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

1095 Avenue Of The Americas

New York, NY 10036

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

Date of fiscal year end: March 31

Date of reporting period: April 1, 2021 - September 30, 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.

September 30, 2021

SEMI-ANNUAL REPORT

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2021

TABLE OF CONTENTS
Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-6
Statements of Changes in Net Assets	B-11
Statement of Cash Flows	B-19
Financial Highlights	B-20
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Where to Go for More Information	D-4

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

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		706,185		$8,036,376
Pacific Funds Floating Rate Income ‘P’		253,689		2,481,079
Pacific Funds High Income ‘P’		2,525,567		26,089,106
PF Inflation Managed Fund ‘P’		1,316,605		13,653,197
PF Managed Bond Fund ‘P’		8,765,987		98,179,052
PF Short Duration Bond Fund ‘P’		2,773,234		28,203,786
PF Emerging Markets Debt Fund ‘P’		1,432,559		12,248,382
PF Growth Fund ‘P’		36,032		1,253,187
PF Large-Cap Value Fund ‘P’		414,343		5,444,472
PF Small-Cap Growth Fund ‘P’		106,362		2,454,844
PF Small-Cap Value Fund ‘P’		435,582		4,843,670
PF Emerging Markets Fund ‘P’		423,448		5,932,511
PF International Small-Cap Fund ‘P’		99,307		1,224,457
PF Multi-Asset Fund ‘P’		2,624,147		36,501,884
Total Affiliated Mutual Funds (Cost $211,948,803)				246,546,003
TOTAL INVESTMENTS - 100.1% (Cost $211,948,803)				246,546,003
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(232,353	)
NET ASSETS - 100.0%				$246,313,650

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	76.7%
Affiliated Equity Funds	23.4%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$246,546,003		$246,546,003		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		778,649		$8,861,028
Pacific Funds Floating Rate Income ‘P’		170,922		1,671,619
Pacific Funds High Income ‘P’		2,451,738		25,326,456
PF Inflation Managed Fund ‘P’		815,520		8,456,940
PF Managed Bond Fund ‘P’		9,656,083		108,148,130
PF Short Duration Bond Fund ‘P’		2,250,027		22,882,774
PF Emerging Markets Debt Fund ‘P’		1,548,860		13,242,751
PF Growth Fund ‘P’		287,789		10,009,299
PF Large-Cap Value Fund ‘P’		1,323,682		17,393,178
PF Small-Cap Growth Fund ‘P’		216,715		5,001,784
PF Small-Cap Value Fund ‘P’		725,860		8,071,567
PF Emerging Markets Fund ‘P’		866,425		12,138,611
PF International Large-Cap Fund ‘P’		285,004		3,499,849
PF International Small-Cap Fund ‘P’		269,513		3,323,097
PF International Value Fund ‘P’		216,413		1,848,166
PF Multi-Asset Fund ‘P’		5,876,591		81,743,388
PF Real Estate Fund ‘P’		111,598		1,730,882
Total Affiliated Mutual Funds (Cost $273,669,875)				333,349,519
TOTAL INVESTMENTS - 100.1% (Cost $273,669,875)				333,349,519
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(206,769	)
NET ASSETS - 100.0%				$333,142,750

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	56.6%
Affiliated Equity Funds	43.5%
	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 September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$333,349,519		$333,349,519		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		1,756,954		$19,994,138
Pacific Funds Floating Rate Income ‘P’		552,117		5,399,700
Pacific Funds High Income ‘P’		5,297,708		54,725,321
PF Inflation Managed Fund ‘P’		1,064,546		11,039,347
PF Managed Bond Fund ‘P’		21,884,880		245,110,657
PF Short Duration Bond Fund ‘P’		3,111,973		31,648,763
PF Emerging Markets Debt Fund ‘P’		2,517,095		21,521,161
PF Growth Fund ‘P’		1,663,379		57,852,305
PF Large-Cap Value Fund ‘P’		4,628,803		60,822,465
PF Small-Cap Growth Fund ‘P’		945,486		21,821,824
PF Small-Cap Value Fund ‘P’		3,294,525		36,635,114
PF Emerging Markets Fund ‘P’		3,138,531		43,970,814
PF International Large-Cap Fund ‘P’		1,022,617		12,557,736
PF International Small-Cap Fund ‘P’		881,257		10,865,898
PF International Value Fund ‘P’		765,767		6,539,652
PF Multi-Asset Fund ‘P’		31,558,153		438,973,914
PF Real Estate Fund ‘P’		366,761		5,688,462
Total Affiliated Mutual Funds (Cost $810,538,568)				1,085,167,271
TOTAL INVESTMENTS - 100.1% (Cost $810,538,568)				1,085,167,271
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(691,199	)
NET ASSETS - 100.0%				$1,084,476,072

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	64.2%
Affiliated Fixed Income Funds	35.9%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,085,167,271		$1,085,167,271		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		772,842		$8,794,945
Pacific Funds High Income ‘P’		3,451,313		35,652,059
PF Managed Bond Fund ‘P’		9,435,139		105,673,561
PF Short Duration Bond Fund ‘P’		1,266,912		12,884,495
PF Emerging Markets Debt Fund ‘P’		1,536,232		13,134,791
PF Growth Fund ‘P’		2,301,928		80,061,082
PF Large-Cap Value Fund ‘P’		5,484,769		72,069,859
PF Small-Cap Growth Fund ‘P’		968,684		22,357,217
PF Small-Cap Value Fund ‘P’		3,852,181		42,836,254
PF Emerging Markets Fund ‘P’		3,409,788		47,771,133
PF International Large-Cap Fund ‘P’		1,857,456		22,809,557
PF International Small-Cap Fund ‘P’		1,085,790		13,387,785
PF International Value Fund ‘P’		2,650,867		22,638,400
PF Multi-Asset Fund ‘P’		27,170,790		377,945,688
PF Real Estate Fund ‘P’		903,415		14,011,969
Total Affiliated Mutual Funds (Cost $644,231,297)				892,028,795
TOTAL INVESTMENTS - 100.1% (Cost $644,231,297)				892,028,795
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(839,137	)
NET ASSETS - 100.0%				$891,189,658

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	80.3%
Affiliated Fixed Income Funds	19.8%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$892,028,795		$892,028,795		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		29,405		$334,624
Pacific Funds High Income ‘P’		492,335		5,085,821
PF Managed Bond Fund ‘P’		418,714		4,689,594
PF Emerging Markets Debt Fund ‘P’		194,802		1,665,556
PF Growth Fund ‘P’		1,067,616		37,131,694
PF Large-Cap Value Fund ‘P’		1,324,036		17,397,834
PF Small-Cap Growth Fund ‘P’		591,052		13,641,488
PF Small-Cap Value Fund ‘P’		2,206,242		24,533,414
PF Emerging Markets Fund ‘P’		1,518,854		21,279,143
PF International Large-Cap Fund ‘P’		917,066		11,261,575
PF International Small-Cap Fund ‘P’		692,495		8,538,464
PF International Value Fund ‘P’		515,465		4,402,071
PF Multi-Asset Fund ‘P’		13,488,302		187,622,278
PF Real Estate Fund ‘P’		349,299		5,417,623
Total Affiliated Mutual Funds (Cost $234,493,425)				343,001,179
TOTAL INVESTMENTS - 100.1% (Cost $234,493,425)				343,001,179
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(489,357	)
NET ASSETS - 100.0%				$342,511,822

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	96.7%
Affiliated Fixed Income Funds	3.4%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$343,001,179		$343,001,179		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-5

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 66.4%
Basic Materials - 1.1%
LYB International Finance III LLC 1.131% (USD LIBOR + 1.000%) due 10/01/23 §		$350,000		$350,206
Communications - 3.3%
AT&T Inc 0.690% (SOFR + 0.640%) due 03/25/24 §		450,000		450,853
Charter Communications Operating LLC 1.776% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		308,597
eBay Inc 0.999% (USD LIBOR + 0.870%) due 01/30/23 §		300,000		303,163
				1,062,613
Consumer, Cyclical - 7.8%
7-Eleven Inc 0.625% due 02/10/23 ~		350,000		350,146
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		86,766		87,217
4.625% due 12/20/25 ~		66,567		70,314
Brunswick Corp 0.850% due 08/18/24		150,000		150,032
DR Horton Inc 4.375% due 09/15/22		250,000		256,714
Hyatt Hotels Corp due 10/01/23 #		250,000		250,367
3.375% due 07/15/23		100,000		103,821
Hyundai Capital America 1.000% due 09/17/24 ~		750,000		747,597
Lennar Corp 4.125% due 01/15/22		250,000		250,312
4.750% due 11/15/22		250,000		258,700
				2,525,220
Consumer, Non-Cyclical - 7.5%
AmerisourceBergen Corp 0.737% due 03/15/23		150,000		150,239
Bayer US Finance II LLC (Germany) 1.126% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		253,418
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		499,607
General Mills Inc 1.144% (USD LIBOR + 1.010%) due 10/17/23 §		350,000		356,183
Hormel Foods Corp 0.650% due 06/03/24		100,000		100,107
Humana Inc 0.650% due 08/03/23		300,000		300,211
Keurig Dr Pepper Inc 0.750% due 03/15/24		150,000		150,128
PerkinElmer Inc 0.550% due 09/15/23		300,000		300,289
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		300,000		299,847
				2,410,029

	Principal Amount		Value
Energy - 0.9%
Energy Transfer Partners LP 5.000% due 10/01/22	$	200,000	$	206,356
Kinder Morgan Inc 1.406% (USD LIBOR + 1.280%) due 01/15/23 §		100,000		101,435
				307,791
Financial - 29.0%
Athene Global Funding 1.360% (USD LIBOR + 1.230%) due 07/01/22 ~ §		500,000		504,020
Bank of America Corp 0.740% (SOFR + 0.690%) due 04/22/25 §		500,000		505,036
0.906% (USD LIBOR + 0.790%)
due 03/05/24 §		250,000		252,244
Citigroup Inc 1.075% (USD LIBOR + 0.950%) due 07/24/23 §		350,000		352,229
1.224% (USD LIBOR + 1.100%)
due 05/17/24 §		200,000		203,121
Cooperatieve Rabobank UA (Netherlands) 0.992% (USD LIBOR + 0.860%) due 09/26/23 ~ §		250,000		253,673
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		200,000		209,472
HSBC Holdings PLC (United Kingdom) 1.125% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		455,530
Jackson National Life Global Funding 0.862% (USD LIBOR + 0.730%) due 06/27/22 ~ §		250,000		251,341
JPMorgan Chase & Co 0.868% (USD LIBOR + 0.730%) due 04/23/24 §		750,000		756,894
1.028% (USD LIBOR + 0.890%)
due 07/23/24 §		250,000		253,355
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,308
Mitsubishi UFJ Financial Group Inc (Japan) 0.860% (USD LIBOR + 0.740%) due 03/02/23 §		300,000		302,702
0.985% (USD LIBOR + 0.860%)
due 07/26/23 §		365,000		369,864
Morgan Stanley 1.345% (USD LIBOR + 1.220%) due 05/08/24 §		500,000		508,323
1.525% (USD LIBOR + 1.400%)
due 10/24/23 §		250,000		253,386
Nasdaq Inc 0.445% due 12/21/22		100,000		100,009
NatWest Markets PLC (United Kingdom) 0.580% (SOFR + 0.530%) due 08/12/24 ~ §		200,000		201,169
New York Life Global Funding 0.561% (USD LIBOR + 0.440%) due 07/12/22 ~ §		400,000		401,423
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		206,994
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		153,298
Skandinaviska Enskilda Banken AB (Sweden) 0.440% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		501,793
State Street Corp 2.825% due 03/30/23		250,000		253,071
Sumitomo Mitsui Financial Group Inc (Japan) 0.994% (USD LIBOR + 0.860%) due 07/19/23 §		132,000		133,783

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.490% (SOFR + 0.440%) due 09/16/24 ~ §	$	500,000	$	501,393
The Goldman Sachs Group Inc
0.590% (SOFR + 0.540%) due 11/17/23 §		500,000		501,739
0.881% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		252,047
UBS AG (Switzerland) 0.410% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		501,960
				9,341,177
Industrial - 4.7%
Carlisle Cos Inc 0.550% due 09/01/23		300,000		299,935
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		198,422
Graphic Packaging International LLC 0.821% due 04/15/24 ~		200,000		198,987
Otis Worldwide Corp 0.583% (USD LIBOR + 0.450%) due 04/05/23 §		200,000		200,021
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		100,000		103,376
Siemens Financieringsmaatschappij NV (Germany) 0.480% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		504,511
				1,505,252
Technology - 2.0%
Fidelity National Information Services Inc 0.600% due 03/01/24		200,000		199,766
Roper Technologies Inc 0.450% due 08/15/22		200,000		200,369
VMware Inc 0.600% due 08/15/23		250,000		250,392
				650,527
Utilities - 10.1%
Black Hills Corp 1.037% due 08/23/24		250,000		250,039
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		250,000		250,533
CenterPoint Energy Resources Corp 0.620% (USD LIBOR + 0.500%) due 03/02/23 §		300,000		300,050
DTE Energy Co 2.250% due 11/01/22		500,000		510,104
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		150,000		149,578
NextEra Energy Capital Holdings Inc 0.401% (USD LIBOR + 0.270%) due 02/22/23 §		500,000		500,053
OGE Energy Corp 0.703% due 05/26/23		200,000		200,021
Pacific Gas and Electric Co 1.750% due 06/16/22		300,000		299,551
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		250,000		250,240
Southern California Edison Co
0.700% due 08/01/23		350,000		350,635
0.880% (SOFR + 0.830%) due 04/01/24 §		200,000		201,067
				3,261,871
Total Corporate Bonds & Notes (Cost $21,340,325)				21,414,686

	Principal Amount		Value
SENIOR LOAN NOTES - 6.4%
Basic Materials - 0.8%
Asplundh Tree Expert LLC Term B 1.834% (USD LIBOR + 1.750%) due 09/04/27 §	$	247,500	$	246,778
Communications - 1.5%
Charter Communications Operating LLC Term B-2 1.840% (USD LIBOR + 1.750%) due 02/01/27 §		493,703		491,122
Consumer, Cyclical - 0.8%
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		250,000		249,625
Consumer, Non-Cyclical - 1.5%
United Rentals North America Inc Term B 1.834% (USD LIBOR + 1.750%) due 10/31/25 §		493,639		496,454
Financial - 0.4%
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		138,197
Industrial - 0.4%
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		125,303		125,714
Technology - 1.0%
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		333,368		333,718
Total Senior Loan Notes (Cost $2,071,990)				2,081,608
ASSET-BACKED SECURITIES - 19.7%
AIMCO CLO (Cayman) 0.976% (USD LIBOR + 0.850%) due 01/15/28 ~ §		225,714		225,714
Aimco CLO 11 Ltd (Cayman) 1.506% (USD LIBOR + 1.380%) due 10/15/31 ~ §		300,000		300,423
AmeriCredit Automobile Receivables Trust
1.480% due 01/21/25		250,000		252,919
3.260% due 01/18/24		24,230		24,267
Ford Credit Auto Owner Trust 0.500% due 02/15/23		38,887		38,902
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		67,976		70,787
Magnetite Ltd (Cayman) 1.106% (USD LIBOR + 0.980%) due 04/15/31 ~ §		215,000		215,333

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Navient Private Education Refi Loan Trust
0.434% (USD LIBOR + 0.350%) due 11/15/68 ~ §	$	6,679	$	6,679
0.840% due 05/15/69 ~		145,270		145,179
1.060% due 10/15/69 ~		228,237		228,824
1.220% due 07/15/69 ~		237,126		238,607
1.310% due 01/15/69 ~		159,665		160,866
1.690% due 05/15/69 ~		138,738		140,799
Navient Student Loan Trust
0.466% (USD LIBOR + 0.380%) due 03/25/67 ~ §		88,311		88,398
0.686% (USD LIBOR + 0.600%) due 12/26/69 ~ §		141,687		142,840
1.320% due 08/26/69 ~		137,389		135,693
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 1.104% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		300,075
OCP CLO Ltd (Cayman) 1.076% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		249,982
Palmer Square CLO Ltd (Cayman)
0.975% (USD LIBOR + 0.850%) due 08/15/26 ~ §		550,547		550,994
1.226% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,188
Palmer Square Loan Funding Ltd (Cayman)
0.931% (USD LIBOR + 0.800%) due 02/20/28 ~ §		142,691		142,739
0.931% (USD LIBOR + 0.800%) due 05/20/29 ~ §		277,584		277,931
0.981% (USD LIBOR + 0.850%) due 08/20/27 ~ §		123,602		123,652
1.025% (USD LIBOR + 0.900%) due 10/24/27 ~ §		243,093		243,214
1.034% (USD LIBOR + 0.900%) due 04/20/29 ~ §		219,776		219,998
1.184% (USD LIBOR + 1.050%) due 04/20/27 ~ §		99,258		99,382
Santander Drive Auto Receivables Trust
0.290% due 11/15/23		42,280		42,269
0.590% due 09/15/25		200,000		200,355
SLM Student Loan Trust 0.215% (USD LIBOR + 0.090%) due 01/26/26 §		6,186		6,186
SMB Private Education Loan Trust
0.584% (USD LIBOR + 0.500%) due 01/15/53 ~ §		88,603		88,736
2.340% due 09/15/34 ~		249,941		254,460
2.430% due 02/17/32 ~		77,640		79,448
2.490% due 06/15/27 ~		113,853		114,365
2.700% due 05/15/31 ~		170,905		174,943
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		21,836		21,918

	Principal Amount		Value
Sofi Professional Loan Program Trust 2.060% due 05/15/46 ~	$	13,740	$	13,767
Voya CLO Ltd (Cayman) 1.034% (USD LIBOR + 0.900%) due 01/18/29 ~ §		226,430		226,734
1.256% (USD LIBOR + 1.130%) due 10/15/30 ~ §		250,000		250,188
Total Asset-Backed Securities (Cost $6,327,519)				6,347,754
SHORT-TERM INVESTMENTS - 8.1%
Corporate Notes - 1.1%
Southern California Edison Co 0.400% (SOFR + 0.350%) due 06/13/22 §		350,000		350,209
	Shares
Money Market Fund - 4.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,357,907		1,357,907
	Principal Amount
U.S. Treasury Bills - 2.8%
0.032% due 12/02/21		$900,000		899,951
Total Short-Term Investments (Cost $2,607,842)				2,608,067
TOTAL INVESTMENTS - 100.6% (Cost $32,347,676)				32,452,115
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(202,819	)
NET ASSETS - 100.0%				$32,249,296

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	66.4%
Asset-Backed Securities	19.7%
Short-Term Investments	8.1%
Senior Loan Notes	6.4%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$21,414,686		$ —		$21,414,686		$—
	Senior Loan Notes		2,081,608		—		2,081,608		—
	Asset-Backed Securities		6,347,754		—		6,347,754		—
	Short-Term Investments		2,608,067		1,357,907		1,250,160		—
	Total		$32,452,115		$1,357,907		$31,094,208		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-8

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 50.9%
Basic Materials - 1.2%
DuPont de Nemours Inc 1.235% (USD LIBOR + 1.110%) due 11/15/23 §		$6,965,000		$7,103,567
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		3,000,000		3,072,000
4.125% due 05/30/23 ~		1,400,000		1,480,864
4.125% due 03/12/24 ~		2,500,000		2,678,943
				14,335,374
Communications - 2.2%
Charter Communications Operating LLC
4.464% due 07/23/22		1,600,000		1,640,843
4.500% due 02/01/24		5,000,000		5,410,743
Expedia Group Inc 3.600% due 12/15/23		7,000,000		7,411,220
Sprint Spectrum Co LLC
4.738% due 09/20/29 ~		9,296,875		9,940,684
T-Mobile USA Inc
2.250% due 02/15/26 ~		1,675,000		1,695,938
2.625% due 04/15/26		100,000		102,375
				26,201,803
Consumer, Cyclical - 7.3%
7-Eleven Inc
0.625% due 02/10/23 ~		2,650,000		2,651,104
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		759,535		738,883
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,950,038		2,965,392
4.625% due 12/20/25 ~		1,823,939		1,926,608
Brunswick Corp 0.850% due 08/18/24		1,950,000		1,950,411
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,391,383
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,755,340
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,716,153
Ford Motor Co 8.500% due 04/21/23		1,200,000		1,321,428
Ford Motor Credit Co LLC
2.700% due 08/10/26		1,775,000		1,780,769
3.096% due 05/04/23		5,000,000		5,087,500
3.375% due 11/13/25		4,200,000		4,320,750
5.584% due 03/18/24		1,300,000		1,398,917
General Motors Co 5.400% due 10/02/23		2,000,000		2,181,819
General Motors Financial Co Inc
1.700% due 08/18/23		3,000,000		3,057,691
3.550% due 07/08/22		3,000,000		3,071,813
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,785,934
Hyatt Hotels Corp
due 10/01/23 #		1,500,000		1,502,201
due 10/01/24 #		4,200,000		4,209,506
3.375% due 07/15/23		6,234,000		6,472,188
Hyundai Capital America 1.000% due 09/17/24 ~		9,000,000		8,971,160
International Game Technology PLC 4.125% due 04/15/26 ~		1,500,000		1,560,930
Las Vegas Sands Corp
3.200% due 08/08/24		3,000,000		3,081,099
Lennar Corp
4.125% due 01/15/22		4,750,000		4,755,938
4.500% due 04/30/24		5,000,000		5,412,400
MGM Resorts International 6.000% due 03/15/23		2,800,000		2,964,332

	Principal Amount		Value
Nordstrom Inc 2.300% due 04/08/24	$	3,800,000	$	3,800,580
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		525,174		524,057
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		545,331		556,245
				88,912,531
Consumer, Non-Cyclical - 3.2%
Avery Dennison Corp 0.850% due 08/15/24		3,600,000		3,601,484
Campbell Soup Co 3.650% due 03/15/23		3,676,000		3,819,509
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		5,300,000		5,378,478
General Mills Inc 1.144% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,154,763
Humana Inc 0.650% due 08/03/23		4,000,000		4,002,814
JDE Peet’s NV (Netherlands)
0.800% due 09/24/24 ~		3,000,000		2,992,375
PerkinElmer Inc 0.850% due 09/15/24		3,850,000		3,850,932
Quanta Services Inc 0.950% due 10/01/24		2,000,000		2,001,204
Square Inc 2.750% due 06/01/26 ~		750,000		761,212
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,600,000		5,803,512
Triton Container International Ltd (Bermuda)
0.800% due 08/01/23 ~		3,300,000		3,298,322
				38,664,605
Energy - 2.5%
Energy Transfer LP
3.600% due 02/01/23		5,325,000		5,491,378
4.250% due 03/15/23		1,500,000		1,564,041
4.250% due 04/01/24		5,000,000		5,354,480
Kinder Morgan Inc
5.625% due 11/15/23 ~		2,355,000		2,564,605
MPLX LP
3.500% due 12/01/22		6,900,000		7,119,461
4.875% due 12/01/24		3,575,000		3,961,455
Valero Energy Corp
1.200% due 03/15/24		4,160,000		4,207,691
				30,263,111
Financial - 21.4%
AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		1,250,000		1,237,833
4.500% due 09/15/23		5,000,000		5,328,744
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,528,396
3.375% due 07/01/25		1,200,000		1,274,964
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		4,505,579
4.250% due 04/15/26 ~		2,650,000		2,851,510
Banco Santander SA (Spain)
0.701% due 06/30/24		3,450,000		3,457,282
2.746% due 05/28/25		3,000,000		3,148,063
Bank of America Corp
0.523% due 06/14/24		5,850,000		5,849,144
0.810% due 10/24/24		5,000,000		5,018,305
0.891% (USD LIBOR + 0.770%) due 02/05/26 §		500,000		507,134
0.976% due 04/22/25		7,500,000		7,542,420
1.098% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,074,363
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,555,394
2.750% due 12/02/23 ~		5,000,000		5,167,699

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-9

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Citigroup Inc 0.776% due 10/30/24	$	1,400,000	$	1,405,634
0.981% due 05/01/25		2,400,000		2,408,350
1.143% (USD LIBOR + 1.023%) due 06/01/24 §		5,000,000		5,068,029
4.000% due 08/05/24		4,000,000		4,340,325
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,533,208
Credit Suisse Group AG (Switzerland) 1.316% (USD LIBOR + 1.200%) due 12/14/23 ~ §		3,000,000		3,032,575
GLP Capital LP REIT 3.350% due 09/01/24		1,425,000		1,504,401
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		3,800,000		3,979,960
HSBC Holdings PLC (United Kingdom) 0.732% due 08/17/24		4,050,000		4,053,912
0.976% due 05/24/25		2,500,000		2,496,222
Jackson National Life Global Funding 2.650% due 06/21/24 ~		5,000,000		5,234,562
JPMorgan Chase & Co 0.824% due 06/01/25		4,500,000		4,500,320
0.868% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		4,036,771
0.935% (SOFR + 0.885%) due 04/22/27 §		5,000,000		5,064,386
0.969% due 06/23/25		3,200,000		3,205,151
1.028% (USD LIBOR + 0.890%) due 07/23/24 §		1,500,000		1,520,130
3.875% due 09/10/24		3,500,000		3,806,889
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		2,050,000		2,059,624
0.953% due 07/19/25		6,000,000		6,008,377
0.985% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,026,651
Mizuho Financial Group Inc (Japan)
1.241% due 07/10/24		5,000,000		5,059,792
Morgan Stanley 0.560% due 11/10/23		1,600,000		1,602,349
0.731% due 04/05/24		2,000,000		2,007,109
0.790% due 05/30/25		8,400,000		8,377,068
NatWest Markets PLC (United Kingdom)
0.800% due 08/12/24 ~		1,350,000		1,347,525
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		4,037,424
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,562,700
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,932,895
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,000,000		2,043,976
2.500% due 10/30/24 ~		1,000,000		1,043,367
Royal Bank of Canada (Canada) 0.793% (USD LIBOR + 0.660%) due 10/05/23 §		2,000,000		2,023,581
2.250% due 11/01/24		5,000,000		5,221,045
Standard Chartered PLC (United Kingdom) 0.991% due 01/12/25 ~		3,000,000		2,991,645
1.319% due 10/14/23 ~		2,500,000		2,516,171
3.885% due 03/15/24 ~		1,500,000		1,566,830
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		3,200,000		3,190,575
1.402% due 09/17/26		3,000,000		2,976,896
1.474% due 07/08/25		4,000,000		4,033,753
2.348% due 01/15/25		2,500,000		2,596,810
2.448% due 09/27/24		600,000		627,393
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.800% due 09/16/24 ~		3,850,000		3,842,715

	Principal Amount		Value
The Goldman Sachs Group Inc 0.590% (SOFR + 0.540%) due 11/17/23 §	$	7,500,000	$	7,526,090
0.627% due 11/17/23		10,000,000		10,005,878
0.657% due 09/10/24		9,000,000		9,003,082
1.166% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,774,159
1.295% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,283,075
3.500% due 04/01/25		3,246,000		3,490,879
3.625% due 02/20/24		4,500,000		4,796,313
The PNC Financial Services Group Inc
3.900% due 04/29/24		2,155,000		2,326,154
UBS AG (Switzerland) 0.700% due 08/09/24 ~		7,000,000		6,993,439
VICI Properties LP REIT 3.500% due 02/15/25 ~		6,050,000		6,178,563
Wells Fargo & Co 1.654% due 06/02/24		9,000,000		9,178,494
				259,490,052
Industrial - 3.0%
Berry Global Inc 1.570% due 01/15/26 ~		4,250,000		4,254,207
DAE Funding LLC (United Arab Emirates)
1.550% due 08/01/24 ~		2,300,000		2,281,853
Graphic Packaging International LLC 0.821% due 04/15/24 ~		2,400,000		2,387,845
Penske Truck Leasing Co LP 2.700% due 03/14/23 ~		1,000,000		1,028,522
2.700% due 11/01/24 ~		3,250,000		3,413,305
3.450% due 07/01/24 ~		2,300,000		2,450,961
4.125% due 08/01/23 ~		2,000,000		2,120,189
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,906,432
SYNNEX Corp 1.250% due 08/09/24 ~		4,800,000		4,802,089
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		9,016,413
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,573,837
				36,235,653
Technology - 3.5%
Dell International LLC 4.000% due 07/15/24		5,100,000		5,519,169
DXC Technology Co 1.800% due 09/15/26		6,100,000		6,094,714
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,394,851
Hewlett Packard Enterprise Co 1.450% due 04/01/24		8,000,000		8,130,685
Infor Inc 1.450% due 07/15/23 ~		3,000,000		3,032,843
Microchip Technology Inc 0.972% due 02/15/24 ~		8,250,000		8,257,813
0.983% due 09/01/24 ~		3,750,000		3,746,566
NXP BV (China) 2.700% due 05/01/25 ~		3,300,000		3,448,698
				42,625,339
Utilities - 6.6%
American Electric Power Co Inc 0.750% due 11/01/23		3,500,000		3,500,282
Black Hills Corp 1.037% due 08/23/24		2,000,000		2,000,313
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		2,750,000		2,755,863

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
CenterPoint Energy Resources Corp 0.620% (USD LIBOR + 0.500%) due 03/02/23 §	$	1,500,000	$	1,500,250
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,525,445
DPL Inc 4.125% due 07/01/25		600,000		642,750
Eastern Energy Gas Holdings LLC 2.500% due 11/15/24		2,550,000		2,671,577
Edison International 4.950% due 04/15/25		2,000,000		2,203,170
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		3,857,000		3,846,140
Evergy Inc 2.450% due 09/15/24		4,050,000		4,235,517
FirstEnergy Corp 3.350% due 07/15/22		8,800,000		8,915,280
NextEra Energy Operating Partners LP
4.250% due 07/15/24 ~		7,875,000		8,347,500
NRG Energy Inc 2.000% due 12/02/25 ~		4,000,000		4,068,968
OGE Energy Corp 0.703% due 05/26/23		1,900,000		1,900,201
Oklahoma Gas and Electric Co 0.553% due 05/26/23		1,650,000		1,650,055
Pacific Gas and Electric Co 1.750% due 06/16/22		7,200,000		7,189,222
Southern California Edison Co 0.975% due 08/01/24		4,650,000		4,664,229
1.100% due 04/01/24		2,100,000		2,110,618
The AES Corp 1.375% due 01/15/26		4,350,000		4,295,744
3.300% due 07/15/25 ~		3,650,000		3,881,976
Vistra Operations Co LLC 3.550% due 07/15/24 ~		4,250,000		4,471,466
				79,376,566
Total Corporate Bonds & Notes (Cost $607,708,852)				616,105,034
SENIOR LOAN NOTES - 16.9%
Communications - 1.1%
CSC Holdings LLC
Term B 2.334% (USD LIBOR + 2.250%) due 01/15/26 §		1,488,550		1,471,339
Term B-5 2.584% (USD LIBOR + 2.500%) due 04/15/27 §		1,970,000		1,950,300
MTN Infrastructure TopCo Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/17/24 §		8,953,608		8,948,012
SBA Senior Finance II LLC Term B 1.840% (USD LIBOR + 1.750%) due 04/11/25 §		1,190,769		1,180,722
				13,550,373
Consumer, Cyclical - 3.2%
ClubCorp Holdings Inc Term B 2.882% (USD LIBOR + 2.750%) due 09/18/24 §		3,839,571		3,618,796
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		2,233,125		2,246,850
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		1,985,000		1,986,467
Hayward Industries Inc Term B 3.000% (USD LIBOR + 2.500%) due 05/28/28 §		3,990,000		3,985,368
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		2,000,000		2,007,000

	Principal Amount		Value
Marriott Ownership Resorts Inc Term B 1.834% (USD LIBOR + 1.750%) due 08/31/25 §	$	1,819,096	$	1,793,516
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,125,834
Restaurant Brands International Inc Term B (Canada) 1.837% (USD LIBOR + 1.750%) due 11/19/26 §		3,911,078		3,866,030
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		4,500,000		4,493,250
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		2,500,000		2,502,187
Stars Group Holdings BV Term B (Canada) 2.397% (USD LIBOR + 2.250%) due 07/10/25 §		3,269,928		3,263,117
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,467,500		6,526,587
				38,415,002
Consumer, Non-Cyclical - 4.5%
Avantor Funding Inc Term B-4 2.500% (USD LIBOR + 2.000%) due 11/24/24 §		2,684,440		2,686,676
Bausch Health Americas Inc Term B 3.084% (USD LIBOR + 3.000%) due 06/01/25 §		4,873,546		4,872,937
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		3,500,000		3,496,062
Heartland Dental LLC Term B 4.085% (USD LIBOR + 4.000%) due 04/30/25 §		3,491,250		3,487,431
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		5,985,000		6,005,948
Mozart Borrower LP Term B due 09/30/28 ¥		1,750,000		1,741,250
Organon & Co Term B 3.500% (USD LIBOR + 3.000%) due 06/02/28 §		2,244,375		2,252,616
Pathway Vet Alliance LLC Term A 3.834% (USD LIBOR + 3.750%) due 03/31/27 §		2,960,751		2,958,160
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		6,649,114		6,664,354
PPD Inc Term B 2.500% (USD LIBOR + 2.000%) due 01/13/28 §		5,984,962		5,982,341
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,493,750		2,503,491
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,701,363		3,715,542
United Rentals North America Inc Term B 1.834% (USD LIBOR + 1.750%) due 10/31/25 §		4,442,748		4,468,085
US Foods Inc Term B 1.834% (USD LIBOR + 1.750%) due 06/27/23 §		1,458,722		1,451,529
Wand NewCo 3 Inc Term B-1 3.084% (USD LIBOR + 3.000%) due 02/05/26 §		1,759,638		1,744,929
				54,031,351

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Financial - 2.7%
Acrisure LLC Term B 3.632% (USD LIBOR + 3.500%) due 02/15/27 §	$	2,221,832	$	2,202,391
AssuredPartners Inc Term B 3.584% (USD LIBOR + 3.500%) due 02/13/27 §		7,128,050		7,091,918
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		6,029,412		6,010,033
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,962,500		2,974,931
HUB International Ltd Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		5,943,721		5,894,192
NFP Corp Term B 3.334% (USD LIBOR + 3.250%) due 02/13/27 §		4,925,000		4,882,930
USI Inc Term B 3.132% (USD LIBOR + 3.000%) due 05/16/24 §		3,378,228		3,360,131
				32,416,526
Industrial - 1.8%
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		233,595		233,709
Engineered Components and Systems LLC Term B 6.500% (USD LIBOR + 6.000%) due 08/02/28 ± §		1,541,284		1,543,211
Filtration Group Corp Term B 3.084% (USD LIBOR + 3.000%) due 03/29/25 §		5,205,396		5,182,623
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		5,985,000		5,983,599
Pro Mach Group Inc 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		2,365,922		2,377,751
ProAmpac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,736,250		2,745,827
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		2,000,000		1,995,972
TransDigm Inc Term F 2.334% (USD LIBOR + 2.250%) due 12/09/25 §		1,960,013		1,937,657
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 § ¥		314		312
				22,000,661
Technology - 2.9%
Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		1,966,765		1,968,610
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		7,308,577		7,316,243
Epicor Software Corp Term B due 07/31/27 ¥		5,984,887		5,989,489
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		1,243,750		1,246,415
Sophia LP 3.882% (USD LIBOR + 3.750%) due 10/07/27 §		3,225,625		3,241,418

	Principal Amount		Value
Tempo Acquisition LLC Term B 3.334% (USD LIBOR + 3.250%) due 10/31/26 §	$	4,762,217	$	4,779,480
The Dun & Bradstreet Corp Term B 3.336% (USD LIBOR + 3.250%) due 02/08/26 §		4,437,691		4,438,086
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		6,692,552		6,714,302
				35,694,043
Utilities - 0.7%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,209,375		3,157,222
Pike Corp Term B 3.090% (USD LIBOR + 3.000%) due 01/21/28 §		4,794,521		4,800,514
				7,957,736
Total Senior Loan Notes (Cost $204,008,598)				204,065,692
ASSET-BACKED SECURITIES - 22.1%
AIMCO CLO 10 Ltd (Cayman) 1.171% (USD LIBOR + 1.060%) due 07/22/32 ~ §		2,700,000		2,700,208
Aimco CLO 11 Ltd (Cayman) 1.506% (USD LIBOR + 1.380%) due 10/15/31 ~ §		3,750,000		3,755,291
AmeriCredit Automobile Receivables Trust 0.680% due 10/19/26		10,100,000		10,097,522
0.690% due 01/19/27		2,400,000		2,397,004
0.760% due 12/18/25		2,400,000		2,407,878
0.970% due 02/18/26		1,000,000		1,007,121
1.480% due 01/21/25		2,750,000		2,782,106
2.600% due 09/18/23		1,172,564		1,178,804
3.130% due 02/18/25		1,550,000		1,569,836
3.450% due 06/18/24		1,358,311		1,365,765
3.500% due 01/18/24		2,000,000		2,027,560
Apidos CLO XV (Cayman) 1.144% (USD LIBOR + 1.010%) due 04/20/31 ~ §		1,250,000		1,250,402
Apidos CLO XXV (Cayman) 1.304% (USD LIBOR + 1.170%) due 10/20/31 ~ §		2,000,000		2,001,679
Apidos CLO XXX (Cayman) 1.274% (USD LIBOR + 1.140%) due 10/18/31 ~ §		3,000,000		3,001,800
Atrium XIII (Cayman) 1.318% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		470,470
Buttermilk Park CLO Ltd (Cayman) 1.226% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,850,000		1,851,547
Carlyle Global Market Strategies CLO Ltd (Cayman)
1.179% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		496,412
CIFC Funding 2013-III-R Ltd (Cayman) 1.105% (USD LIBOR + 0.980%) due 04/24/31 ~ §		2,000,000		2,001,700
CIFC Funding 2015-III Ltd (Cayman) 1.004% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,500,000		1,500,750
Dryden 55 CLO Ltd (Cayman) 1.146% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,503,461
Dryden 58 CLO Ltd (Cayman) 1.134% (USD LIBOR + 1.000%) due 07/17/31 ~ §		3,148,000		3,151,933

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Dryden 61 CLO Ltd (Cayman) 1.124% (USD LIBOR + 0.990%) due 01/17/32 ~ §	$	7,000,000	$	7,000,168
Dryden 64 CLO Ltd (Cayman) 1.104% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		2,002,498
Ford Credit Auto Owner Trust 0.700% due 10/15/26		10,550,000		10,469,789
0.790% due 08/15/26		2,650,000		2,640,440
1.190% due 01/15/26		2,050,000		2,077,854
2.040% due 08/15/31 ~		2,000,000		2,070,159
2.130% due 05/15/25		5,000,000		5,137,090
3.380% due 03/15/24		1,650,000		1,683,077
GM Financial Consumer Automobile Receivables Trust
0.750% due 05/17/27		800,000		796,774
3.270% due 01/16/24		1,200,000		1,222,385
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		271,903		283,150
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		2,071,412
Magnetite Ltd (Cayman) 1.106% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,170,000		2,173,362
Magnetite XIV-R Ltd (Cayman) 1.254% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		3,004,179
Magnetite XV Ltd (Cayman) 1.135% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,500,795
Magnetite XVIII Ltd (Cayman) 1.205% (USD LIBOR + 1.080%) due 11/15/28 ~ §		3,000,000		3,003,540
Magnetite XXIX Ltd (Cayman) 1.116% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,302,537
MVW LLC 1.140% due 01/22/41 ~		1,840,080		1,843,372
1.740% due 10/20/37 ~		540,758		547,601
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		875,920		912,321
Navient Private Education Refi Loan Trust 0.434% (USD LIBOR + 0.350%) due 11/15/68 ~ §		133,573		133,580
0.834% (USD LIBOR + 0.750%) due 11/15/68 ~ §		445,115		445,724
0.840% due 05/15/69 ~		1,234,793		1,234,020
1.060% due 10/15/69 ~		5,249,459		5,262,963
1.110% due 02/18/70 ~		2,500,000		2,499,543
1.170% due 09/16/69 ~		785,964		790,451
1.220% due 07/15/69 ~		1,185,628		1,193,036
1.310% due 01/15/69 ~		2,937,838		2,959,938
1.690% due 05/15/69 ~		4,916,368		4,984,930
2.120% due 01/15/69 ~		2,793,439		2,834,739
2.460% due 11/15/68 ~		1,000,000		1,034,798
2.640% due 05/15/68 ~		1,534,299		1,565,220
Navient Student Loan Trust 0.356% (USD LIBOR + 0.270%) due 02/27/68 ~ §		58,372		58,373
0.466% (USD LIBOR + 0.380%) due 03/25/67 ~ §		1,854,541		1,856,353
0.636% (USD LIBOR + 0.550%) due 02/25/70 ~ §		3,402,304		3,413,241
0.686% (USD LIBOR + 0.600%) due 12/26/69 ~ §		4,108,937		4,142,365
1.136% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,260,643		2,324,171
1.320% due 08/26/69 ~		4,075,882		4,025,546
3.390% due 12/15/59 ~		1,706,630		1,779,014
Nelnet Student Loan Trust 1.360% due 04/20/62 ~		3,678,438		3,678,973

	Principal Amount		Value
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)
1.064% (USD LIBOR + 0.930%) due 10/18/29 ~ §	$	2,650,000	$	2,654,638
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman)
1.104% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,701,175
OCP CLO Ltd (Cayman) 0.945% (USD LIBOR + 0.820%) due 10/26/27 ~ §		590,314		590,689
1.076% (USD LIBOR + 0.960%) due 07/15/30 ~ §		2,500,000		2,499,822
Palmer Square CLO Ltd (Cayman) 0.975% (USD LIBOR + 0.850%) due 08/15/26 ~ §		321,152		321,413
1.226% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,251,692
Palmer Square Loan Funding Ltd (Cayman) due 10/15/29 # ~		10,000,000		10,000,000
0.931% (USD LIBOR + 0.800%) due 05/20/29 ~ §		10,825,791		10,839,313
0.981% (USD LIBOR + 0.850%) due 08/20/27 ~ §		618,009		618,258
1.025% (USD LIBOR + 0.900%) due 11/15/26 ~ §		523,603		523,917
1.025% (USD LIBOR + 0.900%) due 10/24/27 ~ §		972,372		972,858
1.034% (USD LIBOR + 0.900%) due 04/20/29 ~ §		4,835,075		4,839,958
1.184% (USD LIBOR + 1.050%) due 04/20/27 ~ §		1,712,195		1,714,333
1.481% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,952,870
1.571% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,000,000		3,996,672
2.031% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,022
Regatta X Funding Ltd (Cayman) 1.254% (USD LIBOR + 1.120%) due 01/17/31 ~ §		3,000,000		3,002,433
Regatta XIV Funding Ltd (Cayman) 1.315% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,101,495
Santander Drive Auto Receivables Trust 0.500% due 04/15/25		9,900,000		9,915,434
0.590% due 09/15/25		3,150,000		3,155,593
0.730% due 03/17/25		2,200,000		2,207,169
0.750% due 02/17/26		3,750,000		3,766,838
0.900% due 06/15/26		4,000,000		4,016,794
0.950% due 09/15/27		2,100,000		2,105,431
0.960% due 11/15/24		1,200,000		1,203,738
1.460% due 09/15/25		1,000,000		1,010,675
3.420% due 04/15/25		558,588		560,852
SLC Student Loan Trust 0.226% (USD LIBOR + 0.110%) due 03/15/27 §		2,183,849		2,180,654
0.236% (USD LIBOR + 0.120%) due 06/15/29 §		498,232		497,261
SMB Private Education Loan Trust 0.584% (USD LIBOR + 0.500%) due 01/15/53 ~ §		1,269,973		1,271,883
1.070% due 01/15/53 ~		3,682,372		3,632,894
1.290% due 07/15/53 ~		2,851,449		2,864,388
2.340% due 09/15/34 ~		4,542,635		4,624,770
2.430% due 02/17/32 ~		2,585,032		2,645,230
2.490% due 06/15/27 ~		505,886		508,160
2.700% due 05/15/31 ~		1,716,353		1,756,903
3.440% due 07/15/36 ~		1,453,275		1,517,341
3.500% due 02/15/36 ~		742,195		779,178
3.600% due 01/15/37 ~		2,052,141		2,166,287
3.630% due 11/15/35 ~		2,110,089		2,216,522

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-13

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Sofi Consumer Loan Program Trust 2.020% due 01/25/29 ~	$	368,196	$	370,541
2.450% due 08/25/28 ~		174,687		175,343
Sofi Professional Loan Program Trust 2.060% due 05/15/46 ~		283,969		284,516
Verizon Owner Trust 0.537% (USD LIBOR + 0.450%) due 12/20/23 §		2,070,366		2,073,938
1.850% due 07/22/24		3,500,000		3,546,575
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,040,996
Total Asset-Backed Securities (Cost $265,898,156)				267,357,192
U.S. TREASURY OBLIGATIONS - 7.0%
U.S. Treasury Notes - 7.0%
0.125% due 08/31/23		7,500,000		7,480,664
0.250% due 03/15/24		6,000,000		5,980,313
0.375% due 07/15/24		2,700,000		2,692,934
0.375% due 08/15/24		10,000,000		9,965,625
0.375% due 09/15/24		6,000,000		5,974,687
1.250% due 07/31/23		6,000,000		6,111,094
1.250% due 08/31/24		5,000,000		5,108,984
1.375% due 10/15/22		5,000,000		5,065,887
1.375% due 02/15/23		10,000,000		10,167,578
1.500% due 09/30/24		10,000,000		10,294,922
1.750% due 07/31/24		9,500,000		9,843,262
2.500% due 01/15/22		6,000,000		6,042,454
Total U.S. Treasury Obligations (Cost $84,073,352)				84,728,404
	Shares
SHORT-TERM INVESTMENT - 4.9%
Money Market Fund - 4.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		59,586,965		59,586,965
Total Short-Term Investment (Cost $59,586,965)				59,586,965
TOTAL INVESTMENTS - 101.8% (Cost $1,221,275,923)				1,231,843,287
OTHER ASSETS & LIABILITIES, NET - (1.8%)				(21,602,186	)
NET ASSETS - 100.0%				$1,210,241,101

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	50.9%
Asset-Backed Securities	22.1%
Senior Loan Notes	16.9%
U.S. Treasury Obligations	7.0%
Short-Term Investment	4.9%
	101.8%
Other Assets & Liabilities, Net	(1.8%	)
	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)
Engineered Components and Systems LLC ±		$458,716		$459,289		$573
Pro Mach Group Inc		384,078		385,999		1,921
		$842,794		$845,288		$2,494

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$616,105,034		$—		$616,105,034		$—
	Senior Loan Notes		204,065,692		—		202,522,481		1,543,211
	Asset-Backed Securities		267,357,192		—		267,357,192		—
	U.S. Treasury Obligations		84,728,404		—		84,728,404		—
	Short-Term Investment		59,586,965		59,586,965		—		—
	Unfunded Loan Commitments		845,288		—		385,999		459,289
	Total		$1,232,688,575		$59,586,965		$1,171,099,110		$2,002,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-14

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 42.7%
Basic Materials - 0.9%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,550,000		$4,523,193
3.950% due 09/10/50 ~		3,000,000		3,217,187
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		1,200,000		1,175,753
Suzano Austria GmbH (Brazil) 3.125% due 01/15/32		2,000,000		1,934,000
				10,850,133
Communications - 4.1%
AT&T Inc
2.550% due 12/01/33		2,000,000		1,969,443
3.500% due 09/15/53		4,865,000		4,824,550
3.850% due 06/01/60		2,800,000		2,902,099
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		3,245,165
3.850% due 04/01/61		5,200,000		4,970,437
Expedia Group Inc
2.950% due 03/15/31		1,600,000		1,618,193
4.625% due 08/01/27		3,150,000		3,573,107
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,316,320
T-Mobile USA Inc
2.250% due 02/15/26 ~		2,325,000		2,354,062
2.550% due 02/15/31		3,500,000		3,514,761
2.625% due 04/15/26		100,000		102,375
3.375% due 04/15/29 ~		1,600,000		1,671,200
3.875% due 04/15/30		3,450,000		3,811,195
Verizon Communications Inc
2.850% due 09/03/41		2,100,000		2,052,900
3.400% due 03/22/41		2,550,000		2,665,522
3.850% due 11/01/42		2,000,000		2,201,984
				47,793,313
Consumer, Cyclical - 6.5%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		3,619,318		3,703,001
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,292,383		2,379,915
Beazer Homes USA Inc 7.250% due 10/15/29		2,150,000		2,371,299
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		2,497,988		2,510,989
4.625% due 12/20/25 ~		1,549,683		1,636,913
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,145,805		4,216,333
Choice Hotels International Inc 3.700% due 01/15/31		1,950,000		2,105,142
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,188,951		2,309,922
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,391,383
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,275,725		1,370,854
Ford Motor Credit Co LLC
2.700% due 08/10/26		2,225,000		2,232,231
2.900% due 02/16/28		3,200,000		3,200,000
3.087% due 01/09/23		1,850,000		1,879,508
3.375% due 11/13/25		2,475,000		2,546,156
4.542% due 08/01/26		1,725,000		1,862,275
5.584% due 03/18/24		2,350,000		2,528,812
8.500% due 04/21/23		1,200,000		1,321,428
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		1,984,372

	Principal Amount		Value
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~	$	2,850,000	$	2,864,250
International Game Technology PLC 4.125% due 04/15/26 ~		2,000,000		2,081,240
Kohl’s Corp 3.375% due 05/01/31		3,000,000		3,090,851
Marriott International Inc 3.500% due 10/15/32		3,150,000		3,349,639
Meritage Homes Corp 3.875% due 04/15/29 ~		3,675,000		3,863,344
MGM Resorts International 6.000% due 03/15/23		3,000,000		3,176,070
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		4,044,400
Nordstrom Inc 5.000% due 01/15/44		2,500,000		2,455,501
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,021,250
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		478,763		502,179
Stellantis Finance US Inc 2.691% due 09/15/31 ~		1,250,000		1,238,650
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,337,957		1,334,399
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		1,024,321		1,106,115
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,862,636		1,870,232
				74,548,653
Consumer, Non-Cyclical - 6.4%
Altria Group Inc 2.450% due 02/04/32		4,700,000		4,506,854
AmerisourceBergen Corp 2.700% due 03/15/31		5,000,000		5,117,604
Amgen Inc 3.150% due 02/21/40		2,750,000		2,778,641
Anheuser-Busch InBev Finance Inc (Belgium)
4.000% due 01/17/43		2,000,000		2,208,337
4.700% due 02/01/36		2,000,000		2,418,728
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		6,482,308
Centene Corp
2.450% due 07/15/28		1,750,000		1,760,938
2.500% due 03/01/31		1,900,000		1,876,250
Cigna Corp 2.400% due 03/15/30		3,000,000		3,051,795
CoStar Group Inc 2.800% due 07/15/30 ~		3,400,000		3,460,553
CVS Health Corp 1.750% due 08/21/30		3,000,000		2,878,162
Global Payments Inc 3.200% due 08/15/29		4,500,000		4,759,798
Kraft Heinz Foods Co 4.375% due 06/01/46		6,500,000		7,409,074
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		3,800,000		3,709,720
Square Inc 3.500% due 06/01/31 ~		500,000		513,490
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		3,500,000		3,558,610
Transurban Finance Co Pty Ltd (Australia) 2.450% due 03/16/31 ~		2,450,000		2,456,687
Universal Health Services Inc
2.650% due 10/15/30 ~		4,450,000		4,475,766
2.650% due 01/15/32 ~		1,950,000		1,933,354
Viatris Inc 3.850% due 06/22/40 ~		3,350,000		3,598,678
Viterra Finance BV (Netherlands) 3.200% due 04/21/31 ~		4,550,000		4,627,390
				73,582,737

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-15

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Energy - 2.7%
Cheniere Corpus Christi Holdings LLC
2.742% due 12/31/39 ~	$	4,150,000	$	4,114,630
3.700% due 11/15/29		2,075,000		2,253,030
Energy Transfer LP
3.750% due 05/15/30		4,000,000		4,324,656
4.750% due 01/15/26		6,000,000		6,709,186
6.500% due 11/15/26		3,650,000		3,810,125
Enterprise Products Operating LLC 3.300% due 02/15/53		1,850,000		1,807,472
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,365,127
MPLX LP
5.200% due 12/01/47		1,200,000		1,460,709
6.875% due 02/15/23		3,000,000		3,060,000
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,777,650
				31,682,585
Financial - 14.2%
Air Lease Corp
3.000% due 02/01/30		4,000,000		4,061,621
4.650% due 06/15/26		4,300,000		4,509,625
Ally Financial Inc 4.700% due 05/15/26		2,500,000		2,609,937
Assured Guaranty US Holdings Inc 3.600% due 09/15/51		2,150,000		2,190,969
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		2,950,000		2,944,429
4.250% due 04/15/26 ~		1,350,000		1,452,656
Banco Santander SA (Spain) 2.749% due 12/03/30		3,000,000		2,987,346
Bank of America Corp
2.482% due 09/21/36		4,700,000		4,609,192
2.592% due 04/29/31		3,450,000		3,523,204
2.687% due 04/22/32		5,700,000		5,807,429
3.194% due 07/23/30		3,000,000		3,193,613
BNP Paribas SA (France)
2.871% due 04/19/32 ~		7,000,000		7,153,069
4.625% due 02/25/31 ~		3,000,000		3,071,250
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		2,750,000		2,719,469
Citigroup Inc
2.666% due 01/29/31		5,250,000		5,379,443
4.125% due 07/25/28		3,600,000		4,021,519
Commonwealth Bank of Australia (Australia) 2.688% due 03/11/31 ~		2,200,000		2,194,630
Extra Space Storage LP REIT 2.350% due 03/15/32		2,850,000		2,787,301
Fidelity National Financial Inc 3.200% due 09/17/51		2,200,000		2,102,785
GLP Capital LP REIT 5.250% due 06/01/25		3,450,000		3,851,338
Host Hotels & Resorts LP REIT
3.375% due 12/15/29		3,200,000		3,295,788
3.500% due 09/15/30		1,500,000		1,559,375
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,150,000		3,201,187
JAB Holdings BV (Austria) 3.750% due 05/28/51 ~		1,750,000		1,905,040
JPMorgan Chase & Co
2.522% due 04/22/31		4,800,000		4,899,755
2.580% due 04/22/32		2,650,000		2,688,722
2.956% due 05/13/31		5,700,000		5,933,351
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		5,378,917
LSEGA Financing PLC (United Kingdom)
2.500% due 04/06/31 ~		3,000,000		3,056,962
3.200% due 04/06/41 ~		2,200,000		2,275,121

	Principal Amount		Value
Morgan Stanley
2.484% due 09/16/36	$	3,700,000	$	3,623,252
2.699% due 01/22/31		3,200,000		3,301,432
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,709,032
6.125% due 03/15/24		5,200,000		5,562,700
Piedmont Operating Partnership LP REIT
3.150% due 08/15/30		1,550,000		1,595,784
4.450% due 03/15/24		3,100,000		3,317,149
Sabra Health Care LP REIT 3.200% due 12/01/31		2,200,000		2,157,351
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,629,435
The Goldman Sachs Group Inc
2.383% due 07/21/32		2,950,000		2,922,665
2.615% due 04/22/32		7,950,000		8,051,298
3.800% due 05/10/26		1,950,000		2,001,187
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,262,249
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		1,800,000		1,822,860
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,348,875
4.625% due 12/01/29 ~		4,000,000		4,305,000
Wells Fargo & Co
3.900% due 03/15/26		3,900,000		4,024,312
4.400% due 06/14/46		3,750,000		4,462,352
				163,461,976
Industrial - 3.4%
Allegion US Holding Co Inc 3.550% due 10/01/27		6,836,000		7,365,391
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		5,256,500
Flowserve Corp 2.800% due 01/15/32		7,000,000		6,934,838
Masco Corp 7.750% due 08/01/29		2,000,000		2,698,548
SMBC Aviation Capital Finance DAC (Ireland) 2.300% due 06/15/28 ~		1,000,000		1,004,319
SYNNEX Corp 2.375% due 08/09/28 ~		3,250,000		3,220,908
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		7,750,000		7,830,611
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		2,500,000		2,623,063
Vontier Corp 2.400% due 04/01/28 ~		2,350,000		2,320,660
				39,254,838
Technology - 2.4%
Broadcom Inc
3.137% due 11/15/35 ~		5,000,000		4,988,901
3.187% due 11/15/36 ~		1,474,000		1,471,321
4.150% due 11/15/30		1,826,000		2,024,309
CGI Inc (Canada) 2.300% due 09/14/31 ~		3,350,000		3,258,031
Citrix Systems Inc 3.300% due 03/01/30		2,800,000		2,861,609
Oracle Corp
2.875% due 03/25/31		2,650,000		2,728,839
3.950% due 03/25/51		5,000,000		5,283,032
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		1,330,603
VMware Inc 2.200% due 08/15/31		3,250,000		3,180,014
				27,126,659

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-16

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Utilities - 2.1%
DPL Inc
4.125% due 07/01/25	$	600,000	$	642,750
4.350% due 04/15/29		1,350,000		1,470,184
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,696,184
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		7,340,500
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,601,982
Southern California Edison Co 4.000% due 04/01/47		1,550,000		1,665,146
Talen Energy Supply LLC
6.500% due 06/01/25		1,000,000		499,150
6.625% due 01/15/28 ~		2,500,000		2,323,325
Vistra Operations Co LLC 3.550% due 07/15/24 ~		2,500,000		2,630,274
WEC Energy Group Inc 1.800% due 10/15/30		2,500,000		2,396,764
				24,266,259
Total Corporate Bonds & Notes (Cost $478,841,593)				492,567,153
SENIOR LOAN NOTES - 18.0%
Communications - 1.2%
CSC Holdings LLC
Term B 2.334% (USD LIBOR + 2.250%) due 01/15/26 §		2,480,916		2,452,232
Term B-5 2.584% (USD LIBOR + 2.500%) due 04/15/27 §		4,186,250		4,144,387
MTN Infrastructure TopCo Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/17/24 §		5,969,072		5,965,341
SBA Senior Finance II LLC Term B 1.840% (USD LIBOR + 1.750%) due 04/11/25 §		1,190,769		1,180,722
				13,742,682
Consumer, Cyclical - 3.5%
ClubCorp Holdings Inc Term B 2.882% (USD LIBOR + 2.750%) due 09/18/24 §		4,819,895		4,542,751
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		2,233,125		2,246,850
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		1,985,000		1,986,467
Hayward Industries Inc Term B 3.000% (USD LIBOR + 2.500%) due 05/28/28 §		1,995,000		1,992,684
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		2,000,000		2,007,000
Marriott Ownership Resorts Inc Term B 1.834% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,795,644
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,125,834
Restaurant Brands International Inc Term B (Canada) 1.837% (USD LIBOR + 1.750%) due 11/19/26 §		4,140,646		4,092,954

	Principal Amount		Value
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		$4,000,000		$3,994,000
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		2,500,000		2,502,188
Stars Group Holdings BV Term B (Canada) 2.397% (USD LIBOR + 2.250%) due 07/10/25 §		4,500,834		4,491,459
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,965,000		7,028,632
				40,806,463
Consumer, Non-Cyclical - 4.6%
Avantor Funding Inc Term B-4 2.500% (USD LIBOR + 2.000%) due 11/24/24 §		3,823,758		3,826,943
Bausch Health Americas Inc Term B 3.084% (USD LIBOR + 3.000%) due 06/01/25 §		5,410,653		5,409,976
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		4,250,000		4,245,219
Heartland Dental LLC Term B 4.085% (USD LIBOR + 4.000%) due 04/30/25 §		3,491,250		3,487,431
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		5,985,000		6,005,947
Mozart Borrower LP Term B due 09/30/28 ¥		1,750,000		1,741,250
Organon & Co Term B 3.500% (USD LIBOR + 3.000%) due 06/02/28 §		2,743,125		2,753,198
Pathway Vet Alliance LLC Term A 3.834% (USD LIBOR + 3.750%) due 03/31/27 §		4,441,013		4,437,128
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		4,676,203		4,686,920
PPD Inc Term B 2.500% (USD LIBOR + 2.000%) due 01/13/28 §		5,984,962		5,982,341
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,493,750		2,503,491
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,701,363		3,715,542
US Foods Inc Term B 1.834% (USD LIBOR + 1.750%) due 06/27/23 §		2,349,000		2,337,417
Wand NewCo 3 Inc Term B-1 3.084% (USD LIBOR + 3.000%) due 02/05/26 §		1,759,638		1,744,929
				52,877,732
Financial - 2.4%
Acrisure LLC Term B 3.632% (USD LIBOR + 3.500%) due 02/15/27 §		2,221,832		2,202,391
AssuredPartners Inc Term B 3.584% (USD LIBOR + 3.500%) due 02/13/27 §		4,175,625		4,154,459
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		3,014,706		3,005,016

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §	$	2,962,500	$	2,974,931
HUB International Ltd Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		7,369,849		7,308,436
NFP Corp Term B 3.334% (USD LIBOR + 3.250%) due 02/13/27 §		4,925,000		4,882,931
USI Inc Term B 3.132% (USD LIBOR + 3.000%) due 05/16/24 §		3,832,579		3,812,048
				28,340,212
Industrial - 2.6%
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		233,595		233,709
Engineered Components and Systems LLC Term B 6.500% (USD LIBOR + 6.000%) due 08/02/28 ± §		1,541,284		1,543,211
Filtration Group Corp Term B 3.084% (USD LIBOR + 3.000%) due 03/29/25 §		7,171,057		7,139,684
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		5,985,000		5,983,599
Pro Mach Group Inc Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		2,365,922		2,377,751
ProAmpac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,736,250		2,745,827
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		2,000,000		1,995,972
TransDigm Inc
Term E 2.334% (USD LIBOR + 2.250%) due 05/30/25 §		1,875,244		1,853,953
Term F 2.334% (USD LIBOR + 2.250%) due 12/09/25 §		5,696,034		5,631,065
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 § ¥		314		312
				29,505,083
Technology - 3.0%
Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		1,966,765		1,968,609
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		4,626,319		4,631,172
Epicor Software Corp Term B due 07/31/27 ¥		5,984,887		5,989,489
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		2,487,500		2,492,831
Sophia LP 3.882% (USD LIBOR + 3.750%) due 10/07/27 §		3,225,625		3,241,418
Tempo Acquisition LLC Term B 3.334% (USD LIBOR + 3.250%) due 10/31/26 §		4,762,217		4,779,480
The Dun & Bradstreet Corp Term B 3.336% (USD LIBOR + 3.250%) due 02/08/26 §		4,437,691		4,438,086

	Principal Amount		Value
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §	$	6,692,552	$	6,714,302
				34,255,387
Utilities - 0.7%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		3,456,250		3,400,086
Pike Corp Term B 3.090% (USD LIBOR + 3.000%) due 01/21/28 §		4,794,521		4,800,514
				8,200,600
Total Senior Loan Notes (Cost $207,842,417)				207,728,159
MORTGAGE-BACKED SECURITIES - 1.8%
Fannie Mae - 1.8%
due 10/01/36 #		17,500,000		18,024,316
due 10/01/51 #		3,000,000		3,008,321
				21,032,637
Total Mortgage-Backed Securities (Cost $21,146,445)				21,032,637
ASSET-BACKED SECURITIES - 17.9%
Aimco CLO 11 Ltd (Cayman) 1.506% (USD LIBOR + 1.380%) due 10/15/31 ~ §		4,700,000		4,706,631
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,458,043
0.890% due 10/19/26		2,450,000		2,456,435
0.970% due 02/18/26		1,000,000		1,007,121
1.480% due 02/18/26		1,000,000		1,014,157
2.600% due 09/18/23		1,524,333		1,532,445
2.690% due 06/19/23		1,059,089		1,063,116
3.130% due 02/18/25		1,250,000		1,265,997
3.360% due 02/18/25		1,000,000		1,027,751
Apidos CLO (Cayman) 1.734% (USD LIBOR + 1.600%) due 10/18/31 ~ §		3,600,000		3,602,692
Buttermilk Park CLO Ltd (Cayman) 1.226% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,601,338
Carlyle Global Market Strategies CLO Ltd (Cayman)
1.179% (USD LIBOR + 1.050%) due 07/27/31 ~ §		991,833		992,825
1.679% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,998,500
CIFC Funding 2015-III Ltd (Cayman) 1.004% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,500,000		1,500,750
Dryden 53 CLO Ltd (Cayman) 1.526% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,489,985
Dryden 61 CLO Ltd (Cayman) 1.124% (USD LIBOR + 0.990%) due 01/17/32 ~ §		4,250,000		4,250,102
Dryden CLO Ltd (Cayman)
1.534% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,602,015
1.634% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		2,003,496
1.884% (USD LIBOR + 1.750%) due 01/17/32 ~ §		2,250,000		2,247,036
1.934% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,985,699

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-18

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
2.026% (USD LIBOR + 1.900%) due 04/15/31 ~ §	$	1,000,000	$	994,403
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,368,343
2.040% due 12/15/26		1,000,000		1,030,920
2.040% due 08/15/31 ~		2,000,000		2,070,159
3.190% due 07/15/31 ~		4,000,000		4,287,150
Madison Park Funding Ltd (Cayman)
1.726% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,601,390
1.884% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,600,000		2,602,342
1.976% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,400,000		1,391,822
Magnetite Ltd (Cayman) 1.106% (USD LIBOR + 0.980%) due 04/15/31 ~ §		3,000,000		3,004,648
Magnetite XIV-R Ltd (Cayman) 1.254% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,503,482
Magnetite XXIX Ltd (Cayman) 1.116% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,252,499
MVW LLC 1.740% due 10/20/37 ~		540,758		547,601
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		1,089,523		1,088,841
1.170% due 09/16/69 ~		785,964		790,451
1.220% due 07/15/69 ~		1,185,628		1,193,036
1.310% due 01/15/69 ~		2,011,780		2,026,914
1.690% due 05/15/69 ~		5,549,514		5,631,951
2.460% due 11/15/68 ~		1,000,000		1,034,798
2.640% due 05/15/68 ~		1,534,299		1,565,220
Navient Student Loan Trust
0.686% (USD LIBOR + 0.600%) due 12/26/69 ~ §		2,833,749		2,856,803
0.806% (USD LIBOR + 0.720%) due 03/25/67 ~ §		2,000,000		2,026,453
1.136% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,260,643		2,324,171
1.310% due 12/26/69 ~		2,078,083		2,052,818
1.320% due 08/26/69 ~		4,075,882		4,025,546
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)
1.064% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,600,000		2,604,550
1.484% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,496,920
Neuberger Berman Loan Advisers CLO 40 Ltd (Cayman) 1.186% (USD LIBOR + 1.060%) due 04/16/33 ~ §		500,000		501,125
Palmer Square CLO Ltd (Cayman)
0.975% (USD LIBOR + 0.850%) due 08/15/26 ~ §		321,152		321,413
1.226% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,501,880
1.495% (USD LIBOR + 1.370%) due 11/15/31 ~ §		6,500,000		6,518,310
Palmer Square Loan Funding Ltd (Cayman)
due 10/15/29 # ~		9,700,000		9,700,000
0.931% (USD LIBOR + 0.800%) due 05/20/29 ~ §		1,387,922		1,389,656
1.025% (USD LIBOR + 0.900%) due 11/15/26 ~ §		997,339		997,938
1.025% (USD LIBOR + 0.900%) due 10/24/27 ~ §		1,458,558		1,459,287
1.034% (USD LIBOR + 0.900%) due 04/20/29 ~ §		4,835,075		4,839,958

	Principal Amount		Value
1.381% (USD LIBOR + 1.250%) due 05/20/29 ~ §	$	6,000,000	$	6,000,780
1.481% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,350,000		2,352,286
1.571% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,500,000		4,496,256
1.725% (USD LIBOR + 1.600%) due 10/24/27 ~ §		1,750,000		1,750,958
1.934% (USD LIBOR + 1.800%) due 04/20/29 ~ §		750,000		750,750
2.031% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,201,022
Regatta XIV Funding Ltd (Cayman) 1.315% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,400,000		1,401,903
Santander Drive Auto Receivables Trust
0.730% due 03/17/25		2,200,000		2,207,168
0.750% due 02/17/26		3,700,000		3,716,614
0.960% due 11/15/24		1,200,000		1,203,738
1.460% due 09/15/25		1,000,000		1,010,675
2.490% due 10/15/25		1,700,702		1,711,834
SLM Student Loan Trust 0.675% (USD LIBOR + 0.550%) due 10/25/64 ~ §		1,793,167		1,807,292
SMB Private Education Loan Trust
0.814% (USD LIBOR + 0.730%) due 01/15/53 ~ §		10,900,000		10,962,755
1.070% due 01/15/53 ~		5,260,532		5,189,848
1.290% due 07/15/53 ~		2,851,449		2,864,388
2.230% due 09/15/37 ~		6,500,000		6,666,850
2.340% due 09/15/34 ~		1,835,232		1,868,414
2.430% due 02/17/32 ~		2,329,207		2,383,447
2.700% due 05/15/31 ~		1,278,135		1,308,332
2.820% due 10/15/35 ~		2,852,904		2,947,492
2.880% due 09/15/34 ~		2,642,320		2,714,964
3.440% due 07/15/36 ~		2,013,375		2,102,132
3.500% due 02/15/36 ~		3,881,679		4,075,103
3.600% due 01/15/37 ~		1,060,273		1,119,248
3.630% due 11/15/35 ~		1,428,632		1,500,692
Sofi Consumer Loan Program Trust
2.450% due 08/25/28 ~		240,195		241,097
Sofi Professional Loan Program LLC
2.370% due 11/16/48 ~		1,756,422		1,789,434
SoFi Professional Loan Program Trust
2.540% due 05/15/46 ~		2,150,000		2,207,995
TIAA CLO IV Ltd (Cayman) 1.834% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,744,876
Total Asset-Backed Securities (Cost $205,397,622)				206,707,275
U.S. TREASURY OBLIGATIONS - 15.8%
U.S. Treasury Bonds - 3.2%
1.125% due 05/15/40		14,500,000		12,537,402
1.375% due 08/15/50		3,250,000		2,743,457
1.750% due 08/15/41		5,000,000		4,781,250
2.250% due 08/15/46		2,550,000		2,634,369
2.500% due 02/15/46		3,500,000		3,786,289
2.500% due 05/15/46		3,000,000		3,247,149
2.750% due 11/15/47		2,000,000		2,272,969
3.000% due 11/15/44		2,000,000		2,348,828
3.000% due 02/15/49		1,500,000		1,793,555
				36,145,268
U.S. Treasury Notes - 12.6%
0.250% due 10/31/25		7,000,000		6,841,133
0.375% due 09/30/27		5,000,000		4,772,168

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-19

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
0.500% due 06/30/27		$5,000,000		$4,827,734
0.500% due 10/31/27		8,000,000		7,679,687
0.625% due 11/30/27		7,000,000		6,762,109
0.625% due 05/15/30		18,000,000		16,805,039
1.125% due 02/28/27		7,000,000		7,025,703
1.125% due 02/15/31		11,500,000		11,140,625
1.250% due 08/15/31		19,500,000		19,029,258
1.625% due 02/15/26		7,000,000		7,224,766
1.625% due 05/15/26		8,000,000		8,253,125
1.625% due 09/30/26		10,000,000		10,313,281
1.750% due 11/15/29		10,000,000		10,279,102
2.250% due 02/15/27		2,000,000		2,125,000
2.375% due 05/15/29		5,000,000		5,368,457
2.500% due 02/28/26		7,400,000		7,921,758
2.625% due 02/15/29		7,000,000		7,633,965
2.875% due 08/15/28		1,250,000		1,381,201
				145,384,111
Total U.S. Treasury Obligations (Cost $180,616,058)				181,529,379
	Shares
SHORT-TERM INVESTMENT - 6.5%
Money Market Fund - 6.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		75,255,455		75,255,455
Total Short-Term Investment (Cost $75,255,455)				75,255,455
TOTAL INVESTMENTS - 102.7% (Cost $1,169,099,590)				1,184,820,058
OTHER ASSETS & LIABILITIES, NET - (2.7%)				(31,206,989	)
NET ASSETS - 100.0%				$1,153,613,069

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	42.7%
Senior Loan Notes	18.0%
Asset-Backed Securities	17.9%
U.S. Treasury Obligations	15.8%
Short-Term Investment	6.5%
Others (each less than 3.0%)	1.8%
	102.7%
Other Assets & Liabilities, Net	(2.7%	)
	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)
Engineered Components and Systems LLC ±		$458,716		$459,289		$573
Pro Mach Group Inc		384,078		385,999		1,921
		$842,794		$845,288		$2,494

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$492,567,153		$—		$492,567,153		$—
	Senior Loan Notes		207,728,159		—		206,184,948		1,543,211
	Mortgage-Backed Securities		21,032,637		—		21,032,637		—
	Asset-Backed Securities		206,707,275		—		206,707,275		—
	U.S. Treasury Obligations		181,529,379		—		181,529,379		—
	Short-Term Investment		75,255,455		75,255,455		—		—
	Unfunded Loan Commitments		845,288		—		385,999		459,289
	Total		$1,185,665,346		$75,255,455		$1,108,407,391		$2,002,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-20

PACIFIC FUNDS

PACIFIC FUNDS^SM ESG CORE BOND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 59.5%
Communications - 3.4%
Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$238,308
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		262,500		280,678
The Walt Disney Co 2.650% due 01/13/31		100,000		104,472
Verizon Communications Inc
2.850% due 09/03/41		50,000		48,879
3.400% due 03/22/41		250,000		261,326
				933,663
Consumer, Cyclical - 2.7%
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		200,000		211,348
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		213,935
Marriott International Inc 3.500% due 10/15/32		100,000		106,338
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		210,250
				741,871
Consumer, Non-Cyclical - 7.9%
Amgen Inc 3.150% due 02/21/40		100,000		101,042
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		539,945
Cigna Corp 2.375% due 03/15/31		200,000		201,987
CVS Health Corp 1.750% due 08/21/30		300,000		287,816
HCA Inc 5.250% due 04/15/25		125,000		141,758
Humana Inc 3.125% due 08/15/29		250,000		266,725
IHS Markit Ltd 3.625% due 05/01/24		100,000		106,545
McKesson Corp 1.300% due 08/15/26		250,000		248,097
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		197,013
Zoetis Inc 2.000% due 05/15/30		100,000		99,152
				2,190,080
Energy - 2.2%
Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39 ~		150,000		148,722
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		236,513
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		227,071
				612,306
Financial - 24.2%
Air Lease Corp 1.875% due 08/15/26		450,000		448,664
American Tower Corp REIT 2.750% due 01/15/27		100,000		105,054
Banco Santander SA (Spain) 2.749% due 12/03/30		200,000		199,156
Bank of America Corp 2.482% due 09/21/36		350,000		343,238
Broadstone Net Lease LLC 2.600% due 09/15/31		200,000		197,780

	Principal Amount		Value
Citigroup Inc
2.572% due 06/03/31		$250,000		$254,976
4.125% due 07/25/28		250,000		279,272
Fidelity National Financial Inc 3.200% due 09/17/51		150,000		143,372
Healthpeak Properties Inc REIT 1.350% due 02/01/27		150,000		148,444
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		255,568
ING Groep NV (Netherlands) 1.726% due 04/01/27		200,000		201,224
JPMorgan Chase & Co 2.956% due 05/13/31		250,000		260,235
Morgan Stanley 3.772% due 01/24/29		500,000		553,633
Nordea Bank Abp (Finland) 1.500% due 09/30/26 ~		350,000		349,139
PNC Bank NA 2.700% due 10/22/29		250,000		262,299
Rayonier LP REIT 2.750% due 05/17/31		550,000		548,097
Reliance Standard Life Global Funding II 2.750% due 01/21/27 ~		200,000		210,923
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		151,732
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		553,729
Truist Bank 2.636% due 09/17/29		250,000		261,426
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		200,000		202,540
UDR Inc REIT 3.500% due 01/15/28		250,000		272,076
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		261,403
Weyerhaeuser Co REIT 4.000% due 11/15/29		200,000		226,506
				6,690,486
Industrial - 7.8%
Allegion US Holding Co Inc 3.550% due 10/01/27		300,000		323,232
Flowserve Corp 2.800% due 01/15/32		250,000		247,673
Keysight Technologies Inc 3.000% due 10/30/29		250,000		264,091
Masco Corp 3.500% due 11/15/27		200,000		218,369
Ryder System Inc 2.500% due 09/01/24		200,000		209,122
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		900,000		909,361
				2,171,848
Technology - 7.1%
Broadcom Inc 3.187% due 11/15/36 ~		12,000		11,978
4.150% due 11/15/30		238,000		263,848
Citrix Systems Inc 3.300% due 03/01/30		325,000		332,151
Dell International LLC 4.900% due 10/01/26		300,000		345,807
Fiserv Inc 3.500% due 07/01/29		250,000		272,389
Hewlett Packard Enterprise Co 1.750% due 04/01/26		250,000		253,768
International Business Machines Corp 3.500% due 05/15/29		150,000		165,845
Oracle Corp 2.300% due 03/25/28		300,000		307,019
				1,952,805

