PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		561,822		$5,455,292
Pacific Funds Floating Rate Income ‘P’		1,300,426		11,833,880
Pacific Funds High Income ‘P’		2,401,208		20,746,439
PF Inflation Managed Fund ‘P’		1,138,093		10,584,266
PF Managed Bond Fund ‘P’		7,084,108		67,086,499
PF Short Duration Bond Fund ‘P’		2,774,993		26,584,436
PF Emerging Markets Debt Fund ‘P’		1,239,168		8,550,262
PF Growth Fund ‘P’		14,418		337,818
PF Large-Cap Value Fund ‘P’		403,190		4,386,707
PF Small-Cap Value Fund ‘P’		298,006		2,485,366
PF Emerging Markets Fund ‘P’		201,936		1,805,308
PF International Small-Cap Fund ‘P’		116,117		826,750
PF International Value Fund ‘P’		249,539		1,901,485
PF Multi-Asset Fund ‘P’		3,277,826		25,370,371
PF Real Estate Fund ‘P’		258,330		3,624,370
Total Affiliated Mutual Funds (Cost $202,746,124)				191,579,249
TOTAL INVESTMENTS - 100.1% (Cost $202,746,124)				191,579,249
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(166,554	)
NET ASSETS - 100.0%				$191,412,695

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$191,579,249		$191,579,249		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%
Pacific Funds Core Income ‘P’		713,557		$6,928,639
Pacific Funds Floating Rate Income ‘P’		1,338,287		12,178,413
Pacific Funds High Income ‘P’		2,238,834		19,343,526
PF Inflation Managed Fund ‘P’		849,153		7,897,125
PF Managed Bond Fund ‘P’		8,911,177		84,388,845
PF Short Duration Bond Fund ‘P’		2,009,522		19,251,223
PF Emerging Markets Debt Fund ‘P’		940,890		6,492,141
PF Growth Fund ‘P’		212,130		4,970,204
PF Large-Cap Value Fund ‘P’		1,228,522		13,366,323
PF Small-Cap Growth Fund ‘P’		177,201		2,278,806
PF Small-Cap Value Fund ‘P’		410,248		3,421,471
PF Emerging Markets Fund ‘P’		415,938		3,718,482
PF International Growth Fund ‘P’		119,981		680,292
PF International Small-Cap Fund ‘P’		159,825		1,137,954
PF International Value Fund ‘P’		955,145		7,278,202
PF Multi-Asset Fund ‘P’		7,607,813		58,884,474
PF Real Estate Fund ‘P’		351,650		4,933,642
Total Affiliated Mutual Funds (Cost $278,104,525)				257,149,762
TOTAL INVESTMENTS - 100.2% (Cost $278,104,525)				257,149,762
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(393,320	)
NET ASSETS - 100.0%				$256,756,442

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$257,149,762		$257,149,762		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		1,387,576		$13,473,364
Pacific Funds Floating Rate Income ‘P’		3,816,037		34,725,933
Pacific Funds High Income ‘P’		4,868,553		42,064,302
PF Inflation Managed Fund ‘P’		1,846,640		17,173,752
PF Managed Bond Fund ‘P’		17,267,655		163,524,692
PF Short Duration Bond Fund ‘P’		5,535,041		53,025,694
PF Emerging Markets Debt Fund ‘P’		1,841,344		12,705,273
PF Growth Fund ‘P’		1,744,818		40,881,087
PF Large-Cap Value Fund ‘P’		5,168,663		56,235,054
PF Small-Cap Growth Fund ‘P’		867,313		11,153,650
PF Small-Cap Value Fund ‘P’		2,724,635		22,723,454
PF Emerging Markets Fund ‘P’		1,372,025		12,265,906
PF International Growth Fund ‘P’		544,195		3,085,586
PF International Small-Cap Fund ‘P’		1,122,902		7,995,062
PF International Value Fund ‘P’		2,670,612		20,350,067
PF Multi-Asset Fund ‘P’		37,634,027		291,287,366
PF Real Estate Fund ‘P’		1,426,051		20,007,502
Total Affiliated Mutual Funds (Cost $878,743,650)				822,677,744
TOTAL INVESTMENTS - 100.1% (Cost $878,743,650)				822,677,744
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,010,281	)
NET ASSETS - 100.0%				$821,667,463

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$822,677,744		$822,677,744		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		528,934		$5,135,946
Pacific Funds Floating Rate Income ‘P’		2,783,050		25,325,751
Pacific Funds High Income ‘P’		3,287,273		28,402,035
PF Inflation Managed Fund ‘P’		389,703		3,624,237
PF Managed Bond Fund ‘P’		6,384,969		60,465,655
PF Short Duration Bond Fund ‘P’		2,993,532		28,678,033
PF Emerging Markets Debt Fund ‘P’		1,035,718		7,146,457
PF Growth Fund ‘P’		1,546,108		36,225,321
PF Large-Cap Value Fund ‘P’		4,883,029		53,127,359
PF Small-Cap Growth Fund ‘P’		1,221,201		15,704,651
PF Small-Cap Value Fund ‘P’		2,284,191		19,050,150
PF Emerging Markets Fund ‘P’		2,340,759		20,926,383
PF International Growth Fund ‘P’		1,413,090		8,012,221
PF International Small-Cap Fund ‘P’		1,442,275		10,268,995
PF International Value Fund ‘P’		3,474,742		26,477,534
PF Multi-Asset Fund ‘P’		40,565,753		313,978,926
PF Real Estate Fund ‘P’		1,438,586		20,183,359
Total Affiliated Mutual Funds (Cost $737,974,428)				682,733,013
TOTAL INVESTMENTS - 100.1% (Cost $737,974,428)				682,733,013
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(709,165	)
NET ASSETS - 100.0%				$682,023,848

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$682,733,013		$682,733,013		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Pacific Funds Floating Rate Income ‘P’		607,111		$5,524,715
Pacific Funds High Income ‘P’		482,535		4,169,100
PF Short Duration Bond Fund ‘P’		428,131		4,101,493
PF Emerging Markets Debt Fund ‘P’		202,626		1,398,123
PF Growth Fund ‘P’		917,061		21,486,743
PF Large-Cap Value Fund ‘P’		1,497,720		16,295,191
PF Small-Cap Growth Fund ‘P’		766,079		9,851,780
PF Small-Cap Value Fund ‘P’		1,971,726		16,444,195
PF Emerging Markets Fund ‘P’		1,228,831		10,985,745
PF International Growth Fund ‘P’		1,297,790		7,358,469
PF International Small-Cap Fund ‘P’		1,129,965		8,045,349
PF International Value Fund ‘P’		1,396,353		10,640,206
PF Multi-Asset Fund ‘P’		17,825,176		137,966,866
PF Real Estate Fund ‘P’		561,951		7,884,167
Total Affiliated Mutual Funds (Cost $292,054,811)				262,152,142
TOTAL INVESTMENTS - 100.0% (Cost $292,054,811)				262,152,142
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(126,608	)
NET ASSETS - 100.0%				$262,025,534

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$262,152,142		$262,152,142		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

5

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 58.4%
Basic Materials - 0.6%
Nucor Corp 3.950% due 05/23/25		$200,000		$199,079
Communications - 2.0%
Charter Communications Operating LLC 2.936% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		302,386
Verizon Communications Inc 2.511% (USD LIBOR + 1.100%) due 05/15/25 §		400,000		397,827
				700,213
Consumer, Cyclical - 4.8%
7-Eleven Inc 0.625% due 02/10/23 ~		350,000		343,313
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		78,371		68,437
4.625% due 12/20/25 ~		54,623		53,877
Daimler Trucks Finance North America LLC (Germany) 2.533% (SOFR + 1.000%) due 04/05/24 ~ §		500,000		498,494
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		100,000		96,760
DR Horton Inc 4.375% due 09/15/22		250,000		250,196
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		97,878
Lennar Corp 4.750% due 11/15/22		250,000		250,432
				1,659,387
Consumer, Non-Cyclical - 2.7%
AmerisourceBergen Corp 0.737% due 03/15/23		102,000		100,068
Bayer US Finance II LLC (Germany) 2.839% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		248,737
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		486,183
Constellation Brands Inc 3.600% due 05/09/24		100,000		99,698
				934,686
Energy - 4.3%
Enbridge Inc (Canada) 1.864% (SOFR + 0.630%) due 02/16/24 §		250,000		247,027
Energy Transfer Partners LP
3.450% due 01/15/23		200,000		199,437
4.250% due 03/15/23		200,000		199,952
5.000% due 10/01/22		200,000		200,278
Kinder Morgan Energy Partners LP 3.450% due 02/15/23		266,000		266,309

	Principal Amount		Value
Kinder Morgan Inc 3.792% (USD LIBOR + 1.280%) due 01/15/23 §		$100,000		$100,082
MPLX LP 3.500% due 12/01/22		250,000		249,919
				1,463,004
Financial - 28.8%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		350,000		333,724
Air Lease Corp 3.000% due 09/15/23		300,000		293,430
Athene Global Funding 2.192% (USD LIBOR + 1.230%) due 07/01/22 ~ §		250,000		250,000
Bank of America Corp
1.684% (SOFR + 0.690%) due 04/22/25 §		500,000		487,833
2.401% (USD LIBOR + 0.790%) due 03/05/24 §		250,000		248,533
Citigroup Inc
2.134% (USD LIBOR + 0.950%) due 07/24/23 §		350,000		349,198
2.544% (USD LIBOR + 1.100%) due 05/17/24 §		400,000		396,725
3.052% (SOFR + 1.528%) due 03/17/26 §		250,000		248,456
Cooperatieve Rabobank UA (Netherlands) 3.057% (USD LIBOR + 0.860%) due 09/26/23 ~ §		250,000		251,204
HSBC Holdings PLC (United Kingdom) 2.455% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		446,467
JPMorgan Chase & Co
2.074% (USD LIBOR + 0.890%) due 07/23/24 §		150,000		149,405
2.223% (SOFR + 0.920%) due 02/24/26 §		850,000		825,964
Mitsubishi UFJ Financial Group Inc (Japan)
2.074% (USD LIBOR + 0.860%) due 07/26/23 §		365,000		364,988
3.455% due 03/02/23		950,000		951,652
Morgan Stanley
2.584% (USD LIBOR + 1.400%) due 10/24/23 §		250,000		250,023
2.591% (USD LIBOR + 1.220%) due 05/08/24 §		500,000		500,271
Nasdaq Inc 0.445% due 12/21/22		100,000		98,706
New York Life Global Funding 1.451% (USD LIBOR + 0.440%) due 07/12/22 ~ §		400,000		399,941
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		199,065
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		148,474
Skandinaviska Enskilda Banken AB (Sweden) 1.900% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		497,753

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Sumitomo Mitsui Financial Group Inc (Japan) 1.904% (USD LIBOR + 0.860%) due 07/19/23 §		$132,000		$131,891
Svenska Handelsbanken AB (Sweden) 2.363% (SOFR + 0.910%) due 06/10/25 ~ §		250,000		248,714
The Goldman Sachs Group Inc
0.523% due 03/08/23		500,000		490,363
1.680% (SOFR + 0.700%) due 01/24/25 §		500,000		488,796
The Toronto-Dominion Bank (Canada) 3.766% due 06/06/25		300,000		298,711
UBS AG (Switzerland) 1.537% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		496,914
				9,847,201
Industrial - 4.9%
Carlisle Cos Inc 0.550% due 09/01/23		300,000		289,500
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		187,482
Graphic Packaging International LLC 0.821% due 04/15/24 ~		200,000		188,280
Parker-Hannifin Corp 3.650% due 06/15/24		200,000		198,841
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		200,000		199,472
4.875% due 07/11/22 ~		100,000		100,024
Siemens Financieringsmaatschappij NV (Germany) 1.891% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		495,844
				1,659,443
Technology - 0.6%
Roper Technologies Inc 0.450% due 08/15/22		200,000		199,376
Utilities - 9.7%
American Electric Power Co Inc 1.766% (USD LIBOR + 0.480%) due 11/01/23 §		250,000		248,256
CenterPoint Energy Resources Corp 2.111% (USD LIBOR + 0.500%) due 03/02/23 §		172,000		171,544
DTE Energy Co 2.250% due 11/01/22		500,000		499,043
Emera US Finance LP (Canada) 0.833% due 06/15/24		150,000		140,163
Eversource Energy 4.200% due 06/27/24		150,000		150,550
NextEra Energy Capital Holdings Inc
1.505% (SOFR + 0.400%) due 11/03/23 §		350,000		345,043
1.775% (USD LIBOR + 0.270%) due 02/22/23 §		500,000		496,942
OGE Energy Corp 0.703% due 05/26/23		200,000		194,962

	Principal Amount		Value
PPL Electric Utilities Corp 1.858% (SOFR + 0.330%) due 06/24/24 §		$250,000		$244,445
Southern California Edison Co
0.700% due 08/01/23		350,000		339,349
2.362% (SOFR + 0.830%) due 04/01/24 §		200,000		197,955
Vistra Operations Co LLC 4.875% due 05/13/24 ~		300,000		298,830
				3,327,082
Total Corporate Bonds & Notes (Cost $20,261,029)				19,989,471
SENIOR LOAN NOTES - 5.6%
Basic Materials - 0.7%
Asplundh Tree Expert LLC Term B 3.416% (USD LIBOR + 1.750%) due 09/04/27 §		245,625		238,432
Communications - 1.4%
Charter Communications Operating LLC Term B-2 3.420% (USD LIBOR + 1.750%) due 02/01/27 §		489,924		468,720
Consumer, Cyclical - 1.4%
Hilton Worldwide Finance LLC Term B-2 3.374% (USD LIBOR + 1.750%) due 06/21/26 §		250,000		240,062
SeaWorld Parks & Entertainment Inc Term B 4.688% (USD LIBOR + 3.000%) due 08/25/28 §		248,125		233,920
				473,982
Consumer, Non-Cyclical - 1.4%
United Rentals North America Inc Term B 3.416% (USD LIBOR + 1.750%) due 10/31/25 §		489,822		490,172
Financial - 0.4%
Avolon (US) LLC Term B-3 (Ireland) 3.345% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		132,317
Industrial - 0.3%
GFL Environmental Inc Term B (Canada) 4.239% (USD LIBOR + 3.000%) due 05/31/25 §		124,356		121,682
Total Senior Loan Notes (Cost $1,973,794)				1,925,305
ASSET-BACKED SECURITIES - 24.7%
AmeriCredit Automobile Receivables Trust 0.760% due 12/18/25		300,000		289,057

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
1.480% due 01/21/25		$250,000		$247,751
4.200% due 12/18/25		175,000		175,520
CIFC Funding 2012-II-R Ltd (Cayman) 1.863% (USD LIBOR + 0.800%) due 01/20/28 ~ §		329,074		325,308
Ford Credit Auto Owner Trust 0.410% due 07/15/25		350,000		342,559
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		54,201		52,287
Magnetite Ltd (Cayman)
1.844% (USD LIBOR + 0.800%) due 01/18/28 ~ §		593,492		587,716
2.024% (USD LIBOR + 0.980%) due 04/15/31 ~ §		500,000		493,778
2.291% (USD LIBOR + 0.880%) due 11/15/28 ~ §		492,990		487,798
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		102,618		94,005
1.060% due 10/15/69 ~		176,612		162,858
1.220% due 07/15/69 ~		169,144		161,549
1.310% due 01/15/69 ~		111,023		103,550
1.690% due 05/15/69 ~		111,188		104,324
3.190% due 02/18/42 ~		91,623		91,624
Navient Student Loan Trust
1.320% due 08/26/69 ~		122,225		107,920
2.004% (USD LIBOR + 0.380%) due 03/25/67 ~ §		37,809		37,686
2.224% (USD LIBOR + 0.600%) due 12/26/69 ~ §		127,335		123,256
Nelnet Student Loan Trust 2.285% (USD LIBOR + 0.690%) due 04/20/62 ~ §		208,729		205,081
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.964% (USD LIBOR + 0.920%) due 10/18/30 ~ §		450,000		442,982
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 2.033% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		293,940
OCP CLO Ltd (Cayman) 2.004% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		246,250
Palmer Square CLO Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		245,929
Palmer Square Loan Funding Ltd (Cayman)
1.284% (3-Month SOFR + 1.050%) due 04/15/30 ~ §		500,000		494,287
1.963% (USD LIBOR + 0.900%) due 04/20/29 ~ §		487,109		482,368
2.084% (USD LIBOR + 0.900%) due 10/24/27 ~ §		142,570		142,030
2.278% (USD LIBOR + 0.800%) due 02/20/28 ~ §		435,866		433,307
2.278% (USD LIBOR + 0.800%) due 05/20/29 ~ §		220,165		217,918
2.328% (USD LIBOR + 0.850%) due 08/20/27 ~ §		63,331		63,100

	Principal Amount		Value
Santander Drive Auto Receivables Trust 0.590% due 09/15/25		$200,000		$197,154
SMB Private Education Loan Trust
2.340% due 09/15/34 ~		181,270		175,966
2.430% due 02/17/32 ~		56,152		54,308
2.700% due 05/15/31 ~		121,203		119,087
Stratus CLO Ltd (Cayman) 1.863% (USD LIBOR + 0.800%) due 12/29/29 ~ §		243,416		240,426
Voya CLO Ltd (Cayman)
1.944% (USD LIBOR + 0.900%) due 01/18/29 ~ §		183,941		181,417
2.174% (USD LIBOR + 1.130%) due 10/15/30 ~ §		250,000		246,750
Total Asset-Backed Securities (Cost $8,619,184)				8,470,846
	Shares
SHORT-TERM INVESTMENTS - 10.7%
Money Market Fund - 4.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		1,678,741		1,678,741
	Principal Amount
U.S. Treasury Bills - 5.8%
2.250% due 12/01/22		$2,000,000		1,981,311
Total Short-Term Investments (Cost $3,665,056)				3,660,052
TOTAL INVESTMENTS - 99.4% (Cost $34,519,063)				34,045,674
OTHER ASSETS & LIABILITIES, NET - 0.6%				211,845
NET ASSETS - 100.0%				$34,257,519

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

8

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$19,989,471		$—		$19,989,471		$—
	Senior Loan Notes		1,925,305		—		1,925,305		—
	Asset-Backed Securities		8,470,846		—		8,470,846		—
	Short-Term Investments		3,660,052		1,678,741		1,981,311		—
	Total		$34,045,674		$1,678,741		$32,366,933		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

9

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 57.1%
Basic Materials - 1.5%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$2,000,000		$1,963,025
DuPont de Nemours Inc 2.521% (USD LIBOR + 1.110%) due 11/15/23 §		2,000,000		2,009,958
Glencore Funding LLC (Australia)
4.125% due 05/30/23 ~		1,400,000		1,397,830
4.125% due 03/12/24 ~		2,500,000		2,489,134
4.625% due 04/29/24 ~		3,830,000		3,833,767
Nucor Corp 3.950% due 05/23/25		3,800,000		3,782,503
				15,476,217
Communications - 1.7%
Charter Communications Operating LLC 4.500% due 02/01/24		5,000,000		5,033,617
Rogers Communications Inc (Canada) 2.950% due 03/15/25 ~		3,350,000		3,239,303
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		7,304,704		7,311,378
T-Mobile USA Inc
2.250% due 02/15/26 ~		1,675,000		1,510,437
2.625% due 04/15/26		100,000		90,937
				17,185,672
Consumer, Cyclical - 7.9%
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		728,635		671,157
Aptiv PLC 2.396% due 02/18/25		1,000,000		955,897
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,664,551		2,326,869
4.625% due 12/20/25 ~		1,496,681		1,476,235
Brunswick Corp 0.850% due 08/18/24		1,950,000		1,803,604
Daimler Trucks Finance North America LLC (Germany) 1.125% due 12/14/23 ~		7,000,000		6,724,458
Delta Air Lines Inc 4.500% due 10/20/25 ~		6,000,000		5,835,666
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,354,198
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,307,157
Ford Motor Credit Co LLC
2.300% due 02/10/25		2,500,000		2,250,237
2.700% due 08/10/26		1,775,000		1,514,785
3.375% due 11/13/25		4,200,000		3,795,204
5.584% due 03/18/24		1,300,000		1,295,944
General Motors Co 5.400% due 10/02/23		2,000,000		2,030,868
General Motors Financial Co Inc 1.700% due 08/18/23		3,000,000		2,926,709
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,615,525

	Principal Amount		Value
Hyatt Hotels Corp
1.800% due 10/01/24		$4,200,000		$3,973,302
3.375% due 07/15/23		6,234,000		6,101,682
Hyundai Capital America 1.000% due 09/17/24 ~		3,750,000		3,483,934
Hyundai Capital Services Inc (South Korea) 2.125% due 04/24/25 ~		3,000,000		2,837,163
Kia Corp (South Korea) 2.375% due 02/14/25 ~		2,000,000		1,914,890
Las Vegas Sands Corp 3.200% due 08/08/24		3,000,000		2,837,027
Lennar Corp 4.500% due 04/30/24		5,000,000		4,991,988
Magallanes Inc 3.638% due 03/15/25 ~		3,550,000		3,442,698
MGM Resorts International 6.000% due 03/15/23		2,800,000		2,798,502
Nordstrom Inc 2.300% due 04/08/24		2,300,000		2,200,617
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		493,056		449,470
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		476,255		434,197
Volkswagen Group of America Finance LLC (Germany) 2.361% (SOFR + 0.950%) due 06/07/24 ~ §		500,000		497,962
				79,847,945
Consumer, Non-Cyclical - 2.6%
Block Inc 2.750% due 06/01/26 ~		750,000		667,327
Cintas Corp No 2 3.450% due 05/01/25		2,400,000		2,394,148
Constellation Brands Inc 3.600% due 05/09/24		2,200,000		2,193,352
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		7,300,000		6,956,467
Global Payments Inc 1.500% due 11/15/24		1,500,000		1,409,422
GSK Consumer Healthcare Capital UK PLC 3.125% due 03/24/25 ~		4,750,000		4,631,843
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		3,000,000		2,790,164
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,600,000		5,355,683
				26,398,406
Energy - 2.5%
Energy Transfer LP
3.600% due 02/01/23		5,325,000		5,311,102
4.250% due 03/15/23		1,500,000		1,499,643
4.250% due 04/01/24		5,000,000		5,003,589
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,398,876
MPLX LP
3.500% due 12/01/22		2,000,000		1,999,349
4.500% due 07/15/23		1,000,000		1,003,149
4.875% due 12/01/24		8,020,000		8,083,645
				25,299,353

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Financial - 26.6%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		$4,900,000		$4,529,717
1.750% due 01/30/26		1,250,000		1,094,009
4.500% due 09/15/23		5,000,000		4,979,241
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,378,739
3.375% due 07/01/25		1,200,000		1,131,273
American Express Co
2.250% due 03/04/25		1,000,000		961,875
3.375% due 05/03/24		5,000,000		4,968,632
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,577,908
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		3,939,102
4.250% due 04/15/26 ~		2,650,000		2,457,396
Banco Santander SA (Spain) 2.746% due 05/28/25		3,000,000		2,844,888
Bank of America Corp
0.976% due 04/22/25		7,500,000		7,060,818
1.843% due 02/04/25		13,950,000		13,457,978
3.384% due 04/02/26		8,000,000		7,764,984
3.841% due 04/25/25		3,500,000		3,485,389
Bank of Montreal (Canada) 2.471% (SOFR + 1.060%) due 06/07/25 §		900,000		893,189
BOC Aviation Ltd (Singapore)
2.750% due 09/18/22 ~		3,500,000		3,497,012
2.750% due 12/02/23 ~		5,000,000		4,932,716
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,335,557
2.014% due 01/25/26		5,650,000		5,299,520
2.603% (USD LIBOR + 1.023%) due 06/01/24 §		4,000,000		3,974,654
4.140% due 05/24/25		3,750,000		3,738,032
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,700,000		1,653,369
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,426,593
GLP Capital LP REIT 3.350% due 09/01/24		4,425,000		4,245,681
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		4,050,000		3,885,052
0.976% due 05/24/25		2,500,000		2,333,244
1.162% due 11/22/24		4,000,000		3,821,539
4.180% due 12/09/25		3,000,000		2,955,751
JPMorgan Chase & Co
0.824% due 06/01/25		1,500,000		1,403,142
0.969% due 06/23/25		3,200,000		2,994,236
1.914% (USD LIBOR + 0.730%) due 04/23/24 §		700,000		691,458
2.301% due 10/15/25		4,250,000		4,051,507
2.595% due 02/24/26		1,500,000		1,427,444
3.300% due 04/01/26		1,500,000		1,458,937
3.900% due 07/15/25		2,000,000		2,005,888
4.080% due 04/26/26		4,000,000		3,955,639
Metropolitan Life Global Funding I 2.800% due 03/21/25 ~		3,000,000		2,921,572
Mitsubishi UFJ Financial Group Inc (Japan) 0.953% due 07/19/25		6,000,000		5,604,600

	Principal Amount		Value
3.837% due 04/17/26		$1,000,000		$987,192
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		4,863,116
Morgan Stanley
0.560% due 11/10/23		1,600,000		1,582,050
0.731% due 04/05/24		2,000,000		1,950,536
0.790% due 05/30/25		8,400,000		7,826,904
3.875% due 04/29/24		3,000,000		3,006,627
National Australia Bank Ltd (Australia) 2.305% (SOFR + 0.860%) due 06/09/25 ~ §		2,000,000		1,994,108
National Bank of Canada (Canada) 3.750% due 06/09/25		2,000,000		1,986,480
Nomura Holdings Inc (Japan) due 07/03/25 #		3,500,000		3,520,448
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		3,404,179
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		4,978,766
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,782,232
Protective Life Global Funding 3.218% due 03/28/25 ~		2,500,000		2,446,329
Reliance Standard Life Global Funding II 2.500% due 10/30/24 ~		2,000,000		1,921,949
Santander Holdings USA Inc 4.260% due 06/09/25		500,000		494,305
Societe Generale SA (France) 2.226% due 01/21/26 ~		1,900,000		1,772,594
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		3,000,000		2,835,932
1.319% due 10/14/23 ~		2,500,000		2,482,213
3.885% due 03/15/24 ~		1,500,000		1,495,924
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		3,000,000		2,858,481
1.402% due 09/17/26		3,000,000		2,650,638
1.474% due 07/08/25		4,000,000		3,679,227
2.348% due 01/15/25		2,500,000		2,393,794
2.448% due 09/27/24		600,000		578,326
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.800% due 09/16/24 ~		3,850,000		3,587,409
Svenska Handelsbanken AB (Sweden) 2.363% (SOFR + 0.910%) due 06/10/25 ~ §		1,750,000		1,740,995
Synchrony Financial 4.875% due 06/13/25		2,650,000		2,623,174
The Goldman Sachs Group Inc 0.657% due 09/10/24		9,000,000		8,616,338
1.680% (SOFR + 0.700%) due 01/24/25 §		6,000,000		5,865,550
1.757% due 01/24/25		13,050,000		12,555,063
3.272% due 09/29/25		3,000,000		2,918,011
3.500% due 04/01/25		3,246,000		3,186,145
3.625% due 02/20/24		500,000		498,819
The Toronto-Dominion Bank (Canada) 3.766% due 06/06/25		850,000		846,348
UBS AG (Switzerland) 0.700% due 08/09/24 ~		5,000,000		4,683,306
UBS Group AG (Switzerland) 4.488% due 05/12/26 ~		3,750,000		3,740,835

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
VICI Properties LP REIT
3.500% due 02/15/25 ~		$6,050,000		$5,668,503
4.375% due 05/15/25		1,350,000		1,320,656
4.750% due 02/15/28		1,350,000		1,291,018
Wells Fargo & Co
1.654% due 06/02/24		5,000,000		4,885,759
3.908% due 04/25/26		3,250,000		3,200,420
				267,858,980
Industrial - 4.3%
Amcor Flexibles North America Inc 4.000% due 05/17/25		4,800,000		4,752,224
Berry Global Inc 1.570% due 01/15/26		3,250,000		2,903,347
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,130,230
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		2,300,000		2,156,048
Graphic Packaging International LLC 0.821% due 04/15/24 ~		2,400,000		2,259,366
Parker-Hannifin Corp 3.650% due 06/15/24		2,400,000		2,386,088
Penske Truck Leasing Co LP
2.700% due 11/01/24 ~		4,750,000		4,563,811
3.450% due 07/01/24 ~		2,300,000		2,252,963
4.125% due 08/01/23 ~		2,000,000		2,008,231
4.400% due 07/01/27 ~		2,300,000		2,256,789
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,639,070
TD SYNNEX Corp 1.250% due 08/09/24 ~		4,800,000		4,483,546
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		8,516,252
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,339,950
				43,647,915
Technology - 3.2%
Dell International LLC 4.000% due 07/15/24		5,100,000		5,085,995
DXC Technology Co 1.800% due 09/15/26		1,800,000		1,618,897
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,167,327
Infor Inc 1.450% due 07/15/23 ~		3,000,000		2,920,022
Microchip Technology Inc
0.972% due 02/15/24		8,250,000		7,839,858
0.983% due 09/01/24		3,750,000		3,499,956
NXP BV (China) 2.700% due 05/01/25		3,300,000		3,140,421
Qorvo Inc 1.750% due 12/15/24 ~		1,700,000		1,591,361
Take-Two Interactive Software Inc
3.300% due 03/28/24		1,750,000		1,727,777
3.550% due 04/14/25		750,000		738,414
				32,330,028
Utilities - 6.8%
Black Hills Corp 1.037% due 08/23/24		2,000,000		1,871,441

