N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number    811-10385                 

Pacific Funds Series Trust

(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, General Counsel and Assistant Secretary of Pacific Funds Series Trust

700 Newport Center Drive, P.O. Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Hartford, CT 06103

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2019

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

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

Item 1. Reports to Stockholders.

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

September 30, 2019

SEMI-ANNUAL REPORT

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2019

TABLE OF CONTENTS
Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-4
Statements of Changes in Net Assets	B-7
Financial Highlights	B-13
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Special Meeting of Shareholders	D-4
Where to Go for More Information	D-5

Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.

Beginning January 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of Pacific Funds shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from Pacific Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Pacific Funds electronically by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly.

You may elect to receive all future reports in paper free of charge. You can inform Pacific Funds or your financial intermediary that you wish to continue receiving paper copies by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly. Your election to receive reports in paper will apply to all communications received for all Funds held with Pacific Funds.

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

September 30, 2019 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.3%
Pacific Funds Core Income ‘P’		647,373		$7,121,101
Pacific Funds Floating Rate Income ‘P’		609,080		6,048,164
Pacific Funds High Income ‘P’		1,562,996		15,817,515
PF Inflation Managed Fund ‘P’		1,436,725		13,189,139
PF Managed Bond Fund ‘P’		7,884,111		88,144,364
PF Short Duration Bond Fund ‘P’		3,690,816		37,461,779
PF Emerging Markets Debt Fund ‘P’		1,268,037		11,742,018
Pacific Funds Small-Cap Growth ‘P’		58,201		665,823
PF Developing Growth Fund ‘P’		24,441		435,775
PF Growth Fund ‘P’		74,184		2,175,814
PF Large-Cap Value Fund ‘P’		351,997		4,480,918
PF Multi-Asset Fund ‘P’		3,423,582		35,331,362
PF Small-Cap Value Fund ‘P’		139,598		1,168,436
PF Emerging Markets Fund ‘P’		145,267		2,131,062
PF International Large-Cap Fund ‘P’		108,301		1,326,687
PF International Small-Cap Fund ‘P’		120,979		1,144,466
PF International Value Fund ‘P’		169,437		1,262,307
PF Real Estate Fund ‘P’		278,031		3,789,562
PF Currency Strategies Fund ‘P’ *		735,219		6,815,483
Total Affiliated Mutual Funds (Cost $226,345,294)				240,251,775
TOTAL INVESTMENTS - 100.3% (Cost $226,345,294)				240,251,775
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(625,019	)
NET ASSETS - 100.0%				$239,626,756

Notes to Schedule of Investments

(a) As of September 30, 2019, the Funds’ composition as a percentage of net assets was as follows:

Pacific Funds Portfolio Optimization Conservative
Affiliated Fixed Income Funds	74.9%
Affiliated Equity Funds	25.4%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		747,763		$8,225,396
Pacific Funds Floating Rate Income ‘P’		708,608		7,036,480
Pacific Funds High Income ‘P’		2,089,944		21,150,238
PF Inflation Managed Fund ‘P’		947,723		8,700,097
PF Managed Bond Fund ‘P’		9,158,534		102,392,407
PF Short Duration Bond Fund ‘P’		3,276,674		33,258,238
PF Emerging Markets Debt Fund ‘P’		1,655,841		15,333,091
Pacific Funds Small-Cap Growth ‘P’		84,560		967,362
PF Developing Growth Fund ‘P’		35,329		629,921
PF Growth Fund ‘P’		309,352		9,073,282
PF Large-Cap Value Fund ‘P’		1,599,177		20,357,523
PF Multi-Asset Fund ‘P’		7,421,396		76,588,807
PF Small-Cap Value Fund ‘P’		405,624		3,395,073
PF Emerging Markets Fund ‘P’		432,637		6,346,780
PF International Large-Cap Fund ‘P’		499,097		6,113,944
PF International Small-Cap Fund ‘P’		349,969		3,310,711
PF International Value Fund ‘P’		872,542		6,500,434
PF Real Estate Fund ‘P’		674,087		9,187,812
PF Currency Strategies Fund ‘P’ *		1,068,603		9,905,951
Total Affiliated Mutual Funds (Cost $326,536,995)				348,473,547
TOTAL INVESTMENTS - 100.2% (Cost $326,536,995)				348,473,547
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(562,231	)
NET ASSETS - 100.0%				$347,911,316

Pacific Funds Portfolio Optimization Moderate-Conservative
Affiliated Fixed Income Funds	56.4%
Affiliated Equity Funds	43.8%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) The Funds’ investments are affiliated mutual funds.

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Conservative
Assets	Affiliated Mutual Funds		$240,251,775		$240,251,775		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative
Assets	Affiliated Mutual Funds		$348,473,547		$348,473,547		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

September 30, 2019 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		1,546,412		$17,010,533
Pacific Funds Floating Rate Income ‘P’		1,090,097		10,824,663
Pacific Funds High Income ‘P’		4,290,524		43,420,101
PF Inflation Managed Fund ‘P’		1,173,623		10,773,856
PF Managed Bond Fund ‘P’		19,981,868		223,397,288
PF Short Duration Bond Fund ‘P’		6,372,975		64,685,698
PF Emerging Markets Debt Fund ‘P’		2,270,655		21,026,261
Pacific Funds Small-Cap Growth ‘P’		522,637		5,978,971
PF Developing Growth Fund ‘P’		218,706		3,899,526
PF Growth Fund ‘P’		2,718,589		79,736,208
PF Large-Cap Value Fund ‘P’		5,669,632		72,174,419
PF Multi-Asset Fund ‘P’		36,698,205		378,725,474
PF Small-Cap Value Fund ‘P’		2,519,718		21,090,040
PF Emerging Markets Fund ‘P’		1,700,762		24,950,175
PF International Large-Cap Fund ‘P’		1,499,144		18,364,517
PF International Small-Cap Fund ‘P’		1,093,424		10,343,796
PF International Value Fund ‘P’		2,697,046		20,092,992
PF Real Estate Fund ‘P’		2,074,664		28,277,676
PF Currency Strategies Fund ‘P’ *		2,753,175		25,521,931
Total Affiliated Mutual Funds (Cost $967,668,363)				1,080,294,125
TOTAL INVESTMENTS - 100.2% (Cost $967,668,363)				1,080,294,125
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,909,556	)
NET ASSETS - 100.0%				$1,078,384,569

Notes to Schedule of Investments

(a) As of September 30, 2019, the Funds’ composition as a percentage of net assets was as follows:

Pacific Funds Portfolio Optimization Moderate
Affiliated Equity Funds	63.9%
Affiliated Fixed Income Funds	36.3%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		509,186		$5,601,048
Pacific Funds Floating Rate Income ‘P’		421,826		4,188,729
Pacific Funds High Income ‘P’		2,517,747		25,479,595
PF Inflation Managed Fund ‘P’		460,925		4,231,291
PF Managed Bond Fund ‘P’		7,207,846		80,583,723
PF Short Duration Bond Fund ‘P’		1,648,651		16,733,807
PF Emerging Markets Debt Fund ‘P’		1,329,964		12,315,469
Pacific Funds Small-Cap Growth ‘P’		814,105		9,313,361
PF Developing Growth Fund ‘P’		344,646		6,145,039
PF Growth Fund ‘P’		1,827,493		53,600,372
PF Large-Cap Value Fund ‘P’		4,036,663		51,386,717
PF Multi-Asset Fund ‘P’		40,617,764		419,175,322
PF Small-Cap Value Fund ‘P’		2,971,676		24,872,924
PF Emerging Markets Fund ‘P’		2,152,898		31,583,014
PF International Large-Cap Fund ‘P’		1,854,841		22,721,805
PF International Small-Cap Fund ‘P’		858,608		8,122,436
PF International Value Fund ‘P’		3,285,176		24,474,565
PF Real Estate Fund ‘P’		1,960,623		26,723,287
PF Currency Strategies Fund ‘P’ *		1,714,808		15,896,269
Total Affiliated Mutual Funds (Cost $743,680,583)				843,148,773
TOTAL INVESTMENTS - 100.1% (Cost $743,680,583)				843,148,773
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,237,160	)
NET ASSETS - 100.0%				$841,911,613

Pacific Funds Portfolio Optimization Growth
Affiliated Equity Funds	82.4%
Affiliated Fixed Income Funds	17.7%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) The Funds’ investments are affiliated mutual funds.

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Moderate
Assets	Affiliated Mutual Funds		$1,080,294,125		$1,080,294,125		$—		$—
Pacific Funds Portfolio Optimization Growth
Assets	Affiliated Mutual Funds		$843,148,773		$843,148,773		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		28,331		$311,636
Pacific Funds High Income ‘P’		151,967		1,537,910
PF Managed Bond Fund ‘P’		389,578		4,355,479
PF Short Duration Bond Fund ‘P’		597,789		6,067,558
PF Emerging Markets Debt Fund ‘P’		161,601		1,496,423
Pacific Funds Small-Cap Growth ‘P’		365,899		4,185,885
PF Developing Growth Fund ‘P’		154,708		2,758,442
PF Growth Fund ‘P’		1,063,875		31,203,445
PF Large-Cap Value Fund ‘P’		1,329,941		16,930,146
PF Multi-Asset Fund ‘P’		17,007,789		175,520,385
PF Small-Cap Value Fund ‘P’		1,957,190		16,381,682
PF Emerging Markets Fund ‘P’		889,715		13,052,118
PF International Large-Cap Fund ‘P’		565,174		6,923,385
PF International Small-Cap Fund ‘P’		462,427		4,374,559
PF International Value Fund ‘P’		1,006,553		7,498,820
PF Real Estate Fund ‘P’		715,786		9,756,166
PF Currency Strategies Fund ‘P’ *		462,322		4,285,729
Total Affiliated Mutual Funds (Cost $264,410,922)				306,639,768
TOTAL INVESTMENTS - 100.2% (Cost $264,410,922)				306,639,768
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(465,902	)
NET ASSETS - 100.0%				$306,173,866

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	95.7%
Affiliated Fixed Income Funds	4.5%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) The Fund’s investments are affiliated mutual funds.

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$306,639,768		$306,639,768		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-3

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 60.1%
Basic Materials - 2.2%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$150,000		$154,294
Glencore Funding LLC (Switzerland) 2.875% due 04/16/20 ~		200,000		200,696
Syngenta Finance NV (Switzerland) 3.698% due 04/24/20 ~		200,000		200,687
				555,677
Communications - 6.3%
AT&T Inc 2.936% (USD LIBOR + 0.950%) due 07/15/21 §		400,000		403,638
Charter Communications Operating LLC 3.579% due 07/23/20		250,000		252,273
Comcast Corp 2.539% (USD LIBOR + 0.440%) due 10/01/21 §		250,000		250,849
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		300,000		301,875
Verizon Communications Inc 3.119% (USD LIBOR + 1.000%) due 03/16/22 §		375,000		380,776
				1,589,411
Consumer, Cyclical - 4.7%
Alimentation Couche-Tard Inc (Canada) 2.350% due 12/13/19 ~		250,000		250,042
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 11/07/21		268,393		271,762
Ford Motor Credit Co LLC 2.681% due 01/09/20		250,000		249,999
Marriott International Inc 2.752% (USD LIBOR + 0.650%) due 03/08/21 §		250,000		250,984
McDonald’s Corp 2.686% (USD LIBOR + 0.430%) due 10/28/21 §		150,000		150,075
				1,172,862
Consumer, Non-Cyclical - 7.1%
BAT International Finance PLC (United Kingdom) 2.750% due 06/15/20 ~		200,000		200,619
Cigna Corp 2.789% (USD LIBOR + 0.650%) due 09/17/21 §		375,000		375,015
CVS Health Corp 2.822% (USD LIBOR + 0.720%) due 03/09/21 §		125,000		125,638
ERAC USA Finance LLC 2.350% due 10/15/19 ~		228,000		228,016
General Mills Inc 2.862% (USD LIBOR + 0.540%) due 04/16/21 §		100,000		100,256
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		200,000		200,757
Mondelez International Holdings Netherlands BV 2.866% (USD LIBOR + 0.610%) due 10/28/19 § ~		200,000		200,104
Moody’s Corp 5.500% due 09/01/20		100,000		102,942
PayPal Holdings Inc 2.200% due 09/26/22		250,000		250,755
				1,784,102

	Principal Amount		Value
Energy - 8.2%
Enbridge Inc (Canada) 2.410% (USD LIBOR + 0.400%) due 01/10/20 §		$150,000		$150,032
Energy Transfer Operating LP 7.500% due 10/15/20		250,000		262,787
Enterprise Products Operating LLC 2.550% due 10/15/19		300,000		300,056
Exxon Mobil Corp 2.498% (USD LIBOR + 0.330%) due 08/16/22 §		250,000		251,045
Kinder Morgan Energy Partners LP 6.500% due 04/01/20		250,000		255,152
MPLX LP 3.002% (USD LIBOR + 0.900%) due 09/09/21 §		150,000		150,519
Occidental Petroleum Corp 3.137% (USD LIBOR + 0.950%) due 02/08/21 §		500,000		503,318
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		200,000		206,652
				2,079,561
Financial - 25.3%
American Campus Communities Operating Partnership LP REIT 3.350% due 10/01/20		109,000		110,190
American Express Credit Corp 2.838% (USD LIBOR + 0.700%) due 03/03/22 §		103,000		103,653
AvalonBay Communities Inc REIT 2.416% (USD LIBOR + 0.430%) due 01/15/21 §		220,000		219,939
3.625% due 10/01/20		200,000		202,219
Bank of America Corp 2.625% due 10/19/20		150,000		150,976
2.639% (USD LIBOR + 0.380%) due 01/23/22 §		100,000		100,007
2.756% (USD LIBOR + 0.650%) due 06/25/22 §		250,000		250,949
Capital One NA 2.150% due 09/06/22		250,000		249,894
Citigroup Inc 2.650% due 10/26/20		150,000		150,941
3.236% (USD LIBOR + 0.960%) due 04/25/22 §		350,000		353,815
HSBC Holdings PLC (United Kingdom) 3.543% (USD LIBOR + 1.500%) due 01/05/22 §		200,000		203,813
Jackson National Life Global Funding 2.830% (USD LIBOR + 0.730%) due 06/27/22 § ~		250,000		252,531
JPMorgan Chase & Co 2.755% (USD LIBOR + 0.610%) due 06/18/22 §		350,000		351,186
Mitsubishi UFJ Financial Group Inc (Japan) 3.070% (USD LIBOR + 0.920%) due 02/22/22 §		250,000		251,736
Morgan Stanley 2.800% due 06/16/20		150,000		150,776
3.683% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		254,634
MUFG Bank Ltd (Japan) 2.300% due 03/05/20 ~		200,000		200,158
New York Life Global Funding 2.426% (USD LIBOR + 0.440%) due 07/12/22 § ~		400,000		401,229

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-4

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
PNC Bank NA 2.709% (USD LIBOR + 0.450%) due 07/22/22 §		$250,000		$250,024
Reckson Operating Partnership LP REIT 7.750% due 03/15/20		200,000		204,686
Royal Bank of Canada (Canada) 2.983% (USD LIBOR + 0.730%) due 02/01/22 §		200,000		201,986
Sumitomo Mitsui Financial Group Inc (Japan) 2.766% (USD LIBOR + 0.780%) due 07/12/22 §		450,000		451,803
SunTrust Bank 2.250% due 01/31/20		200,000		200,055
The Bank of New York Mellon Corp 1.950% due 08/23/22		200,000		200,087
The Goldman Sachs Group Inc 2.750% due 09/15/20		250,000		251,386
2.898% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		249,942
UBS Group Funding Switzerland AG (Switzerland) 3.783% (USD LIBOR + 1.530%) due 02/01/22 § ~		200,000		204,593
WEA Finance LLC REIT (France) 3.250% due 10/05/20 ~		200,000		202,063
				6,375,271
Industrial - 3.2%
Honeywell International Inc 2.557% (USD LIBOR + 0.370%) due 08/08/22 §		200,000		201,187
Penske Truck Leasing Co LP 3.200% due 07/15/20 ~		100,000		100,606
Roper Technologies Inc 3.650% due 09/15/23		250,000		262,628
United Technologies Corp 2.818% (USD LIBOR + 0.650%) due 08/16/21 §		250,000		250,024
				814,445
Technology - 1.1%
Apple Inc 2.531% (USD LIBOR + 0.350%) due 05/11/22 §		125,000		125,558
Hewlett Packard Enterprise Co 2.807% (USD LIBOR + 0.680%) due 03/12/21 §		150,000		150,343
				275,901
Utilities - 2.0%
Duke Energy Progress LLC 2.282% (USD LIBOR + 0.180%) due 09/08/20 §		250,000		250,197
Florida Power & Light Co 2.639% (USD LIBOR + 0.400%) due 05/06/22 §		250,000		250,072
				500,269
Total Corporate Bonds & Notes (Cost $15,127,757)				15,147,499
SENIOR LOAN NOTES - 6.0%
Consumer, Cyclical - 2.0%
Hilton Worldwide Finance LLC Term B-2 3.787% (USD LIBOR + 1.750%) due 06/21/26 §		250,000		251,788
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		248,724		248,879
				500,667

	Principal Amount		Value
Financial - 1.0%
Avolon (US) LLC Term B-3 (Ireland) 3.794% (USD LIBOR + 1.750%) due 01/15/25 §		$250,000		$251,375
Industrial - 2.0%
GFL Environmental Inc Term B (Canada) 5.044% (USD LIBOR + 2.750%) due 05/31/25 §		248,741		246,875
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		248,721		249,401
				496,276
Utilities - 1.0%
Vistra Operations Co LLC Term B-1 4.044% (USD LIBOR + 2.000%) due 08/04/23 §		250,000		251,198
Total Senior Loan Notes (Cost $1,493,341)				1,499,516
ASSET-BACKED SECURITIES - 24.7%
AmeriCredit Automobile Receivables Trust 1.530% due 07/08/21		39,515		39,507
1.800% due 10/08/21		352,282		352,010
1.900% due 03/18/22		208,056		207,734
1.980% due 12/20/21		367,177		366,998
2.880% due 07/08/21		310,001		310,331
Apidos CLO XXIII (Cayman) 3.123% (USD LIBOR + 0.820%) due 01/15/27 § ~		250,000		249,688
Benefit Street Partners CLO VI Ltd (Cayman) 3.540% (USD LIBOR + 1.240%) due 10/18/29 § ~		250,000		249,989
CIFC Funding 2015-V Ltd (Cayman) 3.136% (USD LIBOR + 0.860%) due 10/25/27 § ~		250,000		249,506
Dryden 43 Senior Loan Fund (Cayman) 3.418% (USD LIBOR + 1.140%) due 07/20/29 § ~		250,000		250,288
GM Financial Consumer Automobile Receivables Trust 2.080% due 01/19/21		122,857		122,849
2.258% (USD LIBOR + 0.230%) due 08/16/22 §		200,000		200,090
Magnetite VIII Ltd (Cayman) 3.283% (USD LIBOR + 0.980%) due 04/15/31 § ~		215,000		214,248
Navient Private Education Loan Trust 2.428% (USD LIBOR + 0.400%) due 12/16/58 § ~		103,000		102,985
2.728% (USD LIBOR + 0.700%) due 09/16/24 § ~		174,905		175,008
Navient Student Loan Trust 2.318% (USD LIBOR + 0.300%) due 07/26/66 § ~		151,269		151,303
Nelnet Student Loan Trust 2.338% (USD LIBOR + 0.320%) due 05/25/66 § ~		43,884		43,879
Palmer Square Loan Funding Ltd (Cayman) due 10/24/27 § # ~ ±		250,000		250,000
2.953% (USD LIBOR + 0.650%) due 07/15/26 § ~		182,060		182,002
Santander Drive Auto Receivables Trust 2.190% due 03/15/22		229,750		229,748
2.660% due 11/15/21		218,341		218,536

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-5

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
2.750% due 09/15/21		$60,568		$60,581
2.970% due 07/15/21		160,923		160,984
3.010% due 03/15/22		120,120		120,258
SLC Student Loan Trust 2.229% (USD LIBOR + 0.110%) due 03/15/27 §		91,404		91,165
SLM Private Education Loan Trust 1.850% due 06/17/30 ~		108,346		108,324
SLM Student Loan Trust 2.446% (USD LIBOR + 0.170%) due 07/25/23 §		48,407		48,409
SMB Private Education Loan Trust 2.328% (USD LIBOR + 0.300%) due 09/15/25 § ~		281,551		281,537
2.348% (USD LIBOR + 0.320%) due 12/16/24 § ~		245,346		245,270
2.778% (USD LIBOR + 0.750%) due 10/15/35 § ~		96,925		97,027
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		250,000		250,318
Sofi Professional Loan Program LLC 2.130% due 11/16/48 ~		98,357		98,390
Voya CLO Ltd (Cayman) 3.200% (USD LIBOR + 0.900%) due 01/18/29 § ~		250,000		249,950
3.433% (USD LIBOR + 1.130%) due 10/15/30 § ~		250,000		249,687
Total Asset-Backed Securities (Cost $6,224,130)				6,228,599
U.S. TREASURY OBLIGATIONS - 2.8%
U.S. Treasury Notes - 2.8%
1.375% due 08/31/20		250,000		248,950
1.500% due 08/31/21		450,000		448,708
Total U.S. Treasury Obligations (Cost $698,942)				697,658

	Shares		Value
SHORT-TERM INVESTMENTS - 6.8%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		469,884		$469,884
	Principal Amount
U.S. Treasury Bill - 4.9%
2.056% due 12/26/19		$1,250,000		1,244,675
Total Short-Term Investments (Cost $1,713,807)				1,714,559
TOTAL INVESTMENTS - 100.4% (Cost $25,257,977)				25,287,831
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(98,686	)
NET ASSETS - 100.0%				$25,189,145

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	60.1%
Asset-Backed Securities	24.7%
Short-Term Investments	6.8%
Senior Loan Notes	6.0%
Others (each less than 3.0%)	2.8%
	100.4%
Other Assets & Liabilities, Net	(0.4%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$15,147,499		$—		$15,147,499		$—
	Senior Loan Notes		1,499,516		—		1,499,516		—
	Asset-Backed Securities		6,228,599		—		5,978,599		250,000
	U.S. Treasury Obligations		697,658		—		697,658		—
	Short-Term Investments		1,714,559		469,884		1,244,675		—
	Total		$25,287,831		$469,884		$24,567,947		$250,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-6

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 55.4%
Basic Materials - 2.1%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$5,000,000		$5,135,812
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		2,475,000		2,545,847
DuPont de Nemours Inc 3.268% (USD LIBOR + 1.110%) due 11/15/23 §		6,965,000		7,060,290
Glencore Funding LLC (Switzerland) 3.000% due 10/27/22 ~		3,000,000		3,031,890
4.125% due 03/12/24 ~		2,500,000		2,629,440
				20,403,279
Communications - 4.1%
Alibaba Group Holding Ltd (China) 3.125% due 11/28/21		2,856,000		2,901,460
AT&T Inc 3.200% due 03/01/22		3,000,000		3,074,294
Charter Communications Operating LLC 3.579% due 07/23/20		4,738,000		4,781,079
DISH DBS Corp 5.125% due 05/01/20		2,000,000		2,027,500
Sprint Communications Inc 6.000% due 11/15/22		3,000,000		3,195,000
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		6,250,000		6,289,062
Tencent Holdings Ltd (China) 2.875% due 02/11/20 ~		2,765,000		2,769,659
The Interpublic Group of Cos Inc 3.750% due 10/01/21		2,000,000		2,050,856
The Walt Disney Co 1.750% due 08/30/24		2,800,000		2,774,673
Verizon Communications Inc 3.258% (USD LIBOR + 1.100%) due 05/15/25 §		10,250,000		10,416,744
				40,280,327
Consumer, Cyclical - 5.4%
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		3,000,000		3,023,592
Beazer Homes USA Inc 7.250% due 10/15/29 ~		700,000		713,125
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,800,000		2,861,715
4.625% due 12/20/25 ~		1,395,005		1,480,240
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		5,000,000		5,005,256
3.750% due 11/05/21 ~		2,100,000		2,159,717
Delta Air Lines Inc 2.600% due 12/04/20		2,050,000		2,054,176
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 11/07/21		1,498,400		1,517,205
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		3,000,000		3,137,596
Ford Motor Credit Co LLC
2.681% due 01/09/20		1,000,000		999,997
3.065% (USD LIBOR + 0.930%) due 09/24/20 §		2,000,000		2,000,283
5.584% due 03/18/24		2,300,000		2,447,864
General Motors Financial Co Inc
3.414% (USD LIBOR + 1.310%) due 06/30/22 §		2,745,000		2,747,452
3.550% due 07/08/22		3,000,000		3,065,566
Hyatt Hotels Corp 3.375% due 07/15/23		2,900,000		2,998,839

	Principal Amount		Value
Hyundai Capital America 3.750% due 07/08/21 ~		$2,100,000		$2,142,673
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		2,000,000		2,047,500
Las Vegas Sands Corp 3.200% due 08/08/24		2,100,000		2,141,727
Marriott International Inc 3.600% due 04/15/24		2,000,000		2,100,461
Sands China Ltd (Macau) 4.600% due 08/08/23		3,300,000		3,499,581
United Airlines Pass-Through Trust ‘B’
3.650% due 07/07/27		653,646		664,903
4.625% due 03/03/24		626,627		646,616
4.750% due 10/11/23		475,980		490,331
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		687,296		724,603
Walmart Inc 2.850% due 07/08/24		2,650,000		2,757,472
				53,428,490
Consumer, Non-Cyclical - 7.9%
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 01/12/24		5,350,000		5,655,575
4.150% due 01/23/25		2,000,000		2,186,475
Anthem Inc 2.375% due 01/15/25		2,950,000		2,936,134
BAT Capital Corp (United Kingdom)
2.764% due 08/15/22		4,500,000		4,544,266
2.765% (USD LIBOR + 0.590%) due 08/14/20 §		2,400,000		2,404,992
BAT International Finance PLC (United Kingdom) 3.250% due 06/07/22 ~		2,640,000		2,697,861
Bausch Health Cos Inc 6.500% due 03/15/22 ~		1,575,000		1,630,125
Bristol-Myers Squibb Co 2.900% due 07/26/24 ~		2,050,000		2,116,732
Campbell Soup Co 2.749% (USD LIBOR + 0.630%) due 03/15/21 §		2,280,000		2,280,080
Cigna Corp
2.876% (USD LIBOR + 0.890%) due 07/15/23 §		2,300,000		2,306,399
3.200% due 09/17/20		4,000,000		4,039,675
General Mills Inc
3.313% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,124,442
3.700% due 10/17/23		1,965,000		2,069,827
Global Payments Inc 2.650% due 02/15/25		6,000,000		6,032,904
Humana Inc 2.625% due 10/01/19		1,500,000		1,500,000
Keurig Dr Pepper Inc
3.130% due 12/15/23		4,500,000		4,645,156
3.551% due 05/25/21		2,500,000		2,555,999
4.057% due 05/25/23		3,000,000		3,176,357
4.417% due 05/25/25		1,000,000		1,093,054
Mars Inc 2.700% due 04/01/25 ~		2,150,000		2,207,850
McKesson Corp 3.650% due 11/30/20		2,350,000		2,388,823
Moody’s Corp 2.625% due 01/15/23		3,000,000		3,034,710
PayPal Holdings Inc 2.200% due 09/26/22		5,000,000		5,015,095
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21 ~		3,500,000		3,624,883
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		4,500,000		4,128,750
				77,396,164

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-7

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Energy - 4.6%
Energy Transfer Operating LP
3.600% due 02/01/23		$5,325,000		$5,473,686
4.250% due 03/15/23		1,500,000		1,568,432
4.500% due 04/15/24		1,800,000		1,919,238
Enterprise Products Operating LLC 3.350% due 03/15/23		4,500,000		4,658,451
Exxon Mobil Corp 2.498% (USD LIBOR + 0.330%) due 08/16/22 §		2,900,000		2,912,116
Harvest Operations Corp (South Korea) 4.200% due 06/01/23 ~		2,350,000		2,507,309
Kinder Morgan Inc 5.625% due 11/15/23 ~		5,136,000		5,707,754
MPLX LP
3.002% (USD LIBOR + 0.900%) due 09/09/21 §		2,050,000		2,057,092
3.500% due 12/01/22 ~		4,900,000		5,042,934
Newfield Exploration Co 5.625% due 07/01/24		3,500,000		3,867,057
Occidental Petroleum Corp
2.700% due 08/15/22		2,100,000		2,119,250
3.637% (USD LIBOR + 1.450%) due 08/15/22 §		2,500,000		2,516,824
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		2,000,000		2,066,516
Shell International Finance BV (Netherlands) 2.576% (USD LIBOR + 0.400%) due 11/13/23 §		2,250,000		2,250,708
				44,667,367
Financial - 21.2%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		3,100,000		3,163,455
4.250% due 07/01/20		2,407,000		2,440,424
Air Lease Corp 2.750% due 01/15/23		2,000,000		2,022,480
American Express Co
2.500% due 08/01/22		2,000,000		2,020,903
2.500% due 07/30/24		1,400,000		1,412,354
Australia & New Zealand Banking Group Ltd (Australia) 2.834% (USD LIBOR + 0.710%) due 05/19/22 § ~		3,000,000		3,022,794
AvalonBay Communities Inc REIT
2.416% (USD LIBOR + 0.430%) due 01/15/21 §		2,754,000		2,753,241
2.850% due 03/15/23		1,970,000		2,018,517
3.500% due 11/15/24		2,000,000		2,127,200
Avolon Holdings Funding Ltd (Ireland) 3.625% due 05/01/22 ~		4,150,000		4,210,797
Bank of America Corp
2.328% due 10/01/21		2,450,000		2,453,071
3.057% (USD LIBOR + 0.770%) due 02/05/26 §		2,750,000		2,724,341
3.219% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,034,445
3.550% due 03/05/24		1,700,000		1,768,840
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,501,873
Capital One NA 2.150% due 09/06/22		2,000,000		1,999,151
Citibank NA 2.578% (USD LIBOR + 0.300%) due 10/20/20 §		1,000,000		1,001,804
Citigroup Inc
2.750% due 04/25/22		3,316,000		3,366,594
3.568% (USD LIBOR + 1.430%) due 09/01/23 §		6,500,000		6,614,792

	Principal Amount		Value
Citizens Bank NA
3.054% (USD LIBOR + 0.950%) due 03/29/23 §		$2,000,000		$2,013,244
3.250% due 02/14/22		2,500,000		2,561,743
Cooperatieve Rabobank UA (Netherlands)
2.490% (USD LIBOR + 0.480%) due 01/10/23 §		3,000,000		2,988,991
2.973% (USD LIBOR + 0.860%) due 09/26/23 § ~		1,500,000		1,501,737
Credit Suisse Group AG (Switzerland) 3.319% (USD LIBOR + 1.200%) due 12/14/23 § ~		3,000,000		3,026,595
Crown Castle International Corp REIT
2.250% due 09/01/21		3,000,000		3,003,227
4.875% due 04/15/22		2,000,000		2,126,913
HSBC Holdings PLC (United Kingdom) 3.262% due 03/13/23		3,400,000		3,460,613
Jackson National Life Global Funding
2.650% due 06/21/24 ~		5,000,000		5,070,084
3.300% due 02/01/22 ~		4,350,000		4,461,688
JPMorgan Chase & Co
2.972% due 01/15/23		2,000,000		2,036,471
2.989% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		3,992,686
3.176% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,471,678
3.513% (USD LIBOR + 1.230%) due 10/24/23 §		3,500,000		3,557,764
Metropolitan Life Global Funding I
2.400% due 06/17/22 ~		3,750,000		3,783,161
3.375% due 01/11/22 ~		1,800,000		1,852,447
Mitsubishi UFJ Financial Group Inc (Japan)
2.623% due 07/18/22		1,750,000		1,764,771
2.665% due 07/25/22		3,000,000		3,029,746
3.127% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,006,343
3.218% due 03/07/22		2,150,000		2,200,496
Morgan Stanley
2.625% due 11/17/21		2,000,000		2,018,914
2.766% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,507,842
3.208% (USD LIBOR + 0.930%) due 07/22/22 §		5,000,000		5,039,193
3.683% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,527,805
5.750% due 01/25/21		2,000,000		2,091,994
New York Life Global Funding
2.426% (USD LIBOR + 0.440%) due 07/12/22 § ~		1,350,000		1,354,148
2.950% due 01/28/21 ~		3,000,000		3,038,840
3.250% due 08/06/21 ~		1,500,000		1,532,599
PNC Bank NA 2.709% (USD LIBOR + 0.450%) due 07/22/22 §		2,500,000		2,500,237
Royal Bank of Canada (Canada) 2.703% (USD LIBOR + 0.660%) due 10/05/23 §		2,000,000		2,007,315
Springleaf Finance Corp 6.125% due 03/15/24		3,200,000		3,452,000
Sumitomo Mitsui Financial Group Inc (Japan)
2.448% due 09/27/24		600,000		600,025
2.784% due 07/12/22		3,250,000		3,299,568
3.043% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,006,950
SunTrust Bank 3.525% due 10/26/21		4,200,000		4,259,592
The Bank of New York Mellon Corp 1.950% due 08/23/22		2,800,000		2,801,221
The Bank of Nova Scotia (Canada) 2.375% due 01/18/23		3,200,000		3,229,517

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-8

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
The Goldman Sachs Group Inc
2.350% due 11/15/21		$2,000,000		$2,002,430
3.036% (USD LIBOR + 0.780%) due 10/31/22 §		2,000,000		2,006,373
3.177% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,774,355
3.328% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,218,751
The Huntington National Bank 3.125% due 04/01/22		3,500,000		3,585,329
The PNC Financial Services Group Inc 3.500% due 01/23/24		1,650,000		1,744,419
UBS AG (Switzerland) 2.450% due 12/01/20 ~		4,200,000		4,217,526
US Bancorp
2.400% due 07/30/24		4,000,000		4,051,662
3.375% due 02/05/24		2,000,000		2,106,478
US Bank NA 3.000% due 02/04/21		3,300,000		3,341,594
Ventas Realty LP REIT 2.650% due 01/15/25		4,000,000		4,031,882
Wells Fargo & Co
2.625% due 07/22/22		4,400,000		4,450,511
3.069% due 01/24/23		2,000,000		2,038,269
3.450% due 02/13/23		3,000,000		3,100,991
Westpac Banking Corp (Australia) 2.554% (USD LIBOR + 0.570%) due 01/11/23 §		3,000,000		3,005,160
Zions Bancorp NA 3.350% due 03/04/22		3,000,000		3,072,173
				207,583,137
Industrial - 3.9%
Honeywell International Inc 2.557% (USD LIBOR + 0.370%) due 08/08/22 §		2,800,000		2,816,619
John Deere Capital Corp 2.502% (USD LIBOR + 0.400%) due 06/07/21 §		6,000,000		6,015,290
Masco Corp 3.500% due 04/01/21		2,811,000		2,850,309
Penske Truck Leasing Co LP
2.700% due 11/01/24 ~		3,250,000		3,260,997
3.450% due 07/01/24 ~		2,300,000		2,393,262
4.125% due 08/01/23 ~		2,000,000		2,117,989
Reynolds Group Issuer Inc 5.486% (USD LIBOR + 3.500%) due 07/15/21 § ~		2,500,000		2,509,375
Roper Technologies Inc
2.350% due 09/15/24		700,000		701,013
3.650% due 09/15/23		5,000,000		5,252,555
Ryder System Inc 3.650% due 03/18/24		3,000,000		3,157,344
United Technologies Corp
2.818% (USD LIBOR + 0.650%) due 08/16/21 §		649,000		649,062
3.350% due 08/16/21		3,000,000		3,078,259
3.650% due 08/16/23		3,000,000		3,175,335
				37,977,409
Technology - 3.0%
Broadcom Inc
3.125% due 04/15/21 ~		4,000,000		4,039,426
3.125% due 10/15/22 ~		2,500,000		2,532,386
3.625% due 10/15/24 ~		5,000,000		5,092,209
Fiserv Inc 3.800% due 10/01/23		5,000,000		5,295,120

	Principal Amount		Value
International Business Machines Corp
2.576% (USD LIBOR + 0.400%) due 05/13/21 §		$6,000,000		$6,025,113
2.850% due 05/13/22		6,000,000		6,133,859
				29,118,113
Utilities - 3.2%
Ameren Corp 2.500% due 09/15/24		2,000,000		2,012,448
American Electric Power Co Inc 3.650% due 12/01/21		1,750,000		1,805,844
DTE Energy Co 2.600% due 06/15/22		2,400,000		2,424,631
Duke Energy Corp
2.400% due 08/15/22		2,150,000		2,172,509
2.788% (USD LIBOR + 0.650%) due 03/11/22 §		1,000,000		1,005,712
Duke Energy Progress LLC 3.375% due 09/01/23		1,650,000		1,733,118
Evergy Inc 2.450% due 09/15/24		4,350,000		4,347,504
FirstEnergy Corp 2.850% due 07/15/22		3,800,000		3,859,150
Florida Power & Light Co 2.639% (USD LIBOR + 0.400%) due 05/06/22 §		2,000,000		2,000,577
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		3,000,000		3,097,500
Sempra Energy 2.486% (USD LIBOR + 0.500%) due 01/15/21 §		5,000,000		4,995,973
Talen Energy Supply LLC 6.625% due 01/15/28 ~		1,500,000		1,481,250
				30,936,216
Total Corporate Bonds & Notes (Cost $532,874,173)				541,790,502
SENIOR LOAN NOTES - 9.8%
Communications - 1.0%
Diamond Sports Group LLC Term B 5.300% (USD LIBOR + 3.250%) due 08/24/26 §		250,000		251,680
Sprint Communications Inc Term B
4.563% (USD LIBOR + 2.500%) due 02/03/24 §		2,927,450		2,909,885
5.063% (USD LIBOR + 3.000%) due 02/03/24 §		1,985,000		1,983,743
Zayo Group LLC Term B-2 4.294% (USD LIBOR + 2.250%) due 01/19/24 §		5,000,000		5,016,665
				10,161,973
Consumer, Cyclical - 2.5%
American Builders & Contractors Supply Co Inc Term B-2 due 10/31/23 ¥		1,994,885		1,996,255
Burger King Term B (Canada) 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		5,245,523		5,268,997
Caesars Resort Collection LLC Term B 4.794% (USD LIBOR + 2.750%) due 12/22/24 §		3,972,209		3,951,284
Golden Nugget LLC Term B 4.800% (USD LIBOR + 2.750%) due 10/04/23 §		3,403,739		3,402,319
Hilton Worldwide Finance LLC Term B-2 3.787% (USD LIBOR + 1.750%) due 06/21/26 §		3,103,035		3,125,232

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-9

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Marriott Ownership Resorts Inc Term B 4.294% (USD LIBOR + 2.250%) due 08/29/25 §		$3,573,000		$3,596,789
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		3,450,898		3,453,034
				24,793,910
Consumer, Non-Cyclical - 2.4%
Albertson’s LLC Term B-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 §		3,538,252		3,564,513
Avantor Funding Inc Term B-2 5.044% (USD LIBOR + 3.000%) due 11/21/24 §		2,991,844		3,016,153
Bausch Health Americas Inc Term B 5.039% (USD LIBOR + 3.000%) due 06/01/25 § ¥		5,666,806		5,696,155
Garda World Security Corp Term B (Canada) 5.637% (USD LIBOR + 3.500%) due 05/26/24 § ¥		4,500,000		4,507,313
Refinitiv US Holdings Inc Term B 5.794% (USD LIBOR + 3.750%) due 10/01/25 §		1,994,975		2,008,224
Sunshine Luxembourg VII Sarl Term B (Luxembourg) due 10/02/26 ¥		2,250,000		2,262,305
US Foods Inc Term B 4.044% (USD LIBOR + 2.000%) due 06/27/23 §		2,443,558		2,454,502
				23,509,165
Financial - 1.0%
MGM Growth Properties Operating Partnership LP REIT Term B 4.044% (USD LIBOR + 2.000%) due 03/25/25 §		6,429,439		6,452,546
USI Inc Term B 5.104% (USD LIBOR + 3.000%) due 05/16/24 §		3,448,607		3,394,006
				9,846,552
Industrial - 2.0%
Advanced Disposal Services Inc Term B 4.197% (USD LIBOR + 2.250%) due 11/10/23 §		4,967,524		4,986,773
Berry Global Inc Term Q 4.299% (USD LIBOR + 2.000%) due 10/01/22 §		5,131,746		5,160,366
Filtration Group Corp Term B due 03/29/25 ¥		997,369		1,001,006
GFL Environmental Inc Term B (Canada) 5.044% (USD LIBOR + 2.750%) due 05/31/25 §		5,212,318		5,173,225
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		3,160,008		3,168,647
				19,490,017
Technology - 0.3%
Tempo Acquisition LLC Term B 5.044% (USD LIBOR + 3.000%) due 05/01/24 §		917,195		921,093
Vertafore Inc Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 §		1,488,750		1,450,508
				2,371,601

	Principal Amount		Value
Utilities - 0.6%
Vistra Operations Co LLC Term B-1 4.044% (USD LIBOR + 2.000%) due 08/04/23 §		$5,512,235		$5,538,650
Total Senior Loan Notes (Cost $95,301,627)				95,711,868
ASSET-BACKED SECURITIES - 20.7%
Ally Auto Receivables Trust 3.020% due 09/15/23		1,000,000		1,005,312
AmeriCredit Automobile Receivables Trust
1.530% due 07/08/21		31,262		31,255
1.800% due 10/08/21		785,589		784,982
1.830% due 12/08/21		1,000,000		998,847
1.900% due 03/18/22		1,997,335		1,994,244
1.980% due 12/20/21		936,761		936,304
2.170% due 01/18/23		1,000,000		1,000,667
2.300% due 02/18/22		3,280,000		3,280,015
2.339% (USD LIBOR + 0.300%) due 01/18/23 §		2,000,000		2,000,427
2.360% due 12/19/22		2,500,000		2,506,779
2.600% due 09/18/23		2,000,000		2,017,556
2.730% due 03/08/21		305,576		305,662
2.890% due 01/10/22		2,267,146		2,271,271
2.970% due 11/20/23		1,500,000		1,522,448
3.080% due 12/18/23		2,000,000		2,039,553
3.130% due 02/18/25		1,550,000		1,579,475
3.450% due 06/18/24		2,000,000		2,043,845
3.500% due 01/18/24		2,000,000		2,056,525
Apidos CLO XV ‘A1RR’ (Cayman) 3.288% (USD LIBOR + 1.010%) due 04/20/31 § ~		1,250,000		1,241,611
Apidos CLO XXV ‘A1R’ (Cayman) 3.448% (USD LIBOR + 1.170%) due 10/20/31 § ~		2,000,000		1,992,440
Apidos CLO XXX ‘A1A’ (Cayman) 3.440% (USD LIBOR + 1.140%) due 10/18/31 § ~		3,000,000		2,991,287
Atrium CLO XIII (Cayman) 3.439% (USD LIBOR + 1.180%) due 11/21/30 § ~		470,000		470,141
Benefit Street Partners CLO IV Ltd (Cayman) 3.528% (USD LIBOR + 1.250%) due 01/20/29 § ~		1,000,000		1,001,692
Benefit Street Partners CLO X Ltd (Cayman)
3.443% (USD LIBOR + 1.140%) due 01/15/29 § ~		3,050,000		3,052,371
4.053% (USD LIBOR + 1.750%) due 01/15/29 § ~		500,000		500,665
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.403% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		845,334
Capital Auto Receivables Asset Trust 3.480% due 10/20/23 ~		1,000,000		1,013,747
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.306% (USD LIBOR + 1.050%) due 07/27/31 § ~		500,000		497,125
Carmax Auto Owner Trust ‘B’ 3.010% due 12/16/24		4,000,000		4,113,202
CIFC Funding 2015-III CLO Ltd (Cayman) 3.173% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,989,727
Citibank Credit Card Issuance Trust 1.750% due 11/19/21		1,255,000		1,254,389

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Dryden 33 Senior Loan CLO Fund (Cayman) 4.053% (USD LIBOR + 1.750%) due 04/15/29 § ~		$2,000,000		$2,002,083
Dryden 43 Senior Loan CLO Fund (Cayman) 3.418% (USD LIBOR + 1.140%) due 07/20/29 § ~		3,750,000		3,754,322
Dryden 55 CLO Ltd (Cayman) 3.323% (USD LIBOR + 1.020%) due 04/15/31 § ~		2,500,000		2,487,200
Dryden 58 CLO Ltd (Cayman) 3.303% (USD LIBOR + 1.000%) due 07/17/31 § ~		2,000,000		1,977,339
Dryden 61 CLO Ltd (Cayman) 3.463% (USD LIBOR + 1.160%) due 01/17/32 § ~		5,000,000		4,984,811
Dryden 64 CLO Ltd (Cayman) 3.270% (USD LIBOR + 0.970%) due 04/18/31 § ~		2,000,000		1,977,720
Dryden 75 CLO Ltd (Cayman) 4.003% (USD LIBOR + 1.700%) due 07/15/30 § ~		2,400,000		2,400,716
Ford Credit Auto Owner Trust
2.140% due 10/15/22		2,000,000		1,997,953
2.268% (USD LIBOR + 0.240%) due 02/15/22 §		1,500,000		1,500,332
2.350% due 04/15/23		1,000,000		1,002,850
2.500% due 05/15/24		1,750,000		1,758,620
3.380% due 03/15/24		1,650,000		1,706,822
GM Financial Consumer Automobile Receivables Trust ‘B’ 3.270% due 01/16/24		1,200,000		1,233,559
Magnetite VIII CLO Ltd (Cayman) 3.283% (USD LIBOR + 0.980%) due 04/15/31 § ~		2,000,000		1,993,000
Magnetite XIV-R CLO Ltd ‘A1’ (Cayman) 3.420% (USD LIBOR + 1.120%) due 10/18/31 § ~		3,000,000		2,991,579
Magnetite XVIII CLO Ltd (Cayman) 3.238% (USD LIBOR + 1.080%) due 11/15/28 § ~		3,000,000		3,001,880
Magnetite XXI CLO Ltd ‘A’ (Cayman) 3.909% (USD LIBOR + 1.280%) due 04/20/30 § ~		1,000,000		1,000,079
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		1,400,000		1,468,129
Navient Private Education Loan Trust ‘A1’ 2.378% (USD LIBOR + 0.350%) due 12/15/59 § ~		1,594,036		1,593,643
Navient Private Education Refi Loan Trust ‘A1’ 2.820% due 02/15/68 ~		3,516,284		3,552,336
Navient Private Education Refi Loan Trust ‘A2A’ 2.640% due 05/15/68 ~		2,000,000		2,029,027
Navient Student Loan Trust ‘A1’
2.288% (USD LIBOR + 0.270%) due 02/27/68 § ~		2,523,301		2,526,457
2.428% (USD LIBOR + 0.400%) due 12/15/59 § ~		897,048		896,414
Navient Student Loan Trust ‘A2’ 2.438% (USD LIBOR + 0.420%) due 08/27/29 §		230,134		230,145
Navient Student Loan Trust ‘A2A’ 3.390% due 12/15/59 ~		2,000,000		2,088,580
Nelnet Student Loan Trust ‘A1’ 2.338% (USD LIBOR + 0.320%) due 05/25/66 § ~		145,367		145,351
OCP CLO Ltd (Cayman) 3.087% (USD LIBOR + 0.820%) due 10/26/27 § ~		2,000,000		1,996,930
Octagon Investment Partners 25 Ltd (Cayman) 3.078% (USD LIBOR + 0.800%) due 10/20/26 § ~		3,000,000		3,000,000

	Principal Amount		Value
OneMain Financial Issuance CLO Trust 2.370% due 09/14/32 ~		$1,600,000		$1,599,060
Palmer Square Loan Funding CLO Ltd (Cayman)
due 10/24/27 § # ~ ±		2,000,000		2,000,000
2.953% (USD LIBOR + 0.650%) due 07/15/26 § ~		2,002,658		2,002,027
3.043% (USD LIBOR + 0.740%) due 10/15/25 § ~		2,815,485		2,817,738
Regatta Funding CLO LP (Cayman) 3.553% (USD LIBOR + 1.250%) due 01/15/29 § ~		3,000,000		3,006,808
Regatta X Funding CLO Ltd ‘A’ (Cayman) 3.423% (USD LIBOR + 1.120%) due 01/17/31 § ~		3,000,000		2,987,343
Regatta XIV Funding CLO Ltd ‘A’ (Cayman) 3.466% (USD LIBOR + 1.190%) due 10/25/31 § ~		2,500,000		2,488,931
Santander Drive Auto Receivables Trust
2.280% due 09/15/23		2,500,000		2,505,265
2.358% (USD LIBOR + 0.330%) due 02/15/22 §		2,000,000		2,001,565
2.580% due 05/16/22		725,953		726,674
2.790% due 08/15/22		2,751,990		2,756,901
2.790% due 01/16/24		5,000,000		5,059,539
3.030% due 09/15/22		2,000,000		2,004,604
3.210% due 09/15/23		2,000,000		2,023,815
3.270% due 01/17/23		1,600,000		1,609,934
3.290% due 10/17/22		1,150,000		1,156,249
3.420% due 04/15/25		1,750,000		1,784,136
3.520% due 12/15/22		2,250,000		2,266,807
SLC Student Loan Trust
2.219% (USD LIBOR + 0.100%) due 09/15/26 §		1,552,991		1,550,749
2.229% (USD LIBOR + 0.110%) due 03/15/27 §		5,872,097		5,846,689
2.239% (USD LIBOR + 0.120%) due 06/15/29 §		1,071,303		1,065,596
3.007% (USD LIBOR + 0.875%) due 11/25/42 §		383,315		386,391
3.719% (USD LIBOR + 1.600%) due 12/15/32 §		373,906		382,290
SLM Private Credit Student Loan Trust 2.429% (USD LIBOR + 0.310%) due 12/15/38 §		800,000		781,042
SLM Private Education Loan Trust 3.500% due 06/15/44 ~		657,596		657,897
SLM Student Loan Trust
2.656% (USD LIBOR + 0.380%) due 10/25/24 §		1,667,112		1,668,483
2.826% (USD LIBOR + 0.550%) due 04/27/26 § ~		499,903		500,437
2.906% (USD LIBOR + 0.630%) due 01/25/40 § ~		3,150,000		3,124,272
SMB Private Education Loan Trust
2.340% due 09/15/34 ~		3,855,303		3,862,144
2.490% due 06/15/27 ~		613,229		615,264
2.700% due 05/15/31 ~		1,003,540		1,013,340
2.750% due 07/15/27 ~		431,089		433,782
3.050% due 05/15/26 ~		1,963,974		1,977,171
3.440% due 07/15/36 ~		1,850,000		1,931,137
3.500% due 02/15/36 ~		1,000,000		1,050,137
3.600% due 01/15/37 ~		3,000,000		3,108,341
3.630% due 11/15/35 ~		2,954,000		3,080,239
SMB Private Education Loan Trust ‘A1’
2.348% (USD LIBOR + 0.320%) due 12/16/24 § ~		2,111,114		2,110,467
2.378% (USD LIBOR + 0.350%) due 03/16/26 § ~		1,452,285		1,452,894
2.378% (USD LIBOR + 0.350%) due 07/15/26 § ~		5,743,224		5,748,691

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Sofi Consumer Loan Program Trust ‘A’ 2.450% due 08/25/28 ~		$2,000,000		$2,002,542
Sofi Professional Loan Program LLC ‘A1FX’ 2.130% due 11/16/48 ~		2,609,423		2,610,274
Verizon Owner Trust 1.680% due 05/20/21 ~		587,601		587,281
Verizon Owner Trust ‘A1B’ 2.494% (USD LIBOR + 0.450%) due 12/20/23 §		3,000,000		3,002,839
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,055,349
Voya CLO Ltd (Cayman) 3.433% (USD LIBOR + 1.130%) due 10/15/30 § ~		2,000,000		1,997,500
Total Asset-Backed Securities (Cost $201,610,699)				203,037,409
U.S. TREASURY OBLIGATIONS - 10.7%
U.S. Treasury Notes - 10.7%
1.250% due 07/31/23		6,000,000		5,929,102
1.250% due 08/31/24		5,000,000		4,931,250
1.375% due 08/31/20		5,000,000		4,979,004
1.500% due 08/15/22		3,000,000		2,993,613
1.750% due 07/31/24		9,500,000		9,586,836
1.750% due 07/31/21		3,000,000		3,004,453
2.000% due 01/15/21		5,000,000		5,014,063
2.000% due 07/31/22		3,000,000		3,035,391
2.000% due 10/31/22		8,000,000		8,100,312
2.250% due 03/31/21		6,000,000		6,044,766
2.500% due 01/15/22		8,000,000		8,156,094
2.625% due 12/15/21		10,000,000		10,221,484
2.750% due 09/30/20		4,000,000		4,036,641
2.750% due 11/30/20		20,000,000		20,217,188
2.875% due 10/31/20		8,500,000		8,596,289
Total U.S. Treasury Obligations (Cost $104,134,835)				104,846,486
MUNICIPAL BONDS - 0.1%
Pennsylvania Higher Education Assistance Agency ‘A’ 3.176% (USD LIBOR + 0.900%) due 07/25/29 §		585,777		587,270
Total Municipal Bonds (Cost $586,875)				587,270

	Shares		Value
SHORT-TERM INVESTMENT - 3.3%
Money Market Fund - 3.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		32,606,551		$32,606,551
Total Short-Term Investment (Cost $32,606,551)				32,606,551
TOTAL INVESTMENTS - 100.0% (Cost $967,114,760)				978,580,086
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(27,168	)
NET ASSETS - 100.0%				$978,552,918

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	55.4%
Asset-Backed Securities	20.7%
U.S. Treasury Obligations	10.7%
Senior Loan Notes	9.8%
Short-Term Investment	3.3%
Others (each less than 3.0%)	0.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
CSC Holdings LLC		$500,000		$501,563		$1,563

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$541,790,502		$—		$541,790,502		$—
	Senior Loan Notes		95,711,868		—		95,711,868		—
	Asset-Backed Securities		203,037,409		—		201,037,409		2,000,000
	U.S. Treasury Obligations		104,846,486		—		104,846,486		—
	Municipal Bonds		587,270		—		587,270		—
	Short-Term Investment		32,606,551		32,606,551		—		—
	Unfunded Loan Commitment		501,563		—		501,563		—
	Total		$979,081,649		$32,606,551		$944,475,098		$2,000,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-12

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.4%
Basic Materials - 0.6%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$1,625,000		$1,671,516
Methanex Corp (Canada) 5.250% due 12/15/29		3,000,000		3,018,611
				4,690,127
Communications - 3.1%
AT&T Inc 5.250% due 03/01/37		4,000,000		4,716,616
Charter Communications Operating LLC 5.750% due 04/01/48		2,000,000		2,282,699
Diamond Sports Group LLC 5.375% due 08/15/26 ~		2,400,000		2,496,000
Discovery Communications 5.300% due 05/15/49		1,500,000		1,664,656
Fox Corp 5.576% due 01/25/49 ~		1,800,000		2,289,478
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,390,000
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		2,994,500		3,013,216
Verizon Communications Inc 3.258% (USD LIBOR + 1.100%) due 05/15/25 §		3,000,000		3,048,803
				25,901,468
Consumer, Cyclical - 8.5%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		4,783,862		5,077,113
American Airlines Pass-Through Trust ‘AA’
3.575% due 07/15/29		4,284,354		4,526,317
3.600% due 03/22/29		2,586,128		2,719,184
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		576,842		592,619
Beazer Homes USA Inc 7.250% due 10/15/29 ~		2,075,000		2,113,906
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,100,000		2,146,286
4.625% due 12/20/25 ~		2,936,853		3,116,295
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,350,000		4,544,093
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,532,444		2,670,716
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,322,855		1,413,149
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,942,500
Ford Motor Credit Co LLC 5.584% due 03/18/24		1,850,000		1,968,935
General Motors Co 5.000% due 10/01/28		3,000,000		3,192,048
Hawaiian Airlines Pass-Through Certificates ‘A’ 3.900% due 07/15/27		1,750,629		1,789,755
Hyatt Hotels Corp 4.375% due 09/15/28		2,000,000		2,184,390
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		2,000,000		2,047,500
Las Vegas Sands Corp 3.900% due 08/08/29		1,800,000		1,846,806
Lennar Corp 6.250% due 12/15/21		2,500,000		2,653,125
Marriott Ownership Resorts Inc 4.750% due 01/15/28 ~		75,000		75,937

	Principal Amount		Value
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		$2,500,000		$2,637,500
Nordstrom Inc 5.000% due 01/15/44		2,500,000		2,332,682
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,075,000
Spirit Airlines Pass- Through Trust ‘AA’
3.375% due 08/15/31		415,959		434,372
4.100% due 10/01/29		558,654		589,576
United Airlines Pass Through Trust ‘A’ 2.900% due 11/01/29		1,400,000		1,394,136
United Airlines Pass Through Trust ‘AA’
2.700% due 11/01/33		1,200,000		1,197,382
4.150% due 02/25/33		2,500,000		2,734,711
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		1,568,750		1,587,936
4.750% due 10/11/23		3,522,256		3,628,452
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		2,332,606		2,525,641
Walmart Inc 3.050% due 07/08/26		2,500,000		2,651,061
				71,409,123
Consumer, Non-Cyclical - 4.8%
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.700% due 02/01/36		2,000,000		2,316,678
5.450% due 01/23/39		5,000,000		6,336,700
Bausch Health Cos Inc 6.500% due 03/15/22 ~		2,000,000		2,070,000
Cigna Corp 4.375% due 10/15/28		3,350,000		3,679,252
Global Payments Inc
3.200% due 08/15/29		1,500,000		1,522,449
4.150% due 08/15/49		2,450,000		2,580,013
Humana Inc 3.125% due 08/15/29		1,200,000		1,201,719
Keurig Dr Pepper Inc 4.417% due 05/25/25		5,000,000		5,465,271
Mars Inc 3.875% due 04/01/39 ~		2,000,000		2,238,935
PayPal Holdings Inc 2.650% due 10/01/26		3,500,000		3,520,610
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23 ~		3,900,000		4,203,163
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		1,000,000		917,500
UnitedHealth Group Inc 3.500% due 08/15/39		1,850,000		1,931,017
Verisk Analytics Inc 4.125% due 03/15/29		1,650,000		1,819,854
				39,803,161
Energy - 3.5%
Concho Resources Inc 4.300% due 08/15/28		2,000,000		2,159,171
Diamondback Energy Inc 5.375% due 05/31/25		3,000,000		3,138,180
Energy Transfer Partners LP 4.750% due 01/15/26		3,000,000		3,254,917
EQM Midstream Partners LP 6.500% due 07/15/48		2,250,000		2,173,144
Kinder Morgan Energy Partners LP
4.300% due 05/01/24		2,720,000		2,910,948
5.000% due 08/15/42		2,500,000		2,747,521
MPLX LP
5.200% due 12/01/47 ~		1,200,000		1,318,477
5.250% due 01/15/25 ~		6,000,000		6,334,966
6.875% due 08/15/68		1,000,000		1,001,300

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-13

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Petroleos Mexicanos (Mexico)
6.350% due 02/12/48		$2,100,000		$1,937,586
6.840% due 01/23/30 ~		550,000		569,772
Southwestern Energy Co 6.200% due 01/23/25		1,750,000		1,557,500
				29,103,482
Financial - 18.2%
American Express Co 2.500% due 07/30/24		2,600,000		2,622,943
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		1,650,000		1,694,467
Bank of America Corp
3.194% due 07/23/30		3,000,000		3,099,673
4.183% due 11/25/27		4,850,000		5,222,399
4.200% due 08/26/24		5,500,000		5,903,299
4.250% due 10/22/26		5,500,000		5,964,699
Boston Properties LP REIT
2.750% due 10/01/26		1,927,000		1,946,193
3.400% due 06/21/29		1,600,000		1,676,107
Citigroup Inc
4.125% due 07/25/28		3,600,000		3,879,128
4.400% due 06/10/25		3,000,000		3,228,085
4.600% due 03/09/26		3,948,000		4,311,657
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		3,500,000		3,647,764
Duke Realty LP REIT 3.750% due 12/01/24		3,420,000		3,634,719
Essex Portfolio LP REIT 3.000% due 01/15/30		2,000,000		2,022,240
GLP Capital LP REIT 5.250% due 06/01/25		1,950,000		2,152,858
HCP Inc REIT 3.500% due 07/15/29		2,800,000		2,913,486
Healthcare Realty Trust Inc REIT 3.625% due 01/15/28		1,900,000		1,978,673
Healthcare Trust of America Holdings LP REIT
3.100% due 02/15/30		600,000		619,020
3.500% due 08/01/26		2,000,000		1,996,895
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		2,200,000		2,197,891
Jackson National Life Global Funding 2.650% due 06/21/24 ~		4,000,000		4,056,068
JPMorgan Chase & Co
2.950% due 10/01/26		2,000,000		2,054,616
4.125% due 12/15/26		4,000,000		4,373,146
KeyCorp 2.550% due 10/01/29		3,500,000		3,421,873
Life Storage LP REIT 4.000% due 06/15/29		1,650,000		1,767,614
MassMutual Global Funding II 3.400% due 03/08/26 ~		3,500,000		3,713,968
Mid-America Apartments LP REIT
3.600% due 06/01/27		1,276,000		1,351,095
3.950% due 03/15/29		4,600,000		5,025,209
Mitsubishi UFJ Financial Group Inc (Japan) 2.623% due 07/18/22		2,450,000		2,470,680
Morgan Stanley 5.000% due 11/24/25		7,500,000		8,409,944
Nuveen LLC 4.000% due 11/01/28 ~		2,050,000		2,291,763
Piedmont Operating Partnership LP REIT 4.450% due 03/15/24		3,100,000		3,268,787
Springleaf Finance Corp 6.125% due 03/15/24		3,200,000		3,452,000
Sumitomo Mitsui Financial Group Inc (Japan) 2.448% due 09/27/24		1,800,000		1,800,075
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,409,475

	Principal Amount		Value
The Goldman Sachs Group Inc
3.272% due 09/29/25		$2,000,000		$2,065,700
3.500% due 11/16/26		4,000,000		4,164,017
3.717% (USD LIBOR + 1.600%) due 11/29/23 §		2,755,000		2,841,578
The Howard Hughes Corp 5.375% due 03/15/25 ~		2,500,000		2,625,000
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,076,572
UDR Inc REIT
2.950% due 09/01/26		2,000,000		2,035,613
3.000% due 08/15/31		3,000,000		3,009,555
3.200% due 01/15/30		2,100,000		2,166,000
US Bancorp 2.400% due 07/30/24		4,000,000		4,051,662
Ventas Realty LP REIT
3.000% due 01/15/30		2,050,000		2,037,739
3.500% due 02/01/25		4,450,000		4,663,158
Wells Fargo & Co 4.400% due 06/14/46		3,750,000		4,220,116
Welltower Inc REIT 3.100% due 01/15/30		1,550,000		1,553,133
Willis North America Inc 2.950% due 09/15/29		2,500,000		2,458,133
				152,546,485
Industrial - 3.3%
Allegion US Holding Co Inc 3.550% due 10/01/27		4,336,000		4,421,667
Masco Corp 7.750% due 08/01/29		2,000,000		2,564,469
Norbord Inc (Canada) 6.250% due 04/15/23 ~		2,000,000		2,122,500
Owens-Brockway Glass Container Inc 5.000% due 01/15/22 ~		2,500,000		2,588,000
Penske Truck Leasing Co Lp
2.700% due 11/01/24 ~		1,850,000		1,856,260
3.450% due 07/01/24 ~		1,350,000		1,404,741
4.450% due 01/29/26 ~		1,200,000		1,296,787
TransDigm Inc 6.250% due 03/15/26 ~		1,000,000		1,076,250
United Parcel Service Inc
2.200% due 09/01/24		3,150,000		3,163,249
3.400% due 09/01/49		1,850,000		1,885,950
Waste Connections Inc 3.500% due 05/01/29		2,600,000		2,776,667
WRKCo Inc 4.200% due 06/01/32		2,450,000		2,692,667
				27,849,207
Technology - 2.0%
Broadcom Inc 4.250% due 04/15/26 ~		5,000,000		5,169,746
Fiserv Inc
3.500% due 07/01/29		2,650,000		2,794,303
4.400% due 07/01/49		3,000,000		3,382,779
Micron Technology Inc 4.185% due 02/15/27		2,100,000		2,163,446
NXP BV (Netherlands) 3.875% due 06/18/26 ~		2,000,000		2,106,173
Texas Instruments Inc 2.250% due 09/04/29		1,500,000		1,478,807
				17,095,254
Utilities - 5.4%
Aqua America Inc 3.566% due 05/01/29		1,500,000		1,598,776
Avangrid Inc
3.150% due 12/01/24		2,160,000		2,228,297
3.800% due 06/01/29		1,900,000		2,043,438

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-14

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Dominion Energy Inc 3.071% due 08/15/24		$4,931,000		$5,051,826
DPL Inc 4.350% due 04/15/29 ~		3,000,000		2,967,400
Duke Energy Progress LLC 3.450% due 03/15/29		1,700,000		1,834,058
Electricite de France SA (France) 4.500% due 09/21/28 ~		2,000,000		2,234,030
Exelon Corp 5.100% due 06/15/45		2,000,000		2,486,575
FirstEnergy Corp 4.850% due 07/15/47		2,400,000		2,856,508
IPALCO Enterprises Inc 3.700% due 09/01/24		3,500,000		3,627,760
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		1,700,000		1,862,675
MidAmerican Energy Co 4.250% due 07/15/49		1,650,000		1,990,206
Nevada Power Co 3.700% due 05/01/29		3,000,000		3,292,589
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		2,000,000		2,065,000
Oklahoma Gas & Electric Co 3.300% due 03/15/30		2,450,000		2,570,681
Southern California Edison Co 4.000% due 04/01/47		2,750,000		2,963,306
Talen Energy Supply LLC
6.500% due 06/01/25		1,000,000		765,000
6.625% due 01/15/28 ~		3,000,000		2,962,500
				45,400,625
Total Corporate Bonds & Notes (Cost $393,995,674)				413,798,932
SENIOR LOAN NOTES - 12.9%
Communications - 1.2%
Diamond Sports Group LLC Term B 5.300% (USD LIBOR + 3.250%) due 08/24/26 §		250,000		251,680
Sprint Communications Inc Term B
4.563% (USD LIBOR + 2.500%) due 02/03/24 §		2,929,900		2,912,320
5.063% (USD LIBOR + 3.000%) due 02/03/24 §		2,481,250		2,479,679
Zayo Group LLC Term B-2 4.294% (USD LIBOR + 2.250%) due 01/19/24 §		4,000,000		4,013,332
				9,657,011
Consumer, Cyclical - 3.6%
American Builders & Contractors Supply Co Inc Term B-2 due 10/31/23 ¥		3,989,770		3,992,511
Bass Pro Group LLC Term B 7.044% (USD LIBOR + 5.000%) due 09/25/24 §		1,472,387		1,421,084
Burger King Term B (Canada) 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		6,019,113		6,046,048
Caesars Resort Collection LLC Term B 4.794% (USD LIBOR + 2.750%) due 12/22/24 §		2,979,785		2,964,088
Golden Nugget LLC Term B 4.800% (USD LIBOR + 2.750%) due 10/04/23 §		4,285,302		4,283,515
Hilton Worldwide Finance LLC Term B-2 3.787% (USD LIBOR + 1.750%) due 06/21/26 §		4,182,817		4,212,737

	Principal Amount		Value
Marriott Ownership Resorts Inc Term B 4.685% (USD LIBOR + 2.250%) due 08/29/25 §		$3,379,475		$3,401,976
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		3,914,698		3,917,121
				30,239,080
Consumer, Non-Cyclical - 2.9%
Albertson’s LLC Term B-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 §		3,810,801		3,839,085
Avantor Funding Inc Term B-2 5.044% (USD LIBOR + 3.000%) due 11/21/24 §		997,282		1,005,384
Bausch Health Americas Inc Term B 5.039% (USD LIBOR + 3.000%) due 06/01/25 § ¥		4,729,106		4,753,598
Garda World Security Corp Term B (Canada) 5.637% (USD LIBOR + 3.500%) due 05/26/24 § ¥		5,500,000		5,508,938
Refinitiv US Holdings Inc Term B 5.794% (USD LIBOR + 3.750%) due 10/01/25 §		2,992,462		3,012,335
Sunshine Luxembourg VII Sarl Term B (Luxembourg) due 10/02/26 ¥		2,250,000		2,262,305
US Foods Inc Term B 4.044% (USD LIBOR + 2.000%) due 06/27/23 §		3,882,404		3,899,793
				24,281,438
Financial - 1.0%
Avolon (US) LLC Term B-3 (Ireland) 3.794% (USD LIBOR + 1.750%) due 01/15/25 §		1,242,786		1,249,621
HUB International Ltd Term B 5.267% (USD LIBOR + 3.000%) due 04/25/25 §		1,481,250		1,466,900
MGM Growth Properties Operating Partnership LP REIT Term B 4.044% (USD LIBOR + 2.000%) due 03/25/25 §		1,992,261		1,999,422
USI Inc Term B 5.104% (USD LIBOR + 3.000%) due 05/16/24 §		3,912,424		3,850,479
				8,566,422
Industrial - 3.3%
Advanced Disposal Services Inc Term B 4.197% (USD LIBOR + 2.250%) due 11/10/23 §		5,964,806		5,987,920
Berry Global Inc Term Q 4.299% (USD LIBOR + 2.000%) due 10/01/22 §		3,000,000		3,016,731
Filtration Group Corp Term B due 03/29/25 ¥		1,994,739		2,002,011
GFL Environmental Inc Term B (Canada) 5.044% (USD LIBOR + 2.750%) due 05/31/25 §		6,199,799		6,153,301
Proampac PG Borrower LLC 5.660% (USD LIBOR + 3.500%) due 11/18/23 §		1,785,619		1,713,078
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		2,930,046		2,938,057

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-15

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
TransDigm Inc
Term E 4.544% (USD LIBOR + 2.500%) due 05/30/25 §		$1,913,502		$1,909,166
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 §		3,812,242		3,810,156
				27,530,420
Technology - 0.5%
Vertafore Inc Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 §		3,970,000		3,868,023
Utilities - 0.4%
Vistra Operations Co LLC Term B-1 4.044% (USD LIBOR + 2.000%) due 08/04/23 §		3,645,143		3,662,610
Total Senior Loan Notes (Cost $107,618,877)				107,805,004
MORTGAGE-BACKED SECURITIES - 0.5%
Fannie Mae - 0.5%
2.000% due 10/01/34		4,500,000		4,464,580
Total Mortgage-Backed Securities (Cost $4,459,746)				4,464,580
ASSET-BACKED SECURITIES - 15.8%
AmeriCredit Automobile Receivables Trust
2.240% due 06/19/23		950,000		951,051
2.400% due 05/18/22		1,850,000		1,852,436
2.690% due 06/19/23		1,050,000		1,058,895
2.710% due 08/18/22		1,500,000		1,511,778
3.130% due 02/18/25		1,250,000		1,273,770
3.360% due 02/18/25		1,000,000		1,027,765
Apidos CLO XXX ‘A2’ (Cayman) 3.900% (USD LIBOR + 1.600%) due 10/18/31 § ~		3,600,000		3,566,404
Benefit Street Partners CLO X Ltd (Cayman)
3.443% (USD LIBOR + 1.140%) due 01/15/29 § ~		400,000		400,311
4.053% (USD LIBOR + 1.750%) due 01/15/29 § ~		250,000		250,332
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.403% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,600,000		1,591,217
Capital Auto Receivables Asset Trust
1.690% due 03/20/21		313,136		312,939
2.110% due 03/22/21		600,000		599,809
3.090% due 08/22/22 ~		1,600,000		1,618,454
Carlyle Global Market Strategies CLO Ltd (Cayman)
3.306% (USD LIBOR + 1.050%) due 07/27/31 § ~		1,000,000		994,250
3.806% (USD LIBOR + 1.550%) due 07/27/31 § ~		2,000,000		1,972,326
CIFC Funding 2015-III Ltd ‘AR’ (Cayman)
3.173% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,989,726
3.953% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,805,000		1,734,222
Dryden 33 Senior Loan Fund (Cayman) 4.053% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		2,002,083

	Principal Amount		Value
Dryden 43 Senior Loan Fund (Cayman) 4.028% (USD LIBOR + 1.750%) due 07/20/29 § ~		$3,200,000		$3,204,250
Dryden 53 CLO Ltd (Cayman) 3.703% (USD LIBOR + 1.400%) due 01/15/31 § ~		1,500,000		1,469,429
Dryden 55 CLO Ltd (Cayman) 4.203% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		966,476
Dryden 58 CLO Ltd (Cayman)
3.803% (USD LIBOR + 1.500%) due 07/17/31 # § ~		2,000,000		1,971,703
4.103% (USD LIBOR + 1.800%) due 07/17/31 # § ~		2,000,000		1,925,975
Dryden 61 CLO Ltd (Cayman)
3.953% (USD LIBOR + 1.650%) due 01/17/32 § ~		2,250,000		2,234,240
4.353% (USD LIBOR + 2.050%) due 01/17/32 § ~		2,250,000		2,197,946
Dryden 64 CLO Ltd (Cayman) 3.700% (USD LIBOR + 1.400%) due 04/18/31 § ~		1,600,000		1,566,382
Dryden 75 CLO Ltd (Cayman) 4.003% (USD LIBOR + 1.700%) due 07/15/30 § ~		900,000		900,269
Ford Credit Auto Owner Trust
1.600% due 06/15/21		1,542,437		1,541,549
1.730% due 03/15/22		850,000		846,540
2.240% due 06/15/22		1,000,000		1,001,390
2.350% due 04/15/23		2,500,000		2,507,124
3.190% due 07/15/31 ~		4,000,000		4,171,800
Madison Park Funding Ltd (Cayman)
3.903% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,600,000		2,582,083
4.050% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,600,000		2,593,362
4.153% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,400,000		1,354,040
Magnetite VIII Ltd (Cayman) 3.283% (USD LIBOR + 0.980%) due 04/15/31 § ~		3,000,000		2,989,500
Navient Student Loan Trust
2.640% due 05/15/68 ~		2,000,000		2,029,027
2.738% (USD LIBOR + 0.720%) due 03/25/67 § ~		2,000,000		1,992,653
Octagon Investment Partners 25 Ltd (Cayman) 3.478% (USD LIBOR + 1.200%) due 10/20/26 § ~		2,000,000		1,978,208
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		4,000,000		3,997,651
Palmer Square Loan Funding Ltd (Cayman)
due 10/24/27 § # ~ ±		2,750,000		2,750,000
3.043% (USD LIBOR + 0.740%) due 10/15/25 § ~		3,038,378		3,040,809
Regatta XIV Funding Ltd ‘A’ (Cayman) 3.466% (USD LIBOR + 1.190%) due 10/25/31 § ~		3,300,000		3,285,389
Santander Drive Auto Receivables Trust
2.358% (USD LIBOR + 0.330%) due 02/15/22 §		2,000,000		2,007,990
2.490% due 10/15/25		2,000,000		2,001,565
2.630% due 07/15/22		1,926,674		1,928,300
2.660% due 11/15/21		386,445		386,789
2.960% due 03/15/24		1,850,000		1,860,379
3.290% due 10/17/22		750,000		754,075
3.350% due 07/17/23		2,000,000		2,021,405
3.510% due 08/15/23		2,500,000		2,542,889
SLM Student Loan Trust 2.826% (USD LIBOR + 0.550%) due 10/25/64 § ~		10,000,000		9,864,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-16

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
SMB Private Education Loan Trust
2.328% (USD LIBOR + 0.300%) due 09/15/25 § ~		$1,568,642		$1,568,562
2.340% due 09/15/34 ~		1,870,054		1,873,372
2.700% due 05/15/31 ~		1,611,336		1,627,072
2.820% due 10/15/35 ~		4,313,168		4,370,667
2.880% due 09/15/34 ~		3,721,295		3,779,828
3.440% due 07/15/36 ~		1,850,000		1,931,137
3.500% due 02/15/36 ~		2,300,000		2,415,315
3.600% due 01/15/37 ~		1,550,000		1,605,976
3.630% due 11/15/35 ~		2,000,000		2,085,470
SoFi Consumer Loan Program Trust ‘A’ 2.450% due 08/25/28 ~		2,750,000		2,753,496
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		2,000,000		2,004,090
Voya CLO Ltd (Cayman) 3.433% (USD LIBOR + 1.130%) due 10/15/30 § ~		2,000,000		1,997,500
Total Asset-Backed Securities (Cost $131,840,793)				132,186,280
U.S. TREASURY OBLIGATIONS - 15.6%
U.S. Treasury Bonds - 5.0%
2.250% due 08/15/46		4,050,000		4,157,341
2.500% due 02/15/46		3,500,000		3,772,002
2.500% due 05/15/46		3,000,000		3,234,199
2.750% due 11/15/47		4,000,000		4,535,156
2.875% due 11/15/46		3,000,000		3,474,609
3.000% due 11/15/44		4,000,000		4,702,734
3.000% due 02/15/48		3,750,000		4,457,007
3.000% due 02/15/49		5,000,000		5,967,578
3.375% due 11/15/48		6,000,000		7,652,344
				41,952,970
U.S. Treasury Notes - 10.6%
1.125% due 04/30/20		3,000,000		2,987,168
1.250% due 07/31/23		5,000,000		4,940,918
1.375% due 08/31/23		4,000,000		3,971,408
1.375% due 09/30/23		4,500,000		4,467,482
1.625% due 11/15/22		5,000,000		5,008,301
1.625% due 02/15/26		7,000,000		7,004,238
1.625% due 05/15/26		5,000,000		5,003,418
1.750% due 07/31/21		4,000,000		4,005,938
2.000% due 10/31/21		1,400,000		1,410,008
2.000% due 11/30/22		6,000,000		6,077,109
2.125% due 12/31/21		4,500,000		4,549,746
2.250% due 02/15/27		2,000,000		2,087,031
2.375% due 05/15/29		5,000,000		5,311,914
2.500% due 02/28/26		7,400,000		7,798,617
2.625% due 02/15/29		7,000,000		7,579,277
2.875% due 08/15/28		2,250,000		2,474,736
3.125% due 11/15/28		12,400,000		13,926,508
				88,603,817
Total U.S. Treasury Obligations (Cost $120,150,028)				130,556,787

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 1.1%
Chile Government (Chile) 2.250% due 10/30/22		$2,000,000		$2,009,520
Export-Import Bank of Korea (South Korea) 2.250% due 01/21/20		1,900,000		1,900,741
Mexico Government (Mexico) 4.500% due 04/22/29		2,300,000		2,501,848
Province of British Columbia (Canada) 2.000% due 10/23/22		3,000,000		3,025,465
Total Foreign Government Bonds & Notes (Cost $9,136,776)				9,437,574
	Shares
SHORT-TERM INVESTMENT - 6.4%
Money Market Fund - 6.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		53,885,676		53,885,676
Total Short-Term Investment (Cost $53,885,676)				53,885,676
TOTAL INVESTMENTS - 101.7% (Cost $821,087,570)				852,134,833
OTHER ASSETS & LIABILITIES, NET - (1.7%)				(14,545,824	)
NET ASSETS - 100.0%				$837,589,009

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	49.4%
Asset-Backed Securities	15.8%
U.S. Treasury Obligations	15.6%
Senior Loan Notes	12.9%
Short-Term Investment	6.4%
Others (each less than 3.0%)	1.6%
	101.7%
Other Assets & Liabilities, Net	(1.7%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
CSC Holdings LLC		$1,250,000		$1,253,906		$3,906

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$413,798,932		$—		$413,798,932		$—
	Senior Loan Notes		107,805,004		—		107,805,004		—
	Mortgage-Backed Securities		4,464,580		—		4,464,580		—
	Asset-Backed Securities		132,186,280		—		129,436,280		2,750,000
	U.S. Treasury Obligations		130,556,787		—		130,556,787		—
	Foreign Government Bonds & Notes		9,437,574		—		9,437,574		—
	Short-Term Investment		53,885,676		53,885,676		—		—
	Unfunded Loan Commitment		1,253,906		—		1,253,906		—
	Total		$853,388,739		$53,885,676		$796,753,063		$2,750,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-18

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.4%
Basic Materials - 0.2%
Constellium SE *		96,660		$1,228,549
Consumer, Cyclical - 0.3%
Lennar Corp ‘A’		22,751		1,270,643
Party City Holdco Inc *		130,066		742,677
				2,013,320
Financial - 0.6%
Bank of America Corp		35,217		1,027,280
Citigroup Inc		17,345		1,198,193
The Goldman Sachs Group Inc		4,792		993,046
Wells Fargo & Co		26,387		1,330,960
				4,549,479
Industrial - 0.3%
Evoqua Water Technologies Corp *		75,629		1,287,206
Xylem Inc		11,110		884,578
				2,171,784
Total Common Stocks (Cost $9,796,724)				9,963,132
	Principal Amount
CORPORATE BONDS & NOTES - 64.0%
Basic Materials - 1.9%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$4,125,000		4,243,078
Glencore Finance Canada Ltd (Switzerland) 4.250% due 10/25/22 ~		1,400,000		1,460,843
Glencore Funding LLC (Switzerland) 4.125% due 05/30/23 ~		1,200,000		1,258,515
Hecla Mining Co 6.875% due 05/01/21		2,600,000		2,587,000
Hexion Inc 7.875% due 07/15/27 ~		1,375,000		1,364,688
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,945,138
				13,859,262
Communications - 6.4%
AT&T Inc
3.400% due 05/15/25		3,000,000		3,134,979
4.350% due 03/01/29		5,175,000		5,723,865
4.850% due 03/01/39		700,000		794,928
Charter Communications Operating LLC
3.750% due 02/15/28		1,500,000		1,540,673
4.200% due 03/15/28		3,150,000		3,319,023
5.050% due 03/30/29		1,500,000		1,679,918
5.125% due 07/01/49		3,000,000		3,208,418
Comcast Corp 4.950% due 10/15/58		3,475,000		4,464,832
CSC Holdings LLC
5.750% due 01/15/30 ~		200,000		209,274
6.500% due 02/01/29 ~		2,025,000		2,254,534
Diamond Sports Group LLC 6.625% due 08/15/27 ~		2,600,000		2,700,230
Discovery Communications LLC 4.125% due 05/15/29		4,175,000		4,401,866
Sprint Capital Corp 8.750% due 03/15/32		1,500,000		1,853,925
Sprint Communications Inc 6.000% due 11/15/22		1,000,000		1,065,000

	Principal Amount		Value
Sprint Corp 7.625% due 02/15/25		$1,340,000		$1,477,350
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		100,000		100,625
Telesat LLC (Canada) 6.500% due 10/15/27 ~		350,000		357,000
The Interpublic Group of Cos Inc 4.650% due 10/01/28		2,000,000		2,243,414
The Walt Disney Co 2.750% due 09/01/49		1,950,000		1,881,399
Verizon Communications Inc 5.250% due 03/16/37		3,500,000		4,356,116
				46,767,369
Consumer, Cyclical - 9.8%
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		736,072		746,856
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,950,000		2,026,412
4.100% due 07/15/29		1,285,289		1,382,093
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,950,000		3,031,592
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		1,061,389		1,130,682
Beazer Homes USA Inc
5.875% due 10/15/27		3,700,000		3,612,125
6.750% due 03/15/25		1,000,000		1,023,750
7.250% due 10/15/29 ~		1,325,000		1,349,844
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,750,000		2,872,703
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		2,475,000		2,536,627
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		3,250,000		2,738,125
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		1,575,000		1,592,719
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,250,000		2,407,500
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		1,275,000		1,329,188
General Motors Financial Co Inc
3.200% due 07/06/21		1,550,000		1,566,292
4.375% due 09/25/21		1,500,000		1,550,110
5.100% due 01/17/24		1,000,000		1,075,910
5.650% due 01/17/29		1,175,000		1,296,749
Golden Nugget Inc
6.750% due 10/15/24 ~		1,725,000		1,772,437
8.750% due 10/01/25 ~		2,150,000		2,246,750
Hyundai Capital America 4.125% due 06/08/23 ~		3,700,000		3,863,357
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		3,500,000		3,583,125
Las Vegas Sands Corp 3.500% due 08/18/26		3,450,000		3,509,834
Lennar Corp 4.750% due 11/29/27		1,875,000		2,020,312
Mattamy Group Corp (Canada)
6.500% due 10/01/25 ~		1,450,000		1,529,750
6.875% due 12/15/23 ~		1,500,000		1,567,500
Michaels Stores Inc 8.000% due 07/15/27 ~		2,660,000		2,673,300
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) 7.500% due 05/10/25 ~		308,582		312,130
Panther BF Aggregator 2 LP
6.250% due 05/15/26 ~		2,200,000		2,321,000
8.500% due 05/15/27 ~		575,000		583,625

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-19

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Scientific Games International Inc 8.250% due 03/15/26 ~		$1,325,000		$1,414,438
Tesla Inc 5.300% due 08/15/25 ~		6,025,000		5,430,031
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		3,000,000		3,281,654
Wynn Resorts Finance LLC 5.125% due 10/01/29 ~		2,650,000		2,781,904
				72,160,424
Consumer, Non-Cyclical - 7.8%
Ahern Rentals Inc 7.375% due 05/15/23 ~		5,475,000		4,687,969
Albertsons Cos Inc 5.875% due 02/15/28 ~		325,000		344,806
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.750% due 01/23/29		3,825,000		4,457,748
5.450% due 01/23/39		500,000		633,670
5.800% due 01/23/59		3,200,000		4,364,859
Anthem Inc 2.875% due 09/15/29		1,950,000		1,932,345
Bacardi Ltd (Bermuda) 4.700% due 05/15/28 ~		3,000,000		3,279,937
BAT Capital Corp (United Kingdom) 3.222% due 08/15/24		2,200,000		2,228,090
Bausch Health Cos Inc 7.000% due 01/15/28 ~		300,000		323,880
Eagle Holding Co II LLC
7.625% Cash or 8.375% PIK due 05/15/22 ~		3,046,000		3,076,460
7.750% Cash or PIK due 05/15/22 ~		725,000		732,250
Global Payments Inc
3.200% due 08/15/29		2,250,000		2,283,673
4.150% due 08/15/49		650,000		684,493
HCA Inc
5.000% due 03/15/24		3,000,000		3,279,456
5.125% due 06/15/39		3,200,000		3,510,567
Jaguar Holding Co II 6.375% due 08/01/23 ~		500,000		518,125
JBS Investments II GmbH
5.750% due 01/15/28 ~		1,000,000		1,043,750
7.000% due 01/15/26 ~		950,000		1,027,415
JBS USA LUX SA 5.750% due 06/15/25 ~		500,000		522,785
Keurig Dr Pepper Inc 4.597% due 05/25/28		3,200,000		3,600,374
Kraft Heinz Foods Co 4.625% due 10/01/39 ~		1,950,000		1,963,634
Pilgrim’s Pride Corp
5.750% due 03/15/25 ~		625,000		648,437
5.875% due 09/30/27 ~		1,550,000		1,670,512
Reynolds American Inc (United Kingdom) 4.450% due 06/12/25		1,500,000		1,601,495
Select Medical Corp 6.250% due 08/15/26 ~		3,150,000		3,299,625
TMS International Holding Corp 7.250% due 08/15/25 ~		5,250,000		4,515,000
Verscend Escrow Corp 9.750% due 08/15/26 ~		950,000		1,015,189
				57,246,544
Energy - 7.3%
Archrock Partners LP 6.875% due 04/01/27 ~		1,325,000		1,412,728
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		2,850,000		2,394,000
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,213,375
5.750% due 01/30/28 ~		750,000		800,625

	Principal Amount		Value
Energy Transfer Operating LP 6.250% due 02/15/23		$3,650,000		$3,390,923
Energy Transfer Partners LP
4.050% due 03/15/25		1,200,000		1,255,961
4.750% due 01/15/26		1,700,000		1,844,453
5.800% due 06/15/38		3,000,000		3,439,845
EnLink Midstream Partners LP 4.400% due 04/01/24		2,500,000		2,417,000
EQM Midstream Partners LP 4.000% due 08/01/24		3,850,000		3,734,483
Global Partners LP 7.000% due 08/01/27 ~		2,275,000		2,348,937
Kinder Morgan Energy Partners LP
4.300% due 05/01/24		5,315,000		5,688,121
5.000% due 08/15/42		1,000,000		1,099,009
Moss Creek Resources Holdings Inc
7.500% due 01/15/26 ~		2,025,000		1,501,031
10.500% due 05/15/27 ~		900,000		733,500
MPLX LP
4.000% due 03/15/28		2,650,000		2,765,579
4.800% due 02/15/29		350,000		387,074
5.250% due 01/15/25 ~		4,825,000		5,094,369
6.875% due 02/15/23		450,000		450,585
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,064,189
Sunoco Logistics Partners Operations LP 4.000% due 10/01/27		1,200,000		1,243,350
Targa Resources Partners LP
5.000% due 01/15/28		650,000		658,970
5.125% due 02/01/25		900,000		930,015
5.375% due 02/01/27		200,000		207,750
5.875% due 04/15/26		1,350,000		1,431,000
6.500% due 07/15/27 ~		500,000		546,795
WPX Energy Inc 5.250% due 10/15/27		1,725,000		1,742,250
				53,795,917
Financial - 17.5%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,887,868
3.950% due 02/01/22		750,000		774,943
4.450% due 10/01/25		2,000,000		2,135,413
Air Lease Corp
3.625% due 04/01/27		1,650,000		1,706,399
3.750% due 06/01/26		3,000,000		3,125,610
4.250% due 09/15/24		1,000,000		1,066,425
4.625% due 10/01/28		1,500,000		1,654,149
Avolon Holdings Funding Ltd (Ireland) 4.375% due 05/01/26 ~		3,200,000		3,312,480
Bank of America Corp
2.756% (USD LIBOR + 0.650%) due 06/25/22 §		3,000,000		3,011,383
3.057% (USD LIBOR + 0.770%) due 02/05/26 §		2,000,000		1,981,339
3.366% due 01/23/26		1,000,000		1,043,269
4.183% due 11/25/27		5,575,000		6,003,067
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		4,118,597
Citigroup Inc
3.236% (USD LIBOR + 0.960%) due 04/25/22 §		3,000,000		3,032,703
3.980% due 03/20/30		3,000,000		3,273,187
4.075% due 04/23/29		3,000,000		3,278,280
4.400% due 06/10/25		2,500,000		2,690,071
4.600% due 03/09/26		575,000		627,964
CNO Financial Group Inc 5.250% due 05/30/29		3,100,000		3,402,250
GLP Capital LP REIT 5.300% due 01/15/29		4,000,000		4,423,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-20

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
HCP Inc REIT 3.250% due 07/15/26		$5,000,000		$5,148,070
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		1,325,000		1,323,730
Iron Mountain Inc REIT 4.875% due 09/15/29 ~		2,300,000		2,340,940
JPMorgan Chase & Co
3.125% due 01/23/25		4,600,000		4,769,509
4.005% due 04/23/29		2,000,000		2,188,713
4.125% due 12/15/26		4,150,000		4,537,139
KeyCorp 2.550% due 10/01/29		4,900,000		4,790,622
Marsh & McLennan Cos Inc 3.875% due 03/15/24		2,500,000		2,666,765
Mid-America Apartments LP REIT 3.950% due 03/15/29		4,175,000		4,560,923
Morgan Stanley
3.407% (USD LIBOR + 1.220%) due 05/08/24 §		2,000,000		2,028,820
3.591% due 07/22/28		4,150,000		4,380,736
3.772% due 01/24/29		2,050,000		2,192,620
5.000% due 11/24/25		3,150,000		3,532,176
Service Properties Trust REIT 4.750% due 10/01/26		4,925,000		4,954,639
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		1,975,000		2,244,571
The Goldman Sachs Group Inc
3.272% due 09/29/25		2,500,000		2,582,125
3.283% (USD LIBOR + 1.000%) due 07/24/23 §		3,000,000		3,014,511
3.500% due 11/16/26		1,100,000		1,145,105
3.625% due 02/20/24		350,000		367,413
3.750% due 02/25/26		2,300,000		2,435,308
The Howard Hughes Corp 5.375% due 03/15/25 ~		3,000,000		3,150,000
UDR Inc REIT 3.000% due 08/15/31		3,450,000		3,460,988
Ventas Realty LP REIT 3.500% due 02/01/25		3,200,000		3,353,282
Wells Fargo & Co 3.750% due 01/24/24		4,150,000		4,397,807
Willis North America Inc 2.950% due 09/15/29		100,000		98,325
				128,214,074
Industrial - 8.7%
Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,044,913
3.550% due 10/01/27		650,000		662,842
Apex Tool Group LLC 9.000% due 02/15/23 ~		2,425,000		2,164,312
ARD Finance SA (Luxembourg) 7.125% Cash or 7.875% PIK due 09/15/23		2,050,000		2,121,750
ARD Securities Finance SARL (Luxembourg) 8.750% Cash or PIK due 01/31/23 ~		1,906,474		1,982,733
Ardagh Packaging Finance PLC (Ireland)
4.125% due 08/15/26 ~		200,000		201,750
5.250% due 08/15/27 ~		200,000		203,000
Brand Industrial Services Inc 8.500% due 07/15/25 ~		2,000,000		1,910,000
Cloud Crane LLC 10.125% due 08/01/24 ~		2,800,000		3,003,000
Flex Acquisition Co Inc 6.875% due 01/15/25 ~		1,300,000		1,192,230
GFL Environmental Inc (Canada) 7.000% due 06/01/26 ~		2,325,000		2,452,875

	Principal Amount		Value
Masco Corp
3.500% due 04/01/21		$1,075,000		$1,090,033
7.750% due 08/01/29		4,110,000		5,269,983
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,100,000		1,138,280
7.250% due 04/15/25 ~		4,400,000		4,175,820
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		3,943,000		4,071,147
Penske Truck Leasing Co LP
3.350% due 11/01/29 ~		4,925,000		4,908,658
3.450% due 07/01/24 ~		2,950,000		3,069,619
Standard Industries Inc
4.750% due 01/15/28 ~		2,768,000		2,871,551
5.000% due 02/15/27 ~		1,500,000		1,556,700
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,191,300
TransDigm Inc 6.500% due 07/15/24		1,175,000		1,216,125
TransDigm UK Holdings PLC 6.875% due 05/15/26		3,500,000		3,771,250
United Parcel Service Inc 3.400% due 09/01/49		2,125,000		2,166,294
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,462,384
Zekelman Industries Inc 9.875% due 06/15/23 ~		1,115,000		1,175,628
				64,074,177
Technology - 3.4%
Apple Inc 2.950% due 09/11/49		3,925,000		3,853,761
Broadcom Inc 4.250% due 04/15/26 ~		5,175,000		5,350,687
Dell International LLC
4.000% due 07/15/24 ~		3,000,000		3,139,999
4.900% due 10/01/26 ~		1,700,000		1,822,590
International Business Machines Corp 3.000% due 05/15/24		5,000,000		5,177,389
NXP BV (Netherlands)
3.875% due 06/18/26 ~		650,000		684,506
4.300% due 06/18/29 ~		4,175,000		4,474,243
				24,503,175
Utilities - 1.2%
DPL Inc 4.350% due 04/15/29 ~		3,000,000		2,967,400
MidAmerican Energy Co 4.250% due 07/15/49		3,475,000		4,191,494
Vistra Operations Co LLC
4.300% due 07/15/29 ~		1,000,000		1,027,450
5.000% due 07/31/27 ~		575,000		593,504
				8,779,848
Total Corporate Bonds & Notes (Cost $453,262,978)				469,400,790
SENIOR LOAN NOTES - 22.3%
Basic Materials - 0.7%
Aleris International Inc 6.794% (USD LIBOR + 4.750%) due 02/27/23 §		4,952,462		4,964,843
Communications - 3.0%
Charter Communications Operating LLC Term B 4.050% (USD LIBOR + 2.000%) due 04/30/25 §		2,481,061		2,498,681
Clear Channel Outdoor Holdings Inc Term B 5.544% (USD LIBOR + 3.500%) due 08/23/26 §		2,250,000		2,259,644

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-21

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
CSC Holdings LLC 4.278% (USD LIBOR + 2.250%) due 07/17/25 §		$641,484		$641,802
Term B-2 4.528% (USD LIBOR + 2.500%) due 01/25/26 §		3,950,000		3,961,092
Term B-4 5.028% (USD LIBOR + 3.000%) due 04/15/27 §		374,063		375,182
Sprint Communications Inc Term B
4.563% (USD LIBOR + 2.500%) due 02/03/24 §		2,442,399		2,427,745
5.063% (USD LIBOR + 3.000%) due 02/03/24 §		1,861,870		1,860,692
Uber Technologies Inc Term B 6.028% (USD LIBOR + 4.000%) due 04/04/25 §		1,984,925		1,978,100
Zayo Group LLC Term B-2 4.294% (USD LIBOR + 2.250%) due 01/19/24 § ¥		6,500,000		6,521,665
				22,524,603
Consumer, Cyclical - 5.4%
American Builders & Contractors Supply Co Inc Term B-2 4.044% (USD LIBOR + 2.000%) due 10/31/23 §		4,850,128		4,853,460
Bass Pro Group LLC Term B 7.044% (USD LIBOR + 5.000%) due 09/25/24 §		3,472,158		3,351,174
BJ’s Wholesale Club Inc Term B 4.786% (USD LIBOR + 3.000%) due 02/03/24 §		3,842,796		3,858,298
Burger King Term B (Canada) 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		6,048,207		6,075,273
Caesars Resort Collection LLC Term B 4.794% (USD LIBOR + 2.750%) due 12/22/24 §		6,401,136		6,367,415
ClubCorp Holdings Inc Term B 4.854% (USD LIBOR + 2.750%) due 09/18/24 §		3,427,438		3,064,987
Golden Nugget LLC Term B 4.800% (USD LIBOR + 2.750%) due 10/04/23 §		372,978		372,823
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		4,781,443		4,784,403
SRS Distribution Inc Term B 5.294% (USD LIBOR + 3.250%) due 05/24/25 §		2,970,000		2,897,235
Tacala Investment Corp Term B 5.044% (USD LIBOR + 3.250%) due 02/01/25 §		3,949,949		3,908,771
				39,533,839
Consumer, Non-Cyclical - 2.3%
Albertson’s LLC Term B-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 §		2,907,895		2,929,477
Allied Universal Holdco LLC 6.507% (USD LIBOR + 4.250%) due 07/12/26 §		1,364,865		1,368,561
Bausch Health Americas Inc Term B
4.789% (USD LIBOR + 2.750%) due 11/27/25 §		1,842,105		1,847,862
5.039% (USD LIBOR + 3.000%) due 06/01/25 § ¥		6,851,418		6,886,901
Jaguar Holding Co II due 08/18/22 ¥		870,455		872,304

	Principal Amount		Value
Sunshine Luxembourg VII Sarl Term B (Luxembourg) due 10/02/26 ¥		$2,750,000		$2,765,040
				16,670,145
Financial - 1.2%
HUB International Ltd Term B 5.267% (USD LIBOR + 3.000%) due 04/25/25 §		4,816,861		4,770,195
USI Inc Term B 5.104% (USD LIBOR + 3.000%) due 05/16/24 §		3,920,000		3,857,935
				8,628,130
Industrial - 8.6%
Advanced Disposal Services Inc Term B 4.197% (USD LIBOR + 2.250%) due 11/10/23 §		5,806,195		5,828,694
Brand Industrial Services Inc 6.514% (USD LIBOR + 4.250%) due 06/21/24 §		3,919,799		3,836,504
Cornerstone Building Brands Inc Term B 5.789% (USD LIBOR + 3.750%) due 04/12/25 §		4,339,851		4,254,864
Crosby US Acquisition Corp Term B 6.796% (USD LIBOR + 4.750%) due 06/27/26 §		2,992,500		2,932,650
Dynasty Acquisition Co Inc 6.104% (USD LIBOR + 4.000%) due 04/08/26 §		3,170,455		3,190,270
EWT Holdings III Corp 5.044% (USD LIBOR + 3.000%) due 12/20/24 §		2,763,158		2,776,974
Filtration Group Corp Term B 5.044% (USD LIBOR + 3.000%) due 03/29/25 §		3,231,128		3,242,909
Flex Acquisition Co Inc
5.319% (USD LIBOR + 3.000%) due 12/29/23 §		1,911,222		1,841,598
Term B 5.569% (USD LIBOR + 3.250%) due 06/29/25 §		978,518		944,270
GFL Environmental Inc Term B (Canada) 5.044% (USD LIBOR + 2.750%) due 05/31/25 § ¥		5,095,542		5,057,325
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 6.294% (USD LIBOR + 4.250%) due 06/30/22 §		2,940,000		2,562,701
Mauser Packaging Solutions Holding Co Term B 5.590% (USD LIBOR + 3.250%) due 04/03/24 §		3,180,550		3,120,253
North American Lifting Holdings Inc
6.604% (USD LIBOR + 4.500%) due 11/27/20 §		2,467,316		2,283,037
(2nd Lien) 11.104% (USD LIBOR + 9.000%) due 11/27/21 §		2,000,000		1,460,000
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 § ¥		8,816,894		8,840,999
StandardAero (Canada) 6.104% (USD LIBOR + 4.000%) due 04/04/26 §		1,704,545		1,715,199
Titan Acquisition Ltd Term B (Canada) 5.044% (USD LIBOR + 3.000%) due 03/28/25 §		2,962,406		2,843,910

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-22

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
TransDigm Inc
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 §		$967,574		$967,045
Term G 4.544% (USD LIBOR + 2.500%) due 08/22/24 § ¥		5,317,987		5,306,351
				63,005,553
Technology - 1.1%
Vertafore Inc (2nd Lien) 9.294% (USD LIBOR + 7.250%) due 07/02/26 §		1,000,000		986,875
Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 §		2,481,250		2,417,514
Tempo Acquisition LLC Term B due 05/01/24 ¥		5,000,000		5,021,250
				8,425,639
Total Senior Loan Notes (Cost $165,291,361)				163,752,752
ASSET-BACKED SECURITIES - 3.3%
Apidos CLO XXX ‘A2’ (Cayman) 3.900% (USD LIBOR + 1.600%) due 10/18/31 § ~		2,400,000		2,377,603
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.403% (USD LIBOR + 1.100%) due 10/15/31 § ~		700,000		696,157
CIFC Funding 2015-III Ltd ‘AR’ (Cayman) 3.953% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,100,000		1,056,867
Dryden 43 Senior Loan Fund (Cayman) 4.028% (USD LIBOR + 1.750%) due 07/20/29 § ~		1,200,000		1,201,594
Dryden 55 CLO Ltd (Cayman) 4.203% (USD LIBOR + 1.900%) due 04/15/31 § ~		250,000		241,619
Dryden 58 CLO Ltd (Cayman)
3.803% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,500,000		1,478,777
4.103% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,500,000		1,444,481
Dryden 61 CLO Ltd (Cayman)
3.953% (USD LIBOR + 1.650%) due 01/17/32 § ~		1,500,000		1,489,493
4.353% (USD LIBOR + 2.050%) due 01/17/32 § ~		1,500,000		1,465,297
Dryden 64 CLO Ltd (Cayman) 3.700% (USD LIBOR + 1.400%) due 04/18/31 § ~		2,600,000		2,545,370
Madison Park Funding Ltd (Cayman)
4.050% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,650,000		2,643,235
3.903% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,000,000		1,986,218
4.153% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,000,000		967,171
Palmer Square Loan Funding Ltd (Cayman) due 10/24/27 § # ~ ±		2,250,000		2,250,000
Regatta XIII Funding Ltd ‘D’ (Cayman) 8.253% (USD LIBOR + 5.950%) due 07/15/31 § ~		2,500,000		2,308,679
Total Asset-Backed Securities (Cost $24,600,000)				24,152,561

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 0.9%
Mexico Government (Mexico)
3.750% due 01/11/28		$2,750,000		$2,837,313
4.500% due 04/22/29		700,000		761,432
4.600% due 02/10/48		3,000,000		3,213,780
Total Foreign Government Bonds & Notes (Cost $6,427,037)				6,812,525
	Shares
SHORT-TERM INVESTMENT - 10.1%
Money Market Fund - 10.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		74,173,427		74,173,427
Total Short-Term Investment (Cost $74,173,427)				74,173,427
TOTAL INVESTMENTS - 102.0% (Cost $733,551,527)				748,255,187
OTHER ASSETS & LIABILITIES, NET - (2.0%)				(14,362,476	)
NET ASSETS - 100.0%				$733,892,711

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	64.0%
Senior Loan Notes	22.3%
Short-Term Investment	10.1%
Asset-Backed Securities	3.3%
Others (each less than 3.0%)	2.3%
	102.0%
Other Assets & Liabilities, Net	(2.0%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Allied Universal Holdco LLC		$135,135		$135,501		$366
CSC Holdings LLC		1,500,000		1,504,688		4,688
		$1,635,135		$1,640,189		$5,054

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-23

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$9,963,132		$9,963,132		$—		$—
	Corporate Bonds & Notes		469,400,790		—		469,400,790		—
	Senior Loan Notes		163,752,752		—		163,752,752		—
	Asset-Backed Securities		24,152,561		—		21,902,561		2,250,000
	Foreign Government Bonds & Notes		6,812,525		—		6,812,525		—
	Short-Term Investment		74,173,427		74,173,427		—		—
	Unfunded Loan Commitments		1,640,189		—		1,640,189		—
	Total		$749,895,376		$84,136,559		$663,508,817		$2,250,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-24

