE FUNDS
Schedules of Investments and Notes	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-7
Statements of Changes in Net Assets	B-10
Statement of Cash Flows	B-16
Financial Highlights	C-1
Notes to Financial Statements	D-1
Disclosure of Fund Expenses	E-1
Where to Go for More Information	E-4

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND

Schedule of Investments

September 30, 2009 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.1%
PL International Value Fund ‘A’		284,494	$	2,623,037
PL Large-Cap Value Fund ‘A’		595,203		5,755,608
PL Short Duration Bond Fund ‘A’		1,606,230		15,998,048
PL Floating Rate Loan Fund ‘A’		1,091,855		10,350,787
PL Growth LT Fund ‘A’		269,593		2,749,850
PL Mid-Cap Equity Fund ‘A’		488,458		3,717,165
PL International Large-Cap Fund ‘A’		216,256		2,832,949
PL Main Street® Core Fund ‘A’		338,977		2,772,829
PL Managed Bond Fund ‘A’		3,923,771		42,376,725
PL Inflation Managed Fund ‘A’		2,061,161		20,487,940
PL Large-Cap Growth Fund ‘A’ *		344,591		2,329,437
PL Comstock Fund ‘A’		400,995		3,893,659
Total Affiliated Mutual Funds (Cost $108,653,491)				115,888,034
SHORT-TERM INVESTMENT - 0.3%
Money Market Fund - 0.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		352,986		352,986
Total Short-Term Investment (Cost $352,986)				352,986
TOTAL INVESTMENTS - 99.4% (Cost $109,006,477)				116,241,020
OTHER ASSETS & LIABILITIES, NET - 0.6%				646,285
NET ASSETS - 100.0%			$	116,887,305

Note to Schedule of Investments

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

Affiliated Fixed Income Funds	76.3	%
Affiliated Equity Funds	22.8	%
Short-Term Investment	0.3	%
	99.4	%
Other Assets & Liabilities, Net	0.6	%
	100.0	%

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

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.6%
PL International Value Fund ‘A’		461,117	$	4,251,502
PL Large-Cap Value Fund ‘A’		985,571		9,530,468
PL Short Duration Bond Fund ‘A’		1,499,261		14,932,640
PL Floating Rate Loan Fund ‘A’		1,019,292		9,662,889
PL Growth LT Fund ‘A’		412,439		4,206,880
PL Mid-Cap Equity Fund ‘A’		726,091		5,525,549
PL International Large-Cap Fund ‘A’		531,447		6,961,959
PL Small-Cap Value Fund ‘A’		181,462		1,373,669
PL Main Street Core Fund ‘A’		1,156,068		9,456,633
PL Managed Bond Fund ‘A’		3,407,026		36,795,880
PL Inflation Managed Fund ‘A’		1,934,411		19,228,047
PL Large-Cap Growth Fund ‘A’ *		619,470		4,187,619
PL Comstock Fund ‘A’		853,361		8,286,132
PL Mid-Cap Growth Fund ‘A’		374,861		2,871,436
Total Affiliated Mutual Funds (Cost $136,654,024)				137,271,303
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		106,623		106,623
Total Short-Term Investment (Cost $106,623)				106,623
TOTAL INVESTMENTS - 99.7% (Cost $136,760,647)				137,377,926
OTHER ASSETS & LIABILITIES, NET - 0.3%				355,290
NET ASSETS - 100.0%			$	137,733,216

Note to Schedule of Investments

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

Affiliated Fixed Income Funds	58.5	%
Affiliated Equity Funds	41.1	%
Short-Term Investment	0.1	%
	99.7	%
Other Assets & Liabilities, Net	0.3	%
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-1

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

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.8%
PL Small-Cap Growth Fund ‘A’ *		555,244	$	4,553,004
PL International Value Fund ‘A’		1,961,430		18,084,382
PL Large-Cap Value Fund ‘A’		4,539,578		43,897,718
PL Short Duration Bond Fund ‘A’		2,139,720		21,311,607
PL Floating Rate Loan Fund ‘A’		2,285,227		21,663,955
PL Growth LT Fund ‘A’		2,192,530		22,363,806
PL Mid-Cap Equity Fund ‘A’		3,547,876		26,999,334
PL International Large-Cap Fund ‘A’		2,069,201		27,106,535
PL Small-Cap Value Fund ‘A’		1,179,749		8,930,701
PL Main Street Core Fund ‘A’		4,798,725		39,253,573
PL Emerging Markets Fund ‘A’		1,266,706		13,845,101
PL Managed Bond Fund ‘A’		6,797,224		73,410,018
PL Inflation Managed Fund ‘A’		4,794,467		47,657,001
PL Large-Cap Growth Fund ‘A’ *		2,614,489		17,673,942
PL Comstock Fund ‘A’		3,673,799		35,672,589
PL Mid-Cap Growth Fund ‘A’		1,216,685		9,319,805
PL Real Estate Fund ‘A’		1,225,360		9,508,797
Total Affiliated Mutual Funds (Cost $468,791,190)				441,251,868
SHORT-TERM INVESTMENT - 0.0%
Money Market Fund - 0.0%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		147,274		147,274
Total Short-Term Investment (Cost $147,274)				147,274
TOTAL INVESTMENTS - 99.8% (Cost $468,938,464)				441,399,142
OTHER ASSETS & LIABILITIES, NET - 0.2%				736,590
NET ASSETS - 100.0%			$	442,135,732

Note to Schedule of Investments

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

Affiliated Equity Funds	62.7	%
Affiliated Fixed Income Funds	37.1	%
Short-Term Investment	0.0	%
	99.8	%
Other Assets & Liabilities, Net	0.2	%
	100.0	%

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

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PL Small-Cap Growth Fund ‘A’ *		1,060,252	$	8,694,066
PL International Value Fund ‘A’		3,376,651		31,132,724
PL Large-Cap Value Fund ‘A’		5,246,270		50,731,426
PL Short Duration Bond Fund ‘A’		795,994		7,928,104
PL Growth LT Fund ‘A’		2,932,754		29,914,095
PL Mid-Cap Equity Fund ‘A’		4,579,629		34,850,973
PL International Large-Cap Fund ‘A’		2,684,195		35,162,959
PL Small-Cap Value Fund ‘A’		1,706,910		12,921,312
PL Main Street Core Fund ‘A’		5,647,331		46,195,167
PL Emerging Markets Fund ‘A’		1,626,774		17,780,637
PL Managed Bond Fund ‘A’		2,625,481		28,355,192
PL Inflation Managed Fund ‘A’		3,262,128		32,425,548
PL Large-Cap Growth Fund ‘A’ *		2,497,763		16,884,881
PL Comstock Fund ‘A’		4,011,779		38,954,377
PL Mid-Cap Growth Fund ‘A’		2,919,452		22,362,999
PL Real Estate Fund ‘A’		1,870,711		14,516,721
Total Affiliated Mutual Funds (Cost $472,602,478)				428,811,181
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		378,634		378,634
Total Short-Term Investment (Cost $378,634)				378,634
TOTAL INVESTMENTS - 100.1% (Cost $472,981,112)				429,189,815
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(417,719	)
NET ASSETS - 100.0%			$	428,772,096

Note to Schedule of Investments

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

Affiliated Equity Funds	84.0	%
Affiliated Fixed Income Funds	16.0	%
Short-Term Investment	0.1	%
	100.1	%
Other Assets & Liabilities, Net	(0.1	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-2

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

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
PL Small-Cap Growth Fund ‘A’ *		887,907	$	7,280,840
PL International Value Fund ‘A’		1,735,058		15,997,236
PL Large-Cap Value Fund ‘A’		2,191,765		21,194,367
PL Growth LT Fund ‘A’		1,407,783		14,359,383
PL Mid-Cap Equity Fund ‘A’		1,918,729		14,601,524
PL International Large-Cap Fund ‘A’		1,333,634		17,470,610
PL Small-Cap Value Fund ‘A’		1,193,708		9,036,367
PL Main Street Core Fund ‘A’		2,578,207		21,089,732
PL Emerging Markets Fund ‘A’		847,559		9,263,821
PL Managed Bond Fund ‘A’		462,505		4,995,049
PL Large-Cap Growth Fund ‘A’ *		1,040,850		7,036,144
PL Comstock Fund ‘A’		1,709,599		16,600,207
PL Mid-Cap Growth Fund ‘A’		1,471,262		11,269,864
PL Real Estate Fund ‘A’		937,782		7,277,185
Total Affiliated Mutual Funds (Cost $193,866,129)				177,472,329
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		134,720		134,720
Total Short-Term Investment (Cost $134,720)				134,720
TOTAL INVESTMENTS - 100.2% (Cost $194,000,849)				177,607,049
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(388,640	)
NET ASSETS - 100.0%			$	177,218,409

Note to Schedule of Investments

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

Affiliated Equity Funds	97.3	%
Affiliated Fixed Income Funds	2.8	%
Short-Term Investment	0.1	%
	100.2	%
Other Assets & Liabilities, Net	(0.2	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-3

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

	Principal
	Amount		Value
SHORT-TERM INVESTMENTS - 100.3%
Certificates of Deposit - 1.8%
BNP Paribas ‘NY’
0.300% due 11/12/09	$	750,000	$	750,000
Commercial Paper - 85.1%
Bank of Nova Scotia (Canada)
0.200% due 12/08/09		750,000		749,716
0.220% due 10/15/09		1,000,000		999,914
BASF SE (Germany)
0.350% due 10/13/09		1,250,000		1,249,854
BNP Paribas Finance Inc
0.190% due 10/14/09		500,000		499,966
0.260% due 11/25/09		500,000		499,801
BP Capital Markets PLC (United Kingdom)
0.720% due 10/15/09		750,000		749,790
ConocoPhillips Qatar Funding Ltd (Cayman)
0.300% due 10/06/09		1,000,000		999,958
0.300% due 10/08/09		500,000		499,971
Dell Inc
0.230% due 03/04/10		500,000		499,508
E.I. du Pont de Nemours & Co
0.170% due 10/29/09		1,000,000		999,868
Electricite de France SA (France)
0.170% due 10/28/09		750,000		749,904
0.180% due 10/08/09		750,000		749,974
Eli Lilly & Co
0.700% due 10/06/09		1,000,000		999,903
Government of Canada (Canada)
0.310% due 01/12/10		500,000		499,557
0.340% due 05/25/10		500,000		498,886
0.430% due 03/31/10		750,000		748,379
Honeywell International Inc
0.320% due 12/28/09		750,000		749,413
John Deere Ltd (Canada)
0.160% due 10/14/09		500,000		499,971
0.170% due 10/14/09		500,000		499,969
JPMorgan Chase & Co
0.280% due 11/10/09		1,000,000		999,689
L’Oreal USA Inc
0.250% due 10/20/09		1,250,000		1,249,835
Massachusetts Mutual Life Insurance Co
0.240% due 10/14/09		500,000		499,957
0.250% due 10/07/09		1,000,000		999,958
Medtronic Inc
0.210% due 11/16/09		500,000		499,866
Nestle Capital Corp
0.360% due 02/16/10		1,000,000		998,620
0.550% due 04/19/10		900,000		897,250
0.700% due 02/16/10		500,000		498,658
NetJets Inc
0.170% due 10/02/09		1,500,000		1,499,993
New York Life Capital Corp
0.200% due 10/13/09		1,000,000		999,933
Nokia OYJ (Finland)
0.180% due 10/30/09		750,000		749,891
Pfizer Inc
0.320% due 11/19/09		1,500,000		1,499,347
Proctor & Gamble International Funding SCA
0.250% due 10/21/09		500,000		499,931
Province of British Columbia (Canada)
0.200% due 03/17/10		750,000		749,304
Province of Quebec (Canada)
0.270% due 12/07/09		1,000,000		999,498
Royal Bank of Canada (Canada)
0.190% due 12/18/09		750,000		749,691
0.190% due 12/22/09		1,000,000		999,567
Societe Generale North America Inc
0.210% due 10/13/09		1,000,000		999,930
0.250% due 10/01/09		750,000		750,000
The Coca-Cola Co
0.370% due 12/09/09		750,000		749,468
0.400% due 12/09/09		1,500,000		1,498,850
Total Capital Canada Ltd (Canada)
0.250% due 10/08/09		500,000		499,976
Toyota Motor Credit Corp
0.390% due 03/01/10		500,000		499,182
Washington Gas Light Co
0.150% due 10/19/09		1,100,000		1,099,918
				35,232,614
Corporate Notes - 8.5%
Berkshire Hathaway Finance Corp
4.125% due 01/15/10		500,000		505,457
Caterpillar Financial Services Corp
0.588% due 10/09/09 §		500,000		500,021
Procter & Gamble International Funding SCA
0.714% due 02/08/10 §		1,000,000		1,000,000
Toyota Motor Credit Corp
0.614% due 07/19/10 §		750,000		750,000
Wachovia Mortgage FSB
4.125% due 12/15/09		500,000		503,859
Wal-Mart Stores Inc
4.750% due 08/15/10		250,000		258,998
				3,518,335
U.S. Treasury Bills - 4.8%
0.490% due 07/29/10		500,000		497,952
0.510% due 06/03/10		750,000		747,397
0.518% due 07/01/10		750,000		747,057
				1,992,406

	Shares
Money Market Fund - 0.1%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		43,977		43,977
Total Short-Term Investments (Amortized Cost $41,537,332)				41,537,332
TOTAL INVESTMENTS - 100.3% (Amortized Cost $41,537,332)				41,537,332
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(131,929	)
NET ASSETS - 100.0%			$	41,405,403

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-4

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

Notes to Schedule of Investments

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

Commercial Paper	85.1	%
Corporate Notes	8.5	%
U.S. Treasury Bills	4.8	%
Certificates of Deposit	1.8	%
Money Market Fund	0.1	%
	100.3	%
Other Assets & Liabilities, Net	(0.3	%)
	100.0	%

(b) As of September 30, 2009, the Fund’s Standard & Poor’s quality rating as a percentage of total fixed income investments were as follows:

AAA / U.S. Government & Agency Issues	6.0	%
A-1 (Short-Term Debt Only)	84.8	%
AA	6.1	%
A	1.2	%
Not Rated	1.9	%
	100.0	%

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

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-5

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

	Shares		Value
COMMON STOCKS - 95.5%
Consumer Discretionary - 16.8%
Aeropostale Inc *		4,470	$	194,311
American Public Education Inc *		5,350		185,859
AnnTaylor Stores Corp *		9,250		146,983
Chico’s FAS Inc *		12,675		164,775
Choice Hotels International Inc		4,950		153,747
Coldwater Creek Inc *		16,950		138,990
Corinthian Colleges Inc *		5,995		111,267
Gaylord Entertainment Co *		7,250		145,725
Iconix Brand Group Inc *		12,210		152,259
Interval Leisure Group Inc *		9,115		113,755
J. Crew Group Inc *		4,880		174,802
Life Time Fitness Inc *		7,620		213,741
LKQ Corp *		12,900		239,166
McCormick & Schmick’s Seafood Restaurants Inc *		9,325		69,378
Netflix Inc *		1,705		78,720
Penn National Gaming Inc *		7,850		217,131
Phillips-Van Heusen Corp		1,150		49,209
Shutterfly Inc *		8,275		137,613
The Cheesecake Factory Inc *		9,050		167,606
The Children’s Place Retail Stores Inc *		4,780		143,209
Tupperware Brands Corp		5,975		238,522
Williams-Sonoma Inc		7,800		157,794
WMS Industries Inc *		5,090		226,810
				3,621,372
Consumer Staples - 2.7%
Central European Distribution Corp *		5,875		192,465
Flowers Foods Inc		8,405		220,967
The Hain Celestial Group Inc *		8,735		167,450
				580,882
Energy - 4.2%
Acergy SA ADR (Luxemburg)		12,800		161,664
Concho Resources Inc *		4,750		172,520
Dril-Quip Inc *		2,665		132,291
Mariner Energy Inc *		11,040		156,547
Patriot Coal Corp *		13,520		158,995
Quicksilver Resources Inc *		9,145		129,768
				911,785
Financials - 4.4%
Boston Private Financial Holdings Inc		8,525		55,498
Brookline Bancorp Inc		15,210		147,841
Columbia Banking System Inc		5,150		85,233
Investment Technology Group Inc *		4,030		112,518
Lazard Ltd ‘A’ (Bermuda)		5,590		230,923
Ocwen Financial Corp *		11,650		131,878
Platinum Underwriters Holdings Ltd (Bermuda)		3,010		107,878
Western Alliance Bancorp *		11,470		72,376
				944,145
Health Care - 22.4%
Alexion Pharmaceuticals Inc *		2,350		104,669
Allos Therapeutics Inc *		10,565		76,596
AMERIGROUP Corp *		8,840		195,983
Auxilium Pharmaceuticals Inc *		7,705		263,588
Bruker Corp *		16,290		173,814
Cyberonics Inc *		4,780		76,193
Gentiva Health Services Inc *		10,330		258,353
Human Genome Sciences Inc *		9,650		181,613
ICON PLC ADR (Ireland) *		7,965		195,063
Insulet Corp *		12,370		138,915
Inverness Medical Innovations Inc *		6,205		240,320
Masimo Corp *		3,225		84,495
Medicis Pharmaceutical Corp ‘A’		10,880		232,288
Medidata Solutions Inc *		9,550		144,683
NuVasive Inc *		5,950		248,472
Optimer Pharmaceuticals Inc *		16,860		228,116
OSI Pharmaceuticals Inc *		4,665		164,675
Owens & Minor Inc		5,105		231,001
PAREXEL International Corp *		15,325		208,267
PharMerica Corp *		11,045		205,106
Savient Pharmaceuticals Inc *		10,245		155,724
Seattle Genetics Inc *		11,560		162,187
Select Medical Holdings Corp *		18,550		186,799
Sirona Dental Systems Inc *		7,450		221,638
Thoratec Corp *		7,920		239,738
United Therapeutics Corp *		1,710		83,773
Wright Medical Group Inc *		7,210		128,771
				4,830,840
Industrials - 13.1%
Actuant Corp ‘A’		9,745		156,505
Aecom Technology Corp *		6,135		166,504
AirTran Holdings Inc *		23,630		147,688
BE Aerospace Inc *		11,145		224,460
Bucyrus International Inc		3,100		110,422
CLARCOR Inc		5,090		159,622
Esterline Technologies Corp *		5,580		218,792
FTI Consulting Inc *		4,660		198,563
Genco Shipping & Trading Ltd		3,625		75,328
Genesee & Wyoming Inc ‘A’ *		5,220		158,270
RBC Bearings Inc *		9,115		212,653
Resources Connection Inc *		6,575		112,170
SunPower Corp ‘B’ *		2,610		65,850
Tetra Tech Inc *		4,150		110,100
The Geo Group Inc *		10,980		221,467
Waste Connections Inc *		8,340		240,692
Woodward Governor Co		10,030		243,328
				2,822,414
Information Technology - 26.6%
ANSYS Inc *		5,820		218,075
Atheros Communications Inc *		9,495		251,902
Brocade Communications Systems Inc *		26,815		210,766
Ciena Corp *		5,500		89,540
Concur Technologies Inc *		4,300		170,968
F5 Networks Inc *		4,170		165,257
GSI Commerce Inc *		14,590		281,733
Informatica Corp *		10,650		240,477
LogMeIn Inc *		6,015		110,135
Mellanox Technologies Ltd (Israel) *		10,790		176,848
Monolithic Power Systems Inc *		8,945		209,760
Netlogic Microsystems Inc *		5,415		243,675
NICE Systems Ltd ADR (Israel) *		6,595		200,752
ON Semiconductor Corp *		22,790		188,018
OpenTable Inc *		3,940		108,586
Pegasystems Inc		8,180		282,455
Polycom Inc *		6,135		164,111
QLogic Corp *		4,950		85,140
SkillSoft PLC ADR (Ireland) *		27,315		262,224
Skyworks Solutions Inc *		17,780		235,407
SolarWinds Inc *		8,910		196,287
Solera Holdings Inc		8,065		250,902
Starent Networks Corp *		8,680		220,646
Taleo Corp ‘A’ *		10,324		233,735
TeleTech Holdings Inc *		12,030		205,232
VanceInfo Technologies Inc ADR (Cayman) *		3,431		66,699
VeriFone Holdings Inc *		11,315		179,795
VistaPrint NV (Netherlands) *		5,125		260,094
Wright Express Corp *		7,565		223,243
				5,732,462

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-6

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

	Shares		Value
Materials - 2.4%
Huntsman Corp		13,900	$	126,629
Louisiana-Pacific Corp *		12,550		83,709
Nalco Holding Co		7,610		155,929
Silgan Holdings Inc		2,995		157,926
				524,193
Telecommunication Services - 1.9%
SBA Communications Corp ‘A’ *		8,700		235,161
Syniverse Holdings Inc *		10,185		178,238
				413,399
Utilities - 1.0%
ITC Holdings Corp		4,980		226,335
Total Common Stocks (Cost $16,322,731)				20,607,827
SHORT-TERM INVESTMENT - 5.4%
Money Market Fund - 5.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,164,638		1,164,638
Total Short-Term Investment (Cost $1,164,638)				1,164,638
TOTAL INVESTMENTS - 100.9% (Cost $17,487,369)				21,772,465
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(193,190	)
NET ASSETS - 100.0%			$	21,579,275

Note to Schedule of Investments

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

Information Technology	26.6	%
Health Care	22.4	%
Consumer Discretionary	16.8	%
Industrials	13.1	%
Short-Term Investment	5.4	%
Financials	4.4	%
Energy	4.2	%
Consumer Staples	2.7	%
Materials	2.4	%
Telecommunication Services	1.9	%
Utilities	1.0	%
	100.9	%
Other Assets & Liabilities, Net	(0.9	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-7

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

	Shares		Value
RIGHTS - 0.0%
Belgium - 0.0%
Fortis Bank AS Exp. 12/31/49 * +		34,832	$	—
France - 0.0%
BNP Paribas Exp. 10/13/09 *		11,408		24,707
Total Rights (Cost $0)				24,707
COMMON STOCKS - 98.7%
Australia - 6.9%
Amcor Ltd +		73,641		354,890
Australia & New Zealand Banking Group Ltd +		54,400		1,165,290
BHP Billiton Ltd +		11,800		389,170
Commonwealth Bank of Australia +		12,300		558,745
Fairfax Media Ltd +		168,100		253,373
Lend Lease Corp Ltd +		22,100		205,832
Macquarie Group Ltd +		13,000		671,194
Macquarie Infrastructure Group +		210,802		273,298
National Australia Bank Ltd +		35,222		953,125
Qantas Airways Ltd +		101,758		255,618
				5,080,535
Belgium - 0.4%
Delhaize Group SA +		3,600		250,299
Bermuda - 0.2%
Catlin Group Ltd +		31,400		176,548
Canada - 2.9%
BCE Inc		3,000		73,946
Brookfield Properties Corp		32,600		369,648
Canadian Imperial Bank of Commerce		3,364		205,142
EnCana Corp		3,300		191,099
Fairfax Financial Holdings Ltd		600		222,891
National Bank of Canada		3,200		177,956
Nexen Inc		19,300		438,763
Suncor Energy Inc		13,312		465,016
				2,144,461
Denmark - 0.5%
Danske Bank AS * +		13,600		359,411
Finland - 1.1%
Nokia OYJ +		57,100		837,498
France - 12.2%
BNP Paribas +		11,408		915,521
Casino Guichard-Perrachon SA +		3,700		295,332
Credit Agricole SA +		39,803		835,660
Electricite de France +		8,100		482,153
France Telecom +		29,300		781,345
Lagardere SCA +		14,500		677,568
Renault SA * +		15,294		718,519
Sanofi-Aventis SA +		15,201		1,121,010
Societe Generale +		12,623		1,021,040
Total SA +		17,756		1,055,416
Unibail-Rodamco SE REIT +		600		124,953
Vallourec SA +		3,674		625,351
Vivendi +		10,610		329,741
				8,983,609
Germany - 11.4%
Allianz SE +		7,210		899,481
BASF SE +		15,300		810,062
Bayer AG +		12,700		879,069
Celesio AG +		6,300		173,606
Daimler AG +		6,700		336,127
Deutsche Bank AG +		10,700		817,356
Deutsche Lufthansa AG +		4,800		84,736
Deutsche Post AG +		18,070		336,647
Deutsche Telekom AG +		52,800		720,579
E.ON AG +		28,296		1,197,639
Metro AG +		8,100		457,430
Muenchener Rueckversicherungs AG +		4,261		679,132
RWE AG +		7,823		725,627
Siemens AG +		3,500		322,283
				8,439,774
Hong Kong - 0.6%
New World Development Ltd +		201,000		430,556
Italy - 6.2%
Banca Popolare di Milano SCARL +		34,300		261,769
Banco Popolare SCARL * +		35,800		344,861
Enel SPA +		123,300		784,266
ENI SPA +		36,089		901,826
Intesa Sanpaolo SPA * +		142,800		633,592
Telecom Italia SPA +		337,900		594,146
Telecom Italia SPA RNC +		233,000		286,995
UniCredit SPA * +		193,243		758,458
				4,565,913
Japan - 16.8%
Aeon Co Ltd +		47,500		453,030
Ajinomoto Co Inc +		26,000		260,401
Astellas Pharma Inc +		4,200		172,216
Canon Inc +		6,300		252,419
East Japan Railway Co +		2,300		165,828
Fujitsu Ltd +		63,000		410,916
ITOCHU Corp +		60,000		395,625
KDDI Corp +		73		410,700
Kirin Holdings Co Ltd +		25,000		382,897
Kyocera Corp +		5,900		545,015
Kyushu Electric Power Co Inc +		20,900		473,469
Mediceo Paltac Holdings Co Ltd +		26,900		377,905
Mitsubishi Chemical Holdings Corp +		47,500		196,805
Mitsubishi Corp +		14,700		295,651
Mitsubishi UFJ Financial Group Inc +		63,900		341,491
Mitsui & Co Ltd +		35,800		465,747
Mitsui Fudosan Co Ltd +		32,000		538,830
Mizuho Financial Group Inc +		106,000		208,769
Namco Bandai Holdings Inc +		22,500		229,857
Nippon Oil Corp +		28,000		156,677
Nippon Telegraph & Telephone Corp +		13,800		636,895
Nissan Motor Co Ltd * +		100,400		676,580
NTT DoCoMo Inc +		172		273,958
ORIX Corp +		6,970		423,339
Sharp Corp +		40,000		443,806
Sony Corp +		21,000		615,364
Sumitomo Mitsui Financial Group Inc +		16,300		564,995
The Furukawa Electric Co Ltd +		60,000		242,768

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-8

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

	Shares		Value
The Kansai Electric Power Co Inc +		6,200	$	149,651
The Tokyo Electric Power Co Inc +		17,400		455,893
Toshiba Corp * +		133,000		696,155
Tosoh Corp +		72,000		181,507
West Japan Railway Co +		85		321,689
				12,416,848
Luxembourg - 0.9%
ArcelorMittal +		17,800		663,715
Netherlands - 2.1%
ING Groep NV CVA * +		14,621		262,563
Koninklijke Ahold NV +		39,300		474,358
Koninklijke Philips Electronics NV +		7,880		192,225
Randstad Holding NV * +		14,300		619,483
				1,548,629
New Zealand - 1.0%
Fletcher Building Ltd +		61,900		372,262
Telecom Corp of New Zealand Ltd +		187,085		360,726
				732,988
Norway - 0.9%
StatoilHydro ASA +		28,650		646,830
Spain - 3.5%
Banco Santander SA +		82,125		1,326,687
Telefonica SA +		45,500		1,258,855
				2,585,542
Sweden - 2.5%
Electrolux AB ‘B’ * +		20,200		462,393
Svenska Cellulosa AB ‘B’ +		41,200		559,687
Telefonaktiebolaget LM Ericsson ‘B’ +		59,000		593,887
Volvo AB ‘B’ +		24,850		230,453
				1,846,420
Switzerland - 5.0%
Adecco SA +		5,900		314,213
Credit Suisse Group AG +		5,379		299,276
Nestle SA +		23,739		1,013,434
Novartis AG +		22,427		1,126,526
Roche Holding AG +		3,300		533,573
Zurich Financial Services AG +		1,660		395,820
				3,682,842
United Kingdom - 23.6%
Amlin PLC +		45,600		279,956
Arriva PLC +		23,300		186,810
Associated British Foods PLC +		39,700		538,543
AstraZeneca PLC +		19,022		853,080
Aviva PLC +		95,938		689,695
Barclays PLC * +		105,383		624,537
BP PLC +		207,398		1,837,286
British American Tobacco PLC +		18,700		587,430
BT Group PLC +		132,410		275,956
Centrica PLC +		157,500		634,359
Drax Group PLC +		34,700		261,971
G4S PLC +		72,500		256,394
GlaxoSmithKline PLC +		57,400		1,131,756
HSBC Holdings PLC (LI) +		75,116		860,120
IMI PLC +		41,900		300,208
J. Sainsbury PLC +		66,900		348,187
Kingfisher PLC +		47,800		163,022
Lloyds Banking Group PLC +		338,862		562,795
Next PLC +		7,300		209,487
Old Mutual PLC +		26,900		43,112
Pearson PLC +		36,800		454,683
Prudential PLC +		19,645		189,336
Rolls-Royce Group PLC * +		71,100		536,512
Royal Dutch Shell PLC ‘A’ (XAMS) +		64,035		1,833,897
Tate & Lyle PLC +		50,300		340,720
Thomas Cook Group PLC +		93,500		347,948
Tomkins PLC +		95,400		286,940
TUI Travel PLC +		93,400		380,520
Vodafone Group PLC +		687,271		1,543,924
Wolseley PLC * +		21,600		522,317
WPP PLC +		38,400		330,274
				17,411,775
Total Common Stocks (Cost $68,902,495)				72,804,193
SHORT-TERM INVESTMENT - 0.5%
Money Market Fund - 0.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		385,940		385,940
Total Short-Term Investment (Cost $385,940)				385,940
TOTAL INVESTMENTS - 99.2% (Cost $69,288,435)				73,214,840
OTHER ASSETS & LIABILITIES, NET - 0.8%				586,232
NET ASSETS - 100.0%			$	73,801,072

Notes to Schedule of Investments

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

Financials	27.7	%
Energy	10.2	%
Industrials	9.8	%
Telecommunication Services	9.8	%
Consumer Discretionary	9.0	%
Health Care	8.6	%
Consumer Staples	7.3	%
Utilities	7.0	%
Materials	4.8	%
Information Technology	4.5	%
Short-Term Investment	0.5	%
	99.2	%
Other Assets & Liabilities, Net	0.8	%
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-9

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

(b) As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows:

United Kingdom	23.6	%
Japan	16.8	%
France	12.2	%
Germany	11.4	%
Australia	6.9	%
Italy	6.2	%
Switzerland	5.0	%
Spain	3.5	%
Canada	2.9	%
Sweden	2.5	%
Netherlands	2.1	%
Finland	1.1	%
New Zealand	1.0	%
Luxembourg	0.9	%
Norway	0.9	%
Hong Kong	0.6	%
Denmark	0.5	%
United States	0.5	%
Belgium	0.4	%
Bermuda	0.2	%
	99.2	%
Other Assets & Liabilities, Net	0.8	%
	100.0	%

(c)	Securities with a total aggregate market value of $70,659,732 or 95.7% 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.
(d)	Open futures contracts outstanding as of September 30, 2009 were as follows:

	Number of		Notional	Unrealized
Long Futures Outstanding	Contracts		Amount	Appreciation
Dow Jones EURO STOXX 50 (12/09)		9	EUR 254,160	$	6,421

(e) As of September 30, 2009, $156,593 and EUR 30,819 in cash was segregated with broker(s)/custodian for open futures contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-10

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

	Shares		Value
COMMON STOCKS - 93.3%
Consumer Discretionary - 15.6%
DISH Network Corp ‘A’ *		118,230	$	2,277,110
McDonald’s Corp		45,200		2,579,564
News Corp ‘A’		215,960		2,589,360
Scripps Networks Interactive Inc ‘A’		63,600		2,350,020
SES SA FDR (Luxembourg) +		85,900		1,950,479
Target Corp		46,800		2,184,624
The Home Depot Inc		91,800		2,445,552
Time Warner Cable Inc		40,115		1,728,555
Time Warner Inc		97,733		2,812,756
				20,918,020
Consumer Staples - 14.1%
Altria Group Inc		60,900		1,084,629
Kimberly-Clark Corp		72,400		4,270,152
Kraft Foods Inc ‘A’		50,631		1,330,076
Lorillard Inc		20,000		1,486,000
Philip Morris International Inc		86,400		4,211,136
The Procter & Gamble Co		21,200		1,227,904
Unilever PLC ADR (United Kingdom)		74,900		2,148,132
Wal-Mart Stores Inc		64,400		3,161,396
				18,919,425
Energy - 14.3%
Devon Energy Corp		19,270		1,297,449
El Paso Corp		278,100		2,869,992
Exxon Mobil Corp		43,400		2,977,674
Halliburton Co		75,200		2,039,424
Royal Dutch Shell PLC ADR (United Kingdom)		29,400		1,681,386
Suncor Energy Inc (Canada)		68,390		2,363,558
Total SA ADR (France)		76,080		4,508,501
Transocean Ltd (Switzerland) *		17,348		1,483,774
				19,221,758
Financials - 21.2%
American Express Co		54,250		1,839,075
Bank of America Corp		231,590		3,918,503
Capital One Financial Corp		32,720		1,169,086
JPMorgan Chase & Co		101,200		4,434,584
Loews Corp		41,680		1,427,540
Marsh & McLennan Cos Inc		83,901		2,074,872
State Street Corp		32,200		1,693,720
The Bank of New York Mellon Corp		42,132		1,221,407
The Chubb Corp		45,680		2,302,729
The PNC Financial Services Group Inc		17,600		855,184
The Travelers Cos Inc		72,640		3,576,067
Wells Fargo & Co		138,900		3,914,202
				28,426,969
Health Care - 7.9%
Abbott Laboratories		34,600		1,711,662
Merck & Co Inc		43,400		1,372,742
Novartis AG ADR (Switzerland)		49,700		2,503,886
Pfizer Inc		75,900		1,256,145
Roche Holding AG (Switzerland) +		9,170		1,482,685
UnitedHealth Group Inc		43,910		1,099,506
WellPoint Inc *		25,000		1,184,000
				10,610,626
Industrials - 6.6%
General Electric Co		176,540		2,898,787
Raytheon Co		40,700		1,952,379
The Boeing Co		28,500		1,543,275
United Technologies Corp		40,800		2,485,944
				8,880,385
Information Technology - 3.9%
International Business Machines Corp		23,890		2,857,483
Microsoft Corp		92,000		2,381,880
				5,239,363
Materials - 1.5%
Air Products & Chemicals Inc		26,400		2,048,112
Telecommunication Services - 6.0%
AT&T Inc		123,547		3,337,004
CenturyTel Inc		58,670		1,971,312
Verizon Communications Inc		92,200		2,790,894
				8,099,210
Utilities - 2.2%
Sempra Energy		59,200		2,948,753
Total Common Stocks (Cost $117,267,911)				125,312,621
SHORT-TERM INVESTMENT - 6.5%
Money Market Fund - 6.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		8,779,025		8,779,025
Total Short-Term Investment (Cost $8,779,025)				8,779,025
TOTAL INVESTMENTS - 99.8% (Cost $126,046,936)				134,091,646
OTHER ASSETS & LIABILITIES, NET - 0.2%				202,159
NET ASSETS - 100.0%			$	134,293,805

Notes to Schedule of Investments

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

Financials	21.2	%
Consumer Discretionary	15.6	%
Energy	14.3	%
Consumer Staples	14.1	%
Health Care	7.9	%
Industrials	6.6	%
Short-Term Investment	6.5	%
Telecommunication Services	6.0	%
Information Technology	3.9	%
Utilities	2.2	%
Materials	1.5	%
	99.8	%
Other Assets & Liabilities, Net	0.2	%
	100.0	%

(b) Securities with a total aggregate market value of $3,433,164 or 2.6% 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.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-11

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

	Principal
	Amount		Value
CORPORATE BONDS & NOTES - 32.9%
Consumer Discretionary - 1.1%
Comcast Corp
5.850% due 01/15/10	$	250,000	$	253,404
Cox Communications Inc
4.625% due 01/15/10		150,000		151,378
Time Warner Cable Inc
5.400% due 07/02/12		100,000		106,937
Time Warner Inc
6.750% due 04/15/11		150,000		160,399
				672,118
Consumer Staples - 1.9%
Anheuser-Busch InBev Worldwide Inc
7.200% due 01/15/14 ~		175,000		197,280
CVS Caremark Corp
1.802% due 09/10/10 §		150,000		151,714
General Mills Inc
6.000% due 02/15/12		200,000		217,432
Kellogg Co
6.600% due 04/01/11		175,000		187,620
The Kroger Co
6.750% due 04/15/12		100,000		110,049
Wal-Mart Stores Inc
3.200% due 05/15/14		250,000		255,633
				1,119,728
Energy - 0.6%
Enterprise Products Operating LLC
4.600% due 08/01/12		150,000		155,553
6.375% due 02/01/13		100,000		108,486
XTO Energy Inc
5.900% due 08/01/12		100,000		108,088
				372,127
Financials - 21.3%
African Development Bank (Multi-National)
1.750% due 10/01/12		600,000		595,944
American General Finance Corp
4.875% due 05/15/10		250,000		240,181
ANZ Capital Trust Inc
4.484% ± ~		250,000		247,777
Bank of America Corp
2.100% due 04/30/12		1,000,000		1,014,707
BB&T Corp
3.850% due 07/27/12		250,000		258,099
Citigroup Funding Inc
2.125% due 07/12/12		200,000		202,374
Citigroup Inc
2.125% due 04/30/12		2,300,000		2,334,104
Dexia Credit Local (France)
2.375% due 09/23/11 ~		600,000		608,608
General Electric Capital Corp
2.000% due 09/28/12		800,000		805,269
2.125% due 12/21/12		100,000		101,018
2.625% due 12/28/12		1,000,000		1,025,661
General Motors Acceptance Corp LLC
2.200% due 12/19/12		500,000		505,822
Greater Bay Bancorp
5.125% due 04/15/10		100,000		101,953
Kreditanstalt fuer Wiederaufbau (Germany)
2.500% due 05/28/13		700,000		706,510
3.750% due 06/27/11		800,000		838,372
LeasePlan Corp NV (Netherlands)
3.000% due 05/07/12 ~		300,000		307,116
Merrill Lynch & Co Inc
6.050% due 08/15/12		125,000		133,425
Morgan Stanley
5.050% due 01/21/11		250,000		258,680
PNC Funding Corp
1.875% due 06/22/11		600,000		607,538
Rabobank Nederland NV (Netherlands)
4.200% due 05/13/14 ~ D		150,000		156,437
Suncorp-Metway Ltd (Australia)
1.759% due 04/15/11 § ~		900,000		916,229
The Bear Stearns Cos LLC
6.950% due 08/10/12		500,000		557,061
The Charles Schwab Corp
4.950% due 06/01/14		125,000		131,994
Waddell & Reed Financial Inc
5.600% due 01/15/11		150,000		149,960
WEA Finance LLC
5.400% due 10/01/12 ~		75,000		77,113
				12,881,952
Health Care - 1.2%
Merck & Co Inc
1.875% due 06/30/11		125,000		126,450
Roche Holdings Inc
5.000% due 03/01/14 ~		225,000		243,580
UnitedHealth Group Inc
5.125% due 11/15/10		350,000		361,522
				731,552
Industrials - 0.4%
John Deere Capital Corp
5.400% due 04/07/10		250,000		256,390
Information Technology - 0.6%
Hewlett-Packard Co
2.250% due 05/27/11		350,000		356,698
Telecommunication Services - 4.2%
BellSouth Corp
4.950% due 04/26/10 ~		700,000		715,693
Deutsche Telekom International Finance BV (Netherlands)
8.500% due 06/15/10		200,000		209,691
France Telecom SA (France)
7.750% due 03/01/11		150,000		162,495
Rogers Communications Inc (Canada)
5.500% due 03/15/14		50,000		53,593
6.250% due 06/15/13		50,000		54,110
6.375% due 03/01/14		125,000		138,152
Telefonica Europe BV (Netherlands)
7.750% due 09/15/10		100,000		105,815
Verizon Wireless Capital LLC
3.750% due 05/20/11 ~		775,000		800,043
Vodafone Group PLC (United Kingdom)
5.350% due 02/27/12		250,000		267,937
				2,507,529
Utilities - 1.6%
CenterPoint Energy Resources Corp
7.875% due 04/01/13		75,000		84,532
Commonwealth Edison Co
4.740% due 08/15/10		175,000		179,033
Duke Energy Corp
6.300% due 02/01/14		225,000		249,197
FirstEnergy Corp
6.450% due 11/15/11		5,000		5,412

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-12

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

	Principal
	Amount		Value
MidAmerican Energy Holdings Co
5.000% due 02/15/14	$	250,000	$	264,620
Progress Energy Inc
6.050% due 03/15/14		150,000		164,707
				947,501
Total Corporate Bonds & Notes (Cost $19,415,062)				19,845,595
MORTGAGE-BACKED SECURITIES - 33.5%
Collateralized Mortgage Obligations - Residential - 4.9%
Citimortgage Alternative Loan Trust
6.000% due 12/25/36 “		638,075		523,409
Fannie Mae
0.691% due 02/25/37 “ §		660,643		642,868
1.086% due 04/25/48 “ §		411,282		407,129
Freddie Mac
0.593% due 11/15/36 “ §		568,095		557,038
0.643% due 07/15/34 “ §		564,923		544,156
Structured Adjustable Rate Mortgage Loan Trust
5.089% due 11/25/34 “ §		344,495		284,244
				2,958,844
Fannie Mae - 21.4%
4.114% due 04/01/34 “ §		1,300,000		1,340,422
4.500% due 06/01/13 - 06/01/23 “		845,625		877,729
5.000% due 07/01/19 - 01/01/39 “		5,324,290		5,628,336
6.000% due 10/01/21 - 01/01/40 “		4,802,221		5,085,367
				12,931,854
Freddie Mac - 7.2%
5.000% due 11/01/16 - 12/01/19 “		3,904,374		4,154,134
5.500% due 01/01/20 - 07/01/20 “		196,305		209,633
				4,363,767
Total Mortgage-Backed Securities (Cost $20,177,414)				20,254,465
ASSET-BACKED SECURITIES - 4.4%
Capital One Multi-Asset Execution Trust
4.950% due 08/15/12 “		1,600,000		1,602,883
Chase Issuance Trust
4.960% due 09/17/12 “		1,000,000		1,040,089
Total Asset-Backed Securities (Cost $2,599,528)				2,642,972
U.S. GOVERNMENT AGENCY ISSUES - 18.6%
Fannie Mae
2.000% due 03/02/11		1,000,000		1,004,336
4.680% due 06/15/11		1,800,000		1,917,130
Federal Home Loan Bank
3.125% due 06/10/11 ‡		2,500,000		2,586,655
Freddie Mac
2.000% due 02/25/11		1,500,000		1,508,427
2.000% due 03/16/11		500,000		503,025
2.050% due 03/09/11		2,500,000		2,516,725
2.125% due 09/21/12		1,200,000		1,216,518
Total U.S. Government Agency Issues (Cost $11,001,166)				11,252,816
U.S. TREASURY OBLIGATIONS - 6.5%
U.S. Treasury Inflation Protected Securities - 3.7%
0.875% due 04/15/10 ^		1,477,853		1,480,161
1.875% due 07/15/13 ^		586,295		606,449
3.500% due 01/15/11 ^		123,733		128,992
				2,215,602
U.S. Treasury Notes - 1.3%
1.375% due 09/15/12		800,000		799,001
U.S. Treasury Strips - 1.5%
0.000% due 11/15/21		700,000		430,742
0.000% due 11/15/26		200,000		97,083
0.000% due 11/15/27		800,000		372,611
				900,436
Total U.S. Treasury Obligations (Cost $3,828,291)				3,915,039
FOREIGN GOVERNMENT BONDS & NOTES - 1.0%
Japan Finance Corp (Japan)
2.000% due 06/24/11		200,000		202,658
Societe Financement de l’Economie Francaise (France)
2.000% due 02/25/11 ~		400,000		406,091
Total Foreign Government Bonds & Notes (Cost $601,235)				608,749

	Shares
SHORT-TERM INVESTMENT - 11.9%
Money Market Fund - 11.9%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		7,208,405		7,208,405
Total Short-Term Investment (Cost $7,208,405)				7,208,405
TOTAL INVESTMENTS - 108.8% (Cost $64,831,101)				65,728,041
OTHER ASSETS & LIABILITIES, NET - (8.8%)				(5,312,453	)
NET ASSETS - 100.0%			$	60,415,588

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-13

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

Notes to Schedule of Investments

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

Mortgage-Backed Securities	33.5	%
Corporate Bonds & Notes	32.9	%
U.S. Government Agency Issues	18.6	%
Short-Term Investment	11.9	%
U.S. Treasury Obligations	6.5	%
Asset-Backed Securities	4.4	%
Foreign Government Bonds & Notes	1.0	%
	108.8	%
Other Assets & Liabilities, Net	(8.8	%)
	100.0	%

(b) As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows:

AAA / U.S. Government & Agency Issues	83.0	%
AA	2.7	%
A	8.3	%
BBB	5.6	%
BB	0.4	%
	100.0	%

(c) Open futures Contracts outstanding as of September 30, 2009 were as follows:

					Unrealized
	Number of		Notional		Appreciation
Long Futures Outstanding	Contracts		Amount		(Depreciation)
Eurodollar (12/09)		19	$	19,000,000	$	53,936
Eurodollar (03/10)		9		9,000,000		12,130
Eurodollar (06/10)		4		4,000,000		5,640
Eurodollar (09/11)		2		2,000,000		2,795
Eurodollar (12/11)		2		2,000,000		2,845
U.S. Treasury 2-Year Notes (12/09)		93		18,600,000		71,401
Short Futures Outstanding
U.S. Treasury 5-Year Notes (12/09)		41		4,100,000		(19,389	)
U.S. Treasury 10-Year Notes (12/09)		15		1,500,000		(10,157	)
U.S. Treasury 30 Year Bonds (12/09)		26		2,600,000		(62,487	)
					$	56,714

(d)	As of September 30, 2009, securities with a total aggregate market value of $341,438 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.
(e)	0.3% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-14

