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: April 1, 2020 - September 30, 2020

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.

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

(b) The Trust has not yet relied upon Rule 30e-3 of the Act.

September 30, 2020

SEMI-ANNUAL REPORT

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2020

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-12
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Where to Go for More Information	D-4

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, 2020 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		667,252		$7,646,711
Pacific Funds Floating Rate Income ‘P’		247,859		2,357,135
Pacific Funds High Income ‘P’		2,795,971		27,232,759
PF Inflation Managed Fund ‘P’		1,298,274		12,969,759
PF Managed Bond Fund ‘P’		7,517,082		88,701,569
PF Short Duration Bond Fund ‘P’		3,423,722		35,230,098
PF Emerging Markets Debt Fund ‘P’		1,113,007		9,427,167
PF Growth Fund ‘P’		28,203		1,061,580
PF Large-Cap Value Fund ‘P’		337,032		3,993,828
PF Multi-Asset Fund ‘P’		3,392,273		37,518,539
PF Small-Cap Growth Fund ‘P’		58,706		1,248,678
PF Small-Cap Value Fund ‘P’		375,737		2,404,716
PF Emerging Markets Fund ‘P’		380,050		4,792,434
PF International Small-Cap Fund ‘P’		128,445		1,213,806
PF Real Estate Fund ‘P’		102,795		1,217,090
Total Affiliated Mutual Funds (Cost $209,622,730)				237,015,869
TOTAL INVESTMENTS - 100.1% (Cost $209,622,730)				237,015,869
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(182,949	)
NET ASSETS - 100.0%				$236,832,920

Notes to Schedule of Investments

(a) As of September 30, 2020, the Funds’ composition as a percentage of net assets was as follows:

Pacific Funds Portfolio Optimization Conservative
Affiliated Fixed Income Funds	77.5%
Affiliated Equity Funds	22.6%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		732,383		$8,393,113
Pacific Funds Floating Rate Income ‘P’		166,657		1,584,906
Pacific Funds High Income ‘P’		3,275,964		31,907,888
PF Inflation Managed Fund ‘P’		635,713		6,350,774
PF Managed Bond Fund ‘P’		8,540,969		100,783,438
PF Short Duration Bond Fund ‘P’		2,613,569		26,893,624
PF Emerging Markets Debt Fund ‘P’		1,498,213		12,689,864
PF Growth Fund ‘P’		295,492		11,122,300
PF Large-Cap Value Fund ‘P’		1,387,842		16,445,931
PF Multi-Asset Fund ‘P’		6,806,595		75,280,940
PF Small-Cap Growth Fund ‘P’		78,895		1,678,098
PF Small-Cap Value Fund ‘P’		752,972		4,819,020
PF Emerging Markets Fund ‘P’		1,023,630		12,907,969
PF International Large-Cap Fund ‘P’		303,518		3,366,017
PF International Small-Cap Fund ‘P’		172,790		1,632,869
PF International Value Fund ‘P’		292,237		1,765,111
PF Real Estate Fund ‘P’		276,629		3,275,283
Total Affiliated Mutual Funds (Cost $281,518,042)				320,897,145
TOTAL INVESTMENTS - 100.1% (Cost $281,518,042)				320,897,145
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(422,733	)
NET ASSETS - 100.0%				$320,474,412

Pacific Funds Portfolio Optimization Moderate-Conservative
Affiliated Fixed Income Funds	58.8%
Affiliated Equity Funds	41.3%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of September 30, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Conservative
Assets	Affiliated Mutual Funds		$237,015,869		$237,015,869		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative
Assets	Affiliated Mutual Funds		$320,897,145		$320,897,145		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE Schedule of Investments

September 30, 2020 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		1,823,880		$20,901,662
Pacific Funds Floating Rate Income ‘P’		523,502		4,978,502
Pacific Funds High Income ‘P’		5,664,663		55,173,813
PF Inflation Managed Fund ‘P’		499,194		4,986,948
PF Managed Bond Fund ‘P’		19,927,497		235,144,463
PF Short Duration Bond Fund ‘P’		5,557,053		57,182,075
PF Emerging Markets Debt Fund ‘P’		2,941,851		24,917,479
PF Growth Fund ‘P’		1,709,283		64,337,428
PF Large-Cap Value Fund ‘P’		5,487,095		65,022,080
PF Multi-Asset Fund ‘P’		33,500,797		370,518,814
PF Small-Cap Growth Fund ‘P’		481,537		10,242,295
PF Small-Cap Value Fund ‘P’		3,172,597		20,304,619
PF Emerging Markets Fund ‘P’		3,214,616		40,536,302
PF International Large-Cap Fund ‘P’		1,138,852		12,629,870
PF International Small-Cap Fund ‘P’		1,083,705		10,241,014
PF International Value Fund ‘P’		1,245,975		7,525,687
PF Real Estate Fund ‘P’		869,119		10,290,372
Total Affiliated Mutual Funds (Cost $843,555,860)				1,014,933,423
TOTAL INVESTMENTS - 100.2% (Cost $843,555,860)				1,014,933,423
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,861,176	)
NET ASSETS - 100.0%				$1,013,072,247

Notes to Schedule of Investments

(a) As of September 30, 2020, the Funds’ composition as a percentage of net assets was as follows:

Pacific Funds Portfolio Optimization Moderate
Affiliated Equity Funds	60.4%
Affiliated Fixed Income Funds	39.8%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		741,053		$8,492,469
Pacific Funds High Income ‘P’		3,985,565		38,819,398
PF Managed Bond Fund ‘P’		7,776,626		91,764,181
PF Short Duration Bond Fund ‘P’		1,499,812		15,433,067
PF Emerging Markets Debt Fund ‘P’		2,738,894		23,198,435
PF Growth Fund ‘P’		1,724,352		64,904,625
PF Large-Cap Value Fund ‘P’		3,597,467		42,629,979
PF Multi-Asset Fund ‘P’		33,515,121		370,677,243
PF Small-Cap Growth Fund ‘P’		382,516		8,136,113
PF Small-Cap Value Fund ‘P’		3,691,563		23,626,001
PF Emerging Markets Fund ‘P’		3,430,550		43,259,231
PF International Large-Cap Fund ‘P’		1,483,329		16,450,122
PF International Small-Cap Fund ‘P’		1,259,639		11,903,592
PF International Value Fund ‘P’		2,708,838		16,361,381
PF Real Estate Fund ‘P’		1,346,822		15,946,368
Total Affiliated Mutual Funds (Cost $652,884,488)				791,602,205
TOTAL INVESTMENTS - 100.2% (Cost $652,884,488)				791,602,205
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,270,783	)
NET ASSETS - 100.0%				$790,331,422

Pacific Funds Portfolio Optimization Growth
Affiliated Equity Funds	77.7%
Affiliated Fixed Income Funds	22.5%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of September 30, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Moderate
Assets	Affiliated Mutual Funds		$1,014,933,423		$1,014,933,423		$—		$—
Pacific Funds Portfolio Optimization Growth
Assets	Affiliated Mutual Funds		$791,602,205		$791,602,205		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		62,095		$711,606
Pacific Funds High Income ‘P’		440,496		4,290,432
PF Managed Bond Fund ‘P’		698,431		8,241,489
PF Short Duration Bond Fund ‘P’		276,407		2,844,228
PF Emerging Markets Debt Fund ‘P’		286,066		2,422,974
PF Growth Fund ‘P’		780,100		29,362,979
PF Large-Cap Value Fund ‘P’		1,070,276		12,682,765
PF Multi-Asset Fund ‘P’		14,858,846		164,338,836
PF Small-Cap Growth Fund ‘P’		411,992		8,763,076
PF Small-Cap Value Fund ‘P’		2,489,177		15,930,733
PF Emerging Markets Fund ‘P’		1,378,740		17,385,906
PF International Large-Cap Fund ‘P’		782,872		8,682,053
PF International Small-Cap Fund ‘P’		619,754		5,856,677
PF International Value Fund ‘P’		717,511		4,333,768
PF Real Estate Fund ‘P’		619,974		7,340,495
Total Affiliated Mutual Funds (Cost $240,457,143)				293,188,017
TOTAL INVESTMENTS - 100.2% (Cost $240,457,143)				293,188,017
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(541,726	)
NET ASSETS - 100.0%				$292,646,291

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	93.9%
Affiliated Fixed Income Funds	6.3%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$293,188,017		$293,188,017		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-3

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 58.0%
Basic Materials - 0.7%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$75,000		$76,284
Nutrien Ltd (Canada) 1.900% due 05/13/23		100,000		103,287
Nutrition & Biosciences Inc 0.697% due 09/15/22 ~		50,000		50,093
				229,664
Communications - 2.8%
eBay Inc 1.138% (USD LIBOR + 0.870%) due 01/30/23 §		300,000		303,220
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		581,500		588,923
				892,143
Consumer, Cyclical - 5.7%
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		97,863		81,688
4.625% due 12/20/25 ~		81,865		78,966
General Motors Financial Co Inc 1.618% (USD LIBOR + 1.310%) due 06/30/22 §		200,000		199,438
Harley-Davidson Financial Services Inc 3.550% due 05/21/21 ~		200,000		202,994
Hasbro Inc 2.600% due 11/19/22		200,000		207,645
3.150% due 05/15/21		100,000		101,091
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		102,493
Lennar Corp 4.125% due 01/15/22		250,000		256,156
Marriott International Inc 0.898% (USD LIBOR + 0.650%) due 03/08/21 §		250,000		249,002
McDonald’s Corp 0.677% (USD LIBOR + 0.430%) due 10/28/21 §		150,000		150,455
Toyota Motor Credit Corp 2.900% due 03/30/23		200,000		212,310
				1,842,238
Consumer, Non-Cyclical - 6.2%
AbbVie Inc 2.150% due 11/19/21 ~		450,000		458,526
Campbell Soup Co 0.880% (USD LIBOR + 0.630%) due 03/15/21 §		200,000		200,380
Cigna Corp 0.896% (USD LIBOR + 0.650%) due 09/17/21 §		375,000		375,076
General Mills Inc 0.811% (USD LIBOR + 0.540%) due 04/16/21 §		350,000		350,680
Gilead Sciences Inc 0.750% due 09/29/23		250,000		250,546
Royalty Pharma PLC 0.750% due 09/02/23 ~		200,000		199,598
Upjohn Inc 1.125% due 06/22/22 ~		150,000		151,233
				1,986,039

	Principal Amount		Value
Energy - 1.9%
Kinder Morgan Inc 5.000% due 02/15/21 ~		$200,000		$202,524
Valero Energy Corp 1.403% (USD LIBOR + 1.150%) due 09/15/23 §		415,000		413,756
				616,280
Financial - 26.3%
AIG Global Funding 0.800% due 07/07/23 ~		150,000		150,837
Air Lease Corp 3.875% due 04/01/21		280,000		282,755
American Express Credit Corp 0.951% (USD LIBOR + 0.700%) due 03/03/22 §		103,000		103,683
Bank of America Corp 0.636% (USD LIBOR + 0.380%) due 01/23/22 §		200,000		200,160
0.947% (USD LIBOR + 0.650%) due 06/25/22 §		250,000		250,912
Capital One NA 2.150% due 09/06/22		250,000		257,041
Citigroup Inc 1.205% (USD LIBOR + 0.960%) due 04/25/22 §		350,000		353,481
2.750% due 04/25/22		250,000		258,437
Fifth Third Bank NA 0.891% (USD LIBOR + 0.640%) due 02/01/22 §		200,000		201,259
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		200,000		206,594
Intercontinental Exchange Inc 0.903% (USD LIBOR + 0.650%) due 06/15/23 §		200,000		200,644
Jackson National Life Global Funding 1.036% (USD LIBOR + 0.730%) due 06/27/22 § ~		250,000		251,981
JPMorgan Chase & Co 3.250% due 09/23/22		250,000		264,375
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,517
Mitsubishi UFJ Financial Group Inc (Japan) 1.176% (USD LIBOR + 0.920%) due 02/22/22 §		350,000		353,336
Morgan Stanley 1.452% (USD LIBOR + 1.180%) due 01/20/22 §		425,000		426,251
1.664% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		254,146
New York Life Global Funding 0.706% (USD LIBOR + 0.440%) due 07/12/22 § ~		400,000		402,263
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		207,239
PNC Bank NA 0.581% (USD LIBOR + 0.325%) due 02/24/23 §		250,000		250,330
0.708% (USD LIBOR + 0.450%) due 07/22/22 §		250,000		250,732
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		153,616
Royal Bank of Canada (Canada) 0.979% (USD LIBOR + 0.730%) due 02/01/22 §		400,000		403,737
Skandinaviska Enskilda Banken AB (Sweden) 0.566% (USD LIBOR + 0.320%) due 09/01/23 § ~		500,000		500,134

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-4

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
State Street Corp 2.825% due 03/30/23 ~		$250,000		$258,798
Sumitomo Mitsui Financial Group Inc (Japan) 1.046% (USD LIBOR + 0.780%) due 07/12/22 §		450,000		453,519
The Goldman Sachs Group Inc 1.006% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		250,958
1.355% (USD LIBOR + 1.110%) due 04/26/22 §		250,000		251,062
Truist Bank 0.829% (SOFR + 0.730%) due 03/09/23 §		250,000		252,084
UBS AG (Switzerland) 1.750% due 04/21/22 ~		300,000		305,539
UBS Group AG (Switzerland) 1.781% (USD LIBOR + 1.530%) due 02/01/22 § ~		200,000		203,492
Wells Fargo & Co 3.450% due 02/13/23		100,000		106,071
				8,466,983
Industrial - 6.5%
Carrier Global Corp 1.923% due 02/15/23 ~		250,000		257,354
Honeywell International Inc 0.498% (USD LIBOR + 0.230%) due 08/19/22 §		750,000		750,697
Otis Worldwide Corp 0.754% (USD LIBOR + 0.450%) due 04/05/23 §		200,000		200,137
Penske Truck Leasing Co Lp 3.650% due 07/29/21 ~		155,000		158,678
Roper Technologies Inc 0.450% due 08/15/22		200,000		200,020
3.650% due 09/15/23		250,000		271,923
The Boeing Co 4.508% due 05/01/23		250,000		263,405
				2,102,214
Technology - 3.5%
Broadcom Inc 3.125% due 10/15/22		150,000		157,032
Dell International LLC 4.000% due 07/15/24 ~		200,000		216,386
4.420% due 06/15/21 ~		24,000		24,570
Hewlett Packard Enterprise Co 0.929% (USD LIBOR + 0.680%) due 03/12/21 §		250,000		250,521
Leidos Inc 2.950% due 05/15/23 ~		100,000		105,443
Micron Technology Inc 2.497% due 04/24/23		350,000		363,741
				1,117,693
Utilities - 4.4%
Dominion Energy Inc 0.774% (USD LIBOR + 0.530%) due 09/15/23 §		150,000		150,262
DTE Energy Co 2.250% due 11/01/22		500,000		517,116
Florida Power & Light Co 0.641% (USD LIBOR + 0.380%) due 07/28/23 §		450,000		450,350
Pacific Gas and Electric Co 1.750% due 06/16/22		300,000		300,363
				1,418,091
Total Corporate Bonds & Notes (Cost $18,510,641)				18,671,345

	Principal Amount		Value
SENIOR LOAN NOTES - 10.8%
Basic Materials - 0.8%
Asplundh Tree Expert LLC Term B due 09/04/27 ¥		$250,000		$250,052
Communications - 3.1%
Charter Communications Operating LLC Term B-2 due 02/01/27 ¥		498,741		488,869
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		498,750		498,972
				987,841
Consumer, Cyclical - 0.7%
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		246,173		232,634
Consumer, Non-Cyclical - 3.1%
HCA Inc Term B-13 due 03/18/26 ¥		498,741		497,404
United Rentals North America Inc Term B due 10/31/25 ¥		498,728		497,793
				995,197
Financial - 0.4%
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		135,696
Industrial - 1.2%
GFL Environmental Inc Term B (Canada) 4.000% (USD LIBOR + 3.000%) due 05/31/25 §		197,820		197,236
Reynolds Group Holdings Inc Term B 2.897% - 5.000% (USD LIBOR + 2.750%) due 02/05/23 §		192,583		191,018
				388,254
Technology - 1.5%
Dell International LLC Term B-1 due 09/19/25 ¥		500,000		498,486
Total Senior Loan Notes (Cost $3,506,155)				3,488,160
ASSET-BACKED SECURITIES - 24.0%
AIMCO CLO (Cayman) due 10/15/31 # ~		380,186		378,589
1.125% (USD LIBOR + 0.850%) due 01/15/28 § ~		300,000		300,032
AmeriCredit Automobile Receivables Trust 1.100% due 03/20/23		470,362		472,013
1.480% due 01/21/25		250,000		254,448
2.040% due 07/18/22		45,621		45,667
2.240% due 06/19/23		149,951		150,537
3.260% due 01/18/24		155,000		158,652
Benefit Street Partners CLO VI Ltd (Cayman) 1.512% (USD LIBOR + 1.240%) due 10/18/29 § ~		250,000		248,377
Dryden 43 Senior Loan CLO Fund (Cayman) 1.412% (USD LIBOR + 1.140%) due 07/20/29 § ~		250,000		248,913

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-5

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Ford Credit Auto Owner Trust 0.500% due 02/15/23		$250,000		$250,368
1.030% due 10/15/22		96,568		96,886
1.880% due 07/15/22		171,358		172,298
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		91,099		94,335
Magnetite VIII CLO Ltd (Cayman) 1.255% (USD LIBOR + 0.980%) due 04/15/31 § ~		215,000		212,589
Navient Private Education Refi Loan Trust 0.502% (USD LIBOR + 0.350%) due 11/15/68 § ~		53,898		53,790
1.220% due 07/15/69 ~		89,673		90,076
1.800% due 01/15/69 ~		151,118		151,839
2.180% due 08/15/68 ~		75,904		76,183
Navient Student Loan Trust 0.552% (USD LIBOR + 0.400%) due 12/15/59 § ~		154,780		154,636
0.555% (USD LIBOR + 0.380%) due 03/25/67 § ~		149,851		149,291
Palmer Square CLO Ltd (Cayman) 1.371% (USD LIBOR + 1.100%) due 07/16/31 § ~		250,000		248,319
Palmer Square Loan Funding CLO Ltd (Cayman) 0.925% (USD LIBOR + 0.650%) due 07/15/26 § ~		106,863		106,490
1.053% (USD LIBOR + 0.800%) due 02/20/28 § ~		238,768		237,641
1.164% (USD LIBOR + 0.900%) due 10/24/27 § ~		212,578		212,067
1.322% (USD LIBOR + 1.050%) due 04/20/27 § ~		208,823		208,235
Santander Drive Auto Receivables Trust 2.280% due 02/15/22		8,846		8,852
2.790% due 01/16/24		100,000		101,662
3.510% due 08/15/23		181,628		183,816
3.520% due 12/15/22		49,715		49,776
SLC Student Loan Trust 0.360% (USD LIBOR + 0.110%) due 03/15/27 §		26,130		26,088
SLM Student Loan Trust 0.335% (USD LIBOR + 0.090%) due 01/26/26 §		70,695		70,564
SMB Private Education Loan Trust 2.340% due 09/15/34 ~		330,234		336,668
2.430% due 02/17/32 ~		102,193		104,689
2.490% due 06/15/27 ~		437,222		442,381
2.700% due 05/15/31 ~		231,065		236,893
3.050% due 05/15/26 ~		368,343		372,097
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		121,833		123,279
Sofi Professional Loan Program LLC 2.060% due 05/15/46 ~		103,538		104,578
2.130% due 11/16/48 ~		40,827		41,140

	Principal Amount		Value
Toyota Auto Receivables Owner Trust 1.780% due 11/15/21		$22,387		$22,429
1.930% due 01/18/22		204,257		205,079
Verizon Owner Trust 2.060% due 04/20/22 ~		20,414		20,475
Voya CLO Ltd (Cayman) 1.172% (USD LIBOR + 0.900%) due 01/18/29 § ~		250,000		247,753
1.405% (USD LIBOR + 1.130%) due 10/15/30 § ~		250,000		248,345
Total Asset-Backed Securities (Cost $7,703,798)				7,718,835
	Shares
SHORT-TERM INVESTMENTS - 14.8%
Money Market Fund - 9.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		3,161,734		3,161,734
	Principal Amount
U.S. Treasury Bills - 5.0%
0.135% due 10/01/20		$600,000		600,000
0.155% due 12/31/20		1,000,000		999,760
				1,599,760
Total Short-Term Investments (Cost $4,761,342)				4,761,494
TOTAL INVESTMENTS - 107.6% (Cost $34,481,936)				34,639,834
OTHER ASSETS & LIABILITIES, NET - (7.6%)				(2,461,116	)
NET ASSETS - 100.0%				$32,178,718

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	58.0%
Asset-Backed Securities	24.0%
Short-Term Investments	14.8%
Senior Loan Notes	10.8%
	107.6%
Other Assets & Liabilities, Net	(7.6%	)
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$18,671,345		$—		$18,671,345		$—
	Senior Loan Notes		3,488,160		—		3,488,160		—
	Asset-Backed Securities		7,718,835		—		7,718,835		—
	Short-Term Investments		4,761,494		3,161,734		1,599,760		—
	Total		$34,639,834		$3,161,734		$31,478,100		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-6

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 60.1%
Basic Materials - 2.8%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$5,000,000		$5,180,286
5.375% due 04/01/25 ~		3,000,000		3,451,304
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		1,220,000		1,240,892
DuPont de Nemours Inc 1.390% (USD LIBOR + 1.110%) due 11/15/23 §		6,965,000		7,061,849
Georgia-Pacific LLC 1.750% due 09/30/25 ~		5,500,000		5,737,062
Glencore Funding LLC (Australia) 3.000% due 10/27/22 ~		3,000,000		3,107,505
4.125% due 03/12/24 ~		2,500,000		2,711,566
Nutrition & Biosciences Inc 1.230% due 10/01/25 ~		3,000,000		2,999,377
				31,489,841
Communications - 2.5%
Charter Communications Operating LLC 4.464% due 07/23/22		1,600,000		1,694,685
4.500% due 02/01/24		5,000,000		5,546,669
eBay Inc 1.900% due 03/11/25		2,500,000		2,605,329
Expedia Group Inc 3.600% due 12/15/23 ~		4,000,000		4,089,531
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		6,477,500		6,560,185
4.738% due 09/20/29 ~		1,625,000		1,762,109
T-Mobile USA Inc 3.500% due 04/15/25 ~		2,000,000		2,196,440
Tencent Holdings Ltd (China) 1.810% due 01/26/26 ~		3,500,000		3,573,598
				28,028,546
Consumer, Cyclical - 7.2%
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		3,000,000		3,099,353
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		871,585		727,477
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		3,327,346		2,777,396
4.625% due 12/20/25 ~		2,243,091		2,163,665
Daimler Finance North America LLC (Germany) 2.300% due 02/12/21 ~		4,000,000		4,024,736
3.750% due 11/05/21 ~		2,100,000		2,170,923
Delta Air Lines Inc 2.600% due 12/04/20		3,050,000		3,054,085
4.500% due 10/20/25 ~		1,300,000		1,335,250
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,495,452
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,767,407
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,309,914
Ford Motor Credit Co LLC 5.584% due 03/18/24		1,300,000		1,354,064
General Motors Co 5.400% due 10/02/23		2,000,000		2,206,777
General Motors Financial Co Inc 1.530% (USD LIBOR + 1.310%) due 06/30/22 §		2,745,000		2,737,291
1.700% due 08/18/23		3,000,000		3,013,358
3.550% due 07/08/22		3,000,000		3,104,064
Harley-Davidson Financial Services Inc 3.350% due 06/08/25 ~		2,000,000		2,094,893
3.550% due 05/21/21 ~		300,000		304,491

	Principal Amount		Value
Hyatt Hotels Corp 3.375% due 07/15/23	$	6,234,000	$	6,389,389
Hyundai Capital America 3.750% due 07/08/21 ~		2,100,000		2,148,192
Las Vegas Sands Corp 2.900% due 06/25/25		2,900,000		2,893,291
3.200% due 08/08/24		5,000,000		5,069,176
Lennar Corp 4.125% due 01/15/22		4,750,000		4,866,969
4.500% due 04/30/24		5,000,000		5,371,875
Marriott International Inc 3.600% due 04/15/24		2,000,000		2,057,369
5.750% due 05/01/25		2,200,000		2,456,410
Nordstrom Inc 8.750% due 05/15/25 ~		400,000		438,476
Sands China Ltd (Macau) 3.800% due 01/08/26 ~		1,500,000		1,573,485
4.600% due 08/08/23		1,200,000		1,282,332
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		589,410		450,986
4.625% due 03/03/24		535,296		499,251
4.750% due 10/11/23		408,768		376,210
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		616,761		509,513
				81,123,520
Consumer, Non-Cyclical - 8.4%
AbbVie Inc 2.300% due 11/21/22 ~		2,000,000		2,070,446
2.950% due 11/21/26 ~		2,500,000		2,727,073
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.150% due 01/23/25		2,000,000		2,260,243
Anthem Inc 2.375% due 01/15/25		4,150,000		4,413,012
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		4,500,000		4,665,765
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		3,650,000		3,666,230
3.250% due 06/07/22 ~		2,640,000		2,752,818
Campbell Soup Co 3.650% due 03/15/23		3,676,000		3,936,582
Cigna Corp 1.165% (USD LIBOR + 0.890%) due 07/15/23 §		2,300,000		2,325,035
Diageo Capital PLC (United Kingdom) 1.375% due 09/29/25		2,500,000		2,563,362
General Mills Inc 1.283% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,135,391
Global Payments Inc 2.650% due 02/15/25		6,000,000		6,370,251
Humana Inc 3.850% due 10/01/24		2,000,000		2,212,513
Kellogg Co 2.650% due 12/01/23		3,000,000		3,182,871
Keurig Dr Pepper Inc 3.130% due 12/15/23		4,500,000		4,841,659
4.057% due 05/25/23		3,000,000		3,264,147
4.417% due 05/25/25		1,000,000		1,152,909
Laboratory Corp of America Holdings 2.300% due 12/01/24		2,550,000		2,695,955
Mars Inc 2.700% due 04/01/25 ~		2,150,000		2,329,567
Mondelez International Inc 1.500% due 05/04/25		2,000,000		2,055,098
Moody’s Corp 2.625% due 01/15/23		3,000,000		3,137,827
PayPal Holdings Inc 1.350% due 06/01/23		3,950,000		4,037,047
2.200% due 09/26/22		3,000,000		3,102,520

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-7

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Quest Diagnostics Inc 3.500% due 03/30/25	$	2,290,000	$	2,539,768
Royalty Pharma PLC 0.750% due 09/02/23 ~		3,450,000		3,443,058
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		4,200,000		4,395,438
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21		3,500,000		3,629,888
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		1,166,000		1,158,275
UnitedHealth Group Inc 1.250% due 01/15/26		2,000,000		2,049,893
Upjohn Inc 1.125% due 06/22/22 ~		3,250,000		3,276,720
1.650% due 06/22/25 ~		900,000		922,523
				94,313,884
Energy - 2.3%
Energy Transfer Operating LP 3.600% due 02/01/23		5,325,000		5,474,445
4.250% due 03/15/23		1,500,000		1,561,498
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,655,800
MPLX LP 3.500% due 12/01/22		6,900,000		7,234,776
Valero Energy Corp 1.200% due 03/15/24		4,160,000		4,145,836
1.403% (USD LIBOR + 1.150%) due 09/15/23		4,585,000		4,571,255
				25,643,610
Financial - 22.1%
AerCap Ireland Capital DAC (Ireland) 4.500% due 09/15/23		3,000,000		3,093,612
AIG Global Funding 0.800% due 07/07/23 ~		2,600,000		2,614,515
Air Lease Corp 3.000% due 09/15/23		2,432,000		2,470,021
3.375% due 07/01/25		1,200,000		1,226,434
3.875% due 04/01/21		1,050,000		1,060,331
American International Group Inc 2.500% due 06/30/25		2,500,000		2,675,887
AvalonBay Communities Inc REIT 2.850% due 03/15/23		1,970,000		2,063,290
3.500% due 11/15/24		2,000,000		2,206,414
Avolon Holdings Funding Ltd (Ireland) 3.625% due 05/01/22 ~		4,150,000		4,079,909
Banco Santander SA (Spain) 2.746% due 05/28/25		3,000,000		3,157,322
Bank of America Corp 1.019% (USD LIBOR + 0.770%) due 02/05/26 §		500,000		498,153
1.216% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,062,928
2.328% due 10/01/21		2,450,000		2,450,000
3.300% due 01/11/23		3,000,000		3,186,828
4.200% due 08/26/24		2,000,000		2,228,934
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,574,319
Capital One Financial Corp 2.600% due 05/11/23		2,800,000		2,931,872
CC Holdings GS V LLC REIT 3.849% due 04/15/23		2,400,000		2,585,487
Citigroup Inc 0.960% (SOFR + 0.870%) due 11/04/22 §		5,000,000		5,020,416
3.300% due 04/27/25		2,000,000		2,203,287
4.000% due 08/05/24		2,000,000		2,200,153
Citizens Bank NA 1.168% (USD LIBOR + 0.950%) due 03/29/23 §		2,000,000		2,022,087
3.250% due 02/14/22		2,500,000		2,591,873

	Principal Amount		Value
Cooperatieve Rabobank UA (Netherlands) 0.753% (USD LIBOR + 0.480%) due 01/10/23 §	$	3,000,000	$	3,016,944
1.093% (USD LIBOR + 0.860%) due 09/26/23 § ~		1,500,000		1,519,352
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,538,592
Credit Suisse Group AG (Switzerland) 1.449% (USD LIBOR + 1.200%) due 12/14/23 § ~		3,000,000		3,028,342
Equinix Inc REIT 1.250% due 07/15/25		3,000,000		3,023,347
2.625% due 11/18/24		2,300,000		2,447,398
Fifth Third Bancorp 2.375% due 01/28/25		4,000,000		4,242,214
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		3,800,000		3,925,277
Intercontinental Exchange Inc 0.700% due 06/15/23		2,500,000		2,509,345
0.903% (USD LIBOR + 0.650%) due 06/15/23 §		2,500,000		2,508,055
Jackson National Life Global Funding 2.650% due 06/21/24 ~		5,000,000		5,301,460
3.300% due 02/01/22 ~		4,350,000		4,515,995
JPMorgan Chase & Co 0.986% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		4,030,192
1.145% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,479,255
2.700% due 05/18/23		5,000,000		5,282,953
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		3,000,000		3,022,753
Metropolitan Life Global Funding I 2.400% due 06/17/22 ~		3,750,000		3,875,090
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,186,997
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		2,050,000		2,051,515
1.105% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,019,548
2.623% due 07/18/22		1,750,000		1,815,003
2.665% due 07/25/22		3,000,000		3,115,071
3.218% due 03/07/22		2,150,000		2,231,686
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		5,042,231
Morgan Stanley 0.926% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,506,354
1.188% (USD LIBOR + 0.930%) due 07/22/22 §		5,000,000		5,023,572
1.452% (USD LIBOR + 1.180%) due 01/20/22 §		1,000,000		1,002,942
1.664% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,524,876
2.625% due 11/17/21		2,000,000		2,050,442
5.750% due 01/25/21		2,000,000		2,034,355
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,453,500
Park Aerospace Holdings Ltd (Ireland) 3.625% due 03/15/21 ~		242,000		241,007
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,937,539
PNC Bank NA 0.581% (USD LIBOR + 0.325%) due 02/24/23 §		6,400,000		6,408,442
0.708% (USD LIBOR + 0.450%) due 07/22/22 §		2,500,000		2,507,325
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,000,000		2,048,215

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-8

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Royal Bank of Canada (Canada) 0.894% (USD LIBOR + 0.660%) due 10/05/23 §	$	2,000,000	$	2,013,774
2.250% due 11/01/24		5,000,000		5,301,930
Sumitomo Mitsui Financial Group Inc (Japan) 1.013% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,024,214
1.474% due 07/08/25		7,000,000		7,138,660
2.348% due 01/15/25		2,500,000		2,635,549
2.448% due 09/27/24		600,000		634,748
2.784% due 07/12/22		3,250,000		3,379,019
The Goldman Sachs Group Inc 1.041% (USD LIBOR + 0.780%) due 10/31/22 §		2,000,000		2,008,877
1.298% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,775,374
1.450% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,233,994
2.350% due 11/15/21		2,000,000		2,004,635
The PNC Financial Services Group Inc 3.900% due 04/29/24		2,155,000		2,374,406
Truist Bank 3.525% due 10/26/21		4,200,000		4,208,557
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,504,326
Ventas Realty LP REIT 2.650% due 01/15/25		4,000,000		4,181,585
VICI Properties LP REIT 3.500% due 02/15/25 ~		4,050,000		4,017,114
Wells Fargo & Co 1.654% due 06/02/24		9,000,000		9,171,407
2.625% due 07/22/22		4,400,000		4,566,785
3.069% due 01/24/23		2,000,000		2,063,441
Willis North America Inc 3.600% due 05/15/24		1,608,000		1,756,966
Zions Bancorp NA 3.350% due 03/04/22		3,000,000		3,094,484
				247,761,101
Industrial - 4.5%
Carrier Global Corp 1.923% due 02/15/23 ~		5,800,000		5,970,623
2.242% due 02/15/25 ~		3,000,000		3,130,228
Honeywell International Inc 0.498% (USD LIBOR + 0.230%) due 08/19/22 §		4,250,000		4,253,951
Lennox International Inc 1.350% due 08/01/25		4,000,000		4,034,657
Norbord Inc (Canada) 6.250% due 04/15/23 ~		1,005,000		1,079,013
Otis Worldwide Corp 0.684% (USD LIBOR + 0.450%) due 04/05/23 §		1,500,000		1,501,024
2.056% due 04/05/25		2,500,000		2,629,800
Penske Truck Leasing Co LP 2.700% due 03/14/23 ~		1,000,000		1,041,655
2.700% due 11/01/24 ~		3,250,000		3,451,231
3.450% due 07/01/24 ~		2,300,000		2,491,855
4.125% due 08/01/23 ~		2,000,000		2,173,965
Roper Technologies Inc 1.000% due 09/15/25		2,500,000		2,508,059
3.650% due 09/15/23		5,000,000		5,438,461
Ryder System Inc 2.500% due 09/01/24		2,000,000		2,103,924
The Boeing Co 4.508% due 05/01/23		1,250,000		1,317,026
4.875% due 05/01/25		3,825,000		4,178,472
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,561,710
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		1,200,000		1,266,187
				50,131,841

	Principal Amount		Value
Technology - 4.7%
Broadcom Corp 2.650% due 01/15/23		$3,500,000		$3,637,963
Broadcom Inc 3.125% due 10/15/22		2,500,000		2,617,208
3.625% due 10/15/24		5,000,000		5,460,235
Dell International LLC 4.000% due 07/15/24 ~		5,100,000		5,517,834
Hewlett Packard Enterprise Co 1.450% due 04/01/24		8,000,000		8,108,452
HP Inc 2.200% due 06/17/25		5,000,000		5,245,853
Infor Inc 1.450% due 07/15/23 ~		3,000,000		3,043,103
Leidos Inc 2.950% due 05/15/23 ~		1,400,000		1,476,202
Micron Technology Inc 2.497% due 04/24/23		8,200,000		8,521,942
NXP BV (Netherlands) 2.700% due 05/01/25 ~		3,300,000		3,497,396
Oracle Corp 2.500% due 04/01/25		2,050,000		2,199,903
VMware Inc 4.500% due 05/15/25		3,450,000		3,907,396
				53,233,487
Utilities - 5.6%
Avangrid Inc 3.200% due 04/15/25		2,700,000		2,974,174
Dominion Energy Gas Holdings LLC 2.500% due 11/15/24		2,550,000		2,713,161
Dominion Energy Inc 0.776% (USD LIBOR + 0.530%) due 09/15/23 §		1,400,000		1,402,444
3.071% due 08/15/24		2,280,000		2,452,653
DPL Inc 4.125% due 07/01/25 ~		600,000		628,620
DTE Energy Co 1.050% due 06/01/25		1,000,000		1,002,984
2.250% due 11/01/22		1,600,000		1,654,773
2.600% due 06/15/22		2,400,000		2,479,333
Duke Energy Corp 0.900% (USD LIBOR + 0.650%) due 03/11/22 §		1,000,000		1,006,396
2.400% due 08/15/22		2,150,000		2,223,768
Edison International 4.950% due 04/15/25		2,000,000		2,193,183
Evergy Inc 2.450% due 09/15/24		4,350,000		4,610,956
FirstEnergy Corp 2.850% due 07/15/22		3,800,000		3,897,275
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		5,875,000		6,136,291
NRG Energy Inc 3.750% due 06/15/24 ~		4,104,000		4,386,518
Pacific Gas and Electric Co 1.750% due 06/16/22		7,200,000		7,208,721
Sempra Energy 0.775% (USD LIBOR + 0.500%) due 01/15/21 §		5,000,000		5,000,467
The AES Corp 3.300% due 07/15/25 ~		3,650,000		3,895,408
Vistra Operations Co LLC 3.550% due 07/15/24 ~		7,000,000		7,460,404
				63,327,529
Total Corporate Bonds & Notes (Cost $656,948,202)				675,053,359

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-9

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
SENIOR LOAN NOTES - 12.6%
Basic Materials - 0.3%
Asplundh Tree Expert LLC Term B due 09/04/27 ¥		$3,500,000		$3,500,728
Communications - 0.9%
Charter Communications Operating LLC Term B-2 1.900% (USD LIBOR + 1.750%) due 02/01/27 §		3,491,184		3,422,086
CSC Holdings LLC Term B-5 2.652% (USD LIBOR + 2.500%) due 04/15/27 §		1,990,000		1,934,778
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		4,239,375		4,241,266
				9,598,130
Consumer, Cyclical - 1.9%
ClubCorp Holdings Inc Term B 2.970% (USD LIBOR + 2.750%) due 09/18/24 §		1,981,071		1,707,642
Marriott Ownership Resorts Inc Term B 1.897% (USD LIBOR + 1.750%) due 08/31/25 §		2,056,209		1,984,562
PetSmart Inc Term B-2 5.000% (USD LIBOR + 4.000%) due 03/11/22 § ¥		4,500,000		4,495,181
Restaurant Brands International Inc Term B (Canada) 1.897% (USD LIBOR + 1.750%) due 11/19/26 §		3,950,885		3,805,196
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,410,402		3,222,830
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/24/25 §		3,782,736		3,686,749
Stars Group Holdings BV Term B (Canada) due 07/10/25 ¥		2,984,781		2,989,133
				21,891,293
Consumer, Non-Cyclical - 3.3%
AlixPartners LLP Term B 2.647% (USD LIBOR + 2.500%) due 04/04/24 §		1,444,515		1,412,014
Avantor Funding Inc Term B-3 3.250% (USD LIBOR + 2.250%) due 11/21/24 §		3,592,278		3,548,872
Bausch Health Americas Inc Term B 3.151% (USD LIBOR + 3.000%) due 06/01/25 §		5,041,304		4,950,979
Froneri US Inc Term B (United Kingdom) 2.397% (USD LIBOR + 2.250%) due 01/31/27 §		1,376,550		1,329,016
HCA Inc Term B-13 1.897% (USD LIBOR + 1.750%) due 03/18/26 §		4,488,665		4,476,640
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		4,488,158		4,478,468
Pathway Vet Alliance LLC 4.147% (USD LIBOR + 4.000%) due 03/31/27 §		1,844,701		1,820,201
Refinitiv US Holdings Inc Term B 3.397% (USD LIBOR + 3.250%) due 10/01/25 §		3,979,747		3,946,166
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.470% (USD LIBOR + 4.250%) due 10/02/26 § ¥		3,729,356		3,715,703

	Principal Amount		Value
United Rentals North America Inc Term B due 10/31/25 ¥	$	4,488,550	$	4,480,134
US Foods Inc Term B 1.897% (USD LIBOR + 1.750%) due 06/27/23 §		1,721,938		1,662,424
Wand NewCo 3 Inc Term B-1 3.147% (USD LIBOR + 3.000%) due 02/05/26 §		1,777,548		1,720,519
				37,541,136
Financial - 1.9%
Acrisure LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/15/27 §		1,492,500		1,445,592
AssuredPartners Inc Term B 3.647% (USD LIBOR + 3.500%) due 02/13/27 §		7,200,600		7,004,384
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,992,500		2,981,589
HUB International Ltd Term B 3.264% (USD LIBOR + 3.000%) due 04/25/25 §		1,994,898		1,931,061
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		4,975,000		4,777,552
USI Inc Term B 3.220% (USD LIBOR + 3.000%) due 05/16/24 §		3,413,418		3,308,882
				21,449,060
Industrial - 1.9%
Advanced Disposal Services Inc Term B 3.000% (USD LIBOR + 2.250%) due 11/10/23 §		6,636,622		6,628,326
Berry Global Inc Term W 2.156% (USD LIBOR + 2.000%) due 10/01/22 §		2,500,000		2,484,895
Filtration Group Corp Term B 3.147% (USD LIBOR + 3.000%) due 03/29/25 §		3,761,501		3,698,808
Reynolds Group Holdings Inc Term B 2.897% - 5.000% (USD LIBOR + 2.750%) due 02/05/23 §		4,775,671		4,736,868
The Hillman Group Inc Term B 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		1,979,747		1,941,801
TransDigm Inc Term F 2.397% (USD LIBOR + 2.250%) due 12/09/25 §		1,979,962		1,878,489
				21,369,187
Technology - 2.1%
Applied Systems Inc Term B 4.250% (USD LIBOR + 3.250%) due 09/19/24 §		1,994,860		1,987,846
Dell International LLC Term B-1 due 09/19/25 ¥		3,500,000		3,489,398
Sophia LP due 10/06/27 ¥		3,250,000		3,234,257
Term B 4.250% (USD LIBOR + 3.250%) due 09/30/22 §		3,000,000		2,993,751
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		4,810,442		4,688,680
The Dun & Bradstreet Corp Term B 3.895% (USD LIBOR + 3.750%) due 02/08/26 §		4,482,487		4,446,628
The Ultimate Software Group Inc 4.750% (USD LIBOR + 4.000%) due 05/03/26 §		2,750,000		2,745,919
				23,586,479

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Utilities - 0.3%
PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		$3,241,875		$3,190,546
Total Senior Loan Notes (Cost $143,556,321)				142,126,559
ASSET-BACKED SECURITIES - 18.7%
Aimco CLO 11 Ltd (Cayman) due 10/15/31 # ~		3,750,000		3,750,397
Ally Auto Receivables Trust 3.020% due 09/15/23		1,000,000		1,001,020
AmeriCredit Automobile Receivables Trust 0.450% (USD LIBOR + 0.300%) due 01/18/23 §		1,065,609		1,066,709
0.500% (USD LIBOR + 0.350%) due 03/20/23 §		1,881,447		1,882,386
0.970% due 02/18/26		1,000,000		1,004,038
1.100% due 03/20/23		2,351,809		2,360,065
1.480% due 01/21/25		2,750,000		2,798,932
2.170% due 01/18/23		532,804		536,860
2.360% due 12/19/22		2,500,000		2,518,622
2.600% due 09/18/23		2,000,000		2,044,834
2.970% due 11/20/23		1,500,000		1,529,189
3.130% due 02/18/25		1,550,000		1,609,741
3.450% due 06/18/24		2,000,000		2,066,592
3.500% due 01/18/24		2,000,000		2,081,493
Apidos CLO XV (Cayman) 1.282% (USD LIBOR + 1.010%) due 04/20/31 § ~		1,250,000		1,237,717
Apidos CLO XXV (Cayman) 1.442% (USD LIBOR + 1.170%) due 10/20/31 § ~		2,000,000		1,980,640
Apidos CLO XXX (Cayman) 1.412% (USD LIBOR + 1.140%) due 10/18/31 § ~		3,000,000		2,977,553
Atrium XIII (Cayman) 1.436% (USD LIBOR + 1.180%) due 11/21/30 § ~		470,000		467,533
Benefit Street Partners CLO IV Ltd (Cayman) 1.522% (USD LIBOR + 1.250%) due 01/20/29 § ~		1,000,000		995,301
Benefit Street Partners CLO X Ltd (Cayman) 1.415% (USD LIBOR + 1.140%) due 01/15/29 § ~		3,050,000		3,035,387
2.025% (USD LIBOR + 1.750%) due 01/15/29 § ~		500,000		497,474
Buttermilk Park CLO Ltd (Cayman) 1.375% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		840,590
Capital Auto Receivables Asset Trust 3.480% due 10/20/23 ~		1,000,000		1,013,528
Carlyle Global Market Strategies CLO Ltd (Cayman) 1.295% (USD LIBOR + 1.050%) due 07/27/31 § ~		495,916		489,522
CIFC Funding 2015-III CLO Ltd (Cayman) 1.142% (USD LIBOR + 0.870%) due 04/19/29 § ~		1,500,000		1,486,329
Dryden 33 Senior Loan Fund (Cayman) 2.025% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		1,996,486
Dryden 43 Senior Loan CLO Fund (Cayman) 1.412% (USD LIBOR + 1.140%) due 07/20/29 § ~		3,750,000		3,733,692
Dryden 55 CLO Ltd (Cayman) 1.295% (USD LIBOR + 1.020%) due 04/15/31 § ~		2,500,000		2,456,350

	Principal Amount		Value
Dryden 58 CLO Ltd (Cayman) 1.273% (USD LIBOR + 1.000%) due 07/17/31 § ~	$	2,000,000	$	1,972,250
Dryden 61 CLO Ltd (Cayman) 1.433% (USD LIBOR + 1.160%) due 01/17/32 § ~		5,000,000		4,953,892
Dryden 64 CLO Ltd (Cayman) 1.242% (USD LIBOR + 0.970%) due 04/18/31 § ~		2,000,000		1,973,010
Dryden 75 CLO Ltd (Cayman) 1.975% (USD LIBOR + 1.700%) due 07/15/30 § ~		2,400,000		2,385,249
Ford Credit Auto Owner Trust 0.392% (USD LIBOR + 0.240%) due 02/15/22 §		408,836		408,947
1.190% due 01/15/26		2,050,000		2,092,702
2.040% due 08/15/31 ~		2,000,000		2,098,556
2.130% due 05/15/25		5,000,000		5,170,601
2.350% due 04/15/23		1,000,000		1,011,585
2.500% due 05/15/24		1,750,000		1,770,268
3.380% due 03/15/24		1,650,000		1,731,201
GM Financial Consumer Automobile Receivables Trust ‘B’ 3.270% due 01/16/24		1,200,000		1,249,230
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		364,395		377,342
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		2,084,604
Magnetite VIII CLO Ltd (Cayman) 1.255% (USD LIBOR + 0.980%) due 04/15/31 § ~		2,000,000		1,977,573
Magnetite XIV-R CLO Ltd (Cayman) 1.392% (USD LIBOR + 1.120%) due 10/18/31 § ~		3,000,000		2,982,375
Magnetite XVIII CLO Ltd (Cayman) 1.360% (USD LIBOR + 1.080%) due 11/15/28 § ~		3,000,000		2,985,869
Magnetite XXI CLO Ltd (Cayman) 1.552% (USD LIBOR + 1.280%) due 04/20/30 § ~		1,000,000		996,890
MVW 2020-1 LLC 1.740% due 10/20/37 ~		774,341		784,277
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		1,283,875		1,333,027
Navient Private Education Refi Loan Trust 0.502% (USD LIBOR + 0.350%) due 11/15/68 § ~		1,077,969		1,075,796
0.902% (USD LIBOR + 0.750%) due 11/15/68 § ~		1,399,809		1,403,736
1.170% due 09/16/69 ~		1,500,000		1,503,159
1.220% due 07/15/69 ~		1,793,454		1,801,517
1.690% due 05/15/69 ~		3,705,321		3,756,659
2.120% due 01/15/69 ~		2,500,000		2,570,696
2.180% due 08/15/68 ~		1,138,562		1,142,745
2.460% due 11/15/68 ~		1,000,000		1,045,893
2.640% due 05/15/68 ~		2,000,000		2,091,096
2.820% due 02/15/68 ~		847,356		852,305
Navient Student Loan Trust 0.418% (USD LIBOR + 0.270%) due 02/27/68 § ~		980,980		981,365
0.528% (USD LIBOR + 0.380%) due 03/25/67 § ~		3,146,867		3,135,114
1.199% (USD LIBOR + 1.050%) due 06/25/69 § ~		2,500,000		2,536,044
3.390% due 12/15/59 ~		2,000,000		2,068,007
OCP CLO Ltd (Cayman) 1.065% (USD LIBOR + 0.820%) due 10/26/27 § ~		1,355,420		1,348,768
Octagon Investment Partners 25 Ltd (Cayman) 1.072% (USD LIBOR + 0.800%) due 10/20/26 § ~		2,133,696		2,125,351

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
OneMain Financial Issuance CLO Trust 2.370% due 09/14/32 ~	$	504,967	$	506,005
Palmer Square CLO Ltd (Cayman) 1.130% (USD LIBOR + 0.850%) due 08/15/26 § ~		977,857		975,999
1.371% (USD LIBOR + 1.100%) due 07/16/31 § ~		2,250,000		2,234,868
Palmer Square Loan Funding CLO Ltd (Cayman) 0.925% (USD LIBOR + 0.650%) due 07/15/26 § ~		1,175,492		1,171,386
1.164% (USD LIBOR + 0.900%) due 10/24/27 § ~		1,700,625		1,696,533
1.180% (USD LIBOR + 0.900%) due 11/15/26 § ~		1,242,019		1,239,296
1.322% (USD LIBOR + 1.050%) due 04/20/27 § ~		3,602,194		3,592,047
1.603% (USD LIBOR + 1.350%) due 02/20/28 § ~		2,950,000		2,893,805
2.153% (USD LIBOR + 1.900%) due 02/20/28 § ~		1,200,000		1,163,122
Regatta Funding CLO LP (Cayman) 1.525% (USD LIBOR + 1.250%) due 01/15/29 § ~		3,000,000		2,994,752
Regatta X Funding CLO Ltd (Cayman) 1.393% (USD LIBOR + 1.120%) due 01/17/31 § ~		3,000,000		2,978,626
Regatta XIV Funding Ltd (Cayman) 1.435% (USD LIBOR + 1.190%) due 10/25/31 § ~		1,100,000		1,089,010
Santander Drive Auto Receivables Trust 0.620% due 05/15/23		2,500,000		2,503,417
0.960% due 11/15/24		1,200,000		1,204,581
1.460% due 09/15/25		1,000,000		1,012,959
2.070% due 01/17/23		2,534,443		2,552,260
2.280% due 09/15/23		2,500,000		2,531,160
2.790% due 01/16/24		5,000,000		5,083,119
3.210% due 09/15/23		1,829,284		1,841,758
3.270% due 01/17/23		97,883		98,016
3.420% due 04/15/25		1,750,000		1,794,263
3.520% due 12/15/22		221,944		222,215
SLC Student Loan Trust 0.350% (USD LIBOR + 0.100%) due 09/15/26 §		752,714		752,484
0.360% (USD LIBOR + 0.110%) due 03/15/27 §		4,015,094		3,990,210
0.370% (USD LIBOR + 0.120%) due 06/15/29 §		767,512		761,790
0.625% (USD LIBOR + 0.380%) due 10/25/24 §		802,415		800,988
SMB Private Education Loan Trust 0.502% (USD LIBOR + 0.350%) due 07/15/26 § ~		1,743,303		1,744,985
1.290% due 07/15/53 ~		3,950,000		3,955,519
2.340% due 09/15/34 ~		6,001,952		6,118,876
2.430% due 02/17/32 ~		3,402,507		3,485,633
2.490% due 06/15/27 ~		1,942,721		1,965,647
2.700% due 05/15/31 ~		1,262,463		1,294,308
3.050% due 05/15/26 ~		1,812,986		1,831,459
3.440% due 07/15/36 ~		1,850,000		1,950,521
3.500% due 02/15/36 ~		943,993		1,001,300
3.600% due 01/15/37 ~		2,605,665		2,774,528
3.630% due 11/15/35 ~		2,693,692		2,849,153
Sofi Consumer Loan Program Trust 2.020% due 01/25/29 ~		1,207,524		1,220,754
2.450% due 08/25/28 ~		974,662		986,230
Sofi Professional Loan Program LLC 2.060% due 05/15/46 ~		2,139,792		2,161,278
2.130% due 11/16/48 ~		1,083,150		1,091,431

	Principal Amount		Value
Verizon Owner Trust 0.606% (USD LIBOR + 0.450%) due 12/20/23 §	$	3,000,000	$	3,012,661
1.850% due 07/22/24		3,500,000		3,592,297
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,090,367
Total Asset-Backed Securities (Cost $208,015,061)				210,048,295
U.S. TREASURY OBLIGATIONS - 6.0%
U.S. Treasury Notes - 6.0%
2.000% due 07/31/22		3,000,000		3,102,305
2.500% due 01/15/22		8,000,000		8,243,750
1.250% due 07/31/23		6,000,000		6,185,625
1.750% due 07/31/24		9,500,000		10,062,207
1.250% due 08/31/24		5,000,000		5,202,344
1.375% due 10/15/22		5,000,000		5,126,562
1.375% due 01/31/25		4,000,000		4,196,719
1.375% due 01/31/22		5,000,000		5,082,617
1.375% due 02/15/23		10,000,000		10,291,797
1.500% due 09/30/24		10,000,000		10,512,500
Total U.S. Treasury Obligations (Cost $66,307,960)				68,006,426
	Shares
SHORT-TERM INVESTMENT - 4.3%
Money Market Fund - 4.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		47,945,154		47,945,154
Total Short-Term Investment (Cost $47,945,154)				47,945,154
TOTAL INVESTMENTS - 101.7% (Cost $1,122,772,698)				1,143,179,793
OTHER ASSETS & LIABILITIES, NET - (1.7%)				(19,227,996	)
NET ASSETS - 100.0%				$1,123,951,797

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	60.1%
Asset-Backed Securities	18.7%
Senior Loan Notes	12.6%
U.S. Treasury Obligations	6.0%
Short-Term Investment	4.3%
	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)
Pathway Vet Alliance LLC		$147,012		$148,675		$1,663

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$675,053,359		$—		$675,053,359		$—
	Senior Loan Notes		142,126,559		—		142,126,559		—
	Asset-Backed Securities		210,048,295		—		210,048,295		—
	U.S. Treasury Obligations		68,006,426		—		68,006,426		—
	Short-Term Investment		47,945,154		47,945,154		—		—
	Unfunded Loan Commitment		148,675		—		148,675		—
	Total		$1,143,328,468		$47,945,154		$1,095,383,314		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-13

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 51.0%
Basic Materials - 1.2%
Anglo American Capital PLC (South Africa) 2.625% due 09/10/30 ~		$2,800,000		$2,783,361
3.950% due 09/10/50 ~		3,000,000		3,072,342
5.625% due 04/01/30 ~		4,600,000		5,657,404
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		800,000		813,700
Teck Resources Ltd Canada) 3.900% due 07/15/30 ~		2,100,000		2,201,102
				14,527,909
Communications - 4.2%
AT&T Inc 2.750% due 06/01/31		5,500,000		5,798,964
3.500% due 09/15/53 ~		4,865,000		4,762,569
3.850% due 06/01/60		2,800,000		2,859,200
CCO Holdings LLC 4.750% due 03/01/30 ~		3,000,000		3,180,000
Charter Communications Operating LLC 4.800% due 03/01/50		1,850,000		2,124,920
5.750% due 04/01/48		2,000,000		2,478,921
Diamond Sports Group LLC 5.375% due 08/15/26 ~		2,000,000		1,419,830
eBay Inc 2.700% due 03/11/30		1,700,000		1,806,166
Expedia Group Inc 4.625% due 08/01/27 ~		3,150,000		3,314,802
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,472,500
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		1,497,250		1,516,362
T-Mobile USA Inc 2.550% due 02/15/31 ~		3,500,000		3,630,655
3.875% due 04/15/30 ~		3,450,000		3,927,066
Tencent Holdings Ltd (China) 3.240% due 06/03/50 ~		3,500,000		3,521,700
Verizon Communications Inc 3.850% due 11/01/42		2,000,000		2,374,242
				49,187,897
Consumer, Cyclical - 6.3%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		3,888,076		3,502,188
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,439,261		2,348,314
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		484,091		345,250
Beazer Homes USA Inc 7.250% due 10/15/29		2,150,000		2,307,283
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		2,817,479		2,351,801
4.625% due 12/20/25 ~		1,905,808		1,838,326
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,326,013		4,075,205
Choice Hotels International Inc 3.700% due 01/15/31		1,950,000		2,055,739
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,360,780		2,272,279
Delta Air Lines Inc 2.600% due 12/04/20		2,000,000		2,002,679
4.500% due 10/20/25 ~		1,300,000		1,335,250
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,351,377		1,359,554
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,540,024

	Principal Amount		Value
Ferguson Finance PLC 3.250% due 06/02/30 ~		$6,000,000		$6,527,994
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,309,914
Ford Motor Credit Co LLC 3.087% due 01/09/23		1,850,000		1,816,663
5.584% due 03/18/24		2,350,000		2,447,731
General Motors Co 5.000% due 10/01/28		4,400,000		4,954,750
Harley-Davidson Financial Services Inc 3.350% due 06/08/25 ~		2,000,000		2,094,893
Hasbro Inc 3.550% due 11/19/26		4,285,000		4,562,169
JetBlue Pass-Through Trust ‘AA’ 2.750% due 11/15/33		889,026		874,387
Lennar Corp 6.250% due 12/15/21		2,500,000		2,580,937
Marriott International Inc 5.750% due 05/01/25		2,150,000		2,400,583
Nordstrom Inc 4.375% due 04/01/30		2,000,000		1,620,520
5.000% due 01/15/44		2,500,000		1,773,330
8.750% due 05/15/25 ~		400,000		438,476
Sands China Ltd (Macau) 3.800% due 01/08/26 ~		1,050,000		1,101,440
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		1,884,660
Spirit Airlines Pass- Through Trust ‘A’ 4.100% due 10/01/29		512,563		462,160
United Airlines Pass Through Trust ‘A’ 2.900% due 11/01/29		1,400,000		1,222,684
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		1,082,133		1,084,548
United Airlines Pass-Through Trust ‘B’ 3.650% due 04/07/27		1,414,583		1,069,075
4.750% due 10/11/23		3,024,881		2,783,957
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		2,093,136		1,742,151
				73,086,914
Consumer, Non-Cyclical - 8.3%
AbbVie Inc 3.200% due 11/21/29 ~		5,000,000		5,519,138
Alcon Finance Corp (Switzerland) 2.600% due 05/27/30 ~		3,200,000		3,390,743
AmerisourceBergen Corp 2.800% due 05/15/30		2,100,000		2,246,485
Amgen Inc 3.150% due 02/21/40		2,750,000		2,932,535
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.000% due 01/17/43		2,000,000		2,198,608
4.700% due 02/01/36		2,000,000		2,418,000
5.450% due 01/23/39		5,000,000		6,471,012
Anthem Inc 2.250% due 05/15/30		2,000,000		2,056,907
Block Financial LLC 3.875% due 08/15/30		3,500,000		3,522,851
Cigna Corp 2.400% due 03/15/30		3,000,000		3,108,378
Constellation Brands Inc 2.875% due 05/01/30		650,000		703,372
3.500% due 05/09/27		4,000,000		4,475,933
3.750% due 05/01/50		2,000,000		2,242,652
CoStar Group Inc 2.800% due 07/15/30 ~		3,400,000		3,526,490
CVS Health Corp 1.750% due 08/21/30		6,000,000		5,887,081
Equifax Inc 3.100% due 05/15/30		3,000,000		3,271,533

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-14

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Gilead Sciences Inc 1.650% due 10/01/30		$800,000		$799,521
2.600% due 10/01/40		1,200,000		1,200,055
Global Payments Inc 3.200% due 08/15/29		4,500,000		4,921,691
Humana Inc 3.125% due 08/15/29		2,700,000		2,992,271
Kraft Heinz Foods Co 3.000% due 06/01/26		6,000,000		6,185,669
Mondelez International Inc 2.750% due 04/13/30		1,800,000		1,963,733
Quanta Services Inc 2.900% due 10/01/30		3,650,000		3,730,813
Quest Diagnostics Inc 2.800% due 06/30/31		700,000		756,467
Royalty Pharma PLC 3.300% due 09/02/40 ~		3,500,000		3,441,516
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		3,500,000		3,631,079
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		260,000		258,278
Transurban Finance Co Pty Ltd 2.450% due 03/16/31 ~		2,450,000		2,504,898
Universal Health Services Inc 2.650% due 10/15/30 ~		4,450,000		4,441,189
Upjohn Inc 2.300% due 06/22/27 ~		2,250,000		2,327,030
3.850% due 06/22/40 ~		3,350,000		3,621,591
				96,747,519
Energy - 2.0%
Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29 ~		2,075,000		2,159,391
Energy Transfer Operating LP 4.750% due 01/15/26		6,000,000		6,397,633
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,227,148
MPLX LP 5.200% due 12/01/47		1,200,000		1,317,300
5.250% due 01/15/25		6,000,000		6,220,744
6.875% due 08/15/69 §		1,000,000		824,948
Petroleos Mexicanos 6.350% due 02/12/48		2,100,000		1,575,000
Sabine Pass Liquefaction LLC 4.200% due 03/15/28		1,850,000		2,009,472
				22,731,636
Financial - 17.7%
Air Lease Corp 3.000% due 02/01/30		4,000,000		3,730,557
3.375% due 07/01/25		1,200,000		1,226,434
3.875% due 04/01/21		1,047,000		1,057,302
American International Group Inc 3.400% due 06/30/30		2,000,000		2,211,624
Bank of America Corp 2.592% due 04/29/31 §		6,350,000		6,722,623
3.194% due 07/23/30 §		3,000,000		3,319,618
4.183% due 11/25/27		2,850,000		3,273,948
4.200% due 08/26/24		3,500,000		3,900,635
4.250% due 10/22/26		4,500,000		5,214,825
Brown & Brown Inc 2.375% due 03/15/31		2,350,000		2,376,343
Citigroup Inc 2.666% due 01/29/31 §		5,250,000		5,533,277
4.000% due 08/05/24		2,000,000		2,200,153
4.125% due 07/25/28		3,600,000		4,143,893
4.400% due 06/10/25		3,000,000		3,377,325
4.600% due 03/09/26		3,948,000		4,522,747
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		2,000,000		2,096,300

	Principal Amount		Value
Equinix Inc REIT due 03/15/28 #		$2,000,000		$2,001,532
1.800% due 07/15/27		1,450,000		1,464,992
2.900% due 11/18/26		1,500,000		1,619,598
Fidelity National Financial Inc 3.400% due 06/15/30		1,350,000		1,453,845
First American Financial Corp 4.000% due 05/15/30		3,650,000		4,027,568
Five Corners Funding Trust II 2.850% due 05/15/30		5,000,000		5,399,736
GE Capital Funding LLC 4.400% due 05/15/30 ~		2,000,000		2,153,950
GLP Capital LP REIT 5.250% due 06/01/25		3,450,000		3,754,704
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		3,200,000		2,995,053
3.500% due 09/15/30		1,500,000		1,442,776
HSBC Holdings PLC (United Kingdom) 1.645% due 04/18/26 §		2,000,000		1,996,538
2.099% due 06/04/26 §		3,950,000		4,002,619
Intercontinental Exchange Inc 1.850% due 09/15/32		3,250,000		3,241,626
2.100% due 06/15/30		3,500,000		3,621,527
JPMorgan Chase & Co 2.522% due 04/22/31 §		4,800,000		5,122,153
2.956% due 05/13/31 §		5,700,000		6,108,154
4.125% due 12/15/26		4,000,000		4,662,379
KeyCorp 2.550% due 10/01/29		3,500,000		3,724,246
Life Storage LP REIT 2.200% due 10/15/30		1,500,000		1,500,645
Mid-America Apartments LP REIT 2.750% due 03/15/30		2,000,000		2,158,284
Morgan Stanley 2.699% due 01/22/31 §		5,900,000		6,311,852
5.000% due 11/24/25		6,500,000		7,633,076
OneMain Finance Corp 5.375% due 11/15/29		1,575,000		1,641,938
6.125% due 03/15/24		5,200,000		5,453,500
Piedmont Operating Partnership LP REIT 3.150% due 08/15/30		2,300,000		2,258,214
4.450% due 03/15/24		3,100,000		3,289,669
PNC Bank NA 2.700% due 10/22/29		2,500,000		2,708,578
Prudential PLC (Canada) 3.125% due 04/14/30		1,840,000		2,051,624
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,524,119
The Goldman Sachs Group Inc 2.600% due 02/07/30		6,000,000		6,343,916
3.500% due 11/16/26		2,000,000		2,212,588
The Howard Hughes Corp 5.375% due 03/15/25 ~		2,500,000		2,546,500
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,290,712
Truist Bank 2.250% due 03/11/30		1,750,000		1,805,229
UDR Inc REIT 2.950% due 09/01/26		2,000,000		2,178,129
Ventas Realty LP REIT 3.000% due 01/15/30		2,050,000		2,090,530
3.500% due 02/01/25		2,900,000		3,143,244
VICI Properties LP REIT 3.500% due 02/15/25 ~		2,300,000		2,281,324
4.625% due 12/01/29 ~		4,000,000		4,092,500
Wells Fargo & Co 2.188% due 04/30/26 §		6,650,000		6,916,990
2.393% due 06/02/28 §		6,650,000		6,945,846
4.400% due 06/14/46		3,750,000		4,473,024
Willis North America Inc 2.950% due 09/15/29		5,400,000		5,846,995
				206,399,626

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-15

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Industrial - 3.7%
Allegion US Holding Co Inc 3.550% due 10/01/27		$4,336,000		$4,720,597
Carrier Global Corp 3.577% due 04/05/50 ~		4,000,000		4,243,615
Flowserve Corp 3.500% due 10/01/30		6,600,000		6,548,150
General Electric Co 4.350% due 05/01/50		2,100,000		2,143,749
Jabil Inc 3.600% due 01/15/30		2,650,000		2,822,661
Masco Corp 7.750% due 08/01/29		2,000,000		2,822,408
Norbord Inc (Canada) 5.750% due 07/15/27 ~		3,000,000		3,179,580
6.250% due 04/15/23 ~		2,000,000		2,147,290
Otis Worldwide Corp 3.112% due 02/15/40		1,650,000		1,771,015
Penske Truck Leasing Co LP 4.450% due 01/29/26 ~		1,200,000		1,373,999
Standard Industries Inc 5.000% due 02/15/27 ~		2,550,000		2,659,408
The Boeing Co 5.150% due 05/01/30		2,000,000		2,246,386
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		2,500,000		2,602,850
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		1,200,000		1,266,187
Xylem Inc 2.250% due 01/30/31		1,950,000		2,071,571
				42,619,466
Technology - 3.9%
Activision Blizzard Inc 2.500% due 09/15/50		4,000,000		3,681,460
Broadcom Inc 4.250% due 04/15/26		5,000,000		5,638,069
5.000% due 04/15/30		3,300,000		3,901,202
Citrix Systems Inc 3.300% due 03/01/30		2,800,000		2,995,499
Dell International LLC 4.900% due 10/01/26 ~		4,000,000		4,526,392
Fiserv Inc 3.500% due 07/01/29		4,150,000		4,735,570
Micron Technology Inc 4.185% due 02/15/27		2,100,000		2,387,990
NXP BV (Netherlands) 3.400% due 05/01/30 ~		5,250,000		5,759,289
3.875% due 06/18/26 ~		3,000,000		3,366,046
Oracle Corp 3.600% due 04/01/50		1,750,000		1,962,201
VMware Inc 4.650% due 05/15/27		2,500,000		2,917,034
4.700% due 05/15/30		3,500,000		4,150,352
				46,021,104
Utilities - 3.7%
Appalachian Power Co 3.700% due 05/01/50		2,000,000		2,283,892
Dominion Energy Inc 3.071% due 08/15/24		540,000		580,891
DPL Inc 4.125% due 07/01/25 ~		600,000		628,620
4.350% due 04/15/29		1,350,000		1,443,035
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		2,350,000		2,360,744

	Principal Amount		Value
Electricite de France SA (France) 4.500% due 09/21/28 ~		$2,000,000		$2,378,937
IPALCO Enterprises Inc 4.250% due 05/01/30 ~		2,400,000		2,724,360
Kentucky Utilities Co 3.300% due 06/01/50		1,550,000		1,693,932
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		7,232,989
Oklahoma Gas & Electric Co 3.300% due 03/15/30		2,450,000		2,759,632
Pacific Gas and Electric Co 2.500% due 02/01/31		3,300,000		3,151,965
PacifiCorp 2.700% due 09/15/30		2,350,000		2,600,643
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,573,753
Southern California Edison Co 4.000% due 04/01/47		1,550,000		1,662,427
Talen Energy Supply LLC 6.500% due 06/01/25		1,000,000		657,400
6.625% due 01/15/28 ~		2,500,000		2,429,213
Vistra Operations Co LLC 3.550% due 07/15/24 ~		5,500,000		5,861,745
				43,024,178
Total Corporate Bonds & Notes (Cost $567,346,767)				594,346,249
SENIOR LOAN NOTES - 12.9%
Basic Materials - 0.3%
Asplundh Tree Expert LLC Term B due 09/04/27 ¥		3,250,000		3,250,676
Communications - 0.9%
Charter Communications Operating LLC Term B-2 1.900% (USD LIBOR + 1.750%) due 02/01/27 §		2,992,443		2,933,217
CSC Holdings LLC Term B-5 2.652% (USD LIBOR + 2.500%) due 04/15/27 §		4,228,750		4,111,402
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		4,239,375		4,241,266
				11,285,885
Consumer, Cyclical - 2.3%
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		1,457,363		1,448,891
ClubCorp Holdings Inc Term B 2.970% (USD LIBOR + 2.750%) due 09/18/24 §		2,971,607		2,561,463
Marriott Ownership Resorts Inc Term B 1.897% (USD LIBOR + 1.750%) due 08/31/25 §		4,351,585		4,199,959
PetSmart Inc Term B-2 due 03/11/22 ¥		4,500,000		4,495,181
Restaurant Brands International Inc Term B (Canada) 1.897% (USD LIBOR + 1.750%) due 11/19/26 §		4,182,790		4,028,550
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,869,445		3,656,626

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-16

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/24/25 §		$3,782,736		$3,686,749
Stars Group Holdings BV Term B (Canada) due 07/10/25 ¥		2,984,781		2,989,133
				27,066,552
Consumer, Non-Cyclical - 2.6%
AlixPartners LLP Term B 2.647% (USD LIBOR + 2.500%) due 04/04/24 §		1,444,515		1,412,014
Avantor Funding Inc Term B-3 3.250% (USD LIBOR + 2.250%) due 11/21/24 §		4,041,312		3,992,481
Bausch Health Americas Inc Term B 3.151% (USD LIBOR + 3.000%) due 06/01/25 §		4,207,108		4,131,729
Froneri US Inc Term B (United Kingdom) 2.397% (USD LIBOR + 2.250%) due 01/31/27 §		2,194,500		2,118,722
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		4,488,158		4,478,468
Pathway Vet Alliance LLC 4.147% (USD LIBOR + 4.000%) due 03/31/27 §		1,840,078		1,815,638
Refinitiv US Holdings Inc Term B 3.397% (USD LIBOR + 3.250%) due 10/01/25 § ¥		3,979,747		3,946,166
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.470% (USD LIBOR + 4.250%) due 10/02/26 ¥		3,729,356		3,715,703
US Foods Inc Term B 1.897% (USD LIBOR + 1.750%) due 06/27/23 §		2,772,860		2,677,024
Wand NewCo 3 Inc Term B-1 3.147% (USD LIBOR + 3.000%) due 02/05/26 §		1,777,548		1,720,519
				30,008,464
Financial - 1.9%
Acrisure LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/15/27 §		1,492,500		1,445,592
AssuredPartners Inc Term B 3.647% (USD LIBOR + 2.750%) due 02/13/27 §		4,218,125		4,103,181
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,992,500		2,981,589
HUB International Ltd Term B 3.264% (USD LIBOR + 2.750%) due 04/25/25 §		5,440,895		5,266,786
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		4,975,000		4,777,552
USI Inc Term B 3.220% (USD LIBOR + 3.000%) due 05/16/24 §		3,872,502		3,753,906
				22,328,606
Industrial - 2.6%
Advanced Disposal Services Inc Term B 3.000% (USD LIBOR + 2.250%) due 11/10/23 §		6,634,033		6,625,741
Berry Global Inc Term W 2.156% (USD LIBOR + 2.000%) due 10/01/22 §		2,500,000		2,484,895

	Principal Amount		Value
Filtration Group Corp Term B 3.147% (USD LIBOR + 3.000%) due 03/29/25 §		$4,748,348		$4,669,206
Reynolds Group Holdings Inc Term B 2.897% - 5.000% (USD LIBOR + 2.750%) due 02/05/23 §		6,146,199		6,096,261
The Hillman Group Inc Term B 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		2,969,620		2,912,702
TransDigm Inc Term E 2.397% (USD LIBOR + 2.250%) due 05/30/25 §		1,894,331		1,795,405
Term F 2.397% (USD LIBOR + 2.250%) due 12/09/25 §		5,754,009		5,459,116
				30,043,326
Technology - 2.0%
Applied Systems Inc Term B 4.250% (USD LIBOR + 3.250%) due 09/19/24 §		1,994,860		1,987,846
Dell International LLC Term B-1 due 09/19/25 ¥		3,000,000		2,990,913
Sophia LP due 10/06/27 ¥		3,250,000		3,234,257
Term B 4.250% (USD LIBOR + 3.250%) due 09/30/22 §		3,000,000		2,993,751
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		4,810,442		4,688,680
The Dun & Bradstreet Corp Term B 3.895% (USD LIBOR + 3.750%) due 02/08/26 §		4,482,487		4,446,628
The Ultimate Software Group Inc 4.750% (USD LIBOR + 4.000%) due 05/03/26 §		2,750,000		2,745,919
				23,087,994
Utilities - 0.3%
PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		3,491,250		3,435,973
Total Senior Loan Notes (Cost $152,679,622)				150,507,476
MORTGAGE-BACKED SECURITIES - 2.4%
Fannie Mae - 2.4%
due 10/01/35 #		5,500,000		5,626,328
due 10/01/35 #		7,000,000		7,308,985
due 10/01/35 #		11,000,000		11,430,547
due 10/01/50 #		3,000,000		3,101,484
				27,467,344
Total Mortgage-Backed Securities (Cost $27,493,438)				27,467,344
ASSET-BACKED SECURITIES - 13.8%
Aimco CLO 11 Ltd (Cayman) due 10/15/31 # ~		4,700,000		4,700,498
AmeriCredit Automobile Receivables Trust 0.970% due 02/18/26		1,000,000		1,004,038
1.100% due 03/20/23		1,382,864		1,387,718
1.480% due 02/18/26		1,000,000		1,014,352
2.240% due 06/19/23		1,087,142		1,091,397
2.400% due 05/18/22		569,744		570,886
2.600% due 09/18/23		2,600,000		2,658,284
2.690% due 06/19/23		3,325,000		3,382,255
2.710% due 08/18/22		1,358,879		1,370,582

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
3.130% due 02/18/25		$1,250,000		$1,298,179
3.360% due 02/18/25		1,000,000		1,056,065
Apidos CLO XXX (Cayman) 1.872% (USD LIBOR + 1.600%) due 10/18/31 § ~		3,600,000		3,542,759
Benefit Street Partners CLO X Ltd (Cayman) 1.415% (USD LIBOR + 1.140%) due 01/15/29 § ~		400,000		398,084
2.025% (USD LIBOR + 1.750%) due 01/15/29 § ~		250,000		248,737
Buttermilk Park CLO Ltd (Cayman) 1.375% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,600,000		1,582,286
Capital Auto Receivables Asset Trust 3.090% due 08/22/22 ~		1,600,000		1,631,333
Carlyle Global Market Strategies CLO Ltd (Cayman) 1.295% (USD LIBOR + 1.050%) due 07/27/31 § ~		991,833		979,044
1.795% (USD LIBOR + 1.550%) due 07/27/31 § ~		2,000,000		1,950,837
CIFC Funding 2015-III CLO Ltd (Cayman) 1.142% (USD LIBOR + 0.870%) due 04/19/29 § ~		1,500,000		1,486,329
Dryden 33 Senior Loan Fund (Cayman) 2.025% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		1,996,486
Dryden 43 Senior Loan Fund (Cayman) 2.022% (USD LIBOR + 1.750%) due 07/20/29 § ~		3,200,000		3,185,175
Dryden 53 CLO Ltd (Cayman) 1.675% (USD LIBOR + 1.400%) due 01/15/31 § ~		1,500,000		1,468,123
Dryden 55 CLO Ltd (Cayman) 2.175% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		958,958
Dryden 58 CLO Ltd (Cayman) 1.773% (USD LIBOR + 1.500%) due 07/17/31 § ~		2,000,000		1,969,352
2.073% (USD LIBOR + 1.800%) due 07/17/31 § ~		2,000,000		1,927,016
Dryden 61 CLO Ltd (Cayman) 1.923% (USD LIBOR + 1.650%) due 01/17/32 § ~		2,250,000		2,227,334
2.323% (USD LIBOR + 2.050%) due 01/17/32 § ~		2,250,000		2,211,571
Dryden 64 CLO Ltd (Cayman) 1.672% (USD LIBOR + 1.400%) due 04/18/31 § ~		1,600,000		1,558,856
Dryden 75 CLO Ltd (Cayman) 1.975% (USD LIBOR + 1.700%) due 07/15/30 § ~		900,000		894,468
Ford Credit Auto Owner Trust 1.190% due 01/15/26		1,350,000		1,378,121
2.040% due 12/15/26		1,000,000		1,026,668
2.040% due 08/15/31 ~		2,000,000		2,098,556
2.240% due 06/15/22		1,000,000		1,001,889
2.350% due 04/15/23		2,500,000		2,528,963
3.190% due 07/15/31 ~		4,000,000		4,412,588
Madison Park Funding Ltd (Cayman) 1.875% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,600,000		2,574,557
2.022% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,600,000		2,575,264
2.125% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,400,000		1,354,501
Magnetite VIII CLO Ltd (Cayman) 1.255% (USD LIBOR + 0.980%) due 04/15/31 § ~		3,000,000		2,966,359
MVW 2020-1 LLC 1.740% due 10/20/37 ~		774,341		784,277

	Principal Amount		Value
Navient Private Education Refi Loan Trust 1.170% due 09/16/69 ~		$1,500,000		$1,503,159
1.220% due 07/15/69 ~		1,793,454		1,801,517
1.690% due 05/15/69 ~		2,797,294		2,836,527
2.460% due 11/15/68 ~		1,000,000		1,045,893
2.640% due 05/15/68 ~		2,000,000		2,091,096
Navient Student Loan Trust 0.868% (USD LIBOR + 0.720%) due 03/25/67 § ~		2,000,000		1,965,934
1.199% (USD LIBOR + 1.050%) due 06/25/69 § ~		2,500,000		2,536,044
Octagon Investment Partners 25 Ltd (Cayman) 1.472% (USD LIBOR + 1.200%) due 10/20/26 § ~		2,000,000		1,966,397
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		1,262,416		1,265,014
Palmer Square CLO Ltd (Cayman) 1.130% (USD LIBOR + 0.850%) due 08/15/26 § ~		977,857		975,999
1.371% (USD LIBOR + 1.100%) due 07/16/31 § ~		2,500,000		2,483,186
Palmer Square Loan Funding CLO Ltd (Cayman) 1.164% (USD LIBOR + 0.900%) due 10/24/27 § ~		2,338,359		2,332,733
1.180% (USD LIBOR + 0.900%) due 11/15/26 § ~		2,365,751		2,360,564
1.603% (USD LIBOR + 1.350%) due 02/20/28 § ~		2,350,000		2,305,235
1.864% (USD LIBOR + 1.600%) due 10/24/27 § ~		1,750,000		1,735,014
2.153% (USD LIBOR + 1.900%) due 02/20/28 § ~		1,200,000		1,163,122
Regatta XIV Funding Ltd (Cayman) 1.435% (USD LIBOR + 1.190%) due 10/25/31 § ~		1,400,000		1,386,012
Santander Drive Auto Receivables Trust 0.482% (USD LIBOR + 0.330%) due 02/15/22 §		58,583		58,583
0.620% due 05/15/23		2,500,000		2,503,417
0.960% due 11/15/24		1,200,000		1,204,581
1.460% due 09/15/25		1,000,000		1,012,959
2.490% due 10/15/25		2,000,000		2,043,478
2.960% due 03/15/24		1,252,096		1,261,480
3.350% due 07/17/23		1,631,440		1,650,554
3.510% due 08/15/23		2,259,983		2,287,205
SLM Student Loan Trust 0.795% (USD LIBOR + 0.550%) due 10/25/64 § ~		6,708,088		6,497,422
SMB Private Education Loan Trust 1.290% due 07/15/53 ~		3,950,000		3,955,519
2.340% due 09/15/34 ~		2,424,798		2,472,035
2.430% due 02/17/32 ~		3,065,782		3,140,682
2.700% due 05/15/31 ~		1,728,048		1,771,638
2.820% due 10/15/35 ~		3,691,682		3,818,106
2.880% due 09/15/34 ~		3,437,621		3,561,109
3.440% due 07/15/36 ~		2,563,000		2,702,263
3.500% due 02/15/36 ~		4,937,082		5,236,801
3.600% due 01/15/37 ~		1,346,260		1,433,506
3.630% due 11/15/35 ~		1,823,759		1,929,013
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		1,340,161		1,356,066
SoFi Professional Loan Program 2.540% due 05/15/46 ~		2,150,000		2,235,736
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		2,000,000		2,058,650
TIAA CLO IV Ltd (Cayman) 1.972% (USD LIBOR + 1.700%) due 01/20/32 § ~		2,750,000		2,717,314
Total Asset-Backed Securities (Cost $160,001,315)				161,114,308

