Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-10385

Pacific Life Funds

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500

Newport Beach, CA 92660

(Address of principal executive offices) (Zip code)

Robin S. Yonis

Vice President and General Counsel of Pacific Life Funds

700 Newport Center Drive, P.O. Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Hartford, CT 06103

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

Date of fiscal year end: March 31

Date of reporting period: December 31, 2013

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

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

Item 1. Schedule of Investments.

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND

Schedule of Investments

December 31, 2013 (Unaudited)

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

PL Floating Rate Loan Fund ‘P’		3,015,268		$30,122,530
PL Inflation Managed Fund ‘P’		4,899,421		42,428,988
PL Managed Bond Fund ‘P’		14,953,739		159,406,859
PL Short Duration Bond Fund ‘P’		6,921,247		69,281,682
PL Emerging Markets Debt Fund ‘P’		2,860,120		27,371,344
PL Comstock Fund ‘P’		1,212,411		20,974,714
PL Growth Fund ‘P’		274,128		4,758,853
PL Large-Cap Growth Fund ‘P’		1,094,178		11,510,750
PL Large-Cap Value Fund ‘P’		1,515,316		24,866,341
PL Main Street Core Fund ‘P’		566,105		8,316,074
PL Mid-Cap Equity Fund ‘P’		702,454		8,745,549
PL Mid-Cap Growth Fund ‘P’		644,889		5,204,253
PL International Large-Cap Fund ‘P’		645,855		12,058,118
PL International Value Fund ‘P’		711,763		7,516,222
PL Currency Strategies Fund ‘P’		1,304,540		13,110,628
PL Global Absolute Return Fund ‘P’		2,744,814		26,514,904
PL Precious Metals Fund ‘P’		603,546		3,120,334


Total Affiliated Mutual Funds (Cost $447,671,175)				475,308,143


TOTAL INVESTMENTS - 100.1% (Cost $447,671,175)				475,308,143

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(693,496	)


NET ASSETS - 100.0%				$474,614,647


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

PL Floating Rate Loan Fund ‘P’		3,391,487		$33,880,958
PL Inflation Managed Fund ‘P’		4,754,751		41,176,147
PL Managed Bond Fund ‘P’		10,974,588		116,989,110
PL Short Duration Bond Fund ‘P’		5,924,788		59,307,131
PL Emerging Markets Debt Fund ‘P’		2,451,429		23,460,172
PL Comstock Fund ‘P’		2,052,062		35,500,678
PL Growth Fund ‘P’		634,102		11,008,009
PL Large-Cap Growth Fund ‘P’		2,084,603		21,930,020
PL Large-Cap Value Fund ‘P’		2,840,890		46,619,000
PL Main Street Core Fund ‘P’		2,069,197		30,396,498
PL Mid-Cap Equity Fund ‘P’		983,583		12,245,611
PL Mid-Cap Growth Fund ‘P’		893,687		7,212,056
PL Small-Cap Growth Fund ‘P’		500,412		7,771,402
PL Small-Cap Value Fund ‘P’		437,453		5,896,868
PL Emerging Markets Fund ‘P’		700,637		10,537,583
PL International Large-Cap Fund ‘P’		1,268,049		23,674,475
PL International Value Fund ‘P’		1,638,162		17,298,993
PL Currency Strategies Fund ‘P’		1,532,191		15,398,523
PL Global Absolute Return Fund ‘P’		3,255,808		31,451,107
PL Precious Metals Fund ‘P’		1,808,089		9,347,820


Total Affiliated Mutual Funds (Cost $500,966,454)				561,102,161


TOTAL INVESTMENTS - 100.1% (Cost $500,966,454)				561,102,161

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(281,305	)


NET ASSETS - 100.0%				$560,820,856

Notes to Schedule of Investments

(a)	The funds’ investments are affiliated mutual funds (See Note 4 in Supplemental Notes to Schedules of Investments.)

(b)	Fair Value Measurements

The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 1D in Supplemental Notes to Schedules of Investments) as of December 31, 2013:


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
PL Portfolio Optimization Conservative Fund
Assets	Affiliated Mutual Funds		$475,308,143		$475,308,143		$—		$—


PL Portfolio Optimization Moderate-Conservative Fund
Assets	Affiliated Mutual Funds		$561,102,161		$561,102,161		$—		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION MODERATE FUND

Schedule of Investments

December 31, 2013 (Unaudited)

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

PL Floating Rate Loan Fund ‘P’		5,722,309		$57,165,865
PL Inflation Managed Fund ‘P’		7,721,820		66,870,960
PL Managed Bond Fund ‘P’		20,219,838		215,543,473
PL Short Duration Bond Fund ‘P’		8,681,708		86,903,901
PL Emerging Markets Debt Fund ‘P’		5,665,247		54,216,414
PL Comstock Fund ‘P’		7,254,607		125,504,708
PL Growth Fund ‘P’		2,412,608		41,882,881
PL Large-Cap Growth Fund ‘P’		6,590,248		69,329,406
PL Large-Cap Value Fund ‘P’		9,380,442		153,933,055
PL Main Street Core Fund ‘P’		6,764,088		99,364,445
PL Mid-Cap Equity Fund ‘P’		5,000,287		62,253,573
PL Mid-Cap Growth Fund ‘P’		4,283,743		34,569,806
PL Small-Cap Growth Fund ‘P’		1,196,016		18,574,126
PL Small-Cap Value Fund ‘P’		3,990,108		53,786,661
PL Real Estate Fund ‘P’		2,081,658		26,999,104
PL Emerging Markets Fund ‘P’		3,959,491		59,550,743
PL International Large-Cap Fund ‘P’		5,237,886		97,791,325
PL International Value Fund ‘P’		6,583,397		69,520,673
PL Currency Strategies Fund ‘P’		5,604,275		56,322,965
PL Global Absolute Return Fund ‘P’		7,419,308		71,670,512
PL Precious Metals Fund ‘P’		5,070,342		26,213,670


Total Affiliated Mutual Funds (Cost $1,308,832,287)				1,547,968,266


TOTAL INVESTMENTS - 100.0% (Cost $1,308,832,287)				1,547,968,266

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(503,105	)


NET ASSETS - 100.0%				$1,547,465,161


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

PL Inflation Managed Fund ‘P’		2,949,413		$25,541,917
PL Managed Bond Fund ‘P’		7,423,009		79,129,283
PL Short Duration Bond Fund ‘P’		1,381,354		13,827,350
PL Emerging Markets Debt Fund ‘P’		1,782,023		17,053,959
PL Comstock Fund ‘P’		5,507,458		95,279,025
PL Growth Fund ‘P’		1,665,138		28,906,791
PL Large-Cap Growth Fund ‘P’		5,411,222		56,926,054
PL Large-Cap Value Fund ‘P’		7,129,056		116,987,810
PL Main Street Core Fund ‘P’		6,154,683		90,412,289
PL Mid-Cap Equity Fund ‘P’		5,138,051		63,968,733
PL Mid-Cap Growth Fund ‘P’		3,624,246		29,247,668
PL Small-Cap Growth Fund ‘P’		1,349,424		20,956,550
PL Small-Cap Value Fund ‘P’		4,621,456		62,297,227
PL Real Estate Fund ‘P’		2,135,949		27,703,258
PL Emerging Markets Fund ‘P’		3,865,959		58,144,025
PL International Large-Cap Fund ‘P’		4,342,269		81,070,160
PL International Value Fund ‘P’		6,358,570		67,146,503
PL Currency Strategies Fund ‘P’		3,681,502		36,999,092
PL Global Absolute Return Fund ‘P’		4,939,754		47,718,027
PL Precious Metals Fund ‘P’		4,847,196		25,060,003


Total Affiliated Mutual Funds (Cost $830,006,808)				1,044,375,724


TOTAL INVESTMENTS - 100.0% (Cost $830,006,808)				1,044,375,724

OTHER ASSETS & LIABILITIES, NET - 0.0%				243,268


NET ASSETS - 100.0%				$1,044,618,992

Notes to Schedule of Investments

(a)	The funds’ investments are affiliated mutual funds (See Note 4 in Supplemental Notes to Schedules of Investments.)

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
PL Portfolio Optimization Moderate Fund
Assets	Affiliated Mutual Funds		$1,547,968,266		$1,547,968,266		$—		$—


PL Portfolio Optimization Moderate-Aggressive Fund
Assets	Affiliated Mutual Funds		$1,044,375,724		$1,044,375,724		$—		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND

Schedule of Investments

December 31, 2013 (Unaudited)

PACIFIC LIFE FUNDS

PL DIVERSIFIED ALTERNATIVES FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

PL Managed Bond Fund ‘P’		704,567		$7,510,688
PL Comstock Fund ‘P’		1,620,737		28,038,756
PL Growth Fund ‘P’		656,374		11,394,645
PL Large-Cap Growth Fund ‘P’		1,740,748		18,312,673
PL Large-Cap Value Fund ‘P’		2,064,647		33,880,859
PL Main Street Core Fund ‘P’		1,861,711		27,348,529
PL Mid-Cap Equity Fund ‘P’		1,616,770		20,128,786
PL Mid-Cap Growth Fund ‘P’		1,426,308		11,510,305
PL Small-Cap Growth Fund ‘P’		828,800		12,871,262
PL Small-Cap Value Fund ‘P’		1,781,180		24,010,312
PL Real Estate Fund ‘P’		846,746		10,982,290
PL Emerging Markets Fund ‘P’		1,313,582		19,756,274
PL International Large-Cap Fund ‘P’		1,414,727		26,412,945
PL International Value Fund ‘P’		1,877,938		19,831,028
PL Currency Strategies Fund ‘P’		1,088,743		10,941,862
PL Global Absolute Return Fund ‘P’		1,445,260		13,961,213
PL Precious Metals Fund ‘P’		1,878,445		9,711,562


Total Affiliated Mutual Funds (Cost $225,255,378)				306,603,989


TOTAL INVESTMENTS - 100.1% (Cost $225,255,378)				306,603,989

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(163,929	)


NET ASSETS - 100.0%				$306,440,060


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

PL Inflation Managed Fund ‘P’		11,507		$99,655
PL Floating Rate Income Fund ‘P’		23,787		250,000
PL Emerging Markets Debt Fund ‘P’		26,123		250,000
PL Real Estate Fund ‘P’		11,503		149,195
PL Emerging Markets Fund ‘P’		10,013		150,601
PL Currency Strategies Fund ‘P’		49,603		498,512
PL Global Absolute Return Fund ‘P’		51,867		501,037
PL Precious Metals Fund ‘P’		19,724		101,972


Total Affiliated Mutual Funds (Cost $2,000,000)				2,000,972


TOTAL INVESTMENTS - 100.0% (Cost $2,000,000)				2,000,972

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(33	)


NET ASSETS - 100.0%				$2,000,939

Notes to Schedule of Investments

(a)	The funds’ investments are affiliated mutual funds (See Note 4 in Supplemental Notes to Schedules of Investments.)

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
PL Portfolio Optimization Aggressive Fund
Assets	Affiliated Mutual Funds		$306,603,989		$306,603,989		$—		$—


PL Diversified Alternatives Fund
Assets	Affiliated Mutual Funds		$2,000,972		$2,000,972		$—		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
SENIOR LOAN NOTES - 95.3%

Consumer Discretionary - 30.5%

99 Cents Only Stores Tranche B-2 4.500% due 01/11/19 §		$1,002,402		$1,012,422
Acosta Inc Term B 4.250% due 03/03/18 §		498,750		502,724
Advantage Sales & Marketing Inc (1st Lien)
due 12/18/17 ^µ		100,000		100,469
4.250% due 12/18/17 §		731,760		735,191
Affinia Group Inc Tranche B-2 4.750% due 04/25/20 §		278,842		282,328
Allied Security Holdings LLC (1st Lien) 5.250% due 02/03/17 §		493,673		497,222
Allison Transmission Inc Term B-3 3.750% due 08/23/19 §		591,288		595,353
AMC Entertainment Inc 3.500% due 04/30/20 §		248,125		248,834
Answers Corp Term B due 12/20/18 ^µ		100,000		99,250
Aramark Corp Term D 4.000% due 09/09/19 §		300,000		301,810
Ascend Learning LLC (1st Lien) 7.000% due 05/23/17 §		243,714		244,628
ASP HHI Acquisition Co Inc 5.000% due 10/05/18 §		893,998		903,608
Asurion LLC Tranche B-1 4.500% due 05/24/19 §		1,064,250		1,065,108
Audio Visual Services Group Inc (1st Lien) 6.750% due 11/09/18 §		148,125		149,236
Aufinco Property Ltd Term B 4.000% due 05/29/20 §		49,750		49,921
Bally Technologies Term B 4.250% due 11/25/20 §		174,563		176,016
Bass Pro Group LLC 3.750% due 11/20/19 §		299,235		301,346
Burger King Corp Tranche B 3.750% due 09/28/19 §		222,188		223,457
Caesars Entertainment Operating Co Inc Term B-6 5.488% due 01/28/18 §		479,033		458,336
Cequel Communications LLC Term B 3.500% due 02/14/19 §		540,375		542,444
Charter Communications Operating LLC
Term E
3.000% due 07/01/20 §		174,125		172,846
Term F
3.000% due 12/31/20 §		236,881		235,164
Chrysler Group LLC due 05/24/17 ^µ		620,000		625,716
CityCenter Holdings LLC Term B (1st Lien) 5.000% due 10/16/20 §		100,000		101,651
Clear Channel Communications Inc
Tranche B
3.819% due 01/29/16 §		6,401		6,217
Tranche D
6.919% due 01/30/19 §		367,529		351,909
Tranche E
7.669% due 07/30/19 §		118,203		116,726
Crown Media Holdings Inc Term B 4.000% due 07/14/18 §		453,895		453,464
Cumulus Media Holdings Inc 4.250% due 12/23/20 §		575,000		580,031
David’s Bridal Inc 5.000% due 10/11/19 §		74,250		74,621
Education Management LLC
Tranche C-2
4.250% due 06/01/16 §		490,524		472,140
Tranche C-3
8.250% due 03/30/18 §		294,314		295,755


	Principal Amount		Value
Entravision Communications Corp Tranche B 3.500% due 05/31/20 §		$97,083		$96,082
Equinox Holdings Inc (1st Lien) 4.501% due 01/31/20 §		248,125		250,296
Federal-Mogul Corp
Tranche B
2.108% due 12/27/14 §		549,240		542,337
Tranche C
2.108% due 12/28/15 §		323,224		319,161
Fender Musical Instruments Corp 5.750% due 04/03/19 §		44,625		45,490
General Nutrition Centers Inc Tranche B 3.250% due 03/02/18 §		1,122,443		1,121,742
Genpact Ltd 3.500% due 08/30/19 §		173,254		173,742
Getty Images Inc 4.750% due 10/18/19 §		569,250		532,486
Go Daddy Operating Co LLC Tranche B-3 4.000% due 12/17/18 §		514,544		516,715
Gray Television Inc 4.750% due 10/11/19 §		71,622		72,069
Harbor Freight Tools USA Inc 4.750% due 07/26/19 §		149,625		151,663
Hilton Worldwide 3.750% due 10/25/20 §		769,737		776,793
Hudson’s Bay Co Term B (1st Lien) 4.750% due 11/04/20 §		475,000		483,148
Information Resources Inc 4.750% due 09/30/20 §		99,750		100,498
Interactive Data Corp Term B 3.750% due 02/11/18 §		476,768		478,109
ION Media due 05/22/20 ^µ		200,000		201,500
J Crew Group Inc Term B-1 4.000% due 03/07/18 §		491,184		494,711
Jo-Ann Stores Inc Term B 4.000% due 03/16/18 §		969,121		973,652
Kasima LLC 3.250% due 05/17/21 §		125,000		125,000
Landry’s Inc 4.000% due 04/30/18 §		454,415		458,581
Language Line LLC Tranche B 6.250% due 06/20/16 §		582,393		581,301
Las Vegas Sands LLC Term B 3.250% due 12/19/20 §		250,000		250,039
Laureate Education Inc
5.000% due 06/15/18 §		1,101,771		1,109,806
MCC Iowa LLC Tranche H 3.250% due 01/29/21 §		99,500		98,940
McGraw-Hill Global Education Holdings LLC Term B 9.000% due 03/22/19 §		89,250		91,124
Media General Inc Term B 4.250% due 07/31/20 §		150,000		151,687
MGM Resorts International Term B 3.500% due 12/20/19 §		297,000		297,217
Michaels Stores Inc Term B 3.750% due 01/28/20 §		323,375		325,117
National Vision Inc 7.000% due 08/02/18 §		73,001		73,227
Nine Entertainment Group Ltd Term B 3.250% due 01/31/20 §		99,250		99,126
Ollie’s Holdings Inc 5.255% due 09/28/19 §		247,501		248,120
OSI Restaurant Partners LLC 3.527% due 10/28/19 §		879,260		881,729
Party City Holdings Inc 4.250% due 07/27/19 §		396,558		398,690
Petco Animal Supplies Inc 4.000% due 11/24/17 §		485,000		488,233


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Pilot Travel Centers LLC Tranche B
3.750% due 03/30/18 §		$407,671		$408,624
4.250% due 08/07/19 §		148,125		148,989
Pinnacle Entertainment Inc Tranche B-2 3.750% due 08/13/20 §		124,375		125,152
Renaissance Learning Inc (1st Lien) 5.000% due 11/16/20 §		99,750		100,249
Rentpath Inc Term B 6.250% due 05/29/20 §		124,375		120,718
Sabre Holdings Term B 5.250% due 02/19/19 §		148,500		149,786
Scientific Games International Inc 4.250% due 10/18/20 §		475,000		476,435
Seaworld Parks & Entertainment Inc Term B-2 3.000% due 05/14/20 §		585,272		580,046
Serta Simons Holdings LLC
due 10/01/19 ^µ		200,000		201,499
Term B
4.250% due 10/01/19 §		193,920		195,373
Six Flags Theme Parks Inc 3.501% due 12/20/18 §		502,644		505,262
Spin Holdco Inc Term B 4.250% due 11/14/19 §		149,625		150,598
Springer Science Business Media Two GmbH Term B-2 5.000% due 08/14/20 §		149,625		150,654
SRAM LLC Term B 4.026% due 04/04/20 §		216,704		216,704
SurveyMonkey.com LLC 5.500% due 02/07/19 §		248,125		251,375
Tempur-Pedic International Inc Term B 3.500% due 03/18/20 §		190,669		190,888
The Brickman Group Ltd LLC (1st Lien) 4.000% due 12/18/20 §		100,000		100,500
The Goodyear Tire & Rubber Co (2nd Lien) 4.750% due 04/30/19 §		925,000		935,696
The Neiman Marcus Group Inc 5.000% due 10/25/20 §		550,000		557,710
The Servicemaster Co Tranche C 4.250% due 01/31/17 §		371,250		367,246
Tower Automotive Holdings USA LLC 4.750% due 04/23/20 §		49,626		49,982
Town Sports International LLC 4.500% due 11/15/20 §		150,000		151,266
Toys ‘R’ US Property Company I LLC 6.000% due 08/21/19 §		500,000		480,000
TWCC Holding Corp
3.500% due 02/13/17 §		733,836		738,038
(2nd Lien)
7.000% due 06/26/20 §		100,000		103,000
Univision Communications Inc 4.500% due 03/01/20 §		872,804		878,882
Veyance Technologies Inc 5.250% due 09/08/17 §		297,750		299,053
Virgin Media Investment Holdings Ltd (Facility B) 3.500% due 02/21/20 §		725,000		727,416
Visant Corp Tranche B 5.250% due 12/22/16 §		496,586		491,154
VWR Funding Inc
4.419% due 04/03/17 §		353,624		355,613
Term B-1
4.169% due 04/03/17 §		247,500		248,892
Weight Watchers International Inc Tranche B-2 3.750% due 04/02/20 §		769,188		688,744
Wendy’s International Inc Term B 3.250% due 05/15/19 §		680,469		682,110
WMG Acquisition Corp Tranche B 3.750% due 07/01/20 §		124,688		125,038
WNA Holdings Inc
4.500% due 06/07/20 §		49,753		50,251

				36,987,017


	Principal Amount		Value
Consumer Staples - 8.4%

AdvancePierre Foods Inc (1st Lien) 5.750% due 07/10/17 §		$148,500		$146,922
Albertson’s LLC
due 03/21/19 ^µ		50,000		50,375
Term B-1
4.250% due 03/21/16 §		45,160		45,518
Term B-2
4.750% due 03/21/19 §		29,465		29,686
Arysta LifeScience SPC LLC (1st Lien) 4.500% due 05/29/20 §		323,375		325,868
Blue Buffalo Co Ltd Term B-3 4.000% due 08/08/19 §		567,838		576,000
Clearwater Seafoods LP Term B 4.750% due 06/26/19 §		447,750		449,989
CSM Bakery Supplies LLC 4.750% due 07/03/20 §		124,688		125,272
Darling International Inc Term B due 12/31/20 ^µ		100,000		101,000
Del Monte Foods Co
(1st Lien)
due 11/06/20 ^µ		100,000		100,542
Term B
4.000% due 02/15/18 §		461,385		463,237
Dole Food Co Inc Tranche B 4.500% due 11/01/18 §		875,000		879,922
H. J. Heinz Company Term B-2 3.500% due 06/05/20 §		1,293,500		1,305,033
JBS USA LLC
3.750% due 05/27/18 §		975,150		976,369
3.750% due 09/18/20 §		199,500		199,251
NBTY Inc Term B-2 3.500% due 10/01/17 §		325,000		327,776
Pinnacle Foods Finance LLC Tranche G 3.250% due 04/29/20 §		471,438		471,648
Revlon Consumer Products Corp 4.000% due 08/30/19 §		150,000		150,773
Reynolds Group Holdings 4.000% due 12/01/18 §		990,000		999,900
Rite Aid Corp Tranche 6 4.000% due 02/21/20 §		248,125		249,779
Spectrum Brands Inc Tranche C 3.500% due 09/04/19 §		125,000		125,599
Supervalu Inc 5.000% due 03/21/19 §		717,495		725,716
The Sun Products Corp Tranche B 5.500% due 03/23/20 §		272,938		259,291
US Foods Inc 4.500% due 03/31/19 §		1,069,625		1,079,363

				10,164,829

Energy - 2.9%

Alpha Natural Resources Inc Term B 3.500% due 05/22/20 §		74,438		73,312
Arch Coal Inc 6.250% due 05/16/18 §		394,189		389,557
Bronco Midstream Funding LLC 5.000% due 08/15/20 §		225,000		228,938
CITGO Petroleum Corp Term B 8.000% due 06/24/15 §		126,786		127,895
Energy Transfer Equity LP 3.250% due 12/02/19 §		150,000		149,742
Fieldwood Energy LLC 3.875% due 09/28/18 §		99,750		100,644
MEG Energy Corp 3.750% due 03/31/20 §		767,175		773,600
Murray Energy Corp 5.250% due 12/05/19 §		175,000		176,896
Obsidian Natural Gas Trust 7.000% due 11/02/15 §		503,269		508,931


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Ruby Western Pipeline Holdings LLC 3.500% due 03/27/20 §		$47,269		$47,399
Samson Investment Co Tranche 1 (2nd Lien) 5.000% due 09/25/18 §		100,000		100,500
Sheridan Investment Partners I LLC Tranche B-2 5.000% due 10/01/19 §		244,140		245,615
Sheridan Investment Partners II LP
4.250% due 12/11/20 §		83,964		84,620
4.250% due 12/16/20 §		4,356		4,390
Term A-2
4.250% due 12/11/20 §		11,680		11,771
Sheridan Production Partners I-A LP Tranche B-2 5.000% due 10/01/19 §		32,350		32,546
Sheridan Production Partners I-M LP Tranche B-2 5.000% due 10/01/19 §		19,760		19,879
Tallgrass Operations LLC 4.250% due 11/13/18 §		197,223		198,538
Tervita Corp 6.250% due 05/15/18 §		198,500		199,555

				3,474,328

Financials - 5.1%

Alliant Holdings I LLC 4.250% due 12/20/19 §		247,500		248,428
Altisource Solutions SARL Term B 4.500% due 12/09/20 §		49,625		50,183
American Capital Ltd Term B 4.000% due 08/22/16 §		112,500		112,992
Amwins Group (1st Lien) 5.000% due 09/06/19 §		123,999		124,805
Armor Holding II LLC (1st Lien) 5.750% due 06/26/20 §		99,500		99,935
Cetera Financial Group Inc 6.500% due 08/07/19 §		99,375		100,555
Citco Funding LLC 4.250% due 06/29/18 §		537,004		540,360
Clipper Acquisitions Corp 4.000% due 02/06/20 §		694,241		699,737
CNO Financial Group Inc Tranche B-2 3.750% due 09/28/18 §		115,900		116,371
Cunningham Lindsey U.S. Inc (1st Lien) 5.000% due 12/10/19 §		297,000		297,279
First Data Corp
4.164% due 03/23/18 §		523,620		524,897
Term B
4.164% due 09/24/18 §		200,000		200,514
Guggenheim Partners Investment Management Holdings LLC 4.250% due 07/22/20 §		99,750		100,822
Harbourvest Partners LP 4.750% due 11/21/17 §		408,900		410,945
Home Loan Servicing Solutions Ltd 4.500% due 06/26/20 §		149,250		150,556
HUB International Ltd Term B 4.750% due 10/02/20 §		299,250		303,801
ION Trading Technologies SARL (1st Lien) 4.500% due 05/22/20 §		49,750		50,201
LPL Holdings Inc
3.250% due 03/29/19 §		394,022		394,515
Tranche A
2.669% due 03/29/17 §		62,500		62,539
MCS AMS Sub-Holdings LLC 7.000% due 10/15/19 §		75,000		72,656
Nuveen Investments Inc Tranche B (1st Lien) 4.167% due 05/13/17 §		883,260		880,421
Ocwen Loan Servicing LLC 5.000% due 02/15/18 §		148,875		150,792


	Principal Amount		Value
Starwood Property Trust Inc 3.500% due 04/19/20 §		$99,749		$99,790
Trans Union LLC 4.250% due 02/10/19 §		24,936		25,116
Walker & Dunlop Inc Term B due 12/11/20 ^µ		75,000		74,625
Walter Investment Management Corp
due 12/11/20 ^µ		25,000		25,135
Tranche B
4.750% due 12/18/20 §		257,659		259,054

				6,177,024

Health Care - 13.7%

Alere Inc Term B 4.250% due 06/30/17 §		782,000		788,110
Alliance HealthCare Services Inc 4.250% due 06/03/19 §		99,500		99,065
Amneal Pharmaceuticals Term B 5.750% due 11/01/19 §		74,812		75,374
Apria Healthcare Group Inc 6.750% due 04/05/20 §		74,625		74,998
Aptalis Pharma Inc Term B 6.000% due 10/02/20 §		324,188		330,266
Ardent Medical Services Inc (1st Lien) 6.750% due 03/21/18 §		694,241		698,001
Aveta Inc MSO 9.750% due 12/30/17 §		55,924		56,343
Biomet Inc Term B-2 3.670% due 07/25/17 §		1,262,937		1,274,576
CHS/Community Health Systems Inc 3.737% due 01/25/17 §		638,054		643,637
DaVita Inc Tranche B-2 4.000% due 11/01/19 §		371,250		374,266
DJO Finance LLC Term B 4.750% due 09/15/17 §		357,881		362,355
Envision Healthcare Corp 4.000% due 05/25/18 §		453,666		455,770
Gentiva Health Services Inc Term B 6.500% due 10/18/19 §		175,000		174,781
Grifols Inc Tranche B 4.250% due 06/01/17 §		751,653		757,395
HCA Inc Tranche B-4 2.997% due 05/01/18 §		655,282		656,690
Health Management Associates Inc Term B 3.500% due 11/18/18 §		1,133,802		1,135,219
Hologic Inc 3.750% due 08/01/19 §		180,540		181,894
Ikaria Tranche B 7.250% due 07/03/18 §		73,125		73,765
IMS Health Inc Tranche B-1 3.750% due 09/01/17 §		555,351		558,406
InVentiv Health Inc 7.500% due 08/04/16 §		263,956		261,729
Kinetic Concepts Inc Term D-1 4.500% due 05/04/18 §		766,076		772,939
MedAssets Inc Term B 4.000% due 12/13/19 §		48,000		48,112
MMM Holdings Inc 9.750% due 12/12/17 §		76,895		77,424
MultiPlan Inc Term B-1 4.000% due 08/26/17 §		466,348		470,380
One Call Management (1st Lien) due 11/20/20 ^µ		75,000		75,156
Onex Carestream Finance LP (1st Lien) 5.000% due 06/07/19 §		316,875		321,083
Par Pharmaceutical Cos Inc Term B-1 4.250% due 09/30/19 §		123,441		124,305
Pharmaceutical Product Development Inc 4.000% due 12/05/18 §		990,000		998,836
PRA Holdings Inc 5.000% due 09/23/20 §		149,625		150,357


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Quintiles Transnational Corp Term B-3 3.750% due 06/08/18 §		$1,402,898		$1,404,055
Radnet Management Inc Tranche B 4.253% due 10/10/18 §		197,501		196,637
Sage Products Inc (1st Lien) 4.250% due 12/13/19 §		208,651		209,564
Salix Pharmaceuticals Ltd due 12/09/19 ^µ		100,000		101,083
Select Medical Corp Series B Tranche B 3.500% due 02/20/16 §		99,000		99,464
TriZetto Group Inc 4.750% due 05/02/18 §		489,950		484,642
Truven Health Analytics Inc Term B 4.500% due 05/31/19 §		197,505		198,028
Universal Health Services Inc Tranche B-1 2.417% due 11/15/16 §		368,682		370,756
Valeant Pharmaceuticals International Inc (Canada)
Series C-2 Tranche B
3.750% due 12/11/19 §		296,250		298,816
Series D-2 Tranche B
3.750% due 02/13/19 §		492,516		496,517
Series E Tranche B
4.500% due 08/05/20 §		620,313		625,159

				16,555,953

Industrials - 9.9%

Accudyne Industries LLC 4.000% due 12/13/19 §		731,306		732,791
Advanced Disposal Term B 4.250% due 10/09/19 §		222,750		224,321
Allflex Holdings III Inc (1st Lien) 4.250% due 07/17/20 §		74,813		75,257
Alpha Topco Ltd (Facility B) 4.500% due 04/30/19 §		394,277		398,678
American Builders & Contractors Supply Co Inc Term B 3.500% due 04/16/20 §		124,688		125,106
Ameriforge Group Inc (1st Lien)
5.000% due 12/19/19 §		124,251		125,235
Apex Tool Group LLC
4.500% due 01/31/20 §		99,250		99,951
Term B
due 01/31/20 ^µ		342,500		344,919
Atlantic Aviation FBO Inc 3.250% due 06/01/20 §		74,687		74,769
BakerCorp International Inc Term B 4.250% due 02/11/20 §		496,250		495,216
Beechcraft Holdings LLC 5.750% due 02/14/20 §		375,000		379,375
Bombardier Recreational Products Inc Term B (Canada) 4.000% due 01/30/19 §		396,000		397,898
Ceridian Corp 4.415% due 05/09/17 §		150,000		150,875
CSC Holdings LLC Term B 2.669% due 04/17/20 §		348,250		345,358
DAE Aviation Holdings Inc
Tranche B-1
6.250% due 11/02/18 §		84,934		85,836
Tranche B-2
6.250% due 11/02/18 §		38,503		38,913
Edwards Ltd (1st Lien) (Cayman) 5.500% due 03/26/20 §		138,375		138,743
Flying Fortress Inc 3.500% due 06/30/17 §		354,167		355,273
Gardner Denver Inc 4.250% due 07/30/20 §		199,500		200,123
Generac Power Systems Inc Term B 3.500% due 05/31/20 §		199,000		199,684


	Principal Amount		Value
Grede LLC Term B 4.500% due 05/02/18 §		$475,840		$477,823
Husky Injection Molding Systems Ltd Term B 4.250% due 06/30/18 §		446,719		450,453
IG Investments Holdings LLC Tranche B (1st Lien)
5.250% due 10/31/19 §		123,937		124,827
John Maneely Co 4.750% due 04/01/17 §		979,879		983,848
KAR Auction Services Inc Term B 3.750% due 05/19/17 §		310,880		312,691
Merrill Communications LLC 7.250% due 03/08/18 §		24,281		24,699
Metaldyne Co LLC 5.000% due 12/18/18 §		719,365		726,199
Milacron LLC Term B 4.250% due 03/28/20 §		545,875		546,666
Monitronics International Inc Term B 4.250% due 03/23/18 §		172,569		174,259
Pacific Industrial Services Finco Property Ltd Term B 5.000% due 09/24/18 §		149,625		152,103
Pelican Products Inc (1st Lien) 6.250% due 07/11/18 §		246,250		247,173
Rexnord LLC Term B 4.000% due 08/21/20 §		573,563		575,592
Schaeffler AG (Facility C) (Germany) 4.250% due 01/27/17 §		100,000		100,987
Sequa Corp 5.250% due 06/19/17 §		198,000		193,916
SumTotal Systems LLC (1st Lien) 6.279% due 11/16/18 §		140,392		138,812
Swift Transportation Co LLC
Term B
2.917% due 12/21/16 §		331,505		333,991
Tranche B-2
4.000% due 12/21/17 §		167,285		168,665
Tank Holding Corp Term 1 4.250% due 07/09/19 §		134,197		133,694
The Hertz Corp Tranche B-1 3.750% due 03/11/18 §		222,750		223,864
Transdigm Inc Term C 3.750% due 02/28/20 §		174,121		174,810
U.S. Security Associates Holdings Inc Term B 6.000% due 07/28/17 §		489,978		494,265
West Corp Term B-8 3.750% due 06/30/18 §		220,320		221,558

				11,969,216

Information Technology - 10.8%

Activision Blizzard Inc 3.250% due 10/12/20 §		423,938		427,229
Aeroflex Inc Tranche B-1 4.500% due 11/09/19 §		420,614		424,775
Applied Systems Inc (1st Lien) 4.250% due 12/08/16 §		49,746		49,994
ARRIS Group Inc Term B 3.500% due 04/17/20 §		525,615		524,630
CDW Corp 3.250% due 04/29/20 §		248,125		247,676
Commscope Inc Term B-4 3.250% due 01/31/18 §		149,625		150,841
CompuCom Systems Inc 4.250% due 05/09/20 §		323,375		323,510
Dell Inc
Term B
4.500% due 04/29/20 §		1,125,000		1,129,219
Term C
3.750% due 10/29/18 §		200,000		200,681
DG Fastchannel Inc 7.250% due 07/26/18 §		390,421		392,699


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Eagle Parent Inc Term B 4.500% due 05/16/18 §		$457,988		$461,066
EIG Investors Corp (1st Lien) 5.000% due 11/09/19 §		297,505		299,550
Emdeon Business Services LLC Term B-2 3.750% due 11/02/18 §		570,687		572,946
Excelitas Technologies Corp due 10/30/20 ^µ		469,697		474,394
Expert Global Solutions Inc Term B (1st Lien) 8.500% due 04/03/18 §		265,921		265,921
Freescale Semiconductor Inc Tranche B-4 5.000% due 03/01/20 §		322,563		326,561
Infor (US) Inc
Tranche B-2
5.250% due 04/05/18 §		621,664		622,312
Tranche B-5
due 06/03/20 ^µ		100,000		100,200
Kronos Inc (1st Lien) 4.500% due 10/30/19 §		247,793		250,168
Micro Holding LP 6.250% due 03/18/19 §		124,063		124,683
Mitel US Holdings Inc (1st Lien) 7.000% due 02/27/19 §		66,937		67,272
Novell Inc (1st Lien) 7.250% due 11/22/17 §		391,004		398,254
NXP BV Tranche D 3.250% due 01/11/20 §		249,375		249,804
Opal Acquisition Inc (1st Lien) 5.000% due 11/20/20 §		150,000		150,312
Open Text Corp Term B due 01/04/21 ^µ		125,000		125,417
Rocket Software Inc 5.750% due 02/19/18 §		490,006		491,231
Rovi Solutions Corp Tranche B-3 3.500% due 03/29/19 §		97,093		95,666
RP Crown Parent LLC (1st Lien) 6.000% due 12/21/18 §		820,056		826,207
SCS Holdings I Inc 7.000% due 12/07/18 §		438,542		445,668
Smart Technologies ULC Term B 10.500% due 01/31/18 §		24,531		23,918
Sophia LP Term B 4.500% due 07/19/18 §		139,258		140,245
SOPHOS Term B 6.500% due 05/10/19 §		492,500		494,347
Spansion LLC
due 12/13/18 ^µ		25,000		25,094
Term B
5.250% due 12/10/18 §		98,974		99,346
SSI Investments II Ltd 5.000% due 05/26/17 §		445,080		449,809
SunGard Data Systems Inc
Tranche C
3.919% due 02/28/17 §		106,741		107,309
Tranche E
4.000% due 03/08/20 §		694,750		701,155
Vertafore Inc 4.250% due 10/03/19 §		486,976		491,034
Wall Street Systems Inc (1st Lien) 5.750% due 10/25/19 §		148,500		149,892
Web.com Group Inc Term B 4.500% due 10/27/17 §		255,240		258,324

				13,159,359

Materials - 7.9%

Axalta Coating Systems US Holdings Inc Term B 4.750% due 02/01/20 §		347,375		350,318
AZ Chem US Inc 5.250% due 12/22/17 §		101,696		102,738


	Principal Amount		Value
Berry Plastics Corp Term D
3.500% due 02/08/20 §		$248,125		$247,427
Term E
due 01/09/21 ^µ		100,000		100,071
BWAY Holding Co 4.500% due 08/06/17 §		321,750		324,096
Essar Steel Algoma Inc (Canada) 9.250% due 09/20/14 §		493,750		498,687
Fairmount Minerals Ltd Tranche B-2 5.000% due 08/14/19 §		249,375		253,375
FMG Resources Property Ltd (Australia) 4.250% due 06/30/19 §		765,831		777,477
Huntsman International LLC due 10/11/20 ^µ		250,000		250,938
Ineos US Finance LLC 4.000% due 05/04/18 §		1,058,557		1,063,271
MacDermid Inc Tranche B (1st Lien) 4.000% due 06/07/20 §		99,500		100,308
Multi Packaging Solutions Inc 4.250% due 08/17/20 §		50,000		50,188
Neenah Foundry Co 6.750% due 04/26/17 §		69,236		69,149
Noranda Aluminum Term B 5.750% due 02/28/19 §		122,812		115,546
Novelis Inc 3.750% due 03/10/17 §		970,020		975,471
Oxea SARL Tranche B-2 4.250% due 01/15/20 §		75,000		75,750
PQ Corp 4.500% due 08/07/17 §		148,500		149,869
Quikrete Holdings Inc (1st Lien) 4.000% due 09/28/20 §		124,688		125,505
Sensata Technologies BV Term B 3.250% due 05/10/18 §		119,099		120,290
Tricorbraun Inc 4.003% due 05/03/18 §		479,114		481,310
Tronox Inc Term B (Netherlands) 4.500% due 03/19/20 §		1,218,875		1,236,396
Unifrax Holding Co 4.250% due 11/28/18 §		494,512		496,908
United Central Industrial Supply Co LLC (1st Lien) 7.500% due 10/09/18 §		148,500		141,818
Univar Inc Term B 5.000% due 06/30/17 §		475,413		471,402
USI Inc Term B 4.250% due 12/31/19 §		272,937		274,473
Walter Energy Inc Term B 6.750% due 04/02/18 §		707,503		695,417

				9,548,198

Telecommunication Services - 4.1%

Cellular South Inc Term B 3.250% due 05/23/20 §		49,625		49,563
Cricket Communications Inc
4.750% due 10/01/19 §		495,000		497,269
Term C
4.750% due 03/08/20 §		248,750		249,638
Crown Castle Operating Co
Term B-2
due 01/29/21 ^µ		75,000		75,254
Tranche B
3.250% due 01/31/19 §		149,249		149,588
Greeneden U.S. Holdings II LLC 4.000% due 02/08/20 §		39,178		39,055
Intelsat Jackson Holdings SA Term B-2 3.750% due 06/30/19 §		975,000		984,750
SBA Finance Communications Corp 3.750% due 06/30/18 §		27,079		27,215


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Syniverse Holdings Inc
Term B
4.000% due 04/23/19 §		$239,956		$240,456
Tranche B
4.000% due 04/23/19 §		121,190		121,796
Telesat Canada Term B-2 (Canada) 3.500% due 03/28/19 §		517,155		519,956
TNS Inc (1st Lien) 5.000% due 02/14/20 §		47,222		47,643
UPC Financing Partnership (Facility AH) 3.250% due 06/30/21 §		1,000,000		999,531
Windstream Corp Term B-5 3.500% due 08/08/19 §		994,962		997,916

				4,999,630

Utilities - 2.0%

Calpine Construction Finance Co LP Term B-1 3.000% due 05/03/20 §		149,250		148,392
Calpine Corp
Term B-1
4.000% due 04/01/18 §		1,021,125		1,029,741
Term B-2
4.000% due 04/01/18 §		97,500		98,300
Dynegy Inc Tranche B-2 4.000% due 04/23/20 §		122,462		123,355
EFS Cogen Holdings I LLC Term B 3.750% due 12/17/20 §		75,000		75,563
EquiPower Resources Holdings LLC Term C (1st Lien) 4.250% due 12/31/19 §		74,625		75,029
LSP Madison Funding LLC 5.500% due 06/28/19 §		235,667		238,122
Raven Power Finance LLC 5.250% due 12/19/20 §		200,000		200,500


	Principal Amount		Value
Texas Competitive Electric Holdings Co LLC 4.730% due 10/10/17 §		$200,000		$138,150
The AES Corp 3.750% due 06/01/18 §		302,410		304,948

				2,432,100

Total Senior Loan Notes (Cost $115,034,042)				115,467,654

	Shares
SHORT-TERM INVESTMENT - 6.7%

Money Market Fund - 6.7%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		8,124,401		8,124,401


Total Short-Term Investment (Cost $8,124,401)				8,124,401


TOTAL INVESTMENTS - 102.0% (Cost $123,158,443)				123,592,055

OTHER ASSETS & LIABILITIES, NET - (2.0%)				(2,404,956	)


NET ASSETS - 100.0%				$121,187,099

Notes to Schedule of Investments

(a)	Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $25,156 or less than 0.1% of the net assets as of December 31, 2013, which could be extended at the option of the borrower:


Borrower	Unfunded Loan Commitment	Value		Unrealized Appreciation
Excelitas Technologies Corp	$25,156		$25,250		$94

(b)	Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 1D in Supplemental Notes to Schedules of Investments) as of December 31, 2013:


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Senior Loan Notes		$115,467,654		$—		$115,467,654		$—
	Short-Term Investment		8,124,401		8,124,401		—		—
	Unfunded Loan Commitment		94		—		94		—

	Total		$123,592,149		$8,124,401		$115,467,748		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INFLATION MANAGED FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 0.9%

Financials - 0.7%

Ally Financial Inc 3.439% due 02/11/14 §		$700,000		$704,305
Credit Agricole Home Loan SFH (France) 0.992% due 07/21/14 ~ §		400,000		401,262
Intesa Sanpaolo SPA (Italy) 3.125% due 01/15/16		100,000		101,951

				1,207,518

Industrials - 0.2%

International Lease Finance Corp
6.500% due 09/01/14 ~		100,000		103,750
6.750% due 09/01/16 ~		100,000		112,000
7.125% due 09/01/18 ~		200,000		232,500

				448,250

Total Corporate Bonds & Notes (Cost $1,599,975)				1,655,768


MORTGAGE-BACKED SECURITIES - 1.8%

Collateralized Mortgage Obligations - Commercial - 0.3%

JP Morgan Chase Commercial Mortgage Securities Corp 5.336% due 05/15/47 "		110,000		120,574
Morgan Stanley Capital I Trust 5.908% due 06/11/49 " §		100,000		111,732
Silenus European Loan Conduit Ltd (Ireland) 0.368% due 05/15/19 " §		EUR 263,860		353,919

				586,225

Collateralized Mortgage Obligations - Residential - 1.5%

Bear Stearns Adjustable Rate Mortgage Trust 2.210% due 08/25/35 " §		$17,543		17,596
2.600% due 03/25/35 " §		61,618		62,182
2.794% due 03/25/35 " §		15,668		15,658
Citigroup Mortgage Loan Trust Inc
2.227% due 09/25/35 " §		28,326		28,007
2.290% due 09/25/35 " §		23,924		23,518
Countrywide Home Loan Mortgage Pass-Through Trust 2.429% due 01/19/34 " §		74,536		71,955
Fannie Mae
0.515% due 07/25/37 " §		224,781		225,074
0.545% due 07/25/37 " §		200,987		201,438
0.605% due 05/25/36 " §		190,671		191,288
0.610% due 02/25/37 " §		47,594		47,739
0.845% due 02/25/41 " §		355,218		356,240
GSR Mortgage Loan Trust 2.648% due 09/25/35 " §		51,309		51,090
JP Morgan Mortgage Trust 5.067% due 06/25/35 " §		147,195		148,309
Merrill Lynch Mortgage Investors Trust 2.143% due 12/25/34 " §		149,177		152,974
New York Mortgage Trust 2.755% due 05/25/36 " §		492,369		433,438
Reperforming Loan REMIC Trust 0.506% due 06/25/35 ~ " §		19,323		16,878
Residential Accredit Loans Inc 0.345% due 06/25/46 " §		132,169		61,902
Structured Asset Mortgage Investments II Trust 0.376% due 05/25/46 " §		117,922		93,400
Wells Fargo Mortgage Backed Securities Trust 2.629% due 10/25/35 " §		341,506		344,646

				2,543,332

Total Mortgage-Backed Securities (Cost $2,943,557)				3,129,557


	Principal Amount		Value
ASSET-BACKED SECURITIES - 2.3%

Ares VIR Ltd CLO (Cayman) 0.469% due 03/12/18 ~ " §		$169,586		$168,625
Freddie Mac Structured Pass-Through Securities 0.445% due 09/25/31 " §		1,981		1,847
Hillmark Funding CDO (Cayman) 0.489% due 05/21/21 ~ " §		1,100,000		1,072,249
Park Place Securities Inc Pass- Through Certificates 1.186% due 12/25/34 " §		140,336		140,380
SLM Student Loan Trust
0.537% due 12/15/23 " §		EUR 1,451,567		1,966,986
0.547% due 09/15/21 " §		332,470		456,802
Wood Street BV CLO (Netherlands) 0.587% due 03/29/21 ~ " §		139,804		188,364


Total Asset-Backed Securities (Cost $3,907,635)				3,995,253


U.S. TREASURY OBLIGATIONS - 94.7%

U.S. Treasury Inflation Protected Securities - 93.6%

0.125% due 04/15/16 ^		$317,445		326,175
0.125% due 04/15/17 ^		2,570,825		2,644,034
0.125% due 04/15/18 ^		13,538,584		13,813,580
0.125% due 01/15/22 ^		15,634,043		15,022,110
0.125% due 07/15/22 ^		15,641,318		14,980,832
0.125% due 01/15/23 ^		9,309,388		8,789,012
0.375% due 07/15/23 ^		22,682,264		21,864,455
0.500% due 04/15/15 ^		4,418,857		4,519,488
0.625% due 07/15/21 ^		14,767,275		14,991,664
0.625% due 02/15/43 ^		3,352,470		2,576,819
1.125% due 01/15/21 ^		320,316		336,645
1.250% due 04/15/14 ^ ‡		2,759,075		2,778,582
1.250% due 07/15/20 ^		13,065,956		13,981,592
1.625% due 01/15/15 ^		10,514,281		10,838,741
1.750% due 01/15/28 ^		4,905,516		5,250,241
1.875% due 07/15/15 ^		840,553		886,652
2.000% due 01/15/16 ^		5,530,913		5,898,846
2.375% due 01/15/25 ^		123,910		142,458
2.375% due 01/15/27 ^		231,638		266,827
2.500% due 01/15/29 ^		6,418,433		7,535,638
2.625% due 07/15/17 ^		2,366,574		2,663,690
3.375% due 04/15/32 ^		197,379		262,522
3.875% due 04/15/29 ^		10,584,737		14,503,153

				164,873,756

U.S. Treasury Notes - 1.1%

0.250% due 01/15/15		200,000		200,180
0.250% due 01/31/15		200,000		200,176
0.750% due 06/15/14 ‡		299,000		299,888
2.750% due 11/15/23		1,400,000		1,367,297

				2,067,541

Total U.S. Treasury Obligations (Cost $175,272,156)				166,941,297


FOREIGN GOVERNMENT BONDS & NOTES - 6.6%

Bundesrepublik Deutschland Bundesobligation Inflation Linked (Germany) 0.750% due 04/15/18 ^		EUR 1,696,304		2,429,299
Instituto Credito Oficial (Spain) 2.044% due 03/25/14 §		1,600,000		2,207,071
Italy Buoni Poliennali Del Tesoro (Italy)
1.700% due 09/15/18 ^		605,106		836,224
2.100% due 09/15/16 ^		427,180		606,423
2.100% due 09/15/17 ^		695,646		985,905
3.100% due 09/15/26 ^		105,793		148,643


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Mexican Bonos (Mexico) 6.500% due 06/09/22		MXN 9,000,000		$698,559
Mexican Bonos de Proteccion al Ahorro (Mexico) 4.010% due 01/30/20 ^ §		4,400,000		341,256
New South Wales Treasury Corp (Australia)
2.500% due 11/20/35 ^		AUD 200,000		208,999
2.750% due 11/20/25 ^		1,200,000		1,341,960
New Zealand Government Bond (New Zealand) 2.000% due 09/20/25		NZD 600,000		462,758
Slovenia Government International Bond (Slovenia) 4.700% due 11/01/16		EUR 300,000		428,456
United Kingdom Gilt (United Kingdom) 1.750% due 09/07/22		GBP 100,000		151,336
United Kingdom Gilt Inflation-Linked (United Kingdom) 2.500% due 07/26/16 ^ ~		100,000		560,710
Xunta de Galicia (Spain) 6.131% due 04/03/18		EUR 100,000		154,782


Total Foreign Government Bonds & Notes (Cost $11,636,977)				11,562,381


PURCHASED OPTIONS - 0.0%
(See Note (e) in Notes to Schedule of Investments) (Cost $86,445)				63,244


	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.4%

U.S. Treasury Bills - 0.1%

0.135% due 08/21/14 ‡		$100,000		$99,958
0.128% due 08/21/14 ‡		53,000		52,977

				152,935

	Shares
Money Market Fund - 0.3%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		519,438		519,438


Total Short-Term Investments (Cost $672,307)				672,373


TOTAL INVESTMENTS - 106.7% (Cost $196,119,052)				188,019,873

OTHER ASSETS & LIABILITIES, NET - (6.7%)				(11,841,755	)


NET ASSETS - 100.0%				$176,178,118

Notes to Schedule of Investments

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

(b)	The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 2 in Supplemental Notes to Schedule of Investments) outstanding during the nine-month period ended December 31, 2013 was $7,739,334 at a weighted average interest rate of 0.136%.