	Principal Amount		Value
CenterPoint Energy Inc 1.875% (SOFR + 0.650%) due 05/13/24 §		$2,750,000		$2,682,947
CenterPoint Energy Resources Corp 2.111% (USD LIBOR + 0.500%) due 03/02/23 §		862,000		859,713
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,181,910
DPL Inc 4.125% due 07/01/25		600,000		555,057
Edison International 4.950% due 04/15/25		2,000,000		2,007,023
Emera US Finance LP (Canada) 0.833% due 06/15/24		3,857,000		3,604,064
Evergy Inc 2.450% due 09/15/24		4,050,000		3,897,438
Eversource Energy 4.200% due 06/27/24		1,700,000		1,706,228
National Rural Utilities Cooperative Finance Corp 3.450% due 06/15/25		3,650,000		3,630,268
NextEra Energy Capital Holdings Inc 4.450% due 06/20/25		1,200,000		1,209,493
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		7,546,612
Sempra Energy 3.300% due 04/01/25		3,600,000		3,520,479
Southern California Edison Co
0.975% due 08/01/24		4,650,000		4,387,366
1.100% due 04/01/24		2,100,000		1,999,048
4.200% due 06/01/25		2,100,000		2,115,406
The AES Corp
1.375% due 01/15/26		4,350,000		3,841,533
3.300% due 07/15/25 ~		3,650,000		3,430,088
The Southern Co
4.475% due 08/01/24		3,000,000		3,013,773
Virginia Electric and Power Co
3.750% due 05/15/27		2,000,000		1,981,089
Vistra Operations Co LLC
3.550% due 07/15/24 ~		4,250,000		4,106,421
4.875% due 05/13/24 ~		6,000,000		5,976,609
				68,124,006
Total Corporate Bonds & Notes (Cost $602,166,547)				576,168,522
SENIOR LOAN NOTES - 9.7%
Consumer, Cyclical - 2.0%
Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 ± §		1,243,750		1,119,375
ClubCorp Holdings Inc Term B 5.000% (USD LIBOR + 2.750%) due 09/18/24 §		3,809,575		3,517,906
Hilton Grand Vacations Borrower LLC Term B 4.666% (USD LIBOR + 3.000%) due 08/02/28 §		1,982,015		1,858,635
Marriott Ownership Resorts Inc Term B 3.416% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,735,721

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Mileage Plus Holdings LLC Term B 7.313% (USD LIBOR + 5.250%) due 06/20/27 §		$2,000,000		$1,986,562
SeaWorld Parks & Entertainment Inc Term B 4.688% (USD LIBOR + 3.000%) due 08/25/28 §		4,466,250		4,210,557
Stars Group Holdings BV Term B (Canada) 4.500% (USD LIBOR + 2.250%) due 07/21/26 §		3,245,404		3,092,600
United Airlines Inc Term B 5.392% (USD LIBOR + 3.750%) due 04/21/28 §		3,041,387		2,830,011
				20,351,367
Consumer, Non-Cyclical - 2.7%
Allied Universal Holdco LLC Term B 5.416% (USD LIBOR + 3.750%) due 05/14/28 §		2,481,250		2,284,817
CoreLogic Inc Term B 5.188% (USD LIBOR + 3.500%) due 06/02/28 §		3,473,750		2,886,686
Heartland Dental LLC Term B 5.642% (USD LIBOR + 4.000%) due 04/30/25 §		3,465,000		3,257,100
Mavis Tire Express Services Topco Corp 5.625% (SOFR + 4.000%) due 05/04/28 §		2,093,482		1,957,405
Pathway Vet Alliance LLC Term B 6.000% (USD LIBOR + 3.750%) due 03/31/27 §		2,938,378		2,736,364
PetVet Care Centers LLC Term B-3 5.166% (USD LIBOR + 3.500%) due 02/15/25 §		7,588,037		7,177,016
Spin Holdco Inc Term B 5.611% (USD LIBOR + 4.000%) due 03/04/28 §		2,468,750		2,281,537
Sunshine Luxembourg VII SARL Term B (Luxembourg) 6.000% (USD LIBOR + 3.750%) due 10/02/26 §		3,673,463		3,411,729
Wand NewCo 3 Inc Term B-1 4.666% (USD LIBOR + 3.000%) due 02/05/26 §		1,750,683		1,630,870
				27,623,524
Financial - 2.6%
Acrisure LLC Term B-1 5.166% (USD LIBOR + 3.500%) due 02/15/27 §		2,204,915		2,029,900
AssuredPartners Inc Term B 5.166% (USD LIBOR + 3.500%) due 02/13/27 §		7,073,637		6,631,535
Avolon (US) LLC Term B-3 (Ireland) 3.345% (USD LIBOR + 1.750%) due 01/15/25 §		6,029,412		5,754,320
HUB International Ltd Term B 4.214% (USD LIBOR + 3.000%) due 04/25/25 §		5,897,646		5,586,379

	Principal Amount		Value
NFP Corp Term B 4.916% (USD LIBOR + 3.250%) due 02/13/27 §		$3,100,825		$2,879,116
USI Inc Term B 5.250% (USD LIBOR + 3.000%) due 05/16/24 §		3,351,835		3,215,667
				26,096,917
Industrial - 0.8%
Brown Group Holding LLC Term B 4.166% (USD LIBOR + 2.500%) due 06/07/28 §		231,720		221,221
Filtration Group Corp Term B 4.666% (USD LIBOR + 3.000%) due 03/29/25 §		5,163,318		4,902,570
Proampac PG Borrower LLC Term B 4.712% - 5.256% (USD LIBOR + 3.750%) due 11/03/25 §		2,715,728		2,523,930
TransDigm Inc Term F 3.916% (USD LIBOR + 2.250%) due 12/09/25 §		452,704		430,988
				8,078,709
Technology - 1.6%
Applied Systems Inc Term B 5.250% (USD LIBOR + 3.000%) due 09/19/24 §		1,940,082		1,868,138
AthenaHealth Group Inc Term B 5.009% (SOFR + 3.500%) due 02/15/29 § f		499,844		461,356
Epicor Software Corp Term C 4.916% (USD LIBOR + 3.250%) due 07/31/27 §		3,944,623		3,720,888
Sophia LP Term B 5.500% (USD LIBOR + 3.250%) due 10/07/27 §		1,206,458		1,129,546
Tempo Acquisition LLC Term B 4.525% (SOFR + 3.000%) due 08/31/28 §		2,731,422		2,594,851
UKG Inc 4.212% (USD LIBOR + 3.250%) due 05/03/26 §		6,659,089		6,276,191
				16,050,970
Total Senior Loan Notes (Cost $104,493,342)				98,201,487
ASSET-BACKED SECURITIES - 23.8%
AIMCO CLO 10 Ltd (Cayman) 2.196% (USD LIBOR + 1.060%) due 07/22/32 ~ §		2,700,000		2,640,826
American Express Credit Account Master Trust 3.390% due 05/15/27		3,500,000		3,496,054
AmeriCredit Automobile Receivables Trust
0.680% due 10/19/26		10,100,000		9,713,085
0.690% due 01/19/27		2,400,000		2,264,752
0.760% due 12/18/25		2,400,000		2,312,453
1.170% due 08/18/27		4,700,000		4,381,504

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

13

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
1.480% due 01/21/25		$2,750,000		$2,725,259
4.200% due 12/18/25		2,675,000		2,682,949
Atrium XIII (Cayman) 2.364% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		461,976
Carlyle Global Market Strategies CLO Ltd (Cayman) 2.275% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		486,618
CIFC Funding Ltd (Cayman)
1.914% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,462,856		1,437,256
2.044% (USD LIBOR + 1.000%) due 04/18/31 ~ §		500,000		491,329
Dryden 55 CLO Ltd (Cayman) 2.064% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,459,853
Dryden 58 CLO Ltd (Cayman) 2.044% (USD LIBOR + 1.000%) due 07/17/31 ~ §		3,148,000		3,086,215
Dryden 61 CLO Ltd (Cayman) 2.034% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		6,825,864
Dryden 64 CLO Ltd (Cayman) 2.014% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		1,961,667
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		9,770,862
0.790% due 08/15/26		2,650,000		2,443,557
1.190% due 01/15/26		2,050,000		1,951,969
2.040% due 08/15/31 ~		2,000,000		1,913,440
2.130% due 05/15/25		5,000,000		4,906,754
GM Financial Consumer Automobile Receivables Trust 0.750% due 05/17/27		800,000		747,250
Hilton Grand Vacations Trust
2.740% due 02/25/39 ~		216,804		209,148
3.610% due 06/20/34 ~		772,321		755,652
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		1,956,444
Madison Park Funding LVII Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,850,000		1,813,993
Magnetite Ltd (Cayman) 2.024% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,170,000		2,142,998
Magnetite XIV-R Ltd (Cayman) 2.164% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		2,946,613
Magnetite XV Ltd (Cayman) 2.194% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,471,164
Magnetite XVIII Ltd (Cayman) 2.291% (USD LIBOR + 0.880%) due 11/15/28 ~ §		2,957,942		2,926,791
Magnetite XXIX Ltd (Cayman) 2.034% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,230,979
MVW LLC 1.140% due 01/22/41 ~		1,412,968		1,315,062

	Principal Amount		Value
1.740% due 10/20/37 ~		$371,750		$348,900
4.150% due 11/21/39 ~		979,894		966,358
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		668,247		660,620
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		872,254		799,044
1.060% due 10/15/69 ~		4,062,073		3,745,724
1.110% due 02/18/70 ~		2,125,871		1,864,169
1.170% due 09/16/69 ~		551,130		517,139
1.220% due 07/15/69 ~		845,722		807,743
1.310% due 01/15/69 ~		2,042,829		1,905,313
1.690% due 05/15/69 ~		3,845,131		3,612,906
2.120% due 01/15/69 ~		1,985,817		1,868,426
2.230% due 07/15/70 ~		5,906,732		5,507,015
2.460% due 11/15/68 ~		866,008		821,747
2.640% due 05/15/68 ~		1,032,625		998,112
4.160% due 10/15/70 ~		6,500,000		6,455,879
Navient Student Loan Trust 1.320% due 08/26/69 ~		3,626,016		3,201,617
2.174% (USD LIBOR + 0.550%) due 02/25/70 ~ §		3,121,742		3,022,525
2.224% (USD LIBOR + 0.600%) due 12/26/69 ~ §		1,570,459		1,520,158
2.674% (USD LIBOR + 1.050%) due 06/25/69 ~ §		2,078,052		2,058,410
3.390% due 12/15/59 ~		1,394,073		1,349,620
Nelnet Student Loan Trust
1.360% due 04/20/62 ~		2,915,245		2,699,104
2.285% (USD LIBOR + 0.690%) due 04/20/62 ~ §		2,463,005		2,419,958
Neuberger Berman Loan Advisers CLO 24 Ltd (Cayman) 2.544% (USD LIBOR + 1.500%) due 04/19/30 ~ §		1,000,000		962,029
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 1.974% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,607,466
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 1.964% (USD LIBOR + 0.920%) due 10/18/30 ~ §		5,550,000		5,463,447
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 2.033% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,605,054
OCP CLO Ltd (Cayman) 2.004% (USD LIBOR + 0.960%) due 07/15/30 ~ §		2,500,000		2,462,500
Palmer Square CLO Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,213,361
Palmer Square Loan Funding Ltd (Cayman)
1.844% (USD LIBOR + 0.800%) due 10/15/29 ~ §		6,399,481		6,293,890
1.963% (USD LIBOR + 0.900%) due 04/20/29 ~ §		2,922,652		2,894,208
2.278% (USD LIBOR + 0.800%) due 05/20/29 ~ §		7,485,602		7,409,196

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

14

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PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
2.444% (USD LIBOR + 1.400%) due 10/15/29 ~ §		$3,000,000		$2,881,274
2.463% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,000,000		3,843,946
2.828% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,865,529
3.378% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,169,668
Regatta XIV Funding Ltd (Cayman) 2.374% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,079,650
Santander Drive Auto Receivables Trust 0.500% due 04/15/25		9,168,338		9,135,552
0.590% due 09/15/25		3,150,000		3,105,172
0.750% due 02/17/26		3,750,000		3,660,086
0.880% due 06/15/26		1,850,000		1,795,355
0.900% due 06/15/26		4,000,000		3,874,757
0.950% due 09/15/27		2,100,000		2,021,587
1.260% due 02/16/27		5,000,000		4,770,955
3.400% due 12/15/26		3,000,000		2,981,542
4.130% due 08/16/27		1,800,000		1,780,626
SLC Student Loan Trust 1.949% (USD LIBOR + 0.120%) due 06/15/29 §		246,017		244,547
SMB Private Education Loan Trust 1.070% due 01/15/53 ~		2,928,820		2,591,898
1.290% due 07/15/53 ~		2,188,689		1,985,673
2.340% due 09/15/34 ~		3,294,550		3,198,144
2.430% due 02/17/32 ~		1,869,588		1,808,203
2.700% due 05/15/31 ~		1,217,213		1,195,959
3.440% due 07/15/36 ~		1,149,997		1,125,714
3.500% due 02/15/36 ~		585,878		571,272
3.600% due 01/15/37 ~		1,618,145		1,579,899
3.630% due 11/15/35 ~		1,670,781		1,646,775
Stratus CLO Ltd (Cayman) 1.491% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,759,995
1.863% (USD LIBOR + 0.800%) due 12/29/29 ~ §		730,249		721,278
Verizon Owner Trust 1.850% due 07/22/24		1,907,292		1,901,737
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		1,046,645		1,047,460
Total Asset-Backed Securities (Cost $248,870,475)				240,336,227
U.S. TREASURY OBLIGATIONS - 7.7%
U.S. Treasury Notes - 7.7%
0.375% due 07/15/24		2,700,000		2,561,256
0.375% due 08/15/24		10,000,000		9,460,742
0.375% due 09/15/24		6,000,000		5,663,906
0.750% due 11/15/24		4,000,000		3,793,438
1.250% due 08/31/24		5,000,000		4,817,773
1.500% due 09/30/24		10,000,000		9,675,000
1.750% due 07/31/24		9,500,000		9,263,613
2.625% due 05/31/27		12,300,000		12,068,895
2.750% due 05/15/25		10,000,000		9,924,219

	Principal Amount		Value
2.875% due 06/15/25		$10,000,000		$9,960,938
Total U.S. Treasury Obligations (Cost $79,063,284)				77,189,780
	Shares
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		12,391,414		12,391,414
Total Short-Term Investment (Cost $12,391,414)				12,391,414
TOTAL INVESTMENTS - 99.5% (Cost $1,046,985,062)				1,004,287,430
OTHER ASSETS & LIABILITIES, NET - 0.5%				4,625,122
NET ASSETS - 100.0%				$1,008,912,552

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

15

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PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$576,168,522		$—		$576,168,522		$—
	Senior Loan Notes		98,201,487		—		97,082,112		1,119,375
	Asset-Backed Securities		240,336,227		—		240,336,227		—
	U.S. Treasury Obligations		77,189,780		—		77,189,780		—
	Short-Term Investment		12,391,414		12,391,414		—		—
	Total		$1,004,287,430		$12,391,414		$990,776,641		$1,119,375

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

16

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PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 47.6%
Basic Materials - 1.6%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,550,000		$3,748,793
3.950% due 09/10/50 ~		3,000,000		2,305,746
4.750% due 03/16/52 ~		2,750,000		2,367,894
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		1,200,000		968,310
South32 Treasury Ltd (Australia) 4.350% due 04/14/32 ~		2,650,000		2,478,572
				11,869,315
Communications - 3.0%
AT&T Inc
3.500% due 09/15/53		4,865,000		3,695,868
3.850% due 06/01/60		2,800,000		2,169,099
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		2,314,861
3.850% due 04/01/61		5,200,000		3,429,804
Expedia Group Inc 2.950% due 03/15/31		1,600,000		1,274,308
Rogers Communications Inc (Canada) 4.550% due 03/15/52 ~		4,500,000		3,962,320
T-Mobile USA Inc
2.250% due 02/15/26 ~		2,325,000		2,096,576
2.625% due 04/15/26		100,000		90,937
3.375% due 04/15/29 ~		1,600,000		1,404,648
Verizon Communications Inc 3.400% due 03/22/41		2,550,000		2,080,386
				22,518,807
Consumer, Cyclical - 6.9%
American Airlines Inc 5.750% due 04/20/29 ~		4,000,000		3,428,680
American Airlines Pass-Through Trust ‘A’ 2.875% due 01/11/36		2,200,000		1,880,310
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,218,939		2,059,493
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		1,300,000		1,088,581
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,256,247		1,970,311
4.625% due 12/20/25 ~		1,271,633		1,254,261
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		3,985,547		3,561,747
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,016,961		1,940,212
Delta Air Lines Inc 4.500% due 10/20/25 ~		4,000,000		3,890,444
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,237,899		1,173,758
Ferguson Finance PLC 4.250% due 04/20/27 ~		1,650,000		1,605,897
Ford Motor Credit Co LLC
2.300% due 02/10/25		1,675,000		1,507,659
2.700% due 08/10/26		2,225,000		1,898,815

	Principal Amount		Value
3.375% due 11/13/25		$2,475,000		$2,236,459
4.542% due 08/01/26		1,725,000		1,581,499
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		1,795,028
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		2,850,000		2,179,787
Kohl’s Corp 3.375% due 05/01/31		3,000,000		2,605,172
Magallanes Inc 5.050% due 03/15/42 ~		2,500,000		2,130,833
Marriott International Inc 2.750% due 10/15/33		3,150,000		2,481,166
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		3,480,160
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		1,904,470
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		444,963		426,973
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,266,277		1,115,045
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		995,415		938,000
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,690,815		1,557,437
				51,692,197
Consumer, Non-Cyclical - 5.2%
AmerisourceBergen Corp 2.700% due 03/15/31		1,000,000		857,786
Amgen Inc 3.150% due 02/21/40		2,750,000		2,178,670
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		1,657,410
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		5,092,577
BAT Capital Corp (United Kingdom) 5.650% due 03/16/52		1,650,000		1,427,232
Block Inc
2.750% due 06/01/26 ~		4,000,000		3,559,080
3.500% due 06/01/31 ~		500,000		399,527
Centene Corp 2.450% due 07/15/28		1,750,000		1,464,286
JBS USA LUX SA
3.000% due 05/15/32 ~		1,500,000		1,154,191
6.500% due 12/01/52 ~		3,500,000		3,319,523
Keurig Dr Pepper Inc 4.500% due 04/15/52		2,250,000		1,988,717
Kraft Heinz Foods Co 4.375% due 06/01/46		6,500,000		5,427,432
UnitedHealth Group Inc 4.750% due 05/15/52		2,750,000		2,753,210
Universal Health Services Inc
2.650% due 10/15/30 ~		4,450,000		3,563,380
2.650% due 01/15/32 ~		1,950,000		1,520,119
Viatris Inc 3.850% due 06/22/40		3,350,000		2,377,775
				38,740,915

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Energy - 3.4%
Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39		$4,150,000		$3,282,602
Cheniere Energy Partners LP 4.500% due 10/01/29		3,500,000		3,131,363
Energy Transfer LP
5.000% due 05/15/44		4,000,000		3,347,102
6.500% due 11/15/26		1,650,000		1,462,589
Enterprise Products Operating LLC 3.300% due 02/15/53		1,850,000		1,348,585
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		1,755,931
MPLX LP
4.950% due 03/14/52		1,750,000		1,516,301
5.200% due 12/01/47		1,200,000		1,082,073
6.875% due 02/15/23		3,000,000		2,864,040
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,239,903
Targa Resources Partners LP 4.000% due 01/15/32		5,750,000		4,931,315
				25,961,804
Financial - 16.1%
ABN AMRO Bank NV (Netherlands) 3.324% due 03/13/37 ~		1,700,000		1,363,764
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		3,100,000		2,484,713
Air Lease Corp
3.000% due 02/01/30		4,000,000		3,268,110
4.650% due 06/15/26		4,300,000		3,581,426
Aon Corp 3.900% due 02/28/52		1,650,000		1,353,373
Assured Guaranty US Holdings Inc 3.600% due 09/15/51		2,150,000		1,619,541
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		4,950,000		4,041,521
4.250% due 04/15/26 ~		1,350,000		1,251,881
Bank of America Corp
2.482% due 09/21/36		4,700,000		3,650,469
2.687% due 04/22/32		3,700,000		3,109,513
3.846% due 03/08/37		2,900,000		2,509,884
4.375% due 01/27/27		3,000,000		2,496,810
6.125% due 04/27/27		6,000,000		5,801,250
BNP Paribas SA (France) 4.625% due 02/25/31 ~		3,000,000		2,221,494
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		2,750,000		2,245,758
Citigroup Inc 4.910% due 05/24/33		4,500,000		4,445,423
GLP Capital LP REIT 3.250% due 01/15/32		1,200,000		964,158
Hill City Funding Trust 4.046% due 08/15/41 ~		2,400,000		1,770,024
Host Hotels & Resorts LP REIT 2.900% due 12/15/31		4,400,000		3,498,514
3.500% due 09/15/30		1,500,000		1,282,927
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,150,000		2,376,702

	Principal Amount		Value
JPMorgan Chase & Co 2.963% due 01/25/33		$9,950,000		$8,548,390
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		3,833,614
LSEGA Financing PLC (United Kingdom) 3.200% due 04/06/41 ~		2,200,000		1,724,925
Morgan Stanley
2.484% due 09/16/36		5,700,000		4,388,873
2.943% due 01/21/33		4,700,000		4,033,021
5.297% due 04/20/37		2,650,000		2,569,076
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,279,270
6.125% due 03/15/24		5,200,000		4,978,766
Standard Chartered PLC (United Kingdom) 3.603% due 01/12/33 ~		2,400,000		1,965,208
Stewart Information Services Corp 3.600% due 11/15/31		3,150,000		2,616,435
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		2,677,530
The Goldman Sachs Group Inc
2.615% due 04/22/32		7,950,000		6,608,547
3.102% due 02/24/33		3,600,000		3,078,165
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		2,239,705
The PNC Financial Services Group Inc 4.626% due 06/06/33		2,550,000		2,466,096
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,154,968
3.750% due 02/15/27 ~		2,250,000		1,983,617
4.625% due 12/01/29 ~		5,500,000		4,927,203
Wells Fargo & Co 4.400% due 06/14/46		3,750,000		3,272,560
				120,683,224
Industrial - 3.6%
Allegion US Holding Co Inc
3.550% due 10/01/27		3,336,000		3,070,338
5.411% due 07/01/32		2,100,000		2,088,737
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		4,781,300
Flowserve Corp 2.800% due 01/15/32		7,000,000		5,521,921
Masco Corp 7.750% due 08/01/29		2,000,000		2,263,304
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		2,300,000		1,872,114
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		5,950,000		5,238,709
Vontier Corp 2.400% due 04/01/28		2,350,000		1,981,600
				26,818,023
Technology - 2.6%
Broadcom Inc
3.137% due 11/15/35 ~		5,000,000		3,803,838
3.187% due 11/15/36 ~		1,474,000		1,122,571
CGI Inc (Canada) 2.300% due 09/14/31		3,350,000		2,692,186

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Kyndryl Holdings Inc 3.150% due 10/15/31 ~		$6,500,000		$4,819,041
Oracle Corp
2.875% due 03/25/31		2,650,000		2,185,975
3.950% due 03/25/51		5,000,000		3,680,121
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		1,069,237
				19,372,969
Utilities - 5.2%
AEP Texas Inc 4.700% due 05/15/32		1,600,000		1,594,360
Dominion Energy Inc 4.350% due 01/15/27		3,150,000		2,606,625
DPL Inc
4.125% due 07/01/25		600,000		555,057
4.350% due 04/15/29		1,350,000		1,175,337
Duke Energy Progress NC Storm Funding LLC 2.387% due 07/01/39		5,350,000		4,826,821
Edison International 5.000% due 12/15/26		650,000		518,785
FirstEnergy Corp 4.400% due 07/15/27		2,500,000		2,362,662
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,231,711
KeySpan Gas East Corp 3.586% due 01/18/52 ~		2,850,000		2,131,366
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		6,636,227
NiSource Inc 5.000% due 06/15/52		700,000		685,485
NSTAR Electric Co 4.550% due 06/01/52		1,800,000		1,756,342
PG&E Energy Recovery Funding LLC 2.280% due 01/15/38		2,400,000		2,011,895
Piedmont Natural Gas Co Inc 5.050% due 05/15/52		1,750,000		1,716,149
Sempra Energy 4.125% due 04/01/52		5,000,000		4,019,828
Sempra Global 3.250% due 01/15/32 ~		1,800,000		1,516,580
Southwestern Electric Power Co 3.250% due 11/01/51		1,600,000		1,187,495
Texas Electric Market Stabilization Funding N LLC 4.265% due 08/01/36 ~		1,950,000		1,940,652
				39,473,377
Total Corporate Bonds & Notes (Cost $420,443,646)				357,130,631
SENIOR LOAN NOTES - 13.4%
Consumer, Cyclical - 3.2%
Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 ± §		1,492,500		1,343,250
ClubCorp Holdings Inc Term B 5.000% (USD LIBOR + 2.750%) due 09/18/24 §		4,782,240		4,416,102

	Principal Amount		Value
Hilton Grand Vacations Borrower LLC Term B 4.666% (USD LIBOR + 3.000%) due 08/02/28 §		$1,985,000		$1,861,434
Marriott Ownership Resorts Inc Term B 3.416% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,673,333
Mileage Plus Holdings LLC Term B 7.313% (USD LIBOR + 5.250%) due 06/20/27 §		2,000,000		1,986,562
SeaWorld Parks & Entertainment Inc Term B 4.688% (USD LIBOR + 3.000%) due 08/25/28 §		3,970,000		3,742,717
Stars Group Holdings BV Term B (Canada) 4.500% (USD LIBOR + 2.250%) due 07/21/26 §		4,467,078		4,256,755
United Airlines Inc Term B 5.392% (USD LIBOR + 3.750%) due 04/21/28 §		3,275,340		3,047,704
				24,327,857
Consumer, Non-Cyclical - 3.8%
Allied Universal Holdco LLC Term B 5.416% (USD LIBOR + 3.750%) due 05/14/28 §		2,481,250		2,284,817
CoreLogic Inc Term B 5.188% (USD LIBOR + 3.500%) due 06/02/28 §		4,218,125		3,505,262
Heartland Dental LLC Term B 5.642% (USD LIBOR + 4.000%) due 04/30/25 §		3,465,000		3,257,100
Mavis Tire Express Services Topco Corp 5.625% (SOFR + 4.000%) due 05/04/28 §		1,414,951		1,322,979
Medline Borrower LP Term B 4.916% (USD LIBOR + 3.250%) due 10/21/28 §		249,375		231,741
Pathway Vet Alliance LLC Term B 6.000% (USD LIBOR + 3.750%) due 03/31/27 §		4,407,454		4,104,442
PetVet Care Centers LLC Term B-3 5.166% (USD LIBOR + 3.500%) due 02/15/25 §		6,608,226		6,250,278
Spin Holdco Inc Term B 5.611% (USD LIBOR + 4.000%) due 03/04/28 §		2,468,750		2,281,537
Sunshine Luxembourg VII SARL Term B (Luxembourg) 6.000% (USD LIBOR + 3.750%) due 10/02/26 §		3,673,463		3,411,728
Wand NewCo 3 Inc Term B-1 4.666% (USD LIBOR + 3.000%) due 02/05/26 §		1,750,683		1,630,870
				28,280,754
Financial - 2.6%
Acrisure LLC Term B-1 5.166% (USD LIBOR + 3.500%) due 02/15/27 §		2,204,915		2,029,900

