Pacific Funds Floating Rate Income - Class I (PLFRX) N-CSRS Certified semi-annual shareholder report (management investment company)

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, 2004 – September 30, 2004

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.

Semi-Annual Report to Shareholders of the Pacific Funds for the period ended September 30, 2004.

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		F-1
Where to Go for More Information		G-1

[THIS PAGE INTENTIONALLY LEFT BLANK]

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL A
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.25%
PF AIM Blue Chip Fund ‘A’		51,679	$	504,384
PF Goldman Sachs Short Duration Bond Fund ‘A’		337,427		3,367,522
PF Lazard International Value Fund ‘A’		43,922		513,003
PF MFS International Large-Cap Fund ‘A’		22,509		256,833
PF PIMCO Inflation Managed Fund ‘A’		131,449		1,376,270
PF PIMCO Managed Bond Fund ‘A’		257,068		2,632,372
PF Pacific Life Money Market Fund ‘A’		2,495,312		2,495,312
PF Salomon Brothers Large-Cap Value Fund ‘A’		70,448		756,608
PF Van Kampen Comstock Fund ‘A’		32,773		384,758
PF Van Kampen Mid-Cap Growth Fund ‘A’		32,413		263,522
TOTAL INVESTMENTS - 99.25% (Cost $12,524,576)				12,550,584
OTHER ASSETS & LIABILITIES, NET - 0.75%				95,428
NET ASSETS - 100.00%			$	12,646,012

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	58.33	%
Affiliated Equity Funds	21.19	%
Affiliated Money Market Fund	19.73	%
	99.25	%
Other Assets & Liabilities, Net	0.75	%
	100.00	%

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL B
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.02%
PF AIM Blue Chip Fund ‘A’		283,234	$	2,764,362
PF Goldman Sachs Short Duration Bond Fund ‘A’		448,427		4,475,306
PF Lazard International Value Fund ‘A’		194,266		2,269,027
PF MFS International Large-Cap Fund ‘A’		99,634		1,136,828
PF PIMCO Inflation Managed Fund ‘A’		298,971		3,130,222
PF PIMCO Managed Bond Fund ‘A’		471,784		4,831,072
PF Pacific Life Money Market Fund ‘A’		3,350,464		3,350,464
PF Salomon Brothers Large-Cap Value Fund ‘A’		338,668		3,637,292
PF Van Kampen Comstock Fund ‘A’		97,994		1,150,451
PF Van Kampen Mid-Cap Growth Fund ‘A’		177,753		1,445,131
TOTAL INVESTMENTS - 99.02% (Cost $28,216,270)				28,190,155
OTHER ASSETS & LIABILITIES, NET - 0.98%				278,349
NET ASSETS - 100.00%			$	28,468,504

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	43.68	%
Affiliated Equity Funds	43.57	%
Affiliated Money Market Fund	11.77	%
	99.02	%
Other Assets & Liabilities, Net	0.98	%
	100.00	%

See Notes to Financial Statements

A-1

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL C
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 98.31%
PF AIM Blue Chip Fund ‘A’		785,871	$	7,670,097
PF Goldman Sachs Short Duration Bond Fund ‘A’		766,478		7,649,454
PF Janus Growth LT Fund ‘A’		213,291		2,113,717
PF Lazard International Value Fund ‘A’		669,238		7,816,699
PF MFS International Large-Cap Fund ‘A’		436,987		4,986,016
PF PIMCO Inflation Managed Fund ‘A’		668,505		6,999,252
PF PIMCO Managed Bond Fund ‘A’		889,487		9,108,347
PF Pacific Life Money Market Fund ‘A’		2,086,346		2,086,346
PF Putnam Equity Income Fund ‘A’		198,302		2,113,897
PF Salomon Brothers Large-Cap Value Fund ‘A’		846,803		9,094,664
PF Van Kampen Comstock Fund ‘A’		243,394		2,857,446
PF Van Kampen Mid-Cap Growth Fund ‘A’		985,762		8,014,246
TOTAL INVESTMENTS - 98.31% (Cost $70,573,953)				70,510,181
OTHER ASSETS & LIABILITIES, NET - 1.69%				1,212,568
NET ASSETS - 100.00%			$	71,722,749

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	62.28	%
Affiliated Fixed Income Funds	33.12	%
Affiliated Money Market Fund	2.91	%
	98.31	%
Other Assets & Liabilities, Net	1.69	%
	100.00	%

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL D
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 98.75%
PF AIM Blue Chip Fund ‘A’		964,612	$	9,414,609
PF AIM Aggressive Growth Fund ‘A’		174,782		1,926,100
PF Goldman Sachs Short Duration Bond Fund ‘A’		312,132		3,115,080
PF Janus Growth LT Fund ‘A’		320,435		3,175,513
PF Lazard International Value Fund ‘A’		821,133		9,590,831
PF MFS International Large-Cap Fund ‘A’		561,233		6,403,667
PF PIMCO Inflation Managed Fund ‘A’		299,003		3,130,559
PF PIMCO Managed Bond Fund ‘A’		489,843		5,015,996
PF Putnam Equity Income Fund ‘A’		237,443		2,531,144
PF Salomon Brothers Large-Cap Value Fund ‘A’		761,119		8,174,423
PF Van Kampen Comstock Fund ‘A’		272,834		3,203,075
PF Van Kampen Mid-Cap Growth Fund ‘A’		968,447		7,873,471
TOTAL INVESTMENTS - 98.75% (Cost $63,743,452)				63,554,468
OTHER ASSETS & LIABILITIES, NET - 1.25%				803,532
NET ASSETS - 100.00%			$	64,358,000

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	81.25	%
Affiliated Fixed Income Funds	17.50	%
	98.75	%
Other Assets & Liabilities, Net	1.25	%
	100.00	%

See Notes to Financial Statements

A-2

PACIFIC FUNDS
PF PORTFOLIO OPTIMIZATION MODEL E
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 99.13%
PF AIM Blue Chip Fund ‘A’		462,321	$	4,512,258
PF AIM Aggressive Growth Fund ‘A’		97,327		1,072,546
PF Janus Growth LT Fund ‘A’		215,833		2,138,910
PF Lazard International Value Fund ‘A’		372,645		4,352,499
PF MFS International Large-Cap Fund ‘A’		311,347		3,552,471
PF PIMCO Managed Bond Fund ‘A’		79,962		818,808
PF Putnam Equity Income Fund ‘A’		101,812		1,085,316
PF Salomon Brothers Large-Cap Value Fund ‘A’		349,796		3,756,810
PF Van Kampen Comstock Fund ‘A’		118,004		1,385,364
PF Van Kampen Mid-Cap Growth Fund ‘A’		547,881		4,454,276
TOTAL INVESTMENTS - 99.13% (Cost $27,344,899)				27,129,258
OTHER ASSETS & LIABILITIES, NET - 0.87%				239,346
NET ASSETS - 100.00%			$	27,368,604

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	96.14	%
Affiliated Fixed Income Fund	2.99	%
	99.13	%
Other Assets & Liabilities, Net	0.87	%
	100.00	%

See Notes to Financial Statements

A-3

PACIFIC FUNDS
PF AIM BLUE CHIP FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.95%
Autos & Transportation - 1.45%
Canadian National Railway Co (Canada)		4,900	$	237,650
United Parcel Service Inc ‘B’		3,700		280,904
				518,554
Consumer Discretionary - 18.06%
Apollo Group Inc ‘A’ *		4,700		344,839
Avon Products Inc		8,400		366,912
Bed Bath & Beyond Inc *		5,000		185,550
Best Buy Co Inc		5,100		276,624
Carnival Corp		5,300		250,637
Cendant Corp		15,900		343,440
Costco Wholesale Corp		6,500		270,140
eBay Inc *		2,700		248,238
J.C. Penney Co Inc		6,300		222,264
McDonald’s Corp		15,300		428,859
Nike Inc ‘B’		3,700		291,560
Starwood Hotels & Resorts Worldwide Inc		4,900		227,458
Target Corp		5,900		266,975
The Gap Inc		12,800		239,360
The Gillette Co		9,200		384,008
The Home Depot Inc		15,900		623,280
Viacom Inc ‘B’		10,750		360,770
Wal-Mart Stores Inc		16,300		867,160
Waste Management Inc		9,700		265,198
				6,463,272
Consumer Staples - 4.26%
Colgate-Palmolive Co		6,300		284,634
PepsiCo Inc		5,800		282,170
Procter & Gamble Co		13,400		725,208
Sysco Corp		7,800		233,376
				1,525,388
Energy - 0.42%
ENSCO International Inc		4,600		150,282
Financial Services - 19.00%
American Express Co		8,400		432,264
American International Group Inc		11,400		775,086
Automatic Data Processing Inc		6,600		272,712
Bank of America Corp		11,300		489,629
Citigroup Inc		25,000		1,103,000
Fannie Mae		5,800		367,720
First Data Corp		8,800		382,800
JPMorgan Chase & Co		18,200		723,086
MBNA Corp		8,000		201,600
Merrill Lynch & Co Inc		7,300		362,956
Morgan Stanley		7,200		354,960
SLM Corp		5,200		231,920
The Allstate Corp		7,300		350,327
The Goldman Sachs Group Inc		4,200		391,608
Wells Fargo & Co		6,000		357,780
				6,797,448
Health Care - 14.02%
Allergan Inc		3,100		224,905
Amgen Inc *		7,600		430,768
Boston Scientific Corp *		4,700		186,731
Eli Lilly & Co		3,900		234,195
Forest Laboratories Inc *		3,300		148,434
Genentech Inc *		6,300		330,246
Johnson & Johnson		12,600		709,758
Medtronic Inc		8,700		451,530
Pfizer Inc		32,600		997,560
Teva Pharmaceutical Industries Ltd ADR (Israel)		6,300		163,485
UnitedHealth Group Inc		7,000		516,180
Wyeth		5,000		187,000
Zimmer Holdings Inc *		5,500		434,720
				5,015,512
Integrated Oils - 4.30%
Exxon Mobil Corp		24,200		1,169,586
Schlumberger Ltd		5,500		370,205
				1,539,791
Materials & Processing - 3.09%
Air Products & Chemicals Inc		4,400		239,272
Alcoa Inc		7,700		258,643
Masco Corp		8,000		276,240
The Dow Chemical Co		7,300		329,814
				1,103,969
Multi-Industry - 7.96%
3M Co		3,300		263,901
Eaton Corp		4,300		272,663
Fortune Brands Inc		2,700		200,043
General Electric Co		32,000		1,074,560
Honeywell International Inc		9,300		333,498
Tyco International Ltd (Bermuda)		23,000		705,180
				2,849,845
Producer Durables - 3.94%
Applied Materials Inc *		11,800		194,582
Danaher Corp		7,700		394,856
KLA-Tencor Corp *		3,900		161,772
United Technologies Corp		4,700		438,886
Waters Corp *		5,000		220,500
				1,410,596
Technology - 16.14%
Accenture Ltd ‘A’ * (Bermuda)		6,500		175,825
Analog Devices Inc		5,600		217,168
Cisco Systems Inc *		43,300		783,730
Dell Inc *		18,300		651,480
EMC Corp MA *		24,600		283,884
Intel Corp		22,400		449,344
International Business Machines Corp		5,400		462,996
Linear Technology Corp		4,700		170,328
Microchip Technology Inc		6,900		185,196
Microsoft Corp		41,300		1,141,945
Motorola Inc		12,000		216,480
Oracle Corp *		27,600		311,328
Symantec Corp *		4,400		241,472
VERITAS Software Corp *		14,200		252,760
Xilinx Inc		8,600		232,200
				5,776,136
Utilities - 3.31%
Dominion Resources Inc VA		2,800		182,700
FPL Group Inc		2,900		198,128
SBC Communications Inc		13,400		347,730
The Southern Co		5,900		176,882
Vodafone Group PLC ADR (United Kingdom)		11,600		279,676
				1,185,116
Total Common Stocks (Cost $32,973,019)				34,335,909

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-4

PACIFIC FUNDS
PF AIM BLUE CHIP FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

		Principal Amount		Value
SHORT-TERM INVESTMENTS - 4.00%
U.S. Government Agency Issue - 3.72%
Federal Home Loan Bank
	1.500% due 10/01/04	$	1,331,000	$	1,331,000
U.S. Treasury Bills - 0.28%
	1.622% due 12/16/04		100,000		99,660
Total Short-Term Investments
	(Cost $1,430,658)				1,430,660
TOTAL INVESTMENTS - 99.95%
	(Cost $34,403,677)				35,766,569
OTHER ASSETS & LIABILITIES, NET - 0.05%					18,676
NET ASSETS - 100.00%				$	35,785,245

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	19.00	%
Consumer Discretionary	18.06	%
Technology	16.14	%
Health Care	14.02	%
Multi-Industry	7.96	%
Integrated Oils	4.30	%
Consumer Staples	4.26	%
Short-Term Investments	4.00	%
Producer Durables	3.94	%
Utilities	3.31	%
Materials & Processing	3.09	%
Autos & Transportation	1.45	%
Energy	0.42	%
	99.95	%
Other Assets & Liabilities, Net	0.05	%
	100.00	%

See Notes to Financial Statements

A-5

PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.07%
Autos & Transportation - 0.98%
C.H. Robinson Worldwide Inc		1,000	$	46,390
Southwest Airlines Co		3,900		53,118
				99,508
Consumer Discretionary - 33.11%
Aeropostale Inc *		1,800		47,160
AnnTaylor Stores Corp *		2,600		60,840
Best Buy Co Inc		2,000		108,480
Brinker International Inc *		3,800		118,370
CBRL Group Inc		2,500		90,200
CDW Corp		2,540		147,396
Cintas Corp		3,800		159,752
Cooper Industries Ltd ‘A’		1,400		82,600
Corporate Executive Board Co		1,700		104,108
CoStar Group Inc *		2,050		100,839
Entercom Communications Corp *		1,750		57,155
Family Dollar Stores Inc		3,200		86,720
Fisher Scientific International Inc *		3,050		177,907
Foot Locker Inc		2,500		59,250
Lamar Advertising Co ‘A’ *		1,800		74,898
Limited Brands Inc		4,700		104,763
Linens ’n Things Inc *		2,600		60,242
MSC Industrial Direct Co Inc ‘A’		3,150		107,352
Omnicom Group Inc		1,500		109,590
Pacific Sunwear of California Inc *		5,050		106,303
Radio One Inc ‘D’ *		3,800		54,074
Regal Entertainment Group ‘A’		4,600		87,860
Robert Half International Inc		8,400		216,468
Royal Caribbean Cruises Ltd (Liberia)		1,800		78,480
Ruby Tuesday Inc		3,100		86,397
Sirva Inc *		7,600		174,040
Staples Inc		6,350		189,357
The Men’s Wearhouse Inc *		2,500		72,625
Tiffany & Co		2,500		76,850
Tractor Supply Co *		2,500		78,600
Univision Communications Inc ‘A’ *		4,285		135,449
Wendy’s International Inc		2,000		67,200
Williams-Sonoma Inc *		2,020		75,851
				3,357,176
Energy - 0.88%
Patterson-UTI Energy Inc¯		3,100		59,117
Pride International Inc *		1,500		29,685
				88,802
Financial Services - 16.84%
A.G. Edwards Inc		1,300		45,006
Affiliated Managers Group Inc *		1,550		82,987
Alliance Data Systems Corp *		7,600		308,256
Ameritrade Holding Corp *		5,100		61,251
CB Richard Ellis Group Inc ‘A’ *		3,800		87,780
Fiserv Inc *		5,100		177,786
Investors Financial Services Corp		4,380		197,669
Legg Mason Inc		2,320		123,586
Lehman Brothers Holdings Inc		1,800		143,496
New York Community Bancorp Inc		3,820		78,463
Paychex Inc		3,850		116,078
SunGard Data Systems Inc *		7,600		180,652
T. Rowe Price Group Inc		2,050		104,427
				1,707,437
Health Care - 12.85%
Amylin Pharmaceuticals Inc *		3,200		65,664
Barr Pharmaceuticals Inc *		2,500		103,575
Caremark Rx Inc *		6,350		203,645
DaVita Inc *		3,100		96,565
Express Scripts Inc *		2,000		130,680
Health Management Associates Inc ‘A’		2,510		51,279
Henry Schein Inc *		800		49,848
Hospira Inc *		1,650		50,490
Impax Laboratories Inc *		5,100		78,336
Invitrogen Corp *		1,500		82,485
IVAX Corp *		4,775		91,441
LifePoint Hospitals Inc *		1,800		54,018
Medco Health Solutions Inc *		1,900		58,710
NPS Pharmaceuticals Inc *		1,800		39,204
OSI Pharmaceuticals Inc *		1,000		61,460
Triad Hospitals Inc *		2,500		86,100
				1,303,500
Materials & Processing - 2.13%
American Standard Cos Inc *		2,500		97,275
EnerSys *		5,600		71,960
The Valspar Corp		1,000		46,680
				215,915
Multi-Industry - 3.61%
Brunswick Corp		1,500		68,640
Eaton Corp		1,450		91,944
Textron Inc		3,200		205,664
				366,248
Producer Durables - 7.61%
Agilent Technologies Inc *		3,800		81,966
Danaher Corp		1,000		51,280
Joy Global Inc		1,900		65,322
KLA-Tencor Corp *		2,500		103,700
Littelfuse Inc *		1,300		44,889
Novellus Systems Inc *		5,100		135,609
Plantronics Inc		2,700		116,748
Polycom Inc *		2,550		50,541
Tektronix Inc		2,000		66,500
Varian Semiconductor Equipment Associates Inc *		1,800		55,620
				772,175
Technology - 16.06%
Acxiom Corp		3,100		73,594
Amdocs Ltd * (United Kingdom)		3,200		69,856
AMIS Holdings Inc *		5,600		75,712
Anteon International Corp *		1,300		47,645
Avaya Inc *		6,400		89,216
Avocent Corp *		1,750		45,553
Broadcom Corp ‘A’ *		3,200		87,328
CACI International Inc ‘A’ *		2,000		105,560
Citrix Systems Inc *		3,800		66,576
Cognos Inc * (Canada)		2,800		99,456
Comverse Technology Inc *		7,600		143,108
Integrated Device Technology Inc *		7,500		71,475
Marvell Technology Group Ltd *¯ (Bermuda)		1,900		49,647
Mercury Interactive Corp *		2,800		97,664
Microchip Technology Inc		5,125		137,555
Micron Technology Inc *		5,000		60,150
PerkinElmer Inc		3,900		67,158
Rockwell Automation Inc		1,300		50,310
Semtech Corp *		3,800		72,846

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-6

PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

		Shares		Value
Symantec Corp *¯			1,000	$	54,880
Tekelec *			3,800		63,384
					1,628,673
Total Common Stocks
	(Cost $8,768,931)				9,539,434

		Principal Amount
SHORT-TERM INVESTMENT - 5.82%
U.S. Government Agency Issue - 5.82%
Federal Home Loan Bank
	1.500% due 10/01/04	$	590,000		590,000
Total Short-Term Investment
	(Cost $590,000)				590,000
TOTAL INVESTMENTS - 99.89%
	(Cost $9,358,931)				10,129,434
OTHER ASSETS & LIABILITIES, NET - 0.11%					10,994
NET ASSETS - 100.00%				$	10,140,428

Notes to Schedule of Investments

(a) Transactions in written call options for the period ended September 30, 2004, were as follows:

	Number of Contracts			Premium
Outstanding, March 31, 2004		—			$	—
Options Written		68				3,875
Options Expired		(11	)			(999	)
Options Repurchased		—				—
Outstanding, September 30, 2004		57			$	2,876

(b) Premiums received and value of written options outstanding as of September 30, 2004:

Type	Notional Amount			Premium			Value
Call - CBOE Symantec Corp Strike @ 55.00 Exp. 10/16/04		$	900		$	747	$	1,215
Call - CBOE Patterson-UTI Energy Inc Strike @ 20.00 Exp. 11/20/04			2,900			837		1,305
Call - CBOE Marvell Technology Group Ltd Strike @ 30.00 Exp. 11/20/04			1,900			1,292		1,140
					$	2,876	$	3,660

(c) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Consumer Discretionary	33.11	%
Financial Services	16.84	%
Technology	16.06	%
Health Care	12.85	%
Producer Durables	7.61	%
Short-Term Investments	5.82	%
Multi-Industry	3.61	%
Materials & Processing	2.13	%
Autos & Transportation	0.98	%
Energy	0.88	%
	99.89	%
Other Assets & Liabilitites, Net	0.11	%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-7

PACIFIC FUNDS
PF GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2004 (Unaudited)

		Principal Amount		Value
U.S. GOVERNMENT AGENCY ISSUES - 40.10%
Fannie Mae
	2.250% due 02/28/06	$	1,000,000	$	995,999
	2.300% due 04/28/06		500,000		497,164
	2.500% due 05/12/06		400,000		399,338
Federal Home Loan Bank
	1.720% due 01/23/06		500,000		494,906
	2.000% due 02/13/06		500,000		496,467
	2.100% due 11/21/05		1,000,000		996,540
	2.300% due 08/30/06		400,000		396,283
	2.750% due 11/15/06		500,000		498,587
	3.375% due 02/15/08		500,000		500,735
	6.500% due 11/15/05		500,000		522,546
Freddie Mac
	2.000% due 11/28/05		500,000		499,787
	2.250% due 12/04/06		500,000		493,521
	2.270% due 04/28/06		500,000		497,371
	2.400% due 03/29/07		500,000		493,079
	2.810% due 02/02/06		500,000		502,022
	3.000% due 01/30/07		500,000		499,264
	3.000% due 07/27/07		210,000		207,851
	3.000% due 07/09/08		500,000		492,941
Total U.S. Government Agency Issues
	(Cost $9,463,586)				9,484,401
U.S. TREASURY OBLIGATIONS - 47.36%
U.S. Treasury Notes - 46.46%
	1.625% due 03/31/05		2,700,000		2,696,098
	1.625% due 02/28/06		1,200,000		1,188,142
	2.375% due 08/31/06		1,400,000		1,395,243
	2.500% due 05/31/06		1,900,000		1,901,412
	2.750% due 07/31/06		2,500,000		2,510,157
	2.750% due 08/15/07		1,300,000		1,296,853
					10,987,905
U.S. Treasury Strips - 0.90%
	0.000% due 05/15/12 (PO)		200,000		147,114
	0.000% due 05/15/14 (PO)		100,000		65,908
					213,022
Total U.S. Treasury Obligations
	(Cost $11,207,181)				11,200,927

		Shares		Value
SHORT-TERM INVESTMENTS - 8.99%
Money Market Funds - 8.99%
BlackRock Liquidity Funds Institutional TempCash			1,063,868	$	1,063,868
BlackRock Liquidity Funds Institutional TempFund			1,063,868		1,063,868
					2,127,736
Total Short-Term Investments
	(Cost $2,127,736)				2,127,736
TOTAL INVESTMENTS - 96.45%
	(Cost $22,798,503)				22,813,064
OTHER ASSETS & LIABILITIES, NET - 3.55%					839,039
NET ASSETS - 100.00%				$	23,652,103

Notes to Schedule of Investments

(a) The amount of $25,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2004:

Type	Number of Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Eurodollar (10/04)		3	$	3,000,000		$	(334	)
Eurodollar (12/04)		5		5,000,000			(89	)
Eurodollar (06/05)		10		10,000,000			(3,638	)
Eurodollar (12/05)		3		3,000,000			(3,793	)
Eurodollar (03/06)		3		3,000,000			(4,203	)
U.S. Treasury 5-Year Notes (12/04)		3		300,000			1,113
U.S. Treasury 10-Year Notes (12/04)		2		200,000			(2,391	)
U.S. Treasury 20-Year Bonds (12/04)		2		200,000			(4,557	)
						$	(17,892	)

(b) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

U.S. Treasury Obligations	47.36	%
U.S. Government Agency Issues	40.10	%
Short-Term Investments	8.99	%
	96.45	%
Other Assets & Liabilities, Net	3.55	%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-8

PACIFIC FUNDS
PF INVESCO HEALTH SCIENCES FUND
Schedule of Investments
September 30, 2004 (Unaudited)

		Shares		Value
COMMON STOCKS - 89.77%
Consumer Staples - 6.72%
CVS Corp			2,000	$	84,260
Procter & Gamble Co			5,330		288,460
Walgreen Co			2,800		100,324
					473,044
Health Care - 81.57%
Abbott Laboratories			6,860		290,590
Aetna Inc			2,000		199,860
Alcon Inc (Switzerland)			1,100		88,220
Allergan Inc			1,400		101,570
Amgen Inc *			2,700		153,036
Anthem Inc *			1,900		165,775
AstraZeneca PLC ADR (United Kingdom)			2,400		98,712
Baxter International Inc			6,500		209,040
Biogen Idec Inc *			2,900		177,393
Boston Scientific Corp *			5,800		230,434
Bristol-Myers Squibb Co			8,700		205,929
C.R. Bard Inc			1,200		67,956
Caremark Rx Inc *			2,470		79,213
Coventry Health Care Inc *			1,850		98,735
Genzyme Corp *			1,400		76,174
GlaxoSmithKline PLC ADR (United Kingdom)			5,400		236,142
Guidant Corp			3,700		244,348
Hospira Inc *			7,506		229,684
Johnson & Johnson			5,940		334,600
Medco Health Solutions Inc *			2,289		70,730
Medtronic Inc			4,400		228,360
Merck & Co Inc			4,100		135,300
Novartis AG ADR (Switzerland)			6,700		312,689
Pfizer Inc			9,600		293,760
Roche Holding AG (Switzerland)			756		78,232
Sanofi-Aventis ADR (France)			2,388		87,437
Schering-Plough Corp			12,800		243,968
St. Jude Medical Inc *			3,200		240,864
Stryker Corp			2,100		100,968
Teva Pharmaceutical Industries Ltd ADR (Israel)			4,740		123,003
UnitedHealth Group Inc			2,802		206,619
Wyeth			5,000		187,000
Zimmer Holdings Inc *			1,860		147,014
					5,743,355
Multi-Industry - 1.48%
Takeda Pharmaceutical Co Ltd (Japan)			2,300		104,360
Total Common Stocks
	(Cost $5,660,444)				6,320,759
SHORT-TERM INVESTMENT - 3.03%
Money Market Fund - 3.03%
BlackRock Liquidity Funds Institutional TempCash			213,268		213,268
Total Short-Term Investment
	(Cost $213,268)				213,268
TOTAL INVESTMENTS - 92.80%
	(Cost $5,873,712)				6,534,027
OTHER ASSETS & LIABILITIES, NET - 7.20%					507,291
NET ASSETS - 100.00%				$	7,041,318

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Health Care	81.57	%
Consumer Staples	6.72	%
Short-Term Investment	3.03	%
Multi-Industry	1.48	%
	92.80	%
Other Assets & Liabilities, Net	7.20	%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-9

PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments
September 30, 2004 (Unaudited)

		Shares		Value
COMMON STOCKS - 93.35%
Consumer Discretionary - 13.22%
CDW Corp			800	$	46,424
CNET Networks Inc *			1,200		10,980
eBay Inc *			1,200		110,328
Electronic Arts Inc *			1,000		45,990
InfoSpace Inc *			600		28,434
iVillage Inc *			2,700		16,200
Time Warner Inc *			5,200		83,928
ValueClick Inc *			1,800		16,992
VeriSign Inc *			4,300		85,484
XM Satellite Radio Holdings Inc ‘A’ *			500		15,510
Yahoo! Inc *			7,300		247,543
					707,813
Financial Services - 4.52%
Automatic Data Processing Inc			1,300		53,716
DST Systems Inc *			1,200		53,364
First Data Corp			1,500		65,250
Paychex Inc			2,300		69,345
					241,675
Health Care - 2.40%
Biogen Idec Inc *			1,300		79,521
Genentech Inc *			600		31,452
Quest Diagnostics Inc			200		17,644
					128,617
Producer Durables - 3.53%
American Tower Corp ‘A’ *			600		9,210
Crown Castle International Corp *			1,300		19,344
KLA-Tencor Corp *			1,000		41,480
Lexmark International Inc ‘A’ *			1,100		92,411
Novellus Systems Inc *			1,000		26,590
					189,035
Technology - 63.67%
Accenture Ltd ‘A’ * (Bermuda)			1,000		27,050
ADTRAN Inc			1,000		22,680
Altera Corp *			3,700		72,409
Amdocs Ltd * (United Kingdom)			3,000		65,490
Amphenol Corp ‘A’ *			700		23,982
Analog Devices Inc			1,800		69,804
Apple Computer Inc *			3,400		131,750
ATI Technologies Inc * (Canada)			2,000		30,660
Avaya Inc *			4,100		57,154
Broadcom Corp ‘A’ *			1,800		49,122
Celestica Inc * (Canada)			1,600		20,320
Check Point Software Technologies Ltd * (Israel)			3,600		61,092
Cisco Systems Inc *			8,400		152,040
Cognizant Technology Solutions Corp ‘A’ *			2,800		85,428
Cognos Inc * (Canada)			800		28,416
Computer Associates International Inc			2,300		60,490
Comverse Technology Inc *			4,200		79,086
Corning Inc *			2,800		31,024
Cypress Semiconductor Corp *			2,800		24,752
Dell Inc *			3,300		117,480
EMC Corp MA *			7,300		84,242
F5 Networks Inc *			500		15,230
Flextronics International Ltd * (Singapore)			3,000		39,750
Hewlett-Packard Co			2,200		41,250
Hyperion Solutions Corp *			600		20,394
Intel Corp			2,700		54,162
International Business Machines Corp			900		77,166
Intuit Inc *			1,000		45,400
Juniper Networks Inc *			2,863		67,567
Linear Technology Corp			2,200		79,728
Lucent Technologies Inc *			10,100		32,017
Macromedia Inc *			1,500		30,120
Marvell Technology Group Ltd * (Bermuda)			2,100		54,873
Maxim Integrated Products Inc			1,700		71,893
Mercury Interactive Corp *			800		27,904
Microchip Technology Inc			1,400		37,576
Microsoft Corp			7,700		212,905
Motorola Inc			5,200		93,808
National Semiconductor Corp *			2,900		44,921
NAVTEQ Corp *			1,000		35,640
Network Appliance Inc *			2,100		48,300
Nokia OYJ ADR (Finland)			2,048		28,099
Novell Inc *			3,200		20,192
Opsware Inc *			1,400		7,854
Oracle Corp *			7,300		82,344
PMC-Sierra Inc *			2,500		22,025
QUALCOMM Inc			1,700		66,368
Research In Motion Ltd * (Canada)			200		15,268
Sanmina-SCI Corp *			1,900		13,395
SAP AG ADR (Germany)			1,400		54,530
Scientific-Atlanta Inc			1,400		36,288
Semtech Corp *			1,100		21,087
Silicon Laboratories Inc *			500		16,545
Storage Technology Corp *			1,200		30,312
Symantec Corp *			2,580		141,590
Taiwan Semiconductor Manufacturing Co Ltd ADR (Taiwan)			5,928		42,326
Telefonaktiebolaget LM Ericsson ADR * (Sweden)			1,900		59,356
Texas Instruments Inc			4,900		104,272
Trimble Navigation Ltd *			700		22,120
VERITAS Software Corp *			3,900		69,420
Xilinx Inc			1,800		48,600
Zebra Technologies Corp ‘A’ *			1,350		82,363
					3,409,429
Utilities - 6.01%
America Movil SA de CV ‘L’ ADR (Mexico)			400		15,612
BellSouth Corp			1,500		40,680
Comcast Corp ‘A’ *			1,500		42,360
Nextel Communications Inc ‘A’ *			1,200		28,608
Nextel Partners Inc ‘A’ *			2,800		46,424
NII Holdings Inc *			500		20,605
SBC Communications Inc			1,100		28,545
Sprint Corp			600		12,078
Verizon Communications Inc			1,100		43,318
VimpelCom ADR * (Russia)			400		43,520
					321,750
Total Common Stocks
	(Cost $4,202,023)				4,998,319
EXCHANGE TRADED FUND - 0.51%
Semiconductor HOLDRs Trust			900		27,180
Total Exchange Traded Fund
	(Cost $27,187)				27,180

