Pacific Funds Series Trust

N-CSR 1 d142624dncsr.htm PACIFIC FUNDS SERIES TRUST Pacific Funds Series Trust

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 - March 31, 2021

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.

March 31, 2021

ANNUAL REPORT

LOGO

PACIFIC FUNDS

ANNUAL REPORT

AS OF MARCH 31, 2021


TABLE OF CONTENTS

Letter to Shareholders			A-1

Performance Discussion			A-3

Schedules of Investments			B-1

Financial Statements:

Statements of Assets and Liabilities			C-1

Statements of Operations			C-6

Statements of Changes in Net Assets			C-11

Statement of Cash Flows			C-19

Financial Highlights			C-20

Notes to Financial Statements			D-1

Report of Independent Registered Public Accounting Firm			E-1

Other Tax Information			F-1

Disclosure of Fund Expenses			F-2

Trustees and Officers Information			F-5

Statement Regarding Liquidity Risk Management Program			F-8

Approval of Investment Advisory and Sub-Advisory Agreements			F-9

Where to Go for More Information			F-25

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

PACIFIC FUNDS

Dear Shareholders:

We are pleased to share with you the Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) Annual Report for the fiscal year ended March 31, 2021, including performance data, management’s discussion of fund performance, and a complete list of investments as of the close of this reporting period. Pacific Funds is comprised of twenty-nine funds (each individually, a “Fund” and collectively, the “Funds”), fifteen of which are available for direct investment. Pacific Life Fund Advisors LLC (PLFA) is the Adviser to the Trust and supervises the management of all of the Trust’s Funds. PLFA directly manages Pacific Funds^SM Portfolio Optimization Conservative, Pacific Funds^SM Portfolio Optimization Moderate-Conservative, Pacific Funds^SM Portfolio Optimization Moderate, Pacific Funds^SM Portfolio Optimization Growth and Pacific Funds^SM Portfolio Optimization Aggressive-Growth (together, the “Portfolio Optimization Funds”) as well as the PF Multi-Asset Fund.

Each of the Portfolio Optimization Funds is an asset allocation “Fund of Funds” that invests in Class P shares of certain other Funds of the Trust (the “PF Underlying Funds”). PLFA supervises the management of those PF Underlying Funds which are only available for investment by the Portfolio Optimization Funds. The Portfolio Optimization Funds also invest in Class P shares of Pacific Funds^SM Core Income, Pacific Funds^SM High Income and Pacific Funds^SM Floating Rate Income.

The Adviser has retained other firms to serve as sub-advisers under its supervision. The sub-advisers, the Adviser and the Funds of the Trust that they manage as of March 31, 2021 are listed below:



Sub-Adviser or Adviser	Funds Available for Direct Investment	Page Number

Pacific Life Fund Advisors LLC (PLFA)	Pacific Funds^SM Portfolio Optimization Conservative	A-5
	Pacific Funds^SM Portfolio Optimization Moderate-Conservative	A-6
	Pacific Funds^SM Portfolio Optimization Moderate	A-8
	Pacific Funds^SM Portfolio Optimization Growth	A-9
	Pacific Funds^SM Portfolio Optimization Aggressive-Growth	A-10

Pacific Asset Management LLC (Pacific Asset Management)	Pacific Funds^SM Ultra Short Income	A-11
	Pacific Funds^SM Short Duration Income	A-12
	Pacific Funds^SM Core Income	A-13
	Pacific Funds^SM Strategic Income	A-14
	Pacific Funds^SM Floating Rate Income	A-15
	Pacific Funds^SM High Income	A-16
	Pacific Funds^SM ESG Core Bond	A-17

Rothschild & Co Asset Management US Inc. (Rothschild & Co)	Pacific Funds^SM Small/Mid-Cap	A-18
	Pacific Funds^SM Small-Cap	A-19
	Pacific Funds^SM Small-Cap Value	A-20



Sub-Adviser or Adviser	PF Underlying Funds	Page Number

Pacific Investment Management Company LLC (PIMCO)	PF Inflation Managed Fund	A-21

J.P. Morgan Investment Management Inc. (JPMorgan) / Pacific Investment Management Company LLC (PIMCO) / Western Asset Management Company, LLC (Western Asset)	PF Managed Bond Fund	A-22

T. Rowe Price Associates, Inc. (T. Rowe Price)	PF Short Duration Bond Fund	A-24

Ashmore Investment Management Limited (Ashmore)	PF Emerging Markets Debt Fund	A-25

MFS Investment Management (MFS)	PF Growth Fund	A-26

ClearBridge Investments, LLC (ClearBridge)	PF Large-Cap Value Fund	A-27

MFS Investment Management (MFS)	PF Small-Cap Growth Fund (formerly named PF Developing Growth Fund)	A-28

Alliance Bernstein L.P. (AB)	PF Small-Cap Value Fund	A-30

Invesco Advisers Inc. (Invesco)	PF Emerging Markets Fund	A-31

MFS Investment Management (MFS)	PF International Large-Cap Fund	A-32

QS Investors, LLC (QS Investors)	PF International Small-Cap Fund	A-33

Wellington Management Company LLP (Wellington)	PF International Value Fund	A-34

Pacific Life Fund Advisors LLC (PLFA) / portion sub-advised by Pacific Asset Management LLC	PF Multi-Asset Fund	A-35

Principal Real Estate Investors, LLC (Principal REI)	PF Real Estate Fund	A-36

A-1

PACIFIC FUNDS

Each of the sub-advisers and the Adviser has prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.

We appreciate your confidence in Pacific Funds and look forward to serving your financial needs in the years to come.

Sincerely,




James T. Morris Chairman of the Board		Adrian S. Griggs Chief Executive Officer

Pacific Funds Series Trust		Pacific Funds Series Trust

A-2

PACIFIC FUNDS PERFORMANCE DISCUSSION

This Annual Report is provided for the general information of investors with beneficial interests in the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus, as supplemented, which contains information about the Trust and each of its Funds, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a Fund will achieve its investment objective. Each Fund is subject to market risk. The value of a Fund changes as its asset values go up or down. The value of a Fund’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each share class of each Fund is net of fees and includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable share class sales charges. Past performance is not predictive of future performance. This report shows you the performance of each Fund compared to its benchmark index. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Funds. Indices are unmanaged, do not incur transaction costs, do not include fees and expenses, and cannot be purchased directly by investors. Index returns include reinvested dividends.

The composite benchmarks for the Portfolio Optimization Funds are composed of up to four broad-based indices. The percentage amounts of each broad-based index within each composite benchmark are based on each Fund’s target asset class allocations in effect during the reporting period. The percentages attributed to a broad-based index within a composite benchmark will change if a Fund’s target asset class allocations change.

PLFA supervises the management of the Funds contained in this report, subject to the oversight of the Trust’s Board of Trustees (Board). PLFA directly manages the Portfolio Optimization Funds as well as the PF Multi-Asset Fund. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the fiscal year ended March 31, 2021 (the reporting period) as well as separate commentary specific to those Funds that it directly manages that is based on its opinion of how these Funds performed during this reporting period.

For the other Funds, PLFA has retained other firms to serve as sub-advisers under its supervision. Each of these sub-advisers has written a separate commentary specific to the Fund(s) that they manage that is based on their opinions of how their Fund(s) performed during the reporting period. The views expressed in those commentaries reflect those of the respective sub-advisers for the fiscal year ended March 31, 2021.

All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser and the sub-advisers disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to “we”, “I”, or “ours” are references to the sub-adviser or Adviser, as applicable. Any sectors referenced are provided by the applicable sub-adviser and could be different from the sectors listed in the Schedules of Investments if obtained from another source. The Adviser and sub-advisers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Trust’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust’s operations or general economic conditions. In addition, when used in this report, words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “projects” and future or conditional verbs such as “will”, “may”, “could”, “should”, and “would”, or any other statement that necessarily depends on future events, are intended to identify forward- looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Adviser or a sub-adviser believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.

In connection with any forward-looking statements and any investment in the Trust, investors should carefully consider the investment objectives, policies and risks described in the Trust’s current prospectus, as supplemented, and Statement of Additional Information, as supplemented, as filed with the United States (U.S.) Securities and Exchange Commission (SEC), which may be obtained from the SEC or by contacting the Trust as noted in the Where to Go for More Information section of this Annual Report.

Market Conditions (for the fiscal year ended March 31, 2021)

Executive Summary

Small capitalization stocks, particularly small-capitalization value, rallied towards the end of the reporting period. Both monetary and fiscal stimulus packages helped fuel a rally in cyclical sectors that tend to outperform in the early phase of an economic recovery. This kept the growth-to-value rotation in motion. Over the reporting period, domestic markets outpaced international markets, as manufacturing activity in the U.S. bounced back strongly after the market correction earlier in the reporting period.

The yield on 10-year Treasuries spiked as concerns of loose fiscal policy potentially overheating the economy weighed on bond investors. Rising rates were headwinds for long-term bonds, as exposure to duration (or sensitivity to changes in interest rates) detracted from bond returns over the reporting period. On the other hand, the contraction in high-yield spreads helped buffer the impact from rising interest rates, which benefitted high yield and bank loans. In general, the on-going vaccine efforts around the globe improved sentiments, as economies around the world seek to emerge from COVID-19 restrictions.

Outlook

The positive sentiment will likely continue to drive equity markets higher, as the wellspring of U.S. government stimulus helps absorb most of the remaining pandemic-related economic headwinds. While bipartisanship is a rare sight in Washington, the Democrats’ unified government as a result of the 2020 U.S. elections should allow them to use the budget reconciliation process to pass further stimulus measures, provided they don’t have infighting within the party between progressive and moderate factions. One of those few areas where there seems to be bipartisan agreement is that China has become a formidable competitor as it seeks to become the next global leader


		See benchmark definitions on A-37 – A-39

A-3

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

and influencer. How Congress decides to address this issue remains unclear, but it appears likely that they will continue with the hawkish approach that was started by the Trump administration.

Stimulus

Since the pandemic broke out, the U.S. government injected over $10 trillion in monetary and fiscal support into the United States economy. This amount of money equates to roughly half the annual Gross Domestic Product of the U.S.

The Biden Administration’s next proposed stimulus plan, focusing on infrastructure, targets various industries that range from technology-related sectors to construction. In general, the goal seems to address both supply-chain bottlenecks and areas of growth. This includes everything from improving highways to installing 5G networks. Furthermore, research and development incentives will likely boost semiconductor manufacturers, which will seed the next technological progress.

Supply Chains

The ongoing trade dispute between China and Western nations has forced manufacturers to diversify their supply chains. Countries such as Vietnam and other Southeast Asian nations are likely to benefit from this supply chain shift. Additionally, the U.S. will likely look to boost domestic activity by improving its own domestic-supply chains.

In the U.S., manufacturing activity experienced a strong rebound from its sharp deterioration last year, as indicated by the Purchasing Managers Index (PMI) for March of 2021 coming in at 64.7, the highest level since 1983. (PMI levels above 50 indicates expansionary conditions.). This elevated manufacturing activity also means more manufacturing jobs for those seeking work, which is crucial given that there is still significant slack in the labor market. Manufacturing positions are in higher demand than they have been in decades.

Building out supply-chain capacity is both a domestic and an international initiative that should support global growth and thus be broadly positive for risk assets such as equities and credit.

Infrastructure

The Biden Administration’s massive $2.25 trillion infrastructure push joins a broader global effort to improve supply-chain networks, as competition for international influence has only raised tensions with China. President Biden laid out his “Build Back Better” plan to improve roads and bridges as well as upgrade the digital- and technology-related infrastructure over the next several years. By some estimates, the process to get the plan approved may take up to six months, and its implementation could bump Gross Domestic Product growth in the U.S. by 0.5%.

The major challenge of the infrastructure bill will be determining how to finance the initiatives. The Biden Administration seeks to raise corporate taxes from 21% to 28% and may also need to resort to deficit financing. Any effort to hike taxes will draw opposition from Republicans and even moderate Democrats during the negotiations, which may bring the corporate tax increase closer to 25%. Nonetheless, infrastructure spending, especially because it will help the U.S. compete with China, should receive support from Congress.

Commodities vs. the U.S. Dollar

This global competition for influence will likely support international growth and demand for commodities. Historically, commodity prices have moved inversely with the U.S. dollar. Therefore, rising commodity prices could add downward pressure on the dollar.

Much of this demand for commodities will come from China, as it pushes for more self-reliance. Chinese demand for oil has been positive since the second quarter of 2020 and surged over the first quarter of 2021, while demand in the U.S. and Eurozone may have finally bottomed.

Raw material such as industrial metals could see upward pressure from a rise in demand. This could be positive for emerging market equities, as China’s equity market has generally moved in tandem with industrial metals.

Resurging global competition will likely bring a push for infrastructure spending internationally. This environment could boost global markets, including emerging markets.

Emerging Markets

The Asian region represents approximately 80% of the MSCI Emerging Markets Index. Therefore, the early recovery in China should have positive economic spillover effects throughout the region. We can already see China’s consumer confidence has recovered relatively quickly since the pandemic broke out.

The recovery in China is also consistent with accelerating wage growth in the country. While rising wages in China is consistent with consumer confidence, labor cost pressures in China are further persuading foreign companies to seek alternative supply chains to control costs. However, this should serve to further strengthen the markets of other emerging nations.

Concluding Remarks

The economic recovery and increased competition have the potential to drive global trade higher. Disruptions in supply chains, including the recent incident with the cargo ship blockage in the Suez Canal, will only accelerate a global push for making supply chains more efficient and diverse. This is particularly important in order to meet the pent-up demand that has been built up since the pandemic, which will likewise be released as the world’s population gets inoculated.

In the meantime, the reshuffling of supply chains may improve domestic economic activity as manufacturers scramble to meet demand. The competition between the U.S. and China for global influence will continue intensifying, but this does not necessarily mean that decades of globalization will reverse. Instead, nations will look to broaden alliances and partnerships in order to compete on a global scale. This may encourage Western companies to seek opportunities in emerging countries such as India, which is expected to be one of the largest contributors to global growth over the next several years.

While challenges around the world, including the pandemic, upended the lives of individuals, companies have generally been able to adapt. Unsettled differences between the U.S. and China regarding trade and other geopolitical issues will likely worsen in the


		See benchmark definitions on A-37 – A-39

A-4

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

foreseeable future. Furthermore, trade wars and accidents revealed how easily supply chains can be disrupted. This should continue to drive investments in supply chains as global competition continues to increase, which should favor risk assets.

Performance of the Portfolio Optimization Funds

The performance of the Portfolio Optimization Funds are composites of the performance of each of the Funds in which each invests (which may include domestic and/or international equities and bonds). The Portfolio Optimization Funds are compared to two broad-based indices; however, to further assist in performance comparisons, composite benchmarks were constructed for the Portfolio Optimization Funds. Each composite benchmark is comprised of up to four of the broad-based indices shown below. The composite benchmarks were constructed with allocations to each asset class that correspond to the target allocations for Portfolio Optimization Funds. However, the actual allocations of any Portfolio Optimization Fund will naturally vary from these targets as a result of market performance over time. The one-year performance for these broad-based indices for the fiscal year ended March 31, 2021 is shown in the following table:


Broad-Based Indices
S&P 500 Index (representing U.S. Stocks)			56.35%
Morgan Stanley Capital International (MSCI) EAFE Index (International Stocks)			44.57%
Bloomberg Barclays US Aggregate Bond Index (Fixed Income)			0.71%
ICE BofA U.S. 3-Month T-Bill Index (Cash)			0.12%

Pacific Funds Portfolio Optimization Conservative (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Portfolio Optimization Conservative’s Class A (without sales charge) returned 19.96%, compared to a return of 0.71% for the Bloomberg Barclays US Aggregate Bond Index, a return of 56.35% for the S&P 500 Index, and a return of 10.82% for the Pacific Funds Portfolio Optimization Conservative Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

19.96%

5.97%

4.47%

Fund’s Class A with maximum sales charge

13.38%

4.77%

3.88%

Fund’s Class C without sales charge

18.96%

5.16%

3.70%

Fund’s Class C with maximum sales charge

17.96%

5.16%

3.70%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

S&P 500 Index

56.35%

16.29%

13.91%

Pacific Funds Portfolio Optimization Conservative Composite Benchmark

10.82%

5.61%

5.25%

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Advisor Class without sales charge

20.17%

6.24%

4.53%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.77%

S&P 500 Index

56.35%

16.29%

15.53%

Pacific Funds Portfolio Optimization Conservative Composite Benchmark

10.82%

5.61%

5.08%

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.


		See benchmark definitions on A-37 – A-39

A-5

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the Fund’s Class A outperformed the Pacific Funds Portfolio Optimization Conservative Composite Benchmark. The Pacific Funds Portfolio Optimization Conservative Composite Benchmark is comprised of the Bloomberg Barclays US Aggregate Bond, S&P 500, ICE BofA U.S. 3-Month Treasury Bill, and MSCI EAFE Indices in a weighting that is fixed and specific to the Fund. The Fund was primarily invested in various fixed income strategies, with a smaller allocation to equity, during the reporting period. Fixed income investments included allocations to intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate strategies. The equity segment consisted mainly of allocations to domestic and foreign large-capitalization strategies.

Among the fixed income lineup, high yield and emerging market bonds contributed to performance over the reporting period as riskier asset classes recovered after an abrupt market correction. Additionally, the PF Managed Bond Fund, which represented the largest weight in the Fund, outperformed the Bloomberg Barclays US Aggregate Bond Index and contributed to performance over the reporting period. On the other hand, Pacific Funds Floating Rate Income underperformed its benchmark, which held back performance.

As for domestic equities, exposures to small-capitalization, particularly value-oriented, stocks contributed to performance over the reporting period as the market rally favored cyclical sectors that tend to outperform in the early phase of an economic recovery. On the other hand, the exposure to real estate detracted from performance as work-from-home arrangements amid the pandemic lowered demand for office space. Additionally, PF Growth and PF Large-Cap Value underperformed their respective benchmarks, which detracted from performance. International equities as a group outperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a positive impact on performance.

Pacific Funds Portfolio Optimization Moderate-Conservative (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Portfolio Optimization Moderate-Conservative’s Class A (without sales charge) returned 29.06%, compared to a return of 0.71% for the Bloomberg Barclays US Aggregate Bond Index, a return of 56.35% for the S&P 500 Index, and a return of 19.65% for the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

29.06%

7.60%

5.76%

Fund’s Class A with maximum sales charge

21.95%

6.40%

5.17%

Fund’s Class C without sales charge

28.06%

6.81%

5.00%

Fund’s Class C with maximum sales charge

27.06%

6.81%

5.00%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

S&P 500 Index

56.35%

16.29%

13.91%

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark

19.65%

7.69%

6.81%

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Advisor Class without sales charge

29.44%

7.88%

6.22%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.77%

S&P 500 Index

56.35%

16.29%

15.53%

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark

19.65%

7.69%

7.02%


		See benchmark definitions on A-37 – A-39

A-6

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class A outperformed the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark. The Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark is comprised of the Bloomberg Barclays US Aggregate Bond, S&P 500, MSCI EAFE, and ICE BofA U.S. 3-Month Treasury Bill Indices in a weighting that is fixed and specific to the Fund. The Fund had a diversified allocation mix that was modestly tilted to fixed income during the reporting period. Fixed income investments included intermediate-term bond strategies as well as short duration bond, inflation-indexed bond, high yield bond, emerging markets bond, and floating rate strategies. The Fund’s equity exposure was diversified across style (growth and value), market capitalization and region (including an allocation to foreign small-capitalization and emerging markets strategies).


		See benchmark definitions on A-37 – A-39

A-7

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Portfolio Optimization Moderate (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Portfolio Optimization Moderate’s Class A (without sales charge) returned 39.61%, compared to a return of 56.35% for the S&P 500 Index, a return of 0.71% for the Bloomberg Barclays US Aggregate Bond Index, and a return of 30.17% for the Pacific Funds Portfolio Optimization Moderate Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

39.61%

9.79%

7.28%

Fund’s Class A with maximum sales charge

31.90%

8.55%

6.67%

Fund’s Class C without sales charge

38.56%

8.98%

6.51%

Fund’s Class C with maximum sales charge

37.56%

8.98%

6.51%

S&P 500 Index

56.35%

16.29%

13.91%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

Pacific Funds Portfolio Optimization Moderate Composite Benchmark

30.17%

10.03%

8.55%

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Advisor Class without sales charge

39.99%

10.06%

8.14%

S&P 500 Index

56.35%

16.29%

15.53%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.77%

Pacific Funds Portfolio Optimization Moderate Composite Benchmark

30.17%

10.03%

9.20%

A. For the reporting period, the Fund’s Class A outperformed the Pacific Funds Portfolio Optimization Moderate Composite Benchmark. The Pacific Funds Portfolio Optimization Moderate Composite Benchmark is comprised of the S&P 500, Bloomberg Barclays US Aggregate Bond, MSCI EAFE, and ICE BofA U.S. 3-Month Treasury Bill Indices in a weighting that is fixed and specific to the Fund. The Fund allocated to a mix of equity and fixed income strategies during the reporting period, with a larger allocation toward equity investments. The equity exposure was diversified across style (growth and value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded real estate investment trusts (REITs). Fixed income investments included intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate loan strategies.


		See benchmark definitions on A-37 – A-39

A-8

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

International equities as a group outperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a positive impact on performance. Exposure to international small-capitalization stocks also contributed to performance.

Among the fixed income lineup, high yield and emerging market bonds contributed to performance over the reporting period as riskier asset classes recovered after an abrupt market correction. Additionally, the PF Managed Bond Fund outperformed the Bloomberg Barclays US Aggregate Bond Index and contributed to performance over the reporting period. On the other hand, Pacific Funds Floating Rate Income underperformed its benchmark, which held back performance.

Pacific Funds Portfolio Optimization Growth (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Portfolio Optimization Growth’s Class A (without sales charge) returned 50.27%, compared to a return of 56.35% for the S&P 500 Index, a return of 0.71% for the Bloomberg Barclays US Aggregate Bond Index, and a return of 39.72% for the Pacific Funds Portfolio Optimization Growth Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

50.27%

11.31%

8.33%

Fund’s Class A with maximum sales charge

41.96%

10.06%

7.72%

Fund’s Class C without sales charge

48.99%

10.50%

7.56%

Fund’s Class C with maximum sales charge

47.99%

10.50%

7.56%

S&P 500 Index

56.35%

16.29%

13.91%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

Pacific Funds Portfolio Optimization Growth Composite Benchmark

39.72%

11.98%

10.05%

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Advisor Class without sales charge

50.62%

11.59%

9.67%

S&P 500 Index

56.35%

16.29%

15.53%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.77%

Pacific Funds Portfolio Optimization Growth Composite Benchmark

39.72%

11.98%

11.03%

A. For the reporting period, the Fund’s Class A outperformed the Pacific Funds Portfolio Optimization Growth Composite Benchmark. The Pacific Funds Portfolio Optimization Growth Composite Benchmark is comprised of the S&P 500, Bloomberg Barclays US Aggregate Bond, and MSCI EAFE Indices in a weighting that is fixed and specific to the Fund. The Fund had a diversified allocation mix during the reporting period with majority allocated to equity. The equity exposure was diversified across style (growth and value), market capitalization and region (including


		See benchmark definitions on A-37 – A-39

A-9

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

allocations to foreign small capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded REITs. Fixed income investments included intermediate-term bond strategies as well as specific strategies such as short duration bond, inflation-indexed bond and emerging markets bond strategies.

Among domestic equities, exposures to small-capitalization, particularly value-oriented, stocks contributed to performance over the reporting period as the market rally favored cyclical sectors that tend to outperform in the early phase of an economic recovery. On the other hand, the exposure to real estate detracted from performance as work-from-home arrangements amid the pandemic lowered demand for office space. Additionally, PF Growth and PF Large-Cap Value underperformed their respective benchmarks, which detracted from performance. International equities as a group outperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a positive impact on performance. Exposure to international small-capitalization stocks also contributed to performance.

Among the fixed income lineup, high yield and emerging market bonds contributed to performance over the reporting period as riskier asset classes recovered after an abrupt market correction. Additionally, the PF Managed Bond Fund outperformed the Bloomberg Barclays US Aggregate Bond Index and contributed to performance over the reporting period.

Pacific Funds Portfolio Optimization Aggressive-Growth (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Portfolio Optimization Aggressive-Growth’s Class A (without sales charge) returned 60.05%, compared to a return of 56.35% for the S&P 500 Index, a return of 0.71% for the Bloomberg Barclays US Aggregate Bond Index, and a return of 50.09% for the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

60.05%

13.02%

9.00%

Fund’s Class A with maximum sales charge

51.27%

11.74%

8.39%

Fund’s Class C without sales charge

58.83%

12.18%

8.26%

Fund’s Class C with maximum sales charge

57.83%

12.18%

8.26%

S&P 500 Index

56.35%

16.29%

13.91%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark

50.09%

13.75%

11.25%

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Advisor Class without sales charge

60.35%

13.30%

10.82%

S&P 500 Index

56.35%

16.29%

15.53%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.77%

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark

50.09%

13.75%

12.64%


		See benchmark definitions on A-37 – A-39

A-10

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class A outperformed the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark. The Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark is comprised of the S&P 500, MSCI EAFE, and Bloomberg Barclays US Aggregate Bond Indices in a weighting that is fixed and specific to the Fund. The Fund primarily allocated to domestic and international equity funds that are diversified across style (growth and value), market capitalization and region (which included allocations to foreign small-capitalization and emerging markets stocks) during the reporting period. The Fund also maintained exposure to select sectors, such as publicly-traded REITs, as well as a small allocation to intermediate-term fixed income securities.

Among the fixed income lineup, high yield and emerging market bonds contributed to performance over the reporting period as riskier asset classes recovered after an abrupt market correction.

Pacific Funds Ultra Short Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Ultra-Short Income’s Class I (without sales charge) returned 5.81%, compared to a return of 0.15% for its benchmark, the Bloomberg Barclays Short Treasury Total Return Index

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the period ended March 31, 2021 are also shown in the table below. Performance data for Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾


	1 Year		Since Inception (6/28/19)
*Fund’s Class I without sales charge*		5.81%		2.19%
*Fund’s Advisor Class without sales charge*		5.81%		2.19%
Bloomberg Barclays Short Treasury Total Return Index		0.15%		1.17%

⁽¹⁾

Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund.

A. For the reporting period the Fund’s Class I outperformed the benchmark. The Fund primarily invests in investment grade short-term fixed and floating rate debt securities. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.


		See benchmark definitions on A-37 – A-39

A-11

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

The Fund’s focus on corporate debt versus government securities was the primary contributor to performance. The Fund’s overweight relative to the benchmark to corporate bonds, notably BBB rated corporate bonds, benefited performance. The Fund’s overweight to the non-investment grade bank loans and the high yield bonds benefited performance. The Fund’s exposure to treasuries that have longer maturities than the benchmark detracted from performance. At the sector level, overweights to Banking, AAA Collateralized Loan Obligations / Asset Backed Securities, and Independent Energy benefited performance while an overweight to the Paper sector detracted.

Pacific Funds Short Duration Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Short Duration Income’s Class I (without sales charge) returned 7.16%, compared to a return of 1.57% for its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

Since
Inception
(12/19/11)

Fund’s Class I without sales charge

7.16%

2.90%

2.92%

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index

1.57%

2.00%

1.55%

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Class A without sales charge

6.78%

2.63%

2.46%

Fund’s Class A with maximum sales charge

3.59%

2.00%

2.10%

Fund’s Class C without sales charge

6.00%

1.87%

1.71%

Fund’s Class C with maximum sales charge

5.00%

1.87%

1.71%

Fund’s Advisor Class without sales charge

7.14%

2.91%

2.71%

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index

1.57%

2.00%

1.57%

⁽¹⁾

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund uses a short maturity corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund’s asset allocation and focus on corporate debt were the primary contributors to relative performance. The Fund’s reporting period, which began only a few days after the market bottom of late March 2020, saw significant total returns for credit related risk assets including corporate bonds. The Fund’s overweight relative to the benchmark to corporate bonds, notably BBB rated corporate bonds, contributed to performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector also contributed to performance. The Fund’s duration was above benchmark, which detracted from performance. The Fund’s overweight to Technology, Banking, and Electric Utilities benefited performance while the Fund’s underweights to Sovereign, Integrated Energy, and Retail REITS detracted. At the issuer level, oil and gas producers Ovintiv, Diamondback Energy and Oneok were the top contributors while Southwest Airlines (Transportation and Logistics), Marubeni (Consumer Staples) and AES (Utilities) were the top detractors.


		See benchmark definitions on A-37 – A-39

A-12

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Core Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Core Income’s Class I (without sales charge) returned 8.61%, compared to a return of 0.71% for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I without sales charge

8.61%

4.50%

4.56%

Fund’s Class A without sales charge

8.29%

4.19%

4.28%

Fund’s Class A with maximum sales charge

3.70%

3.30%

3.83%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

1 Year

5 Years

Since
Inception
(6/30/11)

Fund’s Class C without sales charge

7.48%

3.41%

3.37%

Fund’s Class C with maximum sales charge

6.48%

3.41%

3.37%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.29%

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Advisor Class without sales charge

8.70%

4.51%

4.04%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.82%

1 Year

5 Years

Since
Inception
(4/27/15)

Fund’s Class P without sales charge

8.68%

4.48%

3.63%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.91%

⁽¹⁾

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund uses an intermediate term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund benefited from asset allocation and the focus on corporate debt versus government securities as the primary contributors to relative performance. The Fund’s overweight (relative to its benchmark) to corporate bonds, notably BBB rated corporate bonds, benefited performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector benefited performance. The Fund’s duration was below that of its benchmark, which benefited performance. At the security level, General Motors (Automotive), Clubcorp (Leisure Facilities and Services), and Beazer Homes (Home Construction) were the top contributors while Liberty Mutual (Insurance), Activision (Entertainment Content), and Charter Communications (Cable and Satellite) were the top detractors. Sector overweights to Technology, Electric Utility, and Midstream Energy contributed to performance while underweights to Airlines, Tobacco, and Sovereigns detracted.


		See benchmark definitions on A-37 – A-39

A-13

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Strategic Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Strategic Income’s Class I (without sales charge) returned 23.23%, compared to a return of 0.71% for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

Since
Inception
(12/19/11)

Fund’s Class I without sales charge

23.23%

7.05%

6.72%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.92%

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Class A without sales charge

22.82%

6.71%

5.93%

Fund’s Class A with maximum sales charge

17.62%

5.78%

5.40%

Fund’s Class C without sales charge

22.04%

5.96%

5.17%

Fund’s Class C with maximum sales charge

21.04%

5.96%

5.17%

Fund’s Advisor Class without sales charge

23.12%

6.98%

6.18%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

2.82%

⁽¹⁾

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund focuses on USD credit focused fixed income asset classes, notably non-investment grade securities. Based on our view of the market conditions during the reporting period, we positioned the Fund towards non-investment grade securities. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund outperformed its benchmark for the reporting period due to asset allocation and the focus on credit related fixed income sectors including corporate bonds, bank loans, and high yield securities. The reporting period, which began just a few days after the late March 2020 market bottom, led to significant total returns across risk assets. The Fund’s overweight (relative to its benchmark) in corporate bonds, notably BBB rated corporate bonds, benefited performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector contributed to performance. The Fund’s duration was below benchmark, contributing to relative performance. At the sector level, overweights to Midstream, Independent, and Gaming benefited performance while underweights to Sovereign, Chemicals, and Health Insurance detracted. At the issuer level, overweights to Golden Nugget (Leisure Facilities and Services), Energy Transfer (Oil and Gas Producers), and Boeing (Aerospace and Defense) contributed to performance while Sinclair Broadcasting (Publishing and Broadcasting), TNT Crane (Industrials), Liberty Mutual (Insurance) detracted.


		See benchmark definitions on A-37 – A-39

A-14

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Floating Rate Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Floating Rate Income’s Class I (without sales charge) returned 14.87%, compared to a return of 20.77% for its benchmark, the Credit Suisse Leveraged Loan Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

Since
Inception
(6/30/11)

Fund’s Class I without sales charge

14.87%

4.59%

4.37%

Credit Suisse Leveraged Loan Index

20.77%

5.33%

4.49%

1 Year

5 Years

Since
Inception
(12/30/11)

Fund’s Class A without sales charge

14.52%

4.28%

4.29%

Fund’s Class A with maximum sales charge

11.11%

3.65%

3.95%

Fund’s Class C without sales charge

13.74%

3.56%

3.55%

Fund’s Class C with maximum sales charge

12.74%

3.56%

3.55%

Credit Suisse Leveraged Loan Index

20.77%

5.33%

4.92%

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Advisor Class without sales charge

14.78%

4.53%

4.20%

Credit Suisse Leveraged Loan Index

20.77%

5.33%

4.71%

1 Year

5 Years

Since
Inception
(12/31/12)

Fund’s Class P without sales charge

14.85%

4.56%

3.83%

Credit Suisse Leveraged Loan Index

20.77%

5.33%

4.33%

⁽¹⁾

A. For the reporting period, the Fund’s Class I underperformed the benchmark. Using a fundamental approach with a top down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look for investment opportunities in floating rate loans and floating rate debt securities.

For the reporting period, the Fund underperformed the benchmark primarily due to its focus on performing loans. During the reporting period, lower quality substantially outperformed. The Fund focused on the performing part of the bank loan market. The Fund’s underweights (relative to its benchmark) to issuers in the energy and gaming/leisure sectors detracted from performance. Credit quality allocations were mixed in regard to relative performance. The Fund’s overweight to B vs. BB rated issuers contributed to relative performance, and the Fund’s underweight to CCC-rated issuers detracted. The Fund focused during the reporting period on performing second lien CCC rated issuers. The Fund’s focus on larger and more liquid issuers, generally those with facility sizes greater than $1billion U.S. dollars detracted from performance as smaller issuers outperformed.


		See benchmark definitions on A-37 – A-39

A-15

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds High Income (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds High Income’s Class I (without sales charge) returned 24.76%, compared to a return of 23.65% for its benchmark, the Bloomberg Barclays US. High-Yield 2% Issuer Capped Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

Since
Inception
(12/19/11)

Fund’s Class I without sales charge

24.76%

7.65%

6.53%

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

23.65%

8.04%

6.99%

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Class A without sales charge

24.45%

7.34%

5.64%

Fund’s Class A with maximum sales charge

19.14%

6.41%

5.12%

Fund’s Class C without sales charge

23.61%

6.60%

4.89%

Fund’s Class C with maximum sales charge

22.61%

6.60%

4.89%

Fund’s Advisor Class without sales charge

24.86%

7.65%

5.91%

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

23.65%

8.04%

6.45%

1 Year

5 Years

Since
Inception
(1/14/15)

Fund’s Class P without sales charge

24.91%

7.63%

5.61%

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

23.65%

8.04%

6.23%

⁽¹⁾

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund seeks a high level of current income by investing in non-investment grade debt instruments or in instruments with characteristics of non-investment grade instruments. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts.

During the reporting period, the Fund outperformed the benchmark primarily due to sector allocations and an overweight (relative to the benchmark) to lower quality securities. The Fund’s underweight to BB rated securities and overweight to CCC rated securities benefited performance given the rally in lower quality issuers. At the sector level, underweights to Cable & Satellite and Technology benefited performance along with the overweight to Midstream Energy companies. The Fund’s underweight to Independent Energy and Airlines detracted from performance. Top issue level contributors included Golden Nugget (Leisure Facilities and Services), Ahern Rentals (Industrial), and Ford (Automotive) while largest issuer level detractors were Occidental Petroleum (Oil and Gas), Sinclair Broadcasting (Publishing and Broadcasting), and Altice (Cable and Satellite). The Fund’s duration was shorter than the benchmark during the reporting period, benefiting relative performance.


		See benchmark definitions on A-37 – A-39

A-16

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds ESG Core Bond (managed by Pacific Asset Management LLC)

Q. How did the Fund perform for the period ended March 31, 2021?

A. Pacific Funds ESG Core Bond commenced operations on December 14, 2020. For the period from inception through March 31, 2021, the Fund’s Class I (without sales charge) returned -2.73% compared to a return of -3.13% for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

Performance Comparison

LOGO

Total Returns for the Periods Ended March 31, 2021


	Since Inception (12/14/20)
*Fund’s Class I without sales charge*		(2.73%	)
*Fund’s Advisor Class without sales charge*		(2.73%	)
Bloomberg Barclays US Aggregate Bond Index		(3.13%	)

Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period from inception through March 31, 2021, the Fund’s Class I outperformed the benchmark. The Fund uses an intermediate term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection. The Fund also incorporates sustainable investment goals into the investment process by use of ESG Exclusions and ESG metrics. The sub-adviser created the following ESG Exclusions to seek to screen out investment in issuers with direct involvement in: (i) the production, distribution, sale or use of thermal coal exceeding the sub-adviser’s revenue threshold; (ii) the production of tobacco; (iii) the production or sale of controversial military weapons; and (iv) serious human rights violations or severe environmental damage. Individual investment selection was also based on the sub-adviser’s analysis of ESG metrics provided by independent third-party ESG service providers. That is, the sub-adviser relies on ESG ratings and other information provided by various independent third-party ESG service providers to help construct a portfolio that rates highly on ESG factors.

The Fund benefited from asset allocation, security selection, and the underweight to duration during the period we managed the Fund. The Fund’s duration was below that of the benchmark, contributing to relative performance. The Fund’s overweight (relative to its benchmark) to longer maturity corporate bonds detracted from performance though the underweight to long maturity Treasuries contributed. At the issuer level, Oracle, Verizon, and Delta Airlines contributed to performance while CVS and PNC Bank detracted.


		See benchmark definitions on A-37 – A-39

A-17

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Small/Mid-Cap (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Small/Mid-Cap’s Advisor Class (without sales charge) returned 84.04%, compared to a return of 89.40% for its benchmark, the Russell 2500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Advisor Class shares of the Fund to its benchmark for the period from inception through March 31, 2021. For comparison purposes, the performance of all classes for the periods ended March 31, 2021 are also shown in the table below. Performance data for Class A, C, and R6 shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(1/11/16)

Fund’s Advisor Class without sales charge

84.04%

13.00%

13.73%

Fund’s Class A without sales charge

83.51%

12.72%

13.48%

Fund’s Class A with maximum sales charge

75.76%

11.75%

12.55%

Fund’s Class C without sales charge

82.14%

11.89%

12.63%

Fund’s Class C with maximum sales charge

81.14%

11.89%

12.63%

Russell 2500 Index

89.40%

15.93%

16.92%

1 Year

5 Years

Since
Inception
(12/31/14)

Fund’s Class R6 without sales charge

84.32%

13.08%

10.35%

Russell 2500 Index

89.40%

15.93%

12.09%

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co implement the Fund’s strategy by investing in common stocks and other equity securities of small and medium capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to the Fund’s performance included consumer discretionary, industrials, and health care. Conversely, the utilities, communication services, and energy sectors were the least impactful to the Fund’s absolute performance, with the utilities sector partially detracting from overall returns. Sector allocation was positive, with tailwinds from underweights to the real estate and utilities sectors along with an overweight to the information technology sector exceeding the headwinds from the Fund’s small cash position along with an underweight to the energy sector and an overweight to the industrials sector. Stock selection was the primary driver of the Fund’s relative underperformance, with the effects of contributors in the consumer discretionary, financials, and industrials sectors falling short of those of the detractors in information technology, health care, and real estate sectors.

Turning to individual stocks, the most severe detractors from the Fund’s performance included Intercept Pharmaceuticals Inc, a biotech developing therapies to treat chronic liver diseases, which reeled from the complete response letter (CRL) it received from Food and Drug Administration (FDA) regarding its Nonalcoholic Steatohepatitis (NASH) (fatty-liver disease) New Drug Application (NDA) filing. Subsequently, absent FDA guidance, the Fund’s management lacked clarity on a regulatory pathway forward and sold the stock. Another detractor from the Fund’s performance was FTI Consulting Inc, a business consulting firm, which was under modest pressure as the company’s litigation related business was impacted by COVID-19 delays which were partially offset by initial significant demand in its bankruptcy restructuring practice. That being said, the expected bankruptcy upcycle stopped relatively quickly as the market was flush with liquidity, removing near-term bankruptcy risks for a number of industries and companies. Lastly, Portland General Electric Co (POR), modestly underperformed its regulated utility peer group, the benchmark’s worst performing sector during the reporting period. POR underperformed after lowering its 2020 earnings guidance due to concerns over customer non-payment due to COVID-19 related job losses, and then again, after unfounded reports that the company was responsible for igniting the Riverside wildfire in Oregon.

Top individual stock contributors to the Fund’s performance included RH (formerly Restoration Hardware), a furniture retailer, reported better-than-expected results and guidance as consumer demand trends towards home spending continued. The company appears very well positioned at the high-end as there are increases in second and third home ownership and a movement toward suburban living from smaller dwellings in urban locations. Such trends likely create a strong sustainable demand trend for home furnishings. Another contributor to the Fund’s performance, Lithia Motors Inc ‘A’, an auto retailer, reported better-than-expected results driven by a resurgence in demand and much


		See benchmark definitions on A-37 – A-39

A-18

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

stronger margins. In addition, the company officially introduced its omni channel offering “Driveway” which is expected to generate sizable earnings contribution over the next 5 years. This initiative along with an aggressive acquisition strategy and improving core growth, the company provided a $50 earnings per share goal within 5 years, which is higher than current profit levels.

Pacific Funds Small-Cap (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Small-Cap’s Advisor Class (without sales charge) returned 87.51%, compared to a return of 94.85% for its benchmark, the Russell 2000 Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(1/11/16)

Fund’s Advisor Class without sales charge

87.51%

12.71%

13.46%

Fund’s Class A without sales charge

87.15%

12.42%

13.18%

Fund’s Class A with maximum sales charge

79.20%

11.45%

12.26%

Fund’s Class C without sales charge

85.68%

11.58%

12.33%

Fund’s Class C with maximum sales charge

84.68%

11.58%

12.33%

Russell 2000 Index

94.85%

16.35%

17.10%

1 Year

5 Years

Since
Inception
(12/31/14)

Fund’s Class R6 without sales charge

87.72%

12.78%

9.61%

Russell 2000 Index

94.85%

16.35%

11.80%

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to the Fund’s performance included consumer discretionary, industrials, and health care. Conversely, the utilities, energy, and communication services sectors were the least impactful to the Fund’s absolute performance, with the utilities sector partially detracting from overall returns. Sector allocation was positive, with tailwinds from an overweight to the consumer discretionary sector and an underweight to the utilities and financials sectors exceeding the headwinds from the Fund’s small cash position along with underweights to the materials and energy sectors. Stock selection was the primary driver of the Fund’s relative under performance, with the effects of contributors in the consumer discretionary, financials, and consumer staples sectors falling short of those of the detractors in the health care, information technology, and real estate sectors.

Turning to individual stocks, the most severe detractors from the Fund’s performance included Intercept Pharmaceuticals Inc, a biotech developing therapies to treat chronic liver diseases, which reeled from the complete response letter (CRL) it received from FDA regarding its NASH (fatty-liver disease) NDA filing. Subsequently, absent FDA guidance, the Fund’s management lacked clarity on a regulatory pathway forward and sold the stock. Another detractor from the Fund’s performance was FTI Consulting Inc, a business consulting firm, which was under modest pressure as the company’s litigation related business was impacted by COVID-19 delays which were partially offset by initial significant demand in its bankruptcy restructuring practice. That being said, the expected bankruptcy upcycle stopped relatively quickly as the market was flush with liquidity, removing near-term bankruptcy risks for a number of industries and companies. Lastly, Novavax, a vaccine drug company, reported best-in-class COVID-19 vaccine safety and efficacy in both the original wild-type virus and variants in its United Kingdom (U.K.) clinical study back in January 2021. Following these positive results the stock was purchased in the Fund however, it weakened after the company disclosed a slight delay to the read-out of its important U.S./Mexico clinical study required for FDA approval from March 2021 to April 2021. The other driving force of the stock’s pullback was that the stock possessed a tremendous amount of momentum, a factor which fell out of favor in the last two weeks of February 2021.


		See benchmark definitions on A-37 – A-39

A-19

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Top individual stock contributors to the Fund’s performance included Lithia Motors Inc ‘A’, an auto retailer, which reported better-than-expected results driven by a resurgence in demand and much stronger margins. In addition, the company officially introduced its omni channel offering “Driveway” which is expected to generate sizable earnings contribution over the next 5 years. This initiative along with an aggressive acquisition strategy and improving core growth, the company provided a $50 earnings per share goal within 5 years, which is higher than current profit levels. Another contributor to the Fund’s performance, Horizon Therapeutics PLC, successfully launched Tepezza, an orphan thyroid eye disease drug, that became one of the best all-time orphan drug launches. The company launched the drug in February 2020 and raised sales guidance consecutively in its first four quarters following launch, from an initial expectation of $60 million to finish the fiscal fear 2020 with sales over $800 million.

Pacific Funds Small-Cap Value (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, Pacific Funds Small-Cap Value’s Advisor Class (without sales charge) returned 89.25%, compared to a return of 97.05% for its benchmark, the Russell 2000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(1/11/16)

Fund’s Advisor Class without sales charge

89.25%

10.12%

11.26%

Fund’s Class A without sales charge

88.38%

9.81%

10.94%

Fund’s Class A with maximum sales charge

80.45%

8.87%

10.02%

Fund’s Class C without sales charge

87.09%

9.02%

10.13%

Fund’s Class C with maximum sales charge

86.09%

9.02%

10.13%

Russell 2000 Value Index

97.05%

13.56%

14.90%

1 Year

5 Years

Since
Inception
(12/31/14)

Fund’s Class R6 without sales charge

88.95%

10.14%

7.51%

Russell 2000 Value Index

97.05%

13.56%

9.64%

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to the Fund’s performance included consumer discretionary, financials, and industrials. Conversely, the utilities, communication services, and energy sectors were the least impactful to the Fund’s absolute performance, with the utilities sector partially detracting from overall returns. Sector allocation was negative, with tailwinds from an overweight to the consumer discretionary sector and underweights to the utilities and financials sectors being eclipsed by the headwinds from the Fund’s small cash position along with an underweight to the energy sector and an overweight to information technology. Stock selection was the primary driver of the Fund’s relative underperformance, with the effects of contributors in the financials and industrials sectors falling short of those of the detractors in the materials, real estate, and health care sectors.

Turning to individual stocks, the most severe detractors from the Fund’s performance included Southwest Gas Holdings Inc (SWX), a regulated utility, the benchmark’s worst-performing sector for the reporting period. SWX underperformed its peer group due to an adverse rate case ruling, which delayed reimbursement for certain capital expenditures reducing near-term revenue growth. Another detractor from the Fund’s performance was Novavax, a vaccine drug company, reported best-in-class COVID-19 vaccine safety and efficacy in both the original wild-type virus and variants in its U.K. clinical study back in January 2021. Following these positive results the stock was purchased in the Fund however, it weakened after the company disclosed a slight delay to the read-out of its important US/Mexico clinical study required for FDA approval from March 2021 to April 2021. The other driving force of the stock’s pullback was that the stock possessed a tremendous amount of


		See benchmark definitions on A-37 – A-39

A-20

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

momentum, a factor which fell out of favor in the last two weeks of February 2021. Lastly, Black Hills Corporation, also a regulated utility, modestly underperformed its peer group after the company lowered its 2020 earnings guidance due to concerns over customer non-payment due to COVID-19 related job losses.

Top individual stock contributors to the Fund’s performance included Lithia Motors Inc ‘A’, an auto retailer, which reported better-than-expected results driven by a resurgence in demand and much stronger margins. In addition, the company officially introduced its omni channel offering “Driveway” which is expected to generate sizable earnings contribution over the next 5 years. This initiative along with an aggressive acquisition strategy and improving core growth, the company provided a $50 earnings per share goal within 5 years, which is significantly higher than current profit levels. Another contributor to the Fund’s performance, American Eagle Outfitters Inc, an apparel retailer, reported consistently better-than-expected results primarily driven by Aerie (its intimate and lounge brand) and pointed to continued improvement throughout the reporting period. The combination of growth potential of Aerie along with sizable margin expansion and earnings power of its American Eagle brand seems to position the company well for the future.

PF Inflation Managed Fund (sub-advised by Pacific Investment Management Company LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Inflation Managed Fund’s Class P returned 10.19%, compared to a return of 7.54% for its benchmark, the Bloomberg Barclays US TIPS Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2021. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

10.19%

4.08%

3.15%

Bloomberg Barclays US TIPS Index

7.54%

3.86%

3.44%

⁽¹⁾

Effective October 31, 2016, Pacific Investment Management Company LLC (“PIMCO”) became the sole sub-adviser to the Fund. Between January 15, 2015 and October 31, 2016, Western Asset Management Company, LLC served as co-sub-adviser of the Fund with PIMCO. Prior to January 15, 2015, PIMCO served as the sole sub-adviser.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments, focusing on inflation-indexed debt securities.

An overweight to U.S. and European breakeven inflation, the difference between nominal and real interest rates, contributed to performance. The Fund’s short position to core U.K. RPI detracted from performance. An overweight to nominal interest rates, particularly in the U.S., detracted from performance as interest rates rose. Tactical exposure to investment grade credit, short exposure to high yield credit, and exposure to Agency mortgage-backed securities generated positive returns over the reporting period, contributing to performance.

During the reporting period the Fund bought and sold credit protection through credit default swaps to increase and decrease exposure to the broader investment grade or high yield market sectors, and to take advantage of the basis between the credit default swap and cash bond market. The Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allow the portfolio manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise be accessible through the use of cash bonds. The Fund sold/wrote and purchased options and swaptions on futures, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some the Fund’s securities, and to express certain views on currency markets. The Fund also held inflation floors to hedge duration.


		See benchmark definitions on A-37 – A-39

A-21

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Managed Bond Fund (co-sub-advised by J.P.Morgan Investment Management Inc., Pacific Investment Management Company LLC and Western Asset Management Company, LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Managed Bond Fund’s Class P returned 4.69%, compared to a return of 0.71% for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

4.69%

4.33%

3.87%

Bloomberg Barclays US Aggregate Bond Index

0.71%

3.10%

3.44%

⁽¹⁾

J.P. Morgan Investment Management Inc. became co-sub-advisor to the Fund on October 23, 2020 and some investment policies changed at that time. Western Asset Management Company, LLC became co-sub-adviser to the Fund on August 1, 2014, and some investment policies changed at that time. Pacific Investment Management Company LLC was the sole sub-adviser to the Fund before that date.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund is co-sub-advised by JP Morgan, PIMCO and Western Asset. The following are separate discussions from each co-sub-adviser.

JP Morgan

JP Morgan became a co-manager of the Fund on October 30, 2020. During the approximate five-month period from October 30, 2020 through March 31, 2021 when we at JP Morgan co-managed the Fund, our portion of the Fund outperformed the benchmark. In seeking the Fund’s goal of maximizing total return, we invest our portion of the Fund assets in debt securities that focused on investment grade intermediate-term debt securities (five to ten years to maturity) in order for the Fund to maintain a dollar-weighted average maturity between three and ten years. Taking a long-term approach, we look for individual fixed income investments that we believe will perform well over a market cycle. We are value oriented and make decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions in offering documents (like term to maturity) of the debt security or instrument and the legal structure (such as priority of payments in a multi-class structure) of the debt security.

During the period we managed the Fund, the Treasury yield curve steepened by 0.86% between two- and ten-year market indicators. Two-year yields ended 0.01% higher to finish the period we managed the Fund at 0.16%, while the ten-year was 0.87% higher to finish at 1.74%.

The Fund’s duration and yield curve positioning were contributors to the performance of our portion of the Fund. When interest rates rise across the maturity spectrum, those issues with a longer time to maturity decline in price more than those with shorter maturities, all else being equal. We had focused on securities with a shorter maturity and emphasized what is called the belly of the curve, which is more specifically securities with maturities in the next five to ten-years. In addition, we had a lower weighting of securities that mature farther out, giving us a performance advantage as those issues fell in price more as an adjustment to the new rate regime. For the portion of the Fund we managed, the portfolio duration, which is an effective measure of how long it will take to have the investments returned either through principal paydowns, interest coupon payments or maturities was lower than that of the benchmark. In a rising rate period, which was the case from October 30, 2020 through March 31, 2021 that contributed to the Fund’s outperformance relative to the Index.

Security selection in agency mortgage-backed securities (MBS) was a positive contributor, as the Fund’s mortgages outperformed benchmark mortgage pass-throughs. In a period of elevated mortgage prepayments, the Fund’s prepayment-protected agency MBS did well. From a sector allocation perspective, the Fund’s overweight to the MBS sector was a detractor.

The Fund’s underweight to corporate bonds was a detractor, but this was more than offset by the positive security selection in the sector.


		See benchmark definitions on A-37 – A-39

A-22

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Lastly, the Fund’s security selection in commercial mortgage-backed securities (CMBS) detracted from performance relative to the benchmark.

PIMCO

For the reporting period, the PIMCO managed portion of the Fund’s Class P outperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments with the characteristics of debt instruments.

Tactical U.S. duration positioning and short exposure to U.K. interest rates contributed to performance, while interest rate strategies within the Eurozone, particularly a preference for Italian debt, detracted from performance.

For our portion of the Fund, exposure to and selection within Agency and non-Agency mortgage backed securities (MBS), contributed to performance. Underweight positioning within investment grade credit and exposure to high yield credit also contributed to performance. Additionally, exposure to Treasury Inflation Protected Securities (TIPS) added to performance. Within currencies, exposure to a basket of emerging market currencies detracted from performance.

During the reporting period, our portion of the Fund bought and sold credit protection through credit default swaps to increase and decrease exposure to the credit risk of individual securities and to the broader investment grade, high yield, mortgage, emerging market sectors, and to take advantage of the basis between the credit default swap and cash bond market. Our portion of the Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. Our portion of the Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Our portion of the Fund sold/wrote options and swaptions on futures, bond indices, and swaps and also purchased options on futures, bond indices, and to-be-announced (TBAs) as a means of capitalizing on anticipated changes in market volatility and to generate income. Our portion of the Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some of the Fund’s securities, and to express certain views on currency markets. Our portion of the Fund also held inflation floors that were previously traded in the portfolio to hedge duration, though exposures were not adjusted during the reporting period.

Western Asset

For the reporting period, the portion of the Fund’s Class P managed by Western Asset outperformed the benchmark. For our portion of the Fund, we at Western Asset seek to maximize total return consistent with prudent investment management. We utilize a long-term, fundamental value philosophy in conjunction with a global investment platform to build a diversified portfolio of investment grade bonds with opportunistic allocations to high yield, emerging markets and non-U.S. dollar securities to enhance returns. Value is added through sector rotation, yield curve positioning, issue selection and duration management.

During the reporting period, in our portion of the Fund, spread sectors contributed the most to the Fund’s outperformance, while interest rate exposure (in aggregate) detracted from performance. Our portion of the Fund held a duration overweight (relative to the benchmark) that was concentrated at the back-end of the yield curve and was intended to serve as a valuable diversification strategy and risk-off hedge to potential downside volatility that could arise from any challenges to the global growth outlook. At the start of the reporting period, we believed that central banks would continue to offer extraordinary policy accommodation and that growth would be positive, but muted, while long-term inflation would remain subdued. With regards to the Fund’s yield curve positioning, we believed that the Federal Reserve’s rate cuts and additional accommodative programs in response to the Covid-19 crisis would continue to keep the front to intermediate part of the yield curve anchored. We also believed that the curve would flatten after steepening during the second quarter of the reporting period. Ultimately, the broad swath of the yield curve steepened on the year, and the Fund’s yield curve positioning was a significant detractor to performance. US TIPS exposure, however, contributed positively to performance during the reporting period as breakeven inflation rates recovered strongly to eventually exceed pre-pandemic levels.

Corporate credit exposures, including both investment grade and high-yield/high risk or non-investment grade, were significant positive contributors to performance. Early in the reporting period, our portion of the Fund added to both sectors at wider spread levels and in select subsectors and individual issuers where we saw compelling value opportunities. This benefitted performance as spreads tightened meaningfully, ultimately ending the reporting period at spread levels close to where they had begun.

Other contributors to our portion of the Fund’s performance during the reporting period included its Emerging Markets (EM), structured product and non-US Developed Market (DM) exposures. EM exposure added to the Fund’s performance as U.S. dollar-denominated bond spreads tightened over the reporting period and, although individual currency performance was mixed, most EM currencies strengthened versus the U,S. dollar over the reporting period. Structured product, in aggregate, contributed to performance as the asset class recovered from the Covid-induced sell-off and spreads tightened as the over the period. Finally, non-US DM positions contributed to performance as the spread between Italian BTPs and German bunds compressed meaningfully and most DM currencies strengthened versus the US dollar.

During the reporting period, our portion of the Fund primarily used U.S. Treasury futures and options, Eurodollar futures and options, and interest rate swaps to manage its duration and yield curve exposure. We also used non-U.S. Interest Rate Futures to manage exposure to the international bond markets. Credit default swaps on both investment grade and high yield indices were used as an efficient, low cost way of adjusting exposures to these sectors on the margin. The Fund also used Mortgage TBAs (To Be Announced) to gain exposure to the agency mortgage backed securities (MBS) market and other stripped MBS derivatives to gain exposure to specific characteristics of agency MBS. Finally, the Fund used foreign exchange futures, forwards, and options to take outright positions in a variety of currencies, including the Australian dollar (AUD), Mexican peso (MXN), Japanese yen (JPY), British pound (GBP), and Euro (EUR).


		See benchmark definitions on A-37 – A-39

A-23

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Short Duration Bond Fund (sub-advised by T. Rowe Price Associates, Inc.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Short Duration Bond Fund’s Class P returned 6.47%, compared to a return of 1.57% for its benchmark, the Bloomberg Barclays 1-3 Year US Government/Credit Bond Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

6.47%

2.48%

1.77%

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index

1.57%

2.00%

1.57%

⁽¹⁾

T. Rowe Price Associates, Inc. began managing the Fund on July 1, 2011, and some investment policies changed at that time. Another firm managed the Fund before that date.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at T. Rowe Price manage the fund’s investment strategy by investing in debt securities (including derivatives on such securities). In our attempt to seek current income, the strategy focuses on high-quality, investment-grade securities, generally expecting to track the duration of the benchmark (plus or minus a half year). Furthermore, the Fund will invest in out-of-benchmark securitized sectors to pick up incremental yield in the strategy. In addition to making active sector allocation and security selection decisions, we also monitor the fund’s duration as part of our management of the Fund. Duration is often used to measure a bond’s sensitivity to interest rates.

Sector allocation was the top contributor to the Fund’s relative performance. Our overweight (relative to the benchmark) to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries aided relative results as investors searched for yield in the low rate environment. Also boosting returns was our inclusion of non-benchmark holdings in asset-backed securities, commercial mortgage-backed securities, and mortgage-backed securities, which benefited from a rebound in risk sentiment.

Security selection also contributed to the Fund’s performance. Corporate bonds in the energy sector performed well in tandem with rising oil prices as lockdown restrictions were eased and demand for the commodity improved. Credits in the consumer cyclical sector also contributed positively alongside coronavirus vaccine approvals and deployments.

Yield curve positioning detracted due to our duration position, which was longer than that of the benchmark for much of the reporting period but was modestly shorter heading into 2021. A slight overweight to the intermediate portion of the curve detracted from relative performance as intermediate U.S. Treasury yields rose.

As of March 31, 2021, the Fund held interest rate futures generating gross notional exposure of 21.72%. The Fund held index credit default swaps at other points during the reporting period. The estimated return impact from employing futures was 0.22% and 0.01% from index credit default swaps for the reporting period.


		See benchmark definitions on A-37 – A-39

A-24

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Emerging Markets Debt Fund (sub-advised by Ashmore Investment Management Limited)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Emerging Markets Debt Fund’s Class P returned 20.47%, compared to a return of 16.00% for the broad-based J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and 13.35% for the Emerging Markets Debt Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the period from inception through March 31, 2021. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

Since
Inception
(6/29/12)

Fund’s Class P

20.47%

4.28%

2.65%

J.P. Morgan EMBI Global Diversified Index

16.00%

5.05%

4.88%

Emerging Markets Debt Composite Benchmark

13.35%

3.86%

2.63%

A. For the reporting period, the Fund’s Class P outperformed both the broad-based J.P. Morgan EMBI Global Diversified Index and the sector-specific Emerging Markets Debt Composite Benchmark. The Fund invests its assets in debt instruments that are economically tied to emerging market countries, which are issued by governments (sovereigns), government-guaranteed or majority government-owned entities (quasi-sovereigns), government agencies and instrumentalities and corporate issuers, and may be denominated in any currency, including the local currency of the issuer. We at Ashmore tactically manage exposure to emerging market sovereign external debt, local currency sovereign debt and corporate debt in seeking to maximize total return consistent with prudent investment management.

Over the reporting period the Fund’s allocation to emerging markets sovereign external debt decreased, starting the reporting period at 59.92% and ending at around 58.65% of the Fund’s net asset value (NAV). Over the reporting period, the Fund’s exposure to corporate debt investments increased, starting the reporting period at 11.22% and ending at around 14.03% of NAV. Finally, the Fund’s exposure to emerging market local bonds and net exchange rate positions shifted throughout the reporting period, starting at 49.83%, reaching a month end low point of 43.3% as the global economy reacted to the pandemic, and ending at around 46.26% of NAV.

The Fund’s overweight position (relative to its benchmark) in hard currency sovereign external debt and off benchmark allocation to corporate debt contributed to the Fund’s relative performance over the reporting period. Overall, the largest contributor over the reporting period was driven by security selection in corporate debt and local currency.

The largest country contributors to Fund performance over the reporting period were Ecuador, Mexico and Angola. Overall, the largest country detractor over the reporting period were positions in Lebanon.

The Fund’s positions in derivatives are mainly in foreign exchange (FX) forwards – notably to hedge the FX exposure of some local currency bond positions, and some swaps for efficient portfolio management purposes

The following are summary developments in the various countries mentioned above in which the Fund invested during the reporting period:

With one of the highest rates of infection from the COVID-19 pandemic and an economy significantly dependent on oil exports, Ecuador faced a major challenge early in the reporting period in balancing domestic needs and maintaining its debt payment schedule. Ecuador undertook a number of challenging steps to remain in compliance with the requirements of the existing $4.2 billion U.S. dollar International Monetary Fund (IMF) financial support package. As the payment date for a March of 2020 bond maturity approached, there was considerable political pressure to suspend the payment, but the government paid the bond maturity and indicated it would commence discussions with bondholders to “consensually reorganize” its debt obligations while utilizing the grace period on interest payments as a bridge to the anticipated receipt of new financing from the IMF and bilateral lenders. In August, the IMF agreed on a new $6.5 billion U.S. dollar Extended Funding Facility program, of which $4 billion U.S. dollars was disbursed in 2020. The new agreement permitted the successful restructuring of Ecuador’s $17 billion U.S. dollar external debt.


		See benchmark definitions on A-37 – A-39

A-25

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Economic data releases confirmed the continuation of a partial economic recovery in Mexico, although depressed year on year tourism revenues highlighted the slow recovery in those sectors most exposed to the pandemic. Significantly for PEMEX, the national oil company, President Andres Manuel Lopez Obrador announced $3.6 billion U.S. dollars in tax cuts for the company, which may be followed by further support, including assistance with debt payments. On the macro side, the trade deficit in Mexico came in below the average over the last five years.

Angola had commenced a program of economic reform and fiscal consolidation prior to the pandemic, targeting the country’s debt burden in line with IMF’s multi-year $3.7 billion loan program. While the Angolan economy contracted by 4% in 2020, increased oil prices have contributed to a strong start to 2021; the economy is forecast to expand at a modest annual pace in 2021, with projected growth of 2.4% in 2022. The IMF approved a disbursement of nearly $490 million U.S. dollars in January after the country obtained a three-year debt relief agreement with Chinese lenders, and should benefit from the recently-approved increase in SDR reserves.

Lebanon suspended payments on its external bonds prior to an early-March 2020 maturity and subsequently declared a moratorium on its entire debt stock. Early attempts at negotiation with the IMF reached a quick stalemate as the Lebanese government was unable to reach consensus on the magnitude of the problem or the steps required to address it. The government ultimately collapsed following an explosion in Beirut and, despite the appointment of several Prime Minister designates, the country remains without a government as various sectarian factions refuse to agree on the allocation of ministerial responsibilities. International pledges of support remain suspended as those donors require both a functioning government and the initiation of significant reforms.

The situation in Venezuela remains unchanged, with attention shifting to the potential for a shift in policy from the Biden Administration. While there have been some calls for relaxation of some sanctions for humanitarian purposes, to date there has been no shift in US policy. The domestic political environment remains extremely tense between Nicolas Maduro and Juan Guaido and their supporters. Maduro lost a significant court battle in the United Kingdom (U.K.) over ownership of the country’s gold held in reserve, and with no active oil rigs in the country, oil production has largely ceased. Parliamentary elections were held on December 6, 2020 in Venezuela, with low voter participation; the election was boycotted by the Guaido-led opposition. This resulted in a new National Assembly and a continued worsening of the political crisis, as Guaido’s claim to be the lawful president of the country is questionable as the “old” National Assembly has ceased to exist despite its own vote to extend the body’s life for an additional year. The U.S. government extended the license prohibiting seizure of the collateral supporting the defaulted Petroleos de Venezuela, S.A. (PDVSA) 2020 bond, as the matter continues to be litigated in U.S. courts.

Bond prices in Argentina have languished even as economic fundamentals have shown improvement, evidenced by a rebound in Gross Domestic Product (GDP), an increase in reserves and stabilization of FX levels. Mid-term elections will take place in October 2020, with internal political disagreement on the pace of negotiations with the IMF on the proposed restructuring of the country’s USD 44bn in debt to the multilateral institution. Immediately after Vice President Christina Kirchner stated that Argentina would not be in a position to pay its debt to the IMF, both Minister of Economy Guzman and the IMF highlighted the positive direction of negotiations. Political noise is likely to continue until the midterm elections have been completed.

PF Growth Fund (sub-advised by MFS Investment Management)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Growth Fund’s Class P returned 50.42%, compared to a return of 62.74% for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

50.42%

20.72%

15.52%

Russell 1000 Growth Index

62.74%

21.05%

16.63%

⁽¹⁾

MFS Investment Management began managing the Fund on May 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.


		See benchmark definitions on A-37 – A-39

A-26

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The strategy is an actively managed, research-driven growth fund. We, the MFS investment management team, build the Fund from the bottom up, selecting companies with the best opportunities for growth two to three years into the future. When applying the Fund’s valuation analysis, we consider the magnitude and potential growth rate of a company against what the market has discounted. At the sector level, we typically limit significant over- and under-weights relative to the benchmark, allowing bottom-up stock selection to drive performance results over time.

Stock selection in both the autos & housing and special products & services sectors detracted from performance relative to the benchmark. Within the autos & housing sector, not holding shares of electric vehicle manufacturer Tesla weakened relative returns as the stock outperformed the benchmark over the reporting period. Within the special products & services sector, the timing of the Fund’s positions in financial technology services provider Fiserv (security was not held in the Fund at reporting period end) and global provider of banking and payment technologies Fidelity National Information Services (security was not held in the Fund at reporting period end), as well as overweight positions in analytics and risk assessment services provider Verisk Analytics and electronic payment services company Global Payments, detracted from relative returns.

Stock selection and an underweight position relative to the benchmark in the strong-performing technology sector also detracted from relative results. The Fund’s underweight position in computer and personal electronics maker Apple hindered performance as the stock outperformed the benchmark over the reporting period.

Stocks in other sectors that also detracted from relative returns included holding shares of global consumer products company Colgate-Palmolive (security is not a benchmark constituent) and overweight positions in both global biotechnology company Vertex Pharmaceuticals and global payments technology company Visa.

The Fund’s cash and/or cash equivalents position during the reporting period was also a detractor from relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when growth equity markets rose, as measured by the Fund’s benchmark, holding cash hurt the Fund’s performance when compared to the benchmark, which has no cash position.

An underweight position and stock selection in both the consumer staples and industrial goods & services sectors contributed to performance. Within the consumer staples sector, not holding beverage manufactures PepsiCo and Coca-Cola aided relative returns as both stocks lagged the benchmark over the reporting period. Within the industrial goods & services sector, not holding defense contractor Lockheed Martin contributed to relative results.

Other top contributors included the Fund’s overweight positions in credit card payment processing solutions services provider Square and digital payment technology developer Paypal. Additionally, the timing of the Fund’s positions in semiconductor company Lam Research and pharmaceutical company Merck & Co. (security was not held in the Fund at reporting period end), holding lithography systems manufacturer ASML (security is not a benchmark constituent) (Netherlands) and cloud-based e-commerce platform operator Shopify (security is not a benchmark constituent)(Canada), as well as not holding biotechnology firm Amgen aided results.

PF Large-Cap Value Fund (sub-advised by ClearBridge Investments, LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Large-Cap Value Fund’s Class P returned 52.63%, compared to a return of 56.09% for its benchmark, the Russell 1000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class P

52.63%

11.33%

10.86%

Russell 1000 Value Index

56.09%

11.74%

10.99%


		See benchmark definitions on A-37 – A-39

A-27

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We, the ClearBridge large-capitalization value team, use an interactive, research-driven approach to identify large-capitalization companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We place an emphasis on near- and medium-term cash flows over those with a longer projected time frames when discounting earnings from emerging business models or products. We consider valuations relative to normalized earnings power. There is no change to our disciplined investment approach that focuses on competitively well-positioned companies with strong business franchises capable of generating superior returns across cycles.

Relative to the benchmark, overall stock selection detracted from performance for the reporting period, while sector allocation contributed positively. The Fund’s stock selection in the energy, health care and industrials sectors detracted the most from relative performance for the reporting period. In terms of allocation, the Fund’s underweight position in the consumer discretionary sector detracted the most from relative performance for the reporting period. The Fund’s cash position was also detrimental. On an individual stock basis, the leading detractors from relative performance included positions in integrated energy company Exxon Mobil in the energy sector; Berkshire Hathaway, a holding company in the financials sector engaged in a set of diverse businesses including insurance, freight rail transportation, utility and energy generation and distribution, among others; HVAC company Carrier Global in the industrials sector; health care services company CVS Health and pharmaceutical company Pfizer in the health care sector.

Stock selection in the information technology (IT) and communication services sectors and underweights to the consumer staples and health care sectors benefited relative performance. On an individual stock basis, the leading relative contributors to Fund performance for the reporting period included our holdings in Deere, in the industrials sector, which makes machinery for agriculture, industry and forestry; TE Connectivity, in the IT sector, which makes connectors for automobiles, data centers and medical devices; Apple in the IT sector, which designs manufactures and markets personal computers, smartphones and a variety of related software, services and devices; Lam Research in the IT sector, a supplier of etch and deposition equipment used in making semiconductors; and pay-TV, broadband and telephone services provider Charter Communications in the communication services sector.

During the reporting period, we established several new positions, the largest among them being online travel company Booking Holdings in the consumer discretionary sector; natural gas liquids company ConocoPhillips in the energy sector; Vertiv, a market leader in the design, manufacturing and servicing of critical digital infrastructure including cooling and power systems for data center, telecom and commercial customers, in the industrials sector; consumer-credit-focused diversified financial services company Capital One in the financials sector; and IT networking company Cisco Systems in the IT sector. Positions we exited during the reporting period included pharmaceutical distributor AmerisourceBergen; CVS Health; Pfizer; pharmaceutical company Novartis in the health care sector; and beverage conglomerate Keurig Dr Pepper in the consumer staples sector.

PF Small-Cap Growth Fund (formerly named PF Developing Growth Fund) (sub-advised by MFS Investment Management)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Small-Cap Growth Fund’s Class P returned 89.21%, compared to a return of 90.20% for its benchmark, the Russell 2000 Growth Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

89.21%

25.05%

12.98%

Russell 2000 Growth Index

90.20%

18.61%

13.02%

⁽¹⁾

The Fund changed its name from PF Developing Growth Fund and MFS began managing the Fund on May 1, 2020, and some investment policies changed at that time. Other firms managed the Fund before that date.


		See benchmark definitions on A-37 – A-39

A-28

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P underperformed the benchmark.

MFS

MFS assumed management of the Fund on May 1, 2020. During the approximate eleven-month period from May 1, 2020 through March 31, 2021 when MFS managed the Fund, the Fund’s Class P underperformed the benchmark. We at MFS focus on investing the Fund’s assets in the stocks of small-capitalization companies it believes to have above average earnings growth potential compared to other companies (growth companies). We use an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability.

Stock selection and, to a lesser extent, an underweight position in the consumer discretionary sector detracted from performance relative to the benchmark. However, there were no individual stocks within this sector, either in the Fund or in the benchmark, that were among the Fund’s largest relative detractors during the period we managed the Fund.

Security selection in the industrials, real estate and financials sectors also detracted from relative returns. Within the industrials sector, holdings of government intelligence and nationality security information solutions and services provider CACI International (security is not a benchmark constituent) and not owning shares of alternative energy technology company Plug Power detracted from relative results. Within the real estate sector, an overweight position in data center infrastructure solutions provider QTS Realty Trust and holdings of data center infrastructure solutions provider CoreSite Realty (security is not a benchmark constituent) weakened relative performance. There were no individual stocks within the financials sector, either in the Fund or in the benchmark, that were among the Fund’s largest relative detractors during the period we managed the Fund.

Stocks in other sectors that weighed on relative results included overweight positions in event management and enterprise safety software developer Everbridge, intelligent identity solutions provider Ping Identity and cloud content management and file sharing service provider Box (security was not held in the Fund at reporting period end). Additionally, holdings of clinical-stage biotechnology company Bluebird Bio (security is not a benchmark constituent and was not held in the Fund at reporting period end)⁽ and football club Manchester United (security is not a benchmark constituent) (United Kingdom) further detracted from relative results.

The Fund’s cash and/or cash equivalents position during the period we managed the Fund was also a detractor from relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when small-capitalization growth equity markets rose, as measured by the Fund’s benchmark, holding cash held back the Fund’s performance when compared to the benchmark, which has no cash position.

Stock selection in the health care sector contributed to relative performance. Within this sector, the timing of the Fund’s ownership in shares of consumer digital health company Livongo Health (security was not held in the Fund at reporting period end), biopharmaceutical company Immunomedics (security was not held in the Fund at reporting period end, proprietary semiconductor-based synthetic DNA manufacturing process developer Twist Bioscience (security was not held in the Fund at reporting period end) and diagnostic solutions provider for detection of cardiac arrhythmias iRhythm Technologies (security was not held in the Fund at reporting period end) boosted relative returns.

An underweight allocation to the utilities sector also contributed to relative results. However, there were no individual stocks within this sector, either in the Fund or in the benchmark, that were among the Fund’s largest relative contributors during the period we managed the Fund.

The timing of the Fund’s ownership in shares of power generation equipment manufacturer Generac and personal computers hardware components manufacturer Corsair Gaming (security was not held in the Fund at reporting period end) helped relative returns. Additionally, holdings of digital sports entertainment and gaming company Draftkings (security is not a benchmark constituent and was not held in the Fund at reporting period end), global payments solutions provider Nuvei (security is not a benchmark constituent) and digital operations management platform operator PagerDuty (security is not a benchmark constituent), and an overweight position in enterprise communication solutions provider 8X8, further bolstered relative performance.

Lord Abbett

During the reporting period, Lord Abbett managed the Fund from April 1, 2020 through April 30, 2020. During that approximate one-month period, the Fund’s Class P outperformed the benchmark. The Fund seeks capital appreciation by investing in small-capitalization growth companies that we at Lord Abbett believe have above-average long-term growth potential and that are strongly positioned in the “developing growth” phase, which we define as the period of swift development after a company’s start-up phase when growth occurs at a rate generally not equaled by established companies in their mature years. These types of companies include companies that we believe can transform markets through innovative products and services.

The leading contributor to the Fund’s absolute and relative performance during the period we managed the Fund was security selection and an underweight within the industrials sector also contributed to the Fund’s performance during the period we managed the Fund. Specifically, the Fund’s holding of XPO Logistics, Inc., a provider of supply chain solutions, contributed. Shares of XPO Logistics were resilient given the dramatic impact COVID-19 had on global markets as the company boasted a strong balance sheet, positive free cash flow and reduced expenses. Another contributor was the Fund’s position in Evoqua Water Technologies Corp., a provider of water treatment solutions. Despite the disruption brought upon by the spread of COVID-19, the company’s management expects to see continued growth in multiple markets.

Security selection within the information technology sector. Within this sector, the Fund’s holdings of Inphi Corp., a provider of analog and mixed signal semiconductor solutions, contributed. Inphi’s acquisition of engineering talent, leading edge silicon expertise, and a next-generation bandwidth roadmap has helped the company execute well, despite facing much larger competitors. Additionally, the significant increase in work-from-home employees, online shopping, and e-learning has increased demand for connectivity within datacenters. The Fund’s


		See benchmark definitions on A-37 – A-39

A-29

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

holdings of Five9, Inc., a provider of cloud software for call and contact centers, contributed. Shares of Five9 benefited from the firm’s ability to capitalize on its vast and growing addressable market and increased demand due to customers’ work-from-home needs.

Security selection within the consumer discretionary sector contributed during the period we managed the Fund. Wingstop, Inc., a franchisor and operator of restaurants, contributed as it reported strong same store sales during the period we managed the Fund. The company benefited from increased brand awareness as it executed well on several marketing initiatives.

The leading detractor from the Fund’s performance relative to the benchmark during the period we managed the Fund was security selection within the financials sector. The Fund’s position in eHealth, Inc., an online health insurance agency, detracted from relative performance during the period we managed the Fund. Despite reporting strong fourth quarter 2019 results, investors’ concerns came to fruition as the company reported higher member turnover and management reduced its cash flow guidance. The Fund’s position in Western Alliance Bankcorp, a regional bank, also detracted from performance as banks went out of favor due to declining interest rates.

The Fund’s underweight within the energy sector also detracted from the Fund’s performance relative to the benchmark during the period we managed the Fund.

PF Small-Cap Value Fund (sub-advised by AllianceBernstein L.P.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Small-Cap Value Fund’s Class P returned 110.27%, compared to a return of 97.05% for its benchmark, the Russell 2000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

110.27%

12.71%

10.71%

Russell 2000 Value Index

97.05%

13.56%

10.06%

⁽¹⁾

AllianceBernstein L.P. began managing the Fund on May 1, 2014 and some investment policies changed at that time. Another firm managed the Fund before that date.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at AllianceBernstein maintain the Fund’s investment goal by seeking long-term growth of capital. The Fund seeks undervalued small-capitalization stocks with attractive long-term earnings prospects. We believe that small-capitalization stocks offer greater opportunity for fundamental stock selection since they are covered by fewer industry analysts. The Fund invests primarily in equity securities of small-capitalization U.S. companies.

During the reporting period, overall sector allocation contributed to the Fund’s performance. An overweight relative to the benchmark to the consumer discretionary sector and an underweight to the utilities sector contributed, while an overweight to the technology sector detracted from performance.

Overall security selection contributed to the Fund’s performance, owing mainly to the Fund’s industrials, financials and communication-services sector holdings. Stock selection in consumer discretionary sector detracted from performance during the reporting period.

Criteo, an internet marketing company, contributed to the Fund’s performance as fourth quarter of 2020 earnings beat consensus with strong same-client sales growth and a robust increase in total clients served. The company also provided 2021 revenue and earnings guidance that exceeded consensus expectations. Shares of REV Group also contributed after the ambulance, fire truck and specialty vehicle manufacturer reported stronger-than-expected fiscal first quarter of 2021 earnings. The upside was driven by a recent acquisition, stronger pricing in the fire business and better mix in the ambulance business. The company also gave fiscal 2021 guidance that was better than expected.

The Fund does not hold any shares in GameStop, and this lack of exposure was a detractor during the reporting period. Shares of GameStop, a video game, consumer electronics and gaming merchandise retailer, and those of several other highly volatile lower-quality names, rose sharply, benefiting from abnormal retail trading activity. We continue to believe the valuations of these names are not supported by


		See benchmark definitions on A-37 – A-39

A-30

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

their fundamentals so we do not hold positions in them. Shares of Dril-Quip also detracted from performance as the offshore oil equipment company lagged other energy names. The company reported fourth quarter of 2020 earnings that missed expectations as customer demand recovered more slowly than expected.

PF Emerging Markets Fund (sub-advised by Invesco Advisers, Inc.)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Emerging Markets Fund’s Class P returned 56.13%, compared to a return of 58.39% for its benchmark, the MSCI Emerging Markets Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class P

56.13%

13.33%

5.56%

MSCI Emerging Markets Index

58.39%

12.07%

3.65%

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We, the Invesco Emerging Markets Equity team, are long-term investors in what we view as extraordinary companies that have massive competitive advantages and real options that manifest themselves over many years. We have exposure to sectors and industries that should benefit from the growth of emerging markets, where we see dynamic change and real value being extracted, including e-commerce, cloud computing, internet services, health care, travel, and education.

From a sector perspective, relative performance was negatively impacted by stock selection in the Consumer Discretionary, Industrials, and Consumer Staples sectors. Stock selection in the Communication Services and Energy sectors were the largest contributors to relative performance. Stock selection and an overweight allocation relative to the benchmark in the Health Care sector also contributed to performance.

From a country perspective, an underweight allocation to South Korea was the largest detractor to relative performance. Performance was also negatively impacted by overweight allocations to France and Hong Kong. The Fund’s average cash position was also a drag given the strong market performance for the reporting period. Stock selection in Chinese, Russian and Taiwanese companies also contributed to performance.

The largest detractors during the reporting period were Atacadao, Kuaishou Technology, and Akbank.

Atacadao is a Brazilian retailer that distributes consumer products. We decided to exit our position as Atacadao’s long term growth drivers, such as expansion into lower tier cities, has been greatly compromised by the current economic landscape in Brazil.

Kuaishou Technology is a short-form video platform, based out of Beijing, that utilizes innovative algorithms that expose users to a wider scope of content. These efforts are also driven by artificial intelligence technologies, and thus far have led to increased monthly average users (MAU). The company had an initial public offering (IPO) on Hong Kong exchanges in February 2021, with strong backing by Tencent’s stake in the company. Kuaishou differentiates its platform through diverse mobile app options, including a commission-based e-commerce component, that fosters user engagement while generating high gross margins. Kuaishou should be able to further monetize user interactions through the expansion of ad sales and further scalability.

Akbank is among the largest banks in Turkey. The Turkish banking sector was roiled by a sudden and dramatic change in policy direction when the Governor of the Turkish Central Bank was removed from his position. This presidential decree sent the Turkish equity market tumbling as investors began to speculate about future monetary policy. While we do not speculate on political events or short-term macro changes we continue to believe that Akbank is a high quality, well capitalized bank and we will continue to monitor this situation closely.

Top performing stocks for the Fund this reporting period included Taiwan Semiconductor Manufacturing Co. (TSMC), Tencent, and Novatek.


		See benchmark definitions on A-37 – A-39

A-31

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Taiwan Semiconductor Manufacturing Co. (TSMC) is the world’s preeminent semiconductor foundry. For the past 30 years, TSMC has made inhouse design and innovation a priority while placing a large emphasis on client service and trust, allowing them to capture a large majority of the overall market share. COVID-19 imposed a tremendous amount of uncertainty in the marketplace, spurring key customers to accumulate large inventories of chips in an effort to hedge against the unknown. As this phenomenon was unfolding so was a new trend- the stay-at-home era, which spurred consumer spending on modern household appliances and comforts that relied on customized smart chips. Chip demand should continue to increase as new product launches in the CPU (central processing units) segment are launched, and the consumer becomes further entrenched in the IoT (internet of things) lifestyle, all supporting TSMC’s future trajectory.

Tencent is a Chinese internet company with roots spread throughout China’s technology infrastructure. Tencent has sustainable sales in several established titles and has developed a robust gaming pipeline with success in MMORPG (massive multiplayer online role-playing game) titles. Outside of games, Tencent’s long-term structural growth profile should benefit from enterprises migrating to integrated online platforms and other digitalization initiatives. Tencent’s robust suite of offerings- WeChat, WeChat Work, Tencent Meeting, payment solutions, advertising tools and cloud, among others, will allow them to capitalize on this trend that COVID-19 has propelled. WeChat mini-programs, or sub-applications housed within the application, have seen tremendous success in GMV (gross merchandise value) sales over the reporting period adding to Tencent’s ability to capitalize on diversified revenue streams.

Novatek is a Russian energy company that has always stood at the forefront of technological and business innovation, finding creative ways to add value to its constantly expanding natural gas and condensate resource base. Novatek has evolved from a local independent gas player to a global liquified natural gas (LNG) major. Despite energy demand and prices deteriorating last year, and a derating of the Russian Oil and Gas sector, natural gas prices proved resilient and so did Novatek. Novatek’s anticipated production growth over the next decade, including LNG production from the Arctic LNG 2 project with full utilization projected by 2026 and development of Obskiy LNG project by 2025, should serve to offset production declines at legacy fields. Novatek’s long-term structural growth profile will continue to be supported by the global transition to cleaner energy sources.

PF International Large-Cap Fund (sub-advised by MFS Investment Management)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF International Large-Cap Fund’s Class P returned 40.85%, compared to a return of 44.57% for its benchmark, the MSCI EAFE Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021

1 Year

5 Years

10 Years

Fund’s Class P

40.85%

10.85%

6.86%

MSCI EAFE Index

44.57%

8.85%

5.52%



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We at MFS use a bottom-up investment style, which involves the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. In managing the Fund, we invest primarily in the securities of foreign issuers with large market capitalizations.

An overweight allocation to the consumer, non-cyclical sector detracted from performance relative to the benchmark. Notably, the Fund’s overweight positions in pharmaceutical and diagnostic company Roche Holding (Switzerland), cosmetic products manufacturer Beiersdorf (Germany), medical products and equipment manufacturer Terumo (Japan), global food company Nestle (Switzerland) and food processing company Danone (France) detracted from relative returns as these stocks underperformed the benchmark over the reporting period.


		See benchmark definitions on A-37 – A-39

A-32

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Security selection in both the basic materials and industrial sectors also weakened relative results. Although stock selection in the basic materials sector negatively impacted relative returns, there were no individual securities within this sector that were among the Fund’s top relative detractors during the reporting period. Within the industrial sector, not holding shares of strong-performing lithography systems manufacturer ASML (Netherlands) and the Fund’s overweight position in shares of electronic equipment manufacturer Kyocera (Japan) both hindered relative performance.

Other top relative detractors during the reporting period included the Fund’s overweight positions in enterprise applications company SAP (Germany) and security software provider Check Point Software Technologies (Israel), and not holding shares of management and investment firm Softbank Group (Japan).

During the reporting period, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another detractor to relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

An overweight position in the technology sector was a primary factor that benefited relative performance over the reporting period. Holding shares of both semiconductor manufacturer Taiwan Semiconductor Manufacturing (security is not a benchmark constituent) (Taiwan) and information technology services firm Tata Consultancy Services (security is not a benchmark constituent)(India), as well as the Fund’s overweight position in consulting services provider Capgemini (France), contributed to relative returns.

Underweight positions in both the utilities and energy sectors further supported relative returns as both sectors underperformed the benchmark over the reporting period. However, there were no individual stocks, within either sector, that were among the Fund’s top relative contributors during the reporting period.

The Fund’s overweight positions in electrical distribution equipment manufacturer Schneider Electric (France), financial services firm ING Groep (Netherlands), machinery and industrial products manufacturer Kubota (Japan) and human resources and employment services provider Randstad (Netherlands) aided relative performance. Additionally, holding shares of low-fare airline Ryanair (security is not a benchmark constituent)(Ireland), and not holding shares of both banking and financial services company HSBC (United Kingdom) and pharmaceutical firm GlaxoSmithKline (United Kingdom), further supported relative results.

PF International Small-Cap Fund (sub-advised by QS Investors, LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF International Small-Cap Fund’s Class P returned 69.98%, compared to a return of 66.92% for its benchmark, the S&P Developed Ex-U.S. SmallCap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception through March 31, 2021. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

Since
Inception
(1/14/15)

Fund’s Class P

69.98%

9.23%

8.57%

S&P Developed Ex-US SmallCap Index

66.92%

10.60%

9.88%

⁽¹⁾

Effective April 1, 2016, QS Investors, LLC (“QS Investors”) began managing the Fund. QS Batterymarch Financial Management, Inc., which was named Batterymarch Financial Management, Inc. prior to June 30, 2014 and which came under common management with QS Investors as of May 31, 2014, managed the Fund prior to that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.


		See benchmark definitions on A-37 – A-39

A-33

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at QS Investors seek to manage a well-diversified, style neutral portfolio with modest region and sector allocations versus the benchmark through bottom up stock selection based on fundamentals and implemented with quantitative tools, risk controls and cost-efficient trading. Our focus is in securities of companies with small market capitalizations that are located in developed foreign countries. We continue to invest the Fund in excess of 200 companies and generally expects to invest in about the same number of non-U.S. countries as the benchmark (which is comprised of developed countries outside the U.S).

For the reporting period, stock selection contributed to return relative to the benchmark, especially in continental Europe and developed Asia ex Japan. The most significant contributors in continental Europe were in the information technology, consumer discretionary and industrials sectors. Stock selection was also strong in U.K. utilities, but detracted in the U.K. overall, most notably in the U.K. consumer discretionary sector. Stock selection also detracted in Japan, especially in the consumer discretionary and information technology sectors.

Region and sector allocation decisions contributed to relative return overall. The underweights to Japanese banks, consumer staples and real estate were strong contributors, and offset the negative impact of an overweight to the Japanese consumer discretionary sector. An underweight to continental Europe also contributed.

At the security level, the largest contributor for the reporting period was Evolution Gaming Group AB, an online casino solutions provider based in Sweden which enjoyed strong returns due to rapid earnings growth from the expansion of its online casino platform in new countries. Evolution significantly grew both revenue and earnings before interest, taxes, depreciation, and amortization .Another strong contributor not in the benchmark was South Korea’s Kumho Petrochemical Co., Ltd. (chemicals)The company saw a large increase in profits as synthetic resin sales rose, and it is reinvesting profits to further grow its business. Canadian Solar, which manufactures solar PV modules and runs large scale solar projects, was another strong contributor over the reporting period.

The leading detractor from relative return for the period at the security level was Kaken Pharmaceutical Co. (pharmaceuticals), Ltd which was impacted by COVID-19 related declines in medical clinic and hospital visits and the resulting declines in drug sales to treat spinal injuries and infections. Endeavour Mining Corporation, a multi-national mining company that owns and operates the gold mines in Côte d’Ivoire and Burkina Faso, was also a leading detractor. The company reported disappointing third quarter earnings in November of 2020 and was hurt by falling gold prices. Okinawa Electric Power Co., Inc. was also detractor with a return in the portfolio of -17.25% over the reporting period; the Okinawa economy is fairly reliant on tourism which was hurt by continued lockdowns.

PF International Value Fund (sub-advised by Wellington Management Company LLP)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF International Value Fund’s Class P returned 60.38%, compared to a return of 44.57% for its benchmark, the MSCI EAFE Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

60.38%

6.48%

3.28%

MSCI EAFE Index

44.57%

8.85%

5.52%

⁽¹⁾

Wellington Management Company LLP began managing the Fund on May 1, 2017 and some investment policies changed at that time. Other firms managed the Fund before that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.


		See benchmark definitions on A-37 – A-39

A-34

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund invests primarily in a diversified portfolio of equity securities of large non-U.S. companies that we at Wellington believe to be undervalued. We use a “contrarian value” approach to selecting securities, applying fundamental analysis to identify securities that we believe are undervalued by the market.

Strong security selection within the industrials, financials, and materials sectors drove relative outperformance but was partially offset by weaker selection in the information technology sector. Sector allocation, which is a residual of our fundamental stock selection process, also contributed to relative performance. The Fund’s underweight positions relative to the benchmark in health care and consumer staples and an overweight position in financials contributed most to relative performance, but was partially offset by an overweight allocation to the energy sector.

On a country-by-country basis, strong security selection in issuers based in France, Switzerland, and Germany contributed most to relative performance.

Top contributors to benchmark-relative returns included Cie de Saint-Gobain (industrials) and Daimler AG (consumer discretionary). Shares of French construction material maker Saint-Gobain rose over the reporting period, benefiting from the adoption of a Green Deal environmental standard by the European Union that is expected to spur building upgrades which would benefit the company. Daimler is a Germany-based automobile manufacturer. Shares traded higher throughout the reporting period after the company announced a strategic partnership with Luminar to enable automated trucks. We continued to hold positions in both companies as of the end of the reporting period.

Among the top detractors from relative performance were China Mobile Ltd (communication services – China) and not holding ASML Holding NV (information technology). China Mobile is a Chinese telecommunication company. Shares fell during the reporting period, suffering a reduction in the wireless user base as China’s COVID-19 shutdown weighed on subscribers. We eliminated our position before the end of the reporting period. Shares of ASML, a Netherlands-based semiconductor manufacturer, rose during the reporting period. Not holding a position detracted from relative performance.

PF Multi-Asset Fund (managed by Pacific Life Fund Advisors LLC (portion sub-advised by Pacific Asset Management LLC))

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Multi-Asset Fund’s Class P returned 64.91%, compared to a return of 54.03% for its benchmark, the MSCI World Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾


	1 Year		Since Inception (1/31/18)
*Fund’s Class P*		64.91%		11.50%
MSCI World Index		54.03%		9.86%

⁽¹⁾

Pacific Asset Management LLC began sub-advising a portion of the Fund with Pacific Life Fund Advisors LLC effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management sub-advised a portion of the Fund with Pacific Life Fund Advisors LLC.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund buys and sells total return swap agreements to gain exposure to the large-capitalization and mid-capitalization asset classes of the U.S. and developed non-U.S. equity markets, including growth and value styles, that may be denominated in foreign currencies. We at PLFA actively manage the Fund’s exposures in these asset classes in seeking to contribute to overall returns for the Fund.


		See benchmark definitions on A-37 – A-39

A-35

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

The primary driver of the Fund’s outperformance versus the benchmark during the reporting period was the Fund’s overweight (relative to its benchmark) exposure to the US mid-capitalization equities asset class, as they recovered stronger than their larger counterparts over the reporting period. In addition, the Fund’s fixed income holdings (which are available as collateral for the derivatives holdings) contributed to performance as it returned more than the Fund’s derivatives financing expenses over the reporting period. Holdings in investment grade corporate bonds contributed to performance. In addition to total return swap agreements, the Fund used futures contracts to gain and reduce exposures to certain asset classes during the reporting period. In turn, financing costs related to gaining and reducing exposures detracted from performance.

PF Real Estate Fund (sub-advised by Principal Real Estate Investors, LLC)

Q. How did the Fund perform for the year ended March 31, 2021?

A. For the year ended March 31, 2021, the PF Real Estate Fund’s Class P returned 34.16%, compared to a return of 56.35% for the broad-based S&P 500 Index, and 36.13% return for the sector-specific benchmark the MSCI U.S. REIT Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the ten-year period ended March 31, 2021. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2021⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

34.16%

5.61%

8.02%

S&P 500 Index

56.35%

16.29%

13.91%

MSCI US REIT Index

36.13%

4.02%

7.22%

⁽¹⁾

Principal Real Estate Investors LLC began managing the Fund on May 1, 2018, and some investment policies changed at that time. Another firm managed the Fund before that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed both the broad-based S&P 500 Index and the sector-specific MSCI U.S. REIT Index. We, the real estate securities team at Principal Real Estate Investors, utilize a fundamental style of investing. We rely on skilled portfolio managers and analysts to provide deep forward-looking perspectives and carry out rigorous, fundamental research on all investment opportunities. Security selection focuses on identifying relative stock mispricing amongst groups of comparable stocks. Excess return generation is bottom-up as we believe security selection is the most reliable and repeatable source of consistent outperformance. We construct portfolios to diversify risk and sources of excess return so excess return generation is consistent over the long term. Top-down and quantitative elements are incorporated but represent a minor role in our investment process.

Though the real estate sector rallied over the last few months on vaccine optimism and fiscal support, the sector continues to underperform the domestic equity market (as measured by the broad-based benchmark) during the reporting period. Performance was heavily influenced from the global spread of COVID-19 in 2020, as REITs failed to display their typical defensive characteristics in an environment of government-mandated social distancing, work-from-home trends, and travel restrictions.

Relative to the sector-specific benchmark, the Fund underperformed due to allocation effects during the reporting period. Investors had a positive shift in risk appetite and preference for cyclical stocks over defensive sectors, which was a main reason for the Fund’s relative underperformance. Consequently, our underweights to cyclical retail and senior housing was a significant detractor as these reopening plays were top performers as they have rallied. Our overweight to tower stocks also detracted, as the defensive sector continues to be viewed as funding sources for more cyclical stocks. Positions where we were overweight to COVID-reopening plays and underweight to more defensive stocks were the main contributors during the reporting period. Stock selection in net lease was additive, as we were overweight to STORE Capital, which rebounded on risk-on sentiment. An underweight to defensive data centers also contributed, as these stocks lagged in performance during the period.


		See benchmark definitions on A-37 – A-39

A-36

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Benchmark Definitions

Bloomberg Barclays US 1-3 Year Government/Credit Bond Index measures the performance of a subset of the Bloomberg Barclays US Aggregate Bond Index and includes investment grade U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.

Bloomberg Barclays Short Treasury Total Return Index measures the performance of the US Treasury bills, notes, and bonds under 1 year to maturity. STRIPS are excluded from the index because their inclusion would result in double-counting. Results include the reinvestment of all distributions.

Bloomberg Barclays US Aggregate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, which includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Results include the reinvestment of all distributions.

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the Bloomberg Barclays US Corporate High-Yield Bond Index that covers the U.S. dollar-denominated, high yield, fixed-rate corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a pro-rata basis. Results include the reinvestment of all distributions.

Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index (also known as Bloomberg Barclays US Treasury Inflation-Linked Bond Index) is an index of all outstanding treasury inflation protected securities issued by the U.S. government. Results include the reinvestment of all distributions.

Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenure of at least one year and are made by issuers domiciled in developed countries. Results include the reinvestment of all distributions.

Emerging Markets Debt Composite Benchmark This composite benchmark combines three emerging markets indices as follows: 50% J.P. Morgan EMBI Global Diversified, 25% J.P. Morgan ELMI+ and 25% J.P. Morgan GBI-EM Global Diversified. Results include the reinvestment of all distributions.

ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index (formerly named ICE BofAML U.S. 3-Month Treasury Bill (T-Bill) Index) is an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Results include the reinvestment of all distributions.

J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is a performance benchmark for emerging markets money market instruments and tracks total returns for local-currency denominated money market instruments. The index consists of foreign exchange forward contracts laddered with maturities ranging from one to three months. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns of U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. This diversified index limits the exposure of some of the larger countries. Results include the reinvestment of all distributions.