(c)	Open futures contracts outstanding as of December 31, 2013 were as follows:


Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Eurodollar (09/14)		21		$7,309
Eurodollar (12/15)		95		(2,845	)
Eurodollar (03/16)		44		(34,255	)
Eurodollar (06/16)		11		(7,417	)
Eurodollar (03/17)		48		(46,073	)
U.S. Treasury 5-Year Notes (03/14)		106		(131,411	)
U.S. Treasury 30-Year Notes (03/14)		11		(9,554	)


Total Futures Contracts				($224,246	)

(d)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration	Counterparty	Unrealized Appreciation (Depreciation)
AUD	2,499,000	USD	2,213,574	01/14	RBC		$16,873
BRL	1,398,900	USD	593,157	01/14	MSC		(679	)
BRL	1,398,900	USD	594,164	02/14	MSC		(6,537	)
EUR	7,992,000	USD	11,002,586	01/14	CIT		(7,966	)
EUR	156,000	USD	214,440	02/14	DUB		165
NZD	569,000	USD	464,409	01/14	UBS		3,327
USD	2,280,632	AUD	2,499,000	01/14	CIT		50,185
USD	2,209,336	AUD	2,499,000	02/14	RBC		(16,812	)
USD	598,844	BRL	1,398,900	01/14	MSC		6,367
USD	98,934	CAD	105,000	03/14	CIT		278
USD	10,061,178	EUR	7,477,000	01/14	JPM		(224,954	)
USD	692,934	EUR	515,000	01/14	WBC		(15,553	)
USD	11,002,339	EUR	7,992,000	02/14	CIT		7,946
USD	731,378	GBP	447,000	03/14	BRC		(8,466	)
USD	81,570	JPY	8,100,000	02/14	HSB		4,636
USD	726,541	MXN	9,460,000	03/14	HSB		5,754


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	467,052	NZD	569,000		01/14	HSB		($685	)
USD	463,451	NZD	569,000		02/14	UBS		(3,291	)


Total Forward Foreign Currency Contracts								($189,412	)

(e)	Purchased options outstanding as of December 31, 2013 were as follows:

Interest Rate Swaptions

Description

Pay/Receive
Floating Rate
Based on
3-Month USD-LIBOR

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Put - OTC 30-Year Interest Rate Swap

Receive

3.875%

04/14/14

DUB

$1,700,000

$86,445

$63,244

Total Purchased Options

$86,445

$63,244

(f)	Transactions in written options for the nine-month period ended December 31, 2013 were as follows:


	Number of Contracts			Notional Amount in EUR			Notional Amount in $			Premium
Outstanding, March 31, 2013		4			6,100,000			29,100,000			$210,065
Call Options Written		14			11,400,000			80,500,000			92,108
Put Options Written		22			11,400,000			109,400,000			282,743
Call Options Closed		(7	)		-			-			(2,181	)
Put Options Closed		(5	)		-			(4,300,000	)		(30,828	)
Call Options Expired		(9	)		-			(86,100,000	)		(59,244	)
Put Options Expired		(11	)		(24,900,000	)		(73,300,000	)		(187,974	)

Outstanding, December 31, 2013		8			4,000,000			55,300,000			$304,689

(g)	Premiums received and value of written options outstanding as of December 31, 2013 were as follows:

Inflation Floor/Cap Options


Description	Strike Index		Exercise Index	Expiration Date		Counter- party	Notional Amount		Premium		Value
Floor - OTC U.S. CPI Urban Consumers NSA		216.69	Maximum of [(1+0.00%) ¹⁰ - Inflation Adjustment] or $0		04/07/20	CIT		$2,000,000		$17,720		($2,108	)
Floor - OTC U.S. CPI Urban Consumers NSA		217.97	Maximum of [(1+0.00%) ¹⁰ - Inflation Adjustment] or $0		09/29/20	CIT		300,000		3,870		(303	)
Floor - OTC U.S. CPI Urban Consumers NSA		218.01	Maximum of [(1+0.00%) ¹⁰ - Inflation Adjustment] or $0		10/13/20	DUB		700,000		6,860		(621	)

										$28,450		($3,032	)

Interest Rate Swaptions


Description	Pay/Receive Floating Rate Based on 3-Month USD-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Receive		1.400%		01/27/14	GSC		$1,000,000		$2,080		($8	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.500%		01/27/14	RBS		4,400,000		30,100		(4	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.500%		03/03/14	RBS		1,000,000		3,650		(68	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.300%		03/17/14	GSC		6,600,000		7,990		(368	)

	Based on 3-Month EUR-LIBOR
Call - OTC 10-Year Interest Rate Swap	Receive		2.000%		01/27/14	BRC		EUR 1,700,000		15,875		(1,058	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.000%		01/27/14	HSB		300,000		2,179		(187	)

										61,874		(1,693	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Description	Pay/Receive Floating Rate Based on 3-Month USD-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Put - OTC 5-Year Interest Rate Swap	Pay		2.000%		01/27/14	GSC		$1,000,000		$5,000		($1,379	)
Put - OTC 10-Year Interest Rate Swap	Pay		3.500%		01/27/14	RBS		4,400,000		42,127		(1,926	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.900%		03/17/14	GSC		6,600,000		27,826		(49,802	)
Put - OTC 2-Year 1-Year Interest Rate Swap	Pay		2.000%		03/31/14	GSC		8,900,000		9,292		(16,443	)
Put - OTC 2-Year 1-Year Interest Rate Swap	Pay		2.000%		03/31/14	MSC		11,400,000		26,505		(21,062	)
Put - OTC 5-Year Interest Rate Swap	Pay		2.850%		04/14/14	DUB		7,000,000		84,000		(7,338	)

	Based on 3-Month EUR-LIBOR
Put - OTC 10-Year Interest Rate Swap	Pay		2.500%		01/27/14	BRC		EUR 1,700,000		14,609		(291	)
Put - OTC 10-Year Interest Rate Swap	Pay		2.500%		01/27/14	HSB		300,000		2,220		(51	)

										211,579		(98,292	)


										$273,453		($99,985	)

Options on Futures Contracts


Description	Exercise Price		Expiration Date		Exchange	Number of Contracts	Premium		Value
Put - Eurodollar Midcurve 3-Year Futures (03/14)		$97.38		03/14/14	CME	8		$2,786		($4,000	)


Total Written Options								$304,689		($107,017	)

(h)	Swap agreements outstanding as of December 31, 2013 were as follows:

Interest Rate Swaps


Floating Rate Index	Counterparty/ Exchange	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
BRL-CDI Compounded	JPM	Pay		7.900%		01/02/15		BRL 100,000		($975	)		($357	)		($618	)
BRL-CDI Compounded	UBS	Pay		10.410%		01/02/15		700,000		524			415			109
BRL-CDI Compounded	UBS	Pay		8.150%		01/02/17		3,700,000		(133,228	)		-			(133,228	)
BRL-CDI Compounded	MSC	Pay		8.220%		01/02/17		4,700,000		(164,988	)		(249	)		(164,739	)
BRL-CDI Compounded	GSC	Pay		8.300%		01/02/17		3,000,000		(100,998	)		3,861			(104,859	)
BRL-CDI Compounded	BRC	Pay		10.910%		01/02/17		200,000		(1,544	)		243			(1,787	)
BRL-CDI Compounded	DUB	Pay		10.910%		01/02/17		2,300,000		(17,754	)		(1,301	)		(16,453	)
BRL-CDI Compounded	GSC	Pay		10.910%		01/02/17		3,700,000		(28,561	)		(517	)		(28,044	)
BRL-CDI Compounded	MSC	Pay		10.910%		01/02/17		200,000		(1,544	)		(93	)		(1,451	)
BRL-CDI Compounded	UBS	Pay		10.910%		01/02/17		3,500,000		(27,017	)		4,189			(31,206	)
US CPI Urban Consumers NSA	GSC	Receive		2.415%		02/12/17		$600,000		(15,438	)		-			(15,438	)
US CPI Urban Consumers NSA	CIT	Receive		2.250%		07/15/17		4,100,000		(99,064	)		984			(100,048	)
US CPI Urban Consumers NSA	DUB	Receive		2.250%		07/15/17		3,800,000		(91,815	)		3,520			(95,335	)
US CPI Urban Consumers NSA	RBS	Receive		2.250%		07/15/17		2,600,000		(62,821	)		(2,517	)		(60,304	)
US CPI Urban Consumers NSA	BRC	Receive		2.085%		10/11/17		8,700,000		(47,282	)		-			(47,282	)
France CPI Excluding Tobacco	CIT	Pay		2.150%		04/01/21		EUR 100,000		6,019			1,560			4,459
France CPI Excluding Tobacco	DUB	Pay		2.150%		04/01/21		400,000		24,076			7,361			16,715
France CPI Excluding Tobacco	GSC	Pay		2.150%		04/01/21		600,000		36,114			4,446			31,668
France CPI Excluding Tobacco	MSC	Pay		2.150%		04/01/21		900,000		54,171			(3,280	)		57,451
France CPI Excluding Tobacco	BRC	Pay		1.950%		07/25/21		1,400,000		40,522			(9,502	)		50,024
France CPI Excluding Tobacco	DUB	Pay		1.950%		07/25/21		1,500,000		43,417			3,802			39,615
US CPI Urban Consumers NSA	DUB	Receive		2.500%		07/15/22		$2,000,000		(40,853	)		29,720			(70,573	)
France CPI Excluding Tobacco	DUB	Pay		1.950%		07/25/23		EUR 300,000		4,234			2,951			1,283
France CPI Excluding Tobacco	MSC	Pay		1.950%		07/25/23		300,000		4,234			3,320			914
France CPI Excluding Tobacco	RBS	Pay		1.950%		07/25/23		100,000		1,411			1,019			392
6-Month JPY LIBOR	CME	Receive		1.000%		09/18/23		JPY 330,000,000		(19,703	)		(25,259	)		5,556
France CPI Excluding Tobacco	CIT	Pay		2.108%		10/08/23		EUR 400,000		13,215			5,151			8,064
France CPI Excluding Tobacco	DUB	Pay		2.108%		10/08/23		500,000		16,519			6,287			10,232
3-Month USD LIBOR	CME	Receive		2.750%		06/19/43		$3,900,000		848,701			714,754			133,947
3-Month USD LIBOR	CME	Receive		3.500%		12/18/43		3,100,000		246,152			149,878			96,274


Total Swap Agreements										$485,724			$900,386			($414,662	)

(i)	As of December 31, 2013, investments with a total aggregate value of $827,376 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, options contracts and swap contracts.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(j)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,655,768			$—			$1,655,768			$—
	Mortgage-Backed Securities		3,129,557			—			3,129,557			—
	Asset-Backed Securities		3,995,253			—			3,995,253			—
	U.S. Treasury Obligations		166,941,297			—			166,941,297			—
	Foreign Government Bonds & Notes		11,562,381			—			11,562,381			—
	Short-Term Investments		672,373			519,438			152,935			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		95,531			—			95,531			—
	Interest Rate Contracts
	Futures		7,309			7,309			—			—
	Purchased Options		63,244			—			63,244			—
	Swaps		1,339,309			—			1,339,309			—

	Total Interest Rate Contracts		1,409,862			7,309			1,402,553			—

	Total Assets - Derivatives		1,505,393			7,309			1,498,084			—

	Total Assets		189,462,022			526,747			188,935,275			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(284,943	)		—			(284,943	)		—
	Interest Rate Contracts
	Futures		(231,555	)		(231,555	)		—			—
	Written Options		(107,017	)		(4,000	)		(99,985	)		(3,032	)
	Swaps		(853,585	)		—			(853,585	)		—

	Total Interest Rate Contracts		(1,192,157	)		(235,555	)		(953,570	)		(3,032	)

	Total Liabilities		(1,477,100	)		(235,555	)		(1,238,513	)		(3,032	)

	Total		$187,984,922			$291,192			$187,696,762			($3,032	)

Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of December 31, 2013 such liabilities are categorized within the three-tier hierarchy of inputs as follows:


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities	Sale-Buyback Financing Transactions		($12,980,510	)		$—		($12,980,510	)		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 12.9%

Consumer Discretionary - 0.0%

General Motors Co-Escrow Receipts 8.375% due 07/05/33 W +		EUR 200,000		$-


Consumer Staples - 0.2%

Anheuser-Busch InBev Worldwide Inc 0.788% due 01/27/14 §		$1,200,000		1,200,468
Reynolds American Inc 6.750% due 06/15/17		200,000		229,028

				1,429,496

Energy - 1.1%

Colorado Interstate Gas Co LLC 6.800% due 11/15/15		200,000		222,460
Petrobras International Finance Co (Cayman) 5.875% due 03/01/18		400,000		428,132
Shell International Finance BV (Netherlands)
0.311% due 11/10/15 §		1,200,000		1,200,989
0.451% due 11/15/16 §		1,000,000		1,001,560
Statoil ASA (Norway) 0.699% due 11/08/18 §		3,200,000		3,219,085

				6,072,226

Financials - 10.8%

Ally Financial Inc
2.750% due 01/30/17		1,000,000		1,006,250
3.645% due 06/20/14 §		4,600,000		4,679,902
4.500% due 02/11/14		500,000		502,813
4.625% due 06/26/15		300,000		312,977
8.300% due 02/12/15		600,000		646,500
American International Group Inc
5.450% due 05/18/17		100,000		111,819
6.250% due 03/15/87		1,000,000		1,005,000
Banco Nacional de Desenvolvimento Economico e Social (Brazil) 4.125% due 09/15/17 ~		100,000		143,005
Banco Santander Brasil SA (Brazil)
2.343% due 03/18/14 § ~		600,000		600,074
4.250% due 01/14/16 ~		300,000		310,875
Banco Santander Chile (Chile) 1.842% due 01/19/16 § ~		1,000,000		995,500
Bank of America Corp 4.500% due 04/01/15		4,800,000		5,023,176
Bank of Montreal (Canada) 2.850% due 06/09/15 ~		100,000		103,416
Banque PSA Finance SA (France) 2.144% due 04/04/14 § ~		600,000		599,790
BBVA Bancomer SA (Mexico) 6.500% due 03/10/21 ~		3,800,000		4,028,000
BNP Paribas SA (France) 1.144% due 01/10/14 §		1,000,000		1,000,171
CIT Group Inc 5.250% due 04/01/14 ~		100,000		101,250
Citigroup Inc
2.250% due 08/07/15		700,000		714,825
4.587% due 12/15/15		2,300,000		2,458,969
5.500% due 10/15/14		1,200,000		1,244,819
Credit Agricole Home Loan SFH (France) 0.992% due 07/21/14 § ~		1,400,000		1,404,417
Credit Suisse NY (Switzerland)
0.651% due 12/07/15 §		2,100,000		2,100,178
2.200% due 01/14/14		300,000		300,191
Daimler Finance North America LLC 0.843% due 01/09/15 § ~		2,000,000		2,007,204
Dexia Credit Local SA (France) 0.717% due 04/29/14 § ~		800,000		801,128


	Principal Amount		Value
Ford Motor Credit Co LLC
4.207% due 04/15/16		$400,000		$426,424
7.000% due 04/15/15		500,000		538,809
8.700% due 10/01/14		200,000		212,025
HBOS PLC (United Kingdom) 0.942% due 09/06/17 §		8,100,000		7,830,675
HSBC Bank PLC (United Kingdom) 2.000% due 01/19/14 ~		200,000		200,151
ICICI Bank Ltd (India)
4.750% due 11/25/16 ~		1,700,000		1,780,556
5.500% due 03/25/15 ~		600,000		621,614
Intesa Sanpaolo SPA (Italy) 2.638% due 02/24/14 § ~		500,000		501,479
LBG Capital No. 2 PLC (United Kingdom) 9.125% due 07/15/20		GBP 800,000		1,439,995
Lloyds Bank PLC (United Kingdom) 12.000% due § ~ ±		$1,000,000		1,358,707
National Australia Bank Ltd (Australia) 0.966% due 04/11/14 § ~		1,400,000		1,402,699
Nordea Bank AB (Sweden) 2.125% due 01/14/14 ~		100,000		100,056
Nordea Eiendomskreditt AS (Norway) 0.663% due 04/07/15 § ~		900,000		900,910
RCI Banque SA (France) 2.116% due 04/11/14 § ~		1,300,000		1,304,056
Santander Issuances SAU (Spain) 7.300% due 07/27/19 §		GBP 3,000,000		5,132,658
SLM Corp
1.777% due 10/01/14 § ^		$100,000		98,869
6.250% due 01/25/16		100,000		108,375
SSIF Nevada LP 0.944% due 04/14/14 § ~		3,300,000		3,305,907
State Bank of India (India) 4.500% due 07/27/15 ~		1,000,000		1,029,577
Stone Street Trust 5.902% due 12/15/15 ~		700,000		750,596
Volkswagen International Finance NV (Netherlands) 0.858% due 04/01/14 § ~		995,000		996,137

				62,242,524

Health Care - 0.2%

AbbVie Inc 0.998% due 11/06/15 §		1,200,000		1,212,894


Industrials - 0.0%

International Lease Finance Corp 5.750% due 05/15/16		100,000		107,375


Materials - 0.3%

CSN Islands XI Corp (Cayman) 6.875% due 09/21/19 ~		700,000		729,750
Gerdau Holdings Inc 7.000% due 01/20/20 ~		400,000		438,000
GTL Trade Finance Inc (United Kingdom) 7.250% due 10/20/17 ~		600,000		677,250

				1,845,000

Telecommunication Services - 0.2%

Verizon Communications Inc 0.857% due 03/28/14 §		900,000		901,184


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Utilities - 0.1%

Electricite de France SA (France) 5.500% due 01/26/14 ~		$200,000		$200,551
Entergy Corp 3.625% due 09/15/15		500,000		515,977

				716,528

Total Corporate Bonds & Notes (Cost $72,554,278)				74,527,227


SENIOR LOAN NOTES - 0.3%

Health Care - 0.3%

Health Management Associates Term B 3.500% due 11/18/18 §		1,492,386		1,494,251


Total Senior Loan Notes (Cost $1,496,000)				1,494,251


MORTGAGE-BACKED SECURITIES - 43.1%

Collateralized Mortgage Obligations - Commercial - 0.8%

Bear Stearns Commercial Mortgage Securities Trust 5.700% due 06/11/50 "		200,000		225,103
Credit Suisse Commercial Mortgage Trust 5.467% due 09/15/39 "		842,895		917,980
LB-UBS Commercial Mortgage Trust 5.866% due 09/15/45 " §		454,969		505,547
Merrill Lynch Floating Trust 0.705% due 07/09/21 " § ~		312,363		311,757
Morgan Stanley Capital I Trust 5.731% due 07/12/44 " §		1,487,768		1,622,067
Silenus European Loan Conduit Ltd (Ireland) 0.368% due 05/15/19 " § ~		EUR 32,983		44,240
Wachovia Bank Commercial Mortgage Trust 5.342% due 12/15/43 "		$600,000		660,695

				4,287,389

Collateralized Mortgage Obligations - Residential - 2.7%

Alternative Loan Trust 2.723% due 06/25/37 " §		354,298		289,740
Arran Residential Mortgages Funding PLC (United Kingdom) 1.617% due 05/16/47 " § ~		EUR 752,550		1,049,980
Banc of America Funding Trust 2.632% due 05/25/35 " §		$88,337		89,689
Banc of America Mortgage Trust 2.748% due 07/25/33 " §		45,612		45,866
BCAP LLC Trust 5.222% due 03/26/37 " § ~		91,724		84,670
Bear Stearns Adjustable Rate Mortgage Trust
2.250% due 08/25/35 " §		41,032		41,167
2.430% due 10/25/35 " §		295,583		291,348
2.580% due 08/25/33 " §		114,923		116,273
2.686% due 01/25/35 " §		1,183,030		1,152,332
2.794% due 03/25/35 " §		69,121		69,080
Bear Stearns Alt-A Trust
2.598% due 11/25/36 " §		86,458		59,979
2.649% due 05/25/35 " §		52,709		50,150
2.708% due 09/25/35 " §		62,475		54,903
Chase Mortgage Finance Trust 5.640% due 09/25/36 " §		208,757		189,047
Chevy Chase Funding LLC 0.415% due 08/25/35 " § ~		58,618		52,985
Citigroup Mortgage Loan Trust 2.290% due 08/25/35 " §		47,847		47,035
2.510% due 12/25/35 " §		87,969		86,226


	Principal Amount		Value
Countrywide Home Loan Mortgage Pass-Through Trust 0.485% due 03/25/35 " §		$27,623		$23,802
Credit Suisse First Boston Mortgage Securities Corp
0.804% due 03/25/32 " § ~		4,087		3,881
6.000% due 11/25/35 " W		99,651		81,838
Downey Saving and Loan Association Mortgage Loan Trust 0.346% due 04/19/47 " § W		269,960		62,885
Fannie Mae
0.365% due 10/27/37 " §		3,400,000		3,375,348
0.475% due 04/25/37 " §		93,750		93,742
0.615% due 09/25/35 " §		217,929		218,385
1.625% due 11/25/23 " §		159,783		163,988
Freddie Mac
1.344% due 10/25/44 " §		39,828		40,342
1.544% due 07/25/44 " §		208,122		211,823
8.000% due 04/15/30 "		205,503		242,041
Granite Master Issuer PLC (United Kingdom)
0.427% due 12/20/54 " §		350,108		346,712
0.465% due 12/20/54 " § ~		EUR 438,020		598,067
0.525% due 12/20/54 " § ~		704,593		963,205
Granite Mortgages PLC (United Kingdom)
0.604% due 01/20/44 " § ~		22,031		30,183
0.890% due 01/20/44 " § ~		GBP 22,295		36,696
0.904% due 09/20/44 " § ~		119,808		197,435
HarborView Mortgage Loan Trust
0.336% due 12/19/36 " § W		$518,005		343,891
0.356% due 01/19/38 " §		173,794		142,598
0.386% due 05/19/35 " §		30,859		27,139
JPMorgan Mortgage Trust
3.554% due 02/25/35 " §		15,240		15,337
5.243% due 07/25/35 " §		206,658		211,620
5.750% due 01/25/36 " W		39,227		36,072
Mellon Residential Funding Corp Mortgage Pass-Through Trust 0.648% due 06/15/30 " §		7,660		7,439
Merrill Lynch Mortgage Investors Trust
0.376% due 02/25/36 " §		42,723		39,183
2.144% due 11/25/35 " §		2,779,142		2,641,744
Morgan Stanley Mortgage Loan Trust 5.500% due 08/25/35 "		107,598		108,294
Reperforming Loan REMIC Trust 0.505% due 06/25/35 " § ~		96,615		84,391
Residential Accredit Loans Inc Trust
0.346% due 06/25/46 " §		88,112		41,268
6.000% due 06/25/36 " W		220,389		174,023
Residential Asset Securitization Trust 0.566% due 05/25/33 " §		5,700		5,573
Structured Asset Mortgage Investments II Trust 0.385% due 05/25/36 " §		188,892		138,993
Structured Asset Securities Corp Mortgage Pass Through Certificates
2.459% due 08/25/32 " §		22,974		22,775
2.619% due 10/28/35 " § ~		41,408		39,057
Washington Mutual Mortgage
0.476% due 01/25/45 " §		23,123		21,863
0.486% due 01/25/45 " §		23,948		23,117
1.543% due 08/25/42 " §		4,010		3,726
2.207% due 02/27/34 " §		6,607		6,554
2.463% due 09/25/46 " §		87,037		83,281
4.733% due 02/25/37 " §		435,420		403,673
Wells Fargo Mortgage-Backed Securities Trust
2.613% due 12/25/34 " §		78,459		79,248
2.626% due 04/25/36 " § W		66,297		62,581
2.628% due 03/25/36 " §		558,684		537,330

				15,761,613


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Fannie Mae - 38.5%

1.344% due 10/01/44 " §		$34,786		$35,384
2.167% due 09/01/35 " §		156,258		166,059
2.310% due 08/01/22 "		500,000		471,843
2.469% due 11/01/32 " §		119,505		126,534
2.485% due 11/01/34 " §		118,073		125,889
2.525% due 12/01/35 " §		29,006		30,583
2.870% due 09/01/27 "		500,000		433,762
3.000% due 09/01/21 "		3,678,308		3,816,048
3.000% due 12/01/26 "		14,737		15,057
3.000% due 01/09/27 "		16,000,000		16,333,125
3.000% due 09/01/28 "		578,967		591,431
3.500% due 01/18/27 "		32,000,000		33,473,750
3.500% due 02/01/27 "		242,353		254,037
4.000% due 08/01/18 "		368,177		390,749
4.000% due 09/01/18 "		2,195,364		2,331,007
4.000% due 12/01/18 "		569,355		604,702
4.000% due 03/01/25 "		374,234		397,643
4.000% due 04/01/25 "		406,093		431,125
4.000% due 06/01/25 "		211,756		224,855
4.000% due 07/01/25 "		238,552		253,328
4.000% due 09/01/25 "		365,972		388,665
4.000% due 09/01/25 "		361,795		384,163
4.000% due 12/01/25 "		137,376		145,913
4.000% due 04/01/26 "		601,445		638,595
4.000% due 04/01/26 "		407,186		431,700
4.000% due 06/01/26 "		102,703		109,071
4.000% due 08/01/26 "		392,786		418,867
4.000% due 06/01/29 "		69,498		72,600
4.000% due 11/01/30 "		197,751		206,732
4.000% due 12/01/40 "		130,117		134,277
4.000% due 01/13/41 "		7,000,000		7,207,813
4.000% due 02/10/41 "		29,000,000		29,770,313
4.000% due 03/01/41 "		342,344		353,208
4.000% due 09/01/41 "		764,882		791,376
4.000% due 09/01/41 "		6,189		6,387
4.000% due 12/01/41 "		654,893		675,818
4.000% due 12/01/41 "		14,327		14,786
4.000% due 02/01/42 "		65,430		67,532
4.000% due 10/01/42 "		538,280		555,326
4.412% due 12/01/36 " §		13,471		14,293
4.500% due 07/01/18 "		399,911		426,399
4.500% due 04/01/19 "		67,104		71,555
4.500% due 06/01/24 "		239,111		254,946
4.500% due 08/01/24 "		489,651		522,366
4.500% due 01/01/25 "		74,753		79,728
4.500% due 06/01/25 "		512,468		546,531
4.500% due 06/01/26 "		81,865		87,147
4.500% due 04/01/28 "		2,315		2,452
4.500% due 04/01/29 "		2,360,640		2,515,997
4.500% due 05/01/35 "		165,460		176,075
4.500% due 07/01/40 "		189,036		200,684
4.500% due 11/01/40 "		98,802		104,901
4.500% due 01/13/41 "		1,000,000		1,059,883
4.500% due 02/10/41 "		40,000,000		42,264,062
4.500% due 03/01/41 "		230,965		245,305
4.500% due 08/01/41 "		169,209		179,597
5.000% due 02/01/25 "		319,941		347,219
5.000% due 02/01/27 "		28,212		30,585
5.000% due 06/01/27 "		4,295		4,656
5.000% due 08/01/27 "		2,675		2,900
5.000% due 05/01/33 "		88,112		96,220
5.000% due 03/01/34 "		347,073		378,488
5.000% due 03/01/34 "		195,240		212,936
5.000% due 12/01/34 "		8,422		9,162
5.000% due 02/01/35 "		32,375		35,327
5.000% due 03/01/35 "		218,143		237,293
5.000% due 08/01/35 "		3,138,767		3,413,947
5.000% due 08/01/35 "		683,170		742,472


	Principal Amount		Value
5.000% due 08/01/35 "		$1,613,844		$1,754,478
5.000% due 09/01/35 "		34,128		37,111
5.000% due 11/01/35 "		287,353		312,504
5.000% due 12/01/35 "		1,353,309		1,471,584
5.000% due 07/01/37 "		16,575		17,998
5.000% due 08/01/37 "		43,415		47,231
5.000% due 05/01/38 "		3,647		3,960
5.000% due 05/01/38 "		4,588,753		4,989,861
5.000% due 07/01/39 "		26,871		29,214
5.000% due 05/01/40 "		15,191		16,547
5.000% due 07/01/40 "		619,834		676,591
5.000% due 08/01/40 "		13,798		15,023
5.000% due 01/13/41 "		23,000,000		24,981,958
5.000% due 02/10/41 "		1,000,000		1,083,047
5.500% due 12/01/20 "		5,899		6,283
5.500% due 07/01/21 "		24,960		26,573
5.500% due 08/01/21 "		76,947		81,961
5.500% due 10/01/21 "		116,262		127,222
5.500% due 12/01/21 "		7,605		8,099
5.500% due 04/01/22 "		75,039		82,434
5.500% due 05/01/22 "		155,282		168,344
5.500% due 05/01/22 "		177,023		188,576
5.500% due 07/01/22 "		18,071		19,857
5.500% due 06/01/23 "		27,614		30,336
5.500% due 06/01/23 "		69,456		76,324
5.500% due 09/01/23 "		72,528		77,268
5.500% due 02/01/24 "		30,762		33,796
5.500% due 01/01/28 "		424,512		468,423
5.500% due 03/01/28 "		11,269		12,437
5.500% due 06/01/30 "		640,238		706,738
5.500% due 11/01/32 "		184,431		203,300
5.500% due 01/01/34 "		9,712		10,682
5.500% due 02/01/34 "		47,089		51,940
5.500% due 03/01/34 "		8,529		9,404
5.500% due 04/01/34 "		195,958		215,977
5.500% due 04/01/34 "		2,853		3,165
5.500% due 02/01/35 "		38,694		42,641
5.500% due 02/01/35 "		69,760		76,855
5.500% due 04/01/35 "		58,134		64,024
5.500% due 05/01/35 "		306,590		337,559
5.500% due 05/01/35 "		55,897		61,463
5.500% due 06/01/35 "		67,872		74,797
5.500% due 07/01/35 "		54,492		60,023
5.500% due 07/01/35 "		744,826		822,431
5.500% due 08/01/35 "		130,480		143,474
5.500% due 10/01/35 "		37,760		41,581
5.500% due 10/01/35 "		694,755		764,213
5.500% due 11/01/35 "		538,624		593,011
5.500% due 12/01/35 "		118,293		130,255
5.500% due 01/01/36 "		19,552		21,540
5.500% due 05/01/36 "		706,051		776,767
5.500% due 07/01/36 "		53,180		58,598
5.500% due 09/01/36 "		59,895		66,017
5.500% due 11/01/36 "		13,734		15,125
5.500% due 04/01/37 "		4,895,332		5,374,079
5.500% due 04/01/38 "		703,365		773,360
5.500% due 06/01/38 "		763,912		840,308
5.500% due 08/01/39 "		27,490		30,326
5.500% due 12/01/39 "		685,200		754,361
5.500% due 01/13/41 "		5,000,000		5,500,587
6.000% due 09/01/22 "		21,735		24,100
6.000% due 01/01/23 "		14,576		16,148
6.000% due 02/01/33 "		18,472		20,746
6.000% due 12/01/35 "		40,101		44,756
6.000% due 06/01/36 "		2,709		3,017
6.000% due 06/01/36 "		20,764		23,135
6.000% due 07/01/36 "		2,680		2,970
6.000% due 08/01/36 "		4,335		4,826
6.000% due 09/01/36 "		68,133		75,714
6.000% due 09/01/36 "		15,951		17,763


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
6.000% due 09/01/36 "		$6,123		$6,788
6.000% due 10/01/36 "		5,011		5,567
6.000% due 10/01/36 "		84,787		94,160
6.000% due 11/01/36 "		56,501		62,788
6.000% due 12/01/36 "		137,496		153,111
6.000% due 12/01/36 "		45,063		50,016
6.000% due 03/01/37 "		8,452		9,379
6.000% due 04/01/37 "		2,991		3,320
6.000% due 06/01/37 "		157,712		174,842
6.000% due 06/01/37 "		6,491		7,196
6.000% due 07/01/37 "		17,145		19,015
6.000% due 07/01/37 "		5,775		6,400
6.000% due 08/01/37 "		13,478		14,935
6.000% due 09/01/37 "		145,134		160,721
6.000% due 09/01/37 "		2,324		2,576
6.000% due 11/01/37 "		136,480		151,238
6.000% due 09/01/38 "		124,880		138,383
6.000% due 12/01/38 "		359,645		399,627
6.000% due 12/01/38 "		455,253		505,067
6.000% due 01/01/39 "		4,244		4,706
6.000% due 07/01/39 "		551,728		611,380
6.000% due 10/01/39 "		535,629		593,545
6.000% due 04/01/40 "		797,732		884,064
6.000% due 06/01/40 "		136,116		150,835
6.000% due 10/01/40 "		684,781		759,271
6.000% due 04/01/41 "		912,858		1,014,401
6.000% due 05/01/41 "		3,613,687		4,008,588
6.500% due 03/01/17 "		16,392		17,391

				222,855,305

Freddie Mac - 0.6%

2.014% due 09/01/35 " §		21,379		22,541
2.375% due 11/01/31 " §		5,596		5,960
2.375% due 04/01/32 " §		20,757		22,038
2.473% due 06/01/35 " §		186,410		199,170
2.498% due 09/01/35 " §		106,594		113,166
4.500% due 09/01/41 "		425,581		451,761
5.500% due 03/01/23 "		9,625		10,508
5.500% due 04/01/38 "		608,030		663,816
5.500% due 04/01/38 "		362,810		396,623
5.500% due 06/01/38 "		227,536		248,412
5.500% due 07/01/38 "		100,777		110,023
5.500% due 12/01/38 "		122,045		133,678
5.500% due 01/01/39 "		702,486		766,982
5.500% due 03/01/39 "		376,652		411,209
5.500% due 05/01/40 "		27,641		30,177
6.000% due 12/01/22 "		16,815		18,576
6.000% due 03/01/23 "		47,831		52,878

				3,657,518

Government National Mortgage Association - 0.5%

5.000% due 10/15/38 "		550,530		598,421
5.000% due 12/15/38 "		483,779		526,041
5.000% due 02/15/39 "		161,655		175,778
5.000% due 03/15/39 "		596,091		647,679
5.000% due 04/15/39 "		776,010		843,265
5.000% due 04/15/39 "		19,781		21,487

				2,812,671

Total Mortgage-Backed Securities (Cost $248,790,888)				249,374,496


ASSET-BACKED SECURITIES - 4.7%

Argent Securities Inc 0.985% due 02/25/34 " §		1,273,031		1,169,317
Asset Backed Funding Certificates Trust 0.866% due 06/25/34 " §		97,891		93,211
Bear Stearns Asset Backed Securities I Trust 0.365% due 12/25/36 " §		464,557		432,327


	Principal Amount		Value
Bear Stearns Asset Backed Securities Trust 2.974% due 10/25/36 " §		$126,679		$124,296
CIT Mortgage Loan Trust 1.415% due 10/25/37 " § ~		2,512,254		2,508,950
Citibank Omni Master Trust 2.917% due 08/15/18 " § ~		3,200,000		3,248,782
Countrywide Asset-Backed Certificates 0.265% due 08/25/37 " §		2,363,387		2,338,372
0.515% due 05/25/46 " § ~		2,278,281		2,146,284
FFMLT Trust 0.655% due 09/25/35 " §		5,200,000		4,688,258
Halcyon Structured Asset Management Ltd CLO (Cayman) 0.463% due 08/07/21 " § ~		1,586,316		1,572,784
Hillmark Funding CDO (Cayman) 0.489% due 05/21/21 " § ~		1,100,000		1,072,249
HSBC Home Equity Loan Trust 0.317% due 03/20/36 " §		355,061		348,399
Long Beach Mortgage Loan Trust 0.725% due 10/25/34 " §		18,554		17,761
Mastr Asset Backed Securities Trust 0.465% due 01/25/36 " §		6,200,000		5,557,884
Park Place Securities Inc 0.426% due 09/25/35 " §		138,718		136,305
Securitized Asset-Backed Receivables LLC Trust 0.296% due 05/25/37 " § W		121,780		75,094
Structured Asset Investment Loan Trust 0.296% due 08/25/35 " §		1,200,000		1,045,644
United States Small Business Administration 4.754% due 08/10/14 "		14,427		14,649
Wood Street BV CLO (Netherlands) 0.544% due 11/22/21 " § ~		EUR 295,853		400,055


Total Asset-Backed Securities (Cost $26,195,144)				26,990,621


U.S. GOVERNMENT AGENCY ISSUES - 9.0%

Fannie Mae
0.875% due 08/28/17		$4,400,000		4,346,562
0.875% due 12/20/17		400,000		391,864
0.875% due 02/08/18		1,000,000		975,366
0.875% due 05/21/18		200,000		193,587
1.125% due 04/27/17		1,800,000		1,807,884
1.250% due 01/30/17		4,200,000		4,252,462
1.875% due 09/18/18		100,000		100,726
5.000% due 02/13/17		900,000		1,013,269
5.000% due 05/11/17		1,800,000		2,034,310
5.375% due 06/12/17		3,500,000		4,004,214
Freddie Mac
0.875% due 03/07/18		300,000		291,595
1.000% due 03/08/17		3,000,000		3,006,297
1.000% due 06/29/17		13,200,000		13,127,558
1.000% due 07/28/17		7,300,000		7,257,704
1.000% due 09/29/17		6,300,000		6,229,623
1.250% due 05/12/17		700,000		705,149
3.750% due 03/27/19		1,200,000		1,308,901
5.500% due 08/23/17		900,000		1,036,232


Total U.S. Government Agency Issues (Cost $52,435,383)				52,083,303


U.S. TREASURY OBLIGATIONS - 40.7%

U.S. Treasury Inflation Protected Securities - 5.7%

0.125% due 04/15/17 ^ ‡		925,497		951,852
0.125% due 04/15/18 ^		202,082		206,187
0.125% due 01/15/22 ^		206,390		198,312


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
0.125% due 07/15/22 ^		$2,234,474		$2,140,119
0.625% due 07/15/21 ^		4,248,830		4,313,391
1.125% due 01/15/21 ^		3,309,932		3,478,662
1.250% due 07/15/20 ^		749,686		802,223
1.375% due 01/15/20 ^		324,027		348,076
1.750% due 01/15/28 ^		3,567,648		3,818,357
2.000% due 01/15/26 ^		2,941,975		3,258,926
2.375% due 01/15/25 ^		4,832,490		5,555,856
2.375% due 01/15/27 ^		6,138,407		7,070,917
3.625% due 04/15/28 ^		722,040		954,785

				33,097,663

U.S. Treasury Notes - 35.0%

0.250% due 12/31/15		200,000		199,477
0.375% due 01/15/16		1,700,000		1,699,470
0.500% due 07/31/17		900,000		880,945
0.625% due 07/15/16		1,200,000		1,201,453
0.625% due 08/15/16		4,600,000		4,600,897
0.625% due 10/15/16		5,000,000		4,990,820
0.625% due 11/15/16		4,300,000		4,286,898
0.625% due 12/15/16		66,600,000		66,326,807
0.625% due 05/31/17		3,100,000		3,059,796
0.625% due 08/31/17		900,000		883,125
0.750% due 12/31/17		700,000		684,359
0.750% due 02/28/18		6,300,000		6,132,407
0.750% due 03/31/18		15,600,000		15,153,325
0.875% due 09/15/16		3,400,000		3,420,322
0.875% due 12/31/16		1,800,000		1,804,219
0.875% due 01/31/17		18,800,000		18,820,567
0.875% due 02/28/17		2,000,000		1,999,688
0.875% due 04/30/17		3,800,000		3,788,718
1.000% due 08/31/16		300,000		302,813
1.000% due 03/31/17		400,000		400,922
1.000% due 05/31/18		10,000,000		9,778,910
1.250% due 10/31/18		6,900,000		6,761,193
1.250% due 11/30/18		18,200,000		17,801,165
1.500% due 07/31/16		700,000		715,996
1.500% due 08/31/18 ‡		11,800,000		11,735,006
1.500% due 12/31/18		14,100,000		13,934,212
1.750% due 05/31/16		200,000		205,812
3.000% due 02/28/17		200,000		213,148
3.125% due 01/31/17		100,000		106,922
3.250% due 03/31/17		500,000		537,422

				202,426,814

Total U.S. Treasury Obligations (Cost $239,415,426)				235,524,477


FOREIGN GOVERNMENT BONDS & NOTES - 2.8%

Autonomous Community of Valencia Spain (Spain) 4.375% due 07/16/15		EUR 100,000		140,968
Italy Buoni Poliennali del Tesoro (Italy)
2.500% due 03/01/15		800,000		1,120,242
2.750% due 12/01/15		1,800,000		2,547,697
3.000% due 11/01/15		2,000,000		2,839,802
4.500% due 07/15/15		100,000		144,511
6.000% due 11/15/14		200,000		287,481
Italy Certificati di Credito del Tesoro (Italy)
0.810% due 12/31/14		700,000		954,797
1.738% due 06/30/15		600,000		811,662
Province of Ontario (Canada)
1.650% due 09/27/19		$200,000		192,016
3.000% due 07/16/18		100,000		104,960
3.150% due 06/02/22		CAD 1,600,000		1,482,709
5.500% due 06/02/18		100,000		106,897
Province of Quebec (Canada)
3.500% due 07/29/20		$600,000		623,023
4.250% due 12/01/21		CAD 900,000		905,151


	Principal Amount		Value
Spain Government (Spain)
2.750% due 03/31/15		EUR 800,000		$1,122,486
3.150% due 01/31/16		300,000		426,040
3.300% due 10/31/14		300,000		419,245
4.000% due 07/30/15		1,400,000		1,999,521


Total Foreign Government Bonds & Notes (Cost $16,360,076)				16,229,208


MUNICIPAL BONDS - 2.7%

American Municipal Power Inc OH ‘B’ 8.084% due 02/15/50		$1,000,000		1,320,100
Buckeye Tobacco Settlement Financing Authority OH ‘A2’ 5.875% due 06/01/47		800,000		594,952
City of North Las Vegas NV 6.572% due 06/01/40		900,000		746,208
County of Clark Airport System Revenue NV ‘C’ 6.820% due 07/01/45		200,000		243,996
Irvine Ranch Water District Joint Powers Agency CA 2.388% due 03/15/14		900,000		900,684
Los Angeles Unified School District CA ‘A1’ 4.500% due 01/01/28		400,000		408,292
New Jersey Economic Development Authority ‘B’ 5.380% due 02/15/19		4,100,000		3,418,949
North Carolina Turnpike Authority ‘B’ 6.700% due 01/01/39		100,000		107,591
Southern California Public Power Authority 5.943% due 07/01/40		1,600,000		1,707,840
State of California
7.500% due 04/01/34		100,000		127,687
7.600% due 11/01/40		1,400,000		1,845,802
Tobacco Settlement Finance Authority of WV ‘A’ 7.467% due 06/01/47		800,000		622,248
University of Arizona 6.423% due 08/01/35		2,700,000		2,922,426
University of California 6.270% due 05/15/31		500,000		531,705


Total Municipal Bonds (Cost $14,665,616)				15,498,480


SHORT-TERM INVESTMENTS - 17.3%

Commercial Paper - 0.6%

Santander SA
2.472% due 01/02/14		3,300,000		3,300,000


Foreign Government Issues - 2.0%

Italian Buoni Ordinari del Tesoro BOT (Italy)
0.720% due 11/14/14		EUR 800,000		1,092,645
0.982% due 10/14/14		4,700,000		6,425,861
1.090% due 09/12/14		1,600,000		2,188,989
Spain Letras del Tesoro (Spain)
0.852% due 10/17/14		1,400,000		1,912,823

				11,620,318

U. S. Government Agency Issues - 3.6%

Federal Home Loan Banks
0.020% due 01/03/14		$21,100,000		21,099,982


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Repurchase Agreements - 10.9%

Barclays PLC
0.030% due 01/03/14 (Dated 12/31/13, repurchase price of $30,300,025; collateralized by a U.S. Treasury Bonds: 0.125% due 04/15/18 and value $31,254,962)		$30,300,000		$30,300,000
Barclays PLC
0.050% due 01/02/14 (Dated 12/31/13, repurchase price of $32,500,090; collateralized by a U.S. Treasury Bonds: 0.125% due 01/15/22 and value $34,381,478)		32,500,000		32,500,000

				62,800,000


	Shares		Value
Money Market Fund - 0.2%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,224,725		$1,224,725


Total Short-Term Investments (Cost $99,921,399)				100,045,025


TOTAL INVESTMENTS - 133.5% (Cost $771,834,210)				771,767,088

OTHER ASSETS & LIABILITIES, NET - (33.5%)				(193,450,338	)


NET ASSETS - 100.0%				$578,316,750

Notes to Schedule of Investments

(a)	Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase.

(b)	Investments with a total aggregate value of $836,384 or 0.1% of the fund’s net assets were in default as of December 31, 2013.

(c)	The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 2 in Supplemental Notes to Schedules of Investments) outstanding during the nine-month period ended December 31, 2013 was $621,594 at a weighted average interest rate of 0.067%.

(d)	Open futures contracts outstanding as of December 31, 2013 were as follows:


Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Euribor (12/14)		16		($3,272	)
Euribor (03/15)		16		(4,923	)
Euribor (06/15)		16		(6,677	)
Euribor (09/15)		16		(8,362	)
Eurodollar (03/15)		13		791
Eurodollar (06/15)		170		(35,975	)
Eurodollar (09/15)		461		22,201
Eurodollar (03/16)		314		(151,576	)
Eurodollar (06/16)		53		(34,516	)
Eurodollar (09/16)		27		(31,457	)
Eurodollar (12/14)		262		(12,284	)
Eurodollar (12/15)		1041		(335,183	)
U.S. Treasury 5-Year Notes (03/14)		440		(696,107	)
U.S. Treasury 10-Year Notes (03/14)		114		(235,940	)


Total Futures Contracts				($1,533,280	)

(e)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
BRL	6,904	USD	2,927		01/14	MSC		($3	)
DKK	570,000	USD	102,082		01/14	UBS		3,043
USD	2,730,575	CAD	2,898,000		03/14	CIT		7,667
USD	395,658	EUR	300,000		02/14	DUB		(17,042	)
USD	1,999,970	EUR	1,494,000		02/14	GSC		(55,274	)
USD	6,064,048	EUR	4,436,000		02/14	JPM		(38,446	)
USD	173,448	EUR	126,000		02/14	UBS		113
USD	15,853,669	EUR	11,501,000		03/14	CIT		32,069
USD	170,537	EUR	124,000		03/14	CIT		(46	)
USD	2,924,064	EUR	2,189,000		03/14	GSC		(87,282	)
USD	126,735	EUR	100,000		04/14	CIT		(10,833	)
USD	6,952,184	GBP	4,249,000		03/14	BRC		(80,472	)
USD	400,000	JPY	41,961,760		01/14	CSF		1,529
USD	1,001,472	JPY	104,600,000		02/14	BRC		7,977
USD	1,181,246	JPY	121,500,000		02/14	CIT		27,235
USD	765,593	JPY	79,200,000		02/14	DUB		13,348
USD	1,178,228	JPY	117,000,000		02/14	HSB		66,957
USD	606,284	JPY	62,300,000		02/14	JPM		14,556


Total Forward Foreign Currency Contracts								($114,904	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(f)	Transactions in written options for the nine-month period ended December 31, 2013 were as follows:


	Notional Amount in EUR			Notional Amount in $			Premium
Outstanding, March 31, 2013		10,000,000			57,300,000			$245,423
Call Options Written		-			99,600,000			170,852
Put Options Written		-			172,500,000			773,794
Put Options Closed		-			(5,600,000	)		(30,350	)
Call Options Expired		-			(70,100,000	)		(121,748	)
Put Options Expired		(1,200,000	)		(116,500,000	)		(471,438	)

Outstanding, December 31, 2013		8,800,000			137,200,000			$566,533

(g)	Premiums received and value of written options outstanding as of December 31, 2013 were as follows:

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


Description	Exercise Rate		Expiration Date		Counter- party	Notional Amount (3)		Premium		Value (4)
Call - OTC CDX IG 21 5Y Index		0.600%		03/19/14	JPM		$800,000		$320		($410	)


Credit Default Swaptions on Credit Indices - Sell Protection (2)

Put - OTC CDX IG 21 5Y Index		0.900%		03/19/14	JPM		800,000		1,320		(174	)


									$1,640		($584	)

(1)

If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swaption agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swaption and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swaption less the recovery value of the referenced obligation or underlying investments comprising the referenced index. The seller is only obligated if the swaption is exercised.

(2)

If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swaption agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swaption and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swaption less the recovery value of the referenced obligation or underlying comprising the referenced index. The fund is only obligated if the swaption is exercised.

(3)

The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swaption agreement.

(4)

The quoted market prices and resulting values for credit default swaption agreements on credit indices serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swaption agreement been closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swaption, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation Floor/Cap Options


Description	Strike Index		Exercise Index	Expiration Date		Counter- party	Notional Amount		Premium		Value
Floor - OTC U.S. CPI Urban Consumers NSA		215.95	Maximum of ((1 + 0.00%) ¹⁰ - Inflation Adjustment) or $0		03/12/20	CIT		$1,200,000		$10,320		($1,295	)
Floor - OTC U.S. CPI Urban Consumers NSA		217.97	Maximum of ((1 + 0.00%) ¹⁰ - Inflation Adjustment) or $0		09/29/20	CIT		600,000		7,740		(606	)

										$18,060		($1,901	)

Interest Rate Swaptions


Description	Pay/Receive Floating Rate Based on 3-Month USD-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Receive		1.300%		01/27/14	MER		$5,000,000		$5,300		($3	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.400%		01/27/14	GSC		29,500,000		53,267		(248	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.500%		01/27/14	RBS		900,000		5,400		(1	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.500%		03/03/14	RBS		2,600,000		9,490		(178	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.600%		03/03/14	GSC		1,700,000		10,115		(336	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.650%		03/03/14	CIT		1,000,000		4,300		(324	)
Call - OTC 10-Year Interest Rate Swap	Receive		2.400%		03/17/14	DUB		1,600,000		4,960		(87	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.400%		05/06/14	GSC		3,300,000		8,497		(1,281	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.400%		05/06/14	MER		4,300,000		10,535		(1,670	)
	Based on 3-Month EUR-LIBOR
Call - OTC 1-Year Interest Rate Swap	Receive		0.400%		03/12/14	BRC		EUR 2,200,000		4,253		(3,249	)
Call - OTC 1-Year Interest Rate Swap	Receive		0.400%		03/12/14	GSC		2,200,000		4,536		(3,249	)

										120,653		(10,626	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Description	Pay/Receive Floating Rate Based on 3-Month EUR-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Put - OTC 5-Year Interest Rate Swap	Pay		1.800%		01/27/14	MER		$5,000,000		$23,575		($23,345	)
Put - OTC 5-Year Interest Rate Swap	Pay		2.000%		01/27/14	GSC		29,500,000		186,870		(40,671	)
Put - OTC 10-Year Interest Rate Swap	Pay		3.500%		01/27/14	RBS		900,000		7,155		(394	)
Put - OTC 10-Year Interest Rate Swap	Pay		3.100%		03/03/14	CIT		1,000,000		12,000		(13,682	)
Put - OTC 10-Year Interest Rate Swap	Pay		3.100%		03/03/14	DUB		3,300,000		46,046		(24,318	)
Put - OTC 10-Year Interest Rate Swap	Pay		2.900%		03/17/14	DUB		1,600,000		25,600		(44,260	)
Put - OTC 2-Year 1-Year Interest Rate Swap	Pay		2.000%		03/31/14	GSC		10,200,000		11,124		(18,845	)
Put - OTC 2-Year 1-Year Interest Rate Swap	Pay		2.000%		03/31/14	MER		29,100,000		76,387		(53,762	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.900%		05/06/14	GSC		3,300,000		28,066		(41,017	)

	Based on 3-Month EUR-LIBOR
Put - OTC 1-Year Interest Rate Swap	Pay		0.400%		03/12/14	BRC		EUR 2,200,000		4,820		(731	)
Put - OTC 1-Year Interest Rate Swap	Pay		0.400%		03/12/14	GSC		2,200,000		4,537		(731	)

										426,180		(261,756	)


										$546,833		($272,382	)


Total Written Options										$566,533		($274,867	)

(h)	Swap agreements outstanding as of December 31, 2013 were as follows:

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


Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/13 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
MetLife Inc		1.000%		12/20/14	CIT		0.135%		$1,800,000		$15,852			($43,994	)		$59,846
Mexico Government		1.000%		03/20/15	BRC		0.240%		400,000		3,861			(8,999	)		12,860
Mexico Government		1.000%		03/20/15	CIT		0.240%		400,000		3,861			(9,184	)		13,045
Mexico Government		1.000%		03/20/15	DUB		0.240%		200,000		1,931			(4,592	)		6,523
Brazilian Government		1.000%		06/20/15	DUB		0.776%		1,000,000		3,640			(10,975	)		14,615
United Kingdom Index-Linked Treasury Gilt		1.000%		06/20/15	GSC		0.079%		1,100,000		15,380			10,163			5,217
Brazilian Government		1.000%		06/20/15	HSB		0.776%		1,000,000		3,640			(10,975	)		14,615
Brazilian Government		1.000%		09/20/15	BRC		0.895%		1,000,000		2,146			(7,735	)		9,881
Mexico Government		1.000%		09/20/15	BRC		0.318%		1,000,000		12,144			(7,735	)		19,879
Brazilian Government		1.000%		09/20/15	HSB		0.895%		600,000		1,288			(5,961	)		7,249
Brazilian Government		1.000%		09/20/15	UBS		0.895%		500,000		1,073			(4,731	)		5,804
MetLife Inc		1.000%		12/20/15	CIT		0.294%		800,000		11,453			(29,082	)		40,535
General Electric Capital Corp		1.000%		12/20/15	MSC		0.300%		500,000		7,091			(9,796	)		16,887
Brazilian Government		1.000%		03/20/16	CIT		1.051%		2,200,000		(1,722	)		(15,567	)		13,845
Mexico Government		1.000%		03/20/16	CIT		0.359%		1,100,000		16,051			(8,978	)		25,029
Mexico Government		1.000%		03/20/16	DUB		0.359%		700,000		10,214			(5,135	)		15,349
Berkshire Hathaway Finance Corp		1.000%		06/20/16	CIT		0.330%		900,000		15,226			(2,156	)		17,382
Brazilian Government		1.000%		06/20/16	CIT		1.166%		700,000		(2,608	)		(2,363	)		(245	)
Brazilian Government		1.000%		09/20/16	GSC		1.259%		200,000		(1,326	)		(1,217	)		(109	)
Mexico Government		1.000%		09/20/16	JPM		0.456%		100,000		1,513			577			936
Indonesia Government		1.000%		09/20/16	UBS		1.331%		100,000		(853	)		(1,578	)		725
Indonesia Government		1.000%		06/20/17	DUB		1.625%		200,000		(4,129	)		(5,883	)		1,754
Indonesia Government		1.000%		06/20/17	UBS		1.625%		800,000		(16,519	)		(24,192	)		7,673

											$99,207			($210,088	)		$309,295

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


Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counterparty/ Exchange	Notional Amount (3)		Value (4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX EM 13 5Y		5.000%		06/20/15	BRC		$1,700,000		$52,577		$99,450		($46,873	)
CDX EM 13 5Y		5.000%		06/20/15	DUB		900,000		27,835		117,500		(89,665	)
CDX EM 13 5Y		5.000%		06/20/15	HSB		1,200,000		37,114		135,550		(98,436	)
CDX EM 13 5Y		5.000%		06/20/15	MSC		900,000		27,835		101,250		(73,415	)
CDX IG 9 10Y		0.548%		12/20/17	GSC		96,450		1,593		-		1,593
CDX IG 21 5Y		1.000%		12/20/18	ICE		2,900,000		52,880		24,745		28,135
ITRAXX Main 20 5Y		1.000%		12/20/18	ICE		EUR 5,600,000		112,262		4,016		108,246

									$312,096		$482,511		($170,415	)


									$411,303		$272,423		$138,880


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(1)

If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2)

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3)

(4)

The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and is a representation of the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swaps


Floating Rate Index	Counterparty/ Exchange	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR	CME	Pay		1.500%		03/18/16		$53,300,000		$353,006			$410,772			($57,766	)
28-Day MXN TIIE	BRC	Pay		5.600%		09/06/16		MXN 1,100,000		2,273			552			1,721
28-Day MXN TIIE	HSB	Pay		5.600%		09/06/16		2,100,000		4,339			820			3,519
28-Day MXN TIIE	MSC	Pay		5.600%		09/06/16		1,400,000		2,841			280			2,561
28-Day MXN TIIE	GSC	Pay		8.170%		11/04/16		1,200,000		8,792			1,757			7,035
3-Month USD-LIBOR	CME	Pay		1.500%		12/16/16		$47,200,000		49,514			31,173			18,341
28-Day MXN TIIE	BRC	Pay		5.500%		09/13/17		MXN 13,000,000		16,150			(10,195	)		26,345
28-Day MXN TIIE	HSB	Pay		5.500%		09/13/17		5,000,000		6,577			(1,920	)		8,497
28-Day MXN TIIE	MSC	Pay		5.500%		09/13/17		3,000,000		3,947			(1,453	)		5,400
3-Month USD-LIBOR	CME	Pay		3.000%		09/21/17		$85,600,000		417,835			725,093			(307,258	)
1-Day USD Federal Funds	CME	Pay		1.000%		10/15/17		35,300,000		(489,749	)		(41,606	)		(448,143	)
28-Day MXN TIIE	BRC	Pay		6.000%		09/02/22		MXN 27,000,000		(81,726	)		(14,092	)		(67,634	)
6-Month JPY-LIBOR	CME	Receive		1.000%		09/18/23		JPY 200,000,000		(16,946	)		10,403			(27,349	)
3-Month USD-LIBOR	CME	Receive		2.750%		06/19/43		$16,000,000		3,481,693			1,026,733			2,454,960
3-Month USD-LIBOR	CME	Receive		3.500%		12/18/43		16,600,000		1,318,104			927,238			390,866

										$5,076,650			$3,065,555			$2,011,095


Total Swap Agreements										$5,487,953			$3,337,978			$2,149,975

(i)	As of December 31, 2013, investments with a total aggregate value of $862,980 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts, and swap contracts.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(j)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$74,527,227			$—			$74,527,227			$—
	Senior Loan Notes		1,494,251			—			1,494,251			—
	Mortgage-Backed Securities		249,374,496			—			249,374,496			—
	Asset-Backed Securities		26,990,621			—			26,990,621			—
	U.S. Government Agency Issues		52,083,303			—			52,083,303			—
	U.S. Treasury Obligations		235,524,477			—			235,524,477			—
	Foreign Government Bonds & Notes		16,229,208			—			16,229,208			—
	Municipal Bonds		15,498,480			—			15,498,480			—
	Short-Term Investments		100,045,025			1,224,725			98,820,300			—
	Derivatives:
	Credit Contracts
	Swaps		438,460			—			438,460			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		174,494			—			174,494			—
	Interest Rate Contracts
	Futures		22,992			22,992			—			—
	Swaps		5,665,071			—			5,665,071			—

	Total Interest Rate Contracts		5,688,063			22,992			5,665,071			—

	Total Assets - Derivatives		6,301,017			22,992			6,278,025			—

	Total Assets		778,068,105			1,247,717			776,820,388			—

Liabilities	Derivatives:
	Credit Contracts
	Written Options		(584	)		—			(584	)		—
	Swaps		(27,157	)		—			(27,157	)		—

	Total Credit Contracts		(27,741	)		—			(27,741	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(289,398	)		—			(289,398	)		—
	Interest Rate Contracts
	Futures		(1,556,272	)		(1,556,272	)		—			—
	Written Options		(274,283	)		—			(272,382	)		(1,901	)
	Swaps		(588,421	)		—			(588,421	)		—

	Total Interest Rate Contracts		(2,418,976	)		(1,556,272	)		(860,803	)		(1,901	)

	Total Liabilities - Derivatives		(2,736,115	)		(1,556,272	)		(1,177,942	)		(1,901	)

	Total Liabilities		(2,736,115	)		(1,556,272	)		(1,177,942	)		(1,901	)

	Total		$775,331,990			($308,555	)		$775,642,446			($1,901	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 53.2%

Consumer Discretionary - 4.5%

AutoZone Inc 5.500% due 11/15/15		$110,000		$119,111
5.750% due 01/15/15		90,000		94,567
Brinker International Inc 2.600% due 05/15/18		90,000		88,634
Carnival Corp (Panama) 1.200% due 02/05/16		225,000		224,481
COX Communications Inc 5.450% due 12/15/14		161,000		168,293
DIRECTV Holdings LLC 1.750% due 01/15/18		340,000		333,703
3.550% due 03/15/15		200,000		206,654
4.750% due 10/01/14		850,000		875,451
DISH DBS Corp 4.250% due 04/01/18		500,000		511,250
Dollar General Corp 4.125% due 07/15/17		340,000		361,145
DR Horton Inc 4.750% due 05/15/17		325,000		345,313
General Motors Co 3.500% due 10/02/18 ~		450,000		462,375
GLP Capital LP 4.375% due 11/01/18 ~		525,000		538,125
Hasbro Inc 6.125% due 05/15/14		135,000		137,717
NBCUniversal Enterprise Inc 0.929% due 04/15/18 § ~		290,000		291,367
NBCUniversal Media LLC 2.100% due 04/01/14		560,000		562,424
Newell Rubbermaid Inc 2.000% due 06/15/15		100,000		101,322
Omnicom Group Inc 5.900% due 04/15/16		670,000		740,989
Pinnacle Entertainment Inc 7.500% due 04/15/21		295,000		321,550
Staples Inc 9.750% due 01/15/14		425,000		426,328
The Interpublic Group of Cos Inc 2.250% due 11/15/17		625,000		616,479
6.250% due 11/15/14		662,000		690,963
Thomson Reuters Corp (Canada) 0.875% due 05/23/16		255,000		253,339
1.300% due 02/23/17		200,000		199,254
Time Warner Cable Inc 7.500% due 04/01/14		375,000		381,249
8.250% due 02/14/14		175,000		176,508
Viacom Inc 2.500% due 09/01/18		105,000		105,909
Whirlpool Corp 8.600% due 05/01/14		435,000		446,433
WMG Acquisition Corp 11.500% due 10/01/18		385,000		444,675

				10,225,608

Consumer Staples - 2.4%

Avon Products Inc 2.375% due 03/15/16		195,000		196,386
BAT International Finance PLC (United Kingdom) 1.400% due 06/05/15 ~		710,000		716,225
Bunge Ltd Finance Corp 3.200% due 06/15/17		730,000		751,109
Coca-Cola Amatil Ltd (Australia) 3.250% due 11/02/14 ~		705,000		719,094
CVS Caremark Corp 1.200% due 12/05/16		245,000		245,405


	Principal Amount		Value
General Mills Inc 0.537% due 01/29/16 §		$140,000		$140,193
Imperial Tobacco Finance PLC (United Kingdom) 2.050% due 02/11/18 ~		755,000		746,952
Kraft Foods Group Inc 1.625% due 06/04/15		315,000		319,113
Pernod Ricard SA (France) 2.950% due 01/15/17 ~		510,000		526,890
Reynolds American Inc 1.050% due 10/30/15		125,000		125,454
SABMiller Holdings Inc 1.850% due 01/15/15 ~		530,000		536,490
The Kroger Co 1.200% due 10/17/16		180,000		180,187
WM Wrigley Jr Co 1.400% due 10/21/16 ~		110,000		110,234
2.000% due 10/20/17 ~		260,000		259,405