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-10

PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

		Shares		Value
SHORT-TERM INVESTMENT - 2.99%
Money Market Fund - 2.99%
BlackRock Liquidity Funds Institutional TempCash			160,242	$	160,242
Total Short-Term Investment
	(Cost $160,242)				160,242
TOTAL INVESTMENTS - 96.85%
	(Cost $4,389,452)				5,185,741
OTHER ASSETS & LIABILITIES, NET - 3.15%					168,906
NET ASSETS - 100.00%				$	5,354,647

Notes to Schedule of Investments

(a) Transactions in written call options for the period ended September 30, 2004, were as follows:

	Number of Contracts			Premium
Outstanding, March 31, 2004		19		$	2,319
Options Written		—			—
Options Expired		(19	)		(2,319	)
Options Repurchased		—			—
Outstanding, September 30, 2004		—		$	—

(b) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Technology	63.67	%
Consumer Discretionary	13.22	%
Utilities	6.01	%
Financial Services	4.52	%
Producer Durables	3.53	%
Short-Term Investment	2.99	%
Health Care	2.40	%
Exchange Traded Fund	0.51	%
	96.85	%
Other Assets & Liabilities, Net	3.15	%
	100.00	%

See Notes to Financial Statements

A-11

PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments
September 30, 2004 (Unaudited)

		Shares		Value
COMMON STOCKS - 91.71%
Autos & Transportation - 4.95%
C.H. Robinson Worldwide Inc			2,695	$	125,021
Canadian National Railway Co (Canada)			7,452		361,422
FedEx Corp			3,285		281,492
					767,935
Consumer Discretionary - 28.58%
Amazon.com Inc *			3,470		141,784
Avon Products Inc			4,385		191,537
Best Buy Co Inc			2,425		131,532
Clear Channel Communications Inc			7,150		222,866
eBay Inc *			475		43,672
EchoStar Communications Corp ‘A’ *			3,175		98,806
Electronic Arts Inc *			3,165		145,558
Harman International Industries Inc			1,055		113,676
Lamar Advertising Co ‘A’ *			2,200		91,542
Liberty Media Corp ‘A’ *			75,806		661,028
Liberty Media International Inc ‘A’ *			4,201		140,154
LVMH Moet Hennessy Louis Vuitton SA (France)			3,011		201,031
Marvel Enterprises Inc *			5,305		77,241
Nike Inc ‘B’			2,660		209,608
PETsMART Inc			3,060		86,873
Staples Inc			7,600		226,632
Starwood Hotels & Resorts Worldwide Inc			8,415		390,624
The Gap Inc			8,360		156,332
The Walt Disney Co			4,885		110,157
Time Warner Inc *			27,985		451,678
Univision Communications Inc ‘A’ *			2,585		81,712
Yahoo! Inc *			13,610		461,515
					4,435,558
Consumer Staples - 0.59%
Whole Foods Market Inc			1,075		92,224
Energy - 1.18%
BJ Services Co			2,220		116,350
Reliant Energy Inc *			7,155		66,756
					183,106
Financial Services - 15.46%
Automatic Data Processing Inc			2,030		83,880
Berkshire Hathaway Inc ‘B’ *			194		556,974
Chicago Mercantile Exchange Holdings Inc			105		16,936
Citigroup Inc			5,865		258,764
Fannie Mae			1,615		102,391
Freddie Mac			4,650		303,366
JPMorgan Chase & Co			11,213		445,492
MBNA Corp			5,875		148,050
MGIC Investment Corp			3,190		212,294
NewAlliance Bancshares Inc			5,445		78,136
The Goldman Sachs Group Inc			2,065		192,541
					2,398,824
Health Care - 13.61%
Anthem Inc *			1,485		129,566
Caremark Rx Inc *			7,160		229,621
Celgene Corp *			1,265		73,661
Forest Laboratories Inc *			4,075		183,293
Guidant Corp			2,415		159,487
Kinetic Concepts Inc *			335		17,604
Medtronic Inc			1,415		73,439
Neurocrine Biosciences Inc *			1,430		67,439
Pfizer Inc			4,630		141,678
Roche Holding AG (Switzerland)			4,836		500,436
Sanofi-Aventis (France)			1,713		124,264
UnitedHealth Group Inc			5,590		412,207
					2,112,695
Materials & Processing - 2.89%
American Standard Cos Inc *			3,255		126,652
Delta & Pine Land Co			1,175		31,431
Givaudan SA (Switzerland)			182		110,812
POSCO (South Korea)			560		83,404
Syngenta AG * (Switzerland)			749		71,499
Syngenta AG ADR * (Switzerland)			1,285		24,531
					448,329
Multi-Industry - 4.42%
Smiths Group PLC (United Kingdom)			9,907		133,075
Tyco International Ltd (Bermuda)			18,015		552,340
					685,415
Producer Durables - 2.94%
Lexmark International Inc ‘A’ *			1,785		149,958
Lockheed Martin Corp			4,130		230,371
Pentair Inc			2,195		76,628
					456,957
Technology - 14.29%
ATI Technologies Inc (Canada) *			4,350		66,685
Cisco Systems Inc *			19,120		346,072
Corning Inc *			8,045		89,139
Dell Inc *			3,795		135,102
Maxim Integrated Products Inc			5,390		227,943
Microsoft Corp			16,635		459,958
Motorola Inc			11,325		204,303
Samsung Electronics Co Ltd (South Korea)			1,050		417,629
Texas Instruments Inc			12,760		271,533
					2,218,364
Utilities - 2.80%
Cablevision Systems Corp NY ‘A’ *			4,883		99,027
Comcast Corp Special ‘A’ *			10,550		294,556
Nextel Partners Inc ‘A’ *			2,470		40,953
					434,536
Total Common Stocks
	(Cost $12,558,592)				14,233,943
		Principal Amount
SHORT-TERM INVESTMENTS - 10.33%
U.S. Government Agency Issue - 10.31%
Federal Home Loan Bank
	1.650% due 10/01/04	$	1,600,000		1,600,000

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-12

PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

		Shares		Value
Money Market Funds - 0.02%
BlackRock Liquidity Funds Institutional TempCash			1,578	$	1,578
BlackRock Liquidity Funds Institutional TempFund			1,577		1,577
					3,155
Total Short-Term Investments
	(Cost $1,603,155)				1,603,155
TOTAL INVESTMENTS - 102.04%
	(Cost $14,161,747)				15,837,098
OTHER ASSETS & LIABILITIES, NET - (2.04%)					(316,262	)
NET ASSETS - 100.00%				$	15,520,836

Notes to Schedule of Investments

(a) Forward foreign currency contracts outstanding as of September 30, 2004 were as follows:

Contracts to Buy or to Sell	Currency		Principal Amount Covered by Contracts		Expiration		Unrealized Appreciation (Depreciation)
Sell		CHF		125,000		10/04		$	(4,170	)
Sell		CHF		75,000		04/05			(548	)
Sell		EUR		90,000		04/05			(1,061	)
Buy		KRW		220,000,000		11/04			2,047
Sell		KRW		220,000,000		11/04			(5,484	)
								$	(9,216	)

(b) Principal amount denoted in the indicated currency:

CHF – Swiss Franc

EUR – Eurodollar

KRW – Korean Won

(c) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Consumer Discretionary	28.58	%
Financial Services	15.46	%
Technology	14.29	%
Health Care	13.61	%
Short-Term Investments	10.33	%
Autos & Transportation	4.95	%
Multi-Industry	4.42	%
Producer Durables	2.94	%
Materials & Processing	2.89	%
Utilities	2.80	%
Energy	1.18	%
Consumer Staples	0.59	%
	102.04	%
Other Assets & Liabilities, Net	(2.04	)%
	100.00	%

See Notes to Financial Statement

A-13

PACIFIC FUNDS
PF LAZARD INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2004 (Unaudited)

		Shares		Value
COMMON STOCKS - 93.24%
Denmark - 2.04%
Danske Bank AS			25,900	$	680,999
Finland - 4.30%
Nokia OYJ			104,300		1,435,483
France - 9.61%
AXA			32,000		647,508
Sanofi-Aventis			8,352		605,867
Societe Generale			11,100		982,385
Total SA			4,800		977,821
					3,213,581
Germany - 4.06%
Schering AG			11,100		701,113
Siemens AG			8,900		654,574
					1,355,687
Ireland - 2.96%
Allied Irish Banks PLC			59,017		989,658
Italy - 5.03%
ENI SPA			45,700		1,024,063
Sanpaolo IMI SPA			58,300		658,274
					1,682,337
Japan - 8.60%
Canon Inc			20,800		977,758
Kao Corp			43,000		950,179
Nomura Holdings Inc			73,800		947,656
					2,875,593
Netherlands - 5.84%
Heineken NV			31,250		940,929
Royal Dutch Petroleum Co			19,600		1,009,634
					1,950,563
Switzerland - 18.79%
Compagnie Financiere Richemont AG ‘A’			24,100		667,941
Credit Suisse Group *			31,000		990,975
Nestle SA			4,300		986,523
Novartis AG			21,000		980,427
Roche Holding AG			6,400		662,281
Swiss Reinsurance Co			11,600		668,587
UBS AG			18,800		1,325,622
					6,282,356
United Kingdom - 32.01%
Barclays PLC			136,800		1,312,540
BP PLC			106,100		1,013,184
Cadbury Schweppes PLC			172,342		1,325,961
Diageo PLC			81,100		1,013,026
GlaxoSmithKline PLC			62,500		1,347,542
HSBC Holdings PLC			84,359		1,339,311
Tesco PLC			133,700		690,411
Unilever PLC			162,700		1,324,675
Vodafone Group PLC			557,300		1,334,244
					10,700,894
Total Common Stocks
	(Cost $28,352,414)				31,167,151
SHORT-TERM INVESTMENTS - 7.05%
Money Market Funds - 7.05%
BlackRock Liquidity Funds Institutional TempCash			1,177,938		1,177,938
BlackRock Liquidity Funds Institutional TempFund			1,177,938		1,177,938
					2,355,876
Total Short-Term Investments
	(Cost $2,355,876)				2,355,876
TOTAL INVESTMENTS - 100.29%
	(Cost $30,708,290)				33,523,027
OTHER ASSETS & LIABILITIES, NET - (0.29%)					(95,633	)
NET ASSETS - 100.00%				$	33,427,394

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	31.54	%
Consumer Staples	18.79	%
Health Care	12.86	%
Integrated Oils	8.98	%
Technology	7.22	%
Short-Term Investments	7.05	%
Utilities	3.99	%
Energy	3.06	%
Materials & Processing	2.84	%
Consumer Discretionary	2.00	%
Multi-Industry	1.96	%
	100.29	%
Other Assets & Liabilities, Net	(0.29	)%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-14

PACIFIC FUNDS
PF MFS INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.29%
Australia - 3.15%
QBE Insurance Group Ltd		31,099	$	295,159
The News Corp Ltd		55,692		460,381
				755,540
Austria - 1.77%
Erste Bank der Oesterreichischen Sparkassen AG		10,180		423,610
Brazil - 2.01%
Brasil Telecom Participacoes SA ADR		3,650		118,260
Cia Vale do Rio Doce ADR		16,160		363,115
				481,375
Canada - 3.16%
BCE Inc		6,920		149,209
Canadian National Railway Co		6,275		304,338
EnCana Corp		6,610		305,185
				758,732
France - 14.02%
AXA		29,720		601,373
Business Objects SA *		5,950		137,469
Credit Agricole SA		13,033		355,509
L’Air Liquide SA		3,486		546,896
Sanofi-Aventis		3,175		230,320
Schneider Electric SA		7,310		472,620
Societe Television Francaise 1		3,678		104,347
Total SA		2,590		527,616
Veolia Environnement		13,470		387,675
				3,363,825
Germany - 2.60%
Bayerische Motoren Werke AG		8,260		339,611
Schering AG		4,510		284,867
				624,478
Hong Kong - 1.62%
CNOOC Ltd		330,500		172,707
Esprit Holdings Ltd		42,500		215,822
Semiconductor Manufacturing International Corp *		3,000		596
				389,125
Hungary - 1.05%
OTP Bank RT GDR		5,690		251,783
Ireland - 1.61%
DEPFA Bank PLC		16,590		226,268
Irish Life & Permanent PLC		9,980		161,156
				387,424
Italy - 1.36%
Riunione Adriatica di Sicurta SPA		17,000		326,673
Japan - 15.73%
Bridgestone Corp		9,000		167,022
Canon Inc		7,000		329,053
Chugai Pharmaceutical Co Ltd		19,000		273,978
KDDI Corp		59		286,447
Kyocera Corp		3,100		218,023
Murata Manufacturing Co Ltd		4,400		211,625
Nintendo Co Ltd #		2,000		244,657
Nitto Denko Corp		5,800		266,854
NOK Corp		5,000		153,365
Seiko Epson Corp		8,500		362,539
Sekisui Chemical Co Ltd		33,000		227,597
Shinsei Bank Ltd		30,000		181,859
Tokyo Broadcasting Systems Inc		4,400		68,638
Tokyo Gas Co Ltd		96,640		342,903
Toray Industries Inc		47,000		217,524
Toyota Motor Corp		5,800		222,115
				3,774,199
Mexico - 1.80%
America Movil SA de CV ‘L’ ADR		3,870		151,046
Grupo Televisia SA ADR		5,330		281,051
				432,097
Netherlands - 1.04%
Reed Elsevier NV		19,310		248,734
Singapore - 2.54%
DBS Group Holdings Ltd		25,000		237,494
Singapore Telecommunications Ltd		185,290		257,431
United Overseas Bank Ltd		14,000		113,879
				608,804
South Korea - 2.18%
Samsung Electronics Co Ltd		740		294,329
Samsung SDI Co Ltd		2,310		227,690
				522,019
Spain - 4.44%
Banco Bilbao Vizcaya Argentaria SA		26,260		361,417
Iberdrola SA		11,820		245,193
Telefonica SA		30,586		457,808
				1,064,418
Sweden - 6.89%
Atlas Copco AB ‘A’		10,270		394,778
Hennes & Mauritz AB ‘B’		14,800		407,380
Sandvik AB		11,620		401,207
Telefonaktiebolaget LM Ericsson ‘B’ *		144,670		448,860
				1,652,225
Switzerland - 8.17%
Credit Suisse Group *		4,460		142,572
Novartis AG		6,300		294,128
Roche Holding AG		5,580		577,427
Straumann Holding AG		580		123,295
Syngenta AG		1,995		190,442
Synthes Inc		1,270		138,553
UBS AG		6,991		492,948
				1,959,365
United Kingdom - 19.15%
AMVESCAP PLC		48,170		260,517
AstraZeneca PLC		8,220		337,047
BG Group PLC		15,770		105,915
BP PLC ADR		250		14,383
Bunzl PLC		14,930		112,503
Diageo PLC		37,310		466,042
Kingfisher PLC		90,439		504,672
NEXT PLC		8,980		265,469
Reckitt Benckiser PLC		34,894		855,303

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-15

PACIFIC FUNDS
PF MFS INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

		Shares		Value
Royal Bank of Scotland Group PLC			10,492	$	303,139
The BOC Group PLC			8,630		138,106
Vodafone Group PLC			277,240		663,746
Vodafone Group PLC ADR			1,413		34,067
William Hill PLC			42,230		407,855
Yell Group PLC			19,410		123,861
					4,592,625
Total Common Stocks
	(Cost $21,369,160)				22,617,051

		Principal Amount
SHORT-TERM INVESTMENTS - 5.70%
U.S. Government Agency Issue - 5.70%
Federal Home Loan Bank
	1.650% due 10/01/04	$	1,366,000	1,366,000

		Shares
Money Market Fund - 0.00%
BlackRock Liquidity Funds Institutional TempCash			592		592
Total Short-Term Investments
	(Cost $1,366,592)				1,366,592
TOTAL INVESTMENTS - 99.99%
	(Cost $22,735,752)				23,983,643
OTHER ASSETS & LIABILITIES, NET - 0.01%					1,941
NET ASSETS - 100.00%				$	23,985,584

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	19.74	%
Consumer Discretionary	13.89	%
Utilities	11.28	%
Health Care	9.42	%
Technology	8.42	%
Materials & Processing	7.65	%
Producer Durables	7.12	%
Short-Term Investments	5.70	%
Consumer Staples	5.51	%
Integrated Oils	4.69	%
Autos & Transportation	4.31	%
Multi-Industry	2.26	%
	99.99	%
Other Assets & Liabilities, Net	0.01	%
	100.00	%

See Notes to Financial Statements

A-16

PACIFIC FUNDS
PF PIMCO INFLATION MANAGED FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 2.14%
Financial Services - 1.00%
Ford Motor Credit Co 3.535% due 10/25/04 §	$	100,000	$	100,074
Travelers Property Casualty Corp 3.750% due 03/15/08		100,000		100,832
Verizon Wireless Capital LLC 1.810% due 05/23/05 ~ §		100,000		99,968
				300,874
Integrated Oils - 0.81%
Petroleos Mexicanos (Mexico) 9.250% due 03/30/18		200,000		244,000
Utilities - 0.33%
Entergy Gulf States Inc 2.810% due 06/18/07 ~ §		100,000		100,520
Total Corporate Bonds & Notes (Cost $644,378)				645,394
U.S. TREASURY OBLIGATIONS - 116.01%
U.S. Treasury Inflation-Index Bonds - 116.01%
2.000% due 01/15/14 # ^		6,611,831		6,772,220
2.000% due 07/15/14 ^		1,406,776		1,438,430
2.375% due 01/15/25 ^		904,356		942,403
3.000% due 07/15/12 ^		3,397,376		3,762,995
3.375% due 01/15/07 # ^		6,577,835		7,029,805
3.375% due 04/15/32 ^		266,775		338,315
3.500% due 01/15/11 ^		1,632,420		1,848,143
3.625% due 01/15/08 ^		3,986,228		4,372,864
3.625% due 04/15/28 ^		550,408		698,545
3.875% due 01/15/09 # ^		923,952		1,040,421
3.875% due 04/15/29 # ^		3,168,495		4,203,702
4.250% due 01/15/10 ^		2,139,020		2,483,186
				34,931,029
Total U.S. Treasury Obligations (Cost $34,502,372)				34,931,029
MUNICIPAL BONDS - 0.68%
New Hampshire Municipal Bond Bank ‘B’ 5.000% due 08/15/13		100,000		111,662
Tobacco Settlement Financing Corp RI ‘A’ 6.000% due 06/01/23		100,000		94,116
Total Municipal Bonds (Cost $196,230)				205,778
SHORT-TERM INVESTMENTS - 3.42%
Commercial Paper - 1.99%
Danske Corp 1.580% due 10/29/04		200,000		199,746
Rabobank USA Financial Corp 1.860% due 10/01/04		200,000		200,000
UBS Finance DE LLC 1.940% due 01/25/05		200,000		198,742
				598,488
U.S. Treasury Bills - 0.28%
1.640% due 12/16/04 ‡		85,000		84,711
		Shares
Money Market Funds - 1.15%
BlackRock Liquidity Funds Institutional TempCash		172,870		172,870
BlackRock Liquidity Funds Institutional TempFund		172,870		172,870
				345,740
Total Short-Term Investments (Cost $1,028,951)				1,028,939
TOTAL INVESTMENTS - 122.25% (Cost $36,371,931)				36,811,140
OTHER ASSETS & LIABILITIES, NET - (22.25%)				(6,699,829	)
NET ASSETS - 100.00%			$	30,111,311

Notes to Schedule of Investments

(a) Securities with an approximate aggregate market value of $84,711 were segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2004:

Type	Number of Contracts		Notional Amount		Unrealized Appreciation
Euro-Bund 10-Year Notes (12/04)		10	EUR	1,000,000		$	10,832
Eurodollar (06/05)		15	$	15,000,000			1,187
U.S. Treasury 10-Year Notes (12/04)		5		500,000			1,250
						$	13,269

(b) Transactions in written options for the period ended September 30, 2004, were as follows:

	Number of Contracts	Premium
Outstanding, March 31, 2004	4,000,000		$	34,776
Options Written	—			—
Options Expired	—			—
Options Repurchased	—			—
Outstanding, September 30, 2004	4,000,000		$	34,776

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-17

PACIFIC FUNDS
PF PIMCO INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

(c) Premiums received and value of written options outstanding as of September 30, 2004:

Type	Notional Amount		Premium		Value
Call - OTC 7-Year Swaption (3 month LIBOR vs. 3.800%) Strike @ 3.80 Exp. 10/07/04	$	500,000	$	4,350	$	—
Call - OTC 7-Year Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp. 10/07/04		200,000		2,200		14
Put - OTC 7-Year Swaption (3 month LIBOR vs. 6.000%) Strike @ 6.00 Exp. 10/07/04		500,000		4,900		—
Put - OTC 7-Year Swaption (3 month LIBOR vs. 6.500%) Strike @ 6.50 Exp. 10/07/04		200,000		1,200		—
Call - OTC 10-Year Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp. 11/02/04		1,300,000		11,505		150
Put - OTC 10-Year Swaption (3 month LIBOR vs. 7.000%) Strike @ 7.00 Exp. 11/02/04		1,300,000		10,621		—
			$	34,776	$	164

(d) Investment sold short outstanding as of September 30, 2004:

Type	Principal Amount		Value
U.S. Treasury Notes 4.250% due 11/15/13 #	$	600,000	$	(607,922	)
Total Investment sold short (Proceeds $607,401)			$	(607,922	)

(e) Swap agreements outstanding as of September 30, 2004:

Type	Notional Amount		Unrealized Appreciation (Depreciation)
Receive floating rate based on 3-month USD- LIBOR and pay fixed rate equal to 5.000%.
Broker: JPMorgan & Chase Co
Exp. 12/15/14	$	100,000		$	1,116
Broker: Lehman Brothers Holdings Inc
Exp. 12/15/04		500,000			(3,813	)
Broker: The Goldman Sachs Group Inc
Exp. 12/15/14		1,100,000			(39,513	)
Broker: Union Bank of Switzerland
Exp. 12/15/04		500,000			(35,039	)
Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 6.000%.
Broker: The Goldman Sachs Group Inc
Exp. 12/18/33		400,000			(6,276	)
				$	(83,525	)

(f) Forward foreign currency contracts outstanding as of September 30, 2004, were as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts		Expiration		Unrealized Depreciation
Sell	EUR		24,000		10/04	$	(704	)

(g) Notional and principal amount denoted in the indicated currency:

    EUR – Eurodollar

(h) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

U.S. Treasury Obligations	116.01	%
Short-Term Investments	3.42	%
Corporate Bonds & Notes	2.14	%
Municipal Bonds	0.68	%
	122.25	%
Other Assets & Liabilities, Net	(22.25	)%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-18

PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 5.69%
Autos & Transportation - 0.31%
General Motors Corp 8.250% due 07/15/23	$	100,000	$	105,446
Financial Services - 2.13%
Bank of America Corp 4.875% due 01/15/13		100,000		101,612
CIT Group Inc 7.750% due 04/02/12		100,000		118,518
Citigroup Inc 5.625% due 08/27/12		50,000		53,528
General Motors Acceptance Corp 6.875% due 08/28/12		200,000		208,138
Morgan Stanley 5.300% due 03/01/13		100,000		102,667
Qwest Capital Funding Inc 7.250% due 02/15/11		100,000		89,750
Unilever Capital Corp 6.875% due 11/01/05		50,000		52,279
				726,492
Integrated Oils - 1.05%
Enterprise Products Operating LP 4.625% due 10/15/09 ~		100,000		100,943
Occidental Petroleum Corp 8.450% due 02/15/29		100,000		134,087
Petroleos Mexicanos (Mexico) 9.250% due 03/30/18		100,000		122,000
				357,030
Utilities - 2.20%
Entergy Gulf States Inc 3.600% due 06/01/08		100,000		98,939
Oncor Electric Delivery Co 7.250% due 01/15/33		70,000		82,631
Pacific Gas & Electric Co 2.300% due 04/03/06 §		200,000		200,199
Progress Energy Inc 6.850% due 04/15/12		50,000		55,929
SBC Communications Inc 4.206% due 06/05/05 ~		200,000		202,407
TXU Energy Co LLC 7.000% due 03/15/13		100,000		113,091
				753,196
Total Corporate Bonds & Notes (Cost $1,865,621)				1,942,164
MORTGAGE-BACKED SECURITIES - 20.81%
Collateralized Mortgage Obligations - 8.11%
Credit-Based Asset Servicing & Securitization LLC 2.160% due 06/25/32 “ §		86,348		86,531
CS First Boston Mortgage Securities Corp
2.170% due 03/25/32 ~ “ §		141,471		140,009
2.000% due 03/25/32 ~ “ §		135,013		135,132
7.500% due 02/25/31 “		8,843		8,834
Fannie Mae
1.900% due 05/25/34 “ §		153,024		152,905
2.880% due 11/25/23 “ §		850,000		880,096
6.250% due 10/25/22 “		87,652		88,170
Freddie Mac
5.000% due 09/15/16 “		70,667		71,722
6.250% due 04/15/23 “		250,349		255,484
Government National Mortgage Association 5.500% due 11/20/31 “		98,988		99,420
Homestar Mortgage Acceptance Corp 2.030% due 01/25/22 “ §		195,131		195,131
Mellon Residental Funding Corp 2.000% due 06/15/30 “ §		54,488		54,259
MLCC Mortgage Investors Inc 2.140% due 03/15/25 “ §		106,960		107,239
Residential Asset Securitization Trust 2.015% due 05/25/33 “ §		156,457		156,790
Residential Funding Mortgage Securities I Inc 5.611% due 09/25/32 “ §		41,351		41,312
Small Business Administration Inc 4.754% due 08/10/14 “		200,000		201,203
Washington Mutual Inc
3.066% due 02/27/34 “ §		31,916		32,042
5.143% due 10/25/32 “ §		64,355		65,338
				2,771,617
Fannie Mae - 7.25%
4.770% due 12/01/36 “ §		77,688		79,788
5.500% due 12/01/14 “		106,875		111,074
5.500% due 06/01/23 # “		297,417		304,893
5.500% due 10/14/34 # “		1,000,000		1,013,438
6.000% due 09/01/22 # “		260,780		272,075
6.000% due 01/01/23 # “		172,969		180,403
6.500% due 03/01/17 “		296,098		313,757
6.500% due 08/01/32 “		192,318		201,927
				2,477,355
Freddie Mac - 4.60%
5.500% due 08/01/07 “		88,293		90,729
5.500% due 03/01/23 # “		133,680		137,121
5.695% due 04/01/32 “ §		490,610		513,399
5.932% due 11/01/31 “ §		83,222		85,551
6.000% due 12/01/22 “		200,682		209,056
6.000% due 03/01/23 # “		425,683		443,429
7.500% due 10/25/43 “		83,901		91,738
				1,571,023
Government National Mortgage Association - 0.85%
3.000% due 05/20/34 “ §		296,257		291,112
Total Mortgage-Backed Securities (Cost $7,090,213)				7,111,107
ASSET-BACKED SECURITIES - 1.25%
Bank One Issuance Trust 1.810% due 10/15/08 “ §		200,000		200,256
Chase Credit Card Master Trust 1.810% due 07/16/07 “ §		200,000		200,183
Morgan Stanley Dean Witter Capital I Inc Trust 2.170% due 07/25/32 “ §		26,807		26,872
Total Asset-Backed Securities (Cost $427,021)				427,311

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-19

PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 20.83%
U.S. Treasury Bonds - 9.32%
6.250% due 08/15/23	$	500,000	$	584,024
7.250% due 08/15/22		100,000		128,789
7.500% due 11/15/16		1,000,000		1,285,430
8.125% due 08/15/19		400,000		547,734
8.750% due 05/15/17		200,000		282,242
8.875% due 08/15/17		250,000		356,719
				3,184,938
U.S. Treasury Inflation-Index Bonds - 8.30%
3.500% due 01/15/11 ^		326,484		369,628
3.625% due 01/15/08 ^		586,210		643,068
3.875% due 01/15/09 ^		1,270,434		1,430,579
4.250% due 01/15/10 ^		337,740		392,082
				2,835,357
U.S. Treasury Notes - 3.21%
1.625% due 04/30/05		1,100,000		1,097,852
Total U.S. Treasury Obligations (Cost $7,015,536)				7,118,147
FOREIGN GOVERNMENT BONDS - 4.28%
Hong Kong Government International Bond (Hong Kong) 5.125% due 08/01/14 ~ #		100,000		103,155
Republic of Brazil (Brazil)
2.063% due 04/15/06 §		32,000		31,967
2.125% due 04/15/09 §		9,412		9,242
11.500% due 03/12/08		170,000		196,775
Republic of Peru (Peru) 9.125% due 02/21/12		172,000		193,500
United Kingdom Gilt (United Kingdom) 4.000% due 03/07/09 #		400,000		702,252
United Mexican States (Mexico) 8.000% due 09/24/22		185,000		209,050
	Notional Amount
United Mexican States Value Recovery Rights (Mexico)
0.000% due 06/30/05 §		250,000		5,062
0.000% due 06/30/06 §		250,000		6,187
0.000% due 06/30/07 §		250,000		5,438
Total Foreign Government Bonds (Cost $1,356,259)				1,462,628
	Principal Amount
MUNICIPAL BONDS - 2.25%
California State Economic Recovery ‘A’ 5.000% due 07/01/11		100,000		111,149
Energy Northwest Washington Electric Revenue ‘A’ 5.500% due 07/01/12		100,000		113,741
Florida State Board of Education ‘A’ 5.000% due 06/01/32		100,000		102,465
Golden State Tobacco Securitization Corp CA ‘A’ 6.250% due 06/01/33		50,000		47,326
6.750% due 06/01/39		100,000		96,619
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue NY ‘E’ 5.000% due 06/15/34		100,000		101,614
San Antonio Texas Refunding ‘A’ 5.000% due 02/01/10		100,000		109,663
Tobacco Settlement Financing Corp NJ 6.000% due 06/01/37		100,000		87,328
Total Municipal Bonds (Cost $757,259)				769,905
	Notional Amount
PURCHASED CALL OPTION - 0.02%
30-Year Swaption (3-Month LIBOR vs. 5.750%) (OTC) Strike @ 5.75 Exp. 04/27/09 100,000 Contracts		100,000		8,117
Total Purchased Call Option (Cost $5,170)				8,117
PURCHASED PUT OPTIONS - 0.02%
Eurodollar December Futures (CME) Strike @ 95.00 Exp. 12/13/04 7 Contracts		7,000,000		44
Eurodollar March Futures (CME) Strike @ 93.25 Exp. 03/14/05 9 Contracts		9,000,000		—
Eurodollar June Futures (CME) Strike @ 91.50 Exp. 06/13/05 7 Contracts		7,000,000		44
30-Year Swaption (3-Month LIBOR vs. 6.250%) (OTC) Strike @ 6.25% Exp. 04/27/09 100,000 Contracts		100,000		5,860
Total Purchased Put Options (Cost $7,424)				5,948
	Principal Amount
SHORT-TERM INVESTMENTS - 48.73%
Commercial Paper - 40.28%
ABN-AMRO North America Finance Inc 1.925% due 01/24/05		900,000		894,400
1.945% due 01/31/05		100,000		99,334
Altria Group Inc 2.394% due 10/29/04 §		100,000		99,984
ANZ DE Inc 1.845% due 12/17/04		500,000		498,031
ASB Bank Ltd 1.730% due 12/03/04		400,000		398,735
Bank of Ireland (Ireland) 1.750% due 12/06/04		700,000		697,634
CBA DE Finance 1.660% due 11/22/04		500,000		498,721
CDC Commercial Paper Corp 1.670% due 12/10/04		500,000		498,227
Danske Corp
1.510% due 10/12/04		200,000		199,906
1.580% due 10/29/04		100,000		99,873
1.790% due 12/20/04		700,000		697,125