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
AssuredPartners Inc Term B 5.166% (USD LIBOR + 3.500%) due 02/13/27 §		$4,143,750		$3,884,766
HUB International Ltd Term B 4.214% (USD LIBOR + 3.000%) due 04/25/25 §		7,312,719		6,926,768
NFP Corp Term B 4.916% (USD LIBOR + 3.250%) due 02/13/27 §		3,598,281		3,341,003
USI Inc Term B 5.250% (USD LIBOR + 3.000%) due 05/16/24 §		3,802,637		3,648,155
				19,830,592
Industrial - 2.2%
Brown Group Holding LLC Term B 4.166% (USD LIBOR + 2.500%) due 06/07/28 §		231,720		221,221
Filtration Group Corp Term B 4.666% (USD LIBOR + 3.000%) due 03/29/25 §		7,113,089		6,753,878
Proampac PG Borrower LLC Term B 4.712% - 5.256% (USD LIBOR + 3.750%) due 11/03/25 §		2,715,728		2,523,930
TransDigm Inc
Term E 3.916% (USD LIBOR + 2.250%) due 05/30/25 §		1,860,929		1,773,052
Term F 3.916% (USD LIBOR + 2.250%) due 12/09/25 §		5,652,553		5,381,405
				16,653,486
Technology - 1.6%
Applied Systems Inc Term B 5.250% (USD LIBOR + 3.000%) due 09/19/24 §		1,940,082		1,868,138
AthenaHealth Group Inc Term B 5.009% (SOFR + 3.500%) due 02/15/29 §,f		1,249,611		1,153,390
Epicor Software Corp Term C 4.916% (USD LIBOR + 3.250%) due 07/31/27 §		2,232,388		2,105,769
Sophia LP Term B 5.500% (USD LIBOR + 3.250%) due 10/07/27 §		208,971		195,649
UKG Inc 4.212% (USD LIBOR + 3.250%) due 05/03/26 §		6,659,089		6,276,191
				11,599,137
Total Senior Loan Notes (Cost $107,215,707)				100,691,826
MORTGAGE-BACKED SECURITIES - 4.3%
Fannie Mae - 4.3%
due 07/01/37 #		22,750,000		22,954,719
due 07/01/52 #		3,000,000		2,959,160

	Principal Amount		Value
due 07/01/52 #		$6,500,000		$6,636,094
				32,549,973
Total Mortgage-Backed Securities (Cost $32,299,492)				32,549,973
ASSET-BACKED SECURITIES - 18.4%
Aimco CLO 11 Ltd (Cayman) 2.174% (USD LIBOR + 1.130%) due 10/17/34 ~ §		4,000,000		3,868,977
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,360,629
0.890% due 10/19/26		2,450,000		2,291,488
1.410% due 08/18/27		3,500,000		3,204,856
1.480% due 02/18/26		1,000,000		964,403
Carlyle Global Market Strategies CLO Ltd (Cayman) 2.775% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,909,827
Dryden 53 CLO Ltd (Cayman) 2.444% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,425,212
Dryden 55 CLO Ltd (Cayman) 2.944% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		947,721
Dryden 58 CLO Ltd (Cayman)
2.544% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		1,913,745
2.844% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,876,491
Dryden 64 CLO Ltd (Cayman) 2.444% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,528,310
Flatiron CLO 19 Ltd (Cayman) 2.961% (USD LIBOR + 1.550%) due 11/16/34 ~ §		1,000,000		944,883
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,285,443
1.530% due 05/15/34 ~		1,050,000		955,514
2.040% due 12/15/26		1,000,000		957,460
2.040% due 08/15/31 ~		2,000,000		1,913,440
3.190% due 07/15/31 ~		4,000,000		3,938,138
3.880% due 11/15/34 ~		3,250,000		3,213,714
Hilton Grand Vacations Trust 3.610% due 06/20/34 ~		790,494		773,432
Madison Park Funding Ltd (Cayman) 2.644% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,498,681
Madison Park Funding LVII Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,568,859
Magnetite XIV-R Ltd (Cayman) 2.164% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,455,510
Magnetite XXIX Ltd (Cayman) 2.034% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,182,025
MVW LLC 1.740% due 10/20/37 ~		371,750		348,900

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

20

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		$769,636		$705,039
1.170% due 09/16/69 ~		551,130		517,139
1.220% due 07/15/69 ~		845,722		807,743
1.310% due 01/15/69 ~		1,398,894		1,304,725
1.690% due 05/15/69 ~		4,447,510		4,172,945
2.460% due 11/15/68 ~		866,008		821,747
2.640% due 05/15/68 ~		1,032,625		998,112
Navient Student Loan Trust
1.310% due 12/26/69 ~		1,867,573		1,609,544
1.320% due 08/26/69 ~		3,626,016		3,201,617
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 2.394% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,430,369
OneMain Financial Issuance Trust 4.130% due 05/14/35 ~		2,700,000		2,662,801
Palmer Square CLO Ltd (Cayman)
2.144% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,459,290
2.491% (USD LIBOR + 1.080%) due 11/15/31 ~ §		3,500,000		3,423,992
Palmer Square Loan Funding Ltd (Cayman)
2.444% (USD LIBOR + 1.400%) due 10/15/29 ~ §		9,700,000		9,316,121
2.463% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,500,000		4,324,440
2.728% (USD LIBOR + 1.250%) due 05/20/29 ~ §		6,000,000		5,757,604
2.784% (USD LIBOR + 1.600%) due 10/24/27 ~ §		1,750,000		1,714,652
2.863% (USD LIBOR + 1.800%) due 04/20/29 ~ §		750,000		729,695
3.378% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,169,668
Santander Drive Auto Receivables Trust 0.750% due 02/17/26		3,700,000		3,611,285
SLM Student Loan Trust 1.734% (USD LIBOR + 0.550%) due 10/25/64 ~ §		1,607,356		1,561,854
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		4,184,029		3,702,711
1.290% due 07/15/53 ~		2,188,689		1,985,673
1.680% due 02/15/51 ~		2,890,945		2,695,256
2.054% (USD LIBOR + 0.730%) due 01/15/53 ~ §		897,989		873,545
2.230% due 09/15/37 ~		5,062,347		4,835,512
2.340% due 09/15/34 ~		1,331,003		1,292,055
2.430% due 02/17/32 ~		1,684,567		1,629,256
2.700% due 05/15/31 ~		906,435		890,608
2.820% due 10/15/35 ~		2,231,719		2,161,612
2.880% due 09/15/34 ~		2,033,271		1,990,017
3.440% due 07/15/36 ~		1,593,211		1,559,570
3.500% due 02/15/36 ~		3,064,142		2,987,752
3.600% due 01/15/37 ~		836,042		816,281
3.630% due 11/15/35 ~		1,131,199		1,114,946
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		1,185,794		1,144,950

	Principal Amount		Value
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		$1,681,287		$1,612,640
Stratus CLO Ltd (Cayman) 1.491% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,759,995
TIAA CLO IV Ltd (Cayman) 2.763% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,635,826
Total Asset-Backed Securities (Cost $145,028,052)				138,316,245
U.S. TREASURY OBLIGATIONS - 14.6%
U.S. Treasury Bonds - 7.6%
1.125% due 05/15/40		14,500,000		10,101,856
1.250% due 05/15/50		4,000,000		2,546,719
1.375% due 08/15/50		3,250,000		2,140,747
1.750% due 08/15/41		10,000,000		7,610,547
1.875% due 11/15/51		7,000,000		5,254,375
2.000% due 08/15/51		5,000,000		3,866,602
2.250% due 08/15/46		2,550,000		2,058,179
2.250% due 02/15/52		17,000,000		13,995,781
2.500% due 02/15/46		3,500,000		2,970,488
2.500% due 05/15/46		3,000,000		2,545,078
2.750% due 11/15/47		2,000,000		1,792,656
3.000% due 11/15/44		2,000,000		1,855,234
				56,738,262
U.S. Treasury Notes - 7.0%
0.375% due 09/30/27		5,000,000		4,349,902
0.500% due 06/30/27		5,000,000		4,407,910
0.625% due 11/30/27		7,000,000		6,148,516
0.625% due 05/15/30		16,000,000		13,346,250
1.125% due 02/28/27		2,000,000		1,832,734
1.125% due 02/15/31		5,000,000		4,297,266
1.750% due 11/15/29		5,000,000		4,589,258
2.250% due 02/15/27		2,000,000		1,928,828
2.375% due 05/15/29		5,000,000		4,790,723
2.625% due 02/15/29		7,000,000		6,817,070
				52,508,457
Total U.S. Treasury Obligations (Cost $126,976,222)				109,246,719

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

21

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 3.5%
Money Market Fund - 3.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		26,250,420		$26,250,420
Total Short-Term Investment (Cost $26,250,420)				26,250,420
TOTAL INVESTMENTS - 101.8% (Cost $858,213,539)				764,185,814
OTHER ASSETS & LIABILITIES, NET - (1.8%)				(13,147,558	)
NET ASSETS - 100.0%				$751,038,256

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$357,130,631		$—		$357,130,631		$—
	Senior Loan Notes		100,691,826		—		99,348,576		1,343,250
	Mortgage-Backed Securities		32,549,973		—		32,549,973		—
	Asset-Backed Securities		138,316,245		—		138,316,245		—
	U.S. Treasury Obligations		109,246,719		—		109,246,719		—
	Short-Term Investment		26,250,420		26,250,420		—		—
	Total		$764,185,814		$26,250,420		$736,592,144		$1,343,250

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

22

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Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 55.4%
Communications - 2.6%
Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$189,432
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		206,250		206,439
Verizon Communications Inc 2.850% due 09/03/41		50,000		37,561
3.400% due 03/22/41		250,000		203,959
				637,391
Consumer, Cyclical - 3.1%
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		173,351
Lowe’s Cos Inc 4.450% due 04/01/62		250,000		213,977
Magallanes Inc 5.050% due 03/15/42 ~		150,000		127,850
Marriott International Inc 2.750% due 10/15/33		100,000		78,767
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		166,160
				760,105
Consumer, Non-Cyclical - 9.3%
Amgen Inc 3.150% due 02/21/40		100,000		79,224
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		405,754
Bristol-Myers Squibb Co 2.950% due 03/15/32		300,000		275,104
Cigna Corp 2.375% due 03/15/31		200,000		169,014
CVS Health Corp 1.750% due 08/21/30		300,000		240,544
HCA Inc 3.125% due 03/15/27 ~		100,000		90,941
Keurig Dr Pepper Inc 4.500% due 04/15/52		250,000		220,969
McKesson Corp 1.300% due 08/15/26		250,000		222,626
Sysco Corp 3.150% due 12/14/51		150,000		107,592
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		167,475
UnitedHealth Group Inc 4.750% due 05/15/52		250,000		250,292
Zoetis Inc 2.000% due 05/15/30		100,000		83,817
				2,313,352
Energy - 1.2%
Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39		150,000		118,648
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		175,593
				294,241

	Principal Amount		Value
Financial - 24.4%
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		$250,000		$200,380
Air Lease Corp 1.875% due 08/15/26		450,000		389,607
American Tower Corp REIT 2.750% due 01/15/27		100,000		91,537
Bank of America Corp 2.482% due 09/21/36		350,000		271,843
3.846% due 03/08/37		300,000		259,643
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		200,000		163,328
Citigroup Inc 3.057% due 01/25/33		250,000		212,147
4.910% due 05/24/33		250,000		246,968
Cooperatieve Rabobank UA (Netherlands) 1.980% due 12/15/27 ~		500,000		444,977
Equinix Inc REIT 3.900% due 04/15/32		250,000		226,399
GLP Capital LP REIT 3.250% due 01/15/32		100,000		80,347
Healthpeak Properties Inc REIT 1.350% due 02/01/27		150,000		131,545
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		231,243
JAB Holdings BV (Austria) 4.500% due 04/08/52 ~		250,000		193,418
Morgan Stanley 2.943% due 01/21/33		500,000		429,045
Nordea Bank Abp (Finland) 1.500% due 09/30/26 ~		350,000		311,193
PNC Bank NA 2.700% due 10/22/29		250,000		218,071
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		500,000		435,907
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		121,050
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		471,934
Truist Bank 2.636% due 09/17/29		250,000		237,930
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		239,335
VICI Properties LP REIT 4.125% due 08/15/30 ~		200,000		172,960
4.625% due 12/01/29 ~		100,000		89,585
Weyerhaeuser Co REIT 4.000% due 11/15/29		200,000		189,289
				6,059,681
Industrial - 7.9%
Allegion US Holding Co Inc 3.550% due 10/01/27		200,000		184,073
Canadian Pacific Railway Co (Canada) 2.450% due 12/02/31		400,000		342,660
Flowserve Corp 2.800% due 01/15/32		250,000		197,212

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

23

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Keysight Technologies Inc 3.000% due 10/30/29		$250,000		$222,422
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		250,000		203,491
Parker-Hannifin Corp 4.500% due 09/15/29		250,000		248,967
Ryder System Inc 2.500% due 09/01/24		200,000		193,111
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		250,000		220,114
Waste Management Inc 4.150% due 04/15/32		150,000		147,188
				1,959,238
Technology - 5.5%
Broadcom Inc 3.187% due 11/15/36 ~		12,000		9,139
Dell International LLC 4.900% due 10/01/26		300,000		300,729
Fiserv Inc 3.500% due 07/01/29		250,000		228,259
Hewlett Packard Enterprise Co 1.750% due 04/01/26		250,000		228,697
Micron Technology Inc 2.703% due 04/15/32		250,000		199,623
Oracle Corp 2.300% due 03/25/28		300,000		258,402
Workday Inc 3.500% due 04/01/27		150,000		143,567
				1,368,416
Utilities - 1.4%
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		200,000		193,903
NiSource Inc 5.000% due 06/15/52		150,000		146,890
				340,793
Total Corporate Bonds & Notes (Cost $16,031,780)				13,733,217
MORTGAGE-BACKED SECURITIES - 3.3%
Fannie Mae - 1.9%
2.000% due 09/01/35		150,665		140,854
2.000% due 12/01/35		357,614		334,324
				475,178
Freddie Mac - 1.4%
2.000% due 12/01/35		359,445		336,035
Total Mortgage-Backed Securities (Cost $905,639)				811,213
ASSET-BACKED SECURITIES - 17.8%
Ford Credit Auto Owner Trust 0.700% due 10/15/26		450,000		416,767
1.530% due 05/15/34 ~		350,000		318,505

	Principal Amount		Value
GM Financial Revolving Receivables Trust 1.170% due 06/12/34 ~		$150,000		$134,493
Magnetite Ltd (Cayman) 2.024% (USD LIBOR + 0.980%) due 04/15/31 ~ §		250,000		246,889
Magnetite XXVIII Ltd (Cayman) 2.193% (USD LIBOR + 1.130%) due 01/20/35 ~ §		250,000		241,882
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		153,927		141,008
Navient Student Loan Trust 1.310% due 12/26/69 ~		212,224		182,903
1.320% due 08/26/69 ~		183,338		161,879
OCP CLO Ltd (Cayman) 2.004% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		246,250
Palmer Square CLO Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		245,929
Palmer Square Loan Funding Ltd (Cayman) 1.863% (USD LIBOR + 0.800%) due 07/20/29 ~ §		208,306		205,702
1.963% (USD LIBOR + 0.900%) due 04/20/29 ~ §		324,739		321,579
2.444% (USD LIBOR + 1.400%) due 10/15/29 ~ §		500,000		480,212
Santander Drive Auto Receivables Trust 0.590% due 09/15/25		200,000		197,154
0.750% due 02/17/26		750,000		732,017
SMB Private Education Loan Trust 1.070% due 01/15/53 ~		174,335		154,280
Total Asset-Backed Securities (Cost $4,656,517)				4,427,449
U.S. TREASURY OBLIGATIONS - 19.0%
U.S. Treasury Bonds - 3.7%
1.625% due 11/15/50		500,000		351,885
1.750% due 08/15/41		125,000		95,132
1.875% due 11/15/51		150,000		112,594
2.000% due 08/15/51		250,000		193,330
2.250% due 02/15/52		200,000		164,656
				917,597
U.S. Treasury Notes - 15.3%
0.125% due 11/30/22		1,100,000		1,089,925
0.375% due 11/30/25		1,500,000		1,370,391
0.875% due 11/15/30		1,000,000		844,570
2.625% due 05/31/27		500,000		490,605
				3,795,491
Total U.S. Treasury Obligations (Cost $5,246,918)				4,713,088

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

24

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 4.0%
Money Market Fund - 4.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		996,774		$996,774
Total Short-Term Investment (Cost $996,774)				996,774
TOTAL INVESTMENTS - 99.5% (Cost $27,837,628)				24,681,741
OTHER ASSETS & LIABILITIES, NET - 0.5%				119,370
NET ASSETS - 100.0%				$24,801,111

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

25

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$13,733,217		$—		$13,733,217		$—
	Mortgage-Backed Securities		811,213		—		811,213		—
	Asset-Backed Securities		4,427,449		—		4,427,449		—
	U.S. Treasury Obligations		4,713,088		—		4,713,088		—
	Short-Term Investment		996,774		996,774		—		—
	Total		$24,681,741		$996,774		$23,684,967		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

26

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.8%
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc*		120,441		$1,453,723
Cedar Fair LP *		40,059		1,758,991
				3,212,714
Financial - 0.3%
JPMorgan Chase & Co		17,264		1,944,099
The Goldman Sachs Group Inc		7,170		2,129,633
				4,073,732
Industrial - 0.3%
GFL Environmental Inc (Canada)		68,354		1,763,533
TNT Crane & Rigging Inc		4,054		68,243
Xylem Inc		34,046		2,661,717
				4,493,493
Total Common Stocks (Cost $15,694,119)				11,779,939
EXCHANGE-TRADED FUND - 0.5%
iShares iBoxx High Yield Corporate Bond		89,188		6,565,129
Total Exchange-Traded Fund (Cost $6,931,263)				6,565,129
	Principal Amount
CORPORATE BONDS & NOTES - 73.2%
Basic Materials - 1.7%
Anglo American Capital PLC (South Africa) 2.625% due 09/10/30 ~		$4,450,000		3,666,402
2.875% due 03/17/31 ~		3,000,000		2,499,466
3.875% due 03/16/29 ~		750,000		690,490
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		710,000		731,187
Novelis Corp 3.250% due 11/15/26 ~		500,000		423,437
3.875% due 08/15/31 ~		7,679,000		5,927,036
SPCM SA (France) 3.125% due 03/15/27 ~		400,000		337,468
3.375% due 03/15/30 ~		5,000,000		3,921,275
TMS International Corp 6.250% due 04/15/29 ~		7,126,000		5,188,558
				23,385,319
Communications - 7.4%
AT&T Inc 2.250% due 02/01/32		2,475,000		2,024,416
2.300% due 06/01/27		4,000,000		3,654,231
4.350% due 03/01/29		5,500,000		5,419,081
Avaya Inc 6.125% due 09/15/28 ~		3,275,000		2,145,944
Booking Holdings Inc 4.625% due 04/13/30		2,950,000		2,936,490
CCO Holdings LLC 4.250% due 02/01/31 ~		750,000		613,331
4.250% due 01/15/34 ~		8,375,000		6,498,791

	Principal Amount		Value
Charter Communications Operating LLC		$1,950,000		$1,563,696
2.800% due 04/01/31
3.750% due 02/15/28		1,500,000		1,386,628
4.200% due 03/15/28		5,750,000		5,378,028
5.050% due 03/30/29		1,500,000		1,445,393
CSC Holdings LLC 3.375% due 02/15/31 ~		1,500,000		1,113,233
4.625% due 12/01/30 ~		1,400,000		940,485
5.750% due 01/15/30 ~		200,000		146,046
6.500% due 02/01/29 ~		2,725,000		2,466,452
Frontier Communications Holdings LLC 5.000% due 05/01/28 ~		4,250,000		3,622,105
LogMeIn Inc 5.500% due 09/01/27 ~		4,600,000		3,213,745
Rogers Communications Inc (Canada) 3.800% due 03/15/32 ~		8,000,000		7,324,939
Sirius XM Radio Inc 3.875% due 09/01/31 ~		6,275,000		5,008,611
Sprint Capital Corp 8.750% due 03/15/32		3,000,000		3,620,220
T-Mobile USA Inc 2.400% due 03/15/29 ~		2,000,000		1,730,263
2.625% due 02/15/29		175,000		147,784
2.875% due 02/15/31		75,000		62,408
3.375% due 04/15/29		1,125,000		987,643
3.375% due 04/15/29 ~		925,000		812,062
3.500% due 04/15/31		375,000		324,549
3.500% due 04/15/31 ~		750,000		649,099
3.750% due 04/15/27		7,000,000		6,746,125
3.875% due 04/15/30		6,000,000		5,605,166
4.375% due 04/15/40		1,900,000		1,699,480
Uber Technologies Inc 4.500% due 08/15/29 ~		11,525,000		9,500,922
Verizon Communications Inc 1.750% due 01/20/31		3,000,000		2,412,476
2.550% due 03/21/31		11,500,000		9,842,352
				101,042,194
Consumer, Cyclical - 11.0%
American Airlines Inc 5.750% due 04/20/29 ~		5,125,000		4,392,996
American Airlines Pass-Through Trust ‘A’		1,738,567		1,451,677
3.500% due 08/15/33
4.100% due 07/15/29		1,107,169		963,594
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,630,140		2,332,615
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		759,490		725,053
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,519,599		2,251,679
CDI Escrow Issuer Inc 5.750% due 04/01/30 ~		7,650,000		6,977,642
Cedar Fair LP 5.250% due 07/15/29		5,500,000		4,858,116
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		3,070,000		2,271,032
Ferguson Finance PLC 4.650% due 04/20/32 ~		7,000,000		6,608,991

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

27

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Fertitta Entertainment LLC 4.625% due 01/15/29 ~		$4,975,000		$4,255,292
6.750% due 01/15/30 ~		5,000,000		3,851,900
Ford Motor Credit Co LLC 2.900% due 02/10/29		7,500,000		5,893,462
3.375% due 11/13/25		400,000		361,448
4.000% due 11/13/30		400,000		324,908
4.125% due 08/17/27		3,500,000		3,091,848
4.950% due 05/28/27		1,600,000		1,489,664
Foundation Building Materials Inc 6.000% due 03/01/29 ~		4,855,000		3,563,813
General Motors Co 4.200% due 10/01/27		6,500,000		6,172,888
6.125% due 10/01/25		1,950,000		2,018,754
General Motors Financial Co Inc 4.350% due 01/17/27		5,000,000		4,800,643
5.100% due 01/17/24		1,000,000		1,010,706
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		2,775,000		2,122,424
5.000% due 06/01/29 ~		1,875,000		1,521,722
Hyatt Hotels Corp 6.000% due 04/23/30		5,450,000		5,497,055
Hyundai Capital America 1.650% due 09/17/26 ~		5,000,000		4,412,971
Kohl’s Corp 3.375% due 05/01/31		7,950,000		6,903,707
LBM Acquisition LLC 6.250% due 01/15/29 ~		4,000,000		2,581,357
Lowe’s Cos Inc 4.250% due 04/01/52		5,000,000		4,341,237
Magallanes Inc 4.054% due 03/15/29 ~		6,000,000		5,500,191
4.279% due 03/15/32 ~		2,000,000		1,789,400
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		7,375,000		5,065,224
Marriott International Inc 2.850% due 04/15/31		4,000,000		3,321,251
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		3,776,937
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		5,000,000		4,350,200
4.000% due 10/15/30 ~		6,000,000		4,834,410
PetSmart Inc 4.750% due 02/15/28 ~		250,000		217,030
7.750% due 02/15/29 ~		6,150,000		5,551,943
SRS Distribution Inc 4.625% due 07/01/28 ~		2,750,000		2,410,622
6.125% due 07/01/29 ~		1,875,000		1,482,010
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		2,966,500
The Michaels Cos Inc 7.875% due 05/01/29 ~		5,900,000		3,905,859
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,388,996		2,251,201
Viking Cruises Ltd 6.250% due 05/15/25 ~		3,200,000		2,700,384
7.000% due 02/15/29 ~		2,625,000		1,970,483

	Principal Amount		Value
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		$175,000		$138,211
				149,281,050
Consumer, Non-Cyclical - 10.4%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		5,115,000
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		7,950,000		6,749,987
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		6,862,289
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		9,325,000		9,496,255
APi Escrow Corp 4.750% due 10/15/29 ~		5,925,000		4,792,673
Avantor Funding Inc 3.875% due 11/01/29 ~		450,000		394,234
4.625% due 07/15/28 ~		3,375,000		3,102,739
Bausch Health Americas Inc 8.500% due 01/31/27 ~		450,000		316,643
9.250% due 04/01/26 ~		1,500,000		1,076,633
Bausch Health Cos Inc 4.875% due 06/01/28 ~		1,500,000		1,176,930
5.000% due 01/30/28 ~		800,000		428,248
5.000% due 02/15/29 ~		400,000		209,234
5.250% due 02/15/31 ~		200,000		102,940
6.125% due 02/01/27 ~		2,375,000		2,023,013
Central Garden & Pet Co 4.125% due 04/30/31 ~		4,625,000		3,720,051
Cigna Corp 2.375% due 03/15/31		4,100,000		3,464,780
Community Health Systems Inc 4.750% due 02/15/31 ~		765,000		562,178
5.250% due 05/15/30 ~		500,000		380,860
5.625% due 03/15/27 ~		325,000		275,956
6.125% due 04/01/30 ~		4,000,000		2,450,160
6.875% due 04/15/29 ~		75,000		48,593
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		3,260,052
CSL Finance PLC (Australia) 4.250% due 04/27/32 ~		2,000,000		1,957,800
4.625% due 04/27/42 ~		2,000,000		1,921,294
Global Payments Inc 2.150% due 01/15/27		8,000,000		7,107,214
GSK Consumer Healthcare Capital US LLC 3.375% due 03/24/29 ~		8,000,000		7,491,578
HCA Inc 3.625% due 03/15/32 ~		7,000,000		5,913,248
JBS USA LUX SA 5.125% due 02/01/28 ~		700,000		684,876
5.750% due 04/01/33 ~		3,000,000		2,864,370
Keurig Dr Pepper Inc 4.050% due 04/15/32		3,000,000		2,810,633
Kraft Heinz Foods Co 5.200% due 07/15/45		6,975,000		6,469,949
Lamb Weston Holdings Inc 4.125% due 01/31/30 ~		1,275,000		1,106,961
4.375% due 01/31/32 ~		5,250,000		4,577,449

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

28

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Medline Borrower LP 3.875% due 04/01/29 ~		$1,875,000		$1,603,350
MPH Acquisition Holdings LLC 5.500% due 09/01/28 ~		900,000		803,542
5.750% due 11/01/28 ~		5,200,000		4,319,666
Option Care Health Inc 4.375% due 10/31/29 ~		6,000,000		5,153,970
Performance Food Group Inc 4.250% due 08/01/29 ~		4,875,000		4,080,278
Sysco Corp 2.400% due 02/15/30		4,000,000		3,415,846
2.450% due 12/14/31		3,000,000		2,494,443
Tenet Healthcare Corp 4.250% due 06/01/29 ~		3,125,000		2,641,187
4.375% due 01/15/30 ~		1,825,000		1,547,627
6.125% due 10/01/28 ~		2,675,000		2,297,477
6.125% due 06/15/30 ~		425,000		393,363
The Hertz Corp 5.000% due 12/01/29 ~		5,900,000		4,558,960
US Foods Inc 4.625% due 06/01/30 ~		5,800,000		4,897,324
Viatris Inc 2.700% due 06/22/30		4,450,000		3,575,396
				140,697,249
Energy - 7.9%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		7,400,000		6,641,130
Antero Resources Corp 7.625% due 02/01/29 ~		1,126,000		1,147,349
Archrock Partners LP 6.250% due 04/01/28 ~		2,025,000		1,795,892
6.875% due 04/01/27 ~		1,325,000		1,209,898
Callon Petroleum Co 7.500% due 06/15/30 ~		1,350,000		1,244,268
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		7,625,000		7,659,528
Cheniere Energy Partners LP 3.250% due 01/31/32 ~		6,925,000		5,468,707
Chesapeake Energy Corp 6.750% due 04/15/29 ~		2,975,000		2,885,750
Comstock Resources Inc 5.875% due 01/15/30 ~		5,000,000		4,313,675
CQP Holdco LP 5.500% due 06/15/31 ~		5,225,000		4,464,867
Energy Transfer Operating LP 2.900% due 05/15/25		1,000,000		951,501
3.750% due 05/15/30		3,000,000		2,706,630
4.000% due 10/01/27		1,200,000		1,136,810
4.050% due 03/15/25		1,200,000		1,183,104
4.750% due 01/15/26		4,200,000		4,189,575
5.500% due 06/01/27		1,500,000		1,523,839
5.800% due 06/15/38		3,000,000		2,819,257
EQM Midstream Partners LP 4.750% due 01/15/31 ~		11,100,000		8,884,051
5.500% due 07/15/28		1,250,000		1,081,570
6.000% due 07/01/25 ~		184,000		176,744
6.500% due 07/01/27 ~		1,750,000		1,630,266
7.500% due 06/01/27 ~		50,000		48,329
7.500% due 06/01/30 ~		50,000		48,113

