PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		707,928		$7,850,917
Pacific Funds Floating Rate Income ‘P’		248,471		2,425,083
Pacific Funds High Income ‘P’		2,482,949		25,574,377
PF Inflation Managed Fund ‘P’		1,313,931		13,428,377
PF Managed Bond Fund ‘P’		8,759,518		96,091,907
PF Short Duration Bond Fund ‘P’		2,782,591		27,770,254
PF Emerging Markets Debt Fund ‘P’		1,520,908		12,045,595
PF Growth Fund ‘P’		36,483		1,212,329
PF Large-Cap Value Fund ‘P’		425,800		5,407,662
PF Small-Cap Growth Fund ‘P’		123,017		2,322,555
PF Small-Cap Value Fund ‘P’		466,039		4,874,765
PF Emerging Markets Fund ‘P’		491,285		5,846,293
PF International Small-Cap Fund ‘P’		137,728		1,227,157
PF Multi-Asset Fund ‘P’		3,631,756		36,644,422
Total Affiliated Mutual Funds (Cost $224,373,359)				242,721,693
TOTAL INVESTMENTS - 100.1% (Cost $224,373,359)				242,721,693
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(165,855	)
NET ASSETS - 100.0%				$242,555,838

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$242,721,693		$242,721,693		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		791,749		$8,780,499
Pacific Funds Floating Rate Income ‘P’		170,201		1,661,164
Pacific Funds High Income ‘P’		2,433,024		25,060,152
PF Inflation Managed Fund ‘P’		818,921		8,369,370
PF Managed Bond Fund ‘P’		9,756,802		107,032,119
PF Short Duration Bond Fund ‘P’		2,302,282		22,976,778
PF Emerging Markets Debt Fund ‘P’		1,651,483		13,079,742
PF Growth Fund ‘P’		295,515		9,819,961
PF Large-Cap Value Fund ‘P’		1,388,927		17,639,367
PF Small-Cap Growth Fund ‘P’		249,772		4,715,702
PF Small-Cap Value Fund ‘P’		804,193		8,411,855
PF Emerging Markets Fund ‘P’		1,033,030		12,293,053
PF International Growth Fund ‘P’		466,074		3,556,145
PF International Small-Cap Fund ‘P’		378,620		3,373,503
PF International Value Fund ‘P’		218,946		1,839,148
PF Multi-Asset Fund ‘P’		8,341,987		84,170,651
PF Real Estate Fund ‘P’		99,926		1,761,701
Total Affiliated Mutual Funds (Cost $307,962,993)				334,540,910
TOTAL INVESTMENTS - 100.1% (Cost $307,962,993)				334,540,910
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(346,614	)
NET ASSETS - 100.0%				$334,194,296

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$334,540,910		$334,540,910		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		1,778,322		$19,721,592
Pacific Funds Floating Rate Income ‘P’		547,995		5,348,432
Pacific Funds High Income ‘P’		5,239,395		53,965,765
PF Inflation Managed Fund ‘P’		1,062,488		10,858,630
PF Managed Bond Fund ‘P’		21,985,630		241,182,359
PF Short Duration Bond Fund ‘P’		3,131,809		31,255,455
PF Emerging Markets Debt Fund ‘P’		2,629,515		20,825,760
PF Growth Fund ‘P’		1,703,561		56,609,330
PF Large-Cap Value Fund ‘P’		4,872,987		61,886,932
PF Small-Cap Growth Fund ‘P’		1,073,395		20,265,697
PF Small-Cap Value Fund ‘P’		3,646,310		38,140,408
PF Emerging Markets Fund ‘P’		3,558,256		42,343,249
PF International Growth Fund ‘P’		1,660,452		12,669,248
PF International Small-Cap Fund ‘P’		1,226,612		10,929,110
PF International Value Fund ‘P’		769,492		6,463,733
PF Multi-Asset Fund ‘P’		44,853,531		452,572,131
PF Real Estate Fund ‘P’		326,843		5,762,240
Total Affiliated Mutual Funds (Cost $971,591,378)				1,090,800,071
TOTAL INVESTMENTS - 100.1% (Cost $971,591,378)				1,090,800,071
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(851,599	)
NET ASSETS - 100.0%				$1,089,948,472

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,090,800,071		$1,090,800,071		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		787,293		$8,731,077
Pacific Funds High Income ‘P’		3,449,266		35,527,444
PF Managed Bond Fund ‘P’		9,539,326		104,646,411
PF Short Duration Bond Fund ‘P’		1,275,923		12,733,709
PF Emerging Markets Debt Fund ‘P’		1,607,252		12,729,433
PF Growth Fund ‘P’		2,434,773		80,907,499
PF Large-Cap Value Fund ‘P’		5,906,826		75,016,686
PF Small-Cap Growth Fund ‘P’		1,114,179		21,035,703
PF Small-Cap Value Fund ‘P’		4,298,242		44,959,606
PF Emerging Markets Fund ‘P’		3,868,083		46,030,183
PF International Growth Fund ‘P’		3,065,378		23,388,836
PF International Small-Cap Fund ‘P’		1,518,572		13,530,476
PF International Value Fund ‘P’		2,687,113		22,571,752
PF Multi-Asset Fund ‘P’		39,083,510		394,352,616
PF Real Estate Fund ‘P’		835,301		14,726,361
Total Affiliated Mutual Funds (Cost $801,662,526)				910,887,792
TOTAL INVESTMENTS - 100.1% (Cost $801,662,526)				910,887,792
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(700,956	)
NET ASSETS - 100.0%				$910,186,836

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$910,887,792		$910,887,792		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		29,891		$331,491
Pacific Funds High Income ‘P’		491,252		5,059,891
PF Managed Bond Fund ‘P’		422,435		4,634,111
PF Emerging Markets Debt Fund ‘P’		203,564		1,612,228
PF Growth Fund ‘P’		1,127,289		37,459,807
PF Large-Cap Value Fund ‘P’		1,434,822		18,222,238
PF Small-Cap Growth Fund ‘P’		682,811		12,891,473
PF Small-Cap Value Fund ‘P’		2,462,296		25,755,616
PF Emerging Markets Fund ‘P’		1,729,794		20,584,553
PF International Growth Fund ‘P’		1,523,650		11,625,448
PF International Small-Cap Fund ‘P’		969,901		8,641,819
PF International Value Fund ‘P’		522,029		4,385,043
PF Multi-Asset Fund ‘P’		19,536,391		197,122,189
PF Real Estate Fund ‘P’		323,354		5,700,725
Total Affiliated Mutual Funds (Cost $312,735,579)				354,026,632
TOTAL INVESTMENTS - 100.1% (Cost $312,735,579)				354,026,632
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(428,130	)
NET ASSETS - 100.0%				$353,598,502

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$354,026,632		$354,026,632		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

5

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 68.6%
Communications - 3.3%
AT&T Inc 0.690% (SOFR + 0.640%) due 03/25/24 §		$450,000		$450,154
Charter Communications Operating LLC 1.782% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		306,644
eBay Inc 0.999% (USD LIBOR + 0.870%) due 01/30/23 §		300,000		302,136
				1,058,934
Consumer, Cyclical - 8.5%
7-Eleven Inc 0.625% due 02/10/23 ~		350,000		348,761
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		83,967		83,633
4.625% due 12/20/25 ~		62,632		65,368
Brunswick Corp 0.850% due 08/18/24		150,000		147,945
Daimler Trucks Finance North America LLC (Germany) 0.550% (SOFR + 0.500%) due 06/14/23 ~ §		500,000		500,694
DR Horton Inc 4.375% due 09/15/22		250,000		254,056
Hyatt Hotels Corp 1.300% due 10/01/23		250,000		250,086
3.375% due 07/15/23		100,000		102,341
Hyundai Capital America 1.000% due 09/17/24 ~		750,000		737,482
Lennar Corp 4.750% due 11/15/22		250,000		255,935
				2,746,301
Consumer, Non-Cyclical - 7.1%
AmerisourceBergen Corp 0.737% due 03/15/23		150,000		149,648
Bayer US Finance II LLC (Germany) 1.213% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		252,178
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		496,007
General Mills Inc 1.132% (USD LIBOR + 1.010%) due 10/17/23 §		350,000		354,749
Humana Inc 0.650% due 08/03/23		300,000		298,548
Keurig Dr Pepper Inc 0.750% due 03/15/24		150,000		149,028
PerkinElmer Inc 0.550% due 09/15/23		300,000		297,580
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		300,000		297,149
				2,294,887

	Principal Amount		Value
Energy - 0.9%
Energy Transfer Partners LP 5.000% due 10/01/22		$200,000		$204,000
Kinder Morgan Inc 1.404% (USD LIBOR + 1.280%) due 01/15/23 §		100,000		100,851
				304,851
Financial - 30.7%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		350,000		348,619
Athene Global Funding 1.444% (USD LIBOR + 1.230%) due 07/01/22 ~ §		500,000		502,716
Bank of America Corp 0.740% (SOFR + 0.690%) due 04/22/25 §		500,000		502,157
0.970% (USD LIBOR + 0.790%) due 03/05/24 §		250,000		251,286
Citigroup Inc 1.074% (USD LIBOR + 0.950%) due 07/24/23 §		350,000		351,027
1.258% (USD LIBOR + 1.100%) due 05/17/24 §		200,000		202,226
Cooperatieve Rabobank UA (Netherlands) 1.080% (USD LIBOR + 0.860%) due 09/26/23 ~ §		250,000		252,072
HSBC Holdings PLC (United Kingdom) 1.160% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		454,354
Jackson National Life Global Funding 0.950% (USD LIBOR + 0.730%) due 06/27/22 ~ §		250,000		250,816
JPMorgan Chase & Co 0.854% (USD LIBOR + 0.730%) due 04/23/24 §		750,000		754,094
1.014% (USD LIBOR + 0.890%) due 07/23/24 §		250,000		252,459
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		200,357
Mitsubishi UFJ Financial Group Inc (Japan) 0.913% (USD LIBOR + 0.740%) due 03/02/23 §		300,000		301,557
0.985% (USD LIBOR + 0.860%) due 07/26/23 §		365,000		368,259
Morgan Stanley 1.364% (USD LIBOR + 1.220%) due 05/08/24 §		500,000		506,219
1.524% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		252,226
Nasdaq Inc 0.445% due 12/21/22		100,000		99,878
NatWest Markets PLC (United Kingdom) 0.580% (SOFR + 0.530%) due 08/12/24 ~ §		200,000		200,129
New York Life Global Funding 0.561% (USD LIBOR + 0.440%) due 07/12/22 ~ §		400,000		400,652

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		$200,000		$205,144
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		152,078
Skandinaviska Enskilda Banken AB (Sweden) 0.491% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		500,691
State Street Corp 2.825% due 03/30/23		250,000		251,323
Sumitomo Mitsui Financial Group Inc (Japan) 0.984% (USD LIBOR + 0.860%) due 07/19/23 §		132,000		133,212
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.490% (SOFR + 0.440%) due 09/16/24 ~ §		500,000		499,793
The Goldman Sachs Group Inc 0.590% (SOFR + 0.540%) due 11/17/23 §		500,000		500,180
0.670% (SOFR + 0.620%) due 12/06/23 §		500,000		500,245
0.914% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		251,111
UBS AG (Switzerland) 0.410% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		499,829
				9,944,709
Industrial - 4.6%
Carlisle Cos Inc 0.550% due 09/01/23		300,000		297,424
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		198,743
Graphic Packaging International LLC 0.821% due 04/15/24 ~		200,000		196,946
Otis Worldwide Corp 0.659% (USD LIBOR + 0.450%) due 04/05/23 §		200,000		200,007
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		100,000		102,185
Siemens Financieringsmaatschappij NV (Germany) 0.480% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		502,268
				1,497,573
Technology - 1.2%
Fidelity National Information Services Inc 0.600% due 03/01/24		200,000		196,975
Roper Technologies Inc 0.450% due 08/15/22		200,000		199,937
				396,912
Utilities - 12.3%
Black Hills Corp 1.037% due 08/23/24		250,000		247,023
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		250,000		250,106

	Principal Amount		Value
CenterPoint Energy Resources Corp 0.673% (USD LIBOR + 0.500%) due 03/02/23 §		$300,000		$299,385
DTE Energy Co 2.250% due 11/01/22		500,000		506,698
Emera US Finance LP (Canada) 0.833% due 06/15/24		150,000		147,299
NextEra Energy Capital Holdings Inc 0.430% (USD LIBOR + 0.270%) due 02/22/23 §		500,000		499,280
0.450% (SOFR + 0.400%) due 11/03/23 §		350,000		350,059
OGE Energy Corp 0.703% due 05/26/23		200,000		199,149
Pacific Gas and Electric Co 1.750% due 06/16/22		300,000		300,002
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		250,000		249,392
Public Service Enterprise Group Inc 0.841% due 11/08/23		400,000		398,601
Southern California Edison Co 0.700% due 08/01/23		350,000		347,931
0.880% (SOFR + 0.830%) due 04/01/24 §		200,000		200,446
				3,995,371
Total Corporate Bonds & Notes (Cost $22,261,161)				22,239,538
SENIOR LOAN NOTES - 6.2%
Basic Materials - 0.8%
Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		246,875		246,082
Communications - 1.5%
Charter Communications Operating LLC Term B-2 1.850% (USD LIBOR + 1.750%) due 02/01/27 §		492,443		488,350
Consumer, Cyclical - 0.8%
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		249,375		248,689
Consumer, Non-Cyclical - 1.5%
United Rentals North America Inc Term B 1.830% (USD LIBOR + 1.750%) due 10/31/25 §		492,366		495,004
Energy - 0.8%
BCP Raptor II LLC Term B due 11/03/25 § ¥		249,327		248,486

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Financial - 0.4%
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		$138,461		$138,672
Industrial - 0.4%
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		124,987		125,401
Total Senior Loan Notes (Cost $1,982,906)				1,990,684
ASSET-BACKED SECURITIES - 19.6%
AmeriCredit Automobile Receivables Trust 1.480% due 01/21/25		250,000		251,270
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		64,400		66,214
Magnetite Ltd (Cayman) 1.023% (USD LIBOR + 0.880%) due 11/15/28 ~ §		500,000		499,999
1.104% (USD LIBOR + 0.980%) due 04/15/31 ~ §		215,000		215,134
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		126,299		124,802
1.060% due 10/15/69 ~		206,656		203,765
1.220% due 07/15/69 ~		209,796		209,428
1.310% due 01/15/69 ~		139,723		139,218
1.690% due 05/15/69 ~		128,835		128,886
Navient Student Loan Trust 0.483% (USD LIBOR + 0.380%) due 03/25/67 ~ §		72,434		72,480
0.702% (USD LIBOR + 0.600%) due 12/26/69 ~ §		137,153		137,517
1.320% due 08/26/69 ~		132,260		128,333
Nelnet Student Loan Trust 0.794% (USD LIBOR + 0.690%) due 04/20/62 ~ §		242,904		242,953
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.065% (USD LIBOR + 0.920%) due 10/18/30 ~ §		450,000		449,367
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 1.102% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		300,100
OCP CLO Ltd (Cayman) 1.084% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		250,031
Palmer Square CLO Ltd (Cayman) 1.222% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,188
Palmer Square Loan Funding Ltd (Cayman) 0.960% (USD LIBOR + 0.800%) due 02/20/28 ~ §		120,870		120,813
0.960% (USD LIBOR + 0.800%) due 05/20/29 ~ §		251,477		251,589

	Principal Amount		Value
1.010% (USD LIBOR + 0.850%) due 08/20/27 ~ §		$100,176		$100,219
1.024% (USD LIBOR + 0.900%) due 10/24/27 ~ §		199,096		199,190
1.032% (USD LIBOR + 0.900%) due 04/20/29 ~ §		197,937		198,015
1.102% (USD LIBOR + 0.970%) due 04/20/27 ~ §		115,859		115,916
1.182% (USD LIBOR + 1.050%) due 04/20/27 ~ §		79,457		79,556
Santander Drive Auto Receivables Trust 0.290% due 11/15/23		8,701		8,701
0.590% due 09/15/25		200,000		199,613
SMB Private Education Loan Trust 0.610% (USD LIBOR + 0.500%) due 01/15/53 ~ §		61,368		61,394
0.719% (USD LIBOR + 0.630%) due 02/15/51 ~ §		150,000		150,099
2.340% due 09/15/34 ~		230,522		232,718
2.430% due 02/17/32 ~		71,858		72,828
2.490% due 06/15/27 ~		20,264		20,280
2.700% due 05/15/31 ~		157,493		159,630
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		3,015		3,018
Stratus CLO Ltd (Cayman) 0.891% (USD LIBOR + 0.800%) due 12/29/29 ~ §		250,000		250,000
Voya CLO Ltd (Cayman) 1.022% (USD LIBOR + 0.900%) due 01/18/29 ~ §		214,362		214,343
1.254% (USD LIBOR + 1.130%) due 10/15/30 ~ §		250,000		249,914
Total Asset-Backed Securities (Cost $6,360,439)				6,357,521
U.S. TREASURY OBLIGATIONS - 1.5%
U.S. Treasury Notes - 1.5%
0.125% due 06/30/22		500,000		499,817
Total U.S. Treasury Obligations (Cost $499,846)				499,817
SHORT-TERM INVESTMENTS - 4.7%
Corporate Notes - 1.1%
Southern California Edison Co 0.400% (SOFR + 0.350%) due 06/13/22 §		350,000		350,101

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

8

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Money Market Fund - 3.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		1,178,257		$1,178,257
Total Short-Term Investments (Cost $1,528,257)				1,528,358
TOTAL INVESTMENTS - 100.6% (Cost $32,632,609)				32,615,918
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(209,157	)
NET ASSETS - 100.0%				$32,406,761

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$22,239,538		$—		$22,239,538		$—
	Senior Loan Notes		1,990,684		—		1,990,684		—
	Asset-Backed Securities		6,357,521		—		6,357,521		—
	U.S. Treasury Obligations		499,817		—		499,817		—
	Short-Term Investments		1,528,358		1,178,257		350,101		—
	Total		$32,615,918		$1,178,257		$31,437,661		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

9

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 52.0%
Basic Materials - 1.1%
DuPont de Nemours Inc 1.266% (USD LIBOR + 1.110%) due 11/15/23 §		$4,965,000		$5,031,680
Glencore Funding LLC (Australia)
4.125% due 05/30/23 ~		1,400,000		1,457,729
4.125% due 03/12/24 ~		2,500,000		2,630,070
4.625% due 04/29/24 ~		3,830,000		4,092,632
				13,212,111
Communications - 2.2%
Charter Communications Operating LLC
4.464% due 07/23/22		1,600,000		1,623,781
4.500% due 02/01/24		5,000,000		5,319,915
Expedia Group Inc 3.600% due 12/15/23		7,000,000		7,276,706
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		8,632,813		9,043,001
T-Mobile USA Inc
2.250% due 02/15/26 ~		1,675,000		1,681,742
2.625% due 04/15/26		100,000		100,630
				25,045,775
Consumer, Cyclical - 7.9%
7-Eleven Inc 0.625% due 02/10/23 ~		2,650,000		2,640,620
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		759,535		734,747
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,854,876		2,843,536
4.625% due 12/20/25 ~		1,716,105		1,791,075
Brunswick Corp 0.850% due 08/18/24		1,950,000		1,923,280
Daimler Trucks Finance North America LLC (Germany)
0.550% (SOFR + 0.500%) due 06/14/23 ~ §		4,500,000		4,506,247
1.125% due 12/14/23 ~		7,000,000		7,005,014
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,367,121
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,657,819
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,634,186
Ford Motor Credit Co LLC
2.700% due 08/10/26		1,775,000		1,792,750
3.096% due 05/04/23		5,000,000		5,100,325
3.375% due 11/13/25		4,200,000		4,368,987
5.584% due 03/18/24		1,300,000		1,402,382
General Motors Co 5.400% due 10/02/23		2,000,000		2,141,609
General Motors Financial Co Inc
1.700% due 08/18/23		3,000,000		3,029,713
3.550% due 07/08/22		3,000,000		3,043,910
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,784,191

	Principal Amount		Value
Hyatt Hotels Corp
1.800% due 10/01/24		$4,200,000		$4,204,444
3.375% due 07/15/23		6,234,000		6,379,922
Hyundai Capital America 1.000% due 09/17/24 ~		9,000,000		8,849,784
International Game Technology PLC 4.125% due 04/15/26 ~		1,500,000		1,546,965
Las Vegas Sands Corp 3.200% due 08/08/24		3,000,000		3,056,169
Lennar Corp 4.500% due 04/30/24		5,000,000		5,317,100
MGM Resorts International 6.000% due 03/15/23		2,800,000		2,929,542
Nordstrom Inc 2.300% due 04/08/24		2,300,000		2,302,426
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		525,174		520,247
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		509,611		515,169
				90,389,280
Consumer, Non-Cyclical - 3.3%
Baxter International Inc 1.322% due 11/29/24 ~		3,350,000		3,347,360
Block Inc 2.750% due 06/01/26 ~		750,000		751,879
Campbell Soup Co 3.650% due 03/15/23		3,676,000		3,790,595
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		7,300,000		7,310,081
General Mills Inc 1.132% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,142,062
Global Payments Inc 1.500% due 11/15/24		1,500,000		1,501,136
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		3,000,000		2,941,327
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,600,000		5,711,989
Thermo Fisher Scientific Inc 1.215% due 10/18/24		3,500,000		3,498,019
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		3,300,000		3,268,644
Zimmer Biomet Holdings Inc 1.450% due 11/22/24		2,200,000		2,195,105
				37,458,197
Energy - 2.3%
Energy Transfer LP
3.600% due 02/01/23		5,325,000		5,429,481
4.250% due 03/15/23		1,500,000		1,541,744
4.250% due 04/01/24		5,000,000		5,252,003
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,517,418
MPLX LP
3.500% due 12/01/22		3,725,000		3,804,642
4.500% due 07/15/23		1,000,000		1,041,381
4.875% due 12/01/24		6,020,000		6,538,423
				26,125,092

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Financial - 22.4%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		$4,900,000		$4,893,622
1.750% due 01/30/26		1,250,000		1,227,250
4.500% due 09/15/23		5,000,000		5,246,287
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,496,913
3.375% due 07/01/25		1,200,000		1,253,146
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		4,469,964
4.250% due 04/15/26 ~		2,650,000		2,810,973
Banco Santander SA (Spain)
0.701% due 06/30/24		3,450,000		3,432,751
2.746% due 05/28/25		3,000,000		3,103,261
Bank of America Corp
0.523% due 06/14/24		5,850,000		5,813,058
0.810% due 10/24/24		5,000,000		4,968,759
0.976% due 04/22/25		7,500,000		7,443,681
1.084% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,044,388
4.200% due 08/26/24		2,000,000		2,145,086
BOC Aviation Ltd (Singapore)
2.750% due 09/18/22 ~		3,500,000		3,529,070
2.750% due 12/02/23 ~		5,000,000		5,118,210
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,392,250
1.194% (USD LIBOR + 1.023%) due 06/01/24 §		5,000,000		5,055,903
4.000% due 08/05/24		4,000,000		4,264,911
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,510,262
Credit Suisse Group AG (Switzerland) 1.398% (USD LIBOR + 1.200%) due 12/14/23 ~ §		3,000,000		3,023,801
Deutsche Bank AG (Germany) 0.962% due 11/08/23		3,650,000		3,645,002
GLP Capital LP REIT 3.350% due 09/01/24		4,425,000		4,586,632
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		4,050,000		4,015,336
0.976% due 05/24/25		2,500,000		2,471,085
1.162% due 11/22/24		4,000,000		3,989,805
JPMorgan Chase & Co
0.824% due 06/01/25		1,500,000		1,483,282
0.854% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		4,021,836
0.969% due 06/23/25		3,200,000		3,170,589
1.014% (USD LIBOR + 0.890%) due 07/23/24 §		1,500,000		1,514,756
3.875% due 09/10/24		3,500,000		3,714,610
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		2,050,000		2,040,693
0.953% due 07/19/25		6,000,000		5,929,757
0.985% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,017,858
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		5,013,859
Morgan Stanley
0.560% due 11/10/23		1,600,000		1,598,096
0.731% due 04/05/24		2,000,000		1,994,332

	Principal Amount		Value
0.790% due 05/30/25		$8,400,000		$8,294,662
3.875% due 04/29/24		3,000,000		3,182,067
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		3,973,855
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,519,436
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,897,733
Reliance Standard Life Global Funding II
2.150% due 01/21/23 ~		2,000,000		2,027,706
2.500% due 10/30/24 ~		2,000,000		2,058,734
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		3,000,000		2,969,286
1.319% due 10/14/23 ~		2,500,000		2,502,498
3.885% due 03/15/24 ~		1,500,000		1,546,417
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		3,200,000		3,164,891
1.402% due 09/17/26		3,000,000		2,931,320
1.474% due 07/08/25		4,000,000		3,982,409
2.348% due 01/15/25		2,500,000		2,563,489
2.448% due 09/27/24		600,000		617,468
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.800% due 09/16/24 ~		3,850,000		3,788,091
The Goldman Sachs Group Inc
0.539% (SOFR + 0.490%) due 10/21/24 §		8,000,000		7,976,430
0.590% (SOFR + 0.540%) due 11/17/23 §		3,500,000		3,501,257
0.627% due 11/17/23		10,000,000		9,976,114
0.657% due 09/10/24		9,000,000		8,927,833
0.670% (SOFR + 0.620%) due 12/06/23 §		4,500,000		4,502,203
1.326% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,266,359
3.500% due 04/01/25		3,246,000		3,434,855
3.625% due 02/20/24		4,500,000		4,722,837
The PNC Financial Services Group Inc 3.900% due 04/29/24		2,155,000		2,284,713
UBS AG (Switzerland) 0.700% due 08/09/24 ~		7,000,000		6,922,447
VICI Properties LP REIT 3.500% due 02/15/25 ~		6,050,000		6,147,133
Wells Fargo & Co 1.654% due 06/02/24		9,000,000		9,079,133
				255,212,450
Industrial - 3.4%
Berry Global Inc 1.570% due 01/15/26		4,250,000		4,163,512
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,201,689
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		2,300,000		2,285,545
Graphic Packaging International LLC 0.821% due 04/15/24 ~		2,400,000		2,363,349
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		1,000,000		1,019,435
2.700% due 11/01/24 ~		4,750,000		4,897,808
3.450% due 07/01/24 ~		2,300,000		2,411,532
4.125% due 08/01/23 ~		2,000,000		2,087,512

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Silgan Holdings Inc 1.400% due 04/01/26 ~		$2,950,000		$2,881,560
TD SYNNEX Corp 1.250% due 08/09/24 ~		4,800,000		4,748,430
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		8,913,369
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,578,795
				38,552,536
Technology - 3.1%
Dell International LLC 4.000% due 07/15/24		5,100,000		5,414,499
DXC Technology Co 1.800% due 09/15/26		6,100,000		6,034,224
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,333,447
Infor Inc 1.450% due 07/15/23 ~		3,000,000		3,011,163
Microchip Technology Inc
0.972% due 02/15/24		8,250,000		8,181,637
0.983% due 09/01/24 ~		3,750,000		3,683,297
NXP BV (China) 2.700% due 05/01/25 ~		3,300,000		3,413,672
Qorvo Inc 1.750% due 12/15/24 ~		1,700,000		1,702,887
				35,774,826
Utilities - 6.3%
American Electric Power Co Inc 0.750% due 11/01/23		3,500,000		3,477,432
Black Hills Corp 1.037% due 08/23/24		2,000,000		1,976,180
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		2,750,000		2,751,165
CenterPoint Energy Resources Corp 0.673% (USD LIBOR + 0.500%) due 03/02/23 §		1,500,000		1,496,924
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,432,983
DPL Inc 4.125% due 07/01/25		600,000		627,867
Edison International 4.950% due 04/15/25		2,000,000		2,177,022
Emera US Finance LP (Canada) 0.833% due 06/15/24		3,857,000		3,787,556
Evergy Inc 2.450% due 09/15/24		4,050,000		4,156,245
FirstEnergy Corp 3.350% due 07/15/22		8,800,000		8,838,280
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		8,189,882
OGE Energy Corp 0.703% due 05/26/23		1,900,000		1,891,919
Oklahoma Gas and Electric Co 0.553% due 05/26/23		1,650,000		1,639,654
Pacific Gas and Electric Co 1.750% due 06/16/22		7,200,000		7,200,053

	Principal Amount		Value
Southern California Edison Co
0.975% due 08/01/24		$4,650,000		$4,608,507
1.100% due 04/01/24		2,100,000		2,093,075
The AES Corp
1.375% due 01/15/26		4,350,000		4,227,279
3.300% due 07/15/25 ~		3,650,000		3,791,985
Vistra Operations Co LLC 3.550% due 07/15/24 ~		4,250,000		4,379,186
				71,743,194
Total Corporate Bonds & Notes (Cost $591,833,162)				593,513,461
SENIOR LOAN NOTES - 16.1%
Communications - 0.4%
CSC Holdings LLC
Term B 2.360% (USD LIBOR + 2.250%) due 01/15/26 §		1,484,733		1,468,261
Term B-5 2.610% (USD LIBOR + 2.500%) due 04/15/27 §		1,965,000		1,943,713
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		1,187,692		1,176,393
				4,588,367
Consumer, Cyclical - 3.5%
Carnival Corp Term B 4.000% (USD LIBOR + 3.250%) due 10/18/28 §		1,250,000		1,239,062
ClubCorp Holdings Inc Term B 2.974% (USD LIBOR + 2.750%) due 09/18/24 §		3,829,572		3,698,272
Great Outdoors Group LLC Term B-1 4.500% (USD LIBOR + 3.750%) due 03/05/28 §		2,227,542		2,232,764
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		1,980,000		1,978,299
Hayward Industries Inc Term B 3.000% (USD LIBOR + 2.500%) due 05/28/28 §		3,980,000		3,967,562
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		1,995,000		2,000,610
Marriott Ownership Resorts Inc Term B 1.854% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,793,174
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,116,250
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		3,901,126		3,862,115
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		4,488,750		4,476,406

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		$2,493,750		$2,492,972
Stars Group Holdings BV Term B (Canada) 2.382% (USD LIBOR + 2.250%) due 07/21/26 §		3,265,926		3,258,317
United AirLines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,451,250		6,487,093
				39,602,896
Consumer, Non-Cyclical - 4.3%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		2,493,750		2,486,997
Avantor Funding Inc Term B-4 2.500% (USD LIBOR + 2.000%) due 11/24/24 §		1,733,462		1,733,462
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		4,873,546		4,857,980
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		3,491,250		3,493,868
Heartland Dental LLC Term B 4.089% (USD LIBOR + 4.000%) due 04/30/25 §		3,482,500		3,478,509
Mavis Tire Express Services TopCo Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		5,970,000		5,980,447
Mozart Borrower LP Term B 3.750% (USD LIBOR + 3.250%) due 10/21/28 §		1,750,000		1,750,546
Packaging Coordinators Midco Inc 4.500% (USD LIBOR + 3.750%) due 11/30/27 §		748,116		749,051
Pathway Vet Alliance LLC Term B 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		2,953,293		2,947,449
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		8,627,050		8,637,834
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,487,500		2,498,211
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,692,063		3,700,141
Trans Union LLC Term B-6 due 12/01/28 ∞		500,000		499,409
United Rentals North America Inc Term B 1.830% (USD LIBOR + 1.750%) due 10/31/25 §		4,431,298		4,455,036
Wand NewCo 3 Inc Term B-1 3.175% (USD LIBOR + 3.000%) due 02/05/26 §		1,750,775		1,729,621
				48,998,561

	Principal Amount		Value
Energy - 0.7%
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 §		$2,992,045		$2,991,244
BCP Raptor II LLC Term B due 11/03/25 ∞		4,986,547		4,969,717
				7,960,961
Financial - 2.8%
Acrisure LLC Term B 3.724% (USD LIBOR + 3.500%) due 02/15/27 §		2,216,193		2,195,877
AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		7,109,912		7,065,475
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		6,021,522		6,030,723
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,955,000		2,962,125
HUB International Ltd Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		5,928,363		5,862,902
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,912,500		4,840,129
USI Inc Term B 3.224% (USD LIBOR + 3.000%) due 05/16/24 §		3,369,430		3,349,072
				32,306,303
Industrial - 1.5%
Brown Group Holding LLC Term B 2.750% (USD LIBOR + 2.500%) due 06/07/28 §		232,970		232,825
Engineered Components & Systems LLC Term B
due 08/02/28 § ± f		458,716		455,275
6.500% (USD LIBOR + 6.000%) due 08/02/28 § ±		1,541,284		1,529,725
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		5,191,370		5,158,275
Pro Mach Group Inc
due 08/31/28 § f		307,263		308,717
Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		2,442,737		2,454,296
ProAmpac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,728,620		2,732,712
Quikrete Holdings Inc Term B-1 due 06/11/28 ∞		2,000,000		1,996,354
TransDigm Inc Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		1,955,025		1,931,143
				16,799,322

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Technology - 2.3%
Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		$1,966,765		$1,968,454
Epicor Software Corp Term C due 07/31/27 ¥		5,969,773		5,973,337
MKS Instruments Inc Term B due 10/22/28 ¥		2,000,000		1,998,124
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		1,240,625		1,243,394
Sophia LP Term B 3.724% (USD LIBOR + 3.500%) due 10/07/27 §		3,217,561		3,220,721
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		4,750,161		4,762,777
UKG Inc 3.750% (USD LIBOR + 3.250%) due 05/03/26 §		6,692,552		6,667,455
				25,834,262
Utilities - 0.6%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		2,702,516		2,679,996
Pike Corp Term B 3.110% (USD LIBOR + 3.000%) due 01/21/28 §		4,794,521		4,784,533
				7,464,529
Total Senior Loan Notes (Cost $183,539,228)				183,555,201
ASSET-BACKED SECURITIES - 23.9%
AIMCO CLO 10 Ltd (Cayman) 1.188% (USD LIBOR + 1.060%) due 07/22/32 ~ §		2,700,000		2,700,401
AmeriCredit Automobile Receivables Trust
0.680% due 10/19/26		10,100,000		10,025,395
0.690% due 01/19/27		2,400,000		2,371,980
0.760% due 12/18/25		2,400,000		2,396,916
0.970% due 02/18/26		1,000,000		1,001,870
1.170% due 08/18/27		4,700,000		4,670,724
1.480% due 01/21/25		2,750,000		2,763,969
2.600% due 09/18/23		573,714		575,316
3.130% due 02/18/25		1,550,000		1,560,686
3.450% due 06/18/24		464,119		465,036
3.500% due 01/18/24		1,605,951		1,620,749
Atrium XIII (Cayman) 1.304% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		470,117
Buttermilk Park CLO Ltd (Cayman) 1.224% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,850,000		1,850,000
Carlyle Global Market Strategies CLO Ltd (Cayman) 1.185% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		495,757

	Principal Amount		Value
CIFC Funding 2013-III-R Ltd (Cayman) 1.104% (USD LIBOR + 0.980%) due 04/24/31 ~ §		$2,000,000		$2,000,939
CIFC Funding 2015-III Ltd (Cayman) 0.994% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,486,124		1,485,194
Dryden 55 CLO Ltd (Cayman) 1.144% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,498,798
Dryden 58 CLO Ltd (Cayman) 1.122% (USD LIBOR + 1.000%) due 07/17/31 ~ §		3,148,000		3,144,100
Dryden 61 CLO Ltd (Cayman) 1.112% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		6,998,747
Dryden 64 CLO Ltd (Cayman) 1.092% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		1,999,444
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		10,340,702
0.790% due 08/15/26		2,650,000		2,605,051
1.190% due 01/15/26		2,050,000		2,055,483
2.040% due 08/15/31 ~		2,000,000		2,037,927
2.130% due 05/15/25		5,000,000		5,076,483
3.380% due 03/15/24		1,650,000		1,671,642
GM Financial Consumer Automobile Receivables Trust
0.750% due 05/17/27		800,000		792,084
3.270% due 01/16/24		1,200,000		1,212,868
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		257,598		264,856
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		2,045,431
Magnetite Ltd (Cayman) 1.104% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,170,000		2,171,351
Magnetite XIV-R Ltd (Cayman) 1.242% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		3,000,261
Magnetite XV Ltd (Cayman) 1.134% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,500,872
Magnetite XVIII Ltd (Cayman) 1.023% (USD LIBOR + 0.880%) due 11/15/28 ~ §		3,000,000		2,999,997
Magnetite XXIX Ltd (Cayman) 1.114% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,298,396
MVW LLC
1.140% due 01/22/41 ~		1,702,807		1,672,421
1.740% due 10/20/37 ~		469,026		470,012
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		802,128		828,202
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		1,073,545		1,060,820
0.860% (USD LIBOR + 0.750%) due 11/15/68 ~ §		266,167		266,382
1.060% due 10/15/69 ~		4,753,097		4,686,586
1.110% due 02/18/70 ~		2,408,121		2,369,514
1.170% due 09/16/69 ~		690,418		687,491

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

14

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
1.220% due 07/15/69 ~		$1,048,980		$1,047,138
1.310% due 01/15/69 ~		2,570,902		2,561,620
1.690% due 05/15/69 ~		4,520,367		4,522,844
2.120% due 01/15/69 ~		2,475,691		2,503,009
2.460% due 11/15/68 ~		979,939		999,656
2.640% due 05/15/68 ~		1,341,548		1,353,696
Navient Student Loan Trust
0.483% (USD LIBOR + 0.380%) due 03/25/67 ~ §		1,521,114		1,522,091
0.652% (USD LIBOR + 0.550%) due 02/25/70 ~ §		3,309,593		3,314,648
0.702% (USD LIBOR + 0.600%) due 12/26/69 ~ §		3,977,446		3,987,981
1.152% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,199,741		2,260,735
1.320% due 08/26/69 ~		3,923,711		3,807,214
3.390% due 12/15/59 ~		1,594,503		1,643,845
Nelnet Student Loan Trust
0.794% (USD LIBOR + 0.690%) due 04/20/62 ~ §		2,866,270		2,866,840
1.360% due 04/20/62 ~		3,410,958		3,354,606
Neuberger Berman Loan Advisers CLO 24 Ltd (Cayman) 1.624% (USD LIBOR + 1.500%) due 04/19/30 ~ §		1,000,000		1,002,456
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 1.052% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,646,815
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.065% (USD LIBOR + 0.920%) due 10/18/30 ~ §		5,550,000		5,542,191
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 1.102% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,701,575
OCP CLO Ltd (Cayman) 1.084% (USD LIBOR + 0.960%) due 07/15/30 ~ §		2,500,000		2,500,307
Palmer Square CLO Ltd (Cayman) 1.222% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,251,694
Palmer Square Loan Funding Ltd (Cayman)
0.928% (USD LIBOR + 0.800%) due 10/15/29 ~ §		7,000,000		6,996,360
0.960% (USD LIBOR + 0.800%) due 05/20/29 ~ §		9,807,592		9,811,953
1.010% (USD LIBOR + 0.850%) due 08/20/27 ~ §		500,878		501,097
1.024% (USD LIBOR + 0.900%) due 10/24/27 ~ §		796,383		796,759
1.032% (USD LIBOR + 0.900%) due 04/20/29 ~ §		4,354,605		4,356,330
1.056% (USD LIBOR + 0.900%) due 11/15/26 ~ §		395,892		396,232
1.182% (USD LIBOR + 1.050%) due 04/20/27 ~ §		1,370,636		1,372,348
1.510% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,952,870

	Principal Amount		Value
1.528% (USD LIBOR + 1.400%) due 10/15/29 ~ §		$3,000,000		$3,000,621
1.571% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,000,000		3,998,565
2.060% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,194,672
Regatta X Funding Ltd (Cayman) 1.242% (USD LIBOR + 1.120%) due 01/17/31 ~ §		3,000,000		3,000,875
Regatta XIV Funding Ltd (Cayman) 1.314% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,100,415
Santander Drive Auto Receivables Trust
0.500% due 04/15/25		9,900,000		9,894,276
0.590% due 09/15/25		3,150,000		3,143,898
0.730% due 03/17/25		2,200,000		2,201,312
0.750% due 02/17/26		3,750,000		3,747,416
0.880% due 06/15/26		1,850,000		1,839,074
0.900% due 06/15/26		4,000,000		3,989,930
0.950% due 09/15/27		2,100,000		2,081,220
0.960% due 11/15/24		1,133,947		1,134,983
1.260% due 02/16/27		5,000,000		4,973,789
1.460% due 09/15/25		1,000,000		1,004,843
3.420% due 04/15/25		67,482		67,564
SLC Student Loan Trust
0.313% (USD LIBOR + 0.110%) due 03/15/27 §		1,620,324		1,618,163
0.323% (USD LIBOR + 0.120%) due 06/15/29 §		426,970		426,126
SMB Private Education Loan Trust
0.610% (USD LIBOR + 0.500%) due 01/15/53 ~ §		879,612		879,977
0.719% (USD LIBOR + 0.630%) due 02/15/51 ~ §		2,600,000		2,601,712
1.070% due 01/15/53 ~		3,452,764		3,365,419
1.290% due 07/15/53 ~		2,608,143		2,581,040
2.340% due 09/15/34 ~		4,189,705		4,229,611
2.430% due 02/17/32 ~		2,392,517		2,424,810
2.490% due 06/15/27 ~		90,039		90,109
2.700% due 05/15/31 ~		1,581,657		1,603,122
3.440% due 07/15/36 ~		1,358,754		1,404,277
3.500% due 02/15/36 ~		692,880		718,214
3.600% due 01/15/37 ~		1,913,584		1,991,182
3.630% due 11/15/35 ~		1,965,718		2,040,779
Sofi Consumer Loan Program Trust
2.020% due 01/25/29 ~		211,594		212,441
2.450% due 08/25/28 ~		24,117		24,143
Stratus CLO Ltd (Cayman)
0.891% (USD LIBOR + 0.800%) due 12/29/29 ~ §		750,000		750,000
1.491% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		6,000,000
Verizon Owner Trust
0.554% (USD LIBOR + 0.450%) due 12/20/23 §		1,379,485		1,381,023
1.850% due 07/22/24		3,500,000		3,526,912

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

15

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PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		$2,000,000		$2,025,230
Total Asset-Backed Securities (Cost $272,185,995)				272,053,623
U.S. TREASURY OBLIGATIONS - 7.4%
U.S. Treasury Notes - 7.4%
0.125% due 08/31/23		7,500,000		7,434,668
0.250% due 03/15/24		6,000,000		5,928,984
0.375% due 07/15/24		2,700,000		2,666,988
0.375% due 08/15/24		10,000,000		9,869,141
0.375% due 09/15/24		6,000,000		5,915,859
1.250% due 07/31/23		6,000,000		6,060,703
1.250% due 08/31/24		5,000,000		5,046,485
1.375% due 10/15/22		5,000,000		5,040,431
1.375% due 02/15/23		10,000,000		10,105,078
1.500% due 09/30/24		10,000,000		10,158,984
1.750% due 07/31/24		9,500,000		9,713,750
2.500% due 01/15/22		6,000,000		6,004,802
Total U.S. Treasury Obligations (Cost $84,024,372)				83,945,873
	Shares
SHORT-TERM INVESTMENT - 2.0%
Money Market Fund - 2.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		23,314,679		23,314,679
Total Short-Term Investment (Cost $23,314,679)				23,314,679
TOTAL INVESTMENTS - 101.4% (Cost $1,154,897,436)				1,156,382,837
OTHER ASSETS & LIABILITIES, NET - (1.4%)				(15,770,457	)
NET ASSETS - 100.0%				$1,140,612,380

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

16

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$593,513,461		$ —		$593,513,461		$ —
	Senior Loan Notes		183,555,201		—		181,570,201		1,985,000
	Asset-Backed Securities		272,053,623		—		272,053,623		—
	U.S. Treasury Obligations		83,945,873		—		83,945,873		—
	Short-Term Investment		23,314,679		23,314,679		—		—
	Total		$1,156,382,837		$23,314,679		$1,131,083,158		$1,985,000

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

17

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Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 45.1%
Basic Materials - 0.8%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,550,000		$4,466,928
3.950% due 09/10/50 ~		3,000,000		3,192,861
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		1,200,000		1,167,385
				8,827,174
Communications - 3.6%
AT&T Inc
2.550% due 12/01/33		2,000,000		1,958,406
3.500% due 09/15/53		4,865,000		4,917,450
3.850% due 06/01/60		2,800,000		2,933,236
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		3,223,228
3.850% due 04/01/61		5,200,000		4,918,431
Expedia Group Inc
2.950% due 03/15/31		1,600,000		1,599,384
4.625% due 08/01/27		3,150,000		3,509,897
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,252,600
T-Mobile USA Inc
2.250% due 02/15/26 ~		2,325,000		2,334,358
2.625% due 04/15/26		100,000		100,631
3.375% due 04/15/29 ~		1,600,000		1,633,072
Verizon Communications Inc
1.750% due 01/20/31		2,000,000		1,895,309
3.400% due 03/22/41		2,550,000		2,674,465
3.850% due 11/01/42		2,000,000		2,239,325
				40,189,792
Consumer, Cyclical - 6.3%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		3,484,939		3,573,485
American Airlines Pass-Through Trust ‘A’ 2.875% due 01/11/36		2,200,000		2,188,581
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,292,383		2,369,055
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		1,300,000		1,292,018
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,417,408		2,407,806
4.625% due 12/20/25 ~		1,458,063		1,521,760
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,093,316		4,228,610
Choice Hotels International Inc 3.700% due 01/15/31		1,950,000		2,070,052
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,104,177		2,184,012
Delta Air Lines Inc 4.500% due 10/20/25 ~		1,300,000		1,367,121
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,275,725		1,343,784
Ford Motor Credit Co LLC 2.700% due 08/10/26		2,225,000		2,247,250

	Principal Amount		Value
2.900% due 02/16/28		$3,200,000		$3,212,592
3.087% due 01/09/23		1,850,000		1,883,707
3.375% due 11/13/25		2,475,000		2,574,582
4.542% due 08/01/26		1,725,000		1,875,601
5.584% due 03/18/24		2,350,000		2,535,074
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		1,982,435
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		2,850,000		2,854,289
International Game Technology PLC 4.125% due 04/15/26 ~		2,000,000		2,062,620
Kohl’s Corp 3.375% due 05/01/31		3,000,000		3,058,425
Marriott International Inc 3.500% due 10/15/32		3,150,000		3,303,403
Meritage Homes Corp 3.875% due 04/15/29 ~		3,675,000		3,864,024
MGM Resorts International 6.000% due 03/15/23		3,000,000		3,138,795
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		4,057,960
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,022,280
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		461,863		477,262
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,302,117		1,294,385
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		1,024,321		1,123,038
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,776,726		1,771,278
				69,885,284
Consumer, Non-Cyclical - 6.1%
Altria Group Inc 2.450% due 02/04/32		4,700,000		4,467,280
AmerisourceBergen Corp 2.700% due 03/15/31		5,000,000		5,057,021
Amgen Inc 3.150% due 02/21/40		2,750,000		2,826,023
Anheuser-Busch Cos LLC (Belgium) 4.700% due 02/01/36		2,000,000		2,417,448
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		2,230,462
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		6,555,497
Block Inc
2.750% due 06/01/26 ~		4,000,000		4,010,020
3.500% due 06/01/31 ~		500,000		513,365
Centene Corp
2.450% due 07/15/28		1,750,000		1,726,445
2.500% due 03/01/31		1,900,000		1,852,842
CoStar Group Inc 2.800% due 07/15/30 ~		3,400,000		3,404,820
Global Payments Inc 3.200% due 08/15/29		2,250,000		2,345,860
JBS USA LUX SA 3.000% due 05/15/32 ~		3,000,000		3,003,750

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

18

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Kraft Heinz Foods Co 4.375% due 06/01/46		$6,500,000		$7,628,073
Lamb Weston Holdings Inc 4.125% due 01/31/30 ~		3,075,000		3,160,854
Sysco Corp 3.150% due 12/14/51		1,700,000		1,677,440
Universal Health Services Inc
2.650% due 10/15/30 ~		4,450,000		4,420,359
2.650% due 01/15/32 ~		1,950,000		1,918,390
Viatris Inc 3.850% due 06/22/40		3,350,000		3,553,932
Viterra Finance BV (Netherlands) 3.200% due 04/21/31 ~		4,550,000		4,589,173
				67,359,054
Energy - 3.3%
Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39 ~		4,150,000		4,054,120
Cheniere Energy Partners LP 4.500% due 10/01/29		3,500,000		3,716,055
Energy Transfer LP
3.750% due 05/15/30		4,000,000		4,243,168
4.750% due 01/15/26		6,000,000		6,569,187
6.500% due 11/15/26		3,650,000		3,723,000
Enterprise Products Operating LLC 3.300% due 02/15/53		1,850,000		1,844,051
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,325,288
Kinder Morgan Inc 3.600% due 02/15/51		1,500,000		1,511,962
MPLX LP
5.200% due 12/01/47		1,200,000		1,461,027
6.875% due 02/15/23		3,000,000		3,022,500
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,801,180
Phillips 66 3.300% due 03/15/52		3,000,000		3,002,308
				37,273,846
Financial - 14.6%
ABN AMRO Bank NV (Netherlands) 3.324% due 03/13/37 ~		2,200,000		2,200,529
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		3,100,000		3,160,792
Air Lease Corp
3.000% due 02/01/30		4,000,000		3,996,861
4.650% due 06/15/26		4,300,000		4,466,625
Assured Guaranty US Holdings Inc 3.600% due 09/15/51		2,150,000		2,241,134
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		2,950,000		2,896,672
4.250% due 04/15/26 ~		1,350,000		1,432,005
Banco Santander SA (Spain) 2.749% due 12/03/30		3,000,000		2,939,208
Bank of America Corp
2.482% due 09/21/36		4,700,000		4,557,713
2.592% due 04/29/31		3,450,000		3,488,832
2.687% due 04/22/32		5,700,000		5,790,582
BNP Paribas SA (France) 2.871% due 04/19/32 ~		7,000,000		7,104,797

	Principal Amount		Value
4.625% due 02/25/31 ~		$3,000,000		$3,016,500
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		2,750,000		2,672,366
Citigroup Inc
2.666% due 01/29/31		5,250,000		5,334,999
4.125% due 07/25/28		3,600,000		3,954,296
Fidelity National Financial Inc 3.200% due 09/17/51		2,200,000		2,107,516
GLP Capital LP REIT 3.250% due 01/15/32		1,200,000		1,208,418
Hill City Funding Trust 4.046% due 08/15/41 ~		2,400,000		2,325,430
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		4,400,000		4,249,755
3.375% due 12/15/29		3,200,000		3,264,974
3.500% due 09/15/30		1,500,000		1,541,574
HSBC Holdings PLC (United Kingdom)
2.871% due 11/22/32		3,750,000		3,785,246
4.700% due 03/09/31		3,150,000		3,157,875
JPMorgan Chase & Co
2.522% due 04/22/31		4,800,000		4,856,712
2.580% due 04/22/32		2,650,000		2,686,882
2.956% due 05/13/31		5,700,000		5,907,874
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		5,319,560
LSEGA Financing PLC (United Kingdom) 3.200% due 04/06/41 ~		2,200,000		2,300,625
Morgan Stanley
2.484% due 09/16/36		3,700,000		3,566,822
2.699% due 01/22/31		3,200,000		3,277,261
3.950% due 04/23/27		2,750,000		3,029,756
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,714,781
6.125% due 03/15/24		5,200,000		5,519,436
Piedmont Operating Partnership LP REIT 4.450% due 03/15/24		3,100,000		3,270,493
Stewart Information Services Corp 3.600% due 11/15/31		3,150,000		3,193,004
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,635,145
The Goldman Sachs Group Inc
2.383% due 07/21/32		2,950,000		2,906,996
2.615% due 04/22/32		7,950,000		8,015,486
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,313,689
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,336,926
3.750% due 02/15/27 ~		2,250,000		2,326,545
4.625% due 12/01/29 ~		5,500,000		5,862,725
Wells Fargo & Co
3.900% due 03/15/26		3,900,000		4,009,688
4.400% due 06/14/46		3,750,000		4,454,875
				162,399,980
Industrial - 3.8%
Allegion US Holding Co Inc 3.550% due 10/01/27		6,836,000		7,254,045

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

19

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Berry Global Inc 4.875% due 07/15/26 ~		$5,000,000		$5,178,650
Flowserve Corp 2.800% due 01/15/32		7,000,000		6,818,877
Masco Corp 7.750% due 08/01/29		2,000,000		2,677,973
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		4,600,000		4,585,937
TD SYNNEX Corp 2.375% due 08/09/28 ~		3,250,000		3,157,297
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		7,750,000		7,649,451
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		2,500,000		2,631,325
Vontier Corp 2.400% due 04/01/28 ~		2,350,000		2,274,612
				42,228,167
Technology - 2.4%
Broadcom Inc
3.137% due 11/15/35 ~		5,000,000		5,035,173
3.187% due 11/15/36 ~		1,474,000		1,473,659
4.150% due 11/15/30		1,826,000		2,026,765
CGI Inc (Canada) 2.300% due 09/14/31 ~		3,350,000		3,231,028
Kyndryl Holdings Inc 3.150% due 10/15/31 ~		6,500,000		6,311,855
Oracle Corp
2.875% due 03/25/31		2,650,000		2,668,969
3.950% due 03/25/51		5,000,000		5,199,405
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		1,311,708
				27,258,562
Utilities - 4.2%
Dominion Energy Inc 4.350% due 01/15/27		3,150,000		3,260,250
DPL Inc
4.125% due 07/01/25		600,000		627,867
4.350% due 04/15/29		1,350,000		1,436,312
Duke Energy Progress NC Storm Funding LLC 2.387% due 07/01/39		5,350,000		5,430,566
Edison International 5.000% due 12/15/26		650,000		665,795
FirstEnergy Corp 4.400% due 07/15/27		2,500,000		2,694,621
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,639,635
NextEra Energy Capital Holdings Inc 3.000% due 01/15/52		4,200,000		4,203,070
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		7,201,896
PG&E Energy Recovery Funding LLC 2.280% due 01/15/38		2,400,000		2,403,877
Pike Corp 5.500% due 09/01/28 ~		2,550,000		2,559,435
Sempra Energy 4.125% due 04/01/52		5,000,000		5,066,359
Southern California Edison Co 4.000% due 04/01/47		1,550,000		1,712,817

	Principal Amount		Value
Southwestern Electric Power Co 3.250% due 11/01/51		$1,600,000		$1,590,322
Talen Energy Supply LLC
6.500% due 06/01/25		1,000,000		398,960
6.625% due 01/15/28 ~		2,500,000		2,197,288
Vistra Operations Co LLC 3.550% due 07/15/24 ~		2,500,000		2,575,992
				46,665,062
Total Corporate Bonds & Notes (Cost $492,369,092)				502,086,921
SENIOR LOAN NOTES - 17.1%
Communications - 0.7%
CSC Holdings LLC
Term B 2.360% (USD LIBOR + 2.250%) due 01/15/26 §		2,474,555		2,447,102
Term B-5 2.610% (USD LIBOR + 2.500%) due 04/15/27 §		4,175,625		4,130,390
SBA Senior Finance II LLC Term B 1.860% (USD LIBOR + 1.750%) due 04/11/25 §		1,187,692		1,176,393
				7,753,885
Consumer, Cyclical - 3.8%
Carnival Corp Term B 4.000% (USD LIBOR + 3.250%) due 10/18/28 §		1,500,000		1,486,875
ClubCorp Holdings Inc Term B 2.974% (USD LIBOR + 2.750%) due 09/18/24 §		4,819,895		4,654,640
Great Outdoors Group LLC Term B-1 4.500% (USD LIBOR + 3.750%) due 03/05/28 §		2,227,542		2,232,764
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		1,980,000		1,978,299
Hayward Industries Inc Term B 3.000% (USD LIBOR + 2.500%) due 05/28/28 §		1,990,000		1,983,781
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		1,995,000		2,000,610
Marriott Ownership Resorts Inc Term B 1.854% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,794,920
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		2,116,250
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		4,130,110		4,088,809
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		3,990,000		3,979,028

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

20

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PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		$2,493,750		$2,492,972
Stars Group Holdings BV Term B (Canada) 2.382% (USD LIBOR + 2.250%) due 07/21/26 §		4,500,834		4,490,348
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		6,947,500		6,986,100
				42,285,396
Consumer, Non-Cyclical - 4.3%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		2,493,750		2,486,997
Avantor Funding Inc Term B-4 2.500% (USD LIBOR + 2.000%) due 11/24/24 §		2,469,170		2,469,170
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		5,410,653		5,393,371
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		4,239,375		4,242,555
Heartland Dental LLC Term B 4.089% (USD LIBOR + 4.000%) due 04/30/25 §		3,482,500		3,478,509
Mavis Tire Express Services Topco Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		5,970,000		5,980,448
Mozart Borrower LP Term B 3.750% (USD LIBOR + 3.250%) due 10/21/28 §		1,750,000		1,750,546
Packaging Coordinators Midco Inc 4.500% (USD LIBOR + 3.750%) due 11/30/27 §		997,487		998,734
Pathway Vet Alliance LLC Term B 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		4,429,827		4,421,060
PetVet Care Centers LLC Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		8,642,201		8,653,004
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,487,500		2,498,211
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		3,692,063		3,700,141
Trans Union LLC Term B-6 due 12/01/28 ¥		500,000		499,409
Wand NewCo 3 Inc Term B-1 3.175% (USD LIBOR + 3.000%) due 02/05/26 §		1,750,775		1,729,621
				48,301,776