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Communications - 0.0%
iHeartMedia Inc Exercise @ $14.70 Exp 05/01/39		1,038		$15,246
Total Warrants (Cost $20,207)				15,246
COMMON STOCKS - 0.0%
Communications - 0.0%
iHeartMedia Inc ‘B’ * ±		11		146
Total Common Stocks (Cost $214)				146
EXCHANGE-TRADED FUND - 1.4%
Invesco Senior Loan		1,003,975		22,679,795
Total Exchange-Traded Fund (Cost $22,833,742)				22,679,795
	Principal Amount
CORPORATE BONDS & NOTES - 5.0%
Communications - 1.3%
CSC Holdings LLC 5.125% due 12/15/21 ~		$9,918,000		9,932,381
Sprint Communications Inc 7.000% due 08/15/20		10,000,000		10,347,100
				20,279,481
Consumer, Cyclical - 0.4%
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		6,500,000		6,370,000
Consumer, Non-Cyclical - 0.4%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,404,000		5,483,425
Industrial - 2.9%
GFL Environmental Inc (Canada)
5.375% due 03/01/23 ~		250,000		254,325
5.625% due 05/01/22 ~		7,336,000		7,537,740
Reynolds Group Issuer Inc
5.486% (USD LIBOR + 3.500%) due 07/15/21 § ~		20,750,000		20,827,812
5.750% due 10/15/20		6,567,643		6,589,645
TransDigm Inc
6.000% due 07/15/22		5,500,000		5,596,250
6.250% due 03/15/26 ~		5,000,000		5,381,250
				46,187,022
Total Corporate Bonds & Notes (Cost $78,367,499)				78,319,928
SENIOR LOAN NOTES - 90.9%
Basic Materials - 2.1%
Aleris International Inc 6.794% (USD LIBOR + 4.750%) due 02/27/23 §		10,862,500		10,889,656

	Principal Amount		Value
Messer Industries USA Inc Term B 4.604% (USD LIBOR + 2.500%) due 03/01/26 §		$10,465,380		$10,453,387
PQ Corp Term B 4.756% (USD LIBOR + 2.500%) due 02/08/25 §		7,932,625		7,956,708
Starfruit US Holdco LLC Term B (Netherlands) 5.292% (USD LIBOR + 3.250%) due 10/01/25 §		3,517,350		3,452,497
				32,752,248
Communications - 10.4%
Ancestry.com Operations Inc Term B 6.300% (USD LIBOR + 4.250%) due 08/27/26 §		7,106,089		7,067,595
Charter Communications Operating LLC Term B 4.050% (USD LIBOR + 2.000%) due 04/30/25 § ¥		7,964,620		8,021,185
Clear Channel Outdoor Holdings Inc Term B 5.544% (USD LIBOR + 3.500%) due 08/21/26 §		14,500,000		14,562,147
CommScope Inc Term B-2 5.294% (USD LIBOR + 3.250%) due 04/04/26 §		6,275,000		6,264,489
CSC Holdings LLC Term B-4 5.028% (USD LIBOR + 3.000%) due 04/15/27 § ¥		17,518,000		17,570,466
Diamond Sports Group LLC Term B 5.300% (USD LIBOR + 3.250%) due 08/24/26 §		5,125,000		5,159,435
JD Power & Associates 5.794% (USD LIBOR + 3.750%) due 09/07/23 §		11,719,826		11,749,126
MTN Infrastructure TopCo Inc Term B 5.044% (USD LIBOR + 3.000%) due 11/17/24 §		3,410,303		3,380,463
NEP Group Inc
(2nd Lien) 9.044% (USD LIBOR + 7.000%) due 10/19/26 §		4,200,000		4,116,000
Term B 5.294% (USD LIBOR + 3.250%) due 10/20/25 §		9,778,372		9,622,524
SBA Senior Finance II LLC Term B 4.050% (USD LIBOR + 2.000%) due 04/11/25 § ¥		10,056,197		10,074,268
Sprint Communications Inc Term B 4.563% (USD LIBOR + 2.500%) due 02/03/24 §		12,530,066		12,454,886
5.063% (USD LIBOR + 3.000%) due 02/03/24 §		8,346,520		8,341,237
Uber Technologies Inc Term B 6.028% (USD LIBOR + 4.000%) due 04/04/25 §		10,931,929		10,894,345
Zayo Group LLC
Term B-1 4.044% (USD LIBOR + 2.000%) due 01/19/21 §		3,133,702		3,143,495
Term B-2 4.294% (USD LIBOR + 2.250%) due 01/19/24 § ¥		32,250,000		32,357,489
				164,779,150
Consumer, Cyclical - 15.4%
American Builders & Contractors Supply Co Inc Term B-2 4.044% (USD LIBOR + 2.000%) due 10/31/23 § ¥		26,098,252		26,116,182
Bass Pro Group LLC Term B 7.044% (USD LIBOR + 5.000%) due 09/25/24 §		2,733,864		2,638,605

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-25

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Beacon Roofing Supply Inc Term B due 01/02/25 § ¥		$5,924,661		$5,918,938
BJ’s Wholesale Club Inc Term B 4.786% (USD LIBOR + 3.000%) due 02/03/24 §		14,799,135		14,858,835
Burger King Term B (Canada) 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		15,393,441		15,462,327
Caesars Resort Collection LLC Term B 4.794% (USD LIBOR + 2.750%) due 12/22/24 §		19,101,285		19,000,660
ClubCorp Holdings Inc Term B 4.854% (USD LIBOR + 2.750%) due 09/18/24 §		4,897,919		4,379,964
Curium Bidco Sarl Term B (Luxembourg) 6.100% (USD LIBOR + 4.000%) due 07/11/26 § ¥		5,375,000		5,401,875
EG America LLC (2nd Lien) (United Kingdom) 10.104% (USD LIBOR + 8.000%) due 04/20/26 §		6,036,121		5,979,532
Flynn Restaurant Group LP (2nd Lien) 11.000% (USD LIBOR + 7.000%) due 06/29/26 §		10,635,000		10,209,600
Golden Nugget LLC Term B 4.800% (USD LIBOR + 2.750%) due 10/04/23 §		6,902,724		6,899,846
K-MAC Holdings Corp (2nd Lien) 8.794% (USD LIBOR + 6.750%) due 03/16/26 §		6,250,000		6,234,375
NPC International Inc
5.544% (USD LIBOR + 3.500%) due 04/20/24 §		8,231,267		5,340,035
(2nd Lien) 9.544% (USD LIBOR + 7.500%) due 04/18/25 §		11,582,389		3,551,937
Panther BF Aggregator 2 LP Term B 5.544% (USD LIBOR + 3.500%) due 04/30/26 §		7,400,000		7,359,914
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		16,255,955		16,266,017
SMG US Midco 2 Inc 5.044% (USD LIBOR + 3.250%) due 01/23/25 §		6,886,397		6,864,877
(2nd Lien) 9.044% (USD LIBOR + 7.000%) due 01/23/26 §		18,290,000		18,564,350
Spin Holdco Inc Term B 5.572% (USD LIBOR + 3.250%) due 11/14/22 §		14,887,764		14,638,855
SRS Distribution Inc Term B 5.294% (USD LIBOR + 3.250%) due 05/24/25 § ¥		18,844,932		18,383,231
Tacala Investment Corp (2nd Lien) 9.044% (USD LIBOR + 7.000%) due 02/01/26 §		4,550,000		4,515,875
Univar USA Inc
Term B-3 4.294% (USD LIBOR + 2.500%) due 07/01/24 §		7,624,764		7,656,757
Term B-4 4.544% (USD LIBOR + 2.500%) due 07/01/24 §		4,492,366		4,514,828
Whatabrands LLC Term B 5.516% (USD LIBOR + 3.250%) due 08/02/26 §		12,000,000		12,069,648
				242,827,063

	Principal Amount		Value
Consumer, Non-Cyclical - 22.9%
Albertson’s LLC
Term B-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 §		$5,905,294		$5,949,124
Term B-8 4.794% (USD LIBOR + 2.750%) due 08/17/26 §		782,453		788,175
Aldevron LLC Term B due 09/20/26 ¥		6,500,000		6,532,500
AlixPartners LLP Term B 4.794% (USD LIBOR + 2.750%) due 04/04/24 §		15,959,988		15,998,467
Allied Universal Holdco LLC 6.507% (USD LIBOR + 4.250%) due 07/12/26 § ¥		15,449,346		15,491,183
Arterra Wines Canada Inc Term B-1 (Canada) 4.914% (USD LIBOR + 2.750%) due 12/15/23 §		7,984,128		7,989,118
Avantor Funding Inc Term B-2 5.044% (USD LIBOR + 3.000%) due 11/21/24 §		12,381,110		12,481,707
AVSC Holding Corp Term B due 09/27/26 ¥		6,750,000		6,631,875
Bausch Health Americas Inc Term B 4.789% (USD LIBOR + 2.750%) due 11/27/25 §		3,488,924		3,499,827
5.039% (USD LIBOR + 3.000%) due 06/01/25 § ¥		22,554,255		22,671,063
CHG PPC Parent LLC Term B 4.794% (USD LIBOR + 2.750%) due 03/30/25 §		11,355,422		11,369,616
Garda World Security Corp Term B (Canada) 5.637% (USD LIBOR + 3.500%) due 05/26/24 § ¥		36,937,547		36,997,571
Heartland Dental LLC 5.794% (USD LIBOR + 3.750%) due 04/30/25 §		12,564,556		12,327,011
H-Food Holdings LLC Term B-2 6.044% (USD LIBOR + 4.000%) due 05/31/25 §		10,235,478		9,749,293
Jaguar Holding Co II 4.544% (USD LIBOR + 2.500%) due 08/18/22 § ¥		20,728,087		20,772,134
Kinetic Concepts Inc Term B 5.000% (USD LIBOR + 3.250%) due 02/03/24 §		24,188,138		24,275,070
Mister Car Wash Holdings Inc 5.658% (USD LIBOR + 3.500%) due 05/14/26 §		6,602,500		6,605,597
NVA Holdings Inc
Term B 5.544% (USD LIBOR + 3.500%) due 02/02/25 §		498,750		499,373
Term B-3 4.794% (USD LIBOR + 2.750%) due 02/02/25 § ¥		33,378,526		33,412,438
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 5.563% (USD LIBOR + 3.250%) due 06/01/25 §		2,868,909		2,782,841
PetVet Care Centers LLC 3.886% (USD LIBOR + 2.750%) due 02/14/25 §		1,190,462		1,181,534
4.794% (USD LIBOR + 2.750%) due 02/14/25 §		5,284,660		5,245,025

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-26

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
(2nd Lien) 8.294% (USD LIBOR + 6.250%) due 02/15/26 §		$7,000,000		$6,860,000
Term B 5.362% (USD LIBOR + 3.250%) due 02/14/25 §		515,470		511,604
PSC Industrial Outsourcing LP (2nd Lien) 10.528% (USD LIBOR + 8.500%) due 10/05/25 §		5,000,000		4,825,000
Refinitiv US Holdings Inc Term B 5.794% (USD LIBOR + 3.750%) due 10/01/25 §		31,296,168		31,504,006
RegionalCare Hospital Partners Holdings Inc 6.554% (USD LIBOR + 4.500%) due 11/16/25 §		8,818,288		8,836,198
Sunshine Luxembourg VII Sarl Term B (Luxembourg) due 10/02/26 § ¥		6,625,000		6,661,232
VetCor Professional Practices LLC 5.044% (USD LIBOR + 3.000%) due 07/02/25 §		15,306,250		15,000,125
Wand NewCo 3 Inc Term B 5.542% (USD LIBOR + 3.500%) due 02/05/26 §		23,808,570		23,953,659
				361,402,366
Energy - 0.1%
Prairie ECI Acquiror LP 6.854% (USD LIBOR + 4.750%) due 03/11/26 §		2,267,398		2,227,718
Financial - 6.8%
AG Merger Sub II Inc Term B 7.044% (USD LIBOR + 5.000%) due 08/01/26 §		6,350,000		6,230,937
Alliant Holdings Intermediate LLC Term B 5.054% (USD LIBOR + 3.000%) due 05/10/25 §		6,892,373		6,781,089
5.289% (USD LIBOR + 3.250%) due 05/10/25 §		7,980,000		7,932,615
AssuredPartners Inc Term B 5.544% (USD LIBOR + 3.250%) due 10/22/24 § ¥		20,178,032		20,119,172
BCPE Rover Merger Sub Inc (2nd Lien) 10.294% (USD LIBOR + 8.250%) due 11/28/26 §		1,750,000		1,615,833
Blackstone Mortgage Trust Inc Term B 4.544% (USD LIBOR + 2.500%) due 04/23/26 §		3,192,000		3,209,917
Deerfield Dakota Holding LLC 6.044% (USD LIBOR + 4.000%) due 02/13/25 §		870,625		871,713
Term B 5.294% (USD LIBOR + 3.250%) due 02/13/25 §		9,698,564		9,540,962
DTZ US Borrower LLC Term B 5.294% (USD LIBOR + 3.250%) due 08/21/25 §		10,532,777		10,578,805
HUB International Ltd Term B 5.267% (USD LIBOR + 3.000%) due 04/25/25 §		16,158,659		16,002,114
NFP Corp Term B 5.044% (USD LIBOR + 3.000%) due 01/08/24 §		10,458,483		10,292,455
USI Inc Term B 5.104% (USD LIBOR + 3.000%) due 05/16/24 § ¥		14,067,352		13,844,623
				107,020,235

	Principal Amount		Value
Industrial - 20.9%
Advanced Disposal Services Inc Term B 4.197% (USD LIBOR + 2.250%) due 11/10/23 §		$40,516,750		$40,673,751
API Group DE Inc Term B due 10/01/26 ¥		3,750,000		3,768,750
Berry Global Inc Term Q 4.299% (USD LIBOR + 2.000%) due 10/01/22 §		22,469,974		22,595,289
Cornerstone Building Brands Inc Term B 5.789% (USD LIBOR + 3.750%) due 04/12/25 §		5,547,301		5,438,668
DiversiTech Holdings Inc Term B 5.104% (USD LIBOR + 3.000%) due 06/01/24 §		6,568,457		6,445,298
Dynasty Acquisition Co Inc 6.104% (USD LIBOR + 4.000%) due 04/08/26 §		16,961,782		17,067,793
Engineered Machinery Holdings Inc 5.354% (USD LIBOR + 3.250%) due 07/19/24 § ¥		5,725,331		5,629,907
6.354% (USD LIBOR + 4.250%) due 07/19/24 §		3,225,625		3,221,593
EWT Holdings III Corp 5.044% (USD LIBOR + 3.000%) due 12/20/24 § ¥		14,739,396		14,813,093
Filtration Group Corp Term B 5.044% (USD LIBOR + 3.000%) due 03/29/25 §		22,455,713		22,537,587
Flex Acquisition Co Inc Term B 5.569% (USD LIBOR + 3.250%) due 06/29/25 §		6,176,909		5,960,718
Gates Global LLC Term B-2 4.794% (USD LIBOR + 3.000%) due 03/31/24 §		9,540,829		9,421,569
GFL Environmental Inc Term B (Canada) 5.044% (USD LIBOR + 2.750%) due 05/31/25 §		22,150,590		21,984,460
Milacron LLC Term B 4.544% (USD LIBOR + 2.750%) due 09/28/23 §		28,892,868		28,928,261
Pregis TopCo Corp Term B 6.253% (USD LIBOR + 4.000%) due 08/01/26 §		2,250,000		2,247,188
Pro Mach Group Inc Term B 4.807% (USD LIBOR + 3.000%) due 03/07/25 §		5,743,254		5,601,108
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		26,778,378		26,851,591
StandardAero (Canada) 6.104% (USD LIBOR + 4.000%) due 04/04/26 §		9,119,238		9,176,233
Tailwind Smith Cooper Intermediate Corp (2nd Lien) 11.050% (USD LIBOR + 9.000%) due 05/28/27 §		2,200,000		2,073,500
The Hillman Group Inc Term B 6.044% (USD LIBOR + 3.500%) due 05/31/25 § ¥		12,931,552		12,567,852
Transcendia Holdings Inc Term B 5.544% (USD LIBOR + 3.500%) due 05/30/24 §		4,099,603		3,505,160
TransDigm Inc
Term E 4.544% (USD LIBOR + 2.500%) due 05/30/25 §		6,880,113		6,864,523

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-27

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 §		$8,134,109		$8,129,660
Term G 4.544% (USD LIBOR + 2.500%) due 08/22/24 §		15,887,569		15,852,807
Wesco Aircraft Hardware Corp Term A due 10/04/21 ¥		13,595,576		13,595,576
WP CPP Holdings LLC Term B 6.010% (USD LIBOR + 3.750%) due 04/30/25 §		14,159,109		14,198,925
				329,150,860
Technology - 11.8%
Applied Systems Inc
(2nd Lien) 9.104% (USD LIBOR + 7.000%) due 09/19/25 §		16,389,070		16,624,663
Term B 5.104% (USD LIBOR + 3.250%) due 09/19/24 § ¥		10,536,874		10,535,936
CCC Information Services Inc (2nd Lien) 8.794% (USD LIBOR + 6.750%) due 04/27/25 § ¥		6,155,000		6,219,117
Epicor Software Corp Term B 5.300% (USD LIBOR + 3.250%) due 06/01/22 § ¥		23,196,783		23,228,192
Kronos Inc (2nd Lien) 10.503% (USD LIBOR + 8.250%) due 11/01/24 § ¥		11,285,000		11,496,594
Sophia LP Term B 5.354% (USD LIBOR + 3.250%) due 09/30/22 §		23,935,867		23,968,276
SS&C European Holdings SARL Term B-4 4.294% (USD LIBOR + 2.500%) due 04/16/25 §		4,406,081		4,429,949
SS&C Technologies Inc Term B-3 4.294% (USD LIBOR + 2.500%) due 04/16/25 §		6,645,999		6,682,000
Tempo Acquisition LLC Term B 5.044% (USD LIBOR + 3.000%) due 05/01/24 §		21,559,230		21,650,856
The Dun & Bradstreet Corp Term B 7.054% (USD LIBOR + 5.000%) due 02/08/26 §		20,770,000		20,932,255
The Ultimate Software Group Inc 5.794% (USD LIBOR + 3.750%) due 05/03/26 § ¥		18,050,000		18,165,069
Vertafore Inc (2nd Lien) 9.294% (USD LIBOR + 7.250%) due 07/02/26 §		15,650,000		15,444,594
Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 §		7,779,911		7,580,068
				186,957,569
Utilities - 0.5%
Pike Corp Term B 5.300% (USD LIBOR + 3.250%) due 07/24/26 §		2,199,265		2,210,261
Vistra Operations Co LLC Term B-1 4.044% (USD LIBOR + 2.000%) due 08/04/23 §		6,171,072		6,200,644
				8,410,905
Total Senior Loan Notes (Cost $1,445,821,239)				1,435,528,114

	Shares		Value
SHORT-TERM INVESTMENT - 3.9%
Money Market Fund - 3.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		60,996,906		$60,996,906
Total Short-Term Investment (Cost $60,996,906)				60,996,906
TOTAL INVESTMENTS - 101.2% (Cost $1,608,039,807)				1,597,540,135
OTHER ASSETS & LIABILITIES, NET - (1.2%)				(18,219,204	)
NET ASSETS - 100.0%				$1,579,320,931

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	23.8%
Consumer, Non-Cyclical	23.3%
Consumer, Cyclical	15.8%
Technology	11.8%
Communications	11.7%
Financial	6.8%
Short-Term Investment	3.9%
Others (each less than 3.0%)	4.1%
	101.2%
Other Assets & Liabilities, Net	(1.2%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Allied Universal Holdco LLC		$1,529,638		$1,533,780		$4,142
CSC Holdings LLC		6,000,000		6,018,750		18,750
Heartland Dental LLC		282,609		277,266		(5,343	)
Mister Car Wash Holdings Inc		330,985		331,108		123
PetVet Care Centers LLC		371,515		371,545		30
		$8,514,747		$8,532,449		$17,702

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-28

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$15,246		$—		$15,246		$—
	Common Stocks		146		—		—		146
	Exchange-Traded Fund		22,679,795		22,679,795		—		—
	Corporate Bonds & Notes		78,319,928		—		78,319,928		—
	Senior Loan Notes		1,435,528,114		—		1,435,528,114		—
	Short-Term Investment		60,996,906		60,996,906		—		—
	Unfunded Loan Commitments		8,532,449		—		8,532,449		—
	Total		$1,606,072,584		$83,676,701		$1,522,395,737		$146

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-29

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.1%
Basic Materials - 0.2%
Constellium SE *		11,516		$146,368
Hexion Holdings Corp ‘B’ *		11,203		126,034
				272,402
Consumer, Cyclical - 0.2%
Cedar Fair LP		2,660		155,238
Party City Holdco Inc *		9,344		53,354
				208,592
Energy - 0.3%
Chevron Corp		804		95,355
Diamondback Energy Inc		903		81,189
Exxon Mobil Corp		1,235		87,203
Pioneer Natural Resources Co		581		73,072
				336,819
Financial - 0.3%
Citigroup Inc		1,430		98,784
Outfront Media Inc REIT		4,360		121,121
The Goldman Sachs Group Inc		486		100,714
				320,619
Industrial - 0.1%
Evoqua Water Technologies Corp *		5,617		95,601
Xylem Inc		976		77,709
				173,310
Total Common Stocks (Cost $1,389,416)				1,311,742
	Principal Amount
CORPORATE BONDS & NOTES - 81.2%
Basic Materials - 2.9%
Alcoa Nederland Holding BV 7.000% due 09/30/26 ~		$ 400,000		436,012
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		1,125,000		1,157,203
Constellium SE 6.625% due 03/01/25 ~		350,000		365,750
Hecla Mining Co 6.875% due 05/01/21		400,000		398,000
Hexion Inc 7.875% due 07/15/27 ~		275,000		272,937
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		502,312
Olin Corp 5.000% due 02/01/30		400,000		402,140
				3,534,354
Communications - 13.8%
Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		125,000		133,124
Altice France SA (France) 7.375% due 05/01/26 ~		450,000		484,182
CCO Holdings LLC 5.000% due 02/01/28 ~		936,000		969,930
Clear Channel Worldwide Holdings Inc
5.125% due 08/15/27 ~		125,000		130,544
9.250% due 02/15/24 ~		340,000		374,394
CommScope Inc
6.000% due 03/01/26 ~		400,000		415,920
8.250% due 03/01/27 ~		300,000		293,156

	Principal Amount		Value
CSC Holdings LLC
6.500% due 02/01/29 ~		$1,050,000		$1,169,017
6.625% due 10/15/25 ~		1,350,000		1,448,280
Diamond Sports Group LLC 6.625% due 08/15/27 ~		1,200,000		1,246,260
Frontier Communications Corp
8.000% due 04/01/27 ~		100,000		105,719
8.500% due 04/01/26 ~		25,000		25,060
11.000% due 09/15/25		300,000		137,062
Intelsat Jackson Holdings SA (Luxembourg)
8.000% due 02/15/24 ~		75,000		78,094
8.500% due 10/15/24 ~		425,000		429,118
9.750% due 07/15/25 ~		150,000		157,425
Level 3 Financing Inc 5.250% due 03/15/26		1,925,000		2,006,524
Nexstar Escrow Inc 5.625% due 07/15/27 ~		550,000		577,500
Outfront Media Capital LLC 5.000% due 08/15/27 ~		525,000		552,562
Radiate Holdco LLC 6.875% due 02/15/23 ~		425,000		439,344
Sirius XM Radio Inc
4.625% due 07/15/24 ~		50,000		51,966
5.500% due 07/01/29 ~		775,000		829,250
Sprint Capital Corp 8.750% due 03/15/32		400,000		494,380
Sprint Corp
7.625% due 02/15/25		975,000		1,074,937
7.625% due 03/01/26		475,000		525,469
7.875% due 09/15/23		1,400,000		1,541,344
Telesat LLC (Canada) 6.500% due 10/15/27 ~		50,000		51,000
Townsquare Media Inc 6.500% due 04/01/23 ~		175,000		175,219
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		950,000		998,972
				16,915,752
Consumer, Cyclical - 16.9%
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		123,829		131,913
American Axle & Manufacturing Inc
6.250% due 04/01/25		450,000		437,062
6.500% due 04/01/27		75,000		71,625
Beazer Homes USA Inc 5.875% due 10/15/27		1,450,000		1,415,562
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		1,225,000		1,255,502
CCM Merger Inc 6.000% due 03/15/22 ~		425,000		436,687
Cedar Fair LP
5.375% due 06/01/24		500,000		515,625
5.375% due 04/15/27		500,000		537,650
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		1,375,000		1,158,437
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		250,000		252,812
Core & Main LP 6.125% due 08/15/25 ~		625,000		626,562
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		600,000		642,000
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		500,000		521,250
Golden Nugget Inc
6.750% due 10/15/24 ~		1,025,000		1,053,187
8.750% due 10/01/25 ~		725,000		757,625
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		875,000		934,062

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-30

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		$900,000		$963,000
Lennar Corp 4.750% due 05/30/25		600,000		643,500
Marriott Ownership Resorts Inc 4.750% due 01/15/28 ~		275,000		278,437
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		550,000		580,250
Mattel Inc
3.150% due 03/15/23		125,000		118,750
6.750% due 12/31/25 ~		500,000		522,970
Merlin Entertainments PLC (United Kingdom) 5.750% due 06/15/26 ~		775,000		804,547
Michaels Stores Inc 8.000% due 07/15/27 ~		565,000		567,825
New Red Finance Inc (Canada)
3.875% due 01/15/28 ~		100,000		100,886
5.000% due 10/15/25 ~		925,000		957,837
Panther BF Aggregator 2 LP
6.250% due 05/15/26 ~		500,000		527,500
8.500% due 05/15/27 ~		250,000		253,750
Scientific Games International Inc
5.000% due 10/15/25 ~		650,000		672,295
8.250% due 03/15/26 ~		200,000		213,500
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		750,000		801,547
Tesla Inc 5.300% due 08/15/25 ~		750,000		675,937
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		167,733		175,123
VOC Escrow Ltd 5.000% due 02/15/28 ~		600,000		622,560
Wynn Resorts Finance LLC 5.125% due 10/01/29 ~		425,000		446,154
				20,673,929
Consumer, Non-Cyclical - 11.3%
Ahern Rentals Inc 7.375% due 05/15/23 ~		2,076,000		1,777,575
Albertsons Cos Inc 5.875% due 02/15/28 ~		700,000		742,658
Bausch Health Americas Inc 8.500% due 01/31/27 ~		125,000		140,600
Bausch Health Cos Inc
5.500% due 11/01/25 ~		275,000		288,777
5.750% due 08/15/27 ~		600,000		649,998
6.125% due 04/15/25 ~		75,000		78,000
7.000% due 01/15/28 ~		100,000		107,960
9.000% due 12/15/25 ~		550,000		619,437
CHS/Community Health Systems Inc 5.125% due 08/01/21		700,000		700,875
Eagle Holding Co II LLC
7.625% Cash or 8.375% PIK due 05/15/22 ~		635,000		641,350
7.750% Cash or PIK due 05/15/22 ~		275,000		277,750
HCA Inc
5.375% due 09/01/26		150,000		165,180
5.875% due 02/01/29		875,000		980,000
Jaguar Holding Co II 6.375% due 08/01/23 ~		90,000		93,262
JBS Investments II GmbH
5.750% due 01/15/28 ~		200,000		208,750
7.000% due 01/15/26 ~		900,000		973,341
JBS USA LLC 5.500% due 01/15/30 ~		150,000		159,372
5.750% due 06/15/25 ~		125,000		130,696
5.875% due 07/15/24 ~		400,000		412,770
6.500% due 04/15/29 ~		50,000		55,625
Pilgrim’s Pride Corp
5.750% due 03/15/25 ~		205,000		212,688
5.875% due 09/30/27 ~		300,000		323,325

	Principal Amount		Value
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		$400,000		$428,960
Select Medical Corp 6.250% due 08/15/26 ~		500,000		523,750
Tenet Healthcare Corp
4.875% due 01/01/26 ~		180,000		184,950
6.250% due 02/01/27 ~		600,000		624,690
6.750% due 06/15/23		625,000		658,706
TMS International Holding Corp 7.250% due 08/15/25 ~		1,315,000		1,130,900
Verscend Escrow Corp 9.750% due 08/15/26 ~		525,000		561,026
				13,852,971
Energy - 11.4%
Antero Resources Corp 5.000% due 03/01/25		250,000		204,615
Archrock Partners LP 6.875% due 04/01/27 ~		475,000		506,450
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		825,000		693,000
Cheniere Corpus Christi Holdings LLC
5.125% due 06/30/27		1,075,000		1,179,813
5.875% due 03/31/25		375,000		418,125
Cheniere Energy Partners LP 5.625% due 10/01/26		675,000		719,651
Chesapeake Energy Corp
8.000% due 01/15/25		150,000		109,125
8.000% due 06/15/27		25,000		16,938
Crestwood Midstream Partners LP
5.625% due 05/01/27 ~		200,000		204,688
5.750% due 04/01/25		250,000		258,125
6.250% due 04/01/23		750,000		773,438
Denbury Resources Inc
5.500% due 05/01/22		9,000		4,725
6.375% due 12/31/24 ~		11,000		6,510
7.750% due 02/15/24 ~		4,000		3,120
9.250% due 03/31/22 ~		525,000		462,000
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		50,000		52,250
5.750% due 01/30/28 ~		525,000		560,438
Energy Transfer Operating LP 6.250% due 02/15/23		675,000		627,089
Global Partners LP 7.000% due 08/01/27 ~		470,000		485,275
Gulfport Energy Corp 6.375% due 01/15/26		550,000		387,750
Moss Creek Resources Holdings Inc
7.500% due 01/15/26 ~		335,000		248,319
10.500% due 05/15/27 ~		300,000		244,500
MPLX LP 6.875% due 02/15/23		650,000		650,845
Nabors Industries Inc 5.750% due 02/01/25		250,000		186,250
Parsley Energy LLC
5.250% due 08/15/25 ~		225,000		229,435
5.375% due 01/15/25 ~		225,000		228,938
5.625% due 10/15/27 ~		25,000		25,938
SESI LLC 7.750% due 09/15/24		600,000		351,000
SM Energy Co
5.625% due 06/01/25		575,000		495,823
6.750% due 09/15/26		225,000		198,000
Targa Resources Partners LP
5.125% due 02/01/25		500,000		516,675
5.375% due 02/01/27		50,000		51,938
5.875% due 04/15/26		950,000		1,007,000
6.500% due 07/15/27 ~		50,000		54,680
Transocean Inc 7.500% due 04/15/31		375,000		266,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-31

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
USA Compression Partners LP 6.875% due 09/01/27 ~		$650,000		$674,375
Whiting Petroleum Corp
6.250% due 04/01/23		300,000		232,500
6.625% due 01/15/26		25,000		17,000
WPX Energy Inc 5.250% due 10/15/27		600,000		606,000
				13,958,591
Financial - 8.7%
Ally Financial Inc 5.750% due 11/20/25		2,131,000		2,394,754
CNO Financial Group Inc 5.250% due 05/30/29		600,000		658,500
GLP Capital LP REIT 5.750% due 06/01/28		750,000		855,930
Iron Mountain Inc REIT 4.875% due 09/15/29 ~		475,000		483,455
MGM Growth Properties Operating Partnership LP REIT
5.625% due 05/01/24		1,075,000		1,182,500
5.750% due 02/01/27 ~		150,000		168,608
Park Aerospace Holdings Ltd (Ireland)
5.250% due 08/15/22 ~		425,000		448,970
5.500% due 02/15/24 ~		550,000		594,908
Springleaf Finance Corp
5.625% due 03/15/23		375,000		401,250
6.125% due 03/15/24		625,000		674,219
6.875% due 03/15/25		25,000		27,609
7.125% due 03/15/26		1,000,000		1,111,200
The Howard Hughes Corp 5.375% due 03/15/25 ~		1,650,000		1,732,500
				10,734,403
Industrial - 13.9%
Apex Tool Group LLC 9.000% due 02/15/23 ~		325,000		290,063
ARD Securities Finance SARL (Luxembourg) 8.750% Cash or PIK due 01/31/23 ~		488,774		508,325
BBA US Holdings Inc 5.375% due 05/01/26 ~		900,000		947,250
Bombardier Inc (Canada)
5.750% due 03/15/22 ~		325,000		332,313
7.500% due 03/15/25 ~		300,000		300,750
Brand Industrial Services Inc 8.500% due 07/15/25 ~		650,000		620,750
BWX Technologies Inc 5.375% due 07/15/26 ~		875,000		924,219
Cloud Crane LLC 10.125% due 08/01/24 ~		475,000		509,438
Flex Acquisition Co Inc 6.875% due 01/15/25 ~		585,000		536,504
GFL Environmental Inc (Canada)
5.625% due 05/01/22 ~		300,000		308,250
7.000% due 06/01/26 ~		525,000		553,875
Granite Holdings US Acquisition Co 11.000% due 10/01/27 ~		675,000		654,750
Itron Inc 5.000% due 01/15/26 ~		1,300,000		1,342,640
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		125,000		129,350
7.250% due 04/15/25 ~		1,575,000		1,494,754
Mueller Water Products Inc 5.500% due 06/15/26 ~		1,176,000		1,231,860
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		1,140,000		1,177,050
Sensata Tech Inc 4.375% due 02/15/30 ~		200,000		200,500
Sensata Technologies BV 5.625% due 11/01/24 ~		1,175,000		1,283,688

	Principal Amount		Value
Standard Industries Inc 4.750% due 01/15/28 ~		$975,000		$1,011,475
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		685,000		643,900
TransDigm Inc
6.250% due 03/15/26 ~		350,000		376,688
6.500% due 07/15/24		775,000		802,125
TransDigm UK Holdings PLC 6.875% due 05/15/26		825,000		888,938
				17,069,455
Technology - 0.5%
Qorvo Inc 4.375% due 10/15/29 ~		100,000		100,875
Tempo Acquisition LLC 6.750% due 06/01/25 ~		450,000		465,750
				566,625
Utilities - 1.8%
Calpine Corp
5.250% due 06/01/26 ~		175,000		181,781
5.875% due 01/15/24 ~		350,000		358,750
NRG Energy Inc 7.250% due 05/15/26		640,000		703,360
Talen Energy Supply LLC
6.500% due 06/01/25		650,000		497,250
7.250% due 05/15/27 ~		100,000		102,130
Vistra Operations Co LLC
5.000% due 07/31/27 ~		125,000		129,023
5.500% due 09/01/26 ~		200,000		209,740
				2,182,034
Total Corporate Bonds & Notes (Cost $97,624,824)				99,488,114
SENIOR LOAN NOTES - 8.5%
Basic Materials - 0.2%
Aleris International Inc 6.794% (USD LIBOR + 4.750%) due 02/27/23 §		246,875		247,492
Communications - 0.2%
Sprint Communications Inc Term B 5.063% (USD LIBOR + 3.000%) due 02/03/24 §		248,125		247,968
Consumer, Cyclical - 2.6%
18 Fremont Street Acquisition LLC 10.035% (USD LIBOR + 8.000%) due 08/09/25 §		250,000		251,250
Bass Pro Group LLC Term B 7.044% (USD LIBOR + 5.000%) due 09/25/24 §		992,405		957,826
Burger King Term B (Canada) 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		957,831		962,117
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		992,366		992,981
				3,164,174
Consumer, Non-Cyclical - 0.2%
Allied Universal Holdco LLC 6.507% (USD LIBOR + 4.250%) due 07/12/26 §		227,478		228,094

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-32

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Energy - 0.4%
Prairie ECI Acquiror LP 6.854% (USD LIBOR + 4.750%) due 03/11/26 §		$497,500		$488,794
Financial - 0.8%
Deerfield Dakota Holding LLC Term B 5.294% (USD LIBOR + 3.250%) due 02/13/25 §		992,443		976,316
Industrial - 4.1%
Advanced Disposal Services Inc Term B 4.197% (USD LIBOR + 2.250%) due 11/10/23 §		843,108		846,375
Dynasty Acquisition Co Inc 6.104% (USD LIBOR + 4.000%) due 04/08/26 §		650,350		654,414
EWT Holdings III Corp 5.044% (USD LIBOR + 3.000%) due 12/20/24 §		1,171,641		1,177,499
NCI Building Systems Inc Term B 5.789% (USD LIBOR + 3.750%) due 04/12/25 §		744,347		729,770
North American Lifting Holdings Inc (2nd Lien) 11.104% (USD LIBOR + 9.000%) due 11/27/21 §		350,000		255,500
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		992,347		995,060
StandardAero (Canada) 6.104% (USD LIBOR + 4.000%) due 04/04/26 §		349,650		351,836
				5,010,454
Total Senior Loan Notes (Cost $10,412,695)				10,363,292
ASSET-BACKED SECURITIES - 1.8%
Benefit Street Partners CLO Ltd ‘D’ (Cayman) 8.228% (USD LIBOR + 5.950%) due 04/20/31 § ~		250,000		230,389
Benefit Street Partners CLO Ltd ‘E’ (Cayman) 9.003% (USD LIBOR + 6.700%) due 01/17/32 § ~		250,000		243,874
Dryden Senior Loan Fund ‘E’ (Cayman) 9.232% (USD LIBOR + 6.800%) due 05/15/32 § ~		300,000		297,547
Dryden Senior Loan Fund ‘F’ (Cayman) 9.503% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		214,971
Magnetite XXII Ltd ‘E’ (Cayman) 9.242% (USD LIBOR + 6.750%) due 04/15/31 § ~		500,000		500,097

	Principal Amount		Value
Neuberger Berman Loan Advisers CLO Ltd ‘E’ (Cayman) 9.028% (USD LIBOR + 6.750%) due 01/20/31 § ~		$300,000		$296,417
9.274% (USD LIBOR + 6.750%) due 04/20/31 § ~		500,000		490,400
Total Asset-Backed Securities (Cost $2,327,723)				2,273,695
	Shares
SHORT-TERM INVESTMENT - 6.6%
Money Market Fund - 6.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		8,115,992		8,115,992
Total Short-Term Investment (Cost $8,115,992)				8,115,992
TOTAL INVESTMENTS - 99.2% (Cost $119,870,650)				121,552,835
OTHER ASSETS & LIABILITIES, NET - 0.8%				972,703
NET ASSETS - 100.0%				$122,525,538

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	19.7%
Industrial	18.1%
Communications	14.0%
Energy	12.1%
Consumer, Non-Cyclical	11.5%
Financial	9.8%
Short-Term Investment	6.6%
Basic Materials	3.3%
Others (each less than 3.0%)	4.1%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Allied Universal Holdco LLC		$22,523		$22,584		$61

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,311,742		$1,311,742		$—		$—
	Corporate Bonds & Notes		99,488,114		—		99,488,114		—
	Senior Loan Notes		10,363,292		—		10,363,292		—
	Asset-Backed Securities		2,273,695		—		2,273,695		—
	Short-Term Investment		8,115,992		8,115,992		—		—
	Unfunded Loan Commitment		22,584		—		22,584		—
	Total		$121,575,419		$9,427,734		$112,147,685		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-33

PACIFIC FUNDS

PACIFIC FUNDS^SM DIVERSIFIED INCOME

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.1%
Brazil - 0.0%
Itau Unibanco Holding SA		1,300		$10,973
Telefonica Brasil SA		500		6,607
				17,580
Germany - 0.1%
Henkel AG & Co KGaA		87		8,609
Volkswagen AG		54		9,185
				17,794
Total Preferred Stocks (Cost $36,452)				35,374
COMMON STOCKS - 63.3%
Australia - 0.8%
ASX Ltd		88		4,822
Aurizon Holdings Ltd		990		3,946
Australia & New Zealand Banking Group Ltd		475		9,125
BHP Group Ltd		1,031		25,477
BHP Group PLC		913		19,501
Cochlear Ltd		20		2,814
Commonwealth Bank Of Australia		281		15,328
CSL Ltd		148		23,401
Dexus REIT		521		4,197
Macquarie Group Ltd		44		3,900
National Australia Bank Ltd		423		8,481
Rio Tinto PLC		561		29,162
Scentre Group REIT		1,473		3,908
Sonic Healthcare Ltd		160		3,034
South32 Ltd		1,780		3,139
Telstra Corp Ltd		1,483		3,515
Transurban Group »		1,117		11,089
Wesfarmers Ltd		461		12,386
Westpac Banking Corp		545		10,885
Woodside Petroleum Ltd		310		6,773
Woolworths Group Ltd		753		18,948
				223,831
Belgium - 0.2%
Anheuser-Busch InBev SA NV		532		50,636
Brazil - 0.4%
Ambev SA		9,300		42,975
B3 SA - Brasil Bolsa Balcao		2,400		25,311
BB Seguridade Participacoes SA		900		7,620
CCR SA		3,200		13,285
Kroton Educacional SA		1,200		3,238
Lojas Renner SA		800		9,698
Raia Drogasil SA		300		6,921
WEG SA		1,600		9,358
				118,406
Canada - 0.2%
Enbridge Inc		1,446		50,726
China - 2.0%
AAC Technologies Holdings Inc		1,000		5,276
Alibaba Group Holding Ltd ADR *		281		46,992
Anhui Conch Cement Co Ltd ‘H’		2,000		11,869
ANTA Sports Products Ltd		1,000		8,266
Baidu Inc ADR *		205		21,066
Bank Of China Ltd ‘H’		13,000		5,098
China Construction Bank Corp ‘H’		18,000		13,715
China Mobile Ltd		6,500		53,844

	Shares		Value
China Overseas Land & Investment Ltd		8,000		$25,170
China Petroleum & Chemical Corp ‘H’		14,000		8,284
China Resources Land Ltd		6,000		25,132
China Shenhua Energy Co Ltd ‘H’		4,000		8,031
China Telecom Corp Ltd ‘H’		12,000		5,464
CITIC Ltd		9,000		11,361
CNOOC Ltd		8,000		12,249
Country Garden Holdings Co Ltd		12,000		15,199
CRRC Corp Ltd ‘H’		13,000		9,071
CSPC Pharmaceutical Group Ltd		6,000		12,041
Geely Automobile Holdings Ltd		8,000		13,595
Guangdong Investment Ltd		12,000		23,485
Guangzhou Automobile Group Co Ltd ‘H’		4,000		3,828
Hengan International Group Co Ltd		1,000		6,553
Industrial & Commercial Bank of China Ltd ‘H’		13,000		8,709
Lenovo Group Ltd		6,000		4,003
Longfor Group Holdings Ltd ~		3,000		11,204
NetEase Inc ADR		30		7,985
New Oriental Education & Technology Group Inc ADR *		74		8,196
Petrochina Co Ltd ‘H’		12,000		6,155
PICC Property & Casualty Co Ltd ‘H’		6,000		7,001
Ping An Insurance Group Co of China Ltd ‘H’		5,000		57,469
Prosus NV *		218		16,003
Shenzhou International Group Holdings Ltd		700		9,132
Shimao Property Holdings Ltd		2,500		7,301
Sunac China Holdings Ltd		2,000		8,039
TAL Education Group ADR *		183		6,266
Tencent Holdings Ltd		1,300		54,376
Yum China Holdings Inc		270		12,266
				569,694
Denmark - 0.3%
Coloplast AS ‘B’		42		5,053
DSV Panalpina AS		77		7,319
Genmab AS *		20		4,064
Novo Nordisk AS ‘B’		1,142		59,014
Novozymes AS ‘B’		79		3,323
Pandora AS		84		3,371
				82,144
Finland - 0.2%
Kone OYJ ‘B’		125		7,114
Nokian Renkaat OYJ		113		3,185
Nordea Bank Abp		799		5,668
Orion OYJ ‘B’		84		3,130
Sampo OYJ ‘A’		354		14,065
Stora Enso OYJ ‘R’		312		3,755
UPM-Kymmene OYJ		290		8,563
				45,480
France - 1.4%
Air Liquide SA		155		22,060
Atos SE		69		4,857
AXA SA		435		11,107
BNP Paribas SA		180		8,751
Bouygues SA		95		3,804
Cie de Saint-Gobain		216		8,466
Cie Generale des Etablissements Michelin SCA		133		14,809
Dassault Systemes SE		43		6,126
Engie SA		510		8,324
EssilorLuxottica SA		95		13,697
Hermes International		13		8,979
L’Oreal SA		123		34,399
Legrand SA		99		7,062
LVMH Moet Hennessy Louis Vuitton SE		98		38,883
Orange SA		431		6,746
Pernod Ricard SA		106		18,866
Peugeot SA		244		6,090
Publicis Groupe SA		100		4,921
Renault SA		82		4,706

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-34

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Sanofi		737		$68,271
Schneider Electric SE		441		38,562
Sodexo SA		35		3,929
TOTAL SA		554		28,845
Unibail-Rodamco-Westfield REIT		38		5,540
Valeo SA		104		3,370
Vinci SA		190		20,467
				401,637
Germany - 1.1%
adidas AG		64		19,926
Allianz SE		65		15,130
Aroundtown SA		926		7,574
BASF SE		586		40,972
Bayer AG		517		36,424
Bayerische Motoren Werke AG		97		6,831
Beiersdorf AG		49		5,777
Continental AG		32		4,106
Daimler AG		266		13,225
Deutsche Post AG		339		11,297
Deutsche Telekom AG		485		8,135
E.ON SE		420		4,084
Fresenius Medical Care AG & Co KGaA		75		5,040
HeidelbergCement AG		43		3,107
Henkel AG & Co KGaA		51		4,669
Infineon Technologies AG		435		7,816
MTU Aero Engines AG		20		5,314
Muenchener Rueckversicherungs-Gesellschaft AG		23		5,941
SAP SE		500		58,837
Siemens AG		188		20,125
Symrise AG		48		4,666
Wirecard AG		39		6,242
				295,238
Hong Kong - 0.7%
CK Asset Holdings Ltd		3,500		23,713
CLP Holdings Ltd		500		5,255
Henderson Land Development Co Ltd		3,000		13,973
Hong Kong & China Gas Co Ltd		5,000		9,746
Hong Kong Exchanges & Clearing Ltd		600		17,586
Hongkong Land Holdings Ltd		2,000		11,244
Link REIT		2,500		27,577
MTR Corp Ltd		1,000		5,608
New World Development Co Ltd		7,000		9,091
Sino Biopharmaceutical Ltd		9,000		11,427
Sino Land Co Ltd		6,000		9,018
Sun Hung Kai Properties Ltd		2,000		28,741
Swire Properties Ltd		2,800		8,788
Techtronic Industries Co Ltd		500		3,480
WH Group Ltd ~		8,000		7,164
Wharf Real Estate Investment Co Ltd		1,000		5,462
Wheelock & Co Ltd		1,000		5,697
				203,570
India - 0.1%
Infosys Ltd ADR		2,378		27,038
Indonesia - 0.2%
P.T. Astra International Tbk		7,500		3,487
P.T. Bank Central Asia Tbk		9,800		20,952
P.T. Bank Negara Indonesia Persero Tbk		7,300		3,778
P.T. Bank Rakyat Indonesia Persero Tbk		60,800		17,654
P.T. Gudang Garam Tbk		700		2,583
P.T. Telekomunikasi Indonesia Persero Tbk		32,600		9,845
P.T. Unilever Indonesia Tbk		1,400		4,584
P.T. United Tractors Tbk		1,700		2,464
				65,347

	Shares		Value
Ireland - 0.0%
CRH PLC		160		$5,492
Flutter Entertainment PLC		48		4,487
Kingspan Group PLC		59		2,881
				12,860
Israel - 0.0%
Check Point Software Technologies Ltd *		42		4,599
Israel Chemicals Ltd		650		3,252
Nice Ltd *		21		3,027
				10,878
Italy - 0.2%
Davide Campari-Milano SPA		289		2,611
Enel SPA		1,797		13,422
Eni SPA		816		12,472
Ferrari NV		43		6,635
Intesa Sanpaolo SPA		1,926		4,562
Snam SPA		1,431		7,228
				46,930
Japan - 4.0%
Alfresa Holdings Corp		200		4,481
Asahi Intecc Co Ltd		200		5,277
Asahi Kasei Corp		600		5,952
Astellas Pharma Inc		1,500		21,456
Bandai Namco Holdings Inc		100		6,236
Bridgestone Corp		300		11,675
Canon Inc		400		10,697
Chugai Pharmaceutical Co Ltd		200		15,629
Daito Trust Construction Co Ltd		130		16,650
Daiwa House Industry Co Ltd		400		13,002
Denso Corp		200		8,837
FANUC Corp		230		43,475
FUJIFILM Holdings Corp		200		8,810
Fujitsu Ltd		100		8,037
Hamamatsu Photonics KK		100		3,731
Hirose Electric Co Ltd		40		4,928
Hitachi Ltd		400		14,980
Honda Motor Co Ltd		700		18,329
Hoya Corp		300		24,571
ITOCHU Corp		700		14,500
Japan Post Bank Co Ltd		500		4,857
Japan Tobacco Inc		1,700		37,246
JSR Corp		300		4,830
JXTG Holdings Inc		1,200		5,485
Kao Corp		500		37,088
KDDI Corp		1,700		44,358
Keyence Corp		70		43,572
Kikkoman Corp		200		9,595
Kobayashi Pharmaceutical Co Ltd		50		3,819
Komatsu Ltd		400		9,224
Kose Corp		30		5,094
Kuraray Co Ltd		500		6,177
Kyocera Corp		100		6,235
Kyowa Kirin Co Ltd		200		3,895
Lion Corp		300		5,935
M3 Inc		400		9,680
Makita Corp		200		6,347
Marubeni Corp		800		5,335
MISUMI Group Inc		300		7,107
Mitsubishi Chemical Holdings Corp		600		4,300
Mitsubishi Corp		600		14,774
Mitsubishi Electric Corp		900		12,006
Mitsubishi Estate Co Ltd		400		7,735
Mitsubishi Heavy Industries Ltd		100		3,931
Mitsubishi UFJ Financial Group Inc		1,700		8,658
Mitsui & Co Ltd		800		13,141
Mitsui Fudosan Co Ltd		300		7,466

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-35

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Mizuho Financial Group Inc		3,400		$5,225
Murata Manufacturing Co Ltd		200		9,693
Nabtesco Corp		200		6,261
NEC Corp		100		4,229
Nexon Co Ltd *		500		6,075
Nippon Steel Corp		300		4,204
Nippon Telegraph & Telephone Corp		100		4,784
Nissan Chemical Corp		100		4,187
Nissan Motor Co Ltd		1,000		6,243
Nisshin Seifun Group Inc		300		5,563
Nissin Foods Holdings Co Ltd		100		7,247
Nitori Holdings Co Ltd		100		14,675
Nitto Denko Corp		200		9,691
Nomura Research Institute Ltd		400		7,993
NTT DOCOMO Inc		1,300		33,195
Obic Co Ltd		50		5,730
Omron Corp		100		5,511
Ono Pharmaceutical Co Ltd		300		5,464
Oriental Land Co Ltd		200		30,483
Otsuka Corp		100		4,002
Otsuka Holdings Co Ltd		200		7,513
Panasonic Corp		1,000		8,150
Park24 Co Ltd		200		4,646
Pigeon Corp		100		4,141
Pola Orbis Holdings Inc		200		4,509
Recruit Holdings Co Ltd		900		27,498
Ryohin Keikaku Co Ltd		200		3,749
Santen Pharmaceutical Co Ltd		300		5,243
Secom Co Ltd		200		18,301
Sekisui Chemical Co Ltd		500		7,781
Sekisui House Ltd		300		5,920
Seven & i Holdings Co Ltd		400		15,330
Shimano Inc		50		7,555
Shin-Etsu Chemical Co Ltd		300		32,283
Shionogi & Co Ltd		200		11,151
SMC Corp		40		17,193
Softbank Corp		400		5,420
Subaru Corp		300		8,484
Sumitomo Corp		600		9,393
Sumitomo Electric Industries Ltd		400		5,105
Sumitomo Mitsui Financial Group Inc		200		6,872
Sysmex Corp		100		6,718
Takeda Pharmaceutical Co Ltd		500		17,158
TDK Corp		50		4,520
Toho Co Ltd		100		4,389
Tokio Marine Holdings Inc		100		5,365
Tokyo Electron Ltd		60		11,527
Toyo Suisan Kaisha Ltd		100		4,016
Toyota Motor Corp		500		33,580
Trend Micro Inc		200		9,558
Tsuruha Holdings Inc		40		4,368
Unicharm Corp		400		12,714
USS Co Ltd		400		7,790
Z Holdings Corp		3,800		10,706
				1,118,244
Macao - 0.0%
Galaxy Entertainment Group Ltd		1,000		6,200
Sands China Ltd		1,200		5,422
				11,622
Malaysia - 0.1%
Petronas Chemicals Group Bhd		5,700		10,256
Public Bank Bhd		3,000		14,382
				24,638
Mexico - 0.2%
Grupo Aeroportuario del Pacifico SAB de CV ‘B’		1,644		15,867
Grupo Mexico SAB de CV ‘B’		2,757		6,464

	Shares		Value
Kimberly-Clark de Mexico SAB de CV ‘A’ *		2,275		$4,572
Wal-Mart de Mexico SAB de CV		8,411		24,930
				51,833
Netherlands - 0.4%
ASML Holding NV		158		39,186
ING Groep NV		449		4,691
Koninklijke Ahold Delhaize NV		1,104		27,609
Randstad NV		80		3,928
Royal Dutch Shell PLC ‘A’		753		22,084
Royal Dutch Shell PLC ‘B’		635		18,768
				116,266
New Zealand - 0.0%
a2 Milk Co Ltd *		370		3,074
Norway - 0.1%
DNB ASA		172		3,032
Equinor ASA		260		4,925
Mowi ASA		170		3,927
Telenor ASA		170		3,411
				15,295
Peru - 0.0%
Southern Copper Corp		109		3,720
Philippines - 0.0%
SM Prime Holdings Inc		7,500		5,384
Universal Robina Corp		1,420		4,273
				9,657
Portugal - 0.0%
EDP - Energias de Portugal SA		1,678		6,512
Russia - 0.4%
Gazprom PJSC ADR		6,374		43,937
LUKOIL PJSC ADR		410		33,867
MMC Norilsk Nickel PJSC ADR		464		11,872
Novatek PJSC GDR		76		15,397
				105,073
Singapore - 0.3%
Ascendas Real Estate Investment Trust REIT		3,000		6,775
CapitaLand Commercial Trust REIT		3,200		4,795
CapitaLand Mall Trust REIT		3,200		6,092
ComfortDelGro Corp Ltd		3,300		5,734
DBS Group Holdings Ltd		800		14,473
Oversea-Chinese Banking Corp Ltd		1,300		10,220
Singapore Exchange Ltd		800		4,908
Singapore Telecommunications Ltd		6,900		15,482
United Overseas Bank Ltd		500		9,293
Venture Corp Ltd		500		5,544
				83,316
South Africa - 0.4%
Bid Corp Ltd		312		6,631
Capitec Bank Holdings Ltd		43		3,655
Discovery Ltd		310		2,337
Mr Price Group Ltd		335		3,505
MTN Group Ltd		414		2,634
Naspers Ltd ‘N’		218		33,007
RMB Holdings Ltd		890		4,415
Sanlam Ltd		1,695		8,349
Sasol Ltd		1,029		17,306
Shoprite Holdings Ltd		432		3,498
Standard Bank Group Ltd		1,513		17,456
The Foschini Group Ltd		289		3,122

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-36

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
The SPAR Group Ltd		310		$3,912
Tiger Brands Ltd		254		3,531
Vodacom Group Ltd		488		3,860
Woolworths Holdings Ltd		1,276		4,645
				121,863
Spain - 0.3%
Banco Bilbao Vizcaya Argentaria SA		1,146		5,965
Banco Santander SA		2,807		11,421
Enagas SA		175		4,045
Iberdrola SA		2,896		30,100
Industria de Diseno Textil SA		437		13,524
Red Electrica Corp SA		345		6,988
Repsol SA		596		9,295
Telefonica SA		1,054		8,054
				89,392
Sweden - 0.3%
Atlas Copco AB ‘A’		248		7,637
Atlas Copco AB ‘B’		145		3,926
Boliden AB		271		6,224
Electrolux AB ‘B’		152		3,601
Hennes & Mauritz AB ‘B’		856		16,593
Hexagon AB ‘B’		92		4,432
Skandinaviska Enskilda Banken AB ‘A’		411		3,777
Skanska AB ‘B’		356		7,207
SKF AB ‘B’		254		4,194
Svenska Handelsbanken AB ‘A’		380		3,555
Swedbank AB ‘A’		236		3,399
Telia Co AB		928		4,151
Volvo AB ‘B’		862		12,097
				80,793
Switzerland - 1.7%
ABB Ltd		1,795		35,300
Adecco Group AG		94		5,202
Chocoladefabriken Lindt & Spruengli AG		1		7,386
Cie Financiere Richemont SA		182		13,338
EMS-Chemie Holding AG		9		5,608
Geberit AG		14		6,690
Givaudan SA		4		11,164
Glencore PLC		5,188		15,634
Kuehne + Nagel International AG		60		8,829
LafargeHolcim Ltd		279		13,739
Nestle SA		574		62,253
Novartis AG		1,101		95,552
Partners Group Holding AG		13		9,983
Roche Holding AG		369		107,440
Schindler Holding AG		15		3,357
SGS SA		6		14,874
Sika AG		46		6,730
Sonova Holding AG		20		4,654
Straumann Holding AG		6		4,908
Swiss Life Holding AG		10		4,781
Swiss Re AG		93		9,704
Swisscom AG		7		3,454
The Swatch Group AG		27		7,169
UBS Group AG		686		7,789
Zurich Insurance Group AG		46		17,618
				483,156
Thailand - 0.1%
Airports of Thailand PCL NVDR		5,800		14,182
PTT PCL NVDR		4,000		6,049
The Siam Cement PCL NVDR		500		6,668
				26,899
United Kingdom - 2.1%
Associated British Foods PLC		172		4,869
Aviva PLC		905		4,443

	Shares		Value
BAE Systems PLC		1,452		$10,169
Barratt Developments PLC		436		3,471
BP PLC		4,683		29,647
British American Tobacco PLC		2,057		75,965
BT Group PLC		1,865		4,091
Bunzl PLC		125		3,267
Burberry Group PLC		145		3,873
CK Hutchison Holdings Ltd		1,000		8,828
Compass Group PLC		628		16,160
Croda International PLC		48		2,867
Diageo PLC		1,243		50,777
GlaxoSmithKline PLC		3,376		72,363
HSBC Holdings PLC		3,389		25,967
Imperial Brands PLC		386		8,668
ITV PLC		3,524		5,458
Kingfisher PLC		1,842		4,681
Legal & General Group PLC		1,361		4,154
Linde PLC		168		32,545
Lloyds Banking Group PLC		12,329		8,173
Micro Focus International PLC		116		1,630
National Grid PLC		1,045		11,314
Next PLC		55		4,181
Persimmon PLC		256		6,828
Reckitt Benckiser Group PLC		349		27,250
RELX PLC		758		18,002
Smith & Nephew PLC		311		7,489
SSE PLC		295		4,513
Taylor Wimpey PLC		2,620		5,200
The Sage Group PLC		361		3,068
Unilever NV		1,090		65,452
Unilever PLC		545		32,755
Vodafone Group PLC		6,348		12,647
Whitbread PLC		72		3,800
WPP PLC		1,228		15,376
				599,941
United States - 45.1%
3M Co		661		108,668
AbbVie Inc		1,809		136,977
ABIOMED Inc *		15		2,668
Accenture PLC ‘A’		222		42,702
Activision Blizzard Inc		202		10,690
Adobe Inc *		139		38,399
Advance Auto Parts Inc		21		3,473
Air Products & Chemicals Inc		208		46,147
Akamai Technologies Inc *		47		4,295
Alaska Air Group Inc		98		6,361
Albemarle Corp		83		5,770
Alexandria Real Estate Equities Inc REIT		59		9,088
Align Technology Inc *		27		4,885
Ally Financial Inc		598		19,830
Alphabet Inc ‘C’ *		93		113,367
Altria Group Inc		2,519		103,027
Amazon.com Inc *		62		107,626
Amcor PLC CDI		361		3,474
Amdocs Ltd		49		3,239
American Campus Communities Inc REIT		76		3,654
American Electric Power Co Inc		90		8,432
American International Group Inc		626		34,868
American Tower Corp REIT		46		10,172
Ameriprise Financial Inc		117		17,211
AMETEK Inc		68		6,244
Amgen Inc		717		138,747
Amphenol Corp ‘A’		105		10,132
Analog Devices Inc		103		11,508
ANSYS Inc *		24		5,313
Antero Midstream Corp		2,659		19,677
Aon PLC		71		13,743
Apache Corp		267		6,835
Apple Inc		608		136,174

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-37

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Archer-Daniels-Midland Co		649		$26,654
Arista Networks Inc *		15		3,584
Arthur J Gallagher & Co		53		4,747
Associated Banc-Corp		206		4,171
Assurant Inc		46		5,788
AT&T Inc		2,666		100,881
Automatic Data Processing Inc		152		24,536
AutoZone Inc *		9		9,762
AvalonBay Communities Inc REIT		68		14,642
AXA Equitable Holdings Inc		217		4,809
Axis Capital Holdings Ltd		61		4,070
Baker Hughes a GE Co		422		9,790
Bank of America Corp		3,131		91,331
Bank of Hawaii Corp		42		3,609
Bank OZK		130		3,545
BB&T Corp		1,816		96,920
Becton Dickinson and Co		116		29,343
Best Buy Co Inc		174		12,004
Bio-Techne Corp		13		2,544
Biogen Inc *		76		17,694
BlackRock Inc		127		56,596
Booking Holdings Inc *		14		27,477
Boston Properties Inc REIT		49		6,353
BP Midstream Partners LP		1,109		16,191
Bristol-Myers Squibb Co		1,246		63,185
Broadcom Inc		318		87,790
Broadridge Financial Solutions Inc		34		4,231
Brown-Forman Corp ‘B’		94		5,901
Bunge Ltd		1,117		63,245
Cabot Corp		69		3,127
Camden Property Trust REIT		45		4,995
Campbell Soup Co		118		5,537
Cardinal Health Inc		1,920		90,605
Carnival Corp		417		18,227
Caterpillar Inc		433		54,692
Cboe Global Markets Inc		32		3,677
Celanese Corp		109		13,330
CenturyLink Inc		840		10,483
Cerner Corp		106		7,226
CF Industries Holdings Inc		168		8,266
CH Robinson Worldwide Inc		153		12,971
Chevron Corp		725		85,985
Chipotle Mexican Grill Inc *		9		7,564
Church & Dwight Co Inc		89		6,696
Cigna Corp		141		21,402
Cincinnati Financial Corp		86		10,034
Cinemark Holdings Inc		86		3,323
Cintas Corp		26		6,971
Cisco Systems Inc		3,068		151,590
CIT Group Inc		101		4,576
Citigroup Inc		1,299		89,735
Citizens Financial Group Inc		1,163		41,135
Citrix Systems Inc		46		4,440
CME Group Inc		130		27,474
Cognizant Technology Solutions Corp ‘A’		168		10,125
Colgate-Palmolive Co		955		70,202
Comerica Inc		306		20,193
Conagra Brands Inc		347		10,646
Consolidated Edison Inc		62		5,857
Constellium SE *		850		10,803
Copart Inc *		62		4,980
Corning Inc		673		19,194
Costco Wholesale Corp		160		46,098
Coty Inc ‘A’		333		3,500
Crestwood Equity Partners LP		741		27,054
Crown Castle International Corp REIT		177		24,605
CubeSmart REIT		101		3,525
Cullen/Frost Bankers Inc		72		6,376
Cummins Inc		172		27,979
CVS Health Corp		1,565		98,705

	Shares		Value
CyrusOne Inc REIT		61		$4,825
Danaher Corp		227		32,786
Darden Restaurants Inc		75		8,866
DCP Midstream LP		1,182		30,980
Delta Air Lines Inc		1,324		76,262
Dick’s Sporting Goods Inc		141		5,754
Digital Realty Trust Inc REIT		105		13,630
Discover Financial Services		281		22,786
Dollar General Corp		77		12,238
Dollar Tree Inc *		68		7,763
Dominion Energy Inc		180		14,587
Dow Inc		529		25,207
DTE Energy Co		31		4,122
Duke Energy Corp		154		14,762
Duke Realty Corp REIT		162		5,503
DuPont de Nemours Inc		487		34,728
East West Bancorp Inc		97		4,296
Eastman Chemical Co		188		13,880
Eaton Corp PLC		315		26,192
Eaton Vance Corp		166		7,458
Ecolab Inc		91		18,022
Edison International		80		6,034
Edwards Lifesciences Corp *		76		16,713
Eli Lilly & Co		985		110,153
Emerson Electric Co		653		43,660
Energy Transfer LP		8,112		106,105
EnLink Midstream LLC		3,683		31,305
Enterprise Products Partners LP		4,566		130,496
EPR Properties REIT		46		3,536
EQM Midstream Partners LP		1,911		62,490
Equifax Inc		35		4,923
Equity Residential REIT		183		15,786
Essex Property Trust Inc REIT		22		7,186
Everest Re Group Ltd		28		7,451
Eversource Energy		62		5,299
Evoqua Water Technologies Corp *		645		10,978
Exelon Corp		184		8,889
Expeditors International of Washington Inc		50		3,714
Extended Stay America Inc		167		2,445
Extra Space Storage Inc REIT		40		4,673
Exxon Mobil Corp		2,685		189,588
Facebook Inc ‘A’ *		606		107,916
FactSet Research Systems Inc		11		2,673
Fastenal Co		598		19,537
Federal Realty Investment Trust REIT		27		3,676
Fidelity National Financial Inc		191		8,482
Fifth Third Bancorp		918		25,135
First American Financial Corp		111		6,550
First Hawaiian Inc		124		3,311
First Horizon National Corp		376		6,091
First Republic Bank		47		4,545
FirstEnergy Corp		81		3,907
Flowers Foods Inc		193		4,464
Fluor Corp		90		1,722
Foot Locker Inc		147		6,345
Ford Motor Co		3,521		32,252
Fortive Corp		87		5,965
Franklin Resources Inc		331		9,553
Gaming and Leisure Properties Inc REIT		107		4,092
Garmin Ltd		102		8,638
General Dynamics Corp		262		47,875
General Mills Inc		640		35,277
General Motors Co		863		32,345
Genesis Energy LP		1,665		35,748
Genuine Parts Co		160		15,934
Gilead Sciences Inc		894		56,662
Global Payments Inc		38		6,042
Graphic Packaging Holding Co		415		6,121
H&R Block Inc		128		3,023
Halliburton Co		590		11,121

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-38

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Hanesbrands Inc		437		$6,695
Harley-Davidson Inc		1,411		50,754
Hasbro Inc		109		12,937
HCP Inc REIT		232		8,266
Helmerich & Payne Inc		82		3,286
Henry Schein Inc *		56		3,556
Hewlett Packard Enterprise Co		1,953		29,627
Holly Energy Partners LP		576		14,556
HollyFrontier Corp		101		5,418
Honeywell International Inc		222		37,562
Hormel Foods Corp		127		5,554
Host Hotels & Resorts Inc REIT		219		3,787
HP Inc		1,223		23,139
Hubbell Inc		81		10,643
Humana Inc		49		12,528
Huntington Bancshares Inc		2,857		40,769
Huntsman Corp		150		3,489
IDEX Corp		22		3,605
IDEXX Laboratories Inc *		31		8,430
Illinois Tool Works Inc		432		67,604
Illumina Inc *		53		16,124
Ingredion Inc		104		8,501
Intel Corp		3,303		170,204
International Business Machines Corp		930		135,241
International Flavors & Fragrances Inc		26		3,190
International Paper Co		729		30,487
Intuit Inc		72		19,148
Intuitive Surgical Inc *		41		22,137
Invesco Ltd		684		11,587
Iron Mountain Inc REIT		170		5,506
Jack Henry & Associates Inc		22		3,211
Jacobs Engineering Group Inc		37		3,385
Jefferies Financial Group Inc		403		7,415
John Wiley & Sons Inc ‘A’		66		2,900
Johnson & Johnson		1,515		196,011
Johnson Controls International PLC		606		26,597
JPMorgan Chase & Co		807		94,976
Juniper Networks Inc		425		10,519
KAR Auction Services Inc		227		5,573
Kellogg Co		482		31,017
KeyCorp		2,750		49,060
Kilroy Realty Corp REIT		51		3,972
Kimberly-Clark Corp		361		51,280
Kimco Realty Corp REIT		213		4,447
Kinder Morgan Inc		3,836		79,060
KLA Corp		101		16,104
Kohl’s Corp		122		6,059
L Brands Inc		142		2,782
L3Harris Technologies Inc		66		13,770
Laboratory Corp of America Holdings *		35		5,880
Lam Research Corp		150		34,666
Lamar Advertising Co ‘A’ REIT		45		3,687
Lamb Weston Holdings Inc		55		4,000
Las Vegas Sands Corp		252		14,556
Lazard Ltd ‘A’		104		3,640
Lear Corp		64		7,546
Leggett & Platt Inc		107		4,381
Lennar Corp ‘A’		184		10,276
Lincoln Electric Holdings Inc		66		5,726
Lincoln National Corp		272		16,407
Lockheed Martin Corp		235		91,664
Lowe’s Cos Inc		613		67,405
Lululemon Athletica Inc *		29		5,583
LyondellBasell Industries NV ‘A’		246		22,010
M&T Bank Corp		97		15,323
Macquarie Infrastructure Corp		195		7,697
Macy’s Inc		336		5,221
Magellan Midstream Partners LP		1,657		109,809
ManpowerGroup Inc		47		3,959
Marathon Petroleum Corp		701		42,586

	Shares		Value
MarketAxess Holdings Inc		11		$3,602
Marsh & McLennan Cos Inc		176		17,609
Mastercard Inc ‘A’		267		72,509
Maxim Integrated Products Inc		176		10,192
McCormick & Co Inc		42		6,565
McDonald’s Corp		662		142,138
McKesson Corp		70		9,566
Medical Properties Trust Inc REIT		191		3,736
Medtronic PLC		1,512		164,233
Merck & Co Inc		1,054		88,726
MetLife Inc		596		28,107
Mettler-Toledo International Inc *		10		7,044
Microsoft Corp		939		130,549
Mid-America Apartment Communities Inc REIT		56		7,281
Molson Coors Brewing Co ‘B’		114		6,555
Monster Beverage Corp *		148		8,593
Moody’s Corp		50		10,242
Morgan Stanley		2,060		87,900
MPLX LP		4,309		120,695
MSC Industrial Direct Co Inc ‘A’		84		6,093
Murphy Oil Corp		126		2,786
National Instruments Corp		120		5,039
NetApp Inc		238		12,497
New York Community Bancorp Inc		353		4,430
Newell Brands Inc		1,031		19,300
Nextera Energy Inc		92		21,435
Nielsen Holdings PLC		258		5,483
NIKE Inc ‘B’		379		35,596
Noble Energy Inc		309		6,940
Noble Midstream Partners LP		362		8,731
Nordstrom Inc		107		3,603
Northern Trust Corp		206		19,224
Northrop Grumman Corp		48		17,990
Nucor Corp		242		12,320
nVent Electric PLC		160		3,526
NVIDIA Corp		163		28,373
NVR Inc *		1		3,717
O’Reilly Automotive Inc *		23		9,166
Occidental Petroleum Corp		815		36,243
Old Republic International Corp		191		4,502
Omega Healthcare Investors Inc REIT		110		4,597
Omnicom Group Inc		210		16,443
ONEOK Inc		1,734		127,778
Oracle Corp		781		42,978
Packaging Corp of America		65		6,897
PacWest Bancorp		198		7,195
Paychex Inc		300		24,831
PayPal Holdings Inc *		327		33,874
Penske Automotive Group Inc		63		2,979
People’s United Financial Inc		282		4,409
PepsiCo Inc		1,197		164,109
Pfizer Inc		4,572		164,272
Philip Morris International Inc		1,687		128,094
Phillips 66		410		41,984
Phillips 66 Partners LP		1,093		61,886
Plains All American Pipeline LP		3,421		70,986
Polaris Inc		73		6,425
Popular Inc		90		4,867
PPG Industries Inc		71		8,414
PPL Corp		160		5,038
Principal Financial Group Inc		230		13,142
Prologis Inc REIT		221		18,834
Prosperity Bancshares Inc		68		4,803
Prudential Financial Inc		524		47,134
Public Service Enterprise Group Inc		90		5,587
Public Storage REIT		122		29,923
QUALCOMM Inc		920		70,178
Quest Diagnostics Inc		140		14,984
Ralph Lauren Corp		58		5,537
Raytheon Co		88		17,265

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-39

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Realty Income Corp REIT		160		$12,269
Regency Centers Corp REIT		80		5,559
Regeneron Pharmaceuticals Inc *		28		7,767
Regions Financial Corp		2,092		33,095
Reliance Steel & Aluminum Co		53		5,282
ResMed Inc		51		6,891
Robert Half International Inc		128		7,124
Rockwell Automation Inc		128		21,094
Roper Technologies Inc		31		11,055
Ross Stores Inc		109		11,974
Royal Caribbean Cruises Ltd		137		14,841
RPM International Inc		97		6,675
Ryder System Inc		137		7,092
S&P Global Inc		74		18,129
Sabre Corp		186		4,165
Sage Therapeutics Inc *		16		2,245
Schlumberger Ltd		1,719		58,738
Semgroup Corp ‘A’		1,056		17,255
Sempra Energy		54		7,971
Shell Midstream Partners LP		1,967		40,225
Simon Property Group Inc REIT		151		23,503
Six Flags Entertainment Corp		134		6,806
Skyworks Solutions Inc		50		3,963
SL Green Realty Corp REIT		45		3,679
Snap-on Inc		77		12,054
Sonoco Products Co		90		5,239
Spectrum Brands Holdings Inc		10		532
Stanley Black & Decker Inc		44		6,354
Starbucks Corp		368		32,539
Starwood Property Trust Inc REIT		171		4,142
State Street Corp		422		24,978
Steel Dynamics Inc		202		6,020
STERIS PLC		30		4,335
STORE Capital Corp REIT		102		3,816
Sunoco LP		800		25,160
SunTrust Banks Inc		874		60,131
Synchrony Financial		1,086		37,022
Synopsys Inc *		42		5,765
Synovus Financial Corp		148		5,292
Sysco Corp		500		39,700
T Rowe Price Group Inc		234		26,735
Tallgrass Energy LP		1,504		30,291
Tapestry Inc		282		7,346
Targa Resources Corp		1,414		56,800
Target Corp		567		60,618
TC Pipelines LP		527		21,433
TCF Financial Corp		153		5,825
TD Ameritrade Holding Corp		274		12,796
Texas Instruments Inc		1,086		140,355
The Bank of New York Mellon Corp		978		44,215
The Boeing Co		424		161,319
The Chemours Co		126		1,882
The Clorox Co		134		20,351
The Coca-Cola Co		3,220		175,297
The Estee Lauder Cos Inc ‘A’		79		15,717
The Gap Inc		280		4,861
The Goodyear Tire & Rubber Co		495		7,130
The Hartford Financial Services Group Inc		264		16,001
The Hershey Co		143		22,164
The Home Depot Inc		836		193,969
The Interpublic Group of Cos Inc		3,403		73,369
The JM Smucker Co		120		13,202
The Kraft Heinz Co		789		22,041
The Kroger Co		734		18,923
The PNC Financial Services Group Inc		658		92,225
The Procter & Gamble Co		1,941		241,422
The Sherwin-Williams Co		26		14,297
The Southern Co		217		13,404
The TJX Cos Inc		430		23,968
The Travelers Cos Inc		185		27,508

	Shares		Value
The Walt Disney Co		535		$69,721
The Western Union Co		456		10,566
The Williams Cos Inc		3,868		93,064
Thor Industries Inc		60		3,398
Tiffany & Co		128		11,857
Tractor Supply Co		35		3,165
Trinity Industries Inc		139		2,736
UDR Inc REIT		142		6,884
Ulta Beauty Inc *		16		4,010
Union Pacific Corp		763		123,591
United Parcel Service Inc ‘B’		917		109,875
United Technologies Corp		820		111,946
UnitedHealth Group Inc		356		77,366
Universal Health Services Inc ‘B’		32		4,760
Unum Group		422		12,542
US Bancorp		1,720		95,185
Vail Resorts Inc		45		10,240
Valero Energy Corp		665		56,685
Valvoline Inc		224		4,935
Varian Medical Systems Inc *		33		3,930
Veeva Systems Inc ‘A’ *		44		6,718
Ventas Inc REIT		104		7,595
VEREIT Inc REIT		536		5,242
Verisk Analytics Inc		45		7,116
Verizon Communications Inc		1,543		93,135
VF Corp		355		31,591
Viacom Inc ‘B’		246		5,911
VICI Properties Inc REIT		218		4,938
Viper Energy Partners LP		800		22,136
Visa Inc ‘A’		511		87,897
VMware Inc ‘A’		24		3,601
Vornado Realty Trust REIT		67		4,266
Walgreens Boots Alliance Inc		1,293		71,516
Walmart Inc		637		75,599
Waters Corp *		26		5,804
Watsco Inc		127		21,486
Webster Financial Corp		67		3,140
Wec Energy Group Inc		59		5,611
Wells Fargo & Co		2,103		106,075
Welltower Inc REIT		174		15,773
West Pharmaceutical Services Inc		27		3,829
Western Digital Corp		203		12,107
Western Midstream Partners LP		2,730		67,950
WestRock Co		570		20,777
Weyerhaeuser Co REIT		383		10,609
Whirlpool Corp		49		7,760
Williams-Sonoma Inc		81		5,506
WP Carey Inc REIT		79		7,071
WW Grainger Inc		15		4,457
Wyndham Destinations Inc		363		16,705
Wyndham Hotels & Resorts Inc		61		3,156
Wynn Resorts Ltd		68		7,393
Xcel Energy Inc		93		6,035
Xerox Holdings Corp		146		4,367
Xilinx Inc		71		6,809
Xylem Inc		180		14,332
Zimmer Biomet Holdings Inc		75		10,295
Zions Bancorp NA		323		14,380
				12,763,618
Total Common Stocks (Cost $17,958,268)				17,919,327

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-40

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 1.8%
iShares MSCI India		2,800		$93,996
iShares MSCI South Korea		4,036		227,388
iShares MSCI Taiwan		4,788		174,092
Total Exchange-Traded Funds (Cost $508,760)				495,476
	Principal Amount
CORPORATE BONDS & NOTES - 18.3%
Belgium - 0.5%
Anheuser-Busch InBev Worldwide Inc 4.750% due 01/23/29		$75,000		87,407
5.800% due 01/23/59		50,000		68,201
				155,608
Canada - 0.2%
Telesat LLC 7.750% due 04/15/26 ~		25,000		25,500
Titan Acquisition Ltd 6.500% due 10/15/27 ~		50,000		47,000
				72,500
Ireland - 0.2%
Avolon Holdings Funding Ltd 4.375% due 05/01/26 ~		50,000		51,757
Netherlands - 0.3%
NXP BV 4.300% due 06/18/29 ~		75,000		80,376
Switzerland - 0.2%
Glencore Funding LLC 4.125% due 05/30/23 ~		50,000		52,438
United States - 16.9%
Ahern Rentals Inc 7.375% due 05/15/23 ~		75,000		64,219
Air Lease Corp 3.625% due 04/01/27		100,000		103,418
American Airlines Pass-Through Trust ‘A’ 3.500% due 08/15/33		50,000		51,959
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		50,000		51,383
Anthem Inc 2.875% due 09/15/29		50,000		49,547
Apple Inc 2.950% due 09/11/49		75,000		73,639
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		50,000		42,000
AT&T Inc 4.350% due 03/01/29		75,000		82,955
4.850% due 03/01/39		50,000		56,781
Bank of America Corp 4.183% due 11/25/27		175,000		188,437
Beazer Homes USA Inc 5.875% due 10/15/27		50,000		48,812
7.250% due 10/15/29 ~		25,000		25,469
Brand Industrial Services Inc 8.500% due 07/15/25 ~		25,000		23,875
Broadcom Inc 4.250% due 04/15/26 ~		75,000		77,546

	Principal Amount		Value
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		$50,000		$51,245
Charter Communications Operating LLC 4.200% due 03/15/28		100,000		105,366
Citigroup Inc 4.600% due 03/09/26		175,000		191,120
CNO Financial Group Inc 5.250% due 05/30/29		50,000		54,875
Comcast Corp 4.950% due 10/15/58		25,000		32,121
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		50,000		42,125
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		25,000		25,281
Dell International LLC 4.900% due 10/01/26 ~		50,000		53,606
Diamond Sports Group LLC 6.625% due 08/15/27 ~		50,000		51,927
Discovery Communications LLC 4.125% due 05/15/29		75,000		79,075
Endeavor Energy Resources LP 5.750% due 01/30/28 ~		75,000		80,062
Energy Transfer Operating LP 4.750% due 01/15/26		100,000		108,497
6.250% due 02/15/23		50,000		46,451
General Motors Financial Co Inc 5.650% due 01/17/29		75,000		82,771
Global Partners LP 7.000% due 08/01/27 ~		55,000		56,787
Global Payments Inc 3.200% due 08/15/29		50,000		50,748
4.150% due 08/15/49		50,000		52,653
Golden Nugget Inc 8.750% due 10/01/25 ~		50,000		52,250
HCA Inc 5.125% due 06/15/39		50,000		54,853
Hecla Mining Co 6.875% due 05/01/21		25,000		24,875
Hexion Inc 7.875% due 07/15/27 ~		25,000		24,812
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		25,000		24,976
Hyundai Capital America 4.125% due 06/08/23 ~		50,000		52,208
Iron Mountain Inc REIT 4.875% due 09/15/29 ~		25,000		25,445
JPMorgan Chase & Co 4.125% due 12/15/26		100,000		109,329
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		25,000		26,437
Keurig Dr Pepper Inc 4.597% due 05/25/28		50,000		56,256
KeyCorp 2.550% due 10/01/29		100,000		97,768
Kinder Morgan Energy Partners LP 4.300% due 05/01/24		100,000		107,020
Kraft Heinz Foods Co 4.625% due 10/01/39 ~		50,000		50,350
Las Vegas Sands Corp 3.500% due 08/18/26		50,000		50,867
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		75,000		71,179
Michaels Stores Inc 8.000% due 07/15/27 ~		50,000		50,250
Mid-America Apartments LP REIT 3.950% due 03/15/29		75,000		81,933
MidAmerican Energy Co 4.250% due 07/15/49		25,000		30,155

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-41

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Morgan Stanley 3.591% due 07/22/28		$100,000		$105,560
5.000% due 11/24/25		100,000		112,133
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		25,000		18,531
MPLX LP 4.000% due 03/15/28		100,000		104,361
6.875% due 02/15/23		50,000		50,065
Panther BF Aggregator 2 LP 6.250% due 05/15/26 ~		50,000		52,750
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		75,000		74,751
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		50,000		53,888
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		50,000		56,224
Scientific Games International Inc 8.250% due 03/15/26 ~		50,000		53,375
Select Medical Corp 6.250% due 08/15/26 ~		50,000		52,375
Service Properties Trust REIT 4.750% due 10/01/26		75,000		75,451
Sprint Corp 7.625% due 02/15/25		50,000		55,125
Targa Resources Partners LP 6.500% due 07/15/27 ~		75,000		82,019
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		25,000		28,412
Tesla Inc 5.300% due 08/15/25 ~		75,000		67,594
The Goldman Sachs Group Inc 3.500% due 11/16/26		150,000		156,151
The Walt Disney Co 2.750% due 09/01/49		50,000		48,241
Tms International Holding Corp 7.250% due 08/15/25 ~		50,000		43,000
UDR Inc REIT 3.000% due 08/15/31		50,000		50,159
United Parcel Service Inc 3.400% due 09/01/49		25,000		25,486
Ventas Realty LP REIT 3.500% due 02/01/25		50,000		52,395
Wells Fargo & Co 3.750% due 01/24/24		100,000		105,971
WPX Energy Inc 5.250% due 10/15/27		75,000		75,750
WRKCo Inc 3.900% due 06/01/28		75,000		79,165
				4,774,645
Total Corporate Bonds & Notes (Cost $5,132,894)				5,187,324
SENIOR LOAN NOTES - 7.3%
Canada - 1.0%
Burger King Term B 4.294% (USD LIBOR + 2.250%) due 02/17/24 §		120,034		120,571
GFL Environmental Inc Term B 5.044% (USD LIBOR + 2.750%) due 05/31/25 §		124,370		123,437
StandardAero 6.104% (USD LIBOR + 4.000%) due 04/04/26 §		43,706		43,979
				287,987

	Principal Amount		Value
United States - 6.3%
Albertson’s LLC Term B-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 §		$93,985		$94,683
American Builders & Contractors Supply Co Inc Term B-2
4.044% (USD LIBOR + 2.000%) due 10/31/23 §		124,362		124,448
Bausch Health Americas Inc Term B 5.039% (USD LIBOR + 3.000%) due 06/01/25 §		116,393		116,996
BJ’s Wholesale Club Inc Term B 4.786% (USD LIBOR + 3.000%) due 02/03/24 §		124,685		125,188
Cornerstone Building Brands Inc Term B 5.789% (USD LIBOR + 3.750%) due 04/12/25 §		124,370		121,935
CSC Holdings LLC Term B-4 5.028% (USD LIBOR + 3.000%) due 04/15/27 §		124,688		125,061
Dynasty Acquisition Co Inc 6.104% (USD LIBOR + 4.000%) due 04/08/26 §		81,294		81,802
Filtration Group Corp Term B 5.044% (USD LIBOR + 3.000%) due 03/29/25 §		119,672		120,108
Golden Nugget LLC Term B 4.800% (USD LIBOR + 2.750%) due 10/04/23 §		124,326		124,274
HUB International Ltd Term B 5.267% (USD LIBOR + 3.000%) due 04/25/25 §		124,370		123,165
Jaguar Holding Co II due 08/18/22 ¥		124,351		124,615
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		124,361		124,701
SeaWorld Parks & Entertainment Inc Term B-5 5.044% (USD LIBOR + 3.000%) due 03/31/24 §		124,362		124,439
Sprint Communications Inc Term B 5.063% (USD LIBOR + 3.000%) due 02/03/24 §		124,374		124,295
TransDigm Inc Term G 4.544% (USD LIBOR + 2.500%) due 08/22/24 §		124,367		124,095
				1,779,805
Total Senior Loan Notes (Cost $2,055,470)				2,067,792
U.S. TREASURY OBLIGATIONS - 7.7%
U.S. Treasury Bonds - 1.6%
2.875% due 05/15/49		390,000		455,325
U.S. Treasury Notes - 6.1%
1.750% due 06/15/22		420,000		421,969
1.750% due 06/30/24		420,000		423,667
1.875% due 06/30/26		420,000		426,989
2.375% due 05/15/29		410,000		435,577
				1,708,202
Total U.S. Treasury Obligations (Cost $2,101,935)				2,163,527

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-42

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		317,453		$317,453
Total Short-Term Investment (Cost $317,453)				317,453
TOTAL INVESTMENTS - 99.6% (Cost $28,111,232)				28,186,273
OTHER ASSETS & LIABILITIES, NET - 0.4%				123,998
NET ASSETS - 100.0%				$28,310,271

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Common Stocks	63.3%
Corporate Bonds & Notes	18.3%
Senior Loan Notes	7.3%
U.S. Treasury Obligations	7.7%
Others (each less than 3.0%)	3.0%
	99.6%
Other Assets & Liabilities, Net	0.4%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

United States (Includes Short-Term Investment)	77.1%
Japan	4.0%
Others (each less than 3.0%)	18.5%
	99.6%
Other Assets & Liabilities, Net	0.4%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-43

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$17,580		$17,580		$—		$—
	Germany		17,794		—		17,794		—
	Total Preferred Stocks		35,374		17,580		17,794		—
	Common Stocks
	Australia		223,831		—		223,831		—
	Belgium		50,636		—		50,636		—
	Brazil		118,406		118,406		—		—
	Canada		50,726		50,726		—		—
	China		569,694		118,774		450,920		—
	Denmark		82,144		—		82,144		—
	Finland		45,480		—		45,480		—
	France		401,637		9,469		392,168		—
	Germany		295,238		19,926		275,312		—
	Hong Kong		203,570		—		203,570		—
	India		27,038		27,038		—		—
	Indonesia		65,347		—		65,347		—
	Ireland		12,860		7,368		5,492		—
	Israel		10,878		4,599		6,279		—
	Italy		46,930		—		46,930		—
	Japan		1,118,244		—		1,118,244		—
	Macau		11,622		—		11,622		—
	Malaysia		24,638		—		24,638		—
	Mexico		51,833		51,833		—		—
	Netherlands		116,266		—		116,266		—
	New Zealand		3,074		—		3,074		—
	Norway		15,295		—		15,295		—
	Peru		3,720		3,720		—		—
	Philippines		9,657		—		9,657		—
	Portugal		6,512		—		6,512		—
	Russia		105,073		—		105,073		—
	Singapore		83,316		—		83,316		—
	South Africa		121,863		3,655		118,208		—
	Spain		89,392		—		89,392		—
	Sweden		80,793		—		80,793		—
	Switzerland		483,156		—		483,156		—
	Thailand		26,899		—		26,899		—
	United Kingdom		599,941		32,545		567,396		—
	United States		12,763,618		12,760,144		3,474		—
	Total Common Stocks		17,919,327		13,208,203		4,711,124		—
	Exchange-Traded Funds		495,476		495,476		—		—
	Corporate Bonds & Notes		5,187,324		—		5,187,324		—
	Senior Loan Notes		2,067,792		—		2,067,792		—
	U.S. Treasury Obligations		2,163,527		—		2,163,527		—
	Short-Term Investment		317,453		317,453		—		—
	Total		$28,186,273		$14,038,712		$14,147,561		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-44

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Basic Materials - 2.2%
Air Products & Chemicals Inc		635		$140,881
CF Industries Holdings Inc		2,432		119,654
Huntsman Corp		7,993		185,917
				446,452
Communications - 18.0%
Alphabet Inc ‘A’ *		522		637,435
Amazon.com Inc *		448		777,688
Cisco Systems Inc		7,098		350,712
Comcast Corp ‘A’		9,764		440,161
Discovery Inc ‘A’ *		8,833		235,223
Expedia Group Inc		1,646		221,239
Facebook Inc ‘A’ *		3,102		552,404
Verizon Communications Inc		7,853		474,007
				3,688,869
Consumer, Cyclical - 6.6%
AutoZone Inc *		179		194,147
Best Buy Co Inc		3,093		213,386
Delta Air Lines Inc		4,164		239,846
Foot Locker Inc		2,734		117,999
Polaris Inc		1,609		141,608
PulteGroup Inc		6,754		246,859
Royal Caribbean Cruises Ltd		1,760		190,661
				1,344,506
Consumer, Non-Cyclical - 22.6%
Abbott Laboratories		3,925		328,405
Biogen Inc *		796		185,325
Cigna Corp		1,326		201,274
Eli Lilly & Co		2,630		294,113
General Mills Inc		3,747		206,535
Gilead Sciences Inc		3,254		206,239
Kimberly-Clark Corp		1,708		242,621
Medtronic PLC		3,600		391,032
Merck & Co Inc		4,951		416,775
Mondelez International Inc ‘A’		4,920		272,174
Quanta Services Inc		5,036		190,361
The Kroger Co		8,459		218,073
The Procter & Gamble Co		3,742		465,430
Thermo Fisher Scientific Inc		1,134		330,300
Tyson Foods Inc ‘A’		2,177		187,527
UnitedHealth Group Inc		1,406		305,552
Vertex Pharmaceuticals Inc *		1,022		173,147
				4,614,883
Energy - 4.6%
ConocoPhillips		4,429		252,364
EOG Resources Inc		3,041		225,703
Marathon Petroleum Corp		3,778		229,513
Phillips 66		2,317		237,261
				944,841
Financial - 18.5%
American Express Co		2,635		311,668
American Tower Corp REIT		1,052		232,629
AvalonBay Communities Inc REIT		1,116		240,308
Bank of America Corp		13,878		404,821
Boston Properties Inc REIT		1,425		184,765
E*TRADE Financial Corp		3,884		169,692
JPMorgan Chase & Co		4,317		508,068
Prudential Financial Inc		3,177		285,771
T Rowe Price Group Inc		1,731		197,767
The Charles Schwab Corp		4,521		189,113
The Hartford Financial Services Group Inc		4,140		250,925

	Shares		Value
Visa Inc ‘A’		3,201	$	550,604
Zions Bancorp NA		5,939		264,404
				3,790,535
Industrial - 7.9%
Honeywell International Inc		1,835		310,482
Ingersoll-Rand PLC		1,781		219,437
Northrop Grumman Corp		566		212,131
Raytheon Co		1,317		258,382
Textron Inc		3,205		156,917
The Boeing Co		689		262,144
Waste Management Inc		1,766		203,090
				1,622,583
Technology - 14.5%
Adobe Inc *		1,118		308,848
Apple Inc		3,240		725,663
Broadcom Inc		1,108		305,886
DXC Technology Co		2,533		74,724
Intel Corp		5,602		288,671
Microsoft Corp		7,600		1,056,628
NXP Semiconductors NV (Netherlands)		1,930		210,602
				2,971,022
Utilities - 3.0%
Ameren Corp		3,871		309,874
DTE Energy Co		2,280		303,149
				613,023
Total Common Stocks (Cost $16,471,587)				20,036,714
SHORT-TERM INVESTMENT - 1.9%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		390,328		390,328
Total Short-Term Investment (Cost $390,328)				390,328
TOTAL INVESTMENTS - 99.8% (Cost $16,861,915)				20,427,042
OTHER ASSETS & LIABILITIES, NET - 0.2%				48,455
NET ASSETS - 100.0%				$20,475,497

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	22.6%
Financial	18.5%
Communications	18.0%
Technology	14.5%
Industrial	7.9%
Consumer, Cyclical	6.6%
Energy	4.6%
Utilities	3.0%
Others (each less than 3.0%)	4.1%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-45

PACIFIC FUNDS

PACIFIC FUNDS LARGE-CAP

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$20,036,714		$20,036,714		$—		$—
	Short-Term Investment		390,328		390,328		—		—
	Total		$20,427,042		$20,427,042		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-46

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP VALUE

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Basic Materials - 2.8%
Air Products & Chemicals Inc		1,112		$246,708
CF Industries Holdings Inc		2,710		133,332
Huntsman Corp		7,711		179,358
				559,398
Communications - 13.1%
Alphabet Inc ‘A’ *		165		201,488
AT&T Inc		14,138		534,982
Cisco Systems Inc		5,999		296,411
Comcast Corp ‘A’		9,757		439,846
Discovery Inc ‘A’ *		9,363		249,337
The Walt Disney Co		1,941		252,951
Verizon Communications Inc		9,850		594,546
				2,569,561
Consumer, Cyclical - 4.4%
BorgWarner Inc		2,120		77,762
Delta Air Lines Inc		5,235		301,536
PVH Corp		2,100		185,283
Royal Caribbean Cruises Ltd		2,733		296,066
				860,647
Consumer, Non-Cyclical - 22.1%
Biogen Inc *		579		134,803
Cigna Corp		1,005		152,549
Danaher Corp		1,336		192,958
Eli Lilly & Co		1,582		176,915
Gilead Sciences Inc		2,698		170,999
Hill-Rom Holdings Inc		2,140		225,192
Kimberly-Clark Corp		1,212		172,165
Medtronic PLC		4,497		488,464
Merck & Co Inc		3,237		272,491
Mondelez International Inc ‘A’		5,072		280,583
PepsiCo Inc		2,560		350,976
Pfizer Inc		7,703		276,769
Quanta Services Inc		6,538		247,136
The Procter & Gamble Co		5,018		624,139
Thermo Fisher Scientific Inc		868		252,822
Tyson Foods Inc ‘A’		2,094		180,377
UnitedHealth Group Inc		616		133,869
				4,333,207
Energy - 8.3%
Chevron Corp		3,907		463,370
ConocoPhillips		4,224		240,684
Diamondback Energy Inc		2,498		224,595
EOG Resources Inc		2,837		210,562
Marathon Petroleum Corp		4,457		270,763
Phillips 66		2,034		208,282
				1,618,256
Financial - 27.2%
Alexandria Real Estate Equities Inc REIT		802		123,540
American Express Co		1,349		159,560
AvalonBay Communities Inc REIT		692		149,008
Bank of America Corp		21,731		633,893
Berkshire Hathaway Inc ‘B’ *		1,105		229,862
Boston Properties Inc REIT		1,858		240,908
Discover Financial Services		3,400		275,706
E*TRADE Financial Corp		3,876		169,342
Equity LifeStyle Properties Inc REIT		757		101,135
Highwoods Properties Inc REIT		2,443		109,788
Intercontinental Exchange Inc		2,709		249,959
JPMorgan Chase & Co		6,551		770,987
Prologis Inc REIT		3,139		267,506
Prudential Financial Inc		3,691		332,005

	Shares		Value
State Street Corp		3,882		$ 229,776
SunTrust Banks Inc		3,756		258,413
The Allstate Corp		1,884		204,753
The Charles Schwab Corp		4,522		189,155
The Hartford Financial Services Group Inc		5,190		314,566
The Travelers Cos Inc		1,160		172,480
Wells Fargo & Co		2,872		144,864
				5,327,206
Industrial - 8.7%
Caterpillar Inc		1,676		211,696
Honeywell International Inc		1,252		211,838
Ingersoll-Rand PLC		1,577		194,302
Lockheed Martin Corp		537		209,462
Northrop Grumman Corp		902		338,061
Owens Corning		2,453		155,030
Textron Inc		2,877		140,858
Waste Management Inc		2,106		242,190
				1,703,437
Technology - 5.4%
Broadcom Inc		1,134		313,063
Intel Corp		3,352		172,729
Microsoft Corp		1,186		164,890
ON Semiconductor Corp *		12,427		238,723
Oracle Corp		3,112		171,253
				1,060,658
Utilities - 5.6%
American Electric Power Co Inc		3,935		368,670
DTE Energy Co		2,507		333,331
Xcel Energy Inc		6,195		401,994
				1,103,995
Total Common Stocks (Cost $15,380,395)				19,136,365
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		420,182		420,182
Total Short-Term Investment (Cost $420,182)				420,182
TOTAL INVESTMENTS - 99.8% (Cost $15,800,577)				19,556,547
OTHER ASSETS & LIABILITIES, NET - 0.2%				41,709
NET ASSETS - 100.0%				$19,598,256

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	27.2%
Consumer, Non-Cyclical	22.1%
Communications	13.1%
Industrial	8.7%
Energy	8.3%
Utilities	5.6%
Technology	5.4%
Consumer, Cyclical	4.4%
Others (each less than 3.0%)	5.0%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-47

PACIFIC FUNDS

PACIFIC FUNDS LARGE-CAP VALUE

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,136,365		$19,136,365		$—		$—
	Short-Term Investment		420,182		420,182		—		—
	Total		$19,556,547		$19,556,547		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-48

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Basic Materials - 2.7%
Allegheny Technologies Inc *		71,988		$1,457,757
Kaiser Aluminum Corp		28,511		2,821,734
Kraton Corp *		54,378		1,755,866
PolyOne Corp		47,063		1,536,607
Rogers Corp *		12,091		1,652,961
				9,224,925
Communications - 5.9%
CDW Corp		26,516		3,267,832
Ciena Corp *		66,680		2,615,856
LogMeIn Inc		26,496		1,880,156
NETGEAR Inc *		55,117		1,775,870
Sinclair Broadcast Group Inc ‘A’		70,486		3,012,572
Viavi Solutions Inc *		227,727		3,189,317
Vonage Holdings Corp *		246,268		2,782,828
Yelp Inc *		62,786		2,181,814
				20,706,245
Consumer, Cyclical - 10.6%
Aramark		88,352		3,850,380
BJ’s Restaurants Inc		56,358		2,188,945
BJ’s Wholesale Club Holdings Inc *		107,526		2,781,698
Bloomin’ Brands Inc		161,685		3,060,697
Capri Holdings Ltd *		43,161		1,431,219
Dine Brands Global Inc		29,435		2,232,939
G-III Apparel Group Ltd *		54,881		1,414,283
KB Home		67,724		2,302,616
Lithia Motors Inc ‘A’		16,047		2,124,302
RH *		14,901		2,545,538
SeaWorld Entertainment Inc *		106,815		2,811,371
SkyWest Inc		47,575		2,730,805
Sleep Number Corp *		61,426		2,538,122
Steven Madden Ltd		57,923		2,073,064
The Children’s Place Inc		16,541		1,273,492
Wolverine World Wide Inc		59,157		1,671,777
				37,031,248
Consumer, Non-Cyclical - 26.6%
Adtalem Global Education Inc *		56,340		2,145,991
Amedisys Inc *		21,909		2,870,298
Amicus Therapeutics Inc *		123,222		988,240
AMN Healthcare Services Inc *		32,927		1,895,278
BioTelemetry Inc *		50,380		2,051,977
Cardtronics PLC ‘A’ *		80,151		2,423,766
Charles River Laboratories International Inc *		21,979		2,909,360
Encompass Health Corp		35,380		2,238,846
Euronet Worldwide Inc *		25,971		3,799,557
Green Dot Corp ‘A’ *		53,275		1,345,194
Harsco Corp *		85,124		1,613,951
Helen of Troy Ltd *		10,374		1,635,565
Hill-Rom Holdings Inc		38,589		4,060,720
Horizon Therapeutics PLC *		125,940		3,429,346
Hostess Brands Inc *		147,162		2,058,061
ICF International Inc		35,978		3,039,062
Insperity Inc		24,954		2,460,963
Ionis Pharmaceuticals Inc *		28,485		1,706,536
Jazz Pharmaceuticals PLC *		24,450		3,133,023
Lamb Weston Holdings Inc		48,467		3,524,520
LHC Group Inc *		24,116		2,738,613
LivaNova PLC *		27,879		2,057,191
LiveRamp Holdings Inc *		78,980		3,392,981
Merit Medical Systems Inc *		67,554		2,057,695
Myriad Genetics Inc *		56,527		1,618,368
Neurocrine Biosciences Inc *		27,641		2,490,731
Option Care Health Inc *		413,282		1,322,502
Performance Food Group Co *		75,391		3,468,740

	Shares		Value
Post Holdings Inc *		14,612		$ 1,546,534
PRA Health Sciences Inc *		26,201		2,599,925
Quanta Services Inc		80,990		3,061,422
Quidel Corp *		34,585		2,121,790
Service Corp International		88,308		4,222,005
Supernus Pharmaceuticals Inc *		52,291		1,436,957
Syneos Health Inc *		57,645		3,067,290
Teleflex Inc		7,253		2,464,207
The Cooper Cos Inc		12,270		3,644,190
				92,641,395
Energy - 2.6%
Diamondback Energy Inc		35,403		3,183,084
Helix Energy Solutions Group Inc *		196,476		1,583,597
Helmerich & Payne Inc		46,886		1,878,722
WPX Energy Inc *		217,252		2,300,699
				8,946,102
Financial - 22.9%
Aircastle Ltd		134,920		3,026,256
Alleghany Corp *		5,229		4,171,487
Blucora Inc *		86,672		1,875,582
Deluxe Corp		54,674		2,687,774
Douglas Emmett Inc REIT		59,438		2,545,730
Equity LifeStyle Properties Inc REIT		22,911		3,060,910
Essent Group Ltd		59,477		2,835,269
Everest Re Group Ltd		17,011		4,526,457
Glacier Bancorp Inc		51,452		2,081,748
Highwoods Properties Inc REIT		41,042		1,844,427
Horace Mann Educators Corp		44,753		2,073,407
Hudson Pacific Properties Inc REIT		66,729		2,232,752
IBERIABANK Corp		47,311		3,573,873
Lamar Advertising Co ‘A’ REIT		50,483		4,136,072
Life Storage Inc REIT		28,677		3,022,843
Mid-America Apartment Communities Inc REIT		13,604		1,768,656
Old Republic International Corp		180,269		4,248,940
PacWest Bancorp		70,618		2,566,258
Piedmont Office Realty Trust Inc ‘A’ REIT		121,231		2,531,303
PS Business Parks Inc REIT		11,818		2,150,285
Radian Group Inc		125,634		2,869,481
Ryman Hospitality Properties Inc REIT		37,200		3,043,332
TCF Financial Corp		64,509		2,455,858
The Hanover Insurance Group Inc		30,033		4,070,673
Virtu Financial Inc ‘A’		132,763		2,172,003
Western Alliance Bancorp		48,921		2,254,280
Wintrust Financial Corp		39,534		2,555,082
Zions Bancorp		77,018		3,428,841
				79,809,579
Industrial - 14.7%
Acuity Brands Inc		18,690		2,519,225
Aerojet Rocketdyne Holdings Inc *		72,030		3,638,235
Altra Industrial Motion Corp		58,492		1,619,936
American Woodmark Corp *		26,729		2,376,475
EnPro Industries Inc		34,522		2,369,935
Generac Holdings Inc *		45,715		3,581,313
Graphic Packaging Holding Co		206,199		3,041,435
Hubbell Inc		13,043		1,713,850
ITT Inc		43,022		2,632,516
Jacobs Engineering Group Inc		38,243		3,499,235
Kirby Corp *		23,498		1,930,596
MasTec Inc *		55,901		3,629,652
Rexnord Corp *		54,922		1,485,640
Ryder System Inc		33,764		1,747,962
Sonoco Products Co		52,949		3,082,161
Spirit AeroSystems Holdings Inc ‘A’		23,749		1,953,118
SPX Corp *		78,686		3,148,227
US Concrete Inc *		44,521		2,461,121

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-49

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
US Ecology Inc		40,242	$	2,573,073
Werner Enterprises Inc		61,063		2,155,524
				51,159,229
Technology - 9.7%
Benefitfocus Inc *		37,966		903,970
Bottomline Technologies DE Inc *		66,337		2,610,361
CommVault Systems Inc *		40,415		1,806,955
Cornerstone OnDemand Inc *		32,123		1,760,983
j2 Global Inc		35,381		3,213,302
MKS Instruments Inc		19,623		1,810,810
Nuance Communications Inc *		123,310		2,011,186
Qualys Inc *		21,837		1,650,222
RealPage Inc *		54,109		3,401,292
Silicon Laboratories Inc *		34,469		3,838,123
SPS Commerce Inc *		68,545		3,226,413
Synopsys Inc *		26,506		3,637,949
Zebra Technologies Corp ‘A’ *		18,534		3,824,862
				33,696,428
Utilities - 2.2%
Black Hills Corp		37,166		2,851,747
CMS Energy Corp		36,035		2,304,438
Portland General Electric Co		46,658		2,630,111
				7,786,296
Total Common Stocks (Cost $307,333,883)				341,001,447

	Shares		Value
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		7,365,624		$ 7,365,624
Total Short-Term Investment (Cost $7,365,624)				7,365,624
TOTAL INVESTMENTS - 100.0% (Cost $314,699,507)				348,367,071
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(69,449	)
NET ASSETS - 100.0%				$348,297,622

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	26.6%
Financial	22.9%
Industrial	14.7%
Consumer, Cyclical	10.6%
Technology	9.7%
Communications	5.9%
Others (each less than 3.0%)	9.6%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$341,001,447		$341,001,447		$—		$—
	Short-Term Investment		7,365,624		7,365,624		—		—
	Total		$348,367,071		$348,367,071		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-50