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-18

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 15.7%
U.S. Treasury Bonds - 4.3%
1.125% due 05/15/40		$14,500,000		$14,275,703
2.000% due 02/15/50		3,500,000		3,959,648
2.250% due 08/15/46		4,050,000		4,783,904
2.250% due 08/15/49		2,000,000		2,378,984
2.500% due 02/15/46		3,500,000		4,322,090
2.500% due 05/15/46		3,000,000		3,707,227
2.750% due 11/15/47		4,000,000		5,199,219
2.875% due 11/15/46		3,000,000		3,965,859
3.000% due 11/15/44		4,000,000		5,345,781
3.000% due 02/15/49		1,500,000		2,050,898
				49,989,313
U.S. Treasury Notes - 11.4%
0.500% due 06/30/27		5,000,000		5,017,969
0.625% due 05/15/30		23,000,000		22,920,938
1.125% due 02/28/27		7,000,000		7,316,094
1.250% due 07/31/23		5,000,000		5,154,688
1.375% due 08/31/23		4,000,000		4,141,875
1.375% due 09/30/23		4,500,000		4,663,652
1.500% due 02/15/30		11,000,000		11,866,250
1.625% due 11/15/22		5,000,000		5,157,422
1.625% due 02/15/26		7,000,000		7,487,266
1.625% due 05/15/26		5,000,000		5,357,129
1.625% due 09/30/26		10,000,000		10,742,578
1.750% due 11/15/29		10,000,000		11,010,547
2.000% due 11/30/22		6,000,000		6,241,406
2.250% due 02/15/27		2,000,000		2,232,891
2.375% due 05/15/29		5,000,000		5,753,711
2.500% due 02/28/26		7,400,000		8,266,898
2.625% due 02/15/29		7,000,000		8,175,781
2.875% due 08/15/28		1,250,000		1,475,684
				132,982,779
Total U.S. Treasury Obligations (Cost $167,515,443)				182,972,092

	Shares		Value
SHORT-TERM INVESTMENT - 6.5%
Money Market Fund - 6.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		75,787,893		$75,787,893
Total Short-Term Investment (Cost $75,787,893)				75,787,893
TOTAL INVESTMENTS - 102.3% (Cost $1,150,824,478)				1,192,195,362
OTHER ASSETS & LIABILITIES, NET - (2.3%)				(26,573,976	)
NET ASSETS - 100.0%				$1,165,621,386

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	51.0%
U.S. Treasury Obligations	15.7%
Asset-Backed Securities	13.8%
Senior Loan Notes	12.9%
Short-Term Investment	6.5%
Others (each less than 3.0%)	2.4%
	102.3%
Other Assets & Liabilities, Net	(2.3%	)
	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)
Pathway Vet Alliance LLC		$147,012		$148,675		$1,663

(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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$594,346,249		$—		$594,346,249		$—
	Senior Loan Notes		150,507,476		—		150,507,476		—
	Mortgage-Backed Securities		27,467,344		—		27,467,344		—
	Asset-Backed Securities		161,114,308		—		161,114,308		—
	U.S. Treasury Obligations		182,972,092		—		182,972,092		—
	Short-Term Investment		75,787,893		75,787,893		—		—
	Unfunded Loan Commitment		148,675		—		148,675		—
	Total		$1,192,344,037		$75,787,893		$1,116,556,144		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-19

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 2.7%
Basic Materials - 0.1%
Constellium SE *		120,738		$947,793
Consumer, Cyclical - 0.6%
Beazer Homes USA Inc *		100,674		1,328,897
Cedar Fair LP		21,677		608,473
Las Vegas Sands Corp		25,986		1,212,507
Six Flags Entertainment Corp		39,347		798,744
				3,948,621
Consumer, Non-Cyclical - 0.2%
HCA Healthcare Inc		11,238		1,401,154
Energy - 0.2%
Chevron Corp		11,146		802,512
Exxon Mobil Corp		19,181		658,484
				1,460,996
Financial - 0.8%
Bank of America Corp		58,223		1,402,592
Citigroup Inc		28,183		1,214,969
JPMorgan Chase & Co		10,387		999,956
The Goldman Sachs Group Inc		7,676		1,542,646
Wells Fargo & Co		40,688		956,575
				6,116,738
Industrial - 0.8%
Crown Holdings Inc *		14,653		1,126,230
Evoqua Water Technologies Corp *		100,944		2,142,032
GFL Environmental Inc (Canada)		51,276		1,090,128
Xylem Inc		17,839		1,500,617
				5,859,007
Total Common Stocks (Cost $21,342,388)				19,734,309
EXCHANGE-TRADED FUNDS - 2.0%
iShares iBoxx High Yield Corporate Bond		85,426		7,167,241
SPDR Bloomberg Barclays High Yield Bond		77,175		8,047,037
Total Exchange-Traded Funds (Cost $15,132,384)				15,214,278
	Principal Amount
CORPORATE BONDS & NOTES - 68.7%
Basic Materials - 1.9%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$350,000		347,920
5.625% due 04/01/30 ~		3,100,000		3,812,598
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		2,025,000		2,059,678
Hudbay Minerals Inc (Peru) 6.125% due 04/01/29 ~		675,000		670,781
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,948,090
Nutrition & Biosciences Inc 1.832% due 10/15/27 ~		2,000,000		2,010,455
Perenti Finance Pty Ltd (Australia) due 10/07/25 # ~		2,050,000		2,065,622
				13,915,144

	Principal Amount		Value
Communications - 6.4%
AT&T Inc
2.250% due 02/01/32		$2,475,000		$2,480,747
3.500% due 06/01/41		2,475,000		2,614,357
3.650% due 09/15/59 ~		2,642,000		2,564,345
Avaya Inc 6.125% due 09/15/28 ~		1,025,000		1,050,625
Booking Holdings Inc 4.625% due 04/13/30		3,950,000		4,731,648
CCO Holdings LLC
4.250% due 02/01/31 ~		1,000,000		1,037,950
5.000% due 02/01/28 ~		1,525,000		1,604,681
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		2,028,913
3.750% due 02/15/28		1,500,000		1,661,205
4.200% due 03/15/28		2,750,000		3,126,576
5.050% due 03/30/29		1,500,000		1,799,338
CSC Holdings LLC
3.375% due 02/15/31 ~		1,000,000		969,500
4.625% due 12/01/30 ~		1,400,000		1,408,561
5.750% due 01/15/30 ~		200,000		212,793
6.500% due 02/01/29 ~		2,025,000		2,261,672
Diamond Sports Group LLC 12.750% due 12/01/26 ~		2,481,000		1,984,800
Outfront Media Capital LLC 6.250% due 06/15/25 ~		3,450,000		3,559,969
Sprint Capital Corp 8.750% due 03/15/32		1,000,000		1,464,810
Sprint Corp 7.875% due 09/15/23		25,000		28,691
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		50,000		50,638
T-Mobile USA Inc 4.375% due 04/15/40 ~		2,900,000		3,402,193
The Walt Disney Co 3.500% due 05/13/40		3,950,000		4,439,706
Uber Technologies Inc
6.250% due 01/15/28 ~		675,000		693,983
7.500% due 05/15/25 ~		2,025,000		2,161,687
				47,339,388
Consumer, Cyclical - 12.6%
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		655,361		564,597
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,882,202		1,564,666
4.100% due 07/15/29		1,214,045		955,074
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,847,433		2,697,981
American Airlines Pass-Through Trust ‘B’
3.850% due 08/15/29		1,997,349		1,328,227
5.250% due 07/15/25		928,053		644,285
Aramark Services Inc 6.375% due 05/01/25 ~		2,450,000		2,555,166
Ashton Woods USA LLC 6.625% due 01/15/28 ~		3,745,000		3,773,087
Beazer Homes USA Inc
5.875% due 10/15/27		2,700,000		2,718,562
6.750% due 03/15/25		1,000,000		1,036,145
7.250% due 10/15/29		1,350,000		1,448,759
Boyd Gaming Corp 8.625% due 06/01/25 ~		1,300,000		1,426,789
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,734,836		2,576,279
Caesars Entertainment Inc 6.250% due 07/01/25 ~		500,000		521,877
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		3,800,000		3,681,497

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-20

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Carvana Co
due 10/01/25 # ~		$1,375,000		$1,359,531
due 10/01/28 # ~		675,000		668,250
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		2,250,000		1,875,701
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		1,575,000		1,591,569
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,540,024
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		2,500,000		2,635,937
Ford Motor Co
7.450% due 07/16/31		875,000		1,005,099
8.500% due 04/21/23		2,475,000		2,701,698
Ford Motor Credit Co LLC 4.125% due 08/17/27		1,000,000		974,375
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		1,275,000		1,082,022
General Motors Co 6.125% due 10/01/25		1,950,000		2,268,193
General Motors Financial Co Inc
3.200% due 07/06/21		1,550,000		1,573,755
4.375% due 09/25/21		1,500,000		1,547,779
5.100% due 01/17/24		1,000,000		1,094,259
Golden Nugget Inc
6.750% due 10/15/24 ~		5,375,000		4,494,844
8.750% due 10/01/25 ~		2,975,000		2,352,109
Hyatt Hotels Corp 5.750% due 04/23/30		2,950,000		3,391,554
Hyundai Capital America 4.125% due 06/08/23 ~		3,700,000		3,986,347
IRB Holding Corp 7.000% due 06/15/25 ~		3,500,000		3,738,087
Las Vegas Sands Corp 3.500% due 08/18/26		3,450,000		3,499,742
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) 7.500% due 05/10/25 ~		278,105		212,750
PM General Purchaser LLC due 10/01/28 # ~		350,000		363,676
Sands China Ltd (Macau) 4.375% due 06/18/30 ~		3,000,000		3,179,700
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		500,000		517,490
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		150,000		159,844
Starbucks Corp 2.550% due 11/15/30		2,950,000		3,128,090
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		2,000,000		2,128,750
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		3,421,250
Tesla Inc 5.300% due 08/15/25 ~		4,525,000		4,689,031
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		2,597,119		2,602,914
Viking Cruises Ltd 6.250% due 05/15/25 ~		1,700,000		1,340,697
				93,618,058
Consumer, Non-Cyclical - 8.7%
Acadia Healthcare Co Inc due 04/15/29 # ~		350,000		353,938
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		3,522,750
Albertsons Cos Inc 3.500% due 03/15/29 ~		975,000		948,187
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		3,950,000		4,298,627

	Principal Amount		Value
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.500% due 06/01/50		$2,000,000		$2,409,951
4.750% due 01/23/29		3,825,000		4,656,025
Avantor Funding Inc 4.625% due 07/15/28 ~		2,375,000		2,467,031
Bausch Health Americas Inc
8.500% due 01/31/27 ~		25,000		27,504
9.250% due 04/01/26 ~		1,500,000		1,651,950
Bausch Health Cos Inc
5.000% due 01/30/28 ~		800,000		778,000
6.125% due 04/15/25 ~		3,050,000		3,125,488
CoStar Group Inc 2.800% due 07/15/30 ~		2,100,000		2,178,126
Global Payments Inc 2.900% due 05/15/30		3,450,000		3,695,116
HCA Inc 5.125% due 06/15/39		3,200,000		3,889,324
JBS Investments II GmbH
5.750% due 01/15/28 ~		1,000,000		1,043,750
7.000% due 01/15/26 ~		950,000		1,015,674
Kraft Heinz Foods Co
4.250% due 03/01/31 ~		300,000		329,743
5.000% due 07/15/35		2,475,000		2,853,479
5.200% due 07/15/45		3,975,000		4,350,071
Legacy LifePoint Health Inc 6.750% due 04/15/25 ~		400,000		422,000
Quanta Services Inc 2.900% due 10/01/30		800,000		817,712
Select Medical Corp 6.250% due 08/15/26 ~		3,150,000		3,280,851
Smithfield Foods Inc 3.000% due 10/15/30 ~		1,000,000		1,011,955
Sysco Corp 6.600% due 04/01/50		3,450,000		4,836,540
Tenet Healthcare Corp 6.125% due 10/01/28 ~		1,675,000		1,634,172
TMS International Holding Corp 7.250% due 08/15/25 ~		6,417,000		6,023,959
Upjohn Inc 2.700% due 06/22/30 ~		2,950,000		3,057,321
				64,679,244
Energy - 8.1%
Antero Midstream Partners LP 5.750% due 01/15/28 ~		1,950,000		1,608,555
Archrock Partners LP
6.250% due 04/01/28 ~		1,675,000		1,582,875
6.875% due 04/01/27 ~		1,325,000		1,275,591
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		1,450,000		1,112,875
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		3,125,000		3,484,084
Comstock Resources Inc
9.750% due 08/15/26		1,528,000		1,574,437
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,057,703
6.625% due 07/15/25 ~		350,000		360,171
Energy Transfer Operating LP
4.050% due 03/15/25		1,200,000		1,261,648
4.750% due 01/15/26		1,700,000		1,812,663
5.800% due 06/15/38		3,000,000		2,957,303
6.250% due 02/15/23		3,650,000		2,387,994
Enterprise Products Operating LLC
2.800% due 01/31/30		3,450,000		3,661,174
5.375% due 02/15/78		3,000,000		2,675,235
EQM Midstream Partners LP
5.500% due 07/15/28		1,250,000		1,261,475
6.000% due 07/01/25 ~		500,000		516,250
6.500% due 07/01/27 ~		1,750,000		1,857,511

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-21

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Global Partners LP 7.000% due 08/01/27		$2,275,000		$2,325,198
MPLX LP
4.000% due 03/15/28		2,225,000		2,430,870
4.800% due 02/15/29		350,000		402,067
5.250% due 01/15/25		4,825,000		5,002,515
6.875% due 02/15/23		450,000		371,226
Occidental Petroleum Corp
2.900% due 08/15/24		3,475,000		2,954,793
6.625% due 09/01/30		700,000		647,063
8.000% due 07/15/25		800,000		806,484
8.500% due 07/15/27		1,175,000		1,186,262
Range Resources Corp 5.000% due 03/15/23		2,205,000		2,098,884
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,118,264
Sunoco Logistics Partners Operations LP 4.000% due 10/01/27		1,200,000		1,225,883
Targa Resources Partners LP
4.875% due 02/01/31 ~		875,000		849,013
5.000% due 01/15/28		650,000		635,375
5.125% due 02/01/25		900,000		900,554
5.375% due 02/01/27		200,000		201,587
5.875% due 04/15/26		1,500,000		1,542,863
6.500% due 07/15/27		500,000		522,500
				59,668,945
Financial - 14.0%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,856,847
3.950% due 02/01/22		750,000		759,650
4.450% due 10/01/25		2,000,000		2,007,490
Air Lease Corp
3.750% due 06/01/26		1,500,000		1,526,996
3.875% due 04/01/21		300,000		302,952
4.250% due 09/15/24		1,000,000		1,043,945
4.625% due 10/01/28		1,500,000		1,556,636
Alliance Data Systems Corp 7.000% due 01/15/26 ~		2,750,000		2,741,681
Athene Holding Ltd 6.150% due 04/03/30		4,925,000		5,851,829
Avolon Holdings Funding Ltd (Ireland) 3.250% due 02/15/27 ~		3,200,000		2,861,383
Bank of America Corp 2.592% due 04/29/31		450,000		476,406
Barclays PLC (United Kingdom) 6.125% due 12/15/25		3,000,000		3,048,411
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		4,257,585
Citigroup Inc 1.205% (USD LIBOR + 0.960%) due 04/25/22 §		3,000,000		3,029,841
3.980% due 03/20/30		3,000,000		3,461,412
4.075% due 04/23/29		3,000,000		3,453,447
CNO Financial Group Inc 5.250% due 05/30/29		3,100,000		3,595,600
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		3,050,497
5.300% due 01/15/29		4,000,000		4,466,300
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		3,300,000		3,088,648
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		277,032
4.875% due 09/15/29 ~		4,175,000		4,252,238
5.000% due 07/15/28 ~		500,000		513,120
5.250% due 03/15/28 ~		150,000		156,469
5.250% due 07/15/30 ~		1,000,000		1,044,375
JPMorgan Chase & Co
2.522% due 04/22/31		1,950,000		2,080,875
4.005% due 04/23/29		2,000,000		2,317,760
4.125% due 12/15/26		2,725,000		3,176,245

	Principal Amount		Value
KeyCorp 2.550% due 10/01/29		$2,925,000		$3,112,406
Morgan Stanley 5.000% due 11/24/25		3,150,000		3,699,106
Nationwide Mutual Insurance Co 4.350% due 04/30/50 ~		2,400,000		2,572,070
OneMain Finance Corp
5.375% due 11/15/29		2,775,000		2,892,938
7.125% due 03/15/26		3,225,000		3,607,017
Park Aerospace Holdings Ltd (Ireland) 3.625% due 03/15/21 ~		242,000		241,007
The Charles Schwab Corp 5.375% due 06/01/25		1,950,000		2,117,798
The Howard Hughes Corp
5.375% due 03/15/25 ~		3,625,000		3,692,425
5.375% due 08/01/28 ~		850,000		849,320
Truist Financial Corp 5.100% due 03/01/30		1,950,000		2,112,728
Ventas Realty LP REIT 3.500% due 02/01/25		2,100,000		2,276,142
VICI Properties LP REIT
3.750% due 02/15/27 ~		1,050,000		1,034,250
4.625% due 12/01/29 ~		3,000,000		3,069,375
Wells Fargo & Co 3.068% due 04/30/41		2,950,000		3,074,349
Weyerhaeuser Co REIT 4.000% due 04/15/30		2,425,000		2,855,047
				103,461,648
Industrial - 12.2%
Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,182,726
3.550% due 10/01/27		650,000		707,654
Apex Tool Group LLC 9.000% due 02/15/23 ~		2,425,000		2,249,188
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		5,300,000		5,279,065
Ardagh Packaging Finance PLC (Ireland)
5.250% due 08/15/27 ~		600,000		612,000
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		6,050,000		6,124,718
Carrier Global Corp 2.493% due 02/15/27 ~		2,950,000		3,089,197
Covanta Holding Corp 5.000% due 09/01/30		300,000		303,165
FedEx Corp 4.550% due 04/01/46		2,950,000		3,555,852
Flowserve Corp 3.500% due 10/01/30		3,550,000		3,522,111
GFL Environmental Inc (Canada) 3.750% due 08/01/25 ~		750,000		749,531
Granite US Holdings Corp 11.000% due 10/01/27 ~		1,975,000		2,034,250
Husky III Holding Ltd (Canada) 13.000% PIK due 02/15/25 ~		2,050,000		2,128,156
Johnson Controls International PLC 1.750% due 09/15/30		650,000		656,340
Masco Corp 7.750% due 08/01/29		4,110,000		5,800,049
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,375,000		1,381,875
7.250% due 04/15/25 ~		5,200,000		4,901,000
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,911,971
Sensata Technologies Inc 3.750% due 02/15/31 ~		350,000		348,688
Standard Industries Inc
3.375% due 01/15/31 ~		275,000		271,939
4.750% due 01/15/28 ~		4,443,000		4,620,720
5.000% due 02/15/27 ~		1,500,000		1,564,358

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-22

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Textron Inc 3.000% due 06/01/30		$3,700,000		$3,902,417
The Boeing Co
5.040% due 05/01/27		4,700,000		5,169,702
5.930% due 05/01/60		4,925,000		6,113,543
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,386,513
TransDigm Inc 5.500% due 11/15/27		675,000		649,991
TransDigm UK Holdings PLC 6.875% due 05/15/26		3,500,000		3,528,088
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		1,400,000		1,482,250
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,400,000		1,457,596
Welbilt Inc 9.500% due 02/15/24		1,975,000		2,028,078
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,925,991
				90,638,722
Technology - 2.7%
Broadcom Inc
4.150% due 11/15/30		2,950,000		3,318,720
4.250% due 04/15/26		2,700,000		3,044,557
BY Crown Parent LLC 4.250% due 01/31/26 ~		1,975,000		2,013,266
Dell International LLC
4.900% due 10/01/26 ~		1,700,000		1,923,717
6.200% due 07/15/30 ~		2,950,000		3,542,488
Entegris Inc 4.375% due 04/15/28 ~		2,700,000		2,782,688
Logan Merger Sub Inc 5.500% due 09/01/27 ~		2,600,000		2,643,875
ON Semiconductor Corp 3.875% due 09/01/28 ~		350,000		355,583
				19,624,894
Utilities - 2.1%
Ameren Corp 3.500% due 01/15/31		2,950,000		3,378,873
Calpine Corp 5.000% due 02/01/31 ~		75,000		76,588
Pacific Gas and Electric Co 3.500% due 08/01/50		4,925,000		4,464,375
PG&E Corp
5.000% due 07/01/28		500,000		485,663
5.250% due 07/01/30		500,000		484,375
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,573,753
Vistra Operations Co LLC
4.300% due 07/15/29 ~		3,000,000		3,271,229
5.625% due 02/15/27 ~		850,000		898,161
				15,633,017
Total Corporate Bonds & Notes (Cost $491,351,294)				508,579,060
SENIOR LOAN NOTES - 18.0%
Communications - 2.4%
Clear Channel Outdoor Holdings Inc Term B 3.761% (USD LIBOR + 3.500%) due 08/21/26 §		5,696,222		5,212,043
CommScope Inc Term B-2 3.397% (USD LIBOR + 3.250%) due 04/04/26 §		3,465,000		3,384,872
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		3,740,625		3,742,293

	Principal Amount		Value
Uber Technologies Inc Term B 5.000% (USD LIBOR + 4.000%) due 04/04/25 §		$3,453,403		$3,435,417
Zayo Group Holdings Inc Term B 3.147% (USD LIBOR + 3.000%) due 03/09/27 §		2,238,750		2,177,829
				17,952,454
Consumer, Cyclical - 4.3%
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		3,436,728		3,416,750
Caesars Resort Collection LLC Term B 2.897% (USD LIBOR + 2.750%) due 12/22/24 §		6,335,985		5,954,945
ClubCorp Holdings Inc Term B 2.970% (USD LIBOR + 2.750%) due 09/18/24 §		4,385,536		3,780,240
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		5,724,690		5,409,832
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		3,263,514		3,100,338
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/24/25 §		4,918,488		4,793,681
Tacala Investment Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/05/27 §		3,909,847		3,805,585
(2nd Lien) 7.647% (USD LIBOR + 7.500%) due 02/05/28 §		1,500,000		1,429,500
				31,690,871
Consumer, Non-Cyclical - 2.4%
Garda World Security Corp Term B (Canada) 4.900% (USD LIBOR + 4.750%) due 10/30/26 §		2,404,729		2,394,208
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		861,364		859,504
Legacy LifePoint Health LLC Term B 3.897% (USD LIBOR + 3.750%) due 11/16/25 §		5,151,861		5,015,553
North American Lifting Holdings Inc (2nd Lien) 10.000% (USD LIBOR + 9.000%) due 11/27/21 § Y		2,000,000		145,000
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.406% (USD LIBOR + 3.250%) due 06/30/25 §		3,922,280		3,767,024
PetVet Care Centers LLC 2.897% (USD LIBOR + 2.750%) due 02/14/25 §		2,977,103		2,915,700
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.470% (USD LIBOR + 4.250%) due 10/02/26 §		2,729,375		2,719,383
				17,816,372
Energy - 0.4%
Traverse Midstream Partners LLC Term B 5.000% (USD LIBOR + 4.000%) due 09/27/24 §		3,467,153		3,208,850

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-23

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Financial - 2.0%
AssuredPartners Inc Term B 3.647% (USD LIBOR + 3.500%) due 02/13/27 §		$5,458,750		$5,309,999
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		4,726,250		4,538,675
USI Inc Term B 3.220% (USD LIBOR + 3.000%) due 05/16/24 §		5,368,491		5,204,081
				15,052,755
Industrial - 4.9%
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		3,879,699		3,633,175
Dynasty Acquisition Co Inc 3.720% (USD LIBOR + 3.500%) due 04/08/26 §		3,784,210		3,360,514
Engineered Machinery Holdings Inc 4.000% (USD LIBOR + 3.000%) due 07/19/24 §		3,845,344		3,758,824
Flex Acquisition Co Inc 4.000% (USD LIBOR + 3.000%) due 12/29/23 §		3,627,085		3,549,103
Term B 3.546% (USD LIBOR + 3.250%) due 06/29/25 §		978,518		952,221
GFL Environmental Inc Term B (Canada) 4.000% (USD LIBOR + 3.000%) due 05/31/25 §		4,048,404		4,036,441
Mauser Packaging Solutions Holding Co Term B 3.523% (USD LIBOR + 3.250%) due 04/03/24 §		3,148,012		2,979,789
Reynolds Group Holdings Inc Term B 2.897% - 5.000% (USD LIBOR + 2.750%) due 02/05/23 §		2,455,363		2,435,413
Standard Aero Ltd 3.720% (USD LIBOR + 3.500%) due 04/08/26 §		2,034,521		1,806,728
Titan Acquisition Ltd Term B (Canada) 3.361% (USD LIBOR + 3.000%) due 03/28/25 §		3,920,193		3,714,383
TransDigm Inc
Term E 2.397% (USD LIBOR + 2.250%) due 05/30/25 §		2,481,250		2,351,674
Term F 2.397% (USD LIBOR + 2.250%) due 12/09/25 §		957,880		908,788
Term G
2.397% (USD LIBOR + 2.250%) due 08/22/24 §		2,789,735		2,645,517
				36,132,570
Technology - 1.0%
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		4,345,739		4,235,740
The Ultimate Software Group Inc 4.750% (USD LIBOR + 4.000%) due 05/03/26 §		3,000,000		2,995,548
				7,231,288
Utilities - 0.6%
PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		4,250,000		4,182,710
Total Senior Loan Notes (Cost $139,400,815)				133,267,870

	Principal Amount		Value
ASSET-BACKED SECURITIES - 3.5%
Apidos CLO (Cayman) 1.872% (USD LIBOR + 1.600%) due 10/18/31 § ~		$2,400,000		$2,361,839
Buttermilk Park CLO Ltd (Cayman) 1.375% (USD LIBOR + 1.100%) due 10/15/31 § ~		700,000		692,250
Dryden CLO Ltd (Cayman)
2.175% (USD LIBOR + 1.900%) due 04/15/31 § ~		250,000		239,739
1.672% (USD LIBOR + 1.400%) due 04/18/31 § ~		2,600,000		2,533,141
1.773% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,500,000		1,477,014
2.073% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,500,000		1,445,262
1.923% (USD LIBOR + 1.650%) due 01/17/32 § ~		1,500,000		1,484,890
2.323% (USD LIBOR + 2.050%) due 01/17/32 § ~		1,500,000		1,474,381
Dryden Senior Loan Fund (Cayman) 2.022% (USD LIBOR + 1.750%) due 07/20/29 § ~		1,200,000		1,194,441
Madison Park Funding Ltd (Cayman)
1.875% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,000,000		1,980,429
2.125% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,000,000		967,501
2.022% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,650,000		2,624,789
Palmer Square Loan Funding CLO Ltd (Cayman)
1.603% (USD LIBOR + 1.350%) due 02/20/28 § ~		2,000,000		1,961,902
2.153% (USD LIBOR + 1.900%) due 02/20/28 § ~		1,000,000		969,269
Palmer Square Loan Funding Ltd (Cayman) 3.514% (USD LIBOR + 3.250%) due 10/24/27 § ~		2,250,000		2,232,837
Regatta Funding Ltd (Cayman) 6.225% (USD LIBOR + 5.950%) due 07/15/31 § ~		2,500,000		2,126,037
Total Asset-Backed Securities (Cost $26,500,000)				25,765,721
	Shares
SHORT-TERM INVESTMENT - 4.7%
Money Market Fund - 4.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		34,752,010		34,752,010
Total Short-Term Investment (Cost $34,752,010)				34,752,010
TOTAL INVESTMENTS - 99.6% (Cost $728,478,891)				737,313,248
OTHER ASSETS & LIABILITIES, NET - 0.4%				3,201,449
NET ASSETS - 100.0%				$740,514,697

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-24

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	68.7%
Senior Loan Notes	18.0%
Short-Term Investment	4.7%
Asset-Backed Securities	3.5%
Others (each less than 3.0%)	4.7%
	99.6%
Other Assets & Liabilities, Net	0.4%
	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)
Spectacle Gary Holdings LLC		$230,224		$224,662		($5,562	)

(c) An Investment with a value of $145,000 or less than 0.1% of the Fund’s net assets was in default as of September 30, 2020.

(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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,734,309		$19,734,309		$—		$—
	Exchange-Traded Funds		15,214,278		15,214,278		—		—
	Corporate Bonds & Notes		508,579,060		—		508,579,060		—
	Senior Loan Notes		133,267,870		—		133,267,870		—
	Asset-Backed Securities		25,765,721		—		25,765,721		—
	Short-Term Investment		34,752,010		34,752,010		—		—
	Unfunded Loan Commitment		224,662		—		224,662		—
	Total		$737,537,910		$69,700,597		$667,837,313		$—

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the Period ended September 30, 2020:

	Senior Loan Notes and Unfunded Loan Commitment
Value, Beginning of Period		$27,304,580
Purchases		36,913
Sales (Includes Paydowns)		(10,409,503	)
Accrued Discounts (Premiums)		64,816
Net Realized Gains (Losses)		(943,695	)
Change in Net Unrealized Appreciation (Depreciation)		3,476,338
Transfers In		—
Transfers Out		(19,529,449	)
Value, End of Period		$—
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$—

The table below shows transfers within Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
$	19,529,449		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

All significant unobservable inputs were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-25

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 3.1%
Invesco Senior Loan		799,733		$17,386,195
iShares iBoxx High Yield Corporate Bond		169,425		14,214,758
SPDR Blackstone		339,000		15,160,080
Total Exchange-Traded Funds (Cost $44,983,600)				46,761,033
	Principal Amount
CORPORATE BONDS & NOTES - 3.1%
Communications - 0.9%
CommScope Inc 5.500% due 03/01/24 ~		$8,770,000		9,023,760
6.000% due 03/01/26 ~		4,168,000		4,350,204
				13,373,964
Consumer, Cyclical - 1.0%
Beacon Roofing Supply Inc 4.500% due 11/15/26 ~		4,641,000		4,784,593
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		8,159,000		8,368,074
8.500% due 10/30/25 ~		2,000,000		2,108,750
				15,261,417
Consumer, Non-Cyclical - 0.1%
Avantor Inc 6.000% due 10/01/24 ~		1,250,000		1,307,812
Financial - 0.1%
NFP Corp 7.000% due 05/15/25 ~		1,000,000		1,064,375
Industrial - 1.0%
Ardagh Packaging Finance PLC 5.250% due 04/30/25 ~		7,295,000		7,633,087
TransDigm Inc 6.250% due 03/15/26 ~		7,550,000		7,926,028
				15,559,115
Total Corporate Bonds & Notes (Cost $46,043,703)				46,566,683
SENIOR LOAN NOTES - 94.2%
Basic Materials - 2.4%
Aruba Investments Inc Term B 5.250% (USD LIBOR + 4.250%) due 07/07/25 §		1,980,000		1,975,050
ASP Unifrax Holdings Inc Term B 3.970% (USD LIBOR + 3.750%) due 12/14/25 § ¥		11,900,642		10,442,813
Diamond BC BV 3.261% (USD LIBOR + 3.000%) due 09/06/24 § ¥		14,218,788		13,343,451
Solenis International LLC 4.256% (USD LIBOR + 4.000%) due 06/26/25 § ¥		7,239,158		7,070,247
Zep Inc Term B due 08/11/24 ¥		2,992,288		2,822,102
				35,653,663

	Principal Amount		Value
Communications - 7.8%
Clear Channel Outdoor Holdings Inc Term B 3.761% (USD LIBOR + 3.500%) due 08/21/26 §		$23,144,972		$21,177,649
CommScope Inc Term B-2 3.397% (USD LIBOR + 3.250%) due 04/04/26 §		7,416,687		7,245,176
CSC Holdings LLC Term B-5 2.652% (USD LIBOR + 2.500%) due 04/15/27 § ¥		15,952,929		15,510,235
LogMeIn Inc Term B 4.906% (USD LIBOR + 4.750%) due 08/31/27 §		2,000,000		1,936,666
MTN Infrastructure TopCo Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/17/24 § ¥		3,989,770		3,933,247
5.000% (USD LIBOR + 4.000%) due 11/17/24 § ¥		5,236,875		5,230,329
Pug LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/13/27 §		10,542,514		9,356,481
Radiate Holdco LLC Term B due 09/25/26 ¥		8,118,818		7,992,595
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		16,458,750		16,466,090
Uber Technologies Inc Term B 3.647% (USD LIBOR + 3.500%) due 07/13/23 §		4,123,292		4,071,751
5.000% (USD LIBOR + 4.000%) due 04/04/25 § ¥		17,721,955		17,629,659
Zayo Group Holdings Inc Term B 3.147% (USD LIBOR + 3.000%) due 03/09/27 §		5,811,997		5,653,841
				116,203,719
Consumer, Cyclical - 12.2%
Alterra Mountain Co Term B 2.897% (USD LIBOR + 2.750%) due 07/31/24 §		992,334		962,564
5.500% (USD LIBOR + 4.500%) due 08/01/26 § ¥		10,711,212		10,630,878
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 § ¥		12,820,854		12,746,327
Bombardier Recreational Products Inc Term B-2 (Canada) 6.000% (USD LIBOR + 5.000%) due 05/24/27 §		10,186,000		10,351,523
Caesars Resort Collection LLC Term B 2.897% (USD LIBOR + 2.750%) due 12/22/24 §		5,867,549		5,514,680
Carnival Corp Term B 8.500% (USD LIBOR + 7.500%) due 06/30/25 §		8,977,500		9,104,684
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		8,005,629		7,706,419
ClubCorp Holdings Inc Term B 2.970% (USD LIBOR + 2.750%) due 09/18/24 §		11,187,806		9,643,654
Core & Main LP Term B 3.750% (USD LIBOR + 3.000%) due 08/01/24 § ¥		18,646,668		18,320,351
Curium Bidco SARL Term B (Luxembourg) 3.970% (USD LIBOR + 4.000%) due 07/11/26 §		4,175,956		4,134,197
CWGS Group LLC Term B 3.500% (USD LIBOR + 2.750%) due 11/08/23 § ¥		9,129,812		8,912,979

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-26

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
K-MAC Holdings Corp 3.147% (USD LIBOR + 3.000%) due 03/16/25 § ¥	$	3,201,678	$	3,100,025
(2nd Lien) 6.897% (USD LIBOR + 6.750%) due 03/16/26 §		5,456,167		5,210,639
Motion Finco LLC Term B (United Kingdom) due 11/04/26 ¥		1,246,875		1,086,859
PetSmart Inc Term B-2 5.000% (USD LIBOR + 4.000%) due 03/11/22 §		15,119,592		15,103,399
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		11,339,450		10,715,780
SMG US Midco 2 Inc 2.647%—2.761% (USD LIBOR + 2.500%) due 01/23/25 §		2,213,380		1,939,474
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/24/25 §		24,420,030		23,800,371
4.397% (USD LIBOR + 4.250%) due 05/24/25 §		9,321,540		9,228,325
Tacala Investment Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/05/27 §		3,536,613		3,442,303
Whatabrands LLC Term B 2.906% (USD LIBOR + 2.750%) due 08/03/26 §		10,524,532		10,309,653
				181,965,084
Consumer, Non-Cyclical - 22.7%
Aldevron LLC Term B 5.250% (USD LIBOR + 4.250%) due 10/11/26 § ¥		4,987,469		4,997,858
AlixPartners LLP Term B 2.647% (USD LIBOR + 2.500%) due 04/04/24 §		14,115,315		13,797,720
Allied Universal Holdco LLC 4.397% (USD LIBOR + 4.250%) due 07/12/26 §		17,865,691		17,705,186
Arterra Wines Canada Inc Term B-1 (Canada) 3.750% (USD LIBOR + 2.750%) due 12/15/23 §		5,039,531		4,989,136
Bausch Health Americas Inc Term B 2.901% (USD LIBOR + 2.750%) due 11/27/25 § ¥		5,848,697		5,728,068
3.151% (USD LIBOR + 3.000%) due 06/01/25 §		15,785,155		15,502,333
CHG PPC Parent LLC Term B 2.897% (USD LIBOR + 2.750%) due 03/30/25 §		6,868,751		6,628,345
Da Vinci Purchaser Corp Term B 5.238% (USD LIBOR + 4.000%) due 01/08/27 § ¥		10,276,237		10,182,035
Endo International PLC Term B 5.000% (USD LIBOR + 4.250%) due 04/27/24 §		13,658,941		13,090,634
Garda World Security Corp Term B (Canada) 4.900% (USD LIBOR + 4.750%) due 10/30/26 §		5,824,757		5,799,273
Global Medical Response Inc Term B due 09/24/25 ¥		4,250,000		4,163,228
Guidehouse LLP 4.647% (USD LIBOR + 4.500%) due 05/01/25 §		3,701,975		3,683,465
H-Food Holdings LLC 3.834% (USD LIBOR + 3.688%) due 05/31/25 §		986,105		962,992
Term B-2 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		5,910,772		5,803,639

	Principal Amount		Value
Term B-3 6.000% (USD LIBOR + 5.000%) due 05/31/25 §	$	872,813	$	869,176
Heartland Dental LLC 3.647% (USD LIBOR + 3.750%) due 04/30/25 § ¥		12,109,010		11,204,612
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		26,685,624		26,628,009
Legacy LifePoint Health LLC Term B 3.897% (USD LIBOR + 3.750%) due 11/16/25 §		14,506,205		14,122,400
Milano Acquisition Corp due 10/01/27 ¥		12,750,000		12,646,406
Mister Car Wash Holdings Inc 4.375% (USD LIBOR + 3.250%) due 05/14/26 §		10,847,773		10,305,385
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.406% (USD LIBOR + 3.250%) due 06/30/25 § ¥		11,857,394		11,388,043
PAREXEL International Corp Term B 2.897% (USD LIBOR + 2.750%) due 09/27/24 §		11,908,891		11,444,444
Pathway Vet Alliance LLC 4.147% (USD LIBOR + 4.000%) due 03/31/27 § ¥		17,728,617		17,493,163
PetVet Care Centers LLC (2nd Lien) 6.397% (USD LIBOR + 6.250%) due 02/15/26 § ¥		8,061,353		7,866,534
Term B 3.397% (USD LIBOR + 3.250%) due 02/14/25 § ¥		7,191,665		7,043,337
5.250% (USD LIBOR + 4.250%) due 02/14/25 § ¥		8,667,113		8,667,113
Refinitiv US Holdings Inc Term B 3.397% (USD LIBOR + 3.250%) due 10/01/25 §		16,916,449		16,773,708
Shearer’s Foods LLC Term B due 09/23/27 ¥		5,627,085		5,610,203
Spin Holdco Inc Term B 4.250% (USD LIBOR + 3.250%) due 11/14/22 §		17,444,506		17,144,670
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.470% (USD LIBOR + 4.250%) due 10/02/26 § ¥		19,148,598		19,078,495
VetCor Professional Practices LLC 3.147% (USD LIBOR + 3.000%) due 07/02/25 §		16,142,373		15,658,102
Wand NewCo 3 Inc Term B-1 3.147% (USD LIBOR + 3.000%) due 02/05/26 §		11,880,301		11,499,146
				338,476,858
Diversified - 0.3%
First Eagle Holdings Inc Term B 2.720% (USD LIBOR + 2.500%) due 02/02/27 §		4,962,500		4,858,287
Financial - 12.6%
Acrisure LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/15/27 §		17,910,000		17,347,106
Alera Group Intermediate Holdings Inc Term B due 08/01/25 ¥		1,496,183		1,474,364
Alliant Holdings Intermediate LLC Term B 2.897% (USD LIBOR + 2.750%) due 05/10/25 §		21,018,749		20,452,567

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-27

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
AssuredPartners Inc Term B 3.647% (USD LIBOR + 3.500%) due 02/13/27 §	$	19,988,239	$	19,443,559
5.500% (USD LIBOR + 4.500%) due 02/13/27 §		3,233,750		3,233,750
BroadStreet Partners Inc Term B 3.397% (USD LIBOR + 3.250%) due 01/27/27 §		8,273,161		8,084,433
4.750% (USD LIBOR + 3.750%) due 01/27/27 § ¥		12,468,750		12,359,649
Cushman & Wakefield US Borrower LLC Term B 2.897% (USD LIBOR + 2.750%) due 08/21/25 §		9,458,648		9,147,298
Deerfield Dakota Holding LLC (2nd Lien) 9.000% (USD LIBOR + 8.000%) due 04/14/28 § ¥		10,918,233		11,136,598
Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 § ¥		15,244,793		15,189,210
HUB International Ltd Term B 3.264% (USD LIBOR + 2.750%) due 04/25/25 §		12,148,641		11,759,885
5.000% (USD LIBOR + 4.000%) due 04/25/25 §		10,396,525		10,385,390
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		16,823,684		16,155,986
Ryan Specialty Group LLC Term B 4.000% (USD LIBOR + 3.250%) due 09/01/27 §		9,750,000		9,701,250
USI Inc Term B 3.220% (USD LIBOR + 3.000%) due 05/16/24 §		21,201,926		20,552,617
4.220% (USD LIBOR + 4.000%) due 12/02/26 §		1,029,080		1,025,092
				187,448,754
Industrial - 17.2%
Advanced Disposal Services Inc Term B 3.000% (USD LIBOR + 2.250%) due 11/10/23 §		4,813,713		4,807,696
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		11,000,836		10,301,821
Charter NEX US Inc due 05/16/24 ¥		8,296,387		8,120,578
Cornerstone Building Brands Inc Term B 3.901% (USD LIBOR + 3.750%) due 04/12/25 §		6,735,049		6,650,861
DiversiTech Holdings Inc Term B 4.000% (USD LIBOR + 3.000%) due 06/01/24 §		5,508,974		5,435,523
Dynasty Acquisition Co Inc 3.720% (USD LIBOR + 3.500%) due 04/08/26 §		13,882,717		12,328,353
Engineered Machinery Holdings Inc 4.000% (USD LIBOR + 3.000%) due 07/19/24 § ¥		11,189,107		10,937,352
5.250% (USD LIBOR + 4.250%) due 07/19/24 §		4,847,892		4,787,294
Filtration Group Corp Term B 3.147% (USD LIBOR + 3.000%) due 03/29/25 §		17,497,781		17,206,146
Gates Global LLC Term B-2 3.750% (USD LIBOR + 2.750%) due 03/31/24 § ¥		17,191,897		16,973,423
GFL Environmental Inc Term B (Canada) 4.000% (USD LIBOR + 3.000%) due 05/31/25 §		14,860,360		14,816,447

	Principal Amount		Value
Graham Packaging Co Inc 4.500% (USD LIBOR + 3.750%) due 08/04/27 §	$	19,125,000	$	19,057,756
Granite US Holdings Corp Term B 5.470% (USD LIBOR + 5.250%) due 09/30/26 §		9,701,005		9,215,955
Kloeckner Pentaplast of America Inc Term B (Luxembourg) due 06/30/22 ¥		3,989,717		3,868,781
LTI Holdings Inc 4.897% (USD LIBOR + 4.750%) due 07/24/26 §		671,716		627,215
Term B 3.647% (USD LIBOR + 3.500%) due 09/06/25 §		10,520,775		9,784,321
Mauser Packaging Solutions Holding Co Term B 3.523% (USD LIBOR + 3.250%) due 04/03/24 § ¥		14,620,092		13,838,824
Pregis TopCo LLC Term B due 08/01/26 ¥		7,215,575		7,134,399
Pro Mach Group Inc Term B 2.895% (USD LIBOR + 2.750%) due 03/07/25 §		9,172,941		8,825,131
4.500% (USD LIBOR + 3.500%) due 03/07/25 §		3,939,741		3,923,907
Reynolds Group Holdings Inc Term B 2.897%—5.000% (USD LIBOR + 2.750%) due 02/05/23 §		17,237,982		17,097,924
Standard Aero Ltd 3.720% (USD LIBOR + 3.500%) due 04/08/26 §		7,463,827		6,628,147
The Hillman Group Inc Term B 4.147% (USD LIBOR + 4.000%) due 05/31/25 § ¥		17,572,936		17,236,116
TransDigm Inc Term F 2.397% (USD LIBOR + 2.250%) due 12/09/25 §		3,694,284		3,504,952
Term G 2.397% (USD LIBOR + 2.250%) due 08/22/24 §		11,758,308		11,150,451
USIC Holdings Inc due 12/09/23 ¥		4,488,731		4,435,427
WP CPP Holdings LLC Term B 4.500% (USD LIBOR + 3.500%) due 04/30/25 §		8,660,406		7,642,809
				256,337,609
Technology - 18.3%
Applied Systems Inc (2nd Lien) 8.000% (USD LIBOR + 7.000%) due 09/19/25 §		16,389,070		16,655,393
Term B 4.250% (USD LIBOR + 3.250%) due 09/19/24 § ¥		23,854,685		23,770,812
athenahealth Inc Term B 4.750% (USD LIBOR + 4.500%) due 02/11/26 §		16,265,706		16,082,717
BY Crown Parent LLC Term B 4.000% (USD LIBOR + 3.000%) due 01/30/26 §		5,874,151		5,822,753
CCC Information Services Inc Term B due 04/27/24 ¥		6,653,102		6,617,062
ECI Macola/Max Holding LLC due 09/17/27 ¥		5,000,000		4,967,200
Epicor Software Corp (2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 §		4,125,000		4,248,750

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-28

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Term B 5.250% (USD LIBOR + 4.250%) due 07/31/27 §	$	24,533,432	$	24,475,165
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 § ¥		16,110,135		15,139,499
Hyland Software Inc due 07/01/24 ¥		4,425,000		4,408,406
Navicure Inc Term B 4.750% (USD LIBOR + 4.000%) due 10/23/26 §		3,250,000		3,185,000
Netsmart Technologies Inc Term B due 09/29/27 ¥		4,000,000		3,990,000
Rackspace Technology Global Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/03/23 § ¥		14,960,396		14,727,672
Sophia LP due 10/06/27 ¥		19,500,000		19,405,542
(2nd Lien) due 12/31/49 ¥		11,300,000		11,245,263
Term B 4.250% (USD LIBOR + 3.250%) due 09/30/22 §		20,278,600		20,236,360
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		19,930,472		19,425,992
The Dun & Bradstreet Corp Term B 3.895% (USD LIBOR + 3.750%) due 02/08/26 §		25,884,913		25,677,833
The Ultimate Software Group Inc 3.897% (USD LIBOR + 3.750%) due 05/03/26 §		13,398,353		13,311,479
4.750% (USD LIBOR + 4.000%) due 05/03/26 § ¥		10,250,000		10,234,789
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 05/03/27 § ¥		9,250,000		9,469,687
				273,097,374
Utilities - 0.7%
PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		9,975,000		9,817,066
Total Senior Loan Notes (Cost $1,413,144,764)				1,403,858,414

	Shares		Value
SHORT-TERM INVESTMENT - 7.5%
Money Market Fund – 7.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		111,572,533	$	111,572,533
Total Short-Term Investment (Cost $111,572,533)				111,572,533
TOTAL INVESTMENTS - 107.9% (Cost $1,615,744,600)				1,608,758,663
OTHER ASSETS & LIABILITIES, NET - (7.9%)				(117,963,289	)
NET ASSETS - 100.0%				$1,490,795,374

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	22.8%
Technology	18.3%
Industrial	18.2%
Consumer, Cyclical	13.2%
Financial	12.7%
Communications	8.7%
Short-Term Investment	7.5%
Exchange-Traded Funds	3.1%
Others (each less than 3.0%)	3.4%
	107.9%
Other Assets & Liabilities, Net	(7.9%	)
	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)
Pathway Vet Alliance LLC		$1,418,849		$1,430,994		$12,145
Pro Mach Group Inc		1,300,385		1,339,397		39,012
		$2,719,234		$2,770,391		$51,157

(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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$46,761,033		$46,761,033		$—		$—
	Corporate Bonds & Notes		46,566,683		—		46,566,683		—
	Senior Loan Notes		1,403,858,414		—		1,403,858,414		—
	Short-Term Investment		111,572,533		111,572,533		—		—
	Unfunded Loan Commitments		2,770,391		—		2,770,391		—
	Total		$1,611,529,054		$158,333,566		$1,453,195,488		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-29

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the Period ended September 30, 2020:

	Senior Loan Notes
Value, Beginning of Period		$136,049,366
Purchases		34,451,296
Sales (Includes Paydowns)		(59,698,930	)
Accrued Discounts (Premiums)		113,249
Net Realized Gains (Losses)		(12,173,290	)
Change in Net Unrealized Appreciation (Depreciation)		26,028,781
Transfers In		—
Transfers Out		(124,770,472	)
Value, End of Period		$—
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$—

The table below shows transfers within Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
$	124,770,472		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

All significant unobservable inputs were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-30

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.3%
Basic Materials - 0.1%
Constellium SE *		19,340		$151,819
Hexion Holdings Corp ‘B’ *		11,203		114,831
				266,650
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc *		9,998		131,974
Cedar Fair LP		3,561		99,957
Las Vegas Sands Corp		1,881		87,767
				319,698
Consumer, Non-Cyclical - 0.1%
HCA Healthcare Inc		1,485		185,150
Energy - 0.1%
Chevron Corp		804		57,888
Exxon Mobil Corp		1,235		42,398
				100,286
Financial - 0.3%
Citigroup Inc		4,210		181,493
Outfront Media Inc REIT		4,360		63,438
The Goldman Sachs Group Inc		1,166		234,331
				479,262
Industrial - 0.5%
Crown Holdings Inc *		2,964		227,813
Evoqua Water Technologies Corp *		14,233		302,024
GFL Environmental Inc (Canada)		9,890		210,261
Xylem Inc		2,037		171,353
				911,451
Total Common Stocks (Cost $2,290,964)				2,262,497
EXCHANGE-TRADED FUNDS - 0.9%
iShares iBoxx High Yield Corporate Bond		7,851		658,699
SPDR Bloomberg Barclays High Yield Bond		8,633		900,163
Total Exchange-Traded Funds (Cost $1,502,727)				1,558,862
	Principal Amount
CORPORATE BONDS & NOTES - 72.7%
Basic Materials - 2.7%
Alcoa Nederland Holding BV 5.500% due 12/15/27 ~		$750,000		782,587
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		550,000		559,419
Constellium SE 6.625% due 03/01/25 ~		515,000		527,875
Hecla Mining Co 7.250% due 02/15/28		475,000		515,494
Hexion Inc 7.875% due 07/15/27 ~		400,000		401,940
Hudbay Minerals Inc (Peru) 6.125% due 04/01/29 ~		125,000		124,219
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		502,816

	Principal Amount		Value
Novelis Corp 4.750% due 01/30/30 ~	$	650,000	$	635,690
5.875% due 09/30/26 ~		100,000		102,875
Perenti Finance Pty Ltd (Australia) due 10/07/25 # ~		400,000		403,048
				4,555,963
Communications - 11.6%
Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		725,000		768,340
Altice France SA (France) 7.375% due 05/01/26 ~		575,000		603,146
Avaya Inc 6.125% due 09/15/28 ~		200,000		205,000
CCO Holdings LLC 4.250% due 02/01/31 ~		400,000		415,180
4.750% due 03/01/30 ~		1,600,000		1,696,000
5.000% due 02/01/28 ~		100,000		105,225
CenturyLink Inc 4.000% due 02/15/27 ~		500,000		508,640
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		625,000		600,937
9.250% due 02/15/24		990,000		962,285
CommScope Inc 6.000% due 03/01/26 ~		400,000		417,486
8.250% due 03/01/27 ~		550,000		572,690
CommScope Technologies LLC 6.000% due 06/15/25 ~		92,000		93,371
CSC Holdings LLC 3.375% due 02/15/31 ~		200,000		193,900
4.625% due 12/01/30 ~		200,000		201,223
6.500% due 02/01/29 ~		1,750,000		1,954,531
Diamond Sports Group LLC 12.750% due 12/01/26 ~		770,000		616,000
Lamar Media Corp 3.750% due 02/15/28 ~		575,000		573,203
4.000% due 02/15/30 ~		25,000		25,047
Level 3 Financing Inc 3.625% due 01/15/29 ~		225,000		222,609
4.625% due 09/15/27 ~		850,000		874,901
5.250% due 03/15/26		1,150,000		1,192,780
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		675,000		709,098
Outfront Media Capital LLC 4.625% due 03/15/30 ~		50,000		48,063
5.000% due 08/15/27 ~		775,000		756,935
6.250% due 06/15/25 ~		175,000		180,578
Sprint Capital Corp 8.750% due 03/15/32		500,000		732,405
Sprint Corp 7.625% due 02/15/25		650,000		761,719
7.625% due 03/01/26		200,000		241,980
7.875% due 09/15/23		400,000		459,050
Uber Technologies Inc 6.250% due 01/15/28 ~		125,000		128,516
7.500% due 05/15/25 ~		125,000		133,437
8.000% due 11/01/26 ~		500,000		533,000
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		1,450,000		1,514,344
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		750,000		739,147
6.125% due 03/01/28 ~		75,000		77,425
				19,818,191

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-31

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 15.3%
American Airlines Pass-Through Trust ‘B’ 3.850% due 08/15/29	$	328,975	$	218,767
5.250% due 07/15/25		108,273		75,167
Aramark Services Inc 6.375% due 05/01/25 ~		550,000		573,609
Ashton Woods USA LLC 6.625% due 01/15/28 ~		595,000		599,462
Beazer Homes USA Inc 5.875% due 10/15/27		1,225,000		1,233,422
Boyd Gaming Corp 6.375% due 04/01/26		250,000		260,645
8.625% due 06/01/25 ~		425,000		466,450
Caesars Entertainment Inc 6.250% due 07/01/25 ~		450,000		469,690
8.125% due 07/01/27 ~		475,000		504,120
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		275,000		266,424
Carvana Co due 10/01/25 # ~		250,000		247,187
due 10/01/28 # ~		125,000		123,750
Cedar Fair LP 5.250% due 07/15/29		750,000		713,302
5.375% due 04/15/27		500,000		498,750
Clarios Global LP 6.250% due 05/15/26 ~		500,000		525,212
8.500% due 05/15/27 ~		250,000		259,787
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		900,000		750,280
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		250,000		252,630
Core & Main LP 6.125% due 08/15/25 ~		700,000		710,360
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		725,000		669,643
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		450,000		474,469
Ford Motor Co 4.346% due 12/08/26		1,440,000		1,423,440
7.450% due 07/16/31		750,000		861,514
9.000% due 04/22/25		100,000		114,780
9.625% due 04/22/30		100,000		129,286
Ford Motor Credit Co LLC 4.125% due 08/17/27		200,000		194,875
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		625,000		530,403
Golden Nugget Inc 6.750% due 10/15/24 ~		1,375,000		1,149,844
8.750% due 10/01/25 ~		975,000		770,859
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		1,000,000		1,038,645
IRB Holding Corp 7.000% due 06/15/25 ~		675,000		720,917
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		900,000		881,527
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		500,000		522,673
Lennar Corp 4.750% due 05/30/25		600,000		656,392
4.750% due 11/29/27		100,000		114,300
Marriott Ownership Resorts Inc 4.750% due 01/15/28		525,000		499,306
Mattel Inc 3.150% due 03/15/23		125,000		121,706
6.750% due 12/31/25 ~		825,000		871,200

	Principal Amount		Value
Michaels Stores Inc 8.000% due 07/15/27 ~	$	690,000	$	722,216
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		100,000		102,049
4.375% due 01/15/28 ~		300,000		306,447
5.000% due 10/15/25 ~		725,000		744,615
PM General Purchaser LLC due 10/01/28 # ~		75,000		77,931
Scientific Games International Inc 7.000% due 05/15/28 ~		150,000		150,621
7.250% due 11/15/29 ~		150,000		152,504
8.250% due 03/15/26 ~		450,000		471,697
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		50,000		51,749
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		875,000		830,856
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		26,641
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		250,000		266,094
STL Holding Co LLC 7.500% due 02/15/26 ~		650,000		654,062
Tesla Inc 5.300% due 08/15/25 ~		650,000		673,562
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		156,567		132,422
Viking Cruises Ltd 6.250% due 05/15/25 ~		325,000		256,310
				26,114,569
Consumer, Non-Cyclical - 14.2%
Acadia Healthcare Co Inc due 04/15/29 # ~		75,000		75,844
AdaptHealth LLC 6.125% due 08/01/28 ~		200,000		207,540
Ahern Rentals Inc 7.375% due 05/15/23 ~		2,801,000		1,495,034
Albertsons Cos Inc 3.250% due 03/15/26 ~		100,000		99,482
4.625% due 01/15/27 ~		50,000		51,212
5.875% due 02/15/28 ~		1,200,000		1,283,028
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		1,500,000		1,632,390
Avantor Funding Inc 4.625% due 07/15/28 ~		450,000		467,437
Bausch Health Americas Inc 8.500% due 01/31/27 ~		1,250,000		1,375,206
Bausch Health Cos Inc 5.000% due 01/30/28 ~		125,000		121,563
6.125% due 04/15/25 ~		275,000		281,806
6.250% due 02/15/29 ~		125,000		128,750
9.000% due 12/15/25 ~		1,050,000		1,144,815
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		600,000		630,708
5.500% due 04/01/26 ~		400,000		422,000
Community Health Systems Inc 6.625% due 02/15/25 ~		1,375,000		1,333,475
Garda World Security Corp (Canada) 9.500% due 11/01/27 ~		497,000		522,690
HCA Inc 5.375% due 09/01/26		150,000		166,031
5.625% due 09/01/28		100,000		114,573
5.875% due 02/01/29		1,525,000		1,779,225
Jaguar Holding Co II 5.000% due 06/15/28 ~		75,000		78,375
JBS Investments II GmbH 5.750% due 01/15/28 ~		200,000		208,750
7.000% due 01/15/26 ~		1,150,000		1,229,499

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-32

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
JBS USA LUX SA 5.500% due 01/15/30 ~	$	150,000	$	163,688
5.875% due 07/15/24 ~		200,000		204,145
6.500% due 04/15/29 ~		50,000		55,561
Kraft Heinz Foods Co 3.875% due 05/15/27 ~		175,000		186,779
3.950% due 07/15/25		251,000		272,838
4.375% due 06/01/46		750,000		772,251
5.000% due 07/15/35		900,000		1,037,629
5.200% due 07/15/45		400,000		437,743
Legacy LifePoint Health LLC 4.375% due 02/15/27 ~		100,000		100,375
6.750% due 04/15/25 ~		50,000		52,750
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		550,000		568,562
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		559,125
Select Medical Corp 6.250% due 08/15/26 ~		750,000		781,155
Tenet Healthcare Corp 4.625% due 06/15/28 ~		75,000		75,773
4.875% due 01/01/26 ~		180,000		182,923
6.125% due 10/01/28 ~		225,000		219,516
6.250% due 02/01/27 ~		600,000		620,163
6.750% due 06/15/23		975,000		1,024,725
7.500% due 04/01/25 ~		25,000		26,973
Tms International Holding Corp 7.250% due 08/15/25 ~		1,416,000		1,329,270
Verscend Escrow Corp 9.750% due 08/15/26 ~		650,000		708,363
				24,229,740
Energy - 8.4%
Antero Midstream Partners LP 5.750% due 01/15/28 ~		500,000		412,450
Antero Resources Corp 5.625% due 06/01/23		475,000		344,969
Archrock Partners LP 6.250% due 04/01/28 ~		25,000		23,625
6.875% due 04/01/27 ~		475,000		457,287
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		525,000		402,937
Buckeye Partners LP 4.125% due 03/01/25 ~		25,000		23,922
4.500% due 03/01/28 ~		525,000		507,281
Callon Petroleum Co 6.375% due 07/01/26		400,000		99,424
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		575,000		641,072
Cheniere Energy Partners LP 5.625% due 10/01/26		675,000		703,147
Comstock Resources Inc 9.750% due 08/15/26		357,000		367,829
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		50,000		49,719
5.750% due 01/30/28 ~		775,000		780,328
6.625% due 07/15/25 ~		50,000		51,453
Energy Transfer Operating LP 6.250% due 02/15/23		800,000		523,396
EnLink Midstream Partners LP 4.150% due 06/01/25		100,000		86,353
Enterprise Products Operating LLC 5.375% due 02/15/78		600,000		535,047
EQM Midstream Partners LP 5.500% due 07/15/28		175,000		176,607
6.000% due 07/01/25 ~		75,000		77,438
6.500% due 07/01/27 ~		250,000		265,359
Global Partners LP 7.000% due 08/01/27		470,000		480,371

	Principal Amount		Value
MPLX LP 6.875% due 02/15/23	$	650,000	$	536,216
Newfield Exploration Co 5.625% due 07/01/24		500,000		486,715
Occidental Petroleum Corp 2.700% due 08/15/22		503,000		470,906
2.900% due 08/15/24		900,000		765,270
3.125% due 02/15/22		125,000		118,608
5.875% due 09/01/25		475,000		436,209
6.625% due 09/01/30		300,000		277,312
8.000% due 07/15/25		100,000		100,811
8.500% due 07/15/27		150,000		151,438
Parsley Energy LLC 5.250% due 08/15/25 ~		225,000		223,312
5.375% due 01/15/25 ~		225,000		225,000
5.625% due 10/15/27 ~		225,000		224,297
Range Resources Corp 5.000% due 03/15/23		374,000		356,001
9.250% due 02/01/26 ~		300,000		308,766
Targa Resources Partners LP 4.875% due 02/01/31 ~		200,000		194,060
5.125% due 02/01/25		500,000		500,307
5.375% due 02/01/27		50,000		50,397
5.875% due 04/15/26		825,000		848,574
6.500% due 07/15/27		50,000		52,250
USA Compression Partners LP 6.875% due 09/01/27		775,000		769,815
WPX Energy Inc 5.250% due 10/15/27		193,000		196,221
				14,302,499
Financial - 5.7%
Alliance Data Systems Corp 7.000% due 01/15/26 ~		525,000		523,412
Ally Financial Inc 5.750% due 11/20/25		900,000		1,011,888
GLP Capital LP REIT 5.750% due 06/01/28		875,000		1,001,521
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		75,000		75,554
4.875% due 09/15/29 ~		725,000		738,412
5.000% due 07/15/28 ~		75,000		76,968
5.250% due 03/15/28 ~		100,000		104,313
OneMain Finance Corp 5.375% due 11/15/29		225,000		234,562
5.625% due 03/15/23		375,000		390,236
6.125% due 03/15/24		625,000		655,469
6.875% due 03/15/25		25,000		27,789
7.125% due 03/15/26		1,350,000		1,509,914
8.875% due 06/01/25		50,000		55,468
SBA Communications Corp REIT 3.875% due 02/15/27 ~		700,000		711,375
The Howard Hughes Corp 5.375% due 03/15/25 ~		1,850,000		1,884,410
5.375% due 08/01/28 ~		225,000		224,820
VICI Properties LP REIT 3.750% due 02/15/27 ~		175,000		172,375
4.250% due 12/01/26 ~		200,000		201,245
4.625% due 12/01/29 ~		200,000		204,625
				9,804,356
Industrial - 10.8%
Apex Tool Group LLC 9.000% due 02/15/23 ~		450,000		417,375
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		200,000		199,210
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		325,000		315,250
7.500% due 03/15/25 ~		525,000		395,063

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-33

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Brand Industrial Services Inc 8.500% due 07/15/25 ~	$	650,000	$	615,875
BWX Technologies Inc 4.125% due 06/30/28 ~		650,000		666,656
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		575,000		582,101
Covanta Holding Corp 5.000% due 09/01/30		75,000		75,791
Gates Global LLC 6.250% due 01/15/26 ~		675,000		694,690
GFL Environmental Inc (Canada) 3.750% due 08/01/25 ~		225,000		224,859
5.125% due 12/15/26 ~		25,000		26,034
7.000% due 06/01/26 ~		620,000		654,766
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		824,000
Husky III Holding Ltd (Canada) 13.000% PIK due 02/15/25 ~		175,000		181,672
Itron Inc 5.000% due 01/15/26 ~		1,425,000		1,465,078
Mauser Packaging Solutions Holding Co 5.500% due 04/15/24 ~		475,000		477,375
7.250% due 04/15/25 ~		1,375,000		1,295,937
Maxim Crane Works Holdings Capital LLC 10.125% due 08/01/24 ~		475,000		482,769
Mueller Water Products Inc 5.500% due 06/15/26 ~		801,000		829,884
Sensata Technologies BV 5.625% due 11/01/24 ~		1,175,000		1,278,547
Sensata Technologies Inc 3.750% due 02/15/31 ~		75,000		74,719
4.375% due 02/15/30 ~		450,000		473,639
Standard Industries Inc 3.375% due 01/15/31 ~		75,000		74,165
4.375% due 07/15/30 ~		175,000		179,690
4.750% due 01/15/28 ~		1,300,000		1,352,000
The Boeing Co 5.705% due 05/01/40		450,000		527,516
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		910,000		907,725
TransDigm Inc 5.500% due 11/15/27		375,000		361,106
6.250% due 03/15/26 ~		700,000		734,863
8.000% due 12/15/25 ~		225,000		244,913
TransDigm UK Holdings PLC 6.875% due 05/15/26		825,000		831,621
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		275,000		291,156
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		275,000		286,314
Welbilt Inc 9.500% due 02/15/24		450,000		462,094
				18,504,453
Technology - 1.7%
BY Crown Parent LLC 4.250% due 01/31/26 ~		550,000		560,657
Entegris Inc 4.375% due 04/15/28 ~		525,000		541,078
Logan Merger Sub Inc 5.500% due 09/01/27 ~		550,000		559,281
ON Semiconductor Corp 3.875% due 09/01/28 ~		75,000		76,196
Qorvo Inc 3.375% due 04/01/31 ~		100,000		101,900
Tempo Acquisition LLC 5.750% due 06/01/25 ~		125,000		131,406
6.750% due 06/01/25 ~		900,000		920,237
				2,890,755

	Principal Amount		Value
Utilities - 2.3%
Calpine Corp 5.000% due 02/01/31 ~	$	25,000	$	25,529
5.125% due 03/15/28 ~		550,000		570,028
NRG Energy Inc
5.250% due 06/15/29 ~		300,000		326,944
7.250% due 05/15/26		390,000		415,797
PG&E Corp
5.000% due 07/01/28		575,000		558,512
5.250% due 07/01/30		75,000		72,656
Pike Corp 5.500% due 09/01/28 ~		625,000		630,822
Talen Energy Supply LLC 6.500% due 06/01/25		650,000		427,310
7.250% due 05/15/27 ~		100,000		99,831
7.625% due 06/01/28 ~		100,000		100,188
Vistra Operations Co LLC 5.000% due 07/31/27 ~		375,000		394,219
5.500% due 09/01/26 ~		200,000		209,000
5.625% due 02/15/27 ~		100,000		105,666
				3,936,502
Total Corporate Bonds & Notes (Cost $122,156,560)				124,157,028
SENIOR LOAN NOTES - 4.2%
Consumer, Cyclical - 2.5%
18 Fremont Street Acquisition LLC 9.500% (USD LIBOR + 8.000%) due 08/09/25 §		250,000		227,187
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		1,279,977		1,272,536
PetSmart Inc Term B-2 5.000% (USD LIBOR + 4.000%) due 03/11/22 §		492,399		491,871
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		982,188		928,168
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		582,770		553,632
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/24/25 §		596,954		581,807
Tacala Investment Corp Term B (2nd Lien) 7.647% (USD LIBOR + 7.500%) due 02/05/28 §		250,000		238,250
				4,293,451
Consumer, Non-Cyclical - 0.0%
North American Lifting Holdings Inc (2nd Lien) 10.000% (USD LIBOR + 9.000%) due 11/27/21 § Y		350,000		25,375
Energy - 0.3%
Traverse Midstream Partners LLC Term B 5.000% (USD LIBOR + 4.000%) due 09/27/24 §		494,949		458,076

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-34

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Industrial - 1.0%
Dynasty Acquisition Co Inc 3.720% (USD LIBOR + 3.500%) due 04/08/26 §	$	643,846	$	571,758
Reynolds Group Holdings Inc Term B 2.897% - 5.000% (USD LIBOR + 2.750%) due 02/05/23 §		815,102		808,480
Standard Aero Ltd 3.720% (USD LIBOR + 3.500%) due 04/08/26 §		346,154		307,397
				1,687,635
Technology - 0.4%
The Dun & Bradstreet Corp Term B 3.895% (USD LIBOR + 3.750%) due 02/08/26 §		597,000		592,224
Total Senior Loan Notes (Cost $7,149,184)				7,056,761
ASSET-BACKED SECURITIES - 1.5%
Benefit Street Partners CLO Ltd ‘D’ (Cayman) 6.222% (USD LIBOR + 5.950%) due 04/20/31 § ~		250,000		206,335
Benefit Street Partners CLO Ltd ‘E’ (Cayman) 6.973% (USD LIBOR + 6.700%) due 01/17/32 § ~		250,000		231,312
Dryden Senior Loan Fund ‘E’ (Cayman) 7.080% (USD LIBOR + 6.800%) due 05/15/32 § ~		425,000		407,622
Dryden Senior Loan Fund ‘F’ (Cayman) 7.475% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		180,420
Magnetite XXII Ltd ‘E’ (Cayman) 7.025% (USD LIBOR + 6.750%) due 04/15/31 § ~		500,000		483,303
Neuberger Berman Loan Advisers CLO Ltd ‘E’ (Cayman)
7.022% (USD LIBOR + 6.750%) due 01/20/31 § ~		300,000		290,183
7.022% (USD LIBOR + 6.750%) due 04/20/31 § ~		500,000		483,175
Voya CLO 2019-4 Ltd ‘E’ (Cayman) 7.755% (USD LIBOR + 7.480%) due 01/15/33 § ~		300,000		301,226
Total Asset-Backed Securities (Cost $2,737,985)				2,583,576

	Shares		Value
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		1,731,962		$1,731,962
Total Short-Term Investment (Cost $1,731,962)				1,731,962
TOTAL INVESTMENTS - 81.6% (Cost $137,569,382)				139,350,686
OTHER ASSETS & LIABILITIES, NET - 18.4%				31,526,661
NET ASSETS - 100.0%				$170,877,347

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	18.0%
Consumer, Non-Cyclical	14.3%
Industrial	12.3%
Communications	11.6%
Energy	8.8%
Financial	6.0%
Others (each less than 3.0%)	10.6%
	81.6%
Other Assets & Liabilities, Net	18.4%
	100.0%

(b) An investment with a value of $25,375 or less than 0.1% of the Fund’s net assets was in default as of September 30, 2020.