J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified tracks total returns of emerging markets local currency denominated fixed income instruments. The instruments of the index are regularly traded, fixed-rate local sovereign bonds to which international investors can gain exposure. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of large- and mid-capitalization securities in emerging markets. As of March 31, 2021, the MSCI Emerging Markets Index consists of the following emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI EAFE (Europe, Australasia and Far East) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of March 31, 2021, the MSCI EAFE Index consists of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI U.S. Real Estate Investment Trust (“REIT”) Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents approximately 99% of the U.S. REIT universe and securities that are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS). Results include the reinvestment of all distributions.

MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of March 31, 2021, the MSCI World Index consists of the following developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

A-37

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Portfolio Optimization Composite Benchmarks: The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund’s composite benchmark is shown below. Results include the reinvestment of all distributions. Prior to July 1, 2012, the weighting to each asset category was adjusted annually to reflect the Fund’s target allocations for the year.

Pacific Funds Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg Barclays US Aggregate Bond; 17% S&P 500; 7% ICE BofA U.S. 3-Month Treasury Bill; and 5% MSCI EAFE Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark is 55% Bloomberg Barclays US Aggregate Bond; 30% S&P 500; 10% MSCI EAFE; and 5% ICE BofA U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500; 38% Bloomberg Barclays US Aggregate Bond; 15% MSCI EAFE; and 2% ICE BofA U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Growth Composite Benchmark is 58% S&P 500; 23% Bloomberg Barclays US Aggregate Bond; and 19% MSCI EAFE Indices. Results include the reinvestment of all distributions. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark is 69% S&P 500; 26% MSCI EAFE; and 5% Bloomberg Barclays US Aggregate Bond Indices. Results include the reinvestment of all distributions.

Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by the index provider. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

Russell 1000 Index measures the performance of the large-capitalization segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000 Index represents approximately 92% of the investable U.S. equity market. It is constructed to provide a comprehensive and unbiased barometer for the large-capitalization and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.

Russell 1000 Value Index measures the performance of the large-capitalization segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000 Index represents approximately 92% of the investable U.S. equity market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.

Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher growth earning potential as defined by the index provider. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Results include the reinvestment of all distributions.

Russell 2000 Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set. Results include the reinvestment of all distributions.

Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.

Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Results include the reinvestment of all distributions.

A-38

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include the reinvestment of all distributions.

S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Results include the reinvestment of all distributions.

S&P Developed Ex-U.S. SmallCap Index is an index which is comprised of the stocks representing the lowest 15% of float-adjusted market cap in each developed country, excluding the United States. Results include the reinvestment of all distributions.

A-39

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

March 31, 2021


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		724,484		$8,135,956
Pacific Funds Floating Rate Income ‘P’		256,846		2,499,111
Pacific Funds High Income ‘P’		2,578,885		26,407,784
PF Inflation Managed Fund ‘P’		1,394,197		13,788,608
PF Managed Bond Fund ‘P’		9,112,398		99,416,259
PF Short Duration Bond Fund ‘P’		2,828,414		28,680,120
PF Emerging Markets Debt Fund ‘P’		1,493,232		12,319,162
PF Growth Fund ‘P’		41,647		1,271,912
PF Large-Cap Value Fund ‘P’		451,123		5,553,329
PF Small-Cap Growth Fund ‘P’		113,598		2,463,945
PF Small-Cap Value Fund ‘P’		448,460		4,856,817
PF Emerging Markets Fund ‘P’		412,369		6,136,048
PF International Small-Cap Fund ‘P’		107,284		1,248,783
PF Multi-Asset Fund ‘P’		2,871,630		37,130,175


Total Affiliated Mutual Funds (Cost $221,835,874)				249,908,009


TOTAL INVESTMENTS - 100.1% (Cost $221,835,874)				249,908,009

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(334,144	)


NET ASSETS - 100.0%				$249,573,865

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Fixed Income Funds	76.6%
Affiliated Equity Funds	23.5%

	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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$249,908,009		$249,908,009		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

March 31, 2021


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.3%

Pacific Funds Core Income ‘P’		793,477		$8,910,746
Pacific Funds Floating Rate Income ‘P’		172,499		1,678,420
Pacific Funds High Income ‘P’		2,474,302		25,336,856
PF Inflation Managed Fund ‘P’		851,168		8,418,047
PF Managed Bond Fund ‘P’		9,961,190		108,676,585
PF Short Duration Bond Fund ‘P’		2,312,715		23,450,928
PF Emerging Markets Debt Fund ‘P’		1,604,845		13,239,973
PF Growth Fund ‘P’		324,502		9,910,306
PF Large-Cap Value Fund ‘P’		1,418,844		17,465,964
PF Small-Cap Growth Fund ‘P’		229,034		4,967,737
PF Small-Cap Value Fund ‘P’		753,787		8,163,518
PF Emerging Markets Fund ‘P’		886,826		13,195,967
PF International Large-Cap Fund ‘P’		302,717		3,490,322
PF International Small-Cap Fund ‘P’		288,306		3,355,877
PF International Value Fund ‘P’		224,970		1,811,011
PF Multi-Asset Fund ‘P’		6,348,273		82,083,174
PF Real Estate Fund ‘P’		125,665		1,709,047


Total Affiliated Mutual Funds (Cost $287,245,809)				335,864,478


TOTAL INVESTMENTS - 100.3% (Cost $287,245,809)				335,864,478

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(915,997	)


NET ASSETS - 100.0%				$334,948,481

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Fixed Income Funds	56.7%
Affiliated Equity Funds	43.6%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$335,864,478		$335,864,478		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

March 31, 2021


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		1,775,928		$19,943,673
Pacific Funds Floating Rate Income ‘P’		552,996		5,380,649
Pacific Funds High Income ‘P’		5,288,444		54,153,669
PF Inflation Managed Fund ‘P’		1,091,542		10,795,352
PF Managed Bond Fund ‘P’		22,359,902		243,946,530
PF Short Duration Bond Fund ‘P’		3,177,680		32,221,674
PF Emerging Markets Debt Fund ‘P’		2,572,536		21,223,422
PF Growth Fund ‘P’		1,829,592		55,875,727
PF Large-Cap Value Fund ‘P’		4,902,185		60,345,894
PF Small-Cap Growth Fund ‘P’		979,020		21,234,933
PF Small-Cap Value Fund ‘P’		3,383,243		36,640,527
PF Emerging Markets Fund ‘P’		3,198,519		47,593,965
PF International Large-Cap Fund ‘P’		1,062,940		12,255,700
PF International Small-Cap Fund ‘P’		924,309		10,758,960
PF International Value Fund ‘P’		786,820		6,333,898
PF Multi-Asset Fund ‘P’		33,517,013		433,374,976
PF Real Estate Fund ‘P’		402,891		5,479,322


Total Affiliated Mutual Funds (Cost $851,409,153)				1,077,558,871


TOTAL INVESTMENTS - 100.1% (Cost $851,409,153)				1,077,558,871

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,096,689	)


NET ASSETS - 100.0%				$1,076,462,182

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	64.1%
Affiliated Fixed Income Funds	36.0%

	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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,077,558,871		$1,077,558,871		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

March 31, 2021


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		784,562		$8,810,631
Pacific Funds High Income ‘P’		3,457,746		35,407,320
PF Managed Bond Fund ‘P’		9,681,804		105,628,480
PF Short Duration Bond Fund ‘P’		1,298,533		13,167,120
PF Emerging Markets Debt Fund ‘P’		1,576,850		13,009,011
PF Growth Fund ‘P’		2,521,497		77,006,525
PF Large-Cap Value Fund ‘P’		5,775,222		71,092,979
PF Small-Cap Growth Fund ‘P’		1,000,149		21,693,223
PF Small-Cap Value Fund ‘P’		3,950,064		42,779,195
PF Emerging Markets Fund ‘P’		3,485,399		51,862,738
PF International Large-Cap Fund ‘P’		1,926,299		22,210,232
PF International Small-Cap Fund ‘P’		1,133,142		13,189,776
PF International Value Fund ‘P’		2,732,974		22,000,443
PF Multi-Asset Fund ‘P’		28,554,362		369,207,902
PF Real Estate Fund ‘P’		987,856		13,434,845


Total Affiliated Mutual Funds (Cost $677,031,704)				880,500,420


TOTAL INVESTMENTS - 100.1% (Cost $677,031,704)				880,500,420

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(668,385	)


NET ASSETS - 100.0%				$879,832,035

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	80.1%
Affiliated Fixed Income Funds	20.0%

	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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$880,500,420		$880,500,420		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

March 31, 2021


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%

Pacific Funds Core Income ‘P’		29,855		$335,269
Pacific Funds High Income ‘P’		493,411		5,052,527
PF Managed Bond Fund ‘P’		429,823		4,689,371
PF Emerging Markets Debt Fund ‘P’		200,015		1,650,123
PF Growth Fund ‘P’		1,149,162		35,095,404
PF Large-Cap Value Fund ‘P’		1,387,230		17,076,797
PF Small-Cap Growth Fund ‘P’		608,960		13,208,345
PF Small-Cap Value Fund ‘P’		2,254,734		24,418,766
PF Emerging Markets Fund ‘P’		1,547,389		23,025,154
PF International Large-Cap Fund ‘P’		948,610		10,937,470
PF International Small-Cap Fund ‘P’		718,656		8,365,153
PF International Value Fund ‘P’		530,192		4,268,046
PF Multi-Asset Fund ‘P’		14,050,077		181,667,492
PF Real Estate Fund ‘P’		375,895		5,112,178


Total Affiliated Mutual Funds (Cost $245,605,083)				334,902,095


TOTAL INVESTMENTS - 100.2% (Cost $245,605,083)				334,902,095

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(524,378	)


NET ASSETS - 100.0%				$334,377,717

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	96.7%
Affiliated Fixed Income Funds	3.5%

	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

March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$334,902,095		$334,902,095		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-5

PACIFIC FUNDS

PACIFIC FUNDS^{SM ULTRA SHORT INCOME}

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 63.3%

Basic Materials - 1.3%

LYB International Finance III LLC 1.202% (USD LIBOR + 1.000%) due 10/01/23 §		$350,000		$351,060
Nutrition & Biosciences Inc 0.697% due 09/15/22 ~		50,000		50,107

				401,167

Communications - 6.2%

AT&T Inc 0.650% (SOFR + 0.640%) due 03/25/24 §		450,000		450,601
Charter Communications Operating LLC 1.855% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		308,339
Cox Communications Inc 3.250% due 12/15/22 ~		250,000		261,448
eBay Inc 1.082% (USD LIBOR + 0.870%) due 01/30/23 §		300,000		303,294
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		472,312		476,594
Verizon Communications Inc 0.510% (SOFR + 0.500%) due 03/22/24 §		150,000		150,470

				1,950,746

Consumer, Cyclical - 4.7%

7-Eleven Inc 0.625% due 02/10/23 ~		350,000		350,272
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		92,364		89,228
4.625% due 12/20/25 ~		74,304		77,176
DR Horton Inc 4.375% due 09/15/22		250,000		261,175
Harley-Davidson Financial Services Inc 3.550% due 05/21/21 ~		200,000		200,808
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		104,593
Lennar Corp 4.125% due 01/15/22		250,000		254,344
McDonald’s Corp 0.649% (USD LIBOR + 0.430%) due 10/28/21 §		150,000		150,346

				1,487,942

Consumer, Non-Cyclical - 4.0%

AmerisourceBergen Corp 0.737% due 03/15/23		150,000		150,150
Bayer US Finance II LLC (Germany) 1.194% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		253,465
General Mills Inc
0.763% (USD LIBOR + 0.540%) due 04/16/21 §		350,000		350,053
1.233% (USD LIBOR + 1.010%) due 10/17/23 §		350,000		355,238
Keurig Dr Pepper Inc 0.750% due 03/15/24		150,000		150,076

				1,258,982


	Principal Amount		Value
Energy - 2.3%

Energy Transfer Partners LP 5.000% due 10/01/22	$	200,000	$	210,145
Kinder Morgan Inc 1.521% (USD LIBOR + 1.280%) due 01/15/23 §		100,000		101,573
Valero Energy Corp 1.334% (USD LIBOR + 1.150%) due 09/15/23 §		415,000		416,441

				728,159

Financial - 30.2%

Athene Global Funding 1.424% (USD LIBOR + 1.230%) due 07/01/22 ~ §		500,000		505,451
Bank of America Corp
0.851% (USD LIBOR + 0.650%) due 06/25/22 §		250,000		250,303
0.984% (USD LIBOR + 0.790%) due 03/05/24 §		250,000		252,507
Citigroup Inc
1.168% (USD LIBOR + 0.950%) due 07/24/23 §		350,000		352,906
1.292% (USD LIBOR + 1.100%) due 05/17/24 §		200,000		202,944
2.750% due 04/25/22		250,000		255,971
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		200,000		211,838
HSBC Holdings PLC (United Kingdom) 1.189% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		454,805
Intercontinental Exchange Inc 0.834% (USD LIBOR + 0.650%) due 06/15/23 §		200,000		200,281
Jackson National Life Global Funding 0.923% (USD LIBOR + 0.730%) due 06/27/22 ~ §		250,000		251,739
JPMorgan Chase & Co
0.948% (USD LIBOR + 0.730%) due 04/23/24 §		250,000		252,211
1.108% (USD LIBOR + 0.890%) due 07/23/24 §		250,000		253,112
3.250% due 09/23/22		250,000		260,919
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,977
Mitsubishi UFJ Financial Group Inc (Japan)
0.928% (USD LIBOR + 0.740%) due 03/02/23 §		300,000		302,580
1.075% (USD LIBOR + 0.860%) due 07/26/23 §		365,000		369,537
Morgan Stanley
1.413% (USD LIBOR + 1.220%) due 05/08/24 §		200,000		203,187
1.618% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		254,631
Nasdaq Inc 0.445% due 12/21/22		100,000		100,074
New York Life Global Funding 0.628% (USD LIBOR + 0.440%) due 07/12/22 ~ §		400,000		401,711
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		207,829
PNC Bank NA 0.501% (USD LIBOR + 0.325%) due 02/24/23 §		250,000		250,534
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		154,052
Royal Bank of Canada (Canada) 0.935% (USD LIBOR + 0.730%) due 02/01/22 §		400,000		401,944


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Skandinaviska Enskilda Banken AB (Sweden) 0.511% (USD LIBOR + 0.320%) due 09/01/23 ~ §	$	500,000	$	501,234
State Street Corp 2.825% due 03/30/23		250,000		256,170
Sumitomo Mitsui Financial Group Inc (Japan)
0.968% (USD LIBOR + 0.780%) due 07/12/22 §		450,000		453,499
1.083% (USD LIBOR + 0.860%) due 07/19/23 §		132,000		133,651
The Goldman Sachs Group Inc
0.556% (SOFR + 0.540%) due 11/17/23 §		500,000		499,921
0.925% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		251,783
1.325% (USD LIBOR + 1.110%) due 04/26/22 §		250,000		250,144
UBS AG (Switzerland) 0.378% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		499,640
Wells Fargo & Co 3.450% due 02/13/23		100,000		105,378

				9,504,463

Industrial - 6.1%

Graphic Packaging International LLC 0.821% due 04/15/24 ~		200,000		199,573
Honeywell International Inc 0.411% (USD LIBOR + 0.230%) due 08/19/22 §		750,000		750,619
Otis Worldwide Corp
0.644% (USD LIBOR + 0.450%) due 04/05/23 §		200,000		200,011
Penske Truck Leasing Co LP
3.650% due 07/29/21 ~		155,000		156,192
4.875% due 07/11/22 ~		100,000		105,461
Siemens Financieringsmaatschappij NV (Germany) 0.440% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		501,717

				1,913,573

Technology - 1.3%

Fidelity National Information Services Inc 0.600% due 03/01/24		200,000		198,927
Roper Technologies Inc 0.450% due 08/15/22		200,000		199,957

				398,884

Utilities - 7.2%

CenterPoint Energy Resources Corp 0.684% (USD LIBOR + 0.500%) due 03/02/23 §		300,000		300,104
DTE Energy Co 2.250% due 11/01/22		500,000		512,962
Florida Power & Light Co 0.599% (USD LIBOR + 0.380%) due 07/28/23 §		450,000		450,011
NextEra Energy Capital Holdings Inc 0.452% (USD LIBOR + 0.270%) due 02/22/23 §		500,000		500,106
Pacific Gas and Electric Co 1.750% due 06/16/22		300,000		300,467
Southern California Edison Co 0.840% (SOFR + 0.830%) due 04/01/24 §		200,000		200,372

				2,264,022

Total Corporate Bonds & Notes (Cost $19,845,099)				19,907,938


	Principal Amount		Value

SENIOR LOAN NOTES - 8.5%

Basic Materials - 0.8%

Asplundh Tree Expert LLC Term B 1.859% (USD LIBOR + 1.750%) due 09/04/27 §	$	248,750	$	248,417


Communications - 1.6%

Charter Communications Operating LLC Term B-2 1.870% (USD LIBOR + 1.750%) due 02/01/27 §		496,222		494,267


Consumer, Cyclical - 0.8%

SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		244,898		241,327


Consumer, Non-Cyclical - 3.1%

HCA Inc Term B-13 1.859% (USD LIBOR + 1.750%) due 03/18/26 §		496,222		496,803
United Rentals North America Inc Term B 1.859% (USD LIBOR + 1.750%) due 10/31/25 §		496,183		498,354

				995,157

Financial - 0.4%

Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		138,356


Industrial - 0.7%

GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		125,934		126,137
Pactiv Evergreen Group Holdings Inc Term B 2.859% (USD LIBOR + 2.750%) due 02/05/23 §		93,447		93,293

				219,430

Technology - 1.1%

Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		335,043		335,163


Total Senior Loan Notes (Cost $2,664,526)				2,672,117


ASSET-BACKED SECURITIES - 24.0%

AIMCO CLO (Cayman) 1.091% (USD LIBOR + 0.850%) due 01/15/28 ~ §		358,823		359,707
Aimco CLO 11 Ltd (Cayman) 1.605% (USD LIBOR + 1.380%) due 10/15/31 ~ §		300,000		300,825
AmeriCredit Automobile Receivables Trust
1.100% due 03/20/23		210,920		211,330
1.480% due 01/21/25		250,000		254,233
3.260% due 01/18/24		155,000		156,625
Benefit Street Partners CLO VI Ltd (Cayman) 1.463% (USD LIBOR + 1.240%) due 10/18/29 ~ §		250,000		250,371
Dryden 43 Senior Loan Fund (Cayman) 1.364% (USD LIBOR + 1.140%) due 07/20/29 ~ §		250,000		250,023


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Ford Credit Auto Owner Trust
0.500% due 02/15/23	$	161,211	$	161,374
1.030% due 10/15/22		45,070		45,163
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		75,836		78,942
Magnetite VIII Ltd (Cayman) 1.221% (USD LIBOR + 0.980%) due 04/15/31 ~ §		215,000		215,273
Navient Private Education Refi Loan Trust
0.456% (USD LIBOR + 0.350%) due 11/15/68 ~ §		29,286		29,291
0.840% due 05/15/69 ~		193,477		193,042
1.220% due 07/15/69 ~		318,181		319,750
1.310% due 01/15/69 ~		214,051		215,611
1.690% due 05/15/69 ~		161,701		164,485
1.800% due 01/15/69 ~		35,488		35,524
Navient Student Loan Trust
0.489% (USD LIBOR + 0.380%) due 03/25/67 ~ §		119,108		119,080
0.762% (USD LIBOR + 0.600%) due 12/26/69 ~ §		150,000		150,755
1.320% due 08/26/69 ~		145,178		142,170
Palmer Square CLO Ltd (Cayman) 1.323% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,202
Palmer Square Loan Funding Ltd (Cayman)
0.982% (USD LIBOR + 0.800%) due 02/20/28 ~ §		196,145		196,182
0.982% (USD LIBOR + 0.800%) due 05/20/29 ~ §		300,000		300,000
1.032% (USD LIBOR + 0.850%) due 08/20/27 ~ §		183,253		183,295
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		250,000		250,367
1.118% (USD LIBOR + 0.900%) due 10/24/27 ~ §		174,991		175,078
1.274% (USD LIBOR + 1.050%) due 04/20/27 ~ §		166,471		166,679
Santander Drive Auto Receivables Trust
0.290% due 11/15/23		100,000		100,019
2.790% due 01/16/24		81,221		81,662
3.510% due 08/15/23		72,000		72,378
SLM Student Loan Trust 0.308% (USD LIBOR + 0.090%) due 01/26/26 §		38,240		38,234
SMB Private Education Loan Trust
0.409% (USD LIBOR + 0.300%) due 09/15/54 ~ §		189,551		189,577
0.606% (USD LIBOR + 0.500%) due 01/15/53 ~ §		142,424		142,807
2.340% due 09/15/34 ~		290,510		298,354
2.430% due 02/17/32 ~		90,073		92,281
2.490% due 06/15/27 ~		301,003		304,222
2.700% due 05/15/31 ~		201,470		207,524
3.050% due 05/15/26 ~		190,397		191,368


	Principal Amount		Value
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~	$	69,508	$	70,129
Sofi Professional Loan Program LLC 2.130% due 11/16/48 ~		16,823		16,890
Sofi Professional Loan Program Trust 2.060% due 05/15/46 ~		52,968		53,278
Voya CLO Ltd (Cayman)
1.123% (USD LIBOR + 0.900%) due 01/18/29 ~ §		250,000		250,000
1.371% (USD LIBOR + 1.130%) due 10/15/30 ~ §		250,000		250,388


Total Asset-Backed Securities (Cost $7,509,017)				7,534,488


	Shares
SHORT-TERM INVESTMENT - 4.4%

Money Market Fund - 4.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,387,040		1,387,040


Total Short-Term Investment (Cost $1,387,040)				1,387,040


TOTAL INVESTMENTS - 100.2% (Cost $31,405,682)				31,501,583

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(59,998	)


NET ASSETS - 100.0%				$31,441,585

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	63.3%
Asset-Backed Securities	24.0%
Senior Loan Notes	8.5%
Short-Term Investment	4.4%

	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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$19,907,938		$—		$19,907,938		$—
	Senior Loan Notes		2,672,117		—		2,672,117		—
	Asset-Backed Securities		7,534,488		—		7,534,488		—
	Short-Term Investment		1,387,040		1,387,040		—		—

	Total		$31,501,583		$1,387,040		$30,114,543		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-8

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 56.8%

Basic Materials - 2.3%

Anglo American Capital PLC (South Africa) 5.375% due 04/01/25 ~		$3,000,000		$3,420,928
DuPont de Nemours Inc 1.304% (USD LIBOR + 1.110%) due 11/15/23 §		6,965,000		7,107,312
Georgia-Pacific LLC 1.750% due 09/30/25 ~		5,500,000		5,599,392
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		3,000,000		3,098,056
4.125% due 03/12/24 ~		2,500,000		2,709,348
LYB International Finance III LLC 1.202% (USD LIBOR + 1.000%) due 10/01/23 §		2,800,000		2,808,477
Nutrition & Biosciences Inc 1.230% due 10/01/25 ~		3,000,000		2,950,438

				27,693,951

Communications - 3.6%

AT&T Inc 0.900% due 03/25/24		2,000,000		2,004,559
Charter Communications Operating LLC
4.464% due 07/23/22		1,600,000		1,669,099
4.500% due 02/01/24		5,000,000		5,471,548
eBay Inc 1.900% due 03/11/25		2,500,000		2,567,221
Expedia Group Inc 3.600% due 12/15/23 ~		7,000,000		7,454,207
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		1,500,000		1,495,054
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		3,551,250		3,583,442
4.738% due 09/20/29 ~		10,625,000		11,409,391
Tencent Holdings Ltd (China) 1.810% due 01/26/26 ~		3,500,000		3,516,381
T-Mobile USA Inc
2.625% due 04/15/26		100,000		102,067
3.500% due 04/15/25 ~		2,000,000		2,159,760
Verizon Communications Inc 0.750% due 03/22/24		1,200,000		1,201,669

				42,634,398

Consumer, Cyclical - 7.7%

7-Eleven Inc
0.625% due 02/10/23 ~		2,650,000		2,652,058
0.800% due 02/10/24 ~		3,650,000		3,639,471
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		3,000,000		3,080,509
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		842,193		778,480
BMW US Capital LLC (Germany) due 04/01/24 # ~		2,000,000		2,001,968
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		3,140,363		3,033,741
4.625% due 12/20/25 ~		2,035,924		2,114,629
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,388,439
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,669,333
Dr. Horton Inc 2.500% due 10/15/24		4,500,000		4,728,757
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,339,500
Ford Motor Credit Co LLC
3.375% due 11/13/25		4,200,000		4,276,650
5.584% due 03/18/24		1,300,000		1,404,832
General Motors Co 5.400% due 10/02/23		2,000,000		2,172,921


	Principal Amount		Value
General Motors Financial Co Inc
1.700% due 08/18/23	$	3,000,000	$	3,057,067
3.550% due 07/08/22		3,000,000		3,108,424
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,800,901
Harley-Davidson Financial Services Inc
3.350% due 06/08/25 ~		2,000,000		2,097,532
3.550% due 05/21/21 ~		300,000		301,212
Hyatt Hotels Corp 3.375% due 07/15/23		6,234,000		6,520,296
International Game Technology PLC 4.125% due 04/15/26 ~		1,500,000		1,545,120
Las Vegas Sands Corp
2.900% due 06/25/25		2,900,000		2,971,180
3.200% due 08/08/24		5,000,000		5,216,349
Lennar Corp
4.125% due 01/15/22		4,750,000		4,832,531
4.500% due 04/30/24		5,000,000		5,448,225
Marriott International Inc
3.600% due 04/15/24		2,000,000		2,128,986
5.750% due 05/01/25		2,200,000		2,525,854
MGM Resorts International 6.000% due 03/15/23		2,800,000		3,003,000
Nordstrom Inc
due 04/08/24 # ~		3,800,000		3,807,072
8.750% due 05/15/25 ~		400,000		453,206
Sands China Ltd (Macau)
3.800% due 01/08/26		1,500,000		1,600,755
4.600% due 08/08/23		1,200,000		1,286,268
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		557,292		551,535
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		580,580		571,636

				90,108,437

Consumer, Non-Cyclical - 3.8%

AbbVie Inc 2.300% due 11/21/22		2,000,000		2,058,488
AmerisourceBergen Corp 0.737% due 03/15/23		2,000,000		2,001,996
Anthem Inc 2.375% due 01/15/25		4,150,000		4,339,567
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		3,650,000		3,615,262
Campbell Soup Co 3.650% due 03/15/23		3,676,000		3,893,610
Cigna Corp
0.613% due 03/15/24		1,325,000		1,319,962
1.131% (USD LIBOR + 0.890%) due 07/15/23 §		2,300,000		2,328,774
Element Fleet Management Corp (Canada) due 04/06/24 # ~		2,100,000		2,097,543
General Mills Inc 1.233% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,146,398
Global Payments Inc 2.650% due 02/15/25		3,000,000		3,153,741
Kellogg Co 2.650% due 12/01/23		3,000,000		3,154,366
Keurig Dr Pepper Inc
0.750% due 03/15/24		2,150,000		2,151,092
4.057% due 05/25/23		1,508,000		1,618,404
PayPal Holdings Inc 1.350% due 06/01/23		3,950,000		4,021,979
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		4,200,000		4,380,822
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		1,166,000		1,166,729

				44,448,733


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-9

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Energy - 2.2%

Energy Transfer LP
3.600% due 02/01/23	$	5,325,000	$	5,546,774
4.250% due 03/15/23		1,500,000		1,584,334
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,617,858
MPLX LP 3.500% due 12/01/22		6,900,000		7,202,712
Valero Energy Corp
1.200% due 03/15/24		4,160,000		4,175,545
1.334% (USD LIBOR + 1.150%) due 09/15/23 §		4,585,000		4,600,926

				25,728,149

Financial - 22.8%

AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		1,250,000		1,214,916
4.500% due 09/15/23		7,000,000		7,532,666
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,542,123
3.375% due 07/01/25		1,200,000		1,268,771
Aircastle Ltd 2.850% due 01/26/28 ~		6,400,000		6,126,767
Athene Global Funding 0.950% due 01/08/24 ~		3,750,000		3,748,743
Aviation Capital Group LLC 1.950% due 01/30/26 ~		2,500,000		2,437,425
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		4,354,128
3.625% due 05/01/22 ~		5,380,000		5,487,330
4.250% due 04/15/26 ~		2,650,000		2,778,126
Banco Santander SA (Spain) 2.746% due 05/28/25		3,000,000		3,137,563
Bank of America Corp
0.810% due 10/24/24		5,000,000		5,014,922
0.965% (USD LIBOR + 0.770%) due 02/05/26 §		500,000		502,630
1.178% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,075,003
4.200% due 08/26/24		4,000,000		4,413,934
Barclays PLC (United Kingdom) 1.007% due 12/10/24		3,650,000		3,648,440
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,571,474
CC Holdings GS V LLC REIT 3.849% due 04/15/23		2,400,000		2,556,120
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,399,404
1.122% due 01/28/27		4,000,000		3,914,505
1.214% (USD LIBOR + 1.023%) due 06/01/24 §		5,000,000		5,065,793
3.300% due 04/27/25		2,000,000		2,156,090
4.000% due 08/05/24		4,000,000		4,372,294
Cooperatieve Rabobank UA (Netherlands)
0.668% (USD LIBOR + 0.480%) due 01/10/23 §		3,000,000		3,017,267
1.055% (USD LIBOR + 0.860%) due 09/26/23 ~ §		1,500,000		1,521,681
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,520,157
Credit Suisse Group AG (Switzerland) 1.384% (USD LIBOR + 1.200%) due 12/14/23 ~ §		3,000,000		3,019,010
Fifth Third Bancorp 2.375% due 01/28/25		4,000,000		4,174,969
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		3,800,000		4,024,914
Jackson National Life Global Funding 2.650% due 06/21/24 ~		5,000,000		5,283,571


	Principal Amount		Value
JPMorgan Chase & Co
0.948% (USD LIBOR + 0.730%) due 04/23/24 §	$	4,000,000	$	4,035,382
1.108% (USD LIBOR + 0.890%) due 07/23/24 §		1,500,000		1,518,670
1.118% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,476,983
2.700% due 05/18/23		5,000,000		5,217,705
Lloyds Banking Group PLC (United Kingdom)
0.695% due 05/11/24		600,000		600,052
1.326% due 06/15/23		3,000,000		3,029,649
LSEGA Financing PLC (United Kingdom) due 04/06/24 # ~		1,000,000		997,499
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,162,892
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		2,050,000		2,052,825
1.075% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,024,858
2.623% due 07/18/22		1,750,000		1,799,224
2.665% due 07/25/22		3,000,000		3,086,967
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		5,053,685
Morgan Stanley
0.560% due 11/10/23		3,200,000		3,201,792
1.152% (USD LIBOR + 0.930%) due 07/22/22 §		2,500,000		2,505,746
1.618% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,527,784
4.000% due 07/23/25		4,000,000		4,441,676
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,622,500
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,948,753
PNC Bank NA 0.501% (USD LIBOR + 0.325%) due 02/24/23 §		2,000,000		2,004,270
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,000,000		2,054,028
Royal Bank of Canada (Canada)
0.854% (USD LIBOR + 0.660%) due 10/05/23 §		2,000,000		2,024,401
2.250% due 11/01/24		5,000,000		5,243,750
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		5,850,000		5,821,280
1.214% due 03/23/25 ~		1,350,000		1,354,706
1.319% due 10/14/23 ~		2,500,000		2,519,000
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		3,200,000		3,187,137
0.963% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,036,246
1.474% due 07/08/25		7,000,000		7,010,280
2.348% due 01/15/25		2,500,000		2,596,305
2.448% due 09/27/24		600,000		629,223
The Goldman Sachs Group Inc
0.481% due 01/27/23		11,000,000		10,987,886
0.556% (SOFR + 0.540%) due 11/17/23 §		7,500,000		7,498,820
0.627% due 11/17/23		10,000,000		10,005,014
0.992% (USD LIBOR + 0.780%) due 10/31/22 §		2,000,000		2,006,850
1.244% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,777,967
1.364% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,243,731
3.500% due 04/01/25		3,246,000		3,518,048
The PNC Financial Services Group Inc 3.900% due 04/29/24		2,155,000		2,352,957
Ventas Realty LP REIT 2.650% due 01/15/25		4,000,000		4,182,711


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
VICI Properties LP REIT 3.500% due 02/15/25 ~	$	6,050,000	$	6,171,000
Wells Fargo & Co 1.654% due 06/02/24		9,000,000		9,196,824
Zions Bancorp NA 3.350% due 03/04/22		3,000,000		3,071,235

				268,679,047

Industrial - 4.1%

Berry Global Inc 1.570% due 01/15/26 ~		4,250,000		4,188,247
Carrier Global Corp 2.242% due 02/15/25		3,000,000		3,108,033
Graphic Packaging International LLC
0.821% due 04/15/24 ~		2,400,000		2,394,875
1.512% due 04/15/26 ~		1,850,000		1,839,377
Norbord Inc (Canada) 6.250% due 04/15/23 ~		1,005,000		1,092,832
Otis Worldwide Corp 0.644% (USD LIBOR + 0.450%) due 04/05/23 §		1,500,000		1,500,081
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		1,000,000		1,037,599
2.700% due 11/01/24 ~		3,250,000		3,423,867
3.450% due 07/01/24 ~		2,300,000		2,479,684
4.125% due 08/01/23 ~		2,000,000		2,146,147
Siemens Financieringsmaatschappij NV (Germany)
0.440% (SOFR + 0.430%) due 03/11/24 ~ §		1,300,000		1,304,463
0.650% due 03/11/24 ~		1,200,000		1,200,040
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,891,000
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		8,968,549
The Boeing Co
1.167% due 02/04/23		950,000		962,858
4.875% due 05/01/25		3,825,000		4,262,056
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,573,125
Vontier Corp 1.800% due 04/01/26 ~		2,150,000		2,144,152
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		1,200,000		1,270,735

				47,787,720

Technology - 4.0%

Broadcom Corp 3.125% due 01/15/25		3,000,000		3,194,226
Broadcom Inc 3.625% due 10/15/24		2,500,000		2,720,961
Dell International LLC 4.000% due 07/15/24 ~		5,100,000		5,539,621
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,376,404
Hewlett Packard Enterprise Co 1.450% due 04/01/24		8,000,000		8,134,611
HP Inc 2.200% due 06/17/25		2,500,000		2,582,872
Infor Inc 1.450% due 07/15/23 ~		3,000,000		3,038,948
Microchip Technology Inc 0.972% due 02/15/24 ~		8,250,000		8,239,298
NXP BV (Netherlands) 2.700% due 05/01/25 ~		3,300,000		3,463,545
Oracle Corp 1.650% due 03/25/26		2,000,000		2,016,737
VMware Inc 4.500% due 05/15/25		3,450,000		3,851,509

				47,158,732


	Principal Amount		Value
Utilities - 6.3%

American Electric Power Co Inc
0.750% due 11/01/23	$	3,500,000	$	3,501,467
CenterPoint Energy Resources Corp 0.684% (USD LIBOR + 0.500%) due 03/02/23 §		1,500,000		1,500,518
Dominion Energy Inc 3.071% due 08/15/24		2,280,000		2,429,703
DPL Inc 4.125% due 07/01/25 ~		600,000		636,402
DTE Energy Co
2.250% due 11/01/22		1,600,000		1,641,479
2.600% due 06/15/22		2,400,000		2,457,275
Duke Energy Corp 2.400% due 08/15/22		2,150,000		2,200,829
Eastern Energy Gas Holdings LLC 2.500% due 11/15/24		2,550,000		2,683,710
Edison International 4.950% due 04/15/25		2,000,000		2,235,662
Evergy Inc 2.450% due 09/15/24		2,350,000		2,462,028
FirstEnergy Corp 3.350% due 07/15/22		3,800,000		3,858,468
NextEra Energy Capital Holdings Inc 0.452% (USD LIBOR + 0.270%) due 02/22/23 §		1,500,000		1,500,318
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		8,298,281
NRG Energy Inc
2.000% due 12/02/25 ~		4,000,000		4,001,102
3.750% due 06/15/24 ~		4,104,000		4,399,465
Pacific Gas and Electric Co 1.750% due 06/16/22		7,200,000		7,211,213
Southern California Edison Co due 04/01/24 #		2,100,000		2,101,512
Southwestern Electric Power Co 1.650% due 03/15/26		1,650,000		1,656,547
The AES Corp
1.375% due 01/15/26 ~		6,700,000		6,536,109
3.300% due 07/15/25 ~		3,650,000		3,877,943
Vistra Operations Co LLC 3.550% due 07/15/24 ~		7,000,000		7,329,616
WEC Energy Group Inc 0.800% due 03/15/24		1,800,000		1,800,816

				74,320,463

Total Corporate Bonds & Notes (Cost $656,364,908)				668,559,630


SENIOR LOAN NOTES - 13.9%

Basic Materials - 0.3%

Asplundh Tree Expert LLC Term B 1.859% (USD LIBOR + 1.750%) due 09/04/27 §		3,482,500		3,477,837


Communications - 0.7%

Charter Communications Operating LLC
Term B-2
1.870% (USD LIBOR + 1.750%) due 02/01/27 §		3,473,552		3,459,873


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
CSC Holdings LLC
Term B 2.356% (USD LIBOR + 2.250%) due 01/15/26 §		$1,496,183		$1,478,549
Term B-5 2.606% (USD LIBOR + 2.500%) due 04/15/27 §		1,980,000		1,960,731
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		1,196,923		1,184,538

				8,083,691

Consumer, Cyclical - 2.3%

Beacon Roofing Supply Inc Term B due 01/02/25 ¥		986,510		982,657
ClubCorp Holdings Inc Term B 2.953% (USD LIBOR + 2.750%) due 09/18/24 §		1,970,860		1,857,535
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		2,992,268		2,987,594
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		2,244,375		2,248,117
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		1,995,000		1,996,123
Marriott Ownership Resorts Inc Term B 1.856% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,775,703
Restaurant Brands International Inc Term B (Canada) 1.859% (USD LIBOR + 1.750%) due 11/19/26 §		3,930,982		3,867,453
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,392,731		3,343,255
SRS Distribution Inc Term B 3.109% (USD LIBOR + 3.000%) due 05/24/25 §		4,758,334		4,698,004
Stars Group Holdings BV Term B (Canada) 3.703% (USD LIBOR + 3.500%) due 07/10/25 §		3,290,246		3,300,528

				27,056,969

Consumer, Non-Cyclical - 3.6%

Avantor Funding Inc Term B-3 3.250% (USD LIBOR + 2.250%) due 11/21/24 §		3,168,949		3,174,891
Bausch Health Americas Inc Term B 3.109% (USD LIBOR + 3.000%) due 06/01/25 §		5,695,879		5,683,280
Froneri US Inc Term B (United Kingdom) 2.359% (USD LIBOR + 2.250%) due 01/31/27 §		1,369,650		1,352,423
HCA Inc Term B-13 1.859% (USD LIBOR + 1.750%) due 03/18/26 §		4,465,995		4,471,229
Pathway Vet Alliance LLC 3.859% (USD LIBOR + 3.750%) due 03/31/27 §		2,975,667		2,966,901
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		6,683,038		6,676,769
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		4,000,000		3,987,812
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/01/28 §		2,500,000		2,482,500


	Principal Amount		Value
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §	$	3,719,962	$	3,722,618
United Rentals North America Inc Term B 1.859% (USD LIBOR + 1.750%) due 10/31/25 §		4,465,649		4,485,186
US Foods Inc Term B 1.859% (USD LIBOR + 1.750%) due 06/27/23 §		1,712,946		1,692,851
Wand NewCo 3 Inc Term B-1 3.109% (USD LIBOR + 3.000%) due 02/05/26 §		1,768,593		1,749,248

				42,445,708

Financial - 2.3%

Acrisure LLC Term B 3.703% (USD LIBOR + 3.500%) due 02/15/27 §		2,233,111		2,210,221
AssuredPartners Inc Term B 3.609% (USD LIBOR + 3.500%) due 02/13/27 §		7,164,325		7,093,799
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,977,500		2,984,944
HUB International Ltd Term B 2.965% (USD LIBOR + 2.750%) due 04/25/25 §		5,974,438		5,897,356
NFP Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/13/27 §		4,950,000		4,881,423
USI Inc Term B 3.203% (USD LIBOR + 3.000%) due 05/16/24 §		3,395,823		3,360,954

				26,428,697

Industrial - 1.5%

Berry Global Inc Term Z 1.898% (USD LIBOR + 1.750%) due 07/01/26 §		3,981,919		3,955,778
Filtration Group Corp Term B 3.109% (USD LIBOR + 3.000%) due 03/29/25 §		5,233,449		5,168,031
Pactiv Evergreen Group Holdings Inc Term B-1 2.859% (USD LIBOR + 2.750%) due 02/05/23 §		3,817,288		3,811,023
The Hillman Group Inc Term B 4.109% (USD LIBOR + 4.000%) due 05/31/25 §		1,969,620		1,971,554
TransDigm Inc Term F 2.359% (USD LIBOR + 2.250%) due 12/09/25 §		1,969,987		1,931,484
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		822,494		816,261

				17,654,131

Technology - 2.5%

Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		1,989,720		1,985,679
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 § ¥		7,345,303		7,347,925
Peraton Corp Term B
due 02/01/28 ¥		797,086		797,419
4.500% (USD LIBOR + 3.750%) due 02/01/28 §		452,914		453,103


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Sophia LP 3.953% (USD LIBOR + 3.750%) due 10/07/27 §	$	3,241,875	$	3,243,901
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		4,786,329		4,790,517
The Dun & Bradstreet Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/08/26 §		4,460,047		4,442,626
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		6,726,267		6,730,996

				29,792,166

Utilities - 0.7%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,225,625		3,227,641
Pike Corp Term B 3.130% (USD LIBOR + 3.000%) due 01/21/28 §		5,000,000		4,995,980

				8,223,621

Total Senior Loan Notes (Cost $163,443,054)				163,162,820


ASSET-BACKED SECURITIES - 22.2%

Aimco CLO 11 Ltd (Cayman) 1.605% (USD LIBOR + 1.380%) due 10/15/31 ~ §		3,750,000		3,760,312
AmeriCredit Automobile Receivables Trust
0.408% (USD LIBOR + 0.300%) due 01/18/23 §		284,676		284,740
0.458% (USD LIBOR + 0.350%) due 03/20/23 §		843,680		844,221
0.680% due 10/19/26		10,100,000		10,077,781
0.760% due 12/18/25		2,400,000		2,406,047
0.970% due 02/18/26		1,000,000		1,009,553
1.100% due 03/20/23		1,054,599		1,056,652
1.480% due 01/21/25		2,750,000		2,796,564
2.170% due 01/18/23		142,338		142,608
2.360% due 12/19/22		770,506		772,105
2.600% due 09/18/23		2,000,000		2,027,084
2.970% due 11/20/23		996,001		1,006,422
3.130% due 02/18/25		1,550,000		1,594,762
3.450% due 06/18/24		2,000,000		2,040,633
3.500% due 01/18/24		2,000,000		2,061,805
Apidos CLO XV (Cayman) 1.234% (USD LIBOR + 1.010%) due 04/20/31 ~ §		1,250,000		1,250,623
Apidos CLO XXV (Cayman) 1.394% (USD LIBOR + 1.170%) due 10/20/31 ~ §		2,000,000		2,001,616
Apidos CLO XXX (Cayman) 1.363% (USD LIBOR + 1.140%) due 10/18/31 ~ §		3,000,000		3,002,444
Atrium XIII (Cayman) 1.398% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		470,262
Buttermilk Park CLO Ltd (Cayman) 1.341% (USD LIBOR + 1.100%) due 10/15/31 ~ §		850,000		850,424
Capital Auto Receivables Asset Trust 3.480% due 10/20/23 ~		487,219		488,265
Carlyle Global Market Strategies CLO Ltd (Cayman) 1.263% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		496,242


	Principal Amount		Value
CIFC Funding 2015-III Ltd (Cayman) 1.093% (USD LIBOR + 0.870%) due 04/19/29 ~ §	$	1,500,000	$	1,499,405
Dryden 43 Senior Loan Fund (Cayman) 1.364% (USD LIBOR + 1.140%) due 07/20/29 ~ §		3,750,000		3,750,350
Dryden 55 CLO Ltd (Cayman) 1.261% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,500,002
Dryden 58 CLO Ltd (Cayman) 1.223% (USD LIBOR + 1.000%) due 07/17/31 ~ §		2,000,000		2,000,621
Dryden 61 CLO Ltd (Cayman) 1.090% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		7,000,000
Dryden 64 CLO Ltd (Cayman) 1.193% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		2,000,000
Dryden 75 CLO Ltd (Cayman) 1.941% (USD LIBOR + 1.700%) due 07/15/30 ~ §		2,400,000		2,406,210
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		10,478,829
0.790% due 08/15/26		2,650,000		2,636,301
1.190% due 01/15/26		2,050,000		2,078,640
2.040% due 08/15/31 ~		2,000,000		2,073,045
2.130% due 05/15/25		5,000,000		5,166,023
2.350% due 04/15/23		1,000,000		1,007,298
2.500% due 05/15/24		1,750,000		1,763,500
3.380% due 03/15/24		1,650,000		1,712,021
GM Financial Consumer Automobile Receivables Trust
0.750% due 05/17/27		800,000		795,294
3.270% due 01/16/24		1,200,000		1,235,873
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		303,342		315,769
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		2,084,221
Magnetite VIII Ltd (Cayman) 1.221% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,170,000		2,172,754
Magnetite XIV-R Ltd (Cayman) 1.343% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		3,007,736
Magnetite XIX Ltd (Cayman) 1.403% (USD LIBOR + 1.180%) due 07/17/30 ~ §		1,000,000		1,000,704
Magnetite XV Ltd (Cayman) 1.228% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,499,925
Magnetite XVIII Ltd (Cayman) 1.274% (USD LIBOR + 1.080%) due 11/15/28 ~ §		3,000,000		3,003,292
Magnetite Xxix Ltd (Cayman) 1.094% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,299,993
MVW LLC 1.740% due 10/20/37 ~		672,302		684,644
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		1,062,450		1,112,364
Navient Private Education Refi Loan Trust
0.456% (USD LIBOR + 0.350%) due 11/15/68 ~ §		585,727		585,811
0.840% due 05/15/69 ~		1,644,557		1,640,859
0.856% (USD LIBOR + 0.750%) due 11/15/68 ~ §		862,019		864,076
1.170% due 09/16/69 ~		1,057,050		1,061,633
1.220% due 07/15/69 ~		1,590,904		1,598,748
1.310% due 01/15/69 ~		3,938,535		3,967,234
1.690% due 05/15/69 ~		5,893,335		5,985,741


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-13

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
2.120% due 01/15/69 ~	$	3,301,000	$	3,357,703
2.460% due 11/15/68 ~		1,000,000		1,028,464
2.640% due 05/15/68 ~		2,000,000		2,047,100
Navient Student Loan Trust
0.379% (USD LIBOR + 0.270%) due 02/27/68 ~ §		505,121		505,731
0.489% (USD LIBOR + 0.380%) due 03/25/67 ~ §		2,501,263		2,500,690
0.762% (USD LIBOR + 0.600%) due 12/26/69 ~ §		4,350,000		4,371,881
1.159% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,388,054		2,442,227
1.320% due 08/26/69 ~		4,306,962		4,217,704
3.390% due 12/15/59 ~		1,985,770		2,095,500
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 1.039% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,650,000
OCP CLO Ltd (Cayman) 1.035% (USD LIBOR + 0.820%) due 10/26/27 ~ §		844,486		845,329
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		140,796		141,029
Palmer Square CLO Ltd (Cayman)
1.044% (USD LIBOR + 0.850%) due 08/15/26 ~ §		681,003		681,029
1.323% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,251,816
Palmer Square Loan Funding Ltd (Cayman)
due 05/20/29 # ~		11,700,000		11,700,000
1.032% (USD LIBOR + 0.850%) due 08/20/27 ~ §		916,267		916,473
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		5,500,000		5,508,084
1.094% (USD LIBOR + 0.900%) due 11/15/26 ~ §		944,946		945,279
1.118% (USD LIBOR + 0.900%) due 10/24/27 ~ §		1,399,926		1,400,627
1.274% (USD LIBOR + 1.050%) due 04/20/27 ~ §		2,871,634		2,875,219
1.532% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,935,941
2.082% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,202
Regatta X Funding Ltd (Cayman) 1.343% (USD LIBOR + 1.120%) due 01/17/31 ~ §		3,000,000		3,002,273
Regatta XIV Funding Ltd (Cayman) 1.408% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,101,475
Santander Drive Auto Receivables Trust
0.500% due 04/15/25		9,900,000		9,899,306
0.620% due 05/15/23		1,085,036		1,085,707
0.730% due 03/17/25		2,200,000		2,210,791
0.750% due 02/17/26		3,750,000		3,744,236
0.960% due 11/15/24		1,200,000		1,207,613
1.460% due 09/15/25		1,000,000		1,014,080
2.070% due 01/17/23		828,391		830,234
2.280% due 09/15/23		2,202,994		2,212,204
2.790% due 01/16/24		4,061,067		4,083,117
3.210% due 09/15/23		49,893		49,951
3.420% due 04/15/25		1,750,000		1,770,791
SLC Student Loan Trust
0.284% (USD LIBOR + 0.100%) due 09/15/26 §		95,294		95,281
0.294% (USD LIBOR + 0.110%) due 03/15/27 §		3,127,974		3,116,341
0.304% (USD LIBOR + 0.120%) due 06/15/29 §		648,106		645,496


	Principal Amount		Value
SLM Student Loan Trust 0.598% (USD LIBOR + 0.380%) due 10/25/24 §	$	419,946	$	419,734
SMB Private Education Loan Trust
0.409% (USD LIBOR + 0.300%) due 09/15/54 ~ §		2,558,943		2,559,295
0.606% (USD LIBOR + 0.500%) due 01/15/53 ~ §		2,041,414		2,046,903
1.070% due 01/15/53 ~		4,136,130		4,091,332
1.290% due 07/15/53 ~		3,343,476		3,354,664
2.340% due 09/15/34 ~		5,279,962		5,422,525
2.430% due 02/17/32 ~		2,998,972		3,072,500
2.490% due 06/15/27 ~		1,337,456		1,351,761
2.700% due 05/15/31 ~		2,023,312		2,084,108
3.050% due 05/15/26 ~		937,133		941,915
3.440% due 07/15/36 ~		1,649,769		1,752,715
3.500% due 02/15/36 ~		845,547		891,150
3.600% due 01/15/37 ~		2,339,083		2,484,968
3.630% due 11/15/35 ~		2,397,599		2,533,287
Sofi Consumer Loan Program Trust
2.020% due 01/25/29 ~		778,730		786,397
2.450% due 08/25/28 ~		556,061		561,032
Sofi Professional Loan Program LLC 2.130% due 11/16/48 ~		446,315		448,086
Sofi Professional Loan Program Trust 2.060% due 05/15/46 ~		1,094,671		1,101,074
Verizon Owner Trust
0.561% (USD LIBOR + 0.450%) due 12/20/23 §		3,000,000		3,008,315
1.850% due 07/22/24		3,500,000		3,570,842
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,067,455


Total Asset-Backed Securities (Cost $259,707,661)				261,668,063


U.S. TREASURY OBLIGATIONS - 4.5%

U.S. Treasury Notes - 4.5%

1.250% due 07/31/23		6,000,000		6,145,664
1.250% due 08/31/24		5,000,000		5,130,957
1.375% due 10/15/22		5,000,000		5,095,703
1.375% due 02/15/23		10,000,000		10,229,688
1.500% due 09/30/24		10,000,000		10,346,680
1.750% due 07/31/24		9,500,000		9,911,357
2.500% due 01/15/22		6,000,000		6,115,794


Total U.S. Treasury Obligations (Cost $52,043,344)				52,975,843


	Shares
SHORT-TERM INVESTMENT - 4.7%

Money Market Fund - 4.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		54,908,281		54,908,281


Total Short-Term Investment (Cost $54,908,281)				54,908,281


TOTAL INVESTMENTS - 102.1% (Cost $1,186,467,248)				1,201,274,637

OTHER ASSETS & LIABILITIES, NET - (2.1%)				(24,883,844	)


NET ASSETS - 100.0%				$1,176,390,793


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-14

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2021

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	56.8%
Asset-Backed Securities	22.2%
Senior Loan Notes	13.9%
Short-Term Investment	4.7%
U.S. Treasury Obligations	4.5%

	102.1%
Other Assets & Liabilities, Net	(2.1%	)

	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)
TricorBraun Holdings Inc		$177,506		$176,161		($1,345	)

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$668,559,630		$—		$668,559,630		$—
	Senior Loan Notes		163,162,820		—		163,162,820		—
	Asset-Backed Securities		261,668,063		—		261,668,063		—
	U.S. Treasury Obligations		52,975,843		—		52,975,843		—
	Short-Term Investment		54,908,281		54,908,281		—		—
	Unfunded Loan Commitment		176,161		—		176,161		—

	Total		$1,201,450,798		$54,908,281		$1,146,542,517		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-15

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 47.9%

Basic Materials - 1.0%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$7,050,000		$6,908,063
3.950% due 09/10/50 ~		3,000,000		3,062,499
Teck Resources Ltd (Canada) 3.900% due 07/15/30		2,100,000		2,196,355

				12,166,917

Communications - 5.0%

AT&T Inc
1.700% due 03/25/26		2,500,000		2,500,309
2.750% due 06/01/31		5,500,000		5,485,168
3.500% due 09/15/53 ~		4,865,000		4,504,350
3.850% due 06/01/60		2,800,000		2,682,717
CCO Holdings LLC 4.750% due 03/01/30 ~		3,000,000		3,112,500
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		3,134,104
3.850% due 04/01/61		5,200,000		4,776,390
4.800% due 03/01/50		1,850,000		1,989,261
eBay Inc 2.700% due 03/11/30		1,700,000		1,719,653
Expedia Group Inc
2.950% due 03/15/31 ~		1,600,000		1,579,430
4.625% due 08/01/27 ~		3,150,000		3,507,953
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,427,500
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		748,625		755,411
Tencent Holdings Ltd (China) 3.240% due 06/03/50 ~		3,500,000		3,231,613
T-Mobile USA Inc
2.550% due 02/15/31 ~		3,500,000		3,433,290
2.625% due 04/15/26		100,000		102,068
3.600% due 11/15/60 ~		1,500,000		1,443,353
3.875% due 04/15/30 ~		3,450,000		3,748,804
Verizon Communications Inc
3.400% due 03/22/41		2,550,000		2,592,403
3.850% due 11/01/42		2,000,000		2,149,208

				58,875,485

Consumer, Cyclical - 7.5%

Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		3,753,697		3,725,165
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,365,823		2,388,781
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		439,735		429,025
Beazer Homes USA Inc 7.250% due 10/15/29		2,150,000		2,348,875
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,659,149		2,568,865
4.625% due 12/20/25 ~		1,729,792		1,796,663
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,248,032		4,246,798
Choice Hotels International Inc 3.700% due 01/15/31		1,950,000		2,053,964
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,276,136		2,354,537
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,388,439
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,313,551		1,406,326


	Principal Amount		Value
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~	$	2,750,000	$	2,856,274
Ferguson Finance PLC 3.250% due 06/02/30 ~		2,000,000		2,109,472
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,339,500
Ford Motor Credit Co LLC
2.900% due 02/16/28		3,200,000		3,078,400
3.087% due 01/09/23		1,850,000		1,883,494
3.375% due 11/13/25		2,475,000		2,520,169
4.542% due 08/01/26		1,725,000		1,827,551
5.584% due 03/18/24		2,350,000		2,539,504
General Motors Co 5.000% due 10/01/28		2,400,000		2,752,115
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		2,001,001
Harley-Davidson Financial Services Inc 3.350% due 06/08/25 ~		2,000,000		2,097,532
Hasbro Inc 3.550% due 11/19/26		4,285,000		4,630,321
International Game Technology PLC 4.125% due 04/15/26 ~		2,000,000		2,060,160
Kohl’s Corp 3.375% due 05/01/31		4,500,000		4,513,082
Marriott International Inc
3.500% due 10/15/32		3,150,000		3,273,307
5.750% due 05/01/25		2,150,000		2,468,448
MGM Resorts International 6.000% due 03/15/23		3,000,000		3,217,500
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		4,048,960
Nordstrom Inc
due 04/08/24 # ~		650,000		651,210
4.375% due 04/01/30		2,000,000		2,049,694
5.000% due 01/15/44		2,500,000		2,431,397
8.750% due 05/15/25 ~		400,000		453,206
Sands China Ltd (Macau) 3.800% due 01/08/26		1,050,000		1,120,528
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,022,500
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		495,663		496,400
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,373,797		1,321,742
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		1,053,227		1,127,494
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,973,402		1,865,781

				87,464,180

Consumer, Non-Cyclical - 6.7%

Altria Group Inc 2.450% due 02/04/32		4,700,000		4,494,511
AmerisourceBergen Corp 2.700% due 03/15/31		5,000,000		4,995,207
Amgen Inc 3.150% due 02/21/40		2,750,000		2,732,509
Anheuser-Busch Cos LLC (Belgium) 4.700% due 02/01/36		2,000,000		2,346,715
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		2,129,783
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		6,257,768
Anthem Inc 2.250% due 05/15/30		2,000,000		1,969,944
Block Financial LLC 3.875% due 08/15/30		3,500,000		3,614,063
Centene Corp 2.500% due 03/01/31		1,900,000		1,816,913


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-16

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Cigna Corp 2.400% due 03/15/30	$	3,000,000	$	2,976,967
Constellation Brands Inc 2.875% due 05/01/30		650,000		664,927
CoStar Group Inc 2.800% due 07/15/30 ~		3,400,000		3,329,561
CVS Health Corp 1.750% due 08/21/30		6,000,000		5,605,188
Gilead Sciences Inc 2.600% due 10/01/40		1,200,000		1,105,183
Global Payments Inc 3.200% due 08/15/29		4,500,000		4,744,536
Humana Inc 3.125% due 08/15/29		2,700,000		2,819,321
Kraft Heinz Foods Co 3.000% due 06/01/26		5,549,000		5,843,463
Royalty Pharma PLC 3.300% due 09/02/40 ~		3,500,000		3,383,549
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		3,800,000		3,581,542
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		3,500,000		3,392,406
Transurban Finance Co Pty Ltd (Australia) 2.450% due 03/16/31 ~		2,450,000		2,385,053
Universal Health Services Inc 2.650% due 10/15/30 ~		4,450,000		4,304,886
Viatris Inc 3.850% due 06/22/40 ~		3,350,000		3,435,125

				77,929,120

Energy - 2.0%

Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29		2,075,000		2,190,805
Energy Transfer Operating LP
3.750% due 05/15/30		4,000,000		4,128,525
4.750% due 01/15/26		6,000,000		6,666,190
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,257,363
MPLX LP
5.200% due 12/01/47		1,200,000		1,363,824
6.875% due 02/15/23		3,000,000		3,015,000
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,734,421
Sabine Pass Liquefaction LLC 4.200% due 03/15/28		1,850,000		2,030,749

				23,386,877

Financial - 15.0%

Air Lease Corp
2.875% due 01/15/26		2,050,000		2,128,519
3.000% due 02/01/30		4,000,000		3,920,848
3.375% due 07/01/25		1,200,000		1,268,771
4.650% due 06/15/26		4,300,000		4,257,000
Ascot Group Ltd (Bermuda) 4.250% due 12/15/30 ~		1,000,000		1,039,400
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		2,950,000		2,774,844
4.250% due 04/15/26 ~		1,350,000		1,415,272
Banco Santander SA (Spain) 2.749% due 12/03/30		3,000,000		2,859,969
Bank of America Corp
2.592% due 04/29/31		3,450,000		3,446,948
3.194% due 07/23/30		3,000,000		3,151,482
4.183% due 11/25/27		2,850,000		3,171,810
BNP Paribas SA (France) 4.625% due 08/25/69 ~		3,000,000		2,988,750


	Principal Amount		Value
Citigroup Inc
2.666% due 01/29/31	$	5,250,000	$	5,281,002
4.000% due 08/05/24		2,000,000		2,186,147
4.125% due 07/25/28		3,600,000		3,986,387
4.400% due 06/10/25		3,000,000		3,335,595
4.600% due 03/09/26		3,948,000		4,457,848
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		2,000,000		2,107,814
Commonwealth Bank of Australia (Australia) 2.688% due 03/11/31 ~		2,200,000		2,138,990
GE Capital Funding LLC 4.400% due 05/15/30 ~		2,000,000		2,265,989
GLP Capital LP REIT 5.250% due 06/01/25		3,450,000		3,876,351
Host Hotels & Resorts LP REIT
3.375% due 12/15/29		3,200,000		3,177,640
3.500% due 09/15/30		1,500,000		1,508,880
HSBC Holdings PLC (United Kingdom)
1.645% due 04/18/26		2,000,000		2,002,395
2.099% due 06/04/26		3,950,000		4,020,649
4.700% due 09/09/69		3,150,000		3,110,625
ING Groep NV (Netherlands)
due 04/01/27 #		2,000,000		2,003,539
JAB Holdings BV (Austria) 2.200% due 11/23/30 ~		1,000,000		940,560
JPMorgan Chase & Co
2.522% due 04/22/31		4,800,000		4,793,747
2.956% due 05/13/31		5,700,000		5,812,331
4.125% due 12/15/26		4,000,000		4,508,453
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		5,102,892
LSEGA Financing PLC (United Kingdom)
due 04/06/31 # ~		3,000,000		2,963,686
due 04/06/41 # ~		2,200,000		2,186,823
Mid-America Apartments LP REIT 2.750% due 03/15/30		2,000,000		2,022,255
Morgan Stanley
2.699% due 01/22/31		5,900,000		6,010,450
5.000% due 11/24/25		3,500,000		4,026,712
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,679,344
6.125% due 03/15/24		5,200,000		5,622,500
Piedmont Operating Partnership LP REIT
3.150% due 08/15/30		2,300,000		2,243,373
4.450% due 03/15/24		3,100,000		3,347,482
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,382,962
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,033,822
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		1,800,000		1,780,200
UDR Inc REIT 2.950% due 09/01/26		2,000,000		2,129,334
Ventas Realty LP REIT 3.000% due 01/15/30		2,050,000		2,092,030
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,346,000
4.625% due 12/01/29 ~		4,000,000		4,156,200
Wells Fargo & Co
2.188% due 04/30/26		6,650,000		6,867,340
2.393% due 06/02/28		6,650,000		6,819,439
3.900% due 03/15/26		3,900,000		3,941,047
4.400% due 06/14/46		3,750,000		4,187,564
Willis North America Inc 2.950% due 09/15/29		5,400,000		5,586,221

				175,466,231


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Industrial - 4.2%

Allegion US Holding Co Inc 3.550% due 10/01/27	$	4,336,000	$	4,643,130
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		5,296,000
Flowserve Corp 3.500% due 10/01/30		6,600,000		6,720,974
General Electric Co 4.350% due 05/01/50		2,100,000		2,336,818
Masco Corp 7.750% due 08/01/29		2,000,000		2,658,390
Norbord Inc (Canada)
5.750% due 07/15/27 ~		3,000,000		3,204,900
6.250% due 04/15/23 ~		2,000,000		2,174,790
Standard Industries Inc 5.000% due 02/15/27 ~		2,550,000		2,663,156
Teledyne Technologies Inc 2.750% due 04/01/31		8,000,000		7,981,268
The Boeing Co 2.196% due 02/04/26		5,000,000		4,987,904
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		2,500,000		2,621,875
Vontier Corp 2.400% due 04/01/28 ~		2,350,000		2,314,727
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		1,200,000		1,270,735

				48,874,667

Technology - 3.1%

Activision Blizzard Inc 2.500% due 09/15/50		2,000,000		1,681,684
Broadcom Inc
4.250% due 04/15/26		5,000,000		5,552,103
5.000% due 04/15/30		3,300,000		3,765,136
Citrix Systems Inc 3.300% due 03/01/30		2,800,000		2,883,142
Dell International LLC 4.900% due 10/01/26 ~		4,000,000		4,540,122
Fiserv Inc 3.500% due 07/01/29		4,150,000		4,482,456
NXP BV (Netherlands) 3.875% due 06/18/26 ~		3,000,000		3,306,614
Oracle Corp
2.875% due 03/25/31		2,650,000		2,699,804
3.950% due 03/25/51		5,000,000		5,163,364
VMware Inc 4.650% due 05/15/27		2,500,000		2,837,511

				36,911,936

Utilities - 3.4%

DPL Inc
4.125% due 07/01/25 ~		600,000		636,402
4.350% due 04/15/29		1,350,000		1,451,790
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		2,350,000		2,257,098
Electricite de France SA (France) 4.500% due 09/21/28 ~		2,000,000		2,281,374
Entergy Corp 1.900% due 06/15/28		900,000		880,461
IPALCO Enterprises Inc 4.250% due 05/01/30 ~		2,400,000		2,624,161
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		7,297,219
Pacific Gas and Electric Co 2.500% due 02/01/31		3,300,000		3,116,233
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,601,000
Southern California Edison Co 4.000% due 04/01/47		1,550,000		1,599,241


	Principal Amount		Value
Talen Energy Supply LLC
6.500% due 06/01/25	$	1,000,000	$	805,000
6.625% due 01/15/28 ~		2,500,000		2,504,687
The AES Corp 2.450% due 01/15/31 ~		3,250,000		3,109,939
Vistra Operations Co LLC 3.550% due 07/15/24 ~		5,500,000		5,758,984
WEC Energy Group Inc 1.800% due 10/15/30		2,500,000		2,335,095

				39,258,684

Total Corporate Bonds & Notes (Cost $548,842,294)				560,334,097


SENIOR LOAN NOTES - 15.1%

Basic Materials - 0.3%

Asplundh Tree Expert LLC Term B 1.859% (USD LIBOR + 1.750%) due 09/04/27 §		3,233,750		3,229,420


Communications - 0.9%

Charter Communications Operating LLC Term B-2 1.870% (USD LIBOR + 1.750%) due 02/01/27 §		2,977,330		2,965,605
CSC Holdings LLC Term B 2.356% (USD LIBOR + 2.250%) due 01/15/26 §		2,493,639		2,464,249
Term B-5 2.606% (USD LIBOR + 2.500%) due 04/15/27 §		4,207,500		4,166,553
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		1,196,923		1,184,538

				10,780,945

Consumer, Cyclical - 3.1%

Beacon Roofing Supply Inc Term B 2.365% (USD LIBOR + 2.250%) due 01/02/25 § ¥		1,271,388		1,266,422
ClubCorp Holdings Inc Term B 2.953% (USD LIBOR + 2.750%) due 09/18/24 §		2,956,290		2,786,303
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		4,987,113		4,979,324
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		2,244,375		2,248,116
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		1,995,000		1,996,123
Marriott Ownership Resorts Inc Term B 1.856% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,757,947
Restaurant Brands International Inc Term B (Canada) 1.859% (USD LIBOR + 1.750%) due 11/19/26 §		4,161,718		4,094,460
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,849,396		3,793,260
SRS Distribution Inc Term B 3.109% (USD LIBOR + 3.000%) due 05/24/25 §		6,250,681		6,171,429
Stars Group Holdings BV Term B (Canada) 3.703% (USD LIBOR + 3.500%) due 07/10/25 §		4,528,801		4,542,953

				35,636,337


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-18

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Consumer, Non-Cyclical - 3.1%

Avantor Funding Inc Term B-3 3.250% (USD LIBOR + 2.250%) due 11/21/24 §	$	4,513,901	$	4,522,364
Bausch Health Americas Inc Term B 3.109% (USD LIBOR + 3.000%) due 06/01/25 §		6,323,614		6,309,626
Froneri US Inc Term B (United Kingdom) 2.359% (USD LIBOR + 2.250%) due 01/31/27 §		2,183,500		2,156,036
Pathway Vet Alliance LLC 3.859% (USD LIBOR + 3.750%) due 03/31/27 §		4,474,573		4,461,391
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		4,688,101		4,683,704
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		4,000,000		3,987,812
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/01/28 §		2,500,000		2,482,500
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,719,962		3,722,618
US Foods Inc Term B 1.859% (USD LIBOR + 1.750%) due 06/27/23 §		2,758,380		2,726,022
Wand NewCo 3 Inc Term B-1 3.109% (USD LIBOR + 3.000%) due 02/05/26 §		1,768,506		1,749,161

				36,801,234

Financial - 2.2%

Acrisure LLC Term B 3.703% (USD LIBOR + 3.500%) due 02/15/27 §		2,233,111		2,210,221
AssuredPartners Inc Term B 3.609% (USD LIBOR + 3.500%) due 02/13/27 §		4,196,875		4,155,561
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,977,500		2,984,944
HUB International Ltd Term B 2.965% (USD LIBOR + 2.750%) due 04/25/25 §		7,407,937		7,312,359
NFP Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/13/27 §		4,950,000		4,881,423
USI Inc Term B 3.203% (USD LIBOR + 3.000%) due 05/16/24 §		3,852,540		3,812,983

				25,357,491

Industrial - 2.4%

Berry Global Inc Term Z 1.898% (USD LIBOR + 1.750%) due 07/01/26 §		3,981,919		3,955,778
Filtration Group Corp Term B 3.109% (USD LIBOR + 3.000%) due 03/29/25 §		7,209,703		7,119,581
Pactiv Evergreen Group Holdings Inc Term B-1 2.859% (USD LIBOR + 2.750%) due 02/05/23 §		5,482,305		5,473,309
The Hillman Group Inc Term B 4.109% (USD LIBOR + 4.000%) due 05/31/25 §		2,954,430		2,957,332


	Principal Amount		Value
TransDigm Inc
Term E 2.359% (USD LIBOR + 2.250%) due 05/30/25 §	$	1,884,788	$	1,848,590
Term F 2.359% (USD LIBOR + 2.250%) due 12/09/25 §		5,725,021		5,613,126
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		822,494		816,261

				27,783,977

Technology - 2.4%

Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		1,989,720		1,985,679
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 § ¥		4,649,567		4,651,227
Peraton Corp Term B due 02/01/28 ¥		1,594,172		1,594,837
4.500% (USD LIBOR + 3.750%) due 02/01/28 §		905,828		906,206
Sophia LP 3.953% (USD LIBOR + 3.750%) due 10/07/27 §		3,241,875		3,243,901
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		4,786,329		4,790,517
The Dun & Bradstreet Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/08/26 §		4,460,047		4,442,626
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		6,726,267		6,730,996

				28,345,989

Utilities - 0.7%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,473,750		3,475,921
Pike Corp Term B 3.130% (USD LIBOR + 3.000%) due 01/21/28 §		5,000,000		4,995,980

				8,471,901

Total Senior Loan Notes (Cost $176,934,847)				176,407,294


MORTGAGE-BACKED SECURITIES - 2.1%

Fannie Mae - 2.1%

due 04/01/36 #		10,500,000		10,548,225
due 04/01/36 #		11,000,000		11,289,857
due 04/01/51 #		3,000,000		2,994,609

				24,832,691

Total Mortgage-Backed Securities (Cost $24,923,399)				24,832,691


ASSET-BACKED SECURITIES - 19.9%

Aimco CLO 11 Ltd (Cayman) 1.605% (USD LIBOR + 1.380%) due 10/15/31 ~ §		4,700,000		4,712,925
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,456,173
0.890% due 10/19/26		2,450,000		2,443,408
0.970% due 02/18/26		1,000,000		1,009,553
1.100% due 03/20/23		620,104		621,312
1.480% due 02/18/26		1,000,000		1,019,891


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-19

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
2.600% due 09/18/23	$	2,600,000	$	2,635,209
2.690% due 06/19/23		3,175,524		3,205,605
2.710% due 08/18/22		525,350		527,021
3.130% due 02/18/25		1,250,000		1,286,099
3.360% due 02/18/25		1,000,000		1,043,960
Apidos CLO (Cayman) 1.823% (USD LIBOR + 1.600%) due 10/18/31 ~ §		3,600,000		3,609,005
Buttermilk Park CLO Ltd (Cayman) 1.341% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,600,799
Capital Auto Receivables Asset Trust
3.090% due 08/22/22 ~		1,600,000		1,612,999
Carlyle Global Market Strategies CLO Ltd (Cayman)
1.263% (USD LIBOR + 1.050%) due 07/27/31 ~ §		991,833		992,484
1.763% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,991,844
CIFC Funding 2015-III Ltd (Cayman) 1.093% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,500,000		1,499,405
Dryden 53 CLO Ltd (Cayman) 1.641% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,492,415
Dryden 61 CLO Ltd (Cayman) 1.090% (USD LIBOR + 0.990%) due 01/17/32 ~ §		4,250,000		4,250,000
Dryden 75 CLO Ltd (Cayman) 1.941% (USD LIBOR + 1.700%) due 07/15/30 ~ §		900,000		902,329
Dryden CLO Ltd (Cayman)
1.623% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,591,206
1.723% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		2,001,546
1.850% (USD LIBOR + 1.750%) due 01/17/32 ~ §		2,250,000		2,250,000
2.023% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,998,049
2.141% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		989,615
Dryden Senior Loan Fund (Cayman) 1.974% (USD LIBOR + 1.750%) due 07/20/29 ~ §		3,200,000		3,200,469
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,368,860
2.040% due 12/15/26		1,000,000		1,036,644
2.040% due 08/15/31 ~		2,000,000		2,073,045
2.350% due 04/15/23		2,500,000		2,518,245
3.190% due 07/15/31 ~		4,000,000		4,315,726
Madison Park Funding Ltd (Cayman)
1.841% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,602,474
1.973% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,600,000		2,602,010
2.091% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,400,000		1,399,342
Magnetite VIII Ltd (Cayman) 1.221% (USD LIBOR + 0.980%) due 04/15/31 ~ §		3,000,000		3,003,808
Magnetite XIV-R Ltd (Cayman) 1.343% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,506,447
Magnetite XIX Ltd (Cayman) 1.403% (USD LIBOR + 1.180%) due 07/17/30 ~ §		1,600,000		1,601,126
Magnetite XXIX Ltd (Cayman) 1.094% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,249,993


	Principal Amount		Value
MVW LLC 1.740% due 10/20/37 ~	$	672,302	$	684,644
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		1,451,080		1,447,817
1.170% due 09/16/69 ~		1,057,050		1,061,633
1.220% due 07/15/69 ~		1,590,904		1,598,748
1.310% due 01/15/69 ~		2,697,040		2,716,693
1.690% due 05/15/69 ~		6,468,034		6,579,390
2.460% due 11/15/68 ~		1,000,000		1,028,464
2.640% due 05/15/68 ~		2,000,000		2,047,100
Navient Student Loan Trust
0.762% (USD LIBOR + 0.600%) due 12/26/69 ~ §		3,000,000		3,015,091
0.829% (USD LIBOR + 0.720%) due 03/25/67 ~ §		2,000,000		2,017,587
1.159% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,388,054		2,442,227
1.310% due 12/26/69 ~		2,200,000		2,157,998
1.320% due 08/26/69 ~		4,306,962		4,217,704
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)
1.039% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,600,000		2,600,000
1.459% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,500,000
Neuberger Berman Loan Advisers CLO 40 Ltd (Cayman) 1.248% (USD LIBOR + 1.060%) due 04/16/33 ~ §		500,000		501,016
OneMain Financial Issuance Trust
2.370% due 09/14/32 ~		351,990		352,572
Palmer Square CLO Ltd (Cayman)
1.044% (USD LIBOR + 0.850%) due 08/15/26 ~ §		681,003		681,029
1.323% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,502,018
1.596% (USD LIBOR + 1.370%) due 11/15/31 ~ §		6,500,000		6,531,802
Palmer Square Loan Funding Ltd (Cayman)
due 05/20/29 # ~		6,000,000		6,000,000
due 05/20/29 # ~		6,000,000		6,000,000
1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		5,500,000		5,508,084
1.094% (USD LIBOR + 0.900%) due 11/15/26 ~ §		1,799,897		1,800,531
1.118% (USD LIBOR + 0.900%) due 10/24/27 ~ §		2,099,890		2,100,940
1.532% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,350,000		2,338,801
1.818% (USD LIBOR + 1.600%) due 10/24/27 ~ §		1,750,000		1,750,544
2.082% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,202
Regatta XIV Funding Ltd (Cayman) 1.408% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,400,000		1,401,877
Santander Drive Auto Receivables Trust
0.620% due 05/15/23		1,085,036		1,085,707
0.730% due 03/17/25		2,200,000		2,210,791
0.750% due 02/17/26		3,700,000		3,694,313
0.960% due 11/15/24		1,200,000		1,207,613
1.460% due 09/15/25		1,000,000		1,014,080
2.490% due 10/15/25		2,000,000		2,037,269
2.960% due 03/15/24		293,348		293,927
3.350% due 07/17/23		647,873		651,209
3.510% due 08/15/23		895,886		900,590
SLM Student Loan Trust 0.768% (USD LIBOR + 0.550%) due 10/25/64 ~ §		6,315,898		6,344,295


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-20

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
SMB Private Education Loan Trust
0.409% (USD LIBOR + 0.300%) due 09/15/54 ~ §	$	2,701,106	$	2,701,478
0.836% (USD LIBOR + 0.730%) due 01/15/53 ~ §		10,900,000		10,909,941
1.070% due 01/15/53 ~		5,908,757		5,844,759
1.290% due 07/15/53 ~		3,343,476		3,354,664
2.230% due 09/15/37 ~		6,500,000		6,686,304
2.340% due 09/15/34 ~		2,133,113		2,190,709
2.430% due 02/17/32 ~		2,702,182		2,768,434
2.700% due 05/15/31 ~		1,506,722		1,551,995
2.820% due 10/15/35 ~		3,279,174		3,404,099
2.880% due 09/15/34 ~		3,048,634		3,179,575
3.440% due 07/15/36 ~		2,285,599		2,428,221
3.500% due 02/15/36 ~		4,422,211		4,660,714
3.600% due 01/15/37 ~		1,208,526		1,283,900
3.630% due 11/15/35 ~		1,623,290		1,715,157
Sofi Consumer Loan Program Trust
2.450% due 08/25/28 ~		764,584		771,418
Sofi Professional Loan Program LLC
2.370% due 11/16/48 ~		1,916,556		1,958,637
SoFi Professional Loan Program Trust
2.540% due 05/15/46 ~		2,150,000		2,214,615
TIAA CLO IV Ltd (Cayman) 1.924% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,745,553


Total Asset-Backed Securities (Cost $231,126,563)				232,816,520


U.S. TREASURY OBLIGATIONS - 14.4%

U.S. Treasury Bonds - 2.5%

1.125% due 05/15/40		14,500,000		11,836,191
1.375% due 08/15/50		3,250,000		2,537,031
2.250% due 08/15/46		2,550,000		2,475,791
2.500% due 02/15/46		3,500,000		3,568,770
2.500% due 05/15/46		3,000,000		3,058,477
2.750% due 11/15/47		2,000,000		2,139,180
3.000% due 11/15/44		2,000,000		2,230,547
3.000% due 02/15/49		1,500,000		1,685,771

				29,531,758

U.S. Treasury Notes - 11.9%

0.250% due 10/31/25		7,000,000		6,817,207
0.375% due 09/30/27		5,000,000		4,706,152
0.500% due 06/30/27		5,000,000		4,772,754
0.500% due 10/31/27		8,000,000		7,578,437
0.625% due 11/30/27		7,000,000		6,676,250
0.625% due 05/15/30		18,000,000		16,384,219
1.125% due 02/28/27		7,000,000		6,982,090
1.250% due 07/31/23		5,000,000		5,121,387
1.375% due 08/31/23		4,000,000		4,111,953
1.375% due 09/30/23		4,500,000		4,628,408
1.625% due 11/15/22		5,000,000		5,120,703
1.625% due 02/15/26		7,000,000		7,241,172
1.625% due 05/15/26		8,000,000		8,264,375
1.625% due 09/30/26		10,000,000		10,302,930
1.750% due 11/15/29		10,000,000		10,120,703
2.000% due 11/30/22		6,000,000		6,186,094
2.250% due 02/15/27		2,000,000		2,124,726
2.375% due 05/15/29		5,000,000		5,314,551
2.500% due 02/28/26		7,400,000		7,969,597
2.625% due 02/15/29		7,000,000		7,573,262
2.875% due 08/15/28		1,250,000		1,375,220

				139,372,190

Total U.S. Treasury Obligations (Cost $169,238,562)				168,903,948


	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 0.3%

Mexico Government (Mexico) 2.659% due 05/24/31		$3,000,000		$2,836,740


Total Foreign Government Bonds & Notes (Cost $3,000,000)				2,836,740


	Shares
SHORT-TERM INVESTMENT - 4.0%

Money Market Fund - 4.0%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		46,420,777		46,420,777


Total Short-Term Investment (Cost $46,420,777)				46,420,777


TOTAL INVESTMENTS - 103.7% (Cost $1,200,486,442)				1,212,552,067

OTHER ASSETS & LIABILITIES, NET - (3.7%)				(42,727,929	)


NET ASSETS - 100.0%				$1,169,824,138

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	47.9%
Asset-Backed Securities	19.9%
Senior Loan Notes	15.1%
U.S. Treasury Obligations	14.4%
Short-Term Investment	4.0%
Others (each less than 3.0%)	2.4%

	103.7%
Other Assets & Liabilities, Net	(3.7%	)

	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)
TricorBraun Holdings Inc		$177,506		$176,161		($1,345	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-21

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$560,334,097		$—		$560,334,097		$—
	Senior Loan Notes		176,407,294		—		176,407,294		—
	Mortgage-Backed Securities		24,832,691		—		24,832,691		—
	Asset-Backed Securities		232,816,520		—		232,816,520		—
	U.S. Treasury Obligations		168,903,948		—		168,903,948		—
	Foreign Government Bonds & Notes		2,836,740		—		2,836,740		—
	Short-Term Investment		46,420,777		46,420,777		—		—
	Unfunded Loan Commitment		176,161		—		176,161		—

	Total		$1,212,728,228		$46,420,777		$1,166,307,451		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-22

PACIFIC FUNDS

PACIFIC FUNDS^{SM STRATEGIC INCOME}

Schedule of Investments

March 31, 2021


	Shares		Value
WARRANTS - 0.0%

Industrial - 0.0%

TNT Crane & Rigging Inc Exercise @ $31.17 Exp 10/16/25 * ±		7,188		$15,023


Total Warrants (Cost $374,715)				15,023


COMMON STOCKS - 2.6%

Basic Materials - 0.2%

Constellium SE *		120,738		1,774,849


Consumer, Cyclical - 0.7%

Beazer Homes USA Inc *		100,674		2,106,100
Cedar Fair LP *		21,677		1,076,914
Las Vegas Sands Corp *		25,986		1,578,909
Six Flags Entertainment Corp *		39,347		1,828,455

				6,590,378

Consumer, Non-Cyclical - 0.2%

HCA Healthcare Inc		11,238		2,116,565


Financial - 0.8%

Bank of America Corp		58,223		2,252,648
Citigroup Inc		28,183		2,050,313
The Goldman Sachs Group Inc		7,676		2,510,052
Wells Fargo & Co		40,688		1,589,680

				8,402,693

Industrial - 0.5%

Crown Holdings Inc		14,653		1,421,927
GFL Environmental Inc (Canada)		51,276		1,792,096
TNT Crane & Rigging Inc		4,054		55,404
Xylem Inc		17,839		1,876,306

				5,145,733

Utilities - 0.2%

Evoqua Water Technologies Corp *		78,150		2,055,345


Total Common Stocks (Cost $18,649,631)				26,085,563


EXCHANGE-TRADED FUNDS - 1.5%

iShares iBoxx High Yield Corporate Bond		85,426		7,447,438
SPDR Bloomberg Barclays High Yield Bond		77,175		8,396,640


Total Exchange-Traded Funds (Cost $15,132,384)				15,844,078


	Principal Amount

CORPORATE BONDS & NOTES - 65.3%

Basic Materials - 1.7%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,450,000		4,360,409
2.875% due 03/17/31 ~		3,000,000		2,973,924
Constellium SE 3.750% due 04/15/29 ~		1,000,000		957,330
Hecla Mining Co 7.250% due 02/15/28		1,575,000		1,691,156
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		1,800,000		1,802,250


	Principal Amount		Value
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		$2,785,000		$2,955,052
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		2,050,000		2,171,362

				16,911,483

Communications - 8.4%

Arches Buyer Inc 4.250% due 06/01/28 ~		3,175,000		3,175,238
AT&T Inc
2.250% due 02/01/32		2,475,000		2,357,423
2.750% due 06/01/31		2,000,000		1,994,606
3.650% due 09/15/59 ~		2,642,000		2,419,743
4.350% due 03/01/29		1,000,000		1,132,297
Avaya Inc 6.125% due 09/15/28 ~		3,275,000		3,482,766
Booking Holdings Inc 4.625% due 04/13/30		5,950,000		6,938,532
CCO Holdings LLC
4.250% due 02/01/31 ~		1,000,000		1,003,470
5.000% due 02/01/28 ~		1,825,000		1,932,036
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,926,097
3.750% due 02/15/28		1,500,000		1,626,707
3.900% due 06/01/52		5,000,000		4,809,084
4.200% due 03/15/28		2,750,000		3,033,069
5.050% due 03/30/29		1,500,000		1,725,811
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		200,000		198,175
CSC Holdings LLC
3.375% due 02/15/31 ~		1,000,000		943,750
4.625% due 12/01/30 ~		1,400,000		1,379,000
5.750% due 01/15/30 ~		200,000		210,900
6.500% due 02/01/29 ~		2,725,000		3,016,234
Diamond Sports Group LLC 12.750% due 12/01/26 ~		2,481,000		2,121,255
Frontier Communications Corp 5.000% due 05/01/28 ~		4,250,000		4,336,084
Level 3 Financing Inc 3.750% due 07/15/29 ~		350,000		342,965
LogMeIn Inc 5.500% due 09/01/27 ~		4,600,000		4,821,398
Lumen Technologies Inc 4.500% due 01/15/29 ~		3,800,000		3,713,265
Outfront Media Capital LLC
4.250% due 01/15/29 ~		1,000,000		963,970
6.250% due 06/15/25 ~		3,450,000		3,654,844
Sprint Capital Corp 8.750% due 03/15/32		1,000,000		1,479,750
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		25,000		25,227
T-Mobile USA Inc
2.625% due 02/15/29		175,000		170,151
2.875% due 02/15/31		75,000		72,581
3.375% due 04/15/29		1,125,000		1,135,547
3.500% due 04/15/31		375,000		378,281
3.875% due 04/15/30 ~		2,000,000		2,173,220
4.375% due 04/15/40 ~		4,400,000		4,893,064
Uber Technologies Inc
6.250% due 01/15/28 ~		675,000		736,054
7.500% due 05/15/25 ~		2,025,000		2,187,932
Verizon Communications Inc
2.550% due 03/21/31		5,000,000		4,999,835
3.700% due 03/22/61		4,000,000		3,960,651

				85,471,012

Consumer, Cyclical - 11.5%

Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		615,005		614,791
American Airlines Inc 5.750% due 04/20/29 ~		1,125,000		1,198,012


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-23

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		$1,844,427		$1,732,458
4.100% due 07/15/29		1,178,421		1,152,587
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,790,287		2,787,534
American Airlines Pass-Through Trust ‘B’
3.850% due 08/15/29		1,926,067		1,756,841
5.250% due 07/15/25		858,011		816,258
Ashton Woods USA LLC 6.625% due 01/15/28 ~		3,745,000		3,997,787
BCPE Ulysses Intermediate Inc 7.750% Cash or 8.500% PIK due 04/01/27 ~		700,000		727,562
Beazer Homes USA Inc
5.875% due 10/15/27		2,700,000		2,799,563
6.750% due 03/15/25		1,000,000		1,033,645
7.250% due 10/15/29		1,350,000		1,474,875
Boyd Gaming Corp 8.625% due 06/01/25 ~		1,300,000		1,447,225
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,685,538		2,684,757
Caesars Entertainment Inc 6.250% due 07/01/25 ~		500,000		533,635
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		3,800,000		3,819,000
Carvana Co
5.500% due 04/15/27 ~		375,000		377,906
5.625% due 10/01/25 ~		3,875,000		3,980,013
5.875% due 10/01/28 ~		675,000		692,719
Cedar Fair LP 5.250% due 07/15/29		5,500,000		5,662,690
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		2,250,000		2,128,826
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		1,575,000		1,603,382
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,856,274
Ford Motor Co
7.450% due 07/16/31		1,325,000		1,673,084
8.500% due 04/21/23		2,475,000		2,762,719
Ford Motor Credit Co LLC
3.375% due 11/13/25		400,000		407,300
4.000% due 11/13/30		400,000		397,296
4.125% due 08/17/27		1,000,000		1,033,750
General Motors Co
4.200% due 10/01/27		1,000,000		1,098,668
6.125% due 10/01/25		1,950,000		2,295,277
General Motors Financial Co Inc
3.200% due 07/06/21		1,550,000		1,556,783
4.375% due 09/25/21		1,500,000		1,527,917
5.100% due 01/17/24		1,000,000		1,106,445
Golden Nugget Inc 6.750% due 10/15/24 ~		5,375,000		5,441,758
Hyatt Hotels Corp 5.750% due 04/23/30		3,950,000		4,624,492
Kohl’s Corp 3.375% due 05/01/31		4,450,000		4,462,937
Las Vegas Sands Corp 3.500% due 08/18/26		3,450,000		3,599,823
Marriott International Inc 2.850% due 04/15/31		4,000,000		3,929,184
Meritage Homes Corp due 04/15/29 # ~		750,000		750,000
PetSmart Inc
4.750% due 02/15/28 ~		250,000		255,990
7.750% due 02/15/29 ~		4,150,000		4,497,355
PM General Purchaser LLC 9.500% due 10/01/28 ~		1,850,000		1,977,188


	Principal Amount		Value
Sands China Ltd (Macau) 4.375% due 06/18/30		$3,000,000		$3,180,870
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		500,000		544,350
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		500,000		518,750
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		150,000		162,469
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		3,500,000		3,664,062
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		3,544,500
Tesla Inc 5.300% due 08/15/25 ~		7,525,000		7,817,346
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		2,625,000		2,593,172
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,527,745		2,705,985
Viking Cruises Ltd
6.250% due 05/15/25 ~		3,200,000		3,180,336
7.000% due 02/15/29 ~		175,000		180,635
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		177,240

				117,546,021

Consumer, Non-Cyclical - 9.4%

Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		5,960,625
Albertsons Cos Inc
3.500% due 03/15/29 ~		1,575,000		1,500,802
5.875% due 02/15/28 ~		2,425,000		2,589,755
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		5,950,000		6,538,693
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		7,992,332
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		3,825,000		4,472,584
Avantor Funding Inc 4.625% due 07/15/28 ~		3,375,000		3,528,934
Bausch Health Americas Inc
8.500% due 01/31/27 ~		450,000		499,856
9.250% due 04/01/26 ~		1,500,000		1,663,950
Bausch Health Cos Inc
5.000% due 01/30/28 ~		800,000		811,000
5.000% due 02/15/29 ~		400,000		398,000
5.250% due 02/15/31 ~		200,000		199,419
6.125% due 04/15/25 ~		4,050,000		4,156,110
Catalent Pharma Solutions Inc 3.125% due 02/15/29 ~		750,000		720,937
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		575,000		576,627
4.000% due 03/15/31 ~		550,000		559,790
Cigna Corp 2.375% due 03/15/31		4,100,000		4,036,263
Community Health Systems Inc
4.750% due 02/15/31 ~		765,000		748,285
5.625% due 03/15/27 ~		325,000		340,844
6.625% due 02/15/25 ~		3,775,000		3,992,081
6.875% due 04/15/29 ~		75,000		78,609
CoStar Group Inc 2.800% due 07/15/30 ~		3,600,000		3,525,418
DaVita Inc 4.625% due 06/01/30 ~		2,750,000		2,805,302
HCA Inc
5.125% due 06/15/39		3,200,000		3,850,284
5.625% due 09/01/28		200,000		230,355
Kraft Heinz Foods Co
4.250% due 03/01/31		500,000		551,128
5.000% due 07/15/35		2,475,000		2,852,973
5.200% due 07/15/45		3,975,000		4,607,210


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-24

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		$3,700,000		$3,612,125
Pilgrim’s Pride Corp due 04/15/31 # ~		1,850,000		1,845,338
Select Medical Corp 6.250% due 08/15/26 ~		3,150,000		3,352,545
Sysco Corp 6.600% due 04/01/50		2,950,000		4,270,703
Tenet Healthcare Corp 6.125% due 10/01/28 ~		2,675,000		2,795,375
Tms International Holding Corp 7.250% due 08/15/25 ~		6,417,000		6,561,383
Viatris Inc 2.700% due 06/22/30 ~		4,450,000		4,399,638

				96,625,273

Energy - 8.1%

Antero Midstream Partners LP
5.750% due 03/01/27 ~		2,650,000		2,655,552
7.875% due 05/15/26 ~		800,000		861,916
Antero Resources Corp
7.625% due 02/01/29 ~		1,350,000		1,440,281
8.375% due 07/15/26 ~		725,000		800,672
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		2,060,792
6.875% due 04/01/27 ~		1,325,000		1,384,625
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		3,125,000		3,577,412
Cheniere Energy Partners LP 4.000% due 03/01/31 ~		1,150,000		1,171,562
Chesapeake Energy Corp 5.875% due 02/01/29 ~		4,275,000		4,539,516
Comstock Resources Inc
6.750% due 03/01/29 ~		400,000		410,750
9.750% due 08/15/26		1,085,000		1,181,294
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,198,923
6.625% due 07/15/25 ~		350,000		374,605
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		1,041,607
3.750% due 05/15/30		1,000,000		1,032,131
4.050% due 03/15/25		1,200,000		1,297,486
4.750% due 01/15/26		1,700,000		1,888,754
5.800% due 06/15/38		3,000,000		3,409,725
6.250% due 02/15/23		3,650,000		2,984,605
Enterprise Products Operating LLC 5.375% due 02/15/78		3,000,000		3,012,260
EQM Midstream Partners LP
4.750% due 01/15/31 ~		1,350,000		1,311,187
5.500% due 07/15/28		1,250,000		1,314,838
6.000% due 07/01/25 ~		500,000		538,750
6.500% due 07/01/27 ~		1,750,000		1,905,164
Genesis Energy LP 7.750% due 02/01/28		2,750,000		2,754,263
Global Partners LP 7.000% due 08/01/27		2,275,000		2,404,391
MPLX LP
2.650% due 08/15/30		2,225,000		2,183,092
4.800% due 02/15/29		1,350,000		1,549,027
6.875% due 02/15/23		450,000		452,250
New Fortress Energy Inc due 09/30/26 # ~		1,850,000		1,868,500
Occidental Petroleum Corp
2.900% due 08/15/24		4,875,000		4,827,664
5.500% due 12/01/25		325,000		344,175
6.125% due 01/01/31		325,000		359,474
6.625% due 09/01/30		700,000		787,710
8.000% due 07/15/25		800,000		919,844
8.500% due 07/15/27		1,175,000		1,394,578
8.875% due 07/15/30		1,500,000		1,893,750


	Principal Amount		Value
Range Resources Corp
8.250% due 01/15/29 ~		$1,450,000		$1,554,219
9.250% due 02/01/26		1,800,000		1,957,986
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,117,386
Sunoco Logistics Partners Operations LP 4.000% due 10/01/27		1,200,000		1,291,244
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		3,100,000		3,069,000
Targa Resources Partners LP
4.000% due 01/15/32 ~		350,000		329,619
4.875% due 02/01/31 ~		875,000		887,906
5.000% due 01/15/28		650,000		678,031
5.375% due 02/01/27		200,000		207,876
5.875% due 04/15/26		1,500,000		1,573,125
6.500% due 07/15/27		500,000		544,590
Vine Energy Holdings LLC due 04/15/29 # ~		2,975,000		2,975,000

				83,319,107

Financial - 10.7%

AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,918,618
4.450% due 10/01/25		2,000,000		2,174,498
4.625% due 10/15/27		1,000,000		1,098,170
Air Lease Corp
3.125% due 12/01/30		2,000,000		1,996,548
3.750% due 06/01/26		1,500,000		1,604,813
4.250% due 09/15/24		1,000,000		1,093,433
4.650% due 06/15/26		2,750,000		2,722,500
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		1,028,834
6.150% due 04/03/30		4,925,000		6,014,090
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		450,000		430,628
3.250% due 02/15/27 ~		3,200,000		3,179,668
Bank of America Corp
1.922% due 10/24/31		1,000,000		941,878
2.592% due 04/29/31		2,000,000		1,998,231
2.651% due 03/11/32		5,000,000		5,017,123
Barclays PLC (United Kingdom) 6.125% due 12/15/25		3,000,000		3,279,750
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		4,244,120
Citigroup Inc
3.668% due 07/24/28		1,000,000		1,094,242
3.980% due 03/20/30		3,000,000		3,324,600
4.075% due 04/23/29		3,000,000		3,339,564
CNO Financial Group Inc 5.250% due 05/30/29		3,100,000		3,584,274
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		3,028,399
5.300% due 01/15/29		5,000,000		5,619,275
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		4,800,000		4,766,459
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		272,209
4.875% due 09/15/29 ~		4,175,000		4,231,154
5.000% due 07/15/28 ~		500,000		511,880
5.250% due 03/15/28 ~		575,000		598,359
5.250% due 07/15/30 ~		1,000,000		1,033,050
JPMorgan Chase & Co
2.522% due 04/22/31		1,950,000		1,947,459
4.005% due 04/23/29		2,000,000		2,232,434
4.125% due 12/15/26		2,725,000		3,071,384
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		3,567,509
Morgan Stanley
3.591% due 07/22/28		1,000,000		1,091,113
5.000% due 11/24/25		3,150,000		3,624,041


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-25

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
OneMain Finance Corp
4.000% due 09/15/30		$800,000		$779,000
5.375% due 11/15/29		2,775,000		2,958,844
7.125% due 03/15/26		3,425,000		3,954,522
Standard Chartered PLC (United Kingdom)
1.456% due 01/14/27 ~		1,950,000		1,905,610
4.750% due 01/14/31 ~		4,000,000		3,988,500
The Goldman Sachs Group Inc 2.600% due 02/07/30		2,500,000		2,532,346
VICI Properties LP REIT
3.750% due 02/15/27 ~		1,050,000		1,051,806
4.625% due 12/01/29 ~		3,000,000		3,117,150
Wells Fargo & Co
2.393% due 06/02/28		2,500,000		2,563,699
3.900% due 03/15/26		1,300,000		1,313,682