	Principal Amount		Value
Energy - 0.4%
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 §		$3,989,394		$3,988,324
Financial - 2.5%
Acrisure LLC Term B 3.724% (USD LIBOR + 3.500%) due 02/15/27 §		2,216,193		2,195,877
AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		4,165,000		4,138,969
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		3,010,761		3,015,361
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		2,955,000		2,962,125
HUB International Ltd Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		7,350,806		7,269,639
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,912,500		4,840,129
USI Inc Term B 3.224% (USD LIBOR + 3.000%) due 05/16/24 §		3,822,598		3,799,502
				28,221,602
Industrial - 2.3%
Brown Group Holding LLC Term B 2.750% (USD LIBOR + 2.500%) due 06/07/28 §		232,970		232,825
Engineered Components & Systems LLC Term B
due 08/02/28 § ± f		458,716		455,275
6.500% (USD LIBOR + 6.000%) due 08/02/28 § ±		1,541,284		1,529,725
Engineered Machinery Holdings Inc 4.500% (USD LIBOR + 3.750%) due 05/21/28 §		875,000		873,906
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		7,151,734		7,106,142
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		14,849		14,857
Pro Mach Group Inc
due 08/31/28 f		307,263		308,717
Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		2,442,737		2,454,296
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,728,620		2,732,712
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		2,000,000		1,996,354

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

21

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
TransDigm Inc
Term E 2.354% (USD LIBOR + 2.250%) due 05/30/25 §		$1,870,473		$1,845,884
Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		5,681,540		5,612,134
				25,162,827
Technology - 2.5%
Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		1,966,765		1,968,454
Epicor Software Corp Term C due 07/31/27 ¥		5,969,773		5,973,337
MKS Instruments Inc Term B due 10/22/28 ¥		2,250,000		2,247,890
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		2,481,250		2,486,788
Sophia LP Term B 3.724% (USD LIBOR + 3.500%) due 10/07/27 §		3,217,561		3,220,721
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		4,750,161		4,762,777
UKG Inc 3.750% (USD LIBOR + 3.250%) due 05/03/26 §		6,692,552		6,667,454
				27,327,421
Utilities - 0.6%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		2,185,079		2,166,871
Pike Corp Term B 3.110% (USD LIBOR + 3.000%) due 01/21/28 §		4,794,521		4,784,533
				6,951,404
Total Senior Loan Notes (Cost $190,125,289)				189,992,635
MORTGAGE-BACKED SECURITIES - 1.9%
Fannie Mae - 1.9%
due 01/01/37 #		17,500,000		17,920,073
due 01/01/52 #		3,000,000		2,990,991
				20,911,064
Total Mortgage-Backed Securities (Cost $20,879,121)				20,911,064
ASSET-BACKED SECURITIES - 18.4%
Aimco CLO 11 Ltd (Cayman) 1.253% (USD LIBOR + 1.130%) due 10/17/34 ~ §		5,000,000		5,000,496
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,446,852

	Principal Amount		Value
0.890% due 10/19/26		$2,450,000		$2,424,086
0.970% due 02/18/26		1,000,000		1,001,870
1.410% due 08/18/27		3,500,000		3,474,476
1.480% due 02/18/26		1,000,000		1,006,347
2.690% due 06/19/23		147,195		147,366
3.360% due 02/18/25		1,000,000		1,022,554
Buttermilk Park CLO Ltd (Cayman) 1.224% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,600,000
Carlyle Global Market Strategies CLO Ltd (Cayman)
1.185% (USD LIBOR + 1.050%) due 07/27/31 ~ §		991,833		991,513
1.685% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,996,579
CIFC Funding 2015-III Ltd (Cayman) 0.994% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,486,124		1,485,194
Dryden 53 CLO Ltd (Cayman) 1.524% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,489,955
Dryden 61 CLO Ltd (Cayman) 1.112% (USD LIBOR + 0.990%) due 01/17/32 ~ §		4,250,000		4,249,239
Dryden CLO Ltd (Cayman)
1.522% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,592,547
1.622% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		2,003,496
1.872% (USD LIBOR + 1.750%) due 01/17/32 ~ §		2,250,000		2,247,199
1.922% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,983,028
2.024% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		994,573
Flatiron CLO 19 Ltd (Cayman) 1.705% (USD LIBOR + 1.550%) due 11/16/34 ~ §		1,000,000		997,074
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,353,611
1.530% due 05/15/34 ~		1,050,000		1,045,200
2.040% due 12/15/26		1,000,000		1,018,533
2.040% due 08/15/31 ~		2,000,000		2,037,927
3.190% due 07/15/31 ~		4,000,000		4,217,568
Madison Park Funding Ltd (Cayman)
1.724% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,601,414
1.872% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,600,000		2,602,342
1.974% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,400,000		1,385,367
Magnetite Ltd (Cayman) 1.104% (USD LIBOR + 0.980%) due 04/15/31 ~ §		3,000,000		3,001,868
Magnetite XIV-R Ltd (Cayman) 1.242% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,500,218

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

22

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PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Magnetite XXIX Ltd (Cayman) 1.114% (USD LIBOR + 0.990%) due 01/15/34 ~ §		$3,250,000		$3,248,420
MVW LLC 1.740% due 10/20/37 ~		469,026		470,012
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		947,245		936,018
1.170% due 09/16/69 ~		690,418		687,491
1.220% due 07/15/69 ~		1,048,980		1,047,138
1.310% due 01/15/69 ~		1,760,509		1,754,153
1.690% due 05/15/69 ~		5,153,395		5,155,452
2.460% due 11/15/68 ~		979,939		999,656
2.640% due 05/15/68 ~		1,341,548		1,353,696
Navient Student Loan Trust
0.702% (USD LIBOR + 0.600%) due 12/26/69 ~ §		2,743,066		2,750,332
0.823% (USD LIBOR + 0.720%) due 03/25/67 ~ §		2,000,000		2,023,699
1.152% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,199,741		2,260,735
1.310% due 12/26/69 ~		2,011,582		1,957,302
1.320% due 08/26/69 ~		3,923,711		3,807,214
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)
1.052% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,600,000		2,596,875
1.472% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,494,136
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.545% (USD LIBOR + 1.400%) due 10/18/30 ~ §		2,100,000		2,095,678
Neuberger Berman Loan Advisers CLO 40 Ltd (Cayman) 1.182% (USD LIBOR + 1.060%) due 04/16/33 ~ §		500,000		500,693
Palmer Square CLO Ltd (Cayman)
1.214% (USD LIBOR + 1.080%) due 11/15/31 ~ §		6,500,000		6,500,000
1.222% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,501,883
Palmer Square Loan Funding Ltd (Cayman)
0.960% (USD LIBOR + 0.800%) due 05/20/29 ~ §		1,257,384		1,257,943
1.024% (USD LIBOR + 0.900%) due 10/24/27 ~ §		1,194,575		1,195,138
1.032% (USD LIBOR + 0.900%) due 04/20/29 ~ §		4,354,605		4,356,330
1.056% (USD LIBOR + 0.900%) due 11/15/26 ~ §		754,080		754,727
1.410% (USD LIBOR + 1.250%) due 05/20/29 ~ §		6,000,000		5,967,189
1.510% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,350,000		2,352,286
1.528% (USD LIBOR + 1.400%) due 10/15/29 ~ §		9,700,000		9,702,008
1.571% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,500,000		4,498,386

	Principal Amount		Value
1.724% (USD LIBOR + 1.600%) due 10/24/27 ~ §		$1,750,000		$1,750,954
1.932% (USD LIBOR + 1.800%) due 04/20/29 ~ §		750,000		750,792
2.060% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,194,672
Regatta XIV Funding Ltd (Cayman) 1.314% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,400,000		1,400,528
Santander Drive Auto Receivables Trust
0.750% due 02/17/26		3,700,000		3,697,450
1.460% due 09/15/25		1,000,000		1,004,843
SLM Student Loan Trust 0.674% (USD LIBOR + 0.550%) due 10/25/64 ~ §		1,745,180		1,735,213
SMB Private Education Loan Trust
0.840% (USD LIBOR + 0.730%) due 01/15/53 ~ §		10,900,000		10,959,436
1.070% due 01/15/53 ~		4,932,520		4,807,741
1.290% due 07/15/53 ~		2,608,143		2,581,040
1.680% due 02/15/51 ~		3,500,000		3,474,845
2.230% due 09/15/37 ~		6,134,671		6,211,690
2.340% due 09/15/34 ~		1,692,647		1,708,769
2.430% due 02/17/32 ~		2,155,744		2,184,841
2.700% due 05/15/31 ~		1,177,830		1,193,814
2.820% due 10/15/35 ~		2,645,421		2,697,804
2.880% due 09/15/34 ~		2,447,673		2,486,591
3.440% due 07/15/36 ~		1,882,426		1,945,493
3.500% due 02/15/36 ~		3,623,765		3,756,262
3.600% due 01/15/37 ~		988,685		1,028,777
3.630% due 11/15/35 ~		1,330,886		1,381,705
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		33,161		33,197
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		1,526,098		1,545,420
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		2,129,383		2,168,624
Stratus CLO Ltd (Cayman) 1.491% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		6,000,000
TIAA CLO IV Ltd (Cayman) 1.832% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,745,344
Total Asset-Backed Securities (Cost $204,431,314)				204,588,927
U.S. TREASURY OBLIGATIONS - 15.0%
U.S. Treasury Bonds - 4.5%
1.125% due 05/15/40		14,500,000		12,713,555
1.250% due 05/15/50		4,000,000		3,398,281
1.375% due 08/15/50		3,250,000		2,848,193
1.750% due 08/15/41		10,000,000		9,698,437
2.000% due 08/15/51		5,000,000		5,098,437
2.250% due 08/15/46		2,550,000		2,697,223
2.500% due 02/15/46		3,500,000		3,867,637
2.500% due 05/15/46		3,000,000		3,316,758

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

23

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
2.750% due 11/15/47		$2,000,000		$2,329,219
3.000% due 11/15/44		2,000,000		2,385,781
3.000% due 02/15/49		1,500,000		1,844,766
				50,198,287
U.S. Treasury Notes - 10.5%
0.250% due 10/31/25		2,000,000		1,933,281
0.375% due 09/30/27		5,000,000		4,733,789
0.500% due 06/30/27		5,000,000		4,785,547
0.500% due 10/31/27		8,000,000		7,615,000
0.625% due 11/30/27		7,000,000		6,706,055
0.625% due 05/15/30		16,000,000		14,963,750
1.125% due 02/28/27		7,000,000		6,946,406
1.125% due 02/15/31		11,500,000		11,163,535
1.625% due 02/15/26		7,000,000		7,121,406
1.625% due 05/15/26		8,000,000		8,135,313
1.625% due 09/30/26		10,000,000		10,171,094
1.750% due 11/15/29		10,000,000		10,252,344
2.250% due 02/15/27		2,000,000		2,095,547
2.375% due 05/15/29		5,000,000		5,330,273
2.500% due 02/28/26		7,400,000		7,790,524
2.625% due 02/15/29		7,000,000		7,569,023
				117,312,887
Total U.S. Treasury Obligations (Cost $166,120,032)				167,511,174
	Shares
SHORT-TERM INVESTMENT - 5.3%
Money Market Fund - 5.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		59,483,275		59,483,275
Total Short-Term Investment (Cost $59,483,275)				59,483,275
TOTAL INVESTMENTS - 102.8% (Cost $1,133,408,123)				1,144,573,996
OTHER ASSETS & LIABILITIES, NET - (2.8%)				(30,805,423	)
NET ASSETS - 100.0%				$1,113,768,573

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

24

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$502,086,921		$—		$502,086,921		$—
	Senior Loan Notes		189,992,635		—		188,007,635		1,985,000
	Mortgage-Backed Securities		20,911,064		—		20,911,064		—
	Asset-Backed Securities		204,588,927		—		204,588,927		—
	U.S. Treasury Obligations		167,511,174		—		167,511,174		—
	Short-Term Investment		59,483,275		59,483,275		—		—
	Total		$1,144,573,996		$59,483,275		$1,083,105,721		$1,985,000

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

25

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PACIFIC FUNDS^SM ESG CORE BOND

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 59.5%
Communications - 3.1%
Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$237,638
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		243,750		255,332
The Walt Disney Co 2.650% due 01/13/31		100,000		104,142
Verizon Communications Inc
2.850% due 09/03/41		50,000		49,424
3.400% due 03/22/41		250,000		262,203
				908,739
Consumer, Cyclical - 2.5%
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		200,000		207,014
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		210,456
Marriott International Inc 3.500% due 10/15/32		100,000		104,870
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		210,287
				732,627
Consumer, Non-Cyclical - 9.2%
Amgen Inc 3.150% due 02/21/40		100,000		102,765
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		546,299
Cigna Corp 2.375% due 03/15/31		200,000		201,235
CVS Health Corp 1.750% due 08/21/30		300,000		286,234
HCA Inc 5.250% due 04/15/25		125,000		138,386
Humana Inc 3.125% due 08/15/29		250,000		262,201
IHS Markit Ltd 3.625% due 05/01/24		100,000		105,134
McKesson Corp 1.300% due 08/15/26		250,000		244,294
Merck & Co Inc 1.900% due 12/10/28		350,000		351,869
Sysco Corp 3.150% due 12/14/51		150,000		148,009
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		196,076
Zoetis Inc 2.000% due 05/15/30		100,000		98,694
				2,681,196
Energy - 2.1%
Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39 ~		150,000		146,534
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		232,529

	Principal Amount		Value
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		$200,000		$222,203
				601,266
Financial - 25.0%
ABN AMRO Bank NV (Netherlands) 3.324% due 03/13/37 ~		200,000		200,048
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		250,000		254,903
Air Lease Corp 1.875% due 08/15/26		450,000		443,014
American Tower Corp REIT 2.750% due 01/15/27		100,000		103,136
Banco Santander SA (Spain) 2.749% due 12/03/30		200,000		195,947
Bank of America Corp 2.482% due 09/21/36		350,000		339,404
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		200,000		194,354
Citigroup Inc
2.572% due 06/03/31		250,000		252,435
4.125% due 07/25/28		250,000		274,604
Cooperatieve Rabobank UA (Netherlands) 1.980% due 12/15/27 ~		500,000		500,434
Fidelity National Financial Inc 3.200% due 09/17/51		150,000		143,694
GLP Capital LP REIT 3.250% due 01/15/32		100,000		100,702
Healthpeak Properties Inc REIT 1.350% due 02/01/27		150,000		146,064
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		251,812
ING Groep NV (Netherlands) 1.726% due 04/01/27		200,000		198,741
JPMorgan Chase & Co 2.956% due 05/13/31		250,000		259,117
Morgan Stanley 3.772% due 01/24/29		500,000		544,511
Nordea Bank Abp (Finland) 1.500% due 09/30/26 ~		350,000		344,158
PNC Bank NA 2.700% due 10/22/29		250,000		258,535
Rayonier LP REIT 2.750% due 05/17/31		300,000		299,631
Reliance Standard Life Global Funding II 2.750% due 01/21/27 ~		200,000		208,391
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		148,944
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		544,316
Truist Bank 2.636% due 09/17/29		250,000		257,142
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		257,760
VICI Properties LP REIT
4.125% due 08/15/30 ~		200,000		211,846
4.625% due 12/01/29 ~		100,000		106,595

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

26

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Weyerhaeuser Co REIT 4.000% due 11/15/29		$200,000		$223,705
				7,263,943
Industrial - 8.8%
Allegion US Holding Co Inc 3.550% due 10/01/27		300,000		318,346
Canadian Pacific Railway Co (Canada) 2.450% due 12/02/31		400,000		408,282
Flowserve Corp 2.800% due 01/15/32		250,000		243,531
Keysight Technologies Inc 3.000% due 10/30/29		250,000		259,791
Masco Corp 3.500% due 11/15/27		200,000		214,419
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		250,000		249,236
Ryder System Inc 2.500% due 09/01/24		200,000		205,866
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		650,000		641,567
				2,541,038
Technology - 6.4%
Broadcom Inc
3.187% due 11/15/36 ~		12,000		11,997
4.150% due 11/15/30		238,000		264,168
Dell International LLC 4.900% due 10/01/26		300,000		338,111
Fiserv Inc 3.500% due 07/01/29		250,000		269,124
Hewlett Packard Enterprise Co 1.750% due 04/01/26		250,000		249,951
International Business Machines Corp 3.500% due 05/15/29		150,000		162,939
Micron Technology Inc 2.703% due 04/15/32		250,000		250,715
Oracle Corp 2.300% due 03/25/28		300,000		299,223
				1,846,228
Utilities - 2.4%
Enel Finance International NV (Italy)
1.875% due 07/12/28 ~		500,000		487,878
2.650% due 09/10/24 ~		200,000		206,088
				693,966
Total Corporate Bonds & Notes (Cost $17,555,222)				17,269,003
MORTGAGE-BACKED SECURITIES - 3.3%
Fannie Mae - 1.9%
2.000% due 09/01/35		166,217		170,375
2.000% due 12/01/35		392,441		402,258
				572,633

	Principal Amount		Value
Freddie Mac - 1.4%
2.000% due 12/01/35		$393,996		$403,853
Total Mortgage-Backed Securities (Cost $994,282)				976,486
ASSET-BACKED SECURITIES - 17.3%
Ford Credit Auto Owner Trust
0.700% due 10/15/26		450,000		441,073
1.530% due 05/15/34 ~		350,000		348,400
GM Financial Revolving Receivables Trust 1.170% due 06/12/34 ~		150,000		147,630
Magnetite Ltd (Cayman) 1.104% (USD LIBOR + 0.980%) due 04/15/31 ~ §		250,000		250,156
Magnetite XXVIII Ltd (Cayman) 0.001% (USD LIBOR + 1.130%) due 01/20/35 ~ §		250,000		249,999
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		189,449		187,203
Navient Student Loan Trust
0.702% (USD LIBOR + 0.600%) due 12/26/69 ~ §		137,153		137,517
1.310% due 12/26/69 ~		228,589		222,421
1.320% due 08/26/69 ~		198,390		192,500
OCP CLO Ltd (Cayman) 1.084% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		250,031
Palmer Square CLO Ltd (Cayman) 1.222% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		250,188
Palmer Square Loan Funding Ltd (Cayman)
0.971% (USD LIBOR + 0.800%) due 07/20/29 ~ §		250,000		249,819
1.032% (USD LIBOR + 0.900%) due 04/20/29 ~ §		395,873		396,030
1.528% (USD LIBOR + 1.400%) due 10/15/29 ~ §		500,000		500,103
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		200,000		199,613
0.750% due 02/17/26		750,000		749,483
SMB Private Education Loan Trust
0.610% (USD LIBOR + 0.500%) due 01/15/53 ~ §		40,912		40,929
1.070% due 01/15/53 ~		205,522		200,322
Total Asset-Backed Securities (Cost $5,045,562)				5,013,417
U.S. TREASURY OBLIGATIONS - 15.7%
U.S. Treasury Bonds - 2.9%
1.625% due 11/15/50		500,000		465,996
1.750% due 08/15/41		125,000		121,230
2.000% due 08/15/51		250,000		254,922
				842,148

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

27

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
U.S. Treasury Notes - 12.8%
0.125% due 11/30/22		$1,300,000		$1,297,113
0.375% due 11/30/25		1,500,000		1,454,824
0.875% due 11/15/30		1,000,000		950,977
				3,702,914
Total U.S. Treasury Obligations (Cost $4,672,747)				4,545,062
	Shares
SHORT-TERM INVESTMENT - 3.6%
Money Market Fund - 3.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		1,030,272		1,030,272
Total Short-Term Investment (Cost $1,030,272)				1,030,272
TOTAL INVESTMENTS - 99.4% (Cost $29,298,085)				28,834,240
OTHER ASSETS & LIABILITIES, NET - 0.6%				167,538
NET ASSETS - 100.0%				$29,001,778

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

28

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$17,269,003		$—		$17,269,003		$—
	Mortgage-Backed Securities		976,486		—		976,486		—
	Asset-Backed Securities		5,013,417		—		5,013,417		—
	U.S. Treasury Obligations		4,545,062		—		4,545,062		—
	Short-Term Investment		1,030,272		1,030,272		—		—
	Total		$28,834,240		$1,030,272		$27,803,968		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

29

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 2.1%
Basic Materials - 0.2%
Constellium SE *		139,640		$2,500,952
Consumer, Cyclical - 0.5%
Beazer Homes USA Inc *		120,441		2,796,640
Cedar Fair LP *		40,059		2,005,354
Six Flags Entertainment Corp *		50,424		2,147,054
				6,949,048
Consumer, Non-Cyclical - 0.1%
HCA Healthcare Inc		5,395		1,386,083
Financial - 0.7%
Bank of America Corp		71,884		3,198,119
JPMorgan Chase & Co		17,264		2,733,754
The Goldman Sachs Group Inc		7,170		2,742,884
Wells Fargo & Co		56,452		2,708,567
				11,383,324
Industrial - 0.6%
Evoqua Water Technologies Corp *		72,114		3,371,330
GFL Environmental Inc (Canada)		68,354		2,587,199
TNT Crane & Rigging Inc		4,054		74,999
Xylem Inc		25,612		3,071,391
				9,104,919
Total Common Stocks (Cost $24,512,990)				31,324,326
EXCHANGE-TRADED FUNDS - 1.0%
iShares iBoxx High Yield Corporate Bond		84,801		7,378,535
SPDR Bloomberg High Yield Bond		77,175		8,378,890
Total Exchange-Traded Funds (Cost $15,320,689)				15,757,425
	Principal Amount
CORPORATE BONDS & NOTES - 63.5%
Basic Materials - 1.8%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,450,000		4,368,754
2.875% due 03/17/31 ~		3,000,000		2,989,028
EverArc Escrow SARL 5.000% due 10/30/29 ~		3,200,000		3,207,184
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,948,730
Novelis Corp
3.250% due 11/15/26 ~		500,000		504,962
3.875% due 08/15/31 ~		2,179,000		2,168,770
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		2,050,000		2,125,336
SPCM SA (France)
3.125% due 03/15/27 ~		400,000		395,672
3.375% due 03/15/30 ~		5,000,000		4,825,175

	Principal Amount		Value
TMS International Corp 6.250% due 04/15/29 ~		$2,476,000		$2,467,099
WR Grace Holdings LLC 5.625% due 08/15/29 ~		1,150,000		1,180,188
				27,180,898
Communications - 6.5%
Arches Buyer Inc 4.250% due 06/01/28 ~		3,175,000		3,179,096
AT&T Inc
2.250% due 02/01/32		2,475,000		2,394,264
2.300% due 06/01/27		4,000,000		4,072,471
4.350% due 03/01/29		5,500,000		6,183,234
Avaya Inc 6.125% due 09/15/28 ~		3,275,000		3,477,149
Booking Holdings Inc 4.625% due 04/13/30		5,950,000		6,959,523
CCO Holdings LLC 4.250% due 01/15/34 ~		1,375,000		1,355,252
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,931,905
3.750% due 02/15/28		1,500,000		1,608,233
4.200% due 03/15/28		5,750,000		6,302,177
5.050% due 03/30/29		1,500,000		1,718,781
CSC Holdings LLC
4.625% due 12/01/30 ~		1,400,000		1,327,116
5.750% due 01/15/30 ~		200,000		199,643
6.500% due 02/01/29 ~		2,725,000		2,921,282
Frontier Communications Holdings LLC 5.000% due 05/01/28 ~		4,250,000		4,385,193
LogMeIn Inc 5.500% due 09/01/27 ~		4,600,000		4,659,984
Sirius XM Radio Inc 3.875% due 09/01/31 ~		6,275,000		6,163,462
Sprint Capital Corp 8.750% due 03/15/32		1,000,000		1,501,680
T-Mobile USA Inc
2.400% due 03/15/29 ~		2,000,000		2,021,084
2.625% due 02/15/29		175,000		172,678
2.875% due 02/15/31		75,000		74,200
3.375% due 04/15/29 ~		925,000		944,120
3.375% due 04/15/29		1,125,000		1,148,253
3.500% due 04/15/31		375,000		390,791
3.500% due 04/15/31 ~		750,000		781,583
3.750% due 04/15/27		7,000,000		7,583,808
3.875% due 04/15/30		4,000,000		4,378,905
4.375% due 04/15/40		1,900,000		2,175,589
Uber Technologies Inc 4.500% due 08/15/29 ~		5,525,000		5,636,688
Verizon Communications Inc 2.550% due 03/21/31		11,500,000		11,614,401
				97,262,545
Consumer, Cyclical - 8.1%
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		574,650		577,987
American Airlines Inc 5.750% due 04/20/29 ~		1,125,000		1,204,599
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,791,497		1,719,354
4.100% due 07/15/29		1,142,796		1,126,511

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

30

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		$2,710,213		$2,746,271
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		788,547		781,731
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,587,728		2,673,259
Caesars Entertainment Inc 4.625% due 10/15/29 ~		125,000		125,262
Carvana Co
4.875% due 09/01/29 ~		3,375,000		3,219,581
5.500% due 04/15/27 ~		375,000		371,644
5.625% due 10/01/25 ~		3,875,000		3,879,844
Cedar Fair LP 5.250% due 07/15/29		5,500,000		5,645,778
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		2,070,000		2,046,713
DR Horton Inc 1.300% due 10/15/26		3,000,000		2,931,154
Ford Motor Credit Co LLC
3.375% due 11/13/25		400,000		416,094
4.000% due 11/13/30		400,000		431,012
4.125% due 08/17/27		3,500,000		3,782,170
Foundation Building Materials Inc 6.000% due 03/01/29 ~		1,355,000		1,333,191
General Motors Co
4.200% due 10/01/27		6,500,000		7,118,772
6.125% due 10/01/25		1,950,000		2,241,935
General Motors Financial Co Inc
4.350% due 01/17/27		5,000,000		5,511,818
5.100% due 01/17/24		1,000,000		1,072,732
Golden Nugget Inc 6.750% due 10/15/24 ~		2,375,000		2,378,088
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		2,775,000		2,779,176
5.000% due 06/01/29 ~		1,875,000		1,924,791
Hyatt Hotels Corp 5.750% due 04/23/30		5,450,000		6,507,791
Hyundai Capital America 1.650% due 09/17/26 ~		5,000,000		4,905,854
Kohl’s Corp 3.375% due 05/01/31		5,950,000		6,065,876
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		6,375,000		6,176,769
Marriott International Inc 2.850% due 04/15/31		4,000,000		3,991,914
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		4,655,155
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		5,000,000		5,072,450
PetSmart Inc
4.750% due 02/15/28 ~		250,000		257,016
7.750% due 02/15/29 ~		6,150,000		6,691,292
SRS Distribution Inc
4.625% due 07/01/28 ~		2,750,000		2,764,520
6.125% due 07/01/29 ~		1,875,000		1,913,513
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		3,595,500

	Principal Amount		Value
The Michaels Cos Inc 7.875% due 05/01/29 ~		$2,900,000		$2,861,445
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,458,371		2,695,291
Viking Cruises Ltd
6.250% due 05/15/25 ~		3,200,000		3,171,328
7.000% due 02/15/29 ~		2,625,000		2,636,274
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		175,027
				122,176,482
Consumer, Non-Cyclical - 9.1%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		6,311,250
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		5,950,000		6,364,060
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		8,091,234
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		9,325,000		10,863,484
APi Escrow Corp 4.750% due 10/15/29 ~		5,925,000		6,052,565
Avantor Funding Inc
3.875% due 11/01/29 ~		450,000		455,555
4.625% due 07/15/28 ~		3,375,000		3,524,057
Avery Dennison Corp 2.250% due 02/15/32		3,000,000		2,916,930
Bausch Health Americas Inc
8.500% due 01/31/27 ~		450,000		473,150
9.250% due 04/01/26 ~		1,500,000		1,586,227
Bausch Health Cos Inc
4.875% due 06/01/28 ~		1,500,000		1,532,715
5.000% due 01/30/28 ~		800,000		737,260
5.000% due 02/15/29 ~		400,000		353,626
5.250% due 02/15/31 ~		200,000		176,060
6.125% due 04/15/25 ~		3,302,000		3,367,495
Central Garden & Pet Co 4.125% due 04/30/31 ~		4,625,000		4,654,947
Cigna Corp 2.375% due 03/15/31		4,100,000		4,125,326
Community Health Systems Inc
4.750% due 02/15/31 ~		765,000		772,933
5.625% due 03/15/27 ~		325,000		344,354
6.125% due 04/01/30 ~		2,500,000		2,477,088
6.625% due 02/15/25 ~		2,025,000		2,098,173
6.875% due 04/15/29 ~		75,000		76,521
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		4,215,346
CoStar Group Inc 2.800% due 07/15/30 ~		3,600,000		3,605,104
Global Payments Inc 2.150% due 01/15/27		8,000,000		8,036,386
Humana Inc 1.350% due 02/03/27		5,000,000		4,864,305
Kraft Heinz Foods Co 5.200% due 07/15/45		1,475,000		1,879,780
Lamb Weston Holdings Inc
4.125% due 01/31/30 ~		1,275,000		1,310,598
4.375% due 01/31/32 ~		2,750,000		2,840,571

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

31

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Mozart Debt Merger Sub Inc
3.875% due 04/01/29 ~		$1,875,000		$1,872,131
5.250% due 10/01/29 ~		225,000		228,537
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		900,000		913,739
5.750% due 11/01/28 ~		5,200,000		4,953,078
Option Care Health Inc 4.375% due 10/31/29 ~		6,000,000		6,024,180
Performance Food Group Inc 4.250% due 08/01/29 ~		1,875,000		1,863,150
Post Holdings Inc 5.500% due 12/15/29 ~		450,000		473,531
Sysco Corp 2.450% due 12/14/31		3,000,000		3,007,055
Tenet Healthcare Corp
4.250% due 06/01/29 ~		1,875,000		1,907,381
4.375% due 01/15/30 ~		1,825,000		1,852,101
6.125% due 10/01/28 ~		2,675,000		2,830,832
The Hertz Corp 5.000% due 12/01/29 ~		5,900,000		5,915,694
US Foods Inc 4.625% due 06/01/30 ~		5,800,000		5,874,240
Viatris Inc 2.700% due 06/22/30		4,450,000		4,469,996
				136,292,745
Energy - 8.4%
Antero Midstream Partners LP
5.375% due 06/15/29 ~		750,000		792,525
5.750% due 03/01/27 ~		2,650,000		2,748,712
Antero Resources Corp
5.375% due 03/01/30 ~		4,275,000		4,577,178
7.625% due 02/01/29 ~		1,126,000		1,251,645
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		2,114,383
6.875% due 04/01/27 ~		1,325,000		1,392,575
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		7,625,000		8,609,264
Cheniere Energy Partners LP 3.250% due 01/31/32 ~		6,925,000		7,008,100
Chesapeake Energy Corp 5.875% due 02/01/29 ~		575,000		615,900
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		2,175,000		2,243,339
Comstock Resources Inc 5.875% due 01/15/30 ~		5,000,000		5,133,275
CQP Holdco LP 5.500% due 06/15/31 ~		3,725,000		3,893,817
Endeavor Energy Resources LP
5.750% due 01/30/28 ~		2,000,000		2,135,000
6.625% due 07/15/25 ~		350,000		370,725
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		1,033,870
3.750% due 05/15/30		3,000,000		3,182,376
4.000% due 10/01/27		1,200,000		1,289,461
4.050% due 03/15/25		1,200,000		1,272,342
4.750% due 01/15/26		4,200,000		4,598,431
5.500% due 06/01/27		1,500,000		1,712,190
5.800% due 06/15/38		3,000,000		3,640,726
6.500% due 11/15/26		800,000		816,000

	Principal Amount		Value
EnLink Midstream LLC 5.375% due 06/01/29		$3,500,000		$3,584,630
Enterprise Products Operating LLC 5.375% due 02/15/78		3,000,000		3,012,766
EQM Midstream Partners LP
4.750% due 01/15/31 ~		1,350,000		1,429,765
5.500% due 07/15/28		1,250,000		1,367,400
6.000% due 07/01/25 ~		500,000		544,310
6.500% due 07/01/27 ~		1,750,000		1,962,205
Genesis Energy LP
7.750% due 02/01/28		2,750,000		2,774,516
8.000% due 01/15/27		750,000		773,760
ITT Holdings LLC 6.500% due 08/01/29 ~		3,500,000		3,470,740
MPLX LP
2.650% due 08/15/30		2,225,000		2,217,429
4.800% due 02/15/29		1,350,000		1,542,888
6.875% due 02/15/23		450,000		453,375
New Fortress Energy Inc 6.500% due 09/30/26 ~		3,875,000		3,850,278
Occidental Petroleum Corp
5.500% due 12/01/25		325,000		360,872
6.125% due 01/01/31		325,000		395,421
6.625% due 09/01/30		2,700,000		3,345,786
8.000% due 07/15/25		800,000		934,800
8.500% due 07/15/27		1,175,000		1,466,988
8.875% due 07/15/30		1,500,000		2,025,570
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,027,516
Southwestern Energy Co 4.750% due 02/01/32		5,450,000		5,749,968
Sunoco LP
4.500% due 05/15/29		2,275,000		2,314,175
4.500% due 04/30/30 ~		900,000		923,787
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		3,100,000		3,104,743
6.000% due 09/01/31 ~		2,275,000		2,254,457
Targa Resources Partners LP
4.000% due 01/15/32 ~		350,000		366,356
4.875% due 02/01/31		875,000		951,720
5.000% due 01/15/28		650,000		685,953
5.375% due 02/01/27		200,000		206,358
5.875% due 04/15/26		1,500,000		1,567,095
6.500% due 07/15/27		500,000		536,540
The Williams Cos Inc 2.600% due 03/15/31		3,000,000		2,982,742
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		900,000		935,249
3.875% due 11/01/33 ~		925,000		973,211
4.125% due 08/15/31 ~		900,000		955,557
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		2,975,000		3,233,096
				126,713,856
Financial - 13.7%
AerCap Ireland Capital DAC (Ireland)
2.450% due 10/29/26		3,250,000		3,278,525
3.300% due 01/23/23		1,850,000		1,889,362
4.450% due 10/01/25		2,000,000		2,154,437
4.625% due 10/15/27		1,000,000		1,107,052

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

32

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PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Air Lease Corp
1.875% due 08/15/26		$750,000		$738,357
3.125% due 12/01/30		3,500,000		3,575,544
3.750% due 06/01/26		1,500,000		1,600,243
4.250% due 09/15/24		1,000,000		1,064,404
4.650% due 06/15/26		2,750,000		2,856,563
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		1,058,658
6.150% due 04/03/30		4,925,000		6,099,550
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		450,000		442,084
3.250% due 02/15/27 ~		3,200,000		3,224,643
Bank of America Corp
1.922% due 10/24/31		1,000,000		958,560
2.087% due 06/14/29		7,300,000		7,254,231
2.482% due 09/21/36		4,250,000		4,121,336
2.592% due 04/29/31		5,500,000		5,561,906
2.651% due 03/11/32		5,000,000		5,069,527
2.687% due 04/22/32		1,450,000		1,473,043
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,700,000		4,959,053
Citigroup Inc
2.520% due 11/03/32		2,000,000		1,999,837
2.561% due 05/01/32		450,000		452,810
2.666% due 01/29/31		1,000,000		1,016,190
3.668% due 07/24/28		4,000,000		4,317,443
3.980% due 03/20/30		3,000,000		3,314,691
4.075% due 04/23/29		3,000,000		3,311,055
4.450% due 09/29/27		4,500,000		5,021,372
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		3,125,143
5.300% due 01/15/29		9,000,000		10,229,490
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		1,750,000		1,690,244
3.375% due 12/15/29		6,800,000		6,938,071
HSBC Holdings PLC (United Kingdom)
2.206% due 08/17/29		4,500,000		4,416,237
2.871% due 11/22/32		1,000,000		1,009,399
4.700% due 03/09/31		3,000,000		3,007,500
Invitation Homes Operating Partnership LP REIT 2.700% due 01/15/34		6,000,000		5,892,334
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		278,438
4.875% due 09/15/29 ~		4,175,000		4,327,805
5.000% due 07/15/28 ~		500,000		514,502
5.250% due 03/15/28 ~		575,000		598,989
5.250% due 07/15/30 ~		1,000,000		1,055,616
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		900,000		922,892
JPMorgan Chase & Co
2.069% due 06/01/29		6,000,000		5,954,460
2.522% due 04/22/31		1,950,000		1,973,039
2.580% due 04/22/32		550,000		557,655
3.650% due 06/01/26		6,000,000		6,000,000
4.005% due 04/23/29		2,000,000		2,209,294
4.125% due 12/15/26		5,725,000		6,318,779
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		3,718,984

	Principal Amount		Value
Morgan Stanley
2.484% due 09/16/36		$550,000		$530,203
3.591% due 07/22/28		11,000,000		11,867,968
5.000% due 11/24/25		3,150,000		3,529,553
OneMain Finance Corp
3.875% due 09/15/28		3,175,000		3,116,310
4.000% due 09/15/30		800,000		788,040
5.375% due 11/15/29		2,775,000		3,021,281
7.125% due 03/15/26		3,425,000		3,909,552
The Goldman Sachs Group Inc
1.542% due 09/10/27		7,000,000		6,862,110
2.383% due 07/21/32		450,000		443,440
2.600% due 02/07/30		4,000,000		4,071,110
2.615% due 04/22/32		3,050,000		3,075,123
3.800% due 03/15/30		3,000,000		3,305,725
VICI Properties LP REIT 4.625% due 12/01/29 ~		3,000,000		3,197,850
Wells Fargo & Co
2.393% due 06/02/28		4,500,000		4,576,789
3.900% due 03/15/26		4,800,000		4,935,000
				205,889,401
Industrial - 11.8%
Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,121,846
3.550% due 10/01/27		650,000		689,750
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		5,300,000		5,464,512
Ardagh Packaging Finance PLC (Ireland) 5.250% due 08/15/27 ~		1,629,000		1,641,014
Artera Services LLC 9.033% due 12/04/25 ~		2,750,000		2,912,387
BWX Technologies Inc 4.125% due 04/15/29 ~		4,850,000		4,917,585
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		7,050,000		7,186,699
Carrier Global Corp 2.722% due 02/15/30		4,450,000		4,549,432
First Student Bidco Inc 4.000% due 07/31/29 ~		7,475,000		7,277,025
Flowserve Corp
2.800% due 01/15/32		3,550,000		3,458,145
3.500% due 10/01/30		7,050,000		7,291,675
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		1,025,000		1,011,291
4.000% due 08/01/28 ~		875,000		858,983
4.375% due 08/15/29 ~		450,000		446,463
4.750% due 06/15/29 ~		2,375,000		2,399,415
Granite US Holdings Corp 11.000% due 10/01/27 ~		1,975,000		2,149,787
Hillenbrand Inc 3.750% due 03/01/31		3,875,000		3,890,248
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		2,154,878
LABL Inc
5.875% due 11/01/28 ~		5,225,000		5,394,812
8.250% due 11/01/29 ~		1,975,000		1,989,664

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

33

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Madison IAQ LLC
4.125% due 06/30/28 ~		$375,000		$376,491
5.875% due 06/30/29 ~		2,625,000		2,629,016
Masco Corp 7.750% due 08/01/29		4,110,000		5,503,234
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,875,000		1,894,631
7.250% due 04/15/25 ~		5,200,000		5,218,980
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		3,600,000		3,588,994
OT Merger Corp 7.875% due 10/15/29 ~		5,500,000		5,418,352
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,900,516
Standard Industries Inc
4.375% due 07/15/30 ~		3,000,000		3,066,840
4.750% due 01/15/28 ~		4,443,000		4,595,462
5.000% due 02/15/27 ~		1,500,000		1,545,952
TD SYNNEX Corp 2.650% due 08/09/31 ~		5,000,000		4,813,266
Teledyne Technologies Inc
2.250% due 04/01/28		3,500,000		3,500,134
2.750% due 04/01/31		3,500,000		3,552,914
Textron Inc 3.000% due 06/01/30		3,700,000		3,822,612
The Boeing Co 5.040% due 05/01/27		12,200,000		13,746,752
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		6,711,777
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,449,456
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		5,000,000		5,262,650
TransDigm Inc
4.625% due 01/15/29		675,000		673,981
4.875% due 05/01/29		4,475,000		4,500,977
5.500% due 11/15/27		675,000		696,448
TriMas Corp 4.125% due 04/15/29 ~		4,225,000		4,241,816
Vertiv Group Corp 4.125% due 11/15/28 ~		6,475,000		6,550,855
Vontier Corp 2.950% due 04/01/31 ~		4,500,000		4,463,932
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,670,622
				178,202,271
Technology - 3.0%
Apple Inc 1.400% due 08/05/28		4,000,000		3,919,913
Broadcom Inc
3.137% due 11/15/35 ~		2,700,000		2,718,993
3.187% due 11/15/36 ~		203,000		202,953
3.469% due 04/15/34 ~		2,000,000		2,095,990
4.150% due 11/15/30		3,747,000		4,158,976
Dell International LLC
4.900% due 10/01/26		1,700,000		1,915,964
6.200% due 07/15/30		2,950,000		3,726,521
8.100% due 07/15/36		540,000		822,933

	Principal Amount		Value
HP Inc 2.650% due 06/17/31 ~		$2,550,000		$2,516,692
Kyndryl Holdings Inc 2.700% due 10/15/28 ~		3,000,000		2,905,725
Open Text Corp (Canada) 3.875% due 12/01/29 ~		1,350,000		1,369,116
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		3,200,000		3,236,976
Oracle Corp 2.300% due 03/25/28		4,000,000		3,989,639
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		7,700,000		7,341,835
The Dun & Bradstreet Corp 5.000% due 12/15/29 ~		225,000		230,566
Twilio Inc
3.625% due 03/15/29		750,000		757,792
3.875% due 03/15/31		2,750,000		2,780,621
				44,691,205
Utilities - 1.1%
IPALCO Enterprises Inc 4.250% due 05/01/30		4,000,000		4,399,392
Pike Corp 5.500% due 09/01/28 ~		4,050,000		4,064,985
Vistra Operations Co LLC
4.300% due 07/15/29 ~		6,000,000		6,422,621
4.375% due 05/01/29 ~		375,000		376,367
5.625% due 02/15/27 ~		850,000		876,575
				16,139,940
Total Corporate Bonds & Notes (Cost $938,400,619)				954,549,343
SENIOR LOAN NOTES - 27.2%
Communications - 1.1%
Clear Channel Outdoor Holdings Inc Term B 3.629% (USD LIBOR + 3.500%) due 08/21/26 §		6,614,173		6,530,980
CommScope Inc Term B-2 3.354% (USD LIBOR + 3.250%) due 04/04/26 §		3,421,250		3,383,828
Uber Technologies Inc Term B
3.604% (USD LIBOR + 3.500%) due 04/04/25 §		4,701,282		4,708,259
3.604% (USD LIBOR + 3.500%) due 02/25/27 §		2,473,890		2,477,755
				17,100,822
Consumer, Cyclical - 4.6%
Caesars Resort Collection LLC Term B 2.854% (USD LIBOR + 2.750%) due 12/22/24 §		6,254,545		6,230,309
ClubCorp Holdings Inc Term B 2.974% (USD LIBOR + 2.750%) due 09/18/24 §		4,329,021		4,180,596
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		2,974,536		2,960,339

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

34

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PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Great Outdoors Group LLC Term B-1 4.500% (USD LIBOR + 3.750%) due 03/05/28 §		$3,217,561		$3,225,103
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 08/02/28 §		8,478,750		8,502,592
LBM Acquisition LLC Term B 4.500% (USD LIBOR + 3.750%) due 12/18/27 § ¥		6,457,248		6,410,834
MIC Glen LLC (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 07/21/29 §		1,750,000		1,765,312
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/20/27 §		4,000,000		4,232,500
Motion Finco LLC Term B (United Kingdom) 3.474% (USD LIBOR + 3.250%) due 11/04/26 §		2,962,687		2,903,433
SeaWorld Parks & Entertainment Inc Term B 3.500% (USD LIBOR + 3.000%) due 08/25/28 §		7,730,625		7,709,366
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		12,468,750		12,464,860
Tacala Investment Corp Term B
4.250% (USD LIBOR + 3.500%) due 02/05/27 §		3,859,722		3,857,310
(2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		1,500,000		1,500,000
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		3,970,000		3,992,057
				69,934,611
Consumer, Non-Cyclical - 6.8%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		9,975,000		9,947,988
Bausch Health Americas Inc Term B 3.104% (USD LIBOR + 3.000%) due 06/01/25 §		1,613,409		1,608,255
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		10,972,500		10,980,729
Garda World Security Corp Term B (Canada) 4.360% (USD LIBOR + 4.250%) due 10/30/26 §		2,404,729		2,404,729
Heartland Dental LLC Term B 4.089% (USD LIBOR + 4.000%) due 04/30/25 §		8,706,250		8,696,273
ICON Luxembourg SARL Term B (Luxembourg) 2.750% (USD LIBOR + 2.250%) due 07/01/28 §		5,807,711		5,816,178
LifePoint Health Inc Term B 3.852% (USD LIBOR + 3.750%) due 11/16/25 §		4,458,381		4,460,053
Mavis Tire Express Services Topco Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		7,960,000		7,973,930

	Principal Amount		Value
Mozart Borrower LP Term B 3.750% (USD LIBOR + 3.250%) due 10/21/28 §		$4,250,000		$4,251,326
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 3.103% (USD LIBOR + 3.000%) due 06/30/25 §		3,487,971		3,491,100
Pathway Vet Alliance LLC Term B 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		8,919,575		8,901,923
PetVet Care Centers LLC
2.854% (USD LIBOR + 2.750%) due 02/14/25 §		2,938,941		2,916,441
(2nd Lien) 6.354% (USD LIBOR + 6.250%) due 02/15/26 §		2,000,000		2,012,500
Term B 3.354% (USD LIBOR + 3.250%) due 02/14/25 §		2,961,735		2,939,060
Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		3,989,796		3,994,783
PRA Health Sciences Inc Term B 2.500% (USD LIBOR + 2.250%) due 07/01/28 §		1,446,995		1,449,104
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		5,970,000		5,995,707
Sunshine Luxembourg VII SARL Term B 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		8,657,044		8,675,985
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 §		5,969,697		5,984,621
				102,500,685
Energy - 1.0%
CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		7,960,000		7,947,065
Traverse Midstream Partners LLC Term B 5.250% (SOFR + 4.250%) due 09/27/24 §		7,610,801		7,591,774
				15,538,839
Financial - 2.1%
AssuredPartners Inc Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		5,390,000		5,356,312
Avolon (US) LLC Term B-3 (Ireland) 2.500% (USD LIBOR + 1.750%) due 01/15/25 §		6,021,522		6,030,723
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		8,937,002		8,958,549
NFP Corp Term B 3.354% (USD LIBOR + 3.250%) due 02/13/27 §		4,666,875		4,598,123

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

35

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
USI Inc Term B 3.224% (USD LIBOR + 3.000%) due 05/16/24 §		$6,288,974		$6,250,976
				31,194,683
Industrial - 6.6%
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		3,829,574		3,756,402
Brown Group Holding LLC Term B 2.750% (USD LIBOR + 2.500%) due 06/07/28 §		4,892,380		4,889,322
Dynasty Acquisition Co Inc 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		3,736,429		3,647,689
Engineered Machinery Holdings Inc 4.500% (USD LIBOR + 3.750%) due 05/21/28 §		3,815,689		3,810,919
Filtration Group Corp Term B 3.104% (USD LIBOR + 3.000%) due 03/29/25 §		5,920,025		5,882,285
Flex Acquisition Co Inc Term B
3.131% (USD LIBOR + 3.000%) due 06/29/25 §		962,649		955,515
4.000% (USD LIBOR + 3.500%) due 03/02/28 §		3,553,634		3,551,729
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		2,557,875		2,566,349
LABL Inc Term B 5.500% (USD LIBOR + 5.000%) due 10/29/28 §		9,750,000		9,753,042
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		7,960,000		7,964,147
Mauser Packaging Solutions Holding Co Term B 3.354% (USD LIBOR + 3.250%) due 04/03/24 §		8,068,379		7,974,730
Pregis TopCo LLC
4.500% (USD LIBOR + 4.000%) due 08/01/26 §		3,491,250		3,497,796
Term B 4.090% (USD LIBOR + 4.000%) due 08/01/26 §		5,443,229		5,431,320
Pro Mach Group Inc
5.000% (USD LIBOR + 4.000%) due 08/31/28 § f		502,793		505,173
Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 §		3,997,207		4,016,121
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		7,689,746		7,701,280
Quikrete Holdings Inc Term B-1 due 06/11/28 § ¥		3,500,000		3,493,620
Standard Aero Ltd 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		2,008,833		1,961,123

	Principal Amount		Value
Titan Acquisition Ltd Term B (Canada) 3.354% (USD LIBOR + 3.000%) due 03/28/25 §		$3,874,370		$3,812,927
TransDigm Inc
Term E 2.354% (USD LIBOR + 2.250%) due 05/30/25 §		2,450,000		2,417,792
Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		945,816		934,262
Term G 2.354% (USD LIBOR + 2.250%) due 08/22/24 §		2,754,600		2,727,680
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		4,976,507		4,946,569
USIC Holdings Inc Term B 4.250% (USD LIBOR + 3.500%) due 05/14/28 §		2,727,473		2,727,473
				98,925,265
Technology - 4.7%
Applied Systems Inc Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		14,385,380		14,397,737
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		1,984,477		1,535,241
Epicor Software Corp Term C due 07/31/27 § ¥		5,969,773		5,973,337
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		4,945,566		4,929,226
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		7,940,000		7,957,722
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		4,975,000		4,944,528
RealPage Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		6,982,500		6,970,281
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §		7,980,000		7,988,483
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		5,772,484		5,787,816
UKG Inc
3.750% (USD LIBOR + 3.250%) due 05/03/26 §		8,935,012		8,901,506
(2nd Lien) 5.750% (USD LIBOR + 5.250%) due 05/03/27 §		750,000		754,688
				70,140,565

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

36

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Utilities - 0.3%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		$4,186,250		$4,151,366
Total Senior Loan Notes (Cost $409,382,682)				409,486,836
ASSET-BACKED SECURITIES - 3.4%
Dryden CLO Ltd (Cayman)
1.522% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,587,888
1.522% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,491,958
1.622% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,502,622
1.872% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,498,133
1.922% (USD LIBOR + 1.800%) due 07/17/31 ~ §		1,500,000		1,487,271
2.024% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		248,643
Flatiron RR CLO 22 LLC 1.740% (USD LIBOR + 1.600%) due 10/15/34 ~ §		7,000,000		6,999,902
Madison Park Funding Ltd (Cayman)
1.724% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		2,001,088
1.872% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,652,387
1.974% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,000,000		989,548
Magnetite Xxx Ltd (Cayman) 1.732% (USD LIBOR + 1.600%) due 10/25/34 ~ §		6,550,000		6,549,902
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.782% (USD LIBOR + 1.650%) due 10/20/35 ~ §		5,000,000		4,982,375
Palmer Square Loan Funding Ltd (Cayman)
1.510% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		2,001,946
2.060% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		995,560
3.374% (USD LIBOR + 3.250%) due 10/24/27 ~ §		2,250,000		2,253,789
Rad CLO 12 Ltd (Cayman) 1.791% (USD LIBOR + 1.650%) due 10/30/34 ~ §		4,000,000		3,999,936
Sandstone Peak Ltd (Cayman) 1.958% (USD LIBOR + 1.800%) due 10/15/34 ~ §		9,000,000		8,945,784
Total Asset-Backed Securities (Cost $51,300,000)				51,188,732

	Shares		Value
SHORT-TERM INVESTMENT - 2.5%
Money Market Fund - 2.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		36,926,212		$36,926,212
Total Short-Term Investment (Cost $36,926,212)				36,926,212
TOTAL INVESTMENTS - 99.7% (Cost $1,475,843,192)				1,499,232,874
OTHER ASSETS & LIABILITIES, NET - 0.3%				4,043,829
NET ASSETS - 100.0%				$1,503,276,703

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

37

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,500,952		$2,500,952		$—		$—
	Consumer, Cyclical		6,949,048		6,949,048		—		—
	Consumer, Non-Cyclical		1,386,083		1,386,083		—		—
	Financial		11,383,324		11,383,324		—		—
	Industrial		9,104,919		9,029,920		74,999		—
	Total Common Stocks		31,324,326		31,249,327		74,999		—
	Exchange-Traded Funds		15,757,425		15,757,425		—		—
	Corporate Bonds & Notes		954,549,343		—		954,549,343		—
	Senior Loan Notes		409,486,836		—		409,486,836		—
	Asset-Backed Securities		51,188,732		—		51,188,732		—
	Short-Term Investment		36,926,212		36,926,212		—		—
	Total		$1,499,232,874		$83,932,964		$1,415,299,910		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

38

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 1.8%
iShares iBoxx High Yield Corporate Bond		285,245		$24,819,168
SPDR Blackstone		622,110		28,386,879
Total Exchange-Traded Funds (Cost $53,047,869)				53,206,047
	Principal Amount
CORPORATE BONDS & NOTES - 3.4%
Communications - 0.5%
CSC Holdings LLC 6.500% due 02/01/29 ~		$13,500,000		14,472,405
Consumer, Cyclical - 1.3%
Carnival Corp 9.875% due 08/01/27 ~		9,335,000		10,676,906
eG Global Finance PLC (United Kingdom)
6.750% due 02/07/25 ~		11,909,000		12,070,248
8.500% due 10/30/25 ~		2,000,000		2,074,580
Merlin Entertainments PLC. 144A (United Kingdom) 5.750% due 06/15/26 ~		12,903,000		13,433,249
				38,254,983
Consumer, Non-Cyclical - 1.1%
Allied Universal Holdco LLC
4.625% due 06/01/28 ~		9,000,000		8,869,656
6.625% due 07/15/26 ~		16,152,000		16,967,272
CoreLogic Inc 4.500% due 05/01/28 ~		9,250,000		9,228,864
				35,065,792
Industrial - 0.5%
TransDigm Inc 6.250% due 03/15/26 ~		15,176,000		15,792,753
Total Corporate Bonds & Notes (Cost $103,351,494)				103,585,933
SENIOR LOAN NOTES - 88.0%
Basic Materials - 2.9%
ASP Unifrax Holdings Inc Term B 3.974% (USD LIBOR + 3.750%) due 12/14/25 §		8,242,160		8,152,007
Herens US Holdco Corp Term B 4.750% (USD LIBOR + 4.000%) due 07/02/28 §		23,375,019		23,384,322
SPA US HoldCo Inc Term B 4.750% (USD LIBOR + 4.000%) due 02/04/28 ± §		22,597,587		22,654,081
Sparta US HoldCo LLC 4.250% due 08/02/28 §		15,000,000		15,025,005

	Principal Amount		Value
Vantage Specialty Chemicals Inc Term B 4.500% (USD LIBOR + 3.500%) due 10/28/24 § ¥		$18,451,948		$18,124,426
				87,339,841
Communications - 5.7%
Arches Buyer Inc 3.750% (USD LIBOR + 3.250%) due 12/06/27 §		26,632,457		26,493,063
Clear Channel Outdoor Holdings Inc Term B 3.629% (USD LIBOR + 3.500%) due 08/21/26 §		19,383,105		19,139,304
CNT Holdings I Corp
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 11/06/28 § ¥		21,380,111		21,567,187
Term B 4.500% (USD LIBOR + 3.750%) due 11/08/27 §		986,185		987,171
Hunter Holdco 3 Ltd Term B 4.750% (USD LIBOR + 4.250%) due 08/19/28 §		23,537,344		23,611,016
MH Sub I LLC 4.750% (USD LIBOR + 3.750%) due 09/15/24 §		15,658,493		15,712,327
Pug LLC
Term B 3.604% (USD LIBOR + 3.500%) due 02/13/27 §		9,308,663		9,122,489
4.750% (USD LIBOR + 4.250%) due 02/13/27 §		13,880,798		13,880,798
Radiate Holdco, LLC Term B 4.000% (USD LIBOR + 3.250%) due 09/25/26 §		18,250,000		18,213,244
Xplornet Communications Inc (Canada)
(2nd Lien) 7.500% (USD LIBOR + 7.000%) due 10/01/29 ± §		7,500,000		7,518,750
Term B 4.500% (USD LIBOR + 4.000%) due 10/01/28 §		16,583,438		16,595,875
				172,841,224
Consumer, Cyclical - 11.1%
BCPE Empire Holdings Inc 4.104% - 4.500% (USD LIBOR + 4.000%) due 06/12/26 ± §		12,971,682		12,924,485
Carnival Corp
Term B 3.750% (USD LIBOR + 3.000%) due 06/30/25 §		13,743,684		13,614,837
4.000% (USD LIBOR + 3.250%) due 10/18/28 § ¥		25,750,000		25,524,687
ClubCorp Holdings Inc Term B 2.974% (USD LIBOR + 2.750%) due 09/18/24 § ¥		23,538,185		22,731,155
FCG Acquisitions Inc (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 04/01/29 ± §		6,750,000		6,783,750

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

39

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
First Brands Group LLC Term B 6.000% (USD LIBOR + 5.000%) due 03/30/27 §		$11,988,018		$12,065,940
Golden Nugget LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 § ¥		40,401,235		40,208,400
Great Outdoors Group LLC Term B-1 4.500% (USD LIBOR + 3.750%) due 03/05/28 §		35,693,548		35,777,214
LBM Acquisition LLC Term B 4.500% (USD LIBOR + 3.750%) due 12/18/27 § ¥		16,900,704		16,779,221
MIC Glen LLC (2nd Lien) 7.250% (USD LIBOR + 6.750%) due 07/21/29 §		4,750,000		4,791,563
Motion Finco LLC Term B (United Kingdom)
3.474% (USD LIBOR + 3.250%) due 11/04/26 §		1,206,683		1,182,549
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 § ¥		22,143,486		22,217,290
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 § ¥		31,523,699		30,804,580
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		27,742,416		27,733,760
Sunset Debt Merger Sub Inc Term B 4.750% (USD LIBOR + 4.000%) due 10/06/28 §		18,750,000		18,609,375
Tecta America Corp 5.000% (USD LIBOR + 4.250%) due 04/09/28 §		8,095,549		8,110,728
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		34,929,516		35,123,585
				334,983,119
Consumer, Non-Cyclical - 22.7%
Air Methods Corp 4.500% (USD LIBOR + 3.500%) due 04/21/24 § ¥		9,475,196		9,017,231
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		43,819,801		43,701,137
ATI Holdings Acquisition Inc Term B 4.500% (USD LIBOR + 3.500%) due 05/10/23 §		10,852,697		10,481,893
CoreLogic Inc
(2nd Lien) 7.000% (USD LIBOR + 6.500%) due 06/04/29 § ¥		20,802,823		21,049,857
Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		30,174,375		30,197,006