(c) 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)
Spectacle Gary Holdings LLC		$41,111		$40,118		($993	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-35

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$2,262,497		$2,262,497		$—		$—
	Exchange-Traded Funds		1,558,862		1,558,862		—		—
	Corporate Bonds & Notes		124,157,028		—		124,157,028		—
	Senior Loan Notes		7,056,761		—		7,056,761		—
	Asset-Backed Securities		2,583,576		—		2,583,576		—
	Short-Term Investment		1,731,962		1,731,962		—		—
	Unfunded Loan Commitment		40,118		—		40,118		—
	Total		$139,390,804		$5,553,321		$133,837,483		$—

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the period ended September 30, 2020:

	Senior Loan Notes and Unfunded Loan Commitment
Value, Beginning of Period		$2,825,470
Purchases		—
Sales (Includes Paydowns)		(732,388	)
Accrued Discounts (Premiums)		15,864
Net Realized Gains (Losses)		(184,947	)
Change in Net Unrealized Appreciation (Depreciation)		433,100
Transfers In		—
Transfers Out		(2,357,099	)
Value, End of Period		$—
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$—

The table below shows transfers within Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
$	2,357,099		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

All significant unobservable inputs were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-36

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP VALUE

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Basic Materials - 2.7%
Air Products and Chemicals Inc		1,208		$359,815
Huntsman Corp		8,666		192,472
				552,287
Communications - 11.7%
Alphabet Inc ‘A’ *		313		458,733
AT&T Inc		4,385		125,016
Cisco Systems Inc		5,941		234,016
Comcast Corp ‘A’		10,787		499,007
Discovery Inc ‘A’ *		10,327		224,819
The Walt Disney Co		1,993		247,291
Verizon Communications Inc		10,563		628,393
				2,417,275
Consumer, Cyclical - 6.4%
Best Buy Co Inc		2,151		239,385
Darden Restaurants Inc		1,989		200,372
Lowe’s Cos Inc		1,709		283,455
PulteGroup Inc		4,946		228,950
Target Corp		2,387		375,761
				1,327,923
Consumer, Non-Cyclical - 23.7%
AbbVie Inc		3,034		265,748
AmerisourceBergen Corp		2,705		262,169
Bristol-Myers Squibb Co		4,818		290,477
Cigna Corp		1,170		198,210
Eli Lilly and Co		1,348		199,531
Hill-Rom Holdings Inc		2,222		185,559
Johnson & Johnson		3,628		540,137
Kimberly-Clark Corp		2,368		349,659
Medtronic PLC		4,755		494,140
Merck & Co Inc		3,492		289,661
Mondelez International Inc ‘A’		6,470		371,701
PepsiCo Inc		2,172		301,039
Quanta Services Inc		5,604		296,227
The Procter & Gamble Co		1,546		214,879
Thermo Fisher Scientific Inc		936		413,263
UnitedHealth Group Inc		656		204,521
				4,876,921
Energy - 4.1%
Chevron Corp		4,221		303,912
Concho Resources Inc		2,935		129,492
ConocoPhillips		4,407		144,726
EOG Resources Inc		4,028		144,766
Phillips 66		2,210		114,567
				837,463
Financial - 24.0%
American Express Co		1,497		150,074
Bank of America Corp		24,104		580,665
Berkshire Hathaway Inc ‘B’ *		1,154		245,733
BlackRock Inc		598		337,003
Boston Properties Inc REIT		2,078		166,863
Equity LifeStyle Properties Inc REIT		1,629		99,858
Highwoods Properties Inc REIT		2,380		79,897
Intercontinental Exchange Inc		3,014		301,551
JPMorgan Chase & Co		7,293		702,097
Prologis Inc REIT		3,504		352,572
Prudential Financial Inc		4,079		259,098
State Street Corp		5,083		301,574
The Allstate Corp		2,491		234,503
The Charles Schwab Corp		4,886		177,020
The Hartford Financial Services Group Inc		5,637		207,780
The Travelers Cos Inc		1,393		150,709

	Shares		Value
Truist Financial Corp		6,830	$	259,881
Willis Towers Watson PLC		1,572		328,265
				4,935,143
Industrial - 12.4%
Caterpillar Inc		1,717		256,090
Honeywell International Inc		1,764		290,372
Kansas City Southern		1,532		277,032
Lockheed Martin Corp		553		211,954
Martin Marietta Materials Inc		1,283		301,967
Northrop Grumman Corp		646		203,806
Owens Corning		2,618		180,145
Parker-Hannifin Corp		1,588		321,316
Textron Inc		5,217		188,281
Trane Technologies PLC		1,623		196,789
Westrock Co		3,844		133,541
				2,561,293
Technology - 6.6%
Apple Inc		1,126		130,402
Broadcom Inc		573		208,755
Intel Corp		3,486		180,505
Micron Technology Inc *		4,493		210,991
Microsoft Corp		1,062		223,371
ON Semiconductor Corp *		9,054		196,381
Oracle Corp		3,360		200,592
				1,350,997
Utilities - 6.0%
American Electric Power Co Inc		3,079		251,647
DTE Energy Co		2,683		308,652
Duke Energy Corp		3,399		301,015
Xcel Energy Inc		5,288		364,925
				1,226,239
Total Common Stocks (Cost $17,212,707)				20,085,541
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		378,391		378,391
Total Short-Term Investment (Cost $378,391)				378,391
TOTAL INVESTMENTS - 99.4% (Cost $17,591,098)				20,463,932
OTHER ASSETS & LIABILITIES, NET - 0.6%				123,116
NET ASSETS - 100.0%				$20,587,048

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	24.0%
Consumer, Non-Cyclical	23.7%
Industrial	12.4%
Communications	11.7%
Technology	6.6%
Consumer, Cyclical	6.4%
Utilities	6.0%
Energy	4.1%
Others (each less than 3.0%)	4.5%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-37

PACIFIC FUNDS

PACIFIC FUNDS LARGE-CAP VALUE

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$20,085,541		$20,085,541		$—		$—
	Short-Term Investment		378,391		378,391		—		—
	Total		$20,463,932		$20,463,932		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-38

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Basic Materials - 2.4%
Axalta Coating Systems Ltd *		138,280		$3,065,667
Kaiser Aluminum Corp		23,391		1,253,524
W R Grace & Co		52,482		2,114,500
				6,433,691
Communications - 2.4%
NIC Inc		71,494		1,408,432
Viavi Solutions Inc *		206,819		2,425,987
Vonage Holdings Corp *		254,585		2,604,404
				6,438,823
Consumer, Cyclical - 16.3%
American Eagle Outfitters Inc		233,657		3,460,460
Avient Corp		71,736		1,898,135
BJ’s Restaurants Inc		45,991		1,353,975
BJ’s Wholesale Club Holdings Inc *		79,691		3,311,161
Bloomin’ Brands Inc		132,462		2,022,695
Dana Inc		153,690		1,893,461
Darden Restaurants Inc		26,319		2,651,376
Deckers Outdoor Corp *		19,924		4,383,479
Dick’s Sporting Goods Inc		59,225		3,427,943
KB Home		55,641		2,136,058
Kohl’s Corp		109,838		2,035,298
Lithia Motors Inc ‘A’		16,275		3,709,724
RH *		10,029		3,837,296
SeaWorld Entertainment Inc *		87,520		1,725,894
SkyWest Inc		38,808		1,158,807
Sleep Number Corp *		32,116		1,570,794
The Michaels Cos Inc *		56,483		545,343
UniFirst Corp		10,701		2,026,448
				43,148,347
Consumer, Non-Cyclical - 27.3%
Amedisys Inc *		12,298		2,907,616
Amicus Therapeutics Inc *		176,157		2,487,337
AMN Healthcare Services Inc *		38,926		2,275,614
Arena Pharmaceuticals Inc *		25,363		1,896,899
BioTelemetry Inc *		41,325		1,883,593
Blueprint Medicines Corp *		22,551		2,090,478
Cardtronics PLC ‘A’ *		65,796		1,302,761
Charles River Laboratories International Inc *		16,368		3,706,534
Deluxe Corp		44,511		1,145,268
Esperion Therapeutics Inc *		40,187		1,493,751
Euronet Worldwide Inc *		18,268		1,664,215
Exact Sciences Corp *		32,646		3,328,260
FibroGen Inc *		60,335		2,480,975
FTI Consulting Inc *		23,263		2,465,180
Helen of Troy Ltd *		10,341		2,001,190
Heron Therapeutics Inc *		165,930		2,459,083
Horizon Therapeutics PLC *		84,286		6,547,336
Hostess Brands Inc *		144,983		1,787,640
Intercept Pharmaceuticals Inc *		25,969		1,076,675
Ionis Pharmaceuticals Inc *		37,379		1,773,634
Iovance Biotherapeutics Inc *		88,782		2,922,703
Jazz Pharmaceuticals PLC *		22,343		3,185,888
Lamb Weston Holdings Inc		34,374		2,277,965
Merit Medical Systems Inc *		55,542		2,416,077
Neurocrine Biosciences Inc *		22,791		2,191,583
Option Care Health Inc *		73,854		987,428
Performance Food Group Co *		78,601		2,721,167
Progyny Inc *		30,112		886,196
Quanta Services Inc		66,604		3,520,687
Syneos Health Inc *		47,459		2,522,920
Teleflex Inc		5,969		2,031,967
				72,438,620

	Shares		Value
Energy - 1.8%
Diamondback Energy Inc		63,314		$1,907,018
HollyFrontier Corp		55,447		1,092,860
Parsley Energy Inc ‘A’		176,718		1,654,081
				4,653,959
Financial - 17.5%
Air Lease Corp		94,755		2,787,692
Blucora Inc *		93,572		881,448
Everest Re Group Ltd		13,993		2,764,177
First Horizon National Corp		277,385		2,615,741
First Industrial Realty Trust Inc REIT		52,088		2,073,102
Highwoods Properties Inc REIT		51,295		1,721,973
Horace Mann Educators Corp		45,805		1,529,887
Host Hotels & Resorts Inc REIT		234,342		2,528,550
Hudson Pacific Properties Inc REIT		77,483		1,699,202
Investors Bancorp Inc		206,872		1,501,891
Lamar Advertising Co ‘A’ REIT		41,574		2,750,952
Life Storage Inc REIT		19,770		2,081,188
Mid-America Apartment Communities Inc REIT		22,006		2,551,596
Old Republic International Corp		114,002		1,680,389
Pinnacle Financial Partners Inc		62,782		2,234,411
QTS Realty Trust Inc ‘A’ REIT		34,775		2,191,521
Radian Group Inc		102,896		1,503,311
TCF Financial Corp		116,258		2,715,787
The Hanover Insurance Group Inc		24,669		2,298,657
Two Harbors Investment Corp REIT		508,849		2,590,041
Western Alliance Bancorp		55,908		1,767,811
Wintrust Financial Corp		46,511		1,862,766
				46,332,093
Industrial - 13.6%
Aerojet Rocketdyne Holdings Inc *		59,240		2,363,084
Altra Industrial Motion Corp		47,651		1,761,657
American Woodmark Corp *		29,098		2,285,357
EnPro Industries Inc		34,017		1,918,899
Evoqua Water Technologies Corp *		125,825		2,670,006
frontdoor Inc *		56,484		2,197,792
Generac Holdings Inc *		20,293		3,929,537
Graphic Packaging Holding Co		233,500		3,290,015
Harsco Corp *		100,858		1,402,935
Jacobs Engineering Group Inc		31,490		2,921,327
Rexnord Corp		89,746		2,678,021
SPX Corp *		58,027		2,691,292
The Timken Co		67,988		3,686,309
Werner Enterprises Inc		50,241		2,109,620
				35,905,851
Technology - 15.6%
Avaya Holdings Corp *		165,634		2,517,637
Bottomline Technologies DE Inc *		54,682		2,305,393
Box Inc ‘A’ *		133,268		2,313,532
Cirrus Logic Inc *		37,248		2,512,378
CommVault Systems Inc *		33,078		1,349,582
Everbridge Inc *		18,892		2,375,291
Glu Mobile Inc *		333,551		2,560,004
Inphi Corp *		20,359		2,285,298
J2 Global Inc *		38,535		2,667,393
Leidos Holdings Inc		24,167		2,154,488
MKS Instruments Inc		19,121		2,088,587
Qualys Inc *		22,287		2,184,349
RealPage Inc *		37,705		2,173,316
Silicon Laboratories Inc *		28,401		2,779,038
SPS Commerce Inc *		36,910		2,874,182
Synopsys Inc *		16,332		3,494,721
Zebra Technologies Corp ‘A’ *		10,235		2,583,928
				41,219,117

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-39

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Utilities - 2.5%
Black Hills Corp		46,434		$2,483,755
Portland General Electric Co		61,197		2,172,493
Southwest Gas Holdings Inc		33,207		2,095,362
				6,751,610
Total Common Stocks (Cost $238,668,281)				263,322,111
SHORT-TERM INVESTMENT - 0.7%
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		1,855,368		1,855,368
Total Short-Term Investment (Cost $1,855,368)				1,855,368
TOTAL INVESTMENTS - 100.1% (Cost $240,523,649)				265,177,479
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(259,804	)
NET ASSETS - 100.0%				$264,917,675

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	27.3%
Financial	17.5%
Consumer, Cyclical	16.3%
Technology	15.6%
Industrial	13.6%
Others (each less than 3.0%)	9.8%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$263,322,111		$263,322,111		$—		$—
	Short-Term Investment		1,855,368		1,855,368		—		—
	Total		$265,177,479		$265,177,479		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-40

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Basic Materials - 1.9%
AdvanSix Inc *		5,043		$64,954
Commercial Metals Co		5,200		103,896
Kaiser Aluminum Corp		1,175		62,968
				231,818
Communications - 2.8%
NIC Inc		4,941		97,338
Viavi Solutions Inc *		10,148		119,036
Vonage Holdings Corp *		11,731		120,008
				336,382
Consumer, Cyclical - 18.1%
American Eagle Outfitters Inc		9,348		138,444
Avient Corp		4,404		116,530
BJ’s Restaurants Inc		2,886		84,964
BJ’s Wholesale Club Holdings Inc *		3,442		143,015
Bloomin’ Brands Inc		6,271		95,758
Callaway Golf Co		4,535		86,800
Dana Inc		8,111		99,928
Deckers Outdoor Corp *		745		163,907
Dick’s Sporting Goods Inc		2,897		167,678
KB Home		3,087		118,510
Kohl’s Corp		4,204		77,900
Lithia Motors Inc ‘A’		1,036		236,146
Marriott Vacations Worldwide Corp		1,211		109,971
PetIQ Inc *		3,395		111,763
RH *		463		177,153
SeaWorld Entertainment Inc *		2,939		57,957
SkyWest Inc		1,737		51,867
Sleep Number Corp *		1,488		72,778
The Michaels Cos Inc *		2,613		25,229
UniFirst Corp		420		79,535
				2,215,833
Consumer, Non-Cyclical - 24.1%
Acadia Healthcare Co Inc *		2,982		87,909
Addus HomeCare Corp *		1,065		100,653
Amicus Therapeutics Inc *		10,961		154,769
AMN Healthcare Services Inc *		2,717		158,836
Amphastar Pharmaceuticals Inc *		4,036		75,675
Arena Pharmaceuticals Inc *		1,083		80,998
AtriCure Inc *		1,642		65,516
BioTelemetry Inc *		1,495		68,142
Blueprint Medicines Corp *		1,432		132,746
Cardtronics PLC ‘A’ *		3,296		65,261
Deluxe Corp		2,189		56,323
Esperion Therapeutics Inc *		2,343		87,089
FibroGen Inc *		2,921		120,112
FTI Consulting Inc *		945		100,142
Helen of Troy Ltd *		686		132,755
Heron Therapeutics Inc *		9,433		139,797
Horizon Therapeutics PLC *		2,291		177,965
Hostess Brands Inc *		8,041		99,146
Intercept Pharmaceuticals Inc *		1,020		42,289
Iovance Biotherapeutics Inc *		4,250		139,910
LHC Group Inc *		759		161,333
LivaNova PLC *		1,227		55,473
NuVasive Inc *		1,763		85,629
Performance Food Group Co *		3,452		119,508
Progyny Inc *		2,980		87,701
PTC Therapeutics Inc *		2,057		96,165
Revance Therapeutics Inc *		5,236		131,633
Syneos Health Inc *		2,179		115,836
				2,939,311

	Shares		Value
Energy - 1.4%
Magnolia Oil & Gas Corp ‘A’ *		11,459	$	59,243
Parsley Energy Inc ‘A’		7,976		74,655
PBF Energy Inc ‘A’		6,792		38,646
				172,544
Financial - 19.3%
Argo Group International Holdings Ltd		2,288		78,776
Blucora Inc *		4,282		40,336
Brightsphere Investment Group Inc		7,904		101,962
ConnectOne Bancorp Inc		7,179		101,009
DiamondRock Hospitality Co REIT		7,019		35,586
Enterprise Financial Services Corp		3,084		84,101
First Horizon National Corp		10,280		96,940
First Industrial Realty Trust Inc REIT		2,154		85,729
Glacier Bancorp Inc		2,227		71,375
Home BancShares Inc		7,699		116,717
Horace Mann Educators Corp		2,223		74,248
Investors Bancorp Inc		15,814		114,810
Lexington Realty Trust REIT		7,048		73,652
National Storage Affiliates Trust REIT		3,105		101,564
NexPoint Residential Trust Inc REIT		2,925		129,724
Northfield Bancorp Inc		4,433		40,429
Piedmont Office Realty Trust Inc ‘A’ REIT		5,764		78,217
PotlatchDeltic Corp REIT		2,076		87,400
QTS Realty Trust Inc ‘A’ REIT		1,816		114,444
Radian Group Inc		5,443		79,522
Sandy Spring Bancorp Inc		2,853		65,847
Seacoast Banking Corp of Florida *		5,531		99,724
Selective Insurance Group Inc		2,144		110,394
STAG Industrial Inc REIT		3,092		94,275
Two Harbors Investment Corp REIT		18,575		94,547
United Community Banks Inc		5,504		93,183
WSFS Financial Corp		3,278		88,408
				2,352,919
Industrial - 16.3%
Air Transport Services Group Inc *		4,028		100,942
Altra Industrial Motion Corp		4,016		148,471
American Woodmark Corp *		892		70,058
EMCOR Group Inc		1,731		117,206
EnerSys		1,412		94,773
Evoqua Water Technologies Corp *		7,523		159,638
frontdoor Inc *		2,261		87,975
Harsco Corp *		6,302		87,661
Itron Inc *		1,784		108,360
Masonite International Corp *		918		90,331
MasTec Inc *		2,678		113,012
Rexnord Corp		5,302		158,212
Saia Inc *		1,263		159,315
SPX Corp *		2,897		134,363
The Timken Co		2,864		155,286
UFP Industries Inc		2,119		119,745
Werner Enterprises Inc		2,094		87,927
				1,993,275
Technology - 12.7%
Avaya Holdings Corp *		7,144		108,589
Bottomline Technologies DE Inc *		3,431		144,651
Box Inc ‘A’ *		8,102		140,651
Cirrus Logic Inc *		2,271		153,179
CommVault Systems Inc *		2,568		104,774
Everbridge Inc *		1,108		139,309
Glu Mobile Inc *		14,895		114,319
J2 Global Inc *		1,855		128,403
Qualys Inc *		1,587		155,542
Silicon Laboratories Inc *		1,210		118,399
SPS Commerce Inc *		2,284		177,855
Ultra Clean Holdings Inc *		3,344		71,762
				1,557,433

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-41

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Utilities - 2.3%
Black Hills Corp		1,958		$104,733
Portland General Electric Co		1,986		70,503
Southwest Gas Holdings Inc		1,743		109,983
				285,219
Total Common Stocks (Cost $11,039,625)				12,084,734
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		218,374		218,374
Total Short-Term Investment (Cost $218,374)				218,374
TOTAL INVESTMENTS - 100.7% (Cost $11,257,999)				12,303,108
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(79,706	)
NET ASSETS - 100.0%				$12,223,402

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.1%
Financial	19.3%
Consumer, Cyclical	18.1%
Industrial	16.3%
Technology	12.7%
Others (each less than 3.0%)	10.2%
	100.7%
Other Assets & Liabilities, Net	(0.7%	)
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$12,084,734		$12,084,734		$—		$—
	Short-Term Investment		218,374		218,374		—		—
	Total		$12,303,108		$12,303,108		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-42

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Basic Materials - 3.2%
AdvanSix Inc *		4,750		$61,180
Commercial Metals Co		5,372		107,333
Kaiser Aluminum Corp		2,259		121,060
W R Grace & Co		2,267		91,337
				380,910
Communications - 2.4%
NETGEAR Inc *		3,155		97,237
Viavi Solutions Inc *		8,179		95,940
Vonage Holdings Corp *		9,285		94,985
				288,162
Consumer, Cyclical - 16.8%
American Eagle Outfitters Inc		14,577		215,885
Avient Corp		5,101		134,972
BJ’s Wholesale Club Holdings Inc *		2,603		108,155
Bloomin’ Brands Inc		10,135		154,761
Callaway Golf Co		6,982		133,636
Dana Inc		14,220		175,190
Deckers Outdoor Corp *		640		140,806
KB Home		4,585		176,018
Lithia Motors Inc ‘A’		898		204,690
Marriott Vacations Worldwide Corp		1,278		116,055
PetIQ Inc *		3,091		101,756
RH *		275		105,221
SkyWest Inc		3,424		102,241
The Michaels Cos Inc *		3,733		36,042
UniFirst Corp		569		107,752
				2,013,180
Consumer, Non-Cyclical - 13.4%
Aaron’s Inc		2,364		133,921
Acadia Healthcare Co Inc *		3,212		94,690
Addus HomeCare Corp *		1,163		109,915
Arena Pharmaceuticals Inc *		1,160		86,756
Cardtronics PLC ‘A’ *		3,503		69,359
Deluxe Corp		3,088		79,454
FibroGen Inc *		2,529		103,993
Helen of Troy Ltd *		805		155,784
Horizon Therapeutics PLC *		1,971		153,107
Hostess Brands Inc *		10,792		133,065
Iovance Biotherapeutics Inc *		3,102		102,118
LivaNova PLC *		1,813		81,966
Magellan Health Inc *		409		30,994
Performance Food Group Co *		4,310		149,212
Revance Therapeutics Inc *		4,675		117,530
				1,601,864
Energy - 3.0%
Delek US Holdings Inc		3,355		37,341
Magnolia Oil & Gas Corp ‘A’ *		25,244		130,512
Parsley Energy Inc ‘A’		15,456		144,668
PBF Energy Inc ‘A’		9,347		53,184
				365,705
Financial - 33.5%
Agree Realty Corp REIT		2,025		128,871
Argo Group International Holdings Ltd		3,796		130,696
ARMOUR Residential REIT Inc		14,194		134,985
Berkshire Hills Bancorp Inc		11,012		111,331
Blucora Inc *		5,625		52,988
Brightsphere Investment Group Inc		7,669		98,930
ConnectOne Bancorp Inc		8,196		115,318
DiamondRock Hospitality Co REIT		21,212		107,545
Enterprise Financial Services Corp		3,922		106,953

	Shares		Value
First Bancorp		3,401		$71,183
First Horizon National Corp		11,594		109,331
First Industrial Realty Trust Inc REIT		4,153		165,289
First Interstate BancSystem Inc ‘A’		3,823		121,763
Glacier Bancorp Inc		2,715		87,016
Hilltop Holdings Inc		6,604		135,910
Home BancShares Inc		6,281		95,220
Horace Mann Educators Corp		2,673		89,278
Horizon Bancorp Inc		8,607		86,845
Investors Bancorp Inc		16,448		119,413
Lexington Realty Trust REIT		14,541		151,953
National Storage Affiliates Trust REIT		3,471		113,536
NexPoint Residential Trust Inc REIT		3,940		174,739
Northfield Bancorp Inc		5,937		54,145
Old Second Bancorp Inc		7,447		55,815
Piedmont Office Realty Trust Inc ‘A’ REIT		9,567		129,824
PotlatchDeltic Corp REIT		3,025		127,353
QCR Holdings Inc		3,615		99,087
QTS Realty Trust Inc ‘A’ REIT		1,313		82,745
Radian Group Inc		7,009		102,402
Sandy Spring Bancorp Inc		4,907		113,254
Seacoast Banking Corp of Florida *		6,243		112,561
Selective Insurance Group Inc		2,853		146,901
South State Corp		1,318		63,462
TCF Financial Corp		3,398		79,377
Two Harbors Investment Corp REIT		26,419		134,473
United Community Banks Inc		5,313		89,949
WSFS Financial Corp		4,275		115,297
				4,015,738
Industrial - 17.8%
Altra Industrial Motion Corp		4,746		175,460
EMCOR Group Inc		1,949		131,967
EnPro Industries Inc		2,540		143,281
Evoqua Water Technologies Corp *		6,243		132,476
Harsco Corp *		12,274		170,731
Knowles Corp *		8,042		119,826
Masonite International Corp *		1,521		149,666
MYR Group Inc *		3,194		118,753
Rexnord Corp		6,101		182,054
Sanmina Corp *		4,506		121,887
The Timken Co		3,748		203,217
TriMas Corp *		4,090		93,252
UFP Industries Inc		2,176		122,966
UFP Technologies Inc *		2,693		111,544
Werner Enterprises Inc		3,643		152,970
				2,130,050
Technology - 2.9%
Avaya Holdings Corp *		10,388		157,898
Cirrus Logic Inc *		1,659		111,899
Ultra Clean Holdings Inc *		3,661		78,565
				348,362
Utilities - 4.1%
Black Hills Corp		3,627		194,008
Portland General Electric Co		3,098		109,979
Southwest Gas Holdings Inc		2,958		186,650
				490,637
Total Common Stocks (Cost $11,729,208)				11,634,608
EXCHANGE-TRADED FUND - 0.6%
iShares Russell 2000 Value		726		72,114
Total Exchange-Traded Fund (Cost $64,711)				72,114

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-43

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		269,346		$269,346
Total Short-Term Investment (Cost $269,346)				269,346
TOTAL INVESTMENTS - 99.9% (Cost $12,063,265)				11,976,068
OTHER ASSETS & LIABILITIES, NET - 0.1%				6,694
NET ASSETS - 100.0%				$11,982,762

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.5%
Industrial	17.8%
Consumer, Cyclical	16.8%
Consumer, Non-Cyclical	13.4%
Utilities	4.1%
Basic Materials	3.2%
Energy	3.0%
Others (each less than 3.0%)	8.1%
	99.9%
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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$11,634,608		$11,634,608		$—		$—
	Exchange-Traded Fund		72,114		72,114		—		—
	Short-Term Investment		269,346		269,346		—		—
	Total		$11,976,068		$11,976,068		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-45

A-44

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2020 (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, 2020. 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, 2020.
¥	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.
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.
Currency Abbreviations:
USD	United States Dollar
Reference Rate Abbreviation:
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
Other Abbreviations:
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-45

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2020 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative		Moderate- Conservative		Moderate		Growth		Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at value			$237,015,869		$320,897,145		$1,014,933,423		$791,602,205		$293,188,017
Receivables:
	Fund shares sold		41,334		61,055		303,976		103,755		68,776
	Securities sold		18,267,036		17,641,259		51,418,222		40,530,788		31,619,794
	Due from adviser		14,712		16,887		35,214		29,210		16,007
Prepaid expenses and other assets			479		743		2,384		1,934		718
Total Assets			255,339,430		338,617,089		1,066,693,219		832,267,892		324,893,312
LIABILITIES
Payables:
	Fund shares redeemed		234,002		648,341		1,933,318		1,356,666		475,476
	Securities purchased		18,060,433		17,232,936		50,887,473		39,953,494		31,531,580
	Accrued advisory fees		39,229		53,077		168,149		131,077		48,450
	Accrued administration fees		29,422		39,808		126,112		98,308		36,337
	Accrued custodian and portfolio accounting fees		10,175		10,457		12,493		11,859		10,374
	Accrued registration fees		6,004		1,873		7,206		9,056		5,818
	Accrued legal, audit and tax service fees		17,198		17,049		55,939		42,859		18,135
	Accrued trustees’ fees and deferred compensation		5,928		7,386		20,588		14,813		4,664
	Accrued distribution fees		34,440		35,527		108,806		82,298		30,117
	Accrued service fees		54,946		75,966		238,964		187,578		67,851
	Accrued other		14,733		20,257		61,924		48,462		18,219
Total Liabilities			18,506,510		18,142,677		53,620,972		41,936,470		32,247,021
NET ASSETS			$236,832,920		$320,474,412		$1,013,072,247		$790,331,422		$292,646,291
NET ASSETS CONSIST OF:
Paid-in capital			$215,241,999		$286,808,523		$847,283,331		$654,993,233		$239,096,802
Undistributed/accumulated earnings (deficit)			21,590,921		33,665,889		165,788,916		135,338,189		53,549,489
NET ASSETS			$236,832,920		$320,474,412		$1,013,072,247		$790,331,422		$292,646,291
Class A Shares:
	Net Assets		$179,914,050		$264,981,263		$833,683,397		$659,588,042		$238,370,435
	Shares of beneficial interest outstanding		16,111,065		22,598,741		64,009,251		48,874,954		16,013,647
	Net Asset Value per share*		$11.17		$11.73		$13.02		$13.50		$14.89
	Sales Charge — Maximum is 5.50% of offering price		0.65		0.68		0.76		0.79		0.87
	Maximum offering price per share		$11.82		$12.41		$13.78		$14.29		$15.76
Class C Shares:
	Net Assets		$47,557,059		$48,928,340		$149,555,541		$112,879,225		$41,388,500
	Shares of beneficial interest outstanding		4,383,721		4,287,584		11,757,093		8,614,461		2,895,380
	Net Asset Value per share*		$10.85		$11.41		$12.72		$13.10		$14.29
Advisor Class:
	Net Assets		$9,361,811		$6,564,809		$29,833,309		$17,864,155		$12,887,356
	Shares of beneficial interest outstanding		833,758		556,227		2,277,578		1,315,042		860,665
	Net Asset Value per share		$11.23		$11.80		$13.10		$13.58		$14.97
Investments in affiliated mutual funds, at cost			$209,622,730		$281,518,042		$843,555,860		$652,884,488		$240,457,143

* 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, 2020 (Unaudited)

		Pacific Funds Ultra Short Income		Pacific Funds Short Duration Income		Pacific Funds Core Income		Pacific Funds Strategic Income			Pacific Funds Floating Rate Income
ASSETS
Investments, at value (excluding derivatives)			$34,639,834		$1,143,179,793		$1,192,195,362		$737,313,248			$1,608,758,663
Cash			—		79,961		106,085		134,639			1,909,015
Foreign currency held, at value			—		—		—		5,003			—
Receivables:
	Dividends and interest		82,442		4,997,766		6,685,989		7,627,352			4,157,912
	Fund shares sold		200		8,612,452		19,108,097		2,384,526			8,407,125
	Securities sold		1,250		451,433		9,043,067		3,030,135			74,570,168
	Due from adviser		10,154		122,168		158,195		82,220			185,585
Unfunded loan commitment appreciation			—		1,663		1,663		—			51,157
Prepaid expenses and other assets			8,088		39,949		18,022		55,291			33,794
Total Assets			34,741,968		1,157,485,185		1,227,316,480		750,632,414			1,698,073,419
LIABILITIES
Payables:
	Fund shares redeemed		3,615		7,404,249		2,054,782		1,638,503			5,366,491
	Securities purchased		2,531,864		25,283,251		58,341,015		7,381,263			199,744,135
	Due to custodian		2,434		—		—		—			—
	Income distributions		16		46,212		383,948		396,988			679,539
	Accrued advisory fees		6,608		363,029		468,837		363,300			776,260
	Accrued administration fees		3,965		136,993		141,565		90,825			181,371
	Accrued custodian and portfolio accounting fees		6,893		82,668		80,924		67,940			125,202
	Accrued legal, audit and tax service fees		5,673		66,706		65,743		42,809			82,873
	Accrued trustees’ fees and deferred compensation		39		1,262		1,183		814			1,661
	Accrued distribution fees		—		36,929		44,508		48,388			67,648
	Accrued service fees		—		49,470		52,858		36,229			63,279
	Accrued other		2,143		62,619		59,731		45,096			189,586
Unfunded loan commitment depreciation			—		—		—		5,562			—
Total Liabilities			2,563,250		33,533,388		61,695,094		10,117,717			207,278,045
NET ASSETS			$32,178,718		$1,123,951,797		$1,165,621,386		$740,514,697			$1,490,795,374
NET ASSETS CONSIST OF:
Paid-in capital			$31,964,625		$1,105,715,923		$1,115,743,238		$743,868,967			$1,640,445,542
Undistributed/accumulated earnings (deficit)			214,093		18,235,874		49,878,148		(3,354,270	)		(149,650,168	)
NET ASSETS			$32,178,718		$1,123,951,797		$1,165,621,386		$740,514,697			$1,490,795,374
Class A Shares:
	Net Assets				$156,840,760		$158,760,271		$83,159,198			$168,253,846
	Shares of beneficial interest outstanding				14,862,251		13,915,620		7,533,897			17,711,325
	Net Asset Value per share*				$10.55		$11.41		$11.04			$9.50
	Sales Charge (1)				0.33		0.51		0.49			0.29
	Maximum offering price per share				$10.88		$11.92		$11.53			$9.79
Class C Shares:
	Net Assets				$51,309,146		$61,686,217		$66,472,775			$92,388,691
	Shares of beneficial interest outstanding				4,871,703		5,405,265		6,036,565			9,739,246
	Net Asset Value per share*				$10.53		$11.41		$11.01			$9.49
Class I Shares:
	Net Assets		$12,898,475		$119,529,062		$78,878,794		$20,841,540			$675,857,227
	Shares of beneficial interest outstanding		1,280,698		11,341,237		6,907,329		1,899,993			71,046,783
	Net Asset Value per share		$10.07		$10.54		$11.42		$10.97			$9.51
Class P Shares:
	Net Assets						$46,132,119					$8,921,847
	Shares of beneficial interest outstanding						4,026,663					938,017
	Net Asset Value Per Share						$11.46					$9.51
Advisor Class:
	Net Assets		$19,280,243		$796,272,829		$820,163,985		$570,041,184			$545,373,763
	Shares of beneficial interest outstanding		1,914,292		75,424,039		71,718,721		51,634,114			57,211,639
	Net Asset Value per share		$10.07		$10.56		$11.44		$11.04			$9.53
Investments, at cost (excluding derivatives)			$34,481,936		$1,122,772,698		$1,150,824,478		$728,478,891			$1,615,744,600
Foreign currency held, at cost			—		—		—		6,640			—

* 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 and Pacific Funds Strategic 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, 2020 (Unaudited)

		Pacific Funds High Income			Pacific Funds Large-Cap Value		Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value
ASSETS
Investments, at value (excluding derivatives)			$139,350,686			$20,463,932		$265,177,479			$12,303,108			$11,976,068
Cash			12,319			868		—			—			—
Foreign currency held, at value			625			—		—			—			—
Receivables:
	Dividends and interest		1,924,361			28,066		209,255			8,857			14,335
	Fund shares sold		30,648,538			112,785		128,974			34,839			7,064
	Securities sold		562,670			—		2,050,654			—			—
	Due from adviser		21,465			8,415		8,808			7,781			7,820
Prepaid expenses and other assets			29,870			4,090		2,825			2,137			2,127
Total Assets			172,550,534			20,618,156		267,577,995			12,356,722			12,007,414
LIABILITIES
Payables:
	Fund shares redeemed		115,653			645		244,283			67,047			—
	Securities purchased		1,426,119			—		2,134,166			42,562			—
	Income distributions		1,087			—		—			—			—
	Accrued advisory fees		69,772			9,151		165,672			7,646			7,516
	Accrued administration fees		17,443			2,496		33,134			1,529			1,503
	Accrued custodian and portfolio accounting fees		16,565			6,580		27,935			6,101			6,221
	Accrued legal, audit and tax service fees		12,251			5,320		17,577			5,050			5,139
	Accrued trustees’ fees and deferred compensation		151			21		294			17			19
	Accrued distribution fees		1,222			2,057		6,483			368			603
	Accrued service fees		2,461			1,990		6,057			467			535
	Accrued other		9,470			2,848		24,719			2,533			3,116
Unfunded loan commitment depreciation			993			—		—			—			—
Total Liabilities			1,673,187			31,108		2,660,320			133,320			24,652
NET ASSETS			$170,877,347			$20,587,048		$264,917,675			$12,223,402			$11,982,762
NET ASSETS CONSIST OF:
Paid-in capital			$180,759,646			$18,263,636		$268,059,456			$13,007,550			$15,020,459
Undistributed/accumulated earnings (deficit)			(9,882,299	)		2,323,412		(3,141,781	)		(784,148	)		(3,037,697	)
NET ASSETS			$170,877,347			$20,587,048		$264,917,675			$12,223,402			$11,982,762
Class A Shares:
	Net Assets		$8,388,349			$5,324,909		$15,983,963			$1,391,773			$1,338,059
	Shares of beneficial interest outstanding		852,846			532,179		1,327,918			126,697			179,086
	Net Asset Value per share*		$9.84			$10.01		$12.04			$10.99			$7.47
	Sales Charge — Maximum is 4.25% of offering price		0.44			0.44		0.53			0.49			0.33
	Maximum offering price per share		$10.28			$10.45		$12.57			$11.48			$7.80
Class C Shares:
	Net Assets		$1,685,382			$2,819,984		$8,580,794			$467,584			$812,460
	Shares of beneficial interest outstanding		171,568			284,708		737,275			43,643			111,053
	Net Asset Value per share*		$9.82			$9.90		$11.64			$10.71			$7.32
Class I Shares:
	Net Assets		$62,748
	Shares of beneficial interest outstanding		6,443
	Net Asset Value per share		$9.74
Class P Shares:
	Net Assets		$157,385,409
	Shares of beneficial interest outstanding		16,162,660
	Net Asset Value Per Share		$9.74
Advisor Class:
	Net Assets		$3,355,459			$10,973,054		$239,030,816			$9,135,127			$9,093,888
	Shares of beneficial interest outstanding		340,767			1,090,598		19,696,179			816,256			1,205,719
	Net Asset Value per share		$9.85			$10.06		$12.14			$11.19			$7.54
Class R6:
	Net Assets					$1,469,101		$1,322,102			$1,228,918			$738,355
	Shares of beneficial interest outstanding					147,233		108,723			119,851			98,415
	Net Asset Value per share					$9.98		$12.16			$10.25			$7.50
Investments, at cost (excluding derivatives)			$137,569,382			$17,591,098		$240,523,649			$11,257,999			$12,063,265
Foreign currency held, at cost			788			—		—			—			—

* 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, 2020 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$671,537			$876,262			$1,785,373			$781,698			$75,651
Total Investment Income			671,537			876,262			1,785,373			781,698			75,651
EXPENSES
Advisory fees			230,941			315,228			990,722			763,456			279,224
Administration fees			173,206			236,421			743,041			572,592			209,418
Portfolio accounting fees			28,146			28,305			29,587			29,115			28,195
Shareholder report expenses			11,153			14,963			45,748			34,426			12,330
Distribution fees (1)
	Class C		180,414			187,895			566,357			416,522			150,183
Service fees (1)
	Class A		218,388			323,639			1,017,666			794,261			284,417
	Class C		60,138			62,632			188,786			138,841			50,061
Registration fees			26,072			26,072			33,090			31,586			26,573
Legal, audit and tax service fees			15,206			20,409			62,423			46,995			16,835
Trustees’ fees			7,739			10,419			31,989			24,170			8,682
Other			4,084			5,225			14,470			11,381			4,670
Total Expenses			955,487			1,231,208			3,723,879			2,863,345			1,070,588
Adviser Expense Reimbursement			(92,400	)		(105,394	)		(217,306	)		(177,673	)		(97,285	)
Net Expenses			863,087			1,125,814			3,506,573			2,685,672			973,303
NET INVESTMENT INCOME (LOSS)			(191,550	)		(249,552	)		(1,721,200	)		(1,903,974	)		(897,652	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		(1,066,264	)		(478,763	)		6,544,025			5,089,076			9,797,997
	Net Realized Gain (Loss)		(1,066,264	)		(478,763	)		6,544,025			5,089,076			9,797,997
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual fund investments		29,693,614			50,936,674			192,646,332			174,009,454			62,523,805
	Change in Net Unrealized Appreciation (Depreciation)		29,693,614			50,936,674			192,646,332			174,009,454			62,523,805
NET GAIN (LOSS)			28,627,350			50,457,911			199,190,357			179,098,530			72,321,802
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$28,435,800			$50,208,359			$197,469,157			$177,194,556			$71,424,150

(1) The Advisor Class shares are not subject to distribution or service fees.

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		Pacific Funds Ultra Short Income			Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$581			$11,258			$19,513			$381,518			$735,922
Interest, net of foreign taxes withheld			231,778			12,878,307			15,862,079			16,494,742			31,114,610
Total Investment Income			232,359			12,889,565			15,881,592			16,876,260			31,850,532
EXPENSES
Advisory fees			35,783			2,146,295			2,700,145			2,118,483			4,420,618
Administration fees			21,470			804,861			810,044			529,621			1,020,143
Custodian fees and expenses			546			15,814			21,475			14,537			45,209
Portfolio accounting fees			19,829			213,131			200,444			150,265			259,030
Shareholder report expenses			1,299			53,569			51,932			33,872			63,444
Distribution fees (1)
	Class C		—			188,510			228,840			250,110			367,253
Service fees (1)
	Class A		—			202,320			191,102			97,154			213,590
	Class C		—			62,837			76,280			83,370			122,418
Registration fees			24,568			71,194			74,704			55,151			61,418
Legal, audit and tax service fees			1,770			73,047			70,776			46,233			94,444
Trustees’ fees			746			30,784			29,844			19,465			36,461
Offering expenses			5,365			—			—			—			—
Interest expense			14			118			—			268			279,958
Other			1,050			15,773			15,202			11,234			20,184
Total Expenses			112,440			3,878,253			4,470,788			3,409,763			7,004,170
Advisory Fee Waiver			—			(8,801	)		(9,953	)		—			(44,681	)
Adviser Expense Reimbursement			(66,624	)		(741,599	)		(950,931	)		(528,757	)		(1,139,064	)
Net Expenses			45,816			3,127,853			3,509,904			2,881,006			5,820,425
NET INVESTMENT INCOME (LOSS)			186,543			9,761,712			12,371,688			13,995,254			26,030,107
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		74,032			4,323,567			29,754,861			(4,357,583	)		(31,725,549	)
	Net Realized Gain (Loss)		74,032			4,323,567			29,754,861			(4,357,583	)		(31,725,549	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		1,039,114			47,508,985			46,016,048			90,849,994			129,419,169
	Foreign currencies		—			—			—			270			—
	Unfunded loan commitments		—			1,663			1,663			21,890			51,157
	Change in Net Unrealized Appreciation (Depreciation)		1,039,114			47,510,648			46,017,711			90,872,154			129,470,326
NET GAIN (LOSS)			1,113,146			51,834,215			75,772,572			86,514,571			97,744,777
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,299,689			$61,595,927			$88,144,260			$100,509,825			$123,774,884

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

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		Pacific Funds High Income			Pacific Funds Large-Cap Value			Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$69,758			$229,372			$1,539,258			$66,478			$123,701
Interest, net of foreign taxes withheld			4,437,925			—			—			—			—
Total Investment Income			4,507,683			229,372			1,539,258			66,478			123,701
EXPENSES
Advisory fees			415,876			51,138			998,892			46,257			49,560
Administration fees			103,969			13,947			199,779			9,252			9,912
Custodian fees and expenses			2,666			1,249			4,384			223			251
Portfolio accounting fees			46,937			16,934			60,660			16,494			16,665
Shareholder report expenses			6,741			808			12,181			591			673
Distribution fees (1)
	Class C		7,122			9,891			36,158			2,166			2,932
Service fees (1)
	Class A		10,291			5,981			20,322			2,118			1,807
	Class C		2,374			3,297			12,053			722			977
Registration fees			26,072			31,586			35,096			31,586			31,586
Legal, audit and tax service fees			9,195			1,103			16,655			809			921
Trustees’ fees			3,874			464			7,001			340			387
Interest expense			—			—			674			17			363
Other			3,221			2,037			11,108			1,872			1,944
Total Expenses			638,338			138,435			1,414,963			112,447			117,978
Adviser Expense Reimbursement			(133,837	)		(50,162	)		(80,911	)		(49,190	)		(49,369	)
Net Expenses			504,501			88,273			1,334,052			63,257			68,609
NET INVESTMENT INCOME (LOSS)			4,003,182			141,099			205,206			3,221			55,092
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(783,698	)		(314,713	)		(9,410,247	)		(493,229	)		(1,592,936	)
	Net Realized Gain (Loss)		(783,698	)		(314,713	)		(9,410,247	)		(493,229	)		(1,592,936	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		16,763,743			3,371,198			70,318,463			3,630,651			4,143,291
	Foreign currencies		33			—			—			—			—
	Unfunded loan commitments		3,909			—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		16,767,685			3,371,198			70,318,463			3,630,651			4,143,291
NET GAIN (LOSS)			15,983,987			3,056,485			60,908,216			3,137,422			2,550,355
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$19,987,169			$3,197,584			$61,113,422			$3,140,643			$2,605,447

(1) The Class I, Class P, Advisor Class, and Class R6 shares are not subject to distribution or 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, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			($191,550	)		$3,307,145			($249,552	)		$4,681,832			($1,721,200	)		$13,036,394
Net realized gain (loss)			(1,066,264	)		(768,227	)		(478,763	)		830,925			6,544,025			5,390,180
Change in net unrealized appreciation (depreciation)			29,693,614			(6,207,112	)		50,936,674			(18,767,202	)		192,646,332			(82,605,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations			28,435,800			(3,668,194	)		50,208,359			(13,254,445	)		197,469,157			(64,178,509	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(3,496,340	)		—			(6,237,238	)		—			(42,583,183	)
	Class B		—			—			—			—			—			—
	Class C		—			(595,692	)		—			(835,495	)		—			(7,563,008	)
	Advisor Class		—			(191,513	)		—			(153,960	)		—			(1,376,454	)
Net Decrease from Dividends and Distributions to Shareholders			—			(4,283,545	)		—			(7,226,693	)		—			(51,522,645	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		13,132,797			68,282,930			14,716,402			85,904,282			30,160,444			230,940,135
	Class B		—			60,979			—			—			—			204,522
	Class C		4,852,558			12,063,848			2,172,603			6,566,839			5,293,987			15,051,904
	Advisor Class		2,027,149			4,070,418			668,918			2,698,255			8,436,222			7,307,742
Dividends and distribution reinvestments
	Class A		—			3,458,903			—			6,146,004			—			42,116,423
	Class B		—			—			—			—			—			—
	Class C		—			589,829			—			821,265			—			7,515,405
	Advisor Class		—			187,112			—			152,205			—			1,353,146
Cost of shares repurchased
	Class A		(13,985,872	)		(40,015,894	)		(22,747,622	)		(62,597,607	)		(73,382,361	)		(183,271,940	)
	Class B		—			(2,780,740	)		—			(6,205,936	)		—			(17,119,821	)
	Class C		(10,104,120	)		(76,824,409	)		(10,133,474	)		(94,049,380	)		(28,753,098	)		(249,201,774	)
	Advisor Class		(614,370	)		(3,762,031	)		(748,345	)		(4,549,650	)		(5,174,067	)		(10,907,094	)
Share class conversions
	Class A (2)		—			14,289,154			—			22,496,950			—			76,126,118
	Class B (2)		—			(14,289,154	)		—			(22,496,950	)		—			(76,126,118	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(4,691,858	)		(34,669,055	)		(16,071,518	)		(65,113,723	)		(63,418,873	)		(156,011,352	)
NET INCREASE (DECREASE) IN NET ASSETS			23,743,942			(42,620,794	)		34,136,841			(85,594,861	)		134,050,284			(271,712,506	)
NET ASSETS
Beginning of Year or Period			213,088,978			255,709,772			286,337,571			371,932,432			879,021,963			1,150,734,469
End of Year or Period			$236,832,920			$213,088,978			$320,474,412			$286,337,571			$1,013,072,247			$879,021,963

(1) Unaudited.

(2) Class B shares were converted to Class A shares on July 31, 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, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Period Ended March 31, 2020 (2)
OPERATIONS
Net investment income (loss)			($1,903,974	)		$10,785,481			($897,652	)		$3,544,916			$186,543			$436,059
Net realized gain (loss)			5,089,076			9,651,388			9,797,997			(291,481	)		74,032			(15,835	)
Change in net unrealized appreciation (depreciation)			174,009,454			(99,881,388	)		62,523,805			(39,414,626	)		1,039,114			(881,216	)
Net Increase (Decrease) in Net Assets Resulting from Operations			177,194,556			(79,444,519	)		71,424,150			(36,161,191	)		1,299,689			(460,992	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(46,228,345	)		—			(19,254,539	)
	Class B		—			—			—			—
	Class C		—			(8,222,160	)		—			(3,359,406	)
	Class I														(86,360	)		(218,323	)
	Advisor Class		—			(1,357,710	)		—			(973,719	)		(103,073	)		(219,954	)
Net Decrease from Dividends and Distributions to Shareholders			—			(55,808,215	)		—			(23,587,664	)		(189,433	)		(438,277	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		21,594,719			162,348,601			8,418,288			52,506,286
	Class B		—			154,946			—			42,567
	Class C		6,207,766			12,285,335			2,571,844			5,606,823
	Class I														—			12,501,930
	Advisor Class		2,738,665			6,183,135			2,899,993			4,313,407			6,592,483			13,037,214
Dividends and distribution reinvestments
	Class A		—			45,869,026			—			19,088,348
	Class B		—			—			—			—
	Class C		—			8,177,203			—			3,341,601
	Class I														86,360			218,323
	Advisor Class		—			1,286,917			—			962,601			103,059			219,662
Cost of shares repurchased
	Class A		(54,247,942	)		(131,550,373	)		(19,891,721	)		(41,610,675	)
	Class B		—			(11,696,472	)		—			(3,188,133	)
	Class C		(19,730,536	)		(174,938,925	)		(6,717,373	)		(51,775,006	)
	Class I														—			—
	Advisor Class		(3,283,886	)		(9,275,777	)		(2,508,281	)		(3,896,732	)		(387,178	)		(404,122	)
Share class conversions
	Class A (3)		—			57,500,119			—			18,773,764
	Class B (3)		—			(57,500,119	)		—			(18,773,764	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(46,721,214	)		(91,156,384	)		(15,227,250	)		(14,608,913	)		6,394,724			25,573,007
NET INCREASE (DECREASE) IN NET ASSETS			130,473,342			(226,409,118	)		56,196,900			(74,357,768	)		7,504,980			24,673,738
NET ASSETS
Beginning of Year or Period			659,858,080			886,267,198			236,449,391			310,807,159			24,673,738			—
End of Year or Period			$790,331,422			$659,858,080			$292,646,291			$236,449,391			$32,178,718			$24,673,738

(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.

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, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			$9,761,712			$24,198,216			$12,371,688			$23,858,171			$13,995,254			$29,044,741
Net realized gain (loss)			4,323,567			(4,127,105	)		29,754,861			1,462,888			(4,357,583	)		2,330,691
Change in net unrealized appreciation (depreciation)			47,510,648			(30,429,991	)		46,017,711			(10,034,877	)		90,872,154			(76,859,329	)
Net Increase (Decrease) in Net Assets Resulting from Operations			61,595,927			(10,358,880	)		88,144,260			15,286,182			100,509,825			(45,483,897	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(1,367,321	)		(3,444,872	)		(1,609,643	)		(3,203,265	)		(1,490,836	)		(2,963,544	)
	Class C		(231,737	)		(754,049	)		(415,023	)		(1,321,140	)		(1,049,160	)		(2,205,219	)
	Class I		(1,079,792	)		(2,616,147	)		(839,423	)		(1,322,424	)		(401,479	)		(531,090	)
	Class P								(392,114	)		(1,136,355	)
	Advisor Class		(7,174,232	)		(17,396,815	)		(9,238,681	)		(16,948,777	)		(11,156,000	)		(23,455,154	)
Net Decrease from Dividends and Distributions to Shareholders			(9,853,082	)		(24,211,883	)		(12,494,884	)		(23,931,961	)		(14,097,475	)		(29,155,007	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		57,988,606			93,279,607			27,405,572			94,149,630			16,277,293			53,489,986
	Class C		7,501,027			23,745,351			8,413,492			20,678,627			5,339,488			32,011,033
	Class I		27,762,998			61,788,420			19,604,927			44,429,026			4,079,440			14,860,399
	Class P								13,893,630			901,272
	Advisor Class		278,617,980			770,064,807			231,629,713			526,492,900			134,061,769			375,159,036
Dividends and distribution reinvestments
	Class A		1,107,486			2,873,615			1,498,032			3,000,000			1,233,560			2,472,512
	Class C		227,803			742,931			379,533			1,220,132			914,231			1,967,242
	Class I		1,079,792			2,615,434			838,979			1,321,741			398,114			526,364
	Class P								392,114			1,136,355
	Advisor Class		7,073,528			17,048,396			6,956,377			12,532,117			9,108,930			18,596,983
Cost of shares repurchased
	Class A		(64,729,579	)		(56,297,110	)		(21,738,628	)		(37,597,768	)		(15,360,430	)		(37,453,350	)
	Class C		(7,663,189	)		(20,526,432	)		(9,920,132	)		(45,754,653	)		(11,272,450	)		(23,169,082	)
	Class I		(21,084,696	)		(38,349,962	)		(6,639,235	)		(11,005,797	)		(2,585,309	)		(2,858,725	)
	Class P								(2,387,604	)		(11,016,166	)
	Advisor Class		(243,003,351	)		(527,097,707	)		(150,874,071	)		(245,376,101	)		(130,580,047	)		(300,790,959	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			44,878,405			329,887,350			119,452,699			355,111,315			11,614,589			134,811,439
NET INCREASE (DECREASE) IN NET ASSETS			96,621,250			295,316,587			195,102,075			346,465,536			98,026,939			60,172,535
NET ASSETS
Beginning of Year or Period			1,027,330,547			732,013,960			970,519,311			624,053,775			642,487,758			582,315,223
End of Year or Period			$1,123,951,797			$1,027,330,547			$1,165,621,386			$970,519,311			$740,514,697			$642,487,758

(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 Large-Cap Value
		Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			$26,030,107			$77,118,985			$4,003,182			$6,827,027			$141,099			$281,991
Net realized gain (loss)			(31,725,549	)		(56,634,350	)		(783,698	)		(1,118,815	)		(314,713	)		286,736
Change in net unrealized appreciation (depreciation)			129,470,326			(111,807,242	)		16,767,685			(14,697,924	)		3,371,198			(3,942,107	)
Net Increase (Decrease) in Net Assets Resulting from Operations			123,774,884			(91,322,607	)		19,987,169			(8,989,712	)		3,197,584			(3,373,380	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(3,088,163	)		(9,176,534	)		(230,518	)		(357,231	)		—			(462,603	)
	Class C		(1,430,196	)		(6,124,796	)		(46,173	)		(120,572	)		—			(308,270	)
	Class I		(10,677,724	)		(25,266,290	)		(1,782	)		(6,775	)
	Class P		(101,133	)		(1,088,004	)		(3,697,334	)		(6,078,920	)
	Advisor Class		(10,407,192	)		(35,649,718	)		(96,297	)		(266,141	)		—			(1,101,343	)
	Class R6														—			(75,914	)
Net Decrease from Dividends and Distributions to Shareholders			(25,704,408	)		(77,305,342	)		(4,072,104	)		(6,829,639	)		—			(1,948,130	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		19,079,552			83,933,804			940,625			6,114,560			1,674,563			1,311,510
	Class C		4,754,727			21,490,990			59,669			473,564			475,818			435,120
	Class I		304,114,148			232,174,855			1,676			600
	Class P		4,463,619			268,116			31,877,376			34,604,054
	Advisor Class		167,317,963			326,320,702			537,237			3,050,714			1,764,429			5,547,680
	Class R6														313,081			512,750
Dividends and distribution reinvestments
	Class A		2,956,422			8,731,691			226,590			349,879			—			453,589
	Class C		1,377,618			5,899,596			43,578			115,509			—			307,690
	Class I		7,485,818			18,384,219			1,750			6,511
	Class P		101,133			1,073,942			3,697,334			6,078,920
	Advisor Class		9,783,438			33,989,428			95,438			265,285			—			1,099,174
	Class R6														—			75,914
Cost of shares repurchased
	Class A		(29,285,327	)		(110,817,563	)		(924,974	)		(3,214,509	)		(1,046,433	)		(1,054,663	)
	Class C		(24,228,887	)		(108,359,450	)		(662,291	)		(2,032,207	)		(494,819	)		(1,049,303	)
	Class I		(87,468,235	)		(275,070,407	)		(1,379	)		(120,177	)
	Class P		(3,986,095	)		(24,107,910	)		(13,356,876	)		(19,463,586	)
	Advisor Class		(178,514,834	)		(610,484,330	)		(997,265	)		(3,047,072	)		(1,196,305	)		(4,610,668	)
	Class R6														(74,075	)		(193,869	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			197,951,060			(396,572,317	)		21,538,488			23,182,045			1,416,259			2,834,924
NET INCREASE (DECREASE) IN NET ASSETS			296,021,536			(565,200,266	)		37,453,553			7,362,694			4,613,843			(2,486,586	)
NET ASSETS
Beginning of Year or Period			1,194,773,838			1,759,974,104			133,423,794			126,061,100			15,973,205			18,459,791
End of Year or Period			$1,490,795,374			$1,194,773,838			$170,877,347			$133,423,794			$20,587,048			$15,973,205

(1) Unaudited.

See Notes to Financial Statements

B-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Small/Mid-Cap						Pacific Funds Small-Cap						Pacific Funds Small-Cap Value
		Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			$205,206			$592,726			$3,221			($13,304	)		$55,092			$108,723
Net realized gain (loss)			(9,410,247	)		(10,052,546	)		(493,229	)		(532,292	)		(1,592,936	)		(837,156	)
Change in net unrealized appreciation (depreciation)			70,318,463			(80,601,333	)		3,630,651			(4,618,018	)		4,143,291			(5,723,381	)
Net Increase (Decrease) in Net Assets Resulting from Operations			61,113,422			(90,061,153	)		3,140,643			(5,163,614	)		2,605,447			(6,451,814	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(49,996	)		—			(6,669	)		—			(11,981	)
	Class C		—			—			—			—			—			—
	Advisor Class		—			(1,391,644	)		—			(41,249	)		—			(138,648	)
	Class R6		—			(30,651	)		—			(2,361	)		—			(33,117	)
Net Decrease from Dividends and Distributions to Shareholders			—			(1,472,291	)		—			(50,279	)		—			(183,746	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		5,714,745			5,501,413			265,278			1,045,701			1,850,624			505,054
	Class C		367,466			1,210,533			40,845			184,876			132,083			79,420
	Advisor Class		13,000,519			57,620,873			679,208			1,830,255			816,759			4,788,635
	Class R6		225,968			372,360			303,649			365,125			32,939			297,375
Dividends and distribution reinvestments
	Class A		—			49,767			—			6,597			—			11,981
	Class C		—			—			—			—			—			—
	Advisor Class		—			1,366,875			—			39,840			—			138,592
	Class R6		—			30,651			—			2,361			—			33,117
Cost of shares repurchased
	Class A		(8,076,266	)		(8,030,487	)		(2,816,656	)		(1,307,623	)		(1,889,355	)		(285,006	)
	Class C		(3,339,658	)		(5,177,528	)		(258,377	)		(290,914	)		(105,533	)		(392,165	)
	Advisor Class		(43,162,819	)		(91,630,898	)		(1,622,375	)		(3,820,265	)		(3,830,899	)		(1,802,038	)
	Class R6		(3,727,772	)		(317,492	)		(18,170	)		(99,670	)		(1,628,327	)		(123,707	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(38,997,817	)		(39,003,933	)		(3,426,598	)		(2,043,717	)		(4,621,709	)		3,251,258
NET INCREASE (DECREASE) IN NET ASSETS			22,115,605			(130,537,377	)		(285,955	)		(7,257,610	)		(2,016,262	)		(3,384,302	)
NET ASSETS
Beginning of Year or Period			242,802,070			373,339,447			12,509,357			19,766,967			13,999,024			17,383,326
End of Year or Period			$264,917,675			$242,802,070			$12,223,402			$12,509,357			$11,982,762			$13,999,024

(1) Unaudited.

See Notes to Financial Statements

B-11

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
Class A
4/1/2020 - 9/30/2020 (6)		$9.83		($0.00	)(7)		$1.34			$1.34			$—			$—			$—			$11.17		0.68	%		0.60	%		(0.02	%)		13.63	%		$179,914		21	%
4/1/2019 - 3/31/2020		10.23		0.17			(0.35	)		(0.18	)		(0.20	)		(0.02	)		(0.22	)		9.83		0.68	%		0.60	%		1.60	%		(1.95	%)		159,186		22	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$9.59		($0.04	)		$1.30			$1.26			$—			$—			$—			$10.85		1.43	%		1.35	%		(0.77	%)		13.14	%		$47,557		21	%
4/1/2019 - 3/31/2020		9.97		0.09			(0.35	)		(0.26	)		(0.10	)		(0.02	)		(0.12	)		9.59		1.43	%		1.35	%		0.86	%		(2.72	%)		46,909		22	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$9.88		$0.01			$1.34			$1.35			$—			$—			$—			$11.23		0.43	%		0.35	%		0.23	%		13.66	%		$9,362		21	%
4/1/2019 - 3/31/2020		10.26		0.20			(0.35	)		(0.15	)		(0.21	)		(0.02	)		(0.23	)		9.88		0.43	%		0.35	%		1.85	%		(1.68	%)		6,994		22	%
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	%
Pacific Funds Portfolio Optimization Moderate-Conservative
Class A
4/1/2020 - 9/30/2020 (6)		$9.95		($0.00	)(7)		$1.78			$1.78			$—			$—			$—			$11.73		0.67	%		0.60	%		(0.04	%)		17.89	%		$264,981		14	%
4/1/2019 - 3/31/2020		10.70		0.17			(0.66	)		(0.49	)		(0.22	)		(0.04	)		(0.26	)		9.95		0.67	%		0.60	%		1.55	%		(4.94	%)		231,749		20	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$9.72		($0.04	)		$1.73			$1.69			$—			$—			$—			$11.41		1.41	%		1.35	%		(0.79	%)		17.39	%		$48,928		14	%
4/1/2019 - 3/31/2020		10.44		0.09			(0.66	)		(0.57	)		(0.11	)		(0.04	)		(0.15	)		9.72		1.42	%		1.35	%		0.80	%		(5.63	%)		48,929		20	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$10.00		$0.01			$1.79			$1.80			$—			$—			$—			$11.80		0.42	%		0.35	%		0.21	%		18.00	%		$6,565		14	%
4/1/2019 - 3/31/2020		10.75		0.20			(0.67	)		(0.47	)		(0.24	)		(0.04	)		(0.28	)		10.00		0.42	%		0.35	%		1.80	%		(4.67	%)		5,659		20	%
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	%
Pacific Funds Portfolio Optimization Moderate
Class A
4/1/2020 - 9/30/2020 (6)		$10.60		($0.01	)		$2.43			$2.42			$—			$—			$—			$13.02		0.64	%		0.60	%		(0.24	%)		22.83	%		$833,683		11	%
4/1/2019 - 3/31/2020		12.01		0.17			(0.95	)		(0.78	)		(0.19	)		(0.44	)		(0.63	)		10.60		0.66	%		0.60	%		1.38	%		(7.24	%)		714,447		19	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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
Pacific Funds Portfolio Optimization Moderate (Continued)
Class C
4/1/2020 - 9/30/2020 (6)		$10.39		($0.06	)		$2.39			$2.33			$—			$—			$—			$12.72		1.39	%		1.35	%		(0.99	%)		22.43	%		$149,556		11	%
4/1/2019 - 3/31/2020		11.77		0.08			(0.94	)		(0.86	)		(0.08	)		(0.44	)		(0.52	)		10.39		1.41	%		1.35	%		0.63	%		(7.97	%)		142,846		19	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$10.64		$0.00	(7)		$2.46			$2.46			$—			$—			$—			$13.10		0.39	%		0.35	%		0.01	%		23.12	%		$29,833		11	%
4/1/2019 - 3/31/2020		12.05		0.20			(0.96	)		(0.76	)		(0.21	)		(0.44	)		(0.65	)		10.64		0.41	%		0.35	%		1.63	%		(7.07	%)		21,729		19	%
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	%
Pacific Funds Portfolio Optimization Growth
Class A
4/1/2020 - 9/30/2020 (6)		$10.59		($0.02	)		$2.93			$2.91			$—			$—			$—			$13.50		0.65	%		0.60	%		(0.39	%)		27.48	%		$659,588		9	%
4/1/2019 - 3/31/2020		12.77		0.19			(1.45	)		(1.26	)		(0.22	)		(0.70	)		(0.92	)		10.59		0.66	%		0.60	%		1.45	%		(11.24	%)		544,605		18	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$10.33		($0.07	)		$2.84			$2.77			$—			$—			$—			$13.10		1.39	%		1.35	%		(1.14	%)		26.82	%		$112,879		9	%
4/1/2019 - 3/31/2020		12.45		0.09			(1.41	)		(1.32	)		(0.10	)		(0.70	)		(0.80	)		10.33		1.41	%		1.35	%		0.70	%		(11.81	%)		100,768		18	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$10.65		($0.01	)		$2.94			$2.93			$—			$—			$—			$13.58		0.40	%		0.35	%		(0.14	%)		27.51	%		$17,864		9	%
4/1/2019 - 3/31/2020		12.82		0.22			(1.45	)		(1.23	)		(0.24	)		(0.70	)		(0.94	)		10.65		0.41	%		0.35	%		1.70	%		(10.98	%)		14,485		18	%
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	%
Pacific Funds Portfolio Optimization Aggressive-Growth
Class A
4/1/2020 - 9/30/2020 (6)		$11.38		($0.04	)		$3.55			$3.51			$—			$—			$—			$14.89		0.67	%		0.60	%		(0.54	%)		30.76	%		$238,370		15	%
4/1/2019 - 3/31/2020		14.25		0.19			(1.89	)		(1.70	)		(0.23	)		(0.94	)		(1.17	)		11.38		0.67	%		0.60	%		1.31	%		(13.66	%)		191,505		19	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$10.97		($0.09	)		$3.41			$3.32			$—			$—			$—			$14.29		1.42	%		1.35	%		(1.29	%)		30.27	%		$41,389		15	%
4/1/2019 - 3/31/2020		13.76		0.08			(1.82	)		(1.74	)		(0.11	)		(0.94	)		(1.05	)		10.97		1.42	%		1.35	%		0.56	%		(14.25	%)		35,339		19	%
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	)(7)		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	%

See Notes to Financial Statements See explanation of references on B-20

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 Aggressive-Growth (Continued)
Advisor Class
4/1/2020 - 9/30/2020 (6)		$11.44		($0.02	)		$3.55			$3.53			$—			$—			$—			$14.97		0.42	%		0.35	%		(0.30	%)		30.86	%		$12,887		15	%
4/1/2019 - 3/31/2020		14.29		0.23			(1.89	)		(1.66	)		(0.25	)		(0.94	)		(1.19	)		11.44		0.42	%		0.35	%		1.56	%		(13.34	%)		9,606		19	%
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	%
Pacific Funds Ultra Short Income
Class I
4/1/2020 - 9/30/2020 (6)		$9.65		$0.07			$0.42			$0.49			($0.07	)		$—			($0.07	)		$10.07		0.79	%		0.32	%		1.30	%		5.06	%		$12,898		50	%
6/28/2019 - 3/31/2020		10.00		0.17			(0.35	)		(0.18	)		(0.17	)		(0.00	)(7)		(0.17	)		9.65		0.87	%		0.32	%		2.27	%		(1.81	%)		12,273		81	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$9.65		$0.07			$0.42			$0.49			($0.07	)		$—			($0.07	)		$10.07		0.78	%		0.32	%		1.30	%		5.06	%		$19,280		50	%
6/28/2019 - 3/31/2020		10.00		0.17			(0.35	)		(0.18	)		(0.17	)		(0.00	)(7)		(0.17	)		9.65		0.97	%		0.32	%		2.27	%		(1.81	%)		12,401		81	%
Pacific Funds Short Duration Income
Class A
4/1/2020 - 9/30/2020 (6)		$10.05		$0.09			$0.50			$0.59			($0.09	)		$—			($0.09	)		$10.55		0.89	%		0.75	%		1.65	%		5.85	%		$156,841		40	%
4/1/2019 - 3/31/2020		10.30		0.24			(0.25	)		(0.01	)		(0.24	)		—			(0.24	)		10.05		0.99	%		0.75	%		2.33	%		(0.13	%)		154,309		56	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$10.03		$0.05			$0.50			$0.55			($0.05	)		$—			($0.05	)		$10.53		1.64	%		1.50	%		0.90	%		5.47	%		$51,309		40	%
4/1/2019 - 3/31/2020		10.28		0.16			(0.25	)		(0.09	)		(0.16	)		—			(0.16	)		10.03		1.74	%		1.50	%		1.58	%		(0.87	%)		48,816		56	%
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	%
Class I
4/1/2020 - 9/30/2020 (6)		$10.03		$0.10			$0.51			$0.61			($0.10	)		$—			($0.10	)		$10.54		0.64	%		0.50	%		1.90	%		6.10	%		$119,529		40	%
4/1/2019 - 3/31/2020		10.29		0.27			(0.26	)		0.01			(0.27	)		—			(0.27	)		10.03		0.63	%		0.50	%		2.58	%		0.03	%		106,402		56	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$10.05		$0.10			$0.51			$0.61			($0.10	)		$—			($0.10	)		$10.56		0.64	%		0.50	%		1.90	%		6.08	%		$796,273		40	%
4/1/2019 - 3/31/2020		10.31		0.27			(0.26	)		0.01			(0.27	)		—			(0.27	)		10.05		0.73	%		0.50	%		2.58	%		0.02	%		717,804		56	%
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	%
Pacific Funds Core Income
Class A
4/1/2020 - 9/30/2020 (6)		$10.60		$0.12			$0.81			$0.93			($0.12	)		$—			($0.12	)		$11.41		0.99	%		0.85	%		2.09	%		8.78	%		$158,760		60	%
4/1/2019 - 3/31/2020		10.52		0.29			0.08			0.37			(0.29	)		—			(0.29	)		10.60		1.09	%		0.85	%		2.70	%		3.51	%		140,650		70	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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 Core Income (Continued)
Class C
4/1/2020 - 9/30/2020 (6)		$10.60		$0.08		$0.81			$0.89			($0.08	)		$—		($0.08	)		$11.41		1.74	%		1.60	%		1.34	%		8.37	%		$61,686		60	%
4/1/2019 - 3/31/2020		10.52		0.21		0.08			0.29			(0.21	)		—		(0.21	)		10.60		1.84	%		1.60	%		1.95	%		2.73	%		58,397		70	%
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	%
Class I
4/1/2020 - 9/30/2020 (6)		$10.61		$0.13		$0.82			$0.95			($0.14	)		$—		($0.14	)		$11.42		0.74	%		0.55	%		2.39	%		8.93	%		$78,879		60	%
4/1/2019 - 3/31/2020		10.53		0.33		0.07			0.40			(0.32	)		—		(0.32	)		10.61		0.73	%		0.55	%		3.00	%		3.81	%		60,355		70	%
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	%
Class P
4/1/2020 - 9/30/2020 (6)		$10.64		$0.14		$0.82			$0.96			($0.14	)		$—		($0.14	)		$11.46		0.74	%		0.55	%		2.39	%		9.00	%		$46,132		60	%
4/1/2019 - 3/31/2020		10.56		0.33		0.08			0.41			(0.33	)		—		(0.33	)		10.64		0.73	%		0.55	%		3.00	%		3.80	%		31,831		70	%
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
4/1/2020 - 9/30/2020 (6)		$10.62		$0.13		$0.83			$0.96			($0.14	)		$—		($0.14	)		$11.44		0.74	%		0.55	%		2.39	%		9.02	%		$820,164		60	%
4/1/2019 - 3/31/2020		10.54		0.33		0.08			0.41			(0.33	)		—		(0.33	)		10.62		0.84	%		0.55	%		3.00	%		3.81	%		679,287		70	%
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	%
Pacific Funds Strategic Income
Class A
4/1/2020 - 9/30/2020 (6)		$9.72		$0.21		$1.32			$1.53			($0.21	)		$—		($0.21	)		$11.04		1.09	%		0.95	%		3.82	%		15.78	%		$83,159		54	%
4/1/2019 - 3/31/2020		10.60		0.43		(0.88	)		(0.45	)		(0.43	)		—		(0.43	)		9.72		1.19	%		0.95	%		3.94	%		(4.58	%)		71,510		98	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$9.69		$0.17		$1.32			$1.49			($0.17	)		$—		($0.17	)		$11.01		1.84	%		1.65	%		3.13	%		15.42	%		$66,473		54	%
4/1/2019 - 3/31/2020		10.58		0.35		(0.89	)		(0.54	)		(0.35	)		—		(0.35	)		9.69		1.94	%		1.65	%		3.24	%		(5.35	%)		63,134		98	%
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	%
Class I
4/1/2020 - 9/30/2020 (6)		$9.66		$0.22		$1.31			$1.53			($0.22	)		$—		($0.22	)		$10.97		0.84	%		0.65	%		4.12	%		15.95	%		$20,842		54	%
4/1/2019 - 3/31/2020		10.54		0.46		(0.88	)		(0.42	)		(0.46	)		—		(0.46	)		9.66		0.83	%		0.65	%		4.24	%		(4.32	%)		16,622		98	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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 Strategic Income (Continued)
Advisor Class
4/1/2020 - 9/30/2020 (6)		$9.72		$0.22		$1.32			$1.54			($0.22	)		$—		($0.22	)		$11.04		0.84	%		0.70	%		4.07	%		15.92	%		$570,041		54	%
4/1/2019 - 3/31/2020		10.60		0.45		(0.87	)		(0.42	)		(0.46	)		—		(0.46	)		9.72		0.94	%		0.70	%		4.19	%		(4.34	%)		491,221		98	%
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	%
Pacific Funds Floating Rate Income
Class A
4/1/2020 - 9/30/2020 (6)		$8.80		$0.17		$0.70			$0.87			($0.17	)		$—		($0.17	)		$9.50		1.18	%		1.03	%(8)		3.65	%		9.92	%		$168,254		50	%
4/1/2019 - 3/31/2020		9.88		0.46		(1.08	)		(0.62	)		(0.46	)		—		(0.46	)		8.80		1.27	%		1.02	%		4.64	%		(6.69	%)		162,511		116	%
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	%
Class C
4/1/2020 - 9/30/2020 (6)		$8.79		$0.14		$0.70			$0.84			($0.14	)		$—		($0.14	)		$9.49		1.93	%		1.73	%(8)		2.95	%		9.54	%		$92,389		50	%
4/1/2019 - 3/31/2020		9.86		0.39		(1.08	)		(0.69	)		(0.38	)		—		(0.38	)		8.79		2.03	%		1.72	%		3.94	%		(7.31	%)		102,846		116	%
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	%
Class I
4/1/2020 - 9/30/2020 (6)		$8.81		$0.19		$0.69			$0.88			($0.18	)		$—		($0.18	)		$9.51		0.92	%		0.73	%(8)		3.95	%		10.08	%		$675,857		50	%
4/1/2019 - 3/31/2020		9.90		0.49		(1.09	)		(0.60	)		(0.49	)		—		(0.49	)		8.81		0.91	%		0.72	%		4.94	%		(6.49	%)		415,170		116	%
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	%
Class P
4/1/2020 - 9/30/2020 (6)		$8.81		$0.18		$0.70			$0.88			($0.18	)		$—		($0.18	)		$9.51		0.93	%		0.73	%(8)		3.95	%		10.07	%		$8,922		50	%
4/1/2019 - 3/31/2020		9.90		0.49		(1.09	)		(0.60	)		(0.49	)		—		(0.49	)		8.81		0.91	%		0.72	%		4.95	%		(6.49	%)		7,900		116	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$8.83		$0.18		$0.70			$0.88			($0.18	)		$—		($0.18	)		$9.53		0.93	%		0.78	%(8)		3.90	%		10.03	%		$545,374		50	%
4/1/2019 - 3/31/2020		9.92		0.48		(1.09	)		(0.61	)		(0.48	)		—		(0.48	)		8.83		1.03	%		0.77	%		4.89	%		(6.52	%)		506,347		116	%
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	%
Pacific Funds High Income
Class A
4/1/2020 - 9/30/2020 (6)		$8.75		$0.27		$1.09			$1.36			($0.27	)		$—		($0.27	)		$9.84		1.14	%		0.95	%		5.55	%		15.65	%		$8,388		28	%
4/1/2019 - 3/31/2020		10.07		0.52		(1.33	)		(0.81	)		(0.51	)		—		(0.51	)		8.75		1.24	%		0.95	%		5.11	%		(8.61	%)		7,227		63	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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 High Income (Continued)
Class C
4/1/2020 - 9/30/2020 (6)		$8.74		$0.23		$1.08			$1.31			($0.23	)		$—			($0.23	)		$9.82		1.89	%		1.65	%		4.85	%		15.14	%		$1,685		28	%
4/1/2019 - 3/31/2020		10.06		0.45		(1.33	)		(0.88	)		(0.44	)		—			(0.44	)		8.74		2.00	%		1.65	%		4.41	%		(9.28	%)		2,007		63	%
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	%
Class I
4/1/2020 - 9/30/2020 (6)		$8.66		$0.28		$1.08			$1.36			($0.28	)		$—			($0.28	)		$9.74		0.89	%		0.70	%		5.80	%		15.70	%		$63		28	%
4/1/2019 - 3/31/2020		9.98		0.54		(1.33	)		(0.79	)		(0.53	)		—			(0.53	)		8.66		0.88	%		0.70	%		5.36	%		(8.36	%)		54		63	%
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	%
Class P
4/1/2020 - 9/30/2020 (6)		$8.66		$0.27		$1.09			$1.36			($0.28	)		$—			($0.28	)		$9.74		0.89	%		0.70	%		5.80	%		15.84	%		$157,385		28	%
4/1/2019 - 3/31/2020		9.98		0.54		(1.33	)		(0.79	)		(0.53	)		—			(0.53	)		8.66		0.88	%		0.70	%		5.36	%		(8.46	%)		120,807		63	%
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	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$8.76		$0.28		$1.09			$1.37			($0.28	)		$—			($0.28	)		$9.85		0.89	%		0.70	%		5.80	%		15.77	%		$3,355		28	%
4/1/2019 - 3/31/2020		10.08		0.54		(1.33	)		(0.79	)		(0.53	)		—			(0.53	)		8.76		1.00	%		0.70	%		5.36	%		(8.38	%)		3,329		63	%
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	%
Pacific Funds Large-Cap Value (9)
Class A
4/1/2020 - 9/30/2020 (6)		$8.35		$0.07		$1.59			$1.66			$—			$—			$—			$10.01		1.53	%		1.00	%		1.46	%		19.88	%		$5,325		19	%
4/1/2019 - 3/31/2020		10.89		0.15		(1.55	)		(1.40	)		(0.15	)		(0.99	)		(1.14	)		8.35		1.49	%		1.02	%		1.39	%		(15.34	%)		3,892		53	%
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
4/1/2020 - 9/30/2020 (6)		$8.29		$0.03		$1.58			$1.61			$—			$—			$—			$9.90		2.28	%		1.75	%		0.72	%		19.42	%		$2,820		19	%
4/1/2019 - 3/31/2020		10.83		0.07		(1.55	)		(1.48	)		(0.07	)		(0.99	)		(1.06	)		8.29		2.24	%		1.77	%		0.64	%		(16.01	%)		2,394		53	%
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
4/1/2020 - 9/30/2020 (6)		$8.39		$0.08		$1.59			$1.67			$—			$—			$—			$10.06		1.28	%		0.75	%		1.71	%		19.91	%		$10,973		19	%
4/1/2019 - 3/31/2020		10.93		0.18		(1.55	)		(1.37	)		(0.18	)		(0.99	)		(1.17	)		8.39		1.23	%		0.77	%		1.64	%		(15.09	%)		8,667		53	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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 Large-Cap Value (Continued) (9)
Class R6
4/1/2020 - 9/30/2020 (6)		$8.31		$0.09			$1.58			$1.67			$—			$—			$—			$9.98		1.28	%		0.65	%		1.81	%		20.10	%		$1,469		19	%
4/1/2019 - 3/31/2020		10.84		0.19			(1.54	)		(1.35	)		(0.19	)		(0.99	)		(1.18	)		8.31		1.14	%		0.67	%		1.74	%		(15.05	%)		1,019		53	%
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 (9)
Class A
4/1/2020 - 9/30/2020 (6)		$9.52		($0.00	)(7)		$2.52			$2.52			$—			$—			$—			$12.04		1.26	%		1.20	%		(0.04	%)		26.47	%		$15,984		29	%
4/1/2019 - 3/31/2020		13.02		(0.00	)(7)		(3.47	)		(3.47	)		(0.03	)		—			(0.03	)		9.52		1.37	%		1.23	%		(0.03	%)		(26.71	%)		14,379		36	%
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	(7)		0.60			0.60			—			—			—			9.93		5.43	%		1.30	%		0.07	%		6.43	%		2,254		11	%
Class C
4/1/2020 - 9/30/2020 (6)		$9.24		($0.04	)		$2.44			$2.40			$—			$—			$—			$11.64		2.01	%		1.95	%		(0.79	%)		25.97	%		$8,581		29	%
4/1/2019 - 3/31/2020		12.70		(0.10	)		(3.36	)		(3.46	)		—			—			—			9.24		2.13	%		1.98	%		(0.78	%)		(27.24	%)		9,277		36	%
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
4/1/2020 - 9/30/2020 (6)		$9.58		$0.01			$2.55			$2.56			$—			$—			$—			$12.14		1.01	%		0.95	%		0.20	%		26.72	%		$239,031		29	%
4/1/2019 - 3/31/2020		13.11		0.03			(3.50	)		(3.47	)		(0.06	)		—			(0.06	)		9.58		1.12	%		0.98	%		0.22	%		(26.61	%)		214,344		36	%
4/1/2018 - 3/31/2019		13.28		0.02			0.16			0.18			(0.00	)(7)		(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	(7)		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	%
Class R6
4/1/2020 - 9/30/2020 (6)		$9.59		$0.02			$2.55			$2.57			$—			$—			$—			$12.16		1.01	%		0.88	%		0.27	%		26.80	%		$1,322		29	%
4/1/2019 - 3/31/2020		13.12		0.04			(3.50	)		(3.46	)		(0.07	)		—			(0.07	)		9.59		1.01	%		0.93	%		0.27	%		(26.57	%)		4,802		36	%
4/1/2018 - 3/31/2019		13.29		0.02			0.16			0.18			(0.00	)(7)		(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	(7)		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 (9)
Class A
4/1/2020 - 9/30/2020 (6)		$8.56		($0.01	)		$2.44			$2.43			$—			$—			$—			$10.99		1.98	%		1.20	%		(0.12	%)		28.39	%		$1,392		32	%
4/1/2019 - 3/31/2020		12.12		(0.03	)		(3.51	)		(3.54	)		(0.02	)		—			(0.02	)		8.56		1.73	%		1.23	%		(0.21	%)		(29.27	%)		3,343		42	%
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	)(7)		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
4/1/2020 - 9/30/2020 (6)		$8.38		($0.04	)		$2.37			$2.33			$—			$—			$—			$10.71		2.74	%		1.95	%		(0.87	%)		27.81	%		$468		32	%
4/1/2019 - 3/31/2020		11.94		(0.11	)		(3.45	)		(3.56	)		—			—			—			8.38		2.48	%		1.98	%		(0.96	%)		(29.82	%)		538		42	%
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	%

See Notes to Financial Statements See explanation of references on B-20

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 Small-Cap (Continued) (9)
Advisor Class
4/1/2020 - 9/30/2020 (6)		$8.71		$0.01			$2.47			$2.48			$—			$—			$—			$11.19		1.74	%		0.95	%		0.13	%		28.47	%		$9,135		32	%
4/1/2019 - 3/31/2020		12.32		0.00	(7)		(3.57	)		(3.57	)		(0.04	)		—			(0.04	)		8.71		1.48	%		0.98	%		0.04	%		(29.07	%)		7,897		42	%
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 R6
4/1/2020 - 9/30/2020 (6)		$7.97		$0.01			$2.27			$2.28			$—			$—			$—			$10.25		1.73	%		0.88	%		0.20	%		28.45	%		$1,229		32	%
4/1/2019 - 3/31/2020		11.29		0.01			(3.28	)		(3.27	)		(0.05	)		—			(0.05	)		7.97		1.37	%		0.93	%		0.09	%		(29.05	%)		731		42	%
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 (9)
Class A
4/1/2020 - 9/30/2020 (6)		$6.15		$0.02			$1.30			$1.32			$—			$—			$—			$7.47		1.94	%		1.20	%		0.66	%		21.46	%		$1,338		36	%
4/1/2019 - 3/31/2020		9.10		0.04			(2.92	)		(2.88	)		(0.07	)		—			(0.07	)		6.15		1.72	%		1.22	%		0.41	%		(31.93	%)		1,023		45	%
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
4/1/2020 - 9/30/2020 (6)		$6.04		($0.00	)(7)		$1.28			$1.28			$—			$—			$—			$7.32		2.70	%		1.95	%		(0.08	%)		21.19	%		$812		36	%
4/1/2019 - 3/31/2020		8.94		(0.03	)		(2.87	)		(2.90	)		—			—			—			6.04		2.47	%		1.97	%		(0.35	%)		(32.44	%)		644		45	%
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	(7)		0.66			0.66			—			—			—			9.46		16.74	%		2.05	%		0.22	%		7.50	%		121		17	%
Advisor Class
4/1/2020 - 9/30/2020 (6)		$6.19		$0.03			$1.32			$1.35			$—			$—			$—			$7.54		1.69	%		0.95	%		0.91	%		21.81	%		$9,094		36	%
4/1/2019 - 3/31/2020		9.16		0.06			(2.94	)		(2.88	)		(0.09	)		—			(0.09	)		6.19		1.47	%		0.97	%		0.66	%		(31.79	%)		10,018		45	%
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 R6
4/1/2020 - 9/30/2020 (6)		$6.17		$0.04			$1.29			$1.33			$—			$—			$—			$7.50		1.70	%		0.88	%		0.98	%		21.56	%		$738		36	%
4/1/2019 - 3/31/2020		9.12		0.07			(2.92	)		(2.85	)		(0.10	)		—			(0.10	)		6.17		1.36	%		0.92	%		0.70	%		(31.67	%)		2,314		45	%
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	%

See Notes to Financial Statements See explanation of references on B-20

B-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

(1) For share classes that commenced operations after April 1, 2015, 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) Unaudited for the six-month period ended September 30, 2020.

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

(8) The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2020 are as follows:

Fund	Class A	Class C	Class I	Class P	Advisor Class
Pacific Funds Floating Rate Income	0.98%	1.68%	0.68%	0.68%	0.73%

(9) 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-20

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, investment management 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, 2020, the Trust was comprised of twenty-nine separate funds, fifteen 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)

Fund

Pacific Funds^SM Strategic Income (2)

Pacific Funds^SM Floating Rate Income (2)

Pacific Funds^SM High Income (2)

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)

(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.

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 PF U.S. Equity Funds offer Class A, Class C, Advisor Class, and Class R6 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) Advisor Class and Class R6 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 and Pacific Funds High Income.

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-4.

On July 31, 2020, Pacific Funds Large-Cap and Pacific Funds Small-Cap Growth were liquidated pursuant to plans of liquidation approved by the Board of Trustees. Because these Funds were liquidated prior to September 30, 2020, no financial information is presented in this report except for the Transactions with Affiliates disclosure under Investments in Affiliated Funds.

On September 29, 2020, Pacific Funds Diversified Income was liquidated. Because Pacific Funds Diversified Income was liquidated prior to September 30, 2020, no financial information is presented in this report.

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 and Pacific Funds Ultra Short 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.

F. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 and one or more share classes. The price per share of each share class of a Fund is called the NAV, which is determined for each share class by taking the total value of its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding.

Each Fund’s NAV is calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that 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.

NAVs 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 NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges which may 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.

In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the valuation procedures described below, which may be after the official closing time of the NYSE.

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 and does not normally take into account trading, clearances or settlements that take place after the 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) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services

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. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

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, if there is a trading halt for individual holdings, or if there is an unscheduled market closure (e.g., in the event of a natural disaster, strikes, news of significant governmental actions, regulatory trading halts, system failures, terrorist threats or activities, or armed

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conflict, etc.). 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 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, 2020, 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.

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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.

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.

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, 2020, 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 $147,012, $147,012, $230,224, $2,719,234, and $41,111, respectively (see details in the Notes to Schedules of Investments).

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. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. 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.

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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 a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. 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.

Natural Disasters Risk

Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.

An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of COVID-19 could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund.

LIBOR Transition Risk

In 2017, the United Kingdom’s Financial Conduct Authority, which regulates London Interbank Offered Rate (“LIBOR”), announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other Interbank Offered Rates (“IBOR”) were susceptible to manipulation. Replacement rates for various IBORs have been identified and include the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities.

There remains uncertainty regarding the transition to, and nature of, any selected replacement rates. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s investments and result in costs incurred in connection with closing out positions that reference LIBOR and entering into new trades referencing alternative rates. The transition process away from LIBOR may result in increased volatility or illiquidity in markets for the Fund’s investments that currently rely on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR.

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, and Pacific Funds High Income 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, and Pacific Funds High Income. 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, and Pacific Funds High Income 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, and Pacific Funds High Income 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, and Pacific Funds High Income (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.

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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. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. 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 governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging 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. 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.

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

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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.

A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are “covenant lite” loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

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, 2020, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

Mortgage-Related and Other Asset-Backed Securities

Certain Funds may invest in mortgage-related and other asset-backed securities. These securities could 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 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.

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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 Risk

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.

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

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(Unaudited)

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, and/or Pacific Funds High Income 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.

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, 2020.

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 has retained other investment management firms to sub-advise the PF Fixed Income Funds and 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

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(Unaudited)

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, 2021	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 Asset Management LLC
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 Asset Management LLC
Pacific Funds Core Income	0.50%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Strategic Income Pacific Funds High Income	0.60%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Floating Rate Income	0.65%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Large-Cap Value	0.55%		Rothschild & Co Asset Management US Inc.
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value	0.75%		Rothschild & Co Asset Management US Inc.

Pursuant to the PF Administration Agreement with the Trust, the Administrator and PLFA perform, procure and/or oversee administrative services for each of the Funds. These services include, but are not limited to, procuring and overseeing transfer agency, dividend disbursement and sub-transfer agency services for the Trust, and any and all legal, compliance, and accounting support provided by Pacific Life and PLFA for the operations of the Trust and to permit the Trust to conduct business as described in its registration statement; and other services necessary for the administration of the Funds’ affairs.

Pacific Life receives an administration fee from each Fund and applicable share class presented in these financial statements, based on an annual rate of 0.15% of average daily net assets of each Fund.

Pursuant to the Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. 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 for Class C shares pursuant to a distribution and service plan as adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (the “Class C 12b-1 Plans”). The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (the “Class A Service Plan”). The Distributor receives distribution and/or service fees from each applicable Fund and share class presented in these financial statements, which are based on the following annual percentages of average daily net assets:

Plan	Distribution Fee Rate	Service Fee Rate
Class C 12b-1 Plan	0.75%	0.25%
Class A Service Plan		0.25%

There are no distribution and service fees for Class I, Class P, Advisor Class, and Class R6 shares. The distribution and service fees are accrued daily. For the period ended September 30, 2020, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $2,060,975 from the sale of Class A shares and received $51,684 in CDSC from redemptions of Class A 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 period ended September 30, 2020 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2020 are presented in the Statements of Assets and Liabilities.