				5,573,137

Energy - 10.2%

Anadarko Petroleum Corp 5.750% due 06/15/14		465,000		474,806
5.950% due 09/15/16		190,000		211,792
6.375% due 09/15/17		345,000		396,262
Antero Resources Finance Corp 7.250% due 08/01/19		77,000		83,160
BG Energy Capital PLC (United Kingdom) 2.875% due 10/15/16 ~		755,000		788,615
Cameron International Corp 1.150% due 12/15/16		85,000		84,774
Canadian Natural Resources Ltd (Canada) 1.450% due 11/14/14		540,000		544,481
5.700% due 05/15/17		455,000		511,550
Chesapeake Energy Corp 3.250% due 03/15/16		375,000		379,688
CNOOC Finance Ltd (United Kingdom) 1.125% due 05/09/16		208,000		207,341
Continental Resources Inc 8.250% due 10/01/19		250,000		274,375
DCP Midstream LLC 5.375% due 10/15/15 ~		365,000		388,395
DCP Midstream Operating LP 2.500% due 12/01/17		475,000		473,192
3.250% due 10/01/15		210,000		217,042
Diamond Offshore Drilling Inc 5.150% due 09/01/14		284,000		292,494
Ecopetrol SA (Colombia) 4.250% due 09/18/18		100,000		105,750
Enbridge Energy Partners LP 5.875% due 12/15/16		445,000		496,973
Energy Transfer Partners LP 5.950% due 02/01/15		810,000		853,598
6.700% due 07/01/18		70,000		81,317
8.500% due 04/15/14		185,000		188,906
Ensco PLC (United Kingdom) 3.250% due 03/15/16		875,000		913,973
Enterprise Products Operating LLC 1.250% due 08/13/15		370,000		372,607
5.600% due 10/15/14		316,000		328,431
Florida Gas Transmission Co LLC 4.000% due 07/15/15 ~		520,000		542,388
Gazprom OAO (Luxembourg) 4.950% due 05/23/16 ~		660,000		702,240
Kinder Morgan Energy Partners LP 3.500% due 03/01/16		175,000		183,130
5.125% due 11/15/14		285,000		296,106
Magellan Midstream Partners LP 6.450% due 06/01/14		225,000		230,481


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Marathon Oil Corp 0.900% due 11/01/15		$740,000		$740,952
Murphy Oil Corp 2.500% due 12/01/17		405,000		407,666
Nabors Industries Inc 2.350% due 09/15/16 ~		150,000		151,599
Noble Holding International Ltd (Cayman) 2.500% due 03/15/17		65,000		65,232
3.050% due 03/01/16		415,000		427,528
3.450% due 08/01/15		110,000		114,104
7.375% due 03/15/14		55,000		55,726
ONEOK Partners LP 3.200% due 09/15/18		40,000		40,925
3.250% due 02/01/16		640,000		665,736
Origin Energy Finance Ltd (Australia) 3.500% due 10/09/18 ~		740,000		744,090
Petrobras Global Finance BV (Netherlands) 2.000% due 05/20/16		410,000		410,701
Petrohawk Energy Corp 7.250% due 08/15/18		690,000		745,545
10.500% due 08/01/14		125,000		126,383
Phillips 66 1.950% due 03/05/15		290,000		294,125
Pioneer Natural Resources Co 5.875% due 07/15/16		860,000		954,493
Plains All American Pipeline LP 3.950% due 09/15/15		1,095,000		1,151,991
Rosetta Resources Inc 9.500% due 04/15/18		345,000		370,875
Rowan Cos Inc 5.000% due 09/01/17		120,000		130,111
Spectra Energy Partners LP 2.950% due 09/25/18		185,000		187,629
Talisman Energy Inc (Canada) 5.125% due 05/15/15		455,000		478,436
Targa Resources Partners LP 7.875% due 10/15/18		345,000		372,600
Tennessee Gas Pipeline Co LLC 8.000% due 02/01/16		580,000		658,870
TransCanada PipeLines Ltd (Canada) 0.927% due 06/30/16 §		705,000		712,063
Transocean Inc (Cayman) 2.500% due 10/15/17		590,000		596,539
4.950% due 11/15/15		355,000		380,461
5.050% due 12/15/16		130,000		143,696
Williams Partners LP 3.800% due 02/15/15		800,000		826,724
Woodside Finance Ltd (Australia) 4.500% due 11/10/14 ~		705,000		726,945

				23,305,612

Financials - 20.4%

ACE INA Holdings Inc 5.875% due 06/15/14		710,000		727,461
Aflac Inc 2.650% due 02/15/17		75,000		77,424
Ally Financial Inc 2.750% due 01/30/17		575,000		578,594
American Express Co 0.828% due 05/22/18 §		810,000		810,310
American Honda Finance Corp 0.612% due 05/26/16 § ~		580,000		581,680
American International Group Inc 3.000% due 03/20/15		175,000		179,794
4.250% due 09/15/14		910,000		933,070
American Tower Corp REIT 4.625% due 04/01/15		1,095,000		1,145,645
ANZ International Ltd (New Zealand) 1.850% due 10/15/15 ~		625,000		634,822


	Principal Amount		Value
Bank of America Corp 1.066% due 03/22/16 §		$225,000		$226,724
1.250% due 01/11/16		365,000		366,806
1.500% due 10/09/15		1,225,000		1,237,874
Banque Federative du Credit Mutuel SA (France) 2.500% due 10/29/18 ~		575,000		568,692
Barclays Bank PLC (United Kingdom) 5.000% due 09/22/16		140,000		154,221
5.200% due 07/10/14		365,000		374,162
BB&T Corp 1.103% due 06/15/18 §		325,000		327,635
5.200% due 12/23/15		445,000		481,054
Boston Properties LP REIT 5.000% due 06/01/15		470,000		497,443
BPCE SA (France) 2.500% due 12/10/18		570,000		567,300
Capital One Bank USA NA 1.150% due 11/21/16		250,000		249,067
Capital One Financial Corp 2.125% due 07/15/14		135,000		136,088
2.150% due 03/23/15		660,000		671,146
7.375% due 05/23/14		275,000		282,109
CIT Group Inc 4.750% due 02/15/15 ~		230,000		238,913
Citigroup Inc 1.038% due 04/01/16 §		820,000		825,811
1.250% due 01/15/16		720,000		722,712
1.300% due 11/15/16		170,000		169,513
CNH Capital LLC 3.875% due 11/01/15		770,000		798,875
Commonwealth Bank of Australia (Australia) 1.950% due 03/16/15		675,000		686,484
Daimler Finance North America LLC 0.857% due 03/28/14 ~ §		500,000		500,722
1.102% due 08/01/18 ~ §		445,000		447,894
1.875% due 09/15/14 ~		190,000		191,677
DNB Bank ASA (Norway) 3.200% due 04/03/17 ~		785,000		821,019
Fifth Third Bancorp 3.625% due 01/25/16		310,000		325,828
Fifth Third Bank 1.150% due 11/18/16		470,000		469,970
Ford Motor Credit Co LLC 1.700% due 05/09/16		295,000		298,529
2.750% due 05/15/15		640,000		656,760
3.000% due 06/12/17		250,000		259,944
3.875% due 01/15/15		400,000		412,847
General Electric Capital Corp 0.959% due 04/02/18 §		925,000		933,307
2.375% due 06/30/15		625,000		641,649
Harley-Davidson Financial Services Inc 1.150% due 09/15/15 ~		445,000		446,655
HSBC Bank PLC (United Kingdom) 0.881% due 05/15/18 ~ §		555,000		556,799
HSBC Finance Corp 0.494% due 01/15/14 §		100,000		100,002
HSBC USA Inc 2.375% due 02/13/15		235,000		239,852
Hyundai Capital America 1.625% due 10/02/15 ~		195,000		196,060
Hyundai Capital Services Inc (South Korea) 3.500% due 09/13/17 ~		200,000		206,849
4.375% due 07/27/16 ~		525,000		558,861
IntercontinentalExchange Group Inc 2.500% due 10/15/18		195,000		196,553
JPMorgan Chase & Co 0.857% due 02/26/16 §		440,000		442,044
2.000% due 08/15/17		1,125,000		1,141,683
KeyBank NA 4.950% due 09/15/15		180,000		191,546


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
KeyCorp 3.750% due 08/13/15		$325,000		$340,000
Kilroy Realty LP REIT 5.000% due 11/03/15		405,000		432,177
Lloyds Bank PLC (United Kingdom) 2.300% due 11/27/18		325,000		324,358
Marsh & McLennan Cos Inc 2.550% due 10/15/18		235,000		235,486
MetLife Inc 2.375% due 02/06/14		125,000		125,229
Metropolitan Life Global Funding I 1.500% due 01/10/18 ~		365,000		355,185
1.700% due 06/29/15 ~		860,000		873,245
Morgan Stanley 0.724% due 10/15/15 §		400,000		399,332
1.488% due 02/25/16 §		1,060,000		1,074,352
1.518% due 04/25/18 §		645,000		654,898
National Bank of Canada (Canada) 1.450% due 11/07/17		965,000		938,707
New York Life Global Funding 2.450% due 07/14/16 ~		580,000		600,635
Nissan Motor Acceptance Corp 1.950% due 09/12/17 ~		605,000		600,663
Nordea Bank AB (Sweden) 0.875% due 05/13/16 ~		1,160,000		1,154,830
PNC Bank NA 1.150% due 11/01/16		400,000		400,731
Principal Financial Group Inc 1.850% due 11/15/17		115,000		114,054
Principal Life Global Funding II 0.606% due 05/27/16 ~ §		1,175,000		1,177,706
1.125% due 09/18/15 ~		560,000		564,331
Prudential Financial Inc 5.100% due 09/20/14		705,000		727,647
Regions Financial Corp 5.750% due 06/15/15		200,000		213,180
7.750% due 11/10/14		205,000		216,331
Royal Bank of Scotland Group PLC (United Kingdom) 2.550% due 09/18/15		415,000		424,622
Simon Property Group LP REIT 4.200% due 02/01/15		515,000		530,250
Societe Generale SA (France) 2.500% due 01/15/14 ~		225,000		225,107
Sumitomo Mitsui Banking Corp (Japan) 0.900% due 01/18/16		280,000		279,592
1.900% due 01/12/15 ~		705,000		712,073
Sumitomo Mitsui Trust Bank Ltd (Japan) 1.800% due 03/28/18 ~		720,000		700,625
SunTrust Banks Inc 2.350% due 11/01/18		260,000		258,780
Swedbank AB (Sweden) 1.750% due 03/12/18 ~		1,065,000		1,046,955
The Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) 1.550% due 09/09/16 ~		695,000		701,912
The Goldman Sachs Group Inc 1.600% due 11/23/15		1,485,000		1,501,659
Toyota Motor Credit Corp 0.391% due 03/10/15 §		215,000		215,358
Union Bank NA 2.125% due 06/16/17		435,000		437,199
Ventas Realty LP 1.550% due 09/26/16		200,000		201,539
Ventas Realty LP REIT 2.000% due 02/15/18		170,000		167,199
3.125% due 11/30/15		650,000		676,307
Volkswagen International Finance NV (Netherlands) 1.625% due 03/22/15 ~		795,000		804,214


	Principal Amount		Value
WEA Finance LLC REIT 5.750% due 09/02/15 ~		$530,000		$571,901
XLIT Ltd (Cayman) 2.300% due 12/15/18		280,000		275,185

				46,742,033

Health Care - 4.3%

AbbVie Inc 1.200% due 11/06/15		970,000		980,305
Actavis Inc 1.875% due 10/01/17		580,000		574,228
Aetna Inc 1.500% due 11/15/17		745,000		734,411
Agilent Technologies Inc 6.500% due 11/01/17		565,000		654,765
AmerisourceBergen Corp 5.875% due 09/15/15		1,045,000		1,133,633
Catholic Health Initiatives 1.600% due 11/01/17		65,000		63,032
2.600% due 08/01/18		305,000		306,178
Celgene Corp 1.900% due 08/15/17		115,000		114,509
Express Scripts Holding Co 2.750% due 11/21/14		490,000		499,546
3.125% due 05/15/16		475,000		496,017
Gilead Sciences Inc 2.400% due 12/01/14		570,000		579,523
Humana Inc 6.450% due 06/01/16		250,000		279,495
Life Technologies Corp 4.400% due 03/01/15		425,000		442,599
McKesson Corp 0.950% due 12/04/15		185,000		184,969
Perrigo Co PLC (Ireland) 1.300% due 11/08/16 ~		210,000		209,402
Thermo Fisher Scientific Inc 1.300% due 02/01/17		370,000		368,640
UnitedHealth Group Inc 0.850% due 10/15/15		200,000		200,889
1.875% due 11/15/16		155,000		158,326
Warner Chilcott Co LLC 7.750% due 09/15/18		1,090,000		1,185,375
WellPoint Inc 1.250% due 09/10/15		300,000		302,211
5.250% due 01/15/16		470,000		508,396

				9,976,449

Industrials - 3.2%

Aircastle Ltd (Bermuda) 9.750% due 08/01/18		330,000		361,350
Eaton Corp 1.500% due 11/02/17		265,000		259,917
ERAC USA Finance LLC 1.400% due 04/15/16 ~		330,000		330,426
2.750% due 03/15/17 ~		175,000		180,075
2.800% due 11/01/18 ~		50,000		50,557
5.600% due 05/01/15 ~		135,000		143,430
6.375% due 10/15/17 ~		190,000		219,966
Florida East Coast Railway Corp 8.125% due 02/01/17		290,000		304,138
GATX Corp 2.375% due 07/30/18		110,000		110,246
3.500% due 07/15/16		360,000		375,615
Heathrow Funding Ltd (United Kingdom) 2.500% due 06/25/17 ~		610,000		618,177
International Lease Finance Corp 2.193% due 06/15/16 §		405,000		409,050
Kansas City Southern de Mexico SA de CV (Mexico) 2.350% due 05/15/20		250,000		232,979


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Norfolk Southern Corp 5.750% due 01/15/16		$930,000		$1,016,475
Penske Truck Leasing Co LP 2.500% due 07/11/14 ~		95,000		95,786
2.500% due 03/15/16 ~		430,000		440,753
2.875% due 07/17/18 ~		150,000		150,968
3.125% due 05/11/15 ~		140,000		144,035
Roper Industries Inc 1.850% due 11/15/17		105,000		104,134
2.050% due 10/01/18		270,000		262,550
Southwest Airlines Co 5.250% due 10/01/14		315,000		325,118
5.750% due 12/15/16		175,000		195,081
USG Corp 8.375% due 10/15/18 ~		435,000		475,238
Waste Management Inc 5.000% due 03/15/14		150,000		151,301
6.375% due 03/11/15		260,000		276,988

				7,234,353

Information Technology - 1.4%

Arrow Electronics Inc 3.375% due 11/01/15		270,000		279,542
Broadcom Corp 2.375% due 11/01/15		200,000		205,229
Fiserv Inc 3.125% due 06/15/16		740,000		772,601
Hewlett-Packard Co 1.794% due 09/19/14 §		175,000		176,518
2.350% due 03/15/15		220,000		223,509
2.625% due 12/09/14		300,000		305,055
Oracle Corp 0.824% due 01/15/19 §		860,000		864,467
Xerox Corp 1.059% due 05/16/14 §		400,000		400,368
2.950% due 03/15/17		70,000		71,891

				3,299,180

Materials - 1.7%

Ashland Inc 3.000% due 03/15/16		525,000		538,125
Eastman Chemical Co 2.400% due 06/01/17		230,000		232,567
Ecolab Inc 2.375% due 12/08/14		565,000		573,980
Goldcorp Inc (Canada) 2.125% due 03/15/18		230,000		225,543
International Paper Co 5.300% due 04/01/15		295,000		310,800
Rio Tinto Finance USA PLC (United Kingdom) 1.375% due 06/17/16		700,000		711,331
Rock Tenn Co 3.500% due 03/01/20		495,000		487,018
The Dow Chemical Co 2.500% due 02/15/16		725,000		747,914

				3,827,278

Telecommunication Services - 2.4%

America Movil SAB de CV (Mexico) 2.375% due 09/08/16		275,000		284,377
3.625% due 03/30/15		200,000		207,501
CC Holdings GS V LLC 2.381% due 12/15/17		1,050,000		1,040,529
Crown Castle International Corp 7.125% due 11/01/19		210,000		227,325
Crown Castle Towers LLC 4.523% due 01/15/35 ~		320,000		330,217
GTP Acquisition Partners I LLC 2.364% due 05/15/43 ~		300,000		293,144
4.347% due 06/15/41 ~		190,000		200,238


	Principal Amount		Value
SBA Tower Trust 2.240% due 04/15/43 ~		$300,000		$295,659
2.933% due 12/15/42 ~		750,000		764,680
3.598% due 04/15/43 ~		250,000		245,235
UPC Holding BV (Netherlands) 9.875% due 04/15/18 ~		415,000		446,125
Verizon Communications Inc 0.442% due 03/06/15 ~ §		545,000		544,235
2.500% due 09/15/16		625,000		646,649

				5,525,914

Utilities - 2.7%

CMS Energy Corp 4.250% due 09/30/15		370,000		389,988
Commonwealth Edison Co 1.950% due 09/01/16		120,000		122,628
Dominion Resources Inc 1.400% due 09/15/17		645,000		633,691
1.800% due 03/15/14		325,000		325,937
1.950% due 08/15/16		165,000		167,826
DTE Energy Co 7.625% due 05/15/14		305,000		312,764
Duke Energy Corp 1.625% due 08/15/17		220,000		218,712
2.150% due 11/15/16		460,000		471,722
Enel Finance International NV (Netherlands) 3.875% due 10/07/14 ~		145,000		148,169
Georgia Power Co 0.563% due 03/15/16 §		220,000		220,135
Iberdrola Finance Ltd (Ireland) 3.800% due 09/11/14 ~		275,000		280,566
Korea Hydro & Nuclear Power Co Ltd (South Korea) 3.125% due 09/16/15 ~		275,000		283,515
Mississippi Power Co 2.350% due 10/15/16		120,000		123,458
Monongahela Power Co 5.700% due 03/15/17 ~		65,000		70,889
NextEra Energy Capital Holdings Inc 1.200% due 06/01/15		185,000		186,013
Nisource Finance Corp 5.400% due 07/15/14		525,000		537,980
PPL Capital Funding Inc 1.900% due 06/01/18		145,000		141,668
Progress Energy Inc 6.050% due 03/15/14		150,000		151,677
PSEG Power LLC 2.750% due 09/15/16		130,000		134,695
Sempra Energy 1.003% due 03/15/14 §		450,000		450,671
Suburban Propane Partners LP 7.500% due 10/01/18		275,000		296,313
The Southern Co 1.950% due 09/01/16		145,000		148,061
Wisconsin Electric Power Co 6.000% due 04/01/14		375,000		380,039

				6,197,117

Total Corporate Bonds & Notes (Cost $120,993,263)				121,906,681


MORTGAGE-BACKED SECURITIES - 19.3%

Collateralized Mortgage Obligations - Commercial - 4.2%

Banc of America Commercial Mortgage Trust 5.634% due 07/10/46 "		930,000		1,009,295
Banc of America Merrill Lynch Commercial Mortgage Inc 4.668% due 07/10/43 "		435,000		455,313


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities Trust 4.674% due 06/11/41 "		$146,958		$152,915
4.715% due 02/11/41 "		76,161		76,126
4.978% due 07/11/42 " §		605,310		615,717
5.116% due 02/11/41 " §		254,755		263,937
5.200% due 01/12/41 " §		168,464		168,475
5.201% due 12/11/38 "		195,000		213,259
5.540% due 09/11/41 "		175,000		190,986
Citigroup Commercial Mortgage Trust 1.102% due 11/10/46 "		350,000		349,231
5.376% due 04/15/40 " §		224,895		226,687
Commercial Mortgage Trust 1.156% due 12/10/44 "		57,200		57,383
5.167% due 06/10/44 " §		70,000		73,559
5.364% due 07/10/37 " §		48,711		49,030
5.820% due 07/10/38 " §		142,373		155,662
DBUBS Mortgage Trust 2.238% due 08/10/44 "		94,395		95,425
GS Mortgage Securities Trust 1.206% due 07/10/46 "		257,523		257,520
5.553% due 04/10/38 " §		320,000		344,823
JP Morgan Chase Commercial Mortgage Securities Trust 1.031% due 05/15/45 "		45,485		45,568
4.996% due 08/15/42 " §		400,000		423,577
5.357% due 06/12/41 " §		617,782		625,612
LB-UBS Commercial Mortgage Trust 4.954% due 09/15/30 "		74,583		77,955
5.858% due 06/15/38 " §		903,402		983,663
Merrill Lynch Countrywide Commercial Mortgage Trust 5.886% due 06/12/46 " §		645,000		705,175
Morgan Stanley Bank of America Merrill Lynch Trust 1.308% due 08/15/46 "		523,555		524,776
1.313% due 10/15/46 "		229,061		229,730
Morgan Stanley Capital I Trust 5.270% due 06/13/41 " §		495,352		501,871
5.731% due 07/12/44 " §		306,305		333,955
WFRBS Commercial Mortgage Trust 1.406% due 09/15/46 "		205,738		206,646
1.607% due 06/15/44 " ~		163,178		164,412

				9,578,286

Collateralized Mortgage Obligations - Residential - 4.5%

Alternative Loan Trust 2.554% due 12/25/34 " §		192,887		180,949
Deutsche Alt-A Securities Inc Mortgage Loan Trust 0.566% due 04/25/35 " §		235,523		206,242
DSLA Mortgage Loan Trust 1.006% due 09/19/44 " §		647,176		610,194
Fannie Mae 0.615% due 07/25/42 " §		791,741		791,142
5.000% due 08/25/19 "		260,068		275,073
Fosse Master Issuer PLC (United Kingdom) 1.646% due 10/18/54 " § ~		219,622		222,994
Freddie Mac 0.617% due 05/15/36 " §		53,714		54,033
0.617% due 09/15/42 " §		1,020,438		1,019,148
0.667% due 08/15/41 " §		299,343		301,449
0.667% due 07/15/42 " §		961,620		962,237
1.369% due 05/25/19 "		798,811		799,534
1.426% due 08/25/17 "		640,000		642,439
Government National Mortgage Association 0.617% due 07/16/42 " §		2,239,326		2,256,607
HarborView Mortgage Loan Trust 0.386% due 05/19/35 " §		138,867		122,126
Holmes Master Issuer PLC (United Kingdom) 1.894% due 10/15/54 " § ~		687,420		697,171


	Principal Amount		Value
JP Morgan Alternative Loan Trust 0.356% due 06/25/37 " §		$109,070		$99,917
Lanark Master Issuer PLC (United Kingdom) 0.738% due 12/22/54 " § ~		315,000		314,575
Silverstone Master Issuer PLC (United Kingdom) 1.792% due 01/21/55 " § ~		525,000		533,099
Structured Adjustable Rate Mortgage Loan Trust 2.486% due 11/25/34 " §		245,054		242,897

				10,331,823

Fannie Mae - 8.2%

1.935% due 01/01/35 " §		1,015,417		1,077,857
2.379% due 09/01/34 " §		660,964		705,235
2.485% due 11/01/34 " §		487,051		519,294
2.595% due 09/01/35 " §		857,436		927,131
3.000% due 01/01/27 "		1,377,689		1,407,947
3.500% due 12/01/25 "		234,170		245,470
3.500% due 01/01/26 "		398,769		418,042
3.500% due 01/01/26 "		32,953		34,545
3.500% due 01/01/26 "		235,394		246,766
3.500% due 03/01/26 "		501,710		525,870
3.500% due 11/01/26 "		424,841		445,287
3.500% due 12/01/26 "		197,395		206,965
3.500% due 01/01/27 "		477,741		500,746
4.000% due 07/01/25 "		201,546		213,969
4.000% due 04/01/26 "		1,723,069		1,829,281
4.000% due 09/01/26 "		412,229		437,698
4.000% due 03/01/41 "		1,086,666		1,121,398
4.000% due 10/01/41 "		543,769		561,154
4.500% due 04/01/26 "		205,857		219,517
4.500% due 07/01/26 "		1,043,020		1,111,862
5.000% due 07/01/19 "		223,018		237,998
5.000% due 01/01/20 "		2,008		2,141
5.000% due 02/01/24 "		1,071,962		1,158,695
5.000% due 09/01/25 "		329,201		355,974
5.000% due 06/01/33 "		250,568		273,491
5.000% due 06/01/40 "		82,474		90,031
5.000% due 07/01/41 "		241,047		266,405
5.500% due 01/01/35 "		1,278,797		1,409,465
5.500% due 10/01/35 "		270,790		298,170
5.500% due 01/01/36 "		430,861		474,613
5.500% due 08/01/37 "		55,474		61,097
5.500% due 08/01/37 "		405,370		446,437
5.500% due 09/01/38 "		430,096		472,963
5.500% due 12/01/39 "		151,004		166,031
6.000% due 11/01/35 "		302,815		336,765
6.000% due 09/01/39 "		55,332		61,340

				18,867,650

Freddie Mac - 0.9%

4.500% due 11/01/23 "		1,404,240		1,508,839
5.000% due 11/01/16 "		1,385		1,468
5.000% due 10/01/17 "		1,227		1,301
5.000% due 10/01/17 "		11,354		12,043
5.000% due 11/01/17 "		1,465		1,555
5.000% due 11/01/17 "		2,054		2,179
5.000% due 11/01/17 "		1,725		1,830
5.000% due 11/01/17 "		1,863		1,976
5.000% due 11/01/17 "		1,775		1,882
5.000% due 11/01/17 "		1,573		1,668
5.000% due 11/01/17 "		3,785		4,015
5.000% due 11/01/17 "		28,508		30,232
5.000% due 12/01/17 "		1,547		1,640
5.000% due 12/01/17 "		2,228		2,363
5.000% due 12/01/17 "		1,272		1,349
5.000% due 12/01/17 "		1,920		2,037
5.000% due 12/01/17 "		2,453		2,601
5.000% due 12/01/17 "		2,535		2,689
5.000% due 12/01/17 "		2,242		2,378
5.000% due 04/01/18 "		1,182		1,254


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
5.500% due 01/01/20 "		$17,099		$18,522
5.500% due 12/01/39 "		497,793		543,505

				2,147,326

Government National Mortgage Association - 1.5%

2.500% due 09/20/27 "		1,017,869		1,018,448
3.000% due 06/20/27 "		304,490		313,135
3.000% due 08/20/27 "		129,361		133,033
3.000% due 09/20/27 "		724,877		745,438
3.500% due 03/20/26 "		225,339		235,512
3.500% due 03/20/43 "		568,811		574,913
6.000% due 07/15/36 "		291,946		342,663

				3,363,142

Total Mortgage-Backed Securities (Cost $44,706,267)				44,288,227


ASSET-BACKED SECURITIES - 14.2%

Ally Auto Receivables Trust 0.930% due 02/16/16 "		102,981		103,269
3.150% due 10/15/18 " ~		135,000		139,601
Ally Master Owner Trust 0.967% due 02/15/17 " §		725,000		728,096
1.000% due 02/15/18 "		230,000		229,934
1.210% due 06/15/17 "		1,060,000		1,066,141
2.150% due 01/15/16 "		155,000		155,093
American Express Credit Account Master Trust 0.337% due 04/17/17 " §		315,000		315,202
0.990% due 03/15/18 "		440,000		441,485
1.070% due 05/15/18 " ~		100,000		100,537
1.290% due 03/15/18 " ~		500,000		501,007
AmeriCredit Automobile Receivables Trust 0.620% due 06/08/17 "		195,000		194,963
0.960% due 04/09/18 "		90,000		90,196
1.050% due 10/11/16 "		270,000		270,839
1.170% due 05/09/16 "		128,243		128,426
1.190% due 05/08/18 "		190,000		189,424
1.730% due 02/08/17 "		200,000		202,077
2.330% due 03/08/16 "		213,293		213,972
Bank of America Auto Trust 0.780% due 06/15/16 "		434,670		435,699
BMW Vehicle Lease Trust 0.540% due 09/21/15 "		440,000		440,214
Capital Auto Receivables Asset Trust 0.790% due 06/20/17 "		520,000		519,534
1.240% due 10/20/17 "		530,000		532,723
CarMax Auto Owner Trust 0.520% due 07/17/17 "		430,000		429,817
0.640% due 01/16/18 "		1,035,000		1,034,643
CIT Equipment Collateral 1.100% due 08/22/16 " ~		168,457		168,641
Citigroup Mortgage Loan Trust Inc 0.325% due 06/25/37 " §		290,552		272,300
CNH Equipment Trust 0.570% due 12/15/17 "		820,000		819,253
0.690% due 06/15/18 "		755,000		755,092
0.910% due 08/15/16 "		155,590		155,908
0.940% due 05/15/17 "		107,580		107,866
CNH Wholesale Master Note Trust 0.767% due 08/15/19 " § ~		270,000		270,539
Diamond Resorts Owner Trust 2.270% due 05/20/26 " ~		368,575		367,451
Enterprise Fleet Financing LLC 0.680% due 09/20/18 " ~		480,000		479,579
1.060% due 03/20/19 " ~		250,000		250,479
Ford Credit Auto Lease Trust 0.850% due 01/15/15 "		119,820		119,916
1.100% due 12/15/15 " ~		100,000		100,340
1.230% due 11/15/16 "		285,000		284,948


	Principal Amount		Value
1.500% due 03/15/17 " ~		$125,000		$125,507
1.510% due 08/15/17 "		195,000		194,971
Ford Credit Auto Owner Trust 4.050% due 10/15/16 "		100,000		102,046
Ford Credit Floorplan Master Owner Trust 0.740% due 09/15/16 "		555,000		555,772
0.790% due 06/15/17 "		540,000		541,672
4.200% due 02/15/17 " ~		365,000		379,757
4.990% due 02/15/17 " ~		260,000		270,139
GE Capital Credit Card Master Note Trust 1.030% due 01/15/18 "		535,000		536,613
5.750% due 03/15/18 " ~		100,000		105,388
GE Dealer Floorplan Master Note Trust 0.567% due 04/20/18 " §		515,000		515,630
0.607% due 10/20/17 " §		630,000		630,773
0.767% due 07/20/16 " §		270,000		270,398
GE Equipment Midticket LLC 0.780% due 09/22/20 "		410,000		409,828
GE Equipment Small Ticket LLC 1.040% due 09/21/15 " ~		135,000		135,436
GSAA Home Equity Trust 0.199% due 07/25/37 " §		560,652		483,080
0.446% due 10/25/35 " §		106,303		97,745
0.535% due 10/25/35 " §		585,000		546,653
GSAA Trust 0.595% due 06/25/35 " §		388,146		363,804
Honda Auto Receivables Owner Trust 0.560% due 05/15/16 "		1,030,000		1,031,443
0.770% due 01/15/16 "		605,652		607,100
HSI Asset Securitization Corp Trust 0.336% due 05/25/37 " §		244,792		226,692
Huntington Auto Trust 0.810% due 09/15/16 "		383,915		384,900
1.010% due 01/15/16 " ~		102,008		102,261
Hyundai Auto Receivables Trust 0.720% due 03/15/16 "		113,551		113,735
0.730% due 06/15/18 "		565,000		563,478
0.750% due 09/17/18 "		215,000		213,792
0.810% due 03/15/18 "		840,000		842,963
3.510% due 11/15/17 "		290,000		302,174
Mercedes-Benz Auto Lease Trust 0.620% due 07/15/16 "		520,000		519,711
0.720% due 12/17/18 "		240,000		240,184
0.880% due 11/17/14 "		104,155		104,219
1.070% due 11/15/17 "		180,000		180,240
Mercedes-Benz Auto Receivables Trust 1.220% due 12/15/17 "		680,000		682,370
Motor PLC (United Kingdom) 0.665% due 02/25/21 " § ~		412,500		412,901
1.286% due 02/25/20 " ~		250,000		251,122
MVW Owner Trust 2.150% due 04/22/30 " ~		108,985		109,405
Navistar Financial Dealer Note Master Trust 0.835% due 01/25/18 " § ~		535,000		535,260
0.845% due 09/25/18 " § ~		355,000		356,575
Nissan Auto Lease Trust 0.920% due 02/16/15 "		68,596		68,615
Nissan Auto Receivables Owner Trust 0.460% due 10/17/16 "		555,000		555,235
0.730% due 05/16/16 "		456,841		457,915
Sierra Timeshare Receivables Funding LLC 1.590% due 11/20/29 " ~		154,018		153,326
2.200% due 10/20/30 " ~		301,103		299,507
SMART Trust (Australia) 0.840% due 09/14/16 "		245,000		244,707
0.970% due 03/14/17 "		275,000		274,945
1.180% due 02/14/19 "		580,000		572,866
1.590% due 10/14/16 " ~		505,000		508,641
Toyota Auto Receivables Owner Trust 0.750% due 02/16/16 "		720,756		722,218


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Volkswagen Auto Loan Enhanced Trust 0.850% due 08/22/16 "		$195,521		$196,093
Wells Fargo Home Equity Trust 0.316% due 01/25/37 " §		290,561		265,024
Wheels SPV LLC 1.190% due 03/20/21 " ~		137,461		137,775
World Omni Auto Receivables Trust 0.640% due 02/15/17 "		865,000		866,812
World Omni Master Owner Trust 0.517% due 02/15/18 " § ~		655,000		655,598


Total Asset-Backed Securities (Cost $32,607,770)				32,640,218


U.S. GOVERNMENT AGENCY ISSUES - 3.7%

Fannie Mae 0.375% due 07/05/16		605,000		601,178
0.625% due 08/26/16		2,305,000		2,302,508
Federal Home Loan Bank 0.500% due 11/20/15		2,445,000		2,449,227
0.625% due 12/28/16		440,000		438,352
Freddie Mac 0.875% due 10/14/16		2,770,000		2,781,052


Total U.S. Government Agency Issues (Cost $8,560,127)				8,572,317


U.S. TREASURY OBLIGATIONS - 4.2%

U.S. Treasury Inflation Protected Securities - 3.4%

0.500% due 04/15/15 ^		1,454,990		1,488,124
2.000% due 07/15/14 ^ ‡		6,182,489		6,322,801

				7,810,925

U.S. Treasury Notes - 0.8%

0.625% due 11/15/16		1,720,000		1,714,759


Total U.S. Treasury Obligations (Cost $9,574,022)				9,525,684


	Principal Amount		Value
FOREIGN GOVERNMENT BONDS - 0.6%

Hazine Mustesarligi Varlik Kiralama AS (Turkey) 4.557% due 10/10/18 ~		$325,000		$320,938
Mexican Bonos (Mexico) 9.500% due 12/18/14		MXN 13,570,000		1,097,147


Total Foreign Government Bonds (Cost $1,404,986)				1,418,085


MUNICIPAL BONDS - 0.3%

State Board of Administration Finance Corp ‘A’ 1.298% due 07/01/16		$575,000		577,070


Total Municipal Bonds (Cost $575,000)				577,070

	Shares
SHORT-TERM INVESTMENT - 3.9%

Money Market Fund - 3.9%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		9,003,948		9,003,948


Total Short-Term Investment (Cost $9,003,948)				9,003,948


TOTAL INVESTMENTS - 99.4% (Cost $227,425,383)				227,932,230

OTHER ASSETS & LIABILITIES, NET - 0.6%				1,281,746


NET ASSETS - 100.0%				$229,213,976

Notes to Schedule of Investments

(a)	Open futures contracts outstanding as of December 31, 2013 were as follows:


Short Futures Outstanding	Number of Contracts		Unrealized Appreciation
U.S. 10-Year Deliverable Interest Rate Swap (03/14)		30		$41,721

(b)	As of December 31, 2013, an investment with a value of $102,270 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(c)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$121,906,681		$—		$121,906,681		$—
	Mortgage-Backed Securities		44,288,227		—		44,288,227		—
	Asset-Backed Securities		32,640,218		—		31,291,400		1,348,818
	U.S. Government Agency Issues		8,572,317		—		8,572,317		—
	U.S. Treasury Obligations		9,525,684		—		9,525,684		—
	Foreign Government Bonds		1,418,085		—		1,418,085		—
	Municipal Bonds		577,070		—		577,070		—
	Short-Term Investment		9,003,948		9,003,948		—		—
	Derivatives:
	Interest Rate Contracts
	Futures		41,721		41,721		—		—

	Total Assets		$227,973,951		$9,045,669		$217,579,464		$1,348,818


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 73.9%

Consumer Discretionary - 11.0%

D.R. Horton Inc 3.625% due 02/15/18		$750,000		$764,062
DIRECTV Holdings LLC 3.125% due 02/15/16		1,000,000		1,040,700
DISH DBS Corp 4.250% due 04/01/18		250,000		255,625
4.625% due 07/15/17		200,000		210,000
General Motors Co 3.500% due 10/02/18		1,250,000		1,284,375
GLP Capital LP 4.375% due 11/01/18		750,000		768,750
Kia Motors Corp (South Korea) 3.625% due 06/14/16 ~		1,000,000		1,044,910
NBCUniversal Enterprise Inc 0.929% due 04/15/18 ~ §		1,500,000		1,507,072
Toll Brothers Finance Corp 4.000% due 12/31/18		350,000		357,000
Viacom Inc 2.500% due 12/15/16		750,000		776,134
Virgin Media Secured Finance PLC (United Kingdom) 6.500% due 01/15/18		250,000		259,688
Wyndham Worldwide Corp 2.500% due 03/01/18		750,000		747,849

				9,016,165

Consumer Staples - 0.9%

Sun Merger Sub Inc 5.250% due 08/01/18 ~		250,000		262,500
Wm Wrigley Jr Co 2.400% due 10/21/18		500,000		497,235

				759,735

Energy - 8.7%

Cameron International Corp 1.150% due 12/15/16		1,000,000		997,337
Devon Energy Corp 1.200% due 12/15/16		500,000		500,112
Harvest Operations Corp (Canada) 2.125% due 05/14/18 ~		500,000		487,802
Kinder Morgan Energy Partners LP 2.650% due 02/01/19		1,000,000		989,537
Korea National Oil Corp (South Korea) 3.125% due 04/03/17 ~		500,000		516,024
Nabors Industries Inc 2.350% due 09/15/16 ~		750,000		757,997
Petrobras Global Finance BV (Netherlands) 3.000% due 01/15/19		1,000,000		937,836
Pioneer Natural Resources Co 5.875% due 07/15/16		350,000		388,457
Spectra Energy Partners LP 2.950% due 09/25/18		500,000		507,106
Transocean Inc (Cayman) 2.500% due 10/15/17		500,000		505,542
Whiting Petroleum Corp 5.000% due 03/15/19		500,000		513,750

				7,101,500

Financials - 28.9%

Ally Financial Inc 4.750% due 09/10/18		500,000		525,000
American International Group Inc 2.375% due 08/24/15		1,000,000		1,021,852
Bank of America Corp 1.316% due 03/22/18 §		500,000		507,160


	Principal Amount		Value
Bank of America NA 5.300% due 03/15/17		$1,000,000		$1,102,662
Berkshire Hathaway Inc 1.550% due 02/09/18		500,000		494,634
Capital One Financial Corp 2.150% due 03/23/15		750,000		762,666
Citigroup Inc 1.250% due 01/15/16		1,000,000		1,003,767
Commonwealth Bank of Australia (Australia) 1.950% due 03/16/15		250,000		254,254
Daimler Finance North America LLC 1.650% due 04/10/15 ~		1,000,000		1,008,062
Export-Import Bank of Korea (South Korea) 1.250% due 11/20/15		500,000		502,791
Fifth Third Bank 1.150% due 11/18/16		500,000		499,968
Ford Motor Credit Co LLC 3.000% due 06/12/17		1,500,000		1,559,662
General Electric Capital Corp 0.956% due 04/02/18 §		1,000,000		1,008,981
ING US Inc 2.900% due 02/15/18		1,000,000		1,023,318
JPMorgan Chase & Co 1.100% due 10/15/15		1,500,000		1,506,384
Metropolitan Life Global Funding I 1.500% due 01/10/18 ~		750,000		729,832
Morgan Stanley 1.750% due 02/25/16		1,000,000		1,013,900
2.125% due 04/25/18		500,000		495,960
PNC Bank NA 1.300% due 10/03/16		1,000,000		1,005,968
The Bank of New York Mellon Corp 2.100% due 01/15/19		1,000,000		991,833
The Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) 2.350% due 02/23/17		1,000,000		1,015,392
The Goldman Sachs Group Inc 1.341% due 11/15/18		1,500,000		1,505,289
The Huntington National Bank 1.300% due 11/20/16		1,000,000		1,000,781
1.350% due 08/02/16		500,000		500,097
The Korea Development Bank (South Korea) 1.000% due 01/22/16		500,000		496,453
Union Bank NA 1.500% due 09/26/16		1,000,000		1,011,921
Ventas Realty LP 1.550% due 09/26/16		1,000,000		1,007,695

				23,556,282

Health Care - 1.7%

Mylan Inc 1.800% due 06/24/16 ~		1,000,000		1,020,074
Valeant Pharmaceuticals International 6.750% due 08/15/18 ~		350,000		386,313

				1,406,387

Industrials - 8.4%

Air Lease Corp 3.375% due 01/15/19		1,500,000		1,507,500
British Airways Pass Through Trust ‘B’ (United Kingdom) 5.625% due 12/20/21 ~		450,000		470,250
Delta Air Lines Pass Through Trust ‘A’ 4.750% due 11/07/21		929,930		995,025
ERAC USA Finance LLC 1.400% due 04/15/16 ~		750,000		750,967
GATX Corp 2.500% due 03/15/19		500,000		496,076
International Lease Finance Corp 3.875% due 04/15/18		250,000		251,094
5.650% due 06/01/14		250,000		255,000


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Penske Truck Leasing Co LP 2.500% due 03/15/16 ~		$1,000,000		$1,025,007
United Continental Holdings Inc 6.375% due 06/01/18		250,000		261,875
United Rentals North America Inc 5.750% due 07/15/18		750,000		805,312

				6,818,106

Information Technology - 1.2%

Arrow Electronics Inc 3.000% due 03/01/18		1,000,000		1,001,038


Materials - 5.3%

Alphabet Holding Co Inc 7.750% PIK due 11/01/17		200,000		206,625
ArcelorMittal (Luxembourg) 4.250% due 02/25/15		850,000		875,500
Cliffs Natural Resources Inc 3.950% due 01/15/18		500,000		505,148
FMG Resources Property Ltd (Australia) 6.000% due 04/01/17 ~		500,000		533,750
Freeport-McMoRan Copper & Gold Inc 1.400% due 02/13/15		1,000,000		1,005,858
Glencore Funding LLC 2.500% due 01/15/19 ~		1,000,000		968,927
INEOS Group Holdings SA (Luxembourg) 6.125% due 08/15/18 ~		200,000		201,500

				4,297,308

Telecommunication Services - 5.3%

America Movil SAB de CV (Mexico) 1.244% due 09/12/16 §		1,000,000		1,011,042
AT&T Inc 0.800% due 12/01/15		500,000		498,971
1.146% due 11/27/18 §		1,000,000		1,008,817
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20		250,000		274,688
Verizon Communications Inc 1.993% due 09/14/18 §		1,000,000		1,052,679
2.500% due 09/15/16		500,000		517,319

				4,363,516

Utilities - 2.5%

Duke Energy Corp 1.625% due 08/15/17		1,000,000		994,147
The Dayton Power & Light Co 1.875% due 09/15/16 ~		1,000,000		1,008,761

				2,002,908

Total Corporate Bonds & Notes (Cost $59,897,733)				60,322,945


MORTGAGE-BACKED SECURITIES - 0.3%

Collateralized Mortgage Obligations - Commercial - 0.3%

Hilton USA Trust 2.069% due 11/05/30 " § ~		250,000		250,348


Total Mortgage-Backed Securities (Cost $250,000)				250,348


SENIOR LOAN NOTES - 18.2%

Consumer Discretionary - 3.0%

Charter Communications Operating LLC Term F 3.000% due 12/31/20 §		497,500		493,893
Hilton Worldwide 3.500% due 10/25/20 §		473,684		478,026


	Principal Amount		Value
Las Vegas Sands LLC Term B due 12/18/20 ^µ		$500,000		$500,078
Seminole Tribe of Florida 3.000% due 04/29/20 §		947,500		948,827

				2,420,824

Consumer Staples - 0.3%

Reynolds Group Holdings 4.000% due 12/01/18 §		247,500		249,975



Energy - 1.8%

Chesapeake Energy Corp 5.750% due 12/02/17 §		500,000		511,250
EP Energy LLC Tranche B-3 3.500% due 05/24/18 §		166,667		166,920
Husky Injection Molding Systems Ltd due 10/28/20 ^µ		750,000		756,269

				1,434,439

Financials - 0.1%

Stockbridge/SBE Holdings LLC Tranche B 13.000% due 05/02/17 §		108,333		119,708


Health Care - 2.5%

Fresenius US Finance I Inc Tranche B 2.247% due 08/07/19 §		997,500		999,241
Valeant Pharmaceuticals International Inc Series C-2 Tranche B 3.750% due 12/11/19 §		246,875		249,013
Series E Tranche B 4.500% due 08/05/20 §		744,375		750,191

				1,998,445

Industrials - 3.9%

Accudyne Industries LLC 4.000% due 12/13/19 §		487,537		488,528
AWAS Finance Luxembourg SARL 3.500% due 06/10/16 §		468,242		469,412
CSC Holdings LLC Term B 2.669% due 04/17/20 §		995,000		986,738
Flying Fortress Inc 3.500% due 06/30/17 §		208,333		208,984
MRC Global 5.000% due 11/08/19 §		399,000		404,611
Sensata Technologies B.V. due 05/10/18 ^µ Term B 3.250% due 05/10/18 §		99,750 400,000		100,748 404,000
WESCO Distribution Inc Tranche B-1 3.750% due 12/12/19 §		125,134		125,995

				3,189,016

Information Technology - 3.1%

Activision Blizzard Inc 3.250% due 10/12/20 §		997,500		1,005,245
Dell Inc. Term B 4.500% due 04/29/20 §		500,000		501,875
Freescale Semiconductor Inc Tranche B-5 5.000% due 01/15/21 §		498,750		505,242
Infor (US) Inc Tranche B-2 5.250% due 04/05/18 §		498,611		499,130

				2,511,492


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SHORT DURATION INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Materials - 1.5%

FMG Resources Property Ltd 4.250% due 06/30/19 §		$992,513		$1,007,607
Tronox Inc Term B 4.500% due 03/19/19 §		248,750		252,326

				1,259,933

Telecommunication Services - 1.5%

Telesat Canada Term B-2 3.500% due 03/28/19 §		246,881		248,219
Windstream Corp Tranche B-4 3.500% due 01/23/20 §		741,244		744,255
Tranche B-5 3.500% due 08/26/19 §		247,500		248,272

				1,240,746

Utilities - 0.5%

NRG Energy Inc 2.750% due 07/01/18 §		397,000		396,614


Total Senior Loan Notes (Cost $14,723,885)				14,821,192


U.S. TREASURY OBLIGATIONS - 2.0%

U.S. Treasury Bonds - 1.2%

0.625% due 12/15/16		1,000,000		995,898


	Principal Amount		Value
U.S. Treasury Notes - 0.8%

0.250% due 02/28/15		$500,000		$500,352
0.875% due 11/30/16		175,000		175,574


Total U.S. Treasury Obligations (Cost $1,671,442)				1,671,824

	Shares
SHORT-TERM INVESTMENT - 4.5%

Money Market Fund - 4.5%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,639,056		3,639,056


Total Short-Term Investment (Cost $3,639,056)				3,639,056


TOTAL INVESTMENTS - 98.9% (Cost $80,182,116)				80,705,365

OTHER ASSETS & LIABILITIES, NET - 1.1%				874,958


NET ASSETS - 100.0%				$81,580,323

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$60,322,945		$—		$58,857,670		$1,465,275
	Mortgage-Backed Securities		250,348		—		250,348		—
	Senior Loan Notes		14,821,192		—		14,821,192		—
	U.S. Treasury Obligations		1,671,824		—		1,671,824		—
	Short-Term Investment		3,639,056		3,639,056		—		—

	Total		$80,705,365		$3,639,056		$75,601,034		$1,465,275

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 1D in Supplemental Notes to Schedules of Investments) for the nine-month period ended December 31, 2013:


	Corporate Bonds & Notes
Value, Beginning of Period		$811,875
Purchases		726,750
Sales (Includes Paydowns)		(70,071	)
Accrued Discounts (Premiums)		(5,880	)
Net Realized Gains (Losses)		—
Change in Net Unrealized Appreciation		2,601
Transfers In		—
Transfers Out		—

Value, End of Period3		$1,465,275

Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Period, if Applicable		$2,601

The significant unobservable inputs were provided by a vendor-priced single broker quote.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 67.7%

Consumer Discretionary - 10.4%

Advance Auto Parts Inc 4.500% due 12/01/23		$2,500,000		$2,499,665
Cedar Fair LP 5.250% due 03/15/21		4,000,000		3,970,000
DIRECTV Holdings LLC 2.400% due 03/15/17		2,000,000		2,036,960
Ford Motor Co 4.750% due 01/15/43		1,500,000		1,353,126
General Motors Co 6.250% due 10/02/43 ~		1,150,000		1,200,313
GLP Capital LP 4.875% due 11/01/20 ~		2,750,000		2,756,875
Kia Motors Corp (South Korea) 3.625% due 06/14/16 ~		3,000,000		3,134,730
MDC Holdings Inc 6.000% due 01/15/43		2,500,000		2,157,343
MGM Resorts International 6.750% due 10/01/20		3,500,000		3,753,750
PNK Finance Corp 6.375% due 08/01/21 ~		3,000,000		3,082,500
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		3,500,000		3,430,000
Standard Pacific Corp 6.250% due 12/15/21		3,900,000		4,070,625
Toll Brothers Finance Corp 4.375% due 04/15/23		2,500,000		2,331,250
Virgin Media Secured Finance PLC (United Kingdom) 5.375% due 04/15/21 ~		4,500,000		4,522,500
Wyndham Worldwide Corp 2.950% due 03/01/17		4,000,000		4,058,596

				44,358,233

Consumer Staples - 1.0%

Reynolds Group Issuer Inc 5.750% due 10/15/20		4,000,000		4,100,000


Energy - 8.1%

Cimarex Energy Co 5.875% due 05/01/22		3,000,000		3,195,000
DCP Midstream Operating LP 3.875% due 03/15/23		4,000,000		3,684,704
Kinder Morgan Inc 5.000% due 02/15/21 ~		2,000,000		1,977,584
Korea National Oil Corp (South Korea) 3.125% due 04/03/17 ~		4,000,000		4,128,188
Origin Energy Finance Ltd (Australia) 3.500% due 10/09/18 ~		1,800,000		1,809,949
Petrobras Global Finance BV (Netherlands) 4.375% due 05/20/23		3,000,000		2,698,587
Petrobras International Finance Co (Cayman) 5.375% due 01/27/21		3,000,000		2,988,615
Sabine Pass Liquefaction LLC 5.625% due 02/01/21 ~		3,250,000		3,193,125
Samson Investment Co 10.500% due 02/15/20 ~		2,000,000		2,190,000
The Williams Cos Inc 3.700% due 01/15/23		5,000,000		4,365,495
Transocean Inc (Cayman) 2.500% due 10/15/17		4,500,000		4,549,874

				34,781,121


	Principal Amount		Value
Financials - 19.6%

Bank of America Corp 1.316% due 03/22/18 §		$4,500,000		$4,564,440
Bank of America NA 5.300% due 03/15/17		8,200,000		9,041,828
Berkshire Hathaway Finance Corp 1.600% due 05/15/17		6,000,000		6,060,528
Carlyle Holdings Finance LLC 3.875% due 02/01/23 ~		4,000,000		3,822,076
CBL & Associates LP REIT 5.250% due 12/01/23		3,000,000		2,997,036
Columbia Property Trust Operating Partnership LP REIT 5.875% due 04/01/18		750,000		790,191
Duke Realty LP REIT 4.375% due 06/15/22		5,250,000		5,205,060
Export-Import Bank of Korea (South Korea) 1.250% due 11/20/15		2,000,000		2,011,164
Ford Motor Credit Co LLC 4.250% due 09/20/22		5,000,000		5,024,605
General Electric Capital Corp 0.956% due 04/02/18 §		3,000,000		3,026,943
Genworth Holdings Inc 4.900% due 08/15/23		3,600,000		3,599,435
Health Care REIT Inc 3.750% due 03/15/23		5,000,000		4,701,315
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		1,750,000		1,623,150
ING US Inc 2.900% due 02/15/18		4,000,000		4,093,272
Kilroy Realty LP REIT 3.800% due 01/15/23		5,000,000		4,664,335
Liberty Mutual Group Inc 4.950% due 05/01/22		4,500,000		4,654,467
Morgan Stanley 5.000% due 11/24/25		2,000,000		2,006,778
Neuberger Berman Group LLC 5.625% due 03/15/20 ~		2,000,000		2,110,000
Prudential Financial Inc 5.200% due 03/15/44 §		3,000,000		2,917,500
Raymond James Financial Inc 5.625% due 04/01/24		4,000,000		4,197,756
Vornado Realty LP REIT 5.000% due 01/15/22		4,000,000		4,160,516
WEA Finance LLC 3.375% due 10/03/22 ~		2,500,000		2,367,525

				83,639,920

Health Care - 1.1%

HCA Inc 6.500% due 02/15/20		3,000,000		3,303,750
Hospira Inc 5.800% due 08/12/23		1,350,000		1,394,959

				4,698,709

Industrials - 12.9%

Air Canada Pass Through Trust ‘A’ (Canada) 4.125% due 05/15/25 ~		4,000,000		3,900,000
Air Lease Corp 3.375% due 01/15/19		5,500,000		5,527,500
British Airways Pass Through Trust ‘A’ (United Kingdom) 4.625% due 06/20/24 ~		3,000,000		3,067,500
British Airways Pass Through Trust ‘B’ (United Kingdom) 5.625% due 12/20/21 ~		3,200,000		3,344,000
Continental Airlines Pass Through Trust ‘A’ 4.000% due 04/29/26		5,000,000		4,975,000


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Delta Air Lines Pass-Through Trust ‘A’
4.750% due 11/07/21		$7,439,437		$7,960,197
4.950% due 11/23/20		1,122,690		1,216,364
Hawaiian Airlines Pass Through Certificates ‘A’ 3.900% due 01/15/26		2,000,000		1,858,750
International Lease Finance Corp 7.125% due 09/01/18 ~		1,000,000		1,162,500
Owens Corning 4.200% due 12/15/22		4,000,000		3,820,976
Penske Truck Leasing Co LP 4.250% due 01/17/23 ~		3,500,000		3,409,851
The ADT Corp 6.250% due 10/15/21 ~		2,000,000		2,102,500
United Continental Holdings Inc 6.375% due 06/01/18		2,500,000		2,618,750
US Airways Pass Through Trust ‘A’ 4.625% due 12/03/26		5,730,266		5,816,219
Virgin Australia Trust (Australia) 5.000% due 10/23/23 ~		4,000,000		4,130,000

				54,910,107

Materials - 10.5%

Alphabet Holding Co Inc 7.750% PIK due 11/01/17		2,200,000		2,272,875
ArcelorMittal (Luxembourg) 6.000% due 03/01/21		3,025,000		3,221,625
Barrick Gold Corp (Canada) 3.850% due 04/01/22		3,000,000		2,702,724
Domtar Corp 4.400% due 04/01/22		2,000,000		1,943,224
Freeport-McMoRan Copper & Gold Inc 3.550% due 03/01/22		8,000,000		7,605,576
Glencore Funding LLC
2.500% due 01/15/19 ~		2,000,000		1,937,854
4.125% due 05/30/23 ~		6,000,000		5,609,004
Packaging Corp of America 4.500% due 11/01/23		3,000,000		3,008,943
Reliance Steel & Aluminum Co 4.500% due 04/15/23		4,850,000		4,759,053
Samarco Mineracao SA (Brazil)
4.125% due 11/01/22 ~		1,000,000		902,500
5.750% due 10/24/23 ~		3,000,000		2,977,500
Sealed Air Corp 8.375% due 09/15/21 ~		2,000,000		2,280,000
Southern Copper Corp 5.250% due 11/08/42		2,000,000		1,626,926
Tronox Finance LLC 6.375% due 08/15/20		2,000,000		2,050,000
Vale SA (Brazil) 5.625% due 09/11/42		2,000,000		1,819,850

				44,717,654

Telecommunication Services - 2.7%

CC Holdings GS V LLC 3.849% due 04/15/23		3,350,000		3,137,017
Hughes Satellite Systems Corp 6.500% due 06/15/19		2,500,000		2,718,750
T-Mobile USA Inc 6.542% due 04/28/20		250,000		267,188
Verizon Communications Inc 5.150% due 09/15/23		5,000,000		5,370,300

				11,493,255


	Principal Amount		Value
Utilities - 1.4%

Jersey Central Power & Light Co 4.700% due 04/01/24 ~		$3,000,000		$2,970,462
NRG Energy Inc 6.625% due 03/15/23		3,000,000		3,037,500