	Principal Amount		Value
Curium Bidco SARL Term B (Luxembourg)
4.132% (USD LIBOR + 3.750%) due 07/11/26 ± §		$4,112,843		$4,117,984
5.000% (USD LIBOR + 4.250%) due 09/10/27 ± §		5,077,472		5,090,165
Driven Holdings LLC Term B 3.517% (USD LIBOR + 3.000%) due 12/17/28 ± §		8,500,000		8,510,625
Employbridge Holding Co Term B 5.500% (USD LIBOR + 4.750%) due 07/19/28 §		6,013,055		5,968,895
EyeCare Partners LLC 4.250% (USD LIBOR + 3.750%) due 11/15/28 §		8,400,000		8,381,621
4.250% (USD LIBOR + 3.750%) due 11/15/28 § F		2,100,000		2,095,405
Flynn America LP Term B 5.000% (USD LIBOR + 4.500%) due 07/29/28 §		5,750,000		5,505,625
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		25,020,996		25,122,632
Garda World Security Corp Term B (Canada) 4.360% (USD LIBOR + 4.250%) due 10/30/26 §		22,338,317		22,338,317
Heartland Dental LLC
Term B 3.604% (USD LIBOR + 3.500%) due 04/30/25 § ¥		34,489,379		34,190,288
4.089% (USD LIBOR + 4.000%) due 04/30/25 §		5,848,799		5,842,097
Mavis Tire Express Services Topco Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		28,353,759		28,403,378
Midwest Veterinary Partners LLC 4.750% (USD LIBOR + 4.000%) due 04/30/28 ± § ¥		30,135,078		30,059,741
Mozart Borrower LP Term B 3.750% (USD LIBOR + 3.250%) due 10/21/28 §		13,875,000		13,879,329
Packaging Coordinators Midco Inc 4.500% (USD LIBOR + 3.750%) due 11/30/27 §		43,061,983		43,115,810
Pathway Vet Alliance LLC Term B 3.854% (USD LIBOR + 3.750%) due 03/31/27 §		51,953,977		51,851,160
PECF USS Intermediate Holding III Corp Term B due 12/17/28 ¥		7,500,000		7,516,875
PetVet Care Centers LLC
(2nd Lien) 6.354% (USD LIBOR + 6.250%) due 02/15/26 §		24,758,221		24,912,960
Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		54,550,386		54,618,574

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

40

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Precision Medicine Group LLC
due 11/20/27 F		$2,456,169		$2,450,028
Term B 3.750% (USD LIBOR + 3.000%) due 11/20/27 §		21,843,504		21,788,895
Southern Veterinary Partners LLC 5.000% (USD LIBOR + 4.000%) due 10/05/27 § ¥		34,866,168		34,920,629
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		19,152,555		19,235,025
Sunshine Luxembourg VII SARL Term B 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		31,805,149		31,874,739
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		23,513,063		22,580,935
US Anesthesia Partners Inc Term B 4.750% (USD LIBOR + 4.250%) due 10/01/28 §		13,715,625		13,698,480
Vetcor Professional Practices LLC 3.158% (USD LIBOR + 3.000%) due 07/02/25 §		16,675,729		16,535,020
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 § ¥		23,945,651		24,005,515
				683,057,871
Energy - 4.8%
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 §		35,007,381		34,997,999
BCP Raptor II LLC Term B 4.895% (USD LIBOR + 4.750%) due 11/03/25 § ¥		38,128,362		37,999,679
Brazos Delaware II LLC Term B 4.103% (USD LIBOR + 4.000%) due 05/29/25 §		10,620,105		10,359,583
Lucid Energy Group II Borrower LLC 5.000% (USD LIBOR + 4.250%) due 11/22/28 §		21,250,000		21,010,938
Traverse Midstream Partners LLC Term B 5.250% (SOFR + 4.250%) due 09/27/24 § ¥		38,575,137		38,478,699
				142,846,898
Financial - 8.1%
Acrisure LLC Term B
3.724% (USD LIBOR + 3.500%) due 02/15/27 §		6,192,649		6,135,881
4.750% (USD LIBOR + 4.250%) due 02/15/27 §		10,500,000		10,513,125
Alliant Holdings Intermediate LLC
Term B 3.354% (USD LIBOR + 3.250%) due 05/10/25 §		4,498,224		4,459,989
Term B-3 4.000% (USD LIBOR + 3.500%) due 11/12/27 §		31,171,875		31,171,875

	Principal Amount		Value
Apex Group Treasury LLC Term B 4.250% (USD LIBOR + 3.750%) due 07/27/28 § ¥		$26,683,125		$26,674,800
AssuredPartners Inc Term B 3.604% - 4.000% (USD LIBOR + 3.500%) due 02/13/27 § ¥		16,895,462		16,854,332
Broadstreet Partners Inc Term B 3.750% (USD LIBOR + 3.250%) due 01/27/27 §		11,221,875		11,158,752
Deerfield Dakota Holding LLC Term B
4.750% (USD LIBOR + 3.750%) due 04/09/27 §		17,147,792		17,189,135
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 04/14/28 §		33,992,688		34,736,278
HUB International Ltd
Term B 2.875% (USD LIBOR + 2.750%) due 04/25/25 §		7,550,833		7,467,457
Term B-3 4.000% (USD LIBOR + 3.250%) due 04/25/25 §		44,904,102		44,948,557
OneDigital Borrower LLC Term B 4.750% (SOFR + 4.250%) due 11/16/27 §		19,340,156		19,340,156
USI Inc Term B 3.224% (USD LIBOR + 3.000%) due 05/16/24 §		11,794,322		11,723,061
				242,373,398
Industrial - 18.1%
Altera Services LLC 4.500% (USD LIBOR + 3.500%) due 03/06/25 §		10,447,500		10,142,778
ASP Blade Holdings Inc Term B 4.500% (USD LIBOR + 4.000%) due 10/15/28 §		6,750,000		6,759,491
ASP LS Acquisition Corp 5.250% (USD LIBOR + 4.500%) due 05/07/28 §		6,234,375		6,248,988
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 § ¥		9,227,397		9,051,089
Chariot Buyer LLC Term B 4.000% (USD LIBOR + 3.500%) due 11/03/28 §		9,250,000		9,252,886
Charter Next Generation Inc 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		28,036,440		28,141,577
Dynasty Acquisition Co Inc 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		15,417,552		15,051,385
Engineered Components & Systems LLC Term B
due 08/02/28 ± F		2,064,220		2,048,739
6.500% (USD LIBOR + 6.000%) due 08/02/28 ± §		6,935,780		6,883,761

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

41

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Engineered Machinery Holdings Inc 4.500% (USD LIBOR + 3.750%) due 05/21/28 §		$27,768,897		$27,734,186
Filtration Group Corp Term B 4.000% (USD LIBOR + 3.500%) due 10/21/28 §		15,461,250		15,465,115
Forterra Finance LLC 4.000% (USD LIBOR + 3.000%) due 10/25/23 § ¥		32,304,164		32,322,351
Graham Packaging Co Inc 3.750% (USD LIBOR + 3.000%) due 08/04/27 § ¥		26,535,497		26,496,304
KKR Apple Bidco LLC 3.500% (USD LIBOR + 3.000%) due 09/23/28 §		21,325,000		21,283,544
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 5.250% (USD LIBOR + 4.750%) due 02/09/26 §		15,755,937		15,411,276
LABL Inc Term B 5.500% (USD LIBOR + 5.000%) due 10/29/28 § ¥		38,000,000		38,011,856
LTI Holdings Inc Term B 3.604% (USD LIBOR + 3.500%) due 09/06/25 §		11,593,109		11,472,343
Mauser Packaging Solutions Holding Co Term B 3.354% (USD LIBOR + 3.250%) due 04/03/24 § ¥		31,110,765		30,749,663
Pelican Products Inc due 12/31/28 ± ¥		6,750,000		6,728,906
Pregis TopCo LLC
4.500% (USD LIBOR + 4.000%) due 08/01/26 §		2,974,116		2,979,693
Term B 4.090% (USD LIBOR + 4.000%) due 08/01/26 §		11,228,698		11,204,130
Pretium PKG Holdings Inc
4.500% (USD LIBOR + 4.000%) due 10/01/28 §		18,543,667		18,530,427
(2nd Lien) 7.250% (USD LIBOR + 6.750%) due 10/01/29 §		4,250,000		4,263,281
Pro Mach Group Inc
5.000% (USD LIBOR + 4.000%) due 08/31/28 § ¥ F		3,181,460		3,196,514
Term B 5.000% (USD LIBOR + 4.000%) due 08/31/28 § ¥		25,292,605		25,412,290
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		29,105,891		29,149,550
Quikrete Holdings Inc Term B-1 due 06/11/28 ¥		19,250,000		19,214,907
Standard Aero Ltd 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		8,289,007		8,092,143

	Principal Amount		Value
Star US Bidco LLC Term B 5.250% (USD LIBOR + 4.250%) due 03/17/27 § ¥		$29,309,314		$29,290,996
The Kenan Advantage Group Inc Term B-1 4.500% (USD LIBOR + 3.750%) due 03/24/26 §		11,143,083		11,136,118
TransDigm Inc Term G 2.354% (USD LIBOR + 2.250%) due 08/22/24 §		12,265,810		12,145,936
USIC Holdings Inc
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 05/14/29 §		9,118,000		9,209,180
Term B 4.250% (USD LIBOR + 3.500%) due 05/14/28 §		23,154,386		23,154,386
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		17,306,098		16,635,487
				542,871,276
Technology - 14.1%
Applied Systems Inc (2nd Lien) 6.250% (USD LIBOR + 5.500%) due 09/19/25 §		19,430,598		19,645,151
athenahealth Inc Term B-1 4.400% (USD LIBOR + 4.250%) due 02/11/26 §		32,222,680		32,242,820
Cornerstone OnDemand Inc Term B 4.250% (USD LIBOR + 3.750%) due 10/15/28 §		15,250,000		15,236,656
Epicor Software Corp
(2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 § ¥		38,205,088		39,227,075
Term C 4.000% (USD LIBOR + 3.250%) due 07/31/27 § ¥		26,709,435		26,725,380
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 § ¥		39,680,093		39,548,990
HS Purchaser LLC 4.750% (USD LIBOR + 4.000%) due 11/30/26 §		5,468,549		5,456,584
Peraton Corp
(2nd Lien) 8.500% (USD LIBOR + 7.750%) due 02/01/29 § ¥		14,570,631		14,807,403
Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		15,848,171		15,883,544
Project Ruby Ultimate Parent Corp Term B 4.000% (USD LIBOR + 3.250%) due 03/10/28 §		28,549,300		28,531,456
RealPage Inc (2nd Lien) 7.250% (USD LIBOR + 6.500%) due 04/22/29 §		40,207,079		41,011,221

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

42

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §		$20,133,001		$20,154,403
Sophia LP
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 10/07/28 §		18,962,000		19,507,158
Term B 3.724% (USD LIBOR + 3.500%) due 10/07/27 §		9,397,628		9,406,857
Sovos Compliance LLC Term B
due 08/12/28 f		5,013,337		5,035,270
5.000% (USD LIBOR + 4.500%) due 08/12/28 §		29,030,717		29,157,727
Tempo Acquisition LLC Term B 3.354% (USD LIBOR + 3.250%) due 10/31/26 §		19,648,115		19,700,300
UKG Inc 3.750% (USD LIBOR + 3.250%) due 05/03/26 §		18,207,724		18,139,445
(2nd Lien) 5.750% (USD LIBOR + 5.250%) due 05/03/27 §		23,500,000		23,646,875
				423,064,315
Utilities - 0.5%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		16,135,063		16,000,609
Total Senior Loan Notes (Cost $2,637,001,282)				2,645,378,551
	Shares
SHORT-TERM INVESTMENT - 10.4%
Money Market Fund - 10.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		311,150,948		311,150,948
Total Short-Term Investment (Cost $311,150,948)				311,150,948
TOTAL INVESTMENTS - 103.6% (Cost $3,104,551,593)				3,113,321,479
OTHER ASSETS & LIABILITIES, NET - (3.6%)				(108,514,616	)
NET ASSETS - 100.0%				$3,004,806,863

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

43

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$53,206,047		$53,206,047		$—		$—
	Corporate Bonds & Notes		103,585,933		—		103,585,933		—
	Senior Loan Notes		2,645,378,551		—		2,536,756,824		108,621,727
	Short-Term Investment		311,150,948		311,150,948		—		—
	Total		$3,113,321,479		$364,356,995		$2,640,342,757		$108,621,727

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

	Senior Loan Notes
Value, Beginning of Period		$165,966,179
Purchases		86,950,940
Sales (Includes Paydowns)		(108,983,094	)
Accrued Discounts (Premiums)		15,943
Net Realized Gains (Losses)		177,783
Change in Net Unrealized Appreciation (Depreciation)		(550,740	)
Transfers In		22,654,081
Transfers Out		(57,609,365	)
Value, End of Period		$108,621,727
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$396,759

The table below shows transfers within Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
	$ 22,654,081		2		3	Vendor Price (Observable inputs)	Unobservable Single Broker Quote
	57,609,365		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

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

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

44

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.2%
Basic Materials - 0.3%
Constellium SE *		10,698		$191,601
Hexion Holdings Corp ‘B’ *		11,203		324,383
				515,984
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc *		7,537		175,009
Cedar Fair LP *		3,367		168,552
				343,561
Consumer, Non-Cyclical - 0.2%
HCA Healthcare Inc		832		213,757
Industrial - 0.5%
Evoqua Water Technologies Corp *		8,466		395,786
GFL Environmental Inc (Canada)		4,657		176,267
TNT Crane & Rigging Inc		709		13,117
Xylem Inc		2,037		244,277
				829,447
Total Common Stocks (Cost $1,208,693)				1,902,749
EXCHANGE-TRADED FUNDS - 1.1%
iShares iBoxx High Yield Corporate Bond		9,364		814,762
SPDR Bloomberg High Yield Bond		9,388		1,019,255
Total Exchange-Traded Funds (Cost $1,842,412)				1,834,017
	Principal Amount
CORPORATE BONDS & NOTES - 88.0%
Basic Materials - 4.5%
Alcoa Nederland Holding BV
4.125% due 03/31/29 ~		$300,000		309,431
5.500% due 12/15/27 ~		950,000		1,017,811
EverArc Escrow SARL 5.000% due 10/30/29 ~		400,000		400,898
Hecla Mining Co 7.250% due 02/15/28		1,000,000		1,072,790
Hexion Inc 7.875% due 07/15/27 ~		400,000		422,400
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		602,895
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		502,925
Novelis Corp
3.875% due 08/15/31 ~		375,000		373,239
4.750% due 01/30/30 ~		650,000		684,437
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		725,725
SPCM SA (France) 3.375% due 03/15/30 ~		750,000		723,776

	Principal Amount		Value
TMS International Corp 6.250% due 04/15/29 ~		$475,000		$473,292
WR Grace Holdings LLC 5.625% due 08/15/29 ~		150,000		153,938
				7,463,557
Communications - 11.8%
Altice France SA (France) 5.125% due 07/15/29 ~		350,000		342,017
Arches Buyer Inc 4.250% due 06/01/28 ~		800,000		801,032
Avaya Inc 6.125% due 09/15/28 ~		700,000		743,207
CCO Holdings LLC
4.250% due 02/01/31 ~		400,000		404,330
4.250% due 01/15/34 ~		175,000		172,487
4.750% due 03/01/30 ~		2,100,000		2,187,727
5.000% due 02/01/28 ~		100,000		104,200
5.375% due 06/01/29 ~		300,000		324,255
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		25,000		26,788
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		1,025,000		1,061,900
CommScope Inc 8.250% due 03/01/27 ~		750,000		771,690
CommScope Technologies LLC 6.000% due 06/15/25 ~		484,000		484,540
CSC Holdings LLC
3.375% due 02/15/31 ~		200,000		187,574
4.625% due 12/01/30 ~		200,000		189,588
6.500% due 02/01/29 ~		2,250,000		2,412,067
Diamond Sports Group LLC 12.750% due 12/01/26 ~		570,000		297,825
Frontier Communications Holdings Corp
5.000% due 05/01/28 ~		500,000		515,905
5.875% due 10/15/27 ~		150,000		158,857
Lamar Media Corp
3.625% due 01/15/31		250,000		243,819
3.750% due 02/15/28		575,000		577,263
4.000% due 02/15/30		25,000		25,398
Level 3 Financing Inc
3.625% due 01/15/29 ~		225,000		214,099
3.750% due 07/15/29 ~		75,000		71,371
4.625% due 09/15/27 ~		850,000		868,288
LogMeIn Inc 5.500% due 09/01/27 ~		550,000		557,172
Lumen Technologies Inc
4.000% due 02/15/27 ~		500,000		507,900
4.500% due 01/15/29 ~		150,000		145,360
Nexstar Media Inc 5.625% due 07/15/27 ~		675,000		712,398
Outfront Media Capital LLC
4.250% due 01/15/29 ~		250,000		250,834
4.625% due 03/15/30 ~		50,000		49,951
5.000% due 08/15/27 ~		975,000		998,926
6.250% due 06/15/25 ~		175,000		182,178
Sirius XM Radio Inc 3.875% due 09/01/31 ~		300,000		294,668

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

45

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PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Sprint Capital Corp 8.750% due 03/15/32		$800,000		$1,201,344
T-Mobile USA Inc
2.625% due 02/15/29		50,000		49,337
2.875% due 02/15/31		25,000		24,733
3.375% due 04/15/29		200,000		204,134
3.375% due 04/15/29 ~		175,000		178,617
3.500% due 04/15/31		75,000		78,158
3.500% due 04/15/31 ~		150,000		156,317
Uber Technologies Inc
4.500% due 08/15/29 ~		550,000		561,118
6.250% due 01/15/28 ~		125,000		134,361
7.500% due 05/15/25 ~		125,000		131,519
				19,605,252
Consumer, Cyclical - 17.3%
Affinity Gaming 6.875% due 12/15/27 ~		600,000		624,852
American Airlines Inc 5.750% due 04/20/29 ~		225,000		240,920
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		91,997		91,202
Aramark Services Inc 6.375% due 05/01/25 ~		550,000		575,451
Boyd Gaming Corp
4.750% due 06/15/31 ~		225,000		229,893
8.625% due 06/01/25 ~		213,000		228,489
Caesars Entertainment Inc
4.625% due 10/15/29 ~		25,000		25,052
6.250% due 07/01/25 ~		450,000		472,905
8.125% due 07/01/27 ~		775,000		859,200
Carnival Corp 6.000% due 05/01/29 ~		125,000		124,622
Carvana Co
4.875% due 09/01/29 ~		175,000		166,941
5.500% due 04/15/27 ~		75,000		74,329
5.625% due 10/01/25 ~		700,000		700,875
5.875% due 10/01/28 ~		125,000		124,707
Cedar Fair LP
5.250% due 07/15/29		1,250,000		1,283,131
5.375% due 04/15/27		500,000		513,007
6.500% due 10/01/28		225,000		239,957
Clarios Global LP
6.250% due 05/15/26 ~		630,000		659,934
8.500% due 05/15/27 ~		250,000		265,321
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		420,000		415,275
Empire Resorts Inc 7.750% due 11/01/26 ~		200,000		201,206
Ford Motor Co
3.250% due 02/12/32		1,900,000		1,949,400
4.346% due 12/08/26		1,640,000		1,790,987
Foundation Building Materials Inc 6.000% due 03/01/29 ~		150,000		147,586
Golden Nugget Inc 6.750% due 10/15/24 ~		2,125,000		2,127,762
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		500,000		500,753
5.000% due 06/01/29 ~		350,000		359,294

	Principal Amount		Value
IRB Holding Corp 7.000% due 06/15/25 ~		$675,000		$714,815
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		1,100,000		1,123,144
LBM Acquisition LLC 6.250% due 01/15/29 ~		875,000		866,390
LGI Homes Inc 4.000% due 07/15/29 ~		775,000		773,237
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		725,000		702,456
Marriott Ownership Resorts Inc
4.500% due 06/15/29 ~		100,000		100,816
4.750% due 01/15/28		675,000		686,131
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		625,000		629,075
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		550,000		545,124
3.875% due 01/15/28 ~		100,000		101,449
4.000% due 10/15/30 ~		350,000		344,603
4.375% due 01/15/28 ~		600,000		613,029
NMG Holding Co Inc 7.125% due 04/01/26 ~		725,000		770,631
PetSmart Inc 7.750% due 02/15/29 ~		950,000		1,033,614
Scientific Games International Inc
7.000% due 05/15/28 ~		150,000		159,999
7.250% due 11/15/29 ~		350,000		390,829
8.250% due 03/15/26 ~		450,000		474,199
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		150,000		152,964
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		1,075,000		1,113,700
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		26,727
SRS Distribution Inc
4.625% due 07/01/28 ~		525,000		527,772
6.000% due 12/01/29 ~		175,000		176,149
6.125% due 07/01/29 ~		75,000		76,541
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		345,347
Viking Cruises Ltd
6.250% due 05/15/25 ~		525,000		520,296
7.000% due 02/15/29 ~		100,000		100,430
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		50,008
				28,799,901
Consumer, Non-Cyclical - 19.4%
Ahern Rentals Inc 7.375% due 05/15/23 ~		1,591,000		1,521,394
Albertsons Cos Inc
3.500% due 03/15/29 ~		50,000		50,184
4.625% due 01/15/27 ~		50,000		52,528
5.875% due 02/15/28 ~		1,700,000		1,804,346
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,300,000		2,460,057

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

46

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
APi Escrow Corp 4.750% due 10/15/29 ~		$625,000		$638,456
Avantor Funding Inc
3.875% due 11/01/29 ~		50,000		50,617
4.625% due 07/15/28 ~		625,000		652,603
Bausch Health Americas Inc 8.500% due 01/31/27 ~		1,250,000		1,314,306
Bausch Health Cos Inc
4.875% due 06/01/28 ~		275,000		280,998
5.000% due 01/30/28 ~		125,000		115,197
5.000% due 02/15/29 ~		75,000		66,305
5.250% due 02/15/31 ~		25,000		22,007
6.125% due 04/15/25 ~		225,000		229,463
6.250% due 02/15/29 ~		825,000		785,301
Central Garden & Pet Co 4.125% due 04/30/31 ~		700,000		704,533
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		101,144
4.000% due 03/15/31 ~		100,000		102,605
4.250% due 05/01/28 ~		800,000		833,148
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		181,867
5.625% due 03/15/27 ~		75,000		79,466
6.125% due 04/01/30 ~		1,025,000		1,015,606
6.625% due 02/15/25 ~		925,000		958,425
6.875% due 04/15/29 ~		25,000		25,507
CoreLogic Inc 4.500% due 05/01/28 ~		775,000		773,229
DaVita Inc 3.750% due 02/15/31 ~		700,000		683,298
Garda World Security Corp (Canada)
6.000% due 06/01/29 ~		150,000		143,461
9.500% due 11/01/27 ~		497,000		536,561
HCA Inc
5.625% due 09/01/28		100,000		117,017
5.875% due 02/01/29		2,425,000		2,893,413
JBS USA LUX SA 5.500% due 01/15/30 ~		650,000		707,967
Kraft Heinz Foods Co
4.375% due 06/01/46		1,350,000		1,584,292
5.200% due 07/15/45		400,000		509,771
Lamb Weston Holdings Inc
4.125% due 01/31/30 ~		150,000		154,188
4.375% due 01/31/32 ~		350,000		361,527
Legacy LifePoint Health LLC
4.375% due 02/15/27 ~		100,000		100,857
6.750% due 04/15/25 ~		50,000		52,176
LifePoint Health Inc 5.375% due 01/15/29 ~		100,000		99,644
Mozart Debt Merger Sub Inc
3.875% due 04/01/29 ~		225,000		224,656
5.250% due 10/01/29 ~		25,000		25,393
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		125,000		126,908
5.750% due 11/01/28 ~		750,000		714,386
Option Care Health Inc 4.375% due 10/31/29 ~		650,000		652,620
PECF USS Intermediate Holding III Corp 8.000% due 11/15/29 ~		450,000		466,668

	Principal Amount		Value
Performance Food Group Inc 4.250% due 08/01/29 ~		$350,000		$347,788
Pilgrim’s Pride Corp
4.250% due 04/15/31 ~		350,000		368,041
5.875% due 09/30/27 ~		550,000		581,344
Post Holdings Inc
4.625% due 04/15/30 ~		750,000		765,232
5.500% due 12/15/29 ~		50,000		52,614
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		555,437
Select Medical Corp 6.250% due 08/15/26 ~		950,000		1,007,494
Tenet Healthcare Corp
4.250% due 06/01/29 ~		350,000		356,045
4.375% due 01/15/30 ~		225,000		228,341
4.625% due 06/15/28 ~		75,000		77,171
4.875% due 01/01/26 ~		180,000		185,160
6.125% due 10/01/28 ~		225,000		238,107
6.250% due 02/01/27 ~		1,100,000		1,139,991
7.500% due 04/01/25 ~		25,000		26,341
The Hertz Corp 5.000% due 12/01/29 ~		650,000		651,729
US Foods Inc 4.625% due 06/01/30 ~		700,000		708,960
				32,263,890
Energy - 13.6%
Antero Midstream Partners LP
5.375% due 06/15/29 ~		150,000		158,505
5.750% due 03/01/27 ~		800,000		829,800
Antero Resources Corp
5.375% due 03/01/30 ~		675,000		722,712
7.625% due 02/01/29 ~		250,000		277,896
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		104,414
6.875% due 04/01/27 ~		475,000		499,225
Buckeye Partners LP
4.125% due 03/01/25 ~		25,000		25,844
4.500% due 03/01/28 ~		525,000		529,733
Cheniere Energy Partners LP
3.250% due 01/31/32 ~		625,000		632,500
4.000% due 03/01/31		425,000		446,414
Chesapeake Energy Corp 5.875% due 02/01/29 ~		50,000		53,557
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		525,000		541,496
Comstock Resources Inc 5.875% due 01/15/30 ~		775,000		795,658
CQP Holdco LP 5.500% due 06/15/31 ~		700,000		731,724
DT Midstream Inc
4.125% due 06/15/29 ~		150,000		153,812
4.375% due 06/15/31 ~		150,000		156,231
Endeavor Energy Resources LP
5.750% due 01/30/28 ~		975,000		1,040,812
6.625% due 07/15/25 ~		50,000		52,961
EnLink Midstream LLC 5.625% due 01/15/28 ~		50,000		52,073

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

47

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
EnLink Midstream Partners LP 4.150% due 06/01/25		$100,000		$103,750
Enterprise Products Operating LLC 5.375% due 02/15/78		600,000		602,553
EQM Midstream Partners LP
4.750% due 01/15/31 ~		300,000		317,726
5.500% due 07/15/28		175,000		191,436
6.000% due 07/01/25 ~		75,000		81,647
6.500% due 07/01/27 ~		250,000		280,315
Genesis Energy LP
7.750% due 02/01/28		700,000		706,240
8.000% due 01/15/27		150,000		154,752
ITT Holdings LLC 6.500% due 08/01/29 ~		525,000		520,611
MPLX LP 6.875% due 02/15/23		650,000		654,875
New Fortress Energy Inc 6.500% due 09/30/26 ~		500,000		496,810
Occidental Petroleum Corp
5.500% due 12/01/25		75,000		83,278
5.875% due 09/01/25		475,000		524,284
6.125% due 01/01/31		575,000		699,591
6.625% due 09/01/30		300,000		371,754
8.000% due 07/15/25		100,000		116,850
8.500% due 07/15/27		150,000		187,275
8.875% due 07/15/30		800,000		1,080,304
Range Resources Corp
8.250% due 01/15/29		350,000		390,861
9.250% due 02/01/26		500,000		539,531
SM Energy Co 6.500% due 07/15/28		700,000		725,494
Southwestern Energy Co 4.750% due 02/01/32		650,000		685,776
Sunoco LP
4.500% due 05/15/29		670,000		681,537
4.500% due 04/30/30 ~		125,000		128,304
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		650,000		650,995
6.000% due 09/01/31 ~		300,000		297,291
Targa Resources Partners LP
4.000% due 01/15/32 ~		75,000		78,505
4.875% due 02/01/31		950,000		1,033,296
5.375% due 02/01/27		50,000		51,589
5.875% due 04/15/26		425,000		444,010
6.500% due 07/15/27		50,000		53,654
USA Compression Partners LP 6.875% due 09/01/27		775,000		819,407
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		125,000		129,896
3.875% due 11/01/33 ~		125,000		131,515
4.125% due 08/15/31 ~		125,000		132,716
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		575,000		624,884
				22,578,679
Financial - 4.4%
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		75,938

	Principal Amount		Value
4.875% due 09/15/29 ~		$925,000		$958,855
5.000% due 07/15/28 ~		75,000		77,175
5.250% due 03/15/28 ~		100,000		104,172
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		125,000		128,179
OneMain Finance Corp
3.875% due 09/15/28		425,000		417,144
4.000% due 09/15/30		150,000		147,758
5.375% due 11/15/29		225,000		244,969
6.875% due 03/15/25		25,000		27,844
7.125% due 03/15/26		1,950,000		2,225,876
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		700,000		716,814
The Howard Hughes Corp
4.375% due 02/01/31 ~		75,000		75,861
5.375% due 08/01/28 ~		1,125,000		1,199,767
VICI Properties LP REIT
4.250% due 12/01/26 ~		200,000		208,557
4.625% due 12/01/29 ~		600,000		639,570
				7,248,479
Industrial - 13.5%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		700,000		721,728
Artera Services LLC 9.033% due 12/04/25 ~		675,000		714,859
Brand Industrial Services Inc 8.500% due 07/15/25 ~		525,000		525,097
BWX Technologies Inc 4.125% due 04/15/29 ~		850,000		861,845
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		700,000		713,573
First Student Bidco Inc 4.000% due 07/31/29 ~		1,125,000		1,095,204
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		225,000		221,991
4.000% due 08/01/28 ~		75,000		73,627
4.375% due 08/15/29 ~		50,000		49,607
4.750% due 06/15/29 ~		75,000		75,771
5.125% due 12/15/26 ~		225,000		234,276
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		870,800
Hillenbrand Inc 3.750% due 03/01/31		650,000		652,558
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		175,000		183,953
LABL Inc
5.875% due 11/01/28 ~		525,000		542,063
8.250% due 11/01/29 ~		200,000		201,485
Madison IAQ LLC
4.125% due 06/30/28 ~		75,000		75,298
5.875% due 06/30/29 ~		1,175,000		1,176,797
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		1,200,000		1,204,380
OT Merger Corp 7.875% due 10/15/29 ~		700,000		689,609

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

48

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Sensata Technologies BV
4.000% due 04/15/29 ~		$150,000		$153,447
5.625% due 11/01/24 ~		1,175,000		1,294,756
Sensata Technologies Inc
3.750% due 02/15/31 ~		75,000		74,841
4.375% due 02/15/30 ~		1,150,000		1,209,150
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		72,375
4.375% due 07/15/30 ~		175,000		178,899
4.750% due 01/15/28 ~		1,600,000		1,654,904
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,210,000		1,229,408
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		670,416
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		525,000		552,578
TransDigm Inc
4.875% due 05/01/29		575,000		578,338
6.250% due 03/15/26 ~		700,000		728,448
8.000% due 12/15/25 ~		225,000		237,653
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,525,000		1,595,295
TriMas Corp 4.125% due 04/15/29 ~		675,000		677,686
Vertiv Group Corp 4.125% due 11/15/28 ~		675,000		682,908
				22,475,623
Technology - 1.7%
Entegris Inc
3.625% due 05/01/29 ~		150,000		150,590
4.375% due 04/15/28 ~		525,000		541,482
MSCI Inc 3.250% due 08/15/33 ~		300,000		303,842
Open Text Corp (Canada) 3.875% due 12/01/29 ~		200,000		202,832
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		400,000		404,622
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		375,000		357,557
Tempo Acquisition LLC 5.750% due 06/01/25 ~		125,000		129,814
The Dun & Bradstreet Corp 5.000% due 12/15/29 ~		25,000		25,619
Twilio Inc 3.625% due 03/15/29		150,000		151,558
3.875% due 03/15/31		450,000		455,011
				2,722,927
Utilities - 1.8%
Calpine Corp 5.125% due 03/15/28 ~		700,000		711,746
NRG Energy Inc
3.625% due 02/15/31 ~		200,000		195,342
5.250% due 06/15/29 ~		300,000		321,840
Pike Corp 5.500% due 09/01/28 ~		625,000		627,313
Talen Energy Supply LLC 6.500% due 06/01/25		500,000		199,480

	Principal Amount		Value
7.250% due 05/15/27 ~		$100,000		$88,600
7.625% due 06/01/28 ~		100,000		89,152
Vistra Operations Co LLC
4.375% due 05/01/29 ~		75,000		75,273
5.000% due 07/31/27 ~		375,000		389,647
5.500% due 09/01/26 ~		200,000		206,797
5.625% due 02/15/27 ~		100,000		103,126
				3,008,316
Total Corporate Bonds & Notes (Cost $141,229,655)				146,166,624
SENIOR LOAN NOTES - 2.6%
Consumer, Cyclical - 1.2%
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 §		1,496,250		1,492,135
Tacala Investment Corp Term B (2nd Lien) 8.250% (USD LIBOR + 7.500%) due 02/05/28 §		250,000		250,000
				1,994,323
Energy - 0.3%
Traverse Midstream Partners LLC Term B 5.250% (SOFR + 4.250%) due 09/27/24 §		459,996		458,846
Industrial - 0.6%
Dynasty Acquisition Co Inc 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		635,717		620,618
Standard Aero Ltd 3.724% (USD LIBOR + 3.500%) due 04/08/26 §		341,783		333,666
				954,284
Technology - 0.5%
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		371,119		287,107
The Dun & Bradstreet Corp Term B 3.352% (USD LIBOR + 3.250%) due 02/08/26 §		589,545		587,998
				875,105
Total Senior Loan Notes (Cost $4,237,914)				4,282,558
ASSET-BACKED SECURITIES - 3.4%
Benefit Street Partners CLO Ltd (Cayman)
6.082% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		238,988
6.822% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		249,827

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

49

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Dryden CLO Fund (Cayman) 7.324% (USD LIBOR + 7.200%) due 04/15/31 ~ §		$250,000		$233,282
Magnetite XXII Ltd (Cayman) 6.474% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		498,229
Magnetite XXIX Ltd (Cayman) 5.874% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		1,033,421
Magnetite XXXI Ltd (Cayman) 6.109% (USD LIBOR + 6.000%) due 07/15/34 ~ §		500,000		496,631
Neuberger Berman CLO XXIII Ltd (Cayman) 5.872% (USD LIBOR + 5.750%) due 10/17/27 ~ §		300,000		300,777
Neuberger Berman Loan Advisers CLO Ltd (Cayman)
6.332% (USD LIBOR + 6.200%) due 01/20/31 ~ §		750,000		737,187
6.632% (USD LIBOR + 6.500%) due 04/20/31 ~ §		500,000		500,010
OCP CLO Ltd (Cayman) 5.072% (USD LIBOR + 4.950%) due 10/18/28 ~ §		500,000		500,772
OHA Credit Partners VII Ltd (Cayman) 6.410% (USD LIBOR + 6.250%) due 02/20/34 ~ §		250,000		247,913
Rad CLO 2 Ltd (Cayman)
6.124% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		397,735
7.574% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		247,812
Total Asset-Backed Securities (Cost $5,701,252)				5,682,584
	Shares
SHORT-TERM INVESTMENT - 2.3%
Money Market Fund - 2.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		3,872,214		3,872,214
Total Short-Term Investment (Cost $3,872,214)				3,872,214
TOTAL INVESTMENTS - 98.6% (Cost $158,092,140)				163,740,746
OTHER ASSETS & LIABILITIES, NET - 1.4%				2,370,509
NET ASSETS - 100.0%				$166,111,255

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

50

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$515,984		$515,984		$—		$—
	Consumer, Cyclical		343,561		343,561		—		—
	Consumer, Non-Cyclical		213,757		213,757		—		—
	Industrial		829,447		816,330		13,117		—
	Total Common Stocks		1,902,749		1,889,632		13,117		—
	Exchange-Traded Funds		1,834,017		1,834,017		—		—
	Corporate Bonds & Notes		146,166,624		—		146,166,624		—
	Senior Loan Notes		4,282,558		—		4,282,558		—
	Asset-Backed Securities		5,682,584		—		5,682,584		—
	Short-Term Investment		3,872,214		3,872,214		—		—
	Total		$163,740,746		$7,595,863		$156,144,883		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

51

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Basic Materials - 4.0%
Arconic Corp *		144,834		$4,780,970
Axalta Coating Systems Ltd *		118,940		3,939,293
Celanese Corp		20,527		3,449,768
Kaiser Aluminum Corp		17,582		1,651,653
				13,821,684
Communications - 2.4%
Calix Inc *		74,247		5,937,533
Revolve Group Inc *		44,405		2,488,456
				8,425,989
Consumer, Cyclical - 17.9%
American Eagle Outfitters Inc		152,665		3,865,478
Avient Corp		61,695		3,451,835
Bed Bath & Beyond Inc *		112,784		1,644,391
BJ’s Restaurants Inc *		62,251		2,150,772
BJ’s Wholesale Club Holdings Inc *		68,558		4,591,329
Bloomin’ Brands Inc *		114,033		2,392,412
Dana Inc		118,282		2,699,195
Darden Restaurants Inc		18,303		2,757,164
Deckers Outdoor Corp *		10,319		3,779,953
Guess? Inc		100,505		2,379,958
Hilton Grand Vacations Inc *		62,193		3,240,877
JetBlue Airways Corp *		202,095		2,877,833
KB Home		66,351		2,967,880
Kohl’s Corp		81,579		4,029,187
Lithia Motors Inc		13,065		3,879,652
Penn National Gaming Inc *		36,380		1,886,303
RH *		5,704		3,057,002
SeaWorld Entertainment Inc *		49,987		3,242,157
SkyWest Inc *		39,844		1,565,869
Steven Madden Ltd		63,394		2,945,919
UniFirst Corp		14,164		2,980,106
				62,385,272
Consumer, Non-Cyclical - 20.1%
AdaptHealth Corp *		128,333		3,139,025
Amedisys Inc *		12,778		2,068,503
Amicus Therapeutics Inc *		194,001		2,240,712
Avantor Inc *		91,099		3,838,912
Charles River Laboratories International Inc *		11,413		4,300,190
Deluxe Corp		100,194		3,217,229
Exact Sciences Corp *		32,311		2,514,765
Heron Therapeutics Inc *		255,304		2,330,925
Horizon Therapeutics PLC *		72,577		7,820,897
Iovance Biotherapeutics Inc *		129,593		2,473,930
Jazz Pharmaceuticals PLC *		28,462		3,626,059
Merit Medical Systems Inc *		47,766		2,975,822
Neurocrine Biosciences Inc *		31,390		2,673,486
Novavax Inc *		9,431		1,349,293
NuVasive Inc *		46,293		2,429,457
Performance Food Group Co *		77,872		3,573,546
Progyny Inc *		46,785		2,355,625
Protagonist Therapeutics Inc *		88,789		3,036,584
Quanta Services Inc		51,064		5,854,998
Spectrum Brands Holdings Inc		39,968		4,065,545

	Shares		Value
Syneos Health Inc *		40,838		$4,193,246
				70,078,749
Energy - 4.6%
Civitas Resources Inc		89,325		4,374,245
Diamondback Energy Inc		44,451		4,794,040
Earthstone Energy Inc ‘A’ *		60,530		662,198
HollyFrontier Corp		47,598		1,560,263
Pioneer Natural Resources Co		18,041		3,281,297
Sunnova Energy International Inc *		51,881		1,448,518
				16,120,561
Financial - 20.8%
Brixmor Property Group Inc REIT		233,131		5,923,859
DiamondRock Hospitality Co REIT *		354,992		3,411,473
Everest Re Group Ltd		12,037		3,297,175
First Horizon Corp		279,031		4,556,576
First Industrial Realty Trust Inc REIT		78,255		5,180,481
Hancock Whitney Corp		114,568		5,730,691
Host Hotels & Resorts Inc REIT *		201,633		3,506,398
Lamar Advertising Co ‘A’ REIT		37,704		4,573,495
Mid-America Apartment Communities Inc REIT		25,569		5,866,551
Pinnacle Financial Partners Inc		56,736		5,418,288
Radian Group Inc		169,905		3,590,093
Stifel Financial Corp		60,898		4,288,437
United Community Banks Inc		131,222		4,716,119
Western Alliance Bancorp		61,318		6,600,883
Wintrust Financial Corp		63,234		5,742,912
				72,403,431
Industrial - 12.6%
Atkore Inc *		51,534		5,730,065
CIRCOR International Inc *		65,481		1,779,774
EnPro Industries Inc		29,250		3,219,547
Evoqua Water Technologies Corp *		96,588		4,515,489
Generac Holdings Inc *		14,502		5,103,544
GrafTech International Ltd		354,321		4,191,617
Graphic Packaging Holding Co		119,088		2,322,216
Hillenbrand Inc		100,425		5,221,096
II-VI Inc *		53,920		3,684,354
Jacobs Engineering Group Inc		27,115		3,775,221
Knight-Swift Transportation Holdings Inc		17,138		1,044,390
The Timken Co		49,830		3,452,721
				44,040,034
Technology - 15.3%
Avaya Holdings Corp *		151,130		2,992,374
Box Inc ‘A’ *		142,723		3,737,915
Cohu Inc *		96,277		3,667,191
CommVault Systems Inc *		39,092		2,694,221
Digital Turbine Inc *		66,907		4,080,658
DigitalOcean Holdings Inc *		32,316		2,595,944
Elastic NV *		32,590		4,011,503
Marvell Technology Inc		44,909		3,929,088
MKS Instruments Inc		16,459		2,866,664
ON Semiconductor Corp *		59,297		4,027,452
Sailpoint Technologies Holdings Inc *		55,296		2,673,009
Silicon Laboratories Inc *		24,476		5,052,336
Sprout Social Inc ‘A’ *		38,979		3,535,006
Ziff Davis Inc *		33,135		3,673,346

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

52

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
ZoomInfo Technologies Inc ‘A’ *		61,684		$3,960,113
				53,496,820
Utilities - 1.1%
Portland General Electric Co		74,388		3,936,613
Total Common Stocks (Cost $243,635,150)				344,709,153
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		4,338,316		4,338,316
Total Short-Term Investment (Cost $4,338,316)				4,338,316
TOTAL INVESTMENTS - 100.0% (Cost $247,973,466)				349,047,469
OTHER ASSETS & LIABILITIES, NET - 0.0%				30,687
NET ASSETS - 100.0%				$349,078,156

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$344,709,153		$344,709,153		$—		$—
	Short-Term Investment		4,338,316		4,338,316		—		—
	Total		$349,047,469		$349,047,469		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

53

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 3.2%
AdvanSix Inc		7,599		$359,053
Arconic Corp *		8,886		293,327
Kaiser Aluminum Corp		2,527		237,386
				889,766
Communications - 3.6%
Calix Inc *		6,550		523,803
Revolve Group Inc *		4,240		237,610
Viavi Solutions Inc *		14,160		249,499
				1,010,912
Consumer, Cyclical - 17.3%
American Eagle Outfitters Inc		12,496		316,399
Avient Corp		6,463		361,605
Bally’s Corp *		6,525		248,341
Bed Bath & Beyond Inc *		10,339		150,743
Big Lots Inc		5,388		242,729
BJ’s Restaurants Inc *		5,613		193,929
BJ’s Wholesale Club Holdings Inc *		5,095		341,212
Bloomin’ Brands Inc *		10,754		225,619
Dana Inc		9,106		207,799
Dave & Buster’s Entertainment Inc *		6,583		252,787
Deckers Outdoor Corp *		522		191,214
Guess? Inc		11,243		266,234
Hilton Grand Vacations Inc *		6,025		313,963
KB Home		6,528		291,997
Kohl’s Corp		4,843		239,196
Lithia Motors Inc		700		207,865
SeaWorld Entertainment Inc *		4,989		323,587
SkyWest Inc *		4,323		169,894
Steven Madden Ltd		5,939		275,985
				4,821,098
Consumer, Non-Cyclical - 22.1%
Acadia Healthcare Co Inc *		2,666		161,826
AdaptHealth Corp *		11,004		269,158
Addus HomeCare Corp *		2,718		254,160
Alphatec Holdings Inc *		19,530		223,228
Amicus Therapeutics Inc *		21,807		251,871
Arena Pharmaceuticals Inc *		3,457		321,294
AtriCure Inc *		4,342		301,899
Deluxe Corp		10,789		346,435
Halozyme Therapeutics Inc *		7,380		296,750
Harmony Biosciences Holdings Inc *		9,032		385,124
Herc Holdings Inc		2,119		331,729
Heron Therapeutics Inc *		20,755		189,493
Iovance Biotherapeutics Inc *		7,923		151,250
LivaNova PLC *		2,854		249,525
Medpace Holdings Inc *		1,624		353,447
Novavax Inc *		624		89,276
NuVasive Inc *		4,023		211,127
Performance Food Group Co *		6,200		284,518
PetIQ Inc *		6,610		150,113
Phathom Pharmaceuticals Inc *		9,135		179,685
Progyny Inc *		5,434		273,602
Protagonist Therapeutics Inc *		6,593		225,481
Revance Therapeutics Inc *		9,251		150,976

	Shares		Value
Spectrum Brands Holdings Inc		3,584		$364,565
WW International Inc *		8,582		138,428
				6,154,960
Energy - 4.5%
Brigham Minerals Inc ‘A’		16,593		349,947
Civitas Resources Inc		6,422		314,485
Magnolia Oil & Gas Corp ‘A’		24,036		453,559
Sunnova Energy International Inc *		4,967		138,679
				1,256,670
Financial - 20.1%
Argo Group International Holdings Ltd		4,718		274,163
ConnectOne Bancorp Inc		11,943		390,656
DiamondRock Hospitality Co REIT *		31,467		302,398
Enterprise Financial Services Corp		6,004		282,728
First Industrial Realty Trust Inc REIT		4,095		271,089
Hancock Whitney Corp		7,742		387,255
Home BancShares Inc		11,605		282,582
NexPoint Residential Trust Inc REIT		4,993		418,563
Origin Bancorp Inc		3,642		156,315
Pinnacle Financial Partners Inc		3,076		293,758
Plymouth Industrial Inc REIT		7,344		235,008
Radian Group Inc		13,496		285,170
Sandy Spring Bancorp Inc		6,984		335,791
Seacoast Banking Corp of Florida		9,042		319,996
SITE Centers Corp REIT		22,595		357,679
Stifel Financial Corp		4,044		284,778
United Community Banks Inc		9,422		338,627
Veritex Holdings Inc		9,368		372,659
				5,589,215
Industrial - 13.4%
Atkore Inc *		3,715		413,071
CIRCOR International Inc *		7,503		203,932
EnPro Industries Inc		2,865		315,351
Evoqua Water Technologies Corp *		7,502		350,718
GrafTech International Ltd		22,201		262,638
Hillenbrand Inc		8,992		467,494
II-VI Inc *		4,422		302,155
Infrastructure and Energy Alternatives Inc *		17,951		165,149
Masonite International Corp *		1,884		222,218
MYR Group Inc *		2,715		300,143
Saia Inc *		1,489		501,838
The Timken Co		2,980		206,484
				3,711,191
Technology - 13.1%
Avaya Holdings Corp *		14,076		278,705
Box Inc ‘A’ *		13,693		358,620
Cirrus Logic Inc *		1,492		137,294
Cohu Inc *		7,523		286,551
CommVault Systems Inc *		3,787		261,000
Digital Turbine Inc *		4,780		291,532
DigitalOcean Holdings Inc *		2,613		209,902
Everbridge Inc *		1,990		133,987
Sailpoint Technologies Holdings Inc *		5,790		279,889
Silicon Laboratories Inc *		1,779		367,221
SiTime Corp *		255		74,598
Sprout Social Inc ‘A’ *		2,606		236,338
Ultra Clean Holdings Inc *		6,387		366,358

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

54

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Ziff Davis Inc *		3,172		$351,648
				3,633,643
Utilities - 1.0%
Portland General Electric Co		5,129		271,427
Total Common Stocks (Cost $22,640,145)				27,338,882
SHORT-TERM INVESTMENT - 1.7%
Money Market Fund - 1.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		468,229		468,229
Total Short-Term Investment (Cost $468,229)				468,229
TOTAL INVESTMENTS - 100.0% (Cost $23,108,374)				27,807,111
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(4,003	)
NET ASSETS - 100.0%				$27,803,108

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$27,338,882		$27,338,882		$—		$—
	Short-Term Investment		468,229		468,229		—		—
	Total		$27,807,111		$27,807,111		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

55

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.7%
Basic Materials - 4.4%
AdvanSix Inc		6,625		$313,031
Alcoa Corp		4,596		273,830
Arconic Corp *		9,955		328,614
				915,475
Communications - 1.7%
Viavi Solutions Inc *		8,805		155,144
Vonage Holdings Corp *		9,233		191,954
				347,098
Consumer, Cyclical - 11.7%
American Eagle Outfitters Inc		8,047		203,750
Avient Corp		4,843		270,966
Bed Bath & Beyond Inc *		5,627		82,042
Big Lots Inc		3,545		159,702
BJ’s Restaurants Inc *		3,836		132,534
Bloomin’ Brands Inc *		6,953		145,874
Dana Inc		9,047		206,452
Dave & Buster’s Entertainment Inc *		2,897		111,245
Guess? Inc		10,503		248,711
Hilton Grand Vacations Inc *		3,196		166,544
KB Home		4,465		199,719
SkyWest Inc *		4,288		168,518
Steven Madden Ltd		3,972		184,579
UniFirst Corp		657		138,233
				2,418,869
Consumer, Non-Cyclical - 14.8%
Acadia Healthcare Co Inc *		1,980		120,186
AdaptHealth Corp *		8,416		205,855
Arena Pharmaceuticals Inc *		881		81,880
Deluxe Corp		6,219		199,692
Halozyme Therapeutics Inc *		4,055		163,051
Harmony Biosciences Holdings Inc *		4,912		209,448
Herc Holdings Inc		1,500		234,825
Hostess Brands Inc *		15,729		321,186
LivaNova PLC *		1,727		150,992
Performance Food Group Co *		4,081		187,277
PetIQ Inc *		3,578		81,256
PROG Holdings Inc *		4,096		184,771
Protagonist Therapeutics Inc *		3,424		117,101
Revance Therapeutics Inc *		4,537		74,044
SeaSpine Holdings Corp *		10,127		137,930
SP Plus Corp *		1,854		52,320
Spectrum Brands Holdings Inc		2,636		268,134
Textainer Group Holdings Ltd (China)		7,820		279,252
				3,069,200
Energy - 6.4%
Brigham Minerals Inc ‘A’		18,729		394,995
Civitas Resources Inc		7,008		343,182
Earthstone Energy Inc ‘A’ *		5,448		59,601
Magnolia Oil & Gas Corp ‘A’		22,757		429,425
Sunnova Energy International Inc *		3,706		103,471
				1,330,674

	Shares		Value
Financial - 34.1%
Argo Group International Holdings Ltd		4,844		$281,485
Blucora Inc *		10,309		178,552
Brixmor Property Group Inc REIT		11,719		297,780
ConnectOne Bancorp Inc		11,294		369,427
DiamondRock Hospitality Co REIT *		25,056		240,788
Enterprise Financial Services Corp		4,511		212,423
First Bancorp		4,045		184,937
First Industrial Realty Trust Inc REIT		3,841		254,274
Hancock Whitney Corp		6,882		344,238
Healthcare Realty Trust Inc REIT		6,634		209,900
Home BancShares Inc		5,922		144,201
Horizon Bancorp Inc		11,597		241,797
National Storage Affiliates Trust REIT		3,729		258,047
NexPoint Residential Trust Inc REIT		3,888		325,931
Old Second Bancorp Inc		11,752		147,958
Origin Bancorp Inc		3,903		167,517
Piedmont Office Realty Trust Inc ‘A’ REIT		10,466		192,365
Pinnacle Financial Partners Inc		3,328		317,824
Plymouth Industrial REIT Inc		5,427		173,664
QCR Holdings Inc		4,975		278,600
Radian Group Inc		10,858		229,429
Sandy Spring Bancorp Inc		6,114		293,961
Seacoast Banking Corp of Florida		6,083		215,277
Selective Insurance Group Inc		2,299		188,380
SITE Centers Corp REIT		19,419		307,403
Stifel Financial Corp		3,187		224,428
United Community Banks Inc		9,148		328,779
Veritex Holdings Inc		7,105		282,637
WSFS Financial Corp		3,466		173,716
				7,065,718
Industrial - 15.4%
Atkore Inc *		2,842		316,002
CIRCOR International Inc *		5,740		156,013
Crane Co		2,032		206,715
EnPro Industries Inc		2,758		303,573
Evoqua Water Technologies Corp *		4,020		187,935
GrafTech International Ltd		22,315		263,986
Hillenbrand Inc		6,823		354,728
II-VI Inc *		2,602		177,795
Infrastructure and Energy Alternatives Inc *		20,023		184,212
Masonite International Corp *		1,477		174,212
MYR Group Inc *		2,758		304,897
The Timken Co		2,822		195,536
UFP Industries Inc		1,666		153,289
UFP Technologies Inc *		2,914		204,738
				3,183,631
Technology - 4.1%
Avaya Holdings Corp *		7,471		147,926
Cohu Inc *		5,655		215,399
Synaptics Inc *		1,005		290,957
Ultra Clean Holdings Inc *		3,471		199,097
				853,379

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

56

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Utilities - 2.1%
Portland General Electric Co		8,161		$431,880
Total Common Stocks (Cost $14,356,875)				19,615,924
EXCHANGE-TRADED FUND - 2.5%
iShares Russell 2000 Value		3,181		528,205
Total Exchange-Traded Fund (Cost $508,405)				528,205
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund - 2.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		563,630		563,630
Total Short-Term Investment (Cost $563,630)				563,630
TOTAL INVESTMENTS - 99.9% (Cost $15,428,910)				20,707,759
OTHER ASSETS & LIABILITIES, NET - 0.1%				16,388
NET ASSETS - 100.0%				$20,724,147

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,615,924		$19,615,924		$—		$—
	Exchange-Traded Fund		528,205		528,205		—		—
	Short-Term Investment		563,630		563,630		—		—
	Total		$20,707,759		$20,707,759		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

57

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PF INFLATION MANAGED FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 1.0%
Financial - 0.4%
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		$100,000		$104,843
Bank of America Corp 5.875% due 03/15/28		10,000		11,137
				115,980
Industrial - 0.6%
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		202,085
Total Corporate Bonds & Notes (Cost $312,865)				318,065
MORTGAGE-BACKED SECURITIES - 3.6%
Collateralized Mortgage Obligations - Residential - 2.4%
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.462% (USD LIBOR + 0.360%) due 03/25/35 ~ §		61,285		63,497
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,428		8,858
Credit Suisse Mortgage Trust 0.252% (USD LIBOR + 0.150%) due 09/29/36 ~ §		133,109		130,977
Fannie Mae REMICS
0.452% (USD LIBOR + 0.350%) due 07/25/37 §		12,327		12,410
0.482% (USD LIBOR + 0.380%) due 07/25/37 §		17,214		17,389
0.542% (USD LIBOR + 0.440%) due 05/25/36 §		9,586		9,684
0.547% (USD LIBOR + 0.445%) due 02/25/37 §		2,926		2,958
Government National Mortgage Association 0.382% (USD LIBOR + 0.150%) due 08/20/68 §		59,035		58,130
GSR Mortgage Loan Trust 2.851% due 09/25/35 §		5,221		5,345
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 178,721		242,605
JP Morgan Mortgage Trust 2.628% due 06/25/35 §		$10,360		10,752
Merrill Lynch Mortgage Investors Trust 2.031% due 12/25/34 §		21,628		22,075
Towd Point Mortgage Funding PLC (United Kingdom) 1.236% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		GBP 141,164		192,492
WaMu Mortgage Pass-Through Certificates Trust 0.842% (USD LIBOR + 0.740%) due 01/25/45 §		$22,295		22,336
				799,508

	Principal Amount		Value
Fannie Mae - 1.2%
due 03/01/52 #		$370,000		$388,438
Total Mortgage-Backed Securities (Cost $1,149,141)				1,187,946
ASSET-BACKED SECURITIES - 1.7%
Asset Backed Funding Corp Trust 0.702% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,685
Freddie Mac Structured Pass-Through Certificates 0.383% (USD LIBOR + 0.280%) due 09/25/31 §		551		547
Home Equity Asset Trust 0.957% (USD LIBOR + 0.855%) due 08/25/34 §		13,581		13,517
LoanCore Issuer Ltd (Cayman) 1.240% (USD LIBOR + 1.130%) due 05/15/36 ~ §		37,661		37,675
OZLM Ltd (Cayman) 1.294% (USD LIBOR + 1.160%) due 07/20/32 ~ §		100,000		100,063
Saxon Asset Securities Trust 0.412% (USD LIBOR + 0.310%) due 09/25/37 §		15,659		15,451
THL Credit Wind River CLO Ltd (Cayman) 1.204% (USD LIBOR + 1.080%) due 04/15/31 ~ §		100,000		99,821
TICP CLO Ltd (Cayman) 0.972% (USD LIBOR + 0.840%) due 04/20/28 ~ §		265,082		265,275
Total Asset-Backed Securities (Cost $553,377)				554,034
U.S. TREASURY OBLIGATIONS - 103.3%
U.S. Treasury Inflation Protected Securities - 103.3%
0.125% due 04/15/22 ^		181,970		184,633
0.125% due 07/15/22 ^		264,605		271,147
0.125% due 01/15/23 ^		732,149		756,195
0.125% due 07/15/26 ^		230,778		250,654
0.125% due 01/15/30 ^		1,515,806		1,683,640
0.375% due 07/15/25 ^		122,466		133,053
0.375% due 07/15/27 ^		1,876,962		2,083,418
0.500% due 04/15/24 ^		3,070,676		3,273,823
0.500% due 01/15/28 ^		1,827,735		2,046,190
0.625% due 04/15/23 ^		1,158,061		1,210,738
0.625% due 01/15/24 ^		1,441,446		1,534,227
0.625% due 01/15/26 ^		640,222		703,374
0.625% due 02/15/43 ^		384,970		479,281
0.750% due 07/15/28 ^		1,167,993		1,338,357
0.750% due 02/15/42 ^		122,406		154,906
0.750% due 02/15/45 ^		669,505		863,181
0.875% due 01/15/29 ^		1,697,855		1,964,621
0.875% due 02/15/47 ^		486,969		658,857
1.000% due 02/15/46 ^		602,337		824,492
1.000% due 02/15/49 ^		43,967		62,527
1.375% due 02/15/44 ^		1,685,227		2,408,565

