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 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)

Robin S. Yonis
Vice President and Investment Counsel of
Pacific Life Insurance Company
700 Newport Center Drive
Post Office Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)

Copies to:

Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington D.C. 20006-2401

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

Date of fiscal year end: March 31

Date of reporting period: April 1, 2006 – September 30, 2006

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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 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
Financial Highlights	C-1
Notes to Financial Statements	D-1
Disclosure of Fund Expenses	E-1
Trustees and Officers Information	E-4
Approval of Transfer of Fund Management Agreement	E-8
Where to Go for More Information	E-9

PACIFIC FUNDS

PF PORTFOLIO OPTIMIZATION MODEL A

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 100.12%
PF AllianceBernstein International Value Fund ‘A’		49,404	$	753,909
PF Goldman Sachs Short Duration Bond Fund ‘A’		714,970		7,006,709
PF Janus Growth LT Fund ‘A’ *		42,059		513,541
PF Lazard Mid-Cap Value Fund ‘A’ *		48,488		512,029
PF Loomis Sayles Large-Cap Growth Fund ‘A’ *		58,116		516,067
PF MFS International Large-Cap Fund ‘A’		31,616		504,283
PF Oppenheimer Main Street® Core Fund ‘A’		141,646		1,532,607
PF PIMCO Managed Bond Fund ‘A’		646,113		6,545,128
PF PIMCO Inflation Managed Fund ‘A’		393,639		3,999,372
PF Pacific Life Money Market Fund ‘A’		1,999,028		1,999,028
PF Salomon Brothers Large-Cap Value Fund ‘A’		41,372		510,532
PF Van Kampen Comstock Fund ‘A’		57,315		768,588
Total Mutual Funds
(Cost $24,572,798)				25,161,793
TOTAL INVESTMENTS - 100.12%
(Cost $24,572,798)				25,161,793
OTHER ASSETS & LIABILITIES, NET - (0.12%)				(30,561	)
NET ASSETS - 100.00%			$	25,131,232
Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	69.84	%
Affiliated Equity Funds	22.33	%
Affiliated Money Market Fund	7.95	%
	100.12	%
Other Assets & Liabilities, Net	(0.12	)%
	100.00	%

PACIFIC FUNDS

PF PORTFOLIO OPTIMIZATION MODEL B

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.59%
PF AllianceBernstein International Value Fund ‘A’		264,792	$	4,040,725
PF Goldman Sachs Short Duration Bond Fund ‘A’		1,162,812		11,395,557
PF Janus Growth LT Fund ‘A’ *		168,957		2,062,970
PF Lazard Mid-Cap Value Fund ‘A’ *		324,715		3,428,989
PF Loomis Sayles Large-Cap Growth Fund ‘A’ *		155,631		1,382,007
PF MFS International Large-Cap Fund ‘A’		253,666		4,045,977
PF NB Fasciano Small Equity Fund ‘A’ *		130,241		1,340,177
PF Oppenheimer Main Street Core Fund ‘A’		442,671		4,789,700
PF PIMCO Managed Bond Fund ‘A’		1,331,308		13,486,148
PF PIMCO Inflation Managed Fund ‘A’		922,695		9,374,585
PF Pacific Life Money Market Fund ‘A’		2,677,810		2,677,811
PF Salomon Brothers Large-Cap Value Fund ‘A’		221,750		2,736,391
PF Van Kampen Comstock Fund ‘A’		358,235		4,803,929
PF Van Kampen Mid-Cap Growth Fund ‘A’ *		204,133		2,055,621
Total Mutual Funds
(Cost $64,493,521)				67,620,587
TOTAL INVESTMENTS - 99.59%
(Cost $64,493,521)				67,620,587
OTHER ASSETS & LIABILITIES, NET - 0.41%				276,933
NET ASSETS - 100.00%			$	67,897,520
Note to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Affiliated Fixed Income Funds				50.45	%
Affiliated Equity Funds				45.20	%
Affiliated Money Market Fund				3.94	%
				99.59	%
Other Assets & Liabilities, Net				0.41	%
				100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-1

PACIFIC FUNDS

PF PORTFOLIO OPTIMIZATION MODEL C

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.55%
PF AllianceBernstein International Value Fund ‘A’		989,398	$	15,098,219
PF Goldman Sachs Short Duration Bond Fund ‘A’		2,550,754		24,997,388
PF Janus Growth LT Fund ‘A’ *		1,051,822		12,842,743
PF Lazard Mid-Cap Value Fund ‘A’ *		1,698,025		17,931,144
PF Loomis Sayles Large-Cap Growth Fund ‘A’ *		871,197		7,736,233
PF MFS International Large-Cap Fund ‘A’		948,202		15,123,818
PF NB Fasciano Small Equity Fund ‘A’ *		728,397		7,495,201
PF Oppenheimer Main Street Core Fund ‘A’		1,887,392		20,421,587
PF Oppenheimer Emerging Markets Fund ‘A’		919,114		10,192,973
PF PIMCO Managed Bond Fund ‘A’		3,477,797		35,230,082
PF PIMCO Inflation Managed Fund ‘A’		2,951,058		29,982,752
PF Salomon Brothers Large-Cap Value Fund ‘A’		1,033,777		12,756,807
PF Van Kampen Comstock Fund ‘A’		1,528,285		20,494,304
PF Van Kampen Mid-Cap Growth Fund ‘A’ *		1,521,856		15,325,089
PF Van Kampen Real Estate Fund ‘A’		560,965		7,741,321
Total Mutual Funds
(Cost $237,492,512)				253,369,661
TOTAL INVESTMENTS - 99.55%
(Cost $237,492,512)				253,369,661
OTHER ASSETS & LIABILITIES, NET - 0.45%				1,146,147
NET ASSETS - 100.00%			$	254,515,808
Note to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Affiliated Equity Funds				64.11	%
Affiliated Fixed Income Funds				35.44	%
				99.55	%
Other Assets & Liabilities, Net				0.45	%
				100.00	%

PACIFIC FUNDS

PF PORTFOLIO OPTIMIZATION MODEL D

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.39%
PF AllianceBernstein International Value Fund ‘A’		1,532,170	$	23,380,909
PF Goldman Sachs Short Duration Bond Fund ‘A’		794,761		7,788,656
PF Janus Growth LT Fund ‘A’ *		1,520,119		18,560,658
PF Lazard Mid-Cap Value Fund ‘A’ *		2,003,800		21,160,131
PF Loomis Sayles Large-Cap Growth Fund ‘A’ *		902,968		8,018,356
PF MFS International Large-Cap Fund ‘A’		1,465,625		23,376,716
PF NB Fasciano Small Equity Fund ‘A’ *		1,257,004		12,934,574
PF Oppenheimer Main Street Core Fund ‘A’		2,446,309		26,469,068
PF Oppenheimer Emerging Markets Fund ‘A’		1,184,810		13,139,539
PF PIMCO Managed Bond Fund ‘A’		2,058,987		20,857,539
PF PIMCO Inflation Managed Fund ‘A’		1,784,471		18,130,224
PF Salomon Brothers Large-Cap Value Fund ‘A’		1,287,163		15,883,597
PF Van Kampen Comstock Fund ‘A’		1,778,853		23,854,415
PF Van Kampen Mid-Cap Growth Fund ‘A’ *		1,845,959		18,588,810
PF Van Kampen Real Estate Fund ‘A’		772,136		10,655,479
Total Mutual Funds
(Cost $242,182,959)				262,798,671
TOTAL INVESTMENTS - 99.39%
(Cost $242,182,959)				262,798,671
OTHER ASSETS & LIABILITIES, NET - 0.61%				1,611,278
NET ASSETS - 100.00%			$	264,409,949
Note to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Affiliated Equity Funds				81.70	%
Affiliated Fixed Income Funds				17.69	%
				99.39	%
Other Assets & Liabilities, Net				0.61	%
				100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-2

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL E
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.32%
PF AllianceBernstein International Value Fund ‘A’		744,508	$	11,361,195
PF Janus Growth LT Fund ‘A’ *		862,374		10,529,586
PF Lazard Mid-Cap Value Fund ‘A’ *		995,003		10,507,227
PF Loomis Sayles Large-Cap Growth Fund ‘A’ *		360,484		3,201,098
PF MFS International Large-Cap Fund ‘A’		709,706		11,319,815
PF NB Fasciano Small Equity Fund ‘A’ *		701,722		7,220,722
PF Oppenheimer Main Street Core Fund ‘A’		1,075,206		11,633,730
PF Oppenheimer Emerging Markets Fund ‘A’		563,758		6,252,073
PF Salomon Brothers Large-Cap Value Fund ‘A’		600,400		7,408,934
PF Van Kampen Comstock Fund ‘A’		787,277		10,557,385
PF Van Kampen Mid-Cap Growth Fund ‘A’ *		951,317		9,579,762
PF Van Kampen Real Estate Fund ‘A’		383,242		5,288,736
Total Mutual Funds
(Cost $94,394,368)				104,860,263
TOTAL INVESTMENTS - 99.32%
(Cost $94,394,368)				104,860,263
OTHER ASSETS & LIABILITIES, NET - 0.68%				714,050
NET ASSETS - 100.00%			$	105,574,313
Note to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Affiliated Equity Funds				99.32	%
				99.32	%
Other Assets & Liabilities, Net				0.68	%
				100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-3

PACIFIC FUNDS
PF ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND
(Formerly PF Lazard International Value Fund)
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.57%
Australia - 0.75%
Macquarie Airports +		193,994	$	443,547
Austria - 1.11%
OMV AG +		7,246		375,743
voestalpine AG +		6,800		281,122
				656,865
Belgium - 1.73%
Fortis +		21,300		864,055
KBC Groep NV +		1,527		160,741
				1,024,796
Bermuda - 0.56%
Kerry Properties Ltd +		43,243		158,133
Orient Overseas International Ltd +		42,000		170,780
				328,913
Canada - 4.53%
Bombardier Inc ‘B’ *		13,800		43,088
Canadian Natural Resources Ltd		7,400		337,245
Celestica Inc *		12,900		138,262
Gerdau Ameristeel Corp		45,200		410,450
Husky Energy Inc		4,000		257,517
ING Canada Inc		6,100		304,195
IPSCO Inc		4,308		373,431
Nexen Inc		7,900		422,299
Teck Cominco Ltd ‘B’		6,300		394,543
				2,681,030
Denmark - 0.95%
Carlsberg AS ‘B’ +		6,650		558,921
Finland - 0.88%
Nokia OYJ +		10,900		214,718
Sampo OYJ ‘A’ +		14,600		303,985
				518,703
France - 11.75%
BNP Paribas +		10,608		1,139,998
Compagnie Generale des Etablissements
Michelin ‘B’ +		5,725		419,484
Credit Agricole SA +		18,875		827,586
Renault SA +		10,894		1,247,818
Sanofi-Aventis +		11,501		1,022,494
Societe Generale +		5,942		944,019
Total SA +		20,556		1,348,277
				6,949,676
Germany - 10.61%
Allianz AG +		3,410		588,840
Continental AG +		9,349		1,082,254
DaimlerChrysler AG +		5,000		249,325
Deutsche Lufthansa AG +		33,900		716,644
E.ON AG +		8,432		999,947
Epcos AG * +		11,573		176,206
MAN AG +		2,012		169,938
Muenchener Rueckversicherungs AG +		6,461		1,019,598
RWE AG +		9,113		839,467
TUI AG +		20,980		432,893
				6,275,112
Greece - 0.52%
Public Power Corp SA +		12,800		308,087
Hong Kong - 0.66%
Sino Land Co Ltd +		219,300		387,821
Italy - 3.73%
Banco Popolare di Verona e Novara SPA +		7,600		210,028
Buzzi Unicem SPA +		12,000		283,854
ENI SPA +		34,089		1,012,902
Fondiaria-Sai SPA +		8,700		381,425
Fondiaria-Sai SPA RNC +		4,600		151,676
Italcementi SPA +		6,500		164,643
				2,204,528
Japan - 26.48%
Alps Electric Co Ltd +		27,500		287,776
Canon Inc +		7,800		407,623
Cosmo Oil Co Ltd +		26,000		107,464
Dainippon Ink & Chemicals Inc +		124,000		452,063
East Japan Railway Co +		41		286,778
EDION Corp +		20,400		349,906
Hitachi Ltd +		33,000		192,195
Honda Motor Co Ltd +		16,400		551,159
Isuzu Motors Ltd +		125,000		410,138
Itochu Corp +		19,000		147,423
Japan Tobacco Inc +		232		903,063
JFE Holdings Inc +		27,900		1,094,357
Kobe Steel Ltd +		142,000		446,244
Leopalace21 Corp +		18,200		664,805
Mitsubishi Corp +		13,400		252,400
Mitsubishi UFJ Financial Group Inc		19		244,487
Mitsui & Co Ltd +		37,000		471,578
Mitsui Chemicals Inc +		42,000		302,505
Mitsui OSK Lines Ltd +		94,000		696,076
Nippon Mining Holdings Inc +		51,000		361,435
Nippon Telegraph & Telephone Corp +		135		659,986
Nissan Motor Co Ltd +		50,500		565,448
Oki Electric Industry Co Ltd +		64,000		143,997
ORIX Corp +		3,780		1,044,392
Rengo Co Ltd +		19,000		126,455
Seiko Epson Corp +		5,800		158,019
Sharp Corp +		38,000		652,121
Sumitomo Heavy Industries Ltd +		15,000		125,544
Sumitomo Metal Industries Ltd +		13,000		49,897
Sumitomo Mitsui Financial Group Inc +		107		1,123,593
The Tokyo Electric Power Co Inc +		25,000		719,823
Tokyo Gas Co Ltd +		106,000		531,551
Toyota Motor Corp +		20,800		1,131,869
				15,662,170
Luxembourg - 0.25%
SES GLOBAL SA FDR +		9,980		149,764
Netherlands - 6.72%
ABN AMRO Holding NV +		26,537		773,771
European Aeronautic Defence & Space Co NV +		23,531		676,229
ING Groep NV CVA +		36,421		1,600,576
Koninklijke Philips Electronics NV +		8,316		291,071
Mittal Steel Co NV		6,200		216,518
Wolters Kluwer NV +		16,048		418,066
				3,976,231

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-4

PACIFIC FUNDS
PF ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND
(Formerly PF Lazard International Value Fund)
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

		Shares		Value
Singapore - 0.23%
Neptune Orient Lines Ltd +			107,000	$	136,304
Spain - 1.56%
Repsol YPF SA +			31,129		925,367
Sweden - 0.42%
Svenska Cellulosa AB ‘B’			5,400		247,593
Switzerland - 1.92%
Credit Suisse Group +			16,879		976,044
Novartis AG +			2,727		159,102
					1,135,146
United Kingdom - 20.21%
AstraZeneca PLC +			11,522		719,644
Aviva PLC +			64,437		944,100
BAE Systems PLC +			93,326		690,219
Barclays PLC +			76,883		969,541
BP PLC +			47,998		524,729
British American Tobacco PLC +			10,250		277,225
Corus Group PLC +			18,600		135,175
Friends Provident PLC +			174,944		633,738
Greene King PLC +			23,320		394,224
HBOS PLC +			48,671		962,414
International Power PLC +			30,069		176,108
J. Sainsbury PLC +			110,071		773,370
Mitchells & Butlers PLC +			19,436		214,677
Rio Tinto PLC +			2,967		140,406
Royal & Sun Alliance Insurance Group PLC +			144,928		404,038
Royal Dutch Shell PLC ‘A’ +			19,400		640,696
The Royal Bank of Scotland Group PLC +			34,433		1,184,771
Vodafone Group PLC +			519,171		1,185,881
Wolverhampton & Dudley Breweries PLC +			13,424		362,293
Xstrata PLC +			15,090		622,982
					11,956,231
Total Common Stocks
(Cost $53,499,213)					56,526,805
TOTAL INVESTMENTS - 95.57%
(Cost $53,499,213)					56,526,805
OTHER ASSETS & LIABILITIES, NET - 4.43%					2,620,860
NET ASSETS - 100.00%				$	59,147,665
Notes to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Financial Services					32.82	%
Autos & Transportation					12.96	%
Materials & Processing					9.71	%
Utilities					9.42	%
Integrated Oils					8.35	%
Consumer Discretionary					4.24	%
Consumer Staples					4.00	%
Health Care					3.21	%
Technology					2.91	%
Multi-Industry					2.82	%
Producer Durables					2.81	%
Energy					2.32	%
					95.57	%
Other Assets & Liabilities, Net					4.43	%
					100.00	%
(b) As of September 30, 2006, the Fund was diversified by geographical region as a percentage of net assets as follows:
Japan					26.48	%
United Kingdom					20.21	%
France					11.75	%
Germany					10.61	%
Netherlands					6.72	%
Canada					4.53	%
Italy					3.73	%
Switzerland					1.92	%
Belgium					1.73	%
Spain					1.56	%
Austria					1.11	%
Denmark					0.95	%
Finland					0.88	%
Australia					0.75	%
Hong Kong					0.66	%
Bermuda					0.56	%
Greece					0.52	%
Sweden					0.42	%
Luxembourg					0.25	%
Singapore					0.23	%
					95.57	%
Other Assets & Liabilities, Net					4.43	%
					100.00	%
(c) The amount of $79,300 in cash was segregated with the broker to cover margin requirements for the following open futures contracts as of September 30, 2006:
Long Futures Outstanding	Number of Contracts	Notional Amount		Unrealized Appreciation
Dow Jones EURO STOXX 50 (12/06)	8	$	380,551	$	17,043

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-5

PACIFIC FUNDS
PF GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 8.03%
Autos & Transportation - 0.28%
GATX Financial Corp
5.125% due 04/15/10	$	150,000	$	148,308
Consumer Discretionary - 0.30%
Time Warner Inc
6.750% due 04/15/11		150,000		157,035
Financial Services - 5.30%
American General Finance Corp
4.875% due 05/15/10		250,000		246,412
ANZ Capital Trust Inc
4.484% due 12/15/53 ~		500,000		485,008
Greater Bay Bancorp
5.125% due 04/15/10		100,000		98,953
ING Capital Funding Trust III
8.439% due 12/29/49 §		250,000		277,671
Mizuho JGB Investment LLC
9.870% due 06/30/08 ~ §		300,000		321,441
Morgan Stanley
5.050% due 01/21/11		250,000		247,967
PNC Funding Corp
6.500% due 05/01/08		300,000		305,269
Popular North America Inc
5.200% due 12/12/07		200,000		198,538
Wachovia Capital Trust III
5.800% due 03/15/42 §		250,000		250,921
Waddell & Reed Financial Inc
5.600% due 01/15/11		150,000		148,911
Washington Mutual Inc
8.250% due 04/01/10		200,000		217,290
				2,798,381
Producer Durables - 0.48%
John Deere Capital Corp
5.400% due 04/07/10		250,000		251,570
Utilities - 1.67%
Comcast Corp
5.850% due 01/15/10		250,000		253,737
Cox Communications Inc
4.625% due 01/15/10		150,000		146,016
Deutsche Telekom International Finance BV (Netherlands)
8.000% due 06/15/10		200,000		218,354
GTE Corp
7.510% due 04/01/09		250,000		262,487
				880,594
Total Corporate Bonds & Notes
(Cost $4,201,697)				4,235,888
U.S. GOVERNMENT AGENCY ISSUES - 55.11%
Fannie Mae
2.375% due 03/30/07		1,000,000		985,823
3.250% due 01/28/08 §		1,300,000		1,279,829
3.550% due 01/12/07		1,500,000		1,492,746
4.500% due 08/04/08		1,000,000		991,931
4.750% due 02/01/08		1,300,000		1,294,593
6.625% due 09/15/09		1,000,000		1,047,234
Federal Farm Credit Bank
3.125% due 02/01/08		1,000,000		975,780
3.800% due 09/07/07		2,000,000		1,975,946
Federal Home Loan Bank
2.720% due 10/26/06		1,000,000		998,261
3.375% due 02/15/07		1,000,000		993,031
3.375% due 02/15/08		1,000,000		978,111
3.625% due 02/16/07		1,270,000		1,262,236
3.800% due 12/29/06		700,000		697,450
3.828% due 09/07/07 §		1,000,000		990,690
4.000% due 12/03/07 §		1,000,000		979,666
4.125% due 09/06/07		500,000		495,452
4.125% due 10/26/07		2,000,000		1,980,088
4.750% due 08/17/07		2,000,000		1,993,020
4.875% due 02/15/07		1,000,000		998,429
Freddie Mac
2.550% due 04/19/07		400,000		394,194
4.200% due 12/28/07		1,000,000		989,894
4.480% due 09/19/08		1,000,000		990,809
4.500% due 04/18/07		800,000		796,198
5.000% due 09/17/07		3,500,000		3,495,811
Total U.S. Government Agency Issues
(Cost $29,172,424)				29,077,222
U.S. TREASURY OBLIGATIONS - 31.73%
U.S. Treasury Inflation Protected Securities - 2.55%
1.875% due 07/15/13 ^		110,767		107,933
1.875% due 07/15/15 ^		418,364		405,225
2.000% due 01/15/14 ^		110,102		108,033
2.000% due 07/15/14 ^		215,856		211,623
2.500% due 07/15/16 ^		503,685		513,917
				1,346,731
U.S. Treasury Notes - 28.97%
3.125% due 09/15/08		8,000,000		7,771,256
4.375% due 01/31/08		500,000		497,188
4.500% due 02/15/09		1,000,000		996,758
4.875% due 08/31/08		5,800,000		5,817,898
4.875% due 05/15/09		200,000		201,219
				15,284,319
U.S. Treasury Strips - 0.21%
0.000% due 11/15/26		300,000		113,497
Total U.S. Treasury Obligations
(Cost $16,675,449)				16,744,547

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-6

PACIFIC FUNDS
PF GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 4.32%
Money Market Fund - 4.32%
BlackRock Liquidity Funds Institutional TempFund		2,281,067	$	2,281,067
Total Short-Term Investment (Cost $2,281,067)				2,281,067
TOTAL INVESTMENTS - 99.19% (Cost $52,330,637)				52,338,724
OTHER ASSETS & LIABILITIES, NET - 0.81%				425,895
NET ASSETS - 100.00%			$	52,764,619
Notes to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
U.S. Government Agency Issues				55.11	%
U.S. Treasury Obligations				31.73	%
Corporate Bonds & Notes				8.03	%
Short-Term Investment				4.32	%
				99.19	%
Other Assets & Liabilities, Net				0.81	%
				100.00	%

(b) The amount of $85,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2006:

Long Futures Outstanding	Number of Contracts	Notional Amount		Unrealized Appreciation (Depreciation)
Eurodollar (12/06)	12	$	12,000,000		($16,116	)
Eurodollar (06/07)	10		10,000,000		(6,096	)
Eurodollar (09/07)	13		13,000,000		(2,894	)
U.S. Treasury 2-Year Notes (12/06)	32		6,400,000		11,106
U.S. Treasury 5-Year Notes (12/06)	3		300,000		2,132
Short Futures Outstanding
U.S. Treasury 10-Year Notes (12/06)	6		600,000		(6,456	)
U.S. Treasury 20-Year Bonds (12/06)	10		1,000,000		(21,815	)
					($40,139	)

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-7

PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
EQUITY-LINKED STRUCTURED NOTES - 0.41%
Health Care - 0.41%
Morgan Stanley Convertible (Celgene Corp) Trigger @ $36.290 * ~		2,155	$	98,268
Morgan Stanley Convertible (Celgene Corp) Trigger @ $30.877 * ~		2,155		99,065
				197,333
Total Equity-Linked Structured Notes (Cost $203,174)				197,333
COMMON STOCKS - 96.48%
Autos & Transportation - 5.79%
Bayerische Motoren Werke AG + (Germany)		8,721		466,493
C.H. Robinson Worldwide Inc		12,410		553,238
Canadian National Railway Co (Canada)		11,124		466,541
FedEx Corp		3,435		373,316
Lear Corp		2,725		56,407
Quality Distribution Inc *		10,000		147,200
Union Pacific Corp		2,990		263,120
United Parcel Service Inc ‘B’		6,430		462,574
				2,788,889
Consumer Discretionary - 15.24%
eBay Inc *		11,855		336,208
Electronic Arts Inc *		13,500		751,680
Federated Department Stores Inc		7,070		305,495
Google Inc ‘A’ *		1,285		516,441
Harrah’s Entertainment Inc		5,755		382,305
IAC/InterActiveCorp *		15,555		447,362
Industria de Diseno Textil SA + (Spain)		4,756		221,821
Kimberly-Clark Corp		5,530		361,441
Lamar Advertising Co ‘A’ *		6,195		330,875
Liberty Global Inc ‘A’ *		6,626		170,553
Liberty Global Inc ‘C’ *		7,036		176,322
Liberty Media Holding Corp - Capital ‘A’ *		2,601		217,365
Lowe’s Cos Inc		10,265		288,036
LVMH Moet Hennessy Louis Vuitton SA + (France)		2,250		231,406
Marvel Entertainment Inc *		7,250		175,015
Nordstrom Inc		15,170		641,691
Staples Inc		23,367		568,519
Station Casinos Inc		1,775		102,648
Yahoo! Inc *		44,130		1,115,606
				7,340,789
Consumer Staples - 6.62%
Altria Group Inc		3,095		236,922
CVS Corp		6,230		200,108
Dean Foods Co *		8,290		348,346
Sysco Corp		9,280		310,416
The Procter & Gamble Co		25,575		1,585,138
Whole Foods Market Inc		8,510		505,749
				3,186,679
Energy - 2.77%
Apache Corp		4,075		257,540
NRG Energy Inc *		20,895		946,543
Valero Energy Corp		2,485		127,903
				1,331,986
Financial Services - 12.60%
American Express Co		11,040		619,123
Berkshire Hathaway Inc ‘B’ *		160		507,840
Chicago Mercantile Exchange Holdings Inc		430		205,647
Fannie Mae		13,135		734,378
JPMorgan Chase & Co		32,908		1,545,360
Legg Mason Inc		3,910		394,363
Marsh & McLennan Cos Inc		13,165		370,595
Merrill Lynch & Co Inc		7,925		619,893
Moody’s Corp		4,150		271,327
NewAlliance Bancshares Inc		22,035		322,813
Paychex Inc		6,525		240,446
UBS AG (NYSE) (Switzerland)		3,955		234,571
				6,066,356
Health Care - 16.31%
Abbott Laboratories		10,200		495,312
Amgen Inc *		5,765		412,370
Amylin Pharmaceuticals Inc *		7,495		330,305
Cardinal Health Inc		8,175		537,424
Caremark Rx Inc		10,785		611,186
Celgene Corp *		8,750		378,875
Coventry Health Care Inc *		17,810		917,571
Gilead Sciences Inc *		7,820		537,234
Intuitive Surgical Inc *		2,000		210,900
Manor Care Inc		8,720		455,882
Merck & Co Inc		22,350		936,465
Roche Holding AG + (Switzerland)		8,205		1,417,555
Teva Pharmaceutical Industries Ltd ADR (Israel)		4,065		138,576
UnitedHealth Group Inc		9,665		475,518
				7,855,173
Integrated Oils - 4.14%
EnCana Corp (Canada)		4,965		231,816
Exxon Mobil Corp		19,665		1,319,522
Hess Corp		5,205		215,591
Suncor Energy Inc (Canada)		3,185		229,479
				1,996,408
Materials & Processing - 4.94%
Ball Corp		8,085		327,038
Cemex SAB de CV ADR * (Mexico)		8,870		266,810
Masco Corp		6,345		173,980
Monsanto Co		8,600		404,286
Precision Castparts Corp		10,685		674,865
Syngenta AG * + (Switzerland)		3,537		533,321
				2,380,300
Multi-Industry - 2.89%
General Electric Co		39,485		1,393,821
Producer Durables - 5.68%
BAE Systems PLC + (United Kingdom)		33,206		245,584
Crown Castle International Corp *		7,205		253,904
Emerson Electric Co		2,735		229,357
Lockheed Martin Corp		5,650		486,239
NVR Inc *		295		157,825
The Boeing Co		17,275		1,362,134
				2,735,043
Technology - 15.62%
Adobe Systems Inc *		11,905		445,842
Advanced Micro Devices Inc *		32,485		807,252
Akamai Technologies Inc *		6,010		300,440
Apple Computer Inc *		9,055		697,507
Cisco Systems Inc *		10,280		236,440
Cypress Semiconductor Corp *		18,285		324,924
EMC Corp *		58,255		697,895

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-8

PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

	Shares		Value
Marvell Technology Group Ltd * (Bermuda)		6,560	$	127,067
Nokia OYJ ADR (Finland)		18,195		358,260
Oracle Corp *		28,250		501,155
QUALCOMM Inc		11,675		424,386
Research In Motion Ltd * (Canada)		3,620		371,629
Rockwell Automation Inc		6,695		388,980
Samsung Electronics Co Ltd + (S. Korea)		550		385,588
SAP AG + (Germany)		1,969		389,857
Texas Instruments Inc		32,065		1,066,161
				7,523,383
Utilities - 3.88%
America Movil SA de CV ‘L’ ADR (Mexico)		9,560		376,377
Level 3 Communications Inc *		66,810		357,433
NeuStar Inc ‘A’ *		9,345		259,324
The AES Corp *		13,345		272,105
TXU Corp		9,665		604,256
				1,869,495
Total Common Stocks (Cost $41,001,879)				46,468,322
	Principal Amount
SHORT-TERM INVESTMENTS - 3.72%
U.S. Government Agency Issue - 3.53%
Federal Home Loan Bank 4.750% due 10/02/06	$	1,700,000		1,699,776
	Shares
Money Market Funds - 0.19%
BlackRock Liquidity Funds Institutional TempCash		46,122		46,122
BlackRock Liquidity Funds Institutional TempFund		46,122		46,122
				92,244
Total Short-Term Investments (Cost $1,792,020)				1,792,020
TOTAL INVESTMENTS - 100.61% (Cost $42,997,073)				48,457,675
OTHER ASSETS & LIABILITIES, NET - (0.61%)				(296,010	)
NET ASSETS - 100.00%			$	48,161,665
Notes to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:
Health Care				16.72	%
Technology				15.62	%
Consumer Discretionary				15.24	%
Financial Services				12.60	%
Consumer Staples				6.62	%
Autos & Transportation				5.79	%
Producer Durables				5.68	%
Materials & Processing				4.94	%
Integrated Oils				4.14	%
Utilities				3.88	%
Short-Term Investments				3.72	%
Multi-Industry				2.89	%
Energy				2.77	%
				100.61	%
Other Assets & Liabilities, Net				(0.61	%)
				100.00	%

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

(c) Forward foreign currency contracts outstanding as of September 30, 2006 were as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts	Expiration	Net Unrealized Appreciation (Depreciation)
Sell	CHF	335,000	01/07	$	4,497
Sell	EUR	25,000	10/06		(341	)
Sell	EUR	95,000	01/07		(4	)
Sell	KRW	71,000,000	10/06		278
Sell	KRW	6,000,000	03/07		(41	)
				$	4,389

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-9

PACIFIC FUNDS
PF LAZARD MID-CAP VALUE FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.17%
Autos & Transportation - 4.58%
Laidlaw International Inc		31,960	$	873,467
Overseas Shipholding Group Inc		8,750		540,487
Teekay Shipping Corp		8,360		343,680
YRC Worldwide Inc *		19,410		718,946
				2,476,580
Consumer Discretionary - 16.96%
Belo Corp ‘A’		48,510		766,943
CDW Corp		12,950		798,756
Dollar Tree Stores Inc *		26,360		816,106
Liz Claiborne Inc		32,160		1,270,642
Pacific Sunwear of California Inc *		26,180		394,794
R.H. Donnelley Corp *		18,988		1,004,465
Republic Services Inc		19,590		787,714
Royal Caribbean Cruises Ltd (Liberia)		19,770		767,274
Service Corp International		157,630		1,472,264
The Stanley Works		16,340		814,549
The Talbots Inc		10,190		277,677
				9,171,184
Consumer Staples - 5.61%
Coca-Cola Enterprises Inc		55,530		1,156,690
Pilgrim’s Pride Corp		30,280		828,158
The Kroger Co		45,240		1,046,853
				3,031,701
Energy - 5.87%
BJ Services Co		18,500		557,405
Massey Energy Co		36,780		770,173
Smith International Inc		13,460		522,248
Sunoco Inc		8,370		520,530
The Williams Cos Inc		33,720		804,897
				3,175,253
Financial Services - 22.70%
A.G. Edwards Inc		10,230		545,054
Ameriprise Financial Inc		20,860		978,334
CBL & Associates Properties Inc REIT		16,960		710,794
DST Systems Inc *		17,670		1,089,709
Health Care Property Investors Inc REIT		20,070		623,173
Hudson City Bancorp Inc		39,550		524,038
Lincoln National Corp		18,774		1,165,490
MasterCard Inc ‘A’ *		9,620		676,767
Mellon Financial Corp		31,730		1,240,643
PartnerRe Ltd (Bermuda)		17,640		1,191,935
Protective Life Corp		32,540		1,488,705
RenaissanceRe Holdings Ltd (Bermuda)		21,290		1,183,724
Willis Group Holdings Ltd (Bermuda)		22,600		858,800
				12,277,166
Health Care - 6.82%
Invitrogen Corp *		14,050		890,910
Laboratory Corp of America Holdings *		10,110		662,913
Sepracor Inc *		15,920		771,165
Triad Hospitals Inc *		27,020		1,189,691
Warner Chilcott Ltd ‘A’ * (Bermuda)		13,000		172,900
				3,687,579
Materials & Processing - 8.47%
Ball Corp		21,610		874,125
Cabot Corp		23,950		890,940
Celanese Corp ‘A’		33,320		596,428
Louisiana-Pacific Corp		31,900		598,763
Owens-Illinois Inc *		25,400		391,668
Sigma-Aldrich Corp		9,890		748,376
Temple-Inland Inc		12,020		482,002
				4,582,302
Multi-Industry - 1.75%
Fortune Brands Inc		12,620		947,888
Producer Durables - 6.03%
Dover Corp		21,090		1,000,509
Hubbell Inc ‘B’		14,110		675,869
KLA-Tencor Corp		8,400		373,548
Pitney Bowes Inc		27,240		1,208,639
				3,258,565
Technology - 12.45%
Arrow Electronics Inc *		24,670		676,698
Avaya Inc *		112,460		1,286,543
Compuware Corp *		85,130		663,163
Flextronics International Ltd * (Singapore)		70,980		897,187
Hyperion Solutions Corp *		18,440		635,811
Ingram Micro Inc ‘A’ *		43,740		838,058
Solectron Corp *		211,270		688,740
Sun Microsystems Inc *		124,240		617,473
Vishay Intertechnology Inc *		30,380		426,535
				6,730,208
Utilities - 3.93%
Alltel Corp		20,026		1,111,443
Citizens Communications Co		72,190		1,013,548
				2,124,991
Total Common Stocks (Cost $48,330,571)				51,463,417
SHORT-TERM INVESTMENTS - 4.85%
Money Market Funds - 4.85%
BlackRock Liquidity Funds Institutional TempCash		167,488		167,488
BlackRock Liquidity Funds Institutional TempFund		2,451,930		2,451,930
				2,619,418
Total Short-Term Investments (Cost $2,619,418)				2,619,418
TOTAL INVESTMENTS - 100.02% (Cost $50,949,989)				54,082,835
OTHER ASSETS & LIABILITIES, NET - (0.02%)				(8,461	)
NET ASSETS - 100.00%			$	54,074,374

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-10

PACIFIC FUNDS

PF LAZARD MID-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services	22.70	%
Consumer Discretionary	16.96	%
Technology	12.45	%
Materials & Processing	8.47	%
Health Care	6.82	%
Producer Durables	6.03	%
Energy	5.87	%
Consumer Staples	5.61	%
Short-Term Investments	4.85	%
Autos & Transportation	4.58	%
Utilities	3.93	%
Multi-Industry	1.75	%
	100.02	%
Other Assets & Liabilities, Net	(0.02	%)
	100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-11

PACIFIC FUNDS

PF LOOMIS SAYLES LARGE-CAP GROWTH FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.67%
Autos & Transportation - 1.57%
Expeditors International of Washington Inc		8,425	$	375,586
Consumer Discretionary - 17.00%
American Eagle Outfitters Inc		6,975		305,714
Best Buy Co Inc		5,825		311,987
Coach Inc *		10,475		360,340
Google Inc ‘A’ *		2,300		924,370
Monster Worldwide Inc *		7,000		253,330
News Corp ‘A’		27,550		541,357
Nordstrom Inc		5,750		243,225
Staples Inc		9,650		234,785
Starwood Hotels & Resorts Worldwide Inc		4,100		234,479
The McGraw-Hill Cos Inc		5,950		345,279
Wal-Mart Stores Inc		6,375		314,415
				4,069,281
Consumer Staples - 6.95%
CVS Corp		8,400		269,808
Hansen Natural Corp *		4,500		146,160
PepsiCo Inc		13,575		885,904
The Procter & Gamble Co		5,825		361,034
				1,662,906
Energy - 2.63%
Halliburton Co		10,225		290,901
National Oilwell Varco Inc *		5,775		338,126
				629,027
Financial Services - 20.18%
Alliance Data Systems Corp *		3,100		171,089
BlackRock Inc		2,475		368,775
CB Richard Ellis Group Inc ‘A’ *		16,775		412,665
Chicago Mercantile Exchange Holdings Inc		1,250		597,812
Lehman Brothers Holdings Inc		8,575		633,349
Morgan Stanley		4,925		359,082
Northern Trust Corp		4,050		236,642
State Street Corp		5,675		354,120
T. Rowe Price Group Inc		6,250		299,063
The Chubb Corp		6,900		358,524
The Goldman Sachs Group Inc		3,925		663,992
The Hartford Financial Services Group Inc		4,325		375,194
				4,830,307
Health Care - 15.37%
Abbott Laboratories		7,075		343,562
Baxter International Inc		6,575		298,899
DaVita Inc *		6,950		402,196
Genentech Inc *		7,725		638,858
Gilead Sciences Inc *		9,750		669,825
Medco Health Solutions Inc *		8,325		500,416
Quest Diagnostics Inc		4,275		261,459
WellPoint Inc *		7,325		564,391
				3,679,606
Materials & Processing - 3.49%
Archer-Daniels-Midland Co		8,575		324,821
Precision Castparts Corp		8,075		510,017
				834,838
Multi-Industry - 2.40%
General Electric Co		16,275		574,508
Producer Durables - 1.41%
Emerson Electric Co		4,025		337,537
Technology - 26.67%
Akamai Technologies Inc *		8,050		402,419
Apple Computer Inc *		11,125		856,959
BEA Systems Inc *		17,500		266,000
Cisco Systems Inc *		15,525		357,075
Cognizant Technology Solutions Corp ‘A’ *		6,725		498,053
Corning Inc *		10,450		255,085
Intel Corp		17,600		362,032
Motorola Inc		22,650		566,250
Network Appliance Inc *		15,700		581,057
NVIDIA Corp *		7,875		233,021
Oracle Corp *		40,250		714,035
QUALCOMM Inc		16,050		583,418
Symantec Corp *		16,725		355,908
Texas Instruments Inc		10,625		353,281
				6,384,593
Total Common Stocks
(Cost $21,960,474)				23,378,189
TOTAL INVESTMENTS - 97.67%
(Cost $21,960,474)				23,378,189
OTHER ASSETS & LIABILITIES, NET - 2.33%				557,324
NET ASSETS - 100.00%			$	23,935,513

Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Technology	26.67	%
Financial Services	20.18	%
Consumer Discretionary	17.00	%
Health Care	15.37	%
Consumer Staples	6.95	%
Materials & Processing	3.49	%
Energy	2.63	%
Multi-Industry	2.40	%
Autos & Transportation	1.57	%
Producer Durables	1.41	%
	97.67	%
Other Assets & Liabilities, Net	2.33	%
	100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-12

PACIFIC FUNDS

PF MFS INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.59%
Australia - 0.99%
QBE Insurance Group Ltd +		31,271	$	570,416
Austria - 0.95%
Erste Bank der Oesterreichischen Sparkassen AG +		8,790		546,851
Bermuda - 1.85%
Esprit Holdings Ltd +		64,000		583,223
Li & Fung Ltd +		197,200		489,605
				1,072,828
Canada - 0.82%
Canadian National Railway Co		11,360		476,438
Cayman - 0.64%
Hutchison Telecommunications International Ltd * +		208,000		368,083
France - 22.84%
AXA +		49,970		1,841,350
Credit Agricole SA +		32,983		1,446,160
Gaz de France SA +		10,300		409,659
L’Air Liquide SA +		4,958		1,011,414
L’Air Liquide SA - Registered * +		3,468		707,478
Legrand SA +		16,840		467,799
L’Oreal SA +		3,290		333,757
LVMH Moet Hennessy Louis Vuitton SA +		12,070		1,241,363
Pernod-Ricard SA +		5,100		1,060,804
Sanofi-Aventis +		13,655		1,213,994
Schneider Electric SA +		18,762		2,089,513
Total SA +		21,110		1,384,615
				13,207,906
Germany - 4.34%
Bayer AG +		20,940		1,066,589
E.ON AG +		12,150		1,440,863
				2,507,452
Hong Kong - 0.76%
CNOOC Ltd +		526,500		438,340
Indonesia - 0.60%
P.T. Bank Central Asia Tbk +		670,500		349,921
Italy - 4.11%
Assicurazioni Generali SPA +		24,150		902,567
Banca Intesa SPA +		68,440		449,995
FASTWEB SPA * +		1,090		49,375
UniCredito Italiano SPA +		117,540		975,457
				2,377,394
Japan - 16.55%
Asahi Glass Co Ltd +		65,000		801,885
Bridgestone Corp +		36,900		747,229
Canon Inc +		22,450		1,173,223
FANUC Ltd +		6,000		468,321
Kao Corp +		36,000		959,739
Nintendo Co Ltd +		3,000		618,570
Nitto Denko Corp +		11,300		669,414
OMRON Corp +		16,600		407,325
ORIX Corp +		1,380		381,286
Ricoh Co Ltd +		45,000		895,439
Shinsei Bank Ltd +		117,000		714,057
Tokyo Gas Co Ltd +		81,640		409,395
Toyota Motor Corp +		24,300		1,322,327
				9,568,210
Mexico - 1.05%
Grupo Televisa SA ADR		28,460		605,060
Singapore - 1.23%
Singapore Telecommunications Ltd +		465,376		713,451
South Korea - 2.97%
Samsung Electronics Co Ltd +		2,450		1,717,618
Spain - 1.83%
Banco Bilbao Vizcaya Argentaria SA +		45,880		1,060,983
Sweden - 0.70%
Telefonaktiebolaget LM Ericsson ‘B’ +		116,890		403,852
Switzerland - 14.33%
Actelion Ltd * +		1,820		261,383
Julius Baer Holding AG +		8,982		895,549
Nestle SA +		6,600		2,299,758
Roche Holding AG +		11,180		1,931,537
Swiss Reinsurance Co +		14,175		1,083,522
UBS AG +		30,320		1,812,428
				8,284,177
Thailand - 0.55%
Bangkok Bank PCL +		108,070		315,459
United Kingdom - 21.06%
AstraZeneca PLC +		6,960		434,709
BG Group PLC +		31,480		382,526
BHP Billiton PLC +		21,820		375,982
Diageo PLC +		62,680		1,106,870
GlaxoSmithKline PLC +		51,740		1,376,017
Ladbrokes PLC +		88,208		642,341
NEXT PLC +		16,510		585,867
Reckitt Benckiser PLC +		54,364		2,252,124
Royal Dutch Shell PLC ‘A’ +		28,460		941,040
Smiths Group PLC +		31,330		525,353
Tesco PLC +		180,907		1,219,003
William Hill PLC +		108,530		1,307,282
WPP Group PLC +		83,180		1,030,350
				12,179,464
United States - 0.42%
Synthes Inc +		2,180		242,121
Total Common Stocks
(Cost $45,676,226)				57,006,024

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-13

PACIFIC FUNDS

PF MFS INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.26%
Commercial Paper - 0.26%
Morgan Stanley Dean Witter
5.400% due 10/02/06	$	147,000	$	146,978
	Shares
Money Market Fund - 0.00%
BlackRock Liquidity Funds Institutional TempCash		193		193
Total Short-Term Investments
(Cost $147,171)				147,171
TOTAL INVESTMENTS - 98.85%
(Cost $45,823,397)				57,153,195
OTHER ASSETS & LIABILITIES, NET - 1.15%				665,707
NET ASSETS - 100.00%			$	57,818,902

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services	23.08	%
Consumer Discretionary	14.52	%
Consumer Staples	13.73	%
Health Care	11.29	%
Technology	7.95	%
Materials & Processing	6.17	%
Utilities	5.87	%
Integrated Oils	5.44	%
Producer Durables	5.23	%
Autos & Transportation	4.40	%
Multi-Industry	0.91	%
Short-Term Investments	0.26	%
	98.85	%
Other Assets & Liabilities, Net	1.15	%
	100.00	%

(b) As of September 30, 2006, the Fund was diversified by geographical region as a percentage of net assets as follows:

France	22.84	%
United Kingdom	21.06	%
Japan	16.55	%
Switzerland	14.33	%
Germany	4.34	%
Italy	4.11	%
South Korea	2.97	%
Bermuda	1.85	%
Spain	1.83	%
Singapore	1.23	%
Mexico	1.05	%
Australia	0.99	%
Austria	0.95	%
Canada	0.82	%
Hong Kong	0.76	%
Sweden	0.70	%
United States	0.68	%
Cayman	0.64	%
Indonesia	0.60	%
Thailand	0.55	%
	98.85	%
Other Assets & Liabilities, Net	1.15	%
	100.00	%