	Principal Amount		Value
Genesis Energy LP 7.750% due 02/01/28		$2,750,000		$2,382,738
8.000% due 01/15/27		750,000		665,850
ITT Holdings LLC 6.500% due 08/01/29 ~		3,500,000		2,809,782
MPLX LP 2.650% due 08/15/30		2,225,000		1,859,461
4.800% due 02/15/29		1,350,000		1,329,042
4.950% due 03/14/52		1,150,000		996,427
6.875% due 02/15/23		450,000		429,606
New Fortress Energy Inc 6.500% due 09/30/26 ~		3,875,000		3,516,937
Occidental Petroleum Corp 6.125% due 01/01/31		325,000		330,076
6.625% due 09/01/30		5,200,000		5,365,464
8.875% due 07/15/30		1,500,000		1,724,981
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		2,782,545
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		3,100,000		2,577,123
6.000% due 09/01/31 ~		2,275,000		1,880,310
Targa Resources Partners LP 4.000% due 01/15/32		1,850,000		1,586,597
5.000% due 01/15/28		650,000		619,781
5.500% due 03/01/30		4,000,000		3,824,020
6.500% due 07/15/27		500,000		513,013
Venture Global Calcasieu Pass LLC 3.875% due 08/15/29 ~		900,000		789,705
3.875% due 11/01/33 ~		6,560,000		5,431,516
4.125% due 08/15/31 ~		2,900,000		2,486,735
				107,112,562
Financial - 18.7%
AerCap Ireland Capital DAC (Ireland) 2.450% due 10/29/26		3,250,000		2,832,244
4.450% due 10/01/25		2,000,000		1,935,084
4.625% due 10/15/27		1,000,000		942,327
Air Lease Corp 1.875% due 08/15/26		750,000		649,345
3.125% due 12/01/30		3,500,000		2,864,331
3.750% due 06/01/26		1,500,000		1,413,868
4.650% due 06/15/26		2,750,000		2,290,447
Athene Holding Ltd 3.500% due 01/15/31		1,000,000		847,658
6.150% due 04/03/30		4,925,000		4,920,858
Avolon Holdings Funding Ltd (Ireland) 2.125% due 02/21/26 ~		3,950,000		3,419,660
2.750% due 02/21/28 ~		5,000,000		4,082,344
3.250% due 02/15/27 ~		3,200,000		2,788,694
3.950% due 07/01/24 ~		3,000,000		2,874,546
Bank of America Corp 1.922% due 10/24/31		1,000,000		799,699
2.087% due 06/14/29		7,300,000		6,258,237
2.482% due 09/21/36		4,250,000		3,300,956
2.592% due 04/29/31		7,500,000		6,367,513
2.651% due 03/11/32		5,000,000		4,206,820
2.687% due 04/22/32		1,450,000		1,218,593
2.972% due 02/04/33		6,000,000		5,117,042
6.125% due 04/27/27		5,000,000		4,834,375

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

29

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		$4,700,000		$4,512,035
Citigroup Inc 1.462% due 06/09/27		5,000,000		4,429,217
2.520% due 11/03/32		2,000,000		1,624,787
2.561% due 05/01/32		450,000		370,964
2.666% due 01/29/31		1,000,000		849,986
3.668% due 07/24/28		4,000,000		3,779,622
3.980% due 03/20/30		3,000,000		2,808,352
4.075% due 04/23/29		3,000,000		2,854,430
4.450% due 09/29/27		4,500,000		4,410,893
Corebridge Financial Inc 3.850% due 04/05/29 ~		5,000,000		4,625,241
GLP Capital LP REIT 4.000% due 01/15/31		2,925,000		2,527,342
5.300% due 01/15/29		9,000,000		8,616,833
Host Hotels & Resorts LP REIT 2.900% due 12/15/31		1,750,000		1,391,455
3.375% due 12/15/29		6,800,000		5,762,564
3.500% due 09/15/30		1,500,000		1,282,927
HSBC Holdings PLC (United Kingdom) 2.206% due 08/17/29		4,500,000		3,784,077
4.700% due 03/09/31		3,000,000		2,263,525
Invitation Homes Operating Partnership LP REIT 2.700% due 01/15/34		9,000,000		6,937,801
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		275,000		225,500
4.875% due 09/15/29 ~		4,175,000		3,560,440
5.000% due 07/15/28 ~		3,500,000		3,106,414
5.250% due 03/15/28 ~		575,000		517,296
5.250% due 07/15/30 ~		1,000,000		871,300
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		900,000		728,183
JPMorgan Chase & Co 1.578% due 04/22/27		5,000,000		4,457,809
2.069% due 06/01/29		6,000,000		5,165,568
2.522% due 04/22/31		1,950,000		1,662,586
2.580% due 04/22/32		550,000		463,249
2.947% due 02/24/28		2,300,000		2,132,743
2.963% due 01/25/33		6,950,000		5,970,986
4.005% due 04/23/29		2,000,000		1,919,103
4.125% due 12/15/26		5,725,000		5,677,913
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		2,680,137
Morgan Stanley 1.512% due 07/20/27		5,000,000		4,394,126
2.484% due 09/16/36		550,000		423,488
2.943% due 01/21/33		5,000,000		4,290,448
3.591% due 07/22/28		11,000,000		10,422,898
5.000% due 11/24/25		3,150,000		3,205,643
5.297% due 04/20/37		550,000		533,204
OneMain Finance Corp 3.875% due 09/15/28		3,175,000		2,433,399
4.000% due 09/15/30		800,000		594,088
5.375% due 11/15/29		4,775,000		3,878,422
7.125% due 03/15/26		3,425,000		3,173,502
The Charles Schwab Corp 5.000% due 06/01/27		5,000,000		4,494,647

	Principal Amount		Value
The Goldman Sachs Group Inc 1.542% due 09/10/27		$7,000,000		$6,149,597
1.948% due 10/21/27		5,000,000		4,428,502
2.383% due 07/21/32		450,000		364,335
2.600% due 02/07/30		4,000,000		3,415,318
2.615% due 04/22/32		5,050,000		4,197,882
3.102% due 02/24/33		4,000,000		3,420,184
3.800% due 03/15/30		3,000,000		2,784,731
The PNC Financial Services Group Inc 4.626% due 06/06/33		6,900,000		6,672,965
VICI Properties LP REIT 4.625% due 12/01/29 ~		3,000,000		2,687,565
4.750% due 02/15/28		450,000		430,340
5.125% due 05/15/32		3,000,000		2,833,260
Wells Fargo & Co 2.393% due 06/02/28		4,500,000		4,033,474
3.196% due 06/17/27		5,000,000		4,742,204
3.526% due 03/24/28		1,450,000		1,374,659
3.908% due 04/25/26		1,900,000		1,871,015
				253,185,815
Industrial - 12.5%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		3,768,194		2,801,200
Ardagh Metal Packaging Finance USA LLC 6.000% due 06/15/27 ~		600,000		594,903
Ardagh Packaging Finance PLC (Ireland) 5.250% due 08/15/27 ~		1,629,000		1,165,981
BWX Technologies Inc 4.125% due 04/15/29 ~		4,850,000		4,264,096
Carrier Global Corp 2.722% due 02/15/30		4,450,000		3,846,689
Clydesdale Acquisition Holdings Inc 6.625% due 04/15/29 ~		3,150,000		2,964,355
8.750% due 04/15/30 ~		2,150,000		1,860,373
First Student Bidco Inc 4.000% due 07/31/29 ~		7,475,000		5,992,216
Flowserve Corp 2.800% due 01/15/32		3,550,000		2,800,403
3.500% due 10/01/30		7,050,000		6,062,577
GFL Environmental Inc (Canada) 3.500% due 09/01/28 ~		1,025,000		880,480
4.000% due 08/01/28 ~		875,000		723,249
4.375% due 08/15/29 ~		1,950,000		1,572,470
4.750% due 06/15/29 ~		2,375,000		1,968,994
Granite US Holdings Corp 11.000% due 10/01/27 ~		4,975,000		4,683,092
Hillenbrand Inc 3.750% due 03/01/31		6,375,000		5,160,467
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		1,998,535
Jabil Inc 4.250% due 05/15/27		1,150,000		1,116,978
LABL Inc 5.875% due 11/01/28 ~		4,475,000		3,621,626
6.750% due 07/15/26 ~		2,500,000		2,254,712
8.250% due 11/01/29 ~		1,975,000		1,494,828

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

30

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Madison IAQ LLC 4.125% due 06/30/28 ~		$1,875,000		$1,551,437
5.875% due 06/30/29 ~		7,625,000		5,862,672
Masco Corp 7.750% due 08/01/29		4,110,000		4,651,088
Mauser Packaging Solutions Holding Co 5.500% due 04/15/24 ~		4,375,000		4,186,875
7.250% due 04/15/25 ~		5,700,000		4,984,507
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		3,600,000		2,930,266
OT Merger Corp 7.875% due 10/15/29 ~		5,500,000		3,168,159
Parker-Hannifin Corp 4.500% due 09/15/29		1,450,000		1,444,011
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,347,232
SPX FLOW Inc 8.750% due 04/01/30 ~		6,600,000		5,536,113
Standard Industries Inc 3.375% due 01/15/31 ~		3,000,000		2,218,659
4.375% due 07/15/30 ~		7,500,000		5,929,387
4.750% due 01/15/28 ~		4,443,000		3,811,028
TD SYNNEX Corp 2.650% due 08/09/31 ~		5,000,000		4,044,872
Teledyne Technologies Inc 2.250% due 04/01/28		3,500,000		3,039,834
2.750% due 04/01/31		3,500,000		2,929,515
Textron Inc 3.000% due 06/01/30		3,700,000		3,222,050
The Boeing Co 5.040% due 05/01/27		12,200,000		12,060,736
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		5,987,096
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,125,369
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		5,000,000		4,466,500
TransDigm Inc 4.625% due 01/15/29		675,000		544,958
4.875% due 05/01/29		4,475,000		3,650,571
5.500% due 11/15/27		675,000		574,891
TriMas Corp 4.125% due 04/15/29 ~		4,225,000		3,614,847
Vertiv Group Corp 4.125% due 11/15/28 ~		8,475,000		6,894,073
Vontier Corp 2.950% due 04/01/31		4,500,000		3,536,190
WRKCo Inc 3.900% due 06/01/28		5,175,000		4,993,506
				170,134,666
Technology - 2.9%
Broadcom Inc 3.137% due 11/15/35 ~		2,700,000		2,054,072
3.187% due 11/15/36 ~		203,000		154,601
3.469% due 04/15/34 ~		2,000,000		1,630,393
4.150% due 11/15/30		1,589,000		1,457,506
4.926% due 05/15/37 ~		2,153,000		1,933,274
Entegris Escrow Corp 4.750% due 04/15/29 ~		5,375,000		5,015,161

	Principal Amount		Value
5.950% due 06/15/30 ~		$2,000,000		$1,907,080
Kyndryl Holdings Inc 2.700% due 10/15/28 ~		3,000,000		2,392,193
Open Text Corp (Canada) 3.875% due 12/01/29 ~		1,350,000		1,138,050
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		3,200,000		2,644,713
Oracle Corp 2.300% due 03/25/28		4,000,000		3,445,360
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		2,700,000		2,119,500
Take-Two Interactive Software Inc 3.700% due 04/14/27		2,000,000		1,943,207
4.000% due 04/14/32		5,000,000		4,699,373
Twilio Inc 3.625% due 03/15/29		750,000		631,961
3.875% due 03/15/31		7,750,000		6,391,774
				39,558,218
Utilities - 0.7%
IPALCO Enterprises Inc 4.250% due 05/01/30		4,000,000		3,719,518
Vistra Operations Co LLC 4.300% due 07/15/29 ~		6,000,000		5,439,470
				9,158,988
Total Corporate Bonds & Notes (Cost $1,151,348,204)				993,556,061
SENIOR LOAN NOTES - 20.1%
Communications - 0.4%
Clear Channel Outdoor Holdings Inc Term B 4.739% (USD LIBOR + 3.500%) due 08/21/26 §		6,580,341		5,665,266
Consumer, Cyclical - 2.5%
ClubCorp Holdings Inc Term B 5.000% (USD LIBOR + 2.750%) due 09/18/24 §		4,306,415		3,976,707
Fertitta Entertainment LLC Term B 5.525% (SOFR + 4.000%) due 01/27/29 §		2,967,100		2,739,268
Great Outdoors Group LLC Term B-2 5.416% (USD LIBOR + 3.750%) due 03/05/28 §		3,201,433		2,935,980
LBM Acquisition LLC Term B 5.416% (USD LIBOR + 3.750%) due 12/18/27 §		6,428,917		5,305,193
MIC Glen LLC (2nd Lien) 8.416% (USD LIBOR + 6.750%) due 07/21/29 §		1,750,000		1,673,438
SRS Distribution Inc Term B 4.019% (USD LIBOR + 3.500%) due 06/04/28 §		12,406,250		11,413,750
Tacala Investment Corp Term B (2nd Lien) 5.166% (USD LIBOR + 3.500%) due 02/05/27 §		3,839,672		3,594,893

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

31

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
(2nd Lien) 9.166% (USD LIBOR + 7.500%) due 02/05/28 §		$1,500,000		$1,402,500
				33,041,729
Consumer, Non-Cyclical - 5.6%
Allied Universal Holdco LLC Term B 5.416% (USD LIBOR + 3.750%) due 05/14/28 §		9,925,000		9,139,268
CoreLogic Inc Term B 5.188% (USD LIBOR + 3.500%) due 06/02/28 §		10,917,500		9,072,442
Heartland Dental LLC Term B 5.642% (USD LIBOR + 4.000%) due 04/30/25 §		8,662,500		8,142,750
Mavis Tire Express Services Topco Corp 5.625% (SOFR + 4.000%) due 05/04/28 §		7,922,843		7,407,859
Medline Borrower LP Term B 4.916% (USD LIBOR + 3.250%) due 10/21/28 §		4,239,375		3,939,592
Pathway Vet Alliance LLC Term B 6.000% (USD LIBOR + 3.750%) due 03/31/27 §		8,874,527		8,264,403
PetVet Care Centers LLC 4.416% (USD LIBOR + 2.750%) due 02/14/25 §		2,923,676		2,736,073
(2nd Lien) 7.916% (USD LIBOR + 6.250%) due 02/15/26 §		2,000,000		1,957,500
Term B 4.916% (USD LIBOR + 3.250%) due 02/14/25 §		2,946,429		2,757,365
Term B-3 5.166% (USD LIBOR + 3.500%) due 02/15/25 §		3,969,388		3,754,378
Spin Holdco Inc Term B 5.611% (USD LIBOR + 4.000%) due 03/04/28 §		5,925,000		5,475,689
Sunshine Luxembourg VII SARL Term B (Luxembourg) 6.000% (USD LIBOR + 3.750%) due 10/02/26 §		8,613,431		7,999,724
WCG Purchaser Corp Term B 5.006% (USD LIBOR + 4.000%) due 01/08/27 §		5,954,545		5,664,261
				76,311,304
Energy - 1.1%
CQP Holdco LP Term B 6.000% (USD LIBOR + 3.750%) due 06/04/28 §		7,920,000		7,517,403
Traverse Midstream Partners LLC Term B 5.384% - 5.950% (SOFR + 4.250%) due 09/27/24 §		7,392,060		7,071,740
				14,589,143

	Principal Amount		Value
Financial - 1.4%
AssuredPartners Inc Term B 5.166% (USD LIBOR + 3.500%) due 02/13/27 §		$5,362,500		$5,027,344
Deerfield Dakota Holding LLC Term B 5.275% (SOFR + 3.750%) due 04/09/27 §		8,891,637		8,398,151
USI Inc Term B 5.250% (USD LIBOR + 3.000%) due 05/16/24 §		6,256,133		6,001,977
				19,427,472
Industrial - 4.5%
Brand Industrial Services Inc 5.250% - 6.500% (USD LIBOR + 4.250%) due 06/21/24 §		3,809,524		3,315,238
Dynasty Acquisition Co Inc 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		3,717,317		3,441,615
Engineered Machinery Holdings Inc 6.000% (USD LIBOR + 3.750%) due 05/21/28 §		3,796,610		3,571,976
Filtration Group Corp Term B 4.666% (USD LIBOR + 3.000%) due 03/29/25 §		5,888,036		5,590,690
LABL Inc Term B 6.666% (USD LIBOR + 5.000%) due 10/29/28 §		9,701,250		8,937,277
Madison IAQ LLC 4.524% (USD LIBOR + 3.250%) due 06/21/28 §		7,920,000		7,240,860
Mauser Packaging Solutions Holding Co Term B 4.312% (USD LIBOR + 3.250%) due 04/03/24 §		8,026,136		7,572,660
Pregis TopCo LLC 5.666% (USD LIBOR + 4.000%) due 08/01/26 §		3,473,750		3,291,378
Term B 5.666% (USD LIBOR + 4.000%) due 08/01/26 §		5,415,458		5,117,607
Pro Mach Group Inc due 08/31/28 f		213,687		201,489
Term B 5.666% (USD LIBOR + 4.000%) due 08/31/28 §		4,265,070		4,021,607
Proampac PG Borrower LLC Term B 4.712% - 5.256% (USD LIBOR + 3.750%) due 11/03/25 §		7,653,416		7,112,893
Standard Aero Ltd 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		1,998,558		1,850,331
				61,265,621
Technology - 4.3%
Applied Systems Inc Term B 5.250% (USD LIBOR + 3.000%) due 09/19/24 §		14,190,215		13,663,999

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

32

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Epicor Software Corp Term C 4.916% (USD LIBOR + 3.250%) due 07/31/27 §		$5,939,547		$5,602,661
Finastra USA Inc Term B 4.739% (USD LIBOR + 3.500%) due 06/13/24 §		4,918,349		4,440,345
Peraton Corp Term B 5.416% (USD LIBOR + 3.750%) due 02/01/28 §		7,756,900		7,306,030
Polaris Newco LLC Term B 5.666% (USD LIBOR + 4.000%) due 06/04/28 §		7,940,000		7,355,664
Rackspace Technology Global Inc Term B 4.160% (USD LIBOR + 2.750%) due 02/09/28 §		4,950,000		4,536,675
RealPage Inc Term B 4.666% (USD LIBOR + 3.000%) due 04/22/28 §		6,947,500		6,429,911
UKG Inc 4.121% (USD LIBOR + 3.250%) due 05/03/26 §		8,890,337		8,379,143
(2nd Lien) 6.212% (USD LIBOR + 5.250%) due 05/03/27 §		750,000		696,563
				58,410,991
Utilities - 0.3%
PG&E Corp Term B 4.688% (USD LIBOR + 3.000%) due 06/23/25 §		4,165,000		3,939,394
Total Senior Loan Notes (Cost $293,439,707)				272,650,920
ASSET-BACKED SECURITIES - 3.6%
Dryden 55 CLO Ltd (Cayman) 2.944% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		236,930
Dryden 58 CLO Ltd (Cayman) 2.544% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,435,309
2.844% (USD LIBOR + 1.800%) due 07/17/31 ~ §		1,500,000		1,407,368
Dryden 61 CLO Ltd (Cayman) 2.444% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,416,004
2.794% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,403,953
Dryden 64 CLO Ltd (Cayman) 2.444% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,483,503
Flatiron RR CLO 22 LLC 2.644% (USD LIBOR + 1.600%) due 10/15/34 ~ §		7,000,000		6,579,759
Madison Park Funding Ltd (Cayman) 2.644% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		1,922,063
2.794% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,555,925

	Principal Amount		Value
2.894% (USD LIBOR + 1.850%) due 07/15/30 ~ §		$1,000,000		$944,216
Magnetite Xxx Ltd (Cayman) 2.784% (USD LIBOR + 1.600%) due 10/25/34 ~ §		6,550,000		6,155,877
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 2.713% (USD LIBOR + 1.650%) due 10/20/35 ~ §		5,000,000		4,686,022
Palmer Square Loan Funding Ltd (Cayman) 2.828% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		1,942,732
3.378% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		974,723
4.434% (USD LIBOR + 3.250%) due 10/24/27 ~ §		2,250,000		2,205,021
Rad CLO 12 Ltd (Cayman) 2.936% (USD LIBOR + 1.650%) due 10/30/34 ~ §		4,000,000		3,746,494
Sandstone Peak Ltd (Cayman) 2.844% (USD LIBOR + 1.800%) due 10/15/34 ~ §		9,000,000		8,528,889
Total Asset-Backed Securities (Cost $51,300,000)				48,624,788
	Shares
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		16,569,153		16,569,153
Total Short-Term Investment (Cost $16,569,153)				16,569,153
TOTAL INVESTMENTS - 99.4% (Cost $1,535,282,446)				1,349,745,990
OTHER ASSETS & LIABILITIES, NET - 0.6%				8,043,009
NET ASSETS - 100.0%				$1,357,788,999

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

33

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer, Cyclical		$3,212,714		$3,212,714		$—		$—
	Financial		4,073,732		4,073,732		—		—
	Industrial		4,493,493		4,425,250		68,243		—
	Total Common Stocks		11,779,939		11,711,696		68,243		—
	Exchange-Traded Fund		6,565,129		6,565,129		—		—
	Corporate Bonds & Notes		993,556,061		—		993,556,061		—
	Senior Loan Notes		272,650,920		—		272,650,920		—
	Asset-Backed Securities		48,624,788		—		48,624,788		—
	Short-Term Investment		16,569,153		16,569,153		—		—
	Total		$1,349,745,990		$34,845,978		$1,314,900,012		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

34

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 2.1%
iShares iBoxx High Yield Corporate Bond		564,680		$41,566,095
SPDR Bloomberg Short Term High Yield Bond		1,988,150		47,954,178
Total Exchange-Traded Funds (Cost $100,975,716)				89,520,273
	Principal Amount
CORPORATE BONDS & NOTES - 7.4%
Communications - 1.8%
CSC Holdings LLC 6.500% due 02/01/29 ~		$13,500,000		12,219,120
Uber Technologies Inc 7.500% due 05/15/25 ~		13,000,000		12,907,506
7.500% due 09/15/27 ~		10,000,000		9,704,800
8.000% due 11/01/26 ~		40,470,000		40,380,764
				75,212,190
Consumer, Cyclical - 1.6%
American Airlines Inc 11.750% due 07/15/25 ~		16,000,000		16,613,120
Caesars Entertainment Inc 8.125% due 07/01/27 ~		7,125,000		6,899,316
Carnival Corp 9.875% due 08/01/27 ~		14,335,000		14,004,005
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		11,909,000		11,246,740
8.500% due 10/30/25 ~		2,000,000		1,940,310
Merlin Entertainments Ltd (United Kingdom) 5.750% due 06/15/26 ~		17,903,000		16,360,725
				67,064,216
Consumer, Non-Cyclical - 0.8%
Allied Universal Holdco LLC 4.625% due 06/01/28 ~		9,000,000		7,318,396
6.625% due 07/15/26 ~		22,952,000		21,105,971
CoreLogic Inc 4.500% due 05/01/28 ~		9,250,000		7,137,392
				35,561,759
Energy - 0.2%
Antero Midstream Partners LP 5.750% due 03/01/27 ~		10,000,000		9,316,800
Financial - 1.9%
Acrisure LLC 7.000% due 11/15/25 ~		22,071,000		19,912,180
AssuredPartners Inc 7.000% due 08/15/25 ~		43,566,000		40,979,281
HUB International Ltd 7.000% due 05/01/26 ~		19,170,000		18,064,945
				78,956,406
Industrial - 1.1%
Artera Services LLC 9.033% due 12/04/25 ~		5,000,000		4,042,250

	Principal Amount		Value
TransDigm Inc 6.250% due 03/15/26 ~		$32,323,000		$31,257,311
8.000% due 12/15/25 ~		12,572,000		12,737,888
				48,037,449
Total Corporate Bonds & Notes (Cost $343,899,428)				314,148,820
SENIOR LOAN NOTES - 87.1%
Basic Materials - 3.2%
ASP Unifrax Holdings Inc Term B 6.000% (USD LIBOR + 3.750%) due 12/14/25 ± §		6,265,710		5,576,481
Herens US Holdco Corp Term B 6.250% (USD LIBOR + 4.000%) due 07/02/28 §		36,193,371		32,519,744
Spa US HoldCo Inc Term B 4.756% (USD LIBOR + 3.750%) due 02/04/28 §		22,495,048		20,976,632
Vantage Specialty Chemicals Inc Term B 4.739% - 5.750% (USD LIBOR + 3.500%) due 10/28/24 § ∞		44,356,843		42,166,724
Vibrantz Technologies Inc Term B 5.287% (SOFR + 4.250%) due 04/21/29 §		42,150,000		36,911,345
				138,150,926
Communications - 5.2%
Arches Buyer Inc 4.916% (USD LIBOR + 3.250%) due 12/06/27 §		35,270,027		32,272,075
CNT Holdings I Corp Term B 4.690% (USD LIBOR + 3.500%) due 11/08/27 §		21,276,971		20,233,080
(2nd Lien) 7.940% (USD LIBOR + 6.750%) due 11/06/28 §		35,055,111		33,784,363
Hunter US Bidco Inc Term B 6.500% (USD LIBOR + 4.250%) due 08/19/28 ± §		23,537,344		22,419,320
MH Sub I LLC 5.416% (USD LIBOR + 3.750%) due 09/15/24 §		24,760,821		23,372,180
Pug LLC Term B 5.166% (USD LIBOR + 3.500%) due 02/13/27 §		38,176,823		34,931,793
5.916% (USD LIBOR + 4.250%) due 02/13/27 ± §		18,047,417		16,738,979
Xplornet Communications Inc (Canada)
(2nd Lien) 8.666% (USD LIBOR + 7.000%) due 10/01/29 ± §		10,500,000		9,502,500
Term B 5.666% (USD LIBOR + 4.000%) due 10/01/28 §		29,804,539		27,295,980
				220,550,270

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

35

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 12.3%
BCPE Empire Holdings Inc 5.666% (USD LIBOR + 4.000%) due 06/11/26 §		$8,204,611		$7,804,636
5.666% (USD LIBOR + 4.000%) due 06/11/26 ± §		4,701,684		4,419,583
6.250% (SOFR + 4.625%) due 06/11/26 §		10,972,500		10,588,463
Burgess Point Purchaser Corp Term B due 06/30/29 ∞		10,000,000		9,000,000
Carnival Corp Term B 5.877% (USD LIBOR + 3.000%) due 06/30/25 §		25,340,416		23,655,279
6.127% (USD LIBOR + 3.250%) due 10/18/28 ± §		37,323,098		33,590,789
ClubCorp Holdings Inc Term B 5.000% (USD LIBOR + 2.750%) due 09/18/24 §		55,486,671		51,238,501
Fertitta Entertainment LLC Term B 5.525% (SOFR + 4.000%) due 01/27/29 §		49,552,145		45,747,234
First Brands Group LLC Term B 6.287% (SOFR + 5.000%) due 03/30/27 §		19,514,212		18,489,716
Great Outdoors Group LLC Term B-2 5.416% (USD LIBOR + 3.750%) due 03/05/28 § ∞		57,113,403		52,377,731
Hunter Douglas Inc Term B (Netherlands) 4.842% (SOFR + 3.500%) due 02/25/29 §		38,000,000		32,806,654
MIC Glen LLC (2nd Lien) 8.416% (USD LIBOR + 6.750%) due 07/21/29 §		4,750,000		4,542,187
PetSmart LLC Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		35,142,370		33,132,648
Playa Resorts Holding BV Term B 4.420% (USD LIBOR + 2.750%) due 04/27/24 § ∞		55,632,473		52,739,584
Radwell International LLC 7.904% (SOFR + 5.850%) due 04/04/29 ± § f		44,202,300		43,539,265
SRS Distribution Inc Term B 4.000% (SOFR + 3.600%) due 06/04/28 §		11,970,000		11,057,288
4.019% (USD LIBOR + 3.500%) due 06/04/28 §		38,333,884		35,267,173
Sunset Debt Merger Sub Inc Term B 5.595% (USD LIBOR + 4.000%) due 10/06/28 §		26,683,125		21,969,097
Tecta America Corp 5.916% (USD LIBOR + 4.250%) due 04/09/28 §		13,029,742		12,215,383
United Airlines Inc Term B 5.392% (USD LIBOR + 3.750%) due 04/21/28 § ∞		24,726,340		23,007,859
				527,189,070