				6,007,962

Total Corporate Bonds & Notes (Cost $291,534,651)				288,706,961


MORTGAGE-BACKED SECURITIES - 0.4%

Collateralized Mortgage Obligation - Commercial - 0.4%

Hilton USA Trust 2.918% due 11/05/30 “ § ~		1,500,000		1,502,806


Total Mortgage-Backed Securities (Cost $1,500,000)				1,502,806


SENIOR LOAN NOTES - 22.8%

Consumer Discretionary - 5.1%

Acosta Inc Term B 4.250% due 03/03/18 §		1,741,884		1,755,765
Caesars Entertainment Resort Properties LLC Term B 7.000% due 06/11/20 §		3,000,000		2,988,750
ClubCorp Club Operation Inc 4.000% due 07/24/20 §		1,421,014		1,435,224
Hilton Worldwide Term B 3.500% due 10/25/20 §		1,973,684		1,991,777
Las Vegas Sands LLC (Term B ) due 12/18/20 ^µ		3,000,000		3,000,468
Seminole Tribe of Florida 3.000% due 04/29/20 §		4,418,394		4,424,580
Seven Sea Cruises S. DE R.L. Term B-1 4.750% due 12/21/18 §		1,975,000		2,002,156
The Goodyear Tire & Rubber Co (2nd Lien) 4.750% due 04/30/19 §		2,000,000		2,023,126
Tribune Co due 12/27/20 ^µ		2,100,000		2,093,656

				21,715,502

Consumer Staples - 2.4%

Albertson’s LLC Term B-2 4.750% due 03/21/19 §		1,973,417		1,988,205
BJ’s Wholesale Club Inc (1st Lien) 4.500% due 09/26/19 §		2,970,056		2,992,067
Del Monte Foods Co Term B 4.000% due 02/15/18 §		2,006,239		2,014,293
Smart & Final Inc (1st Lien) due 11/15/19 ^µ		2,000,000		2,001,750
Sprouts Farmers Markets Holdings LLC 4.000% due 04/23/20 §		1,356,429		1,361,515

				10,357,830

Energy - 0.8%

Moxie Patriot LLC due 12/19/20 ^µ		1,000,000		1,025,000
Samson Investment Co Tranche I (2nd Lien) 4.000% due 09/25/18 §		1,500,000		1,507,969
due 09/25/18 ^µ		1,000,000		1,005,000

				3,537,969


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Financials - 2.8%

Amwins Group (1st Lien) 5.000% due 09/06/19 §		$2,993,938		$3,013,399
First Data Corp Term B 4.160% due 09/24/18 §		2,500,000		2,506,422
HUB International Ltd Term B 4.750% due 10/02/20 §		1,995,000		2,025,340
Realogy Corp Term B 4.500% due 02/12/20 §		1,488,750		1,506,197
Stockbridge/SBE Holdings LLC Tranche B 13.000% due 05/02/17 §		2,416,667		2,670,417

				11,721,775

Health Care - 2.2%

Fresenius US Finance I Inc Tranche B
due 08/07/19 ^µ		3,000,000		3,005,235
2.247% due 08/07/19 §		1,496,250		1,498,861
Salix Pharmaceuticals Ltd due 12/17/19 ^µ		1,450,000		1,465,708
Valeant Pharmaceuticals International Series C-2 Tranche B 3.750% due 12/11/19 §		3,456,250		3,486,185

				9,455,989

Industrials - 4.3%

Accudyne Industries LLC 4.000% due 12/31/19 §		2,925,224		2,931,165
AlixPartners LLP 5.000% due 07/10/20 §		1,955,299		1,970,453
CSC Holdings LLC Term B 2.670% due 04/17/20 §		4,477,500		4,440,319
MRC Global 5.000% due 11/08/19 §		997,500		1,011,528
Rexnord LLC Term B 4.000% due 08/21/20 §		2,992,500		3,003,087
Sensata Technologies BV
due 05/12/19 ^µ		1,700,000		1,717,000
Term B
3.250% due 05/10/18 §		299,250		302,242
Air Distribution Technologies Inc (1st Lien) 4.250% due 11/09/18 §		2,970,056		2,987,381

				18,363,175

Information Technology - 1.3%

Activision Blizzard Inc 3.250% due 10/12/20 §		2,992,500		3,015,734
BMC Software Finance Inc 5.000% due 09/10/20 §		1,500,000		1,509,934
Excelitas Technologies Corp Term Loan B 6.000% due 11/02/20 §		986,920		996,790

				5,522,458

Materials - 1.6%

FMG Resources Property Ltd
due 06/30/19 ^µ		3,000,000		3,045,624
4.250% due 06/30/19 §		1,975,050		2,005,087
Polymer Group Inc due 12/16/20 ^µ		1,500,000		1,511,250

				6,561,961

Telecommunication Services - 2.1%

Cricket Communications Inc 4.750% due 10/01/19 §		2,475,000		2,486,343
Level 3 Financing Inc
Tranche B
4.000% due 01/15/20 §		2,500,000		2,521,250
Tranche B-III
4.000% due 08/02/19 §		2,500,000		2,518,437
Windstream Corp Tranche B-5 3.500% due 08/26/19 §		1,436,250		1,442,086

				8,968,116


	Principal Amount		Value
Utilities - 0.2%

Raven Power Finance LLC due 12/19/20 ^µ		$1,000,000		$1,002,500


Total Senior Loan Notes (Cost $96,527,485)				97,207,275


U.S. TREASURY OBLIGATIONS - 5.6%

U.S. Treasury Bonds - 0.8%

3.125% due 02/15/43		4,000,000		3,411,248


U.S. Treasury Notes - 4.8%

0.250% due 02/28/15		5,000,000		5,003,515
0.375% due 04/15/15		5,000,000		5,011,720
0.375% due 06/30/15		5,000,000		5,010,740
0.625% due 10/15/16		2,000,000		1,996,328
1.375% due 07/31/18		2,500,000		2,476,465
1.375% due 09/30/18		1,000,000		987,305

				20,486,073

Total U.S. Treasury Obligations (Cost $24,046,443)				23,897,321


FOREIGN GOVERNMENT BONDS & NOTES - 2.9%

Chile Government International Bond (Chile) 2.250% due 10/30/22		4,000,000		3,570,000
Mexico Government International Bond (Mexico) 3.625% due 03/15/22		2,000,000		2,005,000
Province of Ontario (Canada) 1.650% due 09/27/19		3,000,000		2,880,243
Republic of Korea (South Korea) 3.875% due 09/11/23		4,000,000		4,069,348

				12,524,591

Total Foreign Government Bonds & Notes (Cost $12,695,189)				12,524,591


	Shares

SHORT-TERM INVESTMENT - 2.2%

Money Market Fund - 2.2%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		9,347,418		9,347,418


Total Short-Term Investment (Cost $9,347,418)				9,347,418


TOTAL INVESTMENTS - 101.6% (Cost $435,651,186)				433,186,372

OTHER ASSETS & LIABILITIES, NET - (1.6%)				(6,665,672	)


NET ASSETS - 100.0%				$426,520,700

Notes to Schedule of Investments

(a)	Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $60,606 or less than 0.1% of net assets as of December 31, 2013, which could be extended at the option of the borrower:

Borrower

Unfunded Loan

Commitment

Value

Unrealized

Appreciation

Excelitas Technologies Corp

$60,606

$61,212

$1,212


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$288,706,961		$—		$255,514,045		$33,192,916
	Senior Loan Notes		97,207,275		—		97,207,275		—
	Mortgage-Backed Securities		1,502,806		—		1,502,806		—
	U.S. Treasury Obligations		23,897,321		—		23,897,321		—
	Foreign Government Bonds & Notes		12,524,591		—		12,524,591		—
	Short-Term Investment		9,347,418		9,347,418		—		—
	Unfunded Loan Commitment		1,212		—		1,212		—

	Total		$433,187,584		$9,347,418		$390,647,250		$33,192,916


	Corporate Bonds & Notes
Value, Beginning of Period		$15,838,938
Purchases		21,118,336
Sales (Includes Paydowns)		(3,439,673	)
Accrued Discounts (Premiums)		(37,130	)
Net Realized Losses		(45,055	)
Change in Net Unrealized Depreciation		(242,500	)
Transfers In		—
Transfers Out		—

Value, End of Period		$33,192,916

Change in Net Unrealized Depreciation on Level 3 Investments Held at the End of Period, if Applicable		($210,435	)

The significant unobservable inputs were provided by a vendor-priced single broker quote.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL STRATEGIC INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%

Energy - 0.3%

Halcon Resources Corp 5.750%		200		$161,332


Total Convertible Preferred Stocks (Cost $200,000)				161,332


COMMON STOCKS - 4.4%

Consumer Discretionary - 1.6%

Cedar Fair LP		2,500		123,950
Ford Motor Co		6,380		98,443
L Brands Inc		1,900		117,515
Las Vegas Sands Corp		2,275		179,429
Lennar Corp ‘A’		2,825		111,757
MGM Resorts International *		6,100		143,472
Standard Pacific Corp *		11,500		104,075

				878,641

Energy - 0.2%

Concho Resources Inc *		975		105,300
Halcon Resources Corp *		1,185		4,573

				109,873

Health Care - 0.2%

HCA Holdings Inc *		2,500		119,275


Industrials - 0.8%

Ply Gem Holdings Inc *		7,000		126,210
The ADT Corp		1,610		65,157
The Boeing Co		725		98,955
United Rentals Inc *		1,875		146,156

				436,478

Information Technology - 0.4%

CDW Corp		4,350		101,616
CommScope Holding Co Inc *		6,100		115,412

				217,028

Materials - 0.8%

Freeport-McMoRan Copper & Gold Inc		3,100		116,994
Louisiana-Pacific Corp *		5,800		107,358
Rock Tenn Co ‘A’		1,700		178,517

				402,869

Telecommunication Services - 0.2%

Intelsat SA (Luxembourg) *		4,680		105,487


Utilities - 0.2%

NRG Energy Inc		3,500		100,520


Total Common Stocks (Cost $1,954,960)				2,370,171


	Principal Amount

CORPORATE BONDS & NOTES - 75.6%

Consumer Discretionary - 12.3%

Advance Auto Parts Inc 4.500% due 12/01/23		$500,000		499,933
American Axle & Manufacturing Inc 5.125% due 02/15/19		250,000		258,125


	Principal Amount		Value
Beazer Homes USA Inc
7.250% due 02/01/23		$400,000		$402,000
7.500% due 09/15/21 ~		150,000		156,000
9.125% due 06/15/18		250,000		268,750
Boyd Gaming Corp 9.000% due 07/01/20		250,000		275,000
Caesars Entertainment Operating Co Inc
9.000% due 02/15/20		100,000		97,750
11.250% due 06/01/17		100,000		102,000
Caesars Entertainment Resort Properties LLC
8.000% due 10/01/20 ~		100,000		104,500
11.000% due 10/01/21 ~		100,000		103,000
Cedar Fair LP 5.250% due 03/15/21		300,000		297,750
GLP Capital LP 4.875% due 11/01/20 ~		200,000		200,500
Hilton Worldwide Finance LLC 5.625% due 10/15/21 ~		250,000		259,844
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		300,000		315,375
Landry’s Holdings II Inc 10.250% due 01/01/18 ~		250,000		266,563
Landry’s Inc 9.375% due 05/01/20 ~		100,000		109,500
MGM Resorts International 6.750% due 10/01/20		350,000		375,375
Neiman Marcus Group Ltd Inc
8.000% due 10/15/21 ~		50,000		52,500
8.750% PIK due 10/15/21 ~		400,000		421,000
NPC International Inc 10.500% due 01/15/20		250,000		290,000
Penn National Gaming Inc 5.875% due 11/01/21 ~		150,000		148,500
Pinnacle Entertainment Inc 7.750% due 04/01/22		150,000		164,250
PNK Finance Corp 6.375% due 08/01/21 ~		100,000		102,750
ServiceMaster Co 8.000% due 02/15/20		350,000		358,750
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		450,000		441,000
Standard Pacific Corp 6.250% due 12/15/21		250,000		260,938
Wyndham Worldwide Corp 3.900% due 03/01/23		350,000		329,799

				6,661,452

Consumer Staples - 2.8%

Beverages & More Inc 10.000% due 11/15/18 ~		350,000		353,938
JBS Investments GmbH (Austria) 7.750% due 10/28/20 ~		200,000		203,000
JBS USA LLC 7.250% due 06/01/21 ~		250,000		261,250
Reynolds Group Issuer Inc 9.875% due 08/15/19		200,000		223,500
Roundy’s Supermarkets Inc 10.250% due 12/15/20 ~		250,000		256,250
Sun Merger Sub Inc 5.875% due 08/01/21 ~		200,000		205,500

				1,503,438

Energy - 12.2%

Arch Coal Inc 7.250% due 10/01/20		200,000		157,000
Atlas Pipeline Partners LP 6.625% due 10/01/20		200,000		210,000
Basic Energy Services Inc 7.750% due 02/15/19		300,000		315,000


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL STRATEGIC INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Crestwood Midstream Partners LP 6.125% due 03/01/22 ~		$250,000		$257,500
EP Energy LLC
7.750% due 09/01/22		200,000		225,000
9.375% due 05/01/20		100,000		115,875
EV Energy Partners LP 8.000% due 04/15/19		300,000		303,000
Halcon Resources Corp 8.875% due 05/15/21		350,000		355,250
Hercules Offshore Inc 7.500% due 10/01/21 ~		150,000		159,750
Hiland Partners LP 7.250% due 10/01/20 ~		300,000		323,250
Kinder Morgan Inc 5.000% due 02/15/21 ~		300,000		296,638
Linn Energy LLC
7.000% due 11/01/19 ~		400,000		406,000
7.750% due 02/01/21		250,000		265,625
MEG Energy Corp (Canada)
6.375% due 01/30/23 ~		100,000		101,125
6.500% due 03/15/21 ~		150,000		158,625
Peabody Energy Corp 6.000% due 11/15/18		250,000		267,500
Petrobras Global Finance BV (Netherlands) 4.375% due 05/20/23		500,000		449,765
Regency Energy Partners LP 5.750% due 09/01/20		250,000		259,375
Samson Investment Co 10.500% due 02/15/20 ~		350,000		383,250
Seadrill Ltd (Bermuda) 5.625% due 09/15/17 ~		300,000		312,000
Tervita Corp (Canada)
8.000% due 11/15/18 ~		150,000		155,625
10.875% due 02/15/18 ~		50,000		51,063
The Williams Cos Inc 3.700% due 01/15/23		500,000		436,550
Transocean Inc (Cayman)
3.800% due 10/15/22		400,000		379,255
6.375% due 12/15/21		250,000		281,008

				6,625,029

Financials - 12.9%

Carlyle Holdings Finance LLC 3.875% due 02/01/23 ~		250,000		238,880
CBL & Associates LP REIT 5.250% due 12/01/23		400,000		399,605
DDR Corp REIT 3.500% due 01/15/21		500,000		486,837
Duke Realty LP REIT
3.875% due 02/15/21		500,000		493,322
4.375% due 06/15/22		250,000		247,860
DuPont Fabros Technology LP REIT 5.875% due 09/15/21		250,000		259,375
First Data Corp
6.750% due 11/01/20 ~		100,000		104,500
7.375% due 06/15/19 ~		100,000		107,000
10.625% due 06/15/21 ~		100,000		108,875
Genworth Holdings Inc 4.900% due 08/15/23		300,000		299,953
Health Care REIT Inc 3.750% due 03/15/23		350,000		329,092
Hockey Merger Sub 2 Inc 7.875% due 10/01/21 ~		300,000		309,750
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		250,000		231,879
Kilroy Realty LP REIT 3.800% due 01/15/23		250,000		233,205
Liberty Mutual Group Inc
4.250% due 06/15/23 ~		350,000		338,052
4.950% due 05/01/22 ~		250,000		258,582


	Principal Amount		Value
Mid-America Apartments LP REIT 4.300% due 10/15/23		$300,000		$291,774
MPH Intermediate Holding Co 2 8.375% PIK due 08/01/18 ~		400,000		417,500
Nuveen Investments Inc 9.125% due 10/15/17 ~		300,000		301,500
Prudential Financial Inc 5.200% due 03/15/44 §		300,000		291,750
Raymond James Financial Inc 5.625% due 04/01/24		350,000		367,304
RHP Hotel Properties LP REIT 5.000% due 04/15/21		250,000		248,125
The Howard Hughes Corp 6.875% due 10/01/21 ~		250,000		261,250
Vornado Realty LP REIT 5.000% due 01/15/22		350,000		364,045

				6,990,015

Health Care - 2.9%

Aviv Healthcare Properties LP 6.000% due 10/15/21 ~		200,000		204,500
Capsugel SA (Luxembourg) 7.000% PIK due 05/15/19 ~		300,000		306,188
DJO Finance LLC 7.750% due 04/15/18		100,000		102,250
Jaguar Holding Co I 9.375% PIK due 10/15/17 ~		200,000		212,500
Prospect Medical Holdings Inc 8.375% due 05/01/19 ~		250,000		269,375
Tenet Healthcare Corp
6.000% due 10/01/20 ~		50,000		52,281
8.000% due 08/01/20		50,000		54,438
8.125% due 04/01/22		150,000		162,000
Valeant Pharmaceuticals International 6.375% due 10/15/20 ~		200,000		211,750

				1,575,282

Industrials - 10.2%

ADS Waste Holdings Inc 8.250% due 10/01/20		350,000		381,500
Ahern Rentals Inc 9.500% due 06/15/18 ~		200,000		217,500
Air Canada Pass Through Trust ‘B’ (Canada) 5.375% due 11/15/22 ~		250,000		244,375
Air Lease Corp
3.375% due 01/15/19		250,000		251,250
4.750% due 03/01/20		650,000		678,438
American Airlines Pass Through Trust ‘B’ 5.625% due 01/15/21 ~		200,000		200,500
Bombardier Inc (Canada) 6.125% due 01/15/23 ~		100,000		99,750
British Airways Pass Through Trust ‘B’ (United Kingdom) 5.625% due 06/20/20 ~		300,000		313,500
CPG Merger Sub LLC 8.000% due 10/01/21 ~		200,000		209,000
International Lease Finance Corp 6.250% due 05/15/19		450,000		489,375
Nortek Inc 8.500% due 04/15/21		195,000		216,938
Owens Corning 9.000% due 06/15/19		450,000		555,892
Roofing Supply Group LLC 10.000% due 06/01/20 ~		250,000		282,500
The ADT Corp 6.250% due 10/15/21 ~		300,000		315,375
TMS International Corp 7.625% due 10/15/21 ~		250,000		267,500
United Airlines Pass Through Trust ‘B’ 5.375% due 02/15/23		200,000		202,500


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL STRATEGIC INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
United Rentals North America Inc 8.375% due 09/15/20		$100,000		$112,000
US Airways Pass Through Trust ‘B’ 5.375% due 05/15/23		250,000		246,250
USG Corp 5.875% due 11/01/21 ~		250,000		260,313

				5,544,456

Information Technology - 0.5%

Blackboard Inc 7.750% due 11/15/19 ~		300,000		299,250


Materials - 15.8%

AK Steel Corp
8.375% due 04/01/22		150,000		151,500
8.750% due 12/01/18		100,000		112,250
ArcelorMittal (Luxembourg)
6.000% due 03/01/21		300,000		319,500
7.250% due 03/01/41		100,000		96,000
Ardagh Packaging Finance PLC (Ireland)
7.000% due 11/15/20 ~		450,000		456,750
9.125% due 10/15/20 ~		300,000		329,500
Barrick Gold Corp (Canada) 3.850% due 04/01/22		450,000		405,409
Beverage Packaging Holdings Luxembourg II SA (Luxembourg) 6.000% due 06/15/17 ~		600,000		609,000
BOE Intermediate Holding Corp 9.000% PIK due 11/01/17 ~		411,375		430,915
BOE Merger Corp 9.500% PIK due 11/01/17 ~		200,000		213,500
Celulosa Arauco y Constitucion SA (Chile) 4.750% due 01/11/22		250,000		244,482
Exopack Holdings SA 7.875% due 11/01/19 ~		250,000		256,250
FMG Resources Property Ltd (Australia) 6.875% due 04/01/22 ~		250,000		273,750
Freeport-McMoRan Copper & Gold Inc 3.550% due 03/01/22		250,000		237,674
Glencore Funding LLC 4.125% due 05/30/23 ~		500,000		467,417
Hexion US Finance Corp 6.625% due 04/15/20		250,000		257,500
Mustang Merger Corp 8.500% due 08/15/21 ~		250,000		271,250
New Gold Inc (Canada) 6.250% due 11/15/22 ~		300,000		291,750
Reliance Steel & Aluminum Co 4.500% due 04/15/23		750,000		735,936
Samarco Mineracao SA (Brazil) 5.750% due 10/24/23 ~		250,000		248,125
Sappi Papier Holding GmbH (Austria) 7.750% due 07/15/17 ~		200,000		220,000
8.375% due 06/15/19 ~		350,000		385,438
TPC Group Inc 8.750% due 12/15/20 ~		350,000		373,625
Tronox Finance LLC 6.375% due 08/15/20		300,000		307,500
Vale Overseas Ltd (Cayman) 4.375% due 01/11/22		250,000		243,816
Wise Metals Group LLC 8.750% due 12/15/18 ~		250,000		264,375
Xstrata Finance Canada Ltd (Canada) 4.250% due 10/25/22 ~		400,000		381,523

				8,584,735


	Principal Amount		Value
Telecommunication Services - 4.2%

Digicel Ltd (Bermuda) 6.000% due 04/15/21 ~		$300,000		$290,250
Intelsat Jackson Holdings SA (Luxembourg) 6.625% due 12/15/22 ~		250,000		258,750
MetroPCS Wireless Inc 6.250% due 04/01/21 ~		100,000		104,125
Sprint Communications Inc 7.000% due 03/01/20 ~		100,000		112,000
Sprint Corp 7.250% due 09/15/21 ~		600,000		646,500
T-Mobile USA Inc 6.633% due 04/28/21		300,000		317,625
Verizon Communications Inc 5.150% due 09/15/23		500,000		537,030

				2,266,280

Utilities - 1.8%

Calpine Corp
6.000% due 01/15/22 ~		50,000		51,500
7.875% due 01/15/23 ~		212,000		232,670
Jersey Central Power & Light Co 4.700% due 04/01/24 ~		250,000		247,539
NRG Energy Inc
6.625% due 03/15/23		150,000		151,875
7.625% due 01/15/18		250,000		286,250

				969,834

Total Corporate Bonds & Notes (Cost $40,615,982)				41,019,771


MORTGAGE-BACKED SECURITIES - 0.4%

Collateralized Mortgage Obligations - Commercial - 0.4%

Hilton USA Trust 2.919% due 11/05/30 “ § ~		250,000		250,468


Total Mortgage-Backed Securities (Cost $250,000)				250,468


SENIOR LOAN NOTES - 16.0%

Consumer Discretionary - 2.9%

Brickman Group Holdings Inc (2nd Lien) due 12/17/21 ^µ		250,000		256,172
Las Vegas Sands LLC Term B due 12/18/20 ^µ		500,000		500,078
Seminole Tribe of Florida 3.000% due 04/29/20 §		490,933		491,620
Tribune Co due 12/27/20 ^µ		350,000		348,943

				1,596,813

Consumer Staples - 2.3%

Albertson’s LLC Term B-2 4.750% due 03/21/19 §		348,250		350,860
BJ’s Wholesale Club Inc (2nd Lien) due 03/26/20 ^µ		250,000		255,750
Reddy Ice Corp Term B (1st Lien) 6.750% due 05/01/19 §		347,375		347,158
Supervalu Inc 5.000% due 03/21/19 §		296,746		300,146

				1,253,914

Energy - 0.9%

HGIM Corp Term B due 06/18/20 ^µ		250,000		252,656
Samson Investment Co Tranche 1 (2nd Lien) due 09/25/18 ^µ		250,000		251,250

				503,906


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL STRATEGIC INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Financials - 1.1%

Clipper Acquisitions Corp 4.000% due 02/06/20 §		$297,000		$299,351
Stockbridge/SBE Holdings LLC Tranche B 13.000% due 05/02/17 §		291,667		322,292

				621,643

Health Care - 0.6%

Iasis Healthcare LLC Term B-2 4.500% due 05/03/18 §		346,500		349,359


Industrials - 4.4%

Apex Tool Group LLC 4.500% due 01/31/20 §		248,125		249,878
CSC Holdings LLC Term B 2.669% due 04/17/20 §		498,747		494,605
MRC Global 5.000% due 11/18/19 §		349,125		354,035
Husky Injection Molding Systems Ltd due 10/28/20 ^µ		500,000		504,180
Sensata Technologies BV
due 05/12/19 ^µ		400,000		404,000
Term B
3.250% due 05/10/18 §		99,750		100,748
Sequa Corp 5.250% due 06/19/17 §		247,500		242,395

				2,349,841

Information Technology - 1.4%

Activision Blizzard 3.250% due 10/12/20 §		498,750		502,622
BMC Software Finance Inc 5.000% due 09/10/20 §		250,000		251,656

				754,278


	Principal Amount		Value
Materials - 1.9%

FMG Resources Property Ltd due 06/28/19 ^µ		$500,000		$507,604
Ranpak Corp (2nd Lien) 8.500% due 04/23/20 §		250,000		257,500
Tronox Inc Term B (Netherlands) 4.500% due 03/19/20 §		248,750		252,326

				1,017,430

Telecommunication Services - 0.5%

Windstream Corp Tranche B-4 3.500% due 01/23/20 §		247,500		248,272


Total Senior Loan Notes (Cost $8,630,960)				8,695,456


	Shares

SHORT-TERM INVESTMENT - 6.6%

Money Market Fund - 6.6%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,572,688		3,572,688


Total Short-Term Investment (Cost $3,572,688)				3,572,688


TOTAL INVESTMENTS - 103.3% (Cost $55,224,590)				56,069,886

OTHER ASSETS & LIABILITIES, NET - (3.3%)				(1,799,578	)


NET ASSETS - 100.0%				$54,270,308

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Convertible Preferred Stocks (1)		$161,332		$161,332		$ —		$—
	Common Stocks (1)		2,370,171		2,370,171		—		—
	Corporate Bonds & Notes		41,019,771		—		39,812,646		1,207,125
	Mortgage-Backed Securities		250,468		—		250,468		—
	Senior Loan Notes		8,695,456		—		8,695,456		—
	Short-Term Investment		3,572,688		3,572,688		—		—

	Total		$56,069,886		$6,104,191		$48,758,570		$1,207,125


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL STRATEGIC INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Corporate Bonds & Notes
Value, Beginning of Period		$950,219
Purchases		1,010,813
Sales (Includes Paydowns)		(739,188	)
Accrued Discounts (Premiums)		(1,137	)
Net Realized Gains		21,806
Change in Net Unrealized Depreciation		(35,388	)
Transfers In		—
Transfers Out		—

Value, End of Period		$1,207,125

Change in Net Unrealized Depreciation on Level 3 Investments Held at the End of Period, if Applicable		($5,585	)

The significant unobservable inputs were provided by a vendor-priced single broker quote.

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 2.4%

Consumer Discretionary - 0.3%

Cedar Fair LP 5.250% due 03/15/21		$2,250,000		$2,233,125
NPC International Inc 10.500% due 01/15/20		150,000		174,000

				2,407,125

Consumer Staples - 0.6%

Reynolds Group Issuer Inc
5.750% due 10/15/20		3,750,000		3,843,750
9.000% due 04/15/19		1,000,000		1,077,500
9.875% due 08/15/19		500,000		558,750

				5,480,000

Financials - 0.4%

First Data Corp 6.750% due 11/01/20 ~		3,500,000		3,657,500


Industrials - 0.3%

US Airways Pass Through Trust ‘B’ 5.375% due 05/15/23		3,000,000		2,955,000


Materials - 0.3%

Hexion U.S. Finance Corp 6.625% due 04/15/20		3,000,000		3,090,000


Telecommunication Services - 0.5%

Intelsat Luxembourg SA (Luxembourg)
7.750% due 06/01/21 ~		3,000,000		3,228,750
8.125% due 06/01/23 ~		1,000,000		1,076,250

				4,305,000

Total Corporate Bonds & Notes (Cost $21,620,757)				21,894,625


SENIOR LOAN NOTES - 95.8%

Consumer Discretionary - 24.4%

99¢ Only Stores Tranche B-2 4.500% due 01/11/19 §		8,977,500		9,067,230
Acosta Inc Term B 4.250% due 03/03/18 §		8,975,006		9,046,528
Advantage Sales & Marketing Inc
(1st Lien)		749,449		752,962
4.250% due 12/18/17 §		1,100,000		1,115,813
(2nd Lien)
due 12/18/17 ^µ
8.250% due 06/17/18 §		2,277,748		2,288,426
Affinia Group Inc Tranche B-2 4.750% due 04/25/20 §		2,985,000		3,022,313
Brickman Group Holdings Inc (2nd Lien) due 12/17/21 ^µ		5,083,333		5,208,831
Burlington Coat Factory Warehouse Corp Term B-2 4.250% due 02/23/17 §		5,452,500		5,520,656
Caesars Entertainment Operating Co Inc
Term B-5
4.488% due 01/28/18 §		1,000,000		944,167
Term B-6
5.488% due 01/28/18 §		3,054,163		2,922,205
Caesars Entertainment Resort Properties LLC
Term B
due 10/11/20 ^µ		2,000,000		1,992,500
7.000% due 10/11/20 §		13,000,000		12,951,250


	Principal Amount		Value
CBAC Borrower LLC Term B 8.250% due 07/02/20 §		$1,000,000		$1,036,875
CCC Holdings Inc
due 12/20/19 ^µ		2,500,000		2,505,730
4.000% due 12/20/19 §		9,192,296		9,213,365
CityCenter Holdings LLC Term B 5.000% due 10/16/20 §		1,500,000		1,524,771
Clear Channel Communications Inc
Tranche B
due 01/29/16 ^µ		2,000,000		1,942,750
3.819% due 01/29/16 §		7,071,775		6,869,345
Tranche D
due 01/30/19 ^µ		2,500,000		2,393,750
6.919% due 01/30/19 §		1,686,491		1,614,815
Golden Nugget Inc
due 11/05/19 ^µ		2,100,000		2,135,438
5.500% due 11/05/19 §		3,150,000		3,203,156
Great Wolf Resorts Inc Term B 4.500% due 08/06/20 §		4,726,250		4,753,818
Hilton Worldwide Inc 3.750% due 10/25/20 §		10,263,158		10,357,240
Hudson’s Bay Co
(2nd Lien)
8.250% due 11/04/21 §
Term B		5,500,000		5,594,342
4.750% due 11/04/20 §		500,000		518,125
Jo-Ann Stores Inc Term B 4.000% due 03/16/18 §		2,992,462		3,006,452
Leslie’s Poolmart Inc Tranche B 4.250% due 10/16/19 §		8,967,253		9,023,299
Mitchell International Inc
4.500% due 10/12/20 §		2,250,000		2,267,813
(2nd Lien)
8.500% due 10/11/21 §		4,750,000		4,826,000
NPC International Inc
due 12/28/18 ^µ		676,667		684,279
4.000% due 12/28/18 §		1,000,000		1,011,250
Oceania Cruises Inc Term B 6.750% due 07/02/20 §		12,219,375		12,349,206
Pacific Industrial Services Finco Property Ltd Term B 5.000% due 09/24/18 §		3,192,000		3,244,869
Playa Resorts Holding BV (Netherlands) 4.750% due 08/09/19 §		6,733,125		6,834,122
RE/MAX LLC 4.000% due 07/31/20 §		6,716,250		6,735,143
Scientific Games International Inc 4.250% due 10/18/20 §		4,500,000		4,513,595
Seven Seas Cruise S. DE R.L. Term B-1 4.750% due 12/21/18 §		6,987,500		7,083,578
Spin Holdco Inc
due 10/31/20 ^µ		4,000,000		4,022,500
Term B
4.250% due 11/14/19 §		3,491,250		3,513,943
The Neiman Marcus Group Inc 5.000% due 10/25/20 §		15,500,000		15,717,279
The Servicemaster Co
Tranche B
4.420% due 01/31/17 §		2,481,108		2,460,949
Tranche C
4.250% due 01/31/17 §		4,952,481		4,899,074
Tribune Co due 11/20/20 ^µ		11,600,000		11,564,956
Tropicana Entertainment (1st Lien) 4.000% due 11/18/20 §		1,246,875		1,247,810
Valleycrest Cos LLC 5.500% due 06/13/19 §		1,990,000		1,994,354


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Yonkers Racing Corp
(1st Lien)
4.250% due 08/20/19 §		$4,000,000		$3,962,400
(2nd Lien)
8.750% due 08/20/20 §		500,000		504,675

				219,963,947

Consumer Staples - 9.8%

Albertson’s LLC
Term B
due 03/21/19 § ^µ		2,000,000		2,010,000
Term B-2
4.750% due 03/21/19 §		5,455,917		5,496,803
Arysta LifeScience Corp (2nd Lien) 8.250% due 11/30/20 §		500,000		509,213
Arysta LifeScience SPC LLC (1st Lien) 4.500% due 05/29/20 §		6,716,250		6,768,019
BJ’s Wholesale Club Inc
(1st Lien)
4.500% due 09/26/19 §		1,985,022		1,999,733
(2nd Lien)
8.500% due 03/26/20 §		6,450,000		6,598,350
Crossmark Holdings Inc (2nd Lien) 8.750% due 12/21/20 §		2,000,000		1,992,500
HJ Heinz Co Term B-2 3.500% due 06/05/20 §		4,477,500		4,517,421
Performance Food Group Inc 6.250% due 11/14/19 §		4,975,000		5,014,387
Reddy Ice Corp Term B (1st Lien) 6.751% due 05/01/19 §		7,677,861		7,673,062
Reynolds Group Holdings Inc
due 12/01/18 ^µ		5,470,000		5,524,700
4.000% due 12/01/18 §		742,500		749,925
Rite Aid Corp
Tranche 1 (2nd Lien)
5.750% due 08/21/20 §		3,785,930		3,897,142
Tranche 2
4.875% due 06/21/21 §		5,750,000		5,848,227
Smart & Final Inc (1st Lien)
due 11/15/19 ^µ		4,000,000		4,003,500
4.750% due 11/15/19 §		3,724,330		3,727,588
Spectrum Brands Inc Tranche C 3.500% due 09/04/19 §		2,686,996		2,699,861
Sprouts Farmers Markets Holdings LLC 4.000% due 04/23/20 §		6,629,731		6,654,592
Supervalu Inc 5.000% due 03/21/19 §		5,153,682		5,212,733
US Foods Inc 4.500% due 03/31/19 §		6,965,000		7,028,409

				87,926,165

Energy - 7.9%

Atlas Energy 6.500% due 07/31/19 §		3,990,000		4,099,725
Chesapeake Energy Corp 5.750% due 12/02/17 §		7,000,000		7,157,500
Crestwood Holdings LLC Term B-1 7.000% due 06/19/19 §		6,436,374		6,629,465
Foresight Energy LLC 5.500% due 08/21/20 §		4,738,125		4,797,352
HGIM Corp Term B
due 06/18/20 ^µ		3,250,000		3,284,531
5.500% due 06/18/20		7,481,250		7,560,738
Moxie Patriot LLC Term B-1
due 12/19/20 ^µ		1,500,000		1,537,500
7.500% due 08/21/20 §		2,250,000		2,300,625
Murray Energy Corp 5.250% due 12/05/19 §		3,500,000		3,537,916
Pacific Drilling SA 4.500% due 06/03/18 §		6,467,500		6,545,647


	Principal Amount		Value
Peabody Energy 4.250% due 09/24/20 §		$ 6,234,375		$ 6,288,371
Samson Investment Co
Tranche 1 (2nd Lien)
due 09/25/18 ^µ		3,000,000		3,015,939
5.000% due 09/25/18 §		11,000,000		11,055,000
Templar Energy LLC (2nd Lien) 8.000% due 11/25/20 §		3,500,000		3,519,688

				71,329,997

Financials - 7.4%

Amwins Group (1st Lien) 5.000% due 09/06/19 §		9,943,595		10,008,228
Capital Automotive LP
(2nd Lien)
6.000% due 04/30/20 §		1,000,000		1,035,000
Tranche B-1
4.000% due 04/10/19 §		6,452,973		6,510,443
Duff & Phelps Corp 4.500% due 04/23/20 §		5,979,985		5,984,967
First Data Corp Term B 4.164% due 03/23/18 §		1,000,000		1,002,438
Grosvenor Capital Management Holdings LLC due 11/30/20 ^µ		4,500,000		4,505,625
HUB International Limited Term B 4.750% due 10/02/20 §		13,965,000		14,177,380
ION Trading Technologies SARL
(1st Lien)
4.500% due 05/22/20 §		1,990,000		2,008,035
(2nd Lien)
8.250% due 05/22/21 §		1,000,000		1,015,625
Realogy Corp
4.418% due 10/10/16 §		44,983		44,983
Term B
4.500% due 02/12/20 §		7,443,750		7,530,983
ROC Finance LLC Term B 5.000% due 06/20/19 §		4,488,750		4,301,717
SAM Finance Lux SARL 4.250% due 12/17/20 §		4,750,000		4,769,793
Stockbridge/SBE Holdings LLC Tranche B 13.000% due 05/02/17 §		3,333,333		3,683,333

				66,578,550

Health Care - 4.5%

Aptalis Pharma Inc Term B 6.000% due 10/02/20 §		1,496,250		1,524,305
Iasis Healthcare LLC Term B-2 4.500% due 05/03/18 §		5,369,794		5,414,095
Par Pharmaceutical Cos Inc Term B-1 4.250% due 09/30/19 §		5,944,969		5,986,583
Quintiles Transnational Corp Term B-3 3.750% due 06/08/18 §		8,320,405		8,327,269
RCHP Inc (1st Lien) 7.000% due 11/04/18 §		1,980,038		1,945,387
Salix Pharmaceuticals Ltd due 12/17/19 ^µ		5,450,000		5,509,040
Valeant Pharmaceuticals International Inc Series E Tranche B 4.500% due 08/05/20 §		11,927,450		12,020,639

				40,727,318

Industrials - 21.1%

Accudyne Industries LLC 4.000% due 12/13/19 §		4,880,261		4,890,173
Air Distribution Technologies Inc (1st Lien) 4.250% due 11/09/18 §		7,350,958		7,393,836
AlixPartners LLP
(1st Lien)
5.000% due 07/10/20 §		4,677,072		4,713,319
(2nd Lien)
9.000% due 07/10/21 §		5,800,000		5,940,169


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Allflex Holdings III Inc
(1st Lien)
4.250% due 07/17/20 §		$ 6,733,125		$ 6,773,106
(2nd Lien)
8.000% due 07/19/21 §		4,155,000		4,221,222
Alpha Topco Ltd (Facility B) 4.500% due 04/30/19 §		13,058,541		13,204,287
American Airlines Inc Term B 3.750% due 06/27/19 §		5,970,000		6,029,700
due 06/27/19 ^µ		500,000		504,532
American Builders & Contractors Supply Co Inc Term B 3.500% due 04/15/20 §		3,341,625		3,352,850
Apex Tool Group LLC 4.500% due 01/31/20 §		5,706,875		5,747,183
Beechcraft Holdings LLC 5.750% due 02/14/20 §		2,500,000		2,529,168
Bombardier Recreational Products Inc Term B 4.000% due 01/30/19 §		8,000,000		8,038,336
CAMP Systems
(1st Lien)
due 05/31/19 ^µ		5,000,000		5,040,625
(2nd Lien)
8.250% due 11/29/19 §		500,000		511,250
Ceridian Corp 4.415% due 05/09/17 §		7,500,000		7,543,747
Consolidated Precision Term B-1 (2nd Lien) 8.750% due 04/30/21 §		1,000,000		1,018,750
CPG International Inc 4.750% due 09/30/20 §		4,738,125		4,767,738
Garda World Security Corp Term B 4.000% due 10/18/20 §		2,388,889		2,399,713
Husky Injection Molding Systems Ltd
due 10/30/20 ^µ		750,000		756,269
Term B
4.250% due 06/30/18 §		3,000,000		3,025,077
Landmark Aviation FBO Canada due 10/25/19 ^µ		694,257		700,115
LM US Member LLC
4.750% due 10/25/19 §		10,290,743		10,377,576
(1st Lien)		116,016		116,991
due 10/02/19 ^µ
4.750% due 10/02/19 §		1,368,990		1,380,541
Maxim Crane Works LP (2nd Lien) 10.250% due 11/26/18 §		4,750,000		4,779,688
McJunkin Red Man Corp due 11/08/19 ^µ		1,350,000		1,368,985
MRC Global 5.000% due 11/08/19 §		8,478,750		8,597,987
Osmose Holdings Inc 4.750% due 11/26/18 §		2,230,023		2,243,961
Rexnord LLC Term B 4.000% due 08/21/20 §		8,977,500		9,009,262
Roofing Supply Group LLC 5.000% due 05/31/19 §		2,977,424		2,992,311
Sequa Corp 5.250% due 06/19/17 §		990,000		969,581
SRS Distribution Inc 4.750% due 09/01/19 §		4,479,994		4,500,522
The SI Organization Inc Tranche B 5.500% due 11/22/16 §		2,481,250		2,444,031
TNT Crane and Rigging Inc
(1st Lien)
due 11/30/18 ^µ		3,300,000		3,285,563
(2nd Lien)
10.000% due 11/26/21 §		2,000,000		1,930,000
Tomkins PLC (2nd Lien) 9.250% due 05/11/20 §		3,570,000		3,645,863
Transdigm Inc Term C 3.750% due 02/28/20 §		11,442,211		11,487,499


	Principal Amount		Value
US Infrastructure (1st Lien) 4.750% due 07/10/20 §		$ 2,977,519		$ 2,997,370
USI Inc
due 12/12/20 ^µ		2,522,625		2,534,451
Term B
4.250% due 12/31/19 §		9,781,032		9,836,050
WESCO Distribution Inc Tranche B-1 3.750% due 12/12/19 §		2,431,349		2,448,065
WP CPP Holdings LLC (1st Lien) 4.750% due 12/28/19 §		1,246,851		1,257,761
WTG Holdings III Corp
(1st Lien)
due 12/10/21 ^µ		3,000,000		3,020,001
(2nd Lien)
due 12/10/21 ^µ		250,000		253,750

				190,578,974

Information Technology - 4.7%

BMC Software Finance Inc 5.000% due 09/10/20 §		7,250,000		7,298,017
Excelitas Technologies Corp Term B 6.000% due 11/02/20 §		5,082,640		5,133,467
Freescale Semiconductor Inc Tranche B-5 5.000% due 01/15/21 §		1,795,500		1,818,872
Infor (US) Inc Tranche B-2 5.250% due 04/05/18 §		11,856,151		11,868,505
Kronos Inc (1st Lien)		2,317,388		2,339,596
due 10/30/19 ^µ
4.500% due 10/30/19 §		1,240,625		1,252,514
Moneygram International Inc 4.250% due 03/27/20 §		4,466,250		4,515,071
RP Crown Parent LLC (1st Lien) 6.000% due 12/21/18 §		4,742,600		4,778,170
STG-Fairway Acquisitions Inc (1st Lien) 6.250% due 02/28/19 §		2,982,493		2,986,221

				41,990,433

Materials - 7.9%

Berry Plastics Corp
due 02/28/20 ^µ		2,500,000		2,501,785
Term D
3.500% due 02/08/20 §		3,891,166		3,880,224
Chromaflo Technologies Corp Term B
(1st Lien)
4.500% due 12/02/19 §		2,250,000		2,258,438
(2nd Lien)
8.250% due 06/02/20 §		1,500,000		1,515,000
Crosby US Acquisition Corp
(1st Lien)
4.000% due 11/23/20 §		4,500,000		4,518,752
(2nd Lien)
7.000% due 11/22/21 §		4,000,000		4,072,500
Exopack Holding Corp Term B 5.250% due 04/30/19 §		2,750,000		2,803,281
FMG Resources Property Ltd (Australia) 4.250% due 06/30/19 §		17,397,443		17,662,024
Quikrete Holdings Inc
(1st Lien)
4.000% due 09/28/20 §		5,486,250		5,522,229
(2nd Lien)
7.000% due 03/26/21 §		4,250,000		4,361,563
Ranpak Corp
(1st Lien)
4.500% due 04/23/19 §		1,435,839		1,448,402
(2nd Lien)
8.500% due 04/23/20 §		750,000		772,500
Royal Adhesives and Sealants LLC (1st Lien)
5.500% due 07/26/18 §		5,207,130		5,262,456


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Tronox Inc Term B (Netherlands) 4.500% due 03/19/20 §		$ 4,975,000		$ 5,046,516
Univar Inc Term B
due 06/30/17 ^µ		2,000,000		1,983,126
5.000% due 06/30/17 §		7,948,960		7,881,895

				71,490,691

Telecommunication Services - 6.3%

Avaya Inc Term B-5 due 03/31/18 ^µ		8,000,000		8,115,000
Cricket Communications Inc
4.750% due 10/01/19 §		3,469,962		3,485,865
Term C
4.750% due 03/08/20 §		7,711,250		7,738,787
Integra Telecom Holdings Inc 5.250% due 02/22/19 §		1,985,000		2,013,286
Intelsat Jackson Holdings SA Term B-2 3.750% due 06/30/19 §		8,005,406		8,085,460
Level 3 Financing Inc
Tranche B
4.000% due 01/15/20 §		11,300,000		11,396,050
Tranche B-III
4.000% due 08/01/19 §		2,500,000		2,518,437
WaveDivision Holdings LLC 4.000% due 10/12/19 §		7,615,441		7,647,106
Zayo Group LLC
4.000% due 07/02/19 §		1,169,162		1,171,172
4.000% due 11/20/20 §		2,989,456		2,995,863
Term B
due 06/30/19 ^µ		1,700,000		1,702,922

				56,869,948

Utilities - 1.8%

Dynegy Inc Tranche B-2 4.000% due 04/23/20 §		4,190,481		4,221,038
La Frontera 4.500% due 09/30/20 §		3,269,457		3,309,305


	Principal Amount		Value
Panda Temple Power II LLC 7.250% due 04/03/19 §		$1,000,000		$1,030,000
Power Borrower LLC
(1st Lien)
3.685% due 05/06/20 §		265,839		263,513
4.250% due 05/06/20 §		4,864,444		4,824,313
(2nd Lien)
8.250% due 11/06/20 §		1,500,000		1,479,375
Raven Power Finance LLC due 12/19/20 ^µ		1,500,000		1,503,750

				16,631,294


Total Senior Loan Notes (Cost $858,259,621)				864,087,317

	Shares
SHORT-TERM INVESTMENT - 7.0%

Money Market Fund - 7.0%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		63,052,616		63,052,616


Total Short-Term Investment (Cost $63,052,616)				63,052,616


TOTAL INVESTMENTS - 105.2% (Cost $942,932,994)				949,034,558

OTHER ASSETS & LIABILITIES, NET - (5.2%)				(46,694,006	)


NET ASSETS - 100.0%				$902,340,552

Notes to Schedule of Investments

(a)	Pursuant to the terms of the following senior loan agreements, the fund had unfunded loan commitments of $3,534,760 or 0.4% of net assets as of December 31, 2013, which could be extended at the option of the borrower:


Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Excelitas Technology Corp		$309,000		$315,242		$6,242
Garda Security Group		608,056		613,880		5,824
Golden Nugget		2,272,313		2,273,175		862
Power Buyer LLC		345,391		342,251		(3,140	)

		$3,534,760		$3,544,548		$9,788


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL FLOATING RATE INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(b)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$21,894,625			$—		$18,939,625			$2,955,000
	Senior Loan Notes		864,087,317			—		864,087,317			—
	Short-Term Investment		63,052,616			63,052,616		—			—
	Unfunded Loan Commitments		12,928			—		12,928			—

	Total Assets		949,047,486			63,052,616		883,039,870			2,955,000

Liabilities	Unfunded Loan Commitment		(3,140	)		—		(3,140	)		—

	Total Liabilities		(3,140	)		—		(3,140	)		—

	Total		$949,044,346			$63,052,616		$883,036,730			$2,955,000


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LIMITED DURATION HIGH INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 47.1%

Consumer Discretionary - 10.7%

American Axle & Manufacturing Inc 5.125% due 02/15/19		$150,000		$154,875
Beazer Homes USA Inc 9.125% due 06/15/18		200,000		215,000
Cablevision Systems Corp 8.625% due 09/15/17		150,000		175,125
Cequel Communications Holdings I LLC 6.375% due 09/15/20 ~		400,000		412,000
Clear Channel Communications Inc 5.500% due 12/15/16		200,000		177,000
Dana Holding Corp 6.500% due 02/15/19		150,000		160,125
Jo-Ann Stores Holdings Inc 9.750% PIK due 10/15/19 ~		200,000		210,250
Landry’s Inc 9.375% due 05/01/20 ~		150,000		164,250
MGM Resorts International 6.750% due 10/01/20		200,000		214,500
Michaels FinCo Holdings LLC 7.500% PIK due 08/01/18 ~		200,000		209,000
NCL Corp Ltd (Bermuda) 5.000% due 02/15/18		150,000		155,250
NPC International Inc 10.500% due 01/15/20		200,000		232,000
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		150,000		147,000
Standard Pacific Corp 6.250% due 12/15/21		200,000		208,750
The Ryland Group Inc 6.625% due 05/01/20		150,000		159,375
Virgin Media Finance PLC (United Kingdom) 8.375% due 10/15/19		150,000		164,250

				3,158,750

Consumer Staples - 1.3%

Reynolds Group Issuer Inc 9.875% due 08/15/19		200,000		223,500
Spectrum Brands Inc 6.750% due 03/15/20		150,000		162,188

				385,688

Energy - 6.0%

Chaparral Energy Inc 8.250% due 09/01/21		150,000		163,500
Chesapeake Energy Corp 6.625% due 08/15/20		150,000		168,375
EP Energy LLC 6.875% due 05/01/19		150,000		162,188
Peabody Energy Corp 6.000% due 11/15/18		150,000		160,500
Regency Energy Partners LP 6.500% due 07/15/21		150,000		159,750
Samson Investment Co 10.500% due 02/15/20 ~		150,000		164,250
SandRidge Energy Inc 7.500% due 03/15/21		150,000		157,875
Seadrill Ltd (Bermuda) 5.625% due 09/15/17 ~		200,000		208,000
Tervita Corp (Canada) 8.000% due 11/15/18 ~		250,000		259,375
Whiting Petroleum Corp 5.000% due 03/15/19		150,000		154,125

				1,757,938


	Principal Amount		Value
Financials - 4.1%

Ally Financial Inc 4.750% due 09/10/18		$150,000		$157,500
E*TRADE Financial Corp 6.375% due 11/15/19		200,000		215,750
First Data Corp 6.750% due 11/01/20 ~		150,000		156,750
Igloo Holdings Corp 8.250% PIK due 12/15/17 ~		200,000		204,000
Jefferies Finance LLC 7.375% due 04/01/20 ~		200,000		209,000
MPH Intermediate Holding Co 2 8.375% PIK due 08/01/18 ~		250,000		260,938

				1,203,938

Health Care - 3.7%

Biomet Inc 6.500% due 08/01/20		150,000		158,250
CHS/Community Health Systems Inc 7.125% due 07/15/20		250,000		259,688
DaVita Health Care Partners Inc 5.750% due 08/15/22		150,000		152,625
DJO Finance LLC 7.750% due 04/15/18		150,000		153,375
HCA Holdings Inc 6.250% due 02/15/21		150,000		157,313
Tenet Healthcare Corp 8.000% due 08/01/20		200,000		217,750

				1,099,001

Industrials - 6.9%

Ahern Rentals Inc 9.500% due 06/15/18 ~		150,000		163,125
Air Lease Corp 4.750% due 03/01/20		200,000		208,750
Avis Budget Car Rental LLC 4.875% due 11/15/17		160,000		168,800
HD Supply Inc 11.500% due 07/15/20		300,000		358,875
International Lease Finance Corp 6.250% due 05/15/19		150,000		163,125
Roofing Supply Group LLC 10.000% due 06/01/20 ~		150,000		169,500
The Hertz Corp 5.875% due 10/15/20		300,000		312,375
TransDigm Inc 7.750% due 12/15/18		150,000		161,625
United Airlines Pass-Through Trust ‘B’ 5.375% due 02/15/23		150,000		151,875
United Rentals North America Inc 7.375% due 05/15/20		150,000		167,063

				2,025,113

Information Technology - 2.1%

Blackboard Inc 7.750% due 11/15/19 ~		200,000		199,500
BMC Software Inc 7.250% due 06/01/18		100,000		101,500
CDW LLC 8.500% due 04/01/19		150,000		166,500
NXP BV (Netherlands) 3.750% due 06/01/18 ~		150,000		151,875

				619,375

Materials - 5.8%

Alphabet Holding Co Inc 7.750% PIK due 11/01/17		200,000		206,625
ArcelorMittal (Luxembourg) 10.350% due 06/01/19		150,000		190,500


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LIMITED DURATION HIGH INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Ardagh Packaging Finance PLC (Ireland) 9.125% due 10/15/20 ~		$200,000		$220,000
BOE Intermediate Holding Corp 9.000% PIK due 11/01/17 ~		231,825		242,837
FMG Resources Property Ltd (Australia) 6.000% due 04/01/17 ~		200,000		213,500
Hexion U.S. Finance Corp 6.625% due 04/15/20		150,000		154,500
Novelis Inc (Canada) 8.750% due 12/15/20		250,000		279,375
Tronox Finance LLC 6.375% due 08/15/20		200,000		205,000

				1,712,337

Telecommunication Services - 4.6%

CenturyLink Inc 5.625% due 04/01/20		150,000		153,375
Hughes Satellite Systems Corp 7.625% due 06/15/21		150,000		168,000
Intelsat Luxembourg SA (Luxembourg) 7.750% due 06/01/21 ~		200,000		215,250
Level 3 Financing Inc 7.000% due 06/01/20		150,000		159,750
MetroPCS Wireless Inc 6.250% due 04/01/21 ~		150,000		156,188
Sprint Communications Inc 9.000% due 11/15/18 ~		150,000		181,125
T-Mobile USA Inc 6.464% due 04/28/19		150,000		159,750
Telesat LLC (Canada) 6.000% due 05/15/17 ~		150,000		156,563

				1,350,001

Utilities - 1.9%

AES Corp 7.375% due 07/01/21		150,000		169,875
GenOn Energy Inc 9.875% due 10/15/20		150,000		167,250
NRG Energy Inc 7.625% due 01/15/18		200,000		229,000

				566,125

Total Corporate Bonds & Notes (Cost $13,656,967)				13,878,266


SENIOR LOAN NOTES - 48.8%

Consumer Discretionary - 15.5%

Boyd Gaming Corp Term B 4.000% due 08/14/20 §		249,375		251,037
Brickman Group Holdings (2nd Lien) due 12/17/21 ^µ		300,000		307,406
Caesars Resort Properties LLC Term B 7.000% due 10/11/20 §		250,000		249,062
Caesars Entertainment Operating Co Inc Term B-6 5.488% due 01/28/18 §		250,000		239,198
Clear Channel Communications Inc Tranche B 3.819% due 01/29/16 §		250,000		242,844
Hilton Worldwide Inc 3.500% due 10/25/20 §		236,842		239,013
Mitchell International Inc 4.500% due 10/12/20 §		250,000		251,979
Oceania Cruises Inc Term B 6.750% due 07/02/20 §		249,375		252,025
Pacific Industrial Services Finco Property Ltd Term B 5.000% due 09/24/18 §		299,250		304,206
Pinnacle Entertainment Inc Tranche B-2 3.750% due 08/13/20 §		248,750		250,305


	Principal Amount		Value
Playa Resorts Holdings BV 4.750% due 08/09/19 §		$249,375		$253,116
RE/MAX LLC 4.000% due 07/31/20 §		248,750		249,450
The Neiman Marcus Group Inc due 10/25/20 ^µ		500,000		507,009
The Servicemaster Co Tranche B 4.420% due 01/31/17 §		248,737		246,716
Tribune Co due 11/20/20 ^µ		250,000		249,245
Tropicana Entertainment (1st Lien) 4.000% due 12/27/20 §		249,375		249,562
Yonkers Racing Corp (1st Lien) 4.250% due 08/20/19 §		250,000		247,650

				4,589,823

Consumer Staples - 5.9%

Albertson’s LLC Term B-2 4.750% due 03/21/19 §		249,373		251,242
BJ’s Wholesale Club Inc (2nd Lien) 8.500% due 03/26/20 §		250,000		255,750
Performance Food Group Inc 6.250% due 11/14/19 §		248,750		250,719
Reddy Ice Corp Term B (1st Lien) 6.751% due 05/01/19 §		248,747		248,591
Rite Aid Corp Tranche 2 4.875% due 06/21/21 §		250,000		254,271
Sprouts Farmers Markets Holdings LLC 4.000% due 04/23/20 §		219,792		220,616
US Foods Inc 4.500% due 03/31/19 §		248,750		251,015

				1,732,204

Energy - 4.3%

Atlas Energy 6.500% due 07/31/19 §		249,375		256,233
Crestwood Holdings LLC Term B-1 7.000% due 06/19/19 §		245,997		253,377
HGIM Corp Term B 5.500% due 06/18/20 §		249,375		252,025
Pacific Drilling SA 4.500% due 06/03/18 §		248,750		251,756
Samson Investment Co Tranche 1 (2nd Lien) due 09/25/18 ^µ		250,000		251,250