				109,845,466

Industrial - 10.9%

Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,185,683
3.550% due 10/01/27		650,000		696,041
Apex Tool Group LLC 9.000% due 02/15/23 ~		2,425,000		2,434,094
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		5,300,000		5,571,625
Ardagh Packaging Finance PLC (Ireland) 5.250% due 08/15/27 ~		1,629,000		1,663,339
BWX Technologies Inc due 04/15/29 # ~		1,850,000		1,877,750
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		6,050,000		6,257,969
Carrier Global Corp 2.722% due 02/15/30		4,450,000		4,495,614
Dycom Industries Inc due 04/15/29 # ~		750,000		753,750
Flowserve Corp 3.500% due 10/01/30		3,550,000		3,615,069
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		1,025,000		995,531
3.750% due 08/01/25 ~		750,000		762,656
4.000% due 08/01/28 ~		375,000		363,516
Granite US Holdings Corp 11.000% due 10/01/27 ~		1,975,000		2,231,750
Hillenbrand Inc 3.750% due 03/01/31		3,875,000		3,798,624
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		2,235,781
Masco Corp 7.750% due 08/01/29		4,110,000		5,462,990
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,875,000		1,903,125
7.250% due 04/15/25 ~		6,200,000		6,207,750
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,813,058
PowerTeam Services LLC 9.033% due 12/04/25 ~		2,750,000		3,038,750
Standard Industries Inc
4.750% due 01/15/28 ~		4,443,000		4,611,168
5.000% due 02/15/27 ~		1,500,000		1,566,563
Teledyne Technologies Inc 2.250% due 04/01/28		7,000,000		6,970,741
Textron Inc 3.000% due 06/01/30		3,700,000		3,765,513
The Boeing Co
5.040% due 05/01/27		4,700,000		5,362,478
5.930% due 05/01/60		2,925,000		3,763,022
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,534,874


	Principal Amount		Value
TransDigm Inc
4.625% due 01/15/29 ~		$675,000		$666,427
5.500% due 11/15/27		675,000		699,725
TransDigm UK Holdings PLC 6.875% due 05/15/26		3,500,000		3,694,688
TriMas Corp 4.125% due 04/15/29 ~		2,225,000		2,227,781
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		1,400,000		1,507,975
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,400,000		1,468,250
Vontier Corp 2.950% due 04/01/31 ~		4,500,000		4,401,450
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,698,745

				111,303,865

Technology - 3.0%

Broadcom Inc
4.150% due 11/15/30		3,950,000		4,268,462
4.250% due 04/15/26		2,700,000		2,998,136
Dell International LLC
4.900% due 10/01/26 ~		1,700,000		1,929,552
6.200% due 07/15/30 ~		2,950,000		3,666,972
8.100% due 07/15/36 ~		1,000,000		1,466,867
Oracle Corp
2.300% due 03/25/28		1,500,000		1,519,583
3.650% due 03/25/41		6,000,000		6,080,040
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		4,700,000		4,529,155
Synaptics Inc 4.000% due 06/15/29 ~		375,000		373,050
Twilio Inc
3.625% due 03/15/29		750,000		761,122
3.875% due 03/15/31		2,750,000		2,815,615

				30,408,554

Utilities - 1.6%

Pacific Gas and Electric Co
3.300% due 12/01/27		1,000,000		1,045,851
3.500% due 08/01/50		3,425,000		2,982,422
PG&E Corp
5.000% due 07/01/28		500,000		528,900
5.250% due 07/01/30		500,000		530,625
Pike Corp 5.500% due 09/01/28 ~		4,050,000		4,131,000
Vistra Operations Co LLC
4.300% due 07/15/29 ~		6,000,000		6,346,354
5.625% due 02/15/27 ~		850,000		884,714

				16,449,866

Total Corporate Bonds & Notes (Cost $645,517,396)				667,880,647


SENIOR LOAN NOTES - 21.9%

Communications - 1.7%

Clear Channel Outdoor Holdings Inc Term B 3.712% (USD LIBOR + 3.500%) due 08/21/26 §		6,664,921		6,420,345
CommScope Inc Term B-2 3.359% (USD LIBOR + 3.250%) due 04/04/26 §		3,447,500		3,431,700
Uber Technologies Inc Term B due 02/25/27 ¥		2,493,590		2,486,244
3.618% (USD LIBOR + 3.500%) due 04/04/25 §		4,737,821		4,723,015

				17,061,304


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-26

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Consumer, Cyclical - 4.9%

Caesars Resort Collection LLC Term B 2.859% (USD LIBOR + 2.750%) due 12/22/24 §		$6,303,409		$6,212,798
ClubCorp Holdings Inc Term B 2.953% (USD LIBOR + 2.750%) due 09/18/24 §		4,362,930		4,112,061
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 §		6,967,856		6,956,973
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		3,241,875		3,247,279
LBM Acquisition LLC
due 12/17/27 ¥		727,273		725,000
Term B 4.500% (USD LIBOR + 3.750%) due 12/17/27 §		3,272,727		3,262,500
Motion Finco LLC Term B (United Kingdom) 3.453% (USD LIBOR + 3.250%) due 11/04/26 §		2,985,019		2,891,737
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		7,684,665		7,572,600
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		3,500,000		3,820,834
SRS Distribution Inc Term B 3.109% (USD LIBOR + 3.000%) due 05/24/25 §		6,385,740		6,304,775
Tacala Investment Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/05/27 §		3,889,798		3,868,727
(2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		1,500,000		1,503,750

				50,479,034

Consumer, Non-Cyclical - 3.3%

Bausch Health Americas Inc Term B 3.109% (USD LIBOR + 3.000%) due 06/01/25 §		1,885,646		1,881,475
Garda World Security Corp Term B (Canada) 4.250% (USD LIBOR + 4.250%) due 10/30/26 §		2,404,729		2,408,738
LifePoint Health Inc Term B 3.865% (USD LIBOR + 3.750%) due 11/16/25 §		4,458,381		4,454,199
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.359% - 3.394% (USD LIBOR + 3.250%) due 06/30/25 §		3,487,971		3,486,607
Pathway Vet Alliance LLC 3.859% (USD LIBOR + 3.750%) due 03/31/27 §		5,979,610		5,961,994
PetVet Care Centers LLC
2.859% (USD LIBOR + 2.750%) due 02/14/25 §		2,961,838		2,927,128
Term B 3.359% (USD LIBOR + 3.250%) due 02/14/25 §		2,984,694		2,949,716
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		4,000,000		3,987,812
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		5,714,943		5,719,024

				33,776,693


	Principal Amount		Value
Energy - 0.5%

Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		$4,788,494		$4,766,548


Financial - 1.6%

AssuredPartners Inc Term B 3.609% (USD LIBOR + 3.500%) due 02/13/27 §		5,431,250		5,377,785
NFP Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/13/27 §		4,702,500		4,637,352
USI Inc Term B 3.202% (USD LIBOR + 3.000%) due 05/16/24 §		6,338,234		6,273,153

				16,288,290

Industrial - 6.3%

Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		3,859,649		3,805,676
Dynasty Acquisition Co Inc 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		3,765,098		3,655,281
Engineered Machinery Holdings Inc 4.000% (USD LIBOR + 3.000%) due 07/19/24 §		3,825,574		3,816,695
Filtration Group Corp Term B 3.109% (USD LIBOR + 3.000%) due 03/29/25 §		5,968,010		5,893,410
Flex Acquisition Co Inc Term B 3.488% (USD LIBOR + 3.250%) due 06/29/25 §		967,064		952,472
4.000% (USD LIBOR + 3.500%) due 03/02/28 §		3,584,956		3,547,425
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		2,577,253		2,581,394
Mauser Packaging Solutions Holding Co Term B 3.443% (USD LIBOR + 3.250%) due 04/03/24 §		3,131,743		3,066,872
Pactiv Evergreen Group Holdings Inc Term B-1 2.859% (USD LIBOR + 2.750%) due 02/05/23 §		4,191,410		4,184,532
Pregis TopCo LLC
5.000% (USD LIBOR + 4.250%) due 08/01/26 ± §		1,000,000		1,002,500
Term B 3.859% (USD LIBOR + 3.750%) due 08/01/26 §		2,984,887		2,968,097
Proampac PG Borrower LLC Term B 5.000% (USD LIBOR + 4.000%) due 11/03/25 §		5,500,000		5,502,750
Standard Aero Ltd 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		2,024,246		1,965,205
The Hillman Group Inc Term B 4.109% (USD LIBOR + 4.000%) due 05/31/25 §		3,979,540		3,983,447
Titan Acquisition Ltd Term B (Canada) 3.267% (USD LIBOR + 3.000%) due 03/28/25 §		3,904,560		3,833,790
TransDigm Inc
Term E 2.359% (USD LIBOR + 2.250%) due 05/30/25 §		2,468,750		2,421,338


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-27

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Term G 2.359% (USD LIBOR + 2.250%) due 08/22/24 §		$2,775,681		$2,728,842
Term F 2.359% (USD LIBOR + 2.250%) due 12/09/25 §		953,054		934,427
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		4,112,471		4,081,306
USIC Holdings Inc 4.000% (USD LIBOR + 3.000%) due 12/09/23 §		2,987,441		2,979,351

				63,904,810

Technology - 3.2%

Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		8,483,252		8,466,023
Bright Bidco BV Term B (Netherlands) due 06/30/24 ¥		3,979,330		3,057,689
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		4,986,392		4,894,193
Peraton Corp Term B due 02/01/28 ¥		1,275,338		1,275,870
4.500% (USD LIBOR + 3.750%) due 02/01/28 §		724,662		724,964
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		5,000,000		4,966,875
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		5,816,437		5,821,527
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		3,980,025		3,982,823

				33,189,964

Utilities - 0.4%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		4,218,125		4,220,761


Total Senior Loan Notes (Cost $223,411,129)				223,687,404


ASSET-BACKED SECURITIES - 2.5%

Apidos CLO (Cayman) 1.823% (USD LIBOR + 1.600%) due 10/18/31 ~ §		2,400,000		2,406,004
Dryden CLO Ltd (Cayman)
1.500% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,500,000
1.623% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,585,710
1.723% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,501,160
1.850% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,500,000
2.023% (USD LIBOR + 1.800%) due 07/17/31 ~ §		1,500,000		1,498,537
2.141% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		247,404
Dryden Senior Loan Fund (Cayman) 1.974% (USD LIBOR + 1.750%) due 07/20/29 ~ §		1,200,000		1,200,176


	Principal Amount		Value
Madison Park Funding Ltd (Cayman)
1.841% (USD LIBOR + 1.600%) due 07/15/30 ~ §		$2,000,000		$2,001,903
1.973% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,652,048
2.091% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,000,000		999,530
Palmer Square Loan Funding Ltd (Cayman)
1.532% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		1,990,469
2.082% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		1,001,002
3.468% (USD LIBOR + 3.250%) due 10/24/27 ~ §		2,250,000		2,258,253
Regatta Funding Ltd (Cayman) 6.191% (USD LIBOR + 5.950%) due 07/15/31 ~ §		2,500,000		2,350,168


Total Asset-Backed Securities (Cost $25,800,000)				25,692,364


	Shares
SHORT-TERM INVESTMENT - 5.8%

Money Market Fund - 5.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		59,257,909		59,257,909


Total Short-Term Investment (Cost $59,257,909)				59,257,909


TOTAL INVESTMENTS - 99.6% (Cost $988,143,164)				1,018,462,988

OTHER ASSETS & LIABILITIES, NET - 0.4%				4,249,535


NET ASSETS - 100.0%				$1,022,712,523

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes			65.3%
Senior Loan Notes			21.9%
Short-Term Investment			5.8%
Others (each less than 3.0%)			6.6%

			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)
TricorBraun Holdings Inc		$888,413		$880,803		($7,610	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-28

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$15,023		$—		$—		$15,023
	Common Stocks
	Basic Materials		1,774,849		1,774,849		—		—
	Consumer, Cyclical		6,590,378		6,590,378		—		—
	Consumer, Non-Cyclical		2,116,565		2,116,565		—		—
	Financial		8,402,693		8,402,693		—		—
	Industrial		5,145,733		5,090,329		55,404		—
	Utilities		2,055,345		2,055,345		—		—

	Total Common Stocks		26,085,563		26,030,159		55,404		—

	Exchange-Traded Funds		15,844,078		15,844,078		—		—
	Corporate Bonds & Notes		667,880,647		—		667,880,647		—
	Senior Loan Notes		223,687,404		—		222,684,904		1,002,500
	Asset-Backed Securities		25,692,364		—		25,692,364		—
	Short-Term Investment		59,257,909		59,257,909		—		—
	Unfunded Loan Commitment		880,803		—		880,803		—

	Total		$1,019,343,791		$101,132,146		$917,194,122		$1,017,523

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended March 31, 2021:


	Warrants			Senior Loan Notes and Unfunded Loan Commitment			Total
Value, Beginning of Year		$—			$27,304,580			$27,304,580
Purchases		374,715			3,290,663			3,665,378
Sales (Includes Paydowns)		—			(18,046,509	)		(18,046,509	)
Accrued Discounts (Premiums)		—			83,566			83,566
Net Realized Gains (Losses)		—			(928,665	)		(928,665	)
Change in Net Unrealized Appreciation (Depreciation)		(359,692	)		6,004,624			5,644,932
Transfers In		—			—			—
Transfers Out		—			(16,705,759	)		(16,705,759	)

Value, End of Year		$15,023			$1,002,500			$1,017,523

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		($359,692	)		($1,120	)		($360,812	)

The table below shows transfers to/from Level 3:

Amount
Transferred

Level Transfer

Change in Fair Valuation Measurement Inputs

From

16,705,759

Unobservable Single Broker Quote

Vendor Price (Observable inputs)

All significant unobservable inputs were provided by a single broker quote, or priced at cost.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-29

PACIFIC FUNDS

PACIFIC FUNDS^SMFLOATING RATE INCOME

Schedule of Investments

March 31, 2021


	Shares		Value
EXCHANGE-TRADED FUNDS - 2.3%

Invesco Senior Loan		799,733		$17,698,092
iShares iBoxx High Yield Corporate Bond		53,740		4,685,053
SPDR Blackstone		513,200		23,473,768


Total Exchange-Traded Funds (Cost $43,291,153)				45,856,913


	Principal Amount
CORPORATE BONDS & NOTES - 2.7%

Communications - 0.4%

CommScope Inc 5.500% due 03/01/24 ~		$7,145,000		7,378,034


Consumer, Cyclical - 1.5%

American Airlines Inc 11.750% due 07/15/25 ~		7,418,000		9,185,264
Carnival Corp 9.875% due 08/01/27 ~		5,918,000		6,975,192
eG Global Finance PLC (United Kingdom)
6.750% due 02/07/25 ~		11,909,000		12,194,816
8.500% due 10/30/25 ~		2,000,000		2,134,440

				30,489,712


Industrial - 0.8%

TransDigm Inc 6.250% due 03/15/26 ~		15,176,000		16,108,641


Total Corporate Bonds & Notes (Cost $53,069,834)				53,976,387


SENIOR LOAN NOTES - 92.4%

Basic Materials - 4.1%

Aruba Investments Holdings LLC Term B 4.750% (USD LIBOR + 4.000%) due 11/24/27 ± §		4,250,000		4,265,937
ASP Unifrax Holdings Inc Term B 3.953% (USD LIBOR + 3.750%) due 12/14/25 § ¥		15,401,200		14,656,814
Diamond BC BV 3.109% (USD LIBOR + 3.000%) due 09/06/24 §		10,180,026		10,143,439
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		11,500,000		11,474,125
Schweitzer-Mauduit International Inc due 02/09/28 ± ¥		6,500,000		6,483,750
Solenis Holdings LLC 4.190% (USD LIBOR + 4.000%) due 06/26/25 §		7,151,363		7,140,193
SPA US HoldCo Inc Term B due 03/18/28 ¥		14,750,000		14,793,026
US Silica Co Term B 5.000% (USD LIBOR + 4.000%) due 05/01/25 §		9,270,557		8,954,366
Zep Inc Term B 5.000% (USD LIBOR + 4.000%) due 08/11/24 §		5,267,097		5,233,082

				83,144,732


	Principal Amount		Value
Communications - 6.7%

Arches Buyer Inc 3.750% (USD LIBOR + 3.250%) due 12/06/27 § ¥	$	10,224,375	$	10,175,380
Clear Channel Outdoor Holdings Inc Term B 3.712% (USD LIBOR + 3.500%) due 08/21/26 §		20,536,926		19,783,303
CNT Holdings I Corp Term B
4.500% (USD LIBOR + 3.750%) due 11/08/27 §		7,500,000		7,490,625
(2nd Lien)
7.500% (USD LIBOR + 6.750%) due 11/06/28 ± §		13,463,111		13,665,058
CommScope Inc Term B-2 3.359% (USD LIBOR + 3.250%) due 04/04/26 §		1,902,598		1,893,879
CSC Holdings LLC Term B-5 2.606% (USD LIBOR + 2.500%) due 04/15/27 §		9,692,668		9,598,338
Endurance International Group Holdings Inc Term B 4.250% (USD LIBOR + 3.500%) due 02/10/28 §		9,000,000		8,975,628
MH Sub I LLC 4.750% (USD LIBOR + 3.750%) due 09/15/24 §		9,456,131		9,394,817
MTN Infrastructure TopCo Inc Term B
4.000% (USD LIBOR + 3.000%) due 11/17/24 §		3,969,309		3,966,416
5.000% (USD LIBOR + 4.000%) due 11/17/24 §		7,698,094		7,722,150
Pug LLC
Term B
3.609% (USD LIBOR + 3.500%) due 02/13/27 §		6,873,557		6,658,759
Term B-1
8.750% (USD LIBOR + 8.000%) due 02/13/27 ± §		2,487,500		2,568,344
Radiate Holdco LLC Term B 4.250% (USD LIBOR + 3.500%) due 09/25/26 §		9,226,875		9,231,073
Uber Technologies Inc Term B 3.609% (USD LIBOR + 3.500%) due 04/04/25 §		22,941,026		22,869,335

				133,993,105

Consumer, Cyclical - 14.4%

Alterra Mountain Co Term B 5.500% (USD LIBOR + 4.500%) due 08/01/26 §		13,642,312		13,701,997
American Airlines Inc due 03/24/28 ¥		7,375,000		7,556,086
BCPE Empire Holdings Inc 5.000% (USD LIBOR + 4.250%) due 06/12/26 ± §		7,264,000		7,273,080
Carnival Corp Term B 8.500% (USD LIBOR + 7.500%) due 06/30/25 §		10,549,355		10,918,582
ClubCorp Holdings Inc Term B 2.953% (USD LIBOR + 2.750%) due 09/18/24 §		11,130,137		10,490,154
Core & Main LP Term B 3.750% (USD LIBOR + 2.750%) due 08/01/24 § ¥		27,422,590		27,379,756
Curium Bidco SARL Term B (Luxembourg)
3.953% (USD LIBOR + 3.750%) due 07/11/26 ± §		4,144,400		4,118,497
5.000% (USD LIBOR + 4.250%) due 09/10/27 ± §		3,588,750		3,593,236


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-30

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Diamond Resorts International Inc Term B due 09/02/23 ¥	$	20,394,737	$	20,420,230
FCG Acquisitions Inc (2nd Lien) due 03/17/29 ± ¥		6,750,000		6,783,750
First Brands Group LLC Term B 6.000% (USD LIBOR + 5.000%) due 03/24/27 §		10,750,000		10,692,896
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		10,075,042		9,939,029
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 § ¥		25,685,625		25,728,443
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		9,726,875		9,732,351
Jo-Ann Stores LLC Term B 6.000% (USD LIBOR + 5.000%) due 10/16/23 § ¥		10,000,000		9,975,000
K-Mac Holdings Corp (2nd Lien) 6.859% (USD LIBOR + 6.750%) due 03/16/26 §		6,947,833		6,913,094
Motion Finco LLC Term B (United Kingdom) 3.453% (USD LIBOR + 3.250%) due 11/04/26 §		9,640,865		9,339,588
New Trojan Parent Inc (2nd Lien) 7.750% (USD LIBOR + 7.250%) due 01/06/29 ± §		3,000,000		3,000,000
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		14,738,000		14,731,854
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 §		9,473,470		9,117,561
Protective Industrial Products Inc Term B 4.750% (USD LIBOR + 4.000%) due 01/06/28 §		9,000,000		8,988,750
Samsonite IP Holdings SARL
Term B
due 04/25/25 ¥		2,565,857		2,525,232
Term B-2
5.500% (USD LIBOR + 4.500%) due 04/25/25 § ¥		16,211,683		16,363,668
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		10,329,007		10,178,379
SRS Distribution Inc Term B
3.109% (USD LIBOR + 3.000%) due 05/24/25 §		19,801,831		19,550,764
4.359% (USD LIBOR + 4.250%) due 05/24/25 §		9,642,717		9,628,658

				288,640,635

Consumer, Non-Cyclical - 22.1%

Aldevron LLC
(2nd Lien)
7.647% (USD LIBOR + 7.500%) due 10/11/27 ± §		3,575,000		3,592,875
Term B
4.250% (USD LIBOR + 3.250%) due 10/11/26 §		6,456,121		6,460,157
Allied Universal Holdco LLC 4.359% (USD LIBOR + 4.250%) due 07/12/26 §		19,019,390		18,992,041
Alphabet Holding Co Inc
3.609% (USD LIBOR + 3.500%) due 09/28/24 § ¥		2,573,961		2,559,944
(2nd Lien)
7.859% (USD LIBOR + 7.750%) due 08/15/25 § ¥		24,090,401		24,200,807


	Principal Amount		Value
American Residential Services LLC Term B 4.250% (USD LIBOR + 3.500%) due 10/15/27 §	$	5,985,000	$	5,985,000
ATI Holdings Acquisition Inc Term B 3.703% (USD LIBOR + 3.500%) due 05/10/23 § ¥		12,310,504		12,314,345
Bausch Health Americas Inc Term B
2.859% (USD LIBOR + 2.750%) due 11/27/25 §		5,344,995		5,323,412
3.109% (USD LIBOR + 3.000%) due 06/01/25 §		16,598,008		16,561,293
City Brewing Co LLC Term B due 04/01/28 ¥		4,500,000		4,477,500
Da Vinci Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 §		14,329,050		14,355,917
Envision Healthcare Corp Term B 3.859% (USD LIBOR + 3.750%) due 10/10/25 §		3,215,112		2,778,841
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 § ¥		27,181,875		27,113,920
Garda World Security Corp Term B (Canada) 4.250% (USD LIBOR + 4.250%) due 10/30/26 § ¥		8,088,317		8,101,800
Heartland Dental LLC
3.609% (USD LIBOR + 3.500%) due 04/30/25 § ¥		19,969,361		19,683,680
Term B
4.609% (USD LIBOR + 4.500%) due 04/30/25 §		896,808		890,081
H-Food Holdings LLC
3.796% (USD LIBOR + 3.688%) due 05/31/25 §		981,061		973,907
Term B-2
4.115% (USD LIBOR + 4.000%) due 05/31/25 §		5,880,691		5,859,556
Term B-3
6.000% (USD LIBOR + 5.000%) due 05/31/25 §		868,438		871,694
Kronos Acquisition Holdings Inc Term B (Canada) 4.250% (USD LIBOR + 3.750%) due 12/22/26 §		3,241,875		3,200,000
Mallinckrodt International Finance SA Term B 5.500% (USD LIBOR + 4.750%) due 09/24/24 § ¥ Y		9,737,207		9,627,663
Mavis Tire Express Services Corp
3.359% (USD LIBOR + 3.250%) due 03/20/25 §		5,752,082		5,744,293
5.000% (USD LIBOR + 4.000%) due 03/20/25 § ¥		20,470,651		20,486,639
Mister Car Wash Holdings Inc 3.358% (USD LIBOR + 3.250%) due 05/14/26 §		8,793,518		8,720,971
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.359% (USD LIBOR + 3.250%) due 06/30/25 § ¥		5,181,887		5,179,861
PAREXEL International Corp Term B 2.859% (USD LIBOR + 2.750%) due 09/27/24 §		6,730,258		6,658,224
Pathway Vet Alliance LLC 3.859% (USD LIBOR + 3.750%) due 03/31/27 §		20,329,722		20,269,831


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-31

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
PetVet Care Centers LLC
(2nd Lien)
6.359% (USD LIBOR + 6.250%) due 02/15/26 §	$	13,482,801	$	13,474,374
Term B
3.359% (USD LIBOR + 3.250%) due 02/14/25 §		7,154,973		7,071,124
Term B-3
4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		15,663,804		15,649,111
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		18,444,197		18,387,997
Precision Medicine Group LLC
due 11/20/27 ¥		103,448		103,039
Term B
3.750% (USD LIBOR + 3.000%) due 11/20/27 § ¥		19,980,861		19,901,777
Shearer’s Foods, LLC Term B 4.250% (USD LIBOR + 3.500%) due 09/30/25 §		5,598,984		5,599,567
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/01/28 §		20,250,000		20,108,250
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 § ¥		35,060,566		35,085,599
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		14,315,699		13,359,611
Verscend Holding Corp Term B due 08/27/25 ± ¥		9,475,703		9,475,703
Vetcor Professional Practices LLC 3.199% (USD LIBOR + 3.000%) due 07/02/25 ± §		16,059,804		15,959,430
Wand NewCo 3 Inc Term B-1 3.109% (USD LIBOR + 3.000%) due 02/05/26 §		8,583,055		8,489,174

				443,649,008

Energy - 1.7%

BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 § ¥		5,481,830		5,298,189
Brazos Delaware II LLC Term B 4.111% (USD LIBOR + 4.000%) due 05/29/25 § ¥		7,466,241		6,980,935
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 § ¥		14,877,100		14,808,918
Win Waste Innovations Holdings Inc 3.250% (USD LIBOR + 2.750%) due 03/25/28 §		6,500,000		6,482,398

				33,570,440

Financial - 7.3%

Acrisure LLC Term B 3.703% (USD LIBOR + 3.500%) due 02/15/27 §		10,237,389		10,132,456
Alliant Holdings Intermediate LLC Term B 3.359% (USD LIBOR + 3.250%) due 05/10/25 §		10,533,184		10,411,031
AssuredPartners Inc Term B
3.609% (USD LIBOR + 3.500%) due 02/13/27 § ¥		9,281,145		9,189,781
5.500% (USD LIBOR + 4.500%) due 02/13/27 §		3,217,500		3,229,900


	Principal Amount		Value
Broadstreet Partners Inc Term B 4.750% (USD LIBOR + 3.750%) due 01/27/27 § ¥	$	18,759,295	$	18,796,814
Brookfield Retail Holdings VII Sub 3 LLC Term A-2 3.109% (USD LIBOR + 3.000%) due 08/24/23 §		14,375,000		14,060,547
Deerfield Dakota Holding LLC
(2nd Lien)
9.000% (USD LIBOR + 8.000%) due 04/14/28 ± §		14,668,233		14,961,598
Term B
4.750% (USD LIBOR + 3.750%) due 04/09/27 § ¥		15,314,726		15,353,012
HUB International Ltd
Term B
2.965% (USD LIBOR + 2.750%) due 04/25/25 §		7,609,518		7,511,340
Term B-3
4.000% (USD LIBOR + 3.250%) due 04/25/25 §		11,588,145		11,602,074
OneDigital Borrower LLC Term B 5.250% (USD LIBOR + 4.500%) due 11/16/27 §		12,059,570		12,079,674
Ryan Specialty Group LLC Term B due 09/01/27 ¥		6,930,088		6,941,626
USI Inc Term B 3.203% (USD LIBOR + 3.000%) due 05/16/24 §		11,886,706		11,764,653

				146,034,506

Industrial - 15.9%

Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		6,591,594		6,499,417
Charter NEX US Inc 5.000% (USD LIBOR + 4.250%) due 12/01/27 §		10,500,000		10,531,993
Dynasty Acquisition Co Inc 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		12,275,823		11,917,774
Engineered Machinery Holdings Inc
4.000% (USD LIBOR + 3.000%) due 07/19/24 §		11,131,579		11,105,743
5.250% (USD LIBOR + 4.250%) due 07/19/24 §		4,823,221		4,826,236
Filtration Group Corp Term B
3.109% (USD LIBOR + 3.000%) due 03/29/25 §		7,619,118		7,523,879
4.500% (USD LIBOR + 3.750%) due 03/29/25 §		8,084,375		8,098,523
Gates Global LLC Term B-3 3.500% (USD LIBOR + 2.750%) due 03/31/27 §		12,575,006		12,559,941
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		7,607,714		7,619,940
Graham Packaging Co Inc 3.750% (USD LIBOR + 3.000%) due 08/04/27 §		18,736,017		18,650,150
Granite US Holdings Corp Term B 4.203% (USD LIBOR + 4.000%) due 09/30/26 ± §		10,150,860		10,138,171
Icebox Holdings Inc Term B 4.250% (USD LIBOR + 3.250%) due 12/17/24 §		8,969,127		8,966,328
Kloeckner Pentaplast of America Inc Term B (Luxembourg) due 02/09/26 ¥		15,875,000		15,855,156


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-32

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
LTI Holdings Inc
4.859% (USD LIBOR + 4.750%) due 07/24/26 § ¥	$	3,783,173	$	3,754,799
Term B
3.609% (USD LIBOR + 3.500%) due 09/06/25 § ¥		12,587,617		12,420,441
Mauser Packaging Solutions Holding Co Term B 3.443% (USD LIBOR + 3.250%) due 04/03/24 §		18,692,489		18,305,293
Pregis TopCo LLC
5.000% (USD LIBOR + 4.250%) due 08/01/26 ± §		3,750,000		3,759,375
Term B
3.859% (USD LIBOR + 3.750%) due 08/01/26 § ¥		9,820,990		9,765,747
Pretium PKG Holdings Inc
4.750% (USD LIBOR + 4.000%) due 11/05/27 § ¥		11,346,563		11,351,294
(2nd Lien)
9.000% (USD LIBOR + 8.250%) due 11/05/28 ± § ¥		3,458,203		3,518,722
Pro Mach Group Inc Term B
2.859% (USD LIBOR + 2.750%) due 03/07/25 §		7,685,607		7,553,506
4.500% (USD LIBOR + 3.500%) due 03/07/25 §		7,212,108		7,121,957
Proampac PG Borrower LLC Term B 5.000% (USD LIBOR + 4.000%) due 11/03/25 §		14,303,050		14,310,202
Standard Aero Ltd 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		6,599,905		6,407,406
Tank Holding Corp Term B 5.750% (USD LIBOR + 5.000%) due 03/26/26 §		4,987,500		5,016,592
The Hillman Group Inc
due 01/24/28 ¥		2,447,257		2,438,844
Term B
4.109% (USD LIBOR + 4.000%) due 05/31/25 §		17,980,492		17,998,149
Term B-1
due 01/24/28 ¥		10,052,743		10,018,181
The Kenan Advantage Group Inc Term B due 03/24/26 ¥		8,977,500		8,952,255
TransDigm Inc Term G 2.359% (USD LIBOR + 2.250%) due 08/22/24 §		11,699,073		11,501,651
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		6,127,582		6,081,147
USIC Holdings Inc 4.000% (USD LIBOR + 3.000%) due 12/09/23 § ¥		11,053,541		11,023,608
Watlow Electric Manufacturing Co Term B due 03/02/28 ± ¥		6,750,000		6,745,781
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		5,877,627		5,733,625

				318,071,826

Technology - 19.4%

Applied Systems Inc
(2nd Lien)
6.250% (USD LIBOR + 5.500%) due 09/19/25 § ¥		19,625,000		19,772,188
Term B
3.500% (USD LIBOR + 3.000%) due 09/19/24 §		36,043,221		35,970,017


	Principal Amount		Value
athenahealth Inc Term B-1 4.453% (USD LIBOR + 4.250%) due 02/11/26 §	$	22,466,175	$	22,550,423
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 § ¥		5,277,977		4,055,560
DCert Buyer Inc (2nd Lien) 7.109% (USD LIBOR + 7.000%) due 02/16/29 § ¥		8,000,000		8,060,000
ECI Macola/Max Holding LLC 4.500% (USD LIBOR + 3.750%) due 11/09/27 §		6,783,000		6,774,521
Epicor Software Corp
(2nd Lien)
8.750% (USD LIBOR + 7.750%) due 07/31/28 § ¥		14,306,385		14,830,958
Term B
4.000% (USD LIBOR + 3.250%) due 07/31/27 §		18,009,773		17,985,387
EQT Box Merger Sub Inc due 02/26/28 ± ¥		8,000,000		7,940,000
Finastra USA Inc
(2nd Lien)
8.250% (USD LIBOR + 7.250%) due 06/13/25 § ¥		7,500,000		7,561,605
Term B
4.500% (USD LIBOR + 3.500%) due 06/13/24 § ¥		28,586,109		28,057,552
Hyland Software Inc 4.250% (USD LIBOR + 3.500%) due 07/01/24 § ¥		4,038,287		4,039,971
IGT Holding IV AB Term B (Sweden) due 03/29/28 ¥		6,250,000		6,238,281
Ivanti Software Inc Term B 5.750% (USD LIBOR + 4.750%) due 12/01/27 §		9,110,360		9,165,022
Pearl Debt Merger Sub 1 Inc
(2nd Lien)
due 03/19/29 ± ¥		6,750,000		6,783,750
Term B
due 03/19/28 ± ¥		13,750,000		13,724,219
Peraton Corp
(2nd Lien)
due 02/01/29 ¥		7,625,000		7,777,500
Term B
4.500% (USD LIBOR + 3.750%) due 02/01/28 § ¥		19,500,000		19,508,132
Project Ruby Ultimate Parent Corp Term B 4.000% (USD LIBOR + 3.250%) due 03/10/28 § ¥		11,750,000		11,715,725
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		10,750,000		10,678,781
RealPage Inc Term B due 02/18/28 ¥		9,500,000		9,466,351
Sophia LP
3.953% (USD LIBOR + 3.750%) due 10/07/27 § ¥		12,468,643		12,476,436
(2nd Lien)
9.000% (USD LIBOR + 8.000%) due 10/07/28 ± §		17,019,230		17,614,903
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		19,282,259		19,299,131
The Dun & Bradstreet Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/08/26 §		19,848,051		19,770,525


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-33

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
UKG Inc
3.859% (USD LIBOR + 3.750%) due 05/03/26 § ¥	$	11,048,379	$	11,047,616
4.000% (USD LIBOR + 3.250%) due 05/03/26 § ¥		10,009,836		10,016,873
(2nd Lien)
7.500% (USD LIBOR + 6.750%) due 05/03/27 § ¥		13,250,000		13,630,938
Vision Solutions Inc Term B 5.500% (USD LIBOR + 4.750%) due 08/16/24 § ¥		11,363,785		11,394,558

				387,906,923

Utilities - 0.8%

PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		16,268,045		16,278,213


Total Senior Loan Notes (Cost $1,836,004,595)				1,851,289,388


	Shares
SHORT-TERM INVESTMENT - 13.2%

Money Market Fund - 13.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		264,224,184		264,224,184


Total Short-Term Investment (Cost $264,224,184)				264,224,184


TOTAL INVESTMENTS - 110.6% (Cost $2,196,589,766)				2,215,346,872

OTHER ASSETS & LIABILITIES, NET - (10.6%)				(212,199,538	)


NET ASSETS - 100.0%				$2,003,147,334

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	22.1%
Technology	19.4%
Industrial	16.7%
Consumer, Cyclical	15.9%
Short-Term Investment	13.2%
Financial	7.3%
Communications	7.1%
Basic Materials	4.1%
Others (each less than 3.0%)	4.8%

	110.6%
Other Assets & Liabilities, Net	(10.6%	)

	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)
OneDigital Borrower LLC		$1,190,794		$1,192,414		$1,620
Precision Medicine Group LLC		2,126,156		2,109,478		(16,678	)
TricorBraun Holdings Inc		1,322,418		1,312,396		(10,022	)

		$4,639,368		$4,614,288		($25,080	)

(c)	An investment with a value of $9,627,663 or 0.5% of the Fund’s net assets was in default as of March 31, 2021.

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$45,856,913		$45,856,913		$—		$—
	Corporate Bonds & Notes		53,976,387		—		53,976,387		—
	Senior Loan Notes		1,851,289,388		—		1,685,323,209		165,966,179
	Short-Term Investment		264,224,184		264,224,184		—		—
	Unfunded Loan Commitments		4,614,288		—		4,614,288		—

	Total		$2,219,961,160		$310,081,097		$1,743,913,884		$165,966,179

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended March 31, 2021:


	Senior Loan Notes
Value, Beginning of Year		$136,049,366
Purchases		199,922,327
Sales (Includes Paydowns)		(130,812,840	)
Accrued Discounts (Premiums)		248,997
Net Realized Gains (Losses)		(12,209,325	)
Change in Net Unrealized Appreciation (Depreciation)		30,695,364
Transfers In		4,118,497
Transfers Out		(62,046,207	)

Value, End of Year		$165,966,179

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		$4,100,553


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-34

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2021

The table below shows transfers to/from Level 3:

Amount

Transferred

Level Transfer

Change in Fair Valuation Measurement Inputs

From

$4,118,497

Vendor Price (Observable inputs)

Unobservable Single Broker Quote

62,046,207

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 page B-122

B-35

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

March 31, 2021


	Shares		Value
WARRANTS - 0.0%

Industrial - 0.0%

TNT Crane & Rigging Inc Exercise @ $31.17 Exp 10/16/25 ± *		1,258		$2,629


Total Warrants (Cost $65,291)				2,629


COMMON STOCKS - 2.0%

Basic Materials - 0.3%

Constellium SE *		19,340		284,298
Hexion Holdings Corp ‘B’ *		11,203		168,045

				452,343

Consumer, Cyclical - 0.3%

Beazer Homes USA Inc *		9,998		209,158
Cedar Fair LP *		3,561		176,910
Las Vegas Sands Corp *		1,881		114,290

				500,358

Consumer, Non-Cyclical - 0.2%

HCA Healthcare Inc		1,485		279,685


Financial - 0.5%

Citigroup Inc		4,210		306,278
Outfront Media Inc REIT		4,360		95,179
The Goldman Sachs Group Inc		1,166		381,282

				782,739

Industrial - 0.5%

Crown Holdings Inc		2,964		287,627
GFL Environmental Inc (Canada)		9,890		345,655
TNT Crane & Rigging Inc		709		9,689
Xylem Inc		2,037		214,252

				857,223

Utilities - 0.2%

Evoqua Water Technologies Corp *		14,233		374,328


Total Common Stocks (Cost $2,353,980)				3,246,676


	Principal Amount
CORPORATE BONDS & NOTES - 88.1%

Basic Materials - 3.4%

Alcoa Nederland Holding BV
4.125% due 03/31/29 ~		$300,000		302,937
5.500% due 12/15/27 ~		950,000		1,023,767
Constellium SE 3.750% due 04/15/29 ~		250,000		239,332
Hecla Mining Co 7.250% due 02/15/28		700,000		751,625
Hexion Inc 7.875% due 07/15/27 ~		400,000		430,850
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		600,750
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		504,004
Novelis Corp 4.750% due 01/30/30 ~		650,000		671,174
5.875% due 09/30/26 ~		100,000		104,500
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		741,441

				5,370,380


	Principal Amount		Value
Communications - 13.9%

Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~	$	1,225,000	$	1,281,656
Altice France SA (France) 7.375% due 05/01/26 ~		275,000		286,371
Arches Buyer Inc 4.250% due 06/01/28 ~		800,000		800,060
Avaya Inc 6.125% due 09/15/28 ~		700,000		744,408
CCO Holdings LLC
4.250% due 02/01/31 ~		400,000		401,388
4.750% due 03/01/30 ~		2,100,000		2,178,750
5.000% due 02/01/28 ~		100,000		105,865
5.375% due 06/01/29 ~		300,000		322,092
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		25,000		24,772
Clear Channel Worldwide Holdings Inc
5.125% due 08/15/27 ~		1,025,000		1,032,175
9.250% due 02/15/24		502,000		523,172
CommScope Inc 8.250% due 03/01/27 ~		750,000		803,441
CommScope Technologies LLC 6.000% due 06/15/25 ~		484,000		494,358
CSC Holdings LLC
3.375% due 02/15/31 ~		200,000		188,750
4.625% due 12/01/30 ~		200,000		197,000
6.500% due 02/01/29 ~		2,250,000		2,490,469
Diamond Sports Group LLC 12.750% due 12/01/26 ~		770,000		658,350
Frontier Communications Corp
5.000% due 05/01/28 ~		500,000		510,127
5.875% due 10/15/27 ~		150,000		159,281
Lamar Media Corp
3.625% due 01/15/31 ~		250,000		241,825
3.750% due 02/15/28		575,000		575,359
4.000% due 02/15/30		25,000		24,977
Level 3 Financing Inc 3.625% due 01/15/29 ~		225,000		218,391
3.750% due 07/15/29 ~		75,000		73,493
4.625% due 09/15/27 ~		850,000		876,320
LogMeIn Inc 5.500% due 09/01/27 ~		550,000		576,471
Lumen Technologies Inc
4.000% due 02/15/27 ~		500,000		511,400
4.500% due 01/15/29 ~		150,000		146,576
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		675,000		708,537
Outfront Media Capital LLC
4.250% due 01/15/29 ~		250,000		240,993
4.625% due 03/15/30 ~		50,000		48,188
5.000% due 08/15/27 ~		975,000		986,398
6.250% due 06/15/25 ~		175,000		185,391
Sprint Capital Corp 8.750% due 03/15/32		800,000		1,183,800
T-Mobile USA Inc
2.625% due 02/15/29		50,000		48,615
2.875% due 02/15/31		25,000		24,194
3.375% due 04/15/29		200,000		201,875
3.500% due 04/15/31		75,000		75,656
Uber Technologies Inc
6.250% due 01/15/28 ~		125,000		136,306
7.500% due 05/15/25 ~		125,000		135,057
8.000% due 11/01/26 ~		700,000		759,063
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		750,000		737,854
6.125% due 03/01/28 ~		275,000		282,692

				22,201,916


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-36

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Consumer, Cyclical - 18.0%

American Airlines Inc 5.750% due 04/20/29 ~	$	225,000	$	239,602
American Airlines Pass-Through Trust ‘B’
3.850% due 08/15/29		317,235		289,362
5.250% due 07/15/25		100,101		95,230
Aramark Services Inc 6.375% due 05/01/25 ~		550,000		583,687
Ashton Woods USA LLC 6.625% due 01/15/28 ~		595,000		635,163
BCPE Ulysses Intermediate Inc 7.750% Cash or 8.500% PIK due 04/01/27 ~		150,000		155,906
Beazer Homes USA Inc 5.875% due 10/15/27		1,525,000		1,581,234
Boyd Gaming Corp
6.375% due 04/01/26		250,000		258,472
8.625% due 06/01/25 ~		425,000		473,131
Caesars Entertainment Inc
6.250% due 07/01/25 ~		450,000		480,271
8.125% due 07/01/27 ~		775,000		855,639
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		275,000		276,375
Carvana Co
5.500% due 04/15/27 ~		75,000		75,581
5.625% due 10/01/25 ~		700,000		718,970
5.875% due 10/01/28 ~		125,000		128,281
Cedar Fair LP
5.250% due 07/15/29		1,250,000		1,286,975
5.375% due 04/15/27		500,000		513,438
6.500% due 10/01/28 ~		225,000		242,297
Churchill Downs Inc 4.750% due 01/15/28 ~		225,000		233,224
Clarios Global LP
6.250% due 05/15/26 ~		700,000		744,303
8.500% due 05/15/27 ~		250,000		269,475
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		900,000		851,531
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		250,000		254,505
Core & Main LP 6.125% due 08/15/25 ~		700,000		719,751
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		725,000		753,018
Ford Motor Co
4.346% due 12/08/26		1,640,000		1,730,512
7.450% due 07/16/31		1,250,000		1,578,381
9.000% due 04/22/25		100,000		121,240
9.625% due 04/22/30		100,000		139,714
Golden Nugget Inc 6.750% due 10/15/24 ~		1,375,000		1,392,078
Hilton Domestic Operating Co Inc
3.625% due 02/15/32 ~		75,000		72,889
3.750% due 05/01/29 ~		225,000		223,172
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		1,200,000		1,252,626
IRB Holding Corp 7.000% due 06/15/25 ~		675,000		727,802
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		1,100,000		1,148,010
LBM Acquisition LLC 6.250% due 01/15/29 ~		625,000		644,531
Marriott Ownership Resorts Inc 4.750% due 01/15/28		525,000		532,119
Meritage Homes Corp due 04/15/29 # ~		150,000		150,000


	Principal Amount		Value
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~	$	300,000	$	292,312
3.875% due 01/15/28 ~		100,000		101,224
4.375% due 01/15/28 ~		600,000		603,846
NMG Holding Co Inc 7.125% due 04/01/26 ~		125,000		127,656
PetSmart Inc 7.750% due 02/15/29 ~		600,000		650,220
PM General Purchaser LLC 9.500% due 10/01/28 ~		475,000		507,656
Scientific Games International Inc
7.000% due 05/15/28 ~		150,000		160,545
7.250% due 11/15/29 ~		350,000		380,342
8.250% due 03/15/26 ~		450,000		483,392
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		1,075,000		1,115,313
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		27,078
STL Holding Co LLC 7.500% due 02/15/26 ~		650,000		677,625
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		500,000		493,938
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		151,638		152,360
Viking Cruises Ltd
6.250% due 05/15/25 ~		525,000		521,774
7.000% due 02/15/29 ~		50,000		51,610
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		50,640

				28,826,026

Consumer, Non-Cyclical - 20.4%

Acadia Healthcare Co Inc 5.000% due 04/15/29 ~		225,000		234,049
Ahern Rentals Inc 7.375% due 05/15/23 ~		3,301,000		2,981,216
Albertsons Cos Inc
3.250% due 03/15/26 ~		100,000		99,742
3.500% due 03/15/29 ~		50,000		47,644
4.625% due 01/15/27 ~		50,000		51,875
5.875% due 02/15/28 ~		1,700,000		1,815,498
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,300,000		2,527,562
Avantor Funding Inc 4.625% due 07/15/28 ~		625,000		653,506
Bausch Health Americas Inc 8.500% due 01/31/27 ~		1,250,000		1,388,487
Bausch Health Cos Inc
5.000% due 01/30/28 ~		125,000		126,719
5.000% due 02/15/29 ~		75,000		74,625
5.250% due 02/15/31 ~		25,000		24,927
6.125% due 04/15/25 ~		275,000		282,205
6.250% due 02/15/29 ~		825,000		878,131
Catalent Pharma Solutions Inc 3.125% due 02/15/29 ~		150,000		144,188
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		100,283
4.000% due 03/15/31 ~		100,000		101,780
4.250% due 05/01/28 ~		800,000		825,352
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		176,067
5.625% due 03/15/27 ~		75,000		78,656
6.625% due 02/15/25 ~		1,675,000		1,771,321
6.875% due 04/15/29 ~		25,000		26,203
DaVita Inc 4.625% due 06/01/30 ~		450,000		459,049
Endo Luxembourg Finance Co I SARL 6.125% due 04/01/29 ~		125,000		126,250
Garda World Security Corp (Canada) 9.500% due 11/01/27 ~		497,000		550,954


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-37

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
HCA Inc
5.625% due 09/01/28	$	100,000	$	115,178
5.875% due 02/01/29		2,425,000		2,829,260
Jaguar Holding Co II 5.000% due 06/15/28 ~		775,000		808,131
JBS Investments II GmbH
5.750% due 01/15/28 ~		200,000		211,282
7.000% due 01/15/26 ~		1,150,000		1,226,820
JBS USA LUX SA
5.500% due 01/15/30 ~		650,000		720,688
6.500% due 04/15/29 ~		50,000		56,578
Kraft Heinz Foods Co
4.375% due 06/01/46		1,350,000		1,414,478
5.000% due 07/15/35		900,000		1,037,445
5.200% due 07/15/45		400,000		463,619
Legacy LifePoint Health LLC
4.375% due 02/15/27 ~		100,000		98,250
6.750% due 04/15/25 ~		50,000		53,250
LifePoint Health Inc 5.375% due 01/15/29 ~		100,000		98,625
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		400,000		390,500
Pilgrim’s Pride Corp
due 04/15/31 # ~		350,000		349,118
5.875% due 09/30/27 ~		550,000		590,122
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		569,297
Select Medical Corp 6.250% due 08/15/26 ~		950,000		1,011,085
Tenet Healthcare Corp
4.625% due 06/15/28 ~		75,000		76,967
4.875% due 01/01/26 ~		180,000		187,380
6.125% due 10/01/28 ~		225,000		235,125
6.250% due 02/01/27 ~		1,100,000		1,162,986
6.750% due 06/15/23		975,000		1,057,777
7.500% due 04/01/25 ~		25,000		27,027
Tms International Holding Corp 7.250% due 08/15/25 ~		1,416,000		1,447,860
Triton Water Holdings Inc 6.250% due 04/01/29 ~		75,000		76,547
Verscend Escrow Corp 9.750% due 08/15/26 ~		650,000		698,162

				32,559,846

Energy - 11.9%

Antero Midstream Partners LP
5.750% due 03/01/27 ~		800,000		801,676
7.875% due 05/15/26 ~		150,000		161,609
Antero Resources Corp
7.625% due 02/01/29 ~		300,000		320,063
8.375% due 07/15/26 ~		575,000		635,016
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		101,768
6.875% due 04/01/27 ~		475,000		496,375
Buckeye Partners LP
4.125% due 03/01/25 ~		25,000		25,554
4.500% due 03/01/28 ~		525,000		527,625
Cheniere Energy Partners LP
4.000% due 03/01/31 ~		425,000		432,969
5.625% due 10/01/26		675,000		706,995
Chesapeake Energy Corp 5.875% due 02/01/29 ~		550,000		584,031
Comstock Resources Inc
6.750% due 03/01/29 ~		75,000		77,016
9.750% due 08/15/26		647,000		704,421
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		50,000		52,015
5.750% due 01/30/28 ~		975,000		1,031,375
6.625% due 07/15/25 ~		50,000		53,515


	Principal Amount		Value
Energy Transfer LP 6.250% due 02/15/23	$	800,000	$	654,160
EnLink Midstream LLC 5.625% due 01/15/28 ~		50,000		48,443
EnLink Midstream Partners LP 4.150% due 06/01/25		100,000		98,021
Enterprise Products Operating LLC 5.375% due 02/15/78		600,000		602,452
EQM Midstream Partners LP
4.750% due 01/15/31 ~		300,000		291,375
5.500% due 07/15/28		175,000		184,077
6.000% due 07/01/25 ~		75,000		80,812
6.500% due 07/01/27 ~		250,000		272,166
Genesis Energy LP 7.750% due 02/01/28		700,000		701,085
Global Partners LP 7.000% due 08/01/27		670,000		708,106
MPLX LP 6.875% due 02/15/23		650,000		653,250
New Fortress Energy Inc due 09/30/26 # ~		350,000		353,500
Occidental Petroleum Corp
2.900% due 08/15/24		1,200,000		1,188,348
5.500% due 12/01/25		75,000		79,425
5.875% due 09/01/25		475,000		508,392
6.125% due 01/01/31		75,000		82,956
6.625% due 09/01/30		300,000		337,590
8.000% due 07/15/25		100,000		114,980
8.500% due 07/15/27		150,000		178,031
8.875% due 07/15/30		800,000		1,010,000
Range Resources Corp
8.250% due 01/15/29 ~		350,000		375,156
9.250% due 02/01/26		500,000		543,885
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		650,000		643,500
Targa Resources Partners LP
4.000% due 01/15/32 ~		75,000		70,633
4.875% due 02/01/31 ~		600,000		608,850
5.375% due 02/01/27		50,000		51,969
5.875% due 04/15/26		425,000		445,719
6.500% due 07/15/27		50,000		54,459
USA Compression Partners LP 6.875% due 09/01/27		775,000		799,560
Vine Energy Holdings LLC due 04/15/29 # ~		575,000		575,000

				19,027,923

Financial - 4.2%

Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		74,239
4.875% due 09/15/29 ~		925,000		937,441
5.000% due 07/15/28 ~		75,000		76,782
5.250% due 03/15/28 ~		100,000		104,063
OneMain Finance Corp
4.000% due 09/15/30		150,000		146,062
5.375% due 11/15/29		225,000		239,906
6.125% due 03/15/24		625,000		675,781
6.875% due 03/15/25		25,000		28,483
7.125% due 03/15/26		1,950,000		2,251,480
8.875% due 06/01/25		50,000		55,482
SBA Communications Corp REIT 3.125% due 02/01/29 ~		200,000		192,480
The Howard Hughes Corp
4.375% due 02/01/31 ~		75,000		73,547
5.375% due 08/01/28 ~		1,125,000		1,184,766
VICI Properties LP REIT
3.750% due 02/15/27 ~		175,000		175,301
4.250% due 12/01/26 ~		200,000		204,932
4.625% due 12/01/29 ~		200,000		207,810

				6,628,555


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-38

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Industrial - 12.1%

Apex Tool Group LLC 9.000% due 02/15/23 ~	$	450,000	$	451,688
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		700,000		735,875
Bombardier Inc (Canada) 7.500% due 03/15/25 ~		525,000		517,125
Brand Industrial Services Inc 8.500% due 07/15/25 ~		650,000		656,695
BWX Technologies Inc due 04/15/29 # ~		350,000		355,250
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		575,000		594,766
Dycom Industries Inc due 04/15/29 # ~		150,000		150,750
Gates Global LLC 6.250% due 01/15/26 ~		675,000		708,190
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		225,000		218,531
3.750% due 08/01/25 ~		225,000		228,797
4.000% due 08/01/28 ~		75,000		72,703
5.125% due 12/15/26 ~		225,000		237,397
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		904,000
Hillenbrand Inc 3.750% due 03/01/31		650,000		637,188
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		175,000		190,859
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		1,375,000		1,376,719
PowerTeam Services LLC 9.033% due 12/04/25 ~		675,000		745,875
Sensata Technologies BV 4.000% due 04/15/29 ~		150,000		152,986
5.625% due 11/01/24 ~		1,175,000		1,307,922
Sensata Technologies Inc
3.750% due 02/15/31 ~		75,000		74,039
4.375% due 02/15/30 ~		1,150,000		1,206,781
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		71,156
4.375% due 07/15/30 ~		175,000		176,844
4.750% due 01/15/28 ~		1,600,000		1,660,560
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,210,000		1,259,852
TransDigm Inc
6.250% due 03/15/26 ~		700,000		743,019
8.000% due 12/15/25 ~		225,000		245,250
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,525,000		1,609,828
TriMas Corp 4.125% due 04/15/29 ~		425,000		425,531
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		673,203
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		525,000		550,594
VM Consolidated Inc 5.500% due 04/15/29 ~		400,000		410,372

				19,350,345

Technology - 2.0%

BY Crown Parent LLC 4.250% due 01/31/26 ~		550,000		571,824
Entegris Inc 4.375% due 04/15/28 ~		525,000		542,666
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		375,000		361,369


	Principal Amount		Value
Synaptics Inc 4.000% due 06/15/29 ~	$	75,000	$	74,610
Tempo Acquisition LLC
5.750% due 06/01/25 ~		125,000		132,344
6.750% due 06/01/25 ~		500,000		511,563
Twilio Inc
3.625% due 03/15/29		150,000		152,224
3.875% due 03/15/31		450,000		460,737
Veritas US Inc 7.500% due 09/01/25 ~		375,000		389,962

				3,197,299

Utilities - 2.2%

Calpine Corp 5.125% due 03/15/28 ~		550,000		553,336
NRG Energy Inc
3.625% due 02/15/31 ~		200,000		195,375
5.250% due 06/15/29 ~		300,000		321,695
7.250% due 05/15/26		390,000		406,185
Pike Corp 5.500% due 09/01/28 ~		625,000		637,500
Talen Energy Supply LLC
6.500% due 06/01/25		650,000		523,250
7.250% due 05/15/27 ~		100,000		102,405
7.625% due 06/01/28 ~		100,000		101,437
Vistra Operations Co LLC
5.000% due 07/31/27 ~		375,000		386,632
5.500% due 09/01/26 ~		200,000		207,500
5.625% due 02/15/27 ~		100,000		104,084

				3,539,399

Total Corporate Bonds & Notes (Cost $134,005,179)				140,701,689


SENIOR LOAN NOTES - 3.7%

Consumer, Cyclical - 2.0%

18 Fremont Street Acquisition LLC 9.500% (USD LIBOR + 8.000%) due 08/09/25 ± §		250,000		253,125
SeaWorld Parks & Entertainment Inc Term B-5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		1,474,508		1,453,006
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		625,000		682,292
SRS Distribution Inc Term B 3.109% (USD LIBOR + 3.000%) due 05/24/25 §		593,909		586,378
Tacala Investment Corp Term B (2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		250,000		250,625

				3,225,426

Energy - 0.3%

Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		471,126		468,966


Industrial - 0.6%

Dynasty Acquisition Co Inc 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		640,594		621,910
Standard Aero Ltd 3.703% (USD LIBOR + 3.500%) due 04/08/26 §		344,406		334,361

				956,271


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-39

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Technology - 0.8%

Bright Bidco BV Term B (Netherlands) due 06/30/24 ¥	$	746,124	$	573,317
The Dun & Bradstreet Corp Term B 3.359% (USD LIBOR + 3.250%) due 02/08/26 §		594,011		591,691

				1,165,008

Total Senior Loan Notes (Cost $5,516,607)				5,815,671


ASSET-BACKED SECURITIES - 4.0%

Benefit Street Partners CLO Ltd (Cayman)
6.174% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		231,102
6.923% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		245,402
Dryden Senior Loan Fund (Cayman)
6.994% (USD LIBOR + 6.800%) due 05/15/32 ~ §		425,000		426,038
7.441% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		220,134
Kayne CLO II Ltd (Cayman)
6.145% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		392,486
7.595% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		241,297
Magnetite XXII Ltd (Cayman) 6.991% (USD LIBOR + 6.750%) due 04/15/31 ~ §		500,000		501,023
Magnetite XXIX Ltd (Cayman) 5.854% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		1,049,956
Neuberger Berman CLO XXIII Ltd (Cayman) 5.973% (USD LIBOR + 5.750%) due 10/17/27 ~ §		300,000		293,967
Neuberger Berman Loan Advisers CLO Ltd (Cayman)
due 04/20/31 # ~		500,000		500,000
6.394% (USD LIBOR + 6.200%) due 01/20/31 ~ §		750,000		749,988
6.974% (USD LIBOR + 6.750%) due 04/20/31 ~ §		500,000		501,226
OCP CLO Ltd (Cayman) 5.173% (USD LIBOR + 4.950%) due 10/18/28 ~ §		500,000		496,452


	Principal Amount		Value
OHA Credit Partners VII Ltd (Cayman) 6.418% (USD LIBOR + 6.250%) due 02/20/34 ~ §	$	250,000	$	250,129
Voya CLO Ltd (Cayman) 7.721% (USD LIBOR + 7.480%) due 01/15/33 ~ §		300,000		302,587


Total Asset-Backed Securities (Cost $6,417,766)				6,401,787


	Shares
SHORT-TERM INVESTMENT - 1.5%

Money Market Fund - 1.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,418,358		2,418,358


Total Short-Term Investment (Cost $2,418,358)				2,418,358


TOTAL INVESTMENTS - 99.3% (Cost $150,777,181)				158,586,810

OTHER ASSETS & LIABILITIES, NET - 0.7%				1,190,104


NET ASSETS - 100.0%				$159,776,914

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			20.6%
Consumer, Cyclical			20.3%
Communications			13.9%
Industrial			13.2%
Energy			12.2%
Financial			4.7%
Asset-Backed Securities			4.0%
Basic Materials			3.7%
Others (each less than 3.0%)			6.7%

			99.3%
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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$2,629		$—		$—		$2,629
	Common Stocks
	Basic Materials		452,343		452,343		—		—
	Consumer, Cyclical		500,358		500,358		—		—
	Consumer, Non-Cyclical		279,685		279,685		—		—
	Financial		782,739		782,739		—		—
	Industrial		857,223		847,534		9,689		—
	Utilities		374,328		374,328		—		—

	Total Common Stocks		3,246,676		3,236,987		9,689		—

	Corporate Bonds & Notes		140,701,689		—		140,701,689		—
	Senior Loan Notes		5,815,671		—		5,562,546		253,125
	Asset-Backed Securities		6,401,787		—		6,401,787		—
	Short-Term Investment		2,418,358		2,418,358		—		—

	Total		$158,586,810		$5,655,345		$152,675,711		$255,754


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-40

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2021

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended March 31, 2021:


	Warrants			Senior Loan Notes and Unfunded Loan Commitment			Total
Value, Beginning of Year		$—			$2,825,470			$2,825,470
Purchases		65,291			750,000			815,291
Sales (Includes Paydowns)		—			(3,091,753	)		(3,091,753	)
Accrued Discounts (Premiums)		—			24,502			24,502
Net Realized Gains (Loses)		—			(118,173	)		(118,173	)
Change in Net Unrealized Appreciation (Depreciation)		(62,662	)		795,996			733,334
Transfers In		—			—			—
Transfers Out		—			(932,917	)		(932,917	)

Value, End of Year		$2,629			$253,125			$255,754

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		($62,662	)		$41,197			($21,465	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-41

PACIFIC FUNDS

PACIFIC FUNDS^SM ESG CORE BOND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 56.7%

Communications - 4.8%

Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$232,684
Discovery Communications LLC 4.125% due 05/15/29		250,000		276,498
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		300,000		322,148
The Walt Disney Co 2.750% due 09/01/49		100,000		91,730
Verizon Communications Inc 3.400% due 03/22/41		250,000		254,157

				1,177,217

Consumer, Cyclical - 3.8%

Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		200,000		207,526
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		210,947
Las Vegas Sands Corp 2.900% due 06/25/25		100,000		102,454
Lowe’s Cos Inc 1.300% due 04/15/28		100,000		95,144
Marriott International Inc 3.500% due 10/15/32		100,000		103,915
Sands China Ltd (Macau) 4.600% due 08/08/23		200,000		214,378

				934,364

Consumer, Non-Cyclical - 9.7%

Amgen Inc 3.150% due 02/21/40		100,000		99,364
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		514,346
Cigna Corp 2.375% due 03/15/31		200,000		196,891
CVS Health Corp 1.750% due 08/21/30		300,000		280,259
Gilead Sciences Inc 1.650% due 10/01/30		150,000		140,962
HCA Inc 5.250% due 04/15/25		125,000		142,844
Heineken NV (Netherlands) 3.500% due 01/29/28 ~		200,000		217,982
Humana Inc 3.125% due 08/15/29		250,000		261,048
IHS Markit Ltd 3.625% due 05/01/24		100,000		107,439
Sysco Corp 2.400% due 02/15/30		100,000		99,491
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		192,914
Zoetis Inc 3.000% due 05/15/50		100,000		95,492

				2,349,032

Energy - 1.9%

Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		225,736
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		228,799

				454,535

Financial - 20.5%

American Tower Corp REIT 2.750% due 01/15/27		100,000		104,493
Banco Santander SA (Spain) 2.749% due 12/03/30		200,000		190,665
Bank of America Corp 4.183% due 11/25/27		375,000		417,343


	Principal Amount		Value
Citigroup Inc
2.572% due 06/03/31		$250,000		$250,007
4.125% due 07/25/28		250,000		276,833
Duke Realty LP REIT 3.250% due 06/30/26		250,000		270,547
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		254,472
ING Groep NV (Netherlands) due 04/01/27 #		200,000		200,354
JPMorgan Chase & Co 2.956% due 05/13/31		250,000		254,927
Morgan Stanley 3.772% due 01/24/29		500,000		547,200
PNC Bank NA 2.700% due 10/22/29		250,000		255,910
Reliance Standard Life Global Funding II 2.750% due 01/21/27 ~		200,000		209,642
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		548,153
Truist Bank 2.636% due 09/17/29		250,000		262,195
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		200,000		197,800
UDR Inc REIT 3.500% due 01/15/28		250,000		268,007
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		261,419
Weyerhaeuser Co REIT 4.000% due 11/15/29		200,000		222,778

				4,992,745

Industrial - 5.2%

Allegion US Holding Co Inc 3.550% due 10/01/27		300,000		321,250
Flowserve Corp 3.500% due 10/01/30		250,000		254,582
Keysight Technologies Inc 3.000% due 10/30/29		250,000		259,841
Masco Corp 3.500% due 11/15/27		200,000		218,293
Ryder System Inc 2.500% due 09/01/24		200,000		209,661

				1,263,627

Technology - 8.0%

Broadcom Inc 4.150% due 11/15/30		250,000		270,156
Citrix Systems Inc 3.300% due 03/01/30		325,000		334,650
Dell International LLC 4.900% due 10/01/26 ~		300,000		340,509
Fiserv Inc 3.500% due 07/01/29		250,000		270,027
Hewlett Packard Enterprise Co 1.750% due 04/01/26		250,000		250,261
International Business Machines Corp 3.500% due 05/15/29		150,000		163,294
Oracle Corp 2.300% due 03/25/28		300,000		303,917

				1,932,814

Utilities - 2.8%

CMS Energy Corp 3.000% due 05/15/26		100,000		106,232
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		100,000		96,047
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		200,000		210,548
Exelon Corp 4.050% due 04/15/30		250,000		278,778

				691,605

Total Corporate Bonds & Notes (Cost $14,268,998)				13,795,939


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-42

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 5.0%

Fannie Mae - 3.0%

2.000% due 09/01/35		$220,079		$226,122
2.000% due 12/01/35		483,751		497,033

				723,155

Freddie Mac - 2.0%

2.000% due 12/01/35		484,383		497,683


Total Mortgage-Backed Securities (Cost $1,240,153)				1,220,838


ASSET-BACKED SECURITIES - 19.7%

Ally Auto Receivables Trust 2.530% due 02/15/23		450,000		453,070
Ford Credit Auto Owner Trust 0.700% due 10/15/26		450,000		446,964
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		250,000		250,104
Magnetite Ltd (Cayman)
1.221% (USD LIBOR + 0.980%) due 04/15/31 ~ §		250,000		250,317
1.487% (USD LIBOR + 1.270%) due 10/25/31 ~ §		250,000		250,428
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		290,216		289,563
Navient Student Loan Trust
0.762% (USD LIBOR + 0.600%) due 12/26/69 ~ §		150,000		150,755
1.310% due 12/26/69 ~		250,000		245,227
1.320% due 08/26/69 ~		217,768		213,255
Palmer Square CLO Ltd (Cayman) 1.323% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,202
Palmer Square Loan Funding Ltd (Cayman) 1.055% (USD LIBOR + 0.900%) due 04/20/29 ~ §		500,000		500,735
Santander Drive Auto Receivables Trust
0.750% due 02/17/26		750,000		748,847
2.790% due 01/16/24		186,809		187,823
SMB Private Education Loan Trust
0.606% (USD LIBOR + 0.500%) due 01/15/53 ~ §		94,949		95,205
1.070% due 01/15/53 ~		246,198		243,532
3.050% due 05/15/26 ~		213,244		214,332


Total Asset-Backed Securities (Cost $4,807,077)				4,790,359


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 17.7%

U.S. Treasury Bonds - 1.7%

1.625% due 11/15/50		$500,000		$416,797


U.S. Treasury Notes - 16.0%

0.125% due 11/30/22		1,300,000		1,299,873
0.375% due 11/30/25		1,500,000		1,467,480
0.875% due 11/15/30		1,200,000		1,110,000

				3,877,353

Total U.S. Treasury Obligations (Cost $4,497,799)				4,294,150


	Shares
SHORT-TERM INVESTMENT - 1.3%

Money Market Fund - 1.3%

BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		304,768		304,768


Total Short-Term Investment (Cost $304,768)				304,768


TOTAL INVESTMENTS - 100.4% (Cost $25,118,795)				24,406,054

OTHER ASSETS & LIABILITIES, NET - (0.4%)				(93,086	)


NET ASSETS - 100.0%				$24,312,968

Notes to Schedule of Investments

(a)	As of March 31, 2021 the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	56.7%
Asset-Backed Securities	19.7%
U.S. Treasury Obligations	17.7%
Mortgage-Backed Securities	5.0%
Others (each less than 3.0%)	1.3%

	100.4%
Other Assets & Liabilities, Net	(0.4%	)

	100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$13,795,939		$—		$13,795,939		$—
	Mortgage-Backed Securities		1,220,838		—		1,220,838		—
	Asset-Backed Securities		4,790,359		—		4,790,359		—
	U.S. Treasury Obligations		4,294,150		—		4,294,150		—
	Short-Term Investment		304,768		304,768		—		—

	Total		$24,406,054		$304,768		$24,101,286		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-43

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 99.2%

Basic Materials - 4.6%

Arconic Corp *		113,513		$2,882,095
Axalta Coating Systems Ltd *		124,490		3,682,414
Celanese Corp		21,481		3,218,069
Kaiser Aluminum Corp		31,850		3,519,425
W R Grace & Co		47,899		2,867,234

				16,169,237

Communications - 2.4%

Revolve Group Inc *		62,316		2,799,858
Viavi Solutions Inc *		186,206		2,923,434
Vonage Holdings Corp *		229,214		2,709,309

				8,432,601

Consumer, Cyclical - 22.1%

American Eagle Outfitters Inc		180,715		5,284,107
Avient Corp		64,576		3,052,507
Big Lots Inc		47,192		3,223,214
BJ’s Restaurants Inc *		65,160		3,784,493
BJ’s Wholesale Club Holdings Inc *		84,120		3,773,623
Bloomin’ Brands Inc *		119,375		3,229,094
Dana Inc		138,373		3,366,615
Darden Restaurants Inc		19,150		2,719,300
Dave & Buster’s Entertainment Inc *		87,241		4,178,844
Deckers Outdoor Corp *		13,000		4,295,460
Guess? Inc		105,202		2,472,247
KB Home		69,358		3,227,228
Kohl’s Corp		98,882		5,894,356
Lithia Motors Inc ‘A’		14,673		5,723,790
Penn National Gaming Inc *		38,078		3,992,097
RH *		7,216		4,305,065
SeaWorld Entertainment Inc *		78,796		3,913,797
SkyWest Inc *		79,312		4,320,918
Steven Madden Ltd		66,368		2,472,872
UniFirst Corp		16,491		3,689,202

				76,918,829

Consumer, Non-Cyclical - 20.8%

AdaptHealth Corp *		89,912		3,305,165
Amedisys Inc *		11,078		2,933,344
Amicus Therapeutics Inc *		158,709		1,568,045
Arena Pharmaceuticals Inc *		22,825		1,583,827
Charles River Laboratories International Inc *		14,750		4,274,992
Chegg Inc *		27,868		2,387,173
Deluxe Corp		104,882		4,400,849
Exact Sciences Corp *		29,426		3,877,758
FibroGen Inc *		54,313		1,885,204
Heron Therapeutics Inc *		149,385		2,421,531
Horizon Therapeutics PLC *		75,939		6,989,426
Iovance Biotherapeutics Inc *		79,913		2,530,046
Jazz Pharmaceuticals PLC *		27,636		4,542,529
Merit Medical Systems Inc *		50,005		2,994,299
Neurocrine Biosciences Inc *		28,455		2,767,249
Novavax Inc *		9,811		1,778,832
NuVasive Inc *		41,301		2,707,694
Performance Food Group Co *		81,517		4,696,194
Progyny Inc *		48,899		2,176,494
Quanta Services Inc		59,952		5,274,577
Syneos Health Inc *		42,735		3,241,450
TCR2 Therapeutics Inc *		79,433		1,753,881
Teleflex Inc		5,387		2,238,083

				72,328,642


	Shares		Value
Energy - 3.2%

Diamondback Energy Inc		53,012		$3,895,852
HollyFrontier Corp		49,894		1,785,207
Pioneer Natural Resources Co		25,495		4,049,116
Sunnova Energy International Inc *		34,991		1,428,333

				11,158,508

Financial - 19.5%

Air Lease Corp		85,328		4,181,072
DiamondRock Hospitality Co REIT *		371,676		3,828,263
Everest Re Group Ltd		12,598		3,121,910
First Horizon Corp		270,649		4,576,675
First Industrial Realty Trust Inc REIT		69,535		3,184,008
Hancock Whitney Corp		111,101		4,667,353
Host Hotels & Resorts Inc REIT		211,025		3,555,771
Lamar Advertising Co ‘A’ REIT		37,497		3,521,718
Mid-America Apartment Communities Inc REIT		24,971		3,604,814
Pinnacle Financial Partners Inc		78,266		6,939,063
QTS Realty Trust Inc ‘A’ REIT		46,156		2,863,518
Radian Group Inc		177,890		4,135,942
The Hanover Insurance Group Inc		22,195		2,873,365
United Community Banks Inc		137,374		4,687,201
Western Alliance Bancorp		64,180		6,061,159
Wintrust Financial Corp		52,702		3,994,812
WSFS Financial Corp		39,998		1,991,500

				67,788,144

Industrial - 10.2%

Atkore Inc *		53,952		3,879,149
EnPro Industries Inc		30,618		2,610,797
frontdoor Inc *		50,853		2,733,349
Generac Holdings Inc *		18,280		5,985,786
GrafTech International Ltd		370,947		4,536,682
Harsco Corp *		107,834		1,849,353
Jacobs Engineering Group Inc		28,373		3,667,777
Rexnord Corp		72,869		3,431,401
SPX Corp *		52,244		3,044,258
The Timken Co		46,634		3,785,282

				35,523,834

Technology - 14.2%

Avaya Holdings Corp *		174,635		4,895,019
Bottomline Technologies DE Inc *		49,340		2,232,635
Box Inc ‘A’ *		149,383		3,429,834
Cirrus Logic Inc *		45,017		3,816,991
Cloudflare Inc ‘A’ *		19,695		1,383,771
Cohu Inc *		76,211		3,188,668
CommVault Systems Inc *		50,594		3,263,313
Elastic NV *		29,290		3,257,048
Everbridge Inc *		17,011		2,061,393
Inphi Corp *		18,329		3,270,077
J2 Global Inc *		34,683		4,157,104
MKS Instruments Inc		17,223		3,193,489
Sailpoint Technologies Holdings Inc *		50,455		2,555,041
Silicon Laboratories Inc *		25,568		3,606,878
Sprout Social Inc ‘A’ *		45,895		2,650,895
ZoomInfo Technologies Inc ‘A’ *		54,370		2,658,693

				49,620,849

Utilities - 2.2%

Evoqua Water Technologies Corp *		153,419		4,034,920
Portland General Electric Co		77,877		3,696,821

				7,731,741


Total Common Stocks (Cost $234,059,890)				345,672,385


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-44

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,905,598		$2,905,598


Total Short-Term Investment (Cost $2,905,598)				2,905,598


TOTAL INVESTMENTS - 100.0% (Cost $236,965,488)				348,577,983

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(60,706	)


NET ASSETS - 100.0%				$348,517,277

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Cyclical	22.1%
Consumer, Non-Cyclical	20.8%
Financial	19.5%
Technology	14.2%
Industrial	10.2%
Basic Materials	4.6%
Energy	3.2%
Others (each less than 3.0%)	5.4%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$345,672,385		$345,672,385		$—		$—
	Short-Term Investment		2,905,598		2,905,598		—		—

	Total		$348,577,983		$348,577,983		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-45

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 98.5%

Basic Materials - 2.5%

AdvanSix Inc *		4,791		$128,495
Arconic Corp *		4,587		116,464
Kaiser Aluminum Corp		1,589		175,584

				420,543

Communications - 2.6%

Revolve Group Inc *		2,941		132,139
Viavi Solutions Inc *		9,462		148,554
Vonage Holdings Corp *		12,260		144,913

				425,606

Consumer, Cyclical - 22.0%

American Eagle Outfitters Inc		8,531		249,446
Avient Corp		4,044		191,160
Big Lots Inc		2,184		149,167
BJ’s Restaurants Inc *		3,511		203,919
BJ’s Wholesale Club Holdings Inc *		3,917		175,717
Bloomin’ Brands Inc *		6,727		181,965
Dana Inc		7,273		176,952
Dave & Buster’s Entertainment Inc *		4,118		197,252
Deckers Outdoor Corp *		630		208,165
Guess? Inc		5,938		139,543
KB Home		4,114		191,424
Kohl’s Corp		3,833		228,485
Lithia Motors Inc ‘A’		946		369,025
Penn National Gaming Inc *		2,011		210,833
RH *		352		210,003
SeaWorld Entertainment Inc *		3,457		171,709
SkyWest Inc *		2,726		148,513
Steven Madden Ltd		2,769		103,173
UniFirst Corp		612		136,911

				3,643,362

Consumer, Non-Cyclical - 23.1%

Acadia Healthcare Co Inc *		2,268		129,594
AdaptHealth Corp *		4,883		179,499
Addus HomeCare Corp *		995		104,067
Alphatec Holdings Inc *		7,370		116,372
Amicus Therapeutics Inc *		10,048		99,274
AMN Healthcare Services Inc *		2,100		154,770
Arena Pharmaceuticals Inc *		1,474		102,281
AtriCure Inc *		2,738		179,394
Deluxe Corp		4,166		174,805
FibroGen Inc *		3,177		110,274
Herc Holdings Inc *		1,765		178,847
Heron Therapeutics Inc *		8,785		142,405
Horizon Therapeutics PLC *		2,060		189,602
Iovance Biotherapeutics Inc *		3,857		122,113
LivaNova PLC *		1,802		132,861
Medpace Holdings Inc *		1,023		167,823
Novavax Inc *		647		117,308
NuVasive Inc *		2,026		132,825
Performance Food Group Co *		3,047		175,538
PetIQ Inc *		4,081		143,896
Progyny Inc *		3,074		136,824
Protagonist Therapeutics Inc *		6,505		168,480
Revance Therapeutics Inc *		5,832		163,004
SmileDirectClub Inc *		12,148		125,246
Syneos Health Inc *		1,559		118,250
TCR2 Therapeutics Inc *		4,754		104,968
WW International Inc *		5,298		165,721

				3,836,041


	Shares		Value
Energy - 2.7%

Brigham Minerals Inc ‘A’		10,459		$153,120
Magnolia Oil & Gas Corp ‘A’ *		15,148		173,899
Sunnova Energy International Inc *		3,131		127,807

				454,826

Financial - 19.1%

Argo Group International Holdings Ltd		2,976		149,752
Brightsphere Investment Group Inc		4,156		84,699
Brixmor Property Group Inc REIT		7,712		156,014
ConnectOne Bancorp Inc		7,529		190,860
DiamondRock Hospitality Co REIT *		17,068		175,800
Enterprise Financial Services Corp		3,435		169,826
First Horizon Corp		9,767		165,160
First Industrial Realty Trust Inc REIT		2,583		118,276
Hancock Whitney Corp		4,629		194,464
Home BancShares Inc		7,315		197,871
NexPoint Residential Trust Inc REIT		2,612		120,387
Pinnacle Financial Partners Inc		2,374		210,479
QTS Realty Trust Inc ‘A’ REIT		1,847		114,588
Radian Group Inc		8,508		197,811
Sandy Spring Bancorp Inc		4,402		191,179
Seacoast Banking Corp of Florida *		5,254		190,405
Stifel Financial Corp		2,209		141,509
United Community Banks Inc		5,941		202,707
Veritex Holdings Inc		5,905		193,212

				3,164,999

Industrial - 11.9%

Altra Industrial Motion Corp		3,227		178,518
Atkore Inc *		2,446		175,867
EnerSys		1,391		126,303
EnPro Industries Inc		1,606		136,944
frontdoor Inc *		2,335		125,506
GrafTech International Ltd		12,278		150,160
Harsco Corp *		7,274		124,749
Masonite International Corp *		1,186		136,675
MasTec Inc *		2,237		209,607
Rexnord Corp		4,523		212,988
Saia Inc *		923		212,825
The Timken Co		2,346		190,425

				1,980,567

Technology - 12.6%

Avaya Holdings Corp *		7,663		214,794
Bottomline Technologies DE Inc *		3,180		143,895
Box Inc ‘A’ *		8,564		196,629
Cirrus Logic Inc *		2,313		196,119
Cohu Inc *		3,953		165,394
CommVault Systems Inc *		2,388		154,026
Everbridge Inc *		1,032		125,058
J2 Global Inc *		1,694		203,043
Sailpoint Technologies Holdings Inc *		3,239		164,023
Silicon Laboratories Inc *		1,120		157,998
Sprout Social Inc ‘A’ *		2,428		140,241
Ultra Clean Holdings Inc *		4,025		233,611

				2,094,831


Utilities - 2.0%

Evoqua Water Technologies Corp *		6,981		183,600
Portland General Electric Co		3,234		153,518

				337,118

Total Common Stocks (Cost $11,423,453)				16,357,893


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-46

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
SHORT-TERM INVESTMENT - 1.6%

Money Market Fund - 1.6%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		261,723		$261,723


Total Short-Term Investment (Cost $261,723)				261,723


TOTAL INVESTMENTS - 100.1% (Cost $11,685,176)				16,619,616

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(17,639	)


NET ASSETS - 100.0%				$16,601,977

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	23.1%
Consumer, Cyclical	22.0%
Financial	19.1%
Technology	12.6%
Industrial	11.9%
Others (each less than 3.0%)	11.4%

	100.1%
Other Assets & Liabilities, Net	(0.1%	)

	100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$16,357,893		$16,357,893		$—		$—
	Short-Term Investment		261,723		261,723		—		—

	Total		$16,619,616		$16,619,616		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-47

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 97.9%

Basic Materials - 4.1%

AdvanSix Inc *		6,820		$182,912
Alcoa Corp *		1,097		35,642
Arconic Corp *		5,455		138,502
Kaiser Aluminum Corp		2,271		250,946
W R Grace & Co		2,126		127,262

				735,264

Communications - 1.5%

Viavi Solutions Inc *		8,805		138,239
Vonage Holdings Corp *		11,076		130,918

				269,157

Consumer, Cyclical - 20.2%

American Eagle Outfitters Inc		11,299		330,383
Avient Corp		4,843		228,929
Big Lots Inc		2,632		179,766
BJ’s Restaurants Inc *		4,102		238,244
Bloomin’ Brands Inc *		9,541		258,084
Dana Inc		9,852		239,699
Dave & Buster’s Entertainment Inc *		5,352		256,361
Guess? Inc		9,065		213,027
KB Home		4,465		207,756
Kohl’s Corp		4,230		252,150
Lithia Motors Inc ‘A’		570		222,351
Penn National Gaming Inc *		1,820		190,809
SeaWorld Entertainment Inc *		4,398		218,449
SkyWest Inc *		4,288		233,610
Steven Madden Ltd		3,972		147,997
UniFirst Corp		908		203,129

				3,620,744

Consumer, Non-Cyclical - 11.8%

Acadia Healthcare Co Inc *		2,935		167,706
Deluxe Corp		7,165		300,643
FibroGen Inc *		2,279		79,104
Herc Holdings Inc *		3,242		328,512
Hostess Brands Inc *		14,584		209,135
LivaNova PLC *		1,727		127,332
Novavax Inc *		890		161,366
Performance Food Group Co *		4,081		235,106
PetIQ Inc *		3,578		126,160
Protagonist Therapeutics Inc *		5,341		138,332
Revance Therapeutics Inc *		4,537		126,809
Textainer Group Holdings Ltd (China) *		3,840		110,016

				2,110,221

Energy - 4.3%

Brigham Minerals Inc ‘A’		21,267		311,349
Magnolia Oil & Gas Corp ‘A’ *		29,300		336,364
Sunnova Energy International Inc *		2,923		119,317

				767,030

Financial - 33.6%

Argo Group International Holdings Ltd		4,408		221,811
Blucora Inc *		10,309		171,542
Brightsphere Investment Group Inc		5,596		114,046
Brixmor Property Group Inc REIT		11,719		237,075
ConnectOne Bancorp Inc		11,294		286,303
DiamondRock Hospitality Co REIT *		25,056		258,077
Enterprise Financial Services Corp		4,511		223,024


	Shares		Value
First Bancorp		4,045		$175,957
First Horizon Corp		10,934		184,894
First Industrial Realty Trust Inc REIT		4,226		193,509
First Interstate BancSystem Inc ‘A’		3,604		165,928
Hancock Whitney Corp		6,882		289,113
Home BancShares Inc		5,922		160,190
Horizon Bancorp Inc		9,376		174,206
National Storage Affiliates Trust REIT		2,484		99,186
NexPoint Residential Trust Inc REIT		3,318		152,927
Old Second Bancorp Inc		7,021		92,747
Piedmont Office Realty Trust Inc ‘A’ REIT		8,222		142,816
Pinnacle Financial Partners Inc		3,703		328,308
PROG Holdings Inc		2,593		112,251
QCR Holdings Inc		4,975		234,919
QTS Realty Trust Inc ‘A’ REIT		2,162		134,130
Radian Group Inc		10,858		252,448
Sandy Spring Bancorp Inc		6,114		265,531
Seacoast Banking Corp of Florida *		6,083		220,448
Selective Insurance Group Inc		1,898		137,681
Stifel Financial Corp		2,913		186,607
Two Harbors Investment Corp REIT		19,908		145,926
United Community Banks Inc		9,148		312,130
Veritex Holdings Inc		7,105		232,476
WSFS Financial Corp		2,369		117,953

				6,024,159

Industrial - 14.5%

Altra Industrial Motion Corp		3,806		210,548
Atkore Inc *		4,340		312,046
Crane Co		2,032		190,825
EnPro Industries Inc		2,977		253,849
GrafTech International Ltd		20,375		249,186
Harsco Corp *		10,812		185,426
Masonite International Corp *		1,477		170,210
MYR Group Inc *		3,648		261,452
Rexnord Corp		4,325		203,664
The Timken Co		3,256		264,290
UFP Industries Inc		2,043		154,941
UFP Technologies Inc *		2,914		145,175

				2,601,612

Technology - 4.9%

Avaya Holdings Corp *		7,027		196,967
Cirrus Logic Inc *		2,427		205,785
Cohu Inc *		4,698		196,564
Synaptics Inc *		630		85,315
Ultra Clean Holdings Inc *		3,200		185,728

				870,359

Utilities - 3.0%

Evoqua Water Technologies Corp *		5,865		154,249
Portland General Electric Co		8,161		387,403

				541,652


Total Common Stocks (Cost $12,667,846)				17,540,198


EXCHANGE-TRADED FUND - 1.0%

iShares Russell 2000 Value		1,164		185,623


Total Exchange-Traded Fund (Cost $164,415)				185,623


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-48

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value

SHORT-TERM INVESTMENT - 1.1%

Money Market Fund - 1.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		197,982		$197,982


Total Short-Term Investment (Cost $197,982)				197,982


TOTAL INVESTMENTS - 100.0% (Cost $13,030,243)				17,923,803

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(7,538	)


NET ASSETS - 100.0%				$17,916,265

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	33.6%
Consumer, Cyclical	20.2%
Industrial	14.5%
Consumer, Non-Cyclical	11.8%
Technology	4.9%
Energy	4.3%
Basic Materials	4.1%
Utilities	3.0%
Others (each less than 3.0%)	3.6%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$17,540,198		$17,540,198		$—		$—
	Exchange-Traded Fund		185,623		185,623		—		—
	Short-Term Investment		197,982		197,982		—		—

	Total		$17,923,803		$17,923,803		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-49

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 2.5%

Consumer, Cyclical - 0.3%

BMW US Capital LLC (Germany) 3.400% due 08/13/21 ~		$100,000		$101,133


Financial - 1.6%

Aviation Capital Group LLC 2.875% due 01/20/22 ~		200,000		202,920
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		100,000		104,618
Bank of America Corp 5.875% due 03/15/28		10,000		10,919
BOC Aviation Ltd (Singapore) 2.375% due 09/15/21 ~		200,000		200,825

				519,282

Industrial - 0.6%

Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		205,579



Total Corporate Bonds & Notes (Cost $814,984)				825,994


MORTGAGE-BACKED SECURITIES - 4.3%

Collateralized Mortgage Obligations - Residential - 3.1%

Chevy Chase Funding LLC Mortgage-Backed Certificates 0.469% (USD LIBOR + 0.360%) due 03/25/35 ~ §		82,647		85,284
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,632		9,033
Credit Suisse Mortgage Trust 0.259% (USD LIBOR + 0.150%) due 09/29/36 ~ §		210,342		205,368
Fannie Mae REMICS
0.459% (USD LIBOR + 0.350%) due 07/25/37 §		14,570		14,656
0.489% (USD LIBOR + 0.380%) due 07/25/37 §		22,426		22,629
0.549% (USD LIBOR + 0.440%) due 05/25/36 §		11,202		11,305
0.554% (USD LIBOR + 0.445%) due 02/25/37 §		3,753		3,789
Government National Mortgage Association 0.599% (USD LIBOR + 0.150%) due 08/20/68 §		72,898		72,243
GSR Mortgage Loan Trust 2.929% due 09/25/35 §		6,265		6,396
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 204,233		282,545
JP Morgan Mortgage Trust 3.020% due 06/25/35 §		$17,913		18,747
Merrill Lynch Mortgage Investors Trust 2.188% due 12/25/34 §		25,940		26,620
Towd Point Mortgage Funding PLC (United Kingdom) 1.058% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		GBP 171,457		237,985
WaMu Mortgage Pass-Through Certificates Trust 0.849% (USD LIBOR + 0.740%) due 01/25/45 §		$30,071		30,030

				1,026,630


	Principal Amount		Value
Fannie Mae - 1.2%

due 05/01/51 #	$	370,000	$	391,000


Total Mortgage-Backed Securities (Cost $1,362,986)				1,417,630


ASSET-BACKED SECURITIES - 2.8%

Asset Backed Funding Corp Trust 0.709% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,569
Crown Point CLO 5 Ltd (Cayman) 1.163% (USD LIBOR + 0.940%) due 07/17/28 ~ §		157,083		157,120
Freddie Mac Structured Pass-Through Certificates 0.389% (USD LIBOR + 0.280%) due 09/25/31 §		648		642
Home Equity Asset Trust 0.964% (USD LIBOR + 0.855%) due 08/25/34 §		17,017		16,965
LoanCore Issuer Ltd (Cayman) 1.236% (USD LIBOR + 1.130%) due 05/15/36 ~ §		100,000		100,030
MidOcean Credit CLO IV (Cayman) 1.041% (USD LIBOR + 0.800%) due 04/15/27 ~ §		121,037		121,299
Saxon Asset Securities Trust 0.419% (USD LIBOR + 0.310%) due 09/25/37 §		18,823		18,351
TICP CLO II-2 Ltd (Cayman) 1.064% (USD LIBOR + 0.840%) due 04/20/28 ~ §		379,439		379,163
Venture 35 CLO Ltd (Cayman) 1.872% (USD LIBOR + 1.650%) due 10/22/31 ~ §		100,000		100,070


Total Asset-Backed Securities (Cost $914,755)				915,209


U.S. TREASURY OBLIGATIONS - 102.5%

U.S. Treasury Inflation Protected Securities - 102.5%

0.125% due 04/15/22 ^		925,016		951,385
0.125% due 07/15/22 ^		250,250		260,213
0.125% due 01/15/23 ^		692,422		726,309
0.125% due 07/15/26 ^		218,256		238,643
0.125% due 01/15/30 ^		2,450,271		2,653,440
0.375% due 07/15/25 ^		226,125		249,210
0.375% due 07/15/27 ^		1,775,121		1,969,851
0.500% due 04/15/24 ^		3,318,944		3,598,609
0.500% due 01/15/28 ^		1,834,613		2,044,509
0.625% due 07/15/21 ^		1,239,531		1,259,679
0.625% due 04/15/23 ^		1,095,224		1,165,455
0.625% due 01/15/24 ^		1,363,233		1,478,369
0.625% due 01/15/26 ^		605,484		673,575
0.625% due 02/15/43 ^		364,080		412,078
0.750% due 07/15/28 ^		1,104,615		1,260,438
0.750% due 02/15/42 ^		115,764		134,028
0.750% due 02/15/45 ^		633,179		733,964
0.875% due 01/15/29 ^		1,605,738		1,842,605
0.875% due 02/15/47 ^		460,547		555,647
1.000% due 02/15/46 ^		569,654		698,925
1.000% due 02/15/49 ^		41,581		52,162
1.375% due 02/15/44 ^		1,919,287		2,511,690
2.000% due 01/15/26 ^		279,403		330,297
2.125% due 02/15/41 ^		358,347		519,050
3.375% due 04/15/32 ^		86,948		126,751
3.875% due 04/15/29 ^		55,692		78,218
0.125% due 07/15/24 ^		1,321,980		1,430,667


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-50

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
0.125% due 10/15/24 ^	$	1,835,190	$	1,985,725
0.125% due 04/15/25 ^		1,620,320		1,754,710
0.125% due 01/15/31 ^		1,879,088		2,024,615
0.125% due 02/15/51 ^		100,473		101,158


Total U.S. Treasury Obligations (Cost $32,692,322)				33,821,975


FOREIGN GOVERNMENT BONDS & NOTES - 6.9%

Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 687,118		629,529
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~		EUR 99,762		128,356
0.250% due 07/25/24 ^ ~		106,336		134,411
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		405,236		519,650
1.400% due 05/26/25 ^ ~		605,292		759,525
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 110,000		96,798


Total Foreign Government Bonds & Notes (Cost $2,092,926)				2,268,269


	Shares		Value
SHORT-TERM INVESTMENT - 1.4%

Money Market Fund - 1.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		447,421	$	447,421


Total Short-Term Investment (Cost $447,421)				447,421


TOTAL INVESTMENTS - 120.4% (Cost $38,325,394)				39,696,498

DERIVATIVES - 0.4%				149,710


OTHER ASSETS & LIABILITIES, NET - (20.8%)				(6,864,530	)


NET ASSETS - 100.0%				$32,981,678

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


U.S. Treasury Obligations	102.5%
Foreign Government Bonds & Notes	6.9%
Mortgage-Backed Securities	4.3%
Others (each less than 3.0%)	6.7%

	120.4%
Derivatives	0.4%
Other Assets & Liabilities, Net	(20.8%	)

	100.0%

(b)	The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended March 31, 2021 was $8,378,099 at a weighted average interest rate of 0.019%.