(c) 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-38
A-14

PACIFIC FUNDS

PF NB FASCIANO SMALL EQUITY FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.86%
Autos & Transportation - 11.78%
Bristow Group Inc *		12,800	$	440,320
Forward Air Corp		22,200		734,598
Heartland Express Inc		62,966		987,307
Hub Group Inc ‘A’ *		30,600		697,068
Modine Manufacturing Co		22,200		540,126
Winnebago Industries Inc		7,400		232,212
				3,631,631
Consumer Discretionary - 23.32%
Central Garden & Pet Co *		12,400		598,424
Courier Corp		12,500		464,250
Guitar Center Inc *		5,900		263,612
Houston Wire & Cable Co *		14,900		280,120
Journal Communications Inc ‘A’		32,000		360,640
Korn/Ferry International *		22,800		477,432
LoJack Corp *		21,300		417,267
MWI Veterinary Supply Inc *		7,800		261,534
Navigant Consulting Inc *		26,800		537,608
RC2 Corp *		8,400		281,652
Ritchie Bros. Auctioneers Inc (Canada)		15,300		820,233
Rollins Inc		44,300		935,173
Ruby Tuesday Inc		7,600		214,244
The Steak n Shake Co *		30,500		515,145
Watson Wyatt Worldwide Inc ‘A’		18,600		761,112
				7,188,446
Energy - 6.39%
Berry Petroleum Co ‘A’		17,700		498,432
CARBO Ceramics Inc		8,300		299,049
Hydril Co LP *		5,900		330,754
TETRA Technologies Inc *		34,800		840,768
				1,969,003
Financial Services - 16.34%
American Equity Investment Life Holding Co		23,500		288,345
Amerisafe Inc *		21,500		210,700
Boston Private Financial Holdings Inc		13,800		384,744
FactSet Research Systems Inc		9,600		466,272
Financial Federal Corp		18,300		490,440
H&E Equipment Services Inc *		9,800		239,022
Hilb Rogal & Hobbs Co		13,900		592,835
ITLA Capital Corp		4,900		263,424
Online Resources Corp *		18,300		224,175
Texas Capital Bancshares Inc *		17,200		321,984
W.P. Stewart & Co Ltd (Bermuda)		20,300		252,938
Wilshire Bancorp Inc		17,600		335,104
Wintrust Financial Corp		19,300		967,895
				5,037,878
Health Care - 8.56%
Apria Healthcare Group Inc *		5,700		112,518
Computer Programs & Systems Inc		12,000		393,240
Healthcare Services Group Inc		8,600		216,376
Healthspring Inc *		12,500		240,625
ICU Medical Inc *		6,900		313,812
KV Pharmaceutical Co ‘A’ *		15,600		369,720
Landauer Inc		6,800		345,100
LCA-Vision Inc		7,600		313,956
Young Innovations Inc		9,300		334,428
				2,639,775
Materials & Processing - 10.44%
AMCOL International Corp		18,000		448,380
Cabot Microelectronics Corp *		14,700		423,654
CLARCOR Inc		10,200		310,998
Drew Industries Inc *		11,700		295,542
Griffon Corp *		8,400		200,508
Interline Brands Inc *		18,300		451,644
RBC Bearings Inc *		11,600		280,140
Rockwood Holdings Inc *		21,600		431,568
Spartech Corp		14,100		377,457
				3,219,891
Producer Durables - 12.01%
ACCO Brands Corp *		18,400		409,584
Actuant Corp ‘A’		13,600		681,360
Argon ST Inc *		20,300		486,591
Bucyrus International Inc ‘A’		15,650		663,873
IDEX Corp		6,500		279,825
Plantronics Inc		13,200		231,396
Regal-Beloit Corp		8,000		348,000
The Middleby Corp *		7,800		601,068
				3,701,697
Technology - 8.02%
j2 Global Communications Inc *		28,700		779,779
Kanbay International Inc *		20,300		417,368
Methode Electronics Inc		41,300		392,763
ScanSource Inc *		29,100		882,603
				2,472,513
Total Common Stocks (Cost $28,254,129)				29,860,834
TOTAL INVESTMENTS - 96.86% (Cost $28,254,129)				29,860,834
OTHER ASSETS & LIABILITIES, NET - 3.14%				968,790
NET ASSETS - 100.00%			$	30,829,624
Note to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified as a percentage of assets as follows:
Consumer Discretionary				23.32	%
Financial Services				16.34	%
Producer Durables				12.01	%
Autos & Transportation				11.78	%
Materials & Processing				10.44	%
Health Care				8.56	%
Technology				8.02	%
Energy				6.39	%
				96.86	%
Other Assets & Liabilities, Net				3.14	%
				100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-15

PACIFIC FUNDS

PF OPPENHEIMER MAIN STREET^® CORE FUND

Summary Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.91%
Autos & Transportation - 1.71%
Other Securities - 1.71%			$	1,107,415
Consumer Discretionary - 11.55%
Google Inc ‘A’ * - 1.18%		1,900		763,610
Wal-Mart Stores Inc - 0.65%		8,600		424,152
Other Securities - 9.72%				6,297,915
				7,485,677
Consumer Staples - 6.47%
Altria Group Inc - 1.42%		12,000		918,600
PepsiCo Inc - 0.83%		8,300		541,658
The Coca-Cola Co - 0.61%		8,800		393,184
The Procter & Gamble Co - 1.12%		11,700		725,166
Other Securities - 2.49%				1,615,458
				4,194,066
Energy - 2.57%
Other Securities - 2.57%				1,665,581
Financial Services - 23.98%
American International Group Inc - 0.74%		7,200		477,072
Bank of America Corp - 2.39%		28,954		1,551,066
Citigroup Inc - 2.35%		30,700		1,524,869
First Data Corp - 0.60%		9,200		386,400
JPMorgan Chase & Co - 1.76%		24,300		1,141,128
Lehman Brothers Holdings Inc - 0.71%		6,200		457,932
Merrill Lynch & Co Inc - 1.01%		8,400		657,048
Morgan Stanley - 0.99%		8,800		641,608
The Allstate Corp - 0.81%		8,400		526,932
The Goldman Sachs Group Inc - 0.94%		3,600		609,012
The St. Paul Travelers Cos Inc - - 0.60%		8,300		389,187
U.S. Bancorp - 0.93%		18,200		604,604
Wachovia Corp - 0.97%		11,200		624,960
Wells Fargo & Co - 1.18%		21,200		767,016
Other Securities - 8.00%				5,186,387
				15,545,221
Health Care - 11.59%
Johnson & Johnson - 1.69%		16,900		1,097,486
Merck & Co Inc - 1.16%		18,000		754,200
Pfizer Inc - 1.64%		37,500		1,063,500
UnitedHealth Group Inc - 1.00%		13,140		646,488
WellPoint Inc * - 0.84%		7,055		543,588
Other Securities - 5.26%				3,411,532
				7,516,794
Integrated Oils - 7.72%
Chevron Corp - 1.40%		14,000		908,040
ConocoPhillips - 0.93%		10,175		605,718
Exxon Mobil Corp - 3.37%		32,600		2,187,460
Marathon Oil Corp - 0.57%		4,800		369,120
Occidental Petroleum Corp - 0.58%		7,752		372,949
Other Securities - 0.87%				562,039
				5,005,326
Materials & Processing - 3.36%
Other Securities - 3.36%				2,180,426
Multi-Industry - 4.31%
3M Co - 0.61%		5,300		394,426
General Electric Co - 2.55%		46,900		1,655,570
Other Securities - 1.15%				747,252
				2,797,248
Producer Durables - 5.44%
Lockheed Martin Corp - 0.70%		5,300		456,118
Northrop Grumman Corp - 0.58%		5,500		374,385
The Boeing Co - 0.69%		5,700		449,445
Other Securities - 3.47%				2,247,588
				3,527,536
Technology - 15.31%
Cisco Systems Inc * - 1.15%		32,400		745,200
Dell Inc * - 0.90%		25,500		582,420
General Dynamics Corp - 0.57%		5,200		372,684
Hewlett-Packard Co - 1.09%		19,300		708,117
Intel Corp - 1.18%		37,100		763,147
International Business Machines Corp - 1.47%		11,600		950,504
Microsoft Corp - 2.07%		49,200		1,344,636
Motorola Inc - 0.75%		19,400		485,000
Oracle Corp * - 1.07%		39,000		691,860
Raytheon Co - 0.57%		7,700		369,677
Texas Instruments Inc - 0.93%		18,200		605,150
Other Securities - 3.56%				2,308,222
				9,926,617
Utilities - 4.90%
AT&T Inc - 0.63%		12,591		409,963
BellSouth Corp - 0.57%		8,600		367,650
Sprint Nextel Corp - 0.70%		26,500		454,475
Verizon Communications Inc - 0.81%		14,100		523,533
Other Securities - 2.19%				1,420,927
				3,176,548
Total Common Stocks (Cost $59,281,280)				64,128,455
TOTAL INVESTMENTS - 98.91% (Cost $59,281,280)				64,128,455
OTHER ASSETS & LIABILITIES, NET - 1.09%				705,731
NET ASSETS - 100.00%			$	64,834,186

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-16

PACIFIC FUNDS

PF OPPENHEIMER MAIN STREET CORE FUND

Summary Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services
Technology	23.98	%
Health Care	15.31	%
Consumer Discretionary	11.59	%
Integrated Oils	11.55	%
Consumer Staples	7.72	%
Producer Durables	6.47	%
Utilities	5.44	%
Multi-Industry	4.90	%
Materials & Processing	4.31	%
Energy	3.36	%
Autos & Transportation	2.57	%
	1.71	%
	98.91	%
Other Assets & Liabilities, Net	1.09	%
	100.00	%

(b) Other securities represent issues not identified as a top-fifty holding in terms of market value and issues or issuers not exceeding one percent of net assets individually or in aggregate, respectively, as of September 30, 2006.

(c) A Summary Schedule of Investments is presented for this fund. For information on availability of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-17

PACIFIC FUNDS

PF OPPENHEIMER EMERGING MARKETS FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 6.07%
Brazil - 5.75%
America Latina Logistica SA		56,000	$	437,842
Banco Bradesco SA		9,530		316,016
Cia de Bebidas das Americas ADR		4,450		201,941
Cia Vale do Rio Doce ADR		12,050		223,045
Eletropaulo Metropolitana de Sao Paulo SA ‘B’ *		3,860,200		154,475
Lojas Americanas SA		5,673,000		229,602
Petroleo Brasileiro SA ADR		2,850		213,294
Sadia SA		140,000		384,400
Tele Norte Leste Participacoes SA		3,000		41,103
				2,201,718
South Korea - 0.32%
Hyundai Motor Co +		1,540		78,100
S-Oil Corp +		865		45,598
				123,698
Total Preferred Stocks (Cost $2,071,628)				2,325,416
COMMON STOCKS - 93.06%
Bermuda - 0.39%
Bunge Ltd		1,400		81,130
Midland Holdings Ltd +		16,000		7,528
Varitronix International Ltd +		91,000		58,906
				147,564
Brazil - 10.88%
America Latina Logistica SA GDR ~		4,000		31,322
Aracruz Celulose SA ADR		2,800		139,356
Banco Bradesco SA ADR		4,700		156,745
Banco Nossa Caixa SA		6,000		119,763
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		12,600		327,726
Cia de Bebidas das Americas ADR		700		28,084
Cia Vale do Rio Doce ADR		13,100		282,436
Cosan SA Industria e Comercio *		2,000		32,424
Cyrela Brazil Realty SA Empreendimentos e Participacoes GDR ~		2,000		340,765
Diagnosticos da America SA *		13,800		258,952
Empresa Brasileira de Aeronautica SA		20,500		200,069
Gafisa SA *		11,600		149,648
Natura Cosmeticos SA		12,700		155,954
Petroleo Brasileiro SA ADR		19,250		1,613,727
Tele Norte Leste Participacoes SA		10,600		330,534
				4,167,505
Canada - 1.17%
Inco Ltd		3,600		274,441
Yamana Gold Inc		18,900		174,825
				449,266
Cayman Islands - 1.30%
GlobalSantaFe Corp		7,300		364,927
Hutchison Telecommunications International Ltd * +		74,000		130,953
				495,880
Chile - 0.04%
Empresas Copec SA		1,400		14,128
China - 2.40%
China Merchants Bank Co Ltd ‘H’ *		18,000		25,369
China Oilfield Services Ltd ‘H’ +		62,000		33,280
China Petroleum & Chemical Corp ‘H’ +		610,000		378,108
China Shenhua Energy Co Ltd ‘H’ +		111,000		178,558
PetroChina Co Ltd ‘H’ +		166,000		178,692
Yanzhou Coal Mining Co Ltd ‘H’ +		185,000		126,470
				920,477
Egypt - 3.36%
Commercial International Bank GDR +		1,650		13,029
Commercial International Bank GDR ~		9,600		77,055
Commercial International Bank SP GDR +		14,400		113,703
Eastern Tobacco Co +		3,767		196,696
Medinet Nasr Housing & Development		6,015		93,112
Orascom Construction Industries		396		17,259
Orascom Telecom Holding SAE +		8,546		486,944
Vodafone Egypt Telecommunications SAE		17,166		288,939
				1,286,737
France - 0.73%
Technip SA +		4,880		278,071
Greece - 0.08%
Folli-Follie SA +		1,100		31,927
Hong Kong - 0.17%
Television Broadcasts Ltd +		12,000		64,667
Hungary - 0.59%
OTP Bank Rt +		7,200		227,195
India - 14.85%
Amtek Auto Ltd		40,200		288,950
Bajaj Auto Ltd +		2,600		169,470
Bharat Electronics Ltd +		3,200		80,719
Bharat Heavy Electricals Ltd +		4,850		252,810
Bharti Airtel Ltd * +		29,400		300,562
Divi’s Laboratories Ltd +		2,659		127,676
Dr. Reddy’s Laboratories Ltd +		700		11,143
GAIL India Ltd +		40,410		231,405
Gateway Distriparks Ltd +		12,000		42,940
HCL Technologies Ltd +		22,345		267,546
Housing Development Finance Corp +		16,200		540,187
ICICI Bank Ltd ADR		9,800		300,958
Infosys Technologies Ltd +		12,800		515,409
Infosys Technologies Ltd ADR		4,700		224,331
ITC Ltd +		52,600		214,887
Larsen & Toubro Ltd +		15,600		431,954
Mahindra & Mahindra Ltd +		16,460		243,742
Oil & Natural Gas Corp Ltd +		3,300		83,981
Ranbaxy Laboratories Ltd +		9,008		86,147
Reliance Capital Ltd +		9,800		121,681
Reliance Industries Ltd +		17,500		446,129
Reliance Natural Resources Ltd * +		22,700		11,023
Rico Auto Industries Ltd +		34,100		61,482
Tata Consultancy Services Ltd +		21,212		471,926
Trent Ltd +		2,674		51,553
United Breweries Holdings Ltd +		9,300		53,806
United Breweries Ltd +		19,290		57,700
				5,690,117

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-18

PACIFIC FUNDS

PF OPPENHEIMER EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Shares		Value
Indonesia - 4.98%
P.T. Aneka Tambang Tbk +		600,100	$	357,374
P.T. Astra International Tbk +		140,500		189,371
P.T. Bank Mandiri Persero Tbk +		957,000		240,706
P.T. Gudang Garam Tbk +		172,500		193,515
P.T. Indosat Tbk +		860,000		478,311
P.T. Telekomunikasi Indonesia Tbk +		490,500		446,284
				1,905,561
Israel - 2.35%
Bank Hapoalim BM +		51,155		241,179
Bank Leumi Le-Israel BM +		58,300		228,230
Elbit Systems Ltd +		519		15,736
Israel Discount Bank Ltd ‘A’ * +		73,300		137,997
Makhteshim-Agan Industries Ltd +		1,900		9,369
ORMAT Industries Ltd +		1,900		19,003
Teva Pharmaceutical Industries Ltd ADR		7,300		248,857
				900,371
Lebanon - 0.31%
Solidere GDR ~		6,600		120,384
Luxembourg - 0.68%
Tenaris SA ADR		7,400		261,812
Mexico - 6.30%
America Movil SA de CV ‘L’ ADR		21,000		826,770
Cemex SAB de CV ADR *		6,710		201,837
Consorcio ARA SA de CV		23,800		116,878
Corporacion GEO SA de CV ‘B’ *		40,900		172,060
Corporacion Interamericana de Entretenimiento SA de CV ‘B’ *		47,200		84,620
Empresas ICA SA de CV *		61,117		220,140
Fomento Economico Mexicano SA de CV ADR		2,350		227,809
Grupo Financiero Banorte SA de CV ‘O’		17,100		53,521
Grupo Financiero Inbursa SA de CV ‘O’		100,700		176,321
Impulsora del Desarrollo y el Empleo en America Latina SA de CV *		126,800		122,832
SARE Holding SA de CV ‘B’ *		190,396		211,282
				2,414,070
Norway - 0.28%
Det Norske Oljeselskap ASA * +		77,668		108,468
Panama - 0.47%
Banco Latinoamericano de Exportaciones SA ‘E’		11,500		179,630
Philippines - 1.11%
Jollibee Foods Corp +		151,200		107,435
SM Prime Holdings Inc +		1,876,395		316,135
				423,570
Portugal - 0.30%
Jeronimo Martins Sociedade Gestora de Participacoes Sociais SA +		6,500		116,047
Russia - 2.62%
LUKOIL ADR		7,100		535,695
Surgutneftegaz OJSC ADR		7,210		467,929
				1,003,624
Singapore - 0.83%
Keppel Corp Ltd +		19,000		176,591
SembCorp Marine Ltd +		68,000		142,814
				319,405
South Africa - 5.91%
Anglo Platinum Ltd +		5,300		533,373
AngloGold Ashanti Ltd ADR		12,400		467,976
Aveng Ltd +		8,133		28,704
Harmony Gold Mining Co Ltd ADR *		7,800		100,854
Impala Platinum Holdings Ltd +		1,950		320,877
JD Group Ltd +		6,900		57,609
Liberty Group Ltd +		9,800		92,248
Massmart Holdings Ltd +		15,400		112,398
Murray & Roberts Holdings Ltd +		34,260		140,508
Standard Bank Group Ltd +		10,500		104,670
Steinhoff International Holdings Ltd +		72,400		233,023
Tiger Brands Ltd +		3,896		70,765
				2,263,005
South Korea - 12.35%
Able C&C Co Ltd +		1,768		13,957
AmorePacific Corp *		341		158,477
Daegu Bank +		7,080		118,684
FINETEC Corp +		7,088		107,819
GS Engineering & Construction Corp +		1,380		96,517
Hana Financial Holdings +		5,583		255,794
Humax Co Ltd +		15,010		418,111
Hyundai Development Co +		2,360		105,362
Hyundai Engineering & Construction Co Ltd * +		4,521		243,070
Hyundai Motor Co +		4,127		352,959
Jeonbuk Bank +		10,325		93,805
Kia Motors Corp +		17,600		285,393
Kookmin Bank ADR		2,700		210,681
Korea Investment Holdings Co Ltd +		3,530		152,626
Kyeryong Construction Industrial Co Ltd +		2,470		97,440
LG Corp +		2,440		70,925
Mirae Asset Securities Co Ltd +		2,421		163,626
NHN Corp * +		723		75,716
Pacific Corp		159		21,760
S-Oil Corp +		3,422		228,584
Samsung Electronics Co Ltd +		812		569,268
Shinhan Financial Group Co Ltd +		2,870		129,053
Shinsegae Co Ltd +		205		106,110
SK Telecom Co Ltd ADR		3,800		89,794
SsangYong Motor Co * +		51,798		252,170
Telechips Inc +		2,348		57,152
Woori Finance Holdings Co Ltd +		9,900		208,648
Yedang Entertainment Co Ltd * +		7,107		45,975
				4,729,476
Taiwan - 12.76%
Cathay Financial Holding Co Ltd +		184,303		369,387
China Motor Corp +		1,080		940
Continental Engineering Corp +		73,130		40,281
Far Eastern Textile Ltd +		59,360		44,016
Fubon Financial Holding Co Ltd +		453,000		375,330
Fubon Financial Holding Co Ltd GDR		5,900		48,933
High Tech Computer Corp +		15,200		401,818
Hon Hai Precision Industry Co Ltd +		106,000		645,156
Inventec Appliances Corp +		91,000		281,202
Inventec Co Ltd +		283,600		184,368
Lite-On Technology Corp +		177,871		219,692
Merry Electronics Co Ltd +		54,125		193,429
MiTAC International Corp +		126,319		133,023
Motech Industries Inc +		3,307		46,989
Powerchip Semiconductor Corp +		12,491		7,967

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-19

PACIFIC FUNDS

PF OPPENHEIMER EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Shares		Value
President Chain Store Corp +		54,000	$	116,407
Quanta Computer Inc +		189,300		271,006
Shin Kong Financial Holding Co Ltd +		44,657		41,097
Sunplus Technology Co Ltd +		225,565		215,385
Synnex Technology International Corp +		118,800		105,829
Taiwan Fertilizer Co Ltd +		10,000		16,258
Taiwan Semiconductor Manufacturing Co Ltd +		92,000		166,047
Taiwan Semiconductor Manufacturing Co Ltd ADR		49,900		479,040
Uni-President Enterprises Corp +		61,000		53,694
United Microelectronics Corp +		767,200		429,325
				4,886,619
Thailand - 1.02%
Advanced Info Service PCL +		35,300		84,359
Kiatnakin Bank PCL +		71,600		56,059
TISCO Bank PCL +		88,100		52,024
TMB Bank PCL * +		2,450,763		198,173
				390,615
Turkey - 3.97%
Aksigorta AS +		55,000		204,381
Anadolu Anonim Turk Sigorta Sirketi +		5,900		9,294
Ford Otomotiv Sanayi AS +		11,141		72,642
Haci Omer Sabanci Holding AS +		88,800		312,768
Haci Omer Sabanci Holding AS ADR		71,700		63,404
Koc Holding AS * +		78,638		251,757
Tupras Turkiye Petrol Rafinerileri AS +		12,800		195,630
Turkcell Iletisim Hizmetleri AS +		5,107		26,235
Turkiye Is Bankasi ‘C’ +		22,300		118,103
Turkiye Vakiflar Bankasi TAO ‘D’ +		60,700		266,881
				1,521,095
United Kingdom - 0.38%
Highland Gold Mining Ltd * +		44,943		145,944
United States - 0.48%
Hydril Co LP *		3,300		184,998
Total Common Stocks
(Cost $32,577,437)				35,648,228
SHORT-TERM INVESTMENT - 2.57%
Money Market Fund - 2.57%
BlackRock Liquidity Funds Institutional TempFund		982,587		982,587
Total Short-Term Investment
(Cost $982,587)				982,587
TOTAL INVESTMENTS - 101.70%
(Cost $35,631,652)				38,956,231
OTHER ASSETS & LIABILITIES, NET - (1.70%)				(649,889	)
NET ASSETS - 100.00%			$	38,306,342

Notes to Schedule of Investments
(a) As of September 30, 2006, the Fund was diversified by sector as a percentage of net assets as follows:
Financial Services	20.07	%
Technology	16.11	%
Integrated Oils	12.34	%
Utilities	10.25	%
Materials & Processing	9.82	%
Autos & Transportation	6.92	%
Consumer Discretionary	5.53	%
Producer Durables	5.37	%
Multi-Industry	5.32	%
Consumer Staples	4.54	%
Short-Term Investment	2.57	%
Health Care	1.91	%
Energy	0.95	%
	101.70	%
Other Assets & Liabilities, Net	(1.70	%)
	100.00	%
(b) As of September 30, 2006, the Fund was diversified by geographical region as a percentage of net assets as follows:
Brazil	16.63	%
India	14.85	%
Taiwan	12.76	%
South Korea	12.67	%
Mexico	6.30	%
South Africa	5.91	%
Indonesia	4.98	%
Turkey	3.97	%
Egypt	3.36	%
United States	3.05	%
Russia	2.62	%
China	2.40	%
Israel	2.35	%
Cayman Islands	1.30	%
Canada	1.17	%
Philippines	1.11	%
Thailand	1.02	%
Singapore	0.83	%
France	0.73	%
Luxembourg	0.68	%
Hungary	0.59	%
Panama	0.47	%
Bermuda	0.39	%
United Kingdom	0.38	%
Lebanon	0.31	%
Portugal	0.30	%
Norway	0.28	%
Hong Kong	0.17	%
Greece	0.08	%
Chile	0.04	%
	101.70	%
Other Assets & Liabilities, Net	(1.70	%)
	100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-20

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 4.37%
Autos & Transportation - 0.12%
DaimlerChrysler NA Holding Corp
5.640% due 03/07/07 §	$	100,000	$	100,033
Consumer Staples - 0.13%
Reynolds American Inc
7.625% due 06/01/16 ~		100,000		104,231
Energy - 0.36%
Colorado Interstate Gas Co
6.800% due 11/15/15		200,000		202,559
The Williams Cos Inc
6.375% due 10/01/10 ~		100,000		100,000
				302,559
Financial Services - 2.42%
Bank of America Corp
4.875% due 01/15/13		100,000		98,107
CIT Group Inc
7.750% due 04/02/12		100,000		110,846
Citigroup Inc
5.625% due 08/27/12		50,000		50,973
Export-Import Bank of Korea (South Korea)
5.590% due 10/04/11 ~ §		800,000		798,944
Ford Motor Credit Co
7.000% due 10/01/13		300,000		278,725
7.250% due 10/25/11		200,000		188,810
Merrill Lynch & Co
5.492% due 08/14/09 §		400,000		400,308
Morgan Stanley
5.300% due 03/01/13		100,000		99,980
				2,026,693
Integrated Oils - 0.49%
Enterprise Products Operating LP
4.625% due 10/15/09		100,000		97,808
Occidental Petroleum Corp
8.450% due 02/15/29		100,000		132,880
Pemex Project Funding Master Trust
7.375% due 12/15/14		50,000		54,175
9.250% due 03/30/18		100,000		123,650
				408,513
Utilities - 0.85%
Entergy Gulf States Inc
3.600% due 06/01/08		100,000		96,981
PSEG Energy Holdings LLC
8.625% due 02/15/08		400,000		417,000
Qwest Communications International Inc
7.500% due 02/15/14		100,000		100,750
SBC Communications Inc
4.125% due 09/15/09		100,000		96,904
				711,635
Total Corporate Bonds & Notes
(Cost $3,601,041)				3,653,664
MORTGAGE-BACKED SECURITIES - 75.02%
Collateralized Mortgage Obligations - 12.99%
Adjustable Rate Mortgage Trust
4.593% due 05/25/35 “ §		183,984		180,906
Banc of America Funding Corp
4.114% due 05/25/35 “ §		326,367		322,173
Banc of America Mortgage Securities
3.994% due 07/25/33 “ §		214,574		204,517
5.000% due 05/25/34 “		131,041		129,382
Bear Stearns Adjustable Rate Mortgage Trust
4.625% due 10/25/35 “ §		817,188		797,603
4.750% due 10/25/35 “ §		241,725		238,503
Bear Stearns Alt-A Trust
5.395% due 05/25/35 “ §		129,448		129,645
5.840% due 10/25/36 “ §		200,000		200,156
Citigroup Mortgage Loan Trust Inc
4.700% due 12/25/35 “ §		276,531		272,117
Countrywide Home Loan Mortgage
Pass-Through Trust
5.650% due 03/25/35 “ §		110,440		110,970
5.670% due 06/25/35 ~ “ §		370,040		369,714
CS First Boston Mortgage Securities Corp
5.607% due 03/25/32 ~ “ §		35,102		35,113
5.660% due 03/25/32 ~ “ §		30,403		30,436
6.000% due 11/25/35 “		321,814		324,452
Fannie Mae
4.000% due 08/25/09 “		32,951		32,856
6.625% due 11/25/23 “ §		772,706		787,313
Freddie Mac
2.750% due 02/15/12 “		20,862		20,832
4.000% due 06/15/22-10/15/23 “ ±		2,043,020		2,010,486
5.000% due 09/15/16-05/15/19 “ ±		200,622		200,200
6.250% due 04/15/23 “		57,668		57,804
Freddie Mac Structured Pass-Through Securities
5.632% due 10/25/44 “ §		170,570		172,403
5.832% due 07/25/44 “ §		941,792		954,134
GMAC Mortgage Corp Loan Trust
5.500% due 09/25/34 “		125,065		124,480
Harborview Mortgage Loan Trust
5.550% due 05/19/35 “ §		117,189		117,519
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.410% due 09/15/21 ~ “ §		398,198		398,450
Mellon Residential Funding Corp
5.570% due 06/15/30 “ §		32,844		32,615
MLCC Mortgage Investors Inc
5.710% due 03/15/25 “ §		61,691		61,996
Residential Asset Securitization Trust
5.730% due 05/25/33 “ §		75,128		75,421
Small Business Administration
4.754% due 08/10/14 “		175,387		170,885
Structured Asset Mortgage Investments Inc
5.550% due 05/25/36 “ §		391,231		391,815
Structured Asset Securities Corp
5.000% due 12/25/34 “		281,987		280,032
Washington Mutual Inc
5.106% due 10/25/32 “ §		25,366		25,224
5.427% due 02/27/34 “ §		20,295		20,651
5.590% due 09/25/46 “ §		199,353		199,353
5.600% due 12/25/27 “ §		180,914		180,958
5.640% due 01/25/45 “ §		103,896		104,596
5.650% due 01/25/45 “ §		103,813		104,209
5.963% due 08/25/42 “ §		27,442		27,558
Wells Fargo Mortgage-Backed Securities Trust
3.989% due 12/25/34 “ §		387,329		379,101
4.319% due 07/25/35 “ §		400,000		391,305
5.539% due 08/25/36 “ §		193,333		193,205
				10,861,088

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-21

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Principal Amount		Value
Fannie Mae - 59.19%
3.852% due 10/01/33 “ §	$	1,219,711	$	1,199,108
4.190% due 11/01/34 “ §		613,937		604,913
4.886% due 12/01/35 “ §		337,839		335,378
5.000% due 08/01/20-11/01/35 “ ±		2,528,668		2,474,398
5.500% due 12/01/14-07/01/36 “ ±		19,353,707		19,090,467
5.500% due 10/15/21 # “		4,000,000		3,931,248
5.632% due 10/01/44 “ §		230,057		231,003
6.000% due 09/01/22-01/01/23 “ ±		247,287		250,869
6.000% due 10/15/36 # “		15,000,000		15,070,320
6.104% due 12/01/36 “ §		48,929		49,281
6.500% due 03/01/17 “		157,360		160,921
6.500% due 10/15/36 # “		6,000,000		6,110,628
				49,508,534
Freddie Mac - 2.84%
4.714% due 06/01/35 “ §		1,160,934		1,172,019
5.367% due 09/01/35 # “ §		477,937		477,936
5.500% due 08/01/07-03/01/23 “ ±		124,313		123,923
5.714% due 04/01/32 “ §		183,328		188,023
5.917% due 11/01/31 “ §		34,230		34,421
6.000% due 12/01/22-03/01/23 “ ±		376,825		382,138
				2,378,460
Total Mortgage-Backed Securities
(Cost $63,066,087)				62,748,082
ASSET-BACKED SECURITIES - 4.09%
Argent Securities Inc
5.376% due 10/25/36 “ §		400,000		400,000
Asset Backed Funding Certificates
5.680% due 06/25/34 “ §		362,302		363,586
Chevy Chase Mortgage Funding Corp
5.580% due 08/25/35 ~ “ §		390,085		390,481
Citibank Credit Card Issuance Trust
5.460% due 03/20/09 “ §		400,000		400,435
DaimlerChrysler Auto Trust
3.750% due 12/08/07 “		3,922		3,923
Lehman XS Trust
5.410% due 07/25/46 “ §		377,823		373,912
Long Beach Mortgage Loan Trust
5.610% due 10/25/34 “ §		279,766		280,111
Morgan Stanley Dean Witter Capital I Inc Trust
5.660% due 07/25/32 “ §		974		985
New Century Home Equity Loan Trust
5.420% due 07/25/35 “ §		10,710		10,717
Saxon Asset Securities Trust
5.382% due 11/25/36 # “ §		400,000		400,000
SBI Heloc Trust
5.496% due 08/25/36 ~ “ §		400,000		400,000
Wells Fargo Home Equity Trust
5.440% due 11/25/35 ~ # “ §		394,540		394,767
Total Asset-Backed Securities
(Cost $3,421,724)				3,418,917
U.S. TREASURY OBLIGATIONS - 2.65%
U.S. Treasury Inflation Protected Securities - 2.65%
0.875% due 04/15/10 ^		1,396,031		1,323,340
3.375% due 01/15/07 ^		899,026		891,511
				2,214,851
Total U.S. Treasury Obligations
(Cost $2,213,998)				2,214,851

FOREIGN GOVERNMENT BONDS,
NOTES, & RIGHTS - 2.18%
Hong Kong Government International Bond (Hong Kong)
5.125% due 08/01/14 ~		100,000	99,687
Republic of Panama (Panama)
9.625% due 02/08/11		48,000	55,080
Republic of South Africa (South Africa)
9.125% due 05/19/09		25,000	27,219
Spain Letras del Tesoro (Spain)
2.890% due 12/22/06	EUR	1,300,000	1,636,815
	Notional Amount
United Mexican States Value Recovery Rights (Mexico)
0.000% due 06/30/07 §	$	250,000	4,937
Total Foreign Government Bonds, Notes, & Rights
(Cost $1,807,379)			1,823,738
	Principal Amount
MUNICIPAL BONDS - 1.15%
Austin Texas Water & Wastewater System Revenue ‘A’
5.000% due 11/15/29		200,000	209,914
City of Chicago IL ‘1110’
5.990% due 01/01/34 ~ §		100,000	106,584
Golden State Tobacco Securitization Corp CA ‘A-1’
6.250% due 06/01/33		50,000	55,073
6.750% due 06/01/39		100,000	112,998
New York City Municipal Water Finance Authority ‘1307’
6.060% due 06/15/38 ~ §		50,000	54,659
Texas State Transportation Commission Mobility Fund ‘A’
4.750% due 04/01/35		100,000	101,960
Tobacco Settlement Financing Corp NJ
6.000% due 06/01/37		200,000	213,284
Tobacco Settlement Financing Corp VA
5.625% due 06/01/37		100,000	104,915
Total Municipal Bonds
(Cost $893,499)			959,387
	Notional Amount
PURCHASED CALL OPTIONS - 0.49%
2-Year Interest Rate Swap OTC Strike @ $3.96 Exp 07/02/07 (Pay 3-Month EUR LIBOR, Receive 3.960%) Broker: Citigroup	EUR	8,000,000	53,106
2-Year Interest Rate Swap OTC Strike @ $4.73 Exp 02/01/07 (Pay 3-Month LIBOR, Receive 4.730%) Broker: Wachovia	$	2,600,000	2,707
2-Year Interest Rate Swap OTC Strike @ $5.00 Exp12/20/07 (Pay 3-Month LIBOR, Receive 5.000%) Broker: Lehman Brothers		4,400,000	31,901

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-22

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Notional Amount		Value
2-Year Interest Rate Swap OTC
Strike @ $5.06 Exp 06/15/07
(Pay 3-Month GBP LIBOR, Receive 5.063%)
Broker: JPMorgan Chase	GBP	3,500,000	$	20,655
2-Year Interest Rate Swap OTC
Strike @ $5.08 Exp 04/19/07
(Pay 3-Month LIBOR, Receive 5.080%)
Broker: Royal Bank of Scotland	$	5,300,000		27,581
2-Year Interest Rate Swap OTC
Strike @ $5.25 Exp 06/07/07
(Pay 3-Month LIBOR, Receive 5.250%)
Broker: Royal Bank of Scotland		4,000,000		32,004
2-Year Interest Rate Swap OTC
Strike @ $5.25 Exp 07/02/07
(Pay 3-Month LIBOR, Receive 5.250%)
Broker: Royal Bank of Scotland		11,300,000		94,513
2-Year Interest Rate Swap OTC
Strike @ $5.37 Exp 07/02/07
(Pay 3-Month LIBOR, Receive 5.370%)
Broker: Royal Bank of Scotland		7,700,000		76,322
2-Year Interest Rate Swap OTC
Strike @ $5.50 Exp 06/29/07
(Pay 3-Month LIBOR, Receive 5.500%)
Broker: Royal Bank of Scotland		5,300,000		61,946
30-Year Interest Rate Swap OTC
Strike @ $5.75 Exp 04/27/09
(Pay 3-Month LIBOR, Receive 5.750%)
Broker: Lehman Brothers		100,000		9,821
Total Purchased Call Options
(Cost $251,421)				410,556
PURCHASED PUT OPTIONS - 0.00%
30-Year Interest Rate Swap OTC
Strike @ $6.25 Exp 04/27/09
(Receive 3-Month LIBOR, Pay 6.250%)
Broker: Lehman Brothers		100,000		2,638
	Number of Contracts
Eurodollar (12/06) Futures CME
Strike @ $91.75 Exp 12/18/06
Broker: Merrill Lynch		13		81
Eurodollar (06/07) Futures CME
Strike @ $91.25 Exp 06/18/07
Broker: Merrill Lynch		142		887
Eurodollar (09/07) Futures CME
Strike @ $91.25 Exp 09/17/07
Broker: Merrill Lynch		82		513
Eurodollar (09/07) Futures CME
Strike @ $91.50 Exp 09/17/07
Broker: Merrill Lynch		89		556
Eurodollar (12/07) Futures CME
Strike @ $91.75 Exp 12/17/07
Broker: Merrill Lynch		39		244
Total Purchased Put Options
(Cost $10,618)				4,919
	Principal Amount
SHORT-TERM INVESTMENTS - 46.23%
Commercial Paper - 27.76%
Abbey National North America
5.260% due 10/05/06		2,200,000		2,198,714
Bank of America Corp
5.375% due 10/27/06		2,100,000		2,092,242
Barclays U.S. Funding Corp
5.405% due 10/20/06		300,000		299,208
Danske Corp
5.355% due 10/26/06		2,100,000		2,092,595
Dexia LLC DE
5.360% due 10/16/06		2,100,000		2,095,680
DnB NOR ASA (Norway)
5.255% due 12/07/06		500,000		495,178
General Electric Capital Corp
5.250% due 01/16/07		1,100,000		1,083,061
5.350% due 10/26/06		1,300,000		1,295,416
HBOS Treasury Services PLC (United Kingdom)
5.260% due 12/05/06		700,000		693,491
5.370% due 10/25/06		1,000,000		996,621
ING U.S. Funding LLC
5.370% due 10/24/06		2,100,000		2,093,211
Rabobank USA Finance Corp
5.360% due 10/02/06		100,000		99,985
Swedbank AB (Sweden)
5.385% due 10/23/06		2,100,000		2,093,483
Total SA (France)
5.360% due 10/02/06		2,300,000		2,299,658
UBS Finance LLC DE
5.340% due 10/02/06		400,000		399,941
5.355% due 10/24/06		2,100,000		2,093,211
Viacom Inc
5.594% due 05/29/07 §		400,000		400,000
5.600% due 03/22/07 §		400,000		400,005
				23,221,700
Foreign Government Issues - 14.55%
Dutch Treasury Certificates (Netherlands)
2.905% due 10/31/06	EUR	100,000		126,503
French Treasury Bills (France)
2.867% due 12/21/06		2,840,000		3,575,956
2.890% due 11/23/06		700,000		883,661
2.895% due 10/19/06		2,100,000		2,659,079
2.938% due 11/02/06		1,000,000		1,264,757
3.189% due 12/28/06		1,550,000		1,950,271
German Treasury Bills (Germany)
2.704% due 10/18/06		1,350,000		1,709,682
				12,169,909
U.S. Treasury Bills - 0.62%
4.830% due 11/30/06 ‡	$	460,000		456,490
4.830% due 12/14/06 ‡		60,000		59,427
				515,917

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-38

A-23

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

	Shares		Value
Money Market Funds - 3.30%
BlackRock Liquidity Funds Institutional TempCash		1,379,861	$	1,379,861
BlackRock Liquidity Funds Institutional TempFund		1,379,860		1,379,860
				2,759,721
Total Short-Term Investments
(Cost $38,639,603)				38,667,247
TOTAL INVESTMENTS - 136.18%
(Cost $113,905,370)				113,901,361
OTHER ASSETS & LIABILITIES, NET - (36.18%)				(30,261,678	)
NET ASSETS - 100.00%			$	83,639,683

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Mortgage-Backed Securities	75.02	%
Short-Term Investments	46.23	%
Corporate Bonds & Notes	4.37	%
Asset-Backed Securities	4.09	%
U.S. Treasury Obligations	2.65	%
Foreign Government Bonds, Notes, & Rights	2.18	%
Municipal Bonds	1.15	%
Purchased Options	0.49	%
	136.18	%
Other Assets & Liabilities, Net	(36.18	%)
	100.00	%

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

(c) Securities with an aggregate market value of $515,917 were segregated with the broker(s) to cover margin requirements for the following open futures contracts as of September 30, 2006:

Long Futures Outstanding	Number of Contracts	Notional Amount		Unrealized Appreciation
Euro-Bund 10-Year Notes (12/06)	22	EUR	2,200,000	$	17,854
Eurodollar (03/07)	29	$	29,000,000		29,363
Eurodollar (06/07)	145		145,000,000		84,100
Eurodollar (09/07)	101		101,000,000		78,575
Eurodollar (12/07)	105		105,000,000		103,762
Eurodollar (06/08)	41		41,000,000		27,038
United Kingdom 90-day LIBOR Sterling
Interest Rate (09/07)	16	GBP	8,000,000		7,115
United Kingdom 90-day LIBOR Sterling
Interest Rate (12/07)	46		23,000,000		12,919
U.S. Treasury 10-Year Notes (12/06)	48	$	4,800,000		45,734
U.S. Treasury 30-Year Bonds (12/06)	11		1,100,000		25,867
				$	432,327

(d) Investments sold short outstanding as of September 30, 2006:

Type	Principal Amount		Value
Fannie Mae
5.000% due 10/12/36 # “	$	300,000	$	288,375
5.500% due 10/12/36 # “		3,500,000		3,448,592
U.S. Treasury Notes
4.500% due 02/15/15 #		400,000		396,110
Total Investments sold short
(Proceeds $4,138,737)			$	4,133,077

(e) Forward foreign currency contracts outstanding as of September 30, 2006 were as follows:

Contracts to Buy or to Sell	Currency		Principal Amount Covered by Contracts	Expiration	Net Unrealized Appreciation (Depreciation)
Buy	CNY	8,902,105		05/07	($9,861	)
Sell	EUR	10,202,000		10/06	28,916
Sell	GBP	207,000		10/06	4,404
Buy	JPY	51,229,935		10/06	(986	)
Buy	JPY	231,859,000		11/06	(62,116	)
					($39,643	)

(f) Transactions in written options for the period ended September 30, 2006 were as follows:

	Number of Contracts		Premium
Outstanding, March 31, 2006	6,600,000		$	50,404
Call Options Written	20,400,018			249,530
Put Options Written	30			13,778
Call Options Expired	(4,700,018	)		(47,450	)
Put Options Expired	(800,018	)		(10,693	)
Outstanding, September 30, 2006	21,500,012		$	255,569

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-38

A-24

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

(g) Premiums received and value of written options outstanding as of September 30, 2006:

Counterparty	Type	Pay/Receive Floating Rate Based on 6-Month EUR-LIBOR	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Citigroup	Call - OTC 5-Year Interest Rate Swap	Receive	4.100	%	07/02/07	EUR	3,500,000	$	44,256	$	69,573
		6-Month GBP-LIBOR
JPMorgan Chase	Call - OTC 8-Year Interest Rate Swap	Receive	4.850	%	06/15/07	GBP	1,000,000		15,134		18,921
		3-Month USD-LIBOR
Wachovia	Call - OTC 5-Year Interest Rate Swap	Receive	4.780	%	02/01/07	$	1,100,000		9,020		2,941
Royal Bank of Scotland	Call - OTC 5-Year Interest Rate Swap	Receive	5.220	%	04/19/07		2,300,000		18,173		31,936
Royal Bank of Scotland	Call - OTC 5-Year Interest Rate Swap	Receive	5.340	%	06/07/07		2,000,000		20,340		37,006
Royal Bank of Scotland	Call - OTC 5-Year Interest Rate Swap	Receive	5.600	%	06/29/07		2,300,000		25,415		62,410
Royal Bank of Scotland	Call - OTC 5-Year Interest Rate Swap	Receive	5.370	%	07/02/07		4,900,000		59,325		97,608
Royal Bank of Scotland	Call - OTC 7-Year Interest Rate Swap	Receive	5.500	%	07/02/07		2,500,000		28,808		73,387
Lehman Brothers	Call - OTC 5-Year Interest Rate Swap	Receive	5.150	%	12/20/07		1,900,000		27,450		32,187
			Strike Price				Number of Contracts
Merrill Lynch	Put - CBOT U.S. Treasury 20-Year Futures		$104.00		11/21/06		12		7,648		188
								$	255,569	$	426,157

(h) Credit default swaps outstanding as of September 30, 2006:

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount			Unrealized Appreciation (Depreciation)
Merrill Lynch	Russian Federation 5.000% due 03/31/30	Sell	0.610%		03/20/07	$	100,000	$	175
Goldman Sachs	Russian Federation 5.000% due 03/31/30	Sell	0.700%		03/20/07		100,000		217
Lehman Brothers	Johnson & Johnson 3.800% due 05/15/13	Buy	(0.110%	)	12/20/08		100,000		(212	)
Lehman Brothers	The Home Depot Inc 5.375% due 04/01/06	Buy	(0.120%	)	12/20/08		100,000		(127	)
Citigroup	Wal-Mart Stores Inc 3.375% due 10/01/08	Buy	(0.140%	)	12/20/08		100,000		(212	)
Barclays	Eli Lilly & Co 6.000% due 03/15/12	Buy	(0.160%	)	12/20/08		100,000		(276	)
Morgan Stanley	Emerson Electric Co 4.625% due 10/15/12	Buy	(0.210%	)	12/20/08		100,000		(318	)
Merrill Lynch	Gannett Co Inc 6.375% due 04/01/12	Buy	(0.220%	)	12/20/08		100,000		(127	)
Morgan Stanley	The Allstate Corp 6.125% due 02/15/12	Buy	(0.260%	)	12/20/08		100,000		(361	)
Citigroup	Eaton Corp 5.750% due 07/15/12	Buy	(0.280%	)	12/20/08		100,000		(446	)
Barclays	FedEx Corp 7.250% due 10/15/12	Buy	(0.290%	)	12/20/08		100,000		(467	)
Lehman Brothers	Whirlpool Corp 8.600% due 05/01/10	Buy	(0.290%	)	12/20/08		100,000		(446	)
Merrill Lynch	Ingersoll-Rand Co Ltd 6.480% due 06/01/25	Buy	(0.320%	)	12/20/08		100,000		(530	)
Morgan Stanley	Dow Jones CDX NA EM3 Index	Sell	2.100%		06/20/10		400,000		30,105
Lehman Brothers	Republic of Turkey 11.875% due 01/15/30	Buy	(2.260%	)	09/20/10		100,000		(1,784	)
								$	25,191

(1) If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(i) Interest rate swaps outstanding as of September 30, 2006:

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount	Unrealized Appreciation (Depreciation)
UBS	3-Month USD-LIBOR	Pay	5.000	%	06/18/09	$	11,300,000	$	37,929
Barclays	3-Month USD-LIBOR	Pay	5.000	%	12/20/11		300,000		4,880
Citigroup	3-Month USD-LIBOR	Pay	5.000	%	12/20/11		900,000		16,724
Deutsche Bank	3-Month USD-LIBOR	Pay	5.000	%	12/20/11		900,000		14,407
Lehman Brothers	3-Month USD-LIBOR	Pay	5.000	%	12/20/11		4,700,000		75,236
Deutsche Bank	3-Month USD-LIBOR	Pay	5.000	%	12/20/13		2,600,000		53,779
Barclays	6-Month EUR-LIBOR	Receive	4.000	%	12/15/14	EUR	1,000,000		(25,267	)
Deutsche Bank	6-Month EUR-LIBOR	Receive	4.000	%	12/15/14		200,000		(5,863	)
HSBC	6-Month EUR-LIBOR	Receive	4.000	%	12/15/14		2,500,000		(73,286	)
Deutsche Bank	6-Month GBP-LIBOR	Pay	5.000	%	09/15/15	GBP	200,000		925
Goldman Sachs	6-Month GBP-LIBOR	Pay	5.000	%	09/15/15		300,000		1,841

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-38

A-25

PACIFIC FUNDS

PF PIMCO MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2006 (Unaudited)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount	Unrealized Appreciation (Depreciation)
Barclays	3-Month USD-LIBOR	Receive	5.000	%	12/20/16	$	100,000		($2,976	)
Goldman Sachs	3-Month USD-LIBOR	Receive	5.000	%	12/20/16		2,100,000		(62,299	)
Lehman Brothers	3-Month USD-LIBOR	Receive	5.000	%	12/20/16		200,000		(5,933	)
Royal Bank of Scotland	3-Month USD-LIBOR	Pay	5.000	%	12/20/21		400,000		18,508
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000	%	06/18/34	EUR	1,000,000		61,349
Deutsche Bank	6-Month GBP-LIBOR	Receive	4.000	%	12/15/35	GBP	1,000,000		734
Deutsche Bank	3-Month USD-LIBOR	Pay	5.000	%	12/15/35	$	1,800,000		(21,585	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000	%	12/20/36		200,000		11,875
								$	100,978

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-38

A-26

PACIFIC FUNDS

PF PIMCO INFLATION MANAGED FUND

Schedule of Investments

September 30, 2006 (Unaudited)

	Principal
	Amount		Value
CORPORATE BONDS & NOTES - - 1.65%
Consumer Discretionary - 0.15%
CSC Holdings Inc
7.875% due 12/15/07	$	100,000	$	101,750
Financial Services - 1.14%
Ford Motor Credit Co
7.875% due 06/15/10		500,000		487,321
General Electric Capital Corp
5.430% due 12/12/08 §		100,000		100,133
Rabobank Nederland (Netherlands)
5.527% due 01/15/09 ~ §		100,000		100,069
Travelers Property Casualty Corp
3.750% due 03/15/08		100,000		97,832
				785,355
Integrated Oils - 0.36%
Pemex Project Funding Master Trust
9.250% due 03/30/18		200,000		247,300
Total Corporate Bonds & Notes
(Cost $1,124,767)				1,134,405
MORTGAGE-BACKED SECURITIES - 6.94%
Collateralized Mortgage Obligations - 0.35%
Countrywide Home Loan Mortgage
Pass-Through Trust
5.670% due 06/25/35 ~ “ §		74,008		73,943
GSR Mortgage Loan Trust
4.540% due 09/25/35 “ §		169,756		167,559
				241,502
Fannie Mae - 6.59%
5.500% due 10/01/35 “		93,743		92,431
5.500% due 10/12/36 # “		4,200,000		4,138,310
6.000% due 10/12/36 # “		300,000		301,406
				4,532,147
Total Mortgage-Backed Securities
(Cost $4,759,412)				4,773,649
ASSET-BACKED SECURITIES - 0.24%
Freddie Mac Structured Pass-Through Securities
5.610% due 09/25/31 “ §		7,059		7,065
Lehman XS Trust
5.410% due 07/25/46 “ §		94,456		93,478
Merrill Lynch Mortgage Investors Inc
5.410% due 01/25/37 “ §		62,178		62,220
Total Asset-Backed Securities
(Cost $163,695)				162,763
U.S. TREASURY OBLIGATIONS - 105.63%
U.S. Treasury Bonds - 0.88%
4.500% due 02/15/36		500,000		479,258
6.625% due 02/15/27		100,000		123,000
				602,258
U.S. Treasury Inflation Protected Securities - 104.61%
0.875% due 04/15/10 ^		4,832,415		4,580,791
1.625% due 01/15/15 ^		3,302,864		3,142,626
1.875% due 07/15/13 ^		1,218,437		1,187,263
1.875% due 07/15/15 # ^		9,326,755		9,044,056
2.000% due 01/15/14 # ^		3,695,586		3,628,559
2.000% due 01/15/16 ^		2,972,500		2,905,155
2.000% due 01/15/26 ^		3,485,000		3,343,425
2.375% due 04/15/11 ^		204,992		205,272
2.375% due 01/15/25 ^		6,400,130		6,505,137
2.500% due 07/15/16 ^		2,216,214		2,261,232
3.000% due 07/15/12 ^		3,649,023		3,787,146
3.375% due 01/15/07 ^		2,824,932		2,801,318
3.375% due 04/15/32 ^		286,535		355,875
3.500% due 01/15/11 ^		3,974,226		4,163,936
3.625% due 01/15/08 # ^		7,569,780		7,630,902
3.625% due 04/15/28 ^		1,974,777		2,447,877
3.875% due 01/15/09 ^		1,612,637		1,659,442
3.875% due 04/15/29 ^		7,239,492		9,356,479
4.250% due 01/15/10 ^		2,781,137		2,942,357
				71,948,848
U.S. Treasury Notes - 0.14%
4.500% due 02/28/11		100,000		99,657
Total U.S. Treasury Obligations
(Cost $73,279,416)				72,650,763
MUNICIPAL BONDS - 0.15%
Tobacco Settlement Financing Corp RI ‘A’
6.000% due 06/01/23		100,000		105,624
Total Municipal Bonds
(Cost $89,283)				105,624
	Notional
	Amount
PURCHASED CALL OPTIONS - 0.05%
2-Year Interest Rate Swap OTC Strike @ $5.25 Exp 06/07/07 (Pay 3-Month LIBOR, Receive 5.250%) Broker: Royal Bank of Scotland		3,000,000		24,003
2-Year Interest Rate Swap OTC Strike @ $5.25 Exp 06/07/07 (Pay 3-Month LIBOR, Receive 5.250%) Broker: Wachovia		1,000,000		8,001
Total Purchased Call Options
(Cost $16,880)				32,004

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-27

PACIFIC FUNDS
PF PIMCO INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

	Principal
	Amount		Value
SHORT-TERM INVESTMENTS - 21.05%
Commercial Paper - 4.80%
Rabobank USA Finance Corp
5.270% due 10/02/06	$	1,800,000	$	1,799,736
Total SA (France)
5.360% due 10/02/06		1,500,000		1,499,777
				3,299,513
Foreign Government Issues - 15.49%
Dutch Treasury Certificates (Netherlands)
3.036% due 10/31/06	EUR	2,840,000		3,592,702
French Treasury Bills (France)
2.785% due 10/12/06		1,380,000		1,748,480
2.952% due 12/07/06		910,000		1,147,386
3.030% due 11/16/06		1,200,000		1,515,882
German Treasury Bills (Germany)
2.939% due 12/13/06		2,100,000		2,646,350
				10,650,800
U.S. Treasury Bills - 0.16%
4.810% due 12/14/06 ‡	$	115,000		113,903
	Shares
Money Market Funds - 0.60%
BlackRock Liquidity Funds Institutional TempCash		205,452		205,452
BlackRock Liquidity Funds Institutional TempFund		205,451		205,451
				410,903
Total Short-Term Investments
(Cost $14,476,082)				14,475,119
TOTAL INVESTMENTS - 135.71%
(Cost $93,909,535)				93,334,327
OTHER ASSETS & LIABILITIES, NET - (35.71%)				(24,558,485	)
NET ASSETS - 100.00%			$	68,775,842

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

U.S. Treasury Obligations	105.63	%
Short-Term Investments	21.05	%
Mortgage-Backed Securities	6.94	%
Corporate Bonds & Notes	1.65	%
Asset-Backed Securities	0.24	%
Municipal Bonds	0.15	%
Purchased Call Options	0.05	%
	135.71	%
Other Assets & Liabilities, Net	(35.71	%)
	100.00	%

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

(c) Securities with an aggregate market value of $113,903 were segregated with the broker(s) to cover margin requirements for the following open futures contracts as of September 30, 2006:

					Unrealized
	Number of		Notional		Appreciation
Long Futures Outstanding	Contracts		Amount		(Depreciation)
Euro-Bund 10-Year Notes (12/06)		5	EUR	500,000	$	3,994
Eurodollar (09/07)		2	$	2,000,000		125
Eurodollar (12/07)		1		1,000,000		325
U.S. Treasury 5-Year Notes (12/06)		65		6,500,000		42,656
U.S. Treasury 10-Year Notes (12/06)		18		1,800,000		19,688
Short Futures Outstanding
U.S. Treasury 30-Year Bonds (12/06)		38		3,800,000		(68,875	)
						($2,087	)

(d) Investment sold short outstanding as of September 30, 2006:

	Principal
Type	Amount		Value
U.S. Treasury Notes
4.250% due 11/15/13 #	$	600,000	$	587,086
Total Investments sold short
(Proceeds $582,672)			$	587,086

(e) Forward foreign currency contracts outstanding as of September 30, 2006 were as follows:

			Principal				Net
Contracts			Amount				Unrealized
to Buy or			Covered by				Appreciation
to Sell	Currency		Contracts		Expiration		(Depreciation)
Sell		EUR		7,614,000		10/06	$	22,248
Buy		JPY		236,297,000		11/06		(63,305	)
								($41,057	)

(f) Transactions in written options for the period ended September 30, 2006 were as follows:

	Number of
	Contracts		Premium
Outstanding, March 31, 2006	11		$	8,011
Call Options Written	3,000,075			31,123
Put Options Written	3,400,075			34,922
Call Options Expired	(78	)		(12,137	)
Put Options Expired	(1,400,083	)		(23,424	)
Outstanding, September 30, 2006	5,000,000		$	38,495

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-28

PACIFIC FUNDS

PF PIMCO INFLATION MANAGED FUND

Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

(g) Premiums received and value of written options outstanding as of September 30, 2006:

		Pay/Receive
		Floating Rate
		Based on
		3-Month	Exercise		Expiration	Notional
Counterparty	Type	USD-LIBOR	Rate		Date	Amount		Premium		Value
Barclays	Call - OTC 10-Year Interest Rate Swap	Receive	5.300	%	01/02/07	$	2,000,000	$	10,400	$	33,712
Barclays	Put - OTC 10-Year Interest Rate Swap	Pay	5.900	%	01/02/07		1,000,000		11,350		300
Barclays	Put - OTC 10-Year Interest Rate Swap	Pay	6.100	%	01/02/07		1,000,000		6,575		78
Royal Bank of Scotland	Call - OTC 5-Year Interest Rate Swap	Receive	5.340	%	06/07/07		1,000,000		10,170		18,503
								$	38,495	$	52,593

(h) Credit default swap outstanding as of September 30, 2006:

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Bear Stearns	Ford Motor Credit Co 7.000% due 10/01/13	Sell	4.350%	06/20/07	$	500,000	$	9,861

⁽¹⁾ If the Fund is the seller of protection and a credit default event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection, an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(i) Interest rate swaps outstanding as of September 30, 2006:

								Unrealized
		Pay/Receive	Fixed		Expiration	Notional		Appreciation
Counterparty	Floating Rate Index	Floating Rate	Rate		Date	Amount		(Depreciation)
Barclays	3-Month USD-LIBOR	Pay	5.000	%	12/20/08	$	12,300,000	$	115,088
Goldman Sachs	3-Month USD-LIBOR	Pay	5.000	%	12/20/08		2,800,000		26,199
UBS	3-Month USD-LIBOR	Pay	5.000	%	12/20/08		600,000		5,617
Barclays	6-Month GBP-LIBOR	Pay	5.000	%	06/15/09	GBP	1,200,000		6,460
UBS	3-Month USD-LIBOR	Pay	5.000	%	06/18/09	$	12,000,000		40,114
Barclays	France CPI Excluding Tobacco	Pay	2.103	%	10/15/10	EUR	500,000		4,306
UBS	France CPI Excluding Tobacco	Pay	2.146	%	10/15/10		100,000		1,082
JPMorgan Chase	France CPI Excluding Tobacco	Pay	2.261	%	07/14/11		500,000		—
JPMorgan Chase	France CPI Excluding Tobacco	Receive	2.028	%	10/15/11		200,000		—
UBS	France CPI Excluding Tobacco	Pay	2.095	%	10/15/11		300,000		—
Lehman Brothers	3-Month USD-LIBOR	Receive	5.000	%	12/20/11	$	200,000		(3,202	)
Goldman Sachs	3-Month USD-LIBOR	Receive	5.000	%	12/20/13		300,000		(6,175	)
Goldman Sachs	6-Month EUR-LIBOR	Receive	4.500	%	06/17/15	EUR	500,000		28,567
UBS	Eurostat Eurozone HICP Excluding Tobacco	Receive	2.275	%	10/15/16		200,000		—
UBS	France CPI Excluding Tobacco	Pay	2.350	%	10/15/16		200,000		94
Goldman Sachs	3-Month USD-LIBOR	Receive	5.000	%	12/20/16	$	4,100,000		(121,631	)
JPMorgan Chase	3-Month USD-LIBOR	Receive	5.000	%	12/20/16		300,000		(8,867	)
HSBC	6-Month GBP-LIBOR	Receive	4.250	%	06/12/36	GBP	200,000		10,953
								$	98,605

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-29

PACIFIC FUNDS
PF PACIFIC LIFE MONEY MARKET FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Principal
	Amount		Value
SHORT-TERM INVESTMENTS - 102.83%
Certificates of Deposit - 6.55%
Royal Bank of Canada NY
5.310% due 10/23/06	$	500,000	$	500,008
Wells Fargo Bank NA
5.270% due 10/27/06		500,000		500,000
				1,000,008
Commercial Paper - 65.51%
Air Products & Chemicals Inc
5.210% due 10/10/06		500,000		499,349
Bank of America Corp
5.320% due 10/10/06		750,000		749,002
BMW U.S. Capital LLC
5.210% due 10/02/06		375,000		374,946
Cintas Corp
5.240% due 10/05/06		250,000		249,854
Coca-Cola Enterprises Inc
5.230% due 10/13/06		500,000		499,128
Emerson Electric Co
5.210% due 10/03/06		500,000		499,855
General Electric Capital Corp
5.220% due 10/11/06		595,000		594,137
Illinois Tool Works Inc
5.220% due 10/04/06		370,000		369,839
5.220% due 10/12/06		205,000		204,673
Kimberly-Clark Worldwide Inc
5.250% due 10/16/06		525,000		523,852
Lowe’s Cos Inc
5.280% due 10/16/06		511,000		509,876
National Rural Utilities Cooperative Finance Corp
5.250% due 10/26/06		600,000		597,813
Nestle Capital Corp
5.210% due 10/03/06		395,000		394,886
New York Life Capital Corp
5.250% due 10/11/06		460,000		459,329
Parker-Hannifin Corp
5.250% due 10/06/06		500,000		499,635
Pitney Bowes Inc
5.210% due 10/02/06		480,000		479,931
5.330% due 10/02/06		250,000		249,963
Societe Generale North America Inc
5.240% due 10/04/06		500,000		499,782
Target Corp
5.200% due 10/10/06		500,000		499,350
The Stanley Works
5.230% due 10/11/06		425,000		424,383
UBS Finance LLC DE
5.250% due 10/05/06		500,000		499,708
Wal-Mart Stores Inc
5.230% due 10/17/06		330,000		329,233
				10,008,524
Corporate Notes - 6.55%
American Honda Finance Corp
5.440% due 11/07/06 ~ §		500,000		500,000
The Royal Bank of Scotland Group PLC (United Kingdom)
5.410% due 11/24/06 ~ §		500,000		500,065
				1,000,065
U.S. Government Agency Issues - 24.22%
Federal Home Loan Bank
5.000% due 03/06/07 §		200,000		200,000
5.000% due 05/01/07 §		500,000		500,000
5.050% due 03/05/07 §		200,000		200,000
5.100% due 05/01/07 §		500,000		500,000
5.250% due 10/20/06		250,000		250,000
5.250% due 11/15/06		250,000		250,000
5.350% due 08/27/07 §		1,800,000		1,800,000
				3,700,000
Total Short-Term Investments
(Amortized Cost $15,708,597)				15,708,597
TOTAL INVESTMENTS - 102.83%
(Amortized Cost $15,708,597)				15,708,597
OTHER ASSETS & LIABILITIES, NET - (2.83%)				(431,661	)
NET ASSETS - 100.00%			$	15,276,936

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Commercial Paper	65.51	%
U.S. Government Agency Issues	24.22	%
Certificates of Deposit	6.55	%
Corporate Notes	6.55	%
	102.83	%
Other Assets & Liabilities, Net	(2.83	%)
	100.00	%

(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-38
A-30

PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 93.73%
Consumer Discretionary - 17.01%
EchoStar Communications Corp ‘A’ *		14,900	$	487,826
Kimberly-Clark Corp		12,300		803,928
Liberty Media Holding Corp - Capital ‘A’ *		3,150		263,246
Liberty Media Holding Corp - Interactive ‘A’ *		14,500		295,510
McDonald’s Corp		24,600		962,352
Newell Rubbermaid Inc		20,700		586,224
News Corp ‘B’		59,500		1,228,080
Target Corp		9,300		513,825
The Home Depot Inc		24,000		870,480
Time Warner Inc		44,300		807,589
Wal-Mart Stores Inc		20,500		1,011,060
				7,830,120
Consumer Staples - 4.86%
Altria Group Inc		19,900		1,523,345
The Kroger Co		30,800		712,712
				2,236,057
Energy - 0.31%
Halliburton Co		5,000		142,250
Financial Services - 30.73%
Aflac Inc		11,900		544,544
American Express Co		17,900		1,003,832
American International Group Inc		12,900		854,754
Bank of America Corp		18,900		1,012,473
Capital One Financial Corp		15,300		1,203,498
Freddie Mac		12,200		809,226
Golden West Financial Corp		11,000		849,750
JPMorgan Chase & Co		24,000		1,127,040
Loews Corp		25,400		962,660
Marsh & McLennan Cos Inc		24,700		695,305
Merrill Lynch & Co Inc		16,300		1,274,986
The Bank of New York Co Inc		13,600		479,536
The Chubb Corp		14,580		757,577
The Goldman Sachs Group Inc		3,700		625,929
The St. Paul Travelers Cos Inc		15,200		712,728
Wachovia Corp		7,200		401,760
Wells Fargo & Co		23,000		832,140
				14,147,738
Health Care - 8.59%
Abbott Laboratories		13,300		645,848
Johnson & Johnson		7,300		474,062
Novartis AG ADR (Switzerland)		13,000		759,720
Sanofi-Aventis ADR (France)		11,300		502,511
UnitedHealth Group Inc		14,900		733,080
WellPoint Inc *		10,900		839,845
				3,955,066
Integrated Oils - 6.11%
GlobalSantaFe Corp (Cayman)		12,200		609,878
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom)		6,900		456,090
Suncor Energy Inc (Canada)		6,600		475,530
Total SA ADR (France)		19,300		1,272,642
				2,814,140
Materials & Processing - 4.87%
Air Products & Chemicals Inc		6,900		457,953
Avery Dennison Corp		9,600		577,632
E.I. du Pont de Nemours & Co		18,100		775,404
Masco Corp		15,800		433,236
				2,244,225
Multi-Industry - 1.73%
Textron Inc		9,100		796,250
Producer Durables - 4.14%
Parker-Hannifin Corp		5,940		461,716
The Boeing Co		8,500		670,225
United Technologies Corp		12,200		772,870
				1,904,811
Technology - 4.72%
International Business Machines Corp		6,100		499,834
Microsoft Corp		17,400		475,542
Nokia OYJ ADR (Finland)		35,200		693,088
Raytheon Co		10,500		504,105
				2,172,569
Utilities - 10.66%
Alltel Corp		14,600		810,300
AT&T Inc		33,747		1,098,802
Embarq Corp		11,475		555,046
Sempra Energy		24,500		1,231,125
SES GLOBAL SA FDR + (Luxembourg)		10,700		160,569
Sprint Nextel Corp		61,401		1,053,027
				4,908,869
Total Common Stocks (Cost $36,319,593)				43,152,095
SHORT-TERM INVESTMENT - 4.58%
Money Market Fund - 4.58%
BlackRock Liquidity Funds Institutional TempFund		2,110,139		2,110,139
Total Short-Term Investment (Cost $2,110,139)				2,110,139
TOTAL INVESTMENTS - 98.31% (Cost $38,429,732)				45,262,234
OTHER ASSETS & LIABILITIES, NET - 1.69%				779,355
NET ASSETS - 100.00%			$	46,041,589

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-31

PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services	30.73	%
Consumer Discretionary	17.01	%
Utilities	10.66	%
Health Care	8.59	%
Integrated Oils	6.11	%
Materials & Processing	4.87	%
Consumer Staples	4.86	%
Technology	4.72	%
Short-Term Investment	4.58	%
Producer Durables	4.14	%
Multi-Industry	1.73	%
Energy	0.31	%
	98.31	%
Other Assets & Liabilities, Net	1.69	%
	100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-32

PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.85%
Autos & Transportation - 0.34%
Southwest Airlines Co		13,100	$	218,246
Consumer Discretionary - 14.26%
Clear Channel Communications Inc		38,953		1,123,794
Federated Department Stores Inc		6,568		283,803
Gannett Co Inc		4,800		272,784
Kimberly-Clark Corp		20,200		1,320,272
Liberty Media Holding Corp - Capital ‘A’ *		5,475		457,546
Liberty Media Holding Corp - Interactive ‘A’ *		31,375		639,423
Lowe’s Cos Inc		5,900		165,554
News Corp ‘B’		27,600		569,664
The Walt Disney Co		23,300		720,203
Time Warner Inc		69,100		1,259,693
Viacom Inc ‘B’ *		25,650		953,667
Wal-Mart Stores Inc		29,600		1,459,872
				9,226,275
Consumer Staples - 7.81%
Altria Group Inc		11,800		903,290
Anheuser-Busch Cos Inc		8,990		427,115
Cadbury Schweppes PLC ADR (United Kingdom)		8,400		359,268
Kraft Foods Inc ‘A’		29,100		1,037,706
The Coca-Cola Co		25,800		1,152,744
Unilever NV ‘NY’ (Netherlands)		47,700		1,170,558
				5,050,681
Financial Services - 28.11%
Aflac Inc		7,400		338,624
American International Group Inc		9,700		642,722
Bank of America Corp		41,200		2,207,084
Barclays PLC ADR (United Kingdom)		3,100		157,387
Berkshire Hathaway Inc ‘B’ *		105		333,270
Citigroup Inc		49,300		2,448,731
Fannie Mae		5,900		329,869
First Data Corp		9,900		415,800
Freddie Mac		39,400		2,613,402
Genworth Financial Inc ‘A’		5,100		178,551
JPMorgan Chase & Co		17,200		807,712
Merrill Lynch & Co Inc		9,200		719,624
MetLife Inc		7,500		425,100
SunTrust Banks Inc		3,000		231,840
The Bank of New York Co Inc		22,100		779,246
The Chubb Corp		18,080		939,437
The Hartford Financial Services Group Inc		2,800		242,900
The PNC Financial Services Group Inc		9,400		680,936
The St. Paul Travelers Cos Inc		13,086		613,602
Torchmark Corp		5,500		347,105
U.S. Bancorp		8,300		275,726
Wachovia Corp		23,956		1,336,745
Wells Fargo & Co		31,200		1,128,816
				18,194,229
Health Care - 17.81%
Abbott Laboratories		17,300		840,088
Boston Scientific Corp *		26,500		391,935
Bristol-Myers Squibb Co		61,700		1,537,564
Cardinal Health Inc		8,900		585,086
Eli Lilly & Co		14,500		826,500
GlaxoSmithKline PLC ADR (United Kingdom)		33,700		1,793,851
Pfizer Inc		46,100		1,307,396
Roche Holding AG ADR (Switzerland)		13,500		1,163,803
Sanofi-Aventis ADR (France)		13,100		582,557
Schering-Plough Corp		58,500		1,292,265
Wyeth		23,700		1,204,908
				11,525,953
Integrated Oils - 0.59%
Total SA ADR (France)		5,800		382,452
Materials & Processing - 8.95%
Alcoa Inc		47,900		1,343,116
E.I. du Pont de Nemours & Co		37,900		1,623,636
International Paper Co		66,458		2,301,440
Rohm & Haas Co		9,800		464,030
The Dow Chemical Co		1,600		62,368
				5,794,590
Multi-Industry - 0.60%
General Electric Co		11,000		388,300
Producer Durables - 0.48%
KLA-Tencor Corp		7,000		311,290
Technology - 5.35%
Affiliated Computer Services Inc ‘A’ *		3,321		172,227
Cisco Systems Inc *		15,200		349,600
Dell Inc *		33,400		762,856
Hewlett-Packard Co		6,700		245,823
Intel Corp		42,700		878,339
International Business Machines Corp		5,700		467,058
McAfee Inc *		10,100		247,046
Microsoft Corp		12,500		341,625
				3,464,574
Utilities - 11.55%
American Electric Power Co Inc		11,500		418,255
AT&T Inc		61,200		1,992,672
Comcast Corp ‘A’ *		38,500		1,418,725
Embarq Corp		2,485		120,199
FirstEnergy Corp		2,200		122,892
Sprint Nextel Corp		61,800		1,059,870
Verizon Communications Inc		63,100		2,342,903
				7,475,516
Total Common Stocks (Cost $55,695,304)				62,032,106
	Principal Amount
SHORT-TERM INVESTMENTS - 5.26%
U.S. Government Agency Issue - 5.10%
Federal Home Loan Bank 4.750% due 10/02/06	$	3,300,000		3,299,565

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-33

PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

	Shares		Value
Money Market Funds - 0.16%
BlackRock Liquidity Funds Institutional TempCash		51,418	$	51,418
BlackRock Liquidity Funds Institutional TempFund		51,417		51,417
				102,835
Total Short-Term Investments (Cost $3,402,400)				3,402,400
TOTAL INVESTMENTS - 101.11% (Cost $59,097,704)				65,434,506
OTHER ASSETS & LIABILITIES, NET - (1.11%)				(718,634	)
NET ASSETS - 100.00%			$	64,715,872

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services	28.11	%
Health Care	17.81	%
Consumer Discretionary	14.26	%
Utilities	11.55	%
Materials & Processing	8.95	%
Consumer Staples	7.81	%
Technology	5.35	%
Short-Term Investments	5.26	%
Multi-Industry	0.60	%
Integrated Oils	0.59	%
Producer Durables	0.48	%
Autos & Transportation	0.34	%
	101.11	%
Other Assets & Liabilities, Net	(1.11	%)
	100.00	%

(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-38
A-34

PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.32%
Autos & Transportation - 5.66%
C.H. Robinson Worldwide Inc		30,272	$	1,349,526
Expeditors International of Washington Inc		34,861		1,554,103
				2,903,629
Consumer Discretionary - 42.38%
Abercrombie & Fitch Co ‘A’		23,163		1,609,365
Activision Inc *		85,505		1,291,125
Amazon.com Inc *		38,314		1,230,646
Apollo Group Inc ‘A’ *		19,866		978,202
Baidu.com Inc ADR * (Cayman)		2,990		261,745
Choice Hotels International Inc		16,811		687,570
ChoicePoint Inc *		22,193		794,509
Coach Inc *		44,207		1,520,721
Expedia Inc *		34,681		543,798
Focus Media Holding Ltd ADR * (Cayman)		8,738		506,105
Grupo Televisa SA ADR (Mexico)		52,646		1,119,254
InterContinental Hotels Group PLC ADR (United Kingdom)		56,652		999,341
International Game Technology		19,488		808,752
Iron Mountain Inc *		34,785		1,493,668
ITT Educational Services Inc *		11,447		758,936
Lamar Advertising Co ‘A’ *		13,916		743,253
Monster Worldwide Inc *		36,630		1,325,640
Station Casinos Inc		9,072		524,634
The Cheesecake Factory Inc *		19,649		534,256
The Corporate Executive Board Co		21,687		1,949,878
Weight Watchers International Inc		12,426		550,969
Wendy’s International Inc		11,842		793,414
Wynn Resorts Ltd *		10,761		731,856
				21,757,637
Consumer Staples - 4.06%
Loews Corp-Carolina Group		24,866		1,377,328
Wm. Wrigley Jr. Co		15,330		706,100
				2,083,428
Energy - 1.71%
Southwestern Energy Co *		29,402		878,238
Financial Services - 10.44%
Brookfield Asset Management Inc ‘A’ (Canada)		27,146		1,203,654
Brown & Brown Inc		16,673		509,527
Calamos Asset Management Inc ‘A’		35,239		1,033,207
CB Richard Ellis Group Inc ‘A’ *		30,154		741,788
Chicago Mercantile Exchange Holdings Inc		1,462		699,202
Janus Capital Group Inc		23,650		466,378
Leucadia National Corp		27,051		707,925
				5,361,681
Health Care - 8.18%
Dade Behring Holdings Inc		36,984		1,485,277
Gen-Probe Inc *		19,445		911,776
Stericycle Inc *		18,977		1,324,405
Techne Corp *		9,342		475,134
				4,196,592
Integrated Oils - 4.77%
Ultra Petroleum Corp * (Canada)		50,848		2,446,297
Materials & Processing - 3.17%
Florida Rock Industries Inc		13,835		535,553
MeadWestvaco Corp		18,168		481,634
The St. Joe Co		11,073		607,575
				1,624,762
Producer Durables - 7.24%
Crown Castle International Corp *		35,650		1,256,306
Desarrolladora Homex SA de CV ADR * (Mexico)		21,072		795,679
M.D.C. Holdings Inc		8,514		395,475
NVR Inc *		1,022		546,770
Pentair Inc		27,671		724,703
				3,718,933
Technology - 5.41%
Akamai Technologies Inc *		30,197		1,509,548
Marvell Technology Group Ltd * (Bermuda)		31,441		609,012
Tessera Technologies Inc *		18,920		658,038
				2,776,598
Utilities - 4.30%
NII Holdings Inc *		26,509		1,647,800
Questar Corp		6,859		560,860
				2,208,660
Total Common Stocks (Cost $42,591,255)				49,956,455
	Principal Amount
SHORT-TERM INVESTMENTS - 2.24%
U.S. Government Agency Issue - - 2.23%
Federal Home Loan Bank 4.750% due 10/02/06	$	1,145,000		1,144,849
	Shares
Money Market Fund - 0.01%
BlackRock Liquidity Funds Institutional TempCash		4,759		4,759
Total Short-Term Investments (Cost $1,149,608)				1,149,608
TOTAL INVESTMENTS - 99.56% (Cost $43,740,863)				51,106,063
OTHER ASSETS & LIABILITIES, NET - 0.44%				227,762
NET ASSETS - 100.00%			$	51,333,825

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-35

PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2006 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Consumer Discretionary	42.38	%
Financial Services	10.44	%
Health Care	8.18	%
Producer Durables	7.24	%
Autos & Transportation	5.66	%
Technology	5.41	%
Integrated Oils	4.77	%
Utilities	4.30	%
Consumer Staples	4.06	%
Materials & Processing	3.17	%
Short-Term Investments	2.24	%
Energy	1.71	%
	99.56	%
Other Assets & Liabilities, Net	0.44	%
	100.00	%

(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-38
A-36

PACIFIC FUNDS
PF VAN KAMPEN REAL ESTATE FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.44%
Consumer Discretionary - 9.99%
Gaylord Entertainment Co *		1,006	$	44,113
Hilton Hotels Corp		31,530		878,110
Morgans Hotel Group Co *		14,330		179,125
Starwood Hotels & Resorts Worldwide Inc		23,735		1,357,405
				2,458,753
Financial Services - 81.89%
Acadia Realty Trust REIT		4,070		103,785
AMB Property Corp REIT		8,445		465,404
American Campus Communities Inc REIT		3,280		83,673
Archstone-Smith Trust REIT		14,185		772,231
AvalonBay Communities Inc REIT		8,146		980,778
Boston Properties Inc REIT		13,679		1,413,588
Brandywine Realty Trust REIT		16,948		551,657
BRE Properties Inc ‘A’ REIT		5,295		316,270
Brookfield Properties Corp (Canada)		31,942		1,128,191
Cedar Shopping Centers Inc REIT		1,900		30,723
CentraCore Properties Trust REIT		4,228		134,239
Cogdell Spencer Inc REIT		1,850		38,388
Equity Lifestyle Properties Inc REIT		7,180		328,198
Equity Office Properties Trust REIT		28,865		1,147,672
Equity Residential REIT		26,706		1,350,789
Essex Property Trust Inc REIT		3,873		470,182
Federal Realty Investment Trust REIT		8,528		633,630
General Growth Properties Inc REIT		11,084		528,153
Heritage Property Investment Trust Inc REIT		265		9,662
Hersha Hospitality Trust REIT		4,891		46,954
Host Hotels & Resorts Inc REIT		50,105		1,148,908
Legacy Hotels REIT (Canada)		24,300		209,223
Liberty Property Trust REIT		5,415		258,783
Mack-Cali Realty Corp REIT		12,021		622,688
Plum Creek Timber Co Inc REIT		6,010		204,580
Post Properties Inc REIT		9,861		468,595
ProLogis REIT		5,862		334,486
Public Storage Inc REIT		13,668		1,175,272
Ramco-Gershenson Properties Trust REIT		800		25,560
Reckson Associates Realty Corp REIT		545		23,326
Regency Centers Corp REIT		10,470		719,917
Republic Property Trust REIT		5,910		65,128
Senior Housing Properties Trust REIT		13,740		293,212
Simon Property Group Inc REIT		24,945		2,260,516
SL Green Realty Corp REIT		1,625		181,513
Taubman Centers Inc REIT		1,864		82,799
The Macerich Co REIT		9,085		693,731
Universal Health Realty Income Trust REIT		3,000		107,550
Vornado Realty Trust REIT		6,615		721,035
Windrose Medical Properties Trust REIT		1,430		25,282
				20,156,271
Health Care - 1.64%
Sunrise Senior Living REIT (Canada)		23,630		217,159
Tenet Healthcare Corp *		23,020		187,383
				404,542
Materials & Processing - 1.92%
Brookfield Homes Corp		5,396		151,951
Forest City Enterprises Inc ‘A’		5,885		319,556
				471,507
Total Common Stocks (Cost $17,511,694)				23,491,073
SHORT-TERM INVESTMENTS - 4.73%
Money Market Funds - 4.73%
BlackRock Liquidity Funds Institutional TempCash		55,186		55,186
BlackRock Liquidity Funds Institutional TempFund		1,110,894		1,110,894
				1,166,080
Total Short-Term Investments (Cost $1,166,080)				1,166,080
TOTAL INVESTMENTS - 100.17% (Cost $18,677,774)				24,657,153
OTHER ASSETS & LIABILITIES, NET - (0.17%)				(43,058	)
NET ASSETS - 100.00%			$	24,614,095

Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified by property sector as a percentage of net assets as follows:

Office/Industrial	25.16	%
Retail	20.67	%
Residential	18.67	%
Lodging	15.70	%
Diversified	6.11	%
Self-Storage	4.77	%
Health Care/Assisted Living	3.53	%
Land	0.83	%
	95.44	%
Short-Term Investments	4.73	%
Other Assets & Liabilities, Net	(0.17	%)
	100.00	%

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page A-38
A-37

PACIFIC FUNDS
Schedule of Investments
Explanation of Symbols and Terms
September 30, 2006 (Unaudited)

Explanation of Symbols for Schedules of Investments
*	Non-income producing securities.
+	Securities were fair valued under procedures established by the Pacific Funds’ Board of Trustees.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities may be sold to “qualified institutional buyers” in transactions exempt from registration pursuant to Rule 144A of the 1933 Act.
#	Securities purchased on a when-issued or delayed-delivery basis.
‡	Securities were fully/partially segregated with the custodian/broker to cover margin requirements for open futures contracts as of September 30, 2006.
“	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.
±	Securities are grouped by coupon rate and represent a range of maturities.

Explanation of Terms for Schedules of Investments
Currency Abbreviations:
CHF	Swiss Franc
CNY	Chinese Renminbi
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	Korean Won
USD	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt
CBOT	Chicago Board of Trade
CME	Chicago Mercantile Exchange
CPI	Consumer Price Index
CVA	Certificaten Van Aandelen (Dutch Certificate)
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
‘NY’	New York Shares
NYSE	New York Stock Exchange
OTC	Over the Counter
REIT	Real Estate Investment Trust
RNC	Riparmio Non-Convertible (Non-convertible savings shares on Italian Stock Exchanges)
TSE	Toronto Stock Exchange

See Notes to Financial Statements

A-38

[THIS PAGE INTENTIONALLY LEFT BLANK]

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2006 (Unaudited)

	PF Portfolio Optimization Model A		PF Portfolio Optimization Model B		PF Portfolio Optimization Model C		PF Portfolio Optimization Model D		PF Portfolio Optimization Model E		PF AllianceBernstein International Value Fund		PF Goldman Sachs Short Duration Bond Fund
ASSETS
Investments, at cost	$	24,572,798	$	64,493,521	$	237,492,512	$	242,182,959	$	94,394,368	$	53,499,213	$	52,330,637
Investments, at value	$	25,161,793	$	67,620,587	$	253,369,661	$	262,798,671	$	104,860,263	$	56,526,805	$	52,338,724
Cash (1)		50,109		93,860		—		387,844		601,071		1,270,292		85,000
Foreign currency held, at value (2)		—		—		—		—		—		194,234		—
Receivables:
Dividends and interest		147		205		1,365		1,075		765		157,785		323,633
Foreign tax reclaim		—		—		—		—		—		130,076		—
Fund shares sold		52,113		509,059		1,649,478		2,104,926		798,385		92,744		101,187
Securities sold		—		—		96,271		—		—		1,146,266		—
Variation margin		—		—		—		—		—		17,043		—
Due from adviser		18,973		40,861		128,353		131,497		55,000		26,256		17,617
Prepaid expenses and other assets		4,448		2,705		7,229		10,747		9,109		26,200		1,583
Total Assets		25,287,583		68,267,277		255,252,357		265,434,760		106,324,593		59,587,701		52,867,744
LIABILITIES
Payables:
Fund shares redeemed		71,488		197,408		389,413		381,635		48,983		3,730		13,693
Securities purchased		50,109		93,860		—		387,844		601,071		299,270		—
Due to custodian		—		—		96,271		—		—		—		—
Variation margin		—		—		—		—		—		—		2,096
Accrued advisory fees		—		—		—		—		—		40,327		25,599
Accrued administration fees		7,097		19,107		71,518		73,931		29,266		16,605		14,933
Accrued trustees fees		253		633		1,954		1,876		671		552		452
Accrued deferred trustee compensation		1,784		4,288		13,098		12,465		4,963		12,507		3,508
Accrued distribution and/or service fees		1,095		2,623		9,622		10,231		3,737		4,159		3,617
Accrued transfer agency out-of-pocket expenses		6,161		16,142		52,946		53,378		20,010		15,158		12,808
Accrued other		18,364		35,696		101,727		103,451		41,579		47,728		26,419
Total Liabilities		156,351		369,757		736,549		1,024,811		750,280		440,036		103,125
NET ASSETS	$	25,131,232	$	67,897,520	$	254,515,808	$	264,409,949	$	105,574,313	$	59,147,665	$	52,764,619

(1)	Includes margin deposits of $79,300 and $85,000 segregated for futures contracts in the PF AllianceBernstein International Value and PF Goldman Sachs Short Duration Bond Funds, respectively.
(2)	Foreign currency held at cost for the PF AllianceBernstein International Value Fund was $196,683.
See Notes to Financial Statements
B-1

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2006 (Unaudited)

	PF Portfolio Optimization Model A		PF Portfolio Optimization Model B		PF Portfolio Optimization Model C		PF Portfolio Optimization Model D		PF Portfolio Optimization Model E			PF AllianceBernstein International Value Fund		PF Goldman Sachs Short Duration Bond Fund
NET ASSETS CONSIST OF:
Paid-in capital	$	24,233,832	$	63,649,927	$	232,742,256	$	238,507,587	$	93,282,687		$	43,601,354	$	53,400,361
Undistributed/accumulated net investment income (loss)		288,546		563,387		1,329,651		607,653		(25,800	)		525,098		6,578
Undistributed/accumulated net realized gain (loss)		19,859		557,140		4,566,752		4,678,997		1,851,531			11,981,649		(610,268	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		588,995		3,127,066		15,877,149		20,615,712		10,465,895			3,039,564		(32,052	)
NET ASSETS	$	25,131,232	$	67,897,520	$	254,515,808	$	264,409,949	$	105,574,313		$	59,147,665	$	52,764,619
Class A Shares:
Net Assets	$	9,995,090	$	29,935,395	$	112,370,769	$	113,723,443	$	50,532,051		$	56,982,237	$	52,376,577
Shares of beneficial interest outstanding		951,213		2,725,126		9,651,382		9,419,916		4,022,228			3,730,303		5,345,583
Net Asset Value per share*	$	10.51	$	10.98	$	11.64	$	12.07	$	12.56		$	15.28	$	9.80
Sales Charge - Maximum is 5.50% of offering price		0.61		0.64		0.68		0.70		0.73			0.89		0.57
Maximum offering price per share	$	11.12	$	11.62	$	12.32	$	12.77	$	13.29		$	16.17	$	10.37
Class B Shares:
Net Assets	$	2,435,337	$	10,036,432	$	35,622,220	$	43,647,740	$	16,734,709		$	520,973	$	16,882
Shares of beneficial interest outstanding		232,919		918,672		3,076,179		3,638,599		1,340,891			34,745		1,725
Net Asset Value and offering price per share*	$	10.46	$	10.92	$	11.58	$	12.00	$	12.48		$	14.99	$	9.79
Class C Shares:
Net Assets	$	12,568,225	$	27,137,383	$	105,597,705	$	106,413,563	$	38,266,564		$	1,644,455	$	371,160
Shares of beneficial interest outstanding		1,203,268		2,483,553		9,128,617		8,887,944		3,067,312			109,845		37,949
Net Asset Value and offering price per share*	$	10.45	$	10.93	$	11.57	$	11.97	$	12.48		$	14.97	$	9.78
Class R Shares:**
Net Assets	$	132,580	$	788,310	$	925,114	$	625,203	$	40,989
Shares of beneficial interest outstanding		12,620		71,787		79,529		51,797		3,261
Net Asset Value per share	$	10.51	$	10.98	$	11.63	$	12.07	$	12.57

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
**	Class R shares are offered to the PF Portfolio Optimization Models only.
See Notes to Financial Statements
B-2

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2006 (Unaudited)

	PF Janus Growth LT Fund		PF Lazard Mid-Cap Value Fund		PF Loomis Sayles Large-Cap Growth Fund		PF MFS International Large-Cap Fund		PF NB Fasciano Small Equity Fund		PF Oppenheimer Main Street Core Fund		PF Oppenheimer Emerging Markets Fund
ASSETS
Investments, at cost	$	42,997,073	$	50,949,989	$	21,960,474	$	45,823,397	$	28,254,129	$	59,281,280	$	35,631,652
Investments, at value	$	48,457,675	$	54,082,835	$	23,378,189	$	57,153,195	$	29,860,834	$	64,128,455	$	38,956,231
Cash		—		—		463,642		—		925,167		1,025,717		—
Foreign currency held, at value (1)		—		—		—		56,680		—		—		405,520
Receivables:
Dividends and interest		34,810		41,557		17,235		100,515		25,172		79,473		33,981
Foreign tax reclaim		8,845		—		—		60,415		—		—		138
Fund shares sold		64,559		71,021		41,740		53,261		71,863		153,090		30,153
Securities sold		97,457		239,393		447,372		1,113,600		—		1,674,875		200,431
Due from adviser		19,022		13,501		14,205		33,130		12,267		24,384		50,546
Forward foreign currency contracts appreciation		4,775		—		—		—		—		—		—
Prepaid expenses and other assets		14,046		2,642		12,364		16,723		11,905		1,342		13,200
Total Assets		48,701,189		54,450,949		24,374,747		58,587,519		30,907,208		67,087,336		39,690,200
LIABILITIES
Payables:
Fund shares redeemed		5,494		4,287		3,375		2,081		4,387		9,354		1,730
Securities purchased		436,857		287,540		364,570		585,756		—		2,132,652		873,294
Accrued advisory fees		28,933		36,938		18,084		49,224		30,233		33,458		31,003
Accrued administration fees		13,502		15,210		6,662		16,408		10,582		18,016		10,851
Accrued trustees fees		423		96		217		493		159		465		256
Accrued foreign capital gains tax		—		—		—		3,482		—		—		153,127
Accrued deferred trustee compensation		8,677		1,713		18,491		7,553		5,867		1,401		848
Accrued distribution and/or service fees		3,398		3,714		1,732		4,065		2,626		4,414		2,612
Accrued transfer agency out-of-pocket expenses		11,959		6,701		5,678		14,136		6,222		14,367		7,982
Accrued other (2)		29,895		20,376		20,425		85,419		17,508		39,023		302,155
Forward foreign currency contracts depreciation		386		—		—		—		—		—		—
Total Liabilities		539,524		376,575		439,234		768,617		77,584		2,253,150		1,383,858
NET ASSETS	$	48,161,665	$	54,074,374	$	23,935,513	$	57,818,902	$	30,829,624	$	64,834,186	$	38,306,342

(1)	Foreign currency held at cost for the PF MFS Internatonal Large-Cap and PF Oppenheimer Emerging Markets Funds were $55,175 and $408,127, respectively.
(2)	Accrued other includes $292,532 of accrued custodian fees for the PF Oppenheimer Emerging Markets Fund.