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Principal
	Amount		Value
SENIOR LOAN NOTES - 88.7%
Consumer Discretionary - 34.3%
Aramark Corp
2.160% due 01/26/14 §	$	455,199	$	425,713
Aramark Corp (LC Facility Letter of Credit)
0.278% due 01/26/14 §		29,867		27,933
Asurion Corp (1st Lien)
3.250% due 07/03/14 §		500,000		478,022
Blockbuster Inc Tranche B
4.570% due 08/20/11 §		972,067		965,588
Burlington Coat Factory Warehouse Corp
2.570% due 05/28/13 §		496,556		455,766
Catalina Marketing Corp (Initial Term Loan)
2.990% due 10/01/14 §		483,461		465,531
Cedar Fair LP
2.250% due 08/30/12 §		107,269		103,582
Cedar Fair LP Term B
4.250% due 08/30/14 §		388,934		379,049
Cengage Learning Acquisitions Inc
2.750% due 07/03/14 §		748,092		672,534
due 07/03/14 § ∞		249,364		224,178
Cequel Communications LLC
2.250% due 11/05/13 §		982,291		929,729
Charter Communications Operating LLC (New Term Loan)
6.250% due 03/06/14 §		996,199		941,717
Discovery Communications Holding LLC Term C
5.250% due 05/14/14 §		497,500		506,517
Dollar General Corp Tranche B1
3.120% due 07/07/14 §		498,750		487,336
Harland Clarke Holding Corp Tranche B
2.780% due 06/30/14 §		994,911		838,710
Kronos Inc (Initial Term Loan 1st Lien)
2.280% due 06/11/14 §		489,843		461,922
Las Vegas Sands LLC (Delayed Draw I Term Loan)
due 05/23/14 § ∞		134,126		112,814
Las Vegas Sands LLC Tranche B
due 05/23/14 § ∞		665,535		559,788
Metro-Goldwyn-Mayer Inc Tranche B
20.500% due 04/09/12 §		498,708		286,204
Nielsen Finance LLC (Class A Dollar Term Loan)
2.250% due 08/09/13 §		152,680		144,330
due 08/09/13 § ∞		500,000		472,655
Nielsen Finance LLC (Class B Dollar Term Loan)
4.000% due 05/01/16 §		318,007		300,615
Regal Cinemas Corp (New Term Loan)
4.030% due 10/27/13 §		881,418		879,765
Sabre Inc (Initial Term Loan)
2.640% due 09/30/14 §		500,000		441,615
due 09/30/14 § ∞		500,000		441,615
TWCC Holding Corp
7.250% due 09/14/15 §		497,487		506,069
Univision Communications Inc (Initial Term Loan)
2.530% due 09/29/14 §		500,000		424,490
due 09/29/14 § ∞		500,000		424,490
VML U.S. Finance LLC Term B (Delayed Draw Project Loan)
5.790% due 05/25/12 §		182,607		174,960
VML U.S. Finance LLC Term B (Funded Project Loan)
5.790% due 05/27/13 §		316,140		302,902
due 05/27/13 § ∞		498,747		477,862
				14,314,001
Consumer Staples - 4.5%
Revlon Consumer Products Corp
4.340% due 01/15/12 §		1,000,000		970,835
Sturm Foods Inc (Initial Term Loan 1st Lien)
3.060% due 01/31/14 §		493,440		456,432
Wm Wrigley Jr Co Tranche B
6.500% due 09/30/14 §		456,571		465,321
				1,892,588
Energy - 3.5%
Coffeyville Resources LLC (Funded Letter of Credit)
8.500% due 12/28/10 §		67,370		67,623
Coffeyville Resources LLC Tranche D
8.500% due 12/30/13 §		537,294		539,309
Venoco Inc
4.250% due 05/07/14 §		988,971		846,396
				1,453,328
Financials - 5.0%
First Data Corp Tranche B1 (Initial Term Loan)
3.000% due 09/24/14 §		786,165		678,779
HUB International Ltd (Delayed Draw Term Loan)
2.750% due 06/13/14 §		180,516		162,915
HUB International Ltd (Initial Term Loan)
2.750% due 06/13/14 §		803,100		724,798
Spirit Finance Corp
3.480% due 08/01/13 §		1,000,000		497,500
				2,063,992
Health Care - 12.8%
Aveta Inc (Acquisition Term Loan)
5.500% due 08/22/11 §		400,951		382,908
Aveta Inc (New Term Loan)
5.500% due 08/22/11 §		72,680		69,410
Aveta Inc (Original Term Loan)
5.500% due 08/22/11 §		620,215		592,306
CHS/Community Health Systems Inc (Delayed Draw Term Loan)
2.500% due 07/25/14 §		24,270		22,824
CHS/Community Health Systems Inc (Funded Term Loan)
2.610% due 07/25/14 §		475,730		448,426
HCA Inc Tranche B1
2.530% due 11/18/13 §		686,221		649,522
IM US Holdings LLC (2nd Lien)
4.500% due 06/26/15 §		500,000		485,835
Life Technologies Corp Borrowing Term B
5.250% due 11/23/15 §		792,500		799,098
Mylan Inc Tranche B
3.550% due 10/02/14 §		962,312		940,217
Talecris Biotherapeutics Holdings Corp (1st Lien)
3.960% due 12/06/13 §		982,247		966,693
				5,357,239
Industrials - 1.0%
AWAS Capital Inc (1st Lien)
2.060% due 03/24/13 §		475,642		436,006
Information Technology - 7.2%
Affiliated Computer Services Inc (First Securities Repurchase Increase Loan)
2.250% due 03/20/13 §		324,856		323,753
Affiliated Computer Services Inc Term B
2.250% due 03/20/13 §		173,853		173,263

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-15

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

	Principal
	Amount		Value
Brocade Communication Systems Inc
7.000% due 10/07/13 §	$	483,834	$	488,067
CDW Corp
3.240% due 10/10/14 §		499,772		409,294
CCS Inc
due 11/14/14 § ∞		498,731		398,154
SunGard Data Systems Inc Tranche B
4.080% due 02/28/16 §		740,905		724,791
Vertafore Inc (Original Term B-2 Loan)
5.500% due 07/31/14 §		497,449		475,064
				2,992,386
Materials - 6.5%
Georgia Gulf Corp
10.000% due 10/03/13 §		483,031		476,657
Murray Energy Corp Tranche B (1st Lien)
3.250% due 01/28/10 § Δ		943,025		924,165
Nalco Co
6.500% due 05/13/16 §		497,500		506,828
Solutia Inc
7.250% due 02/28/14 §		786,200		798,980
				2,706,630
Telecommunication Services - 5.3%
Avaya Inc
3.140% due 10/24/14 §		498,719		403,963
Digicel International Finance Limited Tranche A
2.810% due 03/30/12 §		416,675		403,133
Level 3 Financing Inc Tranche A
2.680% due 03/13/14 §		500,000		444,642
MetroPCS Wireless Inc Tranche B
2.660% due 11/03/13 §		987,277		947,446
				2,199,184
Utilities - 8.6%
Calpine Corp (1st Priority Term Loan)
3.170% due 03/29/14 §		983,687		903,477
Coleto Creek Power LP (2nd Lien)
4.250% due 06/28/13 §		967,500		708,694
Dynegy Holdings Inc (Facility Term Loan)
4.000% due 04/02/13 §		462,572		446,833
Dynegy Holdings Inc Tranche B
4.000% due 04/02/13 §		37,332		36,062
NRG Energy Inc
2.020% due 02/01/13 §		324,609		308,317
NRG Energy Inc (Credit-Linked Deposit)
0.180% due 02/01/13 §		174,339		165,589
Texas Competitive Electric Holdings Co LLC Tranche B2 (Initial Term Loan)
3.750% due 10/10/14 §		1,283,627		1,025,445
				3,594,417
Total Senior Loan Notes (Cost $36,719,503)				37,009,771

	Shares
SHORT-TERM INVESTMENT - 16.4%
Money Market Fund - 16.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		6,836,869		6,836,869
Total Short-Term Investment (Cost $6,836,869)				6,836,869
TOTAL INVESTMENTS - 105.1% (Cost $43,556,372)				43,846,640
OTHER ASSETS & LIABILITIES, NET - (5.1%)				(2,147,503	)
NET ASSETS - 100.0%			$	41,699,137

Notes to Schedule of Investments

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

Consumer Discretionary	34.3	%
Short-Term Investment	16.4	%
Health Care	12.8	%
Utilities	8.6	%
Information Technology	7.2	%
Materials	6.5	%
Telecommunication Services	5.3	%
Financials	5.0	%
Consumer Staples	4.5	%
Energy	3.5	%
Industrials	1.0	%
	105.1	%
Other Assets & Liabilities, Net	(5.1	%)
	100.0	%

(b) As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows:

BBB	2.1	%
BB	37.1	%
B	44.2	%
CCC	5.2	%
D	2.5	%
Not Rated	8.9	%
	100.0	%

(c) 2.2% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-16

PACIFIC LIFE FUNDS

PL GROWTH LT FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 1.6%
Energy - 1.6%
Petroleo Brasileiro SA ADR (Brazil)		29,955	$	1,177,531
Total Preferred Stocks (Cost $1,093,799)				1,177,531
COMMON STOCKS - 91.2%
Consumer Discretionary - 3.8%
Adidas AG (Germany) +		12,289		649,398
CBS Corp ‘B’		28,795		346,980
Crown Ltd (Australia) +		93,072		733,501
Lamar Advertising Co ‘A’ *		10,580		290,315
McDonald’s Corp		8,647		493,484
The Home Depot Inc		13,750		366,300
				2,879,978
Consumer Staples - 14.4%
Altria Group Inc		11,885		211,672
Anheuser-Busch InBev NV (Belgium) +		98,511		4,518,521
Anheuser-Busch InBev NV Strip VVPR (Belgium) + *		110,992		488
Colgate-Palmolive Co		10,990		838,317
CVS Caremark Corp		37,011		1,322,773
Kimberly-Clark Corp		10,475		617,816
Reckitt Benckiser Group PLC (United Kingdom) +		12,040		589,452
Tesco PLC (United Kingdom) +		226,716		1,451,365
The Coca-Cola Co		13,465		723,070
Wal-Mart Stores Inc		11,410		560,117
				10,833,591
Energy - 8.9%
Apache Corp		4,160		382,013
EOG Resources Inc		30,505		2,547,473
National Oilwell Varco Inc *		8,725		376,309
Occidental Petroleum Corp		32,245		2,528,008
XTO Energy Inc		20,265		837,350
				6,671,153
Financials - 8.5%
ACE Ltd (Switzerland) *		19,200		1,026,432
Berkshire Hathaway Inc ‘B’ *		310		1,030,130
ICICI Bank Ltd ADR (India)		12,765		492,218
JPMorgan Chase & Co		26,923		1,179,766
T. Rowe Price Group Inc		16,375		748,337
The Goldman Sachs Group Inc		8,500		1,566,975
Wells Fargo & Co		11,835		333,510
				6,377,368
Health Care - 10.4%
Baxter International Inc		15,035		857,145
Bristol-Myers Squibb Co		24,150		543,858
Celgene Corp *		29,320		1,638,988
Covidien PLC (Ireland)		32,690		1,414,169
Gilead Sciences Inc *		27,285		1,270,935
Roche Holding AG (Switzerland) +		8,871		1,434,340
UnitedHealth Group Inc		27,685		693,232
				7,852,667
Industrials - 9.7%
C.H. Robinson Worldwide Inc		5,600		323,400
Canadian National Railway Co (Canada)		17,316		848,311
Danaher Corp		15,450		1,040,094
Emerson Electric Co		11,020		441,682
Expeditors International of Washington Inc		22,085		776,288
Illinois Tool Works Inc		8,240		351,930
Lockheed Martin Corp		4,990		389,619
Northrop Grumman Corp		5,600		289,800
Precision Castparts Corp		10,110		1,029,906
Tyco International Ltd (Switzerland)		20,395		703,220
United Parcel Service Inc ‘B’		12,340		696,840
United Technologies Corp		7,125		434,126
				7,325,216
Information Technology - 27.3%
Amphenol Corp ‘A’		16,435		619,271
Apple Inc *		18,222		3,377,812
Cisco Systems Inc *		104,440		2,458,518
Corning Inc		36,390		557,131
eBay Inc *		65,645		1,549,878
Google Inc ‘A’ *		2,020		1,001,617
International Business Machines Corp		15,465		1,849,769
KLA-Tencor Corp		40,061		1,436,587
Marvell Technology Group Ltd (Bermuda) *		65,995		1,068,459
Microsoft Corp		31,175		807,121
Oracle Corp		84,555		1,762,126
QUALCOMM Inc		26,955		1,212,436
Research In Motion Ltd (Canada) *		8,345		563,705
Symantec Corp *		37,610		619,437
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) +		376,449		744,993
Texas Instruments Inc		8,569		203,000
Yahoo! Inc *		42,505		757,014
				20,588,874
Materials - 4.4%
Agnico-Eagle Mines Ltd (Canada)		3,718		252,266
Monsanto Co		4,935		381,969
Newmont Mining Corp		8,435		371,309
Potash Corp of Saskatchewan Inc (Canada)		6,640		599,858
Praxair Inc		11,980		978,646
United States Steel Corp		6,635		294,395
Weyerhaeuser Co		12,445		456,109
				3,334,552
Telecommunication Services - 3.0%
Crown Castle International Corp *		72,475		2,272,816
Utilities - 0.8%
NRG Energy Inc *		22,405		631,597
Total Common Stocks (Cost $55,393,970)				68,767,812
SHORT-TERM INVESTMENT - 6.6%
Money Market Fund - 6.6%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		5,001,636		5,001,636
Total Short-Term Investment (Cost $5,001,636)				5,001,636
TOTAL INVESTMENTS - 99.4% (Cost $61,489,405)				74,946,979
OTHER ASSETS & LIABILITIES, NET - 0.6%				470,341
NET ASSETS - 100.0%			$	75,417,320

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-17

PACIFIC LIFE FUNDS

PL GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

Notes to Schedule of Investments

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

Information Technology	27.3	%
Consumer Staples	14.4	%
Energy	10.5	%
Health Care	10.4	%
Industrials	9.7	%
Financials	8.5	%
Short-Term Investment	6.6	%
Materials	4.4	%
Consumer Discretionary	3.8	%
Telecommunication Services	3.0	%
Utilities	0.8	%
	99.4	%
Other Assets & Liabilities, Net	0.6	%
	100.0	%

(b)	Securities with a total aggregate market value of $10,122,058 or 13.4% 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.
(c)	Forward foreign currency contracts outstanding as of September 30, 2009 were as follows:

		Principal
Contracts		Amount				Unrealized
to Buy or		Covered by				Appreciation
to Sell	Currency	Contracts		Expiration		(Depreciation)
Buy	AUD		175,000		10/09	$	3,358
Sell	AUD		343,000		10/09		(20,816	)
Sell	AUD		135,000		11/09		(3,157	)
Buy	EUR		750,000		10/09		8,439
Buy	EUR		635,000		10/09		(1,996	)
Sell	EUR		2,135,000		10/09		(102,437	)
Sell	EUR		635,000		11/09		1,441
Buy	GBP		168,000		10/09		1,957
Sell	GBP		353,000		10/09		18,114
Sell	GBP		130,000		11/09		6,405
Sell	GBP		168,000		11/09		(2,075	)
						$	(90,767	)

(d) Transactions in written options for the period ended September 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, September 30, 2009		—		$	—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-18

PACIFIC LIFE FUNDS

PL MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.4%
Consumer Discretionary - 14.5%
American Eagle Outfitters Inc		50,200	$	846,372
Burger King Holdings Inc		67,700		1,190,843
Family Dollar Stores Inc		42,400		1,119,360
Genuine Parts Co		29,500		1,122,770
J.C. Penney Co Inc		55,700		1,879,875
Leggett & Platt Inc		69,800		1,354,120
Mattel Inc		109,000		2,012,140
Starbucks Corp *		56,300		1,162,595
Viacom Inc ‘B’ *		62,200		1,744,088
				12,432,163
Consumer Staples - 7.3%
Avon Products Inc		24,200		821,832
Campbell Soup Co		32,700		1,066,674
McCormick & Co Inc		46,500		1,578,210
Molson Coors Brewing Co ‘B’		37,500		1,825,500
Sara Lee Corp		79,700		887,858
The J.M. Smucker Co		2,800		148,428
				6,328,502
Energy - 6.8%
Holly Corp		65,900		1,688,358
Massey Energy Co		21,280		593,499
Patterson-UTI Energy Inc		62,900		949,790
The Williams Cos Inc		73,520		1,313,802
Tidewater Inc		18,700		880,583
Valero Energy Corp		20,200		391,678
				5,817,710
Financials - 12.3%
Ameriprise Financial Inc		53,710		1,951,284
City National Corp		21,600		840,888
Fifth Third Bancorp		30,000		303,900
Hudson City Bancorp Inc		58,350		767,303
Marsh & McLennan Cos Inc		35,500		877,915
Northern Trust Corp		12,600		732,816
PartnerRe Ltd (Bermuda)		12,200		938,668
Public Storage REIT		17,100		1,286,604
RenaissanceRe Holdings Ltd (Bermuda)		22,940		1,256,194
The St. Joe Co *		41,300		1,202,656
UDR Inc REIT		27,100		426,554
				10,584,782
Health Care - 11.6%
CareFusion Corp *		32,250		703,050
Hospira Inc *		59,000		2,631,400
Life Technologies Corp *		28,987		1,349,345
Omnicare Inc		54,800		1,234,096
Patterson Cos Inc *		17,200		468,700
Talecris Biotherapeutics Holdings Corp *		23,200		440,800
Warner Chilcott PLC ‘A’ (Ireland) *		68,100		1,472,322
Zimmer Holdings Inc *		31,600		1,689,020
				9,988,733
Industrials - 13.5%
Cintas Corp		37,000		1,121,470
Corrections Corp of America *		75,500		1,710,075
Covanta Holding Corp *		77,450		1,316,650
Dover Corp		49,140		1,904,666
Foster Wheeler AG (Switzerland) *		38,700		1,234,917
Parker-Hannifin Corp		23,600		1,223,424
Republic Services Inc		70,700		1,878,499
Spirit AeroSystems Holdings Inc ‘A’ *		66,400		1,199,184
				11,588,885
Information Technology - 15.5%
Agilent Technologies Inc *		50,900		1,416,547
Analog Devices Inc		37,800		1,042,524
BMC Software Inc *		22,800		855,684
DST Systems Inc *		18,400		824,320
Fidelity National Information Services Inc		43,300		1,104,583
Ingram Micro Inc ‘A’ *		115,390		1,944,322
Juniper Networks Inc *		34,700		937,594
Lam Research Corp *		19,900		679,784
NetApp Inc *		28,600		763,048
NeuStar Inc ‘A’ *		35,800		809,080
Symantec Corp *		112,000		1,844,640
VeriSign Inc *		46,500		1,101,585
				13,323,711
Materials - 10.3%
Air Products & Chemicals Inc		18,800		1,458,504
Ball Corp		49,860		2,453,112
Bemis Co Inc		39,800		1,031,218
Cliffs Natural Resources Inc		26,500		857,540
Compass Minerals International Inc		4,800		295,776
Packaging Corp of America		84,200		1,717,680
RPM International Inc		57,400		1,061,326
				8,875,156
Utilities - 3.6%
American Electric Power Co Inc		54,400		1,685,856
Energen Corp		33,100		1,426,610
				3,112,466
Total Common Stocks (Cost $73,064,064)				82,052,108
SHORT-TERM INVESTMENT - 3.8%
Money Market Fund - 3.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,224,232		3,224,232
Total Short-Term Investment (Cost $3,224,232)				3,224,232
TOTAL INVESTMENTS - 99.2% (Cost $76,288,296)				85,276,340
OTHER ASSETS & LIABILITIES, NET - 0.8%				687,853
NET ASSETS - 100.0%			$	85,964,193

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-19

PACIFIC LIFE FUNDS

PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

Note to Schedule of Investments

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

Information Technology	15.5	%
Consumer Discretionary	14.5	%
Industrials	13.5	%
Financials	12.3	%
Health Care	11.6	%
Materials	10.3	%
Consumer Staples	7.3	%
Energy	6.8	%
Short-Term Investment	3.8	%
Utilities	3.6	%
	99.2	%
Other Assets & Liabilities, Net	0.8	%
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-20

PACIFIC LIFE FUNDS

PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.6%
Austria - 0.7%
Erste Bank Group AG +		13,393	$	602,184
Bermuda - 1.0%
Li & Fung Ltd +		229,200		918,295
Canada - 2.0%
Canadian National Railway Co		37,400		1,832,226
Czech Republic - 0.6%
Komercni Banka AS +		2,907		582,061
France - 20.1%
Air Liquide SA +		14,940		1,702,372
AXA SA +		82,550		2,240,826
Danone SA +		23,176		1,401,925
GDF Suez +		44,905		1,999,297
Legrand SA +		37,290		1,039,947
LVMH Moet Hennessy Louis Vuitton SA +		32,510		3,278,961
Pernod-Ricard SA +		18,708		1,491,184
Schneider Electric SA +		27,776		2,826,091
Total SA +		24,130		1,434,286
Vivendi +		30,275		940,897
				18,355,786
Germany - 12.0%
Bayer AG +		32,360		2,239,895
Beiersdorf AG +		16,780		982,751
Deutsche Boerse AG +		17,920		1,461,869
E.ON AG +		19,548		827,377
Linde AG +		29,700		3,216,337
Merck KGaA +		14,280		1,417,183
SAP AG +		15,880		770,031
				10,915,443
Hong Kong - 0.6%
CNOOC Ltd +		387,000		521,748
India - 1.6%
Infosys Technologies Ltd ADR		29,170		1,414,453
Italy - 0.8%
Intesa Sanpaolo SPA * +		163,032		723,359
Japan - 11.4%
Aeon Credit Service Co Ltd +		41,600		417,475
Canon Inc +		45,950		1,841,053
FANUC Ltd +		12,400		1,107,456
Hirose Electric Co Ltd +		4,800		539,946
HOYA Corp +		71,700		1,689,264
INPEX Corp +		232		1,968,230
Kao Corp +		35,300		871,637
Konica Minolta Holdings Inc +		24,500		231,219
Lawson Inc +		9,200		427,084
Shin-Etsu Chemical Co Ltd +		14,100		865,010
Tokyo Electron Ltd +		7,500		476,918
				10,435,292
Mexico - 1.1%
America Movil SAB de CV ‘L’ ADR		15,800		692,514
Grupo Modelo SAB de CV ‘C’ *		76,400		284,498
				977,012
Netherlands - 6.9%
ASML Holding NV +		9,255		273,129
Heineken NV +		59,260		2,747,583
TNT NV +		64,923		1,744,530
Wolters Kluwer NV +		70,290		1,505,854
				6,271,096
Singapore - 1.1%
Singapore Telecommunications Ltd +		453,380		1,041,833
South Africa - 0.7%
MTN Group Ltd +		37,830		617,146
South Korea - 1.5%
Samsung Electronics Co Ltd +		1,963		1,355,235
Switzerland - 15.8%
Actelion Ltd * +		10,412		647,291
Compagnie Financiere Richemont SA ‘A’ +		35,338		1,000,384
Givaudan SA +		2,370		1,778,291
Julius Baer Holding AG +		27,068		1,357,602
Nestle SA +		94,006		4,013,178
Roche Holding AG +		24,550		3,969,457
Sonova Holding AG +		6,176		624,900
Swiss Reinsurance Co +		10,555		478,589
UBS AG * +		30,186		553,458
				14,423,150
Taiwan - 1.1%
Taiwan Semiconductor Manufacturing Co Ltd ADR		92,970		1,018,951
United Kingdom - 17.8%
BHP Billiton PLC +		19,740		540,609
Burberry Group PLC +		87,330		704,389
Diageo PLC +		133,060		2,047,149
GlaxoSmithKline PLC +		27,330		538,866
Hays PLC +		159,700		265,988
HSBC Holdings PLC (LI) +		118,810		1,360,438
Ladbrokes PLC +		150,187		450,615
Reckitt Benckiser Group PLC +		64,254		3,145,736
Royal Dutch Shell PLC ‘A’ (LI) +		53,890		1,528,435
Smiths Group PLC +		65,267		929,625
Standard Chartered PLC +		63,857		1,577,362
Tesco PLC +		103,577		663,068
William Hill PLC +		263,920		745,043
WPP PLC +		201,029		1,729,030
				16,226,353
United States - 1.8%
Synthes Inc +		13,720		1,654,426
Total Common Stocks (Cost $83,006,880)				89,886,049

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-21

PACIFIC LIFE FUNDS

PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,055,258	$	1,055,258
Total Short-Term Investment (Cost $1,055,258)				1,055,258
TOTAL INVESTMENTS - 99.7% (Cost $84,062,138)				90,941,307
OTHER ASSETS & LIABILITIES, NET - 0.3%				230,117
NET ASSETS - 100.0%			$	91,171,424

Notes to Schedule of Investments

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

Consumer Staples	19.8	%
Consumer Discretionary	12.4	%
Financials	12.4	%
Health Care	12.2	%
Industrial	10.7	%
Information Technology	10.5	%
Materials	8.9	%
Energy	6.0	%
Utilities	3.1	%
Telecommunication Services	2.6	%
Short-Term Investment	1.1	%
	99.7	%
Other Assets & Liabilities, Net	0.3	%
	100.0	%

(b) As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows:

France	20.1	%
United Kingdom	17.8	%
Switzerland	15.8	%
Germany	12.0	%
Japan	11.4	%
Netherlands	6.9	%
United States	2.9	%
Canada	2.0	%
India	1.6	%
South Korea	1.5	%
Mexico	1.1	%
Singapore	1.1	%
Taiwan	1.1	%
Bermuda	1.0	%
Italy	0.8	%
Austria	0.7	%
South Africa	0.7	%
Czech Republic	0.6	%
Hong Kong	0.6	%
	99.7	%
Other Assets & Liabilities, Net	0.3	%
	100.0	%

(c) Securities with a total aggregate market value of $84,643,407 or 92.8% 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 Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-22

PACIFIC LIFE FUNDS

PL SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 92.6%
Consumer Discretionary - 6.9%
Aaron’s Inc		12,400	$	327,360
Dover Downs Gaming & Entertainment Inc		4,500		25,650
Hillenbrand Inc		7,800		158,886
International Speedway Corp ‘A’		10,300		283,971
NutriSystem Inc		3,700		56,462
Phillips-Van Heusen Corp		9,500		406,505
RadioShack Corp		11,700		193,869
Sturm Ruger & Co Inc		5,400		69,876
The Buckle Inc		11,700		399,438
Wolverine World Wide Inc		12,000		298,080
				2,220,097
Consumer Staples - 8.1%
Cal-Maine Foods Inc		6,200		165,974
Casey’s General Stores Inc		11,100		348,318
Corn Products International Inc		11,500		327,980
Del Monte Foods Co		34,900		404,142
Embotelladora Andina SA ‘B’ ADR (Chile)		8,100		145,476
Ruddick Corp		10,700		284,834
The J.M. Smucker Co		4,900		259,749
Universal Corp		6,500		271,830
Vector Group Ltd		7,350		114,513
WD-40 Co		6,200		176,080
Weis Markets Inc		3,200		102,240
				2,601,136
Energy - 11.2%
Alliance Resource Partners LP		800		29,008
Berry Petroleum Co ‘A’		10,600		283,868
Buckeye Partners LP		4,400		213,004
Cimarex Energy Co		9,600		415,872
El Paso Pipeline Partners LP		2,200		45,606
Frontier Oil Corp		20,000		278,400
Holly Corp		13,300		340,746
Linn Energy LLC		13,100		300,121
Magellan Midstream Partners LP		6,600		248,160
NuStar Energy LP		4,600		238,464
Southern Union Co		15,100		313,929
Sunoco Logistics Partners LP		700		41,475
TC Pipelines LP		1,500		57,150
Tidewater Inc		6,800		320,212
Tsakos Energy Navigation Ltd (Bermuda)		6,500		101,725
Williams Partners LP		2,400		55,896
World Fuel Services Corp		7,000		336,490
				3,620,126
Financials - 14.6%
Advance America Cash Advance Centers Inc		22,500		126,000
American Equity Investment Life Holding Co		9,300		65,286
American Financial Group Inc		15,200		387,600
American Physicians Capital Inc		2,800		80,668
Bank of Hawaii Corp		7,800		324,012
Cash America International Inc		7,100		214,136
Chimera Investment Corp REIT		86,200		329,284
Cullen/Frost Bankers Inc		6,300		325,332
Delphi Financial Group Inc ‘A’		11,900		269,297
Equity One Inc REIT		13,200		206,844
Federated Investors Inc ‘B’		12,700		334,899
Franklin Street Properties Corp REIT		16,200		212,220
Healthcare Realty Trust Inc REIT		12,700		268,351
HRPT Properties Trust REIT		35,800		269,216
Infinity Property & Casualty Corp		4,300		182,664
Nationwide Health Properties Inc REIT		10,300		319,197
PS Business Parks Inc REIT		3,600		184,752
Raymond James Financial Inc		9,400		218,832
RLI Corp		4,300		226,954
Sovran Self Storage Inc REIT		5,100		155,193
				4,700,737
Health Care - 7.1%
Hill-Rom Holdings Inc		7,800		169,884
Invacare Corp		7,300		162,644
Owens & Minor Inc		8,700		393,675
PerkinElmer Inc		18,150		349,206
STERIS Corp		8,400		255,780
Teleflex Inc		6,700		323,677
The Cooper Cos Inc		12,200		362,706
West Pharmaceutical Services Inc		7,000		284,270
				2,301,842
Industrials - 14.5%
Acuity Brands Inc		9,200		296,332
American Ecology Corp		2,500		46,750
Applied Industrial Technologies Inc		9,400		198,904
Barnes Group Inc		11,700		199,953
Belden Inc		9,800		226,380
Bucyrus International Inc		10,100		359,762
Crane Co		12,600		325,206
Curtiss-Wright Corp		9,000		307,170
Ennis Inc		13,000		209,690
Granite Construction Inc		8,500		262,990
Harsco Corp		10,300		364,723
KBR Inc		16,200		377,298
Lennox International Inc		8,500		307,020
SkyWest Inc		10,800		179,064
The Brink’s Co		10,400		279,864
Tomkins PLC ADR (United Kingdom)		3,300		39,567
Trinity Industries Inc		8,600		147,834
Triumph Group Inc		4,300		206,357
Valmont Industries Inc		4,000		340,720
				4,675,584
Information Technology - 2.7%
Diebold Inc		10,600		349,058
Himax Technologies Inc ADR (Cayman)		13,500		44,955
Jabil Circuit Inc		26,500		355,365
MTS Systems Corp		3,000		87,630
Park Electrochemical Corp		1,000		24,650
				861,658
Materials - 14.5%
AMCOL International Corp		5,700		130,473
Bemis Co Inc		13,700		354,967
Commercial Metals Co		23,400		418,860
Compass Minerals International Inc		7,300		449,826
IAMGOLD Corp (Canada)		31,200		441,168
Innophos Holdings Inc		4,700		86,950
International Flavors & Fragrances Inc		8,500		322,405
Methanex Corp (Canada)		13,100		226,761
Royal Gold Inc		9,400		428,640
RPM International Inc		19,500		360,555
Sensient Technologies Corp		11,100		308,247
Sonoco Products Co		12,000		330,480
Terra Industries Inc		10,900		377,903
The Lubrizol Corp		6,200		443,052
				4,680,287
Telecommunication Services - 0.1%
Partner Communications Co Ltd ADR (Israel)		2,700		50,814

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-23

PACIFIC LIFE FUNDS

PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

	Shares		Value
Utilities - 12.9%
AGL Resources Inc		9,600	$	338,592
American Water Works Co Inc		16,400		327,016
Amerigas Partners LP		900		32,436
Atmos Energy Corp		11,700		329,706
Avista Corp		8,500		171,870
Cleco Corp		12,500		313,500
Energen Corp		9,100		392,210
National Fuel Gas Co		8,100		371,061
OGE Energy Corp		10,500		347,340
Southwest Gas Corp		8,400		214,872
Suburban Propane Partners LP		3,600		150,552
UGI Corp		11,800		295,708
Vectren Corp		12,000		276,480
Westar Energy Inc		16,000		312,160
WGL Holdings Inc		9,200		304,888
				4,178,391
Total Common Stocks (Cost $28,245,811)				29,890,672
SHORT-TERM INVESTMENT - 7.4%
Money Market Fund - 7.4%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		2,388,613		2,388,613
Total Short-Term Investment (Cost $2,388,613)				2,388,613
TOTAL INVESTMENTS - 100.0% (Cost $30,634,424)				32,279,285
OTHER ASSETS & LIABILITIES, NET - 0.0%				(10,278	)
NET ASSETS - 100.0%			$	32,269,007

Note to Schedule of Investments

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

Financials	14.6	%
Industrials	14.5	%
Materials	14.5	%
Utilities	12.9	%
Energy	11.2	%
Consumer Staples	8.1	%
Short-Term Investment	7.4	%
Health Care	7.1	%
Consumer Discretionary	6.9	%
Information Technology	2.7	%
Telecommunication Services	0.1	%
	100.0	%
Other Assets & Liabilities, Net	(0.0	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-24

PACIFIC LIFE FUNDS

PL MAIN STREET ^® CORE FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 93.5%
Consumer Discretionary - 10.1%
Advance Auto Parts Inc		23,690	$	930,543
Best Buy Co Inc		31,780		1,192,386
GameStop Corp ‘A’ *		47,480		1,256,796
Grupo Televisa SA ADR (Mexico)		31,020		576,662
H&R Block Inc		31,020		570,148
Lowe’s Cos Inc		68,670		1,437,950
McDonald’s Corp		35,470		2,024,273
The McGraw-Hill Cos Inc		67,750		1,703,235
The Washington Post Co ‘B’		1,712		801,353
Time Warner Cable Inc		34,374		1,481,176
				11,974,522
Consumer Staples - 10.3%
Colgate-Palmolive Co		21,150		1,613,322
General Mills Inc		43,340		2,790,229
Mead Johnson Nutrition Co ‘A’		9,000		405,990
Philip Morris International Inc		97,160		4,735,578
Unilever NV ‘NY’ (Netherlands)		41,390		1,194,515
Wal-Mart Stores Inc		30,850		1,514,426
				12,254,060
Energy - 11.0%
Chevron Corp		32,810		2,310,808
Enterprise Products Partners LP		38,370		1,086,638
Exxon Mobil Corp		59,610		4,089,842
Murphy Oil Corp		15,780		908,455
Occidental Petroleum Corp		30,140		2,362,976
Plains All American Pipeline LP		16,600		768,414
Schlumberger Ltd (Netherlands)		25,700		1,531,720
				13,058,853
Financials - 13.5%
American Express Co		45,710		1,549,569
Bank of America Corp		114,154		1,931,486
Citigroup Inc		219,060		1,060,250
Discover Financial Services		37,810		613,656
Janus Capital Group Inc		5,060		71,751
JPMorgan Chase & Co		47,330		2,074,001
Leucadia National Corp *		25,440		628,877
Lincoln National Corp		48,490		1,256,376
Regions Financial Corp		84,730		526,173
State Street Corp		45,610		2,399,086
Teton Advisors Inc *+ Δ		3		11
The Chubb Corp		37,460		1,888,359
The Travelers Cos Inc		25,980		1,278,995
U.S. Bancorp		34,600		756,356
				16,034,946
Health Care - 13.1%
Abbott Laboratories		44,010		2,177,175
Amgen Inc *		32,960		1,985,181
Celgene Corp *		38,990		2,179,541
Cephalon Inc *		10,860		632,486
Laboratory Corp of America Holdings *		15,310		1,005,867
Medco Health Solutions Inc *		34,030		1,882,199
Merck & Co Inc		113,120		3,577,986
St. Jude Medical Inc *		29,680		1,157,817
WellPoint Inc *		20,250		959,040
				15,557,292
Industrials - 10.9%
General Electric Co		130,290		2,139,362
KBR Inc		53,780		1,252,536
Precision Castparts Corp		13,830		1,408,862
Republic Services Inc		81,810		2,173,692
Tyco International Ltd (Switzerland)		75,125		2,590,310
Union Pacific Corp		20,300		1,184,505
United Parcel Service Inc ‘B’		20,990		1,185,305
United Technologies Corp		17,040		1,038,247
				12,972,819
Information Technology - 16.4%
Accenture PLC ‘A’ (Ireland)		15,370		572,840
Adobe Systems Inc *		29,840		985,914
Apple Inc *		18,180		3,370,027
Check Point Software Technologies Ltd (Israel) *		35,270		999,904
eBay Inc *		74,970		1,770,042
Fiserv Inc *		1,630		78,566
Google Inc ‘A’ *		3,750		1,859,437
Hewitt Associates Inc ‘A’ *		21,470		782,152
MasterCard Inc ‘A’		7,960		1,609,114
Microsoft Corp		130,720		3,384,341
QUALCOMM Inc		31,960		1,437,561
Texas Instruments Inc		41,880		992,137
The Western Union Co		52,920		1,001,246
Xilinx Inc		24,910		583,392
				19,426,673
Materials - 3.1%
CF Industries Holdings Inc		1,140		98,302
Monsanto Co		14,190		1,098,306
Praxair Inc		18,720		1,529,237
Sealed Air Corp		51,920		1,019,190
				3,745,035
Telecommunication Services - 1.5%
America Movil SAB de CV ‘L’ ADR (Mexico)		40,130		1,758,898
Utilities - 3.6%
Public Service Enterprise Group Inc		52,020		1,635,509
The AES Corp *		179,650		2,662,413
				4,297,922
Total Common Stocks (Cost $99,492,336)				111,081,020
EXCHANGE-TRADED FUND - 2.0%
Standard & Poor’s Depositary Receipts Trust I		22,000		2,322,320
Total Exchange-Traded Fund (Cost $2,348,373)				2,322,320

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-25

PACIFIC LIFE FUNDS

PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 3.6%
Money Market Fund - 3.6%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		4,280,360	$	4,280,360
Total Short-Term Investment (Cost $4,280,360)				4,280,360
TOTAL INVESTMENTS - 99.1% (Cost $106,121,069)				117,683,700
OTHER ASSETS & LIABILITIES, NET - 0.9%				1,075,298
NET ASSETS - 100.0%			$	118,758,998

Notes to Schedule of Investments

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

Information Technology	16.4	%
Financials	13.5	%
Health Care	13.1	%
Energy	11.0	%
Industrials	10.9	%
Consumer Staples	10.3	%
Consumer Discretionary	10.1	%
Utilities	3.6	%
Short-Term Investment	3.6	%
Materials	3.1	%
Exchange-Traded Fund	2.0	%
Telecommunication Services	1.5	%
	99.1	%
Other Assets & Liabilities, Net	0.9	%
	100.0	%

(b)	A security with a total aggregate market value of $11 or less than 0.01% 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.
(c)	Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-26

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND
Schedule of Investments
September 30, 2009 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 7.7%
Brazil - 7.7%
All America Latina Logistica SA		31,000	$	240,777
Cia de Bebidas das Americas ADR		3,400		279,684
Itau Unibanco Holding SA ADR		3,080		62,062
Lojas Americanas SA		92,940		626,910
Net Servicos de Comunicacao SA *		24,408		283,538
Petroleo Brasileiro SA ADR		25,200		990,612
Vale SA ADR		32,500		666,575
				3,150,158
Total Preferred Stocks (Cost $2,064,697)				3,150,158
COMMON STOCKS - 88.8%
Argentina - 0.0%
IRSA Inversiones y Representaciones SA GDR *		1,200		9,960
Bermuda - 0.9%
Credicorp Ltd		3,100		241,056
Dairy Farm International Holdings Ltd +		6,400		38,209
Jardine Strategic Holdings Ltd +		1,000		16,960
Shangri-La Asia Ltd +		42,000		78,986
				375,211
Brazil - 6.3%
B2W Cia Global do Varejo		10,000		281,271
BM&F BOVESPA SA		64,216		474,479
Cyrela Brazil Realty SA Empreendimentos e Participacoes		18,000		235,618
Diagnosticos da America SA *		4,800		124,633
Embraer-Empresa Brasileira de Aeronautica SA ADR *		17,500		401,450
Gafisa SA		6,000		90,765
Natura Cosmeticos SA		44,700		803,621
Weg SA		16,000		153,985
				2,565,822
Canada - 0.4%
Equinox Minerals Ltd *		7,700		24,884
First Quantum Minerals Ltd		300		19,614
Niko Resources Ltd		1,500		117,335
				161,833
Cayman - 2.7%
Baidu Inc ADR *		300		117,315
NetEase.com Inc ADR *		800		36,544
SINA Corp *		15,300		580,788
Tencent Holdings Ltd +		22,200		360,302
				1,094,949
Chile - 2.1%
Banco Santander Chile SA		3,592,900		198,680
Cencosud SA		215,500		589,171
Parque Arauco SA		1,700		1,580
Sociedad Quimica y Minera de Chile SA ADR		1,500		58,695
				848,126
China - 1.2%
China Shenhua Energy Co Ltd ‘H’ +		62,500		270,900
Shanghai Zhenhua Heavy Industry Co Ltd ‘B’ +		140,090		109,835
Travelsky Technology Ltd ‘H’ +		141,000		107,754
				488,489
Colombia - 1.0%
Almacenes Exito SA GDR ~		14,100		115,923
BanColombia SA ADR		6,700		287,631
				403,554
Denmark - 1.1%
Carlsberg AS ‘B’ +		6,400		465,604
Egypt - 3.1%
Commercial International Bank +		35,933		373,817
Eastern Tobacco Co SAE		4,218		102,981
Egyptian Financial Group-Hermes Holding +		38,387		208,568
Orascom Telecom Holding SAE +		93,921		595,982
				1,281,348
Hong Kong - 9.8%
China Mobile Ltd +		78,000		763,951
China Resources Enterprise Ltd +		189,000		547,869
China Unicom Hong Kong Ltd +		279,000		395,375
CNOOC Ltd +		535,000		721,280
Hang Lung Properties Ltd +		132,000		483,278
Hong Kong Exchanges & Clearing Ltd +		44,000		793,825
Television Broadcasts Ltd +		73,000		313,790
				4,019,368
India - 11.9%
ABB Ltd India +		4,600		74,834
Cairn India Ltd * +		20,800		112,557
Colgate Palmolive India Ltd +		2,700		35,424
Divi’s Laboratories Ltd +		15,004		175,822
HDFC Bank Ltd ADR		8,900		1,053,493
Hindustan Unilever Ltd +		39,641		215,841
Housing Development Finance Corp +		11,000		634,800
Infosys Technologies Ltd +		32,300		1,541,650
ITC Ltd +		13,500		65,140
Nestle India Ltd +		400		18,822
Sun Pharmaceutical Industries Ltd +		3,000		87,625
Tata Consultancy Services Ltd +		29,936		385,104
Zee Entertainment Enterprises Ltd +		91,800		453,099
				4,854,211
Indonesia - 2.8%
P.T. Astra International Tbk +		76,900		263,756
P.T. Bank Central Asia Tbk +		467,000		222,353
P.T. Telekomunikasi Indonesia Tbk +		652,900		584,430
P.T. Unilever Indonesia Tbk +		56,500		62,524
				1,133,063
Kenya - 0.0%
East African Breweries Ltd +		5,700		10,696
Luxembourg - 1.8%
Oriflame Cosmetics SA SDR +		4,800		246,072
Tenaris SA ADR		14,100		502,242
				748,314

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-27

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

	Shares		Value
Mexico - 7.1%
America Movil SAB de CV ‘L’ ADR		15,000	$	657,450
Bolsa Mexicana de Valores SAB de CV *		5,400		6,681
Corporacion GEO SAB de CV ‘B’ *		47,100		128,071
Fomento Economico Mexicano SAB de CV		112,100		426,822
Fomento Economico Mexicano SAB de CV ADR		4,850		184,542
Grupo Modelo SAB de CV ‘C’ *		100,300		373,496
Grupo Televisa SA ADR		30,400		565,136
SARE Holding SAB de CV ‘B’ *		164,318		63,916
Wal-Mart de Mexico SAB de CV ‘V’		145,136		503,250
				2,909,364
Norway - 0.3%
Det Norske Oljeselskap International ASA * +		195,868		138,195
Philippines - 2.7%
Jollibee Foods Corp +		128,500		134,023
Philippine Long Distance Telephone Co +		4,000		203,614
SM Investments Corp +		6,830		46,777
SM Prime Holdings Inc +		3,191,059		705,219
				1,089,633
Russia - 6.0%
Gazprom OAO ADR +		37,100		866,783
Magnit OAO +		16,200		966,378
NovaTek OAO GDR (LI) +		4,600		228,149
NovaTek OAO GDR (OTC) + ~		7,600		376,942
				2,438,252
South Africa - 4.5%
Adcock Ingram Holdings Ltd +		6,271		40,146
Anglo Platinum Ltd * +		4,300		383,606
Impala Platinum Holdings Ltd +		14,300		334,862
JSE Ltd +		3,100		25,601
MTN Group Ltd +		24,500		399,685
Standard Bank Group Ltd +		40,234		522,282
Tiger Brands Ltd +		7,671		153,880
				1,860,062
South Korea - 4.4%
GS Engineering & Construction Corp +		1,092		85,005
Hyundai Engineering & Construction Co Ltd +		4,496		243,269
Mirae Asset Securities Co Ltd +		5,694		338,526
NHN Corp * +		3,762		552,032
Shinsegae Co Ltd +		1,170		589,120
				1,807,952
Taiwan - 7.5%
Epistar Corp +		146,000		525,030
Epistar Corp GDR * ~		4,600		71,300
HTC Corp +		9,450		103,434
MediaTek Inc +		45,512		756,452
President Chain Store Corp +		35,168		85,963
Synnex Technology International Corp +		32,526		69,045
Taiwan Semiconductor Manufacturing Co Ltd +		734,995		1,454,556
				3,065,780
Thailand - 0.0%
Kiatnakin Bank PCL		2,200		1,501
Turkey - 6.1%
Aksigorta AS +		27,500		98,838
Anadolu Efes Biracilik Ve Malt Sanayii AS +		24,765		271,658
BIM Birlesik Magazalar AS +		2,800		114,536
Enka Insaat ve Sanayi AS +		122,650		524,196
Haci Omer Sabanci Holding AS +		84,858		330,839
Turkcell Iletisim Hizmetleri AS +		134,600		962,691
Yapi ve Kredi Bankasi AS * +		87,312		191,428
				2,494,186
United Arab Emirates - 0.3%
DP World Ltd +		182,500		101,792
United Kingdom - 4.3%
Anglo American PLC +		22,850		729,157
SABMiller PLC +		34,170		825,653
Tullow Oil PLC +		10,510		190,160
				1,744,970
United States - 0.5%
MercadoLibre Inc *		600		23,076
Sohu.com Inc *		2,400		165,072
				188,148
Total Common Stocks (Cost $24,710,831)				36,300,383
SHORT-TERM INVESTMENT - 3.0%
Money Market Fund - 3.0%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		1,241,344		1,241,344
Total Short-Term Investment (Cost $1,241,344)				1,241,344
TOTAL INVESTMENTS - 99.5% (Cost $28,016,872)				40,691,885
OTHER ASSETS & LIABILITIES, NET - 0.5%				210,640
NET ASSETS - 100.0%			$	40,902,525

Notes to Schedule of Investments

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

Consumer Staples	18.5	%
Financials	17.8	%
Information Technology	16.7	%
Telecommunication Services	11.2	%
Energy	11.0	%
Consumer Discretionary	9.9	%
Materials	5.4	%
Industrials	4.9	%
Short-Term Investment	3.0	%
Health Care	1.1	%
	99.5	%
Other Assets & Liabilities, Net	0.5	%
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-28

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)

(b) As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows:

Brazil	14.0	%
India	11.9	%
Hong Kong	9.8	%
Taiwan	7.5	%
Mexico	7.1	%
Turkey	6.1	%
Russia	6.0	%
South Africa	4.5	%
South Korea	4.4	%
United Kingdom	4.3	%
United States	3.5	%
Egypt	3.1	%
Indonesia	2.8	%
Cayman	2.7	%
Philippines	2.7	%
Chile	2.1	%
Luxembourg	1.8	%
China	1.2	%
Denmark	1.1	%
Colombia	1.0	%
Bermuda	0.9	%
Canada	0.4	%
Norway	0.3	%
United Arab Emirates	0.3	%
	99.5	%
Other Assets & Liabilities, Net	0.5	%
	100.0	%

(c) Securities with a total aggregate market value of $26,506,356 or 64.8% 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 Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-29

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

	Shares		Value
PREFERRED STOCKS - 0.0%
Financials - 0.0%
Fannie Mae *		8,000	$	12,880
Total Preferred Stocks (Cost $200,000)				12,880
CONVERTIBLE PREFERRED STOCKS - 1.5%
Financials - 1.5%
American International Group Inc 8.500%		8,300		95,865
Lehman Brothers Holdings Inc 8.750% W		1,500		7,650
Wells Fargo & Co 7.500%		3,000		2,679,000
				2,782,515
Total Convertible Preferred Stocks (Cost $3,661,903)				2,782,515