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-21

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Utilities - 4.2%
Dominion Energy Inc 2.250% due 08/15/31		$300,000		$299,300
Enel Finance International NV (Italy)
1.875% due 07/12/28 ~		500,000		498,280
2.650% due 09/10/24 ~		200,000		209,626
NextEra Energy Capital Holdings Inc 1.900% due 06/15/28		150,000		150,189
				1,157,395
Total Corporate Bonds & Notes (Cost $16,613,852)				16,450,454
MORTGAGE-BACKED SECURITIES - 3.9%
Fannie Mae - 2.3%
2.000% due 09/01/35		182,583		188,249
2.000% due 12/01/35		423,571		436,715
				624,964
Freddie Mac - 1.6%
2.000% due 12/01/35		427,228		440,486
Total Mortgage-Backed Securities (Cost $1,078,540)				1,065,450
ASSET-BACKED SECURITIES - 18.5%
Ally Auto Receivables Trust 2.530% due 02/15/23		155,556		155,729
Ford Credit Auto Owner Trust 0.700% due 10/15/26		450,000		446,579
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		156,886		156,926
GM Financial Revolving Receivables Trust 1.170% due 06/12/34 ~		150,000		149,269
Magnetite Ltd (Cayman)
1.106% (USD LIBOR + 0.980%) due 04/15/31 ~ §		250,000		250,387
1.395% (USD LIBOR + 1.270%) due 10/25/31 ~ §		250,000		250,399
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		217,905		217,768
Navient Student Loan Trust 0.686% (USD LIBOR + 0.600%) due 12/26/69 ~ §		141,687		142,840
1.310% due 12/26/69 ~		236,146		233,275
1.320% due 08/26/69 ~		206,084		203,539
OCP CLO Ltd (Cayman) 1.076% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		249,982
Palmer Square CLO Ltd (Cayman) 1.226% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,188
Palmer Square Loan Funding Ltd (Cayman) due 10/15/29 # ~		500,000		500,000
0.971% (USD LIBOR + 0.800%) due 07/20/29 ~ §		250,000		249,476
1.034% (USD LIBOR + 0.900%) due 04/20/29 ~ §		439,552		439,996
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		200,000		200,355
0.750% due 02/17/26		750,000		753,368

	Principal Amount		Value
SMB Private Education Loan Trust
0.584% (USD LIBOR + 0.500%) due 01/15/53 ~ §		$59,069		$59,157
1.070% due 01/15/53 ~		219,189		216,244
Total Asset-Backed Securities (Cost $5,133,549)				5,125,477
U.S. TREASURY OBLIGATIONS - 16.2%
U.S. Treasury Bonds - 2.1%
1.625% due 11/15/50		500,000		449,356
1.750% due 08/15/41		125,000		119,531
				568,887
U.S. Treasury Notes - 14.1%
0.125% due 11/30/22		1,300,000		1,300,051
0.375% due 11/30/25		1,500,000		1,471,699
0.875% due 11/15/30		1,200,000		1,139,086
				3,910,836
Total U.S. Treasury Obligations (Cost $4,621,321)				4,479,723
	Shares
SHORT-TERM INVESTMENT - 3.2%
Money Market Fund - 3.2%
BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		878,065		878,065
Total Short-Term Investment (Cost $878,065)				878,065
TOTAL INVESTMENTS - 101.3% (Cost $28,325,327)				27,999,169
OTHER ASSETS & LIABILITIES, NET - (1.3%)				(354,653	)
NET ASSETS - 100.0%				$27,644,516

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	59.5%
Asset-Backed Securities	18.5%
U.S. Treasury Obligations	16.2%
Mortgage-Backed Securities	3.9%
Short-Term Investment	3.2%
	101.3%
Other Assets & Liabilities, Net	(1.3%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-22

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$16,450,454		$—		$16,450,454		$—
	Mortgage-Backed Securities		1,065,450		—		1,065,450		—
	Asset-Backed Securities		5,125,477		—		5,125,477		—
	U.S. Treasury Obligations		4,479,723		—		4,479,723		—
	Short-Term Investment		878,065		878,065		—		—
	Total		$27,999,169		$878,065		$27,121,104		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-23

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.2%
Basic Materials - 0.1%
Constellium SE *		67,453		$1,266,767
Consumer, Cyclical - 0.3%
Beazer Homes USA Inc *		48,898		843,491
Cedar Fair LP *		21,677		1,005,379
Six Flags Entertainment Corp *		39,347		1,672,247
				3,521,117
Consumer, Non-Cyclical - 0.1%
HCA Healthcare Inc		5,395		1,309,474
Financial - 0.3%
Bank of America Corp		58,223		2,471,566
Wells Fargo & Co		40,688		1,888,330
				4,359,896
Industrial - 0.2%
GFL Environmental Inc (Canada)		30,216		1,122,524
TNT Crane & Rigging Inc		4,054		76,394
Xylem Inc		17,839		2,206,328
				3,405,246
Utilities - 0.2%
Evoqua Water Technologies Corp *		54,926		2,063,021
Total Common Stocks (Cost $10,892,473)				15,925,521
EXCHANGE-TRADED FUND - 0.6%
SPDR Bloomberg Barclays High Yield Bond		77,175		8,439,858
Total Exchange-Traded Fund (Cost $8,007,221)				8,439,858
	Principal Amount
CORPORATE BONDS & NOTES - 60.0%
Basic Materials - 1.8%
Allegheny Technologies Inc 5.125% due 10/01/31		$50,000		50,456
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		4,450,000		4,423,782
2.875% due 03/17/31 ~		3,000,000		3,013,469
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,994,724
Novelis Corp		500,000		507,740
3.250% due 11/15/26 ~
3.875% due 08/15/31 ~		2,179,000		2,157,864
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		2,050,000		2,157,696
SPCM SA (France)		400,000		400,980
3.125% due 03/15/27 ~
3.375% due 03/15/30 ~		5,000,000		5,002,375
TMS International Corp 6.250% due 04/15/29 ~		2,476,000		2,590,515
WR Grace Holdings LLC 5.625% due 08/15/29 ~		1,150,000		1,187,387
				24,486,988
Communications - 6.5%
Arches Buyer Inc 4.250% due 06/01/28 ~		3,175,000		3,223,101

	Principal Amount		Value
AT&T Inc
2.250% due 02/01/32		$2,475,000		$2,411,822
2.300% due 06/01/27		4,000,000		4,143,053
4.350% due 03/01/29		3,500,000		4,015,772
Avaya Inc 6.125% due 09/15/28 ~		3,275,000		3,447,658
Booking Holdings Inc 4.625% due 04/13/30		5,950,000		7,075,890
CCO Holdings LLC 4.250% due 01/15/34 ~		1,375,000		1,363,828
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,956,011
3.750% due 02/15/28		1,500,000		1,643,912
4.200% due 03/15/28		5,750,000		6,426,696
5.050% due 03/30/29		1,500,000		1,757,495
CSC Holdings LLC 4.625% due 12/01/30 ~		1,400,000		1,328,992
5.750% due 01/15/30 ~		200,000		203,631
6.500% due 02/01/29 ~		2,725,000		2,954,445
Frontier Communications Holdings Corp 5.000% due 05/01/28 ~		4,250,000		4,467,813
LogMeIn Inc 5.500% due 09/01/27 ~		4,600,000		4,686,250
Match Group Holdings II LLC due 10/01/31 # ~		925,000		915,177
Sirius XM Radio Inc 3.875% due 09/01/31 ~		4,775,000		4,670,547
Sprint Capital Corp 8.750% due 03/15/32		1,000,000		1,495,110
T-Mobile USA Inc
2.625% due 02/15/29		175,000		177,067
2.875% due 02/15/31		75,000		75,731
3.375% due 04/15/29 ~		925,000		966,162
3.375% due 04/15/29		1,125,000		1,175,063
3.500% due 04/15/31		375,000		395,957
3.500% due 04/15/31 ~		750,000		791,913
3.750% due 04/15/27		5,000,000		5,511,958
3.875% due 04/15/30		4,000,000		4,418,777
4.375% due 04/15/40		1,900,000		2,191,357
Uber Technologies Inc 4.500% due 08/15/29 ~		3,775,000		3,808,031
Verizon Communications Inc 2.550% due 03/21/31		11,500,000		11,649,007
				89,348,226
Consumer, Cyclical - 8.7%
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		574,650		581,522
American Airlines Inc 5.750% due 04/20/29 ~		1,125,000		1,213,594
American Airlines Pass-Through Trust ‘A’ 3.500% due 08/15/33		1,791,497		1,728,331
4.100% due 07/15/29		1,142,796		1,137,489
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,710,213		2,746,868
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		788,547		779,738
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,620,911		2,665,498
Caesars Entertainment Inc 4.625% due 10/15/29 ~		125,000		126,719
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		1,116,000		1,132,573
Carvana Co
4.875% due 09/01/29 ~		1,375,000		1,363,381
5.500% due 04/15/27 ~		375,000		383,231
5.625% due 10/01/25 ~		3,875,000		4,010,761
Cedar Fair LP 5.250% due 07/15/29		5,500,000		5,647,455
Dornoch Debt Merger Sub Inc due 10/15/29 # ~		2,070,000		2,072,588

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-24

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
DR Horton Inc 1.300% due 10/15/26		$3,000,000		$2,968,152
Ford Motor Co 7.450% due 07/16/31		3,825,000		4,995,832
Ford Motor Credit Co LLC
3.375% due 11/13/25		400,000		411,500
4.000% due 11/13/30		400,000		416,500
4.125% due 08/17/27		1,000,000		1,061,750
General Motors Co
4.200% due 10/01/27		4,000,000		4,449,345
6.125% due 10/01/25		1,950,000		2,285,598
General Motors Financial Co Inc
4.350% due 01/17/27		5,000,000		5,608,834
5.100% due 01/17/24		1,000,000		1,091,901
Golden Nugget Inc 6.750% due 10/15/24 ~		2,375,000		2,381,056
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		2,775,000		2,788,875
5.000% due 06/01/29 ~		1,875,000		1,914,844
Hyatt Hotels Corp 5.750% due 04/23/30		5,450,000		6,549,259
Hyundai Capital America 1.650% due 09/17/26 ~		5,000,000		4,957,572
Kohl’s Corp 3.375% due 05/01/31		5,950,000		6,130,188
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		4,875,000		4,717,635
Marriott International Inc 2.850% due 04/15/31		4,000,000		4,054,433
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		4,717,500
PetSmart Inc
4.750% due 02/15/28 ~		250,000		257,188
7.750% due 02/15/29 ~		6,150,000		6,719,213
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		1,150,000		1,178,031
SRS Distribution Inc 4.625% due 07/01/28 ~		2,750,000		2,808,988
6.125% due 07/01/29 ~		375,000		386,723
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		3,595,500
The Michaels Cos Inc 7.875% due 05/01/29 ~		2,900,000		3,017,377
The Scotts Miracle-Gro Co
4.000% due 04/01/31 ~		4,375,000		4,372,244
4.375% due 02/01/32 ~		925,000		933,672
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,458,371		2,654,675
Viking Cruises Ltd
6.250% due 05/15/25 ~		3,200,000		3,217,888
7.000% due 02/15/29 ~		2,175,000		2,202,981
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		175,309
				118,610,311
Consumer, Non-Cyclical - 6.9%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		6,336,000
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		5,950,000		6,480,889
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		8,188,167
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		6,825,000		8,041,887
Avantor Funding Inc 4.625% due 07/15/28 ~		3,375,000		3,556,406
Avery Dennison Corp 2.250% due 02/15/32		3,000,000		2,940,657
Bausch Health Americas Inc
8.500% due 01/31/27 ~		450,000		479,902
9.250% due 04/01/26 ~		1,500,000		1,603,838
Bausch Health Cos Inc
4.875% due 06/01/28 ~		1,500,000		1,556,250

	Principal Amount		Value
5.000% due 01/30/28 ~		$800,000		$760,172
5.000% due 02/15/29 ~		400,000		373,108
5.250% due 02/15/31 ~		200,000		184,211
6.125% due 04/15/25 ~		3,302,000		3,374,314
Catalent Pharma Solutions Inc 3.500% due 04/01/30 ~		925,000		926,156
Central Garden & Pet Co 4.125% due 04/30/31 ~		4,625,000		4,702,589
Cigna Corp 2.375% due 03/15/31		4,100,000		4,140,743
Community Health Systems Inc
4.750% due 02/15/31 ~		765,000		770,737
5.625% due 03/15/27 ~		325,000		340,724
6.625% due 02/15/25 ~		3,775,000		3,954,312
6.875% due 04/15/29 ~		75,000		75,280
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		4,203,875
CoStar Group Inc 2.800% due 07/15/30 ~		3,600,000		3,664,115
Grifols Escrow Issuer SA (Spain) due 10/15/28 # ~		400,000		409,200
Humana Inc 1.350% due 02/03/27		5,000,000		4,935,475
JDE Peet’s NV (Netherlands) 1.375% due 01/15/27 ~		550,000		542,913
Kraft Heinz Foods Co 4.250% due 03/01/31		500,000		565,589
5.200% due 07/15/45		1,475,000		1,850,588
Mozart Debt Merger Sub Inc
due 04/01/29 # ~		1,875,000		1,875,000
due 10/01/29 # ~		225,000		225,000
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		900,000		898,763
5.750% due 11/01/28 ~		5,200,000		4,906,148
Performance Food Group Inc 4.250% due 08/01/29 ~		1,875,000		1,882,050
Tenet Healthcare Corp 4
4.250% due 06/01/29 ~		1,875,000		1,905,469
6.125% due 10/01/28 ~		2,675,000		2,813,458
Viatris Inc 2.700% due 06/22/30 ~		4,450,000		4,501,587
				93,965,572
Energy - 7.8%
Antero Midstream Partners LP
5.375% due 06/15/29 ~		750,000		773,437
5.750% due 03/01/27 ~		2,650,000		2,740,895
Antero Resources Corp
5.375% due 03/01/30 ~		4,275,000		4,507,560
7.625% due 02/01/29 ~		1,350,000		1,510,987
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		2,097,070
6.875% due 04/01/27 ~		1,325,000		1,395,106
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		7,625,000		8,820,606
Cheniere Energy Partners LP 3.250% due 01/31/32 ~		3,925,000		3,942,859
Chesapeake Energy Corp 5.875% due 02/01/29 ~		4,275,000		4,572,968
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		2,175,000		2,194,075
CQP Holdco LP 5.500% due 06/15/31 ~		3,725,000		3,966,380
DT Midstream Inc
4.125% due 06/15/29 ~		750,000		761,482
4.375% due 06/15/31 ~		750,000		773,438
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,207,302
5.750% due 01/30/28 ~		2,000,000		2,107,500
6.625% due 07/15/25 ~		350,000		369,250
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		1,048,606
3.750% due 05/15/30		3,000,000		3,243,492

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-25

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
4.000% due 10/01/27		$1,200,000		$1,324,824
4.050% due 03/15/25		1,200,000		1,295,031
4.750% due 01/15/26		4,200,000		4,696,430
5.500% due 06/01/27		1,500,000		1,760,872
5.800% due 06/15/38		3,000,000		3,676,211
6.500% due 11/15/26		800,000		835,096
Enterprise Products Operating LLC 5.375% due 02/15/78		3,000,000		3,124,814
EQM Midstream Partners LP
4.750% due 01/15/31 ~		1,350,000		1,405,714
5.500% due 07/15/28		1,250,000		1,374,837
6.000% due 07/01/25 ~		500,000		548,725
6.500% due 07/01/27 ~		1,750,000		1,970,500
Genesis Energy LP
7.750% due 02/01/28		2,750,000		2,751,100
8.000% due 01/15/27		750,000		760,361
MPLX LP
2.650% due 08/15/30		2,225,000		2,234,297
4.800% due 02/15/29		1,350,000		1,563,302
6.875% due 02/15/23		450,000		459,000
New Fortress Energy Inc 6.500% due 09/30/26 ~		1,850,000		1,771,375
Occidental Petroleum Corp
5.500% due 12/01/25		325,000		360,344
6.125% due 01/01/31		325,000		390,561
6.625% due 09/01/30		700,000		863,625
8.000% due 07/15/25		800,000		956,736
8.500% due 07/15/27		1,175,000		1,473,779
8.875% due 07/15/30		1,500,000		2,039,520
Range Resources Corp 8.250% due 01/15/29 ~		1,450,000		1,633,135
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,093,849
Sunoco LP 4.500% due 05/15/29		2,275,000		2,310,306
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		3,100,000		3,180,414
6.000% due 09/01/31 ~		2,275,000		2,289,469
Targa Resources Partners LP		350,000		362,145
4.000% due 01/15/32 ~
4.875% due 02/01/31		875,000		945,000
5.000% due 01/15/28		650,000		683,312
5.375% due 02/01/27		200,000		207,490
5.875% due 04/15/26		1,500,000		1,568,437
6.500% due 07/15/27		500,000		539,740
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		900,000		928,170
4.125% due 08/15/31 ~		900,000		939,375
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		2,975,000		3,214,874
				107,565,783
Financial - 13.9%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,906,664
4.450% due 10/01/25		2,000,000		2,187,288
4.625% due 10/15/27		1,000,000		1,115,862
Air Lease Corp
1.875% due 08/15/26		750,000		747,774
3.125% due 12/01/30		2,000,000		2,050,446
3.750% due 06/01/26		1,500,000		1,624,551
4.250% due 09/15/24		1,000,000		1,085,909
4.650% due 06/15/26		2,750,000		2,884,063
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		1,071,709
6.150% due 04/03/30		4,925,000		6,202,802
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		450,000		445,607
3.250% due 02/15/27 ~		3,200,000		3,301,881
Bank of America Corp
1.922% due 10/24/31		1,000,000		962,735
2.087% due 06/14/29		7,300,000		7,292,772
2.482% due 09/21/36		4,250,000		4,167,887

	Principal Amount		Value
2.592% due 04/29/31		$5,500,000		$5,616,702
2.651% due 03/11/32		5,000,000		5,094,435
2.687% due 04/22/32		1,450,000		1,477,328
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,700,000		5,006,691
Citigroup Inc
2.561% due 05/01/32		450,000		454,754
2.666% due 01/29/31		1,000,000		1,024,656
3.668% due 07/24/28		4,000,000		4,399,627
3.980% due 03/20/30		3,000,000		3,370,893
4.075% due 04/23/29		3,000,000		3,364,304
4.450% due 09/29/27		4,500,000		5,121,039
Extra Space Storage LP REIT 2.350% due 03/15/32		550,000		537,900
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		3,158,561
5.300% due 01/15/29		9,000,000		10,533,699
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		6,800,000		7,003,549
HSBC Holdings PLC (United Kingdom)
2.206% due 08/17/29		4,500,000		4,467,655
4.700% due 03/09/31		3,000,000		3,048,750
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		279,276
4.875% due 09/15/29 ~		4,175,000		4,378,531
5.000% due 07/15/28 ~		500,000		521,775
5.250% due 03/15/28 ~		575,000		601,594
5.250% due 07/15/30 ~		1,000,000		1,062,480
JPMorgan Chase & Co
2.069% due 06/01/29		6,000,000		6,017,184
2.522% due 04/22/31		1,950,000		1,990,525
2.580% due 04/22/32		550,000		558,037
3.650% due 06/01/26		6,000,000		6,037,500
4.005% due 04/23/29		2,000,000		2,236,379
4.125% due 12/15/26		5,725,000		6,440,594
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		3,760,482
Morgan Stanley
2.484% due 09/16/36		550,000		538,592
3.591% due 07/22/28		9,500,000		10,426,211
5.000% due 11/24/25		3,150,000		3,602,732
OneMain Finance Corp
3.875% due 09/15/28		3,175,000		3,159,093
4.000% due 09/15/30		800,000		797,000
5.375% due 11/15/29		2,775,000		3,011,152
7.125% due 03/15/26		3,425,000		3,973,000
The Goldman Sachs Group Inc
1.542% due 09/10/27		5,000,000		4,983,192
2.383% due 07/21/32		450,000		445,830
2.600% due 02/07/30		4,000,000		4,119,263
2.615% due 04/22/32		3,050,000		3,088,863
3.800% due 03/15/30		3,000,000		3,341,354
VICI Properties LP REIT		1,050,000		1,088,063
3.750% due 02/15/27 ~
4.625% due 12/01/29 ~		3,000,000		3,228,750
Wells Fargo & Co		4,500,000		4,645,126
2.393% due 06/02/28
3.900% due 03/15/26		4,800,000		4,953,000
				190,014,071
Industrial - 10.7%
Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,181,347
3.550% due 10/01/27		650,000		700,337
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		5,300,000		5,637,080
Ardagh Packaging Finance PLC (Ireland) 5.250% due 08/15/27 ~		1,629,000		1,660,562
Artera Services LLC 9.033% due 12/04/25 ~		2,750,000		2,987,187
BWX Technologies Inc 4.125% due 04/15/29 ~		4,850,000		4,971,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-26

PACIFIC FUNDS

PACIFIC FUNDS ^{STRATEGIC INCOME}

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		$7,050,000		$7,298,513
Carrier Global Corp 2.722% due 02/15/30		4,450,000		4,606,741
First Student Bidco Inc 4.000% due 07/31/29 ~		7,475,000		7,381,563
Flowserve Corp
2.800% due 01/15/32		3,550,000		3,516,954
3.500% due 10/01/30		7,050,000		7,369,979
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		1,025,000		1,032,688
3.750% due 08/01/25 ~		750,000		772,500
4.000% due 08/01/28 ~		875,000		869,531
4.375% due 08/15/29 ~		450,000		455,063
4.750% due 06/15/29 ~		375,000		385,781
Granite US Holdings Corp 11.000% due 10/01/27 ~		1,975,000		2,165,113
Hillenbrand Inc 3.750% due 03/01/31		3,875,000		3,853,591
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		2,184,880
Madison IAQ LLC
4.125% due 06/30/28 ~		375,000		375,474
5.875% due 06/30/29 ~		2,625,000		2,648,113
Masco Corp 7.750% due 08/01/29		4,110,000		5,545,516
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,875,000		1,893,750
7.250% due 04/15/25 ~		5,200,000		5,175,040
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,929,375
Standard Industries Inc
4.750% due 01/15/28 ~		4,443,000		4,615,166
5.000% due 02/15/27 ~		1,500,000		1,548,750
SYNNEX Corp 2.650% due 08/09/31 ~		5,000,000		4,895,865
Teledyne Technologies Inc
2.250% due 04/01/28		3,500,000		3,566,811
2.750% due 04/01/31		3,500,000		3,583,058
Textron Inc 3.000% due 06/01/30		3,700,000		3,890,717
The Boeing Co 5.040% due 05/01/27		12,200,000		14,041,416
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		6,870,730
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,473,934
TransDigm Inc
4.625% due 01/15/29		675,000		675,000
4.875% due 05/01/29		2,975,000		2,985,621
5.500% due 11/15/27		675,000		694,447
TriMas Corp 4.125% due 04/15/29 ~		4,225,000		4,329,484
Vontier Corp 2.950% due 04/01/31 ~		4,500,000		4,480,065
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,777,662
				146,026,654
Technology - 2.5%
Apple Inc 1.400% due 08/05/28		8,000,000		7,876,447
Broadcom Inc
3.137% due 11/15/35 ~		2,700,000		2,694,006
3.187% due 11/15/36 ~		203,000		202,631
3.469% due 04/15/34 ~		2,000,000		2,061,346
4.150% due 11/15/30		3,747,000		4,153,936
Dell International LLC
4.900% due 10/01/26		1,700,000		1,959,574
6.200% due 07/15/30		2,950,000		3,777,551
8.100% due 07/15/36		1,000,000		1,518,802

	Principal Amount		Value
HP Inc 2.650% due 06/17/31 ~		$2,550,000		$2,526,737
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		4,700,000		4,542,644
Twilio Inc
3.625% due 03/15/29		750,000		768,188
3.875% due 03/15/31		2,750,000		2,818,915
				34,900,777
Utilities - 1.2%
IPALCO Enterprises Inc 4.250% due 05/01/30		4,000,000		4,493,640
Pike Corp 5.500% due 09/01/28 ~		4,050,000		4,132,559
Vistra Operations Co LLC		6,000,000		6,399,279
4.300% due 07/15/29 ~
4.375% due 05/01/29 ~		375,000		377,768
5.625% due 02/15/27 ~		850,000		880,864
				16,284,110
Total Corporate Bonds & Notes (Cost $798,231,927)				821,202,492
SENIOR LOAN NOTES - 29.7%
Communications - 1.3%
Clear Channel Outdoor Holdings Inc Term B 3.629% (USD LIBOR + 3.500%) due 08/21/26 §		6,631,089		6,503,739
CommScope Inc Term B-2 3.334% (USD LIBOR + 3.250%) due 04/04/26 §		3,430,000		3,417,673
Proofpoint Inc Term B 3.750% (USD LIBOR + 3.250%) due 08/31/28 §		1,250,000		1,244,445
Uber Technologies Inc Term B 3.584% (USD LIBOR + 3.500%) due 04/04/25 §		4,713,462		4,718,043
3.584% (USD LIBOR + 3.500%) due 02/25/27 §		2,480,418		2,481,747
				18,365,647
Consumer, Cyclical - 5.6%
Caesars Resort Collection LLC Term B 2.834% (USD LIBOR + 2.750%) due 12/22/24 §		6,270,833		6,241,110
ClubCorp Holdings Inc Term B 2.882% (USD LIBOR + 2.750%) due 09/18/24 §		4,340,324		4,090,755
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		2,983,024		2,971,838
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		3,225,625		3,245,450
Hayward Industries Inc Term B 3.000% (USD LIBOR + 2.500%) due 05/28/28 §		3,241,875		3,238,111
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		8,500,000		8,529,750
LBM Acquisition LLC
Term B 4.500% (USD LIBOR + 3.750%) due 12/18/27 §		3,981,839		3,951,975
Term B-2 4.500% (USD LIBOR + 3.750%) due 12/18/27 § ¥		2,495,823		2,473,049
MIC Glen LLC (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 07/21/29 §		1,750,000		1,765,312

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-27

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		$4,000,000		$4,251,668
Motion Finco LLC Term B (United Kingdom) 3.382% - 3.397% (USD LIBOR + 3.250%) due 11/04/26 §		2,970,112		2,882,601
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		7,750,000		7,738,375
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		3,491,250		3,805,462
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		12,500,000		12,510,938
Tacala Investment Corp Term B 4.250% (USD LIBOR + 3.500%) due 02/05/27 §		3,869,747		3,864,005
(2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		1,500,000		1,503,124
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		3,980,000		4,016,361
				77,079,884
Consumer, Non-Cyclical - 7.4%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		10,000,000		10,019,370
Bausch Health Americas Inc Term B 3.084% (USD LIBOR + 3.000%) due 06/01/25 §		1,613,409		1,613,207
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		11,000,000		10,987,625
Garda World Security Corp Term B (Canada) 4.340% (USD LIBOR + 4.250%) due 10/30/26 §		2,404,729		2,410,527
Heartland Dental LLC Term B 4.085% (USD LIBOR + 4.000%) due 04/30/25 §		8,728,125		8,718,576
ICON Luxembourg SARL Term B (Luxembourg) 3.000% (USD LIBOR + 2.500%) due 07/01/28 §		6,388,341		6,417,619
LifePoint Health Inc Term B 3.834% (USD LIBOR + 3.750%) due 11/16/25 §		4,458,381		4,456,428
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		7,980,000		8,007,930
Mozart Borrower LP Term B due 09/30/28 ¥		4,250,000		4,228,750
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.083% (USD LIBOR + 3.000%) due 06/30/25 §		3,487,971		3,488,624
Pathway Vet Alliance LLC Term A 3.834% (USD LIBOR + 3.750%) due 03/31/27 §		8,942,099		8,934,275
PetVet Care Centers LLC 2.834% (USD LIBOR + 2.750%) due 02/14/25 §		2,946,573		2,923,369
Term B 3.334% (USD LIBOR + 3.250%) due 02/14/25 §		2,969,388		2,946,004
PPD Inc Term B 2.500% (USD LIBOR + 2.000%) due 01/13/28 §		3,980,000		3,978,257
PRA Health Sciences Inc Term B 3.000% (USD LIBOR + 2.500%) due 07/01/28 §		1,591,659		1,598,954

	Principal Amount		Value
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		$5,985,000		$6,008,377
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		8,678,850		8,712,098
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 §		5,984,595		6,014,518
				101,464,508
Energy - 1.2%
CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		7,980,000		7,962,045
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		7,652,567		7,670,328
				15,632,373
Financial - 2.3%
AssuredPartners Inc Term B 3.584% (USD LIBOR + 3.500%) due 02/13/27 §		5,403,750		5,376,359
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		6,029,412		6,010,033
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		8,959,685		8,997,280
NFP Corp Term B 3.334% (USD LIBOR + 3.250%) due 02/13/27 §		4,678,750		4,638,784
USI Inc Term B 3.132% (USD LIBOR + 3.000%) due 05/16/24 §		6,305,394		6,271,616
				31,294,072
Industrial - 6.5%
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		3,839,599		3,814,200
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		4,905,505		4,907,889
Dynasty Acquisition Co Inc 3.632% (USD LIBOR + 3.500%) due 04/08/26 §		3,745,985		3,671,324
Engineered Machinery Holdings Inc 4.500% (USD LIBOR + 3.750%) due 05/21/28 §		3,815,689		3,817,280
Filtration Group Corp Term B 3.084% (USD LIBOR + 3.000%) due 03/29/25 §		5,936,020		5,910,050
Flex Acquisition Co Inc Term B 3.145% (USD LIBOR + 3.000%) due 06/29/25 §		967,064		962,833
4.000% (USD LIBOR + 3.500%) due 03/02/28 §		3,575,993		3,572,639
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		2,564,334		2,572,748
KKR Apple Bidco LLC 3.500% (USD LIBOR + 3.000%) due 09/23/28 §		500,000		500,250
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		7,980,000		7,978,133

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-28

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Mauser Packaging Solutions Holding Co Term B 3.334% (USD LIBOR + 3.250%) due 04/03/24 §		$8,089,501		$7,937,192
Pregis TopCo LLC 4.500% (USD LIBOR + 4.000%) due 08/01/26 §		3,500,000		3,503,829
Term B 4.084% (USD LIBOR + 4.000%) due 08/01/26 §		5,457,115		5,465,639
Pro Mach Group Inc Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		3,871,508		3,890,866
ProAmpac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		7,711,250		7,738,239
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		3,500,000		3,492,951
Standard Aero Ltd 3.632% (USD LIBOR + 3.500%) due 04/08/26 §		2,013,971		1,973,830
Titan Acquisition Ltd Term B (Canada) 3.167% (USD LIBOR + 3.000%) due 03/28/25 §		3,884,434		3,823,739
TransDigm Inc
Term E 2.334% (USD LIBOR + 2.250%) due 05/30/25 §		2,456,250		2,428,362
Term F 2.334% (USD LIBOR + 2.250%) due 12/09/25 §		948,229		937,413
Term G 2.334% (USD LIBOR + 2.250%) due 08/22/24 §		2,761,627		2,734,541
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		4,385,357		4,366,444
USIC Holdings Inc Term B 4.250% (USD LIBOR + 3.500%) due 05/14/28 §		2,734,309		2,735,162
				88,735,553
Technology - 5.1%
Applied Systems Inc Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		14,385,380		14,398,874
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		1,999,987		1,608,427
Epicor Software Corp Term B due 07/31/27 ¥		5,984,887		5,989,489
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		4,959,175		4,924,798
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		7,960,000		7,977,058
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		4,975,031		4,942,524
RealPage Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		7,000,000		6,984,887
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §		8,000,000		8,027,000
Tempo Acquisition LLC Term B 3.334% (USD LIBOR + 3.250%) due 10/31/26 §		5,787,135		5,808,114
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		8,935,012		8,964,051
				69,625,222

	Principal Amount		Value
Utilities - 0.3%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		$4,196,875		$4,128,676
Total Senior Loan Notes (Cost $405,594,510)				406,325,935
ASSET-BACKED SECURITIES - 2.6%
Apidos CLO (Cayman) 1.734% (USD LIBOR + 1.600%) due 10/18/31 ~ §		2,400,000		2,401,794
Dryden CLO Ltd (Cayman)
1.534% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,603,274
1.534% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,499,911
1.634% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,502,622
1.884% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,498,024
1.934% (USD LIBOR + 1.800%) due 07/17/31 ~ §		1,500,000		1,489,274
2.026% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		248,601
Flatiron RR CLO 22 LLC due 10/15/34 # ~		7,000,000		7,000,000
Madison Park Funding Ltd (Cayman)
1.726% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		2,001,069
1.884% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,652,387
1.976% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,000,000		994,158
Neuberger Berman Loan Advisers CLO 38 Ltd due 10/20/35 # ~		5,000,000		5,000,000
Palmer Square Loan Funding Ltd (Cayman)
1.481% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		2,001,946
2.031% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		1,000,852
3.375% (USD LIBOR + 3.250%) due 10/24/27 ~ §		2,250,000		2,259,265
Regatta Funding Ltd 6.076% (USD LIBOR + 5.950%) due 07/15/31 ~ §		1,600,000		1,560,000
Total Asset-Backed Securities (Cost $35,718,000)				35,713,177
	Shares
SHORT-TERM INVESTMENT - 7.3%
Money Market Fund - 7.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		100,476,682		100,476,682
Total Short-Term Investment (Cost $100,476,682)				100,476,682
TOTAL INVESTMENTS - 101.4% (Cost $1,358,920,813)				1,388,083,665
OTHER ASSETS & LIABILITIES, NET - (1.4%)				(19,086,576	)
NET ASSETS - 100.0%				$1,368,997,089

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-29

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	60.0%
Senior Loan Notes	29.7%
Short-Term Investment	7.3%
Others (each less than 3.0%)	4.4%
	101.4%
Other Assets & Liabilities, Net	(1.4%	)
	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)
Pro Mach Group Inc		$628,492		$631,634		$3,142
TricorBraun Holdings Inc		604,999		601,831		(3,168	)
		$1,233,491		$1,233,465		($26	)

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$1,266,767		$1,266,767		$—		$—
	Consumer, Cyclical		3,521,117		3,521,117		—		—
	Consumer, Non-Cyclical		1,309,474		1,309,474		—		—
	Financial		4,359,896		4,359,896		—		—
	Industrial		3,405,246		3,328,852		76,394		—
	Utilities		2,063,021		2,063,021		—		—
	Total Common Stocks		15,925,521		15,849,127		76,394		—
	Exchange-Traded Fund		8,439,858		8,439,858		—		—
	Corporate Bonds & Notes		821,202,492		—		821,202,492		—
	Senior Loan Notes		406,325,935		—		406,325,935		—
	Asset-Backed Securities		35,713,177		—		35,713,177		—
	Short-Term Investment		100,476,682		100,476,682		—		—
	Unfunded Loan Commitments		1,233,465		—		1,233,465		—
	Total		$1,389,317,130		$124,765,667		$1,264,551,463		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-30

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 2.0%
iShares iBoxx High Yield Corporate Bond		285,245		$24,956,085
SPDR Blackstone		622,110		28,629,502
Total Exchange-Traded Funds (Cost $53,047,868)				53,585,587
	Principal Amount
CORPORATE BONDS & NOTES - 2.6%
Consumer, Cyclical - 0.9%
Carnival Corp 9.875% due 08/01/27 ~		$9,335,000		10,785,297
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		11,909,000		12,191,839
8.500% due 10/30/25 ~		2,000,000		2,085,660
				25,062,796
Consumer, Non-Cyclical - 1.1%
Allied Universal Holdco LLC 4.625% due 06/01/28 ~		9,000,000		8,985,132
6.625% due 07/15/26 ~		11,152,000		11,804,727
CoreLogic Inc 4.500% due 05/01/28 ~		9,250,000		9,203,750
				29,993,609
Industrial - 0.6%
TransDigm Inc 6.250% due 03/15/26 ~		15,176,000		15,839,950
Total Corporate Bonds & Notes (Cost $70,427,159)				70,896,355
SENIOR LOAN NOTES - 100.6%
Basic Materials - 3.4%
ASP Unifrax Holdings Inc Term B 3.882% (USD LIBOR + 3.750%) due 12/14/25 §		17,388,402		17,207,998
Herens US Holdco Corp Term B 4.750% (USD LIBOR + 4.000%) due 07/02/28 §		26,500,000		26,595,241
Olympus Water US Holding Corp Term B due 10/01/28 ¥		7,000,000		7,003,752
SCIH Salt Holdings Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/16/27 §		144,321		144,694
SPA US HoldCo Inc Term B due 03/18/28 ¥		26,808,436		26,897,788
Sparta US HoldCo LLC 4.250% (USD LIBOR + 3.500%) due 08/02/28 §		15,000,000		15,046,875
				92,896,348
Communications - 9.1%
Arches Buyer Inc 3.750% (USD LIBOR + 3.250%) due 12/06/27 §		26,699,711		26,594,033
Clear Channel Outdoor Holdings Inc Term B 3.629% (USD LIBOR + 3.500%) due 08/21/26 §		20,432,678		20,040,268

	Principal Amount		Value
CNT Holdings I Corp Term B 4.500% (USD LIBOR + 3.750%) due 11/08/27 § ¥	$	7,237,400	$	7,250,970
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 11/06/28 § ¥		20,380,111		20,787,713
Hunter Holdco 3 Ltd Term B 4.750% (USD LIBOR + 4.250%) due 08/19/28 § ¥		37,250,000		37,459,531
MH Sub I LLC 4.750% (USD LIBOR + 3.750%) due 09/15/24 §		9,408,493		9,442,938
MTN Infrastructure TopCo Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/17/24 §		45,755,779		45,727,182
5.000% (USD LIBOR + 4.000%) due 11/17/24 §		7,659,312		7,654,525
Pug LLC Term B 3.584% (USD LIBOR + 3.500%) due 02/13/27 § ¥		9,332,409		9,139,928
4.750% (USD LIBOR + 4.250%) due 02/13/27 § ±		11,915,587		11,930,482
Uber Technologies Inc Term B 3.584% (USD LIBOR + 3.500%) due 04/04/25 §		25,621,749		25,646,654
Xplornet Communications Inc (Canada)
(2nd Lien) due 09/30/29 ¥		7,500,000		7,500,000
Term B due 09/30/28 ¥		16,625,000		16,604,219
				245,778,443
Consumer, Cyclical - 12.9%
BCPE Empire Holdings Inc due 06/12/26 ¥		4,750,000		4,723,281
4.500% (USD LIBOR + 4.000%) due 06/12/26 ± §		7,245,840		7,227,726
4.500% (USD LIBOR + 4.000%) due 06/12/26 §		658,824		657,176
Carnival Corp Term B 3.750% (USD LIBOR + 3.000%) due 06/30/25 § ¥		11,502,605		11,473,849
Casablanca US Holdings Inc Term B 4.084% (USD LIBOR + 4.000%) due 03/01/24 § ¥		52,099,523		52,066,961
ClubCorp Holdings Inc Term B 2.882% (USD LIBOR + 2.750%) due 09/18/24 § ¥		13,111,402		12,357,497
FCG Acquisitions Inc (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 04/01/29 §		6,750,000		6,775,312
First Brands Group LLC Term B 6.000% (USD LIBOR + 5.000%) due 03/30/27 §		13,518,215		13,673,674
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 § ¥		39,508,009		39,359,854
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		35,033,006		35,248,319
LBM Acquisition LLC Term B-2 due 12/18/27 ¥		5,666,667		5,614,958
4.500% (USD LIBOR + 3.750%) due 12/18/27 §		11,304,929		11,201,772
MIC Glen LLC (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 07/21/29 §		4,750,000		4,791,563
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 § ¥		10,000,000		10,629,170

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-31

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Motion Finco LLC Term B (United Kingdom) 3.382% - 3.397% (USD LIBOR + 3.250%) due 11/04/26 § ¥	$	13,961,784	$	13,550,414
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		14,738,000		14,793,267
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 § ¥		17,325,633		16,990,849
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 § ¥		33,826,983		33,856,582
Sunset Debt Merger Sub Inc Term B due 09/17/28 ± ¥		18,750,000		18,632,812
Tecta America Corp 5.000% (USD LIBOR + 4.250%) due 04/09/28 §		11,202,428		11,244,437
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		21,392,500		21,587,942
				346,457,415
Consumer, Non-Cyclical - 26.8%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		31,429,625		31,490,504
ATI Holdings Acquisition Inc Term B 3.658% (USD LIBOR + 3.500%) due 05/10/23 §		10,892,617		10,663,415
Bausch Health Americas Inc Term B 2.834% (USD LIBOR + 2.750%) due 11/27/25 §		3,781,103		3,774,014
3.084% (USD LIBOR + 3.000%) due 06/01/25 § ¥		15,201,698		15,199,798
CoreLogic Inc
(2nd Lien) 7.000% (USD LIBOR + 6.500%) due 06/04/29 ± § ¥		12,200,825		12,505,846
Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		37,500,000		37,457,812
Curium Bidco SARL Term B (Luxembourg) 4.132% (USD LIBOR + 3.750%) due 07/11/26 ± §		4,123,362		4,128,516
5.000% (USD LIBOR + 4.250%) due 09/10/27 ± §		5,090,294		5,109,382
Employbridge Holding Co Term B 5.500% (USD LIBOR + 4.750%) due 07/19/28 §		18,750,000		18,638,662
Flynn America LP Term B 5.000% (USD LIBOR + 4.500%) due 07/29/28 §		5,750,000		5,577,500
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		27,084,181		27,185,746
Garda World Security Corp Term B (Canada) 4.340% (USD LIBOR + 4.250%) due 10/30/26 §		21,088,317		21,139,161
Guidehouse LLP 4.084% (USD LIBOR + 4.000%) due 05/01/25 §		22,387,500		22,450,454
Heartland Dental LLC 3.584% (USD LIBOR + 3.500%) due 04/30/25 §		26,925,049		26,742,740
Term B 4.085% (USD LIBOR + 4.000%) due 04/30/25 §		18,703,125		18,682,664
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 05/05/28 § ¥		14,089,688		14,124,912

	Principal Amount		Value
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 § ¥	$	29,907,544	$	30,012,220
Midwest Veterinary Partners LLC 4.750% (USD LIBOR + 4.000%) due 04/26/28 §		13,460,605		13,477,431
Mozart Borrower LP Term B due 09/30/28 ¥		23,875,000		23,755,625
Packaging Coordinators Midco Inc 4.250% (USD LIBOR + 3.500%) due 11/30/27 § ¥		29,670,451		29,744,627
PAREXEL International Corp Term B 2.834% (USD LIBOR + 2.750%) due 09/27/24 §		8,730,258		8,726,539
Pathway Vet Alliance LLC Term A 3.834% (USD LIBOR + 3.750%) due 03/31/27 §		38,085,173		38,051,849
PetVet Care Centers LLC
(2nd Lien) 6.334% (USD LIBOR + 6.250%) due 02/15/26 § ¥		15,833,221		15,899,198
Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ¥		37,268,234		37,353,652
Phoenix Newco Inc due 08/11/28 ¥		12,750,000		12,767,710
Precision Medicine Group LLC due 11/20/27 ¥		311,742		312,084
Term B 3.750% (USD LIBOR + 3.000%) due 11/20/27 § ¥		21,898,665		21,922,622
PSC Industrial Outsourcing LP
(2nd Lien) due 10/05/25 ¥		5,000,000		5,003,125
Term B 4.750% (USD LIBOR + 3.750%) due 10/05/24 § ¥		53,205,060		53,225,863
Southern Veterinary Partners LLC due 10/05/27 ¥		1,329,983		1,335,802
5.000% (USD LIBOR + 4.000%) due 10/05/27 § ¥		14,557,498		14,621,187
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		21,205,702		21,288,531
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		34,885,263		35,018,909
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		23,574,777		23,052,761
US Anesthesia Partners Inc
(2nd Lien) due 09/23/29 ± ¥		2,250,000		2,272,500
Term B due 09/23/28 ¥		13,750,000		13,786,286
Vetcor Professional Practices LLC 3.158% (USD LIBOR + 3.000%) due 07/02/25 §		16,718,931		16,562,191
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 § ¥		28,775,877		28,919,756
				721,981,594
Energy - 3.5%
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 § ¥		31,104,999		31,046,677
BCP Raptor II LLC Term B 4.834% (USD LIBOR + 4.750%) due 11/03/25 § ¥		18,474,723		18,309,226

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-32

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Brazos Delaware II LLC Term B 4.084% (USD LIBOR + 4.000%) due 05/29/25 §	$	11,648,588	$	11,492,054
CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		8,728,125		8,708,487
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 § ¥		25,736,784		25,796,519
				95,352,963
Financial - 6.2%
Acrisure LLC Term B 3.632% (USD LIBOR + 3.500%) due 02/15/27 §		6,208,406		6,154,083
Alliant Holdings Intermediate LLC
Term B 3.334% (USD LIBOR + 3.250%) due 05/10/25 §		4,509,877		4,482,457
Term B-3 4.250% (USD LIBOR + 3.750%) due 11/06/27 § ¥		20,755,639		20,803,211
Apex Group Treasury LLC (Ireland) 4.250% (USD LIBOR + 3.750%) due 07/27/28 § ¥		16,250,000		16,255,070
AssuredPartners Inc Term B 3.584% (USD LIBOR + 3.500%) due 02/13/27 §		7,244,278		7,207,557
4.000% (USD LIBOR + 3.500%) due 02/13/27 §		6,193,852		6,194,496
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		19,191,314		19,271,841
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 04/14/28 §		27,992,688		28,972,432
HUB International Ltd
Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		7,570,394		7,507,310
Term B-3 4.000% (USD LIBOR + 3.250%) due 04/25/25 § ¥		16,517,497		16,547,724
OneDigital Borrower LLC Term B 5.250% (USD LIBOR + 4.500%) due 11/16/27 §		12,771,758		12,840,942
Ryan Specialty Group LLC Term B 3.750% (USD LIBOR + 3.000%) due 09/01/27 §		8,942,331		8,960,957
USI Inc Term B 3.132% (USD LIBOR + 3.000%) due 05/16/24 §		11,825,117		11,761,770
				166,959,850
Industrial - 20.1%
Altera Services LLC 4.500% (USD LIBOR + 3.500%) due 03/06/25 §		10,473,750		10,443,198
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 § ¥		13,533,942		13,444,415
Charter Next Generation Inc 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		31,185,595		31,293,872
Dynasty Acquisition Co Inc 3.632% (USD LIBOR + 3.500%) due 04/08/26 § ¥		15,456,983		15,148,910
Engineered Components and Systems LLC Term B 6.500% (USD LIBOR + 6.000%) due 08/02/28 § ±		6,935,780		6,944,450

	Principal Amount		Value
Engineered Machinery Holdings Inc 4.500% (USD LIBOR + 3.750%) due 05/21/28 §		$29,716,265		$29,728,656
(2nd Lien) 6.750% (USD LIBOR + 6.000%) due 05/21/29 ± §		529,787		536,410
7.250% (USD LIBOR + 6.500%) due 05/21/29 ± §		3,750,000		3,796,875
Filtration Group Corp Term B 4.500% (USD LIBOR + 3.750%) due 03/29/25 §		10,033,700		10,065,948
Forterra Finance LLC 4.000% (USD LIBOR + 3.000%) due 10/25/23 §		36,881,222		36,911,649
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		15,038		15,087
Graham Packaging Co Inc 3.750% (USD LIBOR + 3.000%) due 08/04/27 § ¥		26,602,337		26,614,813
Icebox Holdings Inc Term B 4.250% (USD LIBOR + 3.250%) due 12/17/24 §		8,923,057		8,931,427
Ingram Micro Inc Term B 4.000% (USD LIBOR + 3.500%) due 07/02/28 §		14,962,500		15,021,288
KKR Apple Bidco LLC 3.500% (USD LIBOR + 3.000%) due 09/23/28 §		17,575,000		17,583,788
(2nd Lien) due 09/23/29 ¥		3,250,000		3,310,937
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 5.250% (USD LIBOR + 4.750%) due 02/09/26 §		15,795,625		15,874,603
LTI Holdings Inc Term B 3.584% (USD LIBOR + 3.500%) due 09/06/25 §		12,523,065		12,370,998
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		15,211,875		15,208,315
Mauser Packaging Solutions Holding Co Term B 3.334% (USD LIBOR + 3.250%) due 04/03/24 § ¥		33,192,207		32,567,264
Pactiv Evergreen Group Holdings Inc Term B 4.000% (USD LIBOR + 3.500%) due 09/24/28 § ¥		14,138,720		14,128,780
Pregis TopCo LLC 4.500% (USD LIBOR + 4.000%) due 08/01/26 §		5,231,570		5,237,293
Term B 4.084% (USD LIBOR + 4.000%) due 08/01/26 §		11,257,343		11,274,927
Pretium PKG Holdings Inc due 09/22/28 ¥		20,750,000		20,806,191
due 09/22/29 ¥		4,250,000		4,271,250
4.750% (USD LIBOR + 4.000%) due 11/05/27 §		11,289,688		11,303,800
(2nd Lien) 9.000% (USD LIBOR + 8.250%) due 11/05/28 ± § ¥		4,672,656		4,754,428
Pro Mach Group Inc due 08/31/28 ¥		2,374,302		2,386,173
Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 § ¥		28,391,061		28,533,017
ProAmpac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		23,746,801		23,829,915

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-33

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		$19,250,000		$19,211,230
Standard Aero Ltd 3.632% (USD LIBOR + 3.500%) due 04/08/26 § ¥		8,310,206		8,144,575
Star US Bidco LLC Term B 5.250% (USD LIBOR + 4.250%) due 03/17/27 §		21,499,838		21,580,463
The Kenan Advantage Group Inc Term B-1 4.500% (USD LIBOR + 3.750%) due 03/24/26 §		11,173,988		11,184,469
TransDigm Inc Term G 2.334% (USD LIBOR + 2.250%) due 08/22/24 §		12,297,100		12,176,490
USIC Holdings Inc
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 05/14/29 §		9,118,000		9,294,661
Term B 4.250% (USD LIBOR + 3.500%) due 05/14/28 §		23,212,417		23,219,659
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		5,848,821		5,695,290
				542,845,514
Technology - 17.9%
Applied Systems Inc
(2nd Lien) 6.250% (USD LIBOR + 5.500%) due 09/19/25 §		19,430,598		19,742,304
Term B 3.750% (USD LIBOR + 3.250%) due 09/19/24 §		35,662,000		35,695,451
Athenahealth Inc Term B-1 4.333% (USD LIBOR + 4.250%) due 02/11/26 §		32,303,844		32,433,060
ConnectWise LLC Term B due 09/24/28 ¥		9,500,000		9,490,500
Epicor Software Corp
(2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 § ¥		31,521,829		32,497,052
Term B 4.000% (USD LIBOR + 3.250%) due 07/31/27 § ¥		26,777,054		26,797,645
Finastra USA Inc
(2nd Lien) 8.250% (USD LIBOR + 7.250%) due 06/13/25 §		7,571,429		7,630,320
Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		37,893,309		37,630,633
HS Purchaser LLC 4.750% (USD LIBOR + 4.000%) due 11/30/26 §		17,377,871		17,447,382
Peraton Corp
(2nd Lien) 8.500% (USD LIBOR + 7.750%) due 02/01/29 §		12,625,000		12,909,063
Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 § ¥		25,878,709		25,934,167
Project Ruby Ultimate Parent Corp Term B 4.000% (USD LIBOR + 3.250%) due 03/10/28 § ¥		28,626,225		28,610,566
RealPage Inc (2nd Lien) 7.250% (USD LIBOR + 6.500%) due 04/22/29 § ¥		39,560,869		40,533,394

	Principal Amount		Value
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §	$	21,183,460	$	21,254,954
Sophia LP 3.882% (USD LIBOR + 3.750%) due 10/07/27 §		9,421,181		9,467,307
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 10/07/28 §		18,962,000		19,566,414
Sovos Compliance LLC Term B 5.000% (USD LIBOR + 4.500%) due 08/12/28 § ¥		24,536,635		24,716,831
Sunshine Software Merger Sub Inc Term B due 09/21/28 ¥		15,250,000		15,246,828
Tempo Acquisition LLC Term B 3.334% (USD LIBOR + 3.250%) due 10/31/26 §		23,697,983		23,783,888
UKG Inc 3.834% (USD LIBOR + 3.750%) due 05/03/26 §		7,708,116		7,735,094
4.000% (USD LIBOR + 3.250%) due 05/03/26 § ¥		26,832,724		26,919,930
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 05/03/27 §		5,709,599		5,821,411
				481,864,194
Utilities - 0.7%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		18,176,015		17,880,654
Total Senior Loan Notes (Cost $2,695,474,441)				2,712,016,975
	Shares
SHORT-TERM INVESTMENT - 6.4%
Money Market Fund - 6.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		171,346,154		171,346,154
Total Short-Term Investment (Cost $171,346,154)				171,346,154
TOTAL INVESTMENTS - 111.6% (Cost $2,990,295,622)				3,007,845,071
OTHER ASSETS & LIABILITIES, NET - (11.6%)				(313,458,128	)
NET ASSETS - 100.0%				$2,694,386,943

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	27.9%
Industrial	20.7%
Technology	17.9%
Consumer, Cyclical	13.8%
Communications	9.1%
Short-Term Investment	6.4%
Financial	6.2%
Energy	3.5%
Basic Materials	3.4%
Others (each less than 3.0%)	2.7%
	111.6%
Other Assets & Liabilities, Net	(11.6%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-34

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(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)
BCPE Empire Holdings Inc		$341,177		$340,324		($853	)
Engineered Components and Systems LLC ±		2,064,220		2,066,800		2,580
OneDigital Borrower LLC		414,955		416,305		1,350
Precision Medicine Group LLC		2,149,670		2,146,772		(2,898	)
Pro Mach Group Inc		2,239,969		2,245,810		5,841
Sovos Compliance LLC		3,076,423		3,088,153		11,730
		$10,286,414		$10,304,164		$17,750

(c) Fair Value Measurements

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

September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$53,585,587		$53,585,587		$—		$—
	Corporate Bonds & Notes		70,896,355		—		70,896,355		—
	Senior Loan Notes		2,712,016,975		—		2,634,177,548		77,839,427
	Short-Term Investment		171,346,154		171,346,154		—		—
	Unfunded Loan Commitments		10,304,164		—		8,237,364		2,066,800
	Total		$3,018,149,235		$224,931,741		$2,713,311,267		$79,906,227

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the six month period ended September 30, 2021:

	Senior Loan Notes and Unfunded Loan Commitments
Value, Beginning of Period		$165,966,179
Purchases		81,763,414
Sales (Includes Paydowns)		(104,201,494	)
Accrued Discounts (Premiums)		7,600
Net Realized Gains (Losses)		231,961
Change in Net Unrealized Appreciation (Depreciation)		(169,802	)
Transfers In		—
Transfers Out		(63,691,631	)
Value, End of Period		$79,906,227
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$495,402

The table below shows transfers within Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
	$63,691,631		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

All significant unobservable inputs used to value Senior Loan Notes and Unfunded Loan Commitments with an aggregate value of $79,906,227 were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-35

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.0%
Basic Materials - 0.3%
Constellium SE *		10,698		$200,908
Hexion Holdings Corp ‘B’ *		11,203		246,466
				447,374
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc *		7,537		130,013
Cedar Fair LP *		3,367		156,162
				286,175
Consumer, Non-Cyclical - 0.1%
HCA Healthcare Inc		832		201,943
Industrial - 0.2%
GFL Environmental Inc (Canada)		4,657		173,008
TNT Crane & Rigging Inc		709		13,360
Xylem Inc		2,037		251,936
				438,304
Utilities - 0.2%
Evoqua Water Technologies Corp *		8,466		317,983
Total Common Stocks (Cost $1,208,692)				1,691,779
EXCHANGE-TRADED FUNDS - 1.1%
iShares iBoxx High Yield Corporate Bond		9,364		819,256
SPDR Bloomberg Barclays High Yield Bond		9,388		1,026,672
Total Exchange-Traded Funds (Cost $1,842,412)				1,845,928
	Principal Amount
CORPORATE BONDS & NOTES - 86.6%
Basic Materials - 4.1%
Alcoa Nederland Holding BV 4.125% due 03/31/29 ~		$300,000		312,564
5.500% due 12/15/27 ~		950,000		1,020,158
Hecla Mining Co 7.250% due 02/15/28		700,000		754,933
Hexion Inc 7.875% due 07/15/27 ~		400,000		427,500
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		606,750
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		510,770
Novelis Corp 3.875% due 08/15/31 ~		375,000		371,363
4.750% due 01/30/30 ~		650,000		685,067
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		736,774
SPCM SA (France) 3.375% due 03/15/30 ~		750,000		750,356
TMS International Corp 6.250% due 04/15/29 ~		475,000		496,969
WR Grace Holdings LLC 5.625% due 08/15/29 ~		150,000		154,876
				6,828,080

	Principal Amount		Value
Communications - 12.4%
Altice France SA (France) 5.125% due 07/15/29 ~	$	350,000	$	343,646
7.375% due 05/01/26 ~		273,000		283,606
Arches Buyer Inc 4.250% due 06/01/28 ~		800,000		812,120
Avaya Inc 6.125% due 09/15/28 ~		700,000		736,904
CCO Holdings LLC 4.250% due 02/01/31 ~		400,000		407,440
4.250% due 01/15/34 ~		175,000		173,578
4.750% due 03/01/30 ~		2,100,000		2,198,122
5.000% due 02/01/28 ~		100,000		104,515
5.375% due 06/01/29 ~		300,000		324,375
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		25,000		26,346
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		1,025,000		1,062,033
CommScope Inc 8.250% due 03/01/27 ~		750,000		785,981
CommScope Technologies LLC 6.000% due 06/15/25 ~		484,000		490,655
CSC Holdings LLC 3.375% due 02/15/31 ~		200,000		186,250
4.625% due 12/01/30 ~		200,000		189,856
6.500% due 02/01/29 ~		2,250,000		2,439,450
Diamond Sports Group LLC 12.750% due 12/01/26 ~		570,000		409,021
Frontier Communications Holdings Corp 5.000% due 05/01/28 ~		500,000		525,625
5.875% due 10/15/27 ~		150,000		159,562
Lamar Media Corp 3.625% due 01/15/31		250,000		250,313
3.750% due 02/15/28		575,000		592,201
4.000% due 02/15/30		25,000		25,769
Level 3 Financing Inc 3.625% due 01/15/29 ~		225,000		218,250
3.750% due 07/15/29 ~		75,000		72,580
4.625% due 09/15/27 ~		850,000		875,542
LogMeIn Inc 5.500% due 09/01/27 ~		550,000		560,312
Lumen Technologies Inc 4.000% due 02/15/27 ~		500,000		511,525
4.500% due 01/15/29 ~		150,000		145,535
Match Group Holdings II LLC due 10/01/31 # ~		125,000		123,673
Nexstar Media Inc 5.625% due 07/15/27 ~		675,000		714,977
Outfront Media Capital LLC 4.250% due 01/15/29 ~		250,000		248,119
4.625% due 03/15/30 ~		50,000		50,169
5.000% due 08/15/27 ~		975,000		1,001,227
6.250% due 06/15/25 ~		175,000		185,063
Sirius XM Radio Inc 3.875% due 09/01/31 ~		300,000		293,437
Sprint Capital Corp 8.750% due 03/15/32		800,000		1,196,088
T-Mobile USA Inc 2.625% due 02/15/29		50,000		50,590
2.875% due 02/15/31		25,000		25,244
3.375% due 04/15/29		200,000		208,900
3.375% due 04/15/29 ~		175,000		182,787
3.500% due 04/15/31		75,000		79,191
3.500% due 04/15/31 ~		150,000		158,383
Uber Technologies Inc 4.500% due 08/15/29 ~		300,000		302,625
6.250% due 01/15/28 ~		125,000		134,219
7.500% due 05/15/25 ~		125,000		133,406
8.000% due 11/01/26 ~		700,000		740,688
				20,739,898

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-36

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 17.7%
Affinity Gaming 6.875% due 12/15/27 ~	$	600,000	$	631,857
American Airlines Inc 5.750% due 04/20/29 ~		225,000		242,719
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		91,997		90,969
Aramark Services Inc 6.375% due 05/01/25 ~		550,000		578,875
Boyd Gaming Corp 4.750% due 06/15/31 ~		225,000		232,313
8.625% due 06/01/25 ~		425,000		461,125
Caesars Entertainment Inc 4.625% due 10/15/29 ~		25,000		25,344
6.250% due 07/01/25 ~		450,000		474,303
8.125% due 07/01/27 ~		775,000		872,243
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		80,000		81,188
Carvana Co 4.875% due 09/01/29 ~		175,000		173,521
5.500% due 04/15/27 ~		75,000		76,646
5.625% due 10/01/25 ~		700,000		724,524
5.875% due 10/01/28 ~		125,000		129,244
Cedar Fair LP 5.250% due 07/15/29		1,250,000		1,283,512
5.375% due 04/15/27		500,000		514,375
6.500% due 10/01/28		225,000		241,764
Clarios Global LP 6.250% due 05/15/26 ~		630,000		662,697
8.500% due 05/15/27 ~		250,000		266,250
Dornoch Debt Merger Sub Inc due 10/15/29 # ~		270,000		270,338
Ford Motor Co 4.346% due 12/08/26		1,640,000		1,748,650
7.450% due 07/16/31		1,250,000		1,632,625
9.000% due 04/22/25		100,000		120,378
9.625% due 04/22/30		100,000		141,673
Golden Nugget Inc 6.750% due 10/15/24 ~		1,375,000		1,378,506
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		500,000		502,500
5.000% due 06/01/29 ~		350,000		357,438
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		1,200,000		1,246,320
IRB Holding Corp 7.000% due 06/15/25 ~		675,000		717,508
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		1,100,000		1,137,125
LBM Acquisition LLC 6.250% due 01/15/29 ~		625,000		625,572
LGI Homes Inc 4.000% due 07/15/29 ~		775,000		774,031
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		725,000		701,597
Marriott Ownership Resorts Inc 4.500% due 06/15/29 ~		100,000		101,375
4.750% due 01/15/28		675,000		689,695
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		625,000		637,500
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		550,000		545,188
3.875% due 01/15/28 ~		100,000		101,110
4.000% due 10/15/30 ~		350,000		346,937
4.375% due 01/15/28 ~		600,000		609,876
NMG Holding Co Inc 7.125% due 04/01/26 ~		725,000		770,313
PetSmart Inc 7.750% due 02/15/29 ~		950,000		1,037,927

	Principal Amount		Value
Scientific Games International Inc 7.000% due 05/15/28 ~	$	150,000	$	162,000
7.250% due 11/15/29 ~		350,000		393,711
8.250% due 03/15/26 ~		450,000		478,125
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		150,000		153,656
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		1,075,000		1,111,281
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		26,656
SRS Distribution Inc 4.625% due 07/01/28 ~		525,000		536,261
6.125% due 07/01/29 ~		75,000		77,345
STL Holding Co LLC 7.500% due 02/15/26 ~		650,000		687,375
The Michaels Cos Inc 7.875% due 05/01/29 ~		350,000		364,166
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		750,000		749,528
4.375% due 02/01/32 ~		125,000		126,172
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		145,785		145,939
Viking Cruises Ltd 6.250% due 05/15/25 ~		525,000		527,935
7.000% due 02/15/29 ~		50,000		50,643
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		50,088
				29,598,532
Consumer, Non-Cyclical - 18.7%
Ahern Rentals Inc 7.375% due 05/15/23 ~		2,701,000		2,592,960
Albertsons Cos Inc 3.250% due 03/15/26 ~		100,000		101,720
3.500% due 03/15/29 ~		50,000		49,961
4.625% due 01/15/27 ~		50,000		52,514
5.875% due 02/15/28 ~		1,700,000		1,812,625
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,300,000		2,505,218
Avantor Funding Inc 4.625% due 07/15/28 ~		625,000		658,594
Bausch Health Americas Inc 8.500% due 01/31/27 ~		1,250,000		1,333,063
Bausch Health Cos Inc 4.875% due 06/01/28 ~		275,000		285,313
5.000% due 01/30/28 ~		125,000		118,777
5.000% due 02/15/29 ~		75,000		69,958
5.250% due 02/15/31 ~		25,000		23,026
6.125% due 04/15/25 ~		225,000		229,928
6.250% due 02/15/29 ~		825,000		817,526
Catalent Pharma Solutions Inc 3.500% due 04/01/30 ~		125,000		125,156
Central Garden & Pet Co 4.125% due 04/30/31 ~		700,000		711,743
Charles River Laboratories International Inc 3.750% due 03/15/29 ~		100,000		102,250
4.000% due 03/15/31 ~		100,000		104,898
4.250% due 05/01/28 ~		800,000		831,640
Community Health Systems Inc 4.750% due 02/15/31 ~		180,000		181,350
5.625% due 03/15/27 ~		75,000		78,628
6.125% due 04/01/30 ~		25,000		24,326
6.625% due 02/15/25 ~		1,675,000		1,754,563
6.875% due 04/15/29 ~		25,000		25,093
CoreLogic Inc 4.500% due 05/01/28 ~		775,000		771,125
Garda World Security Corp (Canada) 6.000% due 06/01/29 ~		150,000		147,175
9.500% due 11/01/27 ~		497,000		538,549

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-37

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
HCA Inc 5.625% due 09/01/28	$	100,000	$	119,095
5.875% due 02/01/29		2,425,000		2,917,123
Jaguar Holding Co II 5.000% due 06/15/28 ~		775,000		835,194
JBS USA Food Co 5.750% due 01/15/28 ~		200,000		210,376
7.000% due 01/15/26 ~		1,150,000		1,203,705
JBS USA LUX SA 3.750% due 12/01/31 ~		75,000		78,134
5.500% due 01/15/30 ~		650,000		723,756
6.500% due 04/15/29 ~		50,000		55,938
Kraft Heinz Foods Co 4.375% due 06/01/46		1,350,000		1,538,808
5.200% due 07/15/45		400,000		501,854
Legacy LifePoint Health LLC 4.375% due 02/15/27 ~		100,000		99,875
6.750% due 04/15/25 ~		50,000		52,605
LifePoint Health Inc 5.375% due 01/15/29 ~		100,000		97,428
Mozart Debt Merger Sub Inc due 04/01/29 # ~		225,000		225,000
due 10/01/29 # ~		25,000		25,000
MPH Acquisition Holdings LLC 5.500% due 09/01/28 ~		125,000		124,828
5.750% due 11/01/28 ~		750,000		707,617
Performance Food Group Inc 4.250% due 08/01/29 ~		350,000		351,316
Pilgrim’s Pride Corp 4.250% due 04/15/31 ~		350,000		376,512
5.875% due 09/30/27 ~		550,000		585,475
Post Holdings Inc 4.625% due 04/15/30 ~		750,000		756,735
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		555,188
Select Medical Corp 6.250% due 08/15/26 ~		950,000		1,000,207
Tenet Healthcare Corp 4.250% due 06/01/29 ~		350,000		355,687
4.625% due 06/15/28 ~		75,000		77,809
4.875% due 01/01/26 ~		180,000		186,511
6.125% due 10/01/28 ~		225,000		236,646
6.250% due 02/01/27 ~		1,100,000		1,142,625
7.500% due 04/01/25 ~		25,000		26,562
				31,215,288
Energy - 13.1%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		150,000		154,688
5.750% due 03/01/27 ~		800,000		827,440
Antero Resources Corp 5.375% due 03/01/30 ~		675,000		711,720
7.625% due 02/01/29 ~		300,000		335,775
Archrock Partners LP 6.250% due 04/01/28 ~		100,000		103,559
6.875% due 04/01/27 ~		475,000		500,132
Buckeye Partners LP 4.125% due 03/01/25 ~		25,000		25,938
4.500% due 03/01/28 ~		525,000		533,796
Cheniere Energy Partners LP 3.250% due 01/31/32 ~		625,000		627,844
4.000% due 03/01/31 ~		425,000		445,591
Chesapeake Energy Corp 5.875% due 02/01/29 ~		550,000		588,335
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		525,000		529,604
Comstock Resources Inc 5.875% due 01/15/30 ~		775,000		807,081

	Principal Amount		Value
CQP Holdco LP 5.500% due 06/15/31 ~	$	700,000	$	745,360
DT Midstream Inc 4.125% due 06/15/29 ~		150,000		152,297
4.375% due 06/15/31 ~		150,000		154,688
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		50,000		52,151
5.750% due 01/30/28 ~		975,000		1,027,406
6.625% due 07/15/25 ~		50,000		52,750
EnLink Midstream LLC 5.625% due 01/15/28 ~		50,000		53,299
EnLink Midstream Partners LP 4.150% due 06/01/25		100,000		103,249
Enterprise Products Operating LLC 5.375% due 02/15/78		600,000		624,963
EQM Midstream Partners LP 4.750% due 01/15/31 ~		300,000		312,381
5.500% due 07/15/28		175,000		192,477
6.000% due 07/01/25 ~		75,000		82,309
6.500% due 07/01/27 ~		250,000		281,500
Genesis Energy LP 7.750% due 02/01/28		700,000		700,280
8.000% due 01/15/27		150,000		152,072
ITT Holdings LLC 6.500% due 08/01/29 ~		350,000		353,500
MPLX LP 6.875% due 02/15/23		650,000		663,000
New Fortress Energy Inc 6.500% due 09/30/26 ~		350,000		335,125
Occidental Petroleum Corp 5.500% due 12/01/25		75,000		83,156
5.875% due 09/01/25		475,000		532,950
6.125% due 01/01/31		575,000		690,992
6.625% due 09/01/30		300,000		370,125
8.000% due 07/15/25		100,000		119,592
8.500% due 07/15/27		150,000		188,142
8.875% due 07/15/30		800,000		1,087,744
Range Resources Corp 8.250% due 01/15/29 ~		350,000		394,205
9.250% due 02/01/26		500,000		545,650
SM Energy Co 6.500% due 07/15/28		700,000		725,599
Sunoco LP 4.500% due 05/15/29		670,000		680,398
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		650,000		666,861
6.000% due 09/01/31 ~		300,000		301,908
Targa Resources Partners LP 4.000% due 01/15/32 ~		75,000		77,603
4.875% due 02/01/31		950,000		1,026,000
5.375% due 02/01/27		50,000		51,872
5.875% due 04/15/26		425,000		444,391
6.500% due 07/15/27		50,000		53,974
USA Compression Partners LP 6.875% due 09/01/27		775,000		821,581
Venture Global Calcasieu Pass LLC 3.875% due 08/15/29 ~		125,000		128,912
4.125% due 08/15/31 ~		125,000		130,469
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		575,000		621,362
				21,973,796
Financial - 4.4%
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		75,000		76,166
4.875% due 09/15/29 ~		925,000		970,094
5.000% due 07/15/28 ~		75,000		78,266
5.250% due 03/15/28 ~		100,000		104,625

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-38

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
OneMain Finance Corp 3.875% due 09/15/28	$	425,000	$	422,871
4.000% due 09/15/30		150,000		149,437
5.375% due 11/15/29		225,000		244,147
6.875% due 03/15/25		25,000		28,125
7.125% due 03/15/26		1,950,000		2,262,000
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		700,000		721,333
The Howard Hughes Corp 4.375% due 02/01/31 ~		75,000		75,537
5.375% due 08/01/28 ~		1,125,000		1,186,875
VICI Properties LP REIT 3.750% due 02/15/27 ~		175,000		181,344
4.250% due 12/01/26 ~		200,000		209,116
4.625% due 12/01/29 ~		600,000		645,750
				7,355,686
Industrial - 13.1%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		700,000		744,520
Artera Services LLC 9.033% due 12/04/25 ~		675,000		733,219
Brand Industrial Services Inc 8.500% due 07/15/25 ~		650,000		653,250
BWX Technologies Inc 4.125% due 04/15/29 ~		850,000		871,250
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		700,000		724,675
First Student Bidco Inc 4.000% due 07/31/29 ~		1,125,000		1,110,937
Gates Global LLC 6.250% due 01/15/26 ~		675,000		701,156
GFL Environmental Inc (Canada) 3.500% due 09/01/28 ~		225,000		226,688
3.750% due 08/01/25 ~		225,000		231,750
4.000% due 08/01/28 ~		75,000		74,531
4.375% due 08/15/29 ~		50,000		50,562
4.750% due 06/15/29 ~		75,000		77,156
5.125% due 12/15/26 ~		225,000		236,556
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		877,008
Hillenbrand Inc 3.750% due 03/01/31		650,000		646,409
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		175,000		186,514
Madison IAQ LLC 4.125% due 06/30/28 ~		75,000		75,095
5.875% due 06/30/29 ~		1,175,000		1,185,346
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		1,200,000		1,194,240
Sensata Technologies BV 4.000% due 04/15/29 ~		150,000		152,880
5.625% due 11/01/24 ~		1,175,000		1,301,947
Sensata Technologies Inc 3.750% due 02/15/31 ~		75,000		75,607
4.375% due 02/15/30 ~		1,150,000		1,239,453
Standard Industries Inc 3.375% due 01/15/31 ~		75,000		71,471
4.375% due 07/15/30 ~		175,000		178,719
4.750% due 01/15/28 ~		1,600,000		1,662,000
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,210,000		1,238,132
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		668,750
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		525,000		550,843

	Principal Amount		Value
TransDigm Inc 4.875% due 05/01/29	$	575,000	$	577,053
6.250% due 03/15/26 ~		700,000		730,625
8.000% due 12/15/25 ~		225,000		240,188
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,525,000		1,605,062
TriMas Corp 4.125% due 04/15/29 ~		675,000		691,693
VM Consolidated Inc 5.500% due 04/15/29 ~		400,000		407,398
				21,992,683
Technology - 1.3%
Entegris Inc 3.625% due 05/01/29 ~		150,000		153,208
4.375% due 04/15/28 ~		525,000		550,688
MSCI Inc 3.250% due 08/15/33 ~		300,000		303,813
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		375,000		362,445
Tempo Acquisition LLC 5.750% due 06/01/25 ~		125,000		131,434
Twilio Inc 3.625% due 03/15/29		150,000		153,638
3.875% due 03/15/31		450,000		461,277
				2,116,503
Utilities - 1.8%
Calpine Corp 5.125% due 03/15/28 ~		700,000		709,789
NRG Energy Inc 3.625% due 02/15/31 ~		200,000		196,700
5.250% due 06/15/29 ~		300,000		319,500
Pike Corp 5.500% due 09/01/28 ~		625,000		637,741
Talen Energy Supply LLC 6.500% due 06/01/25		500,000		249,575
7.250% due 05/15/27 ~		100,000		94,510
7.625% due 06/01/28 ~		100,000		93,924
Vistra Operations Co LLC 4.375% due 05/01/29 ~		75,000		75,554
5.000% due 07/31/27 ~		375,000		387,656
5.500% due 09/01/26 ~		200,000		205,740
5.625% due 02/15/27 ~		100,000		103,631
				3,074,320
Total Corporate Bonds & Notes (Cost $138,338,437)				144,894,786
SENIOR LOAN NOTES - 3.1%
Consumer, Cyclical - 1.7%
18 Fremont Street Acquisition LLC 10.250% (US PRIME + 7.000%) due 08/09/25 §		223,819		228,715
MIC Glen LLC (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 07/21/29 §		250,000		252,188
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		1,500,000		1,497,750
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		623,438		679,547
Tacala Investment Corp Term B (2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		250,000		250,521
				2,908,721