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Basic Materials - 3.3%
Allegheny Technologies Inc *		6,542		$132,476
Commercial Metals Co		5,456		94,825
Kraton Corp *		4,140		133,681
PolyOne Corp		4,418		144,248
Rogers Corp *		730		99,798
				605,028
Communications - 4.8%
NETGEAR Inc *		2,734		88,089
Perficient Inc *		4,246		163,811
Sinclair Broadcast Group Inc ‘A’		3,017		128,947
Viavi Solutions Inc *		13,840		193,829
Vonage Holdings Corp *		11,197		126,526
Yelp Inc *		5,326		185,079
				886,281
Consumer, Cyclical - 11.2%
BJ’s Restaurants Inc		2,884		112,015
BJ’s Wholesale Club Holdings Inc *		4,844		125,314
Bloomin’ Brands Inc		6,477		122,610
Callaway Golf Co		5,206		101,048
Del Taco Restaurants Inc *		8,419		86,084
Dine Brands Global Inc		1,576		119,555
G-III Apparel Group Ltd *		2,213		57,029
KB Home		4,238		144,092
Lithia Motors Inc ‘A’		1,216		160,974
Marriott Vacations Worldwide Corp		1,692		175,308
RH *		650		111,040
SeaWorld Entertainment Inc *		3,867		101,779
SkyWest Inc		3,514		201,704
Sleep Number Corp *		3,423		141,438
Steven Madden Ltd		3,990		142,802
The Children’s Place Inc		1,419		109,249
Wolverine World Wide Inc		2,086		58,950
				2,070,991
Consumer, Non-Cyclical - 28.4%
Acadia Healthcare Co Inc *		3,861		120,000
Adtalem Global Education Inc *		3,768		143,523
Amedisys Inc *		1,928		252,587
Amicus Therapeutics Inc *		6,134		49,195
AMN Healthcare Services Inc *		2,923		168,248
Amphastar Pharmaceuticals Inc *		5,453		108,133
BioTelemetry Inc *		2,099		85,492
Blueprint Medicines Corp *		1,525		112,042
Cardtronics PLC ‘A’ *		4,591		138,832
Edgewell Personal Care Co *		4,497		146,108
FibroGen Inc *		2,126		78,619
Green Dot Corp ‘A’ *		3,905		98,601
Harsco Corp *		8,646		163,928
Helen of Troy Ltd *		1,305		205,746
Horizon Therapeutics PLC *		9,412		256,289
Hostess Brands Inc *		10,432		145,892
ICF International Inc		2,348		198,336
Insperity Inc		1,942		191,520
J&J Snack Foods Corp		625		120,000
LHC Group Inc *		1,980		224,849
LivaNova PLC *		2,000		147,580
LiveRamp Holdings Inc *		4,507		193,621
Magellan Health Inc *		1,473		91,473
Merit Medical Systems Inc *		4,616		140,603
Myriad Genetics Inc *		5,854		167,600
NuVasive Inc *		2,426		153,760
Option Care Health Inc *		27,799		88,957
Orthofix Medical Inc *		2,718		144,108
Performance Food Group Co *		4,883		224,667

	Shares		Value
Quidel Corp *		2,578		$ 158,160
SP Plus Corp *		2,452		90,724
Supernus Pharmaceuticals Inc *		4,819		132,426
Syneos Health Inc *		3,254		173,145
Ultragenyx Pharmaceutical Inc *		1,498		64,084
Vanda Pharmaceuticals Inc *		7,539		100,118
Viad Corp		2,071		139,068
				5,218,034
Energy - 2.0%
Helix Energy Solutions Group Inc *		16,520		133,151
Magnolia Oil & Gas Corp ‘A’ *		12,413		137,784
PDC Energy Inc *		3,353		93,046
				363,981
Financial - 24.2%
Aircastle Ltd		8,243		184,890
Argo Group International Holdings Ltd		2,584		181,500
Armada Hoffler Properties Inc REIT		7,803		141,156
Blucora Inc *		3,762		81,410
Brightsphere Investment Group Inc		10,598		105,026
Cathay General Bancorp		3,926		136,370
CenterState Bank Corp		5,073		121,676
Deluxe Corp		3,320		163,211
Enterprise Financial Services Corp		3,019		123,024
Essent Group Ltd		2,528		120,510
First Industrial Realty Trust Inc REIT		5,887		232,890
First Midwest Bancorp Inc		5,033		98,043
Glacier Bancorp Inc		2,306		93,301
Home BancShares Inc		6,418		120,626
Horace Mann Educators Corp		3,388		156,966
IBERIABANK Corp		1,988		150,174
Invesco Mortgage Capital Inc REIT		6,273		96,040
Investors Bancorp Inc		14,048		159,585
National Storage Affiliates Trust REIT		4,244		141,622
NexPoint Residential Trust Inc REIT		4,010		187,508
Old National Bancorp		8,479		145,881
Piedmont Office Realty Trust Inc ‘A’ REIT		6,965		145,429
PotlatchDeltic Corp REIT		2,749		112,943
PS Business Parks Inc REIT		1,216		221,251
Radian Group Inc		7,784		177,787
Ryman Hospitality Properties Inc REIT		2,293		187,590
Simmons First National Corp ‘A’		5,527		137,622
Stifel Financial Corp		485		27,829
Sunstone Hotel Investors Inc REIT		8,930		122,698
TCF Financial Corp		2,439		92,853
United Community Banks Inc		5,456		154,678
WSFS Financial Corp		2,882		127,096
				4,449,185
Industrial - 12.3%
Air Transport Services Group Inc *		6,016		126,456
Altra Industrial Motion Corp		5,088		140,912
American Woodmark Corp *		1,192		105,981
EMCOR Group Inc		2,352		202,554
EnerSys		1,885		124,297
Generac Holdings Inc *		2,008		157,307
MasTec Inc *		3,694		239,851
OSI Systems Inc *		877		89,068
Rexnord Corp *		6,049		163,625
Saia Inc *		1,938		181,591
SPX Corp *		3,331		133,273
Universal Forest Products Inc		3,404		135,752
US Concrete Inc *		2,617		144,668
US Ecology Inc		1,409		90,091
Vishay Intertechnology Inc		7,572		128,194
Werner Enterprises Inc		2,595		91,604
				2,255,224

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-51

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Technology - 8.6%
Allscripts Healthcare Solutions Inc *		13,025		$ 143,015
Bottomline Technologies DE Inc *		2,072		81,533
CommVault Systems Inc *		2,488		111,238
Cornerstone OnDemand Inc *		3,342		183,208
Glu Mobile Inc *		21,234		105,958
j2 Global Inc		2,121		192,629
Qualys Inc *		2,213		167,236
Silicon Laboratories Inc *		1,277		142,194
SPS Commerce Inc *		3,596		169,264
Verint Systems Inc *		4,488		191,997
Virtusa Corp *		2,525		90,951
				1,579,223
Utilities - 3.7%
ALLETE Inc		2,124		185,659
Black Hills Corp		2,395		183,768
Portland General Electric Co		2,081		117,306
Southwest Gas Holdings Inc		2,075		188,908
				675,641
Total Common Stocks (Cost $16,367,088)				18,103,588

	Shares		Value
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		178,656		$ 178,656
Total Short-Term Investment (Cost $178,656)				178,656
TOTAL INVESTMENTS - 99.5% (Cost $16,545,744)				18,282,244
OTHER ASSETS & LIABILITIES, NET - 0.5%				100,089
NET ASSETS - 100.0%				$18,382,333

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	28.4%
Financial	24.2%
Industrial	12.3%
Consumer, Cyclical	11.2%
Technology	8.6%
Communications	4.8%
Utilities	3.7%
Basic Materials	3.3%
Others (each less than 3.0%)	3.0%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$18,103,588		$18,103,588		$—		$—
	Short-Term Investment		178,656		178,656		—		—
	Total		$18,282,244		$18,282,244		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-52

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Basic Materials - 2.7%
Allegheny Technologies Inc *		6,129		$124,112
Commercial Metals Co		4,857		84,415
Kaiser Aluminum Corp		1,403		138,855
Kraton Corp *		5,238		169,135
				516,517
Communications - 2.7%
NETGEAR Inc *		4,635		149,340
Perficient Inc *		2,740		105,709
Viavi Solutions Inc *		10,272		143,859
Yelp Inc *		3,336		115,926
				514,834
Consumer, Cyclical - 9.8%
BJ’s Wholesale Club Holdings Inc *		6,094		157,652
Bloomin’ Brands Inc		7,573		143,357
Callaway Golf Co		6,376		123,758
Conn’s Inc *		3,888		96,656
Del Taco Restaurants Inc *		10,925		111,708
Designer Brands Inc ‘A’		10,317		176,627
Dine Brands Global Inc		1,655		125,548
G-III Apparel Group Ltd *		3,742		96,431
KB Home		4,709		160,106
Marriott Vacations Worldwide Corp		1,503		155,726
RH *		865		147,768
SkyWest Inc		4,348		249,575
The Children’s Place Inc		1,479		113,868
				1,858,780
Consumer, Non-Cyclical - 16.0%
Aaron’s Inc		2,679		172,153
Acadia Healthcare Co Inc *		4,033		125,346
Adtalem Global Education Inc *		5,980		227,778
AngioDynamics Inc *		4,717		86,887
Cardtronics PLC ‘A’ *		4,400		133,056
Central Garden & Pet Co ‘A’ *		4,642		128,699
Edgewell Personal Care Co *		5,432		176,486
Harsco Corp *		3,598		68,218
Helen of Troy Ltd *		1,716		270,545
Horizon Therapeutics Plc *		5,591		152,243
Hostess Brands Inc *		10,435		145,934
ICF International Inc		2,431		205,347
LivaNova PLC *		1,099		81,095
Magellan Health Inc *		1,648		102,341
Merit Medical Systems Inc *		3,855		117,423
Myriad Genetics Inc *		3,544		101,465
Option Care Health Inc *		26,187		83,798
Orthofix Medical Inc *		2,608		138,276
SP Plus Corp *		6,505		240,685
Syneos Health Inc *		3,041		161,812
Viad Corp		1,655		111,133
				3,030,720
Energy - 4.1%
Delek US Holdings Inc		2,056		74,633
Exterran Corp *		5,109		66,724
Helix Energy Solutions Group Inc *		18,743		151,069
Jagged Peak Energy Inc *		14,301		103,825
Magnolia Oil & Gas Corp ‘A’ *		18,550		205,905
PDC Energy Inc *		6,372		176,823
				778,979
Financial - 38.8%
Agree Realty Corp REIT		1,925		140,814
Aircastle Ltd		9,350		209,721
Argo Group International Holdings Ltd		2,715		190,702
Armada Hoffler Properties Inc REIT		10,842		196,132

	Shares		Value
Blucora Inc *		4,082	$	88,335
Brightsphere Investment Group Inc		10,674		105,779
Cadence BanCorp		7,191		126,130
Camden National Corp		2,789		120,819
Cathay General Bancorp		4,598		159,712
CenterState Bank Corp		6,822		163,626
Deluxe Corp		3,540		174,026
Enterprise Financial Services Corp		3,019		123,024
Essent Group Ltd		3,587		170,992
First Bancorp		4,775		171,423
First Industrial Realty Trust Inc REIT		7,365		291,359
First Interstate BancSystem Inc ‘A’		4,801		193,192
First Midwest Bancorp Inc		7,515		146,392
Glacier Bancorp Inc		4,452		180,128
Hilltop Holdings Inc		7,564		180,704
Home BancShares Inc		6,813		128,050
Horace Mann Educators Corp		2,903		134,496
Horizon Bancorp Inc		7,071		122,753
IBERIABANK Corp		2,921		220,652
Invesco Mortgage Capital Inc REIT		17,411		266,562
Investors Bancorp Inc		17,975		204,196
MFA Financial Inc REIT		31,099		228,889
National Storage Affiliates Trust REIT		7,202		240,331
NexPoint Residential Trust Inc REIT		5,391		252,083
Old National Bancorp		8,406		144,625
Old Second Bancorp Inc		8,432		103,039
Piedmont Office Realty Trust Inc ‘A’ REIT		11,248		234,858
PotlatchDeltic Corp REIT		3,922		161,135
PS Business Parks Inc REIT		617		112,263
QCR Holdings Inc		2,780		105,584
Radian Group Inc		9,694		221,411
Ryman Hospitality Properties Inc REIT		3,341		273,327
Sandy Spring Bancorp Inc		4,673		157,527
Simmons First National Corp ‘A’		5,710		142,179
Stifel Financial Corp		2,215		127,097
Sunstone Hotel Investors Inc REIT		9,641		132,467
TCF Financial Corp		4,047		154,069
United Community Banks Inc		6,058		171,744
WSFS Financial Corp		4,219		186,058
				7,358,405
Industrial - 11.7%
Altra Industrial Motion Corp		4,157		115,128
Astronics Corp *		3,976		116,815
Belden Inc		1,487		79,317
EMCOR Group Inc		2,798		240,964
EnerSys		1,880		123,967
Knowles Corp *		8,516		173,215
MasTec Inc *		1,902		123,497
MYR Group Inc *		3,372		105,510
Rexnord Corp *		5,247		141,931
Sanmina Corp *		6,586		211,476
TriMas Corp *		5,966		182,858
Trinseo SA		2,550		109,523
Universal Forest Products Inc		5,375		214,355
Vishay Intertechnology Inc		6,993		118,392
Werner Enterprises Inc		4,440		156,732
				2,213,680
Technology - 4.7%
Allscripts Healthcare Solutions Inc *		13,206		145,002
CACI International Inc ‘A’ *		759		175,526
CSG Systems International Inc		3,949		204,084
Insight Enterprises Inc *		3,177		176,927
Verint Systems Inc *		4,360		186,521
				888,060
Utilities - 6.6%
ALLETE Inc		3,703		323,679
Black Hills Corp		3,814		292,648

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-53

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Portland General Electric Co		5,913	$	333,316
Southwest Gas Holdings Inc		3,200		291,328
				1,240,971
Total Common Stocks (Cost $16,693,409)				18,400,946
EXCHANGE-TRADED FUND - 0.5%
iShares Russell 2000 Value		785		93,737
Total Exchange-Traded Fund (Cost $89,541)				93,737
SHORT-TERM INVESTMENT - 2.9%
Money Market Fund - 2.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		559,034		559,034
Total Short-Term Investment (Cost $559,034)				559,034
TOTAL INVESTMENTS - 100.5% (Cost $17,341,984)				19,053,717
OTHER ASSETS & LIABILITIES, NET - (0.5%)				(100,525	)
NET ASSETS - 100.0%				$18,953,192

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	38.8%
Consumer, Non-Cyclical	16.0%
Industrial	11.7%
Consumer, Cyclical	9.8%
Utilities	6.6%
Technology	4.7%
Energy	4.1%
Others (each less than 3.0%)	8.8%
	100.5%
Other Assets & Liabilities, Net	(0.5%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$18,400,946		$18,400,946		$—		$—
	Exchange-Traded Fund		93,737		93,737		—		—
	Short-Term Investment		559,034		559,034		—		—
	Total		$19,053,717		$19,053,717		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-54

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP GROWTH

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 2.8%
Kaiser Aluminum Corp		3,628		$359,063
PolyOne Corp		9,368		305,865
Rogers Corp *		1,790		244,711
				909,639
Communications - 6.0%
NETGEAR Inc *		10,240		329,933
Sinclair Broadcast Group Inc ‘A’		7,021		300,078
Viavi Solutions Inc *		30,508		427,264
Vonage Holdings Corp *		42,989		485,776
Yelp Inc *		11,007		382,493
				1,925,544
Consumer, Cyclical - 14.7%
BJ’s Restaurants Inc		7,874		305,826
BJ’s Wholesale Club Holdings Inc *		17,879		462,530
Bloomin’ Brands Inc		19,627		371,539
Dine Brands Global Inc		3,652		277,041
G-III Apparel Group Ltd *		9,856		253,989
KB Home		6,501		221,034
Lithia Motors Inc ‘A’		3,583		474,318
PetIQ Inc *		6,697		182,560
RH *		1,568		267,862
SeaWorld Entertainment Inc *		14,970		394,010
Shake Shack Inc ‘A’ *		3,576		350,591
Sleep Number Corp *		7,108		293,703
Steven Madden Ltd		9,451		338,251
The Children’s Place Inc		3,298		253,913
Wolverine World Wide Inc		9,601		271,324
				4,718,491
Consumer, Non-Cyclical - 35.8%
Aaron’s Inc		5,812		373,479
Acadia Healthcare Co Inc *		9,398		292,090
Amedisys Inc *		3,129		409,930
Amicus Therapeutics Inc *		28,132		225,619
AMN Healthcare Services Inc *		6,421		369,593
Amphastar Pharmaceuticals Inc *		9,117		180,790
Avanos Medical Inc *		5,398		202,209
BioTelemetry Inc *		7,491		305,108
Blueprint Medicines Corp *		3,999		293,807
Cardtronics PLC ‘A’ *		13,791		417,040
Chegg Inc *		14,497		434,185
Esperion Therapeutics Inc *		5,437		199,320
FibroGen Inc *		6,210		229,646
Green Dot Corp ‘A’ *		8,072		203,818
Harsco Corp *		13,495		255,865
Heron Therapeutics Inc *		13,822		255,707
Horizon Therapeutics PLC *		24,320		662,234
Insperity Inc		4,011		395,565
iRhythm Technologies Inc *		4,532		335,867
J&J Snack Foods Corp		2,079		399,168
LHC Group Inc *		3,677		417,560
LivaNova PLC *		4,747		350,281
LiveRamp Holdings Inc *		6,763		290,538
Merit Medical Systems Inc *		10,094		307,463
Myriad Genetics Inc *		10,667		305,396
NuVasive Inc *		5,838		370,012
Option Care Health Inc *		55,752		178,406
Orthofix Medical Inc *		6,601		349,985
Performance Food Group Co *		12,339		567,717
PTC Therapeutics Inc *		6,344		214,554
Quidel Corp *		6,530		400,616
Revance Therapeutics Inc *		11,618		151,034
Supernus Pharmaceuticals Inc *		10,697		293,954
Syneos Health Inc *		6,922		368,320

	Shares		Value
Ultragenyx Pharmaceutical Inc *		6,119		$ 261,771
Vanda Pharmaceuticals Inc *		13,011		172,786
				11,441,433
Energy - 0.5%
Matador Resources Co *		9,818		162,292
Financial - 6.8%
Blucora Inc *		13,530		292,789
Deluxe Corp		8,669		426,168
Essent Group Ltd		8,715		415,444
Pacific Premier Bancorp Inc		6,921		215,866
PS Business Parks Inc REIT		2,312		420,668
Ryman Hospitality Properties Inc REIT		5,008		409,705
				2,180,640
Industrial - 16.4%
Aerojet Rocketdyne Holdings Inc *		7,691		388,472
American Woodmark Corp *		3,693		328,345
Astronics Corp *		8,721		256,223
EnPro Industries Inc		4,536		311,396
Generac Holdings Inc *		7,575		593,425
Masonite International Corp *		4,473		259,434
MasTec Inc *		7,664		497,624
MYR Group Inc *		8,437		263,994
OSI Systems Inc *		2,586		262,634
Saia Inc *		4,911		460,161
SPX Corp *		12,993		519,850
Tetra Tech Inc		4,904		425,471
US Concrete Inc *		5,796		320,403
US Ecology Inc		5,492		351,158
				5,238,590
Technology - 15.0%
Allscripts Healthcare Solutions Inc *		32,216		353,732
Benefitfocus Inc *		6,246		148,717
Bottomline Technologies DE Inc *		10,035		394,877
Cloudera Inc *		30,043		266,181
CommVault Systems Inc *		6,237		278,856
Cornerstone OnDemand Inc *		9,614		527,040
Glu Mobile Inc *		59,573		297,269
j2 Global Inc		6,797		617,304
MaxLinear Inc *		8,683		194,326
Qualys Inc *		4,664		352,458
RealPage Inc *		4,445		279,413
Silicon Laboratories Inc *		4,237		471,790
SPS Commerce Inc *		7,475		351,848
Virtusa Corp *		7,271		261,901
				4,795,712
Total Common Stocks (Cost $27,201,626)				31,372,341
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		672,480		672,480
Total Short-Term Investment (Cost $672,480)				672,480
TOTAL INVESTMENTS - 100.1% (Cost $27,874,106)				32,044,821
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(38,708	)
NET ASSETS - 100.0%				$32,006,113

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-55

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP GROWTH

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	35.8%
Industrial	16.4%
Technology	15.0%
Consumer, Cyclical	14.7%
Financial	6.8%
Communications	6.0%
Others (each less than 3.0%)	5.4%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$31,372,341		$31,372,341		$—		$—
	Short-Term Investment		672,480		672,480		—		—
	Total		$32,044,821		$32,044,821		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-57

A-56

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2019 (Unaudited)

Explanation of Symbols:
*	Non-income producing investments.
§	Variable rate investments. The rate shown is based on the latest available information as of September 30, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
¥	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
#	Securities purchased on a when-issued basis. 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 under 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.
»	Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
±	Investments categorized as a significant unobservable input (Level 3).
Currency Abbreviations:
USD	United States Dollar
Reference Rate Abbreviation:
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
Other Abbreviations:
ADR	American Depositary Receipt
CDI	Chess Depositary Interests
GDR	Global Depositary Receipt
PIK	Payment In Kind
REIT	Real Estate Investment Trust

Notes:

For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.

The countries listed in the Schedules of Investments are based on country of risk.

The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.

See Notes to Financial Statements

A-57

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Portfolio Optimization										Pacific Funds Ultra Short Income
		Conservative		Moderate- Conservative		Moderate		Growth		Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at value			$240,251,775		$348,473,547		$1,080,294,125		$843,148,773		$306,639,768		$—
Investments, at value (excluding derivatives)			—		—		—		—		—		25,287,831
Receivables:
	Dividends and interest		—		—		—		—		—		120,367
	Fund shares sold		36,871		545,361		457,409		219,727		64,825		—
	Securities sold		165,453		94,030		353,557		389,865		777,589		—
	Due from adviser		17,936		22,958		58,000		46,286		20,926		14,079
Prepaid expenses and other assets			793		890		2,697		2,145		662		37,519
Total Assets			240,472,828		349,136,786		1,081,165,788		843,806,796		307,503,770		25,459,796
LIABILITIES
Payables:
	Fund shares redeemed		700,120		1,021,696		2,172,219		1,423,897		1,155,063		—
	Securities purchased		—		—		—		—		—		250,000
	Accrued advisory fees		39,734		57,461		178,481		139,133		50,737		5,150
	Accrued administration fees		29,800		43,096		133,861		104,350		38,053		4,635
	Accrued support service expenses		10,295		15,070		46,911		36,255		13,110		1,042
	Accrued custodian fees and expenses		—		—		—		—		—		2,744
	Accrued registration fees		9,109		9,028		12,065		9,677		7,749		—
	Accrued legal, audit and tax service fees		15,939		23,305		71,820		55,160		19,648		995
	Accrued trustees’ fees and expenses and deferred compensation		5,202		6,267		16,953		11,848		3,563		—
	Accrued distribution fees		6,762		8,243		23,915		17,712		6,000		—
	Accrued service fees		9,525		13,969		43,202		33,787		12,095		—
	Accrued other		19,586		27,335		81,792		63,364		23,886		6,085
Total Liabilities			846,072		1,225,470		2,781,219		1,895,183		1,329,904		270,651
NET ASSETS			$239,626,756		$347,911,316		$1,078,384,569		$841,911,613		$306,173,866		$25,189,145
NET ASSETS CONSIST OF:
Paid-in capital			$229,152,616		$329,670,779		$947,069,141		$713,204,553		$251,572,377		$25,158,791
Undistributed/accumulated earnings (deficit)			10,474,140		18,240,537		131,315,428		128,707,060		54,601,489		30,354
NET ASSETS			$239,626,756		$347,911,316		$1,078,384,569		$841,911,613		$306,173,866		$25,189,145
Class A Shares:
	Net Assets		$177,050,169		$272,931,750		$857,617,696		$678,902,586		$245,477,449
	Shares of beneficial interest outstanding		16,645,613		24,480,804		68,393,250		51,008,564		16,527,353
	Net Asset Value per share*		$10.64		$11.15		$12.54		$13.31		$14.85
	Sales Charge — Maximum is 5.50% of offering price		0.62		0.65		0.73		0.77		0.86
	Maximum offering price per share		$11.26		$11.80		$13.27		$14.08		$15.71
Class C Shares:
	Net Assets		$54,573,330		$66,923,199		$194,199,290		$143,807,348		$48,206,949
	Shares of beneficial interest outstanding		5,286,811		6,179,256		15,864,735		11,121,038		3,371,627
	Net Asset Value per share*		$10.32		$10.83		$12.24		$12.93		$14.30
Class I Shares:
	Net Assets												$12,591,559
	Shares of beneficial interest outstanding												1,257,633
	Net Asset Value per share												$10.01
Advisor Class:
	Net Assets		$8,003,257		$8,056,367		$26,567,583		$19,201,679		$12,489,468		$12,597,586
	Shares of beneficial interest outstanding		748,945		718,726		2,108,882		1,435,074		837,033		1,258,235
	Net Asset Value per share		$10.69		$11.21		$12.60		$13.38		$14.92		$10.01
Investments in affiliated mutual funds, at cost			$226,345,294		$326,536,995		$967,668,363		$743,680,583		$264,410,922		$—
Investments, at cost (excluding derivatives)			—		—		—		—		—		25,257,977

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

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Short Duration Income		Pacific Funds Core Income		Pacific Funds Strategic Income		Pacific Funds Floating Rate Income			Pacific Funds High Income			Pacific Funds Diversified Income
ASSETS
Investments, at value (excluding derivatives)			$978,580,086		$852,134,833		$748,255,187		$1,597,540,135			$121,552,835			$28,186,273
Cash			59,252		48,839		189,661		19,332,817			18,865			17,216
Foreign currency held, at value			—		—		5,028		—			629			14,023
Receivables:
	Dividends and interest		5,134,921		5,465,342		6,253,045		3,868,772			1,700,516			106,705
	Fund shares sold		4,221,829		4,164,989		6,473,476		6,766,224			98,038			—
	Securities sold		7,781,495		7,342,829		2,303,022		91,203,212			156,851			151,332
	Due from adviser		197,627		193,762		160,049		302,193			19,366			19,357
Unfunded loan commitment appreciation			1,563		3,906		5,054		23,045			61			—
Prepaid expenses and other assets			85,074		43,780		33,956		91,119			25,716			13,373
Total Assets			996,061,847		869,398,280		763,678,478		1,719,127,517			123,572,877			28,508,279
LIABILITIES
Payables:
	Fund shares redeemed		3,917,355		2,795,066		2,604,039		3,900,690			74,716			—
	Securities purchased		12,794,573		27,951,842		26,071,965		133,598,934			864,029			148,884
	Income distributions		83,963		371,828		438,502		621,527			1,090			—
	Accrued advisory fees		316,749		338,394		351,658		831,841			60,753			8,091
	Accrued administration fees		225,377		193,201		174,381		324,644			17,017			6,935
	Accrued support service expenses		36,266		28,947		26,497		69,556			5,222			1,167
	Accrued custodian fees and expenses		10,127		18,038		13,519		62,026			2,752			6,606
	Accrued registration fees		—		—		—		—			—			15,055
	Accrued legal, audit and tax service fees		50,155		42,035		38,581		132,124			7,292			587
	Accrued trustees’ fees and expenses and deferred compensation		1,457		1,331		1,276		4,051			196			—
	Accrued distribution fees		5,561		7,138		8,211		17,737			312			—
	Accrued service fees		8,417		7,680		5,944		13,941			377			—
	Accrued other		58,929		53,771		51,194		224,172			13,583			10,683
Unfunded loan commitment depreciation			—		—		—		5,343			—			—
Total Liabilities			17,508,929		31,809,271		29,785,767		139,806,586			1,047,339			198,008
NET ASSETS			$978,552,918		$837,589,009		$733,892,711		$1,579,320,931			$122,525,538			$28,310,271
NET ASSETS CONSIST OF:
Paid-in capital			$967,538,020		$825,757,215		$730,531,661		$1,652,265,231			$130,695,058			$28,211,988
Undistributed/accumulated earnings (deficit)			11,014,898		11,831,794		3,361,050		(72,944,300	)		(8,169,520	)		98,283
NET ASSETS			$978,552,918		$837,589,009		$733,892,711		$1,579,320,931			$122,525,538			$28,310,271
Class A Shares:
	Net Assets		$159,199,255		$129,998,335		$78,414,659		$197,009,979			$6,648,808
	Shares of beneficial interest outstanding		15,269,871		11,861,135		7,182,266		19,885,320			650,472
	Net Asset Value per share*		$10.43		$10.96		$10.92		$9.91			$10.22
	Sales Charge (1)		0.32		0.49		0.48		0.31			0.45
	Maximum offering price per share		$10.75		$11.45		$11.40		$10.22			$10.67
Class C Shares:
	Net Assets		$45,437,781		$58,328,023		$67,142,899		$144,352,945			$2,525,960
	Shares of beneficial interest outstanding		4,366,434		5,319,699		6,164,044		14,599,298			247,484
	Net Asset Value per share*		$10.41		$10.96		$10.89		$9.89			$10.21
Class I Shares:
	Net Assets		$99,978,534		$43,448,757		$12,599,515		$499,203,448			$127,159
	Shares of beneficial interest outstanding		9,602,048		3,960,728		1,161,052		50,256,149			12,560
	Net Asset Value per share		$10.41		$10.97		$10.85		$9.93			$10.12
Class P Shares:
	Net Assets				$38,281,165				$28,102,482			$107,431,437
	Shares of beneficial interest outstanding				3,479,065				2,829,611			10,613,180
	Net Asset Value Per Share				$11.00				$9.93			$10.12
Advisor Class:
	Net Assets		$673,937,348		$567,532,729		$575,735,638		$710,652,077			$5,792,174			$28,310,271
	Shares of beneficial interest outstanding		64,616,327		51,665,388		52,726,195		71,394,553			566,227			2,821,257
	Net Asset Value per share		$10.43		$10.98		$10.92		$9.95			$10.23			$10.03
Investments, at cost (excluding derivatives)			$967,114,760		$821,087,570		$733,551,527		$1,608,039,807			$119,870,650			$28,111,232
Foreign currency held, at cost			—		—		6,641		—			789			14,125

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

(1) The Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate Income are subject to a maximum 3.00% front-end sales charge. The Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge.

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Large-Cap		Pacific Funds Large-Cap Value		Pacific Funds Small/Mid-Cap		Pacific Funds Small-Cap		Pacific Funds Small-Cap Value		Pacific Funds Small-Cap Growth
ASSETS
Investments, at value (excluding derivatives)			$20,427,042		$19,556,547		$348,367,071		$18,282,244		$19,053,717		$32,044,821
Receivables:
	Dividends and interest		25,284		26,937		216,540		18,954		36,473		13,986
	Fund shares sold		47,599		1,107		489,486		2,289		38,881		348
	Securities sold		164,435		85,419		—		166,240		772,562		—
	Due from adviser		7,933		7,868		52,605		8,045		7,594		7,303
Prepaid expenses and other assets			—		173		713		128		325		501
Total Assets			20,672,293		19,678,051		349,126,415		18,477,900		19,909,552		32,066,959
LIABILITIES
Payables:
	Fund shares redeemed		1,905		—		382,921		20,475		—		17,065
	Securities purchased		167,249		51,051		57,795		43,150		926,066		—
	Accrued advisory fees		7,655		8,808		214,547		11,427		11,370		19,977
	Accrued administration fees		4,929		4,715		85,056		4,499		4,161		5,103
	Accrued support service expenses		884		801		15,257		781		723		1,388
	Accrued custodian fees and expenses		375		592		5,026		427		496		977
	Accrued registration fees		7,261		7,581		10,007		8,930		7,880		7,708
	Accrued legal, audit and tax service fees		1,285		1,261		21,753		1,179		1,145		2,278
	Accrued trustees’ fees and expenses and deferred compensation		42		51		634		41		47		107
	Accrued distribution fees		456		416		1,727		114		143		106
	Accrued service fees		514		331		1,406		222		111		160
	Accrued other		4,241		4,188		32,664		4,322		4,218		5,977
Total Liabilities			196,796		79,795		828,793		95,567		956,360		60,846
NET ASSETS			$20,475,497		$19,598,256		$348,297,622		$18,382,333		$18,953,192		$32,006,113
NET ASSETS CONSIST OF:
Paid-in capital			$16,916,199		$14,065,932		$320,609,967		$17,342,232		$17,290,330		$29,904,242
Undistributed/accumulated earnings (deficit)			3,559,298		5,532,324		27,687,655		1,040,101		1,662,862		2,101,871
NET ASSETS			$20,475,497		$19,598,256		$348,297,622		$18,382,333		$18,953,192		$32,006,113
Class A Shares:
	Net Assets		$8,864,301		$4,687,394		$20,219,404		$4,458,130		$1,541,449		$3,012,123
	Shares of beneficial interest outstanding		678,668		406,559		1,551,856		373,154		163,167		266,040
	Net Asset Value per share*		$13.06		$11.53		$13.03		$11.95		$9.45		$11.32
	Sales Charge — Maximum is 4.25% of offering price		0.58		0.51		0.58		0.53		0.42		0.50
	Maximum offering price per share		$13.64		$12.04		$13.61		$12.48		$9.87		$11.82
Class C Shares:
	Net Assets		$3,756,571		$3,386,941		$14,010,725		$924,687		$1,161,040		$861,871
	Shares of beneficial interest outstanding		290,041		296,590		1,106,346		78,914		125,605		78,495
	Net Asset Value per share*		$12.95		$11.42		$12.66		$11.72		$9.24		$10.98
Class P Shares:
	Net Assets												$21,118,304
	Shares of beneficial interest outstanding												1,845,402
	Net Asset Value Per Share												$11.44
Advisor Class:
	Net Assets		$6,977,410		$10,792,141		$307,878,950		$12,416,786		$13,085,301		$5,033,156
	Shares of beneficial interest outstanding		529,518		931,897		23,449,528		1,021,409		1,374,077		439,658
	Net Asset Value per share		$13.18		$11.58		$13.13		$12.16		$9.52		$11.45
Class S:
	Net Assets		$877,215		$731,780		$6,188,543		$582,730		$3,165,402		$1,980,659
	Shares of beneficial interest outstanding		67,833		63,648		470,879		52,322		333,652		172,435
	Net Asset Value per share		$12.93		$11.50		$13.14		$11.14		$9.49		$11.49
Investments, at cost (excluding derivatives)			$16,861,915		$15,800,577		$314,699,507		$16,545,744		$17,341,984		$27,874,106

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

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Portfolio Optimization															Pacific Funds Ultra Short Income (1)
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$—			$—			$—			$—			$—			$16,475
Dividends from affiliated mutual fund investments			719,500			918,159			1,805,319			923,434			48,085			—
Interest, net of foreign taxes withheld			—			—			—			—			—			157,910
Total Investment Income			719,500			918,159			1,805,319			923,434			48,085			174,385
EXPENSES
Advisory fees			247,386			360,099			1,118,008			864,732			311,475			16,265
Administration fees			185,540			270,074			838,506			648,549			233,606			14,640
Support services expenses			21,187			30,972			95,917			73,884			26,301			1,042
Custodian fees and expenses			—			—			—			—			—			2,744
Shareholder report expenses			11,779			17,221			53,329			41,078			14,622			580
Distribution fees (2)
	Class B (3)		38,963			64,572			210,153			156,322			49,861
	Class C		340,317			419,883			1,179,609			849,146			276,359
Service fees (2)
	Class A		173,838			279,143			900,770			722,173			265,986
	Class B (3)		12,988			21,524			70,051			52,107			16,620
	Class C		113,439			139,961			393,203			283,049			92,120
Transfer agency out-of-pocket expenses			9,169			13,405			41,513			31,977			11,383			451
Registration fees			37,626			37,433			45,562			42,932			37,652			15,056
Legal, audit and tax service fees			16,277			23,805			73,802			56,889			20,328			1,004
Trustees’ fees and expenses			6,324			9,245			28,624			22,046			7,842			296
Offering expenses			—			—			—			—			—			9,547
Other (4)			6,251			8,066			20,313			16,144			7,139			5,164
Total Expenses			1,221,084			1,695,403			5,069,360			3,861,028			1,371,294			66,789
Adviser Expense Reimbursement			(108,613	)		(140,147	)		(359,060	)		(284,950	)		(125,266	)		(45,969	)
Net Expenses			1,112,471			1,555,256			4,710,300			3,576,078			1,246,028			20,820
NET INVESTMENT INCOME (LOSS)			(392,971	)		(637,097	)		(2,904,981	)		(2,652,644	)		(1,197,943	)		153,565
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		—			—			—			—			—			(274	)
	Investment security transactions in affiliated mutual funds		(239,593	)		212,067			(1,089,952	)		3,084,798			1,318,087			—
	Net Realized Gain (Loss)		(239,593	)		212,067			(1,089,952	)		3,084,798			1,318,087			(274	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		—			—			—			—			—			29,854
	Investment securities in affiliated mutual fund investments		9,999,844			14,726,921			51,289,448			34,878,539			12,607,151			—
	Change in Net Unrealized Appreciation (Depreciation)		9,999,844			14,726,921			51,289,448			34,878,539			12,607,151			29,854
NET GAIN (LOSS)			9,760,251			14,938,988			50,199,496			37,963,337			13,925,238			29,580
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$9,367,280			$14,301,891			$47,294,515			$35,310,693			$12,727,295			$183,145
Foreign taxes withheld on dividends and interest			$—			$—			$—			$—			$—			$724

(1) Pacific Funds Ultra Short Income commenced operations on June 28, 2019.

(2) The Advisor Class shares are not subject to distribution and service fees.

(3) Class B shares were converted to Class A shares on July 31, 2019.

(4) Other expense for the Pacific Funds Ultra Short Income includes $4,485 of accounting fees.

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds High Income			Pacific Funds Diversified Income (1)
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$407,337			$466,337			$664,960			$943,948			$109,189			$162,677
Interest, net of foreign taxes withheld			13,995,056			13,080,580			15,697,660			48,407,533			3,690,918			85,171
Total Investment Income			14,402,393			13,546,917			16,362,620			49,351,481			3,800,107			247,848
EXPENSES
Advisory fees			1,748,800			1,805,537			1,948,916			5,438,656			373,757			25,422
Administration fees			1,240,659			1,028,027			967,595			2,110,519			103,819			21,791
Support services expenses			66,636			54,883			51,187			145,308			10,617			1,167
Custodian fees and expenses			7,603			12,288			9,958			44,673			1,758			6,606
Shareholder report expenses			37,050			30,514			28,459			80,788			5,902			650
Distribution fees (2)
	Class C		174,370			278,015			238,362			666,131			12,155			—
Service fees (2)
	Class A		171,951			127,163			85,181			246,598			7,391			—
	Class C		58,123			92,672			79,454			222,044			4,052			—
Transfer agency out-of-pocket expenses			28,840			23,754			22,153			62,888			4,595			505
Registration fees			55,350			42,798			52,784			71,869			28,063			15,056
Legal, audit and tax service fees			52,644			43,023			39,937			136,886			8,166			1,123
Trustees’ fees and expenses			18,897			15,563			14,513			41,187			3,009			332
Offering expenses			—			—			—			—			—			9,547
Interest expense			—			—			—			255,484			—			—
Other (3)			22,880			21,438			23,202			42,662			10,971			9,614
Total Expenses			3,683,803			3,575,675			3,561,701			9,565,693			574,255			91,813
Advisory Fee Waiver			—			—			—			(84,179	)		—			—
Adviser Expense Reimbursement			(1,093,359	)		(1,047,768	)		(903,148	)		(2,086,950	)		(115,417	)		(59,127	)
Net Expenses			2,590,444			2,527,907			2,658,553			7,394,564			458,838			32,686
NET INVESTMENT INCOME (LOSS)			11,811,949			11,019,010			13,704,067			41,956,917			3,341,269			215,162
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		1,949,844			3,486,410			(1,072,950	)		(7,537,695	)		(97,632	)		17,186
	Foreign currency transactions		—			—			—			—			—			3,018
	Net Realized Gain (Loss)		1,949,844			3,486,410			(1,072,950	)		(7,537,695	)		(97,632	)		20,204
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		8,137,225			25,657,550			19,887,672			14,054,052			1,971,633			75,041
	Foreign currencies		—			—			42			—			5			(136	)
	Unfunded loan commitments		1,563			3,906			5,054			61,842			61			—
	Change in Net Unrealized Appreciation (Depreciation)		8,138,788			25,661,456			19,892,768			14,115,894			1,971,699			74,905
NET GAIN (LOSS)			10,088,632			29,147,866			18,819,818			6,578,199			1,874,067			95,109
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$21,900,581			$40,166,876			$32,523,885			$48,535,116			$5,215,336			$310,271
Foreign taxes withheld on dividends and interest			$7,057			$4,725			$408			$—			$27			$3,581

(1) Pacific Funds Diversified Income commenced operations on June 28, 2019.

(2) The Class I, Class P, and the Advisor Class shares are not subject to distribution and service fees.

(3) Other expenses for the Pacific Funds Diversified Income includes $8,949 of accounting fees.

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		Pacific Funds Large-Cap			Pacific Funds Large-Cap Value			Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value			Pacific Funds Small-Cap Growth
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$202,393			$232,191			$2,291,658			$121,504			$180,424			$93,696
Total Investment Income			202,393			232,191			2,291,658			121,504			180,424			93,696
EXPENSES
Advisory fees			56,647			57,081			1,443,096			75,620			70,819			134,715
Administration fees			30,482			28,089			536,965			27,932			24,283			32,165
Support services expenses			1,715			1,584			30,661			1,605			1,448			2,891
Custodian fees and expenses			270			403			3,414			348			402			782
Shareholder report expenses			954			880			17,047			892			805			1,607
Distribution fees (1)
	Class C		14,921			12,968			58,919			3,544			4,625			3,569
Service fees (1)
	Class A		10,884			5,697			26,274			5,940			1,706			3,818
	Class C		4,974			4,323			19,640			1,182			1,541			1,190
Transfer agency out-of-pocket expenses			742			685			13,270			694			627			1,252
Registration fees			26,510			26,510			35,678			28,010			27,009			27,018
Legal, audit and tax service fees			1,336			1,230			23,665			1,234			1,121			2,219
Trustees’ fees and expenses			486			449			8,692			455			411			820
Other			3,522			3,498			14,531			3,929			3,745			4,261
Total Expenses			153,443			143,397			2,231,852			151,385			138,542			216,307
Advisory Fee Waiver			(4,956	)		—			—			—			—			—
Adviser Expense Reimbursement			(45,552	)		(44,603	)		(324,318	)		(46,317	)		(42,849	)		(41,657	)
Net Expenses			102,935			98,794			1,907,534			105,068			95,693			174,650
NET INVESTMENT INCOME (LOSS)			99,458			133,397			384,124			16,436			84,731			(80,954	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		174,606			639,362			1,294,809			30,539			366,875			341,489
	Net Realized Gain (Loss)		174,606			639,362			1,294,809			30,539			366,875			341,489
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		655,585			312,227			(1,269,136	)		(295,976	)		218,840			(2,096,421	)
	Change in Net Unrealized Appreciation (Depreciation)		655,585			312,227			(1,269,136	)		(295,976	)		218,840			(2,096,421	)
NET GAIN (LOSS)			830,191			951,589			25,673			(265,437	)		585,715			(1,754,932	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$929,649			$1,084,986			$409,797			($249,001	)		$670,446			($1,835,886	)
Foreign taxes withheld on dividends and interest			$182			$28			$—			$—			$—			$—

(1) The Class P, Advisor, and Class S shares are not subject to distribution and service fees.

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

		Pacific Funds Portfolio Optimization Conservative						Pacific Funds Portfolio Optimization Moderate-Conservative						Pacific Funds Portfolio Optimization Moderate
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
OPERATIONS
Net investment income (loss)			($392,971	)		$4,003,570			($637,097	)		$4,918,107			($2,904,981	)		$10,407,470
Net realized gain (loss)			(239,593	)		8,999,746			212,067			26,569,697			(1,089,952	)		109,430,792
Change in net unrealized appreciation (depreciation)			9,999,844			(9,753,514	)		14,726,921			(26,777,500	)		51,289,448			(97,037,490	)
Net Increase (Decrease) in Net Assets Resulting from Operations			9,367,280			3,249,802			14,301,891			4,710,304			47,294,515			22,800,772
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(12,592,979	)		—			(33,217,964	)		—			(112,777,136	)
	Class B		—			(1,853,035	)		—			(4,924,308	)		—			(16,690,844	)
	Class C		—			(12,087,506	)		—			(23,842,136	)		—			(71,737,804	)
	Class R		—			(468,143	)		—			(814,614	)		—			(3,856,053	)
	Advisor Class		—			(827,847	)		—			(1,073,763	)		—			(4,965,609	)
Net Decrease from Dividends and Distributions to Shareholders			—			(27,829,510	)		—			(63,872,785	)		—			(210,027,446	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		55,537,617			17,040,286			72,444,628			22,266,413			190,552,944			67,659,104
	Class B		60,979			644,833			62			298,059			204,522			811,986
	Class C		3,898,435			10,935,788			3,216,852			10,682,389			7,957,024			24,399,313
	Class R					659,721						620,066						3,956,944
	Advisor Class		1,899,685			3,309,815			1,474,680			5,901,913			3,273,490			17,181,484
Dividends and distribution reinvestments
	Class A		—			12,486,167			—			32,858,005			—			111,916,625
	Class B		—			1,805,246			—			4,801,673			—			16,476,006
	Class C		—			11,921,411			—			23,453,860			—			70,315,954
	Class R					468,241						814,614						3,856,053
	Advisor Class		—			792,027			—			1,064,963			—			4,839,682
Cost of shares repurchased
	Class A		(18,963,021	)		(33,270,001	)		(30,417,874	)		(57,777,975	)		(90,580,502	)		(141,741,982	)
	Class B		(2,780,740	)		(8,717,936	)		(6,205,998	)		(11,484,193	)		(17,119,821	)		(31,961,495	)
	Class C		(64,030,043	)		(37,513,896	)		(77,399,000	)		(49,618,847	)		(209,082,471	)		(113,479,765	)
	Class R					(1,421,688	)					(836,162	)					(6,285,146	)
	Advisor Class		(1,073,208	)		(4,658,762	)		(1,436,357	)		(3,480,671	)		(4,849,601	)		(13,708,609	)
Share class conversions
	Class A (2) (3)		14,289,154			4,294,105			22,496,950			4,987,595			76,126,118			22,187,993
	Class B (2)		(14,289,154	)		—			(22,496,950	)		—			(76,126,118	)		—
	Class R (3)					(4,294,105	)					(4,987,595	)					(22,187,993	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(25,450,296	)		(25,518,748	)		(38,323,007	)		(20,435,893	)		(119,644,415	)		14,236,154
NET INCREASE (DECREASE) IN NET ASSETS			(16,083,016	)		(50,098,456	)		(24,021,116	)		(79,598,374	)		(72,349,900	)		(172,990,520	)
NET ASSETS
Beginning of Year or Period			255,709,772			305,808,228			371,932,432			451,530,806			1,150,734,469			1,323,724,989
End of Year or Period			$239,626,756			$255,709,772			$347,911,316			$371,932,432			$1,078,384,569			$1,150,734,469

(1) Unaudited.

(2) Class B shares were converted to Class A shares on July 31, 2019.

(3) Class R shares were converted to Class A shares on March 22, 2019.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Portfolio Optimization Growth						Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Ultra Short Income
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Period Ended September 30, 2019 (1) (2)
OPERATIONS
Net investment income (loss)			($2,652,644	)		$5,031,109			($1,197,943	)		$1,096,862			$153,565
Net realized gain (loss)			3,084,798			116,508,679			1,318,087			50,537,474			(274	)
Change in net unrealized appreciation (depreciation)			34,878,539			(99,596,050	)		12,607,151			(42,365,388	)		29,854
Net Increase (Decrease) in Net Assets Resulting from Operations			35,310,693			21,943,738			12,727,295			9,268,948			183,145
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(99,899,454	)		—			(34,560,435	)
	Class B		—			(13,714,779	)		—			(4,182,986	)
	Class C		—			(54,931,185	)		—			(16,772,422	)
	Class R					(2,517,415	)					(1,055,968	)
	Class I														(76,384	)
	Advisor Class		—			(4,602,497	)		—			(2,356,107	)		(76,407	)
Net Decrease from Dividends and Distributions to Shareholders			—			(175,665,330	)		—			(58,927,918	)		(152,791	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		134,943,099			53,017,761			42,651,305			21,090,137
	Class B		154,946			641,777			42,567			319,857
	Class C		7,279,735			19,642,987			3,166,741			8,385,039
	Class R					1,826,895						1,045,959
	Class I														12,500,000
	Advisor Class		3,622,662			15,584,736			2,619,993			6,990,405			12,506,000
Dividends and distribution reinvestments
	Class A		—			99,254,420			—			34,287,460
	Class B		—			13,510,901			—			4,169,079
	Class C		—			54,318,779			—			16,485,319
	Class R					2,517,415						1,055,968
	Class I														76,384
	Advisor Class		—			4,350,180			—			2,321,572			76,407
Cost of shares repurchased
	Class A		(64,687,101	)		(106,383,272	)		(17,442,470	)		(29,140,734	)
	Class B		(11,696,472	)		(24,161,042	)		(3,188,133	)		(6,974,878	)
	Class C		(144,588,974	)		(71,029,532	)		(43,713,123	)		(22,731,074	)
	Class R					(4,117,896	)					(2,882,205	)
	Class I														—
	Advisor Class		(4,694,173	)		(12,372,320	)		(1,497,468	)		(6,533,420	)		—
Share class conversions
	Class A (3) (4)		57,500,119			13,475,454			18,773,764			5,855,112
	Class B (3)		(57,500,119	)		—			(18,773,764	)		—
	Class R (4)					(13,475,454	)					(5,855,112	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(79,666,278	)		46,601,789			(17,360,588	)		27,888,484			25,158,791
NET INCREASE (DECREASE) IN NET ASSETS			(44,355,585	)		(107,119,803	)		(4,633,293	)		(21,770,486	)		25,189,145
NET ASSETS
Beginning of Year or Period			886,267,198			993,387,001			310,807,159			332,577,645			—
End of Year or Period			$841,911,613			$886,267,198			$306,173,866			$310,807,159			$25,189,145

(1) Unaudited.

(2) Pacific Funds Ultra Short Income commenced operations on June 28, 2019.

(3) Class B shares were converted to Class A shares on July 31, 2019.

(4) Class R shares were converted to Class A shares on March 22, 2019.

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Short Duration Income						Pacific Funds Core Income						Pacific Funds Strategic Income
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
OPERATIONS
Net investment income (loss)			$11,811,949			$13,656,044			$11,019,010			$20,638,993			$13,704,067			$25,647,966
Net realized gain (loss)			1,949,844			(868,315	)		3,486,410			(7,715,010	)		(1,072,950	)		(2,204,849	)
Change in net unrealized appreciation (depreciation)			8,138,788			6,040,386			25,661,456			10,264,861			19,892,768			(3,625,115	)
Net Increase (Decrease) in Net Assets Resulting from Operations			21,900,581			18,828,115			40,166,876			23,188,844			32,523,885			19,818,002
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(1,788,041	)		(2,288,424	)		(1,491,635	)		(3,145,957	)		(1,421,457	)		(2,887,137	)
	Class C		(414,102	)		(761,316	)		(800,410	)		(2,167,183	)		(1,110,792	)		(2,122,133	)
	Class I		(1,326,425	)		(1,010,121	)		(562,240	)		(502,503	)		(212,189	)		(229,143	)
	Class P								(629,075	)		(1,845,313	)
	Advisor Class		(8,420,907	)		(9,439,029	)		(7,726,273	)		(13,013,000	)		(11,290,300	)		(20,322,895	)
Net Decrease from Dividends and Distributions to Shareholders			(11,949,475	)		(13,498,890	)		(11,209,633	)		(20,673,956	)		(14,034,738	)		(25,561,308	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		53,035,753			70,623,211			61,412,201			18,564,517			25,438,423			24,665,776
	Class C		10,314,606			15,901,633			10,083,827			7,830,292			17,272,287			16,877,365
	Class I		29,801,052			84,288,064			18,646,928			23,761,756			7,622,855			2,795,211
	Class P								144,437			5,903,182
	Advisor Class		333,341,931			384,985,237			223,949,293			210,403,956			180,872,706			285,918,426
Dividends and distribution reinvestments
	Class A		1,487,377			2,000,466			1,406,663			2,830,461			1,221,190			2,432,833
	Class C		407,672			726,149			744,651			1,967,047			997,866			1,826,650
	Class I		1,325,869			1,009,574			561,518			501,767			209,379			226,671
	Class P								629,075			1,845,313
	Advisor Class		8,250,398			8,986,733			5,711,631			9,198,335			8,861,744			15,471,909
Cost of shares repurchased
	Class A		(15,781,692	)		(48,667,567	)		(19,038,134	)		(71,051,776	)		(11,697,322	)		(36,906,963	)
	Class C		(12,003,256	)		(15,125,797	)		(36,854,336	)		(29,915,702	)		(11,594,753	)		(16,886,426	)
	Class I		(15,689,038	)		(6,860,042	)		(3,524,122	)		(2,653,440	)		(1,236,831	)		(1,123,649	)
	Class P								(4,692,745	)		(33,707,701	)
	Advisor Class		(157,902,820	)		(186,314,605	)		(74,602,896	)		(216,921,483	)		(84,879,203	)		(245,658,070	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			236,587,852			311,553,056			184,577,991			(71,443,476	)		133,088,341			49,639,733
NET INCREASE (DECREASE) IN NET ASSETS			246,538,958			316,882,281			213,535,234			(68,928,588	)		151,577,488			43,896,427
NET ASSETS
Beginning of Year or Period			732,013,960			415,131,679			624,053,775			692,982,363			582,315,223			538,418,796
End of Year or Period			$978,552,918			$732,013,960			$837,589,009			$624,053,775			$733,892,711			$582,315,223

(1) Unaudited.

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds Diversified Income
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Period Ended September 30, 2019 (1) (2)
OPERATIONS
Net investment income (loss)			$41,956,917			$89,321,214			$3,341,269			$3,977,048			$215,162
Net realized gain (loss)			(7,537,695	)		(16,678,087	)		(97,632	)		(1,030,376	)		20,204
Change in net unrealized appreciation (depreciation)			14,115,894			(28,107,047	)		1,971,699			86,556			74,905
Net Increase (Decrease) in Net Assets Resulting from Operations			48,535,116			44,536,080			5,215,336			3,033,228			310,271
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(5,047,812	)		(10,451,833	)		(155,071	)		(292,486	)
	Class C		(3,939,861	)		(8,439,626	)		(72,159	)		(195,304	)
	Class I		(12,996,204	)		(23,883,146	)		(4,027	)		(11,349	)
	Class P		(777,632	)		(2,709,538	)		(3,042,926	)		(3,340,878	)
	Advisor Class		(19,625,212	)		(44,322,870	)		(132,204	)		(148,700	)		(211,988	)
Net Decrease from Dividends and Distributions to Shareholders			(42,386,721	)		(89,807,013	)		(3,406,387	)		(3,988,717	)		(211,988	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		47,038,537			104,234,100			2,446,919			3,220,786
	Class C		11,265,251			56,249,918			64,019			716,716
	Class I		69,088,899			418,708,224			300			42,055
	Class P		171,832			2,293,667			538,014			65,198,232
	Advisor Class		142,722,811			654,273,775			2,302,720			2,682,948			28,000,000
Dividends and distribution reinvestments
	Class A		4,781,054			9,440,707			152,189			284,987
	Class C		3,792,088			7,744,275			69,777			188,590
	Class I		9,394,129			14,404,875			3,995			11,283
	Class P		771,703			2,709,538			3,042,926			3,340,878
	Advisor Class		18,679,899			39,800,982			131,575			146,871			211,988
Cost of shares repurchased
	Class A		(58,156,574	)		(114,633,080	)		(1,206,632	)		(3,703,876	)
	Class C		(68,437,617	)		(53,193,064	)		(1,384,222	)		(1,528,238	)
	Class I		(78,345,379	)		(219,420,364	)		(54,750	)		(85,863	)
	Class P		(5,150,641	)		(36,334,229	)		(11,077,392	)		(23,286,646	)
	Advisor Class		(284,417,560	)		(555,917,071	)		(373,949	)		(1,650,968	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(186,801,568	)		330,362,253			(5,344,511	)		45,577,755			28,211,988
NET INCREASE (DECREASE) IN NET ASSETS			(180,653,173	)		285,091,320			(3,535,562	)		44,622,266			28,310,271
NET ASSETS
Beginning of Year or Period			1,759,974,104			1,474,882,784			126,061,100			81,438,834			—
End of Year or Period			$1,579,320,931			$1,759,974,104			$122,525,538			$126,061,100			$28,310,271

(1) Unaudited.

(2) Pacific Funds Diversified Income commenced operations on June 28, 2019.

See Notes to Financial Statements

B-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Large-Cap						Pacific Funds Large-Cap Value						Pacific Funds Small/Mid-Cap
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
OPERATIONS
Net investment income (loss)			$99,458			$171,856			$133,397			$377,614			$384,124			$141,506
Net realized gain (loss)			174,606			255,129			639,362			1,566,245			1,294,809			(1,202,028	)
Change in net unrealized appreciation (depreciation)			655,585			794,723			312,227			(1,146,418	)		(1,269,136	)		8,050,964
Net Increase (Decrease) in Net Assets Resulting from Operations			929,649			1,221,708			1,084,986			797,441			409,797			6,990,442
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(293,281	)		—			(279,931	)		—			(640,045	)
	Class C		—			(166,794	)		—			(230,757	)		—			(466,266	)
	Advisor Class		—			(407,953	)		—			(1,377,251	)		—			(5,717,212	)
	Class S		—			(31,514	)		—			(45,410	)		—			(187,396	)
Net Decrease from Dividends and Distributions to Shareholders			—			(899,542	)		—			(1,933,349	)		—			(7,010,919	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		1,638,037			4,770,361			593,267			1,558,272			2,163,556			13,119,138
	Class C		688,228			1,180,700			207,589			765,875			546,847			4,827,893
	Advisor Class		470,338			1,509,946			713,927			284,501			30,365,317			228,165,055
	Investor Class					21						—						637,610
	Class S		—			342,150			—			283,922			—			569,158
Dividends and distribution reinvestments
	Class A		—			291,142			—			271,766			—			637,748
	Class C		—			166,366			—			229,197			—			466,266
	Advisor Class		—			403,573			—			1,375,545			—			5,608,985
	Investor Class					—						—						—
	Class S		—			31,514			—			45,410			—			187,396
Cost of shares repurchased
	Class A		(1,237,598	)		(2,442,917	)		(512,845	)		(734,887	)		(3,812,800	)		(17,793,874	)
	Class C		(994,846	)		(1,029,023	)		(482,173	)		(1,680,413	)		(3,378,793	)		(3,349,491	)
	Advisor Class		(728,138	)		(3,153,984	)		(320,063	)		(10,646,030	)		(51,091,682	)		(83,368,175	)
	Investor Class					(138,888	)					(3,085	)					(2,180,734	)
	Class S		(74,773	)		(171,384	)		(146,223	)		(1,479,100	)		(244,067	)		(4,167,845	)
Share class conversions
	Class A (2)					336,632						106,330						5,349,094
	Investor Class (2)					(336,632	)					(106,330	)					(5,349,094	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(238,752	)		1,759,577			53,479			(9,729,027	)		(25,451,622	)		143,359,130
NET INCREASE (DECREASE) IN NET ASSETS			690,897			2,081,743			1,138,465			(10,864,935	)		(25,041,825	)		143,338,653
NET ASSETS
Beginning of Year or Period			19,784,600			17,702,857			18,459,791			29,324,726			373,339,447			230,000,794
End of Year or Period			$20,475,497			$19,784,600			$19,598,256			$18,459,791			$348,297,622			$373,339,447

(1) Unaudited.

(2) Investor Class shares were converted to Class A shares on July 31, 2018.

See Notes to Financial Statements

B-11

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Small-Cap						Pacific Funds Small-Cap Value						Pacific Funds Small-Cap Growth
		Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
OPERATIONS
Net investment income (loss)			$16,436			($13,257	)		$84,731			$131,421			($80,954	)		($242,588	)
Net realized gain (loss)			30,539			293,078			366,875			1,654,755			341,489			1,869,965
Change in net unrealized appreciation (depreciation)			(295,976	)		(434,380	)		218,840			(3,313,252	)		(2,096,421	)		(622,046	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(249,001	)		(154,559	)		670,446			(1,527,076	)		(1,835,886	)		1,005,331
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(266,919	)		—			(184,456	)		—			(217,723	)
	Class C		—			(45,131	)		—			(205,173	)		—			(78,739	)
	Class P														—			(2,593,389	)
	Advisor Class		—			(724,054	)		—			(2,622,348	)		—			(1,438,459	)
	Class S		—			(22,537	)		—			(970,543	)		—			(595,834	)
Net Decrease from Dividends and Distributions to Shareholders			—			(1,058,641	)		—			(3,982,520	)		—			(4,924,144	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		357,137			976,454			325,763			521,330			167,359			1,002,273
	Class C		146,898			439,449			54,532			581,842			116,765			671,100
	Class P														125,580			14,581,877
	Advisor Class		1,193,775			5,813,754			1,662,336			4,150,430			361,543			6,511,680
	Investor Class					362,923						39,672						202
	Class S		—			273,636			—			220,011			—			505,875
Dividends and distribution reinvestments
	Class A		—			257,678			—			184,456			—			217,723
	Class C		—			45,131			—			205,173			—			78,739
	Class P														—			2,593,389
	Advisor Class		—			701,863			—			2,591,080			—			1,436,386
	Investor Class					—						—						—
	Class S		—			22,537			—			970,543			—			595,834
Cost of shares repurchased
	Class A		(824,239	)		(1,562,670	)		(137,265	)		(479,587	)		(109,949	)		(179,852	)
	Class C		(104,513	)		(310,509	)		(223,136	)		(794,484	)		(158,184	)		(516,714	)
	Class P														(1,740,791	)		(18,163,421	)
	Advisor Class		(1,837,925	)		(7,275,080	)		(691,733	)		(7,174,364	)		(345,045	)		(15,180,871	)
	Investor Class					(168,462	)					(8,110	)					—
	Class S		(66,766	)		(75,001	)		(91,077	)		(6,113,704	)		(189,380	)		(8,750,477	)
Share class conversions
	Class A (2)					3,512,299						201,962						1,611,351
	Investor Class (2)					(3,512,299	)					(201,962	)					(1,611,351	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(1,135,633	)		(498,297	)		899,420			(5,105,712	)		(1,772,102	)		(14,596,257	)
NET INCREASE (DECREASE) IN NET ASSETS			(1,384,634	)		(1,711,497	)		1,569,866			(10,615,308	)		(3,607,988	)		(18,515,070	)
NET ASSETS
Beginning of Year or Period			19,766,967			21,478,464			17,383,326			27,998,634			35,614,101			54,129,171
End of Year or Period			$18,382,333			$19,766,967			$18,953,192			$17,383,326			$32,006,113			$35,614,101

(1) Unaudited.

(2) Investor Class shares were converted to Class A shares on July 31, 2018.

See Notes to Financial Statements

B-12

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Conservative (6)
Class A
4/1/2019 - 9/30/2019 (7)		$10.23		$0.00	(8)		$0.41			$0.41			$—			$—			$—			$10.64		0.69	%		0.60	%		(0.02	%)		4.01	%		$177,050		3	%
4/1/2018 - 3/31/2019		11.24		0.20			(0.04	)		0.16			(0.21	)		(0.96	)		(1.17	)		10.23		0.68	%		0.60	%		1.83	%		1.88	%		121,012		30	%
4/1/2017 - 3/31/2018		10.98		0.25			0.26			0.51			(0.25	)		—			(0.25	)		11.24		0.68	%		0.60	%		2.18	%		4.60	%		131,023		30	%
4/1/2016 - 3/31/2017		10.63		0.19			0.52			0.71			(0.22	)		(0.14	)		(0.36	)		10.98		0.68	%		0.60	%		1.70	%		6.59	%		136,881		57	%
4/1/2015 - 3/31/2016		11.22		0.22			(0.43	)		(0.21	)		(0.28	)		(0.10	)		(0.38	)		10.63		0.67	%		0.60	%		1.99	%		(1.73	%)		154,762		42	%
4/1/2014 - 3/31/2015		11.29		0.16			0.26			0.42			(0.23	)		(0.26	)		(0.49	)		11.22		0.68	%		0.60	%		1.44	%		3.71	%		169,945		17	%
Class C
4/1/2019 - 9/30/2019 (7)		$9.97		($0.04	)		$0.39			$0.35			$—			$—			$—			$10.32		1.44	%		1.35	%		(0.77	%)		3.51	%		$54,573		3	%
4/1/2018 - 3/31/2019		11.00		0.11			(0.03	)		0.08			(0.15	)		(0.96	)		(1.11	)		9.97		1.43	%		1.35	%		1.08	%		1.13	%		111,233		30	%
4/1/2017 - 3/31/2018		10.76		0.16			0.26			0.42			(0.18	)		—			(0.18	)		11.00		1.43	%		1.35	%		1.43	%		3.89	%		137,036		30	%
4/1/2016 - 3/31/2017		10.44		0.10			0.51			0.61			(0.15	)		(0.14	)		(0.29	)		10.76		1.43	%		1.35	%		0.95	%		5.79	%		153,433		57	%
4/1/2015 - 3/31/2016		11.05		0.13			(0.42	)		(0.29	)		(0.22	)		(0.10	)		(0.32	)		10.44		1.42	%		1.35	%		1.24	%		(2.51	%)		173,137		42	%
4/1/2014 - 3/31/2015		11.13		0.08			0.26			0.34			(0.16	)		(0.26	)		(0.42	)		11.05		1.43	%		1.35	%		0.69	%		3.09	%		191,946		17	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.26		$0.01			$0.42			$0.43			$—			$—			$—			$10.69		0.44	%		0.35	%		0.23	%		4.09	%		$8,003		3	%
4/1/2018 - 3/31/2019		11.26		0.22			(0.03	)		0.19			(0.23	)		(0.96	)		(1.19	)		10.26		0.43	%		0.35	%		2.08	%		2.26	%		6,893		30	%
4/1/2017 - 3/31/2018		11.00		0.28			0.25			0.53			(0.27	)		—			(0.27	)		11.26		0.43	%		0.35	%		2.43	%		4.79	%		8,135		30	%
4/1/2016 - 3/31/2017		10.65		0.21			0.52			0.73			(0.24	)		(0.14	)		(0.38	)		11.00		0.43	%		0.35	%		1.95	%		6.89	%		5,404		57	%
4/1/2015 - 3/31/2016		11.23		0.25			(0.43	)		(0.18	)		(0.30	)		(0.10	)		(0.40	)		10.65		0.42	%		0.35	%		2.24	%		(1.53	%)		4,976		42	%
4/1/2014 - 3/31/2015		11.29		0.19			0.26			0.45			(0.25	)		(0.26	)		(0.51	)		11.23		0.43	%		0.35	%		1.69	%		4.01	%		7,872		17	%
Pacific Funds Portfolio Optimization Moderate-Conservative (6)
Class A
4/1/2019 - 9/30/2019 (7)		$10.70		$0.00	(8)		$0.45			$0.45			$—			$—			$—			$11.15		0.68	%		0.60	%		(0.09	%)		4.11	%		$272,932		4	%
4/1/2018 - 3/31/2019		12.58		0.18			(0.06	)		0.12			(0.20	)		(1.80	)		(2.00	)		10.70		0.68	%		0.60	%		1.55	%		1.91	%		199,827		45	%
4/1/2017 - 3/31/2018		12.21		0.25			0.53			0.78			(0.27	)		(0.14	)		(0.41	)		12.58		0.67	%		0.60	%		1.95	%		6.36	%		227,420		30	%
4/1/2016 - 3/31/2017		11.73		0.20			0.79			0.99			(0.24	)		(0.27	)		(0.51	)		12.21		0.67	%		0.60	%		1.68	%		8.49	%		236,725		53	%
4/1/2015 - 3/31/2016		12.61		0.25			(0.50	)		(0.25	)		(0.29	)		(0.34	)		(0.63	)		11.73		0.67	%		0.60	%		2.07	%		(1.87	%)		255,376		34	%
4/1/2014 - 3/31/2015		12.48		0.18			0.40			0.58			(0.25	)		(0.20	)		(0.45	)		12.61		0.67	%		0.60	%		1.40	%		4.69	%		276,898		17	%
Class C
4/1/2019 - 9/30/2019 (7)		$10.44		($0.04	)		$0.43			$0.39			$—			$—			$—			$10.83		1.43	%		1.35	%		(0.84	%)		3.74	%		$66,923		4	%
4/1/2018 - 3/31/2019		12.34		0.09			(0.06	)		0.03			(0.13	)		(1.80	)		(1.93	)		10.44		1.43	%		1.35	%		0.80	%		1.11	%		136,522		45	%
4/1/2017 - 3/31/2018		12.00		0.15			0.52			0.67			(0.19	)		(0.14	)		(0.33	)		12.34		1.42	%		1.35	%		1.20	%		5.60	%		174,766		30	%
4/1/2016 - 3/31/2017		11.56		0.11			0.77			0.88			(0.17	)		(0.27	)		(0.44	)		12.00		1.42	%		1.35	%		0.93	%		7.74	%		200,105		53	%
4/1/2015 - 3/31/2016		12.45		0.16			(0.48	)		(0.32	)		(0.23	)		(0.34	)		(0.57	)		11.56		1.42	%		1.35	%		1.32	%		(2.61	%)		221,192		34	%
4/1/2014 - 3/31/2015		12.35		0.08			0.40			0.48			(0.18	)		(0.20	)		(0.38	)		12.45		1.42	%		1.35	%		0.65	%		3.93	%		240,803		17	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.75		$0.01			$0.45			$0.46			$—			$—			$—			$11.21		0.43	%		0.35	%		0.16	%		4.28	%		$8,056		4	%
4/1/2018 - 3/31/2019		12.62		0.21			(0.06	)		0.15			(0.22	)		(1.80	)		(2.02	)		10.75		0.42	%		0.35	%		1.80	%		2.10	%		7,701		45	%
4/1/2017 - 3/31/2018		12.24		0.28			0.53			0.81			(0.29	)		(0.14	)		(0.43	)		12.62		0.42	%		0.35	%		2.20	%		6.62	%		5,196		30	%
4/1/2016 - 3/31/2017		11.75		0.23			0.79			1.02			(0.26	)		(0.27	)		(0.53	)		12.24		0.42	%		0.35	%		1.93	%		8.78	%		4,895		53	%
4/1/2015 - 3/31/2016		12.62		0.28			(0.49	)		(0.21	)		(0.32	)		(0.34	)		(0.66	)		11.75		0.42	%		0.35	%		2.32	%		(1.60	%)		4,891		34	%
4/1/2014 - 3/31/2015		12.49		0.21			0.40			0.61			(0.28	)		(0.20	)		(0.48	)		12.62		0.42	%		0.35	%		1.65	%		4.89	%		5,568		17	%
Pacific Funds Portfolio Optimization Moderate (6)
Class A
4/1/2019 - 9/30/2019 (7)		$12.01		($0.02	)		$0.55			$0.53			$—			$—			$—			$12.54		0.66	%		0.60	%		(0.28	%)		4.41	%		$857,618		3	%
4/1/2018 - 3/31/2019		14.26		0.16			0.04			0.20			(0.23	)		(2.22	)		(2.45	)		12.01		0.66	%		0.60	%		1.17	%		2.49	%		652,731		41	%
4/1/2017 - 3/31/2018		13.67		0.20			0.94			1.14			(0.24	)		(0.31	)		(0.55	)		14.26		0.66	%		0.60	%		1.40	%		8.36	%		690,689		36	%
4/1/2016 - 3/31/2017		12.99		0.22			1.17			1.39			(0.24	)		(0.47	)		(0.71	)		13.67		0.66	%		0.60	%		1.60	%		10.94	%		720,438		48	%
4/1/2015 - 3/31/2016		14.20		0.25			(0.60	)		(0.35	)		(0.28	)		(0.58	)		(0.86	)		12.99		0.66	%		0.60	%		1.85	%		(2.50	%)		771,853		35	%
4/1/2014 - 3/31/2015		13.98		0.18			0.55			0.73			(0.32	)		(0.19	)		(0.51	)		14.20		0.66	%		0.60	%		1.28	%		5.30	%		844,759		19	%

See Notes to Financial Statements See explanation of references on B-22

B-13

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Moderate (Continued) (6)
Class C
4/1/2019 - 9/30/2019 (7)		$11.77		($0.06	)		$0.53			$0.47			$—			$—			$—			$12.24		1.41	%		1.35	%		(1.03	%)		3.99	%		$194,199		3	%
4/1/2018 - 3/31/2019		14.04		0.05			0.06			0.11			(0.16	)		(2.22	)		(2.38	)		11.77		1.41	%		1.35	%		0.42	%		1.78	%		381,170		41	%
4/1/2017 - 3/31/2018		13.50		0.09			0.92			1.01			(0.16	)		(0.31	)		(0.47	)		14.04		1.41	%		1.35	%		0.65	%		7.47	%		465,913		36	%
4/1/2016 - 3/31/2017		12.85		0.11			1.17			1.28			(0.16	)		(0.47	)		(0.63	)		13.50		1.41	%		1.35	%		0.85	%		10.19	%		515,691		48	%
4/1/2015 - 3/31/2016		14.08		0.15			(0.60	)		(0.45	)		(0.20	)		(0.58	)		(0.78	)		12.85		1.41	%		1.35	%		1.10	%		(3.22	%)		554,661		35	%
4/1/2014 - 3/31/2015		13.87		0.07			0.55			0.62			(0.22	)		(0.19	)		(0.41	)		14.08		1.41	%		1.35	%		0.53	%		4.51	%		601,814		19	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$12.05		$0.00	(8)		$0.55			$0.55			$—			$—			$—			$12.60		0.41	%		0.35	%		(0.03	%)		4.57	%		$26,568		3	%
4/1/2018 - 3/31/2019		14.29		0.19			0.04			0.23			(0.25	)		(2.22	)		(2.47	)		12.05		0.41	%		0.35	%		1.42	%		2.75	%		26,959		41	%
4/1/2017 - 3/31/2018		13.69		0.24			0.94			1.18			(0.27	)		(0.31	)		(0.58	)		14.29		0.41	%		0.35	%		1.65	%		8.54	%		23,088		36	%
4/1/2016 - 3/31/2017		13.00		0.25			1.18			1.43			(0.27	)		(0.47	)		(0.74	)		13.69		0.41	%		0.35	%		1.85	%		11.30	%		17,983		48	%
4/1/2015 - 3/31/2016		14.20		0.29			(0.60	)		(0.31	)		(0.31	)		(0.58	)		(0.89	)		13.00		0.41	%		0.35	%		2.10	%		(2.24	%)		19,835		35	%
4/1/2014 - 3/31/2015		13.98		0.22			0.55			0.77			(0.36	)		(0.19	)		(0.55	)		14.20		0.41	%		0.35	%		1.53	%		5.54	%		21,896		19	%
Pacific Funds Portfolio Optimization Growth (6)
Class A
4/1/2019 - 9/30/2019 (7)		$12.77		($0.03	)		$0.57			$0.54			$—			$—			$—			$13.31		0.67	%		0.60	%		(0.39	%)		4.23	%		$678,903		3	%
4/1/2018 - 3/31/2019		15.46		0.12			0.13			0.25			(0.21	)		(2.73	)		(2.94	)		12.77		0.66	%		0.60	%		0.84	%		2.92	%		529,247		53	%
4/1/2017 - 3/31/2018		14.61		0.18			1.30			1.48			(0.23	)		(0.40	)		(0.63	)		15.46		0.66	%		0.60	%		1.14	%		10.10	%		555,328		39	%
4/1/2016 - 3/31/2017		13.74		0.22			1.54			1.76			(0.23	)		(0.66	)		(0.89	)		14.61		0.67	%		0.60	%		1.55	%		13.08	%		560,395		43	%
4/1/2015 - 3/31/2016		15.34		0.19			(0.69	)		(0.50	)		(0.23	)		(0.87	)		(1.10	)		13.74		0.66	%		0.60	%		1.29	%		(3.35	%)		570,267		34	%
4/1/2014 - 3/31/2015		14.74		0.16			0.77			0.93			(0.33	)		—			(0.33	)		15.34		0.66	%		0.60	%		1.07	%		6.36	%		607,360		21	%
Class C
4/1/2019 - 9/30/2019 (7)		$12.45		($0.07	)		$0.55			$0.48			$—			$—			$—			$12.93		1.42	%		1.35	%		(1.14	%)		3.86	%		$143,807		3	%
4/1/2018 - 3/31/2019		15.18		0.01			0.13			0.14			(0.14	)		(2.73	)		(2.87	)		12.45		1.42	%		1.35	%		0.08	%		2.12	%		271,000		53	%
4/1/2017 - 3/31/2018		14.38		0.06			1.28			1.34			(0.14	)		(0.40	)		(0.54	)		15.18		1.41	%		1.35	%		0.39	%		9.29	%		317,342		39	%
4/1/2016 - 3/31/2017		13.55		0.11			1.53			1.64			(0.15	)		(0.66	)		(0.81	)		14.38		1.42	%		1.35	%		0.80	%		12.33	%		347,447		43	%
4/1/2015 - 3/31/2016		15.18		0.08			(0.69	)		(0.61	)		(0.15	)		(0.87	)		(1.02	)		13.55		1.41	%		1.35	%		0.54	%		(4.13	%)		366,805		34	%
4/1/2014 - 3/31/2015		14.59		0.05			0.76			0.81			(0.22	)		—			(0.22	)		15.18		1.41	%		1.35	%		0.32	%		5.59	%		398,716		21	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$12.82		($0.01	)		$0.57			$0.56			$—			$—			$—			$13.38		0.42	%		0.35	%		(0.14	%)		4.37	%		$19,202		3	%
4/1/2018 - 3/31/2019		15.51		0.16			0.12			0.28			(0.24	)		(2.73	)		(2.97	)		12.82		0.41	%		0.35	%		1.09	%		3.12	%		19,458		53	%
4/1/2017 - 3/31/2018		14.64		0.22			1.31			1.53			(0.26	)		(0.40	)		(0.66	)		15.51		0.41	%		0.35	%		1.39	%		10.42	%		16,280		39	%
4/1/2016 - 3/31/2017		13.76		0.26			1.54			1.80			(0.26	)		(0.66	)		(0.92	)		14.64		0.42	%		0.35	%		1.80	%		13.34	%		13,275		43	%
4/1/2015 - 3/31/2016		15.35		0.22			(0.68	)		(0.46	)		(0.26	)		(0.87	)		(1.13	)		13.76		0.41	%		0.35	%		1.54	%		(3.10	%)		12,084		34	%
4/1/2014 - 3/31/2015		14.75		0.19			0.78			0.97			(0.37	)		—			(0.37	)		15.35		0.41	%		0.35	%		1.32	%		6.61	%		10,165		21	%
Pacific Funds Portfolio Optimization Aggressive-Growth (6)
Class A
4/1/2019 - 9/30/2019 (7)		$14.25		($0.04	)		$0.64			$0.60			$—			$—			$—			$14.85		0.68	%		0.60	%		(0.57	%)		4.21	%		$245,477		3	%
4/1/2018 - 3/31/2019		17.03		0.10			0.25			0.35			(0.25	)		(2.88	)		(3.13	)		14.25		0.68	%		0.60	%		0.61	%		3.39	%		193,470		55	%
4/1/2017 - 3/31/2018		15.79		0.12			1.81			1.93			(0.20	)		(0.49	)		(0.69	)		17.03		0.68	%		0.60	%		0.74	%		12.17	%		189,903		41	%
4/1/2016 - 3/31/2017		14.70		0.19			1.96			2.15			(0.19	)		(0.87	)		(1.06	)		15.79		0.68	%		0.60	%		1.25	%		15.06	%		179,825		41	%
4/1/2015 - 3/31/2016		15.85		0.16			(0.85	)		(0.69	)		(0.28	)		(0.18	)		(0.46	)		14.70		0.68	%		0.60	%		1.03	%		(4.37	%)		170,874		35	%
4/1/2014 - 3/31/2015		15.23		0.15			0.79			0.94			(0.32	)		—			(0.32	)		15.85		0.68	%		0.60	%		0.97	%		6.18	%		177,171		20	%
Class C
4/1/2019 - 9/30/2019 (7)		$13.76		($0.09	)		$0.63			$0.54			$—			$—			$—			$14.30		1.43	%		1.35	%		(1.32	%)		3.92	%		$48,207		3	%
4/1/2018 - 3/31/2019		16.59		(0.02	)		0.24			0.22			(0.17	)		(2.88	)		(3.05	)		13.76		1.43	%		1.35	%		(0.14	%)		2.57	%		85,434		55	%
4/1/2017 - 3/31/2018		15.43		(0.00	)(8)		1.75			1.75			(0.10	)		(0.49	)		(0.59	)		16.59		1.43	%		1.35	%		(0.01	%)		11.39	%		97,877		41	%
4/1/2016 - 3/31/2017		14.41		0.07			1.93			2.00			(0.11	)		(0.87	)		(0.98	)		15.43		1.43	%		1.35	%		0.50	%		14.18	%		99,582		41	%
4/1/2015 - 3/31/2016		15.55		0.04			(0.83	)		(0.79	)		(0.17	)		(0.18	)		(0.35	)		14.41		1.43	%		1.35	%		0.28	%		(5.13	%)		100,573		35	%
4/1/2014 - 3/31/2015		14.93		0.03			0.79			0.82			(0.20	)		—			(0.20	)		15.55		1.43	%		1.35	%		0.22	%		5.54	%		110,241		20	%

See Notes to Financial Statements See explanation of references on B-22

B-14

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued) (6)
Advisor Class
4/1/2019 - 9/30/2019 (7)		$14.29		($0.02	)		$0.65			$0.63			$—			$—			$—			$14.92		0.43	%		0.35	%		(0.32	%)		4.41	%		$12,489		3	%
4/1/2018 - 3/31/2019		17.07		0.14			0.23			0.37			(0.27	)		(2.88	)		(3.15	)		14.29		0.43	%		0.35	%		0.86	%		3.57	%		10,860		55	%
4/1/2017 - 3/31/2018		15.82		0.17			1.80			1.97			(0.23	)		(0.49	)		(0.72	)		17.07		0.43	%		0.35	%		0.99	%		12.48	%		10,067		41	%
4/1/2016 - 3/31/2017		14.71		0.23			1.97			2.20			(0.22	)		(0.87	)		(1.09	)		15.82		0.43	%		0.35	%		1.50	%		15.32	%		7,166		41	%
4/1/2015 - 3/31/2016		15.86		0.19			(0.84	)		(0.65	)		(0.32	)		(0.18	)		(0.50	)		14.71		0.43	%		0.35	%		1.28	%		(4.13	%)		6,679		35	%
4/1/2014 - 3/31/2015		15.23		0.19			0.79			0.98			(0.35	)		—			(0.35	)		15.86		0.43	%		0.35	%		1.22	%		6.50	%		6,480		20	%
Pacific Funds Ultra Short Income
Class I
6/28/2019 - 9/30/2019 (7)		$10.00		$0.06			$0.01			$0.07			($0.06	)		$—			($0.06	)		$10.01		0.95	%		0.32	%		2.36	%		0.71	%		$12,592		24	%
Advisor Class
6/28/2019 - 9/30/2019 (7)		$10.00		$0.06			$0.01			$0.07			($0.06	)		$—			($0.06	)		$10.01		1.10	%		0.32	%		2.36	%		0.71	%		$12,598		24	%
Pacific Funds Short Duration Income
Class A
4/1/2019 - 9/30/2019 (7)		$10.30		$0.13			$0.13			$0.26			($0.13	)		$—			($0.13	)		$10.43		1.02	%		0.75	%		2.54	%		2.55	%		$159,199		26	%
4/1/2018 - 3/31/2019		10.24		0.26			0.05			0.31			(0.25	)		—			(0.25	)		10.30		1.03	%		0.75	%		2.57	%		3.11	%		118,935		50	%
4/1/2017 - 3/31/2018		10.32		0.21			(0.09	)		0.12			(0.20	)		—			(0.20	)		10.24		1.04	%		0.75	%		2.03	%		1.18	%		94,197		76	%
4/1/2016 - 3/31/2017		10.26		0.18			0.06			0.24			(0.18	)		—			(0.18	)		10.32		1.05	%		0.83	%		1.77	%		2.36	%		66,901		86	%
4/1/2015 - 3/31/2016		10.41		0.17			(0.15	)		0.02			(0.17	)		—			(0.17	)		10.26		1.06	%		0.85	%		1.62	%		0.15	%		69,477		41	%
4/1/2014 - 3/31/2015		10.46		0.19			(0.03	)		0.16			(0.18	)		(0.03	)		(0.21	)		10.41		1.09	%		0.85	%		1.77	%		1.51	%		48,685		78	%
Class C
4/1/2019 - 9/30/2019 (7)		$10.28		$0.09			$0.13			$0.22			($0.09	)		$—			($0.09	)		$10.41		1.77	%		1.50	%		1.79	%		2.17	%		$45,438		26	%
4/1/2018 - 3/31/2019		10.22		0.19			0.05			0.24			(0.18	)		—			(0.18	)		10.28		1.78	%		1.50	%		1.82	%		2.35	%		46,167		50	%
4/1/2017 - 3/31/2018		10.30		0.13			(0.09	)		0.04			(0.12	)		—			(0.12	)		10.22		1.79	%		1.50	%		1.28	%		0.43	%		44,337		76	%
4/1/2016 - 3/31/2017		10.24		0.11			0.05			0.16			(0.10	)		—			(0.10	)		10.30		1.80	%		1.58	%		1.02	%		1.60	%		43,092		86	%
4/1/2015 - 3/31/2016		10.39		0.09			(0.15	)		(0.06	)		(0.09	)		—			(0.09	)		10.24		1.81	%		1.60	%		0.87	%		(0.58	%)		44,180		41	%
4/1/2014 - 3/31/2015		10.45		0.11			(0.03	)		0.08			(0.11	)		(0.03	)		(0.14	)		10.39		1.84	%		1.60	%		1.02	%		0.68	%		31,569		78	%
Class I
4/1/2019 - 9/30/2019 (7)		$10.29		$0.14			$0.12			$0.26			($0.14	)		$—			($0.14	)		$10.41		0.62	%		0.50	%		2.79	%		2.58	%		$99,979		26	%
4/1/2018 - 3/31/2019		10.22		0.29			0.06			0.35			(0.28	)		—			(0.28	)		10.29		0.63	%		0.50	%		2.82	%		3.47	%		83,436		50	%
4/1/2017 - 3/31/2018		10.30		0.24			(0.09	)		0.15			(0.23	)		—			(0.23	)		10.22		0.64	%		0.50	%		2.28	%		1.43	%		4,329		76	%
4/1/2016 - 3/31/2017		10.25		0.21			0.05			0.26			(0.21	)		—			(0.21	)		10.30		0.65	%		0.53	%		2.06	%		2.56	%		3,407		86	%
4/1/2015 - 3/31/2016		10.39		0.20			(0.14	)		0.06			(0.20	)		—			(0.20	)		10.25		0.66	%		0.55	%		1.92	%		0.54	%		1,695		41	%
4/1/2014 - 3/31/2015		10.45		0.21			(0.03	)		0.18			(0.21	)		(0.03	)		(0.24	)		10.39		0.69	%		0.57	%		2.05	%		1.70	%		1,516		78	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.31		$0.15			$0.11			$0.26			($0.14	)		$—			($0.14	)		$10.43		0.77	%		0.50	%		2.79	%		2.58	%		$673,937		26	%
4/1/2018 - 3/31/2019		10.24		0.29			0.06			0.35			(0.28	)		—			(0.28	)		10.31		0.78	%		0.50	%		2.82	%		3.46	%		483,476		50	%
4/1/2017 - 3/31/2018		10.32		0.24			(0.09	)		0.15			(0.23	)		—			(0.23	)		10.24		0.79	%		0.50	%		2.28	%		1.43	%		272,268		76	%
4/1/2016 - 3/31/2017		10.26		0.21			0.06			0.27			(0.21	)		—			(0.21	)		10.32		0.80	%		0.57	%		2.02	%		2.62	%		162,554		86	%
4/1/2015 - 3/31/2016		10.41		0.19			(0.15	)		0.04			(0.19	)		—			(0.19	)		10.26		0.81	%		0.60	%		1.87	%		0.40	%		129,455		41	%
4/1/2014 - 3/31/2015		10.46		0.21			(0.02	)		0.19			(0.21	)		(0.03	)		(0.24	)		10.41		0.83	%		0.60	%		2.02	%		1.78	%		51,901		78	%
Pacific Funds Core Income
Class A
4/1/2019 - 9/30/2019 (7)		$10.52		$0.16			$0.44			$0.60			($0.16	)		$—			($0.16	)		$10.96		1.12	%		0.85	%		2.90	%		5.71	%		$129,998		34	%
4/1/2018 - 3/31/2019		10.45		0.33			0.07			0.40			(0.33	)		—			(0.33	)		10.52		1.13	%		0.85	%		3.22	%		3.99	%		82,136		93	%
4/1/2017 - 3/31/2018		10.51		0.28			(0.06	)		0.22			(0.28	)		—			(0.28	)		10.45		1.12	%		0.85	%		2.62	%		2.05	%		132,006		91	%
4/1/2016 - 3/31/2017		10.45		0.28			0.06			0.34			(0.28	)		—			(0.28	)		10.51		1.13	%		0.93	%		2.63	%		3.23	%		160,226		82	%
4/1/2015 - 3/31/2016		10.79		0.31			(0.34	)		(0.03	)		(0.31	)		—			(0.31	)		10.45		1.14	%		0.95	%		2.92	%		(0.27	%)		196,297		74	%
4/1/2014 - 3/31/2015		10.66		0.31			0.13			0.44			(0.31	)		—			(0.31	)		10.79		1.14	%		0.93	%		2.93	%		4.17	%		218,368		53	%

See Notes to Financial Statements See explanation of references on B-22

B-15

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Core Income (Continued)
Class C
4/1/2019 - 9/30/2019 (7)		$10.52		$0.12		$0.44			$0.56			($0.12	)		$—			($0.12	)		$10.96		1.87	%		1.60	%		2.15	%		5.30	%		$58,328		34	%
4/1/2018 - 3/31/2019		10.46		0.26		0.06			0.32			(0.26	)		—			(0.26	)		10.52		1.88	%		1.60	%		2.47	%		3.11	%		81,309		93	%
4/1/2017 - 3/31/2018		10.51		0.20		(0.05	)		0.15			(0.20	)		—			(0.20	)		10.46		1.87	%		1.60	%		1.87	%		1.38	%		101,156		91	%
4/1/2016 - 3/31/2017		10.45		0.20		0.06			0.26			(0.20	)		—			(0.20	)		10.51		1.88	%		1.68	%		1.88	%		2.46	%		120,546		82	%
4/1/2015 - 3/31/2016		10.79		0.23		(0.34	)		(0.11	)		(0.23	)		—			(0.23	)		10.45		1.89	%		1.70	%		2.17	%		(1.03	%)		140,657		74	%
4/1/2014 - 3/31/2015		10.66		0.23		0.13			0.36			(0.23	)		—			(0.23	)		10.79		1.89	%		1.68	%		2.18	%		3.42	%		183,952		53	%
Class I
4/1/2019 - 9/30/2019 (7)		$10.53		$0.17		$0.44			$0.61			($0.17	)		$—			($0.17	)		$10.97		0.72	%		0.55	%		3.20	%		5.86	%		$43,449		34	%
4/1/2018 - 3/31/2019		10.46		0.36		0.08			0.44			(0.37	)		—			(0.37	)		10.53		0.73	%		0.55	%		3.52	%		4.30	%		26,394		93	%
4/1/2017 - 3/31/2018		10.52		0.31		(0.06	)		0.25			(0.31	)		—			(0.31	)		10.46		0.72	%		0.55	%		2.92	%		2.35	%		4,339		91	%
4/1/2016 - 3/31/2017		10.46		0.31		0.06			0.37			(0.31	)		—			(0.31	)		10.52		0.73	%		0.62	%		2.93	%		3.54	%		4,563		82	%
4/1/2015 - 3/31/2016		10.80		0.34		(0.34	)		0.00			(0.34	)		—			(0.34	)		10.46		0.74	%		0.65	%		3.22	%		0.03	%		3,585		74	%
4/1/2014 - 3/31/2015		10.67		0.34		0.13			0.47			(0.34	)		—			(0.34	)		10.80		0.73	%		0.65	%		3.21	%		4.46	%		3,806		53	%
Class P
4/1/2019 - 9/30/2019 (7)		$10.56		$0.17		$0.44			$0.61			($0.17	)		$—			($0.17	)		$11.00		0.72	%		0.55	%		3.20	%		5.84	%		$38,281		34	%
4/1/2018 - 3/31/2019		10.49		0.37		0.07			0.44			(0.37	)		—			(0.37	)		10.56		0.73	%		0.55	%		3.52	%		4.29	%		40,570		93	%
4/1/2017 - 3/31/2018		10.55		0.31		(0.07	)		0.24			(0.30	)		—			(0.30	)		10.49		0.72	%		0.60	%		2.87	%		2.29	%		66,750		91	%
4/1/2016 - 3/31/2017		10.49		0.30		0.06			0.36			(0.30	)		—			(0.30	)		10.55		0.73	%		0.70	%		2.86	%		3.46	%		122,260		82	%
4/27/2015 - 3/31/2016		10.88		0.31		(0.39	)		(0.08	)		(0.31	)		—			(0.31	)		10.49		0.74	%		0.70	%		3.17	%		(0.75	%)		15,964		74	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.54		$0.17		$0.44			$0.61			($0.17	)		$—			($0.17	)		$10.98		0.87	%		0.55	%		3.20	%		5.85	%		$567,533		34	%
4/1/2018 - 3/31/2019		10.48		0.36		0.07			0.43			(0.37	)		—			(0.37	)		10.54		0.88	%		0.55	%		3.52	%		4.19	%		393,645		93	%
4/1/2017 - 3/31/2018		10.53		0.31		(0.05	)		0.26			(0.31	)		—			(0.31	)		10.48		0.87	%		0.55	%		2.92	%		2.45	%		388,730		91	%
4/1/2016 - 3/31/2017		10.47		0.31		0.05			0.36			(0.30	)		—			(0.30	)		10.53		0.88	%		0.66	%		2.90	%		3.50	%		337,844		82	%
4/1/2015 - 3/31/2016		10.81		0.33		(0.34	)		(0.01	)		(0.33	)		—			(0.33	)		10.47		0.89	%		0.70	%		3.17	%		(0.02	%)		249,677		74	%
4/1/2014 - 3/31/2015		10.68		0.34		0.13			0.47			(0.34	)		—			(0.34	)		10.81		0.88	%		0.69	%		3.17	%		4.43	%		219,437		53	%
Pacific Funds Strategic Income
Class A
4/1/2019 - 9/30/2019 (7)		$10.60		$0.22		$0.32			$0.54			($0.22	)		$—			($0.22	)		$10.92		1.22	%		0.95	%		4.09	%		5.17	%		$78,415		34	%
4/1/2018 - 3/31/2019		10.71		0.47		(0.11	)		0.36			(0.47	)		—			(0.47	)		10.60		1.23	%		0.95	%		4.43	%		3.43	%		61,503		99	%
4/1/2017 - 3/31/2018		10.68		0.40		0.02			0.42			(0.39	)		—			(0.39	)		10.71		1.23	%		0.95	%		3.70	%		3.95	%		71,948		94	%
4/1/2016 - 3/31/2017		10.09		0.39		0.59			0.98			(0.39	)		—			(0.39	)		10.68		1.25	%		1.02	%		3.71	%		9.82	%		66,765		116	%
4/1/2015 - 3/31/2016		10.75		0.43		(0.66	)		(0.23	)		(0.43	)		—			(0.43	)		10.09		1.26	%		1.05	%		4.20	%		(2.17	%)		52,218		94	%
4/1/2014 - 3/31/2015		11.20		0.46		(0.37	)		0.09			(0.44	)		(0.10	)		(0.54	)		10.75		1.28	%		1.05	%		4.18	%		0.84	%		51,175		157	%
Class C
4/1/2019 - 9/30/2019 (7)		$10.58		$0.18		$0.32			$0.50			($0.19	)		$—			($0.19	)		$10.89		1.97	%		1.65	%		3.39	%		4.72	%		$67,143		34	%
4/1/2018 - 3/31/2019		10.69		0.39		(0.11	)		0.28			(0.39	)		—			(0.39	)		10.58		1.98	%		1.65	%		3.73	%		2.73	%		58,634		99	%
4/1/2017 - 3/31/2018		10.66		0.32		0.02			0.34			(0.31	)		—			(0.31	)		10.69		1.98	%		1.65	%		3.00	%		3.25	%		57,389		94	%
4/1/2016 - 3/31/2017		10.07		0.31		0.59			0.90			(0.31	)		—			(0.31	)		10.66		2.00	%		1.76	%		2.97	%		9.03	%		50,016		116	%
4/1/2015 - 3/31/2016		10.73		0.36		(0.67	)		(0.31	)		(0.35	)		—			(0.35	)		10.07		2.01	%		1.80	%		3.45	%		(2.90	%)		44,196		94	%
4/1/2014 - 3/31/2015		11.19		0.38		(0.38	)		—			(0.36	)		(0.10	)		(0.46	)		10.73		2.03	%		1.80	%		3.43	%		0.03	%		42,684		157	%
Class I
4/1/2019 - 9/30/2019 (7)		$10.54		$0.24		$0.31			$0.55			($0.24	)		$—			($0.24	)		$10.85		0.82	%		0.65	%		4.39	%		5.27	%		$12,600		34	%
4/1/2018 - 3/31/2019		10.65		0.50		(0.11	)		0.39			(0.50	)		—			(0.50	)		10.54		0.83	%		0.65	%		4.73	%		3.77	%		5,750		99	%
4/1/2017 - 3/31/2018		10.62		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.65		0.83	%		0.65	%		4.00	%		4.28	%		3,882		94	%
4/1/2016 - 3/31/2017		10.03		0.42		0.59			1.01			(0.42	)		—			(0.42	)		10.62		0.85	%		0.71	%		4.01	%		10.20	%		2,446		116	%
4/1/2015 - 3/31/2016		10.70		0.46		(0.67	)		(0.21	)		(0.46	)		—			(0.46	)		10.03		0.86	%		0.75	%		4.50	%		(1.98	%)		948		94	%
4/1/2014 - 3/31/2015		11.15		0.49		(0.37	)		0.12			(0.47	)		(0.10	)		(0.57	)		10.70		0.88	%		0.77	%		4.46	%		1.13	%		1,381		157	%

See Notes to Financial Statements See explanation of references on B-22

B-16

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Strategic Income (Continued)
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.60		$0.23		$0.33			$0.56			($0.24	)		$—			($0.24	)		$10.92		0.97	%		0.70	%		4.34	%		5.30	%		$575,736		34	%
4/1/2018 - 3/31/2019		10.71		0.49		(0.11	)		0.38			(0.49	)		—			(0.49	)		10.60		0.98	%		0.70	%		4.68	%		3.70	%		456,428		99	%
4/1/2017 - 3/31/2018		10.68		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.71		0.98	%		0.70	%		3.95	%		4.21	%		405,200		94	%
4/1/2016 - 3/31/2017		10.09		0.42		0.58			1.00			(0.41	)		—			(0.41	)		10.68		1.00	%		0.77	%		3.96	%		10.09	%		217,482		116	%
4/1/2015 - 3/31/2016		10.76		0.46		(0.68	)		(0.22	)		(0.45	)		—			(0.45	)		10.09		1.01	%		0.80	%		4.45	%		(2.01	%)		115,565		94	%
4/1/2014 - 3/31/2015		11.20		0.48		(0.35	)		0.13			(0.47	)		(0.10	)		(0.57	)		10.76		1.03	%		0.80	%		4.43	%		1.20	%		66,223		157	%
Pacific Funds Floating Rate Income
Class A
4/1/2019 - 9/30/2019 (7)		$9.88		$0.24		$0.04			$0.28			($0.25	)		$—			($0.25	)		$9.91		1.31	%		1.02	%(9)		4.88	%		2.90	%		$197,010		54	%
4/1/2018 - 3/31/2019		10.12		0.49		(0.24	)		0.25			(0.49	)		—			(0.49	)		9.88		1.29	%		1.01	%		4.92	%		2.57	%		202,929		122	%
4/1/2017 - 3/31/2018		10.15		0.42		(0.04	)		0.38			(0.41	)		—			(0.41	)		10.12		1.28	%		1.01	%		4.11	%		3.85	%		209,034		158	%
4/1/2016 - 3/31/2017		9.76		0.42		0.38			0.80			(0.41	)		—			(0.41	)		10.15		1.30	%		1.09	%		4.21	%		8.32	%		207,238		168	%
4/1/2015 - 3/31/2016		10.08		0.39		(0.32	)		0.07			(0.39	)		—			(0.39	)		9.76		1.30	%		1.12	%		3.92	%		0.72	%		191,376		99	%
4/1/2014 - 3/31/2015		10.51		0.44		(0.40	)		0.04			(0.44	)		(0.03	)		(0.47	)		10.08		1.29	%		1.07	%		4.20	%		0.38	%		215,160		80	%
Class C
4/1/2019 - 9/30/2019 (7)		$9.86		$0.21		$0.04			$0.25			($0.22	)		$—			($0.22	)		$9.89		2.06	%		1.72	%(9)		4.18	%		2.54	%		$144,353		54	%
4/1/2018 - 3/31/2019		10.10		0.42		(0.24	)		0.18			(0.42	)		—			(0.42	)		9.86		2.04	%		1.71	%		4.22	%		1.86	%		197,081		122	%
4/1/2017 - 3/31/2018		10.13		0.34		(0.03	)		0.31			(0.34	)		—			(0.34	)		10.10		2.03	%		1.71	%		3.41	%		3.14	%		191,239		158	%
4/1/2016 - 3/31/2017		9.74		0.35		0.37			0.72			(0.33	)		—			(0.33	)		10.13		2.05	%		1.83	%		3.47	%		7.54	%		180,612		168	%
4/1/2015 - 3/31/2016		10.06		0.31		(0.31	)		0.00			(0.32	)		—			(0.32	)		9.74		2.05	%		1.87	%		3.17	%		(0.04	%)		161,326		99	%
4/1/2014 - 3/31/2015		10.50		0.36		(0.40	)		(0.04	)		(0.37	)		(0.03	)		(0.40	)		10.06		2.04	%		1.82	%		3.45	%		(0.46	%)		179,798		80	%
Class I
4/1/2019 - 9/30/2019 (7)		$9.90		$0.26		$0.03			$0.29			($0.26	)		$—			($0.26	)		$9.93		0.91	%		0.72	%(9)		5.18	%		2.92	%		$499,203		54	%
4/1/2018 - 3/31/2019		10.14		0.52		(0.23	)		0.29			(0.53	)		—			(0.53	)		9.90		0.90	%		0.71	%		5.22	%		2.88	%		497,335		122	%
4/1/2017 - 3/31/2018		10.16		0.45		(0.03	)		0.42			(0.44	)		—			(0.44	)		10.14		0.88	%		0.71	%		4.41	%		4.25	%		294,352		158	%
4/1/2016 - 3/31/2017		9.77		0.45		0.38			0.83			(0.44	)		—			(0.44	)		10.16		0.89	%		0.78	%		4.52	%		8.63	%		249,811		168	%
4/1/2015 - 3/31/2016		10.09		0.42		(0.32	)		0.10			(0.42	)		—			(0.42	)		9.77		0.90	%		0.82	%		4.22	%		1.02	%		91,984		99	%
4/1/2014 - 3/31/2015		10.53		0.46		(0.40	)		0.06			(0.47	)		(0.03	)		(0.50	)		10.09		0.89	%		0.81	%		4.46	%		0.55	%		88,508		80	%
Class P
4/1/2019 - 9/30/2019 (7)		$9.90		$0.26		$0.03			$0.29			($0.26	)		$—			($0.26	)		$9.93		0.91	%		0.72	%(9)		5.18	%		2.92	%		$28,102		54	%
4/1/2018 - 3/31/2019		10.14		0.53		(0.25	)		0.28			(0.52	)		—			(0.52	)		9.90		0.89	%		0.71	%		5.22	%		2.87	%		32,176		122	%
4/1/2017 - 3/31/2018		10.16		0.44		(0.02	)		0.42			(0.44	)		—			(0.44	)		10.14		0.88	%		0.76	%		4.36	%		4.20	%		64,557		158	%
4/1/2016 - 3/31/2017		9.76		0.45		0.38			0.83			(0.43	)		—			(0.43	)		10.16		0.89	%		0.87	%		4.43	%		8.56	%		78,660		168	%
4/1/2015 - 3/31/2016		10.09		0.41		(0.33	)		0.08			(0.41	)		—			(0.41	)		9.76		0.90	%		0.87	%		4.17	%		0.97	%		568		99	%
4/1/2014 - 3/31/2015		10.52		0.45		(0.38	)		0.07			(0.47	)		(0.03	)		(0.50	)		10.09		0.89	%		0.83	%		4.44	%		0.64	%		691		80	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$9.92		$0.26		$0.02			$0.28			($0.25	)		$—			($0.25	)		$9.95		1.06	%		0.77	%(9)		5.13	%		2.89	%		$710,652		54	%
4/1/2018 - 3/31/2019		10.16		0.52		(0.24	)		0.28			(0.52	)		—			(0.52	)		9.92		1.04	%		0.76	%		5.17	%		2.83	%		830,452		122	%
4/1/2017 - 3/31/2018		10.18		0.44		(0.02	)		0.42			(0.44	)		—			(0.44	)		10.16		1.03	%		0.76	%		4.36	%		4.20	%		715,700		158	%
4/1/2016 - 3/31/2017		9.79		0.45		0.37			0.82			(0.43	)		—			(0.43	)		10.18		1.04	%		0.83	%		4.47	%		8.56	%		450,761		168	%
4/1/2015 - 3/31/2016		10.11		0.41		(0.32	)		0.09			(0.41	)		—			(0.41	)		9.79		1.05	%		0.87	%		4.17	%		0.96	%		231,437		99	%
4/1/2014 - 3/31/2015		10.54		0.46		(0.39	)		0.07			(0.47	)		(0.03	)		(0.50	)		10.11		1.04	%		0.82	%		4.45	%		0.63	%		270,383		80	%
Pacific Funds High Income
Class A
4/1/2019 - 9/30/2019 (7)		$10.07		$0.26		$0.16			$0.42			($0.27	)		$—			($0.27	)		$10.22		1.27	%		0.95	%		5.15	%		4.18	%		$6,649		30	%
4/1/2018 - 3/31/2019		10.23		0.55		(0.16	)		0.39			(0.55	)		—			(0.55	)		10.07		1.31	%		0.95	%		5.48	%		3.97	%		5,174		64	%
4/1/2017 - 3/31/2018		10.29		0.50		(0.03	)		0.47			(0.53	)		—			(0.53	)		10.23		1.46	%		0.95	%		4.82	%		4.66	%		5,463		72	%
4/1/2016 - 3/31/2017		9.44		0.48		0.92			1.40			(0.55	)		—			(0.55	)		10.29		1.32	%		1.03	%		4.81	%		15.16	%		5,626		61	%
4/1/2015 - 3/31/2016		10.48		0.50		(1.10	)		(0.60	)		(0.44	)		—			(0.44	)		9.44		1.28	%		1.05	%		5.05	%		(5.79	%)		10,391		54	%
4/1/2014 - 3/31/2015		11.22		0.54		(0.60	)		(0.06	)		(0.52	)		(0.16	)		(0.68	)		10.48		1.50	%		1.05	%		4.90	%		(0.49	%)		5,900		60	%