	Principal Amount		Value
Consumer, Non-Cyclical - 22.3%
Air Methods Corp 5.750% (USD LIBOR + 3.500%) due 04/21/24 §		$10,422,963		$9,269,923
Allied Universal Holdco LLC Term B 5.416% (USD LIBOR + 3.750%) due 05/14/28 §		43,600,153		40,148,460
Bausch + Lomb Corp Term B 4.549% (SOFR + 3.250%) due 05/10/27 § ∞		38,750,000		36,077,877
Bausch Health Cos Inc Term B 6.549% (SOFR + 5.350%) due 02/01/27 § ∞		29,500,000		25,421,625
CoreLogic Inc
(2nd Lien) 8.188% (USD LIBOR + 6.500%) due 06/04/29 ± §		23,802,823		17,495,075
Term B 5.188% (USD LIBOR + 3.500%) due 06/02/28 §		28,627,643		23,789,571
Curium Bidco SARL Term B
(Luxembourg) 5.994% - 6.000% (USD LIBOR + 3.750%) due 07/11/26 §		4,081,287		3,864,469
6.250% (USD LIBOR + 4.000%) due 12/09/27 ± § ∞		17,894,801		17,044,798
Dermatology Intermediate Holdings III Inc 5.331% - 5.338% (SOFR + 4.250%) due 04/01/29 ± § f		21,000,000		19,635,000
Eyecare Partners LLC 6.000% (USD LIBOR + 3.750%) due 11/15/28 §		10,473,750		9,668,580
Flynn America LP Term B 6.188% (USD LIBOR + 4.500%) due 07/29/28 §		10,368,750		8,450,531
Gainwell Acquisition Corp Term B 6.250% (USD LIBOR + 4.000%) due 10/01/27 §		43,549,931		41,426,872
Garda World Security Corp Term B (Canada) 5.900% (USD LIBOR + 4.250%) due 10/30/26 §		13,555,981		12,607,062
Heartland Dental LLC 5.166% (USD LIBOR + 3.500%) due 04/30/25 § ∞		49,317,314		45,926,749
Term B 5.642% (USD LIBOR + 4.000%) due 04/30/25 § ∞		4,795,633		4,507,895
Mavis Tire Express Services Topco Corp 5.625% (SOFR + 4.000%) due 05/04/28 § ∞		63,764,994		59,620,269
Midwest Veterinary Partners LLC 5.666% (USD LIBOR + 4.000%) due 04/30/28 §		54,434,359		51,712,641
Packaging Coordinators Midco Inc 6.000% (USD LIBOR + 3.750%) due 11/30/27 §		50,292,916		47,602,245

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

36

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Pathway Vet Alliance LLC Term B 6.000% (USD LIBOR + 3.750%) due 03/31/27 § ∞		$72,631,641		$67,638,216
PECF USS Intermediate Holding III Corp Term B 5.916% (USD LIBOR + 4.250%) due 12/15/28 §		7,462,500		6,766,622
Pegasus Bidco BV Term B (Netherlands) due 05/05/29 ∞		13,500,000		12,836,245
PetVet Care Centers LLC
(2nd Lien) 7.916% (USD LIBOR + 6.250%) due 02/15/26 §		37,758,221		36,955,859
Term B-3 5.166% (USD LIBOR + 3.500%) due 02/15/25 § ∞		73,990,485		69,982,642
Precision Medicine Group LLC due 11/20/27 ± f		1,091,702		1,012,553
Term B 5.250% (USD LIBOR + 3.000%) due 11/20/27 ± §		20,214,950		18,749,366
Southern Veterinary Partners LLC 5.000% (USD LIBOR + 4.000%) due 10/05/27 §		52,904,197		50,435,317
Spin Holdco Inc Term B 5.611% (USD LIBOR + 4.000%) due 03/04/28 § ∞		45,394,788		41,952,365
Sunshine Luxembourg VII SARL Term B (Luxembourg) 6.000% (USD LIBOR + 3.750%) due 10/02/26 § ∞		81,399,527		75,599,811
Team Health Holdings Inc Term B 6.775% (SOFR + 5.250%) due 02/17/27 §		37,111,302		31,590,996
US Anesthesia Partners Inc Term B 5.312% (USD LIBOR + 4.250%) due 10/01/28 §		17,996,812		16,865,587
VetCor Professional Practices LLC 3.804% (USD LIBOR + 3.000%) due 07/02/25 §		18,310,664		17,242,548
WCG Purchaser Corp Term B 5.006% (USD LIBOR + 4.000%) due 01/08/27 §		30,928,466		29,420,703
				951,318,472
Energy - 2.6%
Brazos Delaware II LLC Term B 5.595% (USD LIBOR + 4.000%) due 05/29/25 §		8,872,353		8,568,475
Lucid Energy Group II Borrower LLC 5.874% (USD LIBOR + 4.250%) due 11/24/28 § ∞		56,691,447		56,114,385
Traverse Midstream Partners LLC Term B 5.384% - 5.950% (SOFR + 4.250%) due 09/27/24 §		48,195,429		46,106,976
				110,789,836

	Principal Amount		Value
Financial - 8.5%
Acrisure LLC
Term B-1 5.166% (USD LIBOR + 3.500%) due 02/15/27 §		$9,145,867		$8,419,914
Term B-3 5.916% (USD LIBOR + 4.250%) due 02/15/27 §		34,841,209		32,837,840
Alliant Holdings Intermediate LLC
Term B 4.916% (USD LIBOR + 3.250%) due 05/10/25 §		4,474,917		4,228,796
Term B-4 5.009% (USD LIBOR + 3.500%) due 11/12/27 §		15,162,115		14,138,672
Apex Group Treasury LLC Term B 5.325% (USD LIBOR + 3.750%) due 07/27/28 ± § ∞		8,500,000		8,298,125
6.000% (USD LIBOR + 3.750%) due 07/27/28 § ∞		30,550,468		29,022,945
AssuredPartners Inc 5.025% (SOFR + 3.500%) due 02/13/27 §		18,703,125		17,475,732
Term B 5.166% (USD LIBOR + 3.500%) due 02/13/27 §		21,777,012		20,423,828
Deerfield Dakota Holding LLC Term B 5.275% (SOFR + 3.750%) due 04/09/27 § ∞		28,864,139		27,262,179
8.416% (USD LIBOR + 6.750%) due 04/14/28 §		48,640,838		47,627,503
HUB International Ltd
Term B 4.214% (USD LIBOR + 3.000%) due 04/25/25 § ∞		9,501,347		8,999,885
Term B-3 4.348% (USD LIBOR + 3.250%) due 04/25/25 § ∞		80,728,407		76,669,544
OneDigital Borrower LLC Term B 5.875% (SOFR + 4.250%) due 11/16/27 §		63,727,935		60,382,219
USI Inc Term B 5.250% (USD LIBOR + 3.000%) due 05/16/24 §		9,245,788		8,870,178
				364,657,360
Industrial - 15.0%
Artera Services LLC 5.500% (USD LIBOR + 3.250%) due 03/06/25 §		4,301,399		3,424,541
5.750% (USD LIBOR + 3.500%) due 03/06/25 §		14,119,264		11,217,755
ASP LS Acquisition Corp 7.377% (USD LIBOR + 4.500%) due 05/07/28 §		36,600,493		33,077,696
Brand Industrial Services Inc 5.250% - 6.500% (USD LIBOR + 4.250%) due 06/21/24 §		8,184,321		7,122,406

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

37

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Brown Group Holding LLC Term B-2 due 06/09/29 ∞		$24,000,000		$23,160,000
Charter Next Generation Inc 5.416% (USD LIBOR + 3.750%) due 12/01/27 §		40,698,596		38,449,998
Clydesdale Acquisition Holdings Inc 5.875% (SOFR + 4.250%) due 04/13/29 § ∞		15,750,000		14,813,206
Dynasty Acquisition Co Inc 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		29,909,981		27,691,648
Engineered Components & Systems LLC Term B 7.190% (USD LIBOR + 6.000%) due 08/02/28 ± §		9,452,500		8,459,987
Engineered Machinery Holdings Inc 6.000% (USD LIBOR + 3.750%) due 05/21/28 §		27,630,052		25,995,265
Graham Packaging Co Inc 4.666% (USD LIBOR + 3.000%) due 08/04/27 §		26,401,817		24,812,216
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 5.554% (USD LIBOR + 4.750%) due 02/09/26 §		18,666,474		15,959,835
LABL Inc Term B 6.666% (USD LIBOR + 5.000%) due 10/29/28 §		49,501,250		45,603,027
LTI Holdings Inc Term B 5.166% (USD LIBOR + 3.500%) due 09/06/25 § ∞		45,072,350		41,917,285
Mauser Packaging Solutions Holding Co Term B 4.312% (USD LIBOR + 3.250%) due 04/03/24 § ∞		64,985,815		61,314,116
Pregis TopCo LLC 5.666% (USD LIBOR + 4.000%) due 08/01/26 §		2,959,208		2,803,850
Term B 5.666% (USD LIBOR + 4.000%) due 08/01/26 §		8,930,262		8,439,097
Pretium PKG Holdings Inc 4.967% - 5.120% (USD LIBOR + 4.000%) due 10/01/28 §		18,450,948		16,713,478
7.717% - 7.870% (USD LIBOR + 6.750%) due 10/01/29 §		7,245,000		6,285,037
Pro Mach Group Inc due 08/31/28 ∞ f		1,906,289		1,797,473
Term B 5.666% (USD LIBOR + 4.000%) due 08/31/28 § ∞		35,018,761		33,019,785
Proampac PG Borrower LLC Term B 4.712% - 5.256% (USD LIBOR + 3.750%) due 11/03/25 §		34,938,305		32,470,787
SPX FLOW Inc Term B 5.634% (SOFR + 4.500%) due 04/05/29 §		36,124,224		33,806,241

	Principal Amount		Value
Standard Aero Ltd 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		$16,080,635		$14,887,983
Star US Bidco LLC Term B 5.916% (USD LIBOR + 4.250%) due 03/17/27 § ∞		30,877,016		29,564,743
The Kenan Advantage Group Inc Term B-1 5.383% (USD LIBOR + 3.750%) due 03/24/26 §		11,086,805		10,366,162
USIC Holdings Inc 8.166% (USD LIBOR + 6.500%) due 05/14/29 §		18,555,965		17,257,047
Term B 5.166% (USD LIBOR + 3.500%) due 05/14/28 § ∞		32,988,199		30,211,681
WP CPP Holdings LLC Term B 4.990% (USD LIBOR + 3.750%) due 04/30/25 §		20,604,172		17,547,894
				638,190,239
Technology - 17.6%
Applied Systems Inc 7.750% (USD LIBOR + 5.500%) due 09/19/25 § ∞		43,415,047		42,076,430
AthenaHealth Group Inc Term B 5.009% (SOFR + 3.500%) due 02/15/29 § f		48,250,000		44,534,750
Azalea Topco Inc Term B 4.900% (SOFR + 3.750%) due 07/25/26 §		10,473,750		9,819,141
Central Parent Inc due 06/09/29 ± ∞		33,000,000		32,113,125
Epicor Software Corp 9.416% (USD LIBOR + 7.750%) due 07/31/28 § ∞		79,794,591		77,949,342
Term C 4.916% (USD LIBOR + 3.250%) due 07/31/27 §		12,983,609		12,247,192
Finastra USA Inc Term B 4.739% (USD LIBOR + 3.500%) due 06/13/24 § ∞		67,185,762		60,656,112
Mitnick Corporate Purchaser Inc 5.924% (SOFR + 4.850%) due 05/02/29 §		48,750,000		46,891,406
Peraton Corp 9.005% (USD LIBOR + 7.750%) due 02/01/29 §		21,999,334		20,569,377
Term B 5.416% (USD LIBOR + 3.750%) due 02/01/28 §		35,062,472		33,024,465
Polaris Newco LLC Term B 5.666% (USD LIBOR + 4.000%) due 06/04/28 § ∞		80,683,330		74,745,521
Project Ruby Ultimate Parent Corp Term B 4.916% (USD LIBOR + 3.250%) due 03/10/28 §		37,273,439		34,990,441
RealPage Inc 8.166% (USD LIBOR + 6.500%) due 04/22/29 §		70,598,525		67,068,599

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

38

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Sophia LP 10.250% (USD LIBOR + 8.000%) due 10/07/28 §		$25,910,870		$25,327,876
Term B 5.500% (USD LIBOR + 3.250%) due 10/07/27 §		5,370,573		5,028,199
Sovos Compliance LLC Term B 6.152% - 6.166% (USD LIBOR + 4.500%) due 08/12/28 § ∞		60,997,763		57,668,322
Tempo Acquisition LLC Term B 4.525% (SOFR + 3.000%) due 08/31/28 §		5,917,418		5,621,547
UKG Inc 4.212% (USD LIBOR + 3.250%) due 05/03/26 §		37,275,364		35,132,031
5.416% (USD LIBOR + 3.750%) due 05/03/26 § ∞		30,287,555		28,632,552
6.212% (USD LIBOR + 5.250%) due 05/03/27 § ∞		39,500,000		36,685,625
				750,782,053
Utilities - 0.4%
PG&E Corp Term B 4.688% (USD LIBOR + 3.000%) due 06/23/25 §		20,032,854		18,947,735
Total Senior Loan Notes (Cost $3,963,694,015)				3,720,575,961
	Shares
SHORT-TERM INVESTMENT - 7.2%
Money Market Fund - 7.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		307,905,674		307,905,674
Total Short-Term Investment (Cost $307,905,674)				307,905,674
TOTAL INVESTMENTS - 103.8% (Cost $4,716,474,833)				4,432,150,728
OTHER ASSETS & LIABILITIES, NET - (3.8%)				(163,083,273	)
NET ASSETS - 100.0%				$4,269,067,455

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

39

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$89,520,273		$89,520,273		$—		$—
	Corporate Bonds & Notes		314,148,820		—		314,148,820		—
	Senior Loan Notes		3,720,575,961		—		3,461,981,015		258,594,946
	Short-Term Investment		307,905,674		307,905,674		—		—
	Total		$4,432,150,728		$397,425,947		$3,776,129,835		$258,594,946

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the three month period ended June 30, 2022:

	Senior Loan Notes
Value, Beginning of Period		$220,993,061
Purchases		59,565,852
Sales (Includes Paydowns)		(13,207,469	)
Accrued Discounts (Premiums)		(1,391	)
Net Realized Gains (Losses)		(17,683	)
Change in Net Unrealized Appreciation (Depreciation)		(10,443,497	)
Transfers In		162,017,850
Transfers Out		(160,311,777	)
Value, End of Period		$258,594,946
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		($4,035,348	)

The table below shows transfers to/from Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
	$162,017,850		2		3	Vendor Price (Observable inputs)	Unobservable Single Broker Quote
	160,311,777		3		2	Unobservable Single Broker Quote	Vendor Price (Observable inputs)

All significant unobservable inputs used to value Senior Loan Notes with the aggregate value of $258,594,946 were provided by a single broker quote. Significant changes to a single broker quote would have direct and proportional changes to the fair value of the security.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

40

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.5%
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc *		7,537		$90,971
Cedar Fair LP *		3,367		147,845
				238,816
Industrial - 0.3%
GFL Environmental Inc (Canada)		4,657		120,151
TNT Crane & Rigging Inc		709		11,935
Xylem Inc		2,889		225,862
				357,948
Total Common Stocks (Cost $833,695)				596,764
	Principal Amount
CORPORATE BONDS & NOTES - 88.9%
Basic Materials - 3.4%
Hecla Mining Co 7.250% due 02/15/28		$1,000,000		923,114
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		504,894
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		80,000		82,387
Novelis Corp
3.875% due 08/15/31 ~		375,000		289,444
4.750% due 01/30/30 ~		650,000		541,508
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		668,150
SPCM SA (France) 3.375% due 03/15/30 ~		750,000		588,191
TMS International Corp 6.250% due 04/15/29 ~		975,000		709,914
				4,307,602
Communications - 12.3%
Avaya Inc 6.125% due 09/15/28 ~		700,000		458,675
CCO Holdings LLC
4.250% due 02/01/31 ~		400,000		327,110
4.250% due 01/15/34 ~		175,000		135,796
4.750% due 03/01/30 ~		2,100,000		1,802,461
5.000% due 02/01/28 ~		100,000		92,616
5.375% due 06/01/29 ~		300,000		268,776
Ciena Corp 4.000% due 01/31/30 ~		800,000		691,452
Clear Channel Outdoor Holdings Inc
5.125% due 08/15/27 ~		1,025,000		868,149
7.750% due 04/15/28 ~		25,000		18,254
Cogent Communications Group Inc 7.000% due 06/15/27 ~		325,000		311,764
CommScope Inc 8.250% due 03/01/27 ~		750,000		594,742
CommScope Technologies LLC 6.000% due 06/15/25 ~		484,000		419,597
CSC Holdings LLC 3.375% due 02/15/31 ~		200,000		148,431

	Principal Amount		Value
4.625% due 12/01/30 ~		$200,000		$134,355
6.500% due 02/01/29 ~		2,250,000		2,036,520
Frontier Communications Holdings Corp
5.000% due 05/01/28 ~		500,000		426,130
5.875% due 10/15/27 ~		150,000		135,255
Lamar Media Corp
3.625% due 01/15/31		250,000		205,011
3.750% due 02/15/28		575,000		511,244
4.000% due 02/15/30		25,000		21,034
Level 3 Financing Inc
3.625% due 01/15/29 ~		225,000		173,911
3.750% due 07/15/29 ~		75,000		58,125
4.625% due 09/15/27 ~		850,000		727,103
LogMeIn Inc 5.500% due 09/01/27 ~		550,000		384,252
Lumen Technologies Inc
4.000% due 02/15/27 ~		500,000		424,215
4.500% due 01/15/29 ~		150,000		112,067
Outfront Media Capital LLC
4.250% due 01/15/29 ~		250,000		199,500
4.625% due 03/15/30 ~		50,000		39,458
5.000% due 08/15/27 ~		975,000		853,154
Sirius XM Radio Inc 3.875% due 09/01/31 ~		300,000		239,455
Sprint Capital Corp 8.750% due 03/15/32		800,000		965,392
T-Mobile USA Inc
2.625% due 02/15/29		50,000		42,224
2.875% due 02/15/31		25,000		20,803
3.375% due 04/15/29		200,000		175,581
3.375% due 04/15/29 ~		175,000		153,633
3.500% due 04/15/31		75,000		64,910
3.500% due 04/15/31 ~		150,000		129,820
Twitter Inc 5.000% due 03/01/30 ~		625,000		593,981
Uber Technologies Inc
4.500% due 08/15/29 ~		675,000		556,453
7.500% due 05/15/25 ~		125,000		124,111
				15,645,520
Consumer, Cyclical - 18.0%
Affinity Gaming 6.875% due 12/15/27 ~		600,000		504,762
American Airlines Inc 5.750% due 04/20/29 ~		705,000		604,305
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		88,607		84,590
Aramark Services Inc
5.000% due 02/01/28 ~		250,000		227,077
6.375% due 05/01/25 ~		550,000		539,234
Boyd Gaming Corp 4.750% due 06/15/31 ~		2,012,000		1,704,164
Caesars Entertainment Inc 8.125% due 07/01/27 ~		775,000		750,452
CDI Escrow Issuer Inc 5.750% due 04/01/30 ~		725,000		661,280
Cedar Fair LP
5.250% due 07/15/29		1,250,000		1,104,117
5.375% due 04/15/27		500,000		474,525
6.500% due 10/01/28		225,000		213,882

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

41

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Clarios Global LP
6.250% due 05/15/26 ~		$630,000		$607,370
8.500% due 05/15/27 ~		250,000		242,138
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		420,000		310,695
Empire Resorts Inc 7.750% due 11/01/26 ~		200,000		179,365
Fertitta Entertainment LLC
4.625% due 01/15/29 ~		575,000		491,818
6.750% due 01/15/30 ~		350,000		269,633
Ford Motor Co
3.250% due 02/12/32		1,900,000		1,427,612
4.750% due 01/15/43		750,000		536,655
Ford Motor Credit Co LLC 4.950% due 05/28/27		200,000		186,208
Foundation Building Materials Inc 6.000% due 03/01/29 ~		150,000		110,107
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		500,000		382,419
5.000% due 06/01/29 ~		350,000		284,055
IRB Holding Corp 7.000% due 06/15/25 ~		675,000		661,770
Jacobs Entertainment Inc 6.750% due 02/15/29 ~		550,000		465,882
LBM Acquisition LLC 6.250% due 01/15/29 ~		875,000		564,672
LGI Homes Inc 4.000% due 07/15/29 ~		775,000		579,646
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		725,000		497,937
Marriott Ownership Resorts Inc
4.500% due 06/15/29 ~		100,000		83,315
4.750% due 01/15/28		675,000		586,447
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		625,000		510,397
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		550,000		466,543
3.875% due 01/15/28 ~		100,000		87,004
4.000% due 10/15/30 ~		350,000		282,007
4.375% due 01/15/28 ~		600,000		525,522
NMG Holding Co Inc 7.125% due 04/01/26 ~		725,000		670,480
PetSmart Inc 7.750% due 02/15/29 ~		950,000		857,617
Scientific Games International Inc 7.250% due 11/15/29 ~		350,000		328,716
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		650,000		551,005
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		1,075,000		976,917
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		25,000		25,353
SRS Distribution Inc
4.625% due 07/01/28 ~		525,000		460,210
6.000% due 12/01/29 ~		175,000		137,653
6.125% due 07/01/29 ~		75,000		59,280
STL Holding Co LLC 7.500% due 02/15/26 ~		650,000		567,125

	Principal Amount		Value
The Michaels Cos Inc 7.875% due 05/01/29 ~		$650,000		$430,306
Viking Cruises Ltd
6.250% due 05/15/25 ~		525,000		443,032
7.000% due 02/15/29 ~		100,000		75,066
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		39,489
				22,829,854
Consumer, Non-Cyclical - 19.5%
Ahern Rentals Inc 7.375% due 05/15/23 ~		1,591,000		1,233,025
Albertsons Cos Inc
3.500% due 03/15/29 ~		50,000		40,615
4.625% due 01/15/27 ~		50,000		44,765
5.875% due 02/15/28 ~		1,700,000		1,591,863
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,000,000		1,698,110
APi Escrow Corp 4.750% due 10/15/29 ~		625,000		505,556
Avantor Funding Inc
3.875% due 11/01/29 ~		50,000		43,804
4.625% due 07/15/28 ~		625,000		574,581
Bausch Health Americas Inc 8.500% due 01/31/27 ~		1,250,000		879,563
Bausch Health Cos Inc
4.875% due 06/01/28 ~		275,000		215,770
5.000% due 01/30/28 ~		125,000		66,914
5.000% due 02/15/29 ~		75,000		39,231
5.250% due 02/15/31 ~		25,000		12,868
6.125% due 02/01/27 ~		75,000		63,885
6.250% due 02/15/29 ~		825,000		441,375
Central Garden & Pet Co 4.125% due 04/30/31 ~		700,000		563,035
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		86,954
4.000% due 03/15/31 ~		100,000		85,440
4.250% due 05/01/28 ~		800,000		719,984
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		132,277
5.250% due 05/15/30 ~		50,000		38,086
5.625% due 03/15/27 ~		75,000		63,682
6.125% due 04/01/30 ~		1,025,000		627,853
6.875% due 04/15/29 ~		25,000		16,198
CoreLogic Inc 4.500% due 05/01/28 ~		775,000		597,998
DaVita Inc 3.750% due 02/15/31 ~		850,000		611,635
Garda World Security Corp (Canada)
6.000% due 06/01/29 ~		150,000		115,539
9.500% due 11/01/27 ~		497,000		455,205
HCA Inc
5.625% due 09/01/28		100,000		98,559
5.875% due 02/01/29		2,425,000		2,431,620
Kraft Heinz Foods Co
4.375% due 06/01/46		1,350,000		1,127,236
5.200% due 07/15/45		400,000		371,036
Lamb Weston Holdings Inc
4.125% due 01/31/30 ~		150,000		130,231
4.375% due 01/31/32 ~		500,000		435,947

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

42

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
LifePoint Health Inc 5.375% due 01/15/29 ~		$100,000		$73,638
Medline Borrower LP 3.875% due 04/01/29 ~		225,000		192,402
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		125,000		111,603
5.750% due 11/01/28 ~		750,000		623,029
Option Care Health Inc 4.375% due 10/31/29 ~		650,000		558,347
PECF USS Intermediate Holding III Corp 8.000% due 11/15/29 ~		450,000		357,255
Performance Food Group Inc 4.250% due 08/01/29 ~		650,000		544,037
Pilgrim’s Pride Corp
4.250% due 04/15/31 ~		350,000		293,088
5.875% due 09/30/27 ~		550,000		527,645
Post Holdings Inc 4.625% due 04/15/30 ~		900,000		760,914
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		511,599
Select Medical Corp 6.250% due 08/15/26 ~		950,000		888,706
Tenet Healthcare Corp
4.250% due 06/01/29 ~		350,000		295,813
4.375% due 01/15/30 ~		225,000		190,803
4.625% due 06/15/28 ~		75,000		65,420
4.875% due 01/01/26 ~		180,000		166,224
6.125% due 10/01/28 ~		225,000		193,246
6.250% due 02/01/27 ~		1,100,000		1,014,750
The Hertz Corp 5.000% due 12/01/29 ~		650,000		502,258
US Foods Inc 4.625% due 06/01/30 ~		850,000		717,711
				24,748,928
Energy - 11.7%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		1,000,000		897,450
Antero Resources Corp
5.375% due 03/01/30 ~		675,000		616,545
7.625% due 02/01/29 ~		250,000		254,740
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		88,686
6.875% due 04/01/27 ~		475,000		433,737
Buckeye Partners LP
4.125% due 03/01/25 ~		25,000		23,180
4.500% due 03/01/28 ~		525,000		442,840
Callon Petroleum Co 7.500% due 06/15/30 ~		125,000		115,210
Cheniere Energy Partners LP
3.250% due 01/31/32 ~		625,000		493,566
4.000% due 03/01/31		425,000		362,366
Chesapeake Energy Corp 6.750% due 04/15/29 ~		575,000		557,750
Comstock Resources Inc 5.875% due 01/15/30 ~		775,000		668,620
CQP Holdco LP 5.500% due 06/15/31 ~		700,000		598,164

	Principal Amount		Value
Endeavor Energy Resources LP
5.750% due 01/30/28 ~		$975,000		$931,383
6.625% due 07/15/25 ~		50,000		50,317
EQM Midstream Partners LP
4.750% due 01/15/31 ~		700,000		560,256
5.500% due 07/15/28		175,000		151,420
6.000% due 07/01/25 ~		28,000		26,896
6.500% due 07/01/27 ~		250,000		232,895
Genesis Energy LP
7.750% due 02/01/28		700,000		606,515
8.000% due 01/15/27		150,000		133,170
ITT Holdings LLC 6.500% due 08/01/29 ~		525,000		421,467
MPLX LP 6.875% due 02/15/23		650,000		620,542
New Fortress Energy Inc 6.500% due 09/30/26 ~		500,000		453,798
Occidental Petroleum Corp
6.125% due 01/01/31		575,000		583,981
6.625% due 09/01/30		300,000		309,546
8.500% due 07/15/27		150,000		165,313
8.875% due 07/15/30		800,000		919,990
Range Resources Corp
4.750% due 02/15/30 ~		225,000		202,143
8.250% due 01/15/29		350,000		357,416
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		650,000		540,364
6.000% due 09/01/31 ~		300,000		247,953
Targa Resources Partners LP
4.000% due 01/15/32		500,000		428,810
6.500% due 07/15/27		50,000		51,301
USA Compression Partners LP 6.875% due 09/01/27		775,000		688,894
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		125,000		109,681
3.875% due 11/01/33 ~		525,000		434,687
4.125% due 08/15/31 ~		125,000		107,187
				14,888,779
Financial - 4.8%
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		61,500
4.875% due 09/15/29 ~		925,000		788,840
5.000% due 07/15/28 ~		75,000		66,566
5.250% due 03/15/28 ~		100,000		89,964
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		125,000		101,137
OneMain Finance Corp
3.875% due 09/15/28		425,000		325,731
4.000% due 09/15/30		150,000		111,391
5.375% due 11/15/29		225,000		182,753
6.875% due 03/15/25		25,000		23,744
7.125% due 03/15/26		1,950,000		1,806,811
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		850,000		731,255
The Howard Hughes Corp
4.375% due 02/01/31 ~		75,000		55,634
5.375% due 08/01/28 ~		1,125,000		944,511

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

43

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
VICI Properties LP REIT
4.250% due 12/01/26 ~		$200,000		$183,081
4.625% due 12/01/29 ~		600,000		537,513
				6,010,431
Industrial - 15.2%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		497,686		369,970
BWX Technologies Inc 4.125% due 04/15/29 ~		850,000		747,316
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		700,000		639,429
Clydesdale Acquisition Holdings Inc
6.625% due 04/15/29 ~		275,000		258,793
8.750% due 04/15/30 ~		225,000		194,690
First Student Bidco Inc 4.000% due 07/31/29 ~		1,125,000		901,839
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		225,000		193,276
4.000% due 08/01/28 ~		75,000		61,993
4.375% due 08/15/29 ~		200,000		161,279
4.750% due 06/15/29 ~		75,000		62,179
5.125% due 12/15/26 ~		225,000		215,550
Granite US Holdings Corp 11.000% due 10/01/27 ~		800,000		753,060
Hillenbrand Inc 3.750% due 03/01/31		650,000		526,165
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		175,000		170,607
LABL Inc
5.875% due 11/01/28 ~		375,000		303,488
6.750% due 07/15/26 ~		150,000		135,283
8.250% due 11/01/29 ~		200,000		151,375
Madison IAQ LLC
4.125% due 06/30/28 ~		225,000		186,172
5.875% due 06/30/29 ~		1,175,000		903,428
Mauser Packaging Solutions Holding Co
7.250% due 04/15/25 ~		1,200,000		1,049,370
OT Merger Corp 7.875% due 10/15/29 ~		700,000		403,220
Pentair Finance Sarl
due 07/15/32 #		1,000,000		1,001,952
Sensata Technologies BV
4.000% due 04/15/29 ~		150,000		127,543
5.625% due 11/01/24 ~		925,000		914,437
Sensata Technologies Inc
3.750% due 02/15/31 ~		75,000		60,242
4.375% due 02/15/30 ~		1,150,000		980,907
SPX FLOW Inc 8.750% due 04/01/30 ~		675,000		566,193
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		55,466
4.375% due 07/15/30 ~		175,000		138,352
4.750% due 01/15/28 ~		1,600,000		1,372,416
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,210,000		1,113,902