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

58

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
2.000% due 01/15/26 ^		$295,432		$341,957
2.125% due 02/15/41 ^		378,906		587,260
3.375% due 04/15/32 ^		91,937		136,853
3.875% due 04/15/29 ^		58,887		82,063
0.125% due 07/15/24 ^		1,397,820		1,490,373
0.125% due 10/15/24 ^		2,048,295		2,188,267
0.125% due 04/15/25 ^		1,713,280		1,833,206
0.125% due 10/15/26 ^		202,438		220,242
0.125% due 01/15/31 ^		711,882		797,717
0.125% due 07/15/31 ^		2,476,728		2,786,427
0.125% due 02/15/51 ^		212,474		252,189
0.250% due 01/15/25 ^		116,776		125,140
Total U.S. Treasury Obligations (Cost $32,130,151)				33,727,573
FOREIGN GOVERNMENT BONDS & NOTES - 7.9%
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 702,116		613,202
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~		EUR 103,643		129,682
0.250% due 07/25/24 ^ ~		110,472		135,343
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		526,250		651,499
1.400% due 05/26/25 ^ ~		603,144		745,167
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 110,000		93,802
United Kingdom Inflation-Linked Gilt (United Kingdom) 0.125% due 03/22/24 ^ ~		GBP 128,657		190,630
Total Foreign Government Bonds & Notes (Cost $2,436,327)				2,559,325
	Shares
SHORT-TERM INVESTMENTS - 2.0%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		162,850		162,850
	Principal Amount
Repurchase Agreements - 1.5%
JP Morgan Securities LLC 0.040% due 01/03/22 (Dated 12/31/21, Repurchase price of $500,002: collateralized by a U.S. Treasury Security: 2.880% due 05/15/28 and value $509,624)		$500,000		500,000
Total Short-Term Investments (Cost $662,850)				662,850
TOTAL INVESTMENTS - 119.5% (Cost $37,244,711)				39,009,793
DERIVATIVES - (0.3%)				(113,467	)
OTHER ASSETS & LIABILITIES, NET - (19.2%)				(6,247,519	)
NET ASSETS - 100.0%				$32,648,807

Notes to Schedule of Investments

(a) The average amount of borrowings by the Fund on sale-buyback financing transactions during the nine-month period ended December 31, 2021 was $6,275,947 at a weighted average interest rate of 0.045%.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

59

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(b) Open futures contracts outstanding as of December 31, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euribor		03/23		12		$3,424,878		$3,421,477		($3,401	)
Euro-Bund		03/22		7		1,386,541		1,365,733		(20,808	)
U.S. Treasury 5-Year Notes		03/22		46		5,564,984		5,564,922		(62	)
U.S. Treasury 10-Year Notes		03/22		1		129,767		130,469		702
U.S. Treasury Long Bonds		03/22		3		480,723		481,312		589
										(22,980	)
Short Futures Outstanding
Australia 3-Year Bonds		03/22		2		165,925		166,100		(175	)
Euro-Bobl		03/22		7		1,070,011		1,061,856		8,155
Euro-BTP		03/22		2		342,630		334,742		7,888
Euro-Buxl		03/22		3		740,613		706,120		34,493
Euro-Schatz		03/22		57		7,284,023		7,270,131		13,892
Long Gilt		03/22		2		338,304		338,117		187
U.S. Treasury 2-Year Notes		03/22		12		2,623,390		2,618,062		5,328
U.S. Treasury Ultra 10-Year Notes		03/22		10		1,449,127		1,464,375		(15,248	)
U.S. Treasury Ultra Long Bonds		03/22		6		1,179,413		1,182,750		(3,337	)
										51,183
Total Futures Contracts										$28,203

(c) Forward foreign currency contracts outstanding as of December 31, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
EUR	17,000	USD	19,279	01/22	GSC		$77		$—
EUR	1,478,000	USD	1,680,782	01/22	SCB		2,056		—
GBP	503,000	USD	681,288	01/22	SCB		—		(461	)
GBP	24,000	USD	31,846	01/22	GSC		639		—
USD	327,313	AUD	456,898	01/22	JPM		—		(5,111	)
USD	130,189	AUD	182,608	01/22	SCB		—		(2,671	)
USD	102,303	AUD	143,069	01/22	UBS		—		(1,789	)
USD	33,661	EUR	29,600	01/22	CSF		—		(41	)
USD	1,685,259	EUR	1,495,000	01/22	SCB		—		(16,934	)
USD	1,681,742	EUR	1,478,000	02/22	SCB		—		(2,073	)
USD	32,490	GBP	24,000	01/22	CSF		6		—
USD	666,041	GBP	503,000	01/22	SCB		—		(14,787	)
USD	681,243	GBP	503,000	02/22	SCB		466		—
USD	94,457	NZD	138,000	01/22	JPM		—		(51	)
Total Forward Foreign Currency Contracts							$3,244		($43,918	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

60

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(d) Purchased options outstanding as of December 31, 2021 were as follows:

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counter- party		Notional Amount			Cost		Value
Put - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.190%			11/02/22		MSC		EUR 60,000			$4,375		$8,649
Put - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.197%			11/04/22		BRC		200,000			14,957		28,577
Put - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.237%			11/17/23		DUB		$300,000			18,621		13,831
																$37,953		$51,057
Total Purchased Options																$37,953		$51,057
(e)     Premiums received and value of written options outstanding as of December 31, 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						0.725%			01/19/22		GSC		$100,000			$100		($3	)
Put - iTraxx Main 36 5Y						0.750%			01/19/22		BRC		EUR 100,000			138		(8	)
Put - CDX IG 37 5Y						0.850%			01/19/22		BRC		$200,000			231		(5	)
Put - iTraxx Main 36 5Y						0.900%			03/16/22		BRC		EUR 300,000			372		(103	)
Put - CDX IG 37 5Y						0.900%			03/16/22		DUB		$100,000			111		(32	)
Put - iTraxx Main 36 5Y						0.900%			03/16/22		JPM		EUR 100,000			108		(34	)
Put - CDX IG 37 5Y						0.950%			03/16/22		JPM		$100,000			125		(27	)
Put - CDX IG 37 5Y						1.000%			03/16/22		GSC		100,000			114		(23	)
Put - CDX IG 37 5Y						1.000%			03/16/22		MSC		100,000			125		(23	)
Put - CDX IG 37 5Y						0.950%			04/20/22		JPM		100,000			127		(54	)
Put - CDX IG 37 5Y						0.950%			04/20/22		MSC		100,000			127		(54	)
																$1,678		($366	)
Inflation Floor/Cap Options
Description	Initial Index		Floating Rate					Expiration Date		Counter- party		Notional Amount			Premium		Value
Cap - U.S. CPI Urban Consumers		233.92		Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10]					04/22/24		JPM		$1,900,000			$13,823		($26	)
Cap - U.S. CPI Urban Consumers		234.78		Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10]					05/16/24		JPM		200,000			1,390		—
																$15,213		($26	)
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		($427	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		MSC		200,000			4,851		(11,206	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BRC		600,000			14,726		(33,743	)
Put - 5-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.340%			11/17/23		DUB		$1,300,000			16,380		(12,657	)
																35,957		(57,606	)
Total Interest Rate Swaptions																$38,446		($58,033	)
Total Written Options																$55,337		($58,425	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

61

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(f) Swap agreements outstanding as of December 31, 2021 were as follows:

Interest Rate Swaps - Long

Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.180%		U.S. CPI Urban Consumers		Z / Z		LCH		01/19/22		$200,000		($8,765	)		($2	)		($8,763	)
2.200%		U.S. CPI Urban Consumers		Z / Z		LCH		01/21/22		200,000		(8,801	)		—			(8,801	)
2.170%		U.S. CPI Urban Consumers		Z / Z		LCH		02/01/22		100,000		(4,639	)		—			(4,639	)
2.155%		U.S. CPI Urban Consumers		Z / Z		LCH		02/04/22		200,000		(9,346	)		—			(9,346	)
2.200%		U.S. CPI Urban Consumers		Z / Z		LCH		02/05/22		100,000		(4,612	)		—			(4,612	)
0.900%		1-Day GBP-SONIA		A / A		LCH		03/21/23		GBP 3,000,000		(4,685	)		(3,837	)		(848	)
1.184%		1-Day GBP-SONIA		A / A		LCH		03/21/23		800,000		260			—			260
(0.526%)		3-Month EUR-LIBOR		A / Q		LCH		11/21/23		EUR 800,000		(3,065	)		—			(3,065	)
3.850%		GBP Retail Price		Z / Z		LCH		09/15/24		GBP 200,000		(4,275	)		—			(4,275	)
3.330%		GBP Retail Price		Z / Z		LCH		01/15/25		400,000		(28,764	)		11,260			(40,024	)
2.335%		U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		$190,000		(12,501	)		338			(12,839	)
2.364%		U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		50,000		(3,055	)		—			(3,055	)
2.379%		U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		500,000		(29,930	)		(287	)		(29,643	)
3.593%		GBP Retail Price		Z / Z		LCH		11/15/28		GBP 45,000		(2,987	)		—			(2,987	)
2.165%		U.S. CPI Urban Consumers		Z / Z		LCH		04/16/29		$100,000		(9,269	)		—			(9,269	)
1.998%		U.S. CPI Urban Consumers		Z / Z		LCH		07/25/29		100,000		(10,744	)		—			(10,744	)
1.760%		U.S. CPI Urban Consumers		Z / Z		LCH		11/04/29		400,000		(54,517	)		(708	)		(53,809	)
3.400%		GBP Retail Price		Z / Z		LCH		06/15/30		GBP 200,000		(19,126	)		2,555			(21,681	)
3.475%		GBP Retail Price		Z / Z		LCH		08/15/30		200,000		(31,104	)		2,476			(33,580	)
1.380%		Eurostat Eurozone HICP		Z / Z		LCH		03/15/31		EUR 200,000		(22,458	)		(1,361	)		(21,097	)
3.566%		GBP Retail Price		Z / Z		LCH		03/15/36		GBP 190,000		(31,918	)		(907	)		(31,011	)
3.580%		GBP Retail Price		Z / Z		LCH		03/15/36		40,000		(6,556	)		(413	)		(6,143	)
1.387%		Eurostat Eurozone HICP		Z / Z		LCH		08/15/49		EUR 20,000		(7,905	)		—			(7,905	)
1.888%		3-Month USD-LIBOR		S / Q		LCH		11/21/53		$100,000		3,064			—			3,064
												($315,698	)		$9,114			($324,812	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

62

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Interest Rate Swaps - Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.090%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/22		EUR 200,000		$12,507			$—			$12,507
2.210%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/23		$120,000		5,500			—			5,500
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		04/27/23		60,000		2,555			—			2,555
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		05/09/23		120,000		5,224			—			5,224
2.281%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/23		180,000		7,352			—			7,352
1.030%	France CPI Ex Tobacco	Z / Z		LCH		03/15/24		EUR 140,000		3,479			(53	)		3,532
1.013%	1-Day GBP-SONIA	Z / Z		LCH		03/20/24		GBP 3,000,000		5,895			2,491			3,404
1.248%	1-Day GBP-SONIA	Z / Z		LCH		03/20/24		800,000		(329	)		—			(329	)
2.314%	U.S. CPI Urban Consumers	Z / Z		LCH		02/26/26		$200,000		14,568			—			14,568
2.419%	U.S. CPI Urban Consumers	Z / Z		LCH		03/05/26		100,000		6,739			—			6,739
2.768%	U.S. CPI Urban Consumers	Z / Z		LCH		05/13/26		100,000		4,583			—			4,583
2.690%	U.S. CPI Urban Consumers	Z / Z		LCH		06/01/26		100,000		4,822			—			4,822
4.735%	GBP Retail Price	Z / Z		LCH		12/15/26		GBP 200,000		—			(2,684	)		2,684
1.798%	U.S. CPI Urban Consumers	Z / Z		LCH		08/25/27		$500,000		63,433			—			63,433
1.890%	U.S. CPI Urban Consumers	Z / Z		LCH		08/27/27		500,000		59,914			—			59,914
3.250%	3-Month NZD-Bank Bills	S / Q		CME		03/21/28		NZD 100,000		(3,266	)		290			(3,556	)
2.645%	U.S. CPI Urban Consumers	Z / Z		LCH		09/10/28		$100,000		2,805			—			2,805
1.840%	3-Month USD-LIBOR	S / Q		LCH		11/21/28		400,000		(3,268	)		—			(3,268	)
3.470%	GBP Retail Price	Z / Z		LCH		01/15/31		GBP 120,000		21,240			—			21,240
2.311%	U.S. CPI Urban Consumers	Z / Z		LCH		02/24/31		$200,000		17,914			94			17,820
0.750%	1-Day GBP-SONIA	A / A		LCH		09/21/32		GBP 200,000		5,637			5,982			(345	)
										$237,304			$6,120			$231,184
Total Interest Rate Swaps										($78,394	)		$15,234			($93,628	)
Total Swap Agreements										($78,394	)		$15,234			($93,628	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

63

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(g) Fair Value Measurements

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

		Total Value at December 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$318,065			$—			$318,065			$—
	Mortgage-Backed Securities		1,187,946			—			1,187,946			—
	Asset-Backed Securities		554,034			—			554,034			—
	U.S. Treasury Obligations		33,727,573			—			33,727,573			—
	Foreign Government Bonds & Notes		2,559,325			—			2,559,325			—
	Short-Term Investments		662,850			162,850			500,000			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		3,244			—			3,244			—
	Interest Rate Contracts
	Futures		71,234			71,234			—			—
	Purchased Options		51,057			—			51,057			—
	Swaps		242,006			—			242,006			—
	Total Interest Rate Contracts		364,297			71,234			293,063			—
	Total Assets - Derivatives		367,541			71,234			296,307			—
	Total Assets		39,377,334			234,084			39,143,250			—
Liabilities	Sale-buyback Financing Transactions		(6,260,697	)		—			(6,260,697	)		—
	Derivatives:
	Credit Contracts
	Written Options		(366	)		—			(366	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(43,918	)		—			(43,918	)		—
	Interest Rate Contracts
	Futures		(43,031	)		(43,031	)		—			—
	Written Options		(58,059	)		—			(58,059	)		—
	Swaps		(335,634	)		—			(335,634	)		—
	Total Interest Rate Contracts		(436,724	)		(43,031	)		(393,693	)		—
	Total Liabilities - Derivatives		(481,008	)		(43,031	)		(437,977	)		—
	Total Liabilities		(6,741,705	)		(43,031	)		(6,698,674	)		—
	Total		$32,635,629			$191,053			$32,444,576			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

64

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 35.2%
Basic Materials - 0.9%
Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$465,000		$488,423
4.750% due 04/10/27 ~		400,000		445,200
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		80,000		110,328
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		38,994
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		122,615
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		70,996
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		21,483
5.450% due 03/15/43		190,000		239,218
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		130,895
3.875% due 10/27/27 ~		10,000		10,771
4.000% due 03/27/27 ~		740,000		798,921
4.125% due 03/12/24 ~		150,000		157,804
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		196,487
3.468% due 12/01/50 ~		70,000		73,507
LYB International Finance III LLC 1.250% due 10/01/25		59,000		58,066
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		40,272
OCP SA (Morocco)
4.500% due 10/22/25 ~		200,000		211,642
5.125% due 06/23/51 ~		200,000		189,453
Orbia Advance Corp SAB de CV (Mexico)
1.875% due 05/11/26 ~		220,000		217,018
2.875% due 05/11/31 ~		210,000		207,021
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		364,259
Suzano Austria GmbH (Brazil)
3.125% due 01/15/32		50,000		48,462
3.750% due 01/15/31		340,000		346,117
Vale Overseas Ltd (Brazil)
3.750% due 07/08/30		95,000		98,490
6.875% due 11/21/36		48,000		63,863
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		97,327
				4,847,632
Communications - 3.8%
Alphabet Inc
0.450% due 08/15/25		20,000		19,557
0.800% due 08/15/27		30,000		29,065
1.100% due 08/15/30		30,000		28,391
2.050% due 08/15/50		50,000		44,757
Amazon.com Inc
0.800% due 06/03/25		60,000		59,361
1.200% due 06/03/27		70,000		69,093
1.500% due 06/03/30		30,000		29,105
2.100% due 05/12/31		40,000		40,582
2.500% due 06/03/50		580,000		553,833
3.875% due 08/22/37		70,000		82,413

	Principal Amount		Value
4.250% due 08/22/57		$10,000		$12,841
4.950% due 12/05/44		60,000		82,077
AT&T Inc
1.650% due 02/01/28		230,000		225,327
2.300% due 06/01/27		10,000		10,181
2.550% due 12/01/33		10,000		9,792
3.100% due 02/01/43		500,000		487,097
3.300% due 02/01/52		30,000		29,464
3.500% due 06/01/41		275,000		283,229
3.500% due 09/15/53		170,000		171,833
3.550% due 09/15/55		300,000		301,596
3.650% due 09/15/59		30,000		30,356
3.800% due 02/15/27		30,000		32,600
3.800% due 12/01/57		10,000		10,434
4.350% due 06/15/45		32,000		36,156
5.350% due 09/01/40		40,000		50,776
5.550% due 08/15/41		30,000		39,416
CCO Holdings LLC
4.500% due 08/15/30 ~		10,000		10,252
4.500% due 05/01/32		1,480,000		1,525,014
5.125% due 05/01/27 ~		130,000		134,059
Charter Communications Operating LLC
2.250% due 01/15/29		300,000		292,952
3.500% due 06/01/41		40,000		39,069
3.500% due 03/01/42		20,000		19,434
3.700% due 04/01/51		230,000		222,961
4.800% due 03/01/50		170,000		190,805
4.908% due 07/23/25		690,000		760,380
5.750% due 04/01/48		10,000		12,499
6.384% due 10/23/35		20,000		25,874
6.834% due 10/23/55		30,000		43,053
Comcast Corp
2.800% due 01/15/51		172,000		166,172
2.887% due 11/01/51 ~		110,000		106,678
2.937% due 11/01/56 ~		27,000		25,789
3.150% due 03/01/26		30,000		32,017
3.250% due 11/01/39		185,000		195,557
3.300% due 04/01/27		20,000		21,510
3.375% due 08/15/25		20,000		21,394
3.400% due 04/01/30		30,000		32,774
3.750% due 04/01/40		100,000		112,165
3.950% due 10/15/25		220,000		240,373
3.999% due 11/01/49		51,000		59,244
4.000% due 03/01/48		10,000		11,547
4.250% due 10/15/30		730,000		843,354
5.650% due 06/15/35		20,000		26,531
Corning Inc 5.750% due 08/15/40		60,000		81,465
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		56,182
CSC Holdings LLC 4.500% due 11/15/31 ~		200,000		197,824
Discovery Communications LLC 3.625% due 05/15/30		100,000		107,022
DISH DBS Corp
5.125% due 06/01/29		70,000		63,813
5.250% due 12/01/26 ~		40,000		40,706
5.875% due 11/15/24		40,000		41,142
7.750% due 07/01/26		10,000		10,563

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

65

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Expedia Group Inc 3.800% due 02/15/28		$800,000		$856,025
Fox Corp 5.476% due 01/25/39		150,000		193,795
Prosus NV (China)
3.061% due 07/13/31 ~		410,000		400,081
3.832% due 02/08/51 ~		460,000		430,144
Rogers Communications Inc (Canada) 3.700% due 11/15/49		60,000		63,148
Sprint Capital Corp 8.750% due 03/15/32		130,000		195,218
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		365,625		382,998
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		186,679
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		530,000		557,793
The Walt Disney Co
2.650% due 01/13/31		600,000		624,852
3.500% due 05/13/40		100,000		109,731
Time Warner Cable LLC
5.875% due 11/15/40		50,000		62,516
6.550% due 05/01/37		110,000		144,150
6.750% due 06/15/39		20,000		27,298
7.300% due 07/01/38		460,000		652,165
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		29,159
T-Mobile USA Inc
2.050% due 02/15/28		10,000		9,933
2.250% due 02/15/26		10,000		10,040
2.550% due 02/15/31		550,000		547,674
2.625% due 02/15/29		50,000		49,337
2.875% due 02/15/31		840,000		831,037
3.000% due 02/15/41		110,000		107,593
3.500% due 04/15/25		230,000		243,847
3.500% due 04/15/31		50,000		52,106
3.750% due 04/15/27		435,000		471,280
3.875% due 04/15/30		280,000		306,523
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		691,285
Verizon Communications Inc
1.750% due 01/20/31		$70,000		66,336
2.100% due 03/22/28		340,000		340,895
2.355% due 03/15/32 ~		155,000		152,901
2.550% due 03/21/31		510,000		515,074
2.625% due 08/15/26		20,000		20,860
2.650% due 11/20/40		966,000		919,557
2.875% due 11/20/50		420,000		399,711
3.150% due 03/22/30		305,000		323,024
3.850% due 11/01/42		345,000		386,284
4.000% due 03/22/50		30,000		34,539
4.125% due 08/15/46		30,000		34,881
4.329% due 09/21/28		5,000		5,685
4.400% due 11/01/34		90,000		104,994
4.500% due 08/10/33		520,000		612,240
4.862% due 08/21/46		20,000		25,804
5.500% due 03/16/47		30,000		41,963
ViacomCBS Inc
4.000% due 01/15/26		50,000		54,039

	Principal Amount		Value
5.850% due 09/01/43		$70,000		$94,493
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		90,000		101,354
				21,010,547
Consumer, Cyclical - 3.7%
7-Eleven Inc
0.950% due 02/10/26 ~		60,000		58,153
2.500% due 02/10/41 ~		49,000		45,299
Alimentation Couche-Tard Inc (Canada)
2.950% due 01/25/30 ~		100,000		103,406
3.439% due 05/13/41 ~		85,000		87,647
3.625% due 05/13/51 ~		90,000		94,884
American Airlines Pass-Through Trust ‘A’
2.875% due 01/11/36		176,000		175,086
3.650% due 12/15/29		137,610		133,342
American Airlines Pass-Through Trust ‘AA’
3.150% due 08/15/33		164,450		166,638
3.200% due 12/15/29		266,811		268,915
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		221,000		219,643
AutoZone Inc 3.625% due 04/15/25		100,000		106,718
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		397,592		414,794
Costco Wholesale Corp
1.375% due 06/20/27		60,000		59,579
1.600% due 04/20/30		40,000		38,794
Daimler Trucks Finance North America LLC (Germany) 0.550% (SOFR + 0.500%) due 06/14/23 ~ §		400,000		400,555
Delta Air Lines Inc
2.900% due 10/28/24		80,000		81,624
3.625% due 03/15/22		40,000		40,001
3.800% due 04/19/23		10,000		10,227
4.500% due 10/20/25 ~		70,000		73,614
4.750% due 10/20/28 ~		660,000		721,236
7.000% due 05/01/25 ~		440,000		503,489
7.375% due 01/15/26		50,000		58,918
Delta Air Lines Pass-Through Trust ‘A’ 2.500% due 12/10/29		129,669		129,246
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		98,828		102,163
Ford Motor Credit Co LLC
1.355% due 02/07/25		EUR 300,000		344,001
3.375% due 11/13/25		$1,600,000		1,664,376
4.000% due 11/13/30		200,000		215,506
4.125% due 08/17/27		200,000		216,124
General Motors Co
5.150% due 04/01/38		20,000		24,149
5.950% due 04/01/49		20,000		27,440
6.125% due 10/01/25		45,000		51,737
6.250% due 10/02/43		40,000		54,854
General Motors Financial Co Inc
1.200% due 10/15/24		45,000		44,697
1.250% due 01/08/26		164,000		160,625
2.700% due 06/10/31		65,000		64,838
2.750% due 06/20/25		920,000		950,084

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

66

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
4.250% due 05/15/23		$30,000		$31,232
4.350% due 01/17/27		60,000		66,142
Hasbro Inc 3.900% due 11/19/29		50,000		55,184
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		20,000		20,833
5.750% due 05/01/28 ~		20,000		21,396
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		134,030
Hyundai Capital America
1.150% due 11/10/22 ~		246,000		246,672
1.300% due 01/08/26 ~		40,000		38,895
1.800% due 01/10/28 ~		70,000		67,707
2.375% due 10/15/27 ~		300,000		298,643
2.650% due 02/10/25 ~		150,000		153,832
JetBlue Pass-Through Trust ‘A’ 4.000% due 05/15/34		280,369		303,437
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		116,436		135,600
Kia Motors Corp (South Korea) 3.250% due 04/21/26 ~		200,000		210,846
Kohl’s Corp 3.375% due 05/01/31		96,000		97,870
Las Vegas Sands Corp
2.900% due 06/25/25		690,000		688,698
3.200% due 08/08/24		350,000		356,553
Lear Corp 2.600% due 01/15/32		25,000		24,649
Lennar Corp 4.500% due 04/30/24		35,000		37,220
Lowe’s Cos Inc 4.500% due 04/15/30		20,000		23,240
McDonald’s Corp
1.450% due 09/01/25		10,000		10,098
3.300% due 07/01/25		30,000		31,828
3.500% due 03/01/27		20,000		21,618
3.500% due 07/01/27		10,000		10,853
3.600% due 07/01/30		360,000		398,170
3.625% due 09/01/49		10,000		11,087
3.700% due 01/30/26		40,000		43,076
3.800% due 04/01/28		30,000		32,988
4.200% due 04/01/50		240,000		291,271
MDC Holdings Inc 2.500% due 01/15/31		40,000		38,747
MGM Resorts International 7.750% due 03/15/22		800,000		811,012
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		260,000		277,941
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		30,000		29,734
3.875% due 01/15/28 ~		20,000		20,290
Newell Brands Inc
4.350% due 04/01/23		20,000		20,625
4.700% due 04/01/26		10,000		10,918
NIKE Inc
2.400% due 03/27/25		30,000		31,080
2.750% due 03/27/27		240,000		254,418
3.250% due 03/27/40		20,000		21,801
3.375% due 03/27/50		120,000		135,950

	Principal Amount		Value
Nissan Motor Acceptance Co LLC
2.000% due 03/09/26 ~		$300,000		$295,788
2.750% due 03/09/28 ~		300,000		298,118
2.800% due 01/13/22 ~		182,000		182,106
Nissan Motor Co Ltd (Japan)
3.522% due 09/17/25 ~		1,300,000		1,363,826
4.345% due 09/17/27 ~		400,000		432,145
4.810% due 09/17/30 ~		400,000		447,824
Nordstrom Inc 4.250% due 08/01/31		94,000		92,498
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		110,510
Sands China Ltd (Macau)
2.300% due 03/08/27 ~		250,000		235,609
2.850% due 03/08/29 ~		200,000		188,495
5.125% due 08/08/25		310,000		325,554
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		298,396
Starbucks Corp
2.550% due 11/15/30		900,000		918,952
3.350% due 03/12/50		40,000		41,945
Target Corp 2.250% due 04/15/25		30,000		30,939
The Home Depot Inc
2.700% due 04/15/30		40,000		42,013
3.300% due 04/15/40		40,000		43,452
3.350% due 04/15/50		450,000		492,057
3.900% due 06/15/47		10,000		11,712
Tractor Supply Co 1.750% due 11/01/30		100,000		93,747
United Airlines Inc
4.375% due 04/15/26 ~		10,000		10,440
4.625% due 04/15/29 ~		110,000		113,666
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		82,798		82,141
3.700% due 09/01/31		218,963		222,148
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		239,954		237,632
3.650% due 07/07/27		168,056		166,479
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		138,803
Walmart Inc
1.500% due 09/22/28		60,000		59,673
1.800% due 09/22/31		30,000		29,733
Wynn Macau Ltd (Macau) 5.625% due 08/26/28 ~		200,000		185,500
				20,620,487
Consumer, Non-Cyclical - 4.8%
Abbott Laboratories
3.750% due 11/30/26		38,000		42,019
4.750% due 11/30/36		70,000		89,476
4.900% due 11/30/46		160,000		219,273
AbbVie Inc
2.300% due 11/21/22		230,000		233,260
2.600% due 11/21/24		450,000		467,209
2.950% due 11/21/26		780,000		822,464
3.200% due 11/21/29		630,000		674,289
3.450% due 03/15/22		80,000		80,074
3.600% due 05/14/25		70,000		74,498

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

67

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
3.750% due 11/14/23		$10,000		$10,474
3.800% due 03/15/25		90,000		95,869
4.050% due 11/21/39		100,000		114,958
4.250% due 11/21/49		315,000		379,675
Aetna Inc 2.800% due 06/15/23		40,000		40,998
Altria Group Inc
2.450% due 02/04/32		220,000		209,107
3.400% due 02/04/41		350,000		323,423
3.875% due 09/16/46		20,000		19,391
4.400% due 02/14/26		701,000		772,855
4.800% due 02/14/29		6,000		6,773
5.800% due 02/14/39		40,000		48,149
5.950% due 02/14/49		110,000		137,563
6.200% due 02/14/59		12,000		15,734
Amgen Inc
2.770% due 09/01/53		43,000		40,285
3.625% due 05/22/24		30,000		31,613
4.663% due 06/15/51		11,000		14,111
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		390,000		419,081
4.900% due 02/01/46		90,000		114,016
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		220,000		241,395
3.750% due 07/15/42		515,000		562,688
4.350% due 06/01/40		60,000		70,661
4.500% due 06/01/50		390,000		481,792
4.750% due 01/23/29		210,000		244,647
Anthem Inc
2.250% due 05/15/30		105,000		104,739
2.550% due 03/15/31		400,000		408,812
3.125% due 05/15/22		30,000		30,286
3.350% due 12/01/24		40,000		42,280
3.650% due 12/01/27		30,000		32,936
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		51,539
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		395,000		431,794
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		195,059
3.557% due 08/15/27		450,000		472,313
3.734% due 09/25/40		85,000		81,816
4.390% due 08/15/37		40,000		42,217
4.540% due 08/15/47		160,000		167,720
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		44,203
5.250% due 01/30/30 ~		430,000		379,066
6.250% due 02/15/29 ~		110,000		104,707
7.250% due 05/30/29 ~		50,000		49,570
Becton Dickinson and Co
3.363% due 06/06/24		50,000		52,374
3.700% due 06/06/27		200,000		218,120
3.734% due 12/15/24		14,000		14,890
3.794% due 05/20/50		40,000		45,009
4.669% due 06/06/47		50,000		63,202
4.685% due 12/15/44		32,000		40,386
Biogen Inc
2.250% due 05/01/30		65,000		64,057
3.150% due 05/01/50		70,000		67,471

	Principal Amount		Value
Block Financial LLC 3.875% due 08/15/30		$800,000		$856,896
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		132,151
Boston Scientific Corp
2.650% due 06/01/30		900,000		918,499
4.550% due 03/01/39		60,000		71,906
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		23,760
2.900% due 07/26/24		45,000		47,116
3.200% due 06/15/26		50,000		53,819
3.550% due 08/15/22		90,000		91,721
3.875% due 08/15/25		33,000		35,739
5.000% due 08/15/45		364,000		484,588
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		96,516
Cargill Inc 1.375% due 07/23/23 ~		40,000		40,328
Centene Corp 3.375% due 02/15/30		10,000		10,201
Cigna Corp
3.750% due 07/15/23		66,000		68,658
4.125% due 11/15/25		40,000		43,777
4.375% due 10/15/28		530,000		602,754
4.900% due 12/15/48		240,000		310,882
CommonSpirit Health 2.782% due 10/01/30		185,000		189,570
Constellation Brands Inc 4.250% due 05/01/23		30,000		31,273
CVS Health Corp
2.125% due 09/15/31		100,000		98,037
3.625% due 04/01/27		10,000		10,859
3.750% due 04/01/30		720,000		790,214
4.125% due 04/01/40		160,000		184,067
4.250% due 04/01/50		20,000		24,238
4.300% due 03/25/28		36,000		40,432
4.875% due 07/20/35		155,000		189,821
5.050% due 03/25/48		330,000		432,215
5.125% due 07/20/45		60,000		78,176
Danone SA (France) 2.589% due 11/02/23 ~		200,000		205,132
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		246,300
General Mills Inc 2.250% due 10/14/31		300,000		296,766
Gilead Sciences Inc
2.600% due 10/01/40		90,000		86,890
3.650% due 03/01/26		280,000		301,902
4.750% due 03/01/46		30,000		38,101
Global Payments Inc 3.200% due 08/15/29		122,000		127,198
HCA Inc
3.500% due 09/01/30		80,000		84,710
4.500% due 02/15/27		40,000		44,088
5.250% due 06/15/26		440,000		495,282
5.375% due 02/01/25		20,000		22,006
5.875% due 02/01/29		30,000		35,795
Humana Inc
3.150% due 12/01/22		50,000		50,836

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

68

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
3.950% due 03/15/27		$170,000		$185,930
4.625% due 12/01/42		50,000		61,848
4.800% due 03/15/47		20,000		25,489
IHS Markit Ltd 4.250% due 05/01/29		130,000		148,307
Johnson & Johnson
0.550% due 09/01/25		40,000		39,189
0.950% due 09/01/27		80,000		78,300
3.625% due 03/03/37		100,000		115,000
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		174,630
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		11,383
4.375% due 06/01/46		20,000		23,471
4.875% due 10/01/49		30,000		37,758
5.000% due 06/04/42		10,000		12,467
5.200% due 07/15/45		20,000		25,489
5.500% due 06/01/50		20,000		27,136
6.500% due 02/09/40		200,000		285,003
Lamb Weston Holdings Inc 4.875% due 05/15/28 ~		10,000		10,839
Mars Inc
2.700% due 04/01/25 ~		40,000		41,625
3.200% due 04/01/30 ~		40,000		43,119
MedStar Health Inc 3.626% due 08/15/49		90,000		98,687
Medtronic Inc 3.500% due 03/15/25		36,000		38,356
Merck & Co Inc 1.450% due 06/24/30		190,000		182,118
MidMichigan Health 3.409% due 06/01/50		180,000		192,197
PayPal Holdings Inc
1.650% due 06/01/25		70,000		70,910
2.850% due 10/01/29		900,000		948,107
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		120,693
PepsiCo Inc
2.250% due 03/19/25		10,000		10,340
2.625% due 03/19/27		120,000		125,728
2.875% due 10/15/49		20,000		21,029
Pfizer Inc 2.625% due 04/01/30		60,000		63,279
Philip Morris International Inc
2.500% due 08/22/22		90,000		91,152
2.500% due 11/02/22		80,000		81,155
4.500% due 03/20/42		30,000		34,773
Piedmont Healthcare Inc 2.864% due 01/01/52		55,000		53,791
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		53,741
Quanta Services Inc 2.350% due 01/15/32		90,000		87,486
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		568,085
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		50,000		60,884
6.150% due 09/15/43		30,000		36,867

	Principal Amount		Value
Royalty Pharma PLC 3.550% due 09/02/50		$60,000		$59,629
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		99,710
Sysco Corp 2.400% due 02/15/30		190,000		190,729
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		760,000		762,177
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.800% due 07/21/23		140,000		140,669
3.150% due 10/01/26		260,000		244,808
4.100% due 10/01/46		30,000		25,397
The Coca-Cola Co
2.500% due 03/15/51		20,000		19,248
3.375% due 03/25/27		90,000		97,270
The Procter & Gamble Co 2.800% due 03/25/27		10,000		10,582
Thermo Fisher Scientific Inc 2.000% due 10/15/31		85,000		83,830
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		148,969
Tyson Foods Inc 3.550% due 06/02/27		195,000		210,060
United Rentals North America Inc 3.875% due 02/15/31		20,000		20,334
UnitedHealth Group Inc
2.000% due 05/15/30		330,000		327,947
2.375% due 10/15/22		10,000		10,144
3.500% due 06/15/23		20,000		20,808
3.750% due 07/15/25		80,000		86,814
3.875% due 08/15/59		50,000		60,020
4.250% due 06/15/48		150,000		186,213
4.450% due 12/15/48		10,000		12,793
Universal Health Services Inc 2.650% due 01/15/32 ~		50,000		49,189
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		113,325
Viatris Inc 3.850% due 06/22/40		60,000		63,652
West Virginia United Health System Obligated Group 3.129% due 06/01/50		210,000		207,283
Zimmer Biomet Holdings Inc 2.600% due 11/24/31		68,000		68,433
Zoetis Inc 2.000% due 05/15/30		900,000		888,246
				26,790,245
Energy - 4.5%
Apache Corp
3.250% due 04/15/22		24,000		24,031
4.250% due 01/15/44		170,000		172,581
4.750% due 04/15/43		40,000		44,000
5.100% due 09/01/40		70,000		79,211
5.250% due 02/01/42		10,000		11,565
5.350% due 07/01/49		70,000		80,079
Boardwalk Pipelines LP
3.400% due 02/15/31		700,000		723,998
4.450% due 07/15/27		85,000		93,181

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

69

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
BP Capital Markets America Inc
2.772% due 11/10/50		$100,000		$94,463
2.939% due 06/04/51		55,000		52,940
3.000% due 02/24/50		300,000		296,125
3.633% due 04/06/30		590,000		651,619
3.790% due 02/06/24		10,000		10,532
BP Capital Markets PLC (United Kingdom)
3.506% due 03/17/25		130,000		138,548
3.535% due 11/04/24		40,000		42,629
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		10,424
3.302% due 01/15/35 ~		230,000		240,551
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		200,000		225,817
Cheniere Energy Inc 4.625% due 10/15/28		30,000		31,960
Cheniere Energy Partners LP
3.250% due 01/31/32 ~		150,000		151,800
4.000% due 03/01/31		30,000		31,512
Chevron Corp 3.078% due 05/11/50		250,000		266,133
Chevron USA Inc 3.850% due 01/15/28		70,000		77,560
ConocoPhillips
3.750% due 10/01/27 ~		30,000		32,908
4.300% due 08/15/28 ~		180,000		203,118
6.500% due 02/01/39		10,000		14,552
Continental Resources Inc
2.268% due 11/15/26 ~		60,000		59,613
3.800% due 06/01/24		40,000		41,791
4.375% due 01/15/28		90,000		97,450
4.500% due 04/15/23		50,000		51,585
4.900% due 06/01/44		20,000		22,198
5.750% due 01/15/31 ~		430,000		507,099
Coterra Energy Inc
3.900% due 05/15/27 ~		285,000		306,475
4.375% due 03/15/29 ~		390,000		436,128
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		26,201
Devon Energy Corp
4.500% due 01/15/30		8,000		8,592
4.750% due 05/15/42		20,000		23,207
5.000% due 06/15/45		460,000		557,329
5.250% due 10/15/27		6,000		6,330
5.875% due 06/15/28		576,000		623,971
Diamondback Energy Inc
2.875% due 12/01/24		20,000		20,762
3.250% due 12/01/26		160,000		168,857
3.500% due 12/01/29		320,000		339,680
Ecopetrol SA (Colombia)
4.625% due 11/02/31		210,000		204,542
5.875% due 05/28/45		220,000		210,752
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		10,339
3.750% due 05/15/30		190,000		201,550
3.900% due 05/15/24		230,000		240,306
3.900% due 07/15/26		305,000		328,404
4.950% due 06/15/28		50,000		56,293
5.250% due 04/15/29		270,000		309,539

	Principal Amount		Value
6.250% due 04/15/49		$280,000		$366,454
6.750% due 05/15/25		70,000		70,262
Enterprise Products Operating LLC
2.800% due 01/31/30		210,000		219,191
3.700% due 01/31/51		240,000		252,496
3.950% due 01/31/60		30,000		32,491
4.150% due 10/16/28		100,000		112,359
4.200% due 01/31/50		130,000		146,109
4.800% due 02/01/49		10,000		12,200
4.850% due 03/15/44		10,000		12,066
7.550% due 04/15/38		220,000		329,202
EOG Resources Inc
3.900% due 04/01/35		30,000		34,065
4.150% due 01/15/26		70,000		76,535
4.375% due 04/15/30		70,000		80,970
4.950% due 04/15/50		110,000		149,800
EQT Corp
3.000% due 10/01/22		470,000		475,351
3.625% due 05/15/31 ~		80,000		83,124
3.900% due 10/01/27		670,000		719,419
5.000% due 01/15/29		40,000		44,357
Exxon Mobil Corp
1.571% due 04/15/23		10,000		10,116
2.992% due 03/19/25		160,000		168,266
2.995% due 08/16/39		180,000		182,481
3.043% due 03/01/26		140,000		148,245
3.482% due 03/19/30		470,000		515,149
4.114% due 03/01/46		50,000		58,484
4.327% due 03/19/50		110,000		135,401
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		45,242
4.317% due 12/30/39 ~		35,000		36,092
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		300,661
3.450% due 10/15/27 ~		125,000		130,696
HollyFrontier Corp
2.625% due 10/01/23		35,000		35,684
5.875% due 04/01/26		63,000		70,721
KazMunayGas National Co JSC (Kazakhstan)
5.375% due 04/24/30 ~		400,000		467,250
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		12,292
Kinder Morgan Inc
4.300% due 06/01/25		50,000		54,074
4.300% due 03/01/28		170,000		189,056
5.050% due 02/15/46		30,000		36,043
5.200% due 03/01/48		150,000		185,718
5.550% due 06/01/45		30,000		38,015
Lundin Energy Finance BV (Netherlands) 3.100% due 07/15/31 ~		200,000		201,640
MEG Energy Corp (Canada) 5.875% due 02/01/29 ~		10,000		10,483
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		518,512
MPLX LP
4.500% due 04/15/38		585,000		656,275
4.700% due 04/15/48		60,000		69,391
4.800% due 02/15/29		290,000		331,435

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

70

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
NGPL PipeCo LLC 3.250% due 07/15/31 ~		$50,000		$50,853
Occidental Petroleum Corp
3.000% due 02/15/27		30,000		30,482
3.200% due 08/15/26		60,000		61,895
4.100% due 02/15/47		160,000		157,042
4.200% due 03/15/48		10,000		10,016
4.400% due 04/15/46		20,000		20,538
4.625% due 06/15/45		50,000		51,951
5.550% due 03/15/26		90,000		100,294
6.450% due 09/15/36		310,000		395,870
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		1,155,000		1,242,838
5.500% due 06/10/51		160,000		148,716
6.900% due 03/19/49		230,000		245,298
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		242,186
Phillips 66 Partners LP 3.550% due 10/01/26		100,000		106,534
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		19,438
1.900% due 08/15/30		135,000		128,370
2.150% due 01/15/31		70,000		67,610
Plains All American Pipeline LP 4.650% due 10/15/25		300,000		327,494
Qatar Energy (Qatar)
2.250% due 07/12/31 ~		280,000		278,068
3.125% due 07/12/41 ~		200,000		202,652
3.300% due 07/12/51 ~		200,000		206,605
Range Resources Corp
4.875% due 05/15/25		10,000		10,338
5.000% due 03/15/23		113,000		115,662
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		222,203
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		70,000		75,463
Shell International Finance BV (Netherlands)
2.750% due 04/06/30		20,000		20,912
2.875% due 05/10/26		50,000		53,085
3.125% due 11/07/49		50,000		51,586
3.250% due 04/06/50		450,000		480,051
4.375% due 05/11/45		280,000		340,982
4.550% due 08/12/43		50,000		62,486
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		309,969
Southwestern Energy Co
4.750% due 02/01/32		50,000		52,752
5.375% due 03/15/30		20,000		21,465
Targa Resources Partners LP
4.000% due 01/15/32 ~		10,000		10,467
4.875% due 02/01/31		40,000		43,507
5.000% due 01/15/28		30,000		31,659
5.375% due 02/01/27		20,000		20,636
5.500% due 03/01/30		20,000		21,884
5.875% due 04/15/26		20,000		20,895
6.500% due 07/15/27		10,000		10,731
6.875% due 01/15/29		10,000		11,202

	Principal Amount		Value
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		$250,000		$254,216
The Williams Cos Inc
3.750% due 06/15/27		90,000		97,235
7.500% due 01/15/31		190,000		257,787
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		250,000		305,433
Western Midstream Operating LP
1.844% (USD LIBOR + 1.850%) due 01/13/23 §		20,000		19,974
4.350% due 02/01/25		30,000		31,388
4.500% due 03/01/28		30,000		32,716
4.650% due 07/01/26		100,000		108,945
5.300% due 02/01/30		60,000		66,061
5.300% due 03/01/48		897,000		1,082,195
5.500% due 08/15/48		60,000		71,759
6.500% due 02/01/50		50,000		59,201
				24,954,298
Financial - 12.8%
ABN AMRO Bank NV (Netherlands) 1.542% due 06/16/27 ~		200,000		196,134
AerCap Ireland Capital DAC (Ireland)
1.750% due 01/30/26		150,000		147,270
2.450% due 10/29/26		430,000		433,774
3.300% due 01/30/32		270,000		275,295
4.450% due 10/01/25		150,000		161,583
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		210,723
Air Lease Corp
1.875% due 08/15/26		80,000		78,758
3.000% due 09/15/23		555,000		569,814
3.375% due 07/01/25		30,000		31,329
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		200,000		215,581
American Campus Communities Operating Partnership LP REIT 2.250% due 01/15/29		40,000		39,596
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		110,871
American International Group Inc
3.750% due 07/10/25		540,000		578,282
4.375% due 06/30/50		140,000		174,988
American Tower Corp REIT
1.500% due 01/31/28		135,000		129,253
2.950% due 01/15/51		41,000		38,950
3.100% due 06/15/50		64,000		62,418
Athene Global Funding 2.500% due 01/14/25 ~		215,000		220,715
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		938,520
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		$205,000		224,639
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		44,208
2.528% due 11/18/27 ~		1,273,000		1,237,465
4.250% due 04/15/26 ~		65,000		68,948
Banco Santander SA (Spain)
2.749% due 12/03/30		200,000		195,947

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

71

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
3.848% due 04/12/23		$200,000		$206,932
Bank of America Corp
2.572% due 10/20/32		225,000		226,245
2.592% due 04/29/31		1,660,000		1,678,684
2.676% due 06/19/41		515,000		496,587
3.004% due 12/20/23		155,000		158,239
3.419% due 12/20/28		203,000		216,874
3.500% due 04/19/26		110,000		118,611
3.550% due 03/05/24		90,000		92,695
3.593% due 07/21/28		100,000		107,710
3.705% due 04/24/28		265,000		287,796
3.974% due 02/07/30		240,000		264,605
4.000% due 01/22/25		675,000		721,419
4.083% due 03/20/51		130,000		156,767
4.200% due 08/26/24		350,000		375,390
4.250% due 10/22/26		1,590,000		1,755,568
4.330% due 03/15/50		20,000		24,803
4.450% due 03/03/26		90,000		99,182
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		101,554
3.803% due 12/15/32		60,000		64,405
Barclays PLC (United Kingdom)
3.650% due 03/16/25		200,000		211,484
4.972% due 05/16/29		200,000		228,306
5.088% due 06/20/30		500,000		567,712
7.250% due 03/15/23 ~		GBP 200,000		283,588
7.750% due 09/15/23		$300,000		322,686
7.875% due 03/15/22 ~		400,000		405,500
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		120,000		147,707
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		879,244
2.159% due 09/15/29 ~		200,000		196,222
2.219% due 06/09/26 ~		200,000		202,024
2.824% due 01/26/41 ~		350,000		335,059
4.375% due 03/01/33 ~		250,000		271,391
4.705% due 01/10/25 ~		230,000		244,973
5.198% due 01/10/30 ~		200,000		232,891
Boston Properties LP REIT 4.500% due 12/01/28		500,000		564,003
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		291,204
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		70,000		69,742
2.500% due 08/16/31		25,000		24,492
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		120,859
Brown & Brown Inc 2.375% due 03/15/31		120,000		117,032
Capital One Financial Corp
2.618% due 11/02/32		55,000		54,912
3.800% due 01/31/28		100,000		108,956
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		204,295
Citigroup Inc
2.572% due 06/03/31		700,000		706,817
3.875% due 03/26/25		605,000		646,183

	Principal Amount		Value
3.878% due 01/24/39		$165,000		$187,971
4.075% due 04/23/29		150,000		165,553
4.400% due 06/10/25		170,000		185,291
4.412% due 03/31/31		975,000		1,114,628
5.300% due 05/06/44		52,000		68,009
5.500% due 09/13/25		1,110,000		1,256,447
5.950% due 01/30/23		300,000		309,750
5.950% due 05/15/25		90,000		96,525
6.675% due 09/13/43		70,000		105,695
8.125% due 07/15/39		220,000		372,591
Cooperatieve Rabobank UA (Netherlands) 4.375% due 08/04/25		920,000		997,395
Corporate Office Properties LP REIT 2.750% due 04/15/31		109,000		108,492
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		800,000		832,558
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		250,000		261,876
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		251,610
3.091% due 05/14/32 ~		250,000		254,652
3.869% due 01/12/29 ~		300,000		321,391
4.194% due 04/01/31 ~		670,000		739,694
4.282% due 01/09/28 ~		250,000		271,572
Crown Castle International Corp REIT 3.100% due 11/15/29		100,000		104,523
CyrusOne LP REIT 1.450% due 01/22/27		EUR 100,000		116,312
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		$200,000		200,178
5.375% due 01/12/24 ~		950,000		1,023,102
Deutsche Bank AG (Germany)
1.406% (USD LIBOR + 1.230%) due 02/27/23 §		300,000		301,585
2.129% due 11/24/26		215,000		214,732
2.311% due 11/16/27		300,000		300,043
2.625% due 12/16/24 ~		GBP 200,000		276,334
3.035% due 05/28/32		$300,000		302,562
3.961% due 11/26/25		300,000		317,008
Digital Realty Trust LP REIT 3.600% due 07/01/29		500,000		541,724
Diversified Healthcare Trust REIT 9.750% due 06/15/25		600,000		649,929
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		116,616
Equinix Inc REIT
2.000% due 05/15/28		109,000		107,065
2.900% due 11/18/26		150,000		155,499
F&G Global Funding 1.750% due 06/30/26 ~		45,000		44,765
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		216,133
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		200,000		189,482
Healthpeak Properties Inc REIT 2.125% due 12/01/28		79,000		79,175
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		212,248

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

72

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
HSBC Holdings PLC (United Kingdom)
2.871% due 11/22/32		$200,000		$201,880
4.041% due 03/13/28		300,000		324,512
4.950% due 03/31/30		600,000		704,738
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		905,089
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		778,500
International Lease Finance Corp 5.875% due 08/15/22		150,000		154,654
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		224,840
5.017% due 06/26/24 ~		370,000		396,705
JPMorgan Chase & Co
2.083% due 04/22/26		1,270,000		1,289,977
2.522% due 04/22/31		670,000		677,916
3.109% due 04/22/51		350,000		362,596
3.509% due 01/23/29		150,000		160,813
4.203% due 07/23/29		170,000		190,326
4.452% due 12/05/29		70,000		79,512
4.950% due 06/01/45		50,000		65,214
Jyske Realkredit AS (Denmark) 1.500% due 10/01/53		DKK 900,000		134,992
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		$30,000		40,139
Life Storage LP REIT 2.400% due 10/15/31		75,000		73,803
Lloyds Banking Group PLC (United Kingdom)
1.458% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		592,732
4.375% due 03/22/28		$900,000		1,010,457
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		180,092
Mastercard Inc 3.850% due 03/26/50		110,000		132,543
Mid-America Apartments LP REIT 3.600% due 06/01/27		205,000		221,471
Mizuho Financial Group Inc (Japan) 2.555% due 09/13/25		300,000		308,184
Morgan Stanley
2.188% due 04/28/26		430,000		438,766
2.699% due 01/22/31		80,000		81,932
3.622% due 04/01/31		880,000		959,913
3.737% due 04/24/24		100,000		103,485
3.772% due 01/24/29		10,000		10,890
4.431% due 01/23/30		10,000		11,406
4.457% due 04/22/39		150,000		180,262
5.000% due 11/24/25		840,000		941,214
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		960,093
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		214,254
NatWest Group PLC (United Kingdom) 4.445% due 05/08/30		200,000		224,839
NatWest Markets PLC (United Kingdom) 1.600% due 09/29/26 ~		200,000		196,840
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		39,450

	Principal Amount		Value
New York Life Insurance Co 3.750% due 05/15/50 ~		$150,000		$171,155
Nordea Bank Abp (Finland) 1.000% due 06/09/23 ~		200,000		200,685
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		49,536
Nykredit Realkredit AS (Denmark) 1.500% due 10/01/53 ~		DKK 1,200,000		177,647
Office Properties Income Trust REIT
2.400% due 02/01/27		$90,000		87,176
4.500% due 02/01/25		50,000		52,734
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		907,602
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		4,000		4,088
Physicians Realty LP REIT 2.625% due 11/01/31		30,000		29,997
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		19,778
Public Storage REIT
1.950% due 11/09/28		38,000		37,898
2.250% due 11/09/31		32,000		32,198
Realty Income Corp REIT
3.400% due 01/15/28		700,000		755,451
3.950% due 08/15/27		200,000		221,896
RGA Global Funding 2.000% due 11/30/26 ~		300,000		301,205
Royal Bank of Canada (Canada)
1.150% due 06/10/25		130,000		128,978
1.600% due 04/17/23		90,000		91,037
Sabra Health Care LP REIT 3.200% due 12/01/31		50,000		48,916
Safehold Operating Partnership LP REIT 2.850% due 01/15/32		96,000		94,213
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		734,996
4.500% due 07/17/25		330,000		357,527
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		235,058
Skandinaviska Enskilda Banken AB (Sweden) 5.625% due 05/13/22 ~		400,000		407,150
Societe Generale SA (France)
1.488% due 12/14/26 ~		300,000		292,348
1.792% due 06/09/27 ~		300,000		293,738
4.250% due 04/14/25 ~		200,000		213,003
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		842,243
Standard Chartered PLC (United Kingdom)
0.980% (SOFR + 0.930%) due 11/23/25 ~ §		300,000		300,216
1.456% due 01/14/27 ~		500,000		484,674
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		52,282
4.900% due 09/15/44 ~		40,000		51,511
6.850% due 12/16/39 ~		18,000		26,951
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		30,298

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

73

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
The Goldman Sachs Group Inc
1.217% due 12/06/23		$400,000		$401,104
1.948% due 10/21/27		50,000		49,803
2.383% due 07/21/32		80,000		78,834
3.200% due 02/23/23		60,000		61,550
3.850% due 07/08/24		160,000		169,383
4.017% due 10/31/38		120,000		137,485
4.223% due 05/01/29		470,000		522,508
4.250% due 10/21/25		1,845,000		2,013,949
5.150% due 05/22/45		420,000		547,492
6.250% due 02/01/41		290,000		422,385
The Norinchukin Bank (Japan) 2.080% due 09/22/31 ~		300,000		297,522
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		620,000		615,274
UBS Group AG (Switzerland)
1.494% due 08/10/27 ~		200,000		195,207
1.750% due 04/21/22 ~		200,000		200,639
3.491% due 05/23/23 ~		260,000		262,656
4.125% due 09/24/25 ~		480,000		518,690
7.000% due 01/31/24 ~		450,000		485,525
UDR Inc REIT
1.900% due 03/15/33		30,000		27,720
2.100% due 08/01/32		200,000		190,633
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		1,050,000		1,051,530
Visa Inc 3.150% due 12/14/25		80,000		85,435
4.300% due 12/14/45		290,000		365,713
Wells Fargo & Co
2.188% due 04/30/26		80,000		81,474
2.393% due 06/02/28		900,000		915,358
2.879% due 10/30/30		110,000		114,469
3.000% due 10/23/26		1,080,000		1,135,401
3.450% due 02/13/23		40,000		41,166
3.584% due 05/22/28		100,000		107,582
3.750% due 01/24/24		50,000		52,522
4.400% due 06/14/46		30,000		35,639
4.478% due 04/04/31		1,460,000		1,697,643
4.750% due 12/07/46		110,000		137,611
4.900% due 11/17/45		50,000		63,021
5.013% due 04/04/51		820,000		1,122,011
5.375% due 11/02/43		80,000		105,959
5.606% due 01/15/44		400,000		542,406
Westpac Banking Corp (Australia) 3.133% due 11/18/41		53,000		52,628
WP Carey Inc REIT
2.250% due 04/01/33		55,000		52,200
2.400% due 02/01/31		75,000		73,791
				70,688,256
Industrial - 1.7%
3M Co
2.375% due 08/26/29		60,000		61,610
3.050% due 04/15/30		10,000		10,734
3.700% due 04/15/50		330,000		387,834
Ball Corp 3.125% due 09/15/31		80,000		79,117
Carrier Global Corp
2.700% due 02/15/31		10,000		10,169