(c)	Open futures contracts outstanding as of March 31, 2021 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bobl		06/21		6		$950,409		$950,450		$41
Euro-Bund		06/21		7		1,407,822		1,406,020		(1,802	)
U.S. Treasury 5-Year Notes		06/21		60		7,467,736		7,403,906		(63,830	)
U.S. Treasury Long Bonds		06/21		6		960,167		927,563		(32,604	)

										(98,195	)


Short Futures Outstanding
Australia 3-Year Bonds		06/21		2		177,767		177,801		(34	)
Euro-BTP		06/21		3		525,860		525,288		572
Euro-Buxl		06/21		3		724,162		724,869		(707	)
Euro-Schatz		06/21		39		5,127,008		5,126,927		81
U.S. Treasury 2-Year Notes		06/21		13		2,870,536		2,869,445		1,091
U.S. Treasury 10-Year Notes		06/21		11		1,471,255		1,440,313		30,942
U.S. Treasury Ultra 10-Year Notes		06/21		8		1,194,758		1,149,500		45,258
U.S. Ultra Long Bonds		06/21		6		1,146,852		1,087,312		59,540

										136,743


Total Futures Contracts										$38,548


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-51

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2021

(d)	Forward foreign currency contracts outstanding as of March 31, 2021 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	1,152,771	USD	883,783	04/21	GSC		$—		($8,161	)
EUR	1,102,000	USD	1,295,180	04/21	SCB		—		(2,704	)
GBP	398,000	USD	547,552	04/21	SCB		1,144		—
NZD	380,000	USD	272,248	04/21	SCB		—		(6,860	)
USD	524,064	AUD	655,832	04/21	GSC		25,906		—
USD	385,382	AUD	482,939	04/21	SCB		18,551		—
USD	10,847	AUD	14,000	04/21	UBS		213		—
USD	603,255	AUD	790,771	05/21	GSC		2,514		—
USD	23,505	EUR	20,000	04/21	CSF		48		—
USD	132,305	EUR	112,000	04/21	JPM		944		—
USD	1,338,700	EUR	1,102,000	04/21	SCB		46,224		—
USD	134,895	EUR	114,000	04/21	UBS		1,188		—
USD	1,295,922	EUR	1,102,000	05/21	SCB		2,690		—
USD	561,820	GBP	398,000	04/21	UBS		13,124		—
USD	547,605	GBP	398,000	05/21	SCB		—		(1,140	)
USD	370,250	NZD	510,000	04/21	JPM		14,070		—


Total Forward Foreign Currency Contracts							$126,616		($18,865	)

(e)	Purchased options outstanding as of March 31, 2021 were as follows:

Interest Rate Swaptions

Description

Pay/Receive
Floating Rate

Floating Rate Index

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Call - 5-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

0.700%

08/24/21

MSC

$1,000,000

$3,600

$1,104

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.190%

11/02/22

MSC

EUR 60,000

4,375

9,947

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.197%

11/04/22

BRC

200,000

14,957

32,880

19,332

42,827

Total Interest Rate Swaptions

$22,932

$43,931

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - Euro-Schatz (05/21)		EUR 114.20		05/21/21		EUX		53		EUR 6,052,600		$342		$310
Call - Euro-BTP (05/21)		161.50		05/21/21		EUX		4		646,000		49		47
Call - U.S. Treasury 10-Year Notes (06/21)		$162.00		05/21/21		CME		19		$3,078,000		158		—

												549		357


Put - Euro-Bobl (05/21)		EUR 130.50		05/21/21		EUX		2		EUR 261,000		14		12
Put - Euro-Bund (05/21)		151.00		05/21/21		EUX		7		1,057,000		86		82

												100		94


Total Options on Futures												$649		$451


Total Purchased Options												$23,581		$44,382

(f)	Premiums received and value of written options outstanding as of March 31, 2021 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 34 5Y		0.375%		04/21/21		BRC		EUR 400,000		$160		($4	)


Credit Default Swaptions on Credit Indices – Sell Protection
Put - iTraxx Main 34 5Y		0.750%		04/21/21		BRC		400,000		761		(32	)
Put - CDX IG 35 5Y		0.750%		05/19/21		DUB		$100,000		97		(22	)
Put - CDX IG 36 5Y		0.850%		06/16/21		GSC		300,000		279		(154	)
Put - CDX IG 35 5Y		0.900%		06/16/21		DUB		500,000		525		(132	)
Put - CDX IG 36 5Y		0.900%		07/21/21		GSC		100,000		129		(79	)

										1,791		(419	)


Total Credit Default Swaptions on Credit Indices										$1,951		($423	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-52

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2021

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		($28	)
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		—

											$15,213		($28	)

Interest Rate Swaptions


Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		0.550%			08/24/21		MSC		$2,000,000		$3,150		($980)
Call - 1-Year Interest Rate Swap		Receive		3-Month EUR-LIBOR		(0.526%	)		11/17/22		GSC		EUR 1,600,000		2,489		(1,775)

															5,639		(2,755)


Put - 10-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.300%			09/29/21		DUB		$300,000		2,048		(3,050)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.300%			09/29/21		MSC		400,000		2,836		(4,066)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		MSC		EUR 200,000		4,851		(9,982)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BRC		600,000		14,726		(30,065)

															24,461		(47,163)


Total Interest Rate Swaptions															$30,100		($49,918)


Total Written Options															$47,264		($50,369)

(g)	Swap agreements outstanding as of March 31, 2021 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)
1.030%	U.S. CPI Urban Consumers		Z / Z		LCH		06/18/21		$200,000		($4,736	)		$10			($4,746	)
1.690%	U.S. CPI Urban Consumers		Z / Z		LCH		08/07/21		200,000		(4,381	)		(10	)		(4,371	)
1.825%	U.S. CPI Urban Consumers		Z / Z		LCH		08/14/21		200,000		(3,933	)		—			(3,933	)
1.840%	U.S. CPI Urban Consumers		Z / Z		LCH		08/14/21		100,000		(1,952	)		(5	)		(1,947	)
1.863%	U.S. CPI Urban Consumers		Z / Z		LCH		08/26/21		200,000		(3,553	)		(20	)		(3,533	)
2.180%	U.S. CPI Urban Consumers		Z / Z		LCH		01/19/22		200,000		(1,273	)		(3	)		(1,270	)
2.200%	U.S. CPI Urban Consumers		Z / Z		LCH		01/21/22		200,000		(1,238	)		—			(1,238	)
2.170%	U.S. CPI Urban Consumers		Z / Z		LCH		02/01/22		100,000		(663	)		—			(663	)
2.155%	U.S. CPI Urban Consumers		Z / Z		LCH		02/04/22		200,000		(1,330	)		—			(1,330	)
2.200%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/22		100,000		(571	)		—			(571	)
3.220%	GBP Retail Price		Z / Z		LCH		03/15/22		GBP 100,000		(105	)		(1	)		(104	)
(0.526%)	3-Month EUR-LIBOR		A / Q		LCH		11/21/23		EUR 800,000		(504	)		—			(504	)
3.850%	GBP Retail Price		Z / Z		LCH		09/15/24		GBP 200,000		13,936			—			13,936
3.330%	GBP Retail Price		Z / Z		LCH		01/15/25		400,000		7,344			11,261			(3,917	)
2.335%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		$190,000		413			338			75
2.364%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		50,000		364			—			364
2.379%	U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		500,000		3,933			(288	)		4,221
3.593%	GBP Retail Price		Z / Z		LCH		11/15/28		GBP 45,000		2,370			—			2,370
2.165%	U.S. CPI Urban Consumers		Z / Z		LCH		04/16/29		$100,000		(2,442	)		—			(2,442	)
1.998%	U.S. CPI Urban Consumers		Z / Z		LCH		07/25/29		100,000		(3,953	)		—			(3,953	)
1.760%	U.S. CPI Urban Consumers		Z / Z		LCH		11/04/29		400,000		(27,145	)		(708	)		(26,437	)
3.400%	GBP Retail Price		Z / Z		LCH		06/15/30		GBP 200,000		8,737			2,555			6,182
3.475%	GBP Retail Price		Z / Z		LCH		08/15/30		200,000		(7,049	)		2,476			(9,525	)
1.380%	Eurostat Eurozone HICP		Z / Z		LCH		03/15/31		EUR 200,000		(3,143	)		(1,361	)		(1,782	)
3.566%	GBP Retail Price		Z / Z		LCH		03/15/36		GBP 190,000		(4,521	)		(907	)		(3,614	)
3.580%	GBP Retail Price		Z / Z		LCH		03/15/36		40,000		(788	)		(413	)		(375	)
1.387%	Eurostat Eurozone HICP		Z / Z		LCH		08/15/49		EUR 20,000		(2,535	)		—			(2,535	)

											($38,718	)		$12,924			($51,642	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-53

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2021

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)
0.090%	Eurostat Eurozone HICP		Z / Z		LCH		05/15/22		EUR 200,000		$3,990			$—			$3,990
2.210%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/23		$120,000		(392	)		—			(392	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		04/27/23		60,000		(506	)		—			(506	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		05/09/23		120,000		(936	)		—			(936	)
2.281%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/23		180,000		(1,895	)		—			(1,895	)
1.030%	France CPI Ex Tobacco		Z / Z		LCH		03/15/24		EUR 140,000		(1,913	)		(53	)		(1,860	)
2.314%	U.S. CPI Urban Consumers		Z / Z		LCH		02/26/26		$200,000		2,399			—			2,399
2.419%	U.S. CPI Urban Consumers		Z / Z		LCH		03/05/26		100,000		600			—			600
1.798%	U.S. CPI Urban Consumers		Z / Z		LCH		08/25/27		500,000		30,768			—			30,768
1.890%	U.S. CPI Urban Consumers		Z / Z		LCH		08/27/27		500,000		27,277			—			27,277
3.250%	3-Month NZD-Bank Bills		S / Q		CME		03/21/28		NZD 100,000		(8,202	)		290			(8,492	)
3.470%	GBP Retail Price		Z / Z		LCH		01/15/31		GBP 120,000		6,141			—			6,141
2.311%	U.S. CPI Urban Consumers		Z / Z		LCH		02/24/31		$200,000		4,040			94			3,946

											$61,371			$331			$61,040


Total Interest Rate Swaps											$22,653			$13,255			$9,398


Total Swap Agreements											$22,653			$13,255			$9,398

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


	Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Swap Agreements (1)
Assets		$17,024			$102,269
Liabilities		(3,769	)		(92,871	)

		$13,255			$9,398

(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 page B-122

B-54

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$825,994			$—			$825,994			$—
	Mortgage-Backed Securities		1,417,630			—			1,417,630			—
	Asset-Backed Securities		915,209			—			915,209			—
	U.S. Treasury Obligations		33,821,975			—			33,821,975			—
	Foreign Government Bonds & Notes		2,268,269			—			2,268,269			—
	Short-Term Investment		447,421			447,421			—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		126,616			—			126,616			—
	Interest Rate Contracts
	Futures		137,525			137,525			—			—
	Purchased Options		44,382			—			44,382			—
	Swaps		102,269			—			102,269			—

	Total Interest Rate Contracts		284,176			137,525			146,651			—

	Total Assets - Derivatives		410,792			137,525			273,267			—

	Total Assets		40,107,290			584,946			39,522,344			—


Liabilities	Sale-buyback Financing Transactions		(6,639,894	)		—			(6,639,894	)		—
	Derivatives:
	Credit Contracts
	Written Options		(423	)		—			(423	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(18,865	)		—			(18,865	)		—
	Interest Rate Contracts
	Futures		(98,977	)		(98,977	)		—			—
	Written Options		(49,946	)		—			(49,946	)		—
	Swaps		(92,871	)		—			(92,871	)		—

	Total Interest Rate Contracts		(241,794	)		(98,977	)		(142,817	)		—

	Total Liabilities - Derivatives		(261,082	)		(98,977	)		(162,105	)		—

	Total Liabilities		(6,900,976	)		(98,977	)		(6,801,999	)		—

	Total		$33,206,314			$485,969			$32,720,345			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-55

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 33.0%

Basic Materials - 0.8%

Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$465,000		$503,423
4.750% due 04/10/27 ~		400,000		459,246
ArcelorMittal SA (Luxembourg)
3.600% due 07/16/24		70,000		73,776
4.550% due 03/11/26		10,000		11,126
7.250% due 10/15/39		80,000		109,645
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		37,189
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		115,976
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		69,169
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		21,800
5.450% due 03/15/43		190,000		228,924
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		129,928
3.875% due 10/27/27 ~		10,000		11,008
4.000% due 03/27/27 ~		740,000		816,582
4.125% due 03/12/24 ~		150,000		162,561
LYB International Finance III LLC
1.250% due 10/01/25		60,000		59,294
3.375% due 05/01/30		85,000		90,309
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		37,557
Nutrition & Biosciences Inc
1.832% due 10/15/27 ~		200,000		195,734
3.468% due 12/01/50 ~		70,000		68,737
OCP SA (Morocco) 4.500% due 10/22/25 ~		200,000		212,411
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		358,828
Suzano Austria GmbH (Brazil) 3.750% due 01/15/31		340,000		350,399
Vale Overseas Ltd (Brazil)
3.750% due 07/08/30		95,000		99,336
6.875% due 11/21/36		48,000		63,900
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		98,617

				4,385,475

Communications - 3.7%

Alphabet Inc
0.450% due 08/15/25		20,000		19,678
0.800% due 08/15/27		30,000		28,752
1.100% due 08/15/30		30,000		27,613
2.050% due 08/15/50		50,000		41,434
Altice France SA (France) 7.375% due 05/01/26 ~		400,000		416,540
Amazon.com Inc
0.800% due 06/03/25		60,000		59,820
1.200% due 06/03/27		70,000		68,541
1.500% due 06/03/30		70,000		66,787
2.500% due 06/03/50		580,000		519,815
3.875% due 08/22/37		70,000		80,302
4.250% due 08/22/57		10,000		11,987
4.950% due 12/05/44		60,000		79,027
America Movil SAB de CV (Mexico) 2.875% due 05/07/30		200,000		204,447
AT&T Inc
1.650% due 02/01/28		230,000		223,032
2.250% due 02/01/32		10,000		9,525
2.300% due 06/01/27		910,000		930,807
3.100% due 02/01/43		500,000		467,617
3.500% due 06/01/41		275,000		271,855


	Principal Amount		Value
3.550% due 09/15/55 ~		$299,000		$274,140
3.800% due 02/15/27		30,000		33,210
4.350% due 06/15/45		32,000		35,047
CCO Holdings LLC
4.500% due 08/15/30 ~		10,000		10,205
4.500% due 05/01/32 ~		1,480,000		1,500,350
5.125% due 05/01/27 ~		130,000		137,625
Charter Communications Operating LLC
3.500% due 06/01/41		40,000		37,989
3.700% due 04/01/51		230,000		215,499
4.800% due 03/01/50		170,000		182,797
4.908% due 07/23/25		690,000		782,653
5.375% due 04/01/38		20,000		23,600
5.750% due 04/01/48		10,000		12,184
6.384% due 10/23/35		20,000		25,938
6.834% due 10/23/55		30,000		41,135
Comcast Corp
1.500% due 02/15/31		195,000		181,159
2.800% due 01/15/51		185,000		169,961
3.150% due 03/01/26		30,000		32,588
3.250% due 11/01/39		185,000		190,837
3.300% due 04/01/27		20,000		21,827
3.375% due 08/15/25		20,000		21,791
3.400% due 04/01/30		30,000		32,506
3.450% due 02/01/50		200,000		206,989
3.750% due 04/01/40		100,000		109,869
3.950% due 10/15/25		220,000		245,870
3.999% due 11/01/49		51,000		57,321
4.000% due 03/01/48		10,000		11,195
4.250% due 10/15/30		730,000		839,445
4.700% due 10/15/48		20,000		24,774
5.650% due 06/15/35		20,000		26,377
Corning Inc 5.750% due 08/15/40		60,000		76,972
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		53,200
Discovery Communications LLC 3.625% due 05/15/30		100,000		107,135
DISH DBS Corp
5.875% due 11/15/24		90,000		94,256
7.750% due 07/01/26		10,000		11,050
Expedia Group Inc 3.800% due 02/15/28		800,000		847,835
Fox Corp 5.476% due 01/25/39		150,000		187,339
Prosus NV (China) 3.832% due 02/08/51 ~		460,000		405,027
Rogers Communications Inc (Canada) 3.700% due 11/15/49		60,000		59,680
Sprint Capital Corp 8.750% due 03/15/32		130,000		192,368
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		25,000		25,227
4.738% due 09/20/29 ~		450,000		483,221
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		175,657
The Walt Disney Co
2.650% due 01/13/31		600,000		613,230
3.500% due 05/13/40		100,000		105,958
Time Warner Cable LLC
5.875% due 11/15/40		50,000		62,283
6.550% due 05/01/37		110,000		144,805
6.750% due 06/15/39		20,000		26,858
7.300% due 07/01/38		460,000		640,345
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		28,983
T-Mobile USA Inc
2.050% due 02/15/28 ~		10,000		9,818
2.250% due 02/15/26		10,000		10,084
2.550% due 02/15/31 ~		550,000		539,517


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-56

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
2.625% due 02/15/29		$50,000		$48,615
2.875% due 02/15/31		840,000		812,910
3.000% due 02/15/41 ~		110,000		102,303
3.500% due 04/15/25 ~		230,000		248,372
3.500% due 04/15/31		50,000		50,438
3.750% due 04/15/27 ~		435,000		475,960
3.875% due 04/15/30 ~		280,000		304,251
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		716,690
Verizon Communications Inc
0.850% due 11/20/25		$30,000		29,379
1.450% due 03/20/26		40,000		40,022
1.750% due 01/20/31		70,000		65,244
2.100% due 03/22/28		340,000		341,640
2.550% due 03/21/31		510,000		509,983
2.625% due 08/15/26		20,000		21,160
2.650% due 11/20/40		966,000		884,101
2.875% due 11/20/50		420,000		374,004
3.150% due 03/22/30		305,000		321,937
3.376% due 02/15/25		79,000		85,736
3.850% due 11/01/42		345,000		370,739
4.000% due 03/22/50		30,000		32,343
4.125% due 08/15/46		30,000		32,955
4.329% due 09/21/28		5,000		5,728
4.400% due 11/01/34		90,000		103,035
4.500% due 08/10/33		520,000		604,577
4.862% due 08/21/46		20,000		24,049
5.500% due 03/16/47		30,000		39,303
ViacomCBS Inc
4.000% due 01/15/26		50,000		55,122
5.850% due 09/01/43		70,000		89,585
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		90,000		103,456

				20,806,945

Consumer, Cyclical - 3.6%

7-Eleven Inc
0.950% due 02/10/26 ~		60,000		58,487
2.500% due 02/10/41 ~		49,000		44,433
Alimentation Couche-Tard Inc (Canada) 2.950% due 01/25/30 ~		100,000		102,291
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		282,516		282,196
AutoZone Inc 3.625% due 04/15/25		100,000		109,001
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		425,086		444,161
Costco Wholesale Corp
1.375% due 06/20/27		60,000		59,845
1.600% due 04/20/30		40,000		38,341
Delta Air Lines Inc
2.900% due 10/28/24		80,000		80,047
3.400% due 04/19/21		80,000		80,000
3.625% due 03/15/22		40,000		40,453
3.800% due 04/19/23		10,000		10,220
4.500% due 10/20/25 ~		70,000		74,762
4.750% due 10/20/28 ~		660,000		718,260
7.000% due 05/01/25 ~		440,000		507,226
7.375% due 01/15/26		50,000		58,524
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		640,227		669,316
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		104,372		106,812
Dollar General Corp 4.125% due 04/03/50		100,000		111,058
Ford Motor Credit Co LLC
0.374% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		935,815
3.375% due 11/13/25		$1,600,000		1,629,200


	Principal Amount		Value
4.000% due 11/13/30		$200,000		$198,648
4.125% due 08/17/27		200,000		206,750
5.875% due 08/02/21		200,000		202,940
General Motors Co
5.150% due 04/01/38		20,000		22,941
5.950% due 04/01/49		20,000		25,436
6.125% due 10/01/25		45,000		52,968
6.250% due 10/02/43		40,000		51,296
General Motors Financial Co Inc
1.250% due 01/08/26		204,000		200,301
2.750% due 06/20/25		920,000		960,953
4.250% due 05/15/23		30,000		32,079
4.350% due 01/17/27		20,000		22,232
Hanesbrands Inc 5.375% due 05/15/25 ~		40,000		42,375
Hasbro Inc 3.900% due 11/19/29		50,000		53,870
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		20,000		21,100
5.750% due 05/01/28 ~		20,000		21,563
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		135,931
Hyundai Capital America
1.150% due 11/10/22 ~		246,000		247,434
1.300% due 01/08/26 ~		40,000		39,139
1.800% due 01/10/28 ~		70,000		66,999
2.375% due 10/15/27 ~		300,000		301,356
2.650% due 02/10/25 ~		150,000		155,228
Kia Corp (South Korea) 3.250% due 04/21/26 ~		200,000		213,912
Kohl’s Corp
3.375% due 05/01/31		96,000		96,279
9.500% due 05/15/25		40,000		51,901
Las Vegas Sands Corp
2.900% due 06/25/25		690,000		706,936
3.200% due 08/08/24		50,000		52,163
Lennar Corp 4.500% due 04/30/24		35,000		38,138
Levi Strauss & Co 5.000% due 05/01/25		6,000		6,121
Lowe’s Cos Inc
2.625% due 04/01/31		200,000		200,999
4.500% due 04/15/30		20,000		23,087
McDonald’s Corp
1.450% due 09/01/25		10,000		10,104
3.300% due 07/01/25		30,000		32,508
3.500% due 03/01/27		20,000		21,954
3.500% due 07/01/27		10,000		11,009
3.600% due 07/01/30		360,000		393,128
3.625% due 09/01/49		10,000		10,466
3.700% due 01/30/26		40,000		44,112
3.800% due 04/01/28		30,000		33,247
4.200% due 04/01/50		240,000		273,290
MDC Holdings Inc 6.000% due 01/15/43		20,000		25,280
MGM Resorts International 7.750% due 03/15/22		800,000		844,220
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		260,000		285,350
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		30,000		29,231
4.250% due 05/15/24 ~		26,000		26,331
Newell Brands Inc
4.350% due 04/01/23		20,000		21,125
4.700% due 04/01/26		10,000		11,048
NIKE Inc
2.400% due 03/27/25		30,000		31,646
2.750% due 03/27/27		240,000		256,019
2.850% due 03/27/30		50,000		52,706
3.250% due 03/27/40		20,000		21,043
3.375% due 03/27/50		510,000		536,357


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-57

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Nissan Motor Acceptance Corp
2.750% due 03/09/28 ~		$300,000		$298,026
2.800% due 01/13/22 ~		182,000		184,798
Nissan Motor Co Ltd (Japan)
3.522% due 09/17/25 ~		1,300,000		1,377,968
4.345% due 09/17/27 ~		400,000		435,369
4.810% due 09/17/30 ~		400,000		439,208
Nordstrom Inc due 08/01/31 # ~		94,000		94,121
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		109,732
Sands China Ltd (Macau) 5.125% due 08/08/25		310,000		347,313
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		450,000		509,587
Starbucks Corp
2.550% due 11/15/30		900,000		902,906
3.350% due 03/12/50		40,000		39,315
Target Corp 2.250% due 04/15/25		30,000		31,455
The Home Depot Inc
2.700% due 04/15/30		40,000		41,731
3.300% due 04/15/40		40,000		42,144
3.350% due 04/15/50		450,000		467,568
3.900% due 06/15/47		10,000		11,267
The TJX Cos Inc 3.500% due 04/15/25		50,000		54,557
Tractor Supply Co 1.750% due 11/01/30		100,000		92,457
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		88,348		86,056
3.700% due 09/01/31		225,283		227,323
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		271,215		266,301
3.650% due 07/07/27		178,333		176,491
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		138,626
Walmart Inc
3.400% due 06/26/23		20,000		21,339
3.700% due 06/26/28		60,000		67,523
Wynn Macau Ltd (Macau) 5.625% due 08/26/28 ~		200,000		209,435

				20,254,313

Consumer, Non-Cyclical - 4.6%

Abbott Laboratories
3.750% due 11/30/26		38,000		42,685
4.750% due 11/30/36		70,000		86,767
4.900% due 11/30/46		160,000		208,876
AbbVie Inc
2.300% due 11/21/22		230,000		236,726
2.600% due 11/21/24		450,000		475,351
2.950% due 11/21/26		780,000		831,081
3.200% due 11/21/29		630,000		670,670
3.450% due 03/15/22		80,000		81,856
3.600% due 05/14/25		70,000		76,301
3.750% due 11/14/23		10,000		10,776
3.800% due 03/15/25		90,000		98,397
4.050% due 11/21/39		100,000		112,108
4.250% due 11/21/49		315,000		357,044
Aetna Inc 2.800% due 06/15/23		40,000		41,741
Altria Group Inc
2.450% due 02/04/32		180,000		172,130
3.400% due 02/04/41		350,000		325,199
3.875% due 09/16/46		20,000		19,436
4.400% due 02/14/26		701,000		791,159
4.800% due 02/14/29		46,000		52,889
5.800% due 02/14/39		40,000		48,896
5.950% due 02/14/49		100,000		124,788
6.200% due 02/14/59		12,000		14,665


	Principal Amount		Value
Amgen Inc
2.770% due 09/01/53 ~		$43,000		$38,142
3.625% due 05/22/24		30,000		32,404
4.663% due 06/15/51		11,000		13,375
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		390,000		429,074
4.900% due 02/01/46		90,000		107,752
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		220,000		238,525
3.750% due 07/15/42		515,000		529,776
4.350% due 06/01/40		60,000		68,014
4.500% due 06/01/50		390,000		443,247
4.750% due 01/23/29		210,000		245,554
Anthem Inc
2.250% due 05/15/30		105,000		103,422
2.550% due 03/15/31		400,000		400,590
3.125% due 05/15/22		30,000		30,910
3.350% due 12/01/24		40,000		43,287
3.650% due 12/01/27		30,000		33,134
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		49,894
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		95,000		96,152
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		197,100
3.557% due 08/15/27		450,000		479,298
3.734% due 09/25/40		85,000		81,091
4.540% due 08/15/47		170,000		171,431
Bausch Health Cos Inc
5.000% due 01/30/28 ~		50,000		50,687
5.250% due 01/30/30 ~		380,000		382,402
5.250% due 02/15/31 ~		50,000		49,855
6.250% due 02/15/29 ~		110,000		117,084
7.250% due 05/30/29 ~		50,000		55,897
Becton Dickinson and Co
3.363% due 06/06/24		110,000		118,215
3.700% due 06/06/27		200,000		220,781
3.734% due 12/15/24		50,000		54,643
3.794% due 05/20/50		40,000		42,611
4.669% due 06/06/47		50,000		59,780
4.685% due 12/15/44		32,000		38,214
Biogen Inc
2.250% due 05/01/30		65,000		63,108
3.150% due 05/01/50		70,000		64,404
Block Financial LLC 3.875% due 08/15/30		800,000		826,072
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		122,416
Boston Scientific Corp
2.650% due 06/01/30		900,000		909,425
4.550% due 03/01/39		60,000		70,722
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		22,775
2.900% due 07/26/24		45,000		48,110
3.200% due 06/15/26		50,000		54,426
3.550% due 08/15/22		90,000		93,862
3.875% due 08/15/25		33,000		36,717
5.000% due 08/15/45		364,000		468,739
Cargill Inc 1.375% due 07/23/23 ~		40,000		40,836
Centene Corp 3.375% due 02/15/30		10,000		10,109
Cigna Corp
3.750% due 07/15/23		66,000		70,606
4.125% due 11/15/25		40,000		44,628
4.375% due 10/15/28		530,000		606,931
4.900% due 12/15/48		240,000		294,681
CommonSpirit Health 2.782% due 10/01/30		185,000		187,481
Constellation Brands Inc 4.250% due 05/01/23		30,000		32,195


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-58

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
CVS Health Corp
3.250% due 08/15/29		$175,000		$185,172
3.625% due 04/01/27		10,000		10,990
3.700% due 03/09/23		7,000		7,431
3.750% due 04/01/30		720,000		786,306
4.125% due 04/01/40		160,000		177,156
4.250% due 04/01/50		20,000		22,489
4.300% due 03/25/28		91,000		103,399
4.875% due 07/20/35		155,000		182,766
5.050% due 03/25/48		330,000		405,760
5.125% due 07/20/45		60,000		73,563
Danone SA (France) 2.589% due 11/02/23 ~		200,000		208,844
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		235,243
Gilead Sciences Inc
1.650% due 10/01/30		100,000		93,975
2.600% due 10/01/40		90,000		82,889
3.650% due 03/01/26		280,000		307,737
4.750% due 03/01/46		30,000		36,345
Global Payments Inc 3.200% due 08/15/29		65,000		68,532
HCA Inc
3.500% due 09/01/30		80,000		80,770
4.500% due 02/15/27		40,000		44,897
5.250% due 06/15/26		440,000		506,038
5.375% due 02/01/25		20,000		22,340
5.875% due 02/01/29		30,000		35,001
Humana Inc
3.150% due 12/01/22		50,000		51,838
3.950% due 03/15/27		170,000		189,769
4.625% due 12/01/42		50,000		58,239
4.800% due 03/15/47		20,000		23,993
4.950% due 10/01/44		20,000		24,066
IHS Markit Ltd 4.250% due 05/01/29		130,000		146,639
Johnson & Johnson
0.550% due 09/01/25		40,000		39,695
0.950% due 09/01/27		80,000		77,824
3.625% due 03/03/37		100,000		113,156
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		174,860
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		11,023
4.375% due 06/01/46		20,000		20,955
4.875% due 10/01/49		30,000		33,729
5.000% due 06/04/42		10,000		11,269
5.200% due 07/15/45		20,000		23,181
5.500% due 06/01/50		20,000		24,542
Lamb Weston Holdings Inc 4.875% due 05/15/28 ~		10,000		10,817
Mars Inc
2.700% due 04/01/25 ~		40,000		42,348
3.200% due 04/01/30 ~		40,000		42,761
MedStar Health Inc 3.626% due 08/15/49		90,000		92,583
Medtronic Inc 3.500% due 03/15/25		36,000		39,507
Merck & Co Inc 1.450% due 06/24/30		190,000		181,245
MidMichigan Health 3.409% due 06/01/50		180,000		181,320
PayPal Holdings Inc
1.650% due 06/01/25		70,000		71,358
2.850% due 10/01/29		900,000		938,683
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		112,605
PepsiCo Inc
2.250% due 03/19/25		10,000		10,537
2.625% due 03/19/27		120,000		127,775


	Principal Amount		Value
2.875% due 10/15/49		$20,000		$19,393
3.625% due 03/19/50		50,000		55,252
3.875% due 03/19/60		10,000		11,307
Pfizer Inc 2.625% due 04/01/30		60,000		62,331
Philip Morris International Inc
2.500% due 08/22/22		90,000		92,644
2.500% due 11/02/22		80,000		82,603
4.500% due 03/20/42		30,000		34,402
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		54,165
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		555,610
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		50,000		59,058
6.150% due 09/15/43		30,000		36,259
Royalty Pharma PLC 3.550% due 09/02/50 ~		60,000		57,330
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		99,637
Sysco Corp 2.400% due 02/15/30		190,000		189,032
Teva Pharmaceutical Finance Co BV (Israel)
2.950% due 12/18/22		760,000		763,325
3.650% due 11/10/21		50,000		50,516
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.200% due 07/21/21		420,000		420,263
2.800% due 07/21/23		140,000		139,552
3.150% due 10/01/26		260,000		248,950
4.100% due 10/01/46		30,000		26,416
The Coca-Cola Co
2.500% due 03/15/51		20,000		17,506
2.950% due 03/25/25		20,000		21,595
3.375% due 03/25/27		90,000		99,469
The Kroger Co 3.950% due 01/15/50		75,000		81,254
The Procter & Gamble Co 2.800% due 03/25/27		10,000		10,783
Tyson Foods Inc 3.550% due 06/02/27		195,000		213,194
United Rentals North America Inc
3.875% due 02/15/31		20,000		20,137
5.875% due 09/15/26		90,000		94,263
UnitedHealth Group Inc
2.000% due 05/15/30		330,000		324,999
2.375% due 10/15/22		10,000		10,317
3.500% due 06/15/23		20,000		21,352
3.750% due 07/15/25		80,000		88,653
3.875% due 08/15/59		50,000		55,952
4.250% due 06/15/48		150,000		179,124
4.450% due 12/15/48		10,000		12,293
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		115,735
Viatris Inc 3.850% due 06/22/40 ~		60,000		61,525
West Virginia United Health System Obligated Group 3.129% due 06/01/50		210,000		200,539
Zoetis Inc
2.000% due 05/15/30		900,000		868,282
3.000% due 05/15/50		35,000		33,422

				26,112,524

Energy - 4.1%

Apache Corp
3.250% due 04/15/22		24,000		24,270
4.250% due 01/15/44		170,000		153,423
4.750% due 04/15/43		40,000		37,160
5.100% due 09/01/40		70,000		68,556


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-59

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Boardwalk Pipelines LP
3.400% due 02/15/31		$700,000		$700,900
4.450% due 07/15/27		85,000		94,178
BP Capital Markets America Inc
2.772% due 11/10/50		100,000		87,456
2.937% due 04/06/23		10,000		10,508
2.939% due 06/04/51		55,000		49,148
3.000% due 02/24/50		300,000		275,491
3.633% due 04/06/30		590,000		647,455
3.790% due 02/06/24		10,000		10,854
BP Capital Markets PLC (United Kingdom)
3.506% due 03/17/25		130,000		141,830
3.535% due 11/04/24		40,000		43,724
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		10,112
3.302% due 01/15/35 ~		230,000		236,745
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		200,000		228,954
Cheniere Energy Inc 4.625% due 10/15/28 ~		30,000		31,194
Chevron Corp 3.078% due 05/11/50		250,000		239,664
Chevron USA Inc
3.850% due 01/15/28		70,000		78,068
5.250% due 11/15/43		80,000		103,723
Cimarex Energy Co
3.900% due 05/15/27		285,000		310,506
4.375% due 03/15/29		390,000		432,066
ConocoPhillips
3.750% due 10/01/27 ~		65,000		71,883
4.300% due 08/15/28 ~		180,000		204,232
6.500% due 02/01/39		10,000		14,290
Continental Resources Inc
3.800% due 06/01/24		40,000		41,075
4.375% due 01/15/28		40,000		42,110
4.500% due 04/15/23		30,000		31,126
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		22,450
Devon Energy Corp
4.750% due 05/15/42		20,000		21,275
5.000% due 06/15/45		460,000		503,747
Diamondback Energy Inc
2.875% due 12/01/24		20,000		21,109
3.250% due 12/01/26		160,000		168,841
3.500% due 12/01/29		320,000		332,353
Ecopetrol SA (Colombia) 5.875% due 05/28/45		200,000		213,796
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		10,416
3.750% due 05/15/30		190,000		196,105
3.900% due 07/15/26		305,000		328,561
4.950% due 06/15/28		50,000		55,986
5.250% due 04/15/29		270,000		307,537
6.250% due 04/15/49		220,000		258,786
6.750% due 05/15/25		50,000		47,938
Enterprise Products Operating LLC
2.800% due 01/31/30		210,000		217,066
3.700% due 01/31/51		240,000		236,703
3.950% due 01/31/60		30,000		30,144
4.150% due 10/16/28		100,000		112,814
4.200% due 01/31/50		130,000		138,874
4.800% due 02/01/49		10,000		11,501
4.850% due 03/15/44		10,000		11,546
7.550% due 04/15/38		220,000		323,098
EOG Resources Inc
3.900% due 04/01/35		30,000		32,473
4.150% due 01/15/26		70,000		78,667
4.375% due 04/15/30		70,000		80,480
4.950% due 04/15/50		110,000		134,518


	Principal Amount		Value
EQT Corp
3.000% due 10/01/22		$470,000		$478,648
3.900% due 10/01/27		670,000		684,656
Exxon Mobil Corp
1.571% due 04/15/23		20,000		20,498
2.992% due 03/19/25		160,000		171,579
2.995% due 08/16/39		180,000		175,579
3.043% due 03/01/26		140,000		151,165
3.482% due 03/19/30		470,000		510,891
4.114% due 03/01/46		50,000		55,030
4.327% due 03/19/50		110,000		126,474
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		304,752
3.450% due 10/15/27 ~		125,000		129,194
HollyFrontier Corp
2.625% due 10/01/23		35,000		36,086
5.875% due 04/01/26		103,000		116,823
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		400,000		474,696
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		11,732
Kinder Morgan Inc
4.300% due 06/01/25		50,000		55,876
4.300% due 03/01/28		170,000		190,295
5.050% due 02/15/46		30,000		33,987
5.200% due 03/01/48		150,000		171,556
5.550% due 06/01/45		30,000		35,950
Magellan Midstream Partners LP 3.950% due 03/01/50		100,000		98,683
MEG Energy Corp (Canada) 5.875% due 02/01/29 ~		10,000		10,050
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		516,593
MPLX LP
2.650% due 08/15/30		200,000		196,233
4.500% due 04/15/38		585,000		640,217
4.700% due 04/15/48		60,000		65,116
4.800% due 02/15/29		290,000		332,754
NGPL PipeCo LLC 4.375% due 08/15/22 ~		800,000		830,629
Occidental Petroleum Corp
2.900% due 08/15/24		100,000		99,029
3.000% due 02/15/27		30,000		28,285
3.200% due 08/15/26		60,000		57,683
4.100% due 02/15/47		160,000		128,503
4.200% due 03/15/48		10,000		8,139
4.400% due 04/15/46		20,000		17,163
4.625% due 06/15/45		50,000		43,880
5.550% due 03/15/26		90,000		95,312
6.450% due 09/15/36		310,000		342,631
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		1,155,000		1,277,996
6.900% due 03/19/49		230,000		252,255
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		235,888
Phillips 66 Partners LP 3.550% due 10/01/26		100,000		107,019
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		19,654
1.900% due 08/15/30		135,000		125,395
2.150% due 01/15/31		70,000		66,237
Plains All American Pipeline LP 4.650% due 10/15/25		300,000		328,908
Range Resources Corp
4.875% due 05/15/25		10,000		9,915
5.000% due 03/15/23		113,000		115,048
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		228,799
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		70,000		77,502


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-60

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Shell International Finance BV (Netherlands)
2.750% due 04/06/30		$20,000		$20,679
2.875% due 05/10/26		50,000		53,412
3.125% due 11/07/49		50,000		48,319
3.250% due 04/06/50		450,000		441,696
4.375% due 05/11/45		280,000		328,276
4.550% due 08/12/43		50,000		59,553
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		318,899
Suncor Energy Inc (Canada) 4.000% due 11/15/47		50,000		50,769
Targa Resources Partners LP
4.000% due 01/15/32 ~		10,000		9,418
4.250% due 11/15/23		60,000		60,396
4.875% due 02/01/31 ~		40,000		40,590
5.375% due 02/01/27		20,000		20,788
5.500% due 03/01/30		20,000		21,019
5.875% due 04/15/26		20,000		20,975
6.500% due 07/15/27		10,000		10,892
6.875% due 01/15/29		10,000		11,036
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		250,000		249,218
The Williams Cos Inc
3.750% due 06/15/27		90,000		98,186
7.500% due 01/15/31		190,000		251,909
TransCanada PipeLines Ltd (Canada) 4.100% due 04/15/30		100,000		111,593
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		250,000		316,718
Western Midstream Operating LP 2.288% (USD LIBOR + 1.850%) due 01/13/23 §		20,000		19,609
4.350% due 02/01/25		30,000		31,098
4.500% due 03/01/28		30,000		31,294
4.650% due 07/01/26		100,000		105,660
5.300% due 02/01/30		60,000		65,233
5.300% due 03/01/48		897,000		902,418
6.500% due 02/01/50		50,000		54,152
WPX Energy Inc
4.500% due 01/15/30		8,000		8,626
5.250% due 10/15/27		10,000		10,672
5.875% due 06/15/28		576,000		635,656

				23,017,227

Financial - 12.2%

AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		150,000		145,790
4.125% due 07/03/23		455,000		482,896
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		217,567
Air Lease Corp
3.000% due 09/15/23		555,000		580,131
3.375% due 07/01/25		30,000		31,719
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		200,000		211,167
Ambac LSNI LLC (Cayman) 6.000% (USD LIBOR + 5.000%) due 02/12/23 ~ §		301,810		302,942
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		109,765
American International Group Inc
3.750% due 07/10/25		540,000		590,182
4.375% due 06/30/50		140,000		160,084
American Tower Corp REIT
1.500% due 01/31/28		135,000		128,915
2.950% due 01/15/51		41,000		36,316
3.100% due 06/15/50		64,000		58,943
Athene Global Funding 2.500% due 01/14/25 ~		215,000		222,834
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		1,002,039


	Principal Amount		Value
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		$205,000		$229,890
Avolon Holdings Funding Ltd (Ireland) 2.125% due 02/21/26 ~		45,000		43,063
4.250% due 04/15/26 ~		65,000		68,143
5.125% due 10/01/23 ~		1,000,000		1,066,869
Banco Bilbao Vizcaya Argentaria SA (Spain) 8.875% due 04/14/21 ~		EUR 800,000		940,816
Banco Santander SA (Spain)
2.749% due 12/03/30		$200,000		190,665
3.848% due 04/12/23		200,000		212,801
Bank of America Corp
2.592% due 04/29/31		1,660,000		1,658,531
2.676% due 06/19/41		515,000		483,202
3.004% due 12/20/23		155,000		161,261
3.419% due 12/20/28		203,000		218,129
3.500% due 04/19/26		110,000		120,671
3.550% due 03/05/24		90,000		94,983
3.593% due 07/21/28		100,000		108,591
3.705% due 04/24/28		265,000		290,014
3.974% due 02/07/30		240,000		266,644
4.000% due 01/22/25		675,000		739,724
4.083% due 03/20/51		130,000		144,594
4.200% due 08/26/24		350,000		386,219
4.250% due 10/22/26		1,590,000		1,784,339
4.330% due 03/15/50		20,000		23,101
4.450% due 03/03/26		90,000		101,229
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		102,563
3.803% due 12/15/32		60,000		65,986
Barclays PLC (United Kingdom)
3.650% due 03/16/25		200,000		215,337
4.972% due 05/16/29		200,000		230,178
5.088% due 06/20/30		500,000		566,681
7.875% due 03/15/22 ~		400,000		421,250
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		120,000		139,275
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		885,424
2.219% due 06/09/26 ~		200,000		205,206
2.824% due 01/26/41 ~		350,000		315,200
4.375% due 03/01/33 ~		250,000		272,645
4.705% due 01/10/25 ~		230,000		253,068
5.198% due 01/10/30 ~		200,000		236,767
Boston Properties LP REIT 4.500% due 12/01/28		500,000		567,002
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		294,629
Brandywine Operating Partnership LP REIT 3.950% due 11/15/27		800,000		850,728
Brixmor Operating Partnership LP REIT 2.250% due 04/01/28		70,000		68,795
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		110,094
Brown & Brown Inc 2.375% due 03/15/31		120,000		115,623
Capital One Financial Corp 3.800% due 01/31/28		100,000		110,013
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		190,051
CBL & Associates LP REIT 5.950% due 12/15/26 Y		1,200,000		689,634
Citigroup Inc
2.572% due 06/03/31		700,000		700,020
3.875% due 03/26/25		605,000		659,771
3.875% due 02/18/26		45,000		44,902
3.878% due 01/24/39		165,000		178,659
4.075% due 04/23/29		150,000		166,978
4.400% due 06/10/25		170,000		189,017


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-61

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
4.412% due 03/31/31		$975,000		$1,113,939
5.300% due 05/06/44		52,000		65,907
5.500% due 09/13/25		1,110,000		1,287,857
5.950% due 01/30/23		300,000		314,848
5.950% due 05/15/25		160,000		172,800
6.675% due 09/13/43		70,000		102,442
8.125% due 07/15/39		220,000		361,626
Cooperatieve Rabobank UA (Netherlands)
4.375% due 08/04/25		920,000		1,019,466
4.625% due 12/01/23		290,000		317,976
Corporate Office Properties LP REIT 2.750% due 04/15/31		109,000		105,629
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		800,000		852,821
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		250,000		265,161
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		254,317
4.194% due 04/01/31 ~		670,000		729,666
4.282% due 01/09/28 ~		250,000		275,135
Crown Castle International Corp REIT 3.100% due 11/15/29		100,000		103,410
CyrusOne LP REIT 1.450% due 01/22/27		EUR 100,000		118,350
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		$200,000		206,755
5.375% due 01/12/24 ~		950,000		1,060,026
Deutsche Bank AG (Germany) 2.129% due 11/24/26		215,000		215,683
Digital Realty Trust LP REIT 3.600% due 07/01/29		500,000		537,822
Discover Bank 3.450% due 07/27/26		250,000		270,733
Diversified Healthcare Trust REIT 9.750% due 06/15/25		600,000		679,950
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		107,638
EPR Properties REIT 5.250% due 07/15/23		400,000		420,862
Equinix Inc REIT 2.900% due 11/18/26		150,000		158,360
GE Capital Funding LLC 4.400% due 05/15/30 ~		200,000		226,599
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		250,000		286,506
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		212,681
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		200,000		186,468
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		212,567
HSBC Holdings PLC (United Kingdom)
4.041% due 03/13/28		300,000		328,600
4.950% due 03/31/30		600,000		701,067
6.875% due 06/01/21		400,000		404,480
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		896,578
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		794,137
International Lease Finance Corp 5.875% due 08/15/22		150,000		160,444
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		229,385
5.017% due 06/26/24 ~		370,000		404,337
JPMorgan Chase & Co
2.083% due 04/22/26		1,270,000		1,305,131
2.522% due 04/22/31		670,000		669,127
3.109% due 04/22/51		350,000		343,426
3.509% due 01/23/29		150,000		162,346


	Principal Amount		Value
4.203% due 07/23/29		$170,000		$192,502
4.452% due 12/05/29		70,000		80,235
4.950% due 06/01/45		50,000		62,525
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		38,445
Lloyds Banking Group PLC (United Kingdom) 1.437% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		615,785
4.375% due 03/22/28		$600,000		674,045
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		181,651
Mastercard Inc 3.850% due 03/26/50		110,000		124,871
Mid-America Apartments LP REIT 3.600% due 06/01/27		205,000		223,351
Morgan Stanley
2.188% due 04/28/26		430,000		444,549
2.699% due 01/22/31		80,000		81,498
3.622% due 04/01/31		880,000		956,561
3.737% due 04/24/24		100,000		106,343
3.772% due 01/24/29		10,000		10,944
4.431% due 01/23/30		10,000		11,458
4.457% due 04/22/39		150,000		175,911
5.000% due 11/24/25		840,000		966,411
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		980,338
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		215,631
Natwest Group PLC (United Kingdom)
4.445% due 05/08/30		200,000		222,909
8.625% due 08/15/21		600,000		615,582
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		39,674
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		159,159
Nordea Bank Abp (Finland) 1.000% due 06/09/23 ~		200,000		202,270
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		894,162
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		224,000		235,233
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		19,977
Royal Bank of Canada (Canada)
1.150% due 06/10/25		130,000		129,986
1.600% due 04/17/23		90,000		92,207
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		750,872
4.500% due 07/17/25		330,000		365,761
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		237,814
Societe Generale SA (France)
1.488% due 12/14/26 ~		300,000		294,985
4.250% due 04/14/25 ~		200,000		216,726
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		830,291
Standard Chartered PLC (United Kingdom) 1.456% due 01/14/27 ~		500,000		488,618
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		120,000		120,614
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		48,740
4.900% due 09/15/44 ~		40,000		49,060
6.850% due 12/16/39 ~		18,000		26,039
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		30,591
The Charles Schwab Corp
4.000% due 06/01/26		115,000		116,989
4.000% due 12/01/30		95,000		93,504


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-62

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
The Depository Trust & Clearing Corp 3.351% (USD LIBOR + 3.167%) due 06/15/21 ~ §		$250,000		$245,625
The Goldman Sachs Group Inc
3.200% due 02/23/23		60,000		62,803
3.850% due 07/08/24		160,000		173,971
4.017% due 10/31/38		120,000		133,315
4.223% due 05/01/29		470,000		527,579
4.250% due 10/21/25		1,845,000		2,060,680
5.150% due 05/22/45		420,000		526,558
6.250% due 02/01/41		290,000		411,032
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		620,000		620,800
UBS Group AG (Switzerland)
1.750% due 04/21/22 ~		200,000		202,796
3.491% due 05/23/23 ~		260,000		268,390
4.125% due 09/24/25 ~		480,000		533,217
7.000% due 01/31/24 ~		450,000		494,588
UDR Inc REIT
1.900% due 03/15/33		30,000		27,091
2.100% due 08/01/32		200,000		186,102
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		700,000		729,805
VEREIT Operating Partnership LP REIT
3.400% due 01/15/28		700,000		739,004
3.950% due 08/15/27		200,000		219,706
Visa Inc
3.150% due 12/14/25		80,000		87,311
4.300% due 12/14/45		290,000		350,603
Wells Fargo & Co 2.188% due 04/30/26		80,000		82,615
2.393% due 06/02/28		900,000		922,932
2.879% due 10/30/30		110,000		113,398
3.000% due 10/23/26		1,080,000		1,153,287
3.450% due 02/13/23		40,000		42,151
3.584% due 05/22/28		100,000		109,117
3.750% due 01/24/24		50,000		54,089
3.900% due 03/15/26		85,000		85,895
4.400% due 06/14/46		30,000		33,500
4.478% due 04/04/31		1,460,000		1,682,556
4.750% due 12/07/46		110,000		130,138
4.900% due 11/17/45		50,000		60,193
5.013% due 04/04/51		820,000		1,053,379
5.375% due 11/02/43		80,000		100,353
5.606% due 01/15/44		400,000		515,629
WP Carey Inc REIT
2.250% due 04/01/33		55,000		51,200
2.400% due 02/01/31		75,000		71,917

				68,391,465

Industrial - 1.9%

3M Co
2.375% due 08/26/29		60,000		61,228
3.050% due 04/15/30		10,000		10,627
3.700% due 04/15/50		330,000		359,412
Carrier Global Corp
2.700% due 02/15/31		10,000		10,014
2.722% due 02/15/30		10,000		10,103
3.377% due 04/05/40		20,000		20,002
3.577% due 04/05/50		10,000		9,838
CNH Industrial Capital LLC 4.875% due 04/01/21		400,000		400,000
CSX Corp 3.800% due 11/01/46		70,000		74,309
Deere & Co
3.100% due 04/15/30		20,000		21,408
3.750% due 04/15/50		60,000		67,641
Eaton Corp
2.750% due 11/02/22		130,000		134,919
4.150% due 11/02/42		80,000		90,489


	Principal Amount		Value
Flex Ltd 4.875% due 05/12/30		$800,000		$907,461
General Dynamics Corp
3.500% due 05/15/25		10,000		10,939
4.250% due 04/01/40		10,000		11,795
4.250% due 04/01/50		30,000		35,941
General Electric Co
3.450% due 05/01/27		215,000		233,668
3.625% due 05/01/30		30,000		32,337
4.250% due 05/01/40		20,000		21,981
4.350% due 05/01/50		30,000		33,383
5.875% due 01/14/38		40,000		51,852
6.750% due 03/15/32		30,000		40,231
6.875% due 01/10/39		748,000		1,053,773
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		30,000		30,956
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		94,454
Kansas City Southern 4.700% due 05/01/48		47,000		55,458
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		75,028
5.054% due 04/27/45		60,000		74,701
Lockheed Martin Corp
2.800% due 06/15/50		95,000		89,862
3.100% due 01/15/23		20,000		20,906
3.550% due 01/15/26		70,000		77,230
4.500% due 05/15/36		30,000		36,282
Masco Corp 2.000% due 10/01/30		125,000		119,018
Norfolk Southern Corp 3.050% due 05/15/50		80,000		76,078
Northrop Grumman Corp
2.930% due 01/15/25		40,000		42,589
3.250% due 01/15/28		480,000		515,387
5.250% due 05/01/50		180,000		234,033
Otis Worldwide Corp
2.056% due 04/05/25		30,000		30,918
3.112% due 02/15/40		85,000		83,916
Raytheon Technologies Corp
3.750% due 11/01/46		95,000		101,422
3.950% due 08/16/25		60,000		66,677
4.125% due 11/16/28		290,000		326,788
4.500% due 06/01/42		60,000		71,704
Republic Services Inc 2.500% due 08/15/24		50,000		52,633
Textron Inc 2.450% due 03/15/31		700,000		679,371
The Boeing Co
1.433% due 02/04/24		90,000		91,150
2.196% due 02/04/26		70,000		69,831
2.700% due 02/01/27		410,000		416,729
2.800% due 03/01/27		30,000		30,760
3.100% due 05/01/26		465,000		492,893
3.200% due 03/01/29		90,000		91,236
3.250% due 02/01/35		290,000		281,354
3.550% due 03/01/38		20,000		19,390
3.750% due 02/01/50		600,000		575,701
5.150% due 05/01/30		1,100,000		1,268,292
Union Pacific Corp
2.150% due 02/05/27		50,000		51,493
2.400% due 02/05/30		230,000		230,929
3.750% due 07/15/25		120,000		131,938
3.750% due 02/05/70		70,000		71,908
3.839% due 03/20/60		180,000		192,093
Waste Management Inc
3.500% due 05/15/24		20,000		21,610
4.150% due 07/15/49		50,000		57,319

				10,753,388


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-63

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Technology - 1.1%

Apple Inc
2.450% due 08/04/26		$250,000		$263,562
3.450% due 02/09/45		140,000		149,168
Broadcom Inc
2.450% due 02/15/31 ~		500,000		472,312
3.459% due 09/15/26		500,000		536,878
4.150% due 11/15/30		520,000		561,924
4.700% due 04/15/25		730,000		823,254
Dell International LLC 6.200% due 07/15/30 ~		200,000		248,608
Intel Corp
3.700% due 07/29/25		50,000		55,181
4.750% due 03/25/50		90,000		113,006
Leidos Inc 2.300% due 02/15/31 ~		35,000		33,118
Microchip Technology Inc 0.972% due 02/15/24 ~		120,000		119,844
Micron Technology Inc 2.497% due 04/24/23		50,000		51,938
Microsoft Corp
2.525% due 06/01/50		510,000		465,325
2.675% due 06/01/60		5,000		4,601
2.921% due 03/17/52		10,000		9,880
3.041% due 03/17/62		25,000		24,595
3.300% due 02/06/27		200,000		220,912
3.450% due 08/08/36		10,000		11,096
NVIDIA Corp
2.850% due 04/01/30		30,000		31,543
3.500% due 04/01/40		70,000		75,453
3.500% due 04/01/50		570,000		603,138
3.700% due 04/01/60		40,000		43,213
Oracle Corp
1.650% due 03/25/26		310,000		312,594
2.875% due 03/25/31		340,000		346,390
Roper Technologies Inc 1.750% due 02/15/31		100,000		92,942
Texas Instruments Inc 1.750% due 05/04/30		20,000		19,270
VMware Inc 4.700% due 05/15/30		165,000		190,473

				5,880,218

Utilities - 1.0%

Alabama Power Co 1.450% due 09/15/30		400,000		368,823
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		202,789
Appalachian Power Co 4.500% due 03/01/49		40,000		45,626
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		89,865
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		21,423
3.950% due 04/01/50		10,000		10,876
Consumers Energy Co 3.250% due 08/15/46		45,000		45,105
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		77,290
Duke Energy Corp 3.400% due 06/15/29		185,000		198,133
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		21,778
Edison International 5.750% due 06/15/27		95,000		110,966
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		111,810
Enel Finance International NV (Italy) 3.625% due 05/25/27 ~		200,000		216,644


	Principal Amount		Value
Entergy Arkansas LLC 2.650% due 06/15/51		$45,000		$39,661
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		45,978
Evergy Inc 2.900% due 09/15/29		130,000		132,729
Exelon Generation Co LLC 3.250% due 06/01/25		300,000		320,542
FirstEnergy Corp 7.375% due 11/15/31		490,000		656,007
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		143,878
ITC Holdings Corp 2.950% due 05/14/30 ~		65,000		66,385
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		80,022
2.450% due 12/02/27 ~		90,000		89,512
Pacific Gas and Electric Co
1.367% due 03/10/23		85,000		85,034
1.750% due 06/16/22		80,000		80,125
2.100% due 08/01/27		20,000		19,610
2.500% due 02/01/31		30,000		28,329
2.950% due 03/01/26		50,000		51,575
3.150% due 01/01/26		200,000		208,504
3.300% due 08/01/40		10,000		9,083
3.450% due 07/01/25		85,000		90,024
3.500% due 08/01/50		20,000		17,416
3.750% due 02/15/24		600,000		638,474
3.750% due 08/15/42		33,000		30,347
4.300% due 03/15/45		55,000		53,693
PacifiCorp 4.150% due 02/15/50		80,000		90,637
PPL Capital Funding Inc 4.000% due 09/15/47		95,000		102,442
Southern California Edison Co
1.200% due 02/01/26		95,000		93,732
4.125% due 03/01/48		60,000		63,075
Southern Power Co 5.150% due 09/15/41		70,000		80,287
Virginia Electric and Power Co 6.350% due 11/30/37		160,000		223,290
WEC Energy Group Inc 1.800% due 10/15/30		800,000		747,230

				5,808,749

Total Corporate Bonds & Notes (Cost $183,043,502)				185,410,304


SENIOR LOAN NOTES - 2.9%

Basic Materials - 0.0%

Asplundh Tree Expert LLC Term B 1.859% (USD LIBOR + 1.750%) due 09/04/27 § ¥		219,800		219,506
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		80,000		79,820

				299,326

Communications - 0.4%

Altice France SA Term B-12 (France) 3.794% (USD LIBOR + 3.688%) due 01/31/26 §		240,963		236,445
Charter Communications Operating LLC Term B-1 1.860% (USD LIBOR + 1.750%) due 04/30/25 §		216,865		216,644
Term B-2 1.870% (USD LIBOR + 1.750%) due 02/01/27 §		49,747		49,552


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-64

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
CSC Holdings LLC Term B-5 2.606% (USD LIBOR + 2.500%) due 04/15/27 §		$29,700		$29,411
Delta Topco Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		40,000		40,000
Go Daddy Operating Co LLC Term B-2 1.859% (USD LIBOR + 1.750%) due 02/15/24 §		49,827		49,510
iHeartCommunications Inc Term B 3.109% (USD LIBOR + 3.000%) due 05/01/26 § ¥		252,587		250,039
Level 3 Financing Inc Term B 1.865% (USD LIBOR + 1.750%) due 03/01/27 §		183,972		181,870
Nexstar Broadcasting Inc Term B 2.615% (USD LIBOR + 2.500%) due 09/19/26 § ¥		233,922		232,502
Terrier Media Buyer Inc Term B due 12/17/26 ¥		250,000		248,105
Univision Communications Inc Term B 4.750% (USD LIBOR + 3.750%) due 03/24/26 §		137,991		138,069
Virgin Media Bristol LLC Term N 2.606% (USD LIBOR + 2.500%) due 01/31/28 § ¥		220,000		218,337
Zayo Group Holdings Inc Term B 3.109% (USD LIBOR + 3.000%) due 03/09/27 § ¥		100,000		99,326
due 03/09/27 ¥		20,000		19,865
Ziggo Financing Partnership Term I (Netherlands) 2.606% (USD LIBOR + 2.500%) due 04/30/28 §		99,750		98,870

				2,108,545

Consumer, Cyclical - 0.8%

Alterra Mountain Co Term B 2.859% (USD LIBOR + 2.750%) due 07/31/24 §		78,182		77,332
Caesars Resort Collection LLC
Term B 2.859% (USD LIBOR + 2.750%) due 12/22/24 § ¥		277,964		273,968
Term B-1 4.609% (USD LIBOR + 4.500%) due 07/20/25 §		69,650		69,872
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		280,342		277,207
Clarios Global LP Term B 3.359% (USD LIBOR + 3.250%) due 04/30/26 §		186,543		185,805
Delta Air Lines Inc Term B due 04/29/23 ¥		125,000		125,642
Four Seasons Hotels Ltd Term B (Canada) 2.115% (USD LIBOR + 2.000%) due 11/30/23 §		98,844		98,697
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		7,972		7,865
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		49,875		49,958
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		119,800		119,867
Hilton Worldwide Finance LLC Term B-2 1.859% (USD LIBOR + 1.750%) due 06/21/26 § ¥		240,000		238,110


	Principal Amount		Value
IRB Holding Corp Term B due 02/05/25 ¥		$250,000		$248,348
Leslie’s Poolmart Inc Term B due 03/09/28 ¥		250,000		248,985
Michaels Stores Inc Term B 4.250% (USD LIBOR + 3.500%) due 10/01/27 §		134,916		134,916
Nascar Holdings LLC Term B due 10/18/26 ¥		242,025		240,891
PCI Gaming Authority Term B 2.609% (USD LIBOR + 2.500%) due 05/31/26 §		35,131		34,936
Petco Health & Wellness Co Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/04/28 § ¥		235,000		234,287
PetSmart Inc Term B due 02/12/28 ¥		250,000		249,896
Restaurant Brands International Inc Term B (Canada) 1.859% (USD LIBOR + 1.750%) due 11/19/26 §		197,500		194,308
Scientific Games International Inc Term B-5 2.859% (USD LIBOR + 2.750%) due 08/14/24 §		341,680		335,529
Station Casinos LLC Term B-1 2.500% (USD LIBOR + 2.250%) due 02/08/27 §		119,973		118,302
TKC Holdings Inc 4.750% (USD LIBOR + 3.750%) due 02/01/23 §		68,555		67,098
UFC Holdings LLC Term B-3 3.750% (USD LIBOR + 3.000%) due 04/29/26 § ¥		257,251		256,688
Whatabrands LLC Term B 2.856% (USD LIBOR + 2.750%) due 08/03/26 § ¥		259,620		258,505
Wynn Resorts Finance LLC Term A 1.860% (USD LIBOR + 1.750%) due 09/20/24 §		175,750		171,356

				4,318,368

Consumer, Non-Cyclical - 0.8%

AlixPartners LLP Term B due 02/04/28 ¥		250,000		249,340
Allied Universal Holdco LLC 4.359% (USD LIBOR + 4.250%) due 07/12/26 § ¥		297,155		296,728
Bausch Health Americas Inc Term B 2.859% (USD LIBOR + 2.750%) due 11/27/25 § ¥		245,000		244,011
3.109% (USD LIBOR + 3.000%) due 06/01/25 § ¥		240,619		240,087
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		222,862		222,834
Endo International PLC Term B 5.750% (USD LIBOR + 5.000%) due 04/27/24 §		24,213		24,237
Eyecare Partners LLC 3.859% (USD LIBOR + 3.750%) due 02/20/27 §		49,572		49,125
Froneri US Inc Term B (United Kingdom) 2.359% (USD LIBOR + 2.250%) due 01/31/27 § ¥		209,550		206,914
Gainwell Acquisition Corp Term B due 10/01/27 ¥		90,000		89,887
4.750% (USD LIBOR + 4.000%) due 10/01/27 §		99,750		99,501


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-65

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Garda World Security Corp Term B (Canada) 4.250% (USD LIBOR + 4.250%) due 10/30/26 §		$34,353		$34,410
Global Medical Response Inc Term B 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		332,308		331,737
Grifols Worldwide Operations USA Inc Term B (Spain) 2.081% (USD LIBOR + 2.000%) due 11/15/27 §		217,948		215,794
Horizon Therapeutics USA Inc Term B-2 2.500% (USD LIBOR + 2.000%) due 03/15/28 § ¥		235,000		234,608
LifePoint Health Inc Term B 3.865% (USD LIBOR + 3.750%) due 11/16/25 § ¥		253,232		252,994
MPH Acquisition Holdings LLC Term B 3.750% (USD LIBOR + 2.750%) due 06/07/23 §		161,055		160,387
Option Care Health Inc 3.859% (USD LIBOR + 3.750%) due 08/06/26 §		79,000		78,852
PAREXEL International Corp Term B 2.859% (USD LIBOR + 2.750%) due 09/27/24 § ¥		90,000		89,037
Phoenix Guarantor Inc Term B due 03/05/26 ¥		80,000		79,625
3.361% (USD LIBOR + 3.250%) due 03/05/26 § ¥		225,043		223,613
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		210,000		209,360
Prime Security Services Borrower LLC Term B-1 3.500% (USD LIBOR + 2.750%) due 09/23/26 § ¥		252,632		251,730
Reynolds Consumer Products LLC Term B 1.859% (USD LIBOR + 1.750%) due 02/04/27 §		197,116		196,426
Sotera Health Holdings LLC 3.250% (USD LIBOR + 2.750%) due 12/13/26 §		190,000		189,762
Trans Union LLC Term B-5 1.859% (USD LIBOR + 1.750%) due 11/15/26 § ¥		103,073		102,486
Triton Water Holdings Inc Term B due 03/31/28 ¥		230,000		229,487
US Foods Inc Term B 1.859% (USD LIBOR + 1.750%) due 06/27/23 §		39,584		39,120
Verscend Holding Corp Term B due 08/27/25 ± ¥		59,847		59,847
4.609% (USD LIBOR + 4.500%) due 08/27/25 §		49,745		49,940

				4,751,879

Diversified - 0.0%

First Eagle Holdings Inc Term B 2.703% (USD LIBOR + 2.500%) due 02/02/27 §		29,180		28,850


Financial - 0.4%

AmWINS Group Inc Term B 3.000% (USD LIBOR + 2.500%) due 02/19/28 § ¥		219,794		218,636
Asurion LLC Term B-7 3.109% (USD LIBOR + 3.000%) due 11/03/24 § ¥		218,466		217,886


	Principal Amount		Value
Term B-8 3.359% (USD LIBOR + 3.250%) due 12/23/26 § ¥		$249,712		$248,411
Term B-9 3.359% (USD LIBOR + 3.250%) due 08/03/27 §		60,000		59,631
Avolon (US) LLC Term B-5 (Ireland) 3.250% (USD LIBOR + 2.500%) due 12/01/27 §		49,875		49,941
Citadel Securities LP Term B 2.615% (USD LIBOR + 2.500%) due 02/02/28 § ¥		234,625		232,462
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 § ¥		228,774		229,346
Focus Financial Partners LLC Term B-3 2.109% (USD LIBOR + 2.000%) due 07/03/24 §		78,711		77,896
Hudson River Trading LLC Term B 3.140% (USD LIBOR + 3.000%) due 03/18/28 ± §		70,000		69,475
Jane Street Group LLC Term B 2.859% (USD LIBOR + 2.750%) due 01/26/28 § ¥		198,930		197,239
The Edelman Financial Center LLC Term B 3.109% (USD LIBOR + 3.000%) due 07/19/25 §		58,650		58,338
VFH Parent LLC 3.110% (USD LIBOR + 3.000%) due 03/01/26 § ¥		183,559		183,169
VICI Properties 1 LLC Term B 1.861% (USD LIBOR + 1.750%) due 12/22/24 § ¥		270,000		267,244

				2,109,674

Industrial - 0.2%

APi Group DE Inc Term B 2.609% (USD LIBOR + 2.500%) due 10/01/26 § ¥		238,596		238,186
Atlantic Aviation FBO Inc Term B 3.860% (USD LIBOR + 3.750%) due 12/06/25 §		19,550		19,574
Berry Global Inc Term Z 1.898% (USD LIBOR + 1.750%) due 07/01/26 §		116,708		115,941
Brookfield WEC Holdings Inc 3.250% (USD LIBOR + 2.750%) due 08/01/25 §		39,900		39,612
Energizer Holdings Inc 2.750% (USD LIBOR + 2.250%) due 12/22/27 §		40,000		39,969
Genesee & Wyoming Inc 2.203% (USD LIBOR + 2.000%) due 12/30/26 § ¥		343,323		342,656
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		19,125		19,155
Pactiv Evergreen Group Holdings Inc Term B-1 2.859% (USD LIBOR + 2.750%) due 02/05/23 § ¥		50,000		49,918
Quikrete Holdings Inc Term B due 01/31/27 ¥		250,000		248,594
TransDigm Inc Term F 2.359% (USD LIBOR + 2.250%) due 12/09/25 §		9,975		9,780
XPO Logistics Inc Term B 1.859% (USD LIBOR + 1.750%) due 02/23/25 §		90,000		89,531
due 02/23/25 ¥		125,000		124,349

				1,337,265


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-66

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Technology - 0.3%

athenahealth Inc Term B-1 4.453% (USD LIBOR + 4.250%) due 02/11/26 §		$176,949		$177,612
Dcert Buyer Inc 4.109% (USD LIBOR + 4.000%) due 10/16/26 §		208,199		208,017
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		104,311		104,349
McAfee LLC Term B 3.859% (USD LIBOR + 3.750%) due 09/29/24 §		195,368		195,694
Peraton Corp Term B due 02/01/28 ¥		114,780		114,828
4.500% (USD LIBOR + 3.750%) due 02/01/28 §		65,220		65,247
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 § ¥		100,000		99,337
RealPage Inc Term B due 02/18/28 ¥		270,000		269,044
UKG Inc due 05/03/26 ¥		250,000		249,983

				1,484,111

Total Senior Loan Notes (Cost $16,482,874)				16,438,018


MORTGAGE-BACKED SECURITIES - 33.3%

Collateralized Mortgage Obligations - Commercial - 3.6%

1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		983,039
ACRE Commercial Mortgage Ltd (Cayman) 0.938% (USD LIBOR + 0.830%) due 12/18/37 ~ §		540,000		539,658
1.508% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		179,548
AREIT Trust 2.728% (USD LIBOR + 2.620%) due 04/15/37 ~ §		600,000		606,623
Ashford Hospitality Trust 1.106% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		600,360
BAMLL Re-REMIC Trust 5.829% due 08/10/45 ~ §		1,624,540		739,166
BPR Trust 1.356% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		320,363
BX Commercial Mortgage Trust 0.906% (USD LIBOR + 0.800%) due 12/15/36 ~ §		389,211		389,852
2.156% (USD LIBOR + 2.050%) due 11/15/35 ~ §		98,000		98,129
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		769,740
Cold Storage Trust 1.006% (USD LIBOR + 0.900%) due 11/15/37 ~ §		570,135		571,809
Commercial Mortgage Trust
2.398% due 01/10/38 ~ §		300,000		297,493
3.545% due 02/10/36 ~		1,000,000		1,080,283
4.308% due 02/10/48 §		90,000		88,143
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39		59,761		11,609
CSMC Trust
2.257% due 08/15/37 ~		1,000,000		1,019,032
4.024% (USD LIBOR + 3.024%) due 12/15/21 ~ §		430,000		426,784


	Principal Amount		Value
4.139% (USD LIBOR + 3.739%) due 09/16/25 ~ §		$560,000		$562,892
4.373% due 09/15/37 ~		830,000		645,629
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		986,496
DBUBS Mortgage Trust 5.351% due 08/10/44 ~ §		260,000		260,390
Fannie Mae
3.273% due 02/25/29		30,000		33,162
3.610% due 02/25/31		70,000		79,352
3.700% due 01/25/36		100,000		110,822
Fannie Mae (IO) 2.358% due 01/25/31 §		5,000,000		732,175
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.195% due 11/25/30 §		3,235,000		332,583
1.211% due 10/25/30 §		2,700,000		280,300
1.364% due 12/25/29		1,490,000		138,975
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		447,573
FREMF Mortgage Trust 2.269% (USD LIBOR + 2.150%) due 01/25/26 ~ §		224,659		224,760
3.576% due 01/25/26 ~ §		350,000		358,724
3.874% due 01/25/50 ~ §		415,000		450,859
3.935% due 12/25/46 ~ §		300,000		318,867
Government National Mortgage Association 2.755% due 11/16/47 §		64,198		67,081
Government National Mortgage Association (IO)
0.395% due 01/16/53 §		7,097,540		116,891
0.543% due 04/16/47 §		3,091,057		62,602
GS Mortgage Securities Trust
1.406% (USD LIBOR + 1.300%) due 09/15/31 ~ §		1,120,000		977,342
5.622% due 11/10/39		93,803		32,831
JP Morgan Chase Commercial Mortgage Securities Trust
3.106% (USD LIBOR + 3.000%) due 01/16/37 ~ §		323,000		307,269
4.106% (USD LIBOR + 4.000%) due 01/16/37 ~ §		255,000		239,174
4.356% (USD LIBOR + 4.250%) due 12/15/36 ~ §		280,000		244,839
6.090% due 02/12/49 §		200,591		98,503
6.856% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		233,130
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		189,618
MF1 Ltd (Cayman) 2.156% (USD LIBOR + 2.050%) due 07/15/35 ~ §		1,200,000		1,216,843
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		23,018		12,833
Morgan Stanley Capital I Trust 2.509% due 04/05/42 ~ §		400,000		400,726
PFP Ltd (Cayman) 1.500% (USD LIBOR + 1.400%) due 04/14/38 ~ §		262,000		261,607
VLS Commercial Mortgage Trust 2.453% due 10/10/42 ~		390,000		383,616
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		125,901		128,490
Wells Fargo Commercial Mortgage Trust 1.256% (USD LIBOR + 1.150%) due 02/15/40 ~ §		220,000		221,106
Wells Fargo Commercial Mortgage Trust (IO) 1.242% due 03/15/50 §		4,622,742		274,017
WFRBS Commercial Mortgage Trust 3.841% due 06/15/46 §		240,000		249,302

				20,403,010


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-67

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 7.5%

Alternative Loan Trust
0.449% (USD LIBOR + 0.340%) due 07/25/46 §		$53,687		$78,885
0.529% (USD LIBOR + 0.420%) due 05/25/35 §		215,555		209,316
2.826% due 06/25/37 §		72,547		64,457
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,346,745		361,682
Banc of America Funding Trust 3.128% due 05/25/35 §		12,361		12,527
Bayview Financing Trust 3.152% due 11/10/22 ±		371,491		371,491
BCAP LLC Trust
0.518% due 03/28/37 ~ §		1,230,281		1,224,658
4.850% due 03/26/37 ~		28,027		28,314
Bear Stearns Adjustable Rate Mortgage Trust
2.809% due 01/25/35 §		226,761		241,388
2.945% due 08/25/33 §		18,491		18,687
3.056% due 10/25/36 §		4,685		4,628
Bear Stearns ALT-A Trust
2.762% due 05/25/35 §		12,061		12,319
3.256% due 11/25/36 §		44,293		30,427
BVRT Financing Trust 1.863% due 11/10/32 ~ ± §		242,056		242,056
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		280,995
CFMT LLC
0.946% due 12/26/30 ~ §		367,717		368,179
1.374% due 02/25/31 ~ §		665,000		662,652
Chase Mortgage Finance Trust
2.811% due 02/25/37 §		118,873		121,300
3.214% due 09/25/36 §		46,813		42,818
ChaseFlex Trust 0.259% (USD LIBOR + 0.150%) due 08/25/37 §		288,042		259,007
Chevy Chase Funding LLC 0.359% (USD LIBOR + 0.250%) due 08/25/35 ~ §		11,587		11,923
0.638% due 05/25/35 ~ §		676,928		609,704
Citigroup Mortgage Loan Trust Inc 2.290% (US Treasury + 2.150%) due 09/25/35 §		4,618		4,826
Countrywide Home Loan Mortgage Pass-Through Trust 0.749% (USD LIBOR + 0.640%) due 03/25/35 §		7,141		7,083
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		32,046		29,670
CSMC Trust
1.538% due 02/25/66 ~ §		620,000		624,641
1.668% due 09/27/60 ~ §		665,557		664,643
1.861% (USD LIBOR + 1.750%) due 07/25/47 ~ §		200,000		201,497
Downey Saving & Loan Association Mortgage Loan Trust 0.290% (USD LIBOR + 0.180%) due 04/19/47 §		77,743		72,036
Eurosail-UK PLC (United Kingdom) 1.030% (GBP LIBOR + 0.950%) due 06/13/45 ~ §		GBP 561,295		775,195
Fannie Mae
1.625% (US PRIME - 1.625%) due 11/25/23 §		$31,274		31,344
3.500% due 11/25/57		1,222,486		1,302,324
5.500% due 04/25/35		313,705		358,698
Fannie Mae (IO)
4.000% due 03/25/43		191,821		20,777
4.000% due 04/25/43		731,882		87,119
5.891% (6.000% - USD LIBOR) due 11/25/45 §		1,252,070		267,744


	Principal Amount		Value
5.991% (6.100% - USD LIBOR) due 09/25/46 §		$347,410		$58,091
Fannie Mae Connecticut Avenue Securities 2.459% (USD LIBOR + 2.350%) due 01/25/31 §		265,576		266,741
4.109% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		465,536
FMC GMSR Issuer Trust 3.650% due 02/25/24 ± §		630,000		630,000
4.450% due 01/25/26 ~ §		500,000		497,717
Freddie Mac (IO)
2.000% due 10/25/50		98,450		12,760
2.500% due 09/25/50		96,210		15,463
3.500% due 04/15/43		240,380		31,645
4.000% due 04/15/43		158,828		7,950
5.994% (6.100% - USD LIBOR) due 08/15/44 §		190,088		38,725
Freddie Mac REMICS
3.000% due 08/15/48		110,249		114,392
8.000% due 04/15/30		53,711		63,855
Freddie Mac REMICS (IO) 2.500% due 09/25/50		92,015		13,471
Freddie Mac Structured Agency Credit Risk Debt Notes
2.317% (SOFR + 2.300%) due 08/25/33 ~ §		620,000		623,976
3.259% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,113,352
4.109% (USD LIBOR + 4.000%) due 08/25/24 §		185,364		188,835
GMACM Mortgage Loan Trust 6.000% due 12/25/35		534,308		510,889
Government National Mortgage Association
0.420% (USD LIBOR + 0.300%) due 05/20/68 §		339,005		339,138
0.561% (USD LIBOR + 0.450%) due 07/20/70 §		367,584		371,692
0.620% (USD LIBOR + 0.500%) due 06/20/69 §		179,432		180,955
0.720% (USD LIBOR + 0.600%) due 07/20/65 §		712,564		720,162
0.920% (USD LIBOR + 0.800%) due 06/20/66 §		624,206		635,141
0.920% (USD LIBOR + 0.800%) due 07/20/66 §		1,002,096		1,018,646
1.391% (USD LIBOR + 1.280%) due 01/20/71 §		999,689		1,065,613
1.391% (USD LIBOR + 1.280%) due 02/20/71 §		690,397		737,155
1.904% (USD LIBOR + 0.750%) due 04/20/67 §		615,084		624,152
3.273% due 09/20/66 §		748,625		801,049
Government National Mortgage Association (IO)
0.568% due 03/20/71 §		10,732,944		569,780
2.500% due 08/20/50		197,049		29,438
2.500% due 09/20/50		98,285		14,405
2.500% due 10/20/50		197,794		30,619
4.000% due 11/20/44		581,996		82,154
4.500% due 11/16/45		219,614		40,203
5.994% (6.100% - USD LIBOR) due 10/16/46 §		183,468		51,434
6.039% (6.150% - USD LIBOR) due 02/20/46 §		1,106,841		237,171
Great Hall Mortgages PLC (United Kingdom) 0.320% (USD LIBOR + 0.130%) due 06/18/39 ~ §		210,147		205,603
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		604,977
GSR Mortgage Loan Trust
6.000% due 11/25/35		451,247		296,492
6.000% due 07/25/37		236,966		204,969


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-68

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
HarborView Mortgage Loan Trust
0.269% (USD LIBOR + 0.160%) due 05/25/38 §		$243,771		$222,791
0.450% (USD LIBOR + 0.340%) due 12/19/36 §		140,707		132,367
0.550% (USD LIBOR + 0.440%) due 05/19/35 §		204,149		197,017
2.647% due 02/25/36 §		39,929		18,141
3.193% due 08/19/36 §		93,928		93,113
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 1,143,703		1,582,249
JP Morgan Mortgage Trust
2.509% due 07/25/35 §		$15,751		16,367
3.500% due 10/25/48 ~ §		696,424		710,619
5.750% due 01/25/36		12,531		8,599
Ludgate Funding PLC (United Kingdom) 0.250% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 423,524		559,698
Merrill Lynch Mortgage Investors Trust 2.520% due 11/25/35 §		$239,151		241,642
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		768,460		807,257
Morgan Stanley Resecuritization Trust 1.088% (US FED + 0.710%) due 12/27/46 ~ §		1,640,019		1,464,689
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		235,494		239,619
3.500% due 12/25/57 ~ §		754,927		790,776
Nomura Resecuritization Trust 6.422% due 06/26/35 ~ §		1,838,643		1,772,782
OBX Trust 0.759% (USD LIBOR + 0.650%) due 06/25/57 ~ §		736,470		738,863
PRPM LLC 2.115% due 01/25/26 ~ §		347,765		348,074
RALI Trust 6.000% due 03/25/37		834,725		800,985
RBSSP Resecuritization Trust 2.499% due 12/25/35 ~ §		32,595		32,733
Reperforming Loan REMIC Trust
0.449% (USD LIBOR + 0.340%) due 06/25/35 ~ §		24,552		23,544
0.458% (USD LIBOR + 0.340%) due 01/25/36 ~ §		139,103		135,453
Ripon Mortgages PLC (United Kingdom) 0.860% (GBP LIBOR + 0.800%) due 08/20/56 ~ §		GBP 632,765		876,331
Silverstone Master Issuer PLC (United Kingdom) 0.794% (USD LIBOR + 0.570%) due 01/21/70 ~ §		$571,500		572,720
Towd Point Mortgage Funding PLC (United Kingdom)
0.950% (SONIA + 0.900%) due 05/20/45 ~ §		GBP 1,233,570		1,707,195
0.951% (SONIA + 0.900%) due 07/20/45 ~ §		1,327,980		1,836,859
1.058% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		1,028,744		1,427,908
Tower Bridge Funding No 3 PLC (United Kingdom) 1.284% (GBP LIBOR + 1.200%) due 12/20/61 ~ §		343,767		475,497
VOLT XCII LLC 1.893% due 02/27/51 ~		$146,744		146,869
VOLT XCIII LLC 1.893% due 02/27/51 ~		582,135		579,649
VOLT XCIV LLC 2.240% due 02/27/51 ~		399,984		400,075


	Principal Amount		Value
WaMu Mortgage Pass-Through Certificates Trust 3.180% due 02/25/37 §		$115,759		$114,251

				42,294,088

Fannie Mae - 16.9%

due 04/01/36 - 06/01/51 #		20,500,000		21,183,658
due 04/01/51 #		8,100,000		8,085,445
due 06/01/51 #		25,655,000		25,509,689
0.970% due 07/01/27		1,195,380		1,162,193
1.090% due 04/01/28		506,000		488,914
1.275% due 04/01/30		747,875		716,896
1.370% due 03/01/30		660,000		636,297
1.410% due 12/01/30		1,210,000		1,159,883
1.440% due 01/01/31		5,042,000		4,842,040
1.460% due 12/01/30		715,000		688,586
1.460% (US FED + 1.200%) due 10/01/44 §		6,385		6,506
1.560% due 01/01/31		500,000		485,582
1.939% (USD LIBOR + 1.508%) due 11/01/32 §		25,696		25,643
2.000% due 01/01/51 - 04/01/51		1,995,186		1,996,154
2.112% (USD LIBOR + 1.737%) due 12/01/35 §		4,523		4,527
2.293% (US Treasury + 2.043%) due 09/01/35 §		12,318		12,543
2.310% due 08/01/22		484,116		492,091
2.500% due 06/01/28 - 04/01/51		1,626,667		1,676,479
2.550% due 10/01/30		160,000		168,063
2.607% (US Treasury + 2.360%) due 11/01/34 §		18,927		20,218
2.790% due 08/01/29		100,000		107,012
2.810% due 04/01/25		30,000		32,123
3.000% due 09/01/21 - 10/01/50		4,359,632		4,585,791
3.160% due 05/01/29		39,057		42,906
3.500% due 12/01/37 - 03/01/60		5,217,739		5,601,975
3.610% due 01/01/37		485,921		538,376
4.000% due 06/01/25 - 06/01/57		6,384,830		6,910,028
4.055% (US FED + 1.926%) due 12/01/36 §		1,316		1,385
4.500% due 06/01/24 - 09/01/57		5,284,062		5,819,335
5.000% due 02/01/35 - 03/01/50		717,500		795,420
5.500% due 07/01/21 - 08/01/39		872,649		998,334
6.000% due 02/01/33 - 07/01/41		190,696		227,048

				95,021,140

Freddie Mac - 1.7%

2.000% due 11/01/50 - 04/30/51		795,555		795,917
2.011% (USD LIBOR + 1.345%) due 09/01/35 §		3,560		3,725
2.404% (US Treasury + 2.250%) due 11/01/31 §		983		989
2.452% (USD LIBOR + 1.870%) due 09/01/35 §		10,181		10,244
2.500% due 10/01/50 - 01/01/51		394,161		407,334
2.786% (USD LIBOR + 1.726%) due 06/01/35 §		32,301		34,187
3.000% due 09/01/32 - 07/01/50		1,982,920		2,091,184
3.500% due 04/01/33 - 06/01/50		1,536,642		1,657,088
3.750% (US Treasury + 2.250%) due 04/01/32 §		6,169		6,229
4.000% due 11/01/33 - 04/01/49		2,905,477		3,150,892
4.500% due 11/01/44 - 04/01/48		132,253		147,692
5.000% due 08/01/48 - 03/01/50		630,861		699,068
5.500% due 03/01/23 - 05/01/40		377,673		442,554
6.000% due 03/01/23		2,688		3,018

				9,450,121

Government National Mortgage Association - 3.6%

due 04/20/51 #		6,300,000		6,535,316
2.000% due 12/20/50		395,830		400,260
2.500% due 12/20/50 - 01/20/51		3,556,596		3,684,991


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-69

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
2.932% due 10/20/70 §		$452,022		$483,006
3.000% due 09/15/42 - 12/20/50		2,478,781		2,635,275
3.500% due 03/20/45 - 01/20/51		3,046,874		3,309,766
4.000% due 11/20/47 - 04/20/50		1,044,399		1,122,470
4.500% due 06/20/48 - 02/20/50		1,400,144		1,519,782
5.000% due 10/15/38 - 01/20/49		222,007		250,073

				19,940,939

Total Mortgage-Backed Securities (Cost $189,006,791)				187,109,298


ASSET-BACKED SECURITIES - 6.6%

ACE Securities Corp Home Equity Loan Trust 1.084% (USD LIBOR + 0.975%) due 07/25/35 §		335,576		335,705
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		324,190		323,448
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		325,070
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		537,786
Ameriquest Mortgage Securities Inc
0.979% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		247,909
2.164% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		364,967
AMSR Trust 2.006% due 11/17/37 ~		365,000		361,094
Applebee’s Funding LLC 4.194% due 06/07/49 ~		268,650		277,077
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		216,688
Argent Securities Inc
0.929% (USD LIBOR + 0.820%) due 02/25/34 §		513,977		500,666
1.234% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		471,137
Asset-Backed Funding Certificates Trust 0.809% (USD LIBOR + 0.700%) due 06/25/34 §		44,311		43,703
Basic Asset-Backed Securities Trust 0.729% (USD LIBOR + 0.620%) due 04/25/36 §		208,903		208,399
Bear Stearns Asset-Backed Securities I Trust
0.309% (USD LIBOR + 0.200%) due 12/25/36 §		93,648		93,650
0.349% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,751		1,189,861
1.114% (USD LIBOR + 1.005%) due 06/25/35 §		225,395		223,863
Business Jet Securities LLC
2.918% due 04/15/36 ~		309,000		309,167
2.981% due 11/15/35 ~		572,391		580,598
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,875		101,704
CBAM Ltd (Cayman)
1.243% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		802,537
1.453% (USD LIBOR + 1.230%) due 10/17/29 ~ §		1,000,000		1,000,670
1.463% (USD LIBOR + 1.240%) due 10/17/29 ~ §		700,000		700,280
CFMT LLC 2.386% due 12/25/29 ~ §		684,951		688,955
Citigroup Mortgage Loan Trust
0.279% (USD LIBOR + 0.170%) due 05/25/37 §		661		661
0.559% (USD LIBOR + 0.450%) due 11/25/45 ~ §		225,350		224,595


	Principal Amount		Value
CLNC Ltd (Cayman) 1.360% (USD LIBOR + 1.250%) due 08/20/35 ~ §		$900,000		$899,697
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		373,224
Countrywide Asset-Backed Certificates
0.249% (USD LIBOR + 0.140%) due 07/25/37 §		297,003		280,954
0.709% (USD LIBOR + 0.600%) due 06/25/36 §		458,817		454,949
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		660,736
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		115,899
DataBank Issuer 2.060% due 02/27/51 ~		250,000		249,172
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		240,660		254,603
Drive Auto Receivables Trust 3.180% due 10/15/26		575,000		600,916
Finance of America HECM Buyout
0.875% due 02/25/31 ~ §		441,763		442,106
1.588% due 02/25/31 ~ §		200,000		199,441
First Franklin Mortgage Loan Trust 0.229% (USD LIBOR + 0.120%) due 11/25/36 §		384,912		368,001
Foundation Finance Trust
1.270% due 05/15/41 ~		300,000		299,358
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		208,932
Freed ABS Trust 0.660% due 03/20/28 ~		691,550		692,015
Gallatin CLO IX Ltd (Cayman) 1.274% (USD LIBOR + 1.050%) due 01/21/28 ~ §		445,894		446,391
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		502,839
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		150,000		150,535
1.140% due 11/17/25 ~		145,000		145,749
1.640% due 10/15/26 ~		75,000		75,291
GSAA Home Equity Trust
0.209% (USD LIBOR + 0.100%) due 03/25/37 §		418,277		174,860
1.159% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		264,374
6.000% due 08/25/47		243,400		241,202
Hertz Vehicle Financing II LP
2.960% due 10/25/21 ~		157,664		158,434
3.940% due 03/25/22 ~		230,000		230,148
Hildene Community Funding CDO Ltd (Cayman)
3.250% due 11/01/35 ~		280,000		279,650
Home Equity Asset Trust 1.009% (USD LIBOR + 0.900%) due 11/25/34 §		190,123		190,516
Jamestown CLO XV Ltd (Cayman) 1.581% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,101,923
LoanCore Issuer Ltd (Cayman) 1.236% (USD LIBOR + 1.130%) due 05/15/28 ~ §		240,410		240,410
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		430,000		439,889
Mastr Asset-Backed Securities Trust 0.329% (USD LIBOR + 0.220%) due 10/25/36 §		626,338		285,398
Merrill Lynch Mortgage Investors Trust 0.438% (USD LIBOR + 0.320%) due 04/25/37 §		377,410		261,903


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-70

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
MidOcean Credit CLO VI (Cayman) 1.474% (USD LIBOR + 1.250%) due 01/20/29 ~ §		$700,000		$700,769
Monarch Grove CLO (Cayman) 1.098% (USD LIBOR + 0.880%) due 01/25/28 ~ §		325,574		325,458
Navient Student Loan Trust
1.259% (USD LIBOR + 1.150%) due 07/26/66 ~ §		150,000		152,982
1.459% (USD LIBOR + 1.350%) due 06/25/65 ~ §		313,318		319,298
New Century Home Equity Loan Trust 0.829% (USD LIBOR + 0.720%) due 10/25/35 §		900,000		889,972
NRZ Excess Spread-Collateralized Notes
3.844% due 12/25/25 ~		363,773		368,056
Oak Street Investment Grade Net Lease Fund
1.850% due 11/20/50 ~		198,837		199,940
OneMain Financial Issuance Trust
3.450% due 09/14/35 ~		120,000		127,070
Oportun Funding IX LLC
3.910% due 07/08/24 ~		500,000		500,271
Oportun Funding LLC
2.200% due 05/15/24 ~		448,923		450,251
Oportun Funding XIV LLC
1.210% due 03/08/28 ~		105,000		105,038
Option One Mortgage Loan Trust 0.239% (USD LIBOR + 0.130%) due 07/25/37 §		868,362		698,419
Pagaya AI Debt Selection Trust
1.180% due 11/15/27 ~		660,000		662,389
Progress Residential Trust
2.106% due 04/17/38 ~		565,000		554,908
3.316% due 08/17/34 ~		175,000		176,322
4.261% due 08/17/34 ~		645,000		651,524
RASC Trust 0.449% (USD LIBOR + 0.340%) due 04/25/37 §		200,000		192,728
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		197,623
3.040% due 03/17/31 ~		191,000		188,876
Santander Consumer Auto Receivables Trust
1.570% due 01/15/27 ~		100,000		99,598
SBA Small Business Investment Cos
3.548% due 09/10/28		213,872		229,519
SCF Equipment Leasing LLC
1.540% due 10/21/30 ~		345,000		340,026
Securitized Asset-Backed Receivables LLC Trust
0.239% (USD LIBOR + 0.130%) due 05/25/37 §		68,463		58,523
0.389% (USD LIBOR + 0.280%) due 05/25/36 §		164,220		112,708
SMB Private Education Loan Trust
1.590% due 01/15/53 ~		340,000		334,822
1.606% (USD LIBOR + 1.500%) due 04/15/32 ~ §		550,000		556,813
2.310% due 01/15/53 ~		150,000		151,282
Soundview Home Loan Trust 0.429% (USD LIBOR + 0.320%) due 11/25/36 §		359,296		358,347
Structured Asset Investment Loan Trust 0.829% (USD LIBOR + 0.720%) due 07/25/35 §		250,000		245,507
STWD Ltd (Cayman) 1.186% (USD LIBOR + 1.080%) due 07/15/38 ~ §		900,000		900,787
Sunnova Helios II Issuer LLC
5.320% due 06/20/46 ~		195,876		205,824
Towd Point Mortgage Trust
3.250% due 10/25/57 ~ §		180,000		188,562
4.000% due 11/25/47 ~		301,482		305,574


	Principal Amount		Value
TRTX Issuer Ltd (Cayman) 1.258% (USD LIBOR + 1.150%) due 10/15/34 ~ §		$900,000		$899,955
United Auto Credit Securitization Trust
1.140% due 06/10/26 ~		450,000		449,651
United States Small Business Administration
2.690% due 07/01/44		55,914		58,269
2.980% due 04/01/39		55,583		58,368
Upstart Securitization Trust
0.870% due 03/20/31 ~		439,830		440,338
VCAT LLC
2.289% due 12/26/50 ~		639,914		641,643
Vericrest Opportunity Loan Trust
3.672% due 02/25/50 ~		400,000		401,003
Wachovia Mortgage Loan Trust 0.799% (USD LIBOR + 0.690%) due 10/25/35 §		1,036,307		1,000,769
Zais CLO 1 Ltd (Cayman) 1.391% (USD LIBOR + 1.150%) due 04/15/28 ~ §		339,184		339,632


Total Asset-Backed Securities (Cost $35,785,712)				37,259,119


U.S. TREASURY OBLIGATIONS - 15.0%

U.S. Treasury Bonds - 7.7%

1.125% due 08/15/40		920,000		748,434
1.250% due 05/15/50		5,280,000		3,986,194
1.375% due 11/15/40		710,000		604,166
1.375% due 08/15/50		7,170,000		5,597,081
1.625% due 11/15/50		20,450,000		17,046,992
1.875% due 02/15/41		1,050,000		977,977
1.875% due 02/15/51		1,455,000		1,291,540
2.000% due 02/15/50		960,000		878,269
2.875% due 05/15/43		2,700,000		2,954,812
2.875% due 08/15/45		1,300,000		1,419,996
3.000% due 05/15/42		1,800,000		2,011,008
3.000% due 08/15/48		300,000		336,773
3.125% due 02/15/43		1,300,000		1,479,664
3.125% due 08/15/44		1,800,000		2,049,117
3.375% due 05/15/44		900,000		1,065,832
3.625% due 02/15/44		69,000		84,857
4.250% due 05/15/39		200,000		262,895
4.625% due 02/15/40		400,000		551,875

				43,347,482

U.S. Treasury Inflation Protected Securities - 0.6%

1.375% due 02/15/44 ^		886,688		1,160,371
2.125% due 02/15/40 ^		254,153		364,969
2.125% due 02/15/41 ^		1,063,096		1,539,850

				3,065,190

U.S. Treasury Notes - 6.7%

0.125% due 10/31/22		2,285,000		2,285,000
0.125% due 10/15/23		3,870,000		3,857,831
0.250% due 11/15/23		10,000		9,996
0.250% due 05/31/25		420,000		412,043
0.250% due 06/30/25		1,500,000		1,469,941
0.250% due 07/31/25		4,000,000		3,913,516
0.250% due 10/31/25		4,620,000		4,499,357
0.375% due 11/30/25		210,000		205,447
0.375% due 01/31/26		130,000		126,791
0.375% due 09/30/27		300,000		282,369
0.500% due 02/28/26		11,540,000		11,315,511
0.500% due 06/30/27		1,090,000		1,040,460
0.500% due 10/31/27		1,675,000		1,586,735
0.625% due 11/30/27		1,320,000		1,258,950
0.625% due 05/15/30		1,000,000		910,234
0.625% due 08/15/30		100,000		90,641


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-71

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
0.875% due 11/15/30		$960,000		$888,000
1.250% due 03/31/28		130,000		128,669
1.750% due 07/31/24		3,400,000		3,547,223
1.750% due 12/31/24		69,000		71,996

				37,900,710

Total U.S. Treasury Obligations (Cost $89,794,120)				84,313,382


FOREIGN GOVERNMENT BONDS & NOTES - 4.7%

Abu Dhabi Government International (United Arab Emirates) 3.125% due 09/30/49 ~		1,030,000		984,258
Argentine Republic Government International (Argentina)
0.125% due 07/09/30		417,100		140,375
0.125% due 07/09/41		250,000		86,702
1.000% due 07/09/29		18,460		6,655
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/23		BRL 940,000		176,184
10.000% due 01/01/25		7,112,000		1,339,538
Brazilian Government (Brazil)
4.625% due 01/13/28		$270,000		285,875
5.625% due 01/07/41		120,000		125,232
5.625% due 02/21/47		900,000		920,398
Chile Government (Chile) 2.550% due 01/27/32		200,000		202,040
China Government (China)
3.310% due 11/30/25 ~		CNY 3,000,000		468,938
3.380% due 11/21/24 ~		500,000		78,006
3.390% due 05/21/25 ~		1,000,000		156,504
Colombia Government (Colombia)
4.000% due 02/26/24		$300,000		319,357
4.500% due 01/28/26		300,000		330,019
5.625% due 02/26/44		200,000		227,682
Egypt Government (Egypt)
5.577% due 02/21/23 ~		200,000		208,641
Indonesia Government (Indonesia)
3.500% due 01/11/28		900,000		966,434
4.875% due 05/05/21 ~		300,000		300,847
Indonesia Treasury (Indonesia)
7.000% due 05/15/2		IDR 14,454,000,000		1,036,568
7.500% due 06/15/35		1,622,000,000		114,130
Israel Government (Israel) 4.125% due 01/17/48		$600,000		692,064
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 289,188,397		2,641,807
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		$270,000		298,496
Mexican Bonos (Mexico)
7.750% due 11/13/42		MXN 67,700,000		3,348,532
8.000% due 11/07/47		31,600,000		1,587,475
8.500% due 05/31/29		2,780,000		152,810
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		189,116
3.771% due 05/24/61		200,000		177,475
4.125% due 01/21/26		200,000		222,736
4.350% due 01/15/47		500,000		498,142
4.500% due 01/31/50		200,000		203,146
Panama Government (Panama)
2.252% due 09/29/32		300,000		285,903
4.500% due 04/16/50		200,000		221,506
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		869,198
Peruvian Government (Peru)
5.625% due 11/18/50		$95,000		126,084
5.940% due 02/12/29 ~		PEN 1,300,000		394,632
6.350% due 08/12/28 ~		2,000,000		624,051
6.550% due 03/14/37		$350,000		474,003


	Principal Amount		Value
Qatar Government (Qatar) 4.817% due 03/14/49 ~		$800,000		$982,096
Republic of Poland Government (Poland) 4.000% due 01/22/24		370,000		405,627
Russian Federal (Russia)
6.900% due 05/23/29		RUB 13,110,000		173,286
7.000% due 08/16/23		26,040,000		353,353
7.050% due 01/19/28		107,902,000		1,444,768
7.250% due 05/10/34		5,970,000		80,474
7.650% due 04/10/30		39,790,000		552,040
7.700% due 03/16/39		65,580,000		922,405


Total Foreign Government Bonds & Notes (Cost $27,709,935)				26,395,608


MUNICIPAL BONDS - 0.2%

City of Chicago IL ‘B’ 5.630% due 01/01/22		$95,000		97,355
New York State Urban Development Corp 1.346% due 03/15/26		700,000		697,999
Regents of the University of California Medical Center Pooled Revenue 3.706% due 05/15/20		120,000		115,426
State of California 7.625% due 03/01/40		180,000		288,987


Total Municipal Bonds (Cost $1,226,332)				1,199,767


SHORT-TERM INVESTMENTS - 15.8%

U. S. Government Agency Issue - 0.1%

Federal Home Loan Bank 0.010% due 06/23/21		500,000		499,989


Mortgage-Backed Securities - 0.1%

MRA Issuance Trust 1.750% (USD LIBOR + 1.750%) due 10/08/21 ~ §		460,000		460,000


Corporate Notes - 0.0%

Pacific Gas and Electric Co 1.573% (USD LIBOR + 1.375%) due 11/15/21 §		330,000		330,661


Foreign Government Issues - 0.0%

Letras de la Nacion Argentina con Ajuste por CER (Argentina) 0.895% due 09/13/21 ^ W		ARS 671,742		5,411


	Shares
Money Market Fund - 13.0%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		72,958,059		72,958,059


	Principal Amount
U.S. Cash Management Bills - 2.3%

0.008% due 07/06/21		$2,800,000		2,799,940
0.013% due 07/20/21 ‡		9,800,000		9,799,611
0.015% due 07/27/21		200,000		199,990

				12,799,541


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-72

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
U.S. Treasury Bills - 0.3%

0.020% due 07/01/21		$800,000		$799,959
0.020% due 09/02/21 ‡		800,000		799,932


				1,599,891

Total Short-Term Investments (Cost $88,654,487)				88,653,552


TOTAL INVESTMENTS - 111.5% (Cost $631,703,753)				626,779,048

TOTAL SECURITIES SOLD SHORT - (0.5%) (PROCEEDS $2,754,320)				(2,744,859	)


DERIVATIVES - 0.1%				416,382


OTHER ASSETS & LIABILITIES, NET - (11.1%)				(62,131,384	)


NET ASSETS - 100.0%				$562,319,187

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Mortgage-Backed Securities	33.3%
Corporate Bonds & Notes	33.0%
Short-Term Investments	15.8%
U.S. Treasury Obligations	15.0%
Asset-Backed Securities	6.6%
Foreign Government Bonds & Notes	4.7%
Others (each less than 3.0%)	3.1%

	111.5%
Securities Sold Short	(0.5%	)
Derivatives	0.1%
Other Assets & Liabilities, Net	(11.1%	)

	100.0%

(b)

An investment with a value of $5,411 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)	An investment with a value of $689,634 or 0.1% of the Fund’s net assets was in default as of March 31, 2021.