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-39

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Energy - 0.3%
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §	$	462,521	$	463,594
Industrial - 0.6%
Dynasty Acquisition Co Inc 3.632% (USD LIBOR + 3.500%) due 04/08/26 §		637,343		624,640
Standard Aero Ltd 3.632% (USD LIBOR + 3.500%) due 04/08/26 §		342,657		335,828
				960,468
Technology - 0.5%
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		374,997		301,580
The Dun & Bradstreet Corp Term B 3.336% (USD LIBOR + 3.250%) due 02/08/26 §		591,034		591,086
				892,666
Total Senior Loan Notes (Cost $5,041,958)				5,225,449
ASSET-BACKED SECURITIES - 3.3%
Benefit Street Partners CLO Ltd (Cayman)
6.084% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		238,471
6.834% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		252,205
Dryden CLO Fund (Cayman)
7.326% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		234,778
Kayne CLO II Ltd (Cayman)
6.126% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		400,990
7.576% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		247,664
Magnetite XXII Ltd (Cayman) 6.476% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		501,012
Magnetite XXIX Ltd (Cayman) 5.876% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		1,038,812
Neuberger Berman CLO XXIII Ltd (Cayman) 5.884% (USD LIBOR + 5.750%) due 10/17/27 ~ §		300,000		298,663
Neuberger Berman Loan Advisers CLO Ltd (Cayman) 6.334% (USD LIBOR + 6.200%) due 01/20/31 ~ §		750,000		740,821
6.634% (USD LIBOR + 6.500%) due 04/20/31 ~ §		500,000		502,120
OCP CLO Ltd (Cayman) 5.084% (USD LIBOR + 4.950%) due 10/18/28 ~ §		500,000		502,647
OHA Credit Partners VII Ltd (Cayman) 6.381% (USD LIBOR + 6.250%) due 02/20/34 ~ §		250,000		248,880
Voya CLO Ltd (Cayman) 7.606% (USD LIBOR + 7.480%) due 01/15/33 ~ §		300,000		302,567
Total Asset-Backed Securities (Cost $5,498,628)				5,509,630

	Shares		Value
SHORT-TERM INVESTMENT - 3.2%
Money Market Fund - 3.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		5,348,528	$	5,348,528
Total Short-Term Investment (Cost $5,348,528)				5,348,528
TOTAL INVESTMENTS - 98.3% (Cost $157,278,655)				164,516,100
OTHER ASSETS & LIABILITIES, NET - 1.7%				2,890,583
NET ASSETS - 100.0%				$167,406,683

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	19.6%
Consumer, Non-Cyclical	18.8%
Industrial	13.9%
Energy	13.4%
Communications	12.4%
Basic Materials	4.4%
Financial	4.4%
Asset-Backed Securities	3.3%
Short-Term Investment	3.2%
Others (each less than 3.0%)	4.9%
	98.3%
Other Assets & Liabilities, Net	1.7%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-40

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$447,374		$447,374		$—		$—
	Consumer, Cyclical		286,175		286,175		—		—
	Consumer, Non-Cyclical		201,943		201,943		—		—
	Industrial		438,304		424,944		13,360		—
	Utilities		317,983		317,983		—		—
	Total Common Stocks		1,691,779		1,678,419		13,360		—
	Exchange-Traded Funds		1,845,928		1,845,928		—		—
	Corporate Bonds & Notes		144,894,786		—		144,894,786		—
	Senior Loan Notes		5,225,449		—		5,225,449		—
	Asset-Backed Securities		5,509,630		—		5,509,630		—
	Short-Term Investment		5,348,528		5,348,528		—		—
	Total		$164,516,100		$8,872,875		$155,643,225		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-41

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.1%
Basic Materials - 4.1%
Arconic Corp *		126,947		$4,003,909
Axalta Coating Systems Ltd *		124,670		3,639,117
Celanese Corp		21,514		3,240,869
Kaiser Aluminum Corp		31,895		3,475,279
				14,359,174
Communications - 4.1%
Calix Inc *		77,827		3,846,989
Revolve Group Inc *		62,406		3,854,819
Viavi Solutions Inc *		186,476		2,935,132
Vonage Holdings Corp *		229,554		3,700,410
				14,337,350
Consumer, Cyclical - 19.7%
American Eagle Outfitters Inc		160,057		4,129,471
Avient Corp		64,670		2,997,454
Bed Bath & Beyond Inc *		118,246		2,042,700
Big Lots Inc		47,259		2,049,150
BJ’s Restaurants Inc *		65,255		2,725,049
BJ’s Wholesale Club Holdings Inc *		84,242		4,626,571
Bloomin’ Brands Inc *		119,543		2,988,575
Dana Inc		123,993		2,757,604
Darden Restaurants Inc		19,180		2,905,195
Dave & Buster’s Entertainment Inc *		36,539		1,400,540
Deckers Outdoor Corp *		10,817		3,896,283
Guess? Inc		105,355		2,213,509
Hilton Grand Vacations Inc *		65,190		3,101,088
JetBlue Airways Corp *		211,866		3,239,431
KB Home		69,456		2,703,227
Kohl’s Corp		85,529		4,027,561
Lithia Motors Inc		13,694		4,341,546
Penn National Gaming Inc *		38,133		2,763,117
RH *		5,979		3,987,455
SeaWorld Entertainment Inc *		52,395		2,898,491
SkyWest Inc *		41,771		2,060,981
Steven Madden Ltd		66,463		2,669,154
UniFirst Corp		14,848		3,156,982
				69,681,134
Consumer, Non-Cyclical - 19.7%
AdaptHealth Corp *		134,528		3,133,157
Amedisys Inc *		11,095		1,654,265
Amicus Therapeutics Inc *		203,299		1,941,505
Arena Pharmaceuticals Inc *		34,398		2,048,401
Avantor Inc *		57,654		2,358,049
Charles River Laboratories International Inc *		12,950		5,344,076
Chegg Inc *		27,908		1,898,302
Deluxe Corp		105,035		3,769,706
Exact Sciences Corp *		29,468		2,812,721
Heron Therapeutics Inc *		176,130		1,882,830
Horizon Therapeutics PLC *		76,050		8,330,517
Iovance Biotherapeutics Inc *		98,364		2,425,656
Jazz Pharmaceuticals PLC *		29,837		3,885,076
Merit Medical Systems Inc *		50,077		3,595,529
Neurocrine Biosciences Inc *		28,496		2,733,051
Novavax Inc *		9,879		2,048,015
NuVasive Inc *		41,359		2,475,336
Performance Food Group Co *		81,634		3,792,716
Progyny Inc *		48,968		2,742,208
Quanta Services Inc		60,041		6,833,867
Syneos Health Inc *		42,798		3,743,969
				69,448,952

	Shares		Value
Energy - 4.1%
Bonanza Creek Energy Inc		69,556		$3,331,733
Diamondback Energy Inc		53,088		5,025,841
HollyFrontier Corp		49,963		1,655,274
Pioneer Natural Resources Co		16,947		2,821,845
Sunnova Energy International Inc *		54,378		1,791,211
				14,625,904
Financial - 18.9%
Brixmor Property Group Inc REIT		131,682		2,911,489
DiamondRock Hospitality Co REIT *		372,222		3,517,498
Everest Re Group Ltd		12,617		3,164,091
First Horizon Corp		292,524		4,765,216
First Industrial Realty Trust Inc REIT		69,635		3,626,591
Hancock Whitney Corp		120,108		5,659,489
Host Hotels & Resorts Inc REIT *		211,336		3,451,117
Lamar Advertising Co ‘A’ REIT		37,550		4,260,048
Mid-America Apartment Communities Inc REIT		25,008		4,670,244
Pinnacle Financial Partners Inc		78,379		7,373,896
Radian Group Inc		178,152		4,047,613
Stifel Financial Corp		53,546		3,638,986
United Community Banks Inc		137,574		4,515,179
Western Alliance Bancorp		64,271		6,993,970
Wintrust Financial Corp		52,778		4,241,768
				66,837,195
Industrial - 10.4%
Atkore Inc *		54,030		4,696,288
CIRCOR International Inc *		68,651		2,266,170
EnPro Industries Inc		30,662		2,671,273
Generac Holdings Inc *		16,796		6,864,021
GrafTech International Ltd		371,488		3,833,756
Hillenbrand Inc		105,288		4,490,533
II-VI Inc *		43,270		2,568,507
Jacobs Engineering Group Inc		28,414		3,765,707
SPX Corp *		48,886		2,612,957
The Timken Co		45,154		2,953,975
				36,723,187
Technology - 15.9%
Avaya Holdings Corp *		174,891		3,461,093
Box Inc ‘A’ *		149,601		3,541,056
Cirrus Logic Inc *		45,082		3,712,503
Cohu Inc *		100,926		3,223,576
CommVault Systems Inc *		50,666		3,815,656
Digital Turbine Inc *		57,388		3,945,425
DigitalOcean Holdings Inc *		6,343		492,407
Elastic NV *		34,170		5,090,988
Everbridge Inc *		17,037		2,573,268
J2 Global Inc *		34,734		4,745,359
Marvell Technology Inc		57,824		3,487,365
MKS Instruments Inc		17,250		2,603,198
Sailpoint Technologies Holdings Inc *		57,971		2,485,797
Silicon Laboratories Inc *		25,611		3,589,638
Sprout Social Inc ‘A’ *		43,639		5,321,776
ZoomInfo Technologies Inc ‘A’ *		67,795		4,148,376
				56,237,481
Utilities - 2.2%
Evoqua Water Technologies Corp *		109,939		4,129,309
Portland General Electric Co		77,989		3,664,703
				7,794,012
Total Common Stocks (Cost $250,072,311)				350,044,389

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-42

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		3,394,255		$3,394,255
Total Short-Term Investment (Cost $3,394,255)				3,394,255
TOTAL INVESTMENTS - 100.1% (Cost $253,466,566)				353,438,644
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(234,947	)
NET ASSETS - 100.0%				$353,203,697

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	19.7%
Consumer, Non-Cyclical	19.7%
Financial	18.9%
Technology	15.9%
Industrial	10.4%
Energy	4.1%
Basic Materials	4.1%
Communications	4.1%
Others (each less than 3.0%)	3.2%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$350,044,389		$350,044,389		$—		$—
	Short-Term Investment		3,394,255		3,394,255		—		—
	Total		$353,438,644		$353,438,644		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-43

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 3.2%
AdvanSix Inc *		7,308		$290,493
Arconic Corp *		8,544		269,478
Kaiser Aluminum Corp		2,429		264,664
				824,635
Communications - 4.6%
Calix Inc *		6,299		311,360
Revolve Group Inc *		5,281		326,207
Viavi Solutions Inc *		14,437		227,238
Vonage Holdings Corp *		19,484		314,082
				1,178,887
Consumer, Cyclical - 17.8%
American Eagle Outfitters Inc		12,016		310,013
Avient Corp		6,215		288,065
Bally’s Corp *		4,463		223,775
Bed Bath & Beyond Inc *		9,942		171,748
Big Lots Inc		5,181		224,648
BJ’s Restaurants Inc *		5,398		225,421
BJ’s Wholesale Club Holdings Inc *		5,977		328,257
Bloomin’ Brands Inc *		10,341		258,525
Dana Inc		8,757		194,756
Dave & Buster’s Entertainment Inc *		6,330		242,629
Deckers Outdoor Corp *		502		180,820
Guess? Inc		10,811		227,139
Hilton Grand Vacations Inc *		5,794		275,621
KB Home		6,278		244,340
Kohl’s Corp		4,657		219,298
Lithia Motors Inc		672		213,051
SeaWorld Entertainment Inc *		4,798		265,425
SkyWest Inc *		4,157		205,106
Steven Madden Ltd		5,712		229,394
				4,528,031
Consumer, Non-Cyclical - 20.8%
Acadia Healthcare Co Inc *		3,460		220,679
AdaptHealth Corp *		10,581		246,431
Addus HomeCare Corp *		2,614		208,467
Alphatec Holdings Inc *		14,536		177,194
Amicus Therapeutics Inc *		20,968		200,244
Arena Pharmaceuticals Inc *		3,322		197,825
AtriCure Inc *		4,175		290,371
Deluxe Corp		7,702		276,425
Harmony Biosciences Holdings Inc *		8,685		332,896
Herc Holdings Inc *		2,374		388,054
Heron Therapeutics Inc *		17,533		187,428
Iovance Biotherapeutics Inc *		7,568		186,627
LivaNova PLC *		2,744		217,297
Medpace Holdings Inc *		1,561		295,466
Novavax Inc *		593		122,935
NuVasive Inc *		3,843		230,004
Performance Food Group Co *		5,963		277,041
PetIQ Inc *		6,356		158,709
Phathom Pharmaceuticals Inc *		5,704		183,098
Progyny Inc *		5,227		292,712
Protagonist Therapeutics Inc *		6,340		112,345
Revance Therapeutics Inc *		8,896		247,843
TCR2 Therapeutics Inc *		11,721		99,746
WW International Inc *		8,253		150,617
				5,300,454

	Shares		Value
Energy - 4.6%
Bonanza Creek Energy Inc		6,176		$295,830
Brigham Minerals Inc ‘A’		15,955		305,698
Magnolia Oil & Gas Corp ‘A’		23,114		411,198
Sunnova Energy International Inc *		4,776		157,322
				1,170,048
Financial - 19.4%
Argo Group International Holdings Ltd		4,538		236,974
Brightsphere Investment Group Inc		6,528		170,577
ConnectOne Bancorp Inc		11,485		344,665
DiamondRock Hospitality Co REIT *		30,258		285,938
Enterprise Financial Services Corp		5,773		261,402
First Industrial Realty Trust Inc REIT		3,938		205,091
Hancock Whitney Corp		7,446		350,856
Home BancShares Inc		11,159		262,571
NexPoint Residential Trust Inc REIT		4,802		297,148
Origin Bancorp Inc		3,503		148,352
Pinnacle Financial Partners Inc		2,958		278,289
Radian Group Inc		12,978		294,860
Sandy Spring Bancorp Inc		6,716		307,727
Seacoast Banking Corp of Florida		8,694		293,944
SITE Centers Corp REIT		18,094		279,371
Stifel Financial Corp		3,890		264,364
United Community Banks Inc		9,061		297,382
Veritex Holdings Inc		9,009		354,594
				4,934,105
Industrial - 12.1%
Atkore Inc *		3,572		310,478
CIRCOR International Inc *		7,215		238,167
EnPro Industries Inc		2,754		239,928
GrafTech International Ltd		21,349		220,322
Hillenbrand Inc		8,647		368,795
II-VI Inc *		3,805		225,865
Infrastructure and Energy Alternatives Inc *		14,163		161,883
Masonite International Corp *		1,811		192,201
MYR Group Inc *		2,609		259,596
Rexnord Corp		5,132		329,936
Saia Inc *		1,431		340,621
The Timken Co		2,866		187,494
				3,075,286
Technology - 13.7%
Avaya Holdings Corp *		13,536		267,877
Box Inc ‘A’ *		13,167		311,663
Cirrus Logic Inc *		3,525		290,284
Cohu Inc *		7,234		231,054
CommVault Systems Inc *		3,642		274,279
Digital Turbine Inc *		4,566		313,912
DigitalOcean Holdings Inc *		827		64,200
Everbridge Inc *		1,901		287,127
J2 Global Inc *		2,587		353,436
Sailpoint Technologies Holdings Inc *		5,568		238,756
Silicon Laboratories Inc *		1,710		239,674
Sprout Social Inc ‘A’ *		2,954		360,240
Ultra Clean Holdings Inc *		6,142		261,649
				3,494,151
Utilities - 2.1%
Evoqua Water Technologies Corp *		8,226		308,968
Portland General Electric Co		4,933		231,802
				540,770
Total Common Stocks (Cost $21,408,395)				25,046,367

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-44

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		309,002		$309,002
Total Short-Term Investment (Cost $309,002)				309,002
TOTAL INVESTMENTS - 99.5% (Cost $21,717,397)				25,355,369
OTHER ASSETS & LIABILITIES, NET - 0.5%				128,301
NET ASSETS - 100.0%				$25,483,670

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	20.8%
Financial	19.4%
Consumer, Cyclical	17.8%
Technology	13.7%
Industrial	12.1%
Communications	4.6%
Energy	4.6%
Basic Materials	3.2%
Others (each less than 3.0%)	3.3%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$25,046,367		$25,046,367		$—		$—
	Short-Term Investment		309,002		309,002		—		—
	Total		$25,355,369		$25,355,369		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-45

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.2%
Basic Materials - 4.7%
AdvanSix Inc *		7,539		$299,675
Alcoa Corp *		5,960		291,683
Arconic Corp *		8,646		272,695
				864,053
Communications - 1.7%
Viavi Solutions Inc *		8,805		138,591
Vonage Holdings Corp *		11,076		178,545
				317,136
Consumer, Cyclical - 12.8%
American Eagle Outfitters Inc		8,047		207,613
Avient Corp		4,843		224,473
Bed Bath & Beyond Inc *		5,627		97,206
Big Lots Inc		3,545		153,711
BJ’s Restaurants Inc *		3,836		160,191
Bloomin’ Brands Inc *		6,953		173,825
Dana Inc		9,047		201,205
Dave & Buster’s Entertainment Inc *		2,897		111,042
Guess? Inc		10,503		220,668
Hilton Grand Vacations Inc *		3,196		152,034
KB Home		4,465		173,778
SkyWest Inc *		4,288		211,570
Steven Madden Ltd		3,972		159,516
UniFirst Corp		657		139,691
				2,386,523
Consumer, Non-Cyclical - 14.1%
Acadia Healthcare Co Inc *		2,655		169,336
AdaptHealth Corp *		8,416		196,009
Arena Pharmaceuticals Inc *		1,820		108,381
Deluxe Corp		6,219		223,200
Harmony Biosciences Holdings Inc *		4,912		188,277
Herc Holdings Inc *		1,849		302,237
Hostess Brands Inc *		15,729		273,213
LivaNova PLC *		1,727		136,761
Performance Food Group Co *		4,081		189,603
PetIQ Inc *		3,578		89,343
PROG Holdings Inc		4,096		172,073
Protagonist Therapeutics Inc *		3,424		60,673
Revance Therapeutics Inc *		4,537		126,401
SeaSpine Holdings Corp *		8,878		139,651
Textainer Group Holdings Ltd (China) *		7,293		254,598
				2,629,756
Energy - 6.8%
Bonanza Creek Energy Inc		6,168		295,447
Brigham Minerals Inc ‘A’		20,344		389,791
Magnolia Oil & Gas Corp ‘A’		25,883		460,459
Sunnova Energy International Inc *		3,706		122,076
				1,267,773
Financial - 34.8%
Argo Group International Holdings Ltd		4,408		230,186
Blucora Inc *		10,309		160,717
Brightsphere Investment Group Inc		5,596		146,223
Brixmor Property Group Inc REIT		11,719		259,107
ConnectOne Bancorp Inc		11,294		338,933
DiamondRock Hospitality Co REIT *		25,056		236,779
Enterprise Financial Services Corp		4,511		204,258
First Bancorp		4,045		173,975
First Industrial Realty Trust Inc REIT		3,841		200,039
Hancock Whitney Corp		6,882		324,280
Healthcare Realty Trust Inc REIT		6,634		197,561
Home BancShares Inc		5,922		139,345
Horizon Bancorp Inc		11,597		210,718

	Shares		Value
National Storage Affiliates Trust REIT		3,729		$196,854
NexPoint Residential Trust Inc REIT		3,986		246,654
Old Second Bancorp Inc		11,752		153,481
Origin Bancorp Inc		3,903		165,292
Piedmont Office Realty Trust Inc ‘A’ REIT		10,466		182,422
Pinnacle Financial Partners Inc		3,703		348,378
QCR Holdings Inc		4,975		255,914
Radian Group Inc		10,858		246,694
Sandy Spring Bancorp Inc		6,114		280,144
Seacoast Banking Corp of Florida		6,083		205,666
Selective Insurance Group Inc		1,898		143,356
SITE Centers Corp REIT		17,976		277,549
Stifel Financial Corp		2,913		197,968
United Community Banks Inc		9,148		300,237
Veritex Holdings Inc		7,105		279,653
WSFS Financial Corp		3,466		177,840
				6,480,223
Industrial - 14.5%
Atkore Inc *		2,842		247,027
CIRCOR International Inc *		5,740		189,477
Crane Co		2,032		192,654
EnPro Industries Inc		2,977		259,356
GrafTech International Ltd		22,315		230,291
Harsco Corp *		1,688		28,612
Hillenbrand Inc		6,823		291,001
II-VI Inc *		2,602		154,455
Infrastructure and Energy Alternatives Inc *		18,443		210,803
Masonite International Corp *		1,477		156,754
MYR Group Inc *		2,758		274,421
The Timken Co		2,322		151,905
UFP Industries Inc		2,043		138,883
UFP Technologies Inc *		2,914		179,473
				2,705,112
Technology - 3.9%
Avaya Holdings Corp *		7,471		147,851
Cirrus Logic Inc *		1,977		162,806
Cohu Inc *		4,698		150,054
Synaptics Inc *		836		150,254
Ultra Clean Holdings Inc *		2,798		119,195
				730,160
Utilities - 2.9%
Evoqua Water Technologies Corp *		4,020		150,991
Portland General Electric Co		8,161		383,486
				534,477
Total Common Stocks (Cost $13,797,176)				17,915,213
EXCHANGE-TRADED FUND - 1.0%
iShares Russell 2000 Value		1,209		193,718
Total Exchange-Traded Fund (Cost $171,983)				193,718

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-46

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund - 2.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		502,261		$502,261
Total Short-Term Investment (Cost $502,261)				502,261
TOTAL INVESTMENTS - 99.9% (Cost $14,471,420)				18,611,192
OTHER ASSETS & LIABILITIES, NET - 0.1%				16,355
NET ASSETS - 100.0%				$18,627,547

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	34.8%
Industrial	14.5%
Consumer, Non-Cyclical	14.1%
Consumer, Cyclical	12.8%
Energy	6.8%
Basic Materials	4.7%
Technology	3.9%
Others (each less than 3.0%)	8.3%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$17,915,213		$17,915,213		$—		$—
	Exchange-Traded Fund		193,718		193,718		—		—
	Short-Term Investment		502,261		502,261		—		—
	Total		$18,611,192		$18,611,192		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-47

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 1.6%
Financial - 1.0%
Aviation Capital Group LLC 2.875% due 01/20/22 ~		$200,000		$201,051
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		100,000		106,214
Bank of America Corp 5.875% due 03/15/28		10,000		11,426
				318,691
Industrial - 0.6%
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		203,758
Total Corporate Bonds & Notes (Cost $513,528)				522,449
MORTGAGE-BACKED SECURITIES - 3.8%
Collateralized Mortgage Obligations - Residential - 2.6%
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.446% (USD LIBOR + 0.360%) due 03/25/35 ~ §		63,113		65,633
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,497		8,999
Credit Suisse Mortgage Trust 0.236% (USD LIBOR + 0.150%) due 09/29/36 ~ §		154,391		151,746
Fannie Mae REMICS 0.436% (USD LIBOR + 0.350%) due 07/25/37 §		13,398		13,487
0.466% (USD LIBOR + 0.380%) due 07/25/37 §		18,644		18,831
0.526% (USD LIBOR + 0.440%) due 05/25/36 §		9,695		9,793
0.531% (USD LIBOR + 0.445%) due 02/25/37 §		3,108		3,141
Government National Mortgage Association 0.382% (USD LIBOR + 0.150%) due 08/20/68 §		62,769		62,120
GSR Mortgage Loan Trust 2.859% due 09/25/35 §		5,539		5,711
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 188,218		254,825
JP Morgan Mortgage Trust 2.665% due 06/25/35 §		$10,517		10,937
Merrill Lynch Mortgage Investors Trust 2.067% due 12/25/34 §		23,870		24,548
Towd Point Mortgage Funding PLC (United Kingdom) 1.090% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		GBP 151,011		205,256
WaMu Mortgage Pass-Through Certificates Trust 0.826% (USD LIBOR + 0.740%) due 01/25/45 §		$23,725		23,846
				858,873
Fannie Mae - 1.2%
due 12/01/51 #		370,000		391,795
Total Mortgage-Backed Securities (Cost $1,210,107)				1,250,668
ASSET-BACKED SECURITIES - 1.7%
Asset Backed Funding Corp Trust 0.686% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,668
Freddie Mac Structured Pass-Through Certificates 0.366% (USD LIBOR + 0.280%) due 09/25/31 §		580		575

	Principal Amount		Value
Home Equity Asset Trust 0.941% (USD LIBOR + 0.855%) due 08/25/34 §		$14,312		$14,258
LoanCore Issuer Ltd (Cayman) 1.214% (USD LIBOR + 1.130%) due 05/15/36 ~ §		37,725		37,749
OZLM Ltd (Cayman) 1.270% (USD LIBOR + 1.160%) due 07/20/32 ~ §		100,000		100,000
Saxon Asset Securities Trust 0.396% (USD LIBOR + 0.310%) due 09/25/37 §		16,726		16,533
THL Credit Wind River CLO Ltd (Cayman) 1.164% (USD LIBOR + 1.080%) due 04/15/31 ~ §		100,000		100,002
TICP CLO Ltd (Cayman) 0.974% (USD LIBOR + 0.840%) due 04/20/28 ~ §		289,648		289,880
Total Asset-Backed Securities (Cost $579,789)				580,665
U.S. TREASURY OBLIGATIONS - 103.4%
U.S. Treasury Inflation Protected Securities - 103.4%
0.125% due 04/15/22 ^		853,153		865,109
0.125% due 07/15/22 ^		261,175		267,488
0.125% due 01/15/23 ^		722,654		747,188
0.125% due 07/15/26 ^		227,786		248,599
0.125% due 01/15/30 ^		1,920,591		2,111,625
0.375% due 07/15/25 ^		120,877		131,946
0.375% due 07/15/27 ^		1,852,626		2,062,021
0.500% due 04/15/24 ^		3,463,840		3,700,082
0.500% due 01/15/28 ^		1,804,035		2,020,912
0.625% due 04/15/23 ^		1,143,043		1,196,214
0.625% due 01/15/24 ^		1,422,756		1,518,308
0.625% due 01/15/26 ^		631,923		697,758
0.625% due 02/15/43 ^		379,978		453,367
0.750% due 07/15/28 ^		1,152,845		1,320,816
0.750% due 02/15/42 ^		120,819		147,362
0.750% due 02/15/45 ^		660,824		814,041
0.875% due 01/15/29 ^		1,675,845		1,937,572
0.875% due 02/15/47 ^		480,654		617,007
1.000% due 02/15/46 ^		594,525		775,357
1.000% due 02/15/49 ^		43,396		58,250
1.375% due 02/15/44 ^		1,909,366		2,625,557
2.000% due 01/15/26 ^		291,604		340,195
2.125% due 02/15/41 ^		373,992		563,798
3.375% due 04/15/32 ^		90,745		132,893
3.875% due 04/15/29 ^		58,123		81,125
0.125% due 07/15/24 ^		1,379,700		1,473,352
0.125% due 10/15/24 ^		1,915,326		2,049,578
0.125% due 04/15/25 ^		1,691,072		1,814,784
0.125% due 01/15/31 ^		1,122,152		1,232,662
0.125% due 07/15/31 ^		1,731,603		1,908,546
0.125% due 02/15/51 ^		209,718		230,362
0.250% due 01/15/25 ^		115,262		123,871
Total U.S. Treasury Obligations (Cost $33,044,947)				34,267,745
FOREIGN GOVERNMENT BONDS & NOTES - 7.8%
Australia Government (Australia)
1.250% due 02/21/22 ^ ~		AUD 696,843		605,897
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~		EUR 101,931		130,625
0.250% due 07/25/24 ^ ~		108,647		136,365

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-48

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		EUR 517,555		$663,748
1.400% due 05/26/25 ^ ~		605,568		769,022
New Zealand Government (New Zealand)
2.000% due 09/20/25 ^ ~		NZD 110,000		93,905
United Kingdom Inflation-Linked Gilt (United Kingdom)
0.125% due 03/22/24 ^ ~		GBP 126,021		187,311
Total Foreign Government Bonds & Notes (Cost $2,427,290)				2,586,873
	Shares
SHORT-TERM INVESTMENT - 0.3%
Money Market Fund - 0.3%
BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		94,706		94,706
Total Short-Term Investment (Cost $94,706)				94,706
TOTAL INVESTMENTS - 118.6%
(Cost $37,870,367)				39,303,106
DERIVATIVES - 0.1%				27,380
OTHER ASSETS & LIABILITIES, NET - (18.7%)				(6,180,391	)
NET ASSETS - 100.0%				$33,150,095

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	103.4%
Foreign Government Bonds & Notes	7.8%
Mortgage-Backed Securities	3.8%
Others (each less than 3.0%)	3.6%
	118.6%
Derivatives	0.1%
Other Assets & Liabilities, Net	(18.7%	)
	100.0%

(b) The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2021 was $6,239,913 at a weighted average interest rate of 0.041%.

(c) Open futures contracts outstanding as of September 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bund		12/21		9		$1,794,862		$1,770,399		($24,463	)
U.S. Treasury 5-Year Notes		12/21		48		5,934,439		5,891,625		(42,814	)
U.S. Treasury 10-Year Notes		12/21		1		132,666		131,609		(1,057	)
U.S. Treasury Long Bonds		12/21		5		817,429		796,094		(21,335	)
										(89,669	)
Short Futures Outstanding
Australia 3-Year Bonds		12/21		2		168,576		168,358		218
Euro-Bobl		12/21		7		1,097,506		1,094,073		3,433
Euro-BTP		12/21		4		711,952		704,045		7,907
Euro-Buxl		12/21		3		726,003		706,616		19,387
Euro-Schatz		12/21		42		5,462,813		5,458,852		3,961
Long Gilt		12/21		2		343,463		337,254		6,209
U.S. Treasury 2-Year Notes		12/21		17		3,743,115		3,740,930		2,185
U.S. Treasury Ultra 10-Year Notes		12/21		13		1,925,180		1,888,250		36,930
U.S. Treasury Ultra Long Bonds		12/21		6		1,194,266		1,146,375		47,891
										128,121
Total Futures Contracts										$38,452

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-49

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(d) Forward foreign currency contracts outstanding as of September 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	787,000	USD	569,801	10/21	UBS		$—		($828	)
EUR	1,513,000	USD	1,753,491	10/21	SCB		—		(776	)
GBP	29,000	USD	39,902	10/21	BRC		—		(827	)
GBP	522,000	USD	702,911	10/21	BRC		435		—
NZD	147,000	USD	100,995	10/21	SCB		484		—
USD	570,796	AUD	787,000	10/21	SCB		1,822		—
USD	569,871	AUD	787,000	11/21	UBS		829		—
USD	140,528	EUR	120,000	10/21	JPM		1,516		—
USD	1,604,060	EUR	1,358,000	10/21	SCB		30,903		—
USD	41,406	EUR	35,000	10/21	UBS		860		—
USD	1,754,438	EUR	1,513,000	11/21	SCB		765		—
USD	190,649	GBP	138,000	10/21	BRC		4,707		—
USD	539,774	GBP	394,000	10/21	SCB		8,896		—
USD	16,584	GBP	12,000	10/21	SGN		415		—
USD	9,662	GBP	7,000	10/21	UBS		230		—
USD	702,941	GBP	522,000	11/21	BRC		—		(429	)
USD	103,606	NZD	147,000	10/21	JPM		2,127		—
USD	100,979	NZD	147,000	11/21	SCB		—		(483	)
Total Forward Foreign Currency Contracts							$53,989		($3,343	)

(e) Purchased options outstanding as of September 30, 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

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.190%

11/02/22

MSC

EUR 60,000

$4,375

$8,612

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.197%

11/04/22

BRC

200,000

14,957

28,416

$19,332

$37,028

Total Purchased Options

$19,332

$37,028

(f) Premiums received and value of written options outstanding as of September 30, 2021 were as follows:

Credit Default Swaptions on Credit Indices – Sell Protection

Description	Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - CDX IG 36 5Y		0.750%		11/17/21		MSC		$200,000		$199		($65	)
Put - CDX IG 36 5Y		0.750%		12/15/21		MSC		100,000		100		(61	)
Put - CDX IG 36 5Y		0.800%		12/15/21		GSC		200,000		208		(105	)
Put - CDX IG 36 5Y		0.800%		12/15/21		MSC		100,000		94		(53	)
Put - CDX IG 36 5Y		0.725%		01/19/22		GSC		100,000		100		(104	)
Put - iTraxx Main 36 5Y		0.750%		01/19/22		BRC		EUR 100,000		138		(117	)
Put - CDX IG 37 5Y		0.850%		01/19/22		BRC		$200,000		231		(218	)
										$1,070		($723	)

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		$13,822		($21	)
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		—
											$15,212		($21	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-50

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 1-Year Interest Rate Swap		Receive		3-Month EUR-LIBOR		(0.526%	)		11/17/22		GSC		EUR 1,600,000		$2,489		($437	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		MSC		200,000		4,851		(9,123	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BRC		600,000		14,726		(27,484	)
															19,577		(36,607	)
Total Interest Rate Swaptions															$22,066		($37,044	)
Total Written Options															$38,348		($37,788	)

(g) Swap agreements outstanding as of September 30, 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)
2.180%	U.S. CPI Urban Consumers		Z / Z		LCH		01/19/22		$200,000		($6,937	)		($2	)		($6,935	)
2.200%	U.S. CPI Urban Consumers		Z / Z		LCH		01/21/22		200,000		(6,913	)		—			(6,913	)
2.170%	U.S. CPI Urban Consumers		Z / Z		LCH		02/01/22		100,000		(3,532	)		—			(3,532	)
2.155%	U.S. CPI Urban Consumers		Z / Z		LCH		02/04/22		200,000		(7,082	)		—			(7,082	)
2.200%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/22		100,000		(3,454	)		—			(3,454	)
(0.526%)	3-Month EUR-LIBOR		A / Q		LCH		11/21/23		EUR 800,000		(1,324	)		—			(1,324	)
3.850%	GBP Retail Price		Z / Z		LCH		09/15/24		GBP 200,000		969			—			969
3.330%	GBP Retail Price		Z / Z		LCH		01/15/25		400,000		(18,090	)		11,260			(29,350	)
2.335%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		$190,000		(7,504	)		338			(7,842	)
2.364%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		50,000		(1,741	)		—			(1,741	)
2.379%	U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		500,000		(16,917	)		(288	)		(16,629	)
3.593%	GBP Retail Price		Z / Z		LCH		11/15/28		GBP 45,000		(1,160	)		—			(1,160	)
2.165%	U.S. CPI Urban Consumers		Z / Z		LCH		04/16/29		$100,000		(6,665	)		—			(6,665	)
1.998%	U.S. CPI Urban Consumers		Z / Z		LCH		07/25/29		100,000		(8,172	)		—			(8,172	)
1.760%	U.S. CPI Urban Consumers		Z / Z		LCH		11/04/29		400,000		(44,254	)		(708	)		(43,546	)
3.400%	GBP Retail Price		Z / Z		LCH		06/15/30		GBP 200,000		(8,574	)		2,555			(11,129	)
3.475%	GBP Retail Price		Z / Z		LCH		08/15/30		200,000		(21,978	)		2,476			(24,454	)
1.380%	Eurostat Eurozone HICP		Z / Z		LCH		03/15/31		EUR 200,000		(15,926	)		(1,361	)		(14,565	)
3.566%	GBP Retail Price		Z / Z		LCH		03/15/36		GBP 190,000		(22,723	)		(907	)		(21,816	)
3.580%	GBP Retail Price		Z / Z		LCH		03/15/36		40,000		(4,623	)		(413	)		(4,210	)
1.387%	Eurostat Eurozone HICP		Z / Z		LCH		08/15/49		EUR 20,000		(5,679	)		—			(5,679	)
											($212,279	)		$12,950			($225,229	)

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		$9,753			$—			$9,753
2.210%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/23		$120,000		3,594			—			3,594
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		04/27/23		60,000		1,550			—			1,550
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		05/09/23		120,000		3,198			—			3,198
2.281%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/23		180,000		4,309			—			4,309
1.030%	France CPI Ex Tobacco		Z / Z		LCH		03/15/24		EUR 140,000		1,729			(53	)		1,782
2.314%	U.S. CPI Urban Consumers		Z / Z		LCH		02/26/26		$200,000		9,922			—			9,922
2.419%	U.S. CPI Urban Consumers		Z / Z		LCH		03/05/26		100,000		4,409			—			4,409
2.768%	U.S. CPI Urban Consumers		Z / Z		LCH		05/13/26		100,000		2,238			—			2,238
2.690%	U.S. CPI Urban Consumers		Z / Z		LCH		06/01/26		100,000		2,487			—			2,487
1.798%	U.S. CPI Urban Consumers		Z / Z		LCH		08/25/27		500,000		51,244			—			51,244
1.890%	U.S. CPI Urban Consumers		Z / Z		LCH		08/27/27		500,000		47,701			—			47,701
3.250%	3-Month NZD-Bank Bills		S / Q		CME		03/21/28		NZD 100,000		(5,291	)		290			(5,581	)
2.645%	U.S. CPI Urban Consumers		Z / Z		LCH		09/10/28		$100,000		400			—			400
3.470%	GBP Retail Price		Z / Z		LCH		01/15/31		GBP 120,000		15,265			—			15,265
2.311%	U.S. CPI Urban Consumers		Z / Z		LCH		02/24/31		$200,000		12,094			94			12,000
											$164,602			$331			$164,271
Total Interest Rate Swaps											($47,677	)		$13,281			($60,958	)
Total Swap Agreements											($47,677	)		$13,281			($60,958	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-51

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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		$17,013			$170,821
Liabilities		(3,732	)		(231,779	)
		$13,281			($60,958	)

(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.

(h) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$522,449			$—			$522,449			$—
	Mortgage-Backed Securities		1,250,668			—			1,250,668			—
	Asset-Backed Securities		580,665			—			580,665			—
	U.S. Treasury Obligations		34,267,745			—			34,267,745			—
	Foreign Government Bonds & Notes		2,586,873			—			2,586,873			—
	Short-Term Investment		94,706			94,706			—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		53,989			—			53,989			—
	Interest Rate Contracts
	Futures		128,121			128,121			—			—
	Purchased Options		37,028			—			37,028			—
	Swaps		170,821			—			170,821			—
	Total Interest Rate Contracts		335,970			128,121			207,849			—
	Total Assets - Derivatives		389,959			128,121			261,838			—
	Total Assets		39,693,065			222,827			39,470,238			—
Liabilities	Sale-buyback Financing Transactions		(5,949,081	)		—			(5,949,081	)		—
	Derivatives:
	Credit Contracts
	Written Options		(723	)		—			(723	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(3,343	)		—			(3,343	)		—
	Interest Rate Contracts
	Futures		(89,669	)		(89,669	)		—			—
	Written Options		(37,065	)		—			(37,065	)		—
	Swaps		(231,779	)		—			(231,779	)		—
	Total Interest Rate Contracts		(358,513	)		(89,669	)		(268,844	)		—
	Total Liabilities - Derivatives		(362,579	)		(89,669	)		(272,910	)		—
	Total Liabilities		(6,311,660	)		(89,669	)		(6,221,991	)		—
	Total		$33,381,405			$133,158			$33,248,247			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-52

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 34.4%
Basic Materials - 0.9%
Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$465,000		$499,256
4.750% due 04/10/27 ~		400,000		455,538
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		80,000		112,997
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		38,853
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		121,690
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		70,943
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		21,650
5.450% due 03/15/43		190,000		234,175
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		132,270
3.875% due 10/27/27 ~		10,000		10,928
4.000% due 03/27/27 ~		740,000		814,281
4.125% due 03/12/24 ~		150,000		160,736
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		200,420
3.468% due 12/01/50 ~		70,000		73,600
LYB International Finance III LLC
1.250% due 10/01/25		60,000		59,987
3.375% due 05/01/30		85,000		92,472
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		39,481
OCP SA (Morocco)
4.500% due 10/22/25 ~		200,000		215,291
5.125% due 06/23/51 ~		200,000		198,625
Orbia Advance Corp SAB de CV (Mexico)
1.875% due 05/11/26 ~		220,000		220,636
2.875% due 05/11/31 ~		210,000		211,575
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		362,245
Suzano Austria GmbH (Brazil)
3.125% due 01/15/32		50,000		48,350
3.750% due 01/15/31		340,000		349,690
Vale Overseas Ltd (Brazil)
3.750% due 07/08/30		95,000		98,534
6.875% due 11/21/36		48,000		64,020
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		99,759
				5,008,002
Communications - 4.0%
Alphabet Inc
0.450% due 08/15/25		20,000		19,763
0.800% due 08/15/27		30,000		29,409
1.100% due 08/15/30		30,000		28,358
2.050% due 08/15/50		50,000		43,743
Altice France SA (France) 7.375% due 05/01/26 ~		200,000		207,770
Amazon.com Inc
0.800% due 06/03/25		60,000		59,925
1.200% due 06/03/27		70,000		69,813
1.500% due 06/03/30		30,000		29,194
2.100% due 05/12/31		40,000		40,545
2.500% due 06/03/50		580,000		544,116
3.875% due 08/22/37		70,000		82,720
4.250% due 08/22/57		10,000		12,722
4.950% due 12/05/44		60,000		80,977
America Movil SAB de CV (Mexico) 2.875% due 05/07/30		200,000		208,184
AT&T Inc
1.650% due 02/01/28		230,000		228,318
2.300% due 06/01/27		910,000		942,544

	Principal Amount		Value
2.550% due 12/01/33		$10,000		$9,847
3.100% due 02/01/43		500,000		480,247
3.500% due 06/01/41		275,000		282,710
3.550% due 09/15/55		249,000		246,052
3.800% due 02/15/27		30,000		33,230
4.350% due 06/15/45		32,000		36,213
CCO Holdings LLC
4.500% due 08/15/30 ~		10,000		10,330
4.500% due 05/01/32		1,480,000		1,526,250
5.125% due 05/01/27 ~		130,000		135,533
Charter Communications Operating LLC
due 01/15/29 #		300,000		299,889
due 03/01/42 #		20,000		19,597
3.500% due 06/01/41		40,000		39,335
3.700% due 04/01/51		230,000		224,382
4.800% due 03/01/50		170,000		191,116
4.908% due 07/23/25		690,000		776,319
5.750% due 04/01/48		10,000		12,654
6.384% due 10/23/35		20,000		26,332
6.834% due 10/23/55		30,000		44,457
Comcast Corp
1.500% due 02/15/31		100,000		95,026
2.800% due 01/15/51		172,000		163,124
2.937% due 11/01/56 ~		27,000		25,553
3.150% due 03/01/26		30,000		32,434
3.250% due 11/01/39		185,000		195,517
3.300% due 04/01/27		20,000		21,911
3.375% due 08/15/25		20,000		21,676
3.400% due 04/01/30		30,000		33,057
3.450% due 02/01/50		110,000		116,804
3.750% due 04/01/40		100,000		112,475
3.950% due 10/15/25		220,000		244,156
3.999% due 11/01/49		51,000		59,146
4.000% due 03/01/48		10,000		11,456
4.250% due 10/15/30		730,000		850,727
5.650% due 06/15/35		20,000		26,762
Corning Inc 5.750% due 08/15/40		60,000		80,921
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		56,523
CSC Holdings LLC 4.500% due 11/15/31 ~		200,000		197,750
Discovery Communications LLC 3.625% due 05/15/30		100,000		108,526
DISH DBS Corp
5.125% due 06/01/29		70,000		68,680
5.875% due 11/15/24		40,000		43,061
7.750% due 07/01/26		10,000		11,305
eBay Inc 2.600% due 05/10/31		200,000		204,095
Expedia Group Inc 3.800% due 02/15/28		800,000		868,891
Fox Corp 5.476% due 01/25/39		150,000		191,747
Prosus NV (China)
3.061% due 07/13/31 ~		410,000		400,729
3.832% due 02/08/51 ~		460,000		419,510
Rogers Communications Inc (Canada) 3.700% due 11/15/49		60,000		62,454
Sprint Capital Corp 8.750% due 03/15/32		130,000		194,364
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		393,750		421,017
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		187,478
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		530,000		552,093
The Walt Disney Co
2.650% due 01/13/31		600,000		626,834
3.500% due 05/13/40		100,000		110,511

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-53

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Time Warner Cable LLC
5.875% due 11/15/40		$50,000		$63,171
6.550% due 05/01/37		110,000		148,640
6.750% due 06/15/39		20,000		27,417
7.300% due 07/01/38		460,000		660,878
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		29,739
T-Mobile USA Inc
2.050% due 02/15/28		10,000		10,086
2.250% due 02/15/26		10,000		10,125
2.550% due 02/15/31		550,000		552,320
2.625% due 02/15/29		50,000		50,590
2.875% due 02/15/31		840,000		848,190
3.000% due 02/15/41		110,000		106,571
3.500% due 04/15/25		230,000		247,864
3.500% due 04/15/31		50,000		52,794
3.750% due 04/15/27		435,000		479,540
3.875% due 04/15/30		280,000		309,314
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		704,660
Verizon Communications Inc
1.750% due 01/20/31		$70,000		66,584
2.100% due 03/22/28		340,000		345,403
2.355% due 03/15/32 ~		155,000		153,378
2.550% due 03/21/31		510,000		516,608
2.625% due 08/15/26		20,000		21,169
2.650% due 11/20/40		966,000		908,885
2.875% due 11/20/50		420,000		392,097
3.150% due 03/22/30		305,000		326,353
3.850% due 11/01/42		345,000		379,842
4.000% due 03/22/50		30,000		34,137
4.125% due 08/15/46		30,000		34,476
4.329% due 09/21/28		5,000		5,753
4.400% due 11/01/34		90,000		106,693
4.500% due 08/10/33		520,000		619,698
4.862% due 08/21/46		20,000		25,502
5.500% due 03/16/47		30,000		41,649
ViacomCBS Inc
4.000% due 01/15/26		50,000		55,294
5.850% due 09/01/43		70,000		95,558
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		90,000		103,430
				22,373,315
Consumer, Cyclical - 3.7%
7-Eleven Inc
0.950% due 02/10/26 ~		60,000		58,952
2.500% due 02/10/41 ~		49,000		45,069
Alimentation Couche-Tard Inc (Canada)
2.950% due 01/25/30 ~		100,000		104,101
3.439% due 05/13/41 ~		85,000		87,502
3.625% due 05/13/51 ~		90,000		93,180
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		274,663		277,215
AutoZone Inc 3.625% due 04/15/25		100,000		108,439
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		406,843		424,226
Costco Wholesale Corp
1.375% due 06/20/27		60,000		60,447
1.600% due 04/20/30		40,000		39,117
Delta Air Lines Inc
2.900% due 10/28/24		80,000		81,944
3.625% due 03/15/22		40,000		40,357
3.800% due 04/19/23		10,000		10,413
4.500% due 10/20/25 ~		70,000		74,921
4.750% due 10/20/28 ~		660,000		736,308
7.000% due 05/01/25 ~		440,000		513,318
7.375% due 01/15/26		50,000		58,931

	Principal Amount		Value
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		$98,828		$102,754
Dollar General Corp 4.125% due 04/03/50		100,000		117,334
Ford Motor Credit Co LLC
0.147% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		926,448
1.355% due 02/07/25		300,000		346,058
3.375% due 11/13/25		$1,600,000		1,646,000
4.000% due 11/13/30		200,000		208,250
4.125% due 08/17/27		200,000		212,350
General Motors Co
5.150% due 04/01/38		20,000		23,895
5.950% due 04/01/49		20,000		26,397
6.125% due 10/01/25		45,000		52,745
6.250% due 10/02/43		40,000		53,959
General Motors Financial Co Inc
1.250% due 01/08/26		164,000		161,992
2.700% due 06/10/31		65,000		64,850
2.750% due 06/20/25		920,000		962,245
4.250% due 05/15/23		30,000		31,704
4.350% due 01/17/27		60,000		67,306
Hanesbrands Inc 5.375% due 05/15/25 ~		40,000		41,925
Hasbro Inc 3.900% due 11/19/29		50,000		55,256
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		20,000		20,925
5.750% due 05/01/28 ~		20,000		21,565
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		134,553
Hyundai Capital America
1.150% due 11/10/22 ~		246,000		247,407
1.300% due 01/08/26 ~		40,000		39,376
1.800% due 01/10/28 ~		70,000		68,559
2.375% due 10/15/27 ~		300,000		304,257
2.650% due 02/10/25 ~		150,000		155,883
JetBlue Pass-Through Trust ‘A’ 4.000% due 05/15/34		290,184		316,650
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		123,218		145,286
Kia Motors Corp (South Korea) 3.250% due 04/21/26 ~		200,000		213,779
Kohl’s Corp 3.375% due 05/01/31		96,000		98,907
Las Vegas Sands Corp
2.900% due 06/25/25		690,000		694,093
3.200% due 08/08/24		350,000		359,462
Lennar Corp 4.500% due 04/30/24		35,000		37,887
Lowe’s Cos Inc
1.700% due 09/15/28		80,000		79,359
2.625% due 04/01/31		200,000		205,153
4.500% due 04/15/30		20,000		23,457
McDonald’s Corp
1.450% due 09/01/25		10,000		10,155
3.300% due 07/01/25		30,000		32,317
3.500% due 03/01/27		20,000		21,991
3.500% due 07/01/27		10,000		11,055
3.600% due 07/01/30		360,000		400,677
3.625% due 09/01/49		10,000		10,922
3.700% due 01/30/26		40,000		43,998
3.800% due 04/01/28		30,000		33,552
4.200% due 04/01/50		240,000		286,526
MDC Holdings Inc 2.500% due 01/15/31		40,000		39,033
MGM Resorts International 7.750% due 03/15/22		800,000		823,000
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		260,000		283,065

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-54

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		$30,000		$29,737
3.875% due 01/15/28 ~		20,000		20,222
Newell Brands Inc
4.350% due 04/01/23		20,000		20,851
4.700% due 04/01/26		10,000		11,038
NIKE Inc
2.400% due 03/27/25		30,000		31,494
2.750% due 03/27/27		240,000		257,820
3.250% due 03/27/40		20,000		21,912
3.375% due 03/27/50		120,000		134,111
Nissan Motor Acceptance Co LLC
2.000% due 03/09/26 ~		300,000		300,840
2.750% due 03/09/28 ~		300,000		303,473
2.800% due 01/13/22 ~		182,000		183,173
Nissan Motor Co Ltd (Japan)
3.522% due 09/17/25 ~		1,300,000		1,382,847
4.345% due 09/17/27 ~		400,000		439,719
4.810% due 09/17/30 ~		400,000		450,130
Nordstrom Inc 4.250% due 08/01/31		94,000		95,312
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		112,168
Sands China Ltd (Macau)
2.300% due 03/08/27 ~		250,000		242,070
2.850% due 03/08/29 ~		200,000		192,726
5.125% due 08/08/25		310,000		334,183
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		303,142
Starbucks Corp
2.550% due 11/15/30		900,000		925,199
3.350% due 03/12/50		40,000		41,669
Target Corp 2.250% due 04/15/25		30,000		31,306
The Home Depot Inc
2.700% due 04/15/30		40,000		42,347
3.300% due 04/15/40		40,000		43,385
3.350% due 04/15/50		450,000		487,471
3.900% due 06/15/47		10,000		11,782
Tractor Supply Co 1.750% due 11/01/30		100,000		96,076
United Airlines Inc
4.375% due 04/15/26 ~		10,000		10,275
4.625% due 04/15/29 ~		110,000		113,817
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		85,573		85,611
3.700% due 09/01/31		218,963		222,414
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		255,584		254,552
3.650% due 07/07/27		168,056		167,698
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		138,326
Walmart Inc
1.500% due 09/22/28		60,000		59,763
1.800% due 09/22/31		30,000		29,758
Wynn Macau Ltd (Macau) 5.625% due 08/26/28 ~		200,000		190,687
				20,897,861
Consumer, Non-Cyclical - 4.7%
Abbott Laboratories
3.750% due 11/30/26		38,000		42,650
4.750% due 11/30/36		70,000		89,149
4.900% due 11/30/46		160,000		216,912
AbbVie Inc
2.300% due 11/21/22		230,000		234,786
2.600% due 11/21/24		450,000		473,205
2.950% due 11/21/26		780,000		835,920
3.200% due 11/21/29		630,000		679,238
3.450% due 03/15/22		80,000		80,718

	Principal Amount		Value
3.600% due 05/14/25		$70,000		$75,757
3.750% due 11/14/23		10,000		10,657
3.800% due 03/15/25		90,000		97,759
4.050% due 11/21/39		100,000		115,037
4.250% due 11/21/49		315,000		373,597
Aetna Inc 2.800% due 06/15/23		40,000		41,422
Altria Group Inc
2.450% due 02/04/32		220,000		210,959
3.400% due 02/04/41		350,000		331,934
3.875% due 09/16/46		20,000		19,510
4.400% due 02/14/26		701,000		787,621
4.800% due 02/14/29		6,000		6,901
5.800% due 02/14/39		40,000		49,244
5.950% due 02/14/49		100,000		126,832
6.200% due 02/14/59		12,000		15,571
Amgen Inc
2.770% due 09/01/53		43,000		39,858
3.625% due 05/22/24		30,000		32,157
4.663% due 06/15/51		11,000		13,897
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		390,000		427,973
4.900% due 02/01/46		90,000		110,798
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		220,000		241,110
3.750% due 07/15/42		515,000		556,143
4.350% due 06/01/40		60,000		69,799
4.500% due 06/01/50		390,000		466,427
4.750% due 01/23/29		210,000		247,443
Anthem Inc
2.250% due 05/15/30		105,000		105,430
2.550% due 03/15/31		400,000		411,387
3.125% due 05/15/22		30,000		30,519
3.350% due 12/01/24		40,000		42,896
3.650% due 12/01/27		30,000		33,348
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		51,919
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		95,000		102,805
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		198,639
3.557% due 08/15/27		450,000		485,110
3.734% due 09/25/40		85,000		82,143
4.540% due 08/15/47		170,000		176,392
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		46,638
5.250% due 01/30/30 ~		430,000		401,629
6.250% due 02/15/29 ~		110,000		109,003
7.250% due 05/30/29 ~		50,000		51,311
Becton Dickinson and Co
3.363% due 06/06/24		50,000		53,180
3.700% due 06/06/27		200,000		221,614
3.734% due 12/15/24		14,000		15,135
3.794% due 05/20/50		40,000		44,750
4.669% due 06/06/47		50,000		62,510
4.685% due 12/15/44		32,000		39,931
Biogen Inc
2.250% due 05/01/30		65,000		64,699
3.150% due 05/01/50		70,000		66,854
Block Financial LLC 3.875% due 08/15/30		800,000		870,586
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		131,425
Boston Scientific Corp
2.650% due 06/01/30		900,000		929,467
4.550% due 03/01/39		60,000		73,134
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		23,816
2.900% due 07/26/24		45,000		47,797
3.200% due 06/15/26		50,000		54,537

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-55

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
3.550% due 08/15/22		$90,000		$92,572
3.875% due 08/15/25		33,000		36,403
5.000% due 08/15/45		364,000		489,855
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		96,330
Cargill Inc 1.375% due 07/23/23 ~		40,000		40,750
Centene Corp 3.375% due 02/15/30		10,000		10,365
Cigna Corp
3.750% due 07/15/23		66,000		69,782
4.125% due 11/15/25		40,000		44,466
4.375% due 10/15/28		530,000		612,954
4.900% due 12/15/48		240,000		307,221
CommonSpirit Health 2.782% due 10/01/30		185,000		190,714
Constellation Brands Inc 4.250% due 05/01/23		30,000		31,708
CVS Health Corp
2.125% due 09/15/31		100,000		98,325
3.625% due 04/01/27		10,000		11,019
3.700% due 03/09/23		7,000		7,311
3.750% due 04/01/30		720,000		800,395
4.125% due 04/01/40		160,000		183,602
4.250% due 04/01/50		20,000		23,591
4.300% due 03/25/28		36,000		41,098
4.875% due 07/20/35		155,000		188,521
5.050% due 03/25/48		330,000		425,522
5.125% due 07/20/45		60,000		77,422
Danone SA (France) 2.589% due 11/02/23 ~		200,000		207,760
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		247,500
Gilead Sciences Inc
2.600% due 10/01/40		90,000		85,787
3.650% due 03/01/26		280,000		307,026
4.750% due 03/01/46		30,000		37,770
Global Payments Inc 3.200% due 08/15/29		65,000		68,753
HCA Inc
3.500% due 09/01/30		80,000		84,831
4.500% due 02/15/27		40,000		45,054
5.250% due 06/15/26		440,000		505,153
5.375% due 02/01/25		20,000		22,375
5.875% due 02/01/29		30,000		36,088
Humana Inc
3.150% due 12/01/22		50,000		51,282
3.950% due 03/15/27		170,000		189,833
4.625% due 12/01/42		50,000		61,472
4.800% due 03/15/47		20,000		25,368
IHS Markit Ltd 4.250% due 05/01/29		130,000		148,313
Johnson & Johnson
0.550% due 09/01/25		40,000		39,673
0.950% due 09/01/27		80,000		78,456
3.625% due 03/03/37		100,000		115,412
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		177,819
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		11,312
4.375% due 06/01/46		20,000		22,797
4.875% due 10/01/49		30,000		36,582
5.000% due 06/04/42		10,000		12,285
5.200% due 07/15/45		20,000		25,093
5.500% due 06/01/50		20,000		26,436
6.500% due 02/09/40		200,000		284,469
Lamb Weston Holdings Inc 4.875% due 05/15/28 ~		10,000		11,005

	Principal Amount		Value
Mars Inc
2.700% due 04/01/25 ~		$40,000		$42,262
3.200% due 04/01/30 ~		40,000		43,498
MedStar Health Inc 3.626% due 08/15/49		90,000		99,425
Medtronic Inc 3.500% due 03/15/25		36,000		39,082
Merck & Co Inc 1.450% due 06/24/30		190,000		183,652
MidMichigan Health 3.409% due 06/01/50		180,000		194,468
PayPal Holdings Inc
1.650% due 06/01/25		70,000		71,760
2.850% due 10/01/29		900,000		961,126
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		119,286
PepsiCo Inc
2.250% due 03/19/25		10,000		10,438
2.625% due 03/19/27		120,000		128,124
2.875% due 10/15/49		20,000		20,402
3.625% due 03/19/50		50,000		57,675
3.875% due 03/19/60		10,000		12,179
Pfizer Inc 2.625% due 04/01/30		60,000		63,392
Philip Morris International Inc
2.500% due 08/22/22		90,000		91,852
2.500% due 11/02/22		80,000		81,784
4.500% due 03/20/42		30,000		35,441
Piedmont Healthcare Inc 2.864% due 01/01/52		55,000		53,558
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		54,151
Quanta Services Inc 2.350% due 01/15/32		90,000		88,150
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		571,323
Reynolds American Inc (United Kingdom) 5.850% due 08/15/45		50,000		60,086
6.150% due 09/15/43		30,000		37,089
Royalty Pharma PLC 3.550% due 09/02/50		60,000		59,060
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		100,773
Sysco Corp 2.400% due 02/15/30		190,000		193,069
Teva Pharmaceutical Finance Co BV (Israel)
2.950% due 12/18/22		760,000		766,650
3.650% due 11/10/21		50,000		50,210
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.800% due 07/21/23		140,000		139,341
3.150% due 10/01/26		260,000		249,275
4.100% due 10/01/46		30,000		25,917
The Coca-Cola Co
2.500% due 03/15/51		20,000		18,855
3.375% due 03/25/27		90,000		99,733
The Kroger Co 3.950% due 01/15/50		75,000		85,260
The Procter & Gamble Co 2.800% due 03/25/27		10,000		10,773
Thermo Fisher Scientific Inc 2.000% due 10/15/31		85,000		83,229
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		150,577
Tyson Foods Inc 3.550% due 06/02/27		195,000		215,284
United Rentals North America Inc 3.875% due 02/15/31		20,000		20,525

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-56

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
UnitedHealth Group Inc
2.000% due 05/15/30		$330,000		$331,129
2.375% due 10/15/22		10,000		10,227
3.500% due 06/15/23		20,000		21,056
3.750% due 07/15/25		80,000		88,166
3.875% due 08/15/59		50,000		58,740
4.250% due 06/15/48		150,000		184,665
4.450% due 12/15/48		10,000		12,695
Universal Health Services Inc 2.650% due 01/15/32 ~		50,000		49,573
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		115,728
Viatris Inc 3.850% due 06/22/40 ~		60,000		64,454
West Virginia United Health System Obligated Group 3.129% due 06/01/50		210,000		212,965
Zoetis Inc 2.000% due 05/15/30		900,000		892,365
				26,425,715
Energy - 4.4%
Apache Corp
3.250% due 04/15/22		24,000		24,139
4.250% due 01/15/44		170,000		171,240
4.750% due 04/15/43		40,000		43,385
5.100% due 09/01/40		70,000		78,486
5.250% due 02/01/42		10,000		10,994
5.350% due 07/01/49		70,000		77,881
Boardwalk Pipelines LP
3.400% due 02/15/31		700,000		736,477
4.450% due 07/15/27		85,000		95,891
BP Capital Markets America Inc
2.772% due 11/10/50		100,000		92,405
2.939% due 06/04/51		55,000		52,095
3.000% due 02/24/50		300,000		289,017
3.633% due 04/06/30		590,000		658,171
3.790% due 02/06/24		10,000		10,709
BP Capital Markets PLC (United Kingdom)
3.506% due 03/17/25		130,000		140,805
3.535% due 11/04/24		40,000		43,279
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		10,609
3.302% due 01/15/35 ~		230,000		245,858
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		200,000		231,360
Cheniere Energy Inc 4.625% due 10/15/28		30,000		31,650
Cheniere Energy Partners LP
3.250% due 01/31/32 ~		150,000		150,683
4.000% due 03/01/31 ~		30,000		31,454
Chevron Corp 3.078% due 05/11/50		250,000		259,141
Chevron USA Inc
3.850% due 01/15/28		70,000		79,099
5.250% due 11/15/43		80,000		107,982
Cimarex Energy Co
3.900% due 05/15/27		285,000		312,024
4.375% due 03/15/29		390,000		441,146
ConocoPhillips
3.750% due 10/01/27 ~		65,000		72,635
4.300% due 08/15/28 ~		180,000		207,396
6.500% due 02/01/39		10,000		14,599
Continental Resources Inc
3.800% due 06/01/24		40,000		42,082
4.375% due 01/15/28		40,000		44,300
4.500% due 04/15/23		50,000		51,875
4.900% due 06/01/44		20,000		22,425
5.750% due 01/15/31 ~		110,000		133,100

	Principal Amount		Value
DCP Midstream Operating LP 6.450% due 11/03/36 ~		$20,000		$24,889
Devon Energy Corp
4.500% due 01/15/30 ~		8,000		8,723
4.750% due 05/15/42		20,000		22,865
5.000% due 06/15/45		460,000		540,222
5.250% due 10/15/27 ~		6,000		6,378
5.875% due 06/15/28 ~		576,000		635,082
Diamondback Energy Inc
2.875% due 12/01/24		20,000		21,007
3.250% due 12/01/26		160,000		171,423
3.500% due 12/01/29		320,000		342,432
Ecopetrol SA (Colombia) 5.875% due 05/28/45		220,000		222,536
Enable Midstream Partners LP 3.900% due 05/15/24		230,000		244,307
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		10,486
3.750% due 05/15/30		190,000		205,421
3.900% due 07/15/26		305,000		333,225
4.950% due 06/15/28		50,000		57,404
5.250% due 04/15/29		270,000		316,703
6.250% due 04/15/49		280,000		368,502
6.750% due 05/15/25		50,000		51,250
Enterprise Products Operating LLC
2.800% due 01/31/30		210,000		219,557
3.700% due 01/31/51		240,000		254,399
3.950% due 01/31/60		30,000		32,566
4.150% due 10/16/28		100,000		113,846
4.200% due 01/31/50		130,000		146,738
4.800% due 02/01/49		10,000		12,265
4.850% due 03/15/44		10,000		12,047
7.550% due 04/15/38		220,000		337,124
EOG Resources Inc
3.900% due 04/01/35		30,000		34,036
4.150% due 01/15/26		70,000		78,144
4.375% due 04/15/30		70,000		81,764
4.950% due 04/15/50		110,000		145,815
EQT Corp
3.000% due 10/01/22		470,000		478,859
3.625% due 05/15/31 ~		80,000		83,460
3.900% due 10/01/27		670,000		726,022
5.000% due 01/15/29		40,000		45,088
Exxon Mobil Corp
1.571% due 04/15/23		10,000		10,196
2.992% due 03/19/25		160,000		170,744
2.995% due 08/16/39		180,000		186,298
3.043% due 03/01/26		140,000		151,172
3.482% due 03/19/30		470,000		523,117
4.114% due 03/01/46		50,000		58,376
4.327% due 03/19/50		110,000		134,902
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		45,683
4.317% due 12/30/39 ~		35,000		36,241
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		307,699
3.450% due 10/15/27 ~		125,000		131,901
HollyFrontier Corp
2.625% due 10/01/23		35,000		36,153
5.875% due 04/01/26		63,000		72,353
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		400,000		472,968
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		12,464
Kinder Morgan Inc
4.300% due 06/01/25		50,000		55,244
4.300% due 03/01/28		170,000		192,825
5.050% due 02/15/46		30,000		36,342

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-57

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
5.200% due 03/01/48		$150,000		$187,574
5.550% due 06/01/45		30,000		38,276
Lundin Energy Finance BV (Netherlands) 3.100% due 07/15/31 ~		200,000		202,962
MEG Energy Corp (Canada) 5.875% due 02/01/29 ~		10,000		10,242
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		523,111
MPLX LP
4.500% due 04/15/38		585,000		653,884
4.700% due 04/15/48		60,000		69,405
4.800% due 02/15/29		290,000		335,820
NGPL PipeCo LLC 3.250% due 07/15/31 ~		50,000		51,268
Occidental Petroleum Corp
3.000% due 02/15/27		30,000		30,031
3.200% due 08/15/26		60,000		61,332
4.100% due 02/15/47		160,000		152,428
4.200% due 03/15/48		10,000		9,593
4.400% due 04/15/46		20,000		19,972
4.625% due 06/15/45		50,000		51,214
5.550% due 03/15/26		90,000		100,017
6.450% due 09/15/36		310,000		390,406
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		1,155,000		1,292,041
5.500% due 06/10/51		160,000		149,160
6.900% due 03/19/49		230,000		256,513
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		239,547
Phillips 66 Partners LP 3.550% due 10/01/26		100,000		107,890
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		19,753
1.900% due 08/15/30		135,000		129,274
2.150% due 01/15/31		70,000		68,121
Plains All American Pipeline LP 4.650% due 10/15/25		300,000		332,612
Qatar Petroleum (Qatar)
2.250% due 07/12/31 ~		280,000		277,696
3.125% due 07/12/41 ~		200,000		200,286
3.300% due 07/12/51 ~		200,000		202,404
Range Resources Corp
4.875% due 05/15/25		10,000		10,570
5.000% due 03/15/23		113,000		117,379
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		227,071
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		70,000		77,176
Shell International Finance BV (Netherlands)
2.750% due 04/06/30		20,000		21,246
2.875% due 05/10/26		50,000		53,913
3.125% due 11/07/49		50,000		51,811
3.250% due 04/06/50		450,000		479,309
4.375% due 05/11/45		280,000		344,146
4.550% due 08/12/43		50,000		62,736
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		314,710
Southwestern Energy Co 5.375% due 03/15/30		20,000		21,610
Targa Resources Partners LP
4.000% due 01/15/32 ~		10,000		10,347
4.875% due 02/01/31		40,000		43,200
5.000% due 01/15/28		30,000		31,537
5.375% due 02/01/27		20,000		20,749
5.500% due 03/01/30		20,000		21,894
5.875% due 04/15/26		20,000		20,912
6.500% due 07/15/27		10,000		10,795
6.875% due 01/15/29		10,000		11,217
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		250,000		258,706

	Principal Amount		Value
The Williams Cos Inc
3.750% due 06/15/27		$90,000		$99,167
7.500% due 01/15/31		190,000		264,892
TransCanada PipeLines Ltd (Canada) 4.100% due 04/15/30		100,000		113,499
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		250,000		311,842
Western Midstream Operating LP
2.222% (USD LIBOR + 2.100%) due 01/13/23 §		20,000		20,004
4.350% due 02/01/25		30,000		31,694
4.500% due 03/01/28		30,000		32,234
4.650% due 07/01/26		100,000		108,359
5.300% due 02/01/30		60,000		66,375
5.300% due 03/01/48		897,000		1,035,537
5.500% due 08/15/48		60,000		70,314
6.500% due 02/01/50		50,000		58,930
				24,620,368
Financial - 12.3%
ABN AMRO Bank NV (Netherlands) 1.542% due 06/16/27 ~		200,000		198,957
AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		150,000		148,540
4.450% due 10/01/25		150,000		164,047
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		214,499
Air Lease Corp 1.875% due 08/15/26		80,000		79,763
3.000% due 09/15/23		555,000		576,998
3.375% due 07/01/25		30,000		31,874
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		200,000		217,837
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		113,312
American International Group Inc
3.750% due 07/10/25		540,000		588,078
4.375% due 06/30/50		140,000		172,615
American Tower Corp REIT
1.500% due 01/31/28		135,000		130,877
2.950% due 01/15/51		41,000		38,750
3.100% due 06/15/50		64,000		62,765
Athene Global Funding 2.500% due 01/14/25 ~		215,000		223,588
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		975,965
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		$205,000		229,680
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		44,561
2.528% due 11/18/27 ~		1,273,000		1,253,056
4.250% due 04/15/26 ~		65,000		69,943
Banco Santander SA (Spain)
2.749% due 12/03/30		200,000		199,156
3.848% due 04/12/23		200,000		210,082
Bank of America Corp
2.592% due 04/29/31		1,660,000		1,695,223
2.676% due 06/19/41		515,000		497,711
3.004% due 12/20/23		155,000		159,774
3.419% due 12/20/28		203,000		220,164
3.500% due 04/19/26		110,000		120,184
3.550% due 03/05/24		90,000		93,843
3.593% due 07/21/28		100,000		109,701
3.705% due 04/24/28		265,000		291,412
3.974% due 02/07/30		240,000		268,908
4.000% due 01/22/25		675,000		733,792
4.083% due 03/20/51		130,000		154,016
4.200% due 08/26/24		350,000		382,981
4.250% due 10/22/26		1,590,000		1,791,023

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-58

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
4.330% due 03/15/50		$20,000		$24,551
4.450% due 03/03/26		90,000		100,826
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		102,938
3.803% due 12/15/32		60,000		65,786
Barclays PLC (United Kingdom)
3.650% due 03/16/25		200,000		215,169
4.972% due 05/16/29		200,000		232,677
5.088% due 06/20/30		500,000		577,343
7.250% due 03/15/23 ~		GBP 200,000		287,503
7.750% due 09/15/23		$300,000		327,750
7.875% due 03/15/22 ~		400,000		409,992
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		120,000		146,460
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		896,382
2.159% due 09/15/29 ~		200,000		198,260
2.219% due 06/09/26 ~		200,000		205,356
2.824% due 01/26/41 ~		350,000		332,615
4.375% due 03/01/33 ~		250,000		274,273
4.705% due 01/10/25 ~		230,000		249,071
5.198% due 01/10/30 ~		200,000		238,330
Boston Properties LP REIT 4.500% due 12/01/28		500,000		576,157
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		295,473
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		70,000		70,656
2.500% due 08/16/31		25,000		24,661
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		120,331
Brown & Brown Inc 2.375% due 03/15/31		120,000		119,721
Capital One Financial Corp 3.800% due 01/31/28		100,000		111,188
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		206,521
Citigroup Inc
2.572% due 06/03/31		700,000		713,933
3.875% due 03/26/25		605,000		657,369
3.878% due 01/24/39		165,000		188,761
4.075% due 04/23/29		150,000		168,215
4.400% due 06/10/25		170,000		188,117
4.412% due 03/31/31		975,000		1,126,310
5.300% due 05/06/44		52,000		69,301
5.500% due 09/13/25		1,110,000		1,281,552
5.950% due 01/30/23		300,000		312,938
5.950% due 05/15/25		90,000		98,437
6.675% due 09/13/43		70,000		106,829
8.125% due 07/15/39		220,000		376,394
Cooperatieve Rabobank UA (Netherlands)
4.375% due 08/04/25		920,000		1,020,403
4.625% due 12/01/23		290,000		314,330
Corporate Office Properties LP REIT 2.750% due 04/15/31		109,000		110,235
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		800,000		846,040
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		250,000		265,104
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		254,796
3.091% due 05/14/32 ~		250,000		255,821
3.869% due 01/12/29 ~		300,000		327,662
4.194% due 04/01/31 ~		670,000		750,829
4.282% due 01/09/28 ~		250,000		278,040
Crown Castle International Corp REIT 3.100% due 11/15/29		100,000		105,172
CyrusOne LP REIT 1.450% due 01/22/27		EUR 100,000		116,620

	Principal Amount		Value
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		$200,000		$202,413
5.375% due 01/12/24 ~		950,000		1,042,833
Deutsche Bank AG (Germany)
1.354% (USD LIBOR + 1.230%) due 02/27/23 §		300,000		303,412
2.129% due 11/24/26		215,000		218,490
2.625% due 12/16/24 ~		GBP 200,000		279,317
3.035% due 05/28/32		$300,000		304,637
Digital Realty Trust LP REIT 3.600% due 07/01/29		500,000		547,372
Diversified Healthcare Trust REIT 9.750% due 06/15/25		600,000		657,000
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		117,563
EPR Properties REIT 5.250% due 07/15/23		400,000		421,107
Equinix Inc REIT
2.000% due 05/15/28		109,000		108,811
2.900% due 11/18/26		150,000		159,186
F&G Global Funding 1.750% due 06/30/26 ~		45,000		45,305
GE Capital Funding LLC
3.450% due 05/15/25		300,000		323,683
4.400% due 05/15/30		200,000		231,859
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		250,000		300,267
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		216,739
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		200,000		191,908
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		214,534
HSBC Holdings PLC (United Kingdom)
4.041% due 03/13/28		300,000		332,137
4.950% due 03/31/30		600,000		713,913
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		919,005
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		794,717
International Lease Finance Corp 5.875% due 08/15/22		150,000		156,912
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		227,603
5.017% due 06/26/24 ~		370,000		399,605
JPMorgan Chase & Co
2.083% due 04/22/26		1,270,000		1,306,749
2.522% due 04/22/31		670,000		683,924
3.109% due 04/22/51		350,000		356,143
3.509% due 01/23/29		150,000		163,287
4.203% due 07/23/29		170,000		193,498
4.452% due 12/05/29		70,000		80,675
4.950% due 06/01/45		50,000		65,434
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		39,876
Life Storage LP REIT due 10/15/31 #		75,000		74,335
Lloyds Banking Group PLC (United Kingdom)
1.412% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		591,857
4.375% due 03/22/28		$600,000		682,939
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		183,466
Mastercard Inc 3.850% due 03/26/50		110,000		130,999
Mid-America Apartments LP REIT 3.600% due 06/01/27		205,000		226,326
Mizuho Financial Group Inc (Japan) 2.555% due 09/13/25		300,000		314,112