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(Unaudited)

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: the administration fee and expenses; organizational expenses; custody expenses; expenses for external audit, tax, legal and accounting and sub-administration services; the preparation, printing, filing and mailing costs of prospectuses, shareholder reports, and other regulatory documents to existing shareholders, as applicable; and independent trustees’ fees and expenses. These operating expenses do not include: 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 expenses for extraordinary matters such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of a Fund’s business. The expense caps for each Fund and share class presented in these financial statements are as follows:

Fund	Share Class	Expense Caps
Portfolio Optimization Funds	A, C, and Advisor	0.15% through 7/31/2021 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 7/31/2021
Pacific Funds Core Income	A and C	0.10% through 7/31/2021
	I, Advisor, and P	0.05% through 7/31/2021
Pacific Funds Strategic Income	A and Advisor	0.10% through 7/31/2021
	C and I	0.05% through 7/31/2021
Pacific Funds Floating Rate Income	A and Advisor	0.10% through 7/31/2021
	C, I, and P	0.05% through 7/31/2021
Pacific Funds High Income	A, I, Advisor, and P	0.10% through 7/31/2021
	C	0.05% through 7/31/2021
Pacific Funds Large-Cap Value	A, C and Advisor	0.20% through 7/31/2021
	R6	0.10% through 7/31/2021
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value	A, C and Advisor	0.20% through 7/31/2021
	R6	0.10% through 7/31/2021 (0.15% prior to 8/1/2020)

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, along with the other expenses subject to the expense cap, 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, 2020 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2020 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of September 30, 2020 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:

Fund	3/31/2021		3/31/2022		3/31/2023		3/31/2024
Pacific Funds Portfolio Optimization Conservative		$250,155		$230,770		$197,838		$92,400
Pacific Funds Portfolio Optimization Moderate-Conservative		334,819		305,325		249,902		105,394
Pacific Funds Portfolio Optimization Moderate		841,944		774,354		612,516		217,306
Pacific Funds Portfolio Optimization Growth		646,561		602,203		493,143		177,673
Pacific Funds Portfolio Optimization Aggressive-Growth		256,481		253,140		226,029		97,285
Pacific Funds Ultra Short Income						115,776		66,624
Pacific Funds Short Duration Income		1,000,932		1,385,844		2,174,161		741,599
Pacific Funds Core Income		2,102,504		1,843,904		2,204,086		950,931
Pacific Funds Strategic Income		1,246,313		1,612,421		1,718,677		528,757
Pacific Funds Floating Rate Income		3,114,566		4,391,138		3,637,709		1,139,064
Pacific Funds High Income		119,953		169,374		253,239		133,837
Pacific Funds Large-Cap Value		111,953		98,891		91,667		50,162
Pacific Funds Small/Mid-Cap		341,697		493,273		516,716		80,911
Pacific Funds Small-Cap		88,698		94,696		91,474		49,190
Pacific Funds Small-Cap Value		104,441		90,131		89,955		49,369
Total		$10,561,017		$12,345,464		$12,672,888		$4,480,502

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2020.

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(Unaudited)

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 2020, 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 and/or Pacific Funds High Income. A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended September 30, 2020 is as follows:

Fund/Underlying Fund	Beginning Value as of April 1, 2020		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)		As of September 30, 2020
														Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$5,870,120		$2,172,860		$67,868		$884,486		$14,935			$405,414		$7,646,711		667,252
Pacific Funds Floating Rate Income		2,168,559		2,357,620		7,272		2,237,628		(242,314	)		303,626		2,357,135		247,859
Pacific Funds High Income		22,844,778		7,750,645		596,397		6,357,226		(730,350	)		3,128,515		27,232,759		2,795,971
PF Inflation Managed		11,392,707		1,159,708		—		644,547		16,522			1,045,369		12,969,759		1,298,274
PF Managed Bond		72,247,239		15,429,250		—		4,193,093		57,436			5,160,737		88,701,569		7,517,082
PF Short Duration Bond		33,763,657		15,273,745		—		15,948,438		460,141			1,680,993		35,230,098		3,423,722
PF Emerging Markets Debt		14,576,809		606,243		—		7,327,846		(1,500,702	)		3,072,663		9,427,167		1,113,007
PF Growth		2,371,306		41,134		—		2,248,372		618,651			278,861		1,061,580		28,203
PF Large-Cap Value		4,476,046		78,355		—		1,552,830		4,044			988,213		3,993,828		337,032
PF Multi-Asset		35,670,422		691,215		—		10,090,291		143,217			11,103,976		37,518,539		3,392,273
PF Small-Cap Growth		1,158,367		19,587		—		492,202		47,894			515,032		1,248,678		58,706
PF Small-Cap Value		1,154,281		1,080,333		—		98,755		(58,307	)		327,164		2,404,716		375,737
PF Emerging Markets		4,289,848		89,465		—		797,209		(7,832	)		1,218,162		4,792,434		380,050
PF International Small-Cap		1,162,964		19,589		—		369,472		117,934			282,791		1,213,806		128,445
PF Real Estate		1,194,420		19,589		—		171,319		(7,698	)		182,098		1,217,090		102,795
		$214,341,523		$46,789,338		$671,537		$53,413,714		($1,066,429	)		$29,693,614		$237,015,869
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$6,747,736		$1,444,025		$84,378		$400,169		$12,250			$504,893		$8,393,113		732,383
Pacific Funds Floating Rate Income		1,430,744		1,584,375		5,217		1,476,093		(153,648	)		194,311		1,584,906		166,657
Pacific Funds High Income		25,790,324		5,262,144		786,667		3,010,484		(291,655	)		3,370,892		31,907,888		3,275,964
PF Inflation Managed		5,456,837		717,661		—		332,745		19,157			489,864		6,350,774		635,713
PF Managed Bond		82,241,385		17,705,581		—		5,032,151		60,042			5,808,581		100,783,438		8,540,969
PF Short Duration Bond		25,602,075		10,164,515		—		10,461,514		294,999			1,293,549		26,893,624		2,613,569
PF Emerging Markets Debt		16,455,295		279,457		—		6,269,427		(1,157,123	)		3,381,662		12,689,864		1,498,213
PF Growth		9,963,335		88,125		—		2,713,841		692,747			3,091,934		11,122,300		295,492
PF Large-Cap Value		19,155,992		164,010		—		7,044,462		(305,746	)		4,476,137		16,445,931		1,387,842
PF Multi-Asset		69,933,180		605,039		—		17,656,099		479,132			21,919,688		75,280,940		6,806,595
PF Small-Cap Growth		1,525,730		13,152		—		603,100		259,354			482,962		1,678,098		78,895
PF Small-Cap Value		1,520,135		3,103,377		—		161,300		(61,689	)		418,497		4,819,020		752,972
PF Emerging Markets		11,298,209		128,379		—		1,722,045		(8,233	)		3,211,659		12,907,969		1,023,630
PF International Large-Cap		2,671,974		345,630		—		243,250		(25,276	)		616,939		3,366,017		303,518
PF International Small-Cap		1,531,666		13,153		—		439,607		(40,827	)		568,484		1,632,869		172,790
PF International Value		2,247,495		19,730		—		892,877		(238,945	)		629,708		1,765,111		292,237
PF Real Estate		3,146,593		26,307		—		361,000		(13,531	)		476,914		3,275,283		276,629
		$286,718,705		$41,664,660		$876,262		$58,820,164		($478,992	)		$50,936,674		$320,897,145
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$13,987,743		$6,527,165		$174,300		$858,500		$29,468			$1,041,486		$20,901,662		1,823,880
Pacific Funds Floating Rate Income		4,300,918		509,319		89,252		260,677		(22,325	)		362,015		4,978,502		523,502
Pacific Funds High Income		47,520,915		3,079,539		1,521,821		2,854,743		(169,865	)		6,076,146		55,173,813		5,664,663
PF Inflation Managed		4,113,245		751,224		—		259,490		23,110			358,859		4,986,948		499,194
PF Managed Bond		170,479,927		63,322,728		—		10,897,233		273,566			11,965,475		235,144,463		19,927,497
PF Short Duration Bond		48,760,064		12,226,806		—		6,529,327		55,933			2,668,599		57,182,075		5,557,053
PF Emerging Markets Debt		33,076,367		306,115		—		13,993,499		(1,276,341	)		6,804,837		24,917,479		2,941,851
PF Growth		62,315,604		277,887		—		21,921,965		7,691,905			15,973,997		64,337,428		1,709,283
PF Large-Cap Value		67,523,333		303,874		—		17,913,119		(551,506	)		15,659,498		65,022,080		5,487,095
PF Multi-Asset		334,558,667		1,459,402		—		74,133,627		2,622,306			106,012,066		370,518,814		33,500,797
PF Small-Cap Growth		4,599,050		3,925,932		—		518,174		60,966			2,174,521		10,242,295		481,537
PF Small-Cap Value		9,164,716		10,000,720		—		1,019,751		(325,130	)		2,484,064		20,304,619		3,172,597
PF Emerging Markets		34,060,098		163,577		—		3,335,293		(40,297	)		9,688,217		40,536,302		3,214,616
PF International Large-Cap		12,081,879		53,979		—		2,188,085		(153,539	)		2,835,636		12,629,870		1,138,852
PF International Small-Cap		9,234,086		39,985		—		2,206,231		(224,721	)		3,397,895		10,241,014		1,083,705
PF International Value		9,935,840		1,428,798		—		5,579,741		(1,320,179	)		3,060,969		7,525,687		1,245,975
PF Real Estate		14,227,870		213,756		—		6,103,255		(130,051	)		2,082,052		10,290,372		869,119
		$879,940,322		$104,590,806		$1,785,373		$170,572,710		$6,543,300			$192,646,332		$1,014,933,423

C-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2020		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)		As of September 30, 2020
														Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,009,609		$3,268,278		$62,773		$232,923		$9,277			$375,455		$8,492,469		741,053
Pacific Funds High Income		22,338,375		13,998,236		718,925		1,019,862		(65,757	)		2,849,481		38,819,398		3,985,565
PF Managed Bond		60,023,008		30,406,965		—		3,107,639		66,756			4,375,091		91,764,181		7,776,626
PF Short Duration Bond		12,005,569		3,346,347		—		579,527		5,199			655,479		15,433,067		1,499,812
PF Emerging Markets Debt		21,378,257		43,992		—		2,043,273		(149,100	)		3,968,559		23,198,435		2,738,894
PF Growth		53,976,306		54,811		—		9,749,793		3,147,740			17,475,561		64,904,625		1,724,352
PF Large-Cap Value		48,236,075		51,303		—		16,507,883		877,363			9,973,121		42,629,979		3,597,467
PF Multi-Asset		324,987,393		322,759		—		62,064,827		2,604,482			104,827,436		370,677,243		33,515,121
PF Small-Cap Growth		6,793,941		6,724		—		1,979,357		636,595			2,678,210		8,136,113		382,516
PF Small-Cap Value		10,154,356		11,899,081		—		824,093		(268,864	)		2,665,521		23,626,001		3,691,563
PF Emerging Markets		34,593,100		424,534		—		1,593,713		(53,295	)		9,888,605		43,259,231		3,430,550
PF International Large-Cap		18,179,153		28,993		—		5,695,496		(152,745	)		4,090,217		16,450,122		1,483,329
PF International Small-Cap		10,231,331		10,086		—		1,862,857		(208,547	)		3,733,579		11,903,592		1,259,639
PF International Value		15,011,342		3,291,636		—		4,564,276		(1,113,616	)		3,736,295		16,361,381		2,708,838
PF Real Estate		17,516,654		803,420		—		4,843,575		(246,975	)		2,716,844		15,946,368		1,346,822
		$660,434,469		$67,957,165		$781,698		$116,669,094		$5,088,513			$174,009,454		$791,602,205
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$221,964		481,303		$2,795		$11,527		$369			$16,702		$711,606		62,095
Pacific Funds High Income		2,262,187		1,787,478		72,856		114,561		(5,067	)		287,539		4,290,432		440,496
PF Managed Bond		1,974,074		6,321,339		—		250,342		3,725			192,693		8,241,489		698,431
PF Short Duration Bond		2,127,923		712,506		—		114,169		96			117,872		2,844,228		276,407
PF Emerging Markets Debt		2,165,122		48,955		—		178,213		(19,164	)		406,274		2,422,974		286,066
PF Growth		34,972,470		402,839		—		19,367,707		7,982,585			5,372,792		29,362,979		780,100
PF Large-Cap Value		20,932,217		422,598		—		13,379,272		2,738,614			1,968,608		12,682,765		1,070,276
PF Multi-Asset		119,967,717		16,747,724		—		12,552,620		181,659			39,994,356		164,338,836		14,858,846
PF Small-Cap Growth		3,611,496		3,785,248		—		396,726		5,951			1,757,107		8,763,076		411,992
PF Small-Cap Value		5,997,574		8,912,129		—		395,674		(117,019	)		1,533,723		15,930,733		2,489,177
PF Emerging Markets		13,375,343		888,656		—		685,029		(32,305	)		3,839,241		17,385,906		1,378,740
PF International Large-Cap		8,902,532		174,900		—		2,386,978		11,743			1,979,856		8,682,053		782,872
PF International Small-Cap		4,834,320		53,633		—		707,058		(79,751	)		1,755,533		5,856,677		619,754
PF International Value		7,802,250		112,843		—		4,948,912		(766,024	)		2,133,611		4,333,768		717,511
PF Real Estate		7,448,597		654,146		—		1,822,526		(107,620	)		1,167,898		7,340,495		619,974
		$236,595,786		$41,506,297		$75,651		$57,311,314		$9,797,792			$62,523,805		$293,188,017

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

(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, and Pacific Funds High Income.

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

As of September 30, 2020, 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		80.21%
Pacific Funds Large-Cap Value		36.81%
Pacific Funds Small-Cap Value		44.87%

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation 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 certain Funds of the Trust 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 certain Funds of the Trust 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, 2020, such expenses increased by $22,371 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2020, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $63,684.

C-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the period ended September 30, 2020, there were no purchase and sale transactions with an affiliated Fund within the Trust. There were purchase and sale transactions with affiliated funds outside of the Trust, which were transacted at the current market price and 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 $450,000. As of September 30, 2020, the actual interest rate on borrowing by the Trust was 1.35%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. During the reporting period, the weighted average interest rate and the average dollar amount of borrowings on the days that Pacific Funds Floating Rate Income had a loan outstanding were 2.07% and $54,000,000, respectively. As of September 30, 2020, 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, 2020, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$47,460,875		$53,413,714
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		42,540,922		58,820,164
Pacific Funds Portfolio Optimization Moderate		—		—		106,376,179		170,572,710
Pacific Funds Portfolio Optimization Growth		—		—		68,738,863		116,669,094
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		41,581,948		57,311,314
Pacific Funds Ultra Short Income		—		1,723,996		18,418,164		11,087,923
Pacific Funds Short Duration Income		—		88,659,922		470,870,154		337,591,445
Pacific Funds Core Income		184,656,738		185,290,727		521,679,096		438,767,221
Pacific Funds Strategic Income		—		—		366,251,619		373,576,138
Pacific Funds Floating Rate Income		—		—		927,670,561		653,792,789
Pacific Funds High Income		—		—		37,283,281		40,105,389
Pacific Funds Large-Cap Value		—		—		4,954,159		3,534,438
Pacific Funds Small/Mid-Cap		—		—		77,613,002		116,270,006
Pacific Funds Small-Cap		—		—		3,865,431		7,276,809
Pacific Funds Small-Cap Value		—		—		4,690,331		9,013,168

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 ended March 31, 2020, 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

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2020:

				Distributable Earning				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		($2,102,994	)		$576,381		$—		$—		$—		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		—		176,141		507,944		—		684,085
Pacific Funds Portfolio Optimization Moderate		—			717,405		2,628,057		—		—		—		—
Pacific Funds Portfolio Optimization Growth		—			—		5,155,940		1,079,540		—		—		1,079,540
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—		—		490,471		1,535,881		1,149,743		3,176,095
Pacific Funds Ultra Short Income		—			2,944		—		—		17,459		—		17,459
Pacific Funds Short Duration Income		(6,444,892	)		234,768		—		—		—		—		—
Pacific Funds Core Income		(21,043,536	)		630,161		—		—		—		—		—
Pacific Funds Strategic Income		(7,307,629	)		714,373		—		—		—		—		—
Pacific Funds Floating Rate Income		(100,945,158	)		932,021		—		—		—		—		—
Pacific Funds High Income		(10,810,422	)		90,864		—		—		—		—		—
Pacific Funds Large-Cap Value		—			81,213		—		—		377,720		—		377,720
Pacific Funds Small/Mid-Cap		(15,852,377	)		725,132		—		—		—		—		—
Pacific Funds Small-Cap		(1,220,925	)		8,302		—		—		—		—		—
Pacific Funds Small-Cap Value		(1,366,170	)		24,400		—		—		—		—		—

Accumulated capital losses represent net capital loss carryovers as of March 31, 2020 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, 2020 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2020:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2020
Fund	Short Term			Long Term
Pacific Funds Portfolio Optimization Conservative		($538,878	)		($1,564,116	)		($2,102,994	)		$—
Pacific Funds Short Duration Income		(2,080,266	)		(4,364,626	)		(6,444,892	)		—
Pacific Funds Core Income		(8,057,999	)		(12,985,537	)		(21,043,536	)		1,530,658
Pacific Funds Strategic Income		—			(7,307,629	)		(7,307,629	)		2,944,637
Pacific Funds Floating Rate Income		(24,711,408	)		(76,233,750	)		(100,945,158	)		—
Pacific Funds High Income		(4,442,718	)		(6,367,704	)		(10,810,422	)		—
Pacific Funds Small/Mid-Cap		(9,508,347	)		(6,344,030	)		(15,852,377	)		—
Pacific Funds Small-Cap		(981,546	)		(239,379	)		(1,220,925	)		—
Pacific Funds Small-Cap Value		(1,366,170	)		—			(1,366,170	)		—

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, 2020, 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		$212,769,654		$24,415,569		($169,354	)		$24,246,215			$—			$24,246,215
Pacific Funds Portfolio Optimization Moderate-Conservative		285,671,452		35,690,927		(465,234	)		35,225,693			—			35,225,693
Pacific Funds Portfolio Optimization Moderate		854,001,844		164,613,296		(3,681,717	)		160,931,579			—			160,931,579
Pacific Funds Portfolio Optimization Growth		661,127,734		133,579,740		(3,105,269	)		130,474,471			—			130,474,471
Pacific Funds Portfolio Optimization Aggressive-Growth		244,450,556		50,206,922		(1,469,461	)		48,737,461			—			48,737,461
Pacific Funds Ultra Short Income		34,484,759		220,140		(65,065	)		155,075			—			155,075
Pacific Funds Short Duration Income		1,122,774,515		23,994,587		(3,589,309	)		20,405,278			1,663			20,406,941
Pacific Funds Core Income		1,151,018,679		51,876,310		(10,699,627	)		41,176,683			1,663			41,178,346
Pacific Funds Strategic Income		728,927,544		29,968,330		(21,582,626	)		8,385,704			(7,199	)		8,378,505
Pacific Funds Floating Rate Income		1,625,162,096		11,019,616		(27,423,049	)		(16,403,433	)		51,157			(16,352,276	)
Pacific Funds High Income		137,614,578		6,386,981		(4,650,873	)		1,736,108			(1,156	)		1,734,952
Pacific Funds Large-Cap Value		17,761,638		3,667,916		(965,622	)		2,702,294			—			2,702,294
Pacific Funds Small/Mid-Cap		244,867,355		45,140,256		(24,830,132	)		20,310,124			—			20,310,124
Pacific Funds Small-Cap		11,428,644		1,931,093		(1,056,629	)		874,464			—			874,464
Pacific Funds Small-Cap Value		12,498,053		1,486,117		(2,008,102	)		(521,985	)		—			(521,985	)

(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, unfunded loan commitments, 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

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2016.

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the period ended September 30, 2020 and the fiscal year ended March 31, 2020, were as follows:

	For the Six-Month Period Ended September  30, 2020						For the Year Ended March 31, 2020
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$—		$—		$—		$3,809,492		$474,053		$4,283,545
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		—		6,035,647		1,191,046		7,226,693
Pacific Funds Portfolio Optimization Moderate		—		—		—		14,938,594		36,584,051		51,522,645
Pacific Funds Portfolio Optimization Growth		—		—		—		12,750,292		43,057,923		55,808,215
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		—		4,686,703		18,900,961		23,587,664
Pacific Funds Ultra Short Income		189,433		—		189,433		438,277		—		438,277
Pacific Funds Short Duration Income		9,853,082		—		9,853,082		24,211,883		—		24,211,883
Pacific Funds Core Income		12,494,884		—		12,494,884		23,931,961		—		23,931,961
Pacific Funds Strategic Income		14,097,475		—		14,097,475		29,155,007		—		29,155,007
Pacific Funds Floating Rate Income		25,704,408		—		25,704,408		77,305,342		—		77,305,342
Pacific Funds High Income		4,072,104		—		4,072,104		6,829,639		—		6,829,639
Pacific Funds Large-Cap Value		—		—		—		278,641		1,669,489		1,948,130
Pacific Funds Small/Mid-Cap		—		—		—		1,472,291		—		1,472,291
Pacific Funds Small-Cap		—		—		—		50,279		—		50,279
Pacific Funds Small-Cap Value		—		—		—		183,746		—		183,746

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 fiscal year or period ended September 30, 2020 and March 31, 2020, were as follows:

	Pacific Funds Portfolio Optimization Conservative (1)						Pacific Funds Portfolio Optimization Moderate- Conservative (1)						Pacific Funds Portfolio Optimization Moderate (1)						Pacific Funds Portfolio Optimization Growth (1)
	Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020
Class A
Shares sold		1,223,965			6,495,722			1,339,370			7,767,556			2,509,879			18,537,632			1,759,623			12,271,667
Dividends and distribution reinvested		—			324,224			—			544,560			—			3,374,243			—			3,493,220
Shares repurchased		(1,301,558	)		(3,817,604	)		(2,029,375	)		(5,723,129	)		(5,928,121	)		(14,928,645	)		(4,289,966	)		(10,132,943	)
Converted from Class B shares		—			1,355,707			—			2,032,245			—			6,090,089			—			4,316,826
Net increase (decrease)		(77,593	)		4,358,049			(690,005	)		4,621,232			(3,418,242	)		13,073,319			(2,530,343	)		9,948,770
Beginning shares outstanding		16,188,658			11,830,609			23,288,746			18,667,514			67,427,493			54,354,174			51,405,297			41,456,527
Ending shares outstanding		16,111,065			16,188,658			22,598,741			23,288,746			64,009,251			67,427,493			48,874,954			51,405,297
Class B
Shares sold					6,011						—						17,102						12,085
Dividends and distribution reinvested					235						—						—						—
Shares repurchased					(274,318	)					(581,852	)					(1,418,786	)					(915,455	)
Converted to Class A shares					(1,392,882	)					(2,086,509	)					(6,218,286	)					(4,419,822	)
Net increase (decrease)					(1,660,954	)					(2,668,361	)					(7,619,970	)					(5,323,192	)
Beginning shares outstanding					1,660,954						2,668,361						7,619,970						5,323,192
Ending shares outstanding					—						—						—						—
Class C
Shares sold		462,794			1,179,580			197,583			621,381			445,878			1,255,885			508,139			973,016
Dividends and distribution reinvested		—			56,670			—			74,501			—			618,266			—			642,952
Shares repurchased		(969,449	)		(7,507,366	)		(943,273	)		(8,742,296	)		(2,440,299	)		(20,517,810	)		(1,653,131	)		(13,625,537	)
Net increase (decrease)		(506,655	)		(6,271,116	)		(745,690	)		(8,046,414	)		(1,994,421	)		(18,643,659	)		(1,144,992	)		(12,009,569	)
Beginning shares outstanding		4,890,376			11,161,492			5,033,274			13,079,688			13,751,514			32,395,173			9,759,453			21,769,022
Ending shares outstanding		4,383,721			4,890,376			4,287,584			5,033,274			11,757,093			13,751,514			8,614,461			9,759,453
Advisor Class
Shares sold		181,962			381,144			58,898			242,251			654,047			585,368			213,365			469,064
Dividends and distribution reinvested		—			17,475			—			13,425			—			107,909			—			97,427
Shares repurchased		(56,419	)		(362,084	)		(68,377	)		(406,495	)		(418,020	)		(888,951	)		(258,318	)		(724,434	)
Net increase (decrease)		125,543			36,535			(9,479	)		(150,819	)		236,027			(195,674	)		(44,953	)		(157,943	)
Beginning shares outstanding		708,215			671,680			565,706			716,525			2,041,551			2,237,225			1,359,995			1,517,938
Ending shares outstanding		833,758			708,215			556,227			565,706			2,277,578			2,041,551			1,315,042			1,359,995

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Portfolio Optimization Aggressive-Growth (1)						Pacific Funds Ultra Short Income (2)						Pacific Funds Short Duration Income						Pacific Funds Core Income
	Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020
Class A
Shares sold		629,389			3,562,121									5,601,587			8,970,742			2,440,280			8,665,893
Dividends and distribution reinvested		—			1,308,345									105,973			276,592			133,181			275,501
Shares repurchased		(1,439,127	)		(2,887,321	)								(6,205,260	)		(5,431,153	)		(1,932,527	)		(3,473,506	)
Converted from Class B shares		—			1,259,139									—			—			—			—
Net increase (decrease)		(809,738	)		3,242,284									(497,700	)		3,816,181			640,934			5,467,888
Beginning shares outstanding		16,823,385			13,581,101									15,359,951			11,543,770			13,274,686			7,806,798
Ending shares outstanding		16,013,647			16,823,385									14,862,251			15,359,951			13,915,620			13,274,686
Class B
Shares sold					2,950
Dividends and distribution reinvested					—
Shares repurchased					(225,144	)
Converted to Class A shares					(1,302,603	)
Net increase (decrease)					(1,524,797	)
Beginning shares outstanding					1,524,797
Ending shares outstanding					—
Class C
Shares sold		192,131			407,119									720,553			2,291,836			749,376			1,900,796
Dividends and distribution reinvested		—			239,008									21,861			71,673			33,786			112,580
Shares repurchased		(517,116	)		(3,633,527	)								(739,546	)		(1,984,227	)		(887,436	)		(4,230,187	)
Net increase (decrease)		(324,985	)		(2,987,400	)								2,868			379,282			(104,274	)		(2,216,811	)
Beginning shares outstanding		3,220,365			6,207,765									4,868,835			4,489,553			5,509,539			7,726,350
Ending shares outstanding		2,895,380			3,220,365									4,871,703			4,868,835			5,405,265			5,509,539
Class I
Shares sold								—			1,250,192			2,662,188			5,954,247			1,734,454			4,083,029
Dividends and distribution reinvested								8,639			21,867			103,421			252,068			74,448			121,234
Shares repurchased								—			—			(2,029,825	)		(3,709,630	)		(592,668	)		(1,019,595	)
Net increase (decrease)								8,639			1,272,059			735,784			2,496,685			1,216,234			3,184,668
Beginning shares outstanding								1,272,059			—			10,605,453			8,108,768			5,691,095			2,506,427
Ending shares outstanding								1,280,698			1,272,059			11,341,237			10,605,453			6,907,329			5,691,095
Class P
Shares sold																				1,212,651			82,318
Dividends and distribution reinvested																				34,722			104,194
Shares repurchased																				(212,925	)		(1,035,481	)
Net increase (decrease)																				1,034,448			(848,969	)
Beginning shares outstanding																				2,992,215			3,841,184
Ending shares outstanding																				4,026,663			2,992,215
Advisor Class
Shares sold		201,970			293,957			657,032			1,303,584			26,660,196			74,015,215			20,621,968			48,237,571
Dividends and distribution reinvested		—			65,623			10,297			22,001			676,252			1,640,194			616,589			1,148,219
Shares repurchased		(181,270	)		(279,435	)		(38,412	)		(40,210	)		(23,338,704	)		(51,140,510	)		(13,483,359	)		(22,754,430	)
Net increase (decrease)		20,700			80,145			628,917			1,285,375			3,997,744			24,514,899			7,755,198			26,631,360
Beginning shares outstanding		839,965			759,820			1,285,375			—			71,426,295			46,911,396			63,963,523			37,332,163
Ending shares outstanding		860,665			839,965			1,914,292			1,285,375			75,424,039			71,426,295			71,718,721			63,963,523

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds Large-Cap Value (3)
	Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020
Class A
Shares sold		1,506,852			4,914,682			2,063,430			8,486,582			99,647			601,052			173,642			121,213
Dividends and distribution reinvested		114,655			229,703			316,150			889,857			23,626			34,793			—			41,021
Shares repurchased		(1,447,162	)		(3,585,612	)		(3,136,798	)		(11,440,196	)		(96,434	)		(323,463	)		(107,603	)		(95,805	)
Net increase (decrease)		174,345			1,558,773			(757,218	)		(2,063,757	)		26,839			312,382			66,039			66,429
Beginning shares outstanding		7,359,552			5,800,779			18,468,543			20,532,300			826,007			513,625			466,140			399,711
Ending shares outstanding		7,533,897			7,359,552			17,711,325			18,468,543			852,846			826,007			532,179			466,140
Class C
Shares sold		499,020			2,962,272			513,840			2,175,673			6,589			49,822			49,292			40,821
Dividends and distribution reinvested		85,378			183,388			147,620			600,424			4,570			11,465			—			28,181
Shares repurchased		(1,060,593	)		(2,175,238	)		(2,626,639	)		(11,051,710	)		(69,278	)		(201,951	)		(53,244	)		(101,321	)
Net increase (decrease)		(476,195	)		970,422			(1,965,179	)		(8,275,613	)		(58,119	)		(140,664	)		(3,952	)		(32,319	)
Beginning shares outstanding		6,512,760			5,542,338			11,704,425			19,980,038			229,687			370,351			288,660			320,979
Ending shares outstanding		6,036,565			6,512,760			9,739,246			11,704,425			171,568			229,687			284,708			288,660
Class I
Shares sold		383,464			1,394,002			32,595,412			23,549,454			184			60
Dividends and distribution reinvested		37,226			49,381			798,209			1,870,245			184			649
Shares repurchased		(241,891	)		(267,743	)		(9,463,887	)		(28,551,536	)		(154	)		(12,014	)
Net increase (decrease)		178,799			1,175,640			23,929,734			(3,131,837	)		214			(11,305	)
Beginning shares outstanding		1,721,194			545,554			47,117,049			50,248,886			6,229			17,534
Ending shares outstanding		1,899,993			1,721,194			71,046,783			47,117,049			6,443			6,229
Class P
Shares sold								469,419			27,233			3,275,324			3,937,512
Dividends and distribution reinvested								10,845			108,649			389,649			611,005
Shares repurchased								(438,980	)		(2,490,782	)		(1,446,493	)		(1,959,911	)
Net increase (decrease)								41,284			(2,354,900	)		2,218,480			2,588,606
Beginning shares outstanding								896,733			3,251,633			13,944,180			11,355,574
Ending shares outstanding								938,017			896,733			16,162,660			13,944,180
Advisor Class
Shares sold		12,510,803			34,558,879			17,972,775			33,194,835			57,195			300,223			183,912			494,623
Dividends and distribution reinvested		846,715			1,726,826			1,042,406			3,446,801			9,946			26,234			—			98,931
Shares repurchased		(12,270,574	)		(28,779,765	)		(19,149,359	)		(63,030,625	)		(106,464	)		(310,272	)		(126,875	)		(456,957	)
Net increase (decrease)		1,086,944			7,505,940			(134,178	)		(26,388,989	)		(39,323	)		16,185			57,037			136,597
Beginning shares outstanding		50,547,170			43,041,230			57,345,817			83,734,806			380,090			363,905			1,033,561			896,964
Ending shares outstanding		51,634,114			50,547,170			57,211,639			57,345,817			340,767			380,090			1,090,598			1,033,561
Class R6
Shares sold																				32,338			57,938
Dividends and distribution reinvested																				—			6,883
Shares repurchased																				(7,710	)		(18,933	)
Net increase (decrease)																				24,628			45,888
Beginning shares outstanding																				122,605			76,717
Ending shares outstanding																				147,233			122,605

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Small/Mid-Cap (3)						Pacific Funds Small Cap (3)						Pacific Funds Small-Cap Value (3)
	Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020			Six-Month Period Ended 9/30/2020			Year Ended 3/31/2020
Class A
Shares sold		588,554			454,542			25,032			86,023			316,157			54,584
Dividends and distribution reinvested		—			3,558			—			517			—			1,211
Shares repurchased		(771,657	)		(626,661	)		(288,729	)		(107,452	)		(303,451	)		(32,035	)
Net increase (decrease)		(183,103	)		(168,561	)		(263,697	)		(20,912	)		12,706			23,760
Beginning shares outstanding		1,511,021			1,679,582			390,394			411,306			166,380			142,620
Ending shares outstanding		1,327,918			1,511,021			126,697			390,394			179,086			166,380
Class C
Shares sold		33,393			95,408			3,945			15,340			19,184			8,774
Dividends and distribution reinvested		—			—			—			—			—			—
Shares repurchased		(300,569	)		(419,242	)		(24,520	)		(26,702	)		(14,864	)		(46,057	)
Net increase (decrease)		(267,176	)		(323,834	)		(20,575	)		(11,362	)		4,320			(37,283	)
Beginning shares outstanding		1,004,451			1,328,285			64,218			75,580			106,733			144,016
Ending shares outstanding		737,275			1,004,451			43,643			64,218			111,053			106,733
Advisor Class
Shares sold		1,182,085			4,483,757			63,135			154,768			112,375			546,781
Dividends and distribution reinvested		—			97,217			—			3,072			—			13,929
Shares repurchased		(3,854,399	)		(7,251,475	)		(153,860	)		(323,883	)		(524,691	)		(215,844	)
Net increase (decrease)		(2,672,314	)		(2,670,501	)		(90,725	)		(166,043	)		(412,316	)		344,866
Beginning shares outstanding		22,368,493			25,038,994			906,981			1,073,024			1,618,035			1,273,169
Ending shares outstanding		19,696,179			22,368,493			816,256			906,981			1,205,719			1,618,035
Class R6
Shares sold		18,845			35,711			29,945			43,519			4,439			43,667
Dividends and distribution reinvested		—			2,177			—			199			—			3,342
Shares repurchased		(410,804	)		(26,796	)		(1,796	)		(10,347	)		(281,332	)		(15,200	)
Net increase (decrease)		(391,959	)		11,092			28,149			33,371			(276,893	)		31,809
Beginning shares outstanding		500,682			489,590			91,702			58,331			375,308			343,499
Ending shares outstanding		108,723			500,682			119,851			91,702			98,415			375,308

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

(2) See footnote (1) in Financial Highlights from pages B-12 through B-20 for the commencement date of operations of each share class.

(3) Class S shares were renamed to Class R6 shares on January 1, 2020.

C-20

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, 2020 to September 30, 2020.

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 09/30/20” 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 04/01/20-09/30/20” 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, 2020 to September 30, 2020.

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 04/01/20-09/30/20.”

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 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,136.30		0.60%		$3.21
Class C		1,000.00		1,131.40		1.35%		7.21
Advisor Class		1,000.00		1,136.60		0.35%		1.87
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,178.90		0.60%		$3.28
Class C		1,000.00		1,173.90		1.35%		7.36
Advisor Class		1,000.00		1,180.00		0.35%		1.91
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return
Class A		$1,000.00		$1,228.30		0.60%		$3.35
Class C		1,000.00		1,224.30		1.35%		7.53
Advisor Class		1,000.00		1,231.20		0.35%		1.96
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,274.80		0.60%		$3.42
Class C		1,000.00		1,268.20		1.35%		7.68
Advisor Class		1,000.00		1,275.10		0.35%		2.00
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,307.60		0.60%		$3.47
Class C		1,000.00		1,302.70		1.35%		7.79
Advisor Class		1,000.00		1,308.60		0.35%		2.03
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Ultra Short Income
Actual Fund Return
Class I		$1,000.00		$1,050.60		0.32%		$1.64
Advisor Class		1,000.00		1,050.60		0.32%		1.64
Hypothetical
Class I		$1,000.00		$1,023.46		0.32%		$1.62
Advisor Class		1,000.00		1,023.46		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 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
Pacific Funds Short Duration Income
Actual Fund Return
Class A		$1,000.00		$1,058.50		0.75%		$3.87
Class C		1,000.00		1,054.70		1.50%		7.73
Class I		1,000.00		1,061.00		0.50%		2.58
Advisor Class		1,000.00		1,060.80		0.50%		2.58
Hypothetical
Class A		$1,000.00		$1,021.31		0.75%		$3.80
Class C		1,000.00		1,017.55		1.50%		7.59
Class I		1,000.00		1,022.56		0.50%		2.54
Advisor Class		1,000.00		1,022.56		0.50%		2.54
Pacific Funds Core Income
Actual Fund Return
Class A		$1,000.00		$1,087.80		0.85%		$4.45
Class C		1,000.00		1,083.70		1.60%		8.36
Class I		1,000.00		1,089.30		0.55%		2.88
Class P		1,000.00		1,090.00		0.55%		2.88
Advisor Class		1,000.00		1,090.20		0.55%		2.88
Hypothetical
Class A		$1,000.00		$1,020.81		0.85%		$4.31
Class C		1,000.00		1,017.05		1.60%		8.09
Class I		1,000.00		1,022.31		0.55%		2.79
Class P		1,000.00		1,022.31		0.55%		2.79
Advisor Class		1,000.00		1,022.31		0.55%		2.79
Pacific Funds Strategic Income
Actual Fund Return
Class A		$1,000.00		$1,157.80		0.95%		$5.14
Class C		1,000.00		1,154.20		1.65%		8.91
Class I		1,000.00		1,159.50		0.65%		3.52
Advisor Class		1,000.00		1,159.20		0.70%		3.79
Hypothetical
Class A		$1,000.00		$1,020.31		0.95%		$4.81
Class C		1,000.00		1,016.80		1.65%		8.34
Class I		1,000.00		1,021.81		0.65%		3.29
Advisor Class		1,000.00		1,021.56		0.70%		3.55
Pacific Funds Floating Rate Income
Actual Fund Return
Class A		$1,000.00		$1,099.20		1.03%		$5.42
Class C		1,000.00		1,095.40		1.73%		9.09
Class I		1,000.00		1,100.80		0.73%		3.84
Class P		1,000.00		1,100.70		0.73%		3.84
Advisor Class		1,000.00		1,100.30		0.78%		4.11
Hypothetical
Class A		$1,000.00		$1,019.90		1.03%		$5.22
Class C		1,000.00		1,016.39		1.73%		8.74
Class I		1,000.00		1,021.41		0.73%		3.70
Class P		1,000.00		1,021.41		0.73%		3.70
Advisor Class		1,000.00		1,021.16		0.78%		3.95

	Beginning Account Value at 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
Pacific Funds High Income
Actual Fund Return
Class A		$1,000.00		$1,156.50		0.95%		$5.14
Class C		1,000.00		1,151.40		1.65%		8.90
Class I		1,000.00		1,157.00		0.70%		3.79
Class P		1,000.00		1,158.40		0.70%		3.79
Advisor Class		1,000.00		1,157.70		0.70%		3.79
Hypothetical
Class A		$1,000.00		$1,020.31		0.95%		$4.81
Class C		1,000.00		1,016.80		1.65%		8.34
Class I		1,000.00		1,021.56		0.70%		3.55
Class P		1,000.00		1,021.56		0.70%		3.55
Advisor Class		1,000.00		1,021.56		0.70%		3.55
Pacific Funds Large-Cap Value
Actual Fund Return
Class A		$1,000.00		$1,198.80		1.00%		$5.51
Class C		1,000.00		1,194.20		1.75%		9.63
Advisor Class		1,000.00		1,199.10		0.75%		4.13
Class R6		1,000.00		1,201.00		0.65%		3.59
Hypothetical
Class A		$1,000.00		$1,020.05		1.00%		$5.06
Class C		1,000.00		1,016.29		1.75%		8.85
Advisor Class		1,000.00		1,021.31		0.75%		3.80
Class R6		1,000.00		1,021.81		0.65%		3.29
Pacific Funds Small/Mid-Cap
Actual Fund Return
Class A		$1,000.00		$1,264.70		1.20%		$6.81
Class C		1,000.00		1,259.70		1.95%		11.05
Advisor Class		1,000.00		1,267.20		0.95%		5.40
Class R6		1,000.00		1,268.00		0.88%		5.00
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.66		0.88%		4.46
Pacific Funds Small-Cap
Actual Fund Return
Class A		$1,000.00		$1,283.90		1.20%		$6.87
Class C		1,000.00		1,278.10		1.95%		11.14
Advisor Class		1,000.00		1,284.70		0.95%		5.44
Class R6		1,000.00		1,284.50		0.88%		5.04
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.66		0.88%		4.46

See explanation of references on page D-3

D-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
Pacific Funds Small-Cap Value
Actual Fund Return
Class A		$1,000.00		$1,214.60		1.20%		$6.66
Class C		1,000.00		1,211.90		1.95%		10.81
Advisor Class		1,000.00		1,218.10		0.95%		5.28
Class R6		1,000.00		1,215.60		0.88%		4.89
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.66		0.88%		4.46

(1) Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days.

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

D-3

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 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-4

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Semi-Annual Report as of September 30, 2020 for:

• Pacific Funds

Form Nos. 3167-20A

PF Underlying Funds

Semi-Annual Report

As of September 30, 2020

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2020

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-7

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, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 3.8%
Consumer, Cyclical - 0.4%
BMW US Capital LLC (Germany) 3.400% due 08/13/21 ~		$100,000		$102,645
Financial - 1.3%
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		100,000		95,072
Bank of America Corp 5.875% due 09/15/69		10,000		10,805
BOC Aviation Ltd (Singapore) 2.375% due 09/15/21 ~		200,000		201,514
				307,391
Industrial - 2.1%
Aviation Capital Group LLC 2.875% due 01/20/22 ~		200,000		198,513
General Electric Co 3.150% due 09/07/22		100,000		104,471
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		205,896
				508,880
Total Corporate Bonds & Notes (Cost $910,836)				918,916
MORTGAGE-BACKED SECURITIES - 16.9%
Collateralized Mortgage Obligations - Residential - 4.5%
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.508% (USD LIBOR + 0.360%) due 03/25/35 § ~		100,413		99,939
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,761		8,720
Credit Suisse Mortgage Trust 0.298% (USD LIBOR + 0.150%) due 09/29/36 § ~		237,486		231,093
Fannie Mae REMICS 0.498% (USD LIBOR + 0.350%) due 07/25/37 §		16,574		16,627
0.528% (USD LIBOR + 0.380%) due 07/25/37 §		23,849		24,000
0.588% (USD LIBOR + 0.440%) due 05/25/36 §		11,795		11,874
0.593% (USD LIBOR + 0.445%) due 02/25/37 §		4,963		4,997
Government National Mortgage Association 0.599% (USD LIBOR + 0.150%) due 08/20/68 §		81,629		80,876
GSR Mortgage Loan Trust 3.681% due 09/25/35 §		6,957		7,081
Hawksmoor Mortgages PLC (United Kingdom) 1.112% (SONIA + 1.050%) due 05/25/53 § ~		GBP 218,071		282,214
JP Morgan Mortgage Trust 3.650% due 06/25/35 §		$22,141		22,397
Merrill Lynch Mortgage Investors Trust 2.892% due 12/25/34 §		28,391		28,341
Towd Point Mortgage Funding PLC (United Kingdom) 1.101% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 190,615		247,166
WaMu Mortgage Pass-Through Certificates 0.518% (USD LIBOR + 0.370%) due 01/25/45 §		$33,848		32,612
				1,097,937

	Principal Amount		Value
Fannie Mae - 10.6%
due 11/01/50 #	$	500,000	$	523,926
due 11/01/50 #		370,000		390,592
due 12/01/50 #		400,000		411,799
due 12/01/50 #		1,200,000		1,254,054
				2,580,371
Government National Mortgage Association - 1.8%
due 11/20/50 #		400,000		419,266
Total Mortgage-Backed Securities (Cost $4,080,477)				4,097,574
ASSET-BACKED SECURITIES - 5.7%
Asset Backed Funding Corp Trust 0.748% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,370
B&M CLO Ltd (Cayman) 1.001% (USD LIBOR + 0.730%) due 04/16/26 § ~		11,390		11,400
Crown Point CLO Ltd (Cayman) 1.213% (USD LIBOR + 0.940%) due 07/17/28 § ~		197,418		195,417
Freddie Mac Structured Pass-Through Certificates 0.288% (USD LIBOR + 0.140%) due 09/25/31 §		695		689
Home Equity Asset Trust 1.003% (USD LIBOR + 0.855%) due 08/25/34 §		19,382		19,239
LoanCore Issuer Ltd (Cayman) 1.282% (USD LIBOR + 1.130%) due 05/15/36 § ~		100,000		98,900
Loomis Sayles CLO II Ltd (Cayman) 1.175% (USD LIBOR + 0.900%) due 04/15/28 § ~		261,363		259,211
MidOcean Credit CLO IV (Cayman) 1.075% (USD LIBOR + 0.800%) due 04/15/27 § ~		243,250		241,931
Saxon Asset Securities Trust 0.458% (USD LIBOR + 0.310%) due 09/25/37 §		20,861		20,222
TICP CLO Ltd (Cayman) 1.112% (USD LIBOR + 0.840%) due 04/20/28 § ~		436,141		429,451
Venture 35 CLO Ltd (Cayman) 1.408% (USD LIBOR + 1.150%) due 10/22/31 § ~		100,000		99,962
Total Asset-Backed Securities (Cost $1,411,118)				1,397,792
U.S. TREASURY OBLIGATIONS - 98.2%
U.S. Treasury Inflation Protected Securities - 98.2%
0.125% due 04/15/22 ^		916,244		932,476
0.125% due 07/15/22 ^		247,876		254,303
0.125% due 01/15/23 ^		685,854		706,793
0.125% due 07/15/26 ^		324,279		351,724
0.125% due 01/15/30 ^		130,918		144,710
0.125% due 07/15/30 ^		404,228		449,549
0.250% due 07/15/29 ^		384,913		430,698
0.375% due 07/15/25 ^		223,981		243,219
0.375% due 07/15/27 ^		1,758,272		1,955,200
0.500% due 01/15/28 ^		1,186,963		1,332,447
0.625% due 07/15/21 ^		1,802,573		1,829,545
0.625% due 04/15/23 ^		1,084,845		1,134,798
0.625% due 01/15/24 ^		1,350,307		1,435,146

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-1

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
0.625% due 01/15/26 ^	$	817,830	$	901,747
0.625% due 02/15/43 ^		22,539		27,760
0.750% due 07/15/28 ^		1,094,143		1,260,908
0.750% due 02/15/42 ^		114,666		144,198
0.750% due 02/15/45 ^		176,048		224,017
0.875% due 01/15/29 ^		1,929,124		2,247,689
0.875% due 02/15/47 ^		241,506		321,055
1.000% due 02/15/46 ^		236,198		318,459
1.000% due 02/15/49 ^		41,187		57,421
1.375% due 02/15/44 ^		1,901,075		2,702,188
2.000% due 01/15/26 ^		3,148,721		3,710,188
2.125% due 02/15/41 ^		354,948		551,220
3.375% due 04/15/32 ^		86,124		130,712
3.875% due 04/15/29 ^		55,164		79,327
				23,877,497
Total U.S. Treasury Obligations (Cost $22,279,756)				23,877,497
FOREIGN GOVERNMENT BONDS & NOTES - 8.4%
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 976,934		834,171
French Republic Government OAT (France) 0.100% due 03/01/26 ^ ~		EUR 99,781		124,440
0.250% due 07/25/24 ^ ~		106,356		131,192
Italy Buoni Poliennali Del Tesoro (Italy) 1.400% due 05/26/25 ^ ~		498,630		610,921
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 410,000		340,132
Total Foreign Government Bonds & Notes (Cost $1,913,984)				2,040,856

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 2.5%
Repurchase Agreement - 1.3%
TD Securities 0.100% due 10/01/20 (Dated 09/30/20, Repurchase price of $300,001 collateralized by U.S. Treasury Notes: 0.130% due 09/30/22 and value $309,976)		$300,000		$300,000
U.S. Treasury Bills - 1.2%
0.086% due 10/29/20		300,000		299,980
Total Short-Term Investments (Cost $599,980)				599,980
TOTAL INVESTMENTS - 135.5% (Cost $31,196,151)				32,932,615
DERIVATIVES - 0.4%				87,794
OTHER ASSETS & LIABILITIES, NET - (35.9%)				(8,716,176	)
NET ASSETS - 100.0%				$24,304,233

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	98.2%
Mortgage-Backed Securities	16.9%
Foreign Government Bonds & Notes	8.4%
Asset-Backed Securities	5.7%
Corporate Bonds & Notes	3.8%
Others (each less than 3.0%)	2.5%
	135.5%
Derivatives	0.4%
Other Assets & Liabilities, Net	(35.9%	)
	100.0%

(b) The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2020 was $8,860,002 at a weighted average interest rate of (1.246%).

(c) Open futures contracts outstanding as of September 30, 2020 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bobl		12/20		2		$316,542		$316,962		$420
Euro-Bund		12/20		6		1,220,980		1,227,703		6,723
U.S. Treasury 5-Year Notes		12/20		14		1,762,815		1,764,438		1,623
U.S. Treasury Long Bonds		12/20		6		1,061,212		1,057,688		(3,524	)
										5,242
Short Futures Outstanding
Australia 3-Year Bonds		12/20		5		418,942		420,104		(1,162	)
Euro-BTP		12/20		2		342,531		346,062		(3,531	)
Euro-Buxl		12/20		1		257,330		261,083		(3,753	)
Euro-Schatz		12/20		35		4,605,224		4,607,931		(2,707	)
U.S. Treasury 2-Year Notes		12/20		4		883,589		883,844		(255	)
U.S. Treasury 10-Year Notes		12/20		33		4,599,588		4,604,531		(4,943	)
U.S. Treasury Ultra 10-Year Notes		12/20		1		160,153		159,922		231
U.S. Treasury Ultra 30-Year Bonds		12/20		2		450,554		443,625		6,929
										(9,191	)
Total Futures Contracts										($3,949	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-2

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(d) Forward foreign currency contracts outstanding as of September 30, 2020 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
AUD	454,019	USD	321,881		10/20		SCB		$3,311		$—
AUD	682,315	USD	480,650		10/20		UBS		8,061		—
MXN	478,000	USD	20,931		11/20		JPM		567		—
PEN	214,925	USD	61,215		10/20		DUB		—		(1,573	)
USD	98,106	AUD	133,000		10/20		JPM		2,845		—
USD	725,285	AUD	1,003,334		10/20		UBS		6,643		—
USD	321,903	AUD	454,019		11/20		SCB		—		(3,314	)
USD	480,686	AUD	682,315		11/20		UBS		—		(8,062	)
USD	267,346	EUR	225,000		10/20		JPM		3,533		—
USD	624,699	EUR	522,000		10/20		SCB		12,652		—
USD	876,542	EUR	747,000		11/20		SCB		107		—
USD	567,220	GBP	429,000		10/20		UBS		13,651		—
USD	550,425	GBP	429,000		11/20		GSC		—		(3,231	)
USD	21,005	MXN	478,000		11/20		JPM		—		(493	)
USD	328,775	NZD	489,000		10/20		SCB		5,277		—
USD	321,728	NZD	489,000		11/20		SCB		—		(1,768	)
USD	62,153	PEN	214,925		10/20		DUB		2,511		—
Total Forward Foreign Currency Contracts									$59,158		($18,441	)

(e) Purchased options outstanding as of September 30 30, 2020 were as follows:

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - U.S. Treasury 10-Year Notes (11/20)		$156.00		10/23/20		CME		37		$5,772,000		$306		$—
Call - Euro-Schatz (11/20)		EUR 115.50		11/20/20		EUX		20		EUR 2,310,000		137		117
Call - Euro-Schatz (11/20)		117.00		11/20/20		EUX		15		1,755,000		103		88
												546		205
Put - Euro-Bobl (11/20)		123.00		11/20/20		EUX		4		492,000		27		24
Put - Euro-Bund (11/20)		157.00		11/20/20		EUX		6		942,000		77		70
												104		94
Total Purchased Options												$650		$299

(f) Premiums received and value of written options outstanding as of September 30, 2020 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 33 5Y		0.500%		10/21/20		DUB		EUR 200,000		$179		($21	)
Call - iTraxx Main 33 5Y		0.500%		10/21/20		JPM		100,000		84		(11	)
Call - iTraxx Main 33 5Y		0.450%		12/16/20		DUB		400,000		321		(98	)
										584		(130	)
Credit Default Swaptions on Credit Indices – Sell Protection
Put - CDX IG 34 5Y		0.800%		10/21/20		GSC		$400,000		445		(1,724	)
Put - iTraxx Main 33 5Y		1.200%		10/21/20		DUB		EUR 200,000		493		(10	)
Put - iTraxx Main 33 5Y		1.200%		10/21/20		JPM		100,000		253		(5	)
Put - iTraxx Main 33 5Y		0.800%		12/16/20		DUB		400,000		555		(1,085	)
Put - CDX IG 34 5Y		1.000%		12/16/20		DUB		$100,000		125		(417	)
Put - CDX IG 34 5Y		1.000%		12/16/20		GSC		200,000		388		(835	)
Put - CDX IG 33 5Y		2.500%		03/17/21		GSC		100,000		70		(118	)
Put - iTraxx Main 32 5Y		2.500%		03/17/21		GSC		EUR 100,000		77		(26	)
										2,406		(4,220	)
Total Credit Default Swaptions on Credit Indices										$2,990		($4,350	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-3

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2020 (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		($105	)
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		($106	)

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - Fannie Mae 2.000% due 10/14/50		$103.60		10/07/20		JPM		$100,000		$234		($4	)
Put - Fannie Mae 2.000% due 10/14/50		101.60		10/07/20		JPM		100,000		359		(2	)
Put - Fannie Mae 2.000% due 10/14/50		102.29		10/07/20		JPM		100,000		313		(8	)
										672		(10	)
Total Options on Securities										$906		($14	)
Total Written Options										$19,109		($4,470	)

(g) Swap agreements outstanding as of September 30, 2020 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 09/30/20 (2)

Notional Amount (3)

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Daimler AG

Q

1.000%

12/20/20

ICE

0.203%

EUR 10,000

$24

$153

($129

)

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 IG 34 5Y		Q		1.000%		06/20/25		ICE		$1,300,000		($9,568	)		($18,803	)		$9,235
Total Credit Default Swaps												($9,544	)		($18,650	)		$9,106

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues 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.

(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.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-4

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

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)
1.030%	U.S. CPI Urban Consumers		Z / Z		LCH		06/18/21		$200,000		($1,705	)		$10			($1,715	)
1.690%	U.S. CPI Urban Consumers		Z / Z		LCH		08/07/21		200,000		(1,302	)		(10	)		(1,292	)
1.825%	U.S. CPI Urban Consumers		Z / Z		LCH		08/14/21		200,000		(838	)		—			(838	)
1.840%	U.S. CPI Urban Consumers		Z / Z		LCH		08/14/21		100,000		(404	)		(5	)		(399	)
1.863%	U.S. CPI Urban Consumers		Z / Z		LCH		08/26/21		200,000		(436	)		(20	)		(416	)
3.850%	GBP Retail Price		Z / Z		LCH		09/15/24		GBP 200,000		12,998			—			12,998
3.330%	GBP Retail Price		Z / Z		LCH		01/15/25		400,000		6,694			11,260			(4,566	)
2.335%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		$190,000		12,070			338			11,732
2.364%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		50,000		3,495			—			3,495
2.379%	U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		500,000		35,575			(288	)		35,863
3.593%	GBP Retail Price		Z / Z		LCH		11/15/28		GBP 45,000		2,886			—			2,886
2.165%	U.S. CPI Urban Consumers		Z / Z		LCH		04/16/29		$100,000		3,993			—			3,993
1.998%	U.S. CPI Urban Consumers		Z / Z		LCH		07/25/29		100,000		2,415			—			2,415
1.760%	U.S. CPI Urban Consumers		Z / Z		LCH		11/04/29		400,000		(2,180	)		(708	)		(1,472	)
3.400%	GBP Retail Price		Z / Z		LCH		06/15/30		GBP 200,000		13,864			2,555			11,309
3.530%	GBP Retail Price		Z / Z		LCH		10/15/31		50,000		3,260			493			2,767
3.500%	GBP Retail Price		Z / Z		LCH		09/15/33		60,000		4,071			47			4,024
1.387%	Eurostat Eurozone HICP		Z / Z		LCH		08/15/49		EUR 20,000		1,327			—			1,327
											$95,783			$13,672			$82,111

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)
1.580%	U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		$200,000		($1,213	)		$—			($1,213	)
1.592%	U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		200,000		(1,262	)		(39	)		(1,223	)
0.090%	Eurostat Eurozone HICP		Z / Z		LCH		05/15/22		EUR 300,000		422			—			422
2.210%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/23		$120,000		(3,769	)		—			(3,769	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		04/27/23		60,000		(2,299	)		—			(2,299	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		05/09/23		120,000		(4,551	)		—			(4,551	)
2.281%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/23		180,000		(7,322	)		—			(7,322	)
1.030%	France CPI Ex Tobacco		Z / Z		LCH		03/15/24		EUR 140,000		(5,988	)		(53	)		(5,935	)
1.798%	U.S. CPI Urban Consumers		Z / Z		LCH		08/25/27		$500,000		4,174			—			4,174
1.890%	U.S. CPI Urban Consumers		Z / Z		LCH		08/27/27		500,000		494			—			494
3.250%	3-Month NZD-Bank Bills		S / Q		CME		03/21/28		NZD 100,000		(14,508	)		290			(14,798	)
											($35,822	)		$198			($36,020	)
Total Interest Rate Swaps											$59,961			$13,870			$46,091
Total Swap Agreements											$50,417			($4,780	)		$55,197

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		$15,146			$107,134
Liabilities		(19,926	)		(51,937	)
		($4,780	)		$55,197

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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-70 and A-71

A-5

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(h) 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, 2020:

		Total Value at September 30, 2020			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$918,916			$—			$918,916			$—
	Mortgage-Backed Securities		4,097,574			—			4,097,574			—
	Asset-Backed Securities		1,397,792			—			1,397,792			—
	U.S. Treasury Obligations		23,877,497			—			23,877,497			—
	Foreign Government Bonds & Notes		2,040,856			—			2,040,856			—
	Short-Term Investments		599,980			—			599,980			—
	Derivatives:
	Credit Contracts
	Swaps		9,235			—			9,235			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		59,158			—			59,158			—
	Interest Rate Contracts
	Futures		15,926			15,926			—			—
	Purchased Options		299			—			299			—
	Swaps		97,899			—			97,899			—
	Total Interest Rate Contracts		114,124			15,926			98,198			—
	Total Assets - Derivatives		182,517			15,926			166,591			—
	Total Assets		33,115,132			15,926			33,099,206			—
Liabilities	Sale-buyback Financing Transactions		(8,115,668	)		—			(8,115,668	)		—
	Derivatives:
	Credit Contracts
	Written Options		(4,350	)		—			(4,350	)		—
	Swaps		(129	)		—			(129	)		—
	Total Credit Contracts		(4,479	)		—			(4,479	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(18,441	)		—			(18,441	)		—
	Interest Rate Contracts
	Futures		(19,875	)		(19,875	)		—			—
	Written Options		(120	)		—			(120	)		—
	Swaps		(51,808	)		—			(51,808	)		—
	Total Interest Rate Contracts		(71,803	)		(19,875	)		(51,928	)		—
	Total Liabilities - Derivatives		(94,723	)		(19,875	)		(74,848	)		—
	Total Liabilities		(8,210,391	)		(19,875	)		(8,190,516	)		—
	Total		$24,904,741			($3,949	)		$24,908,690			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-6

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 41.3%
Basic Materials - 0.5%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$250,000		$269,062
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		70,000		73,383
4.550% due 03/11/26		10,000		10,811
6.125% due 06/01/25		80,000		92,279
7.250% due 10/15/39		80,000		101,429
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		41,113
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		127,230
Freeport-McMoRan Inc 4.625% due 08/01/30		20,000		21,065
5.400% due 11/14/34		10,000		11,081
5.450% due 03/15/43		180,000		200,182
Glencore Funding LLC (Australia) 3.875% due 10/27/27 ~		30,000		32,797
4.000% due 03/27/27 ~		150,000		163,950
4.125% due 03/12/24 ~		160,000		173,540
PT Indonesia Asahan Aluminium Persero (Indonesia) 6.530% due 11/15/28 ~		700,000		853,565
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		373,651
Suzano Austria GmbH (Brazil) 3.750% due 01/15/31		20,000		20,074
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		62,405
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		97,705
				2,725,322
Communications - 3.3%
Alphabet Inc 0.450% due 08/15/25		20,000		19,903
0.800% due 08/15/27		30,000		29,803
1.100% due 08/15/30		30,000		29,772
2.050% due 08/15/50		50,000		46,720
Altice France SA (France) 7.375% due 05/01/26 ~		400,000		419,580
Amazon.com Inc 0.800% due 06/03/25		60,000		60,630
1.200% due 06/03/27		70,000		71,039
1.500% due 06/03/30		70,000		71,654
2.500% due 06/03/50		220,000		224,700
3.875% due 08/22/37		70,000		87,263
4.250% due 08/22/57		10,000		13,673
4.950% due 12/05/44		60,000		85,334
AT&T Inc 1.650% due 02/01/28		1,030,000		1,033,542
2.250% due 02/01/32		1,010,000		1,012,345
2.300% due 06/01/27		910,000		956,602
3.100% due 02/01/43		90,000		88,292
3.550% due 09/15/55 ~		99,000		95,168
3.800% due 02/15/27		30,000		33,866
4.350% due 06/15/45		32,000		35,960
CCO Holdings LLC 4.500% due 08/15/30 ~		10,000		10,513
4.500% due 05/01/32 ~		50,000		52,250
5.125% due 05/01/27 ~		130,000		136,962
Charter Communications Operating LLC 1.901% (USD LIBOR + 1.650%) due 02/01/24 §		1,000,000		1,023,635
4.800% due 03/01/50		20,000		22,972
4.908% due 07/23/25		280,000		323,979
5.375% due 04/01/38		20,000		24,335

	Principal Amount		Value
5.750% due 04/01/48		$10,000		$12,395
6.384% due 10/23/35		20,000		27,325
6.834% due 10/23/55		30,000		41,564
Comcast Corp 3.150% due 03/01/26		30,000		33,380
3.250% due 11/01/39		10,000		11,083
3.300% due 04/01/27		20,000		22,651
3.375% due 08/15/25		20,000		22,318
3.400% due 04/01/30		30,000		34,689
3.450% due 02/01/50		40,000		45,594
3.750% due 04/01/40		10,000		11,714
3.950% due 10/15/25		220,000		252,572
3.999% due 11/01/49		51,000		61,916
4.000% due 03/01/48		10,000		12,109
4.250% due 10/15/30		100,000		122,851
4.700% due 10/15/48		20,000		26,558
5.650% due 06/15/35		20,000		28,495
DISH DBS Corp 5.875% due 11/15/24		590,000		608,438
eBay Inc 2.750% due 01/30/23		500,000		524,544
Expedia Group Inc 3.800% due 02/15/28		800,000		806,188
Fox Corp 5.476% due 01/25/39		80,000		107,109
Netflix Inc 5.375% due 02/01/21		20,000		20,250
Sprint Capital Corp 8.750% due 03/15/32		130,000		190,425
Sprint Corp 7.250% due 09/15/21		400,000		419,000
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		50,000		50,638
4.738% due 09/20/29 ~		450,000		487,969
T-Mobile USA Inc 2.050% due 02/15/28 ~		10,000		10,233
2.550% due 02/15/31 ~		40,000		41,493
3.500% due 04/15/25 ~		230,000		252,591
3.750% due 04/15/27 ~		810,000		907,637
3.875% due 04/15/30 ~		120,000		136,594
Telefonica Emisiones SAU (Spain) 5.213% due 03/08/47		150,000		178,436
The Interpublic Group of Cos Inc 4.000% due 03/15/22		800,000		834,992
The Walt Disney Co 2.650% due 01/13/31		600,000		647,673
Time Warner Cable LLC 4.125% due 02/15/21		770,000		773,015
5.875% due 11/15/40		50,000		62,399
6.550% due 05/01/37		110,000		146,358
6.750% due 06/15/39		20,000		27,345
7.300% due 07/01/38		60,000		84,988
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		30,651
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		713,235
Verizon Communications Inc 2.625% due 08/15/26		$20,000		21,848
3.150% due 03/22/30		50,000		56,601
3.376% due 02/15/25		79,000		88,053
3.850% due 11/01/42		20,000		23,742
4.000% due 03/22/50		30,000		37,051
4.125% due 08/15/46		30,000		37,122
4.329% due 09/21/28		5,000		6,057
4.400% due 11/01/34		90,000		112,525
4.500% due 08/10/33		220,000		278,376
4.862% due 08/21/46		20,000		27,449
5.500% due 03/16/47		30,000		45,322
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		1,300,000		1,421,076
4.375% due 05/30/28		120,000		142,202
				17,137,331

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-7

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 4.6%
Alaska Airlines Pass Through Trust ‘A’ 4.800% due 02/15/29 ~	$	1,000,000	$	1,050,848
BMW Finance NV (Germany) 2.250% due 08/12/22 ~		900,000		929,720
Costco Wholesale Corp 1.375% due 06/20/27		60,000		61,558
1.600% due 04/20/30		40,000		40,852
Daimler Finance North America LLC (Germany) 2.550% due 08/15/22 ~		1,100,000		1,137,079
2.850% due 01/06/22 ~		900,000		924,093
Delta Air Lines Inc 2.600% due 12/04/20		20,000		20,027
2.900% due 10/28/24		70,000		62,382
3.400% due 04/19/21		80,000		79,707
3.625% due 03/15/22		40,000		39,352
3.800% due 04/19/23		10,000		9,680
4.500% due 10/20/25 ~		70,000		71,898
4.750% due 10/20/28 ~		60,000		62,339
7.000% due 05/01/25 ~		240,000		263,840
7.375% due 01/15/26		60,000		62,983
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		696,380		697,529
Ford Motor Co 8.500% due 04/21/23		10,000		10,916
9.000% due 04/22/25		10,000		11,478
Ford Motor Credit Co LLC 0.000% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		906,649
1.515% (USD LIBOR + 1.235%) due 02/15/23 §		$300,000		276,152
2.770% (USD LIBOR + 2.550%) due 01/07/21 §		1,000,000		996,456
3.200% due 01/15/21		900,000		900,349
5.085% due 01/07/21		600,000		602,250
5.875% due 08/02/21		200,000		204,125
General Motors Co 5.150% due 04/01/38		20,000		21,233
5.950% due 04/01/49		20,000		23,460
6.250% due 10/02/43		40,000		47,383
General Motors Financial Co Inc 0.057% (EUR LIBOR + 0.550%) due 03/26/22 § ~		EUR 700,000		813,079
2.450% due 11/06/20		$480,000		480,777
4.250% due 05/15/23		30,000		31,919
4.350% due 01/17/27		20,000		21,763
5.100% due 01/17/24		800,000		875,408
Hanesbrands Inc 5.375% due 05/15/25 ~		40,000		42,450
Hilton Domestic Operating Co Inc 5.375% due 05/01/25 ~		20,000		20,796
5.750% due 05/01/28 ~		20,000		21,187
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		132,314
Las Vegas Sands Corp 3.200% due 08/08/24		50,000		50,692
Latam Airlines Pass Through Trust ‘A’ (Chile) 4.200% due 08/15/29		765,170		637,004
Levi Strauss & Co 5.000% due 05/01/25		30,000		30,750
Lowe’s Cos Inc 4.500% due 04/15/30		20,000		24,755
5.000% due 04/15/40		20,000		26,304
5.125% due 04/15/50		70,000		96,276
Marriott International Inc 3.500% due 10/15/32		900,000		890,265
McDonald’s Corp 1.450% due 09/01/25		10,000		10,308
3.300% due 07/01/25		30,000		33,402

	Principal Amount		Value
3.500% due 03/01/27	$	20,000	$	22,669
3.600% due 07/01/30		30,000		34,903
3.625% due 09/01/49		10,000		11,232
3.700% due 01/30/26		50,000		56,999
3.800% due 04/01/28		30,000		34,931
4.200% due 04/01/50		70,000		85,461
MDC Holdings Inc 6.000% due 01/15/43		20,000		24,237
MGM Resorts International 7.750% due 03/15/22		800,000		844,740
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		60,000		62,625
New Red Finance Inc (Canada) 4.250% due 05/15/24 ~		50,000		50,972
Newell Brands Inc 4.350% due 04/01/23		20,000		20,875
4.700% due 04/01/26		10,000		10,672
NIKE Inc 2.400% due 03/27/25		30,000		32,288
2.750% due 03/27/27		240,000		267,178
2.850% due 03/27/30		50,000		56,258
3.250% due 03/27/40		30,000		34,205
3.375% due 03/27/50		50,000		58,065
Nissan Motor Acceptance Corp 1.114% (USD LIBOR + 0.890%) due 01/13/22 § ~		1,000,000		988,592
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		200,000		202,323
4.810% due 09/17/30 ~		900,000		904,235
Sands China Ltd (Macau) 4.600% due 08/08/23		800,000		854,888
5.125% due 08/08/25		310,000		339,169
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		80,000		84,862
Starbucks Corp 2.550% due 11/15/30		900,000		954,332
Target Corp 2.250% due 04/15/25		30,000		32,076
The Home Depot Inc 2.700% due 04/15/30		40,000		44,612
3.300% due 04/15/40		40,000		45,399
3.350% due 04/15/50		110,000		127,502
3.900% due 06/15/47		10,000		12,340
The TJX Cos Inc 3.500% due 04/15/25		50,000		55,819
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		124,276
Volkswagen Group of America Finance LLC (Germany) 1.197% (USD LIBOR + 0.940%) due 11/12/21 § ~		800,000		804,065
3.350% due 05/13/25 ~		800,000		874,695
4.750% due 11/13/28 ~		1,000,000		1,196,181
Volkswagen International Finance NV (Germany) 1.069% (EUR LIBOR + 1.550%) due 11/16/24 § ~		EUR 500,000		595,850
Volkswagen Leasing GmbH (Germany) 0.250% due 02/16/21 ~		100,000		117,416
Walmart Inc 3.400% due 06/26/23		$20,000		21,597
3.700% due 06/26/28		60,000		71,004
				23,913,330
Consumer, Non-Cyclical - 6.2%
Abbott Laboratories 3.750% due 11/30/26		38,000		44,143
4.750% due 11/30/36		70,000		93,666
4.900% due 11/30/46		40,000		56,459
AbbVie Inc 2.300% due 11/21/22 ~		230,000		238,101
2.600% due 11/21/24 ~		270,000		286,609

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-8

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
2.950% due 11/21/26 ~	$	50,000	$	54,541
3.200% due 11/21/29 ~		100,000		110,383
3.375% due 11/14/21		700,000		723,030
3.450% due 03/15/22 ~		80,000		82,905
3.600% due 05/14/25		70,000		77,649
3.750% due 11/14/23		10,000		10,918
3.800% due 03/15/25 ~		90,000		99,965
4.250% due 11/21/49 ~		10,000		11,874
5.000% due 12/15/21 ~		700,000		729,826
Aetna Inc 2.800% due 06/15/23		40,000		42,181
Altria Group Inc 2.850% due 08/09/22		20,000		20,821
3.490% due 02/14/22		40,000		41,575
3.800% due 02/14/24		140,000		153,144
3.875% due 09/16/46		20,000		20,517
4.400% due 02/14/26		290,000		334,269
4.800% due 02/14/29		190,000		225,635
5.800% due 02/14/39		90,000		115,103
5.950% due 02/14/49		50,000		67,239
6.200% due 02/14/59		30,000		41,072
Amgen Inc 2.600% due 08/19/26		800,000		869,176
2.770% due 09/01/53 ~		43,000		41,545
3.625% due 05/22/24		30,000		33,003
4.663% due 06/15/51		11,000		14,360
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		110,000		123,081
4.900% due 02/01/46		100,000		124,343
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 06/01/30		30,000		34,192
4.150% due 01/23/25		190,000		214,723
4.350% due 06/01/40		60,000		70,292
4.500% due 06/01/50		110,000		132,547
4.750% due 01/23/29		230,000		279,970
Anthem Inc 3.125% due 05/15/22		30,000		31,300
3.350% due 12/01/24		40,000		43,928
3.650% due 12/01/27		30,000		34,201
Bacardi Ltd (Bermuda) 4.500% due 01/15/21 ~		600,000		600,756
BAT Capital Corp (United Kingdom) 3.557% due 08/15/27		50,000		54,087
4.540% due 08/15/47		170,000		182,256
Bausch Health Cos Inc 5.000% due 01/30/28 ~		50,000		48,625
5.250% due 01/30/30 ~		430,000		424,143
6.250% due 02/15/29 ~		80,000		82,400
7.250% due 05/30/29 ~		80,000		86,235
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		600,000		656,323
4.375% due 12/15/28 ~		700,000		822,597
Becton Dickinson and Co 3.363% due 06/06/24		110,000		119,057
3.700% due 06/06/27		30,000		34,019
3.734% due 12/15/24		50,000		55,295
4.685% due 12/15/44		32,000		39,580
Block Financial LLC 3.875% due 08/15/30		800,000		805,223
Boston Scientific Corp 2.650% due 06/01/30		900,000		959,363
Bristol Myers Squibb Co 2.900% due 07/26/24		70,000		75,959
3.200% due 06/15/26		50,000		56,432
3.550% due 08/15/22		90,000		95,519
3.875% due 08/15/25		70,000		79,993
5.000% due 08/15/45		150,000		210,082
Campbell Soup Co 3.650% due 03/15/23		229,000		245,233

	Principal Amount		Value
Cargill Inc 1.375% due 07/23/23 ~	$	40,000	$	40,930
Centene Corp 3.375% due 02/15/30		10,000		10,391
Cigna Corp 0.896% (USD LIBOR + 0.650%) due 09/17/21 §		1,200,000		1,200,245
1.127% (USD LIBOR + 0.890%) due 07/15/23 §		700,000		707,619
3.750% due 07/15/23		120,000		130,133
4.125% due 11/15/25		40,000		45,906
4.375% due 10/15/28		260,000		309,206
Constellation Brands Inc 4.250% due 05/01/23		30,000		32,730
CVS Health Corp 3.625% due 04/01/27		10,000		11,253
3.700% due 03/09/23		22,000		23,573
3.750% due 04/01/30		150,000		171,806
4.100% due 03/25/25		63,000		71,252
4.125% due 04/01/40		20,000		22,833
4.250% due 04/01/50		10,000		11,790
5.050% due 03/25/48		300,000		382,746
5.125% due 07/20/45		60,000		75,757
Danone SA (France) 2.589% due 11/02/23 ~		200,000		211,148
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		229,000
Gilead Sciences Inc 3.650% due 03/01/26		30,000		33,898
4.750% due 03/01/46		30,000		38,912
Global Payments Inc 3.200% due 08/15/29		900,000		984,338
HCA Inc 3.500% due 09/01/30		80,000		81,620
4.500% due 02/15/27		40,000		44,967
5.375% due 02/01/25		20,000		21,930
5.875% due 02/01/29		30,000		35,001
Humana Inc 3.150% due 12/01/22		50,000		52,534
4.625% due 12/01/42		50,000		62,358
4.800% due 03/15/47		20,000		26,095
4.950% due 10/01/44		20,000		26,488
IHS Markit Ltd 5.000% due 11/01/22 ~		400,000		429,878
Imperial Brands Finance PLC (United Kingdom) 3.875% due 07/26/29 ~		1,000,000		1,086,506
4.250% due 07/21/25 ~		1,300,000		1,439,876
Johnson & Johnson 0.550% due 09/01/25		40,000		40,054
0.950% due 09/01/27		80,000		80,130
3.625% due 03/03/37		100,000		121,510
Keurig Dr Pepper Inc 4.057% due 05/25/23		500,000		544,025
Kraft Heinz Foods Co 3.950% due 07/15/25		82,000		89,134
4.250% due 03/01/31 ~		10,000		10,991
4.375% due 06/01/46		20,000		20,593
4.875% due 10/01/49 ~		30,000		31,695
5.000% due 06/04/42		10,000		10,953
5.200% due 07/15/45		10,000		10,944
5.500% due 06/01/50 ~		30,000		34,447
Lamb Weston Holdings Inc 4.875% due 05/15/28 ~		10,000		10,819
Mars Inc 2.700% due 04/01/25 ~		40,000		43,341
3.200% due 04/01/30 ~		40,000		45,768
Medtronic Inc 3.500% due 03/15/25		52,000		58,634
Mondelez International Inc 2.125% due 04/13/23		30,000		31,155

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-9

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Mylan NV 2.250% due 11/22/24 ~		EUR 900,000	$	1,124,175
PayPal Holdings Inc 1.650% due 06/01/25		$70,000		72,597
2.850% due 10/01/29		900,000		991,423
PepsiCo Inc 2.250% due 03/19/25		10,000		10,717
2.625% due 03/19/27		120,000		131,885
2.875% due 10/15/49		20,000		21,531
3.875% due 03/19/60		10,000		12,632
Pernod Ricard SA (France) 5.750% due 04/07/21 ~		450,000		462,254
Perrigo Finance Unlimited Co 3.900% due 12/15/24		1,000,000		1,084,411
Pfizer Inc 2.625% due 04/01/30		60,000		66,768
Philip Morris International Inc 2.500% due 08/22/22		90,000		93,566
2.500% due 11/02/22		80,000		83,312
4.500% due 03/20/42		30,000		36,934
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		53,580
Reckitt Benckiser Treasury Services PLC (United Kingdom) 2.375% due 06/24/22 ~		600,000		618,082
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		586,040
Reynolds American Inc (United Kingdom) 5.850% due 08/15/45		50,000		60,859
6.150% due 09/15/43		30,000		37,803
Sysco Corp 5.650% due 04/01/25		900,000		1,065,202
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23		600,000		667,279
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		60,000		58,440
3.650% due 11/10/21		80,000		80,025
Teva Pharmaceutical Finance IV BV (Israel) 3.650% due 11/10/21		100,000		99,977
Teva Pharmaceutical Finance Netherlands II BV (Israel) 1.250% due 03/31/23 ~		EUR 900,000		979,985
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		$490,000		486,754
2.800% due 07/21/23		140,000		134,133
3.150% due 10/01/26		20,000		17,687
4.100% due 10/01/46		30,000		25,026
The Coca-Cola Co 2.500% due 03/15/51		30,000		29,875
2.950% due 03/25/25		20,000		21,967
3.375% due 03/25/27		90,000		103,272
The Procter & Gamble Co 2.450% due 03/25/25		30,000		32,518
2.800% due 03/25/27		10,000		11,234
3.550% due 03/25/40		20,000		24,364
3.600% due 03/25/50		20,000		25,464
United Rentals North America Inc 3.875% due 02/15/31		20,000		20,337
5.875% due 09/15/26		90,000		94,938
UnitedHealth Group Inc 2.000% due 05/15/30		150,000		157,072
2.375% due 10/15/22		10,000		10,401
3.500% due 06/15/23		20,000		21,627
3.750% due 07/15/25		80,000		91,392
3.875% due 08/15/59		50,000		60,730
4.250% due 06/15/48		20,000		25,487
4.450% due 12/15/48		10,000		13,352
Wm Wrigley Jr Co 3.375% due 10/21/20 ~		70,000		70,107

	Principal Amount		Value
Zimmer Biomet Holdings Inc 1.164% due 11/15/27		EUR 800,000	$	946,666
Zoetis Inc 2.000% due 05/15/30		$900,000		928,691
				32,550,946
Energy - 2.6%
Apache Corp 3.250% due 04/15/22		24,000		23,726
4.250% due 01/15/44		170,000		144,925
4.375% due 10/15/28		10,000		9,169
4.750% due 04/15/43		40,000		35,636
5.100% due 09/01/40		70,000		63,054
Baker Hughes a GE Co LLC 2.773% due 12/15/22		900,000		941,670
Blue Racer Midstream LLC 6.125% due 11/15/22 ~		20,000		19,555
Boardwalk Pipelines LP 3.400% due 02/15/31		700,000		687,106
BP Capital Markets America Inc 2.937% due 04/06/23		10,000		10,582
3.000% due 02/24/50		200,000		191,122
3.633% due 04/06/30		40,000		46,029
3.790% due 02/06/24		10,000		10,970
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		130,000		144,941
3.535% due 11/04/24		40,000		44,214
Cameron LNG LLC 2.902% due 07/15/31 ~		20,000		22,052
3.302% due 01/15/35 ~		120,000		135,649
Cheniere Energy Inc 4.625% due 10/15/28 ~		30,000		30,844
Chevron Corp 3.078% due 05/11/50		100,000		107,408
Cimarex Energy Co 3.900% due 05/15/27		200,000		201,642
4.375% due 03/15/29		20,000		20,710
Concho Resources Inc 3.750% due 10/01/27		30,000		32,360
4.300% due 08/15/28		180,000		199,113
ConocoPhillips 6.500% due 02/01/39		10,000		14,641
Continental Resources Inc 3.800% due 06/01/24		50,000		46,480
4.375% due 01/15/28		40,000		34,653
4.500% due 04/15/23		30,000		28,657
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		19,125
Devon Energy Corp 5.000% due 06/15/45		220,000		209,028
Diamondback Energy Inc 2.875% due 12/01/24		20,000		20,274
3.250% due 12/01/26		20,000		20,052
3.500% due 12/01/29		20,000		19,335
5.375% due 05/31/25		10,000		10,385
Enbridge Inc (Canada) 0.770% (USD LIBOR + 0.500%) due 02/18/22 §		800,000		799,842
Energy Transfer Operating LP 2.900% due 05/15/25		10,000		10,067
3.750% due 05/15/30		190,000		184,336
4.950% due 06/15/28		50,000		52,957
5.250% due 04/15/29		20,000		21,535
6.250% due 04/15/49		20,000		20,636
6.750% due 05/15/25		50,000		38,625
Enterprise Products Operating LLC 2.800% due 01/31/30		60,000		63,673
3.700% due 01/31/51		40,000		39,610
3.950% due 01/31/60		30,000		29,661
4.150% due 10/16/28		180,000		210,557