See Notes to Financial Statements

B-3

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2006 (Unaudited)

	PF Janus Growth LT Fund			PF Lazard Mid-Cap Value Fund			PF Loomis Sayles Large-Cap Growth Fund			PF MFS International Large-Cap Fund		PF NB Fasciano Small Equity Fund			PF Oppenheimer Main Street Core Fund (1)			PF Oppenheimer Emerging Markets Fund (1)
NET ASSETS CONSIST OF:
Paid-in capital	$	42,549,516		$	50,535,967		$	25,018,244		$	42,973,161	$	30,287,817		$	60,431,345		$	35,107,629
Undistributed/accumulated net investment income (loss)		(149,405	)		(11,419	)		(121,726	)		1,187,898		(123,039	)		88,808			(7,933	)
Undistributed/accumulated net realized gain (loss)		296,445			416,980			(2,378,720	)		2,330,054		(941,859	)		(533,142	)		38,212
Net unrealized appreciation on investments and assets and liabilities in foreign currencies		5,465,109			3,132,846			1,417,715			11,327,789		1,606,705			4,847,175			3,168,434
NET ASSETS	$	48,161,665		$	54,074,374		$	23,935,513		$	57,818,902	$	30,829,624		$	64,834,186		$	38,306,342
Class A Shares:
Net Assets	$	46,557,592		$	53,837,248		$	22,547,853		$	56,158,494	$	29,916,098		$	64,834,186		$	38,306,342
Shares of beneficial interest outstanding		3,814,612			5,098,131			2,538,768			3,521,198		2,907,966			5,993,225			3,455,736
Net Asset Value per share*	$	12.21		$	10.56		$	8.88		$	15.95	$	10.29		$	10.82		$	11.08
Sales Charge - Maximum is 5.50% of offering price		0.71			0.61			0.52			0.93		0.60			—			—
Maximum offering price per share	$	12.92		$	11.17		$	9.40		$	16.88	$	10.89		$	10.82		$	11.08
Class B Shares:
Net Assets	$	421,189		$	73,775		$	489,811		$	526,887	$	367,938
Shares of beneficial interest outstanding		35,272			7,047			56,645			33,813		36,742
Net Asset Value and offering price per share*	$	11.94		$	10.47		$	8.65		$	15.58	$	10.01
Class C Shares:
Net Assets	$	1,182,884		$	163,351		$	897,849		$	1,133,521	$	545,588
Shares of beneficial interest outstanding		99,396			15,614			103,979			72,651		54,405
Net Asset Value and offering price per share*	$	11.90		$	10.46		$	8.63		$	15.60	$	10.03

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
(1)	PF Oppenheimer Main Street Core and PF Oppenheimer Emerging Markets Fund offer Class A shares only and are not subject to a front-end sales load.

See Notes to Financial Statements

B-4

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2006 (Unaudited)

	PF PIMCO Managed Bond Fund		PF PIMCO Inflation Managed Fund		PF Pacific Life Money Market Fund		PF Salomon Brothers Large-Cap Value Fund		PF Van Kampen Comstock Fund		PF Van Kampen Mid-Cap Growth Fund		PF Van Kampen Real Estate Fund
ASSETS
Investments, at cost	$	113,905,370	$	93,909,535	$	15,708,597	$	38,429,732	$	59,097,704	$	43,740,863	$	18,677,774
Investments, at value	$	113,901,361	$	93,334,327	$	15,708,597	$	45,262,234	$	65,434,506	$	51,106,063	$	24,657,153
Cash		—		—		—		1,478,874		—		—		—
Foreign currency held, at value (1)		574,198		84,375		—		—		—		—		10,601
Receivables:
Dividends and interest		265,526		563,200		49,543		64,566		83,293		13,454		74,959
Foreign tax reclaim		—		—		—		555		—		—		—
Fund shares sold		72,305		59,437		59,909		127,441		104,472		160,789		35,636
Securities sold		6,513,273		—		—		—		374,214		171,129		—
Securities sold short		9,565,150		592,650		—		—		—		—		—
Swap agreements		233,945		8,684		—		—		—		—		—
Variation margin		17,801		—		—		—		—		—		—
Due from adviser		31,484		25,135		10,676		15,901		23,564		17,536		12,146
Forward foreign currency contracts appreciation		33,320		22,248		—		—		—		—		—
Prepaid expenses and other assets		15,787		3,673		3,740		13,943		15,037		14,350		2,588
Swap appreciation		328,684		248,341		—		—		—		—		—
Total Assets		131,552,834		94,942,070		15,832,465		46,963,514		66,035,086		51,483,321		24,793,083
LIABILITIES
Payables:
Fund shares redeemed		18,416		235,350		14,979		6,219		24,071		25,219		1,744
Securities purchased		37,214,661		24,890,620		502,995		815,323		1,161,756		18,648		117,037
Due to custodian		—		—		1,670		—		—		—		—
Securities covering shorts		5,418,219		—		—		—		—		—		—
Securities sold short, at value (proceeds $4,138,737 and $582,672,
respectively)		4,133,077		587,086		—		—		—		—		—
Swap agreements		261,075		68,374		—		—		—		—		—
Variation margin		—		1,881		—		—		—		—		—
Accrued advisory fees		40,499		34,269		5,210		31,117		49,112		36,511		21,816
Accrued administration fees		23,624		19,990		4,559		12,813		18,094		14,199		6,941
Accrued trustees fees		710		712		140		344		638		364		261
Accrued deferred trustee compensation		20,892		8,062		10,592		14,343		8,307		10,053		1,113
Accrued distribution and/or service fees		5,925		5,046		520		3,305		4,528		3,680		1,701
Accrued transfer agency out-of-pocket expenses		20,137		17,802		5,937		10,005		17,356		10,712		6,818
Accrued other		54,281		41,263		8,927		28,456		35,352		30,110		21,557
Forward foreign currency contracts depreciation		72,963		63,305		—		—		—		—		—
Outstanding options written, at value (premiums received $255,569,and $38,495, respectively)		426,157		52,593		—		—		—		—		—
Swap depreciation		202,515		139,875		—		—		—		—		—
Total Liabilities		47,913,151		26,166,228		555,529		921,925		1,319,214		149,496		178,988
NET ASSETS	$	83,639,683	$	68,775,842	$	15,276,936	$	46,041,589	$	64,715,872	$	51,333,825	$	24,614,095

(1) Foreign currency held at cost for the PF PIMCO Managed Bond, PF PIMCO Inflation Managed and PF Van Kampen Real Estate Funds were $577,153, $84,576 and $10,419, respectively.

See Notes to Financial Statements

B-5

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2006 (Unaudited)

	PF PIMCO Managed Bond Fund			PF PIMCO Inflation Managed Fund			PF Pacific Life Money Market Fund (1)			PF Salomon Brothers Large-Cap Value Fund		PF Van Kampen Comstock Fund			PF Van Kampen Mid-Cap Growth Fund			PF Van Kampen Real Estate Fund
NET ASSETS CONSIST OF:
Paid-in capital	$	83,428,856		$	70,491,668		$	15,268,206		$	38,608,014	$	58,142,097		$	43,834,303		$	17,172,128
Undistributed/accumulated net investment income (loss)		(2,548	)		200,717			8,824			48,466		297,823			(236,013	)		8,620
Undistributed/accumulated net realized gain (loss)		(134,075	)		(1,387,944	)		(94	)		552,600		(60,850	)		370,335			1,453,786
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		347,450			(528,599	)		—			6,832,509		6,336,802			7,365,200			5,979,561
NET ASSETS	$	83,639,683		$	68,775,842		$	15,276,936		$	46,041,589	$	64,715,872		$	51,333,825		$	24,614,095
Class A Shares:
Net Assets	$	80,631,847		$	63,852,103		$	15,276,936		$	43,558,727	$	63,096,189		$	48,465,830		$	24,327,223
Shares of beneficial interest outstanding		7,961,182			6,287,297			15,278,790			3,529,413		4,704,249			4,815,127			1,762,987
Net Asset Value*	$	10.13		$	10.16		$	1.00		$	12.34	$	13.41		$	10.07		$	13.80
Sales Charge - Maximum is 5.50% of offering price		0.59			0.59			—			0.72		0.78			0.59			0.80
Maximum offering price per share	$	10.72		$	10.75		$	1.00		$	13.06	$	14.19		$	10.66		$	14.60
Class B Shares:
Net Assets	$	925,926		$	1,143,087					$	650,400	$	616,704		$	899,755		$	119,987
Shares of beneficial interest outstanding		91,607			113,380						53,561		46,707			91,452			8,740
Net Asset Value and offering price per share*	$	10.11		$	10.08					$	12.14	$	13.20		$	9.84		$	13.73
Class C Shares:
Net Assets	$	2,081,910		$	3,780,652					$	1,832,462	$	1,002,979		$	1,968,240		$	166,885
Shares of beneficial interest outstanding		205,678			374,896						151,338		76,093			200,525			12,167
Net Asset Value and offering price per share*	$	10.12		$	10.08					$	12.11	$	13.18		$	9.82		$	13.72

*	Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
(1)	PF Pacific Life Money Market Fund offers Class A Shares only and is not subject to a front-end sales load.

See Notes to Financial Statements

B-6

PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2006 (Unaudited)

	PF Portfolio Optimization Model A			PF Portfolio Optimization Model B			PF Portfolio Optimization Model C			PF Portfolio Optimization Model D			PF Portfolio Optimization Model E			PF AllianceBernstein International Value Fund (1)			PF Goldman Sachs Short Duration Bond Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (2)	$	—		$	—		$	—		$	—		$	—		$	1,068,678		$	75,606
Dividends from mutual fund investments		326,409			657,064			1,659,481			950,985			94,716			—			—
Interest		1,307			1,378			6,552			6,678			3,402			24,847			1,054,537
Total Investment Income		327,716			658,442			1,666,033			957,663			98,118			1,093,525			1,130,143
EXPENSES
Advisory fees		—			—			—			—			—			254,525			147,634
Administration fees		41,780			111,572			404,088			416,817			160,501			104,804			86,120
Support services expenses		10,649			28,380			95,302			95,103			34,982			26,145			21,019
Custodian fees and expenses		16,714			20,469			24,857			24,024			18,909			45,014			9,693
Shareholder reports		3,229			8,415			28,392			28,480			10,712			7,481			6,292
Distribution and/or service fees
Class A		23,673			69,499			252,862			254,501			109,654			144,600			122,020
Class B		9,998			46,271			167,180			195,894			72,982			2,353			92
Class C		57,992			123,843			473,821			484,345			166,143			7,889			1,923
Class R (3)		182			1,332			1,057			831			70			—			—
Transfer agency out-of-pocket expenses		8,922			23,224			80,490			80,562			30,541			19,012			15,927
Registration fees		22,591			25,607			32,164			33,378			26,351			16,839			16,867
Legal and audit fees		6,171			15,091			50,297			50,269			18,996			13,393			11,221
Trustees’ fees and expenses		1,643			4,414			14,918			15,168			5,658			3,818			3,169
Other		6,250			11,483			20,744			16,158			7,200			12,126			7,299
Total Expenses		209,794			489,600			1,646,172			1,695,530			662,699			657,999			449,276
Adviser Expense Reimbursement		(115,359	)		(243,852	)		(747,295	)		(759,958	)		(313,849	)		(121,001	)		(73,282	)
Distribution and/or Service Fees Waiver		(57,096	)		(154,585	)		(573,312	)		(595,452	)		(229,287	)		—			—
Net Expenses		37,339			91,163			325,565			340,120			119,563			536,998			375,994
NET INVESTMENT INCOME (LOSS)		290,377			567,279			1,340,468			617,543			(21,445	)		556,527			754,149
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment security, swap, and forward transactions (2)		(18,346	)		(132,198	)		219,504			(978,125	)		(165,683	)		12,418,770			(36,985	)
Futures contracts and written option transactions		—			—			—			—			—			27,896			(47,740	)
Foreign currency transactions		—			—			—			—			—			(83,432	)		—
Capital gain distributions from mutual fund investments		180,419			874,447			4,496,865			5,720,681			2,189,292			—			—
Net Realized Gain (Loss)		162,073			742,249			4,716,369			4,742,556			2,023,609			12,363,234			(84,725	)
Net change in unrealized appreciation (depreciation) on:
Investment securities, swaps and forwards (2)		198,226			328,419			(807,999	)		(813,088	)		70,286			(10,849,966	)		283,000
Futures contracts and written options		—			—			—			—			—			17,043			18,385
Foreign currency transactions		—			—			—			—			—			3,881			—
Change in Net Unrealized Appreciation (Depreciation)		198,226			328,419			(807,999	)		(813,088	)		70,286			(10,829,042	)		301,385
NET GAIN		360,299			1,070,668			3,908,370			3,929,468			2,093,895			1,534,192			216,660
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	650,676		$	1,637,947		$	5,248,838		$	4,547,011		$	2,072,450		$	2,090,719		$	970,809

(1)	Formerly named PF Lazard International Value Fund.
(2)	Dividends were net of $190,297 foreign taxes withheld for the PF AllianceBernstein International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds.
(3)	Class R shares are offered to the PF Portfolio Optimization Models only.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2006 (Unaudited)

	PF Janus Growth LT Fund			PF Lazard Mid-Cap Value Fund			PF Loomis Sayles Large-Cap Growth Fund			PF MFS International Large-Cap Fund			PF NB Fasciano Small Equity Fund			PF Oppenheimer Main Street Core Fund			PF Oppenheimer Emerging Markets Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)	$	223,789		$	281,610		$	93,228		$	1,755,900		$	86,793		$	527,743		$	471,610
Interest		39,738			5,110			13,929			24,717			71,075			19,049			—
Total Investment Income		263,527			286,720			107,157			1,780,617			157,868			546,792			471,610
EXPENSES
Advisory fees		174,813			143,009			103,418			298,387			142,300			188,815			174,439
Administration fees		81,579			58,886			38,101			99,462			49,805			101,670			61,054
Support services expenses		19,281			11,087			9,607			23,531			9,311			22,611			12,721
Custodian fees and expenses		23,047			19,530			30,859			92,428			14,428			50,030			317,989
Shareholder reports		5,867			3,315			2,890			6,970			3,060			6,971			3,994
Distribution and/or service fees
Class A		113,060			83,598			50,022			138,397			68,740			145,242			87,219
Class B		2,042			341			2,595			2,408			2,016			—			—
Class C		4,921			707			6,221			4,976			2,805			—			—
Transfer agency out-of-pocket expenses		15,866			8,204			6,479			18,153			8,364			18,710			10,710
Registration fees		16,636			13,496			17,880			16,962			17,655			381			238
Legal and audit fees		10,303			6,022			5,788			12,357			5,052			12,164			6,991
Trustees’ fees and expenses		3,174			1,573			1,204			3,645			1,681			3,749			2,184
Offering expenses		—			—			—			—			—			2,804			6,504
Other		7,420			3,695			5,372			10,931			3,659			11,525			21,301
Total Expenses		478,009			353,463			280,436			728,607			328,876			564,672			705,344
Adviser Expense Reimbursement		(84,072	)		(56,616	)		(72,048	)		(163,591	)		(53,516	)		(107,619	)		(369,839	)
Net Expenses		393,937			296,847			208,388			565,016			275,360			457,053			335,505
NET INVESTMENT INCOME (LOSS)		(130,410	)		(10,127	)		(101,231	)		1,215,601			(117,492	)		89,739			136,105
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment security, swap, and forward transactions (1)		613,887			576,551			(1,926,442	)		2,683,603			(933,675	)		(391,211	)		264,105
Foreign currency transactions		(15,913	)		—			—			(22,407	)		—			(191	)		(81,688	)
Net Realized Gain (Loss)		597,974			576,551			(1,926,442	)		2,661,196			(933,675	)		(391,402	)		182,417
Net change in unrealized appreciation (depreciation) on:
Investment securities, swaps and forwards (1).		(571,455	)		1,482,241			5,801			(305,907	)		(783,009	)		1,838,347			(1,298,311	)
Foreign currency transactions		2,324			—			—			(73	)		—			—			(2,928	)
Change in Net Unrealized Appreciation (Depreciation)		(569,131	)		1,482,241			5,801			(305,980	)		(783,009	)		1,838,347			(1,301,239	)
NET GAIN (LOSS)		28,843			2,058,792			(1,920,641	)		2,355,216			(1,716,684	)		1,446,945			(1,118,822	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($101,567	)	$	2,048,665			($2,021,872	)	$	3,570,817			($1,834,176	)	$	1,536,684			($982,717	)

(1) Dividends were net of $5,317, $0, $0, $120,237, $794, $52, and $57,906 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PF MFS International Large-Cap and PF Oppenheimer Emerging Markets Funds are net of foreign capital gains tax withheld of $126 and $19,332, respectively. Change in net unrealized depreciation on securities for the PF MFS International Large-Cap and PF Oppenheimer Emerging Markets Funds are net of decrease in deferred foreign capital gains tax of $3,482 and $153,127, respectively.

See Notes to Financial Statements

B-8

PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2006 (Unaudited)

	PF PIMCO Managed Bond Fund			PF PIMCO Inflation Managed Fund			PF Pacific Life Money Market Fund			PF Salomon Brothers Large-Cap Value Fund			PF Van Kampen Comstock Fund			PF Van Kampen Mid-Cap Growth Fund			PF Van Kampen Real Estate Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)	$	68,343		$	22,115		$	137		$	411,636		$	805,733		$	158,421		$	276,942
Interest		1,797,315			2,144,599			555,948			10,995			122,655			31,070			—
Total Investment Income		1,865,658			2,166,714			556,085			422,631			928,388			189,491			276,942
EXPENSES
Advisory fees		231,812			203,677			43,888			169,915			313,298			201,505			135,789
Administration fees		135,224			118,811			38,402			69,965			115,426			78,363			43,205
Support services expenses		32,652			29,979			9,384			16,982			27,770			17,686			10,802
Custodian fees and expenses		25,256			24,652			15,442			16,854			20,642			21,378			17,623
Shareholder reports		9,862			9,094			2,805			5,015			8,501			5,355			3,315
Distribution and/or service fees
Class A		185,724			156,700			27,430			94,301			161,082			104,142			61,100
Class B		4,722			6,502			—			2,981			2,840			4,509			518
Class C		10,184			19,560			—			8,318			4,784			11,101			727
Transfer agency out-of-pocket expenses		26,121			24,512			7,011			12,476			23,213			14,043			8,495
Registration fees		16,964			15,714			15,048			17,111			17,121			16,718			13,338
Legal and audit fees		17,438			16,098			5,440			8,138			14,832			9,610			5,852
Trustees’ fees and expenses		5,096			4,921			1,272			2,405			4,592			2,781			1,602
Other		32,834			11,975			2,704			6,397			6,826			4,676			3,735
Total Expenses		733,889			642,195			168,826			430,858			720,927			491,867			306,101
Adviser Expense Reimbursement		(137,713	)		(111,566	)		(50,087	)		(70,879	)		(98,274	)		(75,942	)		(55,392	)
Net Expenses		596,176			530,629			118,739			359,979			622,653			415,925			250,709
NET INVESTMENT INCOME (LOSS)		1,269,482			1,636,085			437,346			62,652			305,735			(226,434	)		26,233
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment security, swap, and forward transactions (1)		(217,040	)		(568,845	)		(70	)		844,239			36,650			498,531			1,458,144
Closed short positions		8,090			(2,157	)		—			—			—			—			—
Futures contracts and written option transactions		49,740			(36,015	)		—			—			—			—			—
Foreign currency transactions		124,733			155,097			—			(50	)		—			—			2
Net Realized Gain (Loss)		(34,477	)		(451,920	)		(70	)		844,189			36,650			498,531			1,458,146
Net change in unrealized appreciation (depreciation) on:
Investment securities, swaps and forwards (1)		1,026,724			1,129,747			—			848,022			3,256,222			(3,479,321	)		359,250
Short positions		(1,299	)		(6,959	)		—			—			—			—			—
Futures contracts and written options		344,806			(18,998	)		—			—			—			—			—
Foreign currency transactions		(4,133	)		(260	)		—			25			—			—			182
Change in Net Unrealized Appreciation (Depreciation)		1,366,098			1,103,530			—			848,047			3,256,222			(3,479,321	)		359,432
NET GAIN (LOSS)		1,331,621			651,610			(70	)		1,692,236			3,292,872			(2,980,790	)		1,817,578
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,601,103		$	2,287,695		$	437,276		$	1,754,888		$	3,598,607			($3,207,224	)	$	1,843,811

(1)	Dividends were net of $0, $0, $0, $6,357, $11,761, $1,152, and $3,626 foreign taxes withheld, respectively. No foreign capital gains tax was withheld on realized and change in unrealized capital gains for all of these funds.
See Notes to Financial Statements
B-9

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	PF Portfolio Optimization Model A						PF Portfolio Optimization Model B						PF Portfolio Optimization Model C
	Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006
OPERATIONS
Net investment income	$	290,377		$	421,503		$	567,279		$	784,165		$	1,340,468		$	1,771,031
Net realized gain		162,073			129,138			742,249			907,490			4,716,369			3,590,598
Net change in unrealized appreciation (depreciation)		198,226			294,717			328,419			1,981,397			(807,999	)		13,286,192
Net Increase in Net Assets Resulting from Operations		650,676			845,358			1,637,947			3,673,052			5,248,838			18,647,821
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(33,767	)		(207,109	)		(64,441	)		(462,976	)		(122,944	)		(1,155,068	)
Class B		(4,060	)		(32,392	)		(10,325	)		(116,283	)		(3,915	)		(299,092	)
Class C		(27,113	)		(183,732	)		(29,424	)		(285,513	)		(11,969	)		(822,892	)
Class R (2)		(447	)		(203	)		(1,726	)		(162	)		(709	)		(139	)
Net realized gains
Class A		(71,915	)		(29,914	)		(368,062	)		(36,613	)		(1,269,084	)		(206,873	)
Class B		(13,874	)		(5,137	)		(121,716	)		(12,228	)		(424,462	)		(74,990	)
Class C		(87,280	)		(28,115	)		(328,813	)		(30,034	)		(1,189,051	)		(200,137	)
Class R (2)		(937	)		(5	)		(9,749	)		(11	)		(7,253	)		(11	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(239,393	)		(486,607	)		(934,256	)		(943,820	)		(3,029,387	)		(2,759,202	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		4,473,737			9,088,361			6,721,715			17,240,990			28,737,347			47,999,401
Class B		1,060,264			992,649			1,426,887			3,829,034			6,540,038			13,368,094
Class C		2,955,460			8,687,538			5,661,562			13,244,683			23,889,798			39,321,633
Class R (2)		117,534			10,021			595,794			307,636			874,641			12,244
Dividends and distribution reinvestments
Class A		93,990			219,456			402,437			454,795			1,292,250			1,252,677
Class B		17,472			37,529			118,688			116,412			402,429			353,682
Class C		105,751			200,788			330,248			302,221			1,133,139			980,599
Class R (2)		1,384			208			11,475			173			7,253			150
Cost of shares repurchased
Class A		(4,628,031	)		(7,855,627	)		(5,798,966	)		(10,348,146	)		(13,767,506	)		(14,827,844	)
Class B		(605,548	)		(583,459	)		(660,788	)		(1,992,856	)		(3,280,382	)		(3,877,077	)
Class C		(2,034,449	)		(6,613,432	)		(2,987,648	)		(6,097,870	)		(9,083,475	)		(10,626,292	)
Class R (2)		(122	)		(11	)		(127,267	)		(24,020	)		(1,735	)		(3	)
Net Increase in Net Assets from Capital Share Transactions		1,557,442			4,184,021			5,694,137			17,033,052			36,743,797			73,957,264
NET INCREASE IN NET ASSETS		1,968,725			4,542,772			6,397,828			19,762,284			38,963,248			89,845,883
NET ASSETS
Beginning of Year or Period		23,162,507			18,619,735			61,499,692			41,737,408			215,552,560			125,706,677
End of Year or Period	$	25,131,232		$	23,162,507		$	67,897,520		$	61,499,692		$	254,515,808		$	215,552,560
Undistributed Net Investment Income	$	288,546		$	63,556		$	563,387		$	102,024		$	1,329,651		$	128,720

(1)	Unaudited.
(2)	Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only.
See Notes to Financial Statements
B-10

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Portfolio Optimization Model D						PF Portfolio Optimization Model E						PF AllianceBernstein International Value Fund (1)
	Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006
OPERATIONS
Net investment income (loss)	$	617,543		$	894,350			($21,445	)	$	91,212		$	556,527		$	541,002
Net realized gain		4,742,556			4,145,865			2,023,609			2,221,777			12,363,234			2,431,990
Net change in unrealized appreciation (depreciation)		(813,088	)		17,473,101			70,286			8,340,124			(10,829,042	)		6,061,794
Net Increase in Net Assets Resulting from Operations		4,547,011			22,513,316			2,072,450			10,653,113			2,090,719			9,034,786
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			(873,900	)		(3,156	)		(297,790	)		(147,732	)		(285,630	)
Class B		—			(251,905	)		—			(62,760	)		(731	)		(389	)
Class C		—			(654,629	)		—			(157,638	)		(2,085	)		(2,236	)
Class R (3)		—			(118	)		(3	)		(95	)		—			—
Net realized gains
Class A		(1,301,234	)		(276,939	)		(858,307	)		(125,833	)		(1,942,134	)		(610,482	)
Class B		(505,986	)		(114,447	)		(286,046	)		(38,611	)		(15,658	)		(4,582	)
Class C		(1,251,411	)		(291,154	)		(636,243	)		(107,188	)		(52,493	)		(17,324	)
Class R (3)		(7,495	)		(13	)		(767	)		(12	)		—			—
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(3,066,126	)		(2,463,105	)		(1,784,522	)		(789,927	)		(2,160,833	)		(920,643	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		29,618,793			49,232,539			14,235,959			20,370,094			5,750,946			26,179,615
Class B		10,627,451			15,372,124			4,070,358			6,897,377			92,972			126,806
Class C		23,144,543			40,732,993			10,048,288			19,453,506			248,167			463,143
Class R (3)		589,643			10,663			27,850			10,011			—			—
Dividends and distribution reinvestments
Class A		1,226,552			1,084,413			831,542			414,265			2,078,183			892,078
Class B		488,606			353,194			274,347			96,251			15,913			4,799
Class C		1,212,684			914,490			619,809			258,489			53,491			19,292
Class R (3)		7,495			131			770			107			—			—
Cost of shares repurchased
Class A		(11,396,047	)		(9,067,393	)		(4,116,612	)		(4,358,584	)		(8,444,116	)		(28,067,047	)
Class B		(2,838,109	)		(2,843,443	)		(524,366	)		(1,643,463	)		(14,230	)		(208,681	)
Class C		(8,710,197	)		(7,969,861	)		(3,260,828	)		(10,144,931	)		(195,871	)		(353,815	)
Class R (3)		(11,285	)		(1	)		(42	)		—			—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		43,960,129			87,819,849			22,207,075			31,353,122			(414,545	)		(943,810	)
NET INCREASE (DECREASE) IN NET ASSETS		45,441,014			107,870,060			22,495,003			41,216,308			(484,659	)		7,170,333
NET ASSETS
Beginning of Year or Period		218,968,935			111,098,875			83,079,310			41,863,002			59,632,324			52,461,991
End of Year or Period	$	264,409,949		$	218,968,935		$	105,574,313		$	83,079,310		$	59,147,665		$	59,632,324
Undistributed/Accumulated Net Investment Income (Loss)	$	607,653			($9,890	)		($25,800	)		($1,196	)	$	525,098		$	119,119

(1)	Formerly named the PF Lazard International Value Fund.
(2)	Unaudited.
(3)	Class R shares commenced operations on September 30, 2005 and are offered to the PF Portfolio Optimization Models only.
See Notes to Financial Statements

B-11

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Goldman Sachs Short Duration Bond Fund						PF Janus Growth LT Fund						PF Lazard Mid-Cap Value Fund
	Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006
OPERATIONS
Net investment income (loss)	$	754,149		$	783,522			($130,410	)		($142,199	)		($10,127	)		($44,010	)
Net realized gain (loss)		(84,725	)		(369,967	)		597,974			1,295,843			576,551			1,693,598
Net change in unrealized appreciation (depreciation)		301,385			(53,666	)		(569,131	)		3,259,706			1,482,241			1,698,565
Net Increase (Decrease) in Net Assets Resulting from Operations		970,809			359,889			(101,567	)		4,413,350			2,048,665			3,348,153
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(740,816	)		(781,958	)		—			—			—			(19,869	)
Class B		(220	)		(413	)		—			—			—			—
Class C		(4,570	)		(8,887	)		—			—			—			(59	)
Net realized gains
Class A		—			—			—			—			(691,386	)		(1,230,191	)
Class B		—			—			—			—			(1,798	)		(2,960	)
Class C		—			—			—			—			(3,884	)		(7,028	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(745,606	)		(791,258	)		—			—			(697,068	)		(1,260,107	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		11,846,756			23,164,325			9,058,622			27,671,881			28,440,878			11,590,066
Class B		261			32,356			16,051			73,432			9,721			38,014
Class C		249,760			397,990			423,438			1,182,947			54,786			147,705
Dividends and distribution reinvestments
Class A		740,816			781,958			—			—			690,342			1,247,915
Class B		159			357			—			—			1,770			2,960
Class C		4,539			7,879			—			—			3,458			6,862
Cost of shares repurchased
Class A		(5,381,118	)		(13,908,845	)		(6,129,195	)		(7,770,226	)		(636,812	)		(16,380,349	)
Class B		(4,069	)		(24,781	)		(5,293	)		(89,586	)		(1,417	)		(12,791	)
Class C		(471,400	)		(391,123	)		(138,147	)		(873,683	)		(23,039	)		(106,119	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		6,985,704			10,060,116			3,225,476			20,194,765			28,539,687			(3,465,737	)
NET INCREASE (DECREASE) IN NET ASSETS		7,210,907			9,628,747			3,123,909			24,608,115			29,891,284			(1,377,691	)
NET ASSETS
Beginning of Year or Period		45,553,712			35,924,965			45,037,756			20,429,641			24,183,090			25,560,781
End of Year or Period	$	52,764,619		$	45,553,712		$	48,161,665		$	45,037,756		$	54,074,374		$	24,183,090
Undistributed/Accumulated Net Investment Income (Loss)	$	6,578			($1,965	)		($149,405	)		($18,995	)		($11,419	)		($1,292	)

(1)	Unaudited.
See Notes to Financial Statements

B-12

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Loomis Sayles Large-Cap Growth Fund (1)						PF MFS International Large-Cap Fund						PF NB Fasciano Small Equity Fund (2)
	Six-Month Period Ended September 30, 2006 (3)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (3)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (3)			Year Ended March 31, 2006
OPERATIONS
Net investment income (loss)		($101,231	)		($232,085	)	$	1,215,601			($16,605	)	$	(117,492	)		($137,205	)
Net realized gain (loss)		(1,926,442	)		4,784,811			2,661,196			2,573,549			(933,675	)		683,647
Net change in unrealized appreciation (depreciation)		5,801			(1,484,020	)		(305,980	)		7,196,893			(783,009	)		2,034,957
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,021,872	)		3,068,706			3,570,817			9,753,837			(1,834,176	)		2,581,399
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			—			(119,809	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Net realized gains
Class A		(1,924,708	)		—			(1,741,094	)		(728,896	)		(25,606	)		(1,597,397	)
Class B		(52,141	)		—			(14,722	)		(6,357	)		(444	)		(53,879	)
Class C		(112,916	)		—			(30,813	)		(12,331	)		(614	)		(104,373	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(2,089,765	)		—			(1,786,629	)		(867,393	)		(26,664	)		(1,755,649	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		8,424,703			11,125,992			6,387,929			20,720,796			14,461,464			15,136,648
Class B		12,417			128,630			97,669			109,987			15,812			125,718
Class C		135,950			465,243			382,356			360,946			141,453			86,036
Dividends and distribution reinvestments
Class A		1,919,527			—			1,733,833			844,826			25,560			1,575,875
Class B		49,085			—			14,698			6,152			444			53,879
Class C		105,747			—			29,925			12,147			614			103,005
Cost of shares repurchased
Class A		(3,456,132	)		(39,854,311	)		(6,440,005	)		(15,710,900	)		(7,016,063	)		(472,672	)
Class B		(53,050	)		(96,115	)		(33,696	)		(141,072	)		(35,939	)		(32,500	)
Class C		(705,086	)		(264,451	)		(199,482	)		(206,799	)		(84,217	)		(204,552	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		6,433,161			(28,495,012	)		1,973,227			5,996,083			7,509,128			16,371,437
NET INCREASE (DECREASE) IN NET ASSETS		2,321,524			(25,426,306	)		3,757,415			14,882,527			5,648,288			17,197,187
NET ASSETS
Beginning of Year or Period		21,613,989			47,040,295			54,061,487			39,178,960			25,181,336			7,984,149
End of Year or Period	$	23,935,513		$	21,613,989		$	57,818,902		$	54,061,487		$	30,829,624		$	25,181,336
Undistributed/Accumulated Net Investment Income (Loss)		($121,726	)		($20,495	)	$	1,187,898			($27,703	)		($123,039	)		($5,547	)

(1)	Formerly named PF AIM Blue Chip Fund.
(2)	Formerly named PF AIM Aggressive Growth Fund.
(3)	Unaudited.

See Notes to Financial Statements

B-13

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Oppenheimer Main Street Core Fund						PF Oppenheimer Emerging Markets Fund						PF PIMCO Managed Bond Fund
	Six-Month Period Ended September 30, 2006 (1)			Period Ended March 31, 2006 (2)			Six-Month Period Ended September 30, 2006 (1)			Period Ended March 31, 2006 (2)			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006
OPERATIONS
Net investment income	$	89,739		$	59,313		$	136,105		$	235,494		$	1,269,482		$	1,644,794
Net realized gain (loss)		(391,402	)		388,155			182,417			1,056,151			(34,477	)		84,018
Net change in unrealized appreciation (depreciation)		1,838,347			3,008,828			(1,301,239	)		4,469,673			1,366,098			(764,445	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,536,684			3,456,296			(982,717	)		5,761,318			2,601,103			964,367
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(25,093	)		(74,605	)		(148,762	)		(230,044	)		(1,352,901	)		(1,513,717	)
Class B		—			—			—			—			(14,321	)		(24,396	)
Class C		—			—			—			—			(31,658	)		(47,907	)
Net realized gains
Class A		(529,693	)		—			(1,224,807	)		(774	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(554,786	)		(74,605	)		(1,373,569	)		(230,818	)		(1,398,880	)		(1,586,020	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		12,841,227			60,118,138			6,256,305			27,749,239			15,584,665			34,290,082
Class B		—			—			—			—			19,496			116,710
Class C		—			—			—			—			270,652			1,016,757
Dividends and distribution reinvestments
Class A		554,786			74,605			1,373,569			230,818			1,334,764			1,481,604
Class B		—			—			—			—			13,461			22,656
Class C		—			—			—			—			29,523			44,749
Cost of shares repurchased
Class A		(3,473,440	)		(9,644,719	)		(443,011	)		(34,792	)		(6,273,966	)		(8,879,511	)
Class B		—			—			—			—			(169,321	)		(220,199	)
Class C		—			—			—			—			(328,440	)		(1,328,603	)
Net Increase in Net Assets from Capital Share Transactions		9,922,573			50,548,024			7,186,863			27,945,265			10,480,834			26,544,245
NET INCREASE IN NET ASSETS		10,904,471			53,929,715			4,830,577			33,475,765			11,683,057			25,922,592
NET ASSETS
Beginning of Year or Period		53,929,715			—			33,475,765			—			71,956,626			46,034,034
End of Year or Period	$	64,834,186		$	53,929,715		$	38,306,342		$	33,475,765		$	83,639,683		$	71,956,626
Undistributed/Accumulated Net Investment Income (Loss)	$	88,808		$	24,162		$	(7,933	)	$	4,724		$	(2,548	)	$	126,850

(1)	Unaudited.
(2)	Operations commenced on September 30, 2005.

See Notes to Financial Statements

B-14

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF PIMCO Inflation Managed Fund						PF Pacific Life Money Market Fund (1)						PF Salomon Brothers Large-Cap Value Fund
	Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (2)			Year Ended March 31, 2006
OPERATIONS
Net investment income	$	1,636,085		$	1,846,530		$	437,346		$	600,514		$	62,652		$	87,415
Net realized gain (loss)		(451,920	)		(436,425	)		(70	)		(24	)		844,189			3,080,071
Net change in unrealized appreciation (depreciation)		1,103,530			(2,116,449	)		—			—			848,047			2,107,493
Net Increase (Decrease) in Net Assets Resulting from Operations		2,287,695			(706,344	)		437,276			600,490			1,754,888			5,274,979
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(1,221,053	)		(2,386,687	)		(437,346	)		(585,460	)		(2,599	)		(100,824	)
Class B		(21,485	)		(60,677	)		—			(4,201	)		—			(785	)
Class C		(64,455	)		(194,195	)		—			(10,853	)		—			(1,683	)
Net realized gains
Class A		—			(34,299	)		—			—			(2,356,311	)		(8,349	)
Class B		—			(1,006	)		—			—			(37,297	)		(152	)
Class C		—			(3,722	)		—			—			(115,276	)		(442	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(1,306,993	)		(2,680,586	)		(437,346	)		(600,514	)		(2,511,483	)		(112,235	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		10,891,271			42,314,028			29,642,076			26,799,152			8,818,307			20,423,579
Class B		37,438			476,346			—			189,675			67,397			100,259
Class C		329,576			1,610,629			—			2,003,182			418,436			213,292
Dividends and distribution reinvestments
Class A		1,184,925			2,398,557			409,402			578,993			2,344,265			108,484
Class B		18,693			55,805			—			4,086			37,151			914
Class C		55,338			178,232			—			9,277			112,366			2,121
Cost of shares repurchased
Class A		(15,233,300	)		(11,985,770	)		(34,067,257	)		(30,426,529	)		(1,366,203	)		(41,430,393	)
Class B		(334,472	)		(250,024	)		—			(866,017	)		(13,298	)		(91,489	)
Class C		(801,415	)		(3,110,695	)		—			(5,270,328	)		(251,712	)		(330,609	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,851,946	)		31,687,108			(4,015,779	)		(6,978,509	)		10,166,709			(21,003,842	)
NET INCREASE (DECREASE) IN NET ASSETS		(2,871,244	)		28,300,178			(4,015,849	)		(6,978,533	)		9,410,114			(15,841,098	)
NET ASSETS
Beginning of Year or Period		71,647,086			43,346,908			19,292,785			26,271,318			36,631,475			52,472,573
End of Year or Period	$	68,775,842		$	71,647,086		$	15,276,936		$	19,292,785		$	46,041,589		$	36,631,475
Undistributed/Accumulated Net Investment Income (Loss)	$	200,717			($128,375	)	$	8,824		$	8,824		$	48,466			($11,587	)

(1)

Class B and Class C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. In connection with the conversion in the PF Pacific Life Money Market Fund from Class B and Class C to Class A, 783,748 shares (valued at $783,748) from Class B and 1,237,985 shares (valued at $1,237,985) from Class C were converted for 2,021,733 shares (valued at $2,021,733) of Class A.

(2)

Unaudited.

See Notes to Financial Statements

B-15

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Van Kampen Comstock Fund						PF Van Kampen Mid-Cap Growth Fund						PF Van Kampen Real Estate Fund
	Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006			Six-Month Period Ended September 30, 2006 (1)			Year Ended March 31, 2006
OPERATIONS
Net investment income (loss)	$	305,735		$	309,235			($226,434	)		($409,551	)	$	26,233		$	78,401
Net realized gain		36,650			2,065,613			498,531			5,888,062			1,458,146			546,563
Net change in unrealized appreciation (depreciation)		3,256,222			990,914			(3,479,321	)		4,863,715			359,432			5,965,227
Net Increase (Decrease) in Net Assets Resulting from Operations		3,598,607			3,365,762			(3,207,224	)		10,342,226			1,843,811			6,590,191
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(119,018	)		(226,345	)		—			—			—			(306,317	)
Class B		(380	)		—			—			—			—			(867	)
Class C		(564	)		(657	)		—			—			—			(1,019	)
Net realized gains
Class A		(1,213,428	)		(1,586,586	)		(2,698,286	)		—			(267,825	)		(150,900	)
Class B		(10,407	)		(18,421	)		(61,388	)		—			(997	)		(572	)
Class C		(18,076	)		(41,338	)		(152,622	)		—			(1,347	)		(689	)
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders		(1,361,873	)		(1,873,347	)		(2,912,296	)		—			(270,169	)		(460,364	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
Class A		8,663,996			45,688,937			12,834,104			9,529,295			3,566,268			5,480,368
Class B		81,146			155,448			84,133			203,351			38,132			101,896
Class C		231,981			504,360			243,440			852,727			117,895			82,175
Dividends and distribution reinvestments
Class A		1,331,464			1,810,860			2,688,625			—			267,721			457,217
Class B		10,900			18,405			52,658			—			997			1,439
Class C		17,853			40,989			145,699			—			1,310			1,663
Cost of shares repurchased
Class A		(11,529,313	)		(9,526,495	)		(1,407,813	)		(16,057,697	)		(6,617,341	)		(330,501	)
Class B		(27,943	)		(45,760	)		(48,303	)		(129,615	)		(22,724	)		(40,824	)
Class C		(218,306	)		(498,721	)		(526,296	)		(338,536	)		(74,894	)		(23,090	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,438,222	)		38,148,023			14,066,247			(5,940,475	)		(2,722,636	)		5,730,343
NET INCREASE (DECREASE) IN NET ASSETS		798,512			39,640,438			7,946,727			4,401,751			(1,148,994	)		11,860,170
NET ASSETS
Beginning of Year or Period		63,917,360			24,276,922			43,387,098			38,985,347			25,763,089			13,902,919
End of Year or Period	$	64,715,872		$	63,917,360		$	51,333,825		$	43,387,098		$	24,614,095		$	25,763,089
Undistributed/Accumulated Net Investment Income (Loss)	$	297,823		$	112,050			($236,013	)		($9,579	)	$	8,620			($17,613	)

(1) Unaudited.