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-59

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Morgan Stanley
2.188% due 04/28/26		$430,000		$444,142
2.699% due 01/22/31		80,000		82,536
3.622% due 04/01/31		880,000		970,403
3.737% due 04/24/24		100,000		104,954
3.772% due 01/24/29		10,000		11,073
4.431% due 01/23/30		10,000		11,554
4.457% due 04/22/39		150,000		181,589
5.000% due 11/24/25		840,000		960,728
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		968,927
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		217,257
NatWest Group PLC (United Kingdom) 4.445% due 05/08/30		200,000		228,996
NatWest Markets PLC (United Kingdom) 1.600% due 09/29/26 ~		200,000		199,977
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		39,910
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		168,298
Nordea Bank Abp (Finland) 1.000% due 06/09/23 ~		200,000		202,231
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		50,217
Office Properties Income Trust REIT 2.400% due 02/01/27		90,000		88,998
4.500% due 02/01/25		50,000		53,618
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		917,049
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		4,000		4,144
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		20,044
Royal Bank of Canada (Canada)
1.150% due 06/10/25		130,000		130,300
1.600% due 04/17/23		90,000		91,761
Sabra Health Care LP REIT 3.200% due 12/01/31		50,000		49,031
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		749,812
4.500% due 07/17/25		330,000		363,724
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		238,724
Skandinaviska Enskilda Banken AB (Sweden) 5.625% due 05/13/22 ~		400,000		409,010
Societe Generale SA (France)
1.488% due 12/14/26 ~		300,000		296,776
1.792% due 06/09/27 ~		300,000		298,503
4.250% due 04/14/25 ~		200,000		216,130
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		850,975
Standard Chartered PLC (United Kingdom) 1.456% due 01/14/27 ~		500,000		492,513
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		52,648
4.900% due 09/15/44 ~		40,000		52,125
6.850% due 12/16/39 ~		18,000		27,220
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		30,678
The Goldman Sachs Group Inc
2.383% due 07/21/32		80,000		79,259
3.200% due 02/23/23		60,000		62,177
3.850% due 07/08/24		160,000		172,300
4.017% due 10/31/38		120,000		138,044
4.223% due 05/01/29		470,000		531,496
4.250% due 10/21/25		1,845,000		2,044,190
5.150% due 05/22/45		420,000		551,435
6.250% due 02/01/41		290,000		423,088

	Principal Amount		Value
The Norinchukin Bank (Japan) 2.080% due 09/22/31 ~		$300,000		$297,229
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		620,000		621,625
UBS Group AG (Switzerland)
1.494% due 08/10/27 ~		200,000		197,807
1.750% due 04/21/22 ~		200,000		201,448
3.491% due 05/23/23 ~		260,000		265,060
4.125% due 09/24/25 ~		480,000		530,533
7.000% due 01/31/24 ~		450,000		491,245
UDR Inc REIT
1.900% due 03/15/33		30,000		27,932
2.100% due 08/01/32		200,000		192,278
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		1,050,000		1,067,070
VEREIT Operating Partnership LP REIT
3.400% due 01/15/28		700,000		757,473
3.950% due 08/15/27		200,000		224,386
Visa Inc
3.150% due 12/14/25		80,000		86,791
4.300% due 12/14/45		290,000		364,508
Wells Fargo & Co
2.188% due 04/30/26		80,000		82,601
2.393% due 06/02/28		900,000		929,025
2.879% due 10/30/30		110,000		114,941
3.000% due 10/23/26		1,080,000		1,158,180
3.450% due 02/13/23		40,000		41,641
3.584% due 05/22/28		100,000		109,556
3.750% due 01/24/24		50,000		53,464
4.400% due 06/14/46		30,000		35,699
4.478% due 04/04/31		1,460,000		1,700,825
4.750% due 12/07/46		110,000		137,920
4.900% due 11/17/45		50,000		63,373
5.013% due 04/04/51		820,000		1,102,064
5.375% due 11/02/43		80,000		106,262
5.606% due 01/15/44		400,000		540,907
WP Carey Inc REIT
2.250% due 04/01/33		55,000		52,662
2.400% due 02/01/31		75,000		74,115
				69,238,005
Industrial - 1.8%
3M Co
2.375% due 08/26/29		60,000		62,291
3.050% due 04/15/30		10,000		10,820
3.700% due 04/15/50		330,000		377,325
Ball Corp 3.125% due 09/15/31		80,000		79,106
Carrier Global Corp
2.700% due 02/15/31		10,000		10,304
2.722% due 02/15/30		10,000		10,352
3.577% due 04/05/50		10,000		10,643
CSX Corp 3.800% due 11/01/46		70,000		79,290
Deere & Co
3.100% due 04/15/30		20,000		21,767
3.750% due 04/15/50		60,000		71,711
Eaton Corp
2.750% due 11/02/22		130,000		133,386
4.150% due 11/02/42		80,000		94,285
Flex Ltd 4.875% due 05/12/30		800,000		928,544
General Dynamics Corp
3.500% due 05/15/25		10,000		10,858
4.250% due 04/01/40		10,000		12,200
4.250% due 04/01/50		30,000		37,976
General Electric Co
3.450% due 05/01/27		215,000		235,938
3.625% due 05/01/30		30,000		33,358

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-60

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
6.750% due 03/15/32		$30,000		$41,072
6.875% due 01/10/39		98,000		146,231
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		30,000		30,975
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		95,010
Kansas City Southern 4.700% due 05/01/48		47,000		58,414
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		77,258
5.054% due 04/27/45		60,000		78,556
Lockheed Martin Corp
2.800% due 06/15/50		95,000		94,060
3.100% due 01/15/23		20,000		20,631
3.550% due 01/15/26		70,000		76,988
4.500% due 05/15/36		30,000		37,240
Masco Corp 2.000% due 10/01/30		125,000		120,987
Norfolk Southern Corp 3.050% due 05/15/50		80,000		79,902
Northrop Grumman Corp
2.930% due 01/15/25		40,000		42,392
3.250% due 01/15/28		480,000		519,696
5.250% due 05/01/50		180,000		252,757
Otis Worldwide Corp
2.056% due 04/05/25		30,000		31,012
3.112% due 02/15/40		85,000		87,307
Raytheon Technologies Corp
3.750% due 11/01/46		95,000		105,625
3.950% due 08/16/25		60,000		66,103
4.125% due 11/16/28		290,000		330,276
4.500% due 06/01/42		60,000		73,635
Republic Services Inc 2.500% due 08/15/24		50,000		52,376
SYNNEX Corp 2.650% due 08/09/31 ~		400,000		391,669
Textron Inc 2.450% due 03/15/31		700,000		702,318
The Boeing Co
1.433% due 02/04/24		90,000		90,140
2.196% due 02/04/26		70,000		70,532
2.700% due 02/01/27		410,000		424,596
2.800% due 03/01/27		30,000		31,290
3.100% due 05/01/26		465,000		491,723
3.200% due 03/01/29		90,000		93,719
3.250% due 02/01/35		290,000		290,282
3.550% due 03/01/38		20,000		20,354
3.750% due 02/01/50		600,000		606,789
5.150% due 05/01/30		1,100,000		1,291,724
Union Pacific Corp
2.150% due 02/05/27		50,000		51,920
2.400% due 02/05/30		230,000		236,404
3.750% due 07/15/25		120,000		131,540
3.750% due 02/05/70		70,000		78,822
3.839% due 03/20/60		180,000		206,879
				9,949,358
Technology - 1.3%
Analog Devices Inc due 10/01/41 #		55,000		55,086
Apple Inc
2.450% due 08/04/26		250,000		264,671
3.450% due 02/09/45		140,000		155,236
Broadcom Inc 2.450% due 02/15/31 ~		500,000		484,591
3.137% due 11/15/35 ~		1,230,000		1,227,270
3.187% due 11/15/36 ~		26,000		25,953
3.469% due 04/15/34 ~		300,000		309,202
4.150% due 11/15/30		494,000		547,650

	Principal Amount		Value
CGI Inc (Canada)
1.450% due 09/14/26 ~		$300,000		$297,021
2.300% due 09/14/31 ~		90,000		87,529
Dell International LLC 6.200% due 07/15/30		200,000		256,105
Intel Corp
1.600% due 08/12/28		130,000		129,618
3.050% due 08/12/51		60,000		59,721
3.700% due 07/29/25		50,000		54,748
4.750% due 03/25/50		90,000		117,741
Leidos Inc 2.300% due 02/15/31		35,000		34,240
Microchip Technology Inc
0.972% due 02/15/24 ~		120,000		120,114
0.983% due 09/01/24 ~		90,000		89,918
Micron Technology Inc 2.497% due 04/24/23		50,000		51,526
Microsoft Corp
2.525% due 06/01/50		510,000		491,606
2.675% due 06/01/60		5,000		4,856
2.921% due 03/17/52		10,000		10,359
3.041% due 03/17/62		25,000		26,460
3.300% due 02/06/27		200,000		221,328
3.450% due 08/08/36		10,000		11,455
NVIDIA Corp
2.850% due 04/01/30		30,000		32,165
3.500% due 04/01/40		70,000		77,705
3.500% due 04/01/50		570,000		639,635
3.700% due 04/01/60		40,000		46,726
NXP BV (China)
2.500% due 05/11/31 ~		85,000		85,854
3.250% due 05/11/41 ~		90,000		93,070
Oracle Corp
1.650% due 03/25/26		310,000		314,535
2.875% due 03/25/31		340,000		350,115
Roper Technologies Inc 1.750% due 02/15/31		100,000		95,440
Texas Instruments Inc 1.750% due 05/04/30		20,000		19,808
VMware Inc
1.400% due 08/15/26		100,000		99,596
4.700% due 05/15/30		165,000		194,634
Xilinx Inc 2.375% due 06/01/30		55,000		56,148
				7,239,435
Utilities - 1.3%
Alabama Power Co 1.450% due 09/15/30		400,000		380,105
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		203,912
Appalachian Power Co 4.500% due 03/01/49		40,000		49,013
Atmos Energy Corp due 02/15/52 #		60,000		57,445
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		95,723
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		21,908
3.950% due 04/01/50		10,000		11,425
Consumers Energy Co 3.250% due 08/15/46		45,000		47,414
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		79,511
Duke Energy Corp 3.400% due 06/15/29		185,000		200,169
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		21,971

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-61

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Edison International 5.750% due 06/15/27		$70,000		$80,657
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		118,217
Enel Finance International NV (Italy)
1.375% due 07/12/26 ~		300,000		298,436
2.250% due 07/12/31 ~		300,000		296,229
3.625% due 05/25/27 ~		200,000		221,536
Entergy Arkansas LLC
2.650% due 06/15/51		45,000		42,026
3.050% due 06/01/23		300,000		310,186
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		48,885
Evergy Inc 2.900% due 09/15/29		130,000		136,521
Exelon Generation Co LLC 3.250% due 06/01/25		300,000		320,062
FirstEnergy Corp 7.375% due 11/15/31		490,000		670,594
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		144,927
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		46,589
ITC Holdings Corp 2.950% due 05/14/30 ~		65,000		68,266
New York State Electric & Gas Corp 2.150% due 10/01/31 ~		300,000		296,291
NextEra Energy Capital Holdings Inc 1.900% due 06/15/28		300,000		300,378
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		81,379
2.450% due 12/02/27 ~		90,000		91,389
OGE Energy Corp 0.703% due 05/26/23		35,000		35,004
Oklahoma Gas and Electric Co 0.553% due 05/26/23		45,000		45,002
Pacific Gas and Electric Co
1.367% due 03/10/23		85,000		84,722
1.750% due 06/16/22		80,000		79,880
2.100% due 08/01/27		20,000		19,531
2.500% due 02/01/31		30,000		28,578
2.950% due 03/01/26		50,000		51,365
3.150% due 01/01/26		200,000		206,758
3.300% due 08/01/40		10,000		9,242
3.450% due 07/01/25		85,000		88,813
3.500% due 08/01/50		20,000		18,229
3.750% due 02/15/24		600,000		626,139
3.750% due 08/15/42		33,000		29,959
PacifiCorp 4.150% due 02/15/50		80,000		95,423
Southern California Edison Co
1.200% due 02/01/26		95,000		94,219
4.125% due 03/01/48		60,000		65,496
Southern Power Co 5.150% due 09/15/41		70,000		85,753
Virginia Electric and Power Co 6.350% due 11/30/37		160,000		229,636
WEC Energy Group Inc 1.800% due 10/15/30		800,000		766,965
				7,401,878
Total Corporate Bonds & Notes (Cost $187,328,673)				193,153,937
SENIOR LOAN NOTES - 3.2%
Basic Materials - 0.0%
Asplundh Tree Expert LLC Term B 1.834% (USD LIBOR + 1.750%) due 09/04/27 §		218,247		217,610

	Principal Amount		Value
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		$79,800		$79,930
				297,540
Communications - 0.4%
Altice France SA Term B-12 (France) 3.814% (USD LIBOR + 3.689%) due 01/31/26 §		239,718		236,272
Charter Communications Operating LLC Term B-1 1.840% (USD LIBOR + 1.750%) due 04/30/25 §		215,745		215,696
Term B-2 1.840% (USD LIBOR + 1.750%) due 02/01/27 §		198,734		197,695
CSC Holdings LLC Term B 2.334% (USD LIBOR + 2.250%) due 01/15/26 §		49,872		49,295
Term B-5 2.584% (USD LIBOR + 2.500%) due 04/15/27 §		29,550		29,255
Delta Topco Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		39,900		40,004
Go Daddy Operating Co LLC Term B-2 1.835% (USD LIBOR + 1.750%) due 02/15/24 §		49,482		49,234
iHeartCommunications Inc Term B 3.084% (USD LIBOR + 3.000%) due 05/01/26 §		226,906		225,558
Level 3 Financing Inc Term B 1.834% (USD LIBOR + 1.750%) due 03/01/27 §		183,972		181,985
Nexstar Broadcasting Inc Term B-4 2.586% (USD LIBOR + 2.500%) due 09/19/26 §		233,922		233,984
Terrier Media Buyer Inc Term B 3.584% (USD LIBOR + 3.500%) due 12/17/26 §		248,125		247,901
Univision Communications Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/24/26 §		137,646		137,625
Virgin Media Bristol LLC Term N 2.584% (USD LIBOR + 2.500%) due 01/31/28 §		220,000		218,778
Zayo Group Holdings Inc Term B 3.084% (USD LIBOR + 3.000%) due 03/09/27 §		100,000		99,245
Ziggo Financing Partnership Term I (Netherlands) 2.584% (USD LIBOR + 2.500%) due 04/30/28 §		99,750		99,064
				2,261,591
Consumer, Cyclical - 0.8%
Air Canada Term B (Canada) 4.250% (USD LIBOR + 3.500%) due 08/11/28 §		110,000		110,619
Alterra Mountain Co Term B 4.000% (USD LIBOR + 3.500%) due 08/17/28 §		77,980		77,882
Caesars Resort Collection LLC 3.585% (USD LIBOR + 3.500%) due 07/20/25 §		69,300		69,465
Term B 2.834% (USD LIBOR + 2.750%) due 12/22/24 §		755,284		751,704
Clarios Global LP Term B 3.334% (USD LIBOR + 3.250%) due 04/30/26 §		163,011		162,451

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-62

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Four Seasons Hotels Ltd Term B (Canada) 2.087% (USD LIBOR + 2.000%) due 11/30/23 §		$98,328		$98,185
Great Outdoors Group LLC Term B-1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		49,625		49,930
GVC Holdings Gibraltar Ltd Term B-4 (United Kingdom) 3.000% (USD LIBOR + 2.500%) due 03/16/27 §		69,825		69,810
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		119,200		119,288
Hilton Worldwide Finance LLC Term B-2 1.833% (USD LIBOR + 1.750%) due 06/21/26 §		240,000		238,230
IRB Holding Corp Term B due 02/05/25 ¥		248,072		248,072
Nascar Holdings LLC Term B 2.584% (USD LIBOR + 2.500%) due 10/18/26 §		207,072		207,202
PCI Gaming Authority Term B 2.584% (USD LIBOR + 2.500%) due 05/31/26 §		34,208		34,122
Petco Health & Wellness Co Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/04/28 §		233,825		233,992
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		250,000		250,937
Pilot Travel Centers LLC Term B due 08/06/28 ¥		490,000		488,950
Restaurant Brands International Inc Term B (Canada) 1.837% (USD LIBOR + 1.750%) due 11/19/26 §		196,500		194,237
Scientific Games International Inc Term B-5 2.834% (USD LIBOR + 2.750%) due 08/14/24 §		339,918		338,708
Station Casinos LLC Term B-1 2.500% (USD LIBOR + 2.250%) due 02/08/27 §		119,360		118,218
The Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		119,700		119,990
UFC Holdings LLC Term B-3 3.500% (USD LIBOR + 2.750%) due 04/29/26 §		236,971		236,759
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		218,900		220,900
Whatabrands LLC Term B 3.750% (USD LIBOR + 3.250%) due 08/03/28 §		300,000		300,075
				4,739,726
Consumer, Non-Cyclical - 1.1%
AlixPartners LLP Term B 3.250% (USD LIBOR + 2.750%) due 02/04/28 §		248,750		248,299
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		296,903		297,478
APi Group DE Inc Term B 2.584% (USD LIBOR + 2.500%) due 10/01/26 §		229,535		228,627
Bausch Health Americas Inc Term B 2.834% (USD LIBOR + 2.750%) due 11/27/25 §		216,054		215,649
3.084% (USD LIBOR + 3.000%) due 06/01/25 §		205,880		205,855

	Principal Amount		Value
Belron Finance US LLC Term B 2.375% (USD LIBOR + 2.250%) due 11/13/25 §		$348,210		$346,904
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		216,482		216,469
Eyecare Partners LLC 3.882% (USD LIBOR + 3.750%) due 02/20/27 §		49,323		49,121
Froneri US Inc Term B (United Kingdom) 2.334% (USD LIBOR + 2.250%) due 01/31/27 §		208,119		205,924
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		188,799		189,507
Garda World Security Corp Term B (Canada) 4.340% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		34,436
Global Medical Response Inc Term B 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		330,642		332,059
Grifols Worldwide Operations USA Inc Term B (Spain) 2.072% (USD LIBOR + 2.000%) due 11/15/27 §		216,845		213,637
Horizon Therapeutics USA Inc Term B-2 2.500% (USD LIBOR + 2.000%) due 03/15/28 §		233,825		233,727
ICON Luxembourg SARL Term B (Luxembourg) 3.000% (USD LIBOR + 2.500%) due 07/01/28 §		223,592		224,617
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 05/05/28 §		309,225		309,998
LifePoint Health Inc Term B 3.834% (USD LIBOR + 3.750%) due 11/16/25 §		253,232		253,121
Mozart Borrower LP Term B due 09/30/28 ¥		270,000		268,650
Option Care Health Inc 3.834% (USD LIBOR + 3.750%) due 08/06/26 §		78,600		78,669
PAREXEL International Corp Term B 2.834% (USD LIBOR + 2.750%) due 09/27/24 §		90,000		89,962
Phoenix Guarantor Inc Term B
3.336% (USD LIBOR + 3.250%) due 03/05/26 §		223,589		222,541
3.585% (USD LIBOR + 3.500%) due 03/05/26 §		79,600		79,227
Phoenix Newco Inc due 08/11/28 ¥		70,000		70,097
PPD Inc Term B 2.500% (USD LIBOR + 2.000%) due 01/13/28 §		208,950		208,858
PRA Health Sciences Inc Term B 3.000% (USD LIBOR + 2.500%) due 07/01/28 §		55,708		55,963
Prime Security Services Borrower LLC Term B-1 3.500% (USD LIBOR + 2.750%) due 09/23/26 §		251,369		251,369
Reynolds Consumer Products LLC Term B 1.834% (USD LIBOR + 1.750%) due 02/04/27 §		195,981		195,655
Sotera Health Holdings LLC 3.250% (USD LIBOR + 2.750%) due 12/13/26 ± §		190,000		189,287

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-63

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Trans Union LLC Term B-5 1.834% (USD LIBOR + 1.750%) due 11/15/26 §		$100,494		$99,967
Triton Water Holdings Inc Term B 4.000% (USD LIBOR + 3.500%) due 03/31/28 §		229,425		229,389
US Foods Inc Term B 1.834% (USD LIBOR + 1.750%) due 06/27/23 §		33,710		33,543
Verscend Holding Corp Term B 4.084% (USD LIBOR + 4.000%) due 08/27/25 §		109,471		109,772
				5,988,377
Diversified - 0.0%
First Eagle Holdings Inc Term B 2.632% (USD LIBOR + 2.566%) due 02/02/27 §		28,271		28,021
Financial - 0.4%
AmWINS Group Inc Term B 3.000% (USD LIBOR + 2.250%) due 02/19/28 §		218,350		217,191
Asurion LLC
Term B-7 3.084% (USD LIBOR + 3.000%) due 11/03/24 §		216,960		214,926
Term B-8 3.334% (USD LIBOR + 3.250%) due 12/23/26 §		248,149		244,763
Term B-9 3.334% (USD LIBOR + 3.250%) due 07/31/27 §		59,700		58,894
Avolon (US) LLC Term B-5 (Ireland) 2.750% (USD LIBOR + 2.250%) due 12/01/27 §		49,625		49,703
Citadel Securities LP Term B 2.584% (USD LIBOR + 2.500%) due 02/02/28 §		233,452		231,664
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		227,621		228,576
FleetCor Technologies Operating Co LLC Term B 1.834% (USD LIBOR + 1.750%) due 04/30/28 §		129,675		129,513
Focus Financial Partners LLC Term B-3 2.084% (USD LIBOR + 2.000%) due 07/03/24 §		78,306		77,860
Hudson River Trading LLC Term B 3.085% (USD LIBOR + 3.000%) due 03/18/28 §		69,650		69,367
Jane Street Group LLC Term B 2.834% (USD LIBOR + 2.750%) due 01/26/28 §		197,560		195,852
The Edelman Financial Engines Center LLC Term B 4.250% (USD LIBOR + 3.500%) due 04/07/28 §		58,503		58,462
VFH Parent LLC 3.088% (USD LIBOR + 3.000%) due 03/01/26 §		183,559		183,536
Zebra Buyer LLC Term B due 04/22/28 ¥		160,000		160,720
				2,121,027
Industrial - 0.2%
AECOM Term B 1.834% (USD LIBOR + 1.750%) due 04/13/28 §		39,900		39,959

	Principal Amount		Value
Berry Global Inc Term Z 1.856% (USD LIBOR + 1.750%) due 07/01/26 §		$104,552		$104,111
Brookfield WEC Holdings Inc 3.250% (USD LIBOR + 2.750%) due 08/01/25 §		39,700		39,470
Energizer Holdings Inc 2.750% (USD LIBOR + 2.250%) due 12/22/27 §		39,800		39,856
Genesee & Wyoming Inc 2.132% (USD LIBOR + 2.000%) due 12/30/26 §		341,276		339,587
Quikrete Holdings Inc
Term B 2.584% (USD LIBOR + 2.500%) due 01/31/27 §		248,106		246,365
Term B-1 due 06/11/28 § ¥		120,000		119,758
TransDigm Inc Term F 2.334% (USD LIBOR + 2.250%) due 12/09/25 §		9,924		9,811
XPO Logistics Inc Term B 1.833% (USD LIBOR + 1.750%) due 02/23/25 §		215,000		214,182
				1,153,099
Technology - 0.3%
athenahealth Inc Term B-1 4.333% (USD LIBOR + 4.250%) due 02/11/26 §		176,064		176,768
Dcert Buyer Inc 4.084% (USD LIBOR + 4.000%) due 10/16/26 §		207,148		207,444
Dell International LLC Term B-2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		103,790		103,899
Magenta Buyer LLC 5.750% (USD LIBOR + 5.000%) due 07/27/28 §		400,000		400,600
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		179,100		179,484
Project Sky Merger Sub Inc Term B due 08/10/28 ¥		90,000		90,028
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		99,501		98,850
RealPage Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		270,000		269,417
				1,526,490
Total Senior Loan Notes (Cost $18,102,272)				18,115,871
MORTGAGE-BACKED SECURITIES - 26.5%
Collateralized Mortgage Obligations - Commercial - 4.1%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		976,859
ACRE Commercial Mortgage Ltd (Cayman)
0.917% (USD LIBOR + 0.830%) due 12/18/37 ~ §		479,422		479,430
1.487% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		180,001
AREIT Trust 2.784% (SOFR + 2.734%) due 04/15/37 ~ §		333,047		335,216

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-64

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Ashford Hospitality Trust 1.084% (USD LIBOR + 1.000%) due 06/15/35 ~ §		$600,000		$600,792
BAMLL Re-REMIC Trust
2.267% due 11/26/47 ~ §		190,000		189,218
5.968% due 08/10/45 ~ §		1,624,540		605,141
BBCMS Trust (IO) 1.433% due 07/15/54 §		1,948,263		193,109
Benchmark Mortgage Trust (IO)
1.262% due 08/15/57 §		2,154,135		150,577
1.739% due 10/15/53 §		1,635,292		174,574
BPR Trust 1.334% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		320,292
BX Commercial Mortgage Trust
0.884% (USD LIBOR + 0.800%) due 12/15/36 ~ §		359,422		360,109
2.035% (USD LIBOR + 1.951%) due 03/15/37 ~ §		630,000		630,945
2.134% (USD LIBOR + 2.050%) due 11/15/35 ~ §		98,000		98,405
3.667% due 03/11/44 ~ §		230,000		236,294
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		764,880
Cold Storage Trust 0.984% (USD LIBOR + 0.900%) due 11/15/37 ~ §		570,135		571,940
Commercial Mortgage Trust
2.398% due 01/10/38 ~ §		300,000		301,247
3.545% due 02/10/36 ~		1,000,000		1,077,527
4.451% due 02/10/48 §		90,000		92,406
CSMC Trust
2.257% due 08/15/37 ~		1,000,000		1,028,696
4.024% (USD LIBOR + 3.024%) due 12/15/21 ~ §		430,000		430,786
4.139% (USD LIBOR + 3.739%) due 09/16/25 ~ §		560,000		562,159
4.373% due 09/15/37 ~		830,000		688,850
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		1,005,881
DBUBS Mortgage Trust 5.545% due 08/10/44 ~ §		61,246		61,495
Fannie Mae
3.273% due 02/25/29		30,000		33,202
3.610% due 02/25/31		70,000		80,883
3.700% due 01/25/36		100,000		113,968
Fannie Mae (IO) 2.251% due 01/25/31 §		5,000,000		693,775
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.291% due 11/25/30 §		3,235,000		321,935
1.306% due 10/25/30 §		2,700,000		270,407
1.364% due 12/25/29		1,490,000		131,537
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		416,759
Freddie Mac Multifamily Structured Credit Risk 1.850% (SOFR + 1.800%) due 07/25/41 ~ §		378,758		380,258
FREMF Mortgage Trust
2.233% (USD LIBOR + 2.150%) due 01/25/26 ~ §		198,611		199,324
3.690% due 01/25/26 ~ §		350,000		359,705
4.003% due 01/25/50 ~ §		415,000		455,883
4.068% due 12/25/46 ~ §		300,000		316,139
FRR Re-REMIC Trust 0.422% due 10/27/46 ~		100,000		97,750
Government National Mortgage Association 2.768% due 11/16/47 §		55,046		57,291

	Principal Amount		Value
Government National Mortgage Association (IO)
0.355% due 01/16/53 §		$4,429,910		$56,823
0.522% due 04/16/47 §		2,571,944		45,448
GS Mortgage Securities Trust
1.234% (USD LIBOR + 1.150%) due 05/15/26 ~ §		570,000		571,548
1.634% (USD LIBOR + 1.550%) due 09/15/31 ~ §		1,120,000		990,717
JP Morgan Chase Commercial Mortgage Securities Trust
3.085% (USD LIBOR + 3.000%) due 01/16/37 ~ §		323,000		315,390
4.085% (USD LIBOR + 4.000%) due 01/16/37 ~ §		255,000		245,374
4.334% (USD LIBOR + 4.250%) due 12/15/36 ~ §		280,000		250,205
6.059% due 02/12/49 §		46,000		52,081
6.834% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		239,341
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		190,742
MF1 Ltd (Cayman) 2.214% (SOFR + 2.164%) due 07/15/35 ~ §		641,811		648,072
MHC Trust 0.934% (USD LIBOR + 0.850%) due 05/15/23 ~ §		620,000		621,626
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		22,937		11,262
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		409,832
PFP Ltd (Cayman) 1.485% (USD LIBOR + 1.400%) due 04/14/38 ~ §		261,987		261,924
SLG Office Trust 2.585% due 07/15/41 ~		235,000		243,478
VASA Trust 0.984% (USD LIBOR + 0.900%) due 07/15/39 ~ §		610,000		611,061
VLS Commercial Mortgage Trust 2.453% due 10/10/42 ~		390,000		392,045
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		86,535		88,012
Wells Fargo Commercial Mortgage Trust 1.234% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		201,559
Wells Fargo Commercial Mortgage Trust (IO)
1.396% due 03/15/50 §		4,439,799		251,504
1.684% due 08/15/54 §		1,299,022		154,715
WFRBS Commercial Mortgage Trust 3.841% due 06/15/46 §		240,000		246,897
				23,145,301
Collateralized Mortgage Obligations - Residential - 7.3%
Alternative Loan Trust
0.426% (USD LIBOR + 0.340%) due 07/25/46 § W		1,748		27,930
0.506% (USD LIBOR + 0.420%) due 05/25/35 §		186,924		183,968
2.607% due 06/25/37 §		51,981		47,980
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,333,936		327,055
Anchor Mortgage Trust 2.600% due 10/25/26 ~		340,000		344,210
Banc of America Funding Trust 2.778% due 05/25/35 §		10,950		11,376
Bayview Financing Trust 3.152% (USD LIBOR + 3.000%) due 11/10/22 ~ ± §		242,258		242,258

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-65

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
BCAP LLC Trust
0.484% due 03/28/37 ~ §		$1,009,081		$1,004,868
4.801% due 03/26/37 ~		23,725		24,781
Bear Stearns Adjustable Rate Mortgage Trust
2.579% due 08/25/33 §		16,848		17,022
2.691% due 01/25/35 §		158,495		167,966
2.806% due 10/25/36 §		3,435		3,392
Bear Stearns ALT-A Trust
2.622% due 05/25/35 §		10,682		10,795
2.973% due 11/25/36 §		41,338		27,761
BVRT Financing Trust 1.863% (USD LIBOR + 1.750%) due 11/10/32 ~ ± §		51,969		51,969
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		287,608
CFMT LLC 1.374% due 02/25/31 ~ §		665,000		664,487
Chase Mortgage Finance Trust
2.368% due 02/25/37 §		103,979		106,485
2.739% due 09/25/36 §		39,832		36,181
ChaseFlex Trust 0.386% (USD LIBOR + 0.300%) due 08/25/37 §		253,953		238,609
Chevy Chase Funding LLC
0.336% (USD LIBOR + 0.250%) due 08/25/35 ~ §		9,501		9,489
0.606% due 05/25/35 ~ §		655,341		612,325
Citigroup Mortgage Loan Trust Inc 2.210% (US Treasury + 2.150%) due 09/25/35 §		4,075		4,306
Countrywide Home Loan Mortgage Pass-Through Trust 0.726% (USD LIBOR + 0.640%) due 03/25/35 §		6,449		6,369
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		31,715		29,754
CSMC Trust
1.538% due 02/25/66 ~ §		494,581		494,763
1.668% due 09/27/60 ~ §		602,878		605,127
1.830% (USD LIBOR + 1.750%) due 07/25/47 ~ §		188,705		190,392
2.000% due 01/25/60 ~ §		527,571		537,208
Downey Saving & Loan Association Mortgage Loan Trust 0.267% (USD LIBOR + 0.180%) due 04/19/47 §		70,690		83,223
Eurosail-UK PLC (United Kingdom) 1.017% (GBP LIBOR + 0.950%) due 06/13/45 ~ §		GBP 489,923		660,798
Fannie Mae
1.625% (US PRIME - 1.625%) due 11/25/23 §		$21,188		21,225
3.500% due 11/25/57		1,004,420		1,066,223
5.500% due 04/25/35		288,759		330,536
Fannie Mae (IO)
2.500% due 01/25/49		900,000		128,763
4.000% due 03/25/43		146,168		14,684
4.000% due 04/25/43		551,960		57,153
5.914% (6.000% - USD LIBOR) due 11/25/45 §		1,084,748		218,064
6.014% (6.100% - USD LIBOR) due 09/25/46 §		302,538		53,570
Fannie Mae Connecticut Avenue Securities
2.436% (USD LIBOR + 2.350%) due 01/25/31 §		261,491		265,574
4.086% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		470,390
FMC GMSR Issuer Trust
3.620% due 07/25/26 ~ §		300,000		300,017
3.650% due 02/25/24 ~ ±		630,000		632,322
4.450% due 01/25/26 ~ §		500,000		497,913

	Principal Amount		Value
Freddie Mac (IO)
2.000% due 10/25/50		$94,499		$12,305
2.500% due 09/25/50		92,162		13,591
3.500% due 04/15/43		173,364		18,700
4.000% due 04/15/43		75,895		1,648
6.016% (6.100% - USD LIBOR) due 08/15/44 §		152,473		28,207
Freddie Mac REMICS
3.000% due 08/15/48		71,126		73,603
8.000% due 04/15/30		45,960		53,998
Freddie Mac REMICS (IO) 2.500% due 09/25/50		82,937		11,065
Freddie Mac Structured Agency Credit Risk Debt Notes
2.350% (SOFR + 2.300%) due 08/25/33 ~ §		620,000		635,880
2.386% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		160,236
3.236% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,144,335
4.086% (USD LIBOR + 4.000%) due 08/25/24 §		125,957		129,149
Government National Mortgage Association
0.390% (USD LIBOR + 0.300%) due 05/20/68 §		304,199		304,192
0.537% (USD LIBOR + 0.450%) due 07/20/70 §		318,185		320,387
0.590% (USD LIBOR + 0.500%) due 06/20/69 §		164,648		165,860
0.690% (USD LIBOR + 0.600%) due 07/20/65 §		661,663		666,760
0.890% (USD LIBOR + 0.800%) due 06/20/66 §		555,465		563,173
0.890% (USD LIBOR + 0.800%) due 07/20/66 §		904,749		916,626
1.029% (USD LIBOR + 0.750%) due 04/20/67 §		545,753		552,572
1.367% (USD LIBOR + 1.280%) due 01/20/71 §		996,227		1,057,776
1.367% (USD LIBOR + 1.280%) due 02/20/71 §		688,687		732,031
2.819% due 09/20/66 §		660,444		701,302
Government National Mortgage Association (IO)
0.616% due 03/20/71 §		10,747,811		574,202
2.500% due 08/20/50		188,209		25,348
2.500% due 09/20/50		95,383		13,337
2.500% due 10/20/50		190,241		26,393
4.000% due 11/20/44		469,357		67,274
4.500% due 11/16/45		185,948		32,957
6.015% (6.100% - USD LIBOR) due 10/16/46 §		173,535		48,520
6.063% (6.150% - USD LIBOR) due 02/20/46 §		978,459		202,621
Great Hall Mortgages PLC (United Kingdom) 0.252% (USD LIBOR + 0.130%) due 06/18/39 ~ §		182,155		179,993
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		616,446
GSR Mortgage Loan Trust
6.000% due 11/25/35		410,524		261,381
6.000% due 07/25/37		216,897		186,488
HarborView Mortgage Loan Trust
0.246% (0.320% - USD LIBOR) due 05/25/38 §		219,117		201,152
0.427% (USD LIBOR + 0.340%) due 12/19/36 §		126,871		121,827
0.527% (USD LIBOR + 0.440%) due 05/19/35 §		178,920		173,331
2.623% due 02/25/36 §		36,677		16,103
3.041% due 08/19/36 §		92,893		92,249

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-66

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 1,054,018		$1,427,018
JP Morgan Mortgage Trust
2.299% due 07/25/35 §		$15,322		16,005
3.500% due 10/25/48 ~ §		348,795		355,376
5.750% due 01/25/36		11,710		7,778
Ludgate Funding PLC (United Kingdom) 0.245% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 408,422		531,830
Merrill Lynch Mortgage Investors Trust 2.242% due 11/25/35 §		$222,692		227,128
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		619,703		646,065
Morgan Stanley Resecuritization Trust 0.809% (US FED + 0.710%) due 12/27/46 ~ §		1,651,100		1,509,544
MRA Issuance Trust 1.834% (USD LIBOR + 1.750%) due 02/16/22 ~ §		460,000		460,285
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		129,476		130,556
3.500% due 12/25/57 ~ §		613,475		632,405
Nomura Resecuritization Trust 6.061% due 06/26/35 ~ §		1,842,237		1,858,663
OBX Trust 0.736% (USD LIBOR + 0.650%) due 06/25/57 ~ §		603,118		603,992
PRPM LLC 2.115% due 01/25/26 ~ §		326,308		327,232
Radnor RE Ltd (Bermuda) 2.750% (SOFR + 2.700%) due 12/27/33 ~ §		590,000		591,390
RALI Trust 6.000% due 03/25/37		742,253		715,573
RBSSP Resecuritization Trust 2.106% due 12/25/35 ~ §		1,502		1,505
Reperforming Loan REMIC Trust
0.426% (USD LIBOR + 0.340%) due 06/25/35 ~ §		21,770		21,150
0.426% (USD LIBOR + 0.340%) due 01/25/36 ~ §		125,691		124,074
Ripon Mortgages PLC (United Kingdom) 0.868% (GBP LIBOR + 0.800%) due 08/20/56 ~ §		GBP 583,571		789,793
Seasoned Credit Risk Transfer Trust
3.500% due 05/25/57		$324,661		344,758
3.500% due 06/25/57		333,637		355,784
4.250% due 09/25/60 ~		620,000		649,603
Silverstone Master Issuer PLC (United Kingdom) 0.704% (USD LIBOR + 0.570%) due 01/21/70 ~ §		495,000		495,197
Towd Point Mortgage Funding PLC (United Kingdom)
0.950% (SONIA + 0.900%) due 05/20/45 ~ §		GBP 1,185,574		1,604,722
0.950% (SONIA + 0.900%) due 07/20/45 ~ §		1,248,600		1,688,070
1.097% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		906,064		1,231,538
Tower Bridge Funding No 3 PLC (United Kingdom) 1.272% (GBP LIBOR + 1.200%) due 12/20/61 ~ §		292,195		394,436
Two 3.580% (USD LIBOR + 3.000%) due 03/25/22 ± §		$500,000		500,000
WaMu Mortgage Pass-Through Certificates Trust 3.093% due 02/25/37 §		100,174		100,085

	Principal Amount		Value
ZH Trust 2.253% due 02/18/27 ~		$200,000		$200,721
				40,762,183
Fannie Mae - 11.0%
due 05/31/31 # ±		350,000		357,766
due 10/01/36 - 12/01/51 #		10,395,000		10,670,074
due 11/01/51 #		11,900,000		12,053,690
0.970% due 07/01/27		1,186,595		1,164,880
1.090% due 04/01/28		506,000		495,639
1.275% due 04/01/30		742,041		724,335
1.293% (US FED + 1.200%) due 10/01/44 §		5,445		5,570
1.370% due 03/01/30		660,000		647,110
1.410% due 12/01/30		1,210,000		1,183,224
1.440% due 01/01/31		1,142,000		1,122,924
1.460% due 12/01/30		715,000		702,255
1.560% due 01/01/31		500,000		495,158
1.902% (USD LIBOR + 1.507%) due 11/01/32 §		24,580		24,549
2.000% due 01/01/51 - 07/01/51		3,586,409		3,615,571
2.043% (US Treasury + 2.043%) due 09/01/35 §		11,959		12,169
2.112% (USD LIBOR + 1.737%) due 12/01/35 §		4,396		4,403
2.310% due 08/01/22		478,992		482,753
2.422% (US Treasury + 2.360%) due 11/01/34 §		16,783		17,891
2.500% due 09/01/36 - 08/01/51		3,182,708		3,321,789
2.550% due 10/01/30		160,000		171,276
2.790% due 08/01/29		100,000		108,106
2.810% due 04/01/25		30,000		31,874
3.000% due 09/01/28 - 07/01/60		6,200,929		6,577,916
3.160% due 05/01/29		38,793		42,655
3.500% due 12/01/34 - 03/01/60		6,713,263		7,261,613
3.610% due 01/01/37		475,372		534,768
4.000% due 06/01/25 - 06/01/57		3,916,695		4,244,415
4.031% (US FED + 1.926%) due 12/01/36 §		1,100		1,175
4.500% due 06/01/24 - 09/01/57		2,542,988		2,787,341
5.000% due 02/01/35 - 01/01/59		816,093		919,783
5.500% due 04/01/22 - 05/01/58		1,450,215		1,693,380
6.000% due 02/01/33 - 07/01/41		169,573		199,886
				61,675,938
Freddie Mac - 1.7%
1.595% (USD LIBOR + 1.345%) due 09/01/35 §		3,091		3,235
1.983% (USD LIBOR + 1.730%) due 06/01/35 §		27,012		28,592
2.000% due 09/01/41 - 06/01/51		2,144,772		2,168,096
2.120% (USD LIBOR + 1.870%) due 09/01/35 §		6,078		6,113
2.345% (US Treasury + 2.250%) due 11/01/31 §		937		944
2.375% (US Treasury + 2.250%) due 04/01/32 §		5,951		6,001
2.500% due 12/01/50 - 08/01/51		1,270,696		1,321,742
3.000% due 09/01/32 - 09/01/51		1,856,652		1,969,120
3.500% due 04/01/33 - 06/01/46		866,049		937,134
4.000% due 11/01/33 - 04/01/49		2,228,943		2,416,543
4.500% due 11/01/44 - 05/01/50		158,676		173,670
5.000% due 08/01/48 - 01/01/49		279,813		308,260
5.500% due 03/01/23 - 05/01/40		319,504		371,914
6.000% due 03/01/23		1,723		1,931
				9,713,295
Government National Mortgage Association - 2.4%
due 10/20/51 #		500,000		522,422
1.910% (US Treasury + 1.839%) due 08/20/71 §		249,893		274,338

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-67

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
2.000% due 12/20/50		$380,596		$386,678
2.500% due 12/20/50 - 08/20/51		3,349,310		3,468,263
2.815% due 07/20/71 §		249,691		260,122
2.932% due 10/20/70 §		442,218		463,878
3.000% due 09/15/42 - 07/20/51		1,516,390		1,628,120
3.500% due 03/20/45 - 01/20/51		3,655,449		3,936,568
4.000% due 11/20/47 - 08/20/50		1,330,141		1,416,887
4.500% due 06/20/48 - 12/20/50		1,067,532		1,143,178
5.000% due 10/15/38 - 04/15/39		84,838		98,553
				13,599,007
Total Mortgage-Backed Securities (Cost $150,473,586)				148,895,724
ASSET-BACKED SECURITIES - 6.6%
AccessLex Institute 0.429% (USD LIBOR + 0.300%) due 05/25/36 §		609,063		599,483
ACE Securities Corp Home Equity Loan Trust 1.061% (USD LIBOR + 0.975%) due 07/25/35 §		246,870		247,311
ACRES Commercial Realty Ltd 1.284% (USD LIBOR + 1.200%) due 06/15/36 ~ §		470,000		470,558
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		291,802		291,590
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		330,563
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		538,052
Ameriquest Mortgage Securities Inc 0.956% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		250,453
2.141% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		364,173
AMSR Trust 2.006% due 11/17/37 ~		365,000		363,093
2.327% due 10/17/38 ~		128,000		127,349
Applebee’s Funding LLC 4.194% due 06/05/49 ~		267,300		273,152
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		221,180
Argent Securities Inc
0.906% (USD LIBOR + 0.820%) due 02/25/34 §		486,247		478,646
1.211% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		472,838
Asset-Backed Funding Certificates Trust 0.786% (USD LIBOR + 0.700%) due 06/25/34 §		40,919		40,388
Basic Asset-Backed Securities Trust 0.706% (USD LIBOR + 0.620%) due 04/25/36 §		129,027		128,987
Bear Stearns Asset-Backed Securities I Trust
0.286% (USD LIBOR + 0.200%) due 12/25/36 §		56,233		56,234
0.326% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,759		1,229,163
1.091% (USD LIBOR + 1.005%) due 06/25/35 §		196,206		195,469
Business Jet Securities LLC
2.918% due 04/15/36 ~		284,186		286,173
2.981% due 11/15/35 ~		501,857		509,248
Carlyle Global Market Strategies CLO Ltd 1.075% (USD LIBOR + 0.950%) due 08/14/30 ~ §		300,000		299,631
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,625		102,393

	Principal Amount		Value
CBAM Ltd (Cayman) 1.154% (USD LIBOR + 1.020%) due 04/17/31 ~ §		$800,000		$800,640
CFMT LLC 0.946% due 12/26/30 ~ §		309,331		310,200
Citigroup Mortgage Loan Trust 0.536% (USD LIBOR + 0.450%) due 11/25/45 ~ §		126,057		126,017
CLNC Ltd (Cayman) 1.414% (USD LIBOR + 1.364%) due 08/20/35 ~ §		900,000		900,879
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		372,880
Countrywide Asset-Backed Certificates
0.226% (USD LIBOR + 0.140%) due 07/25/37 §		263,717		250,293
0.686% (USD LIBOR + 0.600%) due 06/25/36 §		329,615		328,019
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		666,556
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		116,139
DataBank Issuer 2.060% due 02/27/51 ~		250,000		250,115
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		215,424		228,649
Drive Auto Receivables Trust 3.180% due 10/15/26		575,000		591,741
Finance of America HECM Buyout
0.875% due 02/25/31 ~ §		388,069		388,453
1.588% due 02/25/31 ~ §		200,000		199,911
First Franklin Mortgage Loan Trust 0.206% (USD LIBOR + 0.120%) due 11/25/36 §		591,144		571,068
Foundation Finance Trust 1.270% due 05/15/41 ~		253,172		252,358
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		210,802
Freed ABS Trust 0.660% due 03/20/28 ~		353,868		354,087
Freedom 4.480% (USD LIBOR + 4.400%) due 03/25/22 ~ ± §		500,000		500,000
Gallatin CLO IX Ltd (Cayman) 1.184% (USD LIBOR + 1.050%) due 01/21/28 ~ §		368,425		368,609
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		503,441
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		150,000		150,526
1.140% due 11/17/25 ~		145,000		145,793
1.640% due 10/15/26 ~		75,000		75,498
GSAA Home Equity Trust
0.286% (USD LIBOR + 0.200%) due 03/25/37 §		399,515		158,099
1.136% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		269,153
6.000% due 08/25/47		185,140		181,213
Hildene Community Funding CDO Ltd (Cayman) 3.250% due 11/01/35 ~		280,000		279,300
Home Equity Asset Trust
0.986% (USD LIBOR + 0.900%) due 11/25/34 §		133,039		133,299
1.031% (USD LIBOR + 0.945%) due 12/25/35 §		620,000		618,842
Jamestown CLO XV Ltd (Cayman) 1.466% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,101,418
JP Morgan Mortgage Acquisition Trust 0.386% (USD LIBOR + 0.300%) due 01/25/37 §		160,000		157,246

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-68

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
LFT CRE Ltd (Cayman) 2.034% (USD LIBOR + 1.950%) due 06/15/39 ~ §		$250,000		$250,953
LoanCore Issuer Ltd (Cayman) 1.214% (USD LIBOR + 1.130%) due 05/15/28 ~ §		151,977		151,977
LP LMS 3.228% due 10/15/28 ~ ±		363,629		367,535
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		430,000		438,512
Mastr Asset-Backed Securities Trust 0.306% (USD LIBOR + 0.220%) due 10/25/36 §		599,137		274,369
Merrill Lynch Mortgage Investors Trust 0.406% (USD LIBOR + 0.320%) due 04/25/37 §		354,309		240,819
National Collegiate Student Loan Trust 0.446% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		830,506
Navient Student Loan Trust
1.236% (USD LIBOR + 1.150%) due 07/26/66 ~ §		150,000		153,437
1.436% (USD LIBOR + 1.350%) due 06/25/65 ~ §		295,128		304,740
New Century Home Equity Loan Trust 0.806% (USD LIBOR + 0.720%) due 10/25/35 §		783,003		779,714
NRZ Excess Spread-Collateralized Notes
3.104% due 07/25/26 ~		423,442		425,676
3.844% due 12/25/25 ~		308,205		311,909
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		197,094		198,951
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		126,933
Oportun Funding LLC 2.200% due 05/15/24 ~		183,532		184,183
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		105,333
Option One Mortgage Loan Trust 0.216% (USD LIBOR + 0.130%) due 07/25/37 §		794,388		691,490
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		593,839		595,455
Progress Residential Trust 2.106% due 04/17/38 ~		565,000		558,155
RASC Trust 0.426% (USD LIBOR + 0.340%) due 04/25/37 §		200,000		196,387
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		198,266
3.040% due 03/17/31 ~		191,000		190,868
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		100,512
SBA Small Business Investment Cos 3.548% due 09/10/28		192,937		207,524
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		344,048
Securitized Asset-Backed Receivables LLC Trust
0.216% (USD LIBOR + 0.130%) due 05/25/37 §		63,502		55,681
0.366% (USD LIBOR + 0.280%) due 05/25/36 §		155,252		105,253
SLM Student Loan Trust
0.295% (USD LIBOR + 0.170%) due 01/25/40 §		600,000		587,553
0.786% (USD LIBOR + 0.670%) due 12/17/68 ~ §		620,000		621,654

	Principal Amount		Value
SMB Private Education Loan Trust
1.584% (USD LIBOR + 1.500%) due 04/15/32 ~ §		$524,570		$529,257
1.590% due 01/15/53 ~		340,000		339,861
2.310% due 01/15/53 ~		150,000		152,264
Soundview Home Loan Trust 0.406% (USD LIBOR + 0.320%) due 11/25/36 §		85,996		86,012
Structured Asset Investment Loan Trust 0.806% (USD LIBOR + 0.720%) due 07/25/35 §		228,201		228,369
STWD Ltd (Cayman) 1.244% (SOFR + 1.194%) due 07/15/38 ~ §		900,000		901,350
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		178,748		187,080
Towd Point Mortgage Trust
3.184% due 10/25/53 ~ §		300,000		318,333
3.250% due 10/25/57 ~ §		180,000		189,579
3.384% due 11/25/60 ~ §		610,000		631,250
4.000% due 11/25/47 ~		238,078		240,601
TRTX Issuer Ltd (Cayman) 1.314% (SOFR + 1.264%) due 10/15/34 ~ §		900,000		900,585
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		450,531
United States Small Business Administration
2.690% due 07/01/44		52,692		55,670
2.980% due 04/01/39		53,427		57,734
Upstart Securitization Trust 0.870% due 03/20/31 ~		301,548		302,177
VCAT LLC 2.289% due 12/26/50 ~		557,938		560,008
VOLT XCII LLC 1.893% due 02/27/51 ~		126,403		126,532
VOLT XCIII LLC 1.893% due 02/27/51 ~		487,238		489,252
VOLT XCIV LLC 2.240% due 02/27/51 ~		326,681		327,308
Wachovia Mortgage Loan Trust 0.776% (USD LIBOR + 0.690%) due 10/25/35 §		953,797		932,240
Total Asset-Backed Securities (Cost $35,469,524)				37,041,757
U.S. TREASURY OBLIGATIONS - 20.4%
U.S. Treasury Bonds - 10.6%
1.125% due 08/15/40		870,000		748,948
1.250% due 05/15/50		5,280,000		4,321,144
1.375% due 08/15/50		7,215,000		6,090,475
1.625% due 11/15/50		20,450,000		18,378,639
1.683% due 05/15/31		1,450,000		1,234,810
1.750% due 08/15/41		1,600,000		1,530,000
1.875% due 02/15/41		3,675,000		3,596,045
1.875% due 02/15/51		5,085,000		4,850,613
2.000% due 02/15/50		960,000		943,425
2.000% due 08/15/51		680,000		668,100
2.250% due 05/15/41		1,520,000		1,581,037
2.250% due 08/15/46		50,000		51,654
2.250% due 08/15/49		420,000		435,487
2.375% due 05/15/51		2,560,000		2,732,800
2.875% due 05/15/43		1,700,000		1,951,480
2.875% due 08/15/45		1,300,000		1,499,367
2.875% due 05/15/49		260,000		304,241
3.000% due 05/15/42		1,800,000		2,105,227

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-69

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
3.000% due 08/15/48		$300,000		$357,539
3.125% due 02/15/43		1,300,000		1,549,488
3.125% due 08/15/44		1,800,000		2,154,727
3.375% due 05/15/44		900,000		1,118,918
3.500% due 02/15/39		150,000		187,055
3.625% due 02/15/44		69,000		88,840
3.875% due 08/15/40		190,000		249,227
4.250% due 05/15/39		200,000		272,687
4.625% due 02/15/40		400,000		571,859
				59,573,832
U.S. Treasury Inflation Protected Securities - 0.2%
1.375% due 02/15/44 ^		538,839		740,955
U.S. Treasury Notes - 9.6%
0.250% due 11/15/23		10,000		9,988
0.250% due 05/31/25		480,000		472,012
0.250% due 06/30/25		1,500,000		1,473,633
0.250% due 07/31/25		4,000,000		3,924,375
0.250% due 10/31/25		4,620,000		4,515,148
0.375% due 11/30/25		210,000		206,038
0.375% due 01/31/26		130,000		127,237
0.500% due 02/28/26		11,540,000		11,347,516
0.500% due 10/31/27		1,675,000		1,607,935
0.625% due 11/30/27		1,320,000		1,275,141
0.750% due 03/31/26		180,000		178,763
0.750% due 04/30/26		3,100,000		3,076,750
0.750% due 08/31/26		320,000		316,625
0.875% due 06/30/26		669,000		666,700
1.000% due 07/31/28		2,200,000		2,157,719
1.125% due 02/29/28		3,800,000		3,776,992
1.125% due 08/31/28		1,310,000		1,294,751
1.250% due 03/31/28		670,000		670,183
1.250% due 04/30/28		3,950,000		3,948,148
1.250% due 05/31/28		2,310,000		2,306,932
1.250% due 06/30/28		3,785,000		3,777,460
1.250% due 09/30/28		120,000		119,503
1.250% due 08/15/31		2,340,000		2,283,511
1.625% due 05/15/31		1,020,000		1,032,112
1.750% due 07/31/24		3,400,000		3,522,852
				54,088,024
Total U.S. Treasury Obligations (Cost $115,641,659)				114,402,811
FOREIGN GOVERNMENT BONDS & NOTES - 5.4%
Abu Dhabi Government International (United Arab Emirates) 3.125% due 09/30/49 ~		1,030,000		1,036,613
Argentine Republic Government International (Argentina)
0.500% due 07/09/30		417,100		154,002
1.000% due 07/09/29		18,460		7,061
2.500% due 07/09/41		250,000		92,317
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/23		BRL 940,000		174,162
10.000% due 01/01/25		7,112,000		1,298,934
Brazilian Government (Brazil)
4.625% due 01/13/28		$270,000		284,414
5.625% due 01/07/41		120,000		121,645
5.625% due 02/21/47		900,000		903,780
Chile Government (Chile) 2.550% due 01/27/32		200,000		198,666
China Government (China)
3.310% due 11/30/25 ~		CNY 3,000,000		480,997
3.380% due 11/21/24 ~		500,000		79,712
3.390% due 05/21/25 ~		1,000,000		160,132
Colombia Government (Colombia)
4.000% due 02/26/24		$300,000		313,969
4.125% due 02/22/42		200,000		180,304

	Principal Amount		Value
4.500% due 01/28/26		$300,000		$322,249
5.625% due 02/26/44		200,000		209,178
Egypt Government (Egypt) 5.577% due 02/21/23 ~		200,000		206,221
Indonesia Government (Indonesia) 3.500% due 01/11/28		900,000		978,350
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 30,036,000,000		2,124,293
7.000% due 05/15/27		14,454,000,000		1,083,608
7.500% due 06/15/35		1,622,000,000		120,184
Israel Government (Israel) 4.125% due 01/17/48		$600,000		722,936
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 290,905,454		2,672,111
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		$380,000		376,008
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		270,000		299,266
Mexican Bonos (Mexico) 7.750% due 11/13/42		MXN 104,460,000		5,012,663
8.000% due 11/07/47		31,600,000		1,544,714
8.500% due 05/31/29		2,780,000		144,216
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		193,446
3.771% due 05/24/61		200,000		177,967
4.125% due 01/21/26		200,000		223,982
4.350% due 01/15/47		500,000		502,415
4.500% due 01/31/50		200,000		205,040
Panama Government (Panama)
2.252% due 09/29/32		300,000		282,996
4.500% due 04/16/50		200,000		218,442
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		704,597
Peruvian Government (Peru)
5.625% due 11/18/50		$95,000		128,938
5.940% due 02/12/29 ~		PEN 1,300,000		316,352
6.350% due 08/12/28 ~		2,000,000		500,359
6.550% due 03/14/37		$350,000		473,328
Qatar Government (Qatar) 4.817% due 03/14/49 ~		800,000		1,030,906
Republic of Poland Government (Poland) 4.000% due 01/22/24		370,000		399,502
Russian Federal (Russia)
6.900% due 05/23/29		RUB 34,809,000		471,434
7.000% due 08/16/23		26,040,000		357,240
7.050% due 01/19/28		107,902,000		1,476,271
7.250% due 05/10/34		5,970,000		81,321
7.650% due 04/10/30		39,790,000		563,872
7.700% due 03/16/39		65,580,000		931,105
Total Foreign Government Bonds & Notes (Cost $32,300,564)				30,542,218
MUNICIPAL BONDS - 0.2%
City of Chicago IL ‘B’ 5.630% due 01/01/22		$95,000		95,893
New York State Urban Development Corp 1.346% due 03/15/26		700,000		704,245
Regents of the University of California Medical Center Pooled Revenue ‘N’ 3.706% due 05/15/20		120,000		128,577
State of California 7.625% due 03/01/40		180,000		299,707
Total Municipal Bonds (Cost $1,223,678)				1,228,422

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-70

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 6.2%
U. S. Government Agency Issue - 0.1%
Federal Home Loan Banks 0.000% due 10/01/21		$580,000		$580,000
Corporate Notes - 0.1%
Pacific Gas and Electric Co 1.500% (USD LIBOR + 1.375%) due 11/15/21 §		330,000		330,142
	Shares
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		8,049,205		8,049,205
	Principal Amount
Repurchase Agreements - 2.2%
Citigroup
0.040% due 10/01/21 (Dated 09/30/21, Repurchase price of $6,300,007: collateralized by US Treasury Notes: 2.625% due 06/30/23 and value $6,470,269)		$6,300,000		6,300,000
Deutsche Bank
0.040% due 10/04/21 (Dated 09/30/21, Repurchase price of $6,100,027: collateralized by US Treasury Bonds: 4.625% due 02/15/40 and value $6,262,993)		6,100,000		6,100,000
				12,400,000
U.S. Cash Management Bills - 1.6%
0.025% due 01/04/22		200,000		199,987
0.025% due 01/11/22		3,800,000		3,799,731
0.040% due 01/25/22		4,900,000		4,899,368
				8,899,086

	Principal Amount		Value
U.S. Treasury Bills - 0.8%
0.043% due 03/10/22		$1,800,000		$1,799,660
0.043% due 03/17/22		1,200,000		1,199,764
0.043% due 03/24/22		1,600,000		1,599,671
				4,599,095
Total Short-Term Investments (Cost $34,857,197)				34,857,528
TOTAL INVESTMENTS - 102.9% (Cost $575,397,153)				578,238,268
DERIVATIVES - (0.1%)				(673,608	)
OTHER ASSETS & LIABILITIES, NET - (2.8%)				(15,611,285	)
NET ASSETS - 100.0%				$561,953,375

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	34.4%
Mortgage-Backed Securities	26.5%
U.S. Treasury Obligations	20.4%
Asset-Backed Securities	6.6%
Short-Term Investments	6.2%
Foreign Government Bonds & Notes	5.4%
Senior Loan Notes	3.2%
Others (each less than 3.0%)	0.2%
	102.9%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	(2.8%	)
	100.0%

(b) An investment with a value of $27,930 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.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-71

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(c) Open futures contracts outstanding as of September 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		12/21		54		$3,988,935		$3,906,360		($82,575	)
Australia 10-Year Bonds		12/21		36		3,750,187		3,681,993		(68,194	)
CAD FX		12/21		11		873,764		868,890		(4,874	)
EUR FX		12/21		34		5,038,494		4,930,000		(108,494	)
Euro-Bobl		12/21		7		1,100,488		1,094,073		(6,415	)
Eurodollar		03/22		97		24,187,154		24,214,838		27,684
Eurodollar		06/23		63		15,630,627		15,626,363		(4,264	)
Eurodollar		09/23		13		3,219,540		3,217,175		(2,365	)
Eurodollar		12/23		422		104,361,911		104,292,025		(69,886	)
Euro-OAT		12/21		11		2,151,917		2,114,510		(37,407	)
JPY FX		12/21		14		1,593,156		1,571,675		(21,481	)
Long Gilt		12/21		1		174,086		168,627		(5,459	)
MXN FX		12/21		46		1,138,801		1,103,770		(35,031	)
RUB FX		12/21		7		235,567		237,300		1,733
U.S. Treasury 5-Year Notes		12/21		648		80,011,778		79,536,939		(474,839	)
U.S. Treasury 10-Year Notes		12/21		161		21,446,849		21,189,110		(257,739	)
U.S. Treasury Long Bonds		12/21		353		57,678,375		56,204,219		(1,474,156	)
U.S. Treasury Ultra 10-Year Notes		12/21		6		884,870		871,500		(13,370	)
										(2,637,132	)
Short Futures Outstanding
Euro-Bund		12/21		50		10,021,766		9,835,550		186,216
Euro-Buxl		12/21		6		1,455,806		1,413,233		42,573
Eurodollar		12/21		248		61,846,579		61,894,600		(48,021	)
Japan 10-Year Bonds		12/21		3		4,094,295		4,080,237		14,058
Long Gilt		12/21		2		345,687		337,254		8,433
U.S. Treasury 2-Year Notes		12/21		63		13,871,187		13,863,445		7,742
U.S. Treasury 10-Year Notes		12/21		445		59,292,823		58,566,174		726,649
U.S. Treasury Long Bonds		12/21		1		164,202		159,219		4,983
U.S. Treasury Ultra Long Bonds		12/21		13		2,571,241		2,483,813		87,428
										1,030,061
Total Futures Contracts										($1,607,071	)

(d) Forward foreign currency contracts outstanding as of September 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation	Unrealized Depreciation
AUD	2,029,925	USD	1,502,351	10/21	JPM	$—		($34,732	)
AUD	943,000	USD	685,480	10/21	SCB	—		(3,724	)
AUD	231,000	USD	166,161	11/21	UBS	864		—
BRL	4,465,032	USD	857,045	10/21	JPM	—		(37,634	)
BRL	479,417	USD	91,196	10/21	MSC	—		(3,415	)
BRL	4,465,032	USD	820,868	10/21	UBS	—		(1,458	)
BRL	4,465,032	USD	841,855	11/21	UBS	—		(26,264	)
CAD	7,068,819	USD	5,627,924	10/21	CIT	—		(47,132	)
CAD	4,160,000	USD	3,351,239	10/21	GSC	—		(66,943	)
CAD	1,000,000	USD	787,402	12/21	GSC	2,112		—
CLP	316,624,149	USD	442,311	11/21	DUB	—		(53,314	)
CNH	7,582,497	USD	1,170,680	10/21	JPM	3,478		—
EUR	2,802,000	USD	3,247,378	10/21	SCB	—		(1,438	)
EUR	3,500,000	USD	4,106,462	12/21	MSC	—		(45,584	)
GBP	1,712,636	USD	2,370,629	10/21	GSC	—		(62,967	)
GBP	309,000	USD	417,924	11/21	BRC	—		(1,564	)
GBP	232,000	USD	317,288	11/21	HSB	—		(4,681	)
GBP	99,000	USD	136,578	11/21	UBS	—		(3,181	)
IDR	6,028,157,034	USD	408,467	10/21	JPM	11,673		—
INR	32,903,342	USD	434,988	10/21	CIT	7,217		—
INR	32,903,342	USD	438,069	01/22	CIT	—		(436	)
JPY	155,358,283	USD	1,415,556	10/21	JPM	—		(19,465	)
MXN	11,537,000	USD	561,452	10/21	JPM	—		(2,942	)
MXN	38,993,283	USD	1,920,878	10/21	MSC	—		(37,091	)
MXN	11,537,000	USD	563,784	01/22	HSB	—		(13,808	)
RUB	279,717,313	USD	3,685,097	10/21	MSC	147,156		—
USD	578,364	AUD	788,000	10/21	HSB	8,667		—
USD	820,868	BRL	4,465,032	10/21	JPM	1,458		—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-72

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation	Unrealized Depreciation
USD	845,810	BRL	4,465,032		10/21		UBS	$26,400		$—
USD	1,162,995	CNH	7,582,497		10/21		JPM	—		(11,163	)
USD	1,162,674	CNH	7,582,497		01/22		JPM	—		(3,065	)
USD	2,116,999	EUR	1,782,279		10/21		BNP	51,760		—
USD	358,439	EUR	303,000		10/21		CIT	7,334		—
USD	7,141,796	EUR	6,005,000		10/21		MSC	183,428		—
USD	3,309,703	EUR	2,802,000		10/21		SCB	63,763		—
USD	3,249,131	EUR	2,802,000		11/21		SCB	1,417		—
USD	10,729,253	GBP	7,735,000		11/21		SCB	306,784		—
USD	442,547	INR	32,903,342		10/21		CIT	342		—
USD	79,848	JPY	8,800,000		11/21		BRC	753		—
USD	982,663	MXN	19,940,000		10/21		CIT	19,351		—
USD	572,272	MXN	11,537,000		10/21		HSB	13,762		—
USD	4,462,341	MXN	90,177,216		10/21		MSC	105,831		—
USD	896,172	PEN	3,311,802		10/21		HSB	95,384		—
USD	387,493	PEN	1,582,247		11/21		HSB	5,136		—
USD	525,550	PEN	1,934,811		12/21		HSB	58,724		—
USD	308,484	PEN	1,275,180		01/22		JPM	1,677		—
USD	311,063	ZAR	4,736,125		10/21		MSC	—		(2,647	)
ZAR	4,736,125	USD	325,596		10/21		GSC	—		(11,886	)
ZAR	4,736,125	USD	307,120		01/22		MSC	2,645		—
Total Forward Foreign Currency Contracts								$1,127,116		($496,534	)

(e) Purchased options outstanding as of September 30, 2021 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counterparty		Notional Amount		Cost		Value
Put - JPY versus USD		JPY 107.80		11/10/21		MSC		$3,166,000		$14,874		$2,100
Put - NZD versus USD		$0.71		11/22/21		GSC		1,120,000		18,314		4,652
Put - AUD versus USD		0.73		11/22/21		GSC		740,000		7,441		8,299
Put - CAD versus USD		CAD 1.27		11/22/21		BNP		1,450,000		12,689		16,636
										$53,318		$31,687

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - U.S. Treasury 10-Year Notes (10/21)		$131.75		10/08/21		CME		2		$263,500		$722		$656
Call - U.S. Treasury 10-Year Notes (10/21)		132.25		10/08/21		CME		2		264,500		878		313
Call - U.S. Treasury 10-Year Notes (10/21)		132.50		10/08/21		CME		2		265,000		847		187
Call - U.S. Treasury 30-Year Bonds (10/21)		160.00		10/08/21		CME		2		320,000		2,191		1,281
Call - U.S. Treasury 30-Year Bonds (10/21)		160.50		10/08/21		CME		3		481,500		2,958		1,406
Call - U.S. Treasury 30-Year Bonds (10/21)		161.50		10/08/21		CME		2		323,000		2,191		469
Call - U.S. Treasury 30-Year Bonds (10/21)		162.50		10/08/21		CME		2		325,000		2,004		219
Call - U.S. Treasury 10-Year Notes (11/21)		131.50		10/22/21		CME		12		1,578,000		7,052		7,500
Call - U.S. Treasury 10-Year Notes (11/21)		132.25		10/22/21		CME		3		396,750		1,318		891
Call - U.S. Treasury 10-Year Notes (11/21)		132.50		10/22/21		CME		5		662,500		2,712		1,094
Call - U.S. Treasury 30-Year Bonds (11/21)		159.00		10/22/21		CME		6		954,000		8,760		9,187
Call - U.S. Treasury 30-Year Bonds (11/21)		159.50		10/22/21		CME		4		638,000		5,319		5,125
Call - U.S. Treasury 30-Year Bonds (11/21)		160.00		10/22/21		CME		2		320,000		2,503		2,125
Call - U.S. Treasury 30-Year Bonds (11/21)		161.00		10/22/21		CME		23		3,703,000		32,009		16,172
Call - U.S. Treasury 30-Year Bonds (11/21)		162.00		10/22/21		CME		14		2,268,000		18,212		6,125
Call - EUR-FX (11/21)		1.18		11/05/21		CME		2		295,000		1,480		600
Call - JPY-FX (11/21)		89.50		11/05/21		CME		2		223,750		1,493		2,100
Call - JPY-FX (11/21)		90.00		11/05/21		CME		1		112,500		665		725
												93,314		56,175
Put - EUR-FX (10/21)		1.18		10/08/21		CME		1		147,500		777		2,512
Put - U.S. Treasury 10-Year Notes (10/21)		132.00		10/08/21		CME		4		528,000		1,788		2,500
Put - U.S. Treasury 10-Year Notes (11/21)		131.75		10/22/21		CME		4		527,000		2,351		2,563
												4,916		7,575
Total Options on Futures												$98,230		$63,750
Total Purchased Options												$151,548		$95,437

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-73

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(f) Premiums received and value of written options outstanding as of September 30, 2021 were as follows:

Foreign Currency Options

Description

Exercise Price

Expiration Date

Counter- party

Notional Amount

Premium

Value

Put - NZD versus USD

$0.73

11/22/21

GSC

$1,120,000

$6,317

($1,010

)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (10/21)		$131.50		10/01/21		CME		2		$263,000		$497		($438	)
Call - U.S. Treasury 10-Year Notes (10/21)		132.75		10/01/21		CME		1		132,750		76		—
Call - U.S. Treasury 10-Year Notes (10/21)		133.50		10/01/21		CME		6		801,000		1,724		—
Call - U.S. Treasury 10-Year Notes (10/21)		133.75		10/01/21		CME		6		802,500		958		—
Call - U.S. Treasury 30-Year Bonds (10/21)		160.00		10/01/21		CME		4		640,000		931		(625	)
Call - CAD-FX (10/21)		80.00		10/08/21		CME		2		160,000		775		(80	)
Call - U.S. Treasury 5-Year Notes (11/21)		123.00		10/22/21		CME		12		1,476,000		3,667		(2,156	)
Call - U.S. Treasury 5-Year Notes (11/21)		123.50		10/22/21		CME		4		494,000		634		(219	)
Call - U.S. Treasury 10-Year Notes (11/21)		131.75		10/22/21		CME		5		658,750		2,741		(2,500	)
Call - U.S. Treasury 10-Year Notes (11/21)		132.00		10/22/21		CME		9		1,188,000		3,297		(3,516	)
Call - U.S. Treasury 10-Year Notes (11/21)		132.75		10/22/21		CME		8		1,062,000		1,955		(1,250	)
Call - U.S. Treasury 10-Year Notes (11/21)		133.00		10/22/21		CME		9		1,197,000		1,953		(984	)
Call - U.S. Treasury 10-Year Notes (11/21)		133.50		10/22/21		CME		14		1,869,000		5,820		(656	)
Call - U.S. Treasury 10-Year Notes (11/21)		134.00		10/22/21		CME		22		2,948,000		9,321		(688	)
Call - U.S. Treasury 30-Year Bonds (11/21)		163.00		10/22/21		CME		5		815,000		1,773		(1,328	)
Call - U.S. Treasury 30-Year Bonds (11/21)		164.00		10/22/21		CME		10		1,640,000		7,670		(1,563	)
Call - U.S. Treasury 30-Year Bonds (11/21)		165.00		10/22/21		CME		17		2,805,000		18,924		(1,859	)
Call - U.S. Treasury 30-Year Bonds (11/21)		166.00		10/22/21		CME		2		332,000		1,715		(156	)
Call - EUR-FX (11/21)		1.19		11/05/21		CME		2		297,500		2,120		(225	)
Call - CAD-FX (11/21)		79.00		11/05/21		CME		1		79,000		537		(690	)
Call - U.S. Treasury 5-Year Notes (12/21)		123.00		11/26/21		CME		29		3,567,000		9,755		(9,742	)
Call - U.S. Treasury 5-Year Notes (12/21)		123.25		11/26/21		CME		11		1,355,750		3,153		(2,578	)
Call - U.S. Treasury 10-Year Notes (12/21)		132.50		11/26/21		CME		8		1,060,000		3,736		(3,875	)
Call - U.S. Treasury 10-Year Notes (12/21)		134.00		11/26/21		CME		19		2,546,000		8,280		(2,672	)
Call - U.S. Treasury 10-Year Notes (12/21)		134.50		11/26/21		CME		3		403,500		1,510		(281	)
Call - U.S. Treasury 30-Year Bonds (12/21)		164.00		11/26/21		CME		14		2,296,000		9,679		(7,875	)
Call - U.S. Treasury 30-Year Bonds (12/21)		166.00		11/26/21		CME		2		332,000		2,778		(625	)
Call - Eurodollar (12/21)		99.13		12/10/21		CME		6		1,486,950		2,087		(450	)
Call - Eurodollar (12/21)		99.25		12/10/21		CME		8		1,985,000		1,983		(300	)
												110,049		(47,331	)
Put - U.S. Treasury 5-Year Notes (11/21)		122.00		10/22/21		CME		4		488,000		634		(312	)
Put - U.S. Treasury 5-Year Notes (11/21)		122.50		10/22/21		CME		5		612,500		929		(1,016	)
Put - U.S. Treasury 5-Year Notes (11/21)		123.25		10/22/21		CME		8		986,000		2,244		(4,875	)
Put - U.S. Treasury 10-Year Notes (11/21)		132.00		10/22/21		CME		6		792,000		3,333		(4,687	)
Put - U.S. Treasury 10-Year Notes (11/21)		133.00		10/22/21		CME		1		133,000		436		(1,500	)
Put - U.S. Treasury 30-Year Bonds (11/21)		158.00		10/22/21		CME		3		474,000		2,120		(2,719	)
Put - U.S. Treasury 5-Year Notes (12/21)		123.50		11/26/21		CME		7		864,500		2,847		(6,453	)
Put - U.S. Treasury 10-Year Notes (12/21)		132.50		11/26/21		CME		3		397,500		2,073		(4,125	)
Put - U.S. Treasury 10-Year Notes (12/21)		133.00		11/26/21		CME		7		931,000		4,910		(12,031	)
Put - U.S. Treasury 30-Year Bonds (12/21)		162.00		11/26/21		CME		7		1,134,000		9,769		(26,688	)
Put - Eurodollar (12/21)		98.75		12/10/21		CME		8		1,975,000		4,245		(1,550	)
												33,540		(65,956	)
Total Options on Futures												$143,589		($113,287	)
Total Written Options												$149,906		($114,297	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-74

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(g) Swap agreements outstanding as of September 30, 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 09/30/21 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Q		1.000%		12/20/21		MSC		0.141%		EUR 400,000		$1,038			$2,801			($1,763	)
Russian Federation		Q		1.000%		12/20/24		JPM		0.575%		$400,000		5,592			1,972			3,620
														6,630			4,773			1,857
							Exchange
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		1.293%		EUR 800,000		(8,440	)		(4,034	)		(4,406	)
Apache Corp		Q		1.000%		06/20/26		ICE		1.652%		$220,000		(6,411	)		(11,403	)		4,992
General Electric Co		Q		1.000%		06/20/26		ICE		0.696%		400,000		5,765			2,736			3,029
British Telecommunications PLC		Q		1.000%		06/20/28		ICE		1.076%		EUR 300,000		(1,650	)		(1,477	)		(173	)
														(10,736	)		(14,178	)		3,442
Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection														($4,106	)		($9,405	)		$5,299

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 HY 36 5Y		Q		5.000%		06/20/26		ICE		$880,000		$82,346		$74,732		$7,614
CDX IG 37 5Y		Q		1.000%		12/20/26		ICE		37,717,500		912,218		914,684		(2,466	)
CDX HY 37 5Y		Q		5.000%		12/20/26		ICE		3,230,000		304,695		309,744		(5,049	)
CDX iTraxx Main 36 5Y		Q		5.000%		12/20/26		ICE		EUR 2,700,000		375,391		385,050		(9,659	)
												$1,674,650		$1,684,210		($9,560	)
Total Credit Default Swaps												$1,670,544		$1,674,805		($4,261	)

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

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

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

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

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-75

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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		($64,894	)		$2,294			($67,188	)
7.044%		Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		(15,664	)		—			(15,664	)
												(80,558	)		2,294			(82,852	)
					Exchange
3.350%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		50,000,000		(95,712	)		2,683			(98,395	)
3.700%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		32,000,000		(52,064	)		(1,092	)		(50,972	)
0.190%		3-Month USD-LIBOR		S / Q		CME		06/15/22		$5,492,000		4,431			(25	)		4,456
2.800%		3-Month USD-LIBOR		S / Q		CME		08/22/23		500,000		24,569			—			24,569
0.000%		1-Day JPY-TONAR		A / A		LCH		03/17/24		JPY 1,300,000,000		10,936			19,440			(8,504	)
0.820%		3-Month USD-LIBOR		S / Q		CME		06/04/24		$27,829,000		(61,923	)		—			(61,923	)
(0.068%)		6-Month JPY-LIBOR		S / S		LCH		09/18/26		JPY 120,000,000		(5,119	)		—			(5,119	)
(0.097%)		6-Month JPY-LIBOR		S / S		LCH		09/24/26		82,000,000		(4,606	)		111			(4,717	)
0.300%		6-Month JPY-LIBOR		S / S		LCH		03/20/28		166,000,000		24,776			25,805			(1,029	)
7.450%		28-Day MXN TIIE		L / L		CME		07/18/29		MXN 63,630,000		29,804			26,769			3,035
												(124,908	)		73,691			(198,599	)
Total Interest Rate Swaps - Long												($205,466	)		$75,985			($281,451	)

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)
0.450%		3-Month USD-LIBOR		S / Q		CME		05/15/27		$6,272,000		$237,392			($15,869	)		$253,261
0.710%		1-Day USD-SOFR		A / A		CME		05/15/27		5,461,000		55,711			12,349			43,362
1.250%		3-Month USD-LIBOR		S / Q		CME		02/15/28		4,111,000		(3,415	)		4,113			(7,528	)
1.350%		3-Month USD-LIBOR		S / Q		CME		02/15/28		14,870,000		(106,708	)		33,106			(139,814	)
0.450%		6-Month JPY-LIBOR		S / S		LCH		03/20/29		JPY 260,000,000		(68,167	)		(95,871	)		27,704
0.800%		6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(8,032	)		—			(8,032	)
0.785%		6-Month JPY-LIBOR		S / S		LCH		11/12/38		13,260,000		(10,284	)		45			(10,329	)
0.560%		1-Day USD-SOFR		A / A		CME		07/20/45		$1,380,000		279,910			12,421			267,489
0.740%		1-Day USD-SOFR		A / A		CME		08/19/45		640,000		106,891			—			106,891
0.641%		6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(81,208	)		—			(81,208	)
1.000%		3-Month USD-LIBOR		S / Q		CME		02/15/47		$683,000		120,051			6,648			113,403
1.200%		3-Month USD-LIBOR		S / Q		CME		02/15/47		901,000		120,043			4,963			115,080
1.225%		3-Month USD-LIBOR		S / Q		CME		02/15/47		362,000		46,304			416			45,888
1.520%		1-Day USD-SOFR		A / A		CME		02/15/47		1,529,000		15,282			(10,719	)		26,001
1.600%		3-Month USD-LIBOR		S / Q		CME		02/15/47		458,000		22,017			2,697			19,320
1.630%		3-Month USD-LIBOR		S / Q		CME		02/15/47		1,562,000		67,996			10,383			57,613
1.729%		1-Day USD-SOFR		A / A		CME		02/15/47		240,000		(9,344	)		—			(9,344	)
2.000%		3-Month USD-LIBOR		S / Q		CME		02/15/47		561,000		(20,790	)		8,127			(28,917	)
0.900%		3-Month USD-LIBOR		S / Q		CME		03/17/50		8,335,000		1,812,340			2,304,860			(492,520	)
1.200%		3-Month USD-LIBOR		S / Q		CME		10/07/50		751,000		108,964			3,830			105,134
0.538%		6-Month JPY-LIBOR		S / S		LCH		03/15/51		JPY 41,000,000		(1,656	)		(238	)		(1,418	)
0.520%		6-Month JPY-LIBOR		S / S		LCH		03/16/51		12,000,000		61			—			61
0.350%		6-Month JPY-LIBOR		S / S		LCH		03/17/51		10,000,000		4,375			5,520			(1,145	)
0.557%		6-Month JPY-LIBOR		S / S		LCH		03/17/51		127,700,000		(11,257	)		—			(11,257	)
0.565%		6-Month JPY-LIBOR		S / S		LCH		03/19/51		48,000,000		(5,197	)		—			(5,197	)
0.570%		6-Month JPY-LIBOR		S / S		LCH		03/19/51		10,000,000		(1,219	)		—			(1,219	)
0.572%		6-Month JPY-LIBOR		S / S		LCH		04/07/51		4,000,000		(598	)		—			(598	)
2.000%		3-Month USD-LIBOR		S / Q		CME		06/03/51		$79,000		(3,537	)		822			(4,359	)
2.050%		3-Month USD-LIBOR		S / Q		CME		06/07/51		236,000		(13,383	)		(29	)		(13,354	)
1.671%		3-Month USD-LIBOR		S / Q		CME		07/09/51		1,196,000		44,055			(5,330	)		49,385
0.750%		1-Day GBP-SONIA		A / A		LCH		03/16/52		GBP 1,900,000		159,700			(33,400	)		193,100
												$2,856,297			$2,248,844			$607,453
Total Interest Rate Swaps												$2,650,831			$2,324,829			$326,002
Total Swap Agreements												$4,321,375			$3,999,634			$321,741

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-76

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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		$7,067			$3,620
Liabilities		—			(84,615	)
Centrally Cleared Swap Agreements (1)
Assets		4,172,054			1,471,387
Liabilities		(179,487	)		(1,068,651	)
		$3,999,634			$321,741

(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.