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-10

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
4.200% due 01/31/50	$	130,000	$	138,494
4.800% due 02/01/49		10,000		11,565
4.850% due 03/15/44		10,000		11,388
7.550% due 04/15/38		20,000		28,028
EOG Resources Inc 3.900% due 04/01/35		30,000		33,657
4.150% due 01/15/26		70,000		80,203
4.375% due 04/15/30		150,000		177,045
4.950% due 04/15/50		30,000		36,968
EQT Corp 3.000% due 10/01/22		70,000		68,671
Exxon Mobil Corp 1.571% due 04/15/23		20,000		20,588
2.992% due 03/19/25		160,000		175,481
3.043% due 03/01/26		140,000		154,656
3.482% due 03/19/30		50,000		57,818
4.114% due 03/01/46		50,000		59,345
4.327% due 03/19/50		110,000		137,449
Greenko Solar Mauritius Ltd (India) 5.950% due 07/29/26 ~		900,000		934,874
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		400,000		468,801
Kinder Morgan Energy Partners LP 3.500% due 03/01/21		80,000		80,576
5.500% due 03/01/44		10,000		11,741
Kinder Morgan Inc 4.300% due 06/01/25		50,000		56,291
4.300% due 03/01/28		30,000		34,170
5.050% due 02/15/46		30,000		34,083
5.200% due 03/01/48		10,000		11,731
5.550% due 06/01/45		30,000		35,762
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		504,912
MPLX LP 4.500% due 04/15/38		100,000		102,463
4.700% due 04/15/48		60,000		60,864
4.800% due 02/15/29		40,000		45,951
NGPL PipeCo LLC 4.375% due 08/15/22 ~		800,000		830,902
Noble Energy Inc 3.850% due 01/15/28		70,000		79,500
5.250% due 11/15/43		80,000		106,020
Occidental Petroleum Corp 2.700% due 08/15/22		70,000		65,534
2.900% due 08/15/24		100,000		85,030
3.000% due 02/15/27		30,000		23,631
3.125% due 02/15/22		10,000		9,489
3.200% due 08/15/26		60,000		47,700
4.100% due 02/15/47		160,000		108,400
4.200% due 03/15/48		10,000		6,887
4.400% due 04/15/46		20,000		14,303
4.625% due 06/15/45		50,000		36,256
5.550% due 03/15/26		90,000		81,660
6.450% due 09/15/36		310,000		264,087
Parsley Energy LLC 5.375% due 01/15/25 ~		10,000		10,000
Petrobras Global Finance BV (Brazil) 5.299% due 01/27/25		855,000		934,729
6.900% due 03/19/49		30,000		33,408
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		211,420
Range Resources Corp 4.875% due 05/15/25		10,000		9,051
5.000% due 03/15/23		113,000		107,562
Shell International Finance BV (Netherlands) 2.750% due 04/06/30		20,000		21,909
2.875% due 05/10/26		50,000		55,430
3.250% due 04/06/50		120,000		126,550
4.375% due 05/11/45		130,000		158,824
4.550% due 08/12/43		50,000		62,266

	Principal Amount		Value
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~	$	290,000	$	320,594
Targa Resources Partners LP 4.250% due 11/15/23		60,000		59,556
4.875% due 02/01/31 ~		30,000		29,109
5.375% due 02/01/27		20,000		20,159
5.500% due 03/01/30 ~		20,000		19,919
5.875% due 04/15/26		20,000		20,571
6.500% due 07/15/27		10,000		10,450
6.875% due 01/15/29		10,000		10,753
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		150,000		155,571
The Williams Cos Inc 3.750% due 06/15/27		90,000		98,772
7.500% due 01/15/31		190,000		250,121
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		30,000		38,893
Western Midstream Operating LP 2.074% (USD LIBOR + 1.850%) due 01/13/23 §		20,000		18,606
4.100% due 02/01/25		30,000		28,623
4.500% due 03/01/28		30,000		28,350
4.650% due 07/01/26		100,000		97,500
5.050% due 02/01/30		60,000		58,575
6.250% due 02/01/50		50,000		46,402
WPX Energy Inc 5.250% due 10/15/27		10,000		10,167
5.875% due 06/15/28		10,000		10,463
				13,413,883
Financial - 17.0%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		800,000		810,294
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		500,000		544,067
Air Lease Corp 3.375% due 07/01/25		30,000		30,661
Aircastle Ltd 5.125% due 03/15/21		500,000		507,347
Ambac LSNI LLC (Cayman) 6.000% (USD LIBOR + 5.000%) due 02/12/23 § ~		305,943		306,325
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		113,435
American International Group Inc 3.750% due 07/10/25		630,000		706,507
American Tower Corp REIT 3.375% due 05/15/24		1,000,000		1,083,298
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		911,054
AvalonBay Communities Inc REIT 2.300% due 03/01/30		$900,000		958,107
3.450% due 06/01/25		300,000		332,685
Banco Bilbao Vizcaya Argentaria SA (Spain) 8.875% due 04/14/21 ~		EUR 800,000		970,719
Banco Santander SA (Spain) 3.848% due 04/12/23		$200,000		213,714
Bank of America Corp 0.981% due 09/25/25		800,000		800,429
2.592% due 04/29/31		390,000		412,886
3.004% due 12/20/23		155,000		162,844
3.419% due 12/20/28		203,000		226,403
3.500% due 04/19/26		110,000		123,427
3.550% due 03/05/24		90,000		95,919
3.593% due 07/21/28		100,000		112,141
3.974% due 02/07/30		240,000		279,323
4.083% due 03/20/51		200,000		248,492
4.200% due 08/26/24		70,000		78,013
4.250% due 10/22/26		420,000		486,717
4.330% due 03/15/50		20,000		25,614
4.450% due 03/03/26		90,000		103,410

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-11

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Bank of Montreal (Canada) 1.850% due 05/01/25	$	100,000	$	104,395
3.803% due 12/15/32		60,000		66,889
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		600,000		651,511
Barclays Bank PLC (United Kingdom) 7.625% due 11/21/22		800,000		880,250
10.179% due 06/12/21 ~		1,000,000		1,052,202
Barclays PLC (United Kingdom) 1.710% (USD LIBOR + 1.430%) due 02/15/23 §		1,000,000		1,005,202
4.972% due 05/16/29		900,000		1,052,418
5.088% due 06/20/30		200,000		225,541
8.000% due 12/15/20		EUR 600,000		711,828
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		$120,000		156,717
BNP Paribas SA (France) 1.904% due 09/30/28 ~		900,000		897,334
4.375% due 03/01/33 ~		250,000		278,166
4.705% due 01/10/25 ~		230,000		254,832
5.198% due 01/10/30 ~		200,000		246,759
Boston Properties LP REIT 4.500% due 12/01/28		500,000		589,789
BPCE SA (France) 4.000% due 09/12/23 ~		850,000		924,405
Brandywine Operating Partnership LP REIT 3.950% due 11/15/27		800,000		831,200
Capital One Financial Corp 4.250% due 04/30/25		500,000		567,958
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		194,421
CBL & Associates LP REIT 5.950% due 12/15/26		1,200,000		453,366
Citigroup Inc 2.572% due 06/03/31		700,000		737,339
4.075% due 04/23/29		150,000		172,672
4.400% due 06/10/25		170,000		191,382
4.412% due 03/31/31		315,000		378,544
5.300% due 05/06/44		102,000		136,198
5.500% due 09/13/25		120,000		142,072
5.950% due 01/30/23		300,000		309,018
5.950% due 05/15/25		200,000		209,907
6.675% due 09/13/43		70,000		107,807
8.125% due 07/15/39		70,000		122,177
Cooperatieve Rabobank UA (Netherlands) 4.375% due 08/04/25		250,000		283,476
4.625% due 12/01/23		290,000		322,758
6.625% due 06/29/21 ~		EUR 400,000		484,689
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		$800,000		851,251
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		250,000		273,176
6.500% due 08/08/23 ~		1,200,000		1,363,327
Credit Suisse Group AG (Switzerland) 1.489% (USD LIBOR + 1.240%) due 06/12/24 § ~		750,000		756,442
4.194% due 04/01/31 ~		250,000		289,124
CyrusOne LP REIT 1.450% due 01/22/27		EUR 100,000		116,630
Danske Bank AS (Denmark) 5.000% due 01/12/22 ~		$200,000		210,178
5.375% due 01/12/24 ~		200,000		225,237
Deutsche Bank AG (Germany) 3.150% due 01/22/21		600,000		603,721
3.300% due 11/16/22		500,000		517,407
3.961% due 11/26/25		1,000,000		1,064,146
4.250% due 10/14/21		900,000		925,634
5.000% due 02/14/22		900,000		941,821
Diversified Healthcare Trust REIT 9.750% due 06/15/25		600,000		672,096

	Principal Amount		Value
Empower Finance LP (Canada) 1.357% due 09/17/27 ~	$	900,000	$	897,847
EPR Properties REIT 5.250% due 07/15/23		400,000		400,328
GE Capital Funding LLC 4.400% due 05/15/30 ~		900,000		969,278
GLP Capital LP REIT 5.375% due 04/15/26		900,000		999,157
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		219,016
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		207,751
HSBC Holdings PLC (United Kingdom) 4.583% due 06/19/29		360,000		414,332
4.950% due 03/31/30		200,000		241,364
6.875% due 06/01/21		400,000		408,053
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		913,463
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		821,996
International Lease Finance Corp 5.875% due 08/15/22		150,000		160,556
Intesa Sanpaolo SPA (Italy) 3.375% due 01/12/23 ~		220,000		228,615
5.017% due 06/26/24 ~		370,000		389,113
JPMorgan Chase & Co 2.083% due 04/22/26		100,000		104,603
2.182% due 06/01/28		900,000		940,374
2.522% due 04/22/31		360,000		384,162
3.109% due 04/22/51		150,000		159,676
3.509% due 01/23/29		150,000		168,906
4.203% due 07/23/29		170,000		201,444
4.452% due 12/05/29		70,000		84,255
4.950% due 06/01/45		150,000		202,668
KEB Hana Bank (South Korea) 3.375% due 01/30/22 ~		900,000		931,829
Kimco Realty Corp REIT 2.700% due 03/01/24		900,000		943,334
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		38,190
Lifestorage LP REIT 3.500% due 07/01/26		800,000		889,189
Lloyds Banking Group PLC (United Kingdom) 1.490% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		564,732
4.000% due 03/07/25		900,000		702,931
4.375% due 03/22/28		$200,000		232,038
4.450% due 05/08/25		500,000		565,792
7.625% due 06/27/23 ~		GBP 600,000		807,063
Logicor Financing Sarl 1.625% due 07/15/27 ~		EUR 900,000		1,082,059
Mastercard Inc 3.850% due 03/26/50		$110,000		139,168
Metropolitan Life Global Funding I 3.450% due 12/18/26 ~		700,000		800,952
Mid-America Apartments LP REIT 4.200% due 06/15/28		700,000		813,943
Mitsubishi UFJ Financial Group Inc (Japan) 3.407% due 03/07/24		700,000		760,858
3.455% due 03/02/23		600,000		639,185
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		800,000		806,757
2.201% due 07/10/31		800,000		810,708
2.226% due 05/25/26		800,000		832,525
3.922% due 09/11/24		300,000		326,329
Morgan Stanley 2.188% due 04/28/26		130,000		136,289
2.699% due 01/22/31		170,000		181,867
3.125% due 07/27/26		200,000		221,081
3.622% due 04/01/31		290,000		331,932

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-12

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
3.737% due 04/24/24	$	100,000	$	107,676
3.772% due 01/24/29		10,000		11,402
4.431% due 01/23/30		10,000		11,978
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		902,817
Nasdaq Inc 3.850% due 06/30/26		$800,000		910,013
National Retail Properties Inc REIT 2.500% due 04/15/30		900,000		899,724
3.500% due 10/15/27		200,000		213,308
Natwest Group PLC (United Kingdom) 3.875% due 09/12/23		800,000		859,890
5.125% due 05/28/24		570,000		626,357
8.625% due 08/15/21		600,000		616,332
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		40,484
Nomura Holdings Inc (Japan) 2.679% due 07/16/30		1,000,000		1,031,906
Nordea Bank Abp (Finland) 1.000% due 06/09/23 ~		200,000		202,852
Oversea-Chinese Banking Corp Ltd (Singapore) 0.730% (USD LIBOR + 0.450%) due 05/17/21 § ~		400,000		400,447
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		50,000		50,221
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		20,366
Royal Bank of Canada (Canada) 1.150% due 06/10/25		130,000		131,800
1.600% due 04/17/23		90,000		92,413
Sagax AB (Sweden) 1.125% due 01/30/27 ~		EUR 800,000		921,014
Samhallsbyggnadsbolaget i Norden AB (Sweden) 1.000% due 08/12/27 ~		1,000,000		1,128,200
Santander Holdings USA Inc 3.244% due 10/05/26		$1,000,000		1,071,238
3.450% due 06/02/25		700,000		747,803
4.500% due 07/17/25		330,000		366,355
Scentre Group Trust 1 REIT (Australia) 4.375% due 05/28/30 ~		900,000		1,011,100
Shinhan Financial Group Co Ltd (South Korea) 1.350% due 01/10/26 ~		1,000,000		1,001,740
Societe Generale SA (France) 4.250% due 09/14/23 ~		500,000		541,369
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		795,510
Sumitomo Mitsui Financial Group Inc (Japan) 1.474% due 07/08/25		800,000		815,847
2.058% due 07/14/21		120,000		121,658
Teachers Insurance & Annuity Association of America 4.900% due 09/15/44 ~		40,000		50,528
6.850% due 12/16/39 ~		18,000		26,886
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		31,192
The Depository Trust & Clearing Corp 3.417% (USD LIBOR + 3.167%) due 12/15/20 § ~		250,000		225,054
The Goldman Sachs Group Inc 3.200% due 02/23/23		60,000		63,549
3.500% due 01/23/25		700,000		769,075
3.750% due 05/22/25		600,000		667,121
3.850% due 07/08/24		160,000		175,918
4.223% due 05/01/29		180,000		209,919
4.250% due 10/21/25		590,000		671,065
5.150% due 05/22/45		340,000		443,793
6.250% due 02/01/41		70,000		104,769
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		150,000		152,577

	Principal Amount		Value
UBS Group AG (Switzerland) 1.750% due 04/21/22 ~	$	200,000	$	203,693
2.859% due 08/15/23 ~		900,000		935,035
3.491% due 05/23/23 ~		260,000		271,276
4.125% due 09/24/25 ~		1,000,000		1,141,395
7.000% due 01/31/24 ~		450,000		480,688
UniCredit SpA (Italy) 6.572% due 01/14/22 ~		350,000		371,524
7.830% due 12/04/23 ~		1,800,000		2,110,423
VEREIT Operating Partnership LP REIT 3.400% due 01/15/28		700,000		729,967
3.950% due 08/15/27		200,000		213,155
Vesteda Finance BV (Netherlands) 2.500% due 10/27/22 ~		EUR 600,000		730,406
Visa Inc 3.150% due 12/14/25		$80,000		89,592
4.300% due 12/14/45		100,000		133,203
Washington Prime Group LP REIT 6.450% due 08/15/24		950,000		484,600
Wells Fargo & Co 2.164% due 02/11/26		800,000		830,946
2.188% due 04/30/26		80,000		83,212
2.393% due 06/02/28		900,000		940,039
2.879% due 10/30/30		110,000		117,515
3.000% due 10/23/26		100,000		109,310
3.450% due 02/13/23		40,000		42,428
3.584% due 05/22/28		100,000		112,023
3.750% due 01/24/24		850,000		924,257
4.400% due 06/14/46		30,000		35,784
4.478% due 04/04/31		350,000		425,225
4.750% due 12/07/46		110,000		137,656
4.900% due 11/17/45		190,000		241,339
5.013% due 04/04/51		440,000		600,823
5.375% due 11/02/43		80,000		105,820
5.606% due 01/15/44		150,000		203,761
				89,321,312
Industrial - 2.9%
3M Co 2.375% due 08/26/29		60,000		64,987
3.050% due 04/15/30		10,000		11,453
3.700% due 04/15/50		80,000		96,178
Carrier Global Corp 1.923% due 02/15/23 ~		20,000		20,588
2.242% due 02/15/25 ~		50,000		52,170
2.493% due 02/15/27 ~		10,000		10,472
2.700% due 02/15/31 ~		30,000		31,315
2.722% due 02/15/30 ~		100,000		104,675
3.377% due 04/05/40 ~		30,000		31,421
3.577% due 04/05/50 ~		30,000		31,827
CNH Industrial Capital LLC 4.875% due 04/01/21		400,000		407,768
Deere & Co 3.100% due 04/15/30		20,000		22,927
3.750% due 04/15/50		60,000		74,831
Eaton Corp 2.750% due 11/02/22		130,000		136,316
4.150% due 11/02/42		20,000		24,678
Flex Ltd 4.875% due 05/12/30		800,000		914,797
GATX Corp 0.969% (USD LIBOR + 0.720%) due 11/05/21 §		1,000,000		998,894
4.750% due 06/15/22		400,000		420,557
General Dynamics Corp 3.500% due 05/15/25		10,000		11,218
4.250% due 04/01/40		10,000		12,602
4.250% due 04/01/50		30,000		39,341
General Electric Co 3.150% due 09/07/22		77,000		80,443
3.450% due 05/01/27		10,000		10,585

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-13

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
3.625% due 05/01/30	$	930,000	$	967,124
4.250% due 05/01/40		20,000		20,413
4.350% due 05/01/50		30,000		30,625
5.875% due 01/14/38		40,000		46,727
6.750% due 03/15/32		30,000		37,743
6.875% due 01/10/39		298,000		382,084
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		30,000		30,356
L3Harris Technologies Inc 5.054% due 04/27/45		60,000		81,550
Lockheed Martin Corp 3.100% due 01/15/23		20,000		21,213
3.550% due 01/15/26		70,000		79,740
4.500% due 05/15/36		30,000		38,170
Northrop Grumman Corp 2.930% due 01/15/25		40,000		43,540
3.250% due 01/15/28		160,000		179,918
5.250% due 05/01/50		40,000		57,548
NTT Finance Corp (Japan) 1.900% due 07/21/21 ~		800,000		810,120
Otis Worldwide Corp 2.056% due 04/05/25		30,000		31,558
2.293% due 04/05/27		30,000		31,940
2.565% due 02/15/30		90,000		96,819
Penske Truck Leasing Co Lp 4.125% due 08/01/23 ~		600,000		652,189
4.250% due 01/17/23 ~		800,000		861,183
Raytheon Co 3.125% due 10/15/20		70,000		70,072
Raytheon Technologies Corp 2.800% due 03/15/22 ~		500,000		515,735
3.100% due 11/15/21 ~		800,000		817,630
3.950% due 08/16/25		60,000		68,283
4.125% due 11/16/28		20,000		23,701
4.500% due 06/01/42		60,000		75,833
Republic Services Inc 2.500% due 08/15/24		50,000		53,240
SMBC Aviation Capital Finance DAC (Ireland) 3.000% due 07/15/22 ~		1,100,000		1,122,795
Textron Inc 2.450% due 03/15/31		700,000		694,828
The Boeing Co 2.700% due 02/01/27		30,000		29,285
2.800% due 03/01/27		30,000		29,304
3.100% due 05/01/26		10,000		9,980
3.200% due 03/01/29		90,000		88,712
3.250% due 02/01/35		160,000		150,425
3.550% due 03/01/38		20,000		18,235
3.750% due 02/01/50		190,000		174,438
5.150% due 05/01/30		390,000		438,045
TransDigm Inc 6.250% due 03/15/26 ~		30,000		31,494
8.000% due 12/15/25 ~		20,000		21,770
Union Pacific Corp 2.150% due 02/05/27		50,000		53,279
2.400% due 02/05/30		50,000		53,938
3.750% due 07/15/25		120,000		136,763
3.750% due 02/05/70		70,000		79,166
Waste Management Inc 3.500% due 05/15/24		20,000		21,904
4.150% due 07/15/49		50,000		63,920
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		800,000		844,125
WRKCo Inc 4.650% due 03/15/26		1,000,000		1,177,036
				14,974,539
Technology - 1.9%
Apple Inc 2.450% due 08/04/26		80,000		87,225

	Principal Amount		Value
Broadcom Inc 3.459% due 09/15/26	$	500,000	$	548,527
4.150% due 11/15/30		900,000		1,012,491
4.300% due 11/15/32		800,000		914,217
4.700% due 04/15/25		240,000		272,940
Dell International LLC 5.450% due 06/15/23 ~		500,000		548,498
6.020% due 06/15/26 ~		1,000,000		1,175,849
Hewlett Packard Enterprise Co 0.954% (USD LIBOR + 0.720%) due 10/05/21 §		600,000		600,087
Intel Corp 3.700% due 07/29/25		50,000		56,902
4.600% due 03/25/40		10,000		13,346
4.750% due 03/25/50		190,000		261,853
4.950% due 03/25/60		30,000		43,929
Micron Technology Inc 2.497% due 04/24/23		50,000		51,963
Microsoft Corp 2.525% due 06/01/50		150,000		157,456
2.675% due 06/01/60		5,000		5,274
3.300% due 02/06/27		200,000		228,906
3.450% due 08/08/36		20,000		24,244
3.950% due 08/08/56		25,000		33,151
NetApp Inc 2.700% due 06/22/30		1,000,000		1,037,308
NVIDIA Corp 2.850% due 04/01/30		30,000		33,895
3.500% due 04/01/40		70,000		82,320
3.500% due 04/01/50		190,000		223,485
3.700% due 04/01/60		40,000		47,764
NXP BV (Netherlands) 4.625% due 06/01/23 ~		700,000		767,045
4.875% due 03/01/24 ~		800,000		899,902
Texas Instruments Inc 1.750% due 05/04/30		20,000		20,677
TSMC Global Ltd (Taiwan) 0.750% due 09/28/25 ~		200,000		198,300
VMware Inc 2.950% due 08/21/22		800,000		833,303
				10,180,857
Utilities - 2.3%
Alabama Power Co 1.450% due 09/15/30		400,000		401,729
Consolidated Edison Co of New York Inc 3.350% due 04/01/30		20,000		23,090
3.950% due 04/01/50		10,000		12,165
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		84,807
Duke Energy Corp 3.150% due 08/15/27		200,000		221,121
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		23,256
Emera US Finance LP (Canada) 2.700% due 06/15/21		800,000		811,121
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		900,000		955,150
FirstEnergy Corp 7.375% due 11/15/31		490,000		687,394
LG&E and KU Energy LLC 4.375% due 10/01/21		500,000		514,474
National Fuel Gas Co 4.900% due 12/01/21		2,000,000		2,070,823
NextEra Energy Capital Holdings Inc 0.970% (USD LIBOR + 0.720%) due 02/25/22 §		900,000		906,967
3.200% due 02/25/22		900,000		934,990
Niagara Mohawk Power Corp 4.278% due 12/15/28 ~		1,100,000		1,326,413

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-14

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Pacific Gas and Electric Co 1.750% due 06/16/22	$	480,000	$	480,581
2.100% due 08/01/27		20,000		19,467
2.500% due 02/01/31		30,000		28,654
3.150% due 01/01/26		200,000		205,529
3.300% due 08/01/40		10,000		9,179
3.450% due 07/01/25		800,000		838,289
3.500% due 06/15/25		800,000		842,781
3.500% due 08/01/50		20,000		18,129
3.750% due 02/15/24		600,000		628,801
Virginia Electric and Power Co 6.350% due 11/30/37		160,000		240,875
				12,285,785
Total Corporate Bonds & Notes (Cost $207,132,545)				216,503,305
SENIOR LOAN NOTES - 1.3%
Basic Materials - 0.0%
Asplundh Tree Expert LLC Term B due 09/04/27 ¥		20,000		20,004
Communications - 0.2%
Altice France SA Term B-12 (France) 3.840% (USD LIBOR + 3.688%) due 01/31/26 §		242,208		229,492
Charter Communications Operating LLC Term B-1 1.900% (USD LIBOR + 1.750%) due 04/30/25 §		177,909		175,092
CSC Holdings LLC Term B-5 2.652% (USD LIBOR + 2.500%) due 04/15/27 §		29,850		29,022
Diamond Sports Group LLC Term B 3.400% (USD LIBOR + 3.250%) due 08/24/26 § ±		9,801		7,644
iHeartCommunications Inc Term B 3.147% (USD LIBOR + 3.000%) due 05/01/26 §		59,376		56,467
Level 3 Financing Inc Term B 1.897% (USD LIBOR + 1.750%) due 03/01/27 §		53,972		52,344
Nexstar Broadcasting Inc Term B 2.905% (USD LIBOR + 2.750%) due 09/19/26 §		182,519		179,096
T-Mobile USA Inc Term B 3.147% (USD LIBOR + 3.000%) due 04/01/27 §		89,775		89,815
Univision Communications Inc Term B 4.750% (USD LIBOR + 3.750%) due 03/24/26 §		140,183		136,714
Virgin Media Bristol LLC Term N 2.652% (USD LIBOR + 2.500%) due 01/31/28 §		160,000		155,800
Ziggo Financing Partnership Term I (Netherlands) 2.652% (USD LIBOR + 2.500%) due 04/30/28 §		99,750		96,411
				1,207,897
Consumer, Cyclical - 0.3%
Alterra Mountain Co Term B 2.897% (USD LIBOR + 2.750%) due 07/31/24 §		78,586		76,228
Caesars Resort Collection LLC Term B 2.897% (USD LIBOR + 2.750%) due 12/22/24 §		119,091		111,929
Term B-1 4.772% (USD LIBOR + 4.500%) due 07/20/25 §		70,000		67,950

	Principal Amount		Value
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §	$	71,254	$	68,591
Clarios Global LP Term B 3.647% (USD LIBOR + 3.500%) due 04/30/26 §		89,100		86,984
Delta Air Lines Inc Term B 5.750% (USD LIBOR + 4.750%) due 04/29/23 §		99,750		99,739
Four Seasons Hotels Ltd Term B (Canada) 2.147% (USD LIBOR + 2.000%) due 11/30/23 §		59,256		57,745
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		38,074		34,305
Hilton Worldwide Finance LLC Term B-2 1.898% (USD LIBOR + 1.750%) due 06/21/26 §		140,000		135,664
Michaels Stores Inc Term B due 09/17/27 ¥		30,000		29,325
3.500% (USD LIBOR + 2.500%) due 01/28/23 §		105,594		105,515
Party City Holdings Inc 3.250% (USD LIBOR + 2.500%) due 08/19/22 §		28,173		23,172
PCI Gaming Authority Term B 2.647% (USD LIBOR + 2.500%) due 05/31/26 §		35,131		34,244
Restaurant Brands International Inc Term B (Canada) 1.897% (USD LIBOR + 1.750%) due 11/19/26 §		198,500		191,180
Scientific Games International Inc Term B-5 2.897% (USD LIBOR + 2.750%) due 08/14/24 §		143,441		135,677
Stars Group Holdings BV Term B (Canada) 3.720% (USD LIBOR + 3.500%) due 07/10/25 §		5,083		5,091
TKC Holdings Inc 4.750% (USD LIBOR + 3.750%) due 02/01/23 §		68,916		64,971
UFC Holdings LLC Term B 4.250% (USD LIBOR + 3.250%) due 04/29/26 §		118,255		116,851
Wynn Resorts Finance LLC Term A 1.900% (USD LIBOR + 1.750%) due 09/20/24 §		180,500		171,475
				1,616,636
Consumer, Non-Cyclical - 0.5%
Allied Universal Holdco LLC 4.397% (USD LIBOR + 4.250%) due 07/12/26 §		138,002		136,762
Bausch Health Americas Inc Term B 3.151% (USD LIBOR + 3.000%) due 06/01/25 §		41,418		40,676
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		198,954		195,333
Elanco Animal Health Inc Term B 1.905% (USD LIBOR + 1.750%) due 08/01/27 §		146,491		142,685
Eyecare Partners LLC 3.897% (USD LIBOR + 3.750%) due 02/20/27 §		40,338		38,160
Froneri US Inc Term B (United Kingdom) 2.397% (USD LIBOR + 2.250%) due 01/31/27 §		59,850		57,783
Garda World Security Corp Term B (Canada) 4.900% (USD LIBOR + 4.750%) due 10/30/26 §		34,353		34,203

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-15

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Global Medical Response Inc Term B due 09/24/25 ¥	$	30,000	$	29,387
4.250% (USD LIBOR + 3.250%) due 04/28/22 §		303,141		302,478
Grifols Worldwide Operations USA Inc Term B (Spain) 2.100% (USD LIBOR + 2.000%) due 11/15/27 §		148,875		146,130
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		88,983		88,791
Legacy LifePoint Health LLC Term B 3.897% (USD LIBOR + 3.750%) due 11/16/25 §		177,066		172,381
Milano Acquisition Corp due 10/01/27 ¥		100,000		99,187
MPH Acquisition Holdings LLC Term B 3.750% (USD LIBOR + 2.750%) due 06/07/23 §		186,441		183,695
Option Care Health Inc 4.647% (USD LIBOR + 4.500%) due 08/06/26 §		79,400		78,871
Phoenix Guarantor Inc Term B 3.401% (USD LIBOR + 3.250%) due 03/05/26 §		100,549		98,371
Prime Security Services Borrower LLC Term B 4.250% (USD LIBOR + 3.250%) due 09/23/26 §		158,030		156,802
Reynolds Consumer Products LLC Term B 1.897% (USD LIBOR + 1.750%) due 02/04/27 §		63,198		62,463
Sotera Health Holdings LLC 5.500% (USD LIBOR + 4.500%) due 12/13/26 §		199,000		198,502
Trans Union LLC Term B-5 1.897% (USD LIBOR + 1.750%) due 11/13/26 §		48,183		47,133
US Foods Inc Term B 1.897% (USD LIBOR + 1.750%) due 06/27/23 §		39,792		38,417
2.147% (USD LIBOR + 2.000%) due 09/13/26 §		39,799		38,238
				2,386,448
Diversified - 0.0%
First Eagle Holdings Inc Term B 2.720% (USD LIBOR + 2.500%) due 02/02/27 §		39,328		38,502
Financial - 0.1%
Asurion LLC
Term B-4 3.147% (USD LIBOR + 3.000%) due 08/04/22 §		125,025		123,681
Term B-7 3.147% (USD LIBOR + 3.000%) due 11/03/24 §		68,818		67,774
Citadel Securities LP Term B 2.897% (USD LIBOR + 2.750%) due 02/27/26 §		39,725		39,551
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		129,675		129,202
Focus Financial Partners LLC Term B-3 2.147% (USD LIBOR + 2.000%) due 07/03/24 §		79,115		77,212
Jane Street Group LLC Term B 3.147% (USD LIBOR + 3.000%) due 01/07/25 §		49,177		48,915

	Principal Amount		Value
The Edelman Financial Center LLC Term B 3.145% (USD LIBOR + 3.000%) due 07/19/25 §	$	58,950	$	57,019
VFH Parent LLC 3.164% (USD LIBOR + 3.000%) due 03/01/26 §		33,559		33,370
VICI Properties 1 LLC Term B 1.906% (USD LIBOR + 1.750%) due 12/22/24 §		60,000		58,140
				634,864
Industrial - 0.1%
APi Group DE Inc Term B 2.647% (USD LIBOR + 2.500%) due 10/01/26 §		79,400		77,911
Atlantic Aviation FBO Inc Term B 3.900% (USD LIBOR + 3.750%) due 12/06/25 §		19,650		19,208
Berry Global Inc Term W 2.156% (USD LIBOR + 2.000%) due 10/01/22 §		70,000		69,577
Genesee & Wyoming Inc 2.220% (USD LIBOR + 2.000%) due 12/30/26 §		139,300		137,306
GFL Environmental Inc Term B (Canada) 4.000% (USD LIBOR + 3.000%) due 05/31/25 §		15,906		15,859
The Boeing Co 1.500% (USD LIBOR + 1.250%) due 02/06/22 § ¥		150,000		146,438
				466,299
Technology - 0.1%
athenahealth Inc Term B 4.750% (USD LIBOR + 4.500%) due 02/11/26 §		177,399		175,403
Dcert Buyer Inc 4.147% (USD LIBOR + 4.000%) due 10/16/26 §		169,150		167,332
Dell International LLC Term B-1 2.750% (USD LIBOR + 2.000%) due 09/19/25 §		155,669		155,197
McAfee LLC Term B 3.896% (USD LIBOR + 3.750%) due 09/29/24 §		77,989		77,514
				575,446
Total Senior Loan Notes (Cost $7,078,549)				6,946,096
MORTGAGE-BACKED SECURITIES - 38.2%
Collateralized Mortgage Obligations - Commercial - 3.5%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		998,216
AREIT Trust 2.772% (USD LIBOR + 2.620%) due 04/14/37 § ~		600,000		606,900
Ashford Hospitality Trust 1.152% (USD LIBOR + 1.000%) due 06/15/35 § ~		600,000		574,899
BAMLL Re-REMIC Trust 6.015% due 08/10/45 § ~		1,624,540		716,203
BX Commercial Mortgage Trust 2.202% (USD LIBOR + 2.050%) due 11/15/35 § ~		98,000		96,684
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		785,497
Commercial Mortgage Trust 3.545% due 02/10/36 ~		1,000,000		1,093,165
4.451% due 02/10/48 §		90,000		85,895

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-16

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39	$	77,556	$	34,537
CSMC Trust 2.257% due 08/15/37 ~		1,000,000		1,034,247
4.373% due 09/15/37 ~		830,000		551,165
4.764% due 12/15/21		430,000		399,642
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		1,023,366
DBUBS Mortgage Trust 5.335% due 08/10/44 § ~		260,000		261,625
Fannie Mae 2.358% due 01/25/31 §		5,000,000		756,475
2.444% due 10/25/29		800,000		864,997
3.273% due 02/25/29		140,000		161,312
3.610% due 02/25/31		70,000		84,189
3.700% due 01/25/36		100,000		120,942
FREMF Mortgage Trust 2.307% (USD LIBOR + 2.150%) due 01/25/26 § ~		272,804		260,538
Government National Mortgage Association 2.695% due 11/16/47 §		87,235		92,466
Government National Mortgage Association (IO) 0.393% due 01/16/53 §		8,528,761		171,301
0.541% due 04/16/47 §		3,451,866		98,628
GRACE Mortgage Trust 3.520% due 06/10/28 ~		600,000		602,793
GS Mortgage Securities Trust 1.452% (USD LIBOR + 1.300%) due 09/15/31 § ~		1,120,000		902,487
3.203% due 02/10/29 ~		400,000		399,614
5.622% due 11/10/39		93,803		64,910
JP Morgan Chase Commercial Mortgage Securities Trust 3.152% (USD LIBOR + 3.000%) due 01/16/37 § ~		380,000		322,192
4.152% (USD LIBOR + 4.000%) due 01/16/37 § ~		300,000		247,461
4.402% (USD LIBOR + 4.250%) due 12/15/36 § ~		280,000		233,718
5.872% due 02/12/49 §		223,929		118,212
6.902% (USD LIBOR + 6.750%) due 12/15/36 § ~		280,000		221,790
MF1 Ltd (Cayman) 2.202% (USD LIBOR + 2.050%) due 07/15/35 § ~		1,200,000		1,209,450
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		38,956		22,878
Morgan Stanley Bank of America Merrill Lynch Trust 3.040% due 04/15/48		925,473		967,383
Morgan Stanley Capital I Trust 2.508% due 04/05/42 § ~		400,000		421,779
3.516% due 07/13/29 § ~		600,000		608,219
3.560% due 07/13/29 § ~		700,000		709,743
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		154,085		152,110
Wells Fargo Commercial Mortgage Trust (IO) 1.402% due 03/15/50 §		4,638,805		304,088
				18,381,716
Collateralized Mortgage Obligations - Residential - 6.8%
Alternative Loan Trust 0.318% (USD LIBOR + 0.170%) due 07/25/46 §		121,016		137,592
0.358% (USD LIBOR + 0.210%) due 05/25/35 §		233,354		216,605
2.866% due 06/25/37 §		86,010		75,529
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,355,132		395,476

	Principal Amount		Value
Banc of America Funding Trust 3.676% due 05/25/35 §	$	13,922	$	14,105
BCAP LLC Trust 0.575% due 03/28/37 § ~		1,299,224		1,286,485
4.851% due 03/26/37 ~		31,953		32,173
Bear Stearns Adjustable Rate Mortgage Trust 3.098% due 08/25/33 §		18,699		18,410
3.373% due 10/25/36 §		4,990		4,901
3.976% due 01/25/35 §		260,585		265,846
Bear Stearns ALT-A Trust 3.191% due 11/25/36 §		45,385		29,903
3.502% due 05/25/35 §		13,786		13,693
Chase Mortgage Finance Trust 3.132% due 09/25/36 §		53,284		47,444
3.503% due 02/25/37 §		157,813		157,325
ChaseFlex Trust 0.298% (USD LIBOR + 0.150%) due 08/25/37 §		320,981		277,530
Chevy Chase Funding LLC 0.398% (USD LIBOR + 0.250%) due 08/25/35 § ~		13,606		13,494
0.698% due 05/25/35 § ~		698,516		532,159
Citigroup Mortgage Loan Trust Inc 2.290% (US Treasury + 2.150%) due 09/25/35 §		5,877		5,959
Countrywide Home Loan Mortgage Pass-Through Trust 0.788% (USD LIBOR + 0.640%) due 03/25/35 §		7,745		7,418
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		44,011		37,509
Downey Saving & Loan Association Mortgage Loan Trust 0.336% (USD LIBOR + 0.180%) due 04/19/47 §		83,225		74,275
Eurosail-UK PLC (United Kingdom) 1.010% (GBP LIBOR + 0.950%) due 06/13/45 § ~		GBP 615,042		788,372
Fannie Mae 0.605% (USD LIBOR + 0.450%) due 09/25/46 §		$410,241		405,152
1.625% (US PRIME - 1.625%) due 11/25/23 §		39,791		39,904
5.500% due 04/25/35		342,057		404,979
Fannie Mae (IO) 4.000% due 03/25/43		272,037		32,726
4.000% due 04/25/43		995,114		128,918
5.852% (6.000% - USD LIBOR) due 11/25/45 §		1,395,434		301,233
5.952% (6.100% - USD LIBOR) due 09/25/46 §		864,372		173,559
Freddie Mac (IO) 3.500% due 04/15/43		300,265		29,951
4.000% due 04/15/43		227,361		11,860
5.952% (6.100% - USD LIBOR) due 08/15/44 §		220,456		46,623
Freddie Mac REMICS 3.000% due 08/15/48		186,113		194,060
8.000% due 04/15/30		59,303		71,027
Freddie Mac REMICS (IO)
2.500% due 09/25/50		199,516		26,027
Freddie Mac Structured Agency Credit Risk Debt Notes 3.298% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,004,614
4.148% (USD LIBOR + 4.000%) due 08/25/24 §		251,341		257,184
GMACM Mortgage Loan Trust 6.000% due 12/25/35		575,556		547,620

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-17

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Government National Mortgage Association 0.455% (USD LIBOR + 0.300%) due 05/20/68 §	$	372,608	$	371,623
0.606% (USD LIBOR + 0.450%) due 07/20/70 §		396,517		397,132
0.655% (USD LIBOR + 0.500%) due 06/20/69 §		188,969		189,768
0.755% (USD LIBOR + 0.600%) due 07/20/65 §		790,045		794,950
0.955% (USD LIBOR + 0.800%) due 06/20/66 §		684,014		693,481
0.955% (USD LIBOR + 0.800%) due 07/20/66 §		1,085,300		1,099,557
1.904% (USD LIBOR + 0.750%) due 04/20/67 §		657,375		671,676
3.672% due 09/20/66 §		797,758		852,467
Government National Mortgage Association (IO) 2.500% due 08/20/50		99,811		13,855
4.000% due 11/20/44		709,066		91,570
4.500% due 11/16/45		258,978		46,807
5.948% (6.100% - USD LIBOR) due 10/16/46 §		215,477		60,091
5.994% (6.150% - USD LIBOR) due 02/20/46 §		1,239,483		277,308
Great Hall Mortgages PLC (United Kingdom) 0.363% (USD LIBOR + 0.130%) due 06/18/39 § ~		235,795		229,121
GSR Mortgage Loan Trust 6.000% due 11/25/35		560,688		400,975
6.000% due 07/25/37		261,405		234,384
HarborView Mortgage Loan Trust 0.308% (USD LIBOR + 0.160%) due 05/25/38 §		271,443		240,583
0.326% (USD LIBOR + 0.170%) due 12/19/36 §		154,399		139,219
0.596% (USD LIBOR + 0.440%) due 05/19/35 §		219,792		205,038
3.347% due 02/25/36 §		43,625		22,298
3.744% due 08/19/36 §		111,978		108,672
Hawksmoor Mortgages (United Kingdom) 1.112% (SONIA + 1.050%) due 05/25/53 § ~		GBP 2,965,764		3,838,107
JP Morgan Mortgage Trust 3.044% due 07/25/35 §		$21,128		21,244
3.500% due 10/25/48 § ~		1,212,347		1,248,209
5.750% due 01/25/36		13,393		9,669
Ludgate Funding PLC (United Kingdom) 0.221% (GBP LIBOR + 0.160%) due 01/01/61 § ~		GBP 440,453		539,264
Merrill Lynch Mortgage Investors Trust 3.231% due 11/25/35 §		$265,627		261,069
Metlife Securitization Trust 3.750% due 03/25/57 § ~		910,786		984,422
Morgan Stanley Resecuritization Trust 1.881% (US FED + 0.710%) due 12/27/46 § ~		1,658,135		1,371,611
New Residential Mortgage Loan Trust 2.492% due 09/25/59 § ~		306,462		312,843
3.500% due 12/25/57 § ~		892,744		962,202
Nomura Resecuritization Trust 6.719% due 06/26/35 § ~		1,832,451		1,807,216
OBX Trust 0.798% (USD LIBOR + 0.650%) due 06/25/57 § ~		866,339		867,205
RALI Trust 6.000% due 03/25/37		879,205		849,728
RBSSP Resecuritization Trust 3.317% due 12/25/35 § ~		44,923		44,955

	Principal Amount		Value
Reperforming Loan REMIC Trust 0.488% (USD LIBOR + 0.340%) due 06/25/35 § ~	$	27,387	$	25,666
0.488% (USD LIBOR + 0.340%) due 01/25/36 § ~		153,106		146,686
Ripon Mortgages PLC (United Kingdom) 0.868% (GBP LIBOR + 0.800%) due 08/20/56 § ~		GBP 669,752		865,159
Silverstone Master Issuer PLC (United Kingdom) 0.841% (USD LIBOR + 0.570%) due 01/21/70 § ~		$648,000		649,601
Towd Point Mortgage Funding (United Kingdom) 0.965% (SONIA + 0.900%) due 07/20/45 § ~		GBP 1,389,390		1,792,340
Towd Point Mortgage Funding PLC (United Kingdom) 0.963% due 05/20/45 § ~		1,266,512		1,633,970
1.101% (GBP LIBOR + 1.025%) due 10/20/51 § ~		1,143,693		1,482,996
Tower Bridge Funding No 3 PLC (United Kingdom) 1.257% (GBP LIBOR + 1.200%) due 12/20/61 § ~		415,081		536,554
WaMu Mortgage Pass-Through Certificates Trust 3.660% due 02/25/37 §		$123,162		112,684
				35,611,615
Fannie Mae - 21.1%
due 10/01/35 #		400,000		409,188
due 10/01/35 #		1,400,000		1,454,797
due 10/01/50 #		1,900,000		1,964,273
due 11/01/50 #		21,400,000		22,424,024
due 11/01/50 #		5,100,000		5,383,832
due 12/01/50 #		23,000,000		23,678,457
due 12/01/50 #		38,300,000		40,025,223
2.220% (US FED + 1.200%) due 10/01/44 §		8,777		8,819
2.310% due 08/01/22		489,284		501,136
2.326% (US Treasury + 2.043%) due 09/01/35 §		17,328		17,633
2.500% due 06/01/28		34,597		36,370
2.790% due 08/01/29		100,000		112,991
2.810% due 04/01/25		30,000		32,567
3.000% due 09/01/21 - 07/01/50		2,539,613		2,699,443
3.160% due 05/01/29		39,329		45,277
3.266% (US Treasury + 2.360%) due 11/01/34 §		22,028		23,356
3.302% (USD LIBOR + 1.512%) due 11/01/32 §		27,928		27,928
3.500% due 09/01/42 - 10/01/49		3,367,864		3,610,483
3.737% (USD LIBOR + 1.737%) due 12/01/35 §		4,639		4,661
4.000% due 06/01/25 - 06/01/57		2,439,279		2,634,167
4.096% (US FED + 1.926%) due 12/01/36 §		1,634		1,716
4.500% due 06/01/24 - 09/01/57		2,555,286		2,819,910
5.000% due 02/01/35 - 03/01/50		969,116		1,062,898
5.500% due 07/01/21 - 08/01/39		1,019,155		1,165,895
6.000% due 02/01/33 - 07/01/41		217,283		256,884
				110,401,928
Freddie Mac - 1.8%
2.007% (USD LIBOR + 1.345%) due 09/01/35 §		4,143		4,296
2.459% (USD LIBOR + 1.870%) due 09/01/35 §		12,585		12,667
2.859% (USD LIBOR + 1.724%) due 06/01/35 §		36,885		38,822
3.000% due 09/01/32 - 07/01/50		2,077,285		2,216,923
3.500% due 10/01/42 - 03/01/50		766,854		830,709

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-18

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
3.649% (US Treasury + 2.250%) due 11/01/31 §	$	1,360	$	1,366
3.750% (US Treasury + 2.250%) due 04/01/32 §		9,639		9,689
4.000% due 11/01/33 - 04/01/49		4,143,373		4,471,722
4.500% due 11/01/44 - 04/01/50		310,630		343,440
5.000% due 08/01/48 - 03/01/50		846,574		928,211
5.500% due 03/01/23 - 05/01/40		435,574		505,415
6.000% due 03/01/23		4,770		5,319
				9,368,579
Government National Mortgage Association - 5.0%
due 10/20/50 #		400,000		415,531
due 10/20/50 #		500,000		525,000
due 11/20/50 #		13,900,000		14,910,465
due 12/20/50 #		500,000		523,281
due 12/20/50 #		3,500,000		3,691,895
3.000% due 09/15/42 - 01/20/50		540,574		568,453
3.500% due 03/20/45 - 02/20/49		760,137		819,553
4.000% due 06/20/47 - 04/20/50		685,668		736,693
4.500% due 06/20/48 - 02/20/50		2,010,869		2,166,114
5.000% due 10/15/38 - 02/20/49		1,921,181		2,097,995
				26,454,980
Total Mortgage-Backed Securities (Cost $201,926,952)				200,218,818
ASSET-BACKED SECURITIES - 7.4%
ACE Securities Corp Home Equity Loan Trust 1.123% (USD LIBOR + 0.975%) due 07/25/35 §		436,351		436,421
Anchorage Capital CLO 16 Ltd (Cayman) due 10/20/31 # ~		700,000		700,000
Applebee’s Funding LLC 4.194% due 06/07/49 ~		270,000		251,673
Argent Securities Inc 0.968% (USD LIBOR + 0.820%) due 02/25/34 §		553,646		536,482
1.273% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		467,271
Asset-Backed Funding Certificates Trust 0.848% (USD LIBOR + 0.700%) due 06/25/34 §		48,424		47,202
Basic Asset Backed Securities Trust 0.458% (USD LIBOR + 0.310%) due 04/25/36 §		300,027		298,502
Bear Stearns Asset Backed Securities I Trust 0.348% (USD LIBOR + 0.200%) due 12/25/36 §		114,653		114,672
0.388% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,748		1,085,515
1.153% (USD LIBOR + 1.005%) due 06/25/35 §		249,708		246,132
CBAM Ltd (Cayman) 1.293% (USD LIBOR + 1.020%) due 04/17/31 § ~		800,000		789,000
1.503% (USD LIBOR + 1.230%) due 10/17/29 § ~		1,000,000		998,606
1.513% (USD LIBOR + 1.240%) due 10/17/29 § ~		700,000		698,924
Chesapeake Funding II LLC (Canada) 0.522% (USD LIBOR + 0.370%) due 08/15/30 § ~		296,622		293,824
3.230% due 08/15/30 ~		296,622		301,028
Citigroup Mortgage Loan Trust 0.318% (USD LIBOR + 0.170%) due 05/25/37 §		36,695		36,659
0.598% (USD LIBOR + 0.450%) due 11/25/45 § ~		262,371		261,095

	Principal Amount		Value
CLNC Ltd (Cayman) 1.406% (USD LIBOR + 1.250%) due 08/20/35 § ~	$	900,000	$	885,150
Community Funding CLO (Cayman) 5.750% due 11/01/27 ~		649,859		657,138
Countrywide Asset-Backed Certificates 0.288% (USD LIBOR + 0.140%) due 07/25/37 §		315,590		286,122
0.318% (USD LIBOR + 0.170%) due 09/25/36 §		850,017		841,818
0.548% (USD LIBOR + 0.400%) due 06/25/36 §		500,000		490,361
Credit Acceptance Auto Loan Trust 3.470% due 05/17/27 ~		349,982		353,737
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		263,370		270,999
Elmwood CLO I Ltd (Cayman) 1.622% (USD LIBOR + 1.350%) due 04/20/30 § ~		1,000,000		999,992
Evergreen Credit Card Trust (Canada) 1.900% due 09/16/24 ~		1,100,000		1,130,907
First Franklin Mortgage Loan Trust 0.458% (USD LIBOR + 0.310%) due 10/25/36 §		1,300,000		1,031,309
0.808% (USD LIBOR + 0.660%) due 05/25/36 §		14,730		14,752
Flagship Credit Auto Trust 1.490% due 07/15/24 ~		805,658		813,252
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		219,091
Gallatin CLO (Cayman) 1.321% (USD LIBOR + 1.050%) due 01/21/28 § ~		494,900		491,541
GSAA Home Equity Trust 0.248% (USD LIBOR + 0.100%) due 03/25/37 §		430,717		181,512
6.000% due 08/25/47		280,956		269,579
Home Equity Asset Trust 1.048% (USD LIBOR + 0.900%) due 11/25/34 §		253,727		253,810
Jamestown CLO XV Ltd (Cayman) 2.103% (USD LIBOR + 1.340%) due 04/15/33 § ~		1,100,000		1,094,818
JP Morgan Mortgage Acquisition Trust 0.438% (USD LIBOR + 0.290%) due 05/25/36 §		1,000,000		926,856
LoanCore Issuer Ltd (Cayman) 1.282% (USD LIBOR + 1.130%) due 05/15/28 § ~		447,236		445,000
Long Beach Mortgage Loan Trust 0.448% (USD LIBOR + 0.300%) due 02/25/36 §		983,867		858,233
Mastr Asset Backed Securities Trust 0.368% (USD LIBOR + 0.220%) due 10/25/36 §		642,857		298,644
Merrill Lynch Mortgage Investors Trust 0.495% (USD LIBOR + 0.160%) due 04/25/37 §		383,811		259,775
MidOcean Credit CLO VI (Cayman) 1.522% (USD LIBOR + 1.250%) due 01/20/29 § ~		700,000		697,496
Monarch Grove CLO (Cayman) 1.125% (USD LIBOR + 0.880%) due 01/25/28 § ~		421,145		417,114
Morgan Stanley ABS Capital I Inc Trust 0.328% (USD LIBOR + 0.180%) due 05/25/37 §		800,173		697,360
Morgan Stanley Capital I Inc Trust 0.328% (USD LIBOR + 0.180%) due 03/25/36 §		1,131,805		986,622

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-19

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Morgan Stanley Home Equity Loan Trust 0.248% (USD LIBOR + 0.100%) due 12/25/36 §	$	953,278	$	570,353
0.288% (USD LIBOR + 0.140%) due 12/25/36 §		752,464		452,994
Mountain View CLO Ltd (Cayman) 1.075% (USD LIBOR + 0.800%) due 10/15/26 § ~		265,651		264,088
Navient Student Loan Trust 1.298% (USD LIBOR + 1.150%) due 07/26/66 § ~		150,000		150,257
3.430% due 12/15/59 ~		93,166		93,351
New Century Home Equity Loan Trust 0.628% (USD LIBOR + 0.480%) due 10/25/35 §		900,000		877,400
Option One Mortgage Loan Trust 0.278% (USD LIBOR + 0.130%) due 07/25/37 §		909,958		721,995
OZLM Funding Ltd (Cayman) 1.488% (USD LIBOR + 1.230%) due 07/22/29 § ~		890,013		883,342
Palmer Square Loan Funding Ltd (Cayman) 2.005% (USD LIBOR + 1.700%) due 07/20/28 § ~		900,000		901,103
Santander Drive Auto Receivables Trust 0.620% due 05/15/23		900,000		901,230
SBA Small Business Investment Cos 3.548% due 09/10/28		236,607		254,187
Securitized Asset-Backed Receivables LLC Trust 0.278% (USD LIBOR + 0.130%) due 05/25/37 §		72,000		59,426
0.288% (USD LIBOR + 0.140%) due 05/25/36 §		169,075		115,954
SMB Private Education Loan Trust 1.652% (USD LIBOR + 1.500%) due 04/15/32 § ~		550,000		558,673
Soundview Home Loan Trust 0.308% (USD LIBOR + 0.160%) due 11/25/36 §		577,230		573,628
SP-STATIC CLO 1 Ltd (Cayman) 1.635% (USD LIBOR + 1.400%) due 07/22/28 § ~		1,000,000		999,455
Structured Asset Investment Loan Trust 0.883% (USD LIBOR + 0.735%) due 08/25/35 §		12,687		12,707
0.913% (USD LIBOR + 0.765%) due 08/25/35 §		900,000		886,938
Structured Asset Securities Corp Mortgage Loan Trust 0.598% (USD LIBOR + 0.450%) due 05/25/37 § ~		1,000,000		962,035
STWD Ltd (Cayman) 1.232% (USD LIBOR + 1.080%) due 07/15/38 § ~		900,000		889,538
Trestles CLO Ltd (Cayman) 1.535% (USD LIBOR + 1.290%) due 07/25/29 § ~		1,000,000		999,281
TRTX Issuer Ltd (Cayman) 1.301% (USD LIBOR + 1.150%) due 10/15/34 § ~		900,000		887,400
United States Small Business Administration 2.690% due 07/01/44		57,904		63,411
2.980% due 04/01/39		57,215		60,962
Venture XII CLO Ltd (Cayman) 1.056% (USD LIBOR + 0.800%) due 02/28/26 § ~		399,937		398,050
Venture XVI CLO Ltd (Cayman) 1.125% (USD LIBOR + 0.850%) due 01/15/28 § ~		592,401		588,639

	Principal Amount		Value
Wachovia Mortgage Loan Trust 0.838% (USD LIBOR + 0.690%) due 10/25/35 §	$	1,100,000	$	1,048,347
Zais CLO 1 Ltd (Cayman) 1.425% (USD LIBOR + 1.150%) due 04/15/28 § ~		457,885		457,819
Total Asset-Backed Securities (Cost $37,166,517)				39,068,557
U.S. TREASURY OBLIGATIONS - 13.5%
U.S. Treasury Bonds - 9.0%
1.250% due 05/15/50		3,690,000		3,497,716
1.375% due 08/15/50		11,470,000		11,224,470
2.000% due 02/15/50		510,000		576,977
2.875% due 05/15/43		4,700,000		6,138,273
2.875% due 08/15/45		1,300,000		1,708,332
3.000% due 05/15/42		1,800,000		2,393,438
3.000% due 08/15/48		300,000		408,973
3.125% due 02/15/43		1,300,000		1,761,856
3.125% due 08/15/44		1,800,000		2,449,828
3.375% due 05/15/44		900,000		1,270,231
3.625% due 08/15/43		9,140,000		13,328,691
3.625% due 02/15/44		69,000		100,845
4.250% due 05/15/39		200,000		306,906
4.375% due 05/15/40		1,000,000		1,570,039
4.625% due 02/15/40		400,000		644,203
				47,380,778
U.S. Treasury Inflation Protected Securities - 1.2%
0.125% due 07/15/26 ^		864,744		937,930
0.250% due 02/15/50 ^		50,390		59,435
0.750% due 02/15/42 ^		837,062		1,052,644
0.750% due 02/15/45 ^		154,042		196,015
1.000% due 02/15/46 ^		251,507		339,100
1.000% due 02/15/48 ^		420,284		579,253
1.000% due 02/15/49 ^		1,287,088		1,794,413
1.375% due 02/15/44 ^		366,874		521,475
2.125% due 02/15/40 ^		251,742		385,629
2.125% due 02/15/41 ^		118,316		183,740
				6,049,634
U.S. Treasury Notes - 3.3%
0.250% due 05/31/25		3,640,000		3,639,716
0.250% due 06/30/25		1,500,000		1,499,180
0.375% due 07/31/27		370,000		368,034
0.375% due 09/30/27		300,000		298,008
0.500% due 06/30/27		1,090,000		1,093,917
0.500% due 08/31/27		180,000		180,450
0.625% due 05/15/30		1,000,000		996,563
1.750% due 12/31/24		69,000		73,439
1.875% due 07/31/22 ‡		1,700,000		1,754,187
1.875% due 08/31/22		4,000,000		4,132,969
2.000% due 10/31/22		1,000,000		1,038,848
2.625% due 02/15/29		2,000,000		2,335,937
				17,411,248
Total U.S. Treasury Obligations (Cost $69,343,461)				70,841,660
FOREIGN GOVERNMENT BONDS & NOTES - 3.8%
Abu Dhabi Government (United Arab Emirates) 3.125% due 09/30/49 ~		430,000		461,476
Argentina Treasury Bond (Argentina) 1.000% due 08/05/21 ^		ARS 2,700,129		4,620
Argentine Bonos del Tesoro (Argentina) 18.200% due 10/03/21 W		2,300,000		2,972

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-20

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Argentine Republic Government (Argentina) 0.125% due 07/09/30 *		$417,100	$	174,973
0.125% due 07/09/41 *		250,000		99,875
1.000% due 07/09/29 *		18,460		8,455
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) 10.000% due 01/01/21		BRL 3,538,000		642,535
10.000% due 01/01/23		940,000		186,035
Brazilian Government (Brazil) 4.625% due 01/13/28		$270,000		293,000
5.625% due 01/07/41		120,000		129,900
5.625% due 02/21/47		200,000		217,859
China Government (China) 3.310% due 11/30/25 ~		CNH 3,000,000		456,226
3.380% due 11/21/24 ~		500,000		76,007
3.390% due 05/21/25 ~		1,000,000		152,305
Colombia Government (Colombia) 5.625% due 02/26/44		$200,000		248,500
Egypt Government (Egypt) 5.577% due 02/21/23 ~		200,000		205,992
Indonesia Government (Indonesia) 3.500% due 01/11/28		400,000		438,253
4.875% due 05/05/21 ~		300,000		307,773
Indonesia Treasury (Indonesia) 7.000% due 05/15/27		IDR 7,665,000,000		532,120
7.500% due 06/15/35		1,622,000,000		109,986
Israel Government (Israel) 4.125% due 01/17/48		$600,000		761,682
Japan Bank for International Cooperation (Japan) 2.375% due 07/21/22		700,000		725,374
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 290,008,356		2,741,832
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		$270,000		304,425
Mexican Bonos (Mexico) 7.750% due 11/13/42		MXN 40,760,000		1,997,621
8.000% due 11/07/47		13,110,000		655,764
8.500% due 05/31/29		2,780,000		148,783
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		956,805
Peruvian Government (Peru) 5.625% due 11/18/50		$30,000		47,904
5.940% due 02/12/29 ~		PEN 1,300,000		423,634
6.350% due 08/12/28 ~		2,000,000		670,701
6.550% due 03/14/37		$150,000		227,332
Province of Ontario (Canada) 3.150% due 06/02/22		CAD 900,000		707,901
Qatar Government (Qatar) 4.500% due 04/23/28 ~		$1,000,000		1,197,950
4.817% due 03/14/49 ~		300,000		404,918
Republic of Poland Government (Poland) 4.000% due 01/22/24		170,000		189,602
Russian Federal (Russia) 6.900% due 05/23/29		RUB 13,110,000		177,783
7.000% due 08/16/23		26,040,000		353,959
7.050% due 01/19/28		35,792,000		490,457
7.250% due 05/10/34		5,970,000		83,015
7.650% due 04/10/30		39,790,000		566,625
7.700% due 03/16/39		15,630,000		229,205
Tokyo Metropolitan Government (Japan) 2.500% due 06/08/22 ~		$1,000,000		1,033,037
Total Foreign Government Bonds & Notes (Cost $20,769,726)				19,845,171
MUNICIPAL BONDS - 0.3%
City of Chicago IL ‘B’ 5.630% due 01/01/22		185,000		186,804
New York State Urban Development Corp 1.346% due 03/15/26		700,000		703,976

	Principal Amount		Value
University of California 1.316% due 05/15/27	$	700,000	$	707,896
Total Municipal Bonds (Cost $1,584,624)				1,598,676
	Shares
SHORT-TERM INVESTMENTS - 8.2%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		770,644		770,644
	Principal Amount
Repurchase Agreements - 2.6%
Citigroup
0.110% due 10/01/20 (Dated 09/30/20, Repurchase price of $5,200,016: collateralized by U.S. Treasury Bonds: 1.125% due 05/15/40 and value $5,277,430)		$5,200,000		5,200,000
Deutsche Bank
0.110% due 10/01/20 (Dated 09/30/20, Repurchase price of $3,000,009: collateralized by U.S. Treasury Bonds: 0.300% due 11/15/45 and value $3,042,464)		3,000,000		3,000,000
J.P. Morgan
0.110% due 10/01/20 (Dated 09/30/20, Repurchase price of $5,200,016: collateralized by U.S. Treasury Inflation Protected Securities: 0.500% due 01/15/28 and value $5,294,079)		5,200,000		5,200,000
				13,400,000
U. S. Government Agency Issues - 2.9%
Federal Home Loan Bank
0.089% due 10/21/20		8,200,000		8,199,772
0.160% due 10/28/20		100,000		99,996
Federal Home Loan Mortgage Corp
0.700% due 08/18/25		7,000,000		6,975,206
				15,274,974
U.S. Treasury Bills - 2.6%
0.065% due 01/12/21		5,100,000		5,099,051
0.071% due 10/20/20 ‡		1,830,000		1,829,929
0.093% due 01/21/21		2,500,000		2,499,261
0.101% due 12/03/20		4,200,000		4,199,339
				13,627,580
Total Short-Term Investments (Cost $43,097,257)				43,073,198
TOTAL INVESTMENTS - 114.0% (Cost $588,099,631)				598,095,481
TOTAL SECURITIES SOLD SHORT - (0.6%) (Proceeds $2,960,719)				(2,958,926	)
DERIVATIVES - (0.2%)				(1,045,712	)
OTHER ASSETS & LIABILITIES, NET - (13.2%)				(69,568,661	)
NET ASSETS - 100.0%				$524,522,182

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-21

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	41.3%
Mortgage-Backed Securities	38.2%
U.S. Treasury Obligations	13.5%
Short-Term Investments	8.2%
Asset-Backed Securities	7.4%
Foreign Government Bonds & Notes	3.8%
Others (each less than 3.0%)	1.6%
	114.0%
Securities Sold Short	(0.6%	)
Derivatives	(0.2%	)
Other Assets & Liabilities, Net	(13.2%	)
	100.0%

(b) An investment with a value of $2,972 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c) As of September 30, 2020, investments with a total aggregate value of $888,232 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) 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)
Eyecare Partners LLC		$9,220		$8,949		($271	)

(e) The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2020 was $5,276,862 at a weighted average interest rate of 0.122%.

(f) Securities sold short outstanding as of September 30, 2020 were as follows:

Description	Principal Amount		Value
Mortgage-Backed Securities - (0.6%)
Fannie Mae
5.000% due 10/01/50		$2,700,000		($2,958,926	)
Total Securities Sold Short
(Proceeds $2,960,719)				($2,958,926	)

(g) Open futures contracts outstanding as of September 30, 2020 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		12/20		54		$3,915,471		$3,868,020		($47,451	)
CAD FX		12/20		35		2,651,267		2,629,550		(21,717	)
EUR FX		12/20		7		1,033,500		1,026,856		(6,644	)
Euro-Bobl		12/20		7		1,109,705		1,109,367		(338	)
Euro-BTP		12/20		30		5,084,272		5,190,935		106,663
Eurodollar		12/20		36		8,865,035		8,977,950		112,915
Euro-OAT		12/20		6		1,168,302		1,185,705		17,403
GBP FX		12/20		2		163,172		161,300		(1,872	)
JPY FX		12/20		8		949,920		948,750		(1,170	)
MXN FX		12/20		15		339,991		336,375		(3,616	)
RUB FX		12/20		5		164,263		159,438		(4,825	)
U.S. Treasury 2-Year Notes		12/20		1		220,916		220,961		45
U.S. Treasury 5-Year Notes		12/20		497		62,589,682		62,637,531		47,849
U.S. Treasury 10-Year Notes		12/20		135		18,787,327		18,836,719		49,392
U.S. Treasury Long Bonds		12/20		281		49,788,194		49,535,031		(253,163	)
U.S. Ultra Long Bonds		12/20		58		12,939,220		12,865,125		(74,095	)
										(80,624	)
Short Futures Outstanding
Australia 10-Year Bonds		12/20		7		740,854		749,019		(8,165	)
Euro-Bund		12/20		60		12,167,929		12,277,028		(109,099	)
Euro-Buxl		12/20		6		1,521,958		1,566,496		(44,538	)
Eurodollar		03/21		30		7,473,824		7,485,375		(11,551	)
Eurodollar		06/21		72		17,748,974		17,965,800		(216,826	)
Eurodollar		12/21		83		20,577,576		20,706,425		(128,849	)
Japan 10-Year Bonds		12/20		3		4,317,144		4,326,838		(9,694	)
Long Gilt		12/20		27		4,746,514		4,742,019		4,495
U.S. Treasury 5-Year Notes		01/21		74		9,311,251		9,326,313		(15,062	)
U.S. Treasury 10-Year Notes		12/20		293		40,842,096		40,882,656		(40,560	)
										(579,849	)
Total Futures Contracts										($660,473	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-22

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(h) Forward foreign currency contracts outstanding as of September 30, 2020 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	71,209	USD	13,252		10/20	GSC		$—		($578	)
CAD	1,030,000	USD	752,533		10/20	BNP		21,041		—
EUR	1,744,383	USD	2,021,581		10/20	BNP		24,301		—
EUR	744,355	USD	883,816		10/20	CIT		—		(9,846	)
EUR	588,204	USD	696,688		10/20	GSC		—		(7,780	)
GBP	1,278,456	USD	1,595,629		10/20	CIT		54,166		—
IDR	19,938,229,759	USD	1,345,087		10/20	JPM		—		(6,058	)
INR	25,920,302	USD	339,538		10/20	JPM		11,781		—
JPY	363,718,227	USD	3,446,635		10/20	BRC		2,681		—
MXN	20,400,000	USD	903,775		10/20	CIT		22,485		—
MXN	15,555,438	USD	679,603		10/20	GSC		17,146		—
MXN	11,038,616	USD	520,800		11/20	MSC		—		(24,408	)
MXN	4,311,382	USD	189,505		01/21	BNP		3,003		—
PEN	1,722,411	USD	498,095		10/20	DUB		—		(20,125	)
PEN	1,722,411	USD	478,727		10/20	JPM		—		(757	)
RUB	5,000,000	USD	66,194		10/20	CIT		—		(1,928	)
RUB	20,538,259	USD	283,599		10/20	GSC		—		(19,620	)
RUB	25,538,259	USD	319,208		01/21	GSC		5,682		—
USD	1,273,257	AUD	1,742,000		10/20	HSB		25,544		—
USD	2,263,183	AUD	3,264,938		10/20	JPM		—		(75,416	)
USD	871,081	CAD	1,137,000		10/20	BRC		17,184		—
USD	145,958	CAD	198,510		10/20	CIT		—		(3,131	)
USD	704,310	CAD	938,000		12/20	CIT		—		(262	)
USD	856,426	CNH	6,040,974		10/20	BNP		—		(33,051	)
USD	6,356,611	EUR	5,635,745		10/20	BNP		—		(253,216	)
USD	13,675,487	EUR	11,441,000		10/20	SCB		260,863		—
USD	13,425,052	EUR	11,441,000		11/20	SCB		1,643		—
USD	1,871,290	GBP	1,425,000		11/20	BRC		32,114		—
USD	12,210,742	GBP	9,337,000		11/20	HSB		159,942		—
USD	3,386,544	JPY	363,718,227		10/20	BRC		—		(62,772	)
USD	82,561	JPY	8,800,000		11/20	SCB		—		(923	)
USD	3,452,196	JPY	363,718,227		01/21	GSC		—		(2,426	)
USD	191,544	MXN	4,311,382		10/20	BNP		—		(3,070	)
USD	1,403,450	MXN	31,644,056		10/20	CIT		—		(24,945	)
USD	520,235	MXN	11,038,616		11/20	GSC		23,843		—
USD	478,847	PEN	1,722,411		10/20	JPM		877		—
USD	676,865	PEN	2,425,206		03/21	DUB		4,676		—
USD	322,453	RUB	25,538,259		10/20	GSC		—		(5,792	)
Total Forward Foreign Currency Contracts								$688,972		($556,104	)

(i) Purchased options outstanding as of September 30, 2020 were as follows:

Foreign Currency Options

Description

Exercise Price

Expiration Date

Counterparty

Notional Amount

Cost

Value

Put - CAD versus USD

CAD 1.33

11/30/20

CIT

$1,347,400

$15,596

$16,064

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - JPY-FX (10/20)		$96.00		10/09/20		CME		3		$360,000		$1,745		$187
Call - U.S. Treasury 10-Year Notes (11/20)		139.50		10/23/20		CME		3		418,500		1,255		1,125
Call - U.S. Treasury 30-Year Bonds (11/20)		176.00		10/23/20		CME		3		528,000		4,427		4,594
Call - U.S. Treasury 30-Year Bonds (11/20)		177.00		10/23/20		CME		6		1,062,000		8,245		6,188
Call - U.S. Treasury 30-Year Bonds (11/20)		177.50		10/23/20		CME		2		355,000		2,238		1,656
Call - U.S. Treasury 10-Year Notes (12/20)		139.50		11/20/20		CME		2		279,000		1,394		1,500
												19,304		15,250
Put - EUR-FX (10/20)		1.18		10/09/20		CME		2		294,375		1,743		1,825
Put - U.S. Treasury 10-Year Notes (11/20)		139.50		10/23/20		CME		4		558,000		1,820		1,375
Put - U.S. Treasury 10-Year Notes (11/20)		139.75		10/23/20		CME		1		139,750		345		469
Put - EUR-FX (11/20)		1.19		11/06/20		CME		1		148,125		1,540		2,275
												5,448		5,944
Total Options on Futures												$24,752		$21,194
Total Purchased Options												$40,348		$37,258

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-23

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(j) Premiums received and value of written options outstanding as of September 30, 2020 were as follows:

Foreign Currency Options

Description

Exercise Price

Expiration Date

Counterparty

Notional Amount

Premium

Value

Put - MXN versus USD

MXN 20.68

11/13/20

MSC

$1,400,000

$19,246

($5,052

)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - EUR-FX (10/20)		$1.17		10/09/20		CME		1		$145,625		$698		($1,263	)
Call - EUR-FX (10/20)		1.19		10/09/20		CME		2		297,500		2,420		(200	)
Call - AUD-FX (10/20)		70.50		10/09/20		CME		1		70,500		498		(1,250	)
Call - U.S. Treasury 30-Year Bonds (10/20)		177.50		10/09/20		CME		3		532,500		1,167		(1,359	)
Call - U.S. Treasury 10-Year Notes (11/20)		139.75		10/23/20		CME		2		279,500		684		(500	)
Call - U.S. Treasury 10-Year Notes (11/20)		140.00		10/23/20		CME		15		2,100,000		6,162		(2,344	)
Call - U.S. Treasury 30-Year Bonds (11/20)		180.00		10/23/20		CME		2		360,000		1,559		(500	)
Call - EUR-FX (11/20)		1.18		11/06/20		CME		2		295,000		1,757		(2,125	)
Call - U.S. Treasury 30-Year Bonds (12/20)		178.00		11/20/20		CME		1		178,000		1,920		(1,797	)
Call - U.S. Treasury 30-Year Bonds (12/20)		180.00		11/20/20		CME		2		360,000		2,746		(2,219	)
												19,611		(13,557	)
Put - U.S. Treasury 10-Year Notes (11/20)		138.50		10/23/20		CME		2		277,000		1,355		(187	)
Put - U.S. Treasury 10-Year Notes (11/20)		139.00		10/23/20		CME		4		556,000		2,181		(750	)
Put - U.S. Treasury 30-Year Bonds (11/20)		173.00		10/23/20		CME		4		692,000		5,946		(1,500	)
Put - Euro-Bund (11/20)		EUR 174.00		10/23/20		EUX		1		EUR 174,000		784		(469	)
Put - U.S. Treasury 30-Year Bonds (11/20)		$175.00		10/23/20		CME		4		$700,000		5,290		(3,438	)
Put - EUR-FX (11/20)		1.16		11/06/20		CME		1		145,000		1,272		(713	)
Put - AUD-FX (11/20)		70.00		11/06/20		CME		1		70,000		1,078		(440	)
Put - AUD-FX (11/20)		71.50		11/06/20		CME		1		71,500		878		(930	)
												18,784		(8,427	)
Total Options on Futures												$38,395		($21,984	)

Options on Securities

Description	Exercise Price		Expiration Date		Counterparty		Notional Amount		Premium		Value
Call - Fannie Mae 2.000% due 12/14/50		$103.94		12/07/20		JPM		$1,000,000		$2,031		($2,082	)
Put - Fannie Mae 2.000% due 10/14/50		101.84		10/07/20		JPM		1,400,000		4,648		(49	)
Put - Fannie Mae 2.000% due 10/14/50		102.29		10/07/20		JPM		2,800,000		8,750		(238	)
Put - Fannie Mae 1.500% due 11/12/50		99.94		11/05/20		JPM		1,200,000		8,250		(5,628	)
Put - Fannie Mae 2.000% due 12/14/50		101.94		12/07/20		JPM		1,000,000		3,750		(4,087	)
										25,398		(10,002	)
Total Options on Securities										$27,429		($12,084	)
Total Written Options										$85,070		($39,120	)

(k) Swap agreements outstanding as of September 30, 2020 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 09/30/20(2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Russian Federation		Q		1.000%		12/20/24		JPM		1.063%		$400,000		($931	)		$1,972			($2,903	)
							Exchange
AT&T Inc		Q		1.000%		12/20/20		ICE		0.340%		500,000		895			3,189			(2,294	)
Citigroup Inc		Q		1.000%		12/20/20		ICE		0.367%		900,000		1,530			18,995			(17,465	)
The Boeing Co		Q		1.000%		12/20/20		ICE		2.668%		900,000		(3,085	)		5,179			(8,264	)
Tesco PLC		Q		1.000%		06/20/22		ICE		0.231%		EUR 800,000		12,879			3,661			9,218
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		4.873%		800,000		(134,468	)		(4,035	)		(130,433	)
														(122,249	)		26,989			(149,238	)
Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection														($123,180	)		$28,961			($152,141	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-24

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (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 (4)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 25 5Y		Q		1.000%		12/20/20		ICE		$2,271,680		$1,923		$41,644			($39,721	)
CDX IG 34 5Y		Q		1.000%		06/20/25		ICE		18,574,000		136,705		(98,616	)		235,321
CDX HY 34 5Y		Q		5.000%		06/20/25		ICE		616,400		31,639		4,979			26,660
CDX IG 35 5Y		Q		1.000%		12/20/25		ICE		820,000		17,565		18,379			(814	)
CDX HY 35 5Y		Q		5.000%		12/20/25		ICE		1,870,000		80,890		77,849			3,041
												$268,722		$44,235			$224,487
Total Credit Default Swaps												$145,542		$73,196			$72,346

(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.