(d)	As of March 31, 2021, investments with a total aggregate value of $251,979 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.

(e)	The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended March 31, 2021 was $6,173,019 at a weighted average interest rate of 0.098%.

(f)	Securities sold short outstanding as of March 31, 2021 were as follows:


Description	Principal Amount		Value
Mortgage-Backed Securities - (0.5%)

Fannie Mae
2.000% due 04/15/51		$600,000		($598,922	)
4.000% due 04/15/51		2,000,000		(2,145,937	)


Total Securities Sold Short (Proceeds $2,754,320)				($2,744,859	)

(g)	Open futures contracts outstanding as of March 31, 2021 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		06/21		46		$3,551,190		$3,496,690		($54,500	)
Australia 10-Year Bonds		06/21		36		3,784,627		3,776,571		(8,056	)
CAD FX		06/21		27		2,137,822		2,148,390		10,568
EUR FX		06/21		21		3,129,171		3,082,275		(46,896	)
Euro-Bobl		06/21		7		1,107,554		1,108,858		1,304
Eurodollar		03/22		142		35,407,998		35,416,575		8,577
Eurodollar		09/23		5		1,238,548		1,237,125		(1,423	)
Eurodollar		12/23		488		120,721,712		120,529,900		(191,812	)
Euro-OAT		06/21		12		2,278,104		2,279,025		921
GBP FX		06/21		2		174,231		172,263		(1,968	)
JPY FX		06/21		13		1,498,520		1,468,269		(30,251	)
Long Gilt		06/21		1		177,759		175,896		(1,863	)
MXN FX		06/21		36		847,239		873,720		26,481
RUB FX		06/21		5		167,763		163,688		(4,075	)
U.S. Treasury 5-Year Notes		06/21		565		70,249,943		69,720,119		(529,824	)
U.S. Treasury 10-Year Notes		06/21		99		13,132,326		12,962,813		(169,513	)
U.S. Treasury Long Bonds		06/21		469		74,583,064		72,504,469		(2,078,595	)

										(3,070,925	)


Short Futures Outstanding
Euro-Bund		06/21		97		19,441,411		19,483,425		(42,014	)
Euro-Buxl		06/21		6		1,470,745		1,449,739		21,006
Eurodollar		06/21		248		61,881,104		61,891,500		(10,396	)
Eurodollar		12/21		371		92,464,259		92,504,213		(39,954	)
Japan 10-Year Bonds		06/21		3		4,087,854		4,095,552		(7,698	)
Long Gilt		06/21		2		357,538		351,791		5,747
U.S. Treasury 2-Year Notes		06/21		63		13,920,430		13,905,773		14,657
U.S. Treasury 10-Year Notes		06/21		284		38,026,254		37,186,250		840,004
U.S. Treasury Long Bonds		06/21		1		162,960		154,594		8,366
U.S. Ultra Long Bonds		06/21		17		3,113,221		3,080,719		32,502

										822,220


Total Futures Contracts										($2,248,705	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-73

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021

(h)	Forward foreign currency contracts outstanding as of March 31, 2021 were as follows:


Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
AUD	1,200,000	USD	928,247		04/21		BNP		$—		($16,688	)
AUD	2,538,283	USD	1,966,338		04/21		CIT		—		(38,176	)
AUD	1,008,000	USD	786,926		04/21		RBS		—		(21,270	)
BRL	3,111,707	USD	575,112		04/21		CIT		—		(22,903	)
BRL	4,465,032	USD	783,710		04/21		DUB		9,323		—
BRL	500,000	USD	92,295		04/21		GSC		—		(3,564	)
BRL	1,398,513	USD	245,469		04/21		JPM		2,920		—
BRL	5,863,545	USD	1,087,251		04/21		SCB		—		(45,829	)
BRL	4,465,032	USD	805,377		05/21		DUB		—		(13,758	)
CAD	939,000	USD	753,203		04/21		BRC		—		(5,997	)
CAD	7,947,914	USD	6,356,428		04/21		CIT		—		(31,740	)
CAD	3,280,905	USD	2,589,803		04/21		CIT		21,033		—
CLP	430,442,550	USD	596,222		05/21		BRC		1,433		—
EUR	748,000	USD	909,027		04/21		CIT		—		(31,501	)
EUR	1,687,000	USD	2,013,673		04/21		HSB		—		(35,041	)
EUR	7,123,000	USD	8,371,662		04/21		SCB		—		(17,480	)
EUR	2,659,000	USD	3,167,957		04/21		UBS		—		(49,295	)
EUR	3,838,000	USD	4,505,991		05/21		JPM		—		(1,976	)
GBP	876,466	USD	1,215,981		04/21		CIT		—		(7,607	)
GBP	1,747,005	USD	2,371,514		04/21		CIT		37,062		—
GBP	147,000	USD	208,042		05/21		BRC		—		(5,358	)
GBP	1,585,000	USD	2,207,582		05/21		HSB		—		(22,183	)
GBP	130,000	USD	180,666		05/21		RBS		—		(1,422	)
IDR	36,838,359,174	USD	2,627,651		04/21		JPM		—		(103,006	)
INR	32,903,342	USD	444,190		04/21		JPM		4,107		—
JPY	321,971,207	USD	2,965,058		04/21		CIT		—		(56,614	)
MXN	7,000,000	USD	333,681		04/21		BNP		8,088		—
MXN	15,638,000	USD	743,626		09/21		HSB		8,173		—
PEN	1,934,811	USD	526,121		04/21		HSB		—		(9,276	)
RUB	140,250,000	USD	1,865,265		04/21		CIT		—		(14,151	)
RUB	171,307,313	USD	2,296,821		04/21		GSC		—		(35,792	)
USD	129,136	AUD	170,000		04/21		CIT		—		(1	)
USD	1,843,066	AUD	2,361,358		04/21		CIT		49,302		—
USD	1,393,083	AUD	1,798,000		04/21		UBS		27,358		—
USD	806,399	BRL	4,465,032		04/21		DUB		13,366		—
USD	256,000	BRL	1,398,513		04/21		JPM		7,611		—
USD	1,029,180	BRL	5,863,545		04/21		SCB		—		(12,243	)
USD	744,647	CAD	943,000		04/21		HSB		—		(5,742	)
USD	159,000	CLP	113,818,401		06/21		HSB		937		—
USD	1,171,911	CNH	7,582,497		04/21		JPM		18,592		—
USD	3,163,234	EUR	2,590,000		04/21		BNP		124,744		—
USD	3,290,045	EUR	2,762,410		04/21		CIT		49,290		—
USD	3,946,458	EUR	3,228,870		04/21		GSC		158,469		—
USD	4,503,448	EUR	3,838,000		04/21		JPM		1,972		—
USD	8,652,960	EUR	7,123,000		04/21		SCB		298,778		—
USD	605,275	EUR	508,000		04/21		UBS		9,457		—
USD	8,376,456	EUR	7,123,000		05/21		SCB		17,389		—
USD	159,456	GBP	115,000		05/21		HSB		894		—
USD	13,025,139	GBP	9,326,000		05/21		UBS		166,447		—
USD	1,616,503	JPY	166,612,924		04/21		CIT		111,447		—
USD	83,022	JPY	8,800,000		05/21		UBS		3,509		—
USD	830,922	MXN	17,229,000		04/21		CIT		—		(10,269	)
USD	2,755,265	MXN	55,570,000		04/21		CIT		42,108		—
USD	271,174	MXN	5,424,055		04/21		GSC		6,350		—
USD	197,574	MXN	4,101,000		04/21		UBS		—		(2,762	)
USD	531,790	PEN	1,934,811		04/21		JPM		14,944		—
USD	901,489	PEN	3,311,802		05/21		HSB		16,892		—
USD	690,409	PEN	2,532,325		06/21		HSB		14,198		—
USD	88,000	PEN	325,102		06/21		SCB		1,186		—
USD	525,550	PEN	1,934,811		12/21		HSB		9,521		—
ZAR	4,736,125	USD	317,878		04/21		CIT		2,166		—


Total Forward Foreign Currency Contracts									$1,259,066		($621,644	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-74

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021

(i)	Purchased options outstanding as of March 31, 2021 were as follows:

Foreign Currency Options

Description

Exercise
Price

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Put - COP versus USD

COP 3,500.00

06/11/21

GSC

$580,000

$9,637

$4,405

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - AUD-FX (04/21)		$77.00		04/09/21		CME		1		$77,000		$913		$110
Call - U.S. Treasury 10-Year Notes (05/21)		131.25		04/23/21		CME		1		131,250		642		547
Call - U.S. Treasury 30-Year Bonds (05/21)		155.00		04/23/21		CME		8		1,240,000		12,029		11,125
Call - U.S. Treasury 30-Year Bonds (05/21)		156.00		04/23/21		CME		5		780,000		6,790		4,766
Call - EUR-FX (05/21)		1.18		05/07/21		CME		4		590,000		3,410		3,000

												23,784		19,548


Put - EUR-FX (04/21)		1.21		04/09/21		CME		5		756,250		4,488		22,375
Put - U.S. Treasury 10-Year Notes (05/21)		131.00		04/23/21		CME		2		262,000		1,347		1,469
Put - U.S. Treasury 10-Year Notes (05/21)		132.50		04/23/21		CME		1		132,500		830		1,734

												6,665		25,578


Total Options on Futures												$30,449		$45,126


Total Purchased Options												$40,086		$49,531

(j)	Premiums received and value of written options outstanding as of March 31, 2021 were as follows:

Foreign Currency Options

Description

Exercise
Price

Expiration
Date

Counter-
party

Notional
Amount

Premium

Value

Put - BRL versus USD

BRL 5.40

06/14/21

MSC

$580,000

$12,129

($8,143

)

Interest Rate Swaptions


Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		1.750%		06/01/21		CIT		$57,000		$713		($208	)
Call - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		1.750%		06/01/21		GSC		338,000		4,237		(1,232	)
Call - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		1.800%		06/03/21		MSC		236,000		3,694		(1,162	)

														8,644		(2,602	)


Put - 30-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.250%		06/01/21		CIT		57,000		713		(1,508	)
Put - 30-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.250%		06/01/21		GSC		338,000		4,237		(8,940	)
Put - 30-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.300%		06/03/21		MSC		236,000		3,103		(5,250	)

														8,053		(15,698	)


Total Interest Rate Swaptions														$16,697		($18,300	)

Options on Futures


Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 5-Year Notes (04/21)		$123.75		04/02/21	CME		3		$371,250		$370		($117	)
Call - U.S. Treasury 10-Year Notes (04/21)		131.25		04/02/21	CME		2		262,500		606		(344	)
Call - U.S. Treasury 10-Year Notes (04/21)		131.75		04/02/21	CME		10		1,317,500		1,998		(625	)
Call - U.S. Treasury 30-Year Bonds (04/21)		155.50		04/02/21	CME		2		311,000		981		(625	)
Call - U.S. Treasury 30-Year Bonds (04/21)		156.00		04/02/21	CME		1		156,000		342		(187	)
Call - U.S. Treasury 30-Year Bonds (04/21)		157.00		04/02/21	CME		1		157,000		155		(62	)
Call - U.S. Treasury 30-Year Bonds (04/21)		157.50		04/02/21	CME		2		315,000		606		(94	)
Call - CAD-FX (04/21)		79.50		04/09/21	CME		1		79,500		497		(360	)
Call - CAD-FX (04/21)		80.00		04/09/21	CME		1		80,000		378		(140	)
Call - U.S. Treasury 5-Year Notes (05/21)		124.00		04/23/21	CME		37		4,588,000		10,061		(4,336	)
Call - U.S. Treasury 5-Year Notes (05/21)		124.50		04/23/21	CME		8		996,000		1,447		(250	)
Call - U.S. Treasury 10-Year Notes (05/21)		132.00		04/23/21	CME		3		396,000		1,464		(797	)
Call - U.S. Treasury 10-Year Notes (05/21)		132.25		04/23/21	CME		3		396,750		1,354		(656	)
Call - U.S. Treasury 10-Year Notes (05/21)		132.50		04/23/21	CME		10		1,325,000		3,951		(1,719	)
Call - U.S. Treasury 10-Year Notes (05/21)		133.00		04/23/21	CME		15		1,995,000		5,630		(1,641	)
Call - U.S. Treasury 10-Year Notes (05/21)		134.00		04/23/21	CME		27		3,618,000		17,703		(1,266	)
Call - U.S. Treasury 10-Year Notes (05/21)		135.00		04/23/21	CME		1		135,000		655		(31	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-75

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (05/21)		$135.50		04/23/21		CME		2		$271,000		$965		($31	)
Call - U.S. Treasury 10-Year Notes (05/21)		136.50		04/23/21		CME		5		682,500		2,179		(78	)
Call - U.S. Treasury 30-Year Bonds (05/21)		157.00		04/23/21		CME		25		3,925,000		18,051		(15,625	)
Call - U.S. Treasury 30-Year Bonds (05/21)		158.00		04/23/21		CME		1		158,000		592		(391	)
Call - U.S. Treasury 30-Year Bonds (05/21)		159.00		04/23/21		CME		14		2,226,000		16,866		(3,500	)
Call - U.S. Treasury 30-Year Bonds (05/21)		160.00		04/23/21		CME		3		480,000		885		(469	)
Call - U.S. Treasury 30-Year Bonds (05/21)		161.00		04/23/21		CME		2		322,000		778		(219	)
Call - U.S. Treasury 30-Year Bonds (05/21)		162.00		04/23/21		CME		3		486,000		3,370		(234	)
Call - U.S. Treasury 30-Year Bonds (05/21)		164.00		04/23/21		CME		11		1,804,000		6,731		(516	)
Call - U.S. Treasury 30-Year Bonds (05/21)		165.00		04/23/21		CME		4		660,000		2,462		(125	)
Call - U.S. Treasury 30-Year Bonds (05/21)		166.00		04/23/21		CME		2		332,000		2,153		(62	)
Call - Euro-Bund (05/21)		EUR 172.00		04/23/21		EUX		2		EUR 344,000		783		(1,055	)
Call - AUD-FX (05/21)		$77.50		05/07/21		CME		2		$155,000		1,035		(720	)
Call - U.S. Treasury 5-Year Notes (06/21)		124.00		05/21/21		CME		4		496,000		1,110		(1,000	)
Call - U.S. Treasury 10-Year Notes (06/21)		131.50		05/21/21		CME		7		920,500		5,613		(5,359	)
Call - U.S. Treasury 10-Year Notes (06/21)		132.00		05/21/21		CME		21		2,772,000		17,042		(11,484	)
Call - U.S. Treasury 10-Year Notes (06/21)		134.00		05/21/21		CME		27		3,618,000		12,000		(3,797	)
Call - U.S. Treasury 30-Year Bonds (06/21)		157.00		05/21/21		CME		14		2,198,000		16,445		(16,844	)
Call - U.S. Treasury 30-Year Bonds (06/21)		158.00		05/21/21		CME		11		1,738,000		12,590		(9,797	)
Call - U.S. Treasury 30-Year Bonds (06/21)		159.00		05/21/21		CME		14		2,226,000		18,351		(9,187	)
Call - U.S. Treasury 30-Year Bonds (06/21)		160.00		05/21/21		CME		8		1,280,000		5,127		(3,750	)
Call - U.S. Treasury 30-Year Bonds (06/21)		163.00		05/21/21		CME		2		326,000		2,262		(344	)
Call - U.S. Treasury 30-Year Bonds (06/21)		165.00		05/21/21		CME		2		330,000		1,715		(219	)
Call - U.S. Treasury 30-Year Bonds (06/21)		166.00		05/21/21		CME		2		332,000		1,731		(187	)
Call - Eurodollar (12/21)		99.13		12/10/21		CME		6		1,486,875		2,087		(1,613	)

												201,121		(99,856	)


Put - U.S. Treasury 5-Year Notes (05/21)		123.50		04/23/21		CME		23		2,840,500		6,226		(9,523	)
Put - U.S. Treasury 5-Year Notes (05/21)		123.75		04/23/21		CME		7		866,250		2,011		(3,828	)
Put - U.S. Treasury 10-Year Notes (05/21)		131.50		04/23/21		CME		5		657,500		2,804		(5,000	)
Put - U.S. Treasury 30-Year Bonds (05/21)		154.00		04/23/21		CME		2		308,000		1,778		(2,719	)
Put - EUR-FX (05/21)		1.17		05/07/21		CME		3		438,750		2,042		(2,513	)
Put - Eurodollar (12/21)		98.75		12/10/21		CME		5		1,234,375		2,490		(3,031	)

												17,351		(26,614	)


Total Options on Futures												$218,472		($126,470	)

Options on Securities


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - Fannie Mae 2.000% due 05/13/51		$101.43		05/06/21		JPM		$1,000,000		$3,125		($914	)


Put - Fannie Mae 2.000% due 05/13/51		100.75		05/06/21		JPM		1,000,000		7,031		(13,677	)
Put - Fannie Mae 2.500% due 05/13/51		101.79		05/06/21		JPM		500,000		2,149		(2,168	)
Put - Fannie Mae 3.000% due 06/14/51		103.88		06/07/21		JPM		400,000		1,484		(1,464	)

										10,664		(17,309	)


Total Options on Securities										$13,789		($18,223	)


Total Written Options										$261,087		($171,136	)

(k)	Swap agreements outstanding as of March 31, 2021 were as follows:

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


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty		Implied Credit Spread at 03/31/21 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Q		1.000%		12/20/21		MSC		0.167%		EUR 400,000		$3,000			$2,801			$199
Russian Federation		Q		1.000%		12/20/24		JPM		0.847%		$400,000		2,362			1,972			390

														5,362			4,773			589


							Exchange
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		2.407%		EUR 800,000		(46,973	)		(4,034	)		(42,939	)


Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection														($41,611	)		$739			($42,350	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-76

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021

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 34 5Y		Q		1.000%		06/20/25		ICE		$4,477,000		$81,850		$20,739		$61,111
CDX iTraxx Main 34 5Y		Q		5.000%		12/20/25		ICE		EUR 1,183,992		171,713		160,287		11,426
CDX IG 36 5Y		Q		1.000%		06/20/26		ICE		$34,467,000		819,143		750,500		68,643
CDX HY 36 5Y		Q		5.000%		06/20/26		ICE		5,540,000		503,614		470,084		33,530
CDX iTraxx Main 35 5Y		Q		5.000%		06/20/26		ICE		EUR 1,500,000		211,146		196,140		15,006

												$1,787,466		$1,597,750		$189,716


Total Credit Default Swaps												$1,745,855		$1,598,489		$147,366

(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 year 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 year 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		($12,917	)		$2,295			($15,212	)
7.044%		Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		(2,940	)		—			(2,940	)

												(15,857	)		2,295			(18,152	)


					Exchange
3.350%		Brazil CETIP Interbank		Z /Z		CME		01/03/22		50,000,000		(60,751	)		2,683			(63,434	)
3.700%		Brazil CETIP Interbank		Z /Z		CME		01/03/22		32,000,000		(30,137	)		(1,092	)		(29,045	)
0.190%		3-Month USD-LIBOR		S /Q		CME		06/15/22		$5,492,000		879			(25	)		904
2.800%		3-Month USD-LIBOR		S /Q		CME		08/22/23		500,000		30,588			—			30,588
0.100%		6-Month JPY-LIBOR		S /S		LCH		03/20/24		JPY 1,395,000,000		46,897			52,017			(5,120	)
1.100%		3-Month USD-LIBOR		S /Q		CME		12/18/25		$10,186,000		(88,538	)		—			(88,538	)
(0.095%)		6-Month JPY-LIBOR		S /S		LCH		09/13/26		JPY 140,000,000		(8,090	)		—			(8,090	)
(0.092%)		6-Month JPY-LIBOR		S /S		LCH		09/13/26		70,000,000		(3,940	)		—			(3,940	)
(0.068%)		6-Month JPY-LIBOR		S /S		LCH		09/18/26		120,000,000		(5,360	)		—			(5,360	)
(0.062%)		6-Month JPY-LIBOR		S /S		LCH		09/18/26		190,000,000		(7,923	)		(84	)		(7,839	)
(0.064%)		6-Month JPY-LIBOR		S /S		LCH		09/19/26		67,000,000		(2,867	)		—			(2,867	)
(0.063%)		6-Month JPY-LIBOR		S /S		LCH		09/19/26		67,000,000		(2,834	)		—			(2,834	)
(0.087%)		6-Month JPY-LIBOR		S /S		LCH		09/20/26		34,000,000		(1,836	)		—			(1,836	)
(0.097%)		6-Month JPY-LIBOR		S /S		LCH		09/24/26		82,000,000		(4,879	)		111			(4,990	)
0.300%		6-Month JPY-LIBOR		S /S		LCH		03/20/28		170,000,000		27,159			26,374			785
7.450%		28-Day MXN TIIE		L /L		CME		07/18/29		MXN 63,630,000		177,225			26,769			150,456
0.036%		6-Month JPY-LIBOR		S /S		LCH		03/10/38		JPY 19,000,000		(9,326	)		—			(9,326	)
0.040%		6-Month JPY-LIBOR		S / S		LCH		03/10/38		19,000,000		(9,209	)		—			(9,209	)
0.103%		6-Month JPY-LIBOR		S / S		LCH		08/28/39		90,000,000		(43,054	)		—			(43,054	)
0.430%		6-Month JPY-LIBOR		S / S		LCH		03/19/41		16,000,000		73			—			73
0.410%		6-Month JPY-LIBOR		S / S		LCH		03/25/41		2,000,000		(65	)		—			(65	)
1.000%		6-Month JPY-LIBOR		S / S		LCH		03/21/48		20,000,000		21,697			48,803			(27,106	)

												25,709			155,556			(129,847	)


Total Interest Rate Swaps – Long												$9,852			$157,851			($147,999	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-77

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021

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 225,000,000		($29,498	)		($33,078	)		$3,580
0.300%		6-Month JPY-LIBOR		S / S		LCH		03/18/26		410,000,000		(53,751	)		(23,718	)		(30,033	)
0.260%		1-Day U.S. Fed Funds		A / A		CME		05/15/27		$5,461,000		275,281			(18,331	)		293,612
0.450%		3-Month USD-LIBOR		S / Q		CME		05/15/27		6,272,000		306,599			(15,869	)		322,468
1.350%		3-Month USD-LIBOR		S / Q		CME		02/15/28		11,000,000		83,012			59,863			23,149
0.450%		6-Month JPY-LIBOR		S / S		LCH		03/20/29		JPY 260,000,000		(67,794	)		(95,871	)		28,077
0.750%		6-Month JPY-LIBOR		S / S		LCH		03/20/38		102,500,000		(60,448	)		10,514			(70,962	)
0.800%		6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(6,965	)		—			(6,965	)
0.705%		6-Month JPY-LIBOR		S / S		LCH		10/31/38		50,000,000		(27,147	)		3,203			(30,350	)
0.785%		6-Month JPY-LIBOR		S / S		LCH		11/12/38		20,000,000		(13,364	)		68			(13,432	)
0.560%		1-Day-USD-SOFR		A / A		CME		07/20/45		$1,380,000		366,486			12,421			354,065
0.740%		1-Day USD-SOFR		A / A		CME		08/19/45		640,000		146,932			—			146,932
0.641%		6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(57,018	)		—			(57,018	)
1.000%		3-Month USD-LIBOR		S / Q		CME		02/15/47		$683,000		167,808			6,648			161,160
1.200%		3-Month USD-LIBOR		S / Q		CME		02/15/47		901,000		183,844			4,963			178,881
1.225%		3-Month USD-LIBOR		S / Q		CME		02/15/47		362,000		71,976			416			71,560
1.600%		3-Month USD-LIBOR		S / Q		CME		02/15/47		458,000		55,924			2,697			53,227
0.900%		3-Month USD-LIBOR		S / Q		CME		03/17/50		8,335,000		2,433,505			2,304,860			128,645
1.200%		3-Month USD-LIBOR		S / Q		CME		10/07/50		751,000		167,228			3,830			163,398
0.538%		6-Month JPY-LIBOR		S / S		LCH		03/15/51		JPY 41,000,000		2,957			(238	)		3,195
0.520%		6-Month JPY-LIBOR		S / S		LCH		03/16/51		12,000,000		1,409			—			1,409
0.350%		6-Month JPY-LIBOR		S / S		LCH		03/17/51		10,000,000		5,551			5,520			31
0.557%		6-Month JPY-LIBOR		S / S		LCH		03/17/51		147,000,000		3,380			—			3,380
0.565%		6-Month JPY-LIBOR		S / S		LCH		03/19/51		48,000,000		106			—			106
0.570%		6-Month JPY-LIBOR		S / S		LCH		03/19/51		10,000,000		(116	)		—			(116	)
2.000%		3-Month USD-LIBOR		S / Q		CME		06/03/51		$79,000		3,867			822			3,045
2.050%		3-Month USD-LIBOR		S / Q		CME		06/07/51		236,000		8,881			(29	)		8,910
0.500%		1-Day GBP-SONIA		A / A		LCH		06/16/51		GBP 1,800,000		311,650			(93,536	)		405,186
0.750%		1-Day GBP-SONIA		A / A		LCH		09/15/51		200,000		17,192			12,429			4,763

												$4,297,487			$2,147,584			$2,149,903


Total Interest Rate Swaps												$4,307,339			$2,305,435			$2,001,904


Total Swap Agreements												$6,053,194			$3,903,924			$2,149,270

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 (Depreciation)
OTC Swap Agreements
Assets		$7,068			$589
Liabilities		—			(18,152	)
Centrally Cleared Swap Agreements (1)
Assets		4,182,761			2,731,301
Liabilities		(285,905	)		(564,468	)

		$3,903,924			$2,149,270

(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 page B-122

B-78

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$185,410,304			$—			$185,410,304			$—
	Senior Loan Notes		16,438,018			—			16,308,696			129,322
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		20,403,010			—			20,403,010			—
	Collateralized Mortgage Obligations - Residential		42,294,088			—			41,050,541			1,243,547
	Fannie Mae		95,021,140			—			95,021,140			—
	Freddie Mac		9,450,121			—			9,450,121			—
	Government National Mortgage Association		19,940,939			—			19,940,939			—

	Total Mortgage-Backed Securities		187,109,298			—			185,865,751			1,243,547

	Asset-Backed Securities		37,259,119			—			37,259,119			—
	U.S. Treasury Obligations		84,313,382			—			84,313,382			—
	Foreign Government Bonds & Notes		26,395,608			—			26,395,608			—
	Municipal Bonds		1,199,767			—			1,199,767			—
	Short-Term Investments		88,653,552			72,958,059			15,695,493			—
	Derivatives:
	Credit Contracts
	Swaps		190,305			—			190,305			—
	Foreign Currency Contracts
	Futures		37,049			37,049			—			—
	Forward Foreign Currency Contracts		1,259,066			—			1,259,066			—
	Purchased Options		29,890			—			29,890			—

	Total Foreign Currency Contracts		1,326,005			37,049			1,288,956			—

	Interest Rate Contracts
	Futures		933,084			933,084			—			—
	Purchased Options		19,641			—			19,641			—
	Swaps		2,541,585			—			2,541,585			—

	Total Interest Rate Contracts		3,494,310			933,084			2,561,226			—

	Total Assets - Derivatives		5,010,620			970,133			4,040,487			—

	Total Assets		631,789,668			73,928,192			556,488,607			1,372,869


Liabilities	Securities Sold Short
	Mortgaged-Backed Securities		(2,744,859	)		—			(2,744,859	)		—
	Derivatives:
	Credit Contracts
	Swaps		(42,939	)		—			(42,939	)		—
	Foreign Currency Contracts
	Futures		(137,690	)		(137,690	)		—			—
	Forward Foreign Currency Contracts		(621,644	)		—			(621,644	)		—
	Written Options		(11,876	)		—			(11,876	)		—

	Total Foreign Currency Contracts		(771,210	)		(137,690	)		(633,520	)		—

	Interest Rate Contracts
	Futures		(3,081,148	)		(3,081,148	)		—			—
	Written Options		(159,260	)		—			(159,260	)		—
	Swaps		(539,681	)		—			(539,681	)		—

	Total Interest Rate Contracts		(3,780,089	)		(3,081,148	)		(698,941	)		—

	Total Liabilities - Derivatives		(4,594,238	)		(3,218,838	)		(1,375,400	)		—

	Total Liabilities		(7,339,097	)		(3,218,838	)		(4,120,259	)		—

	Total		$624,450,571			$70,709,354			$552,368,348			$1,372,869


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-79

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 52.2%

Basic Materials - 0.7%

LYB International Finance III LLC 1.250% due 10/01/25		$140,000		$138,353
Nucor Corp 2.000% due 06/01/25		65,000		66,749
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		461,373

				666,475

Communications - 4.2%

AT&T Inc 0.900% due 03/25/24		265,000		265,604
British Telecommunications PLC (United Kingdom) 4.500% due 12/04/23		375,000		410,486
Charter Communications Operating LLC 4.464% due 07/23/22		790,000		824,118
4.908% due 07/23/25		260,000		294,913
Cox Communications Inc 2.950% due 06/30/23 ~		110,000		115,046
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		57,255
Expedia Group Inc 3.600% due 12/15/23 ~		260,000		276,871
JD.com Inc (China) 3.125% due 04/29/21		560,000		560,905
NTT Finance Corp (Japan)
0.373% due 03/03/23 ~		200,000		199,961
0.583% due 03/01/24 ~		200,000		199,340
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		200,000		219,802
T-Mobile USA Inc 2.250% due 02/15/26		145,000		146,224
Verizon Communications Inc
0.750% due 03/22/24		100,000		100,139
0.850% due 11/20/25		235,000		230,133
1.450% due 03/20/26		165,000		165,092
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		69,000		71,978

				4,137,867

Consumer, Cyclical - 6.2%

7-Eleven Inc
0.625% due 02/10/23 ~		50,000		50,039
0.645% (USD LIBOR + 0.450%) due 08/10/22 ~ §		45,000		45,048
0.800% due 02/10/24 ~		80,000		79,769
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		141,975		130,760
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		410,000		419,238
Ford Motor Credit Co LLC
3.470% due 04/05/21		200,000		200,000
3.813% due 10/12/21		200,000		202,498
General Motors Co
4.875% due 10/02/23		165,000		180,784
5.400% due 10/02/23		210,000		228,157
General Motors Financial Co Inc 1.075% (USD LIBOR + 0.850%) due 04/09/21 §		200,000		200,016
2.900% due 02/26/25		210,000		220,381
4.200% due 11/06/21		65,000		66,411
Harley-Davidson Financial Services Inc
2.550% due 06/09/22 ~		85,000		86,478
4.050% due 02/04/22 ~		340,000		349,701
Hasbro Inc
2.600% due 11/19/22		205,000		211,517
3.000% due 11/19/24		280,000		298,312


	Principal Amount		Value
Hyundai Capital America
0.800% due 01/08/24 ~		$120,000		$119,041
2.375% due 02/10/23 ~		270,000		277,331
2.850% due 11/01/22 ~		121,000		124,846
3.000% due 06/20/22 ~		235,000		241,334
3.950% due 02/01/22 ~		405,000		415,859
Marriott International Inc
2.300% due 01/15/22		15,000		15,158
3.125% due 02/15/23		55,000		56,646
3.600% due 04/15/24		95,000		101,127
Nissan Motor Acceptance Corp 2.600% due 09/28/22 ~		115,000		117,840
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		230,000		240,771
Nordstrom Inc due 04/08/24 # ~		20,000		20,037
QVC Inc 4.375% due 03/15/23		175,000		183,750
Ralph Lauren Corp 1.700% due 06/15/22		40,000		40,642
Ross Stores Inc 4.600% due 04/15/25		460,000		516,557
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		86,039		83,928
Volkswagen Group of America Finance LLC (Germany)
2.700% due 09/26/22 ~		200,000		206,587
2.900% due 05/13/22 ~		200,000		205,349
Walgreen Co 3.100% due 09/15/22		100,000		103,681

				6,039,593

Consumer, Non-Cyclical - 5.9%

AbbVie Inc 2.600% due 11/21/24		535,000		565,140
AstraZeneca PLC (United Kingdom) 3.500% due 08/17/23		55,000		58,658
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		210,000		208,001
Baxalta Inc 3.600% due 06/23/22		95,000		98,120
Bayer US Finance II LLC (Germany) 0.831% (USD LIBOR + 0.630%) due 06/25/21 ~ §		210,000		210,162
Becton Dickinson and Co
3.363% due 06/06/24		230,000		247,178
3.734% due 12/15/24		175,000		191,250
Bunge Ltd Finance Corp 3.000% due 09/25/22		630,000		649,787
4.350% due 03/15/24		30,000		32,897
Cardinal Health Inc
3.200% due 03/15/23		210,000		220,622
3.500% due 11/15/24		270,000		292,868
Cargill Inc 1.375% due 07/23/23 ~		110,000		112,298
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		400,000		398,455
Cigna Corp 0.613% due 03/15/24		50,000		49,810
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		95,000		96,943
Global Payments Inc 2.650% due 02/15/25		170,000		178,712
Health Care Service Corp 1.500% due 06/01/25 ~		190,000		191,593
Humana Inc 4.500% due 04/01/25		225,000		252,908
Imperial Brands Finance PLC (United Kingdom)
3.500% due 02/11/23 ~		200,000		208,166
3.750% due 07/21/22 ~		400,000		413,367


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-80

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
PeaceHealth Obligated Group 1.375% due 11/15/25		$40,000		$39,944
Perrigo Finance Unlimited Co 3.900% due 12/15/24		455,000		484,337
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		240,000		260,213
Royalty Pharma PLC 0.750% due 09/02/23 ~		190,000		189,924
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		135,000		141,916

				5,793,269

Energy - 8.2%

Aker BP ASA (Norway)
3.000% due 01/15/25 ~		230,000		238,333
4.750% due 06/15/24 ~		150,000		153,924
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		260,000		263,173
Cenovus Energy Inc (Canada)
3.000% due 08/15/22		360,000		368,384
3.800% due 09/15/23		80,000		84,603
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		185,000		210,987
7.000% due 06/30/24		290,000		334,008
Diamondback Energy Inc
2.875% due 12/01/24		435,000		459,115
4.750% due 05/31/25		140,000		156,593
Enbridge Inc (Canada) 0.413% (SOFR + 0.400%) due 02/17/23 §		50,000		50,090
Energy Transfer LP
2.900% due 05/15/25		60,000		62,496
4.250% due 03/15/23		300,000		316,867
4.250% due 04/01/24		15,000		16,257
5.875% due 01/15/24		285,000		317,443
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		290,412
EOG Resources Inc 2.625% due 03/15/23		66,000		68,548
EQT Corp 3.000% due 10/01/22		525,000		534,660
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		45,000		45,832
2.600% due 10/15/25 ~		90,000		91,426
Kinder Morgan Inc 3.150% due 01/15/23		85,000		88,774
Marathon Oil Corp 2.800% due 11/01/22		173,000		177,494
MPLX LP 1.285% (USD LIBOR + 1.100%) due 09/09/22 §		180,000		180,096
Occidental Petroleum Corp 2.600% due 08/13/21		175,000		175,766
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		250,000		259,809
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		200,000		216,998
6.250% due 03/15/22		565,000		586,905
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		200,000		201,453
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		70,000		70,119
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		315,000		339,966
4.000% due 12/21/25 ~		75,000		83,038
Suncor Energy Inc (Canada) 2.800% due 05/15/23		95,000		99,287
The Williams Cos Inc 3.350% due 08/15/22		120,000		123,504
3.700% due 01/15/23		375,000		392,336


	Principal Amount		Value
Valero Energy Corp
1.200% due 03/15/24		$170,000		$170,635
2.700% due 04/15/23		305,000		316,778
3.650% due 03/15/25		50,000		53,697
Western Midstream Operating LP 4.000% due 07/01/22		425,000		436,433

				8,036,239

Financial - 16.5%

AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		409,350
4.450% due 12/16/21		220,000		225,095
4.500% due 09/15/23		195,000		209,839
AIG Global Funding 0.800% due 07/07/23 ~		140,000		140,829
Air Lease Corp
2.250% due 01/15/23		175,000		179,705
3.500% due 01/15/22		90,000		92,044
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		125,000		124,675
3.625% due 05/01/22 ~		335,000		341,683
3.950% due 07/01/24 ~		65,000		68,001
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		400,000		401,310
Bank of America Corp 1.384% (USD LIBOR + 1.160%) due 01/20/23 §		295,000		297,342
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		345,000		375,985
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		295,000		294,265
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		415,000
BPCE SA (France) 1.402% (USD LIBOR + 1.220%) due 05/22/22 ~ §		250,000		252,812
5.700% due 10/22/23 ~		200,000		223,603
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		280,000		296,077
Capital One Financial Corp 3.500% due 06/15/23		130,000		138,365
CC Holdings GS V LLC REIT 3.849% due 04/15/23		445,000		473,947
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		394,996
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		204,321
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		360,000		362,073
Crown Castle International Corp REIT 1.050% due 07/15/26		150,000		145,308
Danske Bank AS (Denmark)
3.001% due 09/20/22 ~		455,000		459,659
5.000% due 01/12/22 ~		245,000		253,275
Deutsche Bank AG (Germany)
3.375% due 05/12/21		160,000		160,461
4.250% due 10/14/21		230,000		234,302
Equitable Financial Life Global Funding 1.400% due 07/07/25 ~		255,000		255,022
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		125,599
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		181,831
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		515,000		524,211
ING Groep NV (Netherlands) 1.343% (USD LIBOR + 1.150%) due 03/29/22 §		205,000		207,019
Intercontinental Exchange Inc 0.700% due 06/15/23		135,000		135,524


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-81

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		$200,000		$201,977
LSEGA Financing PLC (United Kingdom) due 04/06/24 # ~		200,000		199,500
Marsh & McLennan Cos Inc 3.875% due 03/15/24		190,000		207,674
Metropolitan Life Global Funding I 0.900% due 06/08/23 ~		250,000		252,257
Morgan Stanley 0.560% due 11/10/23		200,000		200,112
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		503,093
Nordea Bank Abp (Finland) 4.875% due 05/13/21 ~		200,000		200,972
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		190,000		199,528
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		280,000		298,341
SBA Tower Trust REIT
1.884% due 07/15/50 ~		70,000		70,941
2.836% due 01/15/50 ~		230,000		241,566
3.168% due 04/09/47 ~		370,000		370,991
3.448% due 03/15/48 ~		320,000		337,154
Simon Property Group LP REIT
2.000% due 09/13/24		65,000		67,314
3.375% due 10/01/24		225,000		242,043
Standard Chartered PLC (United Kingdom)
2.744% due 09/10/22 ~		200,000		201,791
3.950% due 01/11/23 ~		390,000		408,307
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		355,000		360,865
Synchrony Financial 2.850% due 07/25/22		801,000		822,747
The Goldman Sachs Group Inc
0.992% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,342
1.325% (USD LIBOR + 1.110%) due 04/26/22 §		295,000		295,170
3.000% due 04/26/22		85,000		85,134
3.500% due 04/01/25		135,000		146,314
The Western Union Co
2.850% due 01/10/25		240,000		251,756
3.600% due 03/15/22		140,000		143,514
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		116,241
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		390,000		392,492
1.395% (USD LIBOR + 1.220%) due 05/23/23 ~ §		255,000		257,932
Wells Fargo & Co
1.654% due 06/02/24		170,000		173,718
2.188% due 04/30/26		95,000		98,105
4.125% due 08/15/23		80,000		86,595

				16,138,014

Industrial - 3.7%

Avnet Inc
3.750% due 12/01/21		197,000		200,487
4.875% due 12/01/22		45,000		47,793
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,940
Carrier Global Corp 2.242% due 02/15/25		425,000		440,305
CNH Industrial Capital LLC 3.875% due 10/15/21		475,000		483,172
DAE Funding LLC (United Arab Emirates) 5.250% due 11/15/21 ~		220,000		224,400
Eagle Materials Inc 4.500% due 08/01/26		50,000		51,645


	Principal Amount		Value
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		$400,000		$399,286
Heathrow Funding Ltd (United Kingdom) 4.875% due 07/15/23 ~		320,000		323,160
Shanghai Electric Group Global Investment Ltd (China) 2.650% due 11/21/24 ~		200,000		208,720
Siemens Financieringsmaatschappij NV (Germany) 0.400% due 03/11/23 ~		250,000		250,380
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		200,000		212,612
4.125% due 07/15/23 ~		265,000		282,255
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~		400,000		402,968

				3,563,123

Technology - 2.5%

Fidelity National Information Services Inc
0.375% due 03/01/23		160,000		159,534
0.600% due 03/01/24		80,000		79,571
Fortinet Inc 1.000% due 03/15/26		95,000		92,993
Microchip Technology Inc
0.972% due 02/15/24 ~		160,000		159,793
2.670% due 09/01/23 ~		205,000		213,618
3.922% due 06/01/21		515,000		517,993
Micron Technology IncMicron Technology Inc
2.497% due 04/24/23		550,000		571,321
4.640% due 02/06/24		120,000		132,229
NXP BV (Netherlands)
2.700% due 05/01/25 ~		40,000		41,982
3.875% due 09/01/22 ~		200,000		208,893
4.625% due 06/01/23 ~		200,000		216,754

				2,394,681

Utilities - 4.3%

Edison International 3.125% due 11/15/22		155,000		160,272
Enel Finance International NV (Italy)
2.875% due 05/25/22 ~		520,000		533,423
4.250% due 09/14/23 ~		405,000		438,614
FirstEnergy Corp 3.350% due 07/15/22		240,000		243,693
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		337,627
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		139,359
Pacific Gas and Electric Co
1.573% (USD LIBOR + 1.375%) due 11/15/21 §		295,000		295,591
1.750% due 06/16/22		810,000		811,261
San Diego Gas & Electric Co 1.914% due 02/01/22		27,858		27,981
Sempra Energy 2.875% due 10/01/22		25,000		25,706
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		500,000		507,950
The AES Corp 3.300% due 07/15/25 ~		155,000		164,680
Vistra Operations Co LLC 3.550% due 07/15/24 ~		480,000		502,602

				4,188,759

Total Corporate Bonds & Notes (Cost $49,924,149)				50,958,020


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-82

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value

MORTGAGE-BACKED SECURITIES - 18.3%

Collateralized Mortgage Obligations - Commercial - 5.6%

Austin Fairmont Hotel Trust 1.156% (USD LIBOR + 1.050%) due 09/15/32 ~ §		$115,000		$115,073
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		139,123
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		22,610		22,703
Bank 2019-BNK 19 2.263% due 08/15/61		86,593		88,676
Bank 2019-BNK 24 2.056% due 11/15/62		102,162		104,150
CGDB Commercial Mortgage Trust 1.756% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		349,081
Commercial Mortgage Trust
1.965% due 02/10/50		14,087		14,119
3.221% due 10/10/48		136,602		134,930
3.633% due 02/10/37 ~ §		120,000		115,949
3.926% due 03/10/48 §		65,000		70,496
3.961% due 03/10/47		150,000		162,058
4.353% due 08/10/30 ~		120,000		128,112
4.701% due 03/10/47		195,000		211,556
4.709% due 08/10/47 ~ §		100,000		96,625
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		62,685		63,116
2.360% due 06/15/52		111,843		114,600
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		341,037
Great Wolf Trust 1.739% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		143,837
InTown Hotel Portfolio Trust
1.056% (USD LIBOR + 0.950%) due 01/15/33 ~ §		100,000		100,124
1.606% (USD LIBOR + 1.500%) due 01/15/33 ~ §		100,000		99,715
JP Morgan Chase Commercial Mortgage Securities Trust
1.456% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		380,244
1.706% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		119,980
1.876% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		206,029
2.276% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		165,947
KKR Industrial Portfolio Trust
1.106% (USD LIBOR + 1.000%) due 12/15/37 ~ §		100,000		100,042
1.356% (USD LIBOR + 1.250%) due 12/15/37 ~ §		100,000		100,181
Merit 2020-Hill
1.506% (USD LIBOR + 1.400%) due 08/15/37 ~ §		100,000		100,520
1.806% (USD LIBOR + 1.700%) due 08/15/37 ~ §		100,000		100,579
2.456% (USD LIBOR + 2.350%) due 08/15/37 ~ §		115,000		115,770
Morgan Stanley Capital I Trust
3.177% due 11/10/36 ~ §		255,000		250,194
3.912% due 09/09/32 ~		285,000		307,146
New Orleans Hotel Trust 1.395% (USD LIBOR + 1.289%) due 04/15/32 ~ §		385,000		381,231
SLIDE Fund Trust 1.956% (USD LIBOR + 1.850%) due 06/15/31 ~ §		121,944		119,107


	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust 1.975% due 09/15/50		$50,907		$51,256
WFRBS Commercial Mortgage Trust
4.045% due 03/15/47		150,000		162,315
4.697% due 04/15/45		195,000		199,867

				5,475,488

Collateralized Mortgage Obligations - Residential - 8.9%

Angel Oak Mortgage Trust
0.909% due 01/25/66 ~ §		224,632		224,405
1.115% due 01/25/66 ~ §		64,459		64,395
1.261% due 05/25/65 ~ §		158,125		158,811
1.691% due 04/25/65 ~ §		47,769		48,286
Angel Oak Mortgage Trust LLC 1.579% due 05/25/65 ~ §		114,882		115,481
COLT Mortgage Loan Trust 1.506% due 04/27/65 ~ §		76,040		76,416
2.764% due 08/25/49 ~ §		119,508		120,196
Connecticut Avenue Securities Trust 0.909% (USD LIBOR + 0.800%) due 01/25/40 ~ §		10,462		10,464
Deephaven Residential Mortgage Trust
0.973% due 05/25/65 ~ §		99,255		99,233
2.339% due 01/25/60 ~ §		105,179		106,515
2.964% due 07/25/59 ~ §		131,351		132,463
3.485% due 12/26/46 ~ §		3,865		3,879
3.763% due 04/25/59 ~ §		95,838		96,190
3.921% due 04/25/59 ~ §		100,000		101,241
Ellington Financial Mortgage Trust 0.797% due 02/25/66 ~ §		97,095		96,961
Fannie Mae Connecticut Avenue Securities 0.959% (USD LIBOR + 0.850%) due 07/25/30 §		208,723		206,517
1.209% (USD LIBOR + 1.100%) due 11/25/29 §		313,464		309,545
1.309% (USD LIBOR + 1.200%) due 01/25/30 §		131,601		128,417
1.459% (USD LIBOR + 1.350%) due 09/25/29 §		93,083		93,199
Fannie Mae REMICS 4.000% due 06/25/44		7,849		8,007
Flagstar Mortgage Trust 0.959% (USD LIBOR + 0.850%) due 03/25/50 ~ §		122,906		123,024
3.500% due 10/25/49 ~ §		80,412		82,163
4.000% due 09/25/48 ~ §		151,959		154,677
Freddie Mac STACR REMIC Trust
0.717% (SOFR + 0.700%) due 08/25/33 ~ §		45,000		45,048
0.859% (USD LIBOR + 0.750%) due 02/25/50 ~ §		73,057		73,141
1.609% (USD LIBOR + 1.500%) due 08/25/50 ~ §		30,764		30,774
1.959% (USD LIBOR + 1.850%) due 02/25/50 ~ §		200,000		200,297
3.209% (USD LIBOR + 3.100%) due 03/25/50 ~ §		210,000		213,620
Freddie Mac STACR Trust
0.909% (USD LIBOR + 0.800%) due 12/25/30 ~ §		39,993		40,026
1.059% (USD LIBOR + 0.950%) due 12/25/30 ~ §		70,000		70,233
1.509% (USD LIBOR + 1.400%) due 02/25/49 ~ §		134,658		134,147
Freddie Mac Structured Agency Credit Risk Debt Notes 0.817% (SOFR + 0.800%) due 08/25/33 ~ §		125,000		125,234
0.859% (USD LIBOR + 0.750%) due 03/25/30 §		28,240		28,273


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-83

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Freddie Mac Whole Loan Securities Trust 3.837% due 05/25/47 ~ §		$19,218		$19,409
Galton Funding Mortgage Trust
2.310% due 01/25/60 ~ §		88,594		90,374
2.832% due 01/25/60 ~ §		145,000		146,214
3.339% due 10/25/59 ~ §		140,000		141,864
3.500% due 11/25/57 ~ §		69,229		70,633
4.000% due 02/25/59 ~ §		79,843		81,287
GS Mortgage-Backed Securities Trust 1.964% due 07/25/44 ~ §		5,092		5,148
Homeward Opportunities Fund I Trust
2.675% due 11/25/59 ~ §		118,056		119,662
3.454% due 01/25/59 ~ §		136,334		137,896
3.606% due 01/25/59 ~ §		143,993		145,452
New Residential Mortgage Loan Trust
0.943% due 07/25/55 ~ §		197,638		197,400
1.650% due 05/24/60 ~ §		77,636		78,692
2.464% due 01/26/60 ~ §		123,621		125,468
2.710% due 11/25/59 ~ §		202,246		207,629
2.802% due 07/25/49 ~ §		144,375		145,312
3.086% due 07/25/49 ~ §		85,587		85,684
OBX Trust
0.859% (USD LIBOR + 0.750%) due 02/25/60 ~ §		122,693		123,619
1.009% (USD LIBOR + 0.900%) due 06/25/59 ~ §		70,392		70,751
1.059% (USD LIBOR + 0.950%) due 02/25/60 ~ §		62,919		62,868
1.072% due 02/25/66 ~ §		105,000		105,657
1.309% (USD LIBOR + 1.200%) due 06/25/59 ~ §		152,749		152,287
3.000% due 05/25/60 ~ §		70,921		72,421
3.500% due 12/25/49 ~ §		67,037		68,475
3.500% due 02/25/60 ~ §		161,579		166,548
Sequoia Mortgage Trust
3.500% due 02/25/48 ~ §		29,891		30,013
4.000% due 06/25/48 ~ §		155,785		157,788
4.000% due 08/25/48 ~ §		127,998		131,478
4.500% due 08/25/48 ~ §		21,333		22,037
SG Residential Mortgage Trust
2.703% due 09/25/59 ~ §		67,800		68,870
2.877% due 09/25/59 ~ §		270,488		273,937
STACR Trust
1.009% (USD LIBOR + 0.900%) due 09/25/48 ~ §		110,000		110,496
1.359% (USD LIBOR + 1.250%) due 02/25/47 ~ §		143,172		143,615
Starwood Mortgage Residential Trust
2.408% due 02/25/50 ~ §		115,611		117,654
2.610% due 09/27/49 ~ §		51,767		52,606
2.941% due 06/25/49 ~ §		106,741		107,476
3.299% due 06/25/49 ~ §		120,278		120,932
Verus Securitization Trust
0.918% due 02/25/64 ~ §		130,000		130,722
1.052% due 01/25/66 ~ §		96,761		96,347
1.977% due 03/25/60 ~ §		81,049		82,370
2.724% due 01/25/60 ~ §		156,717		158,316
3.100% due 11/25/59 ~ §		156,429		159,534
3.117% due 07/25/59 ~ §		187,129		191,322
3.211% due 05/25/59 ~ §		100,755		101,126
3.402% due 12/25/59 ~ §		53,292		53,988
Vista Point Securitization Trust
1.763% due 03/25/65 ~ §		167,544		169,643
2.496% due 04/25/65 ~ §		85,315		86,409

				8,708,707

Fannie Mae - 2.2%

due 04/01/36 #		225,000		230,929
due 04/01/51 #		120,000		125,002
due 05/01/51 #		30,000		29,891
2.500% due 11/01/50		34,226		35,165


	Principal Amount		Value
3.000% due 08/01/32		$269,367		$287,384
3.500% due 01/01/48 - 07/01/50		168,814		179,521
4.500% due 04/01/26 - 01/01/50		700,957		767,752
5.000% due 09/01/25 - 02/01/49		112,537		126,494
6.000% due 11/01/35 - 02/01/49		301,222		363,118

				2,145,256

Freddie Mac - 0.5%

4.000% due 02/01/50		175,975		189,412
4.500% due 03/01/49 - 05/01/50		112,139		122,386
5.000% due 12/01/41		77,694		87,749
7.000% due 03/01/39		29,384		34,085
7.500% due 06/01/38		30,782		35,676

				469,308

Government National Mortgage Association - 1.1%

due 05/20/51 #		320,000		342,075
5.000% due 01/20/48 - 05/20/48		352,263		388,472
5.500% due 09/15/45 - 02/20/49		247,525		284,955

				1,015,502

Total Mortgage-Backed Securities (Cost $17,700,264)				17,814,261


ASSET-BACKED SECURITIES - 15.0%

AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		115,000		114,691
0.970% due 02/18/26		85,000		85,812
1.060% due 08/18/26		80,000		80,267
1.210% due 12/18/26		65,000		64,734
1.590% due 10/20/25		165,000		167,831
1.800% due 12/18/25		160,000		163,295
2.690% due 06/19/23		105,055		106,050
2.710% due 08/18/22		35,023		35,135
Applebee’s Funding LLC 4.194% due 06/07/49 ~		149,250		153,931
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		194,965
Avis Budget Rental Car Funding AESOP LLC
2.330% due 08/20/26 ~		125,000		130,046
2.650% due 03/20/26 ~		425,000		442,185
3.330% due 03/20/24 ~		260,000		270,131
3.700% due 03/20/23 ~		100,000		102,029
4.530% due 03/20/23 ~		130,000		132,987
4.950% due 03/20/25 ~		100,000		108,099
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 ~ §		109,273		110,625
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 ~ §		64,792		66,630
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		253,120		265,364
Capital Auto Receivables Asset Trust
2.700% due 09/20/22 ~		65,000		65,424
3.360% due 11/21/22 ~		160,000		162,898
3.480% due 10/20/23 ~		29,233		29,296
3.690% due 12/20/23 ~		80,000		80,688
CarMax Auto Owner Trust 2.340% due 11/17/25		105,000		108,876
CBAM Ltd (Cayman) 1.521% (USD LIBOR + 1.280%) due 02/12/30 ~ §		760,000		760,361
CIFC Funding Ltd (Cayman)
1.268% (USD LIBOR + 1.050%) due 04/24/30 ~ §		500,000		500,175
1.555% (USD LIBOR + 1.350%) due 10/20/31 ~ §		255,000		255,772
1.941% (USD LIBOR + 1.700%) due 07/15/32 ~ §		275,000		275,700


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-84

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
CNH Equipment Trust 3.010% due 04/15/24		$139,741		$142,514
Daimler Trucks Retail Trust 1.370% due 06/15/27		265,000		267,429
Dryden 86 CLO Ltd (Cayman) 1.873% (USD LIBOR + 1.650%) due 07/17/30 ~ §		250,000		250,910
Elara HGV Timeshare Issuer LLC
2.530% due 02/25/27 ~		11,803		11,811
2.690% due 03/25/30 ~		37,488		38,617
2.730% due 04/25/28 ~		113,376		115,782
Enterprise Fleet Financing LLC 3.140% due 02/20/24 ~		21,592		21,678
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		115,780
2.040% due 12/15/26		185,000		191,779
GM Financial Automobile Leasing Trust 2.560% due 07/22/24		95,000		98,316
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		85,397
GMF Floorplan Owner Revolving Trust 2.700% due 04/15/24 ~		170,000		174,173
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		65,793		67,535
2.960% due 12/26/28 ~		27,414		27,944
Hyundai Auto Receivables Trust
1.600% due 12/15/26		150,000		152,662
2.940% due 05/15/25		165,000		171,883
John Deere Owner Trust 0.720% due 06/15/27		120,000		120,625
Madison Park Funding Ltd (Cayman) 1.541% (USD LIBOR + 1.300%) due 07/15/32 ~ §		250,000		250,479
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		78,041		81,081
Mill City Mortgage Loan Trust 2.500% due 04/25/57 ~ §		15,554		15,688
MMAF Equipment Finance LLC 3.200% due 09/12/22 ~		103,321		104,031
MVW LLC 2.730% due 10/20/37 ~		88,240		91,040
MVW Owner Trust
2.420% due 12/20/34 ~		232,954		238,297
2.890% due 11/20/36 ~		237,587		244,055
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		155,000		155,004
1.170% due 09/16/69 ~		70,470		70,776
1.220% due 07/15/69 ~		238,636		239,812
2.400% due 10/15/68 ~		112,115		115,212
2.460% due 11/15/68 ~		195,000		200,551
2.640% due 05/15/68 ~		360,000		368,478
Navistar Financial Dealer Note Master Trust
1.059% (USD LIBOR + 0.950%) due 07/25/25 ~ §		190,000		191,463
1.459% (USD LIBOR + 1.350%) due 07/25/25 ~ §		180,000		181,847
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.524% (USD LIBOR + 1.300%) due 10/20/32 ~ §		250,000		250,845
OCP CLO Ltd (Cayman) 1.344% (USD LIBOR + 1.120%) due 07/20/29 ~ §		415,000		415,553
Palmer Square CLO Ltd (Cayman) 1.941% (USD LIBOR + 1.700%) due 07/15/31 ~ §		260,000		260,688
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		195,000		195,925


	Principal Amount		Value
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		$125,000		$125,512
3.210% due 09/15/23		5,239		5,245
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		254,751
2.520% due 11/20/24 ~		165,000		170,566
2.880% due 06/20/24 ~		410,000		423,626
3.010% due 05/22/23 ~		180,000		183,527
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		372,566		378,411
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		100,000		99,924
2.430% due 10/20/33 ~		28,300		28,514
3.510% due 07/20/37 ~		93,779		96,757
SLM Student Loan Trust 0.509% (USD LIBOR + 0.400%) due 03/25/25 §		95,222		93,687
SMB Private Education Loan Trust
1.106% (USD LIBOR + 1.000%) due 06/15/27 ~ §		26,087		26,167
1.256% (USD LIBOR + 1.150%) due 05/15/26 ~ §		32,367		32,416
1.290% due 07/15/53 ~		110,038		110,407
1.600% due 09/15/54 ~		550,000		553,135
1.606% (USD LIBOR + 1.500%) due 04/15/32 ~ §		225,000		227,787
3.050% due 05/15/26 ~		15,232		15,309
3.600% due 01/15/37 ~		113,056		120,107
Towd Point Mortgage Trust
2.250% due 07/25/56 ~ §		23,799		24,023
2.750% due 02/25/55 ~ §		8,714		8,757
2.750% due 04/25/55 ~ §		4,297		4,298
2.750% due 05/25/55 ~ §		9,631		9,664
2.750% due 08/25/55 ~ §		20,660		20,954
2.750% due 10/25/56 ~ §		30,301		30,834
2.750% due 04/25/57 ~ §		66,938		68,023
3.750% due 05/25/58 ~ §		81,855		86,294
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~		265,000		267,853
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		122,176
World Omni Select Auto Trust
0.840% due 06/15/26		125,000		125,040
1.250% due 10/15/26		140,000		140,848


Total Asset-Backed Securities (Cost $14,434,588)				14,614,269


U.S. TREASURY OBLIGATIONS - 11.4%

U.S. Treasury Notes - 11.4%

0.125% due 04/30/22		825,000		825,411
0.125% due 06/30/22		320,000		320,113
0.125% due 10/31/22		4,090,000		4,090,000
0.125% due 11/30/22		2,490,000		2,489,757
0.125% due 12/31/22		575,000		574,809
0.125% due 01/31/23		475,000		474,796
1.750% due 06/15/22		2,035,000		2,075,541
1.750% due 07/15/22		250,000		255,327


Total U.S. Treasury Obligations (Cost $11,101,009)				11,105,754


MUNICIPAL BONDS - 1.1%

Chicago Transit Authority Sales Tax Receipts Fund
1.708% due 12/01/22		10,000		10,161
1.838% due 12/01/23		10,000		10,223
2.064% due 12/01/24		25,000		25,634


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-85

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
City of Houston TX Airport System Revenue
0.883% due 07/01/22		$15,000		$15,067
1.054% due 07/01/23		30,000		30,277
1.272% due 07/01/24		95,000		96,263
Dallas Fort Worth International Airport 1.329% due 11/01/25		50,000		50,028
Long Island Power Authority 0.764% due 03/01/23		75,000		75,144
Port Authority of New York & New Jersey 1.086% due 07/01/23		290,000		294,384
State Board of Administration Finance Corp 1.258% due 07/01/25		325,000		328,150
State of Connecticut
1.998% due 07/01/24		55,000		57,508
2.000% due 07/01/23		20,000		20,705
2.098% due 07/01/25		35,000		36,526


Total Municipal Bonds (Cost $1,035,089)				1,050,070


SHORT-TERM INVESTMENTS - 3.2%

Commercial Paper - 1.4%

Conagra Foods Inc 0.904% due 04/08/21		665,000		664,924
Jabil Inc 0.671% due 04/15/21		250,000		249,936
Ovintiv Inc (Canada)
0.370% due 04/26/21		250,000		249,934
1.049% due 04/26/21		250,000		249,814

				1,414,608


	Shares		Value
Money Market Fund - 1.8%

BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		1,764,923		$1,764,923


Total Short-Term Investments (Cost $3,179,446)				3,179,531


TOTAL INVESTMENTS - 101.2% (Cost $97,374,545)				98,721,905

DERIVATIVES - 0.1%				106,407


OTHER ASSETS & LIABILITIES, NET - (1.3%)				(1,299,581	)


NET ASSETS - 100.0%				$97,528,731

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	52.2%
Mortgage-Backed Securities	18.3%
Asset-Backed Securities	15.0%
U.S. Treasury Obligations	11.4%
Short-Term Investments	3.2%
Others (each less than 3.0%)	1.1%

	101.2%
Derivatives	0.1%
Other Assets & Liabilities, Net	(1.3%	)

	100.0%

(b)	Open futures contracts outstanding as of March 31, 2021 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		06/21		61		$13,478,227		$13,464,320		($13,907	)
U.S. Treasury Ultra 10-Year Notes		06/21		1		148,846		143,688		(5,158	)

										(19,065	)


Short Futures Outstanding
U.S. Treasury 5-Year Notes		06/21		37		4,612,697		4,565,742		46,955
U.S. Treasury 10-Year Notes		06/21		23		3,090,080		3,011,563		78,517

										125,472


Total Futures Contracts										$106,407


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-86

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$50,958,020			$—			$50,958,020		$—
	Mortgage-Backed Securities		17,814,261			—			17,814,261		—
	Asset-Backed Securities		14,614,269			—			14,614,269		—
	U.S. Treasury Obligations		11,105,754			—			11,105,754		—
	Municipal Bonds		1,050,070			—			1,050,070		—
	Short-Term Investments		3,179,531			1,764,923			1,414,608		—
	Derivatives:
	Interest Rate Contracts
	Futures		125,472			125,472			—		—

	Total Assets		98,847,377			1,890,395			96,956,982		—

Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(19,065	)		(19,065	)		—		—

	Total Liabilities		(19,065	)		(19,065	)		—		—

	Total		$98,828,312			$1,871,330			$96,956,982		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-87

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 26.3%

Azerbaijan - 0.9%

Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$237,000		$280,876
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		200,000		247,900

				528,776

Bahrain - 0.7%

BBK BSC 5.500% due 07/09/24 ~		200,000		211,500
The Oil and Gas Holding Co BSCC 8.375% due 11/07/28 ~		200,000		231,957

				443,457

Brazil - 4.9%

Braskem Netherlands Finance BV
5.875% due 01/31/50 ~		200,000		201,280
8.500% due 01/23/81 ~		280,000		317,817
CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		212,185
Klabin Austria GmbH 7.000% due 04/03/49 ~		200,000		239,520
Movida Europe SA 5.250% due 02/08/31 ~		200,000		192,143
NBM US Holdings Inc 7.000% due 05/14/26 ~		210,000		226,256
Petrobras Global Finance BV
5.093% due 01/15/30		150,000		156,091
6.850% due 06/05/15		180,000		185,310
6.875% due 01/20/40		190,000		213,240
Rede D’or Finance SARL 4.500% due 01/22/30 ~		200,000		196,632
Rumo Luxembourg SARL 5.250% due 01/10/28 ~		200,000		210,500
Simpar Europe SA 5.200% due 01/26/31 ~		200,000		196,308
Vale Overseas Ltd 6.875% due 11/21/36		165,000		219,656
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		200,000		257,109

				3,024,047

Chile - 2.0%

Corp Nacional del Cobre de Chile
4.375% due 02/05/49 ~		246,000		274,995
4.875% due 11/04/44 ~		200,000		235,879
5.625% due 10/18/43 ~		200,000		257,713
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		200,000		228,522
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		200,572

				1,197,681

China - 1.9%

Central China Real Estate Ltd 7.650% due 08/27/23 ~		200,000		187,241
China Evergrande Group 7.500% due 06/28/23 ~		200,000		172,500
Kaisa Group Holdings Ltd 10.875% due 07/23/23 ~		200,000		208,500
Scenery Journey Ltd 12.000% due 10/24/23 ~		200,000		175,991
Sinopec Group Overseas Development 2018 Ltd 3.350% due 05/13/50 ~		200,000		192,553
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		225,000		236,813

				1,173,598


	Principal Amount		Value
Colombia - 1.1%

Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		$42,260
Grupo Aval Ltd 4.375% due 02/04/30 ~		$200,000		202,308
Millicom International Cellular SA 5.125% due 01/15/28 ~		180,000		189,365
Oleoducto Central SA 4.000% due 07/14/27 ~		205,000		217,336

				651,269

India - 0.7%

Bharti Airtel Ltd 4.375% due 06/10/25 ~		200,000		215,045
Network i2i Ltd 3.975% due 06/03/26 ~		200,000		201,045

				416,090

Indonesia - 1.3%

P.T. Indonesia Asahan Aluminium Persero
5.450% due 05/15/30 ~		200,000		227,509
6.757% due 11/15/48 ~		250,000		312,412
P.T. Perusahaan Listrik Negara 6.150% due 05/21/48 ~		202,000		246,308

				786,229

Israel - 0.6%

Leviathan Ltd 6.750% due 06/30/30 ~		100,000		110,096
Teva Pharmaceutical Finance Netherlands III BV 6.750% due 03/01/28		200,000		225,065

				335,161

Jamaica - 0.1%

Digicel International Finance Ltd
8.000% due 12/31/26 ~		38,669		37,441
8.750% due 05/25/24 ~		25,528		26,421

				63,862

Kazakhstan - 1.4%

Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		229,142
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		400,863
KazMunayGas National Co JSC 6.375% due 10/24/48 ~		200,000		256,233

				886,238

Luxembourg - 0.4%

Altice Financing SA 7.500% due 05/15/26 ~		250,000		261,563


Malaysia - 0.6%

Petronas Capital Ltd 4.550% due 04/21/50 ~		291,000		345,790


Mexico - 3.9%

Alfa SAB de CV 6.875% due 03/25/44 ~		200,000		247,907
Axtel SAB de CV 6.375% due 11/14/24 ~		174,000		181,395
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		206,259
Cemex SAB de CV 5.450% due 11/19/29 ~		200,000		219,483


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-88

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Comision Federal de Electricidad
4.875% due 01/15/24 ~		$200,000		$219,129
5.750% due 02/14/42 ~		200,000		218,702
8.180% due 12/23/27 ~		MXN 950,000		44,100
Petroleos Mexicanos
6.350% due 02/12/48		$108,000		89,199
6.750% due 09/21/47		348,000		296,586
6.950% due 01/28/60		299,000		257,034
7.190% due 09/12/24 ~		MXN 1,670,000		76,738
7.690% due 01/23/50		$350,000		324,450

				2,380,982

Morocco - 0.4%

OCP SA 6.875% due 04/25/44 ~		200,000		233,550


Pakistan - 0.3%

The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		205,688


Panama - 1.0%

AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		200,000		207,310
C&W Senior Financing DAC
6.875% due 09/15/27 ~		200,000		213,625
7.500% due 10/15/26 ~		200,000		212,331

				633,266

Peru - 0.8%

Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		40,000		42,526
Petroleos del Peru SA 5.625% due 06/19/47 ~		400,000		420,690

				463,216

Saudi Arabia - 0.3%

Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		200,000		204,185


South Africa - 0.3%

Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		200,000		207,090


Ukraine - 0.7%

MHP Lux SA 6.950% due 04/03/26 ~		200,000		210,640
VF Ukraine PAT via VFU Funding PLC 6.200% due 02/11/25 ~		200,000		207,374

				418,014

United Arab Emirates - 0.3%

DP World Crescent Ltd 3.875% due 07/18/29 ~		200,000		210,374


United Kingdom - 0.4%

Standard Chartered Bank
6.625% due 05/18/33 ~		IDR 270,000,000		18,116
8.125% due 05/17/24 ~		369,000,000		27,305
8.250% due 05/19/36 ~		980,000,000		72,586
8.375% due 03/17/34 ~		810,000,000		61,193
9.000% due 03/20/29 ~		311,000,000		24,394
11.000% due 09/17/25 ~		432,000,000		35,571

				239,165

United States - 0.3%

JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		2,854,000,000		202,271


	Principal Amount		Value

Venezuela - 0.7%

Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ Y		$113,000		$5,339
8.500% due 10/27/21 * ~ Y		1,460,500		401,638
9.000% due 11/17/21 * ~ Y		239,354		11,309
9.750% due 05/17/35 * ~ Y		306,278		14,732
12.750% due 02/17/22 * ~ Y		117,000		5,528

				438,546

Zambia - 0.3%

First Quantum Minerals Ltd 6.875% due 03/01/26 ~		200,000		207,375


Total Corporate Bonds & Notes (Cost $16,257,933)				16,157,483


FOREIGN GOVERNMENT BONDS & NOTES - 67.6%

Angola - 1.0%

Angolan Government International
8.250% due 05/09/28 ~		200,000		192,470
9.375% due 05/08/48 ~		200,000		189,084
9.500% due 11/12/25 ~		232,000		243,431

				624,985

Argentina - 1.8%

Argentine Republic Government International
0.125% due 07/09/30		1,617,518		544,376
0.125% due 07/09/35		1,058,698		318,149
0.125% due 01/09/38		188,127		69,246
0.125% due 07/09/41		379,217		131,516
1.000% due 07/09/29		134,357		48,436

				1,111,723

Belarus - 0.3%

Republic of Belarus International 7.625% due 06/29/27 ~		200,000		205,596


Brazil - 6.2%

Brazil Letras do Tesouro Nacional
5.161% due 04/01/22		BRL 4,737,000		800,178
7.301% due 07/01/23		6,199,000		939,709
7.752% due 01/01/24		8,380,000		1,211,913
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/31		1,570,000		294,020
Brazilian Government International
5.000% due 01/27/45		$200,000		190,871
7.125% due 01/20/37		160,000		196,882
8.250% due 01/20/34		110,000		146,214

				3,779,787

China - 0.5%

China Government
2.680% due 05/21/30		CNY 1,520,000		221,546
3.810% due 09/14/50		630,000		97,843

				319,389

Colombia - 3.3%

Colombia Government International
3.875% due 04/25/27		$220,000		236,256
5.625% due 02/26/44		200,000		227,682
6.125% due 01/18/41		130,000		154,696
7.375% due 09/18/37		110,000		145,805
8.125% due 05/21/24		141,000		168,613
Colombian TES
4.750% due 02/23/23 ^		COP 531,832,174		157,159
5.750% due 11/03/27		1,135,700,000		302,333
6.000% due 04/28/28		379,200,000		101,336
6.250% due 11/26/25		64,600,000		18,330
7.500% due 08/26/26		698,800,000		206,407
10.000% due 07/24/24		923,400,000		295,003

				2,013,620


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-89

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Costa Rica - 0.3%

Costa Rica Government International 5.625% due 04/30/43 ~		$200,000		$175,000


Croatia - 0.4%

Croatia Government International 6.000% due 01/26/24 ~		200,000		228,884


Czech Republic - 0.0%

Czech Republic Government 4.200% due 12/04/36 ~		CZK 240,000		13,712


Dominican Republic - 3.1%

Dominican Republic International
4.875% due 09/23/32 ~		$488,000		498,980
5.300% due 01/21/41 ~		150,000		147,938
5.500% due 01/27/25 ~		100,000		110,000
5.875% due 01/30/60 ~		440,000		423,060
6.850% due 01/27/45 ~		200,000		221,750
6.875% due 01/29/26 ~		276,000		320,988
7.450% due 04/30/44 ~		130,000		153,562

				1,876,278

Ecuador - 3.2%

Ecuador Government International
0.500% due 07/31/30 ~		1,132,410		665,302
0.500% due 07/31/35 ~		2,320,002		1,055,624
0.500% due 07/31/40 ~		517,534		225,127
10.161% due 07/31/30 ~		46,714		18,920

				1,964,973

Egypt - 2.3%

Egypt Government
14.051% due 07/21/22		EGP 397,000		25,429
14.138% due 10/20/22		242,000		15,498
14.313% due 10/13/23		348,000		22,307
Egypt Government International
7.600% due 03/01/29 ~		$200,000		213,443
7.625% due 05/29/32 ~		200,000		205,300
7.903% due 02/21/48 ~		300,000		283,340
8.500% due 01/31/47 ~		200,000		199,790
8.700% due 03/01/49 ~		200,000		201,055
8.875% due 05/29/50 ~		216,000		221,111

				1,387,273

El Salvador - 1.0%

El Salvador Government International
6.375% due 01/18/27 ~		77,000		76,442
7.125% due 01/20/50 ~		150,000		134,625
7.625% due 02/01/41 ~		150,000		145,125
7.650% due 06/15/35 ~		22,000		21,725
8.250% due 04/10/32 ~		32,000		33,248
8.625% due 02/28/29 ~		45,000		48,048
9.500% due 07/15/52 ~		150,000		160,125

				619,338

Gabon - 0.3%

Gabon Government International 6.375% due 12/12/24 ~		200,000		207,904


Georgia - 0.3%

Georgia Government International 6.875% due 04/12/21 ~		200,000		200,297


	Principal Amount		Value

Ghana - 1.0%

Ghana Government International
due 04/07/34 # ~		$200,000		$196,980
7.625% due 05/16/29 ~		200,000		197,061
8.125% due 03/26/32 ~		200,000		193,865

				587,906

Hungary - 0.8%

Hungary Government
3.000% due 10/27/27		HUF 8,450,000		28,902
3.000% due 08/21/30		35,330,000		119,987
6.750% due 10/22/28		17,050,000		72,539
Hungary Government International
5.375% due 03/25/24		$84,000		95,288
5.750% due 11/22/23		150,000		169,873

				486,589

India - 0.3%

Export-Import Bank of India 4.000% due 01/14/23 ~		200,000		210,392


Indonesia - 5.7%

Indonesia Government International
5.125% due 01/15/45 ~		200,000		237,566
5.250% due 01/08/47 ~		221,000		267,963
5.950% due 01/08/46 ~		200,000		263,865
6.625% due 02/17/37 ~		130,000		173,429
7.750% due 01/17/38 ~		130,000		191,974
8.500% due 10/12/35 ~		100,000		156,748
Indonesia Treasury
6.125% due 05/15/28		IDR 657,000,000		43,921
6.625% due 05/15/33		2,222,000,000		149,086
7.000% due 05/15/27		5,965,000,000		427,780
7.000% due 09/15/30		3,392,000,000		236,947
7.500% due 06/15/35		1,438,000,000		101,183
7.500% due 05/15/38		331,000,000		22,998
8.250% due 05/15/29		4,841,000,000		364,307
8.250% due 05/15/36		895,000,000		66,290
8.375% due 03/15/24		3,096,000,000		229,795
8.375% due 09/15/26		2,156,000,000		164,442
8.375% due 04/15/39		2,321,000,000		171,049
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		226,112

				3,495,455

Ivory Coast - 0.9%

Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 130,000		149,008
5.875% due 10/17/31 ~		125,000		155,141
6.875% due 10/17/40 ~		200,000		246,372

				550,521

Jamaica - 0.4%

Jamaica Government International 7.875% due 07/28/45		$200,000		272,000


Kenya - 0.4%

Kenya Government International 8.000% due 05/22/32 ~		200,000		212,909


Lebanon - 0.5%

Lebanon Government International
5.800% due 04/14/22 * ~ Y		128,000		15,360
6.000% due 01/27/23 * ~ Y		35,000		4,294
6.100% due 10/04/22 * ~ Y		1,192,000		143,267
6.150% due 06/19/21 * Y		249,000		29,880
6.375% due 03/09/22 * Y		184,000		22,080
6.600% due 11/27/26 * ~ Y		88,000		10,782


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-90

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
6.850% due 03/23/27 * ~ Y		$157,000		$19,087
7.000% due 03/23/32 * ~ Y		146,000		17,843
7.050% due 11/02/35 * ~ Y		9,000		1,098
7.250% due 03/23/37 * ~ Y		92,000		11,311
8.250% due 04/12/21 * ~ Y		366,000		43,920

				318,922

Malaysia - 0.9%

Malaysia Government
2.632% due 04/15/31		MYR 809,000		184,444
3.733% due 06/15/28		243,000		60,981
3.757% due 05/22/40		35,000		7,910
3.828% due 07/05/34		184,000		44,090
3.885% due 08/15/29		52,000		13,073
3.899% due 11/16/27		51,000		12,966
4.065% due 06/15/50		268,000		60,937
4.181% due 07/15/24		105,000		26,731
4.232% due 06/30/31		57,000		14,427
4.642% due 11/07/33		180,000		46,000
4.893% due 06/08/38		211,000		54,523
4.921% due 07/06/48		66,000		16,811
4.935% due 09/30/43		28,000		7,205

				550,098

Mexico - 4.3%

Mexican Bonos
5.750% due 03/05/26		MXN 7,760,000		376,813
7.500% due 06/03/27		1,720,000		89,713
7.750% due 05/29/31		2,240,000		116,892
7.750% due 11/23/34		2,240,000		115,285
8.500% due 05/31/29		1,280,000		70,358
10.000% due 12/05/24		9,640,000		539,292
10.000% due 11/20/36		1,970,000		120,547
Mexico Government International
2.659% due 05/24/31		$200,000		189,116
3.750% due 04/19/71		400,000		348,000
3.771% due 05/24/61		400,000		354,950
4.750% due 03/08/44		102,000		107,949
5.550% due 01/21/45		75,000		86,800
5.750% due 10/12/10		82,000		91,333
6.050% due 01/11/40		50,000		60,229

				2,667,277

Mongolia - 0.3%

Mongolia Government International 5.625% due 05/01/23 ~		200,000		209,716


Morocco - 0.4%

Morocco Government International 5.500% due 12/11/42 ~		200,000		220,379


Nigeria - 0.7%

Nigeria Government International
7.625% due 11/28/47 ~		250,000		243,113
7.696% due 02/23/38 ~		200,000		196,762

				439,875


Oman - 0.9%

Oman Government International
6.500% due 03/08/47 ~		400,000		377,410
6.750% due 01/17/48 ~		200,000		191,484

				568,894


Pakistan - 1.2%

Pakistan Government International
due 04/08/31 # ~		261,000		266,872
6.875% due 12/05/27 ~		200,000		209,279
8.250% due 04/15/24 ~		259,000		284,659

				760,810


	Principal Amount		Value

Panama - 1.1%

Panama Government International
4.300% due 04/29/53		$200,000		$215,468
6.700% due 01/26/36		93,000		125,485
8.875% due 09/30/27		116,000		160,266
9.375% due 04/01/29		118,000		172,942

				674,161


Paraguay - 0.4%

Paraguay Government International
5.400% due 03/30/50 ~		200,000		226,302


Peru - 1.4%

Fondo MIVIVIENDA SA
7.000% due 02/14/24 ~		PEN 101,000		30,285
Peruvian Government
5.350% due 08/12/40		173,000		41,890
5.400% due 08/12/34		482,000		125,581
Peruvian Government International
2.780% due 12/01/60		$119,000		98,534
3.230% due 07/28/21		49,000		39,807
5.625% due 11/18/50		84,000		111,484
7.350% due 07/21/25		100,000		123,999
8.750% due 11/21/33		186,000		290,567

				862,147


Philippines - 1.5%

Philippine Government International
3.950% due 01/20/40		200,000		215,522
6.375% due 10/23/34		110,000		151,058
7.750% due 01/14/31		170,000		247,575
9.500% due 02/02/30		170,000		264,807
10.625% due 03/16/25		50,000		68,528

				947,490


Qatar - 1.5%

Qatar Government International
3.250% due 06/02/26 ~		200,000		217,630
4.817% due 03/14/49 ~		324,000		397,749
5.103% due 04/23/48 ~		246,000		311,740

				927,119


Romania - 2.2%

Romania Government
4.150% due 10/24/30		RON 315,000		81,248
Romanian Government
5.800% due 07/26/27		790,000		221,954
Romanian Government International
3.000% due 02/14/31 ~		$26,000		26,058
3.375% due 01/28/50 ~		EUR 199,000		245,061
3.624% due 05/26/30 ~		44,000		59,259
4.000% due 02/14/51 ~		$434,000		421,284
4.375% due 08/22/23 ~		174,000		189,143
6.125% due 01/22/44 ~		20,000		25,447
6.750% due 02/07/22 ~		104,000		109,559

				1,379,013


Russia - 2.5%

Russia Federal
6.900% due 05/23/29		RUB 7,304,000		96,543
7.050% due 01/19/28		11,375,000		152,307
7.150% due 11/12/25		4,742,000		64,452


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-91

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
7.250% due 05/10/34		RUB 1,102,000		$14,855
7.400% due 07/17/24		4,717,000		64,635
7.700% due 03/16/39		413,000		5,809
7.750% due 09/16/26		4,364,000		60,701
7.950% due 10/07/26		2,478,000		34,694
8.500% due 09/17/31		23,147,000		341,128
Russia Foreign
4.250% due 06/23/27 ~		$200,000		219,276
4.375% due 03/21/29 ~		200,000		219,102
5.250% due 06/23/47 ~		200,000		237,825

				1,511,327


Saudi Arabia - 1.6%

Saudi Government International
3.750% due 01/21/55 ~		258,000		253,500
4.500% due 04/22/60 ~		200,000		223,754
5.000% due 04/17/49 ~		223,000		264,610
5.250% due 01/16/50 ~		200,000		245,757

				987,621


South Africa - 3.6%

Republic of South Africa Government
8.000% due 01/31/30		ZAR 5,919,000		365,942
8.250% due 03/31/32		18,762,000		1,099,501
8.875% due 02/28/35		2,224,000		128,016
9.000% due 01/31/40		1,449,000		80,276
10.500% due 12/21/26		1,175,000		90,473
Republic of South Africa Government International
4.300% due 10/12/28		$235,000		231,921
5.650% due 09/27/47		200,000		184,664

				2,180,793


Sri Lanka - 0.4%

Sri Lanka Government International
7.550% due 03/28/30 ~		200,000		123,680
7.850% due 03/14/29 ~		202,000		124,850

				248,530


Thailand - 0.5%

Thailand Government
2.000% due 06/17/42		THB 2,812,000		79,776
2.875% due 06/17/46		333,000		10,761
3.300% due 06/17/38		3,087,000		108,428
3.400% due 06/17/36		2,099,000		74,663
3.600% due 06/17/67		1,151,000		41,033

				314,661

Turkey - 1.8%

Turkey Government
10.500% due 08/11/27		TRY 240,000		20,404
10.600% due 02/11/26		140,000		12,784
10.700% due 08/17/22		470,000		51,939
11.700% due 11/13/30		340,000		28,967
12.600% due 10/01/25		340,000		34,012
Turkey Government International
4.875% due 04/16/43		$200,000		153,390
5.750% due 03/22/24		200,000		198,583
5.750% due 05/11/47		200,000		163,015
5.875% due 06/26/31		200,000		181,378
6.000% due 03/25/27		200,000		192,324
6.875% due 03/17/36		90,000		85,691

				1,122,487


	Principal Amount		Value
Ukraine - 2.5%

Ukraine Government 15.840% due 02/26/25		UAH 1,600,000		$63,896
Ukraine Government International
7.253% due 03/15/33 ~		$207,000		206,473
7.375% due 09/25/32 ~		600,000		605,083
7.750% due 09/01/21 ~		100,000		102,005
7.750% due 09/01/23 ~		108,000		116,640
7.750% due 09/01/25 ~		119,000		129,633
9.750% due 11/01/28 ~		200,000		233,509
15.840% due 02/26/25 ~		UAH 980,000		39,136
17.000% due 05/11/22 ~		397,000		15,210

				1,511,585

United Arab Emirates - 0.7%

Abu Dhabi Government International
3.125% due 09/30/49 ~		$200,000		191,118
3.875% due 04/16/50 ~		200,000		217,838

				408,956

Uruguay - 2.0%

Uruguay Government International
3.875% due 07/02/40 ^		UYU 5,692,000		149,567
4.125% due 11/20/45		$80,548		89,929
4.375% due 12/15/28 ^		UYU 1,984,022		53,459
4.975% due 04/20/55		$337,218		414,468
5.100% due 06/18/50		150,864		187,547
7.625% due 03/21/36		92,000		141,030
7.875% due 01/15/33		91,000		137,357
8.500% due 03/15/28 ~		UYU 2,269,000		53,749
Uruguay Monetary Regulation Bill
5.851% due 10/15/21		299,000		6,557
6.250% due 03/02/22		1,044,000		22,330

				1,255,993

Venezuela - 0.5%

Venezuela Government International
7.750% due 10/13/21 * ~ Y		$85,000		8,500
8.250% due 10/13/24 * ~ Y		166,100		17,274
9.000% due 05/07/23 * ~ Y		73,000		7,592
9.250% due 09/15/27 * ~ Y		252,000		26,460
9.250% due 05/07/28 * ~ Y		121,000		12,705
11.750% due 10/21/26 * ~ Y		768,700		79,945
11.950% due 08/05/31 * ~ Y		1,255,900		131,870
12.750% due 08/23/22 * ~ Y		211,000		22,366

				306,712

Vietnam - 0.4%

Vietnam Government International
4.800% due 11/19/24 ~		200,000		224,479


Zambia - 0.3%

Zambia Government International 8.970% due 07/30/27 ~ Y		307,000		174,431


Total Foreign Government Bonds & Notes (Cost $43,154,390)				41,544,309


SHORT-TERM INVESTMENTS - 5.1%

Foreign Government Issues - 1.0%

Egypt Treasury Bills (Egypt)
9.738% due 05/18/21		EGP 2,600,000		163,411
10.340% due 05/25/21		800,000		50,150
10.529% due 06/01/21		1,275,000		79,752
12.518% due 08/10/21		5,100,000		310,930


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-92

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Uruguay Monetary Regulation Bill (Uruguay) 6.137% due 12/03/21		UYU 287,000		$6,235

				610,478


	Shares
Money Market Fund - 4.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,524,035		2,524,035


Total Short-Term Investments (Cost $3,132,936)				3,134,513


TOTAL INVESTMENTS - 99.0% (Cost $62,545,259)				60,836,305

DERIVATIVES - (0.8%)				(502,990	)


OTHER ASSETS & LIABILITIES, NET - 1.8%				1,144,898


NET ASSETS - 100.0%				$61,478,213

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Foreign Government Bonds & Notes	67.6%
Corporate Bonds & Notes	26.3%
Short-Term Investments	5.1%

	99.0%
Derivatives	(0.8%	)
Other Assets & Liabilities, Net	1.8%

	100.0%

(b)	As of March 31, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Brazil	11.1%
Mexico	8.2%
Indonesia	7.0%
Colombia	4.4%
United States (Includes Short-Term Investments)	4.4%
South Africa	3.9%
Egypt	3.3%
Ecuador	3.2%
Ukraine	3.2%
Dominican Republic	3.1%
Others (each less than 3.0%)	47.2%

	99.0%
Derivatives	(0.8%	)
Other Assets & Liabilities, Net	1.8%

	100.0%

(c)	Investments with a total aggregate value of $1,238,611 or 2.0% of the Fund’s net assets were in default as of March 31, 2021.

(d)	Forward foreign currency contracts outstanding as of March 31, 2021 were as follows:


Currency Purchased		Currency Sold			Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	6,963,847		USD	1,226,029	04/21	BRC		$10,817		$—
BRL	4,473,788		USD	807,390	04/21	CSF		—		(12,802	)
CLP	93,157,480		USD	130,000	04/21	BNP		—		(666	)
CLP	336,261,210		USD	464,674	04/21	BSC		2,171		—
CLP	156,627,500		USD	215,000	04/21	MSC		2,452		—
CNH	11,956,245		USD	1,838,807	05/21	HSB		—		(23,367	)
CNH	5,502,071		USD	840,000	06/21	CIT		—		(6,757	)
CNH	7,079,805		USD	1,084,346	06/21	HSB		—		(12,169	)
COP	696,062,250		USD	195,000	04/21	CSF		—		(4,985	)
CZK	4,344,148		USD	202,607	04/21	BNP		—		(7,413	)
CZK	7,646,940		USD	350,000	04/21	SCB		—		(6,401	)
CZK	19,113,725		USD	895,823	05/21	JPM		—		(36,954	)
CZK	511,849		USD	23,073	06/21	BNP		—		(72	)
HUF	61,515,900		USD	200,000	04/21	HSB		—		(883	)
HUF	194,035,237		USD	656,443	05/21	BRC		—		(28,641	)
IDR	1,134,700,000		USD	77,756	04/21	HSB		64		—
ILS	498,046		USD	152,361	04/21	MER		—		(3,348	)
ILS	230,954		USD	70,000	04/21	MSC		—		(900	)
INR	14,649,200		USD	200,000	05/21	BRC		—		(1,718	)
INR	63,843,168		USD	867,487	05/21	SCB		—		(3,348	)
KRW	350,287,600		USD	310,000	04/21	BNP		621		—
KRW	135,060,000		USD	120,577	04/21	BRC		—		(1,069	)
KRW	155,618,741		USD	138,469	04/21	HSB		—		(472	)
KRW	85,446,764		USD	75,245	04/21	HSB		416		—
KRW	1,299,795,875		USD	1,164,055	05/21	DUB		—		(11,459	)
KRW	149,404,971		USD	133,167	06/21	DUB		—		(676	)
KRW	1,108,195,235		USD	976,168	06/21	HSB		6,570		—
MXN	38,725,150		USD	1,920,309	04/21	CIT		—		(31,840	)
MXN	3,892,418		USD	189,460	04/21	DUB		358		—
MXN	3,699,612		USD	182,281	04/21	HSB		—		(1,866	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-93

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021


Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
MXN	728,166	USD	35,540		04/21	MER		$—		($30	)
MYR	248,784	USD	61,359		05/21	DUB		—		(1,335	)
MYR	109,716	USD	26,737		05/21	SCB		—		(267	)
PEN	851,280	USD	234,415		04/21	HSB		—		(7,013	)
PEN	469,688	USD	125,000		04/21	MSC		467		—
PHP	10,108,222	USD	207,529		05/21	JPM		—		(461	)
PHP	3,909,520	USD	80,000		05/21	MER		87		—
PLN	1,969,538	USD	510,000		04/21	CIT		—		(11,557	)
PLN	4,700,349	USD	1,261,060		04/21	HSB		—		(71,514	)
PLN	2,216,089	USD	598,838		05/21	BNP		—		(37,929	)
RON	410,173	USD	100,000		04/21	CIT		—		(2,372	)
RON	233,283	USD	58,023		04/21	ING		—		(2,498	)
RON	885,884	USD	219,692		05/21	BNP		—		(9,161	)
RUB	45,614,401	USD	611,416		04/21	BRC		—		(10,079	)
RUB	2,322,225	USD	30,950		04/21	CSF		—		(336	)
RUB	668,944	USD	8,917		04/21	MER		—		(98	)
RUB	45,628,869	USD	598,341		04/21	MSC		3,187		—
RUB	49,733,805	USD	667,280		05/21	DUB		—		(13,737	)
SGD	295,538	USD	220,000		05/21	HSB		—		(367	)
SGD	1,088,752	USD	819,318		05/21	SCB		—		(10,197	)
THB	7,420,560	USD	240,000		04/21	BNP		—		(2,573	)
THB	29,057,834	USD	968,033		04/21	DUB		—		(38,301	)
THB	1,590,000	USD	52,916		05/21	DUB		—		(2,048	)
THB	575,224	USD	18,483		06/21	HSB		—		(82	)
THB	575,223	USD	18,544		06/21	SCB		—		(142	)
TRY	4,154,745	USD	570,323		04/21	BRC		—		(78,630	)
TRY	1,513,080	USD	180,000		04/21	CIT		—		(935	)
TWD	5,360,280	USD	190,000		06/21	BRC		—		(166	)
TWD	17,837,915	USD	649,478		06/21	JPM		—		(17,749	)
USD	771,979	BRL	4,264,643		04/21	BSC		14,537		—
USD	530,000	BRL	3,044,829		04/21	DUB		—		(10,791	)
USD	759,426	BRL	4,128,163		04/21	HSB		26,224		—
USD	1,224,370	BRL	6,963,847		05/21	BRC		—		(10,272	)
USD	280,000	CLP	197,632,400		04/21	CSF		5,619		—
USD	97,653	CNH	642,899		06/21	HSB		291		—
USD	281,527	COP	994,072,204		04/21	CSF		10,160		—
USD	319,000	CZK	7,047,217		04/21	BNP		2,349		—
USD	133,710	CZK	2,970,702		05/21	MER		222		—
USD	36,000	EGP	588,600		06/21	BRC		—		(439	)
USD	140,000	EGP	2,280,270		06/21	HSB		—		(1,117	)
USD	38,000	EGP	618,070		06/21	MER		—		(237	)
USD	684,276	EUR	573,812		04/21	DUB		11,171		—
USD	211,366	EUR	177,835		04/21	MER		2,759		—
USD	46,666	HUF	14,418,578		04/21	BNP		—		(5	)
USD	86,340	HUF	26,630,623		04/21	SCB		141		—
USD	80,021	IDR	1,134,700,000		04/21	CIT		2,201		—
USD	203,569	IDR	2,948,269,072		04/21	DUB		2,047		—
USD	496,073	IDR	7,140,896,711		04/21	JPM		7,972		—
USD	10,237	IDR	145,700,000		05/21	SCB		294		—
USD	9,573	IDR	138,800,000		06/21	HSB		147		—
USD	76,819	IDR	1,134,700,000		07/21	HSB		19		—
USD	330,000	KRW	376,125,505		04/21	SCB		—		(3,166	)
USD	975,988	KRW	1,108,195,235		05/21	HSB		—		(6,706	)
USD	168,000	KRW	191,600,640		05/21	SCB		—		(1,902	)
USD	75,267	KRW	85,446,764		06/21	HSB		—		(506	)
USD	390,000	MXN	8,162,232		04/21	DUB		—		(8,039	)
USD	717,909	MXN	14,836,151		04/21	JPM		—		(5,591	)
USD	807,083	MXN	16,860,016		04/21	MER		—		(15,111	)
USD	275,000	PEN	1,003,805		04/21	DUB		6,854		—
USD	133,060	PLN	516,205		04/21	BNP		2,421		—
USD	166,868	PLN	652,318		04/21	HSB		1,782		—
USD	70,073	RON	288,312		04/21	CIT		1,450		—
USD	12,553	TRY	92,520		04/21	CSF		1,603		—
USD	23,948	TRY	176,666		04/21	HSB		3,040		—
USD	387,336	ZAR	5,788,042		04/21	BNP		—		(3,204	)
USD	51,639	ZAR	765,552		04/21	DUB		—		(16	)
USD	352,513	ZAR	5,383,831		04/21	JPM		—		(10,754	)
USD	126,082	ZAR	1,883,041		05/21	MER		—		(495	)
ZAR	3,837,716	USD	260,000		04/21	CIT		—		(1,055	)


Total Forward Foreign Currency Contracts								$130,513		($596,789	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-94

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2021

(e)	Swap agreements outstanding as of March 31, 2021 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)
6.680%		Brazil CETIP Interbank		Z / Z		CME		01/02/25		BRL 3,301,298		($18,002	)		$—		($18,002	)
2.325%		7-Day CNY-RRR		Q / Q		LCH		09/16/25		CNY 7,000,000		(19,280	)		—		(19,280	)
2.833%		7-Day CNY-RRR		Q / Q		LCH		06/16/26		2,400,000		568			—		568

												($36,714	)		$—		($36,714	)

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


	Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Centrally Cleared Swap Agreements (1)
Assets		$—		$568
Liabilities		—		(37,282	)

		$—		($36,714	)

(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.