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-20

PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Principal Amount		Value
Dexia DE LLC 1.505% due 10/01/04	$	700,000	$	700,000
DnB NOR Bank ASA (Norway)
1.650% due 11/19/04		300,000		299,272
1.725% due 12/03/04		200,000		199,357
1.770% due 12/07/04		200,000		199,313
1.810% due 12/20/04		300,000		298,748
Ford Motor Credit Co
2.520% due 04/08/05		200,000		197,396
ForeningsSparbanken AB (Sweden) 1.560% due 10/21/04		100,000		99,910
General Electric Capital Corp    1.800% due 12/16/04		500,000		498,059
HBOS Treasury Services PLC (United Kingdom)
1.535% due 10/15/04		200,000		199,878
1.560% due 10/19/04		100,000		99,921
1.580% due 10/21/04		500,000		499,558
1.580% due 10/26/04		100,000		99,888
1.780% due 12/08/04		100,000		99,656
ING U.S. Funding LLC
1.485% due 10/05/04		400,000		399,932
1.790% due 12/09/04		300,000		298,952
1.820% due 12/16/04		300,000		298,835
Lloyds TSB Bank PLC (United Kingdom)    1.530% due 10/22/04		500,000		499,535
National Australia Funding DE Inc    1.620% due 10/01/04		100,000		100,000
Royal Bank of Scotland PLC (United Kingdom)
1.540% due 10/19/04		600,000		599,525
1.630% due 11/03/04		200,000		199,697
Spintab AB (Sweden)
1.505% due 10/12/04		100,000		99,952
1.710% due 12/03/04		100,000		99,679
Stadshypotek DE Inc
1.585% due 11/08/04		600,000		598,923
1.820% due 12/14/04		300,000		298,851
Svenska Handelsbanken AB (Sweden)    1.610% due 11/10/04		400,000		399,224
UBS Finance DE LLC
1.570% due 10/25/04		300,000		299,681
1.575% due 11/09/04		400,000		399,267
1.735% due 12/03/04		100,000		99,684
1.930% due 01/24/05		200,000		198,755
Westpac Capital Corp    1.650% due 12/06/04		100,000		99,667
Westpac Trust Securities Ltd    1.460% due 10/04/04		600,000		599,925
				13,763,010
U.S. Government Agency Issues - 5.25%
Fannie Mae
1.850% due 12/08/04		800,000		797,287
1.850% due 12/22/04		300,000		298,773
Freddie Mac
1.570% due 11/15/04		100,000		99,788
1.580% due 11/22/04		100,000		99,748
1.930% due 01/24/05		500,000		496,926
				1,792,522
U.S. Treasury Bills - 1.52%
1.575% due 12/02/04 ‡		460,000		458,747
1.630% due 12/16/04 ‡		60,000		59,796
				518,543
	Shares
Money Market Funds - 1.68%
BlackRock Liquidity Funds Institutional TempCash		287,494		287,494
BlackRock Liquidity Funds Institutional TempFund		287,494		287,494
				574,988
Total Short-Term Investments (Cost $16,650,155)				16,649,063
TOTAL INVESTMENTS - 103.88% (Cost $35,174,658)				35,494,390
OTHER ASSETS & LIABILITIES, NET - (3.88%)				(1,325,522	)
NET ASSETS - 100.00%			$	34,168,868

Notes to Schedule of Investments

(a) Securities with an approximate aggregate market value of $518,543 were segregated with the custodian to cover margin requirements for the following open futures contracts as of September 30, 2004:

Type	Number of Contracts	Notional Amount		Unrealized Appreciation (Depreciation)
Euro-Bobl 5-Year Notes (12/04)	22	EUR	2,200,000		$	8,645
Euro-Bund 10-Year Notes (12/04)	29		2,900,000			21,042
Eurodollar (03/05)	14	$	14,000,000			(350	)
Eurodollar (06/05)	15		15,000,000			(600	)
Eurodollar (12/06)	2		2,000,000			5,425
90-Day GBP LIBOR (12/04)	7	GBP	3,500,000			(3,756	)
90-Day GBP LIBOR (12/05)	5		2,500,000			2,546
U.S. Treasury 5-Year Notes (12/04)	7	$	700,000			(328	)
U.S. Treasury 10-Year Notes (12/04)	79		7,900,000			38,930
U.S. Treasury 30-Year Bonds (12/04)	29		2,900,000			(14,469	)
					$	57,085

(b) Transactions in written options for the period ended September 30, 2004, were as follows:

	Number of Contracts	Premium
Outstanding, March 31, 2004	7,000,000		$	173,374
Options Written	—			—
Options Expired	—			—
Options Repurchased	—			—
Outstanding, September 30, 2004	7,000,000		$	173,374

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-21

PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

(c) Premiums received and value of written options outstanding as of September 30, 2004:

Type	Notional Amount		Premium		Value
Call - OTC 7-Year Swaption (3 month LIBOR vs. 3.800%) Strike @ 3.80 Exp. 10/07/04	$	200,000	$	2,064	$	—
Put - OTC 7-Year Swaption (3 month LIBOR vs. 6.000%) Strike @ 6.00 Exp. 10/07/04		200,000		1,720		—
Call - OTC 10-Year Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp. 10/07/04		700,000		17,570		—
Put - OTC 10-Year Swaption (3 month LIBOR vs. 6.000%) Strike @ 6.00 Exp. 10/07/04		700,000		22,260		—
Call - OTC 7-Year Swaption (3 month LIBOR vs. 5.000%) Strike @ 5.00 Exp. 01/07/05		1,000,000		27,150		44,663
Put - OTC 7-Year Swaption (3 month LIBOR vs. 7.000%) Strike @ 7.00 Exp. 01/07/05		1,000,000		20,700		2
Call - OTC 7-Year Swaption (3 month LIBOR vs. 4.000%) Strike @ 4.00 Exp. 09/23/05		1,600,000		36,920		17,997
Put - OTC 7-Year Swaption (3 month LIBOR vs. 6.000%) Strike @ 6.00 Exp. 09/23/05		1,100,000		37,290		6,682
Put - OTC 7-Year Swaption (3 month LIBOR vs. 7.000%) Strike @ 7.00 Exp. 09/23/05		500,000		7,700		882
			$	173,374	$	70,226

(d) Investments sold short outstanding as of September 30, 2004:

Type	Principal Amount		Value
U.S. Treasury Notes 4.250% due 08/15/13 #	$	2,000,000	$	(2,030,548	)
Total Investments sold short (Proceeds $2,011,112)			$	(2,030,548	)

(e) Swap agreements outstanding as of September 30, 2004:

Type	Notional Amount		Unrealized Appreciation
Receive fixed rate equal to 1.000% and pay to the counterparty at par in the event of default of Russian Federation Government Bond 5.000% due 03/31/30.
Broker: Lehman Brothers Holdings Inc Exp. 07/28/05	$	100,000		$	148
Receive fixed rate equal to 0.970% and pay to the counterparty at par in the event of default of Russian Federation Government Bond 5.000% due 03/31/30.
Broker: Lehman Brothers Holdings Inc Exp. 07/31/05		100,000			123
Receive fixed rate equal to 4.000% and pay floating rate based on 6-month GBP-LIBOR.
Broker: The Goldman Sachs Group Inc
Exp. 09/15/05	GBP	400,000			(857	)
Receive fixed rate equal to 4.000% and pay floating rate based on 3-month USD-LIBOR.
Broker: Barclays Bank PLC
Exp. 12/15/06	$	800,000			5,791
Broker: The Goldman Sachs Group Inc
Exp. 12/15/06		2,800,000			373
Broker: The Goldman Sachs Group Inc
Exp. 12/15/07		200,000			2,099
Receive fixed rate equal to 4.500% and pay floating rate based on 3-month SEK-LIBOR.
Broker: JPMorgan & Chase Co
Exp. 06/17/08	SEK	2,900,000			11,029
Broker: Merrill Lynch & Co Inc
Exp. 06/17/08		7,100,000			3,041
Receive from the counterparty at par in the event of default of Johnson & Johnson 3.800% due 05/15/13, and pay fixed rate equal to 0.110%.
Broker: Lehman Brothers Holdings Inc
Exp. 12/20/08	$	100,000			(70	)
Receive from the counterparty at par in the event of default of The Home Depot Inc 5.375% due 04/01/06, and pay fixed rate equal to 0.120%.
Broker: Lehman Brothers Holdings Inc
Exp. 12/20/08		100,000			79
Receive from the counterparty at par in the event of default of Wal-Mart Stores 3.375% due 10/01/08, and pay fixed rate equal to 0.140%.
Broker: Citigroup Inc
Exp. 12/20/08		100,000			140
Receive from the counterparty at par in the event of default of Eli Lilly 6.000% due 03/15/12, and pay fixed rate equal to 0.160%.
Broker: Barclays Bank PLC
Exp. 12/20/08		100,000			151
Receive from the counterparty at par in the event of default of Emerson Electric Co 4.625% due 10/15/12, and pay fixed rate equal to 0.210%.
Broker: Morgan Stanley
Exp. 12/20/08		100,000			(78	)

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-22

PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

Type	Notional Amount		Unrealized Appreciation (Depreciation)
Receive from the counterparty at par in the event of default of Gannett Co Inc 6.375% due 04/01/12, and pay fixed rate equal to 0.220%.
Broker: Merrill Lynch & Co Inc
Exp. 12/20/08	$	100,000		$	316
Receive from the counterparty at par in the event of default of Allstate Corp 6.125% due 02/15/12, and pay fixed rate equal to 0.260%.
Broker: Morgan Stanley
Exp. 12/20/08		100,000			(112	)
Receive from the counterparty at par in the event of default of Eaton Corp 5.750% due 07/15/12, and pay fixed rate equal to 0.280%.
Broker: Citigroup Inc
Exp. 12/20/08		100,000			(346	)
Receive from the counterparty at par in the event of default of Fedex Corp 7.250% due 10/15/12, and pay fixed rate equal to 0.290%.
Broker: Barclays Bank PLC
Exp. 12/20/08		100,000			368
		��
Receive from the counterparty at par in the event of default of Whirlpool Corp 8.600% due 05/01/10, and pay fixed rate equal to 0.290%.
Broker: Lehman Brothers Holdings Inc
Exp. 12/20/08		100,000			1,135
Receive from the counterparty at par in the event of default of Ingersoll-Rand Co 6.480% due 06/01/25, and pay fixed rate equal to 0.320%.
Broker: Merrill Lynch & Co Inc
Exp. 12/20/08		100,000			31
Receive fixed rate equal to 4.000% and pay floating rate based on 3-month USD- LIBOR.
Broker: UBS Securities Inc
Exp. 12/15/09		500,000			11,629
Receive floating rate based on 3-month USD- LIBOR and pay fixed rate equal to 5.000%.
Broker: Barclays Bank PLC
Exp. 12/15/14		100,000			794
Broker: Lehman Brothers Holdings Inc
Exp. 12/15/14		500,000			5,836
Receive floating rate based on 6-month EUR-LIBOR and pay fixed rate equal to 5.000%.
Broker: UBS Securities Inc
Exp. 12/15/14	EUR	2,400,000			(130,664	)
Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 5.000%.
Broker: Merrill Lynch & Co Inc
Exp. 06/16/24		$1,300,000			(69,128	)
Receive floating rate based on 6-month GBP-LIBOR and pay fixed rate equal to 5.000%.
Broker: Barclays Bank PLC
Exp. 06/18/34	GBP	100,000			(1,638	)
Broker: UBS Securities Inc
Exp. 06/18/34		200,000			(3,068	)
Receive fixed rate equal to 6.000% and pay floating rate based on 6-month EUR-LIBOR.
Broker: JPMorgan Chase & Co
Exp. 06/18/34	EUR	400,000			7,995
				$	(154,883	)

(f) Forward foreign currency contracts outstanding as of September 30, 2004, were as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts		Expiration		Unrealized Appreciation (Depreciation)
Buy	CNY		789,750		09/05		$	(1,601	)
Sell	GBP		419,000		10/04			(14,703	)
Buy	JPY		72,165,000		10/04			4,003
							$	(12,301	)

(g) Notional and principal amount denoted in the indicated currency:

     CNY – Chinese Yuan

     EUR – Eurodollar

     GBP – British Pounds

     JPY – Japanese Yen

     SEK – Swedish Krona

(h) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Short-Term Investments	48.73	%
U.S. Treasury Obligations	20.83	%
Mortgage-Backed Securities	20.81	%
Corporate Bonds & Notes	5.69	%
Foreign Government Bonds	4.28	%
Municipal Bonds	2.25	%
Asset-Backed Securities	1.25	%
Purchased Call Option	0.02	%
Purchased Put Options	0.02	%
	103.88	%
Other Assets & Liabilities, Net	(3.88	)%
	100.00	%

See Notes to Financial Statements

A-23

PACIFIC FUNDS
PF PACIFIC LIFE MONEY MARKET FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 99.99%
Asset-Backed Securities - 4.29%
Caterpillar Financial Asset Trust 1.370% due 05/25/05 “	$	131,967	$	131,926
Honda Auto Receivables Owner Trust 1.630% due 07/15/05 “		160,193		160,193
Nissan Auto Receivables Owner Trust 1.930% due 09/15/05 “		400,000		400,000
USAA Auto Owner Trust 1.080% due 03/15/05 “		107,106		107,106
				799,225
Certificates of Deposit - 7.78%
Washington Mutual Bank 1.730% due 10/18/04		750,000		750,000
Wells Fargo & Co 1.600% due 10/04/04		700,000		700,000
				1,450,000
Commercial Paper - 61.92%
3M Co 1.710% due 10/19/04		700,000		699,401
Abbott Laboratories 1.610% due 10/21/04		495,000		494,557
American Honda Finance Corp 1.540% due 10/04/04		500,000		499,936
Anheuser-Busch Cos Inc 1.620% due 10/12/04		800,000		799,604
Coca-Cola Enterprises Inc 1.530% due 10/04/04		300,000		299,962
Fortune Brands Inc 1.630% due 10/25/04		700,000		699,239
Gannett Co Inc 1.730% due 10/07/04		800,000		799,769
Koch Industries LLC 1.740% due 10/19/04		750,000		749,348
Lloyds TSB Bank PLC (United Kingdom) 1.610% due 10/07/04		500,000		499,866
Medtronic Inc 1.710% due 10/21/04		750,000		749,288
National Rural Utilities Cooperative Finance Corp 1.650% due 10/13/04		800,000		799,560
PepsiCo Inc 1.720% due 10/06/04		700,000		699,833
The Clorox Co 1.740% due 10/04/04		750,000		749,891
The Gillette Co 1.800% due 10/01/04		700,000		700,000
The New York Times Co 1.700% due 10/15/04		800,000		799,471
Toyota Motor Credit Corp (Japan) 1.580% due 10/08/04		700,000		699,785
Wal-Mart Stores Inc 1.620% due 10/05/04		800,000		799,856
				11,539,366
Corporate Notes - 4.42%
American-Express Credit Corp 1.850% due 06/24/05 §		500,000		500,211
Bank of Nova Scotia (Canada) 1.770% due 06/24/05 §		325,000		324,958
				825,169
U.S. Government Agency Issues - 21.43%
Fannie Mae
1.360% due 05/03/05		500,000		499,680
1.540% due 10/01/04		995,000		995,000
1.750% due 10/06/04		500,000		499,879
1.780% due 07/26/05 §		1,000,000		999,918
1.810% due 05/27/05		250,000		250,000
Federal Home Loan Bank
1.470% due 05/04/05		500,000		500,000
1.660% due 05/16/05		250,000		250,000
				3,994,477
	Shares
Money Market Fund - 0.15%
BlackRock Liquidity Funds Institutional TempFund		27,365		27,365
Total Short-Term Investments (Amortized Cost $18,635,602)				18,635,602
TOTAL INVESTMENTS - 99.99% (Amortized Cost $18,635,602)				18,635,602
OTHER ASSETS & LIABILITIES, NET - 0.01%				1,308
NET ASSETS - 100.00%			$	18,636,910

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows: 

Commercial Paper	61.92	%
U.S. Government Agency Issues	21.43	%
Certificates of Deposit	7.78	%
Corporate Notes	4.42	%
Asset-Backed Securities	4.29	%
Money Market Fund	0.15	%
	99.99	%
Other Assets & Liabilities, Net	0.01	%
	100.00	%

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-24

PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 3.91%
Financial Services - 0.80%
Conseco Inc 5.500%		580	$	14,280
The Hartford Financial Services Group Inc 6.000%		560		33,258
The Hartford Financial Services Group Inc 7.000%		1,350		82,215
The PMI Group Inc 5.875%		500		13,050
				142,803
Health Care - 0.11%
Baxter International Inc 7.000%		80		4,300
Schering-Plough Corp 6.000%		300		15,885
				20,185
Integrated Oils - 0.20%
Amerada Hess Corp 7.000%		460		36,717
Materials & Processing - 0.40%
Boise Cascade Corp 7.500%		960		47,712
Freeport-McMoRan Copper & Gold Inc 5.500% ~		7		7,140
Hercules Trust II 6.500%		23		17,710
				72,562
Producer Durables - 1.68%
Northrop Grumman Corp 7.250%		210		21,725
Xerox Corp 6.250%		2,195		279,314
				301,039
Technology - 0.06%
Solectron Corp 7.250%		800		10,560
Utilities - 0.66%
CenterPoint Energy Inc 2.000% §		1,960		64,680
Dominion Resources Inc VA 9.500%		370		20,184
ONEOK Inc 8.500%		945		31,109
Sempra Energy 8.500%		95		2,941
				118,914
Total Convertible Preferred Stocks (Cost $641,725)				702,780
COMMON STOCKS - 93.58%
Autos & Transportation - 3.42%
Canadian National Railway Co (Canada)		2,185		105,972
Lear Corp		2,735		148,921
Union Pacific Corp		6,145		360,097
				614,990
Consumer Discretionary - 10.39%
AutoZone Inc *		1,000		77,250
Cendant Corp		4,297		92,815
Darden Restaurants Inc		3,589		83,696
Fox Entertainment Group Inc ‘A’ *		1,160		32,178
Harrah’s Entertainment Inc		2,939		155,708
Hilton Hotels Corp		2,280		42,955
Kimberly-Clark Corp		100		6,459
Liberty Media Corp ‘A’ *		14,084		122,813
Liberty Media International Inc ‘A’ *		1,125		37,526
Limited Brands Inc		4,687		104,473
Liz Claiborne Inc		820		30,930
Lowe’s Cos Inc		1,770		96,200
Mattel Inc		6,163		111,735
McDonald’s Corp		5,635		157,949
Office Depot Inc *		7,530		113,176
Republic Services Inc		2,840		84,518
Service Corp International *		25,235		156,709
The Walt Disney Co		4,518		101,881
Viacom Inc ‘B’		3,280		110,077
Whirlpool Corp		2,463		148,002
				1,867,050
Consumer Staples - 4.73%
Altria Group Inc		8,072		379,707
Coca-Cola Enterprises Inc		6,200		117,180
Colgate-Palmolive Co		2,207		99,712
General Mills Inc		2,350		105,515
H.J. Heinz Co		3,141		113,139
Rite Aid Corp *		9,943		34,999
				850,252
Energy - 0.44%
Valero Energy Corp		973		78,044
Financial Services - 35.00%
ACE Ltd (Bermuda)		7,021		281,261
American International Group Inc		2,465		167,595
Aon Corp		2,057		59,118
AXIS Capital Holdings Ltd (Bermuda)		2,367		61,542
Bank of America Corp		14,621		633,528
Berkshire Hathaway Inc ‘B’ *		32		91,872
Capital One Financial Corp		660		48,774
CIGNA Corp		1,609		112,035
CIT Group Inc		600		22,434
Citigroup Inc		18,741		826,853
Countrywide Financial Corp		2,122		83,586
Fannie Mae		2,830		179,422
Fidelity National Financial Inc		110		4,191
Freddie Mac		4,893		319,219
JPMorgan Chase & Co		11,388		452,445
KeyCorp		1,483		46,863
Lehman Brothers Holdings Inc		1,048		83,547
MBIA Inc		920		53,553
MBNA Corp		2,085		52,542
Merrill Lynch & Co Inc		2,933		145,829
MetLife Inc		840		32,466
Montpelier Re Holdings Ltd (Bermuda)		1,080		39,614
Morgan Stanley		3,480		171,564
Old Republic International Corp		1,310		32,789
Providian Financial Corp *		3,210		49,883
Radian Group Inc		850		39,296
SouthTrust Corp		118		4,916
State Street Corp		6,317		269,799
The Bank of New York Co Inc		6,792		198,123
The Chubb Corp		190		13,353
The PMI Group Inc		1,100		44,638
The St. Paul Travelers Cos Inc		4,251		140,538
Torchmark Corp		675		35,897
U.S. Bancorp		19,690		569,041
Wachovia Corp		7,550		354,473
Wells Fargo & Co		6,040		360,165
Willis Group Holdings Ltd (United Kingdom)		1,326		49,592
XL Capital Ltd ‘A’ (Bermuda)		2,133		157,821
				6,290,177
Health Care - 3.04%
Abbott Laboratories		6,000		254,160
Baxter International Inc		430		13,829

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-25

PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Shares		Value
Johnson & Johnson		784	$	44,163
Medco Health Solutions Inc *		2,290		70,761
Pfizer Inc		4,310		131,886
Wyeth		820		30,668
				545,467
Integrated Oils - 11.33%
Amerada Hess Corp		1,186		105,554
BP PLC ADR (United Kingdom)		3,110		178,918
ChevronTexaco Corp		8,257		442,905
Exxon Mobil Corp		18,360		887,339
GlobalSantaFe Corp		2,300		70,495
Marathon Oil Corp		1,672		69,020
Noble Corp *		2,050		92,148
Unocal Corp		4,430		190,490
				2,036,869
Materials & Processing - 5.86%
Avery Dennison Corp		802		52,755
Boise Cascade Corp		3,070		102,170
Energizer Holdings Inc *		740		34,114
Engelhard Corp		1,921		54,460
Masco Corp		9,779		337,669
PPG Industries Inc		1,352		82,851
Smurfit-Stone Container Corp *		6,940		134,428
Sonoco Products Co		3,488		92,223
The Dow Chemical Co		3,613		163,235
				1,053,905
Multi-Industry - 4.11%
Eaton Corp		870		55,167
General Electric Co		4,780		160,512
Honeywell International Inc		5,110		183,245
Tyco International Ltd (Bermuda)		11,090		340,019
				738,943
Producer Durables - 4.70%
Dover Corp		1,949		75,758
Ingersoll-Rand Co Ltd ‘A’ (Bermuda)		3,440		233,817
Lennar Corp ‘A’		1,930		91,868
Lockheed Martin Corp		2,749		153,339
Northrop Grumman Corp		1,940		103,460
Parker-Hannifin Corp		93		5,474
Pitney Bowes Inc		992		43,747
The Boeing Co		1,663		85,844
Xerox Corp *		3,610		50,829
				844,136
Technology - 4.35%
Hewlett-Packard Co		23,087		432,881
Intel Corp		1,540		30,893
Microsoft Corp		5,900		163,135
Motorola Inc		1,890		34,096
Oracle Corp *		6,430		72,530
Vishay Intertechnology Inc *		3,780		48,762
				782,297
Utilities - 6.21%
BellSouth Corp		3,590		97,361
Dominion Resources Inc VA		830		54,158
Edison International		2,200		58,322
Entergy Corp		1,810		109,704
Exelon Corp		3,770		138,321
PG&E Corp *		4,180		127,072
Pinnacle West Capital Corp		98		4,067
Progress Energy Inc		1,620		68,591
Public Service Enterprise Group Inc		1,100		46,860
SBC Communications Inc		5,934		153,987
SCANA Corp		159		5,937
Sempra Energy		110		3,981
Verizon Communications Inc		5,259		207,099
Wisconsin Energy Corp		1,270		40,513
				1,115,973
Total Common Stocks (Cost $15,172,030)				16,818,103
EXCHANGE TRADED FUND - 0.48%
iShares Russell 1000 Value Index Fund		1,440		87,192
Total Exchange Traded Fund (Cost $86,115)				87,192
	Principal Amount
CONVERTIBLE CORPORATE BONDS & NOTES - 0.15%
Autos & Transportation - 0.05%
The Goodyear Tire & Rubber Co 4.000% due 06/15/34 ~	$	8,000		9,390
Multi-Industry - 0.10%
Tyco International Group SA (Bermuda)
2.750% due 01/15/18 ~		5,000		7,031
2.750% due 01/15/18		7,000		9,844
				16,875
Total Convertible Corporate Bonds & Notes (Cost $22,125)				26,265
	Shares
SHORT-TERM INVESTMENT - 2.70%
Money Market Fund - 2.70%
BlackRock Liquidity Funds Institutional TempFund		485,816		485,816
Total Short-Term Investment (Cost $485,816)				485,816
TOTAL INVESTMENTS - 100.82% (Cost $16,407,811)				18,120,156
OTHER ASSETS & LIABILITIES, NET - (0.82%)				(147,901	)
NET ASSETS - 100.00%			$	17,972,255

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-26

PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	35.80	%
Integrated Oils	11.53	%
Consumer Discretionary	10.39	%
Utilities	6.87	%
Producer Durables	6.38	%
Materials & Processing	6.26	%
Consumer Staples	4.73	%
Technology	4.41	%
Multi-Industry	4.21	%
Autos & Transportation	3.47	%
Health Care	3.15	%
Short-Term Investment	2.70	%
Exchange Traded Fund	0.48	%
Energy	0.44	%
	100.82	%
Other Assets & Liabilities, Net	(0.82	)%
	100.00	%

See Notes to Financial Statements

A-27

PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 90.68%
Consumer Discretionary - 12.17%
Kimberly-Clark Corp		9,600	$	620,064
Liberty Media Corp ‘A’ *		47,000		409,840
Liberty Media International Inc ‘A’ *		2,200		73,396
Mattel Inc		24,400		442,372
McDonald’s Corp		22,000		616,660
Newell Rubbermaid Inc		15,500		310,620
Target Corp		6,300		285,075
The News Corp Ltd ADR (Australia)		16,000		501,280
Time Warner Inc *		29,000		468,060
Viacom Inc ‘B’		15,000		503,400
Wal-Mart Stores Inc		3,600		191,520
Waste Management Inc		10,500		287,070
				4,709,357
Consumer Staples - 4.66%
Altria Group Inc		18,400		865,536
Safeway Inc *		15,800		305,098
The Kroger Co *		40,900		634,768
				1,805,402
Energy - 3.01%
El Paso Corp		47,300		434,687
ENSCO International Inc		16,300		532,521
Nabors Industries Ltd * (Barbados)		4,200		198,870
				1,166,078
Financial Services - 21.71%
American Express Co		9,300		478,578
American International Group Inc		10,100		686,699
Bank of America Corp		24,000		1,039,920
Capital One Financial Corp		5,700		421,230
Equity Office Properties Trust		15,400		419,650
Equity Residential		12,900		399,900
JPMorgan Chase & Co		10,000		397,300
Loews Corp		6,400		374,400
MBNA Corp		17,300		435,960
Merrill Lynch & Co Inc		9,400		467,368
Morgan Stanley		7,300		359,890
The Bank of New York Co Inc		12,200		355,874
The Goldman Sachs Group Inc		4,300		400,932
The St. Paul Travelers Cos Inc		5,900		195,054
U.S. Bancorp		16,500		476,850
Wachovia Corp		10,600		497,670
Waddell & Reed Financial Inc ‘A’		13,900		305,800
Washington Mutual Inc		8,200		320,456
Wells Fargo & Co		6,200		369,706
				8,403,237
Health Care - 8.82%
GlaxoSmithKline PLC ADR (United Kingdom)		11,200		489,776
HCA Inc		6,900		263,235
Johnson & Johnson		6,500		366,145
Merck & Co Inc		10,500		346,500
Pfizer Inc		32,400		991,440
Schering-Plough Corp		21,300		405,978
Wyeth		14,700		549,780
				3,412,854
Integrated Oils - 8.45%
BP PLC ADR (United Kingdom)		12,300		707,619
ChevronTexaco Corp		15,000		804,600
GlobalSantaFe Corp		9,400		288,110
Marathon Oil Corp		2,600		107,328
Royal Dutch Petroleum Co ‘NY’ (Netherlands)		11,000		567,600
Total SA ADR (France)		7,800		796,926
				3,272,183
Materials & Processing - 3.92%
Alcoa Inc		11,600		389,644
Avery Dennison Corp		6,200		407,836
International Paper Co		11,800		476,838
The Dow Chemical Co		5,400		243,972
				1,518,290
Multi-Industry - 1.58%
Honeywell International Inc		17,000		609,620
Producer Durables - 4.00%
Lockheed Martin Corp		10,000		557,800
The Boeing Co		10,700		552,334
United Technologies Corp		4,700		438,886
				1,549,020
Technology - 11.00%
3Com Corp *		20,100		84,822
Celestica Inc * (Canada)		16,300		207,010
Comverse Technology Inc *		12,900		242,907
Hewlett-Packard Co		30,400		570,000
International Business Machines Corp		3,400		291,516
Lucent Technologies Inc *		53,000		168,010
Microsoft Corp		24,400		674,660
Nokia OYJ ADR (Finland)		49,200		675,024
Nortel Networks Corp * (Canada)		171,100		581,740
Novell Inc *		17,400		109,794
Solectron Corp *		59,400		294,030
Sun Microsystems Inc *		88,600		357,944
				4,257,457
Utilities - 11.36%
Ameren Corp		8,900		410,735
AT&T Corp		16,600		237,712
AT&T Wireless Services Inc *		20,600		304,468
Comcast Corp ‘A’ *		8,800		248,512
Comcast Corp Special ‘A’ *		9,600		268,032
FirstEnergy Corp		7,900		324,532
MCI Inc		19,100		319,925
Nextel Communications Inc ‘A’ *		12,000		286,080
NiSource Inc		21,400		449,614
PG&E Corp *		10,400		316,160
SBC Communications Inc		21,700		563,115
Verizon Communications Inc		17,000		669,460
				4,398,345
Total Common Stocks (Cost $32,858,223)				35,101,843

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-28

PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 4.53%
Money Market Fund - 4.53%
BlackRock Liquidity Funds Institutional TempFund		1,751,827	$	1,751,827
Total Short-Term Investment (Cost $1,751,827)				1,751,827
TOTAL INVESTMENTS - 95.21% (Cost $34,610,050)				36,853,670
OTHER ASSETS & LIABILITIES, NET - 4.79%				1,853,453
NET ASSETS - 100.00%			$	38,707,123

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	21.71	%
Consumer Discretionary	12.17	%
Utilities	11.36	%
Technology	11.00	%
Health Care	8.82	%
Integrated Oils	8.45	%
Consumer Staples	4.66	%
Short-Term Investment	4.53	%
Producer Durables	4.00	%
Materials & Processing	3.92	%
Energy	3.01	%
Multi-Industry	1.58	%
	95.21	%
Other Assets & Liabilities, Net	4.79	%
	100.00	%