(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) 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)
7.024%	Brazil CETIP Interbank	Z / Z	CIT		01/04/27		BRL 5,712,000		$15,313			$2,294			$13,019
7.044%	Brazil CETIP Interbank	Z / Z	JPM		01/04/27		1,400,000		3,983			—			3,983
									19,296			2,294			17,002
			Exchange
0.190%	3-Month USD-LIBOR	S / Q	CME		06/15/22		$5,492,000		(1,556	)		(25	)		(1,531	)
2.800%	3-Month USD-LIBOR	S / Q	CME		08/22/23		500,000		38,459			—			38,459
0.100%	6-Month JPY-LIBOR	S / S	LCH		03/20/24		JPY 2,790,000,000		146,749			88,986			57,763
0.100%	1 Day U.S. Fed Funds	A / A	CME		11/30/24		$3,649,000		1,111			2,292			(1,181	)
(0.095%)	6-Month JPY-LIBOR	S / S	LCH		09/13/26		JPY 140,000,000		(4,054	)		—			(4,054	)
(0.092%)	6-Month JPY-LIBOR	S / S	LCH		09/13/26		70,000,000		(1,907	)		—			(1,907	)
(0.068%)	6-Month JPY-LIBOR	S / S	LCH		09/18/26		120,000,000		(1,739	)		—			(1,739	)
(0.062%)	6-Month JPY-LIBOR	S / S	LCH		09/18/26		190,000,000		(2,108	)		(84	)		(2,024	)
(0.064%)	6-Month JPY-LIBOR	S / S	LCH		09/19/26		67,000,000		(822	)		—			(822	)
(0.063%)	6-Month JPY-LIBOR	S / S	LCH		09/19/26		67,000,000		(783	)		—			(783	)
(0.087%)	6-Month JPY-LIBOR	S / S	LCH		09/20/26		34,000,000		(854	)		—			(854	)
(0.097%)	6-Month JPY-LIBOR	S / S	LCH		09/24/26		82,000,000		(2,537	)		111			(2,648	)
7.450%	28-Day MXN TIIE	L / L	CME		07/18/29		MXN 63,630,000		361,557			26,769			334,788
0.036%	6-Month JPY-LIBOR	S / S	LCH		03/10/38		JPY 19,000,000		(4,811	)		—			(4,811	)
0.040%	6-Month JPY-LIBOR	S / S	LCH		03/10/38		19,000,000		(4,683	)		—			(4,683	)
0.122%	6-Month JPY-LIBOR	S / S	LCH		08/22/39		370,000,000		(60,960	)		49,345			(110,305	)
0.103%	6-Month JPY-LIBOR	S / S	LCH		08/28/39		90,000,000		(17,981	)		—			(17,981	)
1.000%	6-Month JPY-LIBOR	S / S	LCH		03/21/48		20,000,000		34,718			48,803			(14,085	)
									477,799			216,197			261,602
Total Interest Rate Swaps – Long									$497,095			$218,491			$278,604

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-25

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (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)
0.300%	6-Month JPY-LIBOR		S / S		CME		03/18/26		JPY 1,160,000,000		($210,616	)		($100,560	)		($110,056	)
0.300%	6-Month JPY-LIBOR		S / S		LCH		03/18/26		410,000,000		(74,442	)		(23,718	)		(50,724	)
0.260%	1 Day U.S. Fed Funds		A / A		CME		05/15/27		$5,461,000		845			(18,331	)		19,176
0.450%	3-Month USD-LIBOR		S / Q		CME		05/15/27		7,907,000		7,666			(19,189	)		26,855
0.300%	6-Month JPY-LIBOR		S / S		LCH		09/20/27		JPY 440,000,000		(97,008	)		(16,687	)		(80,321	)
0.300%	6-Month JPY-LIBOR		S / S		LCH		03/20/28		100,000,000		(23,079	)		7,084			(30,163	)
0.399%	6-Month JPY-LIBOR		S / S		LCH		06/18/28		50,000,000		(15,926	)		(42	)		(15,884	)
0.450%	6-Month JPY-LIBOR		S / S		LCH		03/20/29		820,000,000		(302,624	)		(126,837	)		(175,787	)
0.750%	6-Month JPY-LIBOR		S / S		LCH		03/20/38		230,000,000		(213,178	)		19,811			(232,989	)
0.800%	6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(10,550	)		—			(10,550	)
0.705%	6-Month JPY-LIBOR		S / S		LCH		10/31/38		50,000,000		(44,408	)		3,203			(47,611	)
0.785%	6-Month JPY-LIBOR		S / S		LCH		11/12/38		20,000,000		(20,528	)		68			(20,596	)
0.750%	6-Month JPY-LIBOR		S / S		LCH		12/20/38		346,300,000		(332,602	)		(36,792	)		(295,810	)
0.560%	1 Day USD-SOFR		A / A		CME		07/20/45		$1,380,000		85,308			12,421			72,887
0.740%	1 Day USD-SOFR		A / A		CME		08/19/45		640,000		13,366			—			13,366
0.641%	6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(149,975	)		—			(149,975	)
1.000%	3-Month USD-LIBOR		S / Q		CME		02/15/47		$1,353,000		34,738			16,260			18,478
0.900%	3-Month USD-LIBOR		S / Q		CME		03/17/50		535,000		28,926			9,076			19,850
0.792%	3-Month USD-LIBOR		S / Q		CME		03/18/50		268,000		22,113			—			22,113
0.818%	3-Month USD-LIBOR		S / Q		CME		03/19/50		274,000		20,723			—			20,723
0.885%	3-Month USD-LIBOR		S / Q		CME		07/13/50		260,000		14,939			(33	)		14,972
0.500%	1 Day GBP-SONIA		A / A		LCH		12/16/50		GBP 4,200,000		(318,277	)		(443,128	)		124,851
											($1,584,589	)		($717,394	)		($867,195	)
Total Interest Rate Swaps											($1,087,494	)		($498,903	)		($588,591	)
Total Swap Agreements											($941,952	)		($425,707	)		($516,245	)

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		$4,266			$17,002
Liabilities		—			(2,903	)
Centrally Cleared Swap Agreements (1)
Assets		458,104			1,058,521
Liabilities		(888,077	)		(1,588,865	)
		($425,707	)		($516,245	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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-70 and A-71

A-26

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$216,503,305			$—			$216,503,305			$—
	Senior Loan Notes		6,946,096			—			6,938,452			7,644
	Mortgage-Backed Securities		200,218,818			—			200,218,818			—
	Asset-Backed Securities		39,068,557			—			39,068,557			—
	U.S. Treasury Obligations		70,841,660			—			70,841,660			—
	Foreign Government Bonds & Notes		19,845,171			—			19,845,171			—
	Municipal Bonds		1,598,676			—			1,598,676			—
	Short-Term Investments		43,073,198			770,644			42,302,554			—
	Unfunded Loan Commitment		8,949			—			8,949			—
	Derivatives:
	Credit Contracts
	Swaps		274,240			—			274,240			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		688,972			—			688,972			—
	Purchased Options		20,351			—			20,351			—
	Total Foreign Currency Contracts		709,323			—			709,323			—
	Interest Rate Contracts
	Futures		338,762			338,762			—			—
	Purchased Options		16,907			—			16,907			—
	Swaps		801,283			—			801,283			—
	Total Interest Rate Contracts		1,156,952			338,762			818,190			—
	Total Assets - Derivatives		2,140,515			338,762			1,801,753			—
	Total Assets		600,244,945			1,109,406			599,127,895			7,644
Liabilities	Securities Sold Short:
	Mortgaged-Backed Securities		(2,958,926	)		—			(2,958,926	)		—
	Derivatives:
	Credit Contracts
	Swaps		(201,894	)		—			(201,894	)		—
	Foreign Currency Contracts
	Futures		(87,295	)		(87,295	)		—			—
	Forward Foreign Currency Contracts		(556,104	)		—			(556,104	)		—
	Written Options		(11,973	)		—			(11,973	)		—
	Total Foreign Currency Contracts		(655,372	)		(87,295	)		(568,077	)		—
	Interest Rate Contracts
	Futures		(911,940	)		(911,940	)		—			—
	Written Options		(27,147	)		—			(27,147	)		—
	Swaps		(1,389,874	)		—			(1,389,874	)		—
	Total Interest Rate Contracts		(2,328,961	)		(911,940	)		(1,417,021	)		—
	Total Liabilities - Derivatives		(3,186,227	)		(999,235	)		(2,186,992	)		—
	Total Liabilities		(6,145,153	)		(999,235	)		(5,145,918	)		—
	Total		$594,099,792			$110,171			$593,981,977			$7,644

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-27

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 53.2%
Basic Materials - 1.1%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$250,000		$259,015
CNAC HK Finbridge Co Ltd (China) 4.625% due 03/14/23 ~		350,000		371,201
LyondellBasell Industries NV 6.000% due 11/15/21		400,000		418,707
Nucor Corp 2.000% due 06/01/25		65,000		67,980
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		461,381
				1,578,284
Communications - 2.8%
Axiata SPV2 Bhd (Malaysia) 3.466% due 11/19/20 ~		220,000		220,750
British Telecommunications PLC (United Kingdom) 4.500% due 12/04/23		375,000		415,301
Charter Communications Operating LLC
4.464% due 07/23/22		790,000		836,750
4.908% due 07/23/25		460,000		532,252
Cox Communications Inc
2.950% due 06/30/23 ~		110,000		115,836
3.150% due 08/15/24 ~		105,000		113,120
3.250% due 12/15/22 ~		112,000		118,111
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		57,690
Expedia Group Inc 3.600% due 12/15/23 ~		260,000		265,820
Fox Corp 3.666% due 01/25/22		90,000		93,846
JD.com Inc (China) 3.125% due 04/29/21		560,000		566,446
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		200,000		223,349
The Interpublic Group of Cos Inc 3.500% due 10/01/20		45,000		45,000
Verizon Communications Inc 5.150% due 09/15/23		180,000		203,704
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		69,000		72,460
				3,880,435
Consumer, Cyclical - 6.7%
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		151,580		96,964
Daimler Finance North America LLC (Germany)
1.750% due 03/10/23 ~		410,000		418,249
2.300% due 02/12/21 ~		805,000		809,978
Delta Air Lines Inc 2.600% due 12/04/20		65,000		65,087
DR Horton Inc 2.550% due 12/01/20		125,000		125,427
Ford Motor Credit Co LLC 3.470% due 04/05/21		200,000		200,125
3.813% due 10/12/21		200,000		200,875
General Motors Co 4.875% due 10/02/23		165,000		179,900
5.400% due 10/02/23		210,000		231,712
General Motors Financial Co Inc
1.118% (USD LIBOR + 0.850%) due 04/09/21 §		200,000		199,916
2.900% due 02/26/25		435,000		448,610
4.200% due 11/06/21		65,000		67,124
Harley-Davidson Financial Services Inc
1.181% (USD LIBOR + 0.940%) due 03/02/21 § ~		270,000		269,659
2.550% due 06/09/22 ~		85,000		86,468
4.050% due 02/04/22 ~		340,000		351,496

	Principal Amount		Value
Hasbro Inc
2.600% due 11/19/22		$205,000		$212,836
3.000% due 11/19/24		280,000		296,964
Hyundai Capital America
2.375% due 02/10/23 ~		445,000		457,351
2.850% due 11/01/22 ~		121,000		125,201
3.000% due 06/20/22 ~		235,000		242,375
3.950% due 02/01/22 ~		405,000		420,370
Lennar Corp 2.950% due 11/29/20		775,000		776,938
Nissan Motor Acceptance Corp
2.600% due 09/28/22 ~		115,000		116,193
3.150% due 03/15/21 ~		375,000		378,083
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		230,000		233,301
O’Reilly Automotive Inc 3.800% due 09/01/22		240,000		253,028
QVC Inc 4.375% due 03/15/23		145,000		151,198
Ralph Lauren Corp 1.700% due 06/15/22		40,000		40,728
Ross Stores Inc 4.600% due 04/15/25		460,000		530,241
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		90,000		67,185
Volkswagen Group of America Finance LLC (Germany)
2.500% due 09/24/21 ~		200,000		203,747
2.700% due 09/26/22 ~		200,000		207,455
2.900% due 05/13/22 ~		200,000		206,857
3.875% due 11/13/20 ~		425,000		426,646
Walgreen Co 3.100% due 09/15/22		100,000		104,724
				9,203,011
Consumer, Non-Cyclical - 8.4%
AbbVie Inc
2.600% due 11/21/24 ~		625,000		663,446
3.200% due 11/06/22		45,000		47,416
3.250% due 10/01/22 ~		40,000		41,843
3.450% due 03/15/22 ~		130,000		134,721
Altria Group Inc 3.490% due 02/14/22		255,000		265,040
Anthem Inc 2.375% due 01/15/25		75,000		79,753
2.500% due 11/21/20		245,000		245,736
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		825,000		855,390
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		210,000		210,934
Baxalta Inc 3.600% due 06/23/22		95,000		98,982
Bayer US Finance II LLC (Germany)
0.855% (USD LIBOR + 0.630%) due 06/25/21 § ~		210,000		210,433
3.500% due 06/25/21 ~		530,000		540,698
Becton Dickinson and Co
3.125% due 11/08/21		150,000		154,246
3.363% due 06/06/24		180,000		194,821
3.734% due 12/15/24		175,000		193,534
Bunge Ltd Finance Corp
3.000% due 09/25/22		630,000		655,279
3.500% due 11/24/20		855,000		858,773
4.350% due 03/15/24		30,000		33,043
Cardinal Health Inc
2.616% due 06/15/22		125,000		129,084
3.200% due 03/15/23		210,000		222,331
3.500% due 11/15/24		270,000		295,486
Cargill Inc 1.375% due 07/23/23 ~		110,000		112,556
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		400,000		401,497

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-28

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Cigna Corp
0.896% (USD LIBOR + 0.650%) due 09/17/21 §		$110,000		$110,022
3.750% due 07/15/23		177,000		191,946
3.900% due 02/15/22		125,000		130,823
CVS Health Corp 3.700% due 03/09/23		216,000		231,448
Diageo Capital PLC (United Kingdom) 1.375% due 09/29/25		325,000		333,237
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		95,000		97,850
Equifax Inc
1.150% (USD LIBOR + 0.870%) due 08/15/21 §		105,000		105,431
2.300% due 06/01/21		255,000		257,992
2.600% due 12/01/24		195,000		208,359
3.950% due 06/15/23		45,000		48,719
Express Scripts Holding Co 1.006% (USD LIBOR + 0.750%) due 11/30/20 §		440,000		440,102
Global Payments Inc 2.650% due 02/15/25		170,000		180,490
Humana Inc
2.900% due 12/15/22		40,000		41,856
3.150% due 12/01/22		105,000		110,321
4.500% due 04/01/25		225,000		258,536
Imperial Brands Finance PLC (United Kingdom) 3.125% due 07/26/24 ~		200,000		211,721
3.500% due 02/11/23 ~		200,000		209,358
3.750% due 07/21/22 ~		400,000		418,187
PayPal Holdings Inc 1.350% due 06/01/23		295,000		301,501
Pernod Ricard SA (France) 5.750% due 04/07/21 ~		119,000		122,241
Perrigo Finance Unlimited Co 3.900% due 12/15/24		455,000		493,407
Philip Morris International Inc 1.125% due 05/01/23		180,000		182,867
Reynolds American Inc (United Kingdom) 4.000% due 06/12/22		35,000		36,904
Royalty Pharma PLC 0.750% due 09/02/23 ~		190,000		189,618
				11,557,978
Energy - 7.3%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		230,000		231,120
Apache Corp 3.625% due 02/01/21		620,000		618,450
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		260,000		265,545
Cenovus Energy Inc (Canada) 3.000% due 08/15/22		265,000		258,867
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		270,000		307,985
7.000% due 06/30/24		415,000		478,352
Diamondback Energy Inc
2.875% due 12/01/24		620,000		628,483
4.750% due 05/31/25		140,000		151,150
Energy Transfer Operating LP
2.900% due 05/15/25		60,000		60,401
4.250% due 03/15/23		300,000		312,300
5.875% due 01/15/24		560,000		616,335
Eni SPA (Italy) 4.000% due 09/12/23 ~		470,000		509,576
EOG Resources Inc 2.625% due 03/15/23		66,000		68,795
EQT Corp
3.000% due 10/01/22		525,000		515,035
4.875% due 11/15/21		66,000		66,891
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		30,000		30,185
2.600% due 10/15/25 ~		90,000		90,395

	Principal Amount		Value
Kinder Morgan Inc
3.150% due 01/15/23		$225,000		$236,249
5.000% due 02/15/21 ~		115,000		116,451
Marathon Oil Corp 2.800% due 11/01/22		510,000		522,574
MPLX LP 1.342% (USD LIBOR + 1.100%) due 09/09/22 §		180,000		180,010
Occidental Petroleum Corp 2.600% due 08/13/21		175,000		172,047
Phillips 66 0.834% (USD LIBOR + 0.600%) due 02/26/21 §		165,000		165,019
Plains All American Pipeline LP 5.000% due 02/01/21		120,000		120,441
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		250,000		263,576
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		200,000		219,204
6.250% due 03/15/22		565,000		599,765
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		70,000		70,465
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		315,000		342,235
4.000% due 12/21/25 ~		75,000		83,980
Suncor Energy Inc (Canada) 2.800% due 05/15/23		95,000		99,650
Sunoco Logistics Partners Operations LP 4.250% due 04/01/24		15,000		15,744
The Williams Cos Inc
3.350% due 08/15/22		120,000		124,684
3.700% due 01/15/23		515,000		544,617
Valero Energy Corp
1.200% due 03/15/24		170,000		169,421
2.700% due 04/15/23		305,000		316,645
3.650% due 03/15/25		50,000		54,138
Western Midstream Operating LP 4.000% due 07/01/22		425,000		428,315
				10,055,095
Financial - 16.7%
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		405,147
4.450% due 12/16/21		220,000		224,812
4.500% due 09/15/23		195,000		201,085
AIG Global Funding 0.800% due 07/07/23 ~		140,000		140,782
Air Lease Corp
2.250% due 01/15/23		175,000		175,501
2.500% due 03/01/21		70,000		70,429
3.500% due 01/15/22		90,000		92,346
American International Group Inc
2.500% due 06/30/25		280,000		299,699
4.875% due 06/01/22		165,000		176,929
6.400% due 12/15/20		365,000		369,443
Aon Corp 2.200% due 11/15/22		95,000		98,359
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		225,000		206,611
3.625% due 05/01/22 ~		335,000		329,342
3.950% due 07/01/24 ~		65,000		61,796
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		400,000		399,816
Bank of America Corp
1.432% (USD LIBOR + 1.160%) due 01/20/23 §		295,000		298,293
2.503% due 10/21/22		345,000		352,379
Banque Federative du Credit Mutuel SA (France) 2.125% due 11/21/22 ~		335,000		345,958
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		330,000		335,823
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		416,014

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-29

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
BPCE SA (France) 1.476% (USD LIBOR + 1.220%) due 05/22/22 § ~		$250,000		$254,002
Brixmor Operating Partnership LP REIT
3.250% due 09/15/23		280,000		290,161
3.875% due 08/15/22		35,000		36,310
Capital One Financial Corp
3.200% due 01/30/23		180,000		190,136
3.500% due 06/15/23		130,000		139,178
3.900% due 01/29/24		170,000		185,185
CC Holdings GS V LLC REIT 3.849% due 04/15/23		445,000		479,392
China Overseas Finance Cayman VII Ltd (China) 4.250% due 04/26/23 ~		400,000		427,379
Citigroup Inc 2.312% due 11/04/22		310,000		316,151
Citizens Bank NA 3.250% due 02/14/22		305,000		316,208
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		398,722
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		202,800
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		360,000		363,969
Danske Bank AS (Denmark)
1.226% due 06/22/24 ~		365,000		368,388
3.001% due 09/20/22 ~		455,000		464,014
5.000% due 01/12/22 ~		245,000		257,468
Deutsche Bank AG (Germany)
1.539% (USD LIBOR + 1.290%) due 02/04/21 §		250,000		250,285
3.150% due 01/22/21		175,000		176,085
3.375% due 05/12/21		160,000		162,157
Equitable Financial Life Global Funding 1.400% due 07/07/25 ~		255,000		260,580
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		129,459
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		182,065
HSBC Holdings PLC (United Kingdom)
1.645% due 04/18/26		410,000		409,290
2.099% due 06/04/26		515,000		521,860
ING Groep NV (Netherlands) 1.368% (USD LIBOR + 1.150%) due 03/29/22 §		205,000		207,034
Intercontinental Exchange Inc 0.700% due 06/15/23		135,000		135,505
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,517
Marsh & McLennan Cos Inc
3.500% due 12/29/20		240,000		241,859
3.875% due 03/15/24		190,000		210,825
Metropolitan Life Global Funding I 0.900% due 06/08/23 ~		250,000		252,841
National Bank of Canada (Canada) 2.150% due 10/07/22 ~		395,000		407,586
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		499,627
Nordea Bank Abp (Finland) 4.875% due 05/13/21 ~		200,000		205,200
Park Aerospace Holdings Ltd (Ireland)
3.625% due 03/15/21 ~		230,000		229,057
5.250% due 08/15/22 ~		190,000		190,840
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		405,000		405,397
Santander UK PLC (United Kingdom)
2.100% due 01/13/23		435,000		449,033
2.125% due 11/03/20		385,000		385,643
SBA Tower Trust REIT
1.884% due 07/15/50 ~		70,000		71,779
2.836% due 01/15/50 ~		405,000		434,414

	Principal Amount		Value
3.168% due 04/09/47 ~		$370,000		$374,805
3.448% due 03/15/48 ~		320,000		337,868
Simon Property Group LP REIT
2.625% due 06/15/22		260,000		266,952
3.375% due 10/01/24		265,000		286,938
3.500% due 09/01/25		60,000		65,799
Standard Chartered PLC (United Kingdom)
2.744% due 09/10/22 ~		400,000		406,458
3.950% due 01/11/23 ~		390,000		405,323
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		355,000		362,050
Synchrony Financial 2.850% due 07/25/22		801,000		825,308
The Goldman Sachs Group Inc
1.041% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,444
1.355% (USD LIBOR + 1.110%) due 04/26/22 §		295,000		296,254
3.000% due 04/26/22		85,000		86,238
3.500% due 04/01/25		220,000		243,087
The Western Union Co
2.850% due 01/10/25		240,000		253,354
3.600% due 03/15/22		235,000		243,714
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		117,857
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		390,000		391,125
1.476% (USD LIBOR + 1.220%) due 05/23/23 § ~		255,000		257,894
Ventas Realty LP REIT 3.100% due 01/15/23		60,000		62,431
Wells Fargo & Co
1.654% due 06/02/24		170,000		173,238
2.188% due 04/30/26		145,000		150,822
3.500% due 03/08/22		170,000		177,248
4.125% due 08/15/23		80,000		87,205
Wells Fargo Bank NA 2.082% due 09/09/22		250,000		253,587
Willis Towers Watson PLC 5.750% due 03/15/21		470,000		480,518
				23,016,482
Industrial - 4.9%
Amphenol Corp 2.050% due 03/01/25		210,000		220,630
Avnet Inc 3.750% due 12/01/21		197,000		202,722
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,771
Carrier Global Corp 2.242% due 02/15/25 ~		425,000		443,449
CNH Industrial Capital LLC
3.875% due 10/15/21		475,000		488,166
4.375% due 11/06/20		480,000		481,577
DAE Funding LLC (United Arab Emirates) 5.250% due 11/15/21 ~		220,000		223,300
Eagle Materials Inc 4.500% due 08/01/26		50,000		51,883
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		400,000		397,091
General Electric Co
3.150% due 09/07/22		130,000		135,813
3.450% due 05/15/24		135,000		144,961
Heathrow Funding Ltd (United Kingdom) 4.875% due 07/15/23 ~		320,000		327,975
Otis Worldwide Corp 2.056% due 04/05/25		250,000		262,980
Penske Truck Leasing Co Lp
3.300% due 04/01/21 ~		325,000		328,856
3.650% due 07/29/21 ~		115,000		117,729
Rolls-Royce PLC (United Kingdom) 2.375% due 10/14/20 ~		400,000		399,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-30

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Roper Technologies Inc
3.000% due 12/15/20		$315,000		$315,961
3.125% due 11/15/22		410,000		430,100
Shanghai Electric Group Global Investment Ltd (China) 2.650% due 11/21/24 ~		400,000		415,038
SMBC Aviation Capital Finance DAC (Ireland) 3.550% due 04/15/24 ~		200,000		210,042
4.125% due 07/15/23 ~		265,000		280,383
Vulcan Materials Co 0.896% (USD LIBOR + 0.650%) due 03/01/21 §		390,000		390,167
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~		400,000		409,549
				6,713,643
Technology - 1.5%
Microchip Technology Inc
2.670% due 09/01/23 ~		205,000		212,362
3.922% due 06/01/21		515,000		526,322
Micron Technology Inc
2.497% due 04/24/23		550,000		571,594
4.640% due 02/06/24		70,000		78,102
NXP BV (Netherlands)
2.700% due 05/01/25 ~		40,000		42,393
3.875% due 09/01/22 ~		200,000		211,444
4.625% due 06/01/23 ~		400,000		438,311
				2,080,528
Utilities - 3.8%
CenterPoint Energy Inc 3.600% due 11/01/21		75,000		77,468
Edison International 3.125% due 11/15/22		155,000		159,968
Enel Finance International NV (Italy)
2.875% due 05/25/22 ~		520,000		536,755
4.250% due 09/14/23 ~		405,000		443,722
FirstEnergy Corp 2.850% due 07/15/22		240,000		246,144
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		338,594
NextEra Energy Capital Holdings Inc 0.806% (USD LIBOR + 0.550%) due 08/28/21 §		210,000		210,083
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		138,949
Pacific Gas and Electric Co 1.750% due 06/16/22		810,000		810,981
San Diego Gas & Electric Co 1.914% due 02/01/22		41,787		42,103
Sempra Energy
0.775% (USD LIBOR + 0.500%) due 01/15/21 §		320,000		320,030
2.850% due 11/15/20		410,000		410,348
2.875% due 10/01/22		25,000		25,954
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		500,000		514,773
The AES Corp 3.300% due 07/15/25 ~		155,000		165,421
Vistra Operations Co LLC 3.550% due 07/15/24 ~		705,000		751,369
				5,192,662
Total Corporate Bonds & Notes (Cost $71,850,502)				73,278,118
MORTGAGE-BACKED SECURITIES - 19.2%
Collateralized Mortgage Obligations - Commercial - 4.8%
Austin Fairmont Hotel Trust 1.202% (USD LIBOR + 1.050%) due 09/15/32 § ~		115,000		110,688

	Principal Amount		Value
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		$130,000		$139,158
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		34,666		34,837
Bank 2019-BNK19 2.263% due 08/15/61		96,130		98,507
Bank 2019-BNK24 2.056% due 11/15/62		113,614		115,515
BX Commercial Mortgage Trust
1.272% (USD LIBOR + 1.120%) due 12/15/36 § ~		189,826		189,159
1.402% (USD LIBOR + 1.250%) due 12/15/36 § ~		179,835		178,545
BX Trust 0.952% (USD LIBOR + 0.800%) due 05/15/35 § ~		360,000		348,547
CGDB Commercial Mortgage Trust 1.802% (USD LIBOR + 1.650%) due 11/15/36 § ~		350,000		346,734
Commercial Mortgage Trust
1.443% due 08/10/49		19,492		19,539
1.965% due 02/10/50		28,436		28,557
3.221% due 10/10/48		140,985		142,219
3.754% due 02/10/37 § ~		120,000		111,284
3.961% due 03/10/47		150,000		164,060
4.353% due 08/10/30 ~		120,000		128,523
4.701% due 03/10/47		130,000		138,401
4.868% due 08/10/47 § ~		100,000		89,575
Credit Suisse Mortgage Capital Certificates Trust 1.752% (USD LIBOR + 1.600%) due 05/15/36 § ~		210,000		208,462
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		87,244		87,943
2.360% due 06/15/52		126,620		129,817
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		326,759
Great Wolf Trust 1.785% (USD LIBOR + 1.633%) due 12/15/36 § ~		145,000		134,112
GS Mortgage Securities Trust 1.429% due 10/10/49		5,336		5,337
InTown Hotel Portfolio Trust
0.852% (USD LIBOR + 0.700%) due 01/15/33 § ~		100,000		97,872
1.402% (USD LIBOR + 1.250%) due 01/15/33 § ~		100,000		97,166
JP Morgan Chase Commercial Mortgage Securities Trust
1.502% (USD LIBOR + 1.350%) due 09/15/29 § ~		380,000		367,383
1.752% (USD LIBOR + 1.600%) due 09/15/29 § ~		120,000		114,985
JPMDB Commercial Mortgage Securities Trust 1.423% due 06/15/49		770		770
Merit 2020-Hill
1.552% (USD LIBOR + 1.400%) due 08/15/37 § ~		100,000		100,425
1.852% (USD LIBOR + 1.700%) due 08/15/37 § ~		100,000		100,479
2.502% (USD LIBOR + 2.350%) due 08/15/37 § ~		115,000		115,670
Morgan Stanley Bank of America Merrill Lynch Trust
4.110% due 10/15/47 §		195,000		213,699
Morgan Stanley Capital I Trust
3.283% due 11/01/36 § ~		255,000		210,677
3.912% due 09/09/32 ~		285,000		305,382
New Orleans Hotel Trust 1.441% (USD LIBOR + 1.289%) due 04/15/32 § ~		385,000		357,820
RETL RVP ‘A’ 1.302% (USD LIBOR + 1.150%) due 03/15/36 § ~		12,994		13,023

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-31

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
SLIDE Fund Trust 1.052% (USD LIBOR + 0.900%) due 06/15/31 § ~		$340,671		$329,479
2.002% (USD LIBOR + 1.850%) due 06/15/31 § ~		123,020		111,961
Wells Fargo Commercial Mortgage Trust 1.968% due 07/15/50		64,645		65,111
1.975% due 09/15/50		70,282		70,802
WFRBS Commercial Mortgage Trust 3.917% due 10/15/57		275,000		304,656
4.045% due 03/15/47		150,000		164,188
4.697% due 04/15/45		195,000		201,672
				6,619,498
Collateralized Mortgage Obligations - Residential - 10.5%
Angel Oak Mortgage Trust 1.261% due 05/25/65 § ~		194,495		194,913
Angel Oak Mortgage Trust LLC 1.579% due 05/25/65 § ~		144,436		144,840
COLT Mortgage Loan Trust 1.506% due 04/27/65 § ~		98,430		99,147
2.764% due 08/25/49 § ~		175,838		178,247
3.337% due 05/25/49 § ~		78,031		78,843
4.006% due 12/28/48 § ~		118,866		120,720
4.108% due 12/28/48 § ~		115,616		117,436
Connecticut Avenue Securities Trust 0.948% (USD LIBOR + 0.800%) due 01/25/40 § ~		116,043		115,713
Deephaven Residential Mortgage Trust 2.339% due 01/25/60 § ~		130,843		132,339
2.577% due 10/25/47 § ~		46,837		47,520
2.711% due 10/25/47 § ~		12,325		12,502
2.813% due 10/25/47 § ~		12,325		12,491
2.964% due 07/25/59 § ~		184,484		187,530
2.976% due 12/25/57 § ~		45,686		46,080
3.479% due 04/25/58 § ~		82,931		84,764
3.485% due 12/26/46 § ~		8,692		8,756
3.763% due 04/25/59 § ~		95,838		96,830
3.921% due 04/25/59 § ~		100,000		100,570
3.963% due 08/25/58 § ~		32,990		33,180
4.080% due 10/25/58 § ~		275,428		277,962
Ellington Financial Mortgage Trust 2.739% due 11/25/59 § ~		314,007		321,057
Fannie Mae Connecticut Avenue Securities 0.998% (USD LIBOR + 0.850%) due 07/25/30 §		215,557		212,279
1.248% (USD LIBOR + 1.100%) due 11/25/29 §		322,264		318,757
1.348% (USD LIBOR + 1.200%) due 01/25/30 §		136,930		133,680
1.498% (USD LIBOR + 1.350%) due 09/25/29 §		96,141		95,298
Fannie Mae REMICS 4.000% due 06/25/44		15,091		15,446
Flagstar Mortgage Trust 0.998% (USD LIBOR + 0.850%) due 03/25/50 § ~		158,696		158,465
3.500% due 10/25/49 § ~		120,677		124,693
4.000% due 09/25/48 § ~		259,451		279,446
Freddie Mac STACR REMIC Trust 0.898% (USD LIBOR + 0.750%) due 01/25/50 § ~		44,599		44,564
0.898% (USD LIBOR + 0.750%) due 02/25/50 § ~		73,057		73,008
1.452% (USD LIBOR + 1.300%) due 09/25/50 § ~		275,000		277,046
1.648% (USD LIBOR + 1.500%) due 06/25/50 § ~		115,000		115,436
1.648% (USD LIBOR + 1.500%) due 08/25/50 § ~		235,000		236,301
1.698% (USD LIBOR + 1.550%) due 07/25/50 § ~		100,000		100,411

	Principal Amount		Value
3.248% (USD LIBOR + 3.100%) due 03/25/50 § ~		$210,000		$208,194
Freddie Mac STACR Trust 1.548% (USD LIBOR + 1.400%) due 02/25/49 § ~		134,658		125,649
Freddie Mac Structured Agency Credit Risk Debt 0.898% (USD LIBOR + 0.750%) due 03/25/30 §		35,617		35,600
2.348% (USD LIBOR + 2.200%) due 09/25/24 §		117,238		117,322
4.848% (USD LIBOR + 4.700%) due 04/25/28 §		235,669		246,116
Freddie Mac Whole Loan Securities Trust 3.820% due 05/25/47 § ~		19,908		19,958
FWD Securitization Trust 2.240% due 01/25/50 § ~		348,763		351,663
Galton Funding Mortgage Trust 2.310% due 01/25/60 § ~		135,531		138,506
2.832% due 01/25/60 § ~		145,000		140,858
3.339% due 10/25/59 § ~		140,000		138,264
3.500% due 11/25/57 § ~		88,629		90,525
4.000% due 02/25/59 § ~		120,667		124,272
GS Mortgage-Backed Securities Trust 2.440% due 07/25/44 § ~		9,296		9,407
Homeward Opportunities Fund I Trust 1.657% due 05/25/65 § ~		313,559		316,629
2.675% due 11/25/59 § ~		186,902		190,068
3.454% due 01/25/59 § ~		187,567		191,328
3.606% due 01/25/59 § ~		143,993		146,487
3.766% due 06/25/48 § ~		68,694		69,100
3.897% due 06/25/48 § ~		61,268		61,240
New Residential Mortgage Loan Trust 1.650% due 05/24/60 § ~		95,561		96,247
2.464% due 01/26/60 § ~		159,071		161,325
2.710% due 11/25/59 § ~		249,249		256,522
2.802% due 07/25/49 § ~		193,751		197,550
3.086% due 07/25/49 § ~		85,587		86,724
3.600% due 04/25/49 § ~		93,830		95,169
3.675% due 01/25/49 § ~		255,733		261,168
3.986% due 11/25/48 § ~		122,033		125,583
OBX Trust 0.898% (USD LIBOR + 0.750%) due 02/25/60 § ~		153,949		154,226
1.048% (USD LIBOR + 0.900%) due 06/25/59 § ~		98,603		98,747
1.098% (USD LIBOR + 0.950%) due 02/25/60 § ~		78,948		78,384
1.348% (USD LIBOR + 1.200%) due 06/25/59 § ~		187,115		185,839
3.000% due 05/25/60 § ~		396,878		408,396
3.500% due 12/25/49 § ~		94,936		98,373
3.500% due 02/25/60 § ~		211,250		218,354
Sequoia Mortgage Trust 3.500% due 02/25/48 § ~		95,170		96,166
4.000% due 06/25/48 § ~		333,709		341,242
4.000% due 08/25/48 § ~		200,625		207,025
4.500% due 08/25/48 § ~		33,438		35,051
SG Residential Mortgage Trust 2.703% due 09/25/59 § ~		99,719		101,091
2.877% due 09/25/59 § ~		270,488		267,677
STACR Trust 0.948% (USD LIBOR + 0.800%) due 12/25/30 § ~		39,993		39,921
1.048% (USD LIBOR + 0.900%) due 09/25/48 § ~		110,000		109,479
1.098% (USD LIBOR + 0.950%) due 12/25/30 § ~		70,000		69,596
1.398% (USD LIBOR + 1.250%) due 02/25/47 § ~		143,172		139,331
Starwood Mortgage Residential Trust 2.408% due 02/25/50 § ~		115,611		117,737
2.610% due 09/27/49 § ~		73,088		74,371

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-32

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
2.941% due 06/25/49 § ~		$145,462		$148,197
3.299% due 06/25/49 § ~		120,278		122,040
3.468% due 02/25/49 § ~		276,926		284,063
4.121% due 10/25/48 § ~		383,881		398,903
Verus Securitization Trust 1.977% due 03/25/60 § ~		94,530		95,802
2.724% due 01/25/60 § ~		156,717		159,996
3.000% due 11/25/59 § ~		369,641		376,229
3.100% due 11/25/59 § ~		156,429		159,137
3.117% due 07/25/59 § ~		187,129		191,654
3.211% due 05/25/59 § ~		137,346		140,608
3.402% due 12/25/59 § ~		75,198		77,467
3.677% due 06/01/58 § ~		88,434		89,920
3.779% due 06/01/58 § ~		45,836		46,397
3.830% due 06/01/58 § ~		45,836		46,346
4.148% due 10/25/58 § ~		288,783		293,661
Vista Point Securitization Trust 1.763% due 03/25/65 § ~		228,006		229,763
2.496% due 04/25/65 § ~		97,189		97,493
				14,396,426
Fannie Mae - 2.6%
due 10/01/50 #		30,000		31,015
3.000% due 08/01/32 - 05/01/35		500,874		538,665
3.500% due 01/01/48 - 07/01/50		787,071		838,070
due 10/01/50 #		400,000		426,594
4.500% due 04/01/26 - 01/01/50		911,967		994,355
due 10/01/50 #		170,000		183,925
5.000% due 09/01/25 - 02/01/49		145,086		161,725
6.000% due 11/01/35 - 02/01/49		347,564		418,767
				3,593,116
Freddie Mac - 0.4%
4.000% due 02/01/50		230,193		246,746
4.500% due 03/01/49 - 05/01/50		163,473		177,386
5.000% due 12/01/41		92,198		106,102
7.000% due 03/01/39		32,945		38,526
7.500% due 06/01/38		34,460		40,548
				609,308
Government National Mortgage Association - 0.9%
due 10/20/50 #		200,000		212,516
4.500% due 01/01/49 - 10/01/49		174,838		187,507
5.000% due 01/01/48 - 05/01/48		471,515		515,542
5.500% due 09/01/45 - 02/01/49		306,949		349,889
				1,265,454
Total Mortgage-Backed Securities (Cost $26,405,704)				26,483,802
ASSET-BACKED SECURITIES - 15.7%
Ally Auto Receivables Trust 2.460% due 09/15/22		40,000		40,035
2.930% due 11/15/23		70,000		70,063
AmeriCredit Automobile Receivables Trust 0.970% due 02/18/26		85,000		85,343
1.590% due 10/20/25		165,000		167,449
1.800% due 12/18/25		160,000		161,400
2.690% due 06/19/23		110,000		111,894
2.710% due 08/18/22		90,592		91,372
2.710% due 09/08/22		315,000		318,880
3.080% due 12/18/23		522,000		539,980
Applebee’s Funding LLC 4.194% due 06/07/49 ~		150,000		139,818
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		192,199
2.550% due 10/15/26 ~		89,654		89,936
Ascentium Equipment Receivables Trust 2.290% due 06/10/21 ~		12,376		12,407
Avis Budget Rental Car Funding AESOP LLC 2.330% due 08/20/26 ~		125,000		129,101
2.650% due 03/20/26 ~		425,000		427,621

	Principal Amount		Value
2.720% due 11/20/22 ~		$535,000		$543,303
3.330% due 03/20/24 ~		260,000		267,658
3.700% due 03/20/23 ~		100,000		102,201
4.530% due 03/20/23 ~		130,000		132,196
4.950% due 03/20/25 ~		100,000		104,788
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 § ~		127,306		128,794
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 § ~		76,931		78,639
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		292,977		301,006
Capital Auto Receivables Asset Trust 2.700% due 09/20/22 ~		65,000		66,032
3.360% due 11/21/22 ~		160,000		164,520
3.480% due 10/20/23 ~		60,000		60,812
3.690% due 12/20/23 ~		80,000		81,643
CarMax Auto Owner Trust 1.090% due 03/16/26		285,000		288,498
2.340% due 11/17/25		105,000		108,282
CBAM Ltd (Cayman) 1.555% (USD LIBOR + 1.280%) due 02/12/30 § ~		760,000		758,489
CIFC Funding Ltd (Cayman) due 10/20/31 # ~ ±		255,000		255,000
1.314% (USD LIBOR + 1.050%) due 04/24/30 § ~		500,000		494,250
1.942% (USD LIBOR + 1.700%) due 07/15/32 § ~		275,000		275,985
CNH Equipment Trust 1.930% due 03/15/24		315,000		315,450
3.010% due 04/15/24		195,000		200,335
Cole Park CLO Ltd (Cayman) 1.322% (USD LIBOR + 1.050%) due 10/20/28 § ~		435,000		434,110
Daimler Trucks Retail Trust 1.370% due 06/15/27		265,000		266,909
Driven Brands Funding LLC 5.216% due 07/20/45 ~		414,338		432,346
Dryden 86 CLO Ltd (Cayman) 1.884% (USD LIBOR + 1.650%) due 07/17/30 § ~		250,000		250,968
Elara HGV Timeshare Issuer LLC 2.530% due 02/25/27 ~		17,656		17,690
2.690% due 03/25/30 ~		43,409		44,393
2.730% due 04/25/28 ~		135,059		137,077
Enterprise Fleet Financing LLC 3.140% due 02/20/24 ~		53,689		54,253
Ford Credit Auto Owner Trust 2.030% due 12/15/27 ~		350,000		354,109
GM Financial Automobile Leasing Trust 1.560% due 07/22/24		345,000		351,713
2.560% due 07/22/24		95,000		98,600
3.500% due 04/20/22		80,000		80,325
3.560% due 12/20/22		275,000		280,805
GM Financial Consumer Automobile Trust 2.450% due 07/17/23 ~		100,000		100,411
GMF Floorplan Owner Revolving Trust 2.700% due 04/15/24 ~		170,000		175,909
3.240% due 03/15/23 ~		352,000		354,709
GreatAmerica Leasing Receivables Funding LLC 2.600% due 06/15/21 ~		15,855		15,889
Hardee’s Funding LLC 4.250% due 06/20/48 ~		132,335		133,604
Hilton Grand Vacations Trust 2.660% due 12/26/28 ~		79,608		81,358
2.960% due 12/26/28 ~		33,170		33,399
Hyundai Auto Receivables Trust 1.600% due 12/15/26		150,000		152,730
2.380% due 04/17/23		395,000		399,011
2.940% due 05/15/25		165,000		173,170
John Deere Owner Trust 0.720% due 06/15/27		120,000		121,073

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-33

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Madison Park Funding Ltd (Cayman) 1.575% (USD LIBOR + 1.300%) due 07/15/32 § ~		$250,000		$248,776
Metlife Securitization Trust 3.000% due 04/25/55 § ~		95,443		100,854
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		24,365		24,709
MMAF Equipment Finance LLC 2.040% due 02/16/22 ~		6,626		6,633
3.200% due 09/12/22 ~		180,549		182,632
MVW LLC 2.730% due 10/20/37 ~		101,632		104,354
MVW Owner Trust 2.420% due 12/20/34 ~		288,232		294,327
2.890% due 11/20/36 ~		315,521		324,994
Navient Private Education Refi Loan Trust 1.170% due 09/16/69 ~		100,000		100,211
1.220% due 07/15/69 ~		336,273		337,784
2.150% due 11/15/68 ~		605,000		626,088
2.400% due 10/15/68 ~		161,976		165,940
2.460% due 11/15/68 ~		195,000		203,949
2.820% due 02/15/68 ~		79,440		79,904
Navient Student Loan Trust 2.640% due 05/15/68 ~		360,000		376,397
Navistar Financial Dealer Note Master Trust 1.098% (USD LIBOR + 0.950%) due 07/25/25 § ~		190,000		191,328
1.498% (USD LIBOR + 1.350%) due 07/25/25 § ~		180,000		180,836
Neuberger Berman CLO Ltd (Cayman) 1.125% (USD LIBOR + 0.850%) due 01/15/28 § ~		230,519		229,365
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman)
due 10/20/32 # ~ ±		250,000		250,000
OCP CLO Ltd (Cayman) 1.392% (USD LIBOR + 1.120%) due 07/20/29 § ~		415,000		413,724
OZLM VIII Ltd (Cayman) 1.443% (USD LIBOR + 1.170%) due 10/17/29 § ~		248,121		245,355
Palmer Square CLO Ltd (Cayman) 1.904% (USD LIBOR + 1.700%) due 07/15/31 § ~		260,000		259,962
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		196,000		197,012
Santander Drive Auto Receivables Trust 3.210% due 09/15/23		192,075		193,385
3.270% due 01/17/23		6,729		6,739
Santander Retail Auto Lease Trust 2.520% due 11/20/24 ~		165,000		168,506
2.880% due 06/20/24 ~		410,000		417,140
3.010% due 05/22/23 ~		180,000		185,209
Sierra Timeshare Conduit Receivables Funding LLC
2.910% due 03/20/34 ~		457,122		465,306
Sierra Timeshare Receivables Funding LLC 2.330% due 07/20/33 ~		11,984		12,046
2.430% due 10/20/33 ~		33,903		34,178
2.580% due 09/20/32 ~		115,696		115,956
3.080% due 03/21/33 ~		90,377		90,488
3.510% due 07/20/37 ~		118,846		120,439
SLM Student Loan Trust 0.548% (USD LIBOR + 0.400%) due 03/25/25 §		100,177		95,778
1.745% (USD LIBOR + 1.500%) due 04/25/23 §		17,961		17,641
1.945% (USD LIBOR + 1.700%) due 07/25/23 §		27,957		27,624
SMB Private Education Loan Trust 1.152% (USD LIBOR + 1.000%) due 06/15/27 § ~		37,893		37,963
1.290% due 07/15/53 ~		130,000		130,182
1.302% (USD LIBOR + 1.150%) due 05/15/26 § ~		62,618		62,812
1.652% (USD LIBOR + 1.500%) due 04/15/32 § ~		225,000		228,548

	Principal Amount		Value
3.050% due 05/15/26 ~		$29,467		$29,768
3.600% due 01/15/37 ~		125,940		134,102
Synchrony Credit Card Master Note Trust 3.360% due 03/15/24		780,000		784,160
Towd Point Mortgage Trust 2.250% due 07/25/56 § ~		32,514		33,052
2.750% due 02/25/55 § ~		17,514		17,817
2.750% due 04/25/55 § ~		20,849		20,980
2.750% due 05/25/55 § ~		23,334		23,579
2.750% due 08/25/55 § ~		29,808		30,642
2.750% due 10/25/56 § ~		40,212		41,263
2.750% due 04/25/57 § ~		87,376		89,929
3.000% due 01/25/58 § ~		68,579		71,615
3.750% due 05/25/58 § ~		94,026		101,844
Verizon Owner Trust 2.530% due 04/20/22 ~		120,000		120,823
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~		265,000		268,922
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		122,000
World Omni Select Auto Trust 0.840% due 06/15/26		125,000		125,097
1.250% due 10/15/26		140,000		140,102
Total Asset-Backed Securities (Cost $21,283,287)				21,560,709
U.S. TREASURY OBLIGATIONS - 10.3%
U.S. Treasury Notes - 10.3%
0.125% due 04/30/22		2,740,000		2,739,946
0.125% due 06/30/22		320,000		319,950
1.750% due 06/15/22		10,560,000		10,849,988
1.750% due 07/15/22		250,000		257,217
Total U.S. Treasury Obligations (Cost $14,160,660)				14,167,101
MUNICIPAL BONDS-0.8%
Chicago Transit Authority Sales Tax Receipts Fund
1.708% due 12/01/22		10,000		10,116
1.838% due 12/01/23		10,000		10,171
2.064% due 12/01/24		25,000		25,571
City of Houston TX Airport System Revenue due 07/01/22 #		15,000		15,004
due 07/01/23 #		30,000		30,043
due 07/01/24 #		95,000		95,376
Dallas Fort Worth International Airport 1.329% due 11/01/25		50,000		50,233
Long Island Power Authority 0.764% due 03/01/23		75,000		75,055
Port Authority of New York & New Jersey 1.086% due 07/01/23		290,000		294,237
State Board of Administration Finance Corp 1.258% due 07/01/25		325,000		330,141
State of Connecticut 1.998% due 07/01/24		55,000		57,631
2.000% due 07/01/23		20,000		20,795
2.098% due 07/01/25		35,000		37,185
Total Municipal Bonds (Cost $1,035,108)				1,051,558
SHORT-TERM INVESTMENTS - 1.5%
Commercial Paper - 0.5%
Boeing Co 2.185% due 11/16/20		345,000		344,504
2.343% due 11/04/20		360,000		359,616
				704,120

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-34

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		1,387,719		$1,387,719
Total Short-Term Investments (Cost $2,090,989)				2,091,839
TOTAL INVESTMENTS - 100.7% (Cost $136,826,250)				138,633,127
DERIVATIVES - (0.0%)				(1,555	)
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(996,298	)
NET ASSETS - 100.0%				$137,635,274

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	53.2%
Mortgage-Backed Securities	19.2%
Asset-Backed Securities	15.7%
U.S. Treasury Obligations	10.3%
Others (each less than 3.0%)	2.3%
	100.7%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(0.7%	)
	100.0%

(b) Open futures contracts outstanding as of September 30, 2020 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		12/20		121		$26,730,774		$26,736,274		$5,500
U.S. Treasury Ultra 10-Year Notes		12/20		2		319,190		319,844		654
										6,154
Short Futures Outstanding
U.S. Treasury 5-Year Notes		12/20		52		6,548,301		6,553,625		(5,324	)
U.S. Treasury 10-Year Notes		12/20		29		4,044,021		4,046,406		(2,385	)
										(7,709	)
Total Futures Contracts										($1,555	)

(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, 2020:

		Total Value at September 30, 2020			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$73,278,118			$—			$73,278,118		$—
	Mortgage-Backed Securities		26,483,802			—			26,483,802		—
	Asset-Backed Securities		21,560,709			—			21,055,709		505,000
	U.S. Treasury Obligations		14,167,101			—			14,167,101		—
	Municipal Bonds		1,051,558			—			1,051,558		—
	Short-Term Investments		2,091,839			1,387,719			704,120		—
	Derivatives:
	Interest Rate Contracts
	Futures		6,154			6,154			—		—
	Total Assets		138,639,281			1,393,873			136,740,408		505,000
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(7,709	)		(7,709	)		—		—
	Total Liabilities - Derivatives		(7,709	)		(7,709	)		—		—
	Total		$138,631,572			$1,386,164			$136,740,408		$505,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-35

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 27.0%
Azerbaijan - 0.7%
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$237,000		$270,139
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		200,000		236,940
				507,079
Bahrain - 0.6%
BBK BSC 5.500% due 07/09/24 ~		200,000		205,464
The Oil and Gas Holding Co BSCC 8.375% due 11/07/28 ~		200,000		222,610
				428,074
Brazil - 3.7%
Braskem Netherlands Finance BV 5.875% due 01/31/50 ~		200,000		183,300
8.500% due 01/23/81 ~		280,000		283,048
CSN Islands XI Corp 6.750% due 01/28/28 ~		200,000		194,090
JSM Global SARL 4.750% due 10/20/30 ~		200,000		199,996
NBM US Holdings Inc 7.000% due 05/14/26 ~		200,000		212,404
Petrobras Global Finance BV 6.850% due 06/05/15		260,000		277,890
6.875% due 01/20/40		190,000		211,516
Rede D’or Finance SARL 4.500% due 01/22/30 ~		200,000		191,100
Rumo Luxembourg SARL 5.250% due 01/10/28 ~		220,000		229,175
Vale Overseas Ltd 6.875% due 11/21/36		165,000		214,516
6.875% due 11/10/39		200,000		263,590
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		200,000		256,900
				2,717,525
Chile - 2.5%
Corp Nacional del Cobre de Chile 4.375% due 02/05/49 ~		246,000		291,295
4.500% due 08/01/47 ~		275,000		329,916
4.875% due 11/04/44 ~		200,000		250,061
5.625% due 10/18/43 ~		200,000		270,225
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		200,000		246,225
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		218,089
VTR Comunicaciones SPA 5.125% due 01/15/28 ~		200,000		207,100
				1,812,911
China - 1.8%
China Evergrande Group 7.500% due 06/28/23 ~		200,000		158,750
China SCE Group Holdings Ltd 5.875% due 03/10/22 ~		200,000		199,748
Scenery Journey Ltd 11.000% due 11/06/20 ~		200,000		200,500
Sinochem Overseas Capital Co Ltd 4.500% due 11/12/20 ~		100,000		100,393
Sinopec Group Overseas Development 2018 Ltd 2.700% due 05/13/30 ~		200,000		210,583
3.350% due 05/13/50 ~		200,000		218,594
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		225,000		224,453
				1,313,021

	Principal Amount		Value
Colombia - 1.8%
Bancolombia SA 4.625% due 12/18/29		$200,000		$194,750
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 336,000,000		91,267
Grupo Aval Ltd 4.375% due 02/04/30 ~		$200,000		193,440
Millicom International Cellular SA 5.125% due 01/15/28 ~		200,000		208,043
6.000% due 03/15/25 ~		200,000		205,979
6.625% due 10/15/26 ~		200,000		214,967
Oleoducto Central SA 4.000% due 07/14/27 ~		205,000		212,985
				1,321,431
India - 0.6%
Bharti Airtel Ltd 4.375% due 06/10/25 ~		200,000		211,509
Greenko Solar Mauritius Ltd 5.550% due 01/29/25 ~		200,000		203,365
				414,874
Indonesia - 1.3%
P.T. Indonesia Asahan Aluminium Persero 5.450% due 05/15/30 ~		200,000		230,475
5.710% due 11/15/23 ~		200,000		222,300
P.T. Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.500% due 11/22/21 ~		230,000		241,701
6.150% due 05/21/48 ~		202,000		260,795
				955,271
Ireland - 0.6%
C&W Senior Financing DAC 6.875% due 09/15/27 ~		200,000		208,265
7.500% due 10/15/26 ~		200,000		210,081
				418,346
Israel - 0.3%
Teva Pharmaceutical Finance Netherlands III BV 2.800% due 07/21/23		200,000		191,618
Jamaica - 0.1%
Digicel International Finance Ltd 8.000% due 12/31/26 ~		38,669		29,968
8.750% due 05/25/24 ~		76,866		77,443
				107,411
Kazakhstan - 1.3%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		231,211
Halyk Savings Bank of Kazakhstan JSC 5.500% due 12/21/22 ~		66,249		66,405
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		403,848
KazMunayGas National Co JSC 5.375% due 04/24/30 ~		200,000		234,400
				935,864
Luxembourg - 0.4%
Altice Financing SA 7.500% due 05/15/26 ~		250,000		264,945

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-36

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Malaysia - 0.5%
Petronas Capital Ltd 4.550% due 04/21/50 ~		$291,000		$372,406
Mexico - 4.7%
Alfa SAB de CV 6.875% due 03/25/44 ~		200,000		227,004
Axtel SAB de CV 6.375% due 11/14/24 ~		200,000		208,300
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		192,830
Cemex SAB de CV 5.450% due 11/19/29 ~		225,000		228,094
7.750% due 04/16/26 ~		200,000		211,000
Comision Federal de Electricidad 5.750% due 02/14/42 ~		200,000		221,252
8.180% due 12/23/27 ~		MXN 950,000		41,978
Petroleos Mexicanos 6.350% due 02/12/48		$203,000		152,250
6.750% due 09/21/47		702,000		541,667
6.950% due 01/28/60 ~		738,000		571,784
7.190% due 09/12/24 ~		MXN 3,170,000		124,579
7.690% due 01/23/50 ~		$562,000		471,172
Trust Fibra Uno 6.390% due 01/15/50 ~		200,000		200,000
				3,391,910
Morocco - 0.3%
OCP SA 6.875% due 04/25/44 ~		200,000		254,446
Pakistan - 0.3%
The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		200,270
Panama - 0.4%
AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		300,000		308,925
Peru - 0.4%
Banco de Credito del Peru 4.850% due 10/30/20 ~		PEN 48,000		13,350
Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		$40,000		41,232
Petroleos del Peru SA 5.625% due 06/19/47 ~		200,000		230,750
				285,332
Philippines - 0.4%
Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		208,000		260,730
Russia - 0.3%
SCF Capital Designated Activity Co 5.375% due 06/16/23 ~		232,000		249,922
Saudi Arabia - 0.6%
Acwa Power Management And Investments One Ltd 5.950% due 12/15/39 ~		200,000		228,274
Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		200,000		184,750
				413,024

	Principal Amount		Value
South Africa - 0.6%
Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		$200,000		$183,457
Gold Fields Orogen Holdings BVI Ltd 6.125% due 05/15/29 ~		200,000		233,500
				416,957
Ukraine - 1.4%
Metinvest BV 7.750% due 04/23/27 ~		200,000		205,380
MHP Lux SA 6.950% due 04/03/26 ~		200,000		201,552
MHP SE 7.750% due 05/10/24 ~		200,000		209,758
Ukreximbank Via Biz Finance PLC 9.750% due 01/22/25 ~		200,000		203,800
VF Ukraine PAT via VFU Funding PLC 6.200% due 02/11/25 ~		200,000		200,500
				1,020,990
United Arab Emirates - 0.3%
DP World Crescent Ltd 3.875% due 07/18/29 ~		200,000		208,250
United Kingdom - 0.3%
Standard Chartered Bank 6.625% due 05/17/33 ~		IDR 270,000,000		17,341
8.125% due 05/17/24 ~		369,000,000		26,844
8.250% due 05/19/36 ~		980,000,000		69,897
8.375% due 03/17/34 ~		810,000,000		58,622
9.000% due 03/20/29 ~		311,000,000		23,603
11.000% due 09/17/25 ~		432,000,000		35,303
12.800% due 06/17/21 ~		157,000,000		11,239
				242,849
United States - 0.5%
JBS Investments II GmbH 5.750% due 01/15/28 ~		$200,000		208,750
JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		IDR 2,854,000,000		195,442
				404,192
Venezuela - 0.3%
Petroleos de Venezuela SA 5.375% due 04/12/27 * Y ~		$113,000		3,390
8.500% due 10/27/20 Y ~		1,460,500		175,260
9.000% due 11/17/21 * Y ~		239,354		7,181
9.750% due 05/17/35 * Y ~		306,278		9,188
12.750% due 02/17/22 * Y ~		117,000		3,510
				198,529
Total Corporate Bonds & Notes (Cost $19,443,099)				19,617,102
FOREIGN GOVERNMENT BONDS & NOTES - 69.2%
Angola - 1.7%
Angolan Government International 8.000% due 11/26/29 ~		281,000		223,383
8.250% due 05/09/28 ~		200,000		160,125
9.125% due 11/26/49 ~		400,000		313,000
9.375% due 05/08/48 ~		400,000		314,008
9.500% due 11/12/25 ~		232,000		202,835
				1,213,351

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-37

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Argentina - 2.7%
Argentine Republic Government International 0.125% due 07/09/30 *		$1,961,518		$822,857
0.125% due 07/09/35 *		1,724,105		651,729
0.125% due 01/09/38 *		303,127		130,951
0.125% due 07/09/41 *		536,217		214,219
1.000% due 07/09/29 *		238,357		109,170
Bonos del Tesoro Nacional en Pesos Badlar 31.628% (ARS Deposit + 2.000%) due 04/03/22 § W		ARS 4,379,871		6,687
Ciudad Autonoma De Buenos Aires 32.888% (ARS Deposit + 3.250%) due 03/29/24 § W		1,166,052		1,518
Provincia de Buenos Aires 33.378% (ARS Deposit + 3.750%) due 04/12/25 § ~ W		3,804,000		4,929
				1,942,060
Bahrain - 0.3%
Bahrain Government International 7.500% due 09/20/47 ~		$202,000		215,378
Belarus - 0.4%
Republic of Belarus International 6.875% due 02/28/23 ~		260,000		253,190
Brazil - 5.1%
Brazil Letras do Tesouro Nacional 5.257% due 07/01/23		BRL 7,219,000		1,116,474
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		4,810,000		975,316
10.000% due 01/01/29		2,125,000		437,200
10.000% due 01/01/31		1,840,000		379,189
Brazilian Government International 4.625% due 01/13/28		$200,000		217,037
5.000% due 01/27/45		200,000		201,661
5.625% due 01/07/41		100,000		108,250
7.125% due 01/20/37		130,000		161,596
8.250% due 01/20/34		90,000		121,135
				3,717,858
Chile - 0.7%
Bonos de la Tesoreria de la Republica 1.500% due 03/01/26 ^		CLP 229,670,400		331,918
1.900% due 09/01/30 ^		14,354,400		21,930
2.000% due 03/01/35 ^		14,354,400		22,338
Bonos de la Tesoreria de la Republica en pesos 4.700% due 09/01/30 ~		75,000,000		112,427
				488,613
China - 0.3%
China Government 2.680% due 05/21/30		CNY 1,790,000		252,795
Colombia - 3.5%
Colombia Government International 3.875% due 04/25/27		$220,000		238,055
4.000% due 02/26/24		200,000		213,563
5.625% due 02/26/44		200,000		248,500
6.125% due 01/18/41		183,000		235,155
7.375% due 09/18/37		110,000		155,238
8.125% due 05/21/24		164,000		198,218
Colombian TES 4.750% due 02/23/23 ^		COP 962,661,352		275,260
5.750% due 11/03/27		1,330,700,000		364,182
6.000% due 04/28/28		213,700,000		59,064
6.250% due 11/26/25		119,600,000		34,267
7.000% due 06/30/32		150,600,000		42,666

	Principal Amount		Value
7.250% due 10/18/34		COP 195,200,000		$55,868
7.500% due 08/26/26		899,200,000		270,988
10.000% due 07/24/24		500,000,000		160,615
				2,551,639
Costa Rica - 0.5%
Costa Rica Government International 5.625% due 04/30/43 ~		$200,000		166,050
6.125% due 02/19/31 ~		200,000		188,750
				354,800
Croatia - 0.5%
Croatia Government International 6.000% due 01/26/24 ~		310,000		359,451
Czech Republic - 0.5%
Czech Republic Government 0.950% due 05/15/30 ~		CZK 1,690,000		74,241
1.000% due 06/26/26 ~		130,000		5,779
2.000% due 10/13/33		5,690,000		277,702
4.200% due 12/04/36 ~		240,000		15,344
				373,066
Dominican Republic - 2.9%
Dominican Republic International 4.875% due 09/23/32 ~		$338,000		336,986
5.500% due 01/27/25 ~		100,000		106,626
5.875% due 04/18/24 ~		205,000		217,403
5.875% due 01/30/60 ~		440,000		418,000
6.600% due 01/28/24 ~		100,000		110,015
6.850% due 01/27/45 ~		222,000		234,876
6.875% due 01/29/26 ~		320,000		356,803
7.450% due 04/30/44 ~		130,000		146,900
7.500% due 05/06/21 ~		54,667		56,375
9.750% due 06/05/26 ~		DOP 8,000,000		140,110
				2,124,094
Ecuador - 5.0%
Ecuador Government International 0.500% due 07/31/30 ~		$1,338,410		910,132
0.500% due 07/31/35 ~		3,674,002		2,048,256
0.500% due 07/31/40 ~		1,160,992		584,850
8.004% due 07/31/30 ~		267,274		125,298
				3,668,536
Egypt - 1.8%
Egypt Government International 6.588% due 02/21/28 ~		200,000		198,288
7.625% due 05/29/32 ~		200,000		196,089
7.903% due 02/21/48 ~		300,000		278,012
8.500% due 01/31/47 ~		447,000		434,137
8.875% due 05/29/50 ~		216,000		214,682
				1,321,208
El Salvador - 1.0%
El Salvador Government International 5.875% due 01/30/25 ~		98,000		85,946
6.375% due 01/18/27 ~		142,000		122,972
7.625% due 02/01/41 ~		150,000		126,525
7.650% due 06/15/35 ~		49,000		42,458
8.250% due 04/10/32 ~		142,000		129,220
8.625% due 02/28/29 ~		101,000		96,152
9.500% due 07/15/52 ~		150,000		142,875
				746,148
Gabon - 0.5%
Gabon Government International 6.375% due 12/12/24 ~		200,000		189,378
6.625% due 02/06/31 ~		224,000		200,926
				390,304

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-38

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Ghana - 0.6%
Ghana Government International 8.125% due 03/26/32 ~		$200,000		$175,964
8.950% due 03/26/51 ~		326,000		283,102
				459,066
Hungary - 1.0%
Hungary Government International 3.000% due 10/27/27		HUF 14,560,000		50,382
3.000% due 08/21/30		39,250,000		135,743
5.375% due 03/25/24		$154,000		176,776
5.750% due 11/22/23		220,000		252,706
6.750% due 10/22/28		HUF 19,920,000		87,256
7.625% due 03/29/41		$30,000		53,761
				756,624
India - 0.3%
Export-Import Bank of India 4.000% due 01/14/23 ~		200,000		210,488
Indonesia - 5.5%
Indonesia Government International 4.750% due 07/18/47 ~		200,000		244,374
5.125% due 01/15/45 ~		200,000		252,379
5.250% due 01/08/47 ~		221,000		287,212
5.950% due 01/08/46 ~		200,000		280,662
7.750% due 01/17/38 ~		130,000		201,534
8.500% due 10/12/35 ~		100,000		160,378
Indonesia Treasury 6.125% due 05/15/28		IDR 913,000,000		59,210
6.625% due 05/15/33		3,646,000,000		234,172
7.000% due 05/15/27		3,798,000,000		263,665
7.000% due 09/15/30		2,506,000,000		169,551
7.500% due 06/15/35		1,781,000,000		120,768
7.750% due 04/15/31		579,000,000		41,103
8.250% due 05/15/29		6,055,000,000		444,481
8.250% due 05/15/36		1,332,000,000		95,004
8.375% due 03/15/24		3,893,000,000		285,120
8.375% due 09/15/26		5,459,000,000		409,315
8.375% due 04/15/39		3,033,000,000		217,936
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		230,370
				3,997,234
Ivory Coast - 0.8%
Ivory Coast Government International 5.875% due 10/17/31 ~		EUR 125,000		133,091
6.375% due 03/03/28 ~		$200,000		200,667
6.875% due 10/17/40 ~		EUR 229,000		241,947
				575,705
Jamaica - 0.4%
Jamaica Government International 7.875% due 07/28/45		$200,000		254,600
Kenya - 0.3%
Kenya Government International 8.000% due 05/22/32 ~		246,000		243,496
Lebanon - 0.8%
Lebanon Government International 5.800% due 04/14/21 * Y ~		222,000		41,645
6.000% due 01/27/23 Y ~		60,000		10,012
6.100% due 10/04/22 Y ~		713,000		123,705

	Principal Amount		Value
6.150% due 06/19/21 Y		$430,000		$80,677
6.375% due 03/09/21 Y		318,000		59,593
6.600% due 11/27/26 Y ~		152,000		25,285
6.850% due 03/23/27 Y ~		271,000		44,748
7.000% due 03/23/32 Y ~		253,000		41,603
7.050% due 11/02/35 * Y ~		9,000		1,485
7.250% due 03/23/37 Y ~		159,000		26,692
8.250% due 04/12/21 Y ~		633,000		114,564
				570,009
Malaysia - 0.8%
Malaysia Government 3.733% due 06/15/28		MYR 230,000		59,706
3.757% due 05/22/40		287,000		73,238
3.828% due 07/05/34		302,000		78,817
3.885% due 08/15/29		185,000		48,785
3.899% due 11/16/27		51,000		13,360
4.065% due 06/15/50		67,000		67,031
4.181% due 07/15/24		105,000		27,076
4.232% due 06/30/31		201,000		54,517
4.498% due 04/15/30		241,000		66,290
4.642% due 11/07/33		180,000		49,954
4.921% due 07/06/48		66,000		18,465
4.935% due 09/30/43		28,000		7,757
				564,996
Mexico - 2.3%
Mexican Bonos 7.500% due 06/03/27		MXN 1,720,000		86,539
7.750% due 11/23/34		1,000,000		50,737
7.750% due 11/13/42		2,120,000		103,900
8.000% due 11/07/47		2,750,000		137,555
8.500% due 05/31/29		5,340,000		285,793
8.500% due 11/18/38		7,450,000		395,238
10.000% due 12/05/24		1,780,000		95,750
Mexico Government International 4.750% due 03/08/44		$102,000		111,720
5.550% due 01/21/45		122,000		148,230
5.750% due 10/12/10		136,000		157,394
6.050% due 01/11/40		92,000		115,435
				1,688,291
Mongolia - 0.3%
Mongolia Government International 5.625% due 05/01/23 ~		200,000		206,254
Morocco - 0.5%
Morocco Government International 4.250% due 12/11/22 ~		320,000		336,964
Nigeria - 0.3%
Nigeria Government International 6.500% due 11/28/27 ~		200,000		191,096
Oman - 0.8%
Oman Government International 6.500% due 03/08/47 ~		400,000		328,121
6.750% due 01/17/48 ~		266,000		221,133
				549,254
Pakistan - 1.2%
Pakistan Government International 6.875% due 12/05/27 ~		400,000		399,128
8.250% due 04/15/24 ~		259,000		275,309
8.250% due 09/30/25 ~		200,000		213,708
				888,145

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-39

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Panama - 1.2%
Panama Government International 4.300% due 04/29/53		$200,000		$247,250
6.700% due 01/26/36		206,000		299,842
8.875% due 09/30/27		116,000		166,583
9.375% due 04/01/29		118,000		181,698
				895,373
Paraguay - 0.3%
Paraguay Government International 4.625% due 01/25/23 ~		200,000		212,002
Peru - 2.7%
Fondo MIVIVIENDA SA 7.000% due 02/14/24 ~		PEN 236,000		73,431
Peruvian Government International 5.350% due 08/12/40		273,000		75,157
5.400% due 08/12/34		527,000		153,227
5.625% due 11/18/50		$340,000		542,910
6.950% due 08/12/31 ~		PEN 1,165,000		396,512
7.350% due 07/21/25		$178,000		228,489
8.750% due 11/21/33		288,000		483,391
				1,953,117
Philippines - 1.4%
Philippine Government International 6.375% due 10/23/34		200,000		290,096
7.750% due 01/14/31		170,000		259,157
9.500% due 02/02/30		170,000		280,630
10.625% due 03/16/25		123,000		175,331
				1,005,214
Poland - 0.1%
Republic of Poland Government 2.750% due 10/25/29		PLN 319,000		93,144
Qatar - 1.8%
Qatar Government International 3.250% due 06/02/26 ~		$200,000		220,433
4.817% due 03/14/49 ~		535,000		722,103
5.103% due 04/23/48 ~		246,000		342,608
				1,285,144
Romania - 2.0%
Romanian Government International 3.000% due 02/14/31 ~		52,000		53,495
3.375% due 01/28/50 ~		EUR 224,000		268,875
3.624% due 05/26/30 ~		86,000		114,275
4.000% due 02/14/51 ~		$250,000		258,750
4.375% due 08/22/23 ~		340,000		370,187
5.800% due 07/26/27		RON 930,000		256,814
6.125% due 01/22/44 ~		$38,000		51,539
6.750% due 02/07/22 ~		104,000		112,144
				1,486,079
Russia - 3.0%
Russia Federal 6.900% due 05/23/29		RUB 10,169,000		137,901
7.050% due 01/19/28		11,614,000		159,146
7.150% due 11/12/25		11,037,000		153,012
7.250% due 05/10/34		1,769,000		24,598
7.400% due 07/17/24		7,144,000		99,041
7.700% due 03/23/33		15,330,000		220,546
7.750% due 09/16/26		19,195,000		273,209
7.950% due 10/07/26		4,121,000		59,314
8.500% due 09/17/31		20,795,000		315,440

	Principal Amount		Value
Russia Foreign 4.375% due 03/21/29 ~		$200,000		$229,850
5.250% due 06/23/47 ~		400,000		530,835
				2,202,892
Saudi Arabia - 1.5%
Saudi Government International 3.750% due 01/21/55 ~		258,000		279,853
4.500% due 04/22/60 ~		200,000		248,652
5.000% due 04/17/49 ~		200,000		259,336
5.250% due 01/16/50 ~		200,000		269,408
				1,057,249
South Africa - 2.9%
Republic of South Africa Government International 4.300% due 10/12/28		235,000		219,756
5.650% due 09/27/47		230,000		195,739
5.750% due 09/30/49		250,000		212,822
5.875% due 05/30/22		103,000		108,789
7.000% due 02/28/31		ZAR 550,000		26,719
8.000% due 01/31/30		3,936,000		214,738
8.250% due 03/31/32		11,790,000		604,449
8.750% due 01/31/44		1,792,140		82,695
8.750% due 02/28/48		4,540,000		208,704
8.875% due 02/28/35		1,333,690		66,701
9.000% due 01/31/40		1,857,760		88,947
10.500% due 12/21/26		1,316,000		90,999
				2,121,058
Sri Lanka - 0.2%
Sri Lanka Government International 7.850% due 03/14/29 ~		$202,000		142,410
Suriname - 0.2%
Suriname Government International 9.250% due 10/26/26 ~		200,000		119,600
Thailand - 0.5%
Thailand Government 2.875% due 06/17/46		THB 333,000		12,185
3.300% due 06/17/38		3,942,000		151,084
3.400% due 06/17/36		1,901,000		74,122
3.600% due 06/17/67		3,221,000		134,233
				371,624
Turkey - 1.8%
Turkey Government 10.500% due 08/11/27		TRY 240,000		27,938
10.600% due 02/11/26		340,000		40,460
10.700% due 08/17/22		745,000		93,188
11.000% due 02/24/27		81,000		9,650
Turkey Government International 4.875% due 04/16/43		$200,000		149,583
5.750% due 03/22/24		200,000		197,005
5.750% due 05/11/47		200,000		159,017
6.000% due 03/25/27		200,000		192,252
6.125% due 10/24/28		200,000		190,729
6.750% due 05/30/40		108,000		98,490
6.875% due 03/17/36		50,000		47,006
7.375% due 02/05/25		92,000		95,341
				1,300,659
Ukraine - 2.6%
Ukraine Government International 7.253% due 03/15/33 ~		207,000		191,226
7.375% due 09/25/32 ~		728,000		685,932
7.750% due 09/01/21 ~		100,000		102,656

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-40

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
7.750% due 09/01/23 ~		$214,000		$218,243
7.750% due 09/01/25 ~		267,000		268,454
7.750% due 09/01/26 ~		200,000		199,492
7.750% due 09/01/27 ~		126,000		125,119
15.840% due 02/26/25 ~		UAH 1,247,000		50,166
16.000% due 08/11/21 ~		413,000		15,364
17.000% due 05/11/22 ~		397,000		15,368
17.250% due 01/05/22 ~		205,000		7,824
				1,879,844
United Arab Emirates - 0.7%
Abu Dhabi Government International 3.125% due 09/30/49 ~		$200,000		214,640
3.875% due 04/16/50 ~		243,000		297,675
				512,315
Uruguay - 2.2%
Uruguay Government International 3.875% due 07/02/40 ^		UYU 9,942,000		271,855
4.125% due 11/20/45		$105,548		125,735
4.375% due 12/15/28 ^		UYU 893,362		23,810
4.975% due 04/20/55		$351,218		468,437
5.100% due 06/18/50		140,864		189,539
7.625% due 03/21/36		125,000		195,068
7.875% due 01/15/33		158,000		244,277
8.500% due 03/15/28 ~		UYU 2,269,000		55,488
9.875% due 06/20/22 ~		1,102,000		27,165
				1,601,374
Venezuela - 0.3%
Venezuela Government International 7.750% due 10/13/20 * Y ~		$85,000		6,800
8.250% due 10/13/24 * Y ~		166,100		13,288
9.000% due 05/07/23 * Y ~		73,000		5,840
9.250% due 09/15/27 * Y		252,000		20,160
9.250% due 05/07/28 * Y ~		121,000		9,680
11.750% due 10/21/26 * Y ~		768,700		61,496
11.950% due 08/05/31 * Y ~		1,255,900		100,472
12.750% due 08/23/22 * Y ~		211,000		16,880
				234,616
Vietnam - 0.3%
Vietnam Government International 4.800% due 11/19/24 ~		207,000		231,866
Zambia - 0.2%
Zambia Government International 8.970% due 07/30/27 ~		307,000		151,422
Total Foreign Government Bonds & Notes (Cost $50,964,987)				50,321,715
SHORT-TERM INVESTMENTS - 2.3%
Foreign Government Issues - 0.4%
Uruguay Monetary Regulation Bill (Uruguay) 6.242% due 12/18/20		UYU 146,000		3,386
6.617% due 02/05/21		363,000		8,341
6.698% due 02/19/21		299,000		6,851
6.805% due 03/10/21		864,000		19,722
6.938% due 03/19/21		681,000		15,511
7.120% due 06/09/21		669,000		14,992
7.144% due 06/18/21		3,042,000		68,042
7.221% due 07/21/21		932,000		20,705
7.254% due 08/06/21		4,080,000		90,340
7.435% due 12/08/21		573,000		12,364
				260,254

	Shares		Value
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		1,398,194		$1,398,194
Total Short-Term Investments (Cost $1,661,151)				1,658,448
TOTAL INVESTMENTS - 98.5% (Cost $72,069,237)				71,597,265
DERIVATIVES - 0.1%				50,772
OTHER ASSETS & LIABILITIES, NET - 1.4%				1,030,317
NET ASSETS - 100.0%				$72,678,354

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	69.2%
Corporate Bonds & Notes	27.0%
Others (each less than 3.0%)	2.3%
	98.5%
Derivatives	0.1%
Other Assets & Liabilities, Net	1.4%
	100.0%

(b) As of September 30, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Brazil	8.8%
Mexico	7.0%
Indonesia	6.8%
Colombia	5.3%
Ecuador	5.0%
Ukraine	4.0%
South Africa	3.5%
Russia	3.3%
Chile	3.2%
Peru	3.1%
Others (each less than 3.0%) (Includes Short-Term Investments)	48.5%
	98.5%
Derivatives	0.1%
Other Assets & Liabilities, Net	1.4%
	100.0%

(c) Investments with a total aggregate value of $13,134 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.