(h) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$193,153,937			$—			$193,153,937			$—
	Senior Loan Notes		18,115,871			—			17,926,584			189,287
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		23,145,301			—			23,145,301			—
	Collateralized Mortgage Obligations - Residential		40,762,183			—			39,335,634			1,426,549
	Fannie Mae		61,675,938			—			61,318,172			357,766
	Freddie Mac		9,713,295			—			9,713,295			—
	Government National Mortgage Association		13,599,007			—			13,599,007			—
	Total Mortgage-Backed Securities		148,895,724			—			147,111,409			1,784,315
	Asset-Backed Securities		37,041,757			—			36,174,222			867,535
	U.S. Treasury Obligations		114,402,811			—			114,402,811			—
	Foreign Government Bonds & Notes		30,542,218			—			30,542,218			—
	Municipal Bonds		1,228,422			—			1,228,422			—
	Short-Term Investments		34,857,528			8,049,205			26,808,323			—
	Derivatives:
	Credit Contracts
	Swaps		19,255			—			19,255			—
	Foreign Currency Contracts
	Futures		1,733			1,733			—			—
	Forward Foreign Currency Contracts		1,127,116			—			1,127,116			—
	Purchased Options		37,624			—			37,624			—
	Total Foreign Currency Contracts		1,166,473			1,733			1,164,740			—
	Interest Rate Contracts
	Futures		1,105,766			1,105,766			—			—
	Purchased Options		57,813			—			57,813			—
	Swaps		1,455,752			—			1,455,752			—
	Total Interest Rate Contracts		2,619,331			1,105,766			1,513,565			—
	Total Assets - Derivatives		3,805,059			1,107,499			2,697,560			—
	Total Assets		582,043,327			9,156,704			570,045,486			2,841,137
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(23,516	)		—			(23,516	)		—
	Foreign Currency Contracts
	Futures		(252,455	)		(252,455	)		—			—
	Forward Foreign Currency Contracts		(496,534	)		—			(496,534	)		—
	Written Options		(2,005	)		—			(2,005	)		—
	Total Foreign Currency Contracts		(750,994	)		(252,455	)		(498,539	)		—
	Interest Rate Contracts
	Futures		(2,462,115	)		(2,462,115	)		—			—
	Written Options		(112,292	)		—			(112,292	)		—
	Swaps		(1,129,750	)		—			(1,129,750	)		—
	Total Interest Rate Contracts		(3,704,157	)		(2,462,115	)		(1,242,042	)		—
	Total Liabilities - Derivatives		(4,478,667	)		(2,714,570	)		(1,764,097	)		—
	Total Liabilities		(4,478,667	)		(2,714,570	)		(1,764,097	)		—
	Total		$577,564,660			$6,442,134			$568,281,389			$2,841,137

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-77

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.5%
Basic Materials - 1.0%
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$55,000		$58,426
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		200,000		216,496
LYB International Finance III LLC 1.250% due 10/01/25		140,000		139,969
Nucor Corp 2.000% due 06/01/25		65,000		66,947
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		458,544
Westlake Chemical Corp 0.875% due 08/15/24		25,000		25,037
				965,419
Communications - 3.0%
America Movil SAB de CV (Mexico) 3.125% due 07/16/22		230,000		234,866
Charter Communications Operating LLC
4.464% due 07/23/22		790,000		810,166
4.908% due 07/23/25		260,000		292,526
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		56,638
Expedia Group Inc 3.600% due 12/15/23		260,000		275,274
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		249,128
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		200,000		199,790
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		200,000		217,440
T-Mobile USA Inc 2.250% due 02/15/26		145,000		146,813
Verizon Communications Inc
0.850% due 11/20/25		235,000		232,575
1.450% due 03/20/26		165,000		166,553
				2,881,769
Consumer, Cyclical - 6.6%
7-Eleven Inc
0.625% due 02/10/23 ~		50,000		50,021
0.800% due 02/10/24 ~		80,000		79,989
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		132,369		128,192
Brunswick Corp 0.850% due 08/18/24		160,000		160,034
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		410,000		417,543
Ford Motor Credit Co LLC 3.813% due 10/12/21		200,000		200,350
General Motors Co 4.875% due 10/02/23		165,000		178,410
5.400% due 10/02/23		210,000		229,091
General Motors Financial Co Inc 2.900% due 02/26/25		210,000		220,404
4.200% due 11/06/21		65,000		65,230
Harley-Davidson Financial Services Inc 2.550% due 06/09/22 ~		85,000		86,017
4.050% due 02/04/22 ~		340,000		344,143
Hasbro Inc 3.000% due 11/19/24		280,000		296,624
Hyatt Hotels Corp due 10/01/23 #		75,000		75,110
Hyundai Capital America
0.800% due 01/08/24 ~		120,000		119,517
0.875% due 06/14/24 ~		50,000		49,750
1.000% due 09/17/24 ~		60,000		59,808

	Principal Amount		Value
2.375% due 02/10/23 ~	$	270,000	$	276,010
2.850% due 11/01/22 ~		121,000		123,923
3.000% due 06/20/22 ~		235,000		239,083
3.950% due 02/01/22 ~		405,000		409,585
Marriott International Inc
2.300% due 01/15/22		15,000		15,060
3.125% due 02/15/23		55,000		56,387
3.600% due 04/15/24		240,000		255,807
Nissan Motor Acceptance Co LLC 2.600% due 09/28/22 ~		195,000		198,601
2.650% due 07/13/22 ~		30,000		30,460
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		230,000		239,309
Nordstrom Inc 2.300% due 04/08/24		20,000		20,003
QVC Inc 4.375% due 03/15/23		460,000		480,355
Ralph Lauren Corp 1.700% due 06/15/22		40,000		40,406
Ross Stores Inc 4.600% due 04/15/25		460,000		513,648
Stellantis Finance US Inc 1.711% due 01/29/27 ~		200,000		199,459
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		80,621		79,455
Volkswagen Group of America Finance LLC (Germany)
2.700% due 09/26/22 ~		200,000		204,542
2.900% due 05/13/22 ~		200,000		203,149
				6,345,475
Consumer, Non-Cyclical - 7.2%
AbbVie Inc 2.600% due 11/21/24		535,000		562,588
Astrazeneca Finance LLC (United Kingdom)
0.700% due 05/28/24		140,000		140,204
1.200% due 05/28/26		190,000		190,161
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		210,000		210,218
Baxalta Inc 3.600% due 06/23/22		95,000		96,783
Becton Dickinson and Co
3.363% due 06/06/24		105,000		111,679
3.734% due 12/15/24		58,000		62,702
Bunge Ltd Finance Corp 3.000% due 09/25/22		630,000		644,774
4.350% due 03/15/24		30,000		32,448
Cardinal Health Inc
3.200% due 03/15/23		210,000		218,287
3.500% due 11/15/24		270,000		289,417
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		400,000		401,105
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		285,000		284,185
Global Payments Inc 2.650% due 02/15/25		170,000		177,751
Health Care Service Corp 1.500% due 06/01/25 ~		190,000		192,892
HPHT Finance 19 Ltd (Hong Kong) 2.875% due 11/05/24 ~		200,000		209,888
Humana Inc
0.650% due 08/03/23		75,000		75,053
1.350% due 02/03/27		20,000		19,742
3.850% due 10/01/24		25,000		27,064
4.500% due 04/01/25		225,000		249,975
IHS Markit Ltd 3.625% due 05/01/24		100,000		106,545
Imperial Brands Finance PLC (United Kingdom)
3.500% due 02/11/23 ~		400,000		411,840
3.750% due 07/21/22 ~		400,000		407,900

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-78

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~	$	150,000	$	149,619
PeaceHealth Obligated Group 1.375% due 11/15/25		40,000		40,358
PerkinElmer Inc
0.550% due 09/15/23		90,000		90,087
0.850% due 09/15/24		170,000		170,041
Perrigo Finance Unlimited Co 3.900% due 12/15/24		455,000		482,507
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		240,000		256,546
Royalty Pharma PLC 0.750% due 09/02/23		190,000		190,655
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		135,000		140,782
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		200,000		199,898
				6,843,694
Energy - 7.5%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		230,000		242,490
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		260,000		266,351
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		185,000		209,051
7.000% due 06/30/24		290,000		328,078
Diamondback Energy Inc
2.875% due 12/01/24		435,000		456,907
4.750% due 05/31/25		140,000		156,464
Enbridge Inc (Canada) 2.500% due 01/15/25		140,000		145,893
Energy Transfer LP
2.900% due 05/15/25		60,000		62,916
4.250% due 03/15/23		300,000		312,808
4.250% due 04/01/24		15,000		16,064
5.875% due 01/15/24		285,000		313,281
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		287,369
EQT Corp 3.000% due 10/01/22		525,000		534,896
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		45,000		45,880
2.600% due 10/15/25 ~		90,000		92,310
Kinder Morgan Inc 3.150% due 01/15/23		85,000		87,799
Pioneer Natural Resources Co 0.550% due 05/15/23		85,000		85,108
Plains All American Pipeline LP 2.850% due 01/31/23		180,000		184,061
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		250,000		254,123
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		200,000		212,597
6.250% due 03/15/22		565,000		571,503
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		200,000		201,455
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		70,000		70,783
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		315,000		336,614
4.000% due 12/21/25 ~		75,000		82,689
Suncor Energy Inc (Canada) 2.800% due 05/15/23		95,000		98,360
The Williams Cos Inc
3.350% due 08/15/22		120,000		122,196
3.700% due 01/15/23		375,000		387,407
Valero Energy Corp
1.200% due 03/15/24		170,000		171,949
2.700% due 04/15/23		305,000		314,912
3.650% due 03/15/25		50,000		54,126

	Principal Amount		Value
Western Midstream Operating LP 4.000% due 07/01/22	$	425,000	$	432,004
				7,138,444
Financial - 15.3%
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		403,369
4.125% due 07/03/23		150,000		157,841
4.450% due 12/16/21		220,000		221,045
4.500% due 09/15/23		195,000		207,821
Air Lease Corp
2.250% due 01/15/23		175,000		178,861
3.500% due 01/15/22		90,000		90,781
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		125,000		128,662
3.625% due 05/01/22 ~		335,000		340,051
3.950% due 07/01/24 ~		65,000		69,039
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		400,000		402,496
Bank of America Corp
0.976% due 04/22/25		150,000		150,848
1.734% due 07/22/27		105,000		105,502
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		345,000		370,360
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		295,000		294,644
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		412,866
BPCE SA (France) 5.700% due 10/22/23 ~		200,000		219,338
Brighthouse Financial Global Funding
0.600% due 06/28/23 ~		115,000		115,122
1.000% due 04/12/24 ~		120,000		120,637
Capital One Financial Corp 3.500% due 06/15/23		130,000		136,666
CC Holdings GS V LLC REIT 3.849% due 04/15/23		445,000		467,253
Citigroup Inc 0.981% due 05/01/25		125,000		125,435
CNO Global Funding due 10/07/26 # ~		150,000		149,979
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		389,350
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		204,576
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		360,000		363,416
Crown Castle International Corp REIT 1.050% due 07/15/26		150,000		146,901
Danske Bank AS (Denmark) 5.000% due 01/12/22 ~		245,000		247,956
Deutsche Bank AG (Germany) 4.250% due 10/14/21		335,000		335,363
Equitable Financial Life Global Funding 1.400% due 07/07/25 ~		255,000		256,650
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		121,621
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		180,181
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		315,000		322,016
JPMorgan Chase & Co 0.824% due 06/01/25		140,000		140,010
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		201,308
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		200,000		199,566

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-79

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Marsh & McLennan Cos Inc 3.875% due 03/15/24	$	190,000	$	204,334
Mitsubishi UFJ Financial Group Inc (Japan) 0.953% due 07/19/25		220,000		220,307
Mizuho Financial Group Cayman 2 Ltd (Japan) 4.200% due 07/18/22 ~		230,000		236,424
Morgan Stanley
0.560% due 11/10/23		200,000		200,294
0.731% due 04/05/24		140,000		140,498
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		500,088
Park Aerospace Holdings Ltd (Ireland)
4.500% due 03/15/23 ~		185,000		193,359
5.250% due 08/15/22 ~		190,000		196,850
Public Storage REIT 0.520% (SOFR + 0.470%) due 04/23/24 §		70,000		70,113
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		280,000		297,322
SBA Tower Trust REIT
1.631% due 05/15/51 ~		70,000		69,906
1.884% due 07/15/50 ~		70,000		70,952
2.836% due 01/15/50 ~		230,000		238,466
3.448% due 03/15/48 ~		320,000		324,302
Simon Property Group LP REIT
2.000% due 09/13/24		65,000		67,299
3.375% due 10/01/24		225,000		240,894
Standard Chartered PLC (United Kingdom) 3.950% due 01/11/23 ~		390,000		404,274
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		355,000		360,249
Synchrony Financial
2.850% due 07/25/22		801,000		815,656
4.250% due 08/15/24		130,000		140,528
The Goldman Sachs Group Inc
0.657% due 09/10/24		100,000		100,034
0.909% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,051
3.500% due 04/01/25		135,000		145,184
The Western Union Co 2.850% due 01/10/25		240,000		251,743
Truist Financial Corp 0.450% (SOFR + 0.400%) due 06/09/25 §		100,000		100,396
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		390,000		392,646
UniCredit SPA (Italy) 3.750% due 04/12/22 ~		240,000		243,976
Wells Fargo & Co
1.654% due 06/02/24		170,000		173,372
2.188% due 04/30/26		95,000		98,089
4.125% due 08/15/23		80,000		85,230
				14,660,366
Industrial - 3.0%
Avnet Inc 4.875% due 12/01/22		45,000		47,113
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,672
Carrier Global Corp 2.242% due 02/15/25		425,000		440,461
CNH Industrial Capital LLC 3.875% due 10/15/21		475,000		475,518
DAE Funding LLC (United Arab Emirates)
1.550% due 08/01/24 ~		200,000		198,422
5.250% due 11/15/21 ~		220,000		220,203
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		400,000		399,772
GATX Corp 4.350% due 02/15/24		75,000		80,924

	Principal Amount		Value
Martin Marietta Materials Inc 0.650% due 07/15/23	$	55,000	$	55,111
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		200,000		211,865
4.125% due 07/15/23 ~		265,000		280,099
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~		400,000		401,942
				2,847,102
Technology - 2.3%
Analog Devices Inc due 10/01/24 #		40,000		40,115
CDW LLC 5.500% due 12/01/24		40,000		44,100
Fidelity National Information Services Inc
0.375% due 03/01/23		160,000		160,127
0.600% due 03/01/24		80,000		79,906
Fortinet Inc 1.000% due 03/15/26		95,000		93,648
Microchip Technology Inc
0.972% due 02/15/24 ~		160,000		160,152
0.983% due 09/01/24 ~		135,000		134,876
2.670% due 09/01/23		205,000		212,610
Micron Technology Inc
2.497% due 04/24/23		550,000		566,791
4.640% due 02/06/24		120,000		130,300
NXP BV (China)
2.700% due 05/01/25 ~		40,000		41,802
3.875% due 09/01/22 ~		200,000		205,986
4.625% due 06/01/23 ~		200,000		212,732
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		45,093
VMware Inc 0.600% due 08/15/23		90,000		90,141
				2,218,379
Utilities - 3.6%
Alexander Funding Trust 1.841% due 11/15/23 ~		120,000		122,347
APT Pipelines Ltd (Australia) 4.200% due 03/23/25 ~		85,000		92,500
Edison International 3.125% due 11/15/22		155,000		158,949
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		200,000		198,957
FirstEnergy Corp 3.350% due 07/15/22		240,000		243,144
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		333,048
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		138,734
Pacific Gas and Electric Co
1.750% due 06/16/22		810,000		808,788
3.500% due 06/15/25		135,000		140,860
San Diego Gas & Electric Co 1.914% due 02/01/22		13,930		13,960
Sempra Energy 2.875% due 10/01/22		25,000		25,422
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		500,000		507,078
The AES Corp 3.300% due 07/15/25 ~		155,000		164,851
Vistra Operations Co LLC 3.550% due 07/15/24 ~		480,000		505,013
				3,453,651
Total Corporate Bonds & Notes (Cost $46,557,206)				47,354,299

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-80

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 19.5%
Collateralized Mortgage Obligations - Commercial - 6.6%
Austin Fairmont Hotel Trust 1.134% (USD LIBOR + 1.050%) due 09/15/32 ~ §	$	115,000	$	115,120
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		138,202
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		10,714		10,731
Bank 2019-BNK 19 2.263% due 08/15/61		76,439		78,070
Bank 2019-BNK 24 2.056% due 11/15/62		90,857		92,343
BCP Trust 0.883% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		69,617
BPR Trust 1.250% (USD LIBOR + 1.150%) due 09/25/38 ~ §		105,000		105,280
BX Commercial Mortgage Trust 1.004% (USD LIBOR + 0.920%) due 10/15/36 ~ §		88,367		88,623
1.484% (USD LIBOR + 1.400%) due 06/15/38 ~ §		100,000		100,344
CGDB Commercial Mortgage Trust 1.734% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		349,610
Commercial Mortgage Trust
3.221% due 10/10/48		118,916		119,997
3.754% due 02/10/37 ~ §		120,000		121,617
3.926% due 03/10/48 §		65,000		69,661
3.961% due 03/10/47		150,000		160,163
4.353% due 08/10/30 ~		120,000		126,221
4.701% due 03/10/47		195,000		208,666
4.860% due 08/10/47 ~ §		100,000		99,722
CSAIL Commercial Mortgage Trust 2.025% due 09/15/50		28,805		28,886
2.360% due 06/15/52		98,319		100,404
Extended Stay America Trust 1.784% (USD LIBOR + 1.700%) due 07/15/38 ~ §		114,405		115,424
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		346,978
Great Wolf Trust 1.717% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		144,761
GS Mortgage Securities Corp Trust 1.684% (USD LIBOR + 1.600%) due 05/15/26 ~ §		100,000		100,249
InTown Hotel Portfolio Trust 1.034% (USD LIBOR + 0.950%) due 01/15/33 ~ §		100,000		100,135
1.584% (USD LIBOR + 1.500%) due 01/15/33 ~ §		100,000		100,175
JP Morgan Chase Commercial Mortgage Securities Trust 1.434% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		379,530
1.684% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		119,641
1.854% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		205,706
2.254% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		165,665
KIND Trust 1.834% (USD LIBOR + 1.750%) due 08/15/38 ~ §		130,000		130,318

	Principal Amount		Value
KKR Industrial Portfolio Trust 1.084% (USD LIBOR + 1.000%) due 12/15/37 ~ §	$	100,000	$	100,084
1.334% (USD LIBOR + 1.250%) due 12/15/37 ~ §		100,000		100,039
Merit 2020-Hill 1.484% (USD LIBOR + 1.400%) due 08/15/37 ~ §		188,607		189,014
1.784% (USD LIBOR + 1.700%) due 08/15/37 ~ §		94,303		94,580
2.434% (USD LIBOR + 2.350%) due 08/15/37 ~ §		108,449		108,883
MHC Trust 1.184% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		90,203
Morgan Stanley Capital I Trust 3.283% due 11/10/36 ~ §		255,000		254,265
3.912% due 09/09/32 ~		285,000		303,813
New Orleans Hotel Trust 1.373% (USD LIBOR + 1.289%) due 04/15/32 ~ §		385,000		383,034
Shelter Growth CRE Issuer Ltd (Cayman) 1.175% (USD LIBOR + 1.080%) due 09/15/36 ~ §		80,000		80,100
SLIDE Fund Trust 2.184% (USD LIBOR + 2.100%) due 06/15/31 ~ §		120,869		119,781
Wells Fargo Commercial Mortgage Trust 1.975% due 09/15/50		30,716		30,832
WFRBS Commercial Mortgage Trust 4.045% due 03/15/47		150,000		160,247
4.697% due 04/15/45		195,000		197,187
				6,303,921
Collateralized Mortgage Obligations - Residential - 9.4%
Angel Oak Mortgage Trust
0.909% due 01/25/66 ~ §		159,851		159,021
0.985% due 04/25/66 ~ §		124,682		125,199
1.068% due 05/25/66 ~ §		88,747		88,823
1.115% due 01/25/66 ~ §		45,870		45,890
1.261% due 05/25/65 ~ §		99,923		100,271
1.691% due 04/25/65 ~ §		32,026		32,283
Angel Oak Mortgage Trust LLC 1.579% due 05/25/65 ~ §		78,543		78,974
Bayview MSR Opportunity Master Fund Trust (Cayman) 2.500% due 06/25/51 ~ §		136,903		140,432
COLT Mortgage Loan Trust
1.167% due 06/25/66 ~ §		98,327		98,329
1.419% due 09/27/66 ~ §		99,460		99,263
1.506% due 04/27/65 ~ §		39,842		39,968
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		92,879		92,948
0.973% due 05/25/65 ~ §		75,970		75,919
1.260% due 04/25/66 ~ §		92,879		92,966
2.339% due 01/25/60 ~ §		68,493		68,892
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		71,322		71,285
0.931% due 06/25/66 ~ §		91,149		91,318
1.291% due 06/25/66 ~ §		91,149		91,317
Fannie Mae Connecticut Avenue Securities 0.936% (USD LIBOR + 0.850%) due 07/25/30 §		201,873		201,985
1.186% (USD LIBOR + 1.100%) due 11/25/29 §		304,662		301,146
1.286% (USD LIBOR + 1.200%) due 01/25/30 §		126,162		123,139
1.436% (USD LIBOR + 1.350%) due 09/25/29 §		89,978		90,587
Fannie Mae REMICS 4.000% due 06/25/44		1,831		1,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-81

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Flagstar Mortgage Trust 0.936% (USD LIBOR + 0.850%) due 03/25/50 ~ §	$	88,442	$	88,464
3.500% due 10/25/49 ~ §		53,445		54,649
4.000% due 09/25/48 ~ §		97,258		98,648
Freddie Mac STACR REMIC Trust 0.750% (SOFR + 0.700%) due 08/25/33 ~ §		36,343		36,368
0.900% (SOFR + 0.850%) due 09/25/41 ~ §		70,000		70,109
1.936% (USD LIBOR + 1.850%) due 02/25/50 ~ §		177,170		178,752
2.150% (SOFR + 2.100%) due 10/25/33 ~ §		100,000		102,154
3.186% (USD LIBOR + 3.100%) due 03/25/50 ~ §		172,423		175,120
Freddie Mac STACR Trust 0.886% (USD LIBOR + 0.800%) due 12/25/30 ~ §		39,993		40,037
1.036% (USD LIBOR + 0.950%) due 12/25/30 ~ §		70,000		70,060
1.486% (USD LIBOR + 1.400%) due 02/25/49 ~ §		134,658		135,581
Freddie Mac Structured Agency Credit Risk Debt Notes 0.836% (USD LIBOR + 0.750%) due 03/25/30 §		20,402		20,426
0.850% (SOFR + 0.800%) due 08/25/33 ~ §		110,025		110,209
Freddie Mac Whole Loan Securities Trust 3.844% due 05/25/47 ~ §		18,492		18,640
Galton Funding Mortgage Trust
2.310% due 01/25/60 ~ §		33,341		33,905
2.832% due 01/25/60 ~ §		145,000		145,175
3.339% due 10/25/59 ~ §		140,000		140,814
3.500% due 11/25/57 ~ §		37,733		38,158
4.000% due 02/25/59 ~ §		41,086		41,508
GS Mortgage-Backed Securities Corp Trust 1.017% due 07/25/61 ~ §		79,251		79,352
2.500% due 10/25/51 ~ §		218,657		223,645
GS Mortgage-Backed Securities Trust 1.657% due 07/25/44 ~ §		3,927		3,961
Homeward Opportunities Fund I Trust 2.675% due 11/25/59 ~ §		41,377		41,681
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		144,532		148,406
Imperial Fund Mortgage Trust 1.516% due 09/25/56 ~ §		98,938		98,978
Mello Mortgage Capital Acceptance 2.500% due 10/25/51 ~ §		110,000		112,582
New Residential Mortgage Loan Trust
0.943% due 07/25/55 ~ §		110,522		110,454
1.650% due 05/24/60 ~ §		50,334		50,720
2.464% due 01/26/60 ~ §		80,765		81,523
2.500% due 06/25/51 ~ §		99,096		101,291
2.710% due 11/25/59 ~ §		141,234		143,126
NLT Trust
1.162% due 08/25/56 ~ §		257,770		257,364
1.520% due 08/25/56 ~ §		104,099		103,938
OBX Trust 0.836% (USD LIBOR + 0.750%) due 02/25/60 ~ §		74,838		74,916
0.986% (USD LIBOR + 0.900%) due 06/25/59 ~ §		25,340		25,452
1.036% (USD LIBOR + 0.950%) due 02/25/60 ~ §		38,378		38,244
1.054% due 07/25/61 ~ §		98,292		98,376
1.072% due 02/25/66 ~ §		82,508		82,465
1.286% (USD LIBOR + 1.200%) due 06/25/59 ~ §		97,868		97,498
2.500% due 05/25/51 ~ §		157,150		159,850

	Principal Amount		Value
3.000% due 05/25/60 ~ §	$	50,011	$	50,810
3.500% due 12/25/49 ~ §		40,290		41,154
3.500% due 02/25/60 ~ §		127,365		130,773
PSMC Trust
2.500% due 03/25/51 ~ §		237,366		242,342
2.500% due 05/25/51 ~ §		177,305		180,773
Sequoia Mortgage Trust
4.000% due 06/25/48 ~ §		72,210		73,028
4.000% due 08/25/48 ~ §		63,717		64,686
4.500% due 08/25/48 ~ §		10,619		10,815
SG Residential Mortgage Trust
1.381% due 05/25/65 ~ §		52,243		52,441
2.703% due 09/25/59 ~ §		21,992		22,082
2.877% due 09/25/59 ~ §		270,488		271,710
STACR Trust 0.986% (USD LIBOR + 0.900%) due 09/25/48 ~ §		110,000		110,320
1.336% (USD LIBOR + 1.250%) due 02/25/47 ~ §		143,172		143,435
Starwood Mortgage Residential Trust
0.943% due 05/25/65 ~ §		86,162		86,206
1.162% due 08/25/56 ~ §		100,000		100,330
2.408% due 02/25/50 ~ §		115,611		116,694
2.610% due 09/27/49 ~ §		28,946		29,312
UWM Mortgage Trust 2.500% due 09/25/51 ~ §		45,000		46,165
Verus Securitization Trust
0.918% due 02/25/64 ~ §		88,639		88,470
1.052% due 01/25/66 ~ §		73,967		73,943
1.977% due 03/25/60 ~ §		55,841		56,298
2.724% due 01/25/60 ~ §		156,717		158,586
3.100% due 11/25/59 ~ §		156,429		158,696
3.117% due 07/25/59 ~ §		176,115		178,085
Vista Point Securitization Trust
1.763% due 03/25/65 ~ §		86,407		86,869
2.496% due 04/25/65 ~ §		62,478		63,087
Wells Fargo Mortgage-Backed Securities Trust 2.500% due 12/25/50 ~ §		202,048		205,999
ZH Trust 2.253% due 02/18/27 ~		100,000		100,360
				8,987,863
Fannie Mae - 1.7%
due 10/01/51 #		35,000		36,090
due 10/01/51 #		120,000		125,573
due 11/01/51 #		55,000		55,054
3.000% due 08/01/32		232,709		247,677
3.500% due 01/01/48 - 07/01/50		123,364		131,150
4.500% due 04/01/26 - 01/01/50		540,247		588,235
5.000% due 09/01/25 - 02/01/49		83,882		93,065
6.000% due 11/01/35 - 02/01/49		267,901		319,334
				1,596,178
Freddie Mac - 0.6%
2.000% due 01/01/36 - 09/01/36		259,119		268,391
4.000% due 02/01/50		122,277		131,906
4.500% due 03/01/49 - 05/01/50		75,553		82,014
5.000% due 12/01/41		63,543		70,227
7.000% due 03/01/39		26,058		29,993
7.500% due 06/01/38		26,761		30,721
				613,252
Government National Mortgage Association - 1.2%
due 11/20/51 #		167,000		175,666
3.500% due 08/20/51		164,382		174,421
4.000% due 10/20/50		259,155		276,145
5.000% due 01/20/48 - 05/20/48		243,811		265,695
5.500% due 09/15/45 - 02/20/49		192,088		220,807
				1,112,734
Total Mortgage-Backed Securities (Cost $18,558,132)				18,613,948

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-82

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 13.8%
AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26	$	115,000	$	115,302
0.970% due 02/18/26		85,000		85,605
1.060% due 08/18/26		80,000		80,595
1.210% due 12/18/26		65,000		64,766
1.290% due 06/18/27		140,000		139,925
1.590% due 10/20/25		165,000		167,852
1.800% due 12/18/25		160,000		163,405
2.690% due 06/19/23		35,038		35,171
Applebee’s Funding LLC 4.194% due 06/05/49 ~		148,500		151,751
Arbor Realty Commercial Real Estate Notes Ltd 1.155% (USD LIBOR + 1.070%) due 08/15/34 ~ §		150,000		150,525
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		193,549
Avis Budget Rental Car Funding AESOP LLC
2.330% due 08/20/26 ~		125,000		130,158
2.650% due 03/20/26 ~		425,000		442,315
3.330% due 03/20/24 ~		260,000		267,581
3.700% due 03/20/23 ~		100,000		100,803
4.530% due 03/20/23 ~		130,000		131,157
4.950% due 03/20/25 ~		100,000		107,772
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 ~ §		87,462		88,441
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 ~ §		54,556		55,626
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		220,598		230,389
Capital Auto Receivables Asset Trust 3.360% due 11/21/22 ~		122,350		122,815
CarMax Auto Owner Trust 2.340% due 11/17/25		105,000		108,192
CBAM Ltd (Cayman) 1.406% (USD LIBOR + 1.280%) due 02/12/30 ~ §		760,000		760,990
Cedar Funding XIV CLO Ltd (Cayman) 1.188% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		255,023
CIFC Funding Ltd (Cayman) 1.175% (USD LIBOR + 1.050%) due 04/24/30 ~ §		500,000		500,375
1.484% (USD LIBOR + 1.350%) due 10/20/31 ~ §		255,000		255,382
CNH Equipment Trust 3.010% due 04/15/24		94,208		95,387
Daimler Trucks Retail Trust 1.370% due 06/15/27		265,000		266,879
Dryden 86 CLO Ltd (Cayman) 1.234% (USD LIBOR + 1.100%) due 07/17/34 ~ §		250,000		250,312
Elara HGV Timeshare Issuer LLC 2.690% due 03/25/30 ~		31,612		32,434
2.730% due 04/25/28 ~		92,199		93,760
Ford Credit Auto Owner Trust 1.740% due 04/15/33 ~		115,000		115,428
2.040% due 12/15/26		185,000		190,720
GM Financial Automobile Leasing Trust 2.560% due 07/22/24		95,000		97,703
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		85,268
Hilton Grand Vacations Trust 2.660% due 12/26/28 ~		53,588		54,781
2.960% due 12/26/28 ~		22,328		22,758
Hyundai Auto Receivables Trust 1.600% due 12/15/26		150,000		152,770
2.940% due 05/15/25		165,000		170,071

	Principal Amount		Value
Madison Park Funding Ltd (Cayman) 1.210% (USD LIBOR + 1.070%) due 07/15/33 ~ §	$	250,000	$	250,026
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		61,174		62,848
MF1 Ltd (Cayman) 1.175% (USD LIBOR + 1.080%) due 10/18/36 ~ §		110,000		110,433
Mill City Mortgage Loan Trust 2.500% due 04/25/57 ~ §		5,775		5,796
MMAF Equipment Finance LLC 3.200% due 09/12/22 ~		20,959		20,998
MVW LLC 2.730% due 10/20/37 ~		70,974		72,495
MVW Owner Trust 2.420% due 12/20/34 ~		184,993		188,633
2.890% due 11/20/36 ~		187,741		193,250
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		128,371		128,253
1.170% due 09/16/69 ~		52,398		52,697
1.220% due 07/15/69 ~		177,844		178,955
2.400% due 10/15/68 ~		81,872		83,468
2.460% due 11/15/68 ~		195,000		201,786
2.640% due 05/15/68 ~		276,174		281,740
Navistar Financial Dealer Note Master Trust 1.036% (USD LIBOR + 0.950%) due 07/25/25 ~ §		190,000		191,047
1.436% (USD LIBOR + 1.350%) due 07/25/25 ~ §		180,000		181,437
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.434% (USD LIBOR + 1.300%) due 10/20/32 ~ §		250,000		250,123
OCP CLO Ltd (Cayman) 1.254% (USD LIBOR + 1.120%) due 07/20/29 ~ §		415,000		415,518
1.666% (USD LIBOR + 1.550%) due 07/15/30 ~ §		250,000		250,008
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		194,000		194,857
Santander Drive Auto Receivables Trust 1.010% due 01/15/26		125,000		125,878
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		254,735
2.520% due 11/20/24 ~		165,000		169,198
2.880% due 06/20/24 ~		410,000		419,540
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		298,642		300,709
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		73,487		73,527
2.430% due 10/20/33 ~		22,752		22,770
3.510% due 07/20/37 ~		71,375		73,328
SLM Student Loan Trust 0.486% (USD LIBOR + 0.400%) due 03/25/25 §		89,890		88,533
SMB Private Education Loan Trust 1.084% (USD LIBOR + 1.000%) due 06/15/27 ~ §		9,867		9,879
1.290% due 07/15/53 ~		93,845		94,271
1.584% (USD LIBOR + 1.500%) due 04/15/32 ~ §		214,597		216,514
1.600% due 09/15/54 ~		531,398		537,840
3.600% due 01/15/37 ~		99,187		104,704
Towd Point Mortgage Trust
2.250% due 07/25/56 ~ §		13,500		13,592
2.750% due 02/25/55 ~ §		770		771
2.750% due 08/25/55 ~ §		10,370		10,431
2.750% due 10/25/56 ~ §		20,435		20,721
2.750% due 04/25/57 ~ §		44,924		45,522
3.750% due 05/25/58 ~ §		69,150		72,438

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-83

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~	$	265,000	$	265,883
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		121,832
World Omni Select Auto Trust 0.840% due 06/15/26		125,000		125,246
1.250% due 10/15/26		140,000		141,252
Total Asset-Backed Securities (Cost $13,030,777)				13,157,218
U.S. TREASURY OBLIGATIONS - 15.4%
U.S. Treasury Notes - 15.4%
0.125% due 11/30/22		375,000		375,015
0.125% due 12/31/22		575,000		574,933
0.125% due 01/31/23		475,000		474,852
0.125% due 03/31/23		1,465,000		1,463,855
0.125% due 04/30/23		3,900,000		3,895,506
0.125% due 05/31/23		770,000		768,827
0.125% due 06/30/23		1,445,000		1,442,629
0.125% due 07/31/23		1,685,000		1,681,544
0.125% due 08/31/23		3,610,000		3,600,693
0.250% due 09/30/23		240,000		239,826
0.375% due 08/15/24		250,000		249,141
Total U.S. Treasury Obligations (Cost $14,773,212)				14,766,821
MUNICIPAL BONDS - 0.8%
Chicago Transit Authority Sales Tax Receipts Fund 1.708% due 12/01/22		10,000		10,142
1.838% due 12/01/23		10,000		10,229
2.064% due 12/01/24		25,000		25,782
City of Houston TX Airport System Revenue 0.883% due 07/01/22		15,000		15,074
1.054% due 07/01/23		30,000		30,317
1.272% due 07/01/24		95,000		96,473
Dallas Fort Worth International Airport 1.329% due 11/01/25		50,000		50,570
Long Island Power Authority 0.764% due 03/01/23		75,000		75,168
State Board of Administration Finance Corp 1.258% due 07/01/25		325,000		328,624

	Principal Amount		Value
State of Connecticut 1.998% due 07/01/24	$	55,000	$	56,905
2.000% due 07/01/23		20,000		20,543
2.098% due 07/01/25		35,000		36,455
Total Municipal Bonds (Cost $745,069)				756,282
SHORT-TERM INVESTMENTS - 1.4%
Corporate Notes - 0.3%
Pacific Gas and Electric Co 1.500% (USD LIBOR + 1.375%) due 11/15/21 §		295,000		295,127
	Shares
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		1,058,753		1,058,753
Total Short-Term Investments (Cost $1,353,753)				1,353,880
TOTAL INVESTMENTS - 100.4% (Cost $95,018,149)				96,002,448
DERIVATIVES - 0.0%				30,851
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(429,341	)
NET ASSETS - 100.0%				$95,603,958

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	49.5%
Mortgage-Backed Securities	19.5%
U.S. Treasury Obligations	15.4%
Asset-Backed Securities	13.8%
Others (each less than 3.0%)	2.2%
	100.4%
Derivatives	0.0%
Other Assets & Liabilities, Net	(0.4%	)
	100.0%

(b) Open futures contracts outstanding as of September 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		12/21		61		$13,432,001		$13,423,336		($8,665	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		12/21		23		2,843,522		2,823,070		20,452
U.S. Treasury 10-Year Notes		12/21		9		1,200,691		1,184,485		16,206
U.S. Treasury Ultra 10-Year Notes		12/21		1		148,108		145,250		2,858
										39,516
Total Futures Contracts										$30,851

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-84

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$47,354,299			$—			$47,354,299		$—
	Mortgage-Backed Securities		18,613,948			—			18,613,948		—
	Asset-Backed Securities		13,157,218			—			13,157,218		—
	U.S. Treasury Obligations		14,766,821			—			14,766,821		—
	Municipal Bonds		756,282			—			756,282		—
	Short-Term Investments		1,353,880			1,058,753			295,127		—
	Derivatives:
	Interest Rate Contracts
	Futures		39,516			39,516			—		—
	Total Assets		96,041,964			1,098,269			94,943,695		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(8,665	)		(8,665	)		—		—
	Total Liabilities		(8,665	)		(8,665	)		—		—
	Total		$96,033,299			$1,089,604			$94,943,695		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-85

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.5%
Azerbaijan - 0.5%
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$237,000		$279,845
Bahrain - 0.7%
BBK BSC 5.500% due 07/09/24 ~		200,000		208,541
The Oil and Gas Holding Co BSCC 8.375% due 11/07/28 ~		200,000		231,148
				439,689
Brazil - 6.0%
Braskem America Finance Co 7.125% due 07/22/41 ~		200,000		258,750
Braskem Netherlands Finance BV
5.875% due 01/31/50 ~		200,000		227,750
8.500% due 01/23/81 ~		280,000		320,950
CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		213,310
JSM Global SARL 4.750% due 10/20/30 ~		200,000		203,752
Klabin Austria GmbH 7.000% due 04/03/49 ~		200,000		242,258
Movida Europe SA 5.250% due 02/08/31 ~		200,000		194,325
NBM US Holdings Inc
7.000% due 05/14/26 ~		210,000		223,702
Petrobras Global Finance BV
5.093% due 01/15/30		150,000		158,779
5.500% due 06/10/51		100,000		93,225
6.850% due 06/05/15		180,000		185,939
Rede D’or Finance SARL 4.500% due 01/22/30 ~		164,000		163,541
Simpar Europe SA 5.200% due 01/26/31 ~		200,000		199,840
Suzano Austria GmbH 7.000% due 03/16/47 ~		200,000		262,506
Vale Overseas Ltd
6.875% due 11/21/36		165,000		220,069
6.875% due 11/10/39		175,000		236,994
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		200,000		272,457
				3,678,147
Chile - 1.1%
Corp Nacional del Cobre de Chile 5.625% due 10/18/43 ~		200,000		260,240
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		200,000		235,250
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		201,486
				696,976
China - 1.2%
Central China Real Estate Ltd 7.650% due 08/27/23 ~		200,000		126,000
China Evergrande Group 7.500% due 06/28/23 ~ Y		200,000		48,000
Kaisa Group Holdings Ltd 10.875% due 07/23/23 ~		200,000		166,242
Scenery Journey Ltd 12.000% due 10/24/23 ~ Y		200,000		35,500
Sinopec Group Overseas Development 2018 Ltd 3.350% due 05/13/50 ~		200,000		204,649

	Principal Amount		Value
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		$225,000		$186,066
				766,457
Colombia - 1.1%
Ecopetrol SA 6.875% due 04/29/30		45,000		52,729
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		37,649
Grupo Aval Ltd 4.375% due 02/04/30 ~		$200,000		197,850
Millicom International Cellular SA 5.125% due 01/15/28 ~		180,000		187,425
Oleoducto Central SA 4.000% due 07/14/27 ~		205,000		211,406
				687,059
India - 1.3%
Bharti Airtel Ltd 4.375% due 06/10/25 ~		200,000		214,991
Greenko Solar Mauritius Ltd 5.550% due 01/29/25 ~		200,000		204,632
Network i2i Ltd 3.975% due 06/03/70 ~		200,000		201,750
Vedanta Resources Ltd 6.125% due 08/09/24 ~		200,000		179,842
				801,215
Indonesia - 1.3%
P.T. Indonesia Asahan Aluminium Persero
5.450% due 05/15/30 ~		200,000		230,250
6.757% due 11/15/48 ~		250,000		321,887
P.T. Perusahaan Listrik Negara 6.150% due 05/21/48 ~		202,000		249,824
				801,961
Israel - 0.9%
Leviathan Bond Ltd 6.750% due 06/30/30 ~		100,000		111,045
Teva Pharmaceutical Finance Netherlands III BV 6.750% due 03/01/28		400,000		457,500
				568,545
Jamaica - 0.1%
Digicel International Finance Ltd
8.000% due 12/31/26 ~		38,669		37,582
8.750% due 05/25/24 ~		25,528		26,460
				64,042
Kazakhstan - 1.5%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		228,103
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		412,914
KazMunayGas National Co JSC 6.375% due 10/24/48 ~		200,000		257,710
				898,727
Luxembourg - 0.3%
Altice Financing SA 5.750% due 08/15/29 ~		200,000		194,000
Malaysia - 0.9%
Petronas Capital Ltd
3.404% due 04/28/61 ~		200,000		201,971
4.550% due 04/21/50 ~		291,000		357,564
				559,535

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-86

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Mexico - 3.9%
Alfa SAB de CV 6.875% due 03/25/44 ~		$200,000		$266,250
Axtel SAB de CV 6.375% due 11/14/24 ~		174,000		178,132
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		208,779
Comision Federal de Electricidad
4.875% due 01/15/24 ~		200,000		216,409
5.750% due 02/14/42 ~		200,000		219,502
8.180% due 12/23/27 ~		MXN 950,000		43,817
Petroleos Mexicanos
6.350% due 02/12/48		$108,000		91,422
6.750% due 09/21/47		348,000		304,048
6.950% due 01/28/60		299,000		261,704
7.190% due 09/12/24 ~		MXN 1,670,000		77,285
7.690% due 01/23/50		$350,000		331,893
Trust Fibra Uno REIT 6.390% due 01/15/50 ~		200,000		236,627
				2,435,868
Morocco - 0.4%
OCP SA 6.875% due 04/25/44 ~		200,000		242,986
Oman - 0.3%
Bank Muscat SAOG 4.750% due 03/17/26 ~		200,000		206,431
Pakistan - 0.3%
The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		204,942
Panama - 1.4%
AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		200,000		206,450
C&W Senior Financing DAC
6.875% due 09/15/27 ~		400,000		421,000
7.500% due 10/15/26 ~		200,000		207,672
				835,122
Peru - 0.7%
InRetail Shopping Malls 5.750% due 04/03/28 ~		40,000		41,822
Petroleos del Peru SA 5.625% due 06/19/47 ~		400,000		400,236
				442,058
Qatar - 0.4%
Qatar Petroleum 3.125% due 07/12/41 ~		210,000		210,300
Saudi Arabia - 0.7%
Acwa Power Management And Investments One Ltd 5.950% due 12/15/39 ~		199,786		241,741
Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		200,000		207,713
				449,454

	Principal Amount		Value
Singapore - 0.3%
Puma International Financing SA 5.000% due 01/24/26 ~		$200,000		$200,881
South Africa - 0.3%
Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		200,000		208,862
Ukraine - 0.7%
Metinvest BV 7.750% due 10/17/29 ~		200,000		217,348
VF Ukraine PAT via VFU Funding PLC 6.200% due 02/11/25 ~		200,000		207,816
				425,164
United Kingdom - 0.4%
Standard Chartered Bank
6.625% due 05/18/33 ~		IDR 270,000,000		18,959
8.125% due 05/17/24 ~		369,000,000		28,147
8.250% due 05/19/36 ~		980,000,000		76,620
8.375% due 03/17/34 ~		810,000,000		64,177
9.000% due 03/20/29 ~		311,000,000		25,423
11.000% due 09/17/25 ~		432,000,000		36,622
				249,948
United States - 0.7%
JBS USA Food Co 5.750% due 01/15/28 ~		$200,000		210,376
JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		IDR 2,854,000,000		213,750
				424,126
Venezuela - 0.8%
Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ y		$113,000		6,780
8.500% due 10/27/21 * ~ y		1,460,500		412,591
9.000% due 11/17/21 * ~ y		239,354		14,361
9.750% due 05/17/35 * ~ y		306,278		18,377
12.750% due 02/17/22 * ~ y		117,000		7,020
				459,129
Zambia - 0.3%
First Quantum Minerals Ltd 6.875% due 03/01/26 ~		200,000		208,250
Total Corporate Bonds & Notes (Cost $18,151,380)				17,639,719
FOREIGN GOVERNMENT BONDS & NOTES - 67.4%
Angola - 1.0%
Angolan Government International
8.250% due 05/09/28 ~		200,000		207,790
9.125% due 11/26/49 ~		200,000		203,884
9.375% due 05/08/48 ~		200,000		207,056
				618,730
Argentina - 1.8%
Argentine Republic Government International
0.500% due 07/09/30		1,436,518		530,391
1.000% due 07/09/29		134,357		51,393
1.125% due 07/09/35		1,058,698		348,905
2.000% due 01/09/38		188,127		73,424
2.500% due 07/09/41		379,217		140,033
				1,144,146

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-87

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Belarus - 0.3%
Republic of Belarus International 7.625% due 06/29/27 ~		$200,000		$198,304
Brazil - 6.6%
Brazil Letras do Tesouro Nacional
9.526% due 07/01/23		BRL 6,949,000		1,088,134
9.940% due 01/01/24		8,380,000		1,242,759
Brazil Notas do Tesouro Nacional ‘F’
10.000% due 01/01/27		3,515,000		631,413
10.000% due 01/01/29		1,710,000		301,666
10.000% due 01/01/31		1,570,000		271,019
Brazilian Government International
5.000% due 01/27/45		$200,000		187,144
7.125% due 01/20/37		160,000		193,045
8.250% due 01/20/34		110,000		146,958
				4,062,138
Chile - 0.9%
Bonos de la Tesoreria de la Republica en pesos 5.000% due 10/01/28 ~		CLP 125,000,000		150,527
Chile Government International
3.100% due 05/07/41		$200,000		193,404
3.500% due 01/25/50		234,000		234,380
				578,311
China - 0.5%
China Government
2.680% due 05/21/30		CNY 1,520,000		229,663
3.720% due 04/12/51		630,000		103,016
				332,679
Colombia - 3.1%
Colombia Government International
3.875% due 04/25/27		$220,000		228,441
5.625% due 02/26/44		200,000		209,178
6.125% due 01/18/41		130,000		143,189
7.375% due 09/18/37		110,000		135,681
8.125% due 05/21/24		141,000		163,145
Colombian TES
4.750% due 02/23/23 ^		COP 547,421,019		151,360
5.750% due 11/03/27		1,135,700,000		280,672
6.000% due 04/28/28		379,200,000		93,741
6.250% due 11/26/25		64,600,000		17,000
6.250% due 07/09/36		137,500,000		30,527
7.250% due 10/18/34		115,800,000		28,891
7.250% due 10/26/50		123,800,000		28,943
7.500% due 08/26/26		870,800,000		237,053
10.000% due 07/24/24		586,500,000		171,976
				1,919,797
Costa Rica - 0.3%
Costa Rica Government International 5.625% due 04/30/43 ~		$200,000		178,502
Croatia - 0.4%
Croatia Government International 6.000% due 01/26/24 ~		200,000		223,360
Czech Republic - 0.0%
Czech Republic Government 4.200% due 12/04/36 ~		CZK 240,000		13,900

	Principal Amount		Value
Dominican Republic - 3.4%
Dominican Republic International
4.875% due 09/23/32 ~		$488,000		$498,985
5.300% due 01/21/41 ~		150,000		148,726
5.500% due 01/27/25 ~		100,000		109,501
5.875% due 01/30/60 ~		648,000		635,694
6.850% due 01/27/45 ~		200,000		223,752
6.875% due 01/29/26 ~		276,000		319,473
7.450% due 04/30/44 ~		130,000		155,384
				2,091,515
Ecuador - 3.5%
Ecuador Government International
0.500% due 07/31/40 ~		517,534		302,439
1.000% due 07/31/35 ~		2,293,216		1,522,145
5.000% due 07/31/30 ~		417,955		352,131
				2,176,715
Egypt - 2.9%
Egypt Government
14.051% due 07/21/22		EGP 397,000		25,486
14.138% due 10/20/22		242,000		15,515
14.313% due 10/13/23		348,000		22,256
14.483% due 04/06/26		2,460,000		157,774
14.563% due 07/06/26		1,206,000		77,475
Egypt Government International
7.600% due 03/01/29 ~		$200,000		207,812
7.625% due 05/29/32 ~		200,000		199,965
7.903% due 02/21/48 ~		300,000		274,875
8.500% due 01/31/47 ~		200,000		193,746
8.700% due 03/01/49 ~		200,000		194,797
8.750% due 09/30/51 ~		200,000		195,678
8.875% due 05/29/50 ~		216,000		214,566
				1,779,945
El Salvador - 0.7%
El Salvador Government International
7.125% due 01/20/50 ~		150,000		103,877
7.625% due 02/01/41 ~		150,000		106,502
7.650% due 06/15/35 ~		22,000		15,950
8.250% due 04/10/32 ~		32,000		24,006
8.625% due 02/28/29 ~		121,000		93,171
9.500% due 07/15/52 ~		150,000		117,564
				461,070
Gabon - 0.3%
Gabon Government International 6.375% due 12/12/24 ~		200,000		213,401
Ghana - 0.9%
Ghana Government International
8.625% due 04/07/34 ~		200,000		190,796
8.875% due 05/07/42 ~		200,000		186,504
8.950% due 03/26/51 ~		200,000		182,803
				560,103
Hungary - 0.8%
Hungary Government
3.000% due 10/27/27		HUF 8,450,000		27,528
3.000% due 08/21/30		35,330,000		113,425
6.750% due 10/22/28		17,050,000		68,418
Hungary Government International
5.375% due 03/25/24		$84,000		93,341
5.750% due 11/22/23		150,000		166,031
				468,743

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-88

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
India - 0.3%
Export-Import Bank of India 4.000% due 01/14/23 ~		$200,000		$207,867
Indonesia - 5.4%
Indonesia Government International
5.125% due 01/15/45 ~		200,000		242,576
5.950% due 01/08/46 ~		200,000		271,202
6.625% due 02/17/37 ~		130,000		177,544
7.750% due 01/17/38 ~		130,000		193,682
8.500% due 10/12/35 ~		100,000		156,492
Indonesia Treasury
6.125% due 05/15/28		IDR 657,000,000		46,891
6.625% due 05/15/33		2,222,000,000		156,025
7.000% due 05/15/27		5,965,000,000		447,193
7.000% due 09/15/30		3,392,000,000		248,964
7.500% due 06/15/35		1,438,000,000		106,550
7.500% due 05/15/38		331,000,000		24,127
8.250% due 05/15/29		4,841,000,000		381,699
8.250% due 05/15/36		895,000,000		69,974
8.375% due 03/15/24		3,096,000,000		236,269
8.375% due 09/15/26		2,156,000,000		171,087
8.375% due 04/15/39		2,321,000,000		182,599
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		226,526
				3,339,400
Ivory Coast - 0.9%
Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 130,000		147,062
5.875% due 10/17/31 ~		125,000		151,388
6.875% due 10/17/40 ~		200,000		248,189
				546,639
Kenya - 0.4%
Kenya Government International 8.000% due 05/22/32 ~		$200,000		221,599
Lebanon - 0.7%
Lebanon Government International
5.800% due 04/14/22 * ~ y		128,000		21,440
6.000% due 01/27/23 * ~ y		35,000		5,929
6.100% due 10/04/22 * ~ y		1,192,000		201,520
6.150% due 06/19/22 * y		249,000		41,707
6.375% due 03/09/22 * y		184,000		30,820
6.600% due 11/27/26 * ~ y		88,000		14,940
6.850% due 03/23/27 * ~ y		157,000		26,538
7.000% due 03/23/32 * ~ y		146,000		24,802
7.050% due 11/02/35 * ~ y		9,000		1,527
7.250% due 03/23/37 * ~ y		92,000		17,047
8.250% due 04/12/22 * ~ y		366,000		63,592
				449,862
Malaysia - 0.6%
Malaysia Government
3.757% due 05/22/40		MYR 35,000		7,999
3.828% due 07/05/34		523,000		123,899
4.065% due 06/15/50		268,000		61,750
4.232% due 06/30/31		57,000		14,454
4.254% due 05/31/35		300,000		74,361
4.893% due 06/08/38		211,000		55,320
4.921% due 07/06/48		66,000		17,361
4.935% due 09/30/43		28,000		7,346
				362,490

	Principal Amount		Value
Mexico - 2.5%
Mexican Bonos
10.000% due 12/05/24		MXN 9,640,000		$512,273
Mexico Government International
2.659% due 05/24/31		$200,000		193,446
3.750% due 04/19/71		200,000		173,298
3.771% due 05/24/61		400,000		355,934
4.750% due 03/08/44		42,000		44,877
5.550% due 01/21/45		75,000		87,961
5.750% due 10/12/10		82,000		93,588
6.050% due 01/11/40		50,000		61,342
				1,522,719
Mongolia - 0.3%
Mongolia Government International
5.625% due 05/01/23 ~		200,000		210,409
Morocco - 0.4%
Morocco Government International 5.500% due 12/11/42 ~		200,000		225,895
Nigeria - 1.0%
Nigeria Government International
7.696% due 02/23/38 ~		200,000		198,351
8.250% due 09/28/51 ~		200,000		201,841
9.248% due 01/21/49 ~		200,000		218,241
				618,433
Oman - 1.4%
Oman Government International
6.000% due 08/01/29 ~		250,000		263,583
6.500% due 03/08/47 ~		400,000		389,019
6.750% due 01/17/48 ~		200,000		198,547
				851,149
Pakistan - 1.2%
Pakistan Government International
6.875% due 12/05/27 ~		200,000		201,633
7.375% due 04/08/31 ~		261,000		260,990
8.250% due 04/15/24 ~		259,000		277,260
				739,883
Panama - 1.1%
Panama Government International
4.300% due 04/29/53		200,000		212,316
6.700% due 01/26/36		93,000		124,005
8.875% due 09/30/27		116,000		158,530
9.375% due 04/01/29		118,000		171,923
				666,774
Paraguay - 0.4%
Paraguay Government International
5.400% due 03/30/50 ~		200,000		230,502
Peru - 1.7%
Fondo MIVIVIENDA SA
7.000% due 02/14/24 ~		PEN 101,000		25,131
Peru Government
5.350% due 08/12/40		173,000		33,282
5.400% due 08/12/34		482,000		100,792
Peruvian Government International
2.780% due 12/01/60		$119,000		100,762

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-89

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
3.230% due 07/28/22		$49,000		$40,816
5.625% due 11/18/50		84,000		114,008
6.900% due 08/12/37 ~		PEN 59,000		13,679
6.950% due 08/12/31 ~		778,000		195,422
7.350% due 07/21/25		$100,000		121,082
8.750% due 11/21/33		186,000		288,289
				1,033,263
Philippines - 1.3%
Philippine Government International
3.950% due 01/20/40		200,000		218,526
6.375% due 10/23/34		110,000		152,130
7.750% due 01/14/31		170,000		245,272
9.500% due 02/02/30		126,000		195,535
				811,463
Qatar - 1.0%
Qatar Government International
3.250% due 06/02/26 ~		200,000		216,160
4.817% due 03/14/49 ~		324,000		417,517
				633,677
Romania - 1.8%
Romania Government
4.150% due 10/24/30		RON 315,000		74,094
5.800% due 07/26/27		790,000		206,126
Romanian Government International
3.000% due 02/14/31 ~		$26,000		26,581
3.375% due 01/28/50 ~		EUR 199,000		227,346
3.624% due 05/26/30 ~		44,000		57,467
4.000% due 02/14/51 ~		$234,000		234,117
4.375% due 08/22/23 ~		174,000		185,780
6.125% due 01/22/44 ~		20,000		26,219
6.750% due 02/07/22 ~		104,000		106,188
				1,143,918
Russia - 2.8%
Russian Federal
6.900% due 05/23/29		RUB 18,856,000		255,375
7.050% due 01/19/28		11,375,000		155,628
7.150% due 11/12/25		4,742,000		65,210
7.250% due 05/10/34		1,102,000		15,011
7.400% due 07/17/24		4,717,000		65,301
7.700% due 03/16/39		413,000		5,864
7.750% due 09/16/26		4,364,000		61,584
7.950% due 10/07/26		2,478,000		35,202
8.500% due 09/17/31		23,147,000		347,695
Russian Foreign
4.250% due 06/23/27 ~		$200,000		223,118
4.375% due 03/21/29 ~		200,000		226,858
5.250% due 06/23/47 ~		200,000		253,870
				1,710,716
Saudi Arabia - 1.7%
Saudi Government International
3.750% due 01/21/55 ~		258,000		269,933
4.500% due 04/22/60 ~		200,000		239,480
5.000% due 04/17/49 ~		223,000		278,274
5.250% due 01/16/50 ~		200,000		259,240
				1,046,927
South Africa - 3.6%
Republic of South Africa Government
8.000% due 01/31/30		ZAR 5,919,000		365,587

	Principal Amount		Value
8.250% due 03/31/32		ZAR 16,236,619		$965,098
8.500% due 01/31/37		3,441,000		191,681
8.875% due 02/28/35		2,224,000		131,223
9.000% due 01/31/40		1,449,000		82,339
10.500% due 12/21/26		1,175,000		87,680
Republic of South Africa Government International
4.300% due 10/12/28		$235,000		236,799
5.650% due 09/27/47		200,000		190,708
				2,251,115
Sri Lanka - 0.4%
Sri Lanka Government International
7.550% due 03/28/30 ~		200,000		122,616
7.850% due 03/14/29 ~		202,000		124,347
				246,963
Thailand - 0.5%
Thailand Government
2.000% due 06/17/42		THB 2,812,000		75,423
2.875% due 06/17/46		333,000		10,277
3.300% due 06/17/38		3,087,000		101,610
3.400% due 06/17/36		2,099,000		69,985
3.600% due 06/17/67		1,151,000		38,964
				296,259
Turkey - 1.9%
Turkey Government
10.500% due 08/11/27		TRY 240,000		19,957
10.600% due 02/11/26		140,000		12,382
10.700% due 08/17/22		470,000		50,102
11.700% due 11/13/30		340,000		27,891
12.600% due 10/01/25		340,000		32,650
Turkey Government International
4.875% due 04/16/43		$200,000		156,090
5.750% due 03/22/24		200,000		204,966
5.750% due 05/11/47		200,000		166,333
5.875% due 06/26/31		200,000		188,169
6.000% due 03/25/27		200,000		199,905
6.875% due 03/17/36		90,000		87,637
				1,146,082
Ukraine - 2.6%
Ukraine Government
15.840% due 02/26/25		UAH 2,580,000		105,021
17.000% due 05/11/22		397,000		15,525
Ukraine Government International
6.876% due 05/21/29 ~		$200,000		203,267
7.253% due 03/15/33 ~		207,000		210,265
7.375% due 09/25/32 ~		600,000		615,768
7.750% due 09/01/23 ~		108,000		115,695
7.750% due 09/01/25 ~		119,000		129,548
9.750% due 11/01/28 ~		200,000		235,149
				1,630,238
United Arab Emirates - 0.7%
Abu Dhabi Government International
3.125% due 09/30/49 ~		200,000		201,284
3.875% due 04/16/50 ~		200,000		229,015
				430,299
Uruguay - 2.1%
Uruguay Government International
3.875% due 07/02/40 ^		UYU 5,692,000		152,689
4.125% due 11/20/45		$80,548		94,516

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-90

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
4.375% due 12/15/28 ^		UYU 2,056,748		$56,900
4.975% due 04/20/55		$210,218		263,767
5.100% due 06/18/50		150,864		192,401
7.625% due 03/21/36		92,000		137,866
7.875% due 01/15/33		91,000		134,547
8.250% due 05/21/31		UYU 7,872,000		187,022
8.500% due 03/15/28 ~		2,269,000		55,428
Uruguay Monetary Regulation Bill
4.870% due 10/15/21		299,000		6,961
6.851% due 03/02/22		1,044,000		23,685
				1,305,782
Venezuela - 0.5%
Venezuela Government International
7.750% due 10/13/21 * ~ y		$85,000		8,925
8.250% due 10/13/24 * ~ y		166,100		18,022
9.000% due 05/07/23 * ~ y		73,000		7,957
9.250% due 09/15/27 * y		252,000		27,342
9.250% due 05/07/28 * ~ y		121,000		13,189
11.750% due 10/21/26 * ~ y		768,700		85,710
11.950% due 08/05/31 * ~ y		1,255,900		137,521
12.750% due 08/23/22 * ~ y		211,000		23,421
				322,087
Vietnam - 0.4%
Vietnam Government International
4.800% due 11/19/24 ~		200,000		221,883
Zambia - 0.4%
Zambia Government International
8.970% due 07/30/27 * ~ y		307,000		238,292
Total Foreign Government Bonds & Notes (Cost $42,734,448)				41,683,944
SHORT-TERM INVESTMENTS - 2.2%
Foreign Government Issues - 0.8%
Egypt Treasury Bills (Egypt)
10.121% due 11/30/21		EGP 1,325,000		82,940
11.253% due 02/08/22		1,775,000		108,674
11.903% due 05/10/22		3,450,000		204,955
11.958% due 05/24/22		825,000		48,784
Uruguay Monetary Regulation Bill (Uruguay)
6.255% due 12/03/21		UYU 287,000		6,624
				451,977

	Shares		Value
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 0.010%		875,396		$875,396
Total Short-Term Investments (Cost $1,325,196)				1,327,373
TOTAL INVESTMENTS - 98.1% (Cost $62,211,024)				60,651,036
DERIVATIVES - (0.1%)				(82,156	)
OTHER ASSETS & LIABILITIES, NET - 2.0%				1,275,935
NET ASSETS - 100.0%				$61,844,815

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	67.4%
Corporate Bonds & Notes	28.5%
Others (each less than 3.0%)	2.2%
	98.1%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	2.0%
	100.0%

(b) As of September 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Brazil	12.6%
Indonesia	6.7%
Mexico	6.4%
Colombia	4.2%
South Africa	3.9%
Egypt	3.6%
Ecuador	3.5%
Dominican Republic	3.4%
Ukraine	3.3%
Others (each less than 3.0%)	50.5%
	98.1%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	2.0%
	100.0%

(c) Investments with a total aggregate value of $1,552,870 or 2.5% of the Fund’s net assets were in default as of September 30, 2021.