See Notes to Financial Statements

A-29

PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 92.88%
Consumer Discretionary - 10.75%
Clear Channel Communications Inc		8,700	$	271,179
Darden Restaurants Inc		3,800		88,616
Eastman Kodak Co		3,700		119,214
Federated Department Stores Inc		2,200		99,946
Jones Apparel Group Inc		4,000		143,200
Kimberly-Clark Corp		5,600		361,704
Liberty Media Corp ‘A’ *		21,300		185,736
Liberty Media International Inc ‘A’ *		1,630		54,380
Mattel Inc		5,000		90,650
McDonald’s Corp		7,000		196,210
The May Department Stores Co		1,800		46,134
The Walt Disney Co		9,700		218,735
				1,875,704
Consumer Staples - 4.81%
Altria Group Inc		5,200		244,608
CVS Corp		2,400		101,112
Kraft Foods Inc ‘A’		5,700		180,804
The Kroger Co *		7,800		121,056
Unilever NV ‘NY’ (Netherlands)		3,300		190,740
				838,320
Energy - 4.21%
Halliburton Co		21,800		734,442
Financial Services - 19.53%
AMBAC Financial Group Inc		1,500		119,925
Assurant Inc		2,400		62,400
Bank of America Corp		9,600		415,968
Berkshire Hathaway Inc ‘B’ *		5		14,355
Capital One Financial Corp		200		14,780
Citigroup Inc		7,900		348,548
Fannie Mae		800		50,720
Freddie Mac		10,100		658,924
Genworth Financial Inc ‘A’ *		2,900		67,570
JPMorgan Chase & Co		1,700		67,541
Lehman Brothers Holdings Inc		700		55,804
Merrill Lynch & Co Inc		1,600		79,552
MetLife Inc		2,900		112,085
PNC Financial Services Group Inc		4,000		216,400
RenaissanceRe Holdings Ltd (Bermuda)		300		15,474
SouthTrust Corp		400		16,664
SunGard Data Systems Inc *		2,400		57,048
SunTrust Banks Inc		400		28,164
The Allstate Corp		3,200		153,568
The Chubb Corp		3,500		245,980
The Goldman Sachs Group Inc		100		9,324
The St. Paul Travelers Cos Inc		1,986		65,657
Torchmark Corp		2,400		127,632
Wachovia Corp		1,600		75,120
Wells Fargo & Co		5,500		327,965
				3,407,168
Health Care - 11.70%
Aetna Inc		700		69,951
AmerisourceBergen Corp		2,200		118,162
Bristol-Myers Squibb Co		21,900		518,373
GlaxoSmithKline PLC ADR (United Kingdom)		13,800		603,474
Merck & Co Inc		1,100		36,300
Pfizer Inc		7,600		232,560
Roche Holding AG ADR (Switzerland)		1,700		175,623
Schering-Plough Corp		8,800		167,728
Wyeth		3,200		119,680
				2,041,851
Integrated Oils - 9.18%
BP PLC ADR (United Kingdom)		1,900		109,307
ConocoPhillips		2,400		198,840
GlobalSantaFe Corp		6,600		202,290
Petroleo Brasileiro SA ADR (Brazil)		5,700		200,925
Royal Dutch Petroleum Co ‘NY’ (Netherlands)		1,800		92,880
Schlumberger Ltd		4,900		329,819
Total SA ADR (France)		2,400		245,208
Transocean Inc *		6,200		221,836
				1,601,105
Materials & Processing - 12.86%
Alcoa Inc		9,600		322,464
E.I. du Pont de Nemours & Co		6,700		286,760
Georgia-Pacific Corp		12,100		434,995
International Paper Co		15,200		614,232
Rohm & Haas Co		2,900		124,613
The Dow Chemical Co		10,200		460,836
				2,243,900
Producer Durables - 0.67%
Cognex Corp		1,700		44,540
Credence Systems Corp *		3,800		27,360
Lexmark International Inc ‘A’ *		400		33,604
Novellus Systems Inc *		400		10,636
				116,140
Technology - 2.43%
Affiliated Computer Services Inc ‘A’ *		1,400		77,938
Check Point Software Technologies Ltd * (Israel)		800		13,576
Flextronics International Ltd * (Singapore)		3,800		50,350
Hewlett-Packard Co		5,200		97,500
Intel Corp		700		14,042
International Business Machines Corp		500		42,870
Jabil Circuit Inc *		700		16,100
JDS Uniphase Corp *		1,600		5,392
Microsoft Corp		1,400		38,710
Nokia OYJ ADR (Finland)		2,400		32,928
Telefonaktiebolaget LM Ericsson ADR * (Sweden)		1,100		34,364
				423,770
Utilities - 16.74%
American Electric Power Co Inc		3,300		105,468
Constellation Energy Group Inc		2,800		111,552
Dominion Resources Inc VA		2,700		176,175
FirstEnergy Corp		4,000		164,320
Public Service Enterprise Group Inc		3,000		127,800
SBC Communications Inc		20,100		521,595
Scottish Power PLC ADR (United Kingdom)		2,200		67,848
Sprint Corp		38,200		768,966
TXU Corp		5,800		277,936
Verizon Communications Inc		15,200		598,576
				2,920,236
Total Common Stocks (Cost $14,217,832)				16,202,636

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-30

PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 6.68%
U.S. Government Agency Issue - 6.52%
Federal Home Loan Bank 1.650% due 10/01/04	$	1,138,000	$	1,138,000
	Shares
Money Market Funds - 0.16%
BlackRock Liquidity Funds Institutional TempCash		13,571		13,571
BlackRock Liquidity Funds Institutional TempFund		13,570		13,570
				27,141
Total Short-Term Investments (Cost $1,165,141)				1,165,141
TOTAL INVESTMENTS - 99.56% (Cost $15,382,973)				17,367,777
OTHER ASSETS & LIABILITIES, NET - 0.44%				77,453
NET ASSETS - 100.00%			$	17,445,230

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Financial Services	19.53	%
Utilities	16.74	%
Materials & Processing	12.86	%
Health Care	11.70	%
Consumer Discretionary	10.75	%
Integrated Oils	9.18	%
Short-Term Investments	6.68	%
Consumer Staples	4.81	%
Energy	4.21	%
Technology	2.43	%
Producer Durables	0.67	%
	99.56	%
Other Assets & Liabilities, Net	0.44	%
	100.00	%

See Notes to Financial Statements

A-31

PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2004 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.28%
Autos & Transportation - 1.47%
C.H. Robinson Worldwide Inc		6,525	$	302,695
Gentex Corp		4,200		147,546
				450,241
Consumer Discretionary - 35.28%
Apollo Group Inc ‘A’ *		2,050		150,408
Ask Jeeves Inc *		7,100		232,241
CDW Corp		2,290		132,889
Chico’s FAS Inc *		7,910		270,522
ChoicePoint Inc *		6,525		278,291
Coach Inc *		6,755		286,547
Corporate Executive Board Co		7,375		451,645
Dex Media Inc *		4,975		105,321
Dollar Tree Stores Inc *		15,830		426,618
Electronic Arts Inc *		7,175		329,978
Fisher Scientific International Inc *		9,810		572,217
Four Seasons Hotels Inc (Canada)		2,575		165,057
Getty Images Inc *		3,825		211,523
GTECH Holdings Corp		19,550		495,006
Harman International Industries Inc		2,120		228,430
International Game Technology		13,550		487,123
Iron Mountain Inc *		9,112		308,441
ITT Educational Services Inc *		3,225		116,261
Kmart Holding Corp *		1,250		109,338
Lamar Advertising Co ‘A’ *		13,500		561,735
Laureate Education Inc *		5,875		218,668
Outback Steakhouse Inc		6,536		271,440
P.F. Chang’s China Bistro Inc *		6,480		314,215
PETsMART Inc		12,585		357,288
R.H. Donnelley Corp *		3,000		148,080
Radio One Inc ‘D’ *		2,575		36,642
Royal Caribbean Cruises Ltd (Liberia)		19,870		866,332
Sonic Corp *		6,775		173,643
Station Casinos Inc		16,475		807,934
The ServiceMaster Co		7,950		102,237
The Washington Post Co ‘B’		168		154,560
Toys “R” Us Inc *		5,775		102,449
Univision Communications Inc ‘A’ *		17,850		564,239
Urban Outfitters Inc *		4,400		151,360
Wynn Resorts Ltd *		6,895		356,403
XM Satellite Radio Holdings Inc ‘A’ *		8,100		251,262
				10,796,343
Consumer Staples - 1.62%
Hershey Foods Corp		4,300		200,853
McCormick & Co Inc		4,300		147,662
Whole Foods Market Inc		1,725		147,988
				496,503
Energy - 2.97%
BJ Services Co		4,325		226,673
Patina Oil & Gas Corp		5,300		156,721
Smith International Inc *		4,805		291,808
XTO Energy Inc		7,175		233,044
				908,246
Financial Services - 8.00%
Ameritrade Holding Corp *		23,550		282,835
Brown & Brown Inc		3,100		141,670
Chicago Mercantile Exchange Holdings Inc		1,740		280,662
Doral Financial Corp		3,477		144,191
Global Payments Inc		6,025		322,639
Legg Mason Inc		5,130		273,275
Moody’s Corp		4,200		307,650
Plum Creek Timber Co Inc		7,700		269,731
UCBH Holdings Inc		3,525		137,722
White Mountains Insurance Group Ltd		550		289,300
				2,449,675
Health Care - 15.75%
Allergan Inc		1,500		108,825
Amylin Pharmaceuticals Inc *		4,925		101,061
Biomet Inc		6,550		307,064
C.R. Bard Inc		5,300		300,139
Celgene Corp *		3,200		186,336
Charles River Laboratories International Inc *		6,330		289,914
Dade Behring Holdings Inc *		8,675		483,354
Elan Corp PLC ADR * (Ireland)		6,500		152,100
Gen-Probe Inc *		4,525		180,412
Genzyme Corp *		4,125		224,441
Gilead Sciences Inc *		4,175		156,061
IDEXX Laboratories Inc *		3,275		166,173
ImClone Systems Inc *		3,575		188,939
INAMED Corp *		8,050		383,744
Kinetic Concepts Inc *		8,575		450,616
Patterson Cos Inc *		3,850		294,756
Stericycle Inc *		8,800		403,920
VCA Antech Inc *		21,500		443,545
				4,821,400
Integrated Oils - 4.38%
Suncor Energy Inc (Canada)		7,750		248,077
Ultra Petroleum Corp * (Canada)		22,270		1,092,344
				1,340,421
Materials & Processing - 5.76%
Ecolab Inc		4,375		137,550
Freeport-McMoRan Copper & Gold Inc ‘B’		10,125		410,062
Phelps Dodge Corp		1,650		151,850
Placer Dome Inc (Canada)		14,500		288,260
Precision Castparts Corp		1,800		108,090
Rinker Group Ltd ADR (Australia)		7,096		444,493
Sealed Air Corp *		4,790		222,017
				1,762,322
Multi-Industry - 1.45%
Brascan Corp ‘A’ (Canada)		14,742		445,208
Producer Durables - 4.78%
Crown Castle International Corp *		39,723		591,078
Graco Inc		9,100		304,850
KLA-Tencor Corp *		2,700		111,996
Lexmark International Inc ‘A’ *		2,600		218,426
NVR Inc *		428		235,828
				1,462,178
Technology - 9.74%
Adobe Systems Inc		9,015		445,972
Altera Corp *		8,000		156,560
Apple Computer Inc *		3,900		151,125
Autodesk Inc		4,800		233,424
Avaya Inc *		13,900		193,766
Cognizant Technology Solutions Corp ‘A’ *		5,150		157,126
FLIR Systems Inc *		2,400		140,400
Juniper Networks Inc *		12,325		290,870
Linear Technology Corp		8,250		298,980
Marvell Technology Group Ltd * (Bermuda)		12,575		328,585
Mercury Interactive Corp *		7,575		264,216
Network Appliance Inc *		13,875		319,125
				2,980,149

See Notes to Financial Statements See explanation of symbols and terms on A-33

A-32

PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2004 (Unaudited)

	Shares		Value
Utilities - 5.08%
Kinder Morgan Inc		2,400	$	150,768
NII Holdings Inc *		6,145		253,235
NTL Inc *		7,598		471,608
Questar Corp		6,925		317,304
The AES Corp *		14,500		144,855
Western Gas Resources Inc		7,625		217,999
				1,555,769
Total Common Stocks (Cost $26,331,889)				29,468,455
	Principal Amount
SHORT-TERM INVESTMENTS - 3.49%
U.S. Government Agency Issue - 3.48%
Federal Home Loan Bank 1.650% due 10/01/04	$	1,064,000		1,064,000
	Shares
Money Market Fund - 0.01%
BlackRock Liquidity Funds Institutional TempCash		3,306		3,306
Total Short-Term Investments (Cost $1,067,306)				1,067,306
TOTAL INVESTMENTS - 99.77% (Cost $27,399,195)				30,535,761
OTHER ASSETS & LIABILITIES, NET - 0.23%				69,726
NET ASSETS - 100.00%			$	30,605,487

Note to Schedule of Investments

(a) As of September 30, 2004, the Fund was diversified as a percentage of net assets as follows:

Consumer Discretionary	35.28	%
Health Care	15.75	%
Technology	9.74	%
Financial Services	8.00	%
Materials & Processing	5.76	%
Utilities	5.08	%
Producer Durables	4.78	%
Integrated Oils	4.38	%
Short-Term Investments	3.49	%
Energy	2.97	%
Consumer Staples	1.62	%
Autos & Transportation	1.47	%
Multi-Industry	1.45	%
	99.77	%
Other Assets & Liabilities, Net	0.23	%
	100.00	%

Explanation of Symbols for Schedules of Investments

~	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.
*	Non-income producing securities.
‡	Securities were fully/partially segregated with the custodian to cover margin requirements for open futures contracts as of September 30, 2004.
“	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
^	Securities with their principal amount adjusted for inflation.
§	Variable rate securities. The rate listed is as of September 30, 2004.
¯	A portion of this security is subject to call/put options written.

Explanation of Terms for Schedules of Investments

ADR	American Depository Receipt
CBOE	Chicago Board of Options Exchange
GDR	Global Depository Receipt
OTC	Over the Counter
PO	Principal Only

See Notes to Financial Statements

A-33

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2004 (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 AIM Blue Chip Fund		PF AIM Aggressive Growth Fund
ASSETS
Investments, at cost		$	12,524,576	$	28,216,270	$	70,573,953	$	63,743,452	$	27,344,899	$	34,403,677	$	9,358,931
Investments, at value		$	12,550,584	$	28,190,155	$	70,510,181	$	63,554,468	$	27,129,258	$	35,766,569	$	10,129,434
Cash			70,170		73,528		64,398		311,024		13,887		1,010		807
Receivables:
	Dividends and interest		35		40		196		182		36		19,871		3,137
	Fund shares sold		61,905		265,178		1,240,367		826,120		225,629		88,177		17,588
	Securities sold		—		—		—		—		—		—		81,194
Due from adviser			22,622		32,061		54,799		50,660		32,826		9,262		11,341
Prepaid expenses and other assets			25,107		25,814		27,673		27,558		26,045		1,669		609
Total Assets			12,730,423		28,586,776		71,897,614		64,770,012		27,427,681		35,886,558		10,244,110
LIABILITIES
Payables:
	Fund shares redeemed		95		10,959		31,605		23,833		7,924		500		—
	Securities purchased		70,170		73,528		64,398		311,024		13,887		—		74,477
	Accrued advisory fees		—		—		—		—		—		27,206		8,148
	Accrued administration fees		3,485		7,953		19,472		17,580		7,672		10,023		2,852
	Accrued trustees fees		675		1,570		3,681		3,540		1,803		2,086		573
	Accrued deferred trustee compensation		175		454		1,100		1,038		561		14,991		4,582
	Accrued distribution and service (12b-1) fees		3,042		6,063		17,304		15,498		6,439		15,024		4,377
	Accrued other		6,769		17,745		37,305		39,499		20,791		31,483		5,013
Outstanding options written, at value (premium received $2,876)			—		—		—		—		—		—		3,660
Total Liabilities			84,411		118,272		174,865		412,012		59,077		101,313		103,682
NET ASSETS		$	12,646,012	$	28,468,504	$	71,722,749	$	64,358,000	$	27,368,604	$	35,785,245	$	10,140,428

See Notes to Financial Statements

B-1

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2004 (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 AIM Blue Chip Fund			PF AIM Aggressive Growth Fund
NET ASSETS CONSIST OF:
Paid-in capital		$	12,546,673	$	28,275,976		$	71,283,443		$	64,224,189		$	27,512,704		$	37,468,890		$	9,363,988
Accumulated undistributed net investment income (loss)			42,751		89,007			146,451			54,480			(10,555	)		(109,548	)		(76,421	)
Accumulated undistributed net realized gain (loss)			30,580		129,636			356,627			268,315			82,096			(2,936,989	)		83,142
Net unrealized appreciation (depreciation) on investments, futures, and assets and liabilities in foreign currencies			26,008		(26,115	)		(63,772	)		(188,984	)		(215,641	)		1,362,892			769,719
NET ASSETS		$	12,646,012	$	28,468,504		$	71,722,749		$	64,358,000		$	27,368,604		$	35,785,245		$	10,140,428
Class A Shares:
	Net Assets	$	4,854,419	$	13,513,104		$	27,469,162		$	24,606,354		$	11,281,784		$	34,054,996		$	9,375,111
	Shares of beneficial interest outstanding		479,177		1,338,669			2,720,146			2,454,301			1,131,066			3,490,437			850,568
	Net Asset Value*	$	10.13	$	10.09		$	10.10		$	10.03		$	9.97		$	9.76		$	11.02
	Sales Charge - Maximum is 5.50% of offering price		0.59		0.59			0.59			0.58			0.58			0.57			0.64
	Maximum offering price per share	$	10.72	$	10.68		$	10.69		$	10.61		$	10.55		$	10.33		$	11.66
Class B Shares:
	Net Assets	$	1,028,908	$	4,575,774		$	11,638,577		$	12,390,842		$	3,933,964		$	531,788		$	264,633
	Shares of beneficial interest outstanding		101,922		455,157			1,156,654			1,240,113			395,498			55,293			24,332
	Net Asset Value and offering price per share*	$	10.10	$	10.05		$	10.06		$	9.99		$	9.95		$	9.62		$	10.88
Class C Shares:
	Net Assets	$	6,762,685	$	10,379,626		$	32,615,010		$	27,360,804		$	12,152,856		$	1,198,461		$	500,684
	Shares of beneficial interest outstanding		670,507		1,032,164			3,245,397			2,742,028			1,222,861			124,733			45,979
	Net Asset Value and offering price per share*	$	10.09	$	10.06		$	10.05		$	9.98		$	9.94		$	9.61		$	10.89

* Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.

See Notes to Financial Statements

B-2

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2004 (Unaudited)

		PF Goldman Sachs Short Duration Bond Fund		PF INVESCO Health Sciences Fund		PF INVESCO Technology Fund		PF Janus Growth LT Fund		PF Lazard International Value Fund		PF MFS International Large-Cap Fund		PF PIMCO Inflation Managed Fund
ASSETS
Investments, at cost		$	22,798,503	$	5,873,712	$	4,389,452	$	14,161,747	$	30,708,290	$	22,735,752	$	36,371,931
Investments, at value		$	22,813,064	$	6,534,027	$	5,185,741	$	15,837,098	$	33,523,027	$	23,983,643	$	36,811,140
Cash (1)			686,027		510,016		160,080		—		—		—		—
Foreign currency held, at value (2)			—		—		—		—		—		55,452		31,465
Receivables:
	Dividends and interest		103,097		7,314		929		5,629		130,400		44,092		267,283
	Fund shares sold		57,231		942		892		21,327		62,382		44,685		214,277
	Securities sold		583		—		24,376		84,994		—		22,537		—
	Securities sold short		—		—		—		—		—		—		607,401
	Variation margin		—		—		—		—		—		—		10,425
	Other		—		—		—		—		—		—		19,497
Due from adviser			18,946		8,115		9,008		10,760		12,755		14,162		6,537
Forward foreign currency contracts appreciation			—		—		—		2,047		—		—		—
Prepaid expenses and other assets			23,714		14,517		15,334		821		1,390		805		1,222
Total Assets			23,702,662		7,074,931		5,396,360		15,962,676		33,729,954		24,165,376		37,969,247
LIABILITIES
Payables:
	Fund shares redeemed		—		6,233		—		—		—		30		17,500
	Securities purchased		1,169		—		15,587		398,424		234,218		115,878		7,083,209
	Securities sold short, at value (proceeds $607,401)		—		—		—		—		—		—		607,922
	Variation margin		5,599		—		—		—		—		—		—
	Accrued advisory fees		11,264		6,374		4,770		9,331		22,560		19,825		14,473
	Accrued administration fees		6,570		2,028		1,518		4,355		9,289		6,609		8,442
	Accrued trustees fees		1,511		432		276		917		1,168		754		1,006
	Accrued deferred trustee compensation		446		4,477		3,849		6,204		8,101		4,082		3,833
	Accrued distribution and service (12b-1) fees		9,579		3,153		2,345		6,527		13,845		9,705		14,518
	Accrued other		14,421		10,916		13,368		4,819		13,379		22,909		22,640
Forward foreign currency contracts depreciation			—		—		—		11,263		—		—		704
Outstanding options written, at value (premium received $34,776)			—		—		—		—		—		—		164
Swap depreciation			—		—		—		—		—		—		83,525
Total Liabilities			50,559		33,613		41,713		441,840		302,560		179,792		7,857,936
NET ASSETS		$	23,652,103	$	7,041,318	$	5,354,647	$	15,520,836	$	33,427,394	$	23,985,584	$	30,111,311

(1) Includes margin deposits segregated for futures contracts in the PF Goldman Sachs Short Duration Bond Fund of $25,000.
(2) Foreign currency held at cost for the PF MFS International Large-Cap and PF PIMCO Inflation Managed Funds were $55,410 and $30,757, respectively.

See Notes to Financial Statements

B-3

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2004 (Unaudited)

		PF Goldman Sachs Short Duration Bond Fund				PF INVESCO Health Sciences Fund				PF INVESCO Technology Fund				PF Janus Growth LT Fund			PF Lazard International Value Fund			PF MFS International Large-Cap Fund			PF PIMCO Inflation Managed Fund
NET ASSETS CONSIST OF:
Paid-in capital			$	23,705,898			$	7,183,189			$	6,162,479		$	15,602,443		$	30,626,336		$	22,982,590		$	29,817,552
Accumulated undistributed net investment income (loss)				15,540				(47,923	)			(54,207	)		(86,678	)		109,096			43,324			29,982
Accumulated undistributed net realized loss				(66,004	)			(754,385	)			(1,549,914	)		(1,661,131	)		(125,094	)		(288,891	)		(139,272	)
Net unrealized appreciation (depreciation) on investments, futures, and assets and liabilities in foreign currencies				(3,331	)			660,437				796,289			1,666,202			2,817,056			1,248,561			403,049
NET ASSETS			$	23,652,103			$	7,041,318			$	5,354,647		$	15,520,836		$	33,427,394		$	23,985,584		$	30,111,311
Class A Shares:
	Net Assets		$	23,112,731			$	6,396,272			$	4,918,412		$	14,772,658		$	32,005,763		$	23,307,338		$	23,922,082
	Shares of beneficial interest outstanding			2,317,044				641,634				553,758			1,490,630			2,739,971			2,043,331			2,285,135
	Net Asset Value*		$	9.98			$	9.97			$	8.88		$	9.91		$	11.68		$	11.41		$	10.47
	Sales Charge - Maximum is 5.50% of offering price			0.58				0.58				0.52			0.58			0.68			0.66			0.61
	Maximum offering price per share		$	10.56			$	10.55			$	9.40		$	10.49		$	12.36		$	12.07		$	11.08
Class B Shares:
	Net Assets		$	20,011			$	200,700			$	91,965		$	308,157		$	356,620		$	268,795		$	865,083
	Shares of beneficial interest outstanding			2,010				20,458				10,505			31,460			30,987			23,925			82,990
	Net Asset Value and offering price per share*		$	9.96			$	9.81			$	8.75		$	9.80		$	11.51		$	11.23		$	10.42
Class C Shares:
	Net Assets		$	519,361			$	444,346			$	344,270		$	440,021		$	1,065,011		$	409,451		$	5,324,146
	Shares of beneficial interest outstanding			52,200				45,258				39,378			45,065			92,530			36,394			510,923
	Net Asset Value and offering price per share*		$	9.95			$	9.82			$	8.74		$	9.76		$	11.51		$	11.25		$	10.42

* Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.

See Notes to Financial Statements

B-4

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2004 (Unaudited)

		PF PIMCO Managed Bond Fund			PF Pacific Life Money Market Fund			PF Putnam Equity Income Fund			PF Salomon Brothers Large- Cap Value Fund			PF Van Kampen Comstock Fund			PF Van Kampen Mid-Cap Growth Fund
ASSETS
Investments, at cost			$	35,174,658		$	18,635,602		$	16,407,811		$	34,610,050		$	15,382,973		$	27,399,195
Investments, at value			$	35,494,390		$	18,635,602		$	18,120,156		$	36,853,670		$	17,367,777		$	30,535,761
Cash				—			—			—			1,720,040			—			—
Foreign currency held, at value (1)				179,035			—			—			—			—			—
Receivables:
	Dividends and interest			139,975			13,168			27,167			55,871			29,624			2,691
	Fund shares sold			92,666			29,336			14,317			65,491			23,992			58,605
	Securities sold			546,113			—			251,399			245,337			85,758			257,055
	Securities sold short			2,011,112			—			—			—			—			—
	Swap agreements			7,400			—			—			—			—			—
	Variation margin			4,377			—			—			—			—			—
	Other			50,288			—			—			—			—			—
Due from adviser				13,569			14,350			11,627			10,522			11,651			15,909
Forward foreign currency contracts appreciation				4,003			—			—			—			—			—
Prepaid expenses and other assets				2,051			1,357			1,043			1,800			849			1,124
Total Assets				38,544,979			18,693,813			18,425,709			38,952,731			17,519,651			30,871,145
LIABILITIES
Payables:
	Fund shares redeemed			5,375			12,200			—			155,056			—			10
	Securities purchased			1,972,856			—			384,875			—			34,249			183,654
	Securities sold short, at value (proceeds $2,011,112)			2,030,548			—			—			—			—			—
	Swap agreements			20,518			—			—			—			—			—
	Income and capital gains distributions			4,490			—			—			—			—			—
	Accrued advisory fees			16,462			6,009			13,838			26,637			13,198			21,357
	Accrued administration fees			9,603			5,258			5,098			10,968			4,862			8,305
	Accrued trustees fees			3,780			3,450			584			2,312			938			1,611
	Accrued deferred trustee compensation			15,912			8,758			8,393			10,205			5,229			6,728
	Accrued distribution and service (12b-1) fees			15,201			8,417			7,603			16,477			7,271			12,534
	Accrued other			39,953			12,811			33,063			23,953			8,674			31,459
Forward foreign currency contracts depreciation				16,304			—			—			—			—			—
Outstanding options written, at value (premium received $173,374)				70,226			—			—			—			—			—
Swap depreciation				154,883			—			—			—			—			—
Total Liabilities				4,376,111			56,903			453,454			245,608			74,421			265,658
NET ASSETS			$	34,168,868		$	18,636,910		$	17,972,255		$	38,707,123		$	17,445,230		$	30,605,487

(1) Foreign currency held at cost for the PF PIMCO Managed Bond Fund was $175,850.

See Notes to Financial Statements

B-5

PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2004 (Unaudited)

		PF PIMCO Managed Bond Fund			PF Pacific Life Money Market Fund				PF Putnam Equity Income Fund				PF Salomon Brothers Large- Cap Value Fund				PF Van Kampen Comstock Fund				PF Van Kampen Mid-Cap Growth Fund
NET ASSETS CONSIST OF:
Paid-in capital			$	33,619,198		$	18,629,105			$	16,701,008			$	37,766,366			$	15,929,366			$	31,370,952
Accumulated undistributed net investment income (loss)				103,788			7,862				34,454				30,935				27,816				(186,480	)
Accumulated undistributed net realized gain (loss)				149,337			(57	)			(475,552	)			(1,333,798	)			(496,756	)			(3,715,551	)
Net unrealized appreciation on investments, futures, and assets and liabilities in foreign currencies				296,545			—				1,712,345				2,243,620				1,984,804				3,136,566
NET ASSETS			$	34,168,868		$	18,636,910			$	17,972,255			$	38,707,123			$	17,445,230			$	30,605,487
Class A Shares:
	Net Assets		$	30,511,698		$	16,539,247			$	17,191,685			$	36,731,711			$	16,621,155			$	28,909,515
	Shares of beneficial interest outstanding			2,978,352			16,540,128				1,613,329				3,420,548				1,415,889				3,557,336
	Net Asset Value*		$	10.24		$	1.00			$	10.66			$	10.74			$	11.74			$	8.13
	Sales Charge - Maximum is 5.50% of offering price			0.60			—				0.62				0.63				0.68				0.47
	Maximum offering price per share		$	10.84		$	1.00			$	11.28			$	11.37			$	12.42			$	8.60
Class B Shares:
	Net Assets		$	1,116,581		$	421,454			$	238,458			$	476,827			$	365,925			$	587,090
	Shares of beneficial interest outstanding			109,243			421,805				22,611				44,924				31,593				73,148
	Net Asset Value and offering price per share*		$	10.22		$	1.00			$	10.55			$	10.61			$	11.58			$	8.03
Class C Shares:
	Net Assets		$	2,540,589		$	1,676,209			$	542,112			$	1,498,585			$	458,150			$	1,108,882
	Shares of beneficial interest outstanding			248,228			1,676,747				51,392				141,454				39,556				138,328
	Net Asset Value and offering price per share*		$	10.23		$	1.00			$	10.55			$	10.59			$	11.58			$	8.02

* Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.

See Notes to Financial Statements

B-6

PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2004 (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 AIM Blue Chip Fund				PF AIM Aggressive Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)			$	—			$	—			$	—			$	—			$	—			$	189,220			$	19,527
Dividends from mutual fund investments				50,845				109,743				209,098				115,490				20,529				—				—
Interest				185				314				793				735				208				8,465				2,875
Total Investment Income				51,030				110,057				209,891				116,225				20,737				197,685				22,402
EXPENSES
Advisory fees				—				—				—				—				—				143,997				47,541
Administration fees				15,887				39,078				91,804				84,035				41,134				53,051				16,639
Support services expenses				1,668				4,195				9,854				9,401				5,116				5,092				1,619
Custodian fees and expenses				12,301				12,604				15,414				15,208				12,673				19,373				24,040
Shareholder reports				1,103				2,709				6,400				6,127				3,271				3,772				1,453
Distribution and service (12b-1) fees
	Class A			—				—				—				—				—				71,623				22,124
	Class B			1,709				9,237				20,842				23,898				8,114				2,589				1,318
	Class C			12,076				22,363				62,602				49,670				25,552				5,742				1,975
Transfer agency out-of-pocket expenses				7,516				18,428				43,610				41,775				22,300				33,577				14,581
Registration fees				12,705				13,549				16,562				15,365				13,971				13,831				14,267
Legal and audit fees				3,228				8,867				20,261				19,484				10,528				12,222				4,578
Trustees’ fees and expenses				1,444				3,544				8,373				8,018				4,278				4,934				1,902
Offering expenses				48,871				49,023				49,424				49,398				49,069				—				—
Other				5,012				6,227				9,369				9,150				6,578				3,583				6,562
Total Expenses				123,520				189,824				354,515				331,529				202,584				373,386				158,599
Adviser Expense Reimbursement				(109,735	)			(158,224	)			(271,071	)			(257,961	)			(168,917	)			(81,227	)			(64,247	)
Net Expenses				13,785				31,600				83,444				73,568				33,667				292,159				94,352
NET INVESTMENT INCOME (LOSS)				37,245				78,457				126,447				42,657				(12,930	)			(94,474	)			(71,950	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
	Investment security, swap, and forward transactions (1)			(28,366	)			(35,328	)			(23,080	)			(28,909	)			(34,424	)			(157,063	)			357,594
	Futures contracts and written option transactions			—				—				—				—				—				15,855				—
	Foreign currency transactions			—				—				—				—				—				12				—
	Capital gain distributions from mutual fund investments			59,565				164,849				380,729				298,834				116,520				—				—
Net Realized Gain (Loss)				31,199				129,521				357,649				269,925				82,096				(141,196	)			357,594
Net change in unrealized appreciation (depreciation) on:
	Investment securities, swaps and forwards (1)			(27,115	)			(136,050	)			(319,271	)			(361,901	)			(276,881	)			(1,010,309	)			(697,888	)
	Futures contracts and written options			—				—				—				—				—				(13,307	)			(784	)
	Foreign currencies			—				—				—				—				—				(17	)			—
Change in Net Unrealized Depreciation				(27,115	)			(136,050	)			(319,271	)			(361,901	)			(276,881	)			(1,023,633	)			(698,672	)
NET GAIN (LOSS)				4,084				(6,529	)			38,378				(91,976	)			(194,785	)			(1,164,829	)			(341,078	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	41,329			$	71,928			$	164,825			$	(49,319	)		$	(207,715	)		$	(1,259,303	)		$	(413,028	)

(1) Dividends were net of $317 foreign taxes withheld for the PF AIM Blue Chip Fund, and no foreign capital gains tax was withheld on realized and change in unrealized capital gains for all funds.