	Principal
	Amount
CORPORATE BONDS & NOTES - 31.4%
Consumer Discretionary - 0.0%
General Motors Corp
8.375% due 07/05/33 W	EUR	200,000	43,169
Consumer Staples - 0.7%
Kraft Foods Inc
6.125% due 02/01/18	$	700,000	742,988
6.875% due 02/01/38		100,000	110,449
Reynolds American Inc
7.625% due 06/01/16		100,000	107,180
Wal-Mart Stores Inc
5.800% due 02/15/18		200,000	225,035
6.500% due 08/15/37		100,000	117,116
			1,302,768
Energy - 0.9%
Colorado Interstate Gas Co
6.800% due 11/15/15		200,000	223,465
Enterprise Products Operating LLC
4.625% due 10/15/09		100,000	100,040
Gaz Capital SA (Russia)
8.146% due 04/11/18 ~		500,000	530,650
NGPL PipeCo LLC
7.119% due 12/15/17 ~		500,000	560,473
7.768% due 12/15/37 ~		200,000	243,612
The Williams Cos Inc
6.375% due 10/01/10 ~		100,000	102,697
			1,760,937
Financials - 27.3%
American Express Bank FSB
5.500% due 04/16/13		600,000	633,958
American Express Centurion Bank
6.000% due 09/13/17		1,200,000	1,243,326
American General Finance Corp
4.875% due 05/15/10		600,000	576,433
American International Group Inc
5.850% due 01/16/18		800,000	580,078
ANZ National International Ltd (New Zealand)
6.200% due 07/19/13 ~		300,000	328,601
Bank of America Corp
4.875% due 01/15/13		100,000	102,683
5.650% due 05/01/18		700,000	692,332
Barclays Bank PLC (United Kingdom)
5.000% due 09/22/16		100,000	101,483
5.450% due 09/12/12		800,000	858,706
6.050% due 12/04/17 ~		2,700,000	2,721,527
10.179% due 06/12/21 ~		720,000	963,324
Citibank NA
1.875% due 05/07/12		900,000	906,576
1.875% due 06/04/12		400,000	402,942
Citigroup Capital XXI
8.300% due 12/21/77 §		2,000,000	1,797,500
Citigroup Funding Inc
2.250% due 12/10/12		1,700,000	1,724,737
Citigroup Inc
2.125% due 04/30/12		1,400,000	1,420,759
3.625% due 11/30/17 §	EUR	500,000	608,324
5.500% due 04/11/13	$	700,000	717,124
5.500% due 10/15/14		1,000,000	1,000,056
5.625% due 08/27/12		50,000	50,600
5.875% due 05/29/37		200,000	174,933
8.500% due 05/22/19		200,000	226,147
Commonwealth Bank of Australia (Australia)
0.925% due 07/12/13 § ~		1,600,000	1,595,912
Danske Bank AS (Denmark)
2.500% due 05/10/12 ~		200,000	202,620
Deutsche Bank AG (Germany)
6.000% due 09/01/17		900,000	972,841
Dexia Credit Local (France)
0.939% due 09/23/11 § ~		500,000	505,086
Ford Motor Credit Co LLC
7.250% due 10/25/11		100,000	97,182
7.800% due 06/01/12		300,000	290,128
9.750% due 09/15/10		100,000	102,212
General Electric Capital Corp
0.510% due 08/15/11 §		400,000	390,228
2.000% due 09/28/12		800,000	805,269
2.250% due 03/12/12		1,000,000	1,018,687
5.875% due 01/14/38		900,000	828,082
6.875% due 01/10/39		200,000	210,142
General Motors Acceptance Corp LLC
6.625% due 05/15/12		300,000	273,512
7.000% due 02/01/12		600,000	553,150
HCP Inc
5.950% due 09/15/11		900,000	925,005
JPMorgan Chase & Co
7.900% § ±		300,000	288,929
KeyBank NA
7.000% due 02/01/11		400,000	415,535
Keycorp
1.051% due 11/22/10 §	EUR	500,000	673,474
LeasePlan Corp NV (Netherlands)
3.125% due 02/10/12		300,000	450,342
Lehman Brothers Holdings Inc
2.851% due 12/23/08 § W	$	500,000	86,250
5.625% due 01/24/13 W		1,200,000	217,500
6.750% due 12/28/17 W		500,000	50
6.875% due 05/02/18 W		100,000	18,250
Macquarie Bank Ltd (Australia)
3.300% due 07/17/14 ~		5,300,000	5,372,562
Merrill Lynch & Co Inc
1.083% due 02/08/10 §	EUR	100,000	146,116
6.875% due 04/25/18	$	900,000	948,059
Metropolitan Life Global Funding I
5.125% due 04/10/13 ~		300,000	311,397
Morgan Stanley
0.490% due 04/19/12 §		100,000	97,159
5.950% due 12/28/17		1,900,000	1,937,601

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-30

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

	Principal
	Amount		Value
Nykredit Realkredit AS (Denmark)
3.261% due 04/01/38 §	DKK	762,123	$	145,172
3.261% due 10/01/38 §		898,849		168,566
Principal Life Income Funding Trusts
5.300% due 04/24/13		100,000		102,704
Realkredit Danmark AS (Denmark)
4.100% due 01/01/38 §	DKK	3,237,311		610,079
Regions Bank/Birmingham AL
7.500% due 05/15/18	$	300,000		273,307
Regions Financial Corp
0.453% due 06/26/12 §		900,000		772,195
Santander Perpetual SA Unipersonal (Spain)
6.671% § ~ ±		200,000		176,178
Santander US Debt SA Unipersonal (Spain)
0.374% due 11/20/09 § ~		500,000		500,037
SLM Corp
0.000% due 10/01/14 §		100,000		52,107
0.499% due 03/15/11 §		600,000		540,521
0.734% due 10/25/11 §		900,000		754,924
The Bear Stearns Cos Inc
0.562% due 11/28/11 §		2,500,000		2,485,135
6.400% due 10/02/17		400,000		435,833
The Goldman Sachs Group Inc
0.651% due 02/06/12 §		200,000		196,877
6.250% due 09/01/17		1,100,000		1,165,227
6.750% due 10/01/37		1,200,000		1,242,388
The Royal Bank of Scotland Group PLC (United Kingdom)
0.854% due 04/08/11 § ~		400,000		401,149
2.625% due 05/11/12 ~		100,000		101,565
3.000% due 12/09/11 ~		800,000		824,034
7.640% § ±		500,000		245,287
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland)
8.700% due 08/07/18 ~		100,000		109,320
UBS AG (Switzerland)
5.875% due 12/20/17		700,000		717,732
Wachovia Corp
0.639% due 10/15/11 §		800,000		789,076
0.673% due 08/01/13 §		300,000		286,904
Wells Fargo & Co
7.980% § ±		1,700,000		1,555,500
				52,217,246
Health Care - 0.5%
Roche Holdings Inc
7.000% due 03/01/39 ~		400,000		498,265
UnitedHealth Group Inc
6.000% due 02/15/18		400,000		421,030
6.875% due 02/15/38		100,000		110,746
				1,030,041
Materials - 0.3%
C10 Capital SPV Ltd (United Kingdom)
6.722% § ±		300,000		237,463
Codelco Inc (Chile)
6.150% due 10/24/36 ~		200,000		208,176
Vale Overseas Ltd (Cayman)
6.250% due 01/23/17		200,000		215,169
				660,808
Telecommunication Services - 1.3%
AT&T Inc
6.300% due 01/15/38		200,000		210,292
BellSouth Corp
4.950% due 04/26/10 ~		900,000		920,177
Verizon Wireless Capital LLC
5.250% due 02/01/12 ~		1,300,000		1,389,122
				2,519,591
Utilities - 0.4%
Electricite de France (France)
5.500% due 01/26/14 ~		200,000		219,718
6.500% due 01/26/19 ~		200,000		229,638
6.950% due 01/26/39 ~		200,000		248,732
				698,088
Total Corporate Bonds & Notes (Cost $60,151,124)				60,232,648
MORTGAGE-BACKED SECURITIES - 39.5%
Collateralized Mortgage Obligations - Commercial - 2.8%
Bear Stearns Commercial Mortgage Securities
5.471% due 01/12/45 “ §		100,000		92,949
5.700% due 06/11/50 “		200,000		177,606
Commercial Mortgage Pass-Through Certificates
5.306% due 12/10/46 “		200,000		174,575
Credit Suisse Mortgage Capital Certificates
5.467% due 09/15/39 “		900,000		767,308
5.658% due 03/15/39 “ §		100,000		88,748
Greenwich Capital Commercial Funding Corp
5.444% due 03/10/39 “		400,000		355,513
LB-UBS Commercial Mortgage Trust
5.866% due 09/15/45 “ §		600,000		531,201
Lehman Brothers Floating Rate Commercial Mortgage Trust
0.323% due 09/15/21 “ § ~		43,524		38,790
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.700% due 09/12/49 “		500,000		396,352
Merrill Lynch-Floating Trust
0.792% due 07/09/21 “ § ~		500,000		404,205
Morgan Stanley Capital I
5.731% due 07/12/44 “ §		1,700,000		1,627,885
Wachovia Bank Commercial Mortgage Trust
0.333% due 09/15/21 “ § ~		398,407		297,600
5.342% due 12/15/43 “		600,000		458,321
				5,411,053
Collateralized Mortgage Obligations - Residential - 8.9%
Adjustable Rate Mortgage Trust
4.529% due 05/25/35 “ §		68,259		63,842
Banc of America Funding Corp
3.442% due 05/25/35 “ §		213,034		193,998
Banc of America Mortgage Securities Inc
3.994% due 07/25/33 “ §		119,361		111,351
5.000% due 05/25/34 “		64,993		64,132
Bear Stearns Adjustable Rate Mortgage Trust
2.196% due 03/25/35 “ §		227,388		201,638
4.531% due 08/25/33 “ §		283,562		269,115
4.547% due 10/25/35 “ §		90,989		89,468
4.550% due 08/25/35 “ §		96,413		84,717
4.625% due 10/25/35 “ §		561,514		487,553
Bear Stearns Alt-A Trust
5.353% due 05/25/35 “ §		76,637		51,660
5.487% due 09/25/35 “ §		90,953		57,712
5.643% due 11/25/36 “ §		120,493		72,796
Chevy Chase Mortgage Funding Corp
0.496% due 08/25/35 “ § ~		100,737		43,754
Citigroup Mortgage Loan Trust Inc
4.248% due 08/25/35 “ §		116,118		95,249
4.700% due 12/25/35 “ §		190,549		163,060
Countrywide Alternative Loan Trust
5.239% due 06/25/37 “ §		462,649		229,385

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-31

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

	Principal
	Amount		Value
Countrywide Home Loan Mortgage Pass-Through Trust
0.566% due 03/25/35 “ §	$	43,227	$	23,708
0.586% due 06/25/35 “ § ~		226,433		154,288
CS First Boston Mortgage Securities Corp
0.923% due 03/25/32 “ § ~		8,996		7,559
6.000% due 11/25/35 “		159,240		136,867
Downey Saving and Loan Association Mortgage Loan Trust
0.426% due 04/19/48 “ §		671,991		164,181
Fannie Mae
0.446% due 10/27/37 “ §		3,400,000		3,216,433
1.625% due 11/25/23 “ §		445,765		441,996
4.250% due 07/25/17 “		231,236		240,029
4.500% due 04/25/17 - 10/25/17 “		436,433		451,968
5.000% due 01/25/17 - 07/25/19 “		167,241		172,169
5.500% due 09/25/24 “		104,289		104,742
6.000% due 03/25/31 “		1,456,129		1,542,758
Freddie Mac
2.101% due 07/25/44 “ §		67,126		65,638
2.301% due 10/25/44 “ §		359,749		353,501
4.000% due 10/15/23 “		2,696		2,695
4.500% due 06/15/17 - 10/15/19 “		481,071		496,181
5.000% due 04/15/18 - 04/15/30 “		4,000,124		4,119,335
5.500% due 03/15/17 “		45,572		47,506
8.000% due 04/15/30 “		447,672		486,208
GMAC Mortgage Corp Loan Trust
5.500% due 09/25/34 “		44,245		43,992
Harborview Mortgage Loan Trust
0.336% due 01/19/38 “ §		71,613		68,026
0.416% due 12/19/36 “ §		918,601		448,104
0.436% due 01/19/38 “ §		278,964		142,691
0.466% due 05/19/35 “ §		47,200		25,122
JPMorgan Mortgage Trust
5.014% due 02/25/35 “ §		96,709		92,700
Mellon Residential Funding Corp
0.723% due 06/15/30 “ §		18,400		15,793
Merrill Lynch Mortgage Investors Inc
0.456% due 02/25/36 “ §		58,062		33,419
Residential Accredit Loans Inc
0.426% due 06/25/46 “ §		134,746		63,760
6.000% due 06/25/36 “		432,011		230,555
Residential Asset Securitization Trust
0.646% due 05/25/33 “ §		30,173		26,028
Structured Asset Mortgage Investments Inc
0.466% due 05/25/36 “ §		280,868		131,321
Structured Asset Securities Corp
3.587% due 08/25/32 “ §		30,013		28,537
3.783% due 10/25/35 “ § ~		131,140		79,871
5.000% due 12/25/34 “		19,674		19,241
Washington Mutual Mortgage Pass-Through Certificates
0.556% due 01/25/45 “ §		39,674		25,039
0.566% due 01/25/45 “ §		39,194		24,022
0.786% due 12/25/27 “ §		101,973		72,009
2.301% due 08/25/42 “ §		6,629		4,554
2.723% due 02/27/34 “ §		13,565		12,589
2.973% due 09/25/46 “ §		131,854		64,340
Wells Fargo Mortgage-Backed Securities Trust
3.169% due 12/25/34 “ §		202,680		195,562
3.787% due 07/25/35 “ §		219,256		208,715
4.500% due 11/25/18 “		156,953		157,852
5.240% due 04/25/36 “ §		301,407		247,680
5.510% due 08/25/36 “ §		75,871		73,706
				17,042,420
Fannie Mae - 19.5%
2.101% due 10/01/44 “ §		65,177		65,098
3.355% due 11/01/34 “ §		258,304		265,256
4.613% due 12/01/36 “ §		28,751		28,875
4.693% due 11/01/32 “ §		312,368		322,135
4.706% due 09/01/35 “ §		297,172		306,916
5.000% due 08/01/20 - 11/01/35 “		1.367,852		1,437,973
5.466% due 12/01/35 “ §		139,325		144,429
5.500% due 12/01/14 - 09/01/38 “		16,652,270		17,529,104
6.000% due 01/01/23 - 10/14/39 “		16,283,004		17,196,809
6.500% due 03/01/17 “		76,731		82,842
				37,379,437
Freddie Mac - 6.5%
3.496% due 04/01/32 “ §		30,080		30,612
4.252% due 11/01/31 “ §		9,527		9,706
4.712% due 06/01/35 “ §		552,812		572,945
4.735% due 09/01/35 “ §		297,183		309,946
5.288% due 09/01/35 “ §		44,106		45,911
5.500% due 03/01/23 - 10/14/39 “		10,790,013		11,296,055
6.000% due 12/01/22 - 03/01/23 “		207,078		221,961
				12,487,136
Government National Mortgage Association - 1.8%
6.500% due 11/15/36-10/15/38 “		3,129,411		3,327,965
Total Mortgage-Backed Securities (Cost $76,489,394)				75,648,011
ASSET-BACKED SECURITIES - 1.7%
Ally Auto Receivables Trust
1.320% due 03/15/12 “ ~		200,000		198,219
Asset Backed Funding Certificates
0.596% due 06/25/34 “ §		138,554		90,845
Bear Stearns Asset Backed Securities Trust
4.615% due 10/25/36 “ §		219,096		129,184
Carrington Mortgage Loan Trust
0.406% due 01/25/36 “ §		142,922		137,323
Citibank Omni Master Trust
1.346% due 12/23/13 “ § ~		1,700,000		1,698,858
JPMorgan Mortgage Acquisition Corp
0.296% due 07/25/36 “ §		41,964		40,294
Lehman XS Trust
0.366% due 11/25/36 “ §		12,917		12,779
Long Beach Mortgage Loan Trust
0.526% due 10/25/34 “ §		18,554		14,190
Park Place Securities Inc
0.506% due 09/25/35 “ §		138,718		88,904
Residential Asset Securities Corp
0.316% due 11/25/36 “ §		7,994		7,916
Saxon Asset Securities Trust
0.306% due 10/25/46 “ §		13,165		12,904
SBI Heloc Trust
0.416% due 08/25/36 “ § ~		60,286		54,681
Securitized Asset-Backed Receivables LLC Trust
0.296% due 09/25/36 “ §		26,537		25,992
0.376% due 05/25/37 “ §		272,717		189,515
SLC Student Loan Trust
0.420% due 02/15/15 “ §		93,956		93,948
SLM Student Loan Trust
0.504% due 10/25/16 “ §		217,610		217,321
Small Business Administration
4.754% due 08/10/14 “		74,778		77,748
Structured Asset Securities Corp
0.296% due 10/25/36 “ §		67,584		63,307
Total Asset-Backed Securities (Cost $3,446,131)				3,153,928

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-32

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

	Principal
	Amount		Value
U.S. GOVERNMENT AGENCY ISSUES - 0.6%
Federal Home Loan Bank
3.375% due 06/24/11	$	100,000	$	104,121
Freddie Mac
1.125% due 06/01/11		1,000,000		1,005,833
5.250% due 07/18/11		100,000		107,861
Total U.S. Government Agency Issues (Cost $1,210,064)				1,217,815
U.S. TREASURY OBLIGATIONS - 25.1%
U.S. Treasury Bonds - 2.2%
4.250% due 05/15/39		1,600,000		1,656,251
4.375% due 02/15/38		200,000		210,844
4.500% due 08/15/39		2,200,000		2,373,252
				4,240,347
U.S. Treasury Notes - 22.9%
0.875% due 12/31/10		200,000		200,945
0.875% due 02/28/11		100,000		100,422
0.875% due 03/31/11		100,000		100,383
0.875% due 05/31/11		200,000		200,578
1.000% due 07/31/11		20,600,000		20,670,020
1.000% due 08/31/11		20,800,000		20,847,133
1.000% due 09/30/11		900,000		901,196
3.000% due 09/30/16		800,000		803,563
				43,824,240
Total U.S. Treasury Obligations (Cost $47,894,856)				48,064,587
FOREIGN GOVERNMENT BONDS & NOTES - 0.9%
Export-Import Bank of Korea (South Korea)
0.798% due 10/04/11 § ~		800,000		801,836
Republic of Panama (Panama)
9.375% due 04/01/29		40,000		54,800
Societe de Financement de l’Economie Francaise (France)
2.125% due 05/20/12	EUR	300,000		443,140
3.375% due 05/05/14 ~	$	200,000		205,606
United Mexican States (Mexico)
5.950% due 03/19/19		100,000		105,500
6.050% due 01/11/40		100,000		100,250
Total Foreign Government Bonds & Notes (Cost $1,657,081)				1,711,132
MUNICIPAL BONDS - 2.4%
Buckeye Tobacco Settlement Financing Authority OH ‘A2’
5.875% due 06/01/47		1,100,000		893,695
Clark County Tax NV
5.000% due 06/01/26		900,000		970,722
Los Angeles Unified School District CA ‘A1’
4.500% due 01/01/28		400,000		397,512
North Carolina Turnpike Authority ‘B’
6.700% due 01/01/39		100,000		106,872
State of California
5.650% due 04/01/39 §		100,000		105,690
7.500% due 04/01/34		100,000		109,947
7.550% due 04/01/39		100,000		111,286
Texas State Transportation Commission Mobility Fund ‘A’
4.750% due 04/01/35		100,000		102,572
Tobacco Securitization Authority of Southern California ‘A1’
5.000% due 06/01/37		800,000		651,168
Tobacco Settlement Finance Authority of WV ‘A’
7.467% due 06/01/47		865,000		685,348
University of California Build America Bonds
6.270% due 05/15/31		500,000		522,710
Total Municipal Bonds (Cost $4,680,970)				4,657,522
SHORT-TERM INVESTMENTS - 0.7%
U.S. Treasury Bills - 0.0%
0.222% due 03/04/10 ‡		9,000		8,995
0.189% due 03/25/10 ‡		80,000		79,942
				88,937

	Shares
Money Market Fund - 0.7%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		1,290,226		1,290,226
Total Short-Term Investments (Cost $1,379,146)				1,379,163
TOTAL INVESTMENTS - 103.8% (Cost $200,770,669)				198,860,201
TOTAL SECURITIES SOLD SHORT - (3.2%) (See Note (f) to Notes to Schedule of Investments) (Proceeds $6,039,602)				(6,056,532	)
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(1,162,621	)
NET ASSETS - 100.0%			$	191,641,048

Notes to Schedule of Investments

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

Mortgage-Backed Securities	39.5	%
Corporate Bonds & Notes	31.4	%
U.S. Treasury Obligations	25.1	%
Municipal Bonds	2.4	%
Asset-Backed Securities	1.7	%
Convertible Preferred Stocks	1.5	%
Foreign Government Bonds & Notes	0.9	%
Short-Term Investments	0.7	%
U.S. Government Agency Issues	0.6	%
Preferred Stocks	0.0	%
	103.8	%
Securities sold short	(3.2	%)
Other Assets & Liabilities, Net	(0.6	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-33

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

(b) As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows:

AAA / U.S. Government & Agency Issues	72.5	%
AA	4.7	%
A	13.2	%
BBB	6.2	%
BB	0.5	%
B	1.6	%
CCC	0.9	%
Not Rated	0.4	%
	100.0	%

(c)	Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(d)	Securities with a total aggregate market value of $372,869 or 0.2% of the net assets were in default as of September 30, 2009.
(e)	0.4% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.
(f)	Securities sold short outstanding as of September 30, 2009 were as follows:

	Principal
Description	Amount		Value
Fannie Mae
5.000% due 10/14/39	$	300,000	$	309,891
5.500% due 10/14/39		3,500,000		3,661,329
5.500% due 11/12/39		2,000,000		2,085,312
Total Securities sold short (Proceeds $6,039,602)			$	6,056,532

(g) Open futures contracts outstanding as of September 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	$	6,512
Eurodollar (12/09)		66	$	66,000,000		91,275
Eurodollar (03/10)		5		5,000,000		15,862
Eurodollar (06/10)		17		17,000,000		36,063
Eurodollar (09/10)		8		8,000,000		19,575
Eurodollar (12/10)		12		12,000,000		11,038
U.S. Treasury 2-Year Notes (12/09)		6		1,200,000		(281	)
U.S. Treasury 5-Year Notes (12/09)		7		700,000		13,508
U.S. Treasury 10-Year Notes (12/09)		31		3,100,000		71,187
U.S. Treasury 30-Year Bonds (12/09)		23		2,300,000		13,414
United Kingdom 90-Day LIBOR Sterling Interest Rate (03/10)		2	GPB	1,000,000		4,595
United Kingdom 90-Day LIBOR Sterling Interest Rate (06/10)		4		2,000,000		6,233
United Kingdom 90-Day LIBOR Sterling Interest Rate (09/10)		4		2,000,000		4,515
United Kingdom 90-Day LIBOR Sterling Interest Rate (12/10)		4		2,000,000		3,116
United Kingdom 90-day LIBOR Sterling Interest Rate (03/11)		2		1,000,000		479
					$	297,091

(h) Forward foreign currency contracts outstanding as of September 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		11/09	$	9,658
Buy	BRL		2,365,632		10/09		181,208
Sell	BRL		2,365,632		10/09		(78,584	)
Buy	BRL		2,365,632		02/10		76,978
Buy	CAD		199,000		10/09		1,893
Buy	CNY		1,751,383		03/10		(2,605	)
Buy	CNY		1,555,941		08/10		(816	)
Buy	DKK		511,000		10/09		4,338
Buy	DKK		511,000		12/09		166
Sell	EUR		1,586,000		10/09		(68,747	)
Sell	GBP		506,000		10/09		35,456
Buy	JPY		27,864,000		10/09		(3,963	)
Buy	KRW		85,593,250		11/09		3,597
Buy	MYR		243,570		11/09		1,244
Buy	SGD		99,578		11/09		1,665
Buy	TWD		2,289,700		11/09		1,852
						$	163,340

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-34

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

(i) Transactions in written options for the six-month period ended September 30, 2009 were as follows:

				Notional
	Number of			Amount
	Contracts			in $			Premium
Outstanding, March 31, 2009		28			4,500,000		$	34,346
Call Options Written		59			6,000,000			49,872
Put Options Written		46			38,500,000			369,158
Call Options Expired		(36	)		(3,000,000	)		(18,279	)
Put Options Expired		(56	)		(7,500,000	)		(50,135	)
Outstanding, September 30, 2009		41			38,500,000		$	384,962

(j) Premiums received and value of written options outstanding as of September 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
Call — OTC 10-Year Interest Rate Swap	Receive	3.000%	11/23/09	RBS	$	3,000,000	$	19,042	$	9,023
Put — OTC 5-Year Interest Rate Swap	Pay	3.750%	11/23/09	BNP		10,000,000		82,500		5,262
Put — OTC 5-Year Interest Rate Swap	Pay	3.750%	11/23/09	CIT		14,000,000		168,700		7,367
Put — OTC 5-Year Interest Rate Swap	Pay	3.750%	11/23/09	MSC		6,000,000		57,600		3,157
Put — OTC 5-Year Interest Rate Swap	Pay	3.750%	11/23/09	RBS		3,000,000		19,650		1,579
Put — OTC 10-Year Interest Rate Swap	Pay	4.350%	11/23/09	DUB		500,000		2,767		929
Put — OTC 7-Year Interest Rate Swap	Pay	6.000%	08/31/10	RBS		2,000,000		15,447		6,814
							$	365,706	$	34,131

Options on Exchange-Traded Futures Contracts

	Exercise		Expiration		Counter-	Number of
Description	Price		Date		party	Contracts		Premium		Value
Put — CBOT U.S. Treasury Note Futures (12/09)	$	115.00		11/20/09	CIT		4	$	3,177	$	1,562
Call — CBOT U.S. Treasury Note Futures (12/09)		120.00		11/20/09	JPM		33		13,839		20,625
Call — CBOT U.S. Treasury Note Futures (12/09)		121.00		11/20/09	MER		4		2,240		1,438
								$	19,256	$	23,625
Total Written Options								$	384,962	$	57,756

(k) Swap agreements outstanding as of September 30, 2009:

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

09/30/09 (3)

Amount (4)

Value (5)

(Received)

Appreciation

Health Care Properties 5.950% due 09/15/11

(0.460

%)

09/20/11

JPM

1.668

%

$

900,000

$

20,857

$

—

$

20,857

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	09/30/09 (3)			Amount (4)		Value (5)			(Received)		(Depreciation)
General Electric Capital Corp 6.000% due 06/15/12		1.500	%		09/20/11	DUB		1.808	%	$	100,000	$	(552	)	$	—	$	(552	)
General Electric Capital Corp 5.625% due 09/15/17		4.000	%		12/20/13	CIT		2.021	%		200,000		15,503			—		15,503
General Electric Capital Corp 5.625% due 09/15/17		4.230	%		12/20/13	DUB		2.021	%		200,000		17,291			—		17,291
General Electric Capital Corp 5.625% due 09/15/17		4.325	%		12/20/13	CIT		2.021	%		200,000		18,029			—		18,029
General Electric Capital Corp 6.000% due 06/15/12		4.400	%		12/20/13	BRC		2.021	%		200,000		18,629			—		18,629
General Electric Capital Corp 6.000% due 06/15/12		4.500	%		12/20/13	BRC		2.021	%		300,000		29,085			—		29,085

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-35

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

															Upfront
	Fixed Deal						Implied Credit								Premiums			Unrealized
	Receive			Expiration		Counter-	Spread at			Notional		Market			Paid			Appreciation
Referenced Obligation	Rate			Date		party	09/30/09 (3)			Amount (4)		Value (5)			(Received)			(Depreciation)
General Electric Capital Corp 6.000% due 06/15/12		4.700	%		12/20/13	BRC		2.021	%	$	400,000	$	41,890		$	—		$	41,890
General Electric Capital Corp 5.625% due 09/15/17		4.750	%		12/20/13	DUB		2.021	%		400,000		42,668			—			42,668
International Lease Finance Corp 4.150% due 01/20/15		5.000	%		12/20/13	BRC		9.204	%		300,000		(37,083	)		(51,000	)		13,917
SLM Corp 5.125% due 08/27/12		5.000	%		12/20/13	CIT		8.728	%		400,000		(45,987	)		(57,000	)		11,013
American International Group 6.250% due 05/01/36		5.000	%		12/20/13	DUB		8.079	%		500,000		(49,412	)		(46,250	)		(3,162	)
Reynolds American Inc 7.625% due 06/01/16		1.280	%		06/20/17	DUB		1.927	%		200,000		(8,168	)		—			(8,168	)
												$	41,893		$	(154,250	)	$	196,143

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 D		(1.000	%)		06/20/14	GSC	$	300,000	$	1,206	$	3,182	$	(1,976	)
Dow Jones CDX NA HY-12 Index D		(5.000	%)		06/20/14	DUB		94,000		5,625		11,867		(6,242	)
									$	6,831	$	15,049	$	(8,218	)

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

												Upfront
	Fixed Deal											Premiums			Unrealized
	Receive			Expiration		Counter-	Notional		Market			Paid			Appreciation
Referenced Obligation	Rate			Date		party	Amount (4)		Value (5)			(Received)			(Depreciation)
Dow Jones CDX NA HY-8 Index		0.483	%		06/20/12	BRC	$	770,352	$	(17,567	)	$	—		$	(17,567	)
Dow Jones CDX NA HY-9 Index D		2.080	%		12/20/12	MER		1,444,065		1,805			—			1,805
Dow Jones CDX NA IG-9 Index		0.548	%		12/20/17	GSC		97,228		1,323			—			1,323
									$	(14,439	)	$	—		$	(14,439	)
Total Credit Default Swaps (6)									$	55,142		$	(139,201	)	$	194,343

(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 September 30, 2009 was $37,667.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-36

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

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)
BRL - CDI Compounded	MER	Pay		12.670	%		01/04/10	BRL	2,000,000	$	30,794		$	—		$	30,794
BRL - CDI Compounded	MSC	Pay		12.670	%		01/04/10		8,400,000		129,332			7,053			122,279
6-Month EUR-LIBOR	MSC	Pay		4.500	%		03/19/10	EUR	4,200,000		189,858			(2,904	)		192,762
6-Month GBP-LIBOR	RBS	Pay		5.000	%		09/15/10	GBP	300,000		18,838			(9,463	)		28,301
3-Month USD-LIBOR D	MSC	Pay		3.000	%		12/16/10	$	10,100,000		215,652			211,802			3,850
3-Month USD-LIBOR	RBS	Pay		3.000	%		02/04/11		2,100,000		68,233			61,325			6,908
6-Month EUR-LIBOR	BNP	Pay		4.500	%		03/18/11	EUR	5,200,000		446,934			8,277			438,657
3-Month Australian Bank Bill	CIT	Pay		4.500	%		06/15/11	AUD	2,300,000		(16,605	)		2,645			(19,250	)
3-Month Australian Bank Bill	DUB	Pay		4.500	%		06/15/11		6,920,000		(49,959	)		7,078			(57,037	)
3-Month Australian Bank Bill	MSC	Pay		4.500	%		06/15/11		3,600,000		(25,990	)		3,423			(29,413	)
3-Month USD-LIBOR	RBS	Pay		3.600	%		07/07/11	$	1,600,000		80,396			—			80,396
3-Month USD-LIBOR	BRC	Pay		3.450	%		08/05/11		900,000		41,139			—			41,139
3-Month USD-LIBOR	RBS	Pay		3.450	%		08/05/11		17,800,000		813,645			610,190			203,455
6-Month Australian Bank Bill	CSF	Pay		6.250	%		09/15/11	AUD	1,200,000		26,124			129			25,995
6-Month EUR-LIBOR D	DUB	Pay		4.070	%		09/16/11	EUR	11,200,000		766,088			(6,931	)		773,019
BRL - CDI Compounded	MSC	Pay		10.115	%		01/02/12	BRL	8,900,000		(226,081	)		(199,363	)		(26,718	)
BRL - CDI Compounded	GSC	Pay		10.150	%		01/02/12		6,100,000		(150,766	)		(23,780	)		(126,986	)
BRL - CDI Compounded	UBS	Pay		10.575	%		01/02/12		1,200,000		(18,777	)		(31,680	)		12,903
BRL - CDI Compounded	BRC	Pay		10.600	%		01/02/12		1,500,000		(7,913	)		—			(7,913	)
BRL - CDI Compounded	HSB	Pay		10.610	%		01/02/12		1,400,000		(7,226	)		—			(7,226	)
BRL - CDI Compounded	BRC	Pay		10.680	%		01/02/12		5,600,000		(76,938	)		(65,566	)		(11,372	)
BRL - CDI Compounded	MER	Pay		12.540	%		01/02/12		4,000,000		68,742			(20,439	)		89,181
BRL - CDI Compounded	MSC	Pay		12.540	%		01/02/12		900,000		15,467			(6,048	)		21,515
BRL - CDI Compounded	UBS	Pay		12.540	%		01/02/12		3,000,000		51,556			(14,783	)		66,339
BRL - CDI Compounded	HSB	Pay		14.765	%		01/02/12		100,000		4,251			667			3,584
BRL - CDI Compounded	MER	Pay		14.765	%		01/02/12		200,000		8,501			1,029			7,472
6-Month Australian Bank Bill D	UBS	Pay		6.000	%		09/15/12	AUD	6,100,000		(608	)		—			(608	)
6-Month GBP-LIBOR	RBS	Pay		5.100	%		09/15/13	GBP	400,000		52,532			(755	)		53,287
6-Month EUR-LIBOR	BNP	Pay		4.500	%		03/18/14	EUR	300,000		41,895			(4,508	)		46,403
6-Month EUR-LIBOR	CSF	Pay		4.500	%		03/18/14		2,100,000		293,263			(9,168	)		302,431
6-Month GBP-LIBOR	DUB	Pay		5.000	%		03/18/14	GBP	100,000		12,897			50			12,847
6-Month GBP-LIBOR	GSC	Pay		5.250	%		03/18/14		100,000		14,591			(19	)		14,610
6-Month GBP-LIBOR	RBS	Pay		5.250	%		03/18/14		200,000		29,179			(156	)		29,335
3-Month USD-LIBOR	RBS	Pay		4.000	%		12/16/14	$	2,300,000		128,589			49,165			79,424
6-Month GBP-LIBOR	DUB	Pay		5.000	%		09/15/15	GBP	200,000		27,652			303			27,349
6-Month GBP-LIBOR	GSC	Pay		5.000	%		09/15/15		300,000		41,478			—			41,478
28-Day Mexico Interbank TIIE Banxico	GSC	Pay		8.170	%		11/04/16	MXN	1,200,000		1,360			1,757			(397	)
3-Month USD-LIBOR	DUB	Pay		3.500	%		06/24/16	$	2,600,000		92,879			—			92,879
3-Month Canadian Bank Bill D	RBS	Pay		5.700	%		12/18/24	CAD	2,100,000		23,416			(1,439	)		24,855
3-Month USD-LIBOR	DUB	Pay		5.000	%		12/15/35	$	1,800,000		113,670			(37,080	)		150,750
Total Interest Rate Swaps										$	3,268,088		$	530,811		$	2,737,277
Total Swap Agreements										$	3,323,230		$	391,610		$	2,931,620

(l) As of September 30, 2009, securities with total aggregate market values of $8,995 and $79,942 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and swap contracts, respectively. In addition, $183,276 in cash was segregated as collateral for open futures contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-37

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

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.1%
Financials - 0.1%
Wells Fargo & Co 7.500%		100	$	89,300
Total Convertible Preferred Stocks (Cost $100,000)				89,300

	Principal
	Amount
CORPORATE BONDS & NOTES - 10.3%
Financials - 9.3%
American Express Credit Corp
5.875% due 05/02/13	$	200,000	212,294
7.300% due 08/20/13		210,000	233,165
American International Group Inc
8.175% due 05/15/58 §		200,000	121,500
Bank of America Corp
7.375% due 05/15/14		300,000	334,260
Citigroup Funding Inc
1.518% due 05/07/10 §		800,000	800,785
Credit Suisse NY (Switzerland)
5.000% due 05/15/13		900,000	953,589
Ford Motor Credit Co LLC
7.875% due 06/15/10		500,000	502,275
HBOS PLC (United Kingdom)
6.750% due 05/21/18 ~		500,000	446,627
ING Bank NV (Netherlands)
3.900% due 03/19/14 ~		4,700,000	4,844,426
Macquarie Bank Ltd (Australia)
3.300% due 07/17/14 ~		700,000	709,584
Metropolitan Life Global Funding I
2.202% due 06/10/11 ~ §		700,000	699,203
5.125% due 04/10/13 ~		100,000	103,799
New York Life Global Funding
4.650% due 05/09/13 ~		300,000	316,189
Santander Perpetual SA Unipersonal (Spain)
6.671% due 10/29/49 ~ § ±		300,000	264,267
Wachovia Bank NA
1.350% due 05/14/10 §		1,000,000	1,005,505
			11,547,468
Health Care - 0.7%
Roche Holdings Inc
2.393% due 02/25/11 ~ §		800,000	822,052
Information Technology - 0.3%
Hewlett-Packard Co
2.250% due 05/27/11		300,000	305,741
Total Corporate Bonds & Notes (Cost $12,772,942)			12,675,261
MORTGAGE-BACKED SECURITIES - 2.4%
Collateralized Mortgage Obligations - Commercial - 0.3%
JPMorgan Chase Commercial Mortgage Securities Corp
5.336% due 05/15/47 “		110,000	94,546
Morgan Stanley Capital I
5.880% due 06/11/49 “ §		100,000	88,046
Wachovia Bank Commercial Mortgage Trust
5.418% due 01/15/45 “ §		210,000	191,696
			374,288
Collateralized Mortgage Obligations - Residential - 1.5%
Bear Stearns Adjustable Rate Mortgage Trust
2.196% due 03/25/35 “ §		51,541	45,705
2.460% due 08/25/35 “ §		41,898	36,753
2.860% due 03/25/35 “ §		148,283	132,623
4.550% due 08/25/35 “ §		75,202	66,079
Citigroup Mortgage Loan Trust Inc
2.510% due 08/25/35 “ §		62,911	54,265
4.248% due 08/25/35 “ §		58,059	47,624
Countrywide Home Loan Mortgage Pass-Through Trust
0.586% due 06/25/35 “ ~ §		45,287	30,858
4.645% due 01/19/34 “ §		357,128	344,135
Freddie Mac
0.473% due 02/15/19 “ §		558,457	554,517
GSR Mortgage Loan Trust
3.936% due 09/25/35 “ §		107,720	99,765
MLCC Mortgage Investors Inc
3.382% due 12/25/34 “ §		323,256	305,862
Residential Accredit Loans Inc
0.426% due 06/25/46 “ §		202,119	95,640
Structured Asset Mortgage Investments Inc
0.456% due 05/25/46 “ §		174,525	97,539
			1,911,365
Freddie Mac - 0.6%
6.000% due 02/01/39 “		702,311	742,259
Total Mortgage-Backed Securities (Cost $3,121,601)			3,027,912
ASSET-BACKED SECURITIES - 3.3%
Ally Auto Receivables Trust
1.320% due 03/15/12 “ ~		1,100,000	1,090,203
Bank of America Auto Trust
1.160% due 02/15/12 “ ~		1,000,000	1,000,857
Ford Credit Auto Owner Trust
0.357% due 09/15/10 “ ~		1,000,000	1,000,343
1.210% due 01/15/12 “		1,000,000	994,432
Freddie Mac Structured Pass-Through Securities
0.526% due 09/25/31 “ §		3,126	2,854
Total Asset-Backed Securities (Cost $4,102,899)			4,088,689
U.S. GOVERNMENT AGENCY ISSUE - 1.4%
Freddie Mac
0.402% due 08/05/11 §		1,740,000	1,739,285
Total U.S. Government Agency Issue (Cost $1,744,437)			1,739,285
U.S. TREASURY OBLIGATIONS - 91.0%
U.S. Treasury Inflation Protected Securities - 89.7%
0.625% due 04/15/13 ^		1,732,147	1,730,522
1.250% due 04/15/14 ^		2,035,240	2,068,948
1.625% due 01/15/15 ^		4,624,308	4,715,351
1.750% due 01/15/28 ^		3,392,400	3,258,824
1.875% due 07/15/13 ^		1,172,590	1,212,898
1.875% due 07/15/15 ^		9,632,727	9,963,852
1.875% due 07/15/19 ^		1,210,368	1,247,436
2.000% due 04/15/12 ^		1,379,703	1,431,442

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-38

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

	Principal
	Amount		Value
2.000% due 01/15/14 ^	$	7,517,733	$	7,797,302
2.000% due 07/15/14 ^		1,142,530		1,188,588
2.000% due 01/15/16 ^		1,085,070		1,127,116
2.000% due 01/15/26 ^		3,472,224		3,471,141
2.125% due 01/15/19 ^		3,009,270		3,162,556
2.375% due 04/15/11 ^		7,920,646		8,168,166
2.375% due 01/15/17 ^		1,815,464		1,933,469
2.375% due 01/15/25 ^		4,147,384		4,352,161
2.375% due 01/15/27 ^		10,043,388		10,566,993
2.500% due 07/15/16 ^		5,438,691		5,832,996
2.500% due 01/15/29 ^		3,510,815		3,782,903
2.625% due 07/15/17 ^		7,481,592		8,131,555
3.000% due 07/15/12 ^		4,940,884		5,260,500
3.375% due 01/15/12 ^		242,574		258,341
3.375% due 04/15/32 ^		181,997		225,505
3.500% due 01/15/11 ^		5,197,038		5,417,912
3.625% due 04/15/28 ^		2,223,655		2,753,163
3.875% due 04/15/29 ^		9,107,298		11,764,971
				110,824,611
U.S. Treasury Notes - 1.3%
1.000% due 08/31/11		1,600,000		1,603,626
1.125% due 06/30/11		11,000		11,069
				1,614,695
Total U.S. Treasury Obligations (Cost $108,556,951)				112,439,306
MUNICIPAL BONDS - 0.1%
Tobacco Settlement Finance Authority of WV ‘A’
7.467% due 06/01/47		95,000		75,269
Tobacco Settlement Financing Corp RI ‘A’
6.000% due 06/01/23		75,000		76,112
Total Municipal Bonds (Cost $157,149)				151,381
SHORT-TERM INVESTMENTS - 2.2%
U.S. Treasury Bills - 0.1%
0.240% due 02/18/10 ‡		1,000		1,000
0.260% due 02/25/10 ‡		76,000		75,961
				76,961

	Shares
Money Market Fund - 1.2%
Blackrock Liquidity Funds Treasury Trust Fund Portfolio		1,486,920	1,486,920

	Principal
	Amount
Repurchase Agreement - 0.9%
JPMorgan Chase & Co
0.040% due 10/01/09
(Dated 09/30/09, repurchase price of $1,100,001; collateralized by U.S. Treasury Inflation Protected Security: 1.875% due 07/15/13 market value $1,126,496)	$	1,100,000		1,100,000
Total Short-Term Investments (Cost $2,663,838)				2,663,881
TOTAL INVESTMENTS - 110.8% (Cost $133,219,817)				136,875,015
TOTAL SECURITIES SOLD SHORT - (0.6%) (See Note (e) to Notes to Schedule of Investments) (Proceeds $736,664)				(738,078	)
OTHER ASSETS & LIABILITIES, NET - (10.2%)				(12,588,528	)
NET ASSETS - 100.0%			$	123,548,409

Notes to Schedule of Investments

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

U.S. Treasury Obligations	91.0	%
Corporate Bonds & Notes	10.3	%
Asset-Backed Securities	3.3	%
Mortgage-Backed Securities	2.4	%
Short-Term Investments	2.2	%
U.S. Government Agency Issue	1.4	%
Convertible Preferred Stocks	0.1	%
Municipal Bonds	0.1	%
	110.8	%
Securities Sold Short	(0.6	%)
Other Assets & Liabilities, Net	(10.2	%)
	100.0	%

(b) As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows:

AAA / U.S. Government & Agency Issues	93.2	%
AA	1.9	%
A	3.6	%
BBB	0.9	%
CCC	0.4	%
	100.0	%

(c)	Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities.
(d)	Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-39

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

(e) Securities sold short outstanding as of September 30, 2009 were as follows:

	Principal
Description	Amount		Value
Fannie Mae
6.000% due 11/12/39	$	200,000	$	210,344
Freddie Mac
6.000% due 10/14/39		500,000		527,734
Total Securities sold short (Proceeds $736,664)			$	738,078

(f) Open futures contracts outstanding as of September 30, 2009 were as follows:

	Number of		Notional		Unrealized
Long Futures Outstanding	Contracts		Amount		Appreciation
3-Month Euribor (06/10)		4	EUR	4,000,000	$	2,927
3-Month Euribor (09/10)		11		11,000,000		16,097
Eurodollar (12/09)		7	$	7,000,000		7,788
Eurodollar (03/10)		80		80,000,000		85,225
Eurodollar (06/10)		98		98,000,000		91,750
United Kingdom 90-Day LIBOR Sterling Interest Rate (12/09)		30	GBP	15,000,000		70,119
					$	273,906

(g) Forward foreign currency contracts outstanding as of September 30, 2009 were as follows:

		Principal
Contracts		Amount				Unrealized
to Buy or		Covered by				Appreciation
to Sell	Currency	Contracts		Expiration		(Depreciation)
Buy	BRL		112,008		10/09	$	3,721
Sell	BRL		112,008		10/09		(8,580	)
Sell	BRL		112,008		02/10		(3,645	)
Sell	CHF		85,000		10/09		(3,332	)
Sell	CHF		85,000		12/09		429
Buy	CNY		2,603,741		03/10		(4,102	)
Buy	CNY		2,330,216		06/10		(2,474	)
Sell	EUR		148,000		10/09		(6,415	)
Buy	KRW		238,300,000		11/09		2,118
Buy	KRW		479,860,000		02/10		6,326
Buy	MXN		6,922,137		11/09		1,071
Buy	MXN		2,680,740		11/09		(2,987	)
Sell	MXN		105,737		11/09		(677	)
						$	(18,547	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-40

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

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

				Notional
	Number of			Amount
	Contracts			in $			Premium
Outstanding, March 31, 2009		23			9,500,000		$	135,225
Call Options Written		21			4,300,000			28,428
Put Options Written		37			27,900,000			240,102
Call Options Closed		—			(2,900,000	)		(75,305	)
Put Options Closed		—			(1,300,000	)		(12,773	)
Call Options Expired		(31	)		(3,700,000	)		(24,372	)
Put Options Expired		(50	)		(11,400,000	)		(72,531	)
Outstanding, September 30, 2009		—			22,400,000		$	218,774

(i) Premiums received and value of written options outstanding as of September 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
Call — OTC 10-Year Interest Rate Swap	Receive		3.000	%		11/23/09	RBS	$	2,000,000	$	12,695	$	6,015
Put — OTC 5-Year Interest Rate Swap	Pay		3.420	%		11/23/09	RBS		200,000		4,720		315
Put — OTC 5-Year Interest Rate Swap	Pay		3.750	%		11/23/09	BNP		1,000,000		8,000		526
Put — OTC 5-Year Interest Rate Swap	Pay		3.750	%		11/23/09	CIT		700,000		6,877		368
Put — OTC 5-Year Interest Rate Swap	Pay		3.750	%		11/23/09	RBS		3,000,000		24,840		1,579
Put — OTC 7-Year Interest Rate Swap	Pay		4.000	%		11/23/09	BRC		1,000,000		10,341		1,329
Put — OTC 7-Year Interest Rate Swap	Pay		4.000	%		11/23/09	CIT		2,000,000		23,126		2,658
Put — OTC 7-Year Interest Rate Swap	Pay		4.000	%		11/23/09	DUB		1,000,000		5,077		1,329
Put — OTC 5-Year Interest Rate Swap	Pay		5.000	%		06/15/10	BNP		1,000,000		9,175		3,125
Put — OTC 5-Year Interest Rate Swap	Pay		5.000	%		06/15/10	BRC		3,000,000		28,770		9,374
Put — OTC 5-Year Interest Rate Swap	Pay		5.800	%		06/28/10	CSF		1,000,000		5,650		1,367
Put — OTC 5-Year Interest Rate Swap	Pay		5.500	%		08/31/10	DUB		1,000,000		10,774		3,401
Put — OTC 7-Year Interest Rate Swap	Pay		6.000	%		08/31/10	RBS		2,900,000		22,959		9,880
Put — OTC 10-Year Interest Rate Swap	Pay		6.000	%		08/31/10	RBS		600,000		5,925		3,311
Put — OTC 7-Year Interest Rate Swap	Pay		5.365	%		09/20/10	RBS		2,000,000		39,845		14,641
Total Written Options										$	218,774	$	59,218

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

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

	Fixed Deal						Implied Credit								Upfront
	Received			Expiration		Counter-	Spread at			Notional		Market			Premiums Paid		Unrealized
Referenced Obligation	Rate			Date		party	09/30/09 (3)			Amount (4)		Value (5)			(Received)		Depreciation
Ford Motor Credit Co 7.000% due 10/01/13		3.800	%		09/20/12	MSC		5.348	%	$	100,000	$	(3,968	)	$	—	$	(3,968	)
American International Group Inc 6.250% due 05/01/36		1.950	%		03/20/13	DUB		8.112	%		1,200,000		(207,072	)		—		(207,072	)
												$	(211,040	)	$	—	$	(211,040	)

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

	Fixed Deal											Upfront
	Pay			Expiration		Counter-	Notional		Market			Premiums Paid		Unrealized
Referenced Obligation	Rate			Date		party	Amount (4)		Value (5)			(Received)		Depreciation
Dow Jones CDX NA IG-12 Index D		(1.000	%)		06/20/14	DUB	$	2,100,000	$	8,443		$	37,058	$	(28,615	)
Dow Jones CDX NA IG-12 Index D		(1.000	%)		06/20/14	GSC		800,000		3,217			16,356		(13,139	)
									$	11,660		$	53,414	$	(41,754	)
Total Credit Default Swaps (6)									$	(199,380	)	$	53,414	$	(252,794	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-41

PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 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 September 30,2009 was $252,794.