				1,264,641

Financials - 4.3%

Amwins Group (1st Lien) 5.000% due 09/06/19 §		248,868		250,486
First Data Corp 4.164% due 03/24/17 §		200,000		200,641
HUB International Ltd Term B 4.750% due 10/02/20 §		249,375		253,167
SAM Finance Lux SARL 4.250% due 12/17/20 §		250,000		251,042
USI Inc due 12/27/19 ^µ		300,000		301,406

				1,256,742

Health Care - 2.7%

Biomet Inc Term B-2 3.670% due 07/25/17 §		248,750		251,042
Quintiles Transnational Corp Term B-3 3.750% due 06/08/18 §		250,000		250,417
Valeant Pharmaceuticals International Inc Series E Tranche B 4.500% due 08/05/20 §		299,246		301,584

				803,043


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LIMITED DURATION HIGH INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Industrials - 7.6%

Accudyne Industries LLC 4.000% due 12/13/19 §		$244,994		$245,491
AlixPartners LLP
5.000% due 07/10/20 §		246,875		248,788
9.000% due 07/10/21 §		200,000		204,833
Alpha Topco Ltd Facility B 4.500% due 04/30/19 §		248,747		251,523
Bombardier Recreational Products Inc Term B 4.000% due 01/30/19 §		250,000		251,198
Ceridian Corp 4.415% due 05/09/17 §		250,000		251,458
CPG International Inc 4.750% due 09/30/20 §		249,375		250,934
North American Lifting (1st Lien) due 11/30/18 ^µ		300,000		298,687
Rexnord LLC/RBS Global Inc Term B 4.000% due 08/21/20 §		249,375		250,257

				2,253,169

Information Technology - 3.2%

BMC Software Finance Inc 5.000% due 09/10/20 §		250,000		251,656
CCC Holdings Inc 4.000% due 12/20/19 §		248,744		249,314
Freescale Semiconductor Inc Tranche B5 5.000% due 01/15/21 §		199,500		202,097
Infor (US) Inc Tranche B-3 3.750% due 06/03/20 §		246,556		246,216

				949,283

Materials - 2.6%

Berry Plastics Corp Term D 3.500% due 02/08/20 §		248,747		248,047
Quikrete Holdings Inc
(1st Lien)
4.000% due 09/28/20 §		249,375		251,010
(2nd Lien)
7.000% due 03/26/21 §		250,000		256,562

				755,619


	Principal Amount		Value
Telecommunication Services - 1.9%

Cricket Communications Inc Term C 4.750% due 03/08/20 §		$248,750		$249,638
Zayo Group LLC due 07/02/19 ^µ		300,000		300,516

				550,154

Utilities - 0.8%

Dynegy Inc Tranche B-2 4.000% due 04/23/20 §		248,750		250,564


Total Senior Loan Notes (Cost $14,310,053)				14,405,242

	Shares
SHORT-TERM INVESTMENT - 6.6%

Money Market Fund - 6.6%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,943,983		1,943,983


Total Short-Term Investment (Cost $1,943,983)				1,943,983


TOTAL INVESTMENTS - 102.5% (Cost $29,911,003)				30,227,491

OTHER ASSETS & LIABILITIES, NET - (2.5%)				(745,933	)


NET ASSETS - 100.0%				$29,481,558

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$13,878,266		$—		$13,726,391		$151,875
	Senior Loan Notes		14,405,242		—		14,405,242		—
	Short-Term Investment		1,943,983		1,943,983		—		—

	Total		$30,227,491		$1,943,983		$28,131,633		$151,875


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL HIGH INCOME FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 2.5%

Consumer Discretionary - 0.8%

Cedar Fair LP		370		$18,345
Ford Motor Co		950		14,659
L Brands Inc		400		24,740
Las Vegas Sands Corp		460		36,280
Lennar Corp ‘A’		460		18,198
MGM Resorts International *		1,030		24,226
Standard Pacific Corp *		1,940		17,557

				154,005

Energy - 0.1%

Concho Resources Inc *		190		20,520


Health Care - 0.1%

HCA Holdings Inc *		450		21,470


Industrials - 0.4%

Ply Gem Holdings Inc *		830		14,965
The ADT Corp		645		26,103
United Rentals Inc *		500		38,975

				80,043

Information Technology - 0.5%

CommScope Holding Co Inc *		5,000		94,600


Materials - 0.3%

Freeport-McMoRan Copper & Gold Inc		870		32,834
Louisiana-Pacific Corp *		1,050		19,436

				52,270

Telecommunication Services - 0.2%

Crown Castle International Corp *		330		24,232
Intelsat SA (Luxembourg) *		570		12,848

				37,080

Utilities - 0.1%

NRG Energy Inc		650		18,668


Total Common Stocks (Cost $394,679)				478,656


EXCHANGE-TRADED FUND - 3.8%

PowerShares Senior Loan Portfolio		29,000		721,520


Total Exchange-Traded Fund (Cost $722,444)				721,520


	Principal Amount

CORPORATE BONDS & NOTES - 88.1%

Consumer Discretionary - 19.1%

99 Cents Only Stores 11.000% due 12/15/19		$100,000		114,000
American Axle & Manufacturing Inc 5.125% due 02/15/19		75,000		77,437
Beazer Homes USA Inc
7.250% due 02/01/23		100,000		100,500
7.500% due 09/15/21 ~		100,000		104,000
9.125% due 06/15/18		75,000		80,625
9.125% due 05/15/19		25,000		26,875


	Principal Amount		Value
Boyd Gaming Corp 9.000% due 07/01/20		$100,000		$110,000
Cablevision Systems Corp 8.625% due 09/15/17		150,000		175,125
Caesars Entertainment Operating Co Inc
9.000% due 02/15/20		100,000		97,750
10.000% due 12/15/18		25,000		12,125
11.250% due 06/01/17		50,000		51,000
Caesars Entertainment Resort Properties LLC
8.000% due 10/01/20 ~		50,000		52,250
11.000% due 10/01/21 ~		100,000		103,000
CCO Holdings LLC 5.750% due 09/01/23 ~		150,000		142,875
Cedar Fair LP 5.250% due 03/15/21		125,000		124,062
Cequel Communications Holdings I LLC
5.125% due 12/15/21 ~		50,000		47,125
6.375% due 09/15/20 ~		100,000		103,000
Clear Channel Communications Inc
5.500% due 12/15/16		100,000		88,500
11.250% due 03/01/21		50,000		54,000
Clear Channel Worldwide Holdings Inc
6.500% due 11/15/22		73,000		74,916
7.625% due 03/15/20		50,000		52,812
Dana Holding Corp
6.500% due 02/15/19		50,000		53,375
6.750% due 02/15/21		100,000		108,000
DISH DBS Corp 5.125% due 05/01/20		50,000		50,250
Hilton Worldwide Finance LLC 5.625% due 10/15/21 ~		100,000		103,938
Jo-Ann Stores Holdings Inc 9.750% PIK due 10/15/19 ~		75,000		78,844
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		125,000		131,406
Landry’s Holdings II Inc 10.250% due 01/01/18 ~		50,000		53,312
Landry’s Inc 9.375% due 05/01/20 ~		50,000		54,750
MGM Resorts International 6.750% due 10/01/20		100,000		107,250
Michaels FinCo Holdings LLC 7.500% PIK due 08/01/18 ~		100,000		104,500
Michaels Stores Inc 5.875% due 12/15/20 ~		25,000		25,187
Neiman Marcus Group LTD Inc
8.000% due 10/15/21 ~		25,000		26,250
8.750% PIK due 10/15/21 ~		75,000		78,938
NPC International Inc 10.500% due 01/15/20		100,000		116,000
Penn National Gaming Inc 5.875% due 11/01/21 ~		50,000		49,500
Petco Holdings Inc 8.500% PIK due 10/15/17 ~		75,000		76,875
Pinnacle Entertainment Inc 7.750% due 04/01/22		50,000		54,750
PNK Finance Corp 6.375% due 08/01/21 ~		50,000		51,375
ServiceMaster Co 8.000% due 02/15/20		50,000		51,250
Sinclair Television Group Inc
5.375% due 04/01/21		50,000		49,500
6.375% due 11/01/21 ~		50,000		52,000
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		75,000		73,500
Standard Pacific Corp 6.250% due 12/15/21		150,000		156,563


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL HIGH INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
The Ryland Group Inc 5.375% due 10/01/22		$100,000		$95,500
Wolverine World Wide Inc 6.125% due 10/15/20		75,000		80,625

				3,675,415

Consumer Staples - 4.3%

Beverages & More Inc 10.000% due 11/15/18 ~		75,000		75,844
Del Monte Corp 7.625% due 02/15/19		50,000		52,062
JBS USA LLC
7.250% due 06/01/21 ~		50,000		52,250
8.250% due 02/01/20 ~		50,000		54,500
Reynolds Group Issuer Inc
9.000% due 04/15/19		200,000		215,500
9.875% due 08/15/19		75,000		83,812
Rite Aid Corp
6.750% due 06/15/21		50,000		52,688
9.250% due 03/15/20		50,000		57,625
Roundy’s Supermarkets Inc 10.250% due 12/15/20 ~		75,000		76,875
Sun Merger Sub Inc 5.875% due 08/01/21 ~		50,000		51,375
SUPERVALU Inc 6.750% due 06/01/21		50,000		49,625

				822,156

Energy - 14.3%

Alpha Natural Resources Inc 6.000% due 06/01/19		75,000		65,062
Arch Coal Inc
7.250% due 10/01/20		50,000		39,250
7.250% due 06/15/21		50,000		38,500
Atlas Pipeline Partners LP
5.875% due 08/01/23 ~		50,000		47,875
6.625% due 10/01/20		50,000		52,500
Basic Energy Services Inc 7.750% due 02/15/19		100,000		105,000
Berry Petroleum Co 6.750% due 11/01/20		50,000		52,125
Chaparral Energy Inc 8.250% due 09/01/21		50,000		54,500
Chesapeake Energy Corp
6.125% due 02/15/21		50,000		53,875
6.625% due 08/15/20		50,000		56,125
Cimarex Energy Co 5.875% due 05/01/22		50,000		53,250
Crestwood Midstream Partners LP 6.125% due 03/01/22 ~		125,000		128,750
EP Energy LLC 7.750% due 09/01/22		75,000		84,375
EV Energy Partners LP 8.000% due 04/15/19		75,000		75,750
Forum Energy Technologies Inc 6.250% due 10/01/21 ~		100,000		105,500
Halcon Resources Corp
8.875% due 05/15/21		100,000		101,500
9.750% due 07/15/20 ~		50,000		52,312
Hercules Offshore Inc 7.500% due 10/01/21 ~		100,000		106,500
Hiland Partners LP 7.250% due 10/01/20 ~		125,000		134,687
Hilcorp Energy I LP 7.625% due 04/15/21 ~		50,000		54,500
Kinder Morgan Inc 5.000% due 02/15/21 ~		100,000		98,879
Kodiak Oil & Gas Corp (Canada) 5.500% due 01/15/21		50,000		50,125
Linn Energy LLC 7.750% due 02/01/21		100,000		106,250


	Principal Amount		Value
MEG Energy Corp (Canada)
6.375% due 01/30/23 ~		$50,000		$50,563
6.500% due 03/15/21 ~		50,000		52,875
Pacific Drilling SA (Luxembourg) 5.375% due 06/01/20 ~		100,000		101,000
QEP Resources Inc
5.250% due 05/01/23		50,000		47,125
6.875% due 03/01/21		50,000		53,875
Regency Energy Partners LP 5.750% due 09/01/20		150,000		155,625
Sabine Pass Liquefaction LLC 5.625% due 02/01/21 ~		100,000		98,250
Samson Investment Co 10.500% due 02/15/20 ~		100,000		109,500
Sanchez Energy Corp 7.750% due 06/15/21 ~		75,000		77,063
SandRidge Energy Inc 7.500% due 03/15/21		100,000		105,250
SESI LLC 6.375% due 05/01/19		100,000		107,250
Tervita Corp (Canada)
8.000% due 11/15/18 ~		50,000		51,875
10.875% due 02/15/18 ~		25,000		25,531

				2,752,972

Financials - 7.1%

Ally Financial Inc 4.750% due 09/10/18		100,000		105,000
CIT Group Inc 5.250% due 03/15/18		75,000		80,719
DuPont Fabros Technology LP 5.875% due 09/15/21		100,000		103,750
E*TRADE Financial Corp 6.375% due 11/15/19		75,000		80,906
First Data Corp
6.750% due 11/01/20 ~		75,000		78,375
10.625% due 06/15/21 ~		50,000		54,438
12.625% due 01/15/21		125,000		147,344
Hockey Merger Sub 2 Inc 7.875% due 10/01/21 ~		100,000		103,250
Igloo Holdings Corp 8.250% PIK due 12/15/17 ~		50,000		51,000
MPH Intermediate Holding Co 2 8.375% PIK due 08/01/18 ~		50,000		52,187
Neuberger Berman Group LLC 5.875% due 03/15/22 ~		50,000		51,750
Nuveen Investments Inc
9.125% due 10/15/17 ~		25,000		25,125
9.500% due 10/15/20 ~		75,000		75,562
RHP Hotel Properties LP 5.000% due 04/15/21		100,000		99,250
ROC Finance LLC 12.125% due 09/01/18 ~		75,000		77,437
SLM Corp 4.875% due 06/17/19		75,000		74,782
The Howard Hughes Corp 6.875% due 10/01/21 ~		100,000		104,500

				1,365,375

Health Care - 7.8%

Aviv Healthcare Properties LP 6.000% due 10/15/21 ~		75,000		76,688
Biomet Inc
6.500% due 08/01/20		75,000		79,125
6.500% due 10/01/20		50,000		51,750
Capsugel SA (Luxembourg) 7.000% PIK due 05/15/19 ~		75,000		76,547
CHS/Community Health Systems Inc 8.000% due 11/15/19		50,000		54,500


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL HIGH INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
DaVita Health Care Partners Inc 5.750% due 08/15/22		$75,000		$76,313
DJO Finance LLC 7.750% due 04/15/18		50,000		51,125
Endo Finance Co 5.750% due 01/15/22 ~		75,000		75,563
Fresenius Medical Care US Finance II Inc 5.875% due 01/31/22 ~		100,000		106,000
HCA Holdings Inc 6.250% due 02/15/21		150,000		157,312
HCA Inc 6.500% due 02/15/16		50,000		54,812
Jaguar Holding Co I 9.375% PIK due 10/15/17 ~		100,000		106,250
Par Pharmaceutical Cos Inc 7.375% due 10/15/20		50,000		51,937
Prospect Medical Holdings Inc 8.375% due 05/01/19 ~		75,000		80,812
Tenet Healthcare Corp
4.750% due 06/01/20		50,000		49,125
6.000% due 10/01/20 ~		50,000		52,281
8.000% due 08/01/20		100,000		108,875
8.125% due 04/01/22		50,000		54,000
Valeant Pharmaceuticals International 6.375% due 10/15/20 ~		125,000		132,344

				1,495,359

Industrials - 11.0%

ADS Waste Holdings Inc 8.250% due 10/01/20		75,000		81,750
Ahern Rentals Inc 9.500% due 06/15/18 ~		50,000		54,375
Air Canada Pass-Through Trust ‘B’ (Canada) 5.375% due 11/15/22 ~		100,000		97,750
Allegion US Holding Co Inc 5.750% due 10/01/21 ~		100,000		104,500
Avis Budget Car Rental LLC 8.250% due 01/15/19		100,000		109,500
BC Mountain LLC 7.000% due 02/01/21 ~		75,000		76,125
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		75,000		74,813
British Airways Pass Through Trust ‘B’ (United Kingdom) 5.625% due 12/20/21 ~		50,000		52,250
CPG Merger Sub LLC 8.000% due 10/01/21 ~		50,000		52,250
HD Supply Inc
8.125% due 04/15/19		50,000		55,937
11.500% due 07/15/20		100,000		119,625
International Lease Finance Corp 6.250% due 05/15/19		150,000		163,125
Masco Corp 7.750% due 08/01/29		75,000		82,556
Nortek Inc 8.500% due 04/15/21		50,000		55,625
Roofing Supply Group LLC 10.000% due 06/01/20 ~		75,000		84,750
The ADT Corp 6.250% due 10/15/21 ~		150,000		157,688
The Hertz Corp 5.875% due 10/15/20		100,000		104,125
TMS International Corp 7.625% due 10/15/21 ~		75,000		80,250
TransDigm Inc 7.750% due 12/15/18		50,000		53,875
United Airlines Pass Through Trust ‘B’ 5.375% due 02/15/23		50,000		50,625
United Rentals North America Inc 8.375% due 09/15/20		200,000		224,000


	Principal Amount		Value
US Airways Pass Through Trust ‘B’ 5.375% due 05/15/23		$50,000		$49,250
USG Corp 5.875% due 11/01/21 ~		75,000		78,094
Virgin Australia Trust ‘B’ (Australia) 6.000% due 04/23/22 ~		50,000		51,375

				2,114,213

Information Technology - 2.4%

Advanced Micro Devices Inc 7.500% due 08/15/22		50,000		48,750
Blackboard Inc 7.750% due 11/15/19 ~		100,000		99,750
BMC Software Finance Inc 8.125% due 07/15/21 ~		50,000		51,750
BMC Software Inc 7.250% due 06/01/18		25,000		25,375
Equinix Inc
4.875% due 04/01/20		100,000		100,000
5.375% due 04/01/23		25,000		24,563
Freescale Semiconductor Inc
5.000% due 05/15/21 ~		50,000		48,750
8.050% due 02/01/20		50,000		54,000

				452,938

Materials - 11.9%

AK Steel Corp
8.375% due 04/01/22		50,000		50,500
8.750% due 12/01/18		25,000		28,062
Alphabet Holding Co Inc
7.750% PIK due 11/01/17 ~		50,000		51,656
7.750% PIK due 11/01/17		50,000		51,656
APERAM (Luxembourg) 7.750% due 04/01/18 ~		175,000		180,250
ArcelorMittal (Luxembourg)
6.000% due 03/01/21		200,000		213,000
7.250% due 03/01/41		50,000		48,000
Ardagh Packaging Finance PLC (Ireland)
7.000% due 11/15/20 ~		50,000		50,750
9.125% due 10/15/20 ~		175,000		192,000
Beverage Packaging Holdings Luxembourg II SA (Luxembourg) 6.000% due 06/15/17 ~		75,000		76,125
BOE Intermediate Holding Corp 9.000% PIK due 11/01/17 ~		102,275		107,133
BOE Merger Corp 9.500% PIK due 11/01/17 ~		50,000		53,375
FMG Resources Property Ltd (Australia)
6.000% due 04/01/17 ~		100,000		106,750
7.000% due 11/01/15 ~		25,000		25,984
8.250% due 11/01/19 ~		75,000		84,469
Hexion U.S. Finance Corp
6.625% due 04/15/20		50,000		51,500
9.000% due 11/15/20		100,000		100,250
Louisiana-Pacific Corp 7.500% due 06/01/20		50,000		55,875
Mustang Merger Corp 8.500% due 08/15/21 ~		50,000		54,250
New Gold Inc (Canada) 6.250% due 11/15/22 ~		100,000		97,250
Novelis Inc (Canada) 8.750% due 12/15/20		100,000		111,750
Sappi Papier Holding GmbH (Austria) 8.375% due 06/15/19 ~		75,000		82,594
Sealed Air Corp 8.375% due 09/15/21 ~		100,000		114,000
TPC Group Inc 8.750% due 12/15/20 ~		100,000		106,750


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL HIGH INCOME FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Tronox Finance LLC 6.375% due 08/15/20		$100,000		$102,500
Wise Metals Group LLC 8.750% due 12/15/18 ~		75,000		79,312

				2,275,741

Telecommunication Services - 7.7%

CenturyLink Inc 5.625% due 04/01/20		50,000		51,125
Crown Castle International Corp 5.250% due 01/15/23		50,000		49,250
Digicel Ltd (Bermuda) 7.000% due 02/15/20 ~		75,000		76,125
Hughes Satellite Systems Corp 7.625% due 06/15/21		100,000		112,000
Intelsat Jackson Holdings SA (Luxembourg) 6.625% due 12/15/22 ~		100,000		103,500
Intelsat Luxembourg SA (Luxembourg) 7.750% due 06/01/21 ~		250,000		269,063
Level 3 Financing Inc
6.125% due 01/15/21 ~		25,000		25,312
7.000% due 06/01/20		100,000		106,500
MetroPCS Wireless Inc 6.250% due 04/01/21 ~		50,000		52,062
Sprint Communications Inc
7.000% due 03/01/20 ~		125,000		140,000
9.000% due 11/15/18 ~		100,000		120,750
9.125% due 03/01/17		50,000		59,000
Sprint Corp
7.125% due 06/15/24 ~		25,000		25,438
7.250% due 09/15/21 ~		150,000		161,625
7.875% due 09/15/23 ~		25,000		26,938
T-Mobile USA Inc 6.633% due 04/28/21		100,000		105,875

				1,484,563


	Principal Amount		Value
Utilities - 2.5%

Calpine Corp
6.000% due 01/15/22 ~		$25,000		$25,750
7.500% due 02/15/21 ~		80,000		87,700
GenOn Energy Inc 9.875% due 10/15/20		50,000		55,750
NRG Energy Inc 7.625% due 01/15/18		225,000		257,625
Wind Acquisition Holdings Finance SA (Luxembourg) 12.250% PIK due 07/15/17 ~		53,062		56,113

				482,938

Total Corporate Bonds & Notes (Cost $16,399,390)				16,921,670


	Shares
SHORT-TERM INVESTMENT - 4.1%

Money Market Fund - 4.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		792,384		792,384


Total Short-Term Investment (Cost $792,384)				792,384


TOTAL INVESTMENTS - 98.5% (Cost $18,308,897)				18,914,230

OTHER ASSETS & LIABILITIES, NET - 1.5%				292,384


NET ASSETS - 100.0%				$19,206,614

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$478,656		$478,656		$—		$—
	Exchange-Traded Fund		721,520		721,520
	Corporate Bonds & Notes		16,921,670		—		16,620,420		301,250
	Short-Term Investment		792,384		792,384		—		—

	Total		$18,914,230		$1,992,560		$16,620,420		$301,250


	Corporate Bonds & Notes
Value, Beginning of Period		$161,508
Purchases		300,437
Sales (Includes Paydowns)		(154,988	)
Accrued Discounts (Premiums)		(726	)
Net Realized Gains		1,046
Change in Net Unrealized Depreciation		(6,027	)
Transfers In		—
Transfers Out		—

Value, End of Period		$301,250

Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Period, if Applicable		$859

The significant unobservable inputs were provided by a vendor-priced single broker quote.

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MONEY MARKET FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
SHORT-TERM INVESTMENTS - 99.2%

Commercial Paper - 79.9%

Bank of Nova Scotia NY
0.065% due 02/18/14		$900,000		$899,922
0.080% due 01/03/14		400,000		399,998
Exxon Mobil Corp 0.060% due 01/16/14		1,000,000		999,975
General Electric Capital Corp 0.070% due 01/02/14		1,000,000		999,998
Glaxosmithkline Finance PLC (United Kingdom) 0.080% due 01/08/14		1,100,000		1,099,983
Google Inc
0.050% due 01/07/14		500,000		499,996
0.070% due 02/13/14		900,000		899,925
Illinois Tool Works Inc 0.070% due 02/07/14		1,400,000		1,399,899
International Business Machines Corp 0.130% due 01/07/14		1,175,000		1,174,975
National Rural Utilities Cooperative Finance Corp 0.080% due 02/10/14		250,000		249,978
Nestle Capital Corp 0.060% due 01/06/14		1,000,000		999,992
NetJets Inc 0.030% due 01/06/14		1,400,000		1,399,994
Parker Hannifin Corp 0.080% due 01/24/14		1,400,000		1,399,928
PepsiCo Inc 0.040% due 01/21/14		800,000		799,982
Pfizer Inc 0.080% due 03/05/14		1,400,000		1,399,804
Philip Morris International Inc 0.070% due 01/17/14		1,100,000		1,099,966
Roche Holdings Inc 0.030% due 02/18/14		1,400,000		1,399,944
Royal Bank of Canada (Canada) 0.030% due 02/14/14		1,200,000		1,199,956
Siemens Capital Co LLC 0.080% due 01/30/14		900,000		899,942
The Coca-Cola Co
0.070% due 01/08/14		600,000		599,992
0.100% due 01/14/14		800,000		799,971
The Procter & Gamble Co
0.050% due 01/31/14		750,000		749,969
0.070% due 02/26/14		500,000		499,946
The Walt Disney Co 0.060% due 02/28/14		1,000,000		999,903
Toronto-Dominion Holdings USA Inc 0.090% due 01/03/14		600,000		599,997
Toyota Motor Credit Corp 0.090% due 01/15/14		1,400,000		1,399,951

				24,873,886


	Principal Amount		Value
U.S. Treasury Bills - 19.0%

0.011% due 01/30/14		$500,000		$499,996
0.015% due 01/02/14		600,000		600,000
0.015% due 02/20/14		1,000,000		999,979
0.019% due 02/06/14		1,000,000		999,981
0.025% due 01/16/14		1,400,000		1,399,985
0.033% due 01/09/14		400,000		399,997
0.040% due 01/02/14		1,000,000		999,999

				5,899,937

	Shares
Money Market Fund - 0.3%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		103,327		103,327


Total Short-Term Investments (Amortized Cost $30,877,150)				30,877,150


TOTAL INVESTMENTS - 99.2% (Amortized Cost $30,877,150)				30,877,150

OTHER ASSETS & LIABILITIES, NET - 0.8%				250,890


NET ASSETS - 100.0%				$31,128,040

Notes to Schedule of Investments

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

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Short-Term Investments		$30,877,150		$103,327		$30,773,823		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 36.1%

Azerbaijan - 0.2%

State Oil Co of the Azerbaijan Republic 5.450% due 02/09/17 ~		$200,000		$213,740


Bermuda - 1.8%

China Oriental Group Co Ltd 7.000% due 11/17/17 ~		200,000		196,750
Digicel Group Ltd
8.250% due 09/30/20 ~		700,000		728,875
10.500% due 04/15/18 ~		750,000		806,250
Digicel Ltd 7.000% due 02/15/20 ~		200,000		203,000
Qtel International Finance Ltd 7.875% due 06/10/19 ~		200,000		245,500

				2,180,375

Brazil - 0.4%

Banco Santander Brasil SA 8.000% due 03/18/16 ~		BRL 300,000		118,894
Banco Votorantim SA 6.250% due 05/16/16 ~ ^		300,000		141,617
Itau Unibanco Holding SA 10.500% due 11/23/15 ~		238,000		99,871
Oi SA 9.750% due 09/15/16 ~		300,000		115,079

				475,461

Cayman - 8.4%

21Vianet Group Inc 7.875% due 03/22/16 ~		CNY 1,000,000		169,781
Central China Real Estate Ltd
6.500% due 06/04/18 ~		$300,000		296,977
8.000% due 01/28/20 ~		500,000		501,575
China SCE Property Holdings Ltd
10.500% due 01/14/16 ~		CNY 1,000,000		173,845
11.500% due 11/14/17 ~		$500,000		557,500
China Shanshui Cement Group Ltd
6.500% due 07/22/14 ~		CNY 1,000,000		167,124
8.500% due 05/25/16 ~		$400,000		419,000
10.500% due 04/27/17 ~		700,000		764,750
Country Garden Holdings Co Ltd
7.500% due 01/10/23 ~		1,200,000		1,155,000
10.500% due 08/11/15		100,000		110,625
11.250% due 04/22/17 ~		150,000		161,812
DP World Sukuk Ltd 6.250% due 07/02/17 ~		400,000		441,000
Dubai DOF Sukuk Ltd 6.450% due 05/02/22 ~		50,000		55,875
Dubai Holding Commercial Operations MTN Ltd
4.750% due 01/30/14		EUR 550,000		757,584
6.000% due 02/01/17		GBP 850,000		1,470,905
Hengdeli Holdings Ltd 6.250% due 01/29/18 ~		$200,000		207,500
Jafz Sukuk Ltd 7.000% due 06/19/19 ~		50,000		57,250
JBS Finance II Ltd 8.250% due 01/29/18 ~		400,000		424,000
Marfrig Overseas Ltd 9.500% due 05/04/20 ~		350,000		329,000
MIE Holdings Corp 9.750% due 05/12/16 ~		200,000		213,000
Nile Finance Ltd 5.250% due 08/05/15 ~		100,000		101,000


	Principal Amount		Value
Sunac China Holdings Ltd
9.375% due 04/05/18 ~		$300,000		$311,250
12.500% due 10/16/17 ~		600,000		679,500
Telemovil Finance Co Ltd 8.000% due 10/01/17 ~		700,000		749,000

				10,274,853

Chile - 0.4%

Banco del Estado de Chile 4.125% due 10/07/20 ~		120,000		122,501
Banco Santander Chile 6.500% due 09/22/20 ~		CLP 51,000,000		97,642
Corp Nacional del Cobre de Chile 3.750% due 11/04/20 ~		$100,000		100,462
Empresa Nacional del Petroleo 5.250% due 08/10/20 ~		100,000		103,553

				424,158

Colombia - 0.3%

Ecopetrol SA 7.625% due 07/23/19		120,000		142,800
Emgesa SA ESP 8.750% due 01/25/21 ~		COP 238,000,000		131,060
Empresas Publicas de Medellin ESP 8.375% due 02/01/21 ~		242,000,000		130,780

				404,640

Cyprus - 0.3%

Mriya Agro Holding PLC 9.450% due 04/19/18 ~		$400,000		346,000


Hong Kong - 0.4%

China Railway Resources Huitung Ltd 3.850% due 02/05/23 ~		210,000		193,298
Gemdale International Holding Ltd 9.150% due 07/26/15 ~		CNY 1,000,000		176,011
Industrial & Commercial Bank of China Asia Ltd 5.125% due 11/30/20 ~		$100,000		105,354

				474,663

India - 0.2%

Export-Import Bank of India 4.000% due 01/14/23 ~		215,000		187,871


Indonesia - 0.3%

P.T. Pertamina Persero 6.000% due 05/03/42 ~		400,000		332,600


Ireland - 3.3%

Alfa Bank OJSC
7.500% due 09/26/19 ~		400,000		428,500
7.750% due 04/28/21 ~		400,000		429,500
8.625% due 04/26/16 ~		RUB 5,000,000		152,048
Brunswick Rail Finance Ltd 6.500% due 11/01/17 ~		$400,000		409,240
Credit Bank of Moscow 7.700% due 02/01/18 ~		400,000		399,000
Mobile Telesystems OJSC 8.625% due 06/22/20 ~		900,000		1,066,500
Vimpel Communications 7.748% due 02/02/21 ~		600,000		653,250
Vnesheconombank
5.450% due 11/22/17 ~		150,000		161,070
6.800% due 11/22/25 ~		100,000		105,000
6.902% due 07/09/20 ~		200,000		221,250

				4,025,358


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Kazakhstan - 2.3%

Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		$220,000		$197,714
Halyk Savings Bank of Kazakhstan JSC 7.250% due 01/28/21 ~		600,000		639,000
Kazkommertsbank JSC
6.875% due 02/13/17		EUR 300,000		414,775
7.500% due 11/29/16 ~		$200,000		200,000
7.875% due 04/07/14 ~		200,000		203,000
8.000% due 11/03/15 ~		450,000		457,875
KazMunayGas National Co JSC
5.750% due 04/30/43 ~		350,000		303,258
7.000% due 05/05/20 ~		140,000		157,850
Zhaikmunai LLP 7.125% due 11/13/19 ~		200,000		210,240

				2,783,712

Luxembourg - 4.9%

Altice Financing SA 7.875% due 12/15/19 ~		600,000		655,500
Cosan Luxembourg SA 9.500% due 03/14/18 ~		BRL 300,000		110,628
Gazprom Neft OAO 6.000% due 11/27/23~		$200,000		204,000
Gazprom OAO
4.950% due 02/06/28 ~		100,000		89,000
6.510% due 03/07/22 ~		100,000		107,875
8.625% due 04/28/34 ~		85,000		100,725
MHP SA
8.250% due 04/02/20 ~		650,000		580,255
10.250% due 04/29/15 ~		650,000		672,880
Minerva Luxembourg SA
7.750% due 01/31/23 ~		400,000		398,000
12.250% due 02/10/22 ~		300,000		346,500
Promsvyazbank OJSC
8.500% due 04/25/17 ~		600,000		642,120
10.200% due 11/06/19 ~		200,000		214,250
Sberbank of Russia 5.717% due 06/16/21 ~		150,000		157,106
TMK OAO
6.750% due 04/03/20 ~		1,000,000		965,000
7.750% due 01/27/18 ~		700,000		737,625

				5,981,464

Malaysia - 0.5%

Axiata SPV1 Labuan Ltd 5.375% due 04/28/20 ~		100,000		106,132
MMI International Ltd 8.000% due 03/01/17 ~		200,000		199,500
Petronas Capital Ltd
5.250% due 08/12/19 ~		100,000		109,980
7.875% due 05/22/22 ~		115,000		145,592

				561,204

Mexico - 1.5%

America Movil SAB de CV 6.450% due 12/05/22		MXN 2,900,000		205,791
Cemex SAB de CV 6.500% due 12/10/19 ~		$200,000		207,100
9.000% due 01/11/18 ~		900,000		992,250
Petroleos Mexicanos
5.500% due 06/27/44		45,000		41,288
6.000% due 03/05/20		45,000		50,220
6.500% due 06/02/41		150,000		157,500
7.190% due 09/12/24 ~		MXN 1,500,000		110,529
8.000% due 05/03/19		$70,000		85,050

				1,849,728


	Principal Amount		Value
Netherlands - 3.7%

Indo Energy Finance II BV 6.375% due 01/24/23 ~		$850,000		$703,375
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		100,000		99,750
Majapahit Holding BV 7.750% due 01/20/20 ~		100,000		110,250
Marfrig Holding Europe BV
8.375% due 05/09/18 ~		200,000		187,000
9.875% due 07/24/17 ~		500,000		496,250
Metinvest BV
8.750% due 02/14/18 ~		700,000		661,500
10.250% due 05/20/15 ~		1,050,000		1,065,750
VimpelCom Holdings BV
7.504% due 03/01/22 ~		1,000,000		1,047,120
9.000% due 02/13/18 ~		RUB 5,000,000		152,777

				4,523,772

Nigeria - 0.6%

Sea Trucks Group 9.000% due 03/26/18 ~		$800,000		774,000


Philippines - 0.2%

Petron Corp 7.000% due 11/10/17		PHP 5,000,000		113,172
Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		$100,000		122,500

				235,672

Singapore - 0.4%

Olam International Ltd 6.000% due 10/25/22 ~		SGD 250,000		182,473
Yanlord Land Group Ltd
9.500% due 05/04/17 ~		$100,000		106,875
10.625% due 03/29/18 ~		200,000		221,500

				510,848

South Africa - 0.8%

Edcon Proprietary Ltd 9.500% due 03/01/18 ~		EUR 650,000		921,379


Spain - 0.3%

Cemex Espana Luxembourg
9.250% due 05/12/20 ~		$357,000		393,593


Sweden - 0.8%

Eileme 2 AB
11.625% due 01/31/20 ~		600,000		725,238
TVN Finance Corp III AB 7.375% due 12/15/20 ~		EUR 200,000		296,464

				1,021,702

Turkey - 0.1%

Turkiye Garanti Bankasi AS 7.375% due 03/07/18 ~		TRY 300,000		117,927


Ukraine - 0.4%

National JSC Naftogaz of Ukraine 9.500% due 09/30/14		$530,000		533,233


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
United Arab Emirates - 1.0%

Anka a Sukuk Ltd 10.000% due 08/25/16 ~		AED 500,000		$148,040
Dolphin Energy Ltd 5.888% due 06/15/19 ~		$132,920		145,414
DP World Ltd 6.850% due 07/02/37 ~		700,000		691,250
Dubai Electricity & Water Authority 7.375% due 10/21/20 ~		170,000		198,900
Emirates Airline 4.500% due 02/06/25 ~		100,000		92,000

				1,275,604

United Kingdom - 2.4%

Afren PLC 6.625% due 12/09/20 ~		500,000		502,500
Arcos Dorados Holdings Inc 10.250% due 07/13/16 ~		BRL 250,000		101,197
DTEK Finance PLC 7.875% due 04/04/18 ~		$800,000		742,000
Sinochem Overseas Capital Co Ltd 4.500% due 11/12/20 ~		370,000		379,368
Vedanta Resources PLC
8.250% due 06/07/21 ~		200,000		201,625
9.500% due 07/18/18 ~		450,000		501,750
Yingde Gases Investment Ltd 8.125% due 04/22/18 ~		500,000		522,500

				2,950,940

United States - 0.1%

Pemex Project Funding Master Trust 5.750% due 03/01/18		160,000		179,200


Venezuela - 0.1%

Petroleos de Venezuela SA
5.250% due 04/12/17 ~		77,000		57,172
5.375% due 04/12/27 ~		76,000		40,850
12.750% due 02/17/22 ~		40,000		36,600

				134,622

Total Corporate Bonds & Notes (Cost $43,784,464)				44,088,319


CONVERTIBLE CORPORATE BONDS & NOTES - 0.1%

Cayman - 0.1%

Chaowei Power Holdings Ltd 7.250% due 09/24/17 ~		CNY 1,000,000		167,330


Total Convertible Corporate Bonds & Notes (Cost $158,824)				167,330


FOREIGN GOVERNMENT BONDS & NOTES - 41.4%

Argentina - 0.7%

Argentina Boden 7.000% due 10/03/15		$545,000		545,000
Argentine Republic Government
8.280% due 12/31/33		391,250		295,273
8.750% due 06/02/17		60,000		54,750

				895,023

Belarus - 0.4%

Republic of Belarus
8.750% due 08/03/15 ~		110,000		111,650
8.950% due 01/26/18 ~		380,000		382,850

				494,500


	Principal Amount		Value
Bolivia - 0.1%

Bolivian Government 4.875% due 10/29/22 ~		$100,000		$96,000


Brazil - 3.7%

Banco Nacional de Desenvolvimento Economico e Social 6.500% due 06/10/19 ~		170,000		185,300
Brazil Letras do Tesouro Nacional
10.906% due 01/01/17		BRL 5,150,000		1,537,777
11.954% due 01/01/16		4,480,000		1,520,617
Brazil Notas do Tesouro Nacional ‘B’ 6.000% due 08/15/20 ^		500,000		504,032
Brazilian Government
4.250% due 01/07/25		$375,000		357,656
4.875% due 01/22/21		100,000		106,000
5.875% due 01/15/19		90,000		101,250
8.500% due 01/05/24		BRL 400,000		149,200
8.875% due 04/15/24		$70,000		93,590

				4,555,422

Chile - 0.2%

Chile Government
3.250% due 09/14/21		100,000		98,250
6.000% due 01/01/20 ~		CLP 60,000,000		120,238

				218,488

Colombia - 1.9%

Colombia Government
6.125% due 01/18/41		$190,000		204,725
7.375% due 03/18/19		140,000		168,980
7.750% due 04/14/21		COP 365,000,000		210,111
8.125% due 05/21/24		$200,000		258,000
9.850% due 06/28/27		COP 50,000,000		32,715
11.750% due 02/25/20		$179,000		257,760
12.000% due 10/22/15		COP 925,000,000		541,940
Colombian TES
7.000% due 05/04/22		870,000,000		457,539
10.000% due 07/24/24		260,000,000		166,292
Empresa de Telecomunicaciones de Bogota 7.000% due 01/17/23		144,000,000		65,979

				2,364,041

Costa Rica - 0.3%

Costa Rica Government
4.250% due 01/26/23 ~		$200,000		184,000
4.375% due 04/30/25 ~		90,000		80,100
5.625% due 04/30/43 ~		90,000		77,175

				341,275

Croatia - 0.5%

Croatia Government
6.375% due 03/24/21 ~		240,000		252,360
6.625% due 07/14/20 ~		250,000		269,063
6.750% due 11/05/19 ~		100,000		108,750

				630,173

Dominican Republic - 0.3%

Dominican Republic
5.875% due 04/18/24 ~		260,000		249,600
6.600% due 01/28/24 ~		100,000		100,750

				350,350

Ecuador - 0.1%

Ecuador Government 9.375% due 12/15/15 ~		100,000		106,000


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Egypt - 0.1%

Egypt Government 5.750% due 04/29/20 ~		$100,000		$95,750


El Salvador - 0.2%

El Salvador Government
5.875% due 01/30/25 ~		85,000		81,281
7.650% due 06/15/35 ~		105,000		102,795
8.250% due 04/10/32 ~		90,000		96,863

				280,939

Gabon - 0.2%

Gabonese Republic 6.375% due 12/12/24 ~		200,000		201,500


Georgia - 0.2%

Georgia Government 6.875% due 04/12/21 ~		200,000		216,000


Ghana - 0.1%

Republic of Ghana 8.500% due 10/04/17 ~		130,000		139,750


Guatemala - 0.1%

Guatemala Government 4.875% due 02/13/28 ~		200,000		184,000


Hungary - 2.4%

Hungary Government
4.125% due 02/19/18		122,000		123,952
5.375% due 02/21/23		300,000		296,625
5.500% due 12/22/16		HUF 64,690,000		312,584
5.750% due 11/22/23		$150,000		151,500
6.000% due 11/24/23		HUF 28,080,000		133,666
6.250% due 01/29/20		$156,000		169,065
6.375% due 03/29/21		200,000		215,500
6.500% due 06/24/19		HUF 20,430,000		102,148
6.750% due 11/24/17		115,230,000		578,610
7.000% due 06/24/22		77,090,000		390,481
7.625% due 03/29/41		$90,000		98,888
7.750% due 08/24/15		HUF 62,670,000		310,398

				2,883,417

Indonesia - 1.1%

Indonesia Government
4.875% due 05/05/21 ~		$110,000		109,450
5.875% due 03/13/20 ~		100,000		106,200
6.875% due 01/17/18 ~		265,000		297,727
8.500% due 10/12/35 ~		170,000		206,550
10.375% due 05/04/14 ~		60,000		61,965
Indonesia Treasury
5.244% due 10/09/14		IDR 656,000,000		51,063
6.125% due 05/15/28		630,000,000		40,276
6.625% due 05/15/33		2,830,000,000		183,430
8.375% due 03/15/24		230,000,000		18,923
9.500% due 06/15/15		3,000,000,000		252,858

				1,328,442

Iraq - 0.4%

Republic of Iraq 5.800% due 01/15/28 ~		$530,000		454,475


	Principal Amount		Value
Ivory Coast - 0.6%

Ivory Coast Government 5.750% due 12/31/32 § ~		$810,000		$729,000


Kazakhstan - 0.3%

Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.250% due 05/20/15 ~		300,000		313,500


Latvia - 0.2%

Republic of Latvia 2.750% due 01/12/20 ~		300,000		287,625


Lebanon - 0.5%

Lebanon Government
5.150% due 11/12/18 ~		33,000		32,422
6.100% due 10/04/22 ~		223,000		217,425
6.375% due 03/09/20		149,000		153,097
6.600% due 11/27/26 ~		90,000		89,550
8.250% due 04/12/21 ~		134,000		149,879

				642,373

Lithuania - 0.6%

Lithuania Government
5.125% due 09/14/17 ~		100,000		109,750
6.125% due 03/09/21 ~		200,000		227,560
6.625% due 02/01/22 ~		200,000		234,250
7.375% due 02/11/20 ~		120,000		144,780

				716,340

Malaysia - 1.7%

Malaysia Government
3.418% due 08/15/22		MYR 800,000		231,222
3.480% due 03/15/23		1,400,000		407,010
3.580% due 09/28/18		1,280,000		387,513
3.889% due 07/31/20		1,860,000		564,277
4.160% due 07/15/21		100,000		30,703
4.262% due 09/15/16		1,300,000		406,220

				2,026,945

Mexico - 2.0%

Mexican Bonos
6.500% due 06/09/22		MXN 4,000,000		310,471
7.500% due 06/03/27		5,700,000		466,612
7.750% due 05/29/31		4,100,000		329,372
8.500% due 05/31/29		5,870,000		511,783
8.500% due 11/18/38		3,000,000		254,943
Mexico Government
4.750% due 03/08/44		$120,000		109,098
5.750% due 10/12/10		110,000		102,300
5.950% due 03/19/19		90,000		104,175
6.050% due 01/11/40		72,000		78,660
6.750% due 09/27/34		170,000		201,450

				2,468,864

Morocco - 0.2%

Morocco Government 4.250% due 12/11/22 ~		300,000		279,000


Nigeria - 0.3%

Nigeria Government
16.000% due 06/29/19		NGN 10,000,000		69,697
16.390% due 01/27/22		42,000,000		303,860

				373,557


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Pakistan - 0.2%

Pakistan Government 7.125% due 03/31/16 ~		$200,000		$197,000


Panama - 0.2%

Panama Government
4.300% due 04/29/53		40,000		30,500
6.700% due 01/26/36		130,000		145,925
8.875% due 09/30/27		60,000		80,400
9.375% due 04/01/29		40,000		55,700

				312,525

Paraguay - 0.1%

Republic of Paraguay 4.625% due 01/25/23 ~		200,000		189,000


Peru - 0.8%

Peruvian Government
6.850% due 02/12/42 ~		PEN 65,000		22,549
6.900% due 08/12/37 ~		217,000		76,086
6.950% due 08/12/31 ~		170,000		60,877
7.125% due 03/30/19		$30,000		36,412
7.350% due 07/21/25		168,000		212,520
7.840% due 08/12/20 ~		PEN 450,000		183,591
8.200% due 08/12/26 ~		268,000		112,774
8.600% due 08/12/17 ~		230,000		94,642
8.750% due 11/21/33		$160,000		228,400

				1,027,851

Philippines - 1.0%

Philippine Government
3.900% due 11/26/22		PHP 10,000,000		220,244
4.000% due 01/15/21		$180,000		187,200
7.750% due 01/14/31		120,000		158,400
9.500% due 02/02/30		257,000		385,500
10.625% due 03/16/25		160,000		246,200

				1,197,544

Poland - 2.6%

Poland Government
2.750% due 08/25/23 ^		PLN 170,758		59,742
3.000% due 08/24/16 ^		1,784,059		621,546
3.000% due 03/17/23		$58,000		52,954
4.000% due 10/25/23		PLN 230,000		74,202
5.000% due 04/25/16		1,078,000		372,031
5.000% due 03/23/22		$89,000		95,341
5.750% due 09/23/22		PLN 4,780,000		1,748,051
5.750% due 04/25/29		182,000		67,413
6.375% due 07/15/19		$116,000		135,865

				3,227,145

Romania - 0.9%

Romania Government
5.600% due 11/28/18		RON 50,000		15,966
5.750% due 04/29/20		110,000		35,174
5.800% due 10/26/15		390,000		125,166
5.850% due 07/28/14		590,000		184,722
5.850% due 04/26/23		70,000		22,533
5.900% due 07/26/17		260,000		84,213
Romanian Government
4.375% due 08/22/23 ~		$294,000		285,180
6.750% due 02/07/22 ~		332,000		378,065

				1,131,019


	Principal Amount		Value
Russia - 5.0%

Russian Federal
6.200% due 01/31/18		RUB 16,252,000		$483,740
6.800% due 12/11/19		17,284,000		517,663
6.900% due 08/03/16		16,476,000		506,618
7.000% due 01/25/23		4,678,000		137,193
7.000% due 08/16/23		2,181,000		63,406
7.050% due 01/19/28		3,118,000		88,684
7.400% due 04/19/17		26,069,000		812,799
7.400% due 06/14/17		26,706,000		829,006
7.500% due 03/15/18		5,316,000		165,892
7.500% due 02/27/19		24,668,000		763,680
7.600% due 04/14/21		11,862,000		364,433
7.600% due 07/20/22		4,033,000		123,230
8.150% due 02/03/27		8,450,000		265,901
Russian Foreign
5.875% due 09/16/43 ~		$200,000		203,800
7.500% due 03/31/30 § ~		710,710		829,541

				6,155,586

Senegal - 0.2%

Senegal Government 8.750% due 05/13/21~		200,000		224,000


Serbia - 0.2%

Republic of Serbia 5.875% due 12/03/18~		200,000		204,500


South Africa - 3.3%

South Africa Government
5.500% due 03/09/20		200,000		214,000
5.875% due 05/30/22		100,000		107,625
6.250% due 03/31/36		ZAR 2,000,000		140,376
6.500% due 02/28/41		2,200,000		154,860
6.875% due 05/27/19		$210,000		241,237
7.000% due 02/28/31		ZAR 5,720,000		455,489
7.750% due 02/28/23		7,000,000		661,951
8.000% due 12/21/18		6,700,000		661,030
8.000% due 01/31/30		1,600,000		141,708
8.250% due 09/15/17		8,000,000		795,720
8.750% due 02/28/48		1,100,000		99,608
10.500% due 12/21/26		3,100,000		348,752

				4,022,356

Sri Lanka - 0.2%

Sri Lanka Government 6.250% due 07/27/21 ~		$200,000		196,500


Thailand - 1.4%

Thailand Government
1.200% due 07/14/21 ~ ^		THB 4,226,240		127,482
1.250% due 03/12/28 ~ ^		3,040,950		79,358
3.250% due 06/16/17		4,600,000		141,311
3.625% due 06/16/23		14,443,000		431,044
3.650% due 12/17/21		6,900,000		208,816
3.875% due 06/13/19		21,700,000		676,444

				1,664,455

Turkey - 2.9%

Turkey Government
3.000% due 02/23/22 ^		TRY 1,597,524		720,412
4.000% due 04/01/20 ^		390,170		187,984
5.625% due 03/30/21		$100,000		100,900
6.000% due 01/14/41		200,000		176,350
6.750% due 04/03/18		190,000		206,815
6.875% due 03/17/36		260,000		256,035


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
7.000% due 06/05/20		$205,000		$224,270
7.100% due 03/08/23		TRY 500,000		191,112
7.250% due 03/05/38		$100,000		103,150
7.375% due 02/05/25		235,000		254,270
8.000% due 02/14/34		100,000		111,500
8.300% due 06/20/18		TRY 530,000		232,470
8.500% due 09/14/22		700,000		294,919
9.000% due 05/21/14 ^		675,683		321,492
9.500% due 01/12/22		300,000		134,741

				3,516,420

Ukraine - 0.6%

Ukraine Government
7.500% due 04/17/23 ~		$200,000		180,100
7.750% due 09/23/20 ~		200,000		185,500
7.800% due 11/28/22 ~		70,000		63,630
9.250% due 07/24/17 ~		250,000		250,520

				679,750

United Arab Emirates - 0.2%

Emirate of Dubai Government 7.750% due 10/05/20 ~		215,000		256,388


Uruguay - 0.7%

Uruguay Government
3.700% due 06/26/37 ^		UYU 1,302,196		56,358
4.125% due 11/20/45		$117,374		90,677
4.250% due 04/05/27 ^		UYU 4,514,158		216,575
4.375% due 12/15/28 ^		2,431,255		116,926
4.500% due 08/14/24		$209,235		209,758
7.625% due 03/21/36		62,000		75,485
7.875% PIK due 01/15/33		118,000		145,435

				911,214

Venezuela - 1.2%

Venezuela Government
5.750% due 02/26/16 ~		40,000		34,080
6.000% due 12/09/20 ~		62,000		41,633
7.650% due 04/21/25		100,000		68,000
7.750% due 10/13/19 ~		125,000		93,750
8.250% due 10/13/24 ~		57,000		40,413


	Principal Amount		Value
8.500% due 10/08/14		$146,000		$142,934
9.000% due 05/07/23 ~		100,000		74,900
9.250% due 09/15/27		75,000		58,388
9.250% due 05/07/28 ~		79,000		58,855
11.750% due 10/21/26 ~		467,000		401,620
11.950% due 08/05/31 ~		396,500		339,801
12.750% due 08/23/22 ~		137,000		127,068

				1,481,442

Vietnam - 0.3%

Vietnam Government
6.750% due 01/29/20 ~		200,000		218,500
6.875% due 01/15/16 ~		100,000		107,250

				325,750

Total Foreign Government Bonds & Notes (Cost $52,413,254)				50,593,194


SHORT-TERM INVESTMENTS - 20.3%

Foreign Government Issues - 0.1%

Nigeria Treasury Bill 14.970% due 04/10/14		NGN 31,000,000		188,404

	Shares
Money Market Fund - 20.2%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		24,672,689		24,672,689


Total Short-Term Investments (Cost $24,859,728)				24,861,093


TOTAL INVESTMENTS - 97.9% (Cost $121,216,270)				119,709,936

OTHER ASSETS & LIABILITIES, NET - 2.1%				2,611,666


NET ASSETS - 100.0%				$122,321,602

Notes to Schedule of Investments

(a)	Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase.