See Notes to Financial Statements

B-7

PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2004 (Unaudited)

		PF Goldman Sachs Short Duration Bond Fund				PF INVESCO Health Sciences Fund				PF INVESCO Technology Fund				PF Janus Growth LT Fund				PF Lazard International Value Fund				PF MFS International Large-Cap Fund				PF PIMCO Inflation Managed Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)			$	6,833			$	32,466			$	7,858			$	44,220			$	413,807			$	241,595			$	1,904
Interest				192,101				1,145				274				6,781				—				5,330				640,747
Total Investment Income				198,934				33,611				8,132				51,001				413,807				246,925				642,651
EXPENSES																					��
Advisory fees				56,199				39,624				30,729				52,578				115,289				104,145				77,388
Administration fees				32,783				12,608				9,777				24,536				47,472				34,715				45,143
Support services expenses				3,943				992				894				1,795				4,282				3,582				3,361
Custodian fees and expenses				4,104				10,938				14,779				19,835				32,971				101,512				5,207
Shareholder reports				2,597				1,042				882				1,945				3,560				2,379				3,238
Distribution and service (12b-1) fees
	Class A			46,263				16,648				12,813				33,257				64,734				48,234				50,249
	Class B			64				1,024				516				1,553				1,710				1,314				3,863
	Class C			1,075				1,703				1,793				2,037				4,457				1,405				24,619
Transfer agency out-of-pocket expenses				17,658				12,172				9,661				16,384				32,165				20,328				27,614
Registration fees				13,029				14,020				13,983				14,882				15,862				15,247				13,397
Legal and audit fees				8,314				3,067				2,821				5,941				10,624				7,549				10,138
Trustees’ fees and expenses				3,399				1,363				1,154				2,544				4,657				3,111				4,239
Offering expenses				40,173				—				—				—				—				—				—
Other				6,867				5,263				6,417				6,086				6,732				5,762				3,418
Total Expenses				236,468				120,464				106,219				183,373				344,515				349,283				271,874
Adviser Expense Reimbursement				(90,718	)			(45,255	)			(47,797	)			(62,401	)			(97,289	)			(149,552	)			(57,714	)
Net Expenses				145,750				75,209				58,422				120,972				247,226				199,731				214,160
NET INVESTMENT INCOME (LOSS)				53,184				(41,598	)			(50,290	)			(69,971	)			166,581				47,194				428,491
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
	Investment security, swap, and forward transactions (1)			(56,216	)			411,017				(119,387	)			57,223				153,602				(234,860	)			2,409
	Closed short positions			—				—				—				—				—				—				(23,151	)
	Futures contracts and written option transactions			(9,119	)			—				—				—				—				—				34,170
	Foreign currency transactions			—				(3,861	)			(25	)			(91	)			(58,136	)			(3,742	)			(228	)
Net Realized Gain (Loss)				(65,335	)			407,156				(119,412	)			57,132				95,466				(238,602	)			13,200
Net change in unrealized appreciation (depreciation) on:
	Investment securities, swaps and forwards (1)			(36,454	)			(725,761	)			(456,035	)			(540,808	)			(235,806	)			353,762				(233,207	)
	Short positions			—				—				—				—				—				—				(521	)
	Futures contracts and written options			(18,879	)			—				(989	)			—				—				—				42,203
	Foreign currencies			—				930				—				(5,642	)			(585	)			(1,609	)			5
Change in Net Unrealized Appreciation (Depreciation)				(55,333	)			(724,831	)			(457,024	)			(546,450	)			(236,391	)			352,153				(191,520	)
NET GAIN (LOSS)				(120,668	)			(317,675	)			(576,436	)			(489,318	)			(140,925	)			113,551				(178,320	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	(67,484	)		$	(359,273	)		$	(626,726	)		$	(559,289	)		$	25,656			$	160,745			$	250,171

(1) Dividends were net of $0, $1,645, $764, $4,249, $54,375, $36,638, and $0 foreign taxes withheld, respectively, and no foreign capital gains tax was withheld on realized and change in unrealized capital gains for all funds.

See Notes to Financial Statements

B-8

PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2004 (Unaudited)

							PF PIMCO Managed Bond Fund				PF Pacific Life Money Market Fund				PF Putnam Equity Income Fund				PF Salomon Brothers Large- Cap Value Fund				PF Van Kampen Comstock Fund				PF Van Kampen Mid-Cap Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)								$	3,269			$	291			$	199,950			$	340,447			$	169,091			$	45,853
Interest									391,193				109,150				2,166				2,689				6,671				6,973
Total Investment Income									394,462				109,441				202,116				343,136				175,762				52,826
EXPENSES
Advisory fees									85,685				34,530				78,685				140,486				70,543				111,415
Administration fees									49,983				30,214				28,989				57,847				25,989				43,328
Support services expenses									4,495				3,526				3,426				5,580				2,633				4,347
Custodian fees and expenses									29,805				9,741				26,063				12,214				16,540				39,543
Shareholder reports									4,648				2,925				2,426				4,422				2,186				3,079
Distribution and service (12b-1) fees
						Class A			63,004				38,015				39,328				77,789				35,337				58,073
						Class B			5,005				3,011				1,152				2,637				1,999				2,633
					Class C				11,795				7,284				3,017				7,062				1,582				5,014
Transfer agency out-of-pocket expenses									41,074				24,514				19,598				35,748				16,925				26,293
Registration fees									15,366				14,902				13,299				15,571				15,638				16,505
Legal and audit fees									14,932				9,163				7,258				14,098				6,866				9,764
Trustees’ fees and expenses									6,082				3,828				3,174				5,784				2,860				4,029
Other									11,009				3,784				6,697				4,899				6,518				7,069
Total Expenses									342,883				185,437				233,112				384,137				205,616				331,092
Adviser Expense Reimbursement/Distributor Waiver									(113,130	)			(100,815	)			(73,657	)			(81,789	)			(62,740	)			(98,250	)
Net Expenses									229,753				84,622				159,455				302,348				142,876				232,842
NET INVESTMENT INCOME (LOSS)									164,709				24,819				42,661				40,788				32,886				(180,016	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
					Investment security, swap, and forward transactions (1)				108,692				—				233,191				218,612				269,624				(406,599	)
				Closed short positions					40,368				—				—				—				—				—
				Futures contracts and written option transactions					366,720				—				—				—				—				—
			Foreign currency transactions						18,664				—				—				—				—				—
Net Realized Gain (Loss)									534,444				—				233,191				218,612				269,624				(406,599	)
Net change in unrealized appreciation (depreciation) on:
			Investment securities, swaps and forwards (1)						(183,967	)			—				(286,329	)			(694,702	)			267,298				1,141,135
		Short positions							(20,416	)			—				—				—				—				—
		Futures contracts and written options							(116,452	)			—				—				—				—				—
	Foreign currencies								(27,439	)			—				—				—				—				—
Change in Net Unrealized Appreciation (Depreciation) .									(348,274	)			—				(286,329	)			(694,702	)			267,298				1,141,135
NET GAIN (LOSS)									186,170				—				(53,138	)			(476,090	)			536,922				734,536
NET INCREASE (DECREASE) IN NET ASSETS  RESULTING FROM OPERATIONS								$	350,879			$	24,819			$	(10,477	)		$	(435,302	)		$	569,808			$	554,520

(1) Dividends were net of $0, $0, $1,049, $3,645, $2,953, and $768, foreign taxes withheld, respectively, and no foreign capital gains tax was withheld on realized and change in unrealized capital gains for all funds.

See Notes to Financial Statements

B-9

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

		PF Portfolio Optimization Model A (1)								PF Portfolio Optimization Model B (1)								PF Portfolio Optimization Model C (1)
		Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004
OPERATIONS
Net investment income			$	37,245			$	2,383			$	78,457			$	3,639			$	126,447			$	2,432
Net realized gain (loss)				31,199				(619	)			129,521				115				357,649				(1,022	)
Net change in unrealized appreciation (depreciation)				(27,115	)			53,123				(136,050	)			109,935				(319,271	)			255,499
Net Increase in Net Assets Resulting from Operations				41,329				54,887				71,928				113,689				164,825				256,909
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Net realized gains
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				—				—				—				—				—				—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			3,321,040				2,233,140				8,977,373				5,649,869				16,280,164				13,094,785
	Class B			611,072				467,679				1,952,380				3,164,117				6,135,737				5,567,570
	Class C			4,197,873				3,930,307				6,784,971				5,589,111				17,121,295				17,165,760
Dividends reinvestments
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Cost of shares repurchased
	Class A			(452,112	)			(292,937	)			(729,213	)			(498,468	)			(1,645,480	)			(443,269	)
	Class B			(34,009	)			(23,278	)			(386,005	)			(178,631	)			(112,481	)			(19,382	)
	Class C			(1,184,044	)			(224,935	)			(1,767,175	)			(275,442	)			(1,428,569	)			(415,115	)
Net Increase in Net Assets Derived from Capital Share Transactions				6,459,820				6,089,976				14,832,331				13,450,556				36,350,666				34,950,349
NET INCREASE IN NET ASSETS				6,501,149				6,144,863				14,904,259				13,564,245				36,515,491				35,207,258
NET ASSETS
Beginning of Period				6,144,863				—				13,564,245				—				35,207,258				—
End of Period			$	12,646,012			$	6,144,863			$	28,468,504			$	13,564,245			$	71,722,749			$	35,207,258
Undistributed net investment income at end of period			$	42,751			$	5,506			$	89,007			$	10,550			$	146,451			$	20,004

(1) Operations commenced on December 31, 2003.
(2) Unaudited.

See Notes to Financial Statements

B-10

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF Portfolio Optimization Model D (1)								PF Portfolio Optimization Model E (1)								PF AIM Blue Chip Fund
		Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004
OPERATIONS
Net investment income (loss)			$	42,657			$	(4,021	)		$	(12,930	)		$	(5,932	)		$	(94,474	)		$	(117,777	)
Net realized gain (loss)				269,925				(1,610	)			82,096				—				(141,196	)			(461,868	)
Net change in unrealized appreciation (depreciation)				(361,901	)			172,917				(276,881	)			61,240				(1,023,633	)			3,257,346
Net Increase (Decrease) in Net Assets Resulting from Operations				(49,319	)			167,286				(207,715	)			55,308				(1,259,303	)			2,677,701
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Net realized gains
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				—				—				—				—				—				—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			12,450,607				13,417,132				4,519,165				8,272,753				13,124,848				16,067,388
	Class B			6,156,646				7,233,852				1,817,331				2,426,197				74,958				1,156,383
	Class C			15,335,713				13,213,704				5,309,262				7,934,802				268,964				2,831,826
Dividends reinvestments
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Cost of shares repurchased
	Class A			(1,223,429	)			(144,669	)			(1,332,828	)			(126,402	)			(1,295,870	)			(9,951,821	)
	Class B			(687,044	)			(301,359	)			(262,271	)			(17,952	)			(15,521	)			(1,730,319	)
	Class C			(667,736	)			(543,384	)			(938,085	)			(80,961	)			(107,974	)			(3,883,409	)
Proceeds from fund acquired (3)
	Class A			—				—				—				—				—				7,488,383
	Class B			—				—				—				—				—				50,735
	Class C			—				—				—				—				—				142,407
Net Increase in Net Assets Derived from Capital Share Transactions				31,364,757				32,875,276				9,112,574				18,408,437				12,049,405				12,171,573
NET INCREASE IN NET ASSETS				31,315,438				33,042,562				8,904,859				18,463,745				10,790,102				14,849,274
NET ASSETS
Beginning of Period/Year				33,042,562				—				18,463,745				—				24,995,143				10,145,869
End of Period/Year			$	64,358,000			$	33,042,562			$	27,368,604			$	18,463,745			$	35,785,245			$	24,995,143
Undistributed net investment income (loss) at end of period/year			$	54,480			$	11,823			$	(10,555	)		$	2,375			$	(109,548	)		$	(15,074	)

(1) Operations commenced on December 31, 2003.
(2) Unaudited.
(3) See Note 3 to Financial Statements.

See Notes to Financial Statements

B-11

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF AIM Aggressive Growth Fund								PF Goldman Sachs Short Duration Bond Fund (1)								PF INVESCO Health Sciences Fund
		Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Period Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004
OPERATIONS
Net investment income (loss)			$	(71,950	)		$	(120,996	)		$	53,184			$	6,069			$	(41,598	)		$	(80,050	)
Net realized gain (loss)				357,594				655,478				(65,335	)			30,469				407,156				762,020
Net change in unrealized appreciation (depreciation)				(698,672	)			1,477,627				(55,333	)			52,002				(724,831	)			952,317
Net Increase (Decrease) in Net Assets Resulting from Operations				(413,028	)			2,012,109				(67,484	)			88,540				(359,273	)			1,634,287
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			—				—				(59,273	)			—				—				—
	Class B			—				—				(20	)			—				—				—
	Class C			—				—				(469	)			—				—				—
Net realized gains
	Class A			—				—				(30,850	)			—				—				—
	Class B			—				—				(16	)			—				—				—
	Class C			—				—				(272	)			—				—				—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				—				—				(90,900	)			—				—				—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			1,544,057				3,105,811				10,081,435				13,672,919				111,066				226,151
	Class B			18,752				336,503				10,000				10,010				7,832				87,041
	Class C			177,399				590,678				496,847				62,360				175,831				206,672
Dividends reinvestments
	Class A			—				—				90,123				—				—				—
	Class B			—				—				36				—				—				—
	Class C			—				—				717				—				—				—
Cost of shares repurchased
	Class A			(251,956	)			(1,507,321	)			(518,947	)			(143,651	)			(260,461	)			(547,498	)
	Class B			(8,739	)			(198,653	)			—				—				(14,731	)			(13,774	)
	Class C			(21,901	)			(452,324	)			(39,532	)			(370	)			(16,574	)			(63,798	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions				1,457,612				1,874,694				10,120,679				13,601,268				2,963				(105,206	)
NET INCREASE (DECREASE) IN NET ASSETS				1,044,584				3,886,803				9,962,295				13,689,808				(356,310	)			1,529,081
NET ASSETS
Beginning of Period/Year				9,095,844				5,209,041				13,689,808				—				7,397,628				5,868,547
End of Period/Year			$	10,140,428			$	9,095,844			$	23,652,103			$	13,689,808			$	7,041,318			$	7,397,628
Undistributed net investment income (loss) at end of period/year			$	(76,421	)		$	(4,471	)		$	15,540			$	22,118			$	(47,923	)		$	(6,325	)

(1) Operations commenced on December 31, 2003.
(2) Unaudited.

See Notes to Financial Statements

B-12

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF INVESCO Technology Fund								PF Janus Growth LT Fund								PF Lazard International Value Fund
		Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004
OPERATIONS
Net investment income (loss)			$	(50,290	)		$	(104,483	)		$	(69,971	)		$	(112,694	)		$	166,581			$	92,834
Net realized gain (loss)				(119,412	)			377,725				57,132				404,380				95,466				414,365
Net change in unrealized appreciation (depreciation)				(457,024	)			1,501,793				(546,450	)			2,481,096				(236,391	)			3,986,597
Net Increase (Decrease) in Net Assets Resulting from Operations				(626,726	)			1,775,035				(559,289	)			2,772,782				25,656				4,493,796
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			—				—				—				—				(39,141	)			(23,198	)
	Class B			—				—				—				—				—				(2,972	)
	Class C			—				—				—				—				—				(6,770	)
Net realized gains
	Class A			—				—				—				—				(320,695	)			—
	Class B			—				—				—				—				(4,296	)			—
	Class C			—				—				—				—				(10,487	)			—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				—				—				—				—				(374,619	)			(32,940	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			77,428				135,549				3,794,818				5,380,341				12,382,932				38,792,992
	Class B			3,864				90,911				47,327				371,333				37,764				1,526,229
	Class C			47,950				289,701				71,572				894,919				336,077				3,460,266
Dividends reinvestments
	Class A			—				—				—				—				359,306				22,913
	Class B			—				—				—				—				3,475				2,905
	Class C			—				—				—				—				—				6,759
Cost of shares repurchased
	Class A			(100,421	)			(209,126	)			(487,991	)			(2,589,629	)			(412,334	)			(28,999,092	)
	Class B			(21,563	)			(26,845	)			(17,430	)			(513,895	)			(1,747	)			(2,442,743	)
	Class C			(32,794	)			(46,241	)			(14,644	)			(1,386,348	)			(40,526	)			(5,365,157	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions				(25,536	)			233,949				3,393,652				2,156,721				12,664,947				7,005,072
NET INCREASE (DECREASE) IN NET ASSETS				(652,262	)			2,008,984				2,834,363				4,929,503				12,315,984				11,465,928
NET ASSETS
Beginning of Period/Year				6,006,909				3,997,925				12,686,473				7,756,970				21,111,410				9,645,482
End of Period/Year			$	5,354,647			$	6,006,909			$	15,520,836			$	12,686,473			$	33,427,394			$	21,111,410
Undistributed net investment income (loss) at end of period/year			$	(54,207	)		$	(3,917	)		$	(86,678	)		$	(16,707	)		$	109,096			$	(18,344	)

(1) Unaudited.

See Notes to Financial Statements

B-13

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF MFS International Large-Cap Fund (1)								PF PIMCO Inflation Managed Fund									PF PIMCO Managed Bond Fund
		Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004					Six-Month Period Ended September 30, 2004 (2)				Year Ended March 31, 2004
OPERATIONS
Net investment income (loss)			$	47,194			$	(34,238	)		$	428,491			$	136,733				$	164,709			$	351,686
Net realized gain (loss)				(238,602	)			1,199,599				13,200				864,066					534,444				518,769
Net change in unrealized appreciation (depreciation)				352,153				1,176,430				(191,520	)			516,399					(348,274	)			397,005
Net Increase in Net Assets Resulting from Operations				160,745				2,341,791				250,171				1,517,198					350,879				1,267,460
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			—				—				(316,633	)			(154,803	)				(305,594	)			(534,088	)
	Class B			—				—				(10,392	)			(15,333	)				(9,387	)			(65,410	)
	Class C			—				—				(70,467	)			(43,314	)				(21,841	)			(145,679	)
Net realized gains
	Class A			(393,509	)			—				(556,623	)			(200,394	)				(299,213	)			—
	Class B			(5,397	)			—				(21,462	)			(27,945	)				(11,954	)			—
	Class C			(5,069	)			—				(139,353	)			(92,770	)				(28,050	)			—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				(403,975	)			—				(1,114,930	)			(534,559	)				(676,039	)			(745,177	)
																		��
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			8,077,408				16,083,888				8,190,335				11,697,438					11,858,518				36,395,333
	Class B			10,236				384,450				199,486				2,456,030					322,371				1,897,466
	Class C			193,574				598,210				2,396,389				7,431,039					647,835				5,604,847
Dividends reinvestments
	Class A			393,369				—				870,447				354,500					580,543				439,156
	Class B			4,018				—				30,338				42,578					19,644				64,598
	Class C			5,069				—				194,071				122,662					44,468				131,590
Cost of shares repurchased
	Class A			(285,180	)			(7,367,278	)			(740,776	)			(2,863,640	)				(1,460,906	)			(35,689,854	)
	Class B			(4,853	)			(257,516	)			(32,423	)			(2,010,159	)				(180,956	)			(3,010,031	)
	Class C			(9,363	)			(580,936	)			(1,157,098	)			(4,119,142	)				(426,223	)			(8,061,275	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions				8,384,278				8,860,818				9,950,769				13,111,306					11,405,294				(2,228,170	)
NET INCREASE (DECREASE) IN NET ASSETS				8,141,048				11,202,609				9,086,010				14,093,945					11,080,134				(1,705,887	)
NET ASSETS
Beginning of Period/Year				15,844,536				4,641,927				21,025,301				6,931,356					23,088,734				24,794,621
End of Period/Year			$	23,985,584			$	15,844,536			$	30,111,311			$	21,025,301				$	34,168,868			$	23,088,734
Undistributed net investment income (loss) at end of period/year			$	43,324			$	(3,870	)		$	29,982			$	(1,017	)			$	103,788			$	275,901

(1) Formerly named PF MFS Global Growth Fund.
(2) Unaudited.

See Notes to Financial Statements

B-14

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF Pacific Life Money Market Fund								PF Putnam Equity Income Fund								PF Salomon Brothers Large-Cap Value Fund
		Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (1)				Year Ended March 31, 2004
OPERATIONS
Net investment income			$	24,819			$	20,524			$	42,661			$	71,119			$	40,788			$	37,182
Net realized gain (loss)				—				(7	)			233,191				93,425				218,612				(191,570	)
Net change in unrealized appreciation (depreciation)				—				—				(286,329	)			3,456,331				(694,702	)			6,352,314
Net Increase (Decrease) in Net Assets Resulting from Operations				24,819				20,517				(10,477	)			3,620,875				(435,302	)			6,197,926
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			(24,268	)			(22,723	)			(16,667	)			(64,859	)			(38,347	)			(19,016	)
	Class B			(151	)			(722	)			—				(1,696	)			—				(1,551	)
	Class C			(365	)			(1,079	)			—				(4,870	)			—				(3,132	)
Net realized gains
	Class A			—				—				—				—				—				—
	Class B			—				—				—				—				—				—
	Class C			—				—				—				—				—				—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				(24,784	)			(24,524	)			(16,667	)			(71,425	)			(38,347	)			(23,699	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			7,191,144				38,550,926				2,797,991				3,995,985				13,062,513				16,905,955
	Class B			340,263				1,522,624				21,200				369,933				64,844				1,355,041
	Class C			2,233,192				3,533,422				162,857				1,022,608				417,251				3,456,042
Dividends reinvestments
	Class A			23,820				21,253				16,660				64,756				38,126				18,591
	Class B			137				662				—				1,694				—				1,431
	Class C			337				1,045				—				4,870				—				3,106
Cost of shares repurchased
	Class A			(5,303,026	)			(37,033,673	)			(112,983	)			(1,526,542	)			(1,249,893	)			(7,962,209	)
	Class B			(662,702	)			(1,560,988	)			(4,985	)			(530,783	)			(132,618	)			(2,258,347	)
	Class C			(1,513,143	)			(3,651,257	)			(231,773	)			(1,214,318	)			(166,610	)			(5,252,643	)
Net Increase in Net Assets Derived from Capital Share Transactions				2,310,022				1,384,014				2,648,967				2,188,203				12,033,613				6,266,967
NET INCREASE IN NET ASSETS				2,310,057				1,380,007				2,621,823				5,737,653				11,559,964				12,441,194
NET ASSETS
Beginning of Period/Year				16,326,853				14,946,846				15,350,432				9,612,779				27,147,159				14,705,965
End of Period/Year			$	18,636,910			$	16,326,853			$	17,972,255			$	15,350,432			$	38,707,123			$	27,147,159
Undistributed net investment income at end of period/year			$	7,862			$	7,827			$	34,454			$	8,460			$	30,935			$	28,494

(1) Unaudited.

See Notes to Financial Statements

B-15

PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		PF Van Kampen Comstock Fund (1)								PF Van Kampen Mid-Cap Growth Fund (2)
		Six-Month Period Ended September 30, 2004 (3)				Year Ended March 31, 2004				Six-Month Period Ended September 30, 2004 (3)				Year Ended March 31, 2004
OPERATIONS
Net investment income (loss)			$	32,886			$	15,554			$	(180,016	)		$	(189,693	)
Net realized gain (loss)				269,624				(34,012	)			(406,599	)			1,603,495
Net change in unrealized appreciation				267,298				2,444,827				1,141,135				1,983,332
Net Increase in Net Assets Resulting from Operations				569,808				2,426,369				554,520				3,397,134
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A			(16,574	)			—				—				—
	Class B			—				—				—				—
	Class C			—				—				—				—
Net realized gains
	Class A			—				—				—				—
	Class B			—				—				—				—
	Class C			—				—				—				—
Net Decrease in Net Assets Resulting from Distributions to Shareholders				(16,574	)			—				—				—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A			4,387,213				5,748,025				10,646,600				14,036,444
	Class B			57,322				395,196				95,295				1,031,161
	Class C			233,303				646,355				173,194				2,469,277
Dividends reinvestments
	Class A			16,522				—				—				—
	Class B			—				—				—				—
	Class C			—				—				—				—
Cost of shares repurchased
	Class A			(256,218	)			(1,296,281	)			(657,762	)			(4,394,169	)
	Class B			(154,875	)			(282,850	)			(19,949	)			(1,389,725	)
	Class C			(15,497	)			(618,950	)			(36,624	)			(3,217,337	)
Net Increase in Net Assets Derived from Capital Share Transactions				4,267,770				4,591,495				10,200,754				8,535,651
NET INCREASE IN NET ASSETS				4,821,004				7,017,864				10,755,274				11,932,785
NET ASSETS
Beginning of Period/Year				12,624,226				5,606,362				19,850,213				7,917,428
End of Period/Year			$	17,445,230			$	12,624,226			$	30,605,487			$	19,850,213
Undistributed net investment income (loss) at end of period/year			$	27,816			$	11,504			$	(186,480	)		$	(6,464	)

(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
(3) Unaudited.

See Notes to Financial Statements

B-16

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations
PF Portfolio Optimization Model A
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.15		$	0.06			$	(0.08	)		$	(0.02	)
	12/31/2003 - 3/31/2004 (4)			10.00			0.02				0.13				0.15
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.14		$	0.03			$	(0.07	)		$	(0.04	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.14				0.14
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.13		$	0.03			$	(0.07	)		$	(0.04	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.13				0.13
PF Portfolio Optimization Model B
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.14		$	0.05			$	(0.10	)		$	(0.05	)
	12/31/2003 - 3/31/2004 (4)			10.00			0.01				0.13				0.14
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.13		$	0.02			$	(0.10	)		$	(0.08	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.13				0.13
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.13		$	0.02			$	(0.09	)		$	(0.07	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.13				0.13
PF Portfolio Optimization Model C
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.14		$	0.04			$	(0.08	)		$	(0.04	)
	12/31/2003 - 3/31/2004 (4)			10.00			0.01				0.13				0.14
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.13		$	0.01			$	(0.08	)		$	(0.07	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.13				0.13
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.12		$	0.01			$	(0.08	)		$	(0.07	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.12				0.12
PF Portfolio Optimization Model D
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.11		$	0.02			$	(0.10	)		$	(0.08	)
	12/31/2003 - 3/31/2004 (4)			10.00			0.01				0.10				0.11
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.10		$	—			$	(0.11	)		$	(0.11	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.11				0.10
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.09		$	—			$	(0.11	)		$	(0.11	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.10				0.09

		Distributions
		Dividends from Net Investment Income			Distributions from Capital Gains			Return of Capital			Total Distributions			Net Asset Value, End of Period or Year
PF Portfolio Optimization Model A
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.13
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.15
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.10
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.14
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.09
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.13
PF Portfolio Optimization Model B
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.09
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.14
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.05
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.13
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.06
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.13
PF Portfolio Optimization Model C
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.10
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.14
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.06
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.13
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.05
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.12
PF Portfolio Optimization Model D
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	10.03
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.11
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	9.99
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.10
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—		$	—		$	—		$	—		$	9.98
	12/31/2003 - 3/31/2004 (4)			—			—			—			—			10.09

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets, End of Period or Year (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)			Ratios of Net Investment Loss Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Portfolio Optimization Model A
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.20	)%		$	4,854		0.00	%		2.42	%		1.12	%		(1.29	)%		11.75	%
	12/31/2003 - 3/31/2004 (4)		1.50	%			1,957		0.00	%		4.00	%		0.61	%		(3.39	)%		9.38	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(0.40	)%		$	1,029		0.50	%		2.92	%		0.62	%		(1.79	)%		11.75	%
	12/31/2003 - 3/31/2004 (4)		1.40	%			449		0.50	%		4.50	%		0.11	%		(3.89	)%		9.38	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(0.40	)%		$	6,763		0.50	%		2.92	%		0.62	%		(1.79	)%		11.75	%
	12/31/2003 - 3/31/2004 (4)		1.30	%			3,739		0.50	%		4.50	%		0.11	%		(3.89	)%		9.38	%
PF Portfolio Optimization Model B
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.49	)%		$	13,513		0.00	%		1.42	%		0.99	%		(0.43	)%		4.63	%
	12/31/2003 - 3/31/2004 (4)		1.40	%			5,197		0.00	%		2.36	%		0.46	%		(1.90	)%		2.81	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(0.79	)%		$	4,576		0.50	%		1.92	%		0.49	%		(0.93	)%		4.63	%
	12/31/2003 - 3/31/2004 (4)		1.30	%			3,013		0.50	%		2.86	%		(0.04	)%		(2.40	)%		2.81	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(0.69	)%		$	10,380		0.50	%		1.92	%		0.49	%		(0.93	)%		4.63	%
	12/31/2003 - 3/31/2004 (4)		1.30	%			5,354		0.50	%		2.86	%		(0.04	)%		(2.40	)%		2.81	%
PF Portfolio Optimization Model C
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.40	)%		$	27,469		0.00	%		1.03	%		0.80	%		(0.23	)%		0.82	%
	12/31/2003 - 3/31/2004 (4)		1.40	%			12,743		0.00	%		1.81	%		0.36	%		(1.45	)%		0.86	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(0.69	)%		$	11,639		0.50	%		1.53	%		0.30	%		(0.73	)%		0.82	%
	12/31/2003 - 3/31/2004 (4)		1.30	%			5,594		0.50	%		2.31	%		(0.14	)%		(1.95	)%		0.86	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(0.69	)%		$	32,615		0.50	%		1.53	%		0.30	%		(0.73	)%		0.82	%
	12/31/2003 - 3/31/2004 (4)		1.20	%			16,870		0.50	%		2.31	%		(0.14	)%		(1.95	)%		0.86	%
PF Portfolio Optimization Model D
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.79	)%		$	24,606		0.00	%		1.07	%		0.48	%		(0.59	)%		0.86	%
	12/31/2003 - 3/31/2004 (4)		1.10	%			13,362		0.00	%		1.97	%		0.22	%		(1.75	)%		0.68	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(1.09	)%		$	12,391		0.50	%		1.57	%		(0.02	)%		(1.09	)%		0.86	%
	12/31/2003 - 3/31/2004 (4)		1.00	%			6,962		0.50	%		2.47	%		(0.28	)%		(2.25	)%		0.68	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(1.09	)%		$	27,361		0.50	%		1.57	%		(0.02	)%		(1.09	)%		0.86	%
	12/31/2003 - 3/31/2004 (4)		0.90	%			12,719		0.50	%		2.47	%		(0.28	)%		(2.25	)%		0.68	%