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		$	37,611		$	15,181		$	22,430
France CPI Excluding Tobacco	BRC	Pay		2.103	%		10/15/10	EUR 500,000			28,186			(416	)		28,602
France CPI Excluding Tobacco	UBS	Pay		2.146	%		10/15/10		100,000		6,317			—			6,317
6-Month EUR-LIBOR	GSC	Pay		4.500	%		03/18/11		400,000		34,303			(842	)		35,145
France CPI Excluding Tobacco D	JPM	Pay		2.261	%		07/14/11		500,000		35,708			—			35,708
France CPI Excluding Tobacco	JPM	Pay		2.028	%		10/15/11		200,000		10,346			—			10,346
France CPI Excluding Tobacco	UBS	Pay		2.095	%		10/15/11		300,000		16,868			—			16,868
France CPI Excluding Tobacco	BNP	Pay		1.988	%		12/15/11		1,000,000		39,087			—			39,087
BRL — CDI Compounded	MSC	Pay		10.115	%		01/02/12	BRL 1,300,000			(33,023	)		(18,939	)		(14,084	)
BRL — CDI Compounded	BRC	Pay		10.680	%		01/02/12		800,000		(10,991	)		(6,967	)		(4,024	)
BRL — CDI Compounded	HSB	Pay		14.765	%		01/02/12		2,300,000		97,764			15,333			82,431
BRL — CDI Compounded	MER	Pay		14.765	%		01/02/12		100,000		4,251			191			4,060
Eurostat Eurozone HICP Excluding Tobacco	UBS	Receive		2.275	%		10/15/16	EUR 200,000			2,501			—			2,501
France CPI Excluding Tobacco	UBS	Pay		2.350	%		10/15/16		200,000		(3,041	)		—			(3,041	)
France CPI Excluding Tobacco	JPM	Pay		2.353	%		10/15/16		100,000		(1,689	)		—			(1,689	)
Total Interest Rate Swaps										$	264,198		$	3,541		$	260,657
Total Swap Agreements										$	64,818		$	56,955		$	7,863

(k) As of September 30, 2009, securities with a total aggregate market value of $76,961 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. In addition, $103,700 in cash was segregated as collateral for open futures contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-42

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

	Shares		Value
COMMON STOCKS - 98.0%
Consumer Discretionary - 17.0%
Amazon.com Inc *		18,600	$	1,736,496
DeVry Inc		15,500		857,460
International Game Technology		61,600		1,323,168
McDonald’s Corp		21,500		1,227,005
priceline.com Inc *		4,500		746,190
The Home Depot Inc		15,800		420,912
The Sherwin-Williams Co		18,000		1,082,880
Time Warner Cable Inc		23,000		991,070
				8,385,181
Consumer Staples - 5.1%
Colgate-Palmolive Co		12,000		915,360
Kellogg Co		19,000		935,370
Wal-Mart Stores Inc		13,400		657,806
				2,508,536
Energy - 6.9%
Schlumberger Ltd (Netherlands)		6,200		369,520
Southwestern Energy Co *		27,500		1,173,700
Weatherford International Ltd (Switzerland) *		29,700		615,681
XTO Energy Inc		30,800		1,272,656
				3,431,557
Financials - 5.3%
BlackRock Inc		4,100		888,962
CME Group Inc		4,000		1,232,760
IntercontinentalExchange Inc *		5,100		495,669
				2,617,391
Health Care - 18.2%
Alcon Inc (Switzerland)		10,800		1,497,636
Allergan Inc		37,500		2,128,500
Baxter International Inc		10,500		598,605
Covidien PLC (Ireland)		29,000		1,254,540
Express Scripts Inc *		15,000		1,163,700
Laboratory Corp of America Holdings *		9,000		591,300
Medco Health Solutions Inc *		9,700		536,507
Talecris Biotherapeutics Holdings Corp *		13,400		254,600
Zimmer Holdings Inc *		17,800		951,410
				8,976,798
Industrials - 7.5%
Burlington Northern Santa Fe Corp		5,900		470,997
General Dynamics Corp		8,300		536,180
Parker-Hannifin Corp		11,600		601,344
Union Pacific Corp		22,700		1,324,545
United Technologies Corp		12,500		761,625
				3,694,691
Information Technology - 31.8%
Adobe Systems Inc *		27,200		898,688
Apple Inc *		15,100		2,799,087
Cisco Systems Inc *		73,000		1,718,420
Google Inc ‘A’ *		4,800		2,380,080
MasterCard Inc ‘A’		9,100		1,839,565
Oracle Corp		40,300		839,852
QUALCOMM Inc		42,500		1,911,650
Research In Motion Ltd (Canada) *		7,700		520,135
salesforce.com inc *		13,300		757,169
Visa Inc ‘A’		29,700		2,052,567
				15,717,213
Materials - 4.7%
Monsanto Co		13,200		1,021,680
Praxair Inc		16,000		1,307,040
				2,328,720
Telecommunication Services - 1.5%
American Tower Corp ‘A’ *		20,100		731,640
Total Common Stocks (Cost $41,797,255)				48,391,727
EXCHANGE-TRADED FUND - 2.1%
iShares Russell 1000 Growth Index Fund		21,900		1,014,189
Total Exchange-Traded Fund (Cost $982,548)				1,014,189
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		396,434		396,434
Total Short-Term Investment (Cost $396,434)				396,434
TOTAL INVESTMENTS - 100.9% (Cost $43,176,237)				49,802,350
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(450,594	)
NET ASSETS - 100.0%			$	49,351,756

Note to Schedule of Investments

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

Information Technology	31.8	%
Health Care	18.2	%
Consumer Discretionary	17.0	%
Industrials	7.5	%
Energy	6.9	%
Financials	5.3	%
Consumer Staples	5.1	%
Materials	4.7	%
Exchange-Traded Fund	2.1	%
Telecommunication Services	1.5	%
Short-Term Investment	0.8	%
	100.9	%
Other Assets & Liabilities, Net	(0.9	%)
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-43

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

	Shares		Value
COMMON STOCKS - 96.3%
Consumer Discretionary - 17.5%
Comcast Corp ‘A’		247,314	$	4,177,133
J.C. Penney Co Inc		25,100		847,125
Liberty Media Corp - Entertainment ‘A’ *		35,500		1,104,405
Lowe’s Cos Inc		41,100		860,634
Macy’s Inc		49,873		912,177
News Corp ‘B’		124,200		1,737,558
Target Corp		8,300		387,444
The Home Depot Inc		36,600		975,024
Time Warner Cable Inc		27,581		1,188,465
Time Warner Inc		66,633		1,917,698
Viacom Inc ‘B’ *		152,150		4,266,286
				18,373,949
Consumer Staples - 12.3%
Altria Group Inc		45,300		806,793
Cadbury PLC ADR (United Kingdom)		24,036		1,230,884
CVS Caremark Corp		38,300		1,368,842
Dr Pepper Snapple Group Inc *		26,752		769,120
Kraft Foods Inc ‘A’		73,402		1,928,270
Philip Morris International Inc		23,300		1,135,642
The Coca-Cola Co		25,200		1,353,240
The Procter & Gamble Co		7,000		405,440
Unilever NV ‘NY’ (Netherlands)		65,400		1,887,444
Wal-Mart Stores Inc		41,900		2,056,871
				12,942,546
Energy - 5.7%
BP PLC ADR (United Kingdom)		13,200		702,636
Chevron Corp		21,800		1,535,374
ConocoPhillips		16,000		722,560
Halliburton Co		53,500		1,450,920
Royal Dutch Shell PLC ADR (United Kingdom)		13,700		783,503
Total SA ADR (France)		13,000		770,380
				5,965,373
Financials - 21.2%
Aflac Inc		10,900		465,866
Bank of America Corp		99,501		1,683,557
Berkshire Hathaway Inc ‘B’ *		242		804,166
JPMorgan Chase & Co		77,100		3,378,522
MetLife Inc		36,800		1,400,976
The Bank of New York Mellon Corp		75,639		2,192,775
The Chubb Corp		110,680		5,579,379
The Goldman Sachs Group Inc		5,100		940,185
The PNC Financial Services Group Inc		24,200		1,175,878
The Travelers Cos Inc		47,586		2,342,659
Torchmark Corp		17,500		760,025
U.S. Bancorp		31,600		690,776
Wells Fargo & Co		30,800		867,944
				22,282,708
Health Care - 15.3%
Abbott Laboratories		15,000		742,050
Boston Scientific Corp *		121,400		1,285,626
Bristol-Myers Squibb Co		100,800		2,270,016
Cardinal Health Inc		56,400		1,511,520
Eli Lilly & Co		34,000		1,123,020
GlaxoSmithKline PLC ADR (United Kingdom)		12,400		489,924
Pfizer Inc		130,300		2,156,465
Roche Holding AG ADR (Switzerland)		19,700		799,820
Schering-Plough Corp		100,000		2,825,000
UnitedHealth Group Inc		21,800		545,872
WellPoint Inc *		13,300		629,888
Wyeth		36,200		1,758,596
				16,137,797
Industrials - 2.7%
Emerson Electric Co		14,900		597,192
General Electric Co		86,700		1,423,614
Honeywell International Inc		11,400		423,510
Ingersoll-Rand PLC (Ireland)		13,400		410,978
				2,855,294
Information Technology - 12.9%
Accenture PLC ‘A’ (Ireland)		13,700		510,599
Cisco Systems Inc *		64,900		1,527,746
Dell Inc *		143,067		2,183,202
eBay Inc *		141,000		3,329,010
Hewlett-Packard Co		28,200		1,331,322
Intel Corp		74,900		1,465,793
International Business Machines Corp		8,300		992,763
KLA-Tencor Corp		31,100		1,115,246
Microsoft Corp		13,400		346,926
The Western Union Co		16,800		317,856
Yahoo! Inc *		28,200		502,242
				13,622,705
Materials - 5.4%
Alcoa Inc		109,700		1,439,264
E.I. du Pont de Nemours & Co		30,099		967,382
International Paper Co		147,577		3,280,637
				5,687,283
Telecommunication Services - 3.3%
AT&T Inc		51,100		1,380,211
Verizon Communications Inc		70,300		2,127,981
				3,508,192
Total Common Stocks (Cost $95,908,590)				101,375,847
SHORT-TERM INVESTMENTS - 3.8%
U.S. Government Agency Issue - 3.7%
Federal Home Loan Bank
0.001%, due 10/01/09		3,900,000		3,900,000
Money Market Fund - 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		58,606		58,606
Total Short-Term Investments (Cost $3,958,606)				3,958,606
TOTAL INVESTMENTS - 100.1% (Cost $99,867,196)				105,334,453
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(70,477	)
NET ASSETS - 100.0%			$	105,263,976

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-44

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

Notes to Schedule of Investments

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

Financials	21.2	%
Consumer Discretionary	17.5	%
Health Care	15.3	%
Information Technology	12.9	%
Consumer Staples	12.3	%
Energy	5.7	%
Materials	5.4	%
Short-Term Investments	3.8	%
Telecommunication Services	3.3	%
Industrials	2.7	%
	100.1	%
Other Assets & Liabilities, Net	(0.1	%)
	100.0	%

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

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-45

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

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%
Health Care - 0.3%
Ironwood Pharmaceuticals Inc ‘H’ 8.000% * + Δ		11,028	$	132,336
Total Convertible Preferred Stocks (Cost $132,336)				132,336
COMMON STOCKS - 95.7%
Consumer Discretionary - 29.2%
Abercrombie & Fitch Co ‘A’		16,053		527,823
Ctrip.com International Ltd ADR (Cayman) *		27,037		1,589,505
Discovery Communications Inc ‘C’ *		19,975		519,949
Gafisa SA ADR (Brazil)		21,978		667,252
Groupe Aeroplan Inc (Canada)		63,294		585,262
Las Vegas Sands Corp *		41,790		703,744
Li & Fung Ltd (Bermuda) +		428,200		1,715,593
Mohawk Industries Inc *		6,174		294,438
Morningstar Inc *		19,003		922,786
Netflix Inc *		7,276		335,933
New Oriental Education & Technology Group ADR (Cayman) *		10,967		882,295
NVR Inc *		1,116		711,305
priceline.com Inc *		9,577		1,588,058
Sears Holdings Corp *		6,053		395,321
Starbucks Corp *		36,527		754,283
Strayer Education Inc		2,557		556,608
Wynn Resorts Ltd *		21,270		1,507,830
				14,257,985
Energy - 7.5%
Petrohawk Energy Corp *		16,086		389,442
Range Resources Corp		27,481		1,356,462
Ultra Petroleum Corp (Canada) *		39,660		1,941,754
				3,687,658
Financials - 8.0%
Brookfield Asset Management Inc ‘A’ (Canada)		24,836		564,026
Calamos Asset Management Inc ‘A’		26,095		340,801
Greenhill & Co Inc		8,361		748,978
IntercontinentalExchange Inc *		7,751		753,320
Leucadia National Corp *		45,231		1,118,110
Moody’s Corp		12,703		259,903
MSCI Inc ‘A’ *		4,425		131,069
				3,916,207
Health Care - 10.6%
Allergan Inc		11,098		629,922
Gen-Probe Inc *		17,947		743,724
Illumina Inc *		40,351		1,714,918
Intuitive Surgical Inc *		2,424		635,694
Mindray Medical International Ltd ADR (Cayman)		14,232		464,532
Techne Corp		16,110		1,007,681
				5,196,471
Industrials - 9.3%
Aecom Technology Corp *		16,425		445,774
C.H. Robinson Worldwide Inc		15,866		916,262
Covanta Holding Corp *		26,405		448,885
Expeditors International of Washington Inc		33,922		1,192,358
IHS Inc ‘A’ *		13,778		704,469
Monster Worldwide Inc *		23,788		415,814
The Corporate Executive Board Co		17,108		425,989
				4,549,551
Information Technology - 22.4%
Akamai Technologies Inc *		38,061		749,040
Alibaba.com Ltd (Cayman) +		432,600		1,002,068
Autodesk Inc *		29,026		690,819
Baidu Inc ADR (Cayman) *		4,697		1,836,762
BYD Co Ltd ‘H’ (China) +		88,400		725,687
Equinix Inc *		6,103		561,476
Palm Inc *		58,404		1,017,982
Redecard SA (Brazil)		66,682		1,030,944
Rovi Corp *		9,828		330,221
salesforce.com inc *		23,770		1,353,226
Tencent Holdings Ltd (Cayman) +		38,500		624,849
Teradata Corp *		37,191		1,023,496
				10,946,570
Materials - 6.9%
Intrepid Potash Inc *		23,654		557,998
Martin Marietta Materials Inc		12,297		1,132,185
Nalco Holding Co		38,452		787,881
Rockwood Holdings Inc *		27,655		568,863
Texas Industries Inc		7,379		309,918
				3,356,845
Telecommunication Services - 1.8%
Millicom International Cellular SA (Luxembourg) *		4,689		341,078
NII Holdings Inc *		17,697		530,556
				871,634
Total Common Stocks (Cost $39,780,573)				46,782,921
SHORT-TERM INVESTMENT - 3.7%
Money Market Fund - 3.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,837,113		1,837,113
Total Short-Term Investment (Cost $1,837,113)				1,837,113
TOTAL INVESTMENTS - 99.7% (Cost $41,750,022)				48,752,370
OTHER ASSETS & LIABILITIES, NET - 0.3%				125,557
NET ASSETS - 100.0%			$	48,877,927

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-46

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

Notes to Schedule of Investments
(a)	As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows:

Consumer Discretionary	29.2	%
Information Technology	22.4	%
Health Care	10.9	%
Industrials	9.3	%
Financials	8.0	%
Energy	7.5	%
Materials	6.9	%
Short-Term Investment	3.7	%
Telecommunication Services	1.8	%
	99.7	%
Other Assets & Liabilities, Net	0.3	%
	100.0	%

(b)	Securities with a total aggregate market value of $4,200,533 or 8.6% 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)	0.3% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-47

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

	Shares		Value
COMMON STOCKS - 97.8%
Consumer Discretionary - 4.5%
Morgans Hotel Group Co *		28,714	$	155,630
Starwood Hotels & Resorts Worldwide Inc		38,557		1,273,538
				1,429,168
Financial Services - 91.7%
Acadia Realty Trust REIT		22,063		332,489
AMB Property Corp REIT		15,506		355,863
AvalonBay Communities Inc REIT		27,629		2,009,457
Boston Properties Inc REIT		22,789		1,493,819
Brookfield Properties Corp (Canada)		109,699		1,235,211
Camden Property Trust REIT		15,166		611,190
Care Investment Trust Inc REIT		2,717		20,839
Colony Financial Inc REIT *		7,310		142,911
Cousins Properties Inc REIT		9,100		75,348
CreXus Investment Corp REIT *		6,780		96,954
DCT Industrial Trust Inc REIT		34,630		176,959
DiamondRock Hospitality Co REIT *		14,710		119,151
Digital Realty Trust Inc REIT		3,410		155,871
Duke Realty Corp REIT		9,910		119,019
Equity Lifestyle Properties Inc REIT		14,784		632,607
Equity One Inc REIT		281		4,403
Equity Residential REIT		85,635		2,628,995
Extendicare REIT (Canada)		1,580		12,396
Federal Realty Investment Trust REIT		15,850		972,715
Forest City Enterprises Inc ‘A’		64,623		864,009
HCP Inc REIT		41,150		1,182,651
Healthcare Realty Trust Inc REIT		35,049		740,585
Host Hotels & Resorts Inc REIT		103,025		1,212,604
Kilroy Realty Corp REIT		6,624		183,750
Kite Realty Group Trust REIT		17,840		74,393
Liberty Property Trust REIT		17,841		580,368
LTC Properties Inc REIT		3,720		89,429
Mack-Cali Realty Corp REIT		19,479		629,756
Nationwide Health Properties Inc REIT		4,310		133,567
Plum Creek Timber Co Inc REIT		31,139		954,099
Post Properties Inc REIT		22,340		402,120
PS Business Parks Inc REIT		4,932		253,110
Public Storage REIT		22,347		1,681,388
Rayonier Inc REIT		3,920		160,367
Regency Centers Corp REIT		31,141		1,153,774
Senior Housing Properties Trust REIT		50,723		969,317
Simon Property Group Inc REIT		46,744		3,245,436
Sovran Self Storage Inc REIT		2,912		88,612
Starwood Property Trust Inc REIT *		10,950		221,738
Taubman Centers Inc REIT		4,563		164,633
Ventas Inc REIT		23,630		909,755
Vornado Realty Trust REIT		30,833		1,985,980
				29,077,638
Health Care - 1.1%
Assisted Living Concepts Inc ‘A’ *		12,210		252,991
Capital Senior Living Corp *		12,030		73,383
				326,374
Industrials - 0.5%
NRDC Acquisition Corp *		15,700		162,338
Total Common Stocks (Cost $26,178,333)				30,995,518
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		575,779		575,779
Total Short-Term Investment (Cost $575,779)				575,779
TOTAL INVESTMENTS - 99.6% (Cost $26,754,112)				31,571,297
OTHER ASSETS & LIABILITIES, NET - 0.4%				129,179
NET ASSETS - 100.0%			$	31,700,476

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

Retail	18.8	%
Residential	17.8	%
Office/Industrial	16.0	%
Diversified	14.1	%
Health Care/Assisted Living	13.8	%
Lodging	8.7	%
Self-Storage	5.6	%
Land	3.0	%
	97.8	%
Short-Term Investment	1.8	%
Other Assets & Liabilities, Net	0.4	%
	100.0	%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-49

A-48

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

Explanation of Symbols:
*	Non-income producing securities.
“	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
^	Securities with their principal amount adjusted for inflation.
§	Variable rate securities. The rate shown is based on the latest available information as of September 30, 2009.
W	Securities were in default as of September 30, 2009.
±	The security is a perpetual bond and has no definite maturity date.
¥	Unsettled position. Contract rates do not take effect until settlement date.
~	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 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 September 30, 2009.
Δ	Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to Funds’ policy and procedures. (See Note 2G in Notes to Financial Statements).
+	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.
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
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
SGD	Singapore Dollar
TWD	Taiwanese Dollar
USD	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt
CBOT	Chicago Board of Trade
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, industry and geographical classifications, and Standard and Poor’s quality ratings of the companies shown in the schedules of investments were obtained from published reports and other sources believed to be reliable.

See Notes to Financial Statements

A-49

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2009 (Unaudited)

	PL Portfolio Optimization Funds										PL Money		PL Small-Cap		PL International
			Moderate-				Moderate-				Market		Growth		Value
	Conservative Fund		Conservative Fund		Moderate Fund		Aggressive Fund		Aggressive Fund		Fund		Fund		Fund
ASSETS
Investments, at cost	$	109,006,477	$	136,760,647	$	468,938,464	$	472,981,112	$	194,000,849	$	41,537,332	$	17,487,369	$	69,288,435
Investments in affiliates, at value	$	115,888,034	$	137,271,303	$	441,251,868	$	428,811,181	$	177,472,329	$	—	$	—	$	—
Investments, at value		352,986		106,623		147,274		378,634		134,720		41,537,332		21,772,465		73,214,840
Cash (1)		—		—		—		—		—		—		—		156,593
Foreign currency held, at value (1), (2)		—		—		—		—		—		—		—		69,798
Receivables:
Dividends and interest		10		13		20		5		2		15,025		3,362		186,589
Foreign tax reclaim		—		—		—		—		—		—		—		156,107
Fund shares sold		1,508,720		746,435		2,381,351		1,106,140		203,843		4,805		16,709		38,855
Securities sold		—		—		—		—		—		—		740,081		764,607
Variation margin		—		—		—		—		—		—		—		6,438
Due from adviser		17,847		21,745		58,783		56,810		27,188		14,153		8,732		26,436
Prepaid expenses and other assets		4,744		3,247		6,677		6,572		3,658		10,103		9,019		9,013
Total Assets		117,772,341		138,149,366		443,845,973		430,359,342		177,841,740		41,581,418		22,550,368		74,629,276
LIABILITIES
Payables:
Fund shares redeemed		449,568		204,627		1,226,302		882,965		352,160		124,756		—		—
Securities purchased		352,986		106,623		147,274		378,634		134,720		—		929,829		691,773
Accrued advisory fees		18,430		21,709		71,034		68,967		28,574		—		10,346		39,106
Accrued administration fees		—		—		—		—		—		3,805		5,173		18,049
Accrued support service expenses		17,222		21,919		70,679		65,309		27,063		12,750		5,819		20,373
Accrued custodian fees and expenses		1,982		1,982		1,982		1,982		1,982		2,632		3,014		5,490
Accrued legal and audit fees		16,145		21,505		71,242		67,426		28,288		9,297		6,024		20,708
Accrued deferred trustee compensation and expenses		843		2,483		8,831		9,012		3,510		6,236		3,167		6,037
Accrued distribution and/or service fees		7,897		9,051		28,504		28,252		10,805		1,715		881		3,044
Accrued transfer agency out-of-pocket expenses		11,841		16,399		56,475		56,203		24,607		8,963		3,989		14,385
Accrued other		8,122		9,852		27,918		28,496		11,622		5,861		2,851		9,239
Total Liabilities		885,036		416,150		1,710,241		1,587,246		623,331		176,015		971,093		828,204
NET ASSETS	$	116,887,305	$	137,733,216	$	442,135,732	$	428,772,096	$	177,218,409	$	41,405,403	$	21,579,275	$	73,801,072

(1)	Includes margin deposits of $156,593 and EUR 30,819 held as collateral for futures contracts in the PL International Value Fund.
(2)	The cost of foreign currency for the PL International Value Fund was $68,976.

See Notes to Financial Statements

B-1

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)

	PL Portfolio Optimization Funds															PL Money		PL Small-Cap			PL International
				Moderate-						Moderate-						Market		Growth			Value
	Conservative Fund			Conservative Fund			Moderate Fund			Aggressive Fund			Aggressive Fund			Fund (1)		Fund			Fund
NET ASSETS CONSIST OF:
Paid-in capital	$	114,022,300		$	144,116,412		$	491,831,206		$	510,013,917		$	224,805,587		$	41,395,433	$	30,702,239		$	117,816,451
Undistributed/accumulated net investment income (loss)		1,592,430			1,466,947			3,406,792			1,927,949			411,993			9,814		(103,172	)		1,473,638
Undistributed/accumulated net realized gain (loss)		(5,961,968	)		(8,467,422	)		(25,562,944	)		(39,378,473	)		(31,605,371	)		156		(13,304,888	)		(49,434,198	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,234,543			617,279			(27,539,322	)		(43,791,297	)		(16,393,800	)		—		4,285,096			3,945,181
NET ASSETS	$	116,887,305		$	137,733,216		$	442,135,732		$	428,772,096		$	177,218,409		$	41,405,403	$	21,579,275		$	73,801,072
Class A Shares:
Net Assets	$	48,392,826		$	58,152,983		$	194,897,385		$	190,023,269		$	85,715,438		$	41,405,403	$	21,579,275		$	73,801,072
Shares of beneficial interest outstanding		4,744,851			5,754,331			19,212,787			19,252,941			8,837,541			41,406,179		2,631,607			8,005,391
Net Asset Value per share*	$	10.20		$	10.11		$	10.14		$	9.87		$	9.70		$	1.00	$	8.20		$	9.22
Sales Charge — Maximum is 5.50% of offering price		0.59			0.59			0.59			0.57			0.56			—		0.48			0.54
Maximum offering price per share	$	10.79		$	10.70		$	10.73		$	10.44		$	10.26		$	1.00	$	8.68		$	9.76
Class B Shares:**
Net Assets	$	11,254,357		$	16,010,023		$	55,712,473		$	60,938,933		$	25,635,755
Shares of beneficial interest outstanding		1,113,187			1,597,401			5,538,055			6,252,048			2,686,197
Net Asset Value and offering price per share*	$	10.11		$	10.02		$	10.06		$	9.75		$	9.54
Class C Shares:**
Net Assets	$	51,745,031		$	55,213,114		$	170,461,567		$	165,711,233		$	60,897,260
Shares of beneficial interest outstanding		5,120,715			5,510,015			16,968,296			17,045,331			6,381,732
Net Asset Value and offering price per share*	$	10.11		$	10.02		$	10.05		$	9.72		$	9.54
Class R Shares:**
Net Assets	$	5,495,091		$	8,357,096		$	21,064,307		$	12,098,661		$	4,969,956
Shares of beneficial interest outstanding		540,771			829,297			2,085,356			1,227,986			514,621
Net Asset Value per share	$	10.16		$	10.08		$	10.10		$	9.85		$	9.66

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
**	Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements).
(1)	PL Money Market Fund is not subject to a front-end sales load.

See Notes to Financial Statements

B-2

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)

	PL Large-Cap		PL Short Duration		PL Floating				PL Mid-Cap		PL International		PL Small-Cap		PL Main Street
	Value		Bond		Rate Loan		PL Growth LT		Equity		Large-Cap		Value		Core
	Fund		Fund		Fund		Fund		Fund		Fund		Fund		Fund
ASSETS
Investments, at cost	$	126,046,936	$	64,831,101	$	43,556,372	$	61,489,405	$	76,288,296	$	84,062,138	$	30,634,424	$	106,121,069
Investments, at value	$	134,091,646	$	65,728,041	$	43,846,640	$	74,946,979	$	85,276,340	$	90,941,307	$	32,279,285	$	117,683,700
Cash		—		—		94,251		—		—		—		—		—
Foreign currency held, at value (1)		—		—		—		372,573		—		—		—		—
Receivables:
Dividends and interest		251,297		324,252		135,322		74,828		84,709		159,611		44,573		187,906
Foreign tax reclaim		5,510		—		—		45,746		—		168,941		—		—
Fund shares sold		87,167		109,362		53,855		102,704		43,648		37,639		15,720		111,603
Securities sold		—		2,696,889		674,151		615,590		3,125,434		18,042		17,442		1,136,850
Variation margin		—		20,461		—		—		—		—		—		—
Due from adviser		15,489		11,582		6,423		21,524		15,262		24,323		7,967		26,052
Forward foreign currency contracts appreciation		—		—		—		39,714		—		—		—		—
Prepaid expenses and other assets		9,255		813		772		9,975		1,201		9,333		4,676		1,499
Total Assets		134,460,364		68,891,400		44,811,414		76,229,633		88,546,594		91,359,196		32,369,663		119,147,610
LIABILITIES
Payables:
Securities purchased		—		8,398,954		3,055,024		552,792		2,458,690		31,546		49,003		217,420
Due to custodian in foreign currency (1)		—		—		—		—		—		70		—		—
Accrued advisory fees		70,124		19,210		24,641		32,819		44,527		62,712		19,484		42,831
Accrued administration fees		32,365		14,407		9,856		17,901		20,551		22,134		7,794		28,554
Accrued support service expenses		15,891		11,632		7,382		18,351		14,549		16,566		6,939		20,816
Accrued custodian fees and expenses		2,874		3,184		1,849		14,591		6,677		12,139		2,886		23,110
Accrued legal and audit fees		16,238		11,288		4,717		17,834		14,974		16,255		5,549		21,183
Accrued deferred trustee compensation and expenses		6,495		2,320		—		4,823		1,502		4,150		—		2,274
Accrued distribution and/or service fees		5,485		2,453		1,693		3,053		3,477		3,739		1,318		4,840
Accrued transfer agency out-of-pocket expenses		10,847		7,004		4,466		12,156		9,812		11,594		4,762		13,999
Accrued other		6,240		5,360		2,649		7,512		7,642		6,867		2,921		13,585
Forward foreign currency contracts depreciation		—		—		—		130,481		—		—		—		—
Total Liabilities		166,559		8,475,812		3,112,277		812,313		2,582,401		187,772		100,656		388,612
NET ASSETS	$	134,293,805	$	60,415,588	$	41,699,137	$	75,417,320	$	85,964,193	$	91,171,424	$	32,269,007	$	118,758,998

(1) The cost of foreign currency for the PL Growth LT Fund and the PL International Large-Cap Fund were $362,552 and ($71) respectively.

See Notes to Financial Statements

B-3

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)

	PL Large-Cap			PL Short Duration			PL Floating						PL Mid-Cap			PL International			PL Small-Cap			PL Main Street
	Value			Bond			Rate Loan			PL Growth LT			Equity			Large-Cap			Value			Core
	Fund			Fund			Fund (1)			Fund			Fund			Fund			Fund (1)			Fund (1)
NET ASSETS CONSIST OF:
Paid-in capital	$	142,924,446		$	60,153,897		$	43,557,617		$	93,266,878		$	109,701,208		$	96,177,961		$	40,631,281		$	147,740,835
Undistributed/accumulated net investment income (loss)		665,428			(15,023	)		5,021			149,622			170,425			967,733			305,018			516,208
Accumulated net realized loss		(17,341,463	)		(676,940	)		(2,153,769	)		(31,378,311	)		(32,895,484	)		(12,859,001	)		(10,312,153	)		(41,060,676	)
Net unrealized appreciation on investments and assets and liabilities in foreign currencies		8,045,394			953,654			290,268			13,379,131			8,988,044			6,884,731			1,644,861			11,562,631
NET ASSETS	$	134,293,805		$	60,415,588		$	41,699,137		$	75,417,320		$	85,964,193		$	91,171,424		$	32,269,007		$	118,758,998
Class A Shares:
Net Assets	$	134,293,805		$	60,415,588		$	41,699,137		$	75,417,320		$	85,964,193		$	91,171,424		$	32,269,007		$	118,758,998
Shares of beneficial interest outstanding		13,893,236			6,067,618			4,396,375			7,394,608			11,296,205			6,960,464			4,261,829			14,519,307
Net Asset Value per share*	$	9.67		$	9.96		$	9.48		$	10.20		$	7.61		$	13.10		$	7.57		$	8.18
Sales Charge — Maximum is 5.50% of offering price		0.56			0.58			—			0.59			0.44			0.76			—			—
Maximum offering price per share	$	10.23		$	10.54		$	9.48		$	10.79		$	8.05		$	13.86		$	7.57		$	8.18

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
(1)	The PL Floating Rate Loan, PL Small-Cap Value and PL Main Street Core Funds are offered to the PL Portfolio Optimization Funds only and are not subject to a front-end sales load.

See Notes to Financial Statements

B-4

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)

	PL Emerging		PL Managed		PL Inflation		PL Large-Cap				PL Mid-Cap
	Markets		Bond		Managed		Growth		PL Comstock		Growth		PL Real Estate
	Fund		Fund		Fund		Fund		Fund		Fund		Fund
ASSETS
Investments, at cost	$	28,016,872	$	200,770,669	$	133,219,817	$	43,176,237	$	99,867,196	$	41,750,022	$	26,754,112
Investments, at value	$	40,691,885	$	198,860,201	$	136,875,015	$	49,802,350	$	105,334,453	$	48,752,370	$	31,571,297
Cash (1)		—		183,276		103,700		—		—		—		—
Foreign currency held, at value (2)		410,092		599,208		124,204		—		—		—		8,772
Receivables:
Dividends and interest		52,899		1,160,748		831,651		20,273		180,868		7,579		101,643
Foreign tax reclaim		1,318		—		—		—		—		—		—
Fund shares sold		18,762		200,519		177,609		54,201		35,355		7,872		9,367
Securities sold		139,223		13,955,810		—		—		60,459		364,068		59,189
Variation margin		—		28,039		103,893		—		—		—		—
Securities sold short		—		20,592,188		1,364,414		—		—		—		—
Swap agreements		—		979,942		84,119		—		—		—		—
Due from adviser		24,380		41,054		25,561		6,977		18,725		7,809		8,972
Forward foreign currency contracts appreciation		—		318,055		13,665		—		—		—		—
Prepaid expenses and other assets		500		9,968		1,180		11,171		9,123		7,478		559
Swap appreciation		—		3,256,207		283,495		—		—		—		—
Total Assets		41,339,059		240,185,215		139,988,506		49,894,972		105,638,983		49,147,176		31,759,799
LIABILITIES
Payables:
Due to brokers		—		3,016,000		40,839		—		—		—		—
Securities purchased		336,000		23,486,328		14,473,268		473,270		211,823		204,836		—
Securities covering shorts		—		14,579,523		630,555		—		—		—		—
Securities sold short, at value (proceeds $6,039,602 and $736,664, respectively)		—		6,056,532		738,078		—		—		—		—
Swap agreements		—		588,332		27,164		—		—		—		—
Income distributions		—		2,692		1,106		—		—		—		—
Deferred foreign capital gains tax		9,666		—		—		—		—		—		—
Accrued advisory fees		25,786		61,303		39,360		29,581		64,147		27,255		23,153
Accrued administration fees		9,670		45,978		29,520		11,832		25,659		11,681		7,718
Accrued support service expenses		7,837		34,005		19,239		4,028		18,356		4,924		5,822
Accrued custodian fees and expenses		21,939		24,877		21,739		5,674		6,688		2,251		6,172
Accrued legal and audit fees		6,986		33,296		18,864		3,144		18,964		4,946		6,190
Accrued deferred trustee compensation and expenses		1,514		11,548		4,289		8,993		5,216		5,436		895
Accrued distribution and/or service fees		1,653		7,815		5,020		2,018		4,310		1,995		1,319
Accrued transfer agency out-of-pocket expenses		5,608		21,188		12,009		2,601		12,765		3,538		4,227
Accrued interest		—		—		384		—		—		—		—
Accrued other		9,875		37,692		11,601		2,075		7,079		2,387		3,827
Forward foreign currency contracts depreciation		—		154,715		32,212		—		—		—		—
Outstanding options written, at value (premiums received $384,962 and $218,774, respectively)		—		57,756		59,218		—		—		—		—
Swap depreciation		—		324,587		275,632		—		—		—		—
Total Liabilities		436,534		48,544,167		16,440,097		543,216		375,007		269,249		59,323
NET ASSETS	$	40,902,525	$	191,641,048	$	123,548,409	$	49,351,756	$	105,263,976	$	48,877,927	$	31,700,476

(1)	Includes margin deposits of $183,276 and $103,700 segregated for futures contracts in the PL Managed Bond and PL Inflation Managed Funds, respectively.
(2)	The cost of foreign currency for the PL Emerging Markets, PL Managed Bond, PL Inflation Managed Bond and PL Real Estate Funds were $406,465, $609,100, $122,110 and $9,276, respectively.

See Notes to Financial Statements

B-5

PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)

	PL Emerging			PL Managed			PL Inflation			PL Large-Cap						PL Mid-Cap
	Markets			Bond			Managed			Growth			PL Comstock			Growth			PL Real Estate
	Fund (1)			Fund			Fund			Fund			Fund			Fund			Fund
NET ASSETS CONSIST OF:
Paid-in capital	$	36,470,275		$	184,695,899		$	127,815,045		$	51,811,704		$	138,274,703		$	42,213,551		$	41,897,737
Undistributed/accumulated net investment income (loss)		307,562			(14,363	)		790,593			(73,193	)		446,457			(62,693	)		(18,528	)
Undistributed/accumulated net realized gain (loss)		(8,543,221	)		5,175,804			(9,135,455	)		(9,012,868	)		(38,924,441	)		(275,279	)		(14,995,415	)
Net unrealized appreciation on investments and assets and liabilities in foreign currencies		12,667,909			1,783,708			4,078,226			6,626,113			5,467,257			7,002,348			4,816,682
NET ASSETS	$	40,902,525		$	191,641,048		$	123,548,409		$	49,351,756		$	105,263,976		$	48,877,927		$	31,700,476
Class A Shares:
Net Assets	$	40,902,525		$	191,641,048		$	123,548,409		$	49,351,756		$	105,263,976		$	48,877,927		$	31,700,476
Shares of beneficial interest outstanding		3,741,039			17,740,679			12,430,145			7,297,022			10,846,158			6,380,103			4,086,099
Net Asset Value per share*	$	10.93		$	10.80		$	9.94		$	6.76		$	9.71		$	7.66		$	7.76
Sales Charge — Maximum is 5.50% of offering price		—			0.63			0.58			0.39			0.57			0.45			0.45
Maximum offering price per share	$	10.93		$	11.43		$	10.52		$	7.15		$	10.28		$	8.11		$	8.21

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
(1)	The PL Emerging Markets Fund is offered to the PL Portfolio Optimization Funds only and is not subject to a front-end sales load.

See Notes to Financial Statements

B-6

PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)

	PL Portfolio Optimization Funds															PL Money			PL Small-Cap			PL International
				Moderate-						Moderate-						Market			Growth			Value
	Conservative Fund			Conservative Fund			Moderate Fund			Aggressive Fund			Aggressive Fund			Fund			Fund			Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)	$	—		$	—		$	—		$	—		$	—		$	—		$	41,390		$	2,042,206
Dividends from affiliated mutual fund investments		1,895,010			1,828,792			4,559,762			3,059,115			868,805			—			—			—
Dividends from mutual fund investments		10			13			21			5			2			4,762			38			41
Interest		34			24			53			33			33			105,190			176			143
Total Investment Income		1,895,054			1,828,829			4,559,836			3,059,153			868,840			109,952			41,604			2,042,390
EXPENSES
Advisory fees		97,351			116,388			380,029			367,661			156,517			50,597			72,743			278,244
Administration fees		146,027			174,583			570,043			551,492			234,776			75,896			36,372			128,420
Support services expenses		15,739			19,425			61,391			55,683			22,885			13,182			6,259			20,859
Custodian fees and expenses		6,017			6,017			6,017			6,017			6,017			9,363			15,446			37,603
Shareholder report expenses		7,709			9,812			31,637			29,233			12,114			5,707			2,604			9,119
Distribution and/or service fees
Class A		49,823			59,460			208,205			202,605			94,377			63,246			30,310			107,017
Class B (2)		47,300			70,678			244,229			266,361			111,680			—			—			—
Class C (2)		217,430			239,768			737,110			714,393			273,826			—			—			—
Class R (2)		11,367			16,828			42,992			23,565			9,787			—			—			—
Transfer agency out-of-pocket expenses		25,753			34,141			116,253			115,832			49,565			18,103			7,652			26,390
Registration fees		27,641			28,943			32,870			37,330			31,027			13,315			6,996			8,339
Legal and audit fees		18,278			22,827			72,845			66,587			27,453			13,753			5,976			21,112
Trustees’ compensation and expenses		3,019			3,798			12,162			11,161			4,609			2,389			1,000			3,527
Money market government insurance expenses		—			—			—			—			—			8,449			—			—
Other		7,496			9,836			29,419			28,476			12,958			7,731			5,352			20,454
Total Expenses		680,950			812,504			2,545,202			2,476,396			1,047,591			281,731			190,710			661,084
Advisory Fee Waiver		—			—			—			—			—			(48,873	)		—			—
Adviser Reimbursement and/or Administrator Reduction		(257,679	)		(309,382	)		(932,637	)		(901,812	)		(401,404	)		(122,750	)		(51,285	)		(147,403	)
Distribution and/or Service Fees Waiver		(121,688	)		(145,484	)		(475,035	)		(459,575	)		(195,646	)		—			—			—
Net Expenses		301,583			357,638			1,137,530			1,115,009			450,541			110,108			139,425			513,681
NET INVESTMENT INCOME (LOSS)		1,593,471			1,471,191			3,422,306			1,944,144			418,299			(156	)		(97,821	)		1,528,709
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment securities from affiliated mutual fund investments		(3,376,627	)		(5,173,731	)		(17,606,163	)		(30,517,036	)		(23,576,368	)		—			—			—
Investment security and forward transactions (1)		319			382			1,252			1,222			518			156			(1,405,697	)		(25,092,144	)
Futures contracts and swap transactions		—			—			—			—			—			—			—			196,899
Foreign currency transactions		—			—			—			—			—			—			—			(653,779	)
Net Realized Gain (Loss)		(3,376,308	)		(5,173,349	)		(17,604,911	)		(30,515,814	)		(23,575,850	)		156			(1,405,697	)		(25,549,024	)
Net change in unrealized appreciation (depreciation) on:
Investment securities and forwards (1)		16,061,090			26,323,296			107,816,939			138,961,414			76,132,600			—			9,421,819			57,517,489
Futures contracts and swaps		—			—			—			—			—			—			—			(4,646	)
Foreign currencies		—			—			—			—			—			—			—			119,488
Change in Net Unrealized Appreciation (Depreciation)		16,061,090			26,323,296			107,816,939			138,961,414			76,132,600			—			9,421,819			57,632,331
NET GAIN		12,684,782			21,149,947			90,212,028			108,445,600			52,556,750			156			8,016,122			32,083,307
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,278,253		$	22,621,138		$	93,634,334		$	110,389,744		$	52,975,049		$	—		$	7,918,301		$	33,612,016

(1)	Dividends were net of $326,457 foreign tax withheld for the PL International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds.
(2)	Class B, C and R Shares are offered to the PL Portfolio Optimization Funds only.

See Notes to Financial Statements

B-7

PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)

	PL Large-Cap			PL Short Duration			PL Floating						PL Mid-Cap			PL International			PL Small-Cap			PL Main Street
	Value			Bond			Rate Loan			PL Growth LT			Equity			Large-Cap			Value			Core
	Fund			Fund			Fund			Fund			Fund			Fund			Fund			Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)	$	1,247,034		$	—		$	—		$	581,486		$	611,565		$	1,555,284		$	503,763		$	1,035,810
Dividends from mutual fund investments		4,416			3,224			—			287			3,856			1,627			2,045			4,468
Interest		196			860,043			1,106,785			1,194			—			—			36			407
Total Investment Income		1,251,646			863,267			1,106,785			582,967			615,421			1,556,911			505,844			1,040,685
EXPENSES
Advisory fees		310,288			106,422			129,520			214,686			239,636			341,945			116,599			234,247
Administration fees		143,210			79,816			51,808			117,101			110,601			120,686			46,640			156,165
Support services expenses		16,491			11,916			7,506			19,059			14,791			17,198			7,058			21,130
Custodian fees and expenses		9,663			10,045			7,796			34,878			13,756			51,016			13,403			68,778
Shareholder report expenses		7,113			5,206			3,304			8,214			6,513			7,416			3,106			9,318
Distribution and/or service fees — Class A only		119,341			66,514			43,173			97,584			92,168			100,572			38,866			130,137
Transfer agency out-of-pocket expenses		20,854			15,000			9,486			23,899			18,802			21,525			8,967			26,833
Registration fees		7,717			7,330			197			7,181			8,646			7,640			185			557
Legal and audit fees		16,405			12,152			7,729			18,968			14,978			17,153			7,113			21,531
Trustees’ compensation and expenses		2,740			2,023			1,284			3,166			2,504			2,862			1,192			3,594
Offering expenses		—			—			1,704			—			—			—			—			—
Other		8,010			8,843			2,727			10,020			7,726			12,181			5,739			24,442
Total Expenses		661,832			325,267			266,234			554,756			530,121			700,194			248,868			696,732
Adviser Reimbursement		(88,993	)		(72,515	)		(41,733	)		(125,385	)		(87,716	)		(136,991	)		(46,763	)		(176,183	)
Net Expenses		572,839			252,752			224,501			429,371			442,405			563,203			202,105			520,549
NET INVESTMENT INCOME		678,807			610,515			882,284			153,596			173,016			993,708			303,739			520,136
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment security and forward transactions (1)		(4,069,666	)		301,592			(50,456	)		(6,876,106	)		(1,676,254	)		(5,035,439	)		(4,500,634	)		(17,208,954	)
Futures contracts and swap transactions		—			107,723			—			—			—			—			—			—
Foreign currency transactions		2,064			—			—			(548,156	)		—			3,828			—			(1,075	)
Net Realized Gain (Loss)		(4,067,602	)		409,315			(50,456	)		(7,424,262	)		(1,676,254	)		(5,031,611	)		(4,500,634	)		(17,210,029	)
Net change in unrealized appreciation (depreciation) on:
Investment securities and forwards (1)		29,634,083			1,026,969			4,936,144			29,339,227			27,103,831			32,821,653			13,705,363			46,155,582
Futures contracts and swaps		—			16,519			—			—			—			—			—			—
Foreign currencies		494			—			—			88,814			—			10,426			—			—
Change in Net Unrealized Appreciation		29,634,577			1,043,488			4,936,144			29,428,041			27,103,831			32,832,079			13,705,363			46,155,582
NET GAIN		25,566,975			1,452,803			4,885,688			22,003,779			25,427,577			27,800,468			9,204,729			28,945,553
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,245,782		$	2,063,318		$	5,767,972		$	22,157,375		$	25,600,593		$	28,794,176		$	9,508,468		$	29,465,689

(1) Dividends were net of $25,265, $0, $0, $43,914, $0, $292,860, $583 and $505 foreign taxes withheld respectively. No foreign tax was withheld on realized and change in unrealized capital gains for all funds.

See Notes to Financial Statements

B-8

PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)

	PL Emerging			PL Managed			PL Inflation			PL Large-Cap						PL Mid-Cap
	Markets			Bond			Managed			Growth			PL Comstock			Growth			PL Real Estate
	Fund			Fund			Fund			Fund			Fund			Fund			Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)	$	567,808		$	138,956		$	3,750		$	136,736		$	1,054,742		$	148,073		$	410,941
Dividends from mutual fund investments		830			1,138			946			16			3,549			1,317			1,050
Interest		—			3,722,187			2,478,223			157			697			94			96
Total Investment Income		568,638			3,862,281			2,482,919			136,909			1,058,988			149,484			412,087
EXPENSES
Advisory fees		149,294			323,045			192,625			112,454			348,208			112,175			130,494
Administration fees		55,985			242,284			144,468			44,981			139,283			48,075			43,498
Support services expenses		7,949			34,633			19,764			9,240			19,070			4,985			5,923
Custodian fees and expenses		93,845			45,625			37,209			15,185			15,857			12,488			15,654
Shareholder report expenses		3,508			15,222			8,612			1,803			8,217			2,204			2,606
Distribution and/or service fees — Class A only		46,654			201,903			120,390			37,485			116,070			40,062			36,249
Transfer agency out-of-pocket expenses		10,085			44,078			25,220			5,353			23,989			6,655			7,559
Registration fees		209			8,235			7,781			6,824			8,139			8,341			7,875
Legal and audit fees		8,150			36,116			21,177			5,018			18,890			5,126			5,938
Trustees’ compensation and expenses		1,358			5,909			3,340			695			3,159			854			996
Interest on securities sold short		—			591			240			—			—			—			—
Other		27,892			62,225			37,777			3,087			9,250			3,978			3,925
Total Expenses		404,929			1,019,866			618,603			242,125			710,132			244,943			260,717
Adviser Reimbursement		(152,996	)		(252,043	)		(160,880	)		(47,205	)		(106,571	)		(44,631	)		(50,476	)
Net Expenses		251,933			767,823			457,723			194,920			603,561			200,312			210,241
NET INVESTMENT INCOME (LOSS)		316,705			3,094,458			2,025,196			(58,011	)		455,427			(50,828	)		201,846
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment security and forward transactions (1)		(2,562,484	)		2,102,906			3,856,896			1,101,811			(6,730,278	)		739,460			(6,717,108	)
Closed short positions		—			(130,925	)		(68,053	)		—			—			—			—
Futures contracts and swap transactions		—			4,151,987			243,321			—			—			—			—
Written option transactions		—			69,245			(41,465	)		—			—			—			—
Foreign currency transactions		(16,161	)		(180,944	)		(381,055	)		—			—			(6,301	)		(6,247	)
Net Realized Gain (Loss)		(2,578,645	)		6,012,269			3,609,644			1,101,811			(6,730,278	)		733,159			(6,723,355	)
Net change in unrealized appreciation (depreciation) on:
Investment securities and forwards (1)		20,754,432			13,135,315			6,487			6,077,677			36,790,113			13,277,846			20,802,458
Short positions		—			(16,930	)		63,040			—			—			—			—
Futures contracts and swaps		—			(2,032,545	)		516,330			—			—			—			—
Written options		—			305,229			294,207			—			—			—			—
Foreign currencies		5,778			362,101			338,090			—			—			367			1,017
Change in Net Unrealized Appreciation		20,760,210			11,753,170			1,218,154			6,077,677			36,790,113			13,278,213			20,803,475
NET GAIN		18,181,565			17,765,439			4,827,798			7,179,488			30,059,835			14,011,372			14,080,120
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,498,270		$	20,859,897		$	6,852,994		$	7,121,477		$	30,515,262		$	13,960,544		$	14,281,966

(1) Dividends were net of $47,980, $0, $0, $0, $15,231, $1,152 and $8,422 foreign taxes withheld respectively. Realized gains on investment security transactions for the PL Emerging Markets Fund are net of foreign capital gains taxes withheld of $431. Change in unrealized appreciation (depreciation) on securities for the PL Emerging Markets Fund are net of increase in deferred foreign capital gains tax of $9,585. No foreign tax was withheld on realized and change in unrealized capital gain for all other funds.