	Principal Amount		Value
2.722% due 02/15/30		$10,000		$10,223
3.577% due 04/05/50		10,000		10,662
CRH America Finance Inc (Ireland) 3.400% due 05/09/27 ~		300,000		320,430
CSX Corp 3.800% due 11/01/46		70,000		79,068
Deere & Co
3.100% due 04/15/30		20,000		21,578
3.750% due 04/15/50		60,000		71,056
Eaton Corp
2.750% due 11/02/22		130,000		132,453
4.150% due 11/02/42		80,000		93,737
Flex Ltd 4.875% due 05/12/30		800,000		913,250
General Dynamics Corp
3.500% due 05/15/25		10,000		10,669
4.250% due 04/01/40		10,000		12,234
4.250% due 04/01/50		30,000		38,357
General Electric Co 6.750% due 03/15/32		17,000		23,213
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		30,000		30,900
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		93,385
Kansas City Southern 4.700% due 05/01/48		47,000		58,786
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		76,453
5.054% due 04/27/45		40,000		52,655
Lockheed Martin Corp
3.100% due 01/15/23		20,000		20,370
3.550% due 01/15/26		70,000		75,843
4.500% due 05/15/36		30,000		36,715
Masco Corp 2.000% due 10/01/30		125,000		120,148
Norfolk Southern Corp 3.050% due 05/15/50		80,000		81,728
Northrop Grumman Corp
2.930% due 01/15/25		40,000		41,696
3.250% due 01/15/28		480,000		514,139
5.250% due 05/01/50		180,000		252,775
Otis Worldwide Corp
2.056% due 04/05/25		30,000		30,522
3.112% due 02/15/40		85,000		87,374
Raytheon Technologies Corp
3.750% due 11/01/46		95,000		106,109
3.950% due 08/16/25		60,000		65,111
4.125% due 11/16/28		290,000		324,667
4.500% due 06/01/42		60,000		74,340
Republic Services Inc 2.500% due 08/15/24		50,000		51,484
TD SYNNEX Corp 2.650% due 08/09/31 ~		400,000		385,061
Textron Inc 2.450% due 03/15/31		700,000		688,847
The Boeing Co
1.433% due 02/04/24		90,000		89,904
2.196% due 02/04/26		70,000		70,040
2.700% due 02/01/27		410,000		417,178

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

74

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
2.800% due 03/01/27		$30,000		$30,635
3.100% due 05/01/26		465,000		485,012
3.200% due 03/01/29		90,000		92,716
3.250% due 02/01/35		290,000		292,696
3.550% due 03/01/38		20,000		20,419
3.750% due 02/01/50		600,000		625,264
5.150% due 05/01/30		1,100,000		1,282,660
Union Pacific Corp
2.150% due 02/05/27		50,000		51,384
2.400% due 02/05/30		230,000		234,649
3.750% due 07/15/25		120,000		129,734
3.750% due 02/05/70		70,000		79,593
3.839% due 03/20/60		180,000		212,614
				9,670,000
Technology - 1.5%
Activision Blizzard Inc 1.350% due 09/15/30		58,000		53,566
Analog Devices Inc 2.800% due 10/01/41		55,000		55,738
Apple Inc
2.450% due 08/04/26		250,000		261,339
3.450% due 02/09/45		140,000		156,608
Broadcom Inc
2.450% due 02/15/31 ~		500,000		490,787
3.137% due 11/15/35 ~		1,230,000		1,238,652
3.187% due 11/15/36 ~		26,000		25,994
3.469% due 04/15/34 ~		300,000		314,398
4.150% due 11/15/30		494,000		548,314
CGI Inc (Canada)
1.450% due 09/14/26 ~		300,000		293,678
2.300% due 09/14/31 ~		90,000		86,804
Dell International LLC 6.200% due 07/15/30		200,000		252,645
Fiserv Inc 2.650% due 06/01/30		300,000		304,757
Intel Corp
1.600% due 08/12/28		130,000		128,528
3.050% due 08/12/51		60,000		61,487
3.700% due 07/29/25		50,000		53,995
4.750% due 03/25/50		90,000		120,147
KLA Corp 3.300% due 03/01/50		50,000		53,569
Leidos Inc 2.300% due 02/15/31		35,000		33,754
Microchip Technology Inc
0.972% due 02/15/24		120,000		119,006
0.983% due 09/01/24 ~		90,000		88,399
Micron Technology Inc 2.703% due 04/15/32		300,000		300,858
Microsoft Corp
2.525% due 06/01/50		510,000		498,780
2.675% due 06/01/60		5,000		5,001
2.921% due 03/17/52		10,000		10,645
3.041% due 03/17/62		25,000		26,825
3.300% due 02/06/27		200,000		218,092
3.450% due 08/08/36		10,000		11,530
NVIDIA Corp
2.850% due 04/01/30		30,000		31,897
3.500% due 04/01/40		70,000		78,823

	Principal Amount		Value
3.500% due 04/01/50		$570,000		$651,329
3.700% due 04/01/60		40,000		47,958
NXP BV (China)
2.500% due 05/11/31 ~		85,000		85,299
3.250% due 05/11/41 ~		90,000		93,195
Oracle Corp
1.650% due 03/25/26		310,000		307,866
2.875% due 03/25/31		340,000		342,434
Roper Technologies Inc 1.750% due 02/15/31		100,000		94,023
Texas Instruments Inc 1.750% due 05/04/30		20,000		19,635
VMware Inc
1.400% due 08/15/26		100,000		98,382
4.700% due 05/15/30		165,000		192,243
Xilinx Inc 2.375% due 06/01/30		153,000		155,130
				8,012,110
Utilities - 1.5%
Alabama Power Co 1.450% due 09/15/30		400,000		374,279
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		200,771
Appalachian Power Co 4.500% due 03/01/49		40,000		48,197
Atmos Energy Corp 2.850% due 02/15/52		60,000		58,460
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		96,484
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		21,532
3.950% due 04/01/50		10,000		11,455
Consumers Energy Co 3.250% due 08/15/46		45,000		47,797
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		79,133
Duke Energy Corp 3.400% due 06/15/29		185,000		196,402
Duke Energy Florida LLC 2.400% due 12/15/31		300,000		303,978
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		21,654
Edison International 5.750% due 06/15/27		70,000		79,867
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		118,088
Enel Finance International NV (Italy)
1.375% due 07/12/26 ~		300,000		292,449
2.250% due 07/12/31 ~		300,000		290,494
Entergy Arkansas LLC
2.650% due 06/15/51		45,000		41,941
3.050% due 06/01/23		300,000		307,532
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		49,131
Evergy Inc 2.900% due 09/15/29		130,000		133,203
Exelon Generation Co LLC 3.250% due 06/01/25		300,000		314,566

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

75

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
FirstEnergy Corp 7.375% due 11/15/31		$490,000		$662,431
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		140,624
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		46,373
ITC Holdings Corp 2.950% due 05/14/30 ~		65,000		66,459
New York State Electric & Gas Corp 2.150% due 10/01/31 ~		300,000		293,911
NextEra Energy Capital Holdings Inc 1.900% due 06/15/28		300,000		297,068
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		80,588
2.450% due 12/02/27 ~		90,000		89,254
OGE Energy Corp 0.703% due 05/26/23		35,000		34,851
Oklahoma Gas and Electric Co 0.553% due 05/26/23		45,000		44,718
Pacific Gas and Electric Co
1.367% due 03/10/23		85,000		84,492
1.700% due 11/15/23		345,000		345,959
1.750% due 06/16/22		80,000		80,001
2.100% due 08/01/27		20,000		19,325
2.500% due 02/01/31		30,000		28,612
2.950% due 03/01/26		50,000		50,904
3.150% due 01/01/26		200,000		204,623
3.300% due 08/01/40		10,000		9,290
3.450% due 07/01/25		85,000		88,234
3.500% due 08/01/50		20,000		18,577
3.750% due 02/15/24		600,000		622,482
3.750% due 08/15/42		33,000		30,855
PacifiCorp 4.150% due 02/15/50		80,000		94,885
Southern California Edison Co
1.200% due 02/01/26		95,000		93,180
3.700% due 08/01/25		300,000		320,557
4.125% due 03/01/48		60,000		67,463
Southern Power Co 5.150% due 09/15/41		70,000		85,894
Virginia Electric and Power Co 6.350% due 11/30/37		160,000		228,074
WEC Energy Group Inc 1.800% due 10/15/30		800,000		756,221
				8,073,318
Total Corporate Bonds & Notes (Cost $190,447,403)				194,666,893
CONVERTIBLE CORPORATE BONDS & NOTES - 0.0%
Financial - 0.0%
CBL & Associates HoldCo II LLC REIT 7.000% due 11/15/28		39,327		75,209
Total Convertible Corporate Bonds & Notes (Cost $39,327)		39,327		75,209
SENIOR LOAN NOTES - 3.3%
Basic Materials - 0.0%
Asplundh Tree Expert LLC Term B 1.854% (USD LIBOR + 1.750%) due 09/04/27 §		217,695		216,996
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		79,600		79,550
				296,546

	Principal Amount		Value
Communications - 0.4%
Altice France SA Term B-12 (France) 3.811% (USD LIBOR + 3.688%) due 01/31/26 §		$239,095		$237,003
Charter Communications Operating LLC
Term B-1 1.860% (USD LIBOR + 1.750%) due 04/30/25 §		215,184		214,964
Term B-2 1.850% (USD LIBOR + 1.750%) due 02/01/27 §		198,227		196,579
CSC Holdings LLC
Term B 2.360% (USD LIBOR + 2.250%) due 01/15/26 §		49,744		49,192
Term B-5 2.610% (USD LIBOR + 2.500%) due 04/15/27 §		29,475		29,156
Delta Topco Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		39,800		39,887
Go Daddy Operating Co LLC Term B-2 1.854% (USD LIBOR + 1.750%) due 02/15/24 §		49,309		49,124
iHeartCommunications Inc Term B 3.104% (USD LIBOR + 3.000%) due 05/01/26 §		226,906		225,710
Level 3 Financing Inc Term B 1.854% (USD LIBOR + 1.750%) due 03/01/27 §		183,972		181,788
Nexstar Media Inc Term B-4 2.599% (USD LIBOR + 2.500%) due 09/19/26 §		233,922		233,734
Terrier Media Buyer Inc Term B 3.604% (USD LIBOR + 3.500%) due 12/17/26 §		247,500		246,727
Univision Communications Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/24/26 §		137,301		137,730
Virgin Media Bristol LLC Term N 2.610% (USD LIBOR + 2.500%) due 01/31/28 §		220,000		218,090
Zayo Group Holdings Inc Term B 3.104% (USD LIBOR + 3.000%) due 03/09/27 §		100,000		98,771
Ziggo Financing Partnership Term I (Netherlands) 2.610% (USD LIBOR + 2.500%) due 04/30/28 §		99,750		98,815
				2,257,270
Consumer, Cyclical - 0.8%
Air Canada Term B (Canada) 4.250% (USD LIBOR + 3.500%) due 08/11/28 §		110,000		110,092
Alterra Mountain Co Term B 4.000% (USD LIBOR + 3.500%) due 08/17/28 §		77,785		77,817

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

76

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Caesars Resort Collection LLC
3.604% (USD LIBOR + 3.500%) due 07/20/25 §		$69,125		$69,238
Term B 2.854% (USD LIBOR + 2.750%) due 12/22/24 §		753,322		750,403
Clarios Global LP Term B 3.354% (USD LIBOR + 3.250%) due 04/30/26 §		163,011		162,281
Four Seasons Hotels Ltd Term B (Canada) 2.104% (USD LIBOR + 2.000%) due 11/30/23 §		98,070		97,831
Great Outdoors Group LLC Term B-1 4.500% (USD LIBOR + 3.750%) due 03/05/28 §		49,501		49,617
GVC Holdings Gibraltar Ltd Term B-4 (United Kingdom) 3.000% (USD LIBOR + 2.500%) due 03/16/27 §		69,650		69,585
Harbor Freight Tools USA Inc Term B 3.250% (USD LIBOR + 2.750%) due 10/19/27 §		118,899		118,797
Hilton Worldwide Finance LLC Term B-2 1.852% (USD LIBOR + 1.750%) due 06/21/26 §		240,000		238,334
IRB Holding Corp Term B 3.750% (USD LIBOR + 2.750%) due 02/05/25 §		248,072		247,986
Nascar Holdings LLC Term B 2.604% (USD LIBOR + 2.500%) due 10/18/26 §		194,091		194,031
PCI Gaming Authority Term B 2.604% (USD LIBOR + 2.500%) due 05/31/26 §		32,362		32,278
Petco Health & Wellness Co Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/04/28 §		153,238		153,285
PetSmart LLC Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		249,375		250,206
Pilot Travel Centers LLC Term B 2.090% (USD LIBOR + 2.000%) due 08/06/28 §		488,775		486,467
Restaurant Brands International Inc Term B (Canada) 1.854% (USD LIBOR + 1.750%) due 11/19/26 §		196,000		194,040
Scientific Games International Inc Term B-5 2.854% (USD LIBOR + 2.750%) due 08/14/24 §		339,038		338,254
Station Casinos LLC Term B-1 2.500% (USD LIBOR + 2.250%) due 02/08/27 §		119,054		118,154
The Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		89,475		88,759
UFC Holdings LLC Term B-3 3.500% (USD LIBOR + 2.750%) due 04/29/26 §		236,326		235,932

	Principal Amount		Value
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		$218,350		$219,563
Whatabrands LLC Term B 3.750% (USD LIBOR + 3.250%) due 08/03/28 §		300,000		299,375
				4,602,325
Consumer, Non-Cyclical - 1.0%
AlixPartners LLP Term B 3.250% (USD LIBOR + 2.750%) due 02/04/28 §		248,125		247,253
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		296,161		295,359
APi Group DE Inc Term B 2.601% (USD LIBOR + 2.500%) due 10/01/26 §		229,535		229,344
Bausch Health Americas Inc Term B
2.854% (USD LIBOR + 2.750%) due 11/27/25 §		211,054		209,966
3.104% (USD LIBOR + 3.000%) due 06/01/25 §		205,880		205,223
Belron Finance US LLC Term B 2.438% (USD LIBOR + 2.250%) due 11/13/25 §		347,315		345,795
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		211,379		211,405
Eyecare Partners LLC 3.974% (USD LIBOR + 3.750%) due 02/20/27 §		49,199		48,926
Froneri US Inc Term B (United Kingdom) 2.354% (USD LIBOR + 2.250%) due 01/31/27 §		207,592		205,092
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		188,323		189,088
Garda World Security Corp Term B (Canada) 4.360% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		34,353
Global Medical Response Inc Term B 5.250% (USD LIBOR + 4.750%) due 10/02/25 §		329,809		328,738
Grifols Worldwide Operations USA Inc Term B (Spain) 2.104% (USD LIBOR + 2.000%) due 11/15/27 §		204,277		201,574
Horizon Therapeutics USA Inc Term B-2 2.250% (USD LIBOR + 1.750%) due 03/15/28 §		233,238		232,752
ICON Luxembourg SARL Term B (Luxembourg) 2.750% (USD LIBOR + 2.250%) due 07/01/28 §		203,270		203,566
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 05/05/28 §		308,450		310,075

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

77

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
LifePoint Health Inc Term B 3.852% (USD LIBOR + 3.750%) due 11/16/25 §		$183,232		$183,300
Mozart Borrower LP Term B 3.750% (USD LIBOR + 3.250%) due 10/21/28 §		270,000		270,084
Phoenix Guarantor Inc Term B
3.354% (USD LIBOR + 3.250%) due 03/05/26 §		223,020		221,985
3.604% (USD LIBOR + 3.500%) due 03/05/26 §		79,400		79,031
Phoenix Newco Inc 4.000% (USD LIBOR + 3.500%) due 11/15/28 §		70,000		70,091
PRA Health Sciences Inc Term B 2.500% (USD LIBOR + 2.250%) due 07/01/28 §		50,645		50,719
Prime Security Services Borrower LLC Term B-1 3.500% (USD LIBOR + 2.750%) due 09/23/26 §		250,737		250,780
Reynolds Consumer Products LLC Term B 1.854% (USD LIBOR + 1.750%) due 02/04/27 §		195,414		194,571
Sotera Health Holdings LLC 3.250% (USD LIBOR + 2.750%) due 12/13/26 §		190,000		189,564
Triton Water Holdings Inc Term B 4.000% (USD LIBOR + 3.500%) due 03/31/28 §		228,850		226,633
Verscend Holding Corp Term B 4.104% (USD LIBOR + 4.000%) due 08/27/25 §		109,196		109,310
				5,344,577
Diversified - 0.0%
First Eagle Holdings Inc Term B 2.724% (USD LIBOR + 2.500%) due 02/02/27 §		28,197		27,942
Financial - 0.5%
AmWINS Group Inc Term B 3.000% (USD LIBOR + 2.250%) due 02/19/28 §		217,801		216,424
Asurion LLC
Term B-7 3.104% (USD LIBOR + 3.000%) due 11/03/24 §		216,400		215,678
Term B-8 3.354% (USD LIBOR + 3.250%) due 12/23/26 §		247,524		246,106
Term B-9 3.354% (USD LIBOR + 3.250%) due 07/31/27 §		59,550		59,234
Avolon (US) LLC Term B-5 (Ireland) 2.750% (USD LIBOR + 2.250%) due 12/01/27 §		49,500		49,631

	Principal Amount		Value
Castlelake Aviation One DAC Term B 3.250% (USD LIBOR + 2.750%) due 10/22/26 §		$319,200		$318,336
Citadel Securities LP Term B 2.604% (USD LIBOR + 2.500%) due 02/02/28 §		232,865		231,701
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		227,045		227,592
FleetCor Technologies Operating Co LLC Term B 1.854% (USD LIBOR + 1.750%) due 04/30/28 §		129,350		128,024
Focus Financial Partners LLC Term B-3 2.104% (USD LIBOR + 2.000%) due 07/03/24 §		78,104		77,567
Hudson River Trading LLC Term B 3.104% (USD LIBOR + 3.000%) due 03/18/28 §		69,475		69,084
Jane Street Group LLC Term B 2.854% (USD LIBOR + 2.750%) due 01/26/28 §		197,062		195,913
Setanta Aircraft Leasing DAC Term B (Ireland) 2.140% (USD LIBOR + 2.000%) due 11/05/28 §		270,000		270,295
The Edelman Financial Engines Center LLC Term B 4.250% (USD LIBOR + 3.500%) due 04/07/28 §		58,357		58,385
VFH Parent LLC 3.089% (USD LIBOR + 3.000%) due 03/01/26 §		183,559		183,416
Zebra Buyer LLC Term B 3.750% (USD LIBOR + 3.250%) due 11/02/28 §		129,000		129,380
				2,676,766
Industrial - 0.3%
Ali Group North America Corp Term B due 12/20/28 ¥		240,000		238,875
Berry Global Inc Term Z 1.864% (USD LIBOR + 1.750%) due 07/01/26 §		104,552		104,002
Brookfield WEC Holdings Inc 3.250% (USD LIBOR + 2.750%) due 08/01/25 §		39,600		39,398
Brown Group Holding LLC Term B due 06/07/28 ¥		149,599		149,505
Energizer Holdings Inc 2.750% (USD LIBOR + 2.250%) due 12/22/27 §		39,700		39,667
Genesee & Wyoming Inc 2.224% (USD LIBOR + 2.000%) due 12/30/26 §		340,410		338,740
II-VI Inc Term B due 12/08/28 ¥		200,000		200,042
Quikrete Holdings Inc
Term B 2.604% (USD LIBOR + 2.500%) due 01/31/27 §		247,475		245,000

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

78

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Term B-1 due 06/11/28 ¥		$120,000		$119,781
TransDigm Inc Term F 2.354% (USD LIBOR + 2.250%) due 12/09/25 §		9,899		9,778
XPO Logistics Inc Term B 1.853% (USD LIBOR + 1.750%) due 02/23/25 §		215,000		214,278
				1,699,066
Technology - 0.3%
athenahealth Inc Term B-1 4.400% (USD LIBOR + 4.250%) due 02/11/26 §		175,622		175,731
Cloudera Inc Term B 4.250% (USD LIBOR + 3.750%) due 10/08/28 §		90,000		89,794
Dcert Buyer Inc 4.104% (USD LIBOR + 4.000%) due 10/16/26 §		206,622		206,696
Magenta Buyer LLC 5.750% (USD LIBOR + 5.000%) due 07/27/28 §		399,000		398,833
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		178,650		179,049
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		99,501		98,891
RealPage Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		269,325		268,854
				1,417,848
Total Senior Loan Notes (Cost $18,318,491)				18,322,340
MORTGAGE-BACKED SECURITIES - 24.7%
Collateralized Mortgage Obligations - Commercial - 4.1%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		956,987
ACRE Commercial Mortgage Ltd (Cayman)
0.934% (USD LIBOR + 0.830%) due 12/18/37 ~ §		360,778		360,408
1.504% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		179,810
AREIT Trust 2.784% (SOFR + 2.734%) due 04/15/37 ~ §		162,068		162,284
Ashford Hospitality Trust 1.110% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		601,042
BAMLL Re-REMIC Trust
2.267% due 11/26/47 ~ §		190,000		186,785
5.830% due 08/10/45 ~ §		1,624,540		605,141
BBCMS Trust (IO) 1.308% due 07/15/54 §		1,945,527		184,193
Benchmark Mortgage Trust 2.669% due 12/15/54		150,000		155,867

	Principal Amount		Value
Benchmark Mortgage Trust (IO) 1.128% due 08/15/57 §		$2,151,858		$143,666
1.623% due 10/15/53 §		1,633,971		166,518
BPR Trust 1.360% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		320,259
BX Commercial Mortgage Trust
0.910% (USD LIBOR + 0.800%) due 12/15/36 ~ §		325,666		325,776
2.061% (USD LIBOR + 1.951%) due 03/15/37 ~ §		609,774		609,461
2.160% (USD LIBOR + 2.050%) due 11/15/35 ~ §		98,000		97,894
3.549% due 03/11/44 ~ §		230,000		229,923
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		750,210
Cold Storage Trust 1.010% (USD LIBOR + 0.900%) due 11/15/37 ~ §		570,135		570,336
Commercial Mortgage Trust
2.321% due 01/10/38 ~ §		300,000		292,033
3.545% due 02/10/36 ~		1,000,000		1,057,350
4.306% due 02/10/48 §		90,000		90,353
CSMC Trust
2.257% due 08/15/37 ~		1,000,000		1,008,998
4.024% (USD LIBOR + 3.024%) due 12/15/22 ~ §		430,000		430,600
4.139% (USD LIBOR + 3.739%) due 09/16/25 ~ §		560,000		560,612
4.373% due 09/15/37 ~		830,000		682,890
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		992,696
DBUBS Mortgage Trust 5.365% due 08/10/44 ~ §		58,663		58,810
Fannie Mae
3.273% due 02/25/29		30,000		32,946
3.610% due 02/25/31		70,000		79,244
3.700% due 01/25/36		100,000		113,994
Fannie Mae (IO) 2.251% due 01/25/31 §		5,000,000		666,425
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.195% due 11/25/30 §		3,235,000		311,544
1.211% due 10/25/30 §		2,700,000		262,909
1.364% due 12/25/29		1,490,000		126,465
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		397,348
Freddie Mac Multifamily Structured Credit Risk 1.850% (SOFR + 1.800%) due 07/25/41 ~ §		375,448		369,060
Freddie Mac Multifamily WI Certificates 1.981% due 02/25/32		400,000		401,849
FREMF Mortgage Trust
2.244% (USD LIBOR + 2.150%) due 01/25/26 ~ §		147,632		147,309
3.576% due 01/25/26 ~ §		350,000		354,133
3.878% due 01/25/50 ~ §		415,000		448,163
3.934% due 12/25/46 ~ §		300,000		311,566

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

79

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
FRR Re-REMIC Trust 0.422% due 10/27/46 ~		$100,000		$97,339
Government National Mortgage Association 2.768% due 11/16/47 §		51,545		52,757
Government National Mortgage Association (IO)
0.354% due 01/16/53 §		4,174,628		47,454
0.525% due 04/16/47 §		2,550,030		42,749
GS Mortgage Securities Trust
1.260% (USD LIBOR + 1.150%) due 05/15/26 ~ §		570,000		567,787
1.660% (USD LIBOR + 1.550%) due 09/15/31 ~ §		1,074,102		979,985
JP Morgan Chase Commercial Mortgage Securities Trust
3.108% (USD LIBOR + 3.000%) due 01/16/37 ~ §		221,787		216,739
4.108% (USD LIBOR + 4.000%) due 01/16/37 ~ §		255,000		245,868
4.360% (USD LIBOR + 4.250%) due 12/15/36 ~ §		280,000		255,472
6.860% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		241,161
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		187,062
MF1 Ltd (Cayman) 2.214% (SOFR + 2.164%) due 07/15/35 ~ §		494,284		498,733
MHC Trust 0.960% (USD LIBOR + 0.850%) due 05/15/23 ~ §		620,000		617,600
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		22,860		11,198
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		402,659
PFP Ltd (Cayman) 1.508% (USD LIBOR + 1.400%) due 04/14/38 ~ §		261,987		260,525
SLG Office Trust 2.585% due 07/15/41 ~		235,000		241,078
VASA Trust 1.010% (USD LIBOR + 0.900%) due 07/15/39 ~ §		610,000		608,340
VLS Commercial Mortgage Trust 2.453% due 10/10/42 ~		390,000		386,808
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		83,274		84,460
Wells Fargo Commercial Mortgage Trust 1.260% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		200,628
Wells Fargo Commercial Mortgage Trust (IO)
1.179% due 03/15/50 §		4,094,949		213,816
1.557% due 08/15/54 §		1,297,453		150,565
WFRBS Commercial Mortgage Trust 3.841% due 06/15/46 §		240,000		244,288
				22,658,928
Collateralized Mortgage Obligations - Residential - 6.8%
Alternative Loan Trust
0.442% (USD LIBOR + 0.340%) due 07/25/46 ± § W		2,080		—

	Principal Amount		Value
0.522% (USD LIBOR + 0.420%) due 05/25/35 §		$186,341		$183,136
2.608% due 06/25/37 §		51,729		47,406
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,326,285		308,963
Anchor Mortgage Trust 2.600% due 10/25/26 ~		340,000		340,037
Banc of America Funding Trust 2.787% due 05/25/35 §		9,961		10,290
Bayview Financing Trust 3.084% (USD LIBOR + 3.000%) due 11/10/22 ~ §		228,662		229,979
BCAP LLC Trust
0.492% due 03/28/37 ~ §		949,405		945,241
4.769% due 03/26/37 ~		20,780		21,507
Bear Stearns Adjustable Rate Mortgage Trust
2.504% due 08/25/33 §		13,267		13,361
2.588% due 01/25/35 §		139,508		147,149
2.811% due 10/25/36 §		3,394		3,345
Bear Stearns ALT-A Trust
2.603% due 05/25/35 §		10,168		10,246
2.889% due 11/25/36 §		39,369		25,618
BVRT Financing Trust 1.863% (USD LIBOR + 1.750%) due 11/10/32 ~ ± §		7,984		7,984
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		285,451
CFMT LLC 1.374% due 02/25/31 ~ §		665,000		657,492
Chase Mortgage Finance Trust
2.326% due 02/25/37 §		98,360		100,477
2.780% due 09/25/36 §		38,283		35,713
ChaseFlex Trust 0.402% (USD LIBOR + 0.300%) due 08/25/37 §		238,118		224,048
Chevy Chase Funding LLC
0.352% (USD LIBOR + 0.250%) due 08/25/35 ~ §		9,296		9,253
0.645% due 05/25/35 ~ §		630,817		569,417
Citigroup Mortgage Loan Trust Inc 2.210% (US Treasury + 2.150%) due 09/25/35 §		3,741		3,926
Countrywide Home Loan Mortgage Pass-Through Trust 0.742% (USD LIBOR + 0.640%) due 03/25/35 §		6,377		6,280
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		29,370		27,412
CSMC Trust
1.538% due 02/25/66 ~ §		434,369		429,966
1.668% due 09/27/60 ~ §		571,152		566,927
1.852% (USD LIBOR + 1.750%) due 07/25/47 ~ §		159,082		159,781
2.000% due 01/25/60 ~ §		493,576		496,521
Downey Saving & Loan Association Mortgage Loan Trust 0.284% (USD LIBOR + 0.180%) due 04/19/47 §		70,123		81,549

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

80

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Eurosail-UK PLC (United Kingdom) 1.045% (GBP LIBOR + 0.950%) due 06/13/45 ~ §	GBP	460,985		$622,680
Fannie Mae
1.625% (US PRIME - 1.625%) due 11/25/23 §		$17,802		17,827
3.500% due 11/25/57		909,483		952,736
5.500% due 04/25/35		266,431		302,314
Fannie Mae (IO)
2.500% due 01/25/49		892,808		119,050
4.000% due 03/25/43		140,645		15,490
4.000% due 04/25/43		498,915		51,255
5.898% (6.000% - USD LIBOR) due 11/25/45 §		1,013,552		190,987
5.998% (6.100% - USD LIBOR) due 09/25/46 §		281,664		39,890
Fannie Mae Connecticut Avenue Securities 4.102% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		469,035
FMC GMSR Issuer Trust
3.620% due 07/25/26 ~ §		300,000		298,204
3.650% due 02/25/24 ~ §		630,000		635,296
3.850% due 10/25/26 ~ §		210,000		208,613
4.450% due 01/25/26 ~ §		500,000		502,044
Freddie Mac (IO)
2.000% due 10/25/50		92,327		11,762
2.500% due 05/25/49		295,185		40,033
2.500% due 09/25/50		88,975		12,953
3.500% due 04/15/43		160,023		18,762
4.000% due 04/15/43		73,557		1,895
5.990% (6.100% - USD LIBOR) due 08/15/44 §		138,847		24,294
Freddie Mac REMICS
3.000% due 08/15/48		63,730		65,754
8.000% due 04/15/30		44,383		51,446
Freddie Mac REMICS (IO) 2.500% due 09/25/50		75,035		9,639
Freddie Mac Structured Agency Credit Risk Debt Notes
2.350% (SOFR + 2.300%) due 08/25/33 ~ §		620,000		631,952
2.403% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		160,198
3.253% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,136,019
4.103% (USD LIBOR + 4.000%) due 08/25/24 §		106,953		108,972
Government National Mortgage Association
0.381% (USD LIBOR + 0.300%) due 05/20/68 §		282,133		281,751
0.554% (USD LIBOR + 0.450%) due 07/20/70 §		291,685		293,652
0.581% (USD LIBOR + 0.500%) due 06/20/69 §		155,464		156,261
0.681% (USD LIBOR + 0.600%) due 07/20/65 §		633,234		637,710
0.881% (USD LIBOR + 0.800%) due 06/20/66 §		516,140		522,749

	Principal Amount		Value
0.881% (USD LIBOR + 0.800%) due 07/20/66 §		$867,132		$877,513
1.029% (USD LIBOR + 0.750%) due 04/20/67 §		515,059		519,180
1.384% (USD LIBOR + 1.280%) due 01/20/71 §		975,998		1,031,385
1.384% (USD LIBOR + 1.280%) due 02/20/71 §		679,227		718,447
2.793% due 09/20/66 §		626,876		661,969
Government National Mortgage Association (IO)
0.610% due 03/20/71 §		10,664,258		555,640
2.500% due 08/20/50		181,158		23,697
2.500% due 09/20/50		92,694		12,796
2.500% due 10/20/50		185,037		24,494
4.000% due 11/20/44		426,270		63,302
4.500% due 11/16/45		172,956		30,542
5.993% (6.100% - USD LIBOR) due 10/16/46 §		168,144		43,802
6.046% (6.150% - USD LIBOR) due 02/20/46 §		896,160		178,386
Great Hall Mortgages PLC (United Kingdom) 0.344% (USD LIBOR + 0.130%) due 06/18/39 ~ §		168,948		166,582
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		609,857
GSR Mortgage Loan Trust
6.000% due 11/25/35		402,437		248,763
6.000% due 07/25/37		205,217		173,666
HarborView Mortgage Loan Trust
0.262% (USD LIBOR + 0.320%) due 05/25/38 §		190,521		172,597
0.444% (USD LIBOR + 0.340%) due 12/19/36 §		120,570		113,110
0.544% (USD LIBOR + 0.440%) due 05/19/35 §		168,477		162,825
2.598% due 02/25/36 §		36,594		15,874
3.004% due 08/19/36 §		84,933		83,385
Hawksmoor Mortgages (United Kingdom) 1.100% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 1,000,838		1,358,589
JP Morgan Mortgage Trust
2.301% due 07/25/35 §		$15,056		15,702
3.500% due 10/25/48 ~ §		264,955		267,061
5.750% due 01/25/36		10,850		6,934
Ludgate Funding PLC (United Kingdom) 0.638% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 400,166		520,201
Merrill Lynch Mortgage Investors Trust 2.151% due 11/25/35 §		$178,630		179,732
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		558,354		576,845
Morgan Stanley Resecuritization Trust 0.794% (US FED + 0.710%) due 12/27/46 ~ §		1,655,848		1,512,046
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		103,905		104,333
3.500% due 12/25/57 ~ §		536,464		548,761
Nomura Resecuritization Trust 5.900% due 06/26/35 ~ §		1,840,400		1,828,247

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

81

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
OBX Trust 0.752% (USD LIBOR + 0.650%) due 06/25/57 ~ §		$551,251		$552,335
PRPM LLC 2.115% due 01/25/26 ~ §		313,068		311,418
Radnor RE Ltd (Bermuda) 2.750% (SOFR + 2.700%) due 12/27/33 ~ §		590,000		583,074
RALI Trust 6.000% due 03/25/37		672,719		658,841
Reperforming Loan REMIC Trust
0.442% (USD LIBOR + 0.340%) due 06/25/35 ~ §		20,428		19,819
0.442% (USD LIBOR + 0.340%) due 01/25/36 ~ §		117,839		116,246
Ripon Mortgages PLC (United Kingdom) 0.914% (GBP LIBOR + 0.800%) due 08/20/56 ~ §		GBP 560,851		759,619
Seasoned Credit Risk Transfer Trust
3.500% due 05/25/57		$303,506		318,850
3.500% due 06/25/57		316,936		333,561
4.250% due 09/25/60 ~		620,000		633,843
Towd Point Mortgage Funding PLC (United Kingdom)
0.950% (SONIA + 0.900%) due 05/20/45 ~ §		GBP 1,157,442		1,571,401
0.950% (SONIA + 0.900%) due 07/20/45 ~ §		1,210,545		1,642,307
1.236% (GBP LIBOR + 1.025%) due 10/20/51 ~ §		846,983		1,154,954
Two 3.100% (USD LIBOR + 3.000%) due 03/25/22 ~ §		$500,000		504,250
WaMu Mortgage Pass-Through Certificates Trust 3.051% due 02/25/37 §		92,371		91,676
ZH Trust 2.253% due 02/18/27 ~		200,000		197,436
				37,395,591
Fannie Mae - 9.6%
due 01/01/52 - 03/01/52 #		5,000,000		5,177,085
due 02/01/52 #		6,630,000		6,747,870
due 02/01/52 #		7,900,000		7,858,687
0.970% due 07/01/27		1,181,969		1,143,025
1.090% due 04/01/28		506,000		489,224
1.275% due 04/01/30		738,986		712,774
1.283% (US FED + 1.200%) due 10/01/44 §		5,328		5,451
1.370% due 03/01/30		660,000		640,973
1.410% due 12/01/30		1,210,000		1,173,521
1.440% due 01/01/31		1,142,000		1,113,691
1.460% due 12/01/30		715,000		696,429
1.560% due 01/01/31		500,000		491,018
1.757% (USD LIBOR + 1.507%) due 11/01/32 §		23,964		24,074
1.870% due 05/01/31		350,000		351,602
2.000% due 12/01/41 - 11/01/51		3,105,900		3,111,097
2.043% (US Treasury + 2.043%) due 09/01/35 §		6,917		6,985

	Principal Amount		Value
2.140% due 12/01/33		$250,000		$254,934
2.160% due 12/01/33		300,000		306,514
2.310% due 08/01/22		476,357		477,706
2.423% (US Treasury + 2.360%) due 11/01/34 §		16,041		17,025
2.500% due 09/01/36 - 12/01/51		3,735,438		3,849,238
2.550% due 10/01/30		160,000		169,301
2.790% due 08/01/29		100,000		107,252
2.810% due 04/01/25		30,000		31,326
3.000% due 09/01/28 - 07/01/60		4,939,938		5,187,043
3.160% due 05/01/29		38,654		42,279
3.500% due 12/01/34 - 03/01/60		4,819,705		5,165,689
3.610% due 01/01/37		470,006		526,550
4.000% due 06/01/25 - 06/01/57		3,023,897		3,252,296
4.026% (US FED + 1.926%) due 12/01/36 §		1,003		1,073
4.500% due 06/01/24 - 09/01/57		1,761,502		1,911,822
5.000% due 02/01/35 - 01/01/59		419,926		477,830
5.500% due 04/01/22 - 05/01/58		1,288,079		1,476,898
6.000% due 02/01/33 - 07/01/41		149,860		172,186
				53,170,468
Freddie Mac - 1.9%
1.595% (USD LIBOR + 1.345%) due 09/01/35 §		2,986		3,102
1.980% (USD LIBOR + 1.729%) due 06/01/35 §		24,688		25,963
2.000% due 09/01/41 - 12/01/51		3,192,567		3,200,162
2.120% (USD LIBOR + 1.870%) due 09/01/35 §		6,004		6,019
2.345% (US Treasury + 2.250%) due 11/01/31 §		914		919
2.375% (US Treasury + 2.250%) due 04/01/32 §		5,829		5,867
2.500% due 12/01/50 - 08/01/51		1,235,962		1,269,877
2.875% (USD LIBOR + 1.620%) due 11/01/47 §		168,933		174,533
3.000% due 09/01/32 - 09/01/51		1,628,319		1,705,815
3.016% (USD LIBOR + 1.628%) due 11/01/48 §		439,336		453,845
3.090% (USD LIBOR + 1.623%) due 02/01/50 §		273,094		282,302
3.500% due 04/01/33 - 06/01/46		808,039		867,036
4.000% due 11/01/33 - 04/01/49		1,862,438		2,002,149
4.500% due 11/01/44		63,199		69,738
5.000% due 08/01/48 - 01/01/49		234,571		256,743
5.500% due 03/01/23 - 05/01/40		297,028		339,261
6.000% due 03/01/23		1,320		1,450
				10,664,781
Government National Mortgage Association - 2.3%
due 01/20/52 #		500,000		517,365
1.881% (US Treasury + 1.735%) due 10/20/71 §		250,379		271,231
1.976% (US Treasury + 1.834%) due 08/20/71 §		249,635		271,667
2.000% due 12/20/50		313,445		316,618
2.500% due 01/20/51 - 08/20/51		3,212,264		3,300,447
2.815% due 07/20/71 §		251,383		259,480
2.943% due 10/20/70 §		425,863		439,353

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

82

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
3.000% due 09/15/42 - 09/20/51		$1,652,992		$1,752,648
3.500% due 01/20/46 - 01/20/51		3,075,921		3,293,055
4.000% due 11/20/47 - 08/20/50		1,113,612		1,178,362
4.500% due 06/20/48 - 12/20/50		890,856		944,523
5.000% due 10/15/38 - 03/20/48		77,107		89,033
				12,633,782
Total Mortgage-Backed Securities (Cost $139,119,716)				136,523,550
ASSET-BACKED SECURITIES - 6.9%
AccessLex Institute 0.480% (USD LIBOR + 0.300%) due 05/25/36 §		571,377		562,177
ACE Securities Corp Home Equity Loan Trust 1.077% (USD LIBOR + 0.975%) due 07/25/35 §		214,959		215,227
ACRES Commercial Realty Ltd 1.310% (USD LIBOR + 1.200%) due 06/15/36 ~ §		470,000		469,494
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		277,645		275,926
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		323,213
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		533,248
Ameriquest Mortgage Securities Inc
0.972% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		250,081
2.157% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		362,824
AMSR Trust 2.006% due 11/17/37 ~		365,000		355,545
2.327% due 10/17/38 ~		128,000		125,146
Applebee’s Funding LLC 4.194% due 06/05/49 ~		267,300		271,368
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		217,330
Ares XL CLO Ltd (Cayman) 0.990% (USD LIBOR + 0.870%) due 01/15/29 ~ §		300,000		299,566
Argent Securities Inc
0.922% (USD LIBOR + 0.820%) due 02/25/34 §		451,635		443,424
1.227% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		472,090
Asset-Backed Funding Certificates Trust 0.802% (USD LIBOR + 0.700%) due 06/25/34 §		40,050		39,503
Basic Asset-Backed Securities Trust 0.722% (USD LIBOR + 0.620%) due 04/25/36 §		65,980		65,991
Bear Stearns Asset-Backed Securities I Trust
0.302% (USD LIBOR + 0.200%) due 12/25/36 §		36,445		36,443
0.342% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,759		1,234,766
1.107% (USD LIBOR + 1.005%) due 06/25/35 §		180,844		180,091

	Principal Amount		Value
Business Jet Securities LLC 2.918% due 04/15/36 ~		$267,671		$262,719
2.981% due 11/15/35 ~		451,359		451,411
Carlyle Global Market Strategies CLO Ltd 1.105% (USD LIBOR + 0.950%) due 08/14/30 ~ §		300,000		299,775
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,500		100,540
CBAM Ltd (Cayman) 1.142% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		800,384
CFMT LLC 0.946% due 12/26/30 ~ §		278,395		278,825
Citigroup Mortgage Loan Trust 0.777% (USD LIBOR + 0.675%) due 11/25/45 ~ §		104,392		104,349
CLNC Ltd (Cayman) 1.414% (SOFR + 1.364%) due 08/20/35 ~ §		900,000		900,440
College Ave Student Loans LLC 3.060% due 07/26/55 ~		390,000		392,472
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		368,497
Countrywide Asset-Backed Certificates
0.242% (USD LIBOR + 0.140%) due 07/25/37 §		246,406		238,027
0.702% (USD LIBOR + 0.600%) due 06/25/36 §		281,057		280,817
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		656,641
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		115,320
DataBank Issuer 2.060% due 02/27/51 ~		250,000		245,769
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		203,170		212,192
Drive Auto Receivables Trust 3.180% due 10/15/26		575,000		586,947
Finance of America HECM Buyout
0.875% due 02/25/31 ~ §		368,356		368,392
1.588% due 02/25/31 ~ §		200,000		198,028
First Franklin Mortgage Loan Trust 0.222% (USD LIBOR + 0.120%) due 11/25/36 §		566,405		547,065
Foundation Finance Trust 1.270% due 05/15/41 ~		229,042		225,577
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		209,712
Freed ABS Trust 0.660% due 03/20/28 ~		207,439		207,218
Freedom 4.500% (USD LIBOR + 4.400%) due 03/25/22 ~ §		500,000		504,100
Gallatin CLO IX Ltd (Cayman) 1.180% (USD LIBOR + 1.050%) due 01/21/28 ~ §		343,070		343,241
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		501,178

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

83

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		$150,000		$150,141
1.140% due 11/17/25 ~		145,000		145,026
1.640% due 10/15/26 ~		75,000		75,077
Goldentree Loan Management US CLO 2 Ltd (Cayman) 1.042% (USD LIBOR + 0.910%) due 11/20/30 ~ §		400,000		400,000
GSAA Home Equity Trust
0.302% (USD LIBOR + 0.200%) due 03/25/37 §		390,805		148,128
1.152% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		267,272
6.000% due 08/25/47		176,156		170,585
Hildene Community Funding CDO Ltd (Cayman) 2.600% due 11/01/35 ~		280,000		280,000
Home Equity Asset Trust
1.002% (USD LIBOR + 0.900%) due 11/25/34 §		102,757		102,909
1.047% (USD LIBOR + 0.945%) due 12/25/35 §		620,000		617,386
Jamestown CLO XV Ltd (Cayman) 1.464% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,101,008
JP Morgan Mortgage Acquisition Trust 0.402% (USD LIBOR + 0.300%) due 01/25/37 §		160,000		157,256
KKR CLO 18 Ltd (Cayman) 1.062% (USD LIBOR + 0.940%) due 07/18/30 ~ §		300,000		299,934
LFT CRE Ltd (Cayman) 2.060% (USD LIBOR + 1.950%) due 06/15/39 ~ §		250,000		250,572
LoanCore Issuer Ltd (Cayman) 1.240% (USD LIBOR + 1.130%) due 05/15/28 ~ §		104,700		104,543
LP LMS 3.228% due 10/15/28 ~		305,741		309,770
Madison Park Euro Funding XIV DAC (Ireland) 0.800% (EUR LIBOR + 0.800%) due 07/15/32 ~ §		EUR 300,000		341,556
Magnetite XVIII Ltd (Cayman) 1.023% (USD LIBOR + 0.880%) due 11/15/28 ~ §		$300,000		300,000
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		430,000		435,294
Mastr Asset-Backed Securities Trust 0.322% (USD LIBOR + 0.220%) due 10/25/36 §		585,495		260,415
Merrill Lynch Mortgage Investors Trust 0.412% (USD LIBOR + 0.320%) due 04/25/37 §		353,082		238,081
National Collegiate Student Loan Trust 0.463% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		825,530
Navient Student Loan Trust 1.253% (USD LIBOR + 1.150%) due 07/26/66 ~ §		149,271		151,556

	Principal Amount		Value
1.453% (USD LIBOR + 1.350%) due 06/25/65 ~ §		$285,192		$294,042
New Century Home Equity Loan Trust 0.822% (USD LIBOR + 0.720%) due 10/25/35 §		717,331		713,654
NRZ Excess Spread-Collateralized Notes
3.104% due 07/25/26 ~		399,781		399,022
3.844% due 12/25/25 ~		283,679		285,264
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		196,222		194,589
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		125,028
Oportun Funding LLC 2.200% due 05/15/24 ~		83,269		83,413
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		104,806
Option One Mortgage Loan Trust 0.232% (USD LIBOR + 0.130%) due 07/25/37 §		768,786		667,126
OZLM VIII Ltd (Cayman) 1.069% (USD LIBOR + 0.980%) due 10/17/29 ~ §		300,000		300,000
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		510,098		509,054
PRET LLC 2.487% due 10/25/51 ~ §		441,067		442,234
Progress Residential Trust 2.106% due 04/17/38 ~		565,000		545,816
Rad CLO 5 Ltd (Cayman) 1.236% (USD LIBOR + 1.120%) due 07/24/32 ~ §		300,000		300,000
RASC Trust 0.442% (USD LIBOR + 0.340%) due 04/25/37 §		200,000		196,606
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		195,699
3.040% due 03/17/31 ~		191,000		190,192
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		99,053
SBA Small Business Investment Cos 3.548% due 09/10/28		192,937		204,476
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		338,775
Securitized Asset-Backed Receivables LLC Trust
0.232% (USD LIBOR + 0.130%) due 05/25/37 §		61,266		54,100
0.382% (USD LIBOR + 0.280%) due 05/25/36 §		150,064		101,285
SLM Student Loan Trust
0.294% (USD LIBOR + 0.170%) due 01/25/40 §		593,196		579,258
0.873% (USD LIBOR + 0.670%) due 12/17/68 ~ §		620,000		620,189
SMB Private Education Loan Trust
1.590% due 01/15/53 ~		340,000		337,185
1.610% (USD LIBOR + 1.500%) due 04/15/32 ~ §		459,587		463,999
2.310% due 01/15/53 ~		150,000		148,953

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Structured Asset Investment Loan Trust 0.822% (USD LIBOR + 0.720%) due 07/25/35 §		$213,367		$213,019
STWD Ltd (Cayman) 1.244% (SOFR + 1.194%) due 07/15/38 ~ §		900,000		901,068
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		173,368		180,344
Towd Point Mortgage Trust
3.000% due 04/25/60 ~ §		240,000		246,901
3.149% due 10/25/53 ~ §		300,000		315,619
3.250% due 10/25/57 ~ §		180,000		186,267
3.360% due 11/25/60 ~ §		610,000		627,001
4.000% due 11/25/47 ~		207,099		208,052
TRTX Issuer Ltd (Cayman) 1.314% (SOFR + 1.264%) due 10/15/34 ~ §		724,481		724,986
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		446,951
United States Small Business Administration
2.690% due 07/01/44		52,692		55,173
2.980% due 04/01/39		48,988		52,364
Upstart Securitization Trust 0.870% due 03/20/31 ~		234,044		233,307
VCAT LLC 2.289% due 12/26/50 ~		506,027		505,725
VOLT XCII LLC 1.893% due 02/27/51 ~		123,480		122,800
VOLT XCIII LLC 1.893% due 02/27/51 ~		473,107		469,807
VOLT XCIV LLC 2.240% due 02/27/51 ~		320,381		318,988
Wachovia Mortgage Loan Trust 0.792% (USD LIBOR + 0.690%) due 10/25/35 §		922,348		900,685
Total Asset-Backed Securities (Cost $37,135,502)				38,468,003
U.S. TREASURY OBLIGATIONS - 21.4%
U.S. Treasury Bonds - 12.3%
1.125% due 08/15/40		870,000		759,891
1.250% due 05/15/50		5,280,000		4,485,731
1.375% due 08/15/50		7,215,000		6,322,989
1.625% due 11/15/50		20,300,000		18,919,441
1.626% due 05/15/31		1,450,000		1,246,560
1.750% due 08/15/41		2,620,000		2,540,991
1.875% due 02/15/41		3,675,000		3,638,681
1.875% due 02/15/51		5,785,000		5,725,794
1.875% due 11/15/51		1,350,000		1,339,664
2.000% due 11/15/41		2,620,000		2,650,703
2.000% due 02/15/50		960,000		975,488
2.000% due 08/15/51		1,715,000		1,748,764
2.250% due 05/15/41		1,520,000		1,597,425
2.250% due 08/15/46		50,000		52,887
2.375% due 05/15/51		3,130,000		3,458,161
2.875% due 05/15/43		1,700,000		1,976,117

	Principal Amount		Value
2.875% due 08/15/45		$1,300,000		$1,526,840
3.000% due 05/15/42		1,800,000		2,132,156
3.000% due 08/15/48		300,000		367,207
3.125% due 02/15/43		1,300,000		1,567,363
3.125% due 08/15/44		1,800,000		2,186,508
3.375% due 05/15/44		900,000		1,133,402
3.500% due 02/15/39		150,000		188,227
3.625% due 02/15/44		69,000		89,821
3.875% due 08/15/40		320,000		421,863
4.250% due 05/15/39		400,000		548,531
4.625% due 02/15/40		400,000		574,641
				68,175,846
U.S. Treasury Notes - 9.1%
0.250% due 11/15/23		10,000		9,919
0.250% due 05/31/25		480,000		466,987
0.250% due 06/30/25		1,500,000		1,457,520
0.250% due 07/31/25		4,000,000		3,880,625
0.250% due 10/31/25		4,620,000		4,465,880
0.375% due 11/30/25		210,000		203,675
0.375% due 01/31/26		130,000		125,800
0.500% due 02/28/26		10,940,000		10,631,030
0.500% due 10/31/27		1,675,000		1,594,391
0.625% due 10/15/24		150,000		148,811
0.625% due 11/30/27		1,320,000		1,264,570
0.750% due 03/31/26		180,000		176,597
0.750% due 04/30/26		1,540,000		1,509,621
0.875% due 06/30/26		614,000		604,334
0.875% due 09/30/26		430,000		422,475
1.000% due 07/31/28		2,200,000		2,142,336
1.125% due 02/29/28		3,800,000		3,745,672
1.125% due 08/31/28		370,000		362,918
1.250% due 11/30/26		10,000		9,995
1.250% due 03/31/28		670,000		664,190
1.250% due 04/30/28		3,950,000		3,914,975
1.250% due 05/31/28		2,310,000		2,287,712
1.250% due 06/30/28		3,785,000		3,747,150
1.250% due 09/30/28		120,000		118,631
1.250% due 08/15/31		2,340,000		2,288,447
1.375% due 11/15/31		30,000		29,630
1.625% due 05/15/31		1,020,000		1,033,308
1.750% due 07/31/24		2,900,000		2,965,250
				50,272,449
Total U.S. Treasury Obligations (Cost $118,454,806)				118,448,295
FOREIGN GOVERNMENT BONDS & NOTES - 5.7%
Abu Dhabi Government International (United Arab Emirates) 3.125% due 09/30/49 ~		1,030,000		1,054,141
Argentine Republic Government International (Argentina)
0.500% due 07/09/30		417,100		147,032
1.000% due 07/09/29		18,460		6,738
2.500% due 07/09/41		250,000		88,625
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/23	BRL	940,000		166,235
10.000% due 01/01/25		7,112,000		1,258,790
10.000% due 01/01/27		515,000		90,433

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
10.000% due 01/01/31		BRL 8,421,000		$1,451,080
Brazilian Government (Brazil)
4.625% due 01/13/28		$270,000		282,405
5.625% due 01/07/41		120,000		122,825
5.625% due 02/21/47		900,000		893,250
Chile Government (Chile) 2.550% due 01/27/32		200,000		200,000
China Government (China)
3.310% due 11/30/25 ~		CNY 3,000,000		485,262
3.380% due 11/21/24 ~		500,000		80,400
3.390% due 05/21/25 ~		1,000,000		161,261
Colombia Government (Colombia)
4.000% due 02/26/24		$300,000		310,073
4.125% due 02/22/42		200,000		167,500
4.500% due 01/28/26		300,000		314,581
5.625% due 02/26/44		200,000		194,224
Egypt Government (Egypt) 5.577% due 02/21/23 ~		200,000		207,518
Indonesia Government (Indonesia) 3.500% due 01/11/28		900,000		972,881
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 30,036,000,000		2,129,758
7.000% due 05/15/27		14,454,000,000		1,089,149
7.500% due 06/15/35		1,622,000,000		119,409
Israel Government (Israel) 4.125% due 01/17/48		$600,000		737,084
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 291,368,288		2,606,433
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		$380,000		374,089
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		270,000		294,558
Mexican Bonos (Mexico)
7.750% due 11/13/42		MXN 104,460,000		4,955,900
8.000% due 11/07/47		31,600,000		1,531,893
8.500% due 05/31/29		2,780,000		143,783
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		195,602
3.771% due 05/24/61		200,000		184,777
4.125% due 01/21/26		200,000		220,064
4.350% due 01/15/47		500,000		520,755
4.500% due 01/31/50		200,000		212,500
Panama Government (Panama)
2.252% due 09/29/32		300,000		285,225
4.500% due 04/16/50		200,000		220,802
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		755,316
Peruvian Government (Peru)
5.625% due 11/18/50		$95,000		133,903
5.940% due 02/12/29 ~		PEN 1,300,000		333,717
6.350% due 08/12/28 ~		2,000,000		527,610
6.550% due 03/14/37		$350,000		478,382
Qatar Government (Qatar) 4.817% due 03/14/49 ~		800,000		1,051,176
Republic of Poland Government (Poland) 4.000% due 01/22/24		370,000		391,948
Russian Federal (Russia) 6.900% due 05/23/29		RUB 34,809,000		429,010

	Principal Amount		Value
7.000% due 08/16/23		RUB 26,040,000		$340,537
7.050% due 01/19/28		107,902,000		1,352,297
7.250% due 05/10/34		5,970,000		73,622
7.650% due 04/10/30		39,790,000		511,678
7.700% due 03/16/39		65,580,000		831,096
Total Foreign Government Bonds & Notes (Cost $33,717,071)				31,687,327
MUNICIPAL BONDS - 0.2%
City of Chicago IL ‘B’ 5.630% due 01/01/22		$95,000		95,012
New York State Urban Development Corp 1.346% due 03/15/26		700,000		697,931
Regents of the University of California Medical Center Pooled Revenue ‘N’ 3.706% due 05/15/20		120,000		132,913
State of California 7.625% due 03/01/40		180,000		298,459
Total Municipal Bonds (Cost $1,222,310)				1,224,315
SHORT-TERM INVESTMENTS - 4.2%
Corporate Notes - 0.1%
Pacific Gas and Electric Co 1.200% (SOFR + 1.150%) due 11/14/22 §		300,000		300,489
Southern California Edison Co 0.520% (SOFR + 0.470%) due 12/02/22 §		300,000		300,316
				600,805
Mortgage-Backed Securities - 0.1%
Zillow CSPA 2.850% (USD LIBOR + 2.750%) due 07/15/22 ~ ± §		240,000		240,000
Foreign Government Issues - 0.3%
Bank of Israel Bill - Makam (Israel)
(0.312%) due 10/07/22		ILS 3,400,000		1,096,241
(0.262%) due 09/07/22		1,600,000		515,570
				1,611,811
	Shares
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		6,140,701		6,140,701
	Principal Amount
U.S. Cash Management Bills - 0.7%
0.012% due 01/25/22		$3,700,000		3,699,969
U.S. Treasury Bills - 1.9%
0.024% due 02/17/22 ‡		500,000		499,984
0.036% due 03/10/22		1,800,000		1,799,876
0.049% due 03/17/22		1,200,000		1,199,878
0.050% due 03/24/22		1,600,000		1,599,819

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

86

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
0.069% due 04/14/22		$5,600,000		$5,598,900
				10,698,457
Total Short-Term Investments (Cost $22,937,643)				22,991,743
TOTAL INVESTMENTS - 101.6% (Cost $561,392,269)				562,407,675
DERIVATIVES - (0.2%)				(1,266,389	)
OTHER ASSETS & LIABILITIES, NET - (1.4%)				(7,757,268	)
NET ASSETS - 100.0%				$553,384,018

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of December 31, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		03/22		43		$3,068,901		$3,129,540		$60,639
Australia 10-Year Bonds		03/22		36		3,643,081		3,645,043		1,962
CAD FX		03/22		12		948,966		948,600		(366	)
EUR FX		03/22		36		5,102,266		5,131,125		28,859
Euro-Bobl		03/22		7		1,071,543		1,061,856		(9,687	)
Eurodollar		03/22		57		14,215,508		14,200,838		(14,670	)
Eurodollar		12/22		140		34,772,457		34,634,250		(138,207	)
Eurodollar		06/23		63		15,630,627		15,534,225		(96,402	)
Eurodollar		09/23		13		3,219,540		3,200,925		(18,615	)
Eurodollar		12/23		450		111,235,252		110,711,250		(524,002	)
Euro-OAT		03/22		11		2,079,041		2,043,209		(35,832	)
GBP FX		03/22		2		164,830		169,138		4,308
JPY FX		03/22		23		2,528,248		2,500,675		(27,573	)
Long Gilt		03/22		1		168,559		169,058		499
MXN FX		03/22		60		1,392,950		1,447,800		54,850
RUB FX		03/22		45		1,482,513		1,476,563		(5,950	)
U.S. Treasury 5-Year Notes		03/22		970		117,172,535		117,347,263		174,728
U.S. Treasury 10-Year Notes		03/22		188		24,426,301		24,528,125		101,824
U.S. Treasury Long Bonds		03/22		262		41,867,326		42,195,063		327,737
U.S. Treasury Ultra 10-Year Notes		03/22		4		575,507		585,750		10,243
										(105,655	)
Short Futures Outstanding
Euribor		03/22		17		4,863,962		4,864,996		(1,034	)
Euro-Bund		03/22		42		8,314,193		8,194,399		119,794
Euro-Buxl		03/22		6		1,453,219		1,412,241		40,978
Japan 10-Year Bonds		03/22		3		3,963,901		3,953,490		10,411
Long Gilt		03/22		2		338,304		338,117		187
U.S. Treasury 2-Year Notes		03/22		29		6,333,278		6,326,984		6,294
U.S. Treasury 10-Year Notes		03/22		541		70,274,029		70,583,594		(309,565	)
U.S. Treasury Long Bonds		03/22		20		3,210,797		3,208,750		2,047
U.S. Treasury Ultra Long Bonds		03/22		72		14,214,741		14,193,000		21,741
										(109,147	)
Total Futures Contracts										($214,802	)