See Notes to Financial Statements See explanation of references on C-8

C-1

PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations
PF Portfolio Optimization Model E
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.08		$	0.01			$	(0.12	)		$	(0.11	)
	12/31/2003 - 3/31/2004 (4)			10.00			—				0.08				0.08
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.07		$	(0.02	)		$	(0.10	)		$	(0.12	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.08				0.07
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.07		$	(0.02	)		$	(0.11	)		$	(0.13	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.08				0.07
PF AIM Blue Chip Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.19		$	(0.03	)		$	(0.40	)		$	(0.43	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	10.07		$	(0.05	)		$	(0.40	)		$	(0.45	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	10.06		$	(0.05	)		$	(0.40	)		$	(0.45	)
	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
PF AIM Aggressive Growth Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	11.53		$	(0.08	)		$	(0.43	)		$	(0.51	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	11.41		$	(0.11	)		$	(0.42	)		$	(0.53	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	11.42		$	(0.11	)		$	(0.42	)		$	(0.53	)
	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				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF Portfolio Optimization Model E
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.97
	12/31/2003 - 3/31/2004 (4)			—				—				—			—			10.08
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.95
	12/31/2003 - 3/31/2004 (4)			—				—				—			—			10.07
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.94
	12/31/2003 - 3/31/2004 (4)			—				—				—			—			10.07
PF AIM Blue Chip Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.76
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.62
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	9.61
	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
PF AIM Aggressive Growth Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	11.02
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	10.88
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—		$	10.89
	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 Period or Year (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)			Ratios of Net Investment Loss Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Portfolio Optimization Model E
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(1.09	)%		$	11,282		0.00	%		1.44	%		0.18	%		(1.26	)%	2.37	%
	12/31/2003 - 3/31/2004 (4)		0.80	%			8,187		0.00	%		2.02	%		0.09	%		(1.93	)%	0.00	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(1.19	)%		$	3,934		0.50	%		1.94	%		(0.32	)%		(1.76	)%	2.37	%
	12/31/2003 - 3/31/2004 (4)		0.70	%			2,409		0.50	%		2.52	%		(0.41	)%		(2.43	)%	0.00	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(1.29	)%		$	12,153		0.50	%		1.94	%		(0.32	)%		(1.76	)%	2.37	%
	12/31/2003 - 3/31/2004 (4)		0.70	%			7,868		0.50	%		2.52	%		(0.41	)%		(2.43	)%	0.00	%
PF AIM Blue Chip Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(4.22	)%		$	34,055		1.90	%		2.44	%		(0.60	)%		(1.14	)%	11.86	%
	4/1/2003 - 3/31/2004 (4)		26.58	%			23,408		1.90	%		3.12	%		(0.69	)%		(1.91	)%	78.30	%
	4/1/2002 - 3/31/2003 (4)		(26.55	)%			7,922		1.90	%		3.94	%		(0.67	)%		(2.71	)%	35.58	%
	9/28/2001 - 3/31/2002 (4)		10.09	%			10,867		1.90	%		5.99	%		(0.92	)%		(5.01	)%	12.63	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(4.47	)%		$	532		2.40	%		2.94	%		(1.10	)%		(1.64	)%	11.86	%
	4/1/2003 - 3/31/2004 (4)		26.19	%			497		2.40	%		3.62	%		(1.19	)%		(2.41	)%	78.30	%
	4/1/2002 - 3/31/2003 (4)		(27.06	)%			757		2.40	%		4.44	%		(1.17	)%		(3.21	)%	35.58	%
	9/28/2001 - 3/31/2002 (4)		9.79	%			43		2.40	%		6.49	%		(1.42	)%		(5.51	)%	12.63	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(4.47	)%		$	1,198		2.40	%		2.94	%		(1.10	)%		(1.64	)%	11.86	%
	4/1/2003 - 3/31/2004 (4)		26.07	%			1,090		2.40	%		3.62	%		(1.19	)%		(2.41	)%	78.30	%
	4/1/2002 - 3/31/2003 (4)		(26.99	)%			1,467		2.40	%		4.44	%		(1.17	)%		(3.21	)%	35.58	%
	9/28/2001 - 3/31/2002 (4)		9.74	%			154		2.40	%		6.49	%		(1.42	)%		(5.51	)%	12.63	%
PF AIM Aggressive Growth Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(4.42	)%		$	9,375		1.95	%		3.30	%		(1.48	)%		(2.83	)%	74.28	%
	4/1/2003 - 3/31/2004 (4)		34.23	%			8,469		1.95	%		3.55	%		(1.61	)%		(3.21	)%	110.77	%
	4/1/2002 - 3/31/2003 (4)		(26.14	)%			5,031		1.95	%		4.27	%		(1.66	)%		(3.98	)%	71.87	%
	9/28/2001 - 3/31/2002 (4)		17.21	%			7,654		1.95	%		6.84	%		(1.67	)%		(6.56	)%	44.75	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(4.65	)%		$	265		2.45	%		3.80	%		(1.98	)%		(3.33	)%	74.28	%
	4/1/2003 - 3/31/2004 (4)		33.61	%			267		2.45	%		4.05	%		(2.11	)%		(3.71	)%	110.77	%
	4/1/2002 - 3/31/2003 (4)		(26.44	)%			63		2.45	%		4.77	%		(2.16	)%		(4.48	)%	71.87	%
	9/28/2001 - 3/31/2002 (4)		16.84	%			12		2.45	%		7.34	%		(2.17	)%		(7.06	)%	44.75	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(4.64	)%		$	501		2.45	%		3.80	%		(1.98	)%		(3.33	)%	74.28	%
	4/1/2003 - 3/31/2004 (4)		33.57	%			360		2.45	%		4.05	%		(2.11	)%		(3.71	)%	110.77	%
	4/1/2002 - 3/31/2003 (4)		(26.36	)%			115		2.45	%		4.77	%		(2.16	)%		(4.48	)%	71.87	%
	9/28/2001 - 3/31/2002 (4)		16.91	%			25		2.45	%		7.34	%		(2.17	)%		(7.06	)%	44.75	%

See Notes to Financial Statements See explanation of references on C-8

C-2

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized  Gain (Loss) on Investments				Total from Investment Operations
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.09		$	0.03			$	(0.09	)		$	(0.06	)
	12/31/2003 - 3/31/2004 (4)			10.00			0.01				0.08				0.09
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.08		$	—			$	(0.09	)		$	(0.09	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.09				0.08
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.08		$	—			$	(0.09	)		$	(0.09	)
	12/31/2003 - 3/31/2004 (4)			10.00			(0.01	)			0.09				0.08
PF INVESCO Health Sciences Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.48		$	(0.06	)		$	(0.45	)		$	(0.51	)
	4/1/2003 - 3/31/2004 (4)			8.16			(0.11	)			2.43				2.32
	4/1/2002 - 3/31/2003 (4)			9.89			(0.12	)			(1.61	)			(1.73	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.07	)			(0.02	)			(0.09	)
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	10.34		$	(0.08	)		$	(0.45	)		$	(0.53	)
	4/1/2003 - 3/31/2004 (4)			8.09			(0.16	)			2.41				2.25
	4/1/2002 - 3/31/2003 (4)			9.86			(0.15	)			(1.62	)			(1.77	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.10	)			(0.02	)			(0.12	)
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	10.35		$	(0.08	)		$	(0.45	)		$	(0.53	)
	4/1/2003 - 3/31/2004 (4)			8.10			(0.16	)			2.41				2.25
	4/1/2002 - 3/31/2003 (4)			9.86			(0.15	)			(1.61	)			(1.76	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.10	)			(0.02	)			(0.12	)
PF INVESCO Technology Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	9.93		$	(0.08	)		$	(0.97	)		$	(1.05	)
	4/1/2003 - 3/31/2004 (4)			6.88			(0.17	)			3.22				3.05
	4/1/2002 - 3/31/2003 (4)			12.47			(0.14	)			(5.45	)			(5.59	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.12	)			2.59				2.47
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	9.81		$	(0.10	)		$	(0.96	)		$	(1.06	)
	4/1/2003 - 3/31/2004 (4)			6.83			(0.22	)			3.20				2.98
	4/1/2002 - 3/31/2003 (4)			12.44			(0.19	)			(5.42	)			(5.61	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.15	)			2.59				2.44
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	9.80		$	(0.10	)		$	(0.96	)		$	(1.06	)
	4/1/2003 - 3/31/2004 (4)			6.83			(0.22	)			3.19				2.97
	4/1/2002 - 3/31/2003 (4)			12.44			(0.17	)			(5.44	)			(5.61	)
	9/28/2001 - 3/31/2002 (4)			10.00			(0.15	)			2.59				2.44

		Distributions
		Dividends from Net Investment Income				Distributions from Capital Gains				Return of Capital				Total Distributions				Net Asset Value, End of Period or Year
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	(0.03	)		$	(0.02	)		$	—			$	(0.05	)		$	9.98
	12/31/2003 - 3/31/2004 (4)			—				—				—				—				10.09
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	(0.01	)		$	(0.02	)		$	—			$	(0.03	)		$	9.96
	12/31/2003 - 3/31/2004 (4)			—				—				—				—				10.08
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	(0.02	)		$	(0.02	)		$	—			$	(0.04	)		$	9.95
	12/31/2003 - 3/31/2004 (4)			—				—				—				—				10.08
PF INVESCO Health Sciences Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	9.97
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				10.48
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				8.16
	9/28/2001 - 3/31/2002 (4)			—				—				(0.02	)			(0.02	)			9.89
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	9.81
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				10.34
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				8.09
	9/28/2001 - 3/31/2002 (4)			—				—				(0.02	)			(0.02	)			9.86
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	9.82
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				10.35
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				8.10
	9/28/2001 - 3/31/2002 (4)			—				—				(0.02	)			(0.02	)			9.86
PF INVESCO Technology Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	8.88
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				9.93
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				6.88
	9/28/2001 - 3/31/2002 (4)			—				—				—				—				12.47
Class B:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	8.75
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				9.81
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				6.83
	9/28/2001 - 3/31/2002 (4)			—				—				—				—				12.44
Class C:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—			$	—			$	8.74
	4/1/2003 - 3/31/2004 (4)			—				—				—				—				9.80
	4/1/2002 - 3/31/2003 (4)			—				—				—				—				6.83
	9/28/2001 - 3/31/2002 (4			—				—				—				—				12.44

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets, End of Period or Year (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)				Ratios of Net Investment Loss Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Goldman Sachs Short Duration Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.63	)%		$	23,113		1.55	%		2.52	%			0.57	%		(0.40	)%		99.46	%
	12/31/2003 - 3/31/2004 (4)		0.90	%			13,617		1.55	%		2.72	%			0.23	%		(0.94	)%		144.88	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(0.91	)%		$	20		2.05	%		3.02	%			0.07	%		(0.90	)%		99.46	%
	12/31/2003 - 3/31/2004 (4)		0.80	%			10		2.05	%		3.22	%			(0.27	)%		(1.44	)%		144.88	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(0.92	)%		$	519		2.05	%		3.02	%			0.07	%		(0.90	)%		99.46	%
	12/31/2003 - 3/31/2004 (4)		0.80	%			62		2.05	%		3.22	%			(0.27	)%		(1.44	)%		144.88	%
PF INVESCO Health Sciences Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(4.87	)%		$	6,396		2.05	%		3.31	%			(1.12	)%		(2.38	)%		71.47	%
	4/1/2003 - 3/31/2004 (4)		28.43	%			6,877		2.05	%		3.51	%			(1.16	)%		(2.62	)%		123.34	%
	4/1/2002 - 3/31/2003 (4)		(17.49	)%			5,643		2.05	%		4.04	%			(1.37	)%		(3.36	)%		139.83	%
	9/28/2001 - 3/31/2002 (4)		(0.92	)%			7,854		2.05	%		4.82	%			(1.43	)%		(4.20	)%		22.74	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(5.13	)%		$	201		2.55	%		3.81	%		��	(1.62	)%		(2.88	)%		71.47	%
	4/1/2003 - 3/31/2004 (4)		27.81	%			218		2.55	%		4.01	%			(1.66	)%		(3.12	)%		123.34	%
	4/1/2002 - 3/31/2003 (4)		(17.95	)%			108		2.55	%		4.54	%			(1.87	)%		(3.86	)%		139.83	%
	9/28/2001 - 3/31/2002 (4)		(1.22	)%			37		2.55	%		5.32	%			(1.93	)%		(4.70	)%		22.74	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(5.12	)%		$	444		2.55	%		3.81	%			(1.62	)%		(2.88	)%		71.47	%
	4/1/2003 - 3/31/2004 (4)		27.78	%			302		2.55	%		4.01	%			(1.66	)%		(3.12	)%		123.34	%
	4/1/2002 - 3/31/2003 (4)		(17.85	)%			117		2.55	%		4.54	%			(1.87	)%		(3.86	)%		139.83	%
	9/28/2001 - 3/31/2002 (4)		(1.22	)%			37		2.55	%		5.32	%			(1.93	)%		(4.70	)%		22.74	%
PF INVESCO Technology Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(10.48	)%		$	4,918		2.05	%		3.76	%			(1.76	)%		(3.47	)%		56.50	%
	4/1/2003 - 3/31/2004 (4)		44.19	%			5,515		2.05	%		3.75	%			(1.89	)%		(3.59	)%		118.89	%
	4/1/2002 - 3/31/2003 (4)		(44.83	)%			3,885		2.05	%		4.80	%			(1.78	)%		(4.53	)%		96.29	%
	9/28/2001 - 3/31/2002 (4)		24.70	%			7,801		2.05	%		4.81	%			(1.82	)%		(4.58	)%		32.50	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(10.81	)%		$	92		2.55	%		4.26	%			(2.26	)%		(3.97	)%		56.50	%
	4/1/2003 - 3/31/2004 (4)		43.63	%			121		2.55	%		4.25	%			(2.39	)%		(4.09	)%		118.89	%
	4/1/2002 - 3/31/2003 (4)		(45.10	)%			35		2.55	%		5.30	%			(2.28	)%		(5.03	)%		96.29	%
	9/28/2001 - 3/31/2002 (4)		24.40	%			47		2.55	%		5.31	%			(2.32	)%		(5.08	)%		32.50	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(10.73	)%		$	344		2.55	%		4.26	%			(2.26	)%		(3.97	)%		56.50	%
	4/1/2003 - 3/31/2004 (4)		43.34	%			370		2.55	%		4.25	%			(2.39	)%		(4.09	)%		118.89	%
	4/1/2002 - 3/31/2003 (4)		(45.10	)%			78		2.55	%		5.30	%			(2.28	)%		(5.03	)%		96.29	%
	9/28/2001 - 3/31/2002 (4)		24.40	%			13		2.55	%		5.31	%			(2.32	)%		(5.08	)%		32.50	%

See Notes to Financial Statements See explanation of references on C-8

C-3

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations
PF Janus Growth LT Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	10.34		$	(0.05	)		$	(0.38	)		$	(0.43	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	10.24		$	(0.07	)		$	(0.37	)		$	(0.44	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	10.21		$	(0.07	)		$	(0.38	)		$	(0.45	)
	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
PF Lazard International Value Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	11.89		$	0.07			$	(0.12	)		$	(0.05	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	11.73		$	0.04			$	(0.12	)		$	(0.08	)
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	11.73		$	0.04			$	(0.12	)		$	(0.08	)
	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				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF Janus Growth LT Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—			$	9.91
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—			$	9.80
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	—			$	—		$	—			$	9.76
	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
PF Lazard International Value Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		$	(0.02	)		$	(0.14	)		$	—		$	(0.16	)		$	11.68
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	(0.14	)		$	—		$	(0.14	)		$	11.51
	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:	4/1/2004 - 9/30/2004 (4) (5)		$	—			$	(0.14	)		$	—		$	(0.14	)		$	11.51
	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 Period or Year (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)			Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Janus Growth LT Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(4.16	)%		$	14,773		1.70	%		2.59	%		(0.97	)%		(1.86	)%		26.57	%
	4/1/2003 - 3/31/2004 (4)		35.70	%			11,994		1.70	%		3.21	%		(1.08	)%		(2.59	)%		42.65	%
	4/1/2002 - 3/31/2003		(26.16	)%			6,832		1.70	%		4.01	%		(0.95	)%		(3.26	)%		124.73	%
	9/28/2001 - 3/31/2002 (4)		3.50	%			9,819		1.70	%		6.29	%		(0.78	)%		(5.37	)%		64.33	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(4.30	)%		$	308		2.20	%		3.09	%		(1.47	)%		(2.36	)%		26.57	%
	4/1/2003 - 3/31/2004 (4)		34.91	%			293		2.20	%		3.71	%		(1.58	)%		(3.09	)%		42.65	%
	4/1/2002 - 3/31/2003		(26.31	)%			301		2.20	%		4.51	%		(1.45	)%		(3.76	)%		124.73	%
	9/28/2001 - 3/31/2002 (4)		3.27	%			57		2.20	%		6.79	%		(1.28	)%		(5.87	)%		64.33	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(4.41	)%		$	440		2.20	%		3.09	%		(1.47	)%		(2.36	)%		26.57	%
	4/1/2003 - 3/31/2004 (4)		34.87	%			400		2.20	%		3.71	%		(1.58	)%		(3.09	)%		42.65	%
	4/1/2002 - 3/31/2003		(26.58	)%			624		2.20	%		4.51	%		(1.45	)%		(3.76	)%		124.73	%
	9/28/2001 - 3/31/2002 (4)		3.33	%			84		2.20	%		6.79	%		(1.28	)%		(5.87	)%		64.33	%
PF Lazard International Value Fund
Class A:	4/1/2004 - 9/30/2004 (4) (5)		(0.42	)%		$	32,006		1.80	%		2.52	%		1.25	%		0.53	%		5.28	%
	4/1/2003 - 3/31/2004 (4)		36.57	%			20,007		1.80	%		2.86	%		0.73	%		(0.33	)%		58.63	%
	4/1/2002 - 3/31/2003 (4)		(20.50	)%			7,218		1.80	%		3.89	%		0.76	%		(1.33	)%		19.60	%
	9/28/2001 - 3/31/2002 (4)		11.21	%			7,817		1.80	%		7.07	%		(0.35	)%		(5.62	)%		7.11	%
Class B:	4/1/2004 - 9/30/2004 (4) (5)		(0.66	)%		$	357		2.30	%		3.02	%		0.75	%		0.03	%		5.28	%
	4/1/2003 - 3/31/2004 (4)		35.79	%			324		2.30	%		3.36	%		0.23	%		(0.83	)%		58.63	%
	4/1/2002 - 3/31/2003 (4)		(20.93	)%			771		2.30	%		4.39	%		0.26	%		(1.83	)%		19.60	%
	9/28/2001 - 3/31/2002 (4)		10.95	%			26		2.30	%		7.57	%		(0.85	)%		(6.12	)%		7.11	%
Class C:	4/1/2004 - 9/30/2004 (4) (5)		(0.66	)%		$	1,065		2.30	%		3.02	%		0.75	%		0.03	%		5.28	%
	4/1/2003 - 3/31/2004 (4)		35.79	%			781		2.30	%		3.36	%		0.23	%		(0.83	)%		58.63	%
	4/1/2002 - 3/31/2003 (4)		(20.93	)%			1,656		2.30	%		4.39	%		0.26	%		(1.83	)%		19.60	%
	9/28/2001 - 3/31/2002 (4)		10.91	%			143		2.30	%		7.57	%		(0.85	)%		(6.12	)%		7.11	%

See Notes to Financial Statements See explanation of references on C-8

C-4

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized  Gain (Loss) on Investments				Total from Investment Operations
PF MFS International Large-Cap Fund (6)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	11.61		$	0.03			$	—			$	0.03
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	11.46		$	—			$	—			$	—
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	11.48		$	—			$	—			$	—
	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 PIMCO Inflation Managed Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	10.93		$	0.18			$	(0.19	)		$	(0.01	)
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	10.89		$	0.15			$	(0.19	)		$	(0.04	)
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	10.89		$	0.15			$	(0.19	)		$	(0.04	)
	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 PIMCO Managed Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	10.45		$	0.06			$	(0.03	)		$	0.03
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	10.44		$	0.04			$	(0.05	)		$	(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	)

		Distributions
		Dividends from Net Investment Income				Distributions from Capital Gains				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF MFS International Large-Cap Fund (6)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	(0.23	)		$	—		$	(0.23	)		$	11.41
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	(0.23	)		$	—		$	(0.23	)		$	11.23
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	(0.23	)		$	—		$	(0.23	)		$	11.25
	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 PIMCO Inflation Managed Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.16	)		$	(0.29	)		$	—		$	(0.45	)		$	10.47
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.14	)		$	(0.29	)		$	—		$	(0.43	)		$	10.42
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.14	)		$	(0.29	)		$	—		$	(0.43	)		$	10.42
	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 PIMCO Managed Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.12	)		$	(0.12	)		$	—		$	(0.24	)		$	10.24
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.09	)		$	(0.12	)		$	—		$	(0.21	)		$	10.22
	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 Period or Year (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)			Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF MFS International Large-Cap Fund(6)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		0.25	%		$	23,307		2.00	%		3.51	%		0.49	%		(1.02	)%		23.51	%
	4/1/2003 - 3/31/2004 (4)		41.59	%			15,358		2.03	%		5.96	%		(0.38	)%		(4.31	)%		150.05	%
	4/1/2002 - 3/31/2003 (4)		(24.11	)%			4,505		2.05	%		9.08	%		(0.40	)%		(7.43	)%		137.37	%
	9/28/2001 - 3/31/2002 (4)		10.54	%			6,808		2.05	%		9.38	%		(0.92	)%		(8.25	)%		77.66	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		0.07	%		$	269		2.50	%		4.01	%		(0.01	)%		(1.52	)%		23.51	%
	4/1/2003 - 3/31/2004 (4)		40.79	%			265		2.53	%		6.46	%		(0.88	)%		(4.81	)%		150.05	%
	4/1/2002 - 3/31/2003 (4)		(24.52	)%			58		2.55	%		9.58	%		(0.90	)%		(7.93	)%		137.37	%
	9/28/2001 - 3/31/2002 (4)		10.24	%			22		2.55	%		9.88	%		(1.42	)%		(8.75	)%		77.66	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		(0.01	)%		$	409		2.50	%		4.01	%		(0.01	)%		(1.52	)%		23.51	%
	4/1/2003 - 3/31/2004 (4)		40.86	%			222		2.53	%		6.46	%		(0.88	)%		(4.81	)%		150.05	%
	4/1/2002 - 3/31/2003 (4)		(24.43	)%			79		2.55	%		9.58	%		(0.90	)%		(7.93	)%		137.37	%
	9/28/2001 - 3/31/2002 (4)		10.24	%			11		2.55	%		9.88	%		(1.42	)%		(8.75	)%		77.66	%
PF PIMCO Inflation Managed Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		0.05	%		$	23,922		1.55	%		2.00	%		3.44	%		2.99	%		150.46	%
	4/1/2003 - 3/31/2004 (4)		10.75	%			16,263		1.55	%		2.73	%		1.13	%		(0.05	)%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.30	%			6,290		1.55	%		4.00	%		2.19	%		(0.26	)%		199.92	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		(0.26	)%		$	865		2.05	%		2.50	%		2.94	%		2.49	%		150.46	%
	4/1/2003 - 3/31/2004 (4)		10.20	%			697		2.05	%		3.23	%		0.63	%		(0.55	)%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.16	%			161		2.05	%		4.50	%		1.69	%		(0.76	)%		199.92	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		(0.25	)%		$	5,324		2.05	%		2.50	%		2.94	%		2.49	%		150.46	%
	4/1/2003 - 3/31/2004 (4)		10.27	%			4,065		2.05	%		3.23	%		0.63	%		(0.55	)%		507.96	%
	12/31/2002 - 3/31/2003 (4)		3.11	%			480		2.05	%		4.50	%		1.69	%		(0.76	)%		199.92	%
PF PIMCO Managed Bond Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		0.32	%		$	30,512		1.55	%		2.34	%		1.21	%		0.42	%		107.09	%
	4/1/2003 - 3/31/2004 (4)		6.28	%			19,802		1.55	%		2.86	%		1.65	%		0.34	%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.80	%			18,236		1.55	%		2.82	%		2.02	%		0.75	%		445.26	%
	9/28/2001 - 3/31/2002		(0.28	)%			33,055		1.55	%		2.54	%		1.16	%		0.17	%		522.25	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		(0.03	)%		$	1,117		2.05	%		2.84	%		0.71	%		(0.08	)%		107.09	%
	4/1/2003 - 3/31/2004 (4)		5.86	%			972		2.05	%		3.36	%		1.15	%		(0.16	)%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.27	%			1,986		2.05	%		3.32	%		1.52	%		0.25	%		445.26	%
	9/28/2001 - 3/31/2002		(0.55	)%			173		2.05	%		3.04	%		0.66	%		(0.33	)%		522.25	%

See Notes to Financial Statements See explanation of references on C-8

C-5

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized  Gain (Loss) on Investments				Total from Investment Operations
PF PIMCO Managed Bond Fund
Class C:	4/1/2004 - 9/30/2004 (4)(5)		$	10.44		$	0.04			$	(0.04	)		$	—
	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	)
PF Pacific Life Money Market Fund
Class A:	4/1/2004 - 9/30/2004 (5)		$	1.00		$	—	(7)		$	—			$	—
	4/1/2003 - 3/31/2004			1.00			—	(7)			—				—
	4/1/2002 - 3/31/2003			1.00			0.01				—				0.01
	9/28/2001 - 3/31/2002			1.00			—	(7)			—				—
Class B:	4/1/2004 - 9/30/2004 (5)		$	1.00		$	—			$	—			$	—
	4/1/2003 - 3/31/2004			1.00			—	(7)			—				—
	4/1/2002 - 3/31/2003			1.00			—	(7)			—				—
	9/28/2001 - 3/31/2002			1.00			—	(7)			—				—
Class C:	4/1/2004 - 9/30/2004 (5)		$	1.00		$	—			$	—			$	—
	4/1/2003 - 3/31/2004			1.00			—	(7)			—				—
	4/1/2002 - 3/31/2003			1.00			—	(7)			—				—
	9/28/2001 - 3/31/2002			1.00			—	(7)			—				—
PF Putnam Equity Income Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	10.70		$	0.03			$	(0.06	)		$	(0.03	)
	4/1/2003 - 3/31/2004			7.91			0.06				2.79				2.85
	4/1/2002 - 3/31/2003			10.45			0.06				(2.51	)			(2.45	)
	12/31/2001 - 3/31/2002 (4)			10.00			0.01				0.44				0.45
Class B:	4/1/2004 - 9/30/2004 (4)(5)		$	10.60		$	—			$	(0.05	)		$	(0.05	)
	4/1/2003 - 3/31/2004			7.85			0.01				2.77				2.78
	4/1/2002 - 3/31/2003			10.43			0.04				(2.52	)			(2.48	)
	12/31/2001 - 3/31/2002 (4)			10.00			(0.01	)			0.44				0.43
Class C:	4/1/2004 - 9/30/2004 (4)(5)		$	10.61		$	—			$	(0.06	)		$	(0.06	)
	4/1/2003 - 3/31/2004			7.86			0.01				2.78				2.79
	4/1/2002 - 3/31/2003			10.43			0.03				(2.50	)			(2.47	)
	12/31/2001 - 3/31/2002 (4)			10.00			(0.01	)			0.44				0.43

		Distributions
		Dividends from Net Investment Income				Distributions from Capital Gains				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF PIMCO Managed Bond Fund
Class C:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.09	)		$	(0.12	)		$	—		$	(0.21	)		$	10.23
	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
PF Pacific Life Money Market Fund
Class A:	4/1/2004 - 9/30/2004 (5)		$	—	(7)		$	—			$	—		$	—			$	1.00
	4/1/2003 - 3/31/2004			—	(7)			—				—			—				1.00
	4/1/2002 - 3/31/2003			(0.01	)			—				—			(0.01	)			1.00
	9/28/2001 - 3/31/2002			—	(7)			—				—			—				1.00
Class B:	4/1/2004 - 9/30/2004 (5)		$	—			$	—			$	—		$	—			$	1.00
	4/1/2003 - 3/31/2004			—	(7)			—				—			—				1.00
	4/1/2002 - 3/31/2003			—	(7)			—				—			—				1.00
	9/28/2001 - 3/31/2002			—	(7)			—				—			—				1.00
Class C:	4/1/2004 - 9/30/2004 (5)		$	—			$	—			$	—		$	—			$	1.00
	4/1/2003 - 3/31/2004			—	(7)			—				—			—				1.00
	4/1/2002 - 3/31/2003			—	(7)			—				—			—				1.00
	9/28/2001 - 3/31/2002			—	(7)			—				—			—				1.00
PF Putnam Equity Income Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.01	)		$	—			$	—		$	(0.01	)		$	10.66
	4/1/2003 - 3/31/2004			(0.06	)			—				—			(0.06	)			10.70
	4/1/2002 - 3/31/2003			(0.09	)			—				—			(0.09	)			7.91
	12/31/2001 - 3/31/2002 (4)			—				—				—			—				10.45
Class B:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	10.55
	4/1/2003 - 3/31/2004			(0.03	)			—				—			(0.03	)			10.60
	4/1/2002 - 3/31/2003			(0.10	)			—				—			(0.10	)			7.85
	12/31/2001 - 3/31/2002 (4)			—				—				—			—				10.43
Class C:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	10.55
	4/1/2003 - 3/31/2004			(0.04	)			—				—			(0.04	)			10.61
	4/1/2002 - 3/31/2003			(0.10	)			—				—			(0.10	)			7.86
	12/31/2001 - 3/31/2002 (4)			—				—				—			—				10.43