(b)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
BRL	185,548	USD	77,520		01/14	BRC		$1,065
BRL	4,992,612	USD	2,127,371		01/14	BRC		(12,847	)
BRL	631,800	USD	270,000		01/14	HSB		(2,413	)
BRL	999,144	USD	450,000		01/14	MSC		(26,832	)
BRL	111,419	USD	46,745		03/14	BRC		(267	)
BRL	876,053	USD	373,122		03/14	GSC		(7,690	)
BRL	599,206	USD	254,084		03/14	MER		(4,134	)
BRL	600,446	USD	255,846		03/14	UBS		(5,379	)
CLP	459,267,365	USD	871,144		01/14	UBS		(299	)
CNY	428,400	USD	70,000		01/14	HSB		689
CNY	13,658,232	USD	2,226,099		01/14	SCB		27,590
CZK	12,040,890	USD	598,328		01/14	BRC		8,169
CZK	11,201,393	USD	598,886		01/14	BRC		(34,675	)
CZK	5,588,625	USD	300,000		01/14	UBS		(18,502	)
CZK	4,023,548	USD	200,263		02/14	BRC		2,450
CZK	892,448	USD	44,230		02/14	MSC		733
EUR	125,623	USD	169,939		01/14	BRC		2,878


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
EUR	106,210	USD	146,635		01/14	GSC		($522	)
GBP	221,047	USD	365,148		01/14	GSC		896
HUF	89,658,156	USD	404,501		01/14	BRC		9,671
HUF	18,447,779	USD	86,487		01/14	DUB		(1,269	)
HUF	22,741,559	USD	101,675		02/14	HSB		3,228
HUF	20,937,925	USD	93,880		02/14	MSC		2,703
IDR	5,063,982,496	USD	411,318		01/14	HSB		2,660
ILS	1,078,709	USD	304,217		02/14	HSB		6,153
INR	70,404,136	USD	1,087,155		01/14	CIT		42,272
INR	72,000,000	USD	1,112,828		01/14	GSC		42,199
MXN	2,651,580	USD	199,427		01/14	BRC		3,119
MXN	3,439,389	USD	262,258		01/14	CIT		465
MXN	1,590,236	USD	122,572		01/14	CIT		(1,099	)
MXN	4,036,087	USD	304,220		01/14	DUB		4,084
MXN	7,347,585	USD	570,000		01/14	DUB		(8,741	)
MXN	1,234,475	USD	93,880		01/14	HSB		418
MXN	2,340,205	USD	177,930		01/14	JPM		831
MXN	9,236,220	USD	700,000		01/14	MER		5,525
MXN	13,372,558	USD	1,028,666		01/14	SCB		(7,179	)
MXN	5,644,321	USD	429,751		02/14	CIT		511
MXN	13,800,986	USD	1,047,299		02/14	GSC		4,739
MXN	4,064,217	USD	305,426		02/14	HSB		4,386
MXN	11,570,512	USD	879,887		02/14	JPM		2,124
MYR	393,960	USD	120,000		01/14	BRC		-
MYR	1,700,000	USD	533,568		01/14	CIT		(15,351	)
MYR	1,700,000	USD	533,467		01/14	GSC		(15,251	)
MYR	868,890	USD	270,606		02/14	GSC		(6,074	)
MYR	600,000	USD	185,897		02/14	HSB		(3,227	)
MYR	263,600	USD	80,000		02/14	JPM		253
MYR	2,320,895	USD	720,417		03/14	JPM		(15,091	)
PEN	2,244,917	USD	795,224		01/14	CIT		-
PEN	182,161	USD	64,322		01/14	DUB		456
PEN	583,607	USD	206,806		01/14	MSC		729
PEN	435,575	USD	155,980		01/14	MSC		(1,086	)
PHP	3,525,200	USD	80,000		01/14	GSC		(554	)
PHP	5,742,787	USD	132,292		01/14	HSB		(2,870	)
PHP	2,455,596	USD	56,096		01/14	JPM		(755	)
PLN	1,187,567	USD	389,951		01/14	BRC		2,361
PLN	2,432,187	USD	781,425		02/14	BRC		20,752
PLN	1,954,603	USD	626,881		02/14	DUB		17,780
RON	2,445,379	USD	755,311		01/14	BRC		(3,964	)
RUB	16,494,887	USD	495,060		01/14	DUB		3,709
RUB	7,985,386	USD	236,709		02/14	GSC		3,682
RUB	16,562,055	USD	493,712		02/14	HSB		4,871
RUB	7,365,900	USD	220,000		02/14	MER		1,742
SGD	3,017,050	USD	2,416,153		01/14	BRC		(25,378	)
SGD	46,414	USD	36,990		01/14	GSC		(211	)
SGD	76,053	USD	60,000		01/14	HSB		266
THB	14,130,821	USD	444,505		01/14	BRC		(15,133	)
THB	21,000,000	USD	660,751		01/14	CIT		(22,655	)
THB	6,919,500	USD	210,000		01/14	MER		253
THB	4,659,978	USD	144,027		02/14	BRC		(2,508	)
THB	9,310,000	USD	286,597		02/14	DUB		(4,040	)
THB	11,228,597	USD	345,281		02/14	HSB		(4,377	)
THB	4,700,000	USD	144,682		02/14	MSC		(2,038	)
THB	2,000,000	USD	61,614		02/14	SCB		(915	)
TRY	101,955	USD	49,529		01/14	DUB		(2,401	)
TRY	144,720	USD	69,754		02/14	DUB		(3,242	)
TWD	30,305,426	USD	1,026,836		01/14	GSC		(9,511	)
TWD	28,500,000	USD	965,774		01/14	UBS		(9,056	)
USD	757,111	BRL	1,773,608		01/14	BRC		5,933
USD	1,440,000	BRL	3,404,552		01/14	BRC		(1,932	)
USD	269,700	BRL	631,800		01/14	HSB		2,114
USD	426,511	BRL	999,144		01/14	MSC		3,343
USD	660,124	BRL	1,588,060		04/14	BAR		1,780
USD	584,587	CLP	309,983,103		01/14	CSF		(3,191	)
USD	118,837	COP	230,971,973		01/14	BRC		(750	)
USD	44,706	COP	86,162,338		01/14	SCB		-
USD	337,721	COP	656,529,900		02/14	MSC		(1,867	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	720,000	CZK	14,530,946		01/14	UBS		($11,920	)
USD	2,509,153	EUR	1,849,851		01/14	DUB		(35,660	)
USD	146,634	EUR	106,210		01/14	GSC		522
USD	176,581	GBP	108,573		01/14	BRC		(3,185	)
USD	886,835	GBP	552,513		01/14	DUB		(27,972	)
USD	365,106	GBP	221,047		01/14	GSC		(885	)
USD	49,298	MXN	645,370		01/14	UBS		1
USD	60,000	PEN	169,680		01/14	BRC		(340	)
USD	498,874	PEN	1,415,803		02/14	CIT		(4,323	)
USD	431,126	PEN	1,222,977		02/14	CSF		(3,537	)
USD	73,386	PLN	223,583		02/14	BRC		(356	)
USD	266,786	PLN	831,651		02/14	MER		(14,929	)
USD	356,958	RON	1,181,466		02/14	BRC		(5,623	)
USD	530,000	RUB	17,635,750		01/14	BRC		(3,265	)
USD	176,984	RUB	5,812,195		01/14	CSF		1,236
USD	99,185	RUB	3,218,543		01/14	DUB		1,863
USD	48,621	RUB	1,583,187		01/14	HSB		749
USD	144,049	RUB	4,782,436		02/14	CSF		79
USD	90,000	TRY	193,374		01/14	BRC		615
USD	302,550	TRY	657,588		01/14	HSB		(1,413	)
USD	106,187	TRY	217,174		02/14	HSB		6,375
USD	370,000	TRY	801,225		03/14	HSB		-
USD	110,389	ZAR	1,152,576		02/14	HSB		1,436
USD	295,986	ZAR	3,023,168		02/14	UBS		10,205
ZAR	2,811,137	USD	268,689		02/14	BRC		(2,953	)
ZAR	1,547,916	USD	150,000		02/14	DUB		(3,675	)
ZAR	2,267,293	USD	216,323		02/14	MER		(1,996	)
ZAR	643,527	USD	60,660		02/14	UBS		173


Total Forward Foreign Currency Contracts								($154,472	)

(c)	Swap agreements outstanding as of December 31, 2013 were as follows:

Interest Rate Swaps


Floating Rate Index	Counter- party	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Brazil CETIP Interbank	HSB	Pay		10.955%		07/01/15		BRL 1,678,377		($5,567	)		$-		($5,567	)
Brazil CETIP Interbank	HSB	Pay		11.170%		01/04/16		792,652		(7,392	)		-		(7,392	)
Brazil CETIP Interbank	HSB	Pay		11.593%		01/04/16		642,142		(3,883	)		-		(3,883	)
3-Month ZAR JIBAR	BRC	Pay		6.580%		11/07/16		ZAR 6,800,000		1,377			-		1,377
Brazil CETIP Interbank	HSB	Pay		12.185%		01/02/17		BRL 424,959		(7,538	)		-		(7,538	)

										($23,003	)		$-		($23,003	)

Total Return Swaps


Receive Total Return	Counter- party	Expiration Date	Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Depreciation
Indonesia Treasury 7.875% due 04/15/19	SCB	04/15/19		IDR 1,300,000,000		$107,642		$118,880		($11,238	)
Indonesia Treasury 12.800% due 06/15/21	SCB	06/15/21		3,600,000,000		371,448		433,980		(62,532	)
Indonesia Treasury 8.375% due 03/15/24	SCB	03/15/24		3,000,000,000		252,647		285,958		(33,311	)
Indonesia Treasury 11.000% due 09/15/25	SCB	09/15/25		800,000,000		78,294		96,310		(18,016	)
Indonesia Treasury 8.375% due 09/15/26	SCB	09/15/26		900,000,000		72,793		90,745		(17,952	)
Indonesia Treasury 7.000% due 05/15/27	SCB	05/15/27		1,800,000,000		127,046		162,024		(34,978	)
Indonesia Treasury 10.500% due 08/15/30	SCB	08/15/30		1,500,000,000		144,554		178,682		(34,128	)
Indonesia Treasury 9.500% due 07/15/31	SCB	07/15/31		1,200,000,000		107,038		132,290		(25,252	)
Indonesia Treasury 6.625% due 05/15/33	SCB	05/15/33		270,000,000		17,693		22,809		(5,116	)

						$1,279,155		$1,521,678		($242,523	)


Total Swap Agreements						$1,256,152		$1,521,678		($265,526	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(d)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$44,088,319			$—		$44,088,319			$—
	Convertible Corporate Bonds & Notes		167,330			—		167,330			—
	Foreign Government Bonds & Notes		50,593,194			—		50,593,194			—
	Short-Term Investment s		24,861,093			24,672,689		188,404			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		272,836			—		272,836			—
	Interest Rate Contracts
	Swaps		1,280,532			—		1,280,532			—

	Total Assets - Derivatives		1,553,368			—		1,553,368			—

	Total Assets		121,263,304			24,672,689		96,590,615			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(427,308	)		—		(427,308	)		—
	Interest Rate Contracts
	Swaps		(24,380	)		—		(24,380	)		—

	Total Liabilities - Derivatives		(451,688	)		—		(451,688	)		—

	Total Liabilities		(451,688	)		—		(451,688	)		—

	Total		$120,811,616			$24,672,689		$96,138,927			$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL COMSTOCK FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 95.9%

Consumer Discretionary - 14.8%

Carnival Corp (Panama)		118,165		$4,746,688
Comcast Corp ‘A’		93,956		4,882,424
General Motors Co *		167,328		6,838,695
Johnson Controls Inc		68,688		3,523,694
Kohl’s Corp		50,818		2,883,922
Newell Rubbermaid Inc		61,415		1,990,460
Target Corp		34,020		2,152,445
Time Warner Cable Inc		34,119		4,623,125
Time Warner Inc		27,442		1,913,256
Twenty-First Century Fox Inc ‘B’		125,680		4,348,528
Viacom Inc ‘B’		83,809		7,319,878

				45,223,115

Consumer Staples - 5.3%

ConAgra Foods Inc		115,952		3,907,582
CVS Caremark Corp		71,807		5,139,227
Mondelez International Inc ‘A’		80,075		2,826,648
Tyson Foods Inc ‘A’		53,238		1,781,343
Unilever NV ‘NY’ (Netherlands)		61,538		2,475,674

				16,130,474

Energy - 14.5%

BP PLC ADR (United Kingdom)		124,305		6,042,466
Chevron Corp		28,287		3,533,329
Halliburton Co		125,487		6,368,465
Murphy Oil Corp		63,140		4,096,523
Noble Corp PLC (United Kingdom)		34,219		1,282,186
Occidental Petroleum Corp		37,288		3,546,089
QEP Resources Inc		103,955		3,186,221
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom)		82,344		5,868,657
Suncor Energy Inc (Canada)		96,616		3,386,391
Weatherford International Ltd (Switzerland) *		452,310		7,006,282

				44,316,609

Financials - 23.9%

Aflac Inc		28,968		1,935,062
Bank of America Corp		329,850		5,135,765
Citigroup Inc		233,542		12,169,874
Fifth Third Bancorp		152,267		3,202,175
JPMorgan Chase & Co		166,562		9,740,546
MetLife Inc		77,814		4,195,731
Morgan Stanley		156,079		4,894,637
State Street Corp		34,018		2,496,581
The Allstate Corp		105,198		5,737,499
The Bank of New York Mellon Corp		193,078		6,746,145
The Goldman Sachs Group Inc		17,774		3,150,619
The PNC Financial Services Group Inc		59,181		4,591,262
The Travelers Cos Inc		12,820		1,160,723
US Bancorp		37,809		1,527,484
Wells Fargo & Co		141,525		6,425,235

				73,109,338

Health Care - 14.3%

Bristol-Myers Squibb Co		81,915		4,353,782
Cardinal Health Inc		32,602		2,178,140
Express Scripts Holding Co *		26,329		1,849,349
GlaxoSmithKline PLC ADR (United Kingdom)		53,037		2,831,645
Merck & Co Inc		126,244		6,318,512
Novartis AG (Switzerland)		54,671		4,375,345
Pfizer Inc		169,072		5,178,675
Roche Holding AG ADR (Switzerland)		41,351		2,902,840
Sanofi ADR (France)		79,279		4,251,733
UnitedHealth Group Inc		77,690		5,850,057
WellPoint Inc		38,321		3,540,477

				43,630,555


	Shares		Value
Industrials - 7.0%

Allegion PLC (Ireland) *		11,792		$521,088
Emerson Electric Co		53,517		3,755,823
General Electric Co		240,357		6,737,207
Honeywell International Inc		26,002		2,375,803
Ingersoll-Rand PLC (Ireland)		70,722		4,356,475
Textron Inc		98,251		3,611,707

				21,358,103

Information Technology - 9.5%

Autodesk Inc *		37,197		1,872,125
Cisco Systems Inc		158,791		3,564,858
Corning Inc		203,895		3,633,409
eBay Inc *		75,890		4,165,602
Hewlett-Packard Co		199,349		5,577,785
Intel Corp		95,334		2,474,871
Microsoft Corp		146,766		5,493,451
Yahoo! Inc *		52,565		2,125,729

				28,907,830

Materials - 2.1%

Alcoa Inc		287,962		3,061,036
International Paper Co		65,820		3,227,155

				6,288,191

Telecommunication Services - 2.2%

AT&T Inc		33,557		1,179,864
Verizon Communications Inc		36,405		1,788,942
Vivendi SA (France)		36,486		965,208
Vodafone Group PLC ADR (United Kingdom)		73,013		2,870,141

				6,804,155

Utilities - 2.3%

FirstEnergy Corp		44,075		1,453,594
PG&E Corp		50,650		2,040,182
PPL Corp		112,556		3,386,810

				6,880,586

Total Common Stocks (Cost $183,732,787)				292,648,956


SHORT-TERM INVESTMENT - 4.1%

Money Market Fund - 4.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		12,473,616		12,473,616


Total Short-Term Investment (Cost $12,473,616)				12,473,616


TOTAL INVESTMENTS - 100.0% (Cost $196,206,403)				305,122,572

OTHER ASSETS & LIABILITIES, NET - 0.0%				98,795


NET ASSETS - 100.0%				$305,221,367


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL COMSTOCK FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

Notes to Schedule of Investments

(a)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,755,162	CAD	2,933,008		01/14	CIB		($4,782	)
USD	2,090,716	CHF	1,859,901		01/14	BNY		5,497
USD	1,908,364	CHF	1,697,719		01/14	CIT		4,975
USD	2,090,246	CHF	1,859,901		01/14	SSB		5,027
USD	2,687,343	EUR	1,956,060		01/14	BNY		(3,587	)
USD	2,687,014	EUR	1,956,070		01/14	CIB		(3,930	)
USD	2,687,382	EUR	1,956,060		01/14	CIT		(3,548	)
USD	2,716,773	EUR	1,977,600		01/14	SSB		(3,789	)
USD	2,484,395	GBP	1,512,385		01/14	BNY		(19,758	)
USD	2,484,517	GBP	1,512,386		01/14	CIB		(19,637	)
USD	2,214,796	GBP	1,348,017		01/14	CIT		(17,202	)
USD	2,484,349	GBP	1,512,385		01/14	SSB		(19,804	)


Total Forward Foreign Currency Contracts								($80,538	)

(b)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$45,223,115			$45,223,115		$—			$—
	Consumer Staples		16,130,474			16,130,474		—			—
	Energy		44,316,609			44,316,609		—			—
	Financials		73,109,338			73,109,338		—			—
	Health Care		43,630,555			39,255,210		4,375,345			—
	Industrials		21,358,103			21,358,103		—			—
	Information Technology		28,907,830			28,907,830		—			—
	Materials		6,288,191			6,288,191		—			—
	Telecommunication Services		6,804,155			5,838,947		965,208			—
	Utilities		6,880,586			6,880,586		—			—

			292,648,956			287,308,403		5,340,553			—
	Short-Term Investment		12,473,616			12,473,616		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		15,499			—		15,499			—

	Total Assets		305,138,071			299,782,019		5,356,052			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(96,037	)		—		(96,037	)		—

	Total Liabilities		(96,037	)		—		(96,037	)		—

	Total		$305,042,034			$299,782,019		$5,260,015			$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GROWTH FUND (Formerly PL Growth LT Fund)

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 95.8%

Consumer Discretionary - 23.5%

Amazon.com Inc *		3,953		$1,576,416
AMC Networks Inc ‘A’ *		2,100		143,030
AutoZone Inc *		905		432,535
Comcast Corp ‘Special A’		26,950		1,344,265
Discovery Communications Inc ‘A’ *		12,530		1,132,962
Hilton Worldwide Holdings Inc *		3,850		85,663
Las Vegas Sands Corp		15,050		1,186,994
LKQ Corp *		10,450		343,805
LVMH Moet Hennessy Louis Vuitton SA (France)		3,134		573,715
Michael Kors Holdings Ltd (United Kingdom) *		5,600		454,664
NIKE Inc ‘B’		9,680		761,235
PetSmart Inc		5,580		405,945
Polaris Industries Inc		2,050		298,562
priceline.com Inc *		1,568		1,822,643
PVH Corp		2,428		330,257
Ross Stores Inc		15,660		1,173,404
Starbucks Corp		14,100		1,105,299
TJX Cos Inc		10,340		658,968
The Walt Disney Co		16,990		1,298,036
Tiffany & Co		5,600		519,568
Time Warner Cable Inc		4,460		604,330
Time Warner Inc		12,660		882,655
Tractor Supply Co		5,972		463,308
Twenty-First Century Fox Inc ‘A’		46,310		1,629,186
VF Corp		17,156		1,069,505
Viacom Inc ‘B’		7,940		693,480
Wynn Resorts Ltd		7,288		1,415,402
Yum! Brands Inc		7,650		578,417

				22,984,249

Consumer Staples - 6.7%

Colgate-Palmolive Co		8,491		553,698
Constellation Brands Inc ‘A’ *		4,450		313,191
Costco Wholesale Corp		6,993		832,237
CVS Caremark Corp		10,310		737,887
Danone (France)		4,927		355,439
Diageo PLC (United Kingdom)		16,445		543,201
Mead Johnson Nutrition Co		5,760		482,458
Mondelez International Inc ‘A’		24,920		879,676
Pernod Ricard SA (France)		3,463		395,404
Philip Morris International Inc		7,660		667,416
The Estee Lauder Cos Inc ‘A’		10,000		753,200

				6,513,807

Energy - 3.7%

Anadarko Petroleum Corp		7,850		622,662
Antero Resources Corp *		3,710		235,362
Cabot Oil & Gas Corp		12,340		478,298
Cameron International Corp *		9,530		567,321
Noble Energy Inc		10,175		693,019
Pioneer Natural Resources Co		5,485		1,009,624

				3,606,286

Financials - 7.4%

ACE Ltd (Switzerland)		2,650		274,355
Affiliated Managers Group Inc *		4,700		1,019,336
American Express Co		12,380		1,123,237
American Tower Corp REIT		22,470		1,793,555
BlackRock Inc		1,851		585,786
IntercontinentalExchange Group Inc		6,848		1,540,252
MetLife Inc		6,310		340,235
Morgan Stanley		19,280		604,621

				7,281,377


	Shares		Value
Health Care - 16.3%

Actavis PLC (Ireland) *		4,860		$816,480
Alexion Pharmaceuticals Inc *		8,180		1,088,431
Biogen Idec Inc *		5,692		1,592,337
Bristol-Myers Squibb Co		23,760		1,262,844
Catamaran Corp (Canada) *		8,440		400,731
Celgene Corp *		7,810		1,319,578
Cerner Corp *		12,820		714,587
Covidien PLC (Ireland)		13,560		923,436
Express Scripts Holding Co *		15,900		1,116,816
Gilead Sciences Inc *		22,343		1,679,076
Illumina Inc *		3,950		436,949
Mallinckrodt PLC (Ireland) * l		-		13
Perrigo Co PLC (Ireland)		4,917		754,563
Regeneron Pharmaceuticals Inc *		1,708		470,110
The Cooper Cos Inc		1,488		184,274
Thermo Fisher Scientific Inc		18,090		2,014,322
Valeant Pharmaceuticals International Inc (Canada) *		7,480		878,152
Zoetis Inc		10,570		345,533

				15,998,232

Industrials - 10.5%

AMETEK Inc		18,320		964,914
Cummins Inc		3,987		562,047
Danaher Corp		25,430		1,963,196
Expeditors International of Washington Inc		13,520		598,260
Honeywell International Inc		11,260		1,028,826
Joy Global Inc		4,630		270,809
Kansas City Southern		3,258		403,438
Precision Castparts Corp		8,065		2,171,905
Roper Industries Inc		6,281		871,049
Stanley Black & Decker Inc		3,950		318,726
Union Pacific Corp		2,630		441,840
Verisk Analytics Inc ‘A’ *		10,530		692,032

				10,287,042

Information Technology - 25.1%

Altera Corp		21,130		687,359
Apple Inc		1,845		1,035,248
Autodesk Inc *		12,490		628,622
Citrix Systems Inc *		12,610		797,583
Cognizant Technology Solutions Corp ‘A’ *		14,380		1,452,092
eBay Inc *		22,590		1,239,965
EMC Corp		63,480		1,596,522
Facebook Inc ‘A’ *		25,530		1,395,470
FleetCor Technologies Inc *		6,380		747,545
Google Inc ‘A’ *		4,327		4,849,312
Linear Technology Corp		7,870		358,479
LinkedIn Corp ‘A’ *		2,101		455,560
MasterCard Inc ‘A’		2,474		2,066,928
Oracle Corp		21,370		817,616
PTC Inc *		7,330		259,409
QUALCOMM Inc		20,650		1,533,263
Salesforce.com Inc *		17,175		947,888
Teradata Corp *		3,090		140,564
TIBCO Software Inc *		8,580		192,878
Twitter Inc *		2,270		144,486
Visa Inc ‘A’		11,214		2,497,134
VMware Inc ‘A’ *		2,890		259,262
Yahoo! Inc *		12,180		492,559

				24,595,744

Materials - 2.6%

Airgas Inc		5,350		598,398
Monsanto Co		12,708		1,481,117
The Sherwin-Williams Co		2,648		485,908

				2,565,423

Total Common Stocks (Cost $73,795,055)				93,832,160


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GROWTH FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
SHORT-TERM INVESTMENT - 3.7%

Money Market Fund - 3.7%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,644,059		$3,644,059


Total Short-Term Investment (Cost $3,644,059)				3,644,059


TOTAL INVESTMENTS - 99.5% (Cost $77,439,114)				97,476,219

OTHER ASSETS & LIABILITIES, NET - 0.5%				470,406


NET ASSETS - 100.0%				$97,946,625

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$22,984,249		$22,410,534		$573,715		$—
	Consumer Staples		6,513,807		5,219,763		1,294,044		—
	Energy		3,606,286		3,606,286		—		—
	Financials		7,281,377		7,281,377		—		—
	Health Care		15,998,232		15,998,232		—		—
	Industrials		10,287,042		10,287,042		—		—
	Information Technology		24,595,744		24,595,744		—		—
	Materials		2,565,423		2,565,423		—		—

			93,832,160		91,964,401		1,867,759		—
	Short-Term Investment		3,644,059		3,644,059		—		—

	Total		$97,476,219		$95,608,460		$1,867,759		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LARGE-CAP GROWTH FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 99.9%

Consumer Discretionary - 28.7%

Amazon.com Inc *		16,532		$6,592,796
CarMax Inc *		27,229		1,280,308
Comcast Corp ‘A’		103,574		5,382,223
Delphi Automotive PLC (United Kingdom)		26,663		1,603,246
Expedia Inc		37,229		2,593,372
Liberty Global PLC ‘A’ (United Kingdom) *		50,959		4,534,841
Lumber Liquidators Holdings Inc *		9,018		927,862
Melco Crown Entertainment Ltd ADR (Cayman) *		38,221		1,499,028
Michael Kors Holdings Ltd (United Kingdom) *		21,482		1,744,124
NIKE Inc ‘B’		47,231		3,714,246
priceline.com Inc *		3,435		3,992,844
Sirius XM Holdings Inc *		917,289		3,201,339
Starbucks Corp		39,602		3,104,401
The Walt Disney Co		53,558		4,091,831
Time Warner Inc		59,828		4,171,208
Wynn Resorts Ltd		13,866		2,692,916

				51,126,585

Consumer Staples - 2.2%

Mondelez International Inc ‘A’		50,829		1,794,264
The Estee Lauder Cos Inc ‘A’		29,093		2,191,285

				3,985,549

Energy - 3.4%

Cabot Oil & Gas Corp		34,756		1,347,142
Concho Resources Inc *		11,134		1,202,472
FMC Technologies Inc *		35,350		1,845,623
Laredo Petroleum Holdings Inc *		57,180		1,583,314

				5,978,551

Financials - 3.1%

Discover Financial Services		27,540		1,540,863
IntercontinentalExchange Group Inc		8,303		1,867,511
Moody’s Corp		26,894		2,110,372

				5,518,746

Health Care - 12.9%

AbbVie Inc		70,316		3,713,388
Allergan Inc		16,231		1,802,939
Gilead Sciences Inc *		50,320		3,781,548
Intuitive Surgical Inc *		7,995		3,070,720
Regeneron Pharmaceuticals Inc *		10,218		2,812,402
United Therapeutics Corp *		33,149		3,748,489
Valeant Pharmaceuticals International Inc (Canada) *		33,682		3,954,267

				22,883,753

Industrials - 13.5%

Canadian Pacific Railway Ltd (Canada)		8,476		1,282,588
Eaton Corp PLC (Ireland)		60,981		4,641,874
Precision Castparts Corp		21,407		5,764,905
Roper Industries Inc		12,353		1,713,114
SolarCity Corp *		25,864		1,469,592
Union Pacific Corp		22,493		3,778,824
United Rentals Inc *		2,506		195,343
United Technologies Corp		30,191		3,435,736
Verisk Analytics Inc ‘A’ *		27,195		1,787,255

				24,069,231


	Shares		Value
Information Technology - 29.1%

Alliance Data Systems Corp *		9,633		$2,532,805
AOL Inc *		23,600		1,100,232
Autodesk Inc *		87,280		4,392,802
eBay Inc *		40,156		2,204,163
Facebook Inc ‘A’ *		21,806		1,191,916
Google Inc ‘A’ *		7,818		8,761,711
LinkedIn Corp ‘A’ *		17,295		3,750,075
MasterCard Inc ‘A’		2,554		2,133,765
SINA Corp (Cayman) *		35,595		2,998,879
Splunk Inc *		36,524		2,508,103
Visa Inc ‘A’		30,905		6,881,925
VMware Inc ‘A’ *		21,327		1,913,245
Yahoo! Inc *		119,224		4,821,418
Yandex NV ‘A’ (Netherlands) *		48,624		2,098,126
Yelp Inc *		46,264		3,189,903
Youku Tudou Inc ADR (Cayman) *		46,970		1,423,191

				51,902,259

Materials - 2.0%

Eastman Chemical Co		11,113		896,819
Monsanto Co		22,545		2,627,620

				3,524,439

Telecommunication Services - 5.0%

SoftBank Corp (Japan)		74,400		6,522,098
Vivendi SA (France)		88,227		2,333,976

				8,856,074

Total Common Stocks (Cost $138,411,523)				177,845,187


SHORT-TERM INVESTMENT - 0.4%

Money Market Fund - 0.4%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		835,533		835,533


Total Short-Term Investment (Cost $835,533)				835,533


TOTAL INVESTMENTS - 100.3% (Cost $139,247,056)				178,680,720

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(609,158	)


NET ASSETS - 100.0%				$178,071,562

Notes to Schedule of Investments

(a)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:

Currency

Purchased

Currency
Sold

Expiration

Counterparty

Unrealized
Appreciation

USD

4,854,908

JPY

505,510,038

02/14

BRC

$53,322


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LARGE-CAP GROWTH FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$51,126,585		$51,126,585		$—		$—
	Consumer Staples		3,985,549		3,985,549		—		—
	Energy		5,978,551		5,978,551		—		—
	Financials		5,518,746		5,518,746		—		—
	Health Care		22,883,753		22,883,753		—		—
	Industrials		24,069,231		24,069,231		—		—
	Information Technology		51,902,259		51,902,259		—		—
	Materials		3,524,439		3,524,439		—		—
	Telecommunication Services		8,856,074		—		8,856,074		—

			177,845,187		168,989,113		8,856,074		—
	Short-Term Investment		835,533		835,533		—		—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		53,322		—		53,322

	Total Assets		$178,734,042		$169,824,646		$8,909,396		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LARGE-CAP VALUE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 98.8%

Consumer Discretionary - 16.2%

DISH Network Corp ‘A’ *		219,296		$12,701,624
McDonald’s Corp		27,510		2,669,295
SES SA FDR ‘A’ (Luxembourg)		122,777		3,975,470
Target Corp		56,301		3,562,164
The Home Depot Inc		89,961		7,407,389
Time Warner Cable Inc		70,743		9,585,677
Time Warner Inc		155,176		10,818,871
Twenty-First Century Fox Inc ‘A’		111,303		3,915,640
Twenty-First Century Fox Inc ‘B’		177,040		6,125,584

				60,761,714

Consumer Staples - 11.7%

Altria Group Inc		100,714		3,866,410
Anheuser-Busch InBev NV ADR (Belgium)		61,931		6,593,174
CVS Caremark Corp		182,445		13,057,589
Kimberly-Clark Corp		60,756		6,346,572
Lorillard Inc		80,363		4,072,797
Philip Morris International Inc		113,978		9,930,903

				43,867,445

Energy - 9.2%

Chevron Corp		79,024		9,870,888
Exxon Mobil Corp		83,700		8,470,440
Halliburton Co		144,790		7,348,093
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom)		65,865		4,694,199
Suncor Energy Inc (Canada)		115,133		4,035,412

				34,419,032

Financials - 28.0%

American Express Co		106,972		9,705,570
American Tower Corp REIT		59,126		4,719,437
Capital One Financial Corp		66,031		5,058,635
Citigroup Inc		68,729		3,581,468
JPMorgan Chase & Co		254,770		14,898,950
Loews Corp		94,530		4,560,127
Marsh & McLennan Cos Inc		146,500		7,084,740
MetLife Inc		95,451		5,146,718
State Street Corp		137,032		10,056,778
The Bank of New York Mellon Corp		128,387		4,485,842
The Progressive Corp		95,911		2,615,493
The Travelers Cos Inc		79,643		7,210,877
US Bancorp		290,321		11,728,968
Wells Fargo & Co		321,066		14,576,396

				105,429,999

Health Care - 8.3%

Johnson & Johnson		73,308		6,714,280
Merck & Co Inc		142,662		7,140,233
Novartis AG ADR (Switzerland)		52,047		4,183,538
Pfizer Inc		144,691		4,431,885
Teva Pharmaceutical Industries Ltd ADR (Israel)		97,217		3,896,457
WellPoint Inc		50,813		4,694,613

				31,061,006

Industrials - 9.9%

General Electric Co		405,603		11,369,052
Honeywell International Inc		110,820		10,125,623
Illinois Tool Works Inc		93,329		7,847,102
United Technologies Corp		70,822		8,059,544

				37,401,321

Information Technology - 7.5%

International Business Machines Corp		26,748		5,017,122
Microsoft Corp		139,336		5,215,347


	Shares		Value
Motorola Solutions Inc		88,247		$5,956,673
TE Connectivity Ltd (Switzerland)		120,878		6,661,587
Xerox Corp		451,297		5,492,284

				28,343,013

Materials - 2.9%

Air Products & Chemicals Inc		40,314		4,506,299
Crown Holdings Inc *		146,188		6,515,599

				11,021,898

Telecommunication Services - 3.4%

AT&T Inc		99,228		3,488,856
Verizon Communications Inc		67,589		3,321,323
Vodafone Group PLC ADR (United Kingdom)		154,580		6,076,540

				12,886,719

Utilities - 1.7%

Sempra Energy		72,979		6,550,595


Total Common Stocks (Cost $226,115,585)				371,742,742


SHORT-TERM INVESTMENT - 1.1%

Money Market Fund - 1.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		4,046,341		4,046,341


Total Short-Term Investment (Cost $4,046,341)				4,046,341


TOTAL INVESTMENTS - 99.9% (Cost $230,161,926)				375,789,083

OTHER ASSETS & LIABILITIES, NET - 0.1%				432,860


NET ASSETS - 100.0%				$376,221,943


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$60,761,714		$56,786,244		$3,975,470		$—
	Consumer Staples		43,867,445		43,867,445		—		—
	Energy		34,419,032		34,419,032		—		—
	Financials		105,429,999		105,429,999		—		—
	Health Care		31,061,006		31,061,006		—		—
	Industrials		37,401,321		37,401,321		—		—
	Information Technology		28,343,013		28,343,013		—		—
	Materials		11,021,898		11,021,898		—		—
	Telecommunication Services		12,886,719		12,886,719		—		—
	Utilities		6,550,595		6,550,595		—		—

			371,742,742		367,767,272		3,975,470		—
	Short-Term Investment		4,046,341		4,046,341		—		—

	Total		$375,789,083		$371,813,613		$3,975,470		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MAIN STREET ^® CORE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
PREFERRED STOCKS - 0.4%

Consumer Staples - 0.4%

Henkel AG & Co KGaA (Germany)		9,909		$1,149,557


Total Preferred Stocks (Cost $814,283)				1,149,557


COMMON STOCKS - 97.7%

Consumer Discretionary - 8.7%

AutoZone Inc *		17,030		8,139,318
Comcast Corp ‘A’		24,570		1,276,780
Delphi Automotive PLC (United Kingdom)		30,120		1,811,116
PVH Corp		13,050		1,775,061
Time Warner Inc		69,230		4,826,716
TJX Cos Inc		46,390		2,956,435
Twenty-First Century Fox Inc ‘A’		39,500		1,389,610

				22,175,036

Consumer Staples - 7.6%

Henkel AG & Co KGaA (Germany)		34,052		3,550,173
Kraft Foods Group Inc		17,095		921,762
Mondelez International Inc ‘A’		187,510		6,619,103
Philip Morris International Inc		95,685		8,337,034

				19,428,072

Energy - 9.6%

Chevron Corp		76,694		9,579,848
Kinder Morgan Inc		37,510		1,350,360
National Oilwell Varco Inc		107,530		8,551,861
Noble Energy Inc		74,226		5,055,533

				24,537,602

Financials - 19.9%

American International Group Inc		91,190		4,655,249
CIT Group Inc		119,360		6,222,237
Citigroup Inc		59,607		3,106,121
CME Group Inc ‘A’		29,300		2,298,878
Digital Realty Trust Inc REIT		26,380		1,295,786
Discover Financial Services		150,627		8,427,581
JPMorgan Chase & Co		198,590		11,613,543
Lincoln National Corp		36,020		1,859,352
Marsh & McLennan Cos Inc		88,250		4,267,770
McGraw Hill Financial Inc		93,198		7,288,084

				51,034,601

Health Care - 19.8%

AbbVie Inc		52,880		2,792,593
Actavis PLC (Ireland) *		27,510		4,621,680
Allergan Inc		53,460		5,938,337
Covidien PLC (Ireland)		99,020		6,743,262
Express Scripts Holding Co *		122,779		8,623,997
Gilead Sciences Inc *		31,300		2,352,195
Intuitive Surgical Inc *		9,400		3,610,352
Pfizer Inc		121,123		3,709,997
Sanofi (France)		23,990		2,553,649
UnitedHealth Group Inc		63,130		4,753,689
Zoetis Inc		151,390		4,948,939

				50,648,690

Industrials - 12.0%

Canadian National Railway Co (Canada)		125,320		7,145,746
CSX Corp		109,500		3,150,315
Deere & Co		39,390		3,597,489
General Electric Co		183,130		5,133,134
L-3 Communications Holdings Inc		4,810		513,996


	Shares		Value
Towers Watson & Co ‘A’		31,370		$4,003,126
Tyco International Ltd (Switzerland)		174,545		7,163,327

				30,707,133

Information Technology - 14.9%

Amdocs Ltd (United Kingdom)		57,560		2,373,774
Apple Inc		20,752		11,644,155
Avnet Inc		41,520		1,831,447
Corning Inc		82,420		1,468,724
eBay Inc *		126,110		6,922,178
Google Inc ‘A’ *		8,376		9,387,067
Western Digital Corp		54,140		4,542,346

				38,169,691

Materials - 3.3%

Air Products & Chemicals Inc		14,390		1,608,514
PPG Industries Inc		2,990		567,083
Vulcan Materials Co		107,190		6,369,230

				8,544,827

Telecommunication Services - 0.5%

America Movil SAB de CV ‘L’ ADR (Mexico)		56,340		1,316,666


Utilities - 1.4%

Exelon Corp		92,480		2,533,027
ITC Holdings Corp		10,350		991,737

				3,524,764

Total Common Stocks (Cost $177,937,335)				250,087,082


SHORT-TERM INVESTMENT - 2.1%

Money Market Fund - 2.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		5,261,532		5,261,532


Total Short-Term Investment (Cost $5,261,532)				5,261,532


TOTAL INVESTMENTS - 100.2% (Cost $184,013,150)				256,498,171

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(638,341	)


NET ASSETS - 100.0%				$255,859,830


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MAIN STREET CORE FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$1,149,557		$—		$1,149,557		$—
	Common Stocks
	Consumer Discretionary		22,175,036		22,175,036		—		—
	Consumer Staples		19,428,072		15,877,899		3,550,173		—
	Energy		24,537,602		24,537,602		—		—
	Financials		51,034,601		51,034,601		—		—
	Health Care		50,648,690		48,095,041		2,553,649		—
	Industrials		30,707,133		30,707,133		—		—
	Information Technology		38,169,691		38,169,691		—		—
	Materials		8,544,827		8,544,827		—		—
	Telecommunication Services		1,316,666		1,316,666
	Utilities		3,524,764		3,524,764		—		—

			250,087,082		243,983,260		6,103,822		—
	Short-Term Investment		5,261,532		5,261,532		—		—

	Total		$256,498,171		$249,244,792		$7,253,379		$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MID-CAP EQUITY FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 98.9%

Consumer Discretionary - 19.0%

Advance Auto Parts Inc		7,728		$855,335
AutoZone Inc *		1,042		498,013
Buffalo Wild Wings Inc *		10,374		1,527,053
Cabela’s Inc *		14,033		935,440
Chipotle Mexican Grill Inc *		3,095		1,648,954
Discovery Communications Inc ‘C’ *		7,376		618,551
Dollar Tree Inc *		13,141		741,415
DR Horton Inc		52,443		1,170,528
Expedia Inc		10,216		711,647
Fifth & Pacific Cos Inc *		42,180		1,352,713
Harley-Davidson Inc		12,291		851,029
HomeAway Inc *		32,006		1,308,405
Life Time Fitness Inc *		21,799		1,024,553
LKQ Corp *		47,127		1,550,478
Michael Kors Holdings Ltd (United Kingdom) *		7,497		608,681
Netflix Inc *		2,961		1,090,151
Nordstrom Inc		3,915		241,947
Panera Bread Co ‘A’ *		9,271		1,638,093
Polaris Industries Inc		11,327		1,649,664
priceline.com Inc *		1,636		1,901,686
TripAdvisor Inc *		41,989		3,477,949
TRW Automotive Holdings Corp *		65,420		4,866,594
Wynn Resorts Ltd		8,000		1,553,680

				31,822,559

Consumer Staples - 4.8%

Hormel Foods Corp		15,006		677,821
Sprouts Farmers Market Inc *		21,972		844,384
The JM Smucker Co		22,531		2,334,662
Tyson Foods Inc ‘A’		124,821		4,176,511

				8,033,378

Energy - 12.0%

Antero Resources Corp *		20,474		1,298,871
Bristow Group Inc		4,996		375,000
Cabot Oil & Gas Corp		60,777		2,355,717
Diamondback Energy Inc *		19,476		1,029,501
Energy XXI Bermuda Ltd (Bermuda)		31,829		861,293
Gulfport Energy Corp *		123,969		7,828,642
Oasis Petroleum Inc *		17,914		841,421
Tesoro Corp		27,414		1,603,719
Tidewater Inc		34,313		2,033,732
Western Refining Inc		24,078		1,021,148
WPX Energy Inc *		39,790		810,920

				20,059,964

Financials - 17.0%

Arch Capital Group Ltd (Bermuda) *		11,090		661,962
Comerica Inc		73,048		3,472,702
Hartford Financial Services Group Inc		179,460		6,501,836
KeyCorp		419,875		5,634,722
Lincoln National Corp		82,154		4,240,789
Principal Financial Group Inc		66,692		3,288,583
Reinsurance Group of America Inc		12,358		956,633
Signature Bank *		19,880		2,135,510
The NASDAQ OMX Group Inc		28,982		1,153,484
Validus Holdings Ltd (Bermuda)		8,395		338,235

				28,384,456

Health Care - 9.6%

Acorda Therapeutics Inc *		23,017		672,096
Catamaran Corp (Canada) *		35,494		1,685,255
DaVita HealthCare Partners Inc *		55,365		3,508,480
HMS Holdings Corp *		32,292		733,997
Humana Inc		5,579		575,864
MEDNAX Inc *		15,842		845,646


	Shares		Value
Perrigo Co PLC (Ireland)		34,193		$5,247,258
The Cooper Cos Inc		3,971		491,769
Universal Health Services Inc ‘B’		6,067		493,004
Zimmer Holdings Inc		20,315		1,893,155

				16,146,524

Industrials - 12.4%

AGCO Corp		15,118		894,834
Chart Industries Inc *		16,691		1,596,327
Exelis Inc		144,602		2,756,114
Fluor Corp		6,878		552,235
Generac Holdings Inc		35,735		2,024,030
Jacobs Engineering Group Inc *		12,420		782,336
JetBlue Airways Corp *		129,267		1,105,233
Manpowergroup Inc		20,975		1,800,914
Parker Hannifin Corp		10,140		1,304,410
Southwest Airlines Co		60,497		1,139,763
Textron Inc		63,679		2,340,840
Towers Watson & Co ‘A’		9,896		1,262,829
Trinity Industries Inc		27,059		1,475,257
United Rentals Inc *		21,914		1,708,196

				20,743,318

Information Technology - 16.1%

Applied Materials Inc		37,419		661,942
Arrow Electronics Inc *		15,495		840,604
Avago Technologies Ltd (Singapore)		31,928		1,688,672
Avnet Inc		76,243		3,363,079
Computer Sciences Corp		44,563		2,490,180
Cree Inc *		29,850		1,867,714
DST Systems Inc		12,641		1,147,044
FEI Co		8,623		770,551
IAC/InterActiveCorp		43,929		3,017,483
iGATE Corp *		15,467		621,155
JDS Uniphase Corp *		81,566		1,058,727
Lam Research Corp *		23,585		1,284,203
Linear Technology Corp		7,678		349,733
MICROS Systems Inc *		12,032		690,276
Seagate Technology PLC (Ireland)		19,084		1,071,757
Skyworks Solutions Inc *		40,956		1,169,703
Yelp Inc *		70,063		4,830,844

				26,923,667

Materials - 6.1%

Agnico Eagle Mines Ltd (Canada)		16,838		444,186
CF Industries Holdings Inc		3,407		793,967
Compass Minerals International Inc		28,534		2,284,147
Eagle Materials Inc		10,825		838,180
KapStone Paper & Packaging Corp *		32,099		1,793,050
Louisiana-Pacific Corp *		59,869		1,108,175
US Silica Holdings Inc		61,164		2,086,304
Westlake Chemical Corp		7,384		901,365

				10,249,374

Utilities - 1.9%

DTE Energy Co		17,034		1,130,887
Questar Corp		86,347		1,985,118

				3,116,005

Total Common Stocks (Cost $132,313,116)				165,479,245


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MID-CAP EQUITY FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
SHORT-TERM INVESTMENT - 1.0%

Money Market Fund - 1.0%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,609,268		$1,609,268


Total Short-Term Investment (Cost $1,609,268)				1,609,268


TOTAL INVESTMENTS - 99.9% (Cost $133,922,384)				167,088,513

OTHER ASSETS & LIABILITIES, NET - 0.1%				210,249


NET ASSETS - 100.0%				$167,298,762

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$165,479,245		$165,479,245		$—		$—
	Short-Term Investment		1,609,268		1,609,268		—		—

	Total		$167,088,513		$167,088,513		$—		$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MID-CAP GROWTH FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 95.6%

Consumer Discretionary - 22.3%

Burberry Group PLC (United Kingdom)		39,700		$997,420
CarMax Inc *		36,180		1,701,184
Carter’s Inc		12,000		861,480
DSW Inc ‘A’		21,910		936,214
Dunkin' Brands Group Inc		37,020		1,784,364
Gentex Corp		46,910		1,547,561
Harman International Industries Inc		20,150		1,649,278
HomeAway Inc *		16,107		658,454
LKQ Corp *		53,800		1,770,020
Mattel Inc		25,020		1,190,452
Michael Kors Holdings Ltd (United Kingdom) *		10,000		811,900
Nordstrom Inc		13,780		851,604
Norwegian Cruise Line Holdings Ltd (Bermuda) *		40,194		1,425,681
Panera Bread Co ‘A’ *		1,540		272,103
Tumi Holdings Inc *		11,780		265,639
Ulta Salon Cosmetics & Fragrance Inc *		14,200		1,370,584
Under Armour Inc ‘A’ *		17,050		1,488,465

				19,582,403

Consumer Staples - 5.9%

Brown-Forman Corp ‘B’		12,360		934,045
Coty Inc ‘A’		53,540		816,485
Mead Johnson Nutrition Co		21,250		1,779,900
The Hain Celestial Group Inc *		17,851		1,620,514

				5,150,944

Energy - 6.7%

Cabot Oil & Gas Corp		29,850		1,156,986
Continental Resources Inc *		11,860		1,334,487
Dril-Quip Inc *		8,400		923,412
Patterson-UTI Energy Inc		44,350		1,122,942
Southwestern Energy Co *		33,210		1,306,149

				5,843,976

Financials - 8.4%

First Republic Bank		33,770		1,767,860
Northern Trust Corp		37,250		2,305,403
Oaktree Capital Group LLC		12,201		717,907
Signature Bank *		16,000		1,718,720
UMB Financial Corp		13,522		869,194

				7,379,084

Health Care - 12.9%

Acadia Healthcare Co Inc *		15,520		734,562
Alkermes PLC (Ireland) *		6,200		252,092
DENTSPLY International Inc		23,240		1,126,675
Henry Schein Inc *		14,840		1,695,618
Hologic Inc *		57,844		1,292,813
Intuitive Surgical Inc *		3,450		1,325,076
Medivation Inc *		13,317		849,891
Premier Inc ‘A’ *		23,336		857,831
Varian Medical Systems Inc *		22,752		1,767,603
Zimmer Holdings Inc		15,670		1,460,287

				11,362,448

Industrials - 17.5%

Expeditors International of Washington Inc		43,540		1,926,645
Fastenal Co		43,220		2,053,382
Flowserve Corp		11,630		916,793
Fortune Brands Home & Security Inc		40,351		1,844,041
Graco Inc		8,103		633,006
IDEX Corp		20,431		1,508,829
Joy Global Inc		18,490		1,081,480
Pall Corp		19,700		1,681,395
Polypore International Inc *		32,528		1,265,339


	Shares		Value
Stericycle Inc *		9,743		$1,131,844
Verisk Analytics Inc ‘A’ *		20,110		1,321,629

				15,364,383

Information Technology - 20.9%

ANSYS Inc *		14,520		1,266,144
Aruba Networks Inc *		49,780		891,062
Cavium Inc *		8,934		308,312
F5 Networks Inc *		15,263		1,386,796
Fusion-io Inc *		82,880		738,461
Microchip Technology Inc		48,640		2,176,640
NetApp Inc		26,930		1,107,900
OpenTable Inc *		10,310		818,305
ServiceNow Inc *		16,080		900,641
Skyworks Solutions Inc *		34,320		980,179
Solera Holdings Inc		18,147		1,284,082
Teradata Corp *		30,450		1,385,171
The Ultimate Software Group Inc *		3,410		522,480
Trimble Navigation Ltd *		38,940		1,351,218
Vantiv Inc ‘A’ *		48,420		1,578,976
WebMD Health Corp *		22,271		879,705
Zillow Inc ‘A’ *		9,460		773,166

				18,349,238

Materials - 1.0%

The Scotts Miracle-Gro Co ‘A’		14,473		900,510


Total Common Stocks (Cost $77,604,962)				83,932,986


PURCHASED OPTIONS - 0.0%

(See Note (a) in Notes to Schedule of Investments) (Cost $26,970)				19,695


SHORT-TERM INVESTMENT - 4.2%

Money Market Fund - 4.2%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,680,138		3,680,138


Total Short-Term Investment (Cost $3,680,138)				3,680,138


TOTAL INVESTMENTS - 99.8% (Cost $81,312,070)		87,632,819

OTHER ASSETS & LIABILITIES, NET - 0.2%				149,746


NET ASSETS - 100.0%		$87,782,565


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL MID-CAP GROWTH FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

Notes to Schedule of Investments

(a)	Purchased options outstanding as of December 31, 2013 were as follows:

Options on Securities

Description

Strike
Price

Expiration
Date

Counter-
party

Number of
Contracts

Cost

Value

Put - OTC Skyworks Solutions Inc

$26.00

02/21/14

MSC

303

$26,970

$19,695

Total Purchased Options

$26,970

$19,695

(b)	Transactions in written options for the nine-month period ended December 31, 2013 were as follows:


	Number of Contracts		Premium
Outstanding, March 31, 2013		-		$-
Call Options Written		303		22,725
Put Options Written		303		7,575

Outstanding, December 31, 2013		606		$30,300

(c)	Premium received and value of written options outstanding as of December 31, 2013 were as follows:

Options on Securities


Description	Strike Price		Expiration Date		Counter- party	Number of Contracts		Premium		Value
Call - OTC Skyworks Solutions Inc		$30.00		02/21/14	MSC		303		$22,725		($28,482	)

Put - OTC Skyworks Solutions Inc		23.00		02/21/14	MSC		303		7,575		(6,060	)


Total Written Options									$30,300		($34,542	)

(d)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$19,582,403			$18,584,983		$997,420			$—
	Consumer Staples		5,150,944			5,150,944		—			—
	Energy		5,843,976			5,843,976		—			—
	Financials		7,379,084			7,379,084		—			—
	Health Care		11,362,448			11,362,448		—			—
	Industrials		15,364,383			15,364,383		—			—
	Information Technology		18,349,238			18,349,238		—			—
	Materials		900,510			900,510		—			—

			83,932,986			82,935,566		997,420			—
	Short-Term Investment		3,680,138			3,680,138		—			—
	Derivatives:
	Equity Contracts
	Purchased Options		19,695			—		19,695			—

	Total Assets		87,632,819			86,615,704		1,017,115			—

Liabilities	Derivatives:
	Equity Contracts
	Written Options		(34,542	)		—		(34,542	)		—

	Total Liabilities		(34,542	)		—		(34,542	)		—

	Total		$87,598,277			$86,615,704		$982,573			$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SMALL-CAP GROWTH FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 96.2%

Consumer Discretionary - 18.4%

American Axle & Manufacturing Holdings Inc *		22,800		$466,260
ANN Inc *		12,450		455,172
Brunswick Corp		12,350		568,841
Buffalo Wild Wings Inc *		1,950		287,040
Cumulus Media Inc ‘A’ *		78,700		608,351
Domino’s Pizza Inc		8,400		585,060
DSW Inc ‘A’		11,850		506,350
Fiesta Restaurant Group Inc *		7,300		381,352
Fifth & Pacific Cos Inc *		19,250		617,347
Five Below Inc *		10,300		444,960
Grand Canyon Education Inc *		14,002		610,487
LeapFrog Enterprises Inc *		20,750		164,755
Life Time Fitness Inc *		9,970		468,590
Lions Gate Entertainment Corp (Canada)		15,550		492,313
Lumber Liquidators Holdings Inc *		3,850		396,127
Nexstar Broadcasting Group Inc ‘A’		11,150		621,390
Pier 1 Imports Inc		19,700		454,676
Six Flags Entertainment Corp		16,250		598,325
Sotheby’s		6,750		359,100
Taylor Morrison Home Corp ‘A’ *		18,750		420,938
Tenneco Inc *		7,050		398,819
The Children’s Place Retail Stores Inc *		5,530		315,044
Tupperware Brands Corp		5,925		560,090
Wolverine World Wide Inc		9,000		305,640

				11,087,027

Consumer Staples - 2.9%

B&G Foods Inc		15,750		534,082
The Hain Celestial Group Inc *		6,785		615,942
United Natural Foods Inc *		7,750		584,273

				1,734,297

Energy - 3.4%

Approach Resources Inc *		14,300		275,847
Bristow Group Inc		3,700		277,722
Hornbeck Offshore Services Inc *		5,750		283,072
Kodiak Oil & Gas Corp (Canada) *		28,400		318,364
Northern Oil & Gas Inc *		33,247		501,032
Rosetta Resources Inc *		8,300		398,732

				2,054,769

Financials - 8.0%

DuPont Fabros Technology Inc REIT		17,600		434,896
Financial Engines Inc		9,950		691,326
Fortress Investment Group LLC ‘A’		67,550		578,228
Jones Lang LaSalle Inc		5,150		527,308
MGIC Investment Corp *		64,200		541,848
Portfolio Recovery Associates Inc *		6,200		327,608
Sovran Self Storage Inc REIT		6,100		397,537
Synovus Financial Corp		189,750		683,100
WisdomTree Investments Inc *		34,500		610,995

				4,792,846

Health Care - 18.3%

Acadia Healthcare Co Inc *		6,250		295,812
ACADIA Pharmaceuticals Inc *		17,100		427,329
Aegerion Pharmaceuticals Inc *		4,250		301,580
Align Technology Inc *		10,250		585,786
Alnylam Pharmaceuticals Inc *		1,900		122,227
athenahealth Inc *		4,150		558,175
Auxilium Pharmaceuticals Inc *		15,153		314,273
Bluebird Bio Inc *		5,600		117,488
Celldex Therapeutics Inc *		16,200		392,202
Cepheid Inc *		11,800		551,296
Charles River Laboratories International Inc *		10,000		530,400
Cubist Pharmaceuticals Inc *		9,150		630,160


	Shares		Value
Endologix Inc *		33,200		$579,008
HealthSouth Corp		16,900		563,108
HMS Holdings Corp *		11,874		269,896
ICON PLC (Ireland) *		7,750		313,178
Insulet Corp *		16,270		603,617
Intercept Pharmaceuticals Inc *		1,500		102,420
Isis Pharmaceuticals Inc *		5,000		199,200
Molina Healthcare Inc *		11,950		415,262
Orexigen Therapeutics Inc *		42,500		239,275
Portola Pharmaceuticals Inc *		10,450		269,088
Puma Biotechnology Inc *		1,700		176,001
Questcor Pharmaceuticals Inc		6,200		337,590
Synageva BioPharma Corp *		5,450		352,724
Team Health Holdings Inc *		14,850		676,418
TearLab Corp *		13,550		126,557
Thoratec Corp *		9,670		353,922
Wright Medical Group Inc *		19,950		612,665

				11,016,657

Industrials - 14.2%

Actuant Corp ‘A’		15,395		564,073
Acuity Brands Inc		5,950		650,454
Alaska Air Group Inc		6,000		440,220
AO Smith Corp		10,750		579,855
Beacon Roofing Supply Inc *		13,400		539,752
Chart Industries Inc *		4,100		392,124
Esterline Technologies Corp *		2,980		303,841
Hexcel Corp *		13,000		580,970
Hub Group Inc ‘A’ *		14,400		574,272
On Assignment Inc *		20,150		703,638
Primoris Services Corp		19,250		599,253
RBC Bearings Inc *		5,015		354,811
Swift Transportation Co *		27,903		619,726
The ExOne Co *		9,400		568,324
The Middleby Corp *		1,650		395,950
Watts Water Technologies Inc ‘A’		10,700		662,009

				8,529,272

Information Technology - 24.9%

Applied Micro Circuits Corp *		24,350		325,803
ARRIS Group Inc *		27,548		671,207
Aruba Networks Inc *		19,800		354,420
Aspen Technology Inc *		16,850		704,330
Belden Inc		5,450		383,952
BroadSoft Inc *		11,100		303,474
Cognex Corp *		8,764		334,610
CommVault Systems Inc *		6,200		464,256
Control4 Corp *		8,300		146,910
Cornerstone OnDemand Inc *		12,050		642,747
CoStar Group Inc *		3,200		590,656
Cypress Semiconductor Corp *		38,850		407,925
Dealertrack Technologies Inc *		13,600		653,888
Demandware Inc *		8,350		535,402
E2open Inc *		14,000		334,740
FEI Co		5,200		464,672
Finisar Corp *		14,350		343,252
FleetMatics Group PLC (Ireland) *		11,600		501,700
Intersil Corp ‘A’		27,550		315,998
InterXion Holding NV (Netherlands) *		13,500		318,735
MAXIMUS Inc		13,050		574,069
Microsemi Corp *		24,500		611,276
Millennial Media Inc *		19,700		143,219
OpenTable Inc *		5,800		460,346
OSI Systems Inc *		8,000		424,880
Proofpoint Inc *		5,100		169,167
Ruckus Wireless Inc *		27,340		388,228
Semtech Corp *		15,900		401,952
SPS Commerce Inc *		5,000		326,500
Synchronoss Technologies Inc *		15,750		489,353
Textura Corp *		8,950		267,963


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
The Ultimate Software Group Inc *		2,800		$429,016
Trulia Inc *		11,250		396,788
VistaPrint NV (Netherlands) *		9,450		537,233
WEX Inc *		5,965		590,714

				15,009,381

Materials - 4.9%

Berry Plastics Group Inc *		14,552		346,192
Chemtura Corp *		19,350		540,252
Cytec Industries Inc		4,800		447,168
Eagle Materials Inc		7,350		569,112
Louisiana-Pacific Corp *		26,850		496,993
PolyOne Corp		15,925		562,949

				2,962,666

Telecommunication Services - 1.2%

Cogent Communications Group Inc		17,600		711,216


Total Common Stocks (Cost $42,073,898)				57,898,131


	Shares		Value
SHORT-TERM INVESTMENT - 4.0%

Money Market Fund - 4.0%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		2,404,538		$2,404,538


Total Short-Term Investment (Cost $2,404,538)				2,404,538


TOTAL INVESTMENTS - 100.2% (Cost $44,478,436)				60,302,669

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(117,462	)


NET ASSETS - 100.0%				$60,185,207

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Common Stocks (1)		$57,898,131		$57,898,131		$—		$—
	Short-Term Investment		2,404,538		2,404,538		—		—

	Total		$60,302,669		$60,302,669		$—		$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SMALL-CAP VALUE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 95.3%

Consumer Discretionary - 8.1%

Aaron’s Inc		40,900		$1,202,459
Cinemark Holdings Inc		44,700		1,489,850
Cracker Barrel Old Country Store Inc		13,114		1,443,457
Group 1 Automotive Inc		17,700		1,257,053
Hillenbrand Inc		24,819		730,174
International Game Technology		84,437		1,533,375
Meredith Corp		5,490		284,382
Rent-A-Center Inc		15,702		523,505
Sonic Automotive Inc ‘A’		17,000		416,160
Sturm Ruger & Co Inc		17,865		1,305,753
The Buckle Inc		30,535		1,604,920

				11,791,088

Consumer Staples - 6.2%

Cal-Maine Foods Inc		17,900		1,078,117
Casey’s General Stores Inc		11,391		800,218
Harris Teeter Supermarkets Inc		23,300		1,149,855
Ingredion Inc		24,500		1,677,270
Sanderson Farms Inc		13,200		954,756
The Andersons Inc		18,409		1,641,531
Universal Corp		24,900		1,359,540
Weis Markets Inc		6,600		346,896