(b) Forward foreign currency contracts outstanding as of December 31, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	1,206,925	USD	880,544	01/22	JPM		$—		($2,395	)
AUD	1,900,000	USD	1,350,596	01/22	MSC		31,827		—
AUD	1,397,000	USD	1,000,104	01/22	RBS		16,306		—
BRL	1,934,659	USD	339,179	01/22	BNP		6,682		—
BRL	3,275,000	USD	574,330	01/22	CIT		11,145		—
BRL	4,465,032	USD	800,113	01/22	JPM		750		—
BRL	479,417	USD	86,436	01/22	MSC		—		(730	)
BRL	4,465,032	USD	793,328	01/22	UBS		7,535		—
BRL	4,465,032	USD	779,435	02/22	JPM		15,955		—
CAD	6,420,000	USD	5,111,261	01/22	CIT		—		(36,055	)
CAD	5,808,819	USD	4,620,234	01/22	MSC		—		(28,185	)
CLP	316,624,149	USD	381,135	02/22	BRC		—		(11,208	)
EUR	4,262,000	USD	4,823,239	01/22	JPM		30,606		—
EUR	3,047,000	USD	3,465,048	01/22	SCB		4,239		—
GBP	1,712,636	USD	2,337,135	01/22	GSC		—		(19,095	)
GBP	98,000	USD	129,863	02/22	BRC		2,760		—
GBP	321,000	USD	431,042	02/22	DUB		3,367		—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
GBP	293,000	USD	390,034	02/22		SCB		$6,483		$—
IDR	6,028,157,034	USD	417,543	01/22		CIT		5,825		—
INR	32,903,342	USD	438,069	01/22		CIT		3,158		—
JPY	155,358,283	USD	1,368,665	01/22		MSC		—		(17,885	)
JPY	113,400,000	USD	1,002,661	02/22		BRC		—		(16,466	)
JPY	62,600,000	USD	551,609	02/22		SCB		—		(7,202	)
MXN	6,830,000	USD	320,059	01/22		GSC		12,501		—
MXN	11,537,000	USD	563,784	01/22		HSB		—		(2,318	)
NOK	3,300,000	USD	375,908	02/22		DUB		—		(1,516	)
NOK	5,125,000	USD	588,652	02/22		UBS		—		(7,209	)
RUB	279,717,313	USD	3,776,615	01/22		GSC		—		(57,015	)
USD	1,186,936	AUD	1,682,000	01/22		BRC		—		(36,829	)
USD	369,014	AUD	525,000	01/22		DUB		—		(12,958	)
USD	784,716	BRL	4,465,032	01/22		JPM		—		(16,147	)
USD	800,113	BRL	4,465,032	01/22		UBS		—		(750	)
USD	315,391	CAD	391,000	01/22		CIT		6,294		—
USD	1,162,674	CNH	7,582,497	01/22		JPM		—		(28,543	)
USD	297,079	DKK	1,895,000	04/22		HSB		6,393		—
USD	4,272,537	EUR	3,690,000	01/22		BNP		69,957		—
USD	5,440,276	EUR	4,698,280	01/22		CIT		89,356		—
USD	276,319	EUR	245,000	01/22		RBS		—		(2,636	)
USD	3,158,593	EUR	2,802,000	01/22		SCB		—		(31,739	)
USD	3,467,029	EUR	3,047,000	02/22		SCB		—		(4,274	)
USD	137,973	GBP	104,000	02/22		JPM		—		(2,770	)
USD	10,207,049	GBP	7,596,000	02/22		UBS		—		(72,621	)
USD	501,539	ILS	1,600,160	09/22		JPM		—		(15,996	)
USD	752,233	ILS	2,399,860	10/22		DUB		—		(24,730	)
USD	315,428	ILS	1,000,000	10/22		HSB		—		(8,326	)
USD	77,254	JPY	8,786,302	02/22		HSB		843		—
USD	1,404,222	MXN	29,560,000	01/22		GSC		—		(35,087	)
USD	1,986,044	MXN	41,563,933	01/22		MSC		—		(37,750	)
USD	540,984	MXN	11,470,000	02/22		BRC		—		(14,452	)
USD	393,162	PEN	1,581,729	01/22		BRC		—		(2,796	)
USD	799,276	PEN	3,311,802	01/22		HSB		—		(29,774	)
USD	703,947	PEN	2,857,427	01/22		JPM		—		(11,359	)
USD	85,178	PEN	353,082	11/22		SCB		—		(1,055	)
USD	531,356	RUB	38,160,000	01/22		GSC		23,916		—
ZAR	4,736,125	USD	307,120	01/22		MSC		—		(10,668	)
Total Forward Foreign Currency Contracts								$355,898		($608,539	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

89

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(c) Purchased options outstanding as of December 31, 2021 were as follows:

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR-FX (01/22)		$1.13		01/07/22		CME		3		$423,750		$4,208		$4,012
Call - EUR-FX (01/22)		1.14		01/07/22		CME		7		997,500		7,380		3,062
Call - AUD-FX (01/22)		70.50		01/07/22		CME		2		141,000		1,505		4,580
Call - AUD-FX (01/22)		71.50		01/07/22		CME		2		143,000		835		2,600
Call - AUD-FX (01/22)		72.00		01/07/22		CME		4		288,000		2,590		3,360
Call - U.S. Treasury 10-Year Notes (01/22)		130.25		01/07/22		CME		2		260,500		785		1,000
Call - U.S. Treasury 10-Year Notes (01/22)		130.50		01/07/22		CME		4		522,000		1,319		1,438
Call - U.S. Treasury 30-Year Bonds (01/22)		159.50		01/07/22		CME		1		159,500		908		1,422
Call - U.S. Treasury 5-Year Notes (02/22)		121.00		01/21/22		CME		2		242,000		722		688
Call - U.S. Treasury 10-Year Notes (02/22)		130.50		01/21/22		CME		1		130,500		564		578
Call - U.S. Treasury 30-Year Bonds (02/22)		159.50		01/21/22		CME		4		638,000		5,476		7,688
Call - U.S. Treasury 30-Year Bonds (02/22)		160.00		01/21/22		CME		5		800,000		6,509		8,125
Call - U.S. Treasury 30-Year Bonds (02/22)		161.00		01/21/22		CME		17		2,737,000		24,670		18,859
Call - U.S. Treasury 30-Year Bonds (02/22)		162.00		01/21/22		CME		5		810,000		6,821		3,594
Call - JPY-FX (02/22)		88.00		02/04/22		CME		2		220,000		1,480		625
												65,772		61,631
Put - EUR-FX (01/22)		1.13		01/07/22		CME		3		421,875		3,270		37
Put - U.S. Treasury 10-Year Notes (02/22)		130.25		01/21/22		CME		2		260,500		1,129		1,000
Put - U.S. Treasury 10-Year Notes (02/22)		130.50		01/21/22		CME		2		261,000		1,378		1,219
Put - U.S. Treasury 10-Year Notes (02/22)		131.00		01/21/22		CME		8		1,048,000		4,842		7,000
Put - U.S. Treasury 30-Year Bonds (02/22)		162.00		01/21/22		CME		4		648,000		6,194		9,125
												16,813		18,381
Total Options on Futures												$82,585		$80,012
Total Purchased Options												$82,585		$80,012

(d) Premiums received and value of written options outstanding as of December 31, 2021 were as follows:

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - EUR-FX (01/22)		$1.14		01/07/22		CME		6		$851,250		$5,023		($4,950	)
Call - U.S. Treasury 5-Year Notes (02/22)		121.25		01/21/22		CME		61		7,396,250		18,895		(14,297	)
Call - U.S. Treasury 5-Year Notes (02/22)		121.50		01/21/22		CME		44		5,346,000		13,236		(6,531	)
Call - U.S. Treasury 10-Year Notes (02/22)		130.00		01/21/22		CME		6		780,000		3,380		(5,156	)
Call - U.S. Treasury 10-Year Notes (02/22)		130.75		01/21/22		CME		6		784,500		3,411		(2,719	)
Call - U.S. Treasury 10-Year Notes (02/22)		131.00		01/21/22		CME		9		1,179,000		4,844		(3,094	)
Call - U.S. Treasury 10-Year Notes (02/22)		131.50		01/21/22		CME		23		3,024,500		8,616		(4,312	)
Call - U.S. Treasury 10-Year Notes (02/22)		132.00		01/21/22		CME		10		1,320,000		4,764		(1,094	)
Call - U.S. Treasury 30-Year Bonds (02/22)		160.50		01/21/22		CME		6		963,000		5,615		(8,063	)
Call - U.S. Treasury 30-Year Bonds (02/22)		161.50		01/21/22		CME		2		323,000		1,215		(1,781	)
Call - U.S. Treasury 30-Year Bonds (02/22)		164.00		01/21/22		CME		9		1,476,000		9,000		(2,531	)
Call - AUD-FX (02/22)		72.00		02/04/22		CME		2		144,000		1,215		(2,380	)
Call - U.S. Treasury 10-Year Notes (03/22)		131.00		02/18/22		CME		2		262,000		997		(1,312	)
Call - U.S. Treasury 10-Year Notes (03/22)		131.50		02/18/22		CME		10		1,315,000		6,045		(4,688	)
Call - U.S. Treasury 10-Year Notes (03/22)		132.00		02/18/22		CME		17		2,244,000		7,580		(5,312	)
Call - U.S. Treasury 30-Year Bonds (03/22)		164.00		02/18/22		CME		5		820,000		5,679		(4,141	)
												99,515		(72,361	)
Put - U.S. Treasury 5-Year Notes (02/22)		120.50		01/21/22		CME		8		964,000		1,806		(1,438	)
Put - U.S. Treasury 5-Year Notes (02/22)		121.00		01/21/22		CME		8		968,000		2,174		(2,938	)
Put - U.S. Treasury 10-Year Notes (02/22)		130.00		01/21/22		CME		2		260,000		731		(781	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

90

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Put - U.S. Treasury 30-Year Bonds (02/22)		$160.00		01/21/22		CME		8		$1,280,000		$7,486		($9,500	)
Put - U.S. Treasury 30-Year Bonds (02/22)		161.00		01/21/22		CME		8		1,288,000		7,986		(13,375	)
Put - Euro-Bund (02/22)		EUR 172.50		01/21/22		EUX		7		EUR 1,207,500		7,311		(12,672	)
Put - Euro-Bund (02/22)		173.50		01/21/22		EUX		1		173,500		1,092		(2,698	)
Put - Euro-Bund (02/22)		174.00		01/21/22		EUX		3		522,000		2,444		(9,563	)
												31,030		(52,965	)
Total Options on Futures												$130,545		($125,326	)
Total Written Options												$130,545		($125,326	)

(e) Swap agreements outstanding as of December 31, 2021 were as follows:

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty		Implied Credit Spread at 12/31/21 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Russian Federation		Q		1.000%		12/20/24		JPM		0.966%		$400,000		$527			$1,972			($1,445	)
								Exchange
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		1.214%		EUR 800,000		(5,456	)		(4,034	)		(1,422	)
Apache Corp		Q		1.000%		06/20/26		ICE		1.457%		$220,000		(4,221	)		(11,403	)		7,182
General Electric Co		Q		1.000%		06/20/26		ICE		0.614%		400,000		6,883			2,736			4,147
Apache Corp		Q		1.000%		12/20/26		ICE		1.590%		170,000		(4,655	)		(5,295	)		640
Boeing Co		Q		1.000%		12/20/26		ICE		1.035%		300,000		(404	)		(1,694	)		1,290
Stellantis N.V.		Q		5.000%		12/20/26		ICE		1.070%		EUR 300,000		66,669			68,879			(2,210	)
British Telecommunications PLC		Q		1.000%		06/20/28		ICE		1.504%		300,000		(10,673	)		(1,477	)		(9,196	)
														48,143			47,712			431
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														$48,670			$49,684			($1,014	)
Credit Default Swaps on Credit Indices - Sell Protection (1)
Referenced Obligation			Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 37 5Y				Q		1.000%		12/20/26		ICE		$41,695,500		$1,032,446			$996,317			$36,129
CDX HY 37 5Y				Q		5.000%		12/20/26		ICE		4,110,000		385,105			391,146			(6,041	)
CDX iTraxx Main 36 5Y				Q		5.000%		12/20/26		ICE		EUR 2,700,000		369,533			385,050			(15,517	)
														$1,787,084			$1,772,513			$14,571
Total Credit Default Swaps														$1,835,754			$1,822,197			$13,557

(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 Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

91

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 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		($55,714	)		$2,295			($58,009	)
7.044%		Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		(13,418	)		—			(13,418	)
												(69,132	)		2,295			(71,427	)
					Exchange
3.350%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		50,000,000		(104,140	)		2,683			(106,823	)
3.700%		Brazil CETIP Interbank		Z / Z		CME		01/03/22		32,000,000		(57,508	)		(1,092	)		(56,416	)
0.000%		1-Day JPY-TONAR		S / S		LCH		03/15/22		JPY 41,000,000		71			—			71
0.000%		1-Day JPY-TONAR		S / S		LCH		03/16/22		12,000,000		21			—			21
0.000%		1-Day JPY-TONAR		S / S		LCH		03/17/22		137,700,000		237			—			237
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/18/22		120,000,000		329			—			329
0.000%		1-Day JPY-TONAR		S / S		LCH		03/19/22		58,000,000		100			—			100
0.000%		1-Day JPY-TONAR		S / S		LCH		03/20/22		260,000,000		452			—			452
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/20/22		166,000,000		460			—			460
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/24/22		82,000,000		186			—			186
0.000%		1-Day JPY-TONAR		S / S		LCH		04/07/22		4,000,000		7			—			7
0.000%		1-Day JPY-TONAR		S / S		LCH		04/22/22		10,000,000		17			—			17
0.000%		1-Day JPY-TONAR		S / S		LCH		05/12/22		13,260,000		22			—			22
0.190%		3-Month USD-LIBOR		S / Q		CME		06/15/22		$5,492,000		(2,223	)		(25	)		(2,198	)
2.800%		3-Month USD-LIBOR		S / Q		CME		08/22/23		500,000		21,375			—			21,375
0.000%		1-Day JPY-TONAR		A / A		LCH		03/17/24		JPY 1,300,000,000		11,821			19,440			(7,619	)
0.820%		3-Month USD-LIBOR		S / Q		CME		06/04/24		$27,829,000		(195,520	)		—			(195,520	)
(0.068%)		1-Day JPY-TONAR		S / S		LCH		09/18/26		JPY 120,000,000		(2,613	)		—			(2,613	)
(0.097%)		1-Day JPY-TONAR		S / S		LCH		09/24/26		82,000,000		(2,827	)		106			(2,933	)
3.370%		U.S CPI Urban Consumers		Z / Z		LCH		11/18/26		$3,880,000		47,196			41,155			6,041
0.300%		1-Day JPY-TONAR		S / S		LCH		03/20/28		JPY 166,000,000		28,106			24,874			3,232
7.450%		28-Day MXN TIIE		L / L		CME		07/18/29		MXN 63,630,000		371			26,769			(26,398	)
2.770%		U.S CPI Urban Consumers		Z / Z		LCH		10/20/31		$2,820,000		(26,601	)		2,442			(29,043	)
												(280,661	)		116,352			(397,013	)
Total Interest Rate Swaps - Long												($349,793	)		$118,647			($468,440	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

92

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Interest Rate Swaps - Short

Pay	Receive		Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/15/22		JPY 41,000,000		($146	)		$—			($146	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/16/22		12,000,000		(34	)		—			(34	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/17/22		137,700,000		(391	)		—			(391	)
0.000%		1-Day JPY-TONAR		S / S		LCH		03/18/22		120,000,000		(207	)		—			(207	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/19/22		58,000,000		(159	)		—			(159	)
0.000%		1-Day JPY-TONAR		S / S		LCH		03/20/22		166,000,000		(289	)		—			(289	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		03/20/22		260,000,000		(720	)		—			(720	)
0.000%		1-Day JPY-TONAR		S / S		LCH		03/24/22		82,000,000		(141	)		—			(141	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		04/07/22		4,000,000		(7	)		—			(7	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		04/22/22		10,000,000		(28	)		—			(28	)
0.000%		6-Month JPY-LIBOR		S / S		LCH		05/12/22		13,260,000		(32	)		—			(32	)
3.970%		U.S CPI Urban Consumers		Z / Z		LCH		11/18/23		$3,880,000		(19,116	)		(14,294	)		(4,822	)
2.950%		U.S CPI Urban Consumers		Z / Z		LCH		10/20/26		2,820,000		30,165			(1,481	)		31,646
1.520%		1-Day USD-SOFR		A / A		CME		11/20/26		4,410,000		(19,047	)		(7,556	)		(11,491	)
0.710%		1-Day USD-SOFR		A / A		CME		05/15/27		5,461,000		99,422			12,349			87,073
1.350%		3-Month USD-LIBOR		S / Q		CME		02/15/28		8,835,000		(4,871	)		11,920			(16,791	)
1.130%		1-Day USD-SOFR		A / A		CME		08/15/28		6,054,000		24,517			33,535			(9,018	)
1.220%		1-Day USD-SOFR		A / A		CME		08/15/28		3,309,000		(5,834	)		(1,418	)		(4,416	)
1.200%		1-Day USD-SOFR		A / A		CME		11/01/28		1,908,000		(3,375	)		(111	)		(3,264	)
0.450%		1-Day JPY-TONAR		S / S		LCH		03/20/29		JPY 260,000,000		(73,648	)		(91,663	)		18,015
1.733%		1-Day USD-SOFR		A / A		CME		10/20/31		$2,820,000		(27,556	)		11,118			(38,674	)
0.800%		1-Day JPY-TONAR		S / S		LCH		10/22/38		JPY 10,000,000		(8,069	)		—			(8,069	)
0.785%		1-Day JPY-TONAR		S / S		LCH		11/12/38		13,260,000		(10,355	)		46			(10,401	)
0.560%		1-Day USD-SOFR		A / A		CME		07/20/45		$1,380,000		253,880			12,421			241,459
0.740%		1-Day USD-SOFR		A / A		CME		08/19/45		640,000		94,590			—			94,590
0.641%		1-Day JPY-TONAR		S / S		CME		05/09/46		JPY 187,300,000		(60,159	)		250			(60,409	)
1.520%		1-Day USD-SOFR		A / A		CME		02/15/47		$3,080,000		(39,167	)		(3,068	)		(36,099	)
1.729%		1-Day USD-SOFR		A / A		CME		02/15/47		240,000		(14,885	)		—			(14,885	)
0.900%		3-Month USD-LIBOR		S / Q		CME		03/17/50		5,876,000		1,119,531			1,729,490			(609,959	)
0.538%		1-Day JPY-TONAR		S / S		LCH		03/15/51		JPY 41,000,000		(4,724	)		(231	)		(4,493	)
0.520%		1-Day JPY-TONAR		S / S		LCH		03/16/51		12,000,000		(865	)		—			(865	)
0.350%		1-Day JPY-TONAR		S / S		LCH		03/17/51		10,000,000		3,452			5,297			(1,845	)
0.557%		1-Day JPY-TONAR		S / S		LCH		03/17/51		127,700,000		(20,689	)		—			(20,689	)
0.565%		1-Day JPY-TONAR		S / S		LCH		03/19/51		48,000,000		(8,709	)		—			(8,709	)
0.570%		1-Day JPY-TONAR		S / S		LCH		03/19/51		10,000,000		(1,945	)		—			(1,945	)
0.572%		1-Day JPY-TONAR		S / S		LCH		04/07/51		4,000,000		(780	)		—			(780	)
1.671%		3-Month USD-LIBOR		S / Q		CME		07/09/51		$1,080,000		6,283			(4,813	)		11,096
0.750%		1-Day GBP-SONIA		A / A		LCH		03/16/52		GBP 1,900,000		57,344			(33,400	)		90,744
0.750%		1-Day GBP-SONIA		A / A		LCH		09/21/52		100,000		2,928			6,522			(3,594	)
												$1,366,164			$1,664,913			($298,749	)
Total Interest Rate Swaps												$1,016,371			$1,783,560			($767,189	)
Total Swap Agreements												$2,852,125			$3,605,757			($753,632	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

93

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(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 December 31, 2021:

		Total Value at December 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$194,666,893			$—			$194,666,893			$—
	Convertible Corporate Bonds & Notes		75,209			—			75,209			—
	Senior Loan Notes		18,322,340			—			18,322,340			—
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		22,658,928			—			22,658,928			—
	Collateralized Mortgage Obligations - Residential		37,395,591			—			37,387,607			7,984
	Fannie Mae		53,170,468			—			53,170,468			—
	Freddie Mac		10,664,781			—			10,664,781			—
	Government National Mortgage Association		12,633,782			—			12,633,782			—
	Total Mortgage-Backed Securities		136,523,550			—			136,515,566			7,984
	Asset-Backed Securities		38,468,003			—			38,468,003			—
	U.S. Treasury Obligations		118,448,295			—			118,448,295			—
	Foreign Government Bonds & Notes		31,687,327			—			31,687,327			—
	Municipal Bonds		1,224,315			—			1,224,315			—
	Short-Term Investments		22,991,743			6,140,701			16,611,042			240,000
	Derivatives:
	Credit Contracts
	Swaps		49,388			—			49,388			—
	Foreign Currency Contracts
	Futures		148,656			148,656			—			—
	Forward Foreign Currency Contracts		355,898			—			355,898			—
	Purchased Options		18,276			—			18,276			—
	Total Foreign Currency Contracts		522,830			148,656			374,174			—
	Interest Rate Contracts
	Futures		818,445			818,445			—			—
	Purchased Options		61,736			—			61,736			—
	Swaps		607,173			—			607,173			—
	Total Interest Rate Contracts		1,487,354			818,445			668,909			—
	Total Assets - Derivatives		2,059,572			967,101			1,092,471			—
	Total Assets		564,467,247			7,107,802			557,111,461			247,984
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(35,831	)		—			(35,831	)		—
	Foreign Currency Contracts
	Futures		(33,889	)		(33,889	)		—			—
	Forward Foreign Currency Contracts		(608,539	)		—			(608,539	)		—
	Written Options		(7,330	)		—			(7,330	)		—
	Total Foreign Currency Contracts		(649,758	)		(33,889	)		(615,869	)		—
	Interest Rate Contracts
	Futures		(1,148,014	)		(1,148,014	)		—			—
	Written Options		(117,996	)		—			(117,996	)		—
	Swaps		(1,374,362	)		—			(1,374,362	)		—
	Total Interest Rate Contracts		(2,640,372	)		(1,148,014	)		(1,492,358	)		—
	Total Liabilities - Derivatives		(3,325,961	)		(1,181,903	)		(2,144,058	)		—
	Total Liabilities		(3,325,961	)		(1,181,903	)		(2,144,058	)		—
	Total		$561,141,286			$5,925,899			$554,967,403			$247,984

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

94

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Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.5%
Basic Materials - 1.1%
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$55,000		$57,347
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		200,000		212,750
Ecolab Inc 1.650% due 02/01/27		50,000		50,255
LYB International Finance III LLC 1.250% due 10/01/25		138,000		135,816
Nucor Corp 2.000% due 06/01/25		65,000		66,329
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		455,380
Westlake Chemical Corp 0.875% due 08/15/24		25,000		24,635
				1,002,512
Communications - 3.4%
Charter Communications Operating LLC
4.464% due 07/23/22		790,000		801,742
4.908% due 07/23/25		295,000		325,090
Cox Communications Inc 2.950% due 06/30/23 ~		275,000		281,593
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		55,697
Expedia Group Inc 3.600% due 12/15/23		260,000		270,278
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		246,444
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		200,000		197,775
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		400,000		426,164
The Walt Disney Co 1.750% due 01/13/26		35,000		35,397
T-Mobile USA Inc 2.250% due 02/15/26		145,000		145,583
Verizon Communications Inc
0.850% due 11/20/25		235,000		229,453
1.450% due 03/20/26		165,000		164,315
				3,179,531
Consumer, Cyclical - 6.5%
7-Eleven Inc
0.625% due 02/10/23 ~		50,000		49,823
0.800% due 02/10/24 ~		80,000		79,124
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		122,764		118,602
Brunswick Corp 0.850% due 08/18/24		160,000		157,808
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		410,000		414,213
Daimler Trucks Finance North America LLC (Germany) 1.625% due 12/13/24 ~		150,000		151,225
General Motors Co
4.875% due 10/02/23		165,000		175,356

	Principal Amount		Value
5.400% due 10/02/23		$210,000		$224,869
General Motors Financial Co Inc 2.900% due 02/26/25		210,000		217,275
Harley-Davidson Financial Services Inc
2.550% due 06/09/22 ~		85,000		85,538
4.050% due 02/04/22 ~		340,000		340,948
Hasbro Inc 3.000% due 11/19/24		280,000		291,583
Hyatt Hotels Corp 1.300% due 10/01/23		75,000		75,026
Hyundai Capital America
0.800% due 01/08/24 ~		120,000		118,321
0.875% due 06/14/24 ~		50,000		49,057
1.000% due 09/17/24 ~		60,000		58,999
2.375% due 02/10/23 ~		270,000		273,811
2.850% due 11/01/22 ~		121,000		123,108
3.000% due 06/20/22 ~		235,000		237,445
3.950% due 02/01/22 ~		405,000		405,965
Marriott International Inc
2.300% due 01/15/22		15,000		15,008
3.125% due 02/15/23		55,000		55,913
3.600% due 04/15/24		240,000		251,125
Nissan Motor Acceptance Co LLC
2.600% due 09/28/22 ~		195,000		197,073
2.650% due 07/13/22 ~		30,000		30,267
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		230,000		236,095
Nordstrom Inc 2.300% due 04/08/24		20,000		20,021
QVC Inc 4.375% due 03/15/23		470,000		484,652
Ralph Lauren Corp 1.700% due 06/15/22		40,000		40,248
Ross Stores Inc 4.600% due 04/15/25		460,000		504,339
Stellantis Finance US Inc 1.711% due 01/29/27 ~		200,000		196,698
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		75,203		74,620
Volkswagen Group of America Finance LLC (Germany)
2.700% due 09/26/22 ~		200,000		202,921
2.900% due 05/13/22 ~		200,000		201,650
				6,158,726
Consumer, Non-Cyclical - 7.6%
AbbVie Inc
2.600% due 11/21/24		535,000		555,459
2.950% due 11/21/26		10,000		10,545
3.200% due 05/14/26		25,000		26,530
Astrazeneca Finance LLC (United Kingdom)
0.700% due 05/28/24		140,000		138,950
1.200% due 05/28/26		190,000		187,762
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		210,000		206,366
Baxalta Inc 3.600% due 06/23/22		95,000		95,808
Baxter International Inc 0.868% due 12/01/23 ~		190,000		189,313

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

95

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Becton Dickinson and Co
3.363% due 06/06/24		$105,000		$109,986
3.734% due 12/15/24		58,000		61,689
Bunge Ltd Finance Corp
3.000% due 09/25/22		630,000		640,010
4.350% due 03/15/24		30,000		31,918
Cardinal Health Inc
3.200% due 03/15/23		210,000		215,704
3.500% due 11/15/24		270,000		285,237
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		400,000		398,024
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		285,000		280,436
CVS Health Corp
2.875% due 06/01/26		65,000		67,955
3.000% due 08/15/26		25,000		26,426
Health Care Service Corp 1.500% due 06/01/25 ~		190,000		189,722
HPHT Finance 19 Ltd (Hong Kong) 2.875% due 11/05/24 ~		200,000		206,858
Humana Inc
0.650% due 08/03/23		75,000		74,637
1.350% due 02/03/27		20,000		19,457
3.850% due 10/01/24		25,000		26,555
4.500% due 04/01/25		225,000		245,394
IHS Markit Ltd 3.625% due 05/01/24		130,000		136,674
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		200,000		206,782
3.500% due 02/11/23 ~		400,000		407,539
3.750% due 07/21/22 ~		400,000		404,461
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		150,000		147,066
PeaceHealth Obligated Group 1.375% due 11/15/25		40,000		39,778
PerkinElmer Inc
0.550% due 09/15/23		90,000		89,274
0.850% due 09/15/24		170,000		167,683
Perrigo Finance Unlimited Co 3.900% due 12/15/24		255,000		267,200
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		240,000		252,931
Royalty Pharma PLC 0.750% due 09/02/23		190,000		188,874
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		135,000		138,900
Thermo Fisher Scientific Inc 0.797% due 10/18/23		245,000		244,242
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		200,000		198,100
				7,180,245
Energy - 6.5%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		230,000		238,692
Baker Hughes Holdings LLC 1.231% due 12/15/23		50,000		50,249
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		260,000		262,714

	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		$185,000		$205,173
7.000% due 06/30/24		290,000		320,964
Devon Energy Corp 8.250% due 08/01/23		70,000		76,500
Diamondback Energy Inc
2.875% due 12/01/24		435,000		451,579
4.750% due 05/31/25		140,000		153,484
Enbridge Inc (Canada) 2.500% due 01/15/25		155,000		159,423
Energy Transfer LP
2.900% due 05/15/25		60,000		62,032
4.250% due 03/15/23		300,000		308,349
4.250% due 04/01/24		15,000		15,756
5.875% due 01/15/24		285,000		306,867
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		282,450
EQT Corp 3.000% due 10/01/22		525,000		530,977
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		45,000		45,503
2.600% due 10/15/25 ~		90,000		90,198
Kinder Morgan Inc 3.150% due 01/15/23		85,000		86,816
Pioneer Natural Resources Co 0.550% due 05/15/23		85,000		84,701
Plains All American Pipeline LP 2.850% due 01/31/23		180,000		182,526
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		250,000		251,156
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		200,000		209,242
5.750% due 05/15/24		100,000		108,812
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		200,000		200,224
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		70,000		69,801
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		315,000		330,643
4.000% due 12/21/25 ~		75,000		80,854
Suncor Energy Inc (Canada) 2.800% due 05/15/23		95,000		97,220
The Williams Cos Inc
3.350% due 08/15/22		120,000		121,136
3.700% due 01/15/23		375,000		383,348
Western Midstream Operating LP 4.000% due 07/01/22		425,000		426,590
				6,193,979
Financial - 15.9%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		175,000		174,772
4.125% due 07/03/23		150,000		155,855
4.500% due 09/15/23		195,000		204,605
Air Lease Corp
2.250% due 01/15/23		175,000		177,220
3.500% due 01/15/22		90,000		90,080
American Campus Communities Operating Partnership LP REIT 3.750% due 04/15/23		180,000		184,936

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

96

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		$125,000		$127,784
3.625% due 05/01/22 ~		335,000		337,185
3.950% due 07/01/24 ~		65,000		68,148
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		400,000		398,550
Bank of America Corp
0.976% due 04/22/25		150,000		148,874
1.734% due 07/22/27		105,000		104,293
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		345,000		365,430
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		295,000		291,490
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		407,736
BPCE SA (France) 5.700% due 10/22/23 ~		400,000		430,175
Brighthouse Financial Global Funding
0.600% due 06/28/23 ~		115,000		114,458
1.000% due 04/12/24 ~		120,000		119,034
Capital One Financial Corp 3.500% due 06/15/23		130,000		134,766
CC Holdings GS V LLC REIT 3.849% due 04/15/23		445,000		460,642
Citigroup Inc 0.981% due 05/01/25		125,000		124,078
CNO Global Funding 1.750% due 10/07/26 ~		150,000		148,272
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		202,084
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		360,000		361,056
Crown Castle International Corp REIT 1.050% due 07/15/26		150,000		145,010
Danske Bank AS (Denmark)
5.000% due 01/12/22 ~		245,000		245,218
5.375% due 01/12/24 ~		280,000		301,546
Discover Bank 4.200% due 08/08/23		250,000		262,648
Equitable Financial Life Global Funding
1.100% due 11/12/24 ~		105,000		103,802
1.400% due 07/07/25 ~		255,000		252,895
Highwoods Realty LP REIT 3.625% due 01/15/23		195,000		198,526
HSBC Holdings PLC (United Kingdom)
1.162% due 11/22/24		200,000		199,490
2.099% due 06/04/26		315,000		317,283
Jackson Financial Inc 1.125% due 11/22/23 ~		140,000		139,797
JPMorgan Chase & Co 0.824% due 06/01/25		140,000		138,440
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		200,000		200,357
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		200,000		197,228
Marsh & McLennan Cos Inc 3.875% due 03/15/24		190,000		201,050
Mitsubishi UFJ Financial Group Inc (Japan) 0.953% due 07/19/25		220,000		217,424

	Principal Amount		Value
Mizuho Financial Group Cayman 2 Ltd (Japan) 4.200% due 07/18/22 ~		$230,000		$234,199
Morgan Stanley
0.560% due 11/10/23		200,000		199,762
0.731% due 04/05/24		140,000		139,603
1.164% due 10/21/25		105,000		104,235
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		494,354
Park Aerospace Holdings Ltd (Ireland)
4.500% due 03/15/23 ~		185,000		190,993
5.250% due 08/15/22 ~		190,000		194,201
Public Storage REIT 0.520% (SOFR + 0.470%) due 04/23/24 §		70,000		69,984
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		280,000		293,713
SBA Tower Trust REIT
1.631% due 05/15/51 ~		70,000		68,952
1.884% due 07/15/50 ~		70,000		69,966
2.836% due 01/15/50 ~		230,000		236,172
3.448% due 03/15/48 ~		320,000		321,769
Simon Property Group LP REIT
2.000% due 09/13/24		65,000		66,193
3.375% due 10/01/24		225,000		236,813
Standard Chartered PLC (United Kingdom)
1.822% due 11/23/25 ~		200,000		199,886
3.950% due 01/11/23 ~		390,000		399,704
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		355,000		357,370
Synchrony Financial
2.850% due 07/25/22		801,000		809,252
4.250% due 08/15/24		130,000		137,769
The Goldman Sachs Group Inc
0.657% due 09/10/24		100,000		99,198
0.925% due 10/21/24		75,000		74,707
3.500% due 04/01/25		135,000		142,854
The Western Union Co 2.850% due 01/10/25		240,000		248,554
Trinity Acquisition PLC 4.625% due 08/15/23		90,000		94,477
Truist Financial Corp 0.450% (SOFR + 0.400%) due 06/09/25 §		100,000		99,917
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		390,000		388,898
UniCredit SPA (Italy) 3.750% due 04/12/22 ~		240,000		241,832
Wells Fargo & Co
1.654% due 06/02/24		170,000		171,495
2.188% due 04/30/26		95,000		96,751
4.125% due 08/15/23		80,000		83,928
Willis North America Inc 3.600% due 05/15/24		90,000		94,317
				15,114,055
Industrial - 2.4%
Avnet Inc 4.875% due 12/01/22		45,000		46,614
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,393

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

97

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Canadian Pacific Railway Co (Canada)
1.350% due 12/02/24		$170,000		$170,239
1.750% due 12/02/26		75,000		75,312
Carrier Global Corp 2.242% due 02/15/25		425,000		435,506
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		198,743
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		400,000		397,778
GATX Corp 4.350% due 02/15/24		130,000		138,036
Kansas City Southern 3.000% due 05/15/23		130,000		133,032
Martin Marietta Materials Inc 0.650% due 07/15/23		55,000		54,821
Penske Truck Leasing Co LP 2.700% due 03/14/23 ~		95,000		96,846
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		200,000		208,917
4.125% due 07/15/23 ~		265,000		276,209
				2,267,446
Technology - 2.2%
Analog Devices Inc 0.300% (SOFR + 0.250%) due 10/01/24 §		40,000		40,055
CDW LLC 5.500% due 12/01/24		40,000		43,872
Fidelity National Information Services Inc
0.375% due 03/01/23		160,000		159,251
0.600% due 03/01/24		80,000		78,790
Fiserv Inc 3.800% due 10/01/23		295,000		308,490
Fortinet Inc 1.000% due 03/15/26		95,000		92,112
Marvell Technology Inc 4.200% due 06/22/23		140,000		145,540
Microchip Technology Inc
0.972% due 02/15/24		160,000		158,674
0.983% due 09/01/24 ~		135,000		132,599
2.670% due 09/01/23		205,000		209,443
NXP BV (China)
2.700% due 05/01/25 ~		40,000		41,378
4.625% due 06/01/23 ~		400,000		418,766
4.875% due 03/01/24 ~		95,000		102,100
Qorvo Inc 1.750% due 12/15/24 ~		65,000		65,110
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		44,782
VMware Inc 0.600% due 08/15/23		90,000		89,401
				2,130,363
Utilities - 3.9%
Alexander Funding Trust 1.841% due 11/15/23 ~		120,000		120,463
APT Pipelines Ltd (Australia) 4.200% due 03/23/25 ~		215,000		230,105

	Principal Amount		Value
Edison International 3.125% due 11/15/22		$155,000		$157,451
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		200,000		194,966
FirstEnergy Corp 3.350% due 07/15/22		240,000		241,044
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		325,960
NextEra Energy Capital Holdings Inc 1.875% due 01/15/27		160,000		161,047
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		135,710
Pacific Gas and Electric Co
1.750% due 06/16/22		810,000		810,006
3.500% due 06/15/25		135,000		140,285
San Diego Gas & Electric Co 1.914% due 02/01/22		13,930		13,941
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		500,000		502,606
The AES Corp 3.300% due 07/15/25 ~		155,000		161,029
Vistra Operations Co LLC 3.550% due 07/15/24 ~		480,000		494,590
				3,689,203
Total Corporate Bonds & Notes (Cost $46,619,371)				46,916,060
MORTGAGE-BACKED SECURITIES - 19.6%
Collateralized Mortgage Obligations - Commercial - 6.5%
Austin Fairmont Hotel Trust 1.160% (USD LIBOR + 1.050%) due 09/15/32 ~ §		115,000		115,041
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		135,434
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		4,297		4,297
Bank 2019-BNK 19 2.263% due 08/15/61		75,207		76,287
Bank 2019-BNK 24 2.056% due 11/15/62		85,009		85,605
BCP Trust 0.909% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		69,349
BPR Trust 1.260% (USD LIBOR + 1.150%) due 09/15/38 ~ §		105,000		104,916
BX Commercial Mortgage Trust
1.030% (USD LIBOR + 0.920%) due 10/15/36 ~ §		83,424		83,523
1.510% (USD LIBOR + 1.400%) due 06/15/38 ~ §		100,000		99,620
BX Trust 1.756% (USD LIBOR + 1.646%) due 10/15/36 ~ §		75,000		74,873
CGDB Commercial Mortgage Trust 1.760% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		346,786

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

98

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Commercial Mortgage Trust
3.221% due 10/10/48		$118,087		$118,875
3.633% due 02/10/37 ~ §		120,000		118,875
3.926% due 03/10/48 §		65,000		68,217
3.961% due 03/10/47		150,000		157,360
4.353% due 08/10/30 ~		120,000		124,475
4.701% due 03/10/47		195,000		204,775
4.703% due 08/10/47 ~ §		100,000		98,359
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		16,110		16,126
2.360% due 06/15/52		90,381		91,445
Extended Stay America Trust 1.810% (USD LIBOR + 1.700%) due 07/15/38 ~ §		114,405		114,628
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		337,192
Great Wolf Trust 1.743% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		144,290
GS Mortgage Securities Corp Trust 1.710% (USD LIBOR + 1.600%) due 05/15/26 ~ §		100,000		100,042
InTown Hotel Portfolio Trust
1.060% (USD LIBOR + 0.950%) due 01/15/33 ~ §		100,000		99,916
1.610% (USD LIBOR + 1.500%) due 01/15/33 ~ §		100,000		99,854
JP Morgan Chase Commercial Mortgage Securities Trust
1.460% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		375,735
1.710% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		118,081
1.880% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		204,848
2.280% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		164,726
KIND Trust 1.860% (USD LIBOR + 1.750%) due 08/15/38 ~ §		130,000		129,464
KKR Industrial Portfolio Trust
1.110% (USD LIBOR + 1.000%) due 12/15/37 ~ §		75,000		74,405
1.360% (USD LIBOR + 1.250%) due 12/15/37 ~ §		75,000		74,229
Merit 2020-Hill
1.510% (USD LIBOR + 1.400%) due 08/15/37 ~ §		188,607		188,821
1.810% (USD LIBOR + 1.700%) due 08/15/37 ~ §		94,303		94,424
2.460% (USD LIBOR + 2.350%) due 08/15/37 ~ §		108,449		108,632
MHC Trust 1.210% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		89,416
Morgan Stanley Capital I Trust
3.177% due 11/10/36 ~ §		255,000		250,103
3.912% due 09/09/32 ~		285,000		298,280

	Principal Amount		Value
New Orleans Hotel Trust 1.399% (USD LIBOR + 1.289%) due 04/15/32 ~ §		$385,000		$381,962
Shelter Growth CRE Issuer Ltd (Cayman) 1.190% (USD LIBOR + 1.080%) due 09/15/36 ~ §		78,569		78,542
SLIDE Fund Trust 2.210% (USD LIBOR + 2.100%) due 06/15/31 ~ §		120,331		118,571
Wells Fargo Commercial Mortgage Trust 1.975% due 09/15/50		6,268		6,269
WFRBS Commercial Mortgage Trust
4.045% due 03/15/47		150,000		157,205
4.697% due 04/15/45		140,214		140,303
				6,144,176
Collateralized Mortgage Obligations - Residential - 9.7%
Angel Oak Mortgage Trust
0.909% due 01/25/66 ~ §		125,574		124,946
0.985% due 04/25/66 ~ §		100,074		99,023
1.068% due 05/25/66 ~ §		76,771		76,165
1.115% due 01/25/66 ~ §		36,034		35,864
1.261% due 05/25/65 ~ §		88,255		88,152
1.579% due 05/25/65 ~ §		62,489		62,455
1.691% due 04/25/65 ~ §		25,993		26,079
Barclays Mortgage Loan Trust 1.747% due 09/25/51 ~ §		185,821		185,356
Bayview MSR Opportunity Master Fund Trust (Cayman) 2.500% due 06/25/51 ~ §		129,014		130,471
BINOM Securitization Trust 2.625% due 06/25/56 ~ §		105,000		105,232
BRAVO Residential Funding Trust 1.699% due 04/25/60 ~ §		129,336		128,868
COLT Mortgage Loan Trust
1.167% due 06/25/66 ~ §		90,051		88,886
1.419% due 09/27/66 ~ §		96,282		95,028
1.506% due 04/27/65 ~ §		29,250		29,277
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		83,707		82,429
0.973% due 05/25/65 ~ §		63,325		62,873
1.260% due 04/25/66 ~ §		83,707		82,408
2.339% due 01/25/60 ~ §		49,917		49,972
Eagle RE Ltd (Bermuda) 1.600% (SOFR + 1.550%) due 04/25/34 ~ §		150,000		150,114
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		57,256		56,795
0.931% due 06/25/66 ~ §		79,996		78,606
1.241% due 09/25/66 ~ §		98,006		96,422
1.291% due 06/25/66 ~ §		79,996		78,571
1.550% due 09/25/66 ~ §		98,006		96,323
Fannie Mae Connecticut Avenue Securities
0.953% (USD LIBOR + 0.850%) due 07/25/30 §		198,692		198,555
1.203% (USD LIBOR + 1.100%) due 11/25/29 §		300,414		300,974
1.303% (USD LIBOR + 1.200%) due 01/25/30 §		123,511		120,769

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

99

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
1.453% (USD LIBOR + 1.350%) due 09/25/29 §		$7,358		$7,430
Flagstar Mortgage Trust
0.952% (USD LIBOR + 0.850%) due 03/25/50 ~ §		73,982		73,960
3.500% due 10/25/49 ~ §		43,530		44,223
4.000% due 09/25/48 ~ §		64,125		64,702
Freddie Mac STACR REMIC Trust
0.750% (SOFR + 0.700%) due 08/25/33 ~ §		23,080		23,072
0.900% (SOFR + 0.850%) due 09/25/41 ~ §		70,000		70,024
1.550% (SOFR + 1.500%) due 10/25/41 ~ §		100,000		100,046
1.953% (USD LIBOR + 1.850%) due 02/25/50 ~ §		139,728		140,330
2.150% (SOFR + 2.100%) due 10/25/33 ~ §		100,000		101,900
3.203% (USD LIBOR + 3.100%) due 03/25/50 ~ §		134,377		136,082
Freddie Mac STACR Trust
0.903% (USD LIBOR + 0.800%) due 12/25/30 ~ §		39,993		39,996
1.053% (USD LIBOR + 0.950%) due 12/25/30 ~ §		70,000		70,116
1.503% (USD LIBOR + 1.400%) due 02/25/49 ~ §		134,658		135,100
Freddie Mac Structured Agency Credit Risk Debt Notes
0.850% (SOFR + 0.800%) due 08/25/33 ~ §		72,435		72,407
1.850% (SOFR + 1.800%) due 11/25/41 ~ §		45,000		45,168
Freddie Mac Whole Loan Securities Trust 3.849% due 05/25/47 ~ §		18,106		18,208
Galton Funding Mortgage Trust
2.310% due 01/25/60 ~ §		19,530		19,737
2.832% due 01/25/60 ~ §		145,000		144,105
3.339% due 10/25/59 ~ §		140,000		139,860
3.500% due 11/25/57 ~ §		26,721		26,877
4.000% due 02/25/59 ~ §		29,365		29,530
GS Mortgage-Backed Securities Corp Trust
1.017% due 07/25/61 ~ §		68,390		67,846
2.500% due 10/25/51 ~ §		201,045		203,326
GS Mortgage-Backed Securities Trust
1.654% due 07/25/44 ~ §		3,311		3,340
2.500% due 01/25/52 ~ §		100,552		101,631
Homeward Opportunities Fund I Trust 2.675% due 11/25/59 ~ §		27,130		27,155
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		137,781		139,346
Imperial Fund Mortgage Trust 1.516% due 09/25/56 ~ §		94,966		93,934
Mello Mortgage Capital Acceptance 2.500% due 10/25/51 ~ §		107,363		108,573
New Residential Mortgage Loan Trust
0.943% due 07/25/55 ~ §		91,762		91,152
1.650% due 05/24/60 ~ §		39,843		39,880
2.464% due 01/26/60 ~ §		62,066		62,266
2.500% due 06/25/51 ~ §		94,146		95,218

	Principal Amount		Value
2.500% due 09/25/51 ~ §		$235,261		$237,784
2.710% due 11/25/59 ~ §		121,082		121,693
NLT Trust
1.162% due 08/25/56 ~ §		248,352		244,750
1.520% due 08/25/56 ~ §		100,296		98,852
OBX Trust
0.852% (USD LIBOR + 0.750%) due 02/25/60 ~ §		60,777		60,853
1.002% (USD LIBOR + 0.900%) due 06/25/59 ~ §		10,852		10,882
1.052% (USD LIBOR + 0.950%) due 02/25/60 ~ §		31,168		31,153
1.054% due 07/25/61 ~ §		91,884		90,763
1.072% due 02/25/66 ~ §		70,958		70,183
1.302% (USD LIBOR + 1.200%) due 06/25/59 ~ §		80,219		79,992
2.500% due 05/25/51 ~ §		145,591		146,918
3.000% due 05/25/60 ~ §		39,345		39,417
3.500% due 12/25/49 ~ §		32,758		33,112
3.500% due 02/25/60 ~ §		109,209		110,648
PSMC Trust
2.500% due 03/25/51 ~ §		214,360		216,520
2.500% due 05/25/51 ~ §		162,384		164,226
Sequoia Mortgage Trust
4.000% due 06/25/48 ~ §		55,677		56,046
4.000% due 08/25/48 ~ §		40,963		41,316
4.500% due 08/25/48 ~ §		6,827		6,899
SG Residential Mortgage Trust
1.381% due 05/25/65 ~ §		40,970		40,914
2.703% due 09/25/59 ~ §		13,308		13,304
2.877% due 09/25/59 ~ §		217,969		221,064
STACR Trust
1.003% (USD LIBOR + 0.900%) due 09/25/48 ~ §		110,000		110,114
1.353% (USD LIBOR + 1.250%) due 02/25/47 ~ §		143,172		143,251
Starwood Mortgage Residential Trust
0.943% due 05/25/65 ~ §		70,471		70,025
1.162% due 08/25/56 ~ §		88,447		87,704
2.408% due 02/25/50 ~ §		115,611		116,203
2.610% due 09/27/49 ~ §		17,870		18,002
UWM Mortgage Trust 2.500% due 09/25/51 ~ §		44,308		44,809
Verus Securitization Trust
0.918% due 02/25/64 ~ §		73,587		73,458
1.052% due 01/25/66 ~ §		63,658		62,983
1.829% due 10/25/66 ~ §		231,483		231,144
1.977% due 03/25/60 ~ §		42,889		43,052
2.724% due 01/25/60 ~ §		156,717		157,110
3.100% due 11/25/59 ~ §		129,050		131,715
3.117% due 07/25/59 ~ §		141,284		142,129
Vista Point Securitization Trust
1.763% due 03/25/65 ~ §		54,298		54,517
2.496% due 04/25/65 ~ §		49,031		49,037
Wells Fargo Mortgage-Backed Securities Trust 2.500% due 12/25/50 ~ §		179,132		180,942
ZH Trust 2.253% due 02/18/27 ~		100,000		98,718
				9,219,355

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

100

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Fannie Mae - 1.7%
due 01/01/52 #		$35,000		$35,711
due 01/01/52 #		55,000		54,835
due 02/01/52 #		315,000		325,873
3.000% due 08/01/32		219,727		231,649
3.500% due 01/01/48 - 07/01/50		108,259		114,539
4.500% due 04/01/26 - 01/01/50		475,564		513,207
5.000% due 09/01/25 - 02/01/49		74,095		81,771
6.000% due 11/01/35 - 02/01/49		251,670		294,513
				1,652,098
Freddie Mac - 0.6%
2.000% due 01/01/36 - 09/01/36		248,710		255,480
4.000% due 02/01/50		105,477		113,068
4.500% due 03/01/49 - 05/01/50		68,207		73,335
5.000% due 12/01/41		57,521		63,113
7.000% due 03/01/39		24,883		28,243
7.500% due 06/01/38		25,516		28,985
				562,224
Government National Mortgage Association - 1.1%
due 01/20/52 #		167,000		173,901
3.500% due 08/20/51		161,177		168,338
4.000% due 10/20/50		217,932		229,875
5.000% due 01/20/48 - 05/20/48		208,196		224,733
5.500% due 09/15/45 - 02/20/49		172,235		196,045
				992,892
Total Mortgage-Backed Securities (Cost $18,663,805)				18,570,745
ASSET-BACKED SECURITIES - 14.0%
AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		115,000		113,784
0.970% due 02/18/26		85,000		85,159
1.060% due 08/18/26		80,000		79,842
1.210% due 12/18/26		65,000		64,187
1.290% due 06/18/27		140,000		137,844
1.590% due 10/20/25		165,000		166,129
1.800% due 12/18/25		160,000		161,462
2.690% due 06/19/23		4,870		4,875
Applebee’s Funding LLC 4.194% due 06/05/49 ~		148,500		150,760
Arbor Realty Commercial Real Estate Notes Ltd 1.180% (USD LIBOR + 1.070%) due 08/15/34 ~ §		150,000		150,156
Arbor Realty Commercial Real Estate Notes Ltd (Cayman) 1.440% (USD LIBOR + 1.350%) due 11/15/36 ~ §		110,000		110,352
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		191,424
Avis Budget Rental Car Funding AESOP LLC
2.330% due 08/20/26 ~		125,000		128,189
2.650% due 03/20/26 ~		425,000		435,361
3.330% due 03/20/24 ~		260,000		265,194
3.700% due 03/20/23 ~		50,000		50,200
4.530% due 03/20/23 ~		65,000		65,310
4.950% due 03/20/25 ~		100,000		105,993

	Principal Amount		Value
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 ~ §		$78,718		$79,099
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 ~ §		48,784		49,408
Blackbird Capital Aircraft Lease Securitization Ltd 2.487% due 12/16/41 ~ §		96,354		94,905
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		206,475		212,696
Capital Auto Receivables Asset Trust 3.360% due 11/21/22 ~		42,390		42,463
CarMax Auto Owner Trust 2.340% due 11/17/25		105,000		107,181
CBAM Ltd (Cayman) 1.404% (USD LIBOR + 1.280%) due 02/12/30 ~ §		760,000		760,743
Cedar Funding XIV CLO Ltd (Cayman) 1.224% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		254,690
CIFC Funding Ltd (Cayman) 1.174% (USD LIBOR + 1.050%) due 04/24/30 ~ §		500,000		500,339
CNH Equipment Trust 3.010% due 04/15/24		53,184		53,694
Daimler Trucks Retail Trust 1.370% due 06/15/27		265,000		266,744
Dryden 86 CLO Ltd (Cayman) 1.222% (USD LIBOR + 1.100%) due 07/17/34 ~ §		250,000		250,312
Elara HGV Timeshare Issuer LLC
2.690% due 03/25/30 ~		28,770		29,144
2.730% due 04/25/28 ~		84,811		85,729
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		113,758
2.040% due 12/15/26		185,000		188,429
GM Financial Automobile Leasing Trust 2.560% due 07/22/24		95,000		96,806
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		84,333
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		48,130		48,813
2.960% due 12/26/28 ~		20,054		20,308
Hyundai Auto Receivables Trust
1.600% due 12/15/26		150,000		150,762
2.940% due 05/15/25		165,000		168,533
Madison Park Funding Ltd (Cayman) 1.194% (USD LIBOR + 1.070%) due 07/15/33 ~ §		250,000		250,043
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		56,549		57,682
MF1 Ltd (Cayman) 1.188% (USD LIBOR + 1.080%) due 10/16/36 ~ §		110,000		109,978
Mill City Mortgage Loan Trust 2.500% due 04/25/57 ~ §		1,577		1,578
MVW LLC 2.730% due 10/20/37 ~		61,560		62,394
MVW Owner Trust
2.420% due 12/20/34 ~		167,547		169,395
2.890% due 11/20/36 ~		169,039		171,604

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

101

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		$116,375		$115,248
1.170% due 09/16/69 ~		46,028		45,833
1.220% due 07/15/69 ~		157,347		157,071
2.400% due 10/15/68 ~		70,527		71,565
2.460% due 11/15/68 ~		191,088		194,933
2.640% due 05/15/68 ~		241,479		243,665
Navistar Financial Dealer Note Master Trust
1.052% (USD LIBOR + 0.950%) due 07/25/25 ~ §		190,000		190,716
1.452% (USD LIBOR + 1.350%) due 07/25/25 ~ §		180,000		180,848
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.545% (USD LIBOR + 1.400%) due 10/18/30 ~ §		255,000		254,475
OCP CLO Ltd (Cayman)
1.252% (USD LIBOR + 1.120%) due 07/20/29 ~ §		415,000		415,109
1.674% (USD LIBOR + 1.550%) due 07/15/30 ~ §		250,000		249,912
Octane Receivables Trust 1.210% due 09/20/28 ~		95,815		95,346
Palmer Square CLO Ltd (Cayman) 1.214% (USD LIBOR + 1.080%) due 11/15/31 ~ §		250,000		250,000
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		193,500		194,247
Santander Bank NA 1.833% due 12/15/31 ~		250,000		249,815
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		125,000		125,210
1.670% due 10/15/27		70,000		69,595
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		251,983
2.520% due 11/20/24 ~		165,000		166,655
2.880% due 06/20/24 ~		410,000		416,053
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		269,589		269,777
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		64,017		63,133
3.510% due 07/20/37 ~		63,121		64,257
SLM Student Loan Trust 0.503% (USD LIBOR + 0.400%) due 03/25/25 §		86,910		85,600
SMB Private Education Loan Trust
1.110% (USD LIBOR + 1.000%) due 06/15/27 ~ §		1,756		1,757
1.290% due 07/15/53 ~		85,838		84,946
1.600% due 09/15/54 ~		487,410		481,010
1.610% (USD LIBOR + 1.500%) due 04/15/32 ~ §		188,013		189,818
3.600% due 01/15/37 ~		92,490		96,241
Symphony CLO XXIII Ltd (Cayman) 1.195% (USD LIBOR + 1.020%) due 01/15/34 ~ §		250,000		250,579
Symphony Static CLO I Ltd (Cayman) 1.579% (USD LIBOR + 1.450%) due 10/25/29 ~ §		250,000		249,997