See Notes to Financial Statements

B-16

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income			Net Realized and Unrealized Gain		Total from Investment Operations
PF Portfolio Optimization Model A
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.34	$	0.14		$	0.15	$	0.29
	4/1/2005 - 3/31/2006 (4)		10.18		0.22			0.20		0.42
	4/1/2004 - 3/31/2005 (4)		10.15		0.13			0.05		0.18
	12/31/2003 - 3/31/2004 (4)		10.00		0.02			0.13		0.15
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	10.30	$	0.11		$	0.15	$	0.26
	4/1/2005 - 3/31/2006 (4)		10.14		0.17			0.20		0.37
	4/1/2004 - 3/31/2005 (4)		10.14		0.08			0.04		0.12
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.14		0.14
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	10.29	$	0.11		$	0.15	$	0.26
	4/1/2005 - 3/31/2006 (4)		10.13		0.17			0.20		0.37
	4/1/2004 - 3/31/2005 (4)		10.13		0.08			0.04		0.12
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.13		0.13
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	10.33	$	0.14		$	0.16	$	0.30
	9/30/2005 - 3/31/2006 (4)		10.35		0.11			0.09		0.20
PF Portfolio Optimization Model B
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.87	$	0.11		$	0.16	$	0.27
	4/1/2005 - 3/31/2006 (4)		10.33		0.18			0.57		0.75
	4/1/2004 - 3/31/2005 (4)		10.14		0.11			0.22		0.33
	12/31/2003 - 3/31/2004 (4)		10.00		0.01			0.13		0.14
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	10.82	$	0.08		$	0.17	$	0.25
	4/1/2005 - 3/31/2006 (4)		10.29		0.13			0.56		0.69
	4/1/2004 - 3/31/2005 (4)		10.13		0.06			0.21		0.27
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.13		0.13
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	10.83	$	0.08		$	0.17	$	0.25
	4/1/2005 - 3/31/2006 (4)		10.29		0.13			0.57		0.70
	4/1/2004 - 3/31/2005 (4)		10.13		0.06			0.21		0.27
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.13		0.13
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	10.87	$	0.11		$	0.16	$	0.27
	9/30/2005 - 3/31/2006 (4)		10.67		0.09			0.29		0.38

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Portfolio Optimization Model A
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.04	)		($0.08	)		($0.12	)	$	10.51
	4/1/2005 - 3/31/2006 (4)		(0.23	)		(0.03	)		(0.26	)		10.34
	4/1/2004 - 3/31/2005 (4)		(0.13	)		(0.02	)		(0.15	)		10.18
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.15
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.08	)		($0.10	)	$	10.46
	4/1/2005 - 3/31/2006 (4)		(0.18	)		(0.03	)		(0.21	)		10.30
	4/1/2004 - 3/31/2005 (4)		(0.10	)		(0.02	)		(0.12	)		10.14
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.14
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.08	)		($0.10	)	$	10.45
	4/1/2005 - 3/31/2006 (4)		(0.18	)		(0.03	)		(0.21	)		10.29
	4/1/2004 - 3/31/2005 (4)		(0.10	)		(0.02	)		(0.12	)		10.13
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.13
Class R:	4/1/2006 - 9/30/2006 (4),(5)		($0.04	)		($0.08	)		($0.12	)	$	10.51
	9/30/2005 - 3/31/2006 (4)		(0.21	)		(0.01	)		(0.22	)		10.33
PF Portfolio Optimization Model B
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.14	)		($0.16	)	$	10.98
	4/1/2005 - 3/31/2006 (4)		(0.19	)		(0.02	)		(0.21	)		10.87
	4/1/2004 - 3/31/2005 (4)		(0.12	)		(0.02	)		(0.14	)		10.33
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.14
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.14	)		($0.15	)	$	10.92
	4/1/2005 - 3/31/2006 (4)		(0.14	)		(0.02	)		(0.16	)		10.82
	4/1/2004 - 3/31/2005 (4)		(0.09	)		(0.02	)		(0.11	)		10.29
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.13
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.14	)		($0.15	)	$	10.93
	4/1/2005 - 3/31/2006 (4)		(0.14	)		(0.02	)		(0.16	)		10.83
	4/1/2004 - 3/31/2005 (4)		(0.09	)		(0.02	)		(0.11	)		10.29
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.13
Class R:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.14	)		($0.16	)	$	10.98
	9/30/2005 - 3/31/2006 (4)		(0.17	)		(0.01	)		(0.18	)		10.87

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Portfolio Optimization Model A
Class A:	4/1/2006 - 9/30/2006 (4),(5)	2.76	%	$	9,995	0.02	%	1.47	%	2.72	%	24.58	%
	4/1/2005 - 3/31/2006 (4)	4.12	%		9,887	0.03	%	1.57	%	2.17	%	66.26	%
	4/1/2004 - 3/31/2005 (4)	1.74	%		8,262	0.00	%	2.35	%	1.29	%	20.21	%
	12/31/2003 - 3/31/2004 (4)	1.50	%		1,957	0.00	%	4.50	%	0.61	%	9.38	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	2.53	%	$	2,435	0.52	%	1.97	%	2.22	%	24.58	%
	4/1/2005 - 3/31/2006 (4)	3.56	%		1,923	0.53	%	2.07	%	1.67	%	66.26	%
	4/1/2004 - 3/31/2005 (4)	1.25	%		1,450	0.50	%	2.85	%	0.79	%	20.21	%
	12/31/2003 - 3/31/2004 (4)	1.40	%		449	0.50	%	5.00	%	0.11	%	9.38	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	2.55	%	$	12,568	0.52	%	1.97	%	2.22	%	24.58	%
	4/1/2005 - 3/31/2006 (4)	3.65	%		11,342	0.53	%	2.07	%	1.67	%	66.26	%
	4/1/2004 - 3/31/2005 (4)	1.18	%		8,908	0.50	%	2.85	%	0.79	%	20.21	%
	12/31/2003 - 3/31/2004 (4)	1.30	%		3,739	0.50	%	5.00	%	0.11	%	9.38	%
Class R:	4/1/2006 - 9/30/2006 (4),(5)	2.86	%	$	133	0.02	%	1.47	%	2.72	%	24.58	%
	9/30/2005 - 3/31/2006 (4)	1.90	%		10	0.03	%	1.57	%	2.17	%	66.26	%
PF Portfolio Optimization Model B
Class A:	4/1/2006 - 9/30/2006 (4),(5)	2.57	%	$	29,935	0.02	%	1.26	%	2.05	%	12.20	%
	4/1/2005 - 3/31/2006 (4)	7.23	%		28,292	0.02	%	1.32	%	1.72	%	37.91	%
	4/1/2004 - 3/31/2005 (4)	3.28	%		19,664	0.00	%	1.74	%	1.05	%	7.82	%
	12/31/2003 - 3/31/2004 (4)	1.40	%		5,197	0.00	%	2.86	%	0.46	%	2.81	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	2.37	%	$	10,036	0.52	%	1.76	%	1.55	%	12.20	%
	4/1/2005 - 3/31/2006 (4)	6.70	%		9,058	0.52	%	1.82	%	1.22	%	37.91	%
	4/1/2004 - 3/31/2005 (4)	2.69	%		6,699	0.50	%	2.24	%	0.55	%	7.82	%
	12/31/2003 - 3/31/2004 (4)	1.30	%		3,013	0.50	%	3.36	%	(0.04	%)	2.81	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	2.37	%	$	27,137	0.52	%	1.76	%	1.55	%	12.20	%
	4/1/2005 - 3/31/2006 (4)	6.80	%		23,860	0.52	%	1.82	%	1.22	%	37.91	%
	4/1/2004 - 3/31/2005 (4)	2.70	%		15,375	0.50	%	2.24	%	0.55	%	7.82	%
	12/31/2003 - 3/31/2004 (4)	1.30	%		5,354	0.50	%	3.36	%	(0.04	%)	2.81	%
Class R:	4/1/2006 - 9/30/2006 (4),(5)	2.57	%	$	788	0.02	%	1.26	%	2.05	%	12.20	%
	9/30/2005 - 3/31/2006 (4)	3.63	%		290	0.02	%	1.32	%	1.72	%	37.91	%

See Notes to Financial Statements See explanation of references on C-11

C-1

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain		Total from Investment Operations
PF Portfolio Optimization Model C
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	11.56	$	0.08		$	0.15	$	0.23
	4/1/2005 - 3/31/2006 (4)		10.54		0.15			1.06		1.21
	4/1/2004 - 3/31/2005 (4)		10.14		0.08			0.43		0.51
	12/31/2003 - 3/31/2004 (4)		10.00		0.01			0.13		0.14
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	11.51	$	0.05		$	0.16	$	0.21
	4/1/2005 - 3/31/2006 (4)		10.50		0.09			1.07		1.16
	4/1/2004 - 3/31/2005 (4)		10.13		0.03			0.43		0.46
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.13		0.13
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	11.50	$	0.05		$	0.16	$	0.21
	4/1/2005 - 3/31/2006 (4)		10.49		0.09			1.07		1.16
	4/1/2004 - 3/31/2005 (4)		10.12		0.03			0.43		0.46
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.12		0.12
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	11.56	$	0.08		$	0.14	$	0.22
	9/30/2005 - 3/31/2006 (4)		11.05		0.07			0.60		0.67
PF Portfolio Optimization Model D
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.02	$	0.05		$	0.15	$	0.20
	4/1/2005 - 3/31/2006 (4)		10.66		0.10			1.44		1.54
	4/1/2004 - 3/31/2005 (4)		10.11		0.05			0.58		0.63
	12/31/2003 - 3/31/2004 (4)		10.00		0.01			0.10		0.11
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	11.97	$	0.02		$	0.16	$	0.18
	4/1/2005 - 3/31/2006 (4)		10.63		0.04			1.45		1.49
	4/1/2004 - 3/31/2005 (4)		10.10		—	(6)		0.58		0.58
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.11		0.10
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	11.95	$	0.02		$	0.15	$	0.17
	4/1/2005 - 3/31/2006 (4)		10.61		0.04			1.45		1.49
	4/1/2004 - 3/31/2005 (4)		10.09		—	(6)		0.57		0.57
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.10		0.09
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	12.02	$	0.05		$	0.15	$	0.20
	9/30/2005 - 3/31/2006 (4)		11.28		0.05			0.83		0.88

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Portfolio Optimization Model C
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.14	)		($0.15	)	$	11.64
	4/1/2005 - 3/31/2006 (4)		(0.16	)		(0.03	)		(0.19	)		11.56
	4/1/2004 - 3/31/2005 (4)		(0.09	)		(0.02	)		(0.11	)		10.54
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.14
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—	(6)		($0.14	)		($0.14	)	$	11.58
	4/1/2005 - 3/31/2006 (4)		(0.12	)		(0.03	)		(0.15	)		11.51
	4/1/2004 - 3/31/2005 (4)		(0.07	)		(0.02	)		(0.09	)		10.50
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.13
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—(6	)		($0.14	)		($0.14	)	$	11.57
	4/1/2005 - 3/31/2006 (4)		(0.12	)		(0.03	)		(0.15	)		11.50
	4/1/2004 - 3/31/2005 (4)		(0.07	)		(0.02	)		(0.09	)		10.49
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.12
Class R:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.14	)		($0.15	)	$	11.63
	9/30/2005 - 3/31/2006 (4)		(0.15	)		(0.01	)		(0.16	)		11.56
PF Portfolio Optimization Model D
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.15	)		($0.15	)	$	12.07
	4/1/2005 - 3/31/2006 (4)		(0.13	)		(0.05	)		(0.18	)		12.02
	4/1/2004 - 3/31/2005 (4)		(0.06	)		(0.02	)		(0.08	)		10.66
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.11
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.15	)		($0.15	)	$	12.00
	4/1/2005 - 3/31/2006 (4)		(0.10	)		(0.05	)		(0.15	)		11.97
	4/1/2004 - 3/31/2005 (4)		(0.03	)		(0.02	)		(0.05	)		10.63
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.10
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.15	)		($0.15	)	$	11.97
	4/1/2005 - 3/31/2006 (4)		(0.10	)		(0.05	)		(0.15	)		11.95
	4/1/2004 - 3/31/2005 (4)		(0.03	)		(0.02	)		(0.05	)		10.61
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.09
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.15	)		($0.15	)	$	12.07
	9/30/2005 - 3/31/2006 (4)		(0.13	)		(0.01	)		(0.14	)		12.02

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Portfolio Optimization Model C
Class A:	4/1/2006 - 9/30/2006 (4),(5)	2.11	%	$	112,371	0.00	%	1.15	%	1.44	%	8.53	%
	4/1/2005 - 3/31/2006 (4)	11.58	%		95,079	0.00	%	1.20	%	1.33	%	26.54	%
	4/1/2004 - 3/31/2005 (4)	5.09	%		53,783	0.00	%	1.41	%	0.82	%	5.78	%
	12/31/2003 - 3/31/2004 (4)	1.40	%		12,743	0.00	%	2.31	%	0.36	%	0.86	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	1.91	%	$	35,622	0.50	%	1.65	%	0.94	%	8.53	%
	4/1/2005 - 3/31/2006 (4)	11.10	%		31,687	0.50	%	1.70	%	0.83	%	26.54	%
	4/1/2004 - 3/31/2005 (4)	4.55	%		19,414	0.50	%	1.91	%	0.32	%	5.78	%
	12/31/2003 - 3/31/2004 (4)	1.30	%		5,594	0.50	%	2.81	%	(0.14	%)	0.86	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	1.92	%	$	105,598	0.50	%	1.65	%	0.94	%	8.53	%
	4/1/2005 - 3/31/2006 (4)	11.12	%		88,774	0.50	%	1.70	%	0.83	%	26.54	%
	4/1/2004 - 3/31/2005 (4)	4.53	%		52,510	0.50	%	1.91	%	0.32	%	5.78	%
	12/31/2003 - 3/31/2004 (4)	1.20	%		16,870	0.50	%	2.81	%	(0.14	%)	0.86	%
Class R:	4/1/2006 - 9/30/2006 (4),(5)	2.02	%	$	925	0.00	%	1.15	%	1.44	%	8.53	%
	9/30/2005 - 3/31/2006 (4)	6.16	%		13	0.00	%	1.20	%	1.33	%	26.54	%
PF Portfolio Optimization Model D
Class A:	4/1/2006 - 9/30/2006 (4),(5)	1.73	%	$	113,723	0.00	%	1.14	%	0.80	%	7.67	%
	4/1/2005 - 3/31/2006 (4)	14.59	%		93,498	0.00	%	1.19	%	0.86	%	27.98	%
	4/1/2004 - 3/31/2005 (4)	6.26	%		43,986	0.00	%	1.43	%	0.52	%	10.16	%
	12/31/2003 - 3/31/2004 (4)	1.10	%		13,362	0.00	%	2.47	%	0.22	%	0.68	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	1.56	%	$	43,648	0.50	%	1.64	%	0.30	%	7.67	%
	4/1/2005 - 3/31/2006 (4)	14.09	%		35,154	0.50	%	1.69	%	0.36	%	27.98	%
	4/1/2004 - 3/31/2005 (4)	5.79	%		18,954	0.50	%	1.93	%	0.02	%	10.16	%
	12/31/2003 - 3/31/2004 (4)	1.00	%		6,962	0.50	%	2.97	%	(0.28	%)	0.68	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	1.48	%	$	106,414	0.50	%	1.64	%	0.30	%	7.67	%
	4/1/2005 - 3/31/2006 (4)	14.13	%		90,306	0.50	%	1.69	%	0.36	%	27.98	%
	4/1/2004 - 3/31/2005 (4)	5.72	%		48,159	0.50	%	1.93	%	0.02	%	10.16	%
	12/31/2003 - 3/31/2004 (4)	0.90	%		12,719	0.50	%	2.97	%	(0.28	%)	0.68	%
Class R:	4/1/2006 - 9/30/2006 (4),(5)	1.73	%	$	625	0.00	%	1.14	%	0.80	%	7.67	%
	9/30/2005 - 3/31/2006 (4)	7.92	%		11	0.00	%	1.19	%	0.86	%	27.98	%

See Notes to Financial Statements See explanation of references on C-11

C-2

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Portfolio Optimization Model E
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.57	$	0.01		$	0.22		$	0.23
	4/1/2005 - 3/31/2006 (4)		10.75		0.05			1.94			1.99
	4/1/2004 - 3/31/2005 (4)		10.08		0.02			0.70			0.72
	12/31/2003 - 3/31/2004 (4)		10.00		—	(6)		0.08			0.08
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	12.52		($0.02	)	$	0.22		$	0.20
	4/1/2005 - 3/31/2006 (4)		10.72		(0.01	)		1.94			1.93
	4/1/2004 - 3/31/2005 (4)		10.07		(0.03	)		0.71			0.68
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.08			0.07
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	12.51		($0.02	)	$	0.23		$	0.21
	4/1/2005 - 3/31/2006 (4)		10.72		(0.01	)		1.93			1.92
	4/1/2004 - 3/31/2005 (4)		10.07		(0.03	)		0.71			0.68
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.08			0.07
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	12.57	$	0.01		$	0.23		$	0.24
	9/30/2005 - 3/31/2006 (4)		11.50		0.02			1.17			1.19
PF AllianceBernstein International Value Fund (7)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	15.30	$	0.14		$	0.38		$	0.52
	4/1/2005 - 3/31/2006 (4)		13.22		0.14			2.19			2.33
	4/1/2004 - 3/31/2005 (4)		11.89		0.08			1.46			1.54
	4/1/2003 - 3/31/2004 (4)		8.73		0.06			3.13			3.19
	4/1/2002 - 3/31/2003 (4)		11.09		0.07			(2.33	)		(2.26	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.02	)		1.14			1.12
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	15.05	$	0.10		$	0.36		$	0.46
	4/1/2005 - 3/31/2006 (4)		13.00		0.07			2.16			2.23
	4/1/2004 - 3/31/2005 (4)		11.73		0.01			1.45			1.46
	4/1/2003 - 3/31/2004 (4)		8.66		0.02			3.07			3.09
	4/1/2002 - 3/31/2003 (4)		11.08		0.02			(2.33	)		(2.31	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.05	)		1.14			1.09
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	15.02	$	0.10		$	0.37		$	0.47
	4/1/2005 - 3/31/2006 (4)		13.00		0.07			2.14			2.21
	4/1/2004 - 3/31/2005 (4)		11.73		0.01			1.45			1.46
	4/1/2003 - 3/31/2004 (4)		8.66		0.02			3.07			3.09
	4/1/2002 - 3/31/2003 (4)		11.07		0.02			(2.32	)		(2.30	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.05	)		1.14			1.09

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Portfolio Optimization Model E
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—	(6)		($0.24	)		($0.24	)	$	12.56
	4/1/2005 - 3/31/2006 (4)		(0.11	)		(0.06	)		(0.17	)		12.57
	4/1/2004 - 3/31/2005 (4)		(0.02	)		(0.03	)		(0.05	)		10.75
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.08
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.24	)		($0.24	)	$	12.48
	4/1/2005 - 3/31/2006 (4)		(0.07	)		(0.06	)		(0.13	)		12.52
	4/1/2004 - 3/31/2005 (4)		—			(0.03	)		(0.03	)		10.72
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.07
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.24	)		($0.24	)	$	12.48
	4/1/2005 - 3/31/2006 (4)		(0.07	)		(0.06	)		(0.13	)		12.51
	4/1/2004 - 3/31/2005 (4)		—			(0.03	)		(0.03	)		10.72
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.07
Class R:	4/1/2006 - 9/30/2006 (4),(5)	$	—	(6)		($0.24	)		($0.24	)	$	12.57
	9/30/2005 - 3/31/2006 (4)		(0.11	)		(0.01	)		(0.12	)		12.57
PF AllianceBernstein International Value Fund (7)
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.04	)		($0.50	)		($0.54	)	$	15.28
	4/1/2005 - 3/31/2006 (4)		(0.08	)		(0.17	)		(0.25	)		15.30
	4/1/2004 - 3/31/2005 (4)		(0.02	)		(0.19	)		(0.21	)		13.22
	4/1/2003 - 3/31/2004 (4)		(0.03	)		—			(0.03	)		11.89
	4/1/2002 - 3/31/2003 (4)		(0.04	)		(0.06	)		(0.10	)		8.73
	9/28/2001 - 3/31/2002 (4)		(0.03	)		—			(0.03	)		11.09
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.50	)		($0.52	)	$	14.99
	4/1/2005 - 3/31/2006 (4)		(0.01	)		(0.17	)		(0.18	)		15.05
	4/1/2004 - 3/31/2005 (4)		—			(0.19	)		(0.19	)		13.00
	4/1/2003 - 3/31/2004 (4)		(0.02	)		—			(0.02	)		11.73
	4/1/2002 - 3/31/2003 (4)		(0.05	)		(0.06	)		(0.11	)		8.66
	9/28/2001 - 3/31/2002 (4)		(0.01	)		—			(0.01	)		11.08
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.50	)		($0.52	)	$	14.97
	4/1/2005 - 3/31/2006 (4)		(0.02	)		(0.17	)		(0.19	)		15.02
	4/1/2004 - 3/31/2005 (4)		—			(0.19	)		(0.19	)		13.00
	4/1/2003 - 3/31/2004 (4)		(0.02	)		—			(0.02	)		11.73
	4/1/2002 - 3/31/2003 (4)		(0.05	)		(0.06	)		(0.11	)		8.66
	9/28/2001 - 3/31/2002 (4)		(0.02	)		—			(0.02	)		11.07

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Portfolio Optimization Model E
Class A:	4/1/2006 - 9/30/2006 (4),(5)	1.94	%	$	50,532	0.00	%	1.18	%	0.21	%	11.34	%
	4/1/2005 - 3/31/2006 (4)	18.59	%		39,397	0.00	%	1.29	%	0.42	%	42.51	%
	4/1/2004 - 3/31/2005 (4)	7.17	%		18,244	0.00	%	1.75	%	0.23	%	22.37	%
	12/31/2003 - 3/31/2004 (4)	0.80	%		8,187	0.00	%	2.52	%	0.09	%	0.00	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	1.70	%	$	16,735	0.50	%	1.68	%	(0.29	%)	11.34	%
	4/1/2005 - 3/31/2006 (4)	18.11	%		12,889	0.50	%	1.79	%	(0.08	%)	42.51	%
	4/1/2004 - 3/31/2005 (4)	6.75	%		6,110	0.50	%	2.25	%	(0.27	%)	22.37	%
	12/31/2003 - 3/31/2004 (4)	0.70	%		2,409	0.50	%	3.02	%	(0.41	%)	0.00	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	1.78	%	$	38,267	0.50	%	1.68	%	(0.29	%)	11.34	%
	4/1/2005 - 3/31/2006 (4)	18.00	%		30,782	0.50	%	1.79	%	(0.08	%)	42.51	%
	4/1/2004 - 3/31/2005 (4)	6.75	%		17,510	0.50	%	2.25	%	(0.27	%)	22.37	%
	12/31/2003 - 3/31/2004 (4)	0.70	%		7,868	0.50	%	3.02	%	(0.41	%)	0.00	%
Class R:	4/1/2006 - 9/30/2006 (4),(5)	2.02	%	$	41	0.00	%	1.18	%	0.21	%	11.34	%
	9/30/2005 - 3/31/2006 (4)	10.44	%		11	0.00	%	1.29	%	0.42	%	42.51	%
PF AllianceBernstein International Value Fund (7)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	3.37	%	$	56,982	1.78	%	2.18	%	1.88	%	97.88	%
	4/1/2005 - 3/31/2006 (4)	17.85	%		57,657	1.80	%	2.28	%	0.99	%	55.25	%
	4/1/2004 - 3/31/2005 (4)	13.13	%		50,801	1.80	%	2.45	%	0.62	%	20.92	%
	4/1/2003 - 3/31/2004 (4)	36.57	%		20,007	1.80	%	2.86	%	0.73	%	58.63	%
	4/1/2002 - 3/31/2003 (4)	(20.50	%)		7,218	1.80	%	3.89	%	0.76	%	19.60	%
	9/28/2001 - 3/31/2002 (4)	11.21	%		7,817	1.80	%	7.07	%	(0.35	%)	7.11	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	3.12	%	$	521	2.28	%	2.68	%	1.38	%	97.88	%
	4/1/2005 - 3/31/2006 (4)	17.36	%		427	2.30	%	2.78	%	0.49	%	55.25	%
	4/1/2004 - 3/31/2005 (4)	12.59	%		449	2.30	%	2.95	%	0.12	%	20.92	%
	4/1/2003 - 3/31/2004 (4)	35.79	%		324	2.30	%	3.36	%	0.23	%	58.63	%
	4/1/2002 - 3/31/2003 (4)	(20.93	%)		771	2.30	%	4.39	%	0.26	%	19.60	%
	9/28/2001 - 3/31/2002 (4)	10.95	%		26	2.30	%	7.57	%	(0.85	%)	7.11	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	3.10	%	$	1,644	2.28	%	2.68	%	1.38	%	97.88	%
	4/1/2005 - 3/31/2006 (4)	17.19	%		1,548	2.30	%	2.78	%	0.49	%	55.25	%
	4/1/2004 - 3/31/2005 (4)	12.59	%		1,212	2.30	%	2.95	%	0.12	%	20.92	%
	4/1/2003 - 3/31/2004 (4)	35.79	%		781	2.30	%	3.36	%	0.23	%	58.63	%
	4/1/2002 - 3/31/2003 (4)	(20.93	%)		1,656	2.30	%	4.39	%	0.26	%	19.60	%
	9/28/2001 - 3/31/2002 (4)	10.91	%		143	2.30	%	7.57	%	(0.85	%)	7.11	%

See Notes to Financial Statements See explanation of references on C-11

C-3

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	9.76	$	0.15		$	0.04		$	0.19
	4/1/2005 - 3/31/2006 (4)		9.85		0.19			(0.09	)		0.10
	4/1/2004 - 3/31/2005 (4)		10.09		0.09			(0.22	)		(0.13	)
	12/31/2003 - 3/31/2004 (4)		10.00		0.01			0.08			0.09
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	9.74	$	0.13		$	0.04		$	0.17
	4/1/2005 - 3/31/2006 (4)		9.85		0.14			(0.11	)		0.03
	4/1/2004 - 3/31/2005 (4)		10.08		0.04			(0.21	)		(0.17	)
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.09			0.08
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	9.74	$	0.13		$	0.03		$	0.16
	4/1/2005 - 3/31/2006 (4)		9.83		0.14			(0.09	)		0.05
	4/1/2004 - 3/31/2005 (4)		10.08		0.04			(0.22	)		(0.18	)
	12/31/2003 - 3/31/2004 (4)		10.00		(0.01	)		0.09			0.08
PF Janus Growth LT Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.23		($0.03	)	$	0.01			($0.02	)
	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
	4/1/2003 - 3/31/2004 (4)		7.62		(0.10	)		2.82			2.72
	4/1/2002 - 3/31/2003		10.32		(0.08	)		(2.62	)		(2.70	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.04	)		0.39			0.35
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	12.00		($0.06	)	$	—			($0.06	)
	4/1/2005 - 3/31/2006 (4)		10.49		(0.11	)		1.62			1.51
	4/1/2004 - 3/31/2005 (4)		10.24		(0.10	)		0.35			0.25
	4/1/2003 - 3/31/2004 (4)		7.58		(0.15	)		2.81			2.66
	4/1/2002 - 3/31/2003		10.30		(0.06	)		(2.66	)		(2.72	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.07	)		0.40			0.33
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	11.95		($0.06	)	$	0.01			($0.05	)
	4/1/2005 - 3/31/2006 (4)		10.46		(0.11	)		1.60			1.49
	4/1/2004 - 3/31/2005 (4)		10.21		(0.10	)		0.35			0.25
	4/1/2003 - 3/31/2004 (4)		7.57		(0.15	)		2.79			2.64
	4/1/2002 - 3/31/2003		10.31		(0.08	)		(2.66	)		(2.74	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.07	)		0.40			0.33

					Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.15	)	$	—			($0.15	)	$	9.80
	4/1/2005 - 3/31/2006 (4)		(0.19	)		—			(0.19	)		9.76
	4/1/2004 - 3/31/2005 (4)		(0.09	)		(0.02	)		(0.11	)		9.85
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.09
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.12	)	$	—			($0.12	)	$	9.79
	4/1/2005 - 3/31/2006 (4)		(0.14	)		—			(0.14	)		9.74
	4/1/2004 - 3/31/2005 (4)		(0.04	)		(0.02	)		(0.06	)		9.85
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.08
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.12	)	$	—			($0.12	)	$	9.78
	4/1/2005 - 3/31/2006 (4)		(0.14	)		—			(0.14	)		9.74
	4/1/2004 - 3/31/2005 (4)		(0.05	)		(0.02	)		(0.07	)		9.83
	12/31/2003 - 3/31/2004 (4)		—			—			—			10.08
PF Janus Growth LT Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—		$	—		$	—		$	12.21
	4/1/2005 - 3/31/2006 (4)		—			—			—			12.23
	4/1/2004 - 3/31/2005 (4)		—			—			—			10.64
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.34
	4/1/2002 - 3/31/2003		—			—			—			7.62
	9/28/2001 - 3/31/2002 (4)		(0.03	)		—			(0.03	)		10.32
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—		$	—		$	—		$	11.94
	4/1/2005 - 3/31/2006 (4)		—			—			—			12.00
	4/1/2004 - 3/31/2005 (4)		—			—			—			10.49
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.24
	4/1/2002 - 3/31/2003		—			—			—			7.58
	9/28/2001 - 3/31/2002 (4)		(0.03	)		—			(0.03	)		10.30
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—		$	—		$	—		$	11.90
	4/1/2005 - 3/31/2006 (4)		—			—			—			11.95
	4/1/2004 - 3/31/2005 (4)		—			—			—			10.46
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.21
	4/1/2002 - 3/31/2003		—			—			—			7.57
	9/28/2001 - 3/31/2002 (4)		(0.02	)		—			(0.02	)		10.31

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	1.92	%	$	52,377	1.52	%	1.82	%	3.07	%	27.47	%
	4/1/2005 - 3/31/2006 (4)	1.03	%		44,945	1.55	%	1.93	%	1.97	%	91.81	%
	4/1/2004 - 3/31/2005 (4)	(1.34	%)		35,333	1.55	%	2.34	%	0.93	%	203.81	%
	12/31/2003 - 3/31/2004 (4)	0.90	%		13,617	1.55	%	2.72	%	0.23	%	144.88	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	1.76	%	$	17	2.02	%	2.32	%	2.57	%	27.47	%
	4/1/2005 - 3/31/2006 (4)	0.35	%		20	2.05	%	2.43	%	1.47	%	91.81	%
	4/1/2004 - 3/31/2005 (4)	(1.77	%)		13	2.05	%	2.84	%	0.43	%	203.81	%
	12/31/2003 - 3/31/2004 (4)	0.80	%		10	2.05	%	3.22	%	(0.27	%)	144.88	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	1.65	%	$	371	2.02	%	2.32	%	2.57	%	27.47	%
	4/1/2005 - 3/31/2006 (4)	0.52	%		588	2.05	%	2.43	%	1.47	%	91.81	%
	4/1/2004 - 3/31/2005 (4)	(1.81	%)		579	2.05	%	2.84	%	0.43	%	203.81	%
	12/31/2003 - 3/31/2004 (4)	0.80	%		62	2.05	%	3.22	%	(0.27	%)	144.88	%
PF Janus Growth LT Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	(0.16	%)	$	46,558	1.68	%	2.04	%	(0.54	%)	23.59	%
	4/1/2005 - 3/31/2006 (4)	14.94	%		43,733	1.70	%	2.15	%	(0.44	%)	69.48	%
	4/1/2004 - 3/31/2005 (4)	2.90	%		19,585	1.70	%	2.54	%	(0.44	%)	42.84	%
	4/1/2003 - 3/31/2004 (4)	35.70	%		11,994	1.70	%	3.21	%	(1.08	%)	42.65	%
	4/1/2002 - 3/31/2003	(26.16	%)		6,832	1.70	%	4.01	%	(0.95	%)	124.73	%
	9/28/2001 - 3/31/2002 (4)	3.50	%		9,819	1.70	%	6.29	%	(0.78	%)	64.33	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	(0.42	%)	$	421	2.18	%	2.54	%	(1.04	%)	23.59	%
	4/1/2005 - 3/31/2006 (4)	14.30	%		412	2.20	%	2.65	%	(0.94	%)	69.48	%
	4/1/2004 - 3/31/2005 (4)	2.44	%		373	2.20	%	3.04	%	(0.94	%)	42.84	%
	4/1/2003 - 3/31/2004 (4)	34.91	%		293	2.20	%	3.71	%	(1.58	%)	42.65	%
	4/1/2002 - 3/31/2003	(26.31	%)		301	2.20	%	4.51	%	(1.45	%)	124.73	%
	9/28/2001 - 3/31/2002 (4)	3.27	%		57	2.20	%	6.79	%	(1.28	%)	64.33	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	(0.42	%)	$	1,183	2.18	%	2.54	%	(1.04	%)	23.59	%
	4/1/2005 - 3/31/2006 (4)	14.24	%		893	2.20	%	2.65	%	(0.94	%)	69.48	%
	4/1/2004 - 3/31/2005 (4)	2.45	%		472	2.20	%	3.04	%	(0.94	%)	42.84	%
	4/1/2003 - 3/31/2004 (4)	34.87	%		400	2.20	%	3.71	%	(1.58	%)	42.65	%
	4/1/2002 - 3/31/2003	(26.58	%)		624	2.20	%	4.51	%	(1.45	%)	124.73	%
	9/28/2001 - 3/31/2002 (4)	3.33	%		84	2.20	%	6.79	%	(1.28	%)	64.33	%

See Notes to Financial Statements	See explanation of references on C-11
C-4

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Loss			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Lazard Mid-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.54	$	—	(6)	$	0.30		$	0.30
	4/1/2005 - 3/31/2006 (4)		9.90		(0.02	)		1.30			1.28
	12/31/2004 - 3/31/2005 (4)		10.00		(0.01	)		(0.09	)		(0.10	)
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	10.48		($0.03	)	$	0.30		$	0.27
	4/1/2005 - 3/31/2006 (4)		9.89		(0.07	)		1.29			1.22
	12/31/2004 - 3/31/2005 (4)		10.00		(0.02	)		(0.09	)		(0.11	)
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	10.47		($0.03	)	$	0.30		$	0.27
	4/1/2005 - 3/31/2006 (4)		9.89		(0.07	)		1.29			1.22
	12/31/2004 - 3/31/2005 (4)		10.00		(0.02	)		(0.09	)		(0.11	)
PF Loomis Sayles Large-Cap Growth Fund (8)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.85		($0.04	)		($1.00	)		($1.04	)
	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	)
	4/1/2003 - 3/31/2004 (4)		8.05		(0.07	)		2.21			2.14
	4/1/2002 - 3/31/2003 (4)		10.96		(0.06	)		(2.85	)		(2.91	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.05	)		1.06			1.01
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	10.62		($0.06	)		($0.98	)		($1.04	)
	4/1/2005 - 3/31/2006 (4)		9.98		(0.12	)		0.76			0.64
	4/1/2004 - 3/31/2005 (4)		10.07		(0.06	)		(0.03	)		(0.09	)
	4/1/2003 - 3/31/2004 (4)		7.98		(0.11	)		2.20			2.09
	4/1/2002 - 3/31/2003 (4)		10.94		(0.10	)		(2.86	)		(2.96	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.08	)		1.06			0.98
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	10.60		($0.07	)		($0.97	)		($1.04	)
	4/1/2005 - 3/31/2006 (4)		9.97		(0.12	)		0.75			0.63
	4/1/2004 - 3/31/2005 (4)		10.06		(0.06	)		(0.03	)		(0.09	)
	4/1/2003 - 3/31/2004 (4)		7.98		(0.11	)		2.19			2.08
	4/1/2002 - 3/31/2003 (4)		10.93		(0.10	)		(2.85	)		(2.95	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.08	)		1.06			0.98

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Lazard Mid-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.28	)		($0.28	)	$	10.56
	4/1/2005 - 3/31/2006 (4)		(0.01	)		(0.63	)		(0.64	)		10.54
	12/31/2004 - 3/31/2005 (4)		—			—			—			9.90
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.28	)		($0.28	)	$	10.47
	4/1/2005 - 3/31/2006 (4)		—			(0.63	)		(0.63	)		10.48
	12/31/2004 - 3/31/2005 (4)		—			—			—			9.89
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.28	)		($0.28	)	$	10.46
	4/1/2005 - 3/31/2006 (4)		(0.01	)		(0.63	)		(0.64	)		10.47
	12/31/2004 - 3/31/2005 (4)		—			—			—			9.89
PF Loomis Sayles Large-Cap Growth Fund (8)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.93	)		($0.93	)	$	8.88
	4/1/2005 - 3/31/2006 (4)		—			—			—			10.85
	4/1/2004 - 3/31/2005 (4)		—			—			—			10.14
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.19
	4/1/2002 - 3/31/2003 (4)		—			—			—			8.05
	9/28/2001 - 3/31/2002 (4)		(0.03	)		(0.02	)		(0.05	)		10.96
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.93	)		($0.93	)	$	8.65
	4/1/2005 - 3/31/2006 (4)		—			—			—			10.62
	4/1/2004 - 3/31/2005 (4)		—			—			—			9.98
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.07
	4/1/2002 - 3/31/2003 (4)		—			—			—			7.98
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.02	)		(0.04	)		10.94
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.93	)		($0.93	)	$	8.63
	4/1/2005 - 3/31/2006 (4)		—			—			—			10.60
	4/1/2004 - 3/31/2005 (4)		—			—			—			9.97
	4/1/2003 - 3/31/2004 (4)		—			—			—			10.06
	4/1/2002 - 3/31/2003 (4)		—			—			—			7.98
	9/28/2001 - 3/31/2002 (4)		(0.03	)		(0.02	)		(0.05	)		10.93

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expenses Reductions to Average Net Assets (3)		Ratios of Net Investment Loss After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Lazard Mid-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	2.93	%	$	53,837	1.76	%	2.10	%	(0.06	%)	170.88	%
	4/1/2005 - 3/31/2006 (4)	13.11	%		23,992	1.80	%	2.44	%	(0.16	%)	112.93	%
	12/31/2004 - 3/31/2005 (4)	(1.00	%)		25,454	1.80	%	3.20	%	(0.42	%)	16.26	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	2.66	%	$	74	2.26	%	2.60	%	(0.56	%)	170.88	%
	4/1/2005 - 3/31/2006 (4)	12.53	%		64	2.30	%	2.94	%	(0.66	%)	112.93	%
	12/31/2004 - 3/31/2005 (4)	(1.10	%)		33	2.30	%	3.70	%	(0.92	%)	16.26	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	2.66	%	$	163	2.26	%	2.60	%	(0.56	%)	170.88	%
	4/1/2005 - 3/31/2006 (4)	12.50	%		128	2.30	%	2.94	%	(0.66	%)	112.93	%
	12/31/2004 - 3/31/2005 (4)	(1.10	%)		73	2.30	%	3.70	%	(0.92	%)	16.26	%
PF Loomis Sayles Large-Cap Growth Fund (8)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	(9.41	%)	$	22,548	1.87	%	2.54	%	(0.89	%)	91.95	%
	4/1/2005 - 3/31/2006 (4)	7.00	%		19,366	1.90	%	2.58	%	(0.62	%)	160.96	%
	4/1/2004 - 3/31/2005 (4)	(0.49	%)		45,147	1.90	%	2.37	%	(0.08	%)	38.40	%
	4/1/2003 - 3/31/2004 (4)	26.58	%		23,408	1.90	%	3.12	%	(0.69	%)	78.30	%
	4/1/2002 - 3/31/2003 (4)	(26.55	%)		7,922	1.90	%	3.94	%	(0.67	%)	35.58	%
	9/28/2001 - 3/31/2002 (4)	10.09	%		10,867	1.90	%	5.99	%	(0.92	%)	12.63	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	(9.63	%)	$	490	2.37	%	3.04	%	(1.39	%)	91.95	%
	4/1/2005 - 3/31/2006 (4)	6.41	%		594	2.40	%	3.08	%	(1.12	%)	160.96	%
	4/1/2004 - 3/31/2005 (4)	(0.89	%)		526	2.40	%	2.87	%	(0.58	%)	38.40	%
	4/1/2003 - 3/31/2004 (4)	26.19	%		497	2.40	%	3.62	%	(1.19	%)	78.30	%
	4/1/2002 - 3/31/2003 (4)	(27.06	%)		757	2.40	%	4.44	%	(1.17	%)	35.58	%
	9/28/2001 - 3/31/2002 (4)	9.79	%		43	2.40	%	6.49	%	(1.42	%)	12.63	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	(9.65	%)	$	898	2.37	%	3.04	%	(1.39	%)	91.95	%
	4/1/2005 - 3/31/2006 (4)	6.32	%		1,654	2.40	%	3.08	%	(1.12	%)	160.96	%
	4/1/2004 - 3/31/2005 (4)	(0.89	%)		1,367	2.40	%	2.87	%	(0.58	%)	38.40	%
	4/1/2003 - 3/31/2004 (4)	26.07	%		1,090	2.40	%	3.62	%	(1.19	%)	78.30	%
	4/1/2002 - 3/31/2003 (4)	(26.99	%)		1,467	2.40	%	4.44	%	(1.17	%)	35.58	%
	9/28/2001 - 3/31/2002 (4)	9.74	%		154	2.40	%	6.49	%	(1.42	%)	12.63	%

See Notes to Financial Statements	See explanation of references on C-11
C-5

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF MFS International Large-Cap Fund (9)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	15.45	$	0.33		$	0.65		$	0.98
	4/1/2005 - 3/31/2006 (4)		12.83		—	(6)		2.89			2.89
	4/1/2004 - 3/31/2005 (4)		11.61		(0.01	)		1.46			1.45
	4/1/2003 - 3/31/2004 (4)		8.20		(0.04	)		3.45			3.41
	4/1/2002 - 3/31/2003 (4)		11.03		(0.04	)		(2.59	)		(2.63	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.05	)		1.10			1.05
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	15.15	$	0.29		$	0.62		$	0.91
	4/1/2005 - 3/31/2006 (4)		12.60		(0.07	)		2.85			2.78
	4/1/2004 - 3/31/2005 (4)		11.46		(0.07	)		1.44			1.37
	4/1/2003 - 3/31/2004 (4)		8.14		(0.09	)		3.41			3.32
	4/1/2002 - 3/31/2003 (4)		11.01		(0.08	)		(2.59	)		(2.67	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.08	)		1.10			1.02
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	15.16	$	0.29		$	0.63		$	0.92
	4/1/2005 - 3/31/2006 (4)		12.62		(0.07	)		2.84			2.77
	4/1/2004 - 3/31/2005 (4)		11.48		(0.07	)		1.44			1.37
	4/1/2003 - 3/31/2004 (4)		8.14		(0.09	)		3.43			3.34
	4/1/2002 - 3/31/2003 (4)		11.01		(0.08	)		(2.59	)		(2.67	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.08	)		1.10			1.02
PF NB Fasciano Small Equity Fund (10)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	11.22		($0.04	)		($0.88	)		($0.92	)
	4/1/2005 - 3/31/2006 (4)		11.78		(0.10	)		1.62			1.52
	4/1/2004 - 3/31/2005 (4)		11.53		(0.16	)		0.69			0.53
	4/1/2003 - 3/31/2004 (4)		8.59		(0.15	)		3.09			2.94
	4/1/2002 - 3/31/2003 (4)		11.63		(0.16	)		(2.88	)		(3.04	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.09	)		1.81			1.72
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	10.95		($0.07	)		($0.86	)		($0.93	)
	4/1/2005 - 3/31/2006 (4)		11.59		(0.16	)		1.60			1.44
	4/1/2004 - 3/31/2005 (4)		11.41		(0.21	)		0.67			0.46
	4/1/2003 - 3/31/2004 (4)		8.53		(0.22	)		3.10			2.88
	4/1/2002 - 3/31/2003 (4)		11.61		(0.19	)		(2.89	)		(3.08	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.12	)		1.80			1.68
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	10.96		($0.07	)		($0.85	)		($0.92	)
	4/1/2005 - 3/31/2006 (4)		11.61		(0.16	)		1.59			1.43
	4/1/2004 - 3/31/2005 (4)		11.42		(0.21	)		0.68			0.47
	4/1/2003 - 3/31/2004 (4)		8.55		(0.23	)		3.10			2.87
	4/1/2002 - 3/31/2003 (4)		11.61		(0.19	)		(2.87	)		(3.06	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.12	)		1.81			1.69

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF MFS International Large-Cap Fund (9)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.48	)		($0.48	)	$	15.95
	4/1/2005 - 3/31/2006 (4)		(0.04	)		(0.23	)		(0.27	)		15.45
	4/1/2004 - 3/31/2005 (4)		—			(0.23	)		(0.23	)		12.83
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.61
	4/1/2002 - 3/31/2003 (4)		—			(0.20	)		(0.20	)		8.20
	9/28/2001 - 3/31/2002 (4)		(0.01	)		(0.01	)		(0.02	)		11.03
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.48	)		($0.48	)	$	15.58
	4/1/2005 - 3/31/2006 (4)		—			(0.23	)		(0.23	)		15.15
	4/1/2004 - 3/31/2005 (4)		—			(0.23	)		(0.23	)		12.60
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.46
	4/1/2002 - 3/31/2003 (4)		—			(0.20	)		(0.20	)		8.14
	9/28/2001 - 3/31/2002 (4)		—			(0.01	)		(0.01	)		11.01
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.48	)		($0.48	)	$	15.60
	4/1/2005 - 3/31/2006 (4)		—			(0.23	)		(0.23	)		15.16
	4/1/2004 - 3/31/2005 (4)		—			(0.23	)		(0.23	)		12.62
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.48
	4/1/2002 - 3/31/2003 (4)		—			(0.20	)		(0.20	)		8.14
	9/28/2001 - 3/31/2002 (4)		—			(0.01	)		(0.01	)		11.01
PF NB Fasciano Small Equity Fund (10)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.01	)		($0.01	)	$	10.29
	4/1/2005 - 3/31/2006 (4)		—			(2.08	)		(2.08	)		11.22
	4/1/2004 - 3/31/2005 (4)		—			(0.28	)		(0.28	)		11.78
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.53
	4/1/2002 - 3/31/2003 (4)		—			—			—			8.59
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.07	)		(0.09	)		11.63
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.01	)		($0.01	)	$	10.01
	4/1/2005 - 3/31/2006 (4)		—			(2.08	)		(2.08	)		10.95
	4/1/2004 - 3/31/2005 (4)		—			(0.28	)		(0.28	)		11.59
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.41
	4/1/2002 - 3/31/2003 (4)		—			—			—			8.53
	9/28/2001 - 3/31/2002 (4)		—			(0.07	)		(0.07	)		11.61
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.01	)		($0.01	)	$	10.03
	4/1/2005 - 3/31/2006 (4)		—			(2.08	)		(2.08	)		10.96
	4/1/2004 - 3/31/2005 (4)		—			(0.28	)		(0.28	)		11.61
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.42
	4/1/2002 - 3/31/2003 (4)		—			—			—			8.55
	9/28/2001 - 3/31/2002 (4)		(0.01	)		(0.07	)		(0.08	)		11.61