(f)	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 March 31, 2021:


		Total Value at March 31, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$16,157,483			$—		$16,157,483			$—
	Foreign Government Bonds & Notes		41,544,309			—		41,544,309			—
	Short-Term Investments		3,134,513			2,524,035		610,478			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		130,513			—		130,513			—
	Interest Rate Contracts
	Swaps		568			—		568			—

	Total Assets - Derivatives		131,081			—		131,081			—

	Total Assets		60,967,386			2,524,035		58,443,351			—


Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(596,789	)		—		(596,789	)		—
	Interest Rate Contracts
	Swaps		(37,282	)		—		(37,282	)		—

	Total Liabilities - Derivatives		(634,071	)		—		(634,071	)		—

	Total Liabilities		(634,071	)		—		(634,071	)		—

	Total		$60,333,315			$2,524,035		$57,809,280			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-95

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 99.2%

Basic Materials - 1.4%

The Sherwin-Williams Co		3,522		$2,599,271


Communications - 25.7%

Airbnb Inc ‘A’ *		294		55,254
Alibaba Group Holding Ltd ADR (China) *		2,828		641,192
Alphabet Inc ‘A’ *		4,419		9,114,276
Alphabet Inc ‘C’ *		1,355		2,802,994
Amazon.com Inc *		4,872		15,074,358
Bumble Inc ‘A’ *		6,923		431,857
Charter Communications Inc ‘A’ *		4,772		2,944,419
Facebook Inc ‘A’ *		23,382		6,886,701
Match Group Inc *		13,560		1,862,873
Netflix Inc *		5,390		2,811,747
Pinterest Inc ‘A’ *		11,912		881,845
Shopify Inc ‘A’ (Canada) *		700		774,550
Spotify Technology SA *		2,152		576,628
Uber Technologies Inc *		21,331		1,162,753

				46,021,447

Consumer, Cyclical - 2.8%

Chipotle Mexican Grill Inc *		756		1,074,140
Dollar General Corp		4,763		965,079
Lululemon Athletica Inc *		2,253		691,017
NIKE Inc ‘B’		11,838		1,573,152
Ross Stores Inc		1,524		182,743
Starbucks Corp		4,704		514,006

				5,000,137

Consumer, Non-Cyclical - 21.1%

Abbott Laboratories		23,553		2,822,592
Alnylam Pharmaceuticals Inc *		2,376		335,467
Becton Dickinson and Co		3,582		870,963
Boston Scientific Corp *		37,192		1,437,471
Colgate-Palmolive Co		20,587		1,622,873
CoStar Group Inc *		1,881		1,545,975
Danaher Corp		15,803		3,556,939
Edwards Lifesciences Corp *		11,421		955,253
Equifax Inc		4,020		728,143
Global Payments Inc		6,606		1,331,638
ICON PLC (Ireland) *		4,743		931,383
PayPal Holdings Inc *		19,808		4,810,175
Seagen Inc *		2,992		415,469
Square Inc ‘A’ *		9,456		2,146,985
STERIS PLC		2,680		510,486
The Estee Lauder Cos Inc ‘A’		9,553		2,778,490
Thermo Fisher Scientific Inc		7,956		3,630,959
TransUnion		16,029		1,442,610
UnitedHealth Group Inc		875		325,561
Verisk Analytics Inc		14,077		2,487,265
Vertex Pharmaceuticals Inc *		4,978		1,069,722
Zoetis Inc		13,118		2,065,823

				37,822,242

Financial - 8.6%

American Tower Corp REIT		4,673		1,117,127
Aon PLC ‘A’		4,630		1,065,409
Equinix Inc REIT		1,113		756,384
Mastercard Inc ‘A’		17,794		6,335,554
The Charles Schwab Corp		19,825		1,292,194
Visa Inc ‘A’		22,926		4,854,122

				15,420,790


	Shares		Value
Industrial - 3.0%

AMETEK Inc		12,549		$1,602,884
Canadian Pacific Railway Ltd (Canada)		3,502		1,328,274
Vulcan Materials Co		14,350		2,421,562

				5,352,720

Technology - 36.6%

Activision Blizzard Inc		18,629		1,732,497
Adobe Inc *		14,259		6,778,301
Apple Inc		35,104		4,287,954
Applied Materials Inc		17,255		2,305,268
ASML Holding NV (Netherlands)		2,866		1,769,354
Atlassian Corp PLC ‘A’ *		5,235		1,103,329
Autodesk Inc *		8,166		2,263,207
Black Knight Inc *		6,310		466,877
Cadence Design Systems Inc *		10,103		1,384,010
Clarivate PLC (United Kingdom) *		47,635		1,257,088
Electronic Arts Inc		15,498		2,097,964
Intuit Inc		9,037		3,461,713
Lam Research Corp		5,087		3,027,986
Microsoft Corp		74,963		17,674,026
MSCI Inc		6,515		2,731,609
NVIDIA Corp		6,119		3,267,118
Qualtrics International Inc ‘A’ *		2,297		75,594
ROBLOX Corp ‘A’ *		7,713		500,034
Roper Technologies Inc		2,485		1,002,300
salesforce.com Inc *		11,634		2,464,895
Sea Ltd ADR (Taiwan) *		5,885		1,313,708
ServiceNow Inc *		5,250		2,625,577
Synopsys Inc *		4,309		1,067,684
Take-Two Interactive Software Inc *		5,764		1,018,499

				65,676,592


Total Common Stocks (Cost $72,157,373)				177,893,199


SHORT-TERM INVESTMENT - 0.9%

Money Market Fund - 0.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,527,793		1,527,793


Total Short-Term Investment (Cost $1,527,793)				1,527,793


TOTAL INVESTMENTS - 100.1% (Cost $73,685,166)				179,420,992

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(237,956	)


NET ASSETS - 100.0%				$179,183,036

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology	36.6%
Communications	25.7%
Consumer, Non-Cyclical	21.1%
Financial	8.6%
Industrial	3.0%
Others (each less than 3.0%)	5.1%

	100.1%
Other Assets & Liabilities, Net	(0.1%	)

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-96

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$177,893,199		$177,893,199		$—		$—
	Short-Term Investment		1,527,793		1,527,793		—		—

	Total		$179,420,992		$179,420,992		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-97

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 99.1%

Basic Materials - 3.8%

Air Products and Chemicals Inc		14,405		$4,052,703
PPG Industries Inc		16,539		2,485,150

				6,537,853

Communications - 16.8%

Alphabet Inc ‘A’ *		1,214		2,503,899
Booking Holdings Inc *		1,906		4,440,675
Charter Communications Inc ‘A’ *		5,334		3,291,185
Cisco Systems Inc		50,530		2,612,906
Comcast Corp ‘A’		99,168		5,365,980
DISH Network Corp ‘A’ *		124,624		4,511,389
Motorola Solutions Inc		18,338		3,448,461
T-Mobile US Inc *		20,672		2,589,995

				28,764,490

Consumer, Cyclical - 2.9%

The Home Depot Inc		10,070		3,073,867
The TJX Cos Inc		30,151		1,994,489

				5,068,356

Consumer, Non-Cyclical - 9.4%

Amgen Inc		9,005		2,240,534
Anthem Inc		8,348		2,996,514
Johnson & Johnson		20,788		3,416,508
Merck & Co Inc		20,678		1,594,067
PepsiCo Inc		11,649		1,647,751
Reynolds Consumer Products Inc		61,254		1,824,144
UnitedHealth Group Inc		6,538		2,432,594

				16,152,112

Energy - 5.1%

Chevron Corp		29,813		3,124,105
ConocoPhillips		62,126		3,290,814
Enterprise Products Partners LP		104,057		2,291,335

				8,706,254

Financial - 25.8%

American Express Co		38,504		5,446,006
American Tower Corp REIT		13,799		3,298,789
Bank of America Corp		201,106		7,780,791
Berkshire Hathaway Inc ‘B’ *		10,481		2,677,581
Capital One Financial Corp		22,053		2,805,803
JPMorgan Chase & Co		50,630		7,707,405
Marsh & McLennan Cos Inc		17,468		2,127,602
The Bank of New York Mellon Corp		47,961		2,268,076
The Charles Schwab Corp		53,147		3,464,121
The Progressive Corp		23,314		2,229,052
The Travelers Cos Inc		15,209		2,287,434
US Bancorp		37,845		2,093,207

				44,185,867

Industrial - 22.2%

Deere & Co		17,418		6,516,770
Honeywell International Inc		17,710		3,844,310
Illinois Tool Works Inc		13,832		3,064,065


	Shares		Value
Martin Marietta Materials Inc		6,320	$	2,122,382
Northrop Grumman Corp		8,872		2,871,334
Otis Worldwide Corp		26,219		1,794,691
Raytheon Technologies Corp		69,518		5,371,656
TE Connectivity Ltd		47,208		6,095,025
United Parcel Service Inc ‘B’		19,626		3,336,224
Vertiv Holdings Co		153,418		3,068,360

				38,084,817

Technology - 7.3%

Apple Inc		5,588		682,574
Lam Research Corp		7,105		4,229,180
Microsoft Corp		6,775		1,597,342
NXP Semiconductors NV (Netherlands)		10,731		2,160,580
Oracle Corp		27,084		1,900,484
QUALCOMM Inc		14,222		1,885,695

				12,455,855

Utilities - 5.8%

Edison International		72,779		4,264,849
Sempra Energy		43,179		5,724,672

				9,989,521

Total Common Stocks (Cost $91,237,637)				169,945,125


SHORT-TERM INVESTMENT - 0.9%

Money Market Fund - 0.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,553,000		1,553,000


Total Short-Term Investment (Cost $1,553,000)				1,553,000


TOTAL INVESTMENTS - 100.0% (Cost $92,790,637)				171,498,125

OTHER ASSETS & LIABILITIES, NET - 0.0%				38,792


NET ASSETS - 100.0%				$171,536,917

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			25.8%
Industrial			22.2%
Communications			16.8%
Consumer, Non-Cyclical			9.4%
Technology			7.3%
Utilities			5.8%
Energy			5.1%
Basic Materials			3.8%
Others (each less than 3.0%)			3.8%

			100.0%
Other Assets & Liabilities, Net			0.0%

			100.0%

(b)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$169,945,125		$169,945,125		$—		$—
	Short-Term Investment		1,553,000		1,553,000		—		—

	Total		$171,498,125		$171,498,125		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-98

PACIFIC FUNDS

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

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 98.1%

Basic Materials - 3.5%

Axalta Coating Systems Ltd *		24,639		$728,821
Ferro Corp *		45,102		760,420
Ingevity Corp *		9,687		731,659

				2,220,900

Communications - 8.1%

Leslie’s Inc *		48,711		1,192,932
MakeMyTrip Ltd (India) *		7,750		244,745
Open Lending Corp ‘A’ *		16,644		589,531
Proofpoint Inc *		5,334		670,964
Q2 Holdings Inc *		9,931		995,086
Stamps.com Inc *		5,395		1,076,357
Zendesk Inc *		2,720		360,726

				5,130,341

Consumer, Cyclical - 9.3%

JetBlue Airways Corp *		35,086		713,649
Malibu Boats Inc ‘A’ *		8,026		639,512
Manchester United PLC ‘A’ (United Kingdom)		38,392		604,290
Ollie’s Bargain Outlet Holdings Inc *		3,466		301,542
Penn National Gaming Inc *		3,008		315,359
Petco Health & Wellness Co Inc *		32,287		715,480
Skechers USA Inc ‘A’ *		18,740		781,645
ThredUp Inc ‘A’ *		19,727		460,231
Thule Group AB (Sweden) * ~		8,471		368,264
Visteon Corp *		2,568		313,167
Vroom Inc *		17,720		690,903

				5,904,042

Consumer, Non-Cyclical - 27.0%

Abcam PLC (United Kingdom) *		21,948		420,882
Acutus Medical Inc *		13,449		179,813
Adaptive Biotechnologies Corp *		5,071		204,158
Allovir Inc *		9,538		223,189
Amicus Therapeutics Inc *		18,464		182,424
Annexon Inc *		11,100		309,024
Avalara Inc *		1,900		253,517
Berkeley Lights Inc *		3,435		172,540
BioAtla Inc *		6,366		323,647
Bio-Techne Corp		816		311,655
Bioxcel Therapeutics Inc *		4,355		187,962
Boyd Group Services Inc (Canada)		2,355		399,040
Bridgebio Pharma Inc *		6,765		416,724
Bright Horizons Family Solutions Inc *		1,295		222,028
Certara Inc *		23,542		642,697
Charles River Laboratories International Inc *		2,200		637,626
Collegium Pharmaceutical Inc *		8,830		209,271
Evo Payments Inc ‘A’ *		23,206		638,629
Guardant Health Inc *		1,733		264,542
Harmony Biosciences Holdings Inc *		9,012		297,757
HealthEquity Inc *		6,682		454,376
ICON PLC (Ireland) *		3,176		623,671
Immunocore Holdings PLC ADR (United Kingdom) *		1,478		62,919
Laird Superfood Inc *		2,990		112,035
Maravai LifeSciences Holdings Inc ‘A’ *		20,018		713,442
Merit Medical Systems Inc *		7,914		473,890
MorphoSys AG ADR (Germany) *		10,249		223,428
Neurocrine Biosciences Inc *		2,213		215,214
Nevro Corp *		2,092		291,834
Nuvei Corp (Canada) * ~		19,831		1,199,776
Olink Holding AB ADR (Sweden) *		5,961		214,596
Optinose Inc *		26,611		98,195
Orchard Therapeutics PLC ADR (United Kingdom) *		7,614		55,278
Paylocity Holding Corp *		2,537		456,229
PerkinElmer Inc		2,318		297,376
PRA Health Sciences Inc *		10,952		1,679,270


	Shares		Value
Prelude Therapeutics Inc *		3,915		$169,637
Ritchie Bros Auctioneers Inc (Canada)		15,686		918,415
Sana Biotechnology Inc *		7,388		247,276
Seer Inc *		2,992		149,660
Silk Road Medical Inc *		4,239		214,705
SpringWorks Therapeutics Inc *		6,079		447,232
The Duckhorn Portfolio Inc *		28,702		481,620
TriNet Group Inc *		7,233		563,885
Turning Point Therapeutics Inc *		2,834		268,068

				17,129,152

Diversified - 3.9%

dMY Technology Group Inc II ‘A’ *		38,237		562,466
FTAC Olympus Acquisition Corp ‘A’ *		52,753		557,599
Hudson Executive Investment Corp ‘A’ *		44,867		445,081
TPG Pace Tech Opportunities Corp ‘A’ *		46,216		458,001
TS Innovation Acquisitions Corp ‘A’ *		40,371		438,429

				2,461,576

Energy - 2.4%

Array Technologies Inc *		27,820		829,592
Shoals Technologies Group Inc ‘A’ *		20,501		713,025

				1,542,617

Financial - 12.9%

Bank OZK		7,662		312,993
Big Yellow Group PLC REIT (United Kingdom)		30,167		463,395
CoreSite Realty Corp REIT		6,902		827,205
Focus Financial Partners Inc ‘A’ *		22,014		916,223
GCM Grosvenor Inc ‘A’		24,419		290,586
Grosvenor Capital Management PIPE		15,272		181,737
Hamilton Lane Inc ‘A’		5,267		466,445
Industrial Logistics Properties Trust REIT		21,622		500,117
MetroMile Inc *		51,870		533,742
Prosperity Bancshares Inc		7,208		539,807
QTS Realty Trust Inc ‘A’ REIT		19,289		1,196,690
STAG Industrial Inc REIT		25,798		867,071
TMX Group Ltd (Canada)		3,400		353,311
WisdomTree Investments Inc		122,774		767,337

				8,216,659

Industrial - 13.4%

Advanced Drainage Systems Inc		3,187		329,504
Advanced Energy Industries Inc		7,620		831,875
CryoPort Inc *		16,495		857,905
Generac Holdings Inc *		2,406		787,845
Gerresheimer AG (Germany)		7,587		753,521
GFL Environmental Inc (Canada)		18,254		637,977
Knight-Swift Transportation Holdings Inc		15,142		728,179
Kratos Defense & Security Solutions Inc *		11,427		311,729
Littelfuse Inc		1,218		322,088
Schneider National Inc ‘B’		24,567		613,438
Sensata Technologies Holding PLC *		12,290		712,205
StealthGas Inc (Greece) *		22,570		64,099
Summit Materials Inc ‘A’ *		13,483		377,794
The AZEK Co Inc *		18,073		759,970
Trex Co Inc *		4,851		444,060

				8,532,189

Technology - 17.6%

8x8 Inc *		16,698		541,683
ACV Auctions Inc ‘A’ *		17,672		611,628
Asana Inc ‘A’ *		11,342		324,154
CACI International Inc ‘A’ *		5,588		1,378,336
Endava PLC ADR (United Kingdom) *		6,094		516,101
Everbridge Inc *		6,290		762,222
ExlService Holdings Inc *		9,246		833,619
Health Catalyst Inc *		5,246		245,355
Keywords Studios PLC (Ireland) *		20,899		741,605
nCino Inc *		4,369		291,500
Outset Medical Inc *		5,765		313,558


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-99

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
PagerDuty Inc *		13,698		$551,071
Ping Identity Holding Corp *		28,197		618,360
Rapid7 Inc *		13,633		1,017,158
Silicon Laboratories Inc *		3,951		557,368
Vertex Inc ‘A’ *		30,003		659,466
Viant Technology Inc ‘A’ *		6,023		318,557
WNS Holdings Ltd ADR (India) *		12,232		886,086

				11,167,827

Total Common Stocks (Cost $54,875,163)				62,305,303


SHORT-TERM INVESTMENT - 1.8%

Money Market Fund - 1.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,156,093		1,156,093


Total Short-Term Investment (Cost $1,156,093)				1,156,093


TOTAL INVESTMENTS - 99.9% (Cost $56,031,256)				63,461,396

OTHER ASSETS & LIABILITIES, NET - 0.1%				93,893


NET ASSETS - 100.0%				$63,555,289

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			27.0%
Technology			17.6%
Industrial			13.4%
Financial			12.9%
Consumer, Cyclical			9.3%
Communications			8.1%
Diversified			3.9%
Basic Materials			3.5%
Others (each less than 3.0%)			4.2%

			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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,220,900		$2,220,900		$—		$—
	Communications		5,130,341		5,130,341		—		—
	Consumer, Cyclical		5,904,042		5,535,778		368,264		—
	Consumer, Non-Cyclical		17,129,152		17,129,152		—		—
	Diversified		2,461,576		2,461,576		—		—
	Energy		1,542,617		1,542,617		—		—
	Financial		8,216,659		7,753,264		463,395		—
	Industrial		8,532,189		7,778,668		753,521		—
	Technology		11,167,827		11,167,827		—		—

	Total Common Stocks		62,305,303		60,720,123		1,585,180		—

	Short-Term Investment		1,156,093		1,156,093		—		—

	Total		$63,461,396		$61,876,216		$1,585,180		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-100

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 98.5%

Basic Materials - 6.8%

AdvanSix Inc *		32,840		$880,769
Carpenter Technology Corp		33,649		1,384,656
Commercial Metals Co		52,590		1,621,876
GCP Applied Technologies Inc *		28,091		689,353
Innospec Inc		6,640		681,862
Orion Engineered Carbons SA (Germany)		67,631		1,333,683
Schnitzer Steel Industries Inc ‘A’		32,120		1,342,295

				7,934,494

Communications - 3.1%

A10 Networks Inc *		69,746		670,259
Casa Systems Inc *		70,652		673,314
Criteo SA ADR (France) *		37,581		1,305,188
Houghton Mifflin Harcourt Co *		130,494		994,364

				3,643,125

Consumer, Cyclical - 26.3%

Blue Bird Corp *		54,160		1,355,625
Citi Trends Inc		7,084		593,497
Dana Inc		49,680		1,208,714
Dine Brands Global Inc		9,022		812,251
El Pollo Loco Holdings Inc *		17,732		285,840
Foot Locker Inc		26,520		1,491,750
Herman Miller Inc		41,250		1,697,437
Hilton Grand Vacations Inc *		41,010		1,537,465
IMAX Corp *		62,530		1,256,853
KB Home		39,800		1,851,894
Kontoor Brands Inc		32,130		1,559,269
Malibu Boats Inc ‘A’ *		10,189		811,859
Oxford Industries Inc		19,123		1,671,733
Papa John’s International Inc		13,206		1,170,580
Regis Corp *		74,860		940,242
REV Group Inc		100,275		1,921,269
Ruth’s Hospitality Group Inc		69,758		1,732,091
Sally Beauty Holdings Inc *		64,732		1,303,055
SkyWest Inc *		30,179		1,644,152
Steven Madden Ltd		29,730		1,107,740
Taylor Morrison Home Corp *		51,958		1,600,826
The Goodyear Tire & Rubber Co *		88,940		1,562,676
The Shyft Group Inc		45,501		1,692,637

				30,809,455

Consumer, Non-Cyclical - 6.9%

BrightView Holdings Inc *		17,510		295,394
Herc Holdings Inc *		16,760		1,698,291
Korn Ferry		20,682		1,289,936
MEDNAX Inc *		60,670		1,545,265
Nomad Foods Ltd (United Kingdom) *		45,904		1,260,524
The Hain Celestial Group Inc *		27,099		1,181,516
Viad Corp		19,020		794,085

				8,065,011

Energy - 4.1%

Cimarex Energy Co		16,640		988,250
Dril-Quip Inc *		27,140		901,862
Helix Energy Solutions Group Inc *		126,730		639,986
HollyFrontier Corp		40,320		1,442,650
MRC Global Inc *		88,046		795,055

				4,767,803


	Shares		Value
Financial - 30.3%

1st Source Corp		24,232		$1,152,959
Armada Hoffler Properties Inc REIT		40,282		505,136
Associated Banc-Corp		54,982		1,173,316
Bank of Marin Bancorp		17,438		682,872
BankUnited Inc		42,658		1,874,819
Carter Bankshares Inc *		27,004		376,976
Cousins Properties Inc REIT		24,186		854,975
HarborOne Bancorp Inc		95,992		1,293,012
Heritage Financial Corp		47,150		1,331,516
Independence Realty Trust Inc REIT		76,746		1,166,539
Independent Bank Group Inc		17,839		1,288,689
Moelis & Co ‘A’		24,914		1,367,280
National Storage Affiliates Trust REIT		22,796		910,244
Pacific Premier Bancorp Inc		30,079		1,306,632
Physicians Realty Trust REIT		54,061		955,258
Premier Financial Corp		28,340		942,588
RLJ Lodging Trust REIT		73,173		1,132,718
Sandy Spring Bancorp Inc		23,823		1,034,633
Selective Insurance Group Inc		16,065		1,165,355
STAG Industrial Inc REIT		33,752		1,134,405
Sterling Bancorp		68,663		1,580,622
Stifel Financial Corp		27,525		1,763,252
Synovus Financial Corp		36,980		1,691,835
Texas Capital Bancshares Inc *		24,911		1,766,688
The Hanover Insurance Group Inc		8,280		1,071,929
TriCo Bancshares		29,709		1,407,315
Umpqua Holdings Corp		68,770		1,206,914
Webster Financial Corp		29,753		1,639,688
WSFS Financial Corp		32,587		1,622,507

				35,400,672

Industrial - 15.1%

AAR Corp		26,227		1,092,355
ArcBest Corp		17,160		1,207,549
Belden Inc		24,084		1,068,607
Cactus Inc ‘A’		43,610		1,335,338
Crane Co		11,467		1,076,866
GATX Corp		13,160		1,220,458
Graphic Packaging Holding Co		52,770		958,303
Hillenbrand Inc		25,270		1,205,632
Kennametal Inc		41,098		1,642,687
Masonite International Corp *		12,478		1,437,965
Regal Beloit Corp		10,235		1,460,330
Terex Corp		36,937		1,701,688
Trinseo SA		17,009		1,082,963
Welbilt Inc *		73,720		1,197,950

				17,688,691

Technology - 3.9%

CommVault Systems Inc *		15,749		1,015,810
Kulicke & Soffa Industries Inc (Singapore)		19,260		945,859
MagnaChip Semiconductor Corp (South Korea) *		45,882		1,142,462
NCR Corp *		16,383		621,735
NetScout Systems Inc *		418		11,771
Unisys Corp *		32,530		826,912

				4,564,549

Utilities - 2.0%

IDACORP Inc		10,280		1,027,692
Southwest Gas Holdings Inc		18,460		1,268,386

				2,296,078

Total Common Stocks (Cost $75,802,619)				115,169,878


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-101

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value

SHORT-TERM INVESTMENT - 1.6%

Money Market Fund - 1.6%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,824,103		$1,824,103


Total Short-Term Investment (Cost $1,824,103)				1,824,103


TOTAL INVESTMENTS - 100.1% (Cost $77,626,722)				116,993,981

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(85,241	)


NET ASSETS - 100.0%				$116,908,740

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	30.3%
Consumer, Cyclical	26.3%
Industrial	15.1%
Consumer, Non-Cyclical	6.9%
Basic Materials	6.8%
Energy	4.1%
Technology	3.9%
Communications	3.1%
Others (each less than 3.0%)	3.6%

	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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$115,169,878		$115,169,878		$—		$—
	Short-Term Investment		1,824,103		1,824,103		—		—

	Total		$116,993,981		$116,993,981		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-102

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

March 31, 2021


	Shares		Value
WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		46,078		$17,551


Total Warrants (Cost $0)				17,551


PREFERRED STOCKS - 1.7%

Brazil - 1.7%

Banco Bradesco SA		171,800		813,117
Lojas Americanas SA		415,950		1,646,463

				2,459,580


India - 0.0%

Zee Entertainment Enterprises Ltd 6.000% due 03/05/22		390,884		10,158


Total Preferred Stocks (Cost $2,343,212)				2,469,738


COMMON STOCKS - 96.9%

Brazil - 4.1%

Ambev SA		245,925		669,356
B3 SA - Brasil Bolsa Balcao		120,293		1,168,383
Pagseguro Digital Ltd ‘A’ *		10,989		508,791
Vale SA ADR		197,217		3,427,631

				5,774,161


Chile - 0.9%

Falabella SA		287,710		1,306,721


China - 34.4%

Alibaba Group Holding Ltd *		1,300		36,936
Alibaba Group Holding Ltd ADR *		18,204		4,127,393
Baidu Inc ADR *		1,723		374,839
BeiGene Ltd ADR *		4,611		1,604,997
Blue Moon Group Holdings Ltd * ~		160,729		232,043
Budweiser Brewing Co APAC Ltd ~		306,200		916,570
Contemporary Amperex Technology Co Ltd ‘A’		3,100		154,078
Gree Electric Appliances Inc of Zhuhai ‘A’		55,688		534,318
Hansoh Pharmaceutical Group Co Ltd * ~		52,000		249,444
Huazhu Group Ltd ADR *		94,979		5,214,347
Innovent Biologics Inc * ~		63,500		649,428
JD.com Inc ADR *		13,980		1,178,933
Jiangsu Hengrui Medicine Co Ltd ‘A’		119,828		1,691,877
Kuaishou Technology * ~ ± W		36,600		1,207,587
Meituan ‘B’ * ~		55,000		2,146,331
NetEase Inc ADR		15,963		1,648,339
New Horizon Health Ltd * ~		29,000		217,106
New Oriental Education & Technology Group Inc ADR *		99,550		1,393,700
OneConnect Financial Technology Co Ltd ADR *		49,222		727,501
Pinduoduo Inc ADR *		10,042		1,344,423
Ping An Insurance Group Co of China Ltd ‘A’		248,171		2,988,346
Remergen Co Ltd ‘H’ * ~		15,114		189,063
TAL Education Group ADR *		4,258		229,293
Tencent Holdings Ltd		119,081		9,503,563
Tencent Music Entertainment Group ADR *		13,860		283,991
Wuxi Biologics Cayman Inc * ~		161,000		2,030,332
Yum China Holdings Inc		81,897		4,849,121


	Shares		Value
ZTO Express Cayman Inc *		6,613		$188,001
ZTO Express Cayman Inc ADR		100,846		2,939,661

				48,851,561


Colombia - 0.4%

Grupo Aval Acciones y Valores SA ADR		83,609		520,048


Egypt - 0.6%

Commercial International Bank Egypt SAE		245,373		902,260


France - 5.0%

Kering SA		7,801		5,383,141
LVMH Moet Hennessy Louis Vuitton SE		100		66,795
Pernod Ricard SA		8,700		1,628,459

				7,078,395


Hong Kong - 4.4%

AIA Group Ltd		455,600		5,575,072
Jardine Strategic Holdings Ltd		20,670		682,963

				6,258,035


India - 14.0%

Godrej Properties Ltd *		19,211		370,746
Havells India Ltd		9,748		140,393
HDFC Bank Ltd *		36,933		756,009
Housing Development Finance Corp Ltd		198,374		6,816,003
Infosys Ltd		103,029		1,933,257
Kotak Mahindra Bank Ltd *		200,746		4,834,962
Oberoi Realty Ltd *		77,894		614,588
Tata Consultancy Services Ltd		87,960		3,832,582
Zee Entertainment Enterprises Ltd		185,526		517,937

				19,816,477


Indonesia - 1.1%

P.T. Bank Central Asia Tbk		463,400		992,416
P.T. Bank Rakyat Indonesia Persero Tbk		244,800		74,268
P.T. Indocement Tunggal Prakarsa Tbk		301,618		254,589
P.T. Semen Indonesia Persero Tbk		267,600		192,222

				1,513,495


Italy - 1.5%

Moncler SPA *		4,045		231,652
PRADA SPA *		303,700		1,899,640

				2,131,292


Mexico - 6.1%

Alsea SAB de CV *		222,340		328,732
Fomento Economico Mexicano SAB de CV		287,398		2,165,380
Fomento Economico Mexicano SAB de CV ADR		6,547		493,186
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		37,118		659,206
Grupo Mexico SAB de CV ‘B’		687,414		3,623,473
Wal-Mart de Mexico SAB de CV		435,420		1,375,100

				8,645,077


Peru - 0.6%

Credicorp Ltd		6,119		835,672


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-103

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value

Philippines - 2.3%

Ayala Land Inc		1,438,200		$1,019,765
SM Investments Corp		84,497		1,673,443
SM Prime Holdings Inc		744,756		537,732

				3,230,940


Poland - 0.2%

InPost SA *		16,865		276,214


Russia - 7.8%

Novatek PJSC GDR		27,139		5,357,698
Polyus PJSC		4,009		741,763
Polyus PJSC GDR ~		3,943		365,081
Sberbank of Russia PJSC		80,132		307,460
Yandex NV ‘A’ *		67,380		4,316,363

				11,088,365


South Africa - 0.6%

FirstRand Ltd		252,246		881,527


South Korea - 2.1%

Samsung Biologics Co Ltd * ~		3,212		2,137,875
Samsung Electronics Co. Ltd.		12,351		893,528

				3,031,403


Switzerland - 1.9%

Cie Financiere Richemont SA ‘A’		27,399		2,630,943


Taiwan - 8.2%

Taiwan Semiconductor Manufacturing Co Ltd		552,995		11,645,639


Turkey - 0.3%

Akbank T.A.S.		716,543		408,900


United Kingdom - 0.4%

Prudential PLC		27,214		579,728


Total Common Stocks (Cost $77,848,903)				137,406,853


SHORT-TERM INVESTMENT - 1.7%

Money Market Fund - 1.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		2,363,893		2,363,893


Total Short-Term Investment (Cost $2,363,893)				2,363,893


TOTAL INVESTMENTS - 100.3% (Cost $82,556,008)				142,258,035

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(475,157	)


NET ASSETS - 100.0%				$141,782,878

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	22.2%
Consumer, Cyclical	19.6%
Communications	17.6%
Technology	14.6%
Consumer, Non-Cyclical	11.6%
Basic Materials	5.8%
Energy	3.8%
Industrial	3.4%
Others (each less than 3.0%)	1.7%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

(b)	As of March 31, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:


China	34.4%
India	14.0%
Taiwan	8.2%
Russia	7.8%
Mexico	6.1%
Brazil	5.8%
France	5.0%
Hong Kong	4.4%
Others (each less than 3.0%)	14.6%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

(c)

An investment with a value of $1,207,587 or 0.9% 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.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-104

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$17,551		$17,551		$—		$—
	Preferred Stocks		2,469,738		2,469,738		—		—
	Common Stocks
	Brazil		5,774,161		5,774,161		—		—
	Chile		1,306,721		—		1,306,721		—
	China		48,851,561		26,133,644		21,510,330		1,207,587
	Colombia		520,048		520,048		—		—
	Egypt		902,260		—		902,260		—
	France		7,078,395		—		7,078,395		—
	Hong Kong		6,258,035		—		6,258,035		—
	India		19,816,477		—		19,816,477		—
	Indonesia		1,513,495		—		1,513,495		—
	Italy		2,131,292		—		2,131,292		—
	Mexico		8,645,077		8,645,077		—		—
	Peru		835,672		835,672		—		—
	Philippines		3,230,940		—		3,230,940		—
	Poland		276,214		276,214		—		—
	Russia		11,088,365		4,316,363		6,772,002		—
	South Africa		881,527		—		881,527		—
	South Korea		3,031,403		—		3,031,403		—
	Switzerland		2,630,943		—		2,630,943		—
	Taiwan		11,645,639		—		11,645,639		—
	Turkey		408,900		—		408,900		—
	United Kingdom		579,728		—		579,728		—

	Total Common Stocks		137,406,853		46,501,179		89,698,087		1,207,587

	Short-Term Investment		2,363,893		2,363,893		—		—

	Total		$142,258,035		$51,352,361		$89,698,087		$1,207,587


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-105

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

March 31, 2021


	Shares		Value

COMMON STOCKS - 98.4%

Australia - 1.1%

Rio Tinto PLC		6,859		$523,261


Belgium - 0.9%

KBC Group NV *		6,078		442,244


Brazil - 0.3%

Ambev SA ADR		50,254		137,696


Canada - 3.5%

Canadian National Railway Co		8,592		996,500
Intact Financial Corp		1,864		228,421
Suncor Energy Inc		12,502		261,341
The Toronto-Dominion Bank		3,457		225,460

				1,711,722

China - 2.2%

NetEase Inc		10,100		207,686
Tencent Holdings Ltd		5,800		462,884
Yum China Holdings Inc		6,988		413,759

				1,084,329

Denmark - 2.5%

Carlsberg AS ‘B’		2,295		351,960
Novo Nordisk AS ‘B’		12,888		868,440

				1,220,400

France - 17.7%

Air Liquide SA		8,147		1,330,209
Capgemini SE		5,191		882,610
Cie Generale des Etablissements Michelin SCA		1,470		220,162
Danone SA		4,916		336,491
Dassault Systemes SE		1,572		335,998
Engie SA *		30,767		437,055
EssilorLuxottica SA		3,473		565,776
Legrand SA		4,941		459,059
L’Oreal SA		1,454		557,000
LVMH Moet Hennessy Louis Vuitton SE		1,750		1,168,915
Pernod Ricard SA		4,199		785,966
Schneider Electric SE		10,191		1,552,448

				8,631,689

Germany - 8.6%

Bayer AG		10,794		684,048
Beiersdorf AG		7,443		786,435
Deutsche Boerse AG		4,574		760,056
Merck KGaA		4,005		685,072
MTU Aero Engines AG		1,116		262,892
SAP SE		8,224		1,008,729

				4,187,232

Hong Kong - 2.7%

AIA Group Ltd		109,626		1,341,468


India - 2.7%

HDFC Bank Ltd *		10,625		217,491
Housing Development Finance Corp Ltd		13,127		451,035
Tata Consultancy Services Ltd		15,222		663,251

				1,331,777

Ireland - 1.2%

Ryanair Holdings PLC ADR *		5,038		579,370


	Shares		Value

Israel - 1.1%

Check Point Software Technologies Ltd *		4,679		$523,908


Italy - 1.6%

Eni SPA		23,212		286,023
Intesa Sanpaolo SPA *		184,403		499,654

				785,677

Japan - 16.7%

Daikin Industries Ltd		5,500		1,111,873
Denso Corp		7,200		479,982
Hitachi Ltd		19,800		897,502
Hoya Corp		7,700		906,266
Japan Tobacco Inc		19,200		368,840
Koito Manufacturing Co Ltd		6,400		430,606
Kose Corp		2,200		311,805
Kubota Corp		34,200		780,169
Kyocera Corp		8,300		528,128
Olympus Corp		35,100		728,111
Shin-Etsu Chemical Co Ltd		2,400		406,561
SMC Corp		900		524,142
Terumo Corp		19,300		698,435

				8,172,420

Netherlands - 5.7%

Akzo Nobel NV		5,383		600,990
ING Groep NV		52,074		636,036
Koninklijke Philips NV *		15,896		906,476
Randstad NV		7,183		504,210
Wolters Kluwer NV		1,813		157,468

				2,805,180

Portugal - 0.7%

Galp Energia SGPS SA		27,624		320,224


Singapore - 1.1%

DBS Group Holdings Ltd		24,900		533,891


Spain - 1.1%

Amadeus IT Group SA *		7,675		546,676


Sweden - 0.7%

Essity AB ‘B’		11,526		364,281


Switzerland - 13.7%

Cie Financiere Richemont SA ‘A’		6,079		583,726
Julius Baer Group Ltd		6,310		403,231
Nestle SA		15,446		1,721,864
Novartis AG		8,239		704,276
Roche Holding AG		4,210		1,363,802
Sika AG		1,586		453,524
UBS Group AG		52,229		808,060
Zurich Insurance Group AG		1,569		667,847

				6,706,330

Taiwan - 1.8%

Taiwan Semiconductor Manufacturing Co Ltd ADR		7,543		892,186


United Kingdom - 9.9%

Compass Group PLC *		27,696		559,564
Diageo PLC		18,103		743,699
Experian PLC		18,086		623,081
Linde PLC		2,063		578,680


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-106

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
Reckitt Benckiser Group PLC		5,829		$521,756
RELX PLC		10,528		264,051
RELX PLC		18,356		460,535
Rolls-Royce Holdings PLC *		249,320		362,063
Smiths Group PLC		14,321		303,382
Tesco PLC		139,422		440,187

				4,856,998

United States - 0.9%

QIAGEN NV *		8,624		417,393


Total Common Stocks (Cost $25,212,142)				48,116,352


SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		396,256		396,256


Total Short-Term Investment (Cost $396,256)				396,256


TOTAL INVESTMENTS - 99.2% (Cost $25,608,398)				48,512,608

OTHER ASSETS & LIABILITIES, NET - 0.8%				378,672


NET ASSETS - 100.0%				$48,891,280

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			35.6%
Industrial			18.6%
Financial			14.8%
Technology			9.3%
Consumer, Cyclical			9.1%
Basic Materials			7.0%
Others (each less than 3.0%)			4.8%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(b)	As of March 31, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:


France			17.7%
Japan			16.7%
Switzerland			13.7%
United Kingdom			9.9%
Germany			8.6%
Netherlands			5.7%
Canada			3.5%
Others (each less than 3.0%)			23.4%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(c)	Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of

March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$523,261		$—		$523,261		$—
	Belgium		442,244		—		442,244		—
	Brazil		137,696		137,696		—		—
	Canada		1,711,722		1,711,722		—		—
	China		1,084,329		413,759		670,570		—
	Denmark		1,220,400		—		1,220,400		—
	France		8,631,689		—		8,631,689		—
	Germany		4,187,232		—		4,187,232		—
	Hong Kong		1,341,468		—		1,341,468		—
	India		1,331,777		—		1,331,777		—
	Ireland		579,370		579,370		—		—
	Israel		523,908		523,908		—		—
	Italy		785,677		—		785,677		—
	Japan		8,172,420		—		8,172,420		—
	Netherlands		2,805,180		—		2,805,180		—
	Portugal		320,224		—		320,224		—
	Singapore		533,891		—		533,891		—
	Spain		546,676		—		546,676		—
	Sweden		364,281		—		364,281		—
	Switzerland		6,706,330		—		6,706,330		—
	Taiwan		892,186		892,186		—		—
	United Kingdom		4,856,998		—		4,856,998		—
	United States		417,393		—		417,393		—

	Total Common Stocks		48,116,352		4,258,641		43,857,711		—

	Short-Term Investment		396,256		396,256		—		—

	Total		$48,512,608		$4,654,897		$43,857,711		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-107

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

March 31, 2021


	Shares		Value
PREFERRED STOCKS - 0.2%

Germany - 0.2%

Draegerwerk AG & Co KGaA		1,000		$80,447


Total Preferred Stocks (Cost $95,563)				80,447


COMMON STOCKS - 98.4%

Australia - 2.8%

Asaleo Care Ltd		103,554		110,116
Austal Ltd		40,000		68,305
Bega Cheese Ltd		28,000		135,180
Codan Ltd		15,500		182,284
GrainCorp Ltd ‘A’		19,907		79,632
Growthpoint Properties Australia Ltd REIT		43,250		114,461
McMillan Shakespeare Ltd		18,545		154,154
Netwealth Group Ltd		9,000		92,589
Pro Medicus Ltd		3,000		94,570

				1,031,291


Austria - 0.3%

BAWAG Group AG ~		2,439		125,806


Belgium - 1.0%

Bekaert SA		4,186		175,039
bpost SA *		8,943		85,413
D’ieteren SA		1,300		127,127

				387,579


Canada - 11.0%

Alaris Equity Partners Income		4,600		58,200
ARC Resources Ltd		19,000		116,718
AutoCanada Inc *		7,000		170,446
Canadian Solar Inc *		2,238		111,072
Canfor Pulp Products Inc		12,700		89,942
Celestica Inc *		21,958		183,464
CI Financial Corp		6,052		87,407
Corus Entertainment Inc ‘B’		40,006		182,091
CT REIT		8,395		109,221
Dream Office REIT		5,500		92,608
Dundee Precious Metals Inc		23,050		140,681
Empire Co Ltd ‘A’		3,800		118,472
Enerplus Corp		33,600		168,709
Extendicare Inc		15,917		97,526
Finning International Inc		7,200		183,108
H&R REIT		9,520		108,025
HEXO Corp *		13,000		83,998
Home Capital Group Inc *		4,000		98,130
Linamar Corp		2,200		129,703
Medical Facilities Corp		35,452		205,372
Parex Resources Inc *		9,688		172,761
Polaris Infrastructure Inc		9,400		160,070
Precision Drilling Corp *		4,145		89,549
Real Matters Inc *		9,403		106,997
Sagen MI Canada Inc *		3,042		105,176
Seven Generations Energy Ltd ‘A’ *		20,000		135,275
TFI International Inc		2,200		164,908
The North West Co Inc		4,000		116,209
Torex Gold Resources Inc *		7,950		100,395
Trican Well Service Ltd *		38,000		62,593
Uni-Select Inc		12,900		93,103


	Shares		Value
Western Forest Products Inc		90,900		$130,921
Westshore Terminals Investment Corp		6,000		92,624

				4,065,474


China - 0.6%

Gemdale Properties & Investment Corp Ltd		629,886		95,911
S-Enjoy Service Group Co Ltd		36,000		110,859

				206,770


Denmark - 2.7%

D/S Norden AS		5,682		131,573
Pandora AS		2,577		275,609
Royal Unibrew AS		1,700		177,707
Schouw & Co AS		1,100		115,057
SimCorp AS		755		93,481
Spar Nord Bank AS *		6,975		74,442
Sydbank AS		4,600		123,932

				991,801


Finland - 1.5%

Tokmanni Group Corp		6,829		160,044
Uponor Oyj		9,530		211,524
Valmet Oyj		5,000		182,054

				553,622


France - 4.1%

Atos SE *		2,132		166,221
Biophytis SA *		60,347		77,421
Criteo SA ADR *		2,700		93,771
Elior Group SA ~		10,630		78,773
Eutelsat Communications SA		2,809		34,172
IPSOS		2,600		98,092
Mercialys SA REIT		11,065		121,833
Metropole Television SA *		6,339		135,376
Natixis SA *		37,256		178,079
Nexity SA		2,300		113,347
SCOR SE *		4,827		164,422
Trigano SA		1,297		242,422

				1,503,929


Georgia - 0.2%

Bank of Georgia Group PLC *		5,456		82,736


Germany - 7.1%

Aareal Bank AG *		4,200		119,227
Brenntag SE		3,870		330,610
Cewe Stiftung & Co KGAA		748		105,612
Covestro AG ~		2,000		134,562
Deutsche Pfandbriefbank AG * ~		10,085		117,474
DWS Group GmbH & Co KGaA ~		3,354		145,008
GEA Group AG		5,947		243,921
GFT Technologies SE		9,664		179,262
HelloFresh SE *		3,400		253,327
InflaRx NV *		17,000		66,300
JOST Werke AG * ~		2,685		169,768
LANXESS AG		2,900		214,034
LEG Immobilien SE		900		118,383
Salzgitter AG *		4,000		124,911
Talanx AG		2,054		87,087
Wacker Chemie AG		1,426		202,878

				2,612,364


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-108

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value

Hong Kong - 2.1%

Dah Sing Financial Holdings Ltd		22,656		$74,755
Hysan Development Co Ltd		28,917		113,157
K Wah International Holdings Ltd		186,470		96,875
Kerry Properties Ltd		35,000		113,191
Luk Fook Holdings International Ltd		40,000		110,328
PAX Global Technology Ltd		102,000		110,398
Swire Pacific Ltd ‘A’		20,000		150,660

				769,364


India - 0.4%

Fly Leasing Ltd ADR *		8,000		134,800


Indonesia - 0.3%

Golden Agri-Resources Ltd		600,000		93,987


Ireland - 0.3%

Hibernia REIT PLC		85,559		110,770


Israel - 0.6%

Gazit-Globe Ltd		9,048		62,544
Plus500 Ltd		7,952		153,501

				216,045


Italy - 2.9%

Anima Holding SPA ~		20,000		102,948
Azimut Holding SPA		5,100		116,179
Banca Generali SPA *		3,200		112,605
Banca IFIS SPA *		6,401		84,453
Banca Sistema SPA * ~		54,623		138,952
Biesse SPA *		3,600		103,202
Esprinet SPA *		14,736		185,789
Sesa SPA *		1,770		216,183

				1,060,311


Ivory Coast - 0.3%

Endeavour Mining Corp		6,274		126,459


Japan - 20.3%

Altech Corp		5,100		101,272
Aozora Bank Ltd		4,500		103,179
Asahi Co Ltd		8,400		121,842
ASKUL Corp		2,700		103,395
Capcom Co Ltd		3,000		97,593
CTS Co Ltd		10,900		84,414
Cybernet Systems Co Ltd		14,500		115,278
Dip Corp		4,500		118,389
Doshisha Co Ltd		6,000		101,560
FCC Co Ltd		5,100		85,898
FINDEX Inc		9,000		88,630
Foster Electric Co Ltd		9,200		108,940
Fukui Computer Holdings Inc		4,600		165,142
FULLCAST Holdings Co Ltd		5,000		90,668
Furyu Corp		7,931		77,181
Gakujo Co Ltd		6,500		92,754
Glory Ltd		2,900		62,488
H.U. Group Holdings Inc		3,600		120,991
Hanwa Co Ltd		3,900		120,005
Hokuto Corp		4,400		82,975
IR Japan Holdings Ltd		1,500		181,628
Izumi Co Ltd		2,700		106,023
Japan Lifeline Co Ltd		6,000		76,147


	Shares		Value
Japan Logistics Fund Inc REIT		42		$118,491
Joyful Honda Co Ltd		6,100		79,215
Kaken Pharmaceutical Co Ltd		2,200		86,202
Kamigumi Co Ltd		4,000		75,884
KFC Holdings Japan Ltd		2,600		69,873
Kito Corp		3,800		62,851
Kitz Corp		16,000		92,873
Kozo Keikaku Engineering Inc		2,900		74,973
K’s Holdings Corp		6,000		82,595
Kyoei Steel Ltd		2,000		30,017
Kyudenko Corp		3,300		126,191
Lawson Inc		1,500		73,605
Megachips Corp *		3,000		96,016
Meitec Corp		2,000		110,632
Mitsui-Soko Holdings Co Ltd		6,000		117,819
Nihon Parkerizing Co Ltd		8,000		86,554
Nihon Unisys Ltd		2,500		77,316
Nippon Electric Glass Co Ltd		1,900		44,165
Nippon Gas Co Ltd		7,200		125,414
NIPPON REIT Investment Corp		37		141,408
Nishio Rent All Co Ltd		3,400		92,167
Noevir Holdings Co Ltd		1,500		68,145
Obara Group Inc		3,200		109,343
Okamoto Industries Inc		2,400		91,263
Pressance Corp		2,800		42,839
Prima Meat Packers Ltd		3,500		110,521
Riso Kyoiku Co Ltd		26,400		80,883
Roland DG Corp		2,300		37,714
Ryosan Co Ltd		3,200		65,447
Sangetsu Corp		5,500		83,542
Sanki Engineering Co Ltd		6,500		85,190
Sankyo Co Ltd		2,200		58,344
Sanwa Holdings Corp		11,600		151,954
Seikagaku Corp		7,700		72,065
Shinoken Group Co Ltd		6,700		76,892
SKY Perfect JSAT Holdings Inc		14,496		64,508
Star Micronics Co Ltd		7,000		104,597
Sumitomo Osaka Cement Co Ltd		2,600		82,813
Sumitomo Rubber Industries Ltd		8,200		97,076
Sumitomo Seika Chemicals Co Ltd		3,100		113,283
Sun Frontier Fudousan Co Ltd		10,000		87,656
Taikisha Ltd		2,900		79,601
Takara Leben Co Ltd		10,800		36,494
T-Gaia Corp		3,400		59,006
The Okinawa Electric Power Co Inc		5,781		81,107
The Yokohama Rubber Co Ltd		5,100		91,617
Toho Zinc Co Ltd		1,500		32,567
Tokyo Electron Device Ltd		3,200		113,003
Tokyo Individualized Educational Institute Inc		14,400		80,529
Tokyo Steel Manufacturing Co Ltd		12,200		93,507
Tokyo Tekko Co Ltd		4,500		76,865
Tokyu REIT Inc		70		114,645
Towa Pharmaceutical Co Ltd		2,100		46,406
Toyo Kanetsu KK		2,200		54,026
Ube Industries Ltd		1,700		36,270
United Inc		5,500		69,390
ValueCommerce Co Ltd		5,700		185,681
Warabeya Nichiyo Holdings Co Ltd		4,500		68,720
Yamaguchi Financial Group Inc		15,200		101,034
Yuasa Trading Co Ltd		3,800		107,397

				7,482,593


Jordan - 0.4%

Hikma Pharmaceuticals PLC		4,935		154,810


Kyrgyzstan - 0.3%

Centerra Gold Inc		13,494		119,403


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-109

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value

Luxembourg - 0.5%

APERAM SA		4,272		$192,063


Malta - 0.7%

Kindred Group PLC *		15,000		263,580


Netherlands - 3.5%

ASM International NV		1,125		326,186
ASR Nederland NV		4,651		207,877
BE Semiconductor Industries NV		3,222		269,143
Intertrust NV * ~		5,702		94,392
Randstad NV		2,171		152,393
Signify NV * ~		4,505		231,707

				1,281,698


Norway - 0.8%

Aker Solutions ASA *		57,629		99,256
Europris ASA ~		27,028		161,948
SpareBank 1 SMN		3,934		49,467

				310,671


Portugal - 0.3%

Sonae SGPS SA		110,000		100,269


Singapore - 1.5%

AEM Holdings Ltd		61,600		190,262
First REIT		141,400		24,207
Jardine Cycle & Carriage Ltd		5,100		85,557
Sasseur REIT		140,000		92,713
UMS Holdings Ltd		149,000		147,824

				540,563


South Korea - 6.6%

Com2uSCorp		1,113		166,542
DGB Financial Group Inc		15,000		111,914
Dongkuk Steel Mill Co Ltd		13,000		157,429
DY POWER Corp		3,701		62,021
Handsome Co Ltd		4,132		148,772
Hanwha Aerospace Co Ltd		1,400		50,916
Huchems Fine Chemical Corp		5,544		107,397
InBody Co Ltd		5,500		99,063
INTOPS Co Ltd		3,800		103,969
i-SENS Inc		3,800		82,824
JW Life Science Corp		2,225		37,509
Korea Asset In Trust Co Ltd		19,827		82,105
Korea Petrochemical Ind Co Ltd		319		92,259
Korea Real Estate Investment & Trust Co Ltd		47,000		100,346
Korean Reinsurance Co		14,266		106,627
Kumho Petrochemical Co Ltd		550		128,928
LG Hausys Ltd		2,516		189,691
Osstem Implant Co Ltd		2,000		150,878
Poongsan Corp		5,735		170,646
Seah Besteel Corp		7,000		115,330
Tovis Co Ltd *		14,490		107,212
Value Added Technology Co Ltd		2,433		65,726

				2,438,104


Spain - 2.6%

Acerinox SA		8,754		114,667
Banco de Sabadell SA *		230,000		123,330
Cia de Distribucion Integral Logista Holdings SA		5,348		106,114
Enagas SA		6,275		136,612
Lar Espana Real Estate Socimi SA REIT		15,262		91,279


	Shares		Value
Pharma Mar SA		1,014		$117,905
Sacyr SA		20,762		53,254
Vidrala SA		616		67,687
Viscofan SA		1,965		135,820

				946,668


Sweden - 4.7%

Betsson AB		22,956		212,956
Bilia AB ‘A’ *		7,500		111,019
Coor Service Management Holding AB * ~		12,000		97,518
Evolution Gaming Group AB ~		1,418		208,822
Humana AB *		11,000		92,449
Inwido AB *		10,000		164,949
Kungsleden AB		12,817		133,951
LeoVegas AB ~		18,827		110,398
Resurs Holding AB * ~		7,550		41,299
Sweco AB ‘B’		10,329		168,571
Tethys Oil AB		15,692		116,535
Trelleborg AB ‘B’ *		6,416		163,180
Wihlborgs Fastigheter AB		6,864		130,238

				1,751,885


Switzerland - 6.0%

Adecco Group AG		3,670		247,548
ALSO Holding AG		506		145,457
Ascom Holding AG *		4,500		69,196
BKW AG		1,009		109,848
Cembra Money Bank AG		1,100		121,222
Emmi AG		110		111,146
Forbo Holding AG		69		125,250
Galenica AG ~		1,800		112,231
Interroll Holding AG		46		162,749
Julius Baer Group Ltd		1,573		100,520
Logitech International SA		3,533		370,520
Sonova Holding AG *		1,046		277,269
Swiss Life Holding AG		506		248,667

				2,201,623


United Kingdom - 10.7%

Aggreko PLC		15,981		193,083
Auto Trader Group PLC * ~		23,856		182,404
B&M European Value Retail SA		23,000		167,338
boohoo Group PLC *		32,157		150,573
CLS Holdings PLC		31,000		97,876
Computacenter PLC		6,798		222,080
Empiric Student Property PLC REIT *		104,707		114,469
IG Group Holdings PLC		11,000		136,592
IMI PLC		10,831		199,106
Inchcape PLC *		16,971		176,074
Indivior PLC *		50,000		87,541
ITV PLC *		110,000		182,096
Jupiter Fund Management PLC		12,000		46,089
Keller Group PLC		8,285		91,831
Man Group PLC		66,092		146,666
Orchard Therapeutics PLC ADR *		13,000		94,380
Pagegroup PLC *		16,992		110,232
PZ Cussons PLC		28,000		102,866
Quilter PLC ~		77,054		169,715
Redrow PLC		13,173		114,050
Rightmove PLC *		22,677		181,975
Rotork PLC		35,004		172,047
Royal Mail PLC *		30,007		208,841
Safestore Holdings PLC REIT		12,573		137,885
Savills PLC *		5,172		81,446
Spectris PLC		3,100		142,198
Spirent Communications PLC		41,609		136,781
Ultra Electronics Holdings PLC		4,338		121,350

				3,967,584


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-110

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
United States - 1.3%

Adaptimmune Therapeutics PLC ADR *		13,000		$69,030
Inmode Ltd *		3,226		233,466
Myovant Sciences Ltd *		3,000		61,740
Reliance Worldwide Corp Ltd		37,000		126,709

				490,945


Total Common Stocks (Cost $25,098,407)				36,315,567


SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		279,104		279,104


Total Short-Term Investment (Cost $279,104)				279,104


TOTAL INVESTMENTS - 99.4% (Cost $25,473,074)				36,675,118

OTHER ASSETS & LIABILITIES, NET - 0.6%				232,945


NET ASSETS - 100.0%				$36,908,063

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			20.2%
Industrial			17.3%
Consumer, Non-Cyclical			17.2%
Consumer, Cyclical			15.5%
Basic Materials			9.3%
Technology			8.5%
Communications			5.9%
Energy			3.4%
Others (each less than 3.0%)			2.1%

			99.4%
Other Assets & Liabilities, Net			0.6%

			100.0%

(b)	As of March 31, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			20.3%
Canada			11.0%
United Kingdom			10.7%
Germany			7.3%
South Korea			6.6%
Switzerland			6.0%
Sweden			4.7%
France			4.1%
Netherlands			3.5%
Others (each less than 3.0%)			25.2%

			99.4%
Other Assets & Liabilities, Net			0.6%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-111

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2021

(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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$80,447		$80,447		$—		$—
	Common Stocks
	Australia		1,031,291		110,116		921,175		—
	Austria		125,806		—		125,806		—
	Belgium		387,579		—		387,579		—
	Canada		4,065,474		4,065,474		—		—
	China		206,770		—		206,770		—
	Denmark		991,801		74,442		917,359		—
	Finland		553,622		—		553,622		—
	France		1,503,929		171,192		1,332,737		—
	Georgia		82,736		—		82,736		—
	Germany		2,612,364		171,912		2,440,452		—
	Hong Kong		769,364		—		769,364		—
	India		134,800		134,800		—		—
	Indonesia		93,987		—		93,987		—
	Ireland		110,770		110,770		—		—
	Israel		216,045		—		216,045		—
	Italy		1,060,311		—		1,060,311		—
	Ivory Coast		126,459		126,459		—		—
	Japan		7,482,593		64,508		7,418,085		—
	Jordan		154,810		—		154,810		—
	Kyrgyzstan		119,403		119,403		—		—
	Luxembourg		192,063		—		192,063		—
	Malta		263,580		—		263,580		—
	Netherlands		1,281,698		—		1,281,698		—
	Norway		310,671		—		310,671		—
	Portugal		100,269		—		100,269		—
	Singapore		540,563		—		540,563		—
	South Korea		2,438,104		—		2,438,104		—
	Spain		946,668		158,966		787,702		—
	Sweden		1,751,885		92,449		1,659,436		—
	Switzerland		2,201,623		111,146		2,090,477		—
	United Kingdom		3,967,584		572,195		3,395,389		—
	United States		490,945		364,236		126,709		—

	Total Common Stocks		36,315,567		6,448,068		29,867,499		—

	Short-Term Investment		279,104		279,104		—		—

	Total		$36,675,118		$6,807,619		$29,867,499		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-112

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 97.3%

Argentina - 0.2%

YPF SA ADR *		12,467		$51,239


Austria - 0.6%

Erste Group Bank AG *		5,864		198,663


Belgium - 1.0%

Ageas SA		5,837		352,474


Brazil - 0.3%

Cia de Saneamento Basico do Estado de Sao Paulo		15,396		112,065


Canada - 2.2%

ARC Resources Ltd		12,065		74,116
Barrick Gold Corp		14,407		285,801
Cameco Corp		8,162		135,571
Kinross Gold Corp		25,297		168,731
Tourmaline Oil Corp		4,249		80,876

				745,095


China - 0.9%

Dongfeng Motor Group Co Ltd ‘H’		329,891		307,745


Denmark - 1.0%

AP Moller - Maersk AS ‘B’		137		318,048
The Drilling Co of 1972 AS *		469		18,594

				336,642


Finland - 1.0%

Nokia OYJ *		86,034		343,588


France - 13.2%

AXA SA		19,932		535,059
BNP Paribas SA *		8,871		540,504
Cie de Saint-Gobain *		11,690		690,313
Dassault Aviation SA *		104		115,654
Engie SA *		30,771		437,112
Orange SA		28,550		351,335
Renault SA *		5,523		238,825
Rexel SA *		18,260		361,441
SCOR SE *		4,497		153,181
Societe Generale SA *		13,743		359,308
TOTAL SE		16,653		776,359

				4,559,091


Germany - 3.4%

CECONOMY AG *		19,630		113,689
Daimler AG		6,547		584,318
Fresenius SE & Co KGaA		8,686		387,052
METRO AG		6,345		67,007

				1,152,066


Hong Kong - 0.9%

CK Asset Holdings Ltd		48,258		293,774


	Shares		Value
India - 1.2%

Canara Bank *		50,510		$105,591
NTPC Ltd		19,063		27,893
Oil & Natural Gas Corp Ltd		128,356		179,926
Zee Entertainment Enterprises Ltd		40,971		114,380

				427,790


Indonesia - 0.2%

P.T. Bank Mandiri Persero Tbk		196,169		83,112


Ireland - 1.4%

AIB Group PLC *		83,540		219,165
Bank of Ireland Group PLC *		54,642		269,837

				489,002


Italy - 4.6%

Assicurazioni Generali SPA *		19,672		393,030
BPER Banca *		54,883		120,635
Eni SPA		42,162		519,529
Saipem SPA		50,738		138,229
UniCredit SPA *		38,625		407,990

				1,579,413


Ivory Coast - 0.2%

Endeavour Mining Corp		4,039		81,410


Japan - 25.0%

Benesse Holdings Inc		1,109		23,361
Canon Inc		6,101		138,700
Chiyoda Corp *		11,531		49,963
Citizen Watch Co Ltd		27,454		94,073
Dai-ichi Life Holdings Inc		17,794		305,877
DeNA Co Ltd *		9,141		178,804
Eisai Co Ltd		1,978		132,949
Fuji Media Holdings Inc		6,166		75,591
Fujitsu Ltd		917		133,436
Gree Inc		24,781		125,471
Hino Motors Ltd		34,220		294,323
Honda Motor Co Ltd		23,965		722,438
Inpex Corp		38,507		263,307
Isuzu Motors Ltd		34,626		371,877
Japan Airlines Co Ltd *		14,370		321,830
JGC Holdings Corp		21,033		258,558
Kamigumi Co Ltd		6,760		128,243
Mitsubishi Estate Co Ltd		19,630		343,751
Mitsubishi Heavy Industries Ltd		4,566		142,175
Mitsubishi Motors Corp *		27,344		78,185
Mitsubishi UFJ Financial Group Inc		104,028		556,268
Nikon Corp		18,499		173,805
Nippon Television Holdings Inc		11,459		150,599
Nissan Motor Co Ltd *		47,588		265,858
Nomura Holdings Inc		42,773		226,631
Resona Holdings Inc		90,132		378,600
Shimamura Co Ltd		3,019		348,862
Sumitomo Heavy Industries Ltd		5,570		154,874
Sumitomo Mitsui Financial Group Inc		13,686		496,081
Sumitomo Mitsui Trust Holdings Inc		9,836		343,173
T&D Holdings Inc		36,269		466,696
Takeda Pharmaceutical Co Ltd		13,410		488,824
THK Co Ltd		6,997		242,761
Toppan Printing Co Ltd		6,710		113,756

				8,589,700


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-113

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

March 31, 2021


	Shares		Value
Luxembourg - 0.6%

RTL Group SA *		3,517		$206,247


Malaysia - 0.4%

CIMB Group Holdings Bhd		123,831		129,754


Mexico - 0.7%

America Movil SAB de CV ‘L’ ADR		17,986		244,250


Netherlands - 5.7%

ABN AMRO Bank NV * ~		24,896		302,236
ING Groep NV		52,849		645,502
PostNL NV *		30,459		147,651
Royal Dutch Shell PLC ‘B’		47,054		866,145

				1,961,534


Norway - 1.5%

Norsk Hydro ASA		81,698		524,743


Russia - 1.7%

Gazprom PJSC ADR		39,849		238,895
LUKOIL PJSC ADR		1,058		85,476
Sberbank of Russia PJSC ADR		10,360		159,648
VEON Ltd ADR *		61,437		108,743

				592,762


South Africa - 2.8%

Anglo American PLC		11,605		454,543
Gold Fields Ltd ADR		16,121		152,988
Impala Platinum Holdings Ltd		3,444		63,582
MTN Group *		24,025		141,110
Old Mutual Ltd		183,397		156,935

				969,158


South Korea - 4.2%

Hankook Tire & Technology Co Ltd		4,634		201,699
KB Financial Group Inc		10,146		500,072
KT Corp ADR *		29,236		363,696
Shinhan Financial Group Co Ltd		11,506		382,137

				1,447,604


Spain - 1.3%

CaixaBank SA		140,168		435,192


Switzerland - 6.0%

Adecco Group AG		8,848		596,814
Julius Baer Group Ltd		2,806		179,313
LafargeHolcim Ltd		9,897		581,993
UBS Group AG		45,544		704,634

				2,062,754


Taiwan - 1.9%

Catcher Technology Co Ltd		31,714		235,677
Hon Hai Precision Industry Co Ltd		71,474		313,536
Shin Kong Financial Holding Co Ltd		365,542		117,550

				666,763


	Shares		Value
Thailand - 1.1%

Kasikornbank PCL NVDR		81,494		$378,891


Turkey - 0.6%

Turk Telekomunikasyon AS		117,510		96,984
Turkcell Iletisim Hizmetleri AS		62,935		114,990

				211,974


United Kingdom - 11.0%

Babcock International Group PLC *		40,296		126,986
BAE Systems PLC		55,781		388,463
BP PLC		158,783		644,970
BT Group PLC *		136,721		291,669
Centrica PLC *		188,401		140,650
J Sainsbury PLC		139,426		466,239
Kingfisher PLC *		83,980		368,088
Land Securities Group PLC REIT		15,708		149,361
Marks & Spencer Group PLC *		71,181		147,955
Standard Chartered PLC		57,811		398,060
The British Land Co PLC REIT		23,454		163,174
WPP PLC		38,655		492,599

				3,778,214


United States - 0.5%

Ovintiv Inc		7,567		180,459


Total Common Stocks (Cost $27,268,889)				33,493,168


EXCHANGE-TRADED FUND - 0.7%

iShares Core MSCI EAFE		3,344		240,935


Total Exchange-Traded Fund (Cost $239,002)				240,935


SHORT-TERM INVESTMENT - 0.9%

Money Market Fund - 0.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		308,178		308,178


Total Short-Term Investment (Cost $308,178)				308,178


TOTAL INVESTMENTS - 98.9% (Cost $27,816,069)				34,042,281

OTHER ASSETS & LIABILITIES, NET - 1.1%				387,430


NET ASSETS - 100.0%				$34,429,711


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-114

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

March 31, 2021

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			34.7%
Consumer, Cyclical			13.6%
Energy			12.0%
Industrial			11.4%
Communications			9.0%
Consumer, Non-Cyclical			7.4%
Basic Materials			5.4%
Others (each less than 3.0%)			5.4%

			98.9%
Other Assets & Liabilities, Net			1.1%

			100.0%

(b)	As of March 31, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			25.0%
France			13.2%
United Kingdom			11.0%
Switzerland			6.0%
Netherlands			5.7%
Italy			4.6%
South Korea			4.2%
Germany			3.4%
Others (each less than 3.0%)			25.8%

			98.9%
Other Assets & Liabilities, Net			1.1%

			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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Argentina		$51,239		$51,239		$—		$—
	Austria		198,663		—		198,663		—
	Belgium		352,474		—		352,474		—
	Brazil		112,065		112,065		—		—
	Canada		745,095		745,095		—		—
	China		307,745		—		307,745		—
	Denmark		336,642		—		336,642		—
	Finland		343,588		—		343,588		—
	France		4,559,091		—		4,559,091		—
	Germany		1,152,066		—		1,152,066		—
	Hong Kong		293,774		—		293,774		—
	India		427,790		—		427,790		—
	Indonesia		83,112		—		83,112		—
	Ireland		489,002		—		489,002		—
	Italy		1,579,413		—		1,579,413		—
	Ivory Coast		81,410		81,410		—		—
	Japan		8,589,700		—		8,589,700		—
	Luxembourg		206,247		—		206,247		—
	Malaysia		129,754		—		129,754		—
	Mexico		244,250		244,250		—		—
	Netherlands		1,961,534		—		1,961,534		—
	Norway		524,743		—		524,743		—
	Russia		592,762		592,762		—		—
	South Africa		969,158		152,988		816,170		—
	South Korea		1,447,604		363,696		1,083,908		—
	Spain		435,192		—		435,192		—
	Switzerland		2,062,754		—		2,062,754		—
	Taiwan		666,763		—		666,763		—
	Thailand		378,891		—		378,891		—
	Turkey		211,974		—		211,974		—
	United Kingdom		3,778,214		—		3,778,214		—
	United States		180,459		180,459		—		—

	Total Common Stocks		33,493,168		2,523,964		30,969,204		—

	Exchange-Traded Fund		240,935		240,935		—		—
	Short-Term Investment		308,178		308,178		—		—

	Total		$34,042,281		$3,073,077		$30,969,204		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-115

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

March 31, 2021


	Principal Amount		Value
CORPORATE BONDS & NOTES - 46.1%

Basic Materials - 1.3%

Anglo American Capital PLC (South Africa)
4.125% due 04/15/21 ~		$600,000		$600,499
5.375% due 04/01/25 ~		2,500,000		2,850,773
DuPont de Nemours Inc 1.304% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,102,162
Glencore Funding LLC (Australia) 3.000% due 10/27/22 ~		1,600,000		1,652,297
LYB International Finance III LLC 1.202% (USD LIBOR + 1.000%) due 10/01/23 §		3,850,000		3,861,657

				14,067,388

Communications - 3.3%

AT&T Inc 0.650% (SOFR + 0.640%) due 03/25/24 §		4,550,000		4,556,075
0.900% due 03/25/24		1,400,000		1,403,191
1.364% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,916,548
Charter Communications Operating LLC 1.855% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		513,898
eBay Inc
1.082% (USD LIBOR + 0.870%) due 01/30/23 §		350,000		353,843
1.900% due 03/11/25		2,500,000		2,567,221
3.800% due 03/09/22		3,060,000		3,149,428
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		3,000,000		2,990,107
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		1,246,875		1,258,178
4.738% due 09/20/29 ~		5,345,000		5,739,595
Verizon Communications Inc
0.510% (SOFR + 0.500%) due 03/22/24 §		1,300,000		1,304,077
0.750% due 03/22/24		5,000,000		5,006,953

				36,759,114

Consumer, Cyclical - 1.7%

7-Eleven Inc 0.645% (USD LIBOR + 0.450%) due 08/10/22 ~ §		4,000,000		4,004,312
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		2,000,000		2,053,673
DR Horton Inc 4.375% due 09/15/22		1,000,000		1,044,700
Ford Motor Credit Co LLC
1.276% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,171,135
3.087% due 01/09/23		1,000,000		1,018,105
Nissan Motor Acceptance Corp
0.817% (USD LIBOR + 0.630%) due 09/21/21 ~ §		2,500,000		2,500,463
0.838% (USD LIBOR + 0.650%) due 07/13/22 ~ §		1,700,000		1,701,151
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,148,597

				18,642,136

Consumer, Non-Cyclical - 5.4%

AbbVie Inc 2.150% due 11/19/21		4,000,000		4,045,414
AmerisourceBergen Corp 0.737% due 03/15/23		1,550,000		1,551,547
Anthem Inc 2.375% due 01/15/25		1,200,000		1,254,814


	Principal Amount		Value
Bayer US Finance II LLC (Germany)
1.194% (USD LIBOR + 1.010%) due 12/15/23 ~ §		$3,200,000		$3,244,356
3.500% due 06/25/21 ~		1,750,000		1,757,739
Bristol-Myers Squibb Co 0.537% due 11/13/23		2,200,000		2,200,610
Cargill Inc 0.400% due 02/02/24 ~		2,000,000		1,987,407
1.375% due 07/23/23 ~		1,000,000		1,020,893
Cigna Corp
1.131% (USD LIBOR + 0.890%) due 07/15/23 §		8,678,000		8,786,567
General Mills Inc
1.233% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,166,682
Gilead Sciences Inc 0.750% due 09/29/23		3,750,000		3,754,718
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		2,150,000		2,153,382
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		3,001,524
PayPal Holdings Inc
1.350% due 06/01/23		1,750,000		1,781,889
2.200% due 09/26/22		7,500,000		7,698,215
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		2,029,837
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		1,000,000		1,043,053
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,539,584

				59,018,231

Energy - 2.4%

Energy Transfer LP
3.600% due 02/01/23		3,400,000		3,541,602
4.250% due 03/15/23		1,519,000		1,604,403
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,081,091
Kinder Morgan Inc
1.521% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,015,726
5.625% due 11/15/23 ~		915,000		1,017,129
MPLX LP
3.375% due 03/15/23		1,500,000		1,572,258
3.500% due 12/01/22		1,606,000		1,676,457
Phillips 66
0.814% (USD LIBOR + 0.620%) due 02/15/24 §		5,000,000		5,008,160
Valero Energy Corp 1.200% due 03/15/24		4,170,000		4,185,583
1.334% (USD LIBOR + 1.150%) due 09/15/23 §		5,000,000		5,017,367

				26,719,776

Financial - 23.4%

Air Lease Corp
2.625% due 07/01/22		1,500,000		1,532,973
3.500% due 01/15/22		2,650,000		2,710,171
American Express Co
0.840% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,041,193
Athene Global Funding 0.950% due 01/08/24 ~		4,550,000		4,548,475
1.424% (USD LIBOR + 1.230%) due 07/01/22 ~ §		4,500,000		4,549,057
Banco Santander SA (Spain)
2.706% due 06/27/24		2,900,000		3,061,376
2.746% due 05/28/25		1,250,000		1,307,318
Bank of America Corp
1.384% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,395,001
2.503% due 10/21/22		600,000		607,147


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-116

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Capital One Financial Corp 2.600% due 05/11/23		$2,800,000		$2,913,416
Capital One NA 2.150% due 09/06/22		2,000,000		2,046,415
Citigroup Inc 0.776% due 10/30/24		1,200,000		1,199,489
1.168% (USD LIBOR + 0.950%) due 07/24/23 §		3,200,000		3,226,568
1.292% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,841,212
1.678% due 05/15/24		600,000		612,540
2.312% due 11/04/22		1,500,000		1,516,138
Citizens Bank NA
1.143% (USD LIBOR + 0.950%) due 03/29/23 §		3,000,000		3,041,786
Cooperatieve Rabobank UA (Netherlands) 0.375% due 01/12/24		2,000,000		1,990,399
1.055% (USD LIBOR + 0.860%) due 09/26/23 ~ §		2,500,000		2,536,134
Credit Suisse AG (Switzerland)
0.495% due 02/02/24		3,000,000		2,967,398
1.000% due 05/05/23		1,750,000		1,760,079
Duke Realty LP REIT 3.875% due 10/15/22		2,000,000		2,073,506
Fifth Third Bank NA 1.800% due 01/30/23		5,000,000		5,129,160
HSBC Holdings PLC (United Kingdom) 1.189% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,324,557
Intercontinental Exchange Inc
0.700% due 06/15/23		2,500,000		2,509,695
3.450% due 09/21/23		2,200,000		2,354,255
Jackson National Life Global Funding
2.500% due 06/27/22 ~		1,850,000		1,899,747
3.300% due 02/01/22 ~		2,650,000		2,716,867
JPMorgan Chase & Co 0.697% due 03/16/24		2,500,000		2,509,857
1.108% (USD LIBOR + 0.890%) due 07/23/24 §		1,000,000		1,012,447
1.118% (USD LIBOR + 0.900%) due 04/25/23 §		2,000,000		2,015,642
2.972% due 01/15/23		2,500,000		2,550,298
3.250% due 09/23/22		1,200,000		1,252,413
Lloyds Banking Group PLC (United Kingdom) 0.695% due 05/11/24		2,600,000		2,600,226
LSEGA Financing PLC (United Kingdom) due 04/06/24 # ~		600,000		598,499
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,991,875
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,162,892
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		2,350,000		2,353,238
0.928% (USD LIBOR + 0.740%) due 03/02/23 §		5,700,000		5,749,029
1.008% (USD LIBOR + 0.790%) due 07/25/22 §		4,000,000		4,030,776
2.623% due 07/18/22		1,050,000		1,079,535
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		3,032,211
Morgan Stanley 0.529% due 01/25/24		4,200,000		4,193,473
0.560% due 11/10/23		550,000		550,308
0.840% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,502,510
1.413% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		711,156
1.618% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,527,784
Nasdaq Inc 0.445% due 12/21/22		1,650,000		1,651,217


	Principal Amount		Value
New York Life Global Funding 0.400% due 10/21/23 ~		$1,650,000		$1,648,183
0.628% (USD LIBOR + 0.440%) due 07/12/22 ~ §		2,000,000		2,008,555
0.703% (USD LIBOR + 0.520%) due 06/10/22 ~ §		2,000,000		2,009,773
3.250% due 08/06/21 ~		1,500,000		1,515,359
PNC Bank NA
0.501% (USD LIBOR + 0.325%) due 02/24/23 §		3,350,000		3,357,153
0.672% (USD LIBOR + 0.450%) due 07/22/22 §		1,900,000		1,902,589
Protective Life Global Funding 0.631% due 10/13/23 ~		2,400,000		2,406,935
0.713% (USD LIBOR + 0.520%) due 06/28/21 ~ §		3,000,000		3,003,548
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,156,729
Royal Bank of Canada (Canada) 0.500% due 10/26/23		8,500,000		8,510,039
0.854% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,073,203
3.700% due 10/05/23		400,000		431,528
Skandinaviska Enskilda Banken AB (Sweden)
0.511% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,516,043
0.550% due 09/01/23 ~		5,000,000		5,001,975
Standard Chartered PLC (United Kingdom) 1.214% due 03/23/25 ~		2,900,000		2,910,109
1.319% due 10/14/23 ~		2,000,000		2,015,200
State Street Corp 2.825% due 03/30/23		2,000,000		2,049,363
Sumitomo Mitsui Financial Group Inc (Japan)
0.963% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,152,690
1.023% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,594,066
1.083% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,062,547
The Charles Schwab Corp 0.750% due 03/18/24		3,000,000		3,017,436
The Goldman Sachs Group Inc 0.925% (USD LIBOR + 0.750%) due 02/23/23 §		7,089,000		7,139,557
3.625% due 02/20/24		2,300,000		2,477,463
The Toronto-Dominion Bank (Canada) 0.750% due 06/12/23		5,000,000		5,037,946
0.863% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,111,708
Truist Bank
0.792% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		6,010,275
UBS AG (Switzerland) 0.378% (SOFR + 0.360%) due 02/09/24 ~ §		7,250,000		7,244,781
0.450% due 02/09/24 ~		5,000,000		4,961,064
1.750% due 04/21/22 ~		2,250,000		2,281,454
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,509,585
2.650% due 02/01/22 ~		2,500,000		2,547,722
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,725,368
Wells Fargo & Co 1.654% due 06/02/24		3,750,000		3,832,010
Westpac Banking Corp (Australia)
0.903% (USD LIBOR + 0.710%) due 06/28/22 §		2,750,000		2,770,841
0.914% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,771,637
3.650% due 05/15/23		3,251,000		3,470,673


				257,722,565


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-117

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
Industrial - 2.1%

Berry Global Inc 0.950% due 02/15/24 ~		$1,350,000		$1,344,485
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,945,836
Otis Worldwide Corp 0.644% (USD LIBOR + 0.450%) due 04/05/23 §		1,400,000		1,400,076
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		2,000,000		2,109,215
Ryder System Inc 2.500% due 09/01/24		2,000,000		2,096,611
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		6,200,205
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		6,975,538
The Boeing Co 4.508% due 05/01/23		1,500,000		1,606,038

				23,678,004

Technology - 2.2%

Apple Inc 0.750% due 05/11/23		2,450,000		2,476,720
Fidelity National Information Services Inc 0.600% due 03/01/24		3,000,000		2,983,912
Hewlett Packard Enterprise Co
0.914% (USD LIBOR + 0.720%) due 10/05/21 §		2,100,000		2,100,355
2.250% due 04/01/23		1,100,000		1,133,352
Infor Inc 1.450% due 07/15/23 ~		1,000,000		1,012,983
Microchip Technology Inc 0.972% due 02/15/24 ~		3,950,000		3,944,876
Oracle Corp
1.650% due 03/25/26		2,150,000		2,167,992
2.500% due 04/01/25		5,450,000		5,730,682
VMware Inc 4.500% due 05/15/25		2,350,000		2,623,491

				24,174,363

Utilities - 4.3%

American Electric Power Co Inc
0.750% due 11/01/23		2,450,000		2,451,027
3.650% due 12/01/21		1,250,000		1,277,142
CenterPoint Energy Resources Corp 0.684% (USD LIBOR + 0.500%) due 03/02/23 §		850,000		850,294
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,495,739
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,994,670
Dominion Energy Inc 2.715% due 08/15/21		1,000,000		1,008,467
DTE Energy Co 1.050% due 06/01/25		1,000,000		987,760
Edison International 4.950% due 04/15/25		1,500,000		1,676,746
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,564,532
Entergy Louisiana LLC 0.620% due 11/17/23		2,250,000		2,253,187
Evergy Inc 2.450% due 09/15/24		4,176,000		4,375,077
Florida Power & Light Co 0.599% (USD LIBOR + 0.380%) due 07/28/23 §		1,950,000		1,950,046
NextEra Energy Capital Holdings Inc 0.650% due 03/01/23		2,500,000		2,508,468
NiSource Inc 0.950% due 08/15/25		800,000		785,282


	Principal Amount		Value
Oncor Electric Delivery Co LLC
2.750% due 06/01/24		$1,800,000		$1,908,170
Pacific Gas and Electric Co
1.750% due 06/16/22		4,500,000		4,507,008
Public Service Enterprise Group Inc
0.800% due 08/15/25		2,800,000		2,726,548
Southern California Edison Co
due 04/03/23 #		2,000,000		2,002,525
due 04/01/24 #		3,100,000		3,104,284
WEC Energy Group Inc
0.800% due 03/15/24		2,500,000		2,501,134
Xcel Energy Inc
0.500% due 10/15/23		650,000		649,782

				47,577,888

Total Corporate Bonds & Notes (Cost $502,096,501)				508,359,465


ASSET-BACKED SECURITIES - 5.3%

AIMCO CLO (Cayman) 1.091% (USD LIBOR + 0.850%) due 01/15/28 ~ §		762,499		764,377
Ally Auto Receivables Trust
1.930% due 10/17/22		693,073		693,831
2.060% due 10/17/22		64,402		64,448
AmeriCredit Automobile Receivables Trust
0.280% due 06/18/24		5,950,000		5,950,020
0.408% (USD LIBOR + 0.300%) due 01/18/23 §		284,676		284,740
0.420% due 03/18/24		4,828,219		4,832,207
0.600% due 12/18/23		1,414,956		1,417,218
BMW Vehicle Owner Trust
0.390% due 02/27/23		1,458,985		1,459,975
CarMax Auto Owner Trust
0.220% due 02/15/24		2,000,000		1,999,421
Ford Credit Auto Owner Trust
0.500% due 02/15/23		3,611,123		3,614,775
1.030% due 10/15/22		630,979		632,284
1.880% due 07/15/22		786,221		787,630
GM Financial Consumer Automobile Receivables Trust
0.230% due 11/16/23		1,400,000		1,400,580
1.500% due 03/16/23		937,198		940,345
1.830% due 01/17/23		115,318		115,567
Honda Auto Receivables Owner Trust
0.740% due 11/15/22		643,026		644,185
Hyundai Auto Receivables Trust
1.930% due 07/15/22		398,389		399,033
John Deere Owner Trust
0.410% due 03/15/23		765,490		765,948
Mercedes-Benz Auto Receivables Trust
2.040% due 06/15/22		444,944		446,173
Navient Private Education Refi Loan Trust
0.456% (USD LIBOR + 0.350%) due 11/15/68 ~ §		263,577		263,615
1.800% due 01/15/69 ~		929,786		930,722
Nelnet Student Loan Trust 0.598% (USD LIBOR + 0.380%) due 04/25/31 ~ §		90,423		90,418
Nissan Auto Receivables Owner Trust 1.450% due 12/15/22		1,150,492		1,154,693
Palmer Square Loan Funding Ltd (Cayman) 1.924% (USD LIBOR + 1.700%) due 07/20/28 ~ §		816,711		818,692
Santander Drive Auto Receivables Trust
0.290% due 11/15/23		11,100,000		11,102,120
0.420% due 09/15/23		4,250,470		4,253,386
0.460% due 09/15/23		1,969,548		1,970,705
SLC Student Loan Trust 0.284% (USD LIBOR + 0.100%) due 09/15/26 §		49,503		49,497


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-118

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2021


	Principal Amount		Value
SLM Student Loan Trust 0.308% (USD LIBOR + 0.090%) due 01/26/26 §		$411,082		$411,015
SMB Private Education Loan Trust
0.406% (USD LIBOR + 0.300%) due 03/15/27 ~ §		2,677,925		2,677,840
0.606% (USD LIBOR + 0.500%) due 01/15/53 ~ §		1,709,091		1,713,686
2.490% due 06/15/27 ~		2,869,562		2,900,252
Toyota Auto Receivables Owner Trust
0.360% due 02/15/23		1,151,072		1,151,813
1.380% due 12/15/22		2,061,566		2,069,361


Total Asset-Backed Securities (Cost $58,719,692)				58,770,572


U.S. TREASURY OBLIGATIONS - 26.0%

U.S. Treasury Notes - 26.0%

0.125% due 05/31/22		15,000,000		15,005,859
0.125% due 11/30/22		48,000,000		47,995,312
0.125% due 02/28/23		10,000,000		9,994,531
0.375% due 03/31/22		25,000,000		25,076,717
0.500% due 03/15/23		5,000,000		5,033,398
1.125% due 02/28/22		15,000,000		15,145,520
1.375% due 01/31/22		27,000,000		27,294,421
1.500% due 01/15/23		30,000,000		30,726,563
1.625% due 06/30/21		18,000,000		18,070,014
1.750% due 03/31/22		18,750,000		19,063,904
1.750% due 07/15/22		10,000,000		10,213,086
1.750% due 06/30/24		10,000,000		10,428,711
1.750% due 07/31/24		10,000,000		10,433,008
2.000% due 07/31/22		10,000,000		10,253,125
2.625% due 02/28/23		2,100,000		2,198,971
2.875% due 11/15/21		29,000,000		29,511,598


Total U.S. Treasury Obligations (Cost $282,824,497)				286,444,738


	Shares		Value
SHORT-TERM INVESTMENTS - 9.6%

Money Market Fund - 3.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		41,499,947		$41,499,947


	Principal Amount
U.S. Treasury Bills - 5.8%

0.007% due 04/15/21		$4,000,000		3,999,988
0.010% due 05/20/21		35,000,000		34,999,524
0.010% due 07/15/21		10,000,000		9,999,708
0.012% due 06/10/21		16,000,000		15,999,611

				64,998,831


Total Short-Term Investments (Cost $106,486,599)				106,498,778


TOTAL INVESTMENTS - 87.0% (Cost $950,127,289)				960,073,553

DERIVATIVES - 13.4%				147,845,662


OTHER ASSETS & LIABILITIES, NET - (0.4%)				(4,309,573	)


NET ASSETS - 100.0%				$1,103,609,642

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	46.1%
U.S. Treasury Obligations	26.0%
Short-Term Investments	9.6%
Asset-Backed Securities	5.3%

	87.0%
Derivatives	13.4%
Other Assets & Liabilities, Net	(0.4%	)

	100.0%

(b)	Swap agreements outstanding as of March 31, 2021 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 Value Index	3-Month USD-LIBOR + 0.110%		Z	BRC		06/17/21		$115,674,346		$29,993,277			$—		$29,993,277
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.070%		Z	BRC		06/17/21		12,690,782		3,500,456			—		3,500,456
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.080%		Z	BRC		06/17/21		98,673,875		32,977,755			—		32,977,755
MSCI EAFE Index	3-Month USD-LIBOR - 0.100%		Z	CIT		06/17/21		22,007,505		4,623,918			—		4,623,918
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.110%		Z	SGN		06/17/21		98,736,949		26,942,028			—		26,942,028
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.150%		Z	BOA		10/15/21		45,253,545		5,514,070			—		5,514,070
Russell 1000 Value Index	3-Month USD-LIBOR + 0.150%		Z	BOA		10/15/21		91,418,907		24,412,307			—		24,412,307
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.130%		Z	BOA		10/15/21		46,023,210		9,411,515			—		9,411,515
MSCI EAFE Index	3-Month USD-LIBOR - 0.120%		Z	BRC		10/15/21		45,296,715		7,486,054			—		7,486,054
Russell 1000 Growth Index	1-Day U.S. Fed Funds + 0.390%		Z	BOA		03/22/22		49,850,380		499,765			—		499,765
MSCI EAFE Index	1-Day U.S. Fed Funds + 0.060%		Z	CIT		03/22/22		30,637,780		399,947			—		399,947
Russell 1000 Value Index	1-Day U.S. Fed Funds + 0.380%		Z	CIT		03/22/22		30,870,869		2,263,768			—		2,263,768
Russell Mid-Cap Growth Index	1-Day U.S. Fed Funds + 0.330%		Z	CIT		03/22/22		8,842,487		(363,106	)		—		(363,106	)
Russell Mid-Cap Value Index	1-Day U.S. Fed Funds + 0.350%		Z	CIT		03/22/22		12,912,184		1,071,904			—		1,071,904
MSCI EAFE Index	1-Day U.S. Fed Funds - 0.040%		Z	BOA		06/16/22		19,591,861		(153,289	)		—		(153,289	)
Russell 1000 Growth Index	1-Day U.S. Fed Funds + 0.430%		Z	BOA		06/16/22		72,045,217		1,364,433			—		1,364,433
Russell 1000 Value Index	1-Day U.S. Fed Funds + 0.440%		Z	GSC		06/16/22		61,020,763		409,806			—		409,806


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-119

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2021


Receive	Pay		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22	$	73,661,207	$	449,199		$	—	$	449,199
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		24,894,918		(109,628	)		—		(109,628	)


												$150,694,179			$—		150,694,179


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		($2,848,517	)		$—		($2,848,517	)


Total Swap Agreements												$147,845,662			$—		$147,845,662

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


	Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$—		$151,320,202
Liabilities		—		(3,474,540	)

		$—		$147,845,662

(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 March 31, 2021:


		Total Value at March 31, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$508,359,465			$—		$508,359,465			$—
	Asset-Backed Securities		58,770,572			—		58,770,572			—
	U.S. Treasury Obligations		286,444,738			—		286,444,738			—
	Short-Term Investments		106,498,778			41,499,947		64,998,831			—
	Derivatives:
	Equity Contracts
	Swaps		151,320,202			—		151,320,202			—

	Total Assets - Derivatives		151,320,202			—		151,320,202			—

	Total Assets		1,111,393,755			41,499,947		1,069,893,808			—


Liabilities	Derivatives:
	Equity Contracts
	Swaps		(3,474,540	)		—		(3,474,540	)		—

	Total Liabilities		(3,474,540	)		—		(3,474,540	)		—

	Total		$1,107,919,215			$41,499,947		$1,066,419,268			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-120

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

March 31, 2021


	Shares		Value
COMMON STOCKS - 99.0%

Consumer, Cyclical - 1.4%

Choice Hotels International Inc *		1,287		$138,082
DR Horton Inc		1,490		132,789
Travel + Leisure Co		1,435		87,764

				358,635

Financial - 97.6%

Agree Realty Corp REIT		6,586		443,304
Alexandria Real Estate Equities Inc REIT		5,375		883,113
American Assets Trust Inc REIT		7,851		254,686
American Campus Communities Inc REIT		4,377		188,955
American Homes 4 Rent ‘A’ REIT		30,900		1,030,206
American Tower Corp REIT		3,580		855,835
Apartment Income REIT Corp		12,764		545,789
Apple Hospitality REIT Inc		14,473		210,872
AvalonBay Communities Inc REIT		7,585		1,399,508
Boston Properties Inc REIT		2,234		226,215
Brandywine Realty Trust REIT		8,570		110,639
Broadstone Net Lease Inc REIT		13,597		248,825
Camden Property Trust REIT		1,366		150,137
CoreSite Realty Corp REIT		2,651		317,722
Cousins Properties Inc REIT		14,083		497,834
CubeSmart REIT		10,217		386,509
CyrusOne Inc REIT		3,095		209,593
DiamondRock Hospitality Co REIT *		12,537		129,131
Digital Realty Trust Inc REIT		1,992		280,553
Equinix Inc REIT		2,683		1,823,340
Equity LifeStyle Properties Inc REIT		7,914		503,647
Equity Residential REIT		2,200		157,586
Essex Property Trust Inc REIT		4,421		1,201,805
Extra Space Storage Inc REIT		5,248		695,622
First Industrial Realty Trust Inc REIT		7,724		353,682
Healthcare Realty Trust Inc REIT		6,450		195,564
Healthcare Trust of America Inc ‘A’ REIT		26,052		718,514
Invitation Homes Inc REIT		45,375		1,451,546
Kilroy Realty Corp REIT		5,199		341,210
MGM Growth Properties LLC ‘A’ REIT		7,469		243,639
Park Hotels & Resorts Inc REIT *		10,167		219,404
Prologis Inc REIT		21,465		2,275,290
PS Business Parks Inc REIT		3,176		490,946
Public Storage REIT		1,112		274,397
Regency Centers Corp REIT		9,592		543,962
Rexford Industrial Realty Inc REIT		6,741		339,746
Sabra Health Care REIT Inc		22,320		387,475


	Shares		Value
Simon Property Group Inc REIT		2,753	$	313,209
STORE Capital Corp REIT		18,405		616,568
Sun Communities Inc REIT		6,668		1,000,467
Terreno Realty Corp REIT		7,662		442,634
VICI Properties Inc REIT		18,648		526,620
Welltower Inc REIT		20,683		1,481,523
Weyerhaeuser Co REIT		4,663		166,003

				25,133,825

Total Common Stocks (Cost $16,541,639)				25,492,460


SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		196,760		196,760


Total Short-Term Investment (Cost $196,760)				196,760


TOTAL INVESTMENTS - 99.8% (Cost $16,738,399)				25,689,220

OTHER ASSETS & LIABILITIES, NET - 0.2%				42,084


NET ASSETS - 100.0%				$25,731,304

Notes to Schedule of Investments

(a)	As of March 31, 2021, the Fund’s composition by property sector as a percentage of net assets was as follows:


REITS-Apartments			23.8%
REITS-Diversified			18.3%
REITS-Warehouse/Industrial			14.1%
REITS-Health Care			10.8%
REITS-Office Property			9.0%
REITS-Manufactured Homes			5.8%
REITS-Storage			5.3%
REITS-Single Tenant			4.1%
REITS-Hotels			3.1%
Others (each less than 3.0%)			4.7%

			99.0%
Short-Term Investment			0.8%
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 March 31, 2021:


		Total Value at March 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$25,492,460		$25,492,460		$—		$—
	Short-Term Investment		196,760		196,760		—		—

	Total		$25,689,220		$25,689,220		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on page B-122

B-121

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

March 31, 2021



Explanation of Symbols:

#		Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
*		Non-income producing investments.
^		Investments with their principal amount adjusted for inflation.
~		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 categorized as a significant unobservable input (Level 3).
§		Variable rate investments. The rate shown is based on the latest available information as of March 31, 2021. 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.
‡		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 March 31, 2021.
¥		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.
y		Issuer filed bankruptcy and/or is in default as of March 31, 2021.
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.

Counterparty & Exchange Abbreviations:

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
RBS		Royal Bank of Scotland
SCB		Standard Chartered Bank
SGN		Societe Generale
UBS		UBS

Currency Abbreviations:

ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Renminbi Offshore (Hong Kong)
CNY		Chinese Renminbi



Currency Abbreviations (continued):

COP		Colombian Peso
CZK		Czech Koruna
EGP		Egyptian Pound
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
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:

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
PIK		Payment In Kind
PIPE		Private Investment In Public Equity
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.

The credit spreads, if any, shown in the Schedules of Investments were obtained from published reports or other sources believed to be reliable, and are not audited by the Independent Registered Public Accounting Firm.