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets,End of Period or Year (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)			Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF PIMCO Managed Bond Fund
Class C:	4/1/2004 - 9/30/2004 (4)(5)		0.07	%		$	2,541		2.05	%		2.84	%		0.71	%		(0.08	)%		107.09	%
	4/1/2003 - 3/31/2004 (4)		5.86	%			2,315		2.05	%		3.36	%		1.15	%		(0.16	)%		459.70	%
	4/1/2002 - 3/31/2003 (4)		12.28	%			4,573		2.05	%		3.32	%		1.52	%		0.25	%		445.26	%
	9/28/2001 - 3/31/2002		(0.57	)%			370		2.05	%		3.04	%		0.66	%		(0.33	)%		522.25	%
PF Pacific Life Money Market Fund
Class A:	4/1/2004 - 9/30/2004 (5)		0.16	%		$	16,539		0.95	%		2.09	%		0.32	%		(0.82	)%		N/A
	4/1/2003 - 3/31/2004		0.18	%			14,627		0.95	%		2.53	%		0.14	%		(1.44	)%		N/A
	4/1/2002 - 3/31/2003		0.58	%			13,092		1.08	%		2.50	%		0.59	%		(0.83	)%		N/A
	9/28/2001 - 3/31/2002		0.33	%			27,056		1.35	%		2.59	%		0.57	%		(0.67	)%		N/A
Class B:	4/1/2004 - 9/30/2004 (5)		0.02	%		$	421		1.16	%(8)		2.59	%		0.11	%(8)		(1.32	)%		N/A
	4/1/2003 - 3/31/2004		0.06	%			744		1.06	%(8)		3.03	%		0.03	%(8)		(1.94	)%		N/A
	4/1/2002 - 3/31/2003		0.12	%			782		1.49	%(8)		3.00	%		0.18	%(8)		(1.33	)%		N/A
	9/28/2001 - 3/31/2002		0.09	%			88		1.85	%		3.09	%		0.07	%		(1.17	)%		N/A
Class C:	4/1/2004 - 9/30/2004 (5)		0.02	%		$	1,676		1.22	%(8)		2.59	%		0.05	%(8)		(1.32	)%		N/A
	4/1/2003 - 3/31/2004		0.06	%			956		1.06	%(8)		3.03	%		0.03	%(8)		(1.94	)%		N/A
	4/1/2002 - 3/31/2003		0.12	%			1,073		1.49	%(8)		3.00	%		0.18	%(8)		(1.33	)%		N/A
	9/28/2001 - 3/31/2002		0.09	%			75		1.85	%		3.09	%		0.07	%		(1.17	)%		N/A
PF Putnam Equity Income Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		(0.27	)%		$	17,192		1.90	%		2.79	%		0.54	%		(0.35	)%		31.21	%
	4/1/2003 - 3/31/2004		36.03	%			14,511		1.90	%		3.28	%		0.62	%		(0.77	)%		64.58	%
	4/1/2002 - 3/31/2003		(23.59	)%			8,812		1.90	%		4.38	%		0.59	%		(1.89	)%		45.60	%
	12/31/2001 - 3/31/2002 (4)		4.50	%			10,877		1.90	%		5.97	%		0.20	%		(3.87	)%		10.27	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		(0.47	)%		$	238		2.40	%		3.29	%		0.04	%		(0.85	)%		31.21	%
	4/1/2003 - 3/31/2004		35.48	%			223		2.40	%		3.78	%		0.12	%		(1.27	)%		64.58	%
	4/1/2002 - 3/31/2003		(23.92	)%			265		2.40	%		4.88	%		0.09	%		(2.39	)%		45.60	%
	12/31/2001 - 3/31/2002 (4)		4.30	%			13		2.40	%		6.47	%		(0.30	)%		(4.37	)%		10.27	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		(0.57	)%		$	542		2.40	%		3.29	%		0.04	%		(0.85	)%		31.21	%
	4/1/2003 - 3/31/2004		35.51	%			616		2.40	%		3.78	%		0.12	%		(1.27	)%		64.58	%
	4/1/2002 - 3/31/2003		(23.83	)%			536		2.40	%		4.88	%		0.09	%		(2.39	)%		45.60	%
	12/31/2001 - 3/31/2002 (4)		4.30	%			41		2.40	%		6.47	%		(0.30	)%		(4.37	)%		10.27	%

See Notes to Financial Statements See explanation of references on C-8

C-6

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	10.94		$	0.01			$	(0.20	)		$	(0.19	)
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	10.83		$	(0.01	)		$	(0.21	)		$	(0.22	)
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	10.81		$	(0.01	)		$	(0.21	)		$	(0.22	)
	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 (9)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	11.37		$	0.03			$	0.35			$	0.38
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	11.24		$	—			$	0.34			$	0.34
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	11.24		$	—			$	0.34			$	0.34
	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				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.01	)		$	—			$	—		$	(0.01	)		$	10.74
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	10.61
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	10.59
	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 (9)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	(0.01	)		$	—			$	—		$	(0.01	)		$	11.74
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	11.58
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	11.58
	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 Period or Year (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)			Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Salomon Brothers Large-Cap Value Fund
Class A:	4/1/2004 - 9/30/2004 (4)(5)		(1.71	)%		$	36,732		1.80	%		2.30	%		0.28	%		(0.22	)%		11.34	%
	4/1/2003 - 3/31/2004 (4)		39.91	%			25,315		1.80	%		2.73	%		0.29	%		(0.64	)%		38.10	%
	4/1/2002 - 3/31/2003 (4)		(27.69	)%			11,736		1.80	%		2.94	%		0.41	%		(0.73	)%		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.54	%			19,748		1.80	%		3.93	%		(0.14	)%		(2.27	)%		27.37	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		(2.03	)%		$	477		2.30	%		2.80	%		(0.22	)%		(0.72	)%		11.34	%
	4/1/2003 - 3/31/2004 (4)		39.36	%			556		2.30	%		3.23	%		(0.21	)%		(1.14	)%		38.10	%
	4/1/2002 - 3/31/2003 (4)		(28.02	)%			955		2.30	%		3.44	%		(0.09	)%		(1.23	)%		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.38	%			151		2.30	%		4.43	%		(0.64	)%		(2.77	)%		27.37	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		(2.04	)%		$	1,499		2.30	%		2.80	%		(0.22	)%		(0.72	)%		11.34	%
	4/1/2003 - 3/31/2004 (4)		39.27	%			1,277		2.30	%		3.23	%		(0.21	)%		(1.14	)%		38.10	%
	4/1/2002 - 3/31/2003 (4)		(28.08	)%			2,015		2.30	%		3.44	%		(0.09	)%		(1.23	)%		49.00	%
	9/28/2001 - 3/31/2002 (4)		9.30	%			243		2.30	%		4.43	%		(0.64	)%		(2.77	)%		27.37	%
PF Van Kampen Comstock Fund (9)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		3.37	%		$	16,621		1.90	%		2.75	%		0.47	%		(0.38	)%		10.83	%
	4/1/2003 - 3/31/2004 (4)		39.34	%			11,945		1.90	%		3.59	%		0.24	%		(1.45	)%		105.34	%
	4/1/2002 - 3/31/2003		(28.26	)%			5,331		1.90	%		3.87	%		(1.04	)%		(3.01	)%		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.94	%			9,002		1.90	%		6.26	%		(0.84	)%		(5.20	)%		18.71	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		3.03	%		$	366		2.40	%		3.25	%		(0.03	)%		(0.88	)%		10.83	%
	4/1/2003 - 3/31/2004 (4)		38.77	%			453		2.40	%		4.09	%		(0.26	)%		(1.95	)%		105.34	%
	4/1/2002 - 3/31/2003		(28.66	)%			201		2.40	%		4.37	%		(1.54	)%		(3.51	)%		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.71	%			105		2.40	%		6.76	%		(1.34	)%		(5.70	)%		18.71	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		3.03	%		$	458		2.40	%		3.25	%		(0.03	)%		(0.88	)%		10.83	%
	4/1/2003 - 3/31/2004 (4)		38.60	%			226		2.40	%		4.09	%		(0.26	)%		(1.95	)%		105.34	%
	4/1/2002 - 3/31/2003		(28.57	)%			74		2.40	%		4.37	%		(1.54	)%		(3.51	)%		37.78	%
	9/28/2001 - 3/31/2002 (4)		14.67	%			21		2.40	%		6.76	%		(1.34	)%		(5.70	)%		18.71	%

See Notes to Financial Statements See explanation of references on C-8

C-7

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

					Investment Activities
		Net Asset Value, Beginning of Period or Year			Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations
PF Van Kampen Mid-Cap Growth Fund (10)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	8.01		$	(0.06	)		$	0.18			$	0.12
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	7.93		$	(0.08	)		$	0.18			$	0.10
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	7.92		$	(0.08	)		$	0.18			$	0.10
	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

		Distributions
		Dividends from Net Investment Income				Distributions from Capital Gains				Return of Capital			Total Distributions				Net Asset Value, End of Period or Year
PF Van Kampen Mid-Cap Growth Fund (10)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	8.13
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	8.03
	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:	4/1/2004 - 9/30/2004 (4)(5)		$	—			$	—			$	—		$	—			$	8.02
	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

		Ratios/Supplemental Data
		Total Returns (1)			Net Assets,End of Period or Year (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)			Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)			Portfolio Turnover Rates
PF Van Kampen Mid-Cap Growth Fund (10)
Class A:	4/1/2004 - 9/30/2004 (4)(5)		1.50	%		$	28,910		1.85	%		2.64	%		(1.42	)%		(2.21	)%		40.61	%
	4/1/2003 - 3/31/2004 (4)		35.30	%			18,388		1.85	%		3.29	%		(1.42	)%		(2.86	)%		326.09	%
	4/1/2002 - 3/31/2003		(40.51	)%			6,191		1.85	%		4.31	%		(1.39	)%		(3.85	)%		158.16	%
	9/28/2001 - 3/31/2002 (4)		13.79	%			11,383		1.85	%		5.33	%		(1.44	)%		(4.92	)%		70.54	%
Class B:	4/1/2004 - 9/30/2004 (4)(5)		1.26	%		$	587		2.35	%		3.14	%		(1.92	)%		(2.71	)%		40.61	%
	4/1/2003 - 3/31/2004 (4)		34.86	%			504		2.35	%		3.79	%		(1.92	)%		(3.36	)%		326.09	%
	4/1/2002 - 3/31/2003		(40.84	)%			586		2.35	%		4.81	%		(1.89	)%		(4.35	)%		158.16	%
	9/28/2001 - 3/31/2002 (4)		13.52	%			82		2.35	%		5.83	%		(1.94	)%		(5.42	)%		70.54	%
Class C:	4/1/2004 - 9/30/2004 (4)(5)		1.26	%		$	1,109		2.35	%		3.14	%		(1.92	)%		(2.71	)%		40.61	%
	4/1/2003 - 3/31/2004 (4)		34.69	%			958		2.35	%		3.79	%		(1.92	)%		(3.36	)%		326.09	%
	4/1/2002 - 3/31/2003		(40.78	)%			1,141		2.35	%		4.81	%		(1.89	)%		(4.35	)%		158.16	%
	9/28/2001 - 3/31/2002 (4)		13.53	%			116		2.35	%		5.83	%		(1.94	)%		(5.42	)%		70.54	%

(1)	Total returns are not annualized for periods less than one full year. Calculation does not include the effect of any sales charges for Classes A, B and C.
(2)	The ratios of net expenses after expense reductions to average daily net assets are after adviser expense reimbursements, if any, as discussed in Note 7 to the Financial Statements. The ratios of net investment income (loss) before expense reductions to average daily net assets are grossed up by the adviser expense reimbursements, if any.
(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)	PF MFS International Large-Cap Fund was formerly named PF MFS Global Growth Fund.
(7)	Amount represents less than $0.01 per share.
(8)	The expense cap for the PF Pacific Life Money Market Fund is 0.05% for the period 7/1/02-6/30/05. The effect of the 12b-1 waiver by the Distributor on the ratios of net expenses and net investment income (loss) after the expense reductions to the average daily net assets for the PF Pacific Life Money Market Class B and C were 0.29% and 0.23%, respectively, for the six-month period ended September 30, 2004, and 0.39% and 0.09%, for the years ended March 31, 2004 and 2003, respectively, for both Class B and C.
(9)	PF Van Kampen Comstock Fund was formerly named PF Janus Strategic Value Fund.
(10)	PF Van Kampen Mid-Cap Growth Fund was formerly named PF MFS Mid-Cap Growth Fund.

See Notes to Financial Statements

C-8

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, 2004, is comprised of twenty 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 AIM Blue Chip, PF AIM Aggressive Growth, PF Goldman Sachs Short Duration Bond, PF INVESCO Health Sciences, PF INVESCO Technology, PF Janus Growth LT, PF Lazard International Value, PF MFS International Large-Cap (formerly PF MFS Global Growth), PF PIMCO Inflation Managed, PF PIMCO Managed Bond, PF Pacific Life Money Market, PF Putnam Equity Income, PF Salomon Brothers Large-Cap Value, PF Van Kampen Comstock (formerly PF Janus Strategic Value), and PF Van Kampen Mid-Cap Growth (formerly PF MFS Mid-Cap Growth). Each Fund has three separate classes of shares: Class A, B, and C. Each class is distinguished by its level of distribution and service (12b-1) 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”); and (iii) Class C shares are subject to a maximum 1.00% CDSC. The sales charge for Class A shares is reduced for purchases of $50,000 or more. Class A shares of the PF Pacific Life Money Market Fund are sold without an initial sales charge. 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 1 year of purchase. Effective July 1, 2004, the 1% front-end sales charge for Class C shares was eliminated. For the period April 1, 2004 through June 30, 2004, Class C shares may have been purchased without the 1% front-end sales charge if purchased through a broker/dealer who had entered into an agreement with the Funds’ distributor to waive this sales charge. Also effective July 1, 2004, for assets initially invested in the PF Pacific Life Money Market Fund, the CDSC period, if any, will begin when the assets are exchanged into another fund.

     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”) invest all of their assets in Class A shares of other 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 sale of shares of the Underlying Funds. Pacific Life Insurance Company (“Pacific Life”) uses an asset allocation process to determine the Portfolio Optimization Funds’ investment mix. Previously the Portfolio Optimization Funds invested all purchases, redemptions, reinvested income and capital gains based on the target allocations. Effective July 1, 2004 this policy was updated to allow the Portfolio Optimization Funds to invest purchase proceeds and meet redemption needs using a monthly allocation percentage method, which considers the value of the Underlying Funds and a sales forecast for the upcoming month. 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. Annually, Pacific Life will evaluate each Fund’s asset allocation strategy and rebalance the Funds to reflect changes in the target allocations. The Funds offered in Pacific Funds may change and Underlying Funds may be added to or deleted from a Portfolio Optimization Fund. Pacific Life reserves the right to rebalance each Portfolio Optimization Fund’s investments in the Underlying Funds more frequently than annually. Pacific Life may change the asset class allocations, Underlying Funds (including any funds organized in the future) or target allocations 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 prospectus.

     All of the Funds, except PF Goldman Sachs Short Duration Bond Fund, PF PIMCO Inflation Managed Fund, PF Putnam Equity Income Fund, and the Portfolio Optimization Funds, commenced operations on September 28, 2001. The PF Putnam Equity Income Fund commenced operations on December 31, 2001, the PF PIMCO Inflation Managed Fund commenced operations on December 31, 2002, and the PF Goldman Sachs Short Duration Bond Fund and the Portfolio Optimization Funds commenced operations on December 31, 2003.

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 net asset value (“NAV”) per share is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open. For purposes of calculating the NAV, the Funds use pricing data as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern time, although it occasionally closes earlier.

     Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign) and the official closing price on the NASDAQ National Market as reported by a pricing source approved by the Funds’ Board of Trustees (the “Board”). Securities traded on over-the-counter markets and listed securities for which no sales are reported, are generally valued at the mean between the most

D-1

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

recent bid and asked quotes obtained from a quotation reporting system, from established market makers, or from broker-dealers.

     Fixed income securities are generally valued at prices obtained from pricing services, market makers, or broker-dealers. Certain bonds are valued by a benchmark, matrix, or other pricing processes approved by the Board. Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximates market value.

     Securities for which market quotations are not readily available, as described above, 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 accurately reflect 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 the 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 of a 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.

     Effective September 15, 2003, the Funds retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs to analyze the correlation of market moves in international markets to moves in the U.S. markets. The analysis is based on historical performance of markets and other economic data, and fair values determined with the assistance of the service are based on the data utilized by the service. Fair values may not accurately reflect 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; interest income is not accrued until settlement date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recorded on the accrual basis.

     Discounts and premiums are recorded on a daily basis using the effective yield method except for short-term securities and PF Pacific Life Money Market Fund, which recognize discounts and premiums on a straight-line basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed securities are reported 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 service (12b-1) fees (see Note 4). 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 net assets.

     C. 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 Fund does not separately report on the Statement 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 and change in unrealized gain or loss 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 gains and losses 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.

     D. Expense Allocation

     General expenses of the Funds (including 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 average daily net assets. Expenses directly attributable to a particular Fund (including advisory, administration, custody, registration and distribution and service (12b-1) fees) are charged directly to that Fund.

     E. 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.

     F. 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

D-2

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

in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the 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 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.

     G. Options and Options on Futures Contracts

     Certain Funds may write (sell) options on interest rate futures and purchase put and call options and write secured put and covered call options. When a Fund writes an option, an amount equal to the premium received is recorded as an asset with an equal liability that is “marked-to-market” based on the option’s quoted daily settlement price. Any fluctuation in the value of such an instrument is recorded as unrealized appreciation or depreciation until terminated, at which time realized gains and losses are recognized. The purposes of using options or options on futures contracts include hedging exposure to rising interest rates while retaining capital gain potential from falling rates and capitalizing on anticipated changes in market volatility or to earn additional income. These options may relate to particular securities, stock indexes, options on swaps, or foreign currencies. These investments involve, to varying degrees, elements of market risk and risks in excess of the amount recognized in the Statements of Assets and Liabilities. Risks may include an imperfect correlation between the changes in market value of the securities held by a Fund and the prices of options or options on futures contracts, an illiquid secondary market for the instruments, or the inability of a counterparty to perform its obligations.

     H. 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 and any result of unrealized appreciation or depreciation is recorded in a Fund’s financial statements. 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. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.

     I. Swaps

     Certain Funds may enter into interest rate, total return, credit default, currency exchange, 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. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are “marked-to-market” daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statements of Operations. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty.

     J. 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, even though investors do not receive their principal until maturity.

     K. Stripped Mortgage-Backed Securities

     Stripped mortgage-backed securities (“SMBS”) represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. 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.

     L. 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 delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered,

D-3

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

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.

     M. 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, whereas losses from purchases cannot exceed the total amount invested.

     N. 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 and 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.

     O. Investment Risk

     The price 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 adverse political 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.

3. REORGANIZATION

     On December 31, 2003, PF AIM Blue Chip Fund, (the “Surviving Fund”), acquired all of the assets and liabilities of PF Putnam Research Fund, (the “Acquired Fund”), in a tax-free exchange for shares of the Surviving Fund, (together the “Reorganization”), pursuant to a plan of reorganization approved by the Board and shareholders of the Acquired Fund. Pacific Life paid all of the Reorganization costs which amounted to $78,947. The value of shares issued by the Surviving Fund is presented in the Statements of Changes in Net Assets. The number of shares acquired and issued by the Surviving Fund, and the net assets and unrealized appreciation/depreciation as of the Reorganization date immediately prior to and after the Reorganization were as follows:

	Shares Acquired		Shares Issued In Acquisition		Surviving Fund Net Assets		Acquired Fund Net Assets
Class A		781,292		739,603	$	5,959,088	$	7,488,383
Class B		5,342		5,075		1,824,082		50,735
Class C		15,005		14,225		3,982,255		142,407
Total		801,639		758,903	$	11,765,425	$	7,681,525

	Net Assets After Reorganization		Net Asset Value of Surviving Fund
Class A	$	13,447,471		$	10.12
Class B		1,874,817			10.00
Class C		4,124,662			10.01
Total	$	19,446,950

     The net unrealized appreciation of the Acquired Fund at time of Reorganization was $544,213.

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

PF AIM Blue Chip	0.95	%
PF AIM Aggressive Growth	1.00	%
PF Goldman Sachs Short Duration Bond	0.60	%
PF INVESCO Health Sciences	1.10	%
PF INVESCO Technology	1.10	%
PF Janus Growth LT	0.75	%
PF Lazard International Value	0.85	%
PF MFS International Large-Cap (1)	1.05	%
PF PIMCO Inflation Managed	0.60	%
PF PIMCO Managed Bond	0.60	%
PF Pacific Life Money Market	See	(2)
PF Putnam Equity Income	0.95	%
PF Salomon Brothers Large-Cap Value	0.85	%
PF Van Kampen Comstock	0.95	%
PF Van Kampen Mid-Cap Growth	0.90	%

(1)	Prior to 1/1/04 the advisory fee rate was 1.10% of the average daily net assets.
(2)	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.

D-4

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

     Pursuant to Fund Management Agreements, the Funds and Pacific Life engage other fund managers under Pacific Life’s supervision for fourteen of the twenty Funds. The following firms serve as sub-advisers for their respective Funds: AIM Capital Management, Inc., Goldman Sachs Asset Management, L.P., INVESCO Institutional (N.A.), Inc., Janus Capital Management LLC, Lazard Asset Management LLC, MFS Investment Management, Pacific Investment Management Company LLC, Putnam Investment Management, 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 support services based on an internal billing rate at cost for the time spent by the legal, accounting, tax and compliance personnel for providing assistance, coordination and supervision to the Funds.

     Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Funds’ shares. Under the distribution and service (12b-1) plans, each Fund pays to the Distributor fees at annual rates expressed as a percentage of average daily net assets. Each Fund, except the Portfolio Optimization Funds, pays a distribution fee as compensation for services rendered and expenses borne by the Distributor in connection with the distribution of shares of the Funds (0.25% for Class A shares and 0.75% for Class B and C shares). Additionally, each Fund pays a shareholder servicing fee as compensation in connection with services rendered to shareholders of the Funds and/or maintenance of shareholder accounts (0.25% for Class A, B, and C shares). For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, which charge an annual distribution and shareholder servicing fee of 0.50% of average daily net assets without payment of a front-end sales charge. To avoid duplication of fees, the distribution and shareholder servicing fee for each class of the Portfolio Optimization Funds will be reduced by 0.50%. The Portfolio Optimization Funds’ Class A shares will not accrue a fee and Class B and Class C shares will accrue 0.50%. The fees are accrued daily.

     For the six-month period ended September 30, 2004, the Distributor, acting as underwriter, received net commissions of $1,734,570 from the sale of Class A and Class C shares and received $75,823 in CDSC from redemptions of Class B and Class C shares.

5. TRUSTEE DEFERRED COMPENSATION PLAN

     Each Independent Trustee is eligible to participate in the Funds’ Deferred Compensation Plan (the “Plan”). The Plan allows each Independent Trustee to voluntarily defer receipt of all or a percentage of fees which otherwise would be payable for services performed. Amounts in the deferral account are obligations of the Funds that are payable in accordance with the Plan. A Trustee who defers compensation has the option to select credit rate options that mirror the performance of the Class A shares of the corresponding series of the Pacific Funds without a sales load. Accordingly, the market value appreciation/depreciation of the Trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. As of September 30, 2004, total deferred trustee compensation liability was $109,118.

6. 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 Fund, PF PIMCO Inflation Managed Fund, PF PIMCO Managed Bond Fund, and PF Pacific Life Money Market Fund. Dividends are generally declared and paid monthly for the PF Goldman Sachs Short Duration Bond Fund, PF PIMCO Inflation Managed Fund, and PF PIMCO Managed Bond Fund, and are generally declared daily and paid monthly for PF Pacific Life Money Market Fund. Dividends may be declared less frequently if it is advantageous to the Funds. 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 (“PFICs”), post-October losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

     The tax character of distributions paid during the six-month period ended September 30, 2004, was as follows:

	Distributions paid from
Funds	Ordinary Income		Long-Term Capital Gain
PF Goldman Sachs Short Duration Bond	$	90,900		$	—
PF Lazard International Value		39,141			355,478
PF MFS International Large-Cap Value		97,765			306,210
PF PIMCO Inflation Managed		1,114,930			—
PF PIMCO Managed Bond		336,822			339,217
PF Pacific Life Money Market		24,784			—
PF Putnam Equity Income		16,667			—
PF Salomon Brothers Large-Cap Value		38,347			—
PF Van Kampen Comstock		16,574			—

D-5

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

     The tax character of distributions paid during the year ended March 31, 2004 was as follows:

	Distributions paid from
Funds	Ordinary Income		Long-Term Capital Gain
PF Lazard International Value	$	32,940	$	—
PF PIMCO Inflation Managed		528,324		6,235
PF PIMCO Managed Bond		745,177		—
PF Pacific Life Money Market		24,524		—
PF Putnam Equity Income		71,425		—
PF Salomon Brothers Large-Cap Value		23,699		—

     As of March 31, 2004, the components of distributable earnings on a tax basis were as follows:

Funds	Accumulated Capital and Other Losses			Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Unrealized Appreciation
PF Portfolio Optimization Model A	$	—			$	6,369		$	—	$	51,641
PF Portfolio Optimization Model B		—				11,471			—		109,129
PF Portfolio Optimization Model C		—				20,018			—		254,463
PF Portfolio Optimization Model D		—				11,926			—		171,204
PF Portfolio Optimization Model E		—				2,375			—		61,240
PF AIM Blue Chip		(2,440,790	)			—			—		2,031,463
PF AIM Aggressive Growth		(241,598	)			—			—		1,435,537
PF Goldman Sachs Short Duration Bond		—				53,254			557		50,778
PF INVESCO Health Sciences		(1,062,455	)			—			—		1,285,059
PF INVESCO Technology		(1,334,968	)			—			—		1,155,653
PF Janus Growth LT		(1,480,064	)			—			—		1,963,811
PF Lazard International Value		(49,666	)			39,139			335,476		2,829,985
PF MFS International Large-Cap		—				97,765			306,209		843,841
PF PIMCO Inflation Managed		—				719,980			19		436,401
PF PIMCO Managed Bond		—				313,915			339,215		315,125
PF Pacific Life Money Market		(57	)			16,339			—		—
PF Putnam Equity Income		(477,126	)			16,667			—		1,767,057
PF Salomon Brothers Large-Cap Value		(1,521,573	)			38,346			—		2,907,485
PF Van Kampen Comstock		(759,686	)			16,574			—		1,710,812
PF Van Kampen Mid-Cap Growth		(3,157,073	)			—			—		1,843,552

     The components of the accumulated capital and other losses as of March 31, 2004 are summarized in Note 8.

7. EXPENSE REDUCTIONS

     Pacific Life has contractually agreed to waive all or part of its investment advisory fees or administration fees, or otherwise reimburse each Fund, except the Portfolio Optimization Funds, for operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; foreign taxes on dividends, interest or gains; interest; 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 of 0.45% of a Fund’s average daily net assets for all Funds through June 30, 2005, except for the PF Pacific Life Money Market Fund. The expense cap for the PF Pacific Life Money Market Fund has been reduced to 0.05% for the period July 1, 2002 through June 30, 2005. Such waiver 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 0.45% 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 0.45% expense cap. There is no guarantee that Pacific Life will continue to limit the expenses after June 30, 2005.

     Pacific Life has also contractually agreed to waive its administrative fee and charges for support services and otherwise reimburse each of the Portfolio Optimization Funds, for its operating expenses (including organizational expenses, but not including distribution and service (12b-1) fees; foreign taxes on dividends, interest or gains; interest; taxes; transactional expenses; extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of each of the Portfolio Optimization Fund’s business) through June 30, 2005. There is no guarantee that Pacific Life will continue to waive expenses after June 30, 2005.

     The Distributor has also agreed to waive part of the 12b-1 fees for the PF Pacific Life Money Market Fund. The total amount waived by the Distributor for the year ended March 31, 2004 and

D-6

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

the six-month period ended September 30, 2004 were $10,234 and $2,535, respectively.

     The cumulative reimbursement amounts as of September 30, 2004 that are subject to repayment for each Fund are as follows:

	Expiration
Funds	2005		2006		2007		2008
PF Portfolio Optimization Model A	$	—	$	—	$	36,837	$	109,735
PF Portfolio Optimization Model B		—		—		54,940		158,224
PF Portfolio Optimization Model C		—		—		103,852		271,071
PF Portfolio Optimization Model D		—		—		110,532		257,961
PF Portfolio Optimization Model E		—		—		62,617		168,917
PF AIM Blue Chip		191,685		192,697		180,256		81,227
PF AIM Aggressive Growth		164,928		137,076		116,454		64,247
PF Goldman Sachs Short Duration Bond		—		—		30,535		90,718
PF INVESCO Health Sciences		101,705		128,537		98,080		45,255
PF INVESCO Technology		105,965		131,800		92,280		47,797
PF Janus Growth LT		201,429		181,111		148,424		62,401
PF Lazard International Value		181,009		174,426		163,749		97,289
PF MFS International Large-Cap		231,269		391,365		320,872		149,552
PF PIMCO Inflation Managed		—		35,513		164,752		57,714
PF PIMCO Managed Bond		139,799		360,805		306,150		113,130
PF Pacific Life Money Market		139,704		291,629		271,427		100,815
PF Putnam Equity Income		102,380		241,155		174,093		73,657
PF Salomon Brothers Large-Cap Value		166,357		187,014		192,635		81,789
PF Van Kampen Comstock		167,973		134,554		140,698		62,740
PF Van Kampen Mid-Cap Growth		164,483		193,070		177,748		98,250

     Pacific Life’s expense reimbursement is presented in the accompanying Statements of Operations.

8. FEDERAL INCOME TAX

     Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2004 to qualify as a regulated investment company and is not required to pay Federal income tax under Regulation M of the Internal Revenue Code (‘the Code”). 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. 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. 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, 2004, are available to offset future realized capital gains and thereby reduce future capital gains distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The net capital loss carryovers, the post-October capital and foreign currency losses deferred, and the accumulated capital and other losses as of March 31, 2004, and the aggregate cost of investments and the composition of unrealized appreciation and depreciation on investment securities for Federal income tax purposes as of September 30, 2004, are presented in the following table:

D-7

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

	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			2012
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 AIM Blue Chip*		(2,377,966	)		(1,040,026	)		(947,027	)		(390,913	)			(62,824	)			—				(2,440,790	)
PF AIM Aggressive Growth		(241,598	)		—			(241,598	)		—				—				—				(241,598	)
PF Goldman Sachs Short Duration Bond		—			—			—			—				—				—				—
PF INVESCO Health Sciences		(1,060,524	)		—			(1,060,524	)		—				—				(1,931	)			(1,062,455	)
PF INVESCO Technology		(1,334,831	)		(13,573	)		(1,197,169	)		(124,089	)			—				(137	)			(1,334,968	)
PF Janus Growth LT		(1,465,915	)		—			(1,465,915	)		—				—				(14,149	)			(1,480,064	)
PF Lazard International Value		—			—			—			—				—				(49,666	)			(49,666	)
PF MFS International Large-Cap		—			—			—			—				—				—				—
PF PIMCO Inflation Managed		—			—			—			—				—				—				—
PF PIMCO Managed Bond		—			—			—			—				—				—				—
PF Pacific Life Money Market		(56	)		—			(37	)		(19	)			(1	)			—				(57	)
PF Putnam Equity Income		(477,126	)		—			(327,559	)		(149,567	)			—				—				(477,126	)
PF Salomon Brothers Large-Cap Value		(1,443,775	)		—			(498,187	)		(945,588	)			(77,798	)			—				(1,521,573	)
PF Van Kampen Comstock		(759,686	)		—			(495,603	)		(264,083	)			—				—				(759,686	)
PF Van Kampen Mid-Cap Growth		(3,157,073	)		—			(3,157,073	)		—				—				—				(3,157,073	)

Funds	Total Cost on Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
PF Portfolio Optimization Model A	$	12,554,465	$	13,152	$	(17,033	)		$	(3,881	)
PF Portfolio Optimization Model B		28,252,457		83,335		(145,637	)			(62,302	)
PF Portfolio Optimization Model C		70,598,069		400,031		(487,919	)			(87,888	)
PF Portfolio Optimization Model D		63,774,075		397,176		(616,783	)			(219,607	)
PF Portfolio Optimization Model E		27,379,323		175,908		(425,973	)			(250,065	)
PF AIM Blue Chip*		34,787,955		1,955,390		(976,776	)			978,614
PF AIM Aggressive Growth		9,399,384		987,808		(257,758	)			730,050
PF Goldman Sachs Short Duration Bond		22,817,903		30,834		(35,673	)			(4,839	)
PF INVESCO Health Sciences		5,966,322		676,582		(108,877	)			567,705
PF INVESCO Technology		4,465,825		864,561		(144,645	)			719,916
PF Janus Growth LT		14,376,397		1,717,819		(257,118	)			1,460,701
PF Lazard International Value		30,925,152		3,168,057		(570,182	)			2,597,875
PF MFS International Large-Cap		22,833,817		1,557,561		(407,735	)			1,149,826
PF PIMCO Inflation Managed		36,572,065		263,395		(24,320	)			239,075
PF PIMCO Managed Bond		35,214,874		326,400		(46,884	)			279,516
PF Pacific Life Money Market		18,635,602		—		—				—
PF Putnam Equity Income		16,630,343		1,742,425		(252,612	)			1,489,813
PF Salomon Brothers Large-Cap Value		34,630,843		3,510,024		(1,287,197	)			2,222,827
PF Van Kampen Comstock		15,401,742		2,178,982		(212,947	)			1,966,035
PF Van Kampen Mid-Cap Growth		27,613,104		3,409,260		(486,603	)			2,922,657

* 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.