	Principal Amount		Value
Towd Point Mortgage Trust
2.250% due 07/25/56 ~ §		$9,047		$9,082
2.750% due 08/25/55 ~ §		5,415		5,433
2.750% due 10/25/56 ~ §		16,303		16,452
2.750% due 04/25/57 ~ §		35,217		35,536
3.750% due 05/25/58 ~ §		63,898		66,181
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		120,634
World Omni Select Auto Trust
0.840% due 06/15/26		125,000		124,994
1.250% due 10/15/26		140,000		140,152
Total Asset-Backed Securities (Cost $13,218,104)				13,241,642
U.S. TREASURY OBLIGATIONS - 15.0%
U.S. Treasury Inflation Protected Securities - 0.5%
0.625% due 04/15/23 ^		456,543		477,310
				477,310
U.S. Treasury Notes - 14.5%
0.125% due 04/30/23		3,110,000		3,093,721
0.125% due 05/31/23		770,000		765,338
0.125% due 06/30/23		1,445,000		1,435,348
0.125% due 07/31/23		1,685,000		1,671,968
0.125% due 08/31/23		3,610,000		3,578,553
0.250% due 09/30/23		740,000		734,855
0.375% due 10/31/23		40,000		39,770
0.375% due 08/15/24		250,000		246,729
0.500% due 11/30/23		1,190,000		1,185,537
0.750% due 12/31/23		950,000		950,260
				13,702,079
Total U.S. Treasury Obligations (Cost $14,256,267)				14,179,389
MUNICIPAL BONDS - 1.0%
Chicago Transit Authority Sales Tax Receipts Fund
1.708% due 12/01/22		10,000		10,077
1.838% due 12/01/23		10,000		10,115
2.064% due 12/01/24		25,000		25,375
City of Houston TX Airport System Revenue
0.883% due 07/01/22		15,000		15,034
1.054% due 07/01/23		30,000		30,101
1.272% due 07/01/24		95,000		95,277
Dallas Fort Worth International Airport 1.329% due 11/01/25		50,000		49,821
Golden State Tobacco Securitization Corp
1.337% due 06/01/23		75,000		75,156
1.711% due 06/01/24		100,000		100,466
Long Island Power Authority 0.764% due 03/01/23		75,000		75,060
State Board of Administration Finance Corp 1.258% due 07/01/25		325,000		323,525
State of Connecticut
1.998% due 07/01/24		55,000		56,070
2.000% due 07/01/23		20,000		20,338

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

102

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
2.098% due 07/01/25		$35,000		$35,768
Total Municipal Bonds (Cost $920,059)				922,183
SHORT-TERM INVESTMENTS - 1.0%
Corporate Notes - 0.0%
Pacific Gas and Electric Co 1.200% (SOFR + 1.150%) due 11/14/22 §		25,000		25,041
	Shares
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		984,566		984,566
Total Short-Term Investments (Cost $1,009,566)				1,009,607
TOTAL INVESTMENTS - 100.1% (Cost $94,687,172)				94,839,626
DERIVATIVES - (0.0%)				(35,911	)
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(77,170	)
NET ASSETS - 100.0%				$94,726,545

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

103

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of December 31, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		03/22		69		$15,082,064		$15,053,859		($28,205	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		03/22		13		1,572,778		1,572,695		83
U.S. Treasury 10-Year Notes		03/22		9		1,170,620		1,174,219		(3,599	)
U.S. Treasury Ultra 10-Year Notes		03/22		2		288,685		292,875		(4,190	)
										(7,706	)
Total Futures Contracts										($35,911	)

(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 December 31, 2021:

		Total Value at December 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$46,916,060			$—			$46,916,060		$—
	Mortgage-Backed Securities		18,570,745			—			18,570,745		—
	Asset-Backed Securities		13,241,642			—			13,241,642		—
	U.S. Treasury Obligations		14,179,389			—			14,179,389		—
	Municipal Bonds		922,183			—			922,183		—
	Short-Term Investments		1,009,607			984,566			25,041		—
	Derivatives:
	Interest Rate Contracts
	Futures		83			83			—		—
	Total Assets		94,839,709			984,649			93,855,060		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(35,994	)		(35,994	)		—		—
	Total Liabilities		(35,994	)		(35,994	)		—		—
	Total		$94,803,715			$948,655			$93,855,060		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

104

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Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 40.5%
Azerbaijan - 0.9%
International Bank of Azerbaijan OJSC 3.500% due 09/01/24 ~		$250,000		$252,025
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		237,000		272,910
				524,935
Brazil - 2.4%
CSN Inova Ventures 6.750% due 01/28/28 ~		400,000		420,786
Itau Unibanco Holding SA 6.125% due 12/12/22 ~		550,000		554,285
MC Brazil Downstream Trading SARL 7.250% due 06/30/31 ~		300,000		299,162
Rede D’or Finance SARL 4.500% due 01/22/30 ~		164,000		159,884
				1,434,117
Burkina Faso - 0.7%
Endeavour Mining PLC 5.000% due 10/14/26 ~		400,000		397,776
Chile - 0.5%
Alfa Desarrollo SPA 4.550% due 09/27/51 ~		325,000		321,302
Colombia - 0.4%
Ecopetrol SA 6.875% due 04/29/30		200,000		223,593
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		34,387
				257,980
Ghana - 1.5%
Kosmos Energy Ltd
7.125% due 04/04/26 ~		$300,000		291,738
7.500% due 03/01/28 ~		425,000		399,972
7.750% due 05/01/27 ~		200,000		191,340
				883,050
Hong Kong - 0.9%
Melco Resorts Finance Ltd 5.625% due 07/17/27 ~		575,000		568,203
India - 2.6%
Adani Electricity Mumbai Ltd 3.949% due 02/12/30 ~		475,000		469,865
HDFC Bank Ltd 3.700% due 08/25/26 ~		600,000		600,000
Power Finance Corp Ltd 5.250% due 08/10/28 ~		450,000		504,700
				1,574,565
Israel - 5.0%
Bank Hapoalim BM 3.255% due 01/21/32 ~		625,000		621,875

	Principal Amount		Value
Energean Israel Finance Ltd
4.500% due 03/30/24 ~		$500,000		$503,750
4.875% due 03/30/26 ~		275,000		273,625
5.375% due 03/30/28 ~		175,000		173,031
ICL Group Ltd 6.375% due 05/31/38 ~		350,000		451,500
Leviathan Bond Ltd
5.750% due 06/30/23 ~		200,000		205,786
6.125% due 06/30/25 ~		325,000		344,308
6.500% due 06/30/27 ~		400,000		430,224
				3,004,099
Macau - 0.3%
Studio City Finance Ltd 5.000% due 01/15/29 ~		200,000		179,313
Malaysia - 2.2%
1MDB Global Investments Ltd 4.400% due 03/09/23 ~		1,300,000		1,312,747
Mexico - 5.0%
Banco Mercantil del Norte SA 5.875% due 01/24/27 ~		450,000		449,437
Cemex SAB de CV
5.125% due 06/08/26 ~		200,000		206,849
5.200% due 09/17/30 ~		400,000		430,110
Comision Federal de Electricidad 5.000% due 09/29/36 ~		395,000		414,212
Petroleos Mexicanos
5.350% due 02/12/28		325,000		323,615
5.950% due 01/28/31		75,000		73,028
6.700% due 02/16/32 ~		250,000		252,994
6.750% due 09/21/47		476,000		423,390
6.840% due 01/23/30		450,000		466,324
				3,039,959
Netherlands - 2.3%
United Group BV
4.000% due 11/15/27 ~		EUR175,000		197,992
4.625% due 08/15/28 ~		275,000		313,912
VEON Holdings BV 3.375% due 11/25/27 ~		$900,000		880,029
				1,391,933
Nigeria - 0.5%
IHS Holding Ltd 5.625% due 11/29/26 ~		325,000		329,225
Qatar - 2.2%
Qatar Energy
2.250% due 07/12/31 ~		400,000		397,240
3.300% due 07/12/51 ~		300,000		309,908
QIB Sukuk Ltd 3.982% due 03/26/24 ~		600,000		634,650
				1,341,798
South Africa - 3.9%
Absa Group Ltd 6.375% due 05/27/26 ~		325,000		331,770

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

105

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Sasol Financing USA LLC
4.375% due 09/18/26		$425,000		$428,141
5.500% due 03/18/31		350,000		353,479
Stillwater Mining Co
4.000% due 11/16/26 ~		525,000		516,088
4.500% due 11/16/29 ~		250,000		241,502
The Bidvest Group UK PLC 3.625% due 09/23/26 ~		475,000		474,026
				2,345,006
Supranational - 0.8%
Africa Finance Corp 2.875% due 04/28/28 ~		500,000		497,125
Ukraine - 1.2%
NPC Ukrenergo 6.875% due 11/09/26 ~		275,000		241,676
State Agency of Roads of Ukraine 6.250% due 06/24/28 ~		550,000		478,304
				719,980
United Arab Emirates - 1.3%
Galaxy Pipeline Assets Bidco Ltd 2.160% due 03/31/34 ~		800,000		785,989
United Kingdom - 0.4%
Standard Chartered Bank 7.000% due 05/24/27 ~		IDR 3,172,000,000		239,019
United States - 5.0%
JPMorgan Chase Bank NA China Government Bond 3.270% due 11/19/30 ~		CNH 17,200,000		2,798,778
LCPR Senior Secured Financing DAC 5.125% due 07/15/29 ~		$200,000		201,300
				3,000,078
Venezuela - 0.5%
Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ Y		113,000		4,667
8.500% due 10/27/22 * ~ Y		1,460,500		248,285
9.000% due 11/17/22 * ~ Y		239,354		9,873
9.750% due 05/17/35 * ~ Y		306,278		12,649
12.750% due 02/17/22 * ~ Y		117,000		4,832
				280,306
Total Corporate Bonds & Notes (Cost $25,761,053)				24,428,505
FOREIGN GOVERNMENT BONDS & NOTES - 41.8%
Angola - 1.7%
Angolan Government International
9.125% due 11/26/49 ~		275,000		264,695
9.500% due 11/12/25 ~		700,000		751,415
				1,016,110

	Principal Amount		Value
Argentina - 2.1%
Argentine Republic Government International
0.500% due 07/09/30		$2,300,000		$810,773
1.125% due 07/09/35		1,500,000		481,890
				1,292,663
Bahamas - 0.7%
Bahamas Government International 6.000% due 11/21/28 ~		500,000		429,380
Brazil - 1.5%
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		BRL 5,000,000		877,986
Colombia - 1.6%
Colombia Government International
5.200% due 05/15/49		$200,000		184,030
5.625% due 02/26/44		450,000		437,004
6.125% due 01/18/41		350,000		361,335
				982,369
Dominican Republic - 0.9%
Dominican Republic International
4.500% due 01/30/30 ~		150,000		152,813
4.875% due 09/23/32 ~		400,000		407,500
				560,313
Ecuador - 1.1%
Ecuador Government International
0.500% due 07/31/40 ~		550,000		323,469
1.000% due 07/31/35 ~		400,000		264,500
5.000% due 07/31/30 ~		75,000		62,344
				650,313
Egypt - 0.6%
Egypt Government International
7.903% due 02/21/48 ~		250,000		210,421
8.500% due 01/31/47 ~		200,000		177,890
				388,311
El Salvador - 0.1%
El Salvador Government International 7.625% due 02/01/41 ~		150,000		84,189
Hungary - 0.4%
Hungary Government International 5.375% due 02/21/23		200,000		210,144
Indonesia - 1.6%
Indonesia Treasury
5.125% due 04/15/27		IDR 3,100,000,000		219,403
6.125% due 05/15/28		657,000,000		46,973
7.000% due 05/15/27		3,965,000,000		298,774
7.000% due 09/15/30		3,392,000,000		247,037
8.375% due 09/15/26		2,156,000,000		170,853
				983,040

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

106

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PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Iraq - 1.6%
Iraq International 5.800% due 01/15/28 ~		$975,000		$935,571
Ivory Coast - 2.5%
Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 1,250,000		1,372,675
5.875% due 10/17/31 ~		125,000		146,542
				1,519,217
Mexico - 3.0%
Mexican Bonos 7.750% due 11/23/34		MXN 36,800,000		1,812,187
Montenegro - 0.3%
Montenegro Government International 2.875% due 12/16/27 ~		EUR 150,000		158,714
Nigeria - 2.1%
Nigeria Government International
7.143% due 02/23/30 ~		$900,000		887,040
8.250% due 09/28/51 ~		375,000		352,500
				1,239,540
Oman - 1.5%
Oman Government International
6.500% due 03/08/47 ~		400,000		397,957
6.750% due 01/17/48 ~		525,000		535,349
				933,306
Poland - 0.9%
Republic of Poland Government International 4.000% due 01/22/24		500,000		529,660
Romania - 1.4%
Romanian Government International
2.625% due 12/02/40 ~		EUR 275,000		279,877
2.750% due 04/14/41 ~		250,000		255,025
2.875% due 04/13/42 ~		300,000		306,958
				841,860
Russia - 4.5%
Russian Federal
6.100% due 07/18/35		RUB 60,000,000		660,482
7.250% due 05/10/34		166,102,000		2,048,382
7.700% due 03/16/39		413,000		5,234
				2,714,098
Saudi Arabia - 0.9%
Saudi Government International 2.900% due 10/22/25 ~		$500,000		524,688
South Africa - 4.0%
Republic of South Africa Government 8.875% due 02/28/35		ZAR 33,224,000		1,872,277

	Principal Amount		Value
Republic of South Africa Government International 5.000% due 10/12/46		$600,000		$545,250
				2,417,527
South Korea - 1.1%
The Korea Development Bank
0.510% (USD LIBOR + 0.350%) due 02/18/23 §		675,000		676,246
Sri Lanka - 0.4%
Sri Lanka Government International 6.850% due 11/03/25 ~		475,000		247,086
Tunisia - 1.3%
Banque Centrale de Tunisie International
5.625% due 02/17/24 ~		EUR 100,000		90,716
5.750% due 01/30/25 ~		$600,000		459,795
6.375% due 07/15/26 ~		EUR 275,000		239,518
				790,029
Turkey - 0.7%
Turkey Government International 4.875% due 04/16/43		$525,000		403,646
Ukraine - 2.7%
Ukraine Government International
1.258% due 05/31/40 ~ §		775,000		708,330
6.876% due 05/21/29 ~		825,000		732,889
7.750% due 09/01/25 ~		200,000		192,670
				1,633,889
Venezuela - 0.3%
Venezuela Government International
7.750% due 10/13/22 * ~ Y		85,000		5,525
8.250% due 10/13/24 * ~ Y		166,100		10,797
9.000% due 05/07/23 * ~ Y		73,000		4,745
9.250% due 09/15/27 * Y		252,000		16,380
9.250% due 05/07/28 * ~ Y		121,000		7,865
11.750% due 10/21/26 * ~ Y		768,700		49,965
11.950% due 08/05/31 * ~ Y		1,255,900		81,633
12.750% due 08/23/22 * ~ Y		211,000		13,715
				190,625
Zambia - 0.3%
Zambia Government International 8.500% due 04/14/24 * ~ Y		200,000		158,245
Total Foreign Government Bonds & Notes (Cost $27,022,004)				25,200,952
TOTAL INVESTMENTS - 82.3% (Cost $52,783,057)				49,629,457
DERIVATIVES - 0.1%				40,289
OTHER ASSETS & LIABILITIES, NET - 17.6%				10,649,864
NET ASSETS - 100.0%				$60,319,610

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

107

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $629,177 or 1.0% of the Fund’s net assets were in default as of December 31, 2021.

(b) Open futures contracts outstanding as of December 31, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes		03/22		30		$3,911,807		$3,914,063		$2,256
Short Futures Outstanding
Euro-Bund		03/22		4		793,028		780,419		12,609
U.S. Treasury 2-Year Notes		03/22		56		12,221,135		12,217,625		3,510
U.S. Treasury Long Bonds		03/22		3		485,244		481,313		3,931
										20,050
Total Futures Contracts										$22,306

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

108

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(c) Forward foreign currency contracts outstanding as of December 31, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	5,100,000	USD	897,923	01/22	JPM		$14,671		$—
CZK	19,850,000	USD	878,700	01/22	HSB		28,630		—
EUR	145,929	USD	164,823	01/22	HSB		1,338		—
EUR	339,019	USD	383,199	01/22	JPM		2,820		—
HUF	194,035,237	USD	653,912	01/22	BNP		—		(57,600	)
HUF	560,000,000	USD	1,716,449	01/22	JPM		7,254		—
IDR	1,907,370,000	USD	133,336	01/22	JPM		578		—
ILS	3,850,000	USD	1,218,166	01/22	JPM		20,261		—
INR	92,000,000	USD	1,211,281	01/22	JPM		23,289		—
MXN	25,300,000	USD	1,205,910	01/22	JPM		26,803		—
PLN	7,175,000	USD	1,759,909	01/22	JPM		19,186		—
RUB	4,074,709	USD	54,740	01/22	HSB		—		(614	)
THB	7,931,567	USD	238,561	01/22	DUB		—		(1,176	)
TRY	4,100,000	USD	306,950	02/22	JPM		—		(8,117	)
USD	1,587,244	CNH	10,108,578	01/22	JPM		—		(1,257	)
USD	8,509,838	EUR	7,531,041	01/22	JPM		—		(66,013	)
USD	619,276	HUF	194,035,237	01/22	BNP		22,964		—
USD	131,715	IDR	1,907,370,000	01/22	JPM		—		(2,199	)
USD	1,782,279	MXN	37,400,000	01/22	JPM		—		(39,993	)
USD	1,721,449	RUB	129,074,709	01/22	HSB		4,557		—
USD	238,320	THB	7,931,567	01/22	DUB		935		—
USD	787,753	TRY	11,300,000	02/22	GSC		—		(35,859	)
USD	346,241	TRY	5,000,000	02/22	JPM		—		(18,189	)
USD	1,891,448	ZAR	30,000,000	01/22	JPM		12,564		—
ZAR	9,500,000	USD	595,170	01/22	JPM		—		(190	)
ZAR	9,700,000	USD	604,357	01/22	JPM		3,149		—
Total Forward Foreign Currency Contracts							$188,999		($231,207	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

109

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(d) Swap agreements outstanding as of December 31, 2021 were as follows:

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

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Counterparty		Notional Amount (2)		Value (3)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX EM CDSI S36		Q		1.000%		12/20/26		GSC		$450,000		$18,015			$20,835			($2,820	)
CDX EM CDSI S38		Q		1.000%		12/20/26		HSB		900,000		36,030			50,175			(14,145	)
CDX EM CDSI S37		Q		1.000%		12/20/26		JPM		1,100,000		44,037			57,970			(13,933	)
CDX EM CDSI S39		Q		1.000%		12/20/26		JPM		850,000		34,029			36,635			(2,606	)
CDX EM CDSI S40		Q		1.000%		12/20/26		JPM		825,000		33,028			44,468			(11,440	)
CDX EM CDSI S42		Q		1.000%		12/20/26		JPM		850,000		34,029			38,335			(4,306	)
CDX EM CDSI S43		Q		1.000%		12/20/26		JPM		850,000		34,029			43,563			(9,534	)
CDX EM CDSI S44		Q		1.000%		12/20/26		JPM		850,000		34,029			37,655			(3,626	)
												$267,226			$329,636			($62,410	)
Credit Default Swaps on Credit Indices - Sell Protection (4)
Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty		Notional Amount (2)		Value (3)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX EM CDSI S41		Q		1.000%		12/20/26		GSC		$900,000		($36,030	)		($39,870	)		$3,840
CDX EM CDSI S45		Q		1.000%		12/20/26		HSB		500,000		(20,017	)		(21,850	)		1,833
												($56,047	)		($61,720	)		$5,673
Total Credit Default Swaps												$211,179			$267,916			($56,737	)

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

(2) 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.

(3) 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.

(4) 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.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

110

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Interest Rate Swaps - Long

Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.673%		6-Month PLN WIBOR		A / S		CME		09/10/26		PLN 11,000,000		($219,360	)		($178,789	)		($40,571	)
5.458%		1-Day INR OIS		S / S		LCH		10/07/26		INR 207,000,000		13,702			30,776			(17,074	)
7.249%		28-Day MXN TIIE		L / L		CME		03/10/27		MXN 56,000,000		(28,156	)		—			(28,156	)
1.160%		6-Month THB FIX		S / S		LCH		03/16/27		THB 122,000,000		(16,113	)		2,307			(18,420	)
3.050%		6-Month CZK PRIBOR		A / S		CME		03/16/27		CZK 86,000,000		(136,366	)		—			(136,366	)
												($386,293	)		($145,706	)		($240,587	)

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)
7.210%		28-Day MXN TIIE		L / L		CME		03/13/24		MXN 125,000,000		$38,144			$—		$38,144
0.755%		6-Month THB FIX		S / S		LCH		03/16/24		THB 300,000,000		14,166			—		14,166
1.673%		6-Month PLN WIBOR		A / S		CME		09/10/26		PLN 25,600,000		510,844			312,876		197,968
5.458%		1-Day INR OIS		S / S		LCH		10/07/26		INR 425,000,000		(28,132	)		20,500		(48,632	)
5.050%		1-Day CLP CAMARA		S / S		LCH		03/16/27		CLP 2,400,000,000		42,436			25,571		16,865
1.407%		1-Day USD SOFR		S / D		CME		12/17/31		$2,500,000		15,414			—		15,414
1.493%		1-Day USD SOFR		S / D		CME		12/17/31		2,600,000		5,871			—		5,871
2.580%		6-Month CZK PRIBOR		A / S		CME		03/16/32		CZK 45,500,000		117,719			—		117,719
												$716,462			$358,947		$357,515
Total Interest Rate Swaps												$330,169			$213,241		$116,928
Total Swap Agreements												$541,348			$481,157		$60,191

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

111

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PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

(e) Fair Value Measurements

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

		Total Value at December 31, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$24,428,505			$—		$24,428,505			$—
	Foreign Government Bonds & Notes		25,200,952			—		25,200,952			—
	Derivatives:
	Credit Contracts
	Swaps		5,673			—		5,673			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		188,999			—		188,999			—
	Interest Rate Contracts
	Futures		22,306			22,306		—			—
	Swaps		406,147			—		406,147			—
	Total Interest Rate Contracts		428,453			22,306		406,147			—
	Total Assets - Derivatives		623,125			22,306		600,819			—
	Total Assets		50,252,582			22,306		50,230,276			—
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(62,410	)		—		(62,410	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(231,207	)		—		(231,207	)		—
	Interest Rate Contracts
	Swaps		(289,219	)		—		(289,219	)		—
	Total Liabilities - Derivatives		(582,836	)		—		(582,836	)		—
	Total Liabilities		(582,836	)		—		(582,836	)		—
	Total		$49,669,746			$22,306		$49,647,440			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

112

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PF GROWTH FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 100.0%
Basic Materials - 2.0%
Air Products and Chemicals Inc		1,200		$365,112
The Sherwin-Williams Co		9,538		3,358,902
				3,724,014
Communications - 22.9%
Airbnb Inc ‘A’ *		247		41,123
Alphabet Inc ‘A’ *		3,747		10,855,209
Alphabet Inc ‘C’ *		1,149		3,324,735
Amazon.com Inc *		4,134		13,784,162
Bumble Inc ‘A’ *		5,872		198,826
Charter Communications Inc ‘A’ *		3,069		2,000,896
Match Group Inc *		11,501		1,521,007
Meta Platforms Inc ‘A’ *		16,350		5,499,322
Netflix Inc *		4,572		2,754,356
Sea Ltd ADR (Taiwan) *		4,992		1,116,760
Shopify Inc ‘A’ (Canada) *		592		815,415
Uber Technologies Inc *		18,092		758,598
				42,670,409
Consumer, Cyclical - 3.6%
Chipotle Mexican Grill Inc *		585		1,022,726
Dollar General Corp		2,890		681,549
Hilton Worldwide Holdings Inc *		6,310		984,297
Lululemon Athletica Inc *		1,912		748,452
MGM Resorts International		9,719		436,189
NIKE Inc ‘B’		10,040		1,673,367
Ross Stores Inc		5,286		604,084
Starbucks Corp		4,706		550,461
				6,701,125
Consumer, Non-Cyclical - 20.7%
Abbott Laboratories		21,415		3,013,947
Alnylam Pharmaceuticals Inc *		2,015		341,704
Becton Dickinson and Co		1,923		483,596
Block Inc *		7,454		1,203,896
Boston Scientific Corp *		49,903		2,119,879
Colgate-Palmolive Co		19,388		1,654,572
CoStar Group Inc *		15,957		1,261,082
Danaher Corp		13,402		4,409,392
Edwards Lifesciences Corp *		12,748		1,651,503
Equifax Inc		5,607		1,641,674
ICON PLC (Ireland) *		6,601		2,044,330
PayPal Holdings Inc *		15,347		2,894,137
STERIS PLC		2,703		657,937
The Estee Lauder Cos Inc ‘A’		8,102		2,999,360
Thermo Fisher Scientific Inc		5,873		3,918,700
TransUnion		15,199		1,802,297
Verisk Analytics Inc		11,938		2,730,579
Vertex Pharmaceuticals Inc *		4,223		927,371
Zoetis Inc		11,127		2,715,322
				38,471,278
Financial - 8.2%
American Tower Corp REIT		3,964		1,159,470
Aon PLC ‘A’		3,927		1,180,299
CME Group Inc		2,960		676,242
Equinix Inc REIT		1,041		880,519

	Shares		Value
Mastercard Inc ‘A’		14,361		$5,160,195
The Charles Schwab Corp		24,794		2,085,175
Visa Inc ‘A’		18,842		4,083,250
				15,225,150
Industrial - 3.3%
AMETEK Inc		11,268		1,656,846
Canadian Pacific Railway Ltd (Canada)		9,837		707,674
Johnson Controls International PLC		13,374		1,087,440
Vulcan Materials Co		12,648		2,625,472
				6,077,432
Technology - 39.3%
Activision Blizzard Inc		8,989		598,038
Adobe Inc *		12,096		6,859,158
Apple Inc		46,649		8,283,463
Applied Materials Inc		9,207		1,448,814
ASML Holding NV (Netherlands)		2,430		1,934,620
Atlassian Corp PLC ‘A’ *		2,653		1,011,562
Autodesk Inc *		7,526		2,116,236
Black Knight Inc *		5,353		443,710
Cadence Design Systems Inc *		7,915		1,474,960
Clarivate PLC *		40,402		950,255
Electronic Arts Inc		9,452		1,246,719
Intuit Inc		8,018		5,157,338
Lam Research Corp		4,033		2,900,332
Microsoft Corp		63,581		21,383,562
MSCI Inc		5,527		3,386,338
NVIDIA Corp		20,649		6,073,077
ROBLOX Corp ‘A’ *		6,540		674,666
Roper Technologies Inc		2,108		1,036,841
salesforce.com Inc *		9,190		2,335,455
ServiceNow Inc *		3,423		2,221,904
Synopsys Inc *		3,031		1,116,923
Take-Two Interactive Software Inc *		2,532		449,987
				73,103,958
Total Common Stocks (Cost $56,657,061)				185,973,366
SHORT-TERM INVESTMENT - 0.1%
Money Market Fund - 0.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		187,761		187,761
Total Short-Term Investment (Cost $187,761)				187,761
TOTAL INVESTMENTS - 100.1% (Cost $56,844,822)				186,161,127
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(180,115	)
NET ASSETS - 100.0%				$185,981,012

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

113

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PF GROWTH FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$185,973,366		$185,973,366		$—		$—
	Short-Term Investment		187,761		187,761		—		—
	Total		$186,161,127		$186,161,127		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

114

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PF LARGE-CAP VALUE FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 4.0%
Air Products and Chemicals Inc		12,575		$3,826,070
PPG Industries Inc		19,239		3,317,573
				7,143,643
Communications - 15.7%
Alphabet Inc ‘A’ *		1,042		3,018,716
Booking Holdings Inc *		1,489		3,572,453
Charter Communications Inc ‘A’ *		4,884		3,184,221
Cisco Systems Inc		79,790		5,056,292
Comcast Corp ‘A’		66,878		3,365,970
DISH Network Corp ‘A’ *		112,074		3,635,681
Motorola Solutions Inc		16,708		4,539,564
T-Mobile US Inc *		14,452		1,676,143
				28,049,040
Consumer, Cyclical - 3.6%
The Home Depot Inc		8,770		3,639,638
The TJX Cos Inc		35,759		2,714,823
				6,354,461
Consumer, Non-Cyclical - 10.1%
Amgen Inc		8,195		1,843,629
Anthem Inc		8,388		3,888,173
Johnson & Johnson		18,898		3,232,881
Merck & Co Inc		18,598		1,425,351
PepsiCo Inc		14,259		2,476,931
UnitedHealth Group Inc		10,198		5,120,824
				17,987,789
Energy - 5.8%
Chevron Corp		27,243		3,196,966
ConocoPhillips		69,576		5,021,996
Enterprise Products Partners LP		95,017		2,086,573
				10,305,535
Financial - 27.1%
American Express Co		34,543		5,651,235
American Tower Corp REIT		12,479		3,650,107
Bank of America Corp		174,686		7,771,780
Berkshire Hathaway Inc ‘B’ *		9,141		2,733,159
Capital One Financial Corp		17,043		2,472,769
JPMorgan Chase & Co		45,760		7,246,096
Marsh & McLennan Cos Inc		15,218		2,645,193
The Bank of New York Mellon Corp		43,081		2,502,144
The Charles Schwab Corp		49,517		4,164,380
The Progressive Corp		20,214		2,074,967
The Travelers Cos Inc		13,389		2,094,441
US Bancorp		32,895		1,847,712
Visa Inc ‘A’		15,760		3,415,350
				48,269,333
Industrial - 21.0%
Deere & Co		15,938		5,464,981
Honeywell International Inc		10,230		2,133,057
Illinois Tool Works Inc		12,152		2,999,114
Martin Marietta Materials Inc		5,710		2,515,369
Northrop Grumman Corp		8,082		3,128,300

	Shares		Value
Otis Worldwide Corp		23,679		$2,061,731
Raytheon Technologies Corp		60,458		5,203,016
TE Connectivity Ltd		41,768		6,738,849
United Parcel Service Inc ‘B’		17,266		3,700,794
Vertiv Holdings Co		143,118		3,573,656
				37,518,867
Technology - 6.0%
Apple Inc		5,018		891,046
Microsoft Corp		6,115		2,056,597
NXP Semiconductors NV (China)		9,861		2,246,138
Oracle Corp		23,604		2,058,505
QUALCOMM Inc		18,662		3,412,720
				10,665,006
Utilities - 5.0%
Edison International		43,279		2,953,792
Sempra Energy		45,327		5,995,855
				8,949,647
Total Common Stocks (Cost $82,552,264)				175,243,321
SHORT-TERM INVESTMENT - 0.4%
Money Market Fund - 0.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		745,638		745,638
Total Short-Term Investment (Cost $745,638)				745,638
TOTAL INVESTMENTS - 98.7% (Cost $83,297,902)				175,988,959
OTHER ASSETS & LIABILITIES, NET - 1.3%				2,231,656
NET ASSETS - 100.0%				$178,220,615

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

115

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PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$175,243,321		$175,243,321		$—		$—
	Short-Term Investment		745,638		745,638		—		—
	Total		$175,988,959		$175,988,959		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

116

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PF SMALL-CAP GROWTH FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Basic Materials - 4.1%
Axalta Coating Systems Ltd *		28,558		$945,841
Element Solutions Inc		36,130		877,237
Ingevity Corp *		9,389		673,191
				2,496,269
Communications - 3.8%
Open Lending Corp ‘A’ *		35,446		796,826
Q2 Holdings Inc *		13,245		1,052,183
Vivid Seats Inc ‘A’		42,795		465,609
				2,314,618
Consumer, Cyclical - 12.9%
Allbirds Inc ‘A’ *		14,954		225,506
Dutch Bros Inc ‘A’ *		3,988		203,029
F45 Training Holdings Inc *		42,491		462,727
Genius Sports Ltd (United Kingdom) *		49,326		374,878
JetBlue Airways Corp *		56,782		808,576
Leslie’s Inc *		55,411		1,311,024
Malibu Boats Inc ‘A’ *		11,960		822,011
Manchester United PLC ‘A’ (United Kingdom)		42,410		603,919
On Holding AG ‘A’ (Switzerland) *		4,308		162,886
Penn National Gaming Inc *		8,891		460,998
Petco Health & Wellness Co Inc *		21,866		432,728
Skechers USA Inc ‘A’ *		21,209		920,471
ThredUp Inc ‘A’ *		24,465		312,173
Visteon Corp *		4,337		482,014
Vroom Inc *		31,956		344,805
				7,927,745
Consumer, Non-Cyclical - 25.9%
Abcam PLC (United Kingdom) *		25,305		593,580
Adaptive Biotechnologies Corp *		8,046		225,771
Allovir Inc *		10,530		136,258
Annexon Inc *		10,251		117,784
BioAtla Inc *		6,701		131,541
Bioxcel Therapeutics Inc *		5,644		114,742
Boyd Group Services Inc (Canada)		2,433		383,948
Bright Horizons Family Solutions Inc *		3,382		425,726
Certara Inc *		31,204		886,818
Collegium Pharmaceutical Inc *		10,453		195,262
European Wax Center Inc ‘A’ *		10,767		326,778
Evo Payments Inc ‘A’ *		47,743		1,222,221
Guardant Health Inc *		2,572		257,251
Harmony Biosciences Holdings Inc *		7,539		321,463
HealthEquity Inc *		9,627		425,898
ICON PLC (Ireland) *		1,253		388,054
Immunocore Holdings PLC ADR (United Kingdom) *		4,536		155,313
Laird Superfood Inc *		1,954		25,480
Legalzoom.com Inc *		25,101		403,373
Lyell Immunopharma Inc *		13,310		103,019
Maravai LifeSciences Holdings Inc ‘A’ *		12,538		525,342
MaxCyte Inc *		24,467		249,319
Neurocrine Biosciences Inc *		2,831		241,116
Nevro Corp *		4,320		350,222
Nuvei Corp (Canada) * ~		10,063		653,894
Oatly Group AB ADR *		39,557		314,874
Olink Holding AB ADR (Sweden) *		6,573		119,629

	Shares		Value
Optinose Inc *		24,577		$39,815
Oxford Nanopore Technologies PLC (United Kingdom) *		19,266		182,021
Paylocity Holding Corp *		1,576		372,188
Payoneer Global Inc *		74,668		548,810
Prelude Therapeutics Inc *		6,467		80,514
PROCEPT BioRobotics Corp *		7,310		182,823
Recursion Pharmaceuticals Inc ‘A’ *		17,494		299,672
Remitly Global Inc *		42,798		882,495
Ritchie Bros Auctioneers Inc (Canada)		14,784		904,929
Sana Biotechnology Inc *		10,306		159,537
Silk Road Medical Inc *		3,915		166,818
SpringWorks Therapeutics Inc *		5,613		347,894
Syneos Health Inc *		9,821		1,008,420
The Duckhorn Portfolio Inc *		18,939		442,036
TriNet Group Inc *		5,033		479,444
Turning Point Therapeutics Inc *		4,783		228,149
Twist Bioscience Corp *		3,222		249,351
				15,869,592
Energy - 0.8%
Shoals Technologies Group Inc ‘A’ *		19,593		476,110
Financial - 10.3%
Big Yellow Group PLC REIT (United Kingdom)		20,328		469,680
First Interstate BancSystem Inc ‘A’		14,576		592,806
Focus Financial Partners Inc ‘A’ *		13,683		817,149
GCM Grosvenor Inc ‘A’		21,699		227,840
Grosvenor Capital Management PIPE *		15,272		160,356
Hamilton Lane Inc ‘A’		10,149		1,051,639
Innovative Industrial Properties Inc REIT		2,563		673,838
Prosperity Bancshares Inc		7,719		558,084
STAG Industrial Inc REIT		23,950		1,148,642
WisdomTree Investments Inc		101,482		621,070
				6,321,104
Industrial - 13.5%
Advanced Drainage Systems Inc		4,226		575,286
Advanced Energy Industries Inc		10,162		925,352
CryoPort Inc *		5,843		345,730
Gerresheimer AG (Germany)		8,283		796,402
GFL Environmental Inc (Canada)		16,859		638,113
Hydrofarm Holdings Group Inc *		18,356		519,291
Knight-Swift Transportation Holdings Inc		14,949		910,992
Littelfuse Inc		1,475		464,153
Schneider National Inc ‘B’		14,906		401,121
Sensata Technologies Holding PLC *		15,783		973,653
The AZEK Co Inc *		27,863		1,288,385
Trex Co Inc *		3,027		408,736
				8,247,214
Technology - 25.4%
8x8 Inc *		21,318		357,290
ACV Auctions Inc ‘A’ *		50,686		954,924
Alkami Technology Inc *		30,569		613,214
Avalara Inc *		3,062		395,335
CACI International Inc ‘A’ *		4,589		1,235,405
Definitive Healthcare Corp *		9,265		253,212
DoubleVerify Holdings Inc *		18,164		604,498
Endava PLC ADR (United Kingdom) *		3,554		596,788
Everbridge Inc *		9,613		647,243

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

117

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PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
ExlService Holdings Inc *		7,481		$1,083,024
Expensify Inc ‘A’ *		6,309		277,596
Five9 Inc *		3,217		441,758
Keywords Studios PLC (Ireland)		22,092		879,735
Latch Inc *		55,699		421,641
nCino Inc *		8,268		453,583
Outset Medical Inc *		6,332		291,842
PagerDuty Inc *		14,277		496,126
Paycor HCM Inc *		31,034		894,090
Ping Identity Holding Corp *		10,059		230,150
Procore Technologies Inc *		6,575		525,803
Rapid7 Inc *		10,841		1,275,877
Talkspace Inc *		47,218		93,019
TaskUS Inc ‘A’ (Philippines) *		12,487		673,799
Thoughtworks Holding Inc *		30,539		818,751
WNS Holdings Ltd ADR (India) *		11,724		1,034,291
				15,548,994
Total Common Stocks (Cost $57,014,610)				59,201,646
SHORT-TERM INVESTMENT - 3.4%
Money Market Fund - 3.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		2,084,937		2,084,937
Total Short-Term Investment (Cost $2,084,937)				2,084,937
TOTAL INVESTMENTS - 100.1% (Cost $59,099,547)				61,286,583
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(53,577	)
NET ASSETS - 100.0%				$61,233,006

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

118

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,496,269		$2,496,269		$—		$—
	Communications		2,314,618		2,314,618		—		—
	Consumer, Cyclical		7,927,745		7,927,745		—		—
	Consumer, Non-Cyclical		15,869,592		15,869,592		—		—
	Energy		476,110		476,110		—		—
	Financial		6,321,104		6,321,104		—		—
	Industrial		8,247,214		7,450,812		796,402		—
	Technology		15,548,994		15,548,994		—		—
	Total Common Stocks		59,201,646		58,405,244		796,402		—
	Short-Term Investment		2,084,937		2,084,937		—		—
	Total		$61,286,583		$60,490,181		$796,402		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

119

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PF SMALL-CAP VALUE FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.5%
Basic Materials - 6.8%
AdvanSix Inc		26,300		$1,242,675
Carpenter Technology Corp		38,029		1,110,066
Commercial Metals Co		20,630		748,663
GCP Applied Technologies Inc *		3,580		113,343
HB Fuller Co		20,670		1,674,270
Innospec Inc		8,890		803,123
Orion Engineered Carbons SA (Germany)		64,371		1,181,851
Schnitzer Steel Industries Inc ‘A’		12,550		651,596
Trinseo PLC		14,219		745,929
				8,271,516
Communications - 4.7%
A10 Networks Inc		103,796		1,720,938
Casa Systems Inc *		147,202		834,635
Criteo SA ADR (France) *		41,921		1,629,469
Houghton Mifflin Harcourt Co *		99,884		1,608,133
				5,793,175
Consumer, Cyclical - 22.9%
Blue Bird Corp *		62,927		984,178
Dana Inc		52,720		1,203,070
Dine Brands Global Inc		17,430		1,321,368
Genesco Inc *		19,700		1,264,149
H&E Equipment Services Inc		25,825		1,143,273
Hilton Grand Vacations Inc *		24,470		1,275,132
IMAX Corp *		86,710		1,546,906
KB Home		41,040		1,835,719
Kontoor Brands Inc		25,030		1,282,787
Malibu Boats Inc ‘A’ *		8,509		584,824
MillerKnoll Inc		42,500		1,665,575
Papa John’s International Inc		11,726		1,565,069
REV Group Inc		83,132		1,176,318
Ruth’s Hospitality Group Inc *		59,878		1,191,572
Sally Beauty Holdings Inc *		67,382		1,243,872
Scientific Games Corp *		14,740		985,074
SkyWest Inc *		34,609		1,360,134
Taylor Morrison Home Corp *		58,598		2,048,586
The Goodyear Tire & Rubber Co *		114,550		2,442,206
The Shyft Group Inc		39,127		1,922,310
				28,042,122
Consumer, Non-Cyclical - 10.2%
Acadia Healthcare Co Inc *		24,540		1,489,578
Herc Holdings Inc		12,720		1,991,316
Integra LifeSciences Holdings Corp *		23,260		1,558,187
Korn Ferry		20,862		1,579,879
MEDNAX Inc *		72,060		1,960,753
Nomad Foods Ltd (United Kingdom) *		67,614		1,716,720
The Hain Celestial Group Inc *		41,069		1,749,950
Viad Corp *		10,000		427,900
				12,474,283
Energy - 1.5%
Coterra Energy Inc		36,474		693,006
HollyFrontier Corp		36,410		1,193,520
				1,886,526

	Shares		Value
Financial - 32.4%
1st Source Corp		22,972		$1,139,411
Armada Hoffler Properties Inc REIT		40,282		613,092
Associated Banc-Corp		47,222		1,066,745
Bank of Marin Bancorp		20,278		754,950
BankUnited Inc		38,628		1,634,351
Berkshire Hills Bancorp Inc		57,730		1,641,264
Broadstone Net Lease Inc REIT		40,260		999,253
Carter Bankshares Inc *		27,004		415,592
Cousins Properties Inc REIT		29,186		1,175,612
HarborOne Bancorp Inc		95,992		1,424,521
Heritage Financial Corp		44,790		1,094,668
Independence Realty Trust Inc REIT		88,246		2,279,394
Independent Bank Group Inc		17,029		1,228,642
Moelis & Co ‘A’		25,820		1,614,008
National Storage Affiliates Trust REIT		19,466		1,347,047
NETSTREIT Corp REIT		46,950		1,075,155
Pacific Premier Bancorp Inc		28,729		1,150,022
Physicians Realty Trust REIT		98,491		1,854,586
Premier Financial Corp		28,340		875,989
Sandy Spring Bancorp Inc		22,473		1,080,502
Selective Insurance Group Inc		19,875		1,628,557
STAG Industrial Inc REIT		41,862		2,007,701
Stifel Financial Corp		19,085		1,343,966
Synovus Financial Corp		30,530		1,461,471
Texas Capital Bancshares Inc *		27,321		1,646,090
The Hanover Insurance Group Inc		10,600		1,389,236
TriCo Bancshares		26,849		1,153,433
Umpqua Holdings Corp		65,500		1,260,220
Webster Financial Corp		28,653		1,599,984
WSFS Financial Corp		31,397		1,573,618
				39,529,080
Industrial - 13.5%
Applied Industrial Technologies Inc		10,290		1,056,783
ArcBest Corp		20,180		2,418,573
Belden Inc		23,034		1,514,025
Cactus Inc ‘A’		48,360		1,843,967
Crane Co		6,917		703,666
Dycom Industries Inc *		16,820		1,577,043
GATX Corp		11,440		1,191,934
Great Lakes Dredge & Dock Corp *		85,940		1,350,977
Masonite International Corp *		11,948		1,409,266
Regal Rexnord Corp		6,145		1,045,756
Terex Corp		27,927		1,227,392
The Manitowoc Co Inc *		60,430		1,123,394
				16,462,776
Technology - 5.1%
Change Healthcare Inc *		67,690		1,447,212
CommVault Systems Inc *		18,479		1,273,573
Kulicke & Soffa Industries Inc (Singapore)		18,030		1,091,536
MagnaChip Semiconductor Corp (South Korea) *		65,502		1,373,577
Unisys Corp *		50,400		1,036,728
				6,222,626
Utilities - 2.4%
IDACORP Inc		15,920		1,803,895

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

120

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Southwest Gas Holdings Inc		15,300		$1,071,765
				2,875,660
Total Common Stocks (Cost $85,827,811)				121,557,764
SHORT-TERM INVESTMENT - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		775,976		775,976
Total Short-Term Investment (Cost $775,976)				775,976
TOTAL INVESTMENTS - 100.1% (Cost $86,603,787)				122,333,740
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(141,583	)
NET ASSETS - 100.0%				$122,192,157

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$121,557,764		$121,557,764		$—		$—
	Short-Term Investment		775,976		775,976		—		—
	Total		$122,333,740		$122,333,740		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

121

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Switzerland - 0.0%
Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		46,078		$50,569
Total Warrants (Cost $0)				50,569
PREFERRED STOCKS - 0.4%
Brazil - 0.4%
Lojas Americanas SA		446,850		470,666
India - 0.0%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22 *		390,884		10,990
Total Preferred Stocks (Cost $1,536,010)				481,656
COMMON STOCKS - 97.8%
Argentina - 0.1%
MercadoLibre Inc *		125		168,550
Brazil - 4.7%
Ambev SA		250,400		700,676
Americanas SA *		80,427		453,210
Lojas Renner SA		101,400		438,823
NU Holdings Ltd ‘A’ *		56,300		528,094
Pagseguro Digital Ltd ‘A’ *		37,590		985,610
Vale SA ADR		207,706		2,912,038
				6,018,451
China - 22.7%
Alibaba Group Holding Ltd *		16,500		242,477
BeiGene Ltd ADR *		6,567		1,779,197
Brii BiosciencesLtd *		73,000		308,007
Brii BiosciencesLtd * ± W		34,000		136,283
Budweiser Brewing Co APAC Ltd ~		156,900		412,483
Contemporary Amperex Technology Co Ltd ‘A’		1,400		128,961
Huazhu Group Ltd ADR *		81,407		3,039,737
Innovent Biologics Inc * ~		30,500		188,867
Keymed BiosciencesInc * ~		13,145		58,160
Keymed BiosciencesInc * ~ ± W		14,500		60,947
Meituan ‘B’ * ~		53,700		1,552,869
MicroTech Medical Hangzhou Co Ltd ‘H’ * ~		6,600		21,499
MicroTech Medical Hangzhou Co Ltd ‘H’ * ~ ± W		21,500		66,533
NetEase Inc ADR		37,152		3,781,331
New Horizon Health Ltd * ~		42,500		120,706
OneConnect Financial Technology Co Ltd ADR *		19,633		48,493
Pinduoduo Inc ADR *		31,762		1,851,725
Remegen Co Ltd ‘H’ * ~		16,114		161,098
Sunny Optical Technology Group Co Ltd		15,000		475,119
Tencent Holdings Ltd		70,981		4,141,821
Wuxi Biologics Cayman Inc * ~		202,000		2,391,458
Yum China Holdings Inc		88,678		4,419,712
Zai Lab Ltd ADR *		18,254		1,147,264
ZTO Express Cayman Inc		6,563		184,665

	Shares		Value
ZTO Express Cayman Inc ADR		74,678		$2,107,413
				28,826,825
Denmark - 0.1%
Carlsberg AS ‘B’		871		150,376
Egypt - 0.6%
Commercial International Bank Egypt SAE *		213,983		720,179
France - 4.1%
Kering SA		2,871		2,303,554
L’Oreal SA		145		69,138
LVMH Moet Hennessy Louis Vuitton SE		100		82,643
Pernod Ricard SA		11,626		2,796,958
				5,252,293
Hong Kong - 4.5%
AIA Group Ltd		550,200		5,553,085
Hong Kong Exchanges & Clearing Ltd		2,500		146,210
				5,699,295
India - 16.8%
Godrej Properties Ltd *		11,547		290,190
HDFC Life Insurance Co Ltd ~		43,883		382,491
Housing Development Finance Corp Ltd		201,456		6,970,197
Infosys Ltd		101,332		2,566,308
Kotak Mahindra Bank Ltd		204,894		4,931,969
Macrotech Developers Ltd * ~		16,753		276,748
Oberoi Realty Ltd *		51,054		590,120
Tata Consultancy Services Ltd		91,300		4,579,202
Zee Entertainment Enterprises Ltd		185,526		797,804
				21,385,029
Indonesia - 1.1%
P.T. Bank Central Asia Tbk		2,532,500		1,297,022
P.T. Semen Indonesia Persero Tbk		63,300		32,183
				1,329,205
Italy - 1.8%
Ermenegildo Zegna Holditalia SPA *		14,108		147,852
Moncler SPA		11,196		809,116
PRADA SPA		200,300		1,282,579
				2,239,547
Mexico - 6.4%
Alsea SAB de CV *		73,663		136,925
America Movil SAB de CV ‘L’ ADR		6,524		137,722
Fomento Economico Mexicano SAB de CV		282,698		2,202,022
Grupo Mexico SAB de CV ‘B’		809,390		3,528,420
Wal-Mart de Mexico SAB de CV		560,920		2,088,023
				8,093,112
Philippines - 2.1%
Ayala Land Inc		1,311,700		944,049
SM Investments Corp		74,417		1,376,187
SM Prime Holdings Inc		503,456		334,665
				2,654,901

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

122

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PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Poland - 0.5%
InPost SA *		48,122		$580,631
Russia - 9.5%
Novatek PJSC GDR		24,296		5,680,528
Polyus PJSC		3,943		688,299
Polyus PJSC GDR ~		3,877		337,917
Sberbank of Russia PJSC		241,479		945,991
TCS Group Holding PLC GDR		4,981		419,898
Yandex NV ‘A’ *		66,270		4,009,335
				12,081,968
South Africa - 0.6%
FirstRand Ltd		201,201		767,610
South Korea - 5.7%
LG Chem Ltd		1,708		882,971
NAVER Corp		2,334		740,862
Samsung Biologics Co Ltd * ~		3,034		2,303,736
Samsung Electronics Co Ltd		50,816		3,337,339
				7,264,908
Switzerland - 3.9%
Cie Financiere Richemont SA ‘A’		33,370		4,986,642
Taiwan - 10.8%
MediaTek Inc		38,000		1,630,562
Taiwan Semiconductor Manufacturing Co Ltd		547,995		12,122,197
				13,752,759
Turkey - 0.3%
Akbank T.A.S.		704,738		380,593
United Kingdom - 1.4%
Diageo PLC		2,900		158,561
Oxford Nanopore Technologies PLC *		42,798		404,346
Prudential PLC		72,357		1,243,207
				1,806,114
United States - 0.1%
NIKE Inc ‘B’		879		146,503
Total Common Stocks (Cost $82,422,323)				124,305,491

	Shares		Value
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		2,762,644		$2,762,644
Total Short-Term Investment (Cost $2,762,644)				2,762,644
TOTAL INVESTMENTS - 100.4% (Cost $86,720,977)				127,600,360
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(524,680	)
NET ASSETS - 100.0%				$127,075,680

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

123

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $263,763 or 0.2% 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.