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF MFS International Large-Cap Fund (9)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	6.53	%	$	56,158	1.98	%	2.55	%	4.29	%	30.57	%
	4/1/2005 - 3/31/2006 (4)	22.72	%		52,728	2.00	%	2.79	%	(0.03	%)	63.12	%
	4/1/2004 - 3/31/2005 (4)	12.73	%		38,195	2.00	%	3.35	%	(0.12	%)	55.12	%
	4/1/2003 - 3/31/2004 (4)	41.59	%		15,358	2.03	%	5.96	%	(0.38	%)	150.05	%
	4/1/2002 - 3/31/2003 (4)	(24.11	%)		4,505	2.05	%	9.08	%	(0.40	%)	137.37	%
	9/28/2001 - 3/31/2002 (4)	10.54	%		6,808	2.05	%	9.38	%	(0.92	%)	77.66	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	6.26	%	$	527	2.48	%	3.05	%	3.79	%	30.57	%
	4/1/2005 - 3/31/2006 (4)	22.16	%		436	2.50	%	3.29	%	(0.53	%)	63.12	%
	4/1/2004 - 3/31/2005 (4)	12.18	%		391	2.50	%	3.85	%	(0.62	%)	55.12	%
	4/1/2003 - 3/31/2004 (4)	40.79	%		265	2.53	%	6.46	%	(0.88	%)	150.05	%
	4/1/2002 - 3/31/2003 (4)	(24.52	%)		58	2.55	%	9.58	%	(0.90	%)	137.37	%
	9/28/2001 - 3/31/2002 (4)	10.24	%		22	2.55	%	9.88	%	(1.42	%)	77.66	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	6.25	%	$	1,134	2.48	%	3.05	%	3.79	%	30.57	%
	4/1/2005 - 3/31/2006 (4)	22.12	%		897	2.50	%	3.29	%	(0.53	%)	63.12	%
	4/1/2004 - 3/31/2005 (4)	12.16	%		593	2.50	%	3.85	%	(0.62	%)	55.12	%
	4/1/2003 - 3/31/2004 (4)	40.86	%		222	2.53	%	6.46	%	(0.88	%)	150.05	%
	4/1/2002 - 3/31/2003 (4)	(24.43	%)		79	2.55	%	9.58	%	(0.90	%)	137.37	%
	9/28/2001 - 3/31/2002 (4)	10.24	%		11	2.55	%	9.88	%	(1.42	%)	77.66	%
PF NB Fasciano Small Equity Fund (10)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	(8.19	%)	$	29,916	1.92	%	2.29	%	(0.81	%)	26.14	%
	4/1/2005 - 3/31/2006 (4)	15.01	%		24,218	1.95	%	2.95	%	(0.99	%)	132.27	%
	4/1/2004 - 3/31/2005 (4)	4.54	%		7,116	1.95	%	3.38	%	(1.36	%)	201.57	%
	4/1/2003 - 3/31/2004 (4)	34.23	%		8,469	1.95	%	3.55	%	(1.61	%)	110.77	%
	4/1/2002 - 3/31/2003 (4)	(26.14	%)		5,031	1.95	%	4.27	%	(1.66	%)	71.87	%
	9/28/2001 - 3/31/2002 (4)	17.21	%		7,654	1.95	%	6.84	%	(1.67	%)	44.75	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	(8.49	%)	$	368	2.42	%	2.79	%	(1.31	%)	26.14	%
	4/1/2005 - 3/31/2006 (4)	14.49	%		425	2.45	%	3.45	%	(1.49	%)	132.27	%
	4/1/2004 - 3/31/2005 (4)	3.97	%		283	2.45	%	3.88	%	(1.86	%)	201.57	%
	4/1/2003 - 3/31/2004 (4)	33.61	%		267	2.45	%	4.05	%	(2.11	%)	110.77	%
	4/1/2002 - 3/31/2003 (4)	(26.44	%)		63	2.45	%	4.77	%	(2.16	%)	71.87	%
	9/28/2001 - 3/31/2002 (4)	16.84	%		12	2.45	%	7.34	%	(2.17	%)	44.75	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	(8.39	%)	$	546	2.42	%	2.79	%	(1.31	%)	26.14	%
	4/1/2005 - 3/31/2006 (4)	14.38	%		539	2.45	%	3.45	%	(1.49	%)	132.27	%
	4/1/2004 - 3/31/2005 (4)	4.06	%		585	2.45	%	3.88	%	(1.86	%)	201.57	%
	4/1/2003 - 3/31/2004 (4)	33.57	%		360	2.45	%	4.05	%	(2.11	%)	110.77	%
	4/1/2002 - 3/31/2003 (4)	(26.36	%)		115	2.45	%	4.77	%	(2.16	%)	71.87	%
	9/28/2001 - 3/31/2002 (4)	16.91	%		25	2.45	%	7.34	%	(2.17	%)	44.75	%

See Notes to Financial Statements See explanation of references on C-11

C-6

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Oppenheimer Main Street Core Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.67	$	0.02	$	0.23		$	0.25
	9/30/2005 - 3/31/2006		10.00		0.01		0.67			0.68
PF Oppenheimer Emerging Markets Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.00	$	0.04		($0.51	)		($0.47	)
	9/30/2005 - 3/31/2006		10.00		0.08		2.00			2.08
PF PIMCO Managed Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	9.98	$	0.16	$	0.17		$	0.33
	4/1/2005 - 3/31/2006 (4)		10.03		0.29		(0.07	)		0.22
	4/1/2004 - 3/31/2005 (4)		10.45		0.14		(0.09	)		0.05
	4/1/2003 - 3/31/2004 (4)		10.16		0.17		0.46			0.63
	4/1/2002 - 3/31/2003 (4)		9.85		0.21		1.02			1.23
	9/28/2001 - 3/31/2002		10.00		0.06		(0.09	)		(0.03	)
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	9.96	$	0.14	$	0.16		$	0.30
	4/1/2005 - 3/31/2006 (4)		10.01		0.24		(0.07	)		0.17
	4/1/2004 - 3/31/2005 (4)		10.44		0.09		(0.10	)		(0.01	)
	4/1/2003 - 3/31/2004 (4)		10.14		0.12		0.46			0.58
	4/1/2002 - 3/31/2003 (4)		9.84		0.15		1.03			1.18
	9/28/2001 - 3/31/2002		10.00		0.04		(0.10	)		(0.06	)
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	9.98	$	0.14	$	0.16		$	0.30
	4/1/2005 - 3/31/2006 (4)		10.02		0.24		(0.06	)		0.18
	4/1/2004 - 3/31/2005 (4)		10.44		0.09		(0.09	)		—
	4/1/2003 - 3/31/2004 (4)		10.14		0.12		0.46			0.58
	4/1/2002 - 3/31/2003 (4)		9.84		0.15		1.03			1.18
	9/28/2001 - 3/31/2002		10.00		0.04		(0.10	)		(0.06	)

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Oppenheimer Main Street Core Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—	(6)		($0.10	)		($0.10	)	$	10.82
	9/30/2005 - 3/31/2006		(0.01	)		—			(0.01	)		10.67
PF Oppenheimer Emerging Markets Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.05	)		($0.40	)		($0.45	)	$	11.08
	9/30/2005 - 3/31/2006		(0.08	)		—	(6)		(0.08	)		12.00
PF PIMCO Managed Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.18	)	$	—			($0.18	)	$	10.13
	4/1/2005 - 3/31/2006 (4)		(0.27	)		—			(0.27	)		9.98
	4/1/2004 - 3/31/2005 (4)		(0.25	)		(0.22	)		(0.47	)		10.03
	4/1/2003 - 3/31/2004 (4)		(0.34	)		—			(0.34	)		10.45
	4/1/2002 - 3/31/2003 (4)		(0.36	)		(0.56	)		(0.92	)		10.16
	9/28/2001 - 3/31/2002		(0.07	)		(0.05	)		(0.12	)		9.85
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.15	)	$	—			($0.15	)	$	10.11
	4/1/2005 - 3/31/2006 (4)		(0.22	)		—			(0.22	)		9.96
	4/1/2004 - 3/31/2005 (4)		(0.20	)		(0.22	)		(0.42	)		10.01
	4/1/2003 - 3/31/2004 (4)		(0.28	)		—			(0.28	)		10.44
	4/1/2002 - 3/31/2003 (4)		(0.32	)		(0.56	)		(0.88	)		10.14
	9/28/2001 - 3/31/2002		(0.05	)		(0.05	)		(0.10	)		9.84
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.16	)	$	—			($0.16	)	$	10.12
	4/1/2005 - 3/31/2006 (4)		(0.22	)		—			(0.22	)		9.98
	4/1/2004 - 3/31/2005 (4)		(0.20	)		(0.22	)		(0.42	)		10.02
	4/1/2003 - 3/31/2004 (4)		(0.28	)		—			(0.28	)		10.44
	4/1/2002 - 3/31/2003 (4)		(0.32	)		(0.56	)		(0.88	)		10.14
	9/28/2001 - 3/31/2002		(0.05	)		(0.05	)		(0.10	)		9.84

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)			Ratios of Expenses Before Expense Reductions to Average Net Assets (3)			Ratios of Net Investment Income After Expense Reductions to Average Net Assets (3)			Portfolio Turnover Rates
PF Oppenheimer Main Street Core Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		2.39	%	$	64,834		1.57	%		1.94	%		0.31	%		44.54	%
	9/30/2005 - 3/31/2006		6.85	%		53,930		1.60	%		2.00	%		0.29	%		42.30	%
PF Oppenheimer Emerging Markets Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		(3.65	%)	$	38,306		1.92	%		4.04	%		0.78	%		36.63	%
	9/30/2005 - 3/31/2006		20.94	%		33,476		1.95	%		5.53	%		1.88	%		41.88	%
PF PIMCO Managed Bond Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		3.35	%	$	80,632		1.52	%		1.88	%		3.31	%		172.58	%
	4/1/2005 - 3/31/2006 (4)		2.19	%		68,825		1.55	%		2.00	%		2.84	%		534.38	%
	4/1/2004 - 3/31/2005 (4)		0.56	%		42,546		1.55	%		2.22	%		1.37	%		323.24	%
	4/1/2003 - 3/31/2004 (4)		6.28	%		19,802		1.55	%		2.86	%		1.65	%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.80	%		18,236		1.55	%		2.82	%		2.02	%		445.26	%
	9/28/2001 - 3/31/2002		(0.28	%)		33,055		1.55	%		2.54	%		1.16	%		522.25	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)		3.10	%	$	926		2.02	%		2.38	%		2.81	%		172.58	%
	4/1/2005 - 3/31/2006 (4)		1.67	%		1,049		2.05	%		2.50	%		2.34	%		534.38	%
	4/1/2004 - 3/31/2005 (4)		(0.05	%)		1,135		2.05	%		2.72	%		0.87	%		323.24	%
	4/1/2003 - 3/31/2004 (4)		5.86	%		972		2.05	%		3.36	%		1.15	%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.27	%		1,986		2.05	%		3.32	%		1.52	%		445.26	%
	9/28/2001 - 3/31/2002		(0.55	%)		173		2.05	%		3.04	%		0.66	%		522.25	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)		2.99	%	$	2,082		2.02	%		2.38	%		2.81	%		172.58	%
	4/1/2005 - 3/31/2006 (4)		1.75	%		2,082		2.05	%		2.50	%		2.34	%		534.38	%
	4/1/2004 - 3/31/2005 (4)		0.04	%		2,353		2.05	%		2.72	%		0.87	%		323.24	%
	4/1/2003 - 3/31/2004 (4)		5.86	%		2,315		2.05	%		3.36	%		1.15	%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.28	%		4,573		2.05	%		3.32	%		1.52	%		445.26	%
	9/28/2001 - 3/31/2002		(0.57	%)		370		2.05	%		3.04	%		0.66	%		522.25	%

See Notes to Financial Statements	See explanation of references on C-11
C-7

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

		Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF PIMCO Inflation Managed Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	10.00	$	0.24		$	0.12		$	0.36
	4/1/2005 - 3/31/2006 (4)		10.51		0.33			(0.36	)		(0.03	)
	4/1/2004 - 3/31/2005 (4)		10.93		0.20			(0.01	)		0.19
	4/1/2003 - 3/31/2004 (4)		10.28		0.12			0.96			1.08
	12/31/2002 - 3/31/2003 (4)		10.00		0.06			0.27			0.33
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	9.93	$	0.22		$	0.10		$	0.32
	4/1/2005 - 3/31/2006 (4)		10.45		0.28			(0.36	)		(0.08	)
	4/1/2004 - 3/31/2005 (4)		10.89		0.15			(0.02	)		0.13
	4/1/2003 - 3/31/2004 (4)		10.27		0.07			0.95			1.02
	12/31/2002 - 3/31/2003 (4)		10.00		0.04			0.28			0.32
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	9.93	$	0.22		$	0.10		$	0.32
	4/1/2005 - 3/31/2006 (4)		10.45		0.28			(0.37	)		(0.09	)
	4/1/2004 - 3/31/2005 (4)		10.89		0.15			(0.01	)		0.14
	4/1/2003 - 3/31/2004 (4)		10.27		0.07			0.95			1.02
	12/31/2002 - 3/31/2003 (4)		10.00		0.04			0.28			0.32
PF Pacific Life Money Market Fund (11)
Class A:	4/1/2006 - 9/30/2006 (5)	$	1.00	$	0.02		$	—		$	0.02
	4/1/2005 - 3/31/2006		1.00		0.03			—			0.03
	4/1/2004 - 3/31/2005		1.00		0.01			—			0.01
	4/1/2003 - 3/31/2004		1.00		—	(6)		—			—	(6)
	4/1/2002 - 3/31/2003		1.00		0.01			—			0.01
	9/28/2001 - 3/31/2002		1.00		—	(6)		—			—	(6)

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF PIMCO Inflation Managed Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.20	)	$	—			($0.20	)	$	10.16
	4/1/2005 - 3/31/2006 (4)		(0.47	)		(0.01	)		(0.48	)		10.00
	4/1/2004 - 3/31/2005 (4)		(0.26	)		(0.35	)		(0.61	)		10.51
	4/1/2003 - 3/31/2004 (4)		(0.20	)		(0.23	)		(0.43	)		10.93
	12/31/2002 - 3/31/2003 (4)		(0.05	)		—			(0.05	)		10.28
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.17	)	$	—			($0.17	)	$	10.08
	4/1/2005 - 3/31/2006 (4)		(0.43	)		(0.01	)		(0.44	)		9.93
	4/1/2004 - 3/31/2005 (4)		(0.22	)		(0.35	)		(0.57	)		10.45
	4/1/2003 - 3/31/2004 (4)		(0.17	)		(0.23	)		(0.40	)		10.89
	12/31/2002 - 3/31/2003 (4)		(0.05	)		—			(0.05	)		10.27
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.17	)	$	—			($0.17	)	$	10.08
	4/1/2005 - 3/31/2006 (4)		(0.42	)		(0.01	)		(0.43	)		9.93
	4/1/2004 - 3/31/2005 (4)		(0.23	)		(0.35	)		(0.58	)		10.45
	4/1/2003 - 3/31/2004 (4)		(0.17	)		(0.23	)		(0.40	)		10.89
	12/31/2002 - 3/31/2003 (4)		(0.05	)		—			(0.05	)		10.27
PF Pacific Life Money Market Fund (11)
Class A:	4/1/2006 - 9/30/2006 (5)		($0.02	)	$	—			($0.02	)	$	1.00
	4/1/2005 - 3/31/2006		(0.03	)		—			(0.03	)		1.00
	4/1/2004 - 3/31/2005		(0.01	)		—			(0.01	)		1.00
	4/1/2003 - 3/31/2004		—	(6)		—			—	(6)		1.00
	4/1/2002 - 3/31/2003		(0.01	)		—			(0.01	)		1.00
	9/28/2001 - 3/31/2002		—	(6)		—			—	(6)		1.00

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF PIMCO Inflation Managed Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		3.59	%	$	63,852	1.52	%	1.85	%	4.86	%		226.49	%
	4/1/2005 - 3/31/2006 (4)		(0.44	%)		66,103	1.55	%	1.89	%	3.21	%		188.82	%
	4/1/2004 - 3/31/2005 (4)		1.99	%		36,465	1.55	%	2.04	%	1.96	%		284.19	%
	4/1/2003 - 3/31/2004 (4)		10.75	%		16,263	1.55	%	2.73	%	1.13	%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.30	%		6,290	1.55	%	4.00	%	2.19	%		199.92	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)		3.28	%	$	1,143	2.02	%	2.35	%	4.36	%		226.49	%
	4/1/2005 - 3/31/2006 (4)		(0.91	%)		1,402	2.05	%	2.39	%	2.71	%		188.82	%
	4/1/2004 - 3/31/2005 (4)		1.43	%		1,199	2.05	%	2.54	%	1.46	%		284.19	%
	4/1/2003 - 3/31/2004 (4)		10.20	%		697	2.05	%	3.23	%	0.63	%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.16	%		161	2.05	%	4.50	%	1.69	%		199.92	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)		3.27	%	$	3,781	2.02	%	2.35	%	4.36	%		226.49	%
	4/1/2005 - 3/31/2006 (4)		(0.95	%)		4,142	2.05	%	2.39	%	2.71	%		188.82	%
	4/1/2004 - 3/31/2005 (4)		1.44	%		5,682	2.05	%	2.54	%	1.46	%		284.19	%
	4/1/2003 - 3/31/2004 (4)		10.27	%		4,065	2.05	%	3.23	%	0.63	%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.11	%		480	2.05	%	4.50	%	1.69	%		199.92	%
PF Pacific Life Money Market Fund (11)
Class A:	4/1/2006 - 9/30/2006 (5)		2.03	%	$	15,277	1.08	% (12)	1.54	%	3.99	%		N/A
	4/1/2005 - 3/31/2006		2.76	%		19,293	0.94	% (12)	1.79	%	2.67	%		N/A
	4/1/2004 - 3/31/2005		0.77	%		22,341	0.95	% (12)	2.05	%	0.83	%		N/A
	4/1/2003 - 3/31/2004		0.18	%		14,627	0.95	% (12)	2.53	%	0.14	%		N/A
	4/1/2002 - 3/31/2003		0.58	%		13,092	1.08	% (12)	2.50	%	0.59	%		N/A
	9/28/2001 - 3/31/2002		0.33	%		27,056	1.35	% (12)	2.59	%	0.57	%		N/A

See Notes to Financial Statements See explanation of references on C-11

C-8

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.67	$	0.02		$	0.47		$	0.49
	4/1/2005 - 3/31/2006 (4)		11.30		0.02			1.38			1.40
	4/1/2004 - 3/31/2005 (4)		10.94		0.06			0.35			0.41
	4/1/2003 - 3/31/2004 (4)		7.83		0.03			3.09			3.12
	4/1/2002 - 3/31/2003 (4)		10.92		0.04			(3.05	)		(3.01	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.01	)		0.96			0.95
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	12.51		($0.01	)	$	0.46		$	0.45
	4/1/2005 - 3/31/2006 (4)		11.19		(0.03	)		1.37			1.34
	4/1/2004 - 3/31/2005 (4)		10.83		—	(6)		0.36			0.36
	4/1/2003 - 3/31/2004 (4)		7.78		(0.02	)		3.08			3.06
	4/1/2002 - 3/31/2003 (4)		10.91		(0.01	)		(3.03	)		(3.04	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.03	)		0.97			0.94
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	12.48		($0.01	)	$	0.46		$	0.45
	4/1/2005 - 3/31/2006 (4)		11.16		(0.03	)		1.36			1.33
	4/1/2004 - 3/31/2005 (4)		10.81		—	(6)		0.35			0.35
	4/1/2003 - 3/31/2004 (4)		7.77		(0.02	)		3.07			3.05
	4/1/2002 - 3/31/2003 (4)		10.90		(0.01	)		(3.04	)		(3.05	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.03	)		0.96			0.93
PF Van Kampen Comstock Fund (13)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.92	$	0.06		$	0.68		$	0.74
	4/1/2005 - 3/31/2006 (4)		12.58		0.10			0.83			0.93
	4/1/2004 - 3/31/2005 (4)		11.37		0.07			1.19			1.26
	4/1/2003 - 3/31/2004 (4)		8.16		0.02			3.19			3.21
	4/1/2002 - 3/31/2003		11.45		(0.11	)		(3.12	)		(3.23	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.05	)		1.54			1.49
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	12.75	$	0.03		$	0.66		$	0.69
	4/1/2005 - 3/31/2006 (4)		12.42		0.04			0.82			0.86
	4/1/2004 - 3/31/2005 (4)		11.24		0.01			1.17			1.18
	4/1/2003 - 3/31/2004 (4)		8.10		(0.03	)		3.17			3.14
	4/1/2002 - 3/31/2003		11.43		(0.11	)		(3.16	)		(3.27	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.07	)		1.54			1.47
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	12.72	$	0.03		$	0.67		$	0.70
	4/1/2005 - 3/31/2006 (4)		12.41		0.04			0.81			0.85
	4/1/2004 - 3/31/2005 (4)		11.24		0.01			1.17			1.18
	4/1/2003 - 3/31/2004 (4)		8.11		(0.03	)		3.16			3.13
	4/1/2002 - 3/31/2003		11.43		(0.11	)		(3.15	)		(3.26	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.07	)		1.53			1.46

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—	(6)		($0.82	)		($0.82	)	$	12.34
	4/1/2005 - 3/31/2006 (4)		(0.03	)		—	(6)		(0.03	)		12.67
	4/1/2004 - 3/31/2005 (4)		(0.05	)		—			(0.05	)		11.30
	4/1/2003 - 3/31/2004 (4)		(0.01	)		—			(0.01	)		10.94
	4/1/2002 - 3/31/2003 (4)		(0.02	)		(0.06	)		(0.08	)		7.83
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.01	)		(0.03	)		10.92
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.82	)		($0.82	)	$	12.14
	4/1/2005 - 3/31/2006 (4)		(0.02	)		—	(6)		(0.02	)		12.51
	4/1/2004 - 3/31/2005 (4)		—			—			—			11.19
	4/1/2003 - 3/31/2004 (4)		(0.01	)		—			(0.01	)		10.83
	4/1/2002 - 3/31/2003 (4)		(0.03	)		(0.06	)		(0.09	)		7.78
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.01	)		(0.03	)		10.91
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.82	)		($0.82	)	$	12.11
	4/1/2005 - 3/31/2006 (4)		(0.01	)		—	(6)		(0.01	)		12.48
	4/1/2004 - 3/31/2005 (4)		—			—			—			11.16
	4/1/2003 - 3/31/2004 (4)		(0.01	)		—			(0.01	)		10.81
	4/1/2002 - 3/31/2003 (4)		(0.02	)		(0.06	)		(0.08	)		7.77
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.01	)		(0.03	)		10.90
PF Van Kampen Comstock Fund (13)
Class A:	4/1/2006 - 9/30/2006 (4),(5)		($0.02	)		($0.23	)		($0.25	)	$	13.41
	4/1/2005 - 3/31/2006 (4)		(0.06	)		(0.53	)		(0.59	)		12.92
	4/1/2004 - 3/31/2005 (4)		(0.05	)		—			(0.05	)		12.58
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.37
	4/1/2002 - 3/31/2003		—			(0.06	)		(0.06	)		8.16
	9/28/2001 - 3/31/2002 (4)		(0.04	)		—			(0.04	)		11.45
Class B:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.23	)		($0.24	)	$	13.20
	4/1/2005 - 3/31/2006 (4)		—			(0.53	)		(0.53	)		12.75
	4/1/2004 - 3/31/2005 (4)		—			—			—			12.42
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.24
	4/1/2002 - 3/31/2003		—			(0.06	)		(0.06	)		8.10
	9/28/2001 - 3/31/2002 (4)		(0.04	)		—			(0.04	)		11.43
Class C:	4/1/2006 - 9/30/2006 (4),(5)		($0.01	)		($0.23	)		($0.24	)	$	13.18
	4/1/2005 - 3/31/2006 (4)		(0.01	)		(0.53	)		(0.54	)		12.72
	4/1/2004 - 3/31/2005 (4)		(0.01	)		—			(0.01	)		12.41
	4/1/2003 - 3/31/2004 (4)		—			—			—			11.24
	4/1/2002 - 3/31/2003		—			(0.06	)		(0.06	)		8.11
	9/28/2001 - 3/31/2002 (4)		(0.03	)		—			(0.03	)		11.43

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)			Ratios of Expenses Before Expense Reductions to Average Net Assets (3)			Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)			Portfolio Turnover Rates
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)		4.13	%	$	43,559		1.77	%		2.13	%		0.34	%		14.24	%
	4/1/2005 - 3/31/2006 (4)		12.47	%		34,459		1.80	%		2.25	%		0.20	%		77.07	%
	4/1/2004 - 3/31/2005 (4)		3.78	%		50,430		1.80	%		2.28	%		0.54	%		43.72	%
	4/1/2003 - 3/31/2004 (4)		39.91	%		25,315		1.80	%		2.73	%		0.29	%		38.10	%
	4/1/2002 - 3/31/2003 (4)		(27.69	%)		11,736		1.80	%		2.94	%		0.41	%		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.54	%		19,748		1.80	%		3.93	%		(0.14	%)		27.37	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)		3.85	%	$	650		2.27	%		2.63	%		(0.16	%)		14.24	%
	4/1/2005 - 3/31/2006 (4)		11.99	%		573		2.30	%		2.75	%		(0.30	%)		77.07	%
	4/1/2004 - 3/31/2005 (4)		3.32	%		504		2.30	%		2.78	%		0.04	%		43.72	%
	4/1/2003 - 3/31/2004 (4)		39.36	%		556		2.30	%		3.23	%		(0.21	%)		38.10	%
	4/1/2002 - 3/31/2003 (4)		(28.02	%)		955		2.30	%		3.44	%		(0.09	%)		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.38	%		151		2.30	%		4.43	%		(0.64	%)		27.37	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)		3.86	%	$	1,832		2.27	%		2.63	%		(0.16	%)		14.24	%
	4/1/2005 - 3/31/2006 (4)		11.88	%		1,599		2.30	%		2.75	%		(0.30	%)		77.07	%
	4/1/2004 - 3/31/2005 (4)		3.33	%		1,538		2.30	%		2.78	%		0.04	%		43.72	%
	4/1/2003 - 3/31/2004 (4)		39.27	%		1,277		2.30	%		3.23	%		(0.21	%)		38.10	%
	4/1/2002 - 3/31/2003 (4)		(28.08	%)		2,015		2.30	%		3.44	%		(0.09	%)		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.30	%		243		2.30	%		4.43	%		(0.64	%)		27.37	%
PF Van Kampen Comstock Fund (13)
Class A:	4/1/2006 - 9/30/2006 (4),(5)		5.89	%	$	63,096		1.88	%		2.17	%		0.94	%		27.58	%
	4/1/2005 - 3/31/2006 (4)		7.62	%		62,447		1.90	%		2.25	%		0.79	%		22.40	%
	4/1/2004 - 3/31/2005 (4)		11.08	%		23,017		1.90	%		2.70	%		0.55	%		34.41	%
	4/1/2003 - 3/31/2004 (4)		39.34	%		11,945		1.90	%		3.59	%		0.24	%		105.34	%
	4/1/2002 - 3/31/2003		(28.26	%)		5,331		1.90	%		3.87	%		(1.04	%)		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.94	%		9,002		1.90	%		6.26	%		(0.84	%)		18.71	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)		5.53	%	$	617		2.38	%		2.67	%		0.44	%		27.58	%
	4/1/2005 - 3/31/2006 (4)		7.14	%		532		2.40	%		2.75	%		0.29	%		22.40	%
	4/1/2004 - 3/31/2005 (4)		10.50	%		388		2.40	%		3.20	%		0.05	%		34.41	%
	4/1/2003 - 3/31/2004 (4)		38.77	%		453		2.40	%		4.09	%		(0.26	%)		105.34	%
	4/1/2002 - 3/31/2003		(28.66	%)		201		2.40	%		4.37	%		(1.54	%)		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.71	%		105		2.40	%		6.76	%		(1.34	%)		18.71	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)		5.61	%	$	1,003		2.38	%		2.67	%		0.44	%		27.58	%
	4/1/2005 - 3/31/2006 (4)		7.05	%		938		2.40	%		2.75	%		0.29	%		22.40	%
	4/1/2004 - 3/31/2005 (4)		10.50	%		872		2.40	%		3.20	%		0.05	%		34.41	%
	4/1/2003 - 3/31/2004 (4)		38.60	%		226		2.40	%		4.09	%		(0.26	%)		105.34	%
	4/1/2002 - 3/31/2003		(28.57	%)		74		2.40	%		4.37	%		(1.54	%)		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.67	%		21		2.40	%		6.76	%		(1.34	%)		18.71	%

See Notes to Financial Statements	See explanation of references on C-11
C-9

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

				Investment Activities
		Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations
PF Van Kampen Mid-Cap Growth Fund (14)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	11.67		($0.05	)		($0.82	)		($0.87	)
	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
	4/1/2003 - 3/31/2004 (4)		5.92		(0.10	)		2.19			2.09
	4/1/2002 - 3/31/2003		11.18		(0.09	)		(4.33	)		(4.42	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.08	)		1.45			1.37
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	11.45		($0.08	)		($0.80	)		($0.88	)
	4/1/2005 - 3/31/2006 (4)		8.80		(0.15	)		2.80			2.65
	4/1/2004 - 3/31/2005 (4)		7.93		(0.15	)		1.02			0.87
	4/1/2003 - 3/31/2004 (4)		5.88		(0.14	)		2.19			2.05
	4/1/2002 - 3/31/2003		11.17		(0.08	)		(4.37	)		(4.45	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.11	)		1.45			1.34
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	11.42		($0.08	)		($0.79	)		($0.87	)
	4/1/2005 - 3/31/2006 (4)		8.79		(0.15	)		2.78			2.63
	4/1/2004 - 3/31/2005 (4)		7.92		(0.16	)		1.03			0.87
	4/1/2003 - 3/31/2004 (4)		5.88		(0.14	)		2.18			2.04
	4/1/2002 - 3/31/2003		11.16		(0.09	)		(4.35	)		(4.44	)
	9/28/2001 - 3/31/2002 (4)		10.00		(0.11	)		1.46			1.35
PF Van Kampen Real Estate Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	12.89	$	0.01		$	1.04		$	1.05
	4/1/2005 - 3/31/2006 (4)		9.39		0.05			3.70			3.75
	12/31/2004 - 3/31/2005 (4)		10.00		0.05			(0.64	)		(0.59	)
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	12.85		($0.02	)	$	1.04		$	1.02
	4/1/2005 - 3/31/2006 (4)		9.39		(0.01	)		3.70			3.69
	12/31/2004 - 3/31/2005 (4)		10.00		0.04			(0.64	)		(0.60	)
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	12.85		($0.02	)	$	1.03		$	1.01
	4/1/2005 - 3/31/2006 (4)		9.38		(0.01	)		3.70			3.69
	12/31/2004 - 3/31/2005 (4)		10.00		0.03			(0.64	)		(0.61	)

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period
PF Van Kampen Mid-Cap Growth Fund (14)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.73	)		($0.73	)	$	10.07
	4/1/2005 - 3/31/2006 (4)		—			—			—			11.67
	4/1/2004 - 3/31/2005 (4)		—			—			—			8.93
	4/1/2003 - 3/31/2004 (4)		—			—			—			8.01
	4/1/2002 - 3/31/2003		—			(0.84	)		(0.84	)		5.92
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.17	)		(0.19	)		11.18
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.73	)		($0.73	)	$	9.84
	4/1/2005 - 3/31/2006 (4)		—			—			—			11.45
	4/1/2004 - 3/31/2005 (4)		—			—			—			8.80
	4/1/2003 - 3/31/2004 (4)		—			—			—			7.93
	4/1/2002 - 3/31/2003		—			(0.84	)		(0.84	)		5.88
	9/28/2001 - 3/31/2002 (4)		—			(0.17	)		(0.17	)		11.17
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.73	)		($0.73	)	$	9.82
	4/1/2005 - 3/31/2006 (4)		—			—			—			11.42
	4/1/2004 - 3/31/2005 (4)		—			—			—			8.79
	4/1/2003 - 3/31/2004 (4)		—			—			—			7.92
	4/1/2002 - 3/31/2003		—			(0.84	)		(0.84	)		5.88
	9/28/2001 - 3/31/2002 (4)		(0.02	)		(0.17	)		(0.19	)		11.16
PF Van Kampen Real Estate Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.14	)		($0.14	)	$	13.80
	4/1/2005 - 3/31/2006 (4)		(0.17	)		(0.08	)		(0.25	)		12.89
	12/31/2004 - 3/31/2005 (4)		(0.02	)		—			(0.02	)		9.39
Class B:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.14	)		($0.14	)	$	13.73
	4/1/2005 - 3/31/2006 (4)		(0.15	)		(0.08	)		(0.23	)		12.85
	12/31/2004 - 3/31/2005 (4)		(0.01	)		—			(0.01	)		9.39
Class C:	4/1/2006 - 9/30/2006 (4),(5)	$	—			($0.14	)		($0.14	)	$	13.72
	4/1/2005 - 3/31/2006 (4)		(0.14	)		(0.08	)		(0.22	)		12.85
	12/31/2004 - 3/31/2005 (4)		(0.01	)		—			(0.01	)		9.38

		Ratios/Supplemental Data
		Total Returns (1)		Net Assets, End of Year or Period (in thousands)		Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Portfolio Turnover Rates
PF Van Kampen Mid-Cap Growth Fund (14)
Class A:	4/1/2006 - 9/30/2006 (4),(5)	(7.64	%)	$	48,466	1.82	%	2.16	%	(0.98	%)	25.24	%
	4/1/2005 - 3/31/2006 (4)	30.68	%		39,980	1.85	%	2.29	%	(1.04	%)	107.64	%
	4/1/2004 - 3/31/2005 (4)	11.49	%		36,882	1.85	%	2.43	%	(1.37	%)	82.70	%
	4/1/2003 - 3/31/2004 (4)	35.30	%		18,388	1.85	%	3.29	%	(1.42	%)	326.09	%
	4/1/2002 - 3/31/2003	(40.51	%)		6,191	1.85	%	4.31	%	(1.39	%)	158.16	%
	9/28/2001 - 3/31/2002 (4)	13.79	%		11,383	1.85	%	5.33	%	(1.44	%)	70.54	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	(7.89	%)	$	900	2.32	%	2.66	%	(1.48	%)	25.24	%
	4/1/2005 - 3/31/2006 (4)	30.11	%		948	2.35	%	2.79	%	(1.54	%)	107.64	%
	4/1/2004 - 3/31/2005 (4)	10.97	%		667	2.35	%	2.93	%	(1.87	%)	82.70	%
	4/1/2003 - 3/31/2004 (4)	34.86	%		504	2.35	%	3.79	%	(1.92	%)	326.09	%
	4/1/2002 - 3/31/2003	(40.84	%)		586	2.35	%	4.81	%	(1.89	%)	158.16	%
	9/28/2001 - 3/31/2002 (4)	13.52	%		82	2.35	%	5.83	%	(1.94	%)	70.54	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	(7.82	%)	$	1,968	2.32	%	2.66	%	(1.48	%)	25.24	%
	4/1/2005 - 3/31/2006 (4)	29.92	%		2,460	2.35	%	2.79	%	(1.54	%)	107.64	%
	4/1/2004 - 3/31/2005 (4)	10.99	%		1,436	2.35	%	2.93	%	(1.87	%)	82.70	%
	4/1/2003 - 3/31/2004 (4)	34.69	%		958	2.35	%	3.79	%	(1.92	%)	326.09	%
	4/1/2002 - 3/31/2003	(40.78	%)		1,141	2.35	%	4.81	%	(1.89	%)	158.16	%
	9/28/2001 - 3/31/2002 (4)	13.53	%		116	2.35	%	5.83	%	(1.94	%)	70.54	%
PF Van Kampen Real Estate Fund
Class A:	4/1/2006 - 9/30/2006 (4),(5)	8.19	%	$	24,327	2.03	%	2.47	%	0.22	%	17.61	%
	4/1/2005 - 3/31/2006 (4)	40.43	%		25,552	2.05	%	2.76	%	0.41	%	9.81	%
	12/31/2004 - 3/31/2005 (4)	(5.95	%)		13,853	2.05	%	3.57	%	2.01	%	0.79	%
Class B:	4/1/2006 - 9/30/2006 (4),(5)	7.98	%	$	120	2.53	%	2.97	%	(0.28	%)	17.61	%
	4/1/2005 - 3/31/2006 (4)	39.65	%		97	2.55	%	3.26	%	(0.09	%)	9.81	%
	12/31/2004 - 3/31/2005 (4)	(6.05	%)		17	2.55	%	4.07	%	1.51	%	0.79	%
Class C:	4/1/2006 - 9/30/2006 (4),(5)	7.91	%	$	167	2.53	%	2.97	%	(0.28	%)	17.61	%
	4/1/2005 - 3/31/2006 (4)	39.74	%		114	2.55	%	3.26	%	(0.09	%)	9.81	%
	12/31/2004 - 3/31/2005 (4)	(6.06	%)		32	2.55	%	4.07	%	1.51	%	0.79	%

See Notes to Financial Statements	See explanation of references on C-11
C-10

PACIFIC 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 adviser expense reimbursements and distribution and/or service fee waivers, if any, as discussed in Note 5 to the Financial Statements. The expense ratios for all the PF Portfolio Optimization Models do not include expenses of the underlying funds (see Note 1 to Financial Statements) in which the Portfolio Optimization Models invest.
(3)	The ratios are annualized for periods of less than one full year.
(4)	Per share 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)	Prior to May 1, 2006, the PF AllianceBernstein International Value Fund was named PF Lazard International Value Fund.
(8)	Prior to January 1, 2006, the PF Loomis Sayles Large-Cap Growth Fund was named the PF AIM Blue Chip Fund.
(9)	Prior to January 1, 2004, the PF MFS International Large-Cap Fund was named the PF MFS Global Growth Fund.
(10)	Prior to October 1, 2005, the PF NB Fasciano Small Equity Fund was named the PF AIM Aggressive Growth Fund.
(11)	Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005.
(12)	The expense cap for the PF Pacific Life Money Market Class A was 0.05% for the period 7/1/02 - 6/30/05. Subsequent to 6/30/05 the expense cap was 0.45%. The effect of the distribution and/or service fee waivers by the Distributor on the ratios of net expenses after expense reductions to the average net assets for the PF Pacific Life Money Market Class A was 0.11% for the year ended 3/31/06.
(13)	Prior to May 1, 2003, the PF Van Kampen Comstock Fund was named the PF Janus Strategic Value Fund.
(14)	Prior to May 1, 2003, the PF Van Kampen Mid-Cap Growth Fund was named the PF MFS Mid-Cap Growth Fund.

See Notes to Financial Statements

C-11

PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)

1. ORGANIZATION

          Pacific Funds 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, 2006, was comprised of twenty-one separate funds (each individually, a “Fund”, and collectively, the “Funds”): PF Portfolio Optimization Model A, PF Portfolio Optimization Model B, PF Portfolio Optimization Model C, PF Portfolio Optimization Model D, PF Portfolio Optimization Model E, PF AllianceBernstein International Value Fund (formerly PF Lazard International Value), PF Goldman Sachs Short Duration Bond, PF Janus Growth LT, PF Lazard Mid-Cap Value, PF Loomis Sayles Large-Cap Growth, PF MFS International Large-Cap, PF NB Fasciano Small Equity, PF Oppenheimer Main Street^® Core, PF Oppenheimer Emerging Markets, PF PIMCO Managed Bond, PF PIMCO Inflation Managed, PF Pacific Life Money Market, PF Salomon Brothers Large-Cap Value, PF Van Kampen Comstock, PF Van Kampen Mid-Cap Growth, and PF Van Kampen Real Estate. Main Street is a registered trademark of OppenheimerFunds, Inc. Each Fund, with the exception of PF Pacific Life Money Market, PF Oppenheimer Main Street Core, and PF Oppenheimer Emerging Markets, has at least three separate classes of shares: Class A, B, and C. PF Pacific Life Money Market, PF Oppenheimer Main Street Core, and PF Oppenheimer Emerging Markets Funds offer Class A shares only. PF Portfolio Optimization Model A, PF Portfolio Optimization Model B, PF Portfolio Optimization Model C, PF Portfolio Optimization Model D, and PF Portfolio Optimization Model E, (collectively, “Portfolio Optimization Funds”) also offer Class R shares. Presently, only the Portfolio Optimization Funds can invest in PF Oppenheimer Main Street Core Fund and PF Oppenheimer Emerging Markets Fund. 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 PF Pacific Life Money Market Fund are sold without an initial sales charge.

           The Portfolio Optimization Funds invest all of their assets in Class A shares of other funds of Pacific Funds (collectively, 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. Pacific Life Insurance Company (“Pacific Life”) uses an asset allocation process to determine each of the Portfolio Optimization Funds’ investment mixes. The Portfolio Optimization Funds use a monthly allocation percentage (“MAP”) method, which considers the value of the Underlying Funds and a sales forecast for the upcoming month, to invest purchase proceeds and meet redemption needs. This method is intended to help maintain target allocations, although there is no guarantee that the Portfolio Optimization Funds will maintain their target allocations using this method. Actual holdings of the Portfolio Optimization Funds could vary from their target allocations due to actual cash flows and changes to the Underlying Funds’ asset values as a result of market movements and portfolio management decisions. Pacific Life periodically evaluates each Portfolio Optimization Fund’s asset allocation strategy and may update the target allocations at that time. When target allocations are updated, a process known as reallocation is used. The reallocation process may be accomplished by using rebalancing to move the assets among the Underlying Funds, or by using MAP methodology, or by using a combination of the two. Reallocation may cause the Portfolio Optimization Funds to temporarily deviate from their target allocations. The Funds offered by Pacific Funds may change and Underlying Funds may be added to or deleted from a Portfolio Optimization Fund. Pacific Life may change the asset class allocations, Underlying Funds (including any funds organized in the future), or target allocations with respect to each Underlying Fund without prior approval from shareholders as it determines necessary to pursue stated investment goals. The target allocation percentages as well as other information on the Portfolio Optimization Funds is described in the prospectuses.

          All of the Funds except the Portfolio Optimization Funds, PF Goldman Sachs Short Duration Bond Fund, PF Lazard Mid-Cap Value Fund, PF Oppenheimer Main Street Core Fund, PF Oppenheimer Emerging Markets Fund, PF PIMCO Inflation Managed Fund, and PF Van Kampen Real Estate Fund commenced operations on September 28, 2001. The PF PIMCO Inflation Managed Fund commenced operations on December 31, 2002, the PF Goldman Sachs Short Duration Bond Fund and the Portfolio Optimization Funds commenced operations on December 31, 2003, the PF Lazard Mid-Cap Value and PF Van Kampen Real Estate Funds commenced operations on December 31, 2004, and the PF Oppenheimer Main Street Core and PF Oppenheimer Emerging Markets Funds commenced operations on September 30, 2005.

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 and disclosures in the financial statements. 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.

          A. Fund Valuation

          The NAV per share for each Fund is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open, including when foreign markets are closed. For purposes of

D-1

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

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.

          Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign). Securities, including option contracts, traded on over-the-counter markets and listed securities for which no sales are reported, are generally valued at the mean between the most recent bid and asked prices obtained from a quotation reporting system, from established market makers, or from broker-dealers. Fixed income securities are generally valued at the mean between the bid and asked prices obtained from pricing sources (including pricing services and quotation reporting systems), market makers, or broker-dealers. Certain bonds are valued by a benchmark, matrix, or other pricing processes approved by the Funds’ Board of Trustees (the “Board”). If bid and ask prices are not available, securities may be valued at bid prices or evaluated prices. Money market instruments and short-term securities maturing within sixty days are valued at amortized cost, which approximates market value. The NAV of the Portfolio Optimization Funds is calculated based on the NAVs calculated for each of the Underlying Funds.

          Securities for which market quotations are not readily available or are deemed to be unreliable or inaccurate are valued at their fair value as determined in good faith pursuant to procedures established by the Board. Fair values may not be indicative of the price that a Fund could obtain for a security if it were to dispose of the security as of the close of the NYSE.

          In determining the fair value of securities, the Funds may consider available information, including information that becomes known after the time of close of the NYSE, and the values that are determined will be deemed to be the price as of the time of the close of the NYSE.