9. PURCHASES AND SALES OF SECURITIES

     Purchases and 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, 2004, are summarized in the following tables:

	U.S. Government Securities				Other Securities
Funds	Purchases		Sales		Purchases		Sales
PF Portfolio Optimization Model A	$	—	$	—	$	7,614,625	$	1,055,179
PF Portfolio Optimization Model B		—		—		16,168,307		1,005,874
PF Portfolio Optimization Model C		—		—		37,219,188		424,140
PF Portfolio Optimization Model D		—		—		32,143,053		408,237
PF Portfolio Optimization Model E		—		—		9,687,787		550,114
PF AIM Blue Chip		—		—		15,740,281		3,432,456
PF AIM Aggressive Growth		—		—		8,216,881		6,749,149
PF Goldman Sachs Short Duration Bond		24,872,567		15,882,615		—		—
PF INVESCO Health Sciences		—		—		4,664,960		4,808,233
PF INVESCO Technology		—		—		3,025,033		3,129,584

D-8

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

	U.S. Government Securities				Other Securities
Funds	Purchases		Sales		Purchases		Sales
PF Janus Growth LT	$	—	$	—	$	6,312,134	$	3,438,904
PF Lazard International Value		—		—		13,367,582		1,332,841
PF MFS International Large-Cap		—		—		11,599,350		4,450,127
PF PIMCO Inflation Managed		56,955,954		45,357,701		441,086		—
PF PIMCO Managed Bond		19,167,763		17,789,909		1,812,971		570,099
PF Putnam Equity Income		—		—		7,757,601		5,062,319
PF Salomon Brothers Large-Cap Value		—		—		13,522,435		3,476,504
PF Van Kampen Comstock		—		—		5,766,905		1,495,624
PF Van Kampen Mid-Cap Growth		—		—		18,834,795		9,688,234

10. SHARES OF BENEFICIAL INTEREST

     Transactions in shares of each Fund for the six-month period ended September 30, 2004 and for the years or periods ended March 31, 2004, were as follows:

	PF Portfolio Optimization Model A (1)						PF Portfolio Optimization Model B (1)						PF Portfolio Optimization Model C (1)						PF Portfolio Optimization Model D (1)
	Period ended 9/30/2004			Period ended 3/31/2004			Period ended 9/30/2004			Period ended 3/31/2004			Period ended 9/30/2004			Period ended 3/31/2004			Period ended 9/30/2004			Period ended 3/31/2004
Class A
Beginning Balances		192,835			—			512,407			—			1,256,147			—			1,321,143			—
Shares sold		331,284			221,772			899,136			562,071			1,629,898			1,299,854			1,255,559			1,335,442
Distributions reinvested		—			—			—			—			—			—			—			—
Shares redeemed		(44,942	)		(28,937	)		(72,874	)		(49,664	)		(165,899	)		(43,707	)		(122,401	)		(14,299	)
Ending Balances		479,177			192,835			1,338,669			512,407			2,720,146			1,256,147			2,454,301			1,321,143
Class B
Beginning Balances		44,261			—			297,569			—			552,018			—			689,014			—
Shares sold		61,065			46,564			196,090			315,298			615,982			553,922			620,922			718,780
Distributions reinvested		—			—			—			—			—			—			—			—
Shares redeemed		(3,404	)		(2,303	)		(38,502	)		(17,729	)		(11,346	)		(1,904	)		(69,823	)		(29,766	)
Ending Balances		101,922			44,261			455,157			297,569			1,156,654			552,018			1,240,113			689,014
Class C
Beginning Balances		369,190			—			528,693			—			1,666,836			—			1,260,451			—
Shares sold		419,932			391,451			680,800			555,885			1,722,651			1,707,775			1,548,861			1,315,112
Distributions reinvested		—			—			—			—			—			—			—			—
Shares redeemed		(118,615	)		(22,261	)		(177,329	)		(27,192	)		(144,090	)		(40,939	)		(67,284	)		(54,661	)
Ending Balances		670,507			369,190			1,032,164			528,693			3,245,397			1,666,836			2,742,028			1,260,451

(1) Operations commenced on December 31, 2003.

D-9

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

	PF Portfolio Optimization Model E (1)						PF AIM Blue Chip Fund						PF AIM Aggressive Growth Fund						PF Goldman Sachs Short Duration Bond Fund (1)
	Period ended 9/30/2004			Period ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Period ended 3/31/2004
Class A
Beginning Balances		812,288			—			2,296,536			983,915			734,471			585,399			1,349,577			—
Shares sold		454,096			824,754			1,325,083			1,591,780			138,318			290,771			1,010,427			1,363,837
Shares issued in connection with acquisition (2)		—			—			—			739,603			—			—-			—			—
Distributions reinvested		—			—			—			—			—			—-			9,061			—
Shares redeemed		(135,318	)		(12,466	)		(131,182	)		(1,018,762	)		(22,221	)		(141,699	)		(52,021	)		(14,260	)
Ending Balances		1,131,066			812,288			3,490,437			2,296,536			850,568			734,471			2,317,044			1,349,577
Class B
Beginning Balances		239,262			—			49,303			94,800			23,422			7,353			1,001			—
Shares sold		182,882			241,042			7,549			124,313			1,698			34,140			1,005			1,001
Shares issued in connection with acquisition (2)		—			—			—			5,075			—			—-			—			—
Distributions reinvested		—			—			—			—			—			—			4			—
Shares redeemed		(26,646	)		(1,780	)		(1,559	)		(174,885	)		(788	)		(18,071	)		—			—
Ending Balances		395,498			239,262			55,293			49,303			24,332			23,422			2,010			1,001
Class C
Beginning Balances		781,574			—			108,321			183,681			31,538			13,495			6,184			—
Shares sold		537,132			789,592			27,546			304,661			16,416			58,980			49,922			6,221
Shares issued in connection with acquisition (2)		—			—			—			14,225			—			—			—			—
Distributions reinvested		—			—			—			—			—			—			72			—
Shares redeemed		(95,845	)		(8,018	)		(11,134	)		(394,246	)		(1,975	)		(40,937	)		(3,978	)		(37	)
Ending Balances		1,222,861			781,574			124,733			108,321			45,979			31,538			52,200			6,184

	PF INVESCO Health Sciences Fund						PF INVESCO Technology Fund						PF Janus Growth LT Fund						PF Lazard International Value Fund
	Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004
Class A
Beginning Balances		656,351			691,406			555,699			564,549			1,160,421			896,084			1,682,429			826,623
Shares sold		10,746			22,993			8,484			13,995			378,933			531,498			1,062,678			3,639,264
Distributions reinvested		—			—			—			—			—			—			30,501			2,291
Shares redeemed		(25,463	)		(58,048	)		(10,425	)		(22,845	)		(48,724	)		(267,161	)		(35,637	)		(2,785,749	)
Ending Balances		641,634			656,351			553,758			555,699			1,490,630			1,160,421			2,739,971			1,682,429
Class B
Beginning Balances		21,110			13,381			12,359			5,123			28,582			39,741			27,595			89,093
Shares sold		776			9,230			426			9,950			4,586			40,974			3,247			147,003
Distributions reinvested		—			—			—			—			—			—			299			294
Shares redeemed		(1,428	)		(1,501	)		(2,280	)		(2,714	)		(1,708	)		(52,133	)		(154	)		(208,795	)
Ending Balances		20,458			21,110			10,505			12,359			31,460			28,582			30,987			27,595
																					��
Class C
Balances		29,199			14,423			37,811			11,430			39,194			82,377			66,585			191,224
Shares sold		17,664			21,816			5,320			31,401			7,349			99,341			28,575			334,829
Distributions reinvested		—			—			—			—			—			—			896			682
Shares redeemed		(1,605	)		(7,040	)		(3,753	)		(5,020	)		(1,478	)		(142,524	)		(3,526	)		(460,150	)
Ending Balances		45,258			29,199			39,378			37,811			45,065			39,194			92,530			66,585

(1) Operations commenced on December 31, 2003.

(2) See Note 3 to Financial Statements regarding shares issued in connection with acquisition.

D-10

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

	PF MFS International Large-Cap Fund (1)						PF PIMCO Inflation Managed Fund						PF PIMCO Managed Bond Fund						PF Pacific Life Money Market Fund
	Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004
Class A
Beginning Balances		1,323,185			549,549			1,487,762			611,735			1,894,467			1,795,231			14,628,191			13,089,685
Shares sold		711,258			1,514,376			783,694			1,116,158			1,170,286			3,557,254			7,191,143			38,550,926
Distributions reinvested		34,206			—			84,706			34,051			57,806			42,878			23,819			21,253
Shares redeemed		(25,318	)		(740,740	)		(71,027	)		(274,182	)		(144,207	)		(3,500,896	)		(5,303,025	)		(37,033,673	)
Ending Balances		2,043,331			1,323,185			2,285,135			1,487,762			2,978,352			1,894,467			16,540,128			14,628,191
Class B
Beginning Balances		23,083			7,073			64,022			15,668			93,157			195,812			744,107			781,809
Shares sold		910			39,081			19,097			238,284			32,151			186,217			340,263			1,522,624
Distributions reinvested		354			—			2,966			4,095			1,962			6,340			137			662
Shares redeemed		(422	)		(23,071	)		(3,095	)		(194,025	)		(18,027	)		(295,212	)		(662,702	)		(1,560,988	)
Ending Balances		23,925			23,083			82,990			64,022			109,243			93,157			421,805			744,107
Class C
Beginning Balances		19,368			9,692			373,276			46,773			221,685			450,834			956,361			1,073,151
Shares sold		17,405			61,657			229,647			713,335			64,142			549,872			2,233,192			3,533,422
Distributions reinvested		446			—			18,964			11,804			4,437			12,908			337			1,045
Shares redeemed		(825	)		(51,981	)		(110,964	)		(398,636	)		(42,036	)		(791,929	)		(1,513,143	)		(3,651,257	)
Ending Balances		36,394			19,368			510,923			373,276			248,228			221,685			1,676,747			956,361

	PF Putnam  Equity Income Fund						PF Salomon Brothers  Large-Cap Value Fund						PF Van Kampen  Comstock Fund (2)						PF Van Kampen  Mid-Cap Growth Fund (2)
	Period ended  9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004			Period ended 9/30/2004			Year ended 3/31/2004
Class A
Beginning Balances		1,356,592			1,114,198			2,314,111			1,499,384			1,050,285			652,997			2,295,133			1,046,112
Shares sold		265,951			385,399			1,219,373			1,580,175			386,659			521,760			1,345,712			1,836,920
Distributions reinvested		1,554			6,403			3,482			1,990			1,437			—			—			—
Shares redeemed		(10,768	)		(149,408	)		(116,418	)		(767,438	)		(22,492	)		(124,472	)		(83,509	)		(587,899	)
																				��
Ending Balances		1,613,329			1,356,592			3,420,548			2,314,111			1,415,889			1,050,285			3,557,336			2,295,133
Class B
Beginning Balances		21,064			33,716			51,317			122,759			40,335			24,782			63,585			99,558
Shares sold		2,018			39,272			6,025			142,984			5,063			41,480			12,051			148,639
Distributions reinvested		—			169			—			154			—			—			—			—
Shares redeemed		(471	)		(52,093	)		(12,418	)		(214,580	)		(13,805	)		(25,927	)		(2,488	)		(184,612	)
Ending Balances		22,611			21,064			44,924			51,317			31,593			40,335			73,148			63,585
Class C
Beginning Balances		58,074			68,200			118,129			259,334			20,136			9,186			120,845			194,145
Shares sold		15,637			108,516			39,186			365,282			20,794			67,612			22,206			357,590
Distributions reinvested		—			482			—			336			—			—			—			—
Shares redeemed		(22,319	)		(119,124	)		(15,861	)		(506,823	)		(1,374	)		(56,662	)		(4,723	)		(430,890	)
Ending Balances		51,392			58,074			141,454			118,129			39,556			20,136			138,328			120,845

(1) On December 31, 2003, the PF MFS Global Growth Fund changed its name to PF MFS International Large-Cap Fund.

(2) On May 1, 2003, the PF Janus Strategic Value Fund and the PF MFS Mid-Cap Growth Fund changed their names to PF Van Kampen Comstock Fund and PF Van Kampen Mid-Cap Growth Fund, respectively.

D-11

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

     As of September 30, 2004, Pacific Life owned the following percentages of the total (aggregate of Classes A, B, and C) shares outstanding of each of the following Funds:

PF AIM Blue Chip	18.9	%
PF AIM Aggressive Growth	54.7	%
PF Goldman Sachs Short Duration Bond	19.1	%
PF INVESCO Health Sciences	70.8	%
PF INVESCO Technology	82.8	%
PF Janus Growth LT	32.0	%
PF Lazard International Value	18.0	%
PF MFS International Large-Cap	24.8	%
PF PIMCO Inflation Managed	19.0	%
PF Pacific Life Money Market	27.2	%
PF Putnam Equity Income	60.2	%
PF Salomon Brothers Large-Cap Value	14.1	%
PF Van Kampen Comstock	34.0	%
PF Van Kampen Mid-Cap Growth	15.2	%

11. TRANSACTIONS WITH AFFILIATES

     The Funds have incurred $1,188,834 of investment advisory fees, $785,012 of administration fees, and $79,801 of support services expenses payable to Pacific Life, for the six-month period ended September 30, 2004. As of September 30, 2004, $221,452 and $151,942, remained payable for investment advisory fees and administration fees, respectively. There were no outstanding payables for support services expenses as of September 30, 2004.

     For the six-month period ended September 30, 2004, the Funds also incurred $1,024,502 of distribution expenses payable to the Distributor under the distribution and service (12b-1) plans. As of September 30, 2004, $194,922 remained payable.

As of September 30, 2004, each of the Portfolio Optimization Funds owned the following percentages of the total (aggregate of Classes A, B, and C) 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 AIM Blue Chip		1.41	%		7.72	%		21.41	%		26.28	%		12.60	%
PF AIM Aggressive Growth		N/A			N/A			N/A			18.98	%		10.57	%
PF Goldman Sachs Short Duration Bond		14.23	%		18.91	%		32.32	%		13.16	%		N/A
PF Janus Growth LT		N/A			N/A			13.61	%		20.45	%		13.77	%
PF Lazard International Value		1.53	%		6.78	%		23.37	%		28.68	%		13.01	%
PF MFS International Large-Cap		1.07	%		4.74	%		20.77	%		26.68	%		14.80	%
PF PIMCO Inflation Managed		4.57	%		10.38	%		23.22	%		10.39	%		N/A
PF PIMCO Managed Bond		7.71	%		14.14	%		26.66	%		14.68	%		2.40	%
PF Pacific Life Money Market		13.39	%		17.98	%		11.19	%		N/A			N/A
PF Putnam Equity Income		N/A			N/A			11.75	%		14.07	%		6.03	%
PF Salomon Brothers Large-Cap Value		1.95	%		9.39	%		23.48	%		21.10	%		9.70	%
PF Van Kampen Comstock		2.20	%		6.59	%		16.37	%		18.35	%		7.94	%
PF Van Kampen Mid-Cap Growth		0.86	%		4.72	%		26.16	%		25.70	%		14.54	%

12. TAX INFORMATION

     For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) for each of the Funds that qualifies for the dividends-received deductions is as follows:

Funds	Percentage
PF Putnam Equity Income	100.00	%
PF Salomon Brothers Large-Cap Value	100.00	%

     The PF PIMCO Inflation Managed Fund designated $6,235 as long-term capital gain dividend during the year ended March 31, 2004.

D-12

[THIS PAGE INTENTIONALLY LEFT BLANK]

PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES
(Unaudited)

     We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, distribution and service (12b-1) fees, and shareholder reports (i.e. Annual, Semi-annual and Quarterly reports, etc.), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from April 1, 2004 to September 30, 2004.

     This table illustrates your fund’s costs in two ways:

     Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return for the past six-month period, the “Annualized Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During the Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund at the beginning of the period. 

     You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund in the first line under the heading titled “Expenses Paid During the Period.”

     Hypothetical 5% Return: This section intends to help you compare your fund’s costs with those of other mutual funds.  It assumes that the fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

     Please note that the expense shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads) and redemption fees, which are described in the prospectus. If these costs were applied to your account, your costs would be higher.

		Beginning Account Value 4/1/04		Ending Account Value 9/30/04		Annualized Expense Ratio			Expenses Paid During the Period*
PF Portfolio Optimization Model A
Actual Fund Return
	Class A	$	1,000.00	$	998.00		0.00	%		$	0.00
	Class B		1,000.00		996.00		0.50	%			2.50
	Class C		1,000.00		996.00		0.50	%			2.50
Hypothetical (5% Return Before Expenses)
	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
PF Portfolio Optimization Model B
Actual Fund Return
	Class A	$	1,000.00	$	995.10		0.00	%		$	0.00
	Class B		1,000.00		992.10		0.50	%			2.50
	Class C		1,000.00		993.10		0.50	%			2.50
Hypothetical (5% Return Before Expenses)
	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
PF Portfolio Optimization Model C
Actual Fund Return
	Class A	$	1,000.00	$	996.00		0.00	%		$	0.00
	Class B		1,000.00		993.10		0.50	%			2.50
	Class C		1,000.00		993.10		0.50	%			2.50
Hypothetical (5% Return Before Expenses)
	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
PF Portfolio Optimization Model D
Actual Fund Return
	Class A	$	1,000.00	$	992.10		0.00	%		$	0.00
	Class B		1,000.00		989.10		0.50	%			2.49
	Class C		1,000.00		989.10		0.50	%			2.49
Hypothetical (5% Return Before Expenses)
	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
PF Portfolio Optimization Model E
Actual Fund Return
	Class A	$	1,000.00	$	989.10		0.00	%		$	0.00
	Class B		1,000.00		988.10		0.50	%			2.49
	Class C		1,000.00		988.10		0.50	%			2.49
Hypothetical (5% Return Before Expenses)
	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

E-1

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

		Beginning Account Value 4/1/04		Ending Account Value 9/30/04		Annualized Expense Ratio			Expenses Paid During the Period*
PF AIM Blue Chip Fund
Actual Fund Return
	Class A	$	1,000.00	$	957.80		1.90	%		$	9.33
	Class B		1,000.00		955.30		2.40	%			11.76
	Class C		1,000.00		955.30		2.40	%			11.76
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.54		1.90	%		$	9.60
	Class B		1,000.00		1,013.04		2.40	%			12.11
	Class C		1,000.00		1,013.04		2.40	%			12.11
PF AIM Aggressive Growth Fund
Actual Fund Return
	Class A	$	1,000.00	$	955.80		1.95	%		$	9.56
	Class B		1,000.00		953.50		2.45	%			12.00
	Class C		1,000.00		953.60		2.45	%			12.00
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.29		1.95	%		$	9.85
	Class B		1,000.00		1,012.78		2.45	%			12.36
	Class C		1,000.00		1,012.78		2.45	%			12.36
PF Goldman Sachs Short Duration Bond Fund
Actual Fund Return
	Class A	$	1,000.00	$	993.70		1.55	%		$	7.75
	Class B		1,000.00		990.90		2.05	%			10.23
	Class C		1,000.00		990.80		2.05	%			10.23
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,017.30		1.55	%		$	7.84
	Class B		1,000.00		1,014.79		2.05	%			10.35
	Class C		1,000.00		1,014.79		2.05	%			10.35
PF INVESCO Health Sciences Fund
Actual Fund Return
	Class A	$	1,000.00	$	951.30		2.05	%		$	10.03
	Class B		1,000.00		948.70		2.55	%			12.46
	Class C		1,000.00		948.80		2.55	%			12.46
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,014.79		2.05	%		$	10.35
	Class B		1,000.00		1,012.28		2.55	%			12.86
	Class C		1,000.00		1,012.28		2.55	%			12.86
PF INVESCO Technology Fund
Actual Fund Return
	Class A	$	1,000.00	$	895.20		2.05	%		$	9.74
	Class B		1,000.00		891.90		2.55	%			12.09
	Class C		1,000.00		892.70		2.55	%			12.10
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,014.79		2.05	%		$	10.35
	Class B		1,000.00		1,012.28		2.55	%			12.86
	Class C		1,000.00		1,012.28		2.55	%			12.86
PF Janus Growth LT Fund
Actual Fund Return
	Class A	$	1,000.00	$	958.40		1.70	%		$	8.35
	Class B		1,000.00		957.00		2.20	%			10.79
	Class C		1,000.00		955.90		2.20	%			10.79
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,016.55		1.70	%		$	8.59
	Class B		1,000.00		1,014.04		2.20	%			11.11
	Class C		1,000.00		1,014.04		2.20	%			11.11
PF Lazard International Value Fund
Actual Fund Return
	Class A	$	1,000.00	$	995.80		1.80	%		$	9.01
	Class B		1,000.00		993.40		2.30	%			11.49
	Class C		1,000.00		993.40		2.30	%			11.49
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,016.04		1.80	%		$	9.10
	Class B		1,000.00		1,013.54		2.30	%			11.61
	Class C		1,000.00		1,013.54		2.30	%			11.61
PF MFS International Large-Cap Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,002.50		2.00	%		$	10.04
	Class B		1,000.00		1,000.70		2.50	%			12.54
	Class C		1,000.00		999.90		2.50	%			12.53
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.04		2.00	%		$	10.10
	Class B		1,000.00		1,012.53		2.50	%			12.61
	Class C		1,000.00		1,012.53		2.50	%			12.61
PF PIMCO Inflation Managed Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,000.50		1.55	%		$	7.77
	Class B		1,000.00		997.40		2.05	%			10.26
	Class C		1,000.00		997.50		2.05	%			10.27
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,017.30		1.55	%		$	7.84
	Class B		1,000.00		1,014.79		2.05	%			10.35
	Class C		1,000.00		1,014.79		2.05	%			10.35
PF PIMCO Managed Bond Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,003.20		1.55	%		$	7.78
	Class B		1,000.00		999.70		2.05	%			10.28
	Class C		1,000.00		1,000.70		2.05	%			10.28
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,017.30		1.55	%		$	7.84
	Class B		1,000.00		1,014.79		2.05	%			10.35
	Class C		1,000.00		1,014.79		2.05	%			10.35

E-2

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

		Beginning Account Value 4/1/04		Ending Account Value 9/30/04		Annualized Expense Ratio			Expenses Paid During the Period*
PF Pacific Life Money Market Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,001.60		0.95	%		$	4.77
	Class B		1,000.00		1,000.20		1.16	%			5.82
	Class C		1,000.00		1,000.20		1.22	%			6.12
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,020.31		0.95	%		$	4.81
	Class B		1,000.00		1,019.25		1.16	%			5.87
	Class C		1,000.00		1,018.95		1.22	%			6.17
PF Putnam Equity Income Fund
Actual Fund Return
	Class A	$	1,000.00	$	997.30		1.90	%		$	9.51
	Class B		1,000.00		995.30		2.40	%			12.00
	Class C		1,000.00		994.30		2.40	%			12.00
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.54		1.90	%		$	9.60
	Class B		1,000.00		1,013.04		2.40	%			12.11
	Class C		1,000.00		1,013.04		2.40	%			12.11
PF Salomon Brothers Large-Cap Value Fund
Actual Fund Return
	Class A	$	1,000.00	$	982.90		1.80	%		$	8.95
	Class B		1,000.00		979.70		2.30	%			11.41
	Class C		1,000.00		979.60		2.30	%			11.41
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,016.04		1.80	%		$	9.10
	Class B		1,000.00		1,013.54		2.30	%			11.61
	Class C		1,000.00		1,013.54		2.30	%			11.61
PF Van Kampen Comstock Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,033.70		1.90	%		$	9.69
	Class B		1,000.00		1,030.30		2.40	%			12.22
	Class C		1,000.00		1,030.30		2.40	%			12.22
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.54		1.90	%		$	9.60
	Class B		1,000.00		1,013.04		2.40	%			12.11
	Class C		1,000.00		1,013.04		2.40	%			12.11
PF Van Kampen Mid-Cap Growth Fund
Actual Fund Return
	Class A	$	1,000.00	$	1,015.00		1.85	%		$	9.34
	Class B		1,000.00		1,012.60		2.35	%			11.86
	Class C		1,000.00		1,012.60		2.35	%			11.86
Hypothetical (5% Return Before Expenses)
	Class A	$	1,000.00	$	1,015.79		1.85	%		$	9.35
	Class B		1,000.00		1,013.29		2.35	%			11.86
	Class C		1,000.00		1,013.29		2.35	%			11.86

_________________

*  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

E-3

PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION
(Unaudited)

     The business and affairs of Pacific Funds are managed under the direction of the Board of Trustees under Pacific Funds’ Declaration of Trust. Trustees who are not deemed to be “interested persons” of the Fund as defined in the 1940 Act are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Fund and thus are referred to as “Interested Persons,” because of their positions with Pacific Life. The Fund’s Statement of Additional Information includes additional information about the trustees and is available without charge, upon request, by calling toll-free 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) with the 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 Funds in Fund Complex Overseen**
INDEPENDENT TRUSTEES
Lucie H. Moore Year of birth 1956	Trustee since 2001	Trustee of Pacific Select Fund; Former partner (1994) with Gibson, Dunn & Crutcher (Law).	51
Richard L. Nelson Year of birth 1930	Trustee since 2001	Trustee of Pacific Select Fund; Former Trustee (2001) PIMCO Funds, Multi-Manager Series; Former Director (2000) of Wynn’s International, Inc. (Industrial); Retired Partner (1983) with Ernst & Young LLP (Accounting and Auditing).	51
Lyman W. Porter Year of birth 1930	Trustee since 2001	Trustee of Pacific Select Fund; Professor Emeritus of Management in the Graduate School of Management at the University of California, Irvine; Member of the Board of Trustees of the American University of Armenia; Former Trustee (2001) PIMCO Funds, Multi- Manager Series; Former Member (1995) of the Academic Advisory Board of the Czechoslovak Management Center; Former Dean (1983) of the Graduate School of Management, University of California, Irvine.	51
Alan Richards Year of birth 1930	Trustee since 2001	Trustee of Pacific Select Fund; Chairman of the Board and Director, NETirement.com, Inc (Retirement Planning Software); Chairman of. IBIS Capital, LLC (Financial); Co-owner and member of the Advisory Board of Lease & Financial International Inc. (Insurance); Former Trustee (2001) PIMCO Funds, Multi-Manager Series; Former Director (1998) of Western National Corporation (Insurance Holding Company); Retired Chairman (1986) of E.F. Hutton Insurance Group; Former Director (1986) of E.F. Hutton and Company, Inc. (Financial).	51
G. Thomas Willis Year of birth 1942	Trustee since 3/18/04	Trustee of Pacific Select Fund; Retired Partner (2002) of PricewaterhouseCoopers LLP, (Accounting and Auditing).	51

F-1

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

Name and Age	Position(s) with the 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 Funds in Fund Complex Overseen**
INTERESTED PERSONS
Thomas C. Sutton Year of birth 1942	Chairman of the Board and Trustee since 2001	Chairman of the Board, Director and Chief Executive Officer of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp; and similar positions with other subsidiaries and affiliates of Pacific Life; Chairman of the Board and Trustee of Pacific Select Fund; Director of The Irvine Company (Real Estate); Director of Edison International (Utilities); Former Director of Newhall Land & Farming (2004); Former Management Board Member of PIMCO Advisors L.P. (1997); Former Equity Board Member of PIMCO Advisors L.P. (1997).	51
Glenn S. Schafer Year of birth 1949	President and Trustee since 2001	President and Director of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; President of Pacific Select Fund; Director of Beckman Coulter, Inc. (manufacturer of Bio-Medical diagnostic systems); Director of Asset Management Finance Corp.; Former Management Board Member of PIMCO Advisors L.P. (2000); Former Equity Board Member of PIMCO Advisors L.P. (1997).	51
Brian D. Klemens Year of birth 1956	Vice President and Treasurer since 2001	Vice President (1/98 to present) and Treasurer (12/98 to present); Assistant Vice President (10/92-1/98) and Assistant Controller (4/94 to 12/98) of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; Vice President and Treasurer of Pacific Select Fund.	51
Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 2001	Vice President and Investment Counsel of Pacific Life and Pacific Life & Annuity Company.	20
Diane N. Ledger Year of birth 1939	Vice President and Assistant Secretary since 2001	Vice President, Variable Regulatory Compliance, Pacific Life and Pacific Life & Annuity Company; and Vice President and Assistant Secretary of Pacific Select Fund.	51
Audrey L. Milfs Year of birth 1945	Secretary since 2001	Vice President, Director and Secretary of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries of Pacific Life; Secretary of Pacific Select Fund.	51
Sharon Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/04/04	Vice President and Chief Compliance Officer of Pacific Life and Pacific Life & Annuity Company (5/02 to present); Vice President and Chief Compliance Officer of Pacific Select Fund (6/04 to present); Vice President of Pacific Mutual Holding Company and Pacific LifeCorp (11/03 to present); Vice President of Corporate Audit (4/00 to 5/02); Assistant Vice President of Corporate Audit (11/97 to 4/00).	51

*	Each trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. It is anticipated that three of the Independent Trustees, Messrs. Nelson, Porter, and Richards, will resign on or before December 31, 2005 pursuant to the Fund’s retirement policy.
**	As of September 30, 2004, the “Fund Complex” consisted of Pacific Select Fund (31 portfolios) and Pacific Funds (20 funds).

F-2

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PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)

Availability of Quarterly Holdings

     The Funds will file, not later than 60 days after the close of the applicable quarter end, complete schedules of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, beginning with the quarter ending December 31, 2004. The Funds’ Form N-Q, when required to be filed pursuant to applicable regulations, will be available after filing (i) on the SEC’s website 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’ website at www.PacificLife.com.

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 portfolio 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’ website at www.PacificLife.com; and (iii) on the SEC’s website 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’ website at www.PacificLife.com; and (ii) on the SEC’s website at http://www.sec.gov. 

G-1

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PACIFIC FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2004

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
1700 Market Street
25^th Floor
Philadelphia, PA 19103

COUNSEL
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006-2401

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

ADDRESS SERVICE REQUESTED

3167-4A

Item 2. Code of Ethics—not applicable to semi-annual reports

Item 3. Audit Committee Financial Expert—not applicable to semi-annual reports

Item 4. Principal Accountant Fees and Services—not applicable to semi-annual reports

Item 5. Audit Committee of Listed Registrants—not applicable

Item 6. Schedule of Investments—included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—not applicable

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers—not applicable

Item 9. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 10. Controls and Procedures

(a) The Chairman of the Board, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 11. Exhibits

(a) Code of ethics that is subject to the disclosure of Item 2 hereof—not applicable to semi-annual reports

(b) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 99.906CERT—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 Select Fund


By:    /s/ Glenn S. Schafer
          ——————————————
          Glenn S. Schafer
          President

Date: December 6, 2004

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

By:    /s/ Thomas C. Sutton
          ——————————————
          Thomas C. Sutton
          Chairman of the Board of Trustees

Date: December 6, 2004

By:    /s/ Glenn S. Schafer
          ——————————————
          Glenn S. Schafer
          President

Date: December 6, 2004

By:    /s/ Brian D. Klemens
          ——————————————
          Brian D. Klemens
          Treasurer (Principal Financial and
          Accounting Officer)

Date: December 6, 2004