(d) Forward foreign currency contracts outstanding as of September 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	11,078,324	USD	2,073,428	10/21	JPM		$ —		($40,364	)
CLP	248,062,500	USD	315,000	10/21	MSC		—		(9,939	)
CNH	16,556,245	USD	2,543,046	11/21	BNP		16,237		—
CNH	3,404,800	USD	523,236	11/21	BRC		3,082		—
CNH	3,934,177	USD	601,841	11/21	HSB		6,308		—
COP	710,312,400	USD	180,000	10/21	BNP		6,153		—
COP	746,265,000	USD	195,000	10/21	JPM		575		—
CZK	5,894,427	USD	270,023	10/21	BNP		—		(842	)
CZK	5,894,427	USD	271,230	10/21	JPM		—		(2,048	)
CZK	7,453,468	USD	344,187	10/21	MSC		—		(3,809	)
CZK	18,627,512	USD	855,867	11/21	BRC		—		(6,379	)
HUF	38,765,773	USD	130,405	10/21	HSB		—		(5,587	)
HUF	194,035,237	USD	653,912	01/22	BNP		—		(31,334	)
IDR	1,990,301,500	USD	137,000	10/21	DUB		1,537		—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-91

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
IDR	1,907,370,000	USD	133,150		10/21	JPM		$—		($92	)
IDR	2,365,130,000	USD	163,000		10/21	MSC		1,627		—
IDR	376,090,000	USD	26,000		10/21	SCB		178		—
ILS	729,000	USD	226,057		11/21	MER		189		—
INR	74,620,558	USD	993,715		11/21	MER		4,520		—
KRW	1,500,503,780	USD	1,268,339		10/21	HSB		—		(1,466	)
KRW	341,669,900	USD	302,676		10/21	JPM		—		(14,205	)
KRW	1,512,823,120	USD	1,279,202		10/21	SCB		—		(2,344	)
MXN	1,687,640	USD	83,654		10/21	BNP		—		(2,243	)
MXN	16,738,445	USD	819,367		10/21	BRC		—		(11,913	)
MXN	3,934,531	USD	196,700		10/21	BSC		—		(6,900	)
MXN	2,764,614	USD	138,300		10/21	JPM		—		(4,936	)
MXN	3,948,662	USD	195,860		10/21	MER		—		(5,378	)
MXN	5,665,999	USD	282,492		10/21	MSC		—		(9,167	)
MYR	1,030,799	USD	246,020		10/21	HSB		—		(311	)
PEN	788,166	USD	193,000		10/21	CSF		—		(2,500	)
PEN	102,000	USD	25,000		10/21	DUB		—		(347	)
PEN	296,389	USD	74,991		10/21	MER		—		(3,354	)
PHP	14,017,742	USD	277,354		10/21	SCB		—		(3,717	)
PLN	3,081,694	USD	787,394		10/21	HSB		—		(12,602	)
PLN	2,788,182	USD	718,852		10/21	JPM		—		(17,853	)
PLN	1,069,326	USD	271,135		10/21	MSC		—		(2,287	)
RON	1,241,028	USD	294,833		10/21	BNP		—		(4,799	)
RUB	42,054,124	USD	555,836		10/21	BNP		19,499		—
RUB	19,162,800	USD	256,735		10/21	DUB		5,428		—
RUB	21,252,520	USD	291,300		10/21	HSB		—		(548	)
RUB	42,054,124	USD	555,341		10/21	HSB		19,994		—
RUB	95,297,490	USD	1,292,657		10/21	MSC		11,091		—
RUB	6,282,235	USD	84,670		11/21	MER		783		—
SGD	1,384,289	USD	1,018,178		11/21	ANZ		1,196		—
THB	26,642,274	USD	807,280		10/21	BRC		—		(20,026	)
THB	4,645,000	USD	139,469		11/21	DUB		—		(2,239	)
THB	7,931,567	USD	238,561		01/22	DUB		—		(4,278	)
TRY	2,699,320	USD	311,577		10/21	BRC		—		(12,436	)
TRY	132,000	USD	15,288		10/21	HSB		—		(660	)
TRY	2,699,320	USD	306,339		10/21	MSC		—		(7,198	)
TWD	23,051,318	USD	839,298		12/21	BRC		—		(7,334	)
USD	425,000	BRL	2,269,407		10/21	CSF		8,525		—
USD	67,000	BRL	353,539		10/21	DUB		2,119		—
USD	1,327,329	BRL	6,993,099		10/21	JPM		43,975		—
USD	278,000	BRL	1,462,280		10/21	SCB		9,646		—
USD	2,063,963	BRL	11,078,324		11/21	JPM		40,376		—
USD	42,721	CLP	32,545,619		10/21	CSF		2,697		—
USD	284,000	CNH	1,858,510		11/21	BNP		—		(3,291	)
USD	248,000	CNH	1,621,443		11/21	BRC		—		(2,645	)
USD	284,000	CNH	1,858,340		11/21	HSB		—		(3,264	)
USD	669,486	COP	2,583,513,354		10/21	CSF		—		(7,579	)
USD	888,715	EUR	751,647		10/21	JPM		17,833		—
USD	27,630	IDR	400,080,000		10/21	JPM		—		(280	)
USD	102,676	IDR	1,507,290,000		10/21	MER		—		(2,472	)
USD	191,797	IDR	2,801,250,983		10/21	SCB		—		(3,187	)
USD	70,310	IDR	1,023,760,000		11/21	HSB		—		(848	)
USD	71,156	IDR	1,027,131,808		12/21	JPM		11		—
USD	131,715	IDR	1,907,370,000		01/22	JPM		94		—
USD	285,000	KRW	329,350,560		10/21	DUB		6,930		—
USD	1,279,495	KRW	1,512,823,120		10/21	SCB		2,220		—
USD	360,000	MXN	7,274,880		10/21	MSC		9,063		—
USD	160,316	RUB	11,720,890		10/21	CIT		—		(35	)
USD	247,130	ZAR	3,601,154		10/21	JPM		8,916		—
USD	367,060	ZAR	5,538,821		10/21	MER		670		—
ZAR	608,000	USD	42,262		10/21	BNP		—		(2,043	)
Total Forward Foreign Currency Contracts								$251,472		($287,079	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-92

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(e) Swap agreements outstanding as of September 30, 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		($47,815	)		$—		($47,815	)
2.325%		7-Day CNY-RRR		Q / Q		LCH		09/16/25		CNY 7,000,000		(4,586	)		—		(4,586	)
2.833%		7-Day CNY-RRR		Q / Q		LCH		06/16/26		2,400,000		5,852			—		5,852
												($46,549	)		$—		($46,549	)

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		$—		$5,852
Liabilities		—		(52,401	)
		$—		($46,549	)

(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 September 30, 2021:

		Total Value at September 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$17,639,719			$—		$17,639,719			$—
	Foreign Government Bonds & Notes		41,683,944			—		41,683,944			—
	Short-Term Investments		1,327,373			875,396		451,977			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		251,472			—		251,472			—
	Interest Rate Contracts
	Swaps		5,852			—		5,852			—
	Total Assets - Derivatives		257,324			—		257,324			—
	Total Assets		60,908,360			875,396		60,032,964			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(287,079	)		—		(287,079	)		—
	Interest Rate Contracts
	Swaps		(52,401	)		—		(52,401	)		—
	Total Liabilities - Derivatives		(339,480	)		—		(339,480	)		—
	Total Liabilities		(339,480	)		—		(339,480	)		—
	Total		$60,568,880			$875,396		$59,693,484			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-93

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Basic Materials - 1.5%
The Sherwin-Williams Co		9,942		$2,781,076
Communications - 25.3%
Airbnb Inc ‘A’ *		267		44,789
Alphabet Inc ‘A’ *		4,038		10,795,674
Alphabet Inc ‘C’ *		1,238		3,299,654
Amazon.com Inc *		4,452		14,624,998
Bumble Inc ‘A’ *		6,325		316,123
Charter Communications Inc ‘A’ *		3,305		2,404,586
Facebook Inc ‘A’ *		21,364		7,250,728
Match Group Inc *		12,390		1,945,106
Netflix Inc *		4,927		3,007,145
Sea Ltd ADR (Taiwan) *		5,378		1,714,130
Shopify Inc ‘A’ (Canada) *		638		864,988
Uber Technologies Inc *		19,490		873,152
				47,141,073
Consumer, Cyclical - 3.1%
Chipotle Mexican Grill Inc *		630		1,145,037
Dollar General Corp		3,113		660,392
Lululemon Athletica Inc *		2,059		833,277
MGM Resorts International		8,146		351,500
NIKE Inc ‘B’		10,816		1,570,808
Ross Stores Inc		5,694		619,792
Starbucks Corp		5,069		559,161
				5,739,967
Consumer, Non-Cyclical - 21.1%
Abbott Laboratories		22,364		2,641,859
Alnylam Pharmaceuticals Inc *		2,171		409,907
Becton Dickinson and Co		2,895		711,649
Boston Scientific Corp *		51,411		2,230,723
Colgate-Palmolive Co		19,775		1,494,595
CoStar Group Inc *		17,190		1,479,371
Danaher Corp		14,439		4,395,809
Edwards Lifesciences Corp *		13,735		1,554,939
Equifax Inc		5,628		1,426,248
ICON PLC (Ireland) *		7,112		1,863,486
PayPal Holdings Inc *		18,099		4,709,541
Square Inc ‘A’ *		8,640		2,072,218
STERIS PLC		2,912		594,863
The Estee Lauder Cos Inc ‘A’		8,729		2,618,089
Thermo Fisher Scientific Inc		6,326		3,614,234
TransUnion		16,375		1,839,076
Verisk Analytics Inc		12,862		2,575,873
Vertex Pharmaceuticals Inc *		4,549		825,143
Zoetis Inc		11,987		2,327,156
				39,384,779
Financial - 8.2%
American Tower Corp REIT		4,270		1,133,301
Aon PLC ‘A’		4,231		1,209,093
Equinix Inc REIT		1,123		887,316
Mastercard Inc ‘A’		15,738		5,471,788
The Charles Schwab Corp		24,259		1,767,025
Visa Inc ‘A’		21,728		4,839,912
				15,308,435

	Shares		Value
Industrial - 3.0%
AMETEK Inc		12,138		$1,505,233
Canadian Pacific Railway Ltd (Canada)		10,597		689,547
Johnson Controls International PLC		14,408		980,897
Vulcan Materials Co		13,626		2,304,974
				5,480,651
Technology - 37.2%
Activision Blizzard Inc		12,680		981,305
Adobe Inc *		13,031		7,502,207
Apple Inc		50,254		7,110,941
Applied Materials Inc		13,560		1,745,579
ASML Holding NV (Netherlands)		2,619		1,951,443
Atlassian Corp PLC ‘A’ *		2,857		1,118,287
Autodesk Inc *		8,109		2,312,444
Black Knight Inc *		5,766		415,152
Cadence Design Systems Inc *		8,527		1,291,329
Clarivate PLC *		43,526		953,219
Electronic Arts Inc		10,182		1,448,390
Intuit Inc		8,637		4,659,748
Lam Research Corp		4,344		2,472,388
Microsoft Corp		68,496		19,310,392
MSCI Inc		5,953		3,621,448
NVIDIA Corp		21,707		4,496,822
ROBLOX Corp ‘A’ *		7,047		532,401
Roper Technologies Inc		2,271		1,013,161
salesforce.com Inc *		9,901		2,685,349
ServiceNow Inc *		3,688		2,294,932
Synopsys Inc *		3,266		977,873
Take-Two Interactive Software Inc *		2,728		420,303
				69,315,113
Total Common Stocks (Cost $61,410,291)				185,151,094
TOTAL INVESTMENTS - 99.4% (Cost $61,410,291)				185,151,094
OTHER ASSETS & LIABILITIES, NET - 0.6%				1,170,114
NET ASSETS - 100.0%				$186,321,208

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	37.2%
Communications	25.3%
Consumer, Non-Cyclical	21.1%
Financial	8.2%
Consumer, Cyclical	3.1%
Industrial	3.0%
Others (each less than 3.0%)	1.5%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$185,151,094		$185,151,094		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-94

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Basic Materials - 3.2%
Air Products and Chemicals Inc		13,425		$3,438,277
PPG Industries Inc		15,419		2,205,071
				5,643,348
Communications - 18.8%
Alphabet Inc ‘A’ *		1,172		3,133,365
Booking Holdings Inc*		1,829		4,341,808
Charter Communications Inc ‘A’ *		5,144		3,742,569
Cisco Systems Inc		81,350		4,427,881
Comcast Corp ‘A’		92,408		5,168,379
DISH Network Corp ‘A’ *		120,294		5,227,977
Motorola Solutions Inc		17,708		4,113,923
T-Mobile US Inc*		19,262		2,460,913
				32,616,815
Consumer, Cyclical - 3.2%
The Home Depot Inc		9,370		3,075,796
The TJX Cos Inc		38,219		2,521,690
				5,597,486
Consumer, Non-Cyclical - 8.8%
Amgen Inc		8,695		1,848,992
Anthem Inc		8,058		3,004,022
Johnson & Johnson		20,068		3,240,982
Merck & Co Inc		19,958		1,499,045
PepsiCo Inc		11,239		1,690,458
UnitedHealth Group Inc		9,988		3,902,711
				15,186,210
Energy - 5.8%
Chevron Corp		29,203		2,962,644
ConocoPhillips		70,936		4,807,333
Enterprise Products Partners LP		101,937		2,205,917
				9,975,894
Financial - 27.3%
American Express Co		40,099		6,717,785
American Tower Corp REIT		13,319		3,534,996
Bank of America Corp		187,396		7,954,960
Berkshire Hathaway Inc ‘B’ *		9,771		2,666,897
Capital One Financial Corp		20,863		3,379,180
JPMorgan Chase & Co		48,870		7,999,530
Marsh & McLennan Cos Inc		16,268		2,463,463
The Bank of New York Mellon Corp		46,301		2,400,244
The Charles Schwab Corp		53,147		3,871,228
The Progressive Corp		21,724		1,963,632
The Travelers Cos Inc		14,169		2,153,830
US Bancorp		35,255		2,095,557
				47,201,302
Industrial - 21.8%
Deere & Co		16,808		5,631,857
Honeywell International Inc		16,500		3,502,620
Illinois Tool Works Inc		12,892		2,663,874
Martin Marietta Materials Inc		6,100		2,084,248
Northrop Grumman Corp		8,562		3,083,604

	Shares		Value
Otis Worldwide Corp		25,309	$	2,082,424
Raytheon Technologies Corp		64,778		5,568,317
TE Connectivity Ltd		44,638		6,125,226
United Parcel Service Inc ‘B’		18,286		3,329,881
Vertiv Holdings Co		153,418		3,695,840
				37,767,891
Technology - 5.4%
Apple Inc		5,398		763,817
Microsoft Corp		6,535		1,842,347
NXP Semiconductors NV (China)		10,511		2,058,790
Oracle Corp		25,234		2,198,638
QUALCOMM Inc		19,312		2,490,862
				9,354,454
Utilities - 4.9%
Edison International		46,499		2,579,300
Sempra Energy		46,917		5,935,000
				8,514,300
Total Common Stocks (Cost $86,253,859)				171,857,700
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,373,587		1,373,587
Total Short-Term Investment (Cost $1,373,587)				1,373,587
TOTAL INVESTMENTS - 100.0% (Cost $87,627,446)				173,231,287
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(84,232	)
NET ASSETS - 100.0%				$173,147,055

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	27.3%
Industrial	21.8%
Communications	18.8%
Consumer, Non-Cyclical	8.8%
Energy	5.8%
Technology	5.4%
Utilities	4.9%
Basic Materials	3.2%
Consumer, Cyclical	3.2%
Others (each less than 3.0%)	0.8%
	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 September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$171,857,700		$171,857,700		$—		$—
	Short-Term Investment		1,373,587		1,373,587		—		—
	Total		$173,231,287		$173,231,287		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-95

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.2%
Basic Materials - 3.2%
Axalta Coating Systems Ltd *		29,283		$854,771
Ingevity Corp *		9,314		664,740
Rogers Corp *		2,947		549,556
				2,069,067
Communications - 2.9%
Open Lending Corp ‘A’ *		17,823		642,876
Q2 Holdings Inc *		12,245		981,314
Zendesk Inc *		2,255		262,459
				1,886,649
Consumer, Cyclical - 13.7%
Dutch Bros Inc ‘A’ *		10,196		441,691
F45 Training Holdings Inc *		38,344		573,626
Genius Sports Ltd (United Kingdom) *		36,177		675,063
JetBlue Airways Corp *		53,871		823,688
Leslie’s Inc *		49,127		1,009,069
Malibu Boats Inc ‘A’ *		12,264		858,235
Manchester United PLC ‘A’ (United Kingdom)		34,204		662,531
Olaplex Holdings Inc *		15,857		388,496
On Holding AG ‘A’ (Switzerland) *		6,798		204,824
Penn National Gaming Inc *		6,650		481,859
Petco Health & Wellness Co Inc *		23,704		500,154
Skechers USA Inc ‘A’ *		19,691		829,385
ThredUp Inc ‘A’ *		25,087		544,137
Visteon Corp *		4,857		458,452
Vroom Inc *		23,272		513,613
				8,964,823
Consumer, Non-Cyclical - 30.4%
Abcam PLC (United Kingdom) *		25,948		523,736
Acutus Medical Inc *		17,776		157,140
Adaptive Biotechnologies Corp *		8,250		280,418
Allovir Inc *		10,798		270,598
Amicus Therapeutics Inc *		12,112		115,670
Annexon Inc *		10,511		195,610
BioAtla Inc *		6,871		202,282
Bioxcel Therapeutics Inc *		5,787		175,636
Boyd Group Services Inc (Canada)		2,230		413,657
Bridgebio Pharma Inc *		6,406		300,249
Bright Horizons Family Solutions Inc *		2,671		372,391
Certara Inc *		23,676		783,676
Charles River Laboratories International Inc *		1,060		437,430
Collegium Pharmaceutical Inc *		10,719		211,593
European Wax Center Inc ‘A’ *		20,432		572,300
Evo Payments Inc ‘A’ *		41,633		985,870
Guardant Health Inc *		2,033		254,145
Harmony Biosciences Holdings Inc *		9,567		366,703
HealthEquity Inc *		8,828		571,701
ICON PLC (Ireland) *		3,047		798,375
Immunocore Holdings PLC ADR (United Kingdom) *		4,651		172,413
Laird Superfood Inc *		3,603		68,745
Legalzoom.com Inc *		16,196		427,574
LifeStance Health Group Inc *		37,332		541,314
Lyell Immunopharma Inc *		13,648		201,990
Maravai LifeSciences Holdings Inc ‘A’ *		12,580		617,426
MaxCyte Inc *		21,873		267,069
Neurocrine Biosciences Inc *		2,496		239,391
Nevro Corp *		3,845		447,481
Nuvei Corp (Canada) * ~		8,915		1,029,861
Oatly Group AB ADR *		34,956		528,535
Olink Holding AB ADR (Sweden) *		6,740		163,445
Optinose Inc *		25,201		75,603
Oxford Nanopore Technologies PLC (United Kingdom) *		26,448		218,306
Paylocity Holding Corp *		2,505		702,402
Payoneer Global Inc *		59,672		510,196

	Shares		Value
Prelude Therapeutics Inc *		6,631		$ 207,219
PROCEPT BioRobotics Corp *		5,707		217,722
Recursion Pharmaceuticals Inc ‘A’ *		12,386		285,002
Remitly Global Inc *		15,329		562,574
Ritchie Bros Auctioneers Inc (Canada)		17,236		1,062,772
Sana Biotechnology Inc *		10,568		237,991
Silk Road Medical Inc *		4,014		220,890
SpringWorks Therapeutics Inc *		5,756		365,161
Syneos Health Inc *		11,307		989,136
The Duckhorn Portfolio Inc *		17,202		393,754
TriNet Group Inc *		6,036		570,885
Turning Point Therapeutics Inc *		3,961		263,129
Twist Bioscience Corp *		2,844		304,223
				19,881,389
Energy - 1.8%
Array Technologies Inc *		24,140		447,073
Shoals Technologies Group Inc ‘A’ *		26,757		745,985
				1,193,058
Financial - 11.2%
Bank OZK		7,469		321,018
Big Yellow Group PLC REIT (United Kingdom)		28,569		536,990
CoreSite Realty Corp REIT		7,126		987,236
First Interstate BancSystem Inc ‘A’		1,862		74,964
Focus Financial Partners Inc ‘A’ *		20,652		1,081,545
GCM Grosvenor Inc ‘A’		22,637		260,778
Grosvenor Capital Management PIPE *		15,272		175,933
Hamilton Lane Inc ‘A’		10,040		851,593
Industrial Logistics Properties Trust REIT		10,186		258,826
Innovative Industrial Properties Inc REIT		2,628		607,515
Prosperity Bancshares Inc		7,915		562,994
STAG Industrial Inc REIT		24,431		958,917
WisdomTree Investments Inc		116,270		659,251
				7,337,560
Industrial - 12.0%
Advanced Drainage Systems Inc		4,565		493,796
Advanced Energy Industries Inc		10,420		914,355
CryoPort Inc *		9,866		656,188
Generac Holdings Inc *		778		317,945
Gerresheimer AG (Germany)		7,591		742,755
GFL Environmental Inc (Canada)		17,287		642,212
Knight-Swift Transportation Holdings Inc		14,639		748,785
Kratos Defense & Security Solutions Inc *		10,643		237,445
Littelfuse Inc		1,413		386,131
Schneider National Inc ‘B’		20,400		463,896
Sensata Technologies Holding PLC *		16,184		885,588
The AZEK Co Inc *		26,132		954,602
Trex Co Inc *		3,768		384,072
				7,827,770
Technology - 23.0%
8x8 Inc *		21,860		511,305
ACV Auctions Inc ‘A’ *		44,919		803,601
Alkami Technology Inc *		23,015		568,010
Avalara Inc *		1,800		314,586
CACI International Inc ‘A’ *		5,292		1,387,033
Definitive Healthcare Corp *		3,435		147,121
DoubleVerify Holdings Inc *		17,018		581,335
Endava PLC ADR (United Kingdom) *		5,656		768,368
Everbridge Inc *		5,897		890,683
ExlService Holdings Inc *		7,671		944,454
Health Catalyst Inc *		320		16,003
Keywords Studios PLC (Ireland) *		22,653		888,820
Latch Inc *		42,205		475,650
nCino Inc *		6,824		484,709
Outset Medical Inc *		6,493		321,014
PagerDuty Inc *		13,903		575,862
Paycor HCM Inc *		21,461		754,569

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-96

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Ping Identity Holding Corp *		17,891		$ 439,582
Procore Technologies Inc *		5,448		486,724
Rapid7 Inc *		12,386		1,399,866
Talkspace Inc *		93,751		342,191
TaskUS Inc ‘A’ (Philippines) *		7,136		473,616
Thoughtworks Holding Inc *		21,460		616,117
WNS Holdings Ltd ADR (India) *		10,103		826,425
				15,017,644
Total Common Stocks (Cost $56,564,942)				64,177,960
SHORT-TERM INVESTMENT - 2.5%
Money Market Fund - 2.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,639,393		1,639,393
Total Short-Term Investment (Cost $1,639,393)				1,639,393
TOTAL INVESTMENTS - 100.7% (Cost $58,204,335)				65,817,353
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(448,449	)
NET ASSETS - 100.0%				$65,368,904

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	30.4%
Technology	23.0%
Consumer, Cyclical	13.7%
Industrial	12.0%
Financial	11.2%
Basic Materials	3.2%
Others (each less than 3.0%)	7.2%
	100.7%
Other Assets & Liabilities, Net	(0.7%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,069,067		$2,069,067		$—		$—
	Communications		1,886,649		1,886,649		—		—
	Consumer, Cyclical		8,964,823		8,964,823		—		—
	Consumer, Non-Cyclical		19,881,389		19,881,389		—		—
	Energy		1,193,058		1,193,058		—		—
	Financial		7,337,560		7,337,560		—		—
	Industrial		7,827,770		7,085,015		742,755		—
	Technology		15,017,644		15,017,644		—		—
	Total Common Stocks		64,177,960		63,435,205		742,755		—
	Short-Term Investment		1,639,393		1,639,393		—		—
	Total		$65,817,353		$65,074,598		$742,755		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-97

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.1%
Basic Materials - 7.0%
AdvanSix Inc *		31,220		$1,240,995
Carpenter Technology Corp		38,029		1,245,070
Commercial Metals Co		33,950		1,034,117
GCP Applied Technologies Inc *		32,711		717,025
HB Fuller Co		20,670		1,334,455
Innospec Inc		8,890		748,716
Orion Engineered Carbons SA (Germany) *		64,371		1,173,483
Schnitzer Steel Industries Inc ‘A’		15,440		676,426
				8,170,287
Communications - 4.6%
A10 Networks Inc *		114,006		1,536,801
Casa Systems Inc *		144,828		981,934
Criteo SA ADR (France) *		35,843		1,313,646
Houghton Mifflin Harcourt Co *		114,676		1,540,099
				5,372,480
Consumer, Cyclical - 21.8%
Blue Bird Corp *		62,927		1,312,657
Dana Inc		47,220		1,050,173
Dine Brands Global Inc *		16,000		1,299,360
Genesco Inc *		19,700		1,137,281
Herman Miller Inc		42,500		1,600,550
Hilton Grand Vacations Inc *		14,890		708,317
IMAX Corp *		86,710		1,645,756
KB Home		41,040		1,597,277
Kontoor Brands Inc		23,080		1,152,846
Malibu Boats Inc ‘A’ *		8,509		595,460
Papa John’s International Inc		11,746		1,491,624
Regis Corp *		74,860		260,513
REV Group Inc		71,950		1,234,662
Ruth’s Hospitality Group Inc *		44,447		920,497
Sally Beauty Holdings Inc *		67,382		1,135,387
Scientific Games Corp *		17,670		1,467,847
SkyWest Inc *		34,609		1,707,608
Taylor Morrison Home Corp *		58,598		1,510,656
The Goodyear Tire & Rubber Co *		120,540		2,133,558
The Shyft Group Inc		40,071		1,523,099
				25,485,128
Consumer, Non-Cyclical - 11.5%
Acadia Healthcare Co Inc *		18,550		1,183,119
BrightView Holdings Inc *		77,173		1,139,073
Herc Holdings Inc *		14,780		2,415,939
Integra LifeSciences Holdings Corp *		17,880		1,224,422
Korn Ferry		22,402		1,621,009
MEDNAX Inc*		63,330		1,800,472
Nomad Foods Ltd (United Kingdom) *		58,864		1,622,292
The Hain Celestial Group Inc *		41,069		1,756,932
Viad Corp *		15,320		695,681
				13,458,939
Energy - 2.7%
Cimarex Energy Co *		10,560		920,832
Dril-Quip Inc *		24,731		622,727
HollyFrontier Corp		36,410		1,206,263
MRC Global Inc *		59,712		438,286
				3,188,108

	Shares		Value
Financial - 33.4%
1st Source Corp		22,972	$	1,085,197
Armada Hoffler Properties Inc REIT		40,282		538,570
Associated Banc-Corp		47,222		1,011,495
Bank of Marin Bancorp		20,278		765,494
BankUnited Inc		38,628		1,615,423
Berkshire Hills Bancorp Inc		53,700		1,448,826
Broadstone Net Lease Inc REIT		40,260		998,851
Carter Bankshares Inc *		27,004		383,997
Cousins Properties Inc REIT		29,186		1,088,346
HarborOne Bancorp Inc		95,992		1,347,728
Heritage Financial Corp		44,790		1,142,145
Independence Realty Trust Inc REIT		88,246		1,795,806
Independent Bank Group Inc		17,029		1,209,740
Moelis & Co ‘A’		21,834		1,350,870
National Storage Affiliates Trust REIT		21,356		1,127,383
NETSTREIT Corp REIT		46,950		1,110,368
Pacific Premier Bancorp Inc		28,729		1,190,530
Physicians Realty Trust REIT		98,491		1,735,411
Premier Financial Corp		28,340		902,346
RLJ Lodging Trust REIT		72,913		1,083,487
Sandy Spring Bancorp Inc		22,473		1,029,713
Selective Insurance Group Inc		19,875		1,501,159
STAG Industrial Inc REIT		44,862		1,760,834
Stifel Financial Corp		23,965		1,628,661
Synovus Financial Corp		35,680		1,565,995
Texas Capital Bancshares Inc *		27,321		1,639,806
The Hanover Insurance Group Inc		10,600		1,373,972
TriCo Bancshares		26,849		1,165,247
Umpqua Holdings Corp		65,500		1,326,375
Webster Financial Corp		28,653		1,560,442
WSFS Financial Corp		31,397		1,610,980
				39,095,197
Industrial - 11.9%
Applied Industrial Technologies Inc		1,403		126,452
ArcBest Corp		20,180		1,650,119
Belden Inc		23,034		1,341,961
Cactus Inc ‘A’		45,410		1,712,865
Crane Co		10,537		999,013
Dycom Industries Inc *		723		51,507
GATX Corp		11,440		1,024,566
Great Lakes Dredge & Dock Corp *		67,770		1,022,649
Masonite International Corp *		11,948		1,268,041
Regal Rexnord Corp		6,145		923,839
Southwest Gas Holdings Inc		17,210		1,151,005
Terex Corp		20,067		844,821
The Manitowoc Co Inc *		46,240		990,461
Trinseo SA		14,219		767,542
				13,874,841
Technology - 4.8%
Change Healthcare Inc *		50,180		1,050,769
CommVault Systems Inc *		11,229		845,656
Kulicke & Soffa Industries Inc (Singapore)		13,240		771,627
MagnaChip Semiconductor Corp (South Korea) *		56,402		1,001,700
NCR Corp *		16,383		635,005
Unisys Corp *		50,400		1,267,056
				5,571,813
Utilities - 1.4%
IDACORP Inc		15,920		1,645,810
Total Common Stocks (Cost $84,342,225)				115,862,603

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-98

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		1,308,355		$1,308,355
Total Short-Term Investment (Cost $1,308,355)				1,308,355
TOTAL INVESTMENTS - 100.2% (Cost $85,650,580)				117,170,958
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(219,591	)
NET ASSETS - 100.0%				$116,951,367

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.4%
Consumer, Cyclical	21.8%
Industrial	11.9%
Consumer, Non-Cyclical	11.5%
Basic Materials	7.0%
Technology	4.8%
Communications	4.6%
Others (each less than 3.0%)	5.2%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$115,862,603		$115,862,603		$—		$—
	Short-Term Investment		1,308,355		1,308,355		—		—
	Total		$117,170,958		$117,170,958		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-99

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Switzerland - 0.0%
Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		46,078		$21,754
Total Warrants (Cost $0)				21,754
PREFERRED STOCKS - 0.3%
Brazil - 0.3%
Lojas Americanas SA		426,650		376,059
India - 0.0%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22 *		390,884		10,795
Total Preferred Stocks (Cost $1,516,296)				386,854
COMMON STOCKS - 97.1%
Brazil - 4.6%
Ambev SA		278,725		784,622
Americanas SA *		76,827		435,363
B3 SA - Brasil Bolsa Balcao		221,279		519,294
Lojas Renner SA		88,000		553,459
Pagseguro Digital Ltd ‘A’ *		19,707		1,019,246
Vale SA ADR		198,308		2,766,397
				6,078,381
China - 24.3%
BeiGene Ltd ADR *		6,271		2,276,373
Blue Moon Group Holdings Ltd ~		150,729		130,599
Brii BiosciencesLtd * W		34,500		173,062
Brii BiosciencesLtd * ± W		34,000		162,026
Budweiser Brewing Co APAC Ltd ~		223,900		568,715
Contemporary Amperex Technology Co Ltd ‘A’		1,400		113,426
Huazhu Group Ltd ADR *		83,375		3,823,578
Innovent Biologics Inc * ~		63,000		606,706
Keymed BiosciencesInc * ~ W		9,645		63,746
Keymed BiosciencesInc * ~ ± W		14,500		91,041
Meituan B * ~		46,500		1,484,347
NetEase Inc ADR		35,471		3,029,223
New Horizon Health Ltd * ~		29,500		128,330
New Oriental Education & Technology Group Inc ADR *		128,671		263,776
OneConnect Financial Technology Co Ltd ADR *		30,929		126,809
Pinduoduo Inc ADR *		30,326		2,749,658
Remegen Co Ltd H * ~		16,114		202,705
Sunny Optical Technology Group Co Ltd		9,100		238,283
Tencent Holdings Ltd		72,081		4,303,146
Wuxi Biologics Cayman Inc * ~		171,500		2,781,781
Yum China Holdings Inc		82,133		4,772,749
Zai Lab Ltd ADR *		11,405		1,201,973
ZTO Express Cayman Inc		6,213		190,984
ZTO Express Cayman Inc ADR		78,714		2,413,371
				31,896,407
Egypt - 0.5%
Commercial International Bank Egypt SAE *		264,395		715,272
France - 4.9%
Kering SA		5,514		3,916,380
LVMH Moet Hennessy Louis Vuitton SE		100		71,626
Pernod Ricard SA		11,099		2,446,921
				6,434,927

	Shares		Value
Hong Kong - 4.8%
AIA Group Ltd		507,200		$5,835,035
Hong Kong Exchanges & Clearing Ltd		7,900		485,459
				6,320,494
India - 16.5%
Godrej Properties Ltd *		18,384		569,916
Havells India Ltd		9,155		168,293
HDFC Life Insurance Co Ltd ~		34,043		330,542
Housing Development Finance Corp Ltd		201,237		7,437,297
Infosys Ltd		96,746		2,169,068
Kotak Mahindra Bank Ltd		195,623		5,264,691
Oberoi Realty Ltd *		58,389		754,228
Tata Consultancy Services Ltd		82,597		4,185,872
Zee Entertainment Enterprises Ltd		185,526		753,642
				21,633,549
Indonesia - 1.7%
P.T. Bank Central Asia Tbk		500,500		1,219,077
P.T. Bank Rakyat Indonesia Persero Tbk		2,207,110		588,298
P.T. Indocement Tunggal Prakarsa Tbk		289,318		210,650
P.T. Semen Indonesia Persero Tbk		254,100		144,415
				2,162,440
Italy - 1.6%
Moncler SPA		13,105		799,282
PRADA SPA		235,000		1,283,331
				2,082,613
Mexico - 6.1%
Alsea SAB de CV *		183,480		369,422
Fomento Economico Mexicano SAB de CV		269,898		2,341,430
Fomento Economico Mexicano SAB de CV ADR		6,148		533,155
Grupo Mexico SAB de CV ‘B’		738,390		2,936,175
Wal-Mart de Mexico SAB de CV		535,620		1,815,111
				7,995,293
Peru - 0.5%
Credicorp Ltd		5,269		584,543
Philippines - 2.1%
Ayala Land Inc		1,252,400		822,494
SM Investments Corp		79,587		1,544,621
SM Prime Holdings Inc		679,656		434,628
				2,801,743
Poland - 0.6%
InPost SA *		45,944		762,369
Russia - 10.5%
Novatek PJSC GDR		25,693		6,727,067
Polyus PJSC		3,765		617,150
Polyus PJSC GDR ~		3,702		304,156
Sberbank of Russia PJSC		235,148		1,098,549
Yandex NV A *		63,271		5,042,066
				13,788,988
South Africa - 0.8%
FirstRand Ltd		236,867		1,014,712
South Korea - 4.7%
LG ChemLtd		1,451		941,075
NAVER Co		1,181		383,195
Samsung Biologics Co Ltd * ~		3,016		2,213,119
Samsung Electronics Co. Ltd.		42,103		2,610,159
				6,147,548

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-100

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Switzerland - 2.5%
Cie Financiere Richemont SA ‘A’		31,860		$3,303,312
Taiwan - 9.0%
MediaTek Inc		25,000		804,688
Taiwan Semiconductor Manufacturing Co Ltd		532,995		11,023,449
				11,828,137
Turkey - 0.3%
Akbank T.A.S.		672,855		403,274
United Kingdom - 1.1%
Oxford Nanopore Technologies PLC *		14,605		120,552
Prudential PLC		66,908		1,292,647
				1,413,199
Total Common Stocks (Cost $79,411,091)				127,367,201
SHORT-TERM INVESTMENT - 5.3%
Money Market Fund - 5.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		6,948,207		6,948,207
Total Short-Term Investment (Cost $6,948,207)				6,948,207
TOTAL INVESTMENTS - 102.7% (Cost $87,875,594)				134,724,016
OTHER ASSETS & LIABILITIES, NET - (2.7%)				(3,585,883	)
NET ASSETS - 100.0%				$131,138,133

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	23.2%
Technology	18.3%
Consumer, Cyclical	17.3%
Consumer, Non-Cyclical	13.0%
Communications	11.5%
Basic Materials	5.8%
Short-Term Investment	5.3%
Energy	5.1%
Industrial	3.2%
	102.7%
Other Assets & Liabilities, Net	(2.7%	)
	100.0%

(b) As of September 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	24.3%
India	16.5%
Russia	10.5%
Taiwan	9.0%
Mexico	6.1%
United States (Includes Short-Term Investments)	5.3%
Brazil	4.9%
France	4.9%
Hong Kong	4.8%
South Korea	4.7%
Others (each less than 3.0%)	11.7%
	102.7%
Other Assets & Liabilities, Net	(2.7%	)
	100.0%

(c) Investments with a total aggregate value of $489,875 or 0.4% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$21,754		$21,754		$—		$—
	Preferred Stocks		386,854		386,854		—		—
	Common Stocks
	Brazil		6,078,381		6,078,381		—		—
	China		31,896,407		20,894,318		10,749,022		253,067
	Egypt		715,272		—		715,272		—
	France		6,434,927		—		6,434,927		—
	Hong Kong		6,320,494		—		6,320,494		—
	India		21,633,549		—		21,633,549		—
	Indonesia		2,162,440		—		2,162,440		—
	Italy		2,082,613		—		2,082,613		—
	Mexico		7,995,293		7,995,293		—		—
	Peru		584,543		584,543		—		—
	Philippines		2,801,743		2,367,115		434,628		—
	Poland		762,369		—		762,369		—
	Russia		13,788,988		5,042,066		8,746,922		—
	South Africa		1,014,712		1,014,712		—		—
	South Korea		6,147,548		—		6,147,548		—
	Switzerland		3,303,312		—		3,303,312		—
	Taiwan		11,828,137		—		11,828,137		—
	Turkey		403,274		403,274		—		—
	United Kingdom		1,413,199		120,552		1,292,647		—
	Total Common Stocks		127,367,201		44,500,254		82,613,880		253,067
	Short-Term Investment		6,948,207		6,948,207		—		—
	Total		$134,724,016		$51,857,069		$82,613,880		$253,067

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-101

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Australia - 0.9%
Rio Tinto PLC		6,627		$434,414
Belgium - 0.8%
KBC Group NV		4,653		419,722
Brazil - 0.3%
Ambev SA ADR		48,554		134,009
Canada - 3.9%
Canadian National Railway Co		8,301		960,010
Intact Financial Corp		1,801		238,143
Suncor Energy Inc		12,079		250,430
The Toronto-Dominion Bank		7,593		502,663
				1,951,246
China - 2.1%
NetEase Inc		12,300		208,121
Tencent Holdings Ltd		8,500		507,440
Yum China Holdings Inc		5,973		347,091
				1,062,652
Denmark - 3.0%
Carlsberg AS ‘B’		2,217		361,688
Novo Nordisk AS ‘B’		11,692		1,126,987
				1,488,675
France - 14.4%
Air Liquide SA		7,870		1,260,460
Capgemini SE		5,191		1,076,493
Cie Generale des Etablissements Michelin SCA		2,005		307,448
Danone SA		825		56,247
Dassault Systemes SE		7,593		399,585
Engie SA		35,288		461,680
EssilorLuxottica SA		3,355		641,118
Legrand SA		4,774		511,532
L’Oreal SA		1,129		467,185
LVMH Moet Hennessy Louis Vuitton SE		1,596		1,143,158
Pernod Ricard SA		4,056		894,199
				7,219,105
Germany - 8.8%
Bayer AG		10,429		566,039
Beiersdorf AG		7,190		775,802
Deutsche Boerse AG		5,196		843,137
Merck KGaA		3,870		837,622
MTU Aero Engines AG		1,309		294,292
SAP SE		7,946		1,074,532
				4,391,424
Hong Kong - 2.3%
AIA Group Ltd		101,626		1,169,147
India - 2.9%
HDFC Bank Ltd		10,625		227,144
Housing Development Finance Corp Ltd		12,683		468,737
Tata Consultancy Services Ltd		14,707		745,325
				1,441,206
Ireland - 0.9%
Ryanair Holdings PLC ADR *		4,206		462,912

	Shares		Value
Israel - 1.0%
Check Point Software Technologies Ltd *		4,521		$511,054
Italy - 1.6%
Eni SPA		22,427		299,069
Intesa Sanpaolo SPA		178,164		504,380
				803,449
Japan - 18.1%
Daikin Industries Ltd		4,800		1,046,585
Denso Corp		6,900		450,552
Hitachi Ltd		18,500		1,094,473
Hoya Corp		6,500		1,014,122
Japan Tobacco Inc		18,700		366,413
Koito Manufacturing Co Ltd		7,000		420,932
Kose Corp		3,000		358,786
Kubota Corp		33,200		706,583
Kyocera Corp		7,800		487,588
Olympus Corp		31,800		696,038
Shin-Etsu Chemical Co Ltd		2,400		405,046
SMC Corp		900		561,519
Sony Group Corp		6,400		710,520
Terumo Corp		16,500		779,103
				9,098,260
Netherlands - 4.9%
Akzo Nobel NV		5,383		588,172
ING Groep NV		37,129		539,800
Koninklijke Philips NV		16,874		749,660
Randstad NV		6,940		467,250
Wolters Kluwer NV		842		89,249
				2,434,131
Portugal - 0.6%
Galp Energia SGPS SA		26,690		303,145
Singapore - 1.1%
DBS Group Holdings Ltd		23,900		529,591
Spain - 0.9%
Amadeus IT Group SA *		6,673		438,895
Sweden - 0.2%
Essity AB ‘B’		3,884		120,458
Switzerland - 13.7%
Cie Financiere Richemont SA ‘A’		5,874		609,029
Julius Baer Group Ltd		6,096		405,016
Nestle SA		14,923		1,798,073
Novartis AG		7,960		652,714
Roche Holding AG		4,067		1,484,333
Sika AG		1,533		484,694
UBS Group AG		50,461		805,439
Zurich Insurance Group AG		1,516		619,923
				6,859,221
Taiwan - 1.6%
Taiwan Semiconductor Manufacturing Co Ltd ADR		7,288		813,705
United Kingdom - 10.6%
Compass Group PLC *		36,132		738,942
Diageo PLC		17,489		846,730
Experian PLC		17,473		731,946
Linde PLC		1,993		586,099

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-102

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Reckitt Benckiser Group PLC		6,198		$486,916
RELX PLC 1		9,551		274,938
RELX PLC 2		18,356		531,362
Rolls-Royce Holdings PLC *		207,145		386,888
Smiths Group PLC		13,837		266,816
Tesco PLC		134,705		458,756
				5,309,393
United States - 4.2%
QIAGEN NV *		9,394		487,384
Schneider Electric SE		9,847		1,640,058
				2,127,442
Total Common Stocks (Cost $24,336,746)				49,523,256
SHORT-TERM INVESTMENT - 0.5%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		272,322		272,322
Total Short-Term Investment (Cost $272,322)				272,322
TOTAL INVESTMENTS - 99.3% (Cost $24,609,068)				49,795,578
OTHER ASSETS & LIABILITIES, NET - 0.7%				336,629
NET ASSETS - 100.0%				$50,132,207

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	35.1%
Industrial	18.9%
Financial	14.5%
Consumer, Cyclical	10.4%
Technology	9.6%
Basic Materials	6.5%
Others (each less than 3.0%)	4.3%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

(b) As of September 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	18.1%
France	14.4%
Switzerland	13.7%
United Kingdom	10.6%
Germany	8.8%
Netherlands	4.9%
United States (Includes Short-Term Investment)	4.7%
Canada	3.9%
Denmark	3.0%
Others (each less than 3.0%)	17.2%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$434,414		$—		$434,414		$—
	Belgium		419,722		—		419,722		—
	Brazil		134,009		134,009		—		—
	Canada		1,951,246		1,951,246		—		—
	China		1,062,652		347,091		715,561		—
	Denmark		1,488,675		—		1,488,675		—
	France		7,219,105		—		7,219,105		—
	Germany		4,391,424		—		4,391,424		—
	Hong Kong		1,169,147		—		1,169,147		—
	India		1,441,206		—		1,441,206		—
	Ireland		462,912		462,912		—		—
	Israel		511,054		511,054		—		—
	Italy		803,449		—		803,449		—
	Japan		9,098,260		—		9,098,260		—
	Netherlands		2,434,131		—		2,434,131		—
	Portugal		303,145		—		303,145		—
	Singapore		529,591		—		529,591		—
	Spain		438,895		—		438,895		—
	Sweden		120,458		—		120,458		—
	Switzerland		6,859,221		—		6,859,221		—
	Taiwan		813,705		813,705		—		—
	United Kingdom		5,309,393		—		5,309,393		—
	United States		2,127,442		487,384		1,640,058		—
	Total Common Stocks		49,523,256		4,707,401		44,815,855		—
	Short-Term Investment		272,322		272,322		—		—
	Total		$49,795,578		$4,979,723		$44,815,855		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-103

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.5%
Germany - 0.5%
Draegerwerk AG & Co KGaA		1,000		$81,953
Jungheinrich AG		2,438		113,062
				195,015
Total Preferred Stocks (Cost $216,332)				195,015
COMMON STOCKS - 97.7%
Australia - 3.2%
Austal Ltd		40,000		53,720
Charter Hall Retail REIT		40,000		113,412
Codan Ltd		15,500		140,705
Costa Group Holdings Ltd		30,000		69,951
GrainCorp Ltd ‘A’		19,907		89,827
Iluka Resources Ltd		18,000		115,790
McMillan Shakespeare Ltd		18,545		193,261
Metcash Ltd		43,378		121,328
Netwealth Group Ltd		9,000		92,895
Pro Medicus Ltd		3,000		116,383
Sandfire Resources		22,390		87,350
				1,194,622
Austria - 0.4%
BAWAG Group AG ~		2,439		154,356
Belgium - 1.2%
Bekaert SA		4,186		174,145
bpost SA *		8,943		78,860
D’ieteren SA		1,300		190,760
				443,765
Canada - 12.0%
Alaris Equity Partners Income		4,600		64,391
ARC Resources Ltd		20,000		187,431
AutoCanada Inc *		7,000		256,379
BTB REIT		28,500		90,455
Canaccord Genuity Group Inc		10,000		109,979
Canadian Western Bank		4,500		130,282
Canfor Pulp Products Inc *		12,700		65,174
Celestica Inc *		21,958		195,032
CI Financial Corp		6,052		122,846
Corus Entertainment Inc ‘B’		40,006		179,405
CT REIT		8,395		112,874
Dream Office REIT		5,500		99,874
Dundee Precious Metals Inc		23,050		138,671
Empire Co Ltd ‘A’		3,800		115,806
Enerplus Corp		33,600		268,991
Extendicare Inc		15,917		92,240
Finning International Inc		7,200		177,641
HEXO Corp *		13,000		23,812
Home Capital Group Inc *		4,000		117,196
Linamar Corp		2,200		114,238
Medical Facilities Corp		35,452		272,622
MEG Energy Corp *		17,000		132,741
Parex Resources Inc		9,688		176,229
Polaris Infrastructure Inc		9,400		128,391
Precision Drilling Corp *		4,145		167,554
TFI International Inc		2,200		225,072
The North West Co Inc		4,000		106,806
Torex Gold Resources Inc *		7,950		79,462
Trican Well Service Ltd *		38,000		88,805
Uni-Select Inc *		12,900		180,677
Wajax Corp		5,400		97,845
Western Forest Products Inc		90,900		157,887
				4,476,808

	Shares		Value
China - 0.4%
S-Enjoy Service Group Co Ltd		36,000		$76,555
VSTECS Holdings Ltd		82,000		73,414
				149,969
Denmark - 2.8%
Pandora AS		2,577		312,847
Royal Unibrew AS		1,700		204,479
Schouw & Co AS		1,100		105,652
SimCorp AS		755		89,206
Spar Nord Bank AS		6,975		81,158
Sydbank AS		4,600		137,492
Topdanmark AS		2,500		128,985
				1,059,819
Finland - 1.6%
Tokmanni Group Corp		6,829		166,593
Uponor Oyj		9,530		236,185
Valmet Oyj		5,000		180,520
				583,298
France - 4.7%
Alten SA		1,000		146,329
Biophytis SA *		60,347		51,658
Criteo SA ADR *		2,700		98,955
Elior Group SA * ~		10,630		84,429
Eutelsat Communications SA		2,809		38,627
IPSOS		2,600		118,154
Mercialys SA REIT		11,065		117,549
Metropole Television SA		6,339		131,876
Nexity SA		2,300		109,370
Publicis Groupe SA		3,600		241,840
SCOR SE		4,827		138,998
Societe BIC SA		1,670		98,463
Trigano SA		1,297		243,174
Virbac SA		350		150,089
				1,769,511
Georgia - 0.3%
Bank of Georgia Group PLC *		5,456		114,241
Germany - 6.5%
Cewe Stiftung & Co KGAA		748		100,334
Covestro AG ~		2,000		136,302
Deutsche Pfandbriefbank AG ~		10,085		113,530
DWS Group GmbH & Co KGaA ~		3,354		140,881
Freenet AG		5,500		143,907
GEA Group AG		5,947		271,596
GFT Technologies SE		7,348		243,005
HelloFresh SE *		3,200		294,935
JOST Werke AG ~		2,685		152,087
LANXESS AG		2,900		195,995
METRO AG		8,500		110,282
Salzgitter AG *		4,000		133,998
TAG Immobilien AG		4,500		131,572
Wacker Chemie AG		1,426		265,259
				2,433,683
Hong Kong - 2.5%
ASM Pacific Technology Ltd		10,000		109,163
Dah Sing Financial Holdings Ltd		22,656		67,828
Haitong International Securities Group Ltd		280,000		73,788
Hysan Development Co Ltd		28,917		94,165
K Wah International Holdings Ltd		186,470		75,269
Kerry Properties Ltd		35,000		92,066
Luk Fook Holdings International Ltd		40,000		102,460
PAX Global Technology Ltd		102,000		128,020
Swire Pacific Ltd ‘A’		20,000		118,341
Texhong Textile Group Ltd		48,000		69,127
				930,227

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-104

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Indonesia - 0.3%
Golden Agri-Resources Ltd		600,000		$103,380
Ireland - 0.8%
AerCap Holdings NV *		3,000		173,430
Hibernia REIT PLC		85,559		115,757
				289,187
Israel - 0.6%
Gazit-Globe Ltd		9,048		63,727
Plus500 Ltd		7,952		148,932
				212,659
Italy - 2.5%
Anima Holding SPA ~		20,000		95,300
Azimut Holding SPA		5,100		139,707
Banca IFIS SPA		6,401		123,313
Banca Sistema SPA * ~		54,623		143,022
Biesse SPA *		3,600		112,109
El.En. SPA		5,200		85,087
Sesa SPA		1,325		238,432
				936,970
Japan - 20.8%
Aeon Mall Co Ltd		5,100		78,471
Altech Corp		5,100		93,865
Aozora Bank Ltd		4,500		110,041
Asahi Co Ltd		8,400		100,341
ASKUL Corp		5,400		79,181
BML Inc		2,600		98,631
Capcom Co Ltd		3,000		83,358
CTS Co Ltd		10,900		78,404
Cybernet Systems Co Ltd		14,500		83,612
Daiken Corp		4,400		92,181
Dear Life Co Ltd		19,700		85,016
Doshisha Co Ltd		6,000		94,165
FCC Co Ltd		5,100		71,847
Foster Electric Co Ltd		9,200		75,907
Fukui Computer Holdings Inc		4,600		178,040
FULLCAST Holdings Co Ltd		5,000		101,484
Gakujo Co Ltd		6,500		74,119
Glory Ltd		2,900		64,665
Goldcrest Co Ltd		5,000		75,807
H.U. Group Holdings Inc		3,600		97,788
Hanwa Co Ltd		3,900		120,538
Hokkaido Electric Power Co Inc		19,000		90,466
Hokuto Corp		4,400		77,517
Hosiden Corp		11,000		94,806
IR Japan Holdings Ltd		1,500		165,208
Izumi Co Ltd		2,700		89,829
Japan Lifeline Co Ltd		6,000		73,679
Japan Logistics Fund Inc REIT		42		124,911
Joyful Honda Co Ltd		6,100		84,437
Juki Corp		14,300		106,235
Kaken Pharmaceutical Co Ltd		2,200		90,527
Kamigumi Co Ltd		4,000		83,830
KFC Holdings Japan Ltd		2,600		68,922
Kito Corp		3,800		61,181
Kitz Corp		16,000		112,635
Kozo Keikaku Engineering Inc		2,900		68,857
Kyoei Steel Ltd		2,000		24,702
Kyudenko Corp		3,300		108,926
Lawson Inc		1,500		73,684
Megachips Corp		3,000		89,876
Meitec Corp		2,000		110,153
MIMAKI ENGINEERING CO LTD		11,900		104,250
Mitsui-Soko Holdings Co Ltd		6,000		135,316
Mixi Inc		3,000		67,476

	Shares		Value
Nakanishi Inc		5,300		$120,688
Nihon Parkerizing Co Ltd		8,000		82,095
Nippon Electric Glass Co Ltd		1,900		44,942
Nippon Gas Co Ltd		7,200		98,896
Nishio Rent All Co Ltd		3,400		89,402
Noevir Holdings Co Ltd		1,500		71,539
Obara Group Inc		3,200		111,421
Okamoto Industries Inc		2,400		88,441
Osaki Electric Co Ltd		17,500		86,738
Pilot Corp		2,800		106,460
Pressance Corp		2,800		45,963
Prima Meat Packers Ltd		3,500		88,664
Riso Kyoiku Co Ltd		26,400		104,126
Roland DG Corp		2,300		63,927
Sanei Architecture Planning Co Ltd		5,300		95,365
Sangetsu Corp		5,500		74,626
Sanki Engineering Co Ltd		6,500		86,040
Sankyo Co Ltd		2,200		54,691
Sanwa Holdings Corp		11,600		150,809
Seikagaku Corp		7,700		73,198
Shinagawa Refractories Co Ltd		3,000		105,606
Shinoken Group Co Ltd		6,700		69,666
SKY Perfect JSAT Holdings Inc		21,500		82,392
Star Micronics Co Ltd		7,000		96,968
Sumitomo Osaka Cement Co Ltd		2,600		72,373
Sumitomo Rubber Industries Ltd		8,200		104,039
Sumitomo Seika Chemicals Co Ltd		3,100		100,683
Sun Frontier Fudousan Co Ltd		10,000		99,772
Takara Leben Co Ltd		10,800		31,179
The Okinawa Electric Power Co Inc		5,781		74,463
The Yokohama Rubber Co Ltd		5,100		91,528
Tokyo Individualized Educational Institute Inc		14,400		85,917
Tokyo Tekko Co Ltd		4,500		64,118
Towa Pharmaceutical Co Ltd		2,100		59,541
Toyo Kanetsu KK		2,200		51,464
Ube Industries Ltd		1,700		33,239
UlvacInc		2,300		130,968
United Inc		5,500		81,401
ValueCommerce Co Ltd		5,700		243,379
Warabeya Nichiyo Holdings Co Ltd		4,500		102,695
Yamaguchi Financial Group Inc		15,200		90,285
Yuasa Trading Co Ltd		3,800		102,763
				7,757,354
Jordan - 0.4%
Hikma Pharmaceuticals PLC		4,935		162,342
Kyrgyzstan - 0.2%
Centerra Gold Inc		13,494		92,155
Luxembourg - 0.6%
APERAM SA		4,272		236,831
Malta - 0.6%
Kindred Group PLC SDR		15,000		224,940
Netherlands - 3.4%
Aegon NV		33,000		170,341
ASM International NV		691		270,608
ASR Nederland NV		4,651		212,762
BE Semiconductor Industries NV		3,222		256,328
Randstad NV		2,171		146,167
Signify NV ~		4,505		225,505
				1,281,711
Nigeria - 0.2%
Airtel Africa PLC ~		50,000		67,168

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-105

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Norway - 0.8%
Aker Solutions ASA *		57,629		$126,965
Europris ASA ~		27,028		178,972
				305,937
Portugal - 0.3%
Sonae SGPS SA		110,000		115,951
Singapore - 0.7%
Ascendas India Trust		80,000		83,911
Jardine Cycle & Carriage Ltd		5,100		72,335
Sasseur REIT		140,000		87,909
				244,155
South Korea - 6.4%
CJ Freshway Corp *		3,000		84,650
Dentium Co Ltd		1,410		90,235
DGB Financial Group Inc		15,000		125,045
Dongkuk Steel Mill Co Ltd		8,000		122,104
DY POWER Corp		3,701		40,819
Handsome Co Ltd		4,132		136,825
Hanwha Aerospace Co Ltd		1,400		58,661
Huchems Fine Chemical Corp		5,544		134,139
InBody Co Ltd		5,500		117,380
INTOPS Co Ltd		3,800		81,207
i-SENS Inc		3,800		100,221
Korea Asset In Trust Co Ltd		19,827		75,917
Korea Petrochemical Ind Co Ltd		319		57,106
Korea Real Estate Investment & Trust Co Ltd		47,000		96,644
Korean Reinsurance Co		14,266		114,397
Kumho Petrochemical Co Ltd		550		86,393
LG Hausys Ltd		2,516		165,438
Lutronic Corp *		6,417		102,718
Osstem Implant Co Ltd		1,800		201,427
Poongsan Corp		5,735		158,993
Seah Besteel Corp		7,000		151,030
Value Added Technology Co Ltd		2,433		83,144
				2,384,493
Spain - 3.6%
Acciona SA		900		149,619
Acerinox SA		8,754		112,201
Atresmedia Corp de Medios de Comunicacion SA *		17,597		75,582
Banco de Sabadell SA *		230,000		192,275
Cia de Distribucion Integral Logista Holdings SA		5,348		112,808
Enagas SA		6,275		139,456
Ercros SA *		25,000		102,369
Lar Espana Real Estate Socimi SA REIT		15,262		94,935
Mediaset Espana Comunicacion SA *		15,334		87,177
Pharma Mar SA		1,014		87,225
Vidrala SA		616		67,216
Viscofan SA		1,965		128,717
				1,349,580
Sweden - 3.6%
Betsson AB ‘B’		22,956		190,898
Bilia AB ‘A’		7,500		135,350
Coor Service Management Holding AB ~		12,000		113,703
Evolution AB ~		1,418		214,741
Humana AB *		11,000		92,106
Inwido AB		10,000		167,230
LeoVegas AB ~		18,827		73,231
Tethys Oil AB		15,692		108,621
Trelleborg AB ‘B’		6,416		136,207
Vitrolife AB		2,000		105,501
				1,337,588
Switzerland - 5.2%
ALSO Holding AG		506		145,948
Ascom Holding AG *		4,500		70,950

	Shares		Value
Baloise Holding AG		1,100		$166,859
BKW AG		1,009		108,932
Bobst Group SA *		1,213		105,297
Cembra Money Bank AG		1,100		73,876
dormakaba Holding AG		150		108,822
Emmi AG		110		113,665
Forbo Holding AG		69		136,291
Interroll Holding AG		46		194,968
Julius Baer Group Ltd		1,573		104,510
Logitech International SA		2,736		243,414
Sonova Holding AG		706		266,803
Swissquote Group Holding SA		550		101,320
				1,941,655
United Kingdom - 9.6%
BMO Coercial Property Trust Ltd REIT		83,000		107,696
Centrica PLC *		200,000		151,872
CLS Holdings PLC		31,000		92,480
Computacenter PLC		6,798		247,280
Empiric Student Property PLC REIT *		104,707		124,999
IG Group Holdings PLC		11,000		118,868
IMI PLC		10,831		242,255
Inchcape PLC		16,971		185,449
Indivior PLC *		50,000		145,384
ITV PLC *		110,000		157,319
Keller Group PLC		8,285		106,274
Man Group PLC		66,092		181,934
Pagegroup PLC		16,992		142,178
PZ Cussons PLC		28,000		85,075
Quilter PLC ~		77,054		147,761
Redrow PLC		13,173		118,298
Renishaw PLC		1,700		107,925
Rightmove PLC		22,677		208,339
Royal Mail PLC		30,007		169,699
Safestore Holdings PLC REIT		12,573		177,710
Savills PLC		5,172		94,148
Spectris PLC		3,100		160,889
Spirent Communications PLC		41,609		156,755
Travis Perkins PLC		6,247		128,442
Wickes Group PLC		7,000		21,467
				3,580,496
United States - 1.5%
BRP Inc		1,400		129,588
Inmode Ltd *		1,900		302,955
Reliance Worldwide Corp Ltd		37,000		134,541
				567,084
Total Common Stocks (Cost $26,346,778)				36,501,935
SHORT-TERM INVESTMENT - 0.7%
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		244,218		244,218
Total Short-Term Investment (Cost $244,218)				244,218
TOTAL INVESTMENTS - 98.9% (Cost $26,807,328)				36,941,168
OTHER ASSETS & LIABILITIES, NET - 1.1%				405,826
NET ASSETS - 100.0%				$37,346,994

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-106

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	20.0%
Industrial	18.1%
Consumer, Non-Cyclical	18.1%
Consumer, Cyclical	14.7%
Basic Materials	8.3%
Technology	6.8%
Communications	6.7%
Energy	3.7%
Others (each less than 3.0%)	2.5%
	98.9%
Other Assets & Liabilities, Net	1.1%
	100.0%

(b) As of September 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	20.8%
Canada	12.0%
United Kingdom	9.6%
Germany	7.0%
South Korea	6.4%
Switzerland	5.2%
France	4.7%
Spain	3.6%
Sweden	3.6%
Netherlands	3.4%
Australia	3.2%
Others (each less than 3.0%)	19.4%
	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 September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Germany		$195,015		$81,953		$113,062		$—
	Total Preferred Stocks		195,015		81,953		113,062		—
	Common Stocks
	Australia		1,194,622		115,790		1,078,832		—
	Austria		154,356		—		154,356		—
	Belgium		443,765		—		443,765		—
	Canada		4,476,808		4,476,808		—		—
	China		149,969		—		149,969		—
	Denmark		1,059,819		81,158		978,661		—
	Finland		583,298		166,593		416,705		—
	France		1,769,511		380,952		1,388,559		—
	Georgia		114,241		114,241		—		—
	Germany		2,433,683		495,426		1,938,257		—
	Hong Kong		930,227		94,165		836,062		—
	Indonesia		103,380		—		103,380		—
	Ireland		289,187		289,187		—		—
	Israel		212,659		148,932		63,727		—
	Italy		936,970		—		936,970		—
	Japan		7,757,354		231,371		7,525,983		—
	Jordan		162,342		—		162,342		—
	Kyrgyzstan		92,155		92,155		—		—
	Luxembourg		236,831		—		236,831		—
	Malta		224,940		—		224,940		—
	Netherlands		1,281,711		—		1,281,711		—
	Nigeria		67,168		67,168		—		—
	Norway		305,937		—		305,937		—
	Portugal		115,951		—		115,951		—
	Singapore		244,155		—		244,155		—
	South Korea		2,384,493		—		2,384,493		—
	Spain		1,349,580		668,804		680,776		—
	Sweden		1,337,588		577,332		760,256		—
	Switzerland		1,941,655		413,930		1,527,725		—
	United Kingdom		3,580,496		1,771,324		1,809,172		—
	United States		567,084		432,543		134,541		—
	Total Common Stocks		36,501,935		10,617,879		25,884,056		—
	Short-Term Investment		244,218		244,218		—		—
	Total		$36,941,168		$10,944,050		$25,997,118		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-107

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Argentina - 0.1%
YPF SA ADR *		7,752		$36,124
Austria - 0.7%
Erste Group Bank AG		5,760		252,917
Belgium - 0.8%
Ageas SA		5,734		283,950
Brazil - 0.6%
Cia de Saneamento Basico do Estado de Sao Paulo		29,538		208,772
Burkina Faso - 0.3%
Endeavour Mining PLC		3,967		89,293
Canada - 2.3%
ARC Resources Ltd		13,903		130,293
Barrick Gold Corp		14,152		255,531
Cameco Corp		6,980		151,675
Kinross Gold Corp		24,849		133,191
Tourmaline Oil Corp		4,173		145,788
				816,478
China - 0.8%
Dongfeng Motor Group Co Ltd ‘H’		324,047		288,564
Denmark - 0.1%
The Drilling Co of 1972 AS *		460		17,264
Finland - 1.2%
Nokia OYJ *		79,996		441,202
France - 12.9%
AXA SA		19,579		542,598
BNP Paribas SA		8,714		557,528
Cie de Saint-Gobain		9,265		623,507
Dassault Aviation SA		1,300		146,132
Engie SA		39,547		517,401
Orange SA		28,045		303,303
Renault SA *		5,424		192,427
Rexel SA		12,980		250,100
SCOR SE		5,533		159,327
Societe Generale SA		13,500		422,751
Total Energies SE		18,194		869,636
				4,584,710
Germany - 3.8%
CECONOMY AG *		19,282		82,845
Continental AG *		2,443		265,209
Daimler AG		5,327		470,010
Fresenius SE & Co KGaA		9,638		461,324
METRO AG		4,034		52,339
				1,331,727
Hong Kong - 0.8%
CK Asset Holdings Ltd		47,403		273,505

	Shares		Value
India - 1.4%
Canara Bank *		49,615		$114,753
NTPC Ltd		18,725		35,663
Oil & Natural Gas Corp Ltd		126,082		243,754
Zee Entertainment Enterprises Ltd		27,913		113,388
				507,558
Indonesia - 0.7%
P.T. Bank Mandiri Persero Tbk		617,076		263,730
Ireland - 1.3%
AIB Group PLC *		74,408		202,536
Bank of Ireland Group PLC *		43,599		258,577
				461,113
Italy - 4.8%
Assicurazioni Generali SPA		19,324		409,267
BPER Banca		53,911		120,011
Eni SPA		41,415		552,278
Saipem SPA *		49,839		122,301
UniCredit SPA		37,941		502,099
				1,705,956
Japan - 25.4%
Alfresa Holdings Corp		9,050		135,193
Alps Alpine Co Ltd		11,320		122,656
Benesse Holdings Inc		769		17,389
Chiyoda Corp *		11,331		39,692
Dai-ichi Life Holdings Inc		17,474		382,175
DeNA Co Ltd		8,991		166,772
Eisai Co Ltd		1,948		145,920
Fuji Media Holdings Inc		6,056		64,085
Gree Inc		24,341		134,080
Hino Motors Ltd		33,610		312,098
Honda Motor Co Ltd		23,545		723,863
Inpex Corp		37,837		294,612
Isuzu Motors Ltd		30,216		393,117
Japan Airlines Co Ltd *		14,110		335,913
JGC Holdings Corp		20,653		192,113
Kamigumi Co Ltd		6,640		139,158
Mitsubishi Estate Co Ltd		21,380		340,430
Mitsubishi Heavy Industries Ltd		4,486		120,198
Mitsubishi Motors Corp *		26,864		73,278
Mitsubishi UFJ Financial Group Inc		95,848		566,590
Nikon Corp		18,179		201,848
Nippon Television Holdings Inc		11,259		127,139
Nissan Motor Co Ltd *		54,108		270,403
Nomura Holdings Inc		25,903		127,699
Ono Pharmaceutical Co Ltd		12,660		288,695
Resona Holdings Inc		96,632		386,529
Shimamura Co Ltd		2,959		276,579
Subaru Corp		4,130		76,321
Sumitomo Electric Industries Ltd		14,770		196,407
Sumitomo Heavy Industries Ltd		5,480		142,819
Sumitomo Mitsui Financial Group Inc		13,456		473,374
Sumitomo Mitsui Trust Holdings Inc		10,566		363,893
T&D Holdings Inc		35,629		488,755
Taiheiyo Cement Corp		6,880		142,145
Takeda Pharmaceutical Co Ltd		13,180		434,713
THK Co Ltd		9,257		203,134
Toppan Inc		6,590		111,736
				9,011,521
Luxembourg - 0.6%
RTL Group SA		3,456		205,216

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-108

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Shares		Value
Malaysia - 0.4%
CIMB Group Holdings Bhd		123,092		$139,979
Mexico - 1.0%
America Movil SAB de CV ‘L’ ADR		19,241		339,988
Netherlands - 5.7%
ABN AMRO Bank NV ~		24,455		352,821
ING Groep NV		37,451		544,482
PostNL NV		23,781		114,745
Royal Dutch Shell PLC ‘B’		46,220		1,024,079
				2,036,127
Norway - 0.9%
Norsk Hydro ASA		41,209		307,584
Russia - 2.3%
Gazprom PJSC ADR		39,143		389,081
LUKOIL PJSC ADR		1,040		98,446
Sberbank of Russia PJSC ADR		10,177		190,819
VEON Ltd ADR *		60,349		125,526
				803,872
South Africa - 2.7%
Anglo American PLC		11,400		399,555
Gold Fields Ltd ADR		15,836		128,588
Impala Platinum Holdings Ltd		1,733		19,531
MTN Group *		23,599		221,657
Old Mutual Ltd		180,148		198,227
				967,558
South Korea - 4.4%
Coway Co Ltd		2,736		170,772
Hankook Tire & Technology Co Ltd		4,552		164,961
KB Financial Group Inc		9,966		463,494
KT Corp ADR		28,719		391,153
Shinhan Financial Group Co Ltd		11,302		381,777
				1,572,157
Spain - 1.2%
CaixaBank SA		137,685		426,965
Switzerland - 5.2%
Adecco Group AG		9,624		482,217
Holcim Ltd		10,572		509,412
Julius Baer Group Ltd		1,954		129,823
UBS Group AG		44,738		714,091
				1,835,543
Taiwan - 1.8%
Catcher Technology Co Ltd		38,865		232,324
Hon Hai Precision Industry Co Ltd		70,208		262,059
Shin Kong Financial Holding Co Ltd		379,287		126,030
				620,413

	Shares		Value
Thailand - 1.0%
Kasikornbank PCL		14,175		$55,138
Kasikornbank PCL NVDR		80,051		311,875
				367,013
Turkey - 0.8%
Turk Telekomunikasyon AS		149,118		125,593
Turkcell Iletisim Hizmetleri AS		86,502		148,422
				274,015
United Kingdom - 10.4%
Babcock International Group PLC *		34,735		173,174
BAE Systems PLC		61,664		467,046
BP PLC		165,455		753,623
BT Group PLC *		134,299		287,912
Centrica PLC *		185,063		140,529
J Sainsbury PLC		85,687		328,420
Kingfisher PLC		43,325		195,564
Land Securities Group PLC REIT		19,424		181,038
Marks & Spencer Group PLC *		51,704		126,914
Standard Chartered PLC		56,787		331,964
The British Land Co PLC REIT		28,068		186,249
WPP PLC		37,970		508,706
				3,681,139
United States - 0.7%
Ovintiv Inc		7,433		244,246
Total Common Stocks (Cost $27,740,771)				34,396,199
EXCHANGE-TRADED FUND - 0.5%
iShares Core MSCI EAFE		2,356		174,933
Total Exchange-Traded Fund (Cost $176,826)				174,933
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		402,875		402,875
Total Short-Term Investment (Cost $402,875)				402,875
TOTAL INVESTMENTS - 98.7% (Cost $28,320,472)				34,974,007
OTHER ASSETS & LIABILITIES, NET - 1.3%				459,459
NET ASSETS - 100.0%				$35,433,466

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-109

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	34.5%
Energy	13.9%
Consumer, Cyclical	13.4%
Industrial	10.3%
Communications	9.6%
Consumer, Non-Cyclical	7.8%
Basic Materials	4.2%
Others (each less than 3.0%)	5.0%
	98.7%
Other Assets & Liabilities, Net	1.3%
	100.0%

(b) As of September 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	25.4%
France	12.9%
United Kingdom	10.4%
Netherlands	5.7%
Switzerland	5.2%
Italy	4.8%
South Korea	4.4%
Germany	3.8%
Others (each less than 3.0%)	26.1%
	98.7%
Other Assets & Liabilities, Net	1.3%
	100.0%

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Argentina		$36,124		$36,124		$—		$—
	Austria		252,917		—		252,917		—
	Belgium		283,950		—		283,950		—
	Brazil		208,772		208,772		—		—
	Burkina Faso		89,293		89,293		—		—
	Canada		816,478		816,478		—		—
	China		288,564		—		288,564		—
	Denmark		17,264		—		17,264		—
	Finland		441,202		—		441,202		—
	France		4,584,710		—		4,584,710		—
	Germany		1,331,727		—		1,331,727		—
	Hong Kong		273,505		—		273,505		—
	India		507,558		—		507,558		—
	Indonesia		263,730		—		263,730		—
	Ireland		461,113		—		461,113		—
	Italy		1,705,956		—		1,705,956		—
	Japan		9,011,521		—		9,011,521		—
	Luxembourg		205,216		—		205,216		—
	Malaysia		139,979		—		139,979		—
	Mexico		339,988		339,988		—		—
	Netherlands		2,036,127		—		2,036,127		—
	Norway		307,584		—		307,584		—
	Russia		803,872		803,872		—		—
	South Africa		967,558		326,815		640,743		—
	South Korea		1,572,157		391,153		1,181,004		—
	Spain		426,965		—		426,965		—
	Switzerland		1,835,543		—		1,835,543		—
	Taiwan		620,413		—		620,413		—
	Thailand		367,013		—		367,013		—
	Turkey		274,015		125,593		148,422		—
	United Kingdom		3,681,139		—		3,681,139		—
	United States		244,246		244,246		—		—
	Total Common Stocks		34,396,199		3,382,334		31,013,865		—
	Exchange-Traded Fund		174,933		174,933		—		—
	Short-Term Investment		402,875		402,875		—		—
	Total		$34,974,007		$3,960,142		$31,013,865		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-110

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 53.0%
Basic Materials - 0.9%
DuPont de Nemours Inc 1.235% (USD LIBOR + 1.110%) due 11/15/23 §		$2,500,000		$2,549,737
Glencore Funding LLC (Australia) 3.000% due 10/27/22 ~		1,600,000		1,638,400
4.625% due 04/29/24 ~		2,000,000		2,180,143
LYB International Finance III LLC 1.131% (USD LIBOR + 1.000%) due 10/01/23 §		3,850,000		3,852,261
				10,220,541
Communications - 3.1%
AT&T Inc 0.690% (SOFR + 0.640%) due 03/25/24 §		4,550,000		4,558,619
0.900% due 03/25/24		1,400,000		1,402,310
1.294% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,942,517
Charter Communications Operating LLC 1.776% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		514,328
eBay Inc 0.999% (USD LIBOR + 0.870%) due 01/30/23 §		350,000		353,691
1.900% due 03/11/25		2,500,000		2,576,074
3.800% due 03/09/22		3,060,000		3,096,357
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,995,804
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		4,676,875		5,000,749
Verizon Communications Inc 0.750% due 03/22/24		5,000,000		5,020,401
				34,460,850
Consumer, Cyclical - 1.9%
7-Eleven Inc 0.578% (USD LIBOR + 0.450%) due 08/10/22 ~ §		2,000,000		2,000,508
Brunswick Corp 0.850% due 08/18/24		1,500,000		1,500,316
DR Horton Inc 2.500% due 10/15/24		2,000,000		2,096,068
4.375% due 09/15/22		1,000,000		1,026,858
Ford Motor Credit Co LLC 1.198% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,190,728
3.087% due 01/09/23		1,000,000		1,015,950
General Motors Financial Co Inc 1.050% due 03/08/24		2,000,000		2,009,168
Hyatt Hotels Corp due 10/01/23 #		2,500,000		2,503,668
Marriott International Inc 3.600% due 04/15/24		1,000,000		1,065,862
Nissan Motor Acceptance Corp 0.772% (USD LIBOR + 0.650%) due 07/13/22 ~ §		1,700,000		1,702,418
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,115,573
				21,227,117
Consumer, Non-Cyclical - 6.6%
AmerisourceBergen Corp 0.737% due 03/15/23		1,550,000		1,552,464
Anthem Inc 2.375% due 01/15/25		1,200,000		1,250,701

	Principal Amount		Value
Avery Dennison Corp 0.850% due 08/15/24		$2,000,000		$2,000,824
Bayer US Finance II LLC (Germany) 1.126% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,243,751
Bristol-Myers Squibb Co 0.537% due 11/13/23		2,200,000		2,200,441
Cigna Corp 1.016% (USD LIBOR + 0.890%) due 07/15/23 §		8,678,000		8,786,608
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,985,698
General Mills Inc 1.144% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,185,736
Gilead Sciences Inc 0.750% due 09/29/23		3,750,000		3,750,193
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		2,150,000		2,153,793
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,352,514
Humana Inc 0.650% due 08/03/23		2,800,000		2,801,970
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		1,500,000		1,496,187
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		3,002,550
PayPal Holdings Inc 1.350% due 06/01/23		1,750,000		1,779,605
2.200% due 09/26/22		7,500,000		7,645,316
PerkinElmer Inc 0.550% due 09/15/23		2,700,000		2,702,602
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		2,025,890
Quanta Services Inc 0.950% due 10/01/24		1,750,000		1,751,053
Royalty Pharma PLC 0.750% due 09/02/23		3,500,000		3,512,060
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		3,500,000		3,627,195
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,499,864
				74,307,015
Energy - 1.9%
Energy Transfer LP 3.600% due 02/01/23		3,400,000		3,506,232
4.250% due 03/15/23		1,519,000		1,583,852
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,048,028
Kinder Morgan Inc 1.406% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,014,355
5.625% due 11/15/23 ~		915,000		996,439
MPLX LP 3.375% due 03/15/23		1,500,000		1,557,964
3.500% due 12/01/22		1,606,000		1,657,080
Phillips 66 0.745% (USD LIBOR + 0.620%) due 02/15/24 §		5,000,000		5,002,843
Valero Energy Corp 1.200% due 03/15/24		4,170,000		4,217,806
				21,584,599

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-111

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
Financial - 26.5%
AIG Global Funding 0.650% due 06/17/24 ~		$1,000,000		$997,823
Air Lease Corp 0.700% due 02/15/24		1,500,000		1,490,939
2.625% due 07/01/22		1,500,000		1,521,293
3.500% due 01/15/22		2,650,000		2,672,995
American Express Co 0.774% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,037,783
Athene Global Funding 0.950% due 01/08/24 ~		4,550,000		4,572,928
1.360% (USD LIBOR + 1.230%) due 07/01/22 ~ §		4,500,000		4,536,178
Banco Santander SA (Spain) 0.701% due 06/30/24		2,200,000		2,204,644
2.706% due 06/27/24		2,900,000		3,051,021
2.746% due 05/28/25		1,250,000		1,311,693
Bank of America Corp 1.294% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,353,524
2.503% due 10/21/22		600,000		600,648
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		7,000,000		7,001,674
Capital One NA 2.150% due 09/06/22		2,000,000		2,033,179
Citigroup Inc 0.719% (SOFR + 0.669%) due 05/01/25 §		600,000		605,750
0.776% due 10/30/24		1,200,000		1,204,829
0.981% due 05/01/25		2,100,000		2,107,306
1.075% (USD LIBOR + 0.950%) due 07/24/23 §		3,200,000		3,220,375
1.224% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,843,690
1.678% due 05/15/24		600,000		611,859
Citizens Bank NA 1.082% (USD LIBOR + 0.950%) due 03/29/23 §		3,000,000		3,033,862
Cooperatieve Rabobank UA (Netherlands) 0.375% due 01/12/24		2,000,000		1,991,259
0.992% (USD LIBOR + 0.860%) due 09/26/23 ~ §		2,500,000		2,536,731
Credit Suisse AG (Switzerland) 0.495% due 02/02/24		3,000,000		2,989,824
1.000% due 05/05/23		1,750,000		1,766,604
Danske Bank AS (Denmark) 0.976% due 09/10/25 ~		1,650,000		1,647,735
Fifth Third Bank NA 1.800% due 01/30/23		5,000,000		5,092,239
HSBC Holdings PLC (United Kingdom) 0.732% due 08/17/24		2,650,000		2,652,560
0.976% due 05/24/25		3,500,000		3,494,711
1.125% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,328,263
Intercontinental Exchange Inc 0.700% due 06/15/23		2,500,000		2,511,697
3.450% due 09/21/23		2,200,000		2,323,119
Jackson National Life Global Funding 2.500% due 06/27/22 ~		1,850,000		1,880,724
3.300% due 02/01/22 ~		2,650,000		2,677,161
JPMorgan Chase & Co 0.697% due 03/16/24		2,500,000		2,507,791
0.824% due 06/01/25		2,500,000		2,500,177
0.868% (USD LIBOR + 0.730%) due 04/23/24 §		1,200,000		1,211,031
0.969% due 06/23/25		2,350,000		2,353,783
1.025% (USD LIBOR + 0.900%) due 04/25/23 §		1,000,000		1,007,653