See Notes to Financial Statements

B-122

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2021


		Pacific Funds Portfolio Optimization
		Conservative		Moderate- Conservative		Moderate		Growth		Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at value			$249,908,009		$335,864,478		$1,077,558,871		$880,500,420		$334,902,095
Receivables:
	Fund shares sold		85,560		70,821		584,368		315,488		180,123
	Securities sold		—		94,344		185,135		279,560		32,724
	Due from adviser		7,907		14,751		29,955		24,976		11,829
Prepaid expenses and other assets			17,743		12,912		20,984		19,303		13,186
Total Assets			250,019,219		336,057,306		1,078,379,313		881,139,747		335,139,957
LIABILITIES
Payables:
	Fund shares redeemed		280,039		929,218		1,367,510		861,178		588,665
	Securities purchased		27,136		—		—		—		—
	Accrued advisory fees		42,912		56,978		182,628		149,014		56,552
	Accrued administration fees		32,184		42,734		136,971		111,761		42,414
	Accrued custodian and portfolio accounting fees		10,400		10,676		12,896		12,261		10,640
	Accrued legal, audit and tax service fees		21,571		29,552		93,715		75,168		28,377
	Accrued trustees’ fees and deferred compensation		7,673		9,735		27,903		20,423		6,708
	Accrued distribution and service fees		15,499		19,043		60,133		49,426		18,383
	Accrued other		7,940		10,889		35,375		28,481		10,501
Total Liabilities			445,354		1,108,825		1,917,131		1,307,712		762,240
NET ASSETS			$249,573,865		$334,948,481		$1,076,462,182		$879,832,035		$334,377,717
NET ASSETS CONSIST OF:
Paid-in capital			$221,778,573		$279,508,267		$809,174,237		$628,397,421		$227,709,908
Undistributed/accumulated earnings (deficit)			27,795,292		55,440,214		267,287,945		251,434,614		106,667,809
NET ASSETS			$249,573,865		$334,948,481		$1,076,462,182		$879,832,035		$334,377,717
Class A Shares:
	Net Assets		$191,406,022		$283,474,123		$897,486,316		$743,212,707		$275,817,524
	Shares of beneficial interest outstanding		16,705,297		22,640,090		62,564,249		47,942,848		15,655,832
	Net Asset Value per share*		$11.46		$12.52		$14.35		$15.50		$17.62
	Sales Charge		0.67		0.73		0.84		0.90		1.03
	Maximum offering price per share		$12.13		$13.25		$15.19		$16.40		$18.65
Class C Shares:
	Net Assets		$46,869,167		$45,348,696		$143,243,517		$116,482,000		$43,704,987
	Shares of beneficial interest outstanding		4,206,449		3,715,925		10,211,635		7,732,160		2,583,065
	Net Asset Value per share*		$11.14		$12.20		$14.03		$15.06		$16.92
Advisor Class:
	Net Assets		$11,298,676		$6,125,662		$35,732,349		$20,137,328		$14,855,206
	Shares of beneficial interest outstanding		981,074		486,221		2,477,677		1,290,843		838,403
	Net Asset Value per share		$11.52		$12.60		$14.42		$15.60		$17.72

Investments in affiliated mutual funds, at cost			$221,835,874		$287,245,809		$851,409,153		$677,031,704		$245,605,083

*	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

C-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2021


		Pacific Funds Ultra Short Income		Pacific Funds Short Duration Income		Pacific Funds Core Income		Pacific Funds Strategic Income		Pacific Funds Floating Rate Income			Pacific Funds High Income
ASSETS
Investments, at value (excluding derivatives)			$31,501,583		$1,201,274,637		$1,212,552,067		$1,018,462,988		$2,215,346,872			$158,586,810
Cash			959		1,028,611		1,464,484		484,307		1,199,113			724
Foreign currency held, at value			—		—		—		5,301		—			663
Receivables:
	Dividend and interest		61,957		4,228,930		5,746,901		8,221,868		4,749,158			1,992,343
	Fund shares sold		400,000		7,352,763		4,726,495		10,770,882		23,030,354			63,957
	Securities sold		—		2,500,000		3,939,668		21,389,005		100,740,762			2,723,247
	Due from adviser		—		109,560		155,774		102,495		243,885			22,979
Unfunded loan commitment appreciation			—		—		—		—		1,620			—
Prepaid expenses and other assets			5,480		41,609		32,140		31,047		119,243			13,531
Total Assets			31,969,979		1,216,536,110		1,228,617,529		1,059,467,893		2,345,431,007			163,404,254
LIABILITIES
Payables:
	Fund shares redeemed		3,340		4,316,529		2,665,195		5,126,036		3,232,015			114,286
	Securities purchased		500,000		34,975,371		54,848,190		30,339,996		336,480,208			3,362,369
	Income distributions		16		67,136		374,983		459,773		880,307			970
	Accrued advisory fees		8,341		393,831		498,171		508,991		1,042,482			84,272
	Accrued administration fees		3,951		149,039		150,612		127,275		245,100			21,068
	Accrued custodian and portfolio accounting fees		9,005		85,445		91,639		67,199		127,031			22,201
	Accrued legal, audit and tax service fees		2,734		101,660		107,505		74,404		140,313			15,729
	Accrued trustees’ fees and deferred compensation		1		28		30		20		39			4
	Accrued distribution and service fees		—		16,872		15,488		16,092		21,399			627
	Accrued other		1,006		38,061		40,233		27,974		88,079			5,814
Unfunded loan commitment depreciation			—		1,345		1,345		7,610		26,700			—
Total Liabilities			528,394		40,145,317		58,793,391		36,755,370		342,283,673			3,627,340
NET ASSETS			$31,441,585		$1,176,390,793		$1,169,824,138		$1,022,712,523		$2,003,147,334			$159,776,914
NET ASSETS CONSIST OF:
Paid-in capital			$31,217,852		$1,156,144,783		$1,144,902,091		$994,176,423		$2,118,023,798			$160,759,679
Undistributed/accumulated earnings (deficit)			223,733		20,246,010		24,922,047		28,536,100		(114,876,464	)		(982,765	)
NET ASSETS			$31,441,585		$1,176,390,793		$1,169,824,138		$1,022,712,523		$2,003,147,334			$159,776,914
Class A Shares:
	Net Assets				$204,761,103		$160,701,014		$104,658,788		$170,352,920			$7,495,659
	Shares of beneficial interest outstanding				19,367,776		14,375,022		9,087,158		17,524,229			724,579
	Net Asset Value per share*				$10.57		$11.18		$11.52		$9.72			$10.34
	Sales Charge				0.33		0.50		0.51		0.30			0.46
	Maximum offering price per share				$10.90		$11.68		$12.03		$10.02			$10.80
Class C Shares:
	Net Assets				$51,384,540		$53,990,357		$72,157,428		$87,940,149			$1,936,947
	Shares of beneficial interest outstanding				4,869,674		4,827,808		6,280,514		9,059,366			187,494
	Net Asset Value per share*				$10.55		$11.18		$11.49		$9.71			$10.33
Class I Shares:
	Net Assets		$12,993,032		$141,973,953		$107,857,076		$13,842,309		$1,019,061,615			$61,785
	Shares of beneficial interest outstanding		1,289,781		13,445,378		9,638,945		1,209,305		104,685,465			6,034
	Net Asset Value per share		$10.07		$10.56		$11.19		$11.45		$9.73			$10.24
Class P Shares:
	Net Assets						$46,122,066				$9,560,003			$146,345,299
	Shares of beneficial interest outstanding						4,108,306				982,341			14,292,789
	Net Asset Value per share						$11.23				$9.73			$10.24
Advisor Class:
	Net Assets		$18,448,553		$778,271,197		$801,153,625		$832,053,998		$716,232,647			$3,937,224
	Shares of beneficial interest outstanding		1,831,281		73,578,500		71,491,427		72,228,102		73,425,748			379,993
	Net Asset Value per share		$10.07		$10.58		$11.21		$11.52		$9.75			$10.36

Investments, at cost (excluding derivatives)			$31,405,682		$1,186,467,248		$1,200,486,442		$988,143,164		$2,196,589,766			$150,777,181
Foreign currency held, at cost			—		—		—		6,640		—			789

*	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

C-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2021


		Pacific Funds ESG Core Bond			Pacific Funds Small/Mid-Cap		Pacific Funds Small-Cap		Pacific Funds Small-Cap Value		PF Inflation Managed Fund			PF Managed Bond Fund
ASSETS
Investments, at value (excluding derivatives)			$24,406,054			$348,577,983		$16,619,616		$17,923,803		$39,696,498			$626,779,048
Cash			—			—		—		—		—			1,155,624
Cash (segregated for derivative instruments)			—			—		—		—		138,000			5,606,058
Foreign currency held, at value			—			—		—		—		46,198			3,685,213
Receivables:
	Dividend and interest		136,822			193,032		6,979		16,345		49,342			2,859,083
	Fund shares sold		—			460,865		13,275		13,814		1,492			10,786
	Securities sold		—			—		—		27,862		3,903,107			104,399,519
	Variation margin on futures contracts		—			—		—		—		26,385			116,640
	Variation margin on swap agreements		—			—		—		—		10,622			36,332
	Swap agreements		—			—		—		—		2,041			85,728
	Due from adviser		—			8,555		3,587		3,494		748			61,797
Forward foreign currency contracts appreciation			—			—		—		—		126,616			1,259,066
Outstanding purchased options, at value			—			—		—		—		44,382			49,531
Swap premiums paid			—			—		—		—		—			7,068
Swap agreements appreciation			—			—		—		—		—			589
Prepaid expenses and other assets			12,353			15,729		12,347		12,349		199			4,610
Total Assets			24,555,229			349,256,164		16,655,804		17,997,667		44,045,630			746,116,692
LIABILITIES
Payables:
	Fund shares redeemed		—			408,396		32,882		23,685		4,210			106,459
	Securities purchased		200,000			—		—		35,671		4,319,027			179,249,279
	Sale-buyback financing transactions		—			—		—		—		6,639,894			—
	Securities sold short, at value		—			—		—		—		—			2,744,859
	Due to brokers		—			—		—		—		—			450,000
	Accrued advisory fees		21,117			221,128		10,458		11,387		9,235			179,564
	Accrued administration fees		3,108			44,226		2,092		2,277		3,463			68,623
	Accrued custodian and portfolio accounting fees		15,118			24,816		6,296		6,263		12,258			99,367
	Accrued legal, audit and tax service fees		2,119			26,657		1,322		1,347		2,729			48,997
	Accrued trustees’ fees and deferred compensation		—			7		—		—		3,119			21,027
	Accrued distribution and service fees		—			2,730		235		220		—			—
	Accrued other		799			10,927		542		552		783			18,398
Forward foreign currency contracts depreciation			—			—		—		—		18,865			621,644
Outstanding options written, at value			—			—		—		—		50,369			171,136
Swap agreements depreciation			—			—		—		—		—			18,152
Total Liabilities			242,261			738,887		53,827		81,402		11,063,952			183,797,505
NET ASSETS			$24,312,968			$348,517,277		$16,601,977		$17,916,265		$32,981,678			$562,319,187
NET ASSETS CONSIST OF:
Paid-in capital			$25,064,691			$240,442,099		$11,950,210		$14,537,028		$39,785,456			$567,967,883
Undistributed/accumulated earnings (deficit)			(751,723	)		108,075,178		4,651,767		3,379,237		(6,803,778	)		(5,648,696	)
NET ASSETS			$24,312,968			$348,517,277		$16,601,977		$17,916,265		$32,981,678			$562,319,187
Class A Shares:
	Net Assets					$22,988,150		$2,659,209		$2,206,063
	Shares of beneficial interest outstanding					1,315,951		166,037		191,296
	Net Asset Value per share^*					$17.47		$16.02		$11.53
	Sales Charge					0.78		0.71		0.51
	Maximum offering price per share					$18.25		$16.73		$12.04
Class C Shares:
	Net Assets					$10,989,983		$789,062		$800,607
	Shares of beneficial interest outstanding					653,074		50,702		70,828
	Net Asset Value per share^*					$16.83		$15.56		$11.30
Class I Shares:
	Net Assets		$12,156,484
	Shares of beneficial interest outstanding		1,253,452
	Net Asset Value per share		$9.70
Class P Shares:
	Net Assets											$32,981,678			$562,319,187
	Shares of beneficial interest outstanding											3,336,907			51,545,117
	Net Asset Value per share											$9.88			$10.91
Advisor Class:
	Net Assets		$12,156,484			$312,980,793		$11,401,723		$13,750,077
	Shares of beneficial interest outstanding		1,253,452			17,809,772		698,432		1,182,596
	Net Asset Value per share		$9.70			$17.57		$16.32		$11.63
Class R6 Shares:
	Net Assets					$1,558,351		$1,751,983		$1,159,518
	Shares of beneficial interest outstanding					88,482		116,988		100,413
	Net Asset Value per share					$17.61		$14.98		$11.55


Investments, at cost (excluding derivatives)			$25,118,795			$236,965,488		$11,685,176		$13,030,243		$38,325,394			$631,703,753
Outstanding purchased options, at cost			—			—		—		—		23,581			40,086
Foreign currency held, at cost			—			—		—		—		55,735			3,685,303
Proceeds from securities sold short			—			—		—		—		—			2,754,320
Premiums received from outstanding options written			—			—		—		—		47,264			261,087

*	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

C-3

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2021


		PF Short Duration Bond Fund		PF Emerging Markets Debt Fund			PF Growth Fund		PF Large-Cap Value Fund		PF Small-Cap Growth Fund		PF Small-Cap Value Fund
ASSETS
Investments, at value (excluding derivatives)			$98,721,905		$60,836,305			$179,420,992		$171,498,125		$63,461,396		$116,993,981
Cash			—		407,193			—		—		—		—
Cash (segregated for derivative instruments)			52,775		394,439			—		—		—		—
Foreign currency held, at value			3,712		508,496			—		—		—		—
Receivables:
	Dividend and interest		432,516		736,933			16,910		229,460		27,698		74,393
	Fund shares sold		3,121		1,357			136		597		271		543
	Securities sold		745,374		246,244			—		—		207,377		191,601
	Variation margin on futures contracts		8,617		—			—		—		—		—
	Due from adviser		1,227		2,753			4,424		2,498		3,290		8,024
Forward foreign currency contracts appreciation			—		130,513			—		—		—		—
Prepaid expenses and other assets			958		427			1,464		1,258		296		711
Total Assets			99,970,205		63,264,660			179,443,926		171,731,938		63,700,328		117,269,253
LIABILITIES
Payables:
	Fund shares redeemed		16,352		11,833			39,591		39,151		13,416		25,271
	Securities purchased		2,337,160		1,060,651			74,213		—		74,281		210,725
	Swap agreements		—		17,628			—		—		—		—
	Variation margin on swap agreements		—		5,051			—		—		—		—
	Due to brokers		—		10,000			—		—		—		—
	Accrued advisory fees		33,219		33,845			79,203		90,440		30,742		83,083
	Accrued administration fees		12,457		6,636			21,601		20,871		7,685		16,617
	Accrued custodian and portfolio accounting fees		24,055		35,217			17,051		15,017		11,889		12,562
	Accrued legal, audit and tax service fees		10,219		5,613			15,565		13,405		3,128		7,524
	Accrued trustees’ fees and deferred compensation		4,280		2			6,604		10,683		2,606		1,607
	Accrued foreign capital gains tax		—		1,524			—		—		—		—
	Accrued other		3,732		1,658			7,062		5,454		1,292		3,124
Forward foreign currency contracts depreciation			—		596,789			—		—		—		—
Total Liabilities			2,441,474		1,786,447			260,890		195,021		145,039		360,513
NET ASSETS			$97,528,731		$61,478,213			$179,183,036		$171,536,917		$63,555,289		$116,908,740
NET ASSETS CONSIST OF:
Paid-in capital			$96,248,568		$70,040,283			$62,268,701		$81,302,036		$53,076,193		$76,923,124
Undistributed/accumulated earnings (deficit)			1,280,163		(8,562,070	)		116,914,335		90,234,881		10,479,096		39,985,616
NET ASSETS			$97,528,731		$61,478,213			$179,183,036		$171,536,917		$63,555,289		$116,908,740
Class P Shares:
	Shares of beneficial interest outstanding		9,617,341		7,447,478			5,866,401		13,934,603		2,930,760		10,790,288
	Net Asset Value per share		$10.14		$8.25			$30.54		$12.31		$21.69		$10.83


	Investments, at cost (excluding derivatives)		$97,374,545		$62,545,259			$73,685,166		$92,790,637		$56,031,256		$77,626,722
	Foreign currency held, at cost		3,529		508,678			—		—		—		—

See Notes to Financial Statements

C-4

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2021


		PF Emerging Markets Fund		PF International Large-Cap Fund		PF International Small-Cap Fund		PF International Value Fund			PF Multi-Asset Fund		PF Real Estate Fund
ASSETS
Investments, at value (excluding derivatives)			$142,258,035		$48,512,608		$36,675,118		$34,042,281			$960,073,553		$25,689,220
Cash			—		3,277		—		—			—		3,787
Foreign currency held, at value			296,334		889		40,964		37,383			—		—
Receivables:
	Dividend and interest		86,690		496,168		322,923		385,628			2,271,791		93,109
	Fund shares sold		678		—		136		—			4,016		—
	Securities sold		453,050		—		219,329		34,199			—		17,044
	Due from adviser		10,060		9,506		—		9,651			64,959		—
Swap agreements appreciation			—		—		—		—			151,320,202		—
Prepaid expenses and other assets			1,095		372		282		469			9,300		329
Total Assets			143,105,942		49,022,820		37,258,752		34,509,611			1,113,743,821		25,803,489
LIABILITIES
Payables:
	Fund shares redeemed		31,169		11,328		7,806		9,184			231,756		6,082
	Securities purchased		239,389		—		282,362		—			5,699,686		23,175
	Due to custodian		200,339		—		—		—			—		—
	Accrued advisory fees		94,450		32,087		27,204		20,452			338,042		24,531
	Accrued administration fees		17,710		5,870		4,577		4,720			144,875		4,603
	Accrued custodian and portfolio accounting fees		51,215		26,968		24,281		27,403			109,100		7,631
	Accrued legal, audit and tax service fees		11,636		3,962		3,006		3,091			98,812		3,514
	Accrued trustees’ fees and deferred compensation		3,186		4,776		1		5,759			27		1,215
	Accrued foreign capital gains tax		656,591		41,628		—		—			—		—
	Accrued other		17,379		4,921		1,452		9,291			37,341		1,434
Swap agreements depreciation			—		—		—		—			3,474,540		—
Total Liabilities			1,323,064		131,540		350,689		79,900			10,134,179		72,185
NET ASSETS			$141,782,878		$48,891,280		$36,908,063		$34,429,711			$1,103,609,642		$25,731,304
NET ASSETS CONSIST OF:
Paid-in capital			$75,327,370		$24,376,334		$28,457,782		$35,016,560			$773,637,778		$20,976,035
Undistributed/accumulated earnings (deficit)			66,455,508		24,514,946		8,450,281		(586,849	)		329,971,864		4,755,269
NET ASSETS			$141,782,878		$48,891,280		$36,908,063		$34,429,711			$1,103,609,642		$25,731,304
Class P Shares:
	Shares of beneficial interest outstanding		9,530,502		4,240,566		3,171,697		4,274,956			85,341,355		1,892,308
	Net Asset Value per share		$14.88		$11.53		$11.64		$8.05			$12.93		$13.60


Investments, at cost (excluding derivatives)			$82,556,008		$25,608,398		$25,473,074		$27,816,069			$950,127,289		$16,738,399
Foreign currency held, at cost			301,490		885		41,137		37,482			—		—

See Notes to Financial Statements

C-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2021


		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$4,921,762			$6,010,316			$15,894,689			$11,292,567			$3,486,562
Total Investment Income			4,921,762			6,010,316			15,894,689			11,292,567			3,486,562

EXPENSES
Advisory fees			476,224			648,198			2,050,270			1,613,709			599,816
Administration fees			357,168			486,148			1,537,702			1,210,281			449,862
Portfolio accounting fees			55,117			55,274			56,767			56,283			55,209
Shareholder report expenses			20,009			26,387			80,966			61,410			22,325
Distribution fees
	Class C		359,463			365,748			1,118,588			851,301			312,221
Service fees
	Class A		453,031			672,048			2,116,012			1,687,755			613,601
	Class C		119,821			121,916			372,863			283,767			104,074
Registration fees			48,715			52,051			58,551			53,551			50,533
Legal, audit and tax service fees			26,563			44,968			129,137			101,279			35,013
Trustees’ fees			15,340			20,727			64,484			49,662			18,146
Other			7,630			9,782			27,038			21,838			9,125
Total Expenses			1,939,081			2,503,247			7,612,378			5,990,836			2,269,925
Adviser Expense Reimbursement			(173,374	)		(209,189	)		(416,943	)		(344,023	)		(190,351	)
Net Expenses			1,765,707			2,294,058			7,195,435			5,646,813			2,079,574
NET INVESTMENT INCOME (LOSS)			3,156,055			3,716,258			8,699,254			5,645,754			1,406,988

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		1,032,991			2,192,267			17,821,908			23,607,954			14,879,503
	Capital gain distributions from affiliated mutual fund investments		6,802,695			14,116,217			57,074,978			47,272,767			19,667,281
	Net Realized Gain (Loss)		7,835,686			16,308,484			74,896,886			70,880,721			34,546,784

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual fund investments		30,372,610			60,176,240			247,418,487			238,760,453			99,089,943
	Change in Net Unrealized Appreciation (Depreciation)		30,372,610			60,176,240			247,418,487			238,760,453			99,089,943
NET GAIN (LOSS)			38,208,296			76,484,724			322,315,373			309,641,174			133,636,727
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$41,364,351			$80,200,982			$331,014,627			$315,286,928			$135,043,715

See Notes to Financial Statements

C-6

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2021


		Pacific Funds Ultra Short Income			Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds High Income
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$925			$16,930			$30,576			$944,906			$1,778,381			$108,536
Interest, net of foreign taxes withheld			443,706			25,069,088			31,837,946			34,549,625			68,287,890			9,401,225
Total Investment Income			444,631			25,086,018			31,868,522			35,494,531			70,066,271			9,509,761

EXPENSES
Advisory fees			75,111			4,456,166			5,703,768			4,708,386			9,785,686			938,401
Administration fees			45,067			1,671,063			1,711,131			1,177,097			2,258,235			234,600
Custodian fees and expenses			1,258			33,105			33,082			21,900			81,610			4,884
Portfolio accounting fees			41,490			405,303			415,757			291,749			509,050			100,111
Shareholder report expenses			2,550			97,834			101,573			62,084			113,337			13,188
Distribution fees
	Class C		—			379,824			445,884			509,947			697,096			13,778
Service fees
	Class A		—			434,887			396,330			213,076			417,907			20,428
	Class C		—			126,608			148,628			169,982			232,365			4,593
Registration fees			34,326			122,844			122,422			117,700			108,518			58,288
Legal, audit and tax service fees			—			141,345			145,344			99,222			205,129			16,901
Trustees’ fees			1,477			57,068			57,506			37,827			72,313			7,595
Offering costs			5,365			—			—			—			—			—
Interest expense			14			183			257			268			582,504			—
Other			1,736			29,588			28,259			21,233			39,446			6,205
Total Expenses			208,394			7,955,818			9,309,941			7,430,471			15,103,196			1,418,972
Advisory Fee Waiver			—			(28,510	)		(35,477	)		(111	)		(126,372	)		—
Adviser Expense Reimbursement			(112,238	)		(1,444,108	)		(1,935,705	)		(1,086,189	)		(2,383,395	)		(286,291	)
Net Expenses			96,156			6,483,200			7,338,759			6,344,171			12,593,429			1,132,681
NET INVESTMENT INCOME (LOSS)			348,475			18,602,818			24,529,763			29,150,360			57,472,842			8,377,080

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		206,296			11,962,482			42,289,625			6,015,250			(22,355,305	)		2,034,893
	Net Realized Gain (Loss)		206,296			11,962,482			42,289,625			6,015,250			(22,355,305	)		2,034,893

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		977,117			41,909,279			16,710,789			112,335,461			155,162,212			22,792,068
	Foreign currencies		—			—			—			568			—			70
	Unfunded loan commitments		—			(1,345	)		(1,345	)		19,842			(25,080	)		4,902
	Change in Net Unrealized Appreciation (Depreciation)		977,117			41,907,934			16,709,444			112,355,871			155,137,132			22,797,040
NET GAIN (LOSS)			1,183,413			53,870,416			58,999,069			118,371,121			132,781,827			24,831,933
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,531,888			$72,473,234			$83,528,832			$147,521,481			$190,254,669			$33,209,013

Foreign taxes withheld on dividends and interest			$74			$—			$—			$1,526			$—			$852

See Notes to Financial Statements

C-7

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR OR PERIOD ENDED MARCH 31, 2021


		Pacific Funds ESG Core Bond (1)			Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value			PF Inflation Managed Fund			PF Managed Bond Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$83			$2,507,379			$108,661			$204,478			$159			$6,795
Interest, net of foreign taxes withheld			99,242			—			—			—			470,074			11,416,492
Total Investment Income			99,325			2,507,379			108,661			204,478			470,233			11,423,287

EXPENSES
Advisory fees			27,849			2,163,524			102,165			106,922			93,287			1,979,083
Administration fees			10,993			432,705			20,433			21,385			34,983			742,156
Custodian fees and expenses			8,333			6,575			303			311			5,450			51,380
Portfolio accounting fees			10,243			114,078			32,139			32,082			48,891			351,563
Shareholder report expenses			719			19,906			933			864			1,612			38,581
Distribution fees
	Class C		—			74,395			4,342			5,797			—			—
Service fees
	Class A		—			45,235			4,363			4,049			—			—
	Class C		—			24,798			1,447			1,932			—			—
Registration fees			266			74,648			67,278			66,269			52			1,204
Legal, audit and tax service fees			2,138			33,445			—			415			—			62,826
Trustees’ fees			283			13,574			651			696			1,490			30,029
Offering costs			8,877			—			—			—			—			—
Interest expense			—			673			17			363			13,306			12,160
Other			1,626			20,080			1,100			812			4			11,548
Total Expenses			71,327			3,023,636			235,171			241,897			199,075			3,280,530
Advisory Fee Waiver			—			—			—			—			—			(26,560	)
Adviser Expense Reimbursement			(36,149	)		(139,311	)		(96,729	)		(95,048	)		(57,500	)		(547,131	)
Net Expenses			35,178			2,884,325			138,442			146,849			141,575			2,706,839
NET INVESTMENT INCOME (LOSS)			64,147			(376,946	)		(29,781	)		57,629			328,658			8,716,448

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		(38,438	)		16,372,248			1,090,765			(57,773	)		1,321,606			20,159,555
	Closed short positions		—			—			—			—			—			(205,232	)
	Foreign currency transactions		—			—			—			—			(2,180	)		(138,108	)
	Forward foreign currency contract transactions		—			—			—			—			(390,159	)		(2,241,164	)
	Futures contract transactions		—			—			—			—			(86,181	)		4,854
	Purchased option transactions		—			—			—			—			52,529			(611,581	)
	Swap transactions		—			—			—			—			(79,062	)		(2,994,568	)
	Written option transactions		—			—			—			—			(12,671	)		1,256,955
	Net Realized Gain (Loss)		(38,438	)		16,372,248			1,090,765			(57,773	)		803,882			15,230,711

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(712,741	)		157,277,128			7,519,982			9,124,048			885,286			(8,292,229	)
	Short positions		—			—			—			—			—			89,413
	Foreign currencies		—			—			—			—			(5,460	)		(102,427	)
	Forward foreign currency contracts		—			—			—			—			64,624			(299,500	)
	Futures contracts		—			—			—			—			153,375			(5,103,240	)
	Purchased options		—			—			—			—			(33,574	)		(5,454	)
	Swaps		—			—			—			—			(59,907	)		6,800,501
	Written options		—			—			—			—			24,239			184,778
	Unfunded loan commitments		—			—			—			—			—			1,302
	Change in Net Unrealized Appreciation (Depreciation)		(712,741	)		157,277,128			7,519,982			9,124,048			1,028,583			(6,726,856	)
NET GAIN (LOSS)			(751,179	)		173,649,376			8,610,747			9,066,275			1,832,465			8,503,855
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($687,032	)		$173,272,430			$8,580,966			$9,123,904			$2,161,123			$17,220,303

Foreign taxes withheld on dividends and interest			$480			$—			$—			$—			$—			$1,882

(1)	Pacific Funds ESG Core Bond commenced operations on December 14, 2020.

See Notes to Financial Statements

C-8

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2021


		PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Growth Fund			PF Large-Cap Value Fund			PF Small-Cap Growth Fund			PF Small-Cap Value Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,074			$1,684			$851,152			$3,424,749			$158,941			$971,331
Interest, net of foreign taxes withheld			2,840,752			3,489,558			61			—			47			—
Total Investment Income			2,841,826			3,491,242			851,213			3,424,749			158,988			971,331

EXPENSES
Advisory fees			527,036			546,355			1,018,314			1,085,915			197,642			486,018
Administration fees			197,639			104,399			277,722			250,596			49,411			97,204
Custodian fees and expenses			8,758			60,354			5,086			4,384			4,286			1,157
Portfolio accounting fees			107,510			72,972			85,335			77,001			42,736			48,840
Shareholder report expenses			10,607			7,398			15,150			13,842			2,440			3,278
Registration fees			247			109			380			326			78			188
Legal, audit and tax service fees			11,895			20,011			18,671			15,971			—			4,721
Trustees’ fees			9,320			4,098			12,263			11,180			1,580			2,652
Interest expense			—			—			33			208			—			—
Other			3,581			3,681			11,599			9,667			1,305			3,653
Total Expenses			876,593			819,377			1,444,553			1,469,090			299,478			647,711
Advisory Fee Waiver			—			(13,920	)		—			—			—			—
Adviser Expense Reimbursement			(151,919	)		(168,623	)		(148,484	)		(132,370	)		(52,425	)		(64,489	)
Net Expenses			724,674			636,834			1,296,069			1,336,720			247,053			583,222
NET INVESTMENT INCOME (LOSS)			2,117,152			2,854,408			(444,856	)		2,088,029			(88,065	)		388,109

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		1,297,858			89,795			49,292,712			30,475,555			9,711,590			9,177,707
	Foreign currency transactions		—			(202,869	)		—			—			(982	)		—
	Forward foreign currency contract transactions		—			1,188,603			—			—			—			—
	Futures contract transactions		485,541			—			—			—			—			—
	Swap transactions		11,906			63,850			—			—			—			—
	Net Realized Gain (Loss)		1,795,305			1,139,379			49,292,712			30,475,555			9,710,608			9,177,707

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		4,925,060			10,445,322			27,592,531			36,460,708			5,623,233			47,156,760
	Foreign currencies		221			28,572			—			—			22			—
	Forward foreign currency contracts		—			260,216			—			—			—			—
	Futures contracts		(292,491	)		—			—			—			—			—
	Swaps		(3,540	)		(58,924	)		—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		4,629,250			10,675,186			27,592,531			36,460,708			5,623,255			47,156,760
NET GAIN (LOSS)			6,424,555			11,814,565			76,885,243			66,936,263			15,333,863			56,334,467
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$8,541,707			$14,668,973			$76,440,387			$69,024,292			$15,245,798			$56,722,576


Foreign taxes withheld on dividends and interest			$—			$20,626			$2,119			$8,709			$4,406			$3,690
Foreign capital gains tax withheld			—			39,103			—			—			—			—

See Notes to Financial Statements

C-9

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2021


		PF Emerging Markets Fund			PF International Large-Cap Fund			PF International Small-Cap Fund			PF International Value Fund			PF Multi-Asset Fund			PF Real Estate Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,639,256			$917,171			$796,727			$871,145			$11,753			$951,747
Interest, net of foreign taxes withheld			—			12			—			—			16,220,798			—
Total Investment Income			1,639,256			917,183			796,727			871,145			16,232,551			951,747

EXPENSES
Advisory fees			992,899			380,368			279,433			222,751			3,720,366			366,195
Administration fees			186,169			67,124			49,312			51,404			1,594,443			61,032
Custodian fees and expenses			91,667			38,536			30,482			43,729			26,161			789
Portfolio accounting fees			73,495			53,507			68,078			57,737			450,346			37,265
Shareholder report expenses			10,670			3,858			2,966			2,730			82,601			2,261
Registration fees			286			97			74			76			2,428			86
Legal, audit and tax service fees			11,503			1,350			—			241			134,571			1,204
Trustees’ fees			7,635			2,956			1,588			2,280			51,243			2,707
Interest expense			522			—			10			—			108			68
Other			66,191			33,767			8,366			35,304			25,764			2,756
Total Expenses			1,441,037			581,563			440,309			416,252			6,088,031			474,363
Advisory Fee Waiver			—			(3,375	)		—			—			—			(61,032	)
Adviser Expense Reimbursement			(261,447	)		(134,071	)		(78,680	)		(142,097	)		(666,818	)		(47,068	)
Net Expenses			1,179,590			444,117			361,629			274,155			5,421,213			366,263
NET INVESTMENT INCOME (LOSS)			459,666			473,066			435,098			596,990			10,811,338			585,484

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		10,518,292			5,399,387			4,152,300			(3,637,265	)		5,296,724			5,755,961
	Foreign currency transactions		15,233			(4,669	)		(371	)		(4,405	)		—			—
	Futures contract transactions		—			—			—			—			(7,198,676	)		—
	Swap transactions		—			—			—			—			236,592,269			—
	Net Realized Gain (Loss)		10,533,525			5,394,718			4,151,929			(3,641,670	)		234,690,317			5,755,961

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		41,617,427			9,294,536			12,341,095			19,883,137			15,438,757			5,643,101
	Foreign currencies		(25,919	)		19,835			5,417			14,105			—			—
	Futures contracts		—			—			—			—			(1,364,090	)		—
	Swaps		—			—			—			—			255,462,071			—
	Change in Net Unrealized Appreciation (Depreciation)		41,591,508			9,314,371			12,346,512			19,897,242			269,536,738			5,643,101
NET GAIN (LOSS)			52,125,033			14,709,089			16,498,441			16,255,572			504,227,055			11,399,062
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$52,584,699			$15,182,155			$16,933,539			$16,852,562			$515,038,393			$11,984,546

Foreign taxes withheld on dividends and interest			$182,407			$105,246			$106,993			$113,212			$—			$—
Foreign capital gains tax withheld			135,481			3,362			—			—			—			—
Change in deferred foreign capital gains tax			647,515			42,380			—			(86	)		—			—

See Notes to Financial Statements

C-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS


		Pacific Funds Portfolio Optimization Conservative						Pacific Funds Portfolio Optimization Moderate-Conservative						Pacific Funds Portfolio Optimization Moderate
		Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			$3,156,055			$3,307,145			$3,716,258			$4,681,832			$8,699,254			$13,036,394
Net realized gain (loss)			7,835,686			(768,227	)		16,308,484			830,925			74,896,886			5,390,180
Change in net unrealized appreciation (depreciation)			30,372,610			(6,207,112	)		60,176,240			(18,767,202	)		247,418,487			(82,605,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations			41,364,351			(3,668,194	)		80,200,982			(13,254,445	)		331,014,627			(64,178,509	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(5,283,185	)		(3,496,340	)		(7,064,752	)		(6,237,238	)		(27,114,953	)		(42,583,183	)
	Class B		—			—			—			—			—			—
	Class C		(1,152,697	)		(595,692	)		(965,251	)		(835,495	)		(3,868,659	)		(7,563,008	)
	Advisor Class		(288,298	)		(191,513	)		(188,295	)		(153,960	)		(1,062,829	)		(1,376,454	)
Net Decrease from Dividends and Distributions to Shareholders			(6,724,180	)		(4,283,545	)		(8,218,298	)		(7,226,693	)		(32,046,441	)		(51,522,645	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		35,011,759			68,282,930			29,435,827			85,904,282			62,789,068			230,940,135
	Class B		—			60,979			—			—			—			204,522
	Class C		11,261,328			12,063,848			4,465,886			6,566,839			11,191,706			15,051,904
	Advisor Class		5,386,176			4,070,418			1,355,410			2,698,255			16,708,416			7,307,742
Dividends and distribution reinvestments
	Class A		5,203,279			3,458,903			6,952,731			6,146,004			26,791,910			42,116,423
	Class B		—			—			—			—			—			—
	Class C		1,147,373			589,829			946,789			821,265			3,854,860			7,515,405
	Advisor Class		280,904			187,112			183,146			152,205			1,039,635			1,353,146
Cost of shares repurchased
	Class A		(34,279,957	)		(40,015,894	)		(44,038,970	)		(62,597,607	)		(152,990,337	)		(183,271,940	)
	Class B		—			(2,780,740	)		—			(6,205,936	)		—			(17,119,821	)
	Class C		(19,620,458	)		(76,824,409	)		(20,174,925	)		(94,049,380	)		(59,225,680	)		(249,201,774	)
	Advisor Class		(2,545,688	)		(3,762,031	)		(2,497,668	)		(4,549,650	)		(11,687,545	)		(10,907,094	)
Share class conversions
	Class A (1)		—			14,289,154			—			22,496,950			—			76,126,118
	Class B (1)		—			(14,289,154	)		—			(22,496,950	)		—			(76,126,118	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			1,844,716			(34,669,055	)		(23,371,774	)		(65,113,723	)		(101,527,967	)		(156,011,352	)
NET INCREASE (DECREASE) IN NET ASSETS			36,484,887			(42,620,794	)		48,610,910			(85,594,861	)		197,440,219			(271,712,506	)

NET ASSETS
Beginning of Year			213,088,978			255,709,772			286,337,571			371,932,432			879,021,963			1,150,734,469
End of Year			$249,573,865			$213,088,978			$334,948,481			$286,337,571			$1,076,462,182			$879,021,963

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

See Notes to Financial Statements

C-11

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
		Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Period Ended March 31, 2020 (1)
OPERATIONS
Net investment income (loss)			$5,645,754			$10,785,481			$1,406,988			$3,544,916			$348,475			$436,059
Net realized gain (loss)			70,880,721			9,651,388			34,546,784			(291,481	)		206,296			(15,835	)
Change in net unrealized appreciation (depreciation)			238,760,453			(99,881,388	)		99,089,943			(39,414,626	)		977,117			(881,216	)
Net Increase (Decrease) in Net Assets Resulting from Operations			315,286,928			(79,444,519	)		135,043,715			(36,161,191	)		1,531,888			(460,992	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(18,889,570	)		(46,228,345	)		(8,743,019	)		(19,254,539	)
	Class B		—			—			—			—
	Class C		(2,555,278	)		(8,222,160	)		(1,275,658	)		(3,359,406	)
	Class I														(177,955	)		(218,323	)
	Advisor Class		(551,099	)		(1,357,710	)		(482,568	)		(973,719	)		(234,884	)		(219,954	)
Net Decrease from Dividends and Distributions to Shareholders			(21,995,947	)		(55,808,215	)		(10,501,245	)		(23,587,664	)		(412,839	)		(438,277	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		45,822,124			162,348,601			18,163,912			52,506,286
	Class B		—			154,946			—			42,567
	Class C		12,418,062			12,285,335			4,721,802			5,606,823
	Class I														46,711			12,501,930
	Advisor Class		6,115,334			6,183,135			4,722,792			4,313,407			7,858,842			13,037,214
Dividends and distribution reinvestments
	Class A		18,734,417			45,869,026			8,683,958			19,088,348
	Class B		—			—			—			—
	Class C		2,541,506			8,177,203			1,274,479			3,341,601
	Class I														177,929			218,323
	Advisor Class		521,522			1,286,917			475,303			962,601			234,824			219,662
Cost of shares repurchased
	Class A		(111,063,153	)		(131,550,373	)		(44,467,790	)		(41,610,675	)
	Class B		—			(11,696,472	)		—			(3,188,133	)
	Class C		(40,855,794	)		(174,938,925	)		(15,032,121	)		(51,775,006	)
	Class I														(46,711	)		—
	Advisor Class		(7,551,044	)		(9,275,777	)		(5,156,479	)		(3,896,732	)		(2,622,797	)		(404,122	)
Share class conversions
	Class A (2)		—			57,500,119			—			18,773,764
	Class B (2)		—			(57,500,119	)		—			(18,773,764	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(73,317,026	)		(91,156,384	)		(26,614,144	)		(14,608,913	)		5,648,798			25,573,007
NET INCREASE (DECREASE) IN NET ASSETS			219,973,955			(226,409,118	)		97,928,326			(74,357,768	)		6,767,847			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			$879,832,035			$659,858,080			$334,377,717			$236,449,391			$31,441,585			$24,673,738

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

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

See Notes to Financial Statements

C-12

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Short Duration Income						Pacific Funds Core Income						Pacific Funds Strategic Income
		Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			$18,602,818			$24,198,216			$24,529,763			$23,858,171			$29,150,360			$29,044,741
Net realized gain (loss)			11,962,482			(4,127,105	)		42,289,625			1,462,888			6,015,250			2,330,691
Change in net unrealized appreciation (depreciation)			41,907,934			(30,429,991	)		16,709,444			(10,034,877	)		112,355,871			(76,859,329	)
Net Increase (Decrease) in Net Assets Resulting from Operations			72,473,234			(10,358,880	)		83,528,832			15,286,182			147,521,481			(45,483,897	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(2,672,415	)		(3,444,872	)		(4,215,998	)		(3,203,265	)		(3,037,971	)		(2,963,544	)
	Class C		(389,391	)		(754,049	)		(1,120,964	)		(1,321,140	)		(1,957,417	)		(2,205,219	)
	Class I		(2,124,479	)		(2,616,147	)		(2,398,465	)		(1,322,424	)		(615,819	)		(531,090	)
	Class P								(1,179,750	)		(1,136,355	)
	Advisor Class		(13,533,968	)		(17,396,815	)		(23,920,380	)		(16,948,777	)		(23,608,205	)		(23,455,154	)
Net Decrease from Dividends and Distributions to Shareholders			(18,720,253	)		(24,211,883	)		(32,835,557	)		(23,931,961	)		(29,219,412	)		(29,155,007	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		131,631,746			93,279,607			58,396,192			94,149,630			53,203,403			53,489,986
	Class C		16,277,069			23,745,351			15,063,353			20,678,627			17,802,296			32,011,033
	Class I		68,045,239			61,788,420			63,125,136			44,429,026			15,727,432			14,860,399
	Class P								18,370,178			901,272
	Advisor Class		552,115,864			770,064,807			458,472,517			526,492,900			454,105,230			375,159,036
Dividends and distribution reinvestments
	Class A		2,199,177			2,873,615			3,919,496			3,000,000			2,489,807			2,472,512
	Class C		382,559			742,931			1,028,819			1,220,132			1,702,089			1,967,242
	Class I		2,124,479			2,615,434			2,397,604			1,321,741			611,995			526,364
	Class P								1,179,750			1,136,355
	Advisor Class		13,341,072			17,048,396			18,227,646			12,532,117			19,421,643			18,596,983
Cost of shares repurchased
	Class A		(91,635,549	)		(56,297,110	)		(49,765,313	)		(37,597,768	)		(35,588,879	)		(37,453,350	)
	Class C		(16,612,491	)		(20,526,432	)		(23,781,150	)		(45,754,653	)		(21,674,042	)		(23,169,082	)
	Class I		(40,086,476	)		(38,349,962	)		(20,568,210	)		(11,005,797	)		(22,052,887	)		(2,858,725	)
	Class P								(6,811,159	)		(11,016,166	)
	Advisor Class		(542,475,424	)		(527,097,707	)		(390,643,307	)		(245,376,101	)		(223,825,391	)		(300,790,959	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			95,307,265			329,887,350			148,611,552			355,111,315			261,922,696			134,811,439
NET INCREASE (DECREASE) IN NET ASSETS			149,060,246			295,316,587			199,304,827			346,465,536			380,224,765			60,172,535

NET ASSETS
Beginning of Year			1,027,330,547			732,013,960			970,519,311			624,053,775			642,487,758			582,315,223
End of Year			$1,176,390,793			$1,027,330,547			$1,169,824,138			$970,519,311			$1,022,712,523			$642,487,758

See Notes to Financial Statements

C-13

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds ESG Core Bond
		Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Period Ended March 31, 2021 (1)
OPERATIONS
Net investment income (loss)			$57,472,842			$77,118,985			$8,377,080			$6,827,027			$64,147
Net realized gain (loss)			(22,355,305	)		(56,634,350	)		2,034,893			(1,118,815	)		(38,438	)
Change in net unrealized appreciation (depreciation)			155,137,132			(111,807,242	)		22,797,040			(14,697,924	)		(712,741	)
Net Increase (Decrease) in Net Assets Resulting from Operations			190,254,669			(91,322,607	)		33,209,013			(8,989,712	)		(687,032	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(6,062,500	)		(9,176,534	)		(421,042	)		(357,231	)
	Class C		(2,722,677	)		(6,124,796	)		(82,759	)		(120,572	)
	Class I		(26,315,901	)		(25,266,290	)		(3,408	)		(6,775	)		(34,030	)
	Class P		(277,595	)		(1,088,004	)		(7,655,914	)		(6,078,920	)
	Advisor Class		(22,031,816	)		(35,649,718	)		(231,425	)		(266,141	)		(34,031	)
Net Decrease from Dividends and Distributions to Shareholders			(57,410,489	)		(77,305,342	)		(8,394,548	)		(6,829,639	)		(68,061	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		53,983,323			83,933,804			1,471,829			6,114,560
	Class C		13,092,165			21,490,990			488,744			473,564
	Class I		661,384,542			232,174,855			1,976			600			12,500,000
	Class P		5,230,068			268,116			33,970,101			34,604,054
	Advisor Class		441,881,455			326,320,702			5,990,443			3,050,714			12,500,000
Dividends and distribution reinvestments
	Class A		5,794,294			8,731,691			413,768			349,879
	Class C		2,626,202			5,899,596			78,671			115,509
	Class I		19,007,629			18,384,219			3,346			6,511			34,030
	Class P		277,595			1,073,942			7,655,914			6,078,920
	Advisor Class		20,806,366			33,989,428			229,776			265,285			34,031
Cost of shares repurchased
	Class A		(68,611,639	)		(110,817,563	)		(2,967,320	)		(3,214,509	)
	Class C		(40,299,876	)		(108,359,450	)		(959,919	)		(2,032,207	)
	Class I		(129,151,941	)		(275,070,407	)		(7,538	)		(120,177	)		—
	Class P		(4,494,891	)		(24,107,910	)		(38,525,463	)		(19,463,586	)
	Advisor Class		(305,995,976	)		(610,484,330	)		(6,305,673	)		(3,047,072	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			675,529,316			(396,572,317	)		1,538,655			23,182,045			25,068,061
NET INCREASE (DECREASE) IN NET ASSETS			808,373,496			(565,200,266	)		26,353,120			7,362,694			24,312,968

NET ASSETS
Beginning of Year or Period			1,194,773,838			1,759,974,104			133,423,794			126,061,100			—
End of Year or Period			$2,003,147,334			$1,194,773,838			$159,776,914			$133,423,794			$24,312,968

(1)	Pacific Funds ESG Core Bond commenced operations on December 14, 2020.

See Notes to Financial Statements

C-14

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Small/Mid-Cap						Pacific Funds Small-Cap						Pacific Funds Small-Cap Value
		Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)			($376,946	)		$592,726			($29,781	)		($13,304	)		$57,629			$108,723
Net realized gain (loss)			16,372,248			(10,052,546	)		1,090,765			(532,292	)		(57,773	)		(837,156	)
Change in net unrealized appreciation (depreciation)			157,277,128			(80,601,333	)		7,519,982			(4,618,018	)		9,124,048			(5,723,381	)
Net Increase (Decrease) in Net Assets Resulting from Operations			173,272,430			(90,061,153	)		8,580,966			(5,163,614	)		9,123,904			(6,451,814	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(49,996	)		—			(6,669	)		(8,513	)		(11,981	)
	Class C		—			—			—			—			—			—
	Advisor Class		(935,874	)		(1,391,644	)		(8,412	)		(41,249	)		(85,233	)		(138,648	)
	Class R6		(6,175	)		(30,651	)		—			(2,361	)		(8,676	)		(33,117	)
Net Decrease from Dividends and Distributions to Shareholders			(942,049	)		(1,472,291	)		(8,412	)		(50,279	)		(102,422	)		(183,746	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		8,174,835			5,501,413			1,291,333			1,045,701			2,387,429			505,054
	Class C		901,183			1,210,533			222,144			184,876			239,720			79,420
	Advisor Class		29,138,212			57,620,873			1,088,209			1,830,255			2,589,744			4,788,635
	Class R6		514,030			372,360			541,712			365,125			242,627			297,375
Dividends and distribution reinvestments
	Class A		—			49,767			—			6,597			8,513			11,981
	Class C		—			—			—			—			—			—
	Advisor Class		921,473			1,366,875			8,388			39,840			85,233			138,592
	Class R6		6,175			30,651			—			2,361			8,676			33,117
Cost of shares repurchased
	Class A		(10,618,843	)		(8,030,487	)		(3,181,124	)		(1,307,623	)		(2,321,123	)		(285,006	)
	Class C		(5,111,786	)		(5,177,528	)		(320,215	)		(290,914	)		(555,791	)		(392,165	)
	Advisor Class		(86,156,344	)		(91,630,898	)		(3,833,040	)		(3,820,265	)		(5,967,233	)		(1,802,038	)
	Class R6		(4,384,109	)		(317,492	)		(297,341	)		(99,670	)		(1,822,036	)		(123,707	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(66,615,174	)		(39,003,933	)		(4,479,934	)		(2,043,717	)		(5,104,241	)		3,251,258
NET INCREASE (DECREASE) IN NET ASSETS			105,715,207			(130,537,377	)		4,092,620			(7,257,610	)		3,917,241			(3,384,302	)

NET ASSETS
Beginning of Year			242,802,070			373,339,447			12,509,357			19,766,967			13,999,024			17,383,326
End of Year			$348,517,277			$242,802,070			$16,601,977			$12,509,357			$17,916,265			$13,999,024

See Notes to Financial Statements

C-15

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
	Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)		$328,658			$1,029,520			$8,716,448			$14,460,812			$2,117,152			$3,880,420
Net realized gain (loss)		803,882			477,228			15,230,711			17,256,679			1,795,305			888,906
Change in net unrealized appreciation (depreciation)		1,028,583			37,853			(6,726,856	)		(1,633,261	)		4,629,250			(3,881,958	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,161,123			1,544,601			17,220,303			30,084,230			8,541,707			887,368

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(411,237	)		(448,792	)		(31,347,044	)		(11,614,415	)		(2,909,983	)		(4,409,514	)
Net Decrease from Dividends and Distributions to Shareholders		(411,237	)		(448,792	)		(31,347,044	)		(11,614,415	)		(2,909,983	)		(4,409,514	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		12,546,594			462,054			230,581,304			39,353,926			48,630,313			35,087,913
Dividends and distribution reinvestments - Class P		411,237			448,792			31,347,044			11,614,415			2,909,983			4,409,514
Cost of shares repurchased - Class P		(2,676,177	)		(22,005,907	)		(72,315,418	)		(179,963,820	)		(81,923,397	)		(69,052,801	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		10,281,654			(21,095,061	)		189,612,930			(128,995,479	)		(30,383,101	)		(29,555,374	)
NET INCREASE (DECREASE) IN NET ASSETS		12,031,540			(19,999,252	)		175,486,189			(110,525,664	)		(24,751,377	)		(33,077,520	)

NET ASSETS
Beginning of Year		20,950,138			40,949,390			386,832,998			497,358,662			122,280,108			155,357,628
End of Year		$32,981,678			$20,950,138			$562,319,187			$386,832,998			$97,528,731			$122,280,108

	PF Emerging Markets Debt Fund						PF Growth Fund						PF Large-Cap Value Fund
	Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)		$2,854,408			$3,642,711			($444,856	)		($111,054	)		$2,088,029			$2,707,200
Net realized gain (loss)		1,139,379			(589,664	)		49,292,712			10,518,171			30,475,555			10,208,535
Change in net unrealized appreciation (depreciation)		10,675,186			(11,877,664	)		27,592,531			(2,937,286	)		36,460,708			(29,003,736	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,668,973			(8,824,617	)		76,440,387			7,469,831			69,024,292			(16,088,001	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(2,362,664	)		(3,084,637	)		(43,891,662	)		(6,248,695	)		(25,782,094	)		(11,717,437	)
Net Decrease from Dividends and Distributions to Shareholders		(2,362,664	)		(3,084,637	)		(43,891,662	)		(6,248,695	)		(25,782,094	)		(11,717,437	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		16,917,991			40,890,590			23,644,175			20,563,082			25,785,476			38,491,501
Dividends and distribution reinvestments - Class P		2,362,664			3,084,637			43,891,662			6,248,695			25,782,094			11,717,437
Cost of shares repurchased - Class P		(57,731,418	)		(16,042,032	)		(84,476,445	)		(50,788,891	)		(83,637,866	)		(33,084,403	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(38,450,763	)		27,933,195			(16,940,608	)		(23,977,114	)		(32,070,296	)		17,124,535
NET INCREASE (DECREASE) IN NET ASSETS		(26,144,454	)		16,023,941			15,608,117			(22,755,978	)		11,171,902			(10,680,903	)

NET ASSETS
Beginning of Year		87,622,667			71,598,726			163,574,919			186,330,897			160,365,015			171,045,918
End of Year		$61,478,213			$87,622,667			$179,183,036			$163,574,919			$171,536,917			$160,365,015

See Notes to Financial Statements

C-16

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Small-Cap Growth Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund
	Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)		($88,065	)		($85,935	)		$388,109			$332,356			$459,666			$825,103
Net realized gain (loss)		9,710,608			1,474,942			9,177,707			(4,231,585	)		10,533,525			18,458,804
Change in net unrealized appreciation (depreciation)		5,623,255			(2,141,858	)		47,156,760			(14,927,697	)		41,591,508			(27,961,796	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,245,798			(752,851	)		56,722,576			(18,826,926	)		52,584,699			(8,677,889	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(6,499,780	)		(1,213,285	)		(325,166	)		(4,860,855	)		(3,697,886	)		(18,657,302	)
Net Decrease from Dividends and Distributions to Shareholders		(6,499,780	)		(1,213,285	)		(325,166	)		(4,860,855	)		(3,697,886	)		(18,657,302	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		39,194,635			6,730,507			61,337,832			851,192			12,084,306			33,691,167
Dividends and distribution reinvestments - Class P		6,499,780			1,213,285			325,166			4,860,855			3,697,886			18,657,302
Cost of shares repurchased - Class P		(8,575,950	)		(3,973,844	)		(29,167,413	)		(24,626,067	)		(20,503,939	)		(61,282,250	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		37,118,465			3,969,948			32,495,585			(18,914,020	)		(4,721,747	)		(8,933,781	)
NET INCREASE (DECREASE) IN NET ASSETS		45,864,483			2,003,812			88,892,995			(42,601,801	)		44,165,066			(36,268,972	)

NET ASSETS
Beginning of Year		17,690,806			15,686,994			28,015,745			70,617,546			97,617,812			133,886,784
End of Year		$63,555,289			$17,690,806			$116,908,740			$28,015,745			$141,782,878			$97,617,812

	PF International Large-Cap Fund						PF International Small-Cap Fund						PF International Value Fund
	Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)		$473,066			$741,181			$435,098			$522,618			$596,990			$1,816,360
Net realized gain (loss)		5,394,718			2,077,545			4,151,929			(53,682	)		(3,641,670	)		(964,441	)
Change in net unrealized appreciation (depreciation)		9,314,371			(4,327,414	)		12,346,512			(2,496,959	)		19,897,242			(13,413,182	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,182,155			(1,508,688	)		16,933,539			(2,028,023	)		16,852,562			(12,561,263	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(4,258,496	)		(6,575,782	)		(658,806	)		(1,056,704	)		(829,970	)		(1,866,805	)
Net Decrease from Dividends and Distributions to Shareholders		(4,258,496	)		(6,575,782	)		(658,806	)		(1,056,704	)		(829,970	)		(1,866,805	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		6,770,295			10,166,745			3,199,912			12,615,119			6,096,658			7,631,533
Dividends and distribution reinvestments - Class P		4,258,496			6,575,782			658,806			1,056,704			829,970			1,866,805
Cost of shares repurchased - Class P		(14,879,283	)		(24,992,104	)		(10,207,000	)		(15,539,152	)		(23,490,082	)		(25,056,026	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,850,492	)		(8,249,577	)		(6,348,282	)		(1,867,329	)		(16,563,454	)		(15,557,688	)
NET INCREASE (DECREASE) IN NET ASSETS		7,073,167			(16,334,047	)		9,926,451			(4,952,056	)		(540,862	)		(29,985,756	)

NET ASSETS
Beginning of Year		41,818,113			58,152,160			26,981,612			31,933,668			34,970,573			64,956,329
End of Year		$48,891,280			$41,818,113			$36,908,063			$26,981,612			$34,429,711			$34,970,573

See Notes to Financial Statements

C-17

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Multi-Asset Fund						PF Real Estate Fund
	Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2021			Year Ended March 31, 2020
OPERATIONS
Net investment income (loss)		$10,811,338			$23,573,573			$585,484			$1,216,302
Net realized gain (loss)		234,690,317			(21,579,029	)		5,755,961			(8,571,709	)
Change in net unrealized appreciation (depreciation)		269,536,738			(112,346,411	)		5,643,101			(8,199,240	)
Net Increase (Decrease) in Net Assets Resulting from Operations		515,038,393			(110,351,867	)		11,984,546			(15,554,647	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(53,822,193	)		(26,336,391	)		(339,852	)		(2,727,199	)
Return of capital - Class P		—			—			(288,733	)		—
Net Decrease from Dividends and Distributions to Shareholders		(53,822,193	)		(26,336,391	)		(628,585	)		(2,727,199	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		37,933,437			93,982,467			1,861,695			19,042,495
Dividends and distribution reinvestments - Class P		53,822,193			26,336,391			628,585			2,727,199
Cost of shares repurchased - Class P		(334,278,393	)		(235,128,587	)		(31,646,889	)		(41,668,519	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(242,522,763	)		(114,809,729	)		(29,156,609	)		(19,898,825	)
NET INCREASE (DECREASE) IN NET ASSETS		218,693,437			(251,497,987	)		(17,800,648	)		(38,180,671	)

NET ASSETS
Beginning of Year		884,916,205			1,136,414,192			43,531,952			81,712,623
End of Year		$1,103,609,642			$884,916,205			$25,731,304			$43,531,952

See Notes to Financial Statements

C-18

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE YEAR ENDED MARCH 31, 2021


		PF Inflation Managed Fund

CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			$2,161,123
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		(73,300,537	)
	Proceeds from disposition of long-term securities		65,732,111
	Proceeds (purchases) of short-term securities, net		62,130
	Proceeds (purchases) from foreign currency transactions		(5,460	)
	(Increase) decrease in dividends and interest receivable		15,459
	(Increase) decrease in receivable for securities sold		21,730,532
	(Increase) decrease in receivable for swap agreements		(185	)
	(Increase) decrease in receivable due from adviser		10,170
	(Increase) decrease in prepaid expenses and other assets		94
	(Increase) decrease in variation margin on futures contracts		(32,036	)
	(Increase) decrease in variation margin on swap agreements		44,760
	Increase (decrease) in payable for securities purchased		(19,415,465	)
	Increase (decrease) in accrued advisory fees		(1,335	)
	Increase (decrease) in accrued administration fees		(501	)
	Increase (decrease) in accrued custodian and portfolio accounting fees		9,515
	Increase (decrease) in accrued legal, audit and tax service fees		(2,768	)
	Increase (decrease) in accrued trustees’ fees and deferred compensation		344
	Increase (decrease) in accrued other		(18,040	)
	Change in net unrealized (appreciation) depreciation on investment securities		(885,286	)
	Change in net unrealized (appreciation) depreciation on foreign currencies		5,460
	Change in net unrealized (appreciation) depreciation on forward foreign currency contracts		(64,624	)
	Change in net unrealized (appreciation) depreciation on purchased options		33,574
	Change in net unrealized (appreciation) depreciation on written options		(24,239	)
	Net realized (gain) loss on investment security transactions		(1,321,606	)
	Net realized (gain) loss on purchased options transactions		(52,529	)
	Net realized (gain) loss on written option transactions		12,671
	Net amortization on investments		138,699
Net cash provided by (used in) operating activities			(5,167,969	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			12,546,344
Payment of shares redeemed			(2,675,748	)
Proceeds from sale-buyback financing activities			326,115,499
Payment on sale-buyback financing transactions			(330,996,992	)
Net cash provided by (used in) financing activities			4,989,103

NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			(178,866	)

CASH AND FOREIGN CURRENCY:
Beginning of Year			363,064
End of Year (3)			$184,198

(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 $13,306.

(3)	Includes cash (segregated for derivative instruments) of $138,000.

See Notes to Financial Statements

C-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 - 3/31/2021		$9.83		$0.16		$1.80			$1.96			($0.33	)		$—			($0.33	)		$11.46		0.67	%		0.60	%		1.47	%		19.96	%		$191,406		37	%
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	%
Class C
4/1/2020 - 3/31/2021		$9.59		$0.08		$1.74			$1.82			($0.27	)		$—			($0.27	)		$11.14		1.42	%		1.35	%		0.72	%		18.96	%		$46,869		37	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$9.88		$0.19		$1.80			$1.99			($0.35	)		$—			($0.35	)		$11.52		0.42	%		0.35	%		1.72	%		20.17	%		$11,299		37	%
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	%
Pacific Funds Portfolio Optimization Moderate-Conservative

Class A
4/1/2020 - 3/31/2021		$9.95		$0.15		$2.74			$2.89			($0.32	)		$—			($0.32	)		$12.52		0.66	%		0.60	%		1.25	%		29.06	%		$283,474		28	%
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	%
Class C
4/1/2020 - 3/31/2021		$9.72		$0.06		$2.66			$2.72			($0.24	)		$—			($0.24	)		$12.20		1.41	%		1.35	%		0.50	%		28.06	%		$45,349		28	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$10.00		$0.18		$2.76			$2.94			($0.34	)		$—			($0.34	)		$12.60		0.41	%		0.35	%		1.50	%		29.44	%		$6,126		28	%
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	%
Pacific Funds Portfolio Optimization Moderate

Class A
4/1/2020 - 3/31/2021		$10.60		$0.12		$4.06			$4.18			($0.32	)		($0.11	)		($0.43	)		$14.35		0.64	%		0.60	%		0.95	%		39.61	%		$897,486		27	%
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	%

Class C
4/1/2020 - 3/31/2021		$10.39		$0.03		$3.96			$3.99			($0.24	)		($0.11	)		($0.35	)		$14.03		1.39	%		1.35	%		0.20	%		38.56	%		$143,244		27	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-20

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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)

Advisor Class
4/1/2020 - 3/31/2021		$10.64		$0.16			$4.07			$4.23			($0.34	)		($0.11	)		($0.45	)		$14.42		0.39	%		0.35	%		1.20	%		39.99	%		$35,732		27	%
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	%
Pacific Funds Portfolio Optimization Growth

Class A
4/1/2020 - 3/31/2021		$10.59		$0.11			$5.19			$5.30			($0.23	)		($0.16	)		($0.39	)		$15.50		0.64	%		0.60	%		0.80	%		50.27	%		$743,213		28	%
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	%
Class C
4/1/2020 - 3/31/2021		$10.33		$0.01			$5.03			$5.04			($0.15	)		($0.16	)		($0.31	)		$15.06		1.39	%		1.35	%		0.05	%		48.99	%		$116,482		28	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$10.65		$0.14			$5.23			$5.37			($0.26	)		($0.16	)		($0.42	)		$15.60		0.39	%		0.35	%		1.05	%		50.62	%		$20,137		28	%
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	%
Pacific Funds Portfolio Optimization Aggressive-Growth

Class A
4/1/2020 - 3/31/2021		$11.38		$0.09			$6.70			$6.79			($0.21	)		($0.34	)		($0.55	)		$17.62		0.66	%		0.60	%		0.56	%		60.05	%		$275,818		31	%
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	%
Class C
4/1/2020 - 3/31/2021		$10.97		($0.03	)		$6.45			$6.42			($0.13	)		($0.34	)		($0.47	)		$16.92		1.41	%		1.35	%		(0.19	%)		58.83	%		$43,705		31	%
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	)(6)		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	%

Advisor Class
4/1/2020 - 3/31/2021		$11.44		$0.12			$6.74			$6.86			($0.24	)		($0.34	)		($0.58	)		$17.72		0.41	%		0.35	%		0.81	%		60.35	%		$14,855		31	%
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	%
Pacific Funds Ultra Short Income

Class I
4/1/2020 - 3/31/2021		$9.65		$0.12			$0.44			$0.56			($0.12	)		($0.02	)		($0.14	)		$10.07		0.70	%		0.32	%		1.16	%		5.81	%		$12,993		96	%
6/28/2019 - 3/31/2020		10.00		0.17			(0.35	)		(0.18	)		(0.17	)		(0.00	)(6)		(0.17	)		9.65		0.87	%		0.32	%		2.27	%		(1.81	%)		12,273		81	%


See Notes to Financial Statements		See explanation of references on C-28

C-21

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 Ultra Short Income (Continued)

Advisor Class
4/1/2020 - 3/31/2021		$9.65		$0.12		$0.44			$0.56			($0.12	)		($0.02	)		($0.14	)		$10.07		0.69	%		0.32	%		1.16	%		5.81	%		$18,449		96	%
6/28/2019 - 3/31/2020		10.00		0.17		(0.35	)		(0.18	)		(0.17	)		(0.00	)(6)		(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 - 3/31/2021		$10.05		$0.16		$0.52			$0.68			($0.16	)		$—			($0.16	)		$10.57		0.88	%		0.75	%		1.50	%		6.78	%		$204,761		76	%
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	%
Class C
4/1/2020 - 3/31/2021		$10.03		$0.08		$0.52			$0.60			($0.08	)		$—			($0.08	)		$10.55		1.63	%		1.50	%		0.75	%		6.00	%		$51,385		76	%
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	%
Class I
4/1/2020 - 3/31/2021		$10.03		$0.18		$0.54			$0.72			($0.19	)		$—			($0.19	)		$10.56		0.63	%		0.50	%		1.75	%		7.16	%		$141,974		76	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$10.05		$0.18		$0.54			$0.72			($0.19	)		$—			($0.19	)		$10.58		0.63	%		0.50	%		1.75	%		7.14	%		$778,271		76	%
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	%
Pacific Funds Core Income

Class A
4/1/2020 - 3/31/2021		$10.60		$0.22		$0.66			$0.88			($0.22	)		($0.08	)		($0.30	)		$11.18		0.98	%		0.85	%		1.95	%		8.29	%		$160,701		102	%
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	%

Class C
4/1/2020 - 3/31/2021		$10.60		$0.14		$0.66			$0.80			($0.14	)		($0.08	)		($0.22	)		$11.18		1.73	%		1.60	%		1.20	%		7.48	%		$53,990		102	%
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	%
Class I
4/1/2020 - 3/31/2021		$10.61		$0.25		$0.67			$0.92			($0.26	)		($0.08	)		($0.34	)		$11.19		0.73	%		0.55	%		2.25	%		8.61	%		$107,857		102	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-22

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 P
4/1/2020 - 3/31/2021		$10.64		$0.26		$0.67			$0.93			($0.26	)		($0.08	)		($0.34	)		$11.23		0.73	%		0.55	%		2.25	%		8.68	%		$46,122		102	%
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	%

Advisor Class
4/1/2020 - 3/31/2021		$10.62		$0.26		$0.67			$0.93			($0.26	)		($0.08	)		($0.34	)		$11.21		0.73	%		0.55	%		2.25	%		8.70	%		$801,154		102	%
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	%
Pacific Funds Strategic Income

Class A
4/1/2020 - 3/31/2021		$9.72		$0.40		$1.79			$2.19			($0.39	)		$—			($0.39	)		$11.52		1.08	%		0.95	%		3.57	%		22.82	%		$104,659		86	%
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	%
Class C
4/1/2020 - 3/31/2021		$9.69		$0.32		$1.80			$2.12			($0.32	)		$—			($0.32	)		$11.49		1.83	%		1.65	%		2.87	%		22.04	%		$72,157		86	%
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	%
Class I
4/1/2020 - 3/31/2021		$9.66		$0.42		$1.80			$2.22			($0.43	)		$—			($0.43	)		$11.45		0.84	%		0.65	%		3.87	%		23.23	%		$13,842		86	%
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	%

Advisor Class
4/1/2020 - 3/31/2021		$9.72		$0.43		$1.79			$2.22			($0.42	)		$—			($0.42	)		$11.52		0.83	%		0.70	%		3.82	%		23.12	%		$832,054		86	%
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	%
Pacific Funds Floating Rate Income

Class A
4/1/2020 - 3/31/2021		$8.80		$0.34		$0.92			$1.26			($0.34	)		$—			($0.34	)		$9.72		1.17	%		1.02	%(7)		3.63	%		14.52	%		$170,353		116	%
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	%
Class C
4/1/2020 - 3/31/2021		$8.79		$0.28		$0.92			$1.20			($0.28	)		$—			($0.28	)		$9.71		1.92	%		1.72	%(7)		2.93	%		13.74	%		$87,940		116	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-23

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 Floating Rate Income (Continued)

Class I
4/1/2020 - 3/31/2021		$8.81		$0.38		$0.91			$1.29			($0.37	)		$—		($0.37	)		$9.73		0.91	%		0.72	%(7)		3.93	%		14.87	%		$1,019,062		116	%
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	%
Class P
4/1/2020 - 3/31/2021		$8.81		$0.37		$0.92			$1.29			($0.37	)		$—		($0.37	)		$9.73		0.91	%		0.72	%(7)		3.93	%		14.85	%		$9,560		116	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$8.83		$0.37		$0.92			$1.29			($0.37	)		$—		($0.37	)		$9.75		0.91	%		0.77	%(7)		3.88	%		14.78	%		$716,233		116	%
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	%
Pacific Funds High Income

Class A
4/1/2020 - 3/31/2021		$8.75		$0.51		$1.59			$2.10			($0.51	)		$—		($0.51	)		$10.34		1.13	%		0.95	%		5.13	%		24.45	%		$7,496		66	%
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	%

Class C
4/1/2020 - 3/31/2021		$8.74		$0.44		$1.59			$2.03			($0.44	)		$—		($0.44	)		$10.33		1.88	%		1.65	%		4.43	%		23.61	%		$1,937		66	%
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	%
Class I
4/1/2020 - 3/31/2021		$8.66		$0.53		$1.59			$2.12			($0.54	)		$—		($0.54	)		$10.24		0.88	%		0.70	%		5.38	%		24.76	%		$62		66	%
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	%
Class P
4/1/2020 - 3/31/2021		$8.66		$0.53		$1.59			$2.12			($0.54	)		$—		($0.54	)		$10.24		0.88	%		0.70	%		5.38	%		24.91	%		$146,345		66	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$8.76		$0.54		$1.60			$2.14			($0.54	)		$—		($0.54	)		$10.36		0.88	%		0.70	%		5.38	%		24.86	%		$3,937		66	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-24

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 ESG Core Bond

Class I
12/14/2020 - 3/31/2021		$10.00		$0.03			($0.30	)		($0.27	)		($0.03	)		$—			($0.03	)		$9.70		0.97	%		0.48	%		0.88	%		(2.73	%)		$12,156		26	%

Advisor Class
12/14/2020 - 3/31/2021		$10.00		$0.03			($0.30	)		($0.27	)		($0.03	)		$—			($0.03	)		$9.70		0.97	%		0.48	%		0.88	%		(2.73	%)		$12,156		26	%
Pacific Funds Small/Mid-Cap

Class A
4/1/2020 - 3/31/2021		$9.52		($0.04	)		$7.99			$7.95			$—			$—			$—			$17.47		1.24	%		1.20	%		(0.33	%)		83.51	%		$22,988		64	%
4/1/2019 - 3/31/2020		13.02		(0.00	)(6)		(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	%
Class C
4/1/2020 - 3/31/2021		$9.24		($0.14	)		$7.73			$7.59			$—			$—			$—			$16.83		1.99	%		1.95	%		(1.08	%)		82.14	%		$10,990		64	%
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	%
Advisor Class
4/1/2020- 3/31/2021		$9.58		($0.01)			$8.05			$8.04			($0.05	)		$—			($0.05	)		$17.57		1.00	%		0.95	%		(0.08	%)		84.04	%		$312,981		64	%
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	)(6)		(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	(6)		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	%

Class R6
4/1/2020 - 3/31/2021		$9.59		$0.00	(6)		$8.08			$8.08			($0.06	)		$—			($0.06	)		$17.61		0.99	%		0.86	%		0.01	%		84.32	%		$1,558		64	%
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	)(6)		(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	(6)		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	%
Pacific Funds Small-Cap

Class A
4/1/2020 - 3/31/2021		$8.56		($0.05	)		$7.51			$7.46			$—			$—			$—			$16.02		1.88	%		1.20	%		(0.40	%)		87.15	%		$2,659		75	%
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	)(6)		2.19			2.19			(0.10	)		—			(0.10	)		11.77		3.44	%		1.30	%		(0.04	%)		22.70	%		1,759		62	%
Class C
4/1/2020 - 3/31/2021		$8.38		($0.13	)		$7.31			$7.18			$—			$—			$—			$15.56		2.65	%		1.95	%		(1.15	%)		85.68	%		$789		75	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$8.71		($0.02	)		$7.64			$7.62			($0.01	)		$—			($0.01	)		$16.32		1.65	%		0.95	%		(0.15	%)		87.51	%		$11,402		75	%
4/1/2019 - 3/31/2020		12.32		0.00	(6)		(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	%


See Notes to Financial Statements		See explanation of references on C-28

C-25

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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)

Class R6
4/1/2020 - 3/31/2021		$7.97		($0.01	)		$7.02			$7.01			$—			$—			$—			$14.98		1.64	%		0.86	%		(0.06	%)		87.72	%		$1,752		75	%
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	%
Pacific Funds Small-Cap Value

Class A
4/1/2020 - 3/31/2021		$6.15		$0.02			$5.41			$5.43			($0.05	)		$—			($0.05	)		$11.53		1.85	%		1.20	%		0.23	%		88.38	%		$2,206		87	%
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	%

Class C
4/1/2020 - 3/31/2021		$6.04		($0.04	)		$5.30			$5.26			$—			$—			$—			$11.30		2.62	%		1.95	%		(0.52	%)		87.09	%		$801		87	%
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	%
Advisor Class
4/1/2020 - 3/31/2021		$6.19		$0.04			$5.47			$5.51			($0.07	)		$—			($0.07	)		$11.63		1.61	%		0.95	%		0.48	%		89.25	%		$13,750		87	%
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	%
Class R6
4/1/2020 - 3/31/2021		$6.17		$0.05			$5.42			$5.47			($0.09	)		$—			($0.09	)		$11.55		1.61	%		0.86	%		0.57	%		88.95	%		$1,160		87	%
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	%
PF Inflation Managed Fund
Class P
4/1/2020 - 3/31/2021		$9.12		$0.14			$0.79			$0.93			($0.17	)		$—			($0.17	)		$9.88		0.85	%		0.61	%(7)		1.41	%		10.19	%		$32,982		199	%
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	%
PF Managed Bond Fund
Class P
4/1/2020 - 3/31/2021		$11.03		$0.20			$0.34			$0.54			($0.16	)		($0.50	)		($0.66	)		$10.91		0.66	%		0.55	%		1.76	%		4.69	%		$562,319		492	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-26

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 Short Duration Bond Fund
Class P
4/1/2020 - 3/31/2021		$9.77		$0.16			$0.47			$0.63			($0.26	)		$—			($0.26	)		$10.14		0.66	%		0.55	%		1.61	%		6.47	%		$97,529		98	%
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	%
PF Emerging Markets Debt Fund
Class P
4/1/2020 - 3/31/2021		$7.18		$0.34			$1.16			$1.50			($0.43	)		$—			($0.43	)		$8.25		1.18	%		0.92	%		4.09	%		20.47	%		$61,478		89	%
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	%
PF Growth Fund
Class P
4/1/2020 - 3/31/2021		$27.10		($0.08	)		$13.51			$13.43			$—			($9.99	)		($9.99	)		$30.54		0.78	%		0.70	%		(0.24	%)		50.42	%		$179,183		32	%
4/1/2019 - 3/31/2020		27.18		(0.02	)		0.93			0.91			(0.00	)(6)		(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	(6)		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	%
PF Large-Cap Value Fund
Class P
4/1/2020 - 3/31/2021		$9.66		$0.14			$4.72			$4.86			($0.17	)		($2.04	)		($2.21	)		$12.31		0.88	%		0.80	%		1.25	%		52.63	%		$171,537		29	%
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	%
PF Small-Cap Growth Fund
Class P
4/1/2020 - 3/31/2021		$14.19		($0.06	)		$12.31			$12.25			($0.01	)		($4.74	)		($4.75	)		$21.69		0.91	%		0.75	%		(0.27	%)		89.21	%		$63,555		139	%
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	%
PF Small-Cap Value Fund
Class P
4/1/2020 - 3/31/2021		$5.17		$0.05			$5.64			$5.69			($0.03	)		$—			($0.03	)		$10.83		1.00	%		0.90	%		0.60	%		110.27	%		$116,909		99	%
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	%
PF Emerging Markets Fund
Class P
4/1/2020 - 3/31/2021		$9.80		$0.05			$5.43			$5.48			($0.01	)		($0.39	)		($0.40	)		$14.88		1.16	%		0.95	%		0.37	%		56.13	%		$141,783		40	%
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	%


See Notes to Financial Statements		See explanation of references on C-28

C-27

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, 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 International Large-Cap Fund
Class P
4/1/2020 - 3/31/2021		$9.05		$0.12		$3.54			$3.66			($0.07	)		($1.11)			($1.18	)		$11.53		1.30	%		0.99	%		1.06	%		40.85	%		$48,891		20	%
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	%
PF International Small-Cap Fund
Class P
4/1/2020 - 3/31/2021		$6.98		$0.13		$4.74			$4.87			($0.21	)		$—			($0.21	)		$11.64		1.34	%		1.10	%		1.32	%		69.98	%		$36,908		39	%
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	%
PF International Value Fund
Class P
4/1/2020 - 3/31/2021		$5.14		$0.11		$2.97			$3.08			($0.17	)		$—			($0.17	)		$8.05		1.21	%		0.80	%		1.74	%		60.38	%		$34,430		35	%
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	%

PF Multi-Asset Fund
Class P
4/1/2020 - 3/31/2021		$8.23		$0.11		$5.18			$5.29			($0.15	)		($0.44)			($0.59	)		$12.93		0.57	%		0.51	%		1.02	%		64.91	%		$1,103,610		53	%
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 Real Estate Fund
Class P
4/1/2020 - 3/31/2021		$10.30		$0.17		$3.33			$3.50			($0.20	)(8)		$—			($0.20	)		$13.60		1.16	%		0.90	%		1.44	%		34.16	%		$25,731		38	%
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	%

(1)

For share classes that commenced operations after April 1, 2016, 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)

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

(7)

The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2021 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%
PF Inflation Managed Fund				0.55%

(8)

Includes $0.09 per share return of capital distribution.


See Notes to Financial Statements

C-28

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

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 March 31, 2021, the Trust was comprised of the following twenty-nine separate funds (each individually a “Fund”, and collectively the “Funds”):



Pacific Funds^SM Portfolio Optimization Conservative (1)	Pacific Funds^SM High Income (2)	PF Large-Cap Value Fund (4)

Pacific Funds^SM Portfolio Optimization Moderate-Conservative (1)	Pacific Funds^SM ESG Core Bond (2)	PF Small-Cap Growth Fund (formerly named PF Developing Growth Fund) (4)

Pacific Funds^SM Portfolio Optimization Moderate (1)	Pacific Funds^SM Small/Mid-Cap (3)	PF Small-Cap Value Fund (4)

Pacific Funds^SM Portfolio Optimization Growth (1)	Pacific Funds^SM Small-Cap (3)	PF Emerging Markets Fund (4)

Pacific Funds^SM Portfolio Optimization Aggressive-Growth (1)	Pacific Funds^SM Small-Cap Value (3)	PF International Large-Cap Fund (4)

Pacific Funds^SM Ultra Short Income (2)	PF Inflation Managed Fund (4)	PF International Small-Cap Fund (4)

Pacific Funds^SM Short Duration Income (2)	PF Managed Bond Fund (4)	PF International Value Fund (4)

Pacific Funds^SM Core Income (2)	PF Short Duration Bond Fund (4)	PF Multi-Asset Fund (4)

Pacific Funds^SM Strategic Income (2)	PF Emerging Markets Debt Fund (4)	PF Real Estate Fund (4)

Pacific Funds^SM Floating Rate Income (2)	PF Growth Fund (4)

(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”

(4)

These Funds are collectively known as the “PF Underlying 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 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 and Pacific Funds ESG Core Bond which offer 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 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 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 PF Underlying Funds offer Class P shares only, which are sold at net asset value. Presently, only the Portfolio Optimization Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares.

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

The Portfolio Optimization Funds invest their assets in Class P shares of 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.

On July 31, 2020, Pacific Funds Large-Cap, Pacific Funds Small-Cap Growth, and PF Mid-Cap Equity Fund were liquidated pursuant to plans of liquidation approved by the Board of Trustees. On September 29, 2020, Pacific Funds Diversified Income was liquidated. On March 1, 2021, Pacific Funds Large-Cap Value was liquidated pursuant to a plan of liquidation approved by the Board of Trustees. Because these Funds were liquidated prior to March 31, 2021, no financial information is presented in this report.

D-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 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

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.

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.

Each PF Underlying Fund distributes all of its net investment income, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Each PF Underlying 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. 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 and printing. All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

D-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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”) for the one week and two month U.S. dollar (“USD”) tenors as well as all non USD LIBOR tenors after December 31, 2021; and the planned discontinuation of the overnight and one, three, six and twelve month LIBOR tenors after June 30, 2023. 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.

In October 2020, FASB issued ASU 2020-08, Receivables – Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the financial statements.

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. The methodologies used to value the Funds’ investments are described in greater detail in the Investment Valuation subsection below.

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

Each Fund of the Trust is divided into shares and one or more share classes. The price per share of each class of a Fund’s shares is called its NAV, which is determined by taking the total value of 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. The 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. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs. The value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

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.

D-3

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 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, 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.

D-4

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 March 31, 2021, 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.

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.

D-5

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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. Details of any unfunded loan commitments are disclosed 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

Certain investments in which a Fund invests rely in some manner on the London Interbank Offered Rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by the ICE Benchmark Administration (“IBA”). Previously, the Financial Conduct Authority (“FCA”), which regulates financial markets and financial services firms in the United Kingdom, 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. More recently, the IBA announced it will cease publication of USD LIBOR for the most common tenors (overnight and one, three, six and twelve months) as of June 30, 2023, and it will cease publication of USD LIBOR for the less commonly used tenors of one week and two months as well as all tenors of non-USD LIBOR as of December 31, 2021.

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 Funds in which a Portfolio Optimization Funds invests (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.

Allocations by the Portfolio Optimization Funds 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.

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”, whose transition formally began on January 31, 2020 and was finalized on December 31, 2020. Following the transition period, there is likely to be considerable uncertainty as to the United Kingdom’s post-transition framework, and in particular as to the arrangements which will apply to the United Kingdom’s relationships with the EU and with other countries. 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 or be expulsed from 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 and other socio-political or geo-political issues are not known but could 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

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Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, Secured Overnight Financing Rate, or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

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 March 31, 2021, no participation interest in Senior Loans was held by any of the Funds.

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

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U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Securities

Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions 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.

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Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed- upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.

The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.

Segregation and Collateral 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

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affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.

Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below. The Portfolio Optimization Funds are exposed to the same derivative risks as the applicable Funds in which a Portfolio Optimization Fund invests (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.

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.

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PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the 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 used inflation floors, and the PF Inflation Managed Fund used inflation floors and caps, 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

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PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the 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

D-14

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 March 31, 2021 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 purchased and 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.

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

D-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 March 31, 2021:


	Asset Derivative Investments Value
Fund	Total Value at March 31, 2021		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$410,792		$—		$—		$126,616		$284,176
PF Managed Bond		5,010,620		190,305		—		1,326,005		3,494,310
PF Short Duration Bond		125,472		—		—		—		125,472
PF Emerging Markets Debt		131,081		—		—		130,513		568
PF Multi-Asset		151,320,202		—		151,320,202		—		—


	Liability Derivative Investments Value
Fund	Total Value at March 31, 2021			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($261,082	)		($423	)		$—			($18,865	)		($241,794	)
PF Managed Bond		(4,594,238	)		(42,939	)		—			(771,210	)		(3,780,089	)
PF Short Duration Bond		(19,065	)		—			—			—			(19,065	)
PF Emerging Markets Debt		(634,071	)		—			—			(596,789	)		(37,282	)
PF Multi-Asset		(3,474,540	)		—			(3,474,540	)		—			—

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

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 March 31, 2021:


	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		($515,544	)		$14,061		$—		($390,159	)		($139,446	)
PF Managed Bond		(4,585,504	)		769,457		—		(2,312,810	)		(3,042,151	)
PF Short Duration Bond		497,447			11,906		—		—			485,541
PF Emerging Markets Debt		1,252,453			—		—		1,188,603			63,850
PF Multi-Asset		229,393,593			—		229,393,593		—			—


	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		$148,757			($64,270	)		$—		$64,624		$148,403
PF Managed Bond		1,577,085			498,085			—		203,918		875,082
PF Short Duration Bond		(296,031	)		(3,540	)		—		—		(292,491	)
PF Emerging Markets Debt		201,292			—			—		260,216		(58,924	)
PF Multi-Asset		254,097,981			—			254,097,981		—		—

D-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 fiscal year ended March 31, 2021:


	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		($23,736	)		18		$9,401			20		($5,138	)		35		$52,579
PF Managed Bond		28		(149,342	)		49		(50,273	)		56		(105,311	)		57		(931,216	)
PF Short Duration Bond		4		97,974			—		—			—		—			1		708
PF Emerging Markets Debt		—		—			101		(101,529	)		—		—			5		14,550
PF Multi-Asset		2		(24,205	)		—		—			—		—			23		85,135,331

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 fiscal year ended March 31, 2021.

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.

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 March 31, 2021:


		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		$126,616		($18,865	)		$—			$107,751			($18,865	)			$18,865		$—		$—
Option contracts		43,931		(41,152	)		—			2,779			(50,369	)			41,152		—		(9,217	)
Sale-buyback financing transactions		—		—			—			—			(6,639,894	)			6,624,832		—		(15,062	)

PF Managed Bond
Forward foreign currency contracts		1,259,066		(512,567	)		(163,645	)		582,854			(621,644	)			512,567		—		(109,077	)
Option contracts		4,405		(4,405	)		—			—			(44,666	)			4,405		—		(40,261	)
Swap agreements		589		(390	)		—			199			(18,152	)			390		—		(17,762	)

PF Emerging Markets Debt
Forward foreign currency contracts		130,513		(108,599	)		—			21,914			(596,789	)			108,599		151,046		(337,144	)

PF Multi-Asset
Swap agreements		151,320,202		(3,474,540	)		(146,949,527	)		896,135			(3,474,540	)			3,474,540		—		—

D-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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, exceeded the value of the repurchase agreements as of March 31, 2021.

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER 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 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 Funds presented in these financial statements. PLFA manages the Portfolio Optimization Funds and a portion of the PF Multi-Asset Fund directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of March 31, 2021, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, the advisory fee waiver and the sub-adviser of each Fund (if applicable), are as follows:


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% for assets 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 ESG Core Bond	0.38%		Pacific Asset Management LLC
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value	0.75%		Rothschild & Co Asset Management US Inc.
PF Inflation Managed Fund	0.40%		Pacific Investment Management Company LLC
PF Managed Bond Fund	0.40%	0.0075% (effective August 1, 2020)	J.P. Morgan Investment Management Inc., Pacific Investment Management Company LLC, and Western Asset Management Company, LLC (co-sub-advisers)
PF Short Duration Bond Fund	0.40%		T. Rowe Price Associates, Inc.
PF Emerging Markets Debt Fund	0.785%	0.02%	Ashmore Investment Management Limited
PF Growth Fund	0.55%		MFS Investment Management
PF Large-Cap Value Fund	0.65%		ClearBridge Investments, LLC
PF Small-Cap Growth Fund	0.60%		MFS Investment Management (Lord, Abbett & Co. LLC prior to May 1, 2020)
PF Small-Cap Value Fund	0.75%		AllianceBernstein L.P.
PF Emerging Markets Fund	0.80%		Invesco Advisers, Inc.
PF International Large-Cap Fund	0.85%	0.03% (effective January 1, 2021 through April 30, 2022)	MFS Investment Management
PF International Small-Cap Fund	0.85%		QS Investors, LLC
PF International Value Fund	0.65%		Wellington Management Company LLP
PF Multi-Asset Fund	0.35%		Pacific Asset Management LLC (collateral portion only)
PF Real Estate Fund	0.90%	0.15%	Principal Real Estate Investors, LLC

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 based on an annual rate of 0.15% of average daily net assets of each Fund.

D-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups.

The Distributor receives distribution and service fees 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, 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/or service fees for Class I, Class P, Advisor Class and Class R6 shares. The distribution and service fees are accrued daily. For the fiscal year ended March 31, 2021, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $4,938,198 from the sale of Class A shares and received $68,537 in CDSC from redemptions of Class A and C shares.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES

The Investment Adviser, the Distributor, and Pacific Life are related parties. For the fiscal year ended March 31, 2021, the advisory fees earned by the Investment Adviser (including any advisory fee waiver), the administration fees earned by Pacific Life, and the distribution and/or service fees earned by the Distributor are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of March 31, 2021 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 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 Class P shares of 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. The expense caps for each Portfolio Optimization Fund, PF Fixed Income Fund and PF US Equity Fund per share class 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
Pacific Funds Core Income	I, Advisor, and P	0.05% through 7/31/2021
Pacific Funds Strategic Income	A and Advisor	0.10% through 7/31/2021
Pacific Funds Strategic Income	C and I	0.05% through 7/31/2021
Pacific Funds Floating Rate Income	A and Advisor	0.10% through 7/31/2021
Pacific Funds Floating Rate Income	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
Pacific Funds High Income	C	0.05% through 7/31/2021
Pacific Funds ESG Core Bond	I and Advisor	0.10% through 7/31/2022
Pacific Funds Small/Mid-Cap	A, C and Advisor	0.20% through 7/31/2021
Pacific Funds Small-Cap Pacific Funds Small-Cap Value	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 for the fiscal year ended March 31, 2021 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of March 31, 2021 are presented in the Statements of Assets and Liabilities.

D-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

The cumulative expense reimbursement amounts, if any, as of March 31, 2021 that are subject to recoupment by PLFA from the Funds are as follows:


	Expiration Date
Fund	3/31/2022		3/31/2023		3/31/2024
Pacific Funds Portfolio Optimization Conservative		$230,770		$197,838		$173,374
Pacific Funds Portfolio Optimization Moderate-Conservative		305,325		249,902		209,189
Pacific Funds Portfolio Optimization Moderate		774,354		612,516		416,943
Pacific Funds Portfolio Optimization Growth		602,203		493,143		344,023
Pacific Funds Portfolio Optimization Aggressive-Growth		253,140		226,029		190,351
Pacific Funds Ultra Short Income				115,776		112,238
Pacific Funds Short Duration Income		1,385,844		2,174,161		1,444,108
Pacific Funds Core Income		1,843,904		2,204,086		1,935,705
Pacific Funds Strategic Income		1,612,421		1,718,677		1,086,189
Pacific Funds Floating Rate Income		4,391,138		3,637,709		2,383,395
Pacific Funds High Income		169,374		253,239		286,291
Pacific Funds ESG Core Bond						36,149
Pacific Funds Small/Mid-Cap		493,273		516,716		139,311
Pacific Funds Small-Cap		94,696		91,474		96,729
Pacific Funds Small-Cap Value		90,131		89,955		95,048
PF Inflation Managed		58,726		61,646		57,500
PF Managed Bond		443,715		472,703		547,131
PF Short Duration Bond		119,957		156,485		151,919
PF Emerging Markets Debt		124,856		133,378		168,623
PF Growth		112,913		136,249		148,484
PF Large-Cap Value		118,375		125,113		132,370
PF Small-Cap Growth		14,826		31,688		52,425
PF Small-Cap Value		53,658		60,545		64,489
PF Emerging Markets		310,434		309,200		261,447
PF International Large-Cap		124,692		163,188		134,071
PF International Small-Cap		60,110		79,456		78,680
PF International Value		154,717		170,154		142,097
PF Multi-Asset		609,033		588,849		666,818
PF Real Estate		30,395		69,513		47,068

Total		$14,582,980		$15,139,388		$11,602,165

There was no recoupment of expense reimbursement by PLFA from any Funds for the fiscal year ended March 31, 2021.

C. INVESTMENTS IN AFFILIATED FUNDS

As of March 31, 2021, 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 fiscal year ended March 31, 2021 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 March 31, 2021
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)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$5,870,120		$3,175,427		$150,103		$1,374,196		$63,817			$250,685			$8,135,956		724,484
Pacific Funds Floating Rate Income		2,168,559		2,551,023		55,236		2,391,297		(239,637	)		355,227			2,499,111		256,846
Pacific Funds High Income		22,844,778		8,511,337		1,303,131		10,045,793		(673,235	)		4,467,566			26,407,784		2,578,885
PF Inflation Managed		11,392,707		2,714,034		220,641		1,473,284		14,717			919,793			13,788,608		1,394,197
PF Managed Bond		72,247,239		34,128,590		1,309,718		10,154,857		3,729,835			(1,844,266	)		99,416,259		9,112,398
PF Short Duration Bond		33,763,657		18,017,725		754,949		25,578,517		731,370			990,936			28,680,120		2,828,414
PF Emerging Markets Debt		14,576,809		4,024,356		469,474		8,030,366		(1,516,197	)		2,795,086			12,319,162		1,493,232
PF Growth		2,371,306		254,975		—		2,342,037		902,468			85,200			1,271,912		41,647
PF Large-Cap Value		4,476,046		1,026,516		65,687		1,905,925		697,052			1,193,953			5,553,329		451,123
PF Small-Cap Growth		1,158,367		1,058,933		628		626,462		329,730			542,749			2,463,945		113,598
PF Small-Cap Value		1,154,281		2,412,157		11,838		845,900		(16,144	)		2,140,585			4,856,817		448,460
PF Emerging Markets		4,289,848		857,122		4,204		1,221,940		150,327			2,056,487			6,136,048		412,369
PF International Small-Cap		1,162,964		48,619		26,198		667,015		232,582			445,435			1,248,783		107,284
PF Multi-Asset		35,670,422		1,586,100		529,734		19,731,236		3,273,324			15,801,831			37,130,175		2,871,630
PF Real Estate		1,194,420		47,273		20,221		1,588,769		155,512			171,343			—		—
		$214,341,523		$80,414,187		$4,921,762		$87,977,594		$7,835,521			$30,372,610			$249,908,009

D-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


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 March 31, 2021
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)			Ending Value		Shares Balance

Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$6,747,736		$2,386,783		$173,599		$808,279		$68,925			$341,982			$8,910,746		793,477
Pacific Funds Floating Rate Income		1,430,744		1,688,713		36,903		1,555,073		(152,377	)		229,510			1,678,420		172,499
Pacific Funds High Income		25,790,324		5,542,389		1,558,792		12,269,107		(169,656	)		4,884,114			25,336,856		2,474,302
PF Inflation Managed		5,456,837		3,041,480		107,482		646,288		19,345			439,191			8,418,047		851,168
PF Managed Bond		82,241,385		32,721,961		1,446,671		10,060,632		4,242,948			(1,915,748	)		108,676,585		9,961,190
PF Short Duration Bond		25,602,075		10,446,087		622,440		14,459,972		426,471			813,827			23,450,928		2,312,715
PF Emerging Markets Debt		16,455,295		2,882,257		545,377		8,556,481		(1,205,580	)		3,119,105			13,239,973		1,604,845
PF Growth		9,963,335		167,298		—		4,884,650		3,668,835			995,488			9,910,306		324,502
PF Large-Cap Value		19,155,992		310,254		268,749		10,051,094		2,460,561			5,321,502			17,465,964		1,418,844
PF Small-Cap Growth		1,525,730		3,146,213		839		793,299		649,673			438,581			4,967,737		229,034
PF Small-Cap Value		1,520,135		4,857,477		23,581		2,176,199		383,817			3,554,707			8,163,518		753,787
PF Emerging Markets		11,298,209		224,596		11,206		4,277,178		756,770			5,182,364			13,195,967		886,826
PF International Large-Cap		2,671,974		385,089		22,029		659,195		304,087			766,338			3,490,322		302,717
PF International Small-Cap		1,531,666		1,461,318		35,021		573,816		(36,417	)		938,105			3,355,877		288,306
PF International Value		2,247,495		37,472		49,086		1,501,217		(190,422	)		1,168,597			1,811,011		224,970
PF Multi-Asset		69,933,180		1,162,519		1,054,203		28,140,503		4,877,681			33,196,094			82,083,174		6,348,273
PF Real Estate		3,146,593		53,809		54,338		2,451,770		203,594			702,483			1,709,047		125,665
		$286,718,705		$70,515,715		$6,010,316		$103,864,753		$16,308,255			$60,176,240			$335,864,478

Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$13,987,743		$7,835,379		$386,473		$3,106,213		$178,700			$661,591			$19,943,673		1,775,928
Pacific Funds Floating Rate Income		4,300,918		987,938		187,298		547,972		(38,609	)		491,076			5,380,649		552,996
Pacific Funds High Income		47,520,915		3,293,803		2,935,649		8,301,199		(193,624	)		8,898,125			54,153,669		5,288,444
PF Inflation Managed		4,113,245		6,791,080		83,114		556,606		23,016			341,503			10,795,352		1,091,542
PF Managed Bond		170,479,927		100,757,970		3,528,219		34,772,586		10,049,652			(6,096,652	)		243,946,530		22,359,902
PF Short Duration Bond		48,760,064		13,352,883		1,079,234		33,123,444		879,456			1,273,481			32,221,674		3,177,680
PF Emerging Markets Debt		33,076,367		7,592,912		714,186		25,289,339		(279,320	)		5,408,616			21,223,422		2,572,536
PF Growth		62,315,604		479,557		—		35,577,947		25,583,162			3,075,351			55,875,727		1,829,592
PF Large-Cap Value		67,523,333		512,103		1,044,334		37,856,958		11,051,282			18,071,800			60,345,894		4,902,185
PF Small-Cap Growth		4,599,050		14,856,889		5,071		2,646,829		2,266,799			2,153,953			21,234,933		979,020
PF Small-Cap Value		9,164,716		20,966,470		97,754		11,311,306		1,896,389			15,826,504			36,640,527		3,383,243
PF Emerging Markets		34,060,098		2,825,924		34,824		7,411,952		1,582,830			16,502,241			47,593,965		3,198,519
PF International Large-Cap		12,081,879		94,969		81,100		4,445,819		1,046,822			3,396,749			12,255,700		1,062,940
PF International Small-Cap		9,234,086		72,777		216,571		4,231,758		(26,353	)		5,493,637			10,758,960		924,309
PF International Value		9,935,840		1,454,892		206,974		9,510,972		(967,893	)		5,215,057			6,333,898		786,820
PF Multi-Asset		334,558,667		17,239,272		5,124,834		108,760,901		19,673,799			165,539,305			433,374,976		33,517,013
PF Real Estate		14,227,870		247,230		169,054		12,501,035		2,170,053			1,166,150			5,479,322		402,891
		$879,940,322		$199,362,048		$15,894,689		$339,952,836		$74,896,161			$247,418,487			$1,077,558,871

Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,009,609		$4,488,850		$150,430		$1,130,002		$69,427			$222,317			$8,810,631		784,562
Pacific Funds High Income		22,338,375		14,087,473		1,671,580		7,473,475		(13,896	)		4,797,263			35,407,320		3,457,746
PF Managed Bond		60,023,008		55,613,899		1,427,536		12,567,593		3,999,438			(2,867,808	)		105,628,480		9,681,804
PF Short Duration Bond		12,005,569		6,091,193		382,987		5,760,902		59,420			388,853			13,167,120		1,298,533
PF Emerging Markets Debt		21,378,257		2,039,987		564,713		14,538,735		40,613			3,524,176			13,009,011		1,576,850
PF Growth		53,976,306		14,886,477		—		18,062,021		21,070,796			5,134,967			77,006,525		2,521,497
PF Large-Cap Value		48,236,075		21,064,712		692,879		19,382,913		8,240,716			12,241,510			71,092,979		5,775,222
PF Small-Cap Growth		6,793,941		12,945,743		4,032		3,033,024		2,587,868			2,394,663			21,693,223		1,000,149
PF Small-Cap Value		10,154,356		20,784,852		114,879		8,138,852		1,077,459			18,786,501			42,779,195		3,950,064
PF Emerging Markets		34,593,100		3,483,526		37,657		5,137,344		1,597,603			17,288,196			51,862,738		3,485,399
PF International Large-Cap		18,179,153		4,404,030		106,761		6,680,403		1,480,467			4,720,224			22,210,232		1,926,299
PF International Small-Cap		10,231,331		26,210		255,118		3,541,758		(66,072	)		6,284,947			13,189,776		1,133,142
PF International Value		15,011,342		4,478,099		454,568		5,906,513		(1,142,924	)		9,105,871			22,000,443		2,732,974
PF Multi-Asset		324,987,393		813,270		5,165,562		145,655,961		31,693,790			152,203,848			369,207,902		28,554,362
PF Real Estate		17,516,654		832,192		263,865		9,898,244		185,453			4,534,925			13,434,845		987,856
		$660,434,469		$166,040,513		$11,292,567		$266,907,740		$70,880,158			$238,760,453			$880,500,420

D-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


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 March 31, 2021
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)			Ending Value		Shares Balance

Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$221,964		$484,568		$8,429		$392,467		$2,913			$9,862			$335,269		29,855
Pacific Funds High Income		2,262,187		2,535,098		186,761		435,889		(1,200	)		505,570			5,052,527		493,411
PF Managed Bond		1,974,074		7,358,882		127,238		4,759,751		193,717			(204,789	)		4,689,371		429,823
PF Short Duration Bond		2,127,923		722,426		70,373		3,000,562		58,574			21,266			—		—
PF Emerging Markets Debt		2,165,122		378,478		68,915		1,316,495		(100,602	)		454,705			1,650,123		200,015
PF Growth		34,972,470		7,855,868		—		23,609,792		16,180,316			(303,458	)		35,095,404		1,149,162
PF Large-Cap Value		20,932,217		2,871,890		205,677		14,440,976		4,984,118			2,523,871			17,076,797		1,387,230
PF Small-Cap Growth		3,611,496		7,186,855		4,361		1,476,337		1,920,796			1,961,174			13,208,345		608,960
PF Small-Cap Value		5,997,574		12,316,877		77,113		6,695,158		1,178,127			11,544,233			24,418,766		2,254,734
PF Emerging Markets		13,375,343		4,693,136		15,023		2,455,527		674,498			6,722,681			23,025,154		1,547,389
PF International Large-Cap		8,902,532		1,886,209		56,074		3,093,867		876,740			2,309,782			10,937,470		948,610
PF International Small-Cap		4,834,320		1,590,988		125,898		1,192,651		(60,618	)		3,067,216			8,365,153		718,656
PF International Value		7,802,250		126,196		119,342		6,571,381		(132,307	)		2,923,946			4,268,046		530,192
PF Multi-Asset		119,967,717		17,132,280		2,300,251		31,989,794		8,554,343			65,702,695			181,667,492		14,050,077
PF Real Estate		7,448,597		681,191		121,107		5,207,070		217,164			1,851,189			5,112,178		375,895
		$236,595,786		$67,820,942		$3,486,562		$106,637,717		$34,546,579			$99,089,943			$334,902,095

(1)

Purchase cost excludes distributions received and reinvested, if any.