	Principal Amount		Value
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		$625,000		$562,025
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		525,000		468,983
TransDigm Inc
4.875% due 05/01/29		575,000		469,068
6.250% due 03/15/26 ~		400,000		386,812
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,525,000		1,424,152
TriMas Corp 4.125% due 04/15/29 ~		675,000		577,520
Vertiv Group Corp 4.125% due 11/15/28 ~		825,000		671,104
				19,279,556
Technology - 2.6%
Entegris Escrow Corp
4.750% due 04/15/29 ~		550,000		513,179
5.950% due 06/15/30 ~		325,000		309,901
Entegris Inc
3.625% due 05/01/29 ~		150,000		125,666
4.375% due 04/15/28 ~		525,000		463,958
MSCI Inc 3.250% due 08/15/33 ~		800,000		639,200
Open Text Corp (Canada) 3.875% due 12/01/29 ~		200,000		168,600
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		400,000		330,589
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		375,000		294,375
Twilio Inc
3.625% due 03/15/29		150,000		126,393
3.875% due 03/15/31		450,000		371,135
				3,342,996
Utilities - 1.4%
Calpine Corp 5.125% due 03/15/28 ~		700,000		617,922
NRG Energy Inc
3.625% due 02/15/31 ~		200,000		157,230
5.250% due 06/15/29 ~		300,000		268,330
Vistra Operations Co LLC
4.375% due 05/01/29 ~		75,000		62,967
5.000% due 07/31/27 ~		375,000		341,678
5.500% due 09/01/26 ~		200,000		189,230
5.625% due 02/15/27 ~		100,000		94,231
				1,731,588
Total Corporate Bonds & Notes (Cost $131,448,525)				112,785,254
SENIOR LOAN NOTES - 1.4%
Consumer, Cyclical - 0.4%
MIC Glen LLC (2nd Lien) 8.416% (USD LIBOR + 6.750%) due 07/21/29 §		250,000		239,062

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

44

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Tacala Investment Corp Term B (2nd Lien) 9.166% (USD LIBOR + 7.500%) due 02/05/28 §		$250,000		$233,750
				472,812
Energy - 0.3%
Traverse Midstream Partners LLC Term B 5.384% - 5.950% (SOFR + 4.250%) due 09/27/24 §		446,776		427,415
Industrial - 0.7%
Dynasty Acquisition Co Inc 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		632,465		585,557
Standard Aero Ltd 5.166% (USD LIBOR + 3.500%) due 04/08/26 §		340,035		314,816
				900,373
Total Senior Loan Notes (Cost $1,889,428)				1,800,600
ASSET-BACKED SECURITIES - 4.9%
Benefit Street Partners CLO Ltd (Cayman)
7.013% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		224,113
7.744% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		225,765
CarVal CLO III Ltd (Cayman) 7.503% (USD LIBOR + 6.440%) due 07/20/32 ~ §		525,000		467,740
CIFC Funding Ltd (Cayman) 8.444% (USD LIBOR + 7.400%) due 01/16/33 ~ §		550,000		512,237
Dryden CLO Fund (Cayman) 8.244% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		203,512
Fillmore Park CLO Ltd (Cayman) 6.444% (USD LIBOR + 5.400%) due 07/15/30 ~ §		250,000		221,302
Magnetite XXII Ltd (Cayman) 7.394% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		443,139
Magnetite XXIX Ltd (Cayman) 6.794% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		931,822
Magnetite XXXI Ltd (Cayman) 7.044% (USD LIBOR + 6.000%) due 07/15/34 ~ §		500,000		421,918
Neuberger Berman Loan Advisers CLO Ltd (Cayman)
7.144% (USD LIBOR + 6.100%) due 01/20/32 ~ §		850,000		767,571
7.263% (USD LIBOR + 6.200%) due 01/20/31 ~ §		750,000		653,054
7.563% (USD LIBOR + 6.500%) due 04/20/31 ~ §		500,000		446,652

	Principal Amount		Value
OHA Credit Partners VII Ltd (Cayman) 7.728% (USD LIBOR + 6.250%) due 02/20/34 ~ §		$250,000		$221,429
Rad CLO 2 Ltd (Cayman)
7.044% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		342,098
8.494% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		202,768
Total Asset-Backed Securities (Cost $7,042,860)				6,285,120
U.S. TREASURY OBLIGATIONS - 1.4%
U.S. Treasury Notes - 1.4%
0.125% due 02/28/23		1,750,000		1,720,320
Total U.S. Treasury Obligations (Cost $1,738,712)				1,720,320
	Shares
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		2,294,561		2,294,561
Total Short-Term Investment (Cost $2,294,561)				2,294,561
TOTAL INVESTMENTS - 98.9% (Cost $145,247,781)				125,482,619
OTHER ASSETS & LIABILITIES, NET - 1.1%				1,453,750
NET ASSETS - 100.0%				$126,936,369

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

45

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer, Cyclical		$238,816			$238,816		$—			$—
	Industrial		357,948			346,013		11,935			—
	Total Common Stocks		596,764			584,829		11,935			—
	Corporate Bonds & Notes		112,785,254			—		112,785,254			—
	Senior Loan Notes		1,800,600			—		1,800,600			—
	Asset-Backed Securities		6,285,120			—		6,285,120			—
	U.S. Treasury Obligations		1,720,320			—		1,720,320			—
	Short-Term Investment		2,294,561			2,294,561		—			—
	Total Assets		125,482,619			2,879,390		122,603,229			—
Liabilities	Due to Custodian		(16,174	)		—		(16,174	)		—
	Total Liabilities		(16,174	)		—		(16,174	)		—
	Total		$125,466,445			$2,879,390		$122,587,055			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

46

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Basic Materials - 4.0%
AdvanSix Inc		32,388		$1,083,055
Arconic Corp *		89,176		2,501,387
Axalta Coating Systems Ltd *		65,650		1,451,521
Celanese Corp		13,795		1,622,430
				6,658,393
Communications - 1.2%
Calix Inc *		40,258		1,374,408
Revolve Group Inc *		27,382		709,468
				2,083,876
Consumer, Cyclical - 12.3%
American Eagle Outfitters Inc		93,907		1,049,880
Avient Corp		33,948		1,360,636
BJ’s Wholesale Club Holdings Inc *		31,033		1,933,977
Bloomin’ Brands Inc		79,315		1,318,215
Darden Restaurants Inc		12,607		1,426,104
Deckers Outdoor Corp *		6,359		1,623,771
Hilton Grand Vacations Inc *		38,321		1,369,209
JetBlue Airways Corp *		124,472		1,041,831
KB Home		41,570		1,183,082
Kohl’s Corp		50,179		1,790,888
Lithia Motors Inc		8,036		2,208,373
Penn National Gaming Inc *		22,386		680,982
RH *		3,516		746,306
SeaWorld Entertainment Inc *		30,732		1,357,740
Steven Madden Ltd		39,041		1,257,511
				20,348,505
Consumer, Non-Cyclical - 21.2%
AdaptHealth Corp *		78,821		1,421,931
Amicus Therapeutics Inc *		118,323		1,270,789
Avantor Inc *		56,137		1,745,861
CareDx Inc *		45,752		982,753
Charles River Laboratories International Inc *		7,032		1,504,637
Deluxe Corp		61,843		1,340,138
Exact Sciences Corp *		19,950		785,831
Horizon Therapeutics PLC *		44,924		3,583,138
Iovance Biotherapeutics Inc *		80,010		883,310
Jazz Pharmaceuticals PLC *		17,490		2,728,615
Merit Medical Systems Inc *		29,526		1,602,376
Neurocrine Biosciences Inc *		19,381		1,889,260
NuVasive Inc *		28,581		1,405,042
Performance Food Group Co *		43,791		2,013,510
Prestige Consumer Healthcare Inc *		41,960		2,467,248
Progyny Inc *		28,948		840,939
Protagonist Therapeutics Inc *		58,597		463,502
Quanta Services Inc		31,451		3,942,068
Spectrum Brands Holdings Inc		30,626		2,511,945
Syneos Health Inc *		25,230		1,808,486
				35,191,379
Energy - 7.0%
Civitas Resources Inc		45,880		2,399,065
Diamondback Energy Inc		17,797		2,156,106
Earthstone Energy Inc ‘A’ *		138,344		1,888,396
HF Sinclair Corp		29,099		1,314,111

	Shares		Value
Magnolia Oil & Gas Corp ‘A’		60,098		$1,261,457
Pioneer Natural Resources Co		8,530		1,902,872
Sunnova Energy International Inc *		34,216		630,601
				11,552,608
Financial - 22.6%
Agree Realty Corp REIT		30,505		2,200,326
Brixmor Property Group Inc REIT		143,654		2,903,247
Cadence Bank		111,722		2,623,233
Everest Re Group Ltd		7,409		2,076,595
First Horizon Corp		51,420		1,124,041
First Industrial Realty Trust Inc REIT		48,219		2,289,438
Hancock Whitney Corp		70,393		3,120,522
Host Hotels & Resorts Inc REIT		124,667		1,954,779
James River Group Holdings Ltd		71,940		1,782,673
Lamar Advertising Co ‘A’ REIT		23,234		2,043,895
Mid-America Apartment Communities Inc REIT		15,750		2,751,052
Pinnacle Financial Partners Inc		35,353		2,556,375
Radian Group Inc		104,701		2,057,375
Stifel Financial Corp		40,622		2,275,644
Western Alliance Bancorp		37,779		2,667,197
Wintrust Financial Corp		37,957		3,042,254
				37,468,646
Industrial - 13.7%
Atkore Inc *		26,311		2,184,076
CIRCOR International Inc *		29,310		480,391
EnPro Industries Inc		18,036		1,477,689
Evoqua Water Technologies Corp *		59,403		1,931,192
Generac Holdings Inc *		8,934		1,881,322
GrafTech International Ltd		217,985		1,541,154
Graphic Packaging Holding Co		108,152		2,217,116
Hillenbrand Inc		61,856		2,533,622
II-VI Inc *		33,229		1,693,018
Jacobs Engineering Group Inc		16,747		2,129,046
Knight-Swift Transportation Holdings Inc		27,614		1,278,252
Littelfuse Inc		7,226		1,835,693
The Timken Co		30,646		1,625,770
				22,808,341
Technology - 12.1%
Amdocs Ltd		19,998		1,666,033
Avaya Holdings Corp *		93,077		208,492
Box Inc ‘A’ *		87,999		2,212,295
Cohu Inc *		59,308		1,645,797
CommVault Systems Inc *		24,101		1,515,953
DigitalOcean Holdings Inc *		19,900		823,064
Elastic NV *		20,080		1,358,814
Marvell Technology Inc		27,676		1,204,736
ON Semiconductor Corp *		36,505		1,836,567
Sailpoint Technologies Holdings Inc *		23,878		1,496,673
Silicon Laboratories Inc *		15,174		2,127,698
Sprout Social Inc ‘A’ *		24,004		1,393,912
Ziff Davis Inc *		20,426		1,522,350
ZoomInfo Technologies Inc ‘A’ *		34,250		1,138,470
				20,150,854
Utilities - 3.5%
NiSource Inc		42,108		1,241,765
Portland General Electric Co		57,224		2,765,636

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

47

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
The AES Corp		83,960		$1,763,999
				5,771,400
Total Common Stocks (Cost $143,802,591)				162,034,002
SHORT-TERM INVESTMENT - 2.4%
Money Market Fund - 2.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		3,932,443		3,932,443
Total Short-Term Investment (Cost $3,932,443)				3,932,443
TOTAL INVESTMENTS - 100.0% (Cost $147,735,034)				165,966,445
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(46,331	)
NET ASSETS - 100.0%				$165,920,114

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$162,034,002		$162,034,002		$—		$—
	Short-Term Investment		3,932,443		3,932,443		—		—
	Total		$165,966,445		$165,966,445		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

48

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Basic Materials - 3.2%
AdvanSix Inc		4,652		$155,563
Arconic Corp *		5,934		166,449
Kaiser Aluminum Corp		1,663		131,526
				453,538
Communications - 2.4%
Calix Inc *		3,749		127,991
Revolve Group Inc *		2,844		73,688
Viavi Solutions Inc *		9,991		132,181
				333,860
Consumer, Cyclical - 13.2%
American Eagle Outfitters Inc		8,517		95,220
Avient Corp		4,338		173,867
Bally’s Corp *		4,305		85,153
Big Lots Inc		2,999		62,889
BJ’s Restaurants Inc *		3,695		80,108
BJ’s Wholesale Club Holdings Inc *		3,395		211,576
Bloomin’ Brands Inc		7,111		118,185
Dave & Buster’s Entertainment Inc *		4,381		143,609
Deckers Outdoor Corp *		355		90,649
Hilton Grand Vacations Inc *		3,991		142,599
KB Home		4,338		123,460
Kohl’s Corp		3,220		114,922
Lithia Motors Inc		467		128,336
SeaWorld Entertainment Inc *		3,323		146,810
Steven Madden Ltd		4,030		129,806
				1,847,189
Consumer, Non-Cyclical - 26.6%
Acadia Healthcare Co Inc *		1,633		110,440
AdaptHealth Corp *		8,523		153,755
Addus HomeCare Corp *		1,857		154,651
Alphatec Holdings Inc *		13,001		85,027
Amicus Therapeutics Inc *		14,536		156,117
AtriCure Inc *		2,919		119,270
Avid Bioservices Inc *		6,900		105,294
CareDx Inc *		3,840		82,483
Deluxe Corp		7,211		156,262
elf Beauty Inc *		4,757		145,945
Halozyme Therapeutics Inc *		4,867		214,148
Harmony Biosciences Holdings Inc *		6,073		296,180
Herc Holdings Inc		1,410		127,111
I3 Verticals Inc ‘A’ *		4,782		119,646
Iovance Biotherapeutics Inc *		6,273		69,254
LivaNova PLC *		1,927		120,380
Medpace Holdings Inc *		1,080		161,644
NuVasive Inc *		2,683		131,896
Performance Food Group Co *		3,694		169,850
PetIQ Inc *		7,650		128,443
Phathom Pharmaceuticals Inc *		7,014		59,198
Prestige Consumer Healthcare Inc *		3,067		180,340
Progyny Inc *		3,630		105,452
Protagonist Therapeutics Inc *		4,398		34,788
Revance Therapeutics Inc *		6,178		85,380
SP Plus Corp *		4,186		128,594
Spectrum Brands Holdings Inc		2,607		213,826

	Shares		Value
Ultragenyx Pharmaceutical Inc *		1,740		$103,808
				3,719,182
Energy - 6.0%
Brigham Minerals Inc ‘A’		6,069		149,480
Civitas Resources Inc		3,063		160,164
Earthstone Energy Inc ‘A’ *		7,662		104,586
Infrastructure and Energy Alternatives Inc *		13,503		108,429
Magnolia Oil & Gas Corp ‘A’		8,042		168,802
Oceaneering International Inc *		7,750		82,770
Sunnova Energy International Inc *		3,323		61,243
				835,474
Financial - 23.6%
Agree Realty Corp REIT		2,734		197,203
Argo Group International Holdings Ltd		3,170		116,846
Blucora Inc *		6,467		119,381
Cadence Bank		7,542		177,086
DiamondRock Hospitality Co REIT *		21,213		174,159
Enterprise Financial Services Corp		4,381		181,812
First Industrial Realty Trust Inc REIT		2,757		130,902
Hancock Whitney Corp		5,203		230,649
Home BancShares Inc		9,739		202,279
James River Group Holdings Ltd		6,766		167,662
NexPoint Residential Trust Inc REIT		3,345		209,096
Origin Bancorp Inc		2,421		93,935
Pinnacle Financial Partners Inc		1,615		116,781
Plymouth Industrial Inc REIT		6,489		113,817
Radian Group Inc		9,053		177,891
Seacoast Banking Corp of Florida		5,108		168,768
SITE Centers Corp REIT		15,171		204,353
Stifel Financial Corp		2,688		150,582
United Community Banks Inc		6,277		189,503
Veritex Holdings Inc		6,232		182,348
				3,305,053
Industrial - 9.6%
Atkore Inc *		2,486		206,363
CIRCOR International Inc *		2,640		43,270
EnPro Industries Inc		1,911		156,568
Evoqua Water Technologies Corp *		4,448		144,604
Hillenbrand Inc		5,998		245,678
II-VI Inc *		2,946		150,099
Masonite International Corp *		1,254		96,345
MYR Group Inc *		1,812		159,691
Saia Inc *		740		139,120
				1,341,738
Technology - 9.9%
Avaya Holdings Corp *		10,619		23,787
Box Inc ‘A’ *		9,150		230,031
Cohu Inc *		4,998		138,694
CommVault Systems Inc *		2,500		157,250
DigitalOcean Holdings Inc *		2,116		87,518
Onto Innovation Inc *		1,777		123,928
Sailpoint Technologies Holdings Inc *		936		58,668
Silicon Laboratories Inc *		1,189		166,722
SiTime Corp *		766		124,881
Sprout Social Inc ‘A’ *		1,844		107,081
Ziff Davis Inc *		2,326		173,357
				1,391,917

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

49

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
Utilities - 3.2%
Portland General Electric Co		4,193		$202,647
Unitil Corp		4,197		246,448
				449,095
Total Common Stocks (Cost $13,381,422)				13,677,046
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		307,162		307,162
Total Short-Term Investment (Cost $307,162)				307,162
TOTAL INVESTMENTS - 99.9% (Cost $13,688,584)				13,984,208
OTHER ASSETS & LIABILITIES, NET - 0.1%				17,290
NET ASSETS - 100.0%				$14,001,498

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$13,677,046		$13,677,046		$—		$—
	Short-Term Investment		307,162		307,162		—		—
	Total		$13,984,208		$13,984,208		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

50

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.1%
Basic Materials - 3.3%
AdvanSix Inc		7,185		$240,266
Alcoa Corp		1,903		86,739
Arconic Corp *		9,792		274,666
				601,671
Communications - 0.8%
Viavi Solutions Inc *		10,715		141,759
Consumer, Cyclical - 8.0%
American Eagle Outfitters Inc		13,345		149,197
Avient Corp		5,480		219,638
Big Lots Inc		4,653		97,573
BJ’s Restaurants Inc *		4,901		106,254
Bloomin’ Brands Inc		8,083		134,339
Dana Inc		9,248		130,119
Dave & Buster’s Entertainment Inc *		3,686		120,827
Hilton Grand Vacations Inc *		4,186		149,566
KB Home		5,325		151,550
Steven Madden Ltd		5,427		174,804
				1,433,867
Consumer, Non-Cyclical - 21.1%
Acadia Healthcare Co Inc *		2,586		174,891
AdaptHealth Corp *		10,863		195,968
Deluxe Corp		8,026		173,923
Halozyme Therapeutics Inc *		5,879		258,676
Harmony Biosciences Holdings Inc *		5,238		255,457
Herc Holdings Inc		1,734		156,320
Hostess Brands Inc *		16,216		343,941
LivaNova PLC *		2,225		138,996
Merit Medical Systems Inc *		3,410		185,061
Patterson Cos Inc		11,056		334,997
Performance Food Group Co *		3,969		182,495
PetIQ Inc *		8,138		136,637
Prestige Consumer Healthcare Inc *		4,685		275,478
Protagonist Therapeutics Inc *		3,691		29,196
Revance Therapeutics Inc *		4,929		68,119
SeaSpine Holdings Corp *		12,327		69,648
SP Plus Corp *		10,252		314,941
Spectrum Brands Holdings Inc		3,281		269,108
Textainer Group Holdings Ltd (China)		9,086		249,047
				3,812,899
Energy - 5.4%
Brigham Minerals Inc ‘A’		6,075		149,627
Civitas Resources Inc		2,709		141,654
Earthstone Energy Inc ‘A’ *		9,147		124,856
Infrastructure and Energy Alternatives Inc *		23,945		192,278
Magnolia Oil & Gas Corp ‘A’		6,628		139,122
Oceaneering International Inc *		14,382		153,600
Sunnova Energy International Inc *		4,148		76,448
				977,585
Financial - 38.3%
Agree Realty Corp REIT		4,228		304,966
Argo Group International Holdings Ltd		5,811		214,193
Blucora Inc *		12,257		226,264

	Shares		Value
Brixmor Property Group Inc REIT		12,827		$259,234
Cadence Bank		11,191		262,765
DiamondRock Hospitality Co REIT *		31,272		256,743
Enterprise Financial Services Corp		6,181		256,512
First Bancorp		3,811		133,004
First Industrial Realty Trust Inc REIT		4,139		196,520
Hancock Whitney Corp		7,482		331,677
Healthcare Realty Trust Inc REIT		9,324		253,613
Home BancShares Inc		11,265		233,974
Horizon Bancorp Inc		12,665		220,624
James River Group Holdings Ltd		10,666		264,303
National Storage Affiliates Trust REIT		2,705		135,439
NexPoint Residential Trust Inc REIT		3,749		234,350
Old Second Bancorp Inc		12,688		169,765
Origin Bancorp Inc		4,186		162,417
Piedmont Office Realty Trust Inc ‘A’ REIT		12,533		164,433
Pinnacle Financial Partners Inc		2,566		185,547
Plymouth Industrial Inc REIT		8,611		151,037
QCR Holdings Inc		5,400		291,546
Radian Group Inc		11,729		230,475
Seacoast Banking Corp of Florida		6,856		226,522
Selective Insurance Group Inc		3,922		340,979
SITE Centers Corp REIT		20,866		281,065
Stifel Financial Corp		3,582		200,664
United Community Banks Inc		9,895		298,730
Veritex Holdings Inc		8,340		244,028
WSFS Financial Corp		4,511		180,846
				6,912,235
Industrial - 11.5%
Atkore Inc *		2,712		225,123
CIRCOR International Inc *		3,859		63,249
Crane Holdings Co		2,186		191,406
EnPro Industries Inc		2,579		211,297
Hillenbrand Inc		7,511		307,651
II-VI Inc *		2,870		146,227
Masonite International Corp *		1,809		138,985
MYR Group Inc *		2,514		221,559
The Timken Co		3,890		206,365
UFP Industries Inc		2,203		150,112
UFP Technologies Inc *		2,691		214,123
				2,076,097
Technology - 2.7%
Avaya Holdings Corp *		8,239		18,455
Cohu Inc *		6,101		169,303
Synaptics Inc *		936		110,495
Ziff Davis Inc *		2,479		184,760
				483,013
Utilities - 5.0%
Portland General Electric Co		9,183		443,815
Unitil Corp		7,849		460,893
				904,708
Total Common Stocks (Cost $16,829,690)				17,343,834

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

51

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUND - 1.4%
iShares Russell 2000 Value		1,841		$250,652
Total Exchange-Traded Fund (Cost $252,268)				250,652
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund - 2.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		481,246		481,246
Total Short-Term Investment (Cost $481,246)				481,246
TOTAL INVESTMENTS - 100.2% (Cost $17,563,204)				18,075,732
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(29,978	)
NET ASSETS - 100.0%				$18,045,754

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$17,343,834		$17,343,834		$—		$—
	Exchange-Traded Fund		250,652		250,652		—		—
	Short-Term Investment		481,246		481,246		—		—
	Total		$18,075,732		$18,075,732		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

52

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 0.8%
Financial - 0.3%
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		$100,000		$95,818
Bank of America Corp 5.875% due 03/15/28		10,000		8,793
				104,611
Industrial - 0.5%
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		199,744
Total Corporate Bonds & Notes (Cost $312,120)				304,355
MORTGAGE-BACKED SECURITIES - 2.8%
Collateralized Mortgage Obligations - Commercial - 0.1%
MF1 Ltd (Cayman) 3.443% (SOFR + 2.164%) due 07/15/35 ~ §		19,703		19,602
Collateralized Mortgage Obligations - Residential - 1.6%
Chevy Chase Funding LLC Mortgage-Backed Certificates 1.984% (USD LIBOR + 0.360%) due 03/25/35 ~ §		58,842		57,497
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,288		8,027
Credit Suisse Mortgage Trust 1.774% (USD LIBOR + 0.150%) due 09/29/36 ~ §		104,469		101,269
Fannie Mae REMICS 1.974% (USD LIBOR + 0.350%) due 07/25/37 §		10,322		10,256
2.004% (USD LIBOR + 0.380%) due 07/25/37 §		15,373		15,299
2.064% (USD LIBOR + 0.440%) due 05/25/36 §		7,441		7,430
2.069% (USD LIBOR + 0.445%) due 02/25/37 §		2,530		2,522
Government National Mortgage Association 0.382% (USD LIBOR + 0.150%) due 08/20/68 §		52,879		51,591
GSR Mortgage Loan Trust 2.938% due 09/25/35 §		4,335		4,221
Hawksmoor Mortgages (United Kingdom) 1.703% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 162,461		197,827
JP Morgan Mortgage Trust 2.826% due 06/25/35 §		$3,290		3,287
Merrill Lynch Mortgage Investors Trust 2.292% due 12/25/34 §		17,687		17,085
Towd Point Mortgage Funding PLC (United Kingdom) 2.099% (SONIA + 1.144%) due 10/20/51 ~ §		GBP 122,607		148,888

	Principal Amount		Value
WaMu Mortgage Pass-Through Certificates Trust 2.364% (USD LIBOR + 0.740%) due 01/25/45 §		$16,478		$16,011
				641,210
Fannie Mae - 1.1%
due 08/01/52 #		100,000		93,062
due 08/01/52 #		370,000		355,517
				448,579
Total Mortgage-Backed Securities (Cost $1,126,162)				1,109,391
ASSET-BACKED SECURITIES - 1.9%
Asset Backed Funding Corp Trust 2.224% (USD LIBOR + 0.600%) due 10/25/34 §		17,255		17,227
Freddie Mac Structured Pass-Through Certificates 1.904% (USD LIBOR + 0.280%) due 09/25/31 §		457		454
Home Equity Asset Trust 2.479% (USD LIBOR + 0.855%) due 08/25/34 §		12,816		12,499
LoanCore Issuer Ltd (Cayman) 2.454% (USD LIBOR + 1.130%) due 05/15/36 ~ §		7,724		7,696
OZLM Ltd (Cayman) 2.223% (USD LIBOR + 1.160%) due 07/20/32 ~ §		100,000		97,693
Saxon Asset Securities Trust 1.934% (USD LIBOR + 0.310%) due 09/25/37 §		13,422		12,898
Shackleton CLO Ltd (Cayman) 1.983% (USD LIBOR + 0.920%) due 10/20/27 ~ §		136,420		135,666
THL Credit Wind River CLO Ltd (Cayman) 2.124% (USD LIBOR + 1.080%) due 04/15/31 ~ §		100,000		97,525
TICP CLO Ltd (Cayman) 1.903% (USD LIBOR + 0.840%) due 04/20/28 ~ §		219,704		217,194
Vibrant CLO VI Ltd (Cayman) 3.046% (USD LIBOR + 0.950%) due 06/20/29 ~ §		153,735		151,505
Total Asset-Backed Securities (Cost $756,145)				750,357
U.S. TREASURY OBLIGATIONS - 89.5%
U.S. Treasury Inflation Protected Securities - 89.5%
0.125% due 07/15/24 ^		1,461,096		1,475,380
0.125% due 10/15/24 ^		1,014,156		1,020,596
0.125% due 04/15/25 ^		671,562		672,077
0.125% due 10/15/25 ^		779,961		779,607
0.125% due 04/15/26 ^		551,210		546,256
0.125% due 07/15/26 ^		241,224		239,367
0.125% due 10/15/26 ^		1,163,811		1,153,696
0.125% due 01/15/30 ^		1,359,677		1,298,772