(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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$50,569		$50,569		$—		$—
	Preferred Stocks
	Brazil		470,666		—		470,666		—
	India		10,990		10,990		—		—
	Total Preferred Stocks		481,656		10,990		470,666		—
	Common Stocks
	Argentina		168,550		168,550		—		—
	Brazil		6,018,451		4,425,742		1,592,709		—
	China		28,826,825		18,562,538		10,000,524		263,763
	Denmark		150,376		—		150,376		—
	Egypt		720,179		—		720,179		—
	France		5,252,293		—		5,252,293		—
	Hong Kong		5,699,295		—		5,699,295		—
	India		21,385,029		—		21,385,029		—
	Indonesia		1,329,205		—		1,329,205		—
	Italy		2,239,547		147,852		2,091,695		—
	Mexico		8,093,112		8,093,112		—		—
	Philippines		2,654,901		2,320,236		334,665		—
	Poland		580,631		580,631		—		—
	Russia		12,081,968		4,009,335		8,072,633		—
	South Africa		767,610		—		767,610		—
	South Korea		7,264,908		—		7,264,908		—
	Switzerland		4,986,642		—		4,986,642		—
	Taiwan		13,752,759		—		13,752,759		—
	Turkey		380,593		—		380,593		—
	United Kingdom		1,806,114		404,346		1,401,768		—
	United States		146,503		146,503		—		—
	Total Common Stocks		124,305,491		38,858,845		85,182,883		263,763
	Short-Term Investment		2,762,644		2,762,644		—		—
	Total		$127,600,360		$41,683,048		$85,653,549		$263,763

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

124

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND (Formerly named PF INTERNATIONAL LARGE-CAP FUND)

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Argentina - 0.5%
MercadoLibre Inc *		173		$233,273
Belgium - 0.7%
KBC Group NV		4,109		353,051
Canada - 4.6%
Canadian Pacific Railway Ltd		15,701		1,129,275
Shopify Inc ‘A’ *		232		319,555
Thomson Reuters Corp		7,682		918,658
				2,367,488
China - 0.5%
Zai Lab Ltd *		2,450		156,211
Zai Lab Ltd ADR *		1,430		89,875
				246,086
Denmark - 2.5%
Novo Nordisk AS ‘B’		11,498		1,291,523
France - 13.0%
Airbus SE *		6,085		778,538
BNP Paribas SA		17,632		1,219,095
EssilorLuxottica SA		2,409		512,821
L’Oreal SA		2,945		1,404,214
LVMH Moet Hennessy Louis Vuitton SE		1,815		1,499,977
Teleperformance		1,983		886,553
Worldline SA * ~		6,890		383,499
				6,684,697
Germany - 1.8%
adidas AG		3,226		928,912
Hong Kong - 1.8%
AIA Group Ltd		91,378		922,264
Ireland - 4.8%
CRH PLC		18,313		969,491
ICON PLC *		4,798		1,485,941
				2,455,432
Israel - 1.1%
Nice Ltd ADR *		1,880		570,768
Italy - 1.2%
Intesa Sanpaolo SPA		234,324		605,241
Japan - 13.0%
FANUC Corp		3,000		637,686
Hoya Corp		8,000		1,187,135
Keyence Corp		2,160		1,358,118
MonotaRO Co Ltd		19,400		348,929
Nidec Corp		4,200		496,836
Recruit Holdings Co Ltd		23,800		1,448,366
Shiseido Co Ltd		11,800		658,281

	Shares		Value
Tokyo Electron Ltd		900		$518,015
				6,653,366
Netherlands - 5.7%
Adyen NV * ~		236		619,501
Argenx SE *		1,512		537,679
ASML Holding NV		2,195		1,758,241
				2,915,421
Portugal - 2.0%
EDP - Energias de Portugal SA		185,823		1,020,783
Spain - 4.1%
Amadeus IT Group SA *		12,707		859,810
Cellnex Telecom SA ~		9,017		522,333
Industria de Diseno Textil SA		22,148		714,274
				2,096,417
Sweden - 4.2%
Atlas Copco AB ‘A’		18,128		1,252,660
Sandvik AB		32,350		901,709
				2,154,369
Switzerland - 11.3%
Alcon Inc		14,246		1,256,574
Givaudan SA		94		493,181
Nestle SA		16,446		2,296,147
Roche Holding AG		3,875		1,607,587
Temenos AG		889		122,541
				5,776,030
Taiwan - 2.8%
Sea Ltd ADR *		1,375		307,601
Taiwan Semiconductor Manufacturing Co Ltd ADR		9,580		1,152,570
				1,460,171
United Kingdom - 15.0%
3i Group PLC		26,131		512,253
Ashtead Group PLC		4,438		357,767
Burberry Group PLC		20,796		513,292
Compass Group PLC *		35,171		791,829
Diageo PLC		26,457		1,446,565
Dr. Martens PLC *		42,243		244,722
Linde PLC		4,409		1,529,957
London Stock Exchange Group PLC		13,005		1,223,383
Ocado Group PLC *		16,442		374,077
Rentokil Initial PLC		90,458		716,043
				7,709,888
United States - 8.8%
Accenture PLC ‘A’		780		323,349
Atlassian Corp PLC ‘A’ *		2,876		1,096,590
Elastic NV *		5,517		679,088
Schlumberger NV		29,380		879,931
TE Connectivity Ltd		9,407		1,517,725
				4,496,683
Total Common Stocks (Cost $41,898,173)				50,941,863

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

125

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Value
TOTAL INVESTMENTS - 99.4% (Cost $41,898,173)		$50,941,863
OTHER ASSETS & LIABILITIES, NET - 0.6%		294,640
NET ASSETS - 100.0%		$51,236,503

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

126

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Argentina		$233,273		$233,273		$—		$—
	Belgium		353,051		—		353,051		—
	Canada		2,367,488		2,367,488		—		—
	China		246,086		89,875		156,211		—
	Denmark		1,291,523		—		1,291,523		—
	France		6,684,697		—		6,684,697		—
	Germany		928,912		—		928,912		—
	Hong Kong		922,264		—		922,264		—
	Ireland		2,455,432		1,485,941		969,491		—
	Israel		570,768		570,768		—		—
	Italy		605,241		—		605,241		—
	Japan		6,653,366		—		6,653,366		—
	Netherlands		2,915,421		—		2,915,421		—
	Portugal		1,020,783		—		1,020,783		—
	Spain		2,096,417		—		2,096,417		—
	Sweden		2,154,369		—		2,154,369		—
	Switzerland		5,776,030		—		5,776,030		—
	Taiwan		1,460,171		1,460,171		—		—
	United Kingdom		7,709,888		244,722		7,465,166		—
	United States		4,496,683		4,496,683		—		—
	Total Common Stocks		50,941,863		10,948,921		39,992,942		—
	Total		$50,941,863		$10,948,921		$39,992,942		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

127

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 91.0%
Australia - 3.6%
EBOS Group Ltd		8,800		$248,017
GUD Holdings Ltd		40,189		332,451
Imdex Ltd		78,780		169,080
Inghams Group Ltd		139,850		357,185
Nanosonics Ltd *		25,670		117,892
Servcorp Ltd		32,458		85,013
SomnoMed Ltd *		19,021		32,521
				1,342,159
Austria - 1.7%
Mayr Melnhof Karton AG		1,700		340,551
Wienerberger AG		8,200		301,133
				641,684
Belgium - 1.5%
Econocom Group SA		69,600		290,830
Fagron		16,800		283,229
				574,059
Brazil - 1.8%
Hypera SA		54,000		273,370
LOG Commercial Properties e Participacoes SA		38,300		173,556
YDUQS Participacoes SA		64,900		238,439
				685,365
Canada - 3.2%
CCL Industries Inc ‘B’		4,900		262,751
ECN Capital Corp		26,200		110,604
Open Text Corp		9,200		436,672
TFI International Inc		1,600		179,447
The North West Co Inc		8,100		219,253
				1,208,727
Cayman - 0.2%
Patria Investments Ltd ‘A’		5,600		90,720
China - 2.5%
Best Pacific International Holdings Ltd ‘H’		286,000		76,657
Far East Horizon Ltd		267,000		236,951
Precision Tsugami China Corp Ltd		109,000		136,293
Qingdao Port International Co Ltd ‘H’ ~		418,000		231,477
TravelSky Technology Ltd ‘H’		132,000		222,101
Xingda International Holdings Ltd		143,000		31,360
				934,839
Denmark - 0.8%
Spar Nord Bank AS		23,200		296,924
Finland - 1.9%
Huhtamaki Oyj		5,100		225,578
Kamux Corp		14,100		183,992
Nanoform Finland PLC *		9,800		73,415
Rovio Entertainment Oyj ~		28,600		214,252
				697,237
France - 3.8%
Altarea SCA REIT		1,200		229,363
Antin Infrastructure Partners SA *		4,100		162,194

	Shares		Value
Lectra		5,200		$248,457
Maisons du Monde SA ~		11,900		275,417
Thermador Groupe		2,500		289,179
Vicat SA		5,800		237,626
				1,442,236
Germany - 6.5%
DIC Asset AG		17,100		298,886
DWS Group GmbH & Co KGaA ~		3,600		145,174
JOST Werke AG ~		4,300		242,330
Norma Group SE		6,600		254,787
Rheinmetall AG		2,590		243,745
Stabilus SA		3,000		220,471
Synlab AG *		9,200		246,740
Takkt AG		15,400		269,305
Talanx AG		10,600		511,102
				2,432,540
Greece - 0.8%
Mytilineos SA		18,100		311,824
Hong Kong - 1.6%
ASM Pacific Technology Ltd		28,300		305,831
Sino Land Co Ltd		118,000		146,929
Value Partners Group Ltd		279,000		139,330
				592,090
Indonesia - 0.6%
P.T. Avia Avian Tbk *		1,727,700		112,129
P.T. Selamat Sempurna Tbk		1,357,400		129,526
				241,655
Ireland - 2.4%
AerCap Holdings NV *		5,500		359,810
Irish Residential Properties REIT PLC ◇		167,500		319,611
Mincon Group PLC		146,700		230,485
				909,906
Italy - 1.2%
Banca Generali SPA		4,500		197,401
Recordati Industria Chimica e Farmaceutica SPA		3,700		237,592
				434,993
Japan - 22.0%
Aeon Delight Co Ltd		7,000		205,168
Amano Corp		9,500		218,742
Daiichikosho Co Ltd		5,400		163,502
Daikyonishikawa Corp		27,185		138,353
Daiwa Industries Ltd		17,200		188,925
Dexerials Corp		12,500		451,185
Dip Corp		6,600		224,675
GMO internet Inc		9,000		212,082
Inaba Denki Sangyo Co Ltd		8,100		190,306
Isuzu Motors Ltd		28,500		354,725
JAFCO Group Co ltd		3,200		184,101
Lixil Corp		10,400		277,440
Maruwa Co Ltd		2,400		339,788
Meitec Corp		3,200		188,372
MINEBEA MITSUMI Inc		9,000		255,723
Mitani Corp		11,155		196,932
Nihon Parkerizing Co Ltd		26,200		256,429
Nishimoto Co Ltd		5,000		138,112

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

128

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
NOF Corp		2,200		$111,242
NSD Co Ltd		14,900		270,655
PALTAC Corp		5,700		234,894
Paramount Bed Holdings Co Ltd		7,700		130,619
Park24 Co Ltd *		13,400		183,684
Persol Holdings Co Ltd		14,500		421,562
Renesas Electronics Corp *		44,300		550,237
Roland Corp		6,800		232,084
S Foods Inc		11,200		339,080
San-Ai Oil Co Ltd		16,700		193,854
Ship Healthcare Holdings Inc		9,500		221,370
Sugi Holdings Co Ltd		4,700		284,762
SUMCO Corp		14,300		291,188
TIS Inc		10,400		309,255
TKC Corp		4,300		129,263
Tsuruha Holdings Inc		2,200		211,241
				8,299,550
Mexico - 2.2%
Bolsa Mexicana de Valores SAB de CV		115,900		219,115
GCC SAB de CV		39,400		302,589
Gruma SAB de CV ‘B’		25,300		323,350
				845,054
Netherlands - 1.4%
Amsterdam Commodities NV *		11,300		320,340
Arcadis NV		4,400		211,974
				532,314
Norway - 1.0%
Europris ASA ~		28,200		225,244
Fjordkraft Holding ASA ~		29,700		160,412
				385,656
Peru - 0.6%
Intercorp Financial Services Inc		8,200		216,316
Philippines - 1.7%
Century Pacific Food Inc		570,600		327,465
Robinsons Land Corp		780,200		293,761
				621,226
Singapore - 1.9%
HRnetgroup Ltd		271,500		162,183
Mapletree Industrial Trust REIT		109,700		220,620
The Hour Glass Ltd		130,500		197,588
Wing Tai Holdings Ltd		112,700		149,698
				730,089
South Korea - 1.9%
Hyundai Marine & Fire Insurance Co Ltd		9,280		178,891
Soulbrain Co Ltd		1,400		327,497
Vitzrocell Co Ltd		17,500		210,998
				717,386
Spain - 2.8%
Cia de Distribucion Integral Logista Holdings SA		15,600		311,307
CIE Automotive SA		8,600		265,789
Grupo Catalana Occidente SA		8,300		283,486
Prosegur Cia de Seguridad SA		80,600		211,412
				1,071,994

	Shares		Value
Sweden - 3.2%
Dustin Group AB ~		31,100		$365,166
Granges AB		19,000		222,124
Hexpol AB		22,700		303,562
John Mattson Fastighetsforetagen AB *		9,300		204,815
Nordnet AB publ		5,700		109,354
				1,205,021
Tanzania - 0.6%
Helios Towers PLC *		93,000		216,514
Thailand - 0.7%
Star Petroleum Refining PCL *		881,600		258,415
United Kingdom - 13.8%
Ashtead Technology Holdings PLC *		63,800		155,226
B&M European Value Retail SA		22,600		194,667
Biffa PLC ~		56,600		274,650
Bodycote PLC		16,700		195,737
Brewin Dolphin Holdings PLC		51,200		256,417
Bridgepoint Group PLC * ~		8,500		56,721
Bytes Technology Group PLC		17,300		132,888
Grainger PLC		68,900		296,313
Harbour Energy PLC *		43,300		208,968
Hyve Group PLC *		94,600		120,575
Informa PLC *		34,800		243,655
J D Wetherspoon PLC *		21,500		279,498
JET2 PLC *		14,900		226,167
John Wood Group PLC *		120,200		312,305
Lancashire Holdings Ltd		40,000		286,953
LSL Property Services PLC		34,700		193,715
On the Beach Group PLC * ~		55,400		215,254
Reach PLC		49,200		188,130
Savills PLC		10,900		207,623
Tate & Lyle PLC		37,600		338,282
Ultra Electronics Holdings PLC		4,700		202,948
Vistry Group PLC		12,400		198,356
Volution Group PLC		15,400		115,382
WH Smith PLC *		15,600		313,556
				5,213,986
United States - 3.1%
Adient PLC *		6,600		316,008
Adtalem Global Education Inc *		8,900		263,084
Impro Precision Industries Ltd ~		188,000		44,604
RHI Magnesita NV		12,500		558,035
				1,181,731
Total Common Stocks (Cost $34,388,455)				34,332,210

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

129

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 5.7%
iShares MSCI India		21,200		$971,808
iShares MSCI Taiwan		17,600		1,172,336
Total Exchange-Traded Funds (Cost $2,154,237)				2,144,144
TOTAL INVESTMENTS - 96.7% (Cost $36,542,692)				36,476,354
OTHER ASSETS & LIABILITIES, NET - 3.3%				1,225,389
NET ASSETS - 100.0%				$37,701,743

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

130

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Restricted securities as of December 31, 2021 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Irish Residential Properties REIT PLC (Acq 10/29/21)		$316,994		$319,611		0.9%

(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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$1,342,159		$117,534		$1,224,625		$—
	Austria		641,684		—		641,684		—
	Belgium		574,059		—		574,059		—
	Brazil		685,365		—		685,365		—
	Canada		1,208,727		1,208,727		—		—
	Cayman		90,720		90,720		—		—
	China		934,839		703,362		231,477		—
	Denmark		296,924		296,924		—		—
	Finland		697,237		287,667		409,570		—
	France		1,442,236		289,179		1,153,057		—
	Germany		2,432,540		732,106		1,700,434		—
	Greece		311,824		—		311,824		—
	Hong Kong		592,090		—		592,090		—
	Indonesia		241,655		241,655		—		—
	Ireland		909,906		909,906		—		—
	Italy		434,993		—		434,993		—
	Japan		8,299,550		—		8,299,550		—
	Mexico		845,054		845,054		—		—
	Netherlands		532,314		320,340		211,974		—
	Norway		385,656		—		385,656		—
	Peru		216,316		216,316		—		—
	Philippines		621,226		—		621,226		—
	Singapore		730,089		311,881		418,208		—
	South Korea		717,386		—		717,386		—
	Spain		1,071,994		283,486		788,508		—
	Sweden		1,205,021		365,166		839,855		—
	Tanzania		216,514		216,514		—		—
	Thailand		258,415		—		258,415		—
	United Kingdom		5,213,986		1,350,985		3,863,001		—
	United States		1,181,731		623,696		558,035		—
	Total Common Stocks		34,332,210		9,411,218		24,920,992		—
	Exchange-Traded Funds		2,144,144		2,144,144		—		—
	Total		$36,476,354		$11,555,362		$24,920,992		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

131

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Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Argentina - 0.1%
YPF SA ADR *		7,682		$29,345
Austria - 0.7%
Erste Group Bank AG		5,081		238,199
Belgium - 0.8%
Ageas SA		5,682		294,255
Brazil - 1.4%
Cia de Saneamento Basico do Estado de Sao Paulo		34,003		248,309
Telefonica Brasil SA		20,061		174,151
Ultrapar Participacoes SA		26,936		71,420
				493,880
Burkina Faso - 0.3%
Endeavour Mining PLC		5,466		119,825
Canada - 2.5%
ARC Resources Ltd		13,777		125,251
Barrick Gold Corp		14,774		280,892
Cameco Corp		6,917		150,860
Kinross Gold Corp		34,237		198,917
Tourmaline Oil Corp		4,135		133,502
				889,422
China - 0.8%
Dongfeng Motor Group Co Ltd ‘H’		321,120		266,946
Finland - 1.4%
Nokia OYJ *		79,273		502,091
France - 13.9%
AXA SA		19,402		577,467
BNP Paribas SA		7,233		500,097
Carrefour SA		12,765		234,027
Cie de Saint-Gobain		9,181		645,852
Dassault Aviation SA		1,567		169,483
Engie SA		39,190		580,223
Orange SA		27,792		296,879
Renault SA *		5,375		186,461
Rexel SA		7,769		157,342
SCOR SE		5,834		182,128
Societe Generale SA		13,378		459,785
TotalEnergies SE		18,030		917,731
				4,907,475
Germany - 3.3%
CECONOMY AG *		19,108		82,206
Continental AG *		2,421		254,364
Daimler AG		3,785		289,190
Daimler Truck Holding AG *		1,893		69,572
Fresenius SE & Co KGaA		10,559		424,402

	Shares		Value
METRO AG		3,998		$41,941
				1,161,675
Hong Kong - 0.8%
CK Asset Holdings Ltd		46,975		296,317
India - 1.3%
Canara Bank *		49,167		131,595
Oil & Natural Gas Corp Ltd		103,598		198,314
Zee Entertainment Enterprises Ltd		27,661		118,949
				448,858
Indonesia - 0.9%
P.T. Bank Mandiri Persero Tbk		611,502		301,947
Ireland - 1.2%
AIB Group PLC *		77,996		190,029
Bank of Ireland Group PLC *		43,205		244,690
				434,719
Italy - 5.0%
Assicurazioni Generali SPA		19,149		404,709
BPER Banca		53,424		110,413
Eni SPA		41,041		570,379
Saipem SPA *		49,389		103,554
UniCredit SPA		37,598		577,932
				1,766,987
Japan - 25.0%
Alfresa Holdings Corp		9,360		124,730
Alps Alpine Co Ltd		11,810		111,392
Benesse Holdings Inc		759		14,905
Chiyoda Corp *		11,231		34,327
Dai-ichi Life Holdings Inc		17,314		349,223
DeNA Co Ltd		8,911		137,219
Eisai Co Ltd		1,928		109,448
Fuji Media Holdings Inc		6,006		57,794
Hino Motors Ltd		33,310		274,673
Honda Motor Co Ltd		23,335		663,898
Inpex Corp		37,497		326,059
Isuzu Motors Ltd		29,946		372,723
Japan Airlines Co Ltd *		13,980		265,387
JGC Holdings Corp		20,463		170,942
Kamigumi Co Ltd		6,580		124,597
Mitsubishi Estate Co Ltd		21,190		293,958
Mitsubishi Heavy Industries Ltd		4,446		102,793
Mitsubishi Motors Corp *		26,624		74,188
Mitsubishi UFJ Financial Group Inc		94,988		516,951
MS&AD Insurance Group Holdings Inc		5,160		158,888
Nikon Corp		18,019		194,104
Nippon Television Holdings Inc		11,159		113,227
Nissan Motor Co Ltd *		53,618		258,254
Nomura Holdings Inc		25,673		111,823
Ono Pharmaceutical Co Ltd		17,120		425,524
Resona Holdings Inc		95,762		372,148
Shimamura Co Ltd		2,929		245,803
Subaru Corp		17,470		312,151
Sumitomo Electric Industries Ltd		23,980		312,963
Sumitomo Heavy Industries Ltd		5,850		141,996
Sumitomo Mitsui Financial Group Inc		13,336		455,389

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

132

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
Sumitomo Mitsui Trust Holdings Inc		10,476		$350,300
T&D Holdings Inc		35,309		451,100
Taiheiyo Cement Corp		7,220		142,577
Takeda Pharmaceutical Co Ltd		9,780		267,075
THK Co Ltd		9,657		234,320
Toppan Inc		6,530		122,540
				8,795,389
Luxembourg - 0.5%
RTL Group SA		3,425		181,531
Malaysia - 0.5%
CIMB Group Holdings Bhd		133,342		174,421
Mexico - 0.7%
America Movil SAB de CV ‘L’ ADR		11,272		237,952
Netherlands - 5.2%
ABN AMRO Bank NV ~		20,917		307,474
ING Groep NV		30,278		420,955
PostNL NV		24,932		108,409
Royal Dutch Shell PLC ‘B’		45,803		1,005,677
				1,842,515
Norway - 0.3%
Norsk Hydro ASA		14,923		117,423
Russia - 2.0%
Gazprom PJSC ADR		38,789		356,471
LUKOIL PJSC ADR		1,031		92,584
Sberbank of Russia PJSC ADR		10,085		158,839
VEON Ltd ADR *		65,417		111,863
				719,757
South Africa - 2.4%
Anglo American PLC		11,297		464,671
Gold Fields Ltd ADR		7,846		86,228
Impala Platinum Holdings Ltd		1,717		24,221
MTN Group Ltd *		9,457		101,369
Old Mutual Ltd		185,930		152,851
				829,340
South Korea - 4.4%
Coway Co Ltd		3,169		198,542
Hankook Tire & Technology Co Ltd		4,511		150,700
KB Financial Group Inc		9,876		456,709
KT Corp ADR *		28,460		357,742
Shinhan Financial Group Co Ltd		12,673		391,584
				1,555,277
Spain - 1.1%
CaixaBank SA		147,391		402,619
Switzerland - 7.2%
Adecco Group AG		9,537		485,981
Holcim Ltd		10,477		532,850
Julius Baer Group Ltd		1,194		79,845
Novartis AG		7,465		655,965

	Shares		Value
UBS Group AG		44,334		$795,764
				2,550,405
Taiwan - 1.4%
Catcher Technology Co Ltd		38,514		217,727
Hon Hai Precision Industry Co Ltd		69,574		260,912
				478,639
Thailand - 1.1%
Kasikornbank PCL		14,047		59,357
Kasikornbank PCL NVDR		79,328		335,870
				395,227
Turkey - 0.7%
Turk Telekomunikasyon AS		155,565		113,243
Turkcell Iletisim Hizmetleri AS		85,721		119,617
				232,860
United Kingdom - 11.0%
Babcock International Group PLC *		33,449		144,865
BAE Systems PLC		61,107		455,687
BP PLC		163,961		734,648
BT Group PLC		133,086		306,165
Centrica PLC *		125,376		121,581
easyJet PLC *		14,151		107,491
J Sainsbury PLC		84,913		317,402
Kingfisher PLC		42,934		197,485
Land Securities Group PLC REIT		19,249		203,153
Marks & Spencer Group PLC *		38,204		120,182
Standard Chartered PLC		63,585		386,647
The British Land Co PLC REIT		27,814		200,854
WPP PLC		37,627		572,974
				3,869,134
United States - 0.4%
Ovintiv Inc		3,713		124,926
Total Common Stocks (Cost $28,445,358)				34,659,356
EXCHANGE-TRADED FUND - 0.1%
iShares Core MSCI EAFE		463		34,558
Total Exchange-Traded Fund (Cost $34,554)				34,558

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

133

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PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		288,963		$288,963
Total Short-Term Investment (Cost $288,963)				288,963
TOTAL INVESTMENTS - 99.2% (Cost $28,768,875)				34,982,877
OTHER ASSETS & LIABILITIES, NET - 0.8%				270,467
NET ASSETS - 100.0%				$35,253,344

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

134

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PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Argentina		$29,345		$29,345		$—		$—
	Austria		238,199		—		238,199		—
	Belgium		294,255		—		294,255		—
	Brazil		493,880		—		493,880		—
	Burkina Faso		119,825		119,825		—		—
	Canada		889,422		889,422		—		—
	China		266,946		—		266,946		—
	Finland		502,091		—		502,091		—
	France		4,907,475		—		4,907,475		—
	Germany		1,161,675		69,572		1,092,103		—
	Hong Kong		296,317		—		296,317		—
	India		448,858		—		448,858		—
	Indonesia		301,947		—		301,947		—
	Ireland		434,719		190,029		244,690		—
	Italy		1,766,987		—		1,766,987		—
	Japan		8,795,389		—		8,795,389		—
	Luxembourg		181,531		—		181,531		—
	Malaysia		174,421		—		174,421		—
	Mexico		237,952		237,952		—		—
	Netherlands		1,842,515		—		1,842,515		—
	Norway		117,423		—		117,423		—
	Russia		719,757		719,757		—		—
	South Africa		829,340		239,079		590,261		—
	South Korea		1,555,277		357,742		1,197,535		—
	Spain		402,619		—		402,619		—
	Switzerland		2,550,405		—		2,550,405		—
	Taiwan		478,639		—		478,639		—
	Thailand		395,227		—		395,227		—
	Turkey		232,860		232,860		—		—
	United Kingdom		3,869,134		—		3,869,134		—
	United States		124,926		124,926		—		—
	Total Common Stocks		34,659,356		3,210,509		31,448,847		—
	Exchange-Traded Fund		34,558		34,558		—		—
	Short-Term Investment		288,963		288,963		—		—
	Total		$34,982,877		$3,534,030		$31,448,847		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

135

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PF MULTI-ASSET FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 54.0%
Basic Materials - 0.5%
DuPont de Nemours Inc 1.266% (USD LIBOR + 1.110%) due 11/15/23 §		$2,500,000		$2,533,575
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		1,600,000		1,625,408
4.625% due 04/29/24 ~		2,000,000		2,137,145
				6,296,128
Communications - 3.1%
AT&T Inc
0.690% (SOFR + 0.640%) due 03/25/24 §		4,550,000		4,551,557
0.900% due 03/25/24		1,400,000		1,394,370
1.381% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,857,362
Charter Communications Operating LLC
1.782% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		511,074
eBay Inc
0.999% (USD LIBOR + 0.870%) due 01/30/23 §		50,000		50,356
1.900% due 03/11/25		2,500,000		2,529,961
3.800% due 03/09/22		3,060,000		3,068,670
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,955,499
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		6,374,063		6,676,926
Verizon Communications Inc 0.750% due 03/22/24		5,000,000		4,981,987
				35,577,762
Consumer, Cyclical - 2.2%
Brunswick Corp 0.850% due 08/18/24		2,500,000		2,465,744
DR Horton Inc
2.500% due 10/15/24		2,000,000		2,059,638
4.375% due 09/15/22		1,000,000		1,016,225
Ford Motor Credit Co LLC
1.221% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,205,816
3.087% due 01/09/23		1,000,000		1,018,220
General Motors Financial Co Inc
1.050% due 03/08/24		2,000,000		1,990,411
1.200% due 10/15/24		2,350,000		2,334,163
Hyatt Hotels Corp 1.300% due 10/01/23		2,500,000		2,500,859
Marriott International Inc 3.600% due 04/15/24		1,000,000		1,046,353
Nissan Motor Acceptance Corp 0.772% (USD LIBOR + 0.650%) due 07/13/22 ~ §		1,700,000		1,701,277
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,083,966

	Principal Amount		Value
Walgreens Boots Alliance Inc 0.950% due 11/17/23		$2,800,000		$2,799,701
				25,222,373
Consumer, Non-Cyclical - 7.3%
AmerisourceBergen Corp 0.737% due 03/15/23		1,550,000		1,546,361
Anthem Inc 2.375% due 01/15/25		1,200,000		1,238,225
Avery Dennison Corp 0.850% due 08/15/24		3,000,000		2,958,241
Baxter International Inc 1.322% due 11/29/24 ~		4,650,000		4,646,336
Bayer US Finance II LLC (Germany) 1.213% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,227,872
Bristol-Myers Squibb Co 0.537% due 11/13/23		2,200,000		2,191,200
Cigna Corp 1.014% (USD LIBOR + 0.890%) due 07/15/23 §		7,000,000		7,067,169
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,919,934
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		4,000,000		4,005,524
General Mills Inc 1.132% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,156,807
Gilead Sciences Inc 0.750% due 09/29/23		2,812,000		2,801,290
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		2,150,000		2,142,493
Global Payments Inc 1.500% due 11/15/24		750,000		750,568
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,332,966
Humana Inc 0.650% due 08/03/23		2,800,000		2,786,449
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		1,500,000		1,470,663
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		2,980,558
McKesson Corp 1.300% due 08/15/26		1,000,000		977,175
Mondelez International Holdings Netherlands BV 0.750% due 09/24/24 ~		2,000,000		1,967,659
PayPal Holdings Inc
1.350% due 06/01/23		1,750,000		1,764,790
2.200% due 09/26/22		2,000,000		2,028,591
PerkinElmer Inc 0.550% due 09/15/23		2,700,000		2,678,224
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		2,009,271
Quanta Services Inc 0.950% due 10/01/24		1,750,000		1,732,079
Royalty Pharma PLC 0.750% due 09/02/23		3,500,000		3,479,256

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

136

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PF MULTI-ASSET FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		$5,100,000		$5,201,990
Thermo Fisher Scientific Inc 1.215% due 10/18/24		3,200,000		3,198,189
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,463,169
Zimmer Biomet Holdings Inc 1.450% due 11/22/24		1,750,000		1,746,106
				85,469,155
Energy - 1.2%
Energy Transfer LP
3.600% due 02/01/23		3,400,000		3,466,711
4.250% due 03/15/23		1,519,000		1,561,273
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,027,034
Kinder Morgan Inc
1.404% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,008,508
5.625% due 11/15/23 ~		915,000		978,105
MPLX LP
3.375% due 03/15/23		3,500,000		3,590,110
3.500% due 12/01/22		1,606,000		1,640,337
				14,272,078
Financial - 26.4%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		3,300,000		3,286,983
AIG Global Funding 0.650% due 06/17/24 ~		1,000,000		984,001
Air Lease Corp
0.700% due 02/15/24		1,500,000		1,476,946
2.625% due 07/01/22		1,500,000		1,512,207
3.500% due 01/15/22		2,650,000		2,652,353
American Express Co 0.826% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,016,743
Athene Global Funding
0.950% due 01/08/24 ~		4,550,000		4,524,662
1.444% (USD LIBOR + 1.230%) due 07/01/22 ~ §		4,500,000		4,524,448
Banco Santander SA (Spain)
0.701% due 06/30/24		2,200,000		2,189,001
2.706% due 06/27/24		2,900,000		3,004,306
2.746% due 05/28/25		1,250,000		1,293,026
Bank of America Corp
1.292% (USD LIBOR + 1.160%) due 01/20/23 §		3,801,000		3,797,423
4.200% due 08/26/24		2,500,000		2,681,357
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		7,000,000		6,956,242
Citigroup Inc
0.719% (SOFR + 0.669%) due 05/01/25 §		600,000		605,526
0.776% due 10/30/24		1,200,000		1,193,357
0.981% due 05/01/25		2,100,000		2,084,517
1.258% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,831,168

	Principal Amount		Value
1.678% due 05/15/24		$600,000		$606,846
Citizens Bank NA 1.170% (USD LIBOR + 0.950%) due 03/29/23 §		3,000,000		3,027,583
Commonwealth Bank of Australia (Australia) 0.450% (SOFR + 0.400%) due 07/07/25 ~ §		2,000,000		2,003,180
Cooperatieve Rabobank UA (Netherlands)
0.375% due 01/12/24		2,000,000		1,974,677
1.080% (USD LIBOR + 0.860%) due 09/26/23 ~ §		2,500,000		2,520,717
Credit Suisse AG (Switzerland)
0.495% due 02/02/24		3,000,000		2,965,196
1.000% due 05/05/23		1,750,000		1,755,131
Danske Bank AS (Denmark) 0.976% due 09/10/25 ~		3,150,000		3,103,312
F&G Global Funding 0.900% due 09/20/24 ~		2,000,000		1,971,470
Fifth Third Bank NA 1.800% due 01/30/23		5,000,000		5,051,914
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		2,650,000		2,627,319
0.976% due 05/24/25		3,500,000		3,459,519
1.160% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,322,254
1.162% due 11/22/24		3,600,000		3,590,824
Intercontinental Exchange Inc
0.700% due 06/15/23		2,500,000		2,495,185
3.450% due 09/21/23		2,200,000		2,288,356
JPMorgan Chase & Co
0.697% due 03/16/24		2,500,000		2,494,563
0.824% due 06/01/25		2,500,000		2,472,136
0.854% (USD LIBOR + 0.730%) due 04/23/24 §		1,200,000		1,206,551
0.969% due 06/23/25		2,350,000		2,328,401
1.014% (USD LIBOR + 0.890%) due 07/23/24 §		1,000,000		1,009,837
1.024% (USD LIBOR + 0.900%) due 04/25/23 §		1,000,000		1,002,293
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		2,000,000		2,003,572
MassMutual Global Funding II 0.600% due 04/12/24 ~		10,000,000		9,891,098
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,975,476
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,094,058
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		4,350,000		4,330,251
0.913% (USD LIBOR + 0.740%) due 03/02/23 §		5,700,000		5,729,581
0.953% due 07/19/25		7,000,000		6,918,050
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		3,008,316
Morgan Stanley
0.529% due 01/25/24		4,000,000		3,987,152
0.731% due 04/05/24		3,000,000		2,991,498
0.790% due 05/30/25		2,900,000		2,863,633

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

137

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
1.364% (USD LIBOR + 1.220%) due 05/08/24 §		$700,000		$708,707
Nasdaq Inc 0.445% due 12/21/22		1,650,000		1,647,984
NatWest Markets PLC (United Kingdom) 0.580% (SOFR + 0.530%) due 08/12/24 ~ §		1,800,000		1,801,164
New York Life Global Funding
0.400% due 10/21/23 ~		1,650,000		1,637,689
0.678% (USD LIBOR + 0.440%) due 07/12/22 ~ §		2,000,000		2,003,258
0.721% (USD LIBOR + 0.520%) due 06/10/22 ~ §		2,000,000		2,003,503
PNC Bank NA 0.495% (USD LIBOR + 0.325%) due 02/24/23 §		3,350,000		3,352,154
Principal Life Global Funding II 0.750% due 08/23/24 ~		2,000,000		1,974,156
Protective Life Global Funding
0.631% due 10/13/23 ~		2,400,000		2,389,389
0.781% due 07/05/24 ~		2,500,000		2,469,030
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,129,091
Royal Bank of Canada (Canada)
0.500% due 10/26/23		8,500,000		8,452,377
0.650% due 07/29/24		7,500,000		7,398,098
0.750% due 10/07/24		12,000,000		11,885,107
Skandinaviska Enskilda Banken AB (Sweden)
0.491% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,508,977
0.550% due 09/01/23 ~		5,000,000		4,970,225
Standard Chartered PLC (United Kingdom)
1.214% due 03/23/25 ~		2,900,000		2,877,424
1.319% due 10/14/23 ~		2,000,000		2,001,999
3.885% due 03/15/24 ~		1,000,000		1,030,944
State Street Corp 2.825% due 03/30/23		2,000,000		2,010,587
Sumitomo Mitsui Financial Group Inc (Japan)
0.922% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,572,749
1.402% due 09/17/26		8,000,000		7,816,852
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.490% (SOFR + 0.440%) due 09/16/24 ~ §		4,500,000		4,498,141
The Bank of Nova Scotia (Canada) 0.650% due 07/31/24		7,500,000		7,410,145
The Charles Schwab Corp 0.750% due 03/18/24		3,000,000		2,988,074
The Goldman Sachs Group Inc
0.657% due 09/10/24		8,100,000		8,035,050
3.625% due 02/20/24		2,300,000		2,413,895
The Toronto-Dominion Bank (Canada)
0.750% due 06/12/23		5,000,000		5,001,684
0.764% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,078,718
UBS AG (Switzerland)
0.410% (SOFR + 0.360%) due 02/09/24 ~ §		7,250,000		7,247,515
0.450% due 02/09/24 ~		5,000,000		4,926,984

	Principal Amount		Value
1.750% due 04/21/22 ~		$2,250,000		$2,257,187
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		1,500,000		1,495,760
2.650% due 02/01/22 ~		2,500,000		2,504,423
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,701,219
Wells Fargo & Co 1.654% due 06/02/24		3,750,000		3,782,972
Westpac Banking Corp (Australia)
0.876% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,763,806
1.019% due 11/18/24		4,200,000		4,190,921
3.650% due 05/15/23		3,251,000		3,381,518
				307,003,691
Industrial - 3.2%
Berry Global Inc 0.950% due 02/15/24		2,850,000		2,827,884
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,201,688
Carlisle Cos Inc 0.550% due 09/01/23		2,400,000		2,379,394
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,920,221
Jabil Inc 1.700% due 04/15/26		1,000,000		998,261
Otis Worldwide Corp 0.659% (USD LIBOR + 0.450%) due 04/05/23 §		1,400,000		1,400,045
Penske Truck Leasing Co LP
1.200% due 11/15/25 ~		2,000,000		1,950,489
2.700% due 11/01/24 ~		1,000,000		1,031,118
4.875% due 07/11/22 ~		2,000,000		2,043,707
Ryder System Inc 2.500% due 09/01/24		3,000,000		3,087,991
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		6,152,067
TD SYNNEX Corp 1.250% due 08/09/24 ~		3,800,000		3,759,174
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		6,932,620
The Boeing Co 4.508% due 05/01/23		1,500,000		1,567,144
				37,251,803
Technology - 3.1%
Apple Inc 0.750% due 05/11/23		2,450,000		2,457,454
CGI Inc (Canada) 1.450% due 09/14/26 ~		2,000,000		1,957,853
DXC Technology Co 1.800% due 09/15/26		1,000,000		989,217
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,939,497
Hewlett Packard Enterprise Co
1.450% due 04/01/24		1,000,000		1,006,929
2.250% due 04/01/23		2,100,000		2,132,503

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

138

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Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
Infor Inc 1.450% due 07/15/23 ~		$2,700,000		$2,710,046
Microchip Technology Inc 0.972% due 02/15/24		4,950,000		4,908,982
Oracle Corp
1.650% due 03/25/26		1,800,000		1,787,606
2.500% due 04/01/25		5,450,000		5,581,332
Qorvo Inc 1.750% due 12/15/24 ~		1,200,000		1,202,038
salesforce.com Inc 0.625% due 07/15/24		3,600,000		3,568,510
VMware Inc
0.600% due 08/15/23		1,750,000		1,738,359
4.500% due 05/15/25		2,350,000		2,560,972
				36,541,298
Utilities - 7.0%
American Electric Power Co Inc 0.750% due 11/01/23		2,450,000		2,434,202
Black Hills Corp 1.037% due 08/23/24		2,500,000		2,470,225
CenterPoint Energy Inc 0.700% (SOFR + 0.650%) due 05/13/24 §		2,350,000		2,350,996
CenterPoint Energy Resources Corp 0.673% (USD LIBOR + 0.500%) due 03/02/23 §		850,000		848,257
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,472,986
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,974,593
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		1,035,744
DTE Energy Co 1.050% due 06/01/25		1,000,000		980,574
Edison International 4.950% due 04/15/25		1,500,000		1,632,766
Emera US Finance LP (Canada) 0.833% due 06/15/24		2,550,000		2,504,088
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		7,000,000		6,823,819
Entergy Louisiana LLC 0.620% due 11/17/23		2,250,000		2,232,751
Evergy Inc 2.450% due 09/15/24		4,176,000		4,285,550
Mississippi Power Co 0.350% (SOFR + 0.300%) due 06/28/24 §		1,900,000		1,893,643
NextEra Energy Capital Holdings Inc
0.450% (SOFR + 0.400%) due 11/03/23 §		4,650,000		4,650,788
0.650% due 03/01/23		2,500,000		2,495,478
Oklahoma Gas and Electric Co 0.553% due 05/26/23		3,350,000		3,328,995
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,866,806
Pacific Gas and Electric Co 1.750% due 06/16/22		4,500,000		4,500,033

	Principal Amount		Value
PPL Electric Utilities Corp 0.380% (SOFR + 0.330%) due 06/24/24 §		$3,850,000		$3,840,639
Public Service Enterprise Group Inc
0.800% due 08/15/25		2,800,000		2,728,378
0.841% due 11/08/23		5,200,000		5,181,807
Southern California Edison Co
0.690% (SOFR + 0.640%) due 04/03/23 §		2,000,000		2,001,887
0.700% due 08/01/23		4,550,000		4,523,099
0.880% (SOFR + 0.830%) due 04/01/24 §		1,800,000		1,804,017
1.100% due 04/01/24		1,300,000		1,295,713
The AES Corp 3.300% due 07/15/25 ~		3,000,000		3,116,700
WEC Energy Group Inc 0.800% due 03/15/24		2,500,000		2,475,594
Xcel Energy Inc 0.500% due 10/15/23		650,000		645,900
				81,396,028
Total Corporate Bonds & Notes (Cost $629,745,518)				629,030,316
ASSET-BACKED SECURITIES - 2.6%
AmeriCredit Automobile Receivables Trust
0.280% due 06/18/24		2,662,940		2,662,328
0.420% due 03/18/24		1,237,041		1,237,194
CarMax Auto Owner Trust 0.220% due 02/15/24		1,011,642		1,011,445
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		568,531		568,431
John Deere Owner Trust 0.410% due 03/15/23		65,909		65,912
Palmer Square Loan Funding Ltd (Cayman) 0.971% (USD LIBOR + 0.800%) due 07/20/29 ~ §		8,750,000		8,743,666
Santander Drive Auto Receivables Trust
0.280% due 04/15/24		2,983,250		2,982,846
0.290% due 11/15/23		965,831		965,818
0.370% due 08/15/24		10,000,000		9,993,218
SMB Private Education Loan Trust
0.610% (USD LIBOR + 0.500%) due 01/15/53 ~ §		736,420		736,725
2.490% due 06/15/27 ~		193,181		193,332
Stratus CLO Ltd (Cayman) 0.891% (USD LIBOR + 0.800%) due 12/29/29 ~ §		1,000,000		1,000,000
Toyota Auto Receivables Owner Trust 0.360% due 02/15/23		85,643		85,647
Total Asset-Backed Securities (Cost $30,261,847)				30,246,562
U.S. TREASURY OBLIGATIONS - 29.7%
U.S. Treasury Notes - 29.7%
0.125% due 04/30/22		25,000,000		25,001,048

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

139

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PF MULTI-ASSET FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

	Principal Amount		Value
0.125% due 05/31/22		$15,000,000		$14,997,961
0.125% due 06/30/22		15,000,000		14,994,509
0.125% due 09/30/22		30,000,000		29,961,262
0.125% due 11/30/22		87,000,000		86,806,817
0.125% due 02/28/23		10,000,000		9,960,547
0.375% due 03/31/22		25,000,000		25,017,260
0.500% due 03/15/23		5,000,000		5,002,539
1.125% due 02/28/22		15,000,000		15,024,938
1.375% due 01/31/22		27,000,000		27,027,006
1.500% due 01/15/23		30,000,000		30,328,410
1.750% due 03/31/22		18,750,000		18,824,538
1.750% due 07/15/22		10,000,000		10,080,346
1.750% due 06/30/24		10,000,000		10,219,141
1.750% due 07/31/24		10,000,000		10,225,000
2.000% due 07/31/22		10,000,000		10,103,025
2.625% due 02/28/23		2,100,000		2,152,254
Total U.S. Treasury Obligations (Cost $344,844,353)				345,726,601
SHORT-TERM INVESTMENTS - 3.3%
Corporate Notes - 0.0%
Southern California Edison Co 0.400% (SOFR + 0.350%) due 06/13/22 §		650,000		650,187
	Shares
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		13,401,890		13,401,890
	Principal Amount
U.S. Treasury Bills - 2.1%
0.049% due 03/17/22		$25,000,000		24,997,453
Total Short-Term Investments (Cost $39,049,807)				39,049,530
TOTAL INVESTMENTS - 89.6% (Cost $1,043,901,525)				1,044,053,009
DERIVATIVES - 10.1%				118,015,395
OTHER ASSETS & LIABILITIES, NET - 0.3%				2,715,855
NET ASSETS - 100.0%				$1,164,784,259

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

140

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PF MULTI-ASSET FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of December 31, 2021 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		03/22		110		$25,863,764		$26,171,750		($307,986	)
S&P Mid 400 E-Mini Index		03/22		39		10,702,033		11,067,030		(364,997	)
Total Futures Contracts										($672,983	)

(b) Swap agreements outstanding as of December 31, 2021 were as follows:

Total Return Swaps - Long

Receive	Pay		Payment Frequency		Counter- party		Expiration   Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.390%		Z		BOA		03/22/22		$49,850,380		$13,628,144			$—		$13,628,144
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		CIT		03/22/22		30,637,780		2,701,728			—		2,701,728
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.380%		Z		CIT		03/22/22		30,870,869		6,299,623			—		6,299,623
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		03/22/22		8,842,487		743,896			—		743,896
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		03/22/22		12,912,184		2,922,393			—		2,922,393
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%		Z		BOA		06/16/22		19,591,861		1,303,058			—		1,303,058
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.430%		Z		BOA		06/16/22		72,045,217		20,470,909			—		20,470,909
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.440%		Z		GSC		06/16/22		61,020,763		7,846,718			—		7,846,718
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		73,661,207		10,102,239			—		10,102,239
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.380%		Z		GSC		06/16/22		24,894,918		3,156,151			—		3,156,151
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.020%		Z		CIT		09/15/22		16,452,647		(154,122	)		—		(154,122	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		09/15/22		83,546,714		14,104,436			—		14,104,436
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%		Z		CIT		09/15/22		10,127,554		662,623			—		662,623
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%		Z		CIT		09/15/22		91,544,568		5,455,533			—		5,455,533
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		09/15/22		97,531,801		5,450,979			—		5,450,979
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.410%		Z		CIT		11/18/22		31,658,636		3,148,444			—		3,148,444
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.430%		Z		CIT		11/18/22		115,781,392		6,824,086			—		6,824,086
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.300%		Z		CIT		11/18/22		52,656,949		412,273			—		412,273
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.010%		Z		JPM		11/18/22		56,169,131		1,559,171			—		1,559,171
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		03/28/23		46,475,970		2,756,792			—		2,756,792
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		SGN		03/28/23		8,354,435		(80,099	)		—		(80,099	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		42,416,146		7,144,404			—		7,144,404
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%		Z		SGN		03/28/23		49,515,270		2,761,924			—		2,761,924
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		5,139,668		332,319			—		332,319
												$119,553,622			$—		$119,553,622

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

1-Day U.S. Fed Funds + 0.375%

Z

SGN

11/18/22

$15,102,087

($865,244

)

$—

($865,244

)

Total Swap Agreements

$118,688,378

$—

$118,688,378

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

141

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PF MULTI-ASSET FUND

Schedule of Investments (Continued)

December 31, 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 December 31, 2021:

		Total Value at December 31, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$629,030,316			$—			$629,030,316			$—
	Asset-Backed Securities		30,246,562			—			30,246,562			—
	U.S. Treasury Obligations		345,726,601			—			345,726,601			—
	Short-Term Investments		39,049,530			13,401,890			25,647,640			—
	Derivatives:
	Equity Contracts
	Swaps		119,787,843			—			119,787,843			—
	Total Assets - Derivatives		119,787,843			—			119,787,843			—
	Total Assets		1,163,840,852			13,401,890			1,150,438,962			—
Liabilities	Derivatives:
	Equity Contracts
	Futures		(672,983	)		(672,983	)		—			—
	Swaps		(1,099,465	)		—			(1,099,465	)		—
	Total Equity Contracts		(1,772,448	)		(672,983	)		(1,099,465	)		—
	Total Liabilities - Derivatives		(1,772,448	)		(672,983	)		(1,099,465	)		—
	Total		$1,162,068,404			$12,728,907			$1,149,339,497			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

142

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PF REAL ESTATE FUND

Schedule of Investments

December 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Consumer, Cyclical - 3.7%
Choice Hotels International Inc		492		$76,747
DR Horton Inc		2,780		301,491
Marriott Vacations Worldwide Corp		2,465		416,536
Travel + Leisure Co		4,260		235,450
				1,030,224
Financial - 95.1%
Agree Realty Corp REIT		4,906		350,092
Alexandria Real Estate Equities Inc REIT		4,374		975,227
American Assets Trust Inc REIT		2,462		92,399
American Homes 4 Rent ‘A’ REIT		22,685		989,293
American Tower Corp REIT		2,825		826,313
Apartment Income REIT Corp		10,294		562,773
Apple Hospitality REIT Inc		15,068		243,348
AvalonBay Communities Inc REIT		5,760		1,454,918
Brandywine Realty Trust REIT		7,205		96,691
Broadstone Net Lease Inc REIT		14,817		367,758
Cousins Properties Inc REIT		12,118		488,113
CubeSmart REIT		9,172		521,979
DiamondRock Hospitality Co REIT *		10,197		97,993
Digital Realty Trust Inc REIT		1,527		270,081
Equinix Inc REIT		2,011		1,700,984
Equity LifeStyle Properties Inc REIT		6,094		534,200
Essex Property Trust Inc REIT		3,466		1,220,829
Extra Space Storage Inc REIT		5,268		1,194,414
First Industrial Realty Trust Inc REIT		10,409		689,076
Healthcare Realty Trust Inc REIT		14,841		469,569
Healthcare Trust of America Inc ‘A’ REIT		18,538		618,984
InvenTrust Properties Corp REIT		9,730		265,240
Invitation Homes Inc REIT		34,385		1,559,016
Kilroy Realty Corp REIT		8,068		536,199
Medical Properties Trust Inc REIT		21,601		510,432
MGM Growth Properties LLC ‘A’ REIT		7,599		310,419
Park Hotels & Resorts Inc REIT *		8,482		160,140
Prologis Inc REIT		12,329		2,075,711
PS Business Parks Inc REIT		2,226		409,962
Public Storage REIT		1,674		627,013
Regency Centers Corp REIT		7,952		599,183
Rexford Industrial Realty Inc REIT		7,451		604,351
Sabra Health Care REIT Inc		24,435		330,850
Simon Property Group Inc REIT		2,368		378,335
STORE Capital Corp REIT		15,260		524,944
Sun Communities Inc REIT		5,493		1,153,365
Terreno Realty Corp REIT		6,497		554,129
Ventas Inc REIT		21,934		1,121,266
VICI Properties Inc REIT		19,193		577,901
Welltower Inc REIT		4,087		350,542
Weyerhaeuser Co REIT		4,543		187,081
				26,601,113
Total Common Stocks (Cost $15,429,052)				27,631,337

	Shares		Value
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.000%		273,894		$273,894
Total Short-Term Investment (Cost $273,894)				273,894
TOTAL INVESTMENTS - 99.8% (Cost $15,702,946)				27,905,231
OTHER ASSETS & LIABILITIES, NET - 0.2%				47,238
NET ASSETS - 100.0%				$27,952,469

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

143

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PF REAL ESTATE FUND

Schedule of Investments (Continued)

December 31, 2021 (Unaudited)

Note to Schedule of Investments

(a) 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 December 31, 2021:

		Total Value at December 31, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$27,631,337		$27,631,337		$—		$—
	Short-Term Investment		273,894		273,894		—		—
	Total		$27,905,231		$27,905,231		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 145 and 146

144

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 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 December 31, 2021. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
‡	Investments were fully or partially segregated with the broker(s)/ custodian as collateral for swap agreements as of December 31, 2021.
∞	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
F	All or a portion of this senior loan position is unfunded as of December 31, 2021. The interest rate for fully unfunded terms loans is to be determined.
y	Issuer filed bankruptcy and/or is in default as of December 31, 2021.
W	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the “Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
à	Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Trust’s Board of Trustees.
Counterparty & Exchange Abbreviations:
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
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
MSC	Morgan Stanley
RBS	Royal Bank of Scotland
SCB	Standard Chartered Bank
SGN	Societe Generale
UBS	UBS

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Renminbi Offshore (Hong Kong)
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
Payment Frequency Abbreviations:
A	Annual
D	Daily
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

See Supplemental Notes to Schedules of Investments

145

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Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2021 (Unaudited)

Notes:

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

The 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 Supplemental Notes to Schedules of Investments

146

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS

December 31, 2021 (Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust.

Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. The Trust is comprised of separate funds (each individually a “Fund”, and collectively the “Funds”).

2. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

• Level 1  - Quoted prices (unadjusted) in active markets for identical investments

• Level 2  - Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

• Level 3  - Significant unobservable inputs that are not corroborated by observable market data

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material 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.

The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:

Equity Securities (Common and Preferred Stock) and Mutual Funds

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

U.S. Treasury Obligations

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

Mortgage-Backed and Asset-Backed Securities

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

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

Municipal Bonds

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

147

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2021 (Unaudited)

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.

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.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended December 31, 2021, are summarized in the following table:

Fund	Unfunded Loan Commitments		Value		Net Unrealized Appreciation (Depreciation)
Pacific Funds Short Duration Income		$765,978		$763,992		($1,986	)
Pacific Funds Core Income		765,978		763,992		(1,986	)
Pacific Funds Strategic Income		502,793		505,172		2,379
Pacific Funds Floating Rate Income		11,729,034		11,705,668		(23,366	)

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2021 (Unaudited)

3. INVESTMENTS IN AFFILIATED FUNDS

A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended December 31, 2021 is as follows:

	Beginning				Distributions				Net			Change in Unrealized			As of December 31, 2021
Fund/Underlying Fund	Value as of April 1, 2021		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$8,135,956		$120,552		$127,286		$604,256		$159,474			($88,095	)		$7,850,917		707,928
Pacific Funds Floating Rate Income		2,499,111		52,221		71,791		205,756		5,292			2,424			2,425,083		248,471
Pacific Funds High Income		26,407,784		323,744		947,187		2,260,501		31,074			125,089			25,574,377		2,482,949
PF Inflation Managed		13,788,608		162,858		459,039		1,463,613		54,809			426,676			13,428,377		1,313,931
PF Managed Bond		99,416,259		1,366,560		1,919,532		7,321,752		(288,069	)		999,377			96,091,907		8,759,518
PF Short Duration Bond		28,680,120		1,040,777		352,794		1,862,680		13,791			(454,548	)		27,770,254		2,782,591
PF Emerging Markets Debt		12,319,162		426,550		603,940		852,516		(10,097	)		(441,444	)		12,045,595		1,520,908
PF Growth		1,271,912		19,467		—		355,058		219,185			56,823			1,212,329		36,483
PF Large-Cap Value		5,553,329		87,351		54,804		1,033,290		605,263			140,205			5,407,662		425,800
PF Small-Cap Growth		2,463,945		161,262		—		337,464		332,565			(297,753	)		2,322,555		123,017
PF Small-Cap Value		4,856,817		258,128		20,051		647,384		641,241			(254,088	)		4,874,765		466,039
PF Emerging Markets		6,136,048		692,784		65,960		406,335		622,690			(1,264,854	)		5,846,293		491,285
PF International Small-Cap		1,248,783		40,979		57,287		157,324		368,904			(331,472	)		1,227,157		137,728
PF Multi-Asset		37,130,175		613,685		153,282		6,444,440		13,533,861			(8,342,141	)		36,644,422		3,631,756
		$249,908,009		$5,366,918		$4,832,953		$23,952,369		$16,289,983			($9,723,801	)		$242,721,693
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$8,910,746		$100,035		$140,334		$447,885		$179,897			($102,628	)		$8,780,499		791,749
Pacific Funds Floating Rate Income		1,678,420		20,380		48,397		91,133		2,303			2,797			1,661,164		170,201
Pacific Funds High Income		25,336,856		177,257		917,421		1,520,228		11,476			137,370			25,060,152		2,433,024
PF Inflation Managed		8,418,047		29,924		286,262		654,216		22,184			267,169			8,369,370		818,921
PF Managed Bond		108,676,585		1,208,317		2,139,320		5,724,949		(228,062	)		960,908			107,032,119		9,756,802
PF Short Duration Bond		23,450,928		575,303		292,074		977,620		12,578			(376,485	)		22,976,778		2,302,282
PF Emerging Markets Debt		13,239,973		309,598		656,191		626,903		(13,817	)		(485,300	)		13,079,742		1,651,483
PF Growth		9,910,306		26,491		—		2,289,429		1,651,643			520,950			9,819,961		295,515
PF Large-Cap Value		17,465,964		52,664		178,859		2,411,599		1,884,638			468,841			17,639,367		1,388,927
PF Small-Cap Growth		4,967,737		89,224		—		397,005		662,928			(607,182	)		4,715,702		249,772
PF Small-Cap Value		8,163,518		105,874		34,619		514,595		986,893			(364,454	)		8,411,855		804,193
PF Emerging Markets		13,195,967		866,732		138,796		530,499		1,408,152			(2,786,095	)		12,293,053		1,033,030
PF International Growth		3,490,322		23,221		39,658		325,534		1,414,082			(1,085,604	)		3,556,145		466,074
PF International Small-Cap		3,355,877		34,471		157,574		268,862		858,044			(763,601	)		3,373,503		378,620
PF International Value		1,811,011		22,739		47,223		122,003		13,831			66,347			1,839,148		218,946
PF Multi-Asset		82,083,174		222,428		352,128		10,030,165		29,790,876			(18,247,790	)		84,170,651		8,341,987
PF Real Estate		1,709,047		4,567		18,953		436,918		112,047			354,005			1,761,701		99,926
		$335,864,478		$3,869,225		$5,447,809		$27,369,543		$38,769,693			($22,040,752	)		$334,540,910
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$19,943,673		$99,423		$316,079		$811,071		$407,478			($233,990	)		$19,721,592		1,778,322
Pacific Funds Floating Rate Income		5,380,649		35,249		156,137		240,129		(10,617	)		27,143			5,348,432		547,995
Pacific Funds High Income		54,153,669		192,950		1,977,419		2,676,529		4,319			313,937			53,965,765		5,239,395
PF Inflation Managed		10,795,352		39,098		371,313		719,134		25,794			346,207			10,858,630		1,062,488
PF Managed Bond		243,946,530		1,130,265		4,819,582		10,365,202		(408,345	)		2,059,529			241,182,359		21,985,630
PF Short Duration Bond		32,221,674		249,436		397,237		1,117,273		(805	)		(494,814	)		31,255,455		3,131,809
PF Emerging Markets Debt		21,223,422		105,979		1,044,593		746,736		(7,794	)		(793,704	)		20,825,760		2,629,515
PF Growth		55,875,727		93,597		—		11,691,945		10,020,165			2,311,786			56,609,330		1,703,561
PF Large-Cap Value		60,345,894		108,845		627,360		7,376,919		7,398,791			782,961			61,886,932		4,872,987
PF Small-Cap Growth		21,234,933		77,901		—		1,262,150		2,858,666			(2,643,653	)		20,265,697		1,073,395
PF Small-Cap Value		36,640,527		265,952		156,928		1,719,028		4,292,993			(1,496,964	)		38,140,408		3,646,310
PF Emerging Markets		47,593,965		710,958		478,050		1,529,313		4,570,128			(9,480,539	)		42,343,249		3,558,256
PF International Growth		12,255,700		33,181		141,252		916,561		5,073,922			(3,918,246	)		12,669,248		1,660,452
PF International Small-Cap		10,758,960		22,889		510,367		659,279		2,884,451			(2,588,278	)		10,929,110		1,226,612
PF International Value		6,333,898		32,712		165,929		348,527		43,845			235,876			6,463,733		769,492
PF Multi-Asset		433,374,976		735,931		1,892,821		44,949,105		153,598,277			(92,080,769	)		452,572,131		44,853,531
PF Real Estate		5,479,322		9,175		61,976		1,297,429		796,703			712,493			5,762,240		326,843
		$1,077,558,871		$3,943,541		$13,117,043		$88,426,330		$191,547,971			($106,941,025	)		$1,090,800,071
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$8,810,631		$39,431		$139,149		$334,554		$179,832			($103,412	)		$8,731,077		787,293
Pacific Funds High Income		35,407,320		127,824		1,290,101		1,507,031		6,574			202,656			35,527,444		3,449,266
PF Managed Bond		105,628,480		445,704		2,090,171		4,222,667		(164,536	)		869,259			104,646,411		9,539,326
PF Short Duration Bond		13,167,120		94,999		161,762		488,596		(74	)		(201,502	)		12,733,709		1,275,923
PF Emerging Markets Debt		13,009,011		58,732		638,191		489,781		(2,518	)		(484,202	)		12,729,433		1,607,252
PF Growth		77,006,525		99,568		—		13,221,771		11,568,289			5,454,888			80,907,499		2,434,773
PF Large-Cap Value		71,092,979		108,285		760,067		6,622,242		7,587,446			2,090,151			75,016,686		5,906,826
PF Small-Cap Growth		21,693,223		86,002		—		932,104		2,929,452			(2,740,870	)		21,035,703		1,114,179
PF Small-Cap Value		42,779,195		293,849		184,897		1,556,740		4,996,643			(1,738,238	)		44,959,606		4,298,242
PF Emerging Markets		51,862,738		728,192		519,400		1,762,917		4,958,537			(10,275,767	)		46,030,183		3,868,083
PF International Growth		22,210,232		33,744		260,637		1,200,707		9,269,539			(7,184,609	)		23,388,836		3,065,378
PF International Small-Cap		13,189,776		19,860		631,539		665,297		3,505,183			(3,150,585	)		13,530,476		1,518,572
PF International Value		22,000,443		91,815		579,159		1,064,619		32,204			932,750			22,571,752		2,687,113
PF Multi-Asset		369,207,902		483,945		1,648,993		29,624,164		133,596,830			(80,960,890	)		394,352,616		39,083,510
PF Real Estate		13,434,845		17,366		158,305		2,617,704		686,628			3,046,921			14,726,361		835,301
		$880,500,420		$2,729,316		$9,062,371		$66,310,894		$179,150,029			($94,243,450	)		$910,887,792

149

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2021 (Unaudited)

	Beginning				Distributions				Net			Change in Unrealized			As of December 31, 2021
Fund/Underlying Fund	Value as of April 1, 2021		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$335,269		$3,178		$5,283		$15,131		$6,797			($3,905	)		$331,491		29,891
Pacific Funds High Income		5,052,527		41,477		183,678		247,523		283			$29,449			5,059,891		491,252
PF Managed Bond		4,689,371		42,498		92,537		221,437		(8,117	)		$39,259			4,634,111		422,435
PF Emerging Markets Debt		1,650,123		17,868		80,808		74,798		(1,498	)		($60,275	)		1,612,228		203,564
PF Growth		35,095,404		91,805		—		5,508,007		5,400,294			$2,380,311			37,459,807		1,127,289
PF Large-Cap Value		17,076,797		61,302		184,579		1,426,070		1,812,890			$512,740			18,222,238		1,434,822
PF Small-Cap Growth		13,208,345		111,487		—		532,056		1,789,080			($1,685,383	)		12,891,473		682,811
PF Small-Cap Value		24,418,766		354,255		105,894		988,775		2,864,336			($998,860	)		25,755,616		2,462,296
PF Emerging Markets		23,025,154		575,343		232,201		885,644		2,219,873			($4,582,374	)		20,584,553		1,729,794
PF International Growth		10,937,470		48,724		129,516		512,008		4,586,540			($3,564,794	)		11,625,448		1,523,650
PF International Small-Cap		8,365,153		39,506		403,255		385,881		2,176,997			($1,957,211	)		8,641,819		969,901
PF International Value		4,268,046		46,887		112,486		228,810		78,825			$107,609			4,385,043		522,029
PF Multi-Asset		181,667,492		481,753		824,093		11,814,380		65,357,558			($39,394,327	)		197,122,189		19,536,391
PF Real Estate		5,112,178		13,370		61,265		913,034		255,144			$1,171,802			5,700,725		323,354
		$334,902,095		$1,929,453		$2,415,595		$23,753,554		$86,539,002			($48,005,959	)		$354,026,632

(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, if any.

As of December 31, 2021, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:

Fund	Ownership Percentage
Pacific Funds Ultra Short Income		80.36%
Pacific Funds Small-Cap Value		45.00%
Pacific Funds ESG Core		85.13%

150