				9,008,183

Energy - 12.7%

Alliance Resource Partners LP		9,500		731,500
Bristow Group Inc		25,800		1,936,548
Calumet Specialty Products Partners LP		13,700		356,474
Cimarex Energy Co		9,600		1,007,136
CVR Energy Inc		32,300		1,402,789
Delek US Holdings Inc		10,300		354,423
Emerge Energy Services LP		3,876		171,824
Energen Corp		20,900		1,478,675
Ensign Energy Services Inc (Canada)		34,840		548,716
LinnCo LLC		45,696		1,407,894
Precision Drilling Corp (Canada)		167,100		1,565,727
ShawCor Ltd (Canada)		26,760		1,070,148
Ship Finance International Ltd (Bermuda)		66,357		1,086,928
Tidewater Inc		27,000		1,600,290
Western Refining Inc		43,660		1,851,621
World Fuel Services Corp		46,639		2,012,939

				18,583,632

Financials - 18.2%

Allied World Assurance Co Holdings AG (Switzerland)		11,459		1,292,690
American Financial Group Inc		25,000		1,443,000
Blackstone Mortgage Trust Inc ‘A’ REIT		13,100		355,403
Canadian Western Bank (Canada)		27,745		1,009,764
Cash America International Inc		30,706		1,176,040
Community Trust Bancorp Inc		4,300		194,188
First American Financial Corp		53,800		1,517,160
First Horizon National Corp		111,040		1,293,616
First Interstate Bancsystem Inc		5,524		156,716
First Merchants Corp		6,742		153,448
First Niagara Financial Group Inc		136,300		1,447,506
FirstMerit Corp		19,722		438,420
Franklin Street Properties Corp REIT		47,000		561,650
Fulton Financial Corp		109,768		1,435,765
Home Loan Servicing Solutions Ltd (Cayman)		52,500		1,205,925
Montpelier Re Holdings Ltd (Bermuda)		24,209		704,482
Old National Bancorp		57,800		888,386
Omega Healthcare Investors Inc REIT		37,400		1,114,520
Protective Life Corp		32,616		1,652,327
Raymond James Financial Inc		26,800		1,398,692
Retail Properties of America Inc ‘A’ REIT		68,044		865,520
Starwood Property Trust Inc REIT		48,500		1,343,450


	Shares		Value
Susquehanna Bancshares Inc		101,300		$1,300,692
Symetra Financial Corp		21,277		403,412
Trustmark Corp		18,004		483,227
Washington Federal Inc		52,131		1,214,131
Webster Financial Corp		43,130		1,344,793
WesBanco Inc		8,129		260,128

				26,655,051

Health Care - 6.4%

Owens & Minor Inc		40,200		1,469,712
PerkinElmer Inc		42,650		1,758,460
Select Medical Holdings Corp		43,420		504,106
STERIS Corp		37,953		1,823,642
Teleflex Inc		18,300		1,717,638
The Cooper Cos Inc		14,800		1,832,832
The Ensign Group Inc		4,583		202,889

				9,309,279

Industrials - 19.8%

Alliant Techsystems Inc		17,500		2,129,400
Applied Industrial Technologies Inc		11,800		579,262
AZZ Inc		12,800		625,408
Crane Co		28,700		1,930,075
Cubic Corp		9,400		495,004
Curtiss-Wright Corp		32,900		2,047,367
Elbit Systems Ltd (Israel)		6,500		394,745
Ennis Inc		14,300		253,110
GATX Corp		29,745		1,551,797
ITT Corp		43,023		1,868,059
KBR Inc		35,100		1,119,339
Kennametal Inc		35,600		1,853,692
Standex International Corp		5,967		375,205
TAL International Group Inc *		23,000		1,319,050
Textainer Group Holdings Ltd (Bermuda)		17,949		721,909
The Babcock & Wilcox Co		46,619		1,593,904
The Brink's Co		34,900		1,191,486
Trinity Industries Inc		35,417		1,930,935
Triumph Group Inc		24,500		1,863,715
UniFirst Corp		8,100		866,700
United Stationers Inc		7,895		362,302
Valmont Industries Inc		12,600		1,878,912
Werner Enterprises Inc		42,160		1,042,617
Westjet Airlines Ltd (Canada)		36,094		948,689

				28,942,682

Information Technology - 6.3%

AVX Corp		22,600		314,818
Belden Inc		30,000		2,113,500
Broadridge Financial Solutions Inc		39,841		1,574,516
Fair Isaac Corp		19,992		1,256,297
j2 Global Inc		25,427		1,271,604
Jabil Circuit Inc		59,700		1,041,168
Mentor Graphics Corp		66,202		1,593,482

				9,165,385

Materials - 14.2%

A Schulman Inc		23,400		825,084
AMCOL International Corp		13,752		467,293
American Vanguard Corp		4,300		104,447
Cabot Corp		30,300		1,557,420
Commercial Metals Co		89,140		1,812,216
HudBay Minerals Inc (Canada)		118,038		971,195
Innophos Holdings Inc		21,378		1,038,971
Methanex Corp (Canada)		33,200		1,966,768
Neenah Paper Inc		16,700		714,259
NewMarket Corp		4,600		1,537,090
Olin Corp		65,300		1,883,905
Rentech Nitrogen Partners LP		18,276		321,658
Rock Tenn Co ‘A’		10,800		1,134,108
Royal Gold Inc		27,630		1,272,914


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
Sensient Technologies Corp		5,111		$247,986
Silgan Holdings Inc		20,238		971,829
Sonoco Products Co		38,270		1,596,624
Steel Dynamics Inc		83,000		1,621,820
Stepan Co		10,527		690,887

				20,736,474

Utilities - 3.4%

El Paso Electric Co		22,140		777,335
Great Plains Energy Inc		63,100		1,529,544
IDACORP Inc		26,533		1,375,471
UGI Corp		29,500		1,223,070

				4,905,420


Total Common Stocks (Cost $98,150,681)				139,097,194


SHORT-TERM INVESTMENT - 6.1%

Money Market Fund - 6.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		8,915,901		8,915,901


Total Short-Term Investment (Cost $8,915,901)				8,915,901


TOTAL INVESTMENTS - 101.4% (Cost $107,066,582)				148,013,095

OTHER ASSETS & LIABILITIES, NET - (1.4%)				(2,011,852	)


NET ASSETS - 100.0%				$146,001,243

Note to Schedule of Investments

(a)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$139,097,194		$139,097,194		$—		$—
	Short-Term Investment		8,915,901		8,915,901		—		—

	Total		$148,013,095		$148,013,095		$—		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL REAL ESTATE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 94.7%

Consumer Discretionary - 1.9%

Starwood Hotels & Resorts Worldwide Inc		15,907		$1,263,812


Financials - 92.8%

Acadia Realty Trust REIT		10,133		251,602
Alexandria Real Estate Equities Inc REIT		9,210		585,940
American Campus Communities Inc REIT		9,930		319,845
American Homes 4 Rent ‘A’ REIT		3,380		54,756
Apartment Investment & Management Co ‘A’ REIT		706		18,293
Ashford Hospitality Prime Inc REIT		4,924		89,617
Ashford Hospitality Trust Inc REIT		24,620		203,854
AvalonBay Communities Inc REIT		31,119		3,679,199
Boston Properties Inc REIT		24,319		2,440,898
BRE Properties Inc REIT		3,251		177,862
Brookfield Office Properties Inc (Canada)		27,194		523,485
Camden Property Trust REIT		28,484		1,620,170
CBL & Associates Properties Inc REIT		5,300		95,188
Cousins Properties Inc REIT		42,338		436,081
DCT Industrial Trust Inc REIT		92,933		662,612
DDR Corp REIT		23,560		362,117
Duke Realty Corp REIT		32,180		483,987
Equity Lifestyle Properties Inc REIT		25,468		922,706
Equity Residential REIT		119,262		6,186,120
Essex Property Trust Inc REIT		796		114,234
Federal Realty Investment Trust REIT		6,408		649,835
Forest City Enterprises Inc ‘A’ *		48,191		920,448
General Growth Properties Inc REIT		130,873		2,626,621
HCP Inc REIT		70,408		2,557,219
Health Care REIT Inc		6,850		366,955
Healthcare Realty Trust Inc REIT		28,969		617,329
Host Hotels & Resorts Inc REIT		250,362		4,867,037
Hudson Pacific Properties Inc REIT		19,310		422,310
Lexington Realty Trust REIT		2,730		27,873
Liberty Property Trust REIT		5,740		194,414
Mack-Cali Realty Corp REIT		39,085		839,546
National Retail Properties Inc REIT		15,870		481,337
Plum Creek Timber Co Inc REIT		2,389		111,112
Post Properties Inc REIT		720		32,566
Prologis Inc REIT		43,731		1,615,860
PS Business Parks Inc REIT		3,621		276,717
Public Storage REIT		21,637		3,256,801
Realty Income Corp REIT		7,261		271,053


	Shares		Value
Regency Centers Corp REIT		50,556		$2,340,743
Rexford Industrial Realty Inc REIT		6,000		79,200
Senior Housing Properties Trust REIT		50,077		1,113,212
Simon Property Group Inc REIT		62,834		9,560,821
Sovran Self Storage Inc REIT		1,042		67,907
Taubman Centers Inc REIT		11,474		733,418
The Macerich Co REIT		34,050		2,005,205
Ventas Inc REIT		29,020		1,662,266
Vornado Realty Trust REIT		46,606		4,138,147
Winthrop Realty Trust REIT		3,867		42,730

				61,107,248

Total Common Stocks (Cost $44,781,800)				62,371,060


SHORT-TERM INVESTMENT - 5.5%

Money Market Fund - 5.5%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		3,604,380		3,604,380


Total Short-Term Investment (Cost $3,604,380)				3,604,380


TOTAL INVESTMENTS - 100.2% (Cost $48,386,180)				65,975,440

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(142,724	)


NET ASSETS - 100.0%				$65,832,716

Notes to Schedule of Investments

(a)	As of December 31, 2013, the fund was diversified by property sector as a percentage of net assets as follows:


Retail	29.4%
Specialized	22.7%
Residential	19.9%
Diversified	7.7%
Office	7.3%
Industrial	3.6%
Others (each less than 3.0%)	4.1%

	94.7%
Short-Term Investment	5.5%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		L evel 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$62,371,060		$62,371,060		$—		$—
	Short-Term Investment		3,604,380		3,604,380		—		—

	Total		$65,975,440		$65,975,440		$—		$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
WARRANTS - 0.1%

Malaysia - 0.1%

Genting Bhd Strike @ MYR 7.96 Exp 12/18/18 *		137,750		$131,631


Total Warrants (Cost $64,905)				131,631


PREFERRED STOCKS - 4.1%

Brazil - 3.1%

Banco Bradesco SA ADR		84,310		1,056,404
Lojas Americanas SA		259,846		1,741,191
Petroleo Brasileiro SA ADR		128,600		1,889,134

				4,686,729

Colombia - 1.0%

Banco Davivienda SA		48,627		596,122
Bancolombia SA ADR		10,790		528,926
Cementos Argos SA		67,388		340,528

				1,465,576


Total Preferred Stocks (Cost $6,345,310)				6,152,305


COMMON STOCKS - 89.2%

Bermuda - 0.7%

Jardine Strategic Holdings Ltd		33,008		1,058,273


Brazil - 6.4%

AMBEV SA ADR *		63,000		463,050
B2W Cia Digital *		43,081		279,285
BM&FBovespa SA		462,516		2,170,851
Diagnosticos da America SA		101,800		628,445
Embraer SA ADR		33,830		1,088,649
Estacio Participacoes SA		149,900		1,299,335
Kroton Educacional SA		74,831		1,245,333
MRV Engenharia e Participacoes SA		65,500		234,195
Natura Cosmeticos SA		77,900		1,369,694
Sul America SA		104,235		653,612

				9,432,449

Cayman - 15.2%

Baidu Inc ADR *		43,550		7,746,674
Ctrip.com International Ltd ADR *		28,150		1,396,803
Eurasia Drilling Co Ltd GDR (LI) ~		15,410		694,066
Home Inns & Hotels Management Inc ADR *		15,870		692,567
New Oriental Education & Technology Group Inc ADR		72,440		2,281,860
SOHO China Ltd		851,000		733,892
Tencent Holdings Ltd		71,800		4,613,130
Tingyi Cayman Islands Holding Corp		818,000		2,374,079
Want Want China Holdings Ltd		898,000		1,303,511
Youku Tudou Inc ADR *		23,480		711,444

				22,548,026

Chile - 0.8%

Cencosud SA		341,610		1,238,941


China - 1.9%

China Life Insurance Co Ltd ‘H’		3,000		9,461
China Oilfield Services Ltd ‘H’		150,000		468,907
Shandong Weigao Group Medical Polymer Co Ltd ‘H’		653,000		885,649


	Shares		Value
Sinopharm Group Co Ltd ‘H’		352,200		$1,018,162
Tsingtao Brewery Co Ltd ‘H’		58,000		492,973

				2,875,152

Colombia - 0.9%

Almacenes Exito SA		41,109		639,000
Almacenes Exito SA GDR ~		42,400		658,387

				1,297,387

Denmark - 1.9%

Carlsberg AS ‘B’		25,017		2,779,182


Egypt - 0.5%

Commercial International Bank SAE		168,504		788,133


France - 2.3%

LVMH Moet Hennessy Louis Vuitton SA		8,300		1,519,412
Pernod Ricard SA		15,980		1,824,588

				3,344,000

Hong Kong - 4.8%

AIA Group Ltd		294,000		1,482,152
CNOOC Ltd		930,000		1,739,637
Hang Lung Group Ltd		110,000		556,186
Hang Lung Properties Ltd		713,000		2,265,127
Hong Kong Exchanges & Clearing Ltd		62,078		1,040,220

				7,083,322

India - 12.4%

Ambuja Cements Ltd		227,973		673,888
Apollo Hospitals Enterprise Ltd		44,047		675,279
Asian Paints Ltd		83,830		667,147
Cipla Ltd		116,077		754,766
Colgate-Palmolive India Ltd		27,737		607,146
DLF Ltd		276,047		750,931
HDFC Bank Ltd ADR		31,300		1,077,972
Hindustan Unilever Ltd		28,946		268,435
Housing Development Finance Corp		235,669		3,048,623
ICICI Bank Ltd ADR		49,120		1,825,790
Infosys Ltd		54,406		3,069,217
Marico Kaya Enterprises Ltd * +		1,992		123
Marico Ltd		100,581		352,595
Tata Consultancy Services Ltd		37,382		1,315,133
Ultratech Cement Ltd		36,584		1,048,616
United Spirits Ltd		14,962		632,903
Zee Entertainment Enterprises Ltd		357,091		1,602,934

				18,371,498

Indonesia - 2.0%

P.T. Astra International Tbk		3,193,500		1,793,108
P.T. Indocement Tunggal Prakarsa Tbk		317,000		522,635
P.T. Semen Indonesia Persero Tbk		360,500		421,970
P.T. Unilever Indonesia Tbk		121,500		260,579

				2,998,292

Italy - 1.9%

Prada SPA		244,600		2,180,999
Salvatore Ferragamo SPA		14,866		567,345

				2,748,344

Luxembourg - 1.5%

Tenaris SA ADR		49,760		2,174,014


Malaysia - 1.2%

Genting Bhd		568,500		1,783,948


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
Mexico - 5.3%

America Movil SAB de CV ‘L’ ADR		118,770		$2,775,655
Fomento Economico Mexicano SAB de CV		195,173		1,889,620
Grupo Financiero Banorte SAB de CV ‘O’		63,350		443,181
Grupo Financiero Inbursa SAB de CV ‘O’		310,579		878,703
Grupo Televisa SAB ADR		59,980		1,814,995

				7,802,154

Netherlands - 2.8%

Heineken NV		13,524		915,749
Yandex NV ‘A’ *		75,760		3,269,044

				4,184,793

Nigeria - 0.9%

Guaranty Trust Bank PLC		1,845,063		314,105
Nigerian Breweries PLC		601,959		631,878
Zenith Bank PLC		2,505,683		427,196

				1,373,179

Panama - 0.2%

InRetail Peru Corp *		17,400		276,660


Philippines—1.8%

Jollibee Foods Corp		194,060		757,365
SM Investments Corp		62,545		1,004,902
SM Prime Holdings Inc		2,761,070		914,682

				2,676,949

Russia - 5.2%

Alrosa AO		670,272		888,110
Magnit OJSC (RTS)		11,399		3,202,297
NovaTek OAO GDR (LI)		26,500		3,629,326

				7,719,733

Singapore - 0.4%

CapitaMalls Asia Ltd		385,000		599,875


South Africa - 1.1%

MTN Group Ltd		75,573		1,571,573
Shoprite Holdings Ltd		1,027		16,164

				1,587,737

South Korea - 1.5%

NAVER Corp *		2,383		1,642,263
Shinsegae Co Ltd *		2,658		637,265

				2,279,528

Switzerland - 1.1%

Cie Financiere Richemont SA ‘A’		16,066		1,607,707


Taiwan - 2.0%

Taiwan Semiconductor Manufacturing Co Ltd		817,995		2,882,236


Thailand - 0.9%

CP ALL PCL		1,020,500		1,304,352


Turkey - 2.7%

Anadolu Efes Biracilik Ve Malt Sanayii AS		64,013		693,337
BIM Birlesik Magazalar AS		32,650		660,425
Haci Omer Sabanci Holding AS		383,139		1,540,907
Turkiye Garanti Bankasi AS		224,077		728,231
Ulker Biskuvi Sanayi AS		53,003		375,953

				3,998,853


	Shares		Value
United Arab Emirates - 0.9%

DP World Ltd		12,901		$228,477
DP World Ltd (LI)		65,554		1,154,443

				1,382,920

United Kingdom - 7.5%

Anglo American PLC		25,182		553,411
BG Group PLC		69,090		1,488,915
Diageo PLC		33,087		1,092,910
Genel Energy PLC *		39,470		704,537
Glencore Xstrata PLC *		501,450		2,606,814
SABMiller PLC		25,840		1,328,550
Tullow Oil PLC		130,220		1,849,151
Unilever PLC		36,568		1,499,963

				11,124,251

United States - 0.5%

MercadoLibre Inc		7,240		780,400


Total Common Stocks (Cost $101,195,294)				132,102,288


SHORT-TERM INVESTMENT - 6.9%

Money Market Fund - 6.9%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		10,232,136		10,232,136


Total Short-Term Investment (Cost $10,232,136)				10,232,136


TOTAL INVESTMENTS - 100.3% (Cost $117,837,645)				148,618,360

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(485,932	)


NET ASSETS - 100.0%				$148,132,428

Notes to Schedule of Investments

(a)	As of December 31, 2013, the fund was diversified as a percentage of net assets as follows:


Consumer Staples	19.8%
Information Technology	17.6%
Financials	16.5%
Consumer Discretionary	15.8%
Energy	9.9%
Short-Term Investment	6.9%
Materials	5.2%
Industrials	3.0%
Others (each less than 3.0%)	5.6%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

(b)

An investment with a value of $123 or less than 0.1% of the fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(c)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$131,631		$131,631		$—		$—
	Preferred Stocks								—
	Brazil		4,686,729		2,945,538		1,741,191		—
	Colombia		1,465,576		528,926		936,650		—

			6,152,305		3,474,464		2,677,841
	Common Stocks
	Bermuda		1,058,273		—		1,058,273		—
	Brazil		9,432,449		1,551,699		7,880,750		—
	Cayman		22,548,026		13,523,414		9,024,612		—
	Chile		1,238,941		—		1,238,941		—
	China		2,875,152		—		2,875,152		—
	Colombia		1,297,387		639,000		658,387		—
	Denmark		2,779,182		—		2,779,182		—
	Egypt		788,133		788,133		—		—
	France		3,344,000		—		3,344,000		—
	Hong Kong		7,083,322		—		7,083,322		—
	India		18,371,498		2,903,762		15,467,613		123
	Indonesia		2,998,292		—		2,998,292		—
	Italy		2,748,344		—		2,748,344		—
	Luxembourg		2,174,014		2,174,014		—		—
	Malaysia		1,783,948		—		1,783,948		—
	Mexico		7,802,154		7,802,154		—		—
	Netherlands		4,184,793		3,269,044		915,749		—
	Nigeria		1,373,179		1,373,179		—		—
	Panama		276,660		276,660		—		—
	Philippines		2,676,949		—		2,676,949		—
	Russia		7,719,733		—		7,719,733		—
	Singapore		599,875		—		599,875		—
	South Africa		1,587,737		—		1,587,737		—
	South Korea		2,279,528		—		2,279,528		—
	Switzerland		1,607,707		—		1,607,707		—
	Taiwan		2,882,236		—		2,882,236		—
	Thailand		1,304,352		—		1,304,352		—
	Turkey		3,998,853		—		3,998,853		—
	United Arab Emirates		1,382,920		228,477		1,154,443		—
	United Kingdom		11,124,251		—		11,124,251		—
	United States		780,400		780,400		—		—

			132,102,288		35,309,936		96,792,229		123
	Short-Term Investment		10,232,136		10,232,136		—		—

	Total		$148,618,360		$49,148,167		$99,470,070		$123

During the nine-month period ended December 31, 2013, investments with a total aggregate value of $12,015,327 were transferred from Level 1 to Level 2 due to valuation adjustments made to exchange-traded prices as a result of market movements following the close of local trading. During the same period, investments with a total aggregate value of $4,472,116 were transferred from Level 2 to Level 1 due to the removal of valuation adjustments made to exchange-traded prices as a result of market movements following the close of local trading.

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
PREFERRED STOCKS - 0.9%

Brazil - 0.9%

Itau Unibanco Holding SA ADR		152,376		$2,067,742


Total Preferred Stocks (Cost $2,270,662)				2,067,742


COMMON STOCKS - 98.3%

Bermuda - 1.2%

Li & Fung Ltd		2,286,400		2,954,540


Brazil - 0.5%

BM&FBovespa SA		267,437		1,255,234


Canada - 3.9%

Canadian National Railway Co		97,290		5,547,476
Shoppers Drug Mart Corp		24,970		1,367,855
Valeant Pharmaceuticals International Inc *		22,150		2,600,410

				9,515,741

Czech Republic - 0.2%

Komercni Banka AS		1,778		396,913


France - 12.7%

Air Liquide SA		35,249		4,996,970
Danone		64,961		4,686,351
Dassault Systemes		10,393		1,291,385
GDF Suez		84,053		1,983,478
Legrand SA		51,626		2,846,928
LVMH Moet Hennessy Louis Vuitton SA		26,374		4,828,069
Pernod Ricard SA		40,004		4,567,636
Schneider Electric SA		61,403		5,389,448

				30,590,265

Germany - 12.1%

Bayer AG		72,261		10,137,781
Beiersdorf AG		37,927		3,850,555
Linde AG		26,978		5,650,220
Merck KGaA		23,166		4,173,844
MTU Aero Engines AG		9,530		936,066
SAP AG		51,724		4,434,837

				29,183,303

Hong Kong - 2.0%

AIA Group Ltd		604,800		3,048,998
China Unicom Hong Kong Ltd		1,152,000		1,729,328

				4,778,326

India - 1.5%

ICICI Bank Ltd ADR		99,742		3,707,410


Israel - 0.6%

Check Point Software Technologies Ltd *		22,612		1,458,926


Italy - 0.5%

Saipem SPA		54,693		1,180,728


Japan - 12.4%

Canon Inc		9,250		294,431
Denso Corp		99,500		5,260,862


	Shares		Value
FANUC Corp		15,900		$2,915,688
Honda Motor Co Ltd		140,400		5,790,490
Hoya Corp		129,700		3,609,807
Inpex Corp		238,500		3,057,943
Japan Tobacco Inc		54,600		1,776,525
Kyocera Corp		44,800		2,240,885
Lawson Inc		21,100		1,579,383
Rinnai Corp		500		38,969
Shin-Etsu Chemical Co Ltd		56,600		3,309,586

				29,874,569

Netherlands - 8.2%

Akzo Nobel NV		51,174		3,970,519
Heineken NV		75,575		5,117,403
ING Groep NV CVA *		375,462		5,250,353
Randstad Holding NV		82,483		5,355,686

				19,693,961

Russia - 0.5%

Sberbank of Russia ADR		88,711		1,115,097


Singapore - 1.6%

DBS Group Holdings Ltd		217,000		2,949,441
Singapore Telecommunications Ltd		334,380		971,910

				3,921,351

South Korea - 0.9%

Samsung Electronics Co Ltd		1,724		2,253,260


Spain - 2.2%

Amadeus IT Holding SA ‘A’		93,033		3,985,000
Banco Santander SA		133,781		1,207,286

				5,192,286

Sweden - 1.2%

Hennes & Mauritz AB ‘B’		60,434		2,792,687


Switzerland - 10.8%

Julius Baer Group Ltd		73,292		3,534,102
Kuehne + Nagel International AG		10,957		1,441,067
Nestle SA		109,842		8,063,276
Roche Holding AG		15,383		4,312,116
Sonova Holding AG		14,108		1,901,841
Swiss Re AG		25,753		2,380,462
UBS AG (XVTX)		231,716		4,414,264

				26,047,128

Taiwan - 2.3%

Hon Hai Precision Industry Co Ltd		711,088		1,913,972
Taiwan Semiconductor Manufacturing Co Ltd ADR		207,438		3,617,719

				5,531,691

United Kingdom - 21.5%

Barclays PLC		898,014		4,063,168
BG Group PLC		189,082		4,074,786
Compass Group PLC		400,903		6,428,041
Delphi Automotive PLC		29,698		1,785,741
Diageo PLC		135,709		4,482,657
Hays PLC		639,666		1,376,501
HSBC Holdings PLC (LI)		613,658		6,730,568
Reckitt Benckiser Group PLC		50,171		3,994,468
Rio Tinto PLC		78,797		4,446,499
Smiths Group PLC		124,695		3,066,276
Standard Chartered PLC		227,916		5,135,387
WPP PLC		275,280		6,317,130

				51,901,222


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
United States - 1.5%

NCR Corp *		27,220		$927,113
Yum! Brands Inc		36,650		2,771,108

				3,698,221

Total Common Stocks (Cost $157,808,455)				237,042,859


	Principal Amount

SHORT-TERM INVESTMENTS - 0.8%

Commercial Paper - 0.8%

General Electric 0.040% due 01/02/14		$1,848,000		1,847,998

				1,847,998


	Shares

Money Market Fund - 0.0%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		41,324		41,324

				41,324

Total Short-Term Investments (Cost $1,889,322)				1,889,322


TOTAL INVESTMENTS - 100.0% (Cost $161,968,439)				240,999,923

OTHER ASSETS & LIABILITIES, NET - 0.0%				55,753


NET ASSETS - 100.0%				$241,055,676

Notes to Schedule of Investments

(a)	As of December 31, 2013, the fund was diversified as a percentage of net assets as follows:


Financials			19.7%
Consumer Staples			16.3%
Consumer Discretionary			16.1%
Industrials			12.0%
Information Technology			10.7%
Health Care			9.6%
Materials			9.4%
Energy			3.5%
Others (each less than 3.0%)			2.7%

			100.0%
Other Assets & Liabilities, Net			0.0%

			100.0%

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


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(c)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$2,067,742		$2,067,742		$—		$—
	Common Stocks
	Bermuda		2,954,540		—		2,954,540		—
	Brazil		1,255,234		—		1,255,234		—
	Canada		9,515,741		9,515,741		—		—
	Czech Republic		396,913		—		396,913		—
	France		30,590,265		—		30,590,265		—
	Germany		29,183,303		—		29,183,303		—
	Hong Kong		4,778,326		—		4,778,326		—
	India		3,707,410		3,707,410		—		—
	Israel		1,458,926		1,458,926		—		—
	Italy		1,180,728		—		1,180,728		—
	Japan		29,874,569		—		29,874,569		—
	Netherlands		19,693,961		—		19,693,961		—
	Russia		1,115,097		1,115,097		—		—
	Singapore		3,921,351		—		3,921,351		—
	South Korea		2,253,260		—		2,253,260		—
	Spain		5,192,286		—		5,192,286		—
	Sweden		2,792,687		—		2,792,687		—
	Switzerland		26,047,128		—		26,047,128		—
	Taiwan		5,531,691		3,617,719		1,913,972		—
	United Kingdom		51,901,222		1,785,741		50,115,481		—
	United States		3,698,221		3,698,221		—		—

			237,042,859		24,898,855		212,144,004		—
	Short-Term Investments		1,889,322		41,324		1,847,998		—

	Total		$240,999,923		$27,007,921		$213,992,002		$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL VALUE FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
RIGHTS - 0.0%

Spain - 0.0%

Repsol SA * Exp 01/06/14		68,043		$46,429


Total Rights (Cost $37,814)				46,429


PREFERRED STOCKS - 1.4%

Germany - 1.4%

Volkswagen AG		8,623		2,422,650


Total Preferred Stocks (Cost $1,523,573)				2,422,650


COMMON STOCKS - 97.4%

Australia - 2.1%

Australia & New Zealand Banking Group Ltd		103,899		2,991,028
Goodman Group REIT		213,102		902,554

				3,893,582

Belgium - 1.3%

Solvay SA		15,075		2,386,128


Brazil - 0.5%

Cia Energetica de Minas Gerais ADR		119,046		927,367


Canada - 0.4%

First Quantum Minerals Ltd		43,122		776,988


China - 1.7%

China Construction Bank Corp ‘H’		1,826,000		1,386,670
China Shenhua Energy Co Ltd ‘H’		517,500		1,642,159

				3,028,829

Denmark - 1.1%

Danske Bank AS *		83,985		1,933,642


Finland - 1.1%

UPM-Kymmene OYJ		123,453		2,088,672


France - 13.2%

AXA SA		129,963		3,625,097
BNP Paribas SA		58,028		4,543,768
Cie de St-Gobain		56,036		3,097,220
Electricite de France		48,380		1,713,261
GDF Suez		59,709		1,409,010
Lafarge SA		29,188		2,196,438
Publicis Groupe SA		16,031		1,471,616
Schneider Electric SA		22,094		1,939,228
Societe Generale SA		15,581		909,895
Sodexo		20,906		2,122,832
Suez Environnement Co		51,358		920,347

				23,948,712

Germany - 9.6%

Allianz SE		10,145		1,819,752
BASF SE		28,884		3,080,053
Bayer AG		28,944		4,060,668


	Shares		Value
Daimler AG		37,491		$3,245,265
Deutsche Telekom AG		193,839		3,315,279
Metro AG		39,311		1,904,008

				17,425,025

Hong Kong - 2.9%

China Overseas Land & Investment Ltd		468,000		1,321,871
Hutchison Whampoa Ltd		193,000		2,636,390
Wharf Holdings Ltd		165,000		1,263,252

				5,221,513

India - 0.7%

ICICI Bank Ltd ADR		32,001		1,189,477


Italy - 3.4%

Assicurazioni Generali SPA		45,086		1,071,512
Eni SPA		158,352		3,828,904
UniCredit SPA		165,947		1,235,696

				6,136,112

Japan - 22.2%

Bridgestone Corp		42,400		1,607,402
Daiwa House Industry Co Ltd		94,000		1,819,863
East Japan Railway Co		25,500		2,035,063
Hitachi Ltd		392,000		2,972,046
Honda Motor Co Ltd		59,400		2,449,823
Japan Tobacco Inc		66,300		2,157,209
Kawasaki Heavy Industries Ltd		370,000		1,555,289
KDDI Corp		28,100		1,733,055
Mitsubishi UFJ Financial Group Inc		659,100		4,358,008
Mitsui Fudosan Co Ltd		32,000		1,154,311
Nitto Denko Corp		26,800		1,134,558
Nomura Holdings Inc		225,000		1,741,385
ORIX Corp		182,400		3,213,019
Ricoh Co Ltd		108,000		1,152,452
Seven & I Holdings Co Ltd		60,000		2,389,499
Sumitomo Electric Industries Ltd		108,500		1,813,160
Sumitomo Mitsui Financial Group Inc		63,300		3,268,908
Toyota Motor Corp		37,000		2,251,541
Yamato Holdings Co Ltd		68,800		1,392,823

				40,199,414

Netherlands - 2.8%

European Aeronautic Defence & Space Co NV		27,340		2,107,319
ASML Holding NV		9,798		920,086
ING Groep NV CVA *		146,918		2,054,459

				5,081,864

Norway - 1.0%

Telenor ASA		72,805		1,738,569


South Korea - 0.9%

Samsung Electronics Co Ltd		1,306		1,706,936


Spain - 0.9%

Repsol SA		68,043		1,719,195


Sweden - 3.1%

Electrolux AB ‘B’		64,644		1,701,836
Nordea Bank AB		137,283		1,858,954
Telefonaktiebolaget LM Ericsson ‘B’		169,979		2,081,508

				5,642,298

Switzerland - 6.0%

Novartis AG		42,883		3,431,946
Roche Holding AG		7,020		1,967,825


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Shares		Value
Swiss Re AG		43,271		$3,999,727
UBS AG		74,332		1,416,048

				10,815,546

United Kingdom - 22.5%

AstraZeneca PLC		31,346		1,859,330
Barclays PLC		491,516		2,223,921
BG Group PLC		101,931		2,196,650
BP PLC		267,638		2,168,084
Centrica PLC		160,779		925,939
HSBC Holdings PLC		567,337		6,222,522
InterContinental Hotels Group PLC		70,635		2,376,723
Kingfisher PLC		226,178		1,445,931
Pearson PLC		69,585		1,545,598
Prudential PLC		135,749		3,038,217
Rio Tinto PLC		51,149		2,886,328
Royal Dutch Shell PLC ‘A’		133,596		4,798,035
SABMiller PLC		31,118		1,599,916
Tullow Oil PLC		62,603		888,976
Vodafone Group PLC		1,675,305		6,585,785

				40,761,955

Total Common Stocks (Cost $138,456,467)				176,621,824


SHORT-TERM INVESTMENT - 1.3%

Money Market Fund - 1.3%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		2,399,240		2,399,240


Total Short-Term Investment (Cost $2,399,240)				2,399,240


TOTAL INVESTMENTS - 100.1% (Cost $142,417,094)				181,490,143

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(104,281	)


NET ASSETS - 100.0%				$181,385,862

Notes to Schedule of Investments

(a)	As of December 31, 2013, the fund was diversified as a percentage of net assets as follows:


Financials	33.4%
Consumer Discretionary	12.6%
Energy	9.5%
Industrials	9.3%
Materials	7.9%
Telecommunication Services	7.4%
Health Care	6.2%
Information Technology	4.8%
Consumer Staples	4.5%
Utilities	3.2%
Others (each less than 3.0%)	1.3%

	100.1%
Other Assets & Liabilities, Net	(0.1%	)

	100.0%

(b)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	10,183,639	USD	9,588,314		02/14	RBC		($517,133	)
CHF	4,895,072	USD	5,380,146		02/14	BRC		108,681
CHF	515,160	USD	565,924		02/14	UBS		11,723
EUR	324,272	GBP	269,303		02/14	HSB		249
EUR	327,416	GBP	274,913		02/14	SSB		(4,714	)
EUR	259,418	JPY	36,049,919		02/14	SGN		14,493
EUR	557,705	USD	767,797		02/14	ANZ		(577	)
EUR	1,885,075	USD	2,570,581		02/14	GSC		22,669
EUR	414,060	USD	559,714		02/14	HSB		9,897
EUR	1,104,199	USD	1,500,844		02/14	SGN		18,174
EUR	1,500,990	USD	2,045,653		02/14	SSB		19,220
EUR	555,601	USD	764,972		02/14	WBC		(646	)
GBP	276,542	EUR	326,604		02/14	WBC		8,528
GBP	1,390,652	USD	2,228,554		02/14	RBS		73,736
GBP	327,765	USD	526,013		02/14	SSB		16,617
GBP	408,472	USD	653,184		02/14	TDB		23,061
JPY	36,113,057	EUR	253,694		02/14	CIT		(6,019	)
JPY	79,275,057	USD	773,894		02/14	SGN		(20,984	)
SEK	7,257,956	USD	1,112,429		02/14	BRC		15,291
SGD	3,408,646	USD	2,746,992		02/14	TDB		(45,898	)
USD	572,948	CAD	598,244		02/14	WBC		10,268
USD	364,937	CHF	327,527		02/14	HSB		(2,317	)
USD	384,356	CHF	353,454		02/14	SSB		(11,970	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	658,567	EUR	490,364		02/14	BRC		($16,014	)
USD	356,769	EUR	262,246		02/14	HSB		(3,997	)
USD	476,546	EUR	353,628		02/14	SSB		(9,931	)
USD	13,473,790	EUR	9,959,806		02/14	WBC		(227,659	)
USD	1,215,451	GBP	746,133		02/14	BRC		(19,808	)
USD	1,304,109	GBP	802,064		02/14	GSC		(23,745	)
USD	592,838	GBP	362,404		02/14	SGN		(7,139	)
USD	1,427,009	GBP	872,916		02/14	SSB		(18,145	)
USD	506,712	GBP	313,957		02/14	WBC		(13,059	)
USD	2,941,879	HKD	22,803,127		02/14	WBC		1,074
USD	533,378	JPY	54,273,878		02/14	ANZ		17,915
USD	434,441	JPY	43,787,805		02/14	BRC		18,569
USD	389,959	JPY	38,996,485		02/14	HSB		19,592
USD	1,045,341	JPY	107,345,414		02/14	RBS		25,834
USD	1,938,369	JPY	190,340,056		02/14	SSB		130,626
USD	300,271	NOK	1,792,668		02/14	WBC		5,112
USD	569,710	SEK	3,727,014		02/14	HSB		(9,383	)


Total Forward Foreign Currency Contracts								($387,809	)

(c)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
Assets	Rights (1)		$46,429			$46,429		$—			$—
	Preferred Stocks (1)		2,422,650			—		2,422,650			—
	Common Stocks
	Australia		3,893,582			—		3,893,582			—
	Belgium		2,386,128			—		2,386,128			—
	Brazil		927,367			927,367		—			—
	Canada		776,988			776,988		—			—
	China		3,028,829			—		3,028,829			—
	Denmark		1,933,642					1,933,642
	Finland		2,088,672			—		2,088,672			—
	France		23,948,712			—		23,948,712			—
	Germany		17,425,025			—		17,425,025			—
	Hong Kong		5,221,513			—		5,221,513			—
	India		1,189,477			1,189,477		—			—
	Italy		6,136,112			—		6,136,112			—
	Japan		40,199,414			—		40,199,414			—
	Netherlands		5,081,864			—		5,081,864			—
	Norway		1,738,569			—		1,738,569			—
	South Korea		1,706,936			—		1,706,936			—
	Spain		1,719,195			—		1,719,195			—
	Sweden		5,642,298			—		5,642,298			—
	Switzerland		10,815,546			—		10,815,546			—
	United Kingdom		40,761,955			—		40,761,955			—

			176,621,824			2,893,832		173,727,992			—
	Short-Term Investment		2,399,240			2,399,240		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		571,329			—		571,329			—

	Total Assets		182,061,472			5,339,501		176,721,971			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(959,138	)		—		(959,138	)		—

	Total Liabilities		(959,138	)		—		(959,138	)

	Total		$181,102,334			$5,339,501		$175,762,833			$—

(1)

For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL CURRENCY STRATEGIES FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 44.7%

Canada - 11.4%

Canadian Government 1.000% due 02/01/14		CAD 16,080,000		$15,137,528


France - 9.4%

French Treasury 3.000% due 07/12/14		EUR 9,010,000		12,576,691


Germany - 11.8%

Bundesobligation 2.250% due 04/11/14		11,390,000		15,758,799


United Kingdom - 12.1%

United Kingdom Gilt 2.250% due 03/07/14 ~		GBP 9,660,000		16,050,607


Total Foreign Government Bonds & Notes (Cost $56,909,432)				59,523,625


	Principal Amount		Value
SHORT-TERM INVESTMENTS - 57.0%

U.S Treasury Bills - 11.9%

0.035% due 03/13/14 ‡		$15,900,000		$15,898,919


	Shares

Money Market Fund - 45.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		60,076,756		60,076,756


Total Short-Term Investments (Cost $75,976,119)				75,975,675


TOTAL INVESTMENTS - 101.7% (Cost $132,885,551)				135,499,300

OTHER ASSETS & LIABILITIES, NET - (1.7%)				(2,294,845	)


NET ASSETS - 100.0%				$133,204,455

Notes to Schedule of Investments

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

(b)	As of December 31, 2013, investments with a total aggregate value of $1,479,899 were fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts.

(c)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	20,160,000	USD	18,376,445		01/14	JPM		($387,778	)
CAD	20,970,665	USD	19,765,000		01/14	GSC		(8,238	)
EUR	7,520,000	USD	10,123,236		01/14	RBS		221,995
GBP	12,049,103	USD	19,780,000		01/14	GSC		171,436
JPY	1,869,200,000	USD	18,729,459		01/14	MSC		(979,092	)
JPY	135,700,000	USD	1,325,364		01/14	RBS		(6,725	)
KRW	20,150,000,000	USD	18,799,272		01/14	GSC		280,059
MXN	241,340,000	USD	18,388,510		01/14	BRC		79,834
MXN	17,370,000	USD	1,321,537		01/14	RBS		7,688
NOK	239,790,000	USD	38,615,081		01/14	GSC		904,416
NZD	1,585,000	USD	1,315,325		01/14	RBS		(12,794	)
PHP	843,200,000	USD	19,424,096		01/14	CSF		(422,763	)
PLN	58,810,000	USD	18,787,037		01/14	RBS		667,097
USD	56,548,917	AUD	60,915,000		01/14	BRC		2,194,767
USD	1,321,884	AUD	1,495,000		01/14	MSC		(12,097	)
USD	1,420,284	AUD	1,555,000		01/14	MSC		32,765
USD	73,130,597	CAD	76,840,000		01/14	CSF		811,822
USD	1,310,280	CAD	1,390,000		01/14	MSC		2,067
USD	57,320,427	CHF	52,525,000		01/14	CSF		(1,564,848	)
USD	1,332,715	CHF	1,205,000		01/14	RBS		7,746
USD	18,617,350	CLP	9,764,800,000		01/14	GSC		55,738
USD	1,596,959	CLP	850,700,000		01/14	RBS		(20,111	)
USD	34,325,761	GBP	21,415,000		01/14	RBS		(1,134,141	)
USD	19,780,000	NOK	121,095,138		01/14	GSC		(177,542	)
USD	3,440,366	NZD	4,235,000		01/14	MSC		(39,899	)
USD	95,085,305	NZD	115,535,000		01/14	MSC		140,236
USD	1,328,848	NZD	1,635,000		01/14	RBS		(4,773	)
USD	18,422,752	SEK	123,260,000		01/14	RBS		(737,808	)
ZAR	192,220,000	USD	18,485,892		01/14	BRC		(188,809	)


Total Forward Foreign Currency Contracts								($119,752)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(d)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Foreign Government Bonds & Notes		$59,523,625			$—		$59,523,625			$—
	Short-Term Investments		75,975,675			60,076,756		15,898,919			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		5,577,666			—		5,577,666			—

	Total Assets		141,076,966			60,076,756		81,000,210			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(5,697,418	)		—		(5,697,418	)		—

	Total Liabilities		(5,697,418	)		—		(5,697,418	)		—

	Total		$135,379,548			$60,076,756		$75,302,792			$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 0.8%

Germany - 0.6%

Deutsche Euroshop AG		8,309		$363,798
Deutsche Wohnen AG *		20,400		395,909
Deutsche Wohnen AG (New)		21,251		394,528

				1,154,235

Luxembourg - 0.2%

GAGFAH SA *		27,666		407,498


Total Common Stocks (Cost $1,347,381)				1,561,733


	Principal Amount

MORTGAGE-BACKED SECURITIES - 1.9%

United States - 1.9%

Fannie Mae (IO)
5.000% due 12/25/42 "		$2,574,169		527,603
5.985% due 01/25/43 " §		5,669,084		1,106,079
6.035% due 03/25/33 " §		1,418,985		293,058
6.085% due 07/25/42 " §		2,385,657		477,043
6.275% due 11/25/37 " §		4,166,083		735,329
Freddie Mac (IO)
3.000% due 01/15/43 "		2,862,248		436,377

				3,575,489

Total Mortgage-Backed Securities (Cost $3,418,215)				3,575,489


U.S. TREASURY OBLIGATIONS - 2.6%

U.S. Treasury Notes - 2.6%

0.250% due 01/31/14 ‡		5,000,000		5,001,075


Total U.S. Treasury Obligations (Cost $5,000,832)				5,001,075


FOREIGN GOVERNMENT BONDS & NOTES - 43.5%

Albania - 0.4%

Albania Government 7.500% due 11/04/15 ~		EUR 490,000		698,734


Australia - 2.5%

Australia Government
1.250% due 02/21/22 ^ ~		AUD 1,232,956		1,120,925
5.500% due 04/21/23		1,278,000		1,261,571
5.750% due 07/15/22		2,395,000		2,398,306

				4,780,802

Bermuda - 1.4%

Bermuda Government 4.854% due 02/06/24 ~		$2,738,000		2,742,972


Croatia - 2.0%

Republic of Croatia 4.940% due 02/12/15		EUR 2,866,000		3,846,069


	Principal Amount		Value
Ecuador - 0.3%

Ecuador Government 9.375% due 12/15/15		$526,000		$557,560


Fiji - 0.1%

Republic of The Fiji Islands 9.000% due 03/15/16		200,000		212,237


Ghana - 0.5%

Ghana Government
16.900% due 03/07/16		GHS 1,393,000		564,305
21.000% due 10/26/15		525,000		230,141
26.000% due 06/05/17		464,000		230,160

				1,024,606

Guatemala - 0.4%

Guatemala Government 4.875% due 02/13/28 ~		$900,000		828,000


Jamaica - 0.5%

Jamaica Government
8.000% due 06/24/19		100,000		97,500
10.625% due 06/20/17		725,000		786,625

				884,125

Jordan - 0.9%

Jordan Government
6.925% due 06/04/14 +		JOD 400,000		573,510
7.078% due 07/18/14 +		700,000		1,007,666
7.950% due 02/05/15 +		100,000		146,685

				1,727,861

Lebanon - 0.7%

Lebanon Treasury
8.380% due 08/28/14		LBP 1,479,450,000		1,003,620
9.000% due 07/17/14		486,590,000		330,260

				1,333,880

New Zealand - 2.8%

New Zealand Government
2.000% due 09/20/25 ^		NZD 3,036,000		2,341,553
3.000% due 09/20/30 ^		1,108,315		911,208
5.500% due 04/15/23		2,518,000		2,193,384

				5,446,145

Paraguay - 0.2%

Republic of Paraguay 4.625% due 01/25/23 ~		$376,000		357,200


Philippines - 1.3%

Philippine Government
5.875% due 01/31/18		PHP 85,990,000		2,161,477
6.250% due 01/27/14		14,790,000		334,536

				2,496,013

Romania - 5.5%

Romania Government
4.875% due 11/07/19 ~		EUR 350,000		517,224
5.250% due 06/17/16 ~		625,000		926,239
5.750% due 01/27/16		RON 10,150,000		3,253,926
5.800% due 10/26/15		10,350,000		3,321,703
5.900% due 07/26/17		4,130,000		1,337,693
6.000% due 04/30/16		3,740,000		1,205,966

				10,562,751


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Rwanda - 0.7%

Rwanda Government 6.625% due 05/02/23 ~		$1,295,000		$1,236,725


Serbia - 7.6%

Republic of Serbia 7.250% due 09/28/21 ~		1,091,000		1,152,369
Serbia Treasury
10.000% due 01/10/15		RSD 604,100,000		7,306,259
10.000% due 04/25/16		76,100,000		911,241
10.000% due 01/24/18		103,830,000		1,213,376
10.026% due 04/03/14		36,510,000		428,744
10.594% due 02/20/14		111,310,000		1,320,566
11.353% due 01/23/14		188,540,000		2,251,494

				14,584,049

Slovenia - 3.7%

Slovenia Government
4.125% due 01/26/20 ~		EUR 320,000		435,612
4.375% due 01/18/21 ~		1,818,000		2,481,499
4.625% due 09/09/24 ~		655,000		879,677
5.850% due 05/10/23 ~		$3,270,000		3,335,400

				7,132,188

Sri Lanka - 5.7%

Sri Lanka Government
5.650% due 01/15/19		LKR 149,200,000		946,692
5.875% due 07/25/22 ~		$3,376,000		3,190,320
6.250% due 10/04/20 ~		896,000		891,520
6.250% due 07/27/21 ~		750,000		736,875
7.000% due 03/01/14		LKR 7,500,000		57,255
7.400% due 01/22/15 ~		$100,000		104,125
7.500% due 08/15/18		LKR 124,040,000		867,658
8.500% due 04/01/18		321,960,000		2,357,327
8.500% due 07/15/18		113,540,000		824,940
9.000% due 10/01/14		20,590,000		158,385
9.000% due 05/01/21		29,260,000		208,927
11.750% due 04/01/14		37,500,000		289,170
11.750% due 03/15/15		37,500,000		297,015

				10,930,209

Tanzania - 0.2%

Tanzania Government 6.392% due 03/09/20 § ~		$400,000		420,000


Turkey - 3.6%

Turkey Government
3.000% due 07/21/21 ^		TRY 2,174,924		984,232
3.000% due 02/23/22 ^		1,189,646		536,477
4.000% due 04/01/20 ^		10,463,065		5,041,104
6.043% due 04/09/14		909,776		414,683

				6,976,496

Uruguay - 1.1%

Uruguay Notas del Tesoro
2.250% due 08/23/17 ^		UYU 13,932,610		618,684
2.750% due 06/16/16 ^		13,417,095		618,920
4.250% due 01/05/17 ^		16,178,390		762,621

				2,000,225

Venezuela - 1.4%

Venezuela Government 8.500% due 10/08/14		$2,760,000		2,702,040


Total Foreign Government Bonds & Notes (Cost $85,541,792)				83,480,887


	Principal Amount		Value
PURCHASED OPTIONS - 0.0%
(See Note (f) in Notes to Schedule of Investments) (Cost $468,531)				$24,436


SHORT-TERM INVESTMENTS - 53.9%

Foreign Government Issues - 22.3%

Kenya Treasury Bills (Kenya)
9.158% due 11/24/14		KES 110,600,000		1,171,078
9.500% due 03/24/14		51,400,000		583,590
10.000% due 05/05/14		121,500,000		1,363,024
10.300% due 04/21/14		130,400,000		1,468,838
Lebanon Treasury Bills (Lebanon)
4.871% due 06/19/14		LBP 462,610,000		300,856
4.972% due 01/16/14		962,750,000		639,358
5.182% due 06/12/14		1,493,040,000		971,916
5.267% due 10/16/14		513,000,000		328,091
5.290% due 07/24/14		584,480,000		378,196
5.300% due 07/10/14		403,220,000		261,483
5.315% due 12/25/14		719,000,000		455,107
Mexico Cetes (Mexico)
3.600% due 08/21/14		MXN 48,415,000		3,625,201
3.746% due 06/26/14		7,341,600		552,862
4.048% due 03/06/14		5,932,400		451,735
4.059% due 04/03/14		54,494,000		4,138,209
Nigeria Treasury Bills (Nigeria)
11.900% due 03/06/14		NGN 610,430,000		3,734,156
11.918% due 02/27/14		406,200,000		2,491,051
13.748% due 06/05/14		206,571,000		1,225,695
Philippine Treasury Bills (Philippines)
0.001% due 01/08/14		PHP 144,390,000		3,253,174
0.091% due 04/10/14		75,790,000		1,706,347
0.192% due 10/08/14		260,380,000		5,838,781
Republic of Zambia Treasury Bills (Zambia)
13.012% due 08/11/14		ZMW 1,570,000		258,251
13.012% due 08/25/14		4,400,000		726,008
13.146% due 09/08/14		530,000		86,229
13.438% due 09/22/14		2,660,000		441,193
Singapore Treasury Bills (Singapore) 0.297% due 03/21/14		SGD 140,000		110,888
Sri Lanka Treasury Bills (Sri Lanka)
9.460% due 10/31/14		LKR 76,620,000		548,686
10.679% due 06/27/14		80,470,000		593,043
10.810% due 06/20/14		89,960,000		663,871
10.880% due 06/06/14		164,800,000		1,219,466
11.120% due 02/28/14		81,910,000		619,044
11.141% due 02/21/14		22,700,000		171,804
11.151% due 03/07/14		22,600,000		170,558
11.231% due 05/02/14		40,320,000		300,628
11.231% due 05/09/14		39,470,000		293,836
11.265% due 03/28/14		77,670,000		583,683
11.281% due 03/14/14		40,000,000		301,446
11.281% due 04/18/14		39,500,000		295,475
11.351% due 02/14/14		23,000,000		174,323
11.381% due 04/04/14		38,630,000		289,886

				42,787,066

	Shares
Money Market Fund - 26.3%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		50,431,614		50,431,614


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


	Principal Amount		Value
Repurchase Agreements - 5.3%

Barclays PLC (0.450%) due 01/23/14 (Dated 12/18/13, repurchase price of $1,041,046; collateralized by State of Qatar: 3.241% due 01/18/23 and value $1,042,600)		$1,041,450		$1,041,450
Barclays PLC (0.400%) due 01/02/14 (Dated 11/26/13, repurchase price of $280,603; collateralized by Republic of Ghana: 7.875% due 08/07/23 and value $274,059)		280,700		280,700
Barclays PLC (0.400%) due 02/03/14 (Dated 12/27/13, repurchase price of $277,801; collateralized by Republic of Ghana: 7.875% due 08/07/23 and value $274,059)		277,900		277,900
Barclays PLC (0.200%) due 01/06/14 (Dated 12/02/13, repurchase price of $640,476; collateralized by State of Qatar: 3.241% due 01/18/23 and value $641,137)		640,590		640,590
Barclays PLC (0.200%) due 01/23/14 (Dated 12/18/13, repurchase price of $730,274; collateralized by State of Qatar: 5.250% due 01/20/20 and value $731,733)		730,400		730,400
Nomura Securities (0.500%) due 01/16/14 (Dated 12/13/13, repurchase price of $2,462,406; collateralized by State of Qatar: 6.550% due 04/09/19 and value $2,477,523)		2,463,398		2,463,398
Nomura Securities (0.500%) due 01/21/14 (Dated 12/18/13, repurchase price of $198,361; collateralized by Republic of Ghana: 7.875% due 08/07/23 and value $195,756)		198,449		198,449
Nomura Securities (0.450%) due 01/29/14 (Dated 12/27/13, repurchase price of $562,855; collateralized by Republic of Ghana: 7.875% due 08/07/23 and value $554,968)		563,066		563,066
Nomura Securities (0.300%) due 01/17/14 (Dated 12/13/13, repurchase price of $2,806,915; collateralized by European Investment Bank: 3.625% due 01/15/21 and value $2,793,849)		EUR 2,040,857		2,807,617


	Principal Amount		Value
Nomura Securities 0.050% due 01/08/14 (Dated 12/05/13, repurchase price of $1,142,906; collateralized by Spain Government: 5.400% due 01/31/23 and value $1,154,011)		EUR 830,744		$1,142,858

				10,146,428

Total Short-Term Investments (Cost $104,085,217)				103,365,108


TOTAL INVESTMENTS - 102.7% (Cost $199,861,968)				197,008,728

SECURITIES SOLD SHORT - (5.0%)
(See Note (c) in Notes to Schedule of Investments) (Proceeds $9,545,527)				(9,629,111	)

OTHER ASSETS & LIABILITIES, NET - 2.3%				4,467,888


NET ASSETS - 100.0%				$191,847,505

Notes to Schedule of Investments

(a)	Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase.

(b)

Investments with a total aggregate value of $1,727,861 or 0.9% of the fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board.