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

53

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
0.125% due 07/15/30 ^		$902,088		$860,959
0.125% due 01/15/31 ^		966,231		919,805
0.125% due 07/15/31 ^		539,340		513,261
0.125% due 01/15/32 ^		1,042,950		990,904
0.125% due 02/15/51 ^		222,092		171,437
0.125% due 02/15/52 ^		623,136		484,881
0.250% due 01/15/25 ^		427,217		429,913
0.250% due 07/15/29 ^		565,120		548,338
0.375% due 07/15/25 ^		493,748		498,842
0.375% due 01/15/27 ^		598,425		596,465
0.375% due 07/15/27 ^		2,139,203		2,132,495
0.500% due 04/15/24 ^		3,209,668		3,254,633
0.500% due 01/15/28 ^		2,496,509		2,480,796
0.625% due 04/15/23 ^		1,178,120		1,198,326
0.625% due 01/15/24 ^		267,635		272,256
0.625% due 01/15/26 ^		669,202		676,932
0.625% due 02/15/43 ^		1,031,134		912,731
0.750% due 07/15/28 ^		3,927,468		3,957,877
0.750% due 02/15/42 ^		127,947		117,103
0.750% due 02/15/45 ^		699,812		627,816
0.875% due 01/15/29 ^		1,774,704		1,792,387
0.875% due 02/15/47 ^		509,010		471,272
1.000% due 02/15/46 ^		1,300,691		1,234,933
1.000% due 02/15/49 ^		45,957		44,319
1.375% due 02/15/44 ^		1,761,510		1,804,864
2.000% due 01/15/26 ^		308,806		327,157
2.125% due 02/15/41 ^		396,057		460,829
3.375% due 04/15/32 ^		96,098		120,144
3.875% due 04/15/29 ^		61,552		74,359
Total U.S. Treasury Obligations (Cost $38,777,918)				35,161,785
FOREIGN GOVERNMENT BONDS & NOTES - 4.1%
French Republic Government Bond OAT (France) 0.100% due 03/01/26 ^ ~		EUR   109,179		121,484
0.100% due 07/25/38 ^ ~		107,365		112,149
0.250% due 07/25/24 ^ ~		116,373		130,551
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		332,616		332,353
1.400% due 05/26/25 ^ ~		600,072		655,253
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 110,000		84,031
United Kingdom Inflation-Linked Gilt (United Kingdom) 0.125% due 03/22/24 ^ ~		GBP 138,025		177,765
Total Foreign Government Bonds & Notes (Cost $1,771,121)				1,613,586
	Shares
SHORT-TERM INVESTMENTS - 2.0%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		206,351		206,351

	Principal Amount		Value
U.S. Treasury Bills - 1.5%
1.591% due 09/15/22		$600,000		$598,005
Total Short-Term Investments (Cost $804,291)				804,356
TOTAL INVESTMENTS - 101.1% (Cost $43,547,757)				39,743,830
DERIVATIVES - (0.4%)				(176,339	)
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(267,080	)
NET ASSETS - 100.0%				$39,300,411

Notes to Schedule of Investments

(a) The average amount of borrowings by the Fund on sale-buyback financing transactions during the three-month period ended June 30, 2022 was $3,522,008 at a weighted average interest rate of 0.428%.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

54

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(b) Open futures contracts outstanding as of June 30, 2022 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euribor		03/23		12		$3,152,482		$3,096,220		($56,262	)
Euro-Bund		09/22		11		1,675,923		1,715,054		39,131
Long Gilt		09/22		1		143,752		138,748		(5,004	)
U.S. Treasury 5-Year Notes		09/22		3		337,548		336,750		(798	)
U.S. Treasury Ultra 10-Year Notes		09/22		6		748,478		764,250		15,772
										(7,161	)
Short Futures Outstanding
Australia 3-Year Bonds		09/22		2		148,259		148,348		(89	)
Euro-Bobl		09/22		5		658,580		650,725		7,855
Euro-BTP		09/22		12		1,484,944		1,548,283		(63,339	)
Euro-Buxl		09/22		1		179,031		171,403		7,628
Euro-OAT		09/22		2		299,135		290,345		8,790
Euro-Schatz		09/22		24		2,737,453		2,745,084		(7,631	)
Japan 10-Year Bonds		09/22		3		3,297,456		3,285,893		11,563
Short Euro-BTP		09/22		5		572,406		570,556		1,850
U.S. Treasury 2-Year Notes		09/22		3		632,012		630,047		1,965
U.S. Treasury 10-Year Notes		09/22		8		952,130		948,250		3,880
U.S. Treasury Long Bonds		09/22		4		543,217		554,500		(11,283	)
U.S. Treasury Ultra 30-Year Bonds		09/22		3		470,921		463,031		7,890
										(30,921	)
Total Futures Contracts										($38,082	)

(c) Forward foreign currency contracts outstanding as of June 30, 2022 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
EUR	79,000	USD	84,182		07/22		BRC		$—		($1,366	)
EUR	222,000	USD	232,278		07/22		BRC		443		—
EUR	49,000	USD	52,634		07/22		JPM		—		(1,268	)
EUR	31,000	USD	32,409		07/22		MSC		88		—
EUR	1,296,000	USD	1,351,637		07/22		SCB		6,952		—
GBP	440,521	USD	536,114		07/22		SGN		179		—
JPY	11,100,000	USD	83,410		07/22		JPM		—		(1,576	)
USD	276,807	EUR	266,000		07/22		BRC		—		(2,039	)
USD	84,913	EUR	80,000		07/22		BRC		1,050		—
USD	1,272,573	EUR	1,184,000		07/22		SGN		31,393		—
USD	124,719	EUR	116,000		07/22		UBS		3,117		—
USD	1,354,093	EUR	1,296,000		08/22		SCB		—		(7,029	)
USD	6,045	GBP	5,000		07/22		BRC		—		(42	)
USD	173,494	GBP	137,521		07/22		BRC		6,075		—
USD	375,486	GBP	298,000		07/22		JPM		12,699		—
USD	21,253	GBP	17,500		07/22		MSC		—		(52	)
USD	536,363	GBP	440,521		08/22		SGN		—		(195	)
USD	71,163	JPY	9,600,000		07/22		JPM		387		—
USD	43,344	JPY	5,600,000		07/22		SCB		2,058		—
USD	89,335	NZD	137,000		07/22		GSC		3,775		—
Total Forward Foreign Currency Contracts									$68,216		($13,567	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

55

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(d) Purchased options outstanding as of June 30, 2022 were as follows:

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Cost		Value
Call - 2-Year Interest Rate Swap		Pay		1-Day USD-SOFR		1.710%		01/25/23		JPM		$1,300,000		$7,930		$1,857
Call - 2-Year Interest Rate Swap		Pay		1-Day USD-SOFR		1.428%		01/31/23		MSC		500,000		2,554		458
Call - 2-Year Interest Rate Swap		Pay		1-Day USD-SOFR		1.410%		02/02/23		BRC		500,000		2,500		457
Call - 5-Year Interest Rate Swap		Pay		1-Day USD-SOFR		2.200%		04/26/23		GSC		600,000		6,405		6,287
Call - 5-Year Interest Rate Swap		Pay		1-Day USD-SOFR		2.200%		05/31/23		MSC		1,200,000		14,400		13,897
														33,789		22,956
Put - 30-Year Interest Rate  Swap		Receive		6-Month EUR-LIBOR		0.190%		11/02/22		MSC		EUR 60,000		4,375		25,468
Put - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.197%		11/04/22		BRC		200,000		14,957		84,583
Put - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.237%		11/17/23		DUB		$300,000		18,621		45,256
														37,953		155,307
Total Interest Rate Swaptions														$71,742		$178,263
Total Purchased Options														$71,742		$178,263

(e) Premiums received and value of written options outstanding as of June 30, 2022 were as follows:

Credit Default Swaptions on Credit Indices - Sell Protection

Description	Exercise Rate		Expiration Date	Counter- party	Notional Amount		Premium		Value
Put - iTraxx Main 36 5Y		1.200%	07/20/22	BRC		EUR 200,000		$906		($434	)
Put - CDX IG 38 5Y		1.300%	08/17/22	GSC		$100,000		225		(160	)
								$1,131		($594	)

Inflation Floor/Cap Options

Description

Initial Index

Foating 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

$ —

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

$—

Interest Rate Swaptions

Description Floating	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 10-Year Interest Rate Swap		Receive		1-Day USD-SOFR		1.785%		01/25/23		JPM		$300,000		$8,299		($1,240	)
Call - 10-Year Interest Rate Swap		Receive		1-Day USD-SOFR		1.579%		01/31/23		MSC		100,000		2,337		(276	)
Call - 10-Year Interest Rate Swap		Receive		1-Day USD-SOFR		1.558%		02/02/23		BRC		100,000		2,287		(269	)
Call - 10-Year Interest Rate Swap		Receive		1-Day USD-SOFR		2.350%		04/26/23		GSC		400,000		7,899		(7,142	)
Call - 10-Year Interest Rate Swap		Receive		1-Day USD-SOFR		2.350%		05/31/23		MSC		600,000		13,073		(11,674	)
														33,895		(20,601	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%		11/02/22		MSC		EUR 200,000		4,851		(43,221	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%		11/04/22		BRC		600,000		14,726		(129,792	)
Put - 5-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.340%		11/17/23		DUB		$1,300,000		16,380		(52,527)
														35,957		(225,540)
Total Interest Rate Swaptions														$69,852		($246,141	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

56

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - Fannie Mae 4.500% due 09/14/52		$99.66		09/07/22		JPM		$100,000		$375		($834	)
Total Written Options										$86,571		($247,569	)

(f) Swap agreements outstanding as of June 30, 2022 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)
5.000%	U.S. CPI Urban Consumers	Z / Z		LCH		03/03/23		$300,000		($5,314	)		$—			($5,314	)
5.033%	U.S. CPI Urban Consumers	Z / Z		LCH		03/08/23		200,000		(3,304	)		—			(3,304	)
5.470%	U.S. CPI Urban Consumers	Z / Z		LCH		03/21/23		400,000		(3,993	)		—			(3,993	)
5.150%	U.S. CPI Urban Consumers	Z / Z		LCH		05/23/23		100,000		129			—			129
5.185%	U.S. CPI Urban Consumers	Z / Z		LCH		05/24/23		200,000		390			—			390
(0.526%)	3-Month EUR-LIBOR	A / Q		LCH		11/21/23		EUR 800,000		(16,428	)		—			(16,428	)
3.850%	GBP Retail Price	Z / Z		LCH		09/15/24		GBP 200,000		(19,608	)		—			(19,608	)
3.330%	GBP Retail Price	Z / Z		LCH		01/15/25		100,000		(14,009	)		2,815			(16,824	)
0.650%	6-Month EUR-LIBOR	A / S		LCH		04/12/27		EUR 100,000		(5,068	)		—			(5,068	)
0.650%	6-Month EUR-LIBOR	A / S		LCH		05/11/27		100,000		(5,295	)		—			(5,295	)
1.000%	6-Month EUR-LIBOR	A / S		LCH		05/13/27		100,000		(3,523	)		—			(3,523	)
2.335%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/28		$190,000		(16,177	)		338			(16,515	)
2.364%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/28		50,000		(3,981	)		—			(3,981	)
2.379%	U.S. CPI Urban Consumers	Z / Z		LCH		07/09/28		500,000		(38,936	)		(288	)		(38,648	)
3.593%	GBP Retail Price	Z / Z		LCH		11/15/28		GBP 45,000		(5,495	)		—			(5,495	)
2.165%	U.S. CPI Urban Consumers	Z / Z		LCH		04/16/29		$100,000		(10,542	)		—			(10,542	)
1.998%	U.S. CPI Urban Consumers	Z / Z		LCH		07/25/29		100,000		(11,804	)		—			(11,804	)
1.760%	U.S. CPI Urban Consumers	Z / Z		LCH		11/04/29		400,000		(57,558	)		(708	)		(56,850	)
3.400%	GBP Retail Price	Z / Z		LCH		06/15/30		GBP 200,000		(30,867	)		2,555			(33,422	)
3.475%	GBP Retail Price	Z / Z		LCH		08/15/30		200,000		(38,852	)		2,476			(41,328	)
1.380%	Eurostat Eurozone HICP	Z / Z		LCH		03/15/31		EUR 200,000		(35,666	)		(1,361	)		(34,305	)
2.455%	Eurostat Eurozone HICP	Z / Z		LCH		06/15/32		100,000		541			—			541
3.566%	GBP Retail Price	Z / Z		LCH		03/15/36		GBP 190,000		(33,860	)		(907	)		(32,953	)
3.580%	GBP Retail Price	Z / Z		LCH		03/15/36		40,000		(7,006	)		(413	)		(6,593	)
2.488%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/37		EUR 70,000		(38	)		(60	)		22
1.387%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/49		20,000		(7,130	)		—			(7,130	)
2.421%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/52		10,000		(185	)		—			(185	)
1.888%	3-Month USD-LIBOR	S / Q		LCH		11/21/53		$100,000		(18,473	)		—			(18,473	)
										($392,052	)		$4,447			($396,499	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

57

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Interest Rate Swaps - Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.210%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/23		$120,000		$10,870			$—			$10,870
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		04/27/23		60,000		5,072			—			5,072
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		05/09/23		120,000		10,172			—			10,172
2.281%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/23		180,000		14,772			—			14,772
1.030%	France CPI Ex Tobacco	Z / Z		LCH		03/15/24		EUR 140,000		12,855			(53	)		12,908
6.600%	GBP Retail Price	Z / Z		LCH		05/15/24		GBP 100,000		610			88			522
5.330%	GBP Retail Price	Z / Z		LCH		06/15/24		200,000		275			—			275
2.314%	U.S. CPI Urban Consumers	Z / Z		LCH		02/26/26		$200,000		19,678			—			19,678
2.419%	U.S. CPI Urban Consumers	Z / Z		LCH		03/05/26		100,000		9,316			—			9,316
2.768%	U.S. CPI Urban Consumers	Z / Z		LCH		05/13/26		100,000		7,218			—			7,218
2.690%	U.S. CPI Urban Consumers	Z / Z		LCH		06/01/26		100,000		7,419			—			7,419
4.735%	GBP Retail Price	Z / Z		LCH		12/15/26		GBP 200,000		9,020			(2,684	)		11,704
4.615%	GBP Retail Price	Z / Z		LCH		02/15/27		100,000		3,865			—			3,865
4.626%	GBP Retail Price	Z / Z		LCH		02/15/27		100,000		3,793			—			3,793
3.000%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/27		EUR 100,000		324			50			274
1.798%	U.S. CPI Urban Consumers	Z / Z		LCH		08/25/27		$500,000		71,596			—			71,596
1.890%	U.S. CPI Urban Consumers	Z / Z		LCH		08/27/27		500,000		68,309			—			68,309
3.250%	3-Month NZD-Bank Bills	S / Q		CME		03/21/28		NZD 100,000		2,011			290			1,721
2.645%	U.S. CPI Urban Consumers	Z / Z		LCH		09/10/28		$100,000		4,644			—			4,644
1.840%	3-Month USD-LIBOR	S / Q		LCH		11/21/28		400,000		19,767			—			19,767
3.470%	GBP Retail Price	Z / Z		LCH		01/15/31		GBP 120,000		24,767			—			24,767
2.311%	U.S. CPI Urban Consumers	Z / Z		LCH		02/24/31		$200,000		19,711			94			19,617
4.300%	GBP Retail Price	Z / Z		LCH		01/15/32		GBP 100,000		3,270			157			3,113
2.720%	Eurostat Eurozone HICP	Z / Z		LCH		06/15/32		EUR 200,000		(6,856	)		(770	)		(6,086	)
										$322,478			($2,828	)		$325,306
Total Interest Rate Swaps										($69,574	)		$1,619			($71,193	)

Total Return Swaps - Long

Receive	Pay	Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
U.S. Treasury Inflation Protected Securities 0.625% due 01/15/24	SOFR + 6.000%		Z		MSC		08/19/22	$	1,000,000		($7,587	)		$—		($7,587	)
U.S. Treasury Inflation Protected Securities 0.125% due 04/15/25	SOFR + 7.000%		Z		MSC		08/22/22		1,000,000		(13,876	)		—		(13,876	)
U.S. Treasury Inflation Protected Securities 0.250% due 01/15/25	SOFR + 7.000%		Z		MSC		08/22/22		500,000		(7,597	)		—		(7,597	)
U.S. Treasury Inflation Protected Securities 0.375% due 07/15/23	SOFR + 6.000%		Z		MSC		09/07/22		1,000,000		(14,109	)		—		(14,109	)
U.S. Treasury Inflation Protected Securities 0.125% due 07/15/31	SOFR + 7.000%		Z		MSC		01/20/23		1,000,000		(1,762	)		—		(1,762	)
U.S. Treasury Inflation Protected Securities 0.125% due 10/15/24	SOFR + 7.000%		Z		MSC		01/20/23		1,000,000		(7,476	)		—		(7,476	)
											($52,407	)		$—		($52,407	)
Total Swap Agreements											($121,981	)		$1,619		($123,600	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

58

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$304,355			$—			$304,355			$—
	Mortgage-Backed Securities		1,109,391			—			1,109,391			—
	Asset-Backed Securities		750,357			—			750,357			—
	U.S. Treasury Obligations		35,161,785			—			35,161,785			—
	Foreign Government Bonds & Notes		1,613,586			—			1,613,586			—
	Short-Term Investments		804,356			206,351			598,005			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		68,216			—			68,216			—
	Interest Rate Contracts
	Futures		106,324			106,324			—			—
	Purchased Options		178,263			—			178,263			—
	Swaps		332,474			—			332,474			—
	Total Interest Rate Contracts		617,061			106,324			510,737			—
	Total Assets - Derivatives		685,277			106,324			578,953			—
	Total Assets		40,429,107			312,675			40,116,432			—
Liabilities	Derivatives:
	Credit Contracts
	Written Options		(594	)		—			(594	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(13,567	)		—			(13,567	)		—
	Interest Rate Contracts
	Futures		(144,406	)		(144,406	)		—			—
	Written Options		(246,975	)		—			(246,975	)		—
	Swaps		(456,074	)		—			(456,074	)		—
	Total Interest Rate Contracts		(847,455	)		(144,406	)		(703,049	)		—
	Total Liabilities - Derivatives		(861,616	)		(144,406	)		(717,210	)		—
	Total Liabilities		(861,616	)		(144,406	)		(717,210	)		—
	Total		$39,567,491			$168,269			$39,399,222			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

59

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Financial - 0.0%
CBL & Associates Properties Inc REIT *		2,876		$67,557
Total Common Stocks (Cost $40,014)				67,557
	Principal Amount
CORPORATE BONDS & NOTES - 26.9%
Basic Materials - 0.7%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$465,000		456,403
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		80,000		80,854
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		29,597
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		93,360
CF Industries Inc 4.950% due 06/01/43		85,000		77,351
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		54,544
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		18,590
5.400% due 11/14/34		40,000		39,117
5.450% due 03/15/43		100,000		92,728
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		110,101
3.875% due 10/27/27 ~		10,000		9,478
4.000% due 03/27/27 ~		240,000		230,993
4.125% due 03/12/24 ~		150,000		149,348
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		172,493
3.468% due 12/01/50 ~		66,000		48,184
LYB International Finance III LLC 1.250% due 10/01/25		59,000		53,454
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		29,931
OCP SA (Morocco) 5.125% due 06/23/51 ~		200,000		133,327
Orbia Advance Corp SAB de CV (Mexico) 2.875% due 05/11/31 ~		210,000		168,934
Southern Copper Corp (Peru) 6.750% due 04/16/40		210,000		237,649
Suzano Austria GmbH (Brazil) 3.125% due 01/15/32		50,000		37,759
3.750% due 01/15/31		240,000		194,450
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		51,631
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		86,596
				2,656,872
Communications - 2.6%
Alphabet Inc
0.800% due 08/15/27		30,000		26,082
1.100% due 08/15/30		30,000		24,648

	Principal Amount		Value
1.900% due 08/15/40		$30,000		$21,558
2.050% due 08/15/50		20,000		13,452
Amazon.com Inc
1.500% due 06/03/30		30,000		24,949
2.100% due 05/12/31		40,000		34,295
2.500% due 06/03/50		320,000		226,212
3.300% due 04/13/27		30,000		29,457
3.450% due 04/13/29		70,000		68,102
3.600% due 04/13/32		80,000		77,115
3.875% due 08/22/37		70,000		66,489
3.950% due 04/13/52		75,000		69,420
4.250% due 08/22/57		10,000		9,412
4.950% due 12/05/44		60,000		62,971
AT&T Inc
2.250% due 02/01/32		110,000		89,974
2.300% due 06/01/27		10,000		9,136
2.550% due 12/01/33		10,000		8,124
3.300% due 02/01/52		30,000		22,083
3.500% due 06/01/41		110,000		88,015
3.500% due 09/15/53		20,000		15,194
3.550% due 09/15/55		300,000		225,271
3.650% due 09/15/59		30,000		22,535
3.800% due 02/15/27		30,000		29,415
3.800% due 12/01/57		10,000		7,746
4.350% due 06/15/45		32,000		28,004
5.350% due 09/01/40		40,000		39,578
5.550% due 08/15/41		30,000		30,932
CCO Holdings LLC
4.500% due 08/15/30 ~		10,000		8,335
4.500% due 05/01/32		980,000		796,823
4.750% due 02/01/32 ~		40,000		32,852
5.125% due 05/01/27 ~		130,000		123,109
Charter Communications Operating LLC
2.250% due 01/15/29		300,000		246,765
3.500% due 06/01/41		40,000		28,059
3.500% due 03/01/42		20,000		13,911
3.700% due 04/01/51		225,000		152,677
4.400% due 04/01/33		360,000		321,887
4.908% due 07/23/25		190,000		190,699
5.125% due 07/01/49		40,000		33,188
5.375% due 05/01/47		10,000		8,534
5.750% due 04/01/48		10,000		8,984
6.384% due 10/23/35		20,000		20,145
6.834% due 10/23/55		30,000		30,224
Comcast Corp
2.800% due 01/15/51		312,000		221,368
2.937% due 11/01/56		27,000		18,817
3.150% due 03/01/26		30,000		29,251
3.250% due 11/01/39		185,000		152,344
3.300% due 04/01/27		20,000		19,393
3.375% due 08/15/25		20,000		19,746
3.400% due 04/01/30		30,000		28,175
3.450% due 02/01/50		40,000		31,900
3.969% due 11/01/47		70,000		60,682
3.999% due 11/01/49		61,000		53,330
4.000% due 08/15/47		20,000		17,339
4.000% due 03/01/48		10,000		8,715
4.250% due 10/15/30		200,000		197,403
4.950% due 10/15/58		10,000		10,014
5.650% due 06/15/35		20,000		21,793

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

60

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
CommScope Inc 6.000% due 03/01/26 ~		$20,000		$18,460
Corning Inc 5.750% due 08/15/40		20,000		21,002
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		39,843
CSC Holdings LLC 4.500% due 11/15/31 ~		200,000		154,860
Discovery Communications LLC 3.625% due 05/15/30		100,000		89,012
DISH DBS Corp
5.250% due 12/01/26 ~		40,000		31,429
5.875% due 11/15/24		40,000		33,837
7.750% due 07/01/26		10,000		7,830
Expedia Group Inc 3.800% due 02/15/28		800,000		729,866
Fox Corp 5.476% due 01/25/39		90,000		87,537
Paramount Global 4.000% due 01/15/26		50,000		48,839
Prosus NV (China) 3.832% due 02/08/51 ~		460,000		277,868
Sprint Capital Corp 8.750% due 03/15/32		70,000		84,472
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		309,376		309,658
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		133,245
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		330,000		256,596
Time Warner Cable LLC
5.875% due 11/15/40		50,000		45,906
6.550% due 05/01/37		140,000		140,415
6.750% due 06/15/39		20,000		19,920
7.300% due 07/01/38		230,000		240,567
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		23,163
T-Mobile USA Inc
2.250% due 02/15/26		10,000		9,018
2.625% due 02/15/29		50,000		42,224
2.875% due 02/15/31		490,000		407,729
3.375% due 04/15/29		30,000		26,337
3.500% due 04/15/25		130,000		127,311
3.500% due 04/15/31		50,000		43,273
3.750% due 04/15/27		10,000		9,637
3.875% due 04/15/30		290,000		270,916
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		573,394
Verizon Communications Inc
1.750% due 01/20/31		$70,000		56,291
2.100% due 03/22/28		10,000		8,890
2.355% due 03/15/32		155,000		128,650
2.550% due 03/21/31		260,000		222,523
2.625% due 08/15/26		20,000		18,933
2.650% due 11/20/40		106,000		77,936
2.875% due 11/20/50		50,000		35,555
3.150% due 03/22/30		50,000		45,512
3.850% due 11/01/42		20,000		17,091
4.000% due 03/22/50		30,000		25,994
4.125% due 08/15/46		30,000		26,660

	Principal Amount		Value
4.329% due 09/21/28		$5,000		$4,978
4.400% due 11/01/34		90,000		86,369
4.500% due 08/10/33		550,000		536,980
4.862% due 08/21/46		20,000		19,730
5.500% due 03/16/47		30,000		32,372
				9,925,259
Consumer, Cyclical - 2.9%
7-Eleven Inc
0.950% due 02/10/26 ~		60,000		53,037
2.500% due 02/10/41 ~		49,000		33,266
Alimentation Couche-Tard Inc (Canada)
3.439% due 05/13/41 ~		85,000		63,896
3.625% due 05/13/51 ~		90,000		65,372
American Airlines Pass-Through Trust ‘A’ 3.650% due 12/15/29		133,560		110,838
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		258,958		237,311
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		221,000		185,059
AutoZone Inc 3.625% due 04/15/25		100,000		98,854
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		378,824		358,854
Costco Wholesale Corp 1.600% due 04/20/30		40,000		33,781
Delta Air Lines Inc
2.900% due 10/28/24		80,000		74,085
3.800% due 04/19/23		10,000		9,916
4.500% due 10/20/25 ~		70,000		68,083
4.750% due 10/20/28 ~		590,000		557,782
7.000% due 05/01/25 ~		170,000		172,302
Delta Air Lines Pass-Through Trust ‘A’ 2.500% due 12/10/29		122,892		107,762
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		93,284		91,209
Ford Motor Credit Co LLC
1.355% due 02/07/25		EUR 300,000		279,618
3.250% due 09/15/25		300,000		288,809
3.375% due 11/13/25		$700,000		632,534
4.000% due 11/13/30		200,000		162,454
4.125% due 08/17/27		200,000		176,677
General Motors Co
5.150% due 04/01/38		20,000		17,471
5.950% due 04/01/49		20,000		18,613
6.125% due 10/01/25		45,000		46,587
6.250% due 10/02/43		40,000		38,181
General Motors Financial Co Inc
1.200% due 10/15/24		45,000		41,883
2.700% due 06/10/31		65,000		51,283
2.750% due 06/20/25		340,000		319,487
3.800% due 04/07/25		35,000		34,167
4.250% due 05/15/23		30,000		30,113
4.350% due 01/17/27		60,000		57,608
Hasbro Inc 3.900% due 11/19/29		50,000		45,962
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		20,000		19,650
5.750% due 05/01/28 ~		20,000		19,049

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

61

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Hilton Worldwide Finance LLC 4.875% due 04/01/27		$130,000		$122,639
Hyundai Capital America
1.300% due 01/08/26 ~		40,000		35,548
2.650% due 02/10/25 ~		150,000		143,223
5.875% due 04/07/25 ~		300,000		309,427
JetBlue Pass-Through Trust ‘A’ 4.000% due 05/15/34		270,553		252,208
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		109,654		112,532
Las Vegas Sands Corp
2.900% due 06/25/25		360,000		321,533
3.200% due 08/08/24		430,000		406,640
Lear Corp 2.600% due 01/15/32		25,000		19,530
Lennar Corp 4.500% due 04/30/24		35,000		34,944
Lowe’s Cos Inc 4.500% due 04/15/30		20,000		19,781
Magallanes Inc
3.755% due 03/15/27 ~		20,000		18,777
4.054% due 03/15/29 ~		30,000		27,501
4.279% due 03/15/32 ~		220,000		196,834
5.050% due 03/15/42 ~		20,000		17,047
5.141% due 03/15/52 ~		150,000		126,099
McDonald’s Corp
3.500% due 03/01/27		20,000		19,621
3.500% due 07/01/27		10,000		9,807
3.600% due 07/01/30		160,000		152,465
3.625% due 09/01/49		10,000		8,280
3.700% due 01/30/26		40,000		39,946
3.800% due 04/01/28		30,000		29,424
4.200% due 04/01/50		110,000		98,497
MDC Holdings Inc 2.500% due 01/15/31		40,000		29,564
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		150,000		147,874
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		30,000		25,448
3.875% due 01/15/28 ~		20,000		17,401
Newell Brands Inc
4.100% due 04/01/23		20,000		19,858
4.450% due 04/01/26		10,000		9,556
NIKE Inc
2.750% due 03/27/27		90,000		86,678
3.250% due 03/27/40		20,000		17,154
3.375% due 03/27/50		80,000		68,224
Nissan Motor Acceptance Co LLC
2.000% due 03/09/26 ~		300,000		259,912
2.750% due 03/09/28 ~		300,000		251,098
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		720,000		682,309
Nordstrom Inc 4.250% due 08/01/31		94,000		71,440
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		94,793
Sands China Ltd (Macao)
2.550% due 03/08/27 ~		250,000		182,484
3.100% due 03/08/29 ~		200,000		141,856