See Notes to Financial Statements

B-9

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

	PL Portfolio Optimization						PL Portfolio Optimization						PL Portfolio Optimization						PL Portfolio Optimization
	Conservative Fund						Moderate-Conservative Fund						Moderate Fund						Moderate-Aggressive Fund
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended
	2009 (1)			March 31, 2009			2009 (1)			March 31, 2009			2009 (1)			March 31, 2009			2009 (1)			March 31, 2009
OPERATIONS
Net investment income	$	1,593,471		$	2,362,950		$	1,471,191		$	2,926,767		$	3,422,306		$	7,610,015		$	1,944,144		$	4,826,825
Net realized loss		(3,376,308	)		(60,062	)		(5,173,349	)		(353,635	)		(17,604,911	)		(489,526	)		(30,515,814	)		(3,304,606	)
Net change in unrealized appreciation (depreciation)		16,061,090			(10,145,423	)		26,323,296			(27,263,143	)		107,816,939			(136,212,676	)		138,961,414			(174,885,094	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,278,253			(7,842,535	)		22,621,138			(24,690,011	)		93,634,334			(129,092,187	)		110,389,744			(173,362,875	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(157,242	)		(1,641,626	)		(540,541	)		(1,920,840	)		(2,007,801	)		(5,346,894	)		(1,439,902	)		(3,494,065	)
Class B (2)		(21,205	)		(385,564	)		(141,839	)		(521,376	)		(517,607	)		(1,186,397	)		(398,455	)		(770,401	)
Class C (2)		(110,067	)		(1,708,912	)		(473,479	)		(1,779,875	)		(1,545,039	)		(3,655,908	)		(1,052,044	)		(2,126,411	)
Class R (2)		(16,284	)		(137,814	)		(76,643	)		(162,397	)		(205,301	)		(338,218	)		(82,855	)		(94,421	)
Net realized gains
Class A		(106,162	)		(77,956	)		—			(463,724	)		—			(3,015,178	)		—			(4,360,077	)
Class B (2)		(23,898	)		(17,164	)		—			(143,096	)		—			(878,553	)		—			(1,431,835	)
Class C (2)		(117,264	)		(83,578	)		—			(482,131	)		—			(2,839,022	)		—			(3,957,648	)
Class R (2)		(12,184	)		(4,870	)		—			(31,484	)		—			(140,300	)		—			(90,242	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(564,306	)		(4,057,484	)		(1,232,502	)		(5,504,923	)		(4,275,748	)		(17,400,470	)		(2,973,256	)		(16,325,100	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		19,449,552			27,737,869			15,516,060			20,048,875			36,748,139			54,943,320			26,486,896			52,531,294
Class B (2)		2,646,097			6,816,787			2,783,728			4,872,041			6,465,779			13,122,408			5,011,037			12,746,047
Class C (2)		18,186,380			30,905,331			10,986,926			22,047,114			27,502,703			51,270,473			18,484,574			44,421,124
Class R (2)		2,032,780			2,738,316			2,778,705			4,137,093			6,281,800			10,601,328			5,135,941			4,839,945
Dividends and distribution reinvestments
Class A		245,253			1,606,526			503,506			2,231,636			1,858,336			7,825,444			1,363,770			7,460,708
Class B (2)		42,264			369,358			133,330			623,246			492,357			1,967,912			384,182			2,126,032
Class C (2)		210,636			1,694,017			438,905			2,094,559			1,461,563			6,178,571			1,004,898			5,847,376
Class R (2)		28,399			140,444			76,643			193,881			204,929			477,700			82,855			184,662
Cost of shares repurchased
Class A		(9,761,784	)		(15,777,506	)		(6,135,556	)		(21,201,067	)		(20,028,816	)		(54,496,673	)		(13,868,567	)		(50,886,106	)
Class B (2)		(1,077,080	)		(2,532,332	)		(1,445,216	)		(4,731,976	)		(3,400,461	)		(12,097,503	)		(3,634,069	)		(11,843,706	)
Class C (2)		(10,416,755	)		(15,279,732	)		(5,680,811	)		(18,337,675	)		(16,390,407	)		(54,334,855	)		(13,482,513	)		(40,731,429	)
Class R (2)		(392,939	)		(906,046	)		(669,915	)		(1,441,555	)		(1,726,111	)		(2,927,683	)		(1,033,473	)		(621,833	)
Net Increase in Net Assets from Capital Share Transactions		21,192,803			37,513,032			19,286,305			10,536,172			39,469,811			22,530,442			25,935,531			26,074,114
NET INCREASE (DECREASE) IN NET ASSETS		34,906,750			25,613,013			40,674,941			(19,658,762	)		128,828,397			(123,962,215	)		133,352,019			(163,613,861	)
NET ASSETS
Beginning of Period/Year		81,980,555			56,367,542			97,058,275			116,717,037			313,307,335			437,269,550			295,420,077			459,033,938
End of Period/Year	$	116,887,305		$	81,980,555		$	137,733,216		$	97,058,275		$	442,135,732		$	313,307,335		$	428,772,096		$	295,420,077
Undistributed Net Investment Income	$	1,592,430		$	303,757		$	1,466,947		$	1,228,258		$	3,406,792		$	4,260,234		$	1,927,949		$	2,957,061

(1)	Unaudited.
(2)	Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements).

See Notes to Financial Statements

B-10

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PL Portfolio Optimization						PL Money Market						PL Small-Cap Growth						PL International Value
	Aggressive Fund						Fund						Fund (1)						Fund (1)
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended
	2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009
OPERATIONS
Net investment income (loss)	$	418,299		$	996,098		$	(156	)	$	549,555		$	(97,821	)	$	(294,542	)	$	1,528,709		$	2,935,308
Net realized gain (loss)		(23,575,850	)		(6,742,002	)		156			999			(1,405,697	)		(9,372,520	)		(25,549,024	)		(23,884,057	)
Net change in unrealized appreciation (depreciation)		76,132,600			(82,036,121	)		—			—			9,421,819			(2,691,164	)		57,632,331			(48,978,708	)
Net Increase (Decrease) in Net Assets Resulting from Operations		52,975,049			(87,782,025	)		—			550,554			7,918,301			(12,358,226	)		33,612,016			(69,927,457	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(843,795	)		—			—			(549,555	)		—			—			(412,673	)		(2,617,399	)
Class B (3)		(69,556	)		—			—			—			—			—			—			—
Class C (3)		(153,091	)		—			—			—			—			—			—			—
Class R (3)		(40,677	)		—			—			—			—			—			—			—
Net realized gains
Class A		—			(2,731,262	)		—			—			—			—			—			(20,366	)
Class B (3)		—			(856,254	)		—			—			—			—			—			—
Class C (3)		—			(2,100,835	)		—			—			—			—			—			—
Class R (3)		—			(47,288	)		—			—			—			—			—			—
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(1,107,119	)		(5,735,639	)		—			(549,555	)		—			—			(412,673	)		(2,637,765	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		13,951,021			28,434,551			26,382,270			95,268,593			1,447,425			5,483,255			4,931,957			34,071,651
Class B (3)		1,830,969			5,179,113			—			—			—			933			—			12,969
Class C (3)		8,305,611			19,826,235			—			—			—			488			—			1,889
Class R (3)		1,979,859			2,236,681			—			—			—			—			—			—
Dividends and distribution reinvestments
Class A		807,926			2,643,614			—			507,236			—			—			412,593			2,631,723
Class B (3)		66,790			819,198			—			—			—			—			—			—
Class C (3)		146,984			2,031,218			—			—			—			—			—			—
Class R (3)		40,677			47,288			—			—			—			—			—			—
Cost of shares repurchased
Class A		(13,579,937	)		(23,039,029	)		(40,400,824	)		(82,989,302	)		(11,832,934	)		(6,926,273	)		(43,346,924	)		(10,927,150	)
Class B (3)		(1,852,544	)		(3,906,713	)		—			—			—			(8,001	)		—			(22,749	)
Class C (3)		(9,646,945	)		(19,576,097	)		—			—			—			(58,646	)		—			(131,720	)
Class R (3)		(373,316	)		(419,159	)		—			—			—			—			—			—
Share class conversions
Class A (1)		—			—			—			—			—			625,267			—			1,304,727
Class B (1)		—			—			—			—			—			(374,698	)		—			(508,837	)
Class C (1)		—			—			—			—			—			(250,569	)		—			(795,890	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,677,095			14,276,900			(14,018,554	)		12,786,527			(10,385,509	)		(1,508,244	)		(38,002,374	)		25,636,613
NET INCREASE (DECREASE) IN NET ASSETS		53,545,025			(79,240,764	)		(14,018,554	)		12,787,526			(2,467,208	)		(13,866,470	)		(4,803,031	)		(46,928,609	)
NET ASSETS
Beginning of Period/Year		123,673,384			202,914,148			55,423,957			42,636,431			24,046,483			37,912,953			78,604,103			125,532,712
End of Period/Year	$	177,218,409		$	123,673,384		$	41,405,403		$	55,423,957		$	21,579,275		$	24,046,483		$	73,801,072		$	78,604,103
Undistributed/Accumulated Net Investment Income (Loss)	$	411,993		$	1,100,813		$	9,814		$	9,970		$	(103,172	)	$	(5,351	)	$	1,473,638		$	357,602

(1)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Unaudited.
(3)	Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements).

See Notes to Financial Statements

B-11

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PL Large-Cap Value						PL Short Duration Bond						PL Floating Rate Loan						PL Growth LT
	Fund (1)						Fund (1)						Fund						Fund (1)
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Period Ended			September 30,			Year Ended
	2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009 (3)			2009 (2)			March 31, 2009
OPERATIONS
Net investment income	$	678,807		$	1,252,666		$	610,515		$	2,001,475		$	882,284		$	1,420,624		$	153,596		$	269,224
Net realized gain (loss)		(4,067,602	)		(13,051,311	)		409,315			(138,682	)		(50,456	)		(2,103,313	)		(7,424,262	)		(22,379,999	)
Net change in unrealized appreciation (depreciation)		29,634,577			(22,878,180	)		1,043,488			(1,719,200	)		4,936,144			(4,645,876	)		29,428,041			(20,212,126	)
Net Increase (Decrease) in Net Assets Resulting from Operations		26,245,782			(34,676,825	)		2,063,318			143,593			5,767,972			(5,328,565	)		22,157,375			(42,322,901	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(375,212	)		(963,279	)		(628,373	)		(1,955,303	)		(903,667	)		(1,416,589	)		(1,426,742	)		—
Class B		—			—			—			(177	)		—			—			—			—
Class C		—			—			—			(164	)		—			—			—			—
Net realized gains
Class A		—			(78,133	)		—			(2,091,716	)		—			—			—			(1,903,771	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(375,212	)		(1,041,412	)		(628,373	)		(4,047,360	)		(903,667	)		(1,416,589	)		(1,426,742	)		(1,903,771	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		46,218,718			32,783,087			20,225,443			9,690,468			12,295,780			38,826,706			4,958,029			42,232,556
Class B		—			891			—			—			—			—			—			945
Class C		—			4,759			—			2,046			—			—			—			1,963
Dividends and distribution reinvestments
Class A		374,958			1,039,920			628,341			4,047,008			903,667			1,416,589			1,426,397			1,901,816
Class B		—			—			—			177			—			—			—			—
Class C		—			—			—			152			—			—			—			—
Cost of shares repurchased
Class A		(1,101,774	)		(5,390,569	)		(9,228,343	)		(46,232,179	)		(4,175,671	)		(5,687,085	)		(25,855,490	)		(3,658,479	)
Class B		—			(75,841	)		—			—			—			—			—			(3,740	)
Class C		—			(196,162	)		—			(16,783	)		—			—			—			(33,231	)
Share class conversions
Class A (1)		—			1,315,179			—			69,326			—			—			—			731,518
Class B (1)		—			(487,057	)		—			(39,693	)		—			—			—			(403,971	)
Class C (1)		—			(828,122	)		—			(29,633	)		—			—			—			(327,547	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		45,491,902			28,166,085			11,625,441			(32,509,111	)		9,023,776			34,556,210			(19,471,064	)		40,441,830
NET INCREASE (DECREASE) IN NET ASSETS		71,362,472			(7,552,152	)		13,060,386			(36,412,878	)		13,888,081			27,811,056			1,259,569			(3,784,842	)
NET ASSETS
Beginning of Period/Year		62,931,333			70,483,485			47,355,202			83,768,080			27,811,056			—			74,157,751			77,942,593
End of Period/Year	$	134,293,805		$	62,931,333		$	60,415,588		$	47,355,202		$	41,699,137		$	27,811,056		$	75,417,320		$	74,157,751
Undistributed/Accumulated Net Investment Income (Loss)	$	665,428		$	361,833		$	(15,023	)	$	2,835		$	5,021		$	26,404		$	149,622		$	1,422,768

(1)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Unaudited.
(3)	Operations commenced on June 30, 2008.

See Notes to Financial Statements

B-12

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PL Mid-Cap Equity						PL International Large-Cap						PL Small-Cap						PL Main Street Core
	Fund (1), (2)						Fund (2)						Value Fund						Fund
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended
	2009 (3)			March 31, 2009			2009 (3)			March 31, 2009			2009 (3)			March 31, 2009			2009 (3)			March 31, 2009
OPERATIONS
Net investment income	$	173,016		$	762,482		$	993,708		$	1,158,337		$	303,739		$	676,961		$	520,136		$	1,115,871
Net realized loss		(1,676,254	)		(25,067,427	)		(5,031,611	)		(7,194,722	)		(4,500,634	)		(5,606,856	)		(17,210,029	)		(13,983,275	)
Net change in unrealized appreciation (depreciation)		27,103,831			(10,884,258	)		32,832,079			(36,679,372	)		13,705,363			(10,487,601	)		46,155,582			(35,210,467	)
Net Increase (Decrease) in Net Assets Resulting from Operations		25,600,593			(35,189,203	)		28,794,176			(42,715,757	)		9,508,468			(15,417,496	)		29,465,689			(48,077,871	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(113,733	)		(881,742	)		(795,980	)		(406,311	)		(82,548	)		(543,357	)		(299,766	)		(1,021,270	)
Net realized gains
Class A		—			(5,998	)		—			(781,483	)		—			—			—			—
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(113,733	)		(887,740	)		(795,980	)		(1,187,794	)		(82,548	)		(543,357	)		(299,766	)		(1,021,270	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		3,842,452			16,998,453			6,259,524			16,839,960			2,621,253			26,354,167			9,308,473			24,569,857
Class B		—			1,150			—			17,226			—			—			—			—
Class C		—			66			—			5,667			—			—			—			—
Dividends and distribution reinvestments
Class A		113,733			887,735			795,923			1,186,517			82,548			543,357			299,766			1,021,270
Cost of shares repurchased
Class A		(2,613,899	)		(8,086,875	)		(9,006,075	)		(6,188,203	)		(6,878,608	)		(3,030,610	)		(5,276,234	)		(3,167,112	)
Class B		—			(25	)		—			(600	)		—			—			—			—
Class C		—			(11,832	)		—			(81,491	)		—			—			—			—
Share class conversions
Class A (2)		—			210,133			—			1,115,829			—			—			—			—
Class B (2)		—			(60,101	)		—			(608,612	)		—			—			—			—
Class C (2)		—			(150,032	)		—			(507,217	)		—			—			—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,342,286			9,788,672			(1,950,628	)		11,779,076			(4,174,807	)		23,866,914			4,332,005			22,424,015
NET INCREASE (DECREASE) IN NET ASSETS		26,829,146			(26,288,271	)		26,047,568			(32,124,475	)		5,251,113			7,906,061			33,497,928			(26,675,126	)
NET ASSETS
Beginning of Period/Year		59,135,047			85,423,318			65,123,856			97,248,331			27,017,894			19,111,833			85,261,070			111,936,196
End of Period/Year	$	85,964,193		$	59,135,047		$	91,171,424		$	65,123,856		$	32,269,007		$	27,017,894		$	118,758,998		$	85,261,070
Undistributed Net Investment Income	$	170,425		$	111,142		$	967,733		$	770,005		$	305,018		$	83,827		$	516,208		$	295,838

(1)	Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund.
(2)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(3)	Unaudited.

See Notes to Financial Statements

B-13

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PL Emerging Markets						PL Managed Bond						PL Inflation Managed						PL Large-Cap Growth
	Fund						Fund (1)						Fund (1)						Fund (1)
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended
	2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009
OPERATIONS
Net investment income (loss)	$	316,705		$	442,624		$	3,094,458		$	7,072,229		$	2,025,196		$	3,961,251		$	(58,011	)	$	(133,537	)
Net realized gain (loss)		(2,578,645	)		(3,452,033	)		6,012,269			5,076,618			3,609,644			(10,185,425	)		1,101,811			(8,422,999	)
Net change in unrealized appreciation (depreciation)		20,760,210			(16,342,343	)		11,753,170			(14,540,979	)		1,218,154			921,629			6,077,677			(1,983,894	)
Net Increase (Decrease) in Net Assets Resulting from Operations		18,498,270			(19,351,752	)		20,859,897			(2,392,132	)		6,852,994			(5,302,545	)		7,121,477			(10,540,430	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			(306,483	)		(4,139,507	)		(8,944,449	)		(2,788,908	)		(4,178,065	)		—			—
Class B		—			—			—			(3,708	)		—			(1,803	)		—			—
Class C		—			—			—			(8,415	)		—			(4,855	)		—			—
Net realized gains
Class A		—			(6,235,734	)		—			(7,903,449	)		—			(7,952,335	)		—			—
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		—			(6,542,217	)		(4,139,507	)		(16,860,021	)		(2,788,908	)		(12,137,058	)		—			—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		2,464,643			6,701,740			38,549,903			27,329,169			38,882,721			11,788,650			26,180,177			3,318,893
Class B		—			—			—			10,549			—			260			—			1,647
Class C		—			—			—			2,266			—			1,070			—			1,242
Dividends and distribution reinvestments
Class A		—			6,542,217			4,127,895			16,807,322			2,777,218			12,088,166			—			—
Class B		—			—			—			3,464			—			1,614			—			—
Class C		—			—			—			8,080			—			4,303			—			—
Cost of shares repurchased
Class A		(10,880,667	)		(4,162,422	)		(5,481,629	)		(65,643,296	)		(3,441,661	)		(50,421,261	)		(464,489	)		(3,413,704	)
Class B		—			—			—			(8,663	)		—			(126,125	)		—			(8,980	)
Class C		—			—			—			(321,532	)		—			(80,992	)		—			(95,193	)
Share class conversions
Class A (1)		—			—			—			2,590,719			—			2,785,176			—			981,076
Class B (1)		—			—			—			(824,773	)		—			(718,824	)		—			(406,919	)
Class C (1)		—			—			—			(1,765,946	)		—			(2,066,352	)		—			(574,157	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,416,024	)		9,081,535			37,196,169			(21,812,641	)		38,218,278			(26,744,315	)		25,715,688			(196,095	)
NET INCREASE (DECREASE) IN NET ASSETS		10,082,246			(16,812,434	)		53,916,559			(41,064,794	)		42,282,364			(44,183,918	)		32,837,165			(10,736,525	)
NET ASSETS
Beginning of Period/Year		30,820,279			47,632,713			137,724,489			178,789,283			81,266,045			125,449,963			16,514,591			27,251,116
End of Period/Year	$	40,902,525		$	30,820,279		$	191,641,048		$	137,724,489		$	123,548,409		$	81,266,045		$	49,351,756		$	16,514,591
Undistributed/Accumulated Net Investment Income (Loss)	$	307,562		$	(9,143	)	$	(14,363	)	$	1,030,686		$	790,593		$	1,554,305		$	(73,193	)	$	(15,182	)

(1)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Unaudited.

See Notes to Financial Statements

B-14

PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PL Comstock						PL Mid-Cap Growth						PL Real Estate
	Fund (1)						Fund (1)						Fund (1)
	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	September 30,			Year Ended			September 30,			Year Ended			September 30,			Year Ended
	2009 (2)			March 31, 2009			2009 (2)			March 31, 2009			2009 (2)			March 31, 2009
OPERATIONS
Net investment income (loss)	$	455,427		$	1,688,483		$	(50,828	)	$	(183,547	)	$	201,846		$	564,693
Net realized gain (loss)		(6,730,278	)		(31,371,559	)		733,159			741,438			(6,723,355	)		(6,933,772	)
Net change in unrealized appreciation (depreciation)		36,790,113			(19,223,029	)		13,278,213			(11,370,006	)		20,803,475			(16,677,191	)
Net Increase (Decrease) in Net Assets Resulting from Operations		30,515,262			(48,906,105	)		13,960,544			(10,812,115	)		14,281,966			(23,046,270	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(333,765	)		(1,691,349	)		—			—			(218,736	)		(587,647	)
Net realized gains
Class A		—			—			—			(3,021,703	)		—			—
Return of capital
Class A		—			—			—			—			—			(23,684	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(333,765	)		(1,691,349	)		—			(3,021,703	)		(218,736	)		(611,331	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		5,793,412			23,688,364			17,328,146			4,565,953			3,735,652			10,981,327
Class B		—			1,314			—			5,481			—			1,095
Class C		—			5,632			—			6,579			—			1,831
Dividends and distribution reinvestments
Class A		333,707			1,690,697			—			3,003,467			218,730			611,317
Class C		—			—			—			16			—			—
Cost of shares repurchased
Class A		(5,906,443	)		(25,297,002	)		(1,283,460	)		(26,866,051	)		(7,091,813	)		(5,342,911	)
Class B		—			(30,433	)		—			(39,846	)		—			(466	)
Class C		—			(134,206	)		—			(194,930	)		—			(6,890	)
Share class conversions
Class A (1)		—			1,054,821			—			1,945,550			—			304,189
Class B (1)		—			(467,415	)		—			(1,041,725	)		—			(95,040	)
Class C (1)		—			(587,406	)		—			(903,825	)		—			(209,149	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		220,676			(75,634	)		16,044,686			(19,519,331	)		(3,137,431	)		6,245,303
NET INCREASE (DECREASE) IN NET ASSETS		30,402,173			(50,673,088	)		30,005,230			(33,353,149	)		10,925,799			(17,412,298	)
NET ASSETS
Beginning of Period/Year		74,861,803			125,534,891			18,872,697			52,225,846			20,774,677			38,186,975
End of Period/Year	$	105,263,976		$	74,861,803		$	48,877,927		$	18,872,697		$	31,700,476		$	20,774,677
Undistributed/Accumulated Net Investment Income (Loss)	$	446,457		$	324,795		$	(62,693	)	$	(11,865	)	$	(18,528	)	$	(1,638	)

(1)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Unaudited.

See Notes to Financial Statements

B-15

PACIFIC LIFE FUNDS

STATEMENT OF CASH FLOWS ⁽¹⁾

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)

	PL Floating
	Rate Loan
	Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets from operations	$	5,767,972
Adjustments to reconcile net decrease in net assets from Operations to net cash used in operating activities:
Purchases of long-term securities		(26,180,849	)
Proceeds from disposition of long-term securities		17,636,715
Net purchases of short-term securities		(6,836,869	)
Increase in receivable for securities sold		(369,501	)
Increase in dividends and interest receivable		(43,179	)
Increase in due from adviser		(5,699	)
Decrease in prepaid expenses and other assets		1,341
Increase in payable for securities purchased		3,055,024
Increase in accrued advisory fees		6,400
Increase in accrued administration fees		2,560
Increase in accrued support service expenses		4,860
Decrease in accrued custodian fees and expenses		(344	)
Decrease in accrued legal and audit fees		(4,037	)
Increase in accrued distribution and/or service fees		346
Increase in accrued transfer agency out-of-pocket expenses		594
Decrease in accrued other liabilities		(2,580	)
Net amortization on investments		(300,534	)
Net realized loss on investment securities		50,456
Net unrealized appreciation on investments		(4,936,144	)
Net cash flow used by operating activities		(12,153,468	)
CASH FLOWS FROM FINANCING ACTIVITIES (2):
Proceeds from shares sold		12,241,925
Payment of shares redeemed		(4,468,273	)
Net cash flow provided by financing activities		7,773,652
NET DECREASE IN CASH		(4,379,816	)
CASH:
Beginning of Period		4,474,067
End of Period	$	94,251

(1)

Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows is the amount included within the Statement of Assets and Liabilities and includes cash on hand at its custodian bank and does not include any short-term investments. The PL Floating Rate Loan Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria.

(2)

Reinvestment of dividends were $903,667.

See Notes to Financial Statements

B-16

PACIFIC LIFE FUNDS

FINANCIAL HIGHLIGHTS

Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,					and			Total			from			Distributions
		Beginning		Net			Unrealized			from			Net			from
		of Year		Investment			Gain			Investment			Investment			Capital			Total
For the Year or Period Ended		or Period		Income			(Loss)			Operations			Income			Gains			Distributions
PL Portfolio Optimization Conservative Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	8.84	$	0.18		$	1.25		$	1.43			($0.04	)		($0.03	)		($0.07	)
	4/1/2008 - 3/31/2009 (4)		10.55		0.37			(1.50	)		(1.13	)		(0.55	)		(0.03	)		(0.58	)
	4/1/2007 - 3/31/2008 (4)		10.51		0.34			0.19			0.53			(0.35	)		(0.14	)		(0.49	)
	4/1/2006 - 3/31/2007 (4)		10.34		0.29			0.33			0.62			(0.28	)		(0.17	)		(0.45	)
	4/1/2005 - 3/31/2006 (4)		10.18		0.22			0.20			0.42			(0.23	)		(0.03	)		(0.26	)
	4/1/2004 - 3/31/2005 (4)		10.15		0.13			0.05			0.18			(0.13	)		(0.02	)		(0.15	)
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	8.77	$	0.14		$	1.25		$	1.39			($0.02	)		($0.03	)		($0.05	)
	4/1/2008 - 3/31/2009 (4)		10.49		0.30			(1.50	)		(1.20	)		(0.49	)		(0.03	)		(0.52	)
	4/1/2007 - 3/31/2008 (4)		10.46		0.26			0.19			0.45			(0.28	)		(0.14	)		(0.42	)
	4/1/2006 - 3/31/2007 (4)		10.30		0.23			0.33			0.56			(0.23	)		(0.17	)		(0.40	)
	4/1/2005 - 3/31/2006 (4)		10.14		0.17			0.20			0.37			(0.18	)		(0.03	)		(0.21	)
	4/1/2004 - 3/31/2005 (4)		10.14		0.08			0.04			0.12			(0.10	)		(0.02	)		(0.12	)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	8.76	$	0.14		$	1.26		$	1.40			($0.02	)		($0.03	)		($0.05	)
	4/1/2008 - 3/31/2009 (4)		10.49		0.30			(1.51	)		(1.21	)		(0.49	)		(0.03	)		(0.52	)
	4/1/2007 - 3/31/2008 (4)		10.45		0.26			0.20			0.46			(0.28	)		(0.14	)		(0.42	)
	4/1/2006 - 3/31/2007 (4)		10.29		0.23			0.33			0.56			(0.23	)		(0.17	)		(0.40	)
	4/1/2005 - 3/31/2006 (4)		10.13		0.17			0.20			0.37			(0.18	)		(0.03	)		(0.21	)
	4/1/2004 - 3/31/2005 (4)		10.13		0.08			0.04			0.12			(0.10	)		(0.02	)		(0.12	)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	8.81	$	0.16		$	1.25		$	1.41			($0.03	)		($0.03	)		($0.06	)
	4/1/2008 - 3/31/2009 (4)		10.53		0.34			(1.50	)		(1.16	)		(0.53	)		(0.03	)		(0.56	)
	4/1/2007 - 3/31/2008 (4)		10.50		0.31			0.19			0.50			(0.33	)		(0.14	)		(0.47	)
	4/1/2006 - 3/31/2007 (4)		10.33		0.28			0.34			0.62			(0.28	)		(0.17	)		(0.45	)
	9/30/2005 - 3/31/2006 (4)		10.35		0.11			0.09			0.20			(0.21	)		(0.01	)		(0.22	)
PL Portfolio Optimization Moderate-Conservative Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	8.36	$	0.14		$	1.72		$	1.86			($0.11	)	$	—			($0.11	)
	4/1/2008 - 3/31/2009 (4)		10.96		0.30			(2.36	)		(2.06	)		(0.44	)		(0.10	)		(0.54	)
	4/1/2007 - 3/31/2008 (4)		11.21		0.28			(0.01	)		0.27			(0.34	)		(0.18	)		(0.52	)
	4/1/2006 - 3/31/2007 (4)		10.87		0.23			0.61			0.84			(0.25	)		(0.25	)		(0.50	)
	4/1/2005 - 3/31/2006 (4)		10.33		0.18			0.57			0.75			(0.19	)		(0.02	)		(0.21	)
	4/1/2004 - 3/31/2005 (4)		10.14		0.11			0.22			0.33			(0.12	)		(0.02	)		(0.14	)
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	8.30	$	0.10		$	1.71		$	1.81			($0.09	)	$	—			($0.09	)
	4/1/2008 - 3/31/2009 (4)		10.89		0.23			(2.36	)		(2.13	)		(0.36	)		(0.10	)		(0.46	)
	4/1/2007 - 3/31/2008 (4)		11.15		0.20			(0.02	)		0.18			(0.26	)		(0.18	)		(0.44	)
	4/1/2006 - 3/31/2007 (4)		10.82		0.17			0.61			0.78			(0.20	)		(0.25	)		(0.45	)
	4/1/2005 - 3/31/2006 (4)		10.29		0.13			0.56			0.69			(0.14	)		(0.02	)		(0.16	)
	4/1/2004 - 3/31/2005 (4)		10.13		0.06			0.21			0.27			(0.09	)		(0.02	)		(0.11	)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	8.30	$	0.10		$	1.71		$	1.81			($0.09	)	$	—			($0.09	)
	4/1/2008 - 3/31/2009 (4)		10.89		0.22			(2.35	)		(2.13	)		(0.36	)		(0.10	)		(0.46	)
	4/1/2007 - 3/31/2008 (4)		11.16		0.20			(0.02	)		0.18			(0.27	)		(0.18	)		(0.45	)
	4/1/2006 - 3/31/2007 (4)		10.83		0.17			0.61			0.78			(0.20	)		(0.25	)		(0.45	)
	4/1/2005 - 3/31/2006 (4)		10.29		0.13			0.57			0.70			(0.14	)		(0.02	)		(0.16	)
	4/1/2004 - 3/31/2005 (4)		10.13		0.06			0.21			0.27			(0.09	)		(0.02	)		(0.11	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income
		End of					Year or			Reductions to			Reductions to			to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Portfolio Optimization Conservative Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.20		16.14	%	$	48,393			0.20	%		0.98	%		3.69	%		16.85	%
	4/1/2008 - 3/31/2009 (4)		8.84		(10.78	%)		32,817			0.16	%		0.95	%		3.91	%		26.41	%
	4/1/2007 - 3/31/2008 (4)		10.55		5.15	%		24,003			0.00	%		0.94	%		3.20	%		43.30	%
	4/1/2006 - 3/31/2007 (4)		10.51		6.12	%		11,730			0.02	%		1.37	%		2.77	%		35.84	%
	4/1/2005 - 3/31/2006 (4)		10.34		4.12	%		9,887			0.03	%		1.57	%		2.17	%		66.26	%
	4/1/2004 - 3/31/2005 (4)		10.18		1.74	%		8,262			0.00	%		2.35	%		1.29	%		20.21	%
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	10.11		15.86	%	$	11,254			0.95	%		1.73	%		2.94	%		16.85	%
	4/1/2008 - 3/31/2009 (4)		8.77		(11.51	%)		8,306			0.91	%		1.70	%		3.16	%		26.41	%
	4/1/2007 - 3/31/2008 (4)		10.49		4.42	%		4,895			0.75	%		1.69	%		2.45	%		43.30	%
	4/1/2006 - 3/31/2007 (4)		10.46		5.52	%		2,822			0.58	%		1.93	%		2.20	%		35.84	%
	4/1/2005 - 3/31/2006 (4)		10.30		3.56	%		1,923			0.53	%		2.07	%		1.67	%		66.26	%
	4/1/2004 - 3/31/2005 (4)		10.14		1.25	%		1,450			0.50	%		2.85	%		0.79	%		20.21	%
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	10.11		16.01	%	$	51,745			0.95	%		1.73	%		2.94	%		16.85	%
	4/1/2008 - 3/31/2009 (4)		8.76		(11.63	%)		37,659			0.91	%		1.70	%		3.16	%		26.41	%
	4/1/2007 - 3/31/2008 (4)		10.49		4.48	%		25,841			0.75	%		1.69	%		2.45	%		43.30	%
	4/1/2006 - 3/31/2007 (4)		10.45		5.55	%		16,322			0.58	%		1.93	%		2.20	%		35.84	%
	4/1/2005 - 3/31/2006 (4)		10.29		3.65	%		11,342			0.53	%		2.07	%		1.67	%		66.26	%
	4/1/2004 - 3/31/2005 (4)		10.13		1.18	%		8,908			0.50	%		2.85	%		0.79	%		20.21	%
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	10.16		16.04	%	$	5,495			0.45	%		1.23	%		3.44	%		16.85	%
	4/1/2008 - 3/31/2009 (4)		8.81		(11.07	%)		3,197			0.41	%		1.20	%		3.66	%		26.41	%
	4/1/2007 - 3/31/2008 (4)		10.53		4.90	%		1,629			0.25	%		1.19	%		2.95	%		43.30	%
	4/1/2006 - 3/31/2007 (4)		10.50		6.13	%		216			0.10	%		1.43	%		2.68	%		35.84	%
	9/30/2005 - 3/31/2006 (4)		10.33		1.90	%		10			0.03	%		1.57	%		2.17	%		66.26	%
PL Portfolio Optimization Moderate-Conservative Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.11		22.35	%	$	58,153			0.20	%		0.98	%		2.94	%		8.85	%
	4/1/2008 - 3/31/2009 (4)		8.36		(19.15	%)		39,518			0.14	%		0.92	%		3.10	%		31.68	%
	4/1/2007 - 3/31/2008 (4)		10.96		2.31	%		50,389			0.00	%		0.82	%		2.50	%		10.38	%
	4/1/2006 - 3/31/2007 (4)		11.21		7.93	%		36,345			0.01	%		1.18	%		2.13	%		18.25	%
	4/1/2005 - 3/31/2006 (4)		10.87		7.23	%		28,292			0.02	%		1.32	%		1.72	%		37.91	%
	4/1/2004 - 3/31/2005 (4)		10.33		3.28	%		19,664			0.00	%		1.74	%		1.05	%		7.82	%
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	10.02		21.95	%	$	16,010			0.95	%		1.73	%		2.19	%		8.85	%
	4/1/2008 - 3/31/2009 (4)		8.30		(19.85	%)		11,943			0.89	%		1.67	%		2.35	%		31.68	%
	4/1/2007 - 3/31/2008 (4)		10.89		1.53	%		15,092			0.75	%		1.57	%		1.75	%		10.38	%
	4/1/2006 - 3/31/2007 (4)		11.15		7.39	%		12,098			0.58	%		1.75	%		1.56	%		18.25	%
	4/1/2005 - 3/31/2006 (4)		10.82		6.70	%		9,058			0.52	%		1.82	%		1.22	%		37.91	%
	4/1/2004 - 3/31/2005 (4)		10.29		2.69	%		6,699			0.50	%		2.24	%		0.55	%		7.82	%
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	10.02		21.95	%	$	55,213			0.95	%		1.73	%		2.19	%		8.85	%
	4/1/2008 - 3/31/2009 (4)		8.30		(19.84	%)		40,640			0.89	%		1.67	%		2.35	%		31.68	%
	4/1/2007 - 3/31/2008 (4)		10.89		1.51	%		48,205			0.75	%		1.57	%		1.75	%		10.38	%
	4/1/2006 - 3/31/2007 (4)		11.16		7.38	%		30,464			0.58	%		1.75	%		1.56	%		18.25	%
	4/1/2005 - 3/31/2006 (4)		10.83		6.80	%		23,860			0.52	%		1.82	%		1.22	%		37.91	%
	4/1/2004 - 3/31/2005 (4)		10.29		2.70	%		15,375			0.50	%		2.24	%		0.55	%		7.82	%

See Notes to Financial Statements See explanation of references on C-7

C-1

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,					and			Total			from			Distributions
		Beginning		Net			Unrealized			from			Net			from
		of Year		Investment			Gain			Investment			Investment			Capital			Total
For the Year or Period Ended		or Period		Income			(Loss)			Operations			Income			Gains			Distributions
PL Portfolio Optimization Moderate-Conservative Fund (Continued)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	8.34	$	0.13		$	1.71		$	1.84			($0.10	)	$	—			($0.10	)
	4/1/2008 - 3/31/2009 (4)		10.94		0.27			(2.36	)		(2.09	)		(0.41	)		(0.10	)		(0.51	)
	4/1/2007 - 3/31/2008 (4)		11.20		0.25			(0.01	)		0.24			(0.32	)		(0.18	)		(0.50	)
	4/1/2006 - 3/31/2007 (4)		10.87		0.22			0.61			0.83			(0.25	)		(0.25	)		(0.50	)
	9/30/2005 - 3/31/2006 (4)		10.67		0.09			0.29			0.38			(0.17	)		(0.01	)		(0.18	)
PL Portfolio Optimization Moderate Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.96	$	0.10		$	2.19		$	2.29			($0.11	)	$	—			($0.11	)
	4/1/2008 - 3/31/2009 (4)		11.51		0.23			(3.30	)		(3.07	)		(0.31	)		(0.17	)		(0.48	)
	4/1/2007 - 3/31/2008 (4)		12.08		0.23			(0.17	)		0.06			(0.35	)		(0.28	)		(0.63	)
	4/1/2006 - 3/31/2007 (4)		11.56		0.18			0.88			1.06			(0.22	)		(0.32	)		(0.54	)
	4/1/2005 - 3/31/2006 (4)		10.54		0.15			1.06			1.21			(0.16	)		(0.03	)		(0.19	)
	4/1/2004 - 3/31/2005 (4)		10.14		0.08			0.43			0.51			(0.09	)		(0.02	)		(0.11	)
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	7.90	$	0.07		$	2.19		$	2.26			($0.10	)	$	—			($0.10	)
	4/1/2008 - 3/31/2009 (4)		11.44		0.16			(3.30	)		(3.14	)		(0.23	)		(0.17	)		(0.40	)
	4/1/2007 - 3/31/2008 (4)		12.02		0.14			(0.17	)		(0.03	)		(0.27	)		(0.28	)		(0.55	)
	4/1/2006 - 3/31/2007 (4)		11.51		0.11			0.89			1.00			(0.17	)		(0.32	)		(0.49	)
	4/1/2005 - 3/31/2006 (4)		10.50		0.09			1.07			1.16			(0.12	)		(0.03	)		(0.15	)
	4/1/2004 - 3/31/2005 (4)		10.13		0.03			0.43			0.46			(0.07	)		(0.02	)		(0.09	)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	7.88	$	0.07		$	2.20		$	2.27			($0.10	)	$	—			($0.10	)
	4/1/2008 - 3/31/2009 (4)		11.42		0.16			(3.30	)		(3.14	)		(0.23	)		(0.17	)		(0.40	)
	4/1/2007 - 3/31/2008 (4)		12.00		0.14			(0.17	)		(0.03	)		(0.27	)		(0.28	)		(0.55	)
	4/1/2006 - 3/31/2007 (4)		11.50		0.11			0.88			0.99			(0.17	)		(0.32	)		(0.49	)
	4/1/2005 - 3/31/2006 (4)		10.49		0.09			1.07			1.16			(0.12	)		(0.03	)		(0.15	)
	4/1/2004 - 3/31/2005 (4)		10.12		0.03			0.43			0.46			(0.07	)		(0.02	)		(0.09	)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	7.93	$	0.09		$	2.19		$	2.28			($0.11	)	$	—			($0.11	)
	4/1/2008 - 3/31/2009 (4)		11.48		0.20			(3.29	)		(3.09	)		(0.29	)		(0.17	)		(0.46	)
	4/1/2007 - 3/31/2008 (4)		12.06		0.20			(0.17	)		0.03			(0.33	)		(0.28	)		(0.61	)
	4/1/2006 - 3/31/2007 (4)		11.56		0.16			0.88			1.04			(0.22	)		(0.32	)		(0.54	)
	9/30/2005 - 3/31/2006 (4)		11.05		0.07			0.60			0.67			(0.15	)		(0.01	)		(0.16	)
PL Portfolio Optimization Moderate-Aggressive Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.31	$	0.06		$	2.58		$	2.64			($0.08	)	$	—			($0.08	)
	4/1/2008 - 3/31/2009 (4)		11.79		0.16			(4.21	)		(4.05	)		(0.19	)		(0.24	)		(0.43	)
	4/1/2007 - 3/31/2008 (4)		12.74		0.17			(0.41	)		(0.24	)		(0.33	)		(0.38	)		(0.71	)
	4/1/2006 - 3/31/2007 (4)		12.02		0.12			1.12			1.24			(0.20	)		(0.32	)		(0.52	)
	4/1/2005 - 3/31/2006 (4)		10.66		0.10			1.44			1.54			(0.13	)		(0.05	)		(0.18	)
	4/1/2004 - 3/31/2005 (4)		10.11		0.05			0.58			0.63			(0.06	)		(0.02	)		(0.08	)
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	7.21	$	0.03		$	2.58		$	2.61			($0.07	)	$	—			($0.07	)
	4/1/2008 - 3/31/2009 (4)		11.69		0.08			(4.19	)		(4.11	)		(0.13	)		(0.24	)		(0.37	)
	4/1/2007 - 3/31/2008 (4)		12.67		0.07			(0.41	)		(0.34	)		(0.26	)		(0.38	)		(0.64	)
	4/1/2006 - 3/31/2007 (4)		11.97		0.05			1.13			1.18			(0.16	)		(0.32	)		(0.48	)
	4/1/2005 - 3/31/2006 (4)		10.63		0.04			1.45			1.49			(0.10	)		(0.05	)		(0.15	)
	4/1/2004 - 3/31/2005 (4)		10.10		—	(6)		0.58			0.58			(0.03	)		(0.02	)		(0.05	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income
		End of					Year or			Reductions to			Reductions to			to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Portfolio Optimization Moderate-Conservative Fund (Continued)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	10.08		22.23	%	$	8,357			0.45	%		1.23	%		2.69	%		8.85	%
	4/1/2008 - 3/31/2009 (4)		8.34		(19.36	%)		4,957			0.39	%		1.17	%		2.85	%		31.68	%
	4/1/2007 - 3/31/2008 (4)		10.94		2.03	%		3,031			0.25	%		1.07	%		2.25	%		10.38	%
	4/1/2006 - 3/31/2007 (4)		11.20		7.84	%		1,373			0.10	%		1.25	%		2.04	%		18.25	%
	9/30/2005 - 3/31/2006 (4)		10.87		3.63	%		290			0.02	%		1.32	%		1.72	%		37.91	%
PL Portfolio Optimization Moderate Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.14		28.97	%	$	194,897			0.20	%		0.94	%		2.20	%		10.18	%
	4/1/2008 - 3/31/2009 (4)		7.96		(27.25	%)		137,205			0.14	%		0.89	%		2.35	%		25.95	%
	4/1/2007 - 3/31/2008 (4)		11.51		0.28	%		192,707			0.00	%		0.78	%		1.90	%		5.01	%
	4/1/2006 - 3/31/2007 (4)		12.08		9.41	%		149,905			0.00	%		1.06	%		1.51	%		8.24	%
	4/1/2005 - 3/31/2006 (4)		11.56		11.58	%		95,079			0.00	%		1.20	%		1.33	%		26.54	%
	4/1/2004 - 3/31/2005 (4)		10.54		5.09	%		53,783			0.00	%		1.41	%		0.82	%		5.78	%
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	10.06		28.73	%	$	55,712			0.95	%		1.69	%		1.45	%		10.18	%
	4/1/2008 - 3/31/2009 (4)		7.90		(27.95	%)		40,658			0.89	%		1.64	%		1.60	%		25.95	%
	4/1/2007 - 3/31/2008 (4)		11.44		(0.48	%)		56,387			0.75	%		1.53	%		1.15	%		5.01	%
	4/1/2006 - 3/31/2007 (4)		12.02		8.88	%		43,774			0.57	%		1.63	%		0.94	%		8.24	%
	4/1/2005 - 3/31/2006 (4)		11.51		11.10	%		31,687			0.50	%		1.70	%		0.83	%		26.54	%
	4/1/2004 - 3/31/2005 (4)		10.50		4.55	%		19,414			0.50	%		1.91	%		0.32	%		5.78	%
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	10.05		28.92	%	$	170,462			0.95	%		1.69	%		1.45	%		10.18	%
	4/1/2008 - 3/31/2009 (4)		7.88		(28.02	%)		123,122			0.89	%		1.64	%		1.60	%		25.95	%
	4/1/2007 - 3/31/2008 (4)		11.42		(0.46	%)		180,421			0.75	%		1.53	%		1.15	%		5.01	%
	4/1/2006 - 3/31/2007 (4)		12.00		8.82	%		134,695			0.57	%		1.63	%		0.94	%		8.24	%
	4/1/2005 - 3/31/2006 (4)		11.50		11.12	%		88,774			0.50	%		1.70	%		0.83	%		26.54	%
	4/1/2004 - 3/31/2005 (4)		10.49		4.53	%		52,510			0.50	%		1.91	%		0.32	%		5.78	%
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	10.10		28.90	%	$	21,064			0.45	%		1.19	%		1.95	%		10.18	%
	4/1/2008 - 3/31/2009 (4)		7.93		(27.48	%)		12,323			0.39	%		1.14	%		2.10	%		25.95	%
	4/1/2007 - 3/31/2008 (4)		11.48		0.05	%		7,754			0.25	%		1.03	%		1.65	%		5.01	%
	4/1/2006 - 3/31/2007 (4)		12.06		9.24	%		2,332			0.11	%		1.13	%		1.40	%		8.24	%
	9/30/2005 - 3/31/2006 (4)		11.56		6.16	%		13			0.00	%		1.20	%		1.33	%		26.54	%
PL Portfolio Optimization Moderate-Aggressive Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.87		36.26	%	$	190,023			0.20	%		0.94	%		1.46	%		14.41	%
	4/1/2008 - 3/31/2009 (4)		7.31		(35.15	%)		128,976			0.14	%		0.89	%		1.63	%		22.98	%
	4/1/2007 - 3/31/2008 (4)		11.79		(2.25	%)		203,091			0.00	%		0.78	%		1.30	%		5.05	%
	4/1/2006 - 3/31/2007 (4)		12.74		10.57	%		158,754			0.00	%		1.05	%		1.02	%		6.96	%
	4/1/2005 - 3/31/2006 (4)		12.02		14.59	%		93,498			0.00	%		1.19	%		0.86	%		27.98	%
	4/1/2004 - 3/31/2005 (4)		10.66		6.26	%		43,986			0.00	%		1.43	%		0.52	%		10.16	%
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	9.75		36.27	%	$	60,939			0.95	%		1.69	%		0.71	%		14.41	%
	4/1/2008 - 3/31/2009 (4)		7.21		(35.97	%)		43,587			0.89	%		1.64	%		0.88	%		22.98	%
	4/1/2007 - 3/31/2008 (4)		11.69		(3.04	%)		68,162			0.75	%		1.53	%		0.55	%		5.05	%
	4/1/2006 - 3/31/2007 (4)		12.67		10.11	%		56,938			0.57	%		1.62	%		0.44	%		6.96	%
	4/1/2005 - 3/31/2006 (4)		11.97		14.09	%		35,154			0.50	%		1.69	%		0.36	%		27.98	%
	4/1/2004 - 3/31/2005 (4)		10.63		5.79	%		18,954			0.50	%		1.93	%		0.02	%		10.16	%