	Principal Amount		Value
1.028% (USD LIBOR + 0.890%) due 07/23/24 §		$1,000,000		$1,013,420
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		2,000,000		2,013,083
MassMutual Global Funding II 0.600% due 04/12/24 ~		10,000,000		9,999,514
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,991,570
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,131,110
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		4,350,000		4,370,422
0.860% (USD LIBOR + 0.740%) due 03/02/23 §		5,700,000		5,751,336
0.953% due 07/19/25		7,000,000		7,009,773
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		3,035,875
Morgan Stanley 0.529% due 01/25/24		4,000,000		4,003,707
0.731% due 04/05/24		3,000,000		3,010,664
0.790% due 05/30/25		2,900,000		2,892,083
1.345% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		711,653
Nasdaq Inc 0.445% due 12/21/22		1,650,000		1,650,148
NatWest Markets PLC (United Kingdom) 0.580% (SOFR + 0.530%) due 08/12/24 ~ §		1,800,000		1,810,518
New York Life Global Funding 0.400% due 10/21/23 ~		1,650,000		1,652,218
0.561% (USD LIBOR + 0.440%) due 07/12/22 ~ §		2,000,000		2,007,115
0.636% (USD LIBOR + 0.520%) due 06/10/22 ~ §		2,000,000		2,007,333
PNC Bank NA 0.453% (USD LIBOR + 0.325%) due 02/24/23 §		3,350,000		3,354,819
Protective Life Global Funding 0.631% due 10/13/23 ~		2,400,000		2,407,999
0.781% due 07/05/24 ~		1,500,000		1,501,239
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,146,174
Royal Bank of Canada (Canada) 0.500% due 10/26/23		8,500,000		8,506,583
0.650% due 07/29/24		7,500,000		7,486,166
0.793% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,070,742
3.700% due 10/05/23		400,000		425,582
Skandinaviska Enskilda Banken AB (Sweden) 0.440% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,523,310
0.550% due 09/01/23 ~		5,000,000		5,009,400
Standard Chartered PLC (United Kingdom) 1.214% due 03/23/25 ~		2,900,000		2,905,695
1.319% due 10/14/23 ~		2,000,000		2,012,937
3.885% due 03/15/24 ~		1,000,000		1,044,554
State Street Corp 2.825% due 03/30/23		2,000,000		2,024,570
Sumitomo Mitsui Financial Group Inc (Japan) 0.926% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,605,405
1.402% due 09/17/26		8,000,000		7,938,389
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.490% (SOFR + 0.440%) due 09/16/24 ~ §		4,500,000		4,512,540
The Bank of Nova Scotia (Canada) 0.650% due 07/31/24		7,500,000		7,490,040
The Charles Schwab Corp 0.750% due 03/18/24		3,000,000		3,014,924

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
The Goldman Sachs Group Inc 0.657% due 09/10/24		$8,100,000		$8,102,774
3.625% due 02/20/24		2,300,000		2,451,449
The Toronto-Dominion Bank (Canada) 0.750% due 06/12/23		5,000,000		5,030,843
0.774% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,101,891
UBS AG (Switzerland) 0.410% (SOFR + 0.360%) due 02/09/24 ~ §		7,250,000		7,278,413
0.450% due 02/09/24 ~		5,000,000		4,978,193
1.750% due 04/21/22 ~		2,250,000		2,266,292
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,510,178
2.650% due 02/01/22 ~		2,500,000		2,519,428
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,725,263
Wells Fargo & Co 1.654% due 06/02/24		3,750,000		3,824,373
Westpac Banking Corp (Australia) 0.845% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,769,432
3.650% due 05/15/23		3,251,000		3,426,851
				297,515,045
Industrial - 3.1%
Berry Global Inc 0.950% due 02/15/24 ~		2,850,000		2,856,783
Carlisle Cos Inc 0.550% due 09/01/23		2,400,000		2,399,479
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,940,124
Jabil Inc 1.700% due 04/15/26		1,000,000		1,005,836
Otis Worldwide Corp 0.583% (USD LIBOR + 0.450%) due 04/05/23 §		1,400,000		1,400,149
Penske Truck Leasing Co LP 1.200% due 11/15/25 ~		2,000,000		1,977,687
4.875% due 07/11/22 ~		2,000,000		2,067,516
Ryder System Inc 2.500% due 09/01/24		3,000,000		3,136,825
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		6,216,352
SYNNEX Corp 1.250% due 08/09/24 ~		2,800,000		2,801,218
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		7,012,765
The Boeing Co 4.508% due 05/01/23		1,500,000		1,585,076
				34,399,810
Technology - 2.9%
Apple Inc 0.750% due 05/11/23		2,450,000		2,468,522
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,995,319
Hewlett Packard Enterprise Co 1.450% due 04/01/24		1,000,000		1,016,336
2.250% due 04/01/23		2,100,000		2,152,211
Infor Inc 1.450% due 07/15/23 ~		2,700,000		2,729,559
Microchip Technology Inc 0.972% due 02/15/24 ~		4,950,000		4,954,688
Oracle Corp 1.650% due 03/25/26		1,800,000		1,826,331
2.500% due 04/01/25		5,450,000		5,704,314

	Principal Amount		Value
salesforce.com Inc 0.625% due 07/15/24		$3,600,000		$3,607,305
VMware Inc 0.600% due 08/15/23		1,750,000		1,752,744
4.500% due 05/15/25		2,350,000		2,618,788
				32,826,117
Utilities - 6.1%
American Electric Power Co Inc 0.750% due 11/01/23		2,450,000		2,450,197
3.650% due 12/01/21		1,250,000		1,256,811
Black Hills Corp 1.037% due 08/23/24		1,500,000		1,500,235
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		2,350,000		2,355,010
CenterPoint Energy Resources Corp 0.620% (USD LIBOR + 0.500%) due 03/02/23 §		850,000		850,142
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,496,921
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,999,682
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		1,057,347
DTE Energy Co 1.050% due 06/01/25		1,000,000		992,542
Edison International 4.950% due 04/15/25		1,500,000		1,652,377
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		550,000		548,451
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		7,000,000		6,963,499
Entergy Louisiana LLC 0.620% due 11/17/23		2,250,000		2,250,428
Evergy Inc 2.450% due 09/15/24		4,176,000		4,367,289
Mississippi Power Co 0.350% (SOFR + 0.300%) due 06/28/24 §		1,900,000		1,902,360
NextEra Energy Capital Holdings Inc 0.650% due 03/01/23		2,500,000		2,509,001
Oklahoma Gas and Electric Co 0.553% due 05/26/23		3,350,000		3,350,112
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,897,650
Pacific Gas and Electric Co 1.750% due 06/16/22		4,500,000		4,493,264
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		3,850,000		3,853,696
Public Service Enterprise Group Inc 0.800% due 08/15/25		2,800,000		2,754,433
Southern California Edison Co 0.690% (SOFR + 0.640%) due 04/03/23 §		2,000,000		2,005,277
0.700% due 08/01/23		4,550,000		4,558,263
0.880% (SOFR + 0.830%) due 04/01/24 §		1,800,000		1,809,601
1.100% due 04/01/24		1,300,000		1,306,573
The AES Corp 3.300% due 07/15/25 ~		1,000,000		1,063,555
WEC Energy Group Inc 0.800% due 03/15/24		2,500,000		2,508,525
Xcel Energy Inc 0.500% due 10/15/23		650,000		650,892
				68,404,133
Total Corporate Bonds & Notes (Cost $590,279,461)				594,945,227

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 3.0%
AIMCO CLO (Cayman) 0.976% (USD LIBOR + 0.850%) due 01/15/28 ~ §		$479,642		$479,642
AmeriCredit Automobile Receivables Trust 0.280% due 06/18/24		3,991,492		3,992,428
0.420% due 03/18/24		2,177,715		2,178,927
BMW Vehicle Owner Trust 0.390% due 02/27/23		301,543		301,623
CarMax Auto Owner Trust 0.220% due 02/15/24		1,519,232		1,519,439
Ford Credit Auto Owner Trust 0.500% due 02/15/23		871,062		871,399
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		878,564		878,787
1.500% due 03/16/23		28,212		28,228
Honda Auto Receivables Owner Trust 0.740% due 11/15/22		153,392		153,466
John Deere Owner Trust 0.410% due 03/15/23		245,441		245,536
Navient Private Education Refi Loan Trust 0.434% (USD LIBOR + 0.350%) due 11/15/68 ~ §		60,108		60,111
Nissan Auto Receivables Owner Trust 1.450% due 12/15/22		178,320		178,446
Palmer Square Loan Funding Ltd (Cayman) 0.971% (USD LIBOR + 0.800%) due 07/20/29 ~ §		8,750,000		8,731,658
Santander Drive Auto Receivables Trust 0.280% due 04/15/24		5,494,956		5,496,993
0.290% due 11/15/23		4,693,033		4,691,914
0.420% due 09/15/23		875,035		875,223
SLM Student Loan Trust 0.215% (USD LIBOR + 0.090%) due 01/26/26 §		66,504		66,501
SMB Private Education Loan Trust 0.384% (USD LIBOR + 0.300%) due 03/15/27 ~ §		371,557		371,559
0.584% (USD LIBOR + 0.500%) due 01/15/53 ~ §		1,063,233		1,064,833
2.490% due 06/15/27 ~		1,085,398		1,090,275
Toyota Auto Receivables Owner Trust 0.360% due 02/15/23		394,279		394,404
1.380% due 12/15/22		461,841		462,255
Total Asset-Backed Securities (Cost $34,151,526)				34,133,647
U.S. TREASURY OBLIGATIONS - 30.0%
U.S. Treasury Notes - 30.0%
0.125% due 04/30/22		25,000,000		25,008,540
0.125% due 05/31/22		15,000,000		15,004,599
0.125% due 06/30/22		15,000,000		15,005,248
0.125% due 09/30/22		30,000,000		30,010,870
0.125% due 11/30/22		48,000,000		48,001,875
0.125% due 02/28/23		10,000,000		9,994,531
0.375% due 03/31/22		25,000,000		25,039,685
0.500% due 03/15/23		5,000,000		5,024,512
1.125% due 02/28/22		15,000,000		15,065,937
1.375% due 01/31/22		27,000,000		27,119,203
1.500% due 01/15/23		30,000,000		30,527,344

	Principal Amount		Value
1.750% due 03/31/22		$18,750,000		$18,908,673
1.750% due 07/15/22		10,000,000		10,130,867
1.750% due 06/30/24		10,000,000		10,354,687
1.750% due 07/31/24		10,000,000		10,361,328
2.000% due 07/31/22		10,000,000		10,159,796
2.625% due 02/28/23		2,100,000		2,173,090
2.875% due 11/15/21		29,000,000		29,100,047
Total U.S. Treasury Obligations (Cost $334,862,813)				336,990,832
SHORT-TERM INVESTMENTS - 6.4%
Corporate Notes - 0.0%
Southern California Edison Co 0.400% (SOFR + 0.350%) due 06/13/22 §		650,000		650,388
	Shares
Money Market Fund - 3.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.010%		35,521,139		35,521,139
	Principal Amount
U.S. Treasury Bills - 3.2%
0.021% due 10/14/21		$6,000,000		5,999,951
0.031% due 12/16/21		15,000,000		14,999,019
0.043% due 03/17/22		15,000,000		14,997,043
				35,996,013
Total Short-Term Investments (Cost $72,167,229)				72,167,540
TOTAL INVESTMENTS - 92.4% (Cost $1,031,461,029)				1,038,237,246
DERIVATIVES - 9.1%				102,267,091
OTHER ASSETS & LIABILITIES, NET - (1.5%)				(17,467,488	)
NET ASSETS - 100.0%				$1,123,036,849

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	53.0%
U.S. Treasury Obligations	30.0%
Short-Term Investments	6.4%
Asset-Backed Securities	3.0%
	92.4%
Derivatives	9.1%
Other Assets & Liabilities, Net	(1.5%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(b) Open futures contracts outstanding as of September 30, 2021 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		12/21		170		$37,766,990		$36,530,875		$1,236,115

(c) Swap agreements outstanding as of September 30, 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 Growth Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		$45,253,539		$12,170,618			$—		$12,170,618
Russell 1000 Value Index		3-Month USD-LIBOR + 0.150%		Z		BOA		10/15/21		91,418,907		29,357,269			—		29,357,269
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.130%		Z		BOA		10/15/21		46,023,210		15,024,001			—		15,024,001
MSCI EAFE Index		3-Month USD-LIBOR - 0.120%		Z		BRC		10/15/21		45,296,715		9,959,641			—		9,959,641
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.390%		Z		BOA		03/22/22		49,850,380		7,047,093			—		7,047,093
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		CIT		03/22/22		30,637,780		1,837,554			—		1,837,554
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.380%		Z		CIT		03/22/22		30,870,869		3,646,071			—		3,646,071
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		03/22/22		8,842,487		486,634			—		486,634
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		03/22/22		12,912,184		1,686,867			—		1,686,867
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%		Z		BOA		06/16/22		19,591,861		756,972			—		756,972
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.430%		Z		BOA		06/16/22		72,045,217		10,890,450			—		10,890,450
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.440%		Z		GSC		06/16/22		61,020,763		2,944,447			—		2,944,447
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		73,661,207		7,860,603			—		7,860,603
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		24,894,918		971,897			—		971,897
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.020%		Z		CIT		09/15/22		16,452,647		(577,515	)		—		(577,515	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		09/15/22		83,546,714		4,004,960			—		4,004,960
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		09/15/22		10,127,554		373,662			—		373,662
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		09/15/22		91,544,568		(2,090,394	)		—		(2,090,394	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		09/15/22		97,531,801		(1,857,810	)		—		(1,857,810	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		03/28/23		46,475,970		(1,068,237	)		—		(1,068,237	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		SGN		03/28/23		8,354,435		(294,238	)		—		(294,238	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		42,416,146		2,024,551			—		2,024,551
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%		Z		SGN		03/28/23		49,515,270		(946,095	)		—		(946,095	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		5,139,668		187,512			—		187,512
												$104,396,513			$—		$104,396,513

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

($3,365,537

)

$—

($3,365,537

)

Total Swap Agreements

$101,030,976

$—

$101,030,976

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		$—		$111,230,802
Liabilities		—		(10,199,826	)
		$—		$101,030,976

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-115

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2021:

		Total Value at September 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$594,945,227			$—		$594,945,227			$—
	Asset-Backed Securities		34,133,647			—		34,133,647			—
	U.S. Treasury Obligations		336,990,832			—		336,990,832			—
	Short-Term Investments		72,167,540			35,521,139		36,646,401			—
	Derivatives:
	Equity Contracts
	Futures		1,236,115			1,236,115		—			—
	Swaps		111,230,802			—		111,230,802			—
	Total Equity Contracts		112,466,917			1,236,115		111,230,802			—
	Total Assets - Derivatives		112,466,917			1,236,115		111,230,802			—
	Total Assets		1,150,704,163			36,757,254		1,113,946,909			—
Liabilities	Derivatives:
	Equity Contracts
	Swaps		(10,199,826	)		—		(10,199,826	)		—
	Total Liabilities		(10,199,826	)		—		(10,199,826	)		—
	Total		$1,140,504,337			$36,757,254		$1,103,747,083			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-116

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.9%
Consumer, Cyclical - 3.6%
Choice Hotels International Inc		632		$79,866
DR Horton Inc		3,085		259,047
Marriott Vacations Worldwide Corp		2,505		394,112
Travel + Leisure Co		4,355		237,478
				970,503
Financial - 96.3%
Agree Realty Corp REIT		5,331		353,072
Alexandria Real Estate Equities Inc REIT		4,979		951,338
American Assets Trust Inc REIT		5,571		208,467
American Homes 4 Rent ‘A’ REIT		26,725		1,018,757
American Tower Corp REIT		3,080		817,463
Apartment Income REIT Corp		11,309		551,992
Apple Hospitality REIT Inc		16,363		257,390
AvalonBay Communities Inc REIT		6,450		1,429,578
Brandywine Realty Trust REIT		8,205		110,111
Broadstone Net Lease Inc REIT		16,542		410,407
CoreSite Realty Corp REIT		2,481		343,718
Cousins Properties Inc REIT		13,483		502,781
CubeSmart REIT		9,642		467,155
CyrusOne Inc REIT		1,684		130,358
DiamondRock Hospitality Co REIT *		11,127		105,150
Digital Realty Trust Inc REIT		1,692		244,409
Equinix Inc REIT		2,243		1,772,262
Equity LifeStyle Properties Inc REIT		7,044		550,136
Essex Property Trust Inc REIT		3,826		1,223,325
Extra Space Storage Inc REIT		5,863		984,925
First Industrial Realty Trust Inc REIT		11,249		585,848
Healthcare Realty Trust Inc REIT		13,366		398,040
Healthcare Trust of America Inc ‘A’ REIT		17,048		505,644
Invitation Homes Inc REIT		38,405		1,472,064
Kilroy Realty Corp REIT		8,494		562,388
Medical Properties Trust Inc REIT		23,726		476,181
MGM Growth Properties LLC ‘A’ REIT		8,374		320,724
Park Hotels & Resorts Inc REIT *		9,292		177,849
Prologis Inc REIT		14,077		1,765,678
PS Business Parks Inc REIT		2,661		417,085
Public Storage REIT		1,258		373,752
Regency Centers Corp REIT		9,172		617,551
Rexford Industrial Realty Inc REIT		8,156		462,853
Sabra Health Care REIT Inc		26,845		395,158

	Shares		Value
Simon Property Group Inc REIT		2,443		$317,517
STORE Capital Corp REIT		16,785		537,624
Sun Communities Inc REIT		6,083		1,125,963
Terreno Realty Corp REIT		7,262		459,176
Ventas Inc REIT		19,807		1,093,544
VICI Properties Inc REIT		21,393		607,775
Welltower Inc REIT		6,631		546,394
Weyerhaeuser Co REIT		5,838		207,658
				25,859,260
Total Common Stocks (Cost $16,941,844)				26,829,763
TOTAL INVESTMENTS - 99.9% (Cost $16,941,844)				26,829,763
OTHER ASSETS & LIABILITIES, NET - 0.1%				26,714
NET ASSETS - 100.0%				$26,856,477

Notes to Schedule of Investments

(a) As of September 30, 2021, the Fund’s composition by property sector as a percentage of net assets was as follows:

REITS-Apartments	21.2%
REITS-Diversified	18.4%
REITS-Health Care	12.7%
REITS-Warehouse/Industrial	12.2%
REITS-Office Property	8.7%
REITS-Storage	6.8%
REITS-Manufactured Homes	6.2%
REITS-Single Tenant	3.3%
REITS-Hotels	3.2%
Others (each less than 3.0%)	7.2%
	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 September 30, 2021:

		Total Value at September 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$26,829,763		$26,829,763		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-118

A-117

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2021 (Unaudited)

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 September 30, 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.
¥	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 September 30, 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:
ANZ	Australia and New Zealand Banking Group
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
BSC	Banco Santander Central Hispano
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
EUX	Eurex Exchange
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
MER	Merrill Lynch
MSC	Morgan Stanley
SCB	Standard Chartered Bank
SGN	Societe Generale
UBS	UBS
Currency Abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Renminbi Offshore (Hong Kong)
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound

Currency Abbreviations (continued):
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
SDR	Swedish Depository Receipt

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

See Notes to Financial Statements

A-118

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative		Moderate- Conservative		Moderate		Growth		Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at value			$246,546,003		$333,349,519		$1,085,167,271		$892,028,795		$343,001,179
Receivables:
	Fund shares sold		32,559		296,175		667,315		155,682		24,967
	Securities sold		308,137		125,876		413,658		1,088,518		81,424
	Due from adviser		13,835		15,382		30,122		26,156		15,354
Prepaid expenses and other assets			785		1,084		3,429		2,738		1,033
Total Assets			246,901,319		333,788,036		1,086,281,795		893,301,889		343,123,957
LIABILITIES
Payables:
	Fund shares redeemed		461,553		477,050		1,296,443		1,689,906		441,941
	Accrued advisory fees		41,079		56,030		183,462		151,602		58,351
	Accrued administration fees		30,809		42,023		137,597		113,702		43,763
	Accrued custodian and portfolio accounting fees		9,596		9,796		11,325		10,877		9,766
	Accrued legal, audit and tax service fees		13,267		15,549		57,678		47,091		17,895
	Accrued trustees’ fees and deferred compensation		8,621		10,989		31,924		23,712		7,958
	Accrued distribution and service fees		10,092		12,377		39,894		33,204		12,461
	Accrued other		12,652		21,472		47,400		42,137		20,000
Total Liabilities			587,669		645,286		1,805,723		2,112,231		612,135
NET ASSETS			$246,313,650		$333,142,750		$1,084,476,072		$891,189,658		$342,511,822
NET ASSETS CONSIST OF:
Paid-in capital			$211,068,265		$264,594,798		$763,612,937		$589,620,904		$214,596,724
Undistributed/accumulated earnings (deficit)			35,245,385		68,547,952		320,863,135		301,568,754		127,915,098
NET ASSETS			$246,313,650		$333,142,750		$1,084,476,072		$891,189,658		$342,511,822
Class A Shares:
	Net Assets		$191,884,847		$285,448,133		$911,439,011		$761,108,733		$286,574,443
	Shares of beneficial interest outstanding		16,251,187		21,931,399		60,512,187		46,438,136		15,287,510
	Net Asset Value per share*		$11.81		$13.02		$15.06		$16.39		$18.75
	Sales Charge		0.69		0.76		0.88		0.95		1.09
	Maximum offering price per share		$12.50		$13.78		$15.94		$17.34		$19.84
Class C Shares:
	Net Assets		$43,733,867		$40,444,557		$131,054,162		$107,272,324		$39,789,995
	Shares of beneficial interest outstanding		3,823,210		3,200,203		8,931,567		6,760,327		2,218,470
	Net Asset Value per share*		$11.44		$12.64		$14.67		$15.87		$17.94
Advisor Class:
	Net Assets		$10,694,936		$7,250,060		$41,982,899		$22,808,601		$16,147,384
	Shares of beneficial interest outstanding		900,066		552,913		2,769,025		1,381,143		855,419
	Net Asset Value per share		$11.88		$13.11		$15.16		$16.51		$18.88
Investments in affiliated mutual funds, at cost			$211,948,803		$273,669,875		$810,538,568		$644,231,297		$234,493,425

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

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds Ultra Short Income		Pacific Funds Short Duration Income		Pacific Funds Core Income		Pacific Funds ESG Core Bond			Pacific Funds Strategic Income		Pacific Funds Floating Rate Income
ASSETS
Investments, at value (excluding derivatives)			$32,452,115		$1,231,843,287		$1,184,820,058		$27,999,169			$1,388,083,665		$3,007,845,071
Cash			—		85,672		2,275,670		244			832,830		11,783,850
Foreign currency held, at value			—		—		—		—			5,259		—
Receivables:
	Dividend and interest		59,593		3,853,198		5,241,791		131,786			9,945,461		6,866,775
	Fund shares sold		—		3,015,793		3,156,136		—			4,699,415		22,480,200
	Securities sold		9,569		9,256,597		10,103,683		—			8,740,859		136,679,491
	Due from adviser		9,239		118,342		154,349		537			123,920		295,166
Unfunded loan commitment appreciation			—		2,494		2,494		—			3,142		21,501
Prepaid expenses and other assets			14,139		47,929		5,835		52,422			81,511		84,951
Total Assets			32,544,655		1,248,223,312		1,205,760,016		28,184,158			1,412,516,062		3,186,057,005
LIABILITIES
Payables:
	Fund shares redeemed		14,556		7,151,347		5,029,484		68			2,930,422		3,872,119
	Securities purchased		249,853		30,025,786		45,952,889		500,000			39,116,467		484,378,746
	Due to custodian		8,514		—		—		—			—		—
	Income distributions		22		56,577		338,096		—			479,375		1,412,752
	Accrued advisory fees		6,630		394,659		472,282		8,687			658,396		1,363,646
	Accrued administration fees		3,978		149,645		142,653		3,429			166,395		325,501
	Accrued custodian and portfolio accounting fees		8,051		76,965		87,842		24,301			48,800		94,452
	Accrued legal, audit and tax service fees		1,687		63,251		61,882		1,360			56,718		112,483
	Accrued trustees’ fees and deferred compensation		3		96		108		1			61		100
	Accrued distribution and service fees		—		10,953		9,420		—			12,672		16,151
	Accrued other		2,065		52,932		52,291		1,796			46,499		90,361
Unfunded loan commitment depreciation			—		—		—		—			3,168		3,751
Total Liabilities			295,359		37,982,211		52,146,947		539,642			43,518,973		491,670,062
NET ASSETS			$32,249,296		$1,210,241,101		$1,153,613,069		$27,644,516			$1,368,997,089		$2,694,386,943
NET ASSETS CONSIST OF:
Paid-in capital			$32,009,734		$1,188,619,020		$1,113,097,417		$28,058,891			$1,327,346,348		$2,797,427,632
Undistributed/accumulated earnings (deficit)			239,562		21,622,081		40,515,652		(414,375	)		41,650,741		(103,040,689	)
NET ASSETS			$32,249,296		$1,210,241,101		$1,153,613,069		$27,644,516			$1,368,997,089		$2,694,386,943
Class A Shares:
	Net Assets				$204,690,285		$157,826,917					$135,291,853		$229,348,122
	Shares of beneficial interest outstanding				19,336,845		13,929,843					11,593,507		23,470,967
	Net Asset Value per share*				$10.59		$11.33					$11.67		$9.77
	Sales Charge				0.33		0.50					0.52		0.30
	Maximum offering price per share				$10.92		$11.83					$12.19		$10.07
Class C Shares:
	Net Assets				$48,031,838		$45,962,773					$82,039,945		$91,063,340
	Shares of beneficial interest outstanding				4,546,132		4,055,090					7,047,790		9,332,586
	Net Asset Value per share*				$10.57		$11.33					$11.64		$9.76
Class I Shares:
	Net Assets		$13,043,848		$159,761,130		$122,074,032		$15,255,980			$33,307,090		$1,360,948,349
	Shares of beneficial interest outstanding		1,294,194		15,110,952		10,764,173		1,551,785			2,872,053		139,080,343
	Net Asset Value per share		$10.08		$10.57		$11.34		$9.83			$11.60		$9.79
Class P Shares:
	Net Assets						$46,014,866							$9,554,796
	Shares of beneficial interest outstanding						4,044,034							976,728
	Net Asset Value per share						$11.38							$9.78
Advisor Class:
	Net Assets		$19,205,448		$797,757,848		$781,734,481		$12,388,536			$1,118,358,201		$1,003,472,336
	Shares of beneficial interest outstanding		1,905,429		75,325,668		68,829,062		1,260,197			95,808,839		102,338,561
	Net Asset Value per share		$10.08		$10.59		$11.36		$9.83			$11.67		$9.81
Investments, at cost (excluding derivatives)			$32,347,676		$1,221,275,923		$1,169,099,590		$28,325,327			$1,358,920,813		$2,990,295,622
Foreign currency held, at cost			—		—		—		—			6,640		—

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

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds High Income		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)			$164,516,100		$353,438,644		$25,355,369		$18,611,192		$39,303,106			$578,238,268
Cash			565		—		—		—		5,637			4,013,607
Cash (segregated for derivative instruments)			—		—		—		—		170,000			4,577,436
Foreign currency held, at value			657		—		—		—		60,012			4,340,443
Receivables:
	Dividend and interest		2,148,803		150,954		8,017		10,473		47,110			2,982,309
	Fund shares sold		1,345,267		251,892		71,030		—		—			—
	Securities sold		424,880		—		138,322		32,685		786,777			38,387,210
	Variation margin on futures contracts		—		—		—		—		56,729			844,163
	Variation margin on swap agreements		—		—		—		—		32,517			—
	Swap agreements		—		—		—		—		2,041			—
	Due from adviser		23,372		9,504		7,240		7,299		5,216			47,812
Forward foreign currency contracts appreciation			—		—		—		—		53,989			1,127,116
Outstanding purchased options, at value			—		—		—		—		37,028			95,437
Swap premiums paid			—		—		—		—		—			7,067
Swap agreements appreciation			—		—		—		—		—			3,620
Prepaid expenses and other assets			25,471		937		46		46		70			1,795
Total Assets			168,485,115		353,851,931		25,580,024		18,661,695		40,560,232			634,666,283
LIABILITIES
Payables:
	Fund shares redeemed		166,663		308,868		5,233		5,919		99,507			121,330
	Securities purchased		769,925		—		59,013		—		1,287,512			70,222,907
	Sale-buyback financing transactions		—		—		—		—		5,949,081			—
	Swap agreements		—		—		—		—		—			382,140
	Income distributions		816		—		—		—		—			—
	Due to broker		—		—		—		—		—			880,000
	Accrued advisory fees		82,281		223,608		14,368		11,529		11,051			183,201
	Accrued administration fees		20,570		44,722		2,874		2,306		4,144			70,013
	Accrued custodian and portfolio accounting fees		20,509		21,490		5,499		5,519		10,803			80,013
	Accrued legal, audit and tax service fees		8,725		18,357		948		946		2,299			29,971
	Accrued trustees’ fees and deferred compensation		14		31		1		—		3,244			23,136
	Accrued distribution and service fees		402		1,807		146		153		—			—
	Accrued other (1)		8,527		29,351		8,272		7,776		1,365			24,751
Forward foreign currency contracts depreciation			—		—		—		—		3,343			496,534
Outstanding options written, at value			—		—		—		—		37,788			114,297
Swap agreements depreciation			—		—		—		—		—			84,615
Total Liabilities			1,078,432		648,234		96,354		34,148		7,410,137			72,712,908
NET ASSETS			$167,406,683		$353,203,697		$25,483,670		$18,627,547		$33,150,095			$561,953,375
NET ASSETS CONSIST OF:
Paid-in capital			$166,915,227		$241,945,526		$20,974,621		$14,672,795		$38,345,408			$552,516,082
Undistributed/accumulated earnings (deficit)			491,456		111,258,171		4,509,049		3,954,752		(5,195,313	)		9,437,293
NET ASSETS			$167,406,683		$353,203,697		$25,483,670		$18,627,547		$33,150,095			$561,953,375
Class A Shares:
Net Assets			$7,752,005		$22,729,623		$2,283,368		$2,441,443
Shares of beneficial interest outstanding			742,392		1,291,028		143,167		205,158
Net Asset Value per share*			$10.44		$17.61		$15.95		$11.90
Sales Charge			0.46		0.78		0.71		0.53
Maximum offering price per share			$10.90		$18.39		$16.66		$12.43
Class C Shares:
Net Assets			$1,699,916		$10,302,093		$724,859		$763,352
Shares of beneficial interest outstanding			163,011		609,715		46,946		65,689
Net Asset Value per share*			$10.43		$16.90		$15.44		$11.62
Class I Shares:
Net Assets			$93,233
Shares of beneficial interest outstanding			9,022
Net Asset Value per share			$10.33
Class P Shares:
Net Assets			$146,920,517								$33,150,095			$561,953,375
Shares of beneficial interest outstanding			14,218,661								3,196,672			50,160,803
Net Asset Value per share			$10.33								$10.37			$11.20
Advisor Class:
Net Assets			$10,941,012		$318,695,461		$20,742,323		$14,290,006
Shares of beneficial interest outstanding			1,046,085		17,971,283		1,274,400		1,189,539
Net Asset Value per share			$10.46		$17.73		$16.28		$12.01
Class R6 Shares:
Net Assets					$1,476,520		$1,733,120		$1,132,746
Shares of beneficial interest outstanding					83,039		116,024		94,922
Net Asset Value per share					$17.78		$14.94		$11.93
Investments and repurchase agreements, at cost (excluding derivatives)			$157,278,655		$253,466,566		$21,717,397		$14,471,420		$37,870,367			$575,397,153
Outstanding purchased options, at cost			–		–		–		–		19,332			151,548
Foreign currency held, at cost			788		–		–		–		71,214			4,441,915
Premiums received from outstanding options written			–		–		–		–		38,348			149,906

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

(1) Accrued other for Pacific Funds Small-Cap and Pacific Funds Small-Cap Value include $5,835 and $5,333, respectively, of accrued registration fees.

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2021 (Unaudited)

		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)			$96,002,448		$60,651,036			$185,151,094		$173,231,287		$65,817,353		$117,170,958
Cash			106,644		20,815			—		—		210,397		—
Cash (segregated for derivative instruments)			28,469		391,339			—		—		—		—
Foreign currency held, at value			3,667		132,746			—		—		—		—
Receivables:
	Dividend and interest		398,332		797,230			25,456		203,491		26,099		68,835
	Securities sold		435,612		—			1,937,725		—		290,230		80,557
	Due from adviser		9,314		11,162			11,279		10,444		6,146		7,971
Forward foreign currency contracts appreciation			—		251,472			—		—		—		—
Prepaid expenses and other assets			391		157			568		475		90		250
Total Assets			96,984,877		62,255,957			187,126,122		173,445,697		66,350,315		117,328,571
LIABILITIES
Payables:
	Fund shares redeemed		—		—			592,009		137,898		10,105		—
	Securities purchased		1,298,123		—			—		—		909,011		266,801
	Swap agreements		—		17,628			—		—		—		—
	Variation margin on futures contracts		1,031		—			—		—		—		—
	Variation margin on swap agreements		—		14,534			—		—		—		—
	Due to custodian		—		—			52,736		—		2		—
	Accrued advisory fees		31,332		39,845			90,890		95,003		33,735		71,383
	Accrued administration fees		11,749		7,813			24,788		21,924		8,434		14,277
	Accrued custodian and portfolio accounting fees		24,420		35,881			15,745		13,631		10,422		10,233
	Accrued legal, audit and tax service fees		5,279		3,926			9,811		9,006		3,268		5,926
	Accrued trustees’ fees and deferred compensation		4,646		5			7,266		11,315		2,849		2,049
	Accrued other		4,339		4,431			11,669		9,865		3,585		6,535
Forward foreign currency contracts depreciation			—		287,079			—		—		—		—
Total Liabilities			1,380,919		411,142			804,914		298,642		981,411		377,204
NET ASSETS			$95,603,958		$61,844,815			$186,321,208		$173,147,055		$65,368,904		$116,951,367
NET ASSETS CONSIST OF:
Paid-in capital			$94,061,695		$68,145,775			$44,569,979		$71,276,521		$50,718,477		$73,802,864
Undistributed/accumulated earnings (deficit)			1,542,263		(6,300,960	)		141,751,229		101,870,534		14,650,427		43,148,503
NET ASSETS			$95,603,958		$61,844,815			$186,321,208		$173,147,055		$65,368,904		$116,951,367
Class P Shares:
	Shares of beneficial interest outstanding		9,402,145		7,229,549			5,356,744		13,175,632		2,828,300		10,514,390
	Net Asset Value per share		$10.17		$8.55			$34.78		$13.14		$23.11		$11.12
	Investments, at cost (excluding derivatives)		$95,018,149		$62,211,024			$61,410,291		$87,627,446		$58,204,335		$85,650,580
	Foreign currency held, at cost		3,529		132,930			—		—		—		—

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2021 (Unaudited)

		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)			$134,724,016		$49,795,578		$36,941,168		$34,974,007		$1,038,237,246		$26,829,763
Cash			146,602		—		—		—		8,443		—
Foreign currency held, at value			298,095		885		96,563		103,960		—		—
Receivables:
	Dividend and interest		370,834		483,884		316,547		359,000		2,298,427		90,749
	Securities sold		6,893		1,799		271,300		200,710		—		328,784
	Variation margin on futures contracts		—		—		—		—		442,000		—
	Due from adviser		21,370		11,411		4,943		10,997		47,346		3,282
Swap agreements appreciation			—		—		—		—		111,230,802		—
Prepaid expenses and other assets			418		141		108		207		3,648		140
Total Assets			135,568,228		50,293,698		37,630,629		35,648,881		1,152,267,912		27,252,718
LIABILITIES
Payables:
	Fund shares redeemed		—		8,633		674		2,454		829,148		95,774
	Securities purchased		3,293,526		—		224,599		148,959		17,503,264		114,705
	Due to custodian		—		—		—		—		—		153,027
	Accrued advisory fees		88,036		35,202		27,239		18,893		336,743		17,774
	Accrued administration fees		16,507		6,439		4,807		4,360		144,318		3,555
	Accrued custodian and portfolio accounting fees		31,554		26,416		20,106		18,230		109,452		6,909
	Accrued legal, audit and tax service fees		7,517		2,194		1,978		1,858		59,426		1,520
	Accrued trustees’ fees and deferred compensation		3,725		4,960		3		5,889		94		1,310
	Accrued foreign capital gains tax		958,085		65,866		—		—		—		—
	Accrued other		31,145		11,781		4,229		14,772		48,792		1,667
Swap agreements depreciation			—		—		—		—		10,199,826		—
Total Liabilities			4,430,095		161,491		283,635		215,415		29,231,063		396,241
NET ASSETS			$131,138,133		$50,132,207		$37,346,994		$35,433,466		$1,123,036,849		$26,856,477
NET ASSETS CONSIST OF:
Paid-in capital			$72,665,741		$22,413,908		$26,658,753		$33,947,969		$709,214,248		$18,472,828
Undistributed/accumulated earnings (deficit)			58,472,392		27,718,299		10,688,241		1,485,497		413,822,601		8,383,649
NET ASSETS			$131,138,133		$50,132,207		$37,346,994		$35,433,466		$1,123,036,849		$26,856,477
Class P Shares:
	Shares of beneficial interest outstanding		9,357,046		4,082,143		3,028,362		4,148,512		80,717,984		1,731,073
	Net Asset Value per share		$14.01		$12.28		$12.33		$8.54		$13.91		$15.51
Investments, at cost (excluding derivatives)			$87,875,594		$24,609,068		$26,807,328		$28,320,472		$1,031,461,029		$16,941,844
Foreign currency held, at cost			306,869		880		97,323		104,318		—		—

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$774,430			$744,803			$1,650,988			$962,025			$128,455
Total Investment Income			774,430			744,803			1,650,988			962,025			128,455
EXPENSES
Advisory fees			251,937			342,083			1,114,112			916,504			350,413
Administration fees			188,952			256,562			835,584			687,378			262,810
Portfolio accounting fees			27,682			27,816			28,987			28,679			27,817
Shareholder report expenses			8,284			11,100			35,784			29,286			11,137
Distribution fees
	Class C		170,267			162,012			523,011			431,023			161,308
Service fees
	Class A		244,472			364,794			1,166,766			974,586			364,722
	Class C		56,756			54,004			174,337			143,674			53,769
Registration fees			27,268			26,335			28,430			27,273			25,836
Legal, audit and tax service fees			13,041			17,529			56,567			46,300			17,610
Trustees’ fees			6,377			8,530			27,480			22,488			8,552
Interest expense			—			32			—			—			—
Other			3,643			4,558			12,657			10,500			4,516
Total Expenses			998,679			1,275,355			4,003,715			3,317,691			1,288,490
Adviser Expense Reimbursement			(86,295	)		(95,868	)		(189,905	)		(164,525	)		(95,468	)
Net Expenses			912,384			1,179,487			3,813,810			3,153,166			1,193,022
NET INVESTMENT INCOME (LOSS)			(137,954	)		(434,684	)		(2,162,822	)		(2,191,141	)		(1,064,567	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		1,062,982			2,481,447			7,259,027			7,996,499			3,101,114
	Net Realized Gain (Loss)		1,062,982			2,481,447			7,259,027			7,996,499			3,101,114
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual fund investments		6,525,065			11,060,975			48,478,985			44,328,782			19,210,742
	Change in Net Unrealized Appreciation (Depreciation)		6,525,065			11,060,975			48,478,985			44,328,782			19,210,742
NET GAIN (LOSS)			7,588,047			13,542,422			55,738,012			52,325,281			22,311,856
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$7,450,093			$13,107,738			$53,575,190			$50,134,140			$21,247,289

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds Ultra Short Income			Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds ESG Core Bond			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$95			$2,779			$1,967			$42			$281,861			$862,205
Interest, net of foreign taxes withheld			153,326			11,323,390			15,523,484			193,232			22,767,779			54,214,813
Total Investment Income			153,421			11,326,169			15,525,451			193,274			23,049,640			55,077,018
EXPENSES
Advisory fees			40,725			2,402,622			2,908,692			50,940			3,604,778			7,699,522
Administration fees			24,435			900,983			872,608			20,108			901,194			1,776,813
Custodian fees and expenses			678			16,833			24,713			10,027			11,550			41,260
Portfolio accounting fees			20,950			195,148			199,061			17,338			172,221			313,159
Shareholder report expenses			1,041			39,173			38,254			841			35,395			69,970
Distribution fees
	Class C		—			185,645			186,053			—			290,334			336,391
Service fees
	Class A		—			260,946			202,367			—			147,051			252,497
	Class C		—			61,882			62,018			—			96,778			112,130
Registration fees			17,071			67,626			60,562			7,542			59,554			58,458
Legal, audit and tax service fees			1,652			62,065			60,234			1,343			56,734			118,983
Trustees’ fees			685			25,753			25,149			553			23,270			46,000
Offering costs			—			—			—			5,474			—			—
Interest expense			—			—			—			—			—			317,505
Other			1,029			14,002			14,081			963			11,943			21,965
Total Expenses			108,266			4,232,678			4,653,792			115,129			5,410,802			11,164,653
Advisory Fee Waiver			—			(24,821	)		(20,092	)		—			(24,857	)		(216,244	)
Adviser Expense Reimbursement			(56,138	)		(720,929	)		(950,915	)		(50,784	)		(695,705	)		(1,638,326	)
Net Expenses			52,128			3,486,928			3,682,785			64,345			4,690,240			9,310,083
NET INVESTMENT INCOME (LOSS)			101,293			7,839,241			11,842,666			128,929			18,359,400			45,766,935
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		17,000			5,626,656			11,928,518			(34,172	)		14,282,101			12,631,894
	Net Realized Gain (Loss)		17,000			5,626,656			11,928,518			(34,172	)		14,282,101			12,631,894
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		8,538			(4,240,025	)		3,654,843			386,583			(1,156,972	)		(1,207,657	)
	Foreign currencies		—			—			—			—			(42	)		—
	Unfunded loan commitments		—			3,839			3,839			—			7,584			42,830
	Change in Net Unrealized Appreciation (Depreciation)		8,538			(4,236,186	)		3,658,682			386,583			(1,149,430	)		(1,164,827	)
NET GAIN (LOSS)			25,538			1,390,470			15,587,200			352,411			13,132,671			11,467,067
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$126,831			$9,229,711			$27,429,866			$481,340			$31,492,071			$57,234,002

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		Pacific Funds High Income			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			$33,628			$1,333,915			$74,458			$113,261			$20			$1,845
Interest, net of foreign taxes withheld			4,504,170			—			—			—			1,270,374			5,900,761
Total Investment Income			4,537,798			1,333,915			74,458			113,261			1,270,394			5,902,606
EXPENSES
Advisory fees			496,271			1,352,576			72,564			69,978			67,196			1,138,371
Administration fees			124,068			270,515			14,513			13,996			25,198			426,889
Custodian fees and expenses			2,777			3,478			161			162			2,517			26,098
Portfolio accounting fees			50,051			63,099			16,299			16,353			24,839			196,363
Shareholder report expenses			5,327			11,595			589			597			1,092			18,635
Distribution fees
	Class C		6,873			40,420			2,844			2,890			—			—
Service fees
	Class A		9,851			29,233			3,032			2,929			—			—
	Class C		2,291			13,473			948			963			—			—
Registration fees			28,706			31,861			28,593			28,092			26			443
Legal, audit and tax service fees			8,431			18,301			943			946			1,723			29,411
Trustees’ fees			3,502			7,623			387			393			840			14,324
Interest expense			—			10			18			—			1,493			125
Other			3,160			11,308			1,913			1,913			308			5,910
Total Expenses			741,308			1,853,492			142,804			139,212			125,232			1,856,569
Advisory Fee Waiver			—			—			—			—			—			(21,345	)
Adviser Expense Reimbursement			(143,769	)		(57,855	)		(44,939	)		(44,366	)		(31,345	)		(291,183	)
Net Expenses			597,539			1,795,637			97,865			94,846			93,887			1,544,041
NET INVESTMENT INCOME (LOSS)			3,940,259			(461,722	)		(23,407	)		18,415			1,176,507			4,358,565
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		2,098,429			15,285,132			1,177,157			1,310,888			447,770			(73,820	)
	Closed short positions		—			—			—			—			—			31,290
	Foreign currency transactions		—			—			—			—			19,890			62,760
	Forward foreign currency contract transactions		—			—			—			—			111,588			750,796
	Futures contract transactions		—			—			—			—			(56,267	)		2,518,164
	Purchased option transactions		—			—			—			—			(2,542	)		(504,218	)
	Swap transactions		—			—			—			—			(31,668	)		781,046
	Written option transactions		—			—			—			—			11,638			808,515
	Net Realized Gain (Loss)		2,098,429			15,285,132			1,177,157			1,310,888			500,409			4,374,533
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(572,184	)		(11,640,417	)		(1,296,468	)		(753,788	)		61,635			7,765,820
	Short positions		—			—			—			—			—			(9,461	)
	Foreign currencies		(5	)		—			—			—			(3,089	)		(90,835	)
	Forward foreign currency contracts		—			—			—			—			(57,105	)		(6,840	)
	Futures contracts		—			—			—			—			(96	)		641,634
	Purchased options		—			—			—			—			(3,105	)		(65,556	)
	Swaps		—			—			—			—			(70,356	)		(1,827,529	)
	Written options		—			—			—			—			3,665			(54,342	)
	Change in Net Unrealized Appreciation (Depreciation)		(572,189	)		(11,640,417	)		(1,296,468	)		(753,788	)		(68,451	)		6,352,891
NET GAIN (LOSS)			1,526,240			3,644,715			(119,311	)		557,100			431,958			10,727,424
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$5,466,499			$3,182,993			($142,718	)		$575,515			$1,608,465			$15,085,989
Foreign taxes withheld on dividends and interest			$—			$—			$—			$—			$—			$23,033

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		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			$49			$90			$376,833			$1,466,538			$130,311			$760,196
Interest, net of foreign taxes withheld			863,102			1,732,287			40			—			52			—
Total Investment Income			863,151			1,732,377			376,873			1,466,538			130,363			760,196
EXPENSES
Advisory fees			193,055			250,113			535,057			582,099			198,826			444,667
Administration fees			72,395			47,792			145,925			134,331			49,706			88,933
Custodian fees and expenses			4,402			27,891			2,477			2,098			2,106			695
Portfolio accounting fees			43,890			30,977			39,977			37,013			25,562			31,932
Shareholder report expenses			3,195			2,078			6,045			5,639			2,148			3,835
Registration fees			75			50			147			135			52			89
Legal, audit and tax service fees			5,027			3,287			9,607			8,919			3,396			6,031
Trustees’ fees			2,460			1,366			4,628			4,329			1,650			2,954
Interest expense			—			—			153			16			—			—
Other			1,089			2,394			5,518			4,848			1,753			3,204
Total Expenses			325,588			365,948			749,534			779,427			285,199			582,340
Advisory Fee Waiver			—			(6,372	)		—			—			—			—
Adviser Expense Reimbursement			(60,138	)		(68,043	)		(68,400	)		(62,981	)		(36,667	)		(48,739	)
Net Expenses			265,450			291,533			681,134			716,446			248,532			533,601
NET INVESTMENT INCOME (LOSS)			597,701			1,440,844			(304,261	)		750,092			(118,169	)		226,595
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		124,951			634,051			7,136,178			3,989,208			4,105,530			10,783,173
	Foreign currency transactions		—			(4,147	)		—			—			1,057			—
	Forward foreign currency contract transactions		—			(379,796	)		—			—			—			—
	Futures contract transactions		(21,889	)		—			—			—			—			—
	Swap transactions		—			1,073			—			—			—			—
	Net Realized Gain (Loss)		103,062			251,181			7,136,178			3,989,208			4,106,587			10,783,173
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(363,061	)		149,091			18,004,977			6,896,353			182,878			(7,846,881	)
	Foreign currencies		(46	)		(840	)		—			—			35			—
	Forward foreign currency contracts		—			430,669			—			—			—			—
	Futures contracts		(75,556	)		—			—			—			—			—
	Swaps		—			(9,835	)		—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		(438,663	)		569,085			18,004,977			6,896,353			182,913			(7,846,881	)
NET GAIN (LOSS)			(335,601	)		820,266			25,141,155			10,885,561			4,289,500			2,936,292
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$262,100			$2,261,110			$24,836,894			$11,635,653			$4,171,331			$3,162,887
Foreign taxes withheld on dividends and interest			$260			$10,498			$1,500			$1,576			$7,019			$396
Foreign capital gains tax withheld			—			2			—			—			—			—
Change in deferred foreign capital gains tax			—			(125	)		—			—			—			—

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		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			$2,282,711			$603,605			$575,949			$730,126			$975			$330,430
Interest, net of foreign taxes withheld			—			14			—			—			5,305,371			—
Total Investment Income			2,282,711			603,619			575,949			730,126			5,306,346			330,430
EXPENSES
Advisory fees			558,590			219,202			165,214			115,129			2,028,122			126,782
Administration fees			104,736			38,683			29,156			26,568			869,195			21,130
Custodian fees and expenses			48,690			20,644			11,027			18,125			13,974			493
Portfolio accounting fees			38,575			27,760			32,772			29,634			208,820			17,032
Shareholder report expenses			4,723			1,651			1,237			1,155			36,733			876
Registration fees			111			40			29			28			879			22
Legal, audit and tax service fees			7,438			2,615			1,957			1,821			58,089			1,396
Trustees’ fees			3,633			1,266			813			887			24,149			670
Interest expense			2,064			—			127			—			15			37
Other			28,970			14,747			4,106			14,469			12,033			827
Total Expenses			797,530			326,608			246,438			207,816			3,252,009			169,265
Advisory Fee Waiver			—			(7,737	)		—			—			—			(21,130	)
Adviser Expense Reimbursement			(132,140	)		(68,723	)		(32,504	)		(66,118	)		(296,730	)		(21,316	)
Net Expenses			665,390			250,148			213,934			141,698			2,955,279			126,819
NET INVESTMENT INCOME (LOSS)			1,617,321			353,471			362,015			588,428			2,351,067			203,611
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		3,583,964			595,699			2,949,258			1,060,925			1,167,690			2,487,671
	Foreign currency transactions		(38,293	)		(206	)		(5	)		(3,477	)		—			—
	Futures contract transactions		—			—			—			—			(222,494	)		—
	Swap transactions		—			—			—			—			129,303,092			—
	Net Realized Gain (Loss)		3,545,671			595,493			2,949,253			1,057,448			130,248,288			2,487,671
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(13,157,998	)		2,258,062			(1,068,204	)		427,237			(3,170,047	)		937,098
	Foreign currencies		11,890			(3,673	)		(5,104	)		(767	)		—			—
	Futures contracts		—			—			—			—			1,236,115			—
	Swaps		—			—			—			—			(46,814,686	)		—
	Change in Net Unrealized Appreciation (Depreciation)		(13,146,108	)		2,254,389			(1,073,308	)		426,470			(48,748,618	)		937,098
NET GAIN (LOSS)			(9,600,437	)		2,849,882			1,875,945			1,483,918			81,499,670			3,424,769
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($7,983,116	)		$3,203,353			$2,237,960			$2,072,346			$83,850,737			$3,628,380
Foreign taxes withheld on dividends and interest			$122,103			$96,122			$78,159			$97,303			$—			$—
Foreign capital gains tax withheld			101,900			1,193			—			—			—			—
Change in deferred foreign capital gains tax			304,393			24,238			—			86			—			—

See Notes to Financial Statements

B-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
		Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)			($137,954	)		$3,156,055			($434,684	)		$3,716,258			($2,162,822	)		$8,699,254
Net realized gain (loss)			1,062,982			7,835,686			2,481,447			16,308,484			7,259,027			74,896,886
Change in net unrealized appreciation (depreciation)			6,525,065			30,372,610			11,060,975			60,176,240			48,478,985			247,418,487
Net Increase (Decrease) in Net Assets Resulting from Operations			7,450,093			41,364,351			13,107,738			80,200,982			53,575,190			331,014,627
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(5,283,185	)		—			(7,064,752	)		—			(27,114,953	)
	Class C		—			(1,152,697	)		—			(965,251	)		—			(3,868,659	)
	Advisor Class		—			(288,298	)		—			(188,295	)		—			(1,062,829	)
Net Decrease from Dividends and Distributions to Shareholders			—			(6,724,180	)		—			(8,218,298	)		—			(32,046,441	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		9,726,206			35,011,759			10,599,523			29,435,827			32,034,776			62,789,068
	Class C		4,329,576			11,261,328			1,978,178			4,465,886			7,265,517			11,191,706
	Advisor Class		2,300,668			5,386,176			1,395,413			1,355,410			9,784,025			16,708,416
Dividends and distribution reinvestments
	Class A		—			5,203,279			—			6,952,731			—			26,791,910
	Class C		—			1,147,373			—			946,789			—			3,854,860
	Advisor Class		—			280,904			—			183,146			—			1,039,635
Cost of shares repurchased
	Class A		(15,098,422	)		(34,279,957	)		(19,863,071	)		(44,038,970	)		(63,141,544	)		(152,990,337	)
	Class C		(8,723,577	)		(19,620,458	)		(8,497,694	)		(20,174,925	)		(26,059,438	)		(59,225,680	)
	Advisor Class		(3,244,759	)		(2,545,688	)		(525,818	)		(2,497,668	)		(5,444,636	)		(11,687,545	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(10,710,308	)		1,844,716			(14,913,469	)		(23,371,774	)		(45,561,300	)		(101,527,967	)
NET INCREASE (DECREASE) IN NET ASSETS			(3,260,215	)		36,484,887			(1,805,731	)		48,610,910			8,013,890			197,440,219
NET ASSETS
Beginning of Year or Period			249,573,865			213,088,978			334,948,481			286,337,571			1,076,462,182			879,021,963
End of Year or Period			$246,313,650			$249,573,865			$333,142,750			$334,948,481			$1,084,476,072			$1,076,462,182

(1) Unaudited.

See Notes to Financial Statements

B-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
		Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)			($2,191,141	)		$5,645,754			($1,064,567	)		$1,406,988			$101,293			$348,475
Net realized gain (loss)			7,996,499			70,880,721			3,101,114			34,546,784			17,000			206,296
Change in net unrealized appreciation (depreciation)			44,328,782			238,760,453			19,210,742			99,089,943			8,538			977,117
Net Increase (Decrease) in Net Assets Resulting from Operations			50,134,140			315,286,928			21,247,289			135,043,715			126,831			1,531,888
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(18,889,570	)		—			(8,743,019	)
	Class C		—			(2,555,278	)		—			(1,275,658	)
	Class I														(44,488	)		(177,955	)
	Advisor Class		—			(551,099	)		—			(482,568	)		(66,514	)		(234,884	)
Net Decrease from Dividends and Distributions to Shareholders			—			(21,995,947	)		—			(10,501,245	)		(111,002	)		(412,839	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		23,531,951			45,822,124			9,987,301			18,163,912
	Class C		4,571,508			12,418,062			2,139,275			4,721,802
	Class I														—			46,711
	Advisor Class		4,077,875			6,115,334			1,681,661			4,722,792			1,930,373			7,858,842
Dividends and distribution reinvestments
	Class A		—			18,734,417			—			8,683,958
	Class C		—			2,541,506			—			1,274,479
	Class I														44,488			177,929
	Advisor Class		—			521,522			—			475,303			66,508			234,824
Cost of shares repurchased
	Class A		(48,338,499	)		(111,063,153	)		(16,890,283	)		(44,467,790	)
	Class C		(20,050,898	)		(40,855,794	)		(8,708,439	)		(15,032,121	)
	Class I														—			(46,711	)
	Advisor Class		(2,568,454	)		(7,551,044	)		(1,322,699	)		(5,156,479	)		(1,249,487	)		(2,622,797	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(38,776,517	)		(73,317,026	)		(13,113,184	)		(26,614,144	)		791,882			5,648,798
NET INCREASE (DECREASE) IN NET ASSETS			11,357,623			219,973,955			8,134,105			97,928,326			807,711			6,767,847
NET ASSETS
Beginning of Year or Period			879,832,035			659,858,080			334,377,717			236,449,391			31,441,585			24,673,738
End of Year or Period			$891,189,658			$879,832,035			$342,511,822			$334,377,717			$32,249,296			$31,441,585

(1) Unaudited.

See Notes to Financial Statements

B-12

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Short Duration Income						Pacific Funds Core Income						Pacific Funds ESG Core Bond
		Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Period Ended March 31, 2021 (2)
OPERATIONS
Net Investment income (loss)			$7,839,241			$18,602,818			$11,842,666			$24,529,763			$128,929			$64,147
Net realized gain (loss)			5,626,656			11,962,482			11,928,518			42,289,625			(34,172	)		(38,438	)
Change in net unrealized appreciation (depreciation)			(4,236,186	)		41,907,934			3,658,682			16,709,444			386,583			(712,741	)
Net Increase (Decrease) in Net Assets Resulting from Operations			9,229,711			72,473,234			27,429,866			83,528,832			481,340			(687,032	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(1,192,744	)		(2,672,415	)		(1,468,947	)		(4,215,998	)
	Class C		(96,077	)		(389,391	)		(262,458	)		(1,120,964	)
	Class I		(1,068,886	)		(2,124,479	)		(1,242,075	)		(2,398,465	)		(77,502	)		(34,030	)
	Class P								(491,231	)		(1,179,750	)
	Advisor Class		(5,495,933	)		(13,533,968	)		(8,371,550	)		(23,920,380	)		(66,490	)		(34,031	)
Net Decrease from Dividends and Distributions to Shareholders			(7,853,640	)		(18,720,253	)		(11,836,261	)		(32,835,557	)		(143,992	)		(68,061	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		27,119,222			131,631,746			17,761,665			58,396,192
	Class C		3,887,058			16,277,069			2,887,409			15,063,353
	Class I		31,215,725			68,045,239			23,021,607			63,125,136			2,851,800			12,500,000
	Class P								254,790			18,370,178
	Advisor Class		242,539,352			552,115,864			129,882,344			458,472,517			—			12,500,000
Dividends and distribution reinvestments
	Class A		943,586			2,199,177			1,347,577			3,919,496
	Class C		94,154			382,559			241,470			1,028,819
	Class I		1,069,056			2,124,479			1,241,995			2,397,604			77,502			34,030
	Class P								491,231			1,179,750
	Advisor Class		5,415,488			13,341,072			6,390,892			18,227,646			66,490			34,031
Cost of shares repurchased
	Class A		(28,382,833	)		(91,635,549	)		(24,170,619	)		(49,765,313	)
	Class C		(7,403,120	)		(16,612,491	)		(11,883,132	)		(23,781,150	)
	Class I		(14,645,932	)		(40,086,476	)		(11,465,155	)		(20,568,210	)		(1,592	)		—
	Class P								(1,477,784	)		(6,811,159	)
	Advisor Class		(229,377,519	)		(542,475,424	)		(166,328,964	)		(390,643,307	)		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			32,474,237			95,307,265			(31,804,674	)		148,611,552			2,994,200			25,068,061
NET INCREASE (DECREASE) IN NET ASSETS			33,850,308			149,060,246			(16,211,069	)		199,304,827			3,331,548			24,312,968
NET ASSETS
Beginning of Year or Period			1,176,390,793			1,027,330,547			1,169,824,138			970,519,311			24,312,968			—
End of Year or Period			$1,210,241,101			$1,176,390,793			$1,153,613,069			$1,169,824,138			$27,644,516			$24,312,968

(1) Unaudited.

(2) Pacific Funds ESG Core Bond commenced operations on December 14, 2020.

See Notes to Financial Statements

B-13

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income
		Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)			$18,359,400			$29,150,360			$45,766,935			$57,472,842			$3,940,259			$8,377,080
Net realized gain (loss)			14,282,101			6,015,250			12,631,894			(22,355,305	)		2,098,429			2,034,893
Change in net unrealized appreciation (depreciation)			(1,149,430	)		112,355,871			(1,164,827	)		155,137,132			(572,189	)		22,797,040
Net Increase (Decrease) in Net Assets Resulting from Operations			31,492,071			147,521,481			57,234,002			190,254,669			5,466,499			33,209,013
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(1,702,455	)		(3,037,971	)		(3,653,242	)		(6,062,500	)		(183,993	)		(421,042	)
	Class C		(840,754	)		(1,957,417	)		(1,301,409	)		(2,722,677	)		(35,034	)		(82,759	)
	Class I		(353,447	)		(615,819	)		(22,989,274	)		(26,315,901	)		(1,764	)		(3,408	)
	Class P								(186,288	)		(277,595	)		(3,562,143	)		(7,655,914	)
	Advisor Class		(15,480,774	)		(23,608,205	)		(17,268,014	)		(22,031,816	)		(209,344	)		(231,425	)
Net Decrease from Dividends and Distributions to Shareholders			(18,377,430	)		(29,219,412	)		(45,398,227	)		(57,410,489	)		(3,992,278	)		(8,394,548	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		40,720,067			53,203,403			74,559,757			53,983,323			2,401,598			1,471,829
	Class C		17,793,502			17,802,296			14,946,020			13,092,165			7,932			488,744
	Class I		20,833,428			15,727,432			394,310,102			661,384,542			29,561			1,976
	Class P								79,067			5,230,068			682,146			33,970,101
	Advisor Class		400,585,194			454,105,230			389,820,735			441,881,455			7,445,853			5,990,443
Dividends and distribution reinvestments
	Class A		1,414,245			2,489,807			3,527,403			5,794,294			180,871			413,768
	Class C		733,375			1,702,089			1,267,719			2,626,202			33,595			78,671
	Class I		353,088			611,995			16,969,198			19,007,629			1,735			3,346
	Class P								186,288			277,595			3,562,143			7,655,914
	Advisor Class		13,141,408			19,421,643			16,580,123			20,806,366			208,609			229,776
Cost of shares repurchased
	Class A		(12,799,834	)		(35,588,879	)		(20,061,045	)		(68,611,639	)		(2,400,419	)		(2,967,320	)
	Class C		(9,595,372	)		(21,674,042	)		(13,546,393	)		(40,299,876	)		(297,098	)		(959,919	)
	Class I		(1,825,313	)		(22,052,887	)		(75,424,006	)		(129,151,941	)		(229	)		(7,538	)
	Class P								(320,076	)		(4,494,891	)		(5,010,673	)		(38,525,463	)
	Advisor Class		(138,183,863	)		(223,825,391	)		(123,491,058	)		(305,995,976	)		(690,076	)		(6,305,673	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			333,169,925			261,922,696			679,403,834			675,529,316			6,155,548			1,538,655
NET INCREASE (DECREASE) IN NET ASSETS			346,284,566			380,224,765			691,239,609			808,373,496			7,629,769			26,353,120
NET ASSETS
Beginning of Year or Period			1,022,712,523			642,487,758			2,003,147,334			1,194,773,838			159,776,914			133,423,794
End of Year or Period			$1,368,997,089			$1,022,712,523			$2,694,386,943			$2,003,147,334			$167,406,683			$159,776,914

(1) Unaudited.

See Notes to Financial Statements

B-14

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Small/Mid-Cap						Pacific Funds Small-Cap						Pacific Funds Small-Cap Value
		Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)			($461,722	)		($376,946	)		($23,407	)		($29,781	)		$18,415			$57,629
Net realized gain (loss)			15,285,132			16,372,248			1,177,157			1,090,765			1,310,888			(57,773	)
Change in net unrealized appreciation (depreciation)			(11,640,417	)		157,277,128			(1,296,468	)		7,519,982			(753,788	)		9,124,048
Net Increase (Decrease) in Net Assets Resulting from Operations			3,182,993			173,272,430			(142,718	)		8,580,966			575,515			9,123,904
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			—			—			—			—			(8,513	)
	Class C		—			—			—			—			—			—
	Advisor Class		—			(935,874	)		—			(8,412	)		—			(85,233	)
	Class R6		—			(6,175	)		—			—			—			(8,676	)
Net Decrease from Dividends and Distributions to Shareholders			—			(942,049	)		—			(8,412	)		—			(102,422	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		1,291,509			8,174,835			153,267			1,291,333			319,651			2,387,429
	Class C		372,043			901,183			63,587			222,144			95,063			239,720
	Advisor Class		18,493,075			29,138,212			10,099,523			1,088,209			691,066			2,589,744
	Class R6		1,612,508			514,030			1,186,173			541,712			924,190			242,627
Dividends and distribution reinvestments
	Class A		—			—			—			—			—			8,513
	Class C		—			—			—			—			—			—
	Advisor Class		—			921,473			—			8,388			—			85,233
	Class R6		—			6,175			—			—			—			8,676
Cost of shares repurchased
	Class A		(1,739,279	)		(10,618,843	)		(522,256	)		(3,181,124	)		(154,217	)		(2,321,123	)
	Class C		(1,118,386	)		(5,111,786	)		(123,425	)		(320,215	)		(155,025	)		(555,791	)
	Advisor Class		(15,695,784	)		(86,156,344	)		(631,014	)		(3,833,040	)		(595,751	)		(5,967,233	)
	Class R6		(1,712,259	)		(4,384,109	)		(1,201,444	)		(297,341	)		(989,210	)		(1,822,036	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			1,503,427			(66,615,174	)		9,024,411			(4,479,934	)		135,767			(5,104,241	)
NET INCREASE (DECREASE) IN NET ASSETS			4,686,420			105,715,207			8,881,693			4,092,620			711,282			3,917,241
NET ASSETS
Beginning of Year or Period			348,517,277			242,802,070			16,601,977			12,509,357			17,916,265			13,999,024
End of Year or Period			$353,203,697			$348,517,277			$25,483,670			$16,601,977			$18,627,547			$17,916,265

(1) Unaudited.

See Notes to Financial Statements

B-15

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
	Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)		$1,176,507			$328,658			$4,358,565			$8,716,448			$597,701			$2,117,152
Net realized gain (loss)		500,409			803,882			4,374,533			15,230,711			103,062			1,795,305
Change in net unrealized appreciation (depreciation)		(68,451	)		1,028,583			6,352,891			(6,726,856	)		(438,663	)		4,629,250
Net Increase (Decrease) in Net Assets Resulting from Operations		1,608,465			2,161,123			15,085,989			17,220,303			262,100			8,541,707
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(411,237	)		—			(31,347,044	)		—			(2,909,983	)
Net Decrease from Dividends and Distributions to Shareholders		—			(411,237	)		—			(31,347,044	)		—			(2,909,983	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares- Class P		182,633			12,546,594			2,847,155			230,581,304			1,203,822			48,630,313
Dividends and distribution reinvestments - Class P		—			411,237			—			31,347,044			—			2,909,983
Cost of shares repurchased - Class P		(1,622,681	)		(2,676,177	)		(18,298,956	)		(72,315,418	)		(3,390,695	)		(81,923,397	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,440,048	)		10,281,654			(15,451,801	)		189,612,930			(2,186,873	)		(30,383,101	)
NET INCREASE (DECREASE) IN NET ASSETS		168,417			12,031,540			(365,812	)		175,486,189			(1,924,773	)		(24,751,377	)
NET ASSETS
Beginning of Year or Period		32,981,678			20,950,138			562,319,187			386,832,998			97,528,731			122,280,108
End of Year or Period		$33,150,095			$32,981,678			$561,953,375			$562,319,187			$95,603,958			$97,528,731
	PF Emerging Markets Debt Fund						PF Growth Fund						PF Large-Cap Value Fund
	Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net Investment income (loss)		$1,440,844			$2,854,408			($304,261	)		($444,856	)		$750,092			$2,088,029
Net realized gain (loss)		251,181			1,139,379			7,136,178			49,292,712			3,989,208			30,475,555
Change in net unrealized appreciation (depreciation)		569,085			10,675,186			18,004,977			27,592,531			6,896,353			36,460,708
Net Increase (Decrease) in Net Assets Resulting from Operations		2,261,110			14,668,973			24,836,894			76,440,387			11,635,653			69,024,292
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(2,362,664	)		—			(43,891,662	)		—			(25,782,094	)
Net Decrease from Dividends and Distributions to Shareholders		—			(2,362,664	)		—			(43,891,662	)		—			(25,782,094	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares- Class P		398,826			16,917,991			294,802			23,644,175			347,122			25,785,476
Dividends and distribution reinvestments - Class P		—			2,362,664			—			43,891,662			—			25,782,094
Cost of shares repurchased - Class P		(2,293,334	)		(57,731,418	)		(17,993,524	)		(84,476,445	)		(10,372,637	)		(83,637,866	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,894,508	)		(38,450,763	)		(17,698,722	)		(16,940,608	)		(10,025,515	)		(32,070,296	)
NET INCREASE (DECREASE) IN NET ASSETS		366,602			(26,144,454	)		7,138,172			15,608,117			1,610,138			11,171,902
NET ASSETS
Beginning of Year or Period		61,478,213			87,622,667			179,183,036			163,574,919			171,536,917			160,365,015
End of Year or Period		$61,844,815			$61,478,213			$186,321,208			$179,183,036			$173,147,055			$171,536,917

(1) Unaudited.

See Notes to Financial Statements

B-16

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Small-Cap Growth Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund
	Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net investment income (loss)		($118,169	)		($88,065	)		$226,595			$388,109			$1,617,321			$459,666
Net realized gain (loss)		4,106,587			9,710,608			10,783,173			9,177,707			3,545,671			10,533,525
Change in net unrealized appreciation (depreciation)		182,913			5,623,255			(7,846,881	)		47,156,760			(13,146,108	)		41,591,508
Net Increase (Decrease) in Net Assets Resulting from Operations		4,171,331			15,245,798			3,162,887			56,722,576			(7,983,116	)		52,584,699
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(6,499,780	)		—			(325,166	)		—			(3,697,886	)
Net Decrease from Dividends and Distributions to Shareholders		—			(6,499,780	)		—			(325,166	)		—			(3,697,886	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		194,734			39,194,635			954,790			61,337,832			1,720,406			12,084,306
Dividends and distribution reinvestments - Class P		—			6,499,780			—			325,166			—			3,697,886
Cost of shares repurchased - Class P		(2,552,450	)		(8,575,950	)		(4,075,050	)		(29,167,413	)		(4,382,035	)		(20,503,939	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(2,357,716	)		37,118,465			(3,120,260	)		32,495,585			(2,661,629	)		(4,721,747	)
NET INCREASE (DECREASE) IN NET ASSETS		1,813,615			45,864,483			42,627			88,892,995			(10,644,745	)		44,165,066
NET ASSETS
Beginning of Year or Period		63,555,289			17,690,806			116,908,740			28,015,745			141,782,878			97,617,812
End of Year or Period		$65,368,904			$63,555,289			$116,951,367			$116,908,740			$131,138,133			$141,782,878
	PF International Large-Cap Fund						PF International Small-Cap Fund						PF International Value Fund
	Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net investment income (loss)		$353,471			$473,066			$362,015			$435,098			$588,428			$596,990
Net realized gain (loss)		595,493			5,394,718			2,949,253			4,151,929			1,057,448			(3,641,670	)
Change in net unrealized appreciation (depreciation)		2,254,389			9,314,371			(1,073,308	)		12,346,512			426,470			19,897,242
Net Increase (Decrease) in Net Assets Resulting from Operations		3,203,353			15,182,155			2,237,960			16,933,539			2,072,346			16,852,562
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(4,258,496	)		—			(658,806	)		—			(829,970	)
Net Decrease from Dividends and Distributions to Shareholders		—			(4,258,496	)		—			(658,806	)		—			(829,970	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		111,625			6,770,295			84,808			3,199,912			154,677			6,096,658
Dividends and distribution reinvestments - Class P		—			4,258,496			—			658,806			—			829,970
Cost of shares repurchased - Class P		(2,074,051	)		(14,879,283	)		(1,883,837	)		(10,207,000	)		(1,223,268	)		(23,490,082	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,962,426	)		(3,850,492	)		(1,799,029	)		(6,348,282	)		(1,068,591	)		(16,563,454	)
NET INCREASE (DECREASE) IN NET ASSETS		1,240,927			7,073,167			438,931			9,926,451			1,003,755			(540,862	)
NET ASSETS
Beginning of Year or Period		48,891,280			41,818,113			36,908,063			26,981,612			34,429,711			34,970,573
End of Year or Period		$50,132,207			$48,891,280			$37,346,994			$36,908,063			$35,433,466			$34,429,711

(1) Unaudited.

See Notes to Financial Statements

B-17

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	PF Multi-Asset Fund						PF Real Estate Fund
	Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021			Six-Month Period Ended September 30, 2021 (1)			Year Ended March 31, 2021
OPERATIONS
Net investment income (loss)		$2,351,067			$10,811,338			$203,611			$585,484
Net realized gain (loss)		130,248,288			234,690,317			2,487,671			5,755,961
Change in net unrealized appreciation (depreciation)		(48,748,618	)		269,536,738			937,098			5,643,101
Net Increase (Decrease) in Net Assets Resulting from Operations		83,850,737			515,038,393			3,628,380			11,984,546
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(53,822,193	)		—			(339,852	)
Return of capital - Class P					—						(288,733	)
Net Decrease from Dividends and Distributions to Shareholders		—			(53,822,193	)		—			(628,585	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		2,095,710			37,933,437			39,722			1,861,695
Dividends and distribution reinvestments - Class P		—			53,822,193			—			628,585
Cost of shares repurchased - Class P		(66,519,240	)		(334,278,393	)		(2,542,929	)		(31,646,889	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(64,423,530	)		(242,522,763	)		(2,503,207	)		(29,156,609	)
NET INCREASE (DECREASE) IN NET ASSETS		19,427,207			218,693,437			1,125,173			(17,800,648	)
NET ASSETS
Beginning of Year or Period		1,103,609,642			884,916,205			25,731,304			43,531,952
End of Year or Period		$1,123,036,849			$1,103,609,642			$26,856,477			$25,731,304

(1) Unaudited.

See Notes to Financial Statements

B-18

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

		PF Inflation Managed Fund
CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			$1,608,465
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		(10,389,386	)
	Proceeds from disposition of long-term securities		10,876,690
	Proceeds (purchases) of short-term securities, net		244,395
	Proceeds (purchases) from foreign currency transactions		(3,089	)
	(Increase) decrease in dividends and interest receivable		2,232
	(Increase) decrease in receivable for securities sold		3,116,330
	(Increase) decrease in receivable due from adviser		(4,468	)
	(Increase) decrease in prepaid expenses and other assets		129
	(Increase) decrease in variation margin on futures contracts		(30,344	)
	(Increase) decrease in variation margin on swap agreements		(21,895	)
	Increase (decrease) in payable for securities purchased		(3,031,515	)
	Increase (decrease) in accrued advisory fees		1,816
	Increase (decrease) in accrued administration fees		681
	Increase (decrease) in accrued custodian and portfolio accounting fees		(1,455	)
	Increase (decrease) in accrued legal, audit and tax service fees		(430	)
	Increase (decrease) in accrued trustees’ fees and deferred compensation		125
	Increase (decrease) in accrued other		582
	Change in net unrealized (appreciation) depreciation on investment securities		(61,635	)
	Change in net unrealized (appreciation) depreciation on foreign currencies		3,089
	Change in net unrealized (appreciation) depreciation on forward foreign currency contracts		57,105
	Change in net unrealized (appreciation) depreciation on purchased options		3,105
	Change in net unrealized (appreciation) depreciation on written options		(3,665	)
	Net realized (gain) loss on investment security transactions		(447,770	)
	Net realized (gain) loss on purchased options transactions		2,542
	Net realized (gain) loss on written option transactions		(11,638	)
	Net amortization on investments		166,633
Net cash provided by (used in) operating activities			2,076,629
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			184,125
Payment of shares redeemed			(1,527,384	)
Proceeds from sale-buyback financing activities			183,497,184
Payment on sale-buyback financing transactions			(184,179,103	)
Net cash provided by (used in) financing activities			(2,025,178	)
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			51,451
CASH AND FOREIGN CURRENCY:
Beginning of Period			184,198
End of Period (3)			$235,649

(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 $1,493.

(3) Includes cash (segregated for derivative instruments) of $170,000.