          If events occur between the time of the determination of the closing price of a foreign security on an exchange or over-the-counter market and the time that the Fund’s NAV is determined, or if, under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, and there could be a material effect on a Fund’s NAV, the security would be valued at fair value as determined in accordance with procedures and methodologies approved by the Board.

          The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine fair values for certain foreign securities. These fair values may not be indicative of the price that a Fund could obtain for a foreign security if it were to dispose of the security as of the close of the NYSE.

          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 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 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. Discounts and premiums are recorded on a daily basis using the effective yield method except for short-term securities and the PF Pacific Life 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 they invest. 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 PF Goldman Sachs Short Duration Bond, PF PIMCO Managed Bond, PF PIMCO Inflation Managed, PF Pacific Life Money Market, and PF Van Kampen Real Estate Funds. Dividends are generally: 1) declared and paid monthly for the PF Goldman Sachs Short Duration Bond, PF PIMCO Managed Bond, and PF PIMCO Inflation Managed Funds; 2) declared daily and paid monthly for the PF Pacific Life Money Market Fund; and 3) declared and paid quarterly for the PF Van Kampen Real Estate Fund. Dividends may be declared less frequently if advantageous to the specific Fund. 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

D-2

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

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 end of the reporting period. Purchases and sales of securities, interest income and dividends 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 on the Statements of Operations the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included in net realized gain or loss and change in unrealized appreciation or depreciation from investments.

          Net realized foreign exchange gains and losses arise from sales of a Fund’s securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation and depreciation arise from changes in the value of assets and liabilities, including investments in securities at the period-end, resulting from changes in the exchange rate.

          E. Expense Allocation

          General expenses of the Funds (including custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses, and fees and expenses of the independent trustees) are allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular Fund (including advisory, administration, custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and offering costs) are charged directly to that Fund.

          F. Offering Costs

          The Funds bear all costs associated with offering expenses including legal, printing and internal services support. All such costs are amortized to expense on a straight-line basis over twelve months from commencement of operations.

          G. Futures Contracts

          Certain Funds may use futures contracts to manage their exposure to the stock markets, fluctuations in interest rates, and foreign currency values. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading until the contracts are closed. 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. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

          H. Options Contracts

          Certain Funds may write or purchase call and put options on futures, swaps, securities, or currencies. 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 Liability as a liability or an investment and subsequently adjusted to the current market value, based on the option’s quoted daily settlement price, of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a futures 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 effecting 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 received 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 futures, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the futures, swap, security or currency underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. The risk associated with purchasing put and call options is limited to the premium paid.

          I. Forward Foreign Currency Contracts

          Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purpose of hedging against foreign exchange risk arising from a Fund’s investment in foreign securities. 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. The change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their

D-3

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

contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.

          J. Swaps

          Certain Funds may enter into interest rate, total return, credit default, and other swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return and to manage its exposure to interest and credit risk. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. In connection with these agreements, securities may be identified as collateral in accordance with the terms and the respective swap agreements.

          Interest rate swap agreements involve the exchange by a fund with another party of their respective commitments to pay or receive interest. For example, an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

          Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. 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.

          Credit default swap agreements 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 by a third party (typically corporate issues or sovereign issues of an emerging country) on its obligation. A fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where a fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a fund generally receives an upfront payment or fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its net assets, a fund would be subject to investment exposure on the notional amount of the swap.

          Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, 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. These upfront payments are recorded as realized gain or loss in the Statement 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 Statement of Operations. Net periodic payments received by the portfolios are included as part of realized gain (loss) in the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligations to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

          K. Inflation-Indexed Bonds

          Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income 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. 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 Statement of Operations.

          L. Stripped Mortgage-Backed Securities

          Certain Funds may invest in stripped mortgage-backed securities (“SMBS”). 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. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates. Payments received for IOs are included in interest income in the Statements of Operations. Due to principal not being received at the maturity of an IO, adjustments are made to book value of the security on each coupon date until maturity. These adjustments are included in interest income in the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income in the Statement of Operations.

          M. Equity-Linked Structured Notes

          Certain Funds may invest in equity-linked structured notes. Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.

D-4

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

          N. Government Sponsored Enterprise Securities

          Certain Funds 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 (“FHLB’s”). Freddie Mac, Fannie Mae, and the FHLB’s, although chartered and sponsored by Congress, are 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.

          O. When-Issued Securities and Delayed-Delivery Transactions

          Certain Funds may purchase or sell securities on a when-issued or 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. The market values of the securities purchased on a when-issued or delayed-delivery basis are identified as such in each applicable Fund’s Schedule of Investments. When when-issued securities and 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 when-issued or 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 when-issued 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. Risks 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.

          P. 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 is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited.

          Q. 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 (“Standard & Poor’s”)) or, if not rated by Moody’s or Standard & Poor’s, are of equivalent investment quality as determined by Pacific Life or a fund 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.

          R. Additional Accounting Standards

          In July 2006, Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement 109” (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds’ net assets, results of operations and financial statement disclosures.

          In addition, in September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of SFAS 157 will have on the Funds’ financial statement disclosures.

          S. General Investment Risk

          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.

          Fixed income securities are affected primarily by the financial condition of the companies that have issued them, and by changes in interest rates.

           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.

          Asset allocation does not guarantee future results. Investment in an individual fund or funds in a single asset class may outperform or underperform an asset allocation fund.

          For additional risks, refer to discussions on specific types of investments in Notes 2G through 2Q above.

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

          Pursuant to an Investment Advisory Agreement, Pacific Life serves as Investment Adviser to the Funds, and receives from the

D-5

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

Funds the following advisory fee rates based on an annual percentage of the average daily net assets of each Fund. The fees are accrued daily by the Funds:

PF AllianceBernstein International Value	0.85	%
PF Goldman Sachs Short Duration Bond	0.60	%
PF Janus Growth LT	0.75	%
PF Lazard Mid-Cap Value	0.85	%
PF Loomis Sayles Large-Cap Growth	0.95	%
PF MFS International Large-Cap	1.05	%
PF NB Fasciano Small Equity	1.00	%
PF Oppenheimer Main Street Core	0.65	%

PF Oppenheimer Emerging Markets	1.00	%
PF PIMCO Managed Bond	0.60	%
PF PIMCO Inflation Managed	0.60	%
PF Pacific Life Money Market	See (1)
PF Salomon Brothers Large-Cap Value	0.85	%
PF Van Kampen Comstock	0.95	%
PF Van Kampen Mid-Cap Growth	0.90	%
PF Van Kampen Real Estate	1.10	%

(1) An annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% in excess of $500 million.

          Pacific Life receives no fees for the investment advisory services under the Investment Advisory Agreement with respect to the Portfolio Optimization Funds. The Portfolio Optimization Funds indirectly bear the fees paid by the Underlying Funds in which they invest.

          Pursuant to Fund Management Agreements, the Funds and Pacific Life engage fund managers under Pacific Life’s supervision for fifteen of the twenty-one Funds. As of September 30, 2006, the following firms served as sub-advisers for their respective Funds: AllianceBernstein L.P., Goldman Sachs Asset Management, L.P., Janus Capital Management LLC, Lazard Asset Management LLC, Loomis, Sayles & Company, L.P., MFS Investment Management, Neuberger Berman Management Inc., OppenheimerFunds, Inc., Pacific Investment Management Company LLC, Salomon Brothers Asset Management Inc, and Van Kampen. Pacific Life, as Investment Adviser to the Funds, pays the related management fees 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 Funds. Under the Agreement, the Funds compensate the Administrator at an annual rate of 0.35% of average daily net assets for procuring or providing administrative, transfer agency, and shareholder services. In addition, the Funds compensate the Administrator for its expenses in providing support services to the Funds in connection with various matters, including: expense of registering and qualifying the Funds on state and Federal levels; providing legal, compliance, accounting, tax and chief compliance officer services; maintaining the Funds’ legal existence; and shareholders’ meetings and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Funds reimburse Pacific Life for these support services on an approximate cost basis.

          Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Funds’ 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 Funds’ shares and makes distribution and servicing payments to selling groups in connection with the sale of the Funds’ shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and servicing 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 “Plans”). Under the Plans, each Fund, except the PF Pacific Life Money Market Fund, pays to the Distributor both distribution and servicing fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee is 0.25% for Class A and R shares and 0.75% for Class B and C shares. The servicing fee is 0.25% for Class A, B, C, and R shares. Under a separate service plan, the PF Pacific Life Money Market Fund pays to the Distributor a servicing fee at an annual rate of 0.25% of average daily net assets. The PF Pacific Life Money Market Fund does not pay a distribution fee. For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, which are charged an annual distribution and servicing fee of 0.50% (for PF Pacific Life Money Market Fund 0.25% servicing fee only) of average daily net assets without payment of a front-end sales charge. To avoid duplication of fees, the distribution and servicing fee for each class of the Portfolio Optimization Funds will be waived up to 0.50% (in the aggregate); the amount of the aggregate waiver is dependent on the amount of actual distribution and/or servicing fees incurred by the Underlying Funds within a particular Portfolio Optimization Model. The fees are accrued daily.

          For the six-month period ended September 30, 2006, the Distributor, acting as underwriter, received net commissions of $3,172,115 from the sale of Class A shares and received $196,907 in CDSC from redemptions of Class B and C shares.

4. TRUSTEE DEFERRED COMPENSATION PLAN

          Each independent trustee of the Board (“Trustee”) is eligible to participate in the Funds’ Deferred Compensation Plan (the “Plan”). The Plan allows each 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 Funds that are payable in accordance with the Plan. Deferral amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. A Trustee who defers compensation has the option to select credit rate options that track the performance of the Class A shares of the corresponding series of the Funds without a sales load. Accordingly, the market value appreciation or depreciation of the Trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. Effective January 1, 2005, the old Plan was frozen to permit no further deferrals. A new Plan was adopted to comply with section 409A of the Internal Revenue Code. The new Plan is substantially similar to the old Plan, but provides that a Trustee may receive deferred amounts in the event of a disability or unforeseeable emergency. Also, the new Plan provides that a Trustee may only elect to further defer amounts in a deferral account if (i) such election is made more than twelve-month prior to the date such account would otherwise be paid; and (ii) the revised date of payment selected is no earlier than five years after

D-6

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

the date such account would otherwise have been paid. As of September 30, 2006, the total deferred trustee compensation liability was $170,525.

5. EXPENSE REDUCTIONS

          To help limit the Funds’ expenses, under contract, Pacific Life has reimbursed each Fund for its operating expenses (including organizational expenses, but not including investment advisory fees; distribution and/or service fees; foreign taxes on dividends, interest or gains; taxes; 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 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 0.45% for the Underlying Funds through August 31, 2006 and 0.00% for the Portfolio Optimization Funds and 0.30% for the Underlying Funds from September 1, 2006 through December 31, 2007. For the PF Pacific Life Money Market Fund, the expense cap was reduced to 0.05% for the period July 1, 2002 through June 30, 2005. Such reduction or reimbursement is subject to repayment to Pacific Life, for a period of time as permitted under regulatory and/or accounting standards (currently 3 years from the end of the fiscal year in which the reimbursement took place), to the extent such expenses fall below the expense cap in future years. Any amounts repaid to Pacific Life will have the effect of increasing such expenses of the Funds, but not above the expense cap. There is no guarantee that Pacific Life will continue to cap expenses after December 31, 2007.

          The cumulative reimbursement amounts as of September 30, 2006 that are subject to repayment for each Fund are as follows:

	Expiration
Funds	2007		2008		2009		2010
PF Portfolio Optimization Model A	$	36,837	$	227,677	$	239,802	$	115,359
PF Portfolio Optimization Model B		54,940		355,811		442,372		243,852
PF Portfolio Optimization Model C		103,852		679,146		1,185,218		747,295
PF Portfolio Optimization Model D		110,532		629,641		1,107,412		759,958
PF Portfolio Optimization Model E		62,617		369,133		469,853		313,849
PF AllianceBernstein International Value		163,749		226,073		267,723		121,001
PF Goldman Sachs Short Duration Bond		30,535		189,312		150,594		73,282
PF Janus Growth LT		148,424		136,338		140,644		84,072
PF Lazard Mid-Cap Value		—		58,835		173,484		56,616
PF Loomis Sayles Large-Cap Growth		180,256		172,805		245,172		72,048
PF MFS International Large-Cap		320,872		340,780		355,135		163,591
PF NB Fasciano Small Equity		116,454		142,612		134,926		53,516
PF Oppenheimer Main Street Core		—		—		82,462		107,619
PF Oppenheimer Emerging Markets		—		—		448,741		369,839
PF PIMCO Managed Bond		306,150		229,552		265,770		137,713
PF PIMCO Inflation Managed		164,752		150,852		197,676		111,566
PF Pacific Life Money Market		271,427		213,591		166,678		50,087
PF Salomon Brothers Large-Cap Value		192,635		189,257		219,212		70,879
PF Van Kampen Comstock		140,698		142,219		138,900		98,274
PF Van Kampen Mid-Cap Growth		177,748		179,956		167,673		75,942
PF Van Kampen Real Estate		—		38,207		136,561		55,392
Total	$	2,582,478	$	4,671,797	$	6,736,008	$	3,881,750

          Due to the current regulatory and/or accounting standards, all expense reimbursements made by the adviser for the period September 28, 2001 (the Pacific Funds’ commencement date of operations) to March 31, 2003 ($4,337,946) expired for future recoupment as of March 31, 2006. 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, 2006. Each Fund’s expense reimbursement is presented in the accompanying Statements of Operations.

6. TRANSACTIONS WITH AFFILIATES

          The Funds have incurred $2,927,224 of investment advisory fees, $2,415,635 of administration fees, and $564,984 of support services expenses payable to Pacific Life, for the six-month period ended September 30, 2006. As of September 30, 2006, $512,333, $423,908, and $167,703 remained payable for investment advisory fees, administration fees, and support services expenses, respectively.

          For the six-month period ended September 30, 2006, the Funds also incurred $2,763,810 of distribution and/or service fees (after distribution and/or service fee waivers of $1,609,732) payable to the Distributor under the distribution and service (12b-1) and non 12b-1 service plans. As of September 30, 2006, $82,350 remained payable.

7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS

          The tax character of distributions paid during the six-month period ended September 30, 2006, was as follows:

	Distributions Paid From
Funds	Ordinary Income		Long-Term Capital Gain		Total Distributions
PF Portfolio Optimization Model A	$	121,325	$	118,068	$	239,393
PF Portfolio Optimization Model B		224,504		709,752		934,256
PF Portfolio Optimization Model C		672,275		2,357,112		3,029,387
PF Portfolio Optimization Model D		745,355		2,320,771		3,066,126
PF Portfolio Optimization Model E		262,971		1,521,551		1,784,522
PF AllianceBernstein International Value		230,019		1,930,814		2,160,833
PF Goldman Sachs Short Duration Bond		745,606		—		745,606

D-7

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

	Distributions Paid From
	Ordinary		Long-Term		Total
Funds	Income		Capital Gain		Distributions
PF Lazard Mid-Cap Value	$	293,818	$	403,250	$	697,068
PF Loomis Sayles Large-Cap Growth		—		2,089,765		2,089,765
PF MFS International Large-Cap		42,256		1,744,373		1,786,629
PF NB Fasciano Small Equity		—		26,664		26,664
PF Oppenheimer Main Street Core		500,657		54,129		554,786
PF Oppenheimer Emerging Markets		1,373,569		—		1,373,569
PF PIMCO Managed Bond		1,398,880		—		1,398,880
PF PIMCO Inflation Managed		1,306,993		—		1,306,993
PF Pacific Life Money Market		437,346		—		437,346
PF Salomon Brothers Large-Cap Value		2,599		2,508,884		2,511,483
PF Van Kampen Comstock		484,482		877,391		1,361,873
PF Van Kampen Mid-Cap Growth		—		2,912,296		2,912,296
PF Van Kampen Real Estate		—		270,169		270,169

          The tax character of distributions paid during the year ended March 31, 2006, was as follows:

	Distributions Paid From
	Ordinary		Long-Term		Total
Funds	Income		Capital Gain		Distributions
PF Portfolio Optimization Model A	$	457,472	$	29,135	$	486,607
PF Portfolio Optimization Model B		866,783		77,037		943,820
PF Portfolio Optimization Model C		2,444,470		314,732		2,759,202
PF Portfolio Optimization Model D		2,029,146		433,959		2,463,105
PF Portfolio Optimization Model E		592,619		197,308		789,927
PF AllianceBernstein International Value		469,290		451,353		920,643
PF Goldman Sachs Short Duration Bond		791,258		—		791,258
PF Lazard Mid-Cap Value		1,260,107		—		1,260,107
PF MFS International Large-Cap		343,236		524,157		867,393
PF NB Fasciano Small Equity		204,940		1,550,709		1,755,649
PF Oppenheimer Main Street Core		74,605		—		74,605
PF Oppenheimer Emerging Markets		230,818		—		230,818
PF PIMCO Managed Bond		1,586,020		—		1,586,020
PF PIMCO Inflation Managed		2,661,073		19,513		2,680,586
PF Pacific Life Money Market		600,514		—		600,514
PF Salomon Brothers Large-Cap Value		103,292		8,943		112,235
PF Van Kampen Comstock		330,675		1,542,672		1,873,347
PF Van Kampen Real Estate		361,688		98,676		460,364

          At March 31, 2006, 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)
PF Portfolio Optimization Model A	$	—		$	120,779	$	117,821	$	249,047
PF Portfolio Optimization Model B		—			224,073		709,296		2,614,137
PF Portfolio Optimization Model C		—			671,694		2,356,796		16,536,221
PF Portfolio Optimization Model D		—			745,159		2,320,098		21,366,110
PF Portfolio Optimization Model E		—			262,108		1,521,455		10,224,096
PF AllianceBernstein International Value		(19,233	)		229,329		1,930,723		13,496,449
PF Goldman Sachs Short Duration Bond		(583,656	)		1,140		—		(274,913	)
PF Janus Growth LT		(215,835	)		—		—		5,957,174
PF Lazard Mid-Cap Value		—			293,521		402,919		1,490,248
PF Loomis Sayles Large-Cap Growth		(430,790	)		—		2,089,600		1,388,350
PF MFS International Large-Cap		(20,747	)		41,873		1,744,244		11,303,268
PF NB Fasciano Small Equity		—			—		26,430		2,381,764
PF Oppenheimer Main Street Core		—			499,897		53,705		2,868,119
PF Oppenheimer Emerging Markets		(45,178	)		1,372,811		—		4,362,007
PF PIMCO Managed Bond		(184,757	)		188,257		—		(871,339	)
PF PIMCO Inflation Managed		(612,667	)		—		—		(2,067,755	)
PF Pacific Life Money Market		(24	)		19,649		—		—
PF Salomon Brothers Large-Cap Value		—			2,314		2,508,698		5,693,077
PF Van Kampen Comstock		—			483,695		877,290		2,983,674
PF Van Kampen Mid-Cap Growth		—			—		2,911,859		10,716,579
PF Van Kampen Real Estate		—			—		270,055		5,599,837

(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, 2006, 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, 2006 to qualify as a regulated investment company and is not required to pay Federal income tax under Subchapter M of the Internal Revenue Code (“the 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, 2006, 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

D-8

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

distributions. The net capital loss carryovers and the post-October capital and foreign currency losses deferred as of March 31, 2006, were as follows:

	Net Capital Loss Carryover			Net Capital Loss Carryover Expiring in												Post- October Capital Loss Deferral			Post-October Foreign Currency Loss Deferral			Accumulated Capital and Other Losses
Funds				2010			2011			2013			2014
PF Portfolio Optimization Model A	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
PF Portfolio Optimization Model B		—			—			—			—			—			—			—			—
PF Portfolio Optimization Model C		—			—			—			—			—			—			—			—
PF Portfolio Optimization Model D		—			—			—			—			—			—			—			—
PF Portfolio Optimization Model E		—			—			—			—			—			—			—			—
PF AllianceBernstein International Value		—			—			—			—			—			—			(19,233	)		(19,233	)
PF Goldman Sachs Short Duration Bond		(424,064	)		—			—			(87,029	)		(337,035	)		(159,592	)		—			(583,656	)
PF Janus Growth LT		(215,835	)		—			(215,835	)		—			—			—			—			(215,835	)
PF Lazard Mid-Cap Value		—			—			—			—			—			—			—			—
PF Loomis Sayles Large-Cap Growth*		(428,549	)		(221,245	)		(207,304	)		—			—			—			(2,241	)		(430,790	)
PF MFS International Large-Cap		—			—			—			—			—			—			(20,747	)		(20,747	)
PF NB Fasciano Small Equity		—			—			—			—			—			—			—			—
PF Oppenheimer Main Street Core		—			—			—			—			—			—			—			—
PF Oppenheimer Emerging Markets		—			—			—			—			—			—			(45,178	)		(45,178	)
PF PIMCO Managed Bond		(69,299	)		—			—			—			(69,229	)		(42,035	)		(73,423	)		(184,757	)
PF PIMCO Inflation Managed		(207,330	)		—			—			—			(207,330	)		(281,833	)		(123,504	)		(612,667	)
PF Pacific Life Money Market		(13	)		—			—			—			(13	)		(11	)		—			(24	)
PF Salomon Brothers Large-Cap Value		—			—			—			—			—			—			—			—
PF Van Kampen Comstock		—			—			—			—			—			—			—			—
PF Van Kampen Mid-Cap Growth		—			—			—			—			—			—			—			—
PF Van Kampen Real Estate		—			—			—			—			—			—			—			—

* The availability of a certain amount of this capital loss carryforward, which was acquired on December 31, 2003 in the merger with the PF Putnam Research Fund, may be limited in a given year.

          The aggregate 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, 2006, were as follows:

			Gross		Gross			Net Unrealized			Net Unrealized
	Tax 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)
PF Portfolio Optimization Model A	$	24,818,060	$	426,524		($82,791	)	$	343,733		$	—		$	343,733
PF Portfolio Optimization Model B		64,785,700		3,179,793		(344,906	)		2,834,887			—			2,834,887
PF Portfolio Optimization Model C		237,881,172		17,028,127		(1,539,638	)		15,488,489			—			15,488,489
PF Portfolio Optimization Model D		242,570,215		21,302,461		(1,074,005	)		20,228,456			—			20,228,456
PF Portfolio Optimization Model E		94,658,769		10,277,138		(75,644	)		10,201,494			—			10,201,494
PF AllianceBerstein International Value		53,555,019		5,260,210		(2,288,424	)		2,971,786			11,972			2,983,758
PF Goldman Sachs Short Duration Bond		52,330,637		133,254		(125,167	)		8,087			(40,139	)		(32,052	)
PF Janus Growth LT		43,047,175		6,426,365		(1,015,865	)		5,410,500			4,507			5,415,007
PF Lazard Mid-Cap Value		51,140,597		3,745,398		(803,160	)		2,942,238			—			2,942,238
PF Loomis Sayles Large-Cap Growth		22,062,521		1,699,785		(384,117	)		1,315,668			—			1,315,668
PF MFS International Large-Cap		46,345,755		11,639,641		(832,201	)		10,807,440			(2,009	)		10,805,431
PF NB Fasciano Small Equity		28,572,220		2,220,077		(931,463	)		1,288,614			—			1,288,614
PF Oppenheimer Main Street Core		59,750,691		5,024,981		(647,217	)		4,377,764			—			4,377,764
PF Oppenheimer Emerging Markets		36,001,831		4,493,366		(1,538,966	)		2,954,400			(156,145	)		2,798,255
PF PIMCO Managed Bond		113,910,708		515,717		(525,064	)		(9,347	)		351,459			342,112
PF PIMCO Inflation Managed		94,760,973		206,312		(1,632,958	)		(1,426,646	)		46,609			(1,380,037	)
PF Pacific Life Money Market		15,708,597		—		—			—			—			—
PF Salomon Brothers Large-Cap Value		38,618,933		6,880,990		(237,689	)		6,643,301			7			6,643,308
PF Van Kampen Comstock		59,695,068		6,278,518		(539,080	)		5,739,438			—			5,739,438
PF Van Kampen Mid-Cap Growth		43,849,421		9,091,247		(1,834,605	)		7,256,642			—			7,256,642
PF Van Kampen Real Estate		18,681,764		6,115,071		(139,682	)		5,975,389			182			5,975,571

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

D-9

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

9. PURCHASES AND SALES OF SECURITIES

          The cost of purchases and proceeds from sales of securities (excluding short-term investments and the PF Pacific Life Money Market Fund since it trades exclusively in short-term debt securities) for the six-month period ended September 30, 2006, were as follows:

	U.S. Government Securities				Other Securities
Funds	Purchases		Sales		Purchases		Sales
PF Portfolio Optimization Model A	$	—	$	—	$	6,395,571	$	5,871,742
PF Portfolio Optimization Model B		—		—		13,609,739		7,798,869
PF Portfolio Optimization Model C		—		—		58,914,775		19,736,197
PF Portfolio Optimization Model D		—		—		64,964,600		18,318,519
PF Portfolio Optimization Model E		—		—		32,391,604		10,444,969
PF AllianceBernstein International Value		—		—		57,881,172		61,484,136
PF Goldman Sachs Short Duration Bond		26,560,468		12,337,657		4,156,427		250,000
PF Janus Growth LT		—		—		15,600,020		10,645,354
PF Lazard Mid-Cap Value		—		—		81,965,740		55,267,782
PF Loomis Sayles Large-Cap Growth		—		—		23,726,574		19,742,071
PF MFS International Large-Cap		—		—		19,248,785		17,148,285
PF NB Fasciano Small Equity		—		—		15,171,810		6,641,024
PF Oppenheimer Main Street Core		—		—		36,900,271		25,808,529
PF Oppenheimer Emerging Markets		—		—		19,395,411		12,430,018
PF PIMCO Managed Bond		109,592,961		95,464,014		9,735,532		6,498,899
PF PIMCO Inflation Managed		163,472,288		166,436,999		684,375		1,148,831
PF Salomon Brothers Large-Cap Value		—		—		12,095,516		5,397,777
PF Van Kampen Comstock		—		—		17,676,099		17,074,523
PF Van Kampen Mid-Cap Growth		—		—		21,557,965		11,074,205
PF Van Kampen Real Estate		—		—		4,208,889		6,787,593

10. INDEMNIFICATIONS

          Under the Pacific Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Funds. In addition, effective June 8, 2005, the Pacific Funds entered into an agreement with each of the Trustees which provides that it 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 Funds, to the fullest extent permitted by the Pacific Funds’ 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, Pacific Funds enters into contracts with service providers and others that contain general indemnification clauses. The Pacific Funds’ maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Pacific Funds and/or the Trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

D-10

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

11. SHARES OF BENEFICIAL INTEREST

Changes in shares of beneficial interest of each Fund were as follows:

	PF Portfolio Optimization Model A				PF Portfolio Optimization Model B				PF Portfolio Optimization Model C				PF Portfolio Optimization Model D
	Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006
Class A
Shares sold	434,942		885,426		625,592		1,627,957		2,517,600		4,366,916		2,507,548		4,361,474
Dividend and distribution reinvested	9,215		21,363		37,859		42,617		114,969		112,606		105,372		95,303
Shares repurchased	(449,499	)	(762,116	)	(540,934	)	(972,075	)	(1,209,150	)	(1,355,461	)	(970,144	)	(806,023	)
Net increase (decrease)	(5,342	)	144,673		122,517		698,499		1,423,419		3,124,061		1,642,776		3,650,754
Beginning shares outstanding	956,555		811,882		2,602,609		1,904,110		8,227,963		5,103,902		7,777,140		4,126,386
Ending shares outstanding	951,213		956,555		2,725,126		2,602,609		9,651,382		8,227,963		9,419,916		7,777,140
Class B
Shares sold	103,509		96,834		132,227		363,814		576,394		1,226,231		901,622		1,372,110
Dividend and distribution reinvested	1,720		3,682		11,208		10,942		35,963		31,907		42,194		31,266
Shares repurchased	(59,071	)	(56,681	)	(61,553	)	(188,951	)	(289,571	)	(353,403	)	(241,804	)	(249,886	)
Net increase	46,158		43,835		81,882		185,805		322,786		904,735		702,012		1,153,490
Beginning shares outstanding	186,761		142,926		836,790		650,985		2,753,393		1,848,658		2,936,587		1,783,097
Ending shares outstanding	232,919		186,761		918,672		836,790		3,076,179		2,753,393		3,638,599		2,936,587
Class C
Shares sold	288,470		847,070		527,839		1,257,672		2,107,433		3,597,268		1,969,934		3,645,475
Dividend and distribution reinvested	10,419		19,630		31,185		28,411		101,354		88,500		104,903		81,073
Shares repurchased	(197,994	)	(643,389	)	(279,175	)	(576,175	)	(801,812	)	(969,387	)	(743,813	)	(708,630	)
Net increase	100,895		223,311		279,849		709,908		1,406,975		2,716,381		1,331,024		3,017,918
Beginning shares outstanding	1,102,373		879,062		2,203,704		1,493,796		7,721,642		5,005,261		7,556,920		4,539,002
Ending shares outstanding	1,203,268		1,102,373		2,483,553		2,203,704		9,128,617		7,721,642		8,887,944		7,556,920
Class R (1)
Shares sold	11,510		968		55,994		28,883		77,855		1,106		51,148		945
Dividend and distribution reinvested	135		20		1,080		16		708		13		644		11
Shares repurchased	(12	)	(1	)	(11,970	)	(2,216	)	(153	)	—		(951	)	—
Net increase	11,633		987		45,104		26,683		78,410		1,119		50,841		956
Beginning shares outstanding	987		—		26,683		—		1,119		—		956		—
Ending shares outstanding	12,620		987		71,787		26,683		79,529		1,119		51,797		956
	PF Portfolio Optimization Model E				PF AllianceBernstein International Value Fund (2)				PF Goldman Sachs Short Duration Bond Fund				PF Janus Growth LT Fund
	Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006
Class A
Shares sold	1,154,085		1,777,284		384,097		1,918,744		1,213,504		2,355,270		765,342		2,394,848
Dividend and distribution reinvested	68,780		35,610		141,952		64,399		75,909		79,702		—		—
Shares repurchased	(333,976	)	(376,012	)	(564,251	)	(2,058,171	)	(550,946	)	(1,414,937	)	(527,430	)	(658,698	)
Net increase (decrease)	888,889		1,436,882		(38,202	)	(75,028	)	738,467		1,020,035		237,912		1,736,150
Beginning shares outstanding	3,133,339		1,696,457		3,768,505		3,843,533		4,607,116		3,587,081		3,576,700		1,840,550
Ending shares outstanding	4,022,228		3,133,339		3,730,303		3,768,505		5,345,583		4,607,116		3,814,612		3,576,700

(1)	Operations commenced on September 30, 2005.
(2)	Formerly named PF Lazard International Value Fund.

D-11

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

	PF Portfolio Optimization Model E				PF AllianceBernstein International Value Fund (1)				PF Goldman Sachs Short Duration Bond Fund				PF Janus Growth LT Fund
	Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006
Class B
Shares sold	331,305		594,230		6,222		9,839		27		3,277		1,373		6,749
Dividend and distribution reinvested	22,827		8,342		1,106		349		16		37		—		—
Shares repurchased	(42,863	)	(142,681	)	(975	)	(16,336	)	(419	)	(2,525	)	(454	)	(7,912	)
Net increase (decrease)	311,269		459,891		6,353		(6,148	)	(376	)	789		919		(1,163	)
Beginning shares outstanding	1,029,622		569,731		28,392		34,540		2,101		1,312		34,353		35,516
Ending shares outstanding	1,340,891		1,029,622		34,745		28,392		1,725		2,101		35,272		34,353
Class C
Shares sold	822,098		1,710,940		16,636		34,299		25,588		40,587		36,891		107,126
Dividend and distribution reinvested	51,565		22,473		3,723		1,409		466		804		—		—
Shares repurchased	(266,574	)	(907,226	)	(13,563	)	(25,891	)	(48,514	)	(39,847	)	(12,184	)	(77,577	)
Net increase (decrease)	607,089		826,187		6,796		9,817		(22,460	)	1,544		24,707		29,549
Beginning shares outstanding	2,460,223		1,634,036		103,049		93,232		60,409		58,865		74,689		45,140
Ending shares outstanding	3,067,312		2,460,223		109,845		103,049		37,949		60,409		99,396		74,689
Class R (2)
Shares sold	2,319		873
Dividend and distribution reinvested	64		9
Shares repurchased	(4	)	—
Net increase	2,379		882
Beginning shares outstanding	882		—
Ending shares outstanding	3,261		882
	PF Lazard Mid-Cap Value Fund				PF Loomis Sayles Large-Cap Growth Fund (3)				PF MFS International Large-Cap Fund				PF NB Fasciano Small Equity Fund (4)
	Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006
Class A
Shares sold	2,816,854		1,132,097		929,795		1,063,228		409,951		1,562,089		1,421,858		1,444,000
Dividend and distribution reinvested	67,747		121,770		219,374		—		114,672		60,347		2,389		153,201
Shares repurchased	(62,270	)	(1,548,817	)	(395,046	)	(3,729,244	)	(416,080	)	(1,186,840	)	(674,572	)	(43,156	)
Net increase (decrease)	2,822,331		(294,950	)	754,123		(2,666,016	)	108,543		435,596		749,675		1,554,045
Beginning shares outstanding	2,275,800		2,570,750		1,784,645		4,450,661		3,412,655		2,977,059		2,158,291		604,246
Ending shares outstanding	5,098,131		2,275,800		2,538,768		1,784,645		3,521,198		3,412,655		2,907,966		2,158,291
Class B
Shares sold	941		3,658		1,327		12,711		6,392		8,423		1,507		11,955
Dividend and distribution reinvested	175		290		5,755		—		994		447		43		5,357
Shares repurchased	(141	)	(1,224	)	(6,359	)	(9,488	)	(2,365	)	(11,069	)	(3,617	)	(2,934	)
Net increase (decrease)	975		2,724		723		3,223		5,021		(2,199	)	(2,067	)	14,378
Beginning shares outstanding	6,072		3,348		55,922		52,699		28,792		30,991		38,809		24,431
Ending shares outstanding	7,047		6,072		56,645		55,922		33,813		28,792		36,742		38,809
Class C
Shares sold	5,381		14,242		13,190		44,754		25,051		26,568		13,443		8,092
Dividend and distribution reinvested	342		673		12,412		—		2,021		880		59		10,234
Shares repurchased	(2,300	)	(10,154	)	(77,597	)	(25,957	)	(13,579	)	(15,296	)	(8,210	)	(19,570	)
Net increase (decrease)	3,423		4,761		(51,995	)	18,797		13,493		12,152		5,292		(1,244	)
Beginning shares outstanding	12,191		7,430		155,974		137,177		59,158		47,006		49,113		50,357
Ending shares outstanding	15,614		12,191		103,979		155,974		72,651		59,158		54,405		49,113

(1)	Formerly named PF Lazard International Value Fund.
(2)	Operations commenced on September 30, 2005.
(3)	Formerly named PF AIM Blue Chip Fund.
(4)	Formerly named PF AIM Aggressive Growth Fund.

D-12

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

	PF Oppenheimer Main Street Core Fund (1)				PF Oppenheimer Emerging Markets Fund (1)				PF PIMCO Managed Bond Fund				PF PIMCO Inflation Managed Fund
	Period ended 9/30/2006		Period ended 3/31/2006		Period ended 9/30/2006		Period ended 3/31/2006		Year ended 9/30/2006		Year ended 3/31/2006		Year ended 9/30/2006		Year ended 3/31/2006
Class A
Shares sold	1,220,193		5,972,403		575,759		2,771,483		1,561,460		3,383,468		1,085,524		4,059,745
Dividend and distribution reinvested	53,603		7,279		131,316		21,372		134,045		146,352		117,952		230,857
Shares repurchased	(332,793	)	(927,460	)	(40,856	)	(3,338	)	(629,409	)	(876,919	)	(1,529,636	)	(1,146,399	)
Net increase (decrease)	941,003		5,052,222		666,219		2,789,517		1,066,096		2,652,901		(326,160	)	3,144,203
Beginning shares outstanding	5,052,222		—		2,789,517		—		6,895,086		4,242,185		6,613,457		3,469,254
Ending shares outstanding	5,993,225		5,052,222		3,455,736		2,789,517		7,961,182		6,895,086		6,287,297		6,613,457
Class B
Shares sold									1,952		11,532		3,749		45,501
Dividend and distribution reinvested									1,355		2,241		1,874		5,397
Shares repurchased									(17,042	)	(21,838	)	(33,435	)	(24,440	)
Net increase (decrease)									(13,735	)	(8,065	)	(27,812	)	26,458
Beginning shares outstanding									105,342		113,407		141,192		114,734
Ending shares outstanding									91,607		105,342		113,380		141,192
Class C
Shares sold									27,000		99,730		32,991		155,194
Dividend and distribution reinvested									2,969		4,421		5,541		17,224
Shares repurchased									(32,992	)	(130,230	)	(80,856	)	(298,792	)
Net decrease									(3,023	)	(26,079	)	(42,324	)	(126,374	)
Beginning shares outstanding									208,701		234,780		417,220		543,594
Ending shares outstanding									205,678		208,701		374,896		417,220
	PF Pacific Life Money Market Fund (2)				PF Salomon Brothers Large-Cap Value Fund				PF Van Kampen Comstock Fund				PF Van Kampen Mid-Cap Growth Fund
	Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006		Period ended 9/30/2006		Year ended 3/31/2006
Class A
Shares sold	29,642,076		24,759,184		724,688		1,753,040		665,544		3,608,114		1,261,319		910,063
Dividend and distribution reinvested	409,402		576,288		198,498		9,102		104,510		145,079		260,274		—
Shares repurchased	(34,067,257	)	(30,404,735	)	(112,667	)	(3,504,272	)	(897,324	)	(751,477	)	(133,741	)	(1,611,772	)
Converted from Class B and C shares	—		2,021,733		—		—		—		—		—		—
Net increase (decrease)	(4,015,779	)	(3,047,530	)	810,519		(1,742,130	)	(127,270	)	3,001,716		1,387,852		(701,709	)
Beginning shares outstanding	19,294,569		22,342,099		2,718,894		4,461,024		4,831,519		1,829,803		3,427,275		4,128,984
Ending shares outstanding	15,278,790		19,294,569		3,529,413		2,718,894		4,704,249		4,831,519		4,815,127		3,427,275
Class B
Shares sold			189,675		5,710		8,868		6,280		12,799		7,893		21,218
Dividend and distribution reinvested			4,086		3,194		76		868		1,504		5,203		—
Shares repurchased			(82,618	)	(1,105	)	(8,228	)	(2,208	)	(3,772	)	(4,393	)	(14,229	)
Converted to Class A shares			(783,748	)	—		—		—		—		—		—
Net increase (decrease)			(672,605	)	7,799		716		4,940		10,531		8,703		6,989
Beginning shares outstanding			672,605		45,762		45,046		41,767		31,236		82,749		75,760
Ending shares outstanding			—		53,561		45,762		46,707		41,767		91,452		82,749
Class C
Shares sold			2,003,182		34,844		18,566		18,233		40,851		23,378		85,413
Dividend and distribution reinvested			9,277		9,687		177		1,424		3,362		14,440		—
Shares repurchased			(4,032,847	)	(21,333	)	(28,370	)	(17,292	)	(40,749	)	(52,650	)	(33,489	)
Converted to Class A shares			(1,237,985	)	—		—		—		—		—		—
Net increase (decrease)			(3,258,373	)	23,198		(9,627	)	2,365		3,464		(14,832	)	51,924
Beginning shares outstanding			3,258,373		128,140		137,767		73,728		70,264		215,357		163,433
Ending shares outstanding			—		151,338		128,140		76,093		73,728		200,525		215,357

(1)	Operations commenced on September 30, 2005. These two funds offer Class A shares only.
(2)	Class B and C shares of the PF Pacific Life Money Market Fund were converted to Class A shares on June 29, 2005. Only Class A shares are offered after that date.

D-13

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

	PF Van Kampen Real Estate Fund
	Period ended 9/30/2006			Year ended 3/31/2006
Class A
Shares sold		274,228			497,818
Dividend and distribution reinvested		20,900			40,767
Shares repurchased		(514,748	)		(31,349	)
Net increase (decrease)		(219,620	)		507,236
Beginning shares outstanding		1,982,607			1,475,371
Ending shares outstanding		1,762,987			1,982,607
Class B
Shares sold		2,978			9,142
Dividend and distribution reinvested		78			128
Shares repurchased		(1,834	)		(3,606	)
Net increase		1,222			5,664
Beginning shares outstanding		7,518			1,854
Ending shares outstanding		8,740			7,518
Class C
Shares sold		9,281			7,560
Dividend and distribution reinvested		103			148
Shares repurchased		(6,114	)		(2,228	)
Net increase		3,270			5,480
Beginning shares outstanding		8,897			3,417
Ending shares outstanding		12,167			8,897

          As of September 30, 2006, Pacific Life owned the following percentages of the total (aggregate of Classes A, B, and C) shares outstanding of each of the Funds:

PF Oppenheimer Emerging Markets	22.8	%
PF Pacific Money Market Fund	0.1	%

          As of September 30, 2006, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C, and R) owned the following percentages of the total shares outstanding of each of the following Underlying Funds, as applicable:

	Portfolio Optimization Funds
Underlying Fund	Portfolio Optimization Model A		Portfolio Optimization Model B		Portfolio Optimization Model C		Portfolio Optimization Model D		Portfolio Optimization Model E
PF AllianceBernstein International Value	1.27	%	6.83	%	25.53	%	39.54	%	19.21	%
PF Goldman Sachs Short Duration Bond	13.28	%	21.59	%	47.37	%	14.76	%	N/A
PF Janus Growth LT	1.06	%	4.28	%	26.63	%	38.49	%	21.84	%
PF Lazard Mid-Cap Value	0.95	%	6.34	%	33.16	%	39.13	%	19.43	%
PF Loomis Sayles Large-Cap Growth	2.15	%	5.77	%	32.27	%	33.45	%	13.35	%
PF MFS International Large-Cap	0.87	%	6.99	%	26.14	%	40.40	%	19.56	%
PF NB Fasciano Small Equity	N/A		4.34	%	24.29	%	41.91	%	23.40	%
PF Oppenheimer Main Street Core	2.36	%	7.39	%	31.49	%	40.82	%	17.94	%
PF Oppenheimer Emerging Markets	N/A		N/A		26.60	%	34.29	%	16.31	%
PF PIMCO Managed Bond	7.82	%	16.12	%	42.11	%	24.93	%	N/A
PF PIMCO Inflation Managed	5.81	%	13.62	%	43.55	%	26.34	%	N/A
PF Pacific Life Money Market	13.08	%	17.53	%	N/A		N/A		N/A
PF Salomon Brothers Large-Cap Value	1.11	%	5.94	%	27.68	%	34.47	%	16.08	%
PF Van Kampen Comstock	1.19	%	7.42	%	31.66	%	36.85	%	16.31	%
PF Van Kampen Mid-Cap Growth	N/A		4.00	%	29.80	%	36.14	%	18.63	%
PF Van Kampen Real Estate	N/A		N/A		31.45	%	43.28	%	21.48	%

D-14

PACIFIC 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 ongoing costs, which include advisory 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 period April 1, 2006 to September 30, 2006.

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 reimbursement and fee waivers. The “Ending Account Value at 09/30/06” column 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 04/01/06-09/30/06” 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 6-month period from April 1, 2006 to September 30, 2006.

          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 04/01/06-09/30/06” column.

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 reimbursement and 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 transaction costs. 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.