See Notes to Financial Statements See explanation of references on B-22

B-17

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds High Income (Continued)
Class C
4/1/2019 - 9/30/2019 (7)		$10.06		$0.23			$0.15			$0.38			($0.23	)		$—			($0.23	)		$10.21		2.02	%		1.65	%		4.45	%		3.81	%		$2,526		30	%
4/1/2018 - 3/31/2019		10.21		0.48			(0.15	)		0.33			(0.48	)		—			(0.48	)		10.06		2.06	%		1.65	%		4.78	%		3.35	%		3,726		64	%
4/1/2017 - 3/31/2018		10.28		0.43			(0.04	)		0.39			(0.46	)		—			(0.46	)		10.21		2.21	%		1.65	%		4.12	%		3.84	%		4,418		72	%
4/1/2016 - 3/31/2017		9.43		0.41			0.92			1.33			(0.48	)		—			(0.48	)		10.28		2.07	%		1.76	%		4.07	%		14.36	%		4,802		61	%
4/1/2015 - 3/31/2016		10.47		0.43			(1.10	)		(0.67	)		(0.37	)		—			(0.37	)		9.43		2.03	%		1.80	%		4.30	%		(6.52	%)		4,324		54	%
4/1/2014 - 3/31/2015		11.21		0.45			(0.59	)		(0.14	)		(0.44	)		(0.16	)		(0.60	)		10.47		2.24	%		1.80	%		4.15	%		(1.22	%)		5,419		60	%
Class I
4/1/2019 - 9/30/2019 (7)		$9.98		$0.27			$0.15			$0.42			($0.28	)		$—			($0.28	)		$10.12		0.87	%		0.70	%		5.40	%		4.25	%		$127		30	%
4/1/2018 - 3/31/2019		10.14		0.57			(0.16	)		0.41			(0.57	)		—			(0.57	)		9.98		0.91	%		0.70	%		5.73	%		4.27	%		175		64	%
4/1/2017 - 3/31/2018		10.21		0.52			(0.02	)		0.50			(0.57	)		—			(0.57	)		10.14		1.07	%		0.70	%		5.07	%		4.95	%		211		72	%
4/1/2016 - 3/31/2017		9.37		0.51			0.91			1.42			(0.58	)		—			(0.58	)		10.21		0.90	%		0.73	%		5.10	%		15.52	%		5,204		61	%
4/1/2015 - 3/31/2016		10.41		0.54			(1.11	)		(0.57	)		(0.47	)		—			(0.47	)		9.37		0.88	%		0.75	%		5.35	%		(5.57	%)		58		54	%
4/1/2014 - 3/31/2015		11.14		0.57			(0.61	)		(0.04	)		(0.53	)		(0.16	)		(0.69	)		10.41		1.10	%		0.77	%		5.18	%		(0.30	%)		241		60	%
Class P
4/1/2019 - 9/30/2019 (7)		$9.98		$0.27			$0.15			$0.42			($0.28	)		$—			($0.28	)		$10.12		0.87	%		0.70	%		5.40	%		4.25	%		$107,431		30	%
4/1/2018 - 3/31/2019		10.14		0.57			(0.16	)		0.41			(0.57	)		—			(0.57	)		9.98		0.91	%		0.70	%		5.73	%		4.27	%		113,317		64	%
4/1/2017 - 3/31/2018		10.20		0.52			(0.02	)		0.50			(0.56	)		—			(0.56	)		10.14		1.06	%		0.73	%		5.04	%		4.92	%		68,844		72	%
4/1/2016 - 3/31/2017		9.36		0.49			0.93			1.42			(0.58	)		—			(0.58	)		10.20		0.95	%		0.80	%		5.04	%		15.47	%		10,554		61	%
4/1/2015 - 3/31/2016		10.40		0.52			(1.09	)		(0.57	)		(0.47	)		—			(0.47	)		9.36		0.88	%		0.80	%		5.30	%		(5.60	%)		113,998		54	%
1/14/2015 - 3/31/2015		10.22		0.11			0.19			0.30			(0.12	)		—			(0.12	)		10.40		1.06	%		0.80	%		5.15	%		2.94	%		38,919		60	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.08		$0.28			$0.15			$0.43			($0.28	)		$—			($0.28	)		$10.23		1.02	%		0.70	%		5.40	%		4.31	%		$5,792		30	%
4/1/2018 - 3/31/2019		10.24		0.58			(0.17	)		0.41			(0.57	)		—			(0.57	)		10.08		1.06	%		0.70	%		5.73	%		4.23	%		3,669		64	%
4/1/2017 - 3/31/2018		10.30		0.53			(0.03	)		0.50			(0.56	)		—			(0.56	)		10.24		1.21	%		0.70	%		5.07	%		4.91	%		2,503		72	%
4/1/2016 - 3/31/2017		9.44		0.51			0.93			1.44			(0.58	)		—			(0.58	)		10.30		1.06	%		0.77	%		5.07	%		15.58	%		2,304		61	%
4/1/2015 - 3/31/2016		10.49		0.53			(1.12	)		(0.59	)		(0.46	)		—			(0.46	)		9.44		1.03	%		0.80	%		5.30	%		(5.66	%)		1,666		54	%
4/1/2014 - 3/31/2015		11.23		0.57			(0.60	)		(0.03	)		(0.55	)		(0.16	)		(0.71	)		10.49		1.24	%		0.80	%		5.15	%		(0.23	%)		3,807		60	%
Pacific Funds Diversified Income
Advisor Class
6/28/2019 - 9/30/2019 (7)		$10.00		$0.08			$0.03			$0.11			($0.08	)		$—			($0.08	)		$10.03		1.26	%		0.45	%		2.96	%		1.06	%		$28,310		6	%
Pacific Funds Large-Cap
Class A
4/1/2019 - 9/30/2019 (7)		$12.48		$0.06			$0.52			$0.58			$—			$—			$—			$13.06		1.44	%		0.95	%		1.00	%		4.65	%		$8,864		36	%
4/1/2018 - 3/31/2019		12.28		0.12			0.67			0.79			(0.09	)		(0.50	)		(0.59	)		12.48		1.54	%		1.00	%		0.93	%		6.74	%		8,080		79	%
4/1/2017 - 3/31/2018		11.08		0.08			1.30			1.38			(0.10	)		(0.08	)		(0.18	)		12.28		1.73	%		1.00	%		0.69	%		12.43	%		4,939		98	%
4/1/2016 - 3/31/2017		9.66		0.11			1.40			1.51			(0.09	)		—			(0.09	)		11.08		2.86	%		1.00	%		1.08	%		15.69	%		4,599		108	%
1/11/2016 - 3/31/2016		9.10		0.03			0.53			0.56			—			—			—			9.66		6.07	%		1.00	%		1.35	%		6.15	%		551		27	%
Class C
4/1/2019 - 9/30/2019 (7)		$12.42		$0.02			$0.51			$0.53			$—			$—			$—			$12.95		2.19	%		1.70	%		0.25	%		4.27	%		$3,757		36	%
4/1/2018 - 3/31/2019		12.22		0.02			0.69			0.71			(0.01	)		(0.50	)		(0.51	)		12.42		2.30	%		1.75	%		0.19	%		5.97	%		3,900		79	%
4/1/2017 - 3/31/2018		11.03		(0.01	)		1.29			1.28			(0.01	)		(0.08	)		(0.09	)		12.22		2.48	%		1.75	%		(0.06	%)		11.60	%		3,545		98	%
4/1/2016 - 3/31/2017		9.65		0.03			1.39			1.42			(0.04	)		—			(0.04	)		11.03		3.61	%		1.75	%		0.33	%		14.74	%		2,804		108	%
1/11/2016 - 3/31/2016		9.10		0.01			0.54			0.55			—			—			—			9.65		6.82	%		1.75	%		0.60	%		6.04	%		525		27	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$12.57		$0.08			$0.53			$0.61			$—			$—			$—			$13.18		1.19	%		0.70	%		1.25	%		4.85	%		$6,977		36	%
4/1/2018 - 3/31/2019		12.37		0.15			0.67			0.82			(0.12	)		(0.50	)		(0.62	)		12.57		1.30	%		0.75	%		1.19	%		6.97	%		6,896		79	%
4/1/2017 - 3/31/2018		11.11		0.12			1.30			1.42			(0.08	)		(0.08	)		(0.16	)		12.37		1.48	%		0.75	%		0.94	%		12.83	%		8,070		98	%
4/1/2016 - 3/31/2017		9.67		0.14			1.39			1.53			(0.09	)		—			(0.09	)		11.11		2.61	%		0.75	%		1.33	%		15.89	%		2,176		108	%
1/11/2016 - 3/31/2016		9.10		0.03			0.54			0.57			—			—			—			9.67		5.82	%		0.75	%		1.60	%		6.26	%		564		27	%

See Notes to Financial Statements See explanation of references on B-22

B-18

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Large-Cap (Continued)
Class S
4/1/2019 - 9/30/2019 (7)		$12.33		$0.09			$0.51			$0.60			$—			$—			$—			$12.93		1.04	%		0.60	%		1.35	%		4.87	%		$877		36	%
4/1/2018 - 3/31/2019		12.15		0.16			0.66			0.82			(0.14	)		(0.50	)		(0.64	)		12.33		1.15	%		0.65	%		1.28	%		7.06	%		909		79	%
4/1/2017 - 3/31/2018		11.03		0.12			1.30			1.42			(0.22	)		(0.08	)		(0.30	)		12.15		1.33	%		0.65	%		1.04	%		12.85	%		692		98	%
4/1/2016 - 3/31/2017		9.66		0.15			1.39			1.54			(0.17	)		—			(0.17	)		11.03		2.46	%		0.65	%		1.43	%		16.08	%		1,184		108	%
12/1/2015 - 3/31/2016		10.09		0.05			(0.30	)		(0.25	)		(0.18	)(10)		—			(0.18	)		9.66		5.99	%		0.65	%		1.70	%		(2.54	%)		1,879		27	%
3/20/2015 - 11/30/2015		10.26		0.12			(0.29	)		(0.17	)		—			—			—			10.09		9.85	%		0.65	%		1.72	%		(1.66	%)		1,895		45	%
Pacific Funds Large-Cap Value
Class A
4/1/2019 - 9/30/2019 (7)		$10.89		$0.08			$0.56			$0.64			$—			$—			$—			$11.53		1.51	%		1.05	%		1.38	%		5.88	%		$4,687		23	%
4/1/2018 - 3/31/2019		11.34		0.14			0.18			0.32			(0.13	)		(0.64	)		(0.77	)		10.89		1.46	%		1.10	%		1.27	%		3.14	%		4,353		39	%
4/1/2017 - 3/31/2018		10.75		0.11			0.86			0.97			(0.13	)		(0.25	)		(0.38	)		11.34		1.47	%		1.10	%		0.96	%		9.03	%		3,304		50	%
4/1/2016 - 3/31/2017		9.46		0.14			1.27			1.41			(0.10	)		(0.02	)		(0.12	)		10.75		1.79	%		1.10	%		1.35	%		14.92	%		2,572		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.45			0.49			—			—			—			9.46		10.34	%		1.10	%		1.92	%		5.46	%		499		48	%
Class C
4/1/2019 - 9/30/2019 (7)		$10.83		$0.04			$0.55			$0.59			$—			$—			$—			$11.42		2.27	%		1.80	%		0.63	%		5.45	%		$3,387		23	%
4/1/2018 - 3/31/2019		11.25		0.06			0.19			0.25			(0.03	)		(0.64	)		(0.67	)		10.83		2.21	%		1.85	%		0.53	%		2.40	%		3,475		39	%
4/1/2017 - 3/31/2018		10.69		0.02			0.86			0.88			(0.07	)		(0.25	)		(0.32	)		11.25		2.22	%		1.85	%		0.21	%		8.16	%		4,327		50	%
4/1/2016 - 3/31/2017		9.45		0.06			1.26			1.32			(0.06	)		(0.02	)		(0.08	)		10.69		2.54	%		1.85	%		0.60	%		14.03	%		3,056		65	%
1/11/2016 - 3/31/2016		8.97		0.02			0.46			0.48			—			—			—			9.45		11.09	%		1.85	%		1.17	%		5.35	%		477		48	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$10.93		$0.09			$0.56			$0.65			$—			$—			$—			$11.58		1.26	%		0.80	%		1.63	%		5.95	%		$10,792		23	%
4/1/2018 - 3/31/2019		11.37		0.17			0.19			0.36			(0.16	)		(0.64	)		(0.80	)		10.93		1.21	%		0.85	%		1.53	%		3.47	%		9,799		39	%
4/1/2017 - 3/31/2018		10.78		0.14			0.87			1.01			(0.17	)		(0.25	)		(0.42	)		11.37		1.22	%		0.85	%		1.21	%		9.33	%		19,624		50	%
4/1/2016 - 3/31/2017		9.47		0.16			1.26			1.42			(0.09	)		(0.02	)		(0.11	)		10.78		1.54	%		0.85	%		1.60	%		15.10	%		24,779		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.46			0.50			—			—			—			9.47		10.09	%		0.85	%		2.17	%		5.57	%		777		48	%
Class S
4/1/2019 - 9/30/2019 (7)		$10.84		$0.10			$0.56			$0.66			$—			$—			$—			$11.50		1.12	%		0.70	%		1.73	%		6.09	%		$732		23	%
4/1/2018 - 3/31/2019		11.34		0.19			0.15			0.34			(0.20	)		(0.64	)		(0.84	)		10.84		1.06	%		0.75	%		1.63	%		3.39	%		832		39	%
4/1/2017 - 3/31/2018		10.75		0.15			0.86			1.01			(0.17	)		(0.25	)		(0.42	)		11.34		1.07	%		0.75	%		1.31	%		9.36	%		1,963		50	%
4/1/2016 - 3/31/2017		9.47		0.17			1.28			1.45			(0.15	)		(0.02	)		(0.17	)		10.75		1.39	%		0.75	%		1.70	%		15.35	%		1,365		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.46			0.50			—			—			—			9.47		9.93	%		0.75	%		2.27	%		5.57	%		210		48	%
Pacific Funds Small/Mid-Cap (11)
Class A
4/1/2019 - 9/30/2019 (7)		$13.02		$0.00	(8)		$0.01			$0.01			$—			$—			$—			$13.03		1.43	%		1.25	%		0.02	%		0.08	%		$20,219		18	%
4/1/2018 - 3/31/2019		13.23		(0.02	)		0.16			0.14			—			(0.35	)		(0.35	)		13.02		1.48	%		1.30	%		(0.11	%)		1.19	%		21,872		33	%
4/1/2017 - 3/31/2018		11.93		(0.04	)		1.35			1.31			—			(0.01	)		(0.01	)		13.23		1.51	%		1.30	%		(0.28	%)		11.02	%		21,131		23	%
4/1/2016 - 3/31/2017		9.93		(0.02	)		2.05			2.03			—			(0.03	)		(0.03	)		11.93		1.71	%		1.30	%		(0.19	%)		20.44	%		18,360		45	%
1/11/2016 - 3/31/2016		9.33		0.00	(8)		0.60			0.60			—			—			—			9.93		5.43	%		1.30	%		0.07	%		6.43	%		2,254		11	%
Class C
4/1/2019 - 9/30/2019 (7)		$12.70		($0.05	)		$0.01			($0.04	)		$—			$—			$—			$12.66		2.18	%		2.00	%		(0.73	%)		(0.32	%)		$14,011		18	%
4/1/2018 - 3/31/2019		13.01		(0.11	)		0.15			0.04			—			(0.35	)		(0.35	)		12.70		2.23	%		2.05	%		(0.87	%)		0.43	%		16,875		33	%
4/1/2017 - 3/31/2018		11.81		(0.13	)		1.34			1.21			—			(0.01	)		(0.01	)		13.01		2.26	%		2.05	%		(1.03	%)		10.28	%		15,458		23	%
4/1/2016 - 3/31/2017		9.91		(0.10	)		2.03			1.93			—			(0.03	)		(0.03	)		11.81		2.46	%		2.05	%		(0.94	%)		19.47	%		7,383		45	%
1/11/2016 - 3/31/2016		9.33		(0.01	)		0.59			0.58			—			—			—			9.91		6.18	%		2.05	%		(0.68	%)		6.22	%		527		11	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$13.11		$0.02			$0.00	(8)		$0.02			$—			$—			$—			$13.13		1.18	%		1.00	%		0.27	%		0.15	%		$307,879		18	%
4/1/2018 - 3/31/2019		13.28		0.02			0.16			0.18			(0.00	)(8)		(0.35	)		(0.35	)		13.11		1.23	%		1.05	%		0.13	%		1.50	%		328,171		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(8)		1.35			1.35			—			(0.01	)		(0.01	)		13.28		1.26	%		1.05	%		(0.03	%)		11.34	%		176,897		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.46	%		1.05	%		0.06	%		20.73	%		70,260		45	%
1/11/2016 - 3/31/2016		9.33		0.01			0.58			0.59			—			—			—			9.92		5.18	%		1.05	%		0.32	%		6.32	%		1,965		11	%

See Notes to Financial Statements See explanation of references on B-22

B-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small/Mid-Cap (Continued) (11)
Class S
4/1/2019 - 9/30/2019 (7)		$13.12		$0.02			$0.00	(8)		$0.02			$—			$—			$—			$13.14		1.03	%		0.95	%		0.32	%		0.15	%		$6,189		18	%
4/1/2018 - 3/31/2019		13.29		0.02			0.16			0.18			(0.00	)(8)		(0.35	)		(0.35	)		13.12		1.08	%		1.00	%		0.19	%		1.52	%		6,422		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(8)		1.36			1.36			—			(0.01	)		(0.01	)		13.29		1.11	%		1.00	%		0.02	%		11.43	%		9,977		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.31	%		1.00	%		0.11	%		20.78	%		8,531		45	%
12/1/2015 - 3/31/2016		10.48		0.01			(0.49	)		(0.48	)		(0.03	)		(0.05	)		(0.08	)		9.92		9.62	%		1.00	%		0.37	%		(4.55	%)		711		11	%
12/31/2014 - 11/30/2015		10.00		0.01			0.47			0.48			—			—			—			10.48		29.84	%		1.00	%		0.12	%		4.80	%		524		30	%
Pacific Funds Small-Cap (11)
Class A
4/1/2019 - 9/30/2019 (7)		$12.12		$0.00	(8)		($0.17	)		($0.17	)		$—			$—			$—			$11.95		1.74	%		1.25	%		0.03	%		(1.40	%)		$4,458		21	%
4/1/2018 - 3/31/2019		12.86		(0.03	)		(0.06	)		(0.09	)		—			(0.65	)		(0.65	)		12.12		1.72	%		1.30	%		(0.21	%)		(0.53	%)		4,986		56	%
4/1/2017 - 3/31/2018		11.77		(0.02	)		1.33			1.31			(0.01	)		(0.21	)		(0.22	)		12.86		1.89	%		1.30	%		(0.16	%)		11.17	%		2,367		62	%
4/1/2016 - 3/31/2017		9.68		(0.00	)(8)		2.19			2.19			(0.10	)		—			(0.10	)		11.77		3.44	%		1.30	%		(0.04	%)		22.70	%		1,759		62	%
1/11/2016 - 3/31/2016		9.10		0.01			0.57			0.58			—			—			—			9.68		17.67	%		1.30	%		0.31	%		6.37	%		324		27	%
Class C
4/1/2019 - 9/30/2019 (7)		$11.94		($0.04	)		($0.18	)		($0.22	)		$—			$—			$—			$11.72		2.49	%		2.00	%		(0.71	%)		(1.84	%)		$925		21	%
4/1/2018 - 3/31/2019		12.76		(0.12	)		(0.05	)		(0.17	)		—			(0.65	)		(0.65	)		11.94		2.47	%		2.05	%		(0.96	%)		(1.17	%)		902		56	%
4/1/2017 - 3/31/2018		11.76		(0.11	)		1.32			1.21			—			(0.21	)		(0.21	)		12.76		2.64	%		2.05	%		(0.91	%)		10.32	%		797		62	%
4/1/2016 - 3/31/2017		9.66		(0.09	)		2.19			2.10			—			—			—			11.76		4.19	%		2.05	%		(0.79	%)		21.74	%		641		62	%
1/11/2016 - 3/31/2016		9.10		(0.01	)		0.57			0.56			—			—			—			9.66		18.42	%		2.05	%		(0.44	%)		6.15	%		130		27	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$12.32		$0.02			($0.18	)		($0.16	)		$—			$—			$—			$12.16		1.49	%		1.00	%		0.28	%		(1.30	%)		$12,417		21	%
4/1/2018 - 3/31/2019		13.04		0.01			(0.07	)		(0.06	)		(0.01	)		(0.65	)		(0.66	)		12.32		1.47	%		1.05	%		0.04	%		(0.26	%)		13,220		56	%
4/1/2017 - 3/31/2018		11.90		0.01			1.35			1.36			(0.01	)		(0.21	)		(0.22	)		13.04		1.64	%		1.05	%		0.09	%		11.45	%		14,767		62	%
4/1/2016 - 3/31/2017		9.68		0.02			2.21			2.23			(0.01	)		—			(0.01	)		11.90		3.19	%		1.05	%		0.21	%		23.03	%		8,265		62	%
1/11/2016 - 3/31/2016		9.10		0.01			0.57			0.58			—			—			—			9.68		17.42	%		1.05	%		0.56	%		6.37	%		153		27	%
Class S
4/1/2019 - 9/30/2019 (7)		$11.29		$0.02			($0.17	)		($0.15	)		$—			$—			$—			$11.14		1.34	%		0.95	%		0.33	%		(1.33	%)		$583		21	%
4/1/2018 - 3/31/2019		12.00		0.01			(0.06	)		(0.05	)		(0.01	)		(0.65	)		(0.66	)		11.29		1.32	%		1.00	%		0.09	%		(0.18	%)		658		56	%
4/1/2017 - 3/31/2018		10.95		0.02			1.24			1.26			—			(0.21	)		(0.21	)		12.00		1.49	%		1.00	%		0.14	%		11.54	%		457		62	%
4/1/2016 - 3/31/2017		9.67		0.03			2.17			2.20			(0.92	)		—			(0.92	)		10.95		3.04	%		1.00	%		0.26	%		23.03	%		140		62	%
12/1/2015 - 3/31/2016		10.31		0.02			(0.60	)		(0.58	)		(0.06	)		—			(0.06	)		9.67		10.38	%		1.00	%		0.61	%		(5.68	%)		497		27	%
12/31/2014 - 11/30/2015		10.00		0.02			0.29			0.31			—			—			—			10.31		30.41	%		1.00	%		0.24	%		3.10	%		516		27	%
Pacific Funds Small-Cap Value (11)
Class A
4/1/2019 - 9/30/2019 (7)		$9.10		$0.04			$0.31			$0.35			$—			$—			$—			$9.45		1.75	%		1.25	%		0.78	%		3.85	%		$1,541		22	%
4/1/2018 - 3/31/2019		11.17		0.03			(0.49	)		(0.46	)		(0.03	)		(1.58	)		(1.61	)		9.10		1.67	%		1.30	%		0.30	%		(3.68	%)		1,298		51	%
4/1/2017 - 3/31/2018		11.52		0.02			0.62			0.64			(0.03	)		(0.96	)		(0.99	)		11.17		1.65	%		1.30	%		0.14	%		5.41	%		1,105		47	%
4/1/2016 - 3/31/2017		9.47		0.03			2.13			2.16			(0.06	)		(0.05	)		(0.11	)		11.52		1.90	%		1.30	%		0.23	%		22.65	%		743		76	%
1/11/2016 - 3/31/2016		8.80		0.02			0.65			0.67			—			—			—			9.47		15.99	%		1.30	%		0.97	%		7.73	%		148		17	%
Class C
4/1/2019 - 9/30/2019 (7)		$8.94		$0.00	(8)		$0.30			$0.30			$—			$—			$—			$9.24		2.50	%		2.00	%		0.03	%		3.36	%		$1,161		22	%
4/1/2018 - 3/31/2019		11.06		(0.05	)		(0.49	)		(0.54	)		—			(1.58	)		(1.58	)		8.94		2.42	%		2.05	%		(0.45	%)		(4.47	%)		1,287		51	%
4/1/2017 - 3/31/2018		11.46		(0.07	)		0.63			0.56			—			(0.96	)		(0.96	)		11.06		2.40	%		2.05	%		(0.61	%)		4.72	%		1,568		47	%
4/1/2016 - 3/31/2017		9.46		(0.06	)		2.12			2.06			(0.01	)		(0.05	)		(0.06	)		11.46		2.65	%		2.05	%		(0.52	%)		21.81	%		1,105		76	%
1/11/2016 - 3/31/2016		8.80		0.00	(8)		0.66			0.66			—			—			—			9.46		16.74	%		2.05	%		0.22	%		7.50	%		121		17	%

See Notes to Financial Statements See explanation of references on B-22

B-20

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small-Cap Value (Continued) (11)
Advisor Class
4/1/2019 - 9/30/2019 (7)		$9.16		$0.05			$0.31			$0.36			$—			$—			$—			$9.52		1.50	%		1.00	%		1.03	%		3.93	%		$13,085		22	%
4/1/2018 - 3/31/2019		11.24		0.06			(0.51	)		(0.45	)		(0.05	)		(1.58	)		(1.63	)		9.16		1.42	%		1.05	%		0.55	%		(3.51	%)		11,664		51	%
4/1/2017 - 3/31/2018		11.59		0.05			0.63			0.68			(0.07	)		(0.96	)		(1.03	)		11.24		1.40	%		1.05	%		0.39	%		5.70	%		15,511		47	%
4/1/2016 - 3/31/2017		9.48		0.05			2.15			2.20			(0.04	)		(0.05	)		(0.09	)		11.59		1.65	%		1.05	%		0.48	%		23.02	%		20,617		76	%
1/11/2016 - 3/31/2016		8.80		0.02			0.66			0.68			—			—			—			9.48		15.74	%		1.05	%		1.22	%		7.84	%		261		17	%
Class S
4/1/2019 - 9/30/2019 (7)		$9.12		$0.05			$0.32			$0.37			$—			$—			$—			$9.49		1.35	%		0.95	%		1.08	%		4.06	%		$3,165		22	%
4/1/2018 - 3/31/2019		11.21		0.07			(0.52	)		(0.45	)		(0.06	)		(1.58	)		(1.64	)		9.12		1.27	%		1.00	%		0.60	%		(3.52	%)		3,134		51	%
4/1/2017 - 3/31/2018		11.55		0.05			0.64			0.69			(0.07	)		(0.96	)		(1.03	)		11.21		1.25	%		1.00	%		0.44	%		5.78	%		9,657		47	%
4/1/2016 - 3/31/2017		9.47		0.06			2.13			2.19			(0.06	)		(0.05	)		(0.11	)		11.55		1.50	%		1.00	%		0.53	%		23.02	%		9,655		76	%
12/1/2015 - 3/31/2016		10.14		0.04			(0.49	)		(0.45	)		(0.12	)		(0.10	)		(0.22	)		9.47		16.02	%		1.00	%		1.27	%		(4.37	%)		1,118		17	%
12/31/2014 - 11/30/2015		10.00		0.06			0.08			0.14			—			—			—			10.14		26.85	%		1.00	%		0.63	%		1.40	%		706		29	%
Pacific Funds Small-Cap Growth
Class A
4/1/2019 - 9/30/2019 (7)		$11.97		($0.04	)		($0.61	)		($0.65	)		$—			$—			$—			$11.32		1.59	%		1.20	%		(0.64	%)		(5.35	%)		$3,012		16	%
4/1/2018 - 3/31/2019		12.26		(0.08	)		0.73			0.65			—			(0.94	)		(0.94	)		11.97		1.56	%		1.26	%		(0.63	%)		5.65	%		3,126		72	%
4/1/2017 - 3/31/2018		11.14		(0.08	)		1.68			1.60			—			(0.48	)		(0.48	)		12.26		1.62	%		1.30	%		(0.65	%)		14.51	%		713		51	%
4/1/2016 - 3/31/2017		9.61		(0.07	)		1.80			1.73			—			(0.20	)		(0.20	)		11.14		1.93	%		1.30	%		(0.68	%)		17.83	%		514		49	%
1/11/2016 - 3/31/2016		9.27		(0.01	)		0.35			0.34			—			—			—			9.61		12.44	%		1.30	%		(0.70	%)		3.88	%		43		7	%
Class C
4/1/2019 - 9/30/2019 (7)		$11.65		($0.08	)		($0.59	)		($0.67	)		$—			$—			$—			$10.98		2.34	%		2.00	%		(1.44	%)		(5.75	%)		$862		16	%
4/1/2018 - 3/31/2019		12.06		(0.17	)		0.70			0.53			—			(0.94	)		(0.94	)		11.65		2.31	%		2.05	%		(1.42	%)		4.82	%		959		72	%
4/1/2017 - 3/31/2018		11.05		(0.16	)		1.65			1.49			—			(0.48	)		(0.48	)		12.06		2.37	%		2.05	%		(1.40	%)		13.62	%		759		51	%
4/1/2016 - 3/31/2017		9.61		(0.15	)		1.79			1.64			—			(0.20	)		(0.20	)		11.05		2.68	%		2.05	%		(1.43	%)		17.14	%		187		49	%
1/11/2016 - 3/31/2016		9.27		(0.03	)		0.37			0.34			—			—			—			9.61		13.19	%		2.05	%		(1.45	%)		3.67	%		34		7	%
Class P
4/1/2019 - 9/30/2019 (7)		$12.08		($0.03	)		($0.61	)		($0.64	)		$—			$—			$—			$11.44		1.19	%		1.00	%		(0.44	%)		(5.30	%)		$21,118		16	%
4/1/2018 - 3/31/2019		12.35		(0.05	)		0.72			0.67			—			(0.94	)		(0.94	)		12.08		1.16	%		1.05	%		(0.42	%)		5.86	%		23,955		72	%
4/1/2017 - 3/31/2018		11.19		(0.05	)		1.69			1.64			—			(0.48	)		(0.48	)		12.35		1.22	%		1.05	%		(0.40	%)		14.80	%		26,764		51	%
6/8/2016 - 3/31/2017		10.06		(0.04	)		1.37			1.33			—			(0.20	)		(0.20	)		11.19		1.43	%		1.05	%		(0.43	%)		13.29	%		12,385		49	%
Advisor Class
4/1/2019 - 9/30/2019 (7)		$12.08		($0.03	)		($0.60	)		($0.63	)		$—			$—			$—			$11.45		1.34	%		1.00	%		(0.44	%)		(5.22	%)		$5,033		16	%
4/1/2018 - 3/31/2019		12.35		(0.05	)		0.72			0.67			—			(0.94	)		(0.94	)		12.08		1.31	%		1.05	%		(0.42	%)		5.86	%		5,288		72	%
4/1/2017 - 3/31/2018		11.19		(0.05	)		1.69			1.64			—			(0.48	)		(0.48	)		12.35		1.37	%		1.05	%		(0.40	%)		14.80	%		13,574		51	%
4/1/2016 - 3/31/2017		9.64		(0.05	)		1.80			1.75			—			(0.20	)		(0.20	)		11.19		1.68	%		1.05	%		(0.43	%)		18.23	%		13,321		49	%
1/11/2016 - 3/31/2016		9.27		(0.01	)		0.38			0.37			—			—			—			9.64		12.19	%		1.05	%		(0.45	%)		3.99	%		234		7	%
Class S
4/1/2019 - 9/30/2019 (7)		$12.12		($0.02	)		($0.61	)		($0.63	)		$—			$—			$—			$11.49		1.19	%		0.85	%		(0.29	%)		(5.20	%)		$1,981		16	%
4/1/2018 - 3/31/2019		12.38		(0.04	)		0.72			0.68			—			(0.94	)		(0.94	)		12.12		1.16	%		0.90	%		(0.27	%)		5.92	%		2,287		72	%
4/1/2017 - 3/31/2018		11.20		(0.03	)		1.69			1.66			—			(0.48	)		(0.48	)		12.38		1.22	%		0.90	%		(0.25	%)		14.97	%		10,826		51	%
4/1/2016 - 3/31/2017		9.63		(0.03	)		1.80			1.77			(0.00	)(8)		(0.20	)		(0.20	)		11.20		1.53	%		0.90	%		(0.28	%)		18.47	%		9,680		49	%
1/11/2016 - 3/31/2016		9.27		(0.00	)(8)		0.36			0.36			—			—			—			9.63		12.04	%		0.90	%		(0.29	%)		3.88	%		411		7	%

See Notes to Financial Statements See explanation of references on B-22

B-21

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

(1) For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class.

(2) Net investment income (loss) per share has been calculated using the average shares method.

(3) The ratios are annualized for periods of less than one full year.

(4) The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios for all the Portfolio Optimization Funds do not include fees and expenses of the underlying funds in which the Portfolio Optimization Funds invest.

(5) The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year.

(6) Class B shares were converted to Class A shares on July 31, 2019.

(7) Unaudited for the six-month period ended September 30, 2019.

(8) Reflects an amount rounding to less than $0.01 per share.

(9) The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2019 are as follows:

Fund	Class A	Class C	Class I	Class P	Advisor Class
Pacific Funds Floating Rate Income	0.99%	1.69%	0.69%	0.69%	0.74%

(10) Includes $0.01 per share return of capital distribution.

(11) Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund prior to April 1, 2016: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end prior to the reorganization and (ii) the period from December 1, 2015 or class commencement date through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization.

See Notes to Financial Statements

B-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2019, the Trust was comprised of thirty-four separate funds, eighteen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”):

Fund

Pacific Funds^SM Portfolio Optimization Conservative (1)

Pacific Funds^SM Portfolio Optimization Moderate-Conservative (1)

Pacific Funds^SM Portfolio Optimization Moderate (1)

Pacific Funds^SM Portfolio Optimization Growth (1)

Pacific Funds^SM Portfolio Optimization Aggressive-Growth (1)

Pacific Funds^SM Ultra Short Income (2)

Pacific Funds^SM Short Duration Income (2)

Pacific Funds^SM Core Income (2)

Pacific Funds^SM Strategic Income (2)

Fund

Pacific Funds^SM Floating Rate Income (2)

Pacific Funds^SM High Income (2)

Pacific Funds^SM Diversified Income

Pacific Funds^SM Large-Cap (3)

Pacific Funds^SM Large-Cap Value (3)

Pacific Funds^SM Small/Mid-Cap (3)

Pacific Funds^SM Small-Cap (3)

Pacific Funds^SM Small-Cap Value (3)

Pacific Funds^SM Small-Cap Growth (3)

(1) These Funds are collectively known as the “Portfolio Optimization Funds”.

(2) These Funds are collectively known as the “PF Fixed Income Funds”.

(3) These Funds are collectively known as the “PF U.S. Equity Funds”.

The Portfolio Optimization Funds offer Class A, Class C, and Advisor Class shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge (“CDSC”); and (iii) Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1.00% on redemptions of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date. Effective July 31, 2019, all Class B shares were converted to Class A shares within each Fund, and Class B shares were concurrently terminated.

The PF Fixed Income Funds offer Class A, Class C, Class I, and Advisor Class shares, except Pacific Funds Ultra Short Income (which offers Class I and Advisor Class shares only). Additionally, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income offer Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate Income are subject to a maximum 3.00% front-end sales charge, and Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class P, and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.

The Pacific Funds Diversified Income offers Advisor Class shares only.

The PF U.S. Equity Funds offer Class A, Class C, Advisor Class, and Class S shares. Additionally, Pacific Funds Small-Cap Growth offers Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class P, Advisor Class, and Class S shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.

The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes (see Note 6).

The Portfolio Optimization Funds invest their assets in Class P shares of certain other funds of the Trust (collectively, the “PF Underlying Funds”) as well as Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth.

There is a separate semi-annual report containing the financial statements for the PF Underlying Funds, which is available without charge. For information on how to obtain the semi-annual report for these Funds, see the Where to Go for More Information section of this report on page D-5.

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

For the Portfolio Optimization Funds and PF U.S. Equity Funds, dividends on net investment income, if any, are generally declared and paid annually. For the PF Fixed Income Funds (except Pacific Funds Floating Rate Income, Pacific Funds Ultra Short Income), and Pacific Funds Diversified Income, dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income and Pacific Funds Ultra Short Income, dividends, if any, are generally declared daily and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders.

All realized capital gains are distributed at least annually for each Fund. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

C. FOREIGN CURRENCY TRANSLATION

The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

E. OFFERING COSTS

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy.

B. DETERMINATION OF NET ASSET VALUE (“NAV”)

Each Fund presented in these financial statements is divided into shares and share classes. The price per share of each class of a Fund’s shares is called the 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 per 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 scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled 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. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.

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 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.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments for which no official closing price or last reported sales price 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.

Over-the-Counter (“OTC”) Investments

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s Valuation Policy.

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 debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.

Investments in Mutual Funds

Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.

Investment Values Determined by a Valuation Committee

The Trust’s 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 value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, 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 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 scheduled close of the NYSE.

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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 investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), 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 the Trust’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 policy 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. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 2019, as categorized under the three-tier hierarchy of inputs, can be found in 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 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 registered mutual funds, are valued at their respective published 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 yield curves and data received from active market makers and inter-dealer brokers. 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 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.

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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.

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.

Swap Agreements

Total Return Swaps – Total return swaps 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 loan notes (“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.

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 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.

4. 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 the 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.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from 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.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

LIBOR Phaseout Risk

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for

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instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

Fund of Funds Investments

The Portfolio Optimization Funds are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth 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 may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth (See Note 7C).

Equity Investments

Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, 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.

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments 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 floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, 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.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. The exact time frame for the implementation of Brexit is unknown and may change. Brexit may also

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increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk, and geographic focus risk, among other risks.

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. 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, Secured Overnight Financing Rate, 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 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 September 30, 2019, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

Unfunded loan commitments on senior loan participations and assignments, 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 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 September 30, 2019, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income had unfunded loan commitments of $500,000, $1,250,000, $1,635,135, $8,514,747, and $22,523, respectively (see details in the Notes to Schedules of Investments).

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.

U.S. Government Securities

Certain Funds may invest in securities issued by 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. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by 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

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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 and FHLMC are government-sponsored corporations, the common stocks of which are 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 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, including To Be Announced (“TBA”) securities. 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.

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 Fund’s books and records maintained by the custodian and/or the manager of the Fund. 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. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

5. 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, and swap agreements. 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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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 the Funds 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.

B. DERIVATIVE INVESTMENTS

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. The Portfolio Optimization Funds are exposed to the same derivative risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. The semi-annual report of the PF Underlying Funds discusses in further detail the derivative instruments and the reasons a PF Underlying Fund invested in derivatives during the reporting period.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and 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. OTC swap 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.

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.

C-9

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

None of the Funds presented in these financial statements held total return swaps as of September 30, 2019.

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

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 (“netting arrangements”). 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. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency. 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. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. 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 the 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.

None of the Funds presented in these financial statements were subject to enforceable master agreements with netting arrangements as of September 30, 2019.

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Investment Adviser to each Fund of the Trust. PLFA directly manages the Portfolio Optimization Funds. PLFA also manages the PF Fixed Income Funds under the name Pacific Asset Management (the Pacific Funds Diversified Income is managed by both Pacific Asset Management and sub-adviser Cadence Capital Management LLC). PLFA has retained another investment management firm to sub-advise the PF U.S. Equity Funds. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain Funds presented in these financial statements. PLFA, as Investment Adviser of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. PLFA receives investment advisory fees from each Fund which are based on the following annual percentage of the average daily net assets of each Fund:

Fund	Advisory Fee Rate	Advisory Fee Waiver through July 31, 2020	Sub-Adviser(s)
Pacific Funds Portfolio Optimization Conservative Pacific Funds Portfolio Optimization Moderate-Conservative Pacific Funds Portfolio Optimization Moderate Pacific Funds Portfolio Optimization Growth Pacific Funds Portfolio Optimization Aggressive-Growth	0.20%	0.025% above $2 billion to $3 billion 0.050% on next $2 billion 0.075% on next $2.5 billion 0.100% on excess
Pacific Funds Ultra Short Income	0.25%
Pacific Funds Short Duration Income	0.40%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess
Pacific Funds Core Income	0.50%
Pacific Funds Strategic Income Pacific Funds High Income	0.60%
Pacific Funds Floating Rate Income	0.65%
Pacific Funds Diversified Income	0.35%		Cadence Capital Management LLC (co-managed with PAM)
Pacific Funds Large-Cap (1)	0.45%		Rothschild & Co Asset Management US Inc.
Pacific Funds Large-Cap Value (1)	0.55%		Rothschild & Co Asset Management US Inc.
Pacific Funds Small/Mid-Cap (1) Pacific Funds Small-Cap (1) Pacific Funds Small-Cap Value (1) Pacific Funds Small-Cap Growth (1)	0.75%		Rothschild & Co Asset Management US Inc.

(1) Reflects new advisory fee rates effective June 28, 2019.

C-10

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The advisory fee and advisory fee waiver rates for the PF U.S. Equity Funds prior to June 28, 2019 were:

Fund	Advisory Fee Rate	Advisory Fee  Waiver
Pacific Funds Large-Cap	0.65%	0.10%
Pacific Funds Large-Cap Value	0.65%
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value Pacific Funds Small-Cap Growth	0.85%

Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Investment Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust), to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust. Support services do not include services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pacific Life receives an administration fee from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentage of average daily net assets of each Fund:

Fund	Share Class (1)	Administration Fee  Rate
Portfolio Optimization Funds	A, B, C, and Advisor	0.15%
Pacific Funds Ultra Short Income	Advisor	0.30%
	I	0.15%
Pacific Funds Short Duration Income Pacific Funds Strategic Income	A, C, and Advisor	0.30%
	I	0.15%
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income	A, C, and Advisor	0.30%
	I and P	0.15%
Pacific Funds Diversified Income	Advisor	0.30%
PF U.S. Equity Funds	A, C, and Advisor	0.30%
	S	0.15%
Pacific Funds Small-Cap Growth	P	0.15%

(1) Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements).

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (together the “12b-1 Plans”) for Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (“Class A Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentages of average daily net assets:

Plan	Share Class	Distribution Fee Rate	Service Fee Rate
12b-1 Plans	B (1) and C	0.75%	0.25%
Class A Plan	A		0.25%

(1) Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements).

There are no distribution and service fees for Class I, Class P, Advisor Class, and Class S shares. The distribution and service fees are accrued daily. For the period ended September 30, 2019, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $2,451,328 from the sale of Class A shares and received $24,506 in CDSC from redemptions of Class A, B, and C shares.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES

The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, the distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the

C-11

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

period ended September 30, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2019 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: administration fees and expenses; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of each Fund’s business. The expense caps for each Fund and share class presented in these financial statements are as follows:

Fund	Share Class (1)	Expense Caps
Portfolio Optimization Funds	A, B, C, and Advisor	0.15% through 7/31/2020 and 0.30% thereafter through 7/31/2023
Pacific Funds Ultra Short Income	I and Advisor	0.07% through 7/31/2022
Pacific Funds Short Duration Income	A, C, I, and Advisor	0.10% through 7/31/2020
Pacific Funds Core Income	A and C	0.10% through 7/31/2020
	I, Advisor, and P	0.05% through 7/31/2020
Pacific Funds Strategic Income	A and Advisor	0.10% through 7/31/2020
	C and I	0.05% through 7/31/2020
Pacific Funds Floating Rate Income	A and Advisor	0.10% through 7/31/2020
	C, I, and P	0.05% through 7/31/2020
Pacific Funds High Income	A, I, Advisor, and P	0.10% through 7/31/2020
	C	0.05% through 7/31/2020
Pacific Funds Diversified Income	Advisor	0.10% through 7/31/2022
Pacific Funds Large-Cap	A	0.20% through 7/31/2020
Pacific Funds Large-Cap Value	C and Advisor	0.20% through 7/31/2020
	S	0.10% through 7/31/2020
Pacific Funds Small/Mid-Cap	A	0.20% through 7/31/2020
Pacific Funds Small-Cap	C and Advisor	0.20% through 7/31/2020
Pacific Funds Small-Cap Value	S	0.15% through 7/31/2020
Pacific Funds Small-Cap Growth	A	0.15% through 7/31/2020
	C, Advisor, and P	0.20% through 7/31/2020
	S	0.05% through 7/31/2020

(1) Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements).

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2019 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of September 30, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:

Fund	3/31/2020		3/31/2021		3/31/2022		3/31/2023
Pacific Funds Portfolio Optimization Conservative		$290,877		$250,155		$230,770		$108,613
Pacific Funds Portfolio Optimization Moderate-Conservative		376,333		334,819		305,325		140,147
Pacific Funds Portfolio Optimization Moderate		946,295		841,944		774,354		359,060
Pacific Funds Portfolio Optimization Growth		694,650		646,561		602,203		284,950
Pacific Funds Portfolio Optimization Aggressive-Growth		256,470		256,481		253,140		125,266
Pacific Funds Ultra Short Income								45,969
Pacific Funds Short Duration Income		600,137		1,000,932		1,385,844		1,093,359
Pacific Funds Core Income		1,321,088		2,102,504		1,843,904		1,047,768
Pacific Funds Strategic Income		587,614		1,246,313		1,612,421		903,148
Pacific Funds Floating Rate Income		1,512,901		3,114,566		4,391,138		2,086,950
Pacific Funds High Income		118,054		119,953		169,374		115,417
Pacific Funds Diversified Income								59,127
Pacific Funds Large-Cap		136,174		87,705		85,164		45,552
Pacific Funds Large-Cap Value		157,996		111,953		98,891		44,603
Pacific Funds Small/Mid-Cap		202,048		341,697		493,273		324,318

C-12

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund	3/31/2020		3/31/2021		3/31/2022		3/31/2023
Pacific Funds Small-Cap		$135,916		$88,698		$94,696		$46,317
Pacific Funds Small-Cap Value		161,192		104,441		90,131		42,849
Pacific Funds Small-Cap Growth		150,256		107,736		103,024		41,657
Total		$7,648,001		$10,756,458		$12,533,652		$6,915,070

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2019.

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 2019, each of the Portfolio Optimization Funds (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended September 30, 2019 is as follows:

Fund/Underlying Fund	Beginning Value as of April 1, 2019		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2019
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$7,598,484		$32,814		$116,952		$928,491		$4,000			$297,342			$7,121,101		647,373
Pacific Funds Floating Rate Income		6,356,221		44,233		157,185		531,051		(12,296	)		33,872			6,048,164		609,080
Pacific Funds High Income		16,618,804		97,666		442,420		1,569,545		(18,366	)		246,536			15,817,515		1,562,996
PF Inflation Managed		14,124,612		69,227		—		1,571,329		31,693			534,936			13,189,139		1,436,725
PF Managed Bond		93,902,067		406,571		—		11,373,739		150,485			5,058,980			88,144,364		7,884,111
PF Short Duration Bond		37,048,639		2,738,855		—		3,136,005		16,483			793,807			37,461,779		3,690,816
PF Emerging Markets Debt		12,751,835		60,344		—		1,205,792		1,614			134,017			11,742,018		1,268,037
Pacific Funds Small-Cap Growth		760,923		6,066		—		62,598		(12,204	)		(26,364	)		665,823		58,201
PF Developing Growth		498,405		2,949		—		53,517		995			(13,057	)		435,775		24,441
PF Growth		2,323,716		10,578		—		334,833		21,269			155,084			2,175,814		74,184
PF Large-Cap Value		4,668,784		26,066		—		506,802		14,443			278,427			4,480,918		351,997
PF Multi-Asset		37,434,469		202,761		—		4,160,279		84,136			1,770,275			35,331,362		3,423,582
PF Small-Cap Value		1,255,559		9,637		—		120,731		(25,614	)		49,585			1,168,436		139,598
PF Emerging Markets		5,103,493		19,340		—		2,950,823		186,757			(227,705	)		2,131,062		145,267
PF International Large-Cap		1,396,039		8,268		—		150,672		4,467			68,585			1,326,687		108,301
PF International Small-Cap		1,272,421		9,281		—		121,509		(15,331	)		(396	)		1,144,466		120,979
PF International Value		1,375,816		11,120		—		114,778		(1,993	)		(7,858	)		1,262,307		169,437
PF Real Estate		3,877,366		16,685		—		505,001		(5,503	)		406,015			3,789,562		278,031
PF Currency Strategies		3,796,527		3,533,237		—		478,214		(15,562	)		(20,505	)		6,815,483		735,219
PF Equity Long/Short (4)		3,802,632		8,714		—		3,630,548		(649,066	)		468,268			—		—
		$255,966,812		$7,314,412		$716,557		$33,506,257		($239,593	)		$9,999,844			$240,251,775
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$8,822,165		$46,006		$135,846		$1,130,308		$7,545			$344,142			$8,225,396		747,763
Pacific Funds Floating Rate Income		7,416,217		67,755		183,891		656,373		(15,393	)		40,383			7,036,480		708,608
Pacific Funds High Income		22,357,375		149,535		597,023		2,263,132		(25,110	)		334,547			21,150,238		2,089,944
PF Inflation Managed		9,357,278		50,001		—		1,084,747		24,551			353,014			8,700,097		947,723
PF Managed Bond		109,150,939		581,321		—		13,424,562		168,003			5,916,706			102,392,407		9,158,534
PF Short Duration Bond		29,791,079		5,709,982		—		2,929,230		21,208			665,199			33,258,238		3,276,674
PF Emerging Markets Debt		16,726,117		92,822		—		1,668,522		3,287			179,387			15,333,091		1,655,841
Pacific Funds Small-Cap Growth		1,108,836		9,369		—		94,453		12,335			(68,725	)		967,362		84,560
PF Developing Growth		726,274		4,190		—		83,999		14,987			(31,531	)		629,921		35,329
PF Growth		9,783,262		51,444		—		1,506,107		99,301			645,382			9,073,282		309,352
PF Large-Cap Value		21,330,322		113,549		—		2,426,878		74,562			1,265,968			20,357,523		1,599,177
PF Multi-Asset		81,552,140		432,709		—		9,432,338		250,928			3,785,368			76,588,807		7,421,396
PF Small-Cap Value		3,659,180		30,099		—		362,514		(63,906	)		132,214			3,395,073		405,624
PF Emerging Markets		13,015,087		67,823		—		6,647,765		632,284			(720,649	)		6,346,780		432,637
PF International Large-Cap		6,473,127		34,260		—		732,247		22,633			316,171			6,113,944		499,097
PF International Small-Cap		3,708,606		31,083		—		383,054		(22,657	)		(23,267	)		3,310,711		349,969
PF International Value		7,108,208		59,838		—		613,983		(13,205	)		(40,424	)		6,500,434		872,542
PF Real Estate		9,418,586		50,005		—		1,250,852		(15,578	)		985,651			9,187,812		674,087
PF Currency Strategies		5,533,000		5,178,485		—		752,773		(37,111	)		(15,650	)		9,905,951		1,068,603
PF Equity Long/Short (4)		5,541,750		10,489		—		5,288,677		(926,597	)		663,035			—		—
		$372,579,548		$12,770,765		$916,760		$52,732,514		$212,067			$14,726,921			$348,473,547

C-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2019		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2019
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$18,006,462		$52,096		$280,098		$2,053,262		$17,678			$707,461			$17,010,533		1,546,412
Pacific Funds Floating Rate Income		11,459,848		71,921		284,149		1,029,614		(24,571	)		62,930			10,824,663		1,090,097
Pacific Funds High Income		46,123,452		208,839		1,238,883		4,792,358		(48,735	)		690,020			43,420,101		4,290,524
PF Inflation Managed		11,582,422		47,505		—		1,324,675		31,542			437,062			10,773,856		1,173,623
PF Managed Bond		219,577,492		17,505,442		—		26,555,604		404,710			12,465,248			223,397,288		19,981,868
PF Short Duration Bond		69,140,691		349,300		—		6,277,063		117,876			1,354,894			64,685,698		6,372,975
PF Emerging Markets Debt		23,004,631		67,221		—		2,298,811		10,776			242,444			21,026,261		2,270,655
Pacific Funds Small-Cap Growth		6,862,909		34,926		—		566,948		(60,888	)		(291,028	)		5,978,971		522,637
PF Developing Growth		4,495,080		13,440		—		506,355		12,971			(115,610	)		3,899,526		218,706
PF Growth		86,169,450		248,710		—		13,216,225		894,334			5,639,939			79,736,208		2,718,589
PF Large-Cap Value		75,681,904		223,506		—		8,480,482		(3,524,375	)		8,273,866			72,174,419		5,669,632
PF Multi-Asset		401,029,374		1,169,616		—		43,384,305		934,021			18,976,768			378,725,474		36,698,205
PF Small-Cap Value		22,646,588		116,433		—		2,092,079		(136,138	)		555,236			21,090,040		2,519,718
PF Emerging Markets		46,031,557		145,542		—		20,937,887		2,823,860			(3,112,897	)		24,950,175		1,700,762
PF International Large-Cap		19,459,547		57,138		—		2,167,937		66,043			949,726			18,364,517		1,499,144
PF International Small-Cap		11,476,951		58,217		—		1,041,702		(53,217	)		(96,453	)		10,343,796		1,093,424
PF International Value		21,997,625		113,523		—		1,842,592		(52,123	)		(123,441	)		20,092,992		2,697,046
PF Real Estate		29,145,205		84,026		—		3,942,015		5,117			2,985,343			28,277,676		2,074,664
PF Currency Strategies		14,268,549		13,331,506		—		1,938,784		(92,312	)		(47,028	)		25,521,931		2,753,175
PF Equity Long/Short (4)		14,291,047		—		—		13,609,494		(2,416,521	)		1,734,968			—		—
		$1,152,450,784		$33,898,907		$1,803,130		$158,058,192		($1,089,952	)		$51,289,448			$1,080,294,125
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,821,489		$11,316		$91,157		$557,882		$3,733			$231,235			$5,601,048		509,186
Pacific Funds Floating Rate Income		4,417,354		20,026		109,897		373,277		(8,945	)		23,674			4,188,729		421,826
Pacific Funds High Income		26,669,108		69,730		721,539		2,353,142		(23,526	)		395,886			25,479,595		2,517,747
PF Inflation Managed		4,464,711		14,714		—		429,090		9,497			171,459			4,231,291		460,925
PF Managed Bond		70,124,800		13,119,206		—		7,044,098		97,247			4,286,568			80,583,723		7,207,846
PF Short Duration Bond		17,767,979		58,949		—		1,472,626		35,089			344,416			16,733,807		1,648,651
PF Emerging Markets Debt		13,301,449		26,111		—		1,155,986		15,186			128,709			12,315,469		1,329,964
Pacific Funds Small-Cap Growth		10,582,026		35,407		—		762,242		(78,753	)		(463,077	)		9,313,361		814,105
PF Developing Growth		6,930,939		13,927		—		627,577		15,356			(187,606	)		6,145,039		344,646
PF Growth		56,556,688		109,669		—		7,356,321		1,985,511			2,304,825			53,600,372		1,827,493
PF Large-Cap Value		52,644,228		104,447		—		4,706,858		292,168			3,052,732			51,386,717		4,036,663
PF Multi-Asset		439,328,375		860,812		—		42,857,667		847,256			20,996,546			419,175,322		40,617,764
PF Small-Cap Value		26,189,940		88,517		—		1,905,624		(114,153	)		614,244			24,872,924		2,971,676
PF Emerging Markets		48,795,883		118,022		—		17,096,266		1,448,444			(1,683,069	)		31,583,014		2,152,898
PF International Large-Cap		23,827,393		47,207		—		2,400,751		75,894			1,172,062			22,721,805		1,854,841
PF International Small-Cap		8,848,134		29,505		—		638,953		(32,510	)		(83,740	)		8,122,436		858,608
PF International Value		26,526,020		89,992		—		1,937,397		(80,744	)		(123,306	)		24,474,565		3,285,176
PF Real Estate		26,963,249		52,223		—		3,093,969		(4,742	)		2,806,526			26,723,287		1,960,623
PF Currency Strategies		8,800,318		8,230,980		—		1,048,957		(35,994	)		(50,078	)		15,896,269		1,714,808
PF Equity Long/Short (4)		8,814,136		—		—		8,393,453		(1,361,216	)		940,533			—		—
		$887,374,219		$23,100,760		$922,593		$106,212,136		$3,084,798			$34,878,539			$843,148,773
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$314,307		$2,205		$5,023		$22,802		$580			$12,323			$311,636		28,331
Pacific Funds Floating Rate Income		3,801		—		2		3,815		12			—			—		—
Pacific Funds High Income		1,559,871		12,243		43,060		99,214		744			21,206			1,537,910		151,967
PF Managed Bond		4,388,991		34,281		—		319,408		13,827			237,788			4,355,479		389,578
PF Short Duration Bond		1,558,880		4,687,527		—		258,431		1,780			77,802			6,067,558		597,789
PF Emerging Markets Debt		1,556,007		11,231		—		86,637		(56	)		15,878			1,496,423		161,601
Pacific Funds Small-Cap Growth		4,641,966		39,812		—		254,551		(25,644	)		(215,698	)		4,185,885		365,899
PF Developing Growth		3,040,477		19,336		—		218,863		4,020			(86,528	)		2,758,442		154,708
PF Growth		31,504,514		154,359		—		2,896,773		641,599			1,799,746			31,203,445		1,063,875
PF Large-Cap Value		16,781,066		103,555		—		1,034,065		134,878			944,712			16,930,146		1,329,941
PF Multi-Asset		176,778,623		875,215		—		11,134,033		253,624			8,746,956			175,520,385		17,007,789
PF Small-Cap Value		16,849,568		141,826		—		933,334		(53,099	)		376,721			16,381,682		1,957,190
PF Emerging Markets		18,680,820		104,213		—		5,631,547		679,821			(781,189	)		13,052,118		889,715
PF International Large-Cap		6,968,174		42,902		—		459,289		58,822			312,776			6,923,385		565,174
PF International Small-Cap		4,657,643		33,815		—		254,551		(13,387	)		(48,961	)		4,374,559		462,427
PF International Value		7,935,351		68,136		—		441,209		(11,991	)		(51,467	)		7,498,820		1,006,553
PF Real Estate		9,462,486		46,706		—		766,387		(2,784	)		1,016,145			9,756,166		715,786
PF Currency Strategies		2,316,273		2,202,586		—		208,660		(2,618	)		(21,852	)		4,285,729		462,322
PF Equity Long/Short (4)		2,319,912		6,217		—		2,214,881		(362,041	)		250,793			—		—
		$311,318,730		$8,586,165		$48,085		$27,238,450		$1,318,087			$12,607,151			$306,639,768

(1) Purchase cost excludes distributions received and reinvested, if any.

C-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

(2) Distributions received include distributions from net investment income, if any, from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth.

(3) Net realized gain (loss) includes capital gains distributions from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth, if any.

(4) All shares in the PF Equity Long/Short Fund were fully redeemed during the period ended September 30, 2019.

As of September 30, 2019, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:

Fund	Ownership Percentage
Pacific Funds Ultra Short Income		100.00%
Pacific Funds Diversified Income		100.00%
Pacific Funds Large-Cap Value		40.09%
Pacific Funds Small-Cap Value		35.52%
Pacific Funds Small-Cap Growth		10.14%

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2019, such expenses increased by $3,426 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2019, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $45,706.

E. OFFICERS OF THE TRUST

None of the officers of the Trust received compensation from the Trust.

F. INDEMNIFICATIONS

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

G. INTERFUND TRANSACTIONS

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the period ended September 30, 2019, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.

8. COMMITTED LINE OF CREDIT

The Trust has an unsecured $200,000,000 committed revolving line of credit agreement with a syndicate of banks, which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing under the line of credit agreement is the Federal Funds effective rate, plus 1.20%. Pacific Funds Floating Rate Income paid an upfront fee of 0.025% and pays a commitment fee equal to 0.20% per annum on the daily unused portion of the committed line up to a maximum, including upfront fee, of

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

$450,000. As of September 30, 2019, the actual interest rate on borrowing by the Trust was 3.216%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the period ended September 30, 2019, Pacific Funds Floating Rate Income had no loans outstanding in connection with this revolving line of credit.

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2019, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$8,030,969		$33,506,257
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		13,687,525		52,732,514
Pacific Funds Portfolio Optimization Moderate		—		—		35,702,037		158,058,192
Pacific Funds Portfolio Optimization Growth		—		—		24,023,353		106,212,136
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		8,634,250		27,238,450
Pacific Funds Ultra Short Income		1,200,731		499,707		22,410,394		2,813,967
Pacific Funds Short Duration Income		58,622,578		22,555,000		395,387,864		194,848,462
Pacific Funds Core Income		67,438,496		49,130,371		338,159,966		191,031,546
Pacific Funds Strategic Income		—		—		316,299,333		204,332,012
Pacific Funds Floating Rate Income		495,000		497,500		898,039,696		1,105,159,097
Pacific Funds High Income		—		—		34,899,829		35,258,025
Pacific Funds Diversified Income		2,102,447		—		26,904,813		1,205,698
Pacific Funds Large-Cap		—		—		7,189,904		7,395,879
Pacific Funds Large-Cap Value		—		—		4,339,781		4,313,975
Pacific Funds Small/Mid-Cap		—		—		61,912,806		85,241,528
Pacific Funds Small-Cap		—		—		3,822,267		4,912,851
Pacific Funds Small-Cap Value		—		—		4,575,042		3,771,580
Pacific Funds Small-Cap Growth		—		—		5,163,648		7,020,672

10. FEDERAL INCOME TAX INFORMATION

Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2019:

				Distributable Earnings				Late-Year Ordinary and Post-October Losses Deferrals
Fund	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-Year Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses		Total
Pacific Funds Portfolio Optimization Conservative		$—			$78,457		$474,053		$—		$—		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		1,191,046		265,871		—		—		265,871
Pacific Funds Portfolio Optimization Moderate		—			—		36,583,909		1,286,457		—		—		1,286,457
Pacific Funds Portfolio Optimization Growth		—			—		41,074,489		1,624,522		—		—		1,624,522
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—		17,856,281		364,724		—		—		364,724
Pacific Funds Short Duration Income		(2,538,276	)		345,628		—		—		—		—		—
Pacific Funds Core Income		(22,574,194	)		572,189		—		—		—		—		—
Pacific Funds Strategic Income		(10,252,266	)		747,906		—		—		—		—		—
Pacific Funds Floating Rate Income		(54,035,929	)		1,425,793		—		—		—		—		—
Pacific Funds High Income		(9,624,106	)		84,552		—		—		—		—		—
Pacific Funds Large-Cap		—			43,380		—		—		181,330		—		181,330
Pacific Funds Large-Cap Value		—			77,863		1,291,253		—		319,187		—		319,187
Pacific Funds Small/Mid-Cap		—			117,516		—		—		3,050,463		1,826,908		4,877,371
Pacific Funds Small-Cap		—			—		—		16,454		619,130		—		635,584
Pacific Funds Small-Cap Value		—			—		—		4,052		438,737		—		442,789
Pacific Funds Small-Cap Growth		—			—		—		58,336		1,213,535		—		1,271,871

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2019 and capital loss carryover from prior years utilized during the year or period ended March 31, 2019:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2019
Fund	Short Term			Long Term
Pacific Funds Short Duration Income		($694,385	)		($1,843,891	)		($2,538,276	)		$—
Pacific Funds Core Income		(8,959,078	)		(13,615,116	)		(22,574,194	)		—
Pacific Funds Strategic Income		(2,725,800	)		(7,526,466	)		(10,252,266	)		680,941
Pacific Funds Floating Rate Income		(8,051,085	)		(45,984,844	)		(54,035,929	)		—
Pacific Funds High Income		(3,919,736	)		(5,704,370	)		(9,624,106	)		—

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2019, were as follows:

Fund	Total Cost of Investments on Tax Basis (1)		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (2)			Net Unrealized Appreciation (Depreciation)
Pacific Funds Portfolio Optimization Conservative		$229,480,636		$11,394,345		($623,206	)		$10,771,139			$—			$10,771,139
Pacific Funds Portfolio Optimization Moderate-Conservative		330,335,881		18,615,918		(478,252	)		18,137,666			—			18,137,666
Pacific Funds Portfolio Optimization Moderate		979,337,928		102,112,844		(1,156,647	)		100,956,197			—			100,956,197
Pacific Funds Portfolio Optimization Growth		752,927,065		91,088,469		(866,761	)		90,221,708			—			90,221,708
Pacific Funds Portfolio Optimization Aggressive-Growth		269,243,723		37,634,236		(238,191	)		37,396,045			—			37,396,045
Pacific Funds Ultra Short Income		25,257,977		32,954		(3,100	)		29,854			—			29,854
Pacific Funds Short Duration Income		967,115,125		12,078,350		(613,389	)		11,464,961			1,563			11,466,524
Pacific Funds Core Income		821,294,407		32,996,437		(2,156,011	)		30,840,426			3,906			30,844,332
Pacific Funds Strategic Income		733,656,355		22,206,253		(7,607,421	)		14,598,832			3,441			14,602,273
Pacific Funds Floating Rate Income		1,608,630,287		7,594,068		(18,684,220	)		(11,090,152	)		17,702			(11,072,450	)
Pacific Funds High Income		119,926,036		3,739,966		(2,113,167	)		1,626,799			(99	)		1,626,700
Pacific Funds Diversified Income		28,111,232		806,113		(731,072	)		75,041			(136	)		74,905
Pacific Funds Large-Cap		16,990,423		3,841,931		(405,312	)		3,436,619			—			3,436,619
Pacific Funds Large-Cap Value		15,849,794		4,028,007		(321,254	)		3,706,753			—			3,706,753
Pacific Funds Small/Mid-Cap		317,998,704		47,515,251		(17,146,884	)		30,368,367			—			30,368,367
Pacific Funds Small-Cap		16,677,331		2,628,473		(1,023,560	)		1,604,913			—			1,604,913
Pacific Funds Small-Cap Value		17,398,769		2,674,160		(1,019,212	)		1,654,948			—			1,654,948
Pacific Funds Small-Cap Growth		28,561,672		5,477,123		(1,993,974	)		3,483,149			—			3,483,149

(1) The difference between the total cost of investments on tax basis and investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals.

(2) Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2015.

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:

	For the Six-Month Period Ended September 30, 2019						For the Year Ended March 31, 2019
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$—		$—		$—		$4,642,221		$23,187,289		$27,829,510
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		—		6,200,006		57,672,779		63,872,785
Pacific Funds Portfolio Optimization Moderate		—		—		—		19,771,780		190,255,666		210,027,446
Pacific Funds Portfolio Optimization Growth		—		—		—		13,505,156		162,160,174		175,665,330
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		—		4,899,802		54,028,116		58,927,918
Pacific Funds Ultra Short Income		152,791		—		152,791
Pacific Funds Short Duration Income		11,949,475		—		11,949,475		13,498,890		—		13,498,890
Pacific Funds Core Income		11,209,633		—		11,209,633		20,673,956		—		20,673,956
Pacific Funds Strategic Income		14,034,738		—		14,034,738		25,561,308		—		25,561,308
Pacific Funds Floating Rate Income		42,386,721		—		42,386,721		89,807,013		—		89,807,013
Pacific Funds High Income		3,406,387		—		3,406,387		3,988,717		—		3,988,717
Pacific Funds Diversified Income		211,988		—		211,988
Pacific Funds Large-Cap		—		—		—		262,635		636,907		899,542

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	For the Six-Month Period Ended September 30, 2019						For the Year Ended March 31, 2019
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Large-Cap Value		$—		$—		$—		$468,565		$1,464,784		$1,933,349
Pacific Funds Small/Mid-Cap		—		—		—		23,990		6,986,929		7,010,919
Pacific Funds Small-Cap		—		—		—		171,014		887,627		1,058,641
Pacific Funds Small-Cap Value		—		—		—		528,529		3,453,991		3,982,520
Pacific Funds Small-Cap Growth		—		—		—		555,700		4,368,444		4,924,144

12. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:

	Pacific Funds Portfolio Optimization Conservative (1) (2)						Pacific Funds Portfolio Optimization Moderate-Conservative  (1) (2)						Pacific Funds Portfolio Optimization Moderate (1) (2)						Pacific Funds Portfolio Optimization Growth (1) (2)
	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019
Class A
Shares sold		5,270,656			1,597,168			6,557,562			1,937,860			15,290,762			5,162,968			10,172,127			3,767,426
Dividends and distribution reinvested		—			1,257,417			—			3,178,474			—			9,730,329			—			8,167,065
Shares repurchased		(1,811,359	)		(3,103,888	)		(2,776,517	)		(4,994,834	)		(7,341,775	)		(10,845,624	)		(4,936,916	)		(7,456,705	)
Converted from Class B shares		1,355,707			—			2,032,245			—			6,090,089			—			4,316,826			—
Converted from Class R shares		—			420,991			—			468,319			—			1,861,409			—			1,066,096
Net increase (decrease)		4,815,004			171,688			5,813,290			589,819			14,039,076			5,909,082			9,552,037			5,543,882
Beginning shares outstanding		11,830,609			11,658,921			18,667,514			18,077,695			54,354,174			48,445,092			41,456,527			35,912,645
Ending shares outstanding		16,645,613			11,830,609			24,480,804			18,667,514			68,393,250			54,354,174			51,008,564			41,456,527
Class B
Shares sold		6,246			63,288			—			26,848			17,102			64,612			12,085			46,713
Dividends and distribution reinvested		—			186,621			—			476,846			—			1,460,526			—			1,137,653
Shares repurchased		(274,318	)		(825,329	)		(581,852	)		(994,617	)		(1,418,786	)		(2,427,834	)		(915,455	)		(1,701,102	)
Converted to Class A shares		(1,392,882	)		—			(2,086,509	)		—			(6,218,286	)		—			(4,419,822	)		—
Net increase (decrease)		(1,660,954	)		(575,420	)		(2,668,361	)		(490,923	)		(7,619,970	)		(902,696	)		(5,323,192	)		(516,736	)
Beginning shares outstanding		1,660,954			2,236,374			2,668,361			3,159,284			7,619,970			8,522,666			5,323,192			5,839,928
Ending shares outstanding		—			1,660,954			—			2,668,361			—			7,619,970			—			5,323,192
Class C
Shares sold		383,930			1,043,597			302,181			960,955			661,706			1,880,807			571,520			1,424,262
Dividends and distribution reinvested		—			1,232,997			—			2,331,644			—			6,244,815			—			4,590,292
Shares repurchased		(6,258,611	)		(3,578,110	)		(7,202,613	)		(4,376,803	)		(17,192,144	)		(8,912,732	)		(11,219,504	)		(5,149,545	)
Net increase (decrease)		(5,874,681	)		(1,301,516	)		(6,900,432	)		(1,084,204	)		(16,530,438	)		(787,110	)		(10,647,984	)		865,009
Beginning shares outstanding		11,161,492			12,463,008			13,079,688			14,163,892			32,395,173			33,182,283			21,769,022			20,904,013
Ending shares outstanding		5,286,811			11,161,492			6,179,256			13,079,688			15,864,735			32,395,173			11,121,038			21,769,022
Class R
Shares sold					61,451						52,493						298,466						128,201
Dividends and distribution reinvested					47,513						79,531						337,098						208,360
Shares repurchased					(133,625	)					(71,303	)					(465,670	)					(271,319	)
Converted to Class A shares					(424,537	)					(472,409	)					(1,870,573	)					(1,070,764	)
Net increase (decrease)					(449,198	)					(411,688	)					(1,700,679	)					(1,005,522	)
Beginning shares outstanding					449,198						411,688						1,700,679						1,005,522
Ending shares outstanding					—						—						—						—
Advisor Class
Shares sold		180,014			299,940			133,359			508,196			263,254			1,257,594			274,036			1,022,418
Dividends and distribution reinvested		—			79,399			—			102,586			—			418,832			—			356,472
Shares repurchased		(102,749	)		(429,827	)		(131,158	)		(306,020	)		(391,597	)		(1,054,902	)		(356,900	)		(910,814	)
Net increase (decrease)		77,265			(50,488	)		2,201			304,762			(128,343	)		621,524			(82,864	)		468,076
Beginning shares outstanding		671,680			722,168			716,525			411,763			2,237,225			1,615,701			1,517,938			1,049,862
Ending shares outstanding		748,945			671,680			718,726			716,525			2,108,882			2,237,225			1,435,074			1,517,938

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Portfolio Optimization Aggressive-Growth  (1) (2)						Pacific Funds Ultra Short Income (3)			Pacific Funds Short Duration Income						Pacific Funds Core Income
	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019		Year Ended 3/31/2019	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019
Class A
Shares sold		2,875,513			1,335,888						5,101,611			6,906,877			5,685,248			1,795,140
Dividends and distribution reinvested		—			2,541,596						143,163			195,764			130,157			274,431
Shares repurchased		(1,188,400	)		(1,862,315	)					(1,518,673	)		(4,760,683	)		(1,761,068	)		(6,891,164	)
Converted from Class B shares		1,259,139			—						—			—			—			—
Converted from Class R shares		—			415,846						—			—			—			—
Net increase (decrease)		2,946,252			2,431,015						3,726,101			2,341,958			4,054,337			(4,821,593	)
Beginning shares outstanding		13,581,101			11,150,086						11,543,770			9,201,812			7,806,798			12,628,391
Ending shares outstanding		16,527,353			13,581,101						15,269,871			11,543,770			11,861,135			7,806,798
Class B
Shares sold		2,950			19,924
Dividends and distribution reinvested		—			319,371
Shares repurchased		(225,144	)		(449,268	)
Converted to Class A shares		(1,302,603	)		—
Net increase (decrease)		(1,524,797	)		(109,973	)
Beginning shares outstanding		1,524,797			1,634,770
Ending shares outstanding		—			1,524,797
Class C
Shares sold		223,609			536,522						995,053			1,561,216			936,103			758,103
Dividends and distribution reinvested		—			1,266,010						39,341			71,193			69,236			190,738
Shares repurchased		(3,059,747	)		(1,494,004	)					(1,157,513	)		(1,482,348	)		(3,411,990	)		(2,896,942	)
Net increase (decrease)		(2,836,138	)		308,528						(123,119	)		150,061			(2,406,651	)		(1,948,101	)
Beginning shares outstanding		6,207,765			5,899,237						4,489,553			4,339,492			7,726,350			9,674,451
Ending shares outstanding		3,371,627			6,207,765						4,366,434			4,489,553			5,319,699			7,726,350
Class I
Shares sold								1,250,000			2,875,252			8,258,360			1,728,191			2,299,766
Dividends and distribution reinvested								7,633			127,806			98,905			51,934			48,616
Shares repurchased								—			(1,509,778	)		(671,956	)		(325,824	)		(256,700	)
Net increase (decrease)								1,257,633			1,493,280			7,685,309			1,454,301			2,091,682
Beginning shares outstanding								—			8,108,768			423,459			2,506,427			414,745
Ending shares outstanding								1,257,633			9,602,048			8,108,768			3,960,728			2,506,427
Class P
Shares sold																	13,312			572,904
Dividends and distribution reinvested																	58,139			178,230
Shares repurchased																	(433,570	)		(3,271,812	)
Net increase (decrease)																	(362,119	)		(2,520,678	)
Beginning shares outstanding																	3,841,184			6,361,862
Ending shares outstanding																	3,479,065			3,841,184
Class R
Shares sold					67,161
Dividends and distribution reinvested					79,068
Shares repurchased					(173,616	)
Converted to Class A shares					(419,559	)
Net increase (decrease)					(446,946	)
Beginning shares outstanding					446,946
Ending shares outstanding					—
Advisor Class
Shares sold		178,914			438,835			1,250,599			32,102,140			37,658,195			20,731,479			20,320,549
Dividends and distribution reinvested		—			171,437			7,636			793,762			879,181			527,651			890,108
Shares repurchased		(101,701	)		(440,195	)		—			(15,190,971	)		(18,219,176	)		(6,925,905	)		(20,984,812	)
Net increase (decrease)		77,213			170,077			1,258,235			17,704,931			20,318,200			14,333,225			225,845
Beginning shares outstanding		759,820			589,743			—			46,911,396			26,593,196			37,332,163			37,106,318
Ending shares outstanding		837,033			759,820			1,258,235			64,616,327			46,911,396			51,665,388			37,332,163

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds Diversified Income (3)
	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019		Year Ended 3/31/2019
Class A
Shares sold		2,350,231			2,341,369			4,731,264			10,387,541			240,827			318,509
Dividends and distribution reinvested		112,988			230,963			481,408			945,317			14,962			28,421
Shares repurchased		(1,081,732	)		(3,490,755	)		(5,859,652	)		(11,448,005	)		(118,942	)		(367,358	)
Net increase (decrease)		1,381,487			(918,423	)		(646,980	)		(115,147	)		136,847			(20,428	)
Beginning shares outstanding		5,800,779			6,719,202			20,532,300			20,647,447			513,625			534,053
Ending shares outstanding		7,182,266			5,800,779			19,885,320			20,532,300			650,472			513,625
Class C
Shares sold		1,603,157			1,602,978			1,135,816			5,608,379			6,308			70,178
Dividends and distribution reinvested		92,603			173,947			382,435			777,998			6,873			18,823
Shares repurchased		(1,074,054	)		(1,605,346	)		(6,898,991	)		(5,331,948	)		(136,048	)		(151,227	)
Net increase (decrease)		621,706			171,579			(5,380,740	)		1,054,429			(122,867	)		(62,226	)
Beginning shares outstanding		5,542,338			5,370,759			19,980,038			18,925,609			370,351			432,577
Ending shares outstanding		6,164,044			5,542,338			14,599,298			19,980,038			247,484			370,351
Class I
Shares sold		711,102			266,253			6,935,926			41,819,219			30			4,184
Dividends and distribution reinvested		19,475			21,679			943,838			1,441,669			397			1,133
Shares repurchased		(115,079	)		(106,987	)		(7,872,501	)		(22,046,425	)		(5,401	)		(8,590	)
Net increase (decrease)		615,498			180,945			7,263			21,214,463			(4,974	)		(3,273	)
Beginning shares outstanding		545,554			364,609			50,248,886			29,034,423			17,534			20,807
Ending shares outstanding		1,161,052			545,554			50,256,149			50,248,886			12,560			17,534
Class P
Shares sold								17,227			228,488			53,355			6,546,223
Dividends and distribution reinvested								77,524			270,242			302,108			335,872
Shares repurchased								(516,773	)		(3,616,047	)		(1,097,857	)		(2,318,220	)
Net increase (decrease)								(422,022	)		(3,117,317	)		(742,394	)		4,563,875
Beginning shares outstanding								3,251,633			6,368,950			11,355,574			6,791,699
Ending shares outstanding								2,829,611			3,251,633			10,613,180			11,355,574
Advisor Class
Shares sold		16,735,083			27,129,988			14,301,306			64,917,350			226,004			268,474			2,800,000
Dividends and distribution reinvested		819,728			1,470,432			1,872,484			3,974,259			12,917			14,645			21,257
Shares repurchased		(7,869,846	)		(23,396,524	)		(28,514,043	)		(55,606,814	)		(36,599	)		(163,761	)		—
Net increase (decrease)		9,684,965			5,203,896			(12,340,253	)		13,284,795			202,322			119,358			2,821,257
Beginning shares outstanding		43,041,230			37,837,334			83,734,806			70,450,011			363,905			244,547			—
Ending shares outstanding		52,726,195			43,041,230			71,394,553			83,734,806			566,227			363,905			2,821,257

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Large Cap (4)						Pacific Funds Large-Cap Value (4)						Pacific Funds Small/Mid-Cap (4)						Pacific Funds Small Cap (4)
	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019
Class A
Shares sold		126,718			386,615			52,459			139,398			164,856			959,599			29,711			74,585
Dividends and distribution reinvested		—			24,568			—			25,810			—			50,979			—			22,024
Shares repurchased		(95,678	)		(191,324	)		(45,611	)		(65,874	)		(292,582	)		(1,308,902	)		(67,863	)		(124,092	)
Converted from Investor Class shares		—			25,599			—			9,042			—			381,261			—			254,699
Net increase (decrease)		31,040			245,458			6,848			108,376			(127,726	)		82,937			(38,152	)		227,216
Beginning shares outstanding		647,628			402,170			399,711			291,335			1,679,582			1,596,645			411,306			184,090
Ending shares outstanding		678,668			647,628			406,559			399,711			1,551,856			1,679,582			373,154			411,306
Class C
Shares sold		53,773			92,449			18,554			67,413			43,274			360,736			12,179			33,490
Dividends and distribution reinvested		—			13,973			—			21,776			—			38,125			—			3,907
Shares repurchased		(77,791	)		(82,407	)		(42,943	)		(152,752	)		(265,213	)		(258,364	)		(8,845	)		(24,258	)
Net increase (decrease)		(24,018	)		24,015			(24,389	)		(63,563	)		(221,939	)		140,497			3,334			13,139
Beginning shares outstanding		314,059			290,044			320,979			384,542			1,328,285			1,187,788			75,580			62,441
Ending shares outstanding		290,041			314,059			296,590			320,979			1,106,346			1,328,285			78,914			75,580
Advisor Class
Shares sold		36,584			116,828			63,142			25,082			2,321,588			17,674,456			98,137			445,685
Dividends and distribution reinvested		—			33,826			—			130,404			—			446,050			—			59,142
Shares repurchased		(55,645	)		(254,493	)		(28,209	)		(983,832	)		(3,911,054	)		(6,398,099	)		(149,752	)		(564,333	)
Net increase (decrease)		(19,061	)		(103,839	)		34,933			(828,346	)		(1,589,466	)		11,722,407			(51,615	)		(59,506	)
Beginning shares outstanding		548,579			652,418			896,964			1,725,310			25,038,994			13,316,587			1,073,024			1,132,530
Ending shares outstanding		529,518			548,579			931,897			896,964			23,449,528			25,038,994			1,021,409			1,073,024
Investor Class
Shares sold					1						—						47,147						26,848
Dividends and distribution reinvested					—						—						—						—
Shares repurchased					(11,710	)					—						(160,177	)					(12,459	)
Converted to Class A shares					(25,899	)					(9,411	)					(382,123	)					(253,088	)
Net increase (decrease)					(37,608	)					(9,411	)					(495,153	)					(238,699	)
Beginning shares outstanding					37,608						9,411						495,153						238,699
Ending shares outstanding					—						—						—						—
Class S
Shares sold		—			27,885						26,017			—			43,496			—			24,159
Dividends and distribution reinvested		—			2,694						4,341			—			14,903			—			2,072
Shares repurchased		(5,914	)		(13,797	)		(13,069	)		(126,709	)		(18,711	)		(319,577	)		(6,009	)		(6,013	)
Net increase (decrease)		(5,914	)		16,782			(13,069	)		(96,351	)		(18,711	)		(261,178	)		(6,009	)		20,218
Beginning shares outstanding		73,747			56,965			76,717			173,068			489,590			750,768			58,331			38,113
Ending shares outstanding		67,833			73,747			63,648			76,717			470,879			489,590			52,322			58,331

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Small-Cap Value (4)						Pacific Funds Small-Cap Growth (4)
	Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019			Six-Month Period Ended 9/30/2019			Year Ended 3/31/2019
Class A
Shares sold		35,391			50,481			14,288			77,662
Dividends and distribution reinvested		—			20,866			—			19,251
Shares repurchased		(14,844	)		(44,430	)		(9,467	)		(15,565	)
Converted from Investor Class shares		—			16,830			—			121,703
Net increase (decrease)		20,547			43,747			4,821			203,051
Beginning shares outstanding		142,620			98,873			261,219			58,168
Ending shares outstanding		163,167			142,620			266,040			261,219
Class C
Shares sold		6,091			51,115			10,150			54,538
Dividends and distribution reinvested		—			23,610			—			7,132
Shares repurchased		(24,502	)		(72,522	)		(14,004	)		(42,292	)
Net increase (decrease)		(18,411	)		2,203			(3,854	)		19,378
Beginning shares outstanding		144,016			141,813			82,349			62,971
Ending shares outstanding		125,605			144,016			78,495			82,349
Class P
Shares sold								10,627			1,061,823
Dividends and distribution reinvested								—			227,291
Shares repurchased								(148,392	)		(1,473,699	)
Net increase (decrease)								(137,765	)		(184,585	)
Beginning shares outstanding								1,983,167			2,167,752
Ending shares outstanding								1,845,402			1,983,167
Advisor Class
Shares sold		175,017			366,798			30,463			507,082
Dividends and distribution reinvested		—			290,957			—			125,778
Shares repurchased		(74,109	)		(764,333	)		(28,408	)		(1,294,013	)
Net increase (decrease)		100,908			(106,578	)		2,055			(661,153	)
Beginning shares outstanding		1,273,169			1,379,747			437,603			1,098,756
Ending shares outstanding		1,374,077			1,273,169			439,658			437,603
Investor Class
Shares sold					3,432						15
Dividends and distribution reinvested					—						—
Shares repurchased					(703	)					—
Converted to Class A shares					(16,862	)					(121,841	)
Net increase (decrease)					(14,133	)					(121,826	)
Beginning shares outstanding					14,133						121,826
Ending shares outstanding					—						—
Class S
Shares sold		—			23,929			—			41,602
Dividends and distribution reinvested		—			109,327			—			51,992
Shares repurchased		(9,847	)		(650,921	)		(16,298	)		(779,220	)
Net increase (decrease)		(9,847	)		(517,665	)		(16,298	)		(685,626	)
Beginning shares outstanding		343,499			861,164			188,733			874,359
Ending shares outstanding		333,652			343,499			172,435			188,733

(1) Class B shares were converted to Class A shares on July 31, 2019.

(2) Class R shares were converted to Class A shares on March 22, 2019.

(3) See footnote (1) in Financial Highlights for the commencement date of operations of each share class.

(4) Investor Class shares were converted to Class A shares on July 31, 2018.

C-22

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2019 to September 30, 2019.

ACTUAL EXPENSES

The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/19” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/19-09/30/19” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2019 to September 30, 2019.

You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/19-09/30/19.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

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

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

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,040.10		0.60%		$3.06
Class C		1,000.00		1,035.10		1.35%		6.87
Advisor Class		1,000.00		1,040.90		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class C		1,000.00		1,018.25		1.35%		6.81
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,041.10		0.60%		$3.06
Class C		1,000.00		1,037.40		1.35%		6.88
Advisor Class		1,000.00		1,042.80		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class C		1,000.00		1,018.25		1.35%		6.81
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return
Class A		$1,000.00		$1,044.10		0.60%		$3.07
Class C		1,000.00		1,039.90		1.35%		6.88
Advisor Class		1,000.00		1,045.70		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class C		1,000.00		1,018.25		1.35%		6.81
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,042.30		0.60%		$3.06
Class C		1,000.00		1,038.60		1.35%		6.88
Advisor Class		1,000.00		1,043.70		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class C		1,000.00		1,018.25		1.35%		6.81
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,042.10		0.60%		$3.06
Class C		1,000.00		1,039.20		1.35%		6.88
Advisor Class		1,000.00		1,044.10		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class C		1,000.00		1,018.25		1.35%		6.81
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Ultra Short Income (3)
Actual Fund Return
Class I		$1,000.00		$1,007.10		0.32%		$0.83
Advisor Class		1,000.00		1,007.10		0.32%		0.83
Hypothetical
Class I		$1,000.00		$1,023.40		0.32%		$1.62
Advisor Class		1,000.00		1,023.40		0.32%		1.62

See explanation of references on page D-3

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
Pacific Funds Short Duration Income
Actual Fund Return
Class A		$1,000.00		$1,025.50		0.75%		$3.80
Class C		1,000.00		1,021.70		1.50%		7.58
Class I		1,000.00		1,025.80		0.50%		2.53
Advisor Class		1,000.00		1,025.80		0.50%		2.53
Hypothetical
Class A		$1,000.00		$1,021.25		0.75%		$3.79
Class C		1,000.00		1,017.50		1.50%		7.57
Class I		1,000.00		1,022.50		0.50%		2.53
Advisor Class		1,000.00		1,022.50		0.50%		2.53
Pacific Funds Core Income
Actual Fund Return
Class A		$1,000.00		$1,057.10		0.85%		$4.37
Class C		1,000.00		1,053.00		1.60%		8.21
Class I		1,000.00		1,058.60		0.55%		2.83
Class P		1,000.00		1,058.40		0.55%		2.83
Advisor Class		1,000.00		1,058.50		0.55%		2.83
Hypothetical
Class A		$1,000.00		$1,020.75		0.85%		$4.29
Class C		1,000.00		1,017.00		1.60%		8.07
Class I		1,000.00		1,022.25		0.55%		2.78
Class P		1,000.00		1,022.25		0.55%		2.78
Advisor Class		1,000.00		1,022.25		0.55%		2.78
Pacific Funds Strategic Income
Actual Fund Return
Class A		$1,000.00		$1,051.70		0.95%		$4.87
Class C		1,000.00		1,047.20		1.65%		8.44
Class I		1,000.00		1,052.70		0.65%		3.34
Advisor Class		1,000.00		1,053.00		0.70%		3.59
Hypothetical
Class A		$1,000.00		$1,020.25		0.95%		$4.80
Class C		1,000.00		1,016.75		1.65%		8.32
Class I		1,000.00		1,021.75		0.65%		3.29
Advisor Class		1,000.00		1,021.50		0.70%		3.54
Pacific Funds Floating Rate Income
Actual Fund Return
Class A		$1,000.00		$1,029.00		1.02%		$5.17
Class C		1,000.00		1,025.40		1.72%		8.71
Class I		1,000.00		1,029.20		0.72%		3.65
Class P		1,000.00		1,029.20		0.72%		3.65
Advisor Class		1,000.00		1,028.90		0.77%		3.91
Hypothetical
Class A		$1,000.00		$1,019.90		1.02%		$5.15
Class C		1,000.00		1,016.40		1.72%		8.67
Class I		1,000.00		1,021.40		0.72%		3.64
Class P		1,000.00		1,021.40		0.72%		3.64
Advisor Class		1,000.00		1,021.15		0.77%		3.89

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
Pacific Funds High Income
Actual Fund Return
Class A		$1,000.00		$1,041.80		0.95%		$4.85
Class C		1,000.00		1,038.10		1.65%		8.41
Class I		1,000.00		1,042.50		0.70%		3.57
Class P		1,000.00		1,042.50		0.70%		3.57
Advisor Class		1,000.00		1,043.10		0.70%		3.58
Hypothetical
Class A		$1,000.00		$1,020.25		0.95%		$4.80
Class C		1,000.00		1,016.75		1.65%		8.32
Class I		1,000.00		1,021.50		0.70%		3.54
Class P		1,000.00		1,021.50		0.70%		3.54
Advisor Class		1,000.00		1,021.50		0.70%		3.54
Pacific Funds Diversified Income (3)
Actual Fund Return
Advisor Class		$1,000.00		$1,010.60		0.45%		$1.17
Hypothetical
Advisor Class		$1,000.00		$1,022.75		0.45%		$2.28
Pacific Funds Large-Cap
Actual Fund Return
Class A		$1,000.00		$1,046.50		0.95%		$4.86
Class C		1,000.00		1,042.70		1.70%		8.68
Advisor Class		1,000.00		1,048.50		0.70%		3.58
Class S		1,000.00		1,048.70		0.60%		3.07
Hypothetical
Class A		$1,000.00		$1,020.25		0.95%		$4.80
Class C		1,000.00		1,016.50		1.70%		8.57
Advisor Class		1,000.00		1,021.50		0.70%		3.54
Class S		1,000.00		1,022.00		0.60%		3.03
Pacific Funds Large-Cap Value
Actual Fund Return
Class A		$1,000.00		$1,058.80		1.05%		$5.40
Class C		1,000.00		1,054.50		1.80%		9.25
Advisor Class		1,000.00		1,059.50		0.80%		4.12
Class S		1,000.00		1,060.90		0.70%		3.61
Hypothetical
Class A		$1,000.00		$1,019.75		1.05%		$5.30
Class C		1,000.00		1,016.00		1.80%		9.07
Advisor Class		1,000.00		1,021.00		0.80%		4.04
Class S		1,000.00		1,021.50		0.70%		3.54
Pacific Funds Small/Mid-Cap
Actual Fund Return
Class A		$1,000.00		$1,000.80		1.25%		$6.25
Class C		1,000.00		996.80		2.00%		9.98
Advisor Class		1,000.00		1,001.50		1.00%		5.00
Class S		1,000.00		1,001.50		0.95%		4.75
Hypothetical
Class A		$1,000.00		$1,018.75		1.25%		$6.31
Class C		1,000.00		1,015.00		2.00%		10.08
Advisor Class		1,000.00		1,020.00		1.00%		5.05
Class S		1,000.00		1,020.25		0.95%		4.80

See explanation of references on page D-3

D-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
Pacific Funds Small-Cap
Actual Fund Return
Class A		$1,000.00		$986.00		1.25%		$6.21
Class C		1,000.00		981.60		2.00%		9.91
Advisor Class		1,000.00		987.00		1.00%		4.97
Class S		1,000.00		986.70		0.95%		4.72
Hypothetical
Class A		$1,000.00		$1,018.75		1.25%		$6.31
Class C		1,000.00		1,015.00		2.00%		10.08
Advisor Class		1,000.00		1,020.00		1.00%		5.05
Class S		1,000.00		1,020.25		0.95%		4.80
Pacific Funds Small-Cap Value
Actual Fund Return
Class A		$1,000.00		$1,038.50		1.25%		$6.37
Class C		1,000.00		1,033.60		2.00%		10.17
Advisor Class		1,000.00		1,039.30		1.00%		5.10
Class S		1,000.00		1,040.60		0.95%		4.85
Hypothetical
Class A		$1,000.00		$1,018.75		1.25%		$6.31
Class C		1,000.00		1,015.00		2.00%		10.08
Advisor Class		1,000.00		1,020.00		1.00%		5.05
Class S		1,000.00		1,020.25		0.95%		4.80

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
Pacific Funds Small-Cap Growth
Actual Fund Return
Class A		$1,000.00		$946.50		1.20%		$5.84
Class C		1,000.00		942.50		2.00%		9.71
Class P		1,000.00		947.00		1.00%		4.87
Advisor Class		1,000.00		947.80		1.00%		4.87
Class S		1,000.00		948.00		0.85%		4.14
Hypothetical
Class A		$1,000.00		$1,019.00		1.20%		$6.06
Class C		1,000.00		1,015.00		2.00%		10.08
Class P		1,000.00		1,020.00		1.00%		5.05
Advisor Class		1,000.00		1,020.00		1.00%		5.05
Class S		1,000.00		1,020.75		0.85%		4.29

(1) Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days.

(2) The annualized expense ratios for the Portfolio Optimization Funds do not include fees and expenses of their respective PF Underlying Funds and the Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth in which the Portfolio Optimization Funds invest (see Note 1 in Notes to Financial Statements).

(3) Pacific Funds Ultra Short Income and Pacific Funds Diversified Income commenced operations on June 28, 2019. The actual fund returns and expenses paid during the period for these funds were for the period June 28, 2019 to September 30, 2019, instead of the entire six-month period. The hypothetical returns and expenses paid during the period are based on the entire six-month period for comparison purposes.

D-3

PACIFIC FUNDS

SPECIAL MEETING OF SHAREHOLDERS

(Unaudited)

In accordance with Rule 30e-1(b), under the Investment Company Act of 1940, Pacific Funds (the “Trust”) is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders during the period covered by this report.

Shareholders of record on April 5, 2019 representing 775,971,738 shares of the Trust, were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the offices of the Trust on June 17, 2019. 100.00% of the outstanding shares of the Trust were voted at the meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:

Proposal for all shareholders of Pacific Funds:

To elect three nominees to the Trust’s Board of Trustees (1)

	Votes For				Votes Withheld				Total Outstanding
	Number		Percent*		Number		Percent*		Shares
James T. Morris		761,415,261		98.12%		14,556,477		1.88%		775,971,738
Paul A. Keller		746,253,136		96.17%		29,718,602		3.83%		775,971,738
Andrew J. Iseman		745,912,258		96.13%		30,059,480		3.87%		775,971,738

(1) Lucy H. Moore, Gale K. Caruso, Nooruddin (Rudy) Veerjee continue to serve as trustees and were not required to be presented for election.

* Based on total shares outstanding as of the record date April 5, 2019.

D-4

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Trust files Part F of Form N-PORT (complete schedules of fund holdings) with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of Form N-PORT (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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

Information Relating to Investments Held by the Trust

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

Availability of Proxy Voting Policies

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

How to obtain Information

The Trust’s prospectus, SAI (including Proxy Voting Policies) and annual and semi-annual reports are available:

• On the Trust’s website at https://www.pacificlife.com/pacificfunds.html

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

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

D-5

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Semi-Annual Report as of September 30, 2019 for:

• Pacific Funds

Form Nos. 3167-19A

PF Underlying Funds

Semi-Annual Report

As of September 30, 2019

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2019

TABLE OF CONTENTS
Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-4
Statements of Changes in Net Assets	B-7
Statement of Cash Flows	B-10
Financial Highlights	B-11
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Approval of Sub-Advisory Agreements	D-3
Where to Go for More Information	D-6

Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.

PACIFIC FUNDS^SM

PF INFLATION MANAGED FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 4.7%
Communications - 0.3%
AT&T Inc 2.888% (USD LIBOR + 0.750%) due 06/01/21 §		$100,000		$100,509
Consumer, Cyclical - 0.3%
BMW US Capital LLC (Germany) 3.400% due 08/13/21 ~		100,000		102,483
Energy - 0.7%
Petrobras Global Finance BV (Brazil) 5.093% due 01/15/30 ~		244,000		254,834
Financial - 2.6%
Bank of America Corp 5.875% due 03/15/28		10,000		10,835
BOC Aviation Ltd (Singapore) 2.375% due 09/15/21 ~		200,000		198,481
Royal Bank of Scotland Group PLC (United Kingdom) 7.500% due 08/10/20		200,000		204,750
The Goldman Sachs Group Inc 3.319% (USD LIBOR + 1.200%) due 09/15/20 §		100,000		100,786
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		400,000		469,302
				984,154
Industrial - 0.8%
General Electric Co 3.150% due 09/07/22		100,000		101,646
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		200,443
				302,089
Total Corporate Bonds & Notes (Cost $1,661,413)				1,744,069
MORTGAGE-BACKED SECURITIES - 26.2%
Collateralized Mortgage Obligations - Residential - 6.2%
Alternative Loan Trust 2.138% (USD LIBOR + 0.120%) due 06/25/36 §		125,117		119,825
6.000% due 03/25/37		164,165		116,078
Banc of America Mortgage Trust 4.299% due 07/25/35 §		37,088		35,079
Chevy Chase Funding LLC Mortgage-Backed Certificates 2.378% (USD LIBOR + 0.360%) due 03/25/35 § ~		128,040		127,866
Citigroup Mortgage Loan Trust 4.606% due 03/25/37 §		89,710		90,167
Countrywide Home Loan Mortgage Pass-Through Trust 4.366% due 01/19/34 §		9,016		9,412
Credit Suisse Mortgage Trust 2.168% (USD LIBOR + 0.150%) due 09/29/36 § ~		302,000		288,420
Fannie Mae 2.368% (USD LIBOR + 0.350%) due 07/25/37 §		19,447		19,445
2.398% (USD LIBOR + 0.380%) due 07/25/37 §		30,224		30,257
2.458% (USD LIBOR + 0.440%) due 05/25/36 §		14,048		13,945

	Principal Amount		Value
2.463% (USD LIBOR + 0.445%) due 02/25/37 §		$5,770		$5,873
Government National Mortgage Association 2.266% (USD LIBOR + 0.150%) due 08/20/68 §		98,061		96,296
2.444% (USD LIBOR + 0.400%) due 02/20/49 §		287,261		286,952
GreenPoint Mortgage Funding Trust 2.198% (USD LIBOR + 0.180%) due 09/25/46 §		23,079		22,243
GSR Mortgage Loan Trust 4.480% due 09/25/35 §		9,232		9,524
Hawksmoor Mortgages PLC (United Kingdom) 1.760% (SONIA + 1.050%) due 05/25/53 § ~		GBP 250,000		308,085
JP Morgan Alternative Loan Trust 2.478% (USD LIBOR + 0.460%) due 03/25/36 §		$63,559		62,732
JP Morgan Mortgage Trust 4.497% due 06/25/35 §		31,911		32,267
Merrill Lynch Mortgage Investors Trust 4.165% due 12/25/34 §		37,042		37,729
Residential Accredit Loans Inc Trust 2.198% (USD LIBOR + 0.180%) due 06/25/46 §		89,334		35,644
Residential Asset Securitization Trust 6.500% due 09/25/36		186,814		130,046
Structured Adjustable Rate Mortgage Loan Trust 0.440% (USD LIBOR + 0.250%) due 02/25/35 §		12,239		11,572
Structured Asset Mortgage Investments II Trust 2.228% (USD LIBOR + 0.210%) due 05/25/36 §		65,685		62,623
Towd Point Mortgage Funding PLC (United Kingdom) 1.798% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 235,945		290,405
WaMu Mortgage Pass-Through Certificates 2.388% (USD LIBOR + 0.370%) due 01/25/45 §		$45,430		45,276
				2,287,761
Fannie Mae - 20.0%
3.000% due 12/01/49		1,400,000		1,419,203
3.500% due 11/01/49		400,000		410,492
3.500% due 12/01/49		2,470,000		2,534,552
4.000% due 11/01/49		2,900,000		3,011,355
				7,375,602
Total Mortgage-Backed Securities (Cost $9,681,164)				9,663,363
ASSET-BACKED SECURITIES - 8.0%
Asset Backed Funding Corp Trust 2.618% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,931
B&M CLO Ltd (Cayman) 3.052% (USD LIBOR + 0.730%) due 04/16/26 § ~		199,354		199,316
Countrywide Asset-Backed Certificates 2.158% (USD LIBOR + 0.140%) due 07/25/37 §		276,590		252,031
2.208% (USD LIBOR + 0.190%) due 11/25/37 §		143,681		138,727
2.218% (USD LIBOR + 0.200%) due 09/25/37 §		74,739		63,118
Credit-Based Asset Servicing & Securitization LLC 2.238% (USD LIBOR + 0.220%) due 07/25/37 § ~		324,000		219,718
Crown Point CLO Ltd (Cayman) 3.243% (USD LIBOR + 0.940%) due 07/17/28 § ~		200,000		199,480

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-1

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Freddie Mac Structured Pass-Through Certificates 2.158% (USD LIBOR + 0.140%) due 09/25/31 §		$817		$809
Home Equity Asset Trust 2.873% (USD LIBOR + 0.855%) due 08/25/34 §		26,365		26,305
Home Equity Mortgage Loan Asset-Backed Trust 2.238% (USD LIBOR + 0.220%) due 04/25/37 §		88,339		70,173
Latitude Management Real Estate Capital Inc 3.017% (USD LIBOR + 0.980%) due 02/22/32 § ~		38,278		38,374
LoanCore Issuer Ltd (Cayman) 3.158% (USD LIBOR + 1.130%) due 05/15/36 § ~		100,000		100,135
Long Beach Mortgage Loan Trust 2.138% (USD LIBOR + 0.120%) due 08/25/36 §		85,885		47,785
Loomis Sayles CLO II Ltd (Cayman) 3.203% (USD LIBOR + 0.900%) due 04/15/28 § ~		280,000		277,790
MidOcean Credit CLO IV (Cayman) 3.103% (USD LIBOR + 0.800%) due 04/15/27 § ~		448,143		446,944
Option One Mortgage Loan Trust 2.158% (USD LIBOR + 0.140%) due 01/25/37 §		77,025		57,647
2.158% (USD LIBOR + 0.140%) due 03/25/37 §		95,066		71,406
Saxon Asset Securities Trust 2.328% (USD LIBOR + 0.310%) due 09/25/47 §		24,234		23,665
Soundview Home Loan Trust 2.218% (USD LIBOR + 0.200%) due 06/25/37 §		74,497		59,369
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/36 ~		90,570		91,605
TICP CLO Ltd (Cayman) 3.118% (USD LIBOR + 0.840%) due 04/20/28 § ~		450,000		447,634
Venture CLO Ltd (Cayman) 3.428% (USD LIBOR + 1.150%) due 10/22/31 § ~		100,000		100,016
Total Asset-Backed Securities (Cost $2,953,145)				2,953,978
U.S. TREASURY OBLIGATIONS - 100.2%
U.S. Treasury Inflation Protected Securities - 100.2%
0.125% due 04/15/21 ^		768,611		760,691
0.125% due 04/15/22 ^		158,250		156,731
0.125% due 07/15/22 ^		245,456		244,565
0.125% due 01/15/23 ^		679,157		673,986
0.125% due 07/15/26 ^		128,446		128,352
0.250% due 01/15/25 ^		895,848		899,127
0.250% due 07/15/29 ^		351,064		355,059
0.375% due 07/15/25 ^		1,649,928		1,674,038
0.375% due 01/15/27 ^		690,398		699,255
0.375% due 07/15/27 ^		4,782,802		4,866,661
0.500% due 01/15/28 ^		3,151,685		3,230,139
0.625% due 07/15/21 ^		1,994,424		2,002,950
0.625% due 01/15/24 ^		1,337,114		1,359,160
0.625% due 01/15/26 ^		1,290,349		1,324,849
0.625% due 02/15/43 ^		22,319		22,940
0.750% due 07/15/28 ^		1,022,130		1,075,185
0.750% due 02/15/42 ^		113,547		120,351
0.750% due 02/15/45 ^		228,808		241,023
0.875% due 02/15/47 ^		46,767		50,912

	Principal Amount		Value
1.000% due 02/15/46 ^		$710,336		$793,439
1.000% due 02/15/48 ^		1,257,904		1,414,961
1.000% due 02/15/49 ^		285,491		323,427
1.125% due 01/15/21 ^		2,521,692		2,530,434
1.375% due 02/15/44 ^		2,664,130		3,198,767
2.000% due 01/15/26 ^		4,410,692		4,903,811
2.125% due 02/15/40 ^		47,482		63,306
2.125% due 02/15/41 ^		304,619		409,820
2.375% due 01/15/25 ^		2,681,446		2,987,934
2.500% due 01/15/29 ^		212,714		257,405
3.375% due 04/15/32 ^		85,283		118,054
3.875% due 04/15/29 ^		54,625		73,391
				36,960,723
Total U.S. Treasury Obligations (Cost $35,785,622)				36,960,723
FOREIGN GOVERNMENT BONDS & NOTES - 10.5%
Argentina Bonar (Argentina) 55.469% (ARS Deposit + 2.000%) due 04/03/22 § W		ARS 32,000		315
Argentina POM Politica Monetaria (Argentina) 74.877% (ARS Reference + 0.000%) due 06/21/20 § W		870,000		6,670
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 967,844		780,943
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 100,000		110,879
French Republic Government OAT (France) 2.100% due 07/25/23 ^ ~		228,288		281,542
Mexican Bonos (Mexico) 7.750% due 05/29/31		MXN 493,000		26,494
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 850,000		644,346
Peruvian Government International (Peru) 5.940% due 02/12/29 ~		PEN 200,000		67,386
United Kingdom Gilt Inflation-Linked (United Kingdom) 0.125% due 08/10/28 ^ ~		GBP 404,340		656,586
1.250% due 11/22/27 ^ ~		522,116		899,638
1.875% due 11/22/22 ^ ~		267,459		384,955
Total Foreign Government Bonds & Notes (Cost $3,943,760)				3,859,754
SHORT-TERM INVESTMENTS - 1.6%
Foreign Government Issues - 0.0%
Argentina Treasury Bill (Argentina) 161.750% due 02/26/20 W		ARS 80,000		933
153.910% due 05/13/20 W		60,000		580
				1,513
	Shares
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		182,061		182,061

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-2

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
U.S. Government Agency Issue - 1.1%
Federal Home Loan Bank 1.883% due 10/25/19		$400,000		$399,501
Total Short-Term Investments (Cost $584,078)				583,075
TOTAL INVESTMENTS - 151.2% (Cost $54,609,182)				55,764,962
DERIVATIVES - (0.2%)				(55,577	)
OTHER ASSETS & LIABILITIES, NET - (51.0%)				(18,828,960	)
NET ASSETS - 100.0%				$36,880,425

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	100.2%
Mortgage-Backed Securities	26.2%
Foreign Government Bonds & Notes	10.5%
Asset-Backed Securities	8.0%
Corporate Bonds & Notes	4.7%
Others (each less than 3.0%)	1.6%
	151.2%
Derivatives	(0.2%	)
Other Assets & Liabilities, Net	(51.0%	)
	100.0%

(b) Investments with a total aggregate value of $8,498 or less than 0.1% 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 of Trustees.