See Notes to Financial Statements

B-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Conservative
Class A
4/1/2021 - 9/30/2021 (6)		$11.46		$0.00	(7)		$0.35			$0.35			$—			$—			$—			$11.81		0.67	%		0.60	%		0.01	%		3.05	%		$191,885		2	%
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
4/1/2021 - 9/30/2021 (6)		$11.14		($0.04	)		$0.34			$0.30			$—			$—			$—			$11.44		1.42	%		1.35	%		(0.73	%)		2.69	%		$43,734		2	%
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
4/1/2021 - 9/30/2021 (6)		$11.52		$0.02			$0.34			$0.36			$—			$—			$—			$11.88		0.42	%		0.35	%		0.26	%		3.13	%		$10,695		2	%
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
4/1/2021 - 9/30/2021 (6)		$12.52		($0.01)			$0.51			$0.50			$—			$—			$—			$13.02		0.66	%		0.60	%		(0.16	%)		3.99	%		$285,448		1	%
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
4/1/2021 - 9/30/2021 (6)		$12.20		($0.06)			$0.50			$0.44			$—			$—			$—			$12.64		1.41	%		1.35	%		(0.91	%)		3.61	%		$40,445		1	%
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
4/1/2021 - 9/30/2021 (6)		$12.60		$0.01			$0.50			$0.51			$—			$—			$—			$13.11		0.41	%		0.35	%		0.09	%		4.05	%		$7,250		1	%
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
4/1/2021 - 9/30/2021 (6)		$14.35		($0.02)			$0.73			$0.71			$—			$—			$—			$15.06		0.63	%		0.60	%		(0.30	%)		4.95	%		$911,439		0	%
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	%

See Notes to Financial Statements See explanation of references on B-29

B-20

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Moderate (Continued)
Class C
4/1/2021 - 9/30/2021 (6)		$14.03		($0.08	)		$0.72			$0.64			$—			$—			$—			$14.67		1.38	%		1.35	%		(1.05	%)		4.56	%		$131,054		0	%
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	%
Advisor Class
4/1/2021 - 9/30/2021 (6)		$14.42		($0.00	)(7)		$0.74			$0.74			$—			$—			$—			$15.16		0.38	%		0.35	%		(0.05	%)		5.13	%		$41,983		0	%
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
4/1/2021 - 9/30/2021 (6)		$15.50		($0.03	)		$0.92			$0.89			$—			$—			$—			$16.39		0.64	%		0.60	%		(0.39	%)		5.74	%		$761,109		0	%
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
4/1/2021 - 9/30/2021 (6)		$15.06		($0.09	)		$0.90			$0.81			$—			$—			$—			$15.87		1.38	%		1.35	%		(1.14	%)		5.38	%		$107,272		0	%
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
4/1/2021 - 9/30/2021 (6)		$15.60		($0.01	)		$0.92			$0.91			$—			$—			$—			$16.51		0.39	%		0.35	%		(0.14	%)		5.83	%		$22,809		0	%
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
4/1/2021 - 9/30/2021 (6)		$17.62		($0.05	)		$1.18			$1.13			$—			$—			$—			$18.75		0.65	%		0.60	%		(0.53	%)		6.41	%		$286,574		0	%
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
4/1/2021 - 9/30/2021 (6)		$16.92		($0.12	)		$1.14			$1.02			$—			$—			$—			$17.94		1.40	%		1.35	%		(1.27	%)		6.03	%		$39,790		0	%
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	)(7)		1.75			1.75			(0.10	)		(0.49	)		(0.59	)		16.59		1.43	%		1.35	%		(0.01	%)		11.39	%		97,877		41	%
4/1/2016 - 3/31/2017		14.41		0.07			1.93			2.00			(0.11	)		(0.87	)		(0.98	)		15.43		1.43	%		1.35	%		0.50	%		14.18	%		99,582		41	%

See Notes to Financial Statements See explanation of references on B-29

B-21

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued)
Advisor Class
4/1/2021 - 9/30/2021 (6)		$17.72		($0.03	)		$1.19			$1.16			$—			$—			$—			$18.88		0.40	%		0.35	%		(0.28	%)		6.55	%		$16,147		0	%
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
4/1/2021 - 9/30/2021 (6)		$10.07		$0.03			$0.01			$0.04			($0.03	)		$—			($0.03	)		$10.08		0.66	%		0.32	%		0.62	%		0.44	%		$13,044		34	%
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	)(7)		(0.17	)		9.65		0.87	%		0.32	%		2.27	%		(1.81	%)		12,273		81	%
Advisor Class
4/1/2021 - 9/30/2021 (6)		$10.07		$0.03			$0.01			$0.04			($0.03	)		$—			($0.03	)		$10.08		0.66	%		0.32	%		0.62	%		0.44	%		$19,205		34	%
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	)(7)		(0.17	)		9.65		0.97	%		0.32	%		2.27	%		(1.81	%)		12,401		81	%
Pacific Funds Short Duration Income
Class A
4/1/2021 - 9/30/2021 (6)		$10.57		$0.06			$0.02			$0.08			($0.06	)		$—			($0.06	)		$10.59		0.87	%		0.75	%		1.14	%		0.77	%		$204,690		35	%
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
4/1/2021 - 9/30/2021 (6)		$10.55		$0.02			$0.02			$0.04			($0.02	)		$—			($0.02	)		$10.57		1.62	%		1.50	%		0.39	%		0.38	%		$48,032		35	%
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
4/1/2021 - 9/30/2021 (6)		$10.56		$0.07			$0.01			$0.08			($0.07	)		$—			($0.07	)		$10.57		0.62	%		0.50	%		1.39	%		0.80	%		$159,761		35	%
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
4/1/2021 - 9/30/2021 (6)		$10.58		$0.07			$0.01			$0.08			($0.07	)		$—			($0.07	)		$10.59		0.62	%		0.50	%		1.39	%		0.79	%		$797,758		35	%
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	%

See Notes to Financial Statements See explanation of references on B-29

B-22

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Core Income
Class A
4/1/2021 - 9/30/2021 (6)		$11.18		$0.10		$0.15			$0.25			($0.10	)		$—			($0.10	)		$11.33		0.97	%		0.85	%		1.82	%		2.27	%		$157,827		38	%
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
4/1/2021 - 9/30/2021 (6)		$11.18		$0.06		$0.15			$0.21			($0.06	)		$—			($0.06	)		$11.33		1.72	%		1.60	%		1.07	%		1.89	%		$45,963		38	%
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
4/1/2021 - 9/30/2021 (6)		$11.19		$0.12		$0.15			$0.27			($0.12	)		$—			($0.12	)		$11.34		0.72	%		0.55	%		2.12	%		2.43	%		$122,074		38	%
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	%
Class P
4/1/2021 - 9/30/2021 (6)		$11.23		$0.12		$0.15			$0.27			($0.12	)		$—			($0.12	)		$11.38		0.72	%		0.55	%		2.12	%		2.42	%		$46,015		38	%
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
4/1/2021 - 9/30/2021 (6)		$11.21		$0.12		$0.15			$0.27			($0.12	)		$—			($0.12	)		$11.36		0.72	%		0.55	%		2.12	%		2.42	%		$781,734		38	%
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 ESG Core Bond
Class I
4/1/2021 - 9/30/2021 (6)		$9.70		$0.05		$0.13			$0.18			($0.05	)		$—			($0.05	)		$9.83		0.86	%		0.48	%		0.96	%		1.88	%		$15,256		18	%
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
4/1/2021 - 9/30/2021 (6)		$9.70		$0.05		$0.13			$0.18			($0.05	)		$—			($0.05	)		$9.83		0.86	%		0.48	%		0.96	%		1.89	%		$12,389		18	%
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 Strategic Income
Class A
4/1/2021 - 9/30/2021 (6)		$11.52		$0.17		$0.15			$0.32			($0.17	)		$—			($0.17	)		$11.67		1.06	%		0.95	%		2.89	%		2.75	%		$135,292		27	%
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	%

See Notes to Financial Statements See explanation of references on B-29

B-23

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																		Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains		Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Strategic Income (Continued)
Class C
4/1/2021 - 9/30/2021 (6)		$11.49		$0.13		$0.15			$0.28			($0.13	)		$—		($0.13	)		$11.64		1.81	%		1.65	%		2.19	%		2.40	%		$82,040		27	%
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
4/1/2021 - 9/30/2021 (6)		$11.45		$0.19		$0.14			$0.33			($0.18	)		$—		($0.18	)		$11.60		0.81	%		0.65	%		3.19	%		2.92	%		$33,307		27	%
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
4/1/2021 - 9/30/2021 (6)		$11.52		$0.18		$0.15			$0.33			($0.18	)		$—		($0.18	)		$11.67		0.81	%		0.70	%		3.14	%		2.88	%		$1,118,358		27	%
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
4/1/2021 - 9/30/2021 (6)		$9.72		$0.18		$0.05			$0.23			($0.18	)		$—		($0.18	)		$9.77		1.13	%		1.00	%(8)		3.65	%		2.35	%		$229,348		55	%
4/1/2020 - 3/31/2021		8.80		0.34		0.92			1.26			(0.34	)		—		(0.34	)		9.72		1.17	%		1.02	%		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
4/1/2021 - 9/30/2021 (6)		$9.71		$0.14		$0.05			$0.19			($0.14	)		$—		($0.14	)		$9.76		1.88	%		1.70	%(8)		2.95	%		1.99	%		$91,063		55	%
4/1/2020 - 3/31/2021		8.79		0.28		0.92			1.20			(0.28	)		—		(0.28	)		9.71		1.92	%		1.72	%		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	%
Class I
4/1/2021 - 9/30/2021 (6)		$9.73		$0.19		$0.06			$0.25			($0.19	)		$—		($0.19	)		$9.79		0.88	%		0.70	%(8)		3.95	%		2.50	%		$1,360,948		55	%
4/1/2020 - 3/31/2021		8.81		0.38		0.91			1.29			(0.37	)		—		(0.37	)		9.73		0.91	%		0.72	%		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
4/1/2021 - 9/30/2021 (6)		$9.73		$0.19		$0.05			$0.24			($0.19	)		$—		($0.19	)		$9.78		0.88	%		0.70	%(8)		3.95	%		2.49	%		$9,555		55	%
4/1/2020 - 3/31/2021		8.81		0.37		0.92			1.29			(0.37	)		—		(0.37	)		9.73		0.91	%		0.72	%		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	%

See Notes to Financial Statements See explanation of references on B-29

B-24

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Floating Rate Income (Continued)
Advisor Class
4/1/2021 - 9/30/2021 (6)		$9.75		$0.19			$0.06			$0.25			($0.19	)		$—			($0.19	)		$9.81		0.88	%		0.75	%(8)		3.90	%		2.48	%		$1,003,472		55	%
4/1/2020 - 3/31/2021		8.83		0.37			0.92			1.29			(0.37	)		—			(0.37	)		9.75		0.91	%		0.77	%		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
4/1/2021 - 9/30/2021 (6)		$10.34		$0.24			$0.10			$0.34			($0.24	)		$—			($0.24	)		$10.44		1.12	%		0.95	%		4.54	%		3.30	%		$7,752		23	%
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
4/1/2021 - 9/30/2021 (6)		$10.33		$0.20			$0.10			$0.30			($0.20	)		$—			($0.20	)		$10.43		1.87	%		1.65	%		3.84	%		2.93	%		$1,700		23	%
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
4/1/2021 - 9/30/2021 (6)		$10.24		$0.25			$0.09			$0.34			($0.25	)		$—			($0.25	)		$10.33		0.87	%		0.70	%		4.79	%		3.35	%		$93		23	%
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
4/1/2021 - 9/30/2021 (6)		$10.24		$0.25			$0.09			$0.34			($0.25	)		$—			($0.25	)		$10.33		0.87	%		0.70	%		4.79	%		3.36	%		$146,921		23	%
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
4/1/2021 - 9/30/2021 (6)		$10.36		$0.25			$0.10			$0.35			($0.25	)		$—			($0.25	)		$10.46		0.87	%		0.70	%		4.79	%		3.42	%		$10,941		23	%
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	%
Pacific Funds Small/Mid-Cap
Class A
4/1/2021 - 9/30/2021 (6)		$17.47		($0.04	)		$0.18			$0.14			$—			$—			$—			$17.61		1.23	%		1.20	%		(0.46	%)		0.80	%		$22,730		15	%
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	)(7)		(3.47	)		(3.47	)		(0.03	)		—			(0.03	)		9.52		1.37	%		1.23	%		(0.03	%)		(26.71	%)		14,379		36	%
4/1/2018 - 3/31/2019		13.23		(0.02	)		0.16			0.14			—			(0.35	)		(0.35	)		13.02		1.48	%		1.30	%		(0.11	%)		1.19	%		21,872		33	%
4/1/2017 - 3/31/2018		11.93		(0.04	)		1.35			1.31			—			(0.01	)		(0.01	)		13.23		1.51	%		1.30	%		(0.28	%)		11.02	%		21,131		23	%
4/1/2016 - 3/31/2017		9.93		(0.02	)		2.05			2.03			—			(0.03	)		(0.03	)		11.93		1.71	%		1.30	%		(0.19	%)		20.44	%		18,360		45	%

See Notes to Financial Statements See explanation of references on B-29

B-25

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small/Mid-Cap (Continued)
Class C
4/1/2021 - 9/30/2021 (6)		$16.83		($0.10	)		$0.17			$0.07			$—			$—			$—			$16.90		1.98	%		1.95	%		(1.21	%)		0.42	%		$10,302		15	%
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
4/1/2021 - 9/30/2021 (6)		$17.57		($0.02	)		$0.18			$0.16			$—			$—			$—			$17.73		0.98	%		0.95	%		(0.21	%)		0.91	%		$318,695		15	%
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	)(7)		(0.35	)		(0.35	)		13.11		1.23	%		1.05	%		0.13	%		1.50	%		328,171		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(7)		1.35			1.35			—			(0.01	)		(0.01	)		13.28		1.26	%		1.05	%		(0.03	%)		11.34	%		176,897		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.46	%		1.05	%		0.06	%		20.73	%		70,260		45	%
Class R6
4/1/2021 - 9/30/2021 (6)		$17.61		($0.01	)		$0.18			$0.17			$—			$—			$—			$17.78		0.98	%		0.85	%		(0.11	%)		0.97	%		$1,477		15	%
4/1/2020 - 3/31/2021		9.59		0.00	(7)		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	)(7)		(0.35	)		(0.35	)		13.12		1.08	%		1.00	%		0.19	%		1.52	%		6,422		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(7)		1.36			1.36			—			(0.01	)		(0.01	)		13.29		1.11	%		1.00	%		0.02	%		11.43	%		9,977		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.31	%		1.00	%		0.11	%		20.78	%		8,531		45	%
Pacific Funds Small-Cap
Class A
4/1/2021 - 9/30/2021 (6)		$16.02		($0.04	)		($0.03	)		($0.07	)		$—			$—			$—			$15.95		1.66	%		1.20	%		(0.43	%)		(0.44	%)		$2,283		25	%
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	)(7)		2.19			2.19			(0.10	)		—			(0.10	)		11.77		3.44	%		1.30	%		(0.04	%)		22.70	%		1,759		62	%
Class C
4/1/2021 - 9/30/2021 (6)		$15.56		($0.09	)		($0.03	)		($0.12	)		$—			$—			$—			$15.44		2.41	%		1.95	%		(1.18	%)		(0.77	%)		$725		25	%
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
4/1/2021 - 9/30/2021 (6)		$16.32		($0.02	)		($0.02	)		($0.04	)		$—			$—			$—			$16.28		1.40	%		0.95	%		(0.18	%)		(0.24	%)		$20,742		25	%
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	(7)		(3.57	)		(3.57	)		(0.04	)		—			(0.04	)		8.71		1.48	%		0.98	%		0.04	%		(29.07	%)		7,897		42	%
4/1/2018 - 3/31/2019		13.04		0.01			(0.07	)		(0.06	)		(0.01	)		(0.65	)		(0.66	)		12.32		1.47	%		1.05	%		0.04	%		(0.26	%)		13,220		56	%
4/1/2017 - 3/31/2018		11.90		0.01			1.35			1.36			(0.01	)		(0.21	)		(0.22	)		13.04		1.64	%		1.05	%		0.09	%		11.45	%		14,767		62	%
4/1/2016 - 3/31/2017		9.68		0.02			2.21			2.23			(0.01	)		—			(0.01	)		11.90		3.19	%		1.05	%		0.21	%		23.03	%		8,265		62	%
Class R6
4/1/2021 - 9/30/2021 (6)		$14.98		($0.01	)		($0.03	)		($0.04	)		$—			$—			$—			$14.94		1.41	%		0.85	%		(0.08	%)		(0.27	%)		$1,733		25	%
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	%

See Notes to Financial Statements See explanation of references on B-29

B-26

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small-Cap Value
Class A
4/1/2021 - 9/30/2021 (6)		$11.53		$0.00	(7)		$0.37			$0.37			$—			$—			$—			$11.90		1.67	%		1.20	%		0.01	%		3.21	%		$2,441		22	%
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
4/1/2021 - 9/30/2021 (6)		$11.30		($0.04	)		$0.36			$0.32			$—			$—			$—			$11.62		2.42	%		1.95	%		(0.74	%)		2.83	%		$763		22	%
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
4/1/2021 - 9/30/2021 (6)		$11.63		$0.02			$0.36			$0.38			$—			$—			$—			$12.01		1.42	%		0.95	%		0.26	%		3.27	%		$14,290		22	%
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
4/1/2021 - 9/30/2021 (6)		$11.55		$0.02			$0.36			$0.38			$—			$—			$—			$11.93		1.42	%		0.85	%		0.36	%		3.29	%		$1,133		22	%
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
4/1/2021 - 9/30/2021 (6)		$9.88		$0.36			$0.13			$0.49			$—			$—			$—			$10.37		0.75	%		0.56	%		7.00	%		4.85	%		$33,150		24	%
4/1/2020 - 3/31/2021		9.12		0.14			0.79			0.93			(0.17	)		—			(0.17	)		9.88		0.85	%		0.61	%		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
4/1/2021 - 9/30/2021 (6)		$10.91		$0.09			$0.20			$0.29			$—			$—			$—			$11.20		0.65	%		0.54	%		1.53	%		2.66	%		$561,953		84	%
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	%
PF Short Duration Bond Fund
Class P
4/1/2021 - 9/30/2021 (6)		$10.14		$0.06			($0.03	)		$0.03			$—			$—			$—			$10.17		0.67	%		0.55	%		1.24	%		0.30	%		$95,604		37	%
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	%

See Notes to Financial Statements See explanation of references on B-29

B-27

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Emerging Markets Debt Fund
Class P
4/1/2021 - 9/30/2021 (6)		$8.25		$0.20			$0.10			$0.30			$—			$—			$—			$8.55		1.15	%		0.92	%		4.52	%		3.64	%		$61,845		18	%
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
4/1/2021 - 9/30/2021 (6)		$30.54		($0.05	)		$4.29			$4.24			$—			$—			$—			$34.78		0.77	%		0.70	%		(0.31	%)		13.88	%		$186,321		5	%
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	)(7)		(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	(7)		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
4/1/2021 - 9/30/2021 (6)		$12.31		$0.06			$0.77			$0.83			$—			$—			$—			$13.14		0.87	%		0.80	%		0.84	%		6.74	%		$173,147		4	%
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
4/1/2021 - 9/30/2021 (6)		$21.69		($0.04	)		$1.46			$1.42			$—			$—			$—			$23.11		0.86	%		0.75	%		(0.36	%)		6.41	%		$65,369		36	%
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
4/1/2021 - 9/30/2021 (6)		$10.83		$0.02			$0.27			$0.29			$—			$—			$—			$11.12		0.98	%		0.90	%		0.38	%		2.68	%		$116,951		23	%
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
4/1/2021 - 9/30/2021 (6)		$14.88		$0.17			($1.04	)		($0.87	)		$—			$—			$—			$14.01		1.14	%		0.95	%		2.32	%		(5.85	%)		$131,138		23	%
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 B-29

B-28

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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

Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF International Large-Cap Fund
Class P
4/1/2021 - 9/30/2021 (6)		$11.53		$0.09		$0.66			$0.75			$—			$—			$—			$12.28		1.26	%		0.97	%		1.37	%		6.50	%		$50,132		4	%
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
4/1/2021 - 9/30/2021 (6)		$11.64		$0.12		$0.57			$0.69			$—			$—			$—			$12.33		1.27	%		1.10	%		1.86	%		5.93	%		$37,347		18	%
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
4/1/2021 - 9/30/2021 (6)		$8.05		$0.14		$0.35			$0.49			$—			$—			$—			$8.54		1.17	%		0.80	%		3.32	%		6.09	%		$35,433		11	%
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
4/1/2021 - 9/30/2021 (6)		$12.93		$0.03		$0.95			$0.98			$—			$—			$—			$13.91		0.56	%		0.51	%		0.41	%		7.58	%		$1,123,037		18	%
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
4/1/2021 - 9/30/2021 (6)		$13.60		$0.11		$1.80			$1.91			$—			$—			$—			$15.51		1.20	%		0.90	%		1.44	%		14.04	%		$26,856		14	%
4/1/2020 - 3/31/2021		10.30		0.17		3.33			3.50			(0.20	)(9)		—			(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 Funds in which they invest.

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

(6) Unaudited.

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

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

(9) Includes $0.09 per share return of capital distribution.

See Notes to Financial Statements

B-29

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, investment management company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2021, the Trust was comprised of the following twenty-nine separate funds (each individually a “Fund”, and collectively the “Funds”):

Pacific FundsSM Portfolio Optimization Conservative (1)	Pacific FundsSM High Income (2)	PF Large-Cap Value Fund (4)
Pacific FundsSM Portfolio Optimization Moderate-Conservative (1)	Pacific FundsSM ESG Core Bond (2)	PF Small-Cap Growth Fund (4)
Pacific FundsSM Portfolio Optimization Moderate (1)	Pacific FundsSM Small/Mid-Cap (3)	PF Small-Cap Value Fund (4)
Pacific FundsSM Portfolio Optimization Growth (1)	Pacific FundsSM Small-Cap (3)	PF Emerging Markets Fund (4)
Pacific FundsSM Portfolio Optimization Aggressive-Growth (1)	Pacific FundsSM Small-Cap Value (3)	PF International Large-Cap Fund (4) (PF International Growth Fund effective November 1, 2021)
Pacific FundsSM Ultra Short Income (2)	PF Inflation Managed Fund (4)	PF International Small-Cap Fund (4)
Pacific FundsSM Short Duration Income (2)	PF Managed Bond Fund (4)	PF International Value Fund (4)
Pacific FundsSM Core Income (2)	PF Short Duration Bond Fund (4)	PF Multi-Asset Fund (4)
Pacific FundsSM Strategic Income (2)	PF Emerging Markets Debt Fund (4)	PF Real Estate Fund (4)
Pacific FundsSM 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.

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

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

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.

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 does not expect ASU 2020-04 to have a material impact on these 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; Juneteenth; 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.

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, options and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, options and swap agreements for which no settlement price is reported, are valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Over-the-Counter (“OTC”) Investments

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing

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models, broker quotes or other methodologies pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates 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.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 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.

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Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.

U.S. Treasury Obligations

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-Backed and Asset-Backed Securities

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal Bonds

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign Government Bonds and Notes

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate Bonds and Notes and U.S. Government Agency Issues

Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures Contracts

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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.

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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 adversely affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

Natural Disasters Risk

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

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An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was first detected in China in 2019 before spreading worldwide and being 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, and other infectious illness outbreaks that may arise in the future, 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. COVID-19 and other health crises in the future may exacerbate other pre-existing political, social and economic risks, and its impact in developing or emerging market countries may be greater due to less established health care systems. The duration and ultimate impact of an outbreak may be short term or may last for an extended period of time.

LIBOR Transition Risk

Certain investments in which a Fund invests may 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.

The Portfolio Optimization Funds shareholders also bear indirectly their proportionate share of the expenses of the underlying funds in which the Portfolio Optimization Funds invest.

Equity Investments

Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. 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

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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 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

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an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender.

Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 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 U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

When-Issued Securities

Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions Risk

Certain Funds may purchase or sell securities on a delayed-delivery basis, including TBA securities. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed- delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Repurchase Agreements

Certain Funds may enter into repurchase agreements with institutions that the Investment Adviser or sub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designated sub-custodian under a tri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.

In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited, or wholly denied.

Borrowings and Other Financing Transactions

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, see Note 5.

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.

The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.

Segregation and Collateral Risk

If a Fund engages in certain transactions, such as derivative investments, repurchase agreements or repurchase-to-maturity transactions accounted for as secured borrowings, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/ or the manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts, and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.

Interest Rate Risk – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar 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.

C-11

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

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.

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PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 and PF Managed Bond Funds purchased and sold/wrote options to obtain exposure to the price activity or volatility of an underlying security or index, to hedge downside risk, to manage duration and to generate income. Additionally, the PF Inflation Managed Fund used swaptions to achieve credit or interest rate exposure. 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 and manage duration. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to- market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

Interest Rate Swaps – Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate 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, to manage duration 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.

C-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 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 paired 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

C-14

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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

credit default swap agreements outstanding as of September 30, 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 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.

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

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2021:

	Asset Derivative Investments Value
Fund	Total Value at September 30, 2021		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$389,959		$—		$—		$53,989		$335,970
PF Managed Bond		3,805,059		19,255		—		1,166,473		2,619,331
PF Short Duration Bond		39,516		—		—		—		39,516
PF Emerging Markets Debt		257,324		—		—		251,472		5,852
PF Multi-Asset		112,466,917		—		112,466,917		—		—

	Liability Derivative Investments Value
Fund	Total Value at September 30, 2021			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($362,579	)		($723	)		$—			($3,343	)		($358,513	)
PF Managed Bond		(4,478,667	)		(23,516	)		—			(750,994	)		(3,704,157	)
PF Short Duration Bond		(8,665	)		—			—			—			(8,665	)
PF Emerging Markets Debt		(339,480	)		—			—			(287,079	)		(52,401	)
PF Multi-Asset		(10,199,826	)		—			(10,199,826	)		—			—

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 September 30, 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		$32,749			$3,052		$—		$111,588			($81,891	)
PF Managed Bond		4,354,303			684,319		—		1,022,482			2,647,502
PF Short Duration Bond		(21,889	)		—		—		—			(21,889	)
PF Emerging Markets Debt		(378,723	)		—		—		(379,796	)		1,073
PF Multi-Asset		129,080,598			—		129,080,598		—			—

	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		($126,997	)		($1,181	)		$—			($57,105	)		($68,711	)
PF Managed Bond		(1,312,633	)		(151,627	)		—			(184,933	)		(976,073	)
PF Short Duration Bond		(75,556	)		—			—			—			(75,556	)
PF Emerging Markets Debt		420,834			—			—			430,669			(9,835	)
PF Multi-Asset		(45,578,571	)		—			(45,578,571	)		—			—

For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

The following is a summary of the average number of positions and values of derivative investments by derivative type for the period ended September 30, 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		12		($3,406	)		15		$81,155			18		($1,826	)		39		($20,864	)
PF Managed Bond		27		(982,143	)		51		735,645			63		(81,127	)		54		870,103
PF Short Duration Bond		4		35,256			—		—			—		—			—		—
PF Emerging Markets Debt		—		—			87		(248,888	)		—		—			3		(37,401	)
PF Multi-Asset		1		412,038			—		—			—		—			23		117,878,605

The table shown above and the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the period ended September 30, 2021.

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 September 30, 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		$53,989		($3,343	)		$—			$50,646			($3,343	)			$3,343		$—		$—
Option contracts		37,028		(36,431	)		—			597			(37,788	)			36,431		—		(1,357	)
Sale-buyback financing transactions		—		—			—			—			(5,949,081	)			5,921,271		—		(27,810	)
PF Managed Bond
Forward foreign currency contracts		1,127,116		(195,047	)		(609,222	)		322,847			(496,534	)			195,047		9,929		(291,558	)
Option contracts		31,687		(1,010	)		(875	)		29,802			(1,010	)			1,010		—		—
Swap agreements		3,620		(3,620	)		—			—			(84,615	)			3,620		50,071		(30,924	)
PF Emerging Markets Debt
Forward foreign currency contracts		251,472		(204,169	)		—			47,303			(287,079	)			204,169		—		(82,910	)
PF Multi-Asset
Swap agreements		111,230,802		(9,313,746	)		(101,917,056	)		—			(10,199,826	)			9,313,746		—		(886,080	)

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 September 30, 2021.

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 September 30, 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 rate and the sub-adviser of each Fund (if applicable), are as follows:

Fund	Advisory Fee Rate	Advisory Fee Waiver through July 31, 2022	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%	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% (0.05% effective November 1, 2021)	Ashmore Investment Management Limited (Principal Global Investors, LLC effective November 1, 2021)
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
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%	MFS Investment Management (Clearbridge Investments, LLC effective November 1, 2021)
PF International Small-Cap Fund	0.85%	0.015% effective November 1, 2021	Franklin Advisers, Inc. (formerly QS Investors, LLC) (Fidelity effective November 1, 2021)
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.

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

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 period ended September 30, 2021, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $2,582,684 from the sale of Class A shares and received $25,519 in CDSC from redemptions of Class A and Class 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 period ended September 30, 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 September 30, 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, 2022 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2022. The expense cap for the PF International Small-Cap Fund is 0.25% through July 31, 2022. 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 7/31/2022 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 7/31/2022
Pacific Funds Core Income	A and C	0.10% through 7/31/2022
	I, Advisor, and P	0.05% through 7/31/2022
Pacific Funds Strategic Income	A and Advisor	0.10% through 7/31/2022
	C and I	0.05% through 7/31/2022
Pacific Funds Floating Rate Income	A and Advisor	0.10% through 7/31/2022
	C, I, and P	0.05% through 7/31/2022
Pacific Funds High Income	A, I, Advisor, and P	0.10% through 7/31/2022
	C	0.05% through 7/31/2022
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 7/31/2022
Pacific Funds Small-Cap Pacific Funds Small-Cap Value	R6	0.10% through 7/31/2022

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 period ended September 30, 2021 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2021 are presented in the Statements of Assets and Liabilities.

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The cumulative expense reimbursement amounts, if any, as of September 30, 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		3/31/2025
Pacific Funds Portfolio Optimization Conservative		$230,770		$197,838		$173,374		$86,295
Pacific Funds Portfolio Optimization Moderate-Conservative		305,325		249,902		209,189		95,868
Pacific Funds Portfolio Optimization Moderate		774,354		612,516		416,943		189,905
Pacific Funds Portfolio Optimization Growth		602,203		493,143		344,023		164,525
Pacific Funds Portfolio Optimization Aggressive-Growth		253,140		226,029		190,351		95,468
Pacific Funds Ultra Short Income				115,776		112,238		56,138
Pacific Funds Short Duration Income		1,385,844		2,174,161		1,444,108		720,929
Pacific Funds Core Income		1,843,904		2,204,086		1,935,705		950,915
Pacific Funds ESG Core Bond						36,149		50,784
Pacific Funds Strategic Income		1,612,421		1,718,677		1,086,189		695,705
Pacific Funds Floating Rate Income		4,391,138		3,637,709		2,383,395		1,638,326
Pacific Funds High Income		169,374		253,239		286,291		143,769
Pacific Funds Small/Mid-Cap		493,273		516,716		139,311		57,855
Pacific Funds Small-Cap		94,696		91,474		96,729		44,939
Pacific Funds Small-Cap Value		90,131		89,955		95,048		44,366
PF Inflation Managed		58,726		61,646		57,500		31,345
PF Managed Bond		443,715		472,703		547,131		291,183
PF Short Duration Bond		119,957		156,485		151,919		60,138
PF Emerging Markets Debt		124,856		133,378		168,623		68,043
PF Growth		112,913		136,249		148,484		68,400
PF Large-Cap Value		118,375		125,113		132,370		62,981
PF Small-Cap Growth		14,826		31,688		52,425		36,667
PF Small-Cap Value		53,658		60,545		64,489		48,739
PF Emerging Markets		310,434		309,200		261,447		132,140
PF International Large-Cap		124,692		163,188		134,071		68,723
PF International Small-Cap		60,110		79,456		78,680		32,504
PF International Value		154,717		170,154		142,097		66,118
PF Multi-Asset		609,033		588,849		666,818		296,730
PF Real Estate		30,395		69,513		47,068		21,316
Total		$14,582,980		$15,139,388		$11,602,165		$6,320,814

There was no recoupment of expense reimbursement by PLFA from any Funds for the period ended September 30, 2021.

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 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 period ended September 30, 2021 is as follows:

Fund/Underlying Fund	Beginning Value as of April 1, 2021		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2021
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$8,135,956		$98,171		$86,162		$392,717		($2,751	)		$111,555			$8,036,376		706,185
Pacific Funds Floating Rate Income		2,499,111		45,077		50,721		126,591		3,234			9,527			2,481,079		253,689
Pacific Funds High Income		26,407,784		276,279		637,547		1,464,735		17,207			215,024			26,089,106		2,525,567
PF Inflation Managed		13,788,608		118,718		—		916,945		26,039			636,777			13,653,197		1,316,605
PF Managed Bond		99,416,259		1,054,405		—		4,922,234		(247,910	)		2,878,532			98,179,052		8,765,987
PF Short Duration Bond		28,680,120		808,544		—		1,369,330		17,331			67,121			28,203,786		2,773,234
PF Emerging Markets Debt		12,319,162		232,749		—		762,987		(5,262	)		464,720			12,248,382		1,432,559
PF Growth		1,271,912		10,792		—		206,740		40,130			137,093			1,253,187		36,032
PF Large-Cap Value		5,553,329		50,193		—		538,626		41,084			338,492			5,444,472		414,343
PF Small-Cap Growth		2,463,945		37,080		—		201,803		6,261			149,361			2,454,844		106,362
PF Small-Cap Value		4,856,817		149,406		—		299,575		64,257			72,765			4,843,670		435,582
PF Emerging Markets		6,136,048		471,198		—		331,153		(3,987	)		(339,595	)		5,932,511		423,448
PF International Small-Cap		1,248,783		18,915		—		119,133		54,958			20,934			1,224,457		99,307
PF Multi-Asset		37,130,175		319,460		—		3,762,901		1,052,391			1,762,759			36,501,884		2,624,147
		$249,908,009		$3,690,987		$774,430		$15,415,470		$1,062,982			$6,525,065			$246,546,003

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2021		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2021
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$8,910,746		$44,115		$94,574		$307,226		($2,241	)		$121,060			$8,861,028		778,649
Pacific Funds Floating Rate Income		1,678,420		8,557		35,285		59,211		1,514			7,054			1,671,619		170,922
Pacific Funds High Income		25,336,856		95,462		614,944		943,630		8,761			214,063			25,326,456		2,451,738
PF Inflation Managed		8,418,047		24,883		—		390,107		9,092			395,025			8,456,940		815,520
PF Managed Bond		108,676,585		494,888		—		3,895,676		(209,340	)		3,081,673			108,148,130		9,656,083
PF Short Duration Bond		23,450,928		172,540		—		809,456		14,415			54,347			22,882,774		2,250,027
PF Emerging Markets Debt		13,239,973		52,261		—		537,645		(8,821	)		496,983			13,242,751		1,548,860
PF Growth		9,910,306		22,514		—		1,303,962		266,780			1,113,661			10,009,299		287,789
PF Large-Cap Value		17,465,964		39,981		—		1,297,330		110,384			1,074,179			17,393,178		1,323,682
PF Small-Cap Growth		4,967,737		17,143		—		302,093		5,843			313,154			5,001,784		216,715
PF Small-Cap Value		8,163,518		47,913		—		361,672		85,724			136,084			8,071,567		725,860
PF Emerging Markets		13,195,967		167,694		—		481,373		73,792			(817,469	)		12,138,611		866,425
PF International Large-Cap		3,490,322		10,659		—		230,803		13,794			215,877			3,499,849		285,004
PF International Small-Cap		3,355,877		9,211		—		244,891		17,394			185,506			3,323,097		269,513
PF International Value		1,811,011		9,120		—		81,368		9,911			99,492			1,848,166		216,413
PF Multi-Asset		82,083,174		189,039		—		6,742,015		2,031,867			4,181,323			81,743,388		5,876,591
PF Real Estate		1,709,047		3,881		—		223,587		52,578			188,963			1,730,882		111,598
		$335,864,478		$1,409,861		$744,803		$18,212,045		$2,481,447			$11,060,975			$333,349,519
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$19,943,673		$80,146		$213,156		$509,712		($3,017	)		$269,892			$19,994,138		1,756,954
Pacific Funds Floating Rate Income		5,380,649		20,047		113,652		142,256		(6,257	)		33,865			5,399,700		552,117
Pacific Funds High Income		54,153,669		176,659		1,324,180		1,405,767		4,635			471,945			54,725,321		5,297,708
PF Inflation Managed		10,795,352		39,032		—		315,629		6,889			513,703			11,039,347		1,064,546
PF Managed Bond		243,946,530		931,581		—		6,240,492		(323,610	)		6,796,648			245,110,657		21,884,880
PF Short Duration Bond		32,221,674		158,763		—		826,549		1,643			93,232			31,648,763		3,111,973
PF Emerging Markets Debt		21,223,422		69,780		—		551,038		(3,224	)		782,221			21,521,161		2,517,095
PF Growth		55,875,727		93,597		—		5,902,412		847,355			6,938,038			57,852,305		1,663,379
PF Large-Cap Value		60,345,894		108,845		—		3,725,395		848,401			3,244,720			60,822,465		4,628,803
PF Small-Cap Growth		21,234,933		54,753		—		833,570		18,315			1,347,393			21,821,824		945,486
PF Small-Cap Value		36,640,527		210,592		—		1,212,871		302,094			694,772			36,635,114		3,294,525
PF Emerging Markets		47,593,965		335,377		—		1,239,829		(17,139	)		(2,701,560	)		43,970,814		3,138,531
PF International Large-Cap		12,255,700		31,484		—		533,985		63,076			741,461			12,557,736		1,022,617
PF International Small-Cap		10,758,960		18,352		—		561,096		133,873			515,809			10,865,898		881,257
PF International Value		6,333,898		31,965		—		210,316		25,826			358,279			6,539,652		765,767
PF Multi-Asset		433,374,976		735,931		—		28,102,016		5,018,652			27,946,371			438,973,914		31,558,153
PF Real Estate		5,479,322		9,176		—		573,747		341,515			432,196			5,688,462		366,761
		$1,077,558,871		$3,106,080		$1,650,988		$52,886,680		$7,259,027			$48,478,985			$1,085,167,271
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$8,810,631		$24,250		$99,305		$256,880		($1,604	)		$119,243			$8,794,945		772,842
Pacific Funds High Income		35,407,320		98,520		862,720		1,027,636		8,799			302,336			35,652,059		3,451,313
PF Managed Bond		105,628,480		332,170		—		3,082,909		(160,163	)		2,955,983			105,673,561		9,435,139
PF Short Duration Bond		13,167,120		63,975		—		385,361		876			37,885			12,884,495		1,266,912
PF Emerging Markets Debt		13,009,011		32,744		—		385,360		368			478,028			13,134,791		1,536,232
PF Growth		77,006,525		76,919		—		7,693,756		1,203,205			9,468,189			80,061,082		2,301,928
PF Large-Cap Value		71,092,979		87,217		—		3,923,223		304,096			4,508,790			72,069,859		5,484,769
PF Small-Cap Growth		21,693,223		29,468		—		752,512		10,088			1,376,950			22,357,217		968,684
PF Small-Cap Value		42,779,195		250,505		—		1,356,409		361,113			801,850			42,836,254		3,852,181
PF Emerging Markets		51,862,738		398,183		—		1,541,456		(18,431	)		(2,929,901	)		47,771,133		3,409,788
PF International Large-Cap		22,210,232		27,029		—		880,040		74,009			1,378,327			22,809,557		1,857,456
PF International Small-Cap		13,189,776		13,416		—		608,077		121,134			671,536			13,387,785		1,085,790
PF International Value		22,000,443		76,831		—		771,342		23,477			1,308,991			22,638,400		2,650,867
PF Multi-Asset		369,207,902		373,866		—		19,667,413		5,748,376			22,282,957			377,945,688		27,170,790
PF Real Estate		13,434,845		13,416		—		1,325,066		321,156			1,567,618			14,011,969		903,415
		$880,500,420		$1,898,509		$962,025		$43,657,440		$7,996,499			$44,328,782			$892,028,795

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2021		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2021
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$335,269		$439		$5,703		$11,248		($79	)		$4,540			$334,624		29,405
Pacific Funds High Income		5,052,527		35,227		122,752		168,905		695			43,525			5,085,821		492,335
PF Managed Bond		4,689,371		34,111		—		157,645		(7,699	)		131,456			4,689,594		418,714
PF Emerging Markets Debt		1,650,123		11,291		—		56,304		(609	)		61,055			1,665,556		194,802
PF Growth		35,095,404		90,978		—		2,886,651		418,313			4,413,650			37,131,694		1,067,616
PF Large-Cap Value		17,076,797		60,885		—		888,064		58,878			1,089,338			17,397,834		1,324,036
PF Small-Cap Growth		13,208,345		56,291		—		462,473		(228	)		839,553			13,641,488		591,052
PF Small-Cap Value		24,418,766		296,375		—		844,526		207,032			455,767			24,533,414		2,206,242
PF Emerging Markets		23,025,154		347,952		—		788,223		(9,358	)		(1,296,382	)		21,279,143		1,518,854
PF International Large-Cap		10,937,470		42,453		—		429,223		26,706			684,169			11,261,575		917,066
PF International Small-Cap		8,365,153		24,915		—		350,642		21,740			477,298			8,538,464		692,495
PF International Value		4,268,046		36,761		—		160,242		64,675			192,831			4,402,071		515,465
PF Multi-Asset		181,667,492		477,414		—		8,244,894		2,205,908			11,516,358			187,622,278		13,488,302
PF Real Estate		5,112,178		13,249		—		420,528		115,140			597,584			5,417,623		349,299
		$334,902,095		$1,528,341		$128,455		$15,869,568		$3,101,114			$19,210,742			$343,001,179

(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 September 30, 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		80.90%
Pacific Funds ESG Core Bond		89.70%
Pacific Funds Small-Cap Value		46.46%

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 or Class D shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of certain Funds of the Trust under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2021, such expenses increased by $16,643 for all applicable Funds as a result of the market value appreciation on such accounts. As of September 30, 2021, the total amount in the DCP Liability accounts for all applicable Funds was $156,159.

E. OFFICERS OF THE TRUST

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

F. INDEMNIFICATIONS

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

G. INTERFUND TRANSACTIONS

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no

C-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the period ended September 30, 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%. 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 September 30, 2021, the actual interest rate on borrowing by the Trust was 1.33%. For the period ended September 30, 2021 the Trust did not borrow on this line of credit or have any loans outstanding. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense.

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2021, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$4,465,417		$15,415,470
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		2,154,664		18,212,045
Pacific Funds Portfolio Optimization Moderate		—		—		4,757,068		52,886,680
Pacific Funds Portfolio Optimization Growth		—		—		2,860,534		43,657,440
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		1,656,796		15,869,568
Pacific Funds Ultra Short Income		—		—		10,124,161		10,168,232
Pacific Funds Short Duration Income		32,138,174		—		392,475,335		402,330,437
Pacific Funds Core Income		160,022,812		153,686,016		276,284,591		353,727,704
Pacific Funds ESG Core Bond		123,535		154,832		7,144,498		4,359,063
Pacific Funds Strategic Income		—		—		626,698,788		310,444,358
Pacific Funds Floating Rate Income		—		—		2,207,200,455		1,329,832,766
Pacific Funds High Income		—		—		37,925,759		36,471,223
Pacific Funds Small/Mid-Cap		—		—		55,313,005		54,585,704
Pacific Funds Small-Cap		—		—		13,658,298		4,850,513
Pacific Funds Small-Cap Value		—		—		4,068,414		4,242,404
PF Inflation Managed		8,992,131		10,354,716		1,397,255		521,974
PF Managed Bond		414,072,462		427,860,472		41,121,359		30,216,586
PF Short Duration Bond		20,910,148		17,608,097		13,983,578		17,445,413
PF Emerging Markets Debt		—		—		11,588,899		10,645,293
PF Growth		—		—		9,381,402		27,263,633
PF Large-Cap Value		—		—		6,210,562		15,090,824
PF Small-Cap Growth		—		—		23,436,536		25,848,445
PF Small-Cap Value		—		—		26,556,898		28,800,465
PF Emerging Markets		—		—		30,870,787		33,821,379
PF International Large-Cap		—		—		2,017,986		3,490,273
PF International Small-Cap		—		—		6,915,696		8,494,919
PF International Value		—		—		3,712,483		4,363,702
PF Multi-Asset		30,016,406		18,000,000		211,951,306		149,127,007
PF Real Estate		—		—		3,954,105		6,006,396

10. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 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		$1,792,357		$4,156,724		$—		$—		$5,949,081
Total borrowings			$1,792,357		$4,156,724		$—		$—		$5,949,081

C-23

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 ESG Core Bond		(41,744	)		2,762		—		—		—		—		—
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 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
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 ESG Core Bond		(41,744	)		—			(41,744	)		—
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 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	)		—

C-24

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 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		$215,280,469		$31,265,534		$—			$31,265,534			$—			$31,265,534
Pacific Funds Portfolio Optimization  Moderate-Conservative		277,964,264		55,385,255		—			55,385,255			—			55,385,255
Pacific Funds Portfolio Optimization Moderate		819,716,161		265,551,509		(100,399	)		265,451,110			—			265,451,110
Pacific Funds Portfolio Optimization Growth		651,951,408		240,077,387		—			240,077,387			—			240,077,387
Pacific Funds Portfolio Optimization  Aggressive-Growth		238,288,471		104,712,708		—			104,712,708			—			104,712,708
Pacific Funds Ultra Short Income		32,347,676		115,464		(11,025	)		104,439			—			104,439
Pacific Funds Short Duration Income		1,221,279,302		11,684,921		(1,120,936	)		10,563,985			2,494			10,566,479
Pacific Funds Core Income		1,169,298,336		24,617,278		(9,095,556	)		15,521,722			2,494			15,524,216
Pacific Funds ESG Core Bond		28,325,327		70,847		(397,005	)		(326,158	)		—			(326,158	)
Pacific Funds Strategic Income		1,359,108,804		34,685,654		(5,710,793	)		28,974,861			(1,407	)		28,973,454
Pacific Funds Floating Rate Income		2,992,985,267		17,566,494		(2,706,690	)		14,859,804			17,750			14,877,554
Pacific Funds High Income		157,286,402		8,171,270		(941,572	)		7,229,698			(131	)		7,229,567
Pacific Funds Small/Mid-Cap		257,194,912		105,407,360		(9,163,628	)		96,243,732			—			96,243,732
Pacific Funds Small-Cap		21,864,187		4,468,340		(977,158	)		3,491,182			—			3,491,182
Pacific Funds Small-Cap Value		14,788,293		4,343,399		(520,500	)		3,822,899			—			3,822,899
PF Inflation Managed		38,175,888		1,732,779		(605,561	)		1,127,218			34,740			1,161,958
PF Managed Bond		577,539,002		11,236,010		(10,536,744	)		699,266			(764,765	)		(65,499	)
PF Short Duration Bond		95,018,226		1,075,857		(91,635	)		984,222			30,988			1,015,210
PF Emerging Markets Debt		62,590,542		2,855,118		(4,794,624	)		(1,939,506	)		(92,009	)		(2,031,515	)
PF Growth		61,679,355		123,973,049		(501,310	)		123,471,739			—			123,471,739
PF Large-Cap Value		88,243,261		85,216,103		(228,077	)		84,988,026			—			84,988,026
PF Small-Cap Growth		58,632,088		10,694,742		(3,509,477	)		7,185,265			57			7,185,322
PF Small-Cap Value		86,615,801		31,910,824		(1,355,667	)		30,555,157			—			30,555,157
PF Emerging Markets		89,002,963		52,454,225		(6,733,172	)		45,721,053			(962,116	)		44,758,937
PF International Large-Cap		25,070,692		24,981,551		(256,665	)		24,724,886			(54,647	)		24,670,239
PF International Small-Cap		26,808,820		11,222,261		(1,089,913	)		10,132,348			(5,412	)		10,126,936
PF International Value		30,671,994		5,321,915		(1,019,902	)		4,302,013			1,694			4,303,707
PF Multi-Asset		1,031,461,029		7,041,465		(265,248	)		6,776,217			102,267,091			109,043,308
PF Real Estate		17,921,467		9,114,030		(205,734	)		8,908,296			—			8,908,296

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

(2) Other includes net appreciation or depreciation on derivatives, 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 period ended September 30, 2021 and the fiscal year or period ended March 31, 2021 were as follows:

	For the Six-Month Period Ended September 30,  2021						For the Year or Period Ended March 31, 2021
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$—		$—		$—		$6,724,180		$—		$—		$6,724,180
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		—		8,082,625		135,673		—		8,218,298
Pacific Funds Portfolio Optimization Moderate		—		—		—		23,696,758		8,349,683		—		32,046,441
Pacific Funds Portfolio Optimization Growth		—		—		—		13,724,548		8,271,399		—		21,995,947
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		—		3,437,004		7,064,241		—		10,501,245
Pacific Funds Ultra Short Income		111,002		—		111,002		403,166		9,673		—		412,839
Pacific Funds Short Duration Income		7,853,640		—		7,853,640		18,720,253		—		—		18,720,253
Pacific Funds Core Income		11,836,261		—		11,836,261		31,092,260		1,743,297		—		32,835,557
Pacific Funds ESG Core Bond		143,992		—		143,992		68,061		—		—		68,061
Pacific Funds Strategic Income		18,377,430		—		18,377,430		29,219,412		—		—		29,219,412
Pacific Funds Floating Rate Income		45,398,227		—		45,398,227		57,410,489		—		—		57,410,489
Pacific Funds High Income		3,992,277		—		3,992,277		8,394,548		—		—		8,394,548
Pacific Funds Small/Mid-Cap		—		—		—		725,132		216,917		—		942,049
Pacific Funds Small-Cap		—		—		—		8,412		—		—		8,412
Pacific Funds Small-Cap Value		—		—		—		102,422		—		—		102,422
PF Inflation Managed		—		—		—		411,237		—		—		411,237

C-25

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	For the Six-Month Period Ended September 30, 2021						For the Year or Period Ended March 31, 2021
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total Distributions
PF Managed Bond		$—		$—		$—		$27,188,022		$4,159,022		$—		$31,347,044
PF Short Duration Bond		—		—		—		2,909,983		—		—		2,909,983
PF Emerging Markets Debt		—		—		—		2,362,664		—		—		2,362,664
PF Growth		—		—		—		2,143,783		41,747,879		—		43,891,662
PF Large-Cap Value		—		—		—		5,040,387		20,741,707		—		25,782,094
PF Small-Cap Growth		—		—		—		4,020,897		2,478,883		—		6,499,780
PF Small-Cap Value		—		—		—		325,166		—		—		325,166
PF Emerging Markets		—		—		—		1,260,582		2,437,304		—		3,697,886
PF International Large-Cap		—		—		—		1,265,942		2,992,554		—		4,258,496
PF International Small-Cap		—		—		—		658,806		—		—		658,806
PF International Value		—		—		—		829,970		—		—		829,970
PF Multi-Asset		—		—		—		14,603,227		39,218,966		—		53,822,193
PF Real Estate		—		—		—		339,852		—		288,733		628,585

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2021 and for the fiscal year or period ended March 31, 2021, were as follows:

	Pacific Funds  Portfolio Optimization Conservative						Pacific Funds  Portfolio Optimization Moderate-Conservative						Pacific Funds  Portfolio Optimization Moderate						Pacific Funds  Portfolio Optimization Growth
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class A
Shares sold		824,343			3,133,583			814,625			2,541,820			2,128,504			4,863,983			1,438,885			3,410,074
Dividends and distribution reinvested		—			453,642			—			563,430			—			1,922,442			—			1,265,839
Shares repurchased		(1,278,453	)		(3,070,586	)		(1,523,316	)		(3,753,906	)		(4,180,566	)		(11,649,669	)		(2,943,597	)		(8,138,362	)
Net increase (decrease)		(454,110	)		516,639			(708,691	)		(648,656	)		(2,052,062	)		(4,863,244	)		(1,504,712	)		(3,462,449	)
Beginning 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
Ending shares outstanding		16,251,187			16,705,297			21,931,399			22,640,090			60,512,187			62,564,249			46,438,136			47,942,848
Class C
Shares sold		378,193			1,037,772			155,980			388,735			493,746			877,176			288,007			935,078
Dividends and distribution reinvested		—			102,719			—			78,572			—			282,566			—			176,810
Shares repurchased		(761,432	)		(1,824,418	)		(671,702	)		(1,784,656	)		(1,773,814	)		(4,699,621	)		(1,259,840	)		(3,139,181	)
Net increase (decrease)		(383,239	)		(683,927	)		(515,722	)		(1,317,349	)		(1,280,068	)		(3,539,879	)		(971,833	)		(2,027,293	)
Beginning 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
Ending shares outstanding		3,823,210			4,206,449			3,200,203			3,715,925			8,931,567			10,211,635			6,760,327			7,732,160
Advisor Class
Shares sold		194,777			471,834			106,701			113,706			649,068			1,239,561			245,675			437,631
Dividends and distribution reinvested		—			24,384			—			14,758			—			74,211			—			35,031
Shares repurchased		(275,785	)		(223,359	)		(40,009	)		(207,949	)		(357,720	)		(877,646	)		(155,375	)		(541,814	)
Net increase (decrease)		(81,008	)		272,859			66,692			(79,485	)		291,348			436,126			90,300			(69,152	)
Beginning shares outstanding		981,074			708,215			486,221			565,706			2,477,677			2,041,551			1,290,843			1,359,995
Ending shares outstanding		900,066			981,074			552,913			486,221			2,769,025			2,477,677			1,381,143			1,290,843

C-26

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Ultra Short Income						Pacific Funds Short Duration Income						Pacific Funds Core Income
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class A
Shares sold		533,209			1,220,158									2,558,049			12,538,919			1,564,803			5,144,767
Dividends and distribution reinvested		—			526,227									89,034			208,932			118,734			344,789
Shares repurchased		(901,531	)		(2,913,938	)								(2,678,014	)		(8,740,026	)		(2,128,716	)		(4,389,220	)
Net increase (decrease)		(368,322	)		(1,167,553	)								(30,931	)		4,007,825			(445,179	)		1,100,336
Beginning shares outstanding		15,655,832			16,823,385									19,367,776			15,359,951			14,375,022			13,274,686
Ending shares outstanding		15,287,510			15,655,832									19,336,845			19,367,776			13,929,843			14,375,022
Class C
Shares sold		118,525			326,942									367,499			1,549,181			254,231			1,330,698
Dividends and distribution reinvested		—			80,577									8,901			36,483			21,275			90,450
Shares repurchased		(483,120	)		(1,044,819	)								(699,942	)		(1,584,825	)		(1,048,224	)		(2,102,879	)
Net increase (decrease)		(364,595	)		(637,300	)								(323,542	)		839			(772,718	)		(681,731	)
Beginning shares outstanding		2,583,065			3,220,365									4,869,674			4,868,835			4,827,808			5,509,539
Ending shares outstanding		2,218,470			2,583,065									4,546,132			4,869,674			4,055,090			4,827,808
Class I
Shares sold								—			4,629			2,947,628			6,460,253			2,025,632			5,549,240
Dividends and distribution reinvested								4,413			17,722			101,001			202,068			109,303			210,691
Shares repurchased								—			(4,629	)		(1,383,055	)		(3,822,396	)		(1,009,707	)		(1,812,081	)
Net increase (decrease)								4,413			17,722			1,665,574			2,839,925			1,125,228			3,947,850
Beginning shares outstanding								1,289,781			1,272,059			13,445,378			10,605,453			9,638,945			5,691,095
Ending shares outstanding								1,294,194			1,289,781			15,110,952			13,445,378			10,764,173			9,638,945
Class P
Shares sold																				22,396			1,610,458
Dividends and distribution reinvested																				43,091			103,281
Shares repurchased																				(129,759	)		(597,648	)
Net increase (decrease)																				(64,272	)		1,116,091
Beginning shares outstanding																				4,108,306			2,992,215
Ending shares outstanding																				4,044,034			4,108,306
Advisor Class
Shares sold		87,887			310,473			191,507			782,702			22,864,664			52,415,830			11,405,998			40,390,540
Dividends and distribution reinvested		—			28,627			6,598			23,368			510,664			1,267,116			561,664			1,599,233
Shares repurchased		(70,871	)		(340,662	)		(123,957	)		(260,164	)		(21,628,160	)		(51,530,741	)		(14,630,027	)		(34,461,869	)
Net increase (decrease)		17,016			(1,562	)		74,148			545,906			1,747,168			2,152,205			(2,662,365	)		7,527,904
Beginning shares outstanding		838,403			839,965			1,831,281			1,285,375			73,578,500			71,426,295			71,491,427			63,963,523
Ending shares outstanding		855,419			838,403			1,905,429			1,831,281			75,325,668			73,578,500			68,829,062			71,491,427

C-27

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds ESG Core Bond (1)					Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income
	Six-Month Period Ended 9/30/2021			Period Ended 3/31/2021		Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class A
Shares sold							3,483,108			4,708,081			7,643,033			5,667,393			229,630			151,557
Dividends and distribution reinvested							121,190			224,381			361,589			609,991			17,313			41,931
Shares repurchased							(1,097,949	)		(3,204,856	)		(2,057,884	)		(7,221,698	)		(229,130	)		(294,916	)
Net increase (decrease)							2,506,349			1,727,606			5,946,738			(944,314	)		17,813			(101,428	)
Beginning shares outstanding							9,087,158			7,359,552			17,524,229			18,468,543			724,579			826,007
Ending shares outstanding							11,593,507			9,087,158			23,470,967			17,524,229			742,392			724,579
Class C
Shares sold							1,528,757			1,586,601			1,534,528			1,374,643			760			48,266
Dividends and distribution reinvested							63,015			154,416			130,110			277,085			3,221			8,000
Shares repurchased							(824,496	)		(1,973,263	)		(1,391,418	)		(4,296,787	)		(28,464	)		(98,459	)
Net increase (decrease)							767,276			(232,246	)		273,220			(2,645,059	)		(24,483	)		(42,193	)
Beginning shares outstanding							6,280,514			6,512,760			9,059,366			11,704,425			187,494			229,687
Ending shares outstanding							7,047,790			6,280,514			9,332,586			9,059,366			163,011			187,494
Class I
Shares sold		290,634			1,250,000		1,789,937			1,411,194			40,378,186			69,364,697			2,842			213
Dividends and distribution reinvested		7,860			3,452		30,427			56,057			1,737,164			1,988,250			168			342
Shares repurchased		(161	)		—		(157,616	)		(1,979,140	)		(7,720,472	)		(13,784,531	)		(22	)		(750	)
Net increase (decrease)		298,333			1,253,452		1,662,748			(511,889	)		34,394,878			57,568,416			2,988			(195	)
Beginning shares outstanding		1,253,452			—		1,209,305			1,721,194			104,685,465			47,117,049			6,034			6,229
Ending shares outstanding		1,551,785			1,253,452		2,872,053			1,209,305			139,080,343			104,685,465			9,022			6,034
Class P
Shares sold													8,103			548,182			65,995			3,481,800
Dividends and distribution reinvested													19,077			29,097			344,600			780,464
Shares repurchased													(32,793	)		(491,671	)		(484,723	)		(3,913,655	)
Net increase (decrease)													(5,613	)		85,608			(74,128	)		348,609
Beginning shares outstanding													982,341			896,733			14,292,789			13,944,180
Ending shares outstanding													976,728			982,341			14,218,661			14,292,789
Advisor Class
Shares sold		—			1,250,000		34,291,806			40,314,864			39,837,922			46,214,284			712,008			594,851
Dividends and distribution reinvested		6,745			3,452		1,125,911			1,746,869			1,693,862			2,179,452			19,936			23,028
Shares repurchased		—			—		(11,836,980	)		(20,380,801	)		(12,618,971	)		(32,313,805	)		(65,852	)		(617,976	)
Net increase (decrease)		6,745			1,253,452		23,580,737			21,680,932			28,912,813			16,079,931			666,092			(97	)
Beginning shares outstanding		1,253,452			—		72,228,102			50,547,170			73,425,748			57,345,817			379,993			380,090
Ending shares outstanding		1,260,197			1,253,452		95,808,839			72,228,102			102,338,561			73,425,748			1,046,085			379,993

C-28

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Small/Mid-Cap						Pacific Funds Small Cap						Pacific Funds Small-Cap Value
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class A
Shares sold		72,228			747,499			9,348			89,846			26,791			369,226
Dividends and distribution reinvested		—			—			—			—			—			902
Shares repurchased		(97,151	)		(942,569	)		(32,218	)		(314,203	)		(12,929	)		(345,212	)
Net increase (decrease)		(24,923	)		(195,070	)		(22,870	)		(224,357	)		13,862			24,916
Beginning shares outstanding		1,315,951			1,511,021			166,037			390,394			191,296			166,380
Ending shares outstanding		1,291,028			1,315,951			143,167			166,037			205,158			191,296
Class C
Shares sold		21,597			68,397			4,055			15,659			8,229			29,831
Dividends and distribution reinvested		—			—			—			—			—			—
Shares repurchased		(64,956	)		(419,774	)		(7,811	)		(29,175	)		(13,368	)		(65,736	)
Net increase (decrease)		(43,359	)		(351,377	)		(3,756	)		(13,516	)		(5,139	)		(35,905	)
Beginning shares outstanding		653,074			1,004,451			50,702			64,218			70,828			106,733
Ending shares outstanding		609,715			653,074			46,946			50,702			65,689			70,828
Advisor Class
Shares sold		1,028,076			2,175,547			613,551			90,017			56,921			283,768
Dividends and distribution reinvested		—			60,783			—			597			—			8,962
Shares repurchased		(866,565	)		(6,795,051	)		(37,583	)		(299,163	)		(49,978	)		(728,169	)
Net increase (decrease)		161,511			(4,558,721	)		575,968			(208,549	)		6,943			(435,439	)
Beginning shares outstanding		17,809,772			22,368,493			698,432			906,981			1,182,596			1,618,035
Ending shares outstanding		17,971,283			17,809,772			1,274,400			698,432			1,189,539			1,182,596
Class R6
Shares sold		111,566			34,595			89,633			45,127			89,332			21,769
Dividends and distribution reinvested		—			407			—			—			—			919
Shares repurchased		(117,009	)		(447,202	)		(90,597	)		(19,841	)		(94,823	)		(297,583	)
Net increase (decrease)		(5,443	)		(412,200	)		(964	)		25,286			(5,491	)		(274,895	)
Beginning shares outstanding		88,482			500,682			116,988			91,702			100,413			375,308
Ending shares outstanding		83,039			88,482			116,024			116,988			94,922			100,413

C-29

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class P
Shares sold		18,054			1,271,440			255,775			20,021,861			118,438			4,812,822			46,388			2,025,141
Dividends and distributions reinvested		—			41,165			—			2,749,801			—			287,548			—			266,366
Shares repurchased		(158,289	)		(271,733	)		(1,640,089	)		(6,309,554	)		(333,634	)		(7,996,773	)		(264,317	)		(7,051,807	)
Net increase (decrease)		(140,235	)		1,040,872			(1,384,314	)		16,462,108			(215,196	)		(2,896,403	)		(217,929	)		(4,760,300	)
Beginning 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
Ending shares outstanding		3,196,672			3,336,907			50,160,803			51,545,117			9,402,145			9,617,341			7,229,549			7,447,478
	PF Growth Fund						PF Large-Cap Value Fund						PF Small-Cap Growth Fund						PF Small-Cap Value Fund
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class P
Shares sold		8,813			784,320			26,523			2,126,138			8,627			1,762,560			87,246			8,309,666
Dividends and distributions reinvested		—			1,470,408			—			2,277,895			—			325,430			—			38,076
Shares repurchased		(518,470	)		(2,425,191	)		(785,494	)		(7,066,086	)		(111,087	)		(403,782	)		(363,144	)		(2,971,600	)
Net increase (decrease)		(509,657	)		(170,463	)		(758,971	)		(2,662,053	)		(102,460	)		1,684,208			(275,898	)		5,376,142
Beginning 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
Ending shares outstanding		5,356,744			5,866,401			13,175,632			13,934,603			2,828,300			2,930,760			10,514,390			10,790,288
	PF Emerging Markets Fund						PF International Large-Cap Fund						PF International Small-Cap Fund						PF International Value Fund
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class P
Shares sold		119,880			827,146			9,132			586,239			6,828			279,914			18,446			957,474
Dividends and distributions reinvested		—			259,396			—			380,281			—			60,888			—			115,434
Shares repurchased		(293,336	)		(1,516,917	)		(167,555	)		(1,348,665	)		(150,163	)		(1,036,493	)		(144,890	)		(3,606,692	)
Net increase (decrease)		(173,456	)		(430,375	)		(158,423	)		(382,145	)		(143,335	)		(695,691	)		(126,444	)		(2,533,784	)
Beginning 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
Ending shares outstanding		9,357,046			9,530,502			4,082,143			4,240,566			3,028,362			3,171,697			4,148,512			4,274,956
	PF Multi-Asset Fund						PF Real Estate Fund
	Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021			Six-Month Period Ended 9/30/2021			Year Ended 3/31/2021
Class P
Shares sold		152,660			3,237,575			2,633			156,815
Dividends and distributions reinvested		—			4,453,540			—			50,287
Shares repurchased		(4,776,031	)		(29,897,442	)		(163,868	)		(2,541,409	)
Net increase (decrease)		(4,623,371	)		(22,206,327	)		(161,235	)		(2,334,307	)
Beginning shares outstanding		85,341,355			107,547,682			1,892,308			4,226,615
Ending shares outstanding		80,717,984			85,341,355			1,731,073			1,892,308

(1) See footnote (1) in Financial Highlights from pages B-20 through B-29 for the commencement date of operations of each share class.

C-30

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2021 to September 30, 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 09/30/21” 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 04/01/21-09/30/21” 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 April 1, 2021 to September 30, 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 04/01/21-09/30/21”.

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 04/01/21		Ending Account Value at 09/30/21		Annualized Expense Ratio		Expenses Paid During the Period 04/01/21 - 09/30/21 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,030.50		0.60%		$3.05
Class C		1,000.00		1,026.90		1.35%		6.86
Advisor Class		1,000.00		1,031.30		0.35%		1.78
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return
Class A		$1,000.00		$1,039.90		0.60%		$3.07
Class C		1,000.00		1,036.10		1.35%		6.89
Advisor Class		1,000.00		1,040.50		0.35%		1.79
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return
Class A		$1,000.00		$1,049.50		0.60%		$3.08
Class C		1,000.00		1,045.60		1.35%		6.92
Advisor Class		1,000.00		1,051.30		0.35%		1.80
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,057.40		0.60%		$3.09
Class C		1,000.00		1,053.80		1.35%		6.95
Advisor Class		1,000.00		1,058.30		0.35%		1.81
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return
Class A		$1,000.00		$1,064.10		0.60%		$3.10
Class C		1,000.00		1,060.30		1.35%		6.97
Advisor Class		1,000.00		1,065.50		0.35%		1.81
Hypothetical
Class A		$1,000.00		$1,022.06		0.60%		$3.04
Class C		1,000.00		1,018.30		1.35%		6.83
Advisor Class		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Ultra Short Income
Actual Fund Return
Class I		$1,000.00		$1,004.40		0.32%		$1.61
Advisor Class		1,000.00		1,004.40		0.32%		1.61
Hypothetical
Class I		$1,000.00		$1,023.46		0.32%		$1.62
Advisor Class		1,000.00		1,023.46		0.32%		1.62

See explanation of references on page D-3

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/21		Ending Account Value at 09/30/21		Annualized Expense Ratio		Expenses Paid During the Period 04/01/21 - 09/30/21 (1)
Pacific Funds Short Duration Income
Actual Fund Return
Class A		$1,000.00		$1,007.70		0.75%		$3.77
Class C		1,000.00		1,003.80		1.50%		7.53
Class I		1,000.00		1,008.00		0.50%		2.52
Advisor Class		1,000.00		1,007.90		0.50%		2.52
Hypothetical
Class A		$1,000.00		$1,021.31		0.75%		$3.80
Class C		1,000.00		1,017.55		1.50%		7.59
Class I		1,000.00		1,022.56		0.50%		2.54
Advisor Class		1,000.00		1,022.56		0.50%		2.54
Pacific Funds Core Income
Actual Fund Return
Class A		$1,000.00		$1,022.70		0.85%		$4.31
Class C		1,000.00		1,018.90		1.60%		8.10
Class I		1,000.00		1,024.30		0.55%		2.79
Class P		1,000.00		1,024.20		0.55%		2.79
Advisor Class		1,000.00		1,024.20		0.55%		2.79
Hypothetical
Class A		$1,000.00		$1,020.81		0.85%		$4.31
Class C		1,000.00		1,017.05		1.60%		8.09
Class I		1,000.00		1,022.31		0.55%		2.79
Class P		1,000.00		1,022.31		0.55%		2.79
Advisor Class		1,000.00		1,022.31		0.55%		2.79
Pacific Funds ESG Core Bond
Actual Fund Return
Class I		$1,000.00		$1,018.80		0.48%		$2.43
Advisor Class		1,000.00		1,018.90		0.48%		2.43
Hypothetical
Class I		$1,000.00		$1,022.66		0.48%		$2.43
Advisor Class		1,000.00		1,022.66		0.48%		2.43
Pacific Funds Strategic Income
Actual Fund Return
Class A		$1,000.00		$1,027.50		0.95%		$4.83
Class C		1,000.00		1,024.00		1.65%		8.37
Class I		1,000.00		1,029.20		0.65%		3.31
Advisor Class		1,000.00		1,028.80		0.70%		3.56
Hypothetical
Class A		$1,000.00		$1,020.31		0.95%		$4.81
Class C		1,000.00		1,016.80		1.65%		8.34
Class I		1,000.00		1,021.81		0.65%		3.29
Advisor Class		1,000.00		1,021.56		0.70%		3.55
Pacific Funds Floating Rate Income
Actual Fund Return
Class A		$1,000.00		$1,023.50		1.00%		$5.07
Class C		1,000.00		1,019.90		1.70%		8.61
Class I		1,000.00		1,025.00		0.70%		3.55
Class P		1,000.00		1,024.90		0.70%		3.55
Advisor Class		1,000.00		1,024.80		0.75%		3.81
Hypothetical
Class A		$1,000.00		$1,020.05		1.00%		$5.06
Class C		1,000.00		1,016.55		1.70%		8.59
Class I		1,000.00		1,021.56		0.70%		3.55
Class P		1,000.00		1,021.56		0.70%		3.55
Advisor Class		1,000.00		1,021.31		0.75%		3.80

	Beginning Account Value at 04/01/21		Ending Account Value at 09/30/21		Annualized Expense Ratio		Expenses Paid During the Period 04/01/21 - 09/30/21 (1)
Pacific Funds High Income
Actual Fund Return
Class A		$1,000.00		$1,033.00		0.95%		$4.84
Class C		1,000.00		1,029.30		1.65%		8.39
Class I		1,000.00		1,033.50		0.70%		3.57
Class P		1,000.00		1,033.60		0.70%		3.57
Advisor Class		1,000.00		1,034.20		0.70%		3.57
Hypothetical
Class A		$1,000.00		$1,020.31		0.95%		$4.81
Class C		1,000.00		1,016.80		1.65%		8.34
Class I		1,000.00		1,021.56		0.70%		3.55
Class P		1,000.00		1,021.56		0.70%		3.55
Advisor Class		1,000.00		1,021.56		0.70%		3.55
Pacific Funds Small/Mid-Cap
Actual Fund Return
Class A		$1,000.00		$1,008.00		1.20%		$6.04
Class C		1,000.00		1,004.20		1.95%		9.80
Advisor Class		1,000.00		1,009.10		0.95%		4.78
Class R6		1,000.00		1,009.70		0.85%		4.28
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.81		0.85%		4.31
Pacific Funds Small-Cap
Actual Fund Return
Class A		$1,000.00		$995.60		1.20%		$6.00
Class C		1,000.00		992.30		1.95%		9.74
Advisor Class		1,000.00		997.60		0.95%		4.76
Class R6		1,000.00		997.30		0.85%		4.26
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.81		0.85%		4.31
Pacific Funds Small-Cap Value
Actual Fund Return
Class A		$1,000.00		$1,032.10		1.20%		$6.11
Class C		1,000.00		1,028.30		1.95%		9.92
Advisor Class		1,000.00		1,032.70		0.95%		4.84
Class R6		1,000.00		1,032.90		0.85%		4.33
Hypothetical
Class A		$1,000.00		$1,019.05		1.20%		$6.07
Class C		1,000.00		1,015.29		1.95%		9.85
Advisor Class		1,000.00		1,020.31		0.95%		4.81
Class R6		1,000.00		1,020.81		0.85%		4.31
PF Inflation Managed Fund
Actual Fund Return
Class P		$1,000.00		$1,048.50		0.56%		$2.88
Hypothetical
Class P		$1,000.00		$1,022.26		0.56%		$2.84

See explanation of references on page D-3

D-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/21		Ending Account Value at 09/30/21		Annualized Expense Ratio		Expenses Paid During the Period 04/01/21 - 09/30/21 (1)
PF Managed Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,026.60		0.54%		$2.74
Hypothetical
Class P		$1,000.00		$1,022.36		0.54%		$2.74
PF Short Duration Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,003.00		0.55%		$2.76
Hypothetical
Class P		$1,000.00		$1,022.31		0.55%		$2.79
PF Emerging Markets Debt Fund
Actual Fund Return
Class P		$1,000.00		$1,036.40		0.92%		$4.70
Hypothetical
Class P		$1,000.00		$1,020.46		0.92%		$4.66
PF Growth Fund
Actual Fund Return
Class P		$1,000.00		$1,138.80		0.70%		$3.75
Hypothetical
Class P		$1,000.00		$1,021.56		0.70%		$3.55
PF Large-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,067.40		0.80%		$4.15
Hypothetical
Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Small-Cap Growth Fund
Actual Fund Return
Class P		$1,000.00		$1,064.10		0.75%		$3.88
Hypothetical
Class P		$1,000.00		$1,021.31		0.75%		$3.80
PF Small-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$1,026.80		0.90%		$4.57
Hypothetical
Class P		$1,000.00		$1,020.56		0.90%		$4.56
PF Emerging Markets Fund
Actual Fund Return
Class P		$1,000.00		$941.50		0.95%		$4.62
Hypothetical
Class P		$1,000.00		$1,020.31		0.95%		$4.81
PF International Large-Cap Fund
Actual Fund Return
Class P		$1,000.00		$1,065.00		0.97%		$5.02
Hypothetical
Class P		$1,000.00		$1,020.21		0.97%		$4.91
PF International Small-Cap Fund
Actual Fund Return
Class P		$1,000.00		$1,059.30		1.10%		$5.68
Hypothetical
Class P		$1,000.00		$1,019.55		1.10%		$5.57

	Beginning Account Value at 04/01/21		Ending Account Value at 09/30/21		Annualized Expense Ratio		Expenses Paid During the Period 04/01/21 - 09/30/21 (1)
PF International Value Fund
Actual Fund Return
Class P		$1,000.00		$1,060.90		0.80%		$4.13
Hypothetical
Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Multi-Asset Fund
Actual Fund Return
Class P		$1,000.00		$1,075.80		0.51%		$2.65
Hypothetical
Class P		$1,000.00		$1,022.51		0.51%		$2.59
PF Real Estate Fund
Actual Fund Return
Class P		$1,000.00		$1,140.40		0.90%		$4.83
Hypothetical
Class P		$1,000.00		$1,020.56		0.90%		$4.56

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

(2) The annualized expense ratios for the Portfolio Optimization Funds do not include fees and expenses of the Funds in which they invest (see Note 1 in Notes to Financial Statements).

D-3

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

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

Availability of Proxy Voting Record

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

Information Relating to Investments Held by the Trust

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

Availability of Proxy Voting Policies

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

How to obtain Information

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

• On the Trust’s website at https://www.pacificfunds.com/resources/prospectuses-reports

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

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

D-4

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Semi-Annual Report as of September 30, 2021 for:

• Pacific Funds

Form Nos. 3012-21A

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Investment Companies.

Not applicable.

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

Not applicable.

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

Affiliated Purchasers.

Not applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Separate Certifications for the principal executive and principal financial officer of the Registrant pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT.
(a)(2)(1)	Not applicable.
(a)(2)(2)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pacific Funds Series Trust
By:	/s/ Adrian S. Griggs
	Adrian S. Griggs
	Chief Executive Officer
Date:	December 2, 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:	December 2, 2021
By:	/s/ Trevor T. Smith
	Trevor T. Smith
	Treasurer (Principal Financial and Accounting Officer)
Date:	December 2, 2021