	Beginning Account Value at 04/01/06		Ending Account Value at 09/30/06		Annualized Expense Ratio		Expenses Paid During the Period (1) 04/01/06 - 09/30/06
PF Portfolio Optimization Model A
Actual Fund Return
Class A	$	1,000.00	$	1,027.60	0.02	%	$	0.10
Class B		1,000.00		1,025.30	0.52	%		2.64
Class C		1,000.00		1,025.50	0.52	%		2.64
Class R		1,000.00		1,028.60	0.02	%		0.10
Hypothetical
Class A	$	1,000.00	$	1,024.97	0.02	%	$	0.10
Class B		1,000.00		1,022.46	0.52	%		2.64
Class C		1,000.00		1,022.46	0.52	%		2.64
Class R		1,000.00		1,024.97	0.02	%		0.10
PF Portfolio Optimization Model B
Actual Fund Return
Class A	$	1,000.00	$	1,025.70	0.02	%	$	0.10
Class B		1,000.00		1,023.70	0.52	%		2.64
Class C		1,000.00		1,023.70	0.52	%		2.64
Class R		1,000.00		1,025.70	0.02	%		0.10
Hypothetical
Class A	$	1,000.00	$	1,024.97	0.02	%	$	0.10
Class B		1,000.00		1,022.46	0.52	%		2.64
Class C		1,000.00		1,022.46	0.52	%		2.64
Class R		1,000.00		1,024.97	0.02	%		0.10
PF Portfolio Optimization Model C
Actual Fund Return
Class A	$	1,000.00	$	1,021.10	0.00	% (2)	$	0.00	(2)
Class B		1,000.00		1,019.10	0.50	%		2.53
Class C		1,000.00		1,019.20	0.50	%		2.53
Class R		1,000.00		1,020.20	0.00	% (2)		0.00	(2)
Hypothetical
Class A	$	1,000.00	$	1,025.07	0.00	% (2)	$	0.00	(2)
Class B		1,000.00		1,022.56	0.50	%		2.54
Class C		1,000.00		1,022.56	0.50	%		2.54
Class R		1,000.00		1,025.07	0.00	% (2)		0.00	(2)
PF Portfolio Optimization Model D
Actual Fund Return
Class A	$	1,000.00	$	1,017.30	0.00	%	$	0.00
Class B		1,000.00		1,015.60	0.50	%		2.53
Class C		1,000.00		1,014.80	0.50	%		2.53
Class R		1,000.00		1,017.30	0.00	%		0.00
Hypothetical
Class A	$	1,000.00	$	1,025.07	0.00	%	$	0.00
Class B		1,000.00		1,022.56	0.50	%		2.54
Class C		1,000.00		1,022.56	0.50	%		2.54
Class R		1,000.00		1,025.07	0.00	%		0.00

	See explanation of references on page E-3
E-1

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

	Beginning Account Value at 04/01/06		Ending Account Value at 09/30/06		Annualized Expense Ratio		Expenses Paid During the Period (1) 04/01/06 - 09/30/06
PF Portfolio Optimization Model E
Actual Fund Return
Class A	$	1,000.00	$	1,019.40	0.00	%	$	0.00
Class B		1,000.00		1,017.00	0.50	%		2.53
Class C		1,000.00		1,017.80	0.50	%		2.53
Class R		1,000.00		1,020.20	0.00	%		0.00
Hypothetical
Class A	$	1,000.00	$	1,025.07	0.00	%	$	0.00
Class B		1,000.00		1,022.56	0.50	%		2.54
Class C		1,000.00		1,022.56	0.50	%		2.54
Class R		1,000.00		1,025.07	0.00	%		0.00
PF AllianceBernstein International Value Fund (3)
Actual Fund Return
Class A	$	1,000.00	$	1,033.70	1.78	%	$	9.07
Class B		1,000.00		1,031.20	2.28	%		11.61
Class C		1,000.00		1,031.00	2.28	%		11.61
Hypothetical
Class A	$	1,000.00	$	1,016.14	1.78	%	$	9.00
Class B		1,000.00		1,013.64	2.28	%		11.51
Class C		1,000.00		1,013.64	2.28	%		11.51
PF Goldman Sachs Short Duration Bond Fund
Actual Fund Return
Class A	$	1,000.00	$	1,019.20	1.52	%	$	7.69
Class B		1,000.00		1,017.60	2.02	%		10.22
Class C		1,000.00		1,016.50	2.02	%		10.21
Hypothetical
Class A	$	1,000.00	$	1,017.45	1.52	%	$	7.69
Class B		1,000.00		1,014.94	2.02	%		10.20
Class C		1,000.00		1,014.94	2.02	%		10.20
PF Janus Growth LT Fund
Actual Fund Return
Class A	$	1,000.00	$	998.40	1.68	%	$	8.42
Class B		1,000.00		995.80	2.18	%		10.91
Class C		1,000.00		995.80	2.18	%		10.91
Hypothetical
Class A	$	1,000.00	$	1,016.65	1.68	%	$	8.49
Class B		1,000.00		1,014.14	2.18	%		11.01
Class C		1,000.00		1,014.14	2.18	%		11.01
PF Lazard Mid-Cap Value Fund
Actual Fund Return
Class A	$	1,000.00	$	1,029.30	1.76	%	$	8.95
Class B		1,000.00		1,026.60	2.26	%		11.48
Class C		1,000.00		1,026.60	2.26	%		11.48
Hypothetical
Class A	$	1,000.00	$	1,016.24	1.76	%	$	8.90
Class B		1,000.00		1,013.74	2.26	%		11.41
Class C		1,000.00		1,013.74	2.26	%		11.41

PF Loomis Sayles Large-Cap Growth Fund
Actual Fund Return
Class A	$	1,000.00	$	905.90	1.87	%	$	8.93
Class B		1,000.00		903.70	2.37	%		11.31
Class C		1,000.00		903.50	2.37	%		11.31
Hypothetical
Class A	$	1,000.00	$	1,015.69	1.87	%	$	9.45
Class B		1,000.00		1,013.19	2.37	%		11.96
Class C		1,000.00		1,013.19	2.37	%		11.96
PF MFS International Large-Cap Fund
Actual Fund Return
Class A	$	1,000.00	$	1,065.30	1.98	%	$	10.25
Class B		1,000.00		1,062.60	2.48	%		12.82
Class C		1,000.00		1,062.50	2.48	%		12.82
Hypothetical
Class A	$	1,000.00	$	1,015.14	1.98	%	$	10.00
Class B		1,000.00		1,012.63	2.48	%		12.51
Class C		1,000.00		1,012.63	2.48	%		12.51
PF NB Fasciano Small Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	918.10	1.92	%	$	9.23
Class B		1,000.00		915.10	2.42	%		11.62
Class C		1,000.00		916.10	2.42	%		11.62
Hypothetical
Class A	$	1,000.00	$	1,015.44	1.92	%	$	9.70
Class B		1,000.00		1,012.94	2.42	%		12.21
Class C		1,000.00		1,012.94	2.42	%		12.21
PF Oppenheimer Main Street Core Fund
Actual Fund Return
Class A	$	1,000.00	$	1,023.90	1.57	%	$	7.97
Hypothetical
Class A	$	1,000.00	$	1,017.20	1.57	%	$	7.94
PF Oppenheimer Emerging Markets Fund
Actual Fund Return
Class A	$	1,000.00	$	963.50	1.92	%	$	9.45
Hypothetical
Class A	$	1,000.00	$	1,015.44	1.92	%	$	9.70
PF PIMCO Managed Bond Fund
Actual Fund Return
Class A	$	1,000.00	$	1,033.50	1.52	%	$	7.75
Class B		1,000.00		1,031.00	2.02	%		10.28
Class C		1,000.00		1,029.90	2.02	%		10.28
Hypothetical
Class A	$	1,000.00	$	1,017.45	1.52	%	$	7.69
Class B		1,000.00		1,014.94	2.02	%		10.20
Class C		1,000.00		1,014.94	2.02	%		10.20

	See explanation of references on page E-3
E-2

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

	Beginning Account Value at 04/01/06		Ending Account Value at 09/30/06		Annualized Expense Ratio		Expenses Paid During the Period (1) 04/01/06 - 09/30/06
PF PIMCO Inflation Managed Fund
Actual Fund Return
Class A	$	1,000.00	$	1,035.90	1.52	%	$	7.76
Class B		1,000.00		1,032.80	2.02	%		10.29
Class C		1,000.00		1,032.70	2.02	%		10.29
Hypothetical
Class A	$	1,000.00	$	1,017.45	1.52	%	$	7.69
Class B		1,000.00		1,014.94	2.02	%		10.20
Class C		1,000.00		1,014.94	2.02	%		10.20
PF Pacific Life Money Market Fund
Actual Fund Return
Class A	$	1,000.00	$	1,020.30	1.08	%	$	5.47
Hypothetical
Class A	$	1,000.00	$	1,019.65	1.08	%	$	5.47
PF Salomon Brothers Large-Cap Value Fund
Actual Fund Return
Class A	$	1,000.00	$	1,041.30	1.77	%	$	9.06
Class B		1,000.00		1,038.50	2.27	%		11.60
Class C		1,000.00		1,038.60	2.27	%		11.60
Hypothetical
Class A	$	1,000.00	$	1,016.19	1.77	%	$	8.95
Class B		1,000.00		1,013.69	2.27	%		11.46
Class C		1,000.00		1,013.69	2.27	%		11.46
PF Van Kampen Comstock Fund
Actual Fund Return
Class A	$	1,000.00	$	1,058.90	1.88	%	$	9.70
Class B		1,000.00		1,055.30	2.38	%		12.26
Class C		1,000.00		1,056.10	2.38	%		12.27
Hypothetical
Class A	$	1,000.00	$	1,015.64	1.88	%	$	9.50
Class B		1,000.00		1,013.14	2.38	%		12.01
Class C		1,000.00		1,013.14	2.38	%		12.01
PF Van Kampen Mid-Cap Growth Fund
Actual Fund Return
Class A	$	1,000.00	$	923.60	1.82	%	$	8.78
Class B		1,000.00		921.10	2.32	%		11.17
Class C		1,000.00		921.80	2.32	%		11.18
Hypothetical
Class A	$	1,000.00	$	1,015.94	1.82	%	$	9.20
Class B		1,000.00		1,013.44	2.32	%		11.71
Class C		1,000.00		1,013.44	2.32	%		11.71

PF Van Kampen Real Estate Fund
Actual Fund Return
Class A	$	1,000.00	$	1,081.90	2.03	%	$	10.59
Class B		1,000.00		1,079.80	2.53	%		13.19
Class C		1,000.00		1,079.10	2.53	%		13.19
Hypothetical
Class A	$	1,000.00	$	1,014.89	2.03	%	$	10.25
Class B		1,000.00		1,012.38	2.53	%		12.76
Class C		1,000.00		1,012.38	2.53	%		12.76

(1)	Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in the 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)	Amount respresents less than $0.005 or 0.005%.
(3)	Formerly named PF Lazard International Value Fund.

E-3

PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION
(Unaudited)

     The business and affairs of the Funds are managed under the direction of the Board of Trustees under the Pacific Funds’ Declaration of Trust. Information pertaining to the trustees and officers of the Funds is set forth below. Trustees who are not deemed to be “interested persons” of the Funds, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Funds and thus are referred to as “Interested Persons,” because of their positions with Pacific Life. The Funds’ Statement of Additional Information (SAI) includes additional information about the trustees and is available without charge, upon request, by calling the Funds toll-free at 1-800-722-2333.

     The address of each trustee and officer, is c/o Pacific Funds, 700 Newport Center Drive, Newport Beach, CA 92660.

Name and Age	Position(s) held with Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 Years	Number of Portfolios/Funds in Fund Complex Overseen**
INDEPENDENT TRUSTEES
Frederick L. Blackmon Year of birth 1952	Trustee since 9/13/05	Trustee (1/05 to present) of Pacific Select Fund; Director (2005 to present) of Trustmark Mutual Holding Company; Former Executive Vice President and Chief Financial Officer (1995 to 2003) of Zurich Life and has been retired since that time; Executive Vice President and Chief Financial Officer (1989 to 1995) of Alexander Hamilton Life Insurance Company (subsidiary of Household International); Former Member, Board of Regents (1993 to 1996), Eastern Michigan University; and Former Member, Board of Governors (1994 to 1999) of Cranbrook Schools.	54
Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Select Fund; Former President and Chief Executive Officer (1999 to 2003) of Zurich Life; Former Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; Member of the Board of Directors of LandAmerica Financial Group, Inc.; Member of the Advisory Council of the Trust for Public Land in Maine; Member of Editorial Advisory Board for The Journal of Risk Finance; Member of the Board of Directors of Make-A-Wish of Maine; and Former Member, Board of Directors of the Illinois Life Insurance Council.	54
Lucie H. Moore Year of birth 1956	Trustee since 6/12/01	Trustee (10/98 to present) of Pacific Select Fund; Vice Chairman of the Board of Trustees, The Pegasus School; Chairman of the Development Committee of the Board of Directors, Homeword; Advisory Board, Court Appointed Special Advocates (CASA) of Orange County; and Former Partner (1994) with Gibson, Dunn & Crutcher (Law).	54
Nooruddin (Rudy) S. Veerjee Year of birth 1958	Trustee since 9/13/05	Trustee (1/05 to present) of Pacific Select Fund; Former President (1997 to 2000) of Transamerica Insurance and Investment Group and has been retired since that time; Former President (1994 to 1997) of Transamerica Asset Management; Former Chairman and Chief Executive Officer (1995 to 2000) of Transamerica Premier Funds (Mutual Fund); and Former Director (1994 to 2000) of various Transamerica Life Companies.	54

See explanation of symbols on page E-7

E-4

PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)

Name and Age	Position(s) held with Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 Years	Number of Portfolios/Funds in Fund Complex Overseen**
INDEPENDENT TRUSTEES
G. Thomas Willis Year of birth 1942	Trustee since 2/24/04	Trustee (11/03 to present) of Pacific Select Fund; Certified Public Accountant in California (1967 to present); Audit Partner (1976 to 2002) of PricewaterhouseCoopers LLP (Accounting and Auditing) and has been retired since that time.	54
INTERESTED PERSONS
Thomas C. Sutton Year of birth 1942	Chief Executive Officer since 11/14/05 and Chairman of the Board and Trustee since 6/12/01	Chairman of the Board, Director and Chief Executive Officer (8/97 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Chairman of the Board and Chief Executive Officer (1/90 to present), and Director (9/87 to present) of Pacific Life, and similar positions with other subsidiaries and affiliates of Pacific Life; Director of The Irvine Company (Real Estate); Director of Edison International (Utilities); Former Director of Newhall Land & Farming (2004); and Chief Executive Officer (11/05 to present), Chairman of the Board and Trustee (7/87 to present) of Pacific Select Fund.	54
James T. Morris Year of birth 1960	President since 11/14/05 (Executive Vice President 6/05 to 11/05)	Chief Operating Officer (1/06 to present), and Chief Insurance Officer and Executive Vice President (7/05 to 1/06) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06), Executive Vice President (1/02 to 1/06), Senior Vice President (4/96 to 1/02), and Vice President (4/90 to 4/96) of Pacific Life, and similar positions with other subsidiaries and affiliates of Pacific Life; Director (4/06 to present), Chief Operating Officer (1/06 to present), Chief Insurance Officer (4/05 to 1/06), Executive Vice President (1/02 to 1/06), and Senior Vice President (8/99 to 1/02) of Pacific Life & Annuity Company (PL&A); Director and President (12/05 to present) of Pacific Alliance Reinsurance Ltd.; Director (2/06 to present) of Pacific Life & Annuity Services, Inc.; Director (4/06 to present) of Confederation Life Insurance & Annuity Company; and President (11/05 to present) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund.	54

See explanation of symbols on page E-7

E-5

PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)

Name and Age	Position(s) held with Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 Years	Number of Portfolios/Funds in Fund Complex Overseen**
INTERESTED PERSONS
Mary Ann Brown Year of birth 1951	Executive Vice President since 6/20/06	Senior Vice President (5/06 to present) of Pacific LifeCorp; Senior Vice President (3/05 to present) of Pacific Life; Trustee (9/05 to present), Pacific Life Employees Retirement Plan of Pacific Life; Current and Prior Board Member and Vice Chairman (8/01 to present) National Association of Variable Annuities (NAVA); Chairman (7/04 to 10/05) of NAVA; Senior Vice President (7/03 to 11/03), Finance, New York Life Insurance Company; MetLife, Inc. (12/98 to 6/03), Senior Vice President and Head of Individual Business Product Management (12/98 to 7/02) responsibilities included: President of New England Products and Services; Chairman, Security First Group (later Met Life Investors); Chairman, Chief Executive Officer and President, New England Pension and Annuity Company; Board Member, New England Zenith Funds; Board Member, Reinsurance Group of America, Chairman and Chief Executive Officer of Exeter Reinsurance Company, Ltd.; Chairman and Chief Executive Officer of Missouri Reinsurance Company, Ltd; Chairman of Underwriting Policy and Rate Setting Committees; Senior Vice President and Chief Actuary, MetLife, Inc. (7/02 to 6/03); Director and Senior Vice President (12/05 to present) of Pacific Alliance Reinsurance Ltd; and Executive Vice President (6/06 to present) of Pacific Select Fund.	54
Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 6/12/01	Vice President (4/04 to present) and Investment Counsel of Pacific Life and PL&A; Assistant Vice President (11/93 to 4/04) and Investment Counsel of Pacific Life; Assistant Vice President (8/99 to 4/04) and Investment Counsel of PL&A; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund.	54
Brian D. Klemens Year of birth 1956	Vice President and Treasurer since 6/12/01	Vice President and Treasurer (6/99 to present) of Pacific Mutual Holding Company and Pacific Life Corp: Vice President and Treasurer (12/98 to present) of Pacific Life, and similar positions with other subsidiaries and affiliates of Pacific Life; and Vice President and Treasurer (4/96 to present) of Pacific Select Fund.	54
Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/4/04	Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present ), and Assistant Vice President (11/97 to 2/00) of Pacific Life; Vice President (4/00 to present) and Chief Compliance Officer (1/03 to present), and Assistant Vice President (8/99 to 4/00) of PL&A; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund.	54

See explanation of symbols on page E-7

E-6

PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)

Name and Age	Position(s) held with Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 Years	Number of Portfolios/Funds in Fund Complex Overseen**
INTERESTED PERSONS
Eddie Tung Year of birth 1957	Vice President and Assistant Treasurer since 11/14/05	Assistant Vice President (4/03 to present) and Director (4/00 to 4/03) of Variable Products Accounting, Pacific Life; and Assistant Vice President and Assistant Treasurer (11/05 to present) of Pacific Select Fund.	54
Howard T. Hirakawa Year of birth 1962	Vice President since 6/20/06	Vice President (4/05 to present), Assistant Vice President (4/00 to 4/05) of Pacific Life; and Vice President (6/06 to present) of Pacific Select Fund.	54
Laurene E. MacElwee Year of birth 1966	Vice President and Assistant Secretary since 4/04/05 (Assistant Vice President 6/13/01 to 4/03/05)	Assistant Vice President (4/02 to present) and Director (4/00 to 4/02) of Variable Products & Fund Compliance, Pacific Life; and Assistant Vice President and Assistant Secretary (4/05 to present) of Pacific Select Fund.	54
Katayoun Mobedshahi Year of birth 1972	Vice President and Assistant Secretary since 4/04/05	Assistant Vice President and Investment Counsel (2/05 to present) of Pacific Life; Associate (5/03 to 2/05), Stradley Ronon Stevens & Young, LLP; Senior Counsel (4/01 to 5/03), Securities & Exchange Commission; and Assistant Vice President and Assistant Secretary (4/05 to present) of Pacific Select Fund.	54
Audrey L. Milfs Year of birth 1945	Secretary since 6/12/01	Vice President and Secretary (8/97 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (8/97 to present), Vice President (4/91 to present), and Secretary (7/83 to present) of Pacific Life, and similar positions with other subsidiaries of Pacific Life; and Secretary (7/87 to present) of Pacific Select Fund.	54

*	A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.
**	As of September 30, 2006, the “Fund Complex” consisted of Pacific Select Fund (33 portfolios) and Pacific Funds (21 funds).

E-7

PACIFIC FUNDS
APPROVAL OF TRANSFER OF FUND MANAGEMENT AGREEMENT
(Unaudited)

     The Board of Trustees (the “Board”) of Pacific Funds (the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves the first two-year term, and thereafter determines annually whether to renew, the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Insurance Company (“Pacific Life”) and Fund Management Agreements with the various sub-advisers, or “Fund Managers.” Pacific Life serves as the investment adviser for all of the Funds and manages six Funds directly. For the other Funds, Pacific Life has retained other firms to serve as Fund Managers under Pacific Life’s supervision. The Board, including all of the Independent Trustees, last renewed the Advisory Agreement and applicable Fund Management Agreements at an in-person meeting of the Trustees held on November 14, 2005. The description below does not relate to the approvals at that meeting or an approval of a sub-adviser under Section 15(c), but to an approval to transfer a sub-advisory agreement among affiliates as described below that occurred during the fiscal period April 1, 2006 through September 30, 2006. The Independent Trustees were advised by independent legal counsel with respect to this and other relevant matters. The approval determination was made on the basis of each Independent Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weight to certain factors and assigned various degrees of materiality to information received in connection with the approval process.

PF Salomon Brothers Large-Cap Value Fund

     At an in-person meeting on September 19, 2006, the Board, including all of the Independent Trustees, approved the transfer of a Fund Management Agreement (“Agreement”) for the PF Salomon Brothers Large-Cap Value Fund (the “Fund”), from Salomon Brothers Asset Management, Inc (“Salomon Brothers”), a wholly-owned subsidiary of Legg Mason, Inc. (“Legg Mason”), to CAM North America LLC (“CAM NA”) (the “transfer”). As part of an internal reorganization by Legg Mason, CAM NA, also a wholly-owned subsidiary of Legg Mason, will serve as the new Fund Manager effective October 1, 2006. CAM NA had also represented that during October 2006, its name will change to ClearBridge Advisors LLC (“ClearBridge”).

     The Board received certain informational materials from Legg Mason, including a legal opinion (the “Opinion”) of counsel to Legg Mason, dated June 26, 2006, indicating that the transfer would not result in a change of the actual control or management of the organization serving as Fund Manager to the Fund and that therefore the transfer would not result in an “assignment” of the Agreement as that term is defined in the 1940 Act. In approving the transfer of the Agreement from Salomon Brothers to CAM NA, the Board considered, among other things, that (i) no material changes were expected in the personnel and day-to-day operations of the area responsible for management of the Fund, (ii) no material changes were expected in the management of the Fund, (iii) no material changes were expected in the nature or level of services provided, (iv) no changes were expected in the advisory or management fee schedules, and (v) Pacific Life, as investment adviser, recommended the transfer.

     The Board is scheduled to consider re-approval of the Agreement for another one-year term at its November 2006 meeting. At that time the Board will consider several factors relevant to the consideration of the Agreement, including investment performance, fees and the services provided under the contracts.

E-8

PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)

Availability of Quarterly Holdings

     The Funds will file Form N-Q (complete schedules of portfolio 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 Funds’ Form N-Q, when required to be filed pursuant to applicable regulations, will be 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 Funds’ Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.

Availability of Proxy Voting Policies

     A description of the Proxy Voting Policies and Procedures that the Funds use to determine how to vote proxies relating to fund securities is described in the Funds’ Statement of Additional Information, which is available (i) upon request, without charge, by calling 1-800-722-2333; (ii) on the Funds’ Webpage at http://www.PacificLife.com; and (iii) on the SEC’s Web site at http://www.sec.gov.

Availability of Proxy Voting Record

     The Funds file, by August 31 of each year, information regarding how the Funds’ managers voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. Such information is available after filing (i) on the Funds’ Webpage at http://www.PacificLife.com; and (ii) on the SEC’s Web site at http://www.sec.gov.

Availability of a Complete Schedule of Investments

     The Funds’ annual and semi-annual reports may contain a summary schedule of investments (SOI) for certain funds. A complete schedule for each summary SOI presented is available (i) on the Funds’ Webpage at http://www.PacificLife.com; (ii) on the SEC’s Web site at http://www.sec.gov; and (iii) upon request, without charge, by calling 1-800-722-2333.

E-9

[THIS PAGE INTENTIONALLY LEFT BLANK]

PACIFIC FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2006

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

ADDRESS SERVICE REQUESTED

3167-6A

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. Schedule of Investments —Schedule I.

PACIFIC FUNDS
PF OPPENHEIMER MAIN STREET^® CORE FUND
Schedule of Investments
September 30, 2006 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.91%
Autos & Transportation - 1.71%
AMR Corp *		600	$	13,884
Arkansas Best Corp		200		8,606
ArvinMeritor Inc		400		5,696
Autoliv Inc		300		16,533
Continental Airlines Inc ‘B’ *		700		19,817
CSX Corp		6,800		223,244
FedEx Corp		1,800		195,624
General Maritime Corp		200		7,316
General Motors Corp		2,300		76,498
Harley-Davidson Inc		1,600		100,400
Laidlaw International Inc		400		10,932
Norfolk Southern Corp		1,000		44,050
OMI Corp		300		6,513
Overseas Shipholding Group Inc		200		12,354
PACCAR Inc		900		51,318
Southwest Airlines Co		8,200		136,612
Swift Transportation Co Inc *		300		7,116
Tenneco Inc *		300		7,017
Thor Industries Inc		100		4,117
Tidewater Inc		200		8,838
United Parcel Service Inc ‘B’		1,800		129,492
US Airways Group Inc *		300		13,299
Westinghouse Air Brake Technologies Corp		300		8,139
				1,107,415
Consumer Discretionary - 11.55%
Administaff Inc		200		6,740
American Eagle Outfitters Inc		300		13,149
AnnTaylor Stores Corp *		400		16,744
Avis Budget Group Inc		230		4,207
Barnes & Noble Inc		700		26,558
Best Buy Co Inc		1,200		64,272
Big Lots Inc *		800		15,848
Brightpoint Inc *		400		5,688
Brown Shoe Co Inc		200		7,168
CBS Corp ‘B’		2,900		81,693
Charming Shoppes Inc *		700		9,996
Christopher & Banks Corp		200		5,896
Circuit City Stores Inc		1,100		27,621
Clear Channel Communications Inc		9,600		276,960
Columbia Sportswear Co *		100		5,583
Convergys Corp *		800		16,520
Costco Wholesale Corp		2,900		144,072
Darden Restaurants Inc		400		16,988
Dillard’s Inc ‘A’		700		22,911
Dollar Thrifty Automotive Group Inc *		100		4,457
Dollar Tree Stores Inc *		1,000		30,960
Domino’s Pizza Inc		100		2,565
EarthLink Inc *		1,100		7,997
Ethan Allen Interiors Inc		200		6,932
Family Dollar Stores Inc		900		26,316
Federated Department Stores Inc		1,500		64,815
Furniture Brands International Inc		300		5,712
Gannett Co Inc		4,700		267,101
Google Inc ‘A’ *		1,900		763,610
Group 1 Automotive Inc		100		4,990
Guess? Inc *		300		14,559
IKON Office Solutions Inc		200		2,688
International Game Technology		4,900		203,350
ITT Educational Services Inc *		300		19,890
J.C. Penney Co Inc		4,400		300,916
Jack in the Box Inc *		200		10,436
Jackson Hewitt Tax Service Inc		200		6,002
Kohl’s Corp *		1,000		64,920
Las Vegas Sands Corp *		600		41,010
Leggett & Platt Inc		400		10,012
Liberty Media Holding Corp - Capital ‘A’ *		1,300		108,641
Liberty Media Holding Corp - Interactive ‘A’ *		5,000		101,900
Limited Brands Inc		5,100		135,099
Live Nation Inc *		100		2,042
Liz Claiborne Inc		500		19,755
Lowe’s Cos Inc		6,500		182,390
Manpower Inc		500		30,635
Marriott International Inc ‘A’		1,600		61,824
Mattel Inc		700		13,790
McDonald’s Corp		4,100		160,392
MGM MIRAGE *		1,200		47,388
Michaels Stores Inc		700		30,478
MPS Group Inc *		500		7,555
News Corp ‘A’		7,600		149,340
Nordstrom Inc		6,500		274,950
Office Depot Inc *		6,900		273,930
OfficeMax Inc		400		16,296
Omnicom Group Inc		2,400		224,640
Payless ShoeSource Inc *		300		7,470
Phillips-Van Heusen Corp		300		12,531
RadioShack Corp		200		3,860
Rent-A-Center Inc *		400		11,716
Republic Services Inc		600		24,126
Robert Half International Inc		600		20,382
Sears Holdings Corp *		400		63,236
Skechers U.S.A Inc ‘A’ *		300		7,053
Staples Inc		1,200		29,196
Starbucks Corp *		1,300		44,265
Starwood Hotels & Resorts Worldwide Inc		2,500		142,975
Tech Data Corp *		400		14,612
Tempur-Pedic International Inc *		400		6,868
The DIRECTV Group Inc *		6,100		120,048
The Dress Barn Inc *		300		6,546
The Gap Inc		10,000		189,500
The Gymboree Corp *		200		8,436
The Home Depot Inc		9,200		333,684
The McGraw-Hill Cos Inc		4,600		266,938
The Men’s Wearhouse Inc		600		22,326
The Pantry Inc *		100		5,637
The TJX Cos Inc		4,600		128,938
The Toro Co		300		12,651
The Walt Disney Co		4,900		151,459
Time Warner Inc		16,200		295,326
Tribune Co		500		16,360
Tween Brands Inc *		200		7,520
United Online Inc		1,000		12,180
Vail Resorts Inc *		200		8,004
VeriSign Inc *		700		14,140
Viacom Inc ‘B’ *		2,700		100,386
Wal-Mart Stores Inc		8,600		424,152
Waste Management Inc		5,500		201,740
WMS Industries Inc *		100		2,921
Wolverine World Wide Inc		200		5,662
Wyndham Worldwide Corp *		460		12,866
Yum! Brands Inc		5,400		281,070
				7,485,677
Consumer Staples - 6.47%
Altria Group Inc		12,000		918,600
Campbell Soup Co		4,700		171,550
Coca-Cola Enterprises Inc		400		8,332
Colgate-Palmolive Co		4,500		279,450
ConAgra Foods Inc		11,000		269,280
Dean Foods Co *		400		16,808
Del Monte Foods Co		800		8,360
Flowers Foods Inc		100		2,688

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page 4
1

PACIFIC FUNDS

PF OPPENHEIMER MAIN STREET CORE FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

	Shares		Value
General Mills Inc		2,500	$	141,500
H.J. Heinz Co		3,400		142,562
Kellogg Co		800		39,616
Kraft Foods Inc ‘A’		1,000		35,660
Loews Corp-Carolina Group		600		33,234
Longs Drug Stores Corp		100		4,601
NBTY Inc *		200		5,854
PepsiCo Inc		8,300		541,658
Reynolds American Inc		2,200		136,334
Safeway Inc		7,300		221,555
The Coca-Cola Co		8,800		393,184
The Kroger Co		1,400		32,396
The Pepsi Bottling Group Inc		1,600		56,800
The Procter & Gamble Co		11,700		725,166
Walgreen Co		200		8,878
				4,194,066
Energy - 2.57%
Anadarko Petroleum Corp		3,900		170,937
Apache Corp		2,000		126,400
Chesapeake Energy Corp		6,800		197,064
Cimarex Energy Co		500		17,595
Comstock Resources Inc *		300		8,145
Devon Energy Corp		4,300		271,545
EOG Resources Inc		2,500		162,625
Frontier Oil Corp		700		18,606
Grey Wolf Inc *		900		6,012
Holly Corp		200		8,666
Nabors Industries Ltd * (Bermuda)		600		17,850
Pogo Producing Co		200		8,190
St. Mary Land & Exploration Co		200		7,342
Sunoco Inc		700		43,533
Tesoro Corp		400		23,192
Valero Energy Corp		4,500		231,615
Veritas DGC Inc *		300		19,746
W&T Offshore Inc		100		2,921
Weatherford International Ltd * (Bermuda)		1,800		75,096
W-H Energy Services Inc *		100		4,147
XTO Energy Inc		5,800		244,354
				1,665,581
Financial Services - 23.98%
ACE Ltd (Cayman)		4,200		229,866
Aflac Inc		100		4,576
American Express Co		2,100		117,768
American International Group Inc		7,200		477,072
AmeriCredit Corp *		1,500		37,485
Ameriprise Financial Inc		1,800		84,420
AmerUs Group Co		400		27,204
Aon Corp		1,900		64,353
Assurant Inc		500		26,705
Astoria Financial Corp		1,000		30,820
Bank of America Corp		28,954		1,551,066
BankUnited Financial Corp ‘A’		200		5,214
BB&T Corp		2,500		109,450
Capital One Financial Corp		800		62,928
CB Richard Ellis Group Inc ‘A’ *		800		19,680
CIGNA Corp		700		81,424
Cincinnati Financial Corp		400		19,224
CIT Group Inc		2,400		116,712
Citigroup Inc		30,700		1,524,869
Comerica Inc		800		45,536
Countrywide Financial Corp		2,600		91,104
Digital Insight Corp *		100		2,932
Fair Isaac Corp		600		21,942
Fannie Mae		700		39,137
First Data Corp		9,200		386,400
Fiserv Inc *		900		42,381
Freddie Mac		1,400		92,862
Genworth Financial Inc ‘A’		800		28,008
Golden West Financial Corp		900		69,525
Greenhill & Co Inc		200		13,404
Hudson City Bancorp Inc		1,400		18,550
Huntington Bancshares Inc		900		21,537
International Securities Exchange Inc		200		9,378
Janus Capital Group Inc		700		13,804
Jefferies Group Inc		700		19,950
John H. Harland Co		100		3,645
Jones Lang LaSalle Inc		300		25,644
JPMorgan Chase & Co		24,300		1,141,128
KeyCorp		3,700		138,528
Knight Capital Group Inc ‘A’ *		500		9,100
LandAmerica Financial Group Inc		200		13,158
Lehman Brothers Holdings Inc		6,200		457,932
Lincoln National Corp		3,900		242,112
Loews Corp		2,300		87,170
M&T Bank Corp		1,500		179,940
Marsh & McLennan Cos Inc		500		14,075
MBIA Inc		400		24,576
Mellon Financial Corp		6,500		254,150
Merrill Lynch & Co Inc		8,400		657,048
MetLife Inc		700		39,676
MoneyGram International Inc		300		8,718
Morgan Stanley		8,800		641,608
National City Corp		6,000		219,600
Nationwide Financial Services Inc ‘A’		100		4,810
New York Community Bancorp Inc		400		6,552
North Fork Bancorp Inc		300		8,592
Old Republic International Corp		600		13,290
Paychex Inc		200		7,370
Piper Jaffray Cos *		100		6,062
Principal Financial Group Inc		5,500		298,540
Prudential Financial Inc		4,600		350,750
Radian Group Inc		600		36,000
Raymond James Financial Inc		200		5,848
Realogy Corp *		575		13,041
Ryder System Inc		300		15,504
Safeco Corp		300		17,679
Safety Insurance Group Inc		200		9,732
Sotheby’s		200		6,448
SunTrust Banks Inc		3,500		270,480
TCF Financial Corp		500		13,145
TD Banknorth Inc		100		2,888
The Allstate Corp		8,400		526,932
The Bear Stearns Cos Inc		2,200		308,220
The Chubb Corp		4,400		228,624
The Goldman Sachs Group Inc		3,600		609,012
The Hanover Insurance Group Inc		400		17,852
The Hartford Financial Services Group Inc		3,300		286,275
The PMI Group Inc		500		21,905
The PNC Financial Services Group Inc		1,800		130,392
The Progressive Corp		700		17,178
The St. Paul Travelers Cos Inc		8,300		389,187
Trammell Crow Co *		100		3,651
U.S. Bancorp		18,200		604,604
W.R. Berkley Corp		400		14,156
Wachovia Corp		11,200		624,960
Washington Mutual Inc		5,600		243,432
Wells Fargo & Co		21,200		767,016
				15,545,221

See Notes to Financial Statements	See explanation of symbols and terms, if any, on page 4
2

PACIFIC FUNDS

PF OPPENHEIMER MAIN STREET CORE FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

	Shares		Value
Health Care - 11.59%
Abbott Laboratories		7,400	$	359,344
Aetna Inc		1,200		47,460
Alpharma Inc ‘A’		300		7,017
AmerisourceBergen Corp		1,800		81,360
Amgen Inc *		3,400		243,202
Andrx Corp *		300		7,329
Becton Dickinson & Co		3,800		268,546
Bristol-Myers Squibb Co		8,100		201,852
Cardinal Health Inc		4,700		308,978
Caremark Rx Inc		6,400		362,688
Edwards Lifesciences Corp *		200		9,318
Emdeon Corp *		1,000		11,710
Endo Pharmaceuticals Holdings Inc *		100		3,255
Express Scripts Inc *		700		52,843
Forest Laboratories Inc *		2,000		101,220
HCA Inc		4,400		219,516
Humana Inc *		900		59,481
Johnson & Johnson		16,900		1,097,486
Kindred Healthcare Inc *		100		2,973
King Pharmaceuticals Inc *		1,900		32,357
Laboratory Corp of America Holdings *		500		32,785
Manor Care Inc		400		20,912
McKesson Corp		5,900		311,048
Medtronic Inc		7,300		339,012
Merck & Co Inc		18,000		754,200
Pediatrix Medical Group Inc *		200		9,120
Pfizer Inc		37,500		1,063,500
Quest Diagnostics Inc		2,000		122,320
Sciele Pharma Inc *		100		1,884
Sierra Health Services Inc *		700		26,488
UnitedHealth Group Inc		13,140		646,488
WellPoint Inc *		7,055		543,588
Wyeth		2,100		106,764
Zimmer Holdings Inc *		900		60,750
				7,516,794
Integrated Oils - 7.72%
Canadian Natural Resources Ltd (Canada)		1,200		54,688
Chevron Corp		14,000		908,040
ConocoPhillips		10,175		605,718
Exxon Mobil Corp		32,600		2,187,460
Hess Corp		4,400		182,248
Marathon Oil Corp		4,800		369,120
Occidental Petroleum Corp		7,752		372,949
Paramount Resources Ltd ‘A’ * (Canada)		3,200		76,983
Schlumberger Ltd (Netherlands)		4,000		248,120
				5,005,326
Materials & Processing - 3.36%
Acuity Brands Inc		400		18,160
Air Products & Chemicals Inc		3,500		232,295
AK Steel Holding Corp *		1,200		14,568
Carpenter Technology Corp		300		32,253
Chaparral Steel Co *		200		6,812
Commercial Metals Co		400		8,132
Ecolab Inc		800		34,256
EMCOR Group Inc *		100		5,484
Freeport-McMoRan Copper & Gold Inc ‘B’		4,600		244,996
Granite Construction Inc		400		21,340
H.B. Fuller Co		300		7,032
Hercules Inc *		400		6,308
Kaydon Corp		200		7,404
Masco Corp		9,400		257,748
NewMarket Corp		100		5,816
NS Group Inc *		300		19,365
Nucor Corp		5,900		291,991
OM Group Inc *		200		8,788
Packaging Corp of America		200		4,640
Pactiv Corp *		900		25,578
Phelps Dodge Corp		2,600		220,220
PPG Industries Inc		2,800		187,824
Quanex Corp		300		9,105
Quanta Services Inc *		800		13,488
Reliance Steel & Aluminum Co		600		19,284
Rohm & Haas Co		2,900		137,315
Ryerson Inc		100		2,189
Schnitzer Steel Industries Inc ‘A’		200		6,308
Southern Copper Corp		1,500		138,750
Steel Dynamics Inc		300		15,135
Temple-Inland Inc		400		16,040
The Dow Chemical Co		3,000		116,940
Tronox Inc ‘B’		362		4,623
United States Steel Corp		400		23,072
Valmont Industries Inc		100		5,225
Worthington Industries Inc		700		11,942
				2,180,426
Multi-Industry - 4.31%
3M Co		5,300		394,426
Eaton Corp		3,300		227,205
General Electric Co		46,900		1,655,570
Honeywell International Inc		5,600		229,040
SPX Corp		600		32,064
Textron Inc		1,300		113,750
Trinity Industries Inc		250		8,042
Tyco International Ltd (Bermuda)		4,900		137,151
				2,797,248
Producer Durables - 5.44%
A.O. Smith Corp		100		3,943
AGCO Corp *		400		10,140
Agilent Technologies Inc *		6,900		225,561
Alliant Techsystems Inc *		300		24,318
Applied Industrial Technologies Inc		250		6,100
Applied Materials Inc		13,000		230,490
Belden CDT Inc		200		7,646
Caterpillar Inc		3,800		250,040
Cooper Industries Ltd ‘A’ (Bermuda)		200		17,044
Crane Co		200		8,360
Cummins Inc		100		11,923
Cymer Inc *		400		17,564
Danaher Corp		3,800		260,946
Deere & Co		900		75,519
Emerson Electric Co		2,900		243,194
Flowserve Corp *		200		10,118
General Cable Corp *		200		7,642
Hubbell Inc ‘B’		200		9,580
Illinois Tool Works Inc		7,300		327,770
InterDigital Communications Corp *		200		6,820
Lam Research Corp *		900		40,797
Lockheed Martin Corp		5,300		456,118
Mettler-Toledo International Inc *		100		6,615
Northrop Grumman Corp		5,500		374,385
Orbital Sciences Corp *		200		3,754
Polycom Inc *		900		22,077
The Boeing Co		5,700		449,445
The Manitowoc Co Inc		200		8,958
United Technologies Corp		2,700		171,045
Xerox Corp *		15,400		239,624
				3,527,536

See Notes to Financial Statements See explanation of symbols and terms, if any, on page 4

3

PACIFIC FUNDS
PF OPPENHEIMER MAIN STREET CORE FUND
Schedule of Investments (continued)
September 30, 2006 (Unaudited)

	Shares		Value
Technology - 15.31%
Affiliated Computer Services Inc ‘A’ *		300	$	15,558
Analog Devices Inc		3,300		96,987
Apple Computer Inc *		2,100		161,763
Applera Corp-Applied Biosystems Group		1,200		39,732
Atmel Corp *		1,800		10,872
BEA Systems Inc *		3,100		47,120
BMC Software Inc *		1,200		32,664
Cadence Design Systems Inc *		400		6,784
Ceridian Corp *		500		11,180
Cisco Systems Inc *		32,400		745,200
CommScope Inc *		400		13,144
Computer Sciences Corp *		2,700		132,624
CSG Systems International Inc *		200		5,286
Dell Inc *		25,500		582,420
Electronic Data Systems Corp		400		9,808
EMC Corp *		24,400		292,312
Freescale Semiconductor Inc ‘B’ *		8,800		334,488
General Dynamics Corp		5,200		372,684
Hewlett-Packard Co		19,300		708,117
Intel Corp		37,100		763,147
International Business Machines Corp		11,600		950,504
Intersil Corp ‘A’		300		7,365
Intuit Inc *		7,000		224,630
Lucent Technologies Inc *		17,500		40,950
MEMC Electronic Materials Inc *		600		21,978
Mentor Graphics Corp *		200		2,816
Micron Technology Inc *		14,500		252,300
Microsoft Corp		49,200		1,344,636
MicroStrategy Inc ‘A’ *		100		10,183
Motorola Inc		19,400		485,000
NCR Corp *		200		7,896
OmniVision Technologies Inc *		700		9,989
ON Semiconductor Corp *		1,300		7,644
Oracle Corp *		39,000		691,860
Plexus Corp *		400		7,680
QUALCOMM Inc		4,500		163,575
Raytheon Co		7,700		369,677
RealNetworks Inc *		600		6,366
Rockwell Automation Inc		1,400		81,340
Solectron Corp *		5,700		18,582
Sybase Inc *		200		4,848
Symantec Corp *		5,700		121,296
Synopsys Inc *		1,200		23,664
Texas Instruments Inc		18,200		605,150
The Reynolds & Reynolds Co ‘A’		200		7,902
TIBCO Software Inc *		1,800		16,164
Western Digital Corp *		3,000		54,300
Zoran Corp *		400		6,432
				9,926,617
Utilities - 4.90%
Alliant Energy Corp		400		14,292
Alltel Corp		500		27,750
American Electric Power Co Inc		7,100		258,227
AT&T Inc		12,591		409,963
Avista Corp		100		2,368
BellSouth Corp		8,600		367,650
CenturyTel Inc		800		31,736
Citizens Communications Co		1,800		25,272
Comcast Corp ‘A’ *		3,800		140,030
Constellation Energy Group Inc		700		41,440
Duke Energy Corp		6,400		193,280
Edison International		1,000		41,640
Embarq Corp		500		24,185
Leap Wireless International Inc *		100		4,849
Mirant Corp *		43		1,174
ONEOK Inc		700		26,453
PG&E Corp		5,600		233,240
Progress Energy Inc		200		9,076
Qwest Communication International Inc *		38,500		335,720
Sprint Nextel Corp		26,500		454,475
The AES Corp *		500		10,195
Verizon Communications Inc		14,100		523,533
				3,176,548
Total Common Stocks
(Cost $59,281,280)				64,128,455
TOTAL INVESTMENTS - 98.91%
(Cost $59,281,280)				64,128,455
OTHER ASSETS & LIABILITIES, NET - 1.09%				705,731
NET ASSETS - 100.00%			$	64,834,186

Note to Schedule of Investments

(a) As of September 30, 2006, the Fund was diversified as a percentage of net assets as follows:

Financial Services	23.98	%
Technology	15.31	%
Health Care	11.59	%
Consumer Discretionary	11.55	%
Integrated Oils	7.72	%
Consumer Staples	6.47	%
Producer Durables	5.44	%
Utilities	4.90	%
Multi-Industry	4.31	%
Materials & Processing	3.36	%
Energy	2.57	%
Autos & Transportation	1.71	%
	98.91	%
Other Assets & Liabilities, Net	1.09	%
	100.00	%

	Explanation of Symbol for Schedule of Investments
*	Non-income producing securities.

See Notes to Financial Statements

4

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 —not applicable.
Item 11.	Controls and Procedures.
	(a) The Chief Executive Officer, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) 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 that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12.	Exhibits.
	(1)	Code of ethics—not applicable.
	(2)	(a) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
		(b) Exhibit 99.906 CERT—Certifications 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 Funds
By:	/s/ JAMES T. MORRIS
	James T. Morris President
Date:	December 1, 2006

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:	/c/ THOMAS C. SUTTON
	Thomas C. Sutton Chief Executive Officer
Date:	December 1, 2006
By:	/s/ JAMES T. MORRIS
	James T. Morris President
Date:	December 1, 2006
By:	/c/ BRIAN D. KLEMENS
	Brian D. Klemens Treasurer (Principal Financial and Accounting Officer)
Date:	December 1, 2006

EX-99.906

Exhibit 99.906 Cert

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 Funds (the “Fund”) for the fiscal period ended September 30, 2006, as filed with the Securities and Exchange Commission (the “Report”), Thomas C. Sutton, as Chief Executive Officer of the Fund, James T. Morris, as President of the Fund 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 20, 2006
/s/ THOMAS C. SUTTON
Thomas C. Sutton Chief Executive Officer, Pacific Funds
/s/ JAMES T. MORRIS
James T. Morris President, Pacific Funds
/s/ BRIAN D. KLEMENS
Brian D. Klemens Treasurer (Principal Financial and Accounting Officer), Pacific Funds