(c) The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2019 was $12,453,123 at a weighted average interest rate of 1.666%.

(d) Open futures contracts outstanding as of September 30, 2019 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-BTP		12/19		15		$1,843,889		$1,842,404		($1,485	)
Euro-Bund		12/19		13		2,490,622		2,469,018		(21,604	)
U.S. Treasury 2-Year Notes		12/19		6		1,294,528		1,293,000		(1,528	)
U.S. Treasury 10-Year Notes		12/19		24		3,158,845		3,127,500		(31,345	)
U.S. Treasury Long Bonds		12/19		7		1,160,041		1,136,188		(23,853	)
U.S. Treasury Ultra 10-Year Notes		12/19		2		285,410		284,812		(598	)
								10,152,922		(80,413	)
Short Futures Outstanding
Australia 3-Year Bonds		12/19		13		1,012,539		1,015,113		(2,574	)
Euro-Bobl		12/19		3		442,998		443,557		(559	)
Euro-OAT		12/19		12		2,258,852		2,227,561		31,291
Euro-Schatz		12/19		76		9,325,705		9,305,024		20,681
Long Gilt		12/19		9		1,476,758		1,485,485		(8,727	)
U.S. Treasury 5-Year Notes		12/19		62		7,416,021		7,387,203		28,818
U.S. Treasury Ultra 30-Year Bonds		12/19		7		1,366,568		1,343,344		23,224
										92,154
Total Futures Contracts										$11,741

(e) Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	760,438	USD	182,727	10/19	DUB		$265		$—
BRL	760,438	USD	183,397	11/19	SCB		—		(837	)
EUR	20,000	USD	22,134	10/19	BRC		—		(331	)
EUR	209,000	USD	229,923	10/19	GSC		—		(2,086	)
EUR	549,000	USD	601,452	10/19	JPM		—		(2,973	)
EUR	194,000	USD	213,494	10/19	UBS		—		(2,009	)
GBP	240,000	USD	295,697	10/19	RBS		—		(581	)
IDR	2,904,296,420	USD	199,855	12/19	SCB		2,932		—
JPY	20,300,000	USD	187,817	10/19	UBS		—		(45	)
JPY	20,300,000	USD	189,048	11/19	UBS		—		(832	)
RUB	12,164,588	USD	185,288	11/19	SCB		1,158		—
USD	772,128	AUD	1,144,000	10/19	SCB		—		(73	)
USD	772,750	AUD	1,144,000	11/19	RBC		—		(369	)
USD	183,747	BRL	760,439	10/19	SCB		755		—
USD	1,078,686	EUR	972,000	10/19	SCB		19,081		—
USD	442,168	EUR	404,000	11/19	JPM		619		—
USD	270,978	GBP	220,000	10/19	BRC		455		—
USD	25,284	GBP	21,000	10/19	RBC		—		(539	)
USD	2,593,068	GBP	2,124,000	10/19	SCB		—		(18,708	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-3

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	2,620,022	GBP	2,125,000		11/19		BRC		$3,379		$—
USD	188,618	JPY	20,300,000		10/19		UBS		846		—
USD	191,379	KRW	227,549,894		12/19		RBS		1,200		—
USD	32,991	MXN	663,000		01/20		JPM		—		(19	)
USD	630,462	NZD	998,000		10/19		BRC		5,483		—
USD	625,353	NZD	998,000		11/19		SCB		—		(111	)
USD	43,866	PEN	145,539		10/19		DUB		730		—
USD	20,919	PEN	69,386		10/19		JPM		353		—
USD	101,632	SGD	140,060		12/19		BRC		204		—
USD	44,583	TWD	1,399,000		11/19		JPM		—		(664	)
USD	156,773	TWD	4,906,091		11/19		SCB		—		(1,899	)
Total Forward Foreign Currency Contracts									$37,460		($32,076	)

(f) Purchased options outstanding as of September 30, 2019 were as follows:

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Call- 1-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

1.500%

03/10/20

DUB

$9,520,000

$13,526

$198

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Cost		Value
Call - Euro-Schatz (11/19)		EUR 114.90		11/22/19	EUX		31		EUR 3,561,900		$200		$171
Call - Euro-Schatz (11/19)		115.90		11/22/19	EUX		40		4,636,000		259		221
Call - Euro-Schatz (11/19)		116.00		11/22/19	EUX		5		580,000		30		28
Call - U.S. Treasury 5-Year Notes (12/19)		$126.00		11/22/19	CME		5		$630,000		43		39
Call - U.S. Treasury 5-Year Notes (12/19)		130.00		11/22/19	CME		1		130,000		8		—
Call - U.S. Treasury 5-Year Notes (12/19)		130.25		11/22/19	CME		7		911,750		60		—
Call - U.S. Treasury 5-Year Notes (12/19)		131.00		11/22/19	CME		1		131,000		9		—
Call - U.S. Treasury 5-Year Notes (12/19)		131.50		11/22/19	CME		2		263,000		17		—
Call - U.S. Treasury 5-Year Notes (12/19)		132.00		11/22/19	CME		40		5,280,000		344		—
Call - U.S. Treasury Ultra 30-Year Bonds (12/19)		295.00		11/22/19	CME		7		2,065,000		60		—
											1,030		459
Put - Euro-Bund (10/19)		EUR 173.00		10/25/19	EUX		4		EUR 692,000		1,464		1,548
Put - Euro-Bund (11/19)		158.00		11/22/19	EUX		20		3,160,000		233		221
Put - U.S. Treasury 2-Year Notes (12/19)		$104.75		11/22/19	CME		5		$1,047,500		43		—
Put - U.S. Treasury 10-Year Notes (12/19)		115.00		11/22/19	CME		3		345,000		26		—
Put - U.S. Treasury 10-Year Notes (12/19)		116.00		11/22/19	CME		18		2,088,000		155		—
Put - U.S. Treasury 30-Year Bonds (12/19)		125.00		11/22/19	CME		6		750,000		51		—
Put - U.S. Treasury 30-Year Bonds (12/19)		127.00		11/22/19	CME		1		127,000		9		—
											1,981		1,769
Total Options on Futures											$3,011		$2,228
Total Purchased Options											$16,537		$2,426

(g) Premiums received and value of written options outstanding as of September 30, 2019 were as follows:

Credit Default Swaptions on Credit Indices – Buy Protection

Description

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Premium

Value

Call - iTraxx Main 32 5Y

0.475%

01/15/20

DUB

EUR 100,000

$55

($65

)

Credit Default Swaptions on Credit Indices – Sell Protection

Put - CDX IG 32 5Y	0.850%	11/20/19	GSC	$100,000	148	(23	)
Put - CDX IG 32 5Y	0.900%	11/20/19	GSC	100,000	128	(19	)
Put - iTraxx Main 32 5Y	0.800%	01/15/20	DUB	EUR 100,000	148	(120	)
					424	(162	)
Total Credit Default Swaptions					$479	($227	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-4

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Inflation Floor/Cap Options

Description	Initial Index		Floating Rate	Expiration Date		Counter- party		Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers		233.92	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10]		04/22/24		JPM		$1,900,000		$13,823		($65	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10]		05/16/24		JPM		200,000		1,390		(1	)
											15,213		(66	)
Floor - U.S. CPI Urban Consumers		234.81	Maximum of [0, 0.000% - ((Final Index/Initial Index)-1)]		03/24/20		JPM		700,000		7,910		—
Floor - U.S. CPI Urban Consumers		216.69	Maximum of [0, (1 + 0.000%)10 - Final Index/Initial Index]		04/07/20		CIT		1,800,000		15,960		—
											23,870		—
Total Inflation Floor/Cap Options											$39,083		($66	)

Interest Rate Floor/Cap Options

Description

Exercise Rate

Floating Rate Index

Expiration Date

Counter- party

Notional Amount

Premium

Value

Floor - ICE Swap Rate

0.000%

2-Year/10-Year ICE Swap Rate

01/02/20

MSC

$700,000

$542

($444

)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 30-Year Interest Rate  Swap		Receive		6-Month EUR-LIBOR		0.000%		12/13/19		DUB		EUR 100,000		$2,419		($1,754	)
Call - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.250%		12/13/19		GSC		100,000		2,490		(4,484	)
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		1.404%		03/10/20		DUB		$2,110,000		14,608		(235	)
														$19,517		($6,473	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (11/19)		$130.00		10/25/19		CME		3		$390,000		$2,388		($2,531	)
Call - Euro-Bund (11/19)		EUR 173.00		11/22/19		EUX		1		EUR 173,000		1,518		(2,129	)
Call - Euro-Bund (11/19)		175.00		11/22/19		EUX		2		350,000		1,785		(1,809	)
Call - Euro-Bund (11/19)		176.00		11/22/19		EUX		2		352,000		4,362		(1,127	)
Call - Euro-Bund (11/19)		178.50		11/22/19		EUX		2		357,000		1,370		(260	)
												11,423		(7,856	)
Put - U.S. Treasury 10-Year Notes (11/19)		$130.00		10/25/19		CME		3		$390,000		2,716		(1,594	)
Put - Euro-Bund (10/19)		EUR 170.50		10/25/19		EUX		4		EUR 682,000		451		(225	)
Put - Euro-Schatz (11/19)		112.20		11/22/19		EUX		9		1,009,800		850		(352	)
Put - Euro-Bund (11/19)		173.00		11/22/19		EUX		1		173,000		1,474		(766	)
Put - Euro-Bund (11/19)		175.00		11/22/19		EUX		2		350,000		4,124		(3,471	)
Put - Euro-Bund (11/19)		176.00		11/22/19		EUX		2		352,000		3,885		(4,933	)
												13,500		(11,341	)
Total Options on Futures												$24,923		($19,197	)
Total Written Options												$84,544		($26,407	)

(h) Swap agreements outstanding as of September 30, 2019 were as follows:

Credit Default Swaps on Corporate Issues – Sell Protection (1)

Referenced Obligation

Payment Frequency

Fixed Deal Receive Rate

Expiration Date

Exchange

Implied Credit Spread at 09/30/19 (2)

Notional Amount (3)

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Daimler AG

Q

1.000%

12/20/20

ICE

0.157%

EUR 10,000

$118

$153

($35

)

Credit Default Swaps on Credit Indices – Buy Protection (4)

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG32 5Y		Q		1.000%		06/20/24		ICE		$2,900,000		($62,048	)		($57,961	)		($4,087	)
CDX HY32 5Y		Q		5.000%		06/20/24		ICE		297,000		(21,398	)		(22,305	)		907
												($83,446	)		($80,266	)		($3,180	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-5

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counter- party		Notional Amount (3)		Value (5)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX NA AAA 7		M		0.500%		01/17/47		DUB		$59,730		$709		($1,855	)		$2,564
CMBX NA AAA 7		M		0.500%		01/17/47		MSC		39,820		473		(1,237	)		1,710
												$1,182		($3,092	)		$4,274

Credit Default Swaps on Sovereign Issues – Buy Protection (4)

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Counter- party		Implied Credit Spread at 09/30/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Mexico Government		Q		1.000%		12/20/23		BRC		0.923%		$200,000		($687	)		$1,839			($2,526	)
Total Credit Default Swaps														($82,833	)		($81,366	)		($1,467	)

(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 and sovereign issues 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) 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 swap agreement.

(4) 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.

(5) 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 represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values (buy protection) or decreasing values (sell protection), 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 – Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.535%	Eurostat Eurozone HICP	Z / Z		LCH		06/15/23		EUR 300,000		$9,756			$—			$9,756
2.500%	3-Month USD-LIBOR	S / Q		CME		12/19/23		$120,000		5,588			(305	)		5,893
2.750%	3-Month USD-LIBOR	S / Q		LCH		12/19/23		400,000		23,002			(2,706	)		25,708
3.850%	GBP Retail Price	Z / Z		LCH		09/15/24		GBP 200,000		325			—			325
2.335%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/28		$190,000		11,969			338			11,631
2.364%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/28		50,000		3,456			—			3,456
1.620%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/28		EUR 310,000		23,510			19			23,491
2.379%	U.S. CPI Urban Consumers	Z / Z		LCH		07/09/28		$500,000		35,127			(287	)		35,414
3.593%	GBP Retail Price	Z / Z		LCH		11/15/28		GBP 45,000		(466	)		—			(466	)
2.165%	U.S. CPI Urban Consumers	Z / Z		LCH		04/16/29		$100,000		4,219			—			4,219
1.998%	U.S. CPI Urban Consumers	Z / Z		LCH		07/25/29		100,000		2,796			—			2,796
3.190%	GBP Retail Price	Z / Z		LCH		04/15/30		GBP 300,000		(19,531	)		(18,091	)		(1,440	)
3.400%	GBP Retail Price	Z / Z		LCH		06/15/30		200,000		(2,958	)		2,555			(5,513	)
3.530%	GBP Retail Price	Z / Z		LCH		10/15/31		50,000		(971	)		493			(1,464	)
3.500%	GBP Retail Price	Z / Z		LCH		09/15/33		60,000		(1,119	)		47			(1,166	)
3.579%	GBP Retail Price	Z / Z		LCH		10/15/33		170,000		1,912			—			1,912
3.572%	GBP Retail Price	Z / Z		LCH		05/15/34		50,000		(710	)		—			(710	)
3.580%	GBP Retail Price	Z / Z		LCH		06/15/39		30,000		1,247			30			1,217
3.590%	GBP Retail Price	Z / Z		LCH		06/15/39		40,000		1,837			—			1,837
3.600%	GBP Retail Price	Z / Z		LCH		06/15/39		140,000		7,046			(24	)		7,070
1.243%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/39		EUR 40,000		305			—			305
1.387%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/49		20,000		590			—			590
										$106,930			($17,931	)		$124,861

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-6

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Interest Rate Swaps – Short

Pay	Receive		Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.425%		U.S. CPI Urban Consumers		Z / Z		LCH		08/06/20		$100,000		($38	)		$—			($38	)
1.160%		France CPI Ex Tobacco		Z / Z		LCH		08/15/20		EUR 80,000		(776	)		57			(833	)
2.027%		U.S. CPI Urban Consumers		Z / Z		LCH		11/23/20		$100,000		(377	)		—			(377	)
2.021%		U.S. CPI Urban Consumers		Z / Z		LCH		11/25/20		100,000		(366	)		—			(366	)
1.875%		U.S. CPI Urban Consumers		Z / Z		LCH		03/14/21		3,400,000		(11,938	)		—			(11,938	)
1.580%		U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		200,000		(429	)		—			(429	)
1.592%		U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		200,000		(477	)		(39	)		(438	)
2.210%		U.S. CPI Urban Consumers		Z / Z		LCH		02/05/23		120,000		(3,179	)		—			(3,179	)
2.263%		U.S. CPI Urban Consumers		Z / Z		LCH		04/27/23		60,000		(2,007	)		—			(2,007	)
2.263%		U.S. CPI Urban Consumers		Z / Z		LCH		05/09/23		120,000		(3,979	)		—			(3,979	)
2.281%		U.S. CPI Urban Consumers		Z / Z		LCH		05/10/23		180,000		(6,442	)		—			(6,442	)
1.030%		France CPI Ex Tobacco		Z / Z		LCH		03/15/24		EUR 140,000		(2,252	)		(53	)		(2,199	)
2.000%		3-Month USD-LIBOR		S / Q		CME		07/27/26		$400,000		(10,202	)		5,823			(16,025	)
2.400%		3-Month USD-LIBOR		S / Q		CME		12/07/26		400,000		(17,362	)		—			(17,362	)
1.750%		3-Month USD-LIBOR		S / Q		LCH		12/21/26		340,000		(6,790	)		(2,170	)		(4,620	)
3.250%		3-Month NZD-Bank Bills		S / Q		CME		03/21/28		NZD 100,000		(10,934	)		290			(11,224	)
2.765%		3-Month USD-LIBOR		S / Q		CME		07/18/28		$150,000		(15,272	)		—			(15,272	)
1.750%		3-Month USD-LIBOR		S / Q		CME		09/12/29		3,500,000		(17,465	)		8,182			(25,647	)
3.598%		GBP Retail Price		Z / Z		LCH		09/15/34		GBP 210,000		(35	)		156			(191	)
2.000%		U.S. Fed Funds		A / A		LCH		12/15/47		$40,000		(4,643	)		(72	)		(4,571	)
2.948%		3-Month USD-LIBOR		S / Q		CME		10/19/48		10,000		(2,994	)		—			(2,994	)
2.750%		3-Month USD-LIBOR		S / Q		CME		12/19/48		30,000		(7,566	)		508			(8,074	)
2.250%		3-Month USD-LIBOR		S / Q		CME		12/11/49		300,000		(38,927	)		(692	)		(38,235	)
1.625%		3-Month USD-LIBOR		S / Q		CME		01/16/50		100,000		2,075			(1,423	)		3,498
1.625%		3-Month USD-LIBOR		S / Q		CME		02/03/50		40,000		825			(2	)		827
												($161,550	)		$10,565			($172,115	)
Total Interest Rate Swaps												($54,620	)		($7,366	)		($47,254	)
Total Swap Agreements												($137,453	)		($88,732	)		($48,721	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premium Paid (Received)			Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$1,839			$4,274
Liabilities		(3,092	)		(2,526	)
Centrally Cleared Swap Agreements (1)
Assets		18,651			140,852
Liabilities		(106,130	)		(191,321	)
		($88,732	)		($48,721	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-7

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(i) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,744,069			$—			$1,744,069			$—
	Mortgage-Backed Securities		9,663,363			—			9,663,363			—
	Asset-Backed Securities		2,953,978			—			2,953,978			—
	U.S. Treasury Obligations		36,960,723			—			36,960,723			—
	Foreign Government Bonds & Notes		3,859,754			—			3,859,754			—
	Short-Term Investments		583,075			182,061			401,014			—
	Derivatives:
	Credit Contracts
	Swaps		5,181			—			5,181			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		37,460			—			37,460			—
	Interest Rate Contracts
	Futures		104,014			104,014			—			—
	Purchased Options		2,426			—			2,426			—
	Swaps		139,945			—			139,945			—
	Total Interest Rate Contracts		246,385			104,014			142,371			—
	Total Assets - Derivatives		289,026			104,014			185,012			—
	Total Assets		56,053,988			286,075			55,767,913			—
Liabilities	Sale-buyback Financing Transactions		(12,094,294	)		—			(12,094,294	)		—
	Derivatives:
	Credit Contracts
	Written Options		(227	)		—			(227	)
	Swaps		(6,648	)		—			(6,648	)		—
	Total Credit Contracts		(6,875	)		—			(6,875	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(32,076	)		—			(32,076	)		—
	Interest Rate Contracts
	Futures		(92,273	)		(92,273	)		—			—
	Written Options		(26,180	)		—			(26,180	)		—
	Swaps		(187,199	)		—			(187,199	)		—
	Total Interest Rate Contracts		(305,652	)		(92,273	)		(213,379	)		—
	Total Liabilities - Derivatives		(344,603	)		(92,273	)		(252,330	)		—
	Total Liabilities		(12,438,897	)		(92,273	)		(12,346,624	)		—
	Total		$43,615,091			$193,802			$43,421,289			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-8

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 48.2%
Basic Materials - 1.1%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$250,000		$257,900
ArcelorMittal (Luxembourg)
4.550% due 03/11/26		10,000		10,471
6.125% due 06/01/25		80,000		90,098
7.000% due 10/15/39		80,000		97,092
Barrick Gold Corp (Canada)
5.250% due 04/01/42		30,000		36,746
Barrick North America Finance LLC (Canada)
5.700% due 05/30/41		90,000		113,362
BHP Billiton Finance USA Ltd (Australia) 6.750% due 10/19/75 ~		270,000		315,973
Braskem Finance Ltd (Brazil) 5.750% due 04/15/21 ~		400,000		416,004
Freeport-McMoRan Inc
3.550% due 03/01/22		10,000		10,050
5.450% due 03/15/43		170,000		153,915
Glencore Funding LLC (Switzerland)
2.875% due 04/16/20 ~		60,000		60,209
3.875% due 10/27/27 ~		30,000		30,761
4.000% due 03/27/27 ~		260,000		267,533
4.125% due 03/12/24 ~		170,000		178,802
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.530% due 11/15/28 ~		700,000		857,208
Newcrest Finance Pty Ltd (Australia) 4.450% due 11/15/21 ~		500,000		519,055
Nutrien Ltd (Canada) 4.875% due 03/30/20		40,000		40,492
OCP SA (Morocco) 4.500% due 10/22/25 ~		200,000		210,750
SASOL Financing USA LLC (South Africa) 5.875% due 03/27/24		500,000		540,539
Southern Copper Corp (Peru) 6.750% due 04/16/40		360,000		468,002
Syngenta Finance NV (Switzerland) 3.698% due 04/24/20 ~		600,000		602,061
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		61,056
Yamana Gold Inc (Brazil) 4.625% due 12/15/27		90,000		95,390
				5,433,469
Communications - 4.5%
Altice Financing SA (Luxembourg) 5.250% due 02/15/23 ~		EUR 300,000		337,281
Altice France SA (France)
6.250% due 05/15/24 ~		$600,000		621,450
7.375% due 05/01/26 ~		200,000		215,192
Amazon.com Inc
3.875% due 08/22/37		70,000		80,548
4.050% due 08/22/47		80,000		96,435
4.950% due 12/05/44		60,000		79,669
AT&T Inc
3.400% due 05/15/25		200,000		208,999
3.800% due 03/15/22		800,000		830,779
4.350% due 06/15/45		240,000		253,630
CCO Holdings LLC 5.125% due 05/01/27 ~		130,000		136,013
Charter Communications Operating LLC
3.579% due 07/23/20		2,060,000		2,078,730
4.464% due 07/23/22		1,000,000		1,053,107
5.375% due 04/01/38		20,000		22,425
5.750% due 04/01/48		10,000		11,413
6.384% due 10/23/35		50,000		60,652
6.834% due 10/23/55		30,000		37,985

	Principal Amount		Value
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		$400,000		$490,077
Comcast Corp
3.375% due 08/15/25		20,000		21,166
3.700% due 04/15/24		1,000,000		1,066,901
3.950% due 10/15/25		200,000		217,926
3.999% due 11/01/49		51,000		56,774
4.150% due 10/15/28		290,000		325,653
4.250% due 10/15/30		100,000		113,916
5.650% due 06/15/35		20,000		26,203
Deutsche Telekom International Finance BV (Germany) 2.820% due 01/19/22 ~		1,500,000		1,518,294
DISH DBS Corp 5.875% due 11/15/24		200,000		199,000
eBay Inc
2.750% due 01/30/23		500,000		506,399
3.800% due 03/09/22		800,000		828,996
Expedia Group Inc 3.800% due 02/15/28		800,000		838,116
Fox Corp 5.476% due 01/25/39 ~		80,000		98,432
Netflix Inc 5.375% due 02/01/21		20,000		20,670
Sprint Capital Corp 8.750% due 03/15/32		160,000		197,752
Sprint Communications Inc 7.000% due 03/01/20 ~		600,000		611,250
Sprint Corp
7.250% due 09/15/21		450,000		481,320
7.875% due 09/15/23		20,000		22,019
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		100,000		100,625
4.738% due 09/20/29 ~		450,000		479,480
Telefonica Emisiones SAU (Spain) 5.213% due 03/08/47		150,000		175,006
Telstra Corp Ltd (Australia) 4.800% due 10/12/21 ~		800,000		838,657
The Interpublic Group of Cos Inc 4.000% due 03/15/22		800,000		826,928
Time Warner Cable LLC
4.125% due 02/15/21		770,000		784,029
5.875% due 11/15/40		50,000		56,051
6.550% due 05/01/37		100,000		120,284
7.300% due 07/01/38		60,000		76,637
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		27,690
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		682,786
UPCB Finance IV Ltd (Netherlands) 5.375% due 01/15/25 ~		$200,000		206,500
Verizon Communications Inc
2.625% due 08/15/26		20,000		20,277
3.376% due 02/15/25		1,346,000		1,422,555
3.850% due 11/01/42		20,000		21,496
4.329% due 09/21/28		5,000		5,676
4.400% due 11/01/34		90,000		102,743
4.500% due 08/10/33		320,000		372,690
5.500% due 03/16/47		30,000		39,673
Vodafone Group PLC (United Kingdom)
3.750% due 01/16/24		1,300,000		1,371,555
4.375% due 05/30/28		120,000		132,671
WPP Finance 2010 (United Kingdom) 4.750% due 11/21/21		1,000,000		1,047,356
				22,676,537
Consumer, Cyclical - 4.7%
BMW Finance NV (Germany) 2.250% due 08/12/22 ~		900,000		901,164

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-9

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Daimler Finance North America LLC (Germany)
2.550% due 08/15/22 ~		$1,100,000		$1,104,658
2.850% due 01/06/22 ~		900,000		911,517
3.350% due 05/04/21 ~		500,000		508,377
3.400% due 02/22/22 ~		1,100,000		1,125,735
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		782,880		860,268
Ford Motor Co 4.750% due 01/15/43		10,000		8,685
Ford Motor Credit Co LLC 2.109% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		856,650
3.200% due 01/15/21		$900,000		901,429
3.393% (USD LIBOR + 1.235%) due 02/15/23 §		300,000		291,072
4.593% (USD LIBOR + 2.550%) due 01/07/21 §		1,000,000		1,015,485
5.085% due 01/07/21		600,000		615,454
5.875% due 08/02/21		200,000		209,543
8.125% due 01/15/20		600,000		609,967
General Motors Co
5.150% due 04/01/38		20,000		20,230
5.950% due 04/01/49		20,000		21,449
6.250% due 10/02/43		40,000		43,769
General Motors Financial Co Inc
0.147% (EUR LIBOR + 0.550%) due 03/26/22 § ~		EUR 700,000		758,172
2.450% due 11/06/20		$480,000		479,842
3.150% due 01/15/20		400,000		400,615
3.200% due 07/13/20		600,000		603,383
4.200% due 03/01/21		400,000		408,726
4.250% due 05/15/23		30,000		31,349
4.350% due 01/17/27		20,000		20,589
5.100% due 01/17/24		800,000		860,728
Harley-Davidson Financial Services Inc 3.550% due 05/21/21 ~		500,000		507,807
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		137,924
Las Vegas Sands Corp 3.200% due 08/08/24		230,000		234,570
Marriott International Inc 4.150% due 12/01/23		800,000		852,159
McDonald’s Corp
2.686% (USD LIBOR + 0.430%) due 10/28/21 §		500,000		500,250
3.500% due 03/01/27		10,000		10,699
3.700% due 01/30/26		130,000		139,669
3.800% due 04/01/28		30,000		32,888
MGM Resorts International 7.750% due 03/15/22		800,000		897,008
New Red Finance Inc (Canada) 4.250% due 05/15/24 ~		50,000		51,561
Newell Brands Inc
3.850% due 04/01/23		20,000		20,636
4.200% due 04/01/26		10,000		10,455
Nissan Motor Acceptance Corp
2.891% (USD LIBOR + 0.890%) due 01/13/22 § ~		1,000,000		1,004,710
Sands China Ltd (Macau) 5.125% due 08/08/25		310,000		341,130
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		145,264
Volkswagen Group of America Finance LLC (Germany)
3.121% (USD LIBOR + 0.940%) due 11/12/21 § ~		800,000		804,700
4.625% due 11/13/25 ~		800,000		882,595
4.750% due 11/13/28 ~		1,000,000		1,113,663
Volkswagen International Finance NV (Germany) 1.144% (EUR LIBOR + 1.550%) due 11/16/24 § ~		EUR 600,000		673,343

	Principal Amount		Value
Volkswagen Leasing GmbH (Germany) 0.250% due 02/16/21 ~		EUR 100,000		$109,438
Walmart Inc 3.700% due 06/26/28		$160,000		177,631
WestJet Airlines Ltd (Canada) 3.500% due 06/16/21 ~		600,000		610,308
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		500,000		511,838
				23,339,102
Consumer, Non-Cyclical - 6.8%
Abbott Laboratories
3.750% due 11/30/26		38,000		41,439
4.750% due 11/30/36		70,000		86,149
4.900% due 11/30/46		40,000		51,680
AbbVie Inc
2.900% due 11/06/22		900,000		917,886
3.375% due 11/14/21		700,000		717,713
3.600% due 05/14/25		70,000		72,847
Aetna Inc 2.800% due 06/15/23		40,000		40,535
Allergan Funding SCS
3.450% due 03/15/22		80,000		82,019
3.800% due 03/15/25		90,000		94,315
Allergan Sales LLC 5.000% due 12/15/21 ~		700,000		735,604
Altria Group Inc
2.850% due 08/09/22		80,000		80,974
3.490% due 02/14/22		40,000		41,044
3.800% due 02/14/24		40,000		41,846
4.400% due 02/14/26		290,000		310,244
4.800% due 02/14/29		290,000		318,283
5.800% due 02/14/39		90,000		104,545
5.950% due 02/14/49		50,000		58,903
6.200% due 02/14/59		30,000		35,517
Amgen Inc
2.125% due 05/01/20		20,000		19,995
3.625% due 05/22/24		30,000		31,806
4.663% due 06/15/51		11,000		12,827
5.375% due 05/15/43		30,000		37,330
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		110,000		117,956
4.900% due 02/01/46		100,000		119,145
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.150% due 01/23/25		90,000		98,391
4.750% due 01/23/29		380,000		442,861
Anthem Inc
3.125% due 05/15/22		30,000		30,700
3.350% due 12/01/24		40,000		41,622
3.650% due 12/01/27		80,000		84,262
Bacardi Ltd (Bermuda) 4.500% due 01/15/21 ~		600,000		611,862
BAT Capital Corp (United Kingdom)
2.764% due 08/15/22		800,000		807,870
3.557% due 08/15/27		100,000		100,644
4.540% due 08/15/47		170,000		163,502
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		600,000		627,226
Becton Dickinson & Co
3.363% due 06/06/24		110,000		114,818
3.700% due 06/06/27		100,000		106,039
3.734% due 12/15/24		50,000		52,945
4.685% due 12/15/44		32,000		37,006
Bristol-Myers Squibb Co
2.900% due 07/26/24 ~		150,000		154,883
3.200% due 06/15/26 ~		120,000		125,912
3.400% due 07/26/29 ~		150,000		160,520
Campbell Soup Co
3.300% due 03/15/21		600,000		608,810
3.650% due 03/15/23		800,000		832,810

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-10

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Celgene Corp
2.250% due 08/15/21		$50,000		$50,016
2.875% due 02/19/21		500,000		504,945
3.250% due 08/15/22		400,000		412,293
3.550% due 08/15/22		90,000		93,539
3.875% due 08/15/25		50,000		54,016
5.000% due 08/15/45		150,000		188,469
Centene Corp 6.125% due 02/15/24		120,000		125,274
Cigna Corp
2.789% (USD LIBOR + 0.650%) due 09/17/21 §		1,200,000		1,200,049
2.891% (USD LIBOR + 0.890%) due 07/15/23 §		700,000		701,948
3.750% due 07/15/23		150,000		157,004
4.125% due 11/15/25		40,000		43,129
4.375% due 10/15/28		360,000		395,382
Conagra Brands Inc 3.800% due 10/22/21		800,000		825,822
Constellation Brands Inc
2.250% due 11/06/20		800,000		800,379
4.250% due 05/01/23		30,000		32,095
CVS Health Corp
3.700% due 03/09/23		1,050,000		1,093,557
4.100% due 03/25/25		250,000		267,121
4.300% due 03/25/28		690,000		746,937
5.050% due 03/25/48		110,000		125,293
5.125% due 07/20/45		60,000		68,476
Danone SA (France) 2.589% due 11/02/23 ~		200,000		202,894
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		231,972
Eli Lilly & Co 3.100% due 05/15/27		10,000		10,526
EMD Finance LLC (Germany) 2.400% due 03/19/20 ~		500,000		500,012
Gilead Sciences Inc
3.650% due 03/01/26		30,000		32,172
3.700% due 04/01/24		80,000		84,827
4.750% due 03/01/46		30,000		36,081
HCA Inc
4.500% due 02/15/27		40,000		42,959
7.500% due 02/15/22		80,000		88,864
Humana Inc
3.150% due 12/01/22		50,000		51,217
3.950% due 03/15/27		50,000		53,148
4.625% due 12/01/42		50,000		54,945
4.800% due 03/15/47		20,000		22,882
4.950% due 10/01/44		20,000		23,062
IHS Markit Ltd 5.000% due 11/01/22 ~		900,000		959,923
Imperial Brands Finance PLC (United Kingdom) 3.875% due 07/26/29 ~		1,000,000		1,009,975
Japan Tobacco Inc (Japan) 2.000% due 04/13/21 ~		300,000		298,327
Johnson & Johnson 3.625% due 03/03/37		100,000		111,707
Keurig Dr Pepper Inc 4.057% due 05/25/23		1,000,000		1,058,786
Kraft Heinz Foods Co
2.751% (USD LIBOR + 0.570%) due 02/10/21 §		900,000		898,306
3.950% due 07/15/25		120,000		125,719
Mars Inc
2.700% due 04/01/25 ~		40,000		41,076
3.200% due 04/01/30 ~		40,000		42,365
Medtronic Inc 3.500% due 03/15/25		52,000		55,859
Mondelez International Holdings Netherlands BV 2.000% due 10/28/21 ~		900,000		898,472

	Principal Amount		Value
Mylan NV 2.250% due 11/22/24 ~		EUR 900,000		$1,043,859
PayPal Holdings Inc 2.850% due 10/01/29		$900,000		904,807
Pernod Ricard SA (France)
4.250% due 07/15/22 ~		800,000		842,493
4.450% due 01/15/22 ~		150,000		157,422
5.750% due 04/07/21 ~		750,000		789,434
Philip Morris International Inc
2.500% due 08/22/22		210,000		212,206
2.500% due 11/02/22		80,000		80,864
4.500% due 03/20/42		30,000		33,451
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		52,190
Reckitt Benckiser Treasury Services PLC (United Kingdom) 2.375% due 06/24/22 ~		600,000		603,928
Reynolds American Inc (United Kingdom)
3.250% due 06/12/20		81,000		81,523
5.850% due 08/15/45		50,000		55,443
6.150% due 09/15/43		30,000		34,047
6.875% due 05/01/20		400,000		410,511
Takeda Pharmaceutical Co Ltd (Japan)
4.000% due 11/26/21 ~		1,000,000		1,035,681
4.400% due 11/26/23 ~		1,000,000		1,077,734
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		40,000		34,450
Teva Pharmaceutical Finance IV BV (Israel) 3.650% due 11/10/21		100,000		92,625
Teva Pharmaceutical Finance Netherlands II BV (Israel) 1.250% due 03/31/23 ~		EUR 900,000		825,490
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.200% due 07/21/21		$620,000		568,850
2.800% due 07/21/23		110,000		89,238
United Rentals North America Inc
5.500% due 07/15/25		50,000		52,213
5.875% due 09/15/26		90,000		96,305
UnitedHealth Group Inc
3.700% due 08/15/49		20,000		21,261
3.750% due 07/15/25		80,000		86,156
3.875% due 12/15/28		120,000		132,122
3.875% due 08/15/59		40,000		42,404
Wm Wrigley Jr Co 3.375% due 10/21/20 ~		70,000		71,008
				33,722,820
Energy - 1.9%
Apache Corp
3.250% due 04/15/22		24,000		24,441
4.250% due 01/15/44		170,000		151,869
4.375% due 10/15/28		20,000		20,530
4.750% due 04/15/43		30,000		28,874
5.100% due 09/01/40		80,000		79,916
Baker Hughes LLC 2.773% due 12/15/22		900,000		915,604
BG Energy Capital PLC (United Kingdom) 4.000% due 10/15/21 ~		800,000		829,179
Blue Racer Midstream LLC 6.125% due 11/15/22 ~		30,000		30,309
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		130,000		137,989
3.535% due 11/04/24		40,000		42,501
Cimarex Energy Co 3.900% due 05/15/27		170,000		173,265
Concho Resources Inc
3.750% due 10/01/27		10,000		10,404
4.300% due 08/15/28		180,000		194,325
4.375% due 01/15/25		50,000		51,830

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-11

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
ConocoPhillips 6.500% due 02/01/39		$10,000		$14,490
Continental Resources Inc
3.800% due 06/01/24		50,000		51,009
4.375% due 01/15/28		40,000		41,400
4.500% due 04/15/23		40,000		41,583
Devon Energy Corp 5.000% due 06/15/45		160,000		185,656
Ecopetrol SA (Colombia) 5.875% due 05/28/45		270,000		318,155
Energy Transfer Operating LP
4.950% due 06/15/28		40,000		44,007
6.250% due 04/15/49		10,000		12,159
Enterprise Products Operating LLC 4.150% due 10/16/28		160,000		177,375
EOG Resources Inc 4.150% due 01/15/26		70,000		77,486
Exxon Mobil Corp
3.043% due 03/01/26		140,000		147,007
4.114% due 03/01/46		50,000		59,488
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		225,225
Kinder Morgan Energy Partners LP 3.500% due 03/01/21		80,000		81,228
MPLX LP
3.002% (USD LIBOR + 0.900%) due 09/09/21 §		1,000,000		1,003,459
4.500% due 04/15/38		100,000		103,882
4.700% due 04/15/48		60,000		62,777
4.800% due 02/15/29		100,000		110,593
4.875% due 12/01/24		100,000		109,852
Noble Energy Inc
3.850% due 01/15/28		30,000		31,166
5.250% due 11/15/43		80,000		89,287
Oasis Petroleum Inc 6.875% due 01/15/23		10,000		9,200
Occidental Petroleum Corp
2.700% due 08/15/22		70,000		70,642
2.900% due 08/15/24		40,000		40,349
3.000% due 02/15/27		180,000		178,840
4.100% due 02/15/47		120,000		117,074
4.200% due 03/15/48		10,000		9,934
4.400% due 04/15/46		20,000		20,382
4.625% due 06/15/45		50,000		51,730
4.850% due 03/15/21		24,000		24,822
5.550% due 03/15/26		190,000		214,987
6.450% due 09/15/36		310,000		384,179
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		1,075,000		1,176,050
6.900% due 03/19/49		30,000		34,470
Petroleos Mexicanos (Mexico)
6.375% due 01/23/45		70,000		65,188
6.875% due 08/04/26		220,000		237,050
Range Resources Corp
4.875% due 05/15/25		10,000		8,300
5.000% due 03/15/23		150,000		131,625
Shell International Finance BV (Netherlands)
2.875% due 05/10/26		50,000		52,164
4.375% due 05/11/45		130,000		157,423
4.550% due 08/12/43		50,000		61,374
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		313,008
Targa Resources Partners LP 4.250% due 11/15/23		60,000		60,675
5.875% due 04/15/26		40,000		42,400
6.500% due 07/15/27 ~		10,000		10,936
6.875% due 01/15/29 ~		10,000		10,951
The Williams Cos Inc 7.500% due 01/15/31		190,000		250,041

	Principal Amount		Value
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		$30,000		$38,008
Western Midstream Operating LP 4.650% due 07/01/26		100,000		98,905
				9,549,027
Financial - 22.3%
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		800,000		826,606
4.450% due 10/01/25		500,000		533,853
4.625% due 07/01/22		800,000		845,066
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		500,000		529,132
Aircastle Ltd 5.125% due 03/15/21		500,000		518,371
Ambac LSNI LLC (Cayman) 7.104% (USD LIBOR + 5.000%) due 02/12/23 § ~		356,182		360,635
American Express Co 3.375% due 05/17/21		1,100,000		1,122,303
3.400% due 02/27/23		700,000		727,360
American Express Credit Corp 2.375% due 05/26/20		80,000		80,113
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		107,987
American International Group Inc 3.750% due 07/10/25		630,000		665,897
American Tower Corp REIT 5.900% due 11/01/21		500,000		537,461
Australia & New Zealand Banking Group Ltd (Australia) 2.584% (USD LIBOR + 0.460%) due 05/17/21 § ~		500,000		502,242
3.300% due 05/17/21		500,000		510,424
AvalonBay Communities Inc REIT 3.450% due 06/01/25		300,000		317,365
Banco Bilbao Vizcaya Argentaria SA (Spain) 8.875% due 04/14/21 ~		EUR 800,000		965,969
Banco Santander SA (Spain)
3.848% due 04/12/23		$200,000		208,569
4.379% due 04/12/28		200,000		218,822
Bank of America Corp
2.917% (USD LIBOR + 0.790%) due 03/05/24 §		700,000		701,534
3.004% due 12/20/23		155,000		158,385
3.283% (USD LIBOR + 1.000%) due 04/24/23 §		500,000		504,170
3.419% due 12/20/28		203,000		211,988
3.500% due 04/19/26		110,000		117,084
3.550% due 03/05/24		90,000		93,644
3.593% due 07/21/28		100,000		105,804
3.864% due 07/23/24		500,000		526,879
3.974% due 02/07/30		540,000		591,633
4.100% due 07/24/23		500,000		534,216
4.200% due 08/26/24		160,000		171,732
4.250% due 10/22/26		420,000		455,486
4.330% due 03/15/50		20,000		23,665
4.450% due 03/03/26		90,000		98,167
Bank of Montreal (Canada) 3.803% due 12/15/32		60,000		62,282
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		600,000		631,867
Barclays Bank PLC (United Kingdom)
2.676% (USD LIBOR + 0.400%) due 10/25/19 §		900,000		900,210
7.625% due 11/21/22		800,000		882,572
Barclays PLC (United Kingdom)
3.588% (USD LIBOR + 1.430%) due 02/15/23 §		1,000,000		1,000,169
3.684% due 01/10/23		500,000		508,734

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-12

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
4.610% due 02/15/23		$700,000		$727,543
4.972% due 05/16/29		900,000		988,540
8.000% due 12/15/20		EUR 600,000		700,581
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		$120,000		142,461
BNP Paribas SA (France)
4.375% due 03/01/33 ~		250,000		263,958
4.705% due 01/10/25 ~		230,000		248,779
5.198% due 01/10/30 ~		410,000		480,309
Boston Properties LP REIT 4.500% due 12/01/28		500,000		569,349
BPCE SA (France) 4.000% due 09/12/23 ~		850,000		897,052
Capital One Financial Corp 4.250% due 04/30/25		500,000		541,561
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		177,424
CBL & Associates LP REIT 5.950% due 12/15/26		1,200,000		849,000
Citibank NA
2.844% due 05/20/22		1,000,000		1,010,475
2.850% due 02/12/21		800,000		809,362
3.650% due 01/23/24		1,600,000		1,695,960
Citigroup Inc
2.750% due 04/25/22		800,000		812,206
4.075% due 04/23/29		150,000		163,914
4.400% due 06/10/25		170,000		182,925
5.300% due 05/06/44		102,000		127,000
5.500% due 09/13/25		220,000		249,424
5.950% due 01/30/23		300,000		312,214
5.950% due 05/15/25		210,000		222,521
6.675% due 09/13/43		70,000		101,657
8.125% due 07/15/39		70,000		114,498
Commonwealth Bank of Australia (Australia) 5.000% due 10/15/19 ~		70,000		70,077
Cooperatieve Rabobank UA (Netherlands)
3.125% due 04/26/21		400,000		406,981
4.625% due 12/01/23		290,000		312,008
5.500% due 06/29/20 ~		EUR 700,000		787,230
6.625% due 06/29/21 ~		400,000		476,173
6.875% due 03/19/20 ~		300,000		337,444
Credit Agricole SA (France) 8.375% due 10/13/19 ~		$300,000		301,980
Credit Suisse AG (Switzerland) 6.500% due 08/08/23 ~		1,200,000		1,339,277
Credit Suisse Group AG (Switzerland) 3.372% (USD LIBOR + 1.240%) due 06/12/24 § ~		750,000		755,227
Credit Suisse Group Funding Guernsey Ltd (Switzerland)
3.750% due 03/26/25		800,000		841,241
3.800% due 09/15/22		800,000		831,465
3.800% due 06/09/23		800,000		835,908
4.875% due 05/15/45		270,000		331,161
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		200,000		210,346
5.375% due 01/12/24 ~		200,000		219,846
Deutsche Bank AG (Germany)
2.971% (USD LIBOR + 0.970%) due 07/13/20 §		500,000		498,882
3.150% due 01/22/21		600,000		598,815
3.950% due 02/27/23		500,000		507,557
4.250% due 10/14/21		900,000		913,258
5.000% due 02/14/22		900,000		932,266
Digital Realty Trust LP REIT 4.450% due 07/15/28		500,000		553,329
EPR Properties REIT 5.250% due 07/15/23		400,000		430,474
ERP Operating LP REIT 3.375% due 06/01/25		200,000		211,578

	Principal Amount		Value
GE Capital International Funding Co 2.342% due 11/15/20		$1,183,000		$1,180,437
GE Capital UK Funding Unlimited Co 5.875% due 11/04/20		GBP 600,000		771,945
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		$200,000		207,868
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		211,455
HSBC Holdings PLC (United Kingdom)
2.724% (USD LIBOR + 0.600%) due 05/18/21 §		500,000		500,573
3.400% due 03/08/21		1,500,000		1,523,375
3.900% due 05/25/26		200,000		212,279
3.973% due 05/22/30		200,000		213,762
4.583% due 06/19/29		560,000		621,714
Industrial & Commercial Bank of China Ltd (China) 2.992% (USD LIBOR + 0.875%) due 11/29/19 § ~		800,000		800,408
ING Groep NV (Netherlands)
3.150% due 03/29/22		800,000		818,335
4.625% due 01/06/26 ~		700,000		774,940
International Lease Finance Corp 5.875% due 08/15/22		150,000		164,402
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		221,983
5.017% due 06/26/24 ~		370,000		381,211
Jackson National Life Global Funding
2.375% due 09/15/22 ~		900,000		905,380
3.300% due 06/11/21 ~		400,000		407,892
JPMorgan Chase & Co
2.550% due 10/29/20		1,000,000		1,005,311
2.700% due 05/18/23		1,400,000		1,424,928
3.125% due 01/23/25		500,000		518,425
3.509% due 01/23/29		150,000		158,674
3.514% due 06/18/22		500,000		511,838
3.797% due 07/23/24		500,000		527,986
4.203% due 07/23/29		170,000		189,026
4.250% due 10/01/27		120,000		132,014
4.452% due 12/05/29		220,000		249,044
4.950% due 06/01/45		250,000		310,800
JPMorgan Chase Bank NA
2.607% (USD LIBOR + 0.340%) due 04/26/21 §		500,000		500,320
3.086% due 04/26/21		300,000		301,613
KEB Hana Bank (South Korea) 3.375% due 01/30/22 ~		900,000		919,138
Kilroy Realty LP REIT 4.750% due 12/15/28		1,000,000		1,126,313
Kimco Realty Corp REIT 2.700% due 03/01/24		900,000		907,822
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		36,558
LifeStorage LP REIT 3.500% due 07/01/26		800,000		822,155
Lloyds Bank PLC (United Kingdom) 3.300% due 05/07/21		500,000		508,760
Lloyds Banking Group PLC (United Kingdom)
2.408% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		528,629
2.858% due 03/17/23		$1,100,000		1,103,940
3.574% due 11/07/28		200,000		204,212
4.000% due 03/07/25		AUD 900,000		649,130
4.450% due 05/08/25		$500,000		538,593
4.500% due 11/04/24		260,000		271,641
7.625% due 06/27/23 ~		GBP 600,000		804,633
Metropolitan Life Global Funding 3.450% due 12/18/26 ~		$700,000		752,929
Mid-America Apartments LP REIT 4.200% due 06/15/28		700,000		772,681

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-13

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Mitsubishi UFJ Financial Group Inc (Japan)
3.407% due 03/07/24		$700,000		$728,832
3.455% due 03/02/23		600,000		621,409
Mizuho Financial Group Inc (Japan) 3.922% due 09/11/24		600,000		631,471
Morgan Stanley
2.731% (USD LIBOR + 0.550%) due 02/10/21 §		500,000		500,477
3.125% due 07/27/26		200,000		206,147
3.458% (USD LIBOR + 1.180%) due 01/20/22 §		500,000		504,944
3.737% due 04/24/24		700,000		731,395
3.772% due 01/24/29		40,000		42,783
4.431% due 01/23/30		160,000		179,923
Nasdaq Inc 3.850% due 06/30/26		800,000		858,038
National Australia Bank Ltd (Australia) 3.625% due 06/20/23		500,000		526,604
National Retail Properties Inc REIT 3.500% due 10/15/27		200,000		209,590
Navient Corp 8.000% due 03/25/20		600,000		613,500
New York Life Global Funding 2.900% due 01/17/24 ~		1,000,000		1,031,810
Oversea-Chinese Banking Corp Ltd (Singapore) 2.574% (USD LIBOR + 0.450%) due 05/17/21 § ~		400,000		400,679
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		50,000		52,820
Regions Bank 3.374% due 08/13/21		500,000		504,434
Reliance Standard Life Global Funding II
2.500% due 01/15/20 ~		30,000		30,024
2.625% due 07/22/22 ~		900,000		907,919
Royal Bank of Scotland Group PLC (United Kingdom)
3.875% due 09/12/23		800,000		826,143
5.125% due 05/28/24		720,000		768,042
6.125% due 12/15/22		70,000		75,789
7.500% due 08/10/20		800,000		819,000
8.625% due 08/15/21		600,000		644,010
Santander Holdings USA Inc
4.450% due 12/03/21		1,000,000		1,044,758
4.500% due 07/17/25		130,000		139,588
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		1,100,000		1,104,484
Santander UK PLC (United Kingdom)
2.375% due 03/16/20		40,000		40,036
3.750% due 11/15/21		1,000,000		1,032,693
Simon Property Group LP REIT 2.500% due 09/01/20		400,000		401,388
Skandinaviska Enskilda Banken AB (Sweden)
2.554% (USD LIBOR + 0.430%) due 05/17/21 § ~		500,000		501,480
3.250% due 05/17/21 ~		500,000		508,682
Societe Generale SA (France) 4.250% due 09/14/23 ~		500,000		530,891
Standard Chartered PLC (United Kingdom) 2.744% due 09/10/22 ~		900,000		901,300
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		120,000		119,672
Svenska Handelsbanken AB (Sweden) 3.350% due 05/24/21		250,000		255,098
Synchrony Bank 3.650% due 05/24/21		500,000		509,729
Teachers Insurance & Annuity Association of America
4.900% due 09/15/44 ~		40,000		49,828
6.850% due 12/16/39 ~		18,000		26,655

	Principal Amount		Value
The Depository Trust & Clearing Corp 4.875% due 06/15/20 ~		$250,000		$252,554
The Goldman Sachs Group Inc
2.898% (USD LIBOR + 0.750%) due 02/23/23 §		600,000		599,860
3.036% (USD LIBOR + 0.780%) due 10/31/22 §		500,000		501,593
3.200% due 02/23/23		60,000		61,662
3.319% (USD LIBOR + 1.200%) due 09/15/20 §		500,000		503,932
3.328% (USD LIBOR + 1.170%) due 05/15/26 §		1,000,000		1,005,860
3.500% due 01/23/25		700,000		730,805
3.750% due 05/22/25		600,000		635,892
3.850% due 07/08/24		310,000		328,653
4.223% due 05/01/29		470,000		513,139
4.250% due 10/21/25		470,000		504,240
5.150% due 05/22/45		340,000		404,979
6.250% due 02/01/41		70,000		97,277
The Toronto-Dominion Bank (Canada)
2.500% due 01/18/23 ~		1,200,000		1,216,766
3.350% due 10/22/21 ~		500,000		514,745
UBS AG (Switzerland) 2.682% (USD LIBOR + 0.580%) due 06/08/20 § ~		1,200,000		1,203,434
UBS Group Funding Switzerland AG (Switzerland)
2.859% due 08/15/23 ~		200,000		202,320
3.000% due 04/15/21 ~		1,000,000		1,012,266
3.491% due 05/23/23 ~		260,000		267,035
4.125% due 09/24/25 ~		1,000,000		1,081,342
4.125% due 04/15/26 ~		200,000		217,748
4.253% due 03/23/28 ~		270,000		294,793
7.000% due 01/31/24 ~		250,000		265,813
UniCredit SPA (Italy)
6.572% due 01/14/22 ~		350,000		375,570
7.830% due 12/04/23 ~		1,800,000		2,111,857
VEREIT Operating Partnership LP REIT 3.950% due 08/15/27		200,000		211,279
Vesteda Finance BV (Netherlands) 2.500% due 10/27/22 ~		EUR 600,000		698,956
Visa Inc
3.150% due 12/14/25		$150,000		160,057
4.300% due 12/14/45		100,000		124,179
Washington Prime Group LP REIT 6.450% due 08/15/24		950,000		933,660
WEA Finance LLC REIT (France) 3.750% due 09/17/24 ~		270,000		286,325
Wells Fargo & Co
3.000% due 10/23/26		200,000		205,293
3.450% due 02/13/23		40,000		41,347
3.486% (USD LIBOR + 1.230%) due 10/31/23 §		2,000,000		2,031,253
3.584% due 05/22/28		100,000		106,022
3.750% due 01/24/24		950,000		1,006,727
4.150% due 01/24/29		130,000		144,074
4.400% due 06/14/46		30,000		33,761
4.750% due 12/07/46		220,000		260,830
4.900% due 11/17/45		190,000		227,752
5.375% due 11/02/43		80,000		101,163
5.606% due 01/15/44		150,000		194,280
Wells Fargo Bank NA
2.082% due 09/09/22		900,000		898,108
3.625% due 10/22/21		300,000		308,758
Westpac Banking Corp (Australia) 2.300% due 05/26/20		40,000		40,078
				111,144,806

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-14

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Industrial - 2.7%
3M Co 2.375% due 08/26/29		$60,000		$59,615
Aviation Capital Group LLC
2.875% due 01/20/22 ~		500,000		502,204
4.125% due 08/01/25 ~		600,000		626,498
CNH Industrial Capital LLC 4.875% due 04/01/21		400,000		415,072
DAE Funding LLC (United Arab Emirates) 5.750% due 11/15/23 ~		60,000		63,201
Eaton Corp
2.750% due 11/02/22		130,000		132,332
4.150% due 11/02/42		20,000		22,177
GATX Corp
3.007% (USD LIBOR + 0.720%) due 11/05/21 §		1,000,000		1,003,005
4.750% due 06/15/22		400,000		423,967
4.850% due 06/01/21		290,000		302,483
General Electric Co
3.150% due 09/07/22		77,000		78,268
5.300% due 02/11/21		200,000		206,693
5.500% due 01/08/20		20,000		20,157
5.875% due 01/14/38		40,000		48,124
6.750% due 03/15/32		30,000		37,762
6.875% due 01/10/39		298,000		395,054
John Deere Capital Corp 2.652% (USD LIBOR + 0.550%) due 06/07/23 §		500,000		501,826
L3Harris Technologies Inc 5.054% due 04/27/45		60,000		75,433
Lockheed Martin Corp
3.100% due 01/15/23		20,000		20,639
3.550% due 01/15/26		70,000		75,118
4.500% due 05/15/36		30,000		35,991
Northrop Grumman Corp
2.930% due 01/15/25		40,000		41,266
3.250% due 01/15/28		160,000		168,103
NTT Finance Corp (Japan) 1.900% due 07/21/21 ~		800,000		795,685
Penske Truck Leasing Co LP
4.125% due 08/01/23 ~		600,000		635,397
4.250% due 01/17/23 ~		800,000		846,609
Raytheon Co 3.125% due 10/15/20		70,000		70,858
Republic Services Inc 2.500% due 08/15/24		50,000		50,607
Rockwell Collins Inc
2.800% due 03/15/22		500,000		508,412
3.100% due 11/15/21		800,000		811,990
3.200% due 03/15/24		1,000,000		1,039,400
SMBC Aviation Capital Finance DAC (Ireland) 3.000% due 07/15/22 ~		1,100,000		1,112,309
The Boeing Co
2.700% due 02/01/27		30,000		30,677
2.800% due 03/01/27		30,000		30,702
3.100% due 05/01/26		10,000		10,501
3.200% due 03/01/29		90,000		94,590
3.250% due 02/01/35		130,000		135,630
3.750% due 02/01/50		40,000		43,422
TTX Co 2.600% due 06/15/20 ~		550,000		551,333
Union Pacific Corp 4.500% due 09/10/48		130,000		154,884
United Technologies Corp 3.950% due 08/16/25		60,000		65,733
4.125% due 11/16/28		30,000		33,977
4.500% due 06/01/42		60,000		72,109

	Principal Amount		Value
Waste Management Inc 3.200% due 06/15/26		$30,000		$31,675
3.450% due 06/15/29		20,000		21,590
3.500% due 05/15/24		100,000		105,369
4.150% due 07/15/49		50,000		58,540
WRKCo Inc 4.650% due 03/15/26		1,000,000		1,098,608
				13,665,595
Technology - 1.8%
Activision Blizzard Inc 2.600% due 06/15/22		900,000		909,537
Apple Inc 2.450% due 08/04/26		180,000		182,838
Broadcom Corp
2.650% due 01/15/23		700,000		699,819
3.000% due 01/15/22		700,000		707,033
Broadcom Inc 3.125% due 10/15/22 ~		900,000		911,659
Dell International LLC
4.420% due 06/15/21 ~		1,000,000		1,031,358
5.450% due 06/15/23 ~		500,000		544,787
Hewlett Packard Enterprise Co 2.763% (USD LIBOR + 0.720%) due 10/05/21 §		600,000		600,058
Intel Corp 3.700% due 07/29/25		50,000		54,227
International Business Machines Corp 3.000% due 05/15/24		170,000		176,031
Microsoft Corp
2.400% due 08/08/26		490,000		500,280
2.700% due 02/12/25		60,000		62,319
3.300% due 02/06/27		200,000		215,773
3.450% due 08/08/36		20,000		22,141
3.950% due 08/08/56		30,000		35,533
NXP BV (Netherlands)
4.625% due 06/01/23 ~		700,000		746,393
4.875% due 03/01/24 ~		800,000		868,406
salesforce.com Inc 3.700% due 04/11/28		30,000		32,962
VMware Inc 2.950% due 08/21/22		500,000		507,280
				8,808,434
Utilities - 2.4%
American Electric Power Co Inc 2.150% due 11/13/20		500,000		500,367
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		77,945
Duke Energy Corp
2.675% (USD LIBOR + 0.500%) due 05/14/21 § ~		500,000		502,152
3.150% due 08/15/27		200,000		208,044
3.550% due 09/15/21		800,000		819,012
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		21,905
Emera US Finance LP (Canada) 2.700% due 06/15/21		800,000		804,904
Entergy Corp 5.125% due 09/15/20		400,000		408,151
FirstEnergy Corp
3.900% due 07/15/27		190,000		202,642
4.250% due 03/15/23		170,000		179,928
7.375% due 11/15/31		590,000		835,601
IPALCO Enterprises Inc 3.450% due 07/15/20		800,000		804,883
LG&E & KU Energy LLC 4.375% due 10/01/21		500,000		516,460
National Fuel Gas Co 4.900% due 12/01/21		2,000,000		2,072,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-15

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
NextEra Energy Capital Holdings Inc
2.403% due 09/01/21		$900,000		$905,941
2.852% (USD LIBOR + 0.720%) due 02/25/22 §		900,000		908,470
3.200% due 02/25/22		900,000		920,706
Niagara Mohawk Power Corp 4.278% due 12/15/28 ~		1,100,000		1,245,983
Virginia Electric & Power Co 6.350% due 11/30/37		160,000		222,795
				12,158,729
Total Corporate Bonds & Notes (Cost $232,174,252)				240,498,519
SENIOR LOAN NOTES - 1.1%
Communications - 0.2%
Altice France SA Term B-12 (France) 5.715% (USD LIBOR + 3.000%) due 01/31/26 §		254,750		254,093
Charter Communications Operating LLC Term B 4.050% (USD LIBOR + 2.000%) due 04/30/25 §		159,738		160,873
Diamond Sports Group LLC Term B 5.300% (USD LIBOR + 3.250%) due 08/24/26 § ¥		40,000		40,269
iHeartCommunications Inc 6.100% (USD LIBOR + 4.000%) due 05/01/26 § ¥		73,076		73,647
Intelsat Jackson Holdings SA Term B-3 (Luxembourg) 5.804% (USD LIBOR + 3.750%) due 11/27/23 § ¥		50,000		50,150
Level 3 Parent LLC Term B 4.294% (USD LIBOR + 2.250%) due 02/22/24 §		80,000		80,233
Nexstar Broadcasting Inc Term B due 09/19/26 ¥		100,000		100,615
Univision Communications Inc Term C-5 4.794% (USD LIBOR + 2.750%) due 03/15/24 §		141,716		137,970
Virgin Media Bristol LLC Term K 4.528% (USD LIBOR + 2.500%) due 01/15/26 §		100,000		100,141
Ziggo BV Term E (Netherlands) 4.528% (USD LIBOR + 2.500%) due 04/15/25 §		109,750		109,681
				1,107,672
Consumer, Cyclical - 0.3%
Alterra Mountain Co Term B 5.044% (USD LIBOR + 3.000%) due 07/31/24 §		79,394		79,592
Boyd Gaming Corp Term B 4.166% (USD LIBOR + 2.500%) due 09/15/23 §		136,109		136,714
Caesars Resort Collection LLC Term B 4.794% (USD LIBOR + 2.750%) due 12/22/24 §		120,316		119,682
CEOC LLC Term B 4.044% (USD LIBOR + 2.000%) due 10/06/24 §		24,848		24,862
CityCenter Holdings LLC Term B 4.294% (USD LIBOR + 2.250%) due 04/18/24 §		32,923		33,040
Four Seasons Hotels Ltd Term B (Canada) due 11/30/23 ¥		49,872		50,166
Hilton Worldwide Finance LLC Term B-2 due 06/21/26 ¥		100,000		100,715

	Principal Amount		Value
Michaels Stores Inc Term B 4.544% (USD LIBOR + 2.500%) due 01/28/23 §	$	106,806	$	104,536
Panther BF Aggregator 2 LP Term B 5.544% (USD LIBOR + 3.500%) due 04/30/26 §		90,000		89,513
Party City Holdings Inc 4.550% (USD LIBOR + 2.750%) due 08/19/22 §		139,503		138,486
PCI Gaming Authority Term B 5.044% (USD LIBOR + 3.000%) due 05/31/26 §		39,900		40,159
Scientific Games International Inc Term B-5 4.876% (USD LIBOR + 2.750%) due 08/14/24 §		205,167		203,738
Stars Group Holdings BV Term B (Canada) 5.604% (USD LIBOR + 3.500%) due 07/10/25 §		9,223		9,271
TKC Holdings Inc 5.800% (USD LIBOR + 3.750%) due 02/01/23 §		69,639		68,580
UFC Holdings LLC Term B 5.300% (USD LIBOR + 3.250%) due 04/29/26 §		99,487		99,964
				1,299,018
Consumer, Non-Cyclical - 0.3%
Air Medical Group Holdings Inc Term B 5.307% (USD LIBOR + 3.250%) due 04/28/22 §		305,473		286,686
Albertson’s LLC Term B-8 4.794% (USD LIBOR + 2.750%) due 08/17/26 §		48,445		48,799
Allied Universal Holdco LLC 6.507% (USD LIBOR + 4.250%) due 07/12/26 §		18,198		18,248
Atlantic Aviation FBO Inc Term B 5.800% (USD LIBOR + 3.750%) due 12/06/25 §		19,850		20,023
Bausch Health Americas Inc Term B 5.039% (USD LIBOR + 3.000%) due 06/01/25 §		46,557		46,798
Change Healthcare Holdings LLC Term B 4.544% (USD LIBOR + 2.750%) due 03/01/24 §		79,516		79,237
Jaguar Holding Co II 4.544% (USD LIBOR + 2.500%) due 08/18/22 §		29,922		29,985
MPH Acquisition Holdings LLC Term B 4.854% (USD LIBOR + 3.000%) due 06/07/23 §		186,441		177,974
Option Care Health Inc 6.544% (USD LIBOR + 4.500%) due 08/06/26 §		80,000		80,100
Phoenix Guarantor Inc Term B 6.567% (USD LIBOR + 4.500%) due 03/05/26 §		101,564		101,913
Prime Security Services Borrower LLC Term B 5.210% (USD LIBOR + 3.250%) due 09/23/26 §		159,626		158,001
RegionalCare Hospital Partners Holdings Inc 6.554% (USD LIBOR + 4.500%) due 11/16/25 §		168,999		169,342
VVC Holding Corp Term B 6.681% (USD LIBOR + 4.500%) due 02/11/26 §		159,200		158,570
				1,375,676

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-16

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Diversified - 0.0%
First Eagle Holdings Inc Term B 4.854% (USD LIBOR + 2.750%) due 12/01/24 §		$39,725		$39,837
Energy - 0.0%
Blackstone CQP Holdco LP Term B 5.656% (USD LIBOR + 3.500%) due 06/20/24 §		29,925		30,107
Financial - 0.1%
Asurion LLC Term B-4
5.044% (USD LIBOR + 2.750%) due 08/04/22 §		126,629		127,136
Term B-7 5.044% (USD LIBOR + 3.000%) due 11/03/24 §		59,522		59,783
Avolon (US) LLC Term B-3 (Ireland) 3.794% (USD LIBOR + 1.750%) due 01/15/25 §		93,709		94,224
Focus Financial Partners LLC Term B 4.544% (USD LIBOR + 2.500%) due 07/03/24 §		19,899		20,013
Jane Street Group LLC Term B 5.044% (USD LIBOR + 3.000%) due 08/25/22 §		49,674		49,674
LPL Holdings Inc Term B 4.304% (USD LIBOR + 2.250%) due 09/21/24 §		19,848		19,978
RPI Finance Trust Term B-6 4.044% (USD LIBOR + 2.000%) due 04/17/23 §		69,146		69,573
The Edelman Financial Center LLC Term B 5.307% (USD LIBOR + 3.250%) due 07/19/25 §		59,550		59,725
VFH Parent LLC due 03/01/26 ¥		10,000		10,032
				510,138
Industrial - 0.1%
APi Group DE Inc Term B due 10/01/26 ¥		60,000		60,300
Reynolds Group Holdings Inc Term B 4.794% (USD LIBOR + 3.000%) due 02/05/23 §		158,877		159,311
				219,611
Technology - 0.1%
Dcert Buyer Inc due 08/08/26 ¥		140,000		139,796
Dell International LLC Term B 4.050% (USD LIBOR + 2.000%) due 09/19/25 §		167,664		168,712
Digicert Holdings Inc Term B 6.044% (USD LIBOR + 4.000%) due 10/31/24 §		189,045		189,242
McAfee LLC Term B 5.794% (USD LIBOR + 3.750%) due 09/29/24 §		89,548		89,836
				587,586
Total Senior Loan Notes (Cost $5,192,790)				5,169,645

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 50.8%
Collateralized Mortgage Obligations - Commercial - 2.4%
Ashford Hospitality Trust 3.028% (USD LIBOR + 1.000%) due 05/15/35 § ~	$	600,000	$	600,210
BAMLL Re-REMIC Trust 6.006% due 08/10/45 § ~		1,653,368		1,079,257
BBCCRE Trust 4.563% due 08/10/33 § ~		320,000		315,456
BX Commercial Mortgage Trust 4.078% (USD LIBOR + 2.050%) due 11/15/35 § ~		109,939		110,406
Commercial Mortgage Trust 4.342% due 02/10/48 §		90,000		93,597
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39		77,556		52,757
CSMC Trust 4.373% due 09/15/37 ~		830,000		776,027
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		993,062
DBUBS Mortgage Trust 5.334% due 08/10/44 § ~		260,000		272,456
Fannie Mae
3.273% due 01/25/29		140,000		152,807
3.450% due 01/01/29		150,000		166,395
3.555% due 09/25/28 §		280,000		310,429
3.610% due 02/25/31		70,000		78,494
3.700% due 01/25/36		100,000		113,081
Fannie Mae (IO) 0.355% due 10/25/24 §		10,494,569		162,559
Freddie Mac Multifamily Structured Pass-Through Certificates 3.505% due 03/25/29		170,000		188,958
FREMF Mortgage Trust 4.239% (USD LIBOR + 2.150%) due 01/25/26 § ~		359,716		362,972
GE Commercial Mortgage Co 5.677% due 12/10/49 §		180,000		42,306
Government National Mortgage Association (IO) 0.403% due 01/16/53 §		10,259,032		286,569
0.589% due 04/16/47 §		3,874,699		139,336
GRACE Mortgage Trust 3.520% due 06/10/28 ~		600,000		607,178
GS Mortgage Securities Trust 3.203% due 02/10/29 ~		400,000		402,879
3.328% (USD LIBOR + 1.300%) due 09/15/31 § ~		1,120,000		1,108,778
5.622% due 11/10/39		106,451		93,989
JP Morgan Chase Commercial Mortgage Securities Trust 5.438% due 01/15/49 ~		470,000		92,889
5.810% due 02/12/49 §		907,321		606,804
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		57,032		35,816
Morgan Stanley Bank of America Merrill Lynch Trust 3.040% due 04/15/48		1,000,000		1,025,979
Morgan Stanley Capital I Trust 3.516% due 07/13/29 § ~		600,000		609,479
3.560% due 07/13/29 § ~		700,000		710,976
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		191,630		197,710
Wells Fargo Commercial Mortgage Trust (IO) 1.432% due 03/15/50 §		4,734,447		371,586
				12,161,197

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-17

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 6.7%
Alternative Loan Trust
2.188% (USD LIBOR + 0.170%) due 07/25/46 §	$	285,234	$	280,130
2.228% (USD LIBOR + 0.210%) due 05/25/35 §		268,818		258,846
3.942% due 06/25/37 §		122,035		106,997
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,376,564		483,876
Banc of America Funding Trust 4.808% due 05/25/35 §		19,324		19,857
BCAP LLC Trust 3.185% due 03/28/37 § ~		1,578,733		1,572,894
4.882% due 03/26/37 ~		38,836		39,286
Bear Stearns Adjustable Rate Mortgage Trust 4.433% due 08/25/33 §		22,316		22,306
4.667% due 10/25/36 §		7,232		7,123
4.853% due 01/25/35 §		314,768		321,950
Bear Stearns ALT-A Trust
3.825% due 11/25/36 §		49,025		41,019
4.496% due 05/25/35 §		17,266		17,584
Chase Mortgage Finance Trust
4.049% due 09/25/36 §		65,056		61,355
4.711% due 02/25/37 §		226,083		231,734
ChaseFlex Trust 2.168% (USD LIBOR + 0.150%) due 08/25/37 §		402,293		428,641
Chevy Chase Funding LLC 2.268% (USD LIBOR + 0.250%) due 08/25/35 § ~		17,752		17,657
2.727% due 05/25/35 § ~		738,159		589,602
Citigroup Mortgage Loan Trust Inc 4.550% (UST + 2.150%) due 09/25/35 §		9,047		9,308
Countrywide Home Loan Mortgage Pass-Through Trust 2.658% (USD LIBOR + 0.640%) due 03/25/35 §		9,189		9,430
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		47,352		39,261
Downey Saving & Loan Association Mortgage Loan Trust 2.237% (USD LIBOR + 0.180%) due 04/19/47 §		99,524		92,341
Eurosail-UK PLC (United Kingdom) 1.735% (GBP LIBOR + 0.950%) due 06/13/45 § ~		GBP 724,396		881,882
Fannie Mae 2.550% (USD LIBOR + 0.450%) due 09/25/46 §		$558,652		559,087
3.375% (US PRIME - 1.625%) due 11/25/23 §		60,536		58,609
5.500% due 04/25/35		373,184		429,183
Fannie Mae (IO) 3.982% (6.000% - USD LIBOR) due 11/25/45 §		1,685,564		359,730
4.000% due 03/25/43		390,162		40,125
4.000% due 04/25/43		1,547,311		150,590
4.082% (6.100% - USD LIBOR) due 09/25/46 §		1,050,374		183,658
Freddie Mac (IO) 3.500% due 04/15/43		947,229		103,730
4.000% due 04/15/43		370,048		28,004
4.179% (6.100% - USD LIBOR) due 08/15/44 §		267,961		53,223
Freddie Mac REMICS 3.000% due 08/15/48		438,533		438,565
8.000% due 04/15/30		68,229		79,704

	Principal Amount		Value
Freddie Mac Structured Agency Credit Risk Debt Notes 5.168% (USD LIBOR + 3.150%) due 07/25/30 §	$	1,120,000	$	1,140,526
6.018% (USD LIBOR + 4.000%) due 08/25/24 §		376,686		398,373
GMACM Mortgage Loan Trust 6.000% due 12/25/35		659,393		650,347
Government National Mortgage Association 2.529% (USD LIBOR + 0.300%) due 05/20/68 §		435,906		433,919
2.829% (USD LIBOR + 0.600%) due 07/20/65 §		651,620		651,258
3.029% (USD LIBOR + 0.800%) due 06/20/66 §		737,319		742,758
3.029% (USD LIBOR + 0.800%) due 07/20/66 §		1,194,244		1,202,727
3.629% (USD LIBOR + 0.750%) due 04/20/67 §		740,292		753,415
5.155% due 09/20/66 §		875,155		962,374
Government National Mortgage Association (IO) 4.000% due 11/20/44		938,582		152,056
4.106% (6.150% - USD LIBOR) due 02/20/46 §		1,475,525		257,269
4.187% (6.100% - USD LIBOR) due 10/16/46 §		236,579		52,563
4.500% due 11/16/45		332,970		56,741
Great Hall Mortgages PLC (United Kingdom) 2.275% (USD LIBOR + 0.130%) due 06/18/39 § ~		281,836		274,105
GSR Mortgage Loan Trust 6.000% due 11/25/35		697,771		570,498
6.000% due 07/25/37		333,006		295,976
HarborView Mortgage Loan Trust 2.178% (USD LIBOR + 0.160%) due 05/25/38 §		329,319		289,261
2.227% (USD LIBOR + 0.170%) due 12/19/36 §		189,063		176,616
2.497% (USD LIBOR + 0.440%) due 05/19/35 §		278,255		271,150
4.489% due 08/19/36 §		134,868		127,705
4.974% due 02/25/36 §		59,984		38,920
Hawksmoor Mortgages (United Kingdom) 1.760% (SONIA + 1.050%) due 05/25/53 § ~		GBP 3,400,000		4,189,950
JP Morgan Mortgage Trust 3.500% due 10/25/48 § ~		$2,338,846		2,386,803
4.420% due 07/25/35 §		29,542		29,983
5.750% due 01/25/36		15,554		12,255
Ludgate Funding PLC (United Kingdom) 0.920% (GBP LIBOR + 0.160%) due 01/01/61 § ~		GBP 481,772		553,892
Merrill Lynch Mortgage Investors Trust 4.351% due 11/25/35 §		$348,385		359,333
Morgan Stanley Resecuritization Trust 3.192% (US FED + 0.710%) due 12/27/46 § ~		1,678,742		1,401,726
New Residential Mortgage Loan Trust 2.492% due 09/25/59 § ~		390,000		393,103
Nomura Resecuritization Trust 7.295% due 06/26/35 § ~		1,853,408		1,909,433
RBSSP Resecuritization Trust 4.317% due 12/25/35 § ~		99,554		102,596
Reperforming Loan REMIC Trust 2.358% (USD LIBOR + 0.340%) due 06/25/35 § ~		31,047		29,956
2.358% (USD LIBOR + 0.340%) due 01/25/36 § ~		185,042		180,895
Ripon Mortgages PLC (United Kingdom) 1.561% (GBP LIBOR + 0.800%) due 08/20/56 § ~		GBP 755,531		928,409

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-18

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Silverstone Master Issuer PLC (United Kingdom) 2.848% (USD LIBOR + 0.570%) due 01/21/70 § ~		$900,000	$	900,643
Towd Point Mortgage Funding PLC (United Kingdom) 1.798% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 1,415,673		1,742,428
WaMu Mortgage Pass-Through Certificates Trust 3.941% due 02/25/37 §		$154,366		148,545
Wells Fargo Mortgage-Backed Securities Trust 4.945% due 12/25/34 §		13,068		13,607
4.991% due 03/25/36 §		104,643		104,993
5.162% due 04/25/35 §		288,773		299,038
				33,203,432
Fannie Mae - 21.5%
2.310% due 08/01/22		499,209		503,903
2.500% due 10/01/49		400,000		398,214
2.740% due 08/01/29		100,000		104,599
2.765% due 08/01/31		100,000		104,352
2.770% due 08/01/31		100,000		104,402
2.790% due 08/01/29		100,000		105,179
2.810% due 04/01/25		30,000		31,261
2.810% due 08/01/31		100,000		104,831
2.850% due 08/01/31		100,000		105,216
3.000% due 09/01/21 - 12/01/49		4,253,975		4,353,700
3.000% due 10/01/49		5,400,000		5,482,687
3.000% due 11/01/49		5,000,000		5,073,437
3.000% due 12/01/49		30,400,000		30,816,981
3.090% due 05/01/29		100,000		107,721
3.160% due 05/01/29 - 06/01/29		4,239,839		4,568,596
3.240% due 05/01/29		80,000		86,973
3.260% due 05/01/29		69,774		75,692
3.350% due 05/01/29		10,000		10,952
3.500% due 10/01/34 - 12/01/49		6,313,755		6,537,703
3.500% due 11/01/49		12,900,000		13,238,373
3.500% due 12/01/49		10,100,000		10,363,956
3.640% due 11/01/28		100,000		110,857
3.647% (US FED + 1.200%) due 10/01/44 §		10,451		10,663
4.000% due 06/01/25 - 06/01/57		3,852,109		4,033,497
4.000% due 11/01/49		13,700,000		14,226,058
4.108% (UST + 2.043%) due 09/01/35 §		27,873		28,866
4.218% (US FED + 1.927%) due 12/01/36 §		2,474		2,565
4.281% (USD LIBOR + 1.512%) due 11/01/32 §		31,335		31,975
4.500% due 06/01/24 - 09/01/57		3,158,130		3,351,295
4.708% (UST + 2.360%) due 11/01/34 §		27,888		29,598
4.737% (USD LIBOR + 1.737%) due 12/01/35 §		4,850		4,922
5.000% due 02/01/35 - 10/01/49		1,436,780		1,540,598
5.500% due 12/01/20 - 08/01/39		1,239,548		1,370,095
6.000% due 02/01/33 - 06/01/40		204,273		234,202
				107,253,919
Freddie Mac - 4.5%
3.000% due 02/01/38 - 10/01/49		11,639,699		11,870,803
3.500% due 10/01/42 - 08/01/49		4,222,619		4,376,427
3.751% (USD LIBOR + 1.345%) due 09/01/35 §		5,360		5,554
4.000% due 10/01/46 - 06/01/49		4,164,698		4,324,819
4.152% (USD LIBOR + 1.870%) due 09/01/35 §		25,007		26,389
4.500% due 11/01/44		130,580		141,587
4.579% (USD LIBOR + 1.726%) due 06/01/35 §		47,518		50,032

	Principal Amount		Value
4.689% (UST + 2.250%) due 11/01/31 §	$	2,113	$	2,224
4.763% (UST + 2.250%) due 04/01/32 §		10,228		10,779
5.000% due 08/01/48 - 01/01/49		1,189,962		1,275,550
5.500% due 03/01/23 - 05/01/40		531,675		600,450
6.000% due 03/01/23		8,088		8,941
				22,693,555
Government National Mortgage Association - 15.7%
3.000% due 09/15/42 - 11/20/49		1,291,189		1,326,459
3.500% due 03/20/45 - 11/20/49		3,099,341		3,219,284
3.500% due 11/20/49		12,500,000		12,946,289
4.000% due 06/20/47 - 11/20/49		1,478,869		1,543,334
4.000% due 11/20/49		30,300,000		31,504,899
4.500% due 06/20/48 - 11/20/49		3,517,410		3,684,782
4.500% due 11/20/49		11,900,000		12,428,063
5.000% due 10/15/38 - 11/20/49		3,027,339		3,206,273
5.000% due 11/20/49		8,000,000		8,425,938
				78,285,321
Total Mortgage-Backed Securities (Cost $253,992,735)				253,597,424
ASSET-BACKED SECURITIES - 5.1%
Ally Auto Receivables Trust 2.720% due 05/17/21		178,229		178,349
Apex Credit CLO Ltd (Cayman) 3.306% (USD LIBOR + 1.050%) due 10/27/28 § ~		800,000		801,819
Applebee’s Funding LLC 4.194% due 06/07/49 ~		270,000		276,510
Argent Securities Inc 2.838% (USD LIBOR + 0.820%) due 02/25/34 §		628,292		613,842
3.143% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		474,003
Asset-Backed Funding Certificates Trust 2.718% (USD LIBOR + 0.700%) due 06/25/34 §		57,267		57,054
Avis Budget Rental Car Funding AESOP LLC 3.350% due 09/22/25 ~		150,000		156,285
Basic Asset Backed Securities Trust 2.328% (USD LIBOR + 0.310%) due 04/25/36 §		401,931		402,703
Bear Stearns Asset Backed Securities I Trust 2.218% (USD LIBOR + 0.200%) due 12/25/36 §		174,312		174,543
2.258% (USD LIBOR + 0.240%) due 12/25/36 §		1,248,732		1,107,476
3.023% (USD LIBOR + 1.005%) due 06/25/35 §		275,126		275,436
Chesapeake Funding II LLC (Canada) 2.398% (USD LIBOR + 0.370%) due 08/15/30 § ~		483,127		482,841
3.230% due 08/15/30 ~		483,127		489,721
CIT Mortgage Loan Trust 3.368% (USD LIBOR + 1.350%) due 10/25/37 § ~		493,686		500,479
Citigroup Mortgage Loan Trust 2.188% (USD LIBOR + 0.170%) due 05/25/37 §		95,921		95,790
2.468% (USD LIBOR + 0.450%) due 11/25/45 § ~		391,298		390,251
Community Funding CLO (Cayman) 5.750% due 11/01/27 ~		649,859		658,745
Countrywide Asset-Backed Certificates 2.158% (USD LIBOR + 0.140%) due 07/25/37 §		345,738		315,039
2.418% (USD LIBOR + 0.400%) due 06/25/36 §		500,000		496,617

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-19

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Credit Acceptance Auto Loan Trust 3.470% due 05/17/27 ~	$	600,000	$	608,881
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		311,931		314,925
Evergreen Credit Card Trust (Canada) 1.900% due 09/15/24 ~		1,100,000		1,097,640
First Franklin Mortgage Loan Trust 2.678% (USD LIBOR + 0.660%) due 05/25/36 §		329,417		330,089
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		210,228
Gallatin CLO Ltd (Cayman) 3.328% (USD LIBOR + 1.050%) due 01/21/28 § ~		500,000		499,652
GM Financial Consumer Automobile Receivables Trust 2.740% due 07/16/21		254,219		254,622
GSAA Home Equity Trust 2.118% (USD LIBOR + 0.100%) due 03/25/37 §		463,957		220,158
6.000% due 08/25/47		429,804		424,374
Home Equity Asset Trust 2.918% (USD LIBOR + 0.900%) due 11/25/34 §		380,695		384,193
Jamestown CLO VIII Ltd (Cayman) 3.173% (USD LIBOR + 0.870%) due 01/15/28 § ~		700,000		700,384
Legacy Mortgage Asset Trust 4.000% due 01/25/59 ~		350,784		355,954
LoanCore Issuer Ltd (Cayman) 3.158% (USD LIBOR + 1.130%) due 05/15/28 § ~		500,000		500,313
Long Beach Mortgage Loan Trust 2.318% (USD LIBOR + 0.300%) due 02/25/36 §		1,051,834		917,605
Mastr Asset Backed Securities Trust 2.238% (USD LIBOR + 0.220%) due 10/25/36 §		667,593		305,674
Merrill Lynch Mortgage Investors Trust 2.178% (USD LIBOR + 0.160%) due 04/25/37 §		428,281		258,455
Monarch Grove CLO (Cayman) 3.156% (USD LIBOR + 0.880%) due 01/25/28 § ~		500,000		498,146
Morgan Stanley Home Equity Loan Trust 2.118% (USD LIBOR + 0.100%) due 12/25/36 §		1,008,607		584,272
2.158% (USD LIBOR + 0.140%) due 12/25/36 §		796,138		463,911
Mountain View CLO Ltd (Cayman) 3.103% (USD LIBOR + 0.800%) due 10/15/26 § ~		536,310		534,754
Navient Private Education Trust 3.420% due 01/15/43 ~		150,000		156,686
Navient Student Loan Trust 3.168% (USD LIBOR + 1.150%) due 07/26/66 § ~		150,000		151,693
3.430% due 12/15/59 ~		1,165,633		1,179,153
Option One Mortgage Loan Trust 2.148% (USD LIBOR + 0.130%) due 07/25/37 §		969,103		699,405
SBA Small Business Investment Cos 3.113% due 03/10/29		197,857		207,884
3.548% due 09/10/28		275,798		291,414
Securitized Asset-Backed Receivables LLC Trust 2.148% (USD LIBOR + 0.130%) due 05/25/37 §		77,637		59,739
2.158% (USD LIBOR + 0.140%) due 05/25/36 §		178,170		111,508

	Principal Amount		Value
SLM Private Education Loan Trust 5.278% (USD LIBOR + 3.250%) due 05/16/44 § ~	$	24,881	$	24,966
SLM Student Loan Trust 2.386% (USD LIBOR + 0.110%) due 10/27/25 §		27,277		27,267
SMB Private Education Loan Trust 3.528% (USD LIBOR + 1.500%) due 04/15/32 § ~		550,000		557,182
Sofi Professional Loan Program Trust 2.640% due 08/25/47 ~		268,430		269,123
Structured Asset Investment Loan Trust 2.753% (USD LIBOR + 0.735%) due 08/25/35 §		248,166		249,077
Structured Asset Securities Corp Mortgage Loan Trust 2.468% (USD LIBOR + 0.450%) due 05/25/37 § ~		1,000,000		965,765
STWD Ltd (Cayman) 3.369% (USD LIBOR + 1.080%) due 07/15/38 § ~		900,000		902,475
United States Small Business Administration 2.690% due 07/01/44		60,000		62,066
2.980% due 04/01/39		60,000		62,643
Venture XII CLO Ltd (Cayman) 2.944% (USD LIBOR + 0.800%) due 02/28/26 § ~		604,990		603,309
Venture XVI CLO Ltd (Cayman) 3.153% (USD LIBOR + 0.850%) due 01/15/28 § ~		700,000		699,944
Westlake Automobile Receivables Trust 2.980% due 01/18/22 ~		399,044		400,115
Zais CLO 1 Ltd (Cayman) 3.453% (USD LIBOR + 1.150%) due 04/15/28 § ~		500,000		500,664
Total Asset-Backed Securities (Cost $23,695,591)				25,593,811
U.S. TREASURY OBLIGATIONS - 25.3%
U.S. Treasury Bonds - 8.6%
2.875% due 05/15/43		4,700,000		5,393,893
2.875% due 05/15/49		2,900,000		3,385,750
3.000% due 05/15/42		1,800,000		2,106,914
3.000% due 08/15/48		6,300,000		7,499,461
3.125% due 02/15/43		3,500,000		4,178,262
3.125% due 08/15/44		800,000		959,469
3.625% due 08/15/43		11,800,000		15,232,832
3.750% due 11/15/43		1,500,000		1,974,902
4.250% due 05/15/39		200,000		275,723
4.375% due 05/15/40		1,000,000		1,407,813
4.625% due 02/15/40		400,000		579,508
				42,994,527
U.S. Treasury Inflation Protected Securities - 6.6%
0.125% due 07/15/26 ^		856,304		855,683
0.375% due 07/15/23 ^		2,535,750		2,552,851
0.375% due 01/15/27 ^		955,935		968,199
0.625% due 01/15/26 ^		2,483,517		2,549,918
0.750% due 07/15/28 ^		6,786,943		7,139,227
0.750% due 02/15/42 ^		828,893		878,564
0.750% due 02/15/45 ^		326,868		344,319
0.875% due 01/15/29 ^		8,535,324		9,078,020
0.875% due 02/15/47 ^		1,169,168		1,272,809
1.000% due 02/15/46 ^		898,749		1,003,893
1.000% due 02/15/48 ^		1,872,810		2,106,642
1.000% due 02/15/49 ^		1,396,866		1,582,481
1.375% due 02/15/44 ^		2,124,698		2,551,081
				32,883,687

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-20

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
U.S. Treasury Notes - 10.1%
1.625% due 05/31/23	$	2,000,000	$	2,004,453
1.625% due 09/30/26		540,000		540,158
1.625% due 08/15/29		20,000		19,916
1.750% due 06/30/24		1,900,000		1,916,588
1.875% due 07/31/22 ‡		1,700,000		1,713,148
1.875% due 08/31/22		4,000,000		4,034,375
2.000% due 10/31/22		1,000,000		1,012,539
2.125% due 09/30/24		2,100,000		2,155,986
2.250% due 01/31/24		2,000,000		2,057,266
2.250% due 02/15/27		600,000		626,109
2.250% due 08/15/27 ‡		300,000		313,699
2.625% due 02/15/29		2,000,000		2,165,508
2.750% due 02/15/24 ‡		400,000		420,000
2.875% due 10/31/23 ‡		30,000,000		31,546,875
				50,526,620
Total U.S. Treasury Obligations (Cost $117,934,474)				126,404,834
FOREIGN GOVERNMENT BONDS & NOTES - 5.8%
Abu Dhabi Government International Bond (United Arab Emirates) 2.500% due 10/11/22 ~		200,000		202,252
3.125% due 09/30/49 ~		430,000		417,638
Argentina POM Politica Monetaria (Argentina) 74.877% (ARS Reference + 0.000%) due 06/21/20 § W		ARS 5,340,000		40,941
Argentine Bonos del Tesoro (Argentina) 18.200% due 10/03/21 W		4,750,000		29,134
Argentine Republic Government International (Argentina) 3.750% due 12/31/38		$250,000		100,315
5.625% due 01/26/22		430,000		187,054
7.500% due 04/22/26		340,000		151,728
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 400,000		443,515
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) 10.000% due 01/01/21		BRL 5,338,000		1,360,793
Brazilian Government International (Brazil) 4.625% due 01/13/28		$270,000		287,350
5.000% due 01/27/45		400,000		415,906
5.625% due 01/07/41		120,000		134,551
5.625% due 02/21/47		200,000		224,377
China Government (China) 3.310% due 11/30/25 ~		CNY 3,000,000		429,592
3.380% due 11/21/24 ~		500,000		71,624
3.390% due 05/21/25 ~		1,000,000		143,531
Colombia Government (Colombia) 5.625% due 02/26/44		$200,000		250,752
Egypt Government International Bond (Egypt) 5.577% due 02/21/23 ~		200,000		204,657
Indonesia Government (Indonesia) 3.500% due 01/11/28		200,000		206,726
4.875% due 05/05/21 ~		500,000		518,990
5.125% due 01/15/45 ~		200,000		239,210
Indonesia Treasury (Indonesia) 7.000% due 05/15/27		IDR 9,547,000,000		669,359
7.500% due 06/15/35		1,622,000,000		112,674
Israel Government International Bond (Israel) 4.125% due 01/17/48		$600,000		706,314
Japan Bank for International Cooperation (Japan) 2.375% due 07/21/22		700,000		709,727
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 289,808,366		2,778,140
Kenya Government International Bond (Kenya) 6.875% due 06/24/24 ~		$200,000		211,439

	Principal Amount		Value
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~	$	470,000	$	507,544
Mexican Bonos (Mexico) 7.750% due 11/13/42		MXN 44,120,000		2,341,016
8.500% due 05/31/29		25,980,000		1,466,592
Nigeria Government International Bond (Nigeria) 6.500% due 11/28/27 ~		$200,000		202,708
Peru Government Bond (Peru) 6.150% due 08/12/32 ~		PEN 3,000,000		1,020,555
Peruvian Government International (Peru) 5.625% due 11/18/50		$30,000		44,025
5.940% due 02/12/29 ~		PEN 1,300,000		438,006
6.550% due 03/14/37		$100,000		146,376
Province of Ontario (Canada) 3.150% due 06/02/22		CAD 900,000		703,927
Province of Quebec (Canada) 3.500% due 07/29/20		$600,000		607,536
Qatar Government International Bond (Qatar) 4.500% due 04/23/28 ~		1,000,000		1,141,764
4.817% due 03/14/49 ~		500,000		619,939
Republic of Poland Government International (Poland) 4.000% due 01/22/24		320,000		347,071
Russian Federal (Russia) 6.900% due 05/23/29		RUB 16,050,000		247,592
7.000% due 08/16/23		26,040,000		407,207
7.050% due 01/19/28		60,232,000		941,780
7.250% due 05/10/34		5,970,000		92,966
7.650% due 04/10/30		26,100,000		423,568
Spain Government (Spain) 0.600% due 10/31/29 ~		EUR 2,100,000		2,394,202
1.850% due 07/30/35 ~		1,900,000		2,472,599
Tokyo Metropolitan Government (Japan) 2.500% due 06/08/22 ~		$1,000,000		1,013,299
Total Foreign Government Bonds & Notes (Cost $29,652,272)				28,828,561
MUNICIPAL BONDS - 0.5%
City of Chicago IL ‘B’ 5.630% due 01/01/22		270,000		275,432
The University of Arizona ‘A’ 6.423% due 08/01/35		1,300,000		1,348,880
Tobacco Settlement Finance Authority of WV ‘A’ 7.467% due 06/01/47		605,000		626,611
Total Municipal Bonds (Cost $2,149,160)				2,250,923
	Shares
SHORT-TERM INVESTMENTS - 2.3%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		9,371,403		9,371,403

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-21

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
U. S. Government Agency Issues - 0.4%
Federal Home Loan Bank 1.877% due 01/23/20		$710,000	$	705,863
1.889% due 12/27/19		1,370,000		1,363,842
1.957% due 10/28/19		210,000		209,705
				2,279,410
Total Short-Term Investments (Cost $11,650,735)				11,650,813
TOTAL INVESTMENTS - 139.1% (Cost $676,442,009)				693,994,530
TOTAL SECURITIES SOLD SHORT - (1.5%) (Proceeds $7,631,578)				(7,636,921	)
DERIVATIVES - (1.2%)				(6,064,977	)
OTHER ASSETS & LIABILITIES, NET - (36.4%)				(181,276,862	)
NET ASSETS - 100.0%				$499,015,770

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	50.8%
Corporate Bonds & Notes	48.2%
U.S. Treasury Obligations	25.3%
Foreign Government Bonds & Notes	5.8%
Asset-Backed Securities	5.1%
Others (each less than 3.0%)	3.9%
	139.1%
Securities Sold Short	(1.5%	)
Derivatives	(1.2%	)
Other Assets & Liabilities, Net	(36.4%	)
	100.0%

(b) Investments with a total aggregate value of $156,640 or less than 0.1% 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 of Trustees.

(c) As of September 30, 2019, investments with a total aggregate value of $2,669,323 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(d) The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2019 was $30,187,033 at a weighted average interest rate of 2.089%.