(d) Investments with a total aggregate value of $1,003,154 or 1.4% of the Fund’s net assets were in default as of September 30, 2020.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-41

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(e) Forward foreign currency contracts outstanding as of September 30, 2020 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	764,150	USD	145,000	10/20	BNP		$—		($8,938	)
BRL	5,868,951	USD	1,053,104	10/20	HSB		—		(8,098	)
BRL	2,800,000	USD	496,084	11/20	BSC		2,041		—
CLP	53,723,521	USD	70,144	10/20	BNP		—		(1,694	)
CLP	64,656,661	USD	82,639	10/20	BSC		—		(259	)
CLP	337,959,700	USD	445,000	10/20	CSF		—		(14,401	)
CNH	1,458,984	USD	212,000	11/20	BRC		2,136		—
CNH	1,449,570	USD	211,000	11/20	DUB		1,754		—
CNH	19,749,423	USD	2,877,642	11/20	HSB		20,995		—
CNH	1,380,930	USD	201,000	11/20	SCB		1,680		—
COP	1,140,492,000	USD	300,000	10/20	DUB		—		(2,452	)
COP	870,000,000	USD	225,719	10/20	JPM		1,259		—
COP	867,978,488	USD	235,314	10/20	MER		—		(8,863	)
CZK	7,806,422	USD	337,300	10/20	BNP		984		—
CZK	19,113,725	USD	823,768	11/20	MER		4,620		—
HUF	51,952,422	USD	172,740	10/20	HSB		—		(5,241	)
HUF	246,205,535	USD	787,694	11/20	BRC		5,613		—
IDR	300,518,795	USD	20,035	11/20	HSB		54		—
IDR	5,413,843,392	USD	362,485	11/20	SCB		—		(597	)
ILS	712,364	USD	206,467	11/20	MER		1,647		—
INR	8,890,800	USD	120,000	11/20	ANZ		123		—
INR	80,859,769	USD	1,091,533	11/20	HSB		960		—
KRW	1,537,955,827	USD	1,299,059	10/20	BNP		19,920		—
KRW	731,000,000	USD	616,935	10/20	BRC		9,984		—
KRW	942,920,000	USD	797,053	10/20	HSB		11,612		—
MXN	342,517	USD	15,447	10/20	BNP		—		(13	)
MXN	184,188	USD	8,245	10/20	BRC		54		—
MXN	66,793,586	USD	2,953,378	10/20	BSC		56,292		—
MXN	442,503	USD	20,029	10/20	DUB		—		(90	)
MXN	8,647,382	USD	385,098	10/20	HSB		4,546		—
MXN	8,870,069	USD	420,000	10/20	MER		—		(20,321	)
MYR	471,112	USD	113,427	11/20	DUB		—		(215	)
PEN	438,093	USD	121,896	10/20	CIT		—		(325	)
PEN	141,680	USD	40,000	10/20	MER		—		(684	)
PHP	14,813,862	USD	303,893	11/20	DUB		1,211		—
PLN	3,121,705	USD	834,132	10/20	BRC		—		(26,473	)
PLN	3,121,705	USD	835,815	10/20	MER		—		(28,156	)
PLN	683,565	USD	170,687	11/20	BNP		6,182		—
PLN	469,816	USD	120,452	11/20	DUB		1,111		—
PLN	986,397	USD	249,207	11/20	ING		6,018		—
PLN	1,096,237	USD	282,630	01/21	BNP		1,074		—
RON	498,801	USD	121,246	10/20	JPM		—		(1,524	)
RON	1,593,659	USD	380,303	11/20	BNP		1,476		—
RUB	54,587,000	USD	705,869	10/20	HSB		—		(5,084	)
RUB	54,587,562	USD	703,131	10/20	JPM		—		(2,338	)
RUB	7,675,659	USD	96,800	11/20	JPM		1,442		—
RUB	22,122,491	USD	279,390	11/20	MER		3,760		—
SGD	149,265	USD	110,000	11/20	ANZ		—		(646	)
SGD	1,605,570	USD	1,173,002	11/20	MSC		3,266		—
THB	16,897,850	USD	542,364	10/20	BRC		—		(9,133	)
THB	25,000,000	USD	801,799	10/20	HSB		—		(12,894	)
THB	1,502,000	USD	48,179	11/20	DUB		—		(783	)
THB	2,104,864	USD	67,120	11/20	HSB		—		(701	)
THB	2,026,700	USD	65,000	11/20	MSC		—		(1,048	)
THB	2,800,000	USD	89,419	11/20	SCB		—		(1,065	)
TRY	91,519	USD	11,769	10/20	HSB		60		—
TRY	620,045	USD	78,885	10/20	JPM		768		—
TWD	26,352,583	USD	904,592	10/20	BNP		9,476		—
TWD	2,167,125	USD	75,000	10/20	SCB		169		—
USD	1,182,202	BRL	6,633,101	10/20	HSB		1,134		—
USD	329,240	BRL	1,853,720	11/20	CIT		—		(540	)
USD	1,052,274	BRL	5,868,951	11/20	HSB		8,176		—
USD	120,000	CLP	90,825,600	10/20	CSF		4,278		—
USD	80,710	CLP	63,713,281	10/20	DUB		—		(468	)
USD	285,000	CLP	221,188,500	10/20	MSC		3,181		—
USD	295,113	CNH	2,022,590	11/20	JPM		—		(1,743	)
USD	251,570	COP	976,650,085	10/20	MSC		—		(3,233	)
USD	172,200	CZK	3,986,061	10/20	BNP		—		(533	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-42

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	821,762	EUR	693,331	10/20		BNP		$8,629		$—
USD	140,600	HUF	43,742,991	10/20		JPM		—		(431	)
USD	147,428	INR	10,928,809	11/20		HSB		—		(231	)
USD	345,395	KRW	404,042,608	10/20		HSB		—		(1,120	)
USD	704,580	MXN	15,737,624	10/20		MER		—		(4,546	)
USD	294,766	PEN	1,046,089	10/20		BNP		4,476		—
USD	25,616	PHP	1,244,659	11/20		ANZ		—		(19	)
USD	336,400	PLN	1,298,373	10/20		CIT		480		—
USD	1,661	PLN	6,481	10/20		SCB		—		(16	)
USD	66,600	RON	277,113	10/20		BRC		87		—
USD	253,800	RUB	20,035,962	10/20		CIT		—		(3,421	)
USD	165,613	SGD	226,716	10/20		MSC		—		(478	)
USD	191,779	THB	6,090,695	11/20		BNP		—		(413	)
USD	87	TRY	668	10/20		HSB		1		—
USD	12,218	TRY	90,851	10/20		JPM		476		—
USD	4,293	TRY	33,531	11/20		BRC		23		—
USD	61,606	TRY	453,286	11/20		HSB		3,478		—
USD	11,410	TRY	91,519	01/21		HSB		—		(68	)
USD	154,372	TWD	4,442,992	11/20		BRC		—		(468	)
USD	86,800	ZAR	1,476,409	10/20		MSC		—		(1,020	)
ZAR	8,367,666	USD	488,366	10/20		MER		9,357		—
Total Forward Foreign Currency Contracts								$226,063		($180,784	)

(f) Swap agreements outstanding as of September 30, 2020 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		$18,082			$—		$18,082
6.570%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		BRL 3,510,903		5,965			—		5,965
2.535%	7-Day CNY-RRR	Q / Q	LCH		03/18/25		CNY 751,180		(434	)		—		(434	)
2.575%	7-Day CNY-RRR	Q / Q	LCH		03/18/25		1,437,000		(473	)		—		(473	)
2.580%	7-Day CNY-RRR	Q / Q	LCH		03/18/25		1,376,000		(410	)		—		(410	)
2.582%	7-Day CNY-RRR	Q / Q	LCH		03/18/25		721,000		(208	)		—		(208	)
2.325%	7-Day CNY-RRR	Q / Q	LCH		09/16/25		7,000,000		(15,608	)		—		(15,608	)
2.535%	7-Day CNY-RRR	Q / Q	LCH		09/16/25		1,810,000		(1,421	)		—		(1,421	)
Total Interest Rate Swaps									$5,493			$—		$5,493

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		$—		$24,047
Liabilities		—		(18,554	)
		$—		$5,493

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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-70 and A-71

A-43

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$19,617,102			$—		$19,617,102			$—
	Foreign Government Bonds & Notes		50,321,715			—		50,321,715			—
	Short-Term Investments		1,658,448			1,398,194		260,254			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		226,063			—		226,063			—
	Interest Rate Contracts
	Swaps		24,047			—		24,047			—
	Total Assets - Derivatives		250,110			—		250,110			—
	Total Assets		71,847,375			1,398,194		70,449,181			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(180,784	)		—		(180,784	)		—
	Interest Rate Contracts
	Swaps		(18,554	)		—		(18,554	)		—
	Total Liabilities - Derivatives		(199,338	)		—		(199,338	)		—
	Total Liabilities		(199,338	)		—		(199,338	)		—
	Total		$71,648,037			$1,398,194		$70,249,843			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-44

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Basic Materials - 1.4%
The Sherwin-Williams Co		3,393		$2,364,039
				2,364,039
Communications - 23.7%
Alibaba Group Holding Ltd ADR (China) *		5,175		1,521,347
Alphabet Inc ‘C’ *		1,418		2,083,893
Alphabet Inc ‘A’ *		4,515		6,617,184
Amazon.com Inc *		5,009		15,771,989
Charter Communications Inc ‘A’ *		4,554		2,843,244
Facebook Inc ‘A’ *		23,836		6,242,648
Match Group Inc *		6,810		753,527
Netflix Inc *		6,483		3,241,694
Shopify Inc ‘A’ (Canada) *		800		818,376
Spotify Technology SA *		2,244		544,327
				40,438,229
Consumer, Cyclical - 2.8%
Chipotle Mexican Grill Inc *		852		1,059,641
Costco Wholesale Corp		602		213,710
Dollar General Corp		5,882		1,232,985
Lululemon Athletica Inc *		2,955		973,288
NIKE Inc ‘B’		9,111		1,143,795
Starbucks Corp		2,242		192,633
				4,816,052
Consumer, Non-Cyclical - 23.9%
Abbott Laboratories		18,729		2,038,277
Alnylam Pharmaceuticals Inc *		3,836		558,522
Becton Dickinson and Co		4,091		951,894
Boston Scientific Corp *		46,116		1,762,092
Colgate-Palmolive Co		24,199		1,866,953
CoStar Group Inc *		1,649		1,399,193
Danaher Corp		16,484		3,549,500
Edwards Lifesciences Corp *		11,913		950,896
Eli Lilly and Co		3,428		507,412
Equifax Inc		2,477		388,641
Global Payments Inc		10,167		1,805,456
IHS Markit Ltd		15,857		1,244,933
Illumina Inc *		3,362		1,039,127
Livongo Health Inc *		5,358		750,388
Merck & Co Inc		10,733		890,302
PayPal Holdings Inc *		20,215		3,982,961
Seattle Genetics Inc *		4,352		851,643
Square Inc ‘A’ *		11,878		1,930,769
STERIS PLC		2,796		492,627
The Estee Lauder Cos Inc ‘A’		5,503		1,201,030
Thermo Fisher Scientific Inc		8,684		3,834,160
TransUnion		12,685		1,067,189
UnitedHealth Group Inc		1,801		561,498
Verisk Analytics Inc		14,684		2,721,092
Vertex Pharmaceuticals Inc *		6,526		1,775,855
Zoetis Inc		16,133		2,667,914
				40,790,324
Financial - 9.1%
American Tower Corp REIT		7,647		1,848,509
Aon PLC ‘A’		7,652		1,578,608
Equinix Inc REIT		1,848		1,404,720
Mastercard Inc ‘A’		17,333		5,861,501
Visa Inc ‘A’		24,800		4,959,256
				15,652,594

	Shares		Value
Industrial - 2.9%
AMETEK Inc		9,106		$905,136
Canadian Pacific Railway Ltd (Canada)		3,385		1,030,496
Roper Technologies Inc		4,081		1,612,444
Vulcan Materials Co		10,182		1,380,068
				4,928,144
Technology - 35.5%
Activision Blizzard Inc		19,431		1,572,940
Adobe Inc *		15,398		7,551,641
Apple Inc		36,620		4,240,962
Applied Materials Inc		10,285		611,443
ASML Holding NV (Netherlands)		2,449		904,342
Atlassian Corp PLC ‘A’ *		4,594		835,143
Autodesk Inc *		2,283		527,396
Black Knight Inc *		5,686		494,966
Cadence Design Systems Inc *		16,586		1,768,565
Clarivate PLC (United Kingdom) *		49,689		1,539,862
Electronic Arts Inc *		16,925		2,207,189
Fidelity National Information Services Inc		12,502		1,840,419
Fiserv Inc *		10,465		1,078,418
Intuit Inc		9,198		3,000,480
Lam Research Corp		3,518		1,167,097
Microsoft Corp		78,432		16,496,603
MSCI Inc		6,795		2,424,320
NVIDIA Corp		7,252		3,924,927
salesforce.com Inc *		17,587		4,419,965
ServiceNow Inc *		4,139		2,007,415
Snowflake Inc ‘A’ *		741		185,991
Synopsys Inc *		3,768		806,277
Take-Two Interactive Software Inc *		6,014		993,633
				60,599,994
Total Common Stocks (Cost $62,933,739)				169,589,376
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		186,681		186,681
Total Short-Term Investment (Cost $186,681)				186,681
TOTAL INVESTMENTS - 99.4% (Cost $63,120,420)				169,776,057
OTHER ASSETS & LIABILITIES, NET - 0.6%				1,006,721
NET ASSETS - 100.0%				$170,782,778

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	35.5%
Consumer, Non-Cyclical	23.9%
Communications	23.7%
Financial	9.1%
Others (each less than 3.0%)	7.2%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-45

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$169,589,376		$169,589,376		$—		$—
	Short-Term Investment		186,681		186,681		—		—
	Total		$169,776,057		$169,776,057		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-46

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.4%
Basic Materials - 3.8%
Air Products and Chemicals Inc		10,717		$3,192,166
PPG Industries Inc		17,457		2,131,150
				5,323,316
Communications - 16.8%
Alphabet Inc ‘A’ *		1,280		1,875,968
Charter Communications Inc ‘A’ *		9,608		5,998,659
Comcast Corp ‘A’		121,987		5,643,118
DISH Network Corp ‘A’ *		130,702		3,794,279
Motorola Solutions Inc		19,344		3,033,333
T-Mobile US Inc *		28,797		3,293,225
				23,638,582
Consumer, Cyclical - 2.5%
The Home Depot Inc		12,862		3,571,906
Consumer, Non-Cyclical - 16.9%
AmerisourceBergen Corp		20,087		1,946,832
Amgen Inc		9,483		2,410,199
Anthem Inc		8,799		2,363,323
CVS Health Corp		27,193		1,588,071
Johnson & Johnson		21,919		3,263,301
Keurig Dr Pepper Inc		63,096		1,741,450
Merck & Co Inc		21,813		1,809,388
Novartis AG ADR (Switzerland)		14,863		1,292,486
PepsiCo Inc		12,286		1,702,840
Pfizer Inc		41,008		1,504,994
Reynolds Consumer Products Inc		66,934		2,049,519
UnitedHealth Group Inc		6,892		2,148,719
				23,821,122
Energy - 3.9%
Chevron Corp		25,002		1,800,144
ConocoPhillips		37,417		1,228,774
Enterprise Products Partners LP		84,107		1,328,049
Suncor Energy Inc (Canada)		91,120		1,114,398
				5,471,365
Financial - 21.7%
American Express Co		28,932		2,900,433
American Tower Corp REIT		18,656		4,509,715
Bank of America Corp		212,108		5,109,682
Berkshire Hathaway Inc ‘B’ *		11,058		2,354,690
JPMorgan Chase & Co		53,408		5,141,588
Marsh & McLennan Cos Inc		21,624		2,480,273
The Bank of New York Mellon Corp		30,532		1,048,469
The Charles Schwab Corp		41,938		1,519,414
The Progressive Corp		24,587		2,327,651
The Travelers Cos Inc		16,053		1,736,774
US Bancorp		39,926		1,431,347
				30,560,036

	Shares		Value
Industrial - 21.1%
Deere & Co		18,365		$4,070,235
Honeywell International Inc		25,197		4,147,678
Illinois Tool Works Inc		14,583		2,817,582
Martin Marietta Materials Inc		6,681		1,572,440
Northrop Grumman Corp		7,115		2,244,711
Otis Worldwide Corp		27,662		1,726,662
Raytheon Technologies Corp		52,453		3,018,146
TE Connectivity Ltd		43,545		4,256,088
United Parcel Service Inc ‘B’		23,957		3,991,955
Vertiv Holdings Co *		106,652		1,847,213
				29,692,710
Technology - 5.5%
Apple Inc		14,055		1,627,709
Lam Research Corp		7,449		2,471,206
Microsoft Corp		9,570		2,012,858
Oracle Corp		28,567		1,705,450
				7,817,223
Utilities - 5.2%
Edison International		63,251		3,215,681
Sempra Energy		34,331		4,063,417
				7,279,098
Total Common Stocks (Cost $77,880,174)				137,175,358
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund – 2.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		3,821,110		3,821,110
Total Short-Term Investment (Cost $3,821,110)				3,821,110
TOTAL INVESTMENTS - 100.1% (Cost $81,701,284)				140,996,468
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(184,725	)
NET ASSETS - 100.0%				$140,811,743

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	21.7%
Industrial	21.1%
Consumer, Non-Cyclical	16.9%
Communications	16.8%
Technology	5.5%
Utilities	5.2%
Energy	3.9%
Basic Materials	3.8%
Others (each less than 3.0%)	5.2%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$137,175,358		$137,175,358		$—		$—
	Short-Term Investment		3,821,110		3,821,110		—		—
	Total		$140,996,468		$140,996,468		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-47

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 48.7%
Basic Materials - 1.1%
Anglo American Capital PLC (South Africa)
4.125% due 04/15/21 ~		$1,600,000		$1,625,115
5.375% due 04/01/25 ~		2,500,000		2,876,087
DuPont de Nemours Inc 1.390% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,069,525
Glencore Funding LLC (Australia) 3.000% due 10/27/22 ~		1,600,000		1,657,336
Nutrition & Biosciences Inc 0.697% due 09/15/22 ~		500,000		500,932
				11,728,995
Communications - 1.8%
AT&T Inc 1.429% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,893,332
eBay Inc
1.138% (USD LIBOR + 0.870%) due 01/30/23 §		350,000		353,757
1.900% due 03/11/25		2,500,000		2,605,329
3.800% due 03/09/22		3,060,000		3,200,698
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		2,493,750		2,525,583
Verizon Communications Inc 1.237% (USD LIBOR + 1.000%) due 03/16/22 §		2,000,000		2,023,244
				18,601,943
Consumer, Cyclical - 3.8%
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		2,000,000		2,066,235
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		3,600,000		3,622,262
3.750% due 11/05/21 ~		1,500,000		1,550,659
Ford Motor Credit Co LLC
1.331% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,033,054
3.087% due 01/09/23		1,000,000		981,980
3.336% due 03/18/21		2,000,000		2,003,600
General Motors Financial Co Inc
1.530% (USD LIBOR + 1.310%) due 06/30/22 §		5,700,000		5,683,993
4.200% due 03/01/21		3,000,000		3,036,810
Hasbro Inc 3.150% due 05/15/21		1,520,000		1,536,584
Marriott International Inc 0.898% (USD LIBOR + 0.650%) due 03/08/21 §		3,000,000		2,988,019
Nissan Motor Acceptance Corp
0.857% (USD LIBOR + 0.630%) due 09/21/21 § ~		2,500,000		2,476,917
0.874% (USD LIBOR + 0.650%) due 07/13/22 § ~		1,700,000		1,661,566
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,184,657
Volkswagen Group of America Finance LLC (Germany) 3.875% due 11/13/20 ~		5,000,000		5,019,366
				38,845,702
Consumer, Non-Cyclical - 7.3%
AbbVie Inc 2.150% due 11/19/21 ~		6,100,000		6,215,575
Anthem Inc 2.375% due 01/15/25		1,200,000		1,276,052

	Principal Amount		Value
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22	$	2,500,000	$	2,592,092
BAT International Finance PLC (United Kingdom) 3.500% due 06/15/22 ~		3,200,000		3,355,078
Bayer US Finance II LLC (Germany)
1.260% (USD LIBOR + 1.010%) due 12/15/23 § ~		2,000,000		2,019,519
3.500% due 06/25/21 ~		1,750,000		1,785,325
Bristol Myers Squibb Co 2.900% due 07/26/24		2,000,000		2,170,253
Campbell Soup Co 0.880% (USD LIBOR + 0.630%) due 03/15/21 §		585,000		586,113
Cargill Inc 1.375% due 07/23/23 ~		1,000,000		1,023,238
Cigna Corp 1.165% (USD LIBOR + 0.890%) due 07/15/23 §		8,678,000		8,772,457
Constellation Brands Inc 0.980% (USD LIBOR + 0.700%) due 11/15/21 §		2,500,000		2,500,185
General Mills Inc 1.283% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,141,611
Gilead Sciences Inc 0.750% due 09/29/23		3,750,000		3,758,189
GlaxoSmithKline Capital PLC (United Kingdom) due 10/01/23 #		4,150,000		4,154,305
Kellogg Co 2.650% due 12/01/23		1,500,000		1,591,435
Mondelez International Inc 2.125% due 04/13/23		1,650,000		1,713,516
PayPal Holdings Inc
1.350% due 06/01/23		1,750,000		1,788,565
2.200% due 09/26/22		7,500,000		7,756,300
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		2,031,855
Royalty Pharma PLC 0.750% due 09/02/23 ~		1,950,000		1,946,076
Smithfield Foods Inc 3.350% due 02/01/22 ~		2,500,000		2,527,790
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		1,000,000		1,046,533
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,576,395
Upjohn Inc 1.125% due 06/22/22 ~		2,050,000		2,066,854
				74,395,311
Energy - 2.1%
Energy Transfer Operating LP
3.600% due 02/01/23		3,400,000		3,495,421
4.250% due 03/15/23		1,519,000		1,581,277
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,109,161
Kinder Morgan Inc 5.625% due 11/15/23 ~		915,000		1,031,871
Midwest Connector Capital Co LLC 3.625% due 04/01/22 ~		1,250,000		1,259,769
MPLX LP 3.375% due 03/15/23		1,500,000		1,581,534
3.500% due 12/01/22		1,606,000		1,683,920
Valero Energy Corp
1.200% due 03/15/24		4,170,000		4,155,802
1.403% (USD LIBOR + 1.150%) due 09/15/23 §		5,000,000		4,985,011
				21,883,766

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-48

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Financial - 25.5%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22	$	960,000	$	972,353
AIG Global Funding 0.685% (USD LIBOR + 0.460%) due 06/25/21 § ~		2,000,000		2,005,500
Air Lease Corp
2.625% due 07/01/22		1,500,000		1,518,656
3.500% due 01/15/22		2,650,000		2,719,070
American Express Co 0.901% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,032,620
Banco Santander SA (Spain) 2.706% due 06/27/24		2,900,000		3,072,543
2.746% due 05/28/25		1,250,000		1,315,551
Bank of America Corp 1.432% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,425,035
2.503% due 10/21/22		600,000		612,833
Canadian Imperial Bank of Commerce (Canada) 0.881% (SOFR + 0.800%) due 03/17/23 §		1,200,000		1,209,475
Capital One Financial Corp 2.600% due 05/11/23		2,800,000		2,931,872
3.450% due 04/30/21		2,500,000		2,540,298
Capital One NA 2.150% due 09/06/22		2,000,000		2,056,332
Citibank NA 3.165% due 02/19/22		6,000,000		6,065,173
Citigroup Inc 1.205% (USD LIBOR + 0.960%) due 04/25/22 §		2,000,000		2,019,894
2.312% due 11/04/22		1,500,000		1,529,763
Citizens Bank NA 1.168% (USD LIBOR + 0.950%) due 03/29/23 §		4,000,000		4,044,175
Cooperatieve Rabobank UA (Netherlands) 1.093% (USD LIBOR + 0.860%) due 09/26/23 § ~		2,500,000		2,532,253
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		1,750,000		1,769,296
Duke Realty LP REIT 3.875% due 10/15/22		2,000,000		2,109,014
Fifth Third Bank NA 1.800% due 01/30/23		5,000,000		5,146,353
Intercontinental Exchange Inc 0.700% due 06/15/23		1,000,000		1,003,738
0.903% (USD LIBOR + 0.650%) due 06/15/23 §		1,250,000		1,254,027
3.450% due 09/21/23		2,200,000		2,382,054
Jackson National Life Global Funding 2.500% due 06/27/22 ~		1,850,000		1,912,242
3.300% due 02/01/22 ~		2,650,000		2,751,123
JPMorgan Chase & Co 1.145% (USD LIBOR + 0.900%) due 04/25/23 §		2,000,000		2,016,959
1.146% (USD LIBOR + 0.890%) due 07/23/24 §		1,000,000		1,008,767
2.972% due 01/15/23		2,500,000		2,581,111
3.250% due 09/23/22		1,200,000		1,269,002
Metropolitan Life Global Funding I 3.450% due 10/09/21 ~		2,100,000		2,166,353
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,186,997
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		2,350,000		2,351,737
0.981% (USD LIBOR + 0.740%) due 03/02/23 §		5,300,000		5,328,832

	Principal Amount		Value
1.035% (USD LIBOR + 0.790%) due 07/25/22 §	$	4,000,000	$	4,031,876
2.623% due 07/18/22		1,050,000		1,089,002
Mitsubishi UFJ Trust & Banking Corp (Japan) 2.650% due 10/19/20 ~		6,000,000		6,006,936
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		3,025,339
Morgan Stanley 0.912% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,506,354
1.664% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,524,876
5.750% due 01/25/21		3,458,000		3,517,399
New York Life Global Funding 0.664% (USD LIBOR + 0.440%) due 07/12/22 § ~		2,000,000		2,011,314
0.770% (USD LIBOR + 0.520%) due 06/10/22 § ~		2,000,000		2,013,109
3.250% due 08/06/21 ~		1,500,000		1,538,508
PNC Bank NA 0.581% (USD LIBOR + 0.325%) due 02/24/23 §		3,350,000		3,354,419
0.708% (USD LIBOR + 0.450%) due 07/22/22 §		1,900,000		1,905,567
Protective Life Global Funding 0.753% (USD LIBOR + 0.520%) due 06/28/21 § ~		3,000,000		3,009,360
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,150,626
Royal Bank of Canada (Canada) 0.894% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,041,323
3.700% due 10/05/23		400,000		437,177
Skandinaviska Enskilda Banken AB (Sweden)
0.550% due 09/01/23 ~		5,000,000		5,006,925
0.566% (USD LIBOR + 0.320%) due 09/01/23 § ~		6,500,000		6,501,742
State Street Corp 2.825% due 03/30/23 ~		2,000,000		2,070,388
Sumitomo Mitsui Financial Group Inc (Japan)
1.013% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,145,158
1.071% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,565,032
1.132% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,045,347
2.784% due 07/12/22		2,500,000		2,599,245
Synchrony Bank 3.650% due 05/24/21		1,000,000		1,015,206
The Bank of New York Mellon Corp 2.100% due 10/24/24		3,000,000		3,178,758
The Goldman Sachs Group Inc 1.006% (USD LIBOR + 0.750%) due 02/23/23 §		7,089,000		7,116,160
3.625% due 02/20/24		2,300,000		2,500,993
The Toronto-Dominion Bank (Canada)
0.750% due 06/12/23		5,000,000		5,031,989
0.912% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,118,442
Truist Bank 0.813% (SOFR + 0.730%) due 03/09/23 §		2,250,000		2,268,756
0.841% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		6,021,615
0.870% (USD LIBOR + 0.590%) due 05/17/22 §		10,000,000		10,067,257
UBS AG (Switzerland) 1.750% due 04/21/22 ~		2,250,000		2,291,544

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-49

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~	$	1,500,000	$	1,504,326
2.650% due 02/01/22 ~		2,500,000		2,572,363
US Bank NA 0.696% (USD LIBOR + 0.440%) due 05/23/22 §		10,000,000		10,049,709
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,724,904
Wells Fargo & Co
1.374% (USD LIBOR + 1.110%) due 01/24/23 §		9,800,000		9,876,136
1.654% due 06/02/24		3,750,000		3,821,419
2.625% due 07/22/22		7,000,000		7,265,339
Westpac Banking Corp (Australia)
0.943% (USD LIBOR + 0.710%) due 06/28/22 §		2,750,000		2,777,172
1.000% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,771,178
3.650% due 05/15/23		3,251,000		3,518,452
				259,429,741
Industrial - 2.1%
Carrier Global Corp 1.923% due 02/15/23 ~		4,800,000		4,941,205
John Deere Capital Corp
0.648% (USD LIBOR + 0.400%) due 06/07/21 §		3,000,000		3,006,329
0.739% (USD LIBOR + 0.490%) due 06/13/22 §		3,000,000		3,017,092
Otis Worldwide Corp
0.684% (USD LIBOR + 0.450%) due 04/05/23 §		1,400,000		1,400,956
2.056% due 04/05/25		2,000,000		2,103,840
Roper Technologies Inc 0.450% due 08/15/22		1,400,000		1,400,137
Ryder System Inc 2.500% due 09/01/24		2,000,000		2,103,924
The Boeing Co 4.508% due 05/01/23		3,000,000		3,160,863
				21,134,346
Technology - 2.1%
Apple Inc 0.750% due 05/11/23		2,450,000		2,473,363
Broadcom Inc 3.125% due 10/15/22		6,000,000		6,281,298
Hewlett Packard Enterprise Co
0.929% (USD LIBOR + 0.680%) due 03/12/21 §		2,145,000		2,149,473
0.954% (USD LIBOR + 0.720%) due 10/05/21 §		2,100,000		2,100,304
Infor Inc 1.450% due 07/15/23 ~		1,000,000		1,014,368
Intuit Inc 0.650% due 07/15/23		1,700,000		1,710,559
Oracle Corp 2.500% due 04/01/25		2,450,000		2,629,153
VMware Inc 4.500% due 05/15/25		2,350,000		2,661,560
				21,020,078
Utilities - 2.9%
American Electric Power Co Inc 3.650% due 12/01/21		1,250,000		1,294,969
Consolidated Edison Co of New York Inc 0.625% (USD LIBOR + 0.400%) due 06/25/21 §		3,000,000		3,007,338
Dominion Energy Inc
0.776% (USD LIBOR + 0.530%) due 09/15/23 §		1,450,000		1,452,532
2.715% due 08/15/21		1,000,000		1,018,737

	Principal Amount		Value
DTE Energy Co 1.050% due 06/01/25	$	1,000,000	$	1,002,984
Edison International 4.950% due 04/15/25		1,500,000		1,644,887
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,580,552
Evergy Inc 2.450% due 09/15/24		4,176,000		4,426,518
Florida Power & Light Co 0.641% (USD LIBOR + 0.380%) due 07/28/23 §		1,950,000		1,951,516
NiSource Inc 0.950% due 08/15/25		800,000		800,329
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,932,071
Pacific Gas and Electric Co 1.750% due 06/16/22		4,500,000		4,505,451
Public Service Enterprise Group Inc 0.800% due 08/15/25		2,800,000		2,785,511
Xcel Energy Inc 0.500% due 10/15/23		650,000		649,784
				29,053,179
Total Corporate Bonds & Notes (Cost $486,880,604)				496,093,061
ASSET-BACKED SECURITIES - 6.6%
AIMCO CLO (Cayman) 1.125% (USD LIBOR + 0.850%) due 01/15/28 § ~		807,895		804,501
Ally Auto Receivables Trust
1.750% due 12/15/21		121,428		121,532
1.930% due 10/17/22		3,259,222		3,273,542
2.060% due 10/17/22		786,595		789,916
2.850% due 03/15/22		136,287		136,429
AmeriCredit Automobile Receivables Trust
0.450% (USD LIBOR + 0.300%) due 01/18/23 §		1,065,609		1,066,709
0.600% due 12/18/23		2,050,000		2,054,195
2.040% due 07/18/22		102,192		102,295
2.240% due 06/19/23		4,548,003		4,565,802
2.930% due 06/20/22		352,094		352,816
BMW Vehicle Owner Trust 0.390% due 02/27/23		2,250,000		2,251,517
Carmax Auto Owner Trust 3.020% due 07/15/22		259,048		259,636
CNH Equipment Trust 2.960% due 05/16/22		744,931		746,468
Ford Credit Auto Owner Trust 0.392% (USD LIBOR + 0.240%) due 02/15/22 §		408,836		408,947
0.500% due 02/15/23		5,600,000		5,608,240
1.030% due 10/15/22		1,351,946		1,356,400
1.880% due 07/15/22		2,707,328		2,722,175
2.780% due 02/15/22		731,721		734,300
GM Financial Consumer Automobile Receivables Trust
0.382% (USD LIBOR + 0.230%) due 08/16/22 §		1,836,032		1,836,360
1.500% due 03/16/23		1,889,562		1,901,590
1.830% due 01/17/23		343,626		345,472
Honda Auto Receivables Owner Trust 0.740% due 11/15/22		1,000,000		1,002,840
Hyundai Auto Receivables Trust 1.930% due 07/15/22		1,474,027		1,483,843
John Deere Owner Trust 0.410% due 03/15/23		1,000,000		1,001,023

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-50

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Mercedes-Benz Auto Receivables Trust 2.040% due 06/15/22	$	1,893,488	$	1,907,038
Navient Private Education Refi Loan Trust
0.502% (USD LIBOR + 0.350%) due 11/15/68 § ~		485,086		484,108
0.552% (USD LIBOR + 0.400%) due 12/15/59 § ~		2,017,384		2,015,273
1.800% due 01/15/69 ~		3,959,304		3,978,177
2.180% due 08/15/68 ~		807,620		810,587
Navient Student Loan Trust 0.478% (USD LIBOR + 0.330%) due 12/27/67 § ~		228,672		228,726
0.552% (USD LIBOR + 0.400%) due 12/15/59 § ~		257,966		257,726
Nelnet Student Loan Trust 0.366% (USD LIBOR + 0.110%) due 08/23/27 §		187,843		187,644
0.625% (USD LIBOR + 0.380%) due 04/25/31 § ~		224,160		223,517
Nissan Auto Receivables Owner Trust 0.978% due 04/15/21		110,680		110,712
1.450% due 12/15/22		2,000,000		2,013,023
2.820% due 01/18/22		603,958		605,358
3.070% due 10/15/21		26,133		26,162
Santander Drive Auto Receivables Trust 0.460% due 09/15/23		3,000,000		3,002,383
2.280% due 02/15/22		96,662		96,732
SLC Student Loan Trust 0.350% (USD LIBOR + 0.100%) due 09/15/26 §		391,020		390,901
SLM Student Loan Trust 0.335% (USD LIBOR + 0.090%) due 01/26/26 §		759,974		758,558
SMB Private Education Loan Trust 0.502% (USD LIBOR + 0.350%) due 07/15/26 § ~		1,743,303		1,744,985
2.490% due 06/15/27 ~		4,168,178		4,217,367
Toyota Auto Receivables Owner Trust 0.360% due 02/15/23		1,500,000		1,501,029
1.141% due 05/17/21		217,423		217,507
1.380% due 12/15/22		3,500,000		3,522,397
2.590% due 02/15/22		3,148,138		3,162,548
2.830% due 10/15/21		476,836		477,894
2.980% due 08/15/21		54,502		54,565
Verizon Owner Trust 2.060% due 04/20/22 ~		437,891		439,176
Total Asset-Backed Securities (Cost $67,170,958)				67,360,641
U.S. TREASURY OBLIGATIONS - 30.2%
U.S. Treasury Notes - 30.2%
0.125% due 05/31/22		15,000,000		14,997,656
0.500% due 03/15/23		5,000,000		5,043,750
1.125% due 02/28/22		15,000,000		15,210,352
1.375% due 01/31/22 ‡		27,000,000		27,446,133
1.500% due 01/15/23 ‡		30,000,000		30,931,641
1.625% due 06/30/21		18,000,000		18,198,232
1.750% due 03/31/22 ‡		20,000,000		20,482,812

	Principal Amount		Value
1.750% due 07/15/22	$	10,000,000	$	10,288,672
1.750% due 06/30/24 ‡		10,000,000		10,580,859
1.750% due 07/31/24		10,000,000		10,591,797
2.000% due 01/15/21		10,000,000		10,053,416
2.000% due 07/31/22		10,000,000		10,341,016
2.250% due 03/31/21		15,000,000		15,158,370
2.500% due 12/31/20		20,000,000		20,118,134
2.625% due 02/28/23		2,100,000		2,225,590
2.750% due 11/30/20		55,500,000		55,740,983
2.875% due 11/15/21		29,000,000		29,883,594
				307,293,007
Total U.S. Treasury Obligations (Cost $301,451,007)				307,293,007
	Shares
SHORT-TERM INVESTMENTS - 6.4%
Money Market Fund - 3.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		30,149,984		30,149,984
	Principal Amount
U.S. Treasury Bills - 3.4%
0.101% due 05/20/21		$35,000,000		34,977,542
Total Short-Term Investments (Cost $65,112,046)				65,127,526
TOTAL INVESTMENTS - 91.9% (Cost $920,614,615)				935,874,235
DERIVATIVES - 9.0%				91,746,145
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(9,643,792	)
NET ASSETS - 100.0%				$1,017,976,588

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	48.7%
U.S. Treasury Obligations	30.2%
Asset-Backed Securities	6.6%
Short-Term Investments	6.4%
	91.9%
Derivatives	9.0%
Other Assets & Liabilities, Net	(0.9%	)
	100.0%

(b) As of September 30, 2020, investments with a total aggregate value of $3,699,255 were fully or partially segregated with the broker(s)/custodian as collateral for open swap agreements.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-51

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(c) Open futures contracts outstanding as of September 30, 2020 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P Mid 400 E-Mini Index		12/20		77		$14,292,378		$14,290,430		$1,948

(d) Swap agreements outstanding as of September 30, 2020 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 1000 Growth Index		3-Month USD-LIBOR + 0.210%		Z		BRC		01/14/21		$39,326,460		$11,747,110			$—		$11,747,110
Russell 1000 Value Index		3-Month USD-LIBOR + 0.210%		Z		BRC		01/14/21		44,898,775		(4,286,303	)		—		(4,286,303	)
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.190%		Z		BRC		01/14/21		18,019,431		3,181,832			—		3,181,832
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.180%		Z		BRC		01/14/21		25,364,802		(2,679,225	)		—		(2,679,225	)
MSCI EAFE Index		3-Month USD-LIBOR - 0.110%		Z		MSC		01/14/21		31,282,446		(1,543,981	)		—		(1,543,981	)
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.030%		Z		BRC		03/23/21		13,202,035		8,259,338			—		8,259,338
Russell 1000 Value Index		3-Month USD-LIBOR + 0.030%		Z		BRC		03/23/21		14,889,803		5,210,922			—		5,210,922
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.010%		Z		BRC		03/23/21		6,879,292		3,081,612			—		3,081,612
Russell Mid-Cap Growth Index		3-Month USD-LIBOR - 0.350%		Z		CIT		03/23/21		4,986,834		3,103,414			—		3,103,414
MSCI EAFE Index		3-Month USD-LIBOR - 0.060%		Z		GSC		03/23/21		21,857,125		6,726,873			—		6,726,873
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.010%		Z		JPM		03/23/21		48,124,753		24,334,813			—		24,334,813
Russell 1000 Value Index		3-Month USD-LIBOR + 0.010%		Z		JPM		03/23/21		54,727,530		11,507,811			—		11,507,811
Russell Mid-Cap Growth Index		3-Month USD-LIBOR - 0.050%		Z		SGN		03/23/21		18,050,024		8,651,523			—		8,651,523
Russell Mid-Cap Value Index		3-Month USD-LIBOR - 0.050%		Z		SGN		03/23/21		24,721,778		6,894,080			—		6,894,080
Russell 1000 Value Index		3-Month USD-LIBOR + 0.110%		Z		BRC		06/17/21		115,674,346		(2,927,294	)		—		(2,927,294	)
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.070%		Z		BRC		06/17/21		12,690,782		1,004,497			—		1,004,497
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.080%		Z		BRC		06/17/21		98,673,875		(1,892,765	)		—		(1,892,765	)
MSCI EAFE Index		3-Month USD-LIBOR - 0.100%		Z		CIT		06/17/21		22,007,505		179,863			—		179,863
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.110%		Z		SGN		06/17/21		98,736,949		13,172,631			—		13,172,631
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		45,253,545		(25,233	)		—		(25,233	)
Russell 1000 Value Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		91,418,907		(1,725,385	)		—		(1,725,385	)
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.130%		Z		BOA		10/15/21		46,023,210		889,343			—		889,343
MSCI EAFE Index		3-Month USD-LIBOR - 0.120%		Z		BRC		10/15/21		45,296,715		(1,319,152	)		—		(1,319,152	)
												$91,546,324			$—		$91,546,324
Total Return Swaps – Short
Pay	Receive		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.040%		Z		BRC		10/15/21		$8,670,370		$197,873			$—		$197,873
Total Swap Agreements												$91,744,197			$—		$91,744,197

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		$—		$108,143,535
Liabilities		—		(16,399,338	)
		$—		$91,744,197

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-52

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(e) 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, 2020:

		Total Value at September 30, 2020			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$496,093,061			$—		$496,093,061			$—
	Asset-Backed Securities		67,360,641			—		67,360,641			—
	U.S. Treasury Obligations		307,293,007			—		307,293,007			—
	Short-Term Investments		65,127,526			30,149,984		34,977,542			—
	Derivatives:
	Equity Contracts
	Futures		1,948			1,948		—			—
	Swaps		108,143,535			—		108,143,535			—
	Total Equity Contracts		108,145,483			1,948		108,143,535			—
	Total Assets - Derivatives		108,145,483			1,948		108,143,535			—
	Total Assets		1,044,019,718			30,151,932		1,013,867,786			—
Liabilities	Derivatives:
	Equity Contracts
	Swaps		(16,399,338	)		—		(16,399,338	)		—
	Total Liabilities - Derivatives		(16,399,338	)		—		(16,399,338	)		—
	Total		$1,027,620,380			$30,151,932		$997,468,448			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-53

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND (Formerly named PF Developing Growth Fund)

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Basic Materials - 3.3%
Axalta Coating Systems Ltd *		13,828		$306,567
Ferro Corp *		19,016		235,798
Ingevity Corp *		6,108		301,980
RPM International Inc		1,750		144,970
				989,315
Communications - 5.9%
MakeMyTrip Ltd (India) *		9,484		145,674
Open Lending Corp ‘A’ *		12,039		306,995
Proofpoint Inc *		3,049		321,822
Q2 Holdings Inc *		5,488		500,835
Stamps.com Inc *		1,095		263,840
Zendesk Inc *		2,347		241,553
				1,780,719
Consumer, Cyclical - 7.0%
DraftKings Inc ‘A’ *		2,107		123,976
Malibu Boats Inc ‘A’ *		5,249		260,140
Manchester United PLC ‘A’ (United Kingdom)		21,842		317,583
Ollie’s Bargain Outlet Holdings Inc *		2,771		242,047
Penn National Gaming Inc *		2,641		192,001
Planet Fitness Inc ‘A’ *		2,443		150,537
Skechers USA Inc ‘A’ *		12,608		381,014
Thule Group AB (Sweden) * ~		5,007		165,228
Visteon Corp *		2,368		163,913
Vroom Inc *		2,215		114,693
				2,111,132
Consumer, Non-Cyclical - 31.5%
10X Genomics Inc ‘A’ *		841		104,856
Accolade Inc *		3,257		126,600
Acutus Medical Inc *		4,283		127,633
Adaptive Biotechnologies Corp *		5,760		280,109
Allovir Inc *		5,621		154,578
American Well Corp ‘A’ *		9,516		282,054
Amicus Therapeutics Inc *		17,483		246,860
Annexon Inc *		7,773		234,978
Avalara Inc *		1,748		222,590
Berkeley Lights Inc *		1,348		102,933
Bio-Techne Corp		709		175,641
Bioxcel Therapeutics Inc *		2,636		114,297
Bluebird Bio Inc *		3,126		168,648
Boyd Group Services Inc (Canada)		1,412		218,096
Bridgebio Pharma Inc *		3,772		141,525
Bright Horizons Family Solutions Inc *		1,008		153,256
Charles River Laboratories International Inc *		1,589		359,829
Collegium Pharmaceutical Inc *		5,183		107,910
Evo Payments Inc ‘A’ *		8,394		208,591
Grocery Outlet Holding Corp *		10,970		431,340
Guardant Health Inc *		2,242		250,611
GW Pharmaceuticals PLC ADR (United Kingdom) *		2,237		217,772
Harmony Biosciences Holdings Inc *		3,013		102,141
HealthEquity Inc *		1,799		92,415
ICON PLC (Ireland) *		1,332		254,532
Inspire Medical Systems Inc *		967		124,791
iRhythm Technologies Inc *		1,029		245,015
Laird Superfood Inc *		1,789		82,061
Merit Medical Systems Inc *		5,668		246,558
MorphoSys AG ADR (Germany) *		4,978		156,259
Neurocrine Biosciences Inc *		1,039		99,910
Nevro Corp *		1,243		173,150
Nuvei Corp (Canada) *		10,790		455,554
Optinose Inc *		16,270		63,453
Orchard Therapeutics PLC ADR (United Kingdom) *		4,584		18,840
OrthoPediatrics Corp *		5,032		231,070
Paylocity Holding Corp *		1,499		241,969

	Shares		Value
PRA Health Sciences Inc *		6,343		$643,434
Prelude Therapeutics Inc *		4,754		143,238
Quidel Corp *		884		193,932
Ritchie Bros Auctioneers Inc (Canada)		3,518		208,442
Silk Road Medical Inc *		3,188		214,266
SpringWorks Therapeutics Inc *		4,406		210,034
STERIS PLC		868		152,933
Tricida Inc *		3,353		30,378
TriNet Group Inc *		4,970		294,820
Turning Point Therapeutics Inc *		1,114		97,319
Twist Bioscience Corp *		3,390		257,538
				9,464,759
Diversified - 0.5%
CF Finance Acquisition Corp * W ±		15,587		151,004
Financial - 12.4%
Bank OZK		4,580		97,646
Big Yellow Group PLC REIT (United Kingdom)		17,868		239,509
CoreSite Realty Corp REIT		3,868		459,828
Focus Financial Partners Inc ‘A’ *		8,076		264,812
GoHealth Inc ‘A’ *		14,664		190,999
Hamilton Lane Inc ‘A’		3,150		203,458
Industrial Logistics Properties Trust REIT		12,927		282,713
Prosperity Bancshares Inc		3,750		194,363
QTS Realty Trust Inc ‘A’ REIT		10,108		637,006
Selectquote Inc *		8,369		169,472
STAG Industrial Inc REIT		14,640		446,374
StepStone Group Inc ‘A’ *		3,635		96,727
TMX Group Ltd (Canada)		2,818		289,810
WisdomTree Investments Inc		47,644		152,461
				3,725,178
Industrial - 14.6%
Advanced Energy Industries Inc *		4,957		311,993
CryoPort Inc *		5,327		252,500
Generac Holdings Inc *		2,255		436,658
Gerresheimer AG (Germany)		3,878		433,991
GFL Environmental Inc (Canada)		14,039		298,469
Knight-Swift Transportation Holdings Inc		5,625		228,937
Kratos Defense & Security Solutions Inc *		22,306		430,060
Littelfuse Inc		1,221		216,532
PerkinElmer Inc		1,265		158,770
Schneider National Inc ‘B’		12,619		312,068
Sensata Technologies Holding PLC *		5,955		256,899
StealthGas Inc (Greece) *		14,377		42,700
Summit Materials Inc ‘A’ *		25,391		419,967
The AZEK Co Inc *		10,037		349,388
Trex Co Inc *		3,417		244,657
				4,393,589
Technology - 21.6%
8x8 Inc *		22,022		342,442
Asana Inc ‘A’ *		4,048		116,582
Box Inc ‘A’ *		25,433		441,517
CACI International Inc ‘A’ *		2,550		543,558
Clarivate PLC (United Kingdom) *		7,366		228,272
Corsair Gaming Inc *		14,299		287,410
Everbridge Inc *		3,267		410,760
ExlService Holdings Inc *		5,058		333,676
Five9 Inc *		1,970		255,470
Health Catalyst Inc *		6,299		230,543
JFrog Ltd (Israel) *		637		53,922
Monolithic Power Systems Inc		547		152,947
Outset Medical Inc *		2,281		114,050
PagerDuty Inc *		19,240		521,597
Ping Identity Holding Corp *		14,463		451,390
Rapid7 Inc *		10,571		647,368
RealPage Inc *		4,704		271,139
Schrodinger Inc *		1,274		60,528
Silicon Laboratories Inc *		2,147		210,084
Vertex Inc ‘A’ *		13,096		301,208
WNS Holdings Ltd ADR (India) *		8,015		512,639
				6,487,102
Total Common Stocks (Cost $25,028,484)				29,102,798

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-54

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 2.3%
Money Market Fund - 2.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		677,581		$677,581
Total Short-Term Investment (Cost $677,581)				677,581
TOTAL INVESTMENTS - 99.1% (Cost $25,706,065)				29,780,379
OTHER ASSETS & LIABILITIES, NET - 0.9%				285,582
NET ASSETS - 100.0%				$30,065,961

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	31.5%
Technology	21.6%
Industrial	14.6%
Financial	12.4%
Consumer, Cyclical	7.0%
Communications	5.9%
Basic Materials	3.3%
Others (each less than 3.0%)	2.8%
	99.1%
Other Assets & Liabilities, Net	0.9%
	100.0%

(b) An Investment with a value of $151,004 or 0.5% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$989,315		$989,315		$—		$—
	Communications		1,780,719		1,780,719		—		—
	Consumer, Cyclical		2,111,132		1,945,904		165,228		—
	Consumer, Non-Cyclical		9,464,759		9,464,759		—		—
	Diversified		151,004		—		—		151,004
	Financial		3,725,178		3,485,669		239,509		—
	Industrial		4,393,589		4,393,589		—		—
	Technology		6,487,102		6,487,102		—		—
	Total Common Stocks		29,102,798		28,547,057		404,737		151,004
	Short-Term Investment		677,581		677,581		—		—
	Total		$29,780,379		$29,224,638		$404,737		$151,004

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-55

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Basic Materials - 3.7%
AdvanSix Inc *		7,188		$92,581
Carpenter Technology Corp		25,709		466,876
GCP Applied Technologies Inc *		18,979		397,610
Orion Engineered Carbons SA (Germany)		73,691		921,874
Schnitzer Steel Industries Inc ‘A’		32,140		618,052
				2,496,993
Communications - 2.6%
A10 Networks Inc *		51,306		326,819
Casa Systems Inc *		107,615		433,689
Criteo SA ADR (France) *		59,948		730,766
Houghton Mifflin Harcourt Co *		129,434		223,921
				1,715,195
Consumer, Cyclical - 24.9%
Blue Bird Corp *		51,390		624,902
Callaway Golf Co		48,974		937,362
Citi Trends Inc		34,524		862,410
Cooper Tire & Rubber Co		21,071		667,951
Crocs Inc *		15,621		667,485
Dana Inc		82,730		1,019,234
El Pollo Loco Holdings Inc *		55,893		905,467
Foot Locker Inc		22,310		736,899
Hilton Grand Vacations Inc *		9,437		197,988
KB Home		31,700		1,216,963
Knoll Inc		38,874		468,820
Malibu Boats Inc ‘A’ *		14,419		714,606
Oxford Industries Inc		19,123		771,804
Papa John’s International Inc		10,246		843,041
Regis Corp *		74,250		455,895
REV Group Inc		75,720		597,431
Ruth’s Hospitality Group Inc		86,668		958,548
Skechers U.S.A. Inc ‘A’ *		18,009		544,232
SkyWest Inc		29,209		872,181
Taylor Morrison Home Corp *		36,118		888,142
The Shyft Group Inc		49,921		942,508
Williams-Sonoma Inc		9,200		832,048
				16,725,917
Consumer, Non-Cyclical - 7.5%
Herc Holdings Inc *		18,120		717,733
ICON PLC (Ireland) *		3,912		747,544
Molina Healthcare Inc *		4,437		812,148
Nomad Foods Ltd (United Kingdom) *		37,974		967,578
Primo Water Corp		61,568		874,266
The Hain Celestial Group Inc *		27,079		928,810
				5,048,079
Energy - 2.1%
Dril-Quip Inc *		23,940		592,754
Helix Energy Solutions Group Inc *		177,970		428,908
MRC Global Inc *		94,636		405,042
				1,426,704
Financial - 33.2%
1st Source Corp		17,002		524,342
Armada Hoffler Properties Inc REIT		39,952		369,955
Associated Banc-Corp		38,772		489,303
Bank of Marin Bancorp		17,298		500,950
BankUnited Inc		47,738		1,045,940
Carter Bank & Trust		27,004		179,577
City Office REIT Inc		51,254		385,430
Cousins Properties Inc REIT		24,216		692,335
Essent Group Ltd		20,054		742,199

	Shares		Value
First American Financial Corp		10,189		$518,722
First Horizon National Corp		60,012		565,913
HarborOne Bancorp Inc		93,742		756,498
Heritage Financial Corp		35,050		644,569
Independence Realty Trust Inc REIT		76,696		888,907
Independent Bank Group Inc		17,849		788,569
Moelis & Co ‘A’		27,044		950,326
National Storage Affiliates Trust REIT		19,956		652,761
Pacific Premier Bancorp Inc		29,839		600,957
Physicians Realty Trust REIT		48,191		863,101
RLJ Lodging Trust REIT		57,720		499,855
Sandy Spring Bancorp Inc		23,633		545,450
Selective Insurance Group Inc		14,715		757,675
STAG Industrial Inc REIT		33,692		1,027,269
State Auto Financial Corp		15,227		209,523
Sterling Bancorp		55,103		579,684
Stifel Financial Corp		17,130		866,093
Synovus Financial Corp		40,530		858,020
Texas Capital Bancshares Inc *		22,366		696,254
The Hanover Insurance Group Inc		8,280		771,530
TriCo Bancshares		26,769		655,573
Umpqua Holdings Corp		55,430		588,667
Webster Financial Corp		31,793		839,653
WSFS Financial Corp		30,227		815,222
Zions Bancorp NA		14,238		416,034
				22,286,856
Industrial - 16.3%
AAR Corp		31,307		588,572
Belden Inc		24,104		750,116
Cactus Inc ‘A’		36,390		698,324
EnerSys		12,923		867,392
GATX Corp		15,270		973,463
Graphic Packaging Holding Co		52,830		744,375
Hillenbrand Inc		24,381		691,445
Kennametal Inc		38,248		1,106,897
Masonite International Corp *		9,028		888,355
Primoris Services Corp		48,144		868,518
Regal Beloit Corp		13,325		1,250,818
Terex Corp		36,987		716,068
Trinseo SA		20,519		526,107
Vishay Intertechnology Inc		17,467		271,961
				10,942,411
Technology - 5.4%
CommVault Systems Inc *		17,539		715,591
CSG Systems International Inc		8,842		362,080
Kulicke & Soffa Industries Inc (Singapore)		21,410		479,584
MagnaChip Semiconductor Corp (South Korea) *		45,502		623,377
NCR Corp *		23,113		511,722
NetScout Systems Inc *		21,096		460,526
Unisys Corp *		42,230		450,594
				3,603,474
Utilities - 2.8%
Black Hills Corp		4,392		234,928
PNM Resources Inc		17,652		729,557
Southwest Gas Holdings Inc		14,070		887,817
				1,852,302
Total Common Stocks (Cost $67,040,403)				66,097,931

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-56

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.5%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		322,458		$322,458
Total Short-Term Investment (Cost $322,458)				322,458
TOTAL INVESTMENTS - 99.0% (Cost $67,362,861)				66,420,389
OTHER ASSETS & LIABILITIES, NET - 1.0%				654,411
NET ASSETS - 100.0%				$67,074,800

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.2%
Consumer, Cyclical	24.9%
Industrial	16.3%
Consumer, Non-Cyclical	7.5%
Technology	5.4%
Basic Materials	3.7%
Others (each less than 3.0%)	8.0%
	99.0%
Other Assets & Liabilities, Net	1.0%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$66,097,931		$66,097,931		$—		$—
	Short-Term Investment		322,458		322,458		—		—
	Total		$66,420,389		$66,420,389		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-57

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 1.7%
Brazil - 1.7%
Lojas Americanas SA		398,398		$2,004,085
India - 0.0%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22		390,884		19,110
Total Preferred Stocks (Cost $1,566,245)				2,023,195
COMMON STOCKS - 97.4%
Belgium - 1.0%
Anheuser-Busch InBev SA		22,323		1,201,887
Brazil - 3.3%
Ambev SA		202,425		453,446
B3 SA - Brasil Bolsa Balcao		111,093		1,090,377
Pagseguro Digital Ltd ‘A’ *		30,343		1,144,234
Vale SA ADR		114,901		1,215,653
				3,903,710
Chile - 0.7%
Falabella SA		300,953		881,509
China - 34.7%
Alibaba Group Holding Ltd ADR *		27,503		8,085,332
Budweiser Brewing Co APAC Ltd ~		412,900		1,207,667
Hansoh Pharmaceutical Group Co Ltd * ~		102,000		498,539
Huazhu Group Ltd ADR		99,064		4,283,527
Innovent Biologics Inc * ~		88,500		659,962
Jiangsu Hengrui Medicine Co Ltd ‘A’		197,228		2,611,055
Meituan Dianping ‘B’ *		31,000		976,540
New Oriental Education & Technology Group Inc ADR *		2,247		335,927
OneConnect Financial Technology Co Ltd ADR *		57,787		1,230,863
Ping An Insurance Group Co of China Ltd ‘A’		310,871		3,495,612
Tencent Holdings Ltd ADR		135,481		9,150,846
Wuxi Biologics Cayman Inc * ~		21,500		526,923
Yum China Holdings Inc		91,347		4,836,824
ZTO Express Cayman Inc *		6,663		192,753
ZTO Express Cayman Inc ADR		105,488		3,156,201
				41,248,571
Colombia - 0.3%
Grupo Aval Acciones y Valores SA ADR		87,457		403,177
Egypt - 0.9%
Commercial International Bank Egypt SAE		252,052		1,063,896
France - 6.1%
Kering SA		9,762		6,475,589
LVMH Moet Hennessy Louis Vuitton SE		100		46,790
Pernod Ricard SA		4,608		734,685
				7,257,064
Hong Kong - 4.9%
AIA Group Ltd		495,000		4,920,348
Jardine Strategic Holdings Ltd		43,570		863,855
				5,784,203

	Shares		Value
India - 12.0%
HDFC Bank Ltd *		87,668		$1,286,950
Housing Development Finance Corp Ltd		203,175		4,815,796
Infosys Ltd		38,956		535,651
Kotak Mahindra Bank Ltd *		203,996		3,522,180
Oberoi Realty Ltd *		79,131		423,874
Tata Consultancy Services Ltd		91,515		3,096,175
Zee Entertainment Enterprises Ltd		185,526		527,365
				14,207,991
Indonesia - 1.1%
P.T. Bank Central Asia Tbk		482,600		880,941
P.T. Indocement Tunggal Prakarsa Tbk		323,418		226,589
P.T. Semen Indonesia Persero Tbk		380,800		235,586
				1,343,116
Italy - 1.9%
Moncler SPA *		20,162		825,065
PRADA SPA *		370,400		1,457,367
				2,282,432
Mexico - 4.8%
Alsea SAB de CV *		239,740		228,231
Fomento Economico Mexicano SAB de CV		420,702		2,363,077
Fomento Economico Mexicano SAB de CV ADR		9,985		561,057
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		38,823		450,534
Grupo Financiero Inbursa SAB de CV ‘O’ *		415,256		320,952
Grupo Mexico SAB de CV ‘B’		686,608		1,747,611
				5,671,462
Peru - 1.2%
Credicorp Ltd		10,956		1,358,434
Philippines - 2.5%
Ayala Land Inc		1,485,500		914,260
SM Investments Corp		88,242		1,609,292
SM Prime Holdings Inc		779,656		475,134
				2,998,686
Russia - 9.6%
Novatek PJSC GDR		30,778		4,213,037
Polyus PJSC		1,968		411,932
Polyus PJSC GDR ~		4,125		431,895
Sberbank of Russia PJSC		733,125		1,829,164
Yandex NV ‘A’ *		68,674		4,480,979
				11,367,007
South Africa - 0.7%
FirstRand Ltd		312,493		766,819
South Korea - 1.7%
Amorepacific Corp		844		117,663
AMOREPACIFIC Group		4,854		202,269
Samsung Biologics Co Ltd * ~		2,944		1,735,599
				2,055,531
Switzerland - 0.7%
Cie Financiere Richemont SA		11,799		792,219
Taiwan - 9.0%
MediaTek Inc		15,000		317,834
Taiwan Semiconductor Manufacturing Co Ltd		688,995		10,365,295
				10,683,129

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-58

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Turkey - 0.3%
Akbank T.A.S. *		601,299		$396,089
Total Common Stocks (Cost $72,106,800)				115,666,932
SHORT-TERM INVESTMENT - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		748,996		748,996
Total Short-Term Investment (Cost $748,996)				748,996
TOTAL INVESTMENTS - 99.7% (Cost $74,422,041)				118,439,123
OTHER ASSETS & LIABILITIES, NET - 0.3%				396,537
NET ASSETS - 100.0%				$118,835,660

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	24.5%
Consumer, Cyclical	19.7%
Communications	19.6%
Technology	13.1%
Consumer, Non-cyclical	11.9%
Industrial	3.6%
Energy	3.5%
Basic Materials	3.2%
Others (each less than 3.0%)	0.6%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) As of September 30, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	34.7%
India	12.0%
Russia	9.6%
Taiwan	9.0%
France	6.1%
Brazil	5.0%
Hong Kong	4.9%
Mexico	4.8%
Others (each less than 3.0%)	13.6%
	99.7%
Other Assets & Liabilities, Net	0.3%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$2,004,085		$2,004,085		$—		$—
	India		19,110		—		19,110		—
	Total Preferred Stocks		2,023,195		2,004,085		19,110		—
	Common Stocks
	Belgium		1,201,887		—		1,201,887		—
	Brazil		3,903,710		3,903,710		—		—
	Chile		881,509		—		881,509		—
	China		41,248,571		22,121,427		19,127,144		—
	Colombia		403,177		403,177		—		—
	Egypt		1,063,896		—		1,063,896		—
	France		7,257,064		—		7,257,064		—
	Hong Kong		5,784,203		—		5,784,203		—
	India		14,207,991		—		14,207,991		—
	Indonesia		1,343,116		—		1,343,116		—
	Italy		2,282,432		—		2,282,432		—
	Mexico		5,671,462		5,671,462		—		—
	Peru		1,358,434		1,358,434		—		—
	Philippines		2,998,686		—		2,998,686		—
	Russia		11,367,007		4,480,979		6,886,028		—
	South Africa		766,819		—		766,819		—
	South Korea		2,055,531		—		2,055,531		—
	Switzerland		792,219		—		792,219		—
	Taiwan		10,683,129		—		10,683,129		—
	Turkey		396,089		—		396,089		—
	Total Common Stocks		115,666,932		37,939,189		77,727,743		—
	Short-Term Investment		748,996		748,996		—		—
	Total		$118,439,123		$40,692,270		$77,746,853		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-59

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Australia - 1.0%
Rio Tinto PLC		6,680		$401,954
Belgium - 1.1%
KBC Group NV		8,836		443,093
Brazil - 0.3%
Ambev SA ADR		48,947		110,620
Canada - 2.5%
Canadian National Railway Co		8,367		890,751
Suncor Energy Inc		12,176		148,685
				1,039,436
China - 1.6%
Tencent Holdings Ltd		4,700		317,454
Yum China Holdings Inc		6,806		360,378
				677,832
Denmark - 2.8%
Carlsberg AS ‘B’		2,234		300,970
Novo Nordisk AS ‘B’		12,552		869,660
				1,170,630
France - 18.0%
Air Liquide SA		7,935		1,257,782
Capgemini SE		3,979		510,490
Danone SA		8,915		577,473
Dassault Systemes SE		1,312		244,797
Engie SA *		29,965		400,440
EssilorLuxottica SA *		3,380		460,144
Hermes International		126		108,519
L’Oreal SA		1,602		521,341
Legrand SA		4,813		383,354
LVMH Moet Hennessy Louis Vuitton SE		1,704		797,307
Pernod Ricard SA		4,092		652,416
Schneider Electric SE		11,808		1,467,730
				7,381,793
Germany - 9.6%
Bayer AG		10,512		648,528
Beiersdorf AG		6,849		777,622
Deutsche Boerse AG		3,060		536,483
Merck KGaA		3,901		568,739
MTU Aero Engines AG		1,088		180,360
SAP SE		8,011		1,247,466
				3,959,198
Hong Kong - 2.7%
AIA Group Ltd		111,626		1,109,573
India - 2.3%
Housing Development Finance Corp Ltd		12,785		303,039
Tata Consultancy Services Ltd		18,782		635,441
				938,480
Ireland - 1.0%
Ryanair Holdings PLC ADR *		4,907		401,196
Israel - 1.3%
Check Point Software Technologies Ltd *		4,556		548,269

	Shares		Value
Italy - 1.3%
Eni SPA		22,606		$176,691
Intesa Sanpaolo SPA *		179,597		337,899
				514,590
Japan - 16.8%
Daikin Industries Ltd		5,200		960,827
Denso Corp		5,100		223,542
FANUC Corp		800		153,532
Hitachi Ltd		16,600		562,067
Hoya Corp		8,900		1,004,955
Japan Tobacco Inc		18,500		337,510
Koito Manufacturing Co Ltd		5,800		295,949
Kose Corp		2,000		244,875
Kubota Corp		33,300		596,644
Kyocera Corp		8,500		486,681
Olympus Corp		38,100		792,318
Shin-Etsu Chemical Co Ltd		2,200		287,880
SMC Corp		400		223,135
Terumo Corp		18,600		740,553
				6,910,468
Netherlands - 4.6%
Akzo Nobel NV		5,585		564,482
ING Groep NV *		50,716		361,955
Koninklijke Philips NV *		12,551		592,651
Randstad NV *		6,995		364,760
				1,883,848
Portugal - 0.6%
Galp Energia SGPS SA		26,903		249,540
Singapore - 0.9%
DBS Group Holdings Ltd		24,300		357,243
Spain - 1.5%
Amadeus IT Group SA		11,262		625,451
Sweden - 0.9%
Essity AB ‘B’ *		11,227		379,038
Switzerland - 14.6%
Alcon Inc *		1,604		90,940
Cie Financiere Richemont SA ‘A’		4,728		317,452
Julius Baer Group Ltd		6,144		260,950
Nestle SA		14,592		1,736,624
Novartis AG		8,024		696,678
Roche Holding AG		4,102		1,405,101
Sika AG		1,544		379,132
UBS Group AG		50,868		568,343
Zurich Insurance Group AG		1,529		533,186
				5,988,406
Taiwan - 1.9%
Taiwan Semiconductor Manufacturing Co Ltd ADR		9,731		788,892
United Kingdom - 10.2%
Compass Group PLC		26,974		405,199
Diageo PLC		17,630		605,571
Experian PLC		21,112		793,274
Linde PLC		2,009		474,992
Reckitt Benckiser Group PLC		5,675		553,345
RELX PLC		9,310		207,224
RELX PLC		19,899		442,999

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-60

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Rolls-Royce Holdings PLC *		55,510		$92,166
Smiths Group PLC		13,948		246,736
Tesco PLC		142,406		390,665
				4,212,171
United States - 0.9%
QIAGEN NV *		7,291		378,693
Total Common Stocks (Cost $20,815,361)				40,470,414
SHORT-TERM INVESTMENT - 0.7%
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		270,993		270,993
Total Short-Term Investment (Cost $270,993)				270,993
TOTAL INVESTMENTS - 99.1% (Cost $21,086,354)				40,741,407
OTHER ASSETS & LIABILITIES, NET - 0.9%				375,089
NET ASSETS - 100.0%				$41,116,496

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-cyclical	41.0%
Industrial	18.5%
Financial	11.7%
Technology	9.7%
Basic Materials	7.3%
Consumer, Cyclical	7.1%
Others (each less than 3.0%)	3.8%
	99.1%
Other Assets & Liabilities, Net	0.9%
	100.0%

(b) As of September 30, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:

France	18.0%
Japan	16.8%
Switzerland	14.6%
United Kingdom	10.2%
Germany	9.6%
Netherlands	4.6%
Others (each less than 3.0%)	25.3%
	99.1%
Other Assets & Liabilities, Net	0.9%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$401,954		$—		$401,954		$—
	Belgium		443,093		—		443,093		—
	Brazil		110,620		110,620		—		—
	Canada		1,039,436		1,039,436		—		—
	China		677,832		360,378		317,454		—
	Denmark		1,170,630		—		1,170,630		—
	France		7,381,793		—		7,381,793		—
	Germany		3,959,198		—		3,959,198		—
	Hong Kong		1,109,573		—		1,109,573		—
	India		938,480		—		938,480		—
	Ireland		401,196		401,196		—		—
	Israel		548,269		548,269		—		—
	Italy		514,590		—		514,590		—
	Japan		6,910,468		—		6,910,468		—
	Netherlands		1,883,848		—		1,883,848		—
	Portugal		249,540		—		249,540		—
	Singapore		357,243		—		357,243		—
	Spain		625,451		—		625,451		—
	Sweden		379,038		—		379,038		—
	Switzerland		5,988,406		—		5,988,406		—
	Taiwan		788,892		788,892		—		—
	United Kingdom		4,212,171		—		4,212,171		—
	United States		378,693		378,693		—		—
	Total Common Stocks		40,470,414		3,627,484		36,842,930		—
	Short-Term Investment		270,993		270,993		—		—
	Total		$40,741,407		$3,898,477		$36,842,930		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-61

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.3%
Germany - 0.3%
Draegerwerk AG & Co KGaA *		1,000		$86,954
Total Preferred Stocks (Cost $95,564)				86,954
COMMON STOCKS - 98.5%
Australia - 4.4%
Asaleo Care Ltd		103,554		74,849
Austal Ltd		40,000		94,473
Bega Cheese Ltd		28,000		102,327
Charter Hall Long Wale REIT		32,598		117,869
Codan Ltd		15,500		123,606
Growthpoint Properties Australia Ltd REIT		43,250		104,383
IGO Ltd		35,912		108,229
Iluka Resources Ltd		16,000		104,759
McMillan Shakespeare Ltd		18,545		110,014
Nanosonics Ltd *		24,597		100,624
Netwealth Group Ltd		9,000		99,105
Perseus Mining Ltd *		62,000		61,516
Pro Medicus Ltd		7,352		143,398
				1,345,152
Austria - 1.0%
ams AG *		6,159		139,239
BAWAG Group AG * ~		2,439		88,181
CA Immobilien Anlagen AG		2,575		76,123
				303,543
Belgium - 1.0%
Bekaert SA		4,186		87,206
D’ieteren SA		1,300		80,829
Euronav NV		8,000		70,837
Orange Belgium SA		5,008		80,763
				319,635
Canada - 8.9%
Alaris Equity Partners Income		4,600		37,794
AutoCanada Inc		7,000		95,310
B2Gold Corp		26,000		169,291
Canadian Solar Inc *		5,638		197,894
Capital Power Corp		5,200		114,775
Celestica Inc *		21,958		151,713
CI Financial Corp		6,052		76,766
Corus Entertainment Inc ‘B’		40,006		86,829
CT REIT		8,395		88,076
Dundee Precious Metals Inc		23,050		165,144
Empire Co Ltd ‘A’		3,800		110,300
Extendicare Inc		15,917		63,713
Finning International Inc		7,200		110,091
Genworth MI Canada Inc		3,042		78,886
H&R REIT		9,520		69,136
Medical Facilities Corp		35,452		116,350
Parex Resources Inc *		9,688		102,079
Polaris Infrastructure Inc		9,400		96,361
Precision Drilling Corp *		18,900		11,781
Real Matters Inc *		9,403		183,251
Ritchie Bros Auctioneers Inc		2,600		154,198
Seven Generations Energy Ltd ‘A’ *		8,000		21,569
TFI International Inc		2,200		91,995
Torex Gold Resources Inc *		7,950		112,424
Westshore Terminals Investment Corp		6,000		68,537
Yamana Gold Inc		29,035		165,067
				2,739,330

	Shares		Value
China - 0.6%
Gemdale Properties & Investment Corp Ltd		629,886		$107,380
S-Enjoy Service Group Co Ltd *		36,000		93,254
				200,634
Denmark - 3.0%
D/S Norden AS		5,682		92,344
NKT AS *		3,605		107,637
Pandora AS		2,577		185,899
Royal Unibrew AS		1,700		175,221
Scandinavian Tobacco Group AS ~		6,500		96,266
Schouw & Co AS		1,100		106,455
SimCorp AS		755		99,044
Spar Nord Bank AS *		6,975		52,097
				914,963
Egypt - 0.7%
Centamin PLC		77,666		202,763
Finland - 1.8%
Huhtamaki Oyj		2,276		112,169
Tokmanni Group Corp		6,829		120,581
Uponor Oyj		9,530		166,513
Valmet Oyj		6,315		155,774
				555,037
France - 2.4%
Atos SE *		2,132		171,320
Criteo SA ADR *		2,700		32,913
Elior Group SA ~		10,630		49,354
Eutelsat Communications SA		2,809		27,359
IPSOS		2,600		65,001
Metropole Television SA *		6,339		75,682
SCOR SE *		4,827		134,394
Trigano SA		1,297		200,287
				756,310
Georgia - 0.2%
Bank of Georgia Group PLC *		5,456		62,745
Germany - 7.5%
Brenntag AG		3,870		246,063
Cewe Stiftung & Co KGaA *		748		81,999
Deutsche Pfandbriefbank AG * ~		10,085		66,863
DIC Asset AG		6,254		75,069
DWS Group GmbH & Co KGaA * ~		3,354		115,593
GEA Group AG		5,947		208,373
GFT Technologies SE		9,664		131,105
HelloFresh SE *		3,981		221,241
JOST Werke AG * ~		2,685		108,293
LANXESS AG		2,900		165,928
LEG Immobilien AG		900		128,286
MorphoSys AG *		978		123,756
Software AG		3,416		168,535
TAG Immobilien AG		5,542		167,114
Talanx AG		2,054		66,322
Telefonica Deutschland Holding AG		26,122		66,762
Wacker Chemie AG		1,892		183,612
				2,324,914
Hong Kong - 1.1%
Dah Sing Financial Holdings Ltd		22,656		54,681
Hysan Development Co Ltd		28,917		86,965
K Wah International Holdings Ltd		186,470		90,139
Luk Fook Holdings International Ltd		40,000		96,981
				328,766

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-62

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Ireland - 0.5%
Fly Leasing Ltd ADR *		8,000		$58,080
Hibernia REIT PLC		85,559		99,937
				158,017
Israel - 0.6%
Gazit-Globe Ltd		9,048		36,555
Plus500 Ltd		7,952		160,744
				197,299
Italy - 2.8%
ACEA SPA		5,319		111,869
Banca Farmafactoring SPA * ~		9,373		52,714
Banca IFIS SPA *		6,401		61,701
Banca Sistema SPA * ~		54,623		108,826
Enav SPA ~		18,184		69,036
Esprinet SPA *		19,958		176,643
Sesa SPA		1,770		177,574
Unipol Gruppo SPA *		23,729		103,696
				862,059
Ivory Coast - 0.5%
Endeavour Mining Corp *		6,274		156,196
Japan - 22.5%
Altech Corp		5,100		99,545
Asahi Co Ltd		8,400		147,519
ASKUL Corp		2,700		110,293
Capcom Co Ltd		2,500		139,521
CTS Co Ltd		10,900		99,288
Cybernet Systems Co Ltd		14,500		122,426
Daiichikosho Co Ltd		2,500		80,294
Dip Corp		4,500		92,701
Doshisha Co Ltd		6,000		120,766
FCC Co Ltd		5,100		93,999
Financial Products Group Co Ltd		13,800		70,372
FINDEX Inc		9,000		115,621
Foster Electric Co Ltd		9,200		99,141
Fukui Computer Holdings Inc		4,600		134,238
FULLCAST Holdings Co Ltd		5,000		82,046
Furyu Corp		9,700		110,234
Gakujo Co Ltd		6,500		69,170
Glory Ltd		2,900		65,023
Hokuto Corp		4,400		93,818
IR Japan Holdings Ltd		1,500		190,105
Izumi Co Ltd		2,700		98,453
Joyful Honda Co Ltd		6,100		99,532
K’s Holdings Corp		6,000		81,228
Kaken Pharmaceutical Co Ltd		2,200		100,816
Kamigumi Co Ltd		4,000		78,821
Kato Sangyo Co Ltd		2,100		75,272
Kenedix Inc		22,900		120,582
Kissei Pharmaceutical Co Ltd		1,500		33,919
Kito Corp		3,800		44,598
Kozo Keikaku Engineering Inc		2,900		71,809
Kyoei Steel Ltd		2,000		25,707
Kyudenko Corp		3,300		95,107
Lawson Inc		1,500		71,524
Meitec Corp		2,000		101,999
Mitsui-Soko Holdings Co Ltd		6,000		105,068
Nihon Unisys Ltd		2,500		78,876
Nippon Electric Glass Co Ltd		1,900		35,507
Nippon Gas Co Ltd		2,400		121,298
NIPPON REIT Investment Corp		37		125,801
Nishio Rent All Co Ltd		3,400		72,298
Noevir Holdings Co Ltd		1,500		70,207
Obara Group Inc		3,200		107,895
Okamoto Industries Inc		2,400		93,800

	Shares		Value
Optorun Co Ltd		3,400		$69,260
PAL GROUP Holdings Co Ltd		6,300		67,065
Pressance Corp		7,200		95,630
Prima Meat Packers Ltd		3,500		107,916
Riso Kyoiku Co Ltd		26,400		72,499
Roland DG Corp		2,300		29,978
Ryosan Co Ltd		3,200		64,156
Sangetsu Corp		5,500		84,790
Sanki Engineering Co Ltd		6,500		71,250
Sankyo Co Ltd		2,200		57,608
Sankyu Inc		1,900		75,033
Sanwa Holdings Corp		11,600		122,999
Seikagaku Corp		7,700		81,032
Seiren Co Ltd		7,000		103,103
Shinoken Group Co Ltd		6,700		62,830
Ship Healthcare Holdings Inc		2,800		137,108
Star Micronics Co Ltd		7,000		92,936
Starts Proceed Investment Corp REIT		48		94,353
Sumitomo Osaka Cement Co Ltd		2,600		84,075
Sumitomo Seika Chemicals Co Ltd		3,100		100,192
T-Gaia Corp		3,400		63,987
Taikisha Ltd		2,900		80,438
Takara Leben Co Ltd		10,800		32,003
The Okinawa Electric Power Co Inc		5,781		90,567
Toho Zinc Co Ltd *		1,500		28,843
Tokyo Electron Device Ltd		3,200		95,747
Tokyo Individualized Educational Institute Inc		14,400		79,550
Tokyo Steel Manufacturing Co Ltd		12,200		83,131
Tomy Co Ltd		8,700		75,028
Towa Pharmaceutical Co Ltd		2,100		42,145
Toyo Kanetsu KK		2,200		47,583
Ube Industries Ltd		1,700		28,708
ValueCommerce Co Ltd		5,700		191,171
Warabeya Nichiyo Holdings Co Ltd		4,500		66,798
Yamaguchi Financial Group Inc		15,200		98,801
Yuasa Trading Co Ltd		3,800		118,751
				6,943,301
Jordan - 0.5%
Hikma Pharmaceuticals PLC		4,935		165,409
Kyrgyzstan - 0.5%
Centerra Gold Inc		13,494		156,976
Luxembourg - 0.4%
APERAM SA		4,272		120,202
Malta - 0.4%
Kindred Group PLC		15,000		108,607
Netherlands - 2.8%
Altice Europe NV *		21,000		99,984
ASM International NV		1,391		199,391
ASR Nederland NV		4,651		156,429
BE Semiconductor Industries NV		3,222		138,134
Intertrust NV ~		5,702		97,061
Signify NV * ~		4,505		166,628
				857,627
Norway - 0.6%
Europris ASA ~		27,028		138,564
SpareBank 1 SMN		5,000		45,198
				183,762
Singapore - 1.4%
AEM Holdings Ltd		61,600		175,658
Ascendas India Trust		67,200		67,996

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-63

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
First REIT		141,400		$45,280
Hi-P International Ltd		46,900		41,053
UMS Holdings Ltd		149,000		109,464
				439,451
South Korea - 7.1%
Binggrae Co Ltd		1,939		98,094
Com2uSCorp		1,113		108,953
Dong-A ST Co Ltd		1,120		88,848
DY POWER Corp		3,701		34,203
F&F Co Ltd		972		73,804
Handsome Co Ltd		4,132		106,573
Hanwha Aerospace Co Ltd *		1,400		30,311
Huchems Fine Chemical Corp		5,544		97,651
i-SENS Inc		3,800		89,632
InBody Co Ltd		2,000		26,999
Interflex Co Ltd *		10,827		107,069
INTOPS Co Ltd		9,706		140,868
JW Life Science Corp		2,225		36,125
KEPCO Plant Service & Engineering Co Ltd		2,864		66,271
Korea Circuit Co Ltd *		14,569		171,390
Korea Petrochemical Ind Co Ltd		319		45,374
Korean Reinsurance Co		14,266		90,824
Kumho Petrochemical Co Ltd		1,832		171,866
LG Hausys Ltd		2,516		121,501
Poongsan Corp		5,735		116,399
Seegene Inc		1,100		244,925
Tovis Co Ltd		14,490		79,903
Value Added Technology Co Ltd		2,433		45,432
				2,193,015
Spain - 2.4%
Acerinox SA *		8,754		71,778
Cia de Distribucion Integral Logista Holdings SA		5,348		91,289
Enagas SA		6,275		144,785
Lar Espana Real Estate Socimi SA REIT		15,262		70,390
Pharma Mar SA		1,014		128,652
Sacyr SA		20,762		36,888
Vidrala SA		587		64,006
Viscofan SA		1,965		131,091
				738,879
Sweden - 6.4%
Betsson AB		22,956		175,968
Bilia AB ‘A’ *		5,583		70,175
Coor Service Management Holding AB * ~		12,000		81,592
Eolus Vind AB ‘B’		5,377		95,049
Evolution Gaming Group AB ~		2,600		171,790
Inwido AB *		14,876		151,196
JM AB		4,114		127,493
Kungsleden AB		12,817		121,328
LeoVegas AB ~		18,827		79,586
Lindab International AB		10,819		188,002
Pricer AB ‘B’		11,309		29,598
Resurs Holding AB ~		7,550		39,042
Sectra AB ‘B’		1,840		121,755
Sweco AB ‘B’		3,443		190,726
Tethys Oil AB		15,692		75,343
Trelleborg AB ‘B’ *		6,416		113,301
Wihlborgs Fastigheter AB		6,864		135,547
				1,967,491
Switzerland - 6.0%
Adecco Group AG		3,670		193,649
Allreal Holding AG		520		112,036
ALSO Holding AG		506		134,004
BKW AG		1,009		107,452
Emmi AG		110		109,901
Forbo Holding AG		69		113,214
Galenica AG ~		1,800		125,166

	Shares		Value
Helvetia Holding AG		1,250		$106,505
Interroll Holding AG		46		116,347
Julius Baer Group Ltd		1,573		66,809
Logitech International SA		3,533		273,674
PSP Swiss Property AG		1,093		132,035
Sonova Holding AG *		1,046		265,072
				1,855,864
United Kingdom - 9.4%
Aggreko PLC		15,981		75,991
Auto Trader Group PLC ~		23,856		173,205
B&M European Value Retail SA		23,000		146,630
boohoo Group PLC *		32,157		155,245
Computacenter PLC		6,798		207,581
Dialog Semiconductor PLC *		2,534		110,444
Drax Group PLC		41,870		143,746
Empiric Student Property PLC REIT		104,707		82,417
Fevertree Drinks PLC		2,437		72,829
G4S PLC *		62,783		161,932
Great Portland Estates PLC REIT		12,927		99,754
IMI PLC		10,831		146,107
Inchcape PLC *		16,971		96,239
ITV PLC		110,000		95,894
Jupiter Fund Management PLC		12,000		34,643
Keller Group PLC		8,285		65,106
Man Group PLC		66,092		97,975
Paragon Banking Group PLC		13,200		56,592
Quilter PLC ~		77,054		127,412
Reach PLC		56,257		55,772
Rightmove PLC		22,677		183,330
Rotork PLC		35,004		126,912
Safestore Holdings PLC REIT		12,573		126,273
Spirent Communications PLC		41,609		153,009
Ultra Electronics Holdings PLC		4,338		116,578
				2,911,616
United States - 1.1%
Argonaut Gold Inc *		34,300		69,293
CyberArk Software Ltd *		790		81,702
Inmode Ltd *		3,226		116,716
Oxford Immunotec Global PLC *		6,814		79,724
				347,435
Total Common Stocks (Cost $23,080,450)				30,416,998
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		647,874		647,874
Total Short-Term Investment (Cost $647,874)				647,874
TOTAL INVESTMENTS - 100.9% (Cost $23,823,888)				31,151,826
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(289,988	)
NET ASSETS - 100.0%				$30,861,838

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-64

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	18.8%
Financial	17.4%
Consumer, Non-cyclical	17.3%
Consumer, Cyclical	14.8%
Technology	10.1%
Basic Materials	9.9%
Communications	6.6%
Others (each less than 3.0%)	6.0%
	100.9%
Other Assets & Liabilities, Net	(0.9%	)
	100.0%

(b) As of September 30, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	22.5%
United Kingdom	9.4%
Canada	8.9%
Germany	7.8%
South Korea	7.1%
Sweden	6.4%
Switzerland	6.0%
Australia	4.4%
United States	3.2%
Denmark	3.0%
Others (each less than 3.0%)	22.2%
	100.9%
Other Assets & Liabilities, Net	(0.9%	)
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$86,954		$—		$86,954		$—
	Common Stocks
	Australia		1,345,152		—		1,345,152		—
	Austria		303,543		—		303,543		—
	Belgium		319,635		—		319,635		—
	Canada		2,739,330		2,739,330		—		—
	China		200,634		—		200,634		—
	Denmark		914,963		—		914,963		—
	Egypt		202,763		—		202,763		—
	Finland		555,037		120,581		434,456		—
	France		756,310		82,267		674,043		—
	Georgia		62,745		—		62,745		—
	Germany		2,324,914		474,420		1,850,494		—
	Hong Kong		328,766		—		328,766		—
	Ireland		158,017		58,080		99,937		—
	Israel		197,299		—		197,299		—
	Italy		862,059		—		862,059		—
	Ivory Coast		156,196		156,196		—		—
	Japan		6,943,301		—		6,943,301		—
	Jordan		165,409		—		165,409		—
	Kyrgyzstan		156,976		156,976		—		—
	Luxembourg		120,202		—		120,202		—
	Malta		108,607		—		108,607		—
	Netherlands		857,627		—		857,627		—
	Norway		183,762		—		183,762		—
	Singapore		439,451		—		439,451		—
	South Korea		2,193,015		244,925		1,948,090		—
	Spain		738,879		195,097		543,782		—
	Sweden		1,967,491		—		1,967,491		—
	Switzerland		1,855,864		—		1,855,864		—
	United Kingdom		2,911,616		220,352		2,691,264		—
	United States		347,435		347,435		—		—
	Total Common Stocks		30,416,998		4,795,659		25,621,339		—
	Short-Term Investment		647,874		647,874		—		—
	Total		$31,151,826		$5,443,533		$25,708,293		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-65