(2)

Distributions received include distributions from net investment income, if any.

(3)

Net realized gain (loss) includes capital gains distributions received, if any.

As of March 31, 2021, 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		82.70%
Pacific Funds ESG Core Bond		100.00%
Pacific Funds Small-Cap Value		46.61%

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 fiscal year ended March 31, 2021, such expenses increased by $48,782 for all applicable Funds as a result of the market value appreciation on such accounts. As of March 31, 2021, the total amount in the DCP Liability accounts for all applicable Funds was $139,515.

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

D-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 fiscal year ended March 31, 2021, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.

8. COMMITTED LINE OF CREDIT

The Trust has an unsecured $200,000,000 committed revolving line of credit agreement with a syndicate of banks, which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing under the line of credit agreement is the overnight rate (the higher of the Federal Funds Effective Rate or the daily One-Month Eurodollar Rate) plus applicable margin of 1.25%. Prior to October 21, 2020, the interest rate on borrowing under the line of credit agreement was the Federal Funds effective rate, plus 1.20%. Pacific Funds Floating Rate Income paid an upfront fee of 0.05% and pays a commitment fee equal to 0.20% per annum on the daily unused portion of the committed line. As of March 31, 2021, the actual interest rate on borrowing by the Trust was 1.36%. 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 2.19% and $39,000,000, respectively. As of March 31, 2021, 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 fiscal year ended March 31, 2021, are summarized in the following table:


	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$92,138,644		$87,977,594
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		90,642,248		103,864,753
Pacific Funds Portfolio Optimization Moderate		—		—		272,331,715		339,952,836
Pacific Funds Portfolio Optimization Growth		—		—		224,605,847		266,907,740
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		90,974,785		106,637,717
Pacific Funds Ultra Short Income		—		1,723,996		32,735,702		24,520,383
Pacific Funds Short Duration Income		4,191,876		107,165,432		922,284,976		722,735,976
Pacific Funds Core Income		377,396,875		380,478,588		894,938,845		739,681,078
Pacific Funds Strategic Income		—		—		856,161,603		635,570,755
Pacific Funds Floating Rate Income		—		—		2,415,706,820		1,723,380,727
Pacific Funds High Income		—		—		104,938,872		98,147,047
Pacific Funds ESG Core Bond		8,286,780		2,540,817		22,979,458		3,818,940
Pacific Funds Small/Mid-Cap		—		—		182,444,936		251,132,174
Pacific Funds Small-Cap		—		—		10,016,317		14,611,696
Pacific Funds Small-Cap Value		—		—		12,280,446		17,064,429
PF Inflation Managed		71,930,940		62,033,829		1,369,597		3,698,282
PF Managed Bond		2,334,919,315		2,403,564,702		313,400,872		293,599,696
PF Short Duration Bond		74,049,231		64,661,466		49,868,321		87,827,879
PF Emerging Markets Debt		—		—		55,750,949		90,679,024
PF Growth		—		—		58,178,380		119,626,245
PF Large-Cap Value		—		—		47,466,430		100,515,695
PF Small-Cap Growth		—		—		76,373,377		46,407,075
PF Small-Cap Value		—		—		96,201,963		64,353,837
PF Emerging Markets		—		—		47,921,676		57,585,601
PF International Large-Cap		—		—		8,880,865		16,066,456
PF International Small-Cap		—		—		12,526,057		19,237,183
PF International Value		—		—		11,701,039		28,168,835
PF Multi-Asset		98,041,367		158,103,877		367,654,369		396,714,058
PF Real Estate		—		—		15,190,206		42,551,354

10. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of March 31, 2021, are summarized in the following table:


		Remaining Contractual Maturity of the Agreements
Secured Borrowings	Collateral Type	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 Days		Total
PF Inflation Managed
Sale-buyback financing transactions	U.S. Treasury Obligations		$—		$6,639,894		$—		$—		$6,639,894

Total borrowings			$—		$6,639,894		$—		$—		$6,639,894

D-23

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

11. 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, 2021, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2021:


				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		$—			$585,040		$2,465,905		$—		$—		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		11,102,798		—		—		—		—
Pacific Funds Portfolio Optimization Moderate		—			—		50,913,751		—		—		—		—
Pacific Funds Portfolio Optimization Growth		—			109,524		56,085,797		—		—		—		—
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—		21,359,451		—		—		—		—
Pacific Funds Ultra Short Income		—			80,339		48,035		—		—		—		—
Pacific Funds Short Duration Income		—			2,690,654		2,821,205		—		—		—		—
Pacific Funds Core Income		—			6,220,399		7,211,097		—		—		—		—
Pacific Funds Strategic Income		(1,500,711	)		621,949		—		—		—		—		—
Pacific Funds Floating Rate Income		(129,696,352	)		1,144,484		—		—		—		—		—
Pacific Funds High Income		(8,783,771	)		73,452		—		—		—		—		—
Pacific Funds ESG Core Bond		(41,744	)		2,762		—		—		—		—		—
Pacific Funds Small/Mid-Cap		—			—		674,320		376,946		—		—		376,946
Pacific Funds Small-Cap		(108,798	)		—		—		25,887		—		—		25,887
Pacific Funds Small-Cap Value		(1,115,440	)		—		—		19,494		—		—		19,494
PF Inflation Managed		(7,035,049	)		—		—		—		—		—		—
PF Managed Bond		—			4,008,863		—		—		2,300,272		—		2,300,272
PF Short Duration Bond		(308,442	)		245,320		—		—		—		—		—
PF Emerging Markets Debt		(5,063,753	)		—		—		—		—		—		—
PF Growth		—			247,682		11,278,341		—		—		—		—
PF Large-Cap Value		—			1,905,524		10,375,806		—		—		—		—
PF Small-Cap Growth		—			2,916,002		406,457		—		—		—		—
PF Small-Cap Value		—			1,930,523		—		—		—		—		—
PF Emerging Markets		—			4,708,902		5,178,429		—		—		—		—
PF International Large-Cap		—			450,955		1,812,943		—		—		—		—
PF International Small-Cap		(3,509,900	)		1,195,027		—		—		—		—		—
PF International Value		(4,022,726	)		—		—		—		—		—		—
PF Multi-Asset		—			31,688,420		140,491,518		—		—		—		—
PF Real Estate		(2,901,132	)		—		—		—		—		—		—

Accumulated capital losses represent net capital loss carryovers as of March 31, 2021 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, 2021 and capital loss carryover from prior years utilized during the fiscal year or period ended March 31, 2021:


	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year or Period Ended March 31, 2021
Fund	Short Term			Long Term			Accumulated Capital Loss Carryover
Pacific Funds Portfolio Optimization Conservative		$—			$—			$—			$2,102,994
Pacific Funds Short Duration Income		—			—			—			6,444,892
Pacific Funds Core Income		—			—			—			21,043,536
Pacific Funds Strategic Income		—			(1,500,711	)		(1,500,711	)		5,806,918
Pacific Funds Floating Rate Income		(32,630,094	)		(97,066,258	)		(129,696,352	)		—
Pacific Funds High Income		(2,706,898	)		(6,076,873	)		(8,783,771	)		2,026,651
Pacific Funds ESG Core Bond		(41,744	)		—			(41,744	)		—
Pacific Funds Small/Mid-Cap		—			—			—			15,852,377
Pacific Funds Small-Cap		(108,798	)		—			(108,798	)		1,112,127
Pacific Funds Small-Cap Value		(1,115,440	)		—			(1,115,440	)		250,730
PF Inflation Managed		—			(7,035,049	)		(7,035,049	)		1,056,587
PF Short Duration Bond		—			(308,442	)		(308,442	)		1,454,271
PF Emerging Markets Debt		—			(5,063,753	)		(5,063,753	)		2,883,489
PF International Small-Cap		(3,509,900	)		—			(3,509,900	)		3,699,062
PF International Value		(589,224	)		(3,433,502	)		(4,022,726	)		—
PF Multi-Asset		—			—			—			22,988,577
PF Real Estate		(2,901,132	)		—			(2,901,132	)		—

D-24

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 March 31, 2021, 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		$225,156,035		$28,072,135		($3,320,161	)		$24,751,974			$—			$24,751,974
Pacific Funds Portfolio Optimization Moderate-Conservative		291,517,390		44,347,088		—			44,347,088			—			44,347,088
Pacific Funds Portfolio Optimization Moderate		861,156,977		226,305,582		(9,903,688	)		216,401,894			—			216,401,894
Pacific Funds Portfolio Optimization Growth		685,240,867		195,259,553		—			195,259,553			—			195,259,553
Pacific Funds Portfolio Optimization Aggressive-Growth		249,587,090		89,253,275		(3,938,270	)		85,315,005			—			85,315,005
Pacific Funds Ultra Short Income		31,406,208		122,294		(26,919	)		95,375			—			95,375
Pacific Funds Short Duration Income		1,186,472,006		17,262,471		(2,459,840	)		14,802,631			(1,345	)		14,801,286
Pacific Funds Core Income		1,200,685,188		26,005,941		(14,139,062	)		11,866,879			(1,345	)		11,865,534
Pacific Funds Strategic Income		988,579,404		39,348,211		(9,464,627	)		29,883,584			(8,949	)		29,874,635
Pacific Funds Floating Rate Income		2,200,766,081		22,533,310		(7,952,519	)		14,580,791			(25,080	)		14,555,711
Pacific Funds High Income		150,858,160		8,711,018		(982,368	)		7,728,650			(126	)		7,728,524
Pacific Funds ESG Core Bond		25,118,795		18,233		(730,974	)		(712,741	)		—			(712,741	)
Pacific Funds Small/Mid-Cap		240,800,179		115,254,633		(7,476,829	)		107,777,804			—			107,777,804
Pacific Funds Small-Cap		11,833,164		5,112,501		(326,049	)		4,786,452			—			4,786,452
Pacific Funds Small-Cap Value		13,409,632		5,088,314		(574,143	)		4,514,171			—			4,514,171
PF Inflation Managed		39,289,516		1,465,613		(1,058,631	)		406,982			9,232			416,214
PF Managed Bond		634,040,142		10,181,457		(17,442,551	)		(7,261,094	)		(75,710	)		(7,336,804	)
PF Short Duration Bond		97,374,545		1,442,971		(95,611	)		1,347,360			183			1,347,543
PF Emerging Markets Debt		63,824,102		2,998,652		(5,986,449	)		(2,987,797	)		(83,997	)		(3,071,794	)
PF Growth		74,026,110		106,005,709		(610,827	)		105,394,882			—			105,394,882
PF Large-Cap Value		93,533,921		79,045,674		(1,081,470	)		77,964,204			—			77,964,204
PF Small-Cap Growth		56,302,183		9,231,192		(2,071,979	)		7,159,213			22			7,159,235
PF Small-Cap Value		78,937,296		39,450,360		(1,393,675	)		38,056,685			—			38,056,685
PF Emerging Markets		85,017,084		61,335,239		(4,094,288	)		57,240,951			(669,613	)		56,571,338
PF International Large-Cap		26,230,056		23,809,043		(1,526,491	)		22,282,552			(26,736	)		22,255,816
PF International Small-Cap		25,909,600		12,112,647		(1,347,129	)		10,765,518			(364	)		10,765,154
PF International Value		30,603,196		7,776,557		(4,337,472	)		3,439,085			2,544			3,441,629
PF Multi-Asset		950,127,289		10,253,101		(306,837	)		9,946,264			147,845,662			157,791,926
PF Real Estate		18,031,611		8,950,821		(1,293,212	)		7,657,609			—			7,657,609

(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, investments in passive foreign investment companies, unfunded loan commitments, partnerships, defaulted securities, and differing treatments for sale-buyback financing transactions and U.S. Treasury Inflation Protected Securities.

(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, 2017.

12. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the fiscal year or period ended March 31, 2021 and the fiscal year ended March 31, 2020, were as follows:


	For the Year or Period Ended March 31, 2021								For the Year Ended March 31, 2020
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$6,724,180		$—		$—		$6,724,180		$3,809,492		$474,053		$4,283,545
Pacific Funds Portfolio Optimization Moderate-Conservative		8,082,625		135,673		—		8,218,298		6,035,647		1,191,046		7,226,693
Pacific Funds Portfolio Optimization Moderate		23,696,758		8,349,683		—		32,046,441		14,938,594		36,584,051		51,522,645
Pacific Funds Portfolio Optimization Growth		13,724,548		8,271,399		—		21,995,947		12,750,292		43,057,923		55,808,215
Pacific Funds Portfolio Optimization Aggressive-Growth		3,437,004		7,064,241		—		10,501,245		4,686,703		18,900,961		23,587,664
Pacific Funds Ultra Short Income		403,166		9,673		—		412,839		438,277		—		438,277
Pacific Funds Short Duration Income		18,720,253		—		—		18,720,253		24,211,883		—		24,211,883
Pacific Funds Core Income		31,092,260		1,743,297		—		32,835,557		23,931,961		—		23,931,961
Pacific Funds Strategic Income		29,219,412		—		—		29,219,412		29,155,007		—		29,155,007
Pacific Funds Floating Rate Income		57,410,489		—		—		57,410,489		77,305,342		—		77,305,342
Pacific Funds High Income		8,394,548		—		—		8,394,548		6,829,639		—		6,829,639
Pacific Funds ESG Core Bond		68,061		—		—		68,061
Pacific Funds Small/Mid-Cap		725,132		216,917		—		942,049		1,472,291		—		1,472,291
Pacific Funds Small-Cap		8,412		—		—		8,412		50,279		—		50,279
Pacific Funds Small-Cap Value		102,422		—		—		102,422		183,746		—		183,746
PF Inflation Managed		411,237		—		—		411,237		448,792		—		448,792
PF Managed Bond		27,188,022		4,159,022		—		31,347,044		11,614,415		—		11,614,415
PF Short Duration Bond		2,909,983		—		—		2,909,983		4,409,514		—		4,409,514

D-25

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	For the Year or Period Ended March 31, 2021								For the Year Ended March 31, 2020
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
PF Emerging Markets Debt		$2,362,664		$—		$—		$2,362,664		$3,084,637		$—		$3,084,637
PF Growth		2,143,783		41,747,879		—		43,891,662		710,327		5,538,368		6,248,695
PF Large-Cap Value		5,040,387		20,741,707		—		25,782,094		2,395,784		9,321,653		11,717,437
PF Small-Cap Growth		4,020,897		2,478,883		—		6,499,780		—		1,213,285		1,213,285
PF Small-Cap Value		325,166		—		—		325,166		841,075		4,019,780		4,860,855
PF Emerging Markets		1,260,582		2,437,304		—		3,697,886		3,103,562		15,553,740		18,657,302
PF International Large-Cap		1,265,942		2,992,554		—		4,258,496		1,035,846		5,539,936		6,575,782
PF International Small-Cap		658,806		—		—		658,806		1,056,704		—		1,056,704
PF International Value		829,970		—		—		829,970		1,866,805		—		1,866,805
PF Multi-Asset		14,603,227		39,218,966		—		53,822,193		26,336,391		—		26,336,391
PF Real Estate		339,852		—		288,733		628,585		1,986,246		740,953		2,727,199

13. RECLASSIFICATION OF ACCOUNTS

During the fiscal year or period ended March 31, 2021, reclassifications as shown in the following table have been made in each Fund’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2021. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to reclassifications of sale-buyback financing transactions, paydown gain/loss, partnership income, foreign currency transactions, non-deductible expenses, swap income, futures gain/loss, investments in passive foreign investment companies, foreign capital gain tax, redesignation of dividends paid, partnerships, defaulted bonds, short-term capital gains, treatment of net operating losses and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.


Fund	Paid-In Capital			Undistributed/ Accumulated Net Investment Income (Loss)			Undistributed/ Accumulated Net Realized Gain (Loss)
Pacific Funds Portfolio Optimization Conservative		$—			$3,594,176			($3,594,176	)
Pacific Funds Portfolio Optimization Moderate-Conservative		—			4,703,710			(4,703,710	)
Pacific Funds Portfolio Optimization Moderate		—			14,130,374			(14,130,374	)
Pacific Funds Portfolio Optimization Growth		—			8,341,384			(8,341,384	)
Pacific Funds Portfolio Optimization Aggressive-Growth		—			3,036,902			(3,036,902	)
Pacific Funds Ultra Short Income		(847	)		9,588			(8,741	)
Pacific Funds Short Duration Income		—			(14,189	)		14,189
Pacific Funds Core Income		—			50,528			(50,528	)
Pacific Funds Strategic Income		(651	)		651			—
Pacific Funds High Income		(134	)		9			125
Pacific Funds ESG Core Bond		(3,370	)		6,676			(3,306	)
Pacific Funds Small/Mid-Cap		—			216,917			(216,917	)
Pacific Funds Small-Cap		(4,004	)		4,004			—
Pacific Funds Small-Cap Value		(899	)		899			—
PF Inflation Managed		(128,201	)		(496,676	)		624,877
PF Managed Bond		—			(5,105,481	)		5,105,481
PF Short Duration Bond		—			31,757			(31,757	)
PF Emerging Markets Debt		(135,186	)		(78,967	)		214,153
PF Growth		—			443,207			(443,207	)
PF Large-Cap Value		(335	)		140,270			(139,935	)
PF Small-Cap Growth		—			121,198			(121,198	)
PF Emerging Markets		—			(120,248	)		120,248
PF International Large-Cap		—			7,042			(7,042	)
PF International Small-Cap		—			446,188			(446,188	)
PF International Value		(7,722	)		76,327			(68,605	)
PF Multi-Asset		—			(41,786	)		41,786
PF Real Estate		(288,733	)		288,733			—

D-26

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

14. 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 March 31, 2021 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)
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class A
Shares sold		3,133,583			6,495,722			2,541,820			7,767,556			4,863,983			18,537,632			3,410,074			12,271,667
Dividends and distribution reinvested		453,642			324,224			563,430			544,560			1,922,442			3,374,243			1,265,839			3,493,220
Shares repurchased		(3,070,586	)		(3,817,604	)		(3,753,906	)		(5,723,129	)		(11,649,669	)		(14,928,645	)		(8,138,362	)		(10,132,943	)
Converted from Class B shares		—			1,355,707			—			2,032,245			—			6,090,089			—			4,316,826
Net increase (decrease)		516,639			4,358,049			(648,656	)		4,621,232			(4,863,244	)		13,073,319			(3,462,449	)		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		16,705,297			16,188,658			22,640,090			23,288,746			62,564,249			67,427,493			47,942,848			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		1,037,772			1,179,580			388,735			621,381			877,176			1,255,885			935,078			973,016
Dividends and distribution reinvested		102,719			56,670			78,572			74,501			282,566			618,266			176,810			642,952
Shares repurchased		(1,824,418	)		(7,507,366	)		(1,784,656	)		(8,742,296	)		(4,699,621	)		(20,517,810	)		(3,139,181	)		(13,625,537	)
Net increase (decrease)		(683,927	)		(6,271,116	)		(1,317,349	)		(8,046,414	)		(3,539,879	)		(18,643,659	)		(2,027,293	)		(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		4,206,449			4,890,376			3,715,925			5,033,274			10,211,635			13,751,514			7,732,160			9,759,453

Advisor Class
Shares sold		471,834			381,144			113,706			242,251			1,239,561			585,368			437,631			469,064
Dividends and distribution reinvested		24,384			17,475			14,758			13,425			74,211			107,909			35,031			97,427
Shares repurchased		(223,359	)		(362,084	)		(207,949	)		(406,495	)		(877,646	)		(888,951	)		(541,814	)		(724,434	)
Net increase (decrease)		272,859			36,535			(79,485	)		(150,819	)		436,126			(195,674	)		(69,152	)		(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		981,074			708,215			486,221			565,706			2,477,677			2,041,551			1,290,843			1,359,995

D-27

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Portfolio Optimization Aggressive-Growth (1)						Pacific Funds Ultra Short Income (2)						Pacific Funds Short Duration Income						Pacific Funds Core Income
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Period Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class A
Shares sold		1,220,158			3,562,121									12,538,919			8,970,742			5,144,767			8,665,893
Dividends and distribution reinvested		526,227			1,308,345									208,932			276,592			344,789			275,501
Shares repurchased		(2,913,938	)		(2,887,321	)								(8,740,026	)		(5,431,153	)		(4,389,220	)		(3,473,506	)
Converted from Class B shares		—			1,259,139									—			—			—			—
Net increase (decrease)		(1,167,553	)		3,242,284									4,007,825			3,816,181			1,100,336			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		15,655,832			16,823,385									19,367,776			15,359,951			14,375,022			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		326,942			407,119									1,549,181			2,291,836			1,330,698			1,900,796
Dividends and distribution reinvested		80,577			239,008									36,483			71,673			90,450			112,580
Shares repurchased		(1,044,819	)		(3,633,527	)								(1,584,825	)		(1,984,227	)		(2,102,879	)		(4,230,187	)
Net increase (decrease)		(637,300	)		(2,987,400	)								839			379,282			(681,731	)		(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		2,583,065			3,220,365									4,869,674			4,868,835			4,827,808			5,509,539

Class I
Shares sold								4,629			1,250,192			6,460,253			5,954,247			5,549,240			4,083,029
Dividends and distribution reinvested								17,722			21,867			202,068			252,068			210,691			121,234
Shares repurchased								(4,629	)		—			(3,822,396	)		(3,709,630	)		(1,812,081	)		(1,019,595	)
Net increase (decrease)								17,722			1,272,059			2,839,925			2,496,685			3,947,850			3,184,668
Beginning shares outstanding								1,272,059			—			10,605,453			8,108,768			5,691,095			2,506,427
Ending shares outstanding								1,289,781			1,272,059			13,445,378			10,605,453			9,638,945			5,691,095

Class P
Shares sold																				1,610,458			82,318
Dividends and distribution reinvested																				103,281			104,194
Shares repurchased																				(597,648	)		(1,035,481	)
Net increase (decrease)																				1,116,091			(848,969	)
Beginning shares outstanding																				2,992,215			3,841,184
Ending shares outstanding																				4,108,306			2,992,215

Advisor Class
Shares sold		310,473			293,957			782,702			1,303,584			52,415,830			74,015,215			40,390,540			48,237,571
Dividends and distribution reinvested		28,627			65,623			23,368			22,001			1,267,116			1,640,194			1,599,233			1,148,219
Shares repurchased		(340,662	)		(279,435	)		(260,164	)		(40,210	)		(51,530,741	)		(51,140,510	)		(34,461,869	)		(22,754,430	)
Net increase (decrease)		(1,562	)		80,145			545,906			1,285,375			2,152,205			24,514,899			7,527,904			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		838,403			839,965			1,831,281			1,285,375			73,578,500			71,426,295			71,491,427			63,963,523

D-28

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds ESG Core Bond (2)
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Period Ended 3/31/2021

Class A
Shares sold		4,708,081			4,914,682			5,667,393			8,486,582			151,557			601,052
Dividends and distribution reinvested		224,381			229,703			609,991			889,857			41,931			34,793
Shares repurchased		(3,204,856	)		(3,585,612	)		(7,221,698	)		(11,440,196	)		(294,916	)		(323,463	)
Net increase (decrease)		1,727,606			1,558,773			(944,314	)		(2,063,757	)		(101,428	)		312,382
Beginning shares outstanding		7,359,552			5,800,779			18,468,543			20,532,300			826,007			513,625
Ending shares outstanding		9,087,158			7,359,552			17,524,229			18,468,543			724,579			826,007

Class C
Shares sold		1,586,601			2,962,272			1,374,643			2,175,673			48,266			49,822
Dividends and distribution reinvested		154,416			183,388			277,085			600,424			8,000			11,465
Shares repurchased		(1,973,263	)		(2,175,238	)		(4,296,787	)		(11,051,710	)		(98,459	)		(201,951	)
Net increase (decrease)		(232,246	)		970,422			(2,645,059	)		(8,275,613	)		(42,193	)		(140,664	)
Beginning shares outstanding		6,512,760			5,542,338			11,704,425			19,980,038			229,687			370,351
Ending shares outstanding		6,280,514			6,512,760			9,059,366			11,704,425			187,494			229,687

Class I
Shares sold		1,411,194			1,394,002			69,364,697			23,549,454			213			60			1,250,000
Dividends and distribution reinvested		56,057			49,381			1,988,250			1,870,245			342			649			3,452
Shares repurchased		(1,979,140	)		(267,743	)		(13,784,531	)		(28,551,536	)		(750	)		(12,014	)		—
Net increase (decrease)		(511,889	)		1,175,640			57,568,416			(3,131,837	)		(195	)		(11,305	)		1,253,452
Beginning shares outstanding		1,721,194			545,554			47,117,049			50,248,886			6,229			17,534			—
Ending shares outstanding		1,209,305			1,721,194			104,685,465			47,117,049			6,034			6,229			1,253,452

Class P
Shares sold								548,182			27,233			3,481,800			3,937,512
Dividends and distribution reinvested								29,097			108,649			780,464			611,005
Shares repurchased								(491,671	)		(2,490,782	)		(3,913,655	)		(1,959,911	)
Net increase (decrease)								85,608			(2,354,900	)		348,609			2,588,606
Beginning shares outstanding								896,733			3,251,633			13,944,180			11,355,574
Ending shares outstanding								982,341			896,733			14,292,789			13,944,180

Advisor Class
Shares sold		40,314,864			34,558,879			46,214,284			33,194,835			594,851			300,223			1,250,000
Dividends and distribution reinvested		1,746,869			1,726,826			2,179,452			3,446,801			23,028			26,234			3,452
Shares repurchased		(20,380,801	)		(28,779,765	)		(32,313,805	)		(63,030,625	)		(617,976	)		(310,272	)		—
Net increase (decrease)		21,680,932			7,505,940			16,079,931			(26,388,989	)		(97	)		16,185			1,253,452
Beginning shares outstanding		50,547,170			43,041,230			57,345,817			83,734,806			380,090			363,905			—
Ending shares outstanding		72,228,102			50,547,170			73,425,748			57,345,817			379,993			380,090			1,253,452

D-29

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)



	Pacific Funds Small/Mid-Cap (3)						Pacific Funds Small-Cap (3)						Pacific Funds Small-Cap Value (3)
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class A
Shares sold		747,499			454,542			89,846			86,023			369,226			54,584
Dividends and distribution reinvested		—			3,558			—			517			902			1,211
Shares repurchased		(942,569	)		(626,661	)		(314,203	)		(107,452	)		(345,212	)		(32,035	)
Net increase (decrease)		(195,070	)		(168,561	)		(224,357	)		(20,912	)		24,916			23,760
Beginning shares outstanding		1,511,021			1,679,582			390,394			411,306			166,380			142,620
Ending shares outstanding		1,315,951			1,511,021			166,037			390,394			191,296			166,380

Class C
Shares sold		68,397			95,408			15,659			15,340			29,831			8,774
Dividends and distribution reinvested		—			—			—			—			—			—
Shares repurchased		(419,774	)		(419,242	)		(29,175	)		(26,702	)		(65,736	)		(46,057	)
Net increase (decrease)		(351,377	)		(323,834	)		(13,516	)		(11,362	)		(35,905	)		(37,283	)
Beginning shares outstanding		1,004,451			1,328,285			64,218			75,580			106,733			144,016
Ending shares outstanding		653,074			1,004,451			50,702			64,218			70,828			106,733

Advisor Class
Shares sold		2,175,547			4,483,757			90,017			154,768			283,768			546,781
Dividends and distribution reinvested		60,783			97,217			597			3,072			8,962			13,929
Shares repurchased		(6,795,051	)		(7,251,475	)		(299,163	)		(323,883	)		(728,169	)		(215,844	)
Net increase (decrease)		(4,558,721	)		(2,670,501	)		(208,549	)		(166,043	)		(435,439	)		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		17,809,772			22,368,493			698,432			906,981			1,182,596			1,618,035

Class R6
Shares sold		34,595			35,711			45,127			43,519			21,769			43,667
Dividends and distribution reinvested		407			2,177			—			199			919			3,342
Shares repurchased		(447,202	)		(26,796	)		(19,841	)		(10,347	)		(297,583	)		(15,200	)
Net increase (decrease)		(412,200	)		11,092			25,286			33,371			(274,895	)		31,809
Beginning shares outstanding		500,682			489,590			91,702			58,331			375,308			343,499
Ending shares outstanding		88,482			500,682			116,988			91,702			100,413			375,308

D-30

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class P
Shares sold		1,271,440			50,345			20,021,861			3,615,077			4,812,822			3,472,022			2,025,141			5,812,009
Dividends and distributions reinvested		41,165			49,102			2,749,801			1,054,428			287,548			443,167			266,366			340,844
Shares repurchased		(271,733	)		(2,451,976	)		(6,309,554	)		(16,664,549	)		(7,996,773	)		(7,041,652	)		(7,051,807	)		(1,751,480	)
Net increase (decrease)		1,040,872			(2,352,529	)		16,462,108			(11,995,044	)		(2,896,403	)		(3,126,463	)		(4,760,300	)		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		3,336,907			2,296,035			51,545,117			35,083,009			9,617,341			12,513,744			7,447,478			12,207,778

	PF Growth Fund						PF Large-Cap Value Fund						PF Small-Cap Growth Fund						PF Small-Cap Value Fund
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class P
Shares sold		784,320			744,195			2,126,138			4,035,833			1,762,560			540,745			8,309,666			139,026
Dividends and distributions reinvested		1,470,408			209,732			2,277,895			930,979			325,430			71,962			38,076			601,184
Shares repurchased		(2,425,191	)		(1,772,752	)		(7,066,086	)		(2,688,678	)		(403,782	)		(217,548	)		(2,971,600	)		(3,925,447	)
Net increase (decrease)		(170,463	)		(818,825	)		(2,662,053	)		2,278,134			1,684,208			395,159			5,376,142			(3,185,237	)
Beginning shares outstanding		6,036,864			6,855,689			16,596,656			14,318,522			1,246,552			851,393			5,414,146			8,599,383
Ending shares outstanding		5,866,401			6,036,864			13,934,603			16,596,656			2,930,760			1,246,552			10,790,288			5,414,146

	PF Emerging Markets Fund						PF International Large-Cap Fund						PF International Small-Cap Fund						PF International Value Fund
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class P
Shares sold		827,146			3,623,219			586,239			1,242,672			279,914			2,064,523			957,474			1,635,474
Dividends and distributions reinvested		259,396			1,506,175			380,281			589,059			60,888			106,308			115,434			236,077
Shares repurchased		(1,516,917	)		(4,270,606	)		(1,348,665	)		(2,211,109	)		(1,036,493	)		(1,634,018	)		(3,606,692	)		(3,710,349	)
Net increase (decrease)		(430,375	)		858,788			(382,145	)		(379,378	)		(695,691	)		536,813			(2,533,784	)		(1,838,798	)
Beginning shares outstanding		9,960,877			9,102,089			4,622,711			5,002,089			3,867,388			3,330,575			6,808,740			8,647,538
Ending shares outstanding		9,530,502			9,960,877			4,240,566			4,622,711			3,171,697			3,867,388			4,274,956			6,808,740

	PF Multi-Asset Fund						PF Real Estate Fund
	Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2021			Year Ended 3/31/2020

Class P
Shares sold		3,237,575			12,776,406			156,815			1,392,030
Dividends and distributions reinvested		4,453,540			2,407,348			50,287			204,529
Shares repurchased		(29,897,442	)		(23,448,818	)		(2,541,409	)		(4,036,771	)
Net increase (decrease)		(22,206,327	)		(8,265,064	)		(2,334,307	)		(2,440,212	)
Beginning shares outstanding		107,547,682			115,812,746			4,226,615			6,666,827
Ending shares outstanding		85,341,355			107,547,682			1,892,308			4,226,615

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

(2)	See footnote (1) in Financial Highlights from pages C-20 through C-28 for the commencement date of operations of each share class.

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

D-31

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

Pacific Funds Series Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Pacific Funds Series Trust (the “Trust”) comprising the Pacific Funds^SM Portfolio Optimization Conservative, Pacific Funds^SM Portfolio Optimization Moderate-Conservative, Pacific Funds^SM Portfolio Optimization Moderate, Pacific Funds^SM Portfolio Optimization Growth, Pacific Funds^SM Portfolio Optimization Aggressive-Growth, Pacific Funds^SM Ultra Short Income, Pacific Funds^SM Short Duration Income, Pacific Funds^SM Core Income, Pacific Funds^SM Strategic Income, Pacific Funds^SM Floating Rate Income, Pacific Funds^SM High Income, Pacific Funds^SM ESG Core Bond, Pacific Funds^SM Small/Mid-Cap, Pacific Funds^SM Small-Cap, Pacific Funds^SM Small-Cap Value, PF Inflation Managed Fund, PF Managed Bond Fund, PF Short Duration Bond Fund, PF Emerging Markets Debt Fund, PF Growth Fund, PF Large-Cap Value Fund, PF Small-Cap Growth Fund (formerly named PF Developing Growth Fund), PF Small-Cap Value Fund, PF Emerging Markets Fund, PF International Large-Cap Fund, PF International Small-Cap Fund, PF International Value Fund, PF Multi-Asset Fund, and PF Real Estate Fund (the “Funds”), including the schedules of investments, as of March 31, 2021; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the statement of cash flows for the year then ended for the PF Inflation Managed Fund, and the financial highlights for each of the five years in the period then ended for the Funds, except Pacific Funds^SM Ultra Short Income, Pacific Funds^SM ESG Core Bond, and PF Multi-Asset Fund; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Pacific Funds^SM Ultra Short Income, Pacific Funds^SM ESG Core Bond, and PF Multi-Asset Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting the Trust as of March 31, 2021, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), the cash flows for the PF Inflation Managed Fund for the year then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.


Individual Fund Comprising the Pacific Funds Series Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacific Funds^SM Ultra Short Income	For the year ended March 31, 2021.	For the year ended March 31, 2021 and for the period from June 28, 2019 (commencement of operations) through March 31, 2020.	For the year ended March 31, 2021 and for the period from June 28, 2019 (commencement of operations) through March 31, 2020.
Pacific Funds^SM ESG Core Bond	For the period December 14, 2020 (commencement of operations) through March 31, 2021.
PF Multi-Asset Fund	For the year ended March 31, 2021.	For the years ended March 31, 2021 and 2020.	For the years ended March 31, 2021, 2020, 2019 and the period from January 31, 2018 (commencement of operations) through March 31, 2018.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Costa Mesa, California

May 24, 2021

We have served as the auditor of one or more affiliated investment companies of Pacific Funds Series Trust since 1988.

E-1

PACIFIC FUNDS

OTHER TAX INFORMATION

(Unaudited)

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any) for each of the Funds that qualify for the dividends-received deductions for the year ended March 31, 2021 is as follows:


Fund	Percentage
Pacific Funds Portfolio Optimization Conservative		1.67%
Pacific Funds Portfolio Optimization Moderate-Conservative		5.49%
Pacific Funds Portfolio Optimization Moderate		8.11%
Pacific Funds Portfolio Optimization Growth		10.10%
Pacific Funds Portfolio Optimization Aggressive-Growth		15.02%
Pacific Funds Small-Cap		98.69%
Pacific Funds Small-Cap Value		23.52%
PF Large-Cap Value		61.09%

For the year ended March 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the 15% dividend income tax rate.


Fund	Percentage
Pacific Funds Portfolio Optimization Conservative		1.31%
Pacific Funds Portfolio Optimization Moderate-Conservative		3.94%
Pacific Funds Portfolio Optimization Moderate		4.76%
Pacific Funds Portfolio Optimization Growth		10.31%
Pacific Funds Portfolio Optimization Aggressive-Growth		15.11%
Pacific Funds Small-Cap		98.69%
Pacific Funds Small-Cap Value		23.82%
PF Large-Cap Value		61.09%

Shareholders should not use the above tax information to prepare their tax returns. The information will be included with your Form 1099 DIV which will be sent to you separately in January 2022. The Funds intend to pass through the maximum allowable percentages to shareholders.

The following Funds designated the listed amounts as long-term capital gains distributions during the year ended March 31, 2021. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.


Fund	Amount
Pacific Funds Portfolio Optimization Conservative		$2,465,905
Pacific Funds Portfolio Optimization Moderate-Conservative		11,238,471
Pacific Funds Portfolio Optimization Moderate		56,635,377
Pacific Funds Portfolio Optimization Growth		59,201,256
Pacific Funds Portfolio Optimization Aggressive-Growth		28,423,692
Pacific Funds Ultra Short Income		57,708
Pacific Funds Short Duration Income		2,821,205
Pacific Funds Core Income		8,954,394
Pacific Funds Small/Mid-Cap		891,237
PF Managed Bond		4,159,022
PF Growth		46,975,554
PF Large-Cap Value		26,617,781
PF Small-Cap Growth		2,712,109
PF Emerging Markets		5,520,840
PF International Large-Cap		4,197,096
PF Multi-Asset		179,710,484

F-1

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 October 1, 2020 to March 31, 2021.

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 03/31/21” 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 10/01/20-03/31/21” 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 October 1, 2020 to March 31, 2021.

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 10/01/20-03/31/21.”

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 10/01/20		Ending Account Value at 03/31/21		Annualized Expense Ratio		Expenses Paid During the Period 10/01/20 - 03/31/21 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return

Class A		$1,000.00		$1,055.70		0.60%		$3.08

Class C		1,000.00		1,051.40		1.35%		6.90

Advisor Class		1,000.00		1,057.30		0.35%		1.80

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return

Class A		$1,000.00		$1,094.70		0.60%		$3.13

Class C		1,000.00		1,090.90		1.35%		7.04

Advisor Class		1,000.00		1,096.90		0.35%		1.83

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return

Class A		$1,000.00		$1,136.60		0.60%		$3.20

Class C		1,000.00		1,131.80		1.35%		7.18

Advisor Class		1,000.00		1,137.00		0.35%		1.86

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return

Class A		$1,000.00		$1,178.80		0.60%		$3.26

Class C		1,000.00		1,174.90		1.35%		7.32

Advisor Class		1,000.00		1,181.20		0.35%		1.90

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return

Class A		$1,000.00		$1,224.00		0.60%		$3.33

Class C		1,000.00		1,219.30		1.35%		7.47

Advisor Class		1,000.00		1,225.30		0.35%		1.94

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Ultra Short Income
Actual Fund Return

Class I		$1,000.00		$1,007.10		0.32%		$1.60

Advisor Class		1,000.00		1,007.10		0.32%		1.60

Hypothetical

Class I		$1,000.00		$1,023.34		0.32%		$1.61

Advisor Class		1,000.00		1,023.34		0.32%		1.61

See explanation of references on page F-4

F-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 10/01/20		Ending Account Value at 03/31/21		Annualized Expense Ratio		Expenses Paid During the Period 10/01/20 - 03/31/21 (1)
Pacific Funds Short Duration Income
Actual Fund Return

Class A		$1,000.00		$1,008.80		0.75%		$3.76

Class C		1,000.00		1,005.00		1.50%		7.50

Class I		1,000.00		1,010.00		0.50%		2.51

Advisor Class		1,000.00		1,010.00		0.50%		2.51

Hypothetical

Class A		$1,000.00		$1,021.19		0.75%		$3.78

Class C		1,000.00		1,017.45		1.50%		7.54

Class I		1,000.00		1,022.44		0.50%		2.52

Advisor Class		1,000.00		1,022.44		0.50%		2.52
Pacific Funds Core Income
Actual Fund Return

Class A		$1,000.00		$995.50		0.85%		$4.23

Class C		1,000.00		991.80		1.60%		7.95

Class I		1,000.00		997.00		0.55%		2.74

Class P		1,000.00		997.10		0.55%		2.74

Advisor Class		1,000.00		997.00		0.55%		2.74

Hypothetical

Class A		$1,000.00		$1,020.69		0.85%		$4.28

Class C		1,000.00		1,016.95		1.60%		8.05

Class I		1,000.00		1,022.19		0.55%		2.77

Class P		1,000.00		1,022.19		0.55%		2.77

Advisor Class		1,000.00		1,022.19		0.55%		2.77
Pacific Funds Strategic Income
Actual Fund Return

Class A		$1,000.00		$1,060.80		0.95%		$4.88

Class C		1,000.00		1,057.30		1.65%		8.46

Class I		1,000.00		1,062.80		0.65%		3.34

Advisor Class		1,000.00		1,062.10		0.70%		3.60

Hypothetical

Class A		$1,000.00		$1,020.19		0.95%		$4.78

Class C		1,000.00		1,016.70		1.65%		8.30

Class I		1,000.00		1,021.69		0.65%		3.28

Advisor Class		1,000.00		1,021.44		0.70%		3.53
Pacific Funds Floating Rate Income
Actual Fund Return

Class A		$1,000.00		$1,041.90		1.02%		$5.19

Class C		1,000.00		1,038.30		1.72%		8.74

Class I		1,000.00		1,043.50		0.72%		3.67

Class P		1,000.00		1,043.40		0.72%		3.67

Advisor Class		1,000.00		1,043.10		0.77%		3.92

Hypothetical

Class A		$1,000.00		$1,019.85		1.02%		$5.14

Class C		1,000.00		1,016.36		1.72%		8.65

Class I		1,000.00		1,021.34		0.72%		3.63

Class P		1,000.00		1,021.34		0.72%		3.63

Advisor Class		1,000.00		1,021.09		0.77%		3.88


	Beginning Account Value at 10/01/20		Ending Account Value at 03/31/21		Annualized Expense Ratio		Expenses Paid During the Period 10/01/20 - 03/31/21 (1)
Pacific Funds High Income
Actual Fund Return

Class A		$1,000.00		$1,076.20		0.95%		$4.92

Class C		1,000.00		1,073.60		1.65%		8.53

Class I		1,000.00		1,078.30		0.70%		3.63

Class P		1,000.00		1,078.30		0.70%		3.63

Advisor Class		1,000.00		1,078.50		0.70%		3.63

Hypothetical

Class A		$1,000.00		$1,020.19		0.95%		$4.78

Class C		1,000.00		1,016.70		1.65%		8.30

Class I		1,000.00		1,021.44		0.70%		3.53

Class P		1,000.00		1,021.44		0.70%		3.53

Advisor Class		1,000.00		1,021.44		0.70%		3.53
Pacific Funds ESG Core Bond (3)
Actual Fund Return

Class I		$1,000.00		$972.70		0.48%		$1.40

Advisor Class		1,000.00		972.70		0.48%		1.40

Hypothetical

Class I		$1,000.00		$1,022.54		0.48%		$2.42

Advisor Class		1,000.00		1,022.54		0.48%		2.42
Pacific Funds Small/Mid-Cap
Actual Fund Return

Class A		$1,000.00		$1,451.00		1.20%		$7.33

Class C		1,000.00		1,445.90		1.95%		11.89

Advisor Class		1,000.00		1,452.30		0.95%		5.81

Class R6		1,000.00		1,453.60		0.85%		5.20

Hypothetical

Class A		$1,000.00		$1,018.95		1.20%		$6.04

Class C		1,000.00		1,015.21		1.95%		9.80

Advisor Class		1,000.00		1,020.19		0.95%		4.78

Class R6		1,000.00		1,020.69		0.85%		4.28
Pacific Funds Small-Cap
Actual Fund Return

Class A		$1,000.00		$1,457.70		1.20%		$7.35

Class C		1,000.00		1,452.90		1.95%		11.93

Advisor Class		1,000.00		1,459.60		0.95%		5.83

Class R6		1,000.00		1,461.50		0.85%		5.22

Hypothetical

Class A		$1,000.00		$1,018.95		1.20%		$6.04

Class C		1,000.00		1,015.21		1.95%		9.80

Advisor Class		1,000.00		1,020.19		0.95%		4.78

Class R6		1,000.00		1,020.69		0.85%		4.28
Pacific Funds Small-Cap Value
Actual Fund Return

Class A		$1,000.00		$1,550.90		1.20%		$7.63

Class C		1,000.00		1,543.70		1.95%		12.37

Advisor Class		1,000.00		1,553.70		0.95%		6.05

Class R6		1,000.00		1,554.40		0.85%		5.41

Hypothetical

Class A		$1,000.00		$1,018.95		1.20%		$6.04

Class C		1,000.00		1,015.21		1.95%		9.80

Advisor Class		1,000.00		1,020.19		0.95%		4.78

Class R6		1,000.00		1,020.69		0.85%		4.28

See explanation of references on page F-4

F-3

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 10/01/20		Ending Account Value at 03/31/21		Annualized Expense Ratio		Expenses Paid During the Period 10/01/20 - 03/31/21 (1)
PF Inflation Managed Fund
Actual Fund Return

Class P		$1,000.00		$1,007.10		0.59%		$2.95

Hypothetical

Class P		$1,000.00		$1,021.99		0.59%		$2.97
PF Managed Bond Fund
Actual Fund Return

Class P		$1,000.00		$ 978.50		0.54%		$2.66

Hypothetical

Class P		$1,000.00		$1,022.24		0.54%		$2.72
PF Short Duration Bond Fund
Actual Fund Return

Class P		$1,000.00		$1,010.00		0.55%		$2.76

Hypothetical

Class P		$1,000.00		$1,022.19		0.55%		$2.77
PF Emerging Markets Debt Fund
Actual Fund Return

Class P		$1,000.00		$1,021.20		0.92%		$4.64

Hypothetical

Class P		$1,000.00		$1,020.34		0.92%		$4.63
PF Growth Fund
Actual Fund Return

Class P		$1,000.00		$1,083.00		0.70%		$3.64

Hypothetical

Class P		$1,000.00		$1,021.44		0.70%		$3.53
PF Large-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$1,244.20		0.80%		$4.48

Hypothetical

Class P		$1,000.00		$1,020.94		0.80%		$4.03
PF Small-Cap Growth Fund
Actual Fund Return

Class P		$1,000.00		$1,262.30		0.75%		$4.23

Hypothetical

Class P		$1,000.00		$1,021.19		0.75%		$3.78
PF Small-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$1,698.60		0.90%		$6.06

Hypothetical

Class P		$1,000.00		$1,020.44		0.90%		$4.53
PF Emerging Markets Fund
Actual Fund Return

Class P		$1,000.00		$1,214.30		0.95%		$5.24

Hypothetical

Class P		$1,000.00		$1,020.19		0.95%		$4.78
PF International Large-Cap Fund
Actual Fund Return

Class P		$1,000.00		$1,149.40		0.98%		$5.25

Hypothetical

Class P		$1,000.00		$1,020.04		0.98%		$4.94


	Beginning Account Value at 10/01/20		Ending Account Value at 03/31/21		Annualized Expense Ratio		Expenses Paid During the Period 10/01/20 - 03/31/21 (1)
PF International Small-Cap Fund
Actual Fund Return

Class P		$1,000.00		$1,255.50		1.10%		$6.19

Hypothetical

Class P		$1,000.00		$1,019.45		1.10%		$5.54
PF International Value Fund
Actual Fund Return

Class P		$1,000.00		$1,364.80		0.80%		$4.72

Hypothetical

Class P		$1,000.00		$1,020.94		0.80%		$4.03
PF Multi-Asset Fund
Actual Fund Return

Class P		$1,000.00		$1,227.10		0.51%		$2.83

Hypothetical

Class P		$1,000.00		$1,022.39		0.51%		$2.57
PF Real Estate Fund
Actual Fund Return

Class P		$1,000.00		$1,167.10		0.90%		$4.86

Hypothetical

Class P		$1,000.00		$1,020.44		0.90%		$4.53

(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).

(3)

Pacific Funds ESG Core Bond commenced operations on December 14, 2020. The actual fund returns and expenses paid during the period for these funds were for the period December 14, 2020 to March 31, 2021, instead of the entire six-month period. The hypothetical returns and expenses paid during the period are based on the entire six-month period for comparison purposes.

F-4

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION

(Unaudited)

The business and affairs of the Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) are managed under the direction of the Board of Trustees under the Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Trust and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Trust’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Trust’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

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


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Funds In Fund Complex Overseen**

INDEPENDENT TRUSTEES

Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Select Fund; Independent Trustee (2/15 to present) of Matthews Asia Funds. Formerly: Member of the Board of Directors of LandAmerica Financial Group, Inc.; President and Chief Executive Officer of Zurich Life; Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd.; Managing Director of Scudder Kemper Investments; Member of the Advisory Council to the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine.	80

Andrew J. Iseman Year of birth 1964	Trustee since 6/10/19	Trustee (3/19 to present) of Pacific Select Fund; Consultant (3/19 to 6/19) to the Trust; Member of the Board of Advisors of Market Insight Out (11/20 to present) Chief Executive Officer (8/10 to 9/18) and Senior Adviser (10/18 to 1/19) of Scout Investments; President (11/10 to 11/17) of Scout Funds; Interested Trustee (4/13 to 11/17) of Scout Funds.	80

Paul A. Keller Year of birth 1954	Trustee since 6/20/16	Trustee (6/16 to present) of Pacific Select Fund; Consultant (11/15 to 6/16) to the Trust and Pacific Select Fund; Independent Trustee (8/10 to present) and Chairman of the Board (8/19 to present) of Fenimore Asset Management Trust (FAM Funds); Business Consultant (7/10 to present) (sole proprietor); Certified Public Accountant in New York (1982 to present). Formerly: Partner of PricewaterhouseCoopers LLP; Partner of McGladrey & Pullen LLP; Adjunct Professor of Accounting, SUNY College at Old Westbury; Interim Chief Financial Officer of The Leon Levy Foundation.	80

Lucie H. Moore Year of birth 1956	Trustee since 6/13/01	Trustee (10/98 to present) of Pacific Select Fund; Member of the Board of Trustees (2014 to present) of Azusa Pacific University; Member of the Board of Trustees (2016 to present) of Pacifica Christian High School Orange County. Formerly: Partner of Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees of Sage Hill School; Member of the Board of Trustees of The Pegasus School; and Member of the Advisory Board of Court Appointed Special Advocates (CASA) of Orange County.	80

Nooruddin (Rudy) Veerjee Year of birth 1958	Trustee since 9/13/05	Trustee (1/05 to present) of Pacific Select Fund. Formerly: President of Transamerica Insurance and Investment Group; President of Transamerica Asset Management; Chairman and Chief Executive Officer of Transamerica Premier Funds (Mutual Fund); and Director of various Transamerica Life Companies.	80

F-5

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS

James T. Morris Year of birth 1960	Chairman of the Board and Trustee since 1/11/07	Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Life; Director (4/16 to present) of Edison International (a public utility holding company); and Chairman of the Board and Trustee (1/07 to present) of Pacific Select Fund.	80

Adrian S. Griggs Year of birth 1966	Chief Executive Officer since 1/01/18	Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present) and Chief Financial Officer (4/12 to 2/17) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present), Chief Financial Officer (4/12 to 2/17) and Director (1/16 to present) of Pacific Life; Chief Executive Officer (1/15 to 6/18) of Pacific Select Distributors, LLC; and Chief Executive Officer (1/18 to present) of Pacific Select Fund.	80

Howard T. Hirakawa Year of birth 1962	Senior Vice President since 12/10/14	Senior Vice President (4/14 to present) of Pacific Life Fund Advisors LLC; and Senior Vice President (12/14 to present) of Pacific Select Fund.	80

Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 6/13/01 and Assistant Secretary since 9/17/15	Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (4/05 to present) and Assistant Secretary (9/15 to present) of Pacific Select Fund.	85

Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance & Ethics Officer since 6/04/04	Vice President and Chief Compliance & Ethics Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance & Ethics Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance & Ethics Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance & Ethics Officer (6/04 to present) of Pacific Select Fund.	80

Jane M. Guon Year of birth 1964	Vice President and Secretary since 1/01/11	Vice President and Secretary (1/11 to present) of Pacific Mutual Holding Company, Pacific LifeCorp and Pacific Life; Director (1/11 to 3/17) of Pacific Life; Vice President and Secretary (1/11 to present) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present) of Pacific Select Distributors, LLC; and Vice President and Secretary (1/11 to present) of Pacific Select Fund.	80

Laurene E. MacElwee Year of birth1966	Vice President since 4/04/05 and Assistant Secretary since 6/13/01	Vice President (4/11 to present) and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (12/11 to present) and Assistant Secretary (4/05 to present) of Pacific Select Fund.	80

Carleton J. Muench Year of birth 1973	Vice President since 11/30/06	Vice President (4/14 to present) of Pacific Life Fund Advisors LLC; and Vice President (12/14 to present) and Assistant Vice President (11/06 to 12/14) of Pacific Select Fund.	80

Trevor T. Smith Year of birth 1975	Vice President since 3/23/16 and Treasurer since 4/01/18	Assistant Vice President (1/17 to present) and Director (4/09 to 12/16) of Pacific Life; Assistant Vice President (3/16 to present), Treasurer (4/18 to present) and Assistant Treasurer (3/16 to 3/18) of Pacific Select Fund.	80

Bonnie J. Boyle Year of birth 1974	Vice President and Assistant Treasurer since 1/1/20	Director (6/17 to present) and Accounting Manager (7/13 to 5/17) of Pacific Life; Assistant Vice President and Assistant Treasurer (1/20 to present) of Pacific Select Fund.	80

F-6

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS (Continued)

Kevin W. Steiner Year of birth 1975	Vice President since 1/01/13	Assistant Vice President (4/12 to present) of Pacific Life Fund Advisors LLC; and Assistant Vice President (1/13 to present) of Pacific Select Fund.	80

Audrey L. Cheng Year of birth 1975	Vice President since 12/11/13 and Assistant Secretary since 1/1/20	Assistant Vice President (9/11 to present) of Pacific Life; Assistant Vice President (12/13 to present) and Assistant Secretary (1/20 to present) of Pacific Select Fund.	80

Benjamin D. Wiesenfeld Year of birth 1978	Assistant Vice President and Deputy Chief Compliance & Ethics Officer since 1/01/21	Assistant Vice President (6/20 to present) of Pacific Life; Chief Compliance Officer (10/20 to present) of Pacific Select Distributors, LLC; Chief Compliance Officer (8/18 to 11/19) of Oakmark Funds; Chief Compliance Officer (6/16 to 6/18) of Northern Funds, Northern Institutional Funds and FlexShares ETFs; General Counsel and Chief Compliance Officer (5/09 to 6/16) of Scout Investments, Inc. and Scout Funds; Vice President and Deputy Chief Compliance & Ethics Officer (1/21 to present) of Pacific Select Fund.	80

A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.

As of March 31, 2021, the “Fund Complex” consisted of Pacific Select Fund (51 funds) and Pacific Funds (29 funds).

F-7

PACIFIC FUNDS

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Trust has a liquidity risk management program (the “Program”). The Trust’s Board of Trustees (the “Board”) has designated the Liquidity Oversight Committee (the “Committee”) of Pacific Life Fund Advisors LLC (the “Investment Adviser”) as the administrator of the Program. Personnel of the Investment Adviser conduct the day-to-day operation of the Program pursuant to policies and procedures administered by the Committee.

Under the Program, the Committee manages the liquidity risk of each Fund of the Trust. Liquidity risk is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in that Fund. This risk is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process for determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2020 through December 31, 2020. The report included, among other information, each Fund’s (i) investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed market conditions; (ii) short-term and long- term cash flow projections during both normal and reasonably foreseeable stressed conditions; and (iii) holdings of cash and cash equivalents, as well as relevant borrowing arrangements.

The report indicated periods of heightened volatility across various markets, though no significant liquidity events impacting any Fund were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

F-8

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND 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 affiliated sub-advisers, if any (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 (the “Asset Allocation Funds”), as well as a portion of the PF Multi-Asset Fund (together with the Asset Allocation Funds, the “Directly Managed Funds”). For the collateral portion of the PF Multi-Asset Fund and all other Funds, PLFA has retained affiliated or unaffiliated 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 a meeting of the Trustees held on December 8, 2020.¹ Although the 1940 Act requires that continuances of the Agreements be approved by the in-person vote of a majority of the Independent Trustees, the December 8, 2020 meeting, which was attended by all of the Trustees, was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The December 8, 2020 meeting was held in reliance on an order issued by the Securities and Exchange Commission on March 13, 2020, as extended on March 25, 2020, which provided registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.

At this meeting and other meetings, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Sub-Adviser that were submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received virtual presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, which included reports on Fund performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Funds by PLFA and the Sub-Advisers. The Board also reviewed financial and profitability information regarding PLFA and the Sub-Advisers and information regarding the organization and operations of each entity, such as their compliance monitoring, portfolio trading and brokerage practices, risk management, business continuity plan, cybersecurity and the personnel providing investment management and administrative services to each Fund. The Board considered the services provided to the Funds under the Agreements and the fees and expenses incurred by and charged to (or expected to be incurred by and charged to) the Funds under the Agreements.

The Board noted that as the investment adviser, PLFA provides a broad range of services to the Trust, including among others: overseeing and coordinating the activities of Sub-Advisers and other third-party service providers, evaluating Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, making regulatory filings (including disclosure and financial filings) on behalf of the Trust, monitoring fund performance, performing risk oversight of the Funds, providing the Board with information and reports as may be requested, providing valuation support, administering the Trust’s liquidity risk management program, providing compliance-related services and providing personnel and office space to the Trust. These responsibilities are described in more detail below. The Trustees also considered that PLFA incurs substantial reputational, financial, litigation, regulatory and business risks by serving as investment adviser. The Board took into account that PLFA and its affiliates provide additional services to the Funds under other affiliated service agreements that are essential for the operation of the Funds and that although PLFA and its affiliates are separately compensated under those affiliated service agreements, these additional services are provided in connection with PLFA’s advisory relationship with the Funds. The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data to provide the Board with information regarding the Funds’ investment performance, advisory fees and expense information (both on an absolute basis and compared to peers). Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) with substantial industry experience in providing investment company boards with analysis to assist directors and trustees with their annual 15(c) review process, to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with information obtained from independent service providers as well as from other sources.

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 and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

At the December 8th meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Short Duration Income, Pacific Funds Strategic Income, Pacific Funds Ultra Short Income, PF Multi-Asset Fund, PF Large-Cap Value Fund, PF Small-Cap Growth Fund, PF International Small-Cap Fund or PF Managed Bond Fund (with respect to Western Asset Management Company, LLC (“Western Asset”) and J.P. Morgan Investment Management Inc. (“JPMorgan”)) as those agreements were not up for renewal at that time.

F-9

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

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

A. Nature, Extent and Quality of Services

PLFA –The Trustees considered the depth and quality of PLFA’s investment management process, including its process to evaluate Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, its monitoring and oversight of the Sub-Advisers, and the benefits to shareholders of retaining PLFA and continuing the Advisory Agreement in light of the nature, extent, and quality of the services that have been provided by PLFA since the Advisory Agreement was last renewed. The Trustees considered the overall financial strength and stability of PLFA and its ability to continue to provide a high level and quality of services to the Funds. They also considered PLFA’s responsiveness to questions or concerns raised by the Trustees throughout the year, including PLFA’s willingness to consider and implement investment and operational changes designed to improve investment results and the services provided to the Funds and their shareholders.

The Trustees noted that officers and employees of PLFA regularly consult with, and report to, the Board regarding the investment management services provided to the Funds. The Trustees considered the experience, capability and integrity of PLFA’s senior management and other personnel and the low turnover rates of its key personnel. The Trustees noted that the investment, legal, compliance, risk management and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance and risk analysis, security valuation and fund accounting. The Trustees took into account the scope of services provided by PLFA under the Advisory Agreement. The Trustees considered that although PLFA is separately compensated under an administration agreement for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the Advisory Agreement, these services are being provided as a result of PLFA’s advisory relationship with the Funds. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Funds. The Trustees also considered the additional resources that PLFA has continued to invest in so as to enhance its management and oversight of the Funds, including additional tools designed to ensure the Funds’ compliance with new laws and regulations. The Trustees considered that PLFA employs a well-defined method of comparing and evaluating the performance of the Asset Allocation Funds and continues to employ resources to refine that method. In addition, the Trustees considered PLFA’s sub-adviser research process and the role of PLFA’s internal conflicts review committee in considering and evaluating potential conflicts of interest with regard to Sub-Adviser selection and monitoring.

Directly Managed Funds – The Trustees considered the services provided by PLFA in rendering investment management services for those Funds for which the day-to-day investment management is provided by PLFA. The Trustees considered that PLFA is responsible for identifying investments for each Directly Managed Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for each Directly Managed Fund. The Trustees also considered that PLFA is responsible for the valuation of portfolio securities, including, but not limited to, the review of custodian pricing files, research and analysis related to fair valued securities and due diligence oversight of pricing vendors. The Trustees additionally noted that PLFA is responsible for evaluating and voting proxies for portfolio holdings of the Directly Managed Funds. With respect to the Asset Allocation Funds, the Trustees also considered, among other things, PLFA’s experience, resources and expertise in analyzing the composition of the various Funds that serve as investment options for the Asset Allocation Funds (collectively, the “Underlying Funds”) and in developing an asset allocation that is appropriate for each Asset Allocation Fund’s investment objectives and risk profile. The Trustees considered, in this regard, the tools and resources used by PLFA in constructing its asset allocation models. The Trustees considered that PLFA had engaged a third-party consulting firm to review PLFA’s asset allocation process in 2016, and that the firm had reported favorably on PLFA’s asset allocation capabilities. With respect to the PF Multi-Asset Fund, the Trustees also considered PLFA’s trading-related and valuation responsibilities.

The Trustees also considered that PLFA provides certain additional services to the Funds outside of the scope of the Advisory Agreement under an administration agreement and that such services are essential for the administration and operation of the Funds, including administration of the Funds’ compliance program. In this regard, the Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Funds, its attention to matters that may involve conflicts of interest between itself and a Fund, and that all material rebalancing of PLFA’s asset allocation models are presented to an internal conflicts review committee that considers and evaluates potential conflicts of interest in the allocation among the Underlying Funds. The Trustees considered the report of PLFA’s internal conflicts review committee and also reviewed information provided throughout the year on PLFA’s compliance policies and procedures, its compliance history, and received reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further noted the compliance monitoring conducted by PLFA on an ongoing basis and noted the development of additional procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO has in place a systematic process for periodically reviewing PLFA’s written compliance policies and procedures, including the assessment of PLFA’s compliance program as required by Rule 38a-1 under the 1940 Act and PLFA’s code of ethics. The Trustees also considered that PLFA continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advised Funds – The Trustees considered that PLFA recommends to the Board the hiring and termination of Sub-Advisers and performs the associated due diligence relating to such recommendations, the risk and performance oversight of the Sub-Advisers performed by PLFA and

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APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

the fact that PLFA provides valuation support for Sub-Advised Funds. The Trustees noted PLFA’s responsibilities in rendering services to the Sub-Advised Funds and the fact that PLFA monitors and evaluates the performance of the Sub-Advisers in comparison to each Fund’s investment objective as well as to appropriate benchmark indices and groups of peer funds. The Trustees also considered that PLFA monitors each Sub-Advised Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA provides the Board with periodic and special reports related to each Sub-Advised Fund’s performance and PLFA’s investment monitoring and evaluation. The Trustees also considered PLFA’s process in continuously analyzing and, from time to time as necessary and appropriate, recommending for consideration by the Board, the termination of a Sub-Advisory Agreement with a Sub-Adviser and the replacement of a Sub-Adviser.

For both the Directly Managed Funds and Sub-Advised Funds, the Trustees considered the high quality of the products, information, analysis and services provided by PLFA to the Funds, including return analysis, attribution analysis, risk analysis and/or stress testing, preparation of periodic performance and other reports, assessment of liquidity, analysis of derivatives, and coordination and oversight of other service providers to the Trust. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust and its shareholders, including relationships with financial intermediaries. Additionally, the Board considered how the Adviser’s business continuity plan has operated during the current COVID-19 pandemic and the updates it provided to the Board on how the business continuity plans of Sub-Advisers and other third-party service providers were operating.

The Trustees considered the analyses conducted by PLFA of the Underlying Funds and a Sub-Adviser’s management of an Underlying Fund in the broader context of asset allocation strategies intended to target certain return and risk characteristics. The Trustees noted that PLFA has historically recommended new Underlying Funds or changes to existing Underlying Funds that PLFA believed would contribute to the Asset Allocation Funds’ targeted return and risk objectives. The Trustees also took into account PLFA’s continuing analysis of the Underlying Funds and each Sub-Adviser’s investment performance for the impact on broader asset allocation strategies for the Asset Allocation Funds.

The Trustees considered the depth and quality of PLFA’s monitoring and oversight of the Sub-Advisers. The Board noted that PLFA monitors numerous investment, performance, and risk metrics for the Funds. The Trustees considered PLFA’s continued investment in, and development of, its research and analytical capabilities, including investments in personnel and enhanced analytical tools for assessing Fund performance and the performance of the Sub-Advisers, including analytical tools relating to return analysis, risk analysis, and Fund performance attribution and reporting on such matters to the Trustees. The Trustees noted that PLFA uses these tools to analyze a Fund’s performance and risk profile and identify Funds that are underperforming as well as those that are performing well, and to analyze the Funds’ performance records against various measures. The Board considered that PLFA also conducts various analyses to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed, and continues to enhance, processes to oversee and monitor the performance of Sub-Advisers, including the use of analytical methods to review Fund performance and execution of investment strategies. The Board noted that PLFA provides the Board with analyses of these data over rolling periods to assist the Board in identifying trends in Fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Trustees also noted that PLFA has developed effective methods for tracking the Sub-Advisers’ investment style consistency, for analyzing the use of derivatives by Sub-Advisers and for monitoring Fund liquidity.

In making their assessments, the Trustees 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 Trustees believed it to be appropriate. The Trustees also considered the significant work performed by PLFA in conducting searches for new Sub-Advisers to replace existing Sub-Advisers where appropriate or to manage new Funds in the Trust.

The Board also noted that PLFA conducts regular due diligence on Sub-Advisers involving onsite visits, in-person meetings, video meetings and telephonic meetings to gather information that PLFA uses to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a Fund or a Fund’s performance, including, but not limited to, a Sub-Adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a Sub-Adviser, significant staffing changes that could affect a Fund, material changes in a Sub-Adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support.

The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities for the Sub-Advised Funds. The Trustees considered that PLFA has established a Valuation Oversight Committee that is responsible for, among other things, researching and evaluating information regarding securities that are not actively or publicly traded, valuing securities subject to a trading halt or for which a market quotation is not readily available, the valuation of equity securities traded in foreign markets, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered the information and support provided by PLFA in connection with the Trustees’ fair valuation responsibilities.

The Trustees considered PLFA’s oversight, review and analysis of trade execution reports and trends in trade execution for the Sub-Advised Funds. The Trustees noted that PLFA works with a third-party transaction cost analysis consultant that provides statistical analysis on portfolio trading, and that PLFA presents information about the Funds’ portfolio trading costs to the Board annually and, where warranted, engages in a dialogue with personnel of a Sub-Adviser on trading costs and the quality of execution. The Board also noted that PLFA conducts regular review and analysis of each Sub-Adviser’s use of research obtained with commissions paid to broker-dealers for executing portfolio transactions (“soft dollars”) and presents information about the Sub-Advisers’ use of soft dollars to the Board annually and, where deemed necessary, discusses such soft dollar use with Sub-Advisers.

The Trustees also considered PLFA’s implementation of transition management programs when handling significant changes in the Funds, such as cash movements between the Funds arising from reallocations by the Asset Allocation Funds and the transition of Fund assets from

F-11

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

one Sub-Adviser to another, including steps taken by PLFA to reduce transaction costs associated with a Fund transition. The Trustees considered that PLFA coordinates the onboarding process for new Sub-Advisers and oversees the establishment of necessary accounts and documentation for the Sub-Advisers to begin managing Fund assets.

In addition to the services described above, the Trustees also considered the compliance monitoring that PLFA and its affiliates conduct on the Sub-Advisers and the commitment of PLFA and its affiliates to those programs and PLFA’s efforts to keep the Trustees informed about the compliance programs of Sub-Advisers. In this regard, the Trustees reviewed information and reports from the Trust’s CCO on compliance by the Sub-Advisers with applicable laws and regulations. The Trustees considered that the CCO has in place a systematic process for periodically reviewing each Sub-Adviser’s written compliance policies and procedures, including the assessment of each Sub-Adviser’s compliance program as required by Rule 38a-1 under the 1940 Act, and each Sub-Adviser’s code of ethics. The Trustees considered that PLFA is compensated under the administration agreement for the administration of the Funds’ compliance program. The Trustees also considered that each Sub-Adviser continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advisers. The Trustees considered the benefits to shareholders of retaining each Sub-Adviser and continuing the Sub-Advisory Agreements for the unaffiliated Sub-Advisers, particularly in light of the nature, extent, and quality of the services that have been provided by the Sub-Advisers. The Trustees considered the services provided by each Sub-Adviser in rendering investment management services to a Sub-Advised Fund. The Trustees considered that each Sub-Adviser is responsible for identifying investments for a Sub-Advised Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for a Sub-Advised Fund. The Trustees also considered that each Sub-Adviser is responsible for evaluating and voting proxies for portfolio holdings of a Sub-Advised Fund. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser’s management personnel, and the expertise of each Sub-Adviser’s portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser’s compliance program.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.

B. Investment Results

The Trustees considered the investment results of each Fund in light of its objective, strategies and market conditions. The Trustees compared each Fund’s total returns with the total returns of a group of appropriate peer funds (each a “Selected Performance Peer Group”), which were selected by an Independent Consultant using data from third-party data vendor Morningstar, and the Trustees reviewed a description of the Independent Consultant’s methodology for selecting the peer funds in each Selected Performance Peer Group. In addition, with respect to Funds other than the Asset Allocation Funds, the Trustees compared each Fund’s total returns with the total returns of the Fund’s broad-based market index, sector index, composite index or an alternative index selected by the Independent Consultant, as applicable (each, a “primary benchmark”). With respect to the Asset Allocation Funds, the Trustees compared each Fund’s total returns with the total returns of a custom benchmark that is comprised of certain broad-based market indices based on the broad asset class target allocations for the Fund. The Trustees took into account the views of the Independent Consultant that the custom benchmarks appeared to be reasonable benchmarks for performance reporting purposes.

The information provided to the Trustees included each Fund’s performance record for the one-, three-, five- and ten-year or since inception periods ended September 30, 2020, as available, compared to the applicable benchmark and Selected Performance Peer Group. The Trustees placed greater emphasis on a Fund’s performance against peers as opposed to an unmanaged index.

The Trustees considered the performance of each Fund on a case-by-case basis and noted that some Funds had outperformed their Selected Performance Peer Group over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Selected Performance Peer Group over certain periods and/or trailed the return of their respective benchmark. In considering each Fund’s investment results, the Board placed greater emphasis on each Fund’s longer-term performance track record rather than shorter-term performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing a Fund’s performance against its Selected Performance Peer Group, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the Selected Performance Peer Group. With respect to actively managed Funds, when reviewing a Fund’s performance against its benchmark, the Board took into account the differences in portfolio construction between the Fund and such benchmark as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks

Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. In the case of the Underlying Funds, the Board also took into account the views of PLFA about the role of a particular Fund within a broader asset allocation strategy for the Asset Allocation Funds. Where there had been a change in Sub-Adviser for a Fund, the Board took into account that the current Sub-Adviser was only responsible for certain portions of the Fund’s performance record. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Trustees discussed these Funds with representatives of PLFA, including an assessment of the approach used by the Sub-Advisers, and the approach used by PLFA with respect to the Directly Managed Funds, as well as the oversight and monitoring by PLFA as the investment adviser, to gain an

F-12

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

understanding of any recurring or material underperformance and to assess whether any actions would be appropriate. In addition, the Board considered any specific actions that PLFA or a Sub-Adviser has taken, or agreed to take, to enhance the investment performance of a Fund, and the results of those actions. In reviewing the performance of each Fund, the Board took into account, among other things, each Fund’s performance track record. The following summary highlights certain, but not all, relevant facts considered by the Board with respect to the Fund’s performance track record.

PF Growth Fund

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-year period and the first or second quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.

PF Large-Cap Value Fund

Pacific Funds Large-Cap Value

The Fund outperformed its Selected Performance Peer Group median for the one- and three-year periods and underperformed for the five-year period and ranked in the second quintile of its Peer Group for the one-year period and the third quintile for the three- and five-year periods.

Pacific Funds Small/Mid-Cap

The Fund underperformed its Selected Performance Peer Group median for the one- and five-year periods and outperformed for the three-year period and ranked in the third quintile of its Peer Group for the one- and three-year periods and the fourth quintile for the five-year period.

Pacific Funds Small-Cap

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA will closely monitor it for improved performance.

PF Small-Cap Growth Fund

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and performed in line for the ten-year period and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective May 2020 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

PF Small-Cap Value Fund

The Fund underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five- and ten-year periods and ranked in the third quintile of its Peer Group for the one- and three-year periods and the second quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from May 2014 to October 2015 and since October 2015 has been the sole Sub-Adviser, and that prior to May 2014 another firm managed the Fund.

Pacific Funds Small-Cap Value

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth or fifth quintile of its Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

PF Emerging Markets Fund

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-year period and the second quintile for the three-, five- and ten-year periods.

PF Emerging Markets Debt Fund

The Fund underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five-year period and ranked in the fifth quintile of its Peer Group for the one- and three-year periods and the third quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that performance has recently improved and PLFA will continue to closely monitor it for improved performance.

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PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

PF International Large-Cap Fund

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fourth or fifth quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

PF International Small-Cap Fund

The Fund outperformed the Selected Performance Peer Group median for the one-year period and underperformed for the three- and five-year periods and ranked in the second quintile of its Peer Group for the one-year period and the fourth quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for the Fund effective July 2020 in connection with a change in control of the Sub-Adviser and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

PF International Value Fund

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2017. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.

PF Multi-Asset Fund

The Fund underperformed its Selected Performance Peer Group median for the one-year period and ranked in the third quintile of its Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record. The Board also considered the Fund’s contribution to the performance of the Asset Allocation Funds.

PF Real Estate Fund

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the second quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2018.

Pacific Funds Core Income

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three- and five-year periods and ranked in the third quintile of its Peer Group for the one-year period and the second quintile for the three- and five-year periods.

Pacific Funds Floating Rate Income

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods.

Pacific Funds High Income

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the third quintile for the three-year period and the second quintile for the five-year period.

PF Inflation Managed Fund

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from January 2015 to October 2016 and since October 2016 has been the sole Sub-Adviser.

PF Managed Bond Fund

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first or second quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that one of the Fund’s co-Sub-Advisers was the sole Sub-Adviser from the Fund’s inception until 2014, and that the other co-Sub-Adviser has co-managed the Fund since 2014. In evaluating the performance of the Fund, the Board also considered that it had recently approved (i) a new Sub-Advisory Agreement for the Fund with Western Asset effective July 2020 in connection with a change in control of the Sub-Adviser and (ii) a new Sub-Advisory Agreement for the Fund with JPMorgan effective October 2020 in connection with the addition of a co-Sub-Adviser and, therefore, the Sub-Advisory Agreements with Western Asset and JPMorgan were not up for renewal at this time.

F-14

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

PF Short Duration Bond Fund

The Fund outperformed its Selected Performance Peer Group median for the one- and three-year periods, performed in line for the five-year period and underperformed for the ten-year period and ranked in the first or second quintile of its Peer Group for the one- and three-year periods, the third quintile for the five-year period and the fourth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2011.

Pacific Funds Short Duration Income

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the second quintile for the three- and five-year periods.

Pacific Funds Strategic Income

Pacific Funds Ultra Short Income

The Fund outperformed its Selected Performance Peer Group median for the one-year period and ranked in the first quintile of its Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

Pacific Funds Portfolio Optimization Aggressive-Growth

The Fund performed in line with its Selected Performance Peer Group median for the one-year period, outperformed for the three- and five-year periods and underperformed for the ten-year period and ranked in the third quintile of its Peer Group for the one- and three-year periods, the second quintile for the five-year period and the fifth quintile for the ten-year period.

Pacific Funds Portfolio Optimization Conservative

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods and the fourth quintile for the ten-year period.

Pacific Funds Portfolio Optimization Growth

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the second quintile of its Peer Group for the one-year period, the third quintile for the three- and five-year periods and the fourth quintile for the ten-year period.

Pacific Funds Portfolio Optimization Moderate-Conservative

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the second quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period.

Pacific Funds Portfolio Optimization Moderate

*****

The Trustees reviewed the monitoring of each Sub-Advisers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees a change in Sub-Adviser when circumstances warrant. Generally, the Trustees noted that there continues to be a record of well-managed Funds that are appropriate to serve as Underlying Funds for the Asset Allocation Funds and that the Asset Allocation Funds provide a range of professionally managed asset allocation investment options. The Trustees considered the steps PLFA has taken to seek to improve performance of the Asset Allocation Funds, including ongoing assessment of asset allocation determinations, diversifying asset class investment options by adding additional Underlying Funds, and adding or changing Sub-Advisers to the Underlying Funds. The Trustees also noted that the Funds continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Asset Allocation Funds and the benefits the Asset Allocation Funds provide for shareholders generally.

The Board concluded that PLFA continues to have a long record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was appropriately implementing each Fund’s investment objective either directly or through the selection of Sub-Advisers and that PLFA’s record in managing each Fund indicates that PLFA’s continued management, as well as the continuation of the respective Sub-Advisory Agreements, will benefit each Fund and its shareholders.

F-15

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

C. Advisory Fees and Total Expense Ratios

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees paid by the Funds and the sub-advisory fees paid by PLFA, including the portion of the advisory fees paid to each Sub-Adviser as compared to the portion retained by PLFA. The Trustees considered the nature and quality of the services provided by PLFA and also considered the nature and quality of services provided by each Sub-Adviser. The Independent Trustees also requested and reviewed information from the Independent Consultant along with the Independent Consultant’s analysis of advisory fees, sub-advisory fees and certain Fund net expenses, excluding any applicable service or distribution fees, which were selected by the Independent Consultant for purposes of the peer group expense comparisons (“Operating Expenses”). The Trustees reviewed the advisory fees, sub-advisory fees and Operating Expenses of each Fund and compared advisory fees and expenses with the fees and expense levels of a group of appropriate peer funds identified by the Independent Consultant (each a “Selected Expense Peer Group”). The Trustees reviewed a description of the Independent Consultant’s methodology for constructing the Selected Expense Peer Groups, noting that each Selected Expense Peer Group includes a group of similarly-sized funds with comparable strategies from a universe of funds that (i) included both sub-advised and directly managed funds; (ii) excluded funds that are managed with non-standard business models and expense structures; and (iii) excluded index funds. With respect to the Asset Allocation Funds, the Selected Expense Peer Group information is used to review the Funds’ expenses, excluding acquired fund fees and expenses, to the peer group. The Trustees also compared the net expense ratio (including acquired fund fees and expenses) for these funds with the average net expense ratio of funds in the Morningstar Category determined to be similar to the relevant Asset Allocation Fund (“Comparable Peer Fund Average”).

A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.

PF Growth Fund

PF Large-Cap Value Fund

The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

Pacific Funds Large-Cap Value

Pacific Funds Small/Mid-Cap

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

Pacific Funds Small-Cap

PF Small-Cap Growth Fund

PF Small-Cap Value Fund

F-16

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Small-Cap Value

PF Emerging Markets Fund

PF Emerging Markets Debt Fund

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.02% of its advisory fee.

PF International Large-Cap Fund

PF International Small-Cap Fund

PF International Value Fund

PF Multi-Asset Fund

PF Real Estate Fund

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.15% of its advisory fee.

Pacific Funds Core Income

The Trustees considered that (a) the advisory fee for the Fund is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.

Pacific Funds Floating Rate Income

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.

F-17

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds High Income

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

PF Inflation Managed Fund

PF Managed Bond Fund

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.0075% of its advisory fee.

PF Short Duration Bond Fund

The Trustees considered that (a) the advisory fee for the Fund is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

Pacific Funds Short Duration Income

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.

Pacific Funds Strategic Income

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees further noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Ultra Short Income

Pacific Funds Portfolio Optimization Aggressive-Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

F-18

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Portfolio Optimization Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate-Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group;(b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

*****

During their review, the Trustees considered that all of the Funds were subject to contractual expense limitations on certain operating expenses agreed to by PLFA.

The Trustees also considered information from the Sub-Advisers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Sub-Adviser with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Funds by the Sub-Advisers and that the level of services provided by these Sub-Advisers on these other accounts differed due to the nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Sub-Adviser and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with the exception of the affiliated Sub-Adviser, the Sub-Advised Funds’ fee rates were the result of arms’-length negotiations between PLFA and the Sub-Advisers. For the affiliated Sub-Adviser, the Trustees took into account the fact that each Sub-Advised Funds’ fee rates were not the subject of an arms’-length negotiation with PLFA, but considered information relating to competitive fees charged by similarly managed funds. In all cases, the Trustees considered that all sub-advisory fees are paid by PLFA and are not paid directly by a Fund.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

The Trustees reviewed information provided by PLFA regarding PLFA’s costs of sponsoring and operating the Funds and information regarding the profitability of PLFA from each Fund. For the Sub-Advised Funds, the Trustees also reviewed information provided by the Sub-Advisers regarding their costs in managing the Sub-Advised Funds and their profitability from the Funds.

PLFA and the Sub-Advisers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing and operating products that are competitively priced with other funds, especially other multi-manager and asset allocation funds. The Trustees noted PLFA’s willingness to build its investment capabilities and to sponsor new funds that PLFA believed would benefit the Asset Allocation Funds, despite the potential subsidies required by PLFA during a new Fund’s start-up phase. The Trustees also noted that the analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Trustees also considered the organizational strengths of the Sub-Advisers and their ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that provide services to the Sub-Advised Funds.

With respect to the Sub-Advisers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the Sub-Advisers’ costs and the profitability of the Sub-Advisory Agreements to the Sub-Advisers because of, among other things, the differences in the types and content of information provided by the Sub-Advisers, the fact that many Sub-Advisers manage substantial assets other than the Funds and, further, that any such assessment would involve assumptions regarding the Sub-Advisers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.

F-19

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Accordingly, in the case of the unaffiliated Sub-Advisers, the Trustees considered the data described above in light of the arms’-length nature of the relationship between PLFA and such Sub-Advisers with respect to the negotiation of fund sub-advisory fees and the fact that such fees are paid by PLFA.

Economies of Scale. The Trustees noted and considered the extent to which economies of scale are realized by PLFA and the Sub-Advisers as each Fund grows, and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Trustees noted PLFA’s commitment to competitive total expenses of certain Funds through expense limitation agreements and, for certain Funds, through advisory fee waivers. The Trustees also noted PLFA’s and its affiliates’ consistent reinvestment in the business in the form of adding to investment capabilities and resources, improvements in technology, product innovations and customer service. The Trustees considered information relating to economies of scale provided by PLFA, PLFA’s willingness to discuss and evaluate the topic of economies of scale with the Trustees, and PLFA’s agreement to enter into advisory fee waivers for certain Asset Allocation Funds that create effective breakpoints at asset levels at which PLFA believes it will have attained a level of profit that can be shared with these Funds.

With respect to the Sub-Advised Funds, the Trustees considered that the advisory fee for each Fund was originally set at an amount that was intended to be highly competitive with peers to attract assets at the Fund’s inception. The Trustees also considered that some Sub-Advisers have agreed to breakpoints in their sub-advisory fee schedules. The Trustees noted that in subsidizing the expenses of the Funds from their inception and for many years, PLFA’s economics from the Sub-Advised Funds should be considered separate and apart from the economics of the Sub-Advisers. The Trustees also noted that shareholders will benefit from effective breakpoints for the Asset Allocation Funds.

The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Funds for certain expenses that exceed stated expense caps. The Trustees considered that the advisory fee waivers effectively implement breakpoints in PLFA’s advisory fees where determined to be appropriate so as to share economies of scale or other cost savings that PLFA has attained.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees additionally noted that economies of scale were difficult to measure with precision, particularly on a Fund by Fund basis. This analysis is complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the business, as discussed above. The Trustees considered that the Funds are well managed, and provide shareholders with sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers.

The Board determined that PLFA and its affiliates are sharing economies of scale given its agreement to reduce its own fees through fee waivers as assets grow for certain Funds, its commitment to competitive total expenses of the Funds, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board considered that PLFA has not yet attained levels of profitability that warrant additional sharing of economies of scale for some Funds, including the Sub-Advised Funds, but noted that shareholders will benefit in the future from the effective breakpoints for the Asset Allocation Funds. The Board further considered that it will continue to review whether there are additional economies of scale that will be realized as the Funds grow that can be shared with shareholders. The Board concluded that the Funds’ cost structures were reasonable and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Fund and its shareholders to their benefit.

E. Ancillary Benefits

The Trustees requested and received from PLFA and the Sub-Advisers information regarding other benefits received by PLFA, Pacific Life, the Sub-Advisers, and their affiliates as a result of their respective relationship with the Funds, including various service arrangements with PLFA affiliates, as well as commissions paid to broker-dealers affiliated with certain Sub-Advisers and the use of soft-dollars by certain of the Sub-Advisers. The Trustees also considered ancillary benefits received by Pacific Life and its affiliates from the Funds. The Trustees considered information regarding other significant economic relations between the Sub-Advisers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships and any potential conflicts of interest to the Board. The Trustees also considered PLFA’s and each Sub-Adviser’s strong practices and procedures with regard to managing conflicts of interest and ensuring that such conflicts do not prevent PLFA or the Sub-Advisers from acting in the best interests of the Funds and their shareholders.

The Board concluded that such benefits were consistent with those generally derived by mutual fund investment management organizations or were otherwise not unusual.

F. Conclusion

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including all of the Independent Trustees, concluded that: (i) the Advisory Agreement and each applicable Sub-Advisory Agreement are fair and reasonable with respect to each applicable Fund and its shareholders; (ii) that the renewal of the Advisory Agreement and each applicable Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders; and (iii) the recommendation by PLFA to the Board to enter into each Sub-Advisory Agreement with respect to each unaffiliated Sub-Adviser was not inappropriately influenced by conflicts of interest. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Sub-Advisory Agreement, but indicated that the Board based its determination on the total mix of information available to it.

F-20

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

III. Other Investment Advisory and Sub-Advisory Agreement Approval

In addition to considering the renewal of the Advisory Agreement and existing Sub-Advisory Agreements during the period, the Board considered and approved the Advisory Agreement and Sub-Advisory Agreement with respect to Pacific Funds ESG Core Bond, a new Fund, and the Sub-Advisory Agreement with respect to PF Managed Bond Fund, as discussed below.

Pacific Funds ESG Core Bond

At an in-person meeting on September 16, 2020, the Board, including all the Independent Trustees, approved the establishment and designation of a newly-organized Fund of the Trust, Pacific Funds ESG Core Bond, effective on or about December 14, 2020. In connection with this approval, the Board also approved, effective on or about December 14, 2020, the Advisory Agreement with PLFA with respect to the new Fund (the “ESG Core Bond Advisory Agreement”) and the Sub-Advisory Agreement with Pacific Asset Management LLC (“PAM”) (the “PAM Sub-Advisory Agreement”).

In evaluating the ESG Core Bond Advisory Agreement and the PAM Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services to be Provided

Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of sub-advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees took into account the scope of services to be provided by PLFA under the ESG Core Bond Advisory Agreement. The Trustees considered that although PLFA would be separately compensated at approximate cost for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the ESG Core Bond Advisory Agreement, these services would be provided as a result of PLFA’s advisory relationship with the Fund. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Fund. The Trustees also considered the additional resources that PLFA has continued to invest in to enhance its management and oversight of the funds for which it serves as investment adviser, including additional tools designed to ensure compliance with new laws and regulations.

The Trustees noted PLFA’s proposed responsibilities in rendering services to the Fund and the fact that PLFA would monitor and evaluate the performance of JPMorgan in comparison to the Fund’s investment objective as well as to an appropriate benchmark index and group of peer funds. The Trustees also considered that PLFA would monitor the Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA would provide the Board with periodic and special reports related to the Fund’s performance and PLFA’s investment monitoring and evaluation.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA related to other funds for which it serves as investment adviser. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of sub-advisers, conducting a risk analysis, return analysis and an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance as well as identify funds that are performing well relative to applicable benchmarks or peer groups, and to analyze the funds’ performance records against various measures. The Trustees considered that PLFA also conducts various analyses to try to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed processes to oversee and monitor a sub-adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analyses of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.

The Trustees also noted that PLFA conducts periodic due diligence on sub-advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a sub-adviser’s investment process and to seek to identify issues that may be relevant to a sub-adviser’s services to a fund or a fund’s performance, including, but not limited to, a sub-adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a sub-adviser, significant staffing changes that could affect a fund, material changes in a sub-adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support. The Trustees also considered the background and experience of PLFA’s senior management.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be

F-21

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the ESG Core Bond Advisory Agreement.

PAM. The Trustees considered the benefits to shareholders of retaining PAM as a sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by PAM. In this regard, the Trustees considered various materials relating to PAM, including copies of the proposed PAM Sub-Advisory Agreement; copies of PAM’s Form ADV; financial information; a written presentation from PAM; a comprehensive report including an assessment by PLFA; responses from PAM 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 September 16, 2020 from the investment management team of PLFA and from management and investment personnel from PAM where all attendees could hear each other clearly. The Trustees also considered that PAM is a wholly-owned subsidiary of Pacific Life and therefore is affiliated with PLFA.

The Trustees considered that under the PAM Sub-Advisory Agreement, PAM would be responsible for providing investment advisory services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by 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 PAM, including the background and experience of PAM’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that they had previously reviewed and approved PAM’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of PAM’s 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 PAM, and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by PAM.

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 PAM under the PAM Sub-Advisory Agreement.

B. Performance

The Trustees considered PLFA’s recommendation of PAM to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by PAM for the Fund and PAM’s experience managing core bond strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the PAM Sub-Advisory Agreement, including the factors described below. The Trustees also considered that while PAM does not currently manage an account with this strategy, it manages Pacific Funds Core Income with a similar investment strategy.

The Trustees considered information about the historical performance of Pacific Funds Core Income, managed by the same PAM portfolio management team that would manage the Fund. The Trustees considered that this information included a comparison of Pacific Funds Core Income’s performance against a pertinent benchmark and an applicable peer group for the one-, three- and five-year periods as of June 30, 2020.

The Trustees considered additional information about the historical performance of a portfolio managed by the same PAM portfolio management team that would manage the Fund using the same ESG-oriented rules as the Fund. The Trustees considered that this information included a comparison of the portfolio’s performance against a pertinent benchmark since inception as of June 30, 2020.

The Board determined that PAM’s performance record was acceptable.

C. Advisory and Sub-Advisory Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and net expense ratio for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board. The Board concluded that the compensation payable to PLFA under the ESG Core Bond Advisory Agreement is fair and reasonable.

PAM. The Trustees considered that PAM does not currently manage any other accounts with similar investment strategies as the Fund.

The Board concluded that the compensation payable under the PAM Sub-Advisory Agreement is fair and reasonable, and that the amount of the advisory fee retained by PLFA after paying the sub-advisory fee to PAM is fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring and operating the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.

F-22

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

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

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered that the net expense ratio for the Fund is competitive with peers

The Trustees considered the organizational strengths of PAM 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 ESG Core Bond Advisory Agreement and PAM Sub-Advisory Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and PAM concerning other benefits that may be received by PLFA and PAM and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with PAM and the anticipated use of soft-dollars by PAM. In this regard, the Trustees noted that PAM represented that it does not anticipate using an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by PLFA from its relationship with the Fund and that such benefits are consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual. The Trustees also considered benefits that may be derived by other affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by PAM and that such benefits are 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 ESG Core Bond Advisory Agreement and PAM Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the ESG Core Bond Advisory Agreement and PAM 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

At an in-person meeting on September 16, 2020, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about October 30, 2020, a new sub-advisory agreement with J.P. Morgan Investment Management Inc. (“JPMorgan”), with respect to the PF Managed Bond Fund (the “JPMorgan Sub-Advisory Agreement”) and appointed JPMorgan as a new co-sub-adviser for a portion of the Fund, joining the existing sub-advisers, Pacific Investment Management Company LLC and Western Asset, which manage the remaining portions.

In evaluating the JPMorgan Sub-Advisory Agreement, 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 JPMorgan as a co-sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by JPMorgan. In this regard, the Trustees considered various materials relating to JPMorgan, including copies of the proposed JPMorgan Sub-Advisory Agreement; copies of JPMorgan’s Form ADV; financial information; a written presentation from JPMorgan; a comprehensive report including an assessment by PLFA; responses from JPMorgan 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 September 16, 2020 from management and investment personnel from JPMorgan where all attendees could hear each other clearly.

The Trustees considered that under the JPMorgan Sub-Advisory Agreement, JPMorgan would be responsible for providing investment advisory services for a portion of the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by that portion of the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of JPMorgan, including the background and experience of JPMorgan’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed JPMorgan’s written compliance policies and procedures and code of ethics. The Trustees also considered the CCO’s assessment of JPMorgan’s 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 JPMorgan, and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by JPMorgan.

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 JPMorgan under the JPMorgan Sub-Advisory Agreement.

F-23

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a core bond strategy and PLFA’s identification of JPMorgan to serve as sub-adviser with regard to a portion of the Fund’s day-to-day investment activities. The Trustees considered that the Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. However, the Trustees considered the investment process and techniques to be used by JPMorgan for the Fund and JPMorgan’s experience managing core bond strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the JPMorgan Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of a composite managed by the same JPMorgan portfolio management team that would manage the Fund using similar investment strategies (the “JPMorgan Comparable Performance”). The Trustees considered that this information included a comparison of the JPMorgan Comparable Performance against a pertinent benchmark for the one-, three-, five- and ten-year periods as of May 31, 2020.

The Trustees considered additional information about the historical performance of a composite managed by the same JPMorgan portfolio management team that would manage the Fund using similar investment strategies. The Trustees considered that this information included a comparison of the composite’s performance against a pertinent benchmark and an applicable peer group for the one-, three-, five- and ten-year periods and the year-to-date period as of June 2020, 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 composite during certain periods.

The Board determined that JPMorgan’s performance record with respect to a similarly managed composite was acceptable.

C. Sub-Advisory Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of JPMorgan with regard to other funds with substantially similar investment strategies as the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by JPMorgan for the other similarly-managed funds, the Trustees noted that for certain funds, there were differences in: (i) the nature of the Fund and those other funds, (ii) the services provided to each, (iii) the client’s overall relationship with JPMorgan, 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 JPMorgan, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with adding a sub-adviser, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this sub-adviser addition.

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

D. Costs, Level of Profits and Economies of Scale

The Trustees considered information regarding the anticipated costs to JPMorgan of sub-advising the Fund and the projected profitability of the JPMorgan Sub-Advisory Agreement to JPMorgan, to the extent practicable based on the information provided by JPMorgan. 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 JPMorgan 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 JPMorgan Sub-Advisory Agreement to JPMorgan is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for JPMorgan at this time was of limited utility.

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

E. Ancillary Benefits

The Trustees received information from PLFA and JPMorgan concerning other benefits that may be received by JPMorgan and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with JPMorgan and the anticipated use of soft-dollars by JPMorgan. In this regard, the Trustees noted that JPMorgan represented that it does not anticipate using an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by JPMorgan from its relationship with the Fund and that such benefits are 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 JPMorgan Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the JPMorgan 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.

F-24

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

F-25

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Annual Report as of March 31, 2021 for:

• Pacific Funds


Form Nos.		3012-20A

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed as Exhibit 99.CODE ETH to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board has determined that Paul A. Keller, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Keller is a retired partner of PricewaterhouseCoopers LLP.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2021 and 2020 were $727,000 and $802,000, respectively.

Audit-Related Fees

(b)

For the fiscal years ended March 31, 2021 and 2020 there were no audit-related fees.

Tax Fees

(c)

The aggregate tax fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2021 and 2020 were $154,455 and $164,792, respectively.

All Other Fees

(d)

There were no other fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2021 and 2020.

(e)(1)

The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence:

Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either:

(i)

The Audit Committee shall pre-approve such engagement; or

(ii)

Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee hereby delegates authority to its Chairperson, and may delegate to one or more of its other members, the authority to grant pre-approvals. In the event of a pre-approval by the Chairperson or other authorized member of the Audit Committee, the person to whom authority is delegated under this Section shall report on such pre-approval to the full Audit Committee at its next regularly scheduled meeting.

(iii)

De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee.

Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex, if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. Investment company complex means the Pacific Select Fund, the Pacific Funds Series Trust, the Adviser and any entity controlled by or under common control with the Adviser if such entity is an investment adviser or is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to the Trusts or the Adviser.

(i)

De Minimis Exception: The De Minimis exceptions set forth above under Section (e)(1)A.(iii) apply to pre-approvals under this Section (e)(1)B. as well, except that the “total amount of revenues” calculation for this Section’s (e)(1)B. services is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person).

Pre-Approval of Program and Subscription Services Provided to the Registrants and their Affiliates. The Audit Committee is deemed to have pre-approved Program and Subscription Services (“Programs”) provided to the Registrant and their affiliates, entities within the Registrant’s investment company complex or their affiliates, including employees of Pacific Life and Pacific Life Fund Advisors LLC (collectively, “Fund Persons”) so long as: (1) such Programs are free to Fund Persons or if there is a charge, Fund Persons pay: (a) the going rate for such Programs, or (b) the Fund Persons receive a discount of $500 or less; or (2) the Program is approved under or covered by and in compliance with the policies and/or procedures of Pacific Life’s Audit Committee with respect to the provision of educational services by the Auditor or other parties. Any Programs that do not meet the above criteria require approval by the Audit Committee, its Chairperson or other delegates as provided in Section (e)(1)A.(ii). Programs are educational programs and seminars provided by the Auditor or its affiliates and include live programs, webcasts, podcasts, websites, database subscriptions, checklists, research reports, local office seminars, Debrief webcast series, Technical library and similar or related items.

(e)(2)

No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

The aggregate fees billed for the years ended March 31, 2021 and 2020 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $2,466,155 and $1,282,272, respectively.

(h)

The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

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) Code of Ethics, subject to the disclosure of Item 2 hereof is attached hereto as Exhibit 99.CODE ETH.

(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) There was no change in the Registrant’s independent public accountant for the period covered by the report.

(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:		June 3, 2021

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:		June 3, 2021

By:		/s/ Trevor T. Smith
		Trevor T. Smith
		Treasurer (Principal Financial and Accounting Officer)

Date:		June 3, 2021