(e) Securities sold short outstanding as of September 30, 2019 were as follows:

Description	Principal Amount		Value
Mortgage-Backed Securities - (1.5%)
Fannie Mae
4.500% due 11/13/19		$4,500,000		($4,742,227	)
5.000% due 11/13/19		2,700,000		(2,894,694	)
Total Securities Sold Short (Proceeds $7,631,578)				($7,636,921	)

(f) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Allied Universal Holdco LLC		$1,804		$1,807		$3

(g) Open futures contracts outstanding as of September 30, 2019 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		12/19		27		$1,855,848		$1,827,360		($28,488	)
CAD FX		12/19		38		2,893,415		2,873,940		(19,475	)
EUR FX		12/19		103		14,322,543		14,114,219		(208,324	)
Euro-Bobl		12/19		7		1,040,240		1,034,966		(5,274	)
Euro-BTP		12/19		181		28,530,758		28,771,556		240,798
Euro-Buxl		12/19		9		2,170,958		2,133,585		(37,373	)
Eurodollar		12/19		36		8,827,776		8,823,600		(4,176	)
Eurodollar		03/20		8		1,953,914		1,966,600		12,686
Eurodollar		06/20		57		13,932,756		14,028,412		95,656
Eurodollar		03/21		22		5,363,465		5,423,275		59,810
JPN FX		12/19		4		469,475		464,900		(4,575	)
MXN FX		12/19		136		3,435,459		3,404,080		(31,379	)
RUB FX		12/19		13		487,432		495,950		8,518
Short Euro-BTP		12/19		41		5,021,951		5,035,903		13,952
U.S. Treasury 2-Year Notes		12/19		95		20,536,079		20,472,500		(63,579	)
U.S. Treasury 5-Year Notes		12/19		1,395		167,064,396		166,212,074		(852,322	)
U.S. Treasury 10-Year Notes		12/19		197		25,894,364		25,671,562		(222,802	)
U.S. Treasury Long Bonds		12/19		286		47,007,172		46,421,375		(585,797	)
U.S. Ultra Long Bonds		12/19		43		8,365,978		8,251,969		(114,009	)
										(1,746,153	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-22

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
30-Day U.S. Fed Funds		11/19		79		$32,370,647		$32,341,566		$29,081
Australia 3-Year Bonds		12/19		17		1,322,610		1,327,455		(4,845	)
Australia 10-Year Bonds		12/19		111		10,972,655		11,039,338		(66,683	)
Euribor		09/20		117		32,091,479		32,054,904		36,575
Euribor		12/20		161		44,153,855		44,114,126		39,729
Euro-Bobl		12/19		64		9,482,714		9,462,544		20,170
Euro-Bund		12/19		129		24,709,864		24,500,256		209,608
Euro-Buxl		12/19		6		1,446,121		1,422,390		23,731
Eurodollar		06/21		47		11,542,288		11,588,437		(46,149	)
Euro-OAT		12/19		76		14,239,241		14,107,884		131,357
Euro-Schatz		12/19		21		2,574,195		2,571,125		3,070
GBP FX		12/19		10		773,475		770,750		2,725
Japan 10-Year Bonds		12/19		3		4,301,388		4,301,133		255
Long Gilt		12/19		24		3,939,265		3,961,294		(22,029	)
U.S. Treasury 10-Year Notes		12/19		507		66,519,265		66,068,437		450,828
U.S. Treasury Long Bonds		12/19		57		9,031,505		9,251,813		(220,308	)
										587,115
Total Futures Contracts										($1,159,038	)

(h) Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	721,000	USD	495,788	10/19	BRC		$—		($9,113	)
BRL	13,140,272	USD	3,385,827	10/19	CIT		—		(227,270	)
CAD	2,240,762	USD	1,709,879	10/19	BRC		—		(18,084	)
CNH	11,614,807	USD	1,631,866	10/19	JPM		—		(5,915	)
CNY	23,561	USD	3,420	10/19	BRC		—		(115	)
CNY	23,561	USD	3,304	01/20	BRC		—		(9	)
EUR	619,000	USD	686,138	10/19	BRC		—		(10,878	)
EUR	665,000	USD	743,453	10/19	CIT		—		(17,649	)
EUR	13,430,000	USD	14,662,874	10/19	JPM		—		(22,456	)
EUR	4,602,000	USD	5,078,642	10/19	UBS		—		(61,873	)
GBP	1,050,000	USD	1,319,661	10/19	BRC		—		(27,691	)
GBP	304,456	USD	380,361	10/19	CIT		—		(5,743	)
GBP	2,387,000	USD	2,928,028	11/19	JPM		12,333		—
GBP	317,000	USD	384,540	11/19	UBS		5,948		—
IDR	31,253,386,718	USD	2,176,268	10/19	BRC		22,901		—
IDR	19,938,229,759	USD	1,384,407	01/20	BRC		1,756		—
INR	103,090,302	USD	1,466,747	10/19	BRC		—		(12,693	)
INR	103,090,302	USD	1,439,055	01/20	BRC		231		—
JPY	141,500,000	USD	1,325,439	11/19	BRC		—		(12,726	)
JPY	1,619,400,000	USD	15,496,121	11/19	HSB		—		(472,750	)
JPY	284,300,000	USD	2,702,026	11/19	JPM		—		(64,540	)
JPY	137,500,000	USD	1,306,261	11/19	RBS		—		(30,656	)
MXN	79,382,632	USD	4,014,536	10/19	BRC		—		(3,973	)
MXN	5,900,000	USD	301,754	10/19	CIT		—		(3,675	)
MXN	50,833,000	USD	2,529,445	01/20	JPM		1,446		—
PEN	1,722,411	USD	519,283	10/19	JPM		—		(8,775	)
PHP	16,361,489	USD	313,438	10/19	BRC		2,121		—
RUB	1,783,593	USD	27,613	10/19	CIT		—		(172	)
TWD	807,700	USD	26,199	10/19	BRC		—		(140	)
TWD	807,700	USD	26,255	01/20	JPM		—		(11	)
USD	292,067	ARS W	13,843,966	10/19	CIT		86,565		—
USD	1,767,613	AUD	2,545,122	10/19	CIT		48,693		—
USD	1,355,254	AUD	2,007,000	10/19	HSB		527		—
USD	353,408	BRL	1,333,054	10/19	BNP		21,459		—
USD	662,657	BRL	2,628,677	10/19	BRC		42,316		—
USD	868,391	CAD	1,157,000	10/19	HSB		—		(4,943	)
USD	1,685,626	CNH	11,614,807	10/19	BRC		59,675		—
USD	1,628,252	CNH	11,614,807	01/20	JPM		5,992		—
USD	3,324	CNY	23,561	10/19	BRC		19		—
USD	246,704	EUR	220,000	10/19	BNP		6,588		—
USD	1,481,588	EUR	1,320,000	10/19	BRC		40,894		—
USD	1,414,866	EUR	1,262,000	10/19	CIT		37,476		—
USD	367,163	EUR	332,000	10/19	HSB		5,241		—
USD	19,076,928	EUR	16,888,128	10/19	JPM		649,152		—
USD	16,096,264	EUR	14,506,000	10/19	SCB		282,869		—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-23

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
USD	14,698,799	EUR	13,430,000	11/19	JPM		$20,562		$—
USD	2,494,057	GBP	2,020,000	11/19	BRC		5,774		—
USD	4,051,536	GBP	3,305,000	11/19	HSB		—		(19,638	)
USD	435,940	GBP	356,000	11/19	JPM		—		(2,589	)
USD	6,651,053	GBP	5,479,000	11/19	SCB		—		(98,104	)
USD	1,403,409	IDR	19,938,229,759	10/19	BRC		1,597		—
USD	325,477	IDR	4,625,673,521	10/19	JPM		—		(13	)
USD	472,404	IDR	6,689,483,438	10/19	JPM		536		—
USD	1,456,078	INR	103,090,302	10/19	BRC		2,023		—
USD	94,795	JPY	10,000,000	10/19	BRC		2,197		—
USD	3,604,096	JPY	387,921,363	10/19	CIT		12,025		—
USD	5,190,416	JPY	548,000,000	11/19	HSB		106,553		—
USD	4,394,925	MXN	85,282,632	10/19	CIT		86,283		—
USD	3,958,187	MXN	79,382,632	01/20	BRC		2,960		—
USD	317,699	PHP	16,361,489	10/19	BRC		2,140		—
USD	1,343,256	PHP	69,040,000	11/19	BRC		12,941		—
USD	311,927	PHP	16,361,489	01/20	JPM		—		(2,403	)
USD	91,982	RUB	5,936,270	10/19	JPM		651		—
USD	26,055	TWD	807,700	10/19	BRC		—		(5	)
Total Forward Foreign Currency Contracts							$1,590,444		($1,144,602	)

(i) Purchased options outstanding as of September 30, 2019 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counterparty	Notional Amount		Cost		Value
Put - AUD versus USD		$0.70		12/05/19	CIT		$1,560,000		$8,892		$2,873

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR-FX (10/19)		$1.10		10/04/19		CME		2		$275,000		$2,317		$350
Call - EUR-FX (10/19)		1.12		10/04/19		CME		1		139,375		703		6
Call - EUR-FX (10/19)		1.13		10/04/19		CME		1		140,625		1,015		6
Call - AUD-FX (10/19)		68.50		10/04/19		CME		4		274,000		1,670		140
Call - AUD-FX (10/19)		69.00		10/04/19		CME		1		69,000		363		10
Call - CAD-FX (10/19)		75.50		10/04/19		CME		1		75,500		343		250
Call - CAD-FX (10/19)		76.00		10/04/19		CME		5		380,000		1,842		250
Call - CAD-FX (10/19)		76.50		10/04/19		CME		2		153,000		425		10
Call - U.S. Treasury 5-Year Notes (10/19)		119.25		10/04/19		CME		3		357,750		521		562
Call - U.S. Treasury 10-Year Notes (10/19)		130.25		10/04/19		CME		3		390,750		1,005		1,219
Call - U.S. Treasury 5-Year Notes (11/19)		119.00		10/25/19		CME		3		357,000		1,388		1,476
Call - U.S. Treasury 5-Year Notes (11/19)		119.25		10/25/19		CME		1		119,250		400		375
Call - U.S. Treasury 10-Year Notes (11/19)		129.00		10/25/19		CME		7		903,000		5,059		10,719
Call - U.S. Treasury 10-Year Notes (11/19)		129.50		10/25/19		CME		4		518,000		2,601		4,625
Call - U.S. Treasury 10-Year Notes (11/19)		130.00		10/25/19		CME		8		1,034,800		5,717		6,750
Call - U.S. Treasury 10-Year Notes (11/19)		130.25		10/25/19		CME		2		260,500		1,394		1,438
Call - U.S. Treasury 10-Year Notes (11/19)		137.25		10/25/19		CME		592		81,252,000		10,274		—
Call - U.S. Treasury 30-Year Bonds (11/19)		162.00		10/25/19		CME		3		486,000		5,099		5,391
Call - U.S. Treasury 30-Year Bonds (11/19)		162.50		10/25/19		CME		1		162,500		1,564		1,547
Call - U.S. Treasury 30-Year Bonds (11/19)		193.00		10/25/19		CME		250		48,250,000		4,339		—
Call - EUR-FX (11/19)		1.10		11/08/19		CME		1		137,500		1,015		825
Call - EUR-FX (11/19)		1.11		11/08/19		CME		1		138,125		1,127		587
Call - EUR-FX (11/19)		1.12		11/08/19		CME		1		139,375		1,078		288
Call - AUD-FX (11/19)		68.00		11/08/19		CME		3		204,000		1,737		1,470
Call - AUD-FX (11/19)		68.50		11/08/19		CME		1		68,500		553		310
Call - CAD-FX (11/19)		75.00		11/08/19		CME		1		75,000		692		910
Call - CAD-FX (11/19)		76.00		11/08/19		CME		3		228,000		1,297		1,080
Call - Euro-Bund (11/19)		EUR 185.50		11/22/19		EUX		10		EUR 1,855,000		119		110
Call - Euro-OAT (11/19)		192.00		11/22/19		EUX		13		2,496,000		151		144
Call - U.S. Treasury 30-Year Bonds (12/19)		$222.00		11/22/19		CME		1		$222,000		9		—
Call - U.S. Treasury 30-Year Bonds (12/19)		225.00		11/22/19		CME		10		2,250,000		86		—
Call - EUR-FX (12/19)		1.11		12/06/19		CME		2		277,500		1,780		1,350
Call - AUD-FX (12/19)		68.00		12/06/19		CME		1		68,000		763		700
												58,446		42,898

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-24

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Put - JPN-FX (10/19)		$94.00		10/04/19		CME		1		$117,500		$665		$1,325
Put - U.S. Treasury 5-Year Notes (11/19)		113.00		10/25/19		CME		499		56,387,000		4,762		—
Put - U.S. Treasury 5-Year Notes (11/19)		115.50		10/25/19		CME		237		27,373,500		7,816		1,852
Put - U.S. Treasury 5-Year Notes (11/19)		115.75		10/25/19		CME		84		9,723,000		2,770		656
Put - U.S. Treasury 5-Year Notes (11/19)		116.00		10/25/19		CME		84		9,744,000		2,770		1,313
Put - U.S. Treasury 5-Year Notes (11/19)		119.00		10/25/19		CME		3		357,000		1,247		1,031
Put - U.S. Treasury 10-Year Notes (11/19)		129.00		10/25/19		CME		1		129,000		752		219
Put - U.S. Treasury 10-Year Notes (11/19)		130.25		10/25/19		CME		1		130,250		736		656
Put - U.S. Treasury 30-Year Bonds (11/19)		140.00		10/25/19		CME		300		42,000,000		5,207		—
Put - U.S. Treasury 30-Year Bonds (11/19)		159.00		10/25/19		CME		1		159,000		2,080		484
Put - U.S. Treasury 30-Year Bonds (11/19)		160.00		10/25/19		CME		2		320,000		4,019		1,469
Put - U.S. Treasury 30-Year Bonds (11/19)		164.00		10/25/19		CME		2		328,000		3,519		5,281
Put - Euro-Bund (11/19)		EUR 173.00		10/25/19		EUX		3		EUR 519,000		2,858		1,186
Put - EUR-FX (11/19)		$1.11		11/08/19		CME		1		$138,125		828		1,675
Put - AUD-FX (11/19)		67.50		11/08/19		CME		2		135,000		1,085		1,140
Put - U.S. Treasury 5-Year Notes (12/19)		108.00		11/22/19		CME		90		9,720,000		774		—
Put - U.S. Treasury 5-Year Notes (12/19)		108.25		11/22/19		CME		36		3,897,000		310		—
Put - U.S. Treasury 5-Year Notes (12/19)		109.25		11/22/19		CME		8		874,000		69		—
Put - U.S. Treasury 5-Year Notes (12/19)		109.50		11/22/19		CME		27		2,956,500		232		—
Put - U.S. Treasury 5-Year Notes (12/19)		110.00		11/22/19		CME		53		5,830,000		456		—
Put - U.S. Treasury 5-Year Notes (12/19)		110.50		11/22/19		CME		28		3,094,000		241		—
Put - U.S. Treasury 10-Year Notes (12/19)		115.00		11/22/19		CME		60		6,900,000		516		—
Put - U.S. Treasury 10-Year Notes (12/19)		117.50		11/22/19		CME		89		10,457,500		765		—
Put - U.S. Treasury 10-Year Notes (12/19)		118.00		11/22/19		CME		2		236,000		17		—
Put - U.S. Treasury 10-Year Notes (12/19)		118.50		11/22/19		CME		2		237,000		17		—
Put - U.S. Treasury 10-Year Notes (12/19)		119.00		11/22/19		CME		114		13,566,000		981		—
Put - U.S. Treasury 10-Year Notes (12/19)		119.50		11/22/19		CME		2		239,000		17		—
												45,509		18,287
Total Options on Futures												$103,955		$61,185
Total Purchased Options												$112,847		$64,058

(j) Premiums received and value of written options outstanding as of September 30, 2019 were as follows:    

Foreign Currency Options

Description

Exercise Price

Expiration Date

Counter- party

Notional Amount

Premium

Value

Put - MXN versus USD

MXN 19.85

10/03/19

JPM

$2,600,000

$14,014

($17,357

)

Inflation Floor/Cap Options

Description

Initial Index

Floating Rate

Expiration Date

Counter- party

Notional Amount

Premium

Value

Floor - U.S. CPI Urban Consumers

217.97

Maximum of [0, (1 + 0.000%)10 - Final Index/Initial Index]

09/29/20

CIT

$600,000

$7,740

$—

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - EUR-FX (10/19)		$1.11		10/04/19		CME		2		$277,500		$1,520		($38	)
Call - U.S. Treasury 5-Year Notes (11/19)		119.50		10/25/19		CME		18		2,151,000		5,680		(4,922	)
Call - U.S. Treasury 10-Year Notes (11/19)		130.50		10/25/19		CME		15		1,957,500		6,443		(8,906	)
Call - U.S. Treasury 10-Year Notes (11/19)		130.75		10/25/19		CME		3		392,250		1,432		(1,500	)
Call - U.S. Treasury 10-Year Notes (11/19)		131.00		10/25/19		CME		45		5,895,000		18,754		(18,281	)
Call - U.S. Treasury 10-Year Notes (11/19)		131.25		10/25/19		CME		2		262,500		731		(656	)
Call - U.S. Treasury 10-Year Notes (11/19)		131.50		10/25/19		CME		6		789,000		1,880		(1,594	)
Call - U.S. Treasury 10-Year Notes (11/19)		132.00		10/25/19		CME		12		1,584,000		4,932		(2,062	)
Call - U.S. Treasury 10-Year Notes (11/19)		132.50		10/25/19		CME		2		265,000		1,559		(219	)
Call - U.S. Treasury 10-Year Notes (11/19)		133.00		10/25/19		CME		15		1,995,000		9,349		(1,172	)
Call - U.S. Treasury 30-Year Bonds (11/19)		160.00		10/25/19		CME		2		320,000		3,325		(6,094	)
Call - U.S. Treasury 30-Year Bonds (11/19)		163.00		10/25/19		CME		1		163,000		1,280		(1,328	)
Call - U.S. Treasury 30-Year Bonds (11/19)		164.00		10/25/19		CME		3		492,000		2,557		(2,859	)
Call - U.S. Treasury 30-Year Bonds (11/19)		165.00		10/25/19		CME		7		1,155,000		5,441		(4,812	)
Call - U.S. Treasury 30-Year Bonds (11/19)		166.00		10/25/19		CME		6		996,000		6,115		(2,812	)
Call - U.S. Treasury 30-Year Bonds (11/19)		167.00		10/25/19		CME		4		668,000		6,040		(1,312	)
Call - U.S. Treasury 30-Year Bonds (11/19)		168.00		10/25/19		CME		4		672,000		6,821		(875	)
Call - U.S. Treasury 30-Year Bonds (11/19)		170.00		10/25/19		CME		5		850,000		6,976		(547	)
Call - Euro-Bund (11/19)		EUR 176.00		10/25/19		EUX		1		EUR 176,000		537		(223	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-25

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - AUD-FX (11/19)		$70.00		11/08/19		CME		2		$140,000		$535		($140	)
Call - U.S. Treasury 5-Year Notes (12/19)		119.50		11/22/19		CME		7		836,500		1,793		(3,117	)
Call - U.S. Treasury 10-Year Notes (12/19)		131.00		11/22/19		CME		7		917,000		3,003		(4,922	)
Call - U.S. Treasury 10-Year Notes (12/19)		131.50		11/22/19		CME		3		394,500		1,213		(1,641	)
Call - U.S. Treasury 10-Year Notes (12/19)		132.00		11/22/19		CME		6		792,000		2,693		(2,438	)
Call - U.S. Treasury 30-Year Bonds (12/19)		162.00		11/22/19		CME		1		162,000		1,186		(2,469	)
Call - U.S. Treasury 30-Year Bonds (12/19)		164.00		11/22/19		CME		2		328,000		2,997		(3,219	)
												104,792		(78,158	)
Put - U.S. Treasury 5-Year Notes (11/19)		118.50		10/25/19		CME		21		2,488,500		4,568		(3,445	)
Put - U.S. Treasury 5-Year Notes (11/19)		119.50		10/25/19		CME		6		717,000		1,958		(3,750	)
Put - U.S. Treasury 10-Year Notes (11/19)		129.50		10/25/19		CME		11		1,424,500		5,340		(3,781	)
Put - U.S. Treasury 10-Year Notes (11/19)		130.50		10/25/19		CME		8		1,044,000		4,142		(6,250	)
Put - U.S. Treasury 10-Year Notes (11/19)		131.00		10/25/19		CME		5		655,000		3,101		(5,469	)
Put - U.S. Treasury 30-Year Bonds (11/19)		161.00		10/25/19		CME		4		644,000		5,946		(4,250	)
Put - U.S. Treasury 30-Year Bonds (11/19)		162.00		10/25/19		CME		4		648,000		5,806		(5,938	)
Put - U.S. Treasury 30-Year Bonds (11/19)		163.00		10/25/19		CME		3		489,000		3,604		(6,047	)
Put - Euro-Bund (11/19)		EUR 171.00		10/25/19		EUX		32		EUR 5,472,000		10,587		(2,594	)
Put - Euro-Bund (11/19)		171.50		10/25/19		EUX		14		2,401,000		5,404		(1,755	)
Put - Euro-Bund (11/19)		172.00		10/25/19		EUX		2		344,000		904		(362	)
Put - Euro-Bund (11/19)		173.50		10/25/19		EUX		40		6,940,000		18,597		(21,584	)
Put - Euro-Bund (11/19)		174.00		10/25/19		EUX		18		3,132,000		11,330		(13,477	)
Put - EUR-FX (11/19)		$1.12		11/08/19		CME		1		$139,375		1,485		(2,625	)
Put - U.S. Treasury 10-Year Notes (12/19)		129.00		11/22/19		CME		8		1,032,000		3,830		(3,625	)
Put - U.S. Treasury 10-Year Notes (12/19)		130.00		11/22/19		CME		17		2,210,000		10,299		(14,078	)
												96,901		(99,030	)
Total Options on Futures												$201,693		($177,188	)

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - Fannie Mae 3.000% due 11/13/49		$101.59		11/06/19		JPM		$2,000,000		$6,484		($6,927	)
Call - Fannie Mae 3.000% due 11/13/49		101.60		11/06/19		JPM		2,000,000		6,406		(6,852	)
Call - Fannie Mae 3.000% due 11/13/49		102.19		11/06/19		JPM		1,900,000		5,567		(2,593	)
										$18,457		($16,372	)
Total Written Options										$241,904		($210,917	)

(k) Swap agreements outstanding as of September 30, 2019 were as follows:

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counter- party		Implied Credit Spread at 09/30/19 (2)		Notional Amount (3)		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Petrobras International Co SA		Q		1.000%		12/20/19		GSC		0.171%		$300,000		$648		($32,995	)		$33,643
Russian Federation		Q		1.000%		12/20/23		JPM		0.689%		500,000		6,499		(13,052	)		19,551
Italy Government		Q		1.000%		06/20/24		BRC		0.915%		2,600,000		10,703		(69,273	)		79,976
														17,850		(115,320	)		133,170
							Exchange
Deutsche Bank AG		Q		1.000%		12/20/19		ICE		0.459%		EUR 700,000		1,161		1,812			(651	)
Citigroup Inc		Q		1.000%		12/20/20		ICE		0.255%		$900,000		8,458		18,994			(10,536	)
Tesco PLC		Q		1.000%		06/20/22		ICE		0.512%		EUR 800,000		12,008		3,661			8,347
														21,627		24,467			(2,840	)
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														$39,477		($90,853	)		$130,330

Credit Default Swaps on Credit Indices – Buy Protection (4)

Referenced Obligation

Payment Frequency

Fixed Deal Pay Rate

Expiration Date

Exchange

Notional Amount (3)

Value (5)

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

CDX HY 33 5Y

Q

5.000%

12/20/24

ICE

$1,680,000

($114,515

)

($109,337

)

($5,178

)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-26

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 23 2Y		Q		1.000%		12/20/19		ICE		$982,080		$2,235			$12,832			($10,597	)
CDX IG 25 5Y		Q		1.000%		12/20/20		ICE		2,271,680		23,391			41,644			(18,253	)
CDX IG 33 5Y		Q		1.000%		12/20/24		ICE		11,540,000		230,548			229,714			834
CDX IG 33 10Y		Q		1.000%		12/20/29		ICE		620,000		(4,048	)		(4,031	)		(17	)
												$252,126			$280,159			($28,033	)
Total Credit Default Swaps												$177,088			$79,969			$97,119

(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 and sovereign issues 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) 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 swap agreement.

(4) 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.

(5) 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 represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values (buy protection) or decreasing values (sell protection), 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 – Long

Receive	Pay		Payment Frequency Receive Rate / Pay Rate		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
8.410%		Brazil CETIP Interbank		Z / Z		CIT		01/02/20		BRL 52,950,000		$402,272			$16,851			$385,421
7.024%		Brazil CETIP Interbank		Z / Z		CIT		01/04/27		5,712,000		19,237			2,294			16,943
7.044%		Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		5,023			—			5,023
												426,532			19,145			407,387
					Exchange
1.138%		3-Month USD-LIBOR		S / Q		CME		10/17/19		$12,330,000		(37,774	)		—			(37,774	)
0.250%		6-Month JPY-LIBOR		S / S		CME		12/20/19		JPY 690,000,000		8,234			28,755			(20,521	)
1.671%		3-Month USD-LIBOR		S / Q		CME		06/14/20		$12,160,000		25,107			(3,505	)		28,612
2.250%		3-Month USD-LIBOR		S / Q		CME		04/26/22		4,700,000		39,481			1,087			38,394
1.850%		3-Month USD-LIBOR		S / Q		CME		06/15/22		5,120,000		60,262			(1,248	)		61,510
2.800%		3-Month USD-LIBOR		S / Q		CME		08/22/23		500,000		24,572			—			24,572
0.100%		6-Month JPY-LIBOR		S / S		LCH		03/20/24		JPY 2,790,000,000		305,081			88,986			216,095
(0.095%)		6-Month JPY-LIBOR		S / S		LCH		09/13/26		140,000,000		19,410			—			19,410
(0.092%)		6-Month JPY-LIBOR		S / S		LCH		09/13/26		70,000,000		1,212			—			1,212
(0.088%)		6-Month JPY-LIBOR		S / S		LCH		09/17/26		120,000,000		16,033			—			16,033
(0.068%)		6-Month JPY-LIBOR		S / S		LCH		09/18/26		120,000,000		3,882			—			3,882
(0.062%)		6-Month JPY-LIBOR		S / S		LCH		09/18/26		190,000,000		6,884			(84	)		6,968
(0.064%)		6-Month JPY-LIBOR		S / S		LCH		09/19/26		67,000,000		2,394			—			2,394
(0.063%)		6-Month JPY-LIBOR		S / S		LCH		09/19/26		67,000,000		2,438			—			2,438
(0.087%)		6-Month JPY-LIBOR		S / S		LCH		09/20/26		34,000,000		695			—			695
(0.097%)		6-Month JPY-LIBOR		S / S		LCH		09/24/26		82,000,000		1,127			111			1,016
7.450%		28-Day MXN TIIE		L / L		CME		07/18/29		MXN 63,630,000		156,872			26,769			130,103
7.440%		28-Day MXN TIIE		L / L		CME		07/20/29		66,300,000		162,045			33,754			128,291
3.000%		3-Month USD-LIBOR		S / Q		CME		02/15/36		$2,358,000		478,911			1,383			477,528
0.122%		6-Month JPY-LIBOR		S / S		LCH		08/22/39		JPY 370,000,000		(46,792	)		49,345			(96,137	)
0.103%		6-Month JPY-LIBOR		S / S		LCH		08/28/39		90,000,000		(14,638	)		—			(14,638	)
1.000%		6-Month JPY-LIBOR		S / S		LCH		03/21/48		20,000,000		37,041			48,803			(11,762	)
												1,252,477			274,156			978,321
Total Interest Rate Swaps - Long												$1,679,009			$293,301			$1,385,708

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-27

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Interest Rate Swaps – Short

Pay	Receive		Payment Frequency Pay Rate / Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.300%		3-Month USD-LIBOR		S / Q		CME		04/26/23		$4,798,000		($41,025	)		$324			($41,349	)
0.750%		6-Month GBP-LIBOR		S / S		LCH		03/18/25		GBP 6,900,000		(72,095	)		7,547			(79,642	)
2.250%		3-Month USD-LIBOR		S / Q		CME		12/31/25		$3,844,000		(193,110	)		20,162			(213,272	)
2.500%		3-Month USD-LIBOR		S / Q		CME		01/31/26		8,369,000		(505,081	)		(112,446	)		(392,635	)
0.300%		6-Month JPY-LIBOR		S / S		CME		03/18/26		JPY 1,290,000,000		(334,405	)		(109,943	)		(224,462	)
0.300%		6-Month JPY-LIBOR		S / S		LCH		03/18/26		970,000,000		(251,452	)		(62,572	)		(188,880	)
1.850%		3-Month USD-LIBOR		S / Q		CME		04/30/26		$7,507,000		(161,732	)		10,156			(171,888	)
1.250%		1 Day U.S. Fed Funds		A / A		CME		06/30/26		5,515,000		(4,044	)		(5,848	)		1,804
1.550%		3-Month USD-LIBOR		S / Q		CME		06/30/26		910,000		(3,656	)		1,027			(4,683	)
0.300%		6-Month JPY-LIBOR		S / S		LCH		09/20/27		JPY 440,000,000		(129,293	)		(16,687	)		(112,606	)
2.500%		3-Month USD-LIBOR		S / Q		CME		12/20/27		$2,000,000		(162,337	)		(11,780	)		(150,557	)
0.300%		6-Month JPY-LIBOR		S / S		LCH		03/20/28		JPY 100,000,000		(30,116	)		7,084			(37,200	)
0.399%		6-Month JPY-LIBOR		S / S		LCH		06/18/28		50,000,000		(19,794	)		(42	)		(19,752	)
2.250%		3-Month USD-LIBOR		S / Q		LCH		06/20/28		$5,200,000		(329,698	)		328,189			(657,887	)
0.450%		6-Month JPY-LIBOR		S / S		LCH		03/20/29		JPY 710,000,000		(314,857	)		(86,980	)		(227,877	)
1.000%		6-Month GBP-LIBOR		S / S		LCH		12/18/29		GBP 900,000		(38,971	)		—			(38,971	)
0.750%		6-Month GBP-LIBOR		S / S		LCH		03/18/30		1,500,000		(19,856	)		15,511			(35,367	)
0.750%		6-Month JPY-LIBOR		S / S		LCH		03/20/38		JPY 250,000,000		(249,753	)		21,003			(270,756	)
0.800%		6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(11,312	)		—			(11,312	)
0.705%		6-Month JPY-LIBOR		S / S		LCH		10/31/38		50,000,000		(47,922	)		3,203			(51,125	)
0.785%		6-Month JPY-LIBOR		S / S		LCH		11/12/38		20,000,000		(22,038	)		68			(22,106	)
0.750%		6-Month JPY-LIBOR		S / S		LCH		12/20/38		725,000,000		(750,198	)		(25,170	)		(725,028	)
3.330%		3-Month USD-LIBOR		S / Q		CME		02/15/44		$1,814,000		(602,694	)		823			(603,517	)
2.875%		3-Month USD-LIBOR		S / Q		CME		05/15/44		223,000		(55,180	)		2,745			(57,925	)
3.000%		3-Month USD-LIBOR		S / Q		CME		05/15/44		1,776,000		(486,246	)		1,416			(487,662	)
2.750%		3-Month USD-LIBOR		S / Q		CME		08/15/44		1,683,000		(362,906	)		(866	)		(362,040	)
1.810%		3-Month USD-LIBOR		S / Q		CME		11/15/44		493,000		(9,451	)		660			(10,111	)
1.850%		3-Month USD-LIBOR		S / Q		CME		11/15/44		810,000		(22,344	)		2,226			(24,570	)
0.641%		6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(147,429	)		—			(147,429	)
1.498%		6-Month EUR-LIBOR		A / S		CME		08/23/47		EUR 543,000		(212,955	)		(813	)		(212,142	)
2.905%		3-Month USD-LIBOR		S / Q		CME		08/22/48		$1,400,000		(392,548	)		44,506			(437,054	)
2.940%		3-Month USD-LIBOR		S / Q		CME		08/22/48		300,000		(86,599	)		—			(86,599	)
1.250%		6-Month GBP-LIBOR		S / S		LCH		12/18/49		GBP 3,100,000		(583,149	)		—			(583,149	)
												($6,654,246	)		$33,503			($6,687,749	)
Total Interest Rate Swaps												($4,975,237	)		$326,804			($5,302,041	)
Total Swap Agreements												($4,798,149	)		$406,773			($5,204,922	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premium Paid (Received)			Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$19,145			$540,557
Liabilities		(115,320	)		—
Centrally Cleared Swap Agreements (1)
Assets		1,054,300			1,170,138
Liabilities		(551,352	)		(6,915,617	)
		$406,773			($5,204,922	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-28

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(l) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$240,498,519			$—			$240,498,519			$—
	Senior Loan Notes		5,169,645			—			5,169,645			—
	Mortgage-Backed Securities		253,597,424			—			253,597,424			—
	Asset-Backed Securities		25,593,811			—			25,593,811			—
	U.S. Treasury Obligations		126,404,834			—			126,404,834			—
	Foreign Government Bonds & Notes		28,828,561			—			28,828,561			—
	Municipal Bonds		2,250,923			—			2,250,923			—
	Short-Term Investments		11,650,813			9,371,403			2,279,410			—
	Unfunded Loan Commitment		1,807			—			1,807			—
	Derivatives:
	Credit Contracts
	Swaps		142,351			—			142,351			—
	Foreign Currency Contracts
	Futures		11,243			11,243			—			—
	Forward Foreign Currency Contracts		1,590,444			—			1,590,444			—
	Purchased Options		15,555			—			15,555			—
	Total Foreign Currency Contracts		1,617,242			11,243			1,605,999			—
	Interest Rate Contracts
	Futures		1,367,306			1,367,306			—			—
	Purchased Options		48,503			—			48,503			—
	Swaps		1,568,344			—			1,568,344			—
	Total Interest Rate Contracts		2,984,153			1,367,306			1,616,847			—
	Total Assets - Derivatives		4,743,746			1,378,549			3,365,197			—
	Total Assets		698,740,083			10,749,952			687,990,131			—
Liabilities	Sale-buyback Financing Transactions		(44,635,678	)		—			(44,635,678	)		—
	Securities Sold Short:
	Mortgaged-Backed Securities		(7,636,921	)		—			(7,636,921	)		—
	Derivatives:
	Credit Contracts
	Swaps		(45,232	)		—			(45,232	)		—
	Foreign Currency Contracts
	Futures		(292,241	)		(292,241	)		—			—
	Forward Foreign Currency Contracts		(1,144,602	)		—			(1,144,602	)		—
	Written Options		(20,160	)		—			(20,160	)		—
	Total Foreign Currency Contracts		(1,457,003	)		(292,241	)		(1,164,762	)		—
	Interest Rate Contracts
	Futures		(2,245,346	)		(2,245,346	)		—			—
	Written Options		(190,757	)		—			(190,757	)		—
	Swaps		(6,870,385	)		—			(6,870,385	)		—
	Total Interest Rate Contracts		(9,306,488	)		(2,245,346	)		(7,061,142	)		—
	Total Liabilities - Derivatives		(10,808,723	)		(2,537,587	)		(8,271,136	)		—
	Total Liabilities		(63,081,322	)		(2,537,587	)		(60,543,735	)		—
	Total		$635,658,761			$8,212,365			$627,446,396			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-29

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 53.1%
Basic Materials - 2.1%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$250,000		$256,791
ArcelorMittal (Luxembourg) 5.500% due 03/01/21		290,000		302,060
Braskem Finance Ltd (Brazil) 5.750% due 04/15/21 ~		365,000		379,604
CNAC HK Finbridge Co Ltd (China) 3.000% due 07/19/20 ~		200,000		200,754
DuPont de Nemours Inc 3.766% due 11/15/20		300,000		305,596
International Flavors & Fragrances Inc 3.400% due 09/25/20		65,000		65,754
INVISTA Finance LLC 4.250% due 10/15/19 ~		1,040,000		1,041,165
LyondellBasell Industries NV 6.000% due 11/15/21		200,000		213,784
Vale Overseas Ltd (Brazil) 4.375% due 01/11/22		505,000		523,937
				3,289,445
Communications - 2.4%
Alibaba Group Holding Ltd (China) 3.600% due 11/28/24		200,000		210,590
America Movil Sab de CV (Mexico) 5.000% due 03/30/20		118,000		119,553
Axiata SPV2 Bhd (Malaysia) 3.466% due 11/19/20 ~		220,000		222,403
Baidu Inc (China)
2.875% due 07/06/22		200,000		201,269
3.500% due 11/28/22		200,000		204,974
3.875% due 09/29/23		200,000		208,380
Charter Communications Operating LLC
3.579% due 07/23/20		370,000		373,364
4.464% due 07/23/22		590,000		621,333
Comcast Corp 3.700% due 04/15/24		250,000		266,725
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		56,824
CSC Holdings LLC 10.875% due 10/15/25 ~		200,000		226,865
Expedia Group Inc 5.950% due 08/15/20		65,000		67,054
Fox Corp
3.666% due 01/25/22 ~		90,000		92,959
4.030% due 01/25/24 ~		105,000		111,774
JD.com Inc (China) 3.125% due 04/29/21		560,000		562,771
The Interpublic Group of Cos Inc 3.500% due 10/01/20		45,000		45,536
Weibo Corp (China) 3.500% due 07/05/24		200,000		203,348
				3,795,722
Consumer, Cyclical - 6.0%
American Airlines Pass Through Trust 3.700% due 04/15/27		170,790		171,943
Daimler Finance North America LLC (Germany)
1.750% due 10/30/19 ~		165,000		164,948
2.200% due 05/05/20 ~		350,000		350,195
2.300% due 02/12/21 ~		805,000		805,846
Delta Air Lines Inc
2.600% due 12/04/20		65,000		65,132
2.875% due 03/13/20		885,000		886,991
DR Horton Inc 2.550% due 12/01/20		125,000		125,401

	Principal Amount		Value
Ford Motor Credit Co LLC
2.681% due 01/09/20		$700,000		$699,998
3.065% (USD LIBOR + 0.930%) due 09/24/20 §		450,000		450,064
3.350% due 11/01/22		305,000		305,551
3.813% due 10/12/21		200,000		202,755
General Motors Financial Co Inc
2.862% (USD LIBOR + 0.850%) due 04/09/21 §		200,000		199,933
3.200% due 07/13/20		435,000		437,453
4.200% due 11/06/21		65,000		67,077
Harley-Davidson Financial Services Inc
2.150% due 02/26/20 ~		165,000		164,711
2.550% due 06/09/22 ~		85,000		84,955
2.652% (USD LIBOR + 0.500%) due 05/21/20 § ~		135,000		135,120
3.078% (USD LIBOR + 0.940%) due 03/02/21 § ~		270,000		270,369
4.050% due 02/04/22 ~		340,000		350,797
Hyundai Capital America 3.000% due 06/20/22 ~		235,000		236,926
Lennar Corp 2.950% due 11/29/20		775,000		775,930
Nissan Motor Acceptance Corp
2.150% due 09/28/20 ~		625,000		624,164
2.600% due 09/28/22 ~		115,000		115,426
3.150% due 03/15/21 ~		375,000		378,706
O’Reilly Automotive Inc 3.800% due 09/01/22		240,000		249,132
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		200,000		201,350
QVC Inc 4.375% due 03/15/23		85,000		87,906
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		90,000		90,230
Volkswagen Group of America Finance LLC (Germany)
2.500% due 09/24/21 ~		200,000		200,584
2.700% due 09/26/22 ~		200,000		201,003
3.875% due 11/13/20 ~		425,000		431,992
				9,532,588
Consumer, Non-Cyclical - 9.3%
Abbott Laboratories 2.900% due 11/30/21		545,000		555,015
AbbVie Inc
2.300% due 05/14/21		295,000		295,644
2.900% due 11/06/22		375,000		382,453
3.200% due 11/06/22		45,000		46,186
Allergan Finance LLC 3.250% due 10/01/22		40,000		40,880
Allergan Funding SCS 3.450% due 03/15/22		130,000		133,281
Altria Group Inc
3.490% due 02/14/22		170,000		174,436
3.800% due 02/14/24		440,000		460,305
AmerisourceBergen Corp 3.500% due 11/15/21		150,000		153,302
Anthem Inc 2.500% due 11/21/20		245,000		245,903
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		275,000		277,705
Baxalta Inc 3.600% due 06/23/22		95,000		97,542
Bayer US Finance II LLC (Germany)
2.736% (USD LIBOR + 0.630%) due 06/25/21 § ~		210,000		209,821
3.500% due 06/25/21 ~		530,000		540,748

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-30

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Becton Dickinson and Co
2.404% due 06/05/20		$755,000		$755,876
2.675% due 12/15/19		153,000		153,052
2.894% due 06/06/22		165,000		167,575
2.979% (USD LIBOR + 0.875%) due 12/29/20 §		56,000		56,020
3.125% due 11/08/21		150,000		152,583
Bristol-Myers Squibb Co
2.600% due 05/16/22 ~		95,000		96,463
2.900% due 07/26/24 ~		205,000		211,673
Bunge Ltd Finance Corp
3.000% due 09/25/22		100,000		101,200
3.500% due 11/24/20		855,000		864,463
4.350% due 03/15/24		30,000		31,624
Cardinal Health Inc
2.616% due 06/15/22		25,000		25,136
3.079% due 06/15/24		150,000		151,958
3.500% due 11/15/24		185,000		190,522
Celgene Corp
2.750% due 02/15/23		155,000		157,877
2.875% due 02/19/21		165,000		166,632
3.250% due 02/20/23		45,000		46,617
3.550% due 08/15/22		405,000		420,926
3.625% due 05/15/24		40,000		42,270
Cigna Corp
2.789% (USD LIBOR + 0.650%) due 09/17/21 §		110,000		110,004
3.400% due 09/17/21		185,000		189,286
3.750% due 07/15/23		160,000		167,471
Conagra Brands Inc 3.028% (USD LIBOR + 0.750%) due 10/22/20 §		70,000		70,015
CVS Health Corp
2.625% due 08/15/24		75,000		75,343
3.350% due 03/09/21		338,000		343,588
3.700% due 03/09/23		410,000		427,008
Elanco Animal Health Inc
3.912% due 08/27/21		290,000		297,070
4.272% due 08/28/23		55,000		57,772
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		95,000		96,164
Equifax Inc
2.300% due 06/01/21		255,000		255,621
3.028% (USD LIBOR + 0.870%) due 08/15/21 §		105,000		104,982
3.600% due 08/15/21		105,000		107,036
ERAC USA Finance LLC 2.350% due 10/15/19 ~		253,000		253,018
Express Scripts Holding Co
2.874% (USD LIBOR + 0.750%) due 11/30/20 §		440,000		440,040
3.900% due 02/15/22		125,000		129,702
Global Payments Inc 2.650% due 02/15/25		170,000		170,932
HPHT Finance 15 Ltd (Hong Kong) 2.875% due 03/17/20 ~		200,000		200,371
Humana Inc
2.900% due 12/15/22		40,000		40,711
3.150% due 12/01/22		105,000		107,555
3.850% due 10/01/24		15,000		15,857
Imperial Brands Finance PLC (United Kingdom)
2.950% due 07/21/20 ~		525,000		526,987
3.750% due 07/21/22 ~		200,000		205,968
Keurig Dr Pepper Inc 3.551% due 05/25/21		255,000		260,712
Life Technologies Corp 5.000% due 01/15/21		670,000		689,851
Molson Coors Brewing Co 2.250% due 03/15/20		450,000		449,790

	Principal Amount		Value
Pernod Ricard SA (France)
4.450% due 01/15/22 ~		$260,000		$272,864
5.750% due 04/07/21 ~		240,000		252,619
Perrigo Finance Unlimited Co 3.500% due 12/15/21		375,000		375,131
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21 ~		400,000		414,272
Tyson Foods Inc 2.250% due 08/23/21		160,000		160,229
				14,673,657
Energy - 5.0%
Cenovus Energy Inc (Canada)
3.000% due 08/15/22		265,000		266,802
5.700% due 10/15/19		682,692		683,442
China Shenhua Overseas Capital Co Ltd (China) 3.125% due 01/20/20 ~		725,000		725,227
Columbia Pipeline Group Inc 3.300% due 06/01/20		380,000		382,180
Diamondback Energy Inc 4.750% due 11/01/24		385,000		395,106
Energy Transfer Operating LP
4.250% due 03/15/23		150,000		156,843
5.875% due 01/15/24		215,000		239,220
7.500% due 10/15/20		705,000		741,059
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		286,035
Enterprise Products Operating LLC 3.500% due 02/01/22		95,000		98,130
EQT Corp 2.869% (USD LIBOR + 0.770%) due 10/01/20 §		435,000		434,085
Marathon Oil Corp
2.700% due 06/01/20		445,000		445,919
2.800% due 11/01/22		320,000		322,106
MPLX LP
3.002% (USD LIBOR + 0.900%) due 09/09/21 §		60,000		60,208
3.202% (USD LIBOR + 1.100%) due 09/09/22 §		180,000		180,593
Occidental Petroleum Corp
2.600% due 08/13/21		215,000		216,471
2.700% due 08/15/22		200,000		201,833
Phillips 66 2.732% (USD LIBOR + 0.600%) due 02/26/21 §		165,000		165,009
Plains All American Pipeline LP
2.600% due 12/15/19		96,000		96,013
5.000% due 02/01/21		120,000		123,131
5.750% due 01/15/20		470,000		474,358
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		615,000		635,454
Saudi Arabian Oil Co (Saudi Arabia) 2.750% due 04/16/22 ~		235,000		237,078
Schlumberger Holdings Corp 3.750% due 05/01/24 ~		210,000		221,323
The Williams Cos Inc 3.350% due 08/15/22		120,000		122,729
				7,910,354
Financial - 16.9%
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		413,303
4.450% due 12/16/21		220,000		228,827
4.625% due 10/30/20		430,000		440,247
AIG Global Funding 3.350% due 06/25/21 ~		100,000		101,930
Air Lease Corp
2.250% due 01/15/23		175,000		173,777
2.500% due 03/01/21		70,000		70,224
3.500% due 01/15/22		90,000		92,341

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-31

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
American Campus Communities Operating Partnership LP REIT 3.350% due 10/01/20		$240,000		$242,619
American Express Co 3.000% due 02/22/21		365,000		369,790
American International Group Inc
4.875% due 06/01/22		165,000		176,366
6.400% due 12/15/20		365,000		383,752
Aon PLC 2.800% due 03/15/21		550,000		554,229
Avolon Holdings Funding Ltd (Ireland)
3.625% due 05/01/22 ~		335,000		339,908
3.950% due 07/01/24 ~		65,000		66,752
Banco de Credito del Peru (Peru) 2.250% due 10/25/19 ~		200,000		200,468
Banco Santander Chile (Chile) 2.500% due 12/15/20 ~		445,000		448,070
Bank of America Corp
2.503% due 10/21/22		95,000		95,724
2.639% (USD LIBOR + 0.380%) due 01/23/22 §		660,000		660,046
2.756% (USD LIBOR + 0.650%) due 06/25/22 §		405,000		406,537
3.438% (USD LIBOR + 1.160%) due 01/20/23 §		295,000		298,676
BPCE SA (France) 3.370% (USD LIBOR + 1.220%) due 05/22/22 § ~		250,000		253,139
Brixmor Operating Partnership LP REIT 3.875% due 08/15/22		35,000		36,389
Capital One Financial Corp
2.400% due 10/30/20		455,000		456,368
3.900% due 01/29/24		170,000		179,739
Capital One NA 2.150% due 09/06/22		260,000		259,890
Citibank NA 2.844% due 05/20/22		305,000		308,195
Citigroup Inc
2.700% due 03/30/21		245,000		247,446
2.900% due 12/08/21		485,000		492,473
Citizens Bank NA
2.250% due 10/30/20		250,000		250,572
3.250% due 02/14/22		305,000		312,533
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		390,836
Crown Castle International Corp REIT
2.250% due 09/01/21		255,000		255,274
3.400% due 02/15/21		285,000		288,977
Danske Bank AS (Denmark)
2.200% due 03/02/20 ~		480,000		479,834
3.001% due 09/20/22 ~		255,000		255,998
Deutsche Bank AG (Germany)
3.375% due 05/12/21		160,000		159,584
3.577% (USD LIBOR + 1.290%) due 02/04/21 §		250,000		248,286
Discover Bank
3.100% due 06/04/20		635,000		638,504
7.000% due 04/15/20		810,000		830,061
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		132,260
GE Capital International Funding Co Unlimited Co 2.342% due 11/15/20		1,110,000		1,107,596
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		181,290
HSBC Bank USA NA 4.875% due 08/24/20		475,000		486,673
HSBC Holdings PLC (United Kingdom) 2.724% (USD LIBOR + 0.600%) due 05/18/21 §		200,000		200,229

	Principal Amount		Value
ING Groep NV (Netherlands) 3.254% (USD LIBOR + 1.150%) due 03/29/22 §		$205,000		$207,682
iStar Inc REIT 4.625% due 09/15/20		450,000		455,344
JPMorgan Chase & Co 2.652% (USD LIBOR + 0.550%) due 03/09/21 §		490,000		490,681
KeyBank NA 3.300% due 02/01/22		420,000		432,123
Marsh & McLennan Cos Inc
3.500% due 12/29/20		240,000		243,893
3.875% due 03/15/24		190,000		202,674
Morgan Stanley
2.731% (USD LIBOR + 0.550%) due 02/10/21 §		310,000		310,296
2.750% due 05/19/22		245,000		248,613
5.500% due 07/24/20		125,000		128,419
Nordea Bank Abp (Finland) 4.875% due 05/13/21 ~		200,000		207,018
Park Aerospace Holdings Ltd (Ireland)
3.625% due 03/15/21 ~		230,000		232,254
5.250% due 08/15/22 ~		190,000		200,716
Regions Bank 2.479% (USD LIBOR + 0.380%) due 04/01/21 §		535,000		534,409
Reinsurance Group of America Inc
5.000% due 06/01/21		35,000		36,585
6.450% due 11/15/19		677,000		680,006
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		405,000		406,651
Santander UK PLC (United Kingdom) 2.125% due 11/03/20		385,000		384,856
SBA Tower Trust REIT
2.836% due 01/15/50 ~		405,000		406,119
3.168% due 04/09/47 ~		285,000		288,015
3.448% due 03/15/48 ~		210,000		216,392
Service Properties Trust REIT 4.350% due 10/01/24		260,000		263,415
Standard Chartered PLC (United Kingdom) 2.744% due 09/10/22 ~		200,000		200,289
SunTrust Bank 2.800% due 05/17/22		230,000		234,370
Swedbank AB (Sweden) 2.650% due 03/10/21 ~		480,000		482,347
Synchrony Financial
2.700% due 02/03/20		1,095,000		1,096,315
2.850% due 07/25/22		380,000		383,500
The Goldman Sachs Group Inc
2.875% due 02/25/21		105,000		105,960
3.000% due 04/26/22		85,000		85,963
3.036% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,319
3.377% (USD LIBOR + 1.110%) due 04/26/22 §		295,000		297,598
5.750% due 01/24/22		260,000		280,222
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		117,078
UBS Group Funding Switzerland AG (Switzerland)
3.000% due 04/15/21 ~		680,000		688,341
3.368% (USD LIBOR + 1.220%) due 05/23/23 § ~		255,000		258,063
US Bank NA 2.587% (USD LIBOR + 0.320%) due 04/26/21 §		275,000		275,522
Ventas Realty LP REIT 3.100% due 01/15/23		60,000		61,590
Wells Fargo & Co 2.550% due 12/07/20		23,000		23,129

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-32

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Wells Fargo Bank NA
2.082% due 09/09/22		$250,000		$249,475
3.325% due 07/23/21		580,000		585,341
Willis Towers Watson PLC 5.750% due 03/15/21		470,000		492,814
				26,810,129
Industrial - 5.6%
Avnet Inc 3.750% due 12/01/21		197,000		201,118
Boral Finance PTY Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,129
CNH Industrial Capital LLC
3.875% due 10/15/21		475,000		488,499
4.375% due 11/06/20		480,000		489,696
DAE Funding LLC (United Arab Emirates)
4.000% due 08/01/20 ~		210,000		211,837
5.250% due 11/15/21 ~		220,000		229,350
Eagle Materials Inc 4.500% due 08/01/26		50,000		51,723
Eastern Creation II Investment Holdings Ltd (China) 2.750% due 09/26/20 ~		400,000		400,424
GATX Corp 2.600% due 03/30/20		235,000		235,249
General Electric Co
2.700% due 10/09/22		245,000		245,723
3.150% due 09/07/22		50,000		50,823
4.650% due 10/17/21		80,000		83,230
5.300% due 02/11/21		30,000		31,004
Jabil Inc 5.625% due 12/15/20		115,000		119,135
Kansas City Southern 2.350% due 05/15/20		400,000		400,181
Keysight Technologies Inc 3.300% due 10/30/19		880,000		880,182
L3Harris Technologies Inc 2.700% due 04/27/20		410,000		410,861
Martin Marietta Materials Inc
2.656% (USD LIBOR + 0.500%) due 12/20/19 §		150,000		150,030
2.800% (USD LIBOR + 0.650%) due 05/22/20 §		220,000		220,329
Northrop Grumman Corp 2.550% due 10/15/22		165,000		167,356
Penske Truck Leasing Co LP
3.050% due 01/09/20 ~		865,000		866,083
3.200% due 07/15/20 ~		50,000		50,303
3.300% due 04/01/21 ~		325,000		329,456
3.650% due 07/29/21 ~		115,000		117,695
Republic Services Inc 2.500% due 08/15/24		185,000		187,248
Roper Technologies Inc
2.350% due 09/15/24		80,000		80,116
3.000% due 12/15/20		315,000		317,854
3.125% due 11/15/22		310,000		318,470
3.650% due 09/15/23		95,000		99,799
SMBC Aviation Capital Finance DAC (Ireland) 4.125% due 07/15/23 ~		265,000		278,729
United Technologies Corp 2.818% (USD LIBOR + 0.650%) due 08/16/21 §		125,000		125,012
Vulcan Materials Co
2.719% (USD LIBOR + 0.600%) due 06/15/20 §		640,000		640,438
2.782% (USD LIBOR + 0.650%) due 03/01/21 §		390,000		390,433
				8,903,515

	Principal Amount		Value
Technology - 2.6%
Apple Inc 2.400% due 05/03/23		$165,000		$167,739
Broadcom Corp
2.375% due 01/15/20		615,000		615,006
3.000% due 01/15/22		415,000		419,169
DXC Technology Co 3.082% (USD LIBOR + 0.950%) due 03/01/21 §		368,000		367,892
Fidelity National Information Services Inc 2.250% due 08/15/21		250,000		250,409
Fiserv Inc 2.750% due 07/01/24		380,000		386,920
Hewlett Packard Enterprise Co 2.100% due 10/04/19 ~		155,000		154,998
International Business Machines Corp 2.850% due 05/13/22		320,000		327,139
Microchip Technology Inc 3.922% due 06/01/21		315,000		321,851
NXP BV (Netherlands)
4.125% due 06/01/21 ~		200,000		205,282
4.625% due 06/01/23 ~		200,000		213,255
Xerox Corp 5.625% due 12/15/19		675,000		681,750
				4,111,410
Utilities - 3.2%
American Electric Power Co Inc 3.650% due 12/01/21		50,000		51,596
CenterPoint Energy Inc 3.600% due 11/01/21		75,000		77,013
Dominion Energy Inc 2.579% due 07/01/20		260,000		260,620
Edison International 2.125% due 04/15/20		395,000		394,269
EDP Finance BV (Portugal) 4.900% due 10/01/19 ~		375,000		375,000
Enel Finance International NV (Italy)
2.875% due 05/25/22 ~		320,000		324,357
4.250% due 09/14/23 ~		205,000		217,876
ENN Energy Holdings Ltd (China) 3.250% due 10/23/19 ~		200,000		200,055
Exelon Generation Co LLC
2.950% due 01/15/20		575,000		575,814
4.000% due 10/01/20		219,000		221,744
FirstEnergy Corp 2.850% due 07/15/22		240,000		243,736
NextEra Energy Capital Holdings Inc 2.694% (USD LIBOR + 0.550%) due 08/28/21 §		210,000		210,065
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		133,898
San Diego Gas & Electric Co 1.914% due 02/01/22		69,644		68,294
Sempra Energy
1.625% due 10/07/19		265,000		264,976
2.803% (USD LIBOR + 0.500%) due 01/15/21 §		145,000		144,883
2.850% due 11/15/20		410,000		412,645
2.875% due 10/01/22		25,000		25,314
State Grid Overseas Investment Ltd (China) 2.250% due 05/04/20 ~		615,000		614,783
Vistra Operations Co LLC 3.550% due 07/15/24 ~		190,000		191,487
				5,008,425
Total Corporate Bonds & Notes (Cost $83,050,556)				84,035,245

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-33

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 17.8%
Collateralized Mortgage Obligations - Commercial - 3.1%
BAMLL Commercial Mortgage Securities Trust
2.878% (USD LIBOR + 0.850%) due 09/15/34 § ~		$600,000		$599,265
3.490% due 04/14/33 ~		130,000		136,727
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		56,018		55,862
Bank 2019-BNK19 2.263% due 08/15/61		113,660		114,457
Citigroup Commercial Mortgage Trust
1.637% due 06/10/48		8,658		8,651
1.643% due 09/10/58		14,536		14,487
CLNS Trust 2.850% (USD LIBOR + 0.800%) due 06/11/32 § ~		395,000		394,358
3.050% (USD LIBOR + 1.000%) due 06/11/32 § ~		200,000		199,806
Commercial Mortgage Trust
1.443% due 08/10/49		39,378		39,104
1.770% due 02/10/49		3,391		3,379
1.965% due 02/10/50		54,459		54,379
3.221% due 10/10/48		200,000		201,367
Credit Suisse Mortgage Capital Certificates Trust 3.628% (USD LIBOR + 1.600%) due 05/15/36 § ~		210,000		210,521
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		130,736		130,416
2.360% due 06/15/52		149,832		150,945
Great Wolf Trust
2.878% (USD LIBOR + 0.850%) due 09/15/34 § ~		76,000		76,048
3.348% (USD LIBOR + 1.320%) due 09/15/34 § ~		250,000		250,176
GS Mortgage Securities Corp Trust
2.978% (USD LIBOR + 0.950%) due 11/15/35 § ~		165,000		165,162
4.028% (USD LIBOR + 2.000%) due 11/15/35 § ~		100,000		100,249
GS Mortgage Securities Trust
1.429% due 10/10/49		29,177		29,038
1.593% due 07/10/48		7,002		6,993
InTown Hotel Portfolio Trust
2.728% (USD LIBOR + 0.700%) due 01/15/33 § ~		100,000		99,922
3.278% (USD LIBOR + 1.250%) due 01/15/33 § ~		100,000		100,022
JP Morgan Chase Commercial Mortgage Securities Trust
3.400% (USD LIBOR + 1.350%) due 09/15/29 § ~		380,000		380,974
3.650% (USD LIBOR + 1.600%) due 09/15/29 § ~		120,000		120,304
JPMBB Commercial Mortgage Securities Trust 1.423% due 06/15/49		9,386		9,332
Morgan Stanley Bank of America Merrill Lynch Trust
1.597% due 05/15/49		8,122		8,089
1.706% due 05/15/48		46,024		45,872
4.110% due 10/15/47 §		95,000		102,341
Morgan Stanley Capital I Trust 1.638% due 05/15/48		37,767		37,648
New Orleans Hotel Trust 3.316% (USD LIBOR + 1.289%) due 04/15/32 § ~		385,000		385,327
RETL RVP ‘A’ 3.178% (USD LIBOR + 1.150%) due 03/15/36 § ~		83,809		83,954
SLIDE Fund Trust 3.878% (USD LIBOR + 1.850%) due 06/15/31 § ~		126,510		127,265

	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust
1.441% due 10/15/49		$3,486		$3,480
1.577% due 01/15/59		19,059		18,977
1.968% due 07/15/50		104,820		104,715
1.975% due 09/15/50		102,882		102,659
WFRBS Commercial Mortgage Trust 4.697% due 04/15/45		195,000		204,861
				4,877,132
Collateralized Mortgage Obligations - Residential - 8.8%
COLT Mortgage Loan Trust
2.764% due 08/25/49 § ~		380,110		382,999
2.930% due 02/25/48 § ~		34,330		34,397
3.084% due 02/25/48 § ~		28,611		28,668
3.337% due 05/25/49 § ~		159,264		162,201
3.470% due 07/27/48 § ~		137,887		138,702
3.542% due 07/27/48 § ~		67,272		67,679
4.006% due 12/28/48 § ~		250,586		254,128
4.108% due 12/28/48 § ~		243,626		247,473
Connecticut Avenue Securities Trust
2.768% (USD LIBOR + 0.750%) due 09/25/31 § ~		137,374		137,461
2.768% (USD LIBOR + 0.750%) due 06/25/39 § ~		166,927		167,155
2.768% (USD LIBOR + 0.750%) due 07/25/39 § ~		252,080		252,429
Deephaven Residential Mortgage Trust
2.577% due 10/25/47 § ~		116,665		116,600
2.711% due 10/25/47 § ~		30,701		30,690
2.813% due 10/25/47 § ~		30,701		30,688
2.964% due 07/25/59 § ~		301,347		303,434
2.976% due 12/25/57 § ~		85,602		85,707
3.479% due 04/25/58 § ~		131,039		132,287
3.485% due 12/26/46 § ~		18,124		18,156
3.763% due 04/25/59 § ~		168,470		170,186
3.921% due 04/25/59 § ~		100,000		101,799
3.963% due 08/25/58 § ~		60,049		60,479
4.080% due 10/25/58 § ~		478,651		484,672
Fannie Mae Connecticut Avenue Securities
2.698% (USD LIBOR + 0.680%) due 10/25/30 §		145,659		145,720
2.738% (USD LIBOR + 0.720%) due 01/25/31 §		71,694		71,741
2.768% (USD LIBOR + 0.750%) due 02/25/30 §		81,282		81,296
2.768% (USD LIBOR + 0.750%) due 02/25/30 §		18,314		18,316
2.868% (USD LIBOR + 0.850%) due 11/25/29 §		106,878		106,952
3.368% (USD LIBOR + 1.350%) due 09/25/29 §		150,000		150,270
Fannie Mae REMICS
3.000% due 11/25/47		309,274		322,864
4.000% due 06/25/44		30,913		32,122
Flagstar Mortgage Trust 4.000% due 09/25/48 § ~		445,368		465,087
Freddie Mac REMICS 2.000% due 02/15/40		202,343		203,104
Freddie Mac STACR Trust
2.748% (USD LIBOR + 0.730%) due 07/25/49 § ~		158,391		158,502
3.418% (USD LIBOR + 1.400%) due 02/25/49 § ~		135,000		135,177
Freddie Mac Structured Agency Credit Risk Debt
2.568% (USD LIBOR + 0.550%) due 04/25/30 §		31,439		31,437
2.768% (USD LIBOR + 0.750%) due 03/25/30 §		175,063		175,139
2.818% (USD LIBOR + 0.800%) due 12/25/29 §		97,838		97,884

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-34

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
3.218% (USD LIBOR + 1.200%) due 08/25/29 §		$84,247		$84,387
3.817% due 05/25/48 § ~		58,225		58,382
3.980% due 09/25/47 § ~		16,633		16,722
4.160% due 08/25/48 § ~		48,976		49,352
4.218% (USD LIBOR + 2.200%) due 09/25/24 §		399,237		404,636
4.459% due 11/25/48 § ~		202,777		202,624
Freddie Mac Whole Loan Securities Trust 3.848% due 05/25/47 § ~		49,844		50,283
Galton Funding Mortgage Trust
3.500% due 11/25/57 § ~		145,411		147,033
4.000% due 02/25/59 § ~		209,203		212,158
Government National Mortgage Association 2.344% (USD LIBOR + 0.300%) due 09/20/48 §		36,776		36,677
GS Mortgage-Backed Securities Trust 2.451% due 07/25/44 § ~		23,245		23,228
Homeward Opportunities Fund I Trust
3.454% due 01/25/59 § ~		294,697		297,717
3.606% due 01/25/59 § ~		202,078		204,141
3.766% due 06/25/48 § ~		114,025		115,446
3.897% due 06/25/48 § ~		93,293		94,494
Metlife Securitization Trust 3.000% due 04/25/55 § ~		119,607		121,232
New Residential Mortgage Loan Trust
2.802% due 07/25/49 § ~		268,252		269,145
3.086% due 07/25/49 § ~		110,175		110,540
3.675% due 01/25/49 § ~		463,764		472,334
3.986% due 11/25/48 § ~		186,340		189,575
OBX 2019-EXP2 Trust
2.918% (USD LIBOR + 0.900%) due 07/25/59 § ~		197,355		197,973
3.218% (USD LIBOR + 1.200%) due 07/25/59 § ~		307,414		308,420
Sequoia Mortgage Trust
3.500% due 02/25/48 § ~		222,394		227,397
4.000% due 06/25/48 § ~		231,029		236,097
4.000% due 08/25/48 § ~		368,571		375,876
4.500% due 08/25/48 § ~		61,429		63,749
STACR Trust
2.818% (USD LIBOR + 0.800%) due 12/25/30 § ~		269,298		269,640
2.868% (USD LIBOR + 0.850%) due 02/25/47 § ~		200,658		200,710
3.268% (USD LIBOR + 1.250%) due 02/25/47 § ~		215,000		215,699
Starwood Mortgage Residential Trust
2.941% due 06/25/49 § ~		234,277		235,346
3.299% due 06/25/49 § ~		162,559		163,298
3.468% due 02/25/49 § ~		104,996		106,328
4.121% due 10/25/48 § ~		550,439		562,875
Verus Securitization Trust
2.913% due 07/25/59 § ~		365,990		367,884
2.929% due 02/25/48 § ~		43,337		43,443
3.117% due 07/25/59 § ~		224,474		225,633
3.211% due 04/25/59 § ~		214,701		216,146
3.402% due 12/25/59 § ~		109,393		110,570
3.677% due 06/01/58 § ~		141,733		142,829
3.779% due 06/01/58 § ~		61,623		62,098
3.830% due 06/01/58 § ~		61,623		62,098
3.836% due 02/25/59 § ~		395,578		400,430
4.148% due 10/25/58 § ~		434,314		444,224
				14,002,470
Fannie Mae - 3.9%
3.000% due 11/01/29 - 02/01/33		234,354		240,990
3.500% due 06/01/29 - 11/01/47		1,502,698		1,561,310
4.000% due 06/01/33 - 08/01/49		637,771		664,900
4.500% due 04/01/26 - 11/01/49		1,584,289		1,682,067

	Principal Amount		Value
5.000% due 01/01/20 - 02/01/49		$920,519		$1,002,492
5.500% due 10/01/35 - 02/01/42		419,430		474,225
6.000% due 11/01/35 - 02/01/49		430,822		496,119
				6,122,103
Freddie Mac - 0.1%
5.500% due 12/01/39		24,304		27,444
7.000% due 03/01/39		39,272		46,779
7.500% due 06/01/38		44,168		52,596
				126,819
Government National Mortgage Association - 1.9%
4.000% due 04/20/49		167,840		174,645
4.500% due 06/20/48 - 11/20/49		665,088		696,296
5.000% due 01/20/48 - 06/20/49		1,719,989		1,827,429
5.500% due 09/15/45		210,586		238,535
6.000% due 07/15/36		105,796		121,444
				3,058,349
Total Mortgage-Backed Securities (Cost $27,988,503)				28,186,873
ASSET-BACKED SECURITIES - 15.6%
Allegro CLO Ltd (Cayman) 3.116% (USD LIBOR + 0.840%) due 07/25/27 § ~		310,000		309,597
Ally Auto Receivables Trust
2.460% due 09/15/22		40,000		40,132
2.930% due 11/15/23		70,000		70,457
Ally Master Owner Trust 3.300% due 07/17/23		105,000		107,166
American Express Credit Account Master Trust 3.070% due 10/15/24		865,000		887,521
AmeriCredit Automobile Receivables Trust
1.530% due 07/08/21		4,127		4,126
2.690% due 06/19/23		110,000		110,932
2.710% due 08/18/22		100,000		100,785
2.710% due 09/08/22		315,000		317,050
2.740% due 12/08/22		535,000		538,069
3.000% due 06/08/21		102,502		102,524
3.080% due 12/18/23		522,000		532,323
3.340% due 08/08/21		135,000		135,430
3.820% due 03/18/24		860,000		893,138
Applebee’s Funding LLC 4.194% due 06/07/49 ~		150,000		153,616
ARI Fleet Lease Trust
1.910% due 04/15/26 ~		24,370		24,326
2.550% due 10/15/26 ~		422,059		422,781
Ascentium Equipment Receivables Trust
2.290% due 06/10/21 ~		54,606		54,625
2.920% due 12/10/20 ~		30,356		30,402
Avis Budget Rental Car Funding AESOP LLC
2.500% due 02/20/21 ~		200,000		200,083
2.500% due 07/20/21 ~		275,000		275,246
2.720% due 11/20/22 ~		535,000		539,671
3.700% due 03/20/23 ~		100,000		102,329
4.530% due 03/20/23 ~		130,000		134,023
Bayview Mortgage Fund Trust 3.500% due 01/28/58 § ~		164,834		168,047
Bayview Opportunity Master Fund Trust 3.500% due 01/28/55 § ~		100,574		102,526
BlueMountain CLO Ltd (Cayman) 3.230% (USD LIBOR + 0.930%) due 07/18/27 § ~		270,000		270,168
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		90,086		91,841
Capital Auto Receivables Asset Trust
1.630% due 01/20/21		2,244		2,246
2.700% due 09/20/22 ~		65,000		65,630
3.360% due 11/21/22 ~		160,000		161,933

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-35

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
3.480% due 10/20/23 ~		$60,000		$60,825
3.690% due 12/20/23 ~		80,000		81,218
CarMax Auto Owner Trust
3.000% due 05/16/22		515,000		515,222
3.270% due 03/15/22		155,000		155,183
CBAM Ltd (Cayman) 4.009% (USD LIBOR + 1.280%) due 02/12/30 § ~		760,000		758,880
Chrysler Capital Auto Receivables Trust 1.640% due 07/15/21 ~		2,809		2,809
CNH Equipment Trust
1.930% due 03/15/24		315,000		313,498
2.400% due 02/15/23		265,000		264,976
3.010% due 04/15/24		195,000		199,217
Cole Park CLO Ltd (Cayman) 3.328% (USD LIBOR + 1.050%) due 10/20/28 § ~		435,000		435,439
Driven Brands Funding LLC 5.216% due 07/20/45 ~		418,688		431,384
Elara HGV Timeshare Issuer LLC
2.530% due 02/25/27 ~		32,001		31,991
2.690% due 03/25/30 ~		60,056		60,559
Enterprise Fleet Financing LLC
2.040% due 02/22/22 ~		278,034		277,854
3.140% due 02/20/24 ~		122,830		123,766
Ford Credit Auto Owner Trust
2.030% due 12/15/27 ~		350,000		349,938
3.520% due 07/15/30 ~		545,000		577,030
GM Financial Automobile Leasing Trust
3.110% due 12/20/21		105,000		105,643
3.370% due 10/20/22		245,000		246,612
3.500% due 04/20/22		80,000		80,966
3.560% due 12/20/22		275,000		280,378
GM Financial Consumer Automobile Trust 2.450% due 07/17/23 ~		100,000		100,151
GMF Floorplan Owner Revolving Trust
2.630% due 07/15/22 ~		190,000		190,168
2.700% due 04/15/24 ~		170,000		172,736
3.500% due 09/15/23 ~		220,000		225,889
GreatAmerica Leasing Receivables Funding LLC
2.060% due 06/22/20 ~		15,971		15,966
2.600% due 06/15/21 ~		95,000		95,226
Hardee’s Funding LLC 4.250% due 06/20/48 ~		133,686		135,775
Hilton Grand Vacations Trust
1.770% due 11/25/26 ~		47,617		47,436
2.660% due 12/26/28 ~		46,200		46,342
2.960% due 12/26/28 ~		46,200		46,308
Hyundai Auto Receivables Trust
2.380% due 04/17/23		395,000		396,565
2.940% due 05/15/25		165,000		168,550
Madison Park Funding Ltd (Cayman)
3.468% (USD LIBOR + 1.190%) due 10/21/30 § ~		500,000		500,125
3.603% (USD LIBOR + 1.300%) due 07/15/32 § ~		250,000		250,342
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		40,396		40,559
MMAF Equipment Finance LLC
2.040% due 02/16/22 ~		63,602		63,552
3.200% due 09/12/22 ~		210,000		212,904
MVW Owner Trust
2.150% due 04/22/30 ~		13,609		13,585
2.420% due 12/20/34 ~		49,410		49,516
Navient Private Education Refi Loan Trust
2.530% due 02/18/42 ~		100,915		101,007
2.820% due 02/15/68 ~		329,652		333,031
Neuberger Berman CLO Ltd (Cayman) 3.153% (USD LIBOR + 0.850%) due 01/15/28 § ~		250,000		249,874

	Principal Amount		Value
OCP CLO Ltd (Cayman)
3.087% (USD LIBOR + 0.820%) due 10/26/27 § ~		$360,000		$359,447
3.398% (USD LIBOR + 1.120%) due 07/20/29 § ~		415,000		412,498
OZLM VIII Ltd (Cayman) 3.473% (USD LIBOR + 1.170%) due 10/17/29 § ~		250,000		249,667
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		198,000		202,941
Santander Drive Auto Receivables Trust
2.460% due 03/15/22		86,170		86,199
2.580% due 05/16/22		21,779		21,800
2.960% due 03/15/24		960,000		965,386
3.210% due 09/15/23		210,000		212,501
3.270% due 01/17/23		110,000		110,683
3.490% due 05/17/21		103,246		103,365
3.520% due 12/15/22		125,000		125,934
3.530% due 08/16/21		87,232		87,524
3.650% due 12/15/21		89,004		89,296
4.020% due 04/15/22		105,000		106,125
Santander Retail Auto Lease Trust
2.960% due 11/21/22 ~		85,000		85,421
3.010% due 05/22/23 ~		180,000		182,713
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		688,861		695,941
Sierra Timeshare Receivables Funding LLC
2.330% due 07/20/33 ~		18,284		18,245
2.400% due 03/22/32 ~		27,012		27,003
2.430% due 10/20/33 ~		48,973		48,912
2.580% due 09/20/32 ~		165,419		165,520
3.080% due 03/21/33 ~		140,364		141,274
SLM Student Loan Trust
2.418% (USD LIBOR + 0.400%) due 03/25/25 §		114,183		110,858
3.776% (USD LIBOR + 1.500%) due 04/25/23 §		21,352		21,490
3.976% (USD LIBOR + 1.700%) due 07/25/23 §		33,354		33,693
SMB Private Education Loan Trust
3.028% (USD LIBOR + 1.000%) due 06/15/27 § ~		66,433		66,677
3.050% due 05/15/26 ~		61,374		61,787
3.178% (USD LIBOR + 1.150%) due 05/15/26 § ~		130,420		131,068
3.528% (USD LIBOR + 1.500%) due 04/15/32 § ~		225,000		227,938
Synchrony Card Funding LLC 2.340% due 06/15/25		430,000		434,079
Synchrony Credit Card Master Note Trust
2.620% due 09/15/23		85,000		85,147
3.360% due 03/15/24		780,000		786,359
Towd Point Mortgage Trust
2.250% due 07/25/56 § ~		46,987		46,825
2.750% due 02/25/55 § ~		29,820		29,942
2.750% due 04/25/55 § ~		49,142		49,239
2.750% due 05/25/55 § ~		48,993		49,286
2.750% due 08/25/55 § ~		44,096		44,303
2.750% due 10/25/56 § ~		55,351		55,994
2.750% due 04/25/57 § ~		117,937		118,978
3.000% due 01/25/58 § ~		84,481		85,780
3.750% due 05/25/58 § ~		110,761		115,487
Toyota Auto Receivables Owner Trust 3.000% due 05/15/24		1,085,000		1,119,719
Verizon Owner Trust
2.360% due 05/20/21 ~		125,000		124,994
2.530% due 04/20/22 ~		120,000		120,493
2.650% due 09/20/21 ~		100,000		100,297
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~		265,000		267,439

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-36

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
World Omni Automobile Lease Securitization Trust 2.320% due 08/15/22		$55,000		$55,014
Total Asset-Backed Securities (Cost $24,286,994)				24,599,019
U.S. TREASURY OBLIGATIONS - 12.7%
U.S. Treasury Notes - 12.7%
1.375% due 05/31/21		570,000		566,905
1.500% due 09/15/22		1,095,000		1,093,075
1.750% due 06/15/22		1,875,000		1,883,789
1.750% due 07/15/22		1,840,000		1,847,655
2.125% due 05/15/22		2,620,000		2,654,643
2.250% due 04/15/22		1,615,000		1,640,644
2.375% due 03/15/22		3,815,000		3,888,320
2.625% due 12/15/21		5,110,000		5,223,179
2.875% due 10/15/21		935,000		957,973
2.875% due 11/30/23		390,000		410,498
				20,166,681
Total U.S. Treasury Obligations (Cost $19,939,692)				20,166,681
SHORT-TERM INVESTMENTS - 1.5%
Commercial Paper - 0.2%
Ford Motor Credit Co LLC 3.251% due 07/27/20		260,000		253,913

	Shares		Value
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		2,071,496		$2,071,496
Total Short-Term Investments (Cost $2,324,671)				2,325,409
TOTAL INVESTMENTS - 100.7% (Cost $157,590,416)				159,313,227
DERIVATIVES - (0.0%)				(61,642	)
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(1,040,780	)
NET ASSETS - 100.0%				$158,210,805

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	53.1%
Mortgage-Backed Securities	17.8%
Asset-Backed Securities	15.6%
U.S. Treasury Obligations	12.7%
Others (each less than 3.0%)	1.5%
	100.7%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(0.7%	)
	100.0%

(b) Open futures contracts outstanding as of September 30, 2019 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		12/19		182		$39,314,677		$39,221,000		($93,677	)
U.S. Treasury Ultra 10-Year Notes		12/19		2		289,284		284,813		(4,471	)
										(98,148	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		12/19		13		1,553,049		1,548,930		4,119
U.S. Treasury 10-Year Notes		12/19		25		3,290,200		3,257,813		32,387
										36,506
Total Futures Contracts										($61,642	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-37

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$84,035,245			$—			$84,035,245		$—
	Mortgage-Backed Securities		28,186,873			—			28,186,873		—
	Asset-Backed Securities		24,599,019			—			24,599,019		—
	U.S. Treasury Obligations		20,166,681			—			20,166,681		—
	Short-Term Investments		2,325,409			2,071,496			253,913		—
	Derivatives:
	Interest Rate Contracts
	Futures		36,506			36,506			—		—
	Total Assets		159,349,733			2,108,002			157,241,731		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(98,148	)		(98,148	)		—		—
	Total Liabilities - Derivatives		(98,148	)		(98,148	)		—		—
	Total		$159,251,585			$2,009,854			$157,241,731		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-38

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 20.0%
Argentina - 0.2%
Rio Energy SA 6.875% due 02/01/25 ~		$150,000		$71,252
YPF SA 8.500% due 07/28/25 ~		80,000		62,760
				134,012
Azerbaijan - 0.8%
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		220,000		255,743
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		200,000		239,537
				495,280
Brazil - 1.9%
Banco Votorantim SA 4.500% due 09/24/24 ~		200,000		206,750
Gol Finance SA 7.000% due 01/31/25 ~		65,000		63,700
NBM US Holdings Inc 7.000% due 05/14/26 ~		200,000		210,375
Petrobras Global Finance BV 5.093% due 01/15/30 ~		106,000		110,706
6.850% due 06/05/15		160,000		183,232
6.875% due 01/20/40		130,000		150,449
Vale Overseas Ltd 6.875% due 11/21/36		105,000		133,560
6.875% due 11/10/39		100,000		127,876
				1,186,648
Chile - 1.9%
Corp Nacional del Cobre de Chile 4.375% due 02/05/49 ~		246,000		275,955
4.875% due 11/04/44 ~		200,000		237,407
5.625% due 10/18/43 ~		200,000		261,661
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		216,000
VTR Finance BV 6.875% due 01/15/24 ~		180,000		185,850
				1,176,873
China - 1.6%
Amber Circle Funding Ltd 3.250% due 12/04/22 ~		200,000		204,166
China Evergrande Group 7.500% due 06/28/23 ~		200,000		166,003
Sinochem Overseas Capital Co Ltd 4.500% due 11/12/20 ~		100,000		102,176
6.300% due 11/12/40 ~		100,000		141,216
Sunac China Holdings Ltd 7.950% due 08/08/22 ~		200,000		198,468
Yuzhou Properties Co Ltd 6.375% due 03/06/21 ~		200,000		200,195
				1,012,224
Colombia - 0.5%
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 336,000,000		103,494
Millicom International Cellular SA 5.125% due 01/15/28 ~		$200,000		209,270
				312,764
Georgia - 0.7%
Georgian Railway JSC 7.750% due 07/11/22 ~		200,000		219,197
TBC Bank JSC 5.750% due 06/19/24 ~		200,000		202,000
				421,197

	Principal Amount		Value
Indonesia - 0.8%
P.T. Pertamina Persero 6.000% due 05/03/42 ~		$200,000		$243,744
P.T. Perusahaan Listrik Negara 5.500% due 11/22/21 ~		230,000		244,375
				488,119
Ireland - 0.3%
C&W Senior Financing DAC 7.500% due 10/15/26 ~		200,000		211,500
Jamaica - 0.2%
Digicel Ltd 6.000% due 04/15/21 ~		200,000		142,002
Kazakhstan - 1.1%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		228,623
Halyk Savings Bank of Kazakhstan JSC 5.500% due 12/21/22 ~		66,249		66,777
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		402,645
				698,045
Luxembourg - 0.3%
Altice Financing SA 7.500% due 05/15/26 ~		200,000		212,998
Malaysia - 0.4%
Wakala Global Sukuk Bhd 4.646% due 07/06/21 ~		250,000		260,542
Mexico - 3.6%
Axtel SAB de CV 6.375% due 11/14/24 ~		200,000		206,502
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		191,250
Comision Federal de Electricidad 5.750% due 02/14/42 ~		200,000		218,002
8.180% due 12/23/27 ~		MXN 950,000		44,530
Petroleos Mexicanos 5.625% due 01/23/46		$281,000		241,772
6.350% due 02/12/48		185,000		170,692
6.750% due 09/21/47		498,000		479,225
6.875% due 08/04/26		192,000		206,880
7.190% due 09/12/24 ~		MXN 3,170,000		140,959
7.690% due 01/23/50 ~		$282,251		295,037
				2,194,849
Morocco - 0.4%
OCP SA 6.875% due 04/25/44 ~		200,000		248,750
Pakistan - 0.9%
The Second Pakistan International Sukuk Co Ltd 6.750% due 12/03/19 ~		350,000		351,734
The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		200,625
				552,359
Peru - 0.2%
Banco de Credito del Peru 4.850% due 10/30/20 ~		PEN 48,000		14,385
Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		$75,000		80,678
				95,063

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-39

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Philippines - 0.3%
Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		$130,000		$162,511
Russia - 0.4%
SCF Capital Designated Activity Co 5.375% due 06/16/23 ~		232,000		245,637
Saudi Arabia - 0.4%
Saudi Arabian Oil Co 4.250% due 04/16/39 ~		200,000		216,029
Singapore - 0.3%
Puma International Financing SA 5.125% due 10/06/24 ~		200,000		193,332
South Africa - 0.7%
Absa Group Ltd 6.250% due 04/25/28 ~		200,000		209,100
Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		200,000		206,405
				415,505
Ukraine - 0.3%
Metinvest BV 7.750% due 04/23/23 ~		200,000		211,331
United Kingdom - 0.8%
Standard Chartered Bank 6.625% due 05/17/33 ~		IDR 270,000,000		17,369
7.590% due 01/13/26 ~		INR 17,870,000		264,341
8.125% due 05/17/24 ~		IDR 369,000,000		27,518
8.250% due 05/19/36 ~		980,000,000		72,127
8.375% due 03/17/34 ~		810,000,000		60,480
9.000% due 03/20/29 ~		311,000,000		24,310
11.000% due 09/17/25 ~		432,000,000		36,368
12.800% due 06/17/21 ~		157,000,000		12,250
				514,763
Venezuela - 1.0%
Petroleos de Venezuela SA 5.375% due 04/12/27 * Y ~		$113,000		9,888
8.500% due 10/27/20 Y ~		1,460,500		518,477
9.000% due 11/17/21 * Y ~		239,354		20,943
9.750% due 05/17/35 * Y ~		306,278		26,799
12.750% due 02/17/22 * Y ~		117,000		10,238
				586,345
Total Corporate Bonds & Notes (Cost $12,945,404)				12,388,678
SENIOR LOAN NOTES - 1.0%
United Arab Emirates - 1.0%
Dubai World Corp Term B1 2.000% Cash or 1.750% PIK due 09/30/22		643,067		602,875
Total Senior Loan Notes (Cost $602,506)				602,875

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 73.4%
Angola - 0.7%
Angolan Government 8.250% due 05/09/28 ~		$200,000		$207,636
9.375% due 05/08/48 ~		200,000		211,381
				419,017
Argentina - 2.1%
Argentina Bonar 55.469% (ARS Deposit + 2.000%) due 04/03/22 § W		ARS 4,931,267		48,471
62.351% (ARS Deposit + 3.250%) due 03/01/20 § W		470,000		4,472
Argentina POM Politica Monetaria 74.877% (ARS Reference + 0.000%) due 06/21/20 § W		10,978,462		84,171
Argentine Republic Government 3.750% due 12/31/38 §		$462,217		185,469
5.875% due 01/11/28		158,000		64,584
6.875% due 04/22/21		552,000		273,936
6.875% due 01/11/48		675,000		286,882
7.500% due 04/22/26		252,000		112,458
7.625% due 04/22/46		194,000		85,071
8.280% due 12/31/33		196,280		96,192
Ciudad Autonoma De Buenos Aires 62.189% (ARS Deposit + 3.250%) due 03/29/24 § W		ARS 2,641,873		24,929
Provincia de Buenos Aires 58.111% (ARS Deposit + 3.750%) due 04/12/25 § ~ W		3,804,000		31,468
				1,298,103
Bahrain - 0.7%
Bahrain Government 7.000% due 10/12/28 ~		$200,000		224,808
7.500% due 09/20/47 ~		200,000		227,981
				452,789
Belarus - 1.2%
Republic of Belarus 6.200% due 02/28/30 ~		200,000		211,164
6.875% due 02/28/23 ~		260,000		278,589
7.625% due 06/29/27 ~		200,000		225,726
				715,479
Brazil - 9.0%
Brazil Letras do Tesouro Nacional 5.208% due 07/01/21		BRL 12,311,000		2,711,285
5.532% due 01/01/22		400,000		85,281
5.788% due 07/01/22		3,300,000		680,531
6.244% due 07/01/23		3,304,000		633,878
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		667,000		188,706
10.000% due 01/01/29		443,000		127,448
Brazilian Government 2.625% due 01/05/23		$200,000		200,150
4.250% due 01/07/25		200,000		210,968
4.625% due 01/13/28		200,000		212,852
5.625% due 01/07/41		100,000		112,126
5.625% due 02/21/47		200,000		224,377
7.125% due 01/20/37		100,000		127,501
8.250% due 01/20/34		60,000		82,200
				5,597,303

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-40

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Chile - 1.0%
Bonos de la Tesoreria de la Republica 1.500% due 03/01/26 ^		CLP 182,327,600		$277,267
1.900% due 09/01/30 ^		14,025,200		23,219
2.000% due 03/01/35 ^		14,025,200		24,307
Bonos de la Tesoreria de la Republica en pesos 4.000% due 03/01/23 ~		120,000,000		175,054
4.700% due 09/01/30 ~		80,000,000		129,745
				629,592
Colombia - 3.1%
Colombia Government 5.625% due 02/26/44		$200,000		250,752
6.125% due 01/18/41		183,000		239,046
7.375% due 09/18/37		110,000		156,889
8.125% due 05/21/24		260,000		322,403
Colombian TES 4.750% due 02/23/23 ^		COP 866,417,093		275,921
6.250% due 11/26/25		119,600,000		35,911
7.000% due 05/04/22		962,800,000		291,768
7.500% due 08/26/26		582,800,000		186,437
10.000% due 07/24/24		439,900,000		152,681
				1,911,808
Croatia - 0.8%
Croatia Government 6.000% due 01/26/24 ~		$310,000		357,298
6.625% due 07/14/20 ~		160,000		165,302
				522,600
Czech Republic - 0.6%
Czech Republic Government 0.950% due 05/15/30 ~		CZK 1,690,000		68,504
1.000% due 06/26/26 ~		130,000		5,397
2.000% due 10/13/33		5,770,000		262,398
4.200% due 12/04/36 ~		240,000		14,414
				350,713
Dominican Republic - 1.8%
Dominican Republic 5.500% due 01/27/25 ~		$100,000		105,751
5.875% due 04/18/24 ~		120,000		127,201
6.600% due 01/28/24 ~		100,000		110,125
6.850% due 01/27/45 ~		270,000		301,725
6.875% due 01/29/26 ~		290,000		328,065
7.450% due 04/30/44 ~		130,000		154,539
				1,127,406
Ecuador - 5.2%
Ecuador Government 7.875% due 01/23/28 ~		370,000		351,966
7.950% due 06/20/24 ~		368,000		376,744
8.750% due 06/02/23 ~		258,000		274,450
8.875% due 10/23/27 ~		290,000		290,003
9.500% due 03/27/30 ~		200,000		203,000
9.625% due 06/02/27 ~		250,000		260,627
9.650% due 12/13/26 ~		652,000		685,422
10.500% due 03/24/20 ~		200,000		205,002
10.750% due 03/28/22 ~		317,000		346,322
10.750% due 01/31/29 ~		200,000		216,627
				3,210,163
Egypt - 1.3%
Egypt Government 6.588% due 02/21/28 ~		200,000		202,375
7.903% due 02/21/48 ~		300,000		302,864
8.500% due 01/31/47 ~		200,000		212,397
15.900% due 07/02/24		EGP 730,000		47,469
16.100% due 05/07/29		731,000		49,307
				814,412

	Principal Amount		Value
El Salvador - 1.2%
El Salvador Government 5.875% due 01/30/25 ~		$102,000		$105,316
6.375% due 01/18/27 ~		103,000		107,250
7.625% due 02/01/41 ~		150,000		161,626
7.650% due 06/15/35 ~		55,000		59,263
8.250% due 04/10/32 ~		113,000		129,245
8.625% due 02/28/29 ~		171,000		199,644
				762,344
Gabon - 0.3%
Gabon Government 6.375% due 12/12/24 ~		200,000		197,450
Ghana - 0.7%
Ghana Government 8.125% due 03/26/32 ~		200,000		201,470
8.627% due 06/16/49 ~		200,000		199,950
				401,420
Hungary - 1.7%
Hungary Government 3.000% due 10/27/27		HUF 14,560,000		52,627
3.000% due 08/21/30		8,770,000		31,497
5.375% due 02/21/23		$288,000		316,699
5.375% due 03/25/24		154,000		174,156
5.750% due 11/22/23		266,000		301,978
6.750% due 10/22/28		HUF 19,790,000		92,043
7.625% due 03/29/41		$30,000		49,914
				1,018,914
India - 1.9%
Export-Import Bank of India 4.000% due 01/14/23 ~		200,000		208,073
India Government 7.170% due 01/08/28		INR 30,000,000		433,735
7.350% due 06/22/24		10,000,000		146,538
7.370% due 04/16/23		23,650,000		346,065
7.720% due 05/25/25		4,000,000		59,434
				1,193,845
Indonesia - 5.6%
Indonesia Government 5.125% due 01/15/45 ~		$200,000		239,210
5.250% due 01/17/42 ~		200,000		240,982
5.950% due 01/08/46 ~		200,000		265,203
6.625% due 02/17/37 ~		100,000		135,717
7.750% due 01/17/38 ~		130,000		194,991
8.500% due 10/12/35 ~		100,000		157,302
Indonesia Treasury 6.125% due 05/15/28		IDR 3,284,000,000		214,785
6.625% due 05/15/33		3,646,000,000		234,549
7.000% due 05/15/27		298,000,000		20,893
7.000% due 09/15/30		2,036,000,000		140,311
7.500% due 08/15/32		3,597,000,000		251,828
7.500% due 06/15/35		1,271,000,000		88,291
7.500% due 05/15/38		689,000,000		47,704
8.250% due 05/15/29		2,604,000,000		196,255
8.250% due 05/15/36		958,000,000		70,507
8.375% due 03/15/24		4,061,000,000		304,536
8.375% due 09/15/26		4,603,000,000		348,207
8.375% due 04/15/39		1,561,000,000		116,050
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		218,700
				3,486,021
Ivory Coast - 0.9%
Ivory Coast Government 5.750% due 12/31/32 ~		578,160		569,149

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-41

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Jamaica - 0.4%
Jamaica Government 7.875% due 07/28/45		$200,000		$262,002
Kenya - 0.3%
Kenya Government 8.250% due 02/28/48 ~		200,000		204,790
Lebanon - 2.2%
Lebanon Government 5.450% due 11/28/19 ~		171,000		169,718
6.000% due 01/27/23 ~		60,000		41,824
6.100% due 10/04/22 ~		421,000		299,699
6.150% due 06/19/20		82,000		76,422
6.375% due 03/09/20		145,000		138,838
6.600% due 11/27/26 ~		19,000		12,369
6.850% due 03/23/27 ~		117,000		76,156
7.000% due 03/23/32 ~		150,000		98,232
7.250% due 03/23/37 ~		91,000		59,643
8.250% due 04/12/21 ~		474,000		405,270
				1,378,171
Malaysia - 1.2%
Malaysia Government 3.478% due 06/14/24		MYR 1,015,000		244,959
3.733% due 06/15/28		294,000		70,987
3.885% due 08/15/29		185,000		46,194
3.899% due 11/16/27		51,000		12,530
3.900% due 11/30/26		280,000		68,639
3.906% due 07/15/26		290,000		71,644
4.181% due 07/15/24		217,000		53,868
4.232% due 06/30/31		201,000		50,906
4.498% due 04/15/30		194,000		50,172
4.642% due 11/07/33		180,000		47,630
				717,529
Mexico - 1.7%
Mexican Bonos 7.500% due 06/03/27		MXN 1,720,000		90,576
8.000% due 11/07/47		2,900,000		158,230
8.500% due 05/31/29		3,890,000		219,593
10.000% due 12/05/24		4,460,000		258,673
Mexico Government 4.750% due 03/08/44		$68,000		73,780
5.550% due 01/21/45		64,000		77,472
5.750% due 10/12/10		72,000		83,017
6.050% due 01/11/40		60,000		75,676
				1,037,017
Morocco - 0.5%
Morocco Government 4.250% due 12/11/22 ~		320,000		335,354
Nigeria - 0.7%
Nigeria Government 6.500% due 11/28/27 ~		200,000		202,708
9.248% due 01/21/49 ~		200,000		223,908
				426,616
Oman - 0.9%
Oman Government 6.500% due 03/08/47 ~		400,000		371,210
6.750% due 01/17/48 ~		200,000		189,250
				560,460
Pakistan - 0.7%
Pakistan Government 6.875% due 12/05/27 ~		200,000		197,673
8.250% due 04/15/24 ~		200,000		216,371
				414,044

	Principal Amount		Value
Panama - 1.2%
Panama Government 4.300% due 04/29/53		$200,000		$234,752
6.700% due 01/26/36		120,000		171,301
7.125% due 01/29/26		100,000		125,380
8.875% due 09/30/27		70,000		100,451
9.375% due 04/01/29		70,000		107,713
				739,597
Paraguay - 0.3%
Paraguay Government 4.625% due 01/25/23 ~		200,000		210,852
Peru - 1.9%
Fondo MIVIVIENDA SA 7.000% due 02/14/24 ~		PEN 236,000		78,076
Peruvian Government 5.625% due 11/18/50		$317,000		465,200
7.350% due 07/21/25		178,000		225,706
8.750% due 11/21/33		230,000		380,365
				1,149,347
Philippines - 1.2%
Philippine Government 6.375% due 10/23/34		100,000		144,778
7.750% due 01/14/31		170,000		256,117
9.500% due 02/02/30		170,000		276,924
10.625% due 03/16/25		61,000		87,126
				764,945
Poland - 0.8%
Republic of Poland 2.750% due 04/25/28		PLN 675,000		178,852
2.750% due 10/25/29		1,253,000		333,604
				512,456
Qatar - 1.6%
Qatar Government 3.250% due 06/02/26 ~		$200,000		210,484
4.000% due 03/14/29 ~		200,000		221,888
4.817% due 03/14/49 ~		200,000		247,976
5.103% due 04/23/48 ~		246,000		315,015
				995,363
Romania - 0.6%
Romanian Government 4.375% due 08/22/23 ~		194,000		207,783
6.125% due 01/22/44 ~		38,000		49,794
6.750% due 02/07/22 ~		104,000		114,513
				372,090
Russia - 1.9%
Russia Federal 7.050% due 01/19/28		RUB 11,625,000		181,767
7.700% due 03/23/33		7,773,000		125,784
7.750% due 09/16/26		12,396,000		201,650
8.500% due 09/17/31		12,089,000		208,498
Russia Foreign 4.375% due 03/21/29 ~		$200,000		214,336
5.250% due 06/23/47 ~		200,000		238,004
				1,170,039
Saudi Arabia - 1.2%
Saudi Government 4.375% due 04/16/29 ~		200,000		224,938
5.000% due 04/17/49 ~		200,000		241,198
5.250% due 01/16/50 ~		200,000		249,500
				715,636

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-42

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Senegal - 0.3%
Senegal Government 6.250% due 05/23/33 ~		$200,000		$202,000
South Africa - 2.9%
Republic of South Africa Government 4.300% due 10/12/28		217,000		209,943
4.875% due 04/14/26		200,000		206,942
5.650% due 09/27/47		230,000		230,082
5.750% due 09/30/49		250,000		249,077
8.000% due 01/31/30		ZAR 2,775,000		171,179
8.250% due 03/31/32		3,313,000		201,860
8.750% due 01/31/44		1,792,140		105,523
8.750% due 02/28/48		3,669,000		214,306
8.875% due 02/28/35		1,333,690		82,949
9.000% due 01/31/40		1,762,760		107,639
				1,779,500
Sri Lanka - 0.7%
Sri Lanka Government 7.550% due 03/28/30 ~		$200,000		197,282
7.850% due 03/14/29 ~		200,000		201,512
				398,794
Suriname - 0.3%
Republic of Suriname 9.250% due 10/26/26 ~		200,000		179,500
Thailand - 1.8%
Thailand Government 1.875% due 06/17/22		THB 15,571,000		516,132
2.000% due 12/17/22		5,000		167
2.125% due 12/17/26		2,698,000		92,373
2.400% due 12/17/23		3,781,000		128,757
2.875% due 06/17/46		333,000		13,683
3.300% due 06/17/38		4,126,000		173,614
3.400% due 06/17/36		760,000		31,825
3.600% due 06/17/67		2,090,000		98,829
3.775% due 06/25/32		1,493,000		61,482
				1,116,862
Turkey - 2.6%
Turkey Government 3.000% due 02/23/22 ^ ~		TRY 373,225		65,168
4.875% due 04/16/43		$200,000		160,899
5.750% due 03/22/24		200,000		199,747
6.125% due 10/24/28		200,000		195,790
6.250% due 09/26/22		200,000		205,499
6.350% due 08/10/24		200,000		204,003
6.875% due 03/17/36		50,000		49,925
7.000% due 06/05/20		42,000		43,069
7.375% due 02/05/25		130,000		138,345
7.625% due 04/26/29		221,000		235,386
10.700% due 08/17/22		TRY 611,000		101,113
				1,598,944
Ukraine - 2.8%
Ukraine Government
7.375% due 09/25/32 ~		$400,000		403,011
7.750% due 09/01/22 ~		114,000		120,270
7.750% due 09/01/23 ~		214,000		225,435
7.750% due 09/01/25 ~		310,000		326,105
7.750% due 09/01/26 ~		200,000		209,199
7.750% due 09/01/27 ~		126,000		131,424
9.750% due 11/01/28 ~		200,000		229,629
15.840% due 02/26/25 ~		UAH 1,247,000		54,345
16.000% due 08/11/21 ~		413,000		17,216
17.000% due 05/11/22 ~		397,000		17,025
17.250% due 01/05/22 ~		365,000		15,618
				1,749,277

	Principal Amount		Value
United Arab Emirates - 0.3%
Abu Dhabi Government 3.125% due 09/30/49 ~		$200,000		$194,250
Uruguay - 1.4%
Uruguay Government
4.125% due 11/20/45		108,548		116,419
4.975% due 04/20/55		178,082		209,026
5.100% due 06/18/50		90,000		107,213
7.625% due 03/21/36		82,000		121,361
7.875% due 01/15/33		133,000		198,254
8.500% due 03/15/28 ~		UYU 3,220,000		75,578
9.875% due 06/20/22 ~		1,102,000		29,592
				857,443
Venezuela - 0.5%
Venezuela Government
7.750% due 10/13/19 * Y ~		$85,000		9,562
8.250% due 10/13/24 * Y ~		166,100		18,686
9.000% due 05/07/23 * Y ~		73,000		8,213
9.250% due 09/15/27 * Y		252,000		28,350
9.250% due 05/07/28 * Y ~		121,000		13,613
11.750% due 10/21/26 * Y ~		768,700		86,479
11.950% due 08/05/31 * Y ~		1,255,900		141,289
12.750% due 08/23/22 * Y ~		211,000		23,737
				329,929
Vietnam - 0.3%
Vietnam Government 6.750% due 01/29/20 ~		180,000		182,745
Zambia - 0.4%
Zambia Government 8.970% due 07/30/27 ~		307,000		219,862
Total Foreign Government Bonds & Notes (Cost $46,431,071)				45,453,942
SHORT-TERM INVESTMENTS - 3.8%
Foreign Government Issues - 0.7%
Argentina Treasury Bill (Argentina)
115.665% due 10/29/20 W		ARS 4,656,404		34,785
153.910% due 05/13/20 W		3,290,900		31,830
Egypt Treasury Bills (Egypt)
17.612% due 10/29/19		EGP 1,625,000		98,881
18.061% due 10/22/19		2,775,000		169,331
Uruguay Monetary Regulation Bill (Uruguay)
9.556% due 03/10/21		UYU 572,000		13,476
9.659% due 07/03/20		2,903,000		73,293
				421,596
	Shares
Money Market Fund - 3.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		1,947,792		1,947,792
Total Short-Term Investments (Cost $2,440,944)				2,369,388
TOTAL INVESTMENTS - 98.2% (Cost $62,419,925)				60,814,883
DERIVATIVES - (0.2%)				(136,664	)
OTHER ASSETS & LIABILITIES, NET - 2.0%				1,252,228
NET ASSETS - 100.0%				$61,930,447

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-43

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	73.4%
Corporate Bonds & Notes	20.0%
Short-Term Investments	3.8%
Others (each less than 3.0%)	1.0%
	98.2%
Derivatives	(0.2%	)
Other Assets & Liabilities, Net	2.0%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Brazil	10.9%
Indonesia	6.4%
Mexico	5.3%
Ecuador	5.2%
Colombia	3.6%
South Africa	3.6%
Ukraine	3.1%
United States (Includes Short-Term Investments)	3.1%
Others (each less than 3.0%)	57.0%
	98.2%
Derivatives	(0.2%	)
Other Assets & Liabilities, Net	2.0%
	100.0%

(c) Investments with a total aggregate value of $236,014 or 0.4% 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 of Trustees.

(d) Investments with a total aggregate value of $916,274 or 1.5% of the Fund’s net assets were in default as of September 30, 2019.