See Notes to Financial Statements See explanation of references on C-7

C-2

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,		Net			and			Total			from			Distributions
		Beginning		Investment			Unrealized			from			Net			from
		of Year		Income			Gain			Investment			Investment			Capital				Total
For the Year or Period Ended		or Period		(Loss)			(Loss)			Operations			Income			Gains				Distributions
PL Portfolio Optimization Moderate-Aggressive Fund (Continued)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	7.18	$	0.03		$	2.57		$	2.60			($0.06	)	$	—				($0.06	)
	4/1/2008 - 3/31/2009 (4)		11.67		0.08			(4.20	)		(4.12	)		(0.13	)		(0.24	)			(0.37	)
	4/1/2007 - 3/31/2008 (4)		12.65		0.07			(0.41	)		(0.34	)		(0.26	)		(0.38	)			(0.64	)
	4/1/2006 - 3/31/2007 (4)		11.95		0.05			1.13			1.18			(0.16	)		(0.32	)			(0.48	)
	4/1/2005 - 3/31/2006 (4)		10.61		0.04			1.45			1.49			(0.10	)		(0.05	)			(0.15	)
	4/1/2004 - 3/31/2005 (4)		10.09		—	(6)		0.57			0.57			(0.03	)		(0.02	)			(0.05	)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	7.30	$	0.05		$	2.58		$	2.63			($0.08	)	$	—				($0.08	)
	4/1/2008 - 3/31/2009 (4)		11.79		0.13			(4.21	)		(4.08	)		(0.17	)		(0.24	)			(0.41	)
	4/1/2007 - 3/31/2008 (4)		12.74		0.13			(0.39	)		(0.26	)		(0.31	)		(0.38	)			(0.69	)
	4/1/2006 - 3/31/2007 (4)		12.02		0.11			1.13			1.24			(0.20	)		(0.32	)			(0.52	)
	9/30/2005 - 3/31/2006 (4)		11.28		0.05			0.83			0.88			(0.13	)		(0.01	)			(0.14	)
PL Portfolio Optimization Aggressive Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.92	$	0.04		$	2.84		$	2.88			($0.10	)	$	—				($0.10	)
	4/1/2008 - 3/31/2009 (4)		12.04		0.09			(4.88	)		(4.79	)		—			(0.33	)			(0.33	)
	4/1/2007 - 3/31/2008 (4)		13.49		0.08			(0.77	)		(0.69	)		(0.33	)		(0.43	)			(0.76	)
	4/1/2006 - 3/31/2007 (4)		12.57		0.07			1.46			1.53			(0.19	)		(0.42	)			(0.61	)
	4/1/2005 - 3/31/2006 (4)		10.75		0.05			1.94			1.99			(0.11	)		(0.06	)			(0.17	)
	4/1/2004 - 3/31/2005 (4)		10.08		0.02			0.70			0.72			(0.02	)		(0.03	)			(0.05	)
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	6.72	$	0.01		$	2.84		$	2.85			($0.03	)	$	—				($0.03	)
	4/1/2008 - 3/31/2009 (4)		11.93		0.02			(4.90	)		(4.88	)		—			(0.33	)			(0.33	)
	4/1/2007 - 3/31/2008 (4)		13.41		(0.02	)		(0.78	)		(0.80	)		(0.25	)		(0.43	)			(0.68	)
	4/1/2006 - 3/31/2007 (4)		12.52		(—	)(6)		1.46			1.46			(0.15	)		(0.42	)			(0.57	)
	4/1/2005 - 3/31/2006 (4)		10.72		(0.01	)		1.94			1.93			(0.07	)		(0.06	)			(0.13	)
	4/1/2004 - 3/31/2005 (4)		10.07		(0.03	)		0.71			0.68			—			(0.03	)			(0.03	)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	6.71	$	0.01		$	2.84		$	2.85			($0.02	)	$	—				($0.02	)
	4/1/2008 - 3/31/2009 (4)		11.92		0.02			(4.90	)		(4.88	)		—			(0.33	)			(0.33	)
	4/1/2007 - 3/31/2008 (4)		13.40		(0.02	)		(0.77	)		(0.79	)		(0.26	)		(0.43	)			(0.69	)
	4/1/2006 - 3/31/2007 (4)		12.51		(—	)(6)		1.46			1.46			(0.15	)		(0.42	)			(0.57	)
	4/1/2005 - 3/31/2006 (4)		10.72		(0.01	)		1.93			1.92			(0.07	)		(0.06	)			(0.13	)
	4/1/2004 - 3/31/2005 (4)		10.07		(0.03	)		0.71			0.68			—			(0.03	)			(0.03	)
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	6.88	$	0.03		$	2.84		$	2.87			($0.09	)	$	—				($0.09	)
	4/1/2008 - 3/31/2009 (4)		12.03		0.06			(4.88	)		(4.82	)		—			(0.33	)			(0.33	)
	4/1/2007 - 3/31/2008 (4)		13.49		0.05			(0.77	)		(0.72	)		(0.31	)		(0.43	)			(0.74	)
	4/1/2006 - 3/31/2007 (4)		12.57		0.05			1.48			1.53			(0.19	)		(0.42	)			(0.61	)
	9/30/2005 - 3/31/2006 (4)		11.50		0.02			1.17			1.19			(0.11	)		(0.01	)			(0.12	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income
		End of					Year or			Reductions to			Reductions to			(Loss) to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Portfolio Optimization Moderate-Aggressive Fund
(Continued)
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	9.72		36.42	%	$	165,711			0.95	%		1.69	%		0.71	%			14.41	%
	4/1/2008 - 3/31/2009 (4)		7.18		(36.12	%)		117,549			0.89	%		1.64	%		0.88	%			22.98	%
	4/1/2007 - 3/31/2008 (4)		11.67		(3.03	%)		184,634			0.75	%		1.53	%		0.55	%			5.05	%
	4/1/2006 - 3/31/2007 (4)		12.65		10.12	%		143,281			0.57	%		1.62	%		0.44	%			6.96	%
	4/1/2005 - 3/31/2006 (4)		11.95		14.13	%		90,306			0.50	%		1.69	%		0.36	%			27.98	%
	4/1/2004 - 3/31/2005 (4)		10.61		5.72	%		48,159			0.50	%		1.93	%		0.02	%			10.16	%
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	9.85		36.13	%	$	12,099			0.45	%		1.19	%		1.21	%			14.41	%
	4/1/2008 - 3/31/2009 (4)		7.30		(35.38	%)		5,307			0.39	%		1.14	%		1.38	%			22.98	%
	4/1/2007 - 3/31/2008 (4)		11.79		(2.39	%)		3,147			0.25	%		1.03	%		1.05	%			5.05	%
	4/1/2006 - 3/31/2007 (4)		12.74		10.57	%		971			0.10	%		1.12	%		0.92	%			6.96	%
	9/30/2005 - 3/31/2006 (4)		12.02		7.92	%		11			0.00	%		1.19	%		0.86	%			27.98	%
PL Portfolio Optimization Aggressive Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.70		41.81	%	$	85,715			0.20	%		0.96	%		0.91	%			23.34	%
	4/1/2008 - 3/31/2009 (4)		6.92		(40.88	%)		59,937			0.14	%		0.92	%		0.97	%			18.16	%
	4/1/2007 - 3/31/2008 (4)		12.04		(5.70	%)		96,230			0.00	%		0.80	%		0.62	%			9.66	%
	4/1/2006 - 3/31/2007 (4)		13.49		12.53	%		75,546			0.00	%		1.09	%		0.54	%			10.14	%
	4/1/2005 - 3/31/2006 (4)		12.57		18.59	%		39,397			0.00	%		1.29	%		0.42	%			42.51	%
	4/1/2004 - 3/31/2005 (4)		10.75		7.17	%		18,244			0.00	%		1.75	%		0.23	%			22.37	%
Class B:	4/1/2009 - 9/30/2009 (4),(5)	$	9.54		42.42	%	$	25,636			0.95	%		1.71	%		0.16	%			23.34	%
	4/1/2008 - 3/31/2009 (4)		6.72		(42.04	%)		18,042			0.89	%		1.67	%		0.22	%			18.16	%
	4/1/2007 - 3/31/2008 (4)		11.93		(6.46	%)		30,059			0.75	%		1.55	%		(0.13	%)			9.66	%
	4/1/2006 - 3/31/2007 (4)		13.41		12.00	%		23,716			0.58	%		1.67	%		(0.04	%)			10.14	%
	4/1/2005 - 3/31/2006 (4)		12.52		18.11	%		12,889			0.50	%		1.79	%		(0.08	%)			42.51	%
	4/1/2004 - 3/31/2005 (4)		10.72		6.75	%		6,110			0.50	%		2.25	%		(0.27	%)			22.37	%
Class C:	4/1/2009 - 9/30/2009 (4),(5)	$	9.54		42.38	%	$	60,897			0.95	%		1.71	%		0.16	%			23.34	%
	4/1/2008 - 3/31/2009 (4)		6.71		(41.99	%)		43,588			0.89	%		1.67	%		0.22	%			18.16	%
	4/1/2007 - 3/31/2008 (4)		11.92		(6.44	%)		75,389			0.75	%		1.55	%		(0.13	%)			9.66	%
	4/1/2006 - 3/31/2007 (4)		13.40		12.01	%		55,389			0.58	%		1.67	%		(0.04	%)			10.14	%
	4/1/2005 - 3/31/2006 (4)		12.51		18.00	%		30,782			0.50	%		1.79	%		(0.08	%)			42.51	%
	4/1/2004 - 3/31/2005 (4)		10.72		6.75	%		17,510			0.50	%		2.25	%		(0.27	%)			22.37	%
Class R:	4/1/2009 - 9/30/2009 (4),(5)	$	9.66		41.89	%	$	4,970			0.45	%		1.21	%		0.66	%			23.34	%
	4/1/2008 - 3/31/2009 (4)		6.88		(41.17	%)		2,106			0.39	%		1.17	%		0.72	%			18.16	%
	4/1/2007 - 3/31/2008 (4)		12.03		(5.88	%)		1,236			0.25	%		1.05	%		0.37	%			9.66	%
	4/1/2006 - 3/31/2007 (4)		13.49		12.53	%		382			0.14	%		1.17	%		0.40	%			10.14	%
	9/30/2005 - 3/31/2006 (4)		12.57		10.44	%		11			0.00	%		1.29	%		0.42	%			42.51	%

See Notes to Financial Statements See explanation of references on C-7

C-3

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,					and			Total			from			Distributions
		Beginning		Net			Unrealized			from			Net			from
		of Year		Investment			Gain			Investment			Investment			Capital			Total
For the Year or Period Ended		or Period		Income (Loss)			(Loss)			Operations			Income			Gains			Distributions
PL Money Market Fund (7)
Class A:	4/1/2009 - 9/30/2009 (5)	$	1.00		($—	)(6)	$	—	(6)	$	—		$	—		$	—		$	—
	4/1/2008 - 3/31/2009		1.00		0.01			—			0.01			(0.01	)		—			(0.01	)
	4/1/2007 - 3/31/2008		1.00		0.04			—			0.04			(0.04	)		—			(0.04	)
	4/1/2006 - 3/31/2007		1.00		0.04			—			0.04			(0.04	)		—			(0.04	)
	4/1/2005 - 3/31/2006		1.00		0.03			—			0.03			(0.03	)		—			(0.03	)
	4/1/2004 - 3/31/2005		1.00		0.01			—			0.01			(0.01	)		—			(0.01	)
PL Small-Cap Growth Fund (8),(9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	5.88		($0.03	)	$	2.35		$	2.32		$	—		$	—		$	—
	4/1/2008 - 3/31/2009 (4)		9.12		(0.07	)		(3.17	)		(3.24	)		—			—			—
	4/1/2007 - 3/31/2008 (4)		11.24		(0.12	)		(0.62	)		(0.74	)		—			(1.38	)		(1.38	)
	4/1/2006 - 3/31/2007 (4)		11.22		(0.08	)		0.11			0.03			—			(0.01	)		(0.01	)
	4/1/2005 - 3/31/2006 (4)		11.78		(0.10	)		1.62			1.52			—			(2.08	)		(2.08	)
	4/1/2004 - 3/31/2005 (4)		11.53		(0.16	)		0.69			0.53			—			(0.28	)		(0.28	)
PL International Value Fund (9),(10)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.14	$	0.14		$	3.26		$	3.40			($0.32	)	$	—			($0.32	)
	4/1/2008 - 3/31/2009 (4)		12.82		0.26			(6.72	)		(6.46	)		(0.22	)		(—	)(6)		(0.22	)
	4/1/2007 - 3/31/2008 (4)		14.39		0.22			(1.38	)		(1.16	)		(0.13	)		(0.28	)		(0.41	)
	4/1/2006 - 3/31/2007 (4)		15.30		0.16			2.48			2.64			(0.14	)		(3.41	)		(3.55	)
	4/1/2005 - 3/31/2006 (4)		13.22		0.14			2.19			2.33			(0.08	)		(0.17	)		(0.25	)
	4/1/2004 - 3/31/2005 (4)		11.89		0.08			1.46			1.54			(0.02	)		(0.19	)		(0.21	)
PL Large-Cap Value Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.35	$	0.06		$	2.30		$	2.36			($0.04	)	$	—			($0.04	)
	4/1/2008 - 3/31/2009 (4)		11.59		0.16			(4.27	)		(4.11	)		(0.12	)		(0.01	)		(0.13	)
	4/1/2007 - 3/31/2008 (4)		13.03		0.10			(1.21	)		(1.11	)		(0.08	)		(0.25	)		(0.33	)
	4/1/2006 - 3/31/2007 (4)		12.67		0.06			1.37			1.43			(0.04	)		(1.03	)		(1.07	)
	4/1/2005 - 3/31/2006 (4)		11.30		0.02			1.38			1.40			(0.03	)		(—	)(6)		(0.03	)
	4/1/2004 - 3/31/2005 (4)		10.94		0.06			0.35			0.41			(0.05	)		—			(0.05	)
PL Short Duration Bond Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.69	$	0.11		$	0.27		$	0.38			($0.11	)	$	—			($0.11	)
	4/1/2008 - 3/31/2009 (4)		10.22		0.32			(0.25	)		0.07			(0.31	)		(0.29	)		(0.60	)
	4/1/2007 - 3/31/2008 (4)		9.81		0.35			0.41			0.76			(0.35	)		—			(0.35	)
	4/1/2006 - 3/31/2007 (4)		9.76		0.32			0.04			0.36			(0.31	)		—			(0.31	)
	4/1/2005 - 3/31/2006 (4)		9.85		0.19			(0.09	)		0.10			(0.19	)		—			(0.19	)
	4/1/2004 - 3/31/2005 (4)		10.09		0.09			(0.22	)		(0.13	)		(0.09	)		(0.02	)		(0.11	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income (Loss)
		End of					Year or			Reductions to			Reductions to			to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Money Market Fund (7)
Class A:	4/1/2009 - 9/30/2009 (5)	$	1.00		0.00	%	$	41,405			0.44	%		1.11	%		(—%	)(6)		N/A
	4/1/2008 - 3/31/2009		1.00		1.27	%		55,424			0.78	%		1.18	%		1.22	%		N/A
	4/1/2007 - 3/31/2008		1.00		3.90	%		42,636			0.95	%		1.28	%		3.68	%		N/A
	4/1/2006 - 3/31/2007		1.00		4.31	%		21,098			1.02	%		1.58	%		4.20	%		N/A
	4/1/2005 - 3/31/2006		1.00		2.76	%		19,293			0.94	%		1.79	%		2.67	%		N/A
	4/1/2004 - 3/31/2005		1.00		0.77	%		22,341			0.95	%		2.05	%		0.83	%		N/A
PL Small-Cap Growth Fund (8),(9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	8.20		39.46	%	$	21,579			1.15	%		1.57	%		(0.81	%)		50.56	%
	4/1/2008 - 3/31/2009 (4)		5.88		(35.53	%)		24,046			1.28	%		1.71	%		(0.96	%)		72.93	%
	4/1/2007 - 3/31/2008 (4)		9.12		(8.81	%)		37,258			1.55	%		1.90	%		(1.07	%)		163.56	%
	4/1/2006 - 3/31/2007 (4)		11.24		0.28	%		41,378			1.78	%		2.24	%		(0.74	%)		52.87	%
	4/1/2005 - 3/31/2006 (4)		11.22		15.01	%		24,218			1.95	%		2.95	%		(0.99	%)		132.27	%
	4/1/2004 - 3/31/2005 (4)		11.78		4.54	%		7,116			1.95	%		3.38	%		(1.36	%)		201.57	%
PL International Value Fund (9),(10)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.22		50.79	%	$	73,801			1.20	%		1.54	%		3.57	%		17.69	%
	4/1/2008 - 3/31/2009 (4)		6.14		(50.74	%)		78,604			1.27	%		1.58	%		2.82	%		31.43	%
	4/1/2007 - 3/31/2008 (4)		12.82		(8.27	%)		124,055			1.40	%		1.72	%		1.50	%		17.40	%
	4/1/2006 - 3/31/2007 (4)		14.39		18.40	%		77,127			1.64	%		2.08	%		1.04	%		108.86	%
	4/1/2005 - 3/31/2006 (4)		15.30		17.85	%		57,657			1.80	%		2.28	%		0.99	%		55.25	%
	4/1/2004 - 3/31/2005 (4)		13.22		13.13	%		50,801			1.80	%		2.45	%		0.62	%		20.92	%
PL Large-Cap Value Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.67		32.22	%	$	134,294			1.20	%		1.39	%		1.42	%		7.56	%
	4/1/2008 - 3/31/2009 (4)		7.35		(35.61	%)		62,931			1.25	%		1.48	%		1.63	%		38.49	%
	4/1/2007 - 3/31/2008 (4)		11.59		(8.80	%)		68,901			1.40	%		1.69	%		0.79	%		24.35	%
	4/1/2006 - 3/31/2007 (4)		13.03		12.09	%		56,601			1.63	%		2.05	%		0.50	%		19.58	%
	4/1/2005 - 3/31/2006 (4)		12.67		12.47	%		34,459			1.80	%		2.25	%		0.20	%		77.07	%
	4/1/2004 - 3/31/2005 (4)		11.30		3.78	%		50,430			1.80	%		2.28	%		0.54	%		43.72	%
PL Short Duration Bond Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.96		3.99	%	$	60,416			0.95	%		1.22	%		2.29	%		83.01	%
	4/1/2008 - 3/31/2009 (4)		9.69		0.75	%		47,355			1.02	%		1.26	%		3.20	%		146.36	%
	4/1/2007 - 3/31/2008 (4)		10.22		7.86	%		83,683			1.15	%		1.42	%		3.48	%		41.74	%
	4/1/2006 - 3/31/2007 (4)		9.81		3.76	%		66,823			1.39	%		1.75	%		3.28	%		77.84	%
	4/1/2005 - 3/31/2006 (4)		9.76		1.03	%		44,945			1.55	%		1.93	%		1.97	%		91.81	%
	4/1/2004 - 3/31/2005 (4)		9.85		(1.34	%)		35,333			1.55	%		2.34	%		0.93	%		203.81	%

See Notes to Financial Statements See explanation of references on C-7

C-4

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,					and			Total			from			Distributions
		Beginning		Net			Unrealized			from			Net			from
		of Year		Investment			Gain			Investment			Investment			Capital			Total
For the Year or Period Ended		or Period		Income (Loss)			(Loss)			Operations			Income			Gains			Distributions
PL Floating Rate Loan Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	8.18	$	0.23		$	1.30		$	1.53			($0.23	)	$	—			($0.23	)
	6/30/2008 - 3/31/2009 (4)		10.00		0.39			(1.82	)		(1.43	)		(0.39	)		—			(0.39	)
PL Growth LT Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.74	$	0.02		$	2.59		$	2.61			($0.15	)	$	—			($0.15	)
	4/1/2008 - 3/31/2009 (4)		12.63		0.03			(4.63	)		(4.60	)		—			(0.29	)		(0.29	)
	4/1/2007 - 3/31/2008 (4)		13.10		0.05			(0.22	)		(0.17	)		(0.05	)		(0.25	)		(0.30	)
	4/1/2006 - 3/31/2007 (4)		12.23		(0.01	)		0.98			0.97			—			(0.10	)		(0.10	)
	4/1/2005 - 3/31/2006 (4)		10.64		(0.05	)		1.64			1.59			—			—			—
	4/1/2004 - 3/31/2005 (4)		10.34		(0.05	)		0.35			0.30			—			—			—
PL Mid-Cap Equity Fund (9),(11)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	5.33	$	0.02		$	2.27		$	2.29			($0.01	)	$	—			($0.01	)
	4/1/2008 - 3/31/2009 (4)		8.92		0.07			(3.58	)		(3.51	)		(0.08	)		(—	)(6)		(0.08	)
	4/1/2007 - 3/31/2008 (4)		11.62		0.06			(1.61	)		(1.55	)		(0.03	)		(1.12	)		(1.15	)
	4/1/2006 - 3/31/2007 (4)		10.54		(—	)(6)		1.51			1.51			—			(0.43	)		(0.43	)
	4/1/2005 - 3/31/2006 (4)		9.90		(0.02	)		1.30			1.28			(0.01	)		(0.63	)		(0.64	)
	12/31/2004 - 3/31/2005 (4)		10.00		(0.01	)		(0.09	)		(0.10	)		—			—			—
PL International Large-Cap Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.17	$	0.14		$	3.90		$	4.04			($0.11	)	$	—			($0.11	)
	4/1/2008 - 3/31/2009 (4)		15.55		0.17			(6.37	)		(6.20	)		(0.06	)		(0.12	)		(0.18	)
	4/1/2007 - 3/31/2008 (4)		16.64		0.19			(0.34	)		(0.15	)		(0.15	)		(0.79	)		(0.94	)
	4/1/2006 - 3/31/2007 (4)		15.45		0.28			2.49			2.77			(0.30	)		(1.28	)		(1.58	)
	4/1/2005 - 3/31/2006 (4)		12.83		(—	)(6)		2.89			2.89			(0.04	)		(0.23	)		(0.27	)
	4/1/2004 - 3/31/2005 (4)		11.61		(0.01	)		1.46			1.45			—			(0.23	)		(0.23	)
PL Small-Cap Value Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	5.49	$	0.06		$	2.04		$	2.10			($0.02	)	$	—			($0.02	)
	4/1/2008 - 3/31/2009 (4)		8.80		0.16			(3.34	)		(3.18	)		(0.13	)		—			(0.13	)
	6/29/2007 - 3/31/2008 (4)		10.00		0.10			(1.24	)		(1.14	)		(0.06	)		—			(0.06	)
PL Main Street Core Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.11	$	0.04		$	2.05		$	2.09			($0.02	)	$	—			($0.02	)
	4/1/2008 - 3/31/2009 (4)		9.91		0.09			(3.81	)		(3.72	)		(0.08	)		—			(0.08	)
	4/1/2007 - 3/31/2008 (4)		11.46		0.08			(0.94	)		(0.86	)		(0.08	)		(0.61	)		(0.69	)
	4/1/2006 - 3/31/2007		10.67		0.05			0.92			0.97			(0.03	)		(0.15	)		(0.18	)
	9/30/2005 - 3/31/2006		10.00		0.01			0.67			0.68			(0.01	)		—			(0.01	)
PL Emerging Markets Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.54	$	0.08		$	4.31		$	4.39		$	—		$	—		$	—
	4/1/2008 - 3/31/2009 (4)		13.58		0.11			(5.39	)		(5.28	)		(0.07	)		(1.69	)		(1.76	)
	4/1/2007 - 3/31/2008 (4)		13.01		0.07			2.32			2.39			(0.05	)		(1.77	)		(1.82	)
	4/1/2006 - 3/31/2007		12.00		0.06			1.56			1.62			(0.05	)		(0.56	)		(0.61	)
	9/30/2005 - 3/31/2006		10.00		0.08			2.00			2.08			(0.08	)		(—	)(6)		(0.08	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income (Loss)
		End of					Year or			Reductions to			Reductions to			to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Floating Rate Loan Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.48		18.89	%	$	41,699			1.30	%		1.54	%		5.11	%		57.29	%
	6/30/2008 - 3/31/2009 (4)		8.18		(14.37	%)		27,811			1.30	%		1.53	%		5.90	%		56.30	%
PL Growth LT Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.20		33.99	%	$	75,417			1.10	%		1.42	%		0.39	%		31.76	%
	4/1/2008 - 3/31/2009 (4)		7.74		(37.27	%)		74,158			1.15	%		1.42	%		0.32	%		80.89	%
	4/1/2007 - 3/31/2008 (4)		12.63		(1.55	%)		77,196			1.30	%		1.66	%		0.36	%		81.50	%
	4/1/2006 - 3/31/2007 (4)		13.10		7.95	%		61,954			1.54	%		1.95	%		(0.08	%)		37.99	%
	4/1/2005 - 3/31/2006 (4)		12.23		14.94	%		43,733			1.70	%		2.15	%		(0.44	%)		69.48	%
	4/1/2004 - 3/31/2005 (4)		10.64		2.90	%		19,585			1.70	%		2.54	%		(0.44	%)		42.84	%
PL Mid-Cap Equity Fund (9),(11)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.61		43.00	%	$	85,964			1.20	%		1.44	%		0.47	%		37.83	%
	4/1/2008 - 3/31/2009 (4)		5.33		(39.44	%)		59,135			1.26	%		1.52	%		1.01	%		82.26	%
	4/1/2007 - 3/31/2008 (4)		8.92		(14.81	%)		85,208			1.40	%		1.69	%		0.55	%		70.09	%
	4/1/2006 - 3/31/2007 (4)		11.62		14.80	%		71,181			1.60	%		2.01	%		(—%	)(6)		74.07	%
	4/1/2005 - 3/31/2006 (4)		10.54		13.11	%		23,992			1.80	%		2.44	%		(0.16	%)		112.93	%
	12/31/2004 - 3/31/2005 (4)		9.90		(1.00	%)		25,454			1.80	%		3.20	%		(0.42	%)		16.26	%
PL International Large-Cap Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	13.10		44.32	%	$	91,171			1.40	%		1.74	%		2.47	%		12.69	%
	4/1/2008 - 3/31/2009 (4)		9.17		(40.24	%)		65,124			1.46	%		1.82	%		1.39	%		25.95	%
	4/1/2007 - 3/31/2008 (4)		15.55		(1.17	%)		96,049			1.60	%		1.99	%		1.18	%		28.23	%
	4/1/2006 - 3/31/2007 (4)		16.64		18.70	%		76,806			1.84	%		2.38	%		1.77	%		47.87	%
	4/1/2005 - 3/31/2006 (4)		15.45		22.72	%		52,728			2.00	%		2.79	%		(0.03	%)		63.12	%
	4/1/2004 - 3/31/2005 (4)		12.83		12.73	%		38,195			2.00	%		3.35	%		(0.12	%)		55.12	%
PL Small-Cap Value Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.57		38.23	%	$	32,269			1.30	%		1.60	%		1.95	%		20.00	%
	4/1/2008 - 3/31/2009 (4)		5.49		(36.39	%)		27,018			1.34	%		1.73	%		2.21	%		47.41	%
	6/29/2007 - 3/31/2008 (4)		8.80		(11.47	%)		19,112			1.50	%		2.07	%		1.46	%		17.98	%
PL Main Street Core Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	8.18		34.28	%	$	118,759			1.00	%		1.34	%		1.00	%		100.30	%
	4/1/2008 - 3/31/2009 (4)		6.11		(37.66	%)		85,261			1.06	%		1.41	%		1.07	%		101.22	%
	4/1/2007 - 3/31/2008 (4)		9.91		(8.29	%)		111,936			1.20	%		1.50	%		0.69	%		126.84	%
	4/1/2006 - 3/31/2007		11.46		9.23	%		87,136			1.43	%		1.88	%		0.54	%		107.36	%
	9/30/2005 - 3/31/2006		10.67		6.85	%		53,930			1.60	%		2.00	%		0.29	%		42.30	%
PL Emerging Markets Fund
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.93		67.13	%	$	40,903			1.35	%		2.17	%		1.70	%		27.04	%
	4/1/2008 - 3/31/2009 (4)		6.54		(42.31	%)		30,820			1.42	%		2.34	%		1.18	%		61.50	%
	4/1/2007 - 3/31/2008 (4)		13.58		17.21	%		47,633			1.55	%		2.38	%		0.46	%		60.20	%
	4/1/2006 - 3/31/2007		13.01		14.49	%		51,376			1.78	%		2.81	%		0.49	%		58.31	%
	9/30/2005 - 3/31/2006		12.00		20.94	%		33,476			1.95	%		5.53	%		1.88	%		41.88	%

See Notes to Financial Statements See explanation of references on C-7

C-5

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:

				Investment Activities									Distributions
		Net					Net
		Asset					Realized						Distributions
		Value,					and			Total			from			Distributions
		Beginning		Net			Unrealized			from			Net			from
		of Year		Investment			Gain			Investment			Investment			Capital			Total
For the Year or Period Ended		or Period		Income (Loss)			(Loss)			Operations			Income			Gains			Distributions
PL Managed Bond Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.70	$	0.20		$	1.15		$	1.35			($0.25	)	$	—			($0.25	)
	4/1/2008 - 3/31/2009 (4)		10.73		0.43			(0.45	)		(0.02	)		(0.55	)		(0.46	)		(1.01	)
	4/1/2007 - 3/31/2008 (4)		10.16		0.42			0.53			0.95			(0.37	)		(0.01	)		(0.38	)
	4/1/2006 - 3/31/2007 (4)		9.98		0.35			0.22			0.57			(0.39	)		—			(0.39	)
	4/1/2005 - 3/31/2006 (4)		10.03		0.29			(0.07	)		0.22			(0.27	)		—			(0.27	)
	4/1/2004 - 3/31/2005 (4)		10.45		0.14			(0.09	)		0.05			(0.25	)		(0.22	)		(0.47	)
PL Inflation Managed Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.59	$	0.20		$	0.42		$	0.62			($0.27	)	$	—			($0.27	)
	4/1/2008 - 3/31/2009 (4)		11.08		0.39			(0.80	)		(0.41	)		(0.41	)		(0.67	)		(1.08	)
	4/1/2007 - 3/31/2008 (4)		10.13		0.49			0.95			1.44			(0.49	)		—			(0.49	)
	4/1/2006 - 3/31/2007 (4)		10.00		0.26			0.14			0.40			(0.27	)		—			(0.27	)
	4/1/2005 - 3/31/2006 (4)		10.51		0.33			(0.36	)		(0.03	)		(0.47	)		(0.01	)		(0.48	)
	4/1/2004 - 3/31/2005 (4)		10.93		0.20			(0.01	)		0.19			(0.26	)		(0.35	)		(0.61	)
PL Large-Cap Growth Fund (9),(12)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	5.44		($0.01	)	$	1.33		$	1.32		$	—		$	—		$	—
	4/1/2008 - 3/31/2009 (4)		9.24		(0.05	)		(3.75	)		(3.80	)		—			—			—
	4/1/2007 - 3/31/2008 (4)		9.43		(0.08	)		(0.11	)		(0.19	)		—			—			—
	4/1/2006 - 3/31/2007 (4)		10.85		(0.09	)		(0.40	)		(0.49	)		—			(0.93	)		(0.93	)
	4/1/2005 - 3/31/2006 (4)		10.14		(0.07	)		0.78			0.71			—			—			—
	4/1/2004 - 3/31/2005 (4)		10.19		(0.01	)		(0.04	)		(0.05	)		—			—			—
PL Comstock Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.95	$	0.04		$	2.75		$	2.79			($0.03	)	$	—			($0.03	)
	4/1/2008 - 3/31/2009 (4)		11.84		0.16			(4.89	)		(4.73	)		(0.16	)		—			(0.16	)
	4/1/2007 - 3/31/2008 (4)		14.11		0.15			(1.95	)		(1.80	)		(0.12	)		(0.35	)		(0.47	)
	4/1/2006 - 3/31/2007 (4)		12.92		0.12			1.55			1.67			(0.11	)		(0.37	)		(0.48	)
	4/1/2005 - 3/31/2006 (4)		12.58		0.10			0.83			0.93			(0.06	)		(0.53	)		(0.59	)
	4/1/2004 - 3/31/2005 (4)		11.37		0.07			1.19			1.26			(0.05	)		—			(0.05	)
PL Mid-Cap Growth Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	4.98		($0.01	)	$	2.69		$	2.68		$	—		$	—		$	—
	4/1/2008 - 3/31/2009 (4)		9.31		(0.05	)		(3.57	)		(3.62	)		—			(0.71	)		(0.71	)
	4/1/2007 - 3/31/2008 (4)		10.93		(0.02	)		0.66			0.64			—			(2.26	)		(2.26	)
	4/1/2006 - 3/31/2007 (4)		11.67		(0.07	)		0.31			0.24			—			(0.98	)		(0.98	)
	4/1/2005 - 3/31/2006 (4)		8.93		(0.11	)		2.85			2.74			—			—			—
	4/1/2004 - 3/31/2005 (4)		8.01		(0.12	)		1.04			0.92			—			—			—
PL Real Estate Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	4.60	$	0.04		$	3.17		$	3.21			($0.05	)	$	—			($0.05	)
	4/1/2008 - 3/31/2009 (4)		11.25		0.15			(6.65	)		(6.50	)		(0.15	)(13)		—			(0.15	)
	4/1/2007 - 3/31/2008 (4)		14.94		0.13			(2.77	)		(2.64	)		(0.18	)		(0.87	)		(1.05	)
	4/1/2006 - 3/31/2007 (4)		12.89		0.04			3.01			3.05			(0.05	)		(0.95	)		(1.00	)
	4/1/2005 - 3/31/2006 (4)		9.39		0.05			3.70			3.75			(0.17	)		(0.08	)		(0.25	)
	12/31/2004 - 3/31/2005 (4)		10.00		0.05			(0.64	)		(0.59	)		(0.02	)		—			(0.02	)
				Ratios/Supplemental Data
																Ratios of
		Net					Net			Ratios			Ratios			Net
		Asset					Assets,			of Expenses			of Expenses			Investment
		Value,					End of			After Expense			Before Expense			Income (Loss)
		End of					Year or			Reductions to			Reductions to			to			Portfolio
		Year or		Total			Period			Average Net			Average Net			Average Net			Turnover
For the Year or Period Ended		Period		Returns (1)			(in thousands)			Assets (2), (3)			Assets (3)			Assets (3)			Rates
PL Managed Bond Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	10.80		14.03	%	$	191,641			0.95	%		1.26	%		3.83	%		227.71	%
	4/1/2008 - 3/31/2009 (4)		9.70		0.07	%		137,724			1.01	%		1.30	%		4.36	%		441.01	%
	4/1/2007 - 3/31/2008 (4)		10.73		9.44	%		175,800			1.15	%		1.50	%		4.05	%		424.71	%
	4/1/2006 - 3/31/2007 (4)		10.16		5.90	%		101,940			1.39	%		1.82	%		3.49	%		477.64	%
	4/1/2005 - 3/31/2006 (4)		9.98		2.19	%		68,825			1.55	%		2.00	%		2.84	%		534.38	%
	4/1/2004 - 3/31/2005 (4)		10.03		0.56	%		42,546			1.55	%		2.22	%		1.37	%		323.24	%
PL Inflation Managed Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.94		6.57	%	$	123,548			0.95	%		1.28	%		4.21	%		213.53	%
	4/1/2008 - 3/31/2009 (4)		9.59		(3.85	%)		81,266			1.01	%		1.35	%		3.94	%		745.76	%
	4/1/2007 - 3/31/2008 (4)		11.08		14.80	%		122,386			1.15	%		1.49	%		4.77	%		474.46	%
	4/1/2006 - 3/31/2007 (4)		10.13		4.15	%		82,340			1.39	%		1.78	%		2.60	%		356.40	%
	4/1/2005 - 3/31/2006 (4)		10.00		(0.44	%)		66,103			1.55	%		1.89	%		3.21	%		188.82	%
	4/1/2004 - 3/31/2005 (4)		10.51		1.99	%		36,465			1.55	%		2.04	%		1.96	%		284.19	%
PL Large-Cap Growth Fund (9),(12)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	6.76		24.27	%	$	49,352			1.30	%		1.61	%		(0.39	%)		80.99	%
	4/1/2008 - 3/31/2009 (4)		5.44		(41.13	%)		16,515			1.37	%		1.81	%		(0.61	%)		179.61	%
	4/1/2007 - 3/31/2008 (4)		9.24		(2.01	%)		26,235			1.50	%		1.92	%		(0.79	%)		178.83	%
	4/1/2006 - 3/31/2007 (4)		9.43		(3.80	%)		29,713			1.73	%		2.43	%		(0.93	%)		147.66	%
	4/1/2005 - 3/31/2006 (4)		10.85		7.00	%		19,366			1.90	%		2.58	%		(0.62	%)		160.96	%
	4/1/2004 - 3/31/2005 (4)		10.14		(0.49	%)		45,147			1.90	%		2.37	%		(0.08	%)		38.40	%
PL Comstock Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	9.71		40.23	%	$	105,264			1.30	%		1.53	%		0.98	%		16.57	%
	4/1/2008 - 3/31/2009 (4)		6.95		(40.11	%)		74,862			1.37	%		1.58	%		1.68	%		59.96	%
	4/1/2007 - 3/31/2008 (4)		11.84		(13.16	%)		124,271			1.50	%		1.77	%		1.09	%		23.28	%
	4/1/2006 - 3/31/2007 (4)		14.11		13.21	%		83,788			1.74	%		2.11	%		0.92	%		40.11	%
	4/1/2005 - 3/31/2006 (4)		12.92		7.62	%		62,447			1.90	%		2.25	%		0.79	%		22.40	%
	4/1/2004 - 3/31/2005 (4)		12.58		11.08	%		23,017			1.90	%		2.70	%		0.55	%		34.41	%
PL Mid-Cap Growth Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.66		53.82	%	$	48,878			1.25	%		1.53	%		(0.32	%)		17.81	%
	4/1/2008 - 3/31/2009 (4)		4.98		(40.02	%)		18,873			1.34	%		1.80	%		(0.60	%)		47.92	%
	4/1/2007 - 3/31/2008 (4)		9.31		3.48	%		50,189			1.45	%		1.80	%		(0.19	%)		77.63	%
	4/1/2006 - 3/31/2007 (4)		10.93		2.64	%		63,462			1.68	%		2.08	%		(0.64	%)		60.08	%
	4/1/2005 - 3/31/2006 (4)		11.67		30.68	%		39,980			1.85	%		2.29	%		(1.04	%)		107.64	%
	4/1/2004 - 3/31/2005 (4)		8.93		11.49	%		36,882			1.85	%		2.43	%		(1.37	%)		82.70	%
PL Real Estate Fund (9)
Class A:	4/1/2009 - 9/30/2009 (4),(5)	$	7.76		70.30	%	$	31,700			1.45	%		1.80	%		1.39	%		21.74	%
	4/1/2008 - 3/31/2009 (4)		4.60		(58.24	%)		20,775			1.51	%		1.89	%		1.79	%		42.37	%
	4/1/2007 - 3/31/2008 (4)		11.25		(18.03	%)		37,872			1.65	%		2.03	%		1.02	%		34.98	%
	4/1/2006 - 3/31/2007 (4)		14.94		24.19	%		31,504			1.89	%		2.42	%		0.27	%		36.83	%
	4/1/2005 - 3/31/2006 (4)		12.89		40.43	%		25,552			2.05	%		2.76	%		0.41	%		9.81	%
	12/31/2004 - 3/31/2005 (4)		9.39		(5.95	%)		13,853			2.05	%		3.57	%		2.01	%		0.79	%

See Notes to Financial Statements See explanation of references on C-7

C-6

PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Explanation of References

(1)	The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year.
(2)	The ratios of net expenses after expense reductions to average daily net assets are after any adviser expense reimbursements, administrator fee reductions, and distributor fee waivers, as discussed in Note 5 to the Financial Statements. Additionally, non 12b-1 service fees for Class A shares were reduced by 0.25% effective January 1, 2007. The expense ratios for all the PL Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the PL Portfolio Optimization Funds invest.
(3)	The ratios are annualized for periods of less than one full year.
(4)	Per share net investment income has been calculated using the average shares method.
(5)	Unaudited.
(6)	Amount represents less than $0.005 per share or less than 0.005%.
(7)	Class B and C shares were converted to Class A shares on June 29, 2005.
(8)	Prior to October 1, 2005, the PL Small-Cap Growth Fund was named the PF AIM Aggressive Growth Fund.
(9)	Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(10)	Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund.
(11)	Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund.
(12)	Prior to January 1, 2006, the PL Large-Cap Growth Fund was named the PF AIM Blue Chip Fund.
(13)	Includes return of capital distribution of ($0.01).

C-7

PACIFIC LIFE FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

     Pacific Life Funds (the “Trust”) is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company, and as of September 30, 2009, was comprised of twenty-three separate funds (each individually, a “Fund”, and collectively, the “Funds”): PL Portfolio Optimization Conservative Fund, PL Portfolio Optimization Moderate-Conservative Fund, PL Portfolio Optimization Moderate Fund, PL Portfolio Optimization Moderate-Aggressive Fund, PL Portfolio Optimization Aggressive Fund, PL Money Market Fund, PL Small-Cap Growth Fund, PL International Value Fund, PL Large-Cap Value Fund, PL Short Duration Bond Fund, PL Floating Rate Loan Fund, PL Growth LT Fund, PL Mid-Cap Equity Fund, PL International Large-Cap Fund, PL Small-Cap Value Fund, PL Main Street^® Core Fund (Main Street is a registered trademark of OppenheimerFunds, Inc.), PL Emerging Markets Fund, PL Managed Bond Fund, PL Inflation Managed Fund, PL Large-Cap Growth Fund, PL Comstock Fund, PL Mid-Cap Growth Fund and PL Real Estate Fund.

     Each Fund, with the exception of the PL Portfolio Optimization Conservative, PL Portfolio Optimization Moderate-Conservative, PL Portfolio Optimization Moderate, PL Portfolio Optimization Moderate-Aggressive, and PL Portfolio Optimization Aggressive Funds, (collectively, the “Portfolio Optimization Funds”), offers Class A shares only. Effective June 23, 2008, all Class B and C shares in the PL Small-Cap Growth, PL International Value, PL Large-Cap Value, PL Short Duration Bond, PL Growth LT, PL Mid-Cap Equity, PL International Large-Cap, PL Managed Bond, PL Inflation Managed, PL Large-Cap Growth, PL Comstock, PL Mid-Cap Growth and PL Real Estate Funds were converted to Class A shares within each Fund. The Portfolio Optimization Funds invest all of their assets in Class A shares of other funds of the Trust (collectively, the “Underlying Funds”). Presently, only the Portfolio Optimization Funds can invest in the PL Floating Rate Loan, PL Small-Cap Value, PL Main Street Core, and PL Emerging Markets Funds. Other than the PL Money Market Fund, the Underlying Funds are not available to new investors. The Portfolio Optimization Funds offer Class A, Class B, Class C and Class R shares. Each class is distinguished by its level of distribution and/or service fees and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R shares are sold at net asset value (“NAV”) without an initial sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1% on redemptions of such Class A shares within one year of purchase. Class A shares of PL Money Market Fund are sold at NAV without an initial sales charge.

     The Portfolio Optimization Funds invest all of their assets in the Underlying Funds without payment of a front-end sales charge. No CDSC is charged to the Portfolio Optimization Funds upon the sales of shares of the Underlying Funds. An asset allocation process is used to determine each of the Portfolio Optimization Funds’ investment mixes and target allocations for each Underlying Fund. The Portfolio Optimization Funds’ asset allocations to the various Underlying Funds are periodically evaluated by Pacific Life Fund Advisors LLC, a wholly owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), the investment adviser to the Trust, and may be updated at that time. Asset allocation analysis is performed by a third-party asset allocation consultant firm retained by Pacific Life Fund Advisors LLC. The asset class allocations, Underlying Funds (including any funds organized in the future), or target allocations with respect to each Underlying Fund, may be changed from time to time, without prior approval from shareholders, as determined appropriate to pursue stated investment goals. Since the Portfolio Optimization Funds invest in the Underlying Funds, in addition to their own net operating expenses, they also indirectly bear a portion of the net operating expenses of the applicable Underlying Funds, based on the actual average holdings.

2. SIGNIFICANT ACCOUNTING POLICIES

     The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds in the preparation of the financial statements.

     The Trust implemented Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“SFAS 168”), issued by Financial Accounting Standards Board (“FASB”) in June 2009. This standard identified the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements that are presented in conformity with U.S. GAAP. SFAS 168 established the FASB Accounting Standards Codification (“FASB ASC”) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with U.S. GAAP. The FASB ASC did not create new accounting and reporting guidance, rather it reorganized U.S. GAAP pronouncements into approximately 90 topics within a consistent structure. All guidance contained in the FASB ASC carries an equal level of authority.

     The Trust implemented new guidance under FASB ASC Topic 815, Derivative and Hedging, issued in March 2008 (see required disclosure in Note 11).

     The Trust implemented the additional guidance under FASB ASC Topic 820, Fair Value Measurements and Disclosures, issued in April 2009 (see required disclosure in Note 10).

     The Trust implemented new guidance under FASB ASC Topic 855, Subsequent Events, issued in May 2009. The Funds’ management has evaluated subsequent events occurring subsequent to September 30, 2009 through the date the Semi-Annual Report for this Trust was issued on November 24, 2009.

D-1

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     A. FUND VALUATION

     The NAV per share for each class of shares for each Fund 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 a Fund’s liabilities (including accrued expenses, dividends payable and any borrowings of a Fund), and dividing by the total number of shares outstanding. The assets of each Portfolio Optimization Fund consist primarily of shares of the Underlying Funds, which are valued at their respective NAV’s at the time of computation.

     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. If the NYSE or other domestic exchange that normally closes at or before 4:00 p.m. Eastern time, closes later than 4:00 p.m. Eastern time, the closing prices of such domestic exchanges will be used to determine the Fund’s NAV.

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

     Market Value

     Pricing data is obtained from various sources approved by the Board of Trustees (the “Board”). For purposes of calculating the NAV:

     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.

     Foreign equity holdings are generally valued at their last reported sales price on a principal exchange.

     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. 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.

     Fixed income holdings, including domestic and foreign 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. Pricing data used is generally 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.

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

     Over the Counter (“OTC”) holdings, including option contracts and other equity holdings, 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. OTC swap contracts are generally valued by approved pricing and quotation services which are based on evaluated prices determined from various observable market and other factors. Certain OTC swap contracts are valued by other pricing methods and processes under the procedures approved by the Board.

     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 Board and in accordance with the provisions of the 1940 Act.

     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 a Fund’s 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.

     B. Securities Transactions and Investment Income

     Securities transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) Securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated

D-2

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

components of distributions received from real estate investment trusts may be considered return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income is recorded on an accrual basis. Interest income includes coupon interest and amortization of premium and discount on debt securities. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities and the PL Money Market Fund, which record discounts and premiums on a straight-line basis. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Facility fees and other fees (such as origination fees) received from senior loans purchased (see Note 2G) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are deferred and amortized to income over the period of the commitment. Consent fees are compensation for agreeing to changes in the terms of debt instruments and are included in interest income on the Statements of Operations when received. Realized gains and losses from securities transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage- and asset-backed securities are recorded as interest income in the Statements of Operations.

     Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to distribution and/or service fees (see Note 3). Income, other non-class specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative daily net assets.

     C. DISTRIBUTIONS TO SHAREHOLDERS

     The Funds currently declare and pay dividends on net investment income at least annually, except for the PL Money Market, PL Short Duration Bond, PL Floating Rate Loan, PL Managed Bond, PL Inflation Managed, and PL Real Estate Funds. Dividends are generally: 1) declared daily and paid monthly for the PL Money Market Fund; 2) declared and paid monthly for the PL Short Duration Bond, PL Floating Rate Loan, PL Managed Bond, and PL Inflation Managed Funds; and 3) declared and paid quarterly for the PL Real Estate Fund. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders. All realized capital gains are distributed at least annually for all Funds.

     Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, passive foreign investment companies, post-October losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

     D. FOREIGN CURRENCY TRANSLATION

     Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, and variation margin received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

     The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities and forwards in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or deprecation on foreign currencies in the Statements of Operations.