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.4%
Argentina - 0.2%
YPF SA ADR *		14,644		$52,279
Austria - 0.5%
Erste Group Bank AG *		6,888		144,238
Belgium - 0.9%
Ageas SA		6,857		280,584
Canada - 3.4%
ARC Resources Ltd		14,172		63,327
Barrick Gold Corp		18,658		524,058
Cameco Corp		9,586		96,819
Kinross Gold Corp *		29,716		262,095
Tourmaline Oil Corp		4,991		60,984
				1,007,283
China - 4.5%
China Mobile Ltd		54,482		349,736
China Telecom Corp Ltd ‘H’		1,000,652		300,644
China Unicom Hong Kong Ltd		613,690		402,821
Dongfeng Motor Group Co Ltd ‘H’		480,874		300,790
				1,353,991
Denmark - 1.9%
AP Moller - Maersk AS ‘B’		359		567,536
The Drilling Co of 1972 AS *		548		11,836
				579,372
Finland - 1.4%
Nokia OYJ *		106,030		414,989
France - 12.4%
AXA SA *		18,580		343,880
BNP Paribas SA *		11,220		405,881
Cie de Saint-Gobain *		17,950		751,879
Dassault Aviation SA *		122		102,914
Engie SA *		36,145		483,027
Renault SA *		7,701		199,772
Rexel SA *		31,157		390,650
SCOR SE *		5,283		147,090
Societe Generale SA *		16,142		214,269
TOTAL SE		19,561		671,778
				3,711,140
Germany - 2.8%
CECONOMY AG *		23,058		113,311
Daimler AG *		11,044		595,773
METRO AG		7,454		74,234
Salzgitter AG *		2,707		44,674
				827,992
Hong Kong - 0.8%
CK Asset Holdings Ltd		46,266		227,339
India - 1.1%
Canara Bank *		59,330		71,721
NTPC Ltd		22,392		25,908
Oil & Natural Gas Corp Ltd		100,020		94,117
Zee Entertainment Enterprises Ltd		48,128		136,806
				328,552

	Shares		Value
Indonesia - 0.2%
P.T. Bank Mandiri Persero Tbk		230,427		$77,061
Ireland - 0.8%
AIB Group PLC *		98,128		100,666
Bank of Ireland Group PLC *		70,358		130,442
				231,108
Italy - 3.8%
Assicurazioni Generali SPA		17,364		244,737
BPER Banca *		24,617		57,341
Eni SPA		49,525		387,093
Saipem SPA		59,600		102,511
UniCredit SPA *		40,666		335,994
				1,127,676
Japan - 27.4%
Benesse Holdings Inc		1,279		32,920
Canon Inc		7,111		117,947
Chiyoda Corp *		13,561		32,837
Citizen Watch Co Ltd		32,224		90,397
Dai-ichi Life Holdings Inc		20,854		294,257
DeNA Co Ltd		12,581		231,538
Eisai Co Ltd		2,288		208,968
Fuji Media Holdings Inc		7,186		69,200
Fujitsu Ltd		1,387		189,489
Gree Inc		29,091		141,411
Hino Motors Ltd		40,220		260,976
Honda Motor Co Ltd		28,145		668,367
Inpex Corp		45,237		242,750
Isuzu Motors Ltd		26,856		234,876
JGC Holdings Corp		24,743		256,637
JSR Corp		3,984		94,692
Mitsubishi Estate Co Ltd		19,670		297,954
Mitsubishi Heavy Industries Ltd		5,316		117,700
Mitsubishi Motors Corp		47,584		105,072
Mitsubishi UFJ Financial Group Inc		122,168		487,558
Nikon Corp		21,669		146,215
Nippon Television Holdings Inc		13,459		144,712
Nissan Motor Co Ltd		55,918		197,760
Nitto Denko Corp		5,096		331,998
Nomura Holdings Inc		50,183		229,333
Resona Holdings Inc		93,582		318,818
Shimamura Co Ltd		4,289		416,649
Sumitomo Mitsui Financial Group Inc		16,056		448,939
Sumitomo Mitsui Trust Holdings Inc		11,556		307,434
T&D Holdings Inc		48,915		482,220
Takeda Pharmaceutical Co Ltd		15,740		562,594
THK Co Ltd		9,807		246,799
Z holdings Corp		31,422		209,881
				8,218,898
Luxembourg - 0.5%
RTL Group SA *		4,132		162,636
Malaysia - 0.4%
CIMB Group Holdings Bhd		145,456		108,020
Netherlands - 5.2%
ABN AMRO Bank NV ~		32,667		273,082
ING Groep NV *		62,079		443,052
PostNL NV		61,854		187,786
Royal Dutch Shell PLC ‘B’		55,271		670,277
				1,574,197
Norway - 1.0%
Norsk Hydro ASA *		108,027		298,179

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-66

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Shares		Value
Russia - 1.8%
Gazprom PJSC ADR		46,807		$204,079
LUKOIL PJSC ADR		1,241		71,246
Sberbank of Russia PJSC ADR *		14,912		174,023
VEON Ltd ADR		72,166		90,929
				540,277
South Africa - 2.5%
Anglo American PLC		13,632		329,809
Gold Fields Ltd ADR		21,786		267,750
Impala Platinum Holdings Ltd *		7,297		63,401
MTN Group Ltd		28,222		94,689
				755,649
South Korea - 4.1%
Hankook Tire & Technology Co Ltd		7,205		194,152
KB Financial Group Inc		11,917		383,727
KT Corp ADR		34,342		330,026
Shinhan Financial Group Co Ltd		13,517		317,117
				1,225,022
Spain - 1.2%
CaixaBank SA		164,646		349,527
Switzerland - 6.3%
Adecco Group AG		10,394		548,443
Julius Baer Group Ltd		4,225		179,446
LafargeHolcim Ltd		12,572		572,272
UBS Group AG		53,498		597,728
				1,897,889
Taiwan - 1.0%
Innolux Corp		584,649		190,847
Shin Kong Financial Holding Co Ltd *		429,377		119,988
				310,835
Thailand - 0.8%
Kasikornbank PCL NVDR		95,726		233,682
United Kingdom - 9.3%
Babcock International Group PLC		47,333		152,673
BP PLC		171,544		496,104
BT Group PLC		160,599		203,419
Centrica PLC		221,302		114,508
J Sainsbury PLC		152,560		375,625
Kingfisher PLC		124,219		475,811
Land Securities Group PLC REIT		18,451		124,219
Marks & Spencer Group PLC		83,611		104,921
Standard Chartered PLC *		67,905		312,473
The British Land Co PLC REIT		27,550		120,102
WPP PLC		41,110		322,878
				2,802,733
United States - 0.2%
Ovintiv Inc		8,887		72,682
Total Common Stocks (Cost $32,622,738)				28,913,830

	Shares		Value
EXCHANGE-TRADED FUND - 0.5%
iShares Core MSCI EAFE		2,456		$148,048
Total Exchange-Traded Fund (Cost $141,606)				148,048
SHORT-TERM INVESTMENT - 1.4%
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		417,967		417,967
Total Short-Term Investment (Cost $417,967)				417,967
TOTAL INVESTMENTS - 98.3% (Cost $33,182,311)				29,479,845
OTHER ASSETS & LIABILITIES, NET - 1.7%				518,197
NET ASSETS - 100.0%				$29,998,042

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	31.3%
Consumer Cyclical	14.4%
Communications	10.8%
Energy	10.7%
Industrial	10.3%
Basic Materials	7.4%
Consumer, Non-cyclical	6.5%
Others (each less than 3.0%)	6.9%
	98.3%
Other Assets & Liabilities, Net	1.7%
	100.0%

(b) As of September 30, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	27.4%
France	12.4%
United Kingdom	9.3%
Switzerland	6.3%
Netherlands	5.2%
China	4.5%
South Korea	4.1%
Italy	3.8%
Canada	3.4%
Others (each less than 3.0%)	21.9%
	98.3%
Other Assets & Liabilities, Net	1.7%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-67

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2020 (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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Common Stocks
	Argentina		$52,279		$52,279		$—		$—
	Austria		144,238		—		144,238		—
	Belgium		280,584		—		280,584		—
	Canada		1,007,283		1,007,283		—		—
	China		1,353,991		—		1,353,991		—
	Denmark		579,372		—		579,372		—
	Finland		414,989		—		414,989		—
	France		3,711,140		—		3,711,140		—
	Germany		827,992		—		827,992		—
	Hong Kong		227,339		—		227,339		—
	India		328,552		—		328,552		—
	Indonesia		77,061		—		77,061		—
	Ireland		231,108		—		231,108		—
	Italy		1,127,676		—		1,127,676		—
	Japan		8,218,898		—		8,218,898		—
	Luxembourg		162,636		—		162,636		—
	Malaysia		108,020		—		108,020		—
	Netherlands		1,574,197		—		1,574,197		—
	Norway		298,179		—		298,179		—
	Russia		540,277		540,277		—		—
	South Africa		755,649		267,750		487,899		—
	South Korea		1,225,022		330,026		894,996		—
	Spain		349,527		—		349,527		—
	Switzerland		1,897,889		—		1,897,889		—
	Taiwan		310,835		—		310,835		—
	Thailand		233,682		—		233,682		—
	United Kingdom		2,802,733		—		2,802,733		—
	United States		72,682		72,682		—		—
	Total Common Stocks		28,913,830		2,270,297		26,643,533		—
	Exchange-Traded Fund		148,048		148,048		—		—
	Short-Term Investment		417,967		417,967		—		—
	Total		$29,479,845		$2,836,312		$26,643,533		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-68

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.9%
Consumer, Cyclical - 0.5%
Choice Hotels International Inc		942		$80,974
Hilton Worldwide Holdings Inc		1,055		90,013
				170,987
Financial - 95.4%
Alexandria Real Estate Equities Inc REIT		7,434		1,189,440
American Assets Trust Inc REIT		9,318		224,471
American Campus Communities Inc REIT		8,385		292,804
American Homes 4 Rent ‘A’ REIT		53,067		1,511,348
American Tower Corp REIT		4,929		1,191,487
Apartment Investment and Management Co ‘A’ REIT		21,275		717,393
AvalonBay Communities Inc REIT		13,729		2,050,289
Boston Properties Inc REIT		8,247		662,234
Brandywine Realty Trust REIT		14,205		146,880
Camden Property Trust REIT		6,622		589,225
CoreSite Realty Corp REIT		4,446		528,540
Cousins Properties Inc REIT		24,684		705,715
CubeSmart REIT		19,755		638,284
CyrusOne Inc REIT		7,125		498,964
DiamondRock Hospitality Co REIT		26,627		134,999
Digital Realty Trust Inc REIT		3,247		476,530
Equinix Inc REIT		4,528		3,441,869
Equity LifeStyle Properties Inc REIT		12,725		780,042
Equity Residential REIT		8,560		439,385
Essential Properties Realty Trust Inc REIT		13,939		255,362
Essex Property Trust Inc REIT		6,616		1,328,427
Extra Space Storage Inc REIT		8,631		923,431
First Industrial Realty Trust Inc REIT		9,534		379,453
Healthcare Realty Trust Inc REIT		1,467		44,186
Healthcare Trust of America Inc ‘A’ REIT		43,436		1,129,336
Healthpeak Properties Inc REIT		7,590		206,068
Invitation Homes Inc REIT		73,742		2,064,039
Kilroy Realty Corp REIT		8,272		429,813
Park Hotels & Resorts Inc REIT		28,723		286,943
Prologis Inc REIT		38,415		3,865,317
PS Business Parks Inc REIT		4,574		559,812
Public Storage REIT		1,765		393,101
Regency Centers Corp REIT		16,145		613,833
Rexford Industrial Realty Inc REIT		11,116		508,668
Sabra Health Care REIT Inc		30,429		419,464
Simon Property Group Inc REIT		5,344		345,650
STORE Capital Corp REIT		37,999		1,042,313
Sun Communities Inc REIT		8,883		1,249,039
Taubman Centers Inc REIT		1,957		65,148
Terreno Realty Corp REIT		14,820		811,543
Ventas Inc REIT		13,320		558,907
VICI Properties Inc REIT		28,299		661,348
Welltower Inc REIT		31,709		1,746,849
Weyerhaeuser Co REIT		8,009		228,417
				36,336,366
Total Common Stocks (Cost $28,776,608)				36,507,353

	Shares		Value
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.020%		40,910		$40,910
Total Short-Term Investment (Cost $40,910)				40,910
TOTAL INVESTMENTS - 96.0% (Cost $28,817,518)				36,548,263
OTHER ASSETS & LIABILITIES, NET - 4.0%				1,534,202
NET ASSETS - 100.0%				$38,082,465

Notes to Schedule of Investments

(a) As of September 30, 2020, the Fund’s composition by property sector as a percentage of net assets was as follows:

REITS-Apartments	23.7%
REITS-Diversified	18.6%
REITS-Warehouse/Industrial	15.9%
REITS-Health Care	10.8%
REITS-Office Property	8.8%
REITS-Manufactured Homes	5.3%
REITS-Storage	5.1%
REITS-Single Tenant	3.4%
Others (each less than 3.0%)	4.3%
	95.9%
Short-Term Investment	0.1%
Other Assets & Liabilities, Net	4.0%
	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, 2020:

		Total Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$36,507,353		$36,507,353		$—		$—
	Short-Term Investment		40,910		40,910		—		—
	Total		$36,548,263		$36,548,263		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-70 and A-71

A-69

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2020 (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, 2020. 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, 2020.
¥	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) 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, 2020.
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.
±	Investments categorized as a significant unobservable input (Level 3).
Counterparty & Exchange Abbreviations:
ANZ	Australia and New Zealand Banking Group
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
BSC	Banco Santander Central Hispano
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
EUX	Eurex Exchange
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
ING	ING Baring
JPM	JPMorgan Chase
LCH	London Clearing House
MER	Merrill Lynch
MSC	Morgan Stanley
SCB	Standard Chartered Bank
SGN	Societe Generale
UBS	UBS

Currency Abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNH	Renminbi Offshore (Hong Kong)
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
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
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
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
Q	Quarterly
S	Semiannual
Z	At Maturity
Reference Rate Abbreviations:
ARS Deposit	Argentina Deposit 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
Other Abbreviations:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust

See Notes to Financial Statements

A-70

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

September 30, 2020 (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-71

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2020 (Unaudited)

		PF Inflation Managed Fund			PF Managed Bond Fund		PF Short Duration Bond Fund		PF Emerging Markets Debt Fund			PF Growth Fund
ASSETS
Investments, at value (excluding derivatives)			$32,632,615			$584,695,481		$138,633,127		$71,597,265			$169,776,057
Repurchase agreements, at value			300,000			13,400,000		—		—			—
Outstanding purchased options, at value			299			37,258		—		—			—
Cash			268,949			3,208,538		1,091		60,445			—
Cash (segregated for derivative instruments)			166,000			2,276,353		81,000		383,497			—
Foreign currency held, at value			27,601			2,518,873		3,711		1,272,535			—
Receivables:
	Dividends and interest		51,006			2,744,852		712,833		1,013,132			35,990
	Fund shares sold		1,917,262			41,376,311		248,501		267,761			—
	Securities sold		5,111,152			189,141,385		25,175,736		10,845,513			40,061,803
	Variation margin on futures contracts		28,209			495,002		10,648		—			—
	Variation margin on swap agreements		6,486			1,175,426		—		37,225			—
	Swap agreements		2,042			—		—		—			—
	Due from adviser		4,599			36,834		12,496		24,742			12,316
Forward foreign currency contracts appreciation			59,158			688,972		—		226,063			—
Swap premiums paid			—			4,266		—		—			—
Swap agreements appreciation			—			17,002		—		—			—
Prepaid expenses and other assets			104			1,129		385		73			393
Total Assets			40,575,482			841,817,682		164,879,528		85,728,251			209,886,559
LIABILITIES
Payables:
	Fund shares redeemed		19,257			335,797		25,619,430		11,542,999			38,930,165
	Securities purchased		8,082,471			311,627,286		1,503,200		1,198,239			—
	Securities sold short, at value		—			2,958,926		—		—			—
	Sale-buyback financing transactions		8,115,668			—		—		—			—
	Due to custodian		—			—		—		—			1,791
	Swap agreements		—			197,015		—		17,697			—
	Due to brokers		—			1,219,000		—		10,000			—
	Accrued advisory fees		7,384			157,089		53,771		54,374			94,556
	Accrued administration fees		2,769			60,034		20,164		10,662			25,788
	Accrued custodian and portfolio accounting fees		10,550			70,856		23,239		15,648			16,587
	Accrued legal, audit and tax service fees		5,577			27,007		12,062		9,606			14,439
	Accrued trustees’ fees and deferred compensation		2,959			17,672		3,158		110			5,152
	Accrued foreign capital gains tax		—			—		—		125			—
	Accrued other		1,703			26,420		9,230		9,653			15,303
Forward foreign currency contracts depreciation			18,441			556,104		—		180,784			—
Outstanding options written, at value			4,470			39,120		—		—			—
Swap agreements depreciation			—			2,903		—		—			—
Unfunded loan commitment depreciation			—			271		—		—			—
Total Liabilities			16,271,249			317,295,500		27,244,254		13,049,897			39,103,781
NET ASSETS			$24,304,233			$524,522,182		$137,635,274		$72,678,354			$170,782,778
NET ASSETS CONSIST OF:
Paid-in capital			$31,023,814			$488,060,358		$134,722,615		$80,098,737			$24,072,428
Undistributed/accumulated earnings (deficit)			(6,719,581	)		36,461,824		2,912,659		(7,420,383	)		146,710,350
NET ASSETS			$24,304,233			$524,522,182		$137,635,274		$72,678,354			$170,782,778
Class P Shares:
	Shares of beneficial interest outstanding		2,433,182			44,460,601		13,370,562		8,578,030			4,537,431
	Net Asset Value Per Share		$9.99			$11.80		$10.29		$8.47			$37.64
Investments and repurchase agreements, at cost (excluding derivatives)			$31,196,151			$588,099,631		$136,826,250		$72,069,237			$63,120,420
Outstanding purchased options, at cost			650			40,348		—		—			—
Foreign currency held, at cost			43,958			2,541,707		3,529		1,266,744			—
Proceeds from securities sold short			—			2,960,719		—		—			—
Premiums received from outstanding options written			19,109			85,070		—		—			—

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2020 (Unaudited)

		PF Large-Cap Value Fund		PF Multi-Asset Fund		PF Small-Cap Growth Fund		PF Small-Cap Value Fund			PF Emerging Markets Fund
ASSETS
Investments, at value (excluding derivatives)			$140,996,468		$935,874,235		$29,780,379		$66,420,389			$118,439,123
Cash			—		47,614		—		—			—
Foreign currency held, at value			—		—		—		—			1,527,558
Receivables:
	Dividends and interest		265,602		3,488,242		12,767		22,311			127,799
	Fund shares sold		—		15,441,178		7,650,968		34,845,129			951,592
	Securities sold		44,802,437		—		149,182		96,485			240,104
	Variation margin on futures contracts		—		3,896		—		—			—
	Due from adviser		11,118		47,170		3,945		3,752			17,659
Swap agreements appreciation			—		108,143,535		—		—			—
Prepaid expenses and other assets			356		2,932		12		200			136
Total Assets			186,075,981		1,063,048,802		37,597,253		101,388,266			121,303,971
LIABILITIES
Payables:
	Fund shares redeemed		45,089,288		23,873,873		2,156,315		31,906			2,014,931
	Securities purchased		—		4,150,000		5,346,505		34,237,131			347
	Due to custodian		—		—		—		—			173,170
	Accrued advisory fees		100,387		297,203		11,895		20,480			79,932
	Accrued administration fees		23,166		127,373		2,974		4,096			14,987
	Accrued custodian and portfolio accounting fees		14,286		104,536		4,131		9,338			30,954
	Accrued legal, audit and tax service fees		13,794		56,132		5,617		5,805			10,682
	Accrued trustees’ fees and deferred compensation		9,358		1,118		2,435		1,373			2,319
	Accrued foreign capital gains tax		—		—		—		—			112,887
	Accrued other		13,959		62,641		1,420		3,337			28,102
Swap agreements depreciation			—		16,399,338		—		—			—
Total Liabilities			45,264,238		45,072,214		7,531,292		34,313,466			2,468,311
NET ASSETS			$140,811,743		$1,017,976,588		$30,065,961		$67,074,800			$118,835,660
NET ASSETS CONSIST OF:
Paid-in capital			$57,995,243		$859,489,216		$19,718,812		$76,923,605			$73,610,438
Undistributed/accumulated earnings (deficit)			82,816,500		158,487,372		10,347,149		(9,848,805	)		45,225,222
NET ASSETS			$140,811,743		$1,017,976,588		$30,065,961		$67,074,800			$118,835,660
Class P Shares:
	Shares of beneficial interest outstanding		11,879,715		92,073,638		1,413,646		10,482,059			9,427,584
	Net Asset Value Per Share		$11.85		$11.06		$21.27		$6.40			$12.61
Investments, at cost (excluding derivatives)			$81,701,284		$920,614,615		$25,706,065		$67,362,861			$74,422,041
Foreign currency held, at cost			—		—		—		—			1,523,280

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2020 (Unaudited)

		PF International Large-Cap Fund		PF International Small-Cap Fund		PF International Value Fund			PF Real Estate Fund
ASSETS
Investments, at value (excluding derivatives)			$40,741,407		$31,151,826		$29,479,845			$36,548,263
Cash			2,962		—		—			3,787
Foreign currency held, at value			—		35,483		88,422			—
Receivables:
	Dividends and interest		445,155		183,708		320,488			135,684
	Fund shares sold		321,956		—		4,672,968			1,508,174
	Securities sold		4,000,977		2,336,389		35,655			338,234
	Due from adviser		13,769		8,242		18,822			3,766
Accrued foreign capital gain tax			—		—		95			—
Prepaid expenses and other assets			104		27		141			266
Total Assets			45,526,330		33,715,675		34,616,436			38,538,174
LIABILITIES
Payables:
	Fund shares redeemed		4,311,294		2,800,433		2,478,015			137,197
	Securities purchased		531		3,603		2,080,552			266,597
	Due to custodian		—		142		—			—
	Accrued advisory fees		32,037		23,542		15,407			23,086
	Accrued administration fees		5,654		4,154		3,556			4,617
	Accrued custodian and portfolio accounting fees		26,683		12,932		20,761			11,965
	Accrued legal, audit and tax service fees		6,921		6,102		6,393			6,493
	Accrued trustees’ fees and deferred compensation		4,437		42		5,512			910
	Accrued foreign capital gains tax		12,050		—		—			—
	Accrued other		10,227		2,887		8,198			4,844
Total Liabilities			4,409,834		2,853,837		4,618,394			455,709
NET ASSETS			$41,116,496		$30,861,838		$29,998,042			$38,082,465
NET ASSETS CONSIST OF:
Paid-in capital			$18,316,520		$29,357,284		$40,454,935			$38,836,920
Undistributed/accumulated earnings (deficit)			22,799,976		1,504,554		(10,456,893	)		(754,455	)
NET ASSETS			$41,116,496		$30,861,838		$29,998,042			$38,082,465
Class P Shares:
	Shares of beneficial interest outstanding		3,708,571		3,264,334		4,964,560			3,215,339
	Net Asset Value Per Share		$11.09		$9.45		$6.04			$11.84
Investments, at cost (excluding derivatives)			$21,086,354		$23,823,888		$33,182,311			$28,817,518
Foreign currency held, at cost			—		35,443		88,272			—

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$138			$1,191			$889			$1,808			$501,927
Interest, net of foreign taxes withheld			206,182			6,076,267			1,723,181			2,212,625			18
Total Investment Income			206,320			6,077,458			1,724,070			2,214,433			501,945
EXPENSES
Advisory fees			43,938			889,156			301,778			333,436			544,142
Administration fees			16,477			333,433			113,167			63,714			148,402
Custodian fees and expenses			3,213			26,916			4,866			24,562			2,702
Portfolio accounting fees			25,540			159,688			57,044			37,640			44,716
Shareholder report expenses			1,110			20,306			6,854			4,385			8,767
Legal, audit and tax service fees			1,519			27,700			9,360			12,773			11,965
Trustees’ fees			765			14,021			4,775			2,520			6,177
Interest expense			7,917			7,535			—			—			33
Other			348			5,902			1,988			5,730			7,105
Total Expenses			100,827			1,484,657			499,832			484,760			774,009
Advisory Fee Waiver			—			(6,124	)		—			(8,495	)		—
Adviser Expense Reimbursement			(32,495	)		(254,533	)		(84,887	)		(87,610	)		(81,431	)
Net Expenses			68,332			1,224,000			414,945			388,655			692,578
NET INVESTMENT INCOME (LOSS)			137,988			4,853,458			1,309,125			1,825,778			(190,633	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		1,001,456			16,429,835			604,984			703,152			34,023,031
	Closed short positions		—			(126,648	)		—			—			—
	Foreign currency transactions		(21,563	)		(547,712	)		—			(1,531,770	)		—
	Forward foreign currency contract transactions		(236,921	)		(851,417	)		—			100,561			—
	Futures contract transactions		(192,908	)		4,487,686			357,401			—			—
	Purchased option transactions		54,639			(349,171	)		—			—			—
	Swap transactions		(85,545	)		(3,283,924	)		11,906			17,121			—
	Written option transactions		(20,384	)		778,350			—			—			—
Net Realized Gain (Loss)			498,774			16,536,999			974,291			(710,936	)		34,023,031
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		1,250,646			6,628,326			5,384,577			11,682,304			28,512,342
	Short positions		—			81,745			—			—			—
	Foreign currencies		(6,741	)		(56,492	)		220			30,982			—
	Forward foreign currency contracts		(2,410	)		(804,054	)		—			771,771			—
	Futures contracts		110,878			(3,515,008	)		(400,453	)		—			—
	Purchased options		(54,726	)		(17,989	)		—			—			—
	Swaps		(14,108	)		4,134,986			(3,540	)		(16,717	)		—
	Written options		41,983			140,777			—			—			—
	Unfunded loan commitments		—			1,031			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		1,325,522			6,593,322			4,980,804			12,468,340			28,512,342
NET GAIN (LOSS)			1,824,296			23,130,321			5,955,095			11,757,404			62,535,373
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,962,284			$27,983,779			$7,264,220			$13,583,182			$62,344,740
Foreign taxes withheld on dividends and interest			$—			$5,508			—			$11,596			$830
Foreign capital gains tax withheld			—			—			—			6,907			—

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		PF Large-Cap Value Fund			PF Multi-Asset Fund			PF Small-Cap Growth Fund			PF Small-Cap Value Fund			PF Emerging Markets Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,891,580			$9,565			$53,701			$287,478			$900,303
Interest, net of foreign taxes withheld			—			9,680,956			3			—			—
Total Investment Income			1,891,580			9,690,521			53,704			287,478			900,303
EXPENSES
Advisory fees			591,088			1,775,383			67,560			121,335			456,188
Administration fees			136,405			760,878			16,890			24,267			85,535
Custodian fees and expenses			2,238			15,461			164			876			45,296
Portfolio accounting fees			40,487			225,248			17,925			21,591			33,820
Shareholder report expenses			8,198			45,986			977			1,438			5,278
Legal, audit and tax service fees			11,185			62,765			1,545			2,042			7,190
Trustees’ fees			5,746			26,430			692			1,011			3,703
Interest expense			208			108			—			—			380
Other			6,277			13,483			717			1,221			35,325
Total Expenses			801,832			2,925,742			106,470			173,781			672,715
Adviser Expense Reimbursement			(74,130	)		(338,647	)		(22,020	)		(28,179	)		(130,611	)
Net Expenses			727,702			2,587,095			84,450			145,602			542,104
NET INVESTMENT INCOME (LOSS)			1,163,878			7,103,426			(30,746	)		141,876			358,199
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		17,611,870			2,753,216			6,378,449			(425,916	)		832,518
	Foreign currency transactions		—			—			(376	)		—			935
	Futures contract transactions		—			833,560			—			—			—
	Swap transactions		—			60,290,929			—			—			—
	Net Realized Gain (Loss)		17,611,870			63,877,705			6,378,073			(425,916	)		833,453
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		17,048,404			20,752,113			2,267,407			6,847,029			26,473,092
	Foreign currencies		—			—			(663	)		—			(8,217	)
	Futures contracts		—			(1,362,142	)		—			—			—
	Swaps		—			199,360,606			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		17,048,404			218,750,577			2,266,744			6,847,029			26,464,875
NET GAIN (LOSS)			34,660,274			282,628,282			8,644,817			6,421,113			27,298,328
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$35,824,152			$289,731,708			$8,614,071			$6,562,989			$27,656,527
Foreign taxes withheld on dividends and interest			$5,628			$—			$2,276			$1,691			$97,167
Foreign capital gains tax withheld			—			—			—			—			2,644
Change in deferred foreign capital gains tax			—			—			—			—			106,905

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		PF International Large-Cap Fund			PF International Small-Cap Fund			PF International Value Fund			PF Real Estate Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$538,457			$434,147			$505,863			$618,007
Total Investment Income			538,457			434,147			505,863			618,007
EXPENSES
Advisory fees			193,226			135,602			110,302			190,233
Administration fees			34,099			23,930			25,454			31,706
Custodian fees and expenses			24,532			11,335			23,153			1,808
Portfolio accounting fees			26,360			29,959			28,733			22,702
Shareholder report expenses			2,171			1,405			1,811			2,114
Legal, audit and tax service fees			2,955			1,909			2,470			2,903
Trustees’ fees			1,522			807			1,269			1,483
Other			14,224			3,809			13,549			1,805
Total Expenses			299,089			208,756			206,741			254,754
Advisory Fee Waiver			—			—			—			(31,706	)
Adviser Expense Reimbursement			(71,765	)		(33,271	)		(70,984	)		(32,815	)
Net Expenses			227,324			175,485			135,757			190,233
NET INVESTMENT INCOME (LOSS)			311,133			258,662			370,106			427,774
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		2,802,218			595,693			(4,177,964	)		1,284,171
	Foreign currency transactions		(2,679	)		(2,204	)		(4,385	)		—
	Net Realized Gain (Loss)		2,799,539			593,489			(4,182,349	)		1,284,171
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		6,074,957			8,466,989			9,954,373			4,423,025
	Foreign currencies		23,060			9,866			18,140			—
	Change in Net Unrealized Appreciation (Depreciation)		6,098,017			8,476,855			9,972,513			4,423,025
NET GAIN (LOSS)			8,897,556			9,070,344			5,790,164			5,707,196
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$9,208,689			$9,329,006			$6,160,270			$6,134,970
Foreign taxes withheld on dividends and interest			$71,855			$58,095			$68,818			$—
Change in deferred foreign capital gains tax			12,802			—			—			—

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
OPERATIONS
Net investment income (loss)		$137,988			$1,029,520			$4,853,458			$14,460,812			$1,309,125			$3,880,420
Net realized gain (loss)		498,774			477,228			16,536,999			17,256,679			974,291			888,906
Change in net unrealized appreciation (depreciation)		1,325,522			37,853			6,593,322			(1,633,261	)		4,980,804			(3,881,958	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,962,284			1,544,601			27,983,779			30,084,230			7,264,220			887,368
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(448,792	)		—			(11,614,415	)		—			(4,409,514	)
Net Decrease from Dividends and Distributions to Shareholders		—			(448,792	)		—			(11,614,415	)		—			(4,409,514	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		2,628,593			462,054			133,185,864			39,353,926			41,723,920			35,087,913
Dividends and distribution reinvestments - Class P		—			448,792			—			11,614,415			—			4,409,514
Cost of shares repurchased - Class P		(1,236,782	)		(22,005,907	)		(23,480,459	)		(179,963,820	)		(33,632,974	)		(69,052,801	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,391,811			(21,095,061	)		109,705,405			(128,995,479	)		8,090,946			(29,555,374	)
NET INCREASE (DECREASE) IN NET ASSETS		3,354,095			(19,999,252	)		137,689,184			(110,525,664	)		15,355,166			(33,077,520	)
NET ASSETS
Beginning of Year or Period		20,950,138			40,949,390			386,832,998			497,358,662			122,280,108			155,357,628
End of Year or Period		$24,304,233			$20,950,138			$524,522,182			$386,832,998			$137,635,274			$122,280,108
	PF Emerging Markets Debt Fund						PF Growth Fund						PF Large-Cap Value Fund
OPERATIONS
Net investment income (loss)		$1,825,778			$3,642,711			($190,633	)		($111,054	)		$1,163,878			$2,707,200
Net realized gain (loss)		(710,936	)		(589,664	)		34,023,031			10,518,171			17,611,870			10,208,535
Change in net unrealized appreciation (depreciation)		12,468,340			(11,877,664	)		28,512,342			(2,937,286	)		17,048,404			(29,003,736	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,583,182			(8,824,617	)		62,344,740			7,469,831			35,824,152			(16,088,001	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings – Class P		—			(3,084,637	)		—			(6,248,695	)		—			(11,717,437	)
Net Decrease from Dividends and Distributions to Shareholders		—			(3,084,637	)		—			(6,248,695	)		—			(11,717,437	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		1,284,762			40,890,590			864,796			20,563,082			1,020,141			38,491,501
Dividends and distribution reinvestments - Class P		—			3,084,637			—			6,248,695			—			11,717,437
Cost of shares repurchased - Class P		(29,812,257	)		(16,042,032	)		(56,001,677	)		(50,788,891	)		(56,397,565	)		(33,084,403	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(28,527,495	)		27,933,195			(55,136,881	)		(23,977,114	)		(55,377,424	)		17,124,535
NET INCREASE (DECREASE) IN NET ASSETS		(14,944,313	)		16,023,941			7,207,859			(22,755,978	)		(19,553,272	)		(10,680,903	)
NET ASSETS
Beginning of Year or Period		87,622,667			71,598,726			163,574,919			186,330,897			160,365,015			171,045,918
End of Year or Period		$72,678,354			$87,622,667			$170,782,778			$163,574,919			$140,811,743			$160,365,015

(1) Unaudited.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
	PF Multi-Asset Fund						PF Small-Cap Growth Fund						PF Small-Cap Value Fund
OPERATIONS
Net investment income (loss)		$7,103,426			$23,573,573			($30,746	)		($85,935	)		$141,876			$332,356
Net realized gain (loss)		63,877,705			(21,579,029	)		6,378,073			1,474,942			(425,916	)		(4,231,585	)
Change in net unrealized appreciation (depreciation)		218,750,577			(112,346,411	)		2,266,744			(2,141,858	)		6,847,029			(14,927,697	)
Net Increase (Decrease) in Net Assets Resulting from Operations		289,731,708			(110,351,867	)		8,614,071			(752,851	)		6,562,989			(18,826,926	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(26,336,391	)		—			(1,213,285	)		—			(4,860,855	)
Net Decrease from Dividends and Distributions to Shareholders		—			(26,336,391	)		—			(1,213,285	)		—			(4,860,855	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		19,826,138			93,982,467			7,750,644			6,730,507			34,995,639			851,192
Dividends and distribution reinvestments - Class P		—			26,336,391			—			1,213,285			—			4,860,855
Cost of shares repurchased - Class P		(176,497,463	)		(235,128,587	)		(3,989,560	)		(3,973,844	)		(2,499,573	)		(24,626,067	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(156,671,325	)		(114,809,729	)		3,761,084			3,969,948			32,496,066			(18,914,020	)
NET INCREASE (DECREASE) IN NET ASSETS		133,060,383			(251,497,987	)		12,375,155			2,003,812			39,059,055			(42,601,801	)
NET ASSETS
Beginning of Year or Period		884,916,205			1,136,414,192			17,690,806			15,686,994			28,015,745			70,617,546
End of Year or Period		$1,017,976,588			$884,916,205			$30,065,961			$17,690,806			$67,074,800			$28,015,745
	PF Emerging Markets Fund						PF International Large-Cap Fund						PF International Small-Cap Fund
OPERATIONS
Net investment income (loss)		$358,199			$825,103			$311,133			$741,181			$258,662			$522,618
Net realized gain (loss)		833,453			18,458,804			2,799,539			2,077,545			593,489			(53,682	)
Change in net unrealized appreciation (depreciation)		26,464,875			(27,961,796	)		6,098,017			(4,327,414	)		8,476,855			(2,496,959	)
Net Increase (Decrease) in Net Assets Resulting from Operations		27,656,527			(8,677,889	)		9,208,689			(1,508,688	)		9,329,006			(2,028,023	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(18,657,302	)		—			(6,575,782	)		—			(1,056,704	)
Net Decrease from Dividends and Distributions to Shareholders		—			(18,657,302	)		—			(6,575,782	)		—			(1,056,704	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		1,694,611			33,691,167			603,502			10,166,745			136,446			12,615,119
Dividends and distribution reinvestments - Class P		—			18,657,302			—			6,575,782			—			1,056,704
Cost of shares repurchased - Class P		(8,133,290	)		(61,282,250	)		(10,513,808	)		(24,992,104	)		(5,585,226	)		(15,539,152	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(6,438,679	)		(8,933,781	)		(9,910,306	)		(8,249,577	)		(5,448,780	)		(1,867,329	)
NET INCREASE (DECREASE) IN NET ASSETS		21,217,848			(36,268,972	)		(701,617	)		(16,334,047	)		3,880,226			(4,952,056	)
NET ASSETS
Beginning of Year or Period		97,617,812			133,886,784			41,818,113			58,152,160			26,981,612			31,933,668
End of Year or Period		$118,835,660			$97,617,812			$41,116,496			$41,818,113			$30,861,838			$26,981,612

(1) Unaudited.

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020			Six-Month Period Ended September 30, 2020 (1)			Year Ended March 31, 2020
	PF International Value Fund						PF Real Estate Fund
OPERATIONS
Net investment income (loss)		$370,106			$1,816,360			$427,774			$1,216,302
Net realized gain (loss)		(4,182,349	)		(964,441	)		1,284,171			(8,571,709	)
Change in net unrealized appreciation (depreciation)		9,972,513			(13,413,182	)		4,423,025			(8,199,240	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,160,270			(12,561,263	)		6,134,970			(15,554,647	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(1,866,805	)		—			(2,727,199	)
Net Decrease from Dividends and Distributions to Shareholders		—			(1,866,805	)		—			(2,727,199	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		4,853,006			7,631,533			1,717,216			19,042,495
Dividends and distribution reinvestments - Class P		—			1,866,805			—			2,727,199
Cost of shares repurchased - Class P		(15,985,807	)		(25,056,026	)		(13,301,673	)		(41,668,519	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(11,132,801	)		(15,557,688	)		(11,584,457	)		(19,898,825	)
NET INCREASE (DECREASE) IN NET ASSETS		(4,972,531	)		(29,985,756	)		(5,449,487	)		(38,180,671	)
NET ASSETS
Beginning of Year or Period		34,970,573			64,956,329			43,531,952			81,712,623
End of Year or Period		$29,998,042			$34,970,573			$38,082,465			$43,531,952

(1) Unaudited.

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (Unaudited)

		PF Inflation Managed Fund
CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			$1,962,284
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		(28,814,680	)
	Proceeds from disposition of long-term securities		28,293,066
	Proceeds (purchases) of short-term securities, net		(101,274	)
	Proceeds (purchases) from foreign currency transactions		(6,740	)
	(Increase) decrease in dividends and interest receivable		13,795
	(Increase) decrease in receivable for securities sold		20,522,487
	(Increase) decrease in receivable for swap agreements		(186	)
	(Increase) decrease in receivable due from adviser		6,319
	(Increase) decrease in prepaid expenses and other assets		189
	(Increase) decrease in variation margin on futures contracts		(33,860	)
	(Increase) decrease in variation margin on swap agreements		48,896
	Increase (decrease) in payable for securities purchased		(15,652,021	)
	Increase (decrease) in accrued advisory fees		(3,186	)
	Increase (decrease) in accrued administration fees		(1,195	)
	Increase (decrease) in accrued custodian fees and expenses		7,807
	Increase (decrease) in accrued legal, audit and tax service fees		80
	Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation		184
	Increase (decrease) in accrued other payable		(17,120	)
	Change in net unrealized (appreciation) depreciation on investment securities		(1,250,646	)
	Change in net unrealized (appreciation) depreciation on foreign currencies		6,741
	Change in net unrealized (appreciation) depreciation on forward foreign currency contract		2,410
	Change in net unrealized (appreciation) depreciation on purchased options		54,726
	Change in net unrealized (appreciation) depreciation on written options		(41,983	)
	Net realized (gain) loss on investment security transactions		(1,001,456	)
	Net realized (gain) loss on foreign currency		29,264
	Net realized (gain) loss on purchased options transactions		(54,639	)
	Net realized (gain) loss on written option transactions		20,384
	Net amortization on investments		43,318
Net cash provided by (used in) operating activities			4,032,964
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			712,573
Payment of shares redeemed			(1,221,306	)
Proceeds from sale-buyback financing activities			145,098,517
Payment on sale-buyback financing transactions			(148,523,262	)
Net cash provided by (used in) financing activities			(3,933,478	)
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			99,486
CASH AND FOREIGN CURRENCY:
Beginning of Period			363,064
End of Period (3)			$462,550

(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 $7,917.

(3) Includes cash (segregated for derivative instruments) of $166,000.

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
4/1/2020 - 9/30/2020 (6)		$9.12		$0.06			$0.81			$0.87			$—			$—			$—			$9.99		0.92	%		0.62	%(7)		1.26	%		9.42	%		$24,304		87	%
4/1/2019 - 3/31/2020		8.81		0.25			0.18			0.43			(0.12	)		—			(0.12	)		9.12		1.25	%		1.08	%		2.76	%		4.94	%		20,950		249	%
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	%
PF Managed Bond Fund
4/1/2020 - 9/30/2020 (6)		$11.03		$0.13			$0.64			$0.77			$—			$—			$—			$11.80		0.67	%		0.55	%		2.18	%		6.98	%		$524,522		225	%
4/1/2019 - 3/31/2020		10.56		0.32			0.41			0.73			(0.14	)		(0.12	)		(0.26	)		11.03		0.82	%		0.73	%		2.93	%		6.89	%		386,833		512	%
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	%
PF Short Duration Bond Fund
4/1/2020 - 9/30/2020 (6)		$9.77		$0.09			$0.43			$0.52			$—			$—			$—			$10.29		0.66	%		0.55	%		1.73	%		5.43	%		$137,635		56	%
4/1/2019 - 3/31/2020		9.93		0.24			(0.14	)		0.10			(0.26	)		—			(0.26	)		9.77		0.65	%		0.55	%		2.38	%		0.97	%		122,280		109	%
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	%
PF Emerging Markets Debt Fund
4/1/2020 - 9/30/2020 (6)		$7.18		$0.17			$1.12			$1.29			$—			$—			$—			$8.47		1.14	%		0.92	%		4.29	%		17.97	%		$72,678		37	%
4/1/2019 - 3/31/2020		9.17		0.51			(2.02	)		(1.51	)		(0.48	)		—			(0.48	)		7.18		1.14	%		0.92	%		5.64	%		(17.58	%)		87,623		73	%
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	%
PF Growth Fund
4/1/2020 - 9/30/2020 (6)		$27.10		($0.03	)		$10.57			$10.54			$—			$—			$—			$37.64		0.78	%		0.70	%		(0.19	%)		38.89	%		$170,783		15	%
4/1/2019 - 3/31/2020		27.18		(0.02	)		0.93			0.91			(0.00	)(8)		(0.99	)		(0.99	)		27.10		0.77	%		0.70	%		(0.06	%)		3.04	%		163,575		20	%
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	%
PF Large-Cap Value Fund
4/1/2020 - 9/30/2020 (6)		$9.66		$0.07			$2.12			$2.19			$—			$—			$—			$11.85		0.88	%		0.80	%		1.28	%		22.67	%		$140,812		10	%
4/1/2019 - 3/31/2020		11.95		0.20			(1.62	)		(1.42	)		(0.17	)		(0.70	)		(0.87	)		9.66		0.87	%		0.80	%		1.59	%		(13.51	%)		160,365		28	%
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	%
PF Multi-Asset Fund
4/1/2020 - 9/30/2020 (6)		$8.23		$0.07			$2.76			$2.83			$—			$—			$—			$11.06		0.58	%		0.51	%		1.40	%		34.39	%		$1,017,977		19	%
4/1/2019 - 3/31/2020		9.81		0.22			(1.54	)		(1.32	)		(0.26	)		—			(0.26	)		8.23		0.56	%		0.51	%		2.17	%		(14.09	%)		884,916		57	%
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 Growth Fund
4/1/2020 - 9/30/2020 (6)		$14.19		($0.03	)		$7.11			$7.08			$—			$—			$—			$21.27		0.94	%		0.75	%		(0.27	%)		49.89	%		$30,066		120	%
4/1/2019 - 3/31/2020		18.43		(0.11	)		(2.31	)		(2.42	)		—			(1.82	)		(1.82	)		14.19		0.97	%		0.75	%		(0.60	%)		(14.67	%)		17,691		126	%
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	%

See Notes to Financial Statements See explanation of references, if any, on B-12

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 Small-Cap Value Fund
4/1/2020 - 9/30/2020 (6)		$5.17		$0.03		$1.20			$1.23			$—			$—			$—			$6.40		1.07	%		0.90	%		0.87	%		23.79	%		$67,075		32	%
4/1/2019 - 3/31/2020		8.21		0.04		(2.39	)		(2.35	)		(0.05	)		(0.64	)		(0.69	)		5.17		1.00	%		0.90	%		0.53	%		(31.62	%)		28,016		36	%
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	%
PF Emerging Markets Fund
4/1/2020 - 9/30/2020 (6)		$9.80		$0.04		$2.77			$2.81			$—			$—			$—			$12.61		1.18	%		0.95	%		0.63	%		28.57	%		$118,836		13	%
4/1/2019 - 3/31/2020		14.71		0.13		(1.50	)		(1.37	)		(0.19	)		(3.35	)		(3.54	)		9.80		1.29	%		0.95	%		0.90	%		(14.07	%)		97,618		65	%
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	%
PF International Large-Cap Fund
4/1/2020 - 9/30/2020 (6)		$9.05		$0.07		$1.97			$2.04			$—			$—			$—			$11.09		1.31	%		1.00	%		1.37	%		22.54	%		$41,116		4	%
4/1/2019 - 3/31/2020		11.63		0.17		(0.87	)		(0.70	)		(0.15	)		(1.73	)		(1.88	)		9.05		1.32	%		1.00	%		1.46	%		(8.84	%)		41,818		22	%
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	%
PF International Small-Cap Fund
4/1/2020 - 9/30/2020 (6)		$6.98		$0.07		$2.40			$2.47			$—			$—			$—			$9.45		1.31	%		1.10	%		1.62	%		35.39	%		$30,862		15	%
4/1/2019 - 3/31/2020		9.59		0.20		(2.23	)		(2.03	)		(0.58	)		—			(0.58	)		6.98		1.43	%		1.10	%		2.16	%		(22.94	%)		26,982		90	%
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	%
PF International Value Fund
4/1/2020 - 9/30/2020 (6)		$5.14		$0.06		$0.84			$0.90			$—			$—			$—			$6.04		1.22	%		0.80	%		2.18	%		17.51	%		$29,998		17	%
4/1/2019 - 3/31/2020		7.51		0.25		(2.32	)		(2.07	)		(0.23	)		(0.07	)		(0.30	)		5.14		1.11	%		0.80	%		3.32	%		(28.94	%)		34,971		33	%
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	%
PF Real Estate Fund
4/1/2020 - 9/30/2020 (6)		$10.30		$0.12		$1.42			$1.54			$—			$—			$—			$11.84		1.20	%		0.90	%		2.02	%		14.95	%		$38,082		20	%
4/1/2019 - 3/31/2020		12.26		0.19		(1.74	)		(1.55	)		(0.25	)		(0.16	)		(0.41	)		10.30		1.13	%		0.90	%		1.46	%		(13.44	%)		43,532		48	%
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	%

(1) For share classes that commenced operations after April 1, 2015, 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.

(7) The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2020 are as follows:

Fund	Class P
PF Inflation Managed Fund		0.55%

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

See Notes to Financial Statements

B-12

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, investment management 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, 2020, the Trust was comprised of twenty-nine separate active funds, fourteen 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 Large-Cap Fund
PF Managed Bond Fund	PF Multi-Asset Fund	PF International Small-Cap Fund
PF Short Duration Bond Fund	PF Small-Cap Growth Fund (formerly named PF Developing Growth Fund)	PF International Value Fund
PF Emerging Markets Debt Fund	PF Small-Cap Value Fund	PF Real Estate Fund
PF Growth Fund	PF Emerging Markets Fund

Presently, only the following “Funds 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-7.

On July 31, 2020, the PF Mid-Cap Equity Fund was liquidated pursuant to a plan of liquidation approved by the Board of Trustees. Because the Fund was liquidated prior to September 30, 2020, no financial information is presented in this report.

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.

F. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

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 is called its NAV, which is determined by taking the total value its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding.

The NAVs are calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that 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.

NAVs 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 NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges which may 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.

In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the valuation procedures described below, which may be after the official closing time of the NYSE.

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 and does not normally take into account trading, clearances or settlements that take place after the 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. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. The Trust has retained an independent statistical analysis service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

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. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services.

Domestic and Foreign Debt Investments

Debt investments, including short-term debt, 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. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

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, if there is a trading halt for individual holdings, or if there is an unscheduled market closure (e.g., in the event of a natural disaster, strikes, news of significant governmental actions, regulatory trading halts, system failures, terrorist threats or activities, or armed conflict, etc.). 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:

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• 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, 2020, 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 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.

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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.

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.

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, 2020, the PF Managed Bond Fund had unfunded loan commitments of $9,220 (see details in the Notes to Schedules of Investments).

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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. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. 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 a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. 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.

Natural Disasters Risk

Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.

An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of COVID-19 could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund.

LIBOR Transition Risk

In 2017, the United Kingdom’s Financial Conduct Authority, which regulates London Interbank Offered Rate (“LIBOR”), announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other Interbank Offered Rates (“IBOR”) were susceptible to manipulation. Replacement rates for various IBORs have been identified and include the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities.

There remains uncertainty regarding the transition to, and nature of, any selected replacement rates. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s investments and result in costs incurred in connection with closing out positions that reference LIBOR and entering into new trades referencing alternative rates. The transition process away from LIBOR may result in increased volatility or illiquidity in markets for the Fund’s investments that currently rely on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR.

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.

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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. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. 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 governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging 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. 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.

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

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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.

A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are “covenant lite” loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

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, 2020, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

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

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

U.S. Government 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.

Delayed-Delivery Transactions Risk

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.

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

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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 Risk

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.

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

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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 following reasons: 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 or reduce 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. 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

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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 following reasons: 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, to hedge downside risk, 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, to hedge downside risk, and to generate income. The PF Managed Bond Fund held inflation floors, and the PF Inflation Managed Fund held inflation caps and floors, to manage inflation exposure.

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 following reasons: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts to hedge 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.

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 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

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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 following reasons: 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.

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

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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 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, 2020 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 following reasons: the PF Inflation Managed Fund purchased and sold credit protection through credit default swaps to manage credit exposure to individual issuers, broad credit risk, and to benefit from price differences between the credit default swap and cash bonds markets. The PF Managed Bond Fund sold credit protection through credit default swaps to manage credit exposure, allow portfolio managers to enter or exit credit positions in periods of low liquidity, or to gain exposure that may not be available in cash markets. The PF Short Duration Bond Fund held index credit default swaps to add exposure to corporate credit risk.

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 following reasons: the PF Multi-Asset Fund entered into total return swaps to gain or reduce exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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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 agreements	Payable: Variation margin on swap agreements
	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 agreements	Payable: Variation margin on swap agreements
	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, 2020:

	Asset Derivative Investments Value
Fund	Total Value at September 30, 2020		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$182,517		$9,235		$—		$59,158		$114,124
PF Managed Bond		2,140,515		274,240		—		709,323		1,156,952
PF Short Duration Bond		6,154		—		—		—		6,154
PF Emerging Markets Debt		250,110		—		—		226,063		24,047
PF Multi-Asset		108,145,483		—		108,145,483		—		—

	Liability Derivative Investments Value
Fund	Total Value at September 30, 2020			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($94,723	)		($4,479	)		$—			($18,441	)		($71,803	)
PF Managed Bond		(3,186,227	)		(201,894	)		—			(655,372	)		(2,328,961	)
PF Short Duration Bond		(7,709	)		—			—			—			(7,709	)
PF Emerging Markets Debt		(199,338	)		—			—			(180,784	)		(18,554	)
PF Multi-Asset		(16,399,338	)		—			(16,399,338	)		—			—

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-15

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, 2020:

	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		($481,119	)		$9,116			$—		($236,921	)		($253,314	)
PF Managed Bond		781,524			(101,633	)		—		(353,350	)		1,236,507
PF Short Duration Bond		369,307			11,906			—		—			357,401
PF Emerging Markets Debt		117,682			—			—		100,561			17,121
PF Multi-Asset		61,124,489			—			61,124,489		—			—

	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		$81,617			($58,052	)		$—		($2,410	)		$142,079
PF Managed Bond		(61,288	)		423,065			—		(287,336	)		(197,017	)
PF Short Duration Bond		(403,993	)		(3,540	)		—		—			(400,453	)
PF Emerging Markets Debt		755,054			—			—		771,771			(16,717	)
PF Multi-Asset		197,998,464			—			197,998,464		—			—

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, 2020:

	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		10		($48,974	)		21		$7,124			20		($6,917	)		35		$68,433
PF Managed Bond		28		658,243			47		(22,077	)		58		(141,148	)		58		(2,542,219	)
PF Short Duration Bond		4		125,859			—		—			—		—			1		1,180
PF Emerging Markets Debt		—		—			93		(197,065	)		—		—			7		22,807
PF Multi-Asset		2		414,781			—		—			—		—			24		8,351,507

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, 2020.

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.

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

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2020:

		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		$59,158		($15,210	)		$ —			$43,948			($18,441	)			$15,210		$ —		($3,231	)
Option contracts		—		—			—			—			(4,470	)			—		—		(4,470	)
Sale-buyback financing transactions		—		—			—			—			(8,115,668	)			8,086,187		—		(29,481	)
PF Managed Bond
Forward foreign currency contracts		688,972		(194,889	)		(447,069	)		47,014			(556,104	)			194,889		33,227		(327,988	)
Option contracts		16,064		—			—			16,064			(17,136	)			—		5,771		(11,365	)
Swap agreements		17,002		(2,903	)		—			14,099			(2,903	)			2,903		—		—
PF Emerging Markets Debt
Forward foreign currency contracts		226,063		(102,859	)		—			123,204			(180,784	)			102,859		2,091		(75,834	)
PF Multi-Asset
Swap agreements		108,143,535		(13,994,082	)		(90,682,559	)		3,466,894			(16,399,338	)			13,994,082		2,315,613		(89,643	)

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, 2020.

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 also manages a portion of 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, 2020, 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 Fee Rate	Advisory Fee Waiver through July 31, 2021	Sub-Adviser(s)
PF Inflation Managed	0.40%		Pacific Investment Management Company LLC
PF Managed Bond	0.40%	0.0075% (effective August 1, 2020)	Pacific Investment Management Company LLC and Western Asset Management Company, LLC (co-sub-advisers)
PF Short Duration Bond	0.40%		T. Rowe Price Associates, Inc.
PF Emerging Markets Debt	0.785%	0.02%	Ashmore Investment Management Limited
PF Growth	0.55%		MFS Investment Management
PF Large-Cap Value	0.65%		ClearBridge Investments, LLC
PF Multi-Asset	0.35%		Pacific Asset Management LLC (collateral portion only)
PF Small-Cap Growth	0.60%		MFS Investment Management (Lord, Abbett & Co. LLC prior to May 1, 2020)
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

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Pursuant to the PF Administration Agreement with the Trust, the Administrator and PLFA perform, procure and/or oversee administrative services for each of the Funds. These services include, but are not limited to, procuring and overseeing transfer agency, dividend disbursement and sub-transfer agency services for the Trust, and any and all legal, compliance, and accounting support provided by Pacific Life and PLFA for the operations of the Trust and to permit the Trust to conduct business as described in its registration statement; and other services necessary for the administration of the Funds’ affairs.

Pacific Life receives an administration fee from each Fund presented in these financial statements, based on an annual rate of 0.15% of average daily net assets of each Fund.

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 from each Fund presented in these financial statements for the period ended September 30, 2020 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2020 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: the administration fee and expenses; organizational expenses; custody expenses; expenses for external audit, tax, legal and accounting and sub-administration services; the preparation, printing, filing and mailing costs of prospectuses, shareholder reports, and other regulatory documents to existing shareholders, as applicable; and independent trustees’ fees and expenses. These operating expenses do not include: 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 expenses for extraordinary matters such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of a Fund’s business. The expense cap for the PF Underlying Funds (except the PF Multi-Asset and PF International Small-Cap Funds) is 0.15% through July 31, 2021 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2021. The expense cap for the PF International Small-Cap Fund is 0.25% through July 31, 2021.

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, along with the other expenses subject to the expense cap, 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, 2020 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2020 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of September 30, 2020 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:

	Expiration Date
Fund	3/31/2021		3/31/2022		3/31/2023		3/31/2024
PF Inflation Managed		$19,621		$58,726		$61,646		$32,495
PF Managed Bond		540,942		443,715		472,703		254,533
PF Short Duration Bond		131,342		119,957		156,485		84,887
PF Emerging Markets Debt		77,724		124,856		133,378		87,610
PF Growth		89,652		112,913		136,249		81,431
PF Large-Cap Value		247,008		118,375		125,113		74,130
PF Multi-Asset		48,872		609,033		588,849		338,647
PF Small-Cap Growth		13,829		14,826		31,688		22,020
PF Small-Cap Value		75,777		53,658		60,545		28,179
PF Emerging Markets		516,488		310,434		309,200		130,611
PF International Large-Cap		256,803		124,692		163,188		71,765
PF International Small-Cap		28,196		60,110		79,456		33,271
PF International Value		213,419		154,717		170,154		70,984
PF Real Estate		30,103		30,395		69,513		32,815
Total		$2,289,776		$2,336,407		$2,558,167		$1,343,378

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2020.

C. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation 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 certain Funds of the Trust 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 certain Funds of the Trust 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, 2020, such expenses increased by $10,980 for all applicable Funds of the Trust presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2020 the total amount in the DCP Liability accounts was $60,401 for all applicable Funds of the Trust presented in these financial statements.

D. OFFICERS OF THE TRUST

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

E. 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.

F. 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 receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the period ended September 30, 2020, there were no purchase and sale transactions with an affiliated Fund within the Trust. There were purchase and sale transactions with affiliated funds outside of the Trust, which were transacted at the current market price and 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, 2020, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
PF Inflation Managed		$28,698,442		$26,179,296		$116,238		$2,113,770
PF Managed Bond		1,077,220,378		1,154,803,742		110,913,560		74,342,650
PF Short Duration Bond		54,315,061		38,229,360		39,461,692		42,737,526
PF Emerging Markets Debt		—		—		28,158,037		51,088,582
PF Growth		—		—		27,882,023		83,330,631
PF Large-Cap Value		—		—		17,216,201		70,841,876
PF Multi-Asset		14,990,625		56,266,172		152,424,167		186,652,390
PF Small-Cap Growth		—		—		30,464,094		27,053,714
PF Small-Cap Value		—		—		44,115,955		11,552,264
PF Emerging Markets		—		—		14,808,066		21,174,805
PF International Large-Cap		—		—		1,935,610		11,128,112
PF International Small-Cap		—		—		4,767,436		10,046,878
PF International Value		—		—		5,707,855		16,378,503
PF Real Estate		—		—		8,299,538		20,105,783

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

9. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2020, are summarized in the following table:

	Collateral Type	Remaining Contractual Maturity of the Agreements
Secured Borrowings		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		$8,115,668		$—		$—		$—		$8,115,668
Total borrowings			$8,115,668		$—		$—		$—		$8,115,668

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 ended March 31, 2020, 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.

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, 2020:

				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		($8,091,636	)		$411,238		$—		$—		$—		$—		$—
PF Managed Bond		—			16,657,083		—		—		—		—		—
PF Short Duration Bond		(1,762,713	)		1,007,947		—		—		—		—		—
PF Emerging Markets Debt		(6,348,212	)		—		—		1,501,516		—		—		1,501,516
PF Growth		—			585,381		6,050,666		—		—		—		—
PF Large-Cap Value		—			689,617		4,499,732		—		—		—		—
PF Multi-Asset		(22,988,577	)		4,856,231		—		—		—		—		—
PF Small-Cap Growth		—			—		173,231		18,421		—		—		18,421
PF Small-Cap Value		—			—		—		33,599		1,796,579		5,246,409		7,076,587
PF Emerging Markets		—			544,382		2,094,893		—		—		—		—
PF International Large-Cap		—			262,935		608,401		—		—		—		—
PF International Small-Cap		(7,208,962	)		658,805		—		—		—		—		—
PF International Value		(85,421	)		—		—		185		—		—		185
PF Real Estate		—			—		—		245,971		5,553,843		2,409,122		8,208,936

Accumulated capital losses represent net capital loss carryovers as of March 31, 2020 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, 2020 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2020:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2020
Fund	Short-Term			Long-Term
PF Inflation Managed		$—			($8,091,636	)		($8,091,636	)		$1,089,997
PF Managed Bond		—			—			—			10,615,626
PF Short Duration Bond		—			(1,762,713	)		(1,762,713	)		1,062,661
PF Emerging Markets Debt		(2,883,489	)		(3,464,723	)		(6,348,212	)		1,184,827
PF Multi-Asset		—			(22,988,577	)		(22,988,577	)		3,531,127
PF International Small-Cap		(7,208,962	)		—			(7,208,962	)		—
PF International Value		(85,421	)		—			(85,421	)		—

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2020, 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		$31,462,208		$3,110,557		($1,640,150	)		$1,470,407			$96,405			$1,566,812
PF Managed Bond		589,371,148		18,019,711		(9,295,378	)		8,724,333			(952,213	)		7,772,120
PF Short Duration Bond		136,826,250		2,194,860		(387,983	)		1,806,877			(1,373	)		1,805,504
PF Emerging Markets Debt		72,491,429		5,171,427		(6,065,591	)		(894,164	)		44,044			(850,120	)
PF Growth		63,460,823		106,459,677		(144,443	)		106,315,234			—			106,315,234
PF Large-Cap Value		82,280,436		61,733,261		(3,017,229	)		58,716,032			—			58,716,032
PF Multi-Asset		920,614,615		15,635,890		(376,270	)		15,259,620			91,746,145			107,005,765
PF Small-Cap Growth		25,867,931		4,502,687		(590,239	)		3,912,448			(663	)		3,911,785
PF Small-Cap Value		68,804,036		4,814,444		(7,198,091	)		(2,383,647	)		—			(2,383,647	)
PF Emerging Markets		76,040,886		45,173,310		(2,775,073	)		42,398,237			(111,301	)		42,286,936
PF International Large-Cap		21,659,401		19,959,798		(877,792	)		19,082,006			6,067			19,088,073
PF International Small-Cap		23,825,380		8,584,638		(1,258,192	)		7,326,446			4,141			7,330,587
PF International Value		35,951,977		2,544,731		(9,016,863	)		(6,472,132	)		6,496			(6,465,636	)
PF Real Estate		30,719,301		6,692,268		(863,306	)		5,828,962			—			5,828,962

(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, unfunded loan commitments 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, 2016.

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gain distributions to shareholders during the fiscal year ended March 31, 2020, were as follows:

	For the Year Ended March 31, 2020
Funds	Ordinary Income		Long-Term Capital Gains		Total Distributions
PF Inflation Managed		$448,792		$—		$448,792
PF Managed Bond		11,614,415		—		11,614,415
PF Short Duration Bond		4,409,514		—		4,409,514
PF Emerging Markets Debt		3,084,637		—		3,084,637
PF Growth		710,327		5,538,368		6,248,695
PF Large-Cap Value		2,395,784		9,321,653		11,717,437
PF Multi-Asset		26,336,391		—		26,336,391
PF Small-Cap Growth		—		1,213,285		1,213,285
PF Small Cap Value		841,075		4,019,780		4,860,855
PF Emerging Markets		3,103,562		15,553,740		18,657,302
PF International Large-Cap		1,035,846		5,539,936		6,575,782
PF International Small-Cap		1,056,704		—		1,056,704
PF International Value		1,866,805		—		1,866,805
PF Real Estate		1,986,246		740,953		2,727,199

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, 2020.

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2020 and the fiscal year ended March 31, 2020, were as follows:

	Six-Month Period ended 9/30/2020			Year ended 3/31/2020			Six-Month Period ended 9/30/2020			Year ended 3/31/2020			Six-Month Period ended 9/30/2020			Year ended 3/31/2020			Six-Month Period ended 9/30/2020			Year ended 3/31/2020
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund
Class P
Shares sold		264,799			50,345			11,395,173			3,615,077			4,133,012			3,472,022			154,470			5,812,009
Dividends and distributions reinvested		—			49,102			—			1,054,428			—			443,167			—			340,844
Shares repurchased		(127,652	)		(2,451,976	)		(2,017,581	)		(16,664,549	)		(3,276,194	)		(7,041,652	)		(3,784,218	)		(1,751,480	)
Net increase (decrease)		137,147			(2,352,529	)		9,377,592			(11,995,044	)		856,818			(3,126,463	)		(3,629,748	)		4,401,373
Beginning shares outstanding		2,296,035			4,648,564			35,083,009			47,078,053			12,513,744			15,640,207			12,207,778			7,806,405
Ending shares outstanding		2,433,182			2,296,035			44,460,601			35,083,009			13,370,562			12,513,744			8,578,030			12,207,778
	PF Growth Fund						PF Large-Cap Value Fund						PF Multi-Asset Fund						PF Small-Cap Growth Fund
Class P
Shares sold		24,735			744,195			87,637			4,035,833			1,811,467			12,776,406			364,862			540,745
Dividends and distributions reinvested		—			209,732			—			930,979			—			2,407,348			—			71,962
Shares repurchased		(1,524,168	)		(1,772,752	)		(4,804,578	)		(2,688,678	)		(17,285,511	)		(23,448,818	)		(197,768	)		(217,548	)
Net increase (decrease)		(1,499,433	)		(818,825	)		(4,716,941	)		2,278,134			(15,474,044	)		(8,265,064	)		167,094			395,159
Beginning shares outstanding		6,036,864			6,855,689			16,596,656			14,318,522			107,547,682			115,812,746			1,246,552			851,393
Ending shares outstanding		4,537,431			6,036,864			11,879,715			16,596,656			92,073,638			107,547,682			1,413,646			1,246,552
	PF Small-Cap Value Fund						PF Emerging Markets Fund						PF International Large-Cap Fund						PF International Small-Cap Fund
Class P
Shares sold		5,467,778			139,026			138,206			3,623,219			55,308			1,242,672			15,298			2,064,523
Dividends and distributions reinvested		—			601,184			—			1,506,175			—			589,059			—			106,308
Shares repurchased		(399,865	)		(3,925,447	)		(671,499	)		(4,270,606	)		(969,448	)		(2,211,109	)		(618,352	)		(1,634,018	)
Net increase (decrease)		5,067,913			(3,185,237	)		(533,293	)		858,788			(914,140	)		(379,378	)		(603,054	)		536,813
Beginning shares outstanding		5,414,146			8,599,383			9,960,877			9,102,089			4,622,711			5,002,089			3,867,388			3,330,575
Ending shares outstanding		10,482,059			5,414,146			9,427,584			9,960,877			3,708,571			4,622,711			3,264,334			3,867,388
	PF International Value Fund						PF Real Estate Fund
Class P
Shares sold		803,422			1,635,474			145,222			1,392,030
Dividends and distributions reinvested		—			236,077			—			204,529
Shares repurchased		(2,647,602	)		(3,710,349	)		(1,156,498	)		(4,036,771	)
Net increase (decrease)		(1,844,180	)		(1,838,798	)		(1,011,276	)		(2,440,212	)
Beginning shares outstanding		6,808,740			8,647,538			4,226,615			6,666,827
Ending shares outstanding		4,964,560			6,808,740			3,215,339			4,226,615

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 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, 2020 to September 30, 2020.

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 09/30/20” 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 04/01/20-09/30/20” 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, 2020 to September 30, 2020.

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 04/01/20-09/30/20.”

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 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
PF Inflation Managed Fund
Actual Fund Return
Class P		$1,000.00		$1,094.20		0.62%		$3.25
Hypothetical
Class P		$1,000.00		$1,021.96		0.62%		$3.14
PF Managed Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,069.80		0.55%		$2.85
Hypothetical
Class P		$1,000.00		$1,022.31		0.55%		$2.79
PF Short Duration Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,054.30		0.55%		$2.83
Hypothetical
Class P		$1,000.00		$1,022.31		0.55%		$2.79
PF Emerging Markets Debt Fund
Actual Fund Return
Class P		$1,000.00		$1,179.70		0.92%		$5.03
Hypothetical
Class P		$1,000.00		$1,020.46		0.92%		$4.66
PF Growth Fund
Actual Fund Return
Class P		$1,000.00		$1,388.90		0.70%		$4.19
Hypothetical
Class P		$1,000.00		$1,021.56		0.70%		$3.55
PF Large-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,226.70		0.80%		$4.47
Hypothetical
Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Multi-Asset Fund
Actual Fund Return
Class P		$1,000.00		$1,343.90		0.51%		$3.00
Hypothetical
Class P		$1,000.00		$1,022.51		0.51%		$2.59
PF Small-Cap Growth Fund
Actual Fund Return
Class P		$1,000.00		$1,498.90		0.75%		$4.70
Hypothetical
Class P		$1,000.00		$1,021.31		0.75%		$3.80
PF Small-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,237.90		0.90%		$5.05
Hypothetical
Class P		$1,000.00		$1,020.56		0.90%		$4.56
PF Emerging Markets Fund
Actual Fund Return
Class P		$1,000.00		$1,285.70		0.95%		$5.44
Hypothetical
Class P		$1,000.00		$1,020.31		0.95%		$4.81

See explanation of references on page D-2

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/20		Ending Account Value at 09/30/20		Annualized Expense Ratio		Expenses Paid During the Period 04/01/20 - 09/30/20 (1)
PF International Large-Cap Fund
Actual Fund Return
Class P		$1,000.00		$1,225.40		1.00%		$5.58
Hypothetical
Class P		$1,000.00		$1,020.05		1.00%		$5.06
PF International Small-Cap Fund
Actual Fund Return
Class P		$1,000.00		$1,353.90		1.10%		$6.49
Hypothetical
Class P		$1,000.00		$1,019.55		1.10%		$5.57
PF International Value Fund
Actual Fund Return
Class P		$1,000.00		$1,175.10		0.80%		$4.36
Hypothetical
Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Real Estate Fund
Actual Fund Return
Class P		$1,000.00		$1,149.50		0.90%		$4.85
Hypothetical
Class P		$1,000.00		$1,020.56		0.90%		$4.56

(1) Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days.

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, including any affiliated sub-advisers (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds. PLFA also currently directly manages 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, as well as a portion of the PF Multi-Asset Fund. For all other Funds and the collateral portion of the PF Multi-Asset Fund, PLFA has retained 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 10, 2019. 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 change in sub-adviser and a new sub-advisory agreement for the PF Small Cap Growth Fund and a new sub-advisory agreement for each of the PF Large-Cap Value Fund, PF International Small-Cap Fund and PF Managed Bond 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. 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 a change in sub-adviser and a new sub-advisory agreement with respect to the PF Small Cap Growth Fund effective on or about May 1, 2020, and a new sub-advisory agreement with respect to each of the PF Large-Cap Value Fund, PF International Small-Cap Fund and PF Managed Bond Fund effective July 31, 2020. 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 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, with respect to sub-advisers affiliated with PLFA) without shareholder approval in accordance with the requirements of the exemptive order.

PF Small-Cap Growth Fund

At a meeting held on March 18, 2020, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about May 1, 2020, a new sub-advisory agreement with Massachusetts Financial Services Company, doing business as MFS Investment Management (“MFS”), with respect to the PF Small-Cap Growth Fund (the “MFS Sub-Advisory Agreement”) and appointed MFS as the new sub-adviser for the Fund. Also at the March 18, 2020 meeting, the Board terminated the sub-advisory agreement for the Fund with the prior sub-adviser upon the effectiveness of the MFS Sub-Advisory Agreement. In connection with the change in sub-adviser, changes were also made to the Fund’s investment strategies.

MFS’ appointment as the sub-adviser and the Board’s approval of the MFS Sub-Advisory Agreement were made in accordance with the requirements of the exemptive order and do not require shareholder approval. In order to facilitate the sub-adviser change, a portion of the Fund’s holdings were sold and new investments were purchased in accordance with recommendations by MFS. PLFA and/or the Trust retained a transitioning agent in order to reduce transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.

In considering the appointment of MFS as sub-adviser, the Board reviewed with PLFA its rationale for recommending a change in 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 MFS be appointed as the new sub-adviser for the Fund and in evaluating the proposed MFS Sub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a new sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potential sub-adviser and an assessment of the investment strategies used by a potential 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 MFS and PLFA’s analysis in reaching its conclusion to recommend MFS as 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.

D-3

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

In evaluating the MFS Sub-Advisory Agreement for 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 MFS as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by MFS. In this regard, the Trustees considered various materials relating to MFS, including copies of the proposed MFS Sub-Advisory Agreement; copies of MFS’ Form ADV; financial information; a written presentation from MFS; a comprehensive report including an assessment by PLFA; responses from MFS to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered a verbal presentation at a meeting held virtually on March 18, 2020 from management and investment personnel from MFS where all attendees could hear each other clearly.

The Trustees considered that under the MFS Sub-Advisory Agreement, MFS would be responsible for providing the investment advisory services for the Fund’s assets, including investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by 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 MFS, including the background and experience of MFS’ 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 they had previously reviewed and approved MFS’ written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of MFS’ compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics. The Trustees also took note of the due diligence PLFA conducted with respect to MFS, and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by MFS.

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 MFS under the MFS Sub-Advisory Agreement.

B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a small-cap growth equity strategy and PLFA’s identification of MFS to serve as sub-adviser with regard to 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 MFS Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of funds and a composite managed by the same MFS portfolio manager that would manage the Fund using similar investment strategies (the “MFS Comparable Performance”). The Trustees considered that this information included a comparison of the MFS Comparable Performance against a pertinent benchmark for the one-, three-, five- and ten-year and since inception periods, as applicable, as of September 30, 2019.

The Trustees considered additional information about the historical performance of a fund managed by the same MFS portfolio manager that would manage the Fund using similar investment strategies. The Trustees considered that this information included a comparison of the fund’s performance against a pertinent benchmark and an applicable peer group for the one-, three- and five-year periods as of December 31, 2019, as well as performance for each of the past five calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the fund during certain periods.

The Board determined that MFS’ performance record was acceptable.

C. Advisory and Sub-Advisory Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of MFS 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 MFS Sub-Advisory Agreement contains a breakpoint. The Trustees also considered that the advisory fee schedule would remain unchanged. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by MFS for the other similarly-managed funds, the Trustees noted that there were differences in either: (i) the nature of Fund and those other funds, (ii) the services provided to each, (iii) the client’s overall relationship with MFS, and/or (iv) regulatory differences that could reasonably be expected to account for differences in fee schedules.

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and MFS, 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 a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this sub-adviser change.

The Board concluded that the compensation payable under the MFS Sub-Advisory Agreement is fair and reasonable.

D-4

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

D. Costs, Level of Profits and Economies of Scale

The Trustees considered information regarding the anticipated costs to MFS of sub-advising the Fund and the projected profitability of the MFS Sub-Advisory Agreement to MFS, to the extent practicable based on the information provided by MFS. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and MFS with respect to the negotiation of sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the MFS Sub-Advisory Agreement to MFS is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for MFS at this time was of limited utility.

The Trustees considered the organizational strengths of MFS 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 MFS Sub-Advisory Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and MFS concerning other benefits that may be received by MFS and its affiliates as a result of their relationship with the Fund, including the anticipated use of soft-dollars by MFS. In this regard, the Trustees noted that MFS represented that it anticipates using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by MFS 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 its review, including the consideration of each of the factors referred to above, the Board found that: (i) the MFS Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the MFS 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 Large-Cap Value Fund, PF International Small-Cap Fund and PF Managed Bond Fund

The Board approved (i) new sub-advisory agreements with each of ClearBridge Investments, LLC (“ClearBridge”), QS Investors, LLC (“QS Investors”), and Western Asset Management Company, LLC (“Western Asset”) (together, the “Legg Mason Sub-Advisers”) for the PF Large-Cap Value Fund, the PF International Small-Cap Fund, and the PF Managed Bond Fund, respectively and (2) new sub-subadvisory agreements between Western Asset and three Western Asset affiliates: Western Asset Management Company Limited, Western Asset Management Company Pte. Ltd., and Western Asset Management Company Ltd. (the “Western Affiliates”) as a result of the acquisition by Franklin Resources, Inc. (dba Franklin Templeton, “Franklin”) of Legg Mason, Inc. (“Legg Mason”), the parent company of the Legg Mason Sub-Advisers., effective July 31, 2020, the date of the acquisition close. The acquisition resulted in a change of control of Legg Mason and an “assignment” of the current agreements under Section 2(a)(4) of the Investment Company Act of 1940, as amended (the “1940 Act”) and Rule 2a-6 thereunder, which automatically terminated the Trust’s then current sub-advisory agreements with the Legg Mason Sub-Advisers and the sub-subadvisory agreements between Western Asset and the Western Affiliates

In anticipation of the changes to ownership of the Legg Mason Sub-Advisers, at a virtual meeting on June 12, 2020, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved new sub-advisory agreements with the Legg Mason Sub-Advisers for the PF Large-Cap Value Fund, the PF International Small-Cap Fund, and the PF Managed Bond Fund, respectively, effective July 31, 2020, the date of the acquisition close.

PF Large-Cap Value Fund

The Trustees considered that ClearBridge sub-advised the PF Large-Cap Value Fund pursuant to a sub-advisory agreement dated December 1, 2005, as amended (the “Current ClearBridge Sub-Advisory Agreement”), and that they were being asked to evaluate a new sub-advisory agreement with ClearBridge for the Fund (the “New ClearBridge Sub-Advisory Agreement”) in light of the anticipated change of control of ClearBridge, which would result in the automatic termination of the Current ClearBridge Sub-Advisory Agreement.

In evaluating the New ClearBridge Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

• The Current ClearBridge Sub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at an in-person meeting on December 10, 2019. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by ClearBridge; the investment results of the Fund; the sub-advisory fees paid to ClearBridge; ClearBridge’s costs in managing the Fund and its profitability from the Fund; and other benefits received by ClearBridge and its affiliates as a result of their relationship with the Fund.

• Franklin represented to the Board that there were no anticipated changes to the senior management team of ClearBridge or to the Fund’s portfolio management team.

• There was expected to be no change in the level of services provided to the Fund.

• The sub-advisory fee rates under the New ClearBridge Sub-Advisory Agreement would be the same as those under the Current ClearBridge Sub-Advisory Agreement.

D-5

PACIFIC FUNDS

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the New ClearBridge Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the New ClearBridge 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 International Small-Cap Fund

The Trustees considered that QS Investors sub-advised the PF International Small-Cap Fund pursuant to a sub-advisory agreement dated December 31, 2014 (the “Current QS Investors Sub-Advisory Agreement”), and that they were being asked to evaluate a new sub-advisory agreement with QS Investors for the Fund (the “New QS Investors Sub-Advisory Agreement”) in light of the anticipated change of control of QS Investors, which would result in the automatic termination of the Current QS Investors Sub-Advisory Agreement.

In evaluating the New QS Investors Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

• The Current QS Investors Sub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at an in-person meeting on December 10, 2019. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by QS Investors; the investment results of the Fund; the sub-advisory fees paid to QS Investors; QS Investors’ costs in managing the Fund and its profitability from the Fund; and other benefits received by QS Investors and its affiliates as a result of their relationship with the Fund.

• Franklin represented to the Board that there were no anticipated changes to the senior management team of QS Investors or to the Fund’s portfolio management team.

• There was expected to be no change in the level of services provided to the Fund.

• The sub-advisory fee rates under the New QS Investors Sub-Advisory Agreement would be the same as those under the Current QS Investors 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 QS Investors Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the New QS Investors 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 Managed Bond Fund

The Trustees considered that Western Asset co-sub-advised the PF Managed Bond Fund pursuant to a sub-advisory agreement dated August 1, 2014 (the “Current Western Asset Sub-Advisory Agreement”) and that the Western Affiliates sub-sub-advised the Fund pursuant to separate sub-subadvisory agreements (together with the Current Western Asset Sub-Advisory Agreement, the “Current Western Agreements”). The Trustees also considered that they were being asked to evaluate a new sub-advisory agreement with Western Asset for the Fund (the “New Western Asset Sub-Advisory Agreement”) and new sub-subadvisory agreements with the Western Affiliates for the Fund (together with the New Western Asset Sub-Advisory Agreement, the “New Western Agreements”) in light of the anticipated change of control of Western Asset, which would result in the automatic termination of the Current Western Agreements.

In evaluating the New Western Agreements, the Board, including all the Independent Trustees, considered the following factors, among others:

• The Current Western Agreements were last renewed by the Board, including all the Independent Trustees, at an in-person meeting on December 10, 2019. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by Western Asset and the Western Affiliates; the investment results of the Fund; the sub-subadvisory fees paid to Western Asset and the Western Affiliates; Western Asset’s costs in managing the Fund and its profitability from the Fund; and other benefits received by Western Asset and its affiliates as a result of their relationship with the Fund.

• Franklin represented to the Board that there were no anticipated changes to the senior management team of Western Asset or to the Fund’s portfolio management team.

• There was expected to be no change in the level of services provided to the Fund.

• The sub-advisory fee rates or sub-subadvisory fee rates, as applicable, under the New Western Agreements would be the same as those under the Current Western Agreements.

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the New Western Agreements are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the New Western Agreements 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-6

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 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-7

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and the Treasurer of the Registrant 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 (as defined in Rule 30a-3(d) under the Investment Company Act) 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 for the principal executive and principal financial officer of the Registrant 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 3, 2020

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 3, 2020
By:	/s/ Trevor T. Smith
	Trevor T. Smith
	Treasurer (Principal Financial and Accounting Officer)
Date:	December 3, 2020