(e) Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
ARS W	4,657,996	USD	96,941	10/19	CSF		$—		($24,828	)
ARS W	1,707,689	USD	25,117	10/19	MER		716		—
BRL	3,410,997	USD	825,108	10/19	BSC		—		(4,283	)
BRL	2,032,017	USD	485,432	10/19	HSB		3,555		—
BRL	457,930	USD	110,000	10/19	MSC		197		—
CLP	687,081,226	USD	975,046	10/19	CSF		—		(32,153	)
CNY	7,472,414	USD	1,048,348	11/19	HSB		—		(1,131	)
CZK	13,457,685	USD	588,044	10/19	BRC		—		(19,196	)
CZK	48,793	USD	2,073	10/19	HSB		—		(11	)
CZK	13,457,685	USD	589,280	10/19	SCB		—		(20,432	)
CZK	1,456,616	USD	62,639	11/19	HSB		—		(1,063	)
CZK	385,239	USD	16,390	01/20	JPM		—		(69	)
HUF	128,562,306	USD	446,653	10/19	JPM		—		(27,399	)
HUF	135,500,171	USD	446,095	11/19	BRC		—		(3,558	)
IDR	8,298,432,000	USD	576,000	10/19	BRC		7,370		—
ILS	719,353	USD	205,202	10/19	BNP		2,077		—
KRW	1,278,235,209	USD	1,072,615	11/19	GSC		—		(4,865	)
MXN	37,113,309	USD	1,909,774	10/19	BSC		—		(39,361	)
MXN	10,164,242	USD	502,360	10/19	HSB		9,892		—
MXN	9,763,377	USD	500,311	10/19	JPM		—		(8,262	)
MYR	738,391	USD	177,000	10/19	DUB		—		(853	)
MYR	1,876,980	USD	448,956	11/19	DUB		—		(1,566	)
PEN	1,404,596	USD	416,740	10/19	DUB		—		(477	)
PEN	234,486	USD	70,000	10/19	JPM		—		(508	)
PHP	11,591,257	USD	222,853	11/19	MSC		356		—
PLN	8,485,596	USD	2,156,600	10/19	BNP		—		(39,700	)
PLN	491,806	USD	128,976	10/19	BRC		—		(6,286	)
PLN	126,537	USD	32,671	10/19	CIT		—		(1,104	)
PLN	491,806	USD	129,548	10/19	MER		—		(6,857	)
RON	904,061	USD	208,540	10/19	MER		—		(941	)
RON	1,179,049	USD	276,331	11/19	HSB		—		(5,767	)
RUB	6,830,394	USD	103,000	10/19	BRC		1,899		—
RUB	522,570	USD	7,748	10/19	CIT		278		—
RUB	13,461,652	USD	200,135	10/19	CSF		6,604		—
RUB	14,349,927	USD	213,190	10/19	DUB		7,191		—
RUB	9,153,348	USD	138,276	10/19	GSC		2,298		—
RUB	75,270,042	USD	1,168,423	10/19	HSB		—		(12,453	)
RUB	18,908,227	USD	291,750	10/19	JPM		—		(1,364	)
RUB	21,127,128	USD	330,000	10/19	MER		—		(5,537	)
RUB	1,346,120	USD	20,000	10/19	MSC		673		—
RUB	29,006,527	USD	449,860	11/19	MSC		—		(6,167	)
SGD	31,169	USD	22,641	11/19	ANZ		—		(73	)
SGD	235,000	USD	171,121	11/19	BNP		—		(975	)
SGD	359,480	USD	261,407	11/19	CIT		—		(1,134	)
SGD	272,250	USD	198,000	11/19	HSB		—		(885	)
SGD	202,088	USD	147,000	11/19	MSC		—		(683	)
THB	2,271,621	USD	74,183	11/19	BNP		172		—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-44

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
THB	4,611,824	USD	150,501	11/19	DUB		$454		$—
THB	901,011	USD	29,411	11/19	GSC		81		—
THB	521,943	USD	17,045	11/19	JPM		39		—
TRY	776,702	USD	134,000	10/19	CIT		2,069		—
TRY	358,484	USD	61,923	10/19	DUB		879		—
TRY	959,998	USD	165,000	10/19	HSB		3,180		—
TRY	86,295	USD	15,000	10/19	JPM		118		—
TRY	3,012,648	USD	516,599	10/19	SCB		11,181		—
TWD	20,225,396	USD	651,675	11/19	MSC		2,911		—
UAH	1,334,370	USD	44,700	04/20	MER		5,589		—
UAH	1,567,190	USD	53,000	05/20	BRC		5,681		—
UAH	1,256,224	USD	42,440	05/20	GSC		4,491		—
UAH	1,031,087	USD	34,900	05/20	MER		3,855		—
USD	465,000	BRL	1,927,379	10/19	DUB		1,194		—
USD	951,650	BRL	3,973,565	10/19	HSB		—		(4,553	)
USD	484,500	BRL	2,032,017	11/19	HSB		—		(3,332	)
USD	1,491,794	BRL	5,918,246	12/19	BNP		73,094		—
USD	320,887	CLP	223,000,280	10/19	BSC		14,860		—
USD	100,000	CLP	72,185,000	10/19	CSF		939		—
USD	39,890	CLP	28,033,894	10/19	JPM		1,419		—
USD	57,840	COP	193,347,552	10/19	CIT		2,360		—
USD	125,000	COP	434,625,000	10/19	CSF		287		—
USD	30,000	COP	101,190,000	10/19	HSB		964		—
USD	111,282	COP	379,603,958	10/19	MER		2,357		—
USD	191,283	CZK	4,467,661	10/19	BNP		2,438		—
USD	120,780	CZK	2,821,341	10/19	DUB		1,524		—
USD	152,522	CZK	3,562,131	10/19	HSB		1,953		—
USD	118,279	CZK	2,717,897	10/19	JPM		3,395		—
USD	96,086	CZK	2,209,205	10/19	MER		2,704		—
USD	67,280	HUF	19,777,972	10/19	CIT		2,782		—
USD	135,330	HUF	41,182,949	10/19	GSC		1,029		—
USD	32,492	HUF	9,501,681	10/19	HSB		1,507		—
USD	138,540	HUF	42,176,425	10/19	JPM		999		—
USD	114,580	IDR	1,647,887,254	10/19	BRC		—		(1,265	)
USD	169,769	IDR	2,471,830,881	10/19	DUB		—		(3,998	)
USD	155,603	IDR	2,267,441,765	10/19	HSB		—		(3,796	)
USD	43,467	IDR	632,015,382	10/19	JPM		—		(963	)
USD	40,659	IDR	582,643,074	11/19	DUB		—		(128	)
USD	160,782	IDR	2,286,000,000	11/19	GSC		754		—
USD	16,350	IDR	232,902,978	11/19	MER		46		—
USD	266,305	IDR	3,791,655,000	11/19	SCB		876		—
USD	118,497	IDR	1,702,502,652	01/20	DUB		372		—
USD	142,989	IDR	2,051,459,468	01/20	GSC		652		—
USD	32,533	IDR	466,655,920	01/20	SCB		155		—
USD	45,000	ILS	157,950	10/19	MER		—		(513	)
USD	60,000	INR	4,281,300	10/19	ANZ		—		(365	)
USD	20,000	INR	1,398,080	10/19	GSC		287		—
USD	110,000	INR	7,938,150	10/19	MSC		—		(1,926	)
USD	169,380	INR	12,286,264	11/19	BNP		—		(3,240	)
USD	34,194	MXN	667,458	10/19	BNP		556		—
USD	1,204,872	MXN	23,896,718	10/19	BRC		540		—
USD	280,000	MXN	5,663,280	10/19	BSC		—		(5,414	)
USD	101,380	MXN	1,966,743	10/19	GSC		2,261		—
USD	164,194	MXN	3,215,239	10/19	HSB		2,154		—
USD	145,000	MYR	611,204	10/19	DUB		—		(806	)
USD	388,777	MYR	1,624,737	11/19	DUB		1,511		—
USD	57,470	PEN	189,621	10/19	HSB		1,274		—
USD	35,000	PEN	118,825	10/19	MER		—		(215	)
USD	613,040	PLN	2,420,929	10/19	BRC		9,091		—
USD	103,090	PLN	399,962	10/19	CIT		3,312		—
USD	40,000	PLN	153,658	10/19	DUB		1,667		—
USD	348,990	PLN	1,355,543	10/19	HSB		10,823		—
USD	2,402	PLN	9,594	10/19	JPM		8		—
USD	448,480	PLN	1,780,307	10/19	MER		4,347		—
USD	34,500	RON	147,784	10/19	HSB		565		—
USD	87,630	RUB	5,662,776	10/19	BNP		663		—
USD	205,000	RUB	13,465,138	10/19	DUB		—		(1,793	)
USD	20,000	RUB	1,284,446	10/19	GSC		274		—
USD	65,000	RUB	4,301,700	10/19	MER		—		(1,064	)
USD	713,159	RUB	47,336,329	10/19	MSC		—		(13,815	)
USD	86,675	THB	2,653,826	11/19	BRC		—		(191	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-45

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	181,310	TRY	1,060,014	10/19		BNP		$—		($4,392	)
USD	20,000	ZAR	287,493	10/19		CIT		1,099		—
USD	28,754	ZAR	421,570	10/19		HSB		1,038		—
USD	278,190	ZAR	4,221,281	10/19		MER		661		—
ZAR	1,500,316	USD	104,965	10/19		HSB		—		(6,327	)
ZAR	5,511,041	USD	357,173	10/19		MER		5,151		—
ZAR	854,805	USD	57,487	10/19		MSC		—		(1,288	)
Total Forward Foreign Currency Contracts								$249,748		($339,325	)

(f) Swap agreements outstanding as of September 30, 2019 were as follows:

Interest Rate Swaps – Long

Receive

Pay

Payment Frequency Receive Rate / Pay Rate

Exchange

Expiration Date

Notional Amount

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

2.400%

6-Month PLN-WIBOR

A / S

LCH

03/26/23

PLN 1,060,000

$9,836

$—

$9,836

3.021%

7-Day CNY-RRR

Q / Q

LCH

05/15/24

CNY 11,000,000

9,292

—

9,292

$19,128

$—

$19,128

Interest Rate Swaps – Short

Pay	Receive		Payment Frequency Receive Rate / Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
7.005%		28-Day MXN-TIIE		L / L		CME		09/15/21		MXN 33,000,000		($9,661	)		$—		($9,661	)
6.600%		6-Month INR-MIBOR		S /S		LCH		12/13/23		INR 66,000,000		(56,554	)		—		(56,554	)
												($66,215	)		$—		($66,215	)
Total Interest Rate Swaps												($47,087	)		$—		($47,087	)

Balances reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Upfront Premium Paid (Received)		Unrealized Appreciation (Deprecation)
Centrally Cleared Swap Agreements (1)
Assets		$—		$19,128
Liabilities		—		(66,215	)
		$—		($47,087	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-46

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(g) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$12,388,678			$—		$12,388,678			$—
	Senior Loan Notes		602,875			—		602,875			—
	Foreign Government Bonds & Notes		45,453,942			—		45,453,942			—
	Short-Term Investments		2,369,388			1,947,792		421,596			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		249,748			—		249,748			—
	Interest Rate Contracts
	Swaps		19,128			—		19,128			—
	Total Assets - Derivatives		268,876			—		268,876			—
	Total Assets		61,083,759			1,947,792		59,135,967			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(339,325	)		—		(339,325	)		—
	Interest Rate Contracts
	Swaps		(66,215	)		—		(66,215	)		—
	Total Liabilities - Derivatives		(405,540	)		—		(405,540	)		—
	Total Liabilities		(405,540	)		—		(405,540	)		—
	Total		$60,678,219			$1,947,792		$58,730,427			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-47

PACIFIC FUNDS

PF DEVELOPING GROWTH FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Communications - 8.8%
Acacia Communications Inc *		1,262		$82,535
Anaplan Inc *		2,810		132,070
Etsy Inc *		3,126		176,619
Q2 Holdings Inc *		1,672		131,871
Roku Inc *		1,767		179,810
Stitch Fix Inc ‘A’ *		5,504		105,952
The RealReal Inc *		11,043		246,921
Wix.com Ltd (Israel) *		1,343		156,782
				1,212,560
Consumer, Cyclical - 10.4%
BJ’s Wholesale Club Holdings Inc *		7,372		190,714
Floor & Decor Holdings Inc ‘A’ *		2,627		134,371
Fox Factory Holding Corp *		1,769		110,103
Freshpet Inc *		822		40,911
LGI Homes Inc *		2,640		219,965
Malibu Boats Inc ‘A’ *		3,828		117,443
Planet Fitness Inc ‘A’ *		2,336		135,184
The Lovesac Co *		3,684		68,780
Wingstop Inc		1,919		167,490
YETI Holdings Inc *		9,121		255,388
				1,440,349
Consumer, Non-Cyclical - 40.5%
10X Genomics Inc ‘A’ *		1,990		100,296
ACADIA Pharmaceuticals Inc *		3,529		127,009
Allogene Therapeutics Inc *		1,956		53,311
Amarin Corp PLC ADR (Ireland) *		6,704		101,633
Argenx SE ADR (Netherlands) *		990		112,820
Audentes Therapeutics Inc *		2,504		70,337
Avalara Inc *		3,408		229,324
Blueprint Medicines Corp *		3,166		232,606
Bridgebio Pharma Inc *		4,563		97,968
Bright Horizons Family Solutions Inc *		1,716		261,690
Calavo Growers Inc		1,794		170,753
CareDx Inc *		7,640		172,740
Chegg Inc *		5,568		166,762
Coherus Biosciences Inc *		11,817		239,412
CRISPR Therapeutics AG (Switzerland) *		1,568		64,272
Denali Therapeutics Inc *		4,240		64,957
Glaukos Corp *		4,542		283,920
Grand Canyon Education Inc *		1,734		170,279
Guardant Health Inc *		996		63,575
GW Pharmaceuticals PLC ADR (United Kingdom) *		1,032		118,711
Insperity Inc		1,219		120,218
Inspire Medical Systems Inc *		4,349		265,376
Insulet Corp *		1,033		170,373
Invitae Corp *		7,160		137,973
iRhythm Technologies Inc *		2,233		165,488
Masimo Corp *		780		116,056
Mirati Therapeutics Inc *		1,613		125,669
Nevro Corp *		2,970		255,331
Paylocity Holding Corp *		1,905		185,890
Penumbra Inc *		1,624		218,412
Repligen Corp *		3,765		288,738
Sage Therapeutics Inc *		505		70,846
Sarepta Therapeutics Inc *		532		40,070
Strategic Education Inc		910		123,651
Tactile Systems Technology Inc *		208		8,802
Tandem Diabetes Care Inc *		4,618		272,370
Teladoc Health Inc *		1,239		83,905
uniQure NV (Netherlands) *		1,684		66,282
				5,617,825

	Shares		Value
Energy - 2.2%
Enphase Energy Inc *		3,508		$77,983
SolarEdge Technologies Inc *		1,344		112,520
SunPower Corp *		10,325		113,265
				303,768
Financial - 4.0%
Assetmark Financial Holdings Inc *		5,413		141,009
eHealth Inc *		2,670		178,329
Evercore Inc ‘A’		799		64,000
Goosehead Insurance Inc ‘A’		3,479		171,689
				555,027
Industrial - 10.9%
Axon Enterprise Inc *		1,770		100,501
Cactus Inc ‘A’ *		2,899		83,897
Chart Industries Inc *		1,234		76,952
Federal Signal Corp		3,527		115,474
Generac Holdings Inc *		4,512		353,470
MasTec Inc *		1,682		109,212
Novanta Inc *		954		77,961
NV5 Global Inc *		1,543		105,341
OSI Systems Inc *		1,070		108,669
RBC Bearings Inc *		925		153,467
Trex Co Inc *		2,532		230,235
				1,515,179
Technology - 21.1%
Alteryx Inc ‘A’ *		1,913		205,514
Appian Corp *		3,782		179,645
Coupa Software Inc *		1,522		197,205
Cubic Corp		3,064		215,797
Elastic NV *		1,753		144,342
Five9 Inc *		4,092		219,904
Globant SA (Argentina) *		1,704		156,052
HubSpot Inc *		768		116,436
HUYA Inc ADR (China) *		4,089		96,664
Inphi Corp *		4,370		266,788
LivePerson Inc *		1,937		69,151
Medallia Inc *		4,370		119,869
MKS Instruments Inc		1,164		107,414
Monolithic Power Systems Inc		953		148,315
Semtech Corp *		2,511		122,060
Silicon Laboratories Inc *		1,770		197,089
SVMK Inc *		9,171		156,824
Verra Mobility Corp *		14,126		202,708
				2,921,777
Total Common Stocks (Cost $11,640,201)				13,566,485
SHORT-TERM INVESTMENT - 2.4%
Money Market Fund - 2.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		335,268		335,268
Total Short-Term Investment (Cost $335,268)				335,268
TOTAL INVESTMENTS - 100.3% (Cost $11,975,469)				13,901,753
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(35,486	)
NET ASSETS - 100.0%				$13,866,267

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-48

PACIFIC FUNDS

PF DEVELOPING GROWTH FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	40.5%
Technology	21.1%
Industrial	10.9%
Consumer, Cyclical	10.4%
Communications	8.8%
Financial	4.0%
Others (each less than 3.0%)	4.6%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$13,566,485		$13,566,485		$—		$—
	Short-Term Investment		335,268		335,268		—		—
	Total		$13,901,753		$13,901,753		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-49

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Basic Materials - 1.8%
The Sherwin-Williams Co		5,740		$3,156,254
Communications - 17.8%
Alibaba Group Holding Ltd ADR (China) *		3,590		600,356
Alphabet Inc ‘A’ *		5,838		7,129,015
Alphabet Inc ‘C’ *		2,346		2,859,774
Amazon.com Inc *		5,575		9,677,698
Booking Holdings Inc *		145		284,579
Charter Communications Inc ‘A’ *		4,656		1,918,831
Comcast Corp ‘A’		29,224		1,317,418
Facebook Inc ‘A’ *		24,262		4,320,577
Netflix Inc *		10,265		2,747,119
Shopify Inc ‘A’ (Canada) *		582		181,386
Spotify Technology SA *		2,263		257,982
				31,294,735
Consumer, Cyclical - 7.5%
Chipotle Mexican Grill Inc *		1,085		911,910
Costco Wholesale Corp		5,309		1,529,576
Dollar General Corp		8,082		1,284,553
Dollar Tree Inc *		10,741		1,226,193
Hilton Worldwide Holdings Inc		8,557		796,742
Lululemon Athletica Inc *		3,299		635,157
Marriott International Inc ‘A’		10,806		1,343,942
NIKE Inc ‘B’		24,272		2,279,626
Ross Stores Inc		18,022		1,979,717
Starbucks Corp		11,234		993,310
Wynn Resorts Ltd		2,540		276,149
				13,256,875
Consumer, Non-Cyclical - 25.2%
Abbott Laboratories		26,421		2,210,645
Boston Scientific Corp *		47,513		1,933,304
Colgate-Palmolive Co		29,994		2,204,859
Constellation Brands Inc ‘A’		7,053		1,461,946
CoStar Group Inc *		691		409,901
Danaher Corp		27,543		3,978,035
Edwards Lifesciences Corp *		6,419		1,411,602
Eli Lilly & Co		6,326		707,437
FleetCor Technologies Inc *		6,940		1,990,253
Global Payments Inc		24,874		3,954,966
IHS Markit Ltd *		11,105		742,702
Illumina Inc *		2,688		817,743
Medtronic PLC		27,843		3,024,307
Monster Beverage Corp *		5,155		299,299
PayPal Holdings Inc *		17,902		1,854,468
Pernod Ricard SA (France)		2,326		413,985
Square Inc ‘A’ *		10,011		620,181
Stryker Corp		5,489		1,187,271
The Estee Lauder Cos Inc ‘A’		7,629		1,517,790
Thermo Fisher Scientific Inc		16,638		4,846,150
TransUnion		13,614		1,104,232
Verisk Analytics Inc		20,230		3,199,172
Vertex Pharmaceuticals Inc *		6,466		1,095,470
Zoetis Inc		26,775		3,335,897
				44,321,615
Energy - 0.3%
Pioneer Natural Resources Co		3,440		432,649
Financial - 13.7%
American Tower Corp REIT		14,883		3,291,078
Aon PLC		14,780		2,860,965
Intercontinental Exchange Inc		19,713		1,818,919

	Shares		Value
Mastercard Inc ‘A’		27,631		$7,503,751
Visa Inc ‘A’		50,496		8,685,817
				24,160,530
Industrial - 7.0%
AMETEK Inc		17,050		1,565,531
Amphenol Corp ‘A’		16,451		1,587,522
Canadian Pacific Railway Ltd (Canada)		6,409		1,425,746
Fortive Corp		13,623		933,993
Roper Technologies Inc		6,737		2,402,414
Union Pacific Corp		9,857		1,596,637
Vulcan Materials Co		18,812		2,845,127
				12,356,970
Technology - 25.7%
Adobe Inc *		26,369		7,284,436
Analog Devices Inc		9,617		1,074,507
Apple Inc		12,610		2,824,262
Black Knight Inc *		5,704		348,286
Electronic Arts Inc *		20,671		2,022,037
Fidelity National Information Services Inc		27,429		3,641,474
Fiserv Inc *		42,196		4,371,084
Intuit Inc		12,312		3,274,253
Microsoft Corp		96,683		13,441,837
MSCI Inc		9,247		2,013,534
salesforce.com Inc *		24,229		3,596,553
Take-Two Interactive Software Inc *		9,463		1,186,092
				45,078,355
Total Common Stocks (Cost $81,800,964)				174,057,983
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		2,001,565		2,001,565
Total Short-Term Investment (Cost $2,001,565)				2,001,565
TOTAL INVESTMENTS - 100.2% (Cost $83,802,529)				176,059,548
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(284,317	)
NET ASSETS - 100.0%				$175,775,231

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	25.7%
Consumer, Non-Cyclical	25.2%
Communications	17.8%
Financial	13.7%
Consumer, Cyclical	7.5%
Industrial	7.0%
Others (each less than 3.0%)	3.3%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-50

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$3,156,254		$3,156,254		$—		$—
	Communications		31,294,735		31,294,735		—		—
	Consumer, Cyclical		13,256,875		13,256,875		—		—
	Consumer, Non-Cyclical		44,321,615		43,907,630		413,985		—
	Energy		432,649		432,649		—		—
	Financial		24,160,530		24,160,530		—		—
	Industrial		12,356,970		12,356,970		—		—
	Technology		45,078,355		45,078,355		—		—
	Total Common Stocks		174,057,983		173,643,998		413,985		—
	Short-Term Investment		2,001,565		2,001,565		—		—
	Total		$176,059,548		$175,645,563		$413,985		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-51

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 3.4%
Air Products & Chemicals Inc		14,905		$3,306,823
PPG Industries Inc		19,826		2,349,579
				5,656,402
Communications - 14.6%
AT&T Inc		89,640		3,391,978
Charter Communications Inc ‘A’ *		10,918		4,499,526
Comcast Corp ‘A’		132,971		5,994,333
DISH Network Corp ‘A’ *		97,202		3,311,672
Fox Corp ‘B’		59,275		1,869,534
Motorola Solutions Inc		29,998		5,111,959
				24,179,002
Consumer, Cyclical - 2.4%
The Home Depot Inc		16,879		3,916,266
Consumer, Non-Cyclical - 17.6%
AmerisourceBergen Corp		22,807		1,877,700
Amgen Inc		10,771		2,084,296
Anheuser-Busch InBev SA/NV ADR (Belgium)		34,336		3,267,070
Anthem Inc		15,465		3,713,147
CVS Health Corp		30,885		1,947,917
Johnson & Johnson		24,375		3,153,637
Merck & Co Inc		50,281		4,232,655
Novartis AG ADR (Switzerland)		20,771		1,805,000
Pfizer Inc		53,358		1,917,153
Philip Morris International Inc		33,284		2,527,254
UnitedHealth Group Inc		11,604		2,521,781
				29,047,610
Energy - 8.0%
Chevron Corp		27,141		3,218,923
Enterprise Products Partners LP		71,690		2,048,900
Exxon Mobil Corp		36,486		2,576,276
Royal Dutch Shell PLC ‘A’ ADR (Netherlands)		35,540		2,091,529
Suncor Energy Inc (Canada)		103,485		3,268,056
				13,203,684
Financial - 25.5%
American Express Co		35,803		4,234,779
American Tower Corp REIT		21,194		4,686,629
Bank of America Corp		158,579		4,625,749
Berkshire Hathaway Inc ‘B’ *		12,300		2,558,646
JPMorgan Chase & Co		64,984		7,647,967
Marsh & McLennan Cos Inc		30,659		3,067,433
The Bank of New York Mellon Corp		34,679		1,567,838
The Charles Schwab Corp		46,629		1,950,491
The Progressive Corp		27,338		2,111,861
The Travelers Cos Inc		18,233		2,711,065
US Bancorp		86,840		4,805,726
Wells Fargo & Co		44,866		2,263,041
				42,231,225
Industrial - 16.3%
Deere & Co		15,287		2,578,611
Honeywell International Inc		28,317		4,791,236
Illinois Tool Works Inc		20,405		3,193,178
Martin Marietta Materials Inc		11,187		3,066,357
TE Connectivity Ltd		46,527		4,335,386
United Parcel Service Inc ‘B’		32,725		3,921,109
United Technologies Corp		37,357		5,099,978
				26,985,855

	Shares		Value
Technology - 7.4%
Apple Inc		10,680		$2,392,000
Microsoft Corp		38,887		5,406,460
Oracle Corp		61,864		3,404,376
Xerox Holdings Corp		32,698		977,997
				12,180,833
Utilities - 3.1%
Edison International		23,573		1,777,876
Sempra Energy		22,485		3,319,011
				5,096,887
Total Common Stocks (Cost $86,855,703)				162,497,764
SHORT-TERM INVESTMENT - 1.7%
Money Market Fund - 1.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		2,742,471		2,742,471
Total Short-Term Investment (Cost $2,742,471)				2,742,471
TOTAL INVESTMENTS - 100.0% (Cost $89,598,174)				165,240,235
OTHER ASSETS & LIABILITIES, NET - 0.0%				49,155
NET ASSETS - 100.0%				$165,289,390

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	25.5%
Consumer, Non-Cyclical	17.6%
Industrial	16.3%
Communications	14.6%
Energy	8.0%
Technology	7.4%
Basic Materials	3.4%
Utilities	3.1%
Others (each less than 3.0%)	4.1%
	100.0%
Other Assets & Liabilities, Net	0.0%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-52

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$162,497,764		$162,497,764		$—		$—
	Short-Term Investment		2,742,471		2,742,471		—		—
	Total		$165,240,235		$165,240,235		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-53

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 2.8%
CF Industries Holdings Inc		1,600		$78,720
Eastman Chemical Co		1,495		110,376
Huntsman Corp		4,400		102,344
				291,440
Communications - 8.5%
Ciena Corp *		1,500		58,845
Discovery Inc ‘A’ *		5,735		152,723
eBay Inc		2,876		112,106
Expedia Group Inc		1,180		158,604
GrubHub Inc *		1,000		56,210
LogMeIn Inc		1,400		99,344
RingCentral Inc ‘A’ *		1,290		162,101
Sinclair Broadcast Group Inc ‘A’		1,800		76,932
				876,865
Consumer, Cyclical - 9.4%
Alaska Air Group Inc		1,970		127,873
Aramark		2,840		123,767
Best Buy Co Inc		1,490		102,795
Lululemon Athletica Inc *		875		168,464
Pool Corp		610		123,037
PulteGroup Inc		2,150		78,582
PVH Corp		1,235		108,964
Royal Caribbean Cruises Ltd		1,260		136,496
				969,978
Consumer, Non-Cyclical - 24.1%
Amicus Therapeutics Inc *		4,850		38,897
Booz Allen Hamilton Holding Corp		2,040		144,881
Euronet Worldwide Inc *		1,128		165,026
General Mills Inc		1,625		89,570
Hill-Rom Holdings Inc		1,200		126,276
Horizon Therapeutics PLC *		3,275		89,178
Ionis Pharmaceuticals Inc *		1,800		107,838
Jazz Pharmaceuticals PLC *		995		127,499
Lamb Weston Holdings Inc		2,265		164,711
ManpowerGroup Inc		1,375		115,830
MarketAxess Holdings Inc		370		121,175
Neurocrine Biosciences Inc *		1,310		118,044
Post Holdings Inc *		1,400		148,176
Quanta Services Inc		3,850		145,530
Service Corp International		4,100		196,021
Syneos Health Inc *		2,330		123,979
Teleflex Inc		500		169,875
The Cooper Cos Inc		600		178,200
Tyson Foods Inc ‘A’		1,340		115,428
				2,486,134
Energy - 3.5%
Diamondback Energy Inc		1,715		154,196
Marathon Petroleum Corp		1,956		118,827
WPX Energy Inc *		8,786		93,044
				366,067
Financial - 21.5%
Air Lease Corp		1,935		80,922
Alleghany Corp *		265		211,406
AvalonBay Communities Inc REIT		625		134,581
Boston Properties Inc REIT		1,050		136,143
Discover Financial Services		1,850		150,017
Douglas Emmett Inc REIT		3,200		137,056
E*TRADE Financial Corp		2,668		116,565
Equity LifeStyle Properties Inc REIT		825		110,220
Everest Re Group Ltd		540		143,688
Highwoods Properties Inc REIT		2,700		121,338

	Shares		Value
Hudson Pacific Properties Inc REIT		3,500		$117,110
Mid-America Apartment Communities Inc REIT		1,066		138,591
Raymond James Financial Inc		1,400		115,444
Ryman Hospitality Properties Inc REIT		1,261		103,162
SunTrust Banks Inc		2,600		178,880
Western Alliance Bancorp		2,000		92,160
Zions Bancorp NA		2,800		124,656
				2,211,939
Industrial - 13.3%
Acuity Brands Inc		750		101,092
Graphic Packaging Holding Co		5,700		84,075
Hubbell Inc		850		111,690
Ingersoll-Rand PLC		1,196		147,359
ITT Inc		1,800		110,142
Kirby Corp *		1,400		115,024
Martin Marietta Materials Inc		480		131,568
PerkinElmer Inc		1,300		110,721
Spirit AeroSystems Holdings Inc ‘A’		1,325		108,968
Stanley Black & Decker Inc		1,000		144,410
Textron Inc		2,130		104,285
Waste Management Inc		926		106,490
				1,375,824
Technology - 9.1%
Analog Devices Inc		1,285		143,573
Nuance Communications Inc *		6,500		106,015
NXP Semiconductors NV (Netherlands)		1,024		111,739
RealPage Inc *		1,800		113,148
Synopsys Inc *		1,315		180,484
Take-Two Interactive Software Inc *		1,200		150,408
Zebra Technologies Corp ‘A’ *		630		130,013
				935,380
Utilities - 5.9%
Ameren Corp		2,670		213,734
CMS Energy Corp		3,300		211,035
Public Service Enterprise Group Inc		2,921		181,336
				606,105
Total Common Stocks (Cost $8,987,510)				10,119,732
SHORT-TERM INVESTMENT - 1.9%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		192,346		192,346
Total Short-Term Investment (Cost $192,346)				192,346
TOTAL INVESTMENTS - 100.0% (Cost $9,179,856)				10,312,078
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(3,215	)
NET ASSETS - 100.0%				$10,308,863

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-54

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.1%
Financial	21.5%
Industrial	13.3%
Consumer, Cyclical	9.4%
Technology	9.1%
Communications	8.5%
Utilities	5.9%
Energy	3.5%
Others (each less than 3.0%)	4.7%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$10,119,732		$10,119,732		$—		$—
	Short-Term Investment		192,346		192,346		—		—
	Total		$10,312,078		$10,312,078		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-55

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 45.6%
Basic Materials - 0.8%
Anglo American Capital PLC (South Africa) 4.125% due 04/15/21 ~		$1,600,000		$1,632,720
DuPont de Nemours Inc 3.268% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,068,406
Glencore Funding LLC (Switzerland) 3.000% due 10/27/22 ~		1,600,000		1,617,008
				8,318,134
Communications - 2.0%
AT&T Inc
3.000% due 06/30/22		3,200,000		3,268,924
3.253% (USD LIBOR + 0.950%) due 07/15/21 §		1,800,000		1,816,372
3.312% (USD LIBOR + 1.180%) due 06/12/24 §		3,750,000		3,821,199
Comcast Corp 3.450% due 10/01/21		2,500,000		2,575,260
eBay Inc 3.800% due 03/09/22		3,060,000		3,170,911
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		2,600,000		2,616,250
Verizon Communications Inc 3.119% (USD LIBOR + 1.000%) due 03/16/22 §		4,800,000		4,873,929
				22,142,845
Consumer, Cyclical - 4.8%
Alimentation Couche-Tard Inc (Canada)
2.350% due 12/13/19 ~		4,200,000		4,200,712
2.700% due 07/26/22 ~		2,000,000		2,015,728
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		4,500,000		4,504,730
2.600% (USD LIBOR + 0.450%) due 02/22/21 § ~		1,500,000		1,500,204
3.750% due 11/05/21 ~		2,900,000		2,982,467
Ford Motor Credit Co LLC
2.681% due 01/09/20		3,200,000		3,199,990
3.336% due 03/18/21		2,000,000		2,009,854
3.367% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,132,634
General Motors Financial Co Inc
3.414% (USD LIBOR + 1.310%) due 06/30/22 §		1,700,000		1,701,519
4.200% due 03/01/21		3,000,000		3,065,443
Las Vegas Sands Corp 3.200% due 08/08/24		2,100,000		2,141,727
Marriott International Inc 2.752% (USD LIBOR + 0.650%) due 03/08/21 §		3,000,000		3,011,806
Nissan Motor Acceptance Corp
2.650% due 07/13/22 ~		2,033,000		2,044,366
2.789% (USD LIBOR + 0.630%) due 09/21/21 § ~		2,500,000		2,500,554
2.953% (USD LIBOR + 0.650%) due 07/13/22 § ~		1,700,000		1,696,137
Toyota Motor Credit Corp 2.582% (USD LIBOR + 0.480%) due 09/08/22 §		3,500,000		3,516,420
Volkswagen Group of America Finance LLC (Germany) 3.875% due 11/13/20 ~		5,000,000		5,082,257
Walmart Inc 3.400% due 06/26/23		3,050,000		3,213,358
				51,519,906

	Principal Amount		Value
Consumer, Non-Cyclical - 7.6%
Altria Group Inc 3.490% due 02/14/22		$1,650,000		$1,693,057
Anheuser-Busch InBev Finance Inc (Belgium) 3.300% due 02/01/23		3,416,000		3,553,293
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 01/12/24		1,300,000		1,374,252
AstraZeneca PLC (United Kingdom) 2.789% (USD LIBOR + 0.665%) due 08/17/23 §		2,400,000		2,389,745
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		2,500,000		2,524,592
BAT International Finance PLC (United Kingdom) 3.500% due 06/15/22 ~		3,200,000		3,284,646
Bayer US Finance II LLC (Germany)
3.129% (USD LIBOR + 1.010%) due 12/15/23 § ~		2,000,000		2,002,595
3.500% due 06/25/21 ~		1,750,000		1,785,490
Bristol-Myers Squibb Co 2.900% due 07/26/24 ~		2,100,000		2,168,359
Cigna Corp
3.193% (USD LIBOR + 0.890%) due 07/15/23 §		5,450,000		5,465,163
3.200% due 09/17/20		8,000,000		8,079,350
Conagra Brands Inc 3.028% (USD LIBOR + 0.750%) due 10/22/20 §		2,000,000		2,000,435
Constellation Brands Inc 2.858% (USD LIBOR + 0.700%) due 11/15/21 §		2,500,000		2,500,035
Danone SA (France) 2.077% due 11/02/21 ~		2,500,000		2,496,987
General Mills Inc 3.313% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,116,674
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		4,200,000		4,215,893
Keurig Dr Pepper Inc 3.551% due 05/25/21		7,000,000		7,156,797
Moody’s Corp 3.250% due 06/07/21		3,000,000		3,061,046
PayPal Holdings Inc 2.200% due 09/26/22		7,500,000		7,522,643
Reynolds American Inc (United Kingdom) 3.250% due 06/12/20		2,347,000		2,362,139
Smithfield Foods Inc 3.350% due 02/01/22 ~		2,500,000		2,508,875
UnitedHealth Group Inc
2.375% due 10/15/22		4,400,000		4,448,068
3.350% due 07/15/22		2,300,000		2,384,018
				82,094,152
Energy - 2.4%
Energy Transfer Operating LP
3.600% due 02/01/23		3,400,000		3,494,936
4.250% due 03/15/23		1,519,000		1,588,299
4.500% due 04/15/24		900,000		959,619
Enterprise Products Operating LLC 5.250% due 01/31/20		2,100,000		2,119,407
Exxon Mobil Corp 2.498% (USD LIBOR + 0.330%) due 08/16/22 §		2,750,000		2,761,490
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,082,709
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,000,000		2,222,646
Midwest Connector Capital Co LLC 3.625% due 04/01/22 ~		1,250,000		1,282,732

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-56

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
MPLX LP
3.002% (USD LIBOR + 0.900%) due 09/09/21 §		$2,000,000		$2,006,919
3.375% due 03/15/23		1,500,000		1,540,907
3.500% due 12/01/22 ~		1,606,000		1,652,847
Occidental Petroleum Corp 3.137% (USD LIBOR + 0.950%) due 02/08/21 §		4,150,000		4,177,542
				25,890,053
Financial - 23.1%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		960,000		991,927
AIG Global Funding 2.566% (USD LIBOR + 0.460%) due 06/25/21 § ~		2,000,000		2,006,459
Air Lease Corp
2.625% due 07/01/22		1,500,000		1,509,070
3.500% due 01/15/22		2,650,000		2,718,931
American Express Co
2.500% due 07/30/24		2,100,000		2,118,531
2.782% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,011,781
3.700% due 11/05/21		3,050,000		3,150,000
Australia & New Zealand Banking Group Ltd (Australia) 2.300% due 06/01/21		2,500,000		2,512,260
Banco Santander SA (Spain) 2.706% due 06/27/24		2,900,000		2,934,098
Bank of America Corp
2.503% due 10/21/22		600,000		604,572
3.438% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,437,150
Capital One Financial Corp 3.450% due 04/30/21		5,000,000		5,091,766
Capital One NA 2.150% due 09/06/22		2,000,000		1,999,152
Citibank NA 3.165% due 02/19/22		6,000,000		6,081,913
Citigroup Inc
2.750% due 04/25/22		1,800,000		1,827,464
3.236% (USD LIBOR + 0.960%) due 04/25/22 §		2,000,000		2,021,802
Citizens Bank NA
3.054% (USD LIBOR + 0.950%) due 03/29/23 §		4,000,000		4,026,488
3.250% due 02/14/22		2,500,000		2,561,743
Cooperatieve Rabobank UA (Netherlands) 2.973% (USD LIBOR + 0.860%) due 09/26/23 § ~		2,500,000		2,502,895
Duke Realty LP REIT 3.875% due 10/15/22		2,000,000		2,091,649
HSBC Bank USA NA 4.875% due 08/24/20		4,000,000		4,098,298
HSBC Holdings PLC (United Kingdom) 3.400% due 03/08/21		6,290,000		6,388,020
ING Bank NV (Netherlands) 2.750% due 03/22/21 ~		2,200,000		2,224,351
Intercontinental Exchange Inc 3.450% due 09/21/23		2,200,000		2,303,330
Jackson National Life Global Funding
2.500% due 06/27/22 ~		1,850,000		1,867,499
3.300% due 02/01/22 ~		2,650,000		2,718,040
JPMorgan Chase & Co
2.295% due 08/15/21		2,000,000		2,005,909
2.972% due 01/15/23		2,500,000		2,545,589
3.176% (USD LIBOR + 0.900%) due 04/25/23 §		2,000,000		2,012,567
3.250% due 09/23/22		1,200,000		1,241,059

	Principal Amount		Value
JPMorgan Chase Bank NA 2.607% (USD LIBOR + 0.340%) due 04/26/21 §		$2,000,000		$2,001,280
Metropolitan Life Global Funding I 3.450% due 10/09/21 ~		2,100,000		2,158,111
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,137,870
Mitsubishi UFJ Financial Group Inc (Japan)
2.623% due 07/18/22		1,050,000		1,058,863
2.878% (USD LIBOR + 0.740%) due 03/02/23 §		5,300,000		5,301,733
3.066% (USD LIBOR + 0.790%) due 07/25/22 §		4,000,000		4,017,547
Mitsubishi UFJ Trust & Banking Corp (Japan) 2.650% due 10/19/20 ~		6,000,000		6,039,875
Morgan Stanley
2.731% (USD LIBOR + 0.550%) due 02/10/21 §		2,000,000		2,001,908
2.745% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,507,843
3.683% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,527,805
5.750% due 01/25/21		3,458,000		3,617,058
New York Life Global Funding
1.500% due 10/24/19 ~		4,000,000		3,998,797
2.654% (USD LIBOR + 0.520%) due 06/10/22 § ~		2,000,000		2,007,459
2.780% (USD LIBOR + 0.440%) due 07/12/22 § ~		2,000,000		2,006,145
3.250% due 08/06/21 ~		1,500,000		1,532,600
PNC Bank NA
2.450% due 11/05/20		2,000,000		2,009,259
2.709% (USD LIBOR + 0.450%) due 07/22/22 §		1,900,000		1,900,180
Protective Life Global Funding 2.624% (USD LIBOR + 0.520%) due 06/28/21 § ~		3,000,000		3,013,750
Royal Bank of Canada (Canada)
2.703% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,021,946
3.700% due 10/05/23		400,000		423,451
Sumitomo Mitsui Financial Group Inc (Japan)
2.784% due 07/12/22		2,500,000		2,538,130
3.043% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,134,350
3.122% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,534,945
3.163% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,028,309
SunTrust Bank
2.714% (USD LIBOR + 0.590%) due 05/17/22 §		10,000,000		10,028,559
2.856% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		6,013,968
3.525% due 10/26/21		2,800,000		2,839,728
Svenska Handelsbanken AB (Sweden) 2.450% due 03/30/21		2,300,000		2,312,565
The Bank of New York Mellon Corp 1.950% due 08/23/22		2,000,000		2,000,872
The Goldman Sachs Group Inc
2.898% (USD LIBOR + 0.750%) due 02/23/23 §		7,089,000		7,087,351
3.625% due 02/20/24		2,300,000		2,414,431
The PNC Financial Services Group Inc 3.500% due 01/23/24		1,700,000		1,797,280
The Toronto-Dominion Bank (Canada) 2.943% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,060,047
UBS Group Funding Switzerland AG (Switzerland) 2.650% due 02/01/22 ~		2,500,000		2,523,194

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-57

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
US Bank NA 2.588% (USD LIBOR + 0.440%) due 05/23/22 §		$10,000,000		$10,013,792
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,663,151
Wells Fargo & Co
2.625% due 07/22/22		7,000,000		7,080,358
3.393% (USD LIBOR + 1.110%) due 01/24/23 §		9,800,000		9,912,151
Wells Fargo Bank NA 3.325% due 07/23/21		5,000,000		5,046,045
Westpac Banking Corp (Australia)
2.814% (USD LIBOR + 0.710%) due 06/28/22 §		2,750,000		2,769,693
2.878% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,761,121
3.650% due 05/15/23		3,251,000		3,424,830
				250,872,663
Industrial - 1.0%
John Deere Capital Corp
2.502% (USD LIBOR + 0.400%) due 06/07/21 §		6,000,000		6,015,290
2.622% (USD LIBOR + 0.490%) due 06/13/22 §		3,000,000		3,006,879
Roper Technologies Inc 2.350% due 09/15/24		600,000		600,868
Ryder System Inc 2.875% due 06/01/22		1,500,000		1,525,197
				11,148,234
Technology - 1.8%
Apple Inc
2.400% due 01/13/23		2,200,000		2,237,370
2.400% due 05/03/23		3,000,000		3,049,797
Broadcom Inc
3.125% due 04/15/21 ~		2,000,000		2,019,713
3.125% due 10/15/22 ~		500,000		506,477
Fiserv Inc 3.800% due 10/01/23		2,200,000		2,329,853
Hewlett Packard Enterprise Co
2.763% (USD LIBOR + 0.720%) due 10/05/21 §		2,100,000		2,100,203
2.807% (USD LIBOR + 0.680%) due 03/12/21 §		1,600,000		1,603,663
International Business Machines Corp 2.576% (USD LIBOR + 0.400%) due 05/13/21 §		6,000,000		6,025,113
				19,872,189
Utilities - 2.1%
American Electric Power Co Inc 3.650% due 12/01/21		1,250,000		1,289,888
Consolidated Edison Co of New York Inc 2.506% (USD LIBOR + 0.400%) due 06/25/21 §		3,000,000		3,011,011
Dominion Energy Inc
2.579% due 07/01/20		3,100,000		3,107,387
2.715% due 08/15/21		1,000,000		1,006,987
Duke Energy Corp 1.800% due 09/01/21		1,705,000		1,697,853
Electricite de France SA (France) 4.600% due 01/27/20 ~		1,500,000		1,511,901
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,534,037
Evergy Inc 2.450% due 09/15/24		1,750,000		1,748,996
Florida Power & Light Co 2.639% (USD LIBOR + 0.400%) due 05/06/22 §		3,000,000		3,000,865

	Principal Amount		Value
Oncor Electric Delivery Co LLC 2.750% due 06/01/24 ~		$1,800,000		$1,849,642
WEC Energy Group Inc 3.375% due 06/15/21		2,100,000		2,146,101
				22,904,668
Total Corporate Bonds & Notes (Cost $488,322,608)				494,762,844
ASSET-BACKED SECURITIES - 14.9%
Ally Auto Receivables Trust
1.750% due 12/15/21		1,482,758		1,480,429
2.720% due 05/17/21		2,376,385		2,377,985
2.850% due 03/15/22		4,686,559		4,701,251
American Express Credit Account Master Trust 2.670% due 10/17/22		3,000,000		3,007,876
AmeriCredit Automobile Receivables Trust
1.800% due 10/08/21		1,761,410		1,760,050
1.870% due 08/18/21		436,619		436,422
1.980% due 12/20/21		908,764		908,320
2.240% due 06/19/23		3,925,000		3,929,341
2.300% due 02/18/22		3,750,000		3,750,018
2.339% (USD LIBOR + 0.300%) due 01/18/23 §		2,000,000		2,000,427
2.710% due 07/19/21		633,112		633,502
2.860% due 11/18/21		5,092,472		5,102,164
2.930% due 06/20/22		3,215,928		3,228,216
Capital Auto Receivables Asset Trust
2.020% due 08/20/21 ~		1,578,441		1,577,569
3.020% due 02/22/21 ~		3,428,960		3,435,870
Carmax Auto Owner Trust 3.020% due 07/15/22		2,011,974		2,022,049
CNH Equipment Trust
1.840% due 03/15/21		92,998		92,978
2.960% due 05/16/22		4,000,000		4,019,578
Ford Credit Auto Owner Trust
2.268% (USD LIBOR + 0.240%) due 02/15/22 §		1,500,000		1,500,332
2.780% due 02/15/22		3,975,886		3,991,246
2.960% due 09/15/21		3,620,886		3,633,566
GM Financial Consumer Automobile Receivables Trust
2.258% (USD LIBOR + 0.230%) due 08/16/22 §		8,800,000		8,803,967
2.740% due 07/16/21		2,925,638		2,930,272
2.930% due 11/16/21		2,314,667		2,320,356
Honda Auto Receivables Owner Trust
1.360% due 01/18/23		1,440,000		1,434,758
2.660% due 12/18/20		1,018,301		1,019,473
2.670% due 12/21/20		3,901,341		3,906,504
John Deere Owner Trust
2.420% due 10/15/20		250,848		250,868
2.830% due 04/15/21		1,544,083		1,546,542
Mercedes-Benz Auto Receivables Trust
2.040% due 06/15/22		3,250,000		3,256,262
2.237% (USD LIBOR + 0.180%) due 06/15/22 §		3,000,000		3,003,749
2.710% due 04/15/21		2,293,436		2,296,154
Navient Private Education Loan Trust 2.728% (USD LIBOR + 0.700%) due 09/16/24 § ~		249,864		250,012
Navient Private Education Refi Loan Trust 2.428% (USD LIBOR + 0.400%) due 12/15/59 § ~		9,808,077		9,801,162
Navient Student Loan Trust
2.258% (USD LIBOR + 0.240%) due 09/27/66 § ~		711,688		711,498
2.288% (USD LIBOR + 0.270%) due 03/25/67 § ~		1,591,171		1,590,979
2.348% (USD LIBOR + 0.330%) due 12/27/67 § ~		1,033,812		1,032,990

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-58

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
Nelnet Student Loan Trust
2.258% (USD LIBOR + 0.110%) due 08/23/27 §		$892,923		$891,634
2.376% (USD LIBOR + 0.100%) due 01/25/30 §		213,310		213,264
Nissan Auto Receivables Owner Trust
1.590% due 07/15/22		984,967		983,004
2.390% due 12/15/20		603,173		603,299
2.820% due 01/18/22		4,500,000		4,518,380
3.070% due 10/15/21		2,133,369		2,144,711
Santander Drive Auto Receivables Trust
2.190% due 03/15/22		498,097		498,093
2.280% due 02/15/22		3,000,000		3,001,607
2.460% due 03/15/22		2,051,675		2,052,369
2.580% due 05/16/22		1,451,905		1,453,348
2.630% due 07/15/22		10,000,000		10,036,631
2.750% due 09/15/21		113,061		113,085
2.910% due 01/18/22		2,923,237		2,927,383
2.970% due 07/15/21		1,287,384		1,287,871
3.090% due 04/15/22		228,393		228,617
SLC Student Loan Trust 2.219% (USD LIBOR + 0.100%) due 09/15/26 §		1,129,448		1,127,817
SLM Student Loan Trust
2.366% (USD LIBOR + 0.090%) due 10/25/24 §		344,955		344,793
2.376% (USD LIBOR + 0.100%) due 04/25/27 §		556,059		555,315
2.826% (USD LIBOR + 0.550%) due 04/27/26 § ~		638,175		638,848
SMB Private Education Loan Trust
2.328% (USD LIBOR + 0.300%) due 09/15/25 § ~		402,216		402,195
2.348% (USD LIBOR + 0.320%) due 12/16/24 § ~		1,426,428		1,425,991
2.378% (USD LIBOR + 0.350%) due 02/16/26 § ~		1,254,218		1,254,077
2.378% (USD LIBOR + 0.350%) due 03/16/26 § ~		888,821		889,194
2.378% (USD LIBOR + 0.350%) due 07/15/26 § ~		5,743,224		5,748,691
Toyota Auto Receivables Owner Trust
1.740% due 08/17/20		1,320		1,320
2.590% due 02/15/22		9,000,000		9,035,636
2.640% due 03/15/21		1,168,547		1,169,994
2.830% due 10/15/21		4,000,000		4,014,159
2.980% due 08/15/21		3,149,565		3,162,269
Verizon Owner Trust 2.060% due 09/20/21 ~		3,621,734		3,620,813
Total Asset-Backed Securities (Cost $161,680,786)				162,089,143

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 34.9%
U.S. Treasury Notes - 34.9%
1.375% due 01/15/20	$	42,500,000	$	42,437,744
1.375% due 05/31/20		11,000,000		10,963,262
1.625% due 06/30/21		18,000,000		17,981,016
1.750% due 03/31/22		20,000,000		20,078,906
1.750% due 07/15/22		10,000,000		10,041,602
1.750% due 06/30/24		10,000,000		10,087,305
1.750% due 07/31/24		10,000,000		10,091,406
2.000% due 01/31/20		55,500,000		55,517,344
2.000% due 01/15/21		10,000,000		10,028,125
2.000% due 07/31/22		10,000,000		10,117,969
2.250% due 03/31/21		15,000,000		15,111,914
2.500% due 05/31/20		20,500,000		20,583,281
2.500% due 12/31/20		20,000,000		20,175,000
2.625% due 02/28/23		3,600,000		3,725,156
2.750% due 09/30/20		9,000,000		9,082,441
2.750% due 11/30/20		80,000,000		80,868,750
2.875% due 11/15/21		31,000,000		31,791,953
				378,683,174
Total U.S. Treasury Obligations (Cost $375,499,824)				378,683,174
	Shares
SHORT-TERM INVESTMENT - 0.9%
Money Market Fund - 0.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		9,672,881		9,672,881
Total Short-Term Investment (Cost $9,672,881)				9,672,881
TOTAL INVESTMENTS - 96.3% (Cost $1,035,176,099)				1,045,208,042
DERIVATIVES - 3.5%				37,491,488
OTHER ASSETS & LIABILITIES, NET - 0.2%				3,049,926
NET ASSETS - 100.0%				$1,085,749,456

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	45.6%
U.S. Treasury Obligations	34.9%
Asset-Backed Securities	14.9%
Others (each less than 3.0%)	0.9%
	96.3%
Derivatives	3.5%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Open futures contracts outstanding as of September 30, 2019 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index		12/19		29		$2,767,971		$2,752,680		$15,291
S&P 500 E-Mini Index		12/19		47		7,053,651		6,999,475		54,176
S&P Mid 400 E-Mini Index		12/19		14		2,757,128		2,713,200		43,928
Total Futures Contracts										$113,395

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-59

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) Swap agreements outstanding as of September 30, 2019 were as follows:

Total Return Swaps – Long

Receive	Pay	Payment Frequency		Counter- party	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell 2000 Index	3-Month USD-LIBOR - 0.040%		Z	BOA		11/15/19		$2,511,506		($109,258	)		$—		($109,258	)
MSCI World Index	3-Month USD-LIBOR - 0.195%		Z	CIT		11/15/19		117,269,133		4,830,899			—		4,830,899
MSCI EAFE Index	3-Month USD-LIBOR - 0.110%		Z	GSC		11/15/19		3,165,374		18,921			—		18,921
MSCI World Index	3-Month USD-LIBOR - 0.190%		Z	GSC		11/15/19		7,409,357		403,661			—		403,661
MSCI EAFE Index	3-Month USD-LIBOR - 0.120%		Z	JPM		11/15/19		53,279,861		235,132			—		235,132
MSCI Pacific Index	3-Month USD-LIBOR + 0.025%		Z	SGN		11/15/19		2,158,342		(38,038	)		—		(38,038	)
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.220%		Z	SGN		11/15/19		29,216,958		3,612,968			—		3,612,968
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.220%		Z	SGN		11/15/19		21,269,956		603,800			—		603,800
Russell 1000 Index	3-Month USD-LIBOR + 0.110%		Z	BRC		03/19/20		32,521,626		1,921,548			—		1,921,548
Russell 2000 Index	3-Month USD-LIBOR - 0.110%		Z	BRC		03/19/20		10,228,127		(225,110	)		—		(225,110	)
MSCI World Index	3-Month USD-LIBOR - 0.410%		Z	JPM		03/19/20		203,560,488		9,785,751			—		9,785,751
MSCI EAFE Index	3-Month USD-LIBOR - 0.330%		Z	MSC		03/19/20		22,964,192		609,865			—		609,865
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.070%		Z	SGN		03/19/20		95,875,569		3,670,983			—		3,670,983
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.160%		Z	BOA		06/11/20		92,443,636		4,519,960			—		4,519,960
Russell 1000 Value Index	3-Month USD-LIBOR + 0.170%		Z	BOA		06/11/20		105,900,145		4,304,291			—		4,304,291
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.100%		Z	BOA		06/11/20		41,248,117		1,271,462			—		1,271,462
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.120%		Z	BOA		06/11/20		58,739,864		1,907,421			—		1,907,421
MSCI EAFE Index	3-Month USD-LIBOR - 0.230%		Z	JPM		06/11/20		72,900,725		1,751,535			—		1,751,535
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.200%		Z	BOA		09/17/20		59,746,808		(100,187	)		—		(100,187	)
Russell 1000 Value Index	3-Month USD-LIBOR + 0.210%		Z	BOA		09/17/20		87,593,998		2,814,236			—		2,814,236
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.160%		Z	BOA		09/17/20		41,594,361		(608,067	)		—		(608,067	)
MSCI EAFE Index	3-Month USD-LIBOR - 0.190%		Z	CIT		09/17/20		47,147,102		1,655,119			—		1,655,119
										$42,836,892			$—		$42,836,892

Total Return Swaps – Short

Pay	Receive		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell 1000 Index		3-Month USD-LIBOR + 0.310%		Z		BOA		11/15/19		$30,501,803		($1,861,076	)		$—		($1,861,076	)
MSCI Canada Index		3-Month USD-LIBOR - 0.460%		Z		SGN		11/15/19		17,636,258		(876,750	)		—		(876,750	)
MSCI EAFE Index		3-Month USD-LIBOR - 0.270%		Z		BOA		03/19/20		19,334,556		(478,071	)		—		(478,071	)
MSCI Pacific Index		3-Month USD-LIBOR - 0.110%		Z		BRC		03/19/20		34,086,854		(718,113	)		—		(718,113	)
MSCI Europe Index		3-Month USD-LIBOR - 0.350%		Z		SGN		03/19/20		42,910,158		(1,184,372	)		—		(1,184,372	)
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.160%		Z		BRC		09/17/20		9,555,317		(340,417	)		—		(340,417	)
												($5,458,799	)		$—		($5,458,799	)
Total Swap Agreements												$37,378,093			$—		$37,378,093

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps

	Upfront Premium Paid (Received)		Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$—		$43,917,552
Liabilities		—		(6,539,459	)
		$—		$37,378,093

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-60

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(d) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$494,762,844			$—		$494,762,844			$—
	Asset-Backed Securities		162,089,143			—		162,089,143			—
	U.S. Treasury Obligations		378,683,174			—		378,683,174			—
	Short-Term Investment		9,672,881			9,672,881		—			—
	Derivatives:
	Equity Contracts
	Futures		113,395			113,395		—			—
	Swaps		43,917,552			—		43,917,552			—
	Total Equity Contracts		44,030,947			113,395		43,917,552			—
	Total Assets - Derivatives		44,030,947			113,395		43,917,552			—
	Total Assets		1,089,238,989			9,786,276		1,079,452,713			—
Liabilities	Derivatives:
	Equity Contracts
	Swaps		(6,539,459	)		—		(6,539,459	)		—
	Total Liabilities - Derivatives		(6,539,459	)		—		(6,539,459	)		—
	Total		$1,082,699,530			$9,786,276		$1,072,913,254			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-61

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.6%
Basic Materials - 2.2%
Carpenter Technology Corp		16,033		$828,265
Orion Engineered Carbons SA (Luxembourg)		37,666		629,399
				1,457,664
Communications - 3.8%
A10 Networks Inc *		102,506		711,392
Casa Systems Inc *		55,858		438,765
Criteo SA ADR (France) *		28,298		528,890
Extreme Networks Inc *		58,710		427,115
Houghton Mifflin Harcourt Co *		84,665		451,264
				2,557,426
Consumer, Cyclical - 15.6%
Bloomin’ Brands Inc		29,213		553,002
BMC Stock Holdings Inc *		10,637		278,477
Callaway Golf Co		33,222		644,839
Citi Trends Inc		27,610		505,263
Cooper-Standard Holdings Inc *		11,577		473,268
Dana Inc		46,998		678,651
El Pollo Loco Holdings Inc *		57,514		630,353
Hawaiian Holdings Inc		27,105		711,777
Knoll Inc		22,064		559,322
Papa John’s International Inc		13,744		719,498
Red Robin Gourmet Burgers Inc *		18,039		599,977
Regis Corp *		32,950		666,249
REV Group Inc		49,068		560,847
Signet Jewelers Ltd		19,643		329,217
Skechers U.S.A. Inc ‘A’ *		12,529		467,958
SkyWest Inc		15,230		874,202
Taylor Morrison Home Corp *		46,138		1,196,820
				10,449,720
Consumer, Non-Cyclical - 8.8%
Cott Corp		61,198		763,139
Fresh Del Monte Produce Inc		22,190		756,901
ICON PLC (Ireland) *		4,682		689,846
Molina Healthcare Inc *		5,587		613,006
Nomad Foods Ltd (United Kingdom) *		47,304		969,732
Sotheby’s*		10,281		585,811
The Hain Celestial Group Inc *		30,689		659,046
Viad Corp		8,769		588,838
WellCare Health Plans Inc *		1,141		295,713
				5,922,032
Energy - 5.1%
Dril-Quip Inc *		13,390		671,910
Helix Energy Solutions Group Inc *		61,724		497,495
MRC Global Inc *		39,216		475,690
Oasis Petroleum Inc *		80,160		277,354
Oil States International Inc *		27,142		360,989
Patterson-UTI Energy Inc		40,350		344,992
QEP Resources Inc		62,417		230,943
RPC Inc		42,031		235,794
SM Energy Co		36,334		352,076
				3,447,243
Financial - 35.1%
1st Source Corp		11,735		536,642
Armada Hoffler Properties Inc REIT		34,923		631,757
Associated Banc-Corp		36,950		748,238
Bank of Marin Bancorp		9,688		401,955
BankUnited Inc		25,533		858,419
City Office REIT Inc		64,119		922,672
Cousins Properties Inc REIT		22,948		862,615
Easterly Government Properties Inc REIT		27,601		587,901
Empire State Realty Trust Inc ‘A’ REIT		44,551		635,743

	Shares		Value
Essent Group Ltd		17,114		$815,824
First American Financial Corp		8,609		508,017
Heritage Financial Corp		32,774		883,587
IBERIABANK Corp		12,927		976,506
Independence Realty Trust Inc REIT		69,954		1,001,042
Independent Bank Group Inc		15,442		812,404
Kemper Corp		11,172		870,857
National Storage Affiliates Trust REIT		29,467		983,314
RLJ Lodging Trust REIT		40,090		681,129
Sandy Spring Bancorp Inc		24,371		821,546
Selective Insurance Group Inc		10,005		752,276
STAG Industrial Inc REIT		34,513		1,017,443
State Auto Financial Corp		13,337		431,985
Sterling Bancorp		46,650		935,799
Synovus Financial Corp		24,030		859,313
Texas Capital Bancshares Inc *		14,491		791,933
TriCo Bancshares		18,649		676,959
Umpqua Holdings Corp		50,020		823,329
Webster Financial Corp		17,373		814,273
WSFS Financial Corp		23,650		1,042,965
Zions Bancorp NA		17,497		778,966
				23,465,409
Industrial - 12.3%
AAR Corp		19,299		795,312
Air Transport Services Group Inc *		12,089		254,111
Atlas Air Worldwide Holdings Inc *		7,435		187,585
Belden Inc		7,389		394,129
Covenant Transportation Group Inc ‘A’ *		15,775		259,341
EnerSys		10,793		711,690
Graphic Packaging Holding Co		43,628		643,513
Hub Group Inc ‘A’ *		7,485		348,053
Kennametal Inc		21,503		661,002
Masonite International Corp *		12,879		746,982
Primoris Services Corp		30,251		593,222
Regal Beloit Corp		6,390		465,512
Terex Corp		15,476		401,912
Trinseo SA		15,309		657,522
TTM Technologies Inc *		50,693		618,201
Tutor Perini Corp *		32,660		468,018
				8,206,105
Technology - 10.1%
CommVault Systems Inc *		14,169		633,496
Kulicke & Soffa Industries Inc (Singapore)		43,690		1,025,841
MagnaChip Semiconductor Corp (South Korea) *		61,432		622,920
MaxLinear Inc *		29,307		655,891
Nanometrics Inc *		11,114		362,539
NCR Corp *		31,689		1,000,105
NetScout Systems Inc *		27,913		643,674
Unisys Corp *		79,270		588,976
Verint Systems Inc *		14,036		600,460
WNS Holdings Ltd ADR (India) *		10,657		626,099
				6,760,001
Utilities - 2.6%
Black Hills Corp		10,334		792,928
PNM Resources Inc		17,732		923,483
				1,716,411
Total Common Stocks (Cost $59,090,758)				63,982,011

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-62

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 3.3%
Money Market Fund - 3.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		2,188,912		$2,188,912
Total Short-Term Investment (Cost $2,188,912)				2,188,912
TOTAL INVESTMENTS - 98.9% (Cost $61,279,670)				66,170,923
OTHER ASSETS & LIABILITIES, NET - 1.1%				720,763
NET ASSETS - 100.0%				$66,891,686

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	35.1%
Consumer, Cyclical	15.6%
Industrial	12.3%
Technology	10.1%
Consumer, Non-Cyclical	8.8%
Energy	5.1%
Communications	3.8%
Short-Term Investment	3.3%
Others (each less than 3.0%)	4.8%
	98.9%
Other Assets & Liabilities, Net	1.1%
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$63,982,011		$63,982,011		$—		$—
	Short-Term Investment		2,188,912		2,188,912		—		—
	Total		$66,170,923		$66,170,923		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-63

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 1.9%
Brazil - 1.8%
Itau Unibanco Holding SA ADR		42,510		$357,509
Lojas Americanas SA		224,018		1,070,231
				1,427,740
India - 0.1%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22		390,884		28,957
Total Preferred Stocks (Cost $999,208)				1,456,697
COMMON STOCKS - 95.7%
Argentina - 0.3%
MercadoLibre Inc *		440		242,541
Brazil - 4.2%
Atacadao SA		141,000		719,092
B3 SA - Brasil Bolsa Balcao		79,153		834,784
Natura Cosmeticos SA		72,600		596,009
StoneCo Ltd ‘A’ *		9,889		343,939
Vale SA ADR *		65,470		752,905
				3,246,729
Chile - 1.1%
SACI Falabella		153,538		858,078
China - 28.9%
Alibaba Group Holding Ltd ADR *		34,340		5,742,678
Baozun Inc ADR *		7,468		318,884
Budweiser Brewing Co APAC Ltd * ~		422,800		1,521,232
China International Capital Corp Ltd ‘H’ ~		176,000		341,596
Hansoh Pharmaceutical Group Co Ltd * ~		76,000		233,445
Huazhu Group Ltd ADR		61,564		2,032,843
Innovent Biologics Inc * ~		120,500		384,249
Jiangsu Hengrui Medicine Co Ltd ‘A’		185,507		2,097,531
Meituan Dianping ‘B’ *		140,000		1,429,874
Ping An Healthcare and Technology Co Ltd * ~		5,548		32,464
Ping An Insurance Group Co of China Ltd ‘A’		98,771		1,205,879
Shanghai Junshi Biosciences Co Ltd ‘H’ * ~		21,800		80,522
Sinopharm Group Co Ltd ‘H’		167,914		524,895
Tencent Holdings Ltd ADR		63,322		2,648,628
Tencent Music Entertainment Group ADR *		21		268
Wuxi Biologics Cayman Inc * ~		55,000		560,830
Yum China Holdings Inc		48,650		2,210,169
ZTO Express Cayman Inc ADR		57,400		1,224,342
				22,590,329
Colombia - 0.5%
Grupo Aval Acciones y Valores SA ADR		55,829		416,484
Egypt - 0.6%
Commercial International Bank Egypt SAE		94,491		450,167
France - 5.3%
Kering SA		6,279		3,199,694
LVMH Moet Hennessy Louis Vuitton SE		2,416		958,575
				4,158,269

	Shares		Value
Hong Kong - 5.7%
AIA Group Ltd		252,000		$2,376,625
Hang Lung Properties Ltd		50,000		113,474
Hong Kong Exchanges & Clearing Ltd		32,243		945,044
Hutchison China MediTech Ltd ADR *		8,000		142,720
Jardine Strategic Holdings Ltd		27,770		830,641
				4,408,504
India - 10.2%
Bandhan Bank Ltd ~		18,384		127,741
Biocon Ltd		6,883		21,688
Cholamandalam Investment and Finance Co Ltd		72,950		317,125
Dalmia Bharat Ltd		6,262		72,685
Housing Development Finance Corp Ltd		102,754		2,868,098
Kotak Mahindra Bank Ltd		119,106		2,766,356
Oberoi Realty Ltd		31,172		223,463
Tata Consultancy Services Ltd		34,474		1,021,201
Zee Entertainment Enterprises Ltd		153,124		574,013
				7,992,370
Indonesia - 1.1%
P.T. Bank Central Asia Tbk		165,400		353,620
P.T. Indocement Tunggal Prakarsa Tbk		231,700		305,344
P.T. Semen Indonesia Persero Tbk		207,000		168,294
				827,258
Italy - 1.5%
Moncler SPA		11,984		427,152
PRADA SPA		246,400		717,270
				1,144,422
Mexico - 7.0%
Alsea SAB de CV *		149,240		347,879
Fomento Economico Mexicano SAB de CV		203,742		1,867,067
Fomento Economico Mexicano SAB de CV ADR		6,370		583,365
Grupo Aeroportuario del Sureste SAB de CV ‘B’		24,893		379,538
Grupo Financiero Banorte SAB de CV ‘O’		55,165		297,322
Grupo Financiero Inbursa SAB de CV ‘O’		426,557		543,626
Grupo Mexico SAB de CV ‘B’		477,615		1,119,856
Wal-Mart de Mexico SAB de CV		112,837		334,440
				5,473,093
Peru - 2.1%
Credicorp Ltd		7,750		1,615,410
Philippines - 2.7%
Ayala Corp		10,478		178,934
Ayala Land Inc		655,000		625,133
SM Investments Corp		55,072		1,032,009
SM Prime Holdings Inc		347,156		249,203
				2,085,279
Russia - 8.8%
LUKOIL PJSC ADR		12,507		1,033,107
MMC Norilsk Nickel PJSC		644		165,583
MMC Norilsk Nickel PJSC ADR		14,842		379,744
Novatek PJSC GDR		19,353		3,920,889
Polyus PJSC GDR ~		2,683		155,999
Sberbank of Russia PJSC		118,472		415,030
Yandex NV ‘A’ *		23,077		807,926
				6,878,278
South Africa - 2.6%
FirstRand Ltd		392,276		1,611,694
Shoprite Holdings Ltd		51,227		414,831
Steinhoff International Holdings NV *		238,637		15,442
				2,041,967

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-64

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
South Korea - 2.9%
Amorepacific Corp		2,987		$350,470
AMOREPACIFIC Group		3,099		169,317
LG Household & Health Care Ltd		489		533,705
Samsung Biologics Co Ltd * ~		3,095		794,373
Samsung Electronics Co Ltd		9,682		396,420
				2,244,285
Spain - 0.4%
Banco Santander SA		82,829		337,016
Switzerland - 2.7%
Glencore PLC		699,096		2,106,750
Taiwan - 4.7%
Taiwan Semiconductor Manufacturing Co Ltd		413,995		3,676,911
Thailand - 0.4%
The Siam Commercial Bank PCL		89,300		344,654
Turkey - 1.6%
Akbank T.A.S. *		487,521		699,606
Anadolu Efes Biracilik Ve Malt Sanayii AS		78,991		306,130
BIM Birlesik Magazalar AS		27,282		237,310
				1,243,046
United Arab Emirates - 0.4%
Emaar Properties PJSC		260,288		327,171
Total Common Stocks (Cost $46,264,183)				74,709,011
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		1,637,580		1,637,580
Total Short-Term Investment (Cost $1,637,580)				1,637,580
TOTAL INVESTMENTS - 99.7% (Cost $48,900,971)				77,803,288
OTHER ASSETS & LIABILITIES, NET - 0.3%				246,417
NET ASSETS - 100.0%				$78,049,705

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	26.8%
Consumer, Cyclical	17.9%
Consumer, Non-cyclical	16.2%
Communications	15.1%
Technology	6.5%
Energy	6.3%
Basic Materials	6.0%
Others (each less than 3.0%)	4.9%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	28.9%
India	10.3%
Russia	8.8%
Mexico	7.0%
Brazil	6.0%
Hong Kong	5.7%
France	5.3%
Taiwan	4.7%
Others (each less than 3.0%)	23.0%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-65

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$1,456,697		$1,456,697		$—		$—
	Common Stocks
	Argentina		242,541		242,541		—		—
	Brazil		3,246,729		3,246,729		—		—
	Chile		858,078		—		858,078		—
	China		22,590,329		13,130,938		9,459,391		—
	Colombia		416,484		416,484		—		—
	Egypt		450,167		450,167		—		—
	France		4,158,269		—		4,158,269		—
	Hong Kong		4,408,504		142,720		4,265,784		—
	India		7,992,370		1,093,886		6,898,484		—
	Indonesia		827,258		—		827,258		—
	Italy		1,144,422		—		1,144,422		—
	Mexico		5,473,093		5,473,093		—		—
	Peru		1,615,410		1,615,410		—		—
	Philippines		2,085,279		—		2,085,279		—
	Russia		6,878,278		963,925		5,914,353		—
	South Africa		2,041,967		15,442		2,026,525		—
	South Korea		2,244,285		—		2,244,285		—
	Spain		337,016		—		337,016
	Switzerland		2,106,750		—		2,106,750		—
	Taiwan		3,676,911		—		3,676,911		—
	Thailand		344,654		—		344,654		—
	Turkey		1,243,046		237,310		1,005,736		—
	United Arab Emirates		327,171		—		327,171		—
	Total Common Stocks		74,709,011		27,028,645		47,680,366		—
	Short-Term Investment		1,637,580		1,637,580		—		—
	Total		$77,803,288		$30,122,922		$47,680,366		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-66

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.2%
Australia - 0.9%
Rio Tinto PLC		9,555		$496,691
Belgium - 1.4%
KBC Group NV		11,725		761,557
Brazil - 0.6%
Ambev SA ADR		70,018		323,483
Canada - 3.5%
Canadian National Railway Co		12,595		1,131,787
Suncor Energy Inc		25,036		789,715
				1,921,502
China - 1.7%
Baidu Inc ADR *		2,279		234,190
Yum China Holdings Inc		15,454		702,075
				936,265
Denmark - 2.6%
Carlsberg AS ‘B’		3,196		472,299
Novo Nordisk AS ‘B’		18,808		971,926
				1,444,225
France - 16.1%
Air Liquide SA		10,491		1,493,085
Danone SA		9,749		858,712
Dassault Systemes SE		1,874		266,964
Engie SA		38,920		635,261
EssilorLuxottica SA		4,840		697,830
Hermes International		189		130,539
L’Oreal SA		2,291		640,723
Legrand SA		6,884		491,085
LVMH Moet Hennessy Louis Vuitton SE		2,975		1,180,365
Pernod Ricard SA		5,852		1,041,548
Schneider Electric SE		16,890		1,476,902
				8,913,014
Germany - 9.8%
Bayer AG		15,039		1,059,548
Beiersdorf AG		10,271		1,211,006
Deutsche Boerse AG		3,705		577,830
Merck KGaA		5,581		628,700
MTU Aero Engines AG		1,379		366,426
ProSiebenSat.1 Media SE		16,177		222,871
SAP SE		11,456		1,348,071
				5,414,452
Hong Kong - 2.7%
AIA Group Ltd		159,826		1,507,327
India - 2.3%
Housing Development Finance Corp Ltd		18,299		510,767
Tata Consultancy Services Ltd		26,879		796,219
				1,306,986
Ireland - 0.8%
Ryanair Holdings PLC ADR *		6,351		421,579
Israel - 1.1%
Check Point Software Technologies Ltd *		5,761		630,829

	Shares		Value
Italy - 1.9%
Eni SPA		32,336		$494,250
Intesa Sanpaolo SPA		245,260		580,979
				1,075,229
Japan - 14.8%
Daikin Industries Ltd		7,400		975,980
Denso Corp		6,500		287,218
FANUC Corp		1,900		359,145
Hitachi Ltd		17,700		662,869
Hoya Corp		18,200		1,490,633
Japan Tobacco Inc		26,400		578,415
Kubota Corp		45,700		695,037
Kyocera Corp		12,000		748,207
Olympus Corp		77,300		1,047,252
Shin-Etsu Chemical Co Ltd		2,800		301,309
Terumo Corp		32,400		1,048,406
				8,194,471
Netherlands - 3.4%
Akzo Nobel NV		9,606		855,923
ING Groep NV		49,825		520,510
Randstad NV		10,005		491,208
				1,867,641
Portugal - 0.4%
Galp Energia SGPS SA		16,622		249,982
Singapore - 1.1%
DBS Group Holdings Ltd		34,600		625,953
Spain - 1.9%
Amadeus IT Group SA		14,574		1,044,254
Sweden - 0.8%
Essity AB ‘B’		16,056		468,489
Switzerland - 13.9%
Alcon Inc *		2,295		133,867
Julius Baer Group Ltd		8,793		389,450
Nestle SA		22,074		2,394,026
Novartis AG		11,474		995,794
Roche Holding AG		5,866		1,707,972
Sika AG		2,829		413,916
UBS Group AG		72,765		826,206
Zurich Insurance Group AG		2,187		837,638
				7,698,869
Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR		18,183		845,146
United Kingdom - 14.0%
Barclays PLC		154,898		285,398
Compass Group PLC		35,719		919,142
Diageo PLC		25,220		1,030,240
Experian PLC		38,359		1,226,681
Just Eat PLC *		29,363		241,200
Linde PLC		2,870		557,047
Prudential PLC		11,423		206,998
Reckitt Benckiser Group PLC		9,046		706,303
RELX PLC		41,788		993,228
Rolls-Royce Holdings PLC *		44,061		428,132
Smiths Group PLC		17,805		343,560

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-67

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Tesco PLC		142,869		$422,386
WPP PLC		33,204		415,757
				7,776,072
United States - 1.0%
Amcor PLC CDI		22,418		215,746
QIAGEN NV *		10,384		340,063
				555,809
Total Common Stocks (Cost $34,360,558)				54,479,825
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		550,778		550,778
Total Short-Term Investment (Cost $550,778)				550,778
TOTAL INVESTMENTS - 99.2% (Cost $34,911,336)				55,030,603
OTHER ASSETS & LIABILITIES, NET - 0.8%				442,187
NET ASSETS - 100.0%				$55,472,790

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-cyclical	40.6%
Industrial	17.7%
Financial	13.8%
Technology	7.0%
Basic Materials	6.7%
Consumer, Cyclical	6.5%
Others (each less than 3.0%)	6.9%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

France	16.1%
Japan	14.8%
United Kingdom	14.0%
Switzerland	13.9%
Germany	9.8%
Canada	3.5%
Netherlands	3.4%
Others (each less than 3.0%)	23.7%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$496,691		$—		$496,691		$—
	Belgium		761,557		—		761,557		—
	Brazil		323,483		323,483		—		—
	Canada		1,921,502		1,921,502		—		—
	China		936,265		936,265		—		—
	Denmark		1,444,225		—		1,444,225		—
	France		8,913,014		—		8,913,014		—
	Germany		5,414,452		222,871		5,191,581		—
	Hong Kong		1,507,327		—		1,507,327		—
	India		1,306,986		796,219		510,767		—
	Ireland		421,579		421,579		—		—
	Israel		630,829		630,829		—		—
	Italy		1,075,229		—		1,075,229		—
	Japan		8,194,471		—		8,194,471		—
	Netherlands		1,867,641		—		1,867,641		—
	Portugal		249,982		—		249,982		—
	Singapore		625,953		—		625,953		—
	Spain		1,044,254		—		1,044,254		—
	Sweden		468,489		—		468,489		—
	Switzerland		7,698,869				7,698,869		—
	Taiwan		845,146		845,146		—		—
	United Kingdom		7,776,072		—		7,776,072		—
	United States		555,809		—		555,809		—
	Total Common Stocks		54,479,825		6,097,894		48,381,931		—
	Short-Term Investment		550,778		550,778		—		—
	Total		$55,030,603		$6,648,672		$48,381,931		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-68

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Australia - 3.5%
Accent Group Ltd		78,925		$90,920
Ansell Ltd		4,750		87,929
Appen Ltd		4,834		69,192
Aveo Group »		54,968		79,062
Charter Hall Long Wale REIT		37,084		143,469
McMillan Shakespeare Ltd		6,174		68,122
Perseus Mining Ltd *		252,616		118,954
Sandfire Resources NL		23,536		104,328
Shopping Centres Australasia Property Group REIT		62,080		109,376
Southern Cross Media Group Ltd		90,000		75,114
				946,466
Austria - 0.6%
AT&S Austria Technologie & Systemtechnik AG		4,089		70,234
Wienerberger AG		3,342		81,355
				151,589
Belgium - 1.7%
Barco NV		900		177,744
Bekaert SA		3,000		86,033
D’ieteren SA/NV		2,243		121,582
Orange Belgium SA		4,000		82,567
				467,926
Canada - 11.1%
AGF Management Ltd ‘B’		21,600		101,083
Alaris Royalty Corp		7,300		108,493
Artis REIT		9,900		94,005
B2Gold Corp *		28,900		94,017
Barrick Gold Corp		5,326		92,140
Boardwalk REIT		3,000		100,562
Canaccord Genuity Group Inc		14,000		55,161
Canadian Solar Inc *		4,100		77,408
Canfor Corp *		7,300		85,571
CI Financial Corp		5,900		86,083
Corus Entertainment Inc		24,800		99,024
Crescent Point Energy Corp		23,100		98,687
CT REIT		8,900		100,968
Empire Co Ltd ‘A’		6,100		165,156
Enerplus Corp		20,000		148,998
Genworth MI Canada Inc		4,842		192,240
Granite REIT		3,100		150,104
High Liner Foods Inc		8,000		66,664
Hudbay Minerals Inc		14,700		53,037
Knight Therapeutics Inc *		13,000		72,906
New Gold Inc *		104,600		105,007
Northland Power Inc		6,000		115,122
Northview Apartment REIT		4,200		91,364
Parex Resources Inc *		6,500		99,596
Points International Ltd *		6,100		66,917
Polaris Infrastructure Inc		14,900		148,679
Precision Drilling Corp *		30,100		34,534
Real Matters Inc *		11,000		91,663
Seven Generations Energy Ltd ‘A’ *		12,700		80,714
TFI International Inc		3,500		107,152
Trevali Mining Corp *		300,000		52,081
				3,035,136
China - 0.4%
Gemdale Properties & Investment Corp Ltd		999,886		111,022
Denmark - 2.6%
Alm Brand AS		11,512		90,461
D/S Norden AS		5,920		80,665
Pandora AS		2,700		108,353

	Shares		Value
Royal Unibrew AS		1,964		$161,814
Scandinavian Tobacco Group AS ~		6,500		76,055
SimCorp AS		1,200		105,394
Spar Nord Bank AS		11,086		99,856
				722,598
Egypt - 0.3%
Centamin PLC		60,081		93,009
Finland - 0.3%
Valmet OYJ		4,689		90,963
France - 4.0%
Akka Technologies		1,000		68,868
Alstom SA		4,159		172,280
Alten SA		900		102,749
Eiffage SA		2,087		216,350
Eutelsat Communications SA		4,464		83,040
IPSOS		2,941		83,779
Kaufman & Broad SA		2,448		97,507
Metropole Television SA		5,000		81,993
SPIE SA		5,500		110,056
Teleperformance		345		74,754
				1,091,376
Germany - 4.9%
AURELIUS Equity Opportunities SE & Co KGaA		1,700		70,213
Covestro AG ~		1,788		88,474
CTS Eventim AG & Co KGaA		1,385		78,029
Deutsche Pfandbriefbank AG ~		6,656		81,149
DIC Asset AG		9,941		127,234
Hamburger Hafen und Logistik AG		3,500		87,166
HOCHTIEF AG		1,346		153,391
LEG Immobilien AG		1,977		226,236
Salzgitter AG		2,345		39,387
Software AG		2,955		81,129
TAG Immobilien AG		6,804		155,272
Talanx AG		3,265		141,089
				1,328,769
Hong Kong - 0.7%
Dah Sing Financial Holdings Ltd		17,000		62,941
K Wah International Holdings Ltd		139,000		73,423
SmarTone Telecommunications Holdings Ltd		60,000		52,153
				188,517
Israel - 1.0%
AudioCodes Ltd		8,903		168,356
Gazit-Globe Ltd		11,368		114,838
				283,194
Italy - 2.5%
A2A SPA		109,319		200,619
Banca Farmafactoring SPA ~		14,898		77,640
Banca IFIS SPA		4,849		80,825
Enav SPA ~		18,000		101,627
ERG SPA		6,801		137,137
Unieuro SPA ~		6,000		76,690
				674,538
Japan - 23.7%
Aoyama Trading Co Ltd		4,500		78,539
Asahi Co Ltd		6,800		74,936
Asahi Diamond Industrial Co Ltd		14,000		80,330
Avex Inc		6,200		72,884
Capcom Co Ltd		4,000		106,462
Cawachi Ltd		4,000		77,297
Citizen Watch Co Ltd		15,500		76,043

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-69

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Daiho Corp		3,900		$103,378
DMG Mori Co Ltd		8,300		118,628
Financial Products Group Co Ltd		9,700		97,205
First-corp Inc		11,500		66,219
Foster Electric Co Ltd		6,600		112,327
Fudo Tetra Corp		5,200		58,487
Fukui Computer Holdings Inc		3,500		79,998
Furyu Corp		7,800		66,460
Glory Ltd		4,600		129,290
Kaken Pharmaceutical Co Ltd		1,700		79,061
Kito Corp		6,000		86,563
Look Holdings Inc		7,126		69,762
Marvelous Inc		10,100		78,070
Meidensha Corp		7,300		125,906
Meitec Corp		3,100		152,332
Mitsui E&S Holdings Co Ltd *		8,400		74,199
Mitsui Matsushima Holdings Co Ltd		7,800		87,097
Morinaga & Co Ltd		1,900		92,485
Nagase & Co Ltd		12,600		176,981
NichiiGakkan Co Ltd		7,332		120,334
Nihon Unisys Ltd		4,000		129,292
Nippon Carbon Co Ltd		1,900		67,629
Nippon Electric Glass Co Ltd		3,000		67,079
Nippon Piston Ring Co Ltd		8,100		95,026
NIPPON REIT Investment Corp		23		96,041
Nippon Thompson Co Ltd		21,125		88,728
Nippon Yakin Kogyo Co Ltd		5,450		110,218
Nissin Kogyo Co Ltd		6,300		88,722
Obara Group Inc		2,600		88,347
Optorun Co Ltd		2,100		60,186
OSJB Holdings Corp		34,900		79,786
PAL GROUP Holdings Co Ltd		2,500		77,409
Rengo Co Ltd		13,300		96,118
Restar Holdings Corp		3,200		52,072
Riken Vitamin Co Ltd		3,600		115,706
Roland DG Corp		3,600		66,786
Ryobi Ltd		5,600		94,310
Ryosan Co Ltd		2,600		66,358
Sangetsu Corp		4,500		85,007
Sankyu Inc		2,100		109,478
Seven Bank Ltd		32,300		88,735
Shin Nippon Biomedical Laboratories Ltd		9,500		58,989
Shinoken Group Co Ltd		10,600		94,320
Ship Healthcare Holdings Inc		4,400		187,591
Sinanen Holdings Co Ltd		3,900		66,260
Sojitz Corp		24,300		75,594
Sumitomo Mitsui Construction Co Ltd		16,000		84,309
Sumitomo Seika Chemicals Co Ltd		2,400		71,136
Tachi-S Co Ltd		6,500		79,207
Takara Leben Co Ltd		17,100		66,316
The Okinawa Electric Power Co Inc		8,706		137,133
TOA ROAD Corp		3,600		114,299
Toho Holdings Co Ltd		6,400		148,700
Toho Zinc Co Ltd		2,400		44,708
Tokyu Construction Co Ltd		10,200		78,369
Topy Industries Ltd		3,900		69,656
Tosei Corp		11,000		130,297
Towa Pharmaceutical Co Ltd		3,400		79,100
Toyo Construction Co Ltd		23,300		101,040
Toyota Boshoku Corp		5,200		73,135
Ube Industries Ltd		2,700		54,851
Unipres Corp		5,400		85,151
Unitika Ltd *		15,100		44,717
Yuasa Trading Co Ltd		6,100		174,618
				6,483,802
Jordan - 0.7%
Hikma Pharmaceuticals PLC		6,895		186,397

	Shares		Value
Netherlands - 4.6%
Aalberts NV		3,707		$146,801
ASM International NV		900		82,802
ASR Nederland NV		5,522		203,760
BE Semiconductor Industries NV		2,967		92,812
Boskalis Westminster		3,395		70,775
Flow Traders ~		2,526		66,132
Heijmans NV *		9,578		80,156
Intertrust NV ~		6,321		123,655
Koninklijke Volkerwessels NV		3,598		63,688
OCI NV *		2,341		55,214
SBM Offshore NV		8,057		133,614
Signify NV ~		4,956		136,204
				1,255,613
New Zealand - 0.5%
Air New Zealand Ltd		41,810		73,339
Z Energy Ltd		19,707		69,139
				142,478
Norway - 0.8%
Aker Solutions ASA *		17,817		48,022
Grieg Seafood ASA		6,000		73,444
Norwegian Finans Holding ASA *		11,374		95,983
				217,449
Singapore - 0.5%
First REIT		87,300		63,801
Hi-P International Ltd		74,600		61,075
				124,876
South Korea - 5.3%
Binggrae Co Ltd		1,300		63,362
Dong-A ST Co Ltd		1,141		80,109
Doosan Bobcat Inc		2,715		80,276
DY POWER Corp		5,883		48,524
Handsome Co Ltd		2,890		70,494
HDC Holdings Co Ltd		5,449		58,725
Huchems Fine Chemical Corp		5,565		99,559
Hyundai Wia Corp		1,746		74,355
INTOPS Co Ltd		4,467		47,231
JW Life Science Corp		3,537		62,766
Korea Petrochemical Ind Co Ltd		508		54,075
Korean Reinsurance Co		10,000		66,950
Kumho Petrochemical Co Ltd		1,276		76,302
LG Uplus Corp		10,894		124,132
Lotte Chilsung Beverage Co Ltd		500		57,823
Moorim P&P Co Ltd		15,847		59,372
Seegene Inc *		3,800		64,889
SFA Engineering Corp		3,509		123,866
SK Discovery Co Ltd		2,819		51,719
Value Added Technology Co Ltd		3,868		85,451
				1,449,980
Spain - 3.5%
Atlantica Yield PLC		5,882		141,697
Bankinter SA		17,756		112,046
Construcciones y Auxiliar de Ferrocarriles SA		3,310		150,263
Enagas SA		7,780		179,847
Faes Farma SA		25,208		128,717
Mediaset Espana Comunicacion SA		12,000		77,350
Sacyr SA		33,000		84,526
Talgo SA * ~		13,258		73,244
				947,690
Sweden - 4.9%
Betsson AB		11,489		55,605
Bilia AB ‘A’		8,874		70,435
Evolution Gaming Group AB ~		9,105		178,930

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-70

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Fastighets AB Balder ‘B’ *		2,925		$110,734
Hemfosa Fastigheter AB		16,931		171,434
ICA Gruppen AB		2,200		101,604
JM AB		3,500		89,434
NetEnt AB		20,268		62,488
Nyfosa AB *		16,931		115,235
Orexo AB *		9,000		48,933
Resurs Holding AB ~		12,000		71,101
SSAB AB ‘A’		32,965		91,656
Wihlborgs Fastigheter AB		10,910		177,292
				1,344,881
Switzerland - 6.0%
Adecco Group AG		1,809		100,106
Baloise Holding AG		875		156,778
Cembra Money Bank AG		1,439		149,964
Coca-Cola HBC AG		6,397		208,928
Forbo Holding AG		70		103,956
Julius Baer Group Ltd		2,500		110,727
Logitech International SA		3,770		153,203
PSP Swiss Property AG		1,738		220,660
Siegfried Holding AG		357		140,497
Sonova Holding AG		1,224		284,801
				1,629,620
United Kingdom - 12.7%
Aggreko PLC		8,555		87,392
Auto Trader Group PLC ~		22,698		142,263
Bellway PLC		5,355		220,144
Bovis Homes Group PLC		4,836		66,264
Charter Court Financial Services Group PLC ~		30,495		113,422
Dialog Semiconductor PLC *		4,028		190,770
Drax Group PLC		28,180		95,701
EI Group PLC *		62,035		214,485
Fevertree Drinks PLC		3,874		115,235
Gulf Keystone Petroleum Ltd		32,731		91,923
Hansteen Holdings PLC REIT		88,190		99,924
IMI PLC		4,605		54,356
Inchcape PLC		9,828		76,293
Intermediate Capital Group PLC		7,339		131,232
International Personal Finance PLC		31,062		42,317
J D Wetherspoon PLC		7,389		140,819
Keller Group PLC		13,168		91,537
Man Group PLC		29,607		63,564
Mitchells & Butlers PLC *		25,000		117,729
OneSavings Bank PLC		25,380		115,274
Paragon Banking Group PLC		20,981		124,416
Quilter PLC ~		50,000		83,706
Redrow PLC		14,506		110,165
Rightmove PLC		22,345		151,191
Safestore Holdings PLC REIT		15,000		123,292
Spirent Communications PLC		66,136		161,496
Stagecoach Group PLC		36,558		60,098
Tate & Lyle PLC		15,046		136,122
Vesuvius PLC		13,798		77,260
WH Smith PLC		6,648		162,444
				3,460,834
United States - 2.1%
Argonaut Gold Inc *		54,300		86,070
Caesarstone Ltd		4,800		79,728
CyberArk Software Ltd *		1,256		125,374
IMAX Corp *		5,077		111,440
Oxford Immunotec Global PLC *		5,000		83,150
Viemed Healthcare Inc *		13,500		93,135
				578,897
Total Common Stocks (Cost $26,193,351)				27,007,620

	Shares		Value
SHORT-TERM INVESTMENT - 0.4%
Money Market Fund - 0.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		98,893		$98,893
Total Short-Term Investment (Cost $98,893)				98,893
TOTAL INVESTMENTS - 99.3% (Cost $26,292,244)				27,106,513
OTHER ASSETS & LIABILITIES, NET - 0.7%				200,851
NET ASSETS - 100.0%				$27,307,364

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	23.2%
Industrial	20.5%
Consumer, Cyclical	15.1%
Consumer, Non-Cyclical	13.6%
Basic Materials	6.7%
Technology	6.3%
Communications	5.5%
Energy	4.6%
Utilities	3.4%
Others (each less than 3.0%)	0.4%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	23.7%
United Kingdom	12.7%
Canada	11.1%
Switzerland	6.0%
South Korea	5.3%
Sweden	4.9%
Germany	4.9%
Netherlands	4.6%
France	4.0%
Spain	3.5%
Australia	3.5%
Others (each less than 3.0%)	15.1%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-71

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$946,466		$—		$946,466		$—
	Austria		151,589		—		151,589		—
	Belgium		467,926		—		467,926		—
	Canada		3,035,136		3,035,136		—		—
	China		111,022		—		111,022		—
	Denmark		722,598		175,911		546,687		—
	Egypt		93,009		—		93,009
	Finland		90,963		—		90,963		—
	France		1,091,376		—		1,091,376		—
	Germany		1,328,769		—		1,328,769		—
	Hong Kong		188,517		—		188,517		—
	Israel		283,194		168,356		114,838		—
	Italy		674,538		101,627		572,911		—
	Japan		6,483,802		—		6,483,802		—
	Jordan		186,397		—		186,397
	Netherlands		1,255,613		129,820		1,125,793		—
	New Zealand		142,478		—		142,478		—
	Norway		217,449		—		217,449		—
	Singapore		124,876		—		124,876		—
	South Korea		1,449,980		63,362		1,386,618		—
	Spain		947,690		291,960		655,730		—
	Sweden		1,344,881		177,723		1,167,158		—
	Switzerland		1,629,620		—		1,629,620		—
	United Kingdom		3,460,834		1,166,192		2,294,642		—
	United States		578,897		578,897		—		—
	Total Common Stocks		27,007,620		5,888,984		21,118,636		—
	Short-Term Investment		98,893		98,893		—		—
	Total		$27,106,513		$5,987,877		$21,118,636		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-72

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Argentina - 0.4%
YPF SA ADR		24,366		$225,386
Belgium - 1.3%
Ageas		13,610		754,475
Canada - 3.1%
ARC Resources Ltd		22,539		107,349
Barrick Gold Corp		46,073		797,066
Cameco Corp		15,658		148,751
Encana Corp		64,213		294,202
Kinross Gold Corp *		86,195		396,497
Tourmaline Oil Corp		11,879		117,548
				1,861,413
China - 4.6%
China Mobile Ltd		81,223		672,831
China Telecom Corp Ltd ‘H’		1,167,743		531,743
China Unicom Hong Kong Ltd		818,067		866,068
Dongfeng Motor Group Co Ltd ‘H’		744,191		707,065
				2,777,707
Denmark - 1.3%
AP Moller - Maersk AS ‘B’		618		698,608
The Drilling Co of 1972 AS *		1,233		69,102
				767,710
Finland - 1.0%
Nokia OYJ		119,813		605,094
France - 10.9%
BNP Paribas SA		20,588		1,000,928
Cie de Saint-Gobain		30,717		1,203,887
Engie SA		42,165		688,227
Renault SA		9,775		561,020
Rexel SA		59,109		632,211
Societe Generale SA		27,939		765,311
TOTAL SA		32,233		1,678,273
				6,529,857
Germany - 3.6%
CECONOMY AG *		35,795		193,590
Daimler AG		12,842		638,467
Deutsche Lufthansa AG		23,887		379,211
E.ON SE		30,769		299,156
METRO AG		12,207		192,583
RWE AG		12,439		388,752
Salzgitter AG		4,562		76,624
				2,168,383
India - 0.9%
Canara Bank *		99,228		255,709
NTPC Ltd		36,808		61,059
Zee Entertainment Enterprises Ltd		58,933		220,921
				537,689
Ireland - 0.8%
Bank of Ireland Group PLC		117,547		465,771
Italy - 6.3%
Assicurazioni Generali SPA		38,755		751,063
BPER Banca		77,552		299,635
Eni SPA		88,426		1,351,576

	Shares		Value
Saipem SPA *		98,657		$445,889
UniCredit SPA		79,856		941,266
				3,789,429
Japan - 29.5%
Benesse Holdings Inc		5,329		138,821
Canon Inc		15,538		415,520
Chiyoda Corp *		23,328		61,184
Citizen Watch Co Ltd		54,635		268,038
Dai-ichi Life Holdings Inc		39,749		604,300
DeNA Co Ltd		20,972		370,763
Eisai Co Ltd		3,913		199,904
Fuji Media Holdings Inc		11,300		146,002
Fujitsu Ltd		5,530		444,447
Gree Inc		49,892		227,606
Hitachi Metals Ltd		35,983		390,776
Honda Motor Co Ltd		49,748		1,302,624
Inpex Corp		78,350		722,056
JGC Holdings Corp		34,333		453,104
JSR Corp		41,747		672,158
Mitsubishi Estate Co Ltd		28,200		545,290
Mitsubishi Heavy Industries Ltd		14,322		562,975
Mitsubishi Motors Corp		34,500		150,516
Mitsubishi UFJ Financial Group Inc		222,612		1,133,732
Mizuho Financial Group Inc		433,582		666,309
Nikon Corp		28,039		351,759
Nippon Television Holdings Inc		21,934		282,317
Nissan Motor Co Ltd		68,300		426,421
Nitto Denko Corp		8,460		409,931
Nomura Holdings Inc		162,200		689,487
Resona Holdings Inc		156,100		671,721
Shimamura Co Ltd		6,910		548,982
Sumitomo Mitsui Financial Group Inc		29,190		1,003,030
Sumitomo Mitsui Trust Holdings Inc		17,052		617,485
T&D Holdings Inc		87,044		930,129
Takeda Pharmaceutical Co Ltd		26,462		908,062
THK Co Ltd		13,600		360,308
Yahoo Japan Corp		334,678		942,917
				17,618,674
Netherlands - 4.5%
ABN AMRO Bank NV		15,235		268,387
ING Groep NV		78,622		821,346
PostNL NV		104,517		231,639
Royal Dutch Shell PLC ‘B’		47,446		1,402,280
				2,723,652
Norway - 1.1%
Norsk Hydro ASA		180,312		634,910
Russia - 2.4%
Gazprom PJSC ADR		90,332		623,291
LUKOIL PJSC ADR		5,244		433,836
Sberbank of Russia PJSC ADR		26,084		368,893
				1,426,020
South Africa - 3.5%
Anglo American Platinum Ltd		3,953		238,310
Anglo American PLC		33,184		762,630
Gold Fields Ltd ADR		86,377		424,975
Impala Platinum Holdings Ltd *		56,214		353,733
MTN Group Ltd		46,924		298,567
				2,078,215
South Korea - 3.0%
KB Financial Group Inc		17,100		610,324
KT Corp ADR		57,305		648,120
Shinhan Financial Group Co Ltd		16,122		563,351
				1,821,795

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-73

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Shares		Value
Spain - 1.2%
CaixaBank SA		275,785		$723,383
Switzerland - 5.9%
Adecco Group AG		16,242		898,797
Julius Baer Group Ltd		15,821		700,727
LafargeHolcim Ltd		17,047		839,458
UBS Group AG		94,854		1,077,014
				3,515,996
Taiwan - 1.1%
Innolux Corp		939,000		199,663
MediaTek Inc		12,643		150,423
Shin Kong Financial Holding Co Ltd *		975,394		295,149
				645,235
United Kingdom - 10.5%
Babcock International Group PLC		50,538		346,605
BP PLC		163,426		1,034,606
BT Group PLC		269,176		590,412
Centrica PLC		366,504		332,340
HSBC Holdings PLC		142,802		1,094,180
J Sainsbury PLC		213,683		576,599
Kingfisher PLC		206,448		524,661
Land Securities Group PLC REIT		30,621		322,500
Marks & Spencer Group PLC		138,845		314,478
Standard Chartered PLC		99,194		832,623
The British Land Co PLC REIT		45,728		328,956
				6,297,960
Total Common Stocks (Cost $60,989,675)				57,968,754
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		1,318,095		1,318,095
Total Short-Term Investment (Cost $1,318,095)				1,318,095
TOTAL INVESTMENTS - 99.1% (Cost $62,307,770)				59,286,849
OTHER ASSETS & LIABILITIES, NET - 0.9%				528,855
NET ASSETS - 100.0%				$59,815,704

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.6%
Energy	14.2%
Consumer, Cyclical	11.1%
Communications	9.7%
Basic Materials	8.9%
Industrial	8.0%
Consumer, Non-cyclical	5.4%
Technology	3.0%
Utilities	3.0%
Others (each less than 3.0%)	2.2%
	99.1%
Other Assets & Liabilities, Net	0.9%
	100.0%

(b) As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	29.5%
France	10.9%
United Kingdom	10.5%
Italy	6.3%
Switzerland	5.9%
China	4.6%
Netherlands	4.5%
Germany	3.6%
South Africa	3.5%
Canada	3.1%
South Korea	3.0%
Others (each less than 3.0%)	13.7%
	99.1%
Other Assets & Liabilities, Net	0.9%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-74

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) 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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Common Stocks
	Argentina		$225,386		$225,386		$—		$—
	Belgium		754,475		—		754,475		—
	Canada		1,861,413		1,861,413		—		—
	China		2,777,707		—		2,777,707		—
	Denmark		767,710		—		767,710		—
	Finland		605,094		—		605,094		—
	France		6,529,857		—		6,529,857		—
	Germany		2,168,383		—		2,168,383		—
	India		537,689		—		537,689		—
	Ireland		465,771		—		465,771		—
	Italy		3,789,429		—		3,789,429		—
	Japan		17,618,674		—		17,618,674		—
	Netherlands		2,723,652		—		2,723,652		—
	Norway		634,910		—		634,910		—
	Russia		1,426,020		1,426,020		—		—
	South Africa		2,078,215		663,285		1,414,930		—
	South Korea		1,821,795		648,120		1,173,675		—
	Spain		723,383		—		723,383		—
	Switzerland		3,515,996		—		3,515,996		—
	Taiwan		645,235		—		645,235		—
	United Kingdom		6,297,960		—		6,297,960		—
	Total Common Stocks		57,968,754		4,824,224		53,144,530		—
	Short-Term Investment		1,318,095		1,318,095		—		—
	Total		$59,286,849		$6,142,319		$53,144,530		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-75

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Consumer, Cyclical - 1.6%
Hilton Worldwide Holdings Inc		13,406		$1,248,233
Financial - 94.8%
Alexandria Real Estate Equities Inc REIT		19,845		3,056,924
American Homes 4 Rent ‘A’ REIT		74,181		1,920,546
American Tower Corp REIT		3,210		709,827
Americold Realty Trust REIT		25,670		951,587
Apartment Investment & Management Co ‘A’ REIT		42,159		2,198,170
AvalonBay Communities Inc REIT		20,767		4,471,758
Boston Properties Inc REIT		16,320		2,116,051
Cousins Properties Inc REIT		48,059		1,806,538
Crown Castle International Corp REIT		3,450		479,584
CubeSmart REIT		36,856		1,286,274
Duke Realty Corp REIT		36,922		1,254,240
EPR Properties REIT		19,448		1,494,773
Equinix Inc REIT		8,850		5,104,680
Equity LifeStyle Properties Inc REIT		9,671		1,292,046
Equity Residential REIT		9,854		850,006
Essential Properties Realty Trust REIT		29,523		676,372
Essex Property Trust Inc REIT		9,886		3,229,262
Extra Space Storage Inc REIT		16,613		1,940,731
First Industrial Realty Trust Inc REIT		18,377		726,994
HCP Inc REIT		28,082		1,000,562
Healthcare Realty Trust Inc REIT		27,570		923,595
Healthcare Trust of America Inc ‘A’ REIT		90,477		2,658,214
Host Hotels & Resorts Inc REIT		69,907		1,208,692
Industrial Logistics Properties Trust REIT		406		8,628
Invitation Homes Inc REIT		127,363		3,771,218
Kilroy Realty Corp REIT		21,294		1,658,590
Physicians Realty Trust REIT		27,796		493,379
Prologis Inc REIT		65,495		5,581,484
Public Storage REIT		4,689		1,150,071
Regency Centers Corp REIT		38,021		2,642,079
Sabra Health Care REIT Inc		40,918		939,477
Simon Property Group Inc REIT		17,544		2,730,724
STORE Capital Corp REIT		65,769		2,460,418
Sun Communities Inc REIT		15,919		2,363,176
Sunstone Hotel Investors Inc REIT		65,145		895,092
Taubman Centers Inc REIT		11,683		477,017
Terreno Realty Corp REIT		26,554		1,356,644
VICI Properties Inc REIT		50,703		1,148,423
Welltower Inc REIT		47,067		4,266,624
Weyerhaeuser Co REIT		15,041		416,636
				73,717,106

	Shares		Value
Technology - 2.6%
InterXion Holding NV (Netherlands) *		24,471		$1,993,408
Total Common Stocks (Cost $58,665,466)				76,958,747
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		94,714		94,714
Total Short-Term Investment (Cost $94,714)				94,714
TOTAL INVESTMENTS - 99.1% (Cost $58,760,180)				77,053,461
OTHER ASSETS & LIABILITIES, NET - 0.9%				669,224
NET ASSETS - 100.0%				$77,722,685

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition by property sector as a percentage of net assets was as follows:

REITS-Apartments	21.2%
REITS-Diversified	13.7%
REITS-Health Care	13.2%
REITS-Office Property	11.1%
REITS-Warehouse/Industrial	11.1%
REITS-Storage	5.6%
REITS-Manufactured Homes	4.7%
REITS-Regional Malls	4.1%
REITS-Single Tenant	4.0%
REITS-Shopping Centers	3.4%
Others (each less than 3.0%)	6.9%
	99.0%
Short-Term Investment	0.1%
Other Assets & Liabilities, Net	0.9%
	100.0%

(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 as of September 30, 2019:

		Total Value at September 30, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$76,958,747		$76,958,747		$—		$—
	Short-Term Investment		94,714		94,714		—		—
	Total		$77,053,461		$77,053,461		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-76

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments

September 30, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 30.1%
Communications - 3.9%
AT&T Inc 3.253% (USD LIBOR + 0.950%) due 07/15/21 §		$800,000		$807,276
NBCUniversal Enterprise Inc 2.499% (USD LIBOR + 0.400%) due 04/01/21 § ~		815,000		816,844
Verizon Communications Inc 3.119% (USD LIBOR + 1.000%) due 03/16/22 §		809,000		821,460
				2,445,580
Consumer, Cyclical - 1.5%
BMW US Capital LLC (Germany)
2.676% (USD LIBOR + 0.500%) due 08/13/21 § ~		300,000		300,720
2.683% (USD LIBOR + 0.640%) due 04/06/22 § ~		195,000		195,809
Daimler Finance North America LLC (Germany) 2.957% (USD LIBOR + 0.670%) due 11/05/21 § ~		110,000		110,331
Toyota Motor Credit Corp 2.567% (USD LIBOR + 0.540%) due 01/08/21 §		295,000		296,377
				903,237
Consumer, Non-Cyclical - 2.9%
Anheuser-Busch InBev Finance Inc (Belgium) 3.513% (USD LIBOR + 1.260%) due 02/01/21 §		290,000		293,761
Bristol-Myers Squibb Co 2.548% (USD LIBOR + 0.380%) due 05/16/22 § ~		665,000		665,931
CVS Health Corp 2.822% (USD LIBOR + 0.720%) due 03/09/21 §		670,000		673,421
GlaxoSmithKline Capital PLC (United Kingdom) 2.525% (USD LIBOR + 0.350%) due 05/14/21 §		165,000		165,274
				1,798,387
Energy - 1.5%
BP Capital Markets PLC (United Kingdom) 2.382% (USD LIBOR + 0.250%) due 11/24/20 §		431,000		431,613
Enterprise Products Operating LLC 2.550% due 10/15/19		100,000		100,019
Phillips 66 3.053% (USD LIBOR + 0.750%) due 04/15/20 § ~		135,000		135,048
TransCanada PipeLines Ltd (Canada) 2.125% due 11/15/19		290,000		289,902
				956,582
Financial - 14.9%
ABN AMRO Bank NV (Netherlands) 2.702% (USD LIBOR + 0.570%) due 08/27/21 § ~		190,000		190,662
AIG Global Funding 1.950% due 10/18/19 ~		185,000		184,994
American Express Co 2.649% (USD LIBOR + 0.525%) due 05/17/21 §		810,000		812,346
Bank of America Corp 2.756% (USD LIBOR + 0.650%) due 06/25/22 §		830,000		833,149

	Principal Amount		Value
Capital One Financial Corp 3.052% (USD LIBOR + 0.950%) due 03/09/22 §		$665,000		$670,335
Citigroup Inc 3.236% (USD LIBOR + 0.960%) due 04/25/22 §		860,000		869,375
JPMorgan Chase & Co
2.652% (USD LIBOR + 0.550%) due 03/09/21 §		830,000		831,153
2.755% (USD LIBOR + 0.610%) due 06/18/22 §		55,000		55,186
Morgan Stanley 3.458% (USD LIBOR + 1.180%) due 01/20/22 §		840,000		848,306
New York Life Global Funding 2.780% (USD LIBOR + 0.440%) due 07/12/22 § ~		330,000		331,014
Royal Bank of Canada (Canada) 2.726% (USD LIBOR + 0.470%) due 04/29/22 §		465,000		466,089
The Goldman Sachs Group Inc 3.377% (USD LIBOR + 1.110%) due 04/26/22 §		810,000		817,135
The Toronto-Dominion Bank (Canada) 2.568% (USD LIBOR + 0.430%) due 06/11/21 §		295,000		296,150
US Bank NA 2.442% (USD LIBOR + 0.290%) due 05/21/21 §		320,000		320,256
Wells Fargo & Co 3.111% (USD LIBOR + 0.930%) due 02/11/22 §		865,000		870,477
Westpac Banking Corp (Australia) 3.191% (USD LIBOR + 0.850%) due 01/11/22 §		900,000		910,521
				9,307,148
Industrial - 3.2%
Caterpillar Financial Services Corp 2.382% (USD LIBOR + 0.280%) due 09/07/21 §		414,000		414,052
2.452% (USD LIBOR + 0.350%) due 12/07/20 §		345,000		345,679
Honeywell International Inc 2.557% (USD LIBOR + 0.370%) due 08/08/22 §		310,000		311,840
John Deere Capital Corp 2.502% (USD LIBOR + 0.400%) due 06/07/21 §		665,000		666,694
United Technologies Corp 2.818% (USD LIBOR + 0.650%) due 08/16/21 §		270,000		270,026
				2,008,291
Technology - 0.7%
International Business Machines Corp 2.576% (USD LIBOR + 0.400%) due 05/13/21 §		440,000		441,842
Utilities - 1.5%
Dominion Energy Gas Holdings LLC 2.719% (USD LIBOR + 0.600%) due 06/15/21 §		600,000		602,720
Florida Power & Light Co 2.639% (USD LIBOR + 0.400%) due 05/06/22 §		345,000		345,099
				947,819
Total Corporate Bonds & Notes (Cost $18,795,710)				18,808,886

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-77

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 8.5%
Ally Auto Receivables Trust 2.350% due 06/15/22		$368,548		$369,325
Capital One Multi-Asset Execution Trust
2.438% (USD LIBOR + 0.410%) due 01/15/25 §		250,000		250,378
2.538% (USD LIBOR + 0.510%) due 09/16/24 §		405,000		407,821
2.658% (USD LIBOR + 0.630%) due 02/15/24 §		325,000		326,905
CARDS II Trust (Canada) 2.418% (USD LIBOR + 0.390%) due 05/15/24 § ~		150,000		150,236
Chase Issuance Trust
2.228% (USD LIBOR + 0.200%) due 04/17/23 §		248,000		248,266
2.578% (USD LIBOR + 0.550%) due 06/15/23 §		212,000		213,464
Citibank Credit Card Issuance Trust 2.532% (USD LIBOR + 0.490%) due 12/07/23 §		670,000		674,227
Evergreen Credit Card Trust (Canada) 2.508% (USD LIBOR + 0.480%) due 01/15/23 § ~		120,000		120,398
Ford Credit Auto Lease Trust 2.288% (USD LIBOR + 0.260%) due 02/15/22 §		350,000		349,873
Ford Credit Auto Owner Trust 2.268% (USD LIBOR + 0.240%) due 02/15/22 §		325,000		325,072
GM Financial Consumer Automobile Receivables Trust 1.970% due 05/16/22 ~		274,597		274,583
Navient Student Loan Trust 2.348% (USD LIBOR + 0.330%) due 12/27/67 § ~		64,613		64,562
Nissan Auto Receivables Owner Trust 2.820% due 01/18/22		145,000		145,592
USAA Auto Owner Trust 2.260% due 02/15/22		350,000		350,554
Verizon Owner Trust
2.060% due 04/20/22 ~		230,000		230,236
2.304% (USD LIBOR + 0.260%) due 09/20/22 § ~		376,000		376,006
World Omni Auto Receivables Trust 2.630% due 06/15/22		390,000		391,601
Total Asset-Backed Securities (Cost $5,264,010)				5,269,099

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 23.9%
Bundesrepublik Deutschland Bundesanleihe (Germany) 3.250% due 01/04/20 ~		EUR 3,500,000		$3,854,193
Canadian Government (Canada) 1.250% due 02/01/20		CAD 5,300,000		3,993,572
French Republic Government OAT (France) (0.564%) due 05/25/20 ~		EUR 2,900,000		3,173,639
United Kingdom Gilt (United Kingdom) 4.750% due 03/07/20 ~		GBP 3,100,000		3,880,206
Total Foreign Government Bonds & Notes (Cost $15,193,561)				14,901,610
	Shares
SHORT-TERM INVESTMENTS - 38.0%
Money Market Fund - 25.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.870%		16,078,598		16,078,598
	Principal Amount
U.S. Treasury Bills - 12.3%
1.725% due 06/18/20 ‡		$4,000,000		3,949,025
1.917% due 10/15/19		1,000,000		999,323
2.016% due 10/08/19		1,500,000		1,499,488
2.398% due 10/31/19		1,215,000		1,213,220
				7,661,056
Total Short-Term Investments (Cost $23,740,570)				23,739,654
TOTAL INVESTMENTS - 100.5% (Cost $62,993,851)				62,719,249
DERIVATIVES - (1.2%)				(768,073	)
OTHER ASSETS & LIABILITIES, NET - 0.7%				470,690
NET ASSETS - 100.0%				$62,421,866

Notes to Schedule of Investments

(a) As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows:

Short-Term Investments	38.0%
Corporate Bonds & Notes	30.1%
Foreign Government Bonds & Notes	23.9%
Asset-Backed Securities	8.5%
	100.5%
Derivatives	(1.2%	)
Other Assets & Liabilities, Net	0.7%
	100.0%

(b) As of September 30, 2019, an investment with a value of $335,620 was fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-78

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

(c) Forward foreign currency contracts outstanding as of September 30, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	6,559,834	USD	4,452,119	10/19	CIT		$—		($21,751	)
AUD	4,106,180	USD	2,865,744	10/19	GSC		—		(92,520	)
AUD	728,769	USD	509,872	10/19	RBC		—		(17,678	)
AUD	1,024,292	USD	714,495	10/19	SCB		—		(22,711	)
AUD	4,111,972	USD	2,856,583	10/19	SSB		—		(79,447	)
BRL	56,589,040	USD	14,204,840	10/19	GSC		—		(602,407	)
BRL	2,428,495	USD	586,877	10/19	SSB		—		(3,134	)
CAD	5,263,304	USD	3,980,079	10/19	CIT		—		(6,239	)
CAD	2,100,781	USD	1,594,906	10/19	GSC		—		(8,798	)
CAD	1,188,922	USD	912,366	10/19	RBC		—		(14,719	)
CAD	1,727,372	USD	1,308,397	10/19	SSB		—		(4,216	)
CHF	8,162,711	USD	8,307,234	10/19	CIT		—		(115,882	)
CHF	5,019,478	USD	5,122,850	10/19	GSC		—		(85,760	)
CHF	2,393,034	USD	2,432,534	10/19	SSB		—		(31,104	)
CLP	348,667,181	USD	508,617	10/19	CIT		—		(30,270	)
CLP	520,415,714	USD	759,531	10/19	GSC		—		(45,558	)
COP	32,540,113,000	USD	9,622,413	10/19	BRC		—		(279,167	)
CZK	33,055,029	USD	1,454,759	10/19	CIT		—		(57,694	)
CZK	26,012,534	USD	1,115,164	10/19	GSC		—		(15,749	)
CZK	38,774,644	USD	1,643,620	10/19	SSB		—		(4,817	)
EUR	4,451,086	USD	4,957,467	10/19	CIT		—		(99,397	)
EUR	5,271,520	USD	5,879,038	10/19	GSC		—		(125,517	)
EUR	823,931	USD	922,198	10/19	SCB		—		(22,931	)
EUR	3,417,327	USD	3,816,145	10/19	SSB		—		(86,356	)
GBP	3,142,502	USD	3,925,118	10/19	CIT		—		(58,433	)
GBP	2,302,271	USD	2,889,412	10/19	GSC		—		(56,588	)
GBP	541,539	USD	681,586	10/19	RBC		—		(15,251	)
GBP	580,880	USD	730,340	10/19	SCB		—		(15,598	)
GBP	2,266,254	USD	2,832,087	10/19	SSB		—		(43,581	)
HUF	761,533,213	USD	2,539,291	10/19	GSC		—		(57,895	)
HUF	80,260,250	USD	277,958	10/19	SSB		—		(16,436	)
JPY	1,537,900,000	USD	14,403,508	10/19	BRC		—		(162,872	)
JPY	1,482,145,643	USD	13,773,983	10/19	CIT		—		(49,621	)
JPY	65,744,332	USD	610,479	10/19	GSC		—		(1,700	)
JPY	215,492,481	USD	1,995,188	10/19	SCB		228		—
JPY	1,102,637,015	USD	10,197,940	10/19	SSB		12,250		—
MXN	24,312,856	USD	1,242,226	10/19	CIT		—		(13,894	)
MXN	43,898,563	USD	2,187,769	10/19	GSC		30,070		—
MXN	184,570,000	USD	9,412,227	10/19	JPM		—		(87,397	)
MXN	28,106,277	USD	1,441,710	10/19	SSB		—		(21,727	)
MYR	9,937,000	USD	2,379,550	10/19	BRC		—		(7,774	)
NOK	42,584,769	USD	4,760,000	10/19	CIB		—		(77,636	)
NOK	212,511,264	USD	24,411,939	10/19	CIT		—		(1,045,486	)
NOK	33,485,208	USD	3,836,543	10/19	GSC		—		(154,712	)
NOK	3,728,185	USD	437,011	10/19	RBC		—		(27,082	)
NOK	84,154,578	USD	9,530,495	10/19	SSB		—		(277,366	)
NZD	6,866,740	USD	4,369,290	10/19	CIT		—		(67,599	)
NZD	2,580,705	USD	1,659,793	10/19	GSC		—		(43,102	)
NZD	768,502	USD	513,446	10/19	RBC		—		(32,016	)
NZD	7,298,118	USD	4,653,026	10/19	SSB		—		(81,097	)
PLN	2,365,587	USD	622,690	10/19	CIT		—		(32,654	)
PLN	5,315,335	USD	1,369,190	10/19	GSC		—		(43,413	)
PLN	1,052,694	USD	277,019	10/19	SSB		—		(14,451	)
SEK	41,542,402	USD	4,359,777	10/19	GSC		—		(134,733	)
SEK	188,802,365	USD	19,673,951	10/19	SSB		—		(471,925	)
TRY	6,397,008	USD	1,107,477	10/19	GSC		18,651		—
TRY	3,066,427	USD	537,592	10/19	SSB		2,221		—
USD	5,507,071	AUD	7,976,409	10/19	CIT		119,980		—
USD	4,653,507	AUD	6,865,867	10/19	GSC		16,451		—
USD	707,492	AUD	1,022,152	10/19	SCB		17,153		—
USD	6,461,713	AUD	9,443,586	10/19	SSB		83,723		—
USD	923,867	BRL	3,505,892	10/19	CIT		81,148		—
USD	2,757,784	BRL	10,584,374	10/19	GSC		213,594		—
USD	4,760,000	CAD	6,294,624	10/19	CIB		7,504		—
USD	8,310,561	CAD	10,934,472	10/19	CIT		54,940		—
USD	4,317,823	CAD	5,669,200	10/19	GSC		37,527		—
USD	13,697,694	CAD	18,040,000	10/19	MSC		77,337		—
USD	5,568,333	CAD	7,295,212	10/19	SSB		60,384		—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-79

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	12,675,844	CHF	12,427,764	10/19		CIT		$204,474		$—
USD	3,841,566	CHF	3,768,346	10/19		GSC		59,998		—
USD	662,276	CHF	651,954	10/19		SCB		8,035		—
USD	20,856,113	CHF	20,552,783	10/19		SSB		231,216		—
USD	1,234,132	CLP	869,075,811	10/19		GSC		41,821		—
USD	1,453,559	CZK	33,056,117	10/19		GSC		56,449		—
USD	20,231,775	EUR	18,013,619	10/19		CIT		571,085		—
USD	4,062,973	EUR	3,630,458	10/19		GSC		100,564		—
USD	2,425,105	EUR	2,190,000	10/19		JPM		34,863		—
USD	900,341	EUR	792,962	10/19		RBC		34,875		—
USD	2,282,402	GBP	1,857,767	10/19		CIT		—		(3,483	)
USD	6,081,660	GBP	4,923,537	10/19		GSC		23,505		—
USD	585,346	GBP	481,010	10/19		SSB		—		(6,512	)
USD	4,740,888	HUF	1,430,800,000	10/19		BRC		78,739		—
USD	1,888,161	HUF	545,300,941	10/19		CIT		111,341		—
USD	999,006	HUF	296,574,042	10/19		GSC		32,643		—
USD	547,690	HUF	167,647,829	10/19		SSB		1,423		—
USD	4,825,765	JPY	512,865,250	10/19		CIT		76,739		—
USD	8,197,544	JPY	880,978,046	10/19		GSC		39,869		—
USD	1,113,885	JPY	119,541,531	10/19		RBC		6,955		—
USD	717,746	JPY	77,363,008	10/19		SCB		1,381		—
USD	2,380,448	JPY	253,558,946	10/19		SSB		32,544		—
USD	549,107	KRW	658,927,988	10/19		SSB		—		(1,301	)
USD	2,952,687	MXN	57,559,672	10/19		CIT		44,662		—
USD	5,365,964	MXN	105,184,137	10/19		GSC		51,860		—
USD	1,109,898	MXN	22,251,459	10/19		SSB		—		(14,288	)
USD	3,047,301	NOK	26,057,387	10/19		CIT		182,189		—
USD	6,520,875	NOK	58,151,436	10/19		SSB		126,895		—
USD	9,576,528	NZD	14,905,000	10/19		CIB		239,243		—
USD	5,761,260	NZD	8,757,721	10/19		CIT		274,957		—
USD	2,702,302	NZD	4,121,183	10/19		GSC		120,574		—
USD	2,233,207	NZD	3,368,814	10/19		SCB		122,803		—
USD	4,155,814	NZD	6,279,126	10/19		SSB		222,236		—
USD	2,212,638	PLN	8,733,260	10/19		GSC		34,345		—
USD	6,426,937	SEK	61,793,121	10/19		CIT		142,306		—
USD	262,982	SEK	2,452,188	10/19		RBC		13,584		—
USD	724,052	SEK	6,773,069	10/19		SCB		35,201		—
USD	4,216,949	SEK	40,217,923	10/19		SSB		126,610		—
USD	9,666,286	THB	296,030,000	10/19		BRC		—		(15,593	)
USD	655,376	ZAR	9,840,278	10/19		SSB		7,169		—
ZAR	18,118,067	USD	1,260,826	10/19		CIT		—		(67,338	)
ZAR	2,466	USD	173	10/19		GSC		—		(11	)
Total Forward Foreign Currency Contracts								$4,326,314		($5,094,387	)

(d) 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 as of September 30, 2019:

		Total Value at September 30, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$18,808,886			$—		$18,808,886			$—
	Asset-Backed Securities		5,269,099			—		5,269,099			—
	Foreign Government Bonds & Notes		14,901,610			—		14,901,610			—
	Short-Term Investments		23,739,654			16,078,598		7,661,056			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		4,326,314			—		4,326,314			—
	Total Assets		67,045,563			16,078,598		50,966,965			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(5,094,387	)		—		(5,094,387	)		—
	Total Liabilities - Derivatives		(5,094,387	)		—		(5,094,387	)		—
	Total		$61,951,176			$16,078,598		$45,872,578			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-81 and A-82

A-80

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2019 (Unaudited)

Explanation of Symbols:
*	Non-income producing investments.
^	Investments with their principal amount adjusted for inflation.
§	Variable rate investments. The rate shown is based on the latest available information as of September 30, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
Y	Issuer filed bankruptcy and/or is in default as of September 30, 2019.
¥	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
~	Securities are not registered under the Securities Act of 1933 (1933 Act) and 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.
‡	Investments were fully or partially segregated with the broker(s)/custodian as collateral for futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of September 30, 2019.
W	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 of Trustees (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.
»	Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
Counterparty & Exchange Abbreviations:
ANZ	Australia and New Zealand Banking Group
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
BSC	Banco Santander Central Hispano
CIB	Canadian Imperial Bank of Commerce
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
EUX	Eurex Exchange
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
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
UBS	UBS

Currency Abbreviations:
ARS	Argentine Peso
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
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
UAH	Ukrainian Hryvnia
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand
Payment Frequency Abbreviations:
A	Annual
L	Lunar
M	Monthly
Q	Quarterly
S	Semiannual
Z	At Maturity
Reference Rate Abbreviations:
ARS Deposit	Argentina Deposit Rate
ARS Reference	Argentina Reference Rate
AUD Bank Bill	Australian Dollar Bank Bill Rate
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
US FED	United States Federal Reserve Bank Rate
US PRIME	United States Prime Rate
UST	United States Treasury Rate
Other Abbreviations:
ADR	American Depositary Receipt
CDI	Chess Depositary Interests
GDR	Global Depositary Receipt
IO	Interest Only
PIK	Payment In Kind
REIT	Real Estate Investment Trust

See Notes to Financial Statements

A-81

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

September 30, 2019 (Unaudited)

Notes:

For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.