     E. EXPENSE ALLOCATION

     General expenses of the Funds are allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular Fund are charged directly to that Fund. Class-specific fees are charged directly to the respective share class within each Fund.

     F. OFFERING COSTS

     The Funds bear all costs (or the applicable pro-rata share if there is more than one new Fund) associated with offering expenses of the Funds including legal, printing and support service expenses (see Note 3). All such costs are amortized to expense of the new Funds on a straight-line basis over twelve months from commencement of operations.

     G. INVESTMENTS AND RISKS

     General Investment Risks

     An investment in each Fund represents an indirect investment in the holdings owned by that Fund. The value of these holdings may move up or down, sometimes rapidly and unpredictably. An investment in the Funds at any point in time may be worth more or less than the original investment. Investments in the Funds may be affected by general economic and market conditions, government and political events, investor perceptions, changes in interest rates and market liquidity.

D-3

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     The price of equity holdings changes in response to many factors, including a company’s historical and prospective earnings, the value of its assets, and many of the factors noted above.

     Fixed income (debt) holdings are affected primarily by the financial condition of the companies that have issued them and by changes in interest rates, although the factors noted above may also have a significant impact on the holdings. A fixed income (debt) holding’s issuer (including borrowers) may not be able 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 go bankrupt. Securities such as high yield/high-risk bonds, i.e. bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or no rating, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage related securities, structured investment vehicles and other debt holdings may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other holdings, and it may be difficult to value these instruments because of a thin secondary market.

     There are certain additional risks involved in investing in foreign securities that are not inherent in investments in domestic securities. These risks may involve foreign currency fluctuations, adverse political, social and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets. The markets in emerging markets countries can be extremely volatile.

     Events in the financial markets have the potential to cause increased volatility and uncertainty, which may impact the value of the Trust’s assets. Due to interedependencies between markets, events in one market may adversely impact other markets or issuers in unforeseen ways. As a result, the value of a Fund’s holdings may be adversely affected by events in the markets, either directly or indirectly, and each Fund is exposed to potential decreases in the value of those holdings. In addition, traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory responses to market events may impair a manager’s ability to pursue certain investment techniques or strategies and may have unexpected consequences on particular markets, strategies, or investments. Future events may impact a Fund in unforeseen ways, leading a Fund to alter its existing strategies or, potentially, to liquidate and close.

     Each Fund may not invest in illiquid securities and illiquid bank loans (collectively, “illiquid holdings”) if as a result of such investment, more than 15% (10% for the PL Money Market Fund) of its net assets (taken at market value at the time of such investment) would be invested in illiquid holdings. The term “illiquid holdings” for this purpose means holdings that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a Fund has valued the securities. The market value of illiquid holdings held by each Fund as of September 30, 2009 was less than 15% (10% for the PL Money Market Fund) of its net assets. Illiquid holdings may be difficult to value and difficult to sell, which means a Fund may not be able to sell such holding quickly for its full value.

     Senior Loan Participations and Assignments

     Certain Funds may invest in floating rate senior loans (“Senior Loans”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates of domestic or foreign corporations, partnerships and other entities (“Borrowers”). Senior loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR rates or certificates of deposit rates. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, cannot be predicted with accuracy, as a result, the actual maturity may be substantially less than the stated maturities. Senior loans are exempt from registration under the 1933 Act, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

     When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

     When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the borrower directly. When holding a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance of the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest.

     Inflation-Indexed Bonds

     Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income (debt) securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds.

D-4

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment of interest income in the Statements of Operations.

     Mortgage-Related and Other Asset-Backed Securities

     Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. A collateralized obligation is a debt security issued by a corporation, trust or custodian, or by a U.S. Government agency or instrumentality, that is collateralized by a portfolio or pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

     Mortgage dollar rolls, principally using To Be Announced (“TBA”) securities, involve a Fund selling mortgage-backed securities for delivery in the current month and simultaneously contracting to repurchase similar, but not identical securities at an agreed-upon price on a fixed date in the future. A Fund accounts for such dollar rolls as purchases and sales and receives compensation as consideration for entering into the commitment to repurchase. A Fund must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

     SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other fixed-income and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are included in interest income in the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income in the Statements of Operations. Payments received from POs are treated as reductions to the cost and par value of the securities. Any principal paydown gains or losses associated with the payments received are reported as interest income in the Statements of Operations.

     Government Sponsored Enterprise Securities

     Certain Funds may invest in securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar U.S. Government sponsored entities such as Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Banks (“FHLBs”). Although chartered and sponsored by Congress, such entities are generally not funded by Congressional appropriations. The debt and mortgage-backed securities issued by these entities are neither guaranteed nor insured by the U.S. Government. As such, securities issued by these entities are typically supported only by the credit of the issuing entity, which depends entirely on its own resources to repay the debt, subject to the risk of default.

     However, on September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer or director of Fannie Mae and Freddie Mac with respect to those applicable entities and their respective assets. FHFA selected a new chief executive officer and chairman of the board of directors of Fannie Mae and Freddie Mac.

     On September 7, 2008, the U.S. Treasury announced three additional steps taken by it in connection with the conservatorship. First, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement (“Purchase Agreement”) with Fannie Mae and Freddie Mac pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of Fannie Mae and Freddie Mac to maintain a positive net worth in each entity. This agreement contains various covenants that severely limit each entity’s operations. In exchange for entering into these agreements, the U.S. Treasury received $1 billion of each entity’s senior preferred stock and warrants to purchase 79.9% of each entity’s common stock. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to both Fannie Mae and Freddie Mac as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by Fannie Mae and Freddie Mac. Both the liquidity backstop and the mortgage-backed securities purchase program are scheduled to expire in December 2009. Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for each of its respective obligations, including guaranty obligations, associated with its mortgage-backed securities.

D-5

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     On May 6, 2009, the U.S. Treasury and FHFA, acting on behalf of Fannie Mae and Freddie Mac in its capacity as Conservator, amended the Purchase Agreement, to among other items: (i) increase the funding available under the Purchase Agreement from $100 billion to $200 billion; (ii) increase the limit on our mortgage-related investments portfolio as of December 31, 2009 from $850 billion to $900 billion; and (iii) revise the limit on the aggregate indebtedness and the method of calculating such limit for both Fannie Mae and Freddie Mac.

     When-Issued Securities

     Certain Funds may purchase and sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

     Delayed-Delivery Transactions

     Certain Funds may purchase or sell securities on a delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

     Short Sales

     Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

     When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are reflected as a liability in the Statements of Assets and Liabilities.

     The use of proceeds received from selling short to purchase additional securities (long positions), results in leverage which may increase a Fund’s exposure to long equity positions. Leverage could magnify gains or losses and, therefore, increase a Fund’s volatility.

     Repurchase Agreements

     Certain Funds may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a Fund are fully collateralized by U.S. Government securities, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s Investors Service, Inc. (“Moody’s”) or AAA, AA or A by Standard & Poor’s Corporation (“S&P”)) or, if not rated by Moody’s or S&P, are of equivalent investment quality as determined by the investment adviser or the applicable portfolio manager. Such collateral is in the possession of the Funds’ custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

     Derivative Instruments

     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 (See Note 11 for a detailed discussion on derivative instruments).

     H. NEW ACCOUNTING PRONOUNCEMENT

     On September 30, 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (“ASU”) to provide guidance on measuring fair value of certain alternative investments. The ASU amends of the FASB ASC Topic 820, Fair Value Measurements and Disclosures, to offer investors a practical expedient for measuring the fair value of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The ASU requires enhanced disclosures by major category of investment about nature and risk of each Fund’s investments within its scope that are measured at fair value on a recurring or nonrecurring basis, the nature and extent of restrictions on redeeming investments, and the amount of unfunded commitments. Management is currently evaluating the

D-6

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

impact the implementation will have on the Trust’s financial statement disclosures. The ASU is effective for fiscal years and interim periods ending after December 15, 2009.

3. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS

     Pursuant to an Investment Advisory Agreement, Pacific Life Fund Advisors LLC (“PLFA”), serves as investment adviser to the Trust. PLFA also does business under the name Pacific Asset Management. Pacific Asset Management manages the PL Money Market Fund. For the other Funds, with the exception of the Portfolio Optimization Funds, PLFA has retained other portfolio management firms to sub-advise the Funds, as discussed later in this section. PLFA receives advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:

PL Portfolio Optimization Conservative		0.20	%
PL Portfolio Optimization Moderate-Conservative		0.20	%
PL Portfolio Optimization Moderate		0.20	%
PL Portfolio Optimization Moderate-Aggressive		0.20	%
PL Portfolio Optimization Aggressive		0.20	%
PL Money Market	See (1)
PL Small-Cap Growth		0.60	%
PL International Value		0.65	%
PL Large-Cap Value		0.65	%
PL Short Duration Bond		0.40	%
PL Floating Rate Loan		0.75	%
PL Growth LT		0.55	%
PL Mid-Cap Equity		0.65	%
PL International Large-Cap		0.85	%
PL Small-Cap Value		0.75	%
PL Main Street Core		0.45	%
PL Emerging Markets		0.80	%
PL Managed Bond		0.40	%
PL Inflation Managed		0.40	%
PL Large-Cap Growth (2)		0.75	%
PL Comstock		0.75	%
PL Mid-Cap Growth		0.70	%
PL Real Estate		0.90	%

(1)	An annual rate of 0.20% of the first $250 million of the average daily net assets, 0.15% of the next $250 million, and 0.10% in excess of $500 million.
(2)	Effective October 1, 2009, PLFA voluntarily agreed to waive 0.025% of its advisory fees through April 30, 2011.

     Pursuant to Fund Management Agreements, the Trust and PLFA engage other portfolio managers under PLFA’s supervision for seventeen of the twenty-three Funds. As of September 30, 2009, the following firms serve as sub-advisers for their respective Funds: Fred Alger Management, Inc. for the PL Small-Cap Growth Fund; AllianceBernstein L.P. for the PL International Value Fund; ClearBridge Advisors, LLC for the PL Large-Cap Value Fund; Goldman Sachs Asset Management, L.P. for the PL Short Duration Bond Fund; Highland Capital Management, L.P. for the PL Floating Rate Loan Fund; Janus Capital Management LLC for the PL Growth LT Fund; Lazard Asset Management LLC for the PL Mid-Cap Equity Fund; MFS Investment Management for the PL International Large-Cap Fund; NFJ Investment Group LLC for the PL Small-Cap Value Fund; OppenheimerFunds, Inc. for the PL Main Street Core and PL Emerging Markets Funds; Pacific Investment Management Company LLC for the PL Managed Bond and PL Inflation Managed Funds; UBS Global Asset Management (Americas) Inc. for the PL Large-Cap Growth Fund; and Van Kampen for the PL Comstock, PL Mid-Cap Growth and PL Real Estate Funds. PLFA, as investment adviser to the Funds, pays the related management fees to these sub-advisers as compensation for advisory services provided to the Funds.

     Pursuant to an Administration and Shareholder Services Agreement (the “Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust compensated the Administrator at an annual rate of 0.30% of average daily net assets for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Funds that are outside the scope of the administrator’s and investment adviser’s responsibilities under the respective Agreements. Under the support services agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, including the expense of registering and qualifying the Funds on state and Federal levels, providing legal, compliance, accounting, tax and chief compliance officer services, maintaining the Trust’s legal existence, shareholders’ meetings, and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Funds reimbursed Pacific Life and PLFA for these support services on an approximate cost basis.

     Pursuant to a Distribution Agreement, Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Trusts’ shares. The Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisings, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trusts’ shares and makes distribution and service payments to selling groups in connection with the sale of the Trusts’ shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor received distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940 (together the “12b-1 Plans”) for Class B, C and R shares. The Distributor also received service fees pursuant to a Class A Service Plan (non 12b-1). Under the 12b-1 Plans, each Fund paid to the Distributor both distribution and service fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee was 0.75% for Class B and C shares and 0.25% for R shares. The service fee was 0.25% for Class A, B, C, and R shares. The Class A shares did not pay a distribution fee. For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, without payment of a front-end sales charge. To avoid duplication of fees, the 0.25% service fee for each class of the Portfolio Optimization Funds was waived. The fees were accrued daily.

     For the six-month period ended September 30, 2009, the Distributor, acting as underwriter, received net commissions of $3,341,686 from the sale of Class A shares and received $296,764 in CDSC from redemptions of Class B and C shares.

D-7

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

4. TRUSTEE COMPENSATION

     The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing the committees.

     Each independent trustee is eligible to participate in the Trust’s Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees which otherwise would be payable for services performed. Amounts in the deferral account are obligations of the Trust that are payable in accordance with the Deferred Compensation Plan. Deferral amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance of the Class A shares of the corresponding Funds without a sales load. Accordingly, the market value appreciation or depreciation of the independent trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. As of September 30, 2009, the total deferred trustee compensation liability was $119,402 for both current and retired independent trustees.

5. EXPENSE REDUCTIONS

     To help limit the Funds’ expenses, PLFA, pursuant to an expense limitation agreement, has contractually agreed to reduce its fees or otherwise reimburse each Fund for its operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; non 12b-1 service fees; dividends on securities sold short; acquired fund fees and expenses; taxes (including foreign taxes on dividends, interest or gains); interest; brokerage commissions and other transactional expenses; extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of each Fund’s business) that exceed an annual expense rate based on a percentage of a Fund’s average daily net assets. The expense cap is 0.00% for the Portfolio Optimization Funds and 0.30% for the Underlying Funds through June 30, 2010. Pacific Life, as Administrator, charges the Funds at an annual rate of 0.30% of average daily net assets under the Administration and Shareholder Services Agreement (see Note 3). To the extent that the expense cap for a Fund is lower than the administration fee, pursuant to an Expense Limitation Agreement dated July 1, 2008, Pacific Life has agreed to reduce its administration fee to the level of the expense cap through June 30, 2010.

     The investment adviser expense reimbursement and administrator fee reduction for the six-month period ended September 30, 2009 for each Fund were as follows:

	Investment				Total
	Adviser		Administrator		Reimbursements
	Expense		Fee		and
Funds	Reimbursements		Reductions		Reductions
PL Portfolio Optimization Conservative	$	111,652	$	146,027	$	257,679
PL Portfolio Optimization Moderate-Conservative		134,799		174,583		309,382
PL Portfolio Optimization Moderate		362,594		570,043		932,637
PL Portfolio Optimization Moderate-Aggressive		350,319		551,493		901,812
PL Portfolio Optimization Aggressive		166,628		234,776		401,404
PL Money Market		91,992		30,758		122,750
PL Small-Cap Growth		51,285		—		51,285
PL International Value		147,403		—		147,403
PL Large-Cap Value		88,993		—		88,993
PL Short Duration Bond		72,515		—		72,515
PL Floating Rate Loan		41,733		—		41,733
PL Growth LT		125,385		—		125,385
PL Mid-Cap Equity		87,716		—		87,716
PL International Large-Cap		136,991		—		136,991
PL Small-Cap Value		46,763		—		46,763
PL Main Street Core		176,183		—		176,183
PL Emerging Markets		152,996		—		152,996
PL Managed Bond		252,043		—		252,043
PL Inflation Managed		160,880		—		160,880
PL Large-Cap Growth		47,205		—		47,205
PL Comstock		106,571		—		106,571
PL Mid-Cap Growth		44,631		—		44,631
PL Real Estate		50,476		—		50,476
Total	$	3,007,753	$	1,707,680	$	4,715,433

     There is no guarantee that PLFA and/or Pacific Life will continue to cap and/or reduce expenses after June 30, 2010. Any reimbursement and reduction, except for the reimbursement of $8,449 by PLFA for the insurance premium paid by the PL Money Market Fund for participating in the U.S. Treasury’s Temporary Money Market Fund Guarantee Program (see Note 14) and the administration fee reduction of $30,758 by Pacific Life, is subject to repayment to PLFA and/or Pacific Life, for a period of time as permitted under regulatory and/or accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement or reduction took place), to the extent such expenses fall below the expense cap in future years. Any amounts repaid to PLFA and/or Pacific Life will have the effect of increasing such expenses of the Funds, but not above the expense cap.

D-8

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     The cumulative reimbursement and reduction amounts, if any, as of September 30, 2009 that are subject to repayment for each Fund are as follows:

	Expiration
Funds	2010		2011		2012		2013
PL Portfolio Optimization Conservative	$	233,903	$	257,268	$	366,006	$	257,679
PL Portfolio Optimization Moderate-Conservative		517,561		575,493		577,457		309,382
PL Portfolio Optimization Moderate		1,647,668		2,124,615		1,939,507		932,637
PL Portfolio Optimization Moderate-Aggressive		1,718,549		2,302,787		1,999,277		901,812
PL Portfolio Optimization Aggressive		739,235		1,080,933		906,385		401,404
PL Money Market		113,640		93,254		165,706		83,543
PL Small-Cap Growth		149,587		165,822		131,007		51,285
PL International Value		289,007		343,568		325,469		147,403
PL Large-Cap Value		193,610		198,498		175,460		88,993
PL Short Duration Bond		197,905		212,660		150,950		72,515
PL Floating Rate Loan		—		—		55,422		41,733
PL Growth LT		213,449		272,256		229,867		125,385
PL Mid-Cap Equity		198,479		234,458		195,175		87,716
PL International Large-Cap		339,401		357,364		296,673		136,991
PL Small-Cap Value		—		66,498		120,502		46,763
PL Main Street Core		300,236		315,029		370,309		176,183
PL Emerging Markets		411,421		455,787		347,289		152,996
PL Managed Bond		365,613		501,374		472,001		252,043
PL Inflation Managed		282,559		359,755		341,417		160,880
PL Large-Cap Growth		170,991		140,798		94,718		47,205
PL Comstock		263,118		300,315		214,389		106,571
PL Mid-Cap Growth		207,435		238,535		138,724		44,631
PL Real Estate		144,757		138,599		118,370		50,476
Total	$	8,698,124	$	10,735,666	$	9,732,080	$	4,676,226

     Due to the current regulatory and/or accounting guidance, all expense reimbursements made by the investment adviser for the period September 28, 2001 (the Pacific Life Funds’ commencement date of operations) to March 31, 2006 expired for future recoupment as of March 31, 2009. Based on the Funds’ experience, the likelihood of repayment by the Funds for the amounts presented in the table above prior to the expiration is considered remote and no liabilities for such repayments were recorded by the Funds as of September 30, 2009. The adviser expense reimbursement and administrator fee reduction is presented in the Statements of Operations.

6. TRANSACTIONS WITH AFFILIATES

     The Funds have incurred $4,532,295 of investment advisory fees (after $48,873 advisory fee waiver for the PL Money Market Fund), $1,754,530 of administration fees (after $1,707,680 administrator fee reduction), and $432,136 of expenses for support services provided by Pacific Life and PLFA (at approximate cost, see Note 3), for the six-month period ended September 30, 2009. As of September 30, 2009, $845,099, $322,647, and $447,471, respectively, remained payable.

     For the six-month period ended September 30, 2009, the Funds also incurred $3,732,097 of distribution and/or service fees (after distribution and/or service fee waivers of $1,397,428), payable to the Distributor under the 12b-1 Plans and non 12b-1 service plan. As of September 30, 2009, $140,337 remained payable.

     As of September 30, 2009, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C and R) owned shares in each of the affiliated applicable Underlying Funds. A summary of transactions for the six-month period ended September 30, 2009 were as follows:

					Distributions				Net			Change in		September 30, 2009
	April 1, 2009		Purchase		Received and		Sales		Realized			Unrealized		Market		Shares
Fund/Underlying Fund	Market Value		Cost (1)		Reinvested (2)		Proceeds		Gain (Loss)			Appreciation		Value		Balance
PL Portfolio Optimization Conservative Fund
PL Money Market	$	1,490,508	$	627,140	$	—	$	2,117,648	$	—		$	—	$	—		—
PL International Value		2,377,909		704,689		10,727		1,499,895		(765,998	)		1,795,605		2,623,037		284,494
PL Large-Cap Value		1,577,726		3,682,049		8,877		454,452		(160,917	)		1,102,325		5,755,608		595,203
PL Short Duration Bond		11,568,349		6,046,275		163,848		2,151,571		(25,063	)		396,210		15,998,048		1,606,230
PL Floating Rate Loan		6,453,595		2,983,494		227,783		524,240		(49,381	)		1,259,536		10,350,787		1,091,855
PL Growth LT		1,825,156		863,714		29,821		535,198		(217,010	)		783,367		2,749,850		269,593
PL Mid-Cap Equity		2,607,989		774,367		4,332		745,062		(359,573	)		1,435,112		3,717,165		488,458
PL International Large-Cap		1,656,197		1,053,903		17,692		612,913		(200,800	)		918,870		2,832,949		216,256
PL Main Street Core		4,377,774		824,334		13,400		3,534,840		(872,442	)		1,964,603		2,772,829		338,977
PL Managed Bond		28,559,899		9,940,150		912,094		649,373		(17,493	)		3,631,448		42,376,725		3,923,771
PL Inflation Managed		15,831,891		5,593,323		493,038		2,084,608		(239,435	)		893,731		20,487,940		2,061,161
PL Large-Cap Growth		—		2,151,206		—		77,460		1,061			254,630		2,329,437		344,591
PL Comstock		3,301,137		843,548		13,399		1,420,502		(469,576	)		1,625,653		3,893,659		400,995
	$	81,628,130	$	36,088,192	$	1,895,011	$	16,407,762		($3,376,627	)	$	16,061,090	$	115,888,034		11,621,584

D-9

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

					Distributions				Net			Change in		September 30, 2009
	April 1, 2009		Purchase		Received and		Sales		Realized			Unrealized		Market		Shares
Fund/Underlying Fund	Market Value		Cost (1)		Reinvested (2)		Proceeds		Gain (Loss)			Appreciation		Value		Balance
PL Portfolio Optimization Moderate-Conservative Fund
PL Small-Cap Growth	$	1,023,236	$	20,919	$	—	$	1,258,736	$	(253,708	)	$	468,289	$	—		—
PL International Value		5,718,751		411,707		30,211		4,172,108		(2,829,792	)		5,092,733		4,251,502		461,117
PL Large-Cap Value		3,840,307		4,018,006		22,781		84,719		(31,071	)		1,765,164		9,530,468		985,571
PL Short Duration Bond		10,394,754		4,142,486		146,472		81,577		34			330,471		14,932,640		1,499,261
PL Floating Rate Loan		5,530,145		2,970,877		195,916		51,913		(5,369	)		1,023,233		9,662,889		1,019,292
PL Growth LT		3,943,745		279,758		75,234		1,215,857		(536,522	)		1,660,522		4,206,880		412,439
PL Mid-Cap Equity		3,886,009		228,622		7,449		272,698		(145,081	)		1,821,248		5,525,549		726,091
PL International Large-Cap		4,839,675		321,475		59,898		379,717		(126,849	)		2,247,477		6,961,959		531,447
PL Small-Cap Value		940,468		107,331		2,870		51,260		(19,662	)		393,922		1,373,669		181,462
PL Main Street Core		6,853,763		522,159		24,147		298,925		(110,927	)		2,466,416		9,456,633		1,156,068
PL Managed Bond		25,837,362		7,202,238		785,416		200,233		381			3,170,716		36,795,880		3,407,026
PL Inflation Managed		13,955,393		4,592,493		448,550		378,823		(37,821	)		648,255		19,228,047		1,934,411
PL Large-Cap Growth		1,005,606		2,696,649		—		58,229		(33,408	)		577,001		4,187,619		619,470
PL Comstock		6,886,784		295,418		29,848		1,494,088		(907,604	)		3,475,774		8,286,132		853,361
PL Mid-Cap Growth		2,034,810		70,333		—		279,450		(136,332	)		1,182,075		2,871,436		374,861
	$	96,690,808	$	27,880,471	$	1,828,792	$	10,278,333	$	(5,173,731	)	$	26,323,296	$	137,271,303		14,161,877
					Distributions				Net			Change in		September 30, 2009
	April 1, 2009		Purchase		Received and		Sales		Realized			Unrealized		Market		Shares
Fund/Underlying Fund	Market Value		Cost (1)		Reinvested (2)		Proceeds		Gain (Loss)			Appreciation		Value		Balance
PL Portfolio Optimization Moderate Fund
PL Small-Cap Growth	$	6,327,324	$	167,135	$	—	$	3,895,242	$	(1,901,408	)	$	3,855,195	$	4,553,004		555,244
PL International Value		20,723,872		1,151,026		111,789		12,483,562		(9,603,977	)		18,185,234		18,084,382		1,961,430
PL Large-Cap Value		21,074,191		14,356,012		127,364		194,086		(70,662	)		8,604,899		43,897,718		4,539,578
PL Short Duration Bond		22,404,654		5,049,842		254,849		6,990,981		24,715			568,528		21,311,607		2,139,720
PL Floating Rate Loan		13,038,709		6,065,287		437,915		180,108		(25,139	)		2,327,291		21,663,955		2,285,227
PL Growth LT		22,640,031		710,641		428,532		7,661,535		(3,505,662	)		9,751,799		22,363,806		2,192,530
PL Mid-Cap Equity		18,394,241		946,014		35,729		359,679		(201,202	)		8,184,231		26,999,334		3,547,876
PL International Large-Cap		18,580,252		795,746		230,500		637,988		(214,673	)		8,352,698		27,106,535		2,069,201
PL Small-Cap Value		5,796,711		815,517		18,205		40,541		(17,582	)		2,358,391		8,930,701		1,179,749
PL Main Street Core		28,216,458		1,714,758		99,890		443,809		(197,769	)		9,864,045		39,253,573		4,798,725
PL Emerging Markets		10,116,269		190,258		—		2,686,780		(784,983	)		7,010,337		13,845,101		1,266,706
PL Managed Bond		55,013,605		10,954,482		1,592,155		642,515		(10,452	)		6,502,743		73,410,018		6,797,224
PL Inflation Managed		30,374,119		15,413,235		1,055,696		744,527		(61,698	)		1,620,176		47,657,001		4,794,467
PL Large-Cap Growth		6,114,856		9,085,886		—		77,634		(44,839	)		2,595,673		17,673,942		2,614,489
PL Comstock		23,790,437		2,252,661		109,176		429,053		(245,230	)		10,194,598		35,672,589		3,673,799
PL Mid-Cap Growth		6,193,568		212,592		—		411,908		(158,585	)		3,484,138		9,319,805		1,216,685
PL Real Estate		4,594,559		1,741,022		57,962		654,692		(587,017	)		4,356,963		9,508,797		1,225,360
	$	313,393,856	$	71,622,114	$	4,559,762	$	38,534,640	$	(17,606,163	)	$	107,816,939	$	441,251,868		46,858,010
					Distributions				Net			Change in		September 30, 2009
	April 1, 2009		Purchase		Received and		Sales		Realized			Unrealized		Market		Shares
Fund/Underlying Fund	Market Value		Cost (1)		Reinvested (2)		Proceeds		Gain (Loss)			Appreciation		Value		Balance
PL Portfolio Optimization Moderate-Aggressive Fund
PL Small-Cap Growth	$	9,507,107	$	252,144	$	—	$	4,186,675	$	(2,095,588	)	$	5,217,078	$	8,694,066		1,060,252
PL International Value		31,188,322		1,621,926		166,829		15,221,699		(13,343,486	)		26,720,832		31,132,724		3,376,651
PL Large-Cap Value		23,772,917		17,094,453		138,880		39,696		(4,858	)		9,769,730		50,731,426		5,246,270
PL Short Duration Bond		2,756,816		4,999,333		60,194		17,997		(11	)		129,769		7,928,104		795,994
PL Floating Rate Loan		2,792,420		286,762		42,054		3,430,051		(280,316	)		589,131		—		—
PL Growth LT		30,522,197		1,157,697		583,792		10,788,736		(4,791,642	)		13,230,787		29,914,095		2,932,754
PL Mid-Cap Equity		23,956,975		1,134,279		46,186		602,137		(462,863	)		10,778,533		34,850,973		4,579,629
PL International Large-Cap		27,126,165		743,597		330,560		4,135,937		(2,057,022	)		13,155,596		35,162,959		2,684,195
PL Small-Cap Value		11,554,863		985,516		34,844		3,524,445		(1,763,498	)		5,634,032		12,921,312		1,706,910
PL Main Street Core		30,360,760		5,020,928		107,018		97,010		(48,732	)		10,852,203		46,195,167		5,647,331
PL Emerging Markets		12,752,271		345,050		—		3,191,675		(1,250,730	)		9,125,721		17,780,637		1,626,774
PL Managed Bond		23,156,379		5,725,283		637,747		3,851,713		24,725			2,662,771		28,355,192		2,625,481
PL Inflation Managed		17,529,642		13,217,511		689,509		89,539		(743	)		1,079,168		32,425,548		3,262,128
PL Large-Cap Growth		5,844,767		8,591,170		—		20,029		(2,706	)		2,471,679		16,884,881		2,497,763
PL Comstock		26,592,343		1,424,462		117,540		51,088		(16,866	)		10,887,986		38,954,377		4,011,779
PL Mid-Cap Growth		5,987,024		10,746,277		—		85,616		(37,677	)		5,752,991		22,362,999		2,919,452
PL Real Estate		10,177,254		1,124,504		103,962		3,407,383		(4,385,023	)		10,903,407		14,516,721		1,870,711
	$	295,578,222	$	74,470,892	$	3,059,115	$	52,741,426	$	(30,517,036	)	$	138,961,414	$	428,811,181		46,844,074

D-10

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

					Distributions				Net			Change in		September 30, 2009
	April 1, 2009		Purchase		Received and		Sales		Realized			Unrealized		Market		Shares
Fund/Underlying Fund	Market Value		Cost (1)		Reinvested (2)		Proceeds		Gain (Loss)			Appreciation		Value		Balance
PL Portfolio Optimization Aggressive Fund
PL Small-Cap Growth	$	6,420,820	$	1,006,594	$	—	$	2,456,878	$	(1,188,822	)	$	3,499,126	$	7,280,840		887,907
PL International Value		17,388,051		1,011,838		86,829		9,778,547		(8,766,328	)		16,055,393		15,997,236		1,735,058
PL Large-Cap Value		10,069,419		7,063,834		62,746		142,877		(70,530	)		4,211,775		21,194,367		2,191,765
PL Growth LT		13,819,590		1,942,577		283,189		5,639,710		(2,827,535	)		6,781,272		14,359,383		1,407,783
PL Mid-Cap Equity		10,105,956		756,415		19,678		617,914		(488,858	)		4,826,247		14,601,524		1,918,729
PL International Large-Cap		11,699,698		3,320,104		142,618		3,088,305		(1,451,436	)		6,847,931		17,470,610		1,333,634
PL Small-Cap Value		8,726,477		723,766		26,627		3,273,238		(1,539,065	)		4,371,800		9,036,367		1,193,708
PL Main Street Core		15,463,313		1,232,270		55,310		907,625		(441,134	)		5,687,598		21,089,732		2,578,207
PL Emerging Markets		7,971,169		1,929,335		—		5,002,212		(2,306,345	)		6,671,874		9,263,821		847,559
PL Managed Bond		—		4,751,540		80,086		15,384		15			178,792		4,995,049		462,505
PL Large-Cap Growth		2,515,549		3,651,370		—		174,133		(107,191	)		1,150,549		7,036,144		1,040,850
PL Comstock		12,807,819		972,054		57,410		2,324,533		(1,339,444	)		6,426,901		16,600,207		1,709,599
PL Mid-Cap Growth		2,515,983		6,258,559		—		229,709		(167,305	)		2,892,336		11,269,864		1,471,262
PL Real Estate		5,737,829		854,936		54,312		3,018,508		(2,882,390	)		6,531,006		7,277,185		937,782
	$	125,241,673	$	35,475,192	$	868,805	$	36,669,573	$	(23,576,368	)	$	76,132,600	$	177,472,329		19,716,348

(1)	Purchase cost excludes distributions received and reinvested.
(2)	Distributions received include distributions from net investment income and from capital gains, if any, from the Underlying Funds.

7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS

     The tax character of distributions paid during the six-month period ended September 30, 2009, were as follows:

	Distributions Paid From
	Ordinary		Long-Term		Total
Funds	Income		Capital Gains		Distributions
PL Portfolio Optimization Conservative	$	564,306	$	—	$	564,306
PL Portfolio Optimization Moderate-Conservative		1,232,502		—		1,232,502
PL Portfolio Optimization Moderate		4,275,748		—		4,275,748
PL Portfolio Optimization Moderate-Aggressive		2,973,256		—		2,973,256
PL Portfolio Optimization Aggressive		1,107,119		—		1,107,119
PL International Value		412,673		—		412,673
PL Large-Cap Value		375,212		—		375,212
PL Short Duration Bond		628,373		—		628,373
PL Floating Rate Loan		903,667		—		903,667
PL Growth LT		1,426,742		—		1,426,742
PL Mid-Cap Equity		113,733		—		113,733
PL International Large-Cap		795,980		—		795,980
PL Small-Cap Value		82,548		—		82,548
PL Main Street Core		299,766		—		299,766
PL Managed Bond		4,139,507		—		4,139,507
PL Inflation Managed		2,788,908		—		2,788,908
PL Comstock		333,765		—		333,765
PL Real Estate		218,736		—		218,736

     The tax character of distributions paid during the year ended March 31, 2009, were as follows:

	Distributions Paid From
	Ordinary		Long-Term		Return of		Total
Funds	Income		Capital Gains		Capital		Distributions
PL Portfolio Optimization Conservative	$	3,923,732	$	133,752	$	—	$	4,057,484
PL Portfolio Optimization Moderate-Conservative		4,398,954		1,105,969		—		5,504,923
PL Portfolio Optimization Moderate		10,527,424		6,873,046		—		17,400,470
PL Portfolio Optimization Moderate-Aggressive		6,485,309		9,839,791		—		16,325,100
PL Portfolio Optimization Aggressive		13		5,735,626		—		5,735,639
PL Money Market		549,555		—		—		549,555
PL International Value		2,637,765		—		—		2,637,765
PL Large-Cap Value		963,281		78,131		—		1,041,412
PL Short Duration Bond		2,359,289		1,688,071		—		4,047,360
PL Floating Rate Loan		1,416,589		—		—		1,416,589
PL Growth LT		6		1,903,765		—		1,903,771
PL Mid-Cap Equity		887,740		—		—		887,740

D-11

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

	Distributions Paid From
	Ordinary		Long-Term		Return of		Total
Funds	Income		Capital Gains		Capital		Distributions
PL International Large-Cap	$	406,316	$	781,478	$	—	$	1,187,794
PL Small-Cap Value		543,357		—		—		543,357
PL Main Street Core		1,021,270		—		—		1,021,270
PL Emerging Markets		513,190		6,029,027		—		6,542,217
PL Managed Bond		15,798,381		1,061,640		—		16,860,021
PL Inflation Managed		12,137,058		—		—		12,137,058
PL Comstock		1,691,349		—		—		1,691,349
PL Mid-Cap Growth		99,273		2,922,430		—		3,021,703
PL Real Estate		587,647		—		23,684		611,331

     As of March 31, 2009, the components of distributable earnings on a tax basis were as follows:

								Net
	Accumulated			Undistributed		Undistributed		Unrealized
	Capital and			Ordinary		Long-Term		Appreciation
Funds	Other Losses			Income		Capital Gains		(Depreciation) (1)
PL Portfolio Optimization Conservative	$	—		$	564,288	$	—	$	(11,412,193	)
PL Portfolio Optimization Moderate-Conservative		(1,453,044	)		1,232,493		—		(27,547,046	)
PL Portfolio Optimization Moderate		(4,390,644	)		4,275,723		—		(138,923,650	)
PL Portfolio Optimization Moderate-Aggressive		(5,546,447	)		2,973,238		—		(186,068,923	)
PL Portfolio Optimization Aggressive		(5,516,810	)		1,107,101		—		(95,039,111	)
PL Money Market		—			20,274		—		—
PL Small-Cap Growth		(11,301,981	)		—		—		(5,733,933	)
PL International Value		(23,652,440	)		412,673		—		(53,964,982	)
PL Large-Cap Value		(12,957,305	)		375,210		—		(21,908,453	)
PL Short Duration Bond		(1,045,853	)		6,949		—		(130,236	)
PL Floating Rate Loan		(2,103,313	)		25,455		—		(4,645,876	)
PL Growth LT		(21,190,772	)		1,426,737		—		(18,808,177	)
PL Mid-Cap Equity		(30,213,991	)		113,723		—		(19,121,026	)
PL International Large-Cap		(7,077,460	)		795,979		—		(26,716,209	)
PL Small-Cap Value		(5,755,378	)		82,542		—		(12,116,643	)
PL Main Street Core		(21,374,398	)		299,758		—		(37,069,200	)
PL Emerging Markets		(4,380,683	)		—		—		(9,682,549	)
PL Managed Bond		(269,322	)		891,879		—		(10,367,365	)
PL Inflation Managed		(2,829,243	)		1,498,967		—		(6,993,238	)
PL Large-Cap Growth		(9,923,263	)		—		—		357,020
PL Comstock		(25,813,624	)		333,756		—		(37,703,395	)
PL Mid-Cap Growth		(706,935	)		—		—		(6,579,748	)
PL Real Estate		(6,804,780	)		—		—		(17,454,073	)

(1) Amount includes appreciation and depreciation on investments, derivatives, and assets and liabilities in foreign currencies.

The components of the accumulated capital and other losses as of March 31, 2009, are summarized in Note 8.

8. FEDERAL INCOME TAX INFORMATION

     Each Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. Each Fund presented in the first table below declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2009, to qualify as a regulated investment company and is not required to pay Federal income tax under Subchapter M of the Internal Revenue Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined on a tax basis and may differ from such amounts for financial reporting purposes (see Note 2C). In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

     Net capital loss carryovers and post-October capital losses, if any, as of March 31, 2009, are available to offset future realized capital gains and thereby reduce future capital gains distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The net capital loss carryovers and the post-October capital and foreign currency losses deferred as of March 31, 2009, were as follows:

D-12

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

																				Post-			Post-October			Accumulated
	Net Capital																			October			Foreign			Capital and
	Loss			Net Capital Loss Carryover Expiring in																Capital Loss			Currency			Other
Funds	Carryover			2012 and Prior			2013		2014		2015			2016			2017			Deferral			Loss Deferral			Losses
PL Portfolio Optimization Moderate-Conservative	$	(1,171,196	)	$	—		$	—	$	—	$	—		$	—		$	(1,171,196	)	$	(281,848	)	$	—		$	(1,453,044	)
PL Portfolio Optimization Moderate		(3,967,837	)		—			—		—		—			—			(3,967,837	)		(422,807	)		—			(4,390,644	)
PL Portfolio Optimization Moderate-Aggressive	$	(3,214,516	)	$	—		$	—	$	—	$	—		$	—		$	(3,214,516	)	$	(2,331,931	)	$	—		$	(5,546,447	)
PL Portfolio Optimization Aggressive		(2,128,707	)		—			—		—		—			—			(2,128,707	)		(3,388,103	)		—			(5,516,810	)
PL Small-Cap Growth		(5,477,816	)		—			—		—		—			—			(5,477,816	)		(5,824,165	)		—			(11,301,981	)
PL International Value		(7,806,521	)		—			—		—		—			—			(7,806,521	)		(15,695,482	)		(150,437	)		(23,652,440	)
PL Large-Cap Value		(5,885,797	)		—			—		—		—			—			(5,885,797	)		(7,068,794	)		(2,714	)		(12,957,305	)
PL Short Duration Bond		—			—			—		—		—			—			—			(1,045,853	)		—			(1,045,853	)
PL Floating Rate Loan		(439,943	)		—			—		—		—			—			(439,943	)		(1,663,370	)		—			(2,103,313	)
PL Growth LT		(7,353,330	)		—			—		—		—			—			(7,353,330	)		(13,692,509	)		(144,933	)		(21,190,772	)
PL Mid-Cap Equity		(15,810,724	)		—			—		—		—			—			(15,810,724	)		(14,403,267	)		—			(30,213,991	)
PL International Large-Cap		(2,153,723	)		—			—		—		—			—			(2,153,723	)		(4,904,806	)		(18,931	)		(7,077,460	)
PL Small-Cap Value		(1,719,010	)		—			—		—		—			(32,441	)		(1,686,569	)		(4,036,368	)		—			(5,755,378	)
PL Main Street Core		(13,408,365	)		—			—		—		—			—			(13,408,365	)		(7,966,033	)		—			(21,374,398	)
PL Emerging Markets		—			—			—		—		—			—			—			(4,374,328	)		(6,355	)		(4,380,683	)
PL Managed Bond		—			—			—		—		—			—			—			(269,322	)		—			(269,322	)
PL Inflation Managed		(141,727	)		—			—		—		—			—			(141,727	)		(2,411,164	)		(276,352	)		(2,829,243	)
PL Large-Cap Growth (1)		(5,564,677	)		(64,425	)		—		—		(1,076,170	)		—			(4,424,082	)		(4,358,586	)		—			(9,923,263	)
PL Comstock		(12,106,786	)		—			—		—		—			—			(12,106,786	)		(13,706,838	)		—			(25,813,624	)
PL Mid-Cap Growth		—			—			—		—		—			—			—			(704,555	)		(2,380	)		(706,935	)
PL Real Estate		(2,282,346	)		—			—		—		—			—			(2,282,346	)		(4,522,434	)		—			(6,804,780	)

(1) The availability of a certain amount of capital loss carryover which was acquired on December 31, 2003 in the merger with the PF Putnam Research Fund, may be limited in a given year. The net capital loss carryover for 2012 and prior includes $64,425 net capital loss carryover expiring in 2011.

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

			Gross		Gross			Net Unrealized			Net Unrealized
	Total Cost of		Unrealized		Unrealized			Appreciation			Appreciation			Net 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	$	112,317,071	$	3,923,949	$	—		$	3,923,949		$	—		$	3,923,949
PL Portfolio Optimization Moderate-Conservative		139,089,007		1,453,157		(3,164,238	)		(1,711,081	)		—			(1,711,081	)
PL Portfolio Optimization Moderate		473,686,701		8,073,647		(40,361,206	)		(32,287,559	)		—			(32,287,559	)
PL Portfolio Optimization Moderate-Aggressive		478,897,105		7,668,050		(57,375,340	)		(49,707,290	)		—			(49,707,290	)
PL Portfolio Optimization Aggressive		200,703,711		5,684,200		(28,780,862	)		(23,096,662	)		—			(23,096,662	)
PL Money Market		41,537,332		—		—			—			—			—
PL Small-Cap Growth		18,205,657		3,873,751		(306,943	)		3,566,808			—			3,566,808
PL International Value		70,240,160		10,571,049		(7,596,369	)		2,974,680			18,776			2,993,456
PL Large-Cap Value		126,576,321		10,971,049		(3,455,724	)		7,515,325			684			7,516,009
PL Short Duration Bond		64,831,101		1,042,662		(145,722	)		896,940			56,714			953,654
PL Floating Rate Loan		43,556,372		1,179,204		(888,936	)		290,268			—			290,268
PL Growth LT		63,297,203		12,405,945		(756,169	)		11,649,776			(78,443	)		11,571,333
PL Mid-Cap Equity		77,786,633		9,817,991		(2,328,284	)		7,489,707			—			7,489,707
PL International Large-Cap		86,133,929		10,486,568		(5,679,190	)		4,807,378			5,562			4,812,940
PL Small-Cap Value		30,904,571		3,405,928		(2,031,214	)		1,374,714			—			1,374,714
PL Main Street Core		107,015,798		11,879,640		(1,211,738	)		10,667,902			—			10,667,902
PL Emerging Markets		30,439,373		10,607,204		(354,692	)		10,252,512			(7,104	)		10,245,408
PL Managed Bond		200,827,642		6,110,254		(8,077,695	)		(1,967,441	)		3,694,176			1,726,735
PL Inflation Managed		139,397,363		4,178,884		(6,701,232	)		(2,522,348	)		423,028			(2,099,320	)
PL Large-Cap Growth		43,403,401		6,476,383		(77,434	)		6,398,949			—			6,398,949
PL Comstock		106,127,169		4,471,455		(5,264,171	)		(792,716	)		—			(792,716	)
PL Mid-Cap Growth		42,022,797		8,705,633		(1,976,060	)		6,729,573			—			6,729,573
PL Real Estate		28,910,563		3,423,776		(763,042	)		2,660,734			(503	)		2,660,231

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

D-13

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     As of and during the year ended March 31, 2009, none of the Funds had liabilities for any unrecognized tax benefits. During the year ended March 31, 2009, none of the Funds incurred any interest or penalties.

     The Funds’ tax returns remain subject to examination by Federal and State tax authorities (principal state jurisdictions include California and Delaware) for the tax years ended March 31, 2007 through March 31, 2009 for federal purposes and March 31, 2006 through March 31, 2009 for state purposes.

9. PURCHASES AND SALES OF SECURITIES

     The cost of purchases and proceeds from sales of securities (excluding short-term investments and the PL Money Market Fund since it trades exclusively in short-term debt securities) for the six-month period ended September 30, 2009, were as follows:

	U.S. Government Securities				Other Securities
Funds	Purchases		Sales		Purchases		Sales
PL Portfolio Optimization Conservative	$	—	$	—	$	37,983,203	$	16,407,762
PL Portfolio Optimization Moderate-Conservative		—		—		29,709,263		10,278,333
PL Portfolio Optimization Moderate		—		—		76,181,876		38,534,640
PL Portfolio Optimization Moderate-Aggressive		—		—		77,530,007		52,741,426
PL Portfolio Optimization Aggressive		—		—		36,343,997		36,669,573
PL Small-Cap Growth		—		—		11,680,612		22,339,162
PL International Value		—		—		14,530,657		51,374,203
PL Large-Cap Value		—		—		49,405,775		6,776,997
PL Short Duration Bond		39,310,760		38,938,123		13,361,243		42,778,821
PL Floating Rate Loan		—		—		26,180,849		17,636,601
PL Growth LT		—		—		23,382,403		44,665,948
PL Mid-Cap Equity		—		—		26,470,681		26,455,559
PL International Large-Cap		—		—		10,016,767		12,011,093
PL Small-Cap Value		—		—		5,786,515		10,979,652
PL Main Street Core		—		—		101,489,051		101,298,506
PL Emerging Markets		—		—		9,524,476		18,138,211
PL Managed Bond		411,526,510		446,497,020		48,054,209		39,143,581
PL Inflation Managed		262,182,616		271,051,230		14,389,144		14,325,502
PL Large-Cap Growth		—		—		50,486,946		24,464,098
PL Comstock		—		—		14,631,912		14,633,913
PL Mid-Cap Growth		—		—		20,615,877		5,517,715
PL Real Estate		—		—		6,036,978		8,705,921

10. FAIR VALUE MEASUREMENTS

     The Trust implemented the FASB ASC Topic 820, Fair Value Measurements and Disclosures, (“FASB ASC 820”), as of April 1, 2008. Under FASB ASC 820, the Trust is 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 each Fund’s 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 in Note 2A) are reflected as Level 2.

     The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities in accordance with the additional guidance under the FASB ASC 820:

     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.

D-14

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     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 on broker-dealer quotations from relevant market 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 over the counter (“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 Trust’s 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.