(c)	Securities sold short outstanding as of December 31, 2013 were as follows:


Description	Principal Amount		Value
Foreign Government Bonds & Notes – (5.0%)
European Investment Bank 3.625% due 01/15/21		EUR 1,756,000		($2,709,936)
Qatar Government 5.250% due 01/20/20		$640,000		(716,800)
6.550% due 04/09/19		2,049,000		(2,447,326)
Republic of Ghana 7.875% due 08/07/23		1,047,000		(992,032)
Spain Government 5.400% due 01/31/23		EUR 730,000		(1,104,089)
SoQ Sukuk A QSC 3.241% due 01/18/23		$1,712,000		(1,658,928)


Total Securities Sold Short (Proceeds $9,545,527)				($9,629,111)

(d)	Open futures contracts outstanding as of December 31, 2013 were as follows:


Long Futures Outstanding	Number of Contracts		Unrealized Appreciation
Eris 10-Year Deliverable Interest Rate Swap (03/14)		20		$22,778
Nikkei 225 Index (03/14)		32		207,554

				230,332


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Long Futures Outstanding	Number of Contracts		Unrealized Appreciation
Euro-Bobl 5-Year Notes (03/14)		56		$109,303
Euro-Bund 10-Year Notes (03/14)		10		23,190
Euro-Schatz 10-Year Notes (03/14)		6		1,806
Japanese Government 10-Year Bonds (03/14)		13		83,848
U.S. 2-Year Deliverable Interest Rate Swap (03/14)		8		1,392
U.S. 5-Year Deliverable Interest Rate Swap (03/14)		153		118,105
U.S. 10-Year Deliverable Interest Rate Swap (03/14)		143		158,364

				496,008


Total Futures Contracts				$726,340

(e)	Forward foreign currency contracts outstanding as of December 31, 2013 were as follows:


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
COP	3,004,842,000	USD	1,548,808		01/14	CIT		$7,532
COP	4,807,300,000	USD	2,485,163		02/14	SCB		(430	)
CZK	30,451,000	EUR	1,189,089		01/14	JPM		(102,354	)
CZK	106,843,000	EUR	4,180,367		01/14	SCB		(370,444	)
EUR	5,074,869	CZK	137,294,000		01/14	SCB		67,534
EUR	649,486	HRK	4,985,000		03/14	CIT		(6,247	)
EUR	336,107	HRK	2,565,000		03/14	MSC		(576	)
EUR	1,773,154	HRK	13,612,100		04/14	CIT		(17,243	)
EUR	5,414,652	HUF	1,609,992,766		01/14	JPM		4,579
EUR	660,037	RSD	75,904,230		01/14	CIT		(1,289	)
EUR	10,813,238	USD	14,748,326		02/14	GSC		127,172
GBP	5,698,561	USD	9,326,636		01/14	GSC		108,968
IDR	7,321,125,600	USD	641,079		07/14	GSC		(62,442	)
IDR	7,309,169,000	USD	646,829		07/14	SCB		(69,013	)
IDR	16,970,712,000	USD	1,457,339		08/14	JPM		(124,314	)
IDR	8,284,509,791	USD	714,011		08/14	SCB		(63,275	)
IDR	5,808,846,000	USD	468,078		11/14	CIT		(19,914	)
ILS	3,191,000	EUR	660,280		03/14	JPM		9,604
ILS	22,792,000	USD	6,385,924		01/14	SCB		175,108
INR	233,042,000	USD	3,732,962		01/14	CIT		15,128
INR	87,525,000	USD	1,403,490		01/14	SCB		8,667
KES	74,760,000	USD	832,216		04/14	SCB		11,610
KZT	42,000,000	USD	263,323		04/14	CIT		3,506
KZT	107,500,000	USD	674,404		04/14	JPM		8,087
KZT	71,821,000	USD	434,620		10/14	CIT		5,701
KZT	71,000,000	USD	430,433		10/14	HSB		3,946
KZT	49,000,000	USD	297,420		10/14	JPM		2,613
KZT	87,400,000	USD	531,307		11/14	CIT		2,404
KZT	275,000,000	USD	1,692,308		11/14	JPM		(18,593	)
MXN	51,070,000	USD	3,904,882		03/14	CIT		(14,941	)
MYR	5,919,000	USD	1,842,376		02/14	CIT		(40,247	)
MYR	247,080	USD	76,733		02/14	GSC		(1,506	)
NGN	309,242,000	USD	1,906,547		02/14	SCB		(3,098	)
NGN	325,904,000	USD	1,988,403		02/14	SCB		15,285
NGN	213,368,000	USD	1,296,676		03/14	CIT		7,312
NGN	355,188,000	USD	2,152,655		03/14	SCB		22,600
NOK	43,790,000	SEK	47,561,105		02/14	GSC		(180,235	)
PEN	10,166,000	USD	3,655,520		01/14	SCB		(39,913	)
PLN	15,561,515	EUR	3,705,917		01/14	JPM		47,170
PLN	18,097,485	EUR	4,315,141		01/14	SCB		47,577
PLN	5,850,000	EUR	1,392,857		03/14	SCB		11,132
RSD	32,526,000	EUR	283,612		01/14	CIT		(516	)
RUB	204,250,963	USD	6,121,713		05/14	CIT		(47,134	)
RUB	130,446,944	USD	3,922,191		05/14	SCB		(45,858	)
SGD	2,633,000	EUR	1,544,304		03/14	JPM		(37,961	)
SGD	4,564,000	USD	3,640,506		01/14	CIT		(23,884	)
SGD	6,394,000	USD	5,050,792		02/14	JPM		16,030
TRY	699,457	USD	346,626		01/14	SCB		(21,638	)
UGX	681,368,000	USD	271,895		01/14	CIT		(1,986	)
USD	1,855,273	AUD	2,002,000		01/14	GSC		69,501
USD	3,589,004	AUD	3,864,587		01/14	MSC		141,815
USD	3,700,512	BRL	8,244,000		02/14	MSC		237,507
USD	1,954,141	BRL	4,585,000		03/14	MSC		41,579


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

100

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)


Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	9,219,924	CHF	8,344,216		02/14	GSC		($136,345	)
USD	2,776,112	EUR	2,047,000		01/14	GSC		(39,900	)
USD	4,358,051	EUR	3,231,000		01/14	JPM		(86,810	)
USD	26,253,919	EUR	19,413,382		02/14	GSC		(452,565	)
USD	16,999,855	EUR	12,582,135		02/14	SCB		(309,019	)
USD	876,405	EUR	640,252		03/14	GSC		(4,369	)
USD	267,510	EUR	193,821		03/14	GSC		876
USD	9,076,497	GBP	5,698,561		01/14	GSC		(359,107	)
USD	88,204	IDR	1,074,324,000		06/14	SCB		2,675
USD	17,447,870	JPY	1,741,745,253		02/14	GSC		904,900
USD	414,264	LKR	55,760,000		01/14	HSB		(11,693	)
USD	234,152	LKR	31,563,724		01/14	SCB		(6,989	)
USD	5,102,058	NZD	6,267,730		02/14	JPM		(31,169	)
USD	1,826,330	PHP	78,450,000		01/14	CIT		58,529
USD	2,074,432	PHP	92,250,000		01/14	GSC		(4,340	)
USD	795,271	PHP	34,343,761		01/14	JPM		21,364
USD	7,648,263	RUB	258,909,000		05/14	HSB		(51,888	)
USD	656,298	RUB	22,208,853		05/14	JPM		(3,048	)
USD	1,183,418	RUB	40,064,623		05/14	MSC		(6,037	)
USD	401,170	RUB	13,515,431		05/14	SCB		(789	)
USD	898,496	THB	28,680,000		02/14	CIT		27,515
USD	4,567,546	THB	144,305,000		02/14	GSC		184,274
USD	1,137,817	TRY	2,296,000		01/14	SCB		71,027
USD	1,833,242	ZAR	18,683,489		01/14	JPM		54,269
USD	3,662,264	ZAR	38,820,000		03/14	SCB		(1,777	)
ZAR	10,670,000	USD	1,012,082		01/14	CSF		3,876


Total Forward Foreign Currency Contracts								($271,924	)

(f)	Purchased options outstanding as of December 31, 2013 were as follows:

Foreign Currency Options

Description

Exercise
Price

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Call - OTC COP versus USD

COP 1,757.00

02/18/14

CIT

COP 10,912,021,000

$70,604

$2,534

Call - OTC COP versus USD

1,757.00

02/18/14

JPM

2,561,813,000

17,701

595

88,305

3,129

Put - OTC GBP versus USD

GBP 1.35

03/13/14

MSC

GBP 11,256,000

165,646

804

Put - OTC GBP versus USD

1.40

03/13/14

CIT

5,619,000

127,124

622

Put - OTC CNH versus USD

CNH 6.25

04/04/14

GSC

CNH 22,150,000

7,761

1,138

Put - OTC CNY versus USD

CNY 6.25

04/07/14

SCB

CNY 22,150,000

7,230

1,474

Put - OTC COP versus USD

COP 1,845.00

06/12/14

CIT

$2,160,000

30,383

4,912

Put - OTC CNY versus USD

CNY 6.35

09/30/14

JPM

CNY 10,827,000

9,591

2,687

Put - OTC CNH versus USD

CNH 6.35

10/06/14

SCB

CNH 22,500,000

22,105

6,587

Put - OTC CNY versus USD

CNY 6.35

10/07/14

GSC

CNY 11,673,000

10,386

3,083

380,226

21,307

Total Purchased Options

$468,531

$24,436

(g)	Transactions in written options for the nine-month period ended December 31, 2013 were as follows:


	Notional Amount in $		Premium
Outstanding, March 31,2013		—		$—
Call Options Written		10,791,867		196,345

Outstanding, December 31, 2013		10,791,867		$196,345

(h)	Premiums received and value of written options outstanding as of December 31, 2013 were as follows:

Foreign Currency Options


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - OTC INR versus USD		INR 65.00		06/09/14		GSC		$1,800,000		$33,570		($49,691	)
Call - OTC INR versus USD		65.00		06/09/14		JPM		1,832,000		32,610		(50,574	)
Call - OTC INR versus USD		67.00		06/16/14		JPM		3,591,000		70,922		(74,294	)
Call - OTC INR versus USD		70.00		06/19/14		JPM		3,568,867		59,243		(47,980	)


Total Written Options										$196,345		($222,539	)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

101

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(i)	Swap agreements outstanding as of December 31, 2013 were as follows:

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


Referenced Obligation	Fixed Deal Pay Rate	Expiration Date		Counter- party	Implied Credit Spread at 12/31/13 (3)	Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Croatia Government	1.000%		12/20/16	MSC	2.751%		$198,000		$9,829			$10,567			($738	)
China Government	1.000%		12/20/17	JPM	0.558%		3,100,000		(54,624	)		(59,131	)		4,507
Croatia Government	1.000%		03/20/18	CIT	3.151%		1,200,000		100,190			83,000			17,190
Thailand Government	1.000%		03/20/18	CIT	1.064%		3,300,000		7,507			(16,419	)		23,926
Croatia Government	1.000%		03/20/18	HSB	3.151%		313,000		26,133			29,014			(2,881	)
Banque Centrale de Tunisie SA	1.000%		03/20/18	JPM	3.566%		375,000		36,804			40,581			(3,777	)
China Government	1.000%		03/20/18	JPM	0.595%		1,100,000		(18,802	)		(17,333	)		(1,469	)
Croatia Government	1.000%		03/20/18	MSC	3.151%		2,262,000		188,858			194,313			(5,455	)
Lebanon Government	5.000%		03/20/18	JPM	3.492%		689,000		(41,389	)		(29,026	)		(12,363	)
Colombia Government	1.000%		06/20/18	CIT	1.041%		460,000		664			(695	)		1,359
Croatia Government	1.000%		06/20/18	CIT	3.238%		800,000		73,000			76,719			(3,719	)
Lebanon Government	1.000%		06/20/18	GSC	3.601%		5,166,000		544,502			715,241			(170,739	)
Russia Government	1.000%		06/20/18	JPM	1.489%		2,307,000		47,585			39,755			7,830
Croatia Government	1.000%		06/20/18	MSC	3.238%		921,000		84,042			92,071			(8,029	)
Venezuela Government	5.000%		06/20/18	CIT	11.741%		1,191,000		253,229			139,034			114,195
Bulgaria Government	1.000%		12/20/18	GSC	1.214%		1,000,000		9,868			11,641			(1,773	)
Qatar Government	1.000%		12/20/18	JPM	0.502%		1,838,000		(45,015	)		(31,386	)		(13,629	)
Lebanon Government	5.000%		12/20/18	GSC	3.781%		663,000		(36,929	)		(39,103	)		2,174
Colombia Government	1.000%		12/20/22	CIT	1.565%		6,520,000		281,943			223,551			58,392
Russia Government	1.000%		12/20/22	GSC	2.101%		5,240,000		431,904			413,671			18,233
Mexico Government	1.000%		12/20/22	HSB	1.314%		5,910,000		143,189			197,575			(54,386	)
South Africa Government	1.000%		12/20/22	HSB	2.509%		22,560,000		2,500,516			1,985,816			514,700
Spain Government	1.000%		12/20/22	HSB	1.922%		5,250,000		356,835			974,920			(618,085	)
Mexico Government	1.000%		06/20/23	CIT	1.341%		461,000		12,655			15,032			(2,377	)
Venezuela Government	5.000%		06/20/23	GSC	10.879%		850,000		235,277			193,696			41,581
Qatar Government	1.000%		12/20/23	GSC	0.895%		874,000		(8,282	)		284			(8,566	)

									$5,139,489			$5,243,388			($103,899	)

Credit Default Swaps on Sovereign Issues - Sell Protection (2)


Referenced Obligation	Fixed Deal Receive Rate	Expiration Date		Counter- party		Implied Credit Spread at 12/31/13 (3)	Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation
South Africa Government	1.000%		12/20/17		HSB	1.707%		$22,560,000		($602,269	)		($463,220	)		($139,049	)
Turkey Government	1.000%		12/20/22		GSC	2.796%		5,240,000		(677,026	)		(346,016	)		(331,010	)

										($1,279,295	)		($809,236	)		($470,059	)

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


Referenced Obligation	Fixed Deal Pay Rate	Expiration Date		Counter- party	Notional Amount (4)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Depreciation
iTraxx ASIA XJ IG 19 5Y	1.000%		06/20/18	CIT		$5,045,000		($2,802	)		$152,949			($155,751	)
iTraxx ASIA XJ IG 19 5Y	1.000%		06/20/18	GSC		1,544,000		(858	)		30,183			(31,041	)
iTraxx ASIA XJ IG 19 5Y	1.000%		06/20/18	JPM		1,148,000		(637	)		19,874			(20,511	)
iTraxx FINSNR 20 5Y	1.000%		12/20/18	GSC		EUR 2,695,000		(24,137	)		71,381			(95,518	)
iTraxx FINSUB 20 5Y	5.000%		12/20/18	JPM		4,042,000		(987,183	)		(781,111	)		(206,072	)

								($1,015,617	)		($506,724	)		($508,893	)


								$2,844,577			$3,927,428			($1,082,851	)

(1)

If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2)


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

102

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(3)

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4)

(5)

Cross Currency Swaps


Notional Amount on Fixed Rate Currency Received		Notional Amount on Floating Rate Currency Delivered		Pay/Receive Floating Rate		Counter- party		Fixed Rate	Expiration Date		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation
	TRY 11,627,055		$6,521,062		Receive		MSC	5.370%		04/01/20		$1,826,275		$—		$1,826,275
	2,145,966		1,120,609		Receive		JPM	7.860%		07/21/21		163,927		—		163,927
	1,169,919		611,243		Receive		HSB	7.850%		02/23/22		91,774		—		91,774

												$2,081,976		$—		$2,081,976

Interest Rate Swaps


Floating Rate Index	Counterparty/ Exchange	Pay/Receive Floating Rate	Fixed Rate		Expiration Date	Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
3-Month NZD Bank Bills	JPM	Pay		4.695%	10/08/16		NZD 9,000,000		($10,851	)		$—		($10,851	)
3-Month NZD Bank Bills	LCH	Pay		4.711%	10/08/16		12,000,000		(13,277	)		—		(13,277	)
3-Month NZD Bank Bills	LCH	Pay		4.740%	10/10/16		9,500,000		(8,598	)		—		(8,598	)
3-Month NZD Bank Bills	LCH	Pay		4.764%	10/10/16		13,000,000		(9,436	)		—		(9,436	)
3-Month NZD Bank Bills	LCH	Pay		4.213%	10/23/17		583,000		(2,599	)		—		(2,599	)
3-Month NZD Bank Bills	LCH	Pay		4.203%	10/24/17		1,000,000		(4,776	)		—		(4,776	)
3-Month NZD Bank Bills	LCH	Pay		4.150%	10/25/17		1,000,000		(6,464	)		—		(6,464	)
3-Month NZD Bank Bills	LCH	Pay		4.036%	10/30/17		2,000,000		(20,296	)		—		(20,296	)
3-Month NZD Bank Bills	LCH	Pay		4.035%	10/31/17		1,417,000		(22,530	)		—		(22,530	)
6-Month PLN-WIBOR	HSB	Receive		3.356%	12/12/17		PLN 6,880,000		8,907			—		8,907
6-Month PLN-WIBOR	HSB	Pay		3.430%	12/12/17		60,000,000		(23,210	)		—		(23,210	)
6-Month PLN-WIBOR	HSB	Receive		3.620%	12/12/17		13,000,000		(25,573	)		—		(25,573	)
3-Month Chile Bank Bills	LCH	Pay		2.010%	05/20/18		CLP 5,556,830,000		294,216			—		294,216
3-Month Chile Bank Bills	LCH	Receive		4.700%	05/20/18		5,556,830,000		(53,810	)		—		(53,810	)
6-Month HUF BUBOR	LCH	Receive		4.566%	11/14/18		HUF 288,000,000		(26,451	)		—		(26,451	)
6-Month HUF BUBOR	LCH	Receive		4.433%	11/15/18		369,000,000		(16,781	)		—		(16,781	)
3-Month NZD Bank Bills	JPM	Pay		4.060%	06/04/23		NZD 810,000		(57,650	)		—		(57,650	)
6-Month AUD Bank Bills	LCH	Pay		4.310%	07/04/23		AUD 749,000		(6,516	)		—		(6,516	)
6-Month AUD Bank Bills	LCH	Pay		4.510%	08/26/23		3,104,000		10,955			—		10,955

									$5,260			$—		$5,260

Total Return Swaps


Receive Total Return	Pay	Counter- party		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation
Interest from Guatemala Bills	3-Month USD-LIBOR + 50 bps		CIT		06/03/14		GTQ 4,865,000		$13,115		$—		$13,115
Interest from Guatemala Bills	3-Month USD-LIBOR + 50 bps		CIT		06/09/14		2,400,000		1,848		—		1,848
						Number of Contracts
Positive Return on KOSPI 200 Index	Negative Return on KOSPI 200 Index		CIT		03/13/14		31		79,203		—		79,203
Negative return on WIG 20 Index	Positive return on WIG 20 Index		JPM		03/21/14		239		16,356		—		16,356

									$110,522		$—		$110,522


Total Swap Agreements									$5,042,335		$3,927,428		$1,114,907

(j)

As of December 31, 2013, investments with a total aggregate value of $3,219,692 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap contracts.


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

103

PACIFIC LIFE FUNDS

PL GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

December 31, 2013 (Unaudited)

(k)	Fair Value Measurements


		Total Value at December 31, 2013			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Germany		$1,154,235			$394,528		$759,707			$—
	Luxembourg		407,498			—		407,498			—

			1,561,733			394,528		1,167,205			—
	Mortgage-Backed Securities		3,575,489			—		3,575,489			—
	U.S. Treasury Obligations		5,001,075			—		5,001,075			—
	Foreign Government Bonds & Notes		83,480,887			—		83,480,887			—
	Short-Term Investments		103,365,108			50,431,614		52,933,494			—
	Derivatives:
	Credit Contracts
	Swaps		5,344,530			—		5,344,530			—
	Equity Contracts
	Futures		207,554			207,554		—			—
	Swaps		95,559			—		95,559			—

	Total Equity Contracts		303,113			207,554		95,559			—

	Foreign Currency Contracts
	Forward Foreign Currency Contracts		2,548,972			—		2,548,972			—
	Purchased Options		24,436			—		24,436			—
	Swaps		2,081,976			—		2,081,976			—

	Total Foreign Currency Contracts		4,655,384			—		4,655,384			—

	Interest Rate Contracts
	Futures		518,786			518,786		—			—
	Swaps		329,041			—		314,078			14,963

	Total Interest Rate Contracts		847,827			518,786		314,078			14,963

	Total Assets - Derivatives		11,150,854			726,340		10,409,551			14,963

	Total Assets		208,135,146			51,552,482		156,567,701			14,963

Liabilities	Securities Sold Short
	Foreign Government Bonds & Notes		(9,629,111	)		—		(9,629,111	)		—
	Derivatives:
	Credit Contracts
	Swaps		(2,499,953	)		—		(2,499,953	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(2,820,896	)		—		(2,820,896	)		—
	Written Options		(222,539	)		—		(222,539	)		—

	Total Foreign Currency Contracts		(3,043,435	)		—		(3,043,435	)		—

	Interest Rate Contracts
	Swaps		(308,818	)		—		(308,818	)		—

	Total Liabilities - Derivatives		(5,852,206	)		—		(5,852,206	)		—

	Total Liabilities		(15,481,317	)		—		(15,481,317	)		—

	Total		$192,653,829			$51,552,482		$141,086,384			$14,963


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

104

PACIFIC LIFE FUNDS

PL PRECIOUS METALS FUND

Schedule of Investments

December 31, 2013 (Unaudited)


	Shares		Value
COMMON STOCKS - 88.9%

Australia - 3.6%

Gryphon Minerals Ltd *		270,410		$41,481
Newcrest Mining Ltd		207,190		1,449,318
Regis Resources Ltd		440,745		1,153,496
Troy Resources Ltd *		79,274		55,542

				2,699,837

Bermuda - 0.7%

Continental Gold Ltd *		170,150		541,405


Canada - 64.3%

Agnico Eagle Mines Ltd		137,780		3,634,636
Alamos Gold Inc		241,583		2,926,969
Aureus Mining Inc *		495,931		263,016
AuRico Gold Inc		200,000		734,290
B2Gold Corp *		700,000		1,436,573
Barrick Gold Corp		133,643		2,356,126
Centerra Gold Inc		180,938		735,846
Detour Gold Corp *		138,451		534,384
Eldorado Gold Corp		638,601		3,625,101
First Quantum Minerals Ltd		24,489		441,250
Franco-Nevada Corp		77,553		3,160,527
Goldcorp Inc		327,804		7,103,513
IAMGOLD Corp		200,437		666,079
Kinross Gold Corp		720,932		3,155,880
MAG Silver Corp *		67,430		349,132
New Gold Inc *		290,557		1,520,826
Osisko Mining Corp *		775,767		3,439,739
Platinum Group Metals Ltd *		504,000		602,570
Primero Mining Corp *		7,521		33,136
Rio Alto Mining Ltd *		90,710		151,148
SEMAFO Inc		240,249		631,014
Silver Wheaton Corp		105,754		2,135,173
Tahoe Resources Inc *		128,459		2,136,852
Torex Gold Resources Inc *		480,392		425,106
Yamana Gold Inc		590,495		5,091,960

				47,290,846

Peru - 0.5%

Cia de Minas Buenaventura SA ADR		31,754		356,280


	Shares		Value
South Africa - 1.2%

AngloGold Ashanti Ltd ADR		36,457		$427,276
Impala Platinum Holdings Ltd ADR		36,972		437,923

				865,199

United Kingdom - 12.6%

Fresnillo PLC		175,285		2,173,500
Hochschild Mining PLC		72,124		169,611
Randgold Resources Ltd ADR		110,085		6,914,439

				9,257,550

United States - 6.0%

Newmont Mining Corp		60,921		1,403,011
Royal Gold Inc		65,717		3,027,582

				4,430,593

Total Common Stocks (Cost $100,096,833)				65,441,710


SHORT-TERM INVESTMENT - 12.4%

Money Market Fund - 12.4%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio		9,105,320		9,105,320


Total Short-Term Investment (Cost $9,105,320)				9,105,320


TOTAL INVESTMENTS - 101.3% (Cost $109,202,153)				74,547,030

OTHER ASSETS & LIABILITIES, NET - (1.3%)				(965,338	)


NET ASSETS - 100.0%				$73,581,692

Notes to Schedule of Investments

(a)	As of December 31, 2013, the fund was diversified by precious metals sector as a percentage of nest asset as follows:


Gold	77.2%
Precious Metals & Minerals	11.7%

	88.9%
Short-Term Investment	12.4%
Other Assets & Liabilities, Net	(1.3%	)

	100.0%

(b)	Fair Value Measurements


		Total Value at December 31, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$2,699,837		$—		$2,699,837		$—
	Bermuda		541,405		541,405		—		—
	Canada		47,290,846		47,027,830		263,016		—
	Peru		356,280		356,280		—		—
	South Africa		865,199		427,276		437,923		—
	United Kingdom		9,257,550		6,914,439		2,343,111		—
	United States		4,430,593		4,430,593		—		—

			65,441,710		59,697,823		5,743,887		—
	Short-Term Investment		9,105,320		9,105,320		—		—

	Total		$74,547,030		$68,803,143		$5,743,887		$—


See Supplemental Notes to Schedules of Investments		See explanation of symbols and terms, if any, on page 106

105

PACIFIC LIFE FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2013 (Unaudited)



Explanation of Symbols:
*		Non-income producing investments.
"		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.
^		Investments with their principal amount adjusted for inflation.
§		Variable rate investments. The rate shown is based on the latest available information as of December 31, 2013. For Senior Loan Notes, the rate shown may represent a weighted average interest rate.
W		Investments were in default as of December 31, 2013.
±		The security is a perpetual bond and has no definite maturity date.
^µ		Unsettled position. Contract rates do not take effect until settlement date.
~		Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
¯		Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Trust’s Board of Trustees (the “Board’).
‡		Investments were fully or partially segregated with the broker(s)/custodian as collateral for securities sold short, futures contracts, options contracts, swap contracts and/or forward foreign currency contracts, if any, as of December 31, 2013.
+		The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940 (See Note 1C in Supplemental Notes to Schedule of Investments).
l		Total shares owned by the fund as of December 31, 2013 were less than one share.

Counterparty & Exchange Abbreviations:
ANZ		Australia and New Zealand Banking Group
BNY		Bank of New York Mellon
BRC		Barclays
CIB		Canadian Imperial Bank of Commerce
CIT		Citigroup
CME		Chicago Mercantile Exchange
CSF		Credit Suisse
DUB		Deutsche Bank
GSC		Goldman Sachs
HSB		HSBC
ICE		Intercontinental Exchange Inc
LCH		London Clearing House
JPM		JPMorgan Chase
MER		Merrill Lynch
MSC		Morgan Stanley
RBC		Royal Bank of Canada
RBS		Royal Bank of Scotland
SCB		Standard Chartered Bank
SGN		Societe Generale
SSB		State Street Bank
TDB		Toronto Dominion Bank
UBS		UBS
WBC		Westpac Banking Group

Notes:

The countries listed in the Schedules of Investments are based on country of incorporation.



Currency Abbreviations:
AED		United Arab Emirates Dirham
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Renminbi Offshore (Hong Kong)
CNY		Chinese Renminbi
COP		Colombian Peso
CZK		Czech Koruna
DKK		Danish Krone
EUR		Euro
GBP		British Pound
GHS		Ghana Cedi
GTQ		Guatemalan Quetzal
HKD		Hong Kong Dollar
HRK		Croatian Kuna
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JOD		Jordanian Dinar
JPY		Japanese Yen
KES		Kenyan Shilling
KRW		Korean Won
KZT		Kazakhstani Tenge
LBP		Lebanese Pound
LKR		Sri Lankan Rupee
MXN		Mexican Peso
MYR		Malaysian Ringgit
NGN		Nigerian Naira
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		Romanian Leu
RSD		Serbian Dinar
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		Taiwan Dollar
UGX		Ugandan Shilling
USD		United States Dollar
UYU		Uruguayan Peso
ZAR		South African Rand
ZMW		Zambian Kwacha

Index Abbreviations:
CDX EM		Credit Derivatives Index - Emerging Markets
CDX HY		Credit Derivatives Index - High Yield
CDX IG		Credit Derivatives Index - Investment Grade
iTraxx ASIA XJ IG		International Index - Asia Ex-Japan - Investment Grade
iTraxx FINSNR		International Index - Financials Senior Debt
iTraxx FINSUB		International Index - Financials Subordinate Debt
iTraxx Main		International Index - Europe Main

Other Abbreviations:
ADR		American Depositary Receipt
BUBOR		Budapest Interbank Offered Rate
GDR		Global Depositary Receipt
IO		Interest Only
JIBAR		Johannesburg Interbank Agreed Rate
LIBOR		London Interbank Offered Rate
‘NY’		New York Shares
OTC		Over the Counter
PIK		Payment-In-Kind
REIT		Real Estate Investment Trust
WIBOR		Warsaw Interbank Offered Rate


See Supplemental Notes to Schedules of Investments

106

PACIFIC LIFE FUNDS

Supplemental Notes to Schedules of Investments

December 31, 2013 (Unaudited)

1. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Pacific Life Funds (the “Trust”) is comprised of thirty-four funds (each a “Fund”, and collectively the “Funds”. The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of its investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments. Each valuation committee that values each Fund’s investments, which includes using third party pricing services and/or approved alternate valuation methodologies, does so in accordance with the Valuation Policy. Notes 1B and 1C below describe in greater detail the methodologies used to value each Fund’s investments.

B. NET ASSET VALUE

Each Fund of the Trust is divided into shares and share classes, if applicable. The price per share of each class of a Fund’s shares is called the net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.

Each Fund’s NAV is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business day.

Each Fund’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the Securities and Exchange Commission (“SEC”)), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board:

Portfolio Optimization Funds and PL Diversified Alternatives Fund

The investments of the PL Portfolio Optimization Conservative Fund, PL Portfolio Optimization Moderate-Conservative Fund, PL Portfolio Optimization Moderate Fund, PL Portfolio Optimization Moderate Aggressive Fund and PL Portfolio Optimization Aggressive Fund (collectively, the “Portfolio Optimization Funds”) and the PL Diversified Alternatives Fund consist of Class P shares of other funds of the Trust (collectively, the “PL Underlying Funds”) and the PL Floating Rate Income Fund (for the PL Diversified Alternatives Fund only), which are valued at their respective NAVs at time of computation.

Money Market Instruments and Short-Term Investments

Money market instruments and short-term investments maturing within 60 days are valued at amortized cost in accordance with the Investment Company Act of 1940 (“1940 Act”). Amortized cost involves valuing an investment at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a premium to maturity, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment. Fund investments in other mutual funds for temporary cash management purposes are valued at their respective NAVs.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust uses the last reported sale price or official closing price from an exchange as of the time of the NYSE close and does not normally take into account trading, clearances or settlements that take place after the NYSE close. Investments, for which no sales are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

For foreign equity investments, the Trust generally uses the last reported sale price or official closing price from the principal foreign exchange, which may be earlier than the NYSE close. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the NYSE close. The Trust has retained an independent statistical service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

107

PACIFIC LIFE FUNDS

Supplemental Notes to Schedules of Investments (Continued)

December 31, 2013 (Unaudited)

Exchange Traded Futures, Options and Swaps

Exchange traded futures, options and swaps are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures, options and swaps for which no settlement price is reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Over the Counter (“OTC”) Investments and Certain Equity Investments

OTC investments (including swaps and options), are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap contracts are valued using reference instruments and industry pricing models pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates gathered from leading market makers.

Domestic and Foreign Debt Investments

Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain fixed-income investments are valued by a benchmark, matrix, or other pricing methodologies approved by the Board or its delegate (i.e. a valuation committee approved by the Board).

Investment Values Determined by a Valuation Committee

The Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the Board has delegated authority to a valuation committee to adopt and use alternate valuation formulas and methodologies as it deems necessary and appropriate (“Alternate Valuation Methodologies”) to value such investments. Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, the use of broker quotes, the use of purchase prices for initial public offerings, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC, or to the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the close of the NYSE.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Trust characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each Fund’s investments are characterized. The VOC includes investment, legal and compliance members of the Trust’s Adviser, accounting members of Pacific Life, and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

•

Level 1 - Quoted prices (unadjusted) in active markets for identical investments

•

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

•

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

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how each Fund’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange- traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. For example, money market instruments are valued using amortized cost in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of an investment, but since the value is not obtained from a quoted price in an active market, such investments are reflected as Level 2. Foreign investments that are valued with the assistance of a statistical research service approved by the Board, and based on significant observable inputs (as described in Note 1C) are reflected as Level 2. For fair valuations using significant unobservable inputs, the Trust presents a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.

108

PACIFIC LIFE FUNDS

Supplemental Notes to Schedules of Investments (Continued)

December 31, 2013 (Unaudited)

The Trust also discloses the amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed only when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period. A summary of each Fund’s investments as of December 31, 2013 as categorized under the three-tier hierarchy of inputs, and the reconciliation of Level 3 investments and information on transfers in and out of each level, if applicable, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments.

The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities.

Equity Securities (Common and Preferred Stock) and Mutual Funds

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

Investments in registered mutual funds, including affiliated mutual funds, are valued at their respective NAV and are categorized as Level 1.

U.S. Treasury Obligations

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

Mortgage-Backed Securities and Asset-Backed Securities

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal Bonds

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

Foreign Government Bonds and Notes

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

Corporate Bonds and Notes and U.S. Government & Agency Issues

Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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U.S. Government & Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government & Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures Contracts

Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Option Contracts

Exchange listed option contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to exchange listed option contracts, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker-dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using various inputs and techniques, which include broker-dealer quotations and foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swaps

Interest Rate Swaps - Interest rate swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Interest rate swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps - Credit default swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Credit default swaps traded over-the-counter are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps - Total return swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Total Return swaps traded over-the-counter are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Senior Loan Notes

Floating rate senior loans (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Short-Term Investments

Short-term investments maturing within 60 days are valued using amortized cost, which is used if it approximates market value, and are categorized as Level 2.

Credit-Oriented Investments

For non-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include

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an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.

2. INVESTMENTS AND RISKS

General Investment Risks

An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested. Events in the financial markets have the potential to cause increased volatility and uncertainty, which may impact the value of each Fund’s investments. Due to interdependencies between markets, events in one market may adversely impact other markets or issuers in unforeseen ways. As a result, the value of each Fund’s investments may be adversely affected by events in the markets, either directly or indirectly, and each Fund is exposed to potential decreases in the value of those investments. In addition, traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory responses to market events may impair either the Adviser’s or a sub-adviser’s ability to pursue certain investment techniques or strategies and may have unexpected consequences on particular markets, strategies, or investments. Future events may impact a Fund in unforeseen ways, leading a Fund to alter its existing strategies or, potentially, to liquidate and close.

Fund of Funds Investments

The Portfolio Optimization Funds and the PL Diversified Alternatives Fund are exposed to the same risks as the PL Underlying Funds and the PL Floating Rate Income Fund (for the PL Diversified Alternatives Fund only) in direct proportion to the allocation of assets among those funds. Allocations among the PL Underlying Funds and the PL Floating Rate Income Fund are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Portfolio Optimization Funds and the PL Diversified Alternatives Fund may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PL Underlying Funds and the PL Floating Rate Income Fund may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds and the PL Diversified Alternatives Fund seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PL Underlying Funds and the PL Floating Rate Income Fund (See Note 4).

Equity Investments

The price of equity investments change in response to many factors, including a company’s historical and prospective earnings, cash flows, the value of its assets, investor perceptions and many of the factors discussed in General Investment Risks factors noted above.

Debt Investments

Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates, although the factors noted above may also have a significant impact on debt investments. There is a risk that an issuer of a Fund’s debt investments may not be able to meet its financial obligations (e.g. may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g. bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or money market instruments. The value of debt investments may fall when interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. Certain monetary policies enacted by the Federal Reserve (“Fed”) can have a significant impact on the financial markets and the Trust. The Fed’s tapering of its monetary stimulus quantitative easing program, by gradually winding down its bond purchases, may result in periods of dramatic market volatility and may negatively impact the value of debt securities. Additionally, new regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Foreign Investments

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

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates of domestic or foreign corporations, partnerships and other entities (“Borrowers”). Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR rates or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration

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under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

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

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of December 31, 2013, no participation interest in Senior Loans was held by any of the Funds covered in this report.

Inflation-Indexed Bonds

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

Mortgage-Related and Other Asset-Backed Securities

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

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

U.S. Government Agencies or Government-Sponsored Enterprises

Certain Funds may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of each Fund’s shares. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings

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banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass- through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Securities

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

Delayed-Delivery Transactions

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

Short Sales

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

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

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

Repurchase Agreements

Certain Funds may enter into repurchase agreements with institutions that the Adviser or sub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designated sub-custodian under a tri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest. Except in the case of a repurchase agreement entered into for the purposes of selling a security short, the value of the collateral delivered to the Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for purposes of settling a security short may provide that the cash purchase price paid by the Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, the Fund normally will have used the collateral received to settle the short sale, the Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.

In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied.

Borrowings and Other Financing Transactions

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. The location and fair value amounts of these instruments are

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described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions (see Note 3).

Reverse Repurchase Agreements - Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at the agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the applicable Fund manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks Financing Transactions - Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

Segregation and Collateral

If a Fund engages in certain transactions such as derivative investments or repurchase agreements, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Trust’s books and records maintained by the custodian and/or the portfolio manager. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. There is a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

3. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

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

Interest rate risk - A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

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

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Price volatility risk - Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to a Fund by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

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

Master Agreements and Netting Arrangements - Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s Custodian and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

B. DERIVATIVE INVESTMENTS AND ENFORCEABLE MASTER NETTING ARRANGEMENTS

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.

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Futures Contracts - A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Option Contracts - An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC options contracts is limited to the premium paid.

Forward Foreign Currency Contracts - A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

Swaps Agreements - Swaps are privately negotiated agreements between the Funds and their counterparties to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals and may be executed in the over-the-counter market or in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. Payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

Interest Rate Swaps - Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or

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vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

Certain Funds hold fixed rate bonds whose value may decrease if interest rates rise. To help hedge against this risk and to maintain the ability to generate income at prevailing market rates, certain Funds enter into interest rate swap agreements.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross- currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re- exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

Credit Default Swaps - Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to its Fund because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

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

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

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

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Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a Fund of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect.

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

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

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

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

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2013 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Total Return Swaps - A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.

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4. INVESTMENTS WITH AFFILIATES

As of December 31, 2013, each of the PL Portfolio Optimization Funds and the PL Diversified Alternatives Fund (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PL Underlying Funds and in the PL Floating Rate Income Fund (for the PL Diversified Alternatives Fund only). A summary of holdings and transactions with affiliated mutual fund investments as of and for the nine-month period ended December 31, 2013 is as follows:


																As of December 31, 2013
Fund/Underlying Fund	Beginning Value as of April 1, 2013		Purchase Cost (1)			Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			Ending Value		Shares Balance
PL Portfolio Optimization Conservative Fund
PL Floating Rate Loan		$31,638,296		$2,292,681			$1,127,322		$4,670,978		$436,594			($701,385	)		$30,122,530		3,015,268
PL Inflation Managed		50,605,909		3,439,682			183,399		6,873,074		(140,478	)		(4,786,450	)		42,428,988		4,899,421
PL Managed Bond		175,736,920		11,637,475			2,310,290		23,953,747		44,733			(6,368,812	)		159,406,859		14,953,739
PL Short Duration Bond		76,380,934		5,025,806			916,500		12,262,942		(62,025	)		(716,591	)		69,281,682		6,921,247
PL Emerging Markets Debt		24,377,439		8,527,407			878,662		4,273,470		52,257			(2,190,951	)		27,371,344		2,860,120
PL Comstock		22,273,929		—			181,406		5,543,902		1,416,858			2,646,423			20,974,714		1,212,411
PL Growth		3,683,177		970,508			28,136		860,452		41,744			895,740			4,758,853		274,128
PL Large-Cap Growth		10,331,969		—			19,371		1,370,431		2,429,975			99,866			11,510,750		1,094,178
PL Large-Cap Value		23,435,269		(188,035	)		538,073		2,824,547		691,921			3,213,660			24,866,341		1,515,316
PL Main Street Core		7,484,816		—			75,378		706,137		127,429			1,334,588			8,316,074		566,105
PL Mid-Cap Equity		8,030,780		—			43,624		1,027,823		903,545			795,423			8,745,549		702,454
PL Mid-Cap Growth		4,775,798		—			9,096		580,608		1,255,248			(255,281	)		5,204,253		644,889
PL International Large-Cap		11,810,003		—			133,910		1,370,431		173,273			1,311,363			12,058,118		645,855
PL International Value		7,184,079		—			170,372		944,137		141,738			964,170			7,516,222		711,763
PL Currency Strategies		15,070,002		—			400,400		4,220,582		49,436			(407,604	)		13,110,628		1,304,540
PL Global Absolute Return		29,776,965		2,009,685			350,038		1,946,355		2,873			(1,459,326	)		26,514,904		2,744,814
PL Precious Metals		4,374,793		1,188,641			19,381		685,215		(473,774	)		(1,303,492	)		3,120,334		603,546
		$506,971,078		$34,903,850			$7,385,358		$74,114,831		$7,091,347			($6,928,659	)		$475,308,143
PL Portfolio Optimization Moderate-Conservative Fund
PL Floating Rate Loan		$30,042,421		$3,946,400			$1,262,048		$992,654		$457,107			($834,364	)		$33,880,958		3,391,487
PL Inflation Managed		42,225,492		4,164,488			177,188		1,249,011		451,005			(4,593,015	)		41,176,147		4,754,751
PL Managed Bond		112,115,054		10,776,420			1,691,090		3,422,493		478,070			(4,649,031	)		116,989,110		10,974,588
PL Short Duration Bond		55,378,880		5,526,396			782,161		1,738,467		(12,328	)		(629,511	)		59,307,131		5,924,788
PL Emerging Markets Debt		15,708,340		9,252,433			746,482		678,153		162,539			(1,731,469	)		23,460,172		2,451,429
PL Comstock		31,182,878		—			306,606		2,107,538		489,739			5,628,993			35,500,678		2,052,062
PL Growth		4,850,711		4,738,525			64,234		301,283		11,436			1,644,386			11,008,009		634,102
PL Large-Cap Growth		17,760,751		—			36,840		466,198		4,250,635			347,992			21,930,020		2,084,603
PL Large-Cap Value		40,645,763		19,871			635,330		1,691,253		344,233			6,665,056			46,619,000		2,840,890
PL Main Street Core		25,721,046		—			275,204		776,998		152,800			5,024,446			30,396,498		2,069,197
PL Mid-Cap Equity		10,236,612		—			60,980		310,800		954,861			1,303,958			12,245,611		983,583
PL Mid-Cap Growth		5,029,999		1,221,806			12,582		204,027		1,605,172			(453,476	)		7,212,056		893,687
PL Small-Cap Growth		6,641,374		—			12,741		172,843		208,331			1,081,799			7,771,402		500,412
PL Small-Cap Value		5,161,697		—			71,915		155,400		279,254			539,402			5,896,868		437,453
PL Emerging Markets		8,386,215		1,601,720			64,422		299,171		201,563			582,834			10,537,583		700,637
PL International Large-Cap		21,248,467		—			262,486		621,598		62,125			2,722,995			23,674,475		1,268,049
PL International Value		14,988,467		—			391,342		460,384		51,629			2,327,939			17,298,993		1,638,162
PL Currency Strategies		13,957,046		1,860,316			469,209		466,199		(9,115	)		(412,734	)		15,398,523		1,532,191
PL Global Absolute Return		28,943,076		4,382,657			655,202		932,397		3,609			(1,601,040	)		31,451,107		3,255,808
PL Precious Metals		9,109,580		4,601,636			57,573		310,800		(201,129	)		(3,909,040	)		9,347,820		1,808,089
		$499,333,869		$52,092,668			$8,035,635		$17,357,667		$9,941,536			$9,056,120			$561,102,161
PL Portfolio Optimization Moderate Fund
PL Floating Rate Loan		$48,547,581		$7,370,275			$2,123,290		$205,375		$774,389			($1,444,295	)		$57,165,865		5,722,309
PL Inflation Managed		53,879,071		18,456,211			285,662		238,229		969,045			(6,480,800	)		66,870,960		7,721,820
PL Managed Bond		196,611,792		24,070,422			3,114,325		768,016		1,073,063			(8,558,113	)		215,543,473		20,219,838
PL Short Duration Bond		77,977,740		9,033,074			1,143,053		313,105		(3,292	)		(933,569	)		86,903,901		8,681,708
PL Emerging Markets Debt		35,715,604		20,657,477			1,718,884		188,566		476,234			(4,163,219	)		54,216,414		5,665,247
PL Comstock		104,788,044		—			1,084,070		1,372,082		284,164			20,720,512			125,504,708		7,254,607
PL Growth		18,415,744		17,090,226			244,382		128,819		2,711			6,258,637			41,882,881		2,412,608
PL Large-Cap Growth		55,005,359		—			116,481		205,374		13,203,577			1,209,363			69,329,406		6,590,248
PL Large-Cap Value		129,541,349		—			2,163,706		478,903		83,901			22,623,002			153,933,055		9,380,442
PL Main Street Core		82,050,485		—			899,736		308,062		51,491			16,670,795			99,364,445		6,764,088
PL Mid-Cap Equity		50,787,357		—			310,036		181,384		4,525,016			6,812,548			62,253,573		5,000,287
PL Mid-Cap Growth		19,272,907		10,620,392			59,754		111,550		7,369,020			(2,640,717	)		34,569,806		4,283,743
PL Small-Cap Growth		15,550,433		—			30,456		54,706		428,352			2,619,591			18,574,126		1,196,016
PL Small-Cap Value		45,932,777		—			656,037		179,702		2,351,797			5,025,752			53,786,661		3,990,108
PL Real Estate		25,165,012		2,897,711			457,855		102,688		(594	)		(1,418,192	)		26,999,104		2,081,658
PL Emerging Markets		47,141,348		7,884,752			364,111		203,694		1,134,761			3,229,465			59,550,743		3,959,491
PL International Large-Cap		77,889,808		7,857,423			1,084,372		313,105		5,173			11,267,654			97,791,325		5,237,886
PL International Value		53,701,195		5,189,016			1,572,869		212,098		10,131			9,259,560			69,520,673		6,583,397
PL Currency Strategies		47,980,363		9,926,194			160,754		205,375		(6,796	)		(1,532,175	)		56,322,965		5,604,275
PL Global Absolute Return		60,455,859		13,467,219			1,443,426		256,718		89,213			(3,528,487	)		71,670,512		7,419,308
PL Precious Metals		22,066,620		13,208,880			1,707,897		102,687		(68,317	)		(10,598,723	)		26,213,670		5,070,342
		$1,268,476,448		$167,729,272			$20,741,156		$6,130,238		$32,753,039			$64,398,589			$1,547,968,266

119

PACIFIC LIFE FUNDS

Supplemental Notes to Schedules of Investments (Continued)

December 31, 2013 (Unaudited)


															As of December 31, 2013
Fund/Underlying Fund	Beginning Value as of April 1, 2013		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			Ending Value		Shares Balance
PL Portfolio Optimization Moderate-Aggressive Fund
PL Inflation Managed		$17,650,585		$9,840,554		$109,593		$181,025		$364,797			($2,242,587	)		$25,541,917		2,949,413
PL Managed Bond		73,616,782		7,652,271		1,144,156		526,730		394,703			(3,151,899	)		79,129,283		7,423,009
PL Short Duration Bond		13,864,997		—		182,519		70,340		(54	)		(149,772	)		13,827,350		1,381,354
PL Emerging Markets Debt		10,077,020		7,640,443		543,045		120,283		142,514			(1,228,780	)		17,053,959		1,782,023
PL Comstock		79,092,093		—		822,778		520,731		100,081			15,784,804			95,279,025		5,507,458
PL Growth		16,776,930		7,325,996		169,882		178,625		368			4,812,240			28,906,791		1,665,138
PL Large-Cap Growth		45,304,606		—		95,617		325,307		10,858,963			992,175			56,926,054		5,411,222
PL Large-Cap Value		99,860,840		—		1,643,954		1,910,430		388,158			17,005,288			116,987,810		7,129,056
PL Main Street Core		74,411,470		489,902		818,446		523,130		36,258			15,179,343			90,412,289		6,154,683
PL Mid-Cap Equity		52,364,418		—		318,495		386,049		4,678,568			6,993,301			63,968,733		5,138,051
PL Mid-Cap Growth		22,705,243		1,687,817		50,923		187,024		6,377,818			(1,387,109	)		29,247,668		3,624,246
PL Small-Cap Growth		17,604,103		—		34,354		128,683		501,597			2,945,179			20,956,550		1,349,424
PL Small-Cap Value		53,365,960		—		759,613		386,048		2,759,216			5,798,486			62,297,227		4,621,456
PL Real Estate		24,649,968		4,134,872		473,078		191,825		(1,334	)		(1,361,501	)		27,703,258		2,135,949
PL Emerging Markets		40,779,470		13,372,819		354,802		374,049		1,083,126			2,927,857			58,144,025		3,865,959
PL International Large-Cap		66,933,840		4,357,507		898,702		514,731		17,513			9,377,329			81,070,160		4,342,269
PL International Value		53,975,286		3,016,743		1,518,751		392,048		(75,110	)		9,102,881			67,146,503		6,358,570
PL Currency Strategies		32,025,945		5,087,578		1,124,555		257,365		(10,649	)		(970,972	)		36,999,092		3,681,502
PL Global Absolute Return		40,692,054		8,650,828		963,972		321,707		50,827			(2,317,947	)		47,718,027		4,939,754
PL Precious Metals		21,797,835		13,219,942		154,357		193,024		(127,441	)		(9,791,666	)		25,060,003		4,847,196
		$857,549,445		$86,477,272		$12,181,592		$7,689,154		$27,539,919			$68,316,650			$1,044,375,724
PL Portfolio Optimization Aggressive Fund
PL Managed Bond		$7,265,825		$652,388		$108,643		$247,433		$33,399			($302,134	)		$7,510,688		704,567
PL Comstock		24,300,862		—		242,232		1,272,673		246,855			4,521,480			28,038,756		1,620,737
PL Growth		4,898,798		5,026,136		67,033		282,061		20,877			1,663,862			11,394,645		656,374
PL Large-Cap Growth		13,941,188		1,187,090		30,775		556,095		3,498,454			211,261			18,312,673		1,740,748
PL Large-Cap Value		30,598,605		—		476,319		2,367,060		451,626			4,721,369			33,880,859		2,064,647
PL Main Street Core		22,805,365		573,406		247,692		868,723		110,410			4,480,379			27,348,529		1,861,711
PL Mid-Cap Equity		16,955,924		—		100,269		631,254		1,542,776			2,161,071			20,128,786		1,616,770
PL Mid-Cap Growth		9,754,522		—		20,085		339,905		2,618,935			(543,332	)		11,510,305		1,426,308
PL Small-Cap Growth		11,095,542		—		21,108		377,145		395,714			1,736,043			12,871,262		828,800
PL Small-Cap Value		21,171,150		—		292,914		776,927		1,187,607			2,135,568			24,010,312		1,781,180
PL Real Estate		10,305,879		1,291,220		332,919		388,464		21,950			(581,214	)		10,982,290		846,746
PL Emerging Markets		14,488,493		4,464,619		120,621		626,610		352,355			956,796			19,756,274		1,313,582
PL International Large-Cap		21,096,788		2,932,831		292,696		847,442		1,186			2,936,886			26,412,945		1,414,727
PL International Value		16,664,995		656,432		448,770		641,893		15,699			2,687,025			19,831,028		1,877,938
PL Currency Strategies		9,573,494		1,850,543		187,764		388,463		928			(282,404	)		10,941,862		1,088,743
PL Global Absolute Return		12,114,457		2,708,984		282,238		485,580		5,775			(664,661	)		13,961,213		1,445,260
PL Precious Metals		8,593,879		5,313,019		59,860		388,463		(236,904	)		(3,629,829	)		9,711,562		1,878,445
		$255,625,766		$26,656,668		$3,331,938		$11,486,191		$10,267,642			$22,208,166			$306,603,989
PL Diversified Alternatives Fund
PL Inflation Managed		$—		$100,000		$—		$—		$—			($345	)		$99,655		11,507
PL Floating Rate Income		—		250,000		—		—		—			—			250,000		23,787
PL Emerging Markets Debt		—		250,000		—		—		—			—			250,000		26,123
PL Real Estate		—		150,000		—		—		—			(805	)		149,195		11,503
PL Emerging Markets		—		150,000		—		—		—			601			150,601		10,013
PL Currency Strategies		—		500,000		—		—		—			(1,488	)		498,512		49,603
PL Global Absolute Return		—		500,000		—		—		—			1,037			501,037		51,867
PL Precious Metals		—		100,000		—		—		—			1,972			101,972		19,724
		$—		$2,000,000		$—		$—		$—			$972			$2,000,972

(1)

Purchased cost excludes distributions received and reinvested, if any.

(2)

Distributions received include distributions from net investment income from the PL Underlying Funds and the PL Floating Rate Income Fund, if any.

(3)

Net realized gain (loss) includes distributions from capital gains from the PL Underlying Funds and the PL Floating Rate Income Fund, if any.

120

PACIFIC LIFE FUNDS

Supplemental Notes to Schedules of Investments (Continued)

December 31, 2013 (Unaudited)

As of December 31, 2013, Pacific Life owned 47.04%, 73.22% and 100.00% of the total shares outstanding (aggregate of all share classes) of the PL High Income Fund, PL Limited Duration High Income Fund and PL Diversified Alternatives Fund, respectively.

5. UNFUNDED SENIOR LOAN COMMITMENTS

Unfunded loan commitments on senior loan participations and assignments (Note 2), if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of December 31, 2013, the PL Floating Rate Loan, PL Income and PL Floating Rate Income Funds had an unfunded loan commitments of $25,156, $60,606 and $3,534,760, respectively (see details in the Notes to Schedule of Investments).

6. FEDERAL TAX COST AND TAX BASIS COMPONENTS

The aggregate Federal tax cost of investments and the composition of unrealized appreciation and depreciation on investments as of December 31, 2013 were as follows:


Fund	Total Cost of Investments on Tax Basis		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (1)			Net Unrealized Appreciation (Depreciation)
PL Portfolio Optimization Conservative		$452,373,190		$33,465,388		($10,530,435	)		$22,934,953			$—			$22,934,953
PL Portfolio Optimization Moderate-Conservative		506,089,182		68,558,178		(13,545,199	)		55,012,979			—			55,012,979
PL Portfolio Optimization Moderate		1,320,907,138		254,368,316		(27,307,188	)		227,061,128			—			227,061,128
PL Portfolio Optimization Moderate-Aggressive		844,499,100		218,168,140		(18,291,516	)		199,876,624			—			199,876,624
PL Portfolio Optimization Aggressive		237,535,008		74,784,423		(5,715,442	)		69,068,981			—			69,068,981
PL Diversified Alternatives		2,000,000		3,611		(2,639	)		972			—			972
PL Floating Rate Loan		123,159,171		748,082		(315,198	)		432,884			94			432,978
PL Inflation Managed		200,301,620		1,242,900		(13,587,891	)		(12,344,991	)		(649,213	)		(12,994,204	)
PL Managed Bond		772,343,876		5,963,566		(6,540,354	)		(576,788	)		800,228			223,440
PL Short Duration Bond		227,425,383		1,581,432		(1,074,585	)		506,847			41,478			548,325
PL Short Duration Income		80,183,020		700,373		(178,028	)		522,345			—			522,345
PL Income		435,651,186		4,026,215		(6,491,029	)		(2,464,814	)		1,212			(2,463,602	)
PL Strategic Income		55,224,590		1,317,070		(471,774	)		845,296			(368	)		844,928
PL Floating Rate Income		942,976,582		6,904,766		(846,790	)		6,057,976			9,788			6,067,764
PL Limited Duration High Income		29,911,003		343,103		(26,615	)		316,488			—			316,488
PL High Income		18,308,897		680,579		(75,246	)		605,333			(5	)		605,328
PL Money Market		30,877,150		—		—			—			—			—
PL Emerging Markets Debt		121,627,791		944,278		(2,862,133	)		(1,917,855	)		(417,474	)		(2,335,329	)
PL Comstock		201,595,920		103,788,596		(261,944	)		103,526,652			(79,702	)		103,446,950
PL Growth		77,780,035		19,954,395		(258,211	)		19,696,184			102			19,696,286
PL Large-Cap Growth		139,328,781		39,632,018		(280,079	)		39,351,939			53,324			39,405,263
PL Large-Cap Value		231,563,609		144,356,849		(131,375	)		144,225,474			—			144,225,474
PL Main Street Core		184,394,424		72,271,657		(167,910	)		72,103,747			217			72,103,964
PL Mid-Cap Equity		134,392,173		33,234,614		(538,274	)		32,696,340			—			32,696,340
PL Mid-Cap Growth		81,335,782		7,261,306		(983,964	)		6,277,342			(11,351	)		6,265,991
PL Small-Cap Growth		44,844,071		16,162,723		(704,125	)		15,458,598			—			15,458,598
PL Small-Cap Value		107,179,942		41,882,586		(1,049,433	)		40,833,153			(912	)		40,832,241
PL Real Estate		50,086,983		16,728,536		(840,079	)		15,888,457			—			15,888,457
PL Emerging Markets		119,327,516		33,291,984		(4,001,140	)		29,290,844			(64,383	)		29,226,461
PL International Large-Cap		165,634,485		77,421,512		(2,056,074	)		75,365,438			12,507			75,377,945
PL International Value		143,597,375		40,042,072		(2,149,304	)		37,892,768			(379,057	)		37,513,711
PL Currency Strategies		132,885,551		3,095,562		(481,813	)		2,613,749			(106,613	)		2,507,136
PL Global Absolute Return		199,393,437		2,713,889		(5,123,034	)		(2,409,145	)		1,015,354			(1,393,791	)
PL Precious Metals		110,095,431		268,158		(35,816,559	)		(35,548,401	)		(1,307	)		(35,549,708	)

(1)	Other includes net appreciation or depreciation on derivatives, securities sold short, unfunded loan commitments, and assets and liabilities in foreign currencies, if any.

121

Item 2. Controls and Procedures.

(a)

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

(b)

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

Item 3. Exhibits.

(a)

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

Signatures

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


Pacific Life Funds

By:		/s/ Mary Ann Brown
		Mary Ann Brown
		Chief Executive Officer

Date:		02-28-2014

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/ Mary Ann Brown
		Mary Ann Brown
		Chief Executive Officer

Date:		02-28-2014


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

Date:		02-28-2014