The countries listed in the Schedules of Investments are based on country of risk.

The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.

See Notes to Financial Statements

A-82

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2019 (Unaudited)

		PF Inflation Managed Fund			PF Managed Bond Fund		PF Short Duration Bond Fund		PF Emerging Markets Debt Fund			PF Developing Growth Fund		PF Growth Fund
ASSETS
Investments, at value (excluding derivatives)			$55,764,962			$693,994,530		$159,313,227		$60,814,883			$13,901,753		$176,059,548
Outstanding purchased options, at value			2,426			64,058		—		—			—		—
Cash			—			—		88,377		—			—		—
Cash (segregated for derivative instruments)			429,000			3,139,571		121,300		538,397			—		—
Foreign currency held, at value			34,210			2,042,696		3,450		170,329			—		—
Receivables:
	Dividends and interest		111,844			3,625,957		984,252		816,086			862		53,576
	Securities sold		19,916,714			224,647,076		1,255,698		67,861			170,096		—
	Variation margin on futures contracts		49,011			507,543		—		—			—		—
	Variation margin on swap contracts		41,877			1,534,562		—		—			—		—
	Swap agreements		2,041			—		—		8,155			—		—
	Due from adviser		4,046			37,740		11,614		9,230			2,191		10,526
Forward foreign currency contracts appreciation			37,460			1,590,444		—		249,748			—		—
Swap premiums paid			1,839			19,145		—		—			—		—
Swap agreements appreciation			4,274			540,557		—		—			—		—
Unfunded loan commitment appreciation			—			3		—		—			—		—
Prepaid expenses and other assets			—			6,320		4		—			—		294
Total Assets			76,399,704			931,750,202		161,777,922		62,674,689			14,074,902		176,123,944
LIABILITIES
Payables:
	Fund shares redeemed		25,403			311,286		62,135		20,432			10,944		198,626
	Securities purchased		27,289,680			377,238,101		3,380,144		10,489			179,346		—
	Securities sold short, at value		—			7,636,921		—		—			—		—
	Sale-buyback financing transactions		12,094,294			44,635,678		—		—			—		—
	Due to custodian		7,797			209,733		—		203,885			—		—
	Swap agreements		—			26,479		—		—			—		—
	Variation margin on futures contracts		—			—		3,187		—			—		—
	Variation margin on swap contracts		—			—		—		69,810			—		—
	Due to brokers		—			790,000		—		—			—		—
	Accrued advisory fees		12,270			165,340		52,154		39,263			7,280		81,151
	Accrued administration fees		4,601			62,003		19,558		7,699			1,820		22,132
	Accrued support service expenses		1,635			21,658		6,758		2,923			699		7,789
	Accrued custodian fees and expenses		5,911			51,676		6,601		27,962			192		3,536
	Accrued legal, audit and tax service fees		2,611			32,340		10,318		4,086			988		11,396
	Accrued trustees’ fees and expenses and deferred compensation		2,790			16,344		2,641		140			2,348		4,502
	Accrued foreign capital gains tax		—			—		—		1,101			—		—
	Accrued other		8,186			66,034		23,621		17,127			5,018		19,581
Forward foreign currency contracts depreciation			32,076			1,144,602		—		339,325			—		—
Outstanding options written, at value			26,407			210,917		—		—			—		—
Swap premiums received			3,092			115,320		—		—			—		—
Swap agreements depreciation			2,526			—		—		—			—		—
Total Liabilities			39,519,279			432,734,432		3,567,117		744,242			208,635		348,713
NET ASSETS			$36,880,425			$499,015,770		$158,210,805		$61,930,447			$13,866,267		$175,775,231
NET ASSETS CONSIST OF:
Paid-in capital			$45,045,358			$480,279,840		$155,658,301		$70,164,688			$10,643,800		$78,450,924
Undistributed/accumulated earnings (deficit)			(8,164,933	)		18,735,930		2,552,504		(8,234,241	)		3,222,467		97,324,307
NET ASSETS			$36,880,425			$499,015,770		$158,210,805		$61,930,447			$13,866,267		$175,775,231
Class P Shares:
	Shares of beneficial interest outstanding		4,018,997			44,621,933		15,586,903		6,686,097			777,829		5,993,492
	Net Asset Value Per Share		$9.18			$11.18		$10.15		$9.26			$17.83		$29.33
Investments and repurchase agreements, at cost (excluding derivatives)			$54,609,182			$676,442,009		$157,590,416		$62,419,925			$11,975,469		$83,802,529
Outstanding purchased options, at cost			16,537			112,847		—		—			—		—
Foreign currency held, at cost			34,516			2,054,878		3,529		170,267			—		—
Proceeds from securities sold short			—			7,631,578		—		—			—		—
Premiums received from outstanding options written			84,544			241,904		—		—			—		—

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2019 (Unaudited)

		PF Large-Cap Value Fund		PF Mid-Cap Equity Fund		PF Multi-Asset Fund		PF Small-Cap Value Fund		PF Emerging Markets Fund		PF International Large-Cap Fund
ASSETS
Investments, at value (excluding derivatives)			$165,240,235		$10,312,078		$1,045,208,042		$66,170,923		$77,803,288		$55,030,603
Cash			—		—		865,200		760,740		212,343		520
Foreign currency held, at value			—		—		—		—		78,496		12,951
Receivables:
	Dividends and interest		278,230		10,621		5,114,727		80,647		86,173		523,779
	Securities sold		—		—		909,783		177,150		170,822		66,048
	Due from adviser		9,573		1,769		44,912		4,832		26,370		12,061
Swap agreements appreciation			—		—		43,917,552		—		—		—
Prepaid expenses and other assets			1,547		—		2,873		—		1,177		215
Total Assets			165,529,585		10,324,468		1,096,063,089		67,194,292		78,378,669		55,646,177
LIABILITIES
Payables:
	Fund shares redeemed		82,692		—		672,943		54,491		53,000		30,378
	Securities purchased		—		—		1,538,398		178,339		8,569		25,031
	Variation margin on futures contracts		—		—		125,470		—		—		—
	Due to brokers		—		—		770,000		—		—		—
	Accrued advisory fees		88,316		5,487		313,364		41,218		52,003		38,829
	Accrued administration fees		20,381		1,266		134,299		8,244		9,751		6,852
	Accrued support service expenses		7,162		424		46,462		2,864		3,517		2,438
	Accrued custodian fees and expenses		3,740		1,852		21,970		1,616		109,110		42,445
	Accrued legal, audit and tax service fees		11,295		719		67,795		4,388		6,637		3,864
	Accrued trustees’ fees and expenses and deferred compensation		8,686		1,329		2,422		1,151		1,978		4,217
	Accrued foreign capital gains tax		—		—		—		—		61,280		1,128
	Accrued other (1)		17,923		4,528		81,051		10,295		23,119		18,205
Swap agreements depreciation			—		—		6,539,459		—		—		—
Total Liabilities			240,195		15,605		10,313,633		302,606		328,964		173,387
NET ASSETS			$165,289,390		$10,308,863		$1,085,749,456		$66,891,686		$78,049,705		$55,472,790
NET ASSETS CONSIST OF:
Paid-in capital			$79,664,321		$9,442,974		$1,023,542,762		$58,314,493		$33,884,019		$30,755,281
Undistributed/accumulated earnings (deficit)			85,625,069		865,889		62,206,694		8,577,193		44,165,686		24,717,509
NET ASSETS			$165,289,390		$10,308,863		$1,085,749,456		$66,891,686		$78,049,705		$55,472,790
Class P Shares:
	Shares of beneficial interest outstanding		12,987,413		880,013		105,168,741		7,993,818		5,321,278		4,526,558
	Net Asset Value Per Share		$12.73		$11.71		$10.32		$8.37		$14.67		$12.25
Investments, at cost (excluding derivatives)			$89,598,174		$9,179,856		$1,035,176,099		$61,279,670		$48,900,971		$34,911,336
Foreign currency held, at cost			—		—		—		—		78,834		13,008

(1) Accrued other for the PF Mid-Cap Equity Fund includes $2,425 of accrued accounting fees.

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2019 (Unaudited)

		PF International Small-Cap Fund			PF International Value Fund			PF Real Estate Fund		PF Currency Strategies Fund
ASSETS
Investments, at value (excluding derivatives)			$27,106,513			$59,286,849			$77,053,461		$62,719,249
Cash			—			—			3,787		—
Cash (segregated for derivative instruments)			—			—			—		350,000
Foreign currency held, at value			43,189			118,822			—		2,925
Receivables:
	Dividends and interest		250,096			618,932			215,063		219,669
	Securities sold		—			324,046			649,683		—
	Due from adviser		6,653			12,073			4,839		—
Forward foreign currency contracts appreciation			—			—			—		4,326,314
Accrued foreign capital gain tax			—			157			—		—
Prepaid expenses and other assets			—			680			53		—
Total Assets			27,406,451			60,361,559			77,926,886		67,618,157
LIABILITIES
Payables:
	Fund shares redeemed		17,319			34,720			73,043		27,708
	Securities purchased		—			394,817			56,319		—
	Due to custodian		—			—			—		14,028
	Accrued advisory fees		19,132			31,931			47,660		33,670
	Accrued administration fees		3,376			7,369			9,532		7,770
	Accrued support service expenses		1,219			2,624			3,371		3,011
	Accrued custodian fees and expenses		41,022			51,255			670		4,192
	Accrued legal, audit and tax service fees		2,207			4,232			4,773		4,052
	Accrued trustees’ fees and expenses and deferred compensation		125			5,251			716		1,290
	Accrued other (1)		14,687			13,656			8,117		6,183
Forward foreign currency contracts depreciation			—			—			—		5,094,387
Total Liabilities			99,087			545,855			204,201		5,196,291
NET ASSETS			$27,307,364			$59,815,704			$77,722,685		$62,421,866
NET ASSETS CONSIST OF:
Paid-in capital			$32,429,863			$62,806,547			$58,052,952		$63,096,644
Undistributed/accumulated earnings (deficit)			(5,122,499	)		(2,990,843	)		19,669,733		(674,778	)
NET ASSETS			$27,307,364			$59,815,704			$77,722,685		$62,421,866
Class P Shares:
	Shares of beneficial interest outstanding		2,885,409			8,030,753			5,703,192		6,734,130
	Net Asset Value Per Share		$9.46			$7.45			$13.63		$9.27
Investments, at cost (excluding derivatives)			$26,292,244			$62,307,770			$58,760,180		$62,993,851
Foreign currency held, at cost			43,357			118,921			—		2,964

(1) Accrued other for the PF International Small-Cap Fund includes $12,684 of accrued accounting fees.

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Developing Growth Fund			PF Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$3,523			$11,438			$13,648			$22,632			$9,336			$609,793
Interest, net of foreign taxes withheld			1,019,825			9,372,518			2,398,445			2,131,230			—			2,152
Total Investment Income			1,023,348			9,383,956			2,412,093			2,153,862			9,336			611,945
EXPENSES
Advisory fees			78,320			1,008,173			315,190			265,329			47,464			506,326
Administration fees			29,370			378,065			118,196			50,700			11,866			138,089
Support services expenses			3,400			42,941			13,423			6,001			1,366			15,644
Custodian fees and expenses			4,389			31,944			3,570			17,655			159			2,431
Shareholder report expenses			1,890			23,875			7,463			3,337			760			8,697
Transfer agency out-of-pocket expenses			1,471			18,584			5,810			2,597			591			6,771
Registration fees			21			245			77			36			8			91
Legal, audit and tax service fees			2,609			33,282			10,405			4,615			1,062			12,082
Trustees’ fees and expenses			1,015			12,797			4,000			1,701			407			4,665
Interest expense			120,360			342,842			—			—			—			—
Other (1)			7,358			61,296			23,275			18,399			5,776			11,013
Total Expenses			250,203			1,954,044			501,409			370,370			69,459			705,809
Advisory Fee Waiver			—			—			—			(6,760	)		—			—
Adviser Expense Reimbursement			(22,153	)		(224,965	)		(68,023	)		(54,341	)		(10,130	)		(61,394	)
Net Expenses			228,050			1,729,079			433,386			309,269			59,329			644,415
NET INVESTMENT INCOME (LOSS)			795,298			7,654,877			1,978,707			1,844,593			(49,993	)		(32,470	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		434,404			5,739,680			248,855			644,409			1,688,214			3,036,019
	Closed short positions		—			(53,233	)		—			—			—			—
	Foreign currency transactions		(71,035	)		197,012			(51	)		(601,429	)		—			(25	)
	Forward foreign currency contract transactions		353,959			1,782,863			1,839			(302,766	)		—			—
	Futures contract transactions		(495,407	)		3,984,595			198,137			—			—			—
	Purchased option transactions		158,035			(441,634	)		—			—			—			—
	Swap transactions		(122,085	)		1,670,531			—			14,513			—			—
	Written option transactions		(133,882	)		696,807			—			—			—			—
	Net Realized Gain (Loss)		123,989			13,576,621			448,780			(245,273	)		1,688,214			3,035,994
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		680,706			12,237,838			1,095,348			(675,148	)		(2,022,481	)		11,176,387
	Short positions		—			(5,343	)		—			—			—			—
	Foreign currencies		(8,456	)		(21,160	)		(49	)		(3,434	)		—			(78	)
	Forward foreign currency contracts		(40,037	)		(700,821	)		(1,839	)		(31,163	)		—			—
	Futures contracts		139,038			(515,749	)		(139,028	)		—			—			—
	Purchased options		(35,894	)		(15,895	)		—			—			—			—
	Swaps		(81,190	)		(3,538,007	)		—			(29,505	)		—			—
	Written options		39,287			55,336			—			—			—			—
	Unfunded loan commitments		—			3			—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		693,454			7,496,202			954,432			(739,250	)		(2,022,481	)		11,176,309
NET GAIN (LOSS)			817,443			21,072,823			1,403,212			(984,523	)		(334,267	)		14,212,303
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,612,741			$28,727,700			$3,381,919			$860,070			($384,260	)		$14,179,833
Foreign taxes withheld on dividends and interest			$—			$10,191			$181			$27,054			$—			$1,822
Foreign capital gains tax withheld			—			—			—			15,727			—			—
Change in deferred foreign capital gains tax			—			—			—			(1,142	)		—			—

(1) Other expense for the PF Developing Growth Fund includes $4,395 of accounting fees.

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		PF Large-Cap Value Fund			PF Mid-Cap Equity Fund			PF Multi-Asset Fund			PF Small-Cap Value Fund			PF Emerging Markets Fund			PF International Large-Cap Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$2,005,756			$72,849			$110,447			$557,378			$1,232,670			$957,474
Interest, net of foreign taxes withheld			—			—			15,844,726			—			—			353
Total Investment Income			2,005,756			72,849			15,955,173			557,378			1,232,670			957,827
EXPENSES
Advisory fees			551,228			32,983			1,940,693			257,718			406,883			243,160
Administration fees			127,207			7,611			831,725			51,544			76,290			42,910
Support services expenses			14,449			838			94,647			5,819			9,180			4,902
Custodian fees and expenses			2,496			578			15,461			1,020			82,911			29,229
Shareholder report expenses			8,034			467			52,622			3,236			5,103			2,726
Transfer agency out-of-pocket expenses			6,254			362			40,963			2,519			3,973			2,122
Registration fees			85			5			553			35			66			29
Legal, audit and tax service fees			11,156			651			72,877			4,483			6,694			3,785
Trustees’ fees and expenses			4,310			250			26,829			1,736			2,766			1,462
Other (1)			8,981			4,891			27,068			7,852			36,511			24,757
Total Expenses			734,200			48,636			3,103,438			335,962			630,377			355,082
Adviser Expense Reimbursement			(55,765	)		(8,042	)		(275,571	)		(26,700	)		(147,203	)		(69,012	)
Net Expenses			678,435			40,594			2,827,867			309,262			483,174			286,070
NET INVESTMENT INCOME (LOSS)			1,327,321			32,255			13,127,306			248,116			749,496			671,757
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		5,108,568			(231,637	)		1,355,060			3,300,737			15,183,933			165,608
	Foreign currency transactions		—			—			—			—			(112,351	)		(7,900	)
	Futures contract transactions		—			—			1,000,069			—			—			—
	Swap transactions		—			—			(5,641,495	)		—			—			—
	Net Realized Gain (Loss)		5,108,568			(231,637	)		(3,286,366	)		3,300,737			15,071,582			157,708
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		4,391,545			579,155			4,872,301			(2,246,943	)		(16,565,838	)		2,211,253
	Foreign currencies		—			4			—			—			6,560			1,034
	Futures contracts		—			—			126,605			—			—			—
	Swaps		—			—			41,922,926			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		4,391,545			579,159			46,921,832			(2,246,943	)		(16,559,278	)		2,212,287
NET GAIN (LOSS)			9,500,113			347,522			43,635,466			1,053,794			(1,487,696	)		2,369,995
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$10,827,434			$379,777			$56,762,772			$1,301,910			($738,200	)		$3,041,752
Foreign taxes withheld on dividends and interest			$25,383			$96			$29			$2,998			$137,671			$151,893
Foreign capital gains tax withheld			—			—			—			—			64,375			55,949
Change in deferred foreign capital gains tax			—			—			—			—			(178,762	)		(125,777	)

(1) Other expense for the PF Mid-Cap Equity Fund includes $3,689 of accounting fees.

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		PF International Small-Cap Fund			PF International Value Fund			PF Real Estate Fund			PF Currency Strategies Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$568,481			$1,751,193			$1,060,328			$177,568
Interest, net of foreign taxes withheld			—			—			—			357,675
Total Investment Income			568,481			1,751,193			1,060,328			535,243
EXPENSES
Advisory fees			124,808			201,861			354,327			184,523
Administration fees			22,025			46,583			59,055			42,582
Support services expenses			2,605			5,416			6,822			4,942
Custodian fees and expenses			25,319			29,556			542			3,079
Shareholder report expenses			1,448			3,011			3,793			2,747
Transfer agency out-of-pocket expenses			1,127			2,344			2,953			2,138
Registration fees			16			33			41			23
Legal, audit and tax service fees			1,992			4,158			5,256			4,030
Trustees’ fees and expenses			738			1,617			2,035			1,403
Other (1)			19,924			25,247			5,334			2,315
Total Expenses			200,002			319,826			440,158			247,782
Advisory Fee Waiver			—			—			(59,055	)		—
Adviser Expense Reimbursement			(38,485	)		(71,381	)		(26,776	)		—
Net Expenses			161,517			248,445			354,327			247,782
NET INVESTMENT INCOME (LOSS)			406,964			1,502,748			706,001			287,461
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		(239,424	)		746,085			788,481			4,315
	Foreign currency transactions		(3,986	)		1,318			—			(407,335	)
	Forward foreign currency contract transactions		—			—			—			897,685
	Net Realized Gain (Loss)		(243,410	)		747,403			788,481			494,665
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(544,510	)		(2,777,508	)		6,786,321			34,592
	Foreign currencies		(1,818	)		(5,918	)		—			(1,000	)
	Forward foreign currency contracts		—			—			—			(1,025,818	)
	Change in Net Unrealized Appreciation (Depreciation)		(546,328	)		(2,783,426	)		6,786,321			(992,226	)
NET GAIN (LOSS)			(789,738	)		(2,036,023	)		7,574,802			(497,561	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($382,774	)		($533,275	)		$8,280,803			($210,100	)
Foreign taxes withheld on dividends and interest			$81,126			$192,979			$—			$654
Change in deferred foreign capital gain tax			—			(801	)		—			—

(1) Other expense for the PF International Small-Cap Fund includes $15,881 of accounting fees.

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
OPERATIONS
Net investment income (loss)		$795,298			$1,247,551			$7,654,877			$15,817,298			$1,978,707			$3,249,065
Net realized gain (loss)		123,989			(495,056	)		13,576,621			(9,185,832	)		448,780			364,899
Change in net unrealized appreciation (depreciation)		693,454			488,741			7,496,202			7,631,064			954,432			1,401,355
Net Increase (Decrease) in Net Assets Resulting from Operations		1,612,741			1,241,236			28,727,700			14,262,530			3,381,919			5,015,319
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(2,002,797	)		—			(15,588,848	)		—			(2,654,646	)
Net Decrease from Dividends and Distributions to Shareholders		—			(2,002,797	)		—			(15,588,848	)		—			(2,654,646	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		183,294			2,259,623			31,646,819			65,397,455			13,544,613			127,240,312
Dividends and distribution reinvestments - Class P		—			2,002,797			—			15,588,848			—			2,654,646
Cost of shares repurchased - Class P		(5,865,000	)		(38,323,765	)		(58,717,411	)		(180,977,802	)		(14,073,355	)		(89,166,761	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,681,706	)		(34,061,345	)		(27,070,592	)		(99,991,499	)		(528,742	)		40,728,197
NET INCREASE (DECREASE) IN NET ASSETS		(4,068,965	)		(34,822,906	)		1,657,108			(101,317,817	)		2,853,177			43,088,870
NET ASSETS
Beginning of Year or Period		40,949,390			75,772,296			497,358,662			598,676,479			155,357,628			112,268,758
End of Year or Period		$36,880,425			$40,949,390			$499,015,770			$497,358,662			$158,210,805			$155,357,628
	PF Emerging Markets Debt Fund						PF Developing Growth Fund						PF Growth Fund
OPERATIONS
Net investment income (loss)		$1,844,593			$4,389,534			($49,993	)		($65,948	)		($32,470	)		$13,415
Net realized gain (loss)		(245,273	)		(3,589,948	)		1,688,214			920,420			3,035,994			6,959,823
Change in net unrealized appreciation (depreciation)		(739,250	)		(1,576,741	)		(2,022,481	)		1,206,745			11,176,309			19,702,601
Net Increase (Decrease) in Net Assets Resulting from Operations		860,070			(777,155	)		(384,260	)		2,061,217			14,179,833			26,675,839
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(1,235,277	)		—			(95,677	)		—			(10,767,593	)
Net Decrease from Dividends and Distributions to Shareholders		—			(1,235,277	)		—			(95,677	)		—			(10,767,593	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		1,140,441			18,582,694			53,843			8,879,889			574,759			43,746,338
Dividends and distribution reinvestments - Class P		—			1,235,277			—			95,677			—			10,767,593
Cost of shares repurchased - Class P		(11,668,790	)		(31,964,603	)		(1,490,310	)		(4,717,570	)		(25,310,258	)		(90,823,136	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(10,528,349	)		(12,146,632	)		(1,436,467	)		4,257,996			(24,735,499	)		(36,309,205	)
NET INCREASE (DECREASE) IN NET ASSETS		(9,668,279	)		(14,159,064	)		(1,820,727	)		6,223,536			(10,555,666	)		(20,400,959	)
NET ASSETS
Beginning of Year or Period		71,598,726			85,757,790			15,686,994			9,463,458			186,330,897			206,731,856
End of Year or Period		$61,930,447			$71,598,726			$13,866,267			$15,686,994			$175,775,231			$186,330,897

(1) Unaudited.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
	PF Large-Cap Value Fund						PF Mid-Cap Equity Fund						PF Multi-Asset Fund
OPERATIONS
Net investment income (loss)		$1,327,321			$2,903,553			$32,255			$78,309			$13,127,306			$24,578,789
Net realized gain (loss)		5,108,568			12,044,515			(231,637	)		9,353,760			(3,286,366	)		(2,528,979	)
Change in net unrealized appreciation (depreciation)		4,391,545			(6,152,759	)		579,159			(7,615,837	)		46,921,832			17,447,805
Net Increase (Decrease) in Net Assets Resulting from Operations		10,827,434			8,795,309			379,777			1,816,232			56,762,772			39,497,615
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(65,461,743	)		—			(19,252	)		—			(15,433,139	)
Net Decrease from Dividends and Distributions to Shareholders		—			(65,461,743	)		—			(19,252	)		—			(15,433,139	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		571,124			96,163,101			—			10,035,915			3,541,114			601,760,853
Dividends and distribution reinvestments - Class P		—			65,461,743			—			19,252			—			15,433,139
Cost of shares repurchased - Class P		(17,155,086	)		(88,855,637	)		—			(33,232,671	)		(110,968,622	)		(238,144,754	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(16,583,962	)		72,769,207			—			(23,177,504	)		(107,427,508	)		379,049,238
NET INCREASE (DECREASE) IN NET ASSETS		(5,756,528	)		16,102,773			379,777			(21,380,524	)		(50,664,736	)		403,113,714
NET ASSETS
Beginning of Year or Period		171,045,918			154,943,145			9,929,086			31,309,610			1,136,414,192			733,300,478
End of Year or Period		$165,289,390			$171,045,918			$10,308,863			$9,929,086			$1,085,749,456			$1,136,414,192
	PF Small-Cap Value Fund						PF Emerging Markets Fund						PF International Large-Cap Fund
OPERATIONS
Net investment income (loss)		$248,116			$268,454			$749,496			$1,218,468			$671,757			$1,555,077
Net realized gain (loss)		3,300,737			8,893,312			15,071,582			10,877,865			157,708			36,177,793
Change in net unrealized appreciation (depreciation)		(2,246,943	)		(11,477,373	)		(16,559,278	)		(19,711,594	)		2,212,287			(36,938,400	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,301,910			(2,315,607	)		(738,200	)		(7,615,261	)		3,041,752			794,470
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(16,428,676	)		—			(15,394,527	)		—			(24,018,845	)
Net Decrease from Dividends and Distributions to Shareholders		—			(16,428,676	)		—			(15,394,527	)		—			(24,018,845	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		386,512			16,035,351			457,896			39,212,019			189,775			24,020,771
Dividends and distribution reinvestments - Class P		—			16,428,676			—			15,394,527			—			24,018,845
Cost of shares repurchased - Class P		(5,414,282	)		(24,616,740	)		(55,556,775	)		(76,101,427	)		(5,910,897	)		(92,047,573	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,027,770	)		7,847,287			(55,098,879	)		(21,494,881	)		(5,721,122	)		(44,007,957	)
NET INCREASE (DECREASE) IN NET ASSETS		(3,725,860	)		(10,896,996	)		(55,837,079	)		(44,504,669	)		(2,679,370	)		(67,232,332	)
NET ASSETS
Beginning of Year or Period		70,617,546			81,514,542			133,886,784			178,391,453			58,152,160			125,384,492
End of Year or Period		$66,891,686			$70,617,546			$78,049,705			$133,886,784			$55,472,790			$58,152,160

(1) Unaudited.

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019			Six-Month Period Ended September 30, 2019 (1)			Year Ended March 31, 2019
	PF International Small-Cap Fund						PF International Value Fund						PF Real Estate Fund
OPERATIONS
Net investment income (loss)		$406,964			$1,197,488			$1,502,748			$2,517,011			$706,001			$1,059,830
Net realized gain (loss)		(243,410	)		(6,811,636	)		747,403			5,364,607			788,481			4,602,459
Change in net unrealized appreciation (depreciation)		(546,328	)		(6,345,071	)		(2,783,426	)		(16,069,439	)		6,786,321			1,960,973
Net Increase (Decrease) in Net Assets Resulting from Operations		(382,774	)		(11,959,219	)		(533,275	)		(8,187,821	)		8,280,803			7,623,262
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(1,873,319	)		—			(13,896,218	)		—			(6,470,668	)
Net Decrease from Dividends and Distributions to Shareholders		—			(1,873,319	)		—			(13,896,218	)		—			(6,470,668	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		206,697			13,122,384			342,608			23,359,226			253,340			51,075,260
Dividends and distribution reinvestments - Class P		—			1,873,319			—			13,896,218			—			6,470,668
Cost of shares repurchased - Class P		(4,450,227	)		(59,045,777	)		(4,949,958	)		(93,840,625	)		(12,524,081	)		(18,505,117	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,243,530	)		(44,050,074	)		(4,607,350	)		(56,585,181	)		(12,270,741	)		39,040,811
NET INCREASE (DECREASE) IN NET ASSETS		(4,626,304	)		(57,882,612	)		(5,140,625	)		(78,669,220	)		(3,989,938	)		40,193,405
NET ASSETS
Beginning of Year or Period		31,933,668			89,816,280			64,956,329			143,625,549			81,712,623			41,519,218
End of Year or Period		$27,307,364			$31,933,668			$59,815,704			$64,956,329			$77,722,685			$81,712,623
	PF Currency Strategies Fund
OPERATIONS
Net investment income (loss)		$287,461			$432,920
Net realized gain (loss)		494,665			964,325
Change in net unrealized appreciation (depreciation)		(992,226	)		(884,904	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(210,100	)		512,341
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			—
Net Decrease from Dividends and Distributions to Shareholders		—			—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		33,853,019			9,333,517
Dividends and distribution reinvestments - Class P		—			—
Cost of shares repurchased - Class P		(15,758,208	)		(27,863,804	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		18,094,811			(18,530,287	)
NET INCREASE (DECREASE) IN NET ASSETS		17,884,711			(18,017,946	)
NET ASSETS
Beginning of Year or Period		44,537,155			62,555,101
End of Year or Period		$62,421,866			$44,537,155

(1) Unaudited.

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)

		PF Inflation Managed Fund
CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			$1,612,741
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
	Purchases of long-term securities		(58,935,896	)
	Proceeds from disposition of long-term securities		61,629,123
	Proceeds (purchases) of short-term securities, net		91,328
	Proceeds (purchases) from foreign currency transactions		(8,456	)
	(Increase) decrease in dividends and interest receivable		35,922
	(Increase) decrease in receivable for securities sold		(2,917,215	)
	(Increase) decrease in receivable for swap agreements		(2,041	)
	(Increase) decrease in receivable due from adviser		1,396
	(Increase) decrease in prepaid expenses and other assets		174
	(Increase) decrease in variation margin on futures contracts		(36,962	)
	(Increase) decrease in variation margin on swap agreements		(37,038	)
	Increase (decrease) in swap premiums		840
	Increase (decrease) in payable for securities purchased		14,949,966
	Increase (decrease) in payable for due to custodian		7,797
	Increase (decrease) in payable for swap agreements		(2,503	)
	Increase (decrease) in accrued advisory fees		(5,140	)
	Increase (decrease) in accrued administration fees		(1,928	)
	Increase (decrease) in accrued support services expenses		(1,154	)
	Increase (decrease) in accrued custodian fees and expenses		(493	)
	Increase (decrease) in accrued legal, audit and tax service fees		(4,330	)
	Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation		71
	Increase (decrease) in accrued other payable		(5,795	)
	Change in net unrealized (appreciation) depreciation on investment securities		(680,706	)
	Change in net unrealized (appreciation) depreciation on foreign currencies		8,456
	Change in net unrealized (appreciation) depreciation on forward foreign currency contract		40,037
	Change in net unrealized (appreciation) depreciation on purchased options		35,894
	Change in net unrealized (appreciation) depreciation on swaps (3)		(1,580	)
	Change in net unrealized (appreciation) depreciation on written options		(39,287	)
	Net realized (gain) loss on investment security transactions		(434,404	)
	Net realized (gain) loss on foreign currency		40,965
	Net realized (gain) loss on purchased options transactions		(158,035	)
	Net realized (gain) loss on written option transactions		133,882
	Net amortization on investments		97,086
Net cash provided by (used in) operating activities			15,412,715
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			183,294
Payment of shares redeemed			(5,861,652	)
Proceeds from sale-buyback financing transactions			409,803,984
Payment on sale-buyback financing transactions			(419,651,306	)
Net cash provided by (used in) financing activities			(15,525,680	)
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			(112,965	)
CASH AND FOREIGN CURRENCY:
Beginning of Period			576,175
End of Period (4)			$463,210

(1) Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, but does not include any short-term investments. The PF Inflation Managed Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria.

(2) Interest paid by the PF Inflation Managed Fund was $120,360.

(3) Excludes centrally cleared swaps included in variation margin.

(4) Includes cash (segregated for derivative instruments) of $429,000.

See Notes to Financial Statements

B-10

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

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

Fund	Selected Per Share Data																						Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Inflation Managed Fund
4/1/2019 - 9/30/2019 (6)		$8.81		$0.18			$0.19			$0.37			$—			$—			$—			$9.18		1.28	%		1.16	%(7)		4.06	%		4.20	%		$36,880		112	%
4/1/2018 - 3/31/2019		8.88		0.16			0.05			0.21			(0.28	)		—			(0.28	)		8.81		1.15	%		1.07	%		1.86	%		2.50	%		40,949		126	%
4/1/2017 - 3/31/2018		8.92		0.27			(0.19	)		0.08			(0.12	)		—			(0.12	)		8.88		1.06	%		0.94	%		3.08	%		0.87	%		75,772		108	%
4/1/2016 - 3/31/2017		8.73		0.29			(0.10	)		0.19			—			—			—			8.92		0.98	%		0.80	%		3.35	%		2.18	%		13,130		194	%
4/1/2015 - 3/31/2016		8.80		0.20			(0.27	)		(0.07	)		—			—			—			8.73		0.79	%		0.64	%		2.36	%		(0.80	%)		52,190		89	%
4/1/2014 - 3/31/2015		8.84		0.06			0.15			0.21			(0.25	)		—			(0.25	)		8.80		0.68	%		0.58	%		0.68	%		2.38	%		126,154		139	%
PF Managed Bond Fund
4/1/2019 - 9/30/2019 (6)		$10.56		$0.17			$0.45			$0.62			$—			$—			$—			$11.18		0.77	%		0.69	%(7)		3.04	%		5.77	%		$499,016		271	%
4/1/2018 - 3/31/2019		10.58		0.31			0.03			0.34			(0.36	)		—			(0.36	)		10.56		0.72	%		0.63	%		3.02	%		3.43	%		497,359		520	%
4/1/2017 - 3/31/2018		10.67		0.29			0.05			0.34			(0.42	)		(0.01	)		(0.43	)		10.58		0.64	%		0.57	%		2.63	%		3.29	%		598,676		364	%
4/1/2016 - 3/31/2017		10.57		0.26			0.10			0.36			(0.15	)		(0.11	)		(0.26	)		10.67		0.64	%		0.56	%		2.39	%		3.42	%		742,216		372	%
4/1/2015 - 3/31/2016		11.06		0.28			(0.16	)		0.12			(0.25	)		(0.36	)		(0.61	)		10.57		0.64	%		0.55	%		2.58	%		1.31	%		421,377		370	%
4/1/2014 - 3/31/2015		10.76		0.15			0.52			0.67			(0.17	)		(0.20	)		(0.37	)		11.06		0.63	%		0.55	%		1.37	%		6.32	%		643,882		578	%
PF Short Duration Bond Fund
4/1/2019 - 9/30/2019 (6)		$9.93		$0.13			$0.09			$0.22			$—			$—			$—			$10.15		0.64	%		0.55	%		2.51	%		2.22	%		$158,211		44	%
4/1/2018 - 3/31/2019		9.79		0.23			0.07			0.30			(0.16	)		—			(0.16	)		9.93		0.64	%		0.55	%		2.34	%		3.05	%		155,358		164	%
4/1/2017 - 3/31/2018		9.88		0.15			(0.09	)		0.06			(0.15	)		—			(0.15	)		9.79		0.63	%		0.55	%		1.56	%		0.65	%		112,269		67	%
4/1/2016 - 3/31/2017		9.84		0.12			0.01			0.13			(0.09	)		—			(0.09	)		9.88		0.68	%		0.55	%		1.16	%		1.36	%		167,639		233	%
4/1/2015 - 3/31/2016		10.01		0.12			(0.09	)		0.03			(0.20	)		—			(0.20	)		9.84		0.65	%		0.55	%		1.18	%		0.35	%		75,899		98	%
4/1/2014 - 3/31/2015		10.05		0.11			(0.02	)		0.09			(0.13	)		—			(0.13	)		10.01		0.64	%		0.55	%		1.11	%		0.88	%		213,334		60	%
PF Emerging Markets Debt Fund
4/1/2019 - 9/30/2019 (6)		$9.17		$0.25			($0.16	)		$0.09			$—			$—			$—			$9.26		1.10	%		0.92	%		5.46	%		0.98	%		$61,930		30	%
4/1/2018 - 3/31/2019		9.37		0.47			(0.54	)		(0.07	)		(0.13	)		—			(0.13	)		9.17		1.09	%		0.93	%		5.37	%		(0.61	%)		71,599		60	%
4/1/2017 - 3/31/2018		9.39		0.51			0.30			0.81			(0.83	)		—			(0.83	)		9.37		1.11	%		0.94	%		5.28	%		8.76	%		85,758		68	%
4/1/2016 - 3/31/2017		9.14		0.72			0.58			1.30			(1.05	)		—			(1.05	)		9.39		1.10	%		0.94	%		7.58	%		14.88	%		42,614		75	%
4/1/2015 - 3/31/2016		8.89		0.61			(0.35	)		0.26			(0.01	)		—			(0.01	)		9.14		1.07	%		0.94	%		6.91	%		2.93	%		108,161		80	%
4/1/2014 - 3/31/2015		9.69		0.50			(0.95	)		(0.45	)		(0.35	)		—			(0.35	)		8.89		1.08	%		0.94	%		5.20	%		(4.73	%)		162,011		105	%
PF Developing Growth Fund
4/1/2019 - 9/30/2019 (6)		$18.43		($0.06	)		($0.54	)		($0.60	)		$—			$—			$—			$17.83		0.88	%		0.75	%		(0.63	%)		(3.20	%)		$13,866		42	%
4/1/2018 - 3/31/2019		14.84		(0.09	)		3.80			3.71			—			(0.12	)		(0.12	)		18.43		0.87	%		0.75	%		(0.55	%)		25.05	%		15,687		127	%
4/1/2017 - 3/31/2018		11.50		(0.06	)		3.40			3.34			—			—			—			14.84		0.90	%		0.75	%		(0.45	%)		29.04	%		9,463		86	%
4/1/2016 - 3/31/2017		9.80		(0.04	)		1.74			1.70			—			—			—			11.50		0.90	%		0.75	%		(0.40	%)		17.35	%		8,805		123	%
4/1/2015 - 3/31/2016		14.80		(0.07	)		(3.18	)		(3.25	)		—			(1.75	)		(1.75	)		9.80		0.82	%		0.75	%		(0.51	%)		(23.59	%)		42,196		229	%
4/1/2014 - 3/31/2015		15.54		(0.05	)		1.20			1.15			—			(1.89	)		(1.89	)		14.80		0.82	%		0.75	%		(0.35	%)		8.36	%		83,731		264	%
PF Growth Fund
4/1/2019 - 9/30/2019 (6)		$27.18		($0.01	)		$2.16			$2.15			$—			$—			$—			$29.33		0.77	%		0.70	%		(0.04	%)		7.91	%		$175,775		5	%
4/1/2018 - 3/31/2019		25.38		0.00	(8)		3.62			3.62			(0.01	)		(1.81	)		(1.82	)		27.18		0.77	%		0.70	%		0.01	%		14.99	%		186,331		28	%
4/1/2017 - 3/31/2018		20.94		0.04			5.33			5.37			(0.04	)		(0.89	)		(0.93	)		25.38		0.76	%		0.70	%		0.16	%		25.93	%		206,732		34	%
4/1/2016 - 3/31/2017		18.82		0.02			2.61			2.63			(0.02	)		(0.49	)		(0.51	)		20.94		0.77	%		0.70	%		0.12	%		14.25	%		135,132		43	%
4/1/2015 - 3/31/2016		19.30		0.02			0.43			0.45			(0.09	)		(0.84	)		(0.93	)		18.82		0.76	%		0.70	%		0.11	%		2.17	%		122,698		35	%
4/1/2014 - 3/31/2015		17.33		0.05			2.19			2.24			(0.13	)		(0.14	)		(0.27	)		19.30		0.76	%		0.70	%		0.30	%		12.96	%		147,893		39	%
PF Large-Cap Value Fund
4/1/2019 - 9/30/2019 (6)		$11.95		$0.10			$0.68			$0.78			$—			$—			$—			$12.73		0.87	%		0.80	%		1.56	%		6.53	%		$165,289		6	%
4/1/2018 - 3/31/2019		17.14		0.24			0.46			0.70			(0.17	)		(5.72	)		(5.89	)		11.95		0.86	%		0.80	%		1.55	%		5.49	%		171,046		43	%
4/1/2017 - 3/31/2018		16.60		0.22			0.79			1.01			(0.23	)		(0.24	)		(0.47	)		17.14		0.86	%		0.80	%		1.27	%		6.01	%		154,943		7	%
4/1/2016 - 3/31/2017		14.78		0.22			2.11			2.33			(0.20	)		(0.31	)		(0.51	)		16.60		0.86	%		0.80	%		1.40	%		15.88	%		433,551		21	%
4/1/2015 - 3/31/2016		16.46		0.23			(0.43	)		(0.20	)		(0.22	)		(1.26	)		(1.48	)		14.78		0.86	%		0.80	%		1.45	%		(1.29	%)		299,971		10	%
4/1/2014 - 3/31/2015		16.71		0.23			1.36			1.59			(0.38	)		(1.46	)		(1.84	)		16.46		0.86	%		0.80	%		1.37	%		9.40	%		344,403		13	%

See Notes to Financial Statements See explanation of references, if any, on B-13

B-11

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund	Selected Per Share Data																					Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Mid-Cap Equity Fund
4/1/2019 - 9/30/2019 (6)		$11.28		$0.04		$0.39			$0.43			$—			$—			$—			$11.71		0.96	%		0.80	%		0.64	%		3.81	%		$10,309		19	%
4/1/2018 - 3/31/2019		10.73		0.06		0.51			0.57			(0.02	)		—			(0.02	)		11.28		0.93	%		0.80	%		0.56	%		5.37	%		9,929		119	%
4/1/2017 - 3/31/2018		11.00		0.05		1.75			1.80			(0.04	)		(2.03	)		(2.07	)		10.73		0.88	%		0.80	%		0.40	%		16.31	%		31,310		77	%
4/1/2016 - 3/31/2017		10.63		0.05		2.43			2.48			(0.17	)		(1.94	)		(2.11	)		11.00		0.89	%		0.80	%		0.45	%		24.02	%		66,011		101	%
4/1/2015 - 3/31/2016		12.15		0.15		(0.59	)		(0.44	)		(0.12	)		(0.96	)		(1.08	)		10.63		0.86	%		0.80	%		1.34	%		(3.79	%)		169,595		184	%
4/1/2014 - 3/31/2015		12.84		0.05		0.80			0.85			(0.03	)		(1.51	)		(1.54	)		12.15		0.86	%		0.80	%		0.40	%		7.44	%		218,141		172	%
PF Multi-Asset Fund
4/1/2019 - 9/30/2019 (6)		$9.81		$0.12		$0.39			$0.51			$—			$—			$—			$10.32		0.56	%		0.51	%		2.37	%		5.20	%		$1,085,749		36	%
4/1/2018 - 3/31/2019		9.42		0.21		0.31			0.52			(0.13	)		—			(0.13	)		9.81		0.56	%		0.51	%		2.21	%		5.72	%		1,136,414		75	%
1/31/2018 - 3/31/2018		10.00		0.03		(0.61	)		(0.58	)		—			—			—			9.42		0.59	%		0.51	%		1.68	%		(5.80	%)		733,300		37	%
PF Small-Cap Value Fund
4/1/2019 - 9/30/2019 (6)		$8.21		$0.03		$0.13			$0.16			$—			$—			$—			$8.37		0.98	%		0.90	%		0.72	%		1.95	%		$66,892		19	%
4/1/2018 - 3/31/2019		11.22		0.04		(0.56	)		(0.52	)		(0.03	)		(2.46	)		(2.49	)		8.21		0.97	%		0.90	%		0.35	%		(4.23	%)		70,618		56	%
4/1/2017 - 3/31/2018		12.09		0.02		0.79			0.81			(0.02	)		(1.66	)		(1.68	)		11.22		0.97	%		0.90	%		0.17	%		6.54	%		81,515		30	%
4/1/2016 - 3/31/2017		10.14		0.01		2.44			2.45			(0.07	)		(0.43	)		(0.50	)		12.09		0.98	%		0.90	%		0.12	%		23.99	%		118,590		49	%
4/1/2015 - 3/31/2016		10.45		0.03		(0.27	)		(0.24	)		(0.01	)		(0.06	)		(0.07	)		10.14		0.96	%		0.90	%		0.33	%		(2.29	%)		199,324		55	%
4/1/2014 - 3/31/2015		13.55		0.07		1.17			1.24			(0.14	)		(4.20	)		(4.34	)		10.45		0.96	%		0.90	%		0.55	%		11.55	%		145,801		140	%
PF Emerging Markets Fund
4/1/2019 - 9/30/2019 (6)		$14.71		$0.11		($0.15	)		($0.04	)		$—			$—			$—			$14.67		1.24	%		0.95	%		1.47	%		(0.27	%)		$78,050		12	%
4/1/2018 - 3/31/2019		17.30		0.13		(0.95	)		(0.82	)		(0.09	)		(1.68	)		(1.77	)		14.71		1.16	%		0.95	%		0.84	%		(3.61	%)		133,887		46	%
4/1/2017 - 3/31/2018		13.81		0.10		3.49			3.59			(0.10	)		—			(0.10	)		17.30		1.20	%		0.95	%		0.63	%		25.93	%		178,391		34	%
4/1/2016 - 3/31/2017		12.09		0.08		1.71			1.79			(0.07	)		—			(0.07	)		13.81		1.20	%		0.95	%		0.64	%		14.83	%		200,620		69	%
4/1/2015 - 3/31/2016		13.58		0.10		(1.47	)		(1.37	)		(0.12	)		—			(0.12	)		12.09		1.23	%		0.95	%		0.84	%		(10.09	%)		118,049		65	%
4/1/2014 - 3/31/2015		14.75		0.12		(0.71	)		(0.59	)		(0.19	)		(0.39	)		(0.58	)		13.58		1.23	%		0.95	%		0.81	%		(4.15	%)		138,242		40	%
PF International Large-Cap Fund
4/1/2019 - 9/30/2019 (6)		$11.63		$0.14		$0.48			$0.62			$—			$—			$—			$12.25		1.24	%		1.00	%		2.35	%		5.51	%		$55,473		6	%
4/1/2018 - 3/31/2019		20.85		0.41		(1.09	)		(0.68	)		(0.24	)		(8.30	)		(8.54	)		11.63		1.19	%		1.00	%		2.32	%		0.62	%		58,152		41	%
4/1/2017 - 3/31/2018		18.19		0.26		2.74			3.00			(0.34	)		—			(0.34	)		20.85		1.14	%		1.00	%		1.28	%		16.54	%		125,384		10	%
4/1/2016 - 3/31/2017		16.69		0.25		1.58			1.83			(0.33	)		—			(0.33	)		18.19		1.13	%		1.00	%		1.46	%		11.17	%		176,670		16	%
4/1/2015 - 3/31/2016		18.50		0.20		(1.85	)		(1.65	)		(0.16	)		—			(0.16	)		16.69		1.10	%		1.00	%		1.17	%		(8.93	%)		289,863		24	%
4/1/2014 - 3/31/2015		18.46		0.29		0.01			0.30			(0.26	)		—			(0.26	)		18.50		1.10	%		1.00	%		1.56	%		1.70	%		220,898		41	%
PF International Small-Cap Fund
4/1/2019 - 9/30/2019 (6)		$9.59		$0.13		($0.26	)		($0.13	)		$—			$—			$—			$9.46		1.36	%		1.10	%		2.77	%		(1.36	%)		$27,307		17	%
4/1/2018 - 3/31/2019		11.24		0.17		(1.58	)		(1.41	)		(0.05	)		(0.19	)		(0.24	)		9.59		1.18	%		1.10	%		1.61	%		(12.54	%)		31,934		50	%
4/1/2017 - 3/31/2018		10.50		0.19		1.79			1.98			(0.29	)		(0.95	)		(1.24	)		11.24		1.16	%		1.10	%		1.63	%		19.24	%		89,816		52	%
4/1/2016 - 3/31/2017		10.27		0.21		1.10			1.31			(0.41	)		(0.67	)		(1.08	)		10.50		1.18	%		1.09	%		2.07	%		13.85	%		42,798		53	%
4/1/2015 - 3/31/2016		10.69		0.15		(0.12	)		0.03			(0.32	)		(0.13	)		(0.45	)		10.27		1.11	%		1.08	%		1.37	%		0.22	%		118,558		51	%
1/14/2015 - 3/31/2015		10.00		0.03		0.66			0.69			—			—			—			10.69		1.24	%		1.08	%		1.34	%		6.90	%		127,493		8	%
PF International Value Fund
4/1/2019 - 9/30/2019 (6)		$7.51		$0.18		($0.24	)		($0.06	)		$—			$—			$—			$7.45		1.03	%		0.80	%		4.84	%		(0.80	%)		$59,816		13	%
4/1/2018 - 3/31/2019		10.17		0.28		(1.20	)		(0.92	)		(0.34	)		(1.40	)		(1.74	)		7.51		0.98	%		0.80	%		2.99	%		(8.51	%)		64,956		54	%
4/1/2017 - 3/31/2018		9.31		0.30		0.99			1.29			(0.43	)		—			(0.43	)		10.17		0.92	%		0.80	%		2.95	%		14.01	%		143,626		111	%
4/1/2016 - 3/31/2017		8.35		0.21		1.03			1.24			(0.28	)		—			(0.28	)		9.31		0.90	%		0.80	%		2.43	%		15.15	%		174,630		67	%
4/1/2015 - 3/31/2016		9.51		0.16		(1.19	)		(1.03	)		(0.13	)		—			(0.13	)		8.35		0.92	%		0.80	%		1.80	%		(10.87	%)		140,760		73	%
4/1/2014 - 3/31/2015		10.33		0.22		(0.65	)		(0.43	)		(0.39	)		—			(0.39	)		9.51		0.91	%		0.80	%		2.19	%		(4.07	%)		142,653		87	%
PF Real Estate Fund
4/1/2019 - 9/30/2019 (6)		$12.26		$0.11		$1.26			$1.37			$—			$—			$—			$13.63		1.12	%		0.90	%		1.79	%		11.17	%		$77,723		10	%
4/1/2018 - 3/31/2019		11.86		0.28		1.75			2.03			(0.21	)		(1.42	)		(1.63	)		12.26		1.12	%		0.98	%		2.31	%		18.20	%		81,713		104	%
4/1/2017 - 3/31/2018		14.94		0.30		(0.75	)		(0.45	)		(0.22	)		(2.41	)		(2.63	)		11.86		1.13	%		1.05	%		2.12	%		(4.15	%)		41,519		47	%
4/1/2016 - 3/31/2017		15.99		0.16		(0.18	)		(0.02	)		(0.39	)		(0.64	)		(1.03	)		14.94		1.12	%		1.05	%		1.01	%		(0.14	%)		39,038		27	%
4/1/2015 - 3/31/2016		16.87		0.36		0.15			0.51			(0.23	)		(1.16	)		(1.39	)		15.99		1.12	%		1.05	%		2.33	%		3.61	%		70,717		26	%
4/1/2014 - 3/31/2015		14.19		0.22		3.11			3.33			(0.31	)		(0.34	)		(0.65	)		16.87		1.11	%		1.05	%		1.41	%		23.69	%		49,486		34	%

See Notes to Financial Statements See explanation of references, if any, on B-13

B-12

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund	Selected Per Share Data																					Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains		Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Currency Strategies Fund
4/1/2019 - 9/30/2019 (6)		$9.20		$0.05			$0.02			$0.07			$—			$—		$—			$9.27		0.87	%		0.87	%		1.01	%		0.76	%		$62,422		27	%
4/1/2018 - 3/31/2019		9.12		0.07			0.01			0.08			—			—		—			9.20		0.87	%		0.87	%		0.76	%		0.88	%		44,537		97	%
4/1/2017 - 3/31/2018		9.49		(0.01	)		(0.13	)		(0.14	)		(0.23	)		—		(0.23	)		9.12		0.88	%		0.88	%		(0.15	%)		(1.32	%)		62,555		0	%
4/1/2016 - 3/31/2017		9.75		(0.06	)		0.90			0.84			(1.10	)		—		(1.10	)		9.49		0.90	%		0.90	%		(0.62	%)		8.95	%		87,822		0	%
4/1/2015 - 3/31/2016		9.92		(0.08	)		0.11			0.03			(0.20	)		—		(0.20	)		9.75		0.86	%		0.86	%		(0.78	%)		0.35	%		127,251		82	%
4/1/2014 - 3/31/2015		9.41		(0.07	)		0.79			0.72			(0.21	)		—		(0.21	)		9.92		0.86	%		0.86	%		(0.76	%)		7.69	%		187,572		141	%

(1) For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class.

(2) Net investment income (loss) per share has been calculated using the average shares method.

(3) The ratios are annualized for periods of less than one full year.

(4) The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any.

(5) The total returns include reinvestment of all dividends and capital gains distribution, if any. Total returns are not annualized for periods less than one full year.

(6) Unaudited for the six-month period.

(7) The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2019 are as follows:

Fund	Class P
PF Inflation Managed Fund		0.55%
PF Managed Bond Fund		0.55%

(8) Reflects an amount rounding to less than $0.01 per share.

See Notes to Financial Statements

B-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2019, the Trust was comprised of thirty-four separate active funds, sixteen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”). All of the Funds listed in the table below (collectively known as the “PF Underlying Funds”) offer Class P shares only, which are sold at net asset value:

PF Underlying Funds
PF Inflation Managed Fund	PF Large-Cap Value Fund	PF International Small-Cap Fund
PF Managed Bond Fund	PF Mid-Cap Equity Fund (1)	PF International Value Fund
PF Short Duration Bond Fund	PF Multi-Asset Fund	PF Real Estate Fund
PF Emerging Markets Debt Fund	PF Small-Cap Value Fund	PF Currency Strategies Fund
PF Developing Growth Fund	PF Emerging Markets Fund
PF Growth Fund	PF International Large-Cap Fund

(1) Class P shares of the PF Mid-Cap Equity are currently not available for investment by any fund of funds of the Trust.

Presently, only the following Fund of Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares of the PF Underlying Funds.

Fund of Funds (collectively, the “Portfolio Optimization Funds”)
Pacific FundsSM Portfolio Optimization Conservative	Pacific FundsSM Portfolio Optimization Growth
Pacific FundsSM Portfolio Optimization Moderate-Conservative	Pacific FundsSM Portfolio Optimization Aggressive-Growth
Pacific FundsSM Portfolio Optimization Moderate

There is a separate semi-annual report containing the financial statements for the Portfolio Optimization Funds, which is available without charge. For information on how to obtain the semi-annual report for these Funds, see the Where to Go for More Information section of this report on page D-6.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

Each Fund presented in these financial statements distributes all of its net investment income and realized capital gains, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Dividends and distributions paid to shareholders are recorded on the ex-dividend date. Each Fund may utilize the consent dividend provision of Section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not actually paid by the Fund.

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

C. FOREIGN CURRENCY TRANSLATION

The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs). Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

E. OFFERING COSTS

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund, including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy.

B. DETERMINATION OF NET ASSET VALUE (“NAV”)

Each Fund presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called its 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 per 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 scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled 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. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.

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 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.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments for which no official closing price or last reported sales price 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 official closing price or the last reported sale price from the principal foreign exchanges, which may be earlier than the scheduled close of the NYSE. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the scheduled close of the NYSE. The Trust has retained an independent statistical analysis service

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements

Exchange traded futures contracts, option contracts, and swap agreements 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. Exchange traded futures contracts, option contracts, and swap agreements for which no approved pricing services are available, are generally valued using the settlement price determined by the relevant exchange.

Over-the-Counter (“OTC”) Investments

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s 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 debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.

Investments in Mutual Funds

Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.

Investment Values Determined by a Valuation Committee

The Trust’s 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 value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, 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 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 scheduled 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 investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), 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 the Trust’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 policy 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. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 2019, as categorized under the three-tier hierarchy of inputs, can be found in each Fund’s Schedule of Investments.

C-3

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 registered mutual funds, are valued at their respective published 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 yield curves and data received from active market makers and inter-dealer brokers. 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 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.

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 that are actively traded on commodity exchanges 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.

C-4

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Option Contracts

Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, 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 the mean between broker-dealer bid and ask quotations, and forward 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.

Swap Agreements

Interest Rate Swaps – Interest rate swaps 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 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 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 loan notes (“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.

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 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.

4. 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 the 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.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from 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.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

C-5

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

LIBOR Phaseout Risk

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

Equity Investments

Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, 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.

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments 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 floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, 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.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country, or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. The exact time frame for the implementation of Brexit is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk and geographic focus risk, among other risks.

C-6

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. 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, Secured Overnight Financing Rate, 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 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 September 30, 2019, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

Unfunded loan commitments on senior loan participations and assignments, 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 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 September 30, 2019, the PF Managed Bond Fund had unfunded loan commitments of $1,804 (see details in the Notes to Schedules of Investments).

Inflation-Indexed Bonds

Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are 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.

C-7

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

U.S. Government Securities

Certain Funds may invest in securities issued by 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. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by 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 and FHLMC are government-sponsored corporations, the common stocks of which are 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 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, including To Be Announced (“TBA”) securities. 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, including TBA securities. 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.

Repurchase Agreements

Certain Funds may enter into repurchase agreements with institutions that the Investment 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, where the value of the collateral delivered to a 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 the purposes of selling a security short may provide that the cash purchase price paid by a 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, a Fund normally will have used the collateral received to settle the short sale, a 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 the 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 described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions see Note 5.

C-8

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an 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 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.

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 be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. 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, increase a Fund’s volatility.

Segregation and Collateral

If a Fund engages in certain transactions, such as derivative investments, repurchase agreements, or repurchase-to-maturity transactions accounted for as secured borrowings, 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 Fund’s books and records maintained by the custodian and/or the manager of the Fund. 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. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

5. 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, and swap agreements. 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.

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(Unaudited)

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.

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 the Funds 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.

B. DERIVATIVE INVESTMENTS

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.

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 is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange. 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.

During the reporting period, the following Funds entered into futures contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds used futures contracts to manage interest rate risk exposure, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Short Duration Bond Fund entered into interest rate futures to manage duration and yield curve exposure. The PF Multi-Asset Fund entered into futures contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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 reference 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 reference asset at a specific price on or before a specified future date.

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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 option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the reasons described: the PF Inflation Managed Fund purchased and wrote options on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund purchased and wrote options and swaptions on futures, bond indices, currencies, and swaps and also purchased options on TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund held inflation floors, and the PF Inflation Managed Fund held inflation caps and floors, to hedge duration.

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. The market value of a Forward Contract fluctuates with changes in foreign currency 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.

During the reporting period, the following Funds entered into forward foreign currency contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts in connection with settling planned purchases or sales of investments, to hedge and manage the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, and as part of the investment strategy of these Funds. The PF Short Duration Bond Fund entered into Forward Contracts in order to decrease currency exposure. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy. The PF Currency Strategies Fund purchased and sold non-deliverable Forward Contracts to gain or increase exposure to various currencies (both long and short positions), for hedging purposes to protect the Funds’ returns against adverse currency movements, and as a part of the investment strategies of these Funds.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and 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. OTC swap 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

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(Unaudited)

rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the reasons described: the PF Inflation Managed and PF Managed Bond Funds entered into interest rate swaps to manage nominal or real interest rate risk in various global markets, and as a substitute for cash bond exposure. The PF Emerging Markets Debt Fund entered into interest rate swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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. 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.

As a seller of protection, a Fund generally receives an upfront payment and/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 the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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

Credit default swap agreements on corporate and sovereign 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).

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, 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.

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.

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(Unaudited)

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 and sovereign issues 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 agreements 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 September 30, 2019 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.

During the reporting period, the following Funds entered into credit default swap agreements for the reasons described: the PF Inflation Managed and PF Managed Bond Funds purchased credit protection through credit default swaps to reduce credit exposure to individual issuers, reduce broad credit risk, and to benefit from price differences between the credit default swap and cash bonds markets. The PF Managed Bond Fund also entered into credit default swaps and credit default swaps on credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, emerging market, mortgage, or other asset classes.

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.

During the reporting period, the following Funds entered into total return swap agreements for the reasons described: the PF Multi-Asset Fund entered into total return swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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(Unaudited)

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the Statements of Assets and Liabilities.

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

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2019:

	Asset Derivative Investments Value
Fund	Total Value at September 30, 2019		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$289,026		$5,181		$—		$37,460		$246,385
PF Managed Bond		4,743,746		142,351		—		1,617,242		2,984,153
PF Short Duration Bond		36,506		—		—		—		36,506
PF Emerging Markets Debt		268,876		—		—		249,748		19,128
PF Multi-Asset		44,030,947		—		44,030,947		—		—
PF Currency Strategies		4,326,314		—		—		4,326,314		—

	Liability Derivative Investments Value
Fund	Total Value at September 30, 2019			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($344,603	)		($6,875	)		$—			($32,076	)		($305,652	)
PF Managed Bond		(10,808,723	)		(45,232	)		—			(1,457,003	)		(9,306,488	)
PF Short Duration Bond		(98,148	)		—			—						(98,148	)
PF Emerging Markets Debt		(405,540	)		—			—			(339,325	)		(66,215	)
PF Multi-Asset		(6,539,459	)		—			(6,539,459	)		—			—
PF Currency Strategies		(5,094,387	)		—			—			(5,094,387	)		—

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:

Derivative Investments Risk Type	Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Credit contracts	Net realized gain (loss) on futures contract transactions
Equity contracts	Net realized gain (loss) on purchased option transactions
Interest rate contracts	Net realized gain (loss) on swap transactions Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on purchased options
	Change in net unrealized appreciation (depreciation) on swaps Change in net unrealized appreciation (depreciation) on written options
Foreign currency contracts	Net realized gain (loss) on forward foreign currency contract transactions
	Net realized gain (loss) on futures contract transactions
	Net realized gain (loss) on purchased option transactions Net realized gain (loss) on swap transactions
	Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on forward foreign currency contracts
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on purchased options
	Change in net unrealized appreciation (depreciation) on swaps
	Change in net unrealized appreciation (depreciation) on written options

C-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the period ended September 30, 2019:

	Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Fund	Total			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($239,380	)		($13,465	)		$—			$353,959			($579,874	)
PF Managed Bond		7,693,162			235,477			—			1,392,698			6,064,987
PF Short Duration Bond		199,976			—			—			1,839			198,137
PF Emerging Markets Debt		(288,253	)		—			—			(302,766	)		14,513
PF Multi-Asset		(4,641,426	)		—			(4,641,426	)		—			—
PF Currency Strategies		897,685			—			—			897,685			—

	Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations
Fund	Total			Credit Contracts			Equity Contracts		Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		$21,204			($741	)		$—		($40,037	)		$61,982
PF Managed Bond		(4,715,136	)		27,985			—		(955,198	)		(3,787,923	)
PF Short Duration Bond		(140,867	)		—			—		(1,839	)		(139,028	)
PF Emerging Markets Debt		(60,668	)		—			—		(31,163	)		(29,505	)
PF Multi-Asset		42,049,531			—			42,049,531		—			—
PF Currency Strategies		(1,025,818	)		—			—		(1,025,818	)		—

For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

The following is a summary of the average number of positions and values of derivative investments by derivative type for the period ended September 30, 2019:

	Average Positions and Values of Derivative Investments by Derivative Type
	Futures Contracts					Forward Contracts					Options Contracts					Swap Agreements
Fund	Number of Positions		Value			Number of Positions		Value			Number of Positions		Value			Number of Positions		Value
PF Inflation Managed		13		($70,538	)		37		($1,567	)		31		($16,092	)		54		($64,798	)
PF Managed Bond		35		160,789			76		414,487			98		(138,605	)		64		(3,022,186	)
PF Short Duration Bond		4		52,379			2		613			—		—			—		—
PF Emerging Markets Debt		—		—			123		18,314			—		—			5		(4,323	)
PF Multi-Asset		3		(127,137	)		—		—			—		—			38		24,256,612
PF Currency Strategies		—		—			83		(194,435	)		—		—			—		—

The table shown above and the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the period ended September 30, 2019.

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

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 (“netting arrangements”). 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. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of 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.

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. 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 the 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.

The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of September 30, 2019:

		Gross Amounts Presented in the Statements of Assets and Liabilities		Gross Amounts Not Offset in Statements of Assets and Liabilities								Gross Amounts Presented in the Statements of Assets and Liabilities				Gross Amounts Not Offset in Statements of Assets and Liabilities
Description			Financial Instruments			Collateral Received			Net Amount						Financial Instruments			Collateral Pledged		Net Amount
	Assets										Liabilities
PF Inflation Managed
Forward foreign currency contracts		$37,460		($24,358	)		$—			$13,102			($32,076	)			$24,358		$—		($7,718	)
Option contracts		198		(198	)		—			—			(7,210	)			198		—		(7,012	)
Swap agreements		4,274		—			—			4,274			(2,526	)			—		—		(2,526	)
Sale-buyback financing transactions													(12,094,294	)			11,912,531		—		(181,763	)
PF Managed Bond
Forward foreign currency contracts		1,590,444		(673,011	)		—			917,433			(1,144,602	)			673,011		279,391		(192,200	)
Option contracts		2,873		—			—			2,873			(33,729	)			—		—		(33,729	)
Swap agreements		540,557		—			(314,646	)		225,911			—				—		—		—
Sale-buyback financing transactions													(44,635,678	)			44,484,357		151,321		—
PF Emerging Markets Debt
Forward foreign currency contracts		249,748		(186,661	)		—			63,087			(339,325	)			186,661		35,000		(117,664	)
PF Multi-Asset
Swap agreements		43,917,552		(6,539,459	)		(35,026,350	)		2,351,743			(6,539,459	)			6,539,459		—		—
PF Currency Strategies
Forward foreign currency contracts		4,326,314		(3,762,225	)		—			564,089			(5,094,387	)			3,762,225		685,620		(646,542	)

During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund presented in these financial statements, exceeded the value of the repurchase agreements as of September 30, 2019.

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”) serves as Investment Adviser to each Fund of the Trust. PLFA manages the PF Multi-Asset Fund. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain PF Underlying Funds presented in these financial statements. PLFA, as Investment Adviser of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2019, the investment advisory fees that PLFA receives from each Fund presented in these financial statements based upon an annual percentage of the average daily net assets of each Fund, and the sub-adviser of each Fund, are as follows:

Fund	Advisory Fees	Advisory Fee Waiver through July 31, 2020	Sub-Adviser(s)
PF Inflation Managed	0.40%		Pacific Investment Management Company LLC
PF Managed Bond	0.40%		Pacific Investment Management Company LLC and Western Asset Management Company, LLC (co-sub-advisors)
PF Short Duration Bond	0.40%		T. Rowe Price Associates, Inc.
PF Emerging Markets Debt	0.785%	0.02%	Ashmore Investment Management Limited
PF Developing Growth	0.60%		Lord, Abbett & Co. LLC
PF Growth	0.55%		MFS Investment Management
PF Large-Cap Value	0.65%		ClearBridge Investments, LLC

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund	Advisory Fees	Advisory Fee Waiver through July 31, 2020	Sub-Adviser(s)
PF Mid-Cap Equity	0.65%		Rothschild & Co Asset Management US Inc.
PF Multi-Asset	0.35%
PF Small-Cap Value	0.75%		AllianceBernstein L.P.
PF Emerging Markets	0.80%		Invesco Advisers, Inc
PF International Large-Cap	0.85%		MFS Investment Management
PF International Small-Cap	0.85%		QS Investors, LLC
PF International Value	0.65%		Wellington Management Company LLP
PF Real Estate	0.90%	0.15%	Principal Real Estate Investors LLC
PF Currency Strategies	0.65%		UBS Asset Management (Americas) Inc. and (effective May 1, 2019) Neuberger Berman Investment Advisers LLC (co-sub-advisers)

Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust paid the Administrator an administration fee at an annual rate of 0.15% for each of the PF Underlying Funds. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Investment Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust) to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust. Support services do not include any services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Class P shares of the PF Underlying Funds presented in these financial statements are not subject to a distribution and/or service fee.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES AND EXPENSES FOR SUPPORT SERVICES

The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2019 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: administration fees and expenses; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of each Fund’s business. The expense cap for the PF Underlying Funds (except the PF Multi-Asset, PF International Small-Cap, and PF Currency Strategies Funds) is 0.15% through July 31, 2020 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2020. The expense cap for the PF International Small-Cap and PF Currency Strategies Funds is 0.25% through July 31, 2020.

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2019 are presented in the Statements of Assets and Liabilities.

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The cumulative expense reimbursement amounts, if any, as of September 30, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:

	Expiration Date
Fund	3/31/2020		3/31/2021		3/31/2022		3/31/2023
PF Inflation Managed		$33,114		$19,621		$58,726		$22,153
PF Managed Bond		590,876		540,942		443,715		224,965
PF Short Duration Bond		123,091		131,342		119,957		68,023
PF Emerging Markets Debt		107,918		77,724		124,856		54,341
PF Developing Growth		22,807		13,829		14,826		10,130
PF Growth		82,308		89,652		112,913		61,394
PF Large-Cap Value		243,001		247,008		118,375		55,765
PF Mid-Cap Equity		79,956		49,499		18,220		8,042
PF Multi-Asset				48,872		609,033		275,571
PF Small-Cap Value		104,811		75,777		53,658		26,700
PF Emerging Markets		433,451		516,488		310,434		147,203
PF International Large-Cap		336,014		256,803		124,692		69,012
PF International Small-Cap		46,102		28,196		60,110		38,485
PF International Value		181,721		213,419		154,717		71,381
PF Real Estate		46,036		30,103		30,395		26,776
Total		$2,431,206		$2,339,275		$2,354,627		$1,159,941

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2019.

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 2019, Pacific Life owned 100.00% of the total shares outstanding (aggregate of all share classes) of the PF Mid-Cap Equity Fund.

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed.

Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2019, such expenses increased by $1,712 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2019 the total amount in the DCP Liability accounts was $52,770 for all applicable Funds presented in these financial statements.

E. OFFICERS OF THE TRUST

None of the officers of the Trust received compensation from the Trust.

F. INDEMNIFICATIONS

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

G. INTERFUND TRANSACTIONS

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

For the period ended September 30, 2019, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.

8. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2019, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
PF Inflation Managed		$58,070,723		$61,579,031		$5,334,489		$5,286,036
PF Managed Bond		1,737,050,508		1,739,264,221		80,467,652		77,769,721
PF Short Duration Bond		44,113,122		42,599,193		28,781,966		25,440,799
PF Emerging Markets Debt		—		—		18,930,036		27,974,024
PF Developing Growth		—		—		6,521,619		8,136,653
PF Growth		—		—		9,162,043		35,061,862
PF Large-Cap Value		—		—		9,353,546		21,740,759
PF Mid-Cap Equity		—		—		1,854,879		1,848,471
PF Multi-Asset		119,030,703		69,272,314		241,577,164		284,153,150
PF Small-Cap Value		—		—		12,918,001		17,989,567
PF Emerging Markets		—		—		12,348,173		66,040,640
PF International Large-Cap		—		—		3,130,669		7,944,635
PF International Small-Cap		—		—		4,850,981		8,387,001
PF International Value		—		—		7,542,806		10,012,403
PF Real Estate		—		—		7,869,444		19,575,173
PF Currency Strategies		—		—		27,051,232		4,484,859

9. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2019, are summarized in the following table:

		Remaining Contractual Maturity of the Agreements
Secured Borrowings	Collateral Type	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 Days		Total
PF Inflation Managed
Sale-buyback financing transactions	U.S. Treasury Obligations		$—		$12,094,294		$—		$—		$12,094,294
Total borrowings			$—		$12,094,294		$—		$—		$12,094,294
PF Managed Bond
Sale-buyback financing transactions	U.S. Treasury Obligations		$36,174,720		$8,460,958		$—		$—		$44,635,678
Total borrowings			$36,174,720		$8,460,958		$—		$—		$44,635,678

10. FEDERAL INCOME TAX INFORMATION

Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for sale-buyback financing transactions, futures and options, swap income, paydown gain/loss, partnership income, foreign currency transactions, passive foreign investment companies, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, as of March 31, 2019:

				Distributable Earnings				Late-Year Ordinary and Post-October Losses Deferral
Fund	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-Year Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses		Total
PF Inflation Managed		($9,181,633	)		$—		$—		$251,648		$—		$—		$251,648
PF Managed Bond		(10,615,626	)		—		—		1,294,631		—		—		1,294,631
PF Short Duration Bond		(2,825,374	)		1,372,547		—		—		—		—		—
PF Emerging Markets Debt		(7,496,797	)		352,967		—		—		—		—		—
PF Developing Growth		—			—		—		25,055		—		135,133		160,188
PF Growth		—			—		2,496,638		—		—		—		—
PF Large-Cap Value		—			376,964		3,503,332		—		—		—		—
PF Multi-Asset		—			—		6,373,980		1,377,429		—		—		1,377,429
PF Small-Cap Value		—			—		993,308		—		—		—		—
PF Emerging Markets		—			591,402		2,382,251		—		—		—		—
PF International Large-Cap		—			53,709		4,630,687		—		—		—		—
PF International Small-Cap		(6,996,678	)		1,041,350		—		—		—		—		—
PF International Value		—			—		—		213,040		271,856		—		484,896
PF Real Estate		—			301,393		191,443		—		—		—		—
PF Currency Strategies		—			—		—		159,137		—		—		159,137

Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the expiration dates and the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2019 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2019:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2019
Fund	Short-Term			Long-Term
PF Inflation Managed		($850,349	)		($8,331,284	)		($9,181,633	)		$19,794
PF Managed Bond		—			(10,615,626	)		(10,615,626	)		—
PF Short Duration Bond		(807,716	)		(2,017,658	)		(2,825,374	)		391,755
PF Emerging Markets Debt		(2,847,247	)		(4,649,550	)		(7,496,797	)		111,233
PF Developing Growth		—			—			—			1,011,567
PF Multi-Asset		—			—			—			52,422
PF International Small-Cap		(6,996,678	)		—			(6,996,678	)		—
PF Currency Strategies		—			—			—			3,212

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2019, were as follows:

Fund	Total Cost of Investments on Tax Basis (1)		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (2)			Net Unrealized Appreciation (Depreciation)
PF Inflation Managed		$54,972,651		$1,210,060		($417,749	)		$792,311			$7,168			$799,479
PF Managed Bond		679,761,311		20,596,368		(6,363,149	)		14,233,219			(5,972,743	)		8,260,476
PF Short Duration Bond		157,590,416		1,798,545		(75,734	)		1,722,811			(61,721	)		1,661,090
PF Emerging Markets Debt		62,778,605		2,825,790		(4,789,512	)		(1,963,722	)		(152,812	)		(2,116,534	)
PF Developing Growth		12,091,281		2,434,052		(623,580	)		1,810,472			—			1,810,472
PF Growth		84,194,512		92,312,424		(447,388	)		91,865,036			(129	)		91,864,907
PF Large-Cap Value		89,920,643		76,160,698		(841,106	)		75,319,592			—			75,319,592
PF Mid-Cap Equity		9,221,886		1,516,585		(426,393	)		1,090,192			4			1,090,196
PF Multi-Asset		1,035,251,493		10,120,987		(164,438	)		9,956,549			37,491,488			47,448,037
PF Small-Cap Value		62,069,632		10,800,531		(6,699,240	)		4,101,291			—			4,101,291
PF Emerging Markets		50,577,159		29,707,575		(2,481,446	)		27,226,129			(58,893	)		27,167,236
PF International Large-Cap		35,725,711		20,067,708		(762,816	)		19,304,892			(16,463	)		19,288,429
PF International Small-Cap		26,302,723		3,665,887		(2,862,097	)		803,790			(8,414	)		795,376
PF International Value		63,860,960		3,503,090		(8,077,201	)		(4,574,111	)		(17,806	)		(4,591,917	)
PF Real Estate		59,366,410		17,919,786		(232,735	)		17,687,051			—			17,687,051
PF Currency Strategies		62,993,851		23,730		(298,332	)		(274,602	)		(770,856	)		(1,045,458	)

(1) The difference between the total cost of investments on tax basis and investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals.

(2) Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2015.

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gain distributions to shareholders during the fiscal year or period ended March 31, 2019, were as follows:

Funds	Ordinary Income		Long-Term Capital Gains		Total Distributions
PF Inflation Managed		$2,002,797		$—		$2,002,797
PF Managed Bond		15,588,848		—		15,588,848
PF Short Duration Bond		2,654,646		—		2,654,646
PF Emerging Markets Debt		1,235,277		—		1,235,277
PF Developing Growth		—		95,677		95,677
PF Growth		562,295		10,205,298		10,767,593
PF Large-Cap Value		3,580,330		61,881,413		65,461,743
PF Mid-Cap Equity		446,362		5,318,107		5,764,469
PF Multi-Asset		15,433,139		—		15,433,139
PF Small Cap Value		1,150,556		15,278,120		16,428,676
PF Emerging Markets		833,161		14,561,366		15,394,527
PF International Large-Cap		1,238,466		22,780,379		24,018,845
PF International Small-Cap		374,460		1,498,859		1,873,319
PF International Value		7,861,965		6,034,253		13,896,218
PF Real Estate		900,002		5,570,666		6,470,668

There were no income and capital gains distributions to shareholders by any of the Funds presented in these financial statements during the period ended September 30, 2019.

12. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:

	Six-Month Period ended 9/30/2019			Year ended 3/31/2019			Six-Month Period ended 9/30/2019			Year ended 3/31/2019			Six-Month Period ended 9/30/2019			Year ended 3/31/2019			Six-Month Period ended 9/30/2019			Year ended 3/31/2019
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund
Class P
Shares sold		20,238			256,207			2,922,773			6,352,160			1,347,362			12,928,251			121,658			2,106,584
Dividends and distributions reinvested		—			236,457			—			1,537,362			—			271,714			—			143,304
Shares repurchased		(649,805	)		(4,377,223	)		(5,378,893	)		(17,374,944	)		(1,400,666	)		(9,029,155	)		(1,241,966	)		(3,595,690	)
Net increase (decrease)		(629,567	)		(3,884,559	)		(2,456,120	)		(9,485,422	)		(53,304	)		4,170,810			(1,120,308	)		(1,345,802	)
Beginning shares outstanding		4,648,564			8,533,123			47,078,053			56,563,475			15,640,207			11,469,397			7,806,405			9,152,207
Ending shares outstanding		4,018,997			4,648,564			44,621,933			47,078,053			15,586,903			15,640,207			6,686,097			7,806,405
	PF Developing Growth Fund						PF Growth Fund						PF Large-Cap Value Fund						PF Mid-Cap Equity Fund
Class P
Shares sold		2,679			477,855			19,666			1,636,305			45,571			6,177,036			—			881,298
Dividends and distributions reinvested		—			6,044			—			437,817			—			5,625,143			—			2,011
Shares repurchased		(76,243	)		(270,382	)		(881,863	)		(3,363,434	)		(1,376,680	)		(6,523,746	)		—			(2,921,454	)
Net increase (decrease)		(73,564	)		213,517			(862,197	)		(1,289,312	)		(1,331,109	)		5,278,433			—			(2,038,145	)
Beginning shares outstanding		851,393			637,876			6,855,689			8,145,001			14,318,522			9,040,089			880,013			2,918,158
Ending shares outstanding		777,829			851,393			5,993,492			6,855,689			12,987,413			14,318,522			880,013			880,013
	PF Multi-Asset Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund						PF International Large-Cap Fund
Class P
Shares sold		346,401			61,114,150			46,043			1,765,846			30,948			2,603,510			15,724			1,907,404
Dividends and distributions reinvested		—			1,819,946			—			2,034,155			—			1,152,531			—			2,217,372
Shares repurchased		(10,990,406	)		(24,969,892	)		(651,608	)		(2,466,137	)		(3,811,759	)		(4,965,180	)		(491,255	)		(5,136,988	)
Net increase (decrease)		(10,644,005	)		37,964,204			(605,565	)		1,333,864			(3,780,811	)		(1,209,139	)		(475,531	)		(1,012,212	)
Beginning shares outstanding		115,812,746			77,848,542			8,599,383			7,265,519			9,102,089			10,311,228			5,002,089			6,014,301
Ending shares outstanding		105,168,741			115,812,746			7,993,818			8,599,383			5,321,278			9,102,089			4,526,558			5,002,089
	PF International Small-Cap Fund						PF International Value Fund						PF Real Estate Fund						PF Currency Strategies Fund
Class P
Shares sold		21,828			1,285,828			46,372			2,962,401			19,824			4,140,280			3,578,952			1,004,078
Dividends and distributions reinvested		—			208,299			—			1,854,451			—			562,033			—			—
Shares repurchased		(466,994	)		(6,156,842	)		(663,157	)		(10,296,096	)		(983,459	)		(1,536,045	)		(1,686,534	)		(3,024,855	)
Net increase (decrease)		(445,166	)		(4,662,715	)		(616,785	)		(5,479,244	)		(963,635	)		3,166,268			1,892,418			(2,020,777	)
Beginning shares outstanding		3,330,575			7,993,290			8,647,538			14,126,782			6,666,827			3,500,559			4,841,712			6,862,489
Ending shares outstanding		2,885,409			3,330,575			8,030,753			8,647,538			5,703,192			6,666,827			6,734,130			4,841,712

C-21

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees, administration fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2019 to September 30, 2019.

ACTUAL EXPENSES

The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/19” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/19-09/30/19” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2019 to September 30, 2019.

You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/19-09/30/19.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

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

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

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
PF Inflation Managed Fund
Actual Fund Return
Class P		$1,000.00		$1,042.00		1.16%		$5.92
Hypothetical
Class P		$1,000.00		$1,019.20		1.16%		$5.86
PF Managed Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,057.70		0.69%		$3.55
Hypothetical
Class P		$1,000.00		$1,021.55		0.69%		$3.49
PF Short Duration Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,022.20		0.55%		$2.78
Hypothetical
Class P		$1,000.00		$1,022.25		0.55%		$2.78
PF Emerging Markets Debt Fund
Actual Fund Return
Class P		$1,000.00		$1,009.80		0.92%		$4.62
Hypothetical
Class P		$1,000.00		$1,020.40		0.92%		$4.65
PF Developing Growth Fund
Actual Fund Return
Class P		$1,000.00		$ 968.00		0.75%		$3.69
Hypothetical
Class P		$1,000.00		$1,021.25		0.75%		$3.79
PF Growth Fund
Actual Fund Return
Class P		$1,000.00		$1,079.10		0.70%		$3.64
Hypothetical
Class P		$1,000.00		$1,021.50		0.70%		$3.54
PF Large-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,065.30		0.80%		$4.13
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Mid-Cap Equity Fund
Actual Fund Return
Class P		$1,000.00		$1,038.10		0.80%		$4.08
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Multi-Asset Fund
Actual Fund Return
Class P		$1,000.00		$1,052.00		0.51%		$2.62
Hypothetical
Class P		$1,000.00		$1,022.45		0.51%		$2.58
PF Small-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,019.50		0.90%		$4.54
Hypothetical
Class P		$1,000.00		$1,020.50		0.90%		$4.55

See explanation of references on page D-2

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/19		Ending Account Value at 09/30/19		Annualized Expense Ratio		Expenses Paid During the Period 04/01/19 - 09/30/19 (1)
PF Emerging Markets Fund
Actual Fund Return
Class P		$1,000.00		$997.30		0.95%		$4.74
Hypothetical
Class P		$1,000.00		$1,020.25		0.95%		$4.80
PF International Large-Cap Fund
Actual Fund Return
Class P		$1,000.00		$1,055.10		1.00%		$5.14
Hypothetical
Class P		$1,000.00		$1,020.00		1.00%		$5.05
PF International Small-Cap Fund
Actual Fund Return
Class P		$1,000.00		$ 986.40		1.10%		$5.46
Hypothetical
Class P		$1,000.00		$1,019.50		1.10%		$5.55
PF International Value Fund
Actual Fund Return
Class P		$1,000.00		$ 992.00		0.80%		$3.98
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Real Estate Fund
Actual Fund Return
Class P		$1,000.00		$1,111.70		0.90%		$4.75
Hypothetical
Class P		$1,000.00		$1,020.50		0.90%		$4.55
PF Currency Strategies Fund
Actual Fund Return
Class P		$1,000.00		$1,007.60		0.87%		$4.37
Hypothetical
Class P		$1,000.00		$1,020.65		0.87%		$4.39

(1) Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days.

D-2

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS

(Unaudited)

I. Introduction and Background

The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, after the initial period, determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the various sub-advisers (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds and directly manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income and Pacific Funds High Income (the “PAM Managed Funds”) under the name Pacific Asset Management (“PAM”); and Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth and Pacific Funds Portfolio Optimization Aggressive-Growth (the “Portfolio Optimization Funds” and together with the PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other third-party firms to serve as Sub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, the Sub-Advisers or the distributor, as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 12, 2018. The description below does not relate to the annual renewal of the Advisory Agreement and Sub-Advisory Agreements discussed above, but to the approval of a new sub-advisory agreement for the PF Currency Strategies Fund and a new sub-advisory agreement with Invesco Advisers, Inc. (“Invesco”) with respect to the PF Emerging Markets Fund, as described in further detail below.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.

II. Board Consideration of the New Sub-Advisory Agreements

The Board approved an additional sub-adviser and a new sub-advisory agreement with respect to the PF Currency Strategies Fund effective on or about May 1, 2019, and a new sub-advisory agreement with Invesco, with respect to the PF Emerging Markets Fund, effective May 24, 2019. Under the 1940 Act, a new sub-advisory agreement generally requires shareholder approval; however, pursuant to an exemptive order issued to Pacific Life Insurance Company (“Pacific Life”) by the Securities and Exchange Commission (“SEC”) on October 13, 1999 and relied upon by the Trust and PLFA, PLFA and the Trust can hire, terminate, and replace, as applicable, sub-advisers and enter into new sub-advisory agreements (except, as a general matter, sub-advisers affiliated with PLFA) without shareholder approval in accordance with the requirements of the exemptive order.

PF Currency Strategies Fund

At an in-person meeting on March 27, 2019, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about May 1, 2019, a new sub-advisory agreement with Neuberger Berman Investment Advisers LLC (“NBIA”), with respect to the PF Currency Strategies Fund (for this section only, the “Fund”) (the “NBIA Sub-Advisory Agreement”) and appointed NBIA as a new co-sub-adviser for a portion of the Fund, joining the existing sub-adviser, UBS Asset Management (Americas) Inc., which manages the remaining portion. In connection with the addition of a new co-sub-adviser, changes were also made to the Fund’s principal investment strategies. NBIA’s appointment as co-sub-adviser and the Board’s approval of the NBIA Sub-Advisory Agreement were made in accordance with the requirements of the exemptive order and do not require shareholder approval.

In considering the appointment of NBIA as co-sub-adviser for a portion of the Fund, the Board reviewed with PLFA its rationale for recommending a new co-sub-adviser for the Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that NBIA be appointed as the new co-sub-adviser for the Fund and in evaluating the proposed NBIA Sub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a new co-sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potential co-sub-adviser and an assessment of the investment strategies used by a potential co-sub-adviser. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of NBIA and PLFA’s analysis in reaching its conclusion to recommend NBIA as co-sub-adviser for the Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the sub-advisers, and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Board believed appropriate. Prior to making a decision, the Trustees also considered the report of PLFA’s Conflicts Review Committee.

In evaluating the proposed NBIA Sub-Advisory Agreement between PLFA and NBIA with respect to the Fund, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services to be Provided

The Trustees considered the benefits to shareholders of retaining NBIA as a co-sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by NBIA. In this regard, the Trustees considered various materials relating to NBIA, including copies of the proposed NBIA Sub-Advisory Agreement; copies of NBIA’s Form ADV; financial information; a written presentation from

D-3

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

NBIA; a comprehensive report including an assessment from PLFA; responses from NBIA to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered verbal presentations at an in-person meeting held on March 27, 2019 from the investment management team of PLFA and from management and investment personnel from NBIA.

The Trustees considered that under the NBIA Sub-Advisory Agreement, NBIA would be responsible for providing investment advisory services to a portion of the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by that portion of the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of NBIA, including the background and experience of NBIA’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures and code of ethics of NBIA. The Trustees also considered the CCO’s assessment of NBIA’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the NBIA Sub-Advisory Agreement. The Trustees also took note of the due diligence PLFA conducted with respect to NBIA, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by NBIA.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by NBIA under the NBIA Sub-Advisory Agreement.

B. Performance

The Trustees considered PLFA’s recommendation of NBIA to serve as sub-adviser with regard to a portion of the Fund’s day-to-day investment activities. The Trustees considered factors concerning performance in connection with their consideration of this matter and in connection with approval of the related NBIA Sub-Advisory Agreement, including the factors described below.

The Trustees considered that the Fund’s historical performance had been obtained under different sub-advisers, although PLFA has managed the Fund since its inception. The Trustees considered information about the historical performance of a composite managed by NBIA using substantially similar investment strategies (the “NBIA Comparable Performance”). The Trustees considered that this information included a comparison of the NBIA Comparable Performance against the Fund’s benchmark and peer group for the trailing one-, three- and five-year periods as of December 31, 2018, as well as performance for each of the past ten calendar years. The Trustees also considered the risk and risk-adjusted returns of the NBIA Comparable Performance against the Fund’s peer group for the trailing one-, three- and five-year periods as of December 31, 2018. The Trustees also considered the need for NBIA to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that NBIA’s performance record was acceptable.

C. Sub-Advisory Fees

The Trustees considered comparative fee information regarding the fees charged under other advisory contracts of NBIA with regard to other funds with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the NBIA Sub-Advisory Agreement contains breakpoints and is the same as the sub-advisory fee schedule for the existing Sub-Adviser, who will serve as co-sub-adviser with NBIA. The Trustees also considered the portion of the advisory fee retained by PLFA and the advisory fee schedule would remain unchanged. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by NBIA for the other similarly-managed funds, the Trustees noted that there were differences in the nature of the Fund and those other funds, the services provided to each and the competitive and regulatory landscapes surrounding each that could reasonably be expected to account for differences in fee schedules.

The Trustees noted that the sub-advisory fee rates were the result of arms’-length negotiations between PLFA and NBIA, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with adding a sub-adviser, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this sub-adviser addition. Additionally, the Trustees considered the services rendered by PLFA to the Fund under the Investment Advisory Agreement.

The Board concluded that the compensation payable under the NBIA Sub-Advisory Agreement is fair and reasonable, and that the amount of the advisory fee retained by PLFA after paying the sub-advisory fee to NBIA is fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

The Trustees considered information regarding NBIA’s firm-wide costs and profitability. The Trustees noted that any assessment of NBIA’s projected profitability from the Fund would be speculative, would involve assumptions regarding expense allocations and other factors, and would not provide useful information.

The Trustees also considered the organizational strengths of NBIA and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund’s fee structure reflected in the NBIA Sub-Advisory Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and NBIA concerning other benefits that may be received by NBIA and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with NBIA and the anticipated use of

D-4

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

soft-dollars by NBIA. In this regard, the Trustees noted that NBIA represented that it does not anticipate utilizing an affiliated broker-dealer and does not anticipate using soft-dollar credits generated by Fund commissions. The Trustees considered potential benefits to be derived by NBIA from its relationship with the Fund and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

F. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the NBIA Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the NBIA Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

PF Emerging Markets Fund

The Board approved a new sub-advisory agreement with Invesco, with respect to PF Emerging Markets Fund (for this section only, the “Fund”), in connection with the acquisition of OppenheimerFunds, Inc. (“Oppenheimer”), the previous sub-adviser to the Fund, by Invesco Ltd., parent company of Invesco, effective May 24, 2019 (the “Acquisition”). The Acquisition, which caused a change of control, resulted in the automatic termination of the sub-advisory agreement with Oppenheimer. In anticipation of the Acquisition, at an in-person meeting on March 27, 2019, based upon a recommendation from PLFA, the Board, including the Independent Trustees, approved, effective upon the effective date of the Acquisition, a new sub-advisory agreement with Invesco for the Fund (the “New Sub-Advisory Agreement”).

The Trustees considered that Oppenheimer currently sub-advises the Fund pursuant to a sub-advisory agreement dated January 1, 2014 (the “Current Sub-Advisory Agreement”), and that they were being asked to evaluate the New Sub-Advisory Agreement in light of the anticipated sale of Oppenheimer to Invesco, which will result in the automatic termination of the Current Sub-Advisory Agreement.

In evaluating the New Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

• The Current Sub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at an in-person meeting on December 12, 2018. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by Oppenheimer; the investment results of the Fund; the sub-advisory fees paid to Oppenheimer; Oppenheimer’s costs in managing the Fund and its profitability from the Fund; and other benefits received by Oppenheimer and its affiliates as a result of their relationship with the Fund.

• Oppenheimer represented to the Board that following the transaction, the Fund’s portfolio management team will be moved to Invesco and that will be no changes to the Fund’s portfolio management team under the New Sub-Advisory Agreement.

• There is expected to be no change in the level of services provided to the Fund.

• The sub-advisory fee rates under the New Sub-Advisory Agreement are the same as those under the Current Sub-Advisory Agreement.

• The Trust’s CCO had reviewed the written compliance policies and procedures and code of ethics of Invesco. The Trustees also considered the CCO’s assessment of Invesco’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the New Sub-Advisory Agreement.

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the New Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the New Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

D-5

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Trust files Part F of Form N-PORT (complete schedules of fund holdings) with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of Form N-PORT, (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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

Information Relating to Investments Held by the Trust

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

Availability of Proxy Voting Policies

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

How to obtain Information

The Trust’s prospectus, SAI (including Proxy Voting Policies) and annual and semi-annual reports are available:

• On the Trust’s website at https://www.pacificlife.com/pacificfunds.html

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

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

D-6

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Treasurer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the 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 the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Pacific Funds Series Trust
By:	/s/ Adrian S. Griggs
	Adrian S. Griggs
	Chief Executive Officer
Date:	December 4, 2019

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/ Adrian S. Griggs
	Adrian S. Griggs
	Chief Executive Officer
Date:	December 4, 2019

By:	/s/ Trevor T. Smith
	Trevor T. Smith
	Treasurer (Principal Financial and Accounting Officer)
Date:	December 4, 2019

EX-99.CERT

Exhibit 99.CERT

FORM N-CSR CERTIFICATION

I, Adrian S. Griggs, certify that:

1. I have reviewed this report on Form N-CSR of Pacific Funds Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 26, 2019

/s/ Adrian S. Griggs

Adrian S. Griggs

Chief Executive Officer, Pacific Funds Series Trust

FORM N-CSR CERTIFICATION

I, Trevor T. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Pacific Funds Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 26, 2019

/s/ Trevor T. Smith

Trevor T. Smith

Treasurer (Principal Financial and Accounting Officer),

Pacific Funds Series Trust

EX-99.906 CERT

Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In conjunction with the Semi-Annual Report to Shareholders on Form N-CSR of Pacific Funds Series Trust (the “Fund”) for the fiscal half-year ended September 30, 2019 as filed with the Securities and Exchange Commission (the “Report”), Adrian S. Griggs as Chief Executive Officer of the Fund and Trevor T. Smith, as Treasurer (Principal Financial and Accounting Officer) of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.         The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.         The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: November 26, 2019

/s/ Adrian S. Griggs

Adrian S. Griggs

Chief Executive Officer, Pacific Funds Series Trust

/s/ Trevor T. Smith

Trevor T. Smith

Treasurer (Principal Financial and Accounting Officer), Pacific Funds Series Trust