D-15

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     The following is a summary of the Trust’s holdings as of September 30, 2009 as categorized under the three-tier hierarchy of inputs as defined in the FASB ASC 820:

						Level 2		Level 3
		Total		Level 1		Significant		Significant
		Value at		Quoted		Observable		Unobservable
Funds		September 30, 2009		Price		Input		Input
PL Portfolio Optimization Conservative
Assets	Affiliated Mutual Funds*	$	115,888,034	$	115,888,034	$	—	$	—
	Short-Term Investment		352,986		352,986		—		—
	Total	$	116,241,020	$	116,241,020	$	—	$	—
PL Portfolio Optimization Moderate-Conservative
Assets	Affiliated Mutual Funds*	$	137,271,303	$	137,271,303	$	—	$	—
	Short-Term Investment		106,623		106,623		—		—
	Total	$	137,377,926	$	137,377,926	$	—	$	—
PL Portfolio Optimization Moderate
Assets	Affiliated Mutual Funds*	$	441,251,868	$	441,251,868	$	—	$	—
	Short-Term Investment		147,274		147,274		—		—
	Total	$	441,399,142	$	441,399,142	$	—	$	—
PL Portfolio Optimization Moderate-Aggressive
Assets	Affiliated Mutual Funds*	$	428,811,181	$	428,811,181	$	—	$	—
	Short-Term Investment		378,634		378,634		—		—
	Total	$	429,189,815	$	429,189,815	$	—	$	—
PL Portfolio Optimization Aggressive
Assets	Affiliated Mutual Funds*	$	177,472,329	$	177,472,329	$	—	$	—
	Short-Term Investment		134,720		134,720		—		—
	Total	$	177,607,049	$	177,607,049	$	—	$	—
PL Money Market
Assets	Short-Term Investments	$	41,537,332	$	43,977	$	41,493,355	$	—
PL Small-Cap Growth
Assets	Common Stocks*	$	20,607,827	$	20,607,827	$	—	$	—
	Short-Term Investment		1,164,638		1,164,638		—		—
	Total	$	21,772,465	$	21,772,465	$	—	$	—
PL International Value
Assets	Rights*	$	24,707	$	—	$	24,707	$	—
	Common Stocks*
	Australia		5,080,535		—		5,080,535		—
	Belgium		250,299		—		250,299		—
	Bermuda		176,548		—		176,548		—
	Canada		2,144,461		2,144,461		—		—
	Denmark		359,411		—		359,411		—
	Finland		837,498		—		837,498		—
	France		8,983,609		—		8,983,609		—
	Germany		8,439,774		—		8,439,774		—
	Hong Kong		430,556		—		430,556		—
	Italy		4,565,913		—		4,565,913		—
	Japan		12,416,848		—		12,416,848		—
	Luxembourg		663,715		—		663,715		—
	Netherlands		1,548,629		—		1,548,629		—
	New Zealand		732,988		—		732,988		—
	Norway		646,830		—		646,830		—
	Spain		2,585,542		—		2,585,542		—
	Sweden		1,846,420		—		1,846,420		—
	Switzerland		3,682,842		—		3,682,842		—
	United Kingdom		17,411,775		—		17,411,775		—
			72,804,193		2,144,461		70,659,732		—
	Short-Term Investment		385,940		385,940		—		—
	Investments in Other Financial Instruments**		6,421		6,421		—		—
	Total	$	73,221,261	$	2,536,822	$	70,684,439	$	—
PL Large-Cap Value
Assets	Common Stocks*
	Consumer Discretionary	$	20,918,020	$	18,967,541	$	1,950,479	$	—
	Consumer Staples		18,919,425		18,919,425		—		—
	Energy		19,221,758		19,221,758		—		—
	Financials		28,426,969		28,426,969		—		—

D-16

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

								Level 2			Level 3
		Total			Level 1			Significant			Significant
		Value at			Quoted			Observable			Unobservable
Funds		September 30, 2009			Price			Input			Input
PL Large-Cap Value (Continued)
Assets	Common Stocks* (Continued)
	Health Care	$	10,610,626		$	9,127,941		$	1,482,685		$	—
	Industrials		8,880,385			8,880,385			—			—
	Information Technology		5,239,363			5,239,363			—			—
	Materials		2,048,112			2,048,112			—			—
	Telecommunication Services		8,099,210			8,099,210			—			—
	Utilities		2,948,753			2,948,753			—			—
			125,312,621			121,879,457			3,433,164			—
	Short-Term Investment		8,779,025			8,779,025			—			—
	Total	$	134,091,646		$	130,658,482		$	3,433,164		$	—
PL Short Duration Bond
Assets	Corporate Bonds & Notes	$	19,845,595		$	—		$	19,845,595		$	—
	Mortgage-Backed Securities		20,254,465			—			20,254,465			—
	Asset-Backed Securities		2,642,972			—			2,642,972			—
	U.S. Government Agency Issues		11,252,816			—			11,252,816			—
	U.S. Treasury Obligations		3,915,039			—			3,915,039			—
	Foreign Government Bonds & Notes		608,749			—			608,749			—
	Short-Term Investment		7,208,405			7,208,405			—			—
	Investments in Other Financial Instruments**		148,747			148,747			—			—
			65,876,788			7,357,152			58,519,636			—
Liabilities	Investments in Other Financial Instruments**		(92,033	)		(92,033	)		—			—
	Total	$	65,784,755		$	7,265,119		$	58,519,636		$	—
PL Floating Rate Loan
Assets	Senior Loan Notes	$	37,009,771		$	—		$	37,009,771		$	—
	Short-Term Investment		6,836,869			6,836,869			—			—
	Total	$	43,846,640		$	6,836,869		$	37,009,771		$	—
PL Growth LT
Assets	Preferred Stocks*	$	1,177,531		$	1,177,531		$	—		$	—
	Common Stocks*
	Consumer Discretionary		2,879,978			1,497,079			1,382,899			—
	Consumer Staples		10,833,591			4,273,765			6,559,826			—
	Energy		6,671,153			6,671,153			—			—
	Financials		6,377,368			6,377,368			—			—
	Health Care		7,852,667			6,418,327			1,434,340			—
	Industrials		7,325,216			7,325,216			—			—
	Information Technology		20,588,874			19,843,881			744,993			—
	Materials		3,334,552			3,334,552			—			—
	Telecommunication Services		2,272,816			2,272,816			—			—
	Utilities		631,597			631,597			—			—
			68,767,812			58,645,754			10,122,058			—
	Short-Term Investment		5,001,636			5,001,636			—			—
	Investments in Other Financial Instruments**		39,714			—			39,714			—
			74,986,693			64,824,921			10,161,772			—
Liabilities	Investments in Other Financial Instruments**		(130,481	)		—			(130,481	)		—
	Total	$	74,856,212		$	64,824,921		$	10,031,291		$	—
PL Mid-Cap Equity
Assets	Common Stocks*	$	82,052,108		$	82,052,108		$	—		$	—
	Short-Term Investment		3,224,232			3,224,232			—			—
	Total	$	85,276,340		$	85,276,340		$	—		$	—
PL International Large-Cap
Assets	Common Stocks*
	Austria	$	602,184		$	—		$	602,184		$	—
	Bermuda		918,295			—			918,295			—
	Canada		1,832,226			1,832,226			—			—
	Czech Republic		582,061			—			582,061			—
	France		18,355,786			—			18,355,786			—
	Germany		10,915,443			—			10,915,443			—
	Hong Kong		521,748			—			521,748			—
	India		1,414,453			1,414,453			—			—

D-17

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

						Level 2		Level 3
		Total		Level 1		Significant		Significant
		Value at		Quoted		Observable		Unobservable
Funds		September 30, 2009		Price		Input		Input
PL International Large-Cap (Continued)
Assets	Common Stocks* (Continued)
	Italy	$	723,359	$	—	$	723,359	$	—
	Japan		10,435,292		—		10,435,292		—
	Mexico		977,012		977,012		—		—
	Netherlands		6,271,096		—		6,271,096		—
	Singapore		1,041,833		—		1,041,833		—
	South Africa		617,146		—		617,146		—
	South Korea		1,355,235		—		1,355,235		—
	Switzerland		14,423,150		—		14,423,150		—
	Taiwan		1,018,951		1,018,951		—		—
	United Kingdom		16,226,353		—		16,226,353		—
	United States		1,654,426		—		1,654,426		—
			89,886,049		5,242,642		84,643,407		—
	Short-Term Investment		1,055,258		1,055,258		—		—
	Total	$	90,941,307	$	6,297,900	$	84,643,407	$	—
PL Small-Cap Value
Assets	Common Stocks*	$	29,890,672	$	29,890,672	$	—	$	—
	Short-Term Investment		2,388,613		2,388,613		—		—
	Total	$	32,279,285	$	32,279,285	$	—	$	—
PL Main Street Core
Assets	Common Stocks*
	Consumer Discretionary	$	11,974,522	$	11,974,522	$	—	$	—
	Consumer Staples		12,254,060		12,254,060		—		—
	Energy		13,058,853		13,058,853		—		—
	Financials		16,034,946		16,034,935		—		11
	Health Care		15,557,292		15,557,292		—		—
	Industrials		12,972,819		12,972,819		—		—
	Information Technology		19,426,673		19,426,673		—		—
	Materials		3,745,035		3,745,035		—		—
	Telecommunication Services		1,758,898		1,758,898		—		—
	Utilities		4,297,922		4,297,922		—		—
			111,081,020		111,081,009		—		11
	Exchange-Traded Fund*		2,322,320		2,322,320		—		—
	Short-Term Investment		4,280,360		4,280,360		—		—
	Total	$	117,683,700	$	117,683,689	$	—	$	11
PL Emerging Markets
Assets	Preferred Stocks*	$	3,150,158	$	3,150,158	$	—	$	—
	Common Stocks*
	Argentina		9,960		9,960		—		—
	Bermuda		375,211		258,016		117,195		—
	Brazil		2,565,822		2,565,822		—		—
	Canada		161,833		161,833		—		—
	Cayman		1,094,949		734,647		360,302		—
	Chile		848,126		848,126		—		—
	China		488,489		—		488,489		—
	Colombia		403,554		403,554		—		—
	Denmark		465,604		—		465,604		—
	Egypt		1,281,348		102,981		1,178,367		—
	Hong Kong		4,019,368		—		4,019,368		—
	India		4,854,211		1,053,493		3,800,718		—
	Indonesia		1,133,063		—		1,133,063		—
	Kenya		10,696		—		10,696		—
	Luxembourg		748,314		502,242		246,072		—
	Mexico		2,909,364		2,909,364		—		—
	Norway		138,195		—		138,195		—
	Philippines		1,089,633		—		1,089,633		—
	Russia		2,438,252		—		2,438,252		—
	South Africa		1,860,062		—		1,860,062		—
	South Korea		1,807,952		—		1,807,952		—
	Taiwan		3,065,780		71,300		2,994,480		—

D-18

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

									Level 2			Level 3
			Total			Level 1			Significant			Significant
			Value at			Quoted			Observable			Unobservable
Funds			September 30, 2009			Price			Input			Input
PL Emerging Markets (Continued)
	Assets	Common Stocks* (Continued)
		Thailand	$	1,501		$	1,501		$	—		$	—
		Turkey		2,494,186			—			2,494,186			—
		United Arab Emirates		101,792			—			101,792			—
		United Kingdom		1,744,970			—			1,744,970			—
		United States		188,148			188,148			—			—
				36,300,383			9,810,987			26,489,396
		Short-Term Investment		1,241,344			1,241,344			—			—
		Total	$	40,691,885		$	14,202,489		$	26,489,396		$	—
PL Managed Bond
	Assets	Preferred Stocks*	$	12,880		$	12,880		$	—		$	—
		Convertible Preferred Stocks*		2,782,515			2,782,515			—			—
		Corporate Bonds & Notes		60,232,648			—			60,232,648			—
		Mortgage-Backed Securities		75,648,011			—			72,351,707			3,296,304
		Asset-Backed Securities		3,153,928			—			3,153,928			—
		U.S. Government Agency Issues		1,217,815			—			1,217,815			—
		U.S. Treasury Obligations		48,064,587			—			48,064,587			—
		Foreign Government Bonds & Notes		1,711,132			—			1,711,132			—
		Municipal Bonds		4,657,522			—			4,657,522			—
		Short-Term Investments		1,379,163			1,290,226			88,937			—
		Investments in Other Financial Instruments**		4,678,289			297,372			4,380,917			—
				203,538,490			4,382,993			195,859,193			3,296,304
Liabilities		Securities sold short		(6,056,532	)		—			(6,056,532	)		—
		Investments in Other Financial Instruments**		(952,384	)		(23,906	)		(928,478	)		—
		Total	$	196,529,574		$	4,359,087		$	188,874,183		$	3,296,304
PL Inflation Managed
	Assets	Convertible Preferred Stocks*	$	89,300		$	89,300		$	—		$	—
		Corporate Bonds & Notes		12,675,261			—			12,675,261			—
		Mortgage-Backed Securities		3,027,912			—			3,027,912			—
		Asset-Backed Securities		4,088,689			—			4,088,689			—
		U.S. Government Agency Issue		1,739,285			—			1,739,285			—
		U.S. Treasury Obligations		112,439,306			—			112,439,306			—
		Municipal Bonds		151,381			—			151,381			—
		Short-Term Investments		2,663,881			1,486,920			1,176,961			—
		Investments in Other Financial Instruments**		612,173			273,906			199,254			139,013
				137,487,188			1,850,126			135,498,049			139,013
Liabilities		Securities sold short		(738,078	)		—			(738,078	)		—
		Investments in Other Financial Instruments**		(351,214	)		—			(346,484	)		(4,730	)
		Total	$	136,397,896		$	1,850,126		$	134,413,487		$	134,283
PL Large-Cap Growth
	Assets	Common Stocks*	$	48,391,727		$	48,391,727		$	—		$	—
		Exchange-Traded Fund*		1,014,189			1,014,189			—			—
		Short-Term Investment		396,434			396,434			—			—
		Total	$	49,802,350		$	49,802,350		$	—		$	—
PL Comstock
	Assets	Common Stocks*	$	101,375,847		$	101,375,847		$	—		$	—
		Short-Term Investments		3,958,606			58,606			3,900,000			—
		Total	$	105,334,453		$	101,434,453		$	3,900,000		$	—
PL Mid-Cap Growth
	Assets	Convertible Preferred Stocks*	$	132,336		$	—		$	—		$	132,336
		Common Stocks*
		Consumer Discretionary		14,257,985			12,542,392			1,715,593			—
		Energy		3,687,658			3,687,658			—			—
		Financials		3,916,207			3,916,207			—			—
		Health Care		5,196,471			5,196,471			—			—
		Industrials		4,549,551			4,549,551			—			—
		Information Technology		10,946,570			8,593,966			2,352,604			—
		Materials		3,356,845			3,356,845			—			—
		Telecommunication Services		871,634			871,634			—			—
				46,782,921			42,714,724			4,068,197			—
		Short-Term Investment		1,837,113			1,837,113			—			—
		Total	$	48,752,370		$	44,551,837		$	4,068,197		$	132,336

D-19

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

						Level 2		Level 3
		Total		Level 1		Significant		Significant
		Value at		Quoted		Observable		Unobservable
	Funds	September 30, 2009		Price		Input		Input
PL Real Estate
Assets	Common Stocks*	$	30,995,518	$	30,995,518	$	—	$	—
	Short-Term Investment		575,779		575,779		—		—
	Total	$	31,571,297	$	31,571,297	$	—	$	—

     The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining value for the six-month period ended September 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 Trust’s Statements of Operations. Funds not listed held no Level 3 holdings at the beginning or end 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		$	—		$	—	$	—	$	3		$	—	$	11	$	3
PL Managed Bond
Mortgage-Backed Securities	$	—		$	(20,598	)	$	—	$	106	$	164,800		$	3,151,996	$	3,296,304	$	164,800
Other Financial Instruments **		1,003,023	(1)		(1,002,725	)		—		1,002,577		(1,002,875	)		—		—		—
	$	1,003,023		$	(1,023,323	)	$	—	$	1,002,683	$	(838,075	)	$	3,151,996	$	3,296,304	$	164,800
PL Inflation Managed
Other Financial Instruments **	$	246,309	(1)	$	(168,455	)	$	—	$	174,310	$	(117,881	)	$	—	$	134,283	$	36,873
PL Mid-Cap Growth
Convertible Preferred Stocks*	$	132,336		$	—		$	—	$	—	$	—		$	—	$	132,336	$	—

*	For Funds that have all of their equity securities categorized in a single level, refer to their respective schedule of investments for further industry breakout.
**	Investments in other financial instruments include open futures contracts, swap contracts, written options, and forward foreign currency contracts, if any.
(1)	Value, Beginning of Period has been reclassified to conform with current year presentation. This change had no impact on Change in Net Unrealized Appreciation (Depreciation) on Level 3 Holdings Held at the End of Period, if Applicable.

11. DERIVATIVE INVESTMENT HOLDINGS CATEGORIZED BY RISK EXPOSURE

     Effective April 1, 2009 the Trust implemented new guidance under FASB ASC Topic 815, Derivatives and Hedging, (“FASB ASC 815”). The new guidance requires all companies to enhance disclosures about the Funds’ derivative and hedging activities in its financial statements to enable financial statement users to understand how and why the entity uses derivative investments to manage risks, how derivative investments are accounted for, and how derivative investments affect the entity’s financial position, results of operations, and cash flows.

     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, price volatility, and credit (including counterparty) risks.

     Market Risks Managed By Investing In Derivatives

     Interest rate risk – A Fund may be exposed to interest rate risk through investments in 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). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

     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

D-20

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

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 guidance 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 the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and currencies.

     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. To manage these risks, certain Funds may invest in various derivative instruments. 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 Fund 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 the Funds by performing extensive reviews of each counterparty and entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

     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 the Funds 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 counterparty will not fulfill its payment obligations to a Fund. 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 a Fund to close out all transactions under the agreement and demand payment or additional collateral to cover their exposure to the derivatives counterparty. 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 their 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

D-21

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

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. For open futures contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.

     Options Contracts

     In the normal course of pursuing their 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 the 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 the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying 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. For open options contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.

     Forward Foreign Currency Contracts

     In the normal course of pursuing their 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”) 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. For open forward foreign currency contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.

     Swaps

     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 the Funds are included as part of realized gain or loss in the Statements of Operations.

D-22

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     Interest Rate Swaps

     In the normal course of pursuing their 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 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 is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. 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 the Fund’s exposure to the counterparty. For open interest rate swaps see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.

     Credit Default Swaps

     In the normal course of pursuing their 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 there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. 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 Fund 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 and 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

D-23

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

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. Credit default swap on indices are benchmarks for protecting investors owning bonds against default. 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 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 Fund 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.

     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 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 September 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. For open credit default swaps see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.

     Total Return Swaps

     In the normal course of pursuing their investment objectives, certain Funds may invest in total return swaps. A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. 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

D-24

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

     The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2009:

	Location on the Statements of Assets and Liabilities
Derivative Investments Type	Asset Derivative Investments	Liability Derivative Investments
Interest rate contracts	Investments, at value	Outstanding options written, at value
	Receivable: Swap agreements	Payable: Swap agreements
	Receivable: Variation margin	Payable: Variation margin
	Swap appreciation	Swap depreciation
Foreign exchange contracts	Investments, at value	Outstanding options written, at value
	Receivable: Variation margin	Payable: Variation margin
	Forward foreign currency contracts appreciation	Forward foreign currency contracts depreciation
Credit contracts	Receivable: Swap agreements	Payable: Swap agreements
Other contracts	Swap appreciation	Swap depreciation
Equity contracts	Investments, at value	Outstanding options written, at value
	Receivable: Variation margin	Payable: Variation margin

     Because the Trust values its derivatives at fair value and recognizes changes in fair value through the Statements of Operations, it does not qualify for hedge accounting under FASB ASC 815. Accordingly, even though a Fund’s investments in derivatives may represent economic hedges as part of its investment objectives, they are considered to be non-hedge transactions for purposes of FASB ASC 815. The following is a summary of each Fund’s derivative investments not accounted for as hedging investments under FASB ASC 815, categorized by primary risk exposure as of September 30, 2009:

	Asset Derivative Investments Value
							Interest						Foreign
	Total Value at			Equity			Rate			Credit			Exchange			Other
Funds	September 30, 2009			Contracts			Contracts			Contracts			Contracts			Contracts
PL International Value	$	6,421		$	6,421	*	$	—		$	—		$	—		$	—
PL Short Duration Bond		148,747			—			148,747	*		—			—			—
PL Growth LT		39,714			—			—			—			39,714			—
PL Managed Bond		4,851,576			—			4,286,462	*		247,059			318,055			—
PL Inflation Managed		655,185			—			588,106	*		53,414			13,665			—
Total	$	5,701,643		$	6,421		$	5,023,315		$	300,473		$	371,434		$	—
	Liability Derivative Investments Value
							Interest						Foreign
	Total Value at			Equity			Rate			Credit			Exchange			Other
Funds	September 30, 2009			Contracts			Contracts			Contracts			Contracts			Contracts
PL Short Duration Bond	$	(92,033	)		$—		$	(92,033	)*	$	—		$	—		$	—
PL Growth LT		(130,481	)		—			—			—			(130,481	)		—
PL Managed Bond		(1,125,671	)		—			(779,039	)*		(191,917	)		(154,715	)		—
PL Inflation Managed		(394,226	)		—			(109,220	)		(252,794	)		(32,212	)		—
Total	$	(1,742,411	)		$—		$	(980,292	)	$	(444,711	)	$	(317,408	)	$	—

* Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

     The following is a summary of the location of derivative investments on the Funds’ Statements of Operations as of September 30, 2009:

Derivative Investments Type	Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Interest rate contracts	Net realized gain (loss) on investment security and forward transactions
Equity contracts	Net realized gain (loss) on futures contracts and swap transactions
	Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on investment securities and forwards
	Change in net unrealized appreciation (depreciation) on futures contracts and swaps
	Change in net unrealized appreciation (depreciation) on written options
Foreign exchange contracts	Net realized gain (loss) on investment security and forward transactions
	Net realized gain (loss) on futures contracts and swap transactions
	Net realized gain (loss) on written option transactions
	Net realized gain (loss) on foreign currency transactions
	Change in net unrealized appreciation (depreciation) on investment securities and forwards
	Change in net unrealized appreciation (depreciation) on futures contracts and swaps
	Change in net unrealized appreciation (depreciation) on written options
	Change in net unrealized appreciation (depreciation) on foreign currencies
Credit contracts	Net realized gain (loss) on futures contracts and swap transactions
Other contracts	Change in net unrealized appreciation (depreciation) on futures contracts and swaps

D-25

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

     The following is a summary of each Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six-month period ended September 30, 2009:

	Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
							Interest						Foreign
				Equity			Rate			Credit			Exchange			Other
Funds	Total			Contracts			Contracts			Contracts			Contracts			Contracts
PL International Value	$	(398,793	)	$	196,899		$	—		$	—		$	(595,692	)		$—
PL Short Duration Bond		107,723			—			107,723			—			—			—
PL Growth LT		(537,729	)		1,073			—			—			(538,802	)		—
PL Managed Bond		4,454,850			—			4,523,359			87,800			(156,309	)		—
PL Inflation Managed		(142,576	)		—			564,886			(333,671	)		(373,791	)		—
Total	$	3,483,475		$	197,972		$	5,195,968		$	(245,871	)	$	(1,664,594	)		$—
	Change in Unrealized Appreciation (Depreciation) on
	Derivative Investments Recognized in the Statements of Operations
							Interest						Foreign
				Equity			Rate			Credit			Exchange			Other
Funds	Total			Contracts			Contracts			Contracts			Contracts			Contracts
PL International Value	$	100,693		$	(4,646	)	$	—		$	—		$	105,339			$—
PL Short Duration Bond		16,519			—			16,519			—			—			—
PL Growth LT		58,176			—			—			—			58,176			—
PL Managed Bond		(2,490,812	)		—			(3,572,258	)		715,745			365,701			—
PL Inflation Managed		1,104,208			—			171,693			605,417			327,098			—
Total	$	(1,211,216	)	$	(4,646	)	$	(3,384,046	)	$	1,321,162		$	856,314			$—

12. SHARES OF BENEFICIAL INTEREST

     Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund were as follows:

	PL Portfolio Optimization						PL Portfolio Optimization						PL Portfolio Optimization						PL Portfolio Optimization
	Conservative Fund						Moderate-Conservative Fund						Moderate Fund						Moderate-Aggressive Fund
	Period ended			Year ended			Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		2,018,781			2,956,336			1,632,342			2,130,505			3,926,164			5,467,124			3,007,752			5,206,917
Dividends and distribution reinvested		25,789			179,587			54,729			247,855			206,482			842,154			159,692			780,751
Shares repurchased		(1,013,819	)		(1,696,454	)		(657,011	)		(2,251,664	)		(2,151,949	)		(5,820,224	)		(1,556,652	)		(5,568,491	)
Net increase		1,030,751			1,439,469			1,030,060			126,696			1,980,697			489,054			1,610,792			419,177
Beginning shares outstanding		3,714,100			2,274,631			4,724,271			4,597,575			17,232,090			16,743,036			17,642,149			17,222,972
Ending shares outstanding		4,744,851			3,714,100			5,754,331			4,724,271			19,212,787			17,232,090			19,252,941			17,642,149
Class B
Shares sold		275,662			714,350			301,071			509,964			702,081			1,312,742			579,042			1,289,865
Dividends and distribution reinvested		4,477			41,713			14,588			69,813			55,135			211,875			45,519			218,841
Shares repurchased		(114,268	)		(275,210	)		(156,870	)		(526,525	)		(367,654	)		(1,304,938	)		(421,579	)		(1,288,485	)
Net increase		165,871			480,853			158,789			53,252			389,562			219,679			202,982			220,221
Beginning shares outstanding		947,316			466,463			1,438,612			1,385,360			5,148,493			4,928,814			6,049,066			5,828,845
Ending shares outstanding		1,113,187			947,316			1,597,401			1,438,612			5,538,055			5,148,493			6,252,048			6,049,066
Class C
Shares sold		1,900,382			3,275,571			1,176,121			2,281,299			2,987,062			5,115,416			2,129,450			4,470,139
Dividends and distribution reinvested		22,337			191,300			48,020			234,491			163,852			663,823			119,488			602,849
Shares repurchased		(1,098,836	)		(1,633,608	)		(610,869	)		(2,045,402	)		(1,805,571	)		(5,949,843	)		(1,575,044	)		(4,527,360	)
Net increase (decrease)		823,883			1,833,263			613,272			470,388			1,345,343			(170,604	)		673,894			545,628
Beginning shares outstanding		4,296,832			2,463,569			4,896,743			4,426,355			15,622,953			15,793,557			16,371,437			15,825,809
Ending shares outstanding		5,120,715			4,296,832			5,510,015			4,896,743			16,968,296			15,622,953			17,045,331			16,371,437
Class R
Shares sold		215,327			287,632			298,141			446,824			696,027			1,150,700			608,732			511,373
Dividends and distribution reinvested		2,995			15,951			8,349			21,818			22,872			52,854			9,714			19,890
Shares repurchased		(40,607	)		(95,180	)		(71,294	)		(151,527	)		(188,183	)		(324,413	)		(117,307	)		(71,380	)
Net increase		177,715			208,403			235,196			317,115			530,716			879,141			501,139			459,883
Beginning shares outstanding		363,056			154,653			594,101			276,986			1,554,640			675,499			726,847			266,964
Ending shares outstanding		540,771			363,056			829,297			594,101			2,085,356			1,554,640			1,227,986			726,847

D-26

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

	PL Portfolio Optimization						PL Money						PL Small-Cap						PL International
	Aggressive Fund						Market Fund						Growth Fund (1)						Value Fund (1)
	Period ended			Year ended			Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		1,656,454			2,935,895			26,382,270			95,268,593			212,135			733,225			686,092			3,626,631
Dividends and distribution reinvested		97,930			230,475			—			507,236			—			—			53,934			335,641
Shares repurchased		(1,581,915	)		(2,494,595	)		(40,400,824	)		(82,989,302	)		(1,672,704	)		(789,525	)		(5,545,241	)		(929,360	)
Converted from Class B and C shares		—			—			—			—			—			64,795			—			104,545
Net increase (decrease)		172,469			671,775			(14,018,554	)		12,786,527			(1,460,569	)		8,495			(4,805,215	)		3,137,457
Beginning shares outstanding		8,665,072			7,993,297			55,424,733			42,638,206			4,092,176			4,083,681			12,810,606			9,673,149
Ending shares outstanding		8,837,541			8,665,072			41,406,179			55,424,733			2,631,607			4,092,176			8,005,391			12,810,606
Class B
Shares sold		222,815			538,821												103						979
Dividends and distribution reinvested		8,236			72,540												—						—
Shares repurchased		(228,767	)		(448,088	)											(889	)					(1,725	)
Converted to Class A shares		—			—												(40,580	)					(41,781	)
Net increase (decrease)		2,284			163,273												(41,366	)					(42,527	)
Beginning shares outstanding		2,683,913			2,520,640												41,366						42,527
Ending shares outstanding		2,686,197			2,683,913												—						—
Class C
Shares sold		1,028,120			2,202,758												54						145
Dividends and distribution reinvested		18,124			179,396												—						—
Shares repurchased		(1,155,930	)		(2,217,009	)											(6,381	)					(10,054	)
Converted to Class A shares		—			—												(27,088	)					(65,319	)
Net increase (decrease)		(109,686	)		165,145												(33,415	)					(75,228	)
Beginning shares outstanding		6,491,418			6,326,273												33,415						75,228
Ending shares outstanding		6,381,732			6,491,418												—						—
Class R
Shares sold		247,060			254,938
Dividends and distribution reinvested		4,954			4,130
Shares repurchased		(43,659	)		(55,583	)
Net increase		208,355			203,485
Beginning shares outstanding		306,266			102,781
Ending shares outstanding		514,621			306,266

	PL Large-Cap						PL Short Duration						PL Floating Rate						PL Growth
	Value Fund (1)						Bond Fund (1)						Loan Fund (2)						LT Fund (1)
	Period ended			Year ended			Period ended			Year ended			Period ended			Period ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		5,414,217			2,978,769			2,051,517			969,287			1,358,360			3,928,223			539,184			3,666,221
Dividends and distribution reinvested		44,321			122,830			63,713			410,568			99,699			168,607			161,723			154,494
Shares repurchased		(127,940	)		(597,981	)		(936,808	)		(4,684,155	)		(462,035	)		(696,479	)		(2,883,240	)		(413,180	)
Converted from Class B and C shares		—			114,264			—			6,864			—			—			—			56,444
Net increase (decrease)		5,330,598			2,617,882			1,178,422			(3,297,436	)		996,024			3,400,351			(2,182,333	)		3,463,979
Beginning shares outstanding		8,562,638			5,944,756			4,889,196			8,186,632			3,400,351			—			9,576,941			6,112,962
Ending shares outstanding		13,893,236			8,562,638			6,067,618			4,889,196			4,396,375			3,400,351			7,394,608			9,576,941
Class B
Shares sold					76						—												74
Dividends and distribution reinvested					—						17												—
Shares repurchased					(6,307	)					—												(296	)
Converted to Class A shares					(43,188	)					(3,936	)											(32,171	)
Net decrease					(49,419	)					(3,919	)											(32,393	)
Beginning shares outstanding					49,419						3,919												32,393
Ending shares outstanding					—						—												—

(1)	Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Operations commenced on June 30, 2008.

D-27

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

	PL Large-Cap				PL Short Duration				PL Floating Rate		PL Growth
	Value Fund (1)				Bond Fund (1)				Loan Fund (2)		LT Fund (1)
	Period ended	Year ended			Period ended	Year ended			Period ended	Period ended	Period ended	Year ended
	9/30/2009	3/31/2009			9/30/2009	3/31/2009			9/30/2009	3/31/2009	9/30/2009	3/31/2009
Class C
Shares sold			412				199						155
Dividends and distribution reinvested			—				15						—
Shares repurchased			(16,754	)			(1,649	)					(2,549	)
Converted to Class A shares			(73,662	)			(2,932	)					(26,175	)
Net decrease			(90,004	)			(4,367	)					(28,569	)
Beginning shares outstanding			90,004				4,367						28,569
Ending shares outstanding			—				—						—

	PL Mid-Cap						PL International						PL Small-Cap						PL Main Street
	Equity Fund (1), (3)						Large-Cap Fund (1)						Value Fund						Core Fund
	Period ended			Year ended			Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		587,221			2,317,738			584,840			1,329,243			410,510			3,021,440			1,248,478			2,854,315
Dividends and distribution reinvested		17,688			142,979			73,290			88,594			12,818			87,024			41,576			146,772
Shares repurchased		(406,457	)		(941,323	)		(801,672	)		(564,633	)		(1,082,905	)		(360,058	)		(726,896	)		(345,795	)
Converted from Class B and C shares		—			22,991			—			73,362			—			—			—			—
Net increase (decrease)		198,452			1,542,385			(143,542	)		926,566			(659,577	)		2,748,406			563,158			2,655,292
Beginning shares outstanding		11,097,753			9,555,368			7,104,006			6,177,440			4,921,406			2,173,000			13,956,149			11,300,857
Ending shares outstanding		11,296,205			11,097,753			6,960,464			7,104,006			4,261,829			4,921,406			14,519,307			13,956,149
Class B
Shares sold					127						1,100
Dividends and distribution reinvested					—						—
Shares repurchased					(3	)					(38	)
Converted to Class A shares					(6,709	)					(41,192	)
Net decrease					(6,585	)					(40,130	)
Beginning shares outstanding					6,585						40,130
Ending shares outstanding					—						—
Class C
Shares sold					7						362
Dividends and distribution reinvested					—						—
Shares repurchased					(1,264	)					(5,143	)
Converted to Class A shares					(16,768	)					(34,177	)
Net decrease					(18,025	)					(38,958	)
Beginning shares outstanding					18,025						38,958
Ending shares outstanding					—						—

	PL Emerging						PL Managed						PL Inflation						PL Large-Cap
	Markets Fund						Bond Fund (1)						Managed Fund (1)						Growth Fund (1)
	Period ended			Year ended			Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		267,934			839,755			3,685,587			2,711,679			4,025,690			1,160,750			4,342,504			478,562
Dividends and distribution reinvested		—			729,647			389,590			1,712,608			285,769			1,208,287			—			—
Shares repurchased		(1,242,447	)		(360,976	)		(528,706	)		(6,865,813	)		(359,232	)		(5,191,750	)		(79,160	)		(384,057	)
Converted from Class B and C shares		—			—			—			249,828			—			258,126			—			99,602
Net increase (decrease)		(974,513	)		1,208,426			3,546,471			(2,191,698	)		3,952,227			(2,564,587	)		4,263,344			194,107
Beginning shares outstanding		4,715,552			3,507,126			14,194,208			16,385,906			8,477,918			11,042,505			3,033,678			2,839,571
Ending shares outstanding		3,741,039			4,715,552			17,740,679			14,194,208			12,430,145			8,477,918			7,297,022			3,033,678

(1)	Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).
(2)	Operations commenced on June 30, 2008.
(3)	Formerly named Mid-Cap Value Fund.

D-28

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

	PL Emerging		PL Managed				PL Inflation				PL Large-Cap
	Markets Fund		Bond Fund (1)				Managed Fund (1)				Growth Fund (1)
	Period ended	Year ended	Period ended	Year ended			Period ended	Year ended			Period ended	Year ended
	9/30/2009	3/31/2009	9/30/2009	3/31/2009			9/30/2009	3/31/2009			9/30/2009	3/31/2009
Class B
Shares sold					983				24				177
Dividends and distribution reinvested					326				150				—
Shares repurchased					(809	)			(11,675	)			(949	)
Converted to Class A shares					(79,742	)			(67,109	)			(42,959	)
Net decrease					(79,242	)			(78,610	)			(43,731	)
Beginning shares outstanding					79,242				78,610				43,731
Ending shares outstanding					—				—				—
Class C
Shares sold					211				97				135
Dividends and distribution reinvested					760				400				—
Shares repurchased					(30,109	)			(7,459	)			(9,953	)
Converted to Class A shares					(170,523	)			(192,804	)			(60,722	)
Net decrease					(199,661	)			(199,766	)			(70,540	)
Beginning shares outstanding					199,661				199,766				70,540
Ending shares outstanding					—				—				—

	PL Comstock						PL Mid-Cap						PL Real Estate
	Fund (1)						Growth Fund (1)						Fund (1)
	Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
	9/30/2009			3/31/2009			9/30/2009			3/31/2009			9/30/2009			3/31/2009
Class A
Shares sold		711,319			2,391,446			2,795,045			658,172			670,487			1,621,236
Dividends and distribution reinvested		40,895			208,713			—			465,751			33,388			96,968
Shares repurchased		(680,992	)		(2,416,252	)		(208,123	)		(2,919,074	)		(1,137,142	)		(593,678	)
Converted from Class B and C shares		—			93,595			—			196,520			—			27,603
Net increase (decrease)		71,222			277,502			2,586,922			(1,598,631	)		(433,267	)		1,152,129
Beginning shares outstanding		10,774,936			10,497,434			3,793,181			5,391,812			4,519,366			3,367,237
Ending shares outstanding		10,846,158			10,774,936			6,380,103			3,793,181			4,086,099			4,519,366
Class B
Shares sold					110						588						110
Dividends and distribution reinvested					—						—						—
Shares repurchased					(2,548	)					(4,082	)					(40	)
Converted to Class A shares					(42,186	)					(109,815	)					(8,683	)
Net decrease					(44,624	)					(113,309	)					(8,613	)
Beginning shares outstanding					44,624						113,309						8,613
Ending shares outstanding					—						—						—
Class C
Shares sold					477						704						192
Dividends and distribution reinvested					—						1						—
Shares repurchased					(11,256	)					(20,134	)					(577	)
Converted to Class A shares					(53,116	)					(95,571	)					(19,183	)
Net decrease					(63,895	)					(115,000	)					(19,568	)
Beginning shares outstanding					63,895						115,000						19,568
Ending shares outstanding					—						—						—

(1) Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements).

D-29

PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

13. INDEMNIFICATIONS

     Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

14. U.S. TREASURY’S TEMPORARY MONEY MARKET FUND GUARANTEE PROGRAM

     The PL Money Market Fund participated in the voluntary, temporary money market guarantee program (the “Program”) offered by the U.S. Department of the Treasury (the “Treasury”). The Program which had an initial three-month term beginning September 19, 2008 was extended through April 30, 2009, and was extended a second time through September 18, 2009. The Program expired on September 18, 2009. The Fund did not need to utilize the coverage available under the Program.

     Participation in each term of the Program required a payment to the Treasury ranging from 0.01% to 0.015% of the net asset value of the PL Money Market Fund as of September 19, 2008. While this would normally be an expense borne by the PL Money Market Fund, PLFA, as investment adviser to the Funds, reimbursed the PL Money Market Fund for the expenses of participating in the Program.

     The Program’s guarantee applied to shareholders of the PL Money Market Fund as of the close of business on September 19, 2008 (“Eligible Shareholders”). The Program covered the lesser of the number of shares owned by an Eligible Shareholder (i) on September 19, 2008 or (ii) on the date the PL Money Market Fund’s market-based net asset value per share falls below $0.995. Investors who became shareholders after September 19, 2008 were not covered under the Program.

D-30

PACIFIC LIFE FUNDS

DISCLOSURE OF FUND EXPENSES

(Unaudited)

     We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2009 to September 30, 2009.

ACTUAL EXPENSES

     The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable adviser expense reimbursement, administrator fee reductions, advisory fee, and distribution and/or service fee waivers. The “Ending Account Value at 09/30/09” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/09-09/30/09” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2009 to September 30, 2009.

     You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/09-09/30/09.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

     The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable adviser expense reimbursement, administrator fee reductions, and distributor fee waivers. It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

     You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

     Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as initial sales charges (loads) or contingent deferred sales charges. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.

								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			the Period (1)
	Value at		Value at		Expense			04/01/09 -
	04/01/09		09/30/09		Ratio			09/30/09
PL Portfolio Optimization Conservative Fund (2)
Actual Fund Return
Class A	$	1,000.00	$	1,161.40		0.20	%	$	1.08
Class B		1,000.00		1,158.60		0.95	%		5.14
Class C		1,000.00		1,160.10		0.95	%		5.14
Class R		1,000.00		1,160.40		0.45	%		2.44
Hypothetical
Class A	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Class B		1,000.00		1,020.31		0.95	%		4.81
Class C		1,000.00		1,020.31		0.95	%		4.81
Class R		1,000.00		1,022.81		0.45	%		2.28
PL Portfolio Optimization Moderate-Conservative Fund (2)
Actual Fund Return
Class A	$	1,000.00	$	1,223.50		0.20	%	$	1.11
Class B		1,000.00		1,219.50		0.95	%		5.29
Class C		1,000.00		1,219.50		0.95	%		5.29
Class R		1,000.00		1,222.30		0.45	%		2.51
Hypothetical
Class A	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Class B		1,000.00		1,020.31		0.95	%		4.81
Class C		1,000.00		1,020.31		0.95	%		4.81
Class R		1,000.00		1,022.81		0.45	%		2.28
PL Portfolio Optimization Moderate Fund (2)
Actual Fund Return
Class A	$	1,000.00	$	1,289.70		0.20	%	$	1.15
Class B		1,000.00		1,287.30		0.95	%		5.45
Class C		1,000.00		1,289.20		0.95	%		5.45
Class R		1,000.00		1,289.00		0.45	%		2.58
Hypothetical
Class A	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Class B		1,000.00		1,020.31		0.95	%		4.81
Class C		1,000.00		1,020.31		0.95	%		4.81
Class R		1,000.00		1,022.81		0.45	%		2.28
PL Portfolio Optimization Moderate-Aggressive Fund (2)
Actual Fund Return
Class A	$	1,000.00	$	1,362.60		0.20	%	$	1.18
Class B		1,000.00		1,362.70		0.95	%		5.63
Class C		1,000.00		1,364.20		0.95	%		5.63
Class R		1,000.00		1,361.30		0.45	%		2.66
Hypothetical
Class A	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Class B		1,000.00		1,020.31		0.95	%		4.81
Class C		1,000.00		1,020.31		0.95	%		4.81
Class R		1,000.00		1,022.81		0.45	%		2.28

See explanation of references on page E-3

E-1

PACIFIC LIFE FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)

								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			the Period (1)
	Value at		Value at		Expense			04/01/09 -
	04/01/09		09/30/09		Ratio			09/30/09
PL Portfolio Optimization Aggressive Fund (2)
Actual Fund Return
Class A	$	1,000.00	$	1,418.10		0.20	%	$	1.21
Class B		1,000.00		1,424.20		0.95	%		5.77
Class C		1,000.00		1,423.80		0.95	%		5.77
Class R		1,000.00		1,418.90		0.45	%		2.73
Hypothetical
Class A	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Class B		1,000.00		1,020.31		0.95	%		4.81
Class C		1,000.00		1,020.31		0.95	%		4.81
Class R		1,000.00		1,022.81		0.45	%		2.28
PL Money Market Fund
Actual Fund Return
Class A	$	1,000.00	$	1,000.00		0.44	%	$	2.21
Hypothetical
Class A	$	1,000.00	$	1,022.86		0.44	%	$	2.23
PL Small-Cap Growth Fund
Actual Fund Return
Class A	$	1,000.00	$	1,394.60		1.15	%	$	6.90
Hypothetical
Class A	$	1,000.00	$	1,019.30		1.15	%	$	5.82
PL International Value Fund
Actual Fund Return
Class A	$	1,000.00	$	1,507.90		1.20	%	$	7.54
Hypothetical
Class A	$	1,000.00	$	1,019.05		1.20	%	$	6.07
PL Large-Cap Value Fund
Actual Fund Return
Class A	$	1,000.00	$	1,322.20		1.20	%	$	6.99
Hypothetical
Class A	$	1,000.00	$	1,019.05		1.20	%	$	6.07
PL Short Duration Bond Fund
Actual Fund Return
Class A	$	1,000.00	$	1,039.90		0.95	%	$	4.86
Hypothetical
Class A	$	1,000.00	$	1,020.31		0.95	%	$	4.81
PL Floating Rate Loan Fund
Actual Fund Return
Class A	$	1,000.00	$	1,188.90		1.30	%	$	7.13
Hypothetical
Class A	$	1,000.00	$	1,018.55		1.30	%	$	6.58
PL Growth LT Fund
Actual Fund Return
Class A	$	1,000.00	$	1,339.90		1.10	%	$	6.45
Hypothetical
Class A	$	1,000.00	$	1,019.55		1.10	%	$	5.57
PL Mid-Cap Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,430.00		1.20	%	$	7.31
Hypothetical
Class A	$	1,000.00	$	1,019.05		1.20	%	$	6.07
PL International Large-Cap Fund
Actual Fund Return
Class A	$	1,000.00	$	1,443.20		1.40	%	$	8.57
Hypothetical
Class A	$	1,000.00	$	1,018.05		1.40	%	$	7.08
PL Small-Cap Value Fund
Actual Fund Return
Class A	$	1,000.00	$	1,382.30		1.30	%	$	7.76
Hypothetical
Class A	$	1,000.00	$	1,018.55		1.30	%	$	6.58
PL Main Street Core Fund
Actual Fund Return
Class A	$	1,000.00	$	1,342.80		1.00	%	$	5.87
Hypothetical
Class A	$	1,000.00	$	1,020.05		1.00	%	$	5.06
PL Emerging Markets Fund
Actual Fund Return
Class A	$	1,000.00	$	1,671.30		1.35	%	$	9.04
Hypothetical
Class A	$	1,000.00	$	1,018.30		1.35	%	$	6.83
PL Managed Bond Fund
Actual Fund Return
Class A	$	1,000.00	$	1,140.30		0.95	%	$	5.10
Hypothetical
Class A	$	1,000.00	$	1,020.31		0.95	%	$	4.81
PL Inflation Managed Fund
Actual Fund Return
Class A	$	1,000.00	$	1,065.70		0.95	%	$	4.92
Hypothetical
Class A	$	1,000.00	$	1,020.31		0.95	%	$	4.81
PL Large-Cap Growth Fund
Actual Fund Return
Class A	$	1,000.00	$	1,242.70		1.30	%	$	7.31
Hypothetical
Class A	$	1,000.00	$	1,018.55		1.30	%	$	6.58
PL Comstock Fund
Actual Fund Return
Class A	$	1,000.00	$	1,402.30		1.30	%	$	7.83
Hypothetical
Class A	$	1,000.00	$	1,018.55		1.30	%	$	6.58

See explanation of references on page E-3

E-2

PACIFIC LIFE FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)

								Expenses
	Beginning		Ending					Paid During
	Account		Account		Annualized			the Period (1)
	Value at		Value at		Expense			04/01/09 -
	04/01/09		09/30/09		Ratio			09/30/09
PL Mid-Cap Growth Fund
Actual Fund Return
Class A	$	1,000.00	$	1,538.20		1.25	%	$	7.95
Hypothetical
Class A	$	1,000.00	$	1,018.80		1.25	%	$	6.33
PL Real Estate Fund
Actual Fund Return
Class A	$	1,000.00	$	1,703.00		1.45	%	$	9.83
Hypothetical
Class A	$	1,000.00	$	1,017.80		1.45	%	$	7.33

(1)	Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days.
(2)	The annualized expense ratios for the Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the Portfolio Optimization Funds invest.

E-3

PACIFIC LIFE FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

     The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, when required is filed pursuant to applicable regulations, is available after filing (i) on the SEC’s Web site at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.

Availability of Proxy Voting Record

     The Trust files, by August 31 of each year, information regarding how portfolio managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ Website and on the SEC’s Website noted below.

Information Relating to Investments Held by the Pacific Life Funds

     For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, see the Trust’s SAI. The prospectus and SAI are available as noted below.

Availability of Proxy Voting Policies

     A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.

Availability of a Complete Schedule of Investments

     The Trust’s annual and semi-annual reports may contain a summary schedule of investments for certain funds. A complete schedule for the summary schedule of investments presented is available as noted below.

How to obtain Information

     The Trust’s prospectus, SAI (including Proxy Voting Policies), and complete schedule of investments are available:

• On the Trust’s Website at http://www.PacificLife.com

• On the SEC’s Website at http://www.sec.gov

• Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time

E-4

[THIS PAGE INTENTIONALLY LEFT BLANK]

PACIFIC LIFE FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2009

PACIFIC LIFE FUNDS
P.O. Box 9768
Providence, RI 02940-9768

CHANGE SERVICE REQUESTED

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chairman of the Board, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal controls 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT.
(a)(3)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

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:	12/7/09

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:	12/7/09
By:	/s/ Mary Ann Brown
	Mary Ann Brown
	President
Date:	12/7/09
By:	/s/ Brian D. Klemens
	Brian D. Klemens
	Treasurer (Principal Financial and Accounting Officer)
Date:	12/7/09

EX-99.CERT

Exhibit 99 Cert.

FORM N-CSR CERTIFICATION

I, James T. Morris, certify that:

1.	I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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 second fiscal quarter of the period covered by this report 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: November 19, 2009

      /s/ James T. Morris James T. Morris

Chief Executive Officer, Pacific Life Funds

FORM N-CSR CERTIFICATION

I, Mary Ann Brown, certify that:

1.	I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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 second fiscal quarter of the period covered by this report 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: November 19, 2009

     /s/ Mary Ann Brown Mary Ann Brown

President, Pacific Life Funds

FORM N-CSR CERTIFICATION

I, Brian D. Klemens, certify that:

1.	I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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 second fiscal quarter of the period covered by this report 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: November 19, 2009

     /s/ Brian D. Klemens Brian D. Klemens

Treasurer (Principal Financial and Accounting Officer), Pacific Life Funds

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

     In conjunction with the Semi-Annual Report to Shareholders on Form N-CSR of Pacific Life Funds (the “Fund”) for the fiscal half-year ended 9/30/09, as filed with the Securities and Exchange Commission (the “Report”), James T. Morris, as Chief Executive Officer, Mary Ann Brown, as President and Brian D. Klemens, as Treasurer (Principal Financial and Accounting Officer) of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Fund.

Date: November 19, 2009

     /s/ James T. Morris James T. Morris

Chief Executive Officer, Pacific Life Funds

     /s/ Mary Ann Brown

Mary Ann Brown
President, Pacific Life Funds

     /s/ Brian D. Klemens

Brian D. Klemens

Treasurer (Principal Financial and Accounting Officer), Pacific Life Funds