	Principal Amount		Value
5.125% due 08/08/25		$310,000		$260,575
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		277,595
Starbucks Corp 3.350% due 03/12/50		40,000		30,353
Target Corp 2.250% due 04/15/25		30,000		28,998
The Home Depot Inc
3.300% due 04/15/40		40,000		34,028
3.350% due 04/15/50		150,000		122,143
3.900% due 06/15/47		10,000		8,962
Tractor Supply Co 1.750% due 11/01/30		100,000		78,669
United Airlines Inc
4.375% due 04/15/26 ~		10,000		8,847
4.625% due 04/15/29 ~		80,000		68,136
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		80,023		68,554
3.700% due 09/01/31		212,644		188,515
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		224,323		204,737
3.650% due 07/07/27		157,778		143,831
VOC Escrow Ltd
5.000% due 02/15/28 ~		90,000		72,439
Walmart Inc
1.500% due 09/22/28		60,000		52,664
1.800% due 09/22/31		30,000		25,499
				10,904,050
Consumer, Non-Cyclical - 3.0%
Abbott Laboratories
4.750% due 11/30/36		30,000		31,839
4.900% due 11/30/46		60,000		63,040
AbbVie Inc
2.950% due 11/21/26		270,000		256,025
3.200% due 11/21/29		390,000		359,089
3.600% due 05/14/25		70,000		68,956
3.750% due 11/14/23		10,000		10,033
3.800% due 03/15/25		90,000		89,392
4.050% due 11/21/39		100,000		89,342
4.250% due 11/21/49		245,000		217,914
Aetna Inc 2.800% due 06/15/23		40,000		39,524
Altria Group Inc
2.450% due 02/04/32		220,000		165,911
3.400% due 02/04/41		120,000		79,591
3.875% due 09/16/46		20,000		13,485
4.400% due 02/14/26		181,000		178,123
4.800% due 02/14/29		6,000		5,708
5.800% due 02/14/39		40,000		36,411
5.950% due 02/14/49		70,000		61,489
6.200% due 02/14/59		12,000		10,933
Amgen Inc
2.770% due 09/01/53		43,000		29,106
4.663% due 06/15/51		11,000		10,314
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		150,000		147,805
4.900% due 02/01/46		90,000		84,759

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

62

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.750% due 07/15/42		$355,000		$288,086
4.350% due 06/01/40		60,000		53,797
4.500% due 06/01/50		130,000		117,086
4.750% due 01/23/29		210,000		213,857
5.550% due 01/23/49		30,000		30,704
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		42,103
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		395,000		315,246
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		167,740
3.557% due 08/15/27		190,000		173,972
4.390% due 08/15/37		40,000		31,794
4.540% due 08/15/47		60,000		44,097
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		26,154
5.250% due 01/30/30 ~		250,000		129,884
6.250% due 02/15/29 ~		110,000		58,850
7.250% due 05/30/29 ~		50,000		27,202
Becton Dickinson and Co
3.363% due 06/06/24		50,000		49,520
3.734% due 12/15/24		14,000		13,948
4.685% due 12/15/44		32,000		29,629
Biogen Inc 2.250% due 05/01/30		34,000		27,899
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		93,610
Boston Scientific Corp 4.550% due 03/01/39		30,000		28,095
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		18,535
4.550% due 02/20/48		90,000		88,287
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		78,512
Cargill Inc 1.375% due 07/23/23 ~		40,000		39,226
Cigna Corp
3.750% due 07/15/23		66,000		66,177
4.125% due 11/15/25		40,000		40,105
4.375% due 10/15/28		190,000		188,730
4.900% due 12/15/48		110,000		105,844
Cintas Corp No 2 4.000% due 05/01/32		50,000		49,162
CommonSpirit Health 2.782% due 10/01/30		185,000		160,078
Constellation Brands Inc
3.600% due 05/09/24		50,000		49,849
4.350% due 05/09/27		50,000		49,623
CVS Health Corp
1.875% due 02/28/31		30,000		24,053
2.125% due 09/15/31		100,000		81,219
3.625% due 04/01/27		10,000		9,750
3.750% due 04/01/30		210,000		196,637
4.125% due 04/01/40		100,000		87,462
4.250% due 04/01/50		20,000		17,265
4.300% due 03/25/28		36,000		35,655
4.875% due 07/20/35		105,000		104,083

	Principal Amount		Value
5.050% due 03/25/48		$140,000		$134,216
5.125% due 07/20/45		60,000		57,925
DH Europe Finance II Sarl 3.250% due 11/15/39		60,000		49,871
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		187,951
Elevance Health Inc
2.250% due 05/15/30		105,000		89,824
3.350% due 12/01/24		40,000		39,484
3.650% due 12/01/27		30,000		29,221
4.100% due 05/15/32		10,000		9,742
4.550% due 05/15/52		20,000		18,858
Gilead Sciences Inc
2.600% due 10/01/40		90,000		65,941
3.650% due 03/01/26		90,000		88,535
4.750% due 03/01/46		30,000		28,833
Global Payments Inc 3.200% due 08/15/29		122,000		106,726
HCA Inc
3.500% due 09/01/30		40,000		34,144
4.500% due 02/15/27		40,000		38,490
5.250% due 06/15/26		440,000		438,601
5.375% due 02/01/25		20,000		19,956
5.875% due 02/01/29		30,000		30,082
Humana Inc
3.150% due 12/01/22		50,000		50,021
3.950% due 03/15/27		40,000		39,270
4.625% due 12/01/42		20,000		18,620
4.800% due 03/15/47		20,000		19,293
Johnson & Johnson
0.950% due 09/01/27		80,000		70,660
3.625% due 03/03/37		30,000		28,479
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		147,784
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		9,521
4.375% due 06/01/46		55,000		45,924
4.625% due 10/01/39		65,000		57,160
5.000% due 06/04/42		10,000		9,153
5.500% due 06/01/50		20,000		19,245
6.500% due 02/09/40		200,000		216,525
Mars Inc 3.200% due 04/01/30 ~		40,000		37,181
MedStar Health Inc 3.626% due 08/15/49		90,000		74,649
Merck & Co Inc 1.450% due 06/24/30		110,000		91,492
MidMichigan Health 3.409% due 06/01/50		55,000		44,139
PayPal Holdings Inc 1.650% due 06/01/25		40,000		37,772
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		86,600
PepsiCo Inc
2.250% due 03/19/25		10,000		9,752
2.625% due 03/19/27		60,000		57,621
2.875% due 10/15/49		20,000		15,918
Pfizer Inc 2.625% due 04/01/30		60,000		54,825

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

63

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Philip Morris International Inc 4.500% due 03/20/42		$30,000		$26,035
Piedmont Healthcare Inc 2.864% due 01/01/52		55,000		39,801
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		30,000		28,035
Quanta Services Inc 2.350% due 01/15/32		90,000		69,806
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		481,639
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		50,000		42,040
6.150% due 09/15/43		30,000		27,851
S&P Global Inc 2.700% due 03/01/29 ~		82,000		74,676
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		83,017
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		225,000		188,410
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		260,000		256,457
Teva Pharmaceutical Finance Co LLC (Israel) 6.150% due 02/01/36		20,000		16,760
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.800% due 07/21/23		140,000		135,730
3.150% due 10/01/26		270,000		222,279
4.100% due 10/01/46		10,000		6,259
The Coca-Cola Co 2.500% due 03/15/51		20,000		14,523
The Procter & Gamble Co 2.800% due 03/25/27		10,000		9,682
Thermo Fisher Scientific Inc 2.000% due 10/15/31		85,000		71,349
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		132,825
Tyson Foods Inc 3.550% due 06/02/27		75,000		71,939
United Rentals North America Inc
3.750% due 01/15/32		50,000		41,157
3.875% due 02/15/31		20,000		16,912
UnitedHealth Group Inc
2.000% due 05/15/30		30,000		25,734
2.300% due 05/15/31		20,000		17,341
2.375% due 10/15/22		10,000		10,000
3.250% due 05/15/51		230,000		180,990
3.750% due 07/15/25		80,000		80,004
3.875% due 08/15/59		50,000		43,306
4.000% due 05/15/29		100,000		99,128
4.200% due 05/15/32		60,000		60,002
4.250% due 06/15/48		60,000		56,085
4.450% due 12/15/48		10,000		9,624
Universal Health Services Inc 2.650% due 10/15/30 ~		42,000		33,632
University of Miami 4.063% due 04/01/52		20,000		18,080
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		99,113

	Principal Amount		Value
Viatris Inc 3.850% due 06/22/40		$60,000		$42,587
West Virginia United Health System Obligated Group 3.129% due 06/01/50		55,000		40,312
Zimmer Biomet Holdings Inc 2.600% due 11/24/31		68,000		55,737
				11,141,175
Energy - 3.1%
Apache Corp
4.750% due 04/15/43		40,000		31,226
5.100% due 09/01/40		70,000		59,310
5.250% due 02/01/42		10,000		8,384
5.350% due 07/01/49		70,000		55,447
Baker Hughes Holdings LLC
5.125% due 09/15/40		50,000		49,097
Boardwalk Pipelines LP 4.450% due 07/15/27		85,000		82,329
BP Capital Markets America Inc
2.772% due 11/10/50		225,000		156,573
2.939% due 06/04/51		55,000		39,446
3.000% due 02/24/50		130,000		94,653
3.633% due 04/06/30		200,000		189,413
3.790% due 02/06/24		10,000		10,047
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		8,817
3.302% due 01/15/35 ~		130,000		111,413
Cheniere Energy Inc 4.625% due 10/15/28		20,000		18,076
Cheniere Energy Partners LP
3.250% due 01/31/32 ~		90,000		71,073
4.000% due 03/01/31		30,000		25,579
Chevron Corp 3.078% due 05/11/50		60,000		47,850
Chevron USA Inc 3.850% due 01/15/28		30,000		29,828
ConocoPhillips 6.500% due 02/01/39		10,000		11,758
Continental Resources Inc
2.268% due 11/15/26 ~		30,000		26,653
3.800% due 06/01/24		40,000		39,530
4.375% due 01/15/28		90,000		84,769
4.500% due 04/15/23		50,000		50,255
4.900% due 06/01/44		20,000		15,784
5.750% due 01/15/31 ~		370,000		358,426
Coterra Energy Inc
3.900% due 05/15/27 ~		205,000		196,746
4.375% due 03/15/29 ~		280,000		274,923
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		19,725
Devon Energy Corp
4.500% due 01/15/30		8,000		7,565
4.750% due 05/15/42		20,000		18,169
5.000% due 06/15/45		230,000		213,798
5.250% due 10/15/27		6,000		6,079
5.875% due 06/15/28		206,000		210,390
Diamondback Energy Inc
3.250% due 12/01/26		140,000		136,699
3.500% due 12/01/29		190,000		174,212

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

64

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
DT Midstream Inc 4.300% due 04/15/32 ~		$70,000		$64,308
Ecopetrol SA (Colombia) 5.875% due 05/28/45		220,000		150,150
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		9,515
3.900% due 05/15/24		230,000		228,378
3.900% due 07/15/26		305,000		293,501
4.950% due 06/15/28		50,000		49,320
5.250% due 04/15/29		270,000		267,753
6.250% due 02/15/23		20,000		15,017
6.250% due 04/15/49		160,000		155,433
6.750% due 05/15/25		20,000		16,764
7.125% due 05/15/30		10,000		8,607
Eni SPA (Italy) 4.000% due 09/12/23 ~		200,000		199,114
Enterprise Products Operating LLC
3.950% due 01/31/60		30,000		23,795
4.150% due 10/16/28		100,000		97,803
4.200% due 01/31/50		90,000		75,244
4.800% due 02/01/49		10,000		9,065
4.850% due 03/15/44		10,000		9,130
7.550% due 04/15/38		220,000		261,353
EOG Resources Inc
3.900% due 04/01/35		30,000		27,728
4.375% due 04/15/30		30,000		30,152
4.950% due 04/15/50		30,000		31,076
EQT Corp
3.625% due 05/15/31 ~		80,000		69,281
3.900% due 10/01/27		280,000		261,020
5.000% due 01/15/29		40,000		38,786
Exxon Mobil Corp
2.995% due 08/16/39		180,000		147,293
3.043% due 03/01/26		140,000		137,561
3.482% due 03/19/30		220,000		211,177
4.114% due 03/01/46		50,000		45,717
4.327% due 03/19/50		30,000		28,363
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		36,793
4.317% due 12/30/39 ~		35,000		27,297
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		280,523
3.450% due 10/15/27 ~		125,000		114,462
HF Sinclair Corp
2.625% due 10/01/23 ~		35,000		34,006
5.875% due 04/01/26 ~		63,000		63,623
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		176,855
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		9,388
Kinder Morgan Inc
4.300% due 06/01/25		50,000		49,817
4.300% due 03/01/28		130,000		126,596
5.050% due 02/15/46		30,000		26,908
5.200% due 03/01/48		50,000		45,786
5.550% due 06/01/45		30,000		28,318
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		490,999

	Principal Amount		Value
MPLX LP
4.500% due 04/15/38		$305,000		$267,926
4.700% due 04/15/48		60,000		50,567
4.800% due 02/15/29		120,000		118,137
NGPL PipeCo LLC 3.250% due 07/15/31 ~		50,000		41,714
Occidental Petroleum Corp
5.550% due 03/15/26		90,000		89,543
6.450% due 09/15/36		310,000		318,500
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		415,000		421,723
5.500% due 06/10/51		160,000		121,671
6.900% due 03/19/49		230,000		206,005
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		198,668
Phillips 66 Co 3.550% due 10/01/26 ~		100,000		97,189
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		17,894
1.900% due 08/15/30		135,000		110,390
2.150% due 01/15/31		30,000		24,731
Range Resources Corp
4.875% due 05/15/25		10,000		9,772
5.000% due 03/15/23		63,000		62,632
Reliance Industries Ltd (India) 3.625% due 01/12/52 ~		310,000		225,442
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		204,223
Schlumberger Holdings Corp 3.900% due 05/17/28 ~		40,000		37,834
Shell International Finance BV (Netherlands)
2.875% due 05/10/26		20,000		19,345
3.125% due 11/07/49		50,000		38,468
4.375% due 05/11/45		280,000		260,989
4.550% due 08/12/43		50,000		47,541
Southwestern Energy Co
4.750% due 02/01/32		30,000		25,708
5.375% due 03/15/30		20,000		18,441
Targa Resources Corp
due 07/01/27 #		121,000		121,629
4.200% due 02/01/33		20,000		18,143
Targa Resources Partners LP
4.000% due 01/15/32		10,000		8,576
4.875% due 02/01/31		90,000		82,209
5.000% due 01/15/28		30,000		28,605
5.500% due 03/01/30		20,000		19,120
6.500% due 07/15/27		10,000		10,260
6.875% due 01/15/29		10,000		10,222
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		30,000		25,943
The Williams Cos Inc
3.750% due 06/15/27		90,000		86,021
7.500% due 01/15/31		190,000		218,767
TransCanada PipeLines Ltd (Canada) 6.200% due 10/15/37		55,000		59,843
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		30,000		33,166
Venture Global Calcasieu Pass LLC 3.875% due 11/01/33 ~		40,000		33,119

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

65

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Western Midstream Operating LP
3.600% due 02/01/25		$30,000		$27,697
4.055% (USD LIBOR + 1.850%) due 01/13/23 §		20,000		19,902
4.500% due 03/01/28		30,000		27,199
4.550% due 02/01/30		60,000		52,068
4.650% due 07/01/26		50,000		47,206
5.300% due 03/01/48		117,000		94,545
5.500% due 08/15/48		60,000		49,016
5.750% due 02/01/50		50,000		40,300
				11,556,426
Financial - 10.8%
AerCap Ireland Capital DAC (Ireland) 2.450% due 10/29/26		430,000		374,728
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		196,263
Air Lease Corp
3.000% due 09/15/23		555,000		542,846
3.375% due 07/01/25		30,000		28,282
Alexandria Real Estate Equities Inc REIT 1.875% due 02/01/33		100,000		75,310
American Campus Communities Operating Partnership LP REIT 2.250% due 01/15/29		40,000		37,074
American Express Co
2.550% due 03/04/27		75,000		69,942
3.375% due 05/03/24		60,000		59,624
4.050% due 05/03/29		80,000		78,498
American Homes 4 Rent LP REIT 4.250% due 02/15/28		200,000		191,205
American International Group Inc 4.375% due 06/30/50		140,000		124,453
American Tower Corp REIT
1.500% due 01/31/28		135,000		112,374
2.950% due 01/15/51		41,000		27,843
3.100% due 06/15/50		64,000		44,365
Athene Global Funding 2.500% due 01/14/25 ~		215,000		204,600
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		768,409
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		$205,000		202,504
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		38,958
2.528% due 11/18/27 ~		523,000		426,778
4.250% due 04/15/26 ~		365,000		338,471
Banco Santander SA (Spain)
2.749% due 12/03/30		200,000		159,048
3.848% due 04/12/23		200,000		199,904
Bank of America Corp
2.572% due 10/20/32		475,000		392,278
2.592% due 04/29/31		330,000		280,171
2.676% due 06/19/41		420,000		302,805
2.972% due 02/04/33		100,000		85,284
3.004% due 12/20/23		155,000		154,531
3.419% due 12/20/28		203,000		189,230
3.500% due 04/19/26		50,000		48,802
3.550% due 03/05/24		90,000		89,743

	Principal Amount		Value
3.593% due 07/21/28		$100,000		$94,406
3.705% due 04/24/28		370,000		353,060
3.841% due 04/25/25		90,000		89,624
3.974% due 02/07/30		240,000		226,987
4.083% due 03/20/51		80,000		69,144
4.200% due 08/26/24		90,000		90,267
4.250% due 10/22/26		650,000		641,333
4.330% due 03/15/50		20,000		18,012
4.376% due 04/27/28		335,000		330,103
4.450% due 03/03/26		90,000		89,716
4.571% due 04/27/33		190,000		185,134
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		94,727
3.803% due 12/15/32		60,000		55,663
Barclays PLC (United Kingdom)
4.972% due 05/16/29		200,000		196,753
5.088% due 06/20/30		300,000		283,450
7.250% due 03/15/23 ~		GBP 200,000		240,001
7.750% due 09/15/23		$300,000		295,500
Berkshire Hathaway Finance Corp
3.850% due 03/15/52		150,000		128,688
4.250% due 01/15/49		70,000		64,655
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		769,874
2.159% due 09/15/29 ~		200,000		167,504
2.219% due 06/09/26 ~		200,000		184,910
2.824% due 01/26/41 ~		350,000		242,248
4.375% due 03/01/33 ~		250,000		232,115
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		264,497
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		70,000		60,107
2.500% due 08/16/31		25,000		19,632
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		82,953
Brown & Brown Inc 2.375% due 03/15/31		220,000		174,377
Capital One Financial Corp 3.800% due 01/31/28		170,000		160,060
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		145,604
Citigroup Inc
3.057% due 01/25/33		340,000		288,520
3.785% due 03/17/33		180,000		162,337
3.875% due 03/26/25		455,000		449,088
4.075% due 04/23/29		150,000		142,722
4.400% due 06/10/25		170,000		169,984
4.412% due 03/31/31		75,000		71,711
4.658% due 05/24/28		40,000		39,727
4.910% due 05/24/33		110,000		108,666
5.500% due 09/13/25		490,000		504,199
5.950% due 01/30/23		140,000		137,522
5.950% due 05/15/25		70,000		65,072
6.675% due 09/13/43		70,000		78,668
8.125% due 07/15/39		130,000		169,422
Cooperatieve Rabobank UA (Netherlands)
3.758% due 04/06/33 ~		250,000		225,880
4.375% due 08/04/25		510,000		506,488

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

66

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Corebridge Financial Inc
3.650% due 04/05/27 ~		$135,000		$127,025
3.850% due 04/05/29 ~		25,000		23,126
Credit Agricole SA (France) 1.247% due 01/26/27 ~		250,000		220,481
Credit Suisse AG (Switzerland) 3.700% due 02/21/25		500,000		488,818
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		226,925
3.869% due 01/12/29 ~		300,000		269,866
4.194% due 04/01/31 ~		420,000		372,027
4.282% due 01/09/28 ~		250,000		233,632
9.750% due 06/23/27 ~		230,000		235,462
Crown Castle International Corp REIT 3.100% due 11/15/29		100,000		88,378
Danske Bank AS (Denmark)
4.298% due 04/01/28 ~		300,000		284,782
5.375% due 01/12/24 ~		400,000		403,864
Deutsche Bank AG (Germany)
2.625% due 12/16/24 ~		GBP 200,000		231,969
2.783% (USD LIBOR + 1.230%) due 02/27/23 §		$300,000		299,699
3.961% due 11/26/25		300,000		290,173
Diversified Healthcare Trust REIT 9.750% due 06/15/25		300,000		296,370
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		82,634
Equinix Inc REIT 2.000% due 05/15/28		109,000		93,684
F&G Global Funding 1.750% due 06/30/26 ~		45,000		39,912
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		191,649
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		200,000		155,231
Healthpeak Properties Inc REIT 2.125% due 12/01/28		79,000		68,297
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		195,779
HSBC Holdings PLC (United Kingdom)
2.871% due 11/22/32		200,000		163,857
4.762% due 03/29/33		210,000		193,913
4.950% due 03/31/30		230,000		227,449
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		768,680
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		699,651
International Lease Finance Corp 5.875% due 08/15/22		150,000		150,290
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		219,080
5.017% due 06/26/24 ~		370,000		353,388
JPMorgan Chase & Co
2.083% due 04/22/26		590,000		552,436
2.522% due 04/22/31		160,000		136,417
3.109% due 04/22/51		30,000		22,047
3.509% due 01/23/29		150,000		140,458
4.203% due 07/23/29		170,000		164,151

	Principal Amount		Value
4.452% due 12/05/29		$70,000		$68,257
4.586% due 04/26/33		260,000		255,653
4.950% due 06/01/45		50,000		47,835
Jyske Realkredit AS (Denmark) 1.500% due 10/01/53		DKK 890,986		103,409
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		$30,000		29,998
Life Storage LP REIT 2.400% due 10/15/31		75,000		59,772
Lloyds Banking Group PLC (United Kingdom)
2.636% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		547,709
4.375% due 03/22/28		$500,000		486,307
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		162,888
Mastercard Inc 3.850% due 03/26/50		60,000		55,067
MetLife Inc 4.125% due 08/13/42		110,000		99,116
Mizuho Financial Group Inc (Japan) 3.261% due 05/22/30		300,000		269,213
Morgan Stanley
2.188% due 04/28/26		240,000		224,984
2.475% due 01/21/28		810,000		736,976
2.699% due 01/22/31		80,000		69,363
3.622% due 04/01/31		230,000		211,485
3.737% due 04/24/24		100,000		99,694
3.772% due 01/24/29		10,000		9,498
4.431% due 01/23/30		10,000		9,726
4.457% due 04/22/39		150,000		139,961
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		818,870
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		187,837
NatWest Group PLC (United Kingdom)
4.445% due 05/08/30		200,000		188,479
4.892% due 05/18/29		200,000		194,016
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		36,893
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		122,877
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		44,173
Nykredit Realkredit AS (Denmark) 1.500% due 10/01/53 ~		DKK 1,197,164		132,120
Office Properties Income Trust REIT
2.400% due 02/01/27		$90,000		73,614
4.500% due 02/01/25		50,000		47,953
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		731,684
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		4,000		4,000
Physicians Realty LP REIT 2.625% due 11/01/31		30,000		24,182
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		18,387
Public Storage REIT
1.950% due 11/09/28		38,000		32,892
2.250% due 11/09/31		32,000		26,487

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

67

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Royal Bank of Canada (Canada)
1.150% due 06/10/25		$90,000		$83,383
1.600% due 04/17/23		50,000		49,462
Sabra Health Care LP REIT 3.200% due 12/01/31		50,000		39,736
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		673,854
4.500% due 07/17/25		100,000		99,164
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		212,265
Societe Generale SA (France)
1.792% due 06/09/27 ~		300,000		262,204
4.250% due 04/14/25 ~		200,000		196,265
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		693,558
Standard Chartered PLC (United Kingdom)
1.456% due 01/14/27 ~		500,000		441,531
2.220% (SOFR + 0.930%) due 11/23/25 ~ §		300,000		293,205
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		300,000		261,544
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		38,258
4.900% due 09/15/44 ~		40,000		38,443
6.850% due 12/16/39 ~		18,000		21,259
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		28,275
The Bank of Nova Scotia (Canada) 4.588% due 05/04/37		100,000		92,056
The Goldman Sachs Group Inc
1.948% due 10/21/27		360,000		318,852
2.383% due 07/21/32		330,000		267,179
2.640% due 02/24/28		320,000		290,660
3.615% due 03/15/28		50,000		47,358
3.850% due 07/08/24		70,000		70,213
4.017% due 10/31/38		120,000		104,970
4.223% due 05/01/29		220,000		211,675
4.250% due 10/21/25		540,000		536,705
5.150% due 05/22/45		240,000		228,448
6.250% due 02/01/41		110,000		122,124
The Norinchukin Bank (Japan) 2.080% due 09/22/31 ~		300,000		244,955
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		270,000		249,366
UBS Group AG (Switzerland)
1.494% due 08/10/27 ~		200,000		175,157
7.000% due 01/31/24 ~		250,000		244,156
UDR Inc REIT
1.900% due 03/15/33		30,000		22,706
2.100% due 08/01/32		200,000		155,772
Visa Inc
3.150% due 12/14/25		80,000		78,883
4.300% due 12/14/45		140,000		138,517
Wells Fargo & Co
2.188% due 04/30/26		80,000		74,946
2.393% due 06/02/28		600,000		537,797
2.879% due 10/30/30		110,000		96,823
3.000% due 10/23/26		380,000		358,806

	Principal Amount		Value
3.196% due 06/17/27		$580,000		$550,096
3.350% due 03/02/33		50,000		44,414
3.584% due 05/22/28		100,000		94,951
4.400% due 06/14/46		30,000		26,180
4.478% due 04/04/31		560,000		548,214
4.611% due 04/25/53		70,000		64,896
4.750% due 12/07/46		110,000		100,952
4.900% due 11/17/45		50,000		46,458
5.013% due 04/04/51		620,000		609,765
5.375% due 11/02/43		80,000		78,544
Westpac Banking Corp (Australia) 3.133% due 11/18/41		53,000		38,942
WP Carey Inc REIT
2.250% due 04/01/33		55,000		42,311
2.400% due 02/01/31		75,000		61,332
				40,505,993
Industrial - 1.3%
3M Co
2.375% due 08/26/29		60,000		53,864
3.050% due 04/15/30		10,000		9,337
3.700% due 04/15/50		190,000		163,229
Ball Corp 3.125% due 09/15/31		50,000		40,416
Carrier Global Corp
2.700% due 02/15/31		10,000		8,471
2.722% due 02/15/30		10,000		8,644
3.577% due 04/05/50		10,000		7,590
CSX Corp 3.800% due 11/01/46		70,000		59,476
Eaton Corp 4.150% due 11/02/42		20,000		17,988
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		200,000		187,054
General Dynamics Corp
3.500% due 05/15/25		10,000		9,963
4.250% due 04/01/40		10,000		9,580
4.250% due 04/01/50		30,000		28,918
General Electric Co 6.750% due 03/15/32		17,000		19,035
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		85,867
Kansas City Southern 4.700% due 05/01/48		47,000		44,515
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		63,925
5.054% due 04/27/45		40,000		38,968
Lockheed Martin Corp
3.900% due 06/15/32		50,000		49,395
4.150% due 06/15/53		150,000		140,312
4.500% due 05/15/36		30,000		29,865
Martin Marietta Materials Inc 3.450% due 06/01/27		40,000		38,203
Masco Corp 2.000% due 10/01/30		125,000		98,900
Norfolk Southern Corp 3.050% due 05/15/50		80,000		58,785
Northrop Grumman Corp 3.250% due 01/15/28		325,000		309,212

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

68

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
5.250% due 05/01/50		$80,000		$84,910
Otis Worldwide Corp
2.056% due 04/05/25		30,000		28,448
3.112% due 02/15/40		85,000		65,954
Raytheon Technologies Corp
3.750% due 11/01/46		170,000		144,355
4.125% due 11/16/28		130,000		128,424
4.500% due 06/01/42		30,000		28,661
Republic Services Inc 2.500% due 08/15/24		50,000		48,452
TD SYNNEX Corp 2.650% due 08/09/31 ~		400,000		323,590
Textron Inc 2.450% due 03/15/31		700,000		575,821
The Boeing Co
1.433% due 02/04/24		90,000		86,043
2.196% due 02/04/26		315,000		284,423
3.100% due 05/01/26		465,000		433,649
3.200% due 03/01/29		90,000		77,958
3.250% due 02/01/35		290,000		219,813
3.550% due 03/01/38		20,000		14,608
3.750% due 02/01/50		260,000		183,960
5.150% due 05/01/30		390,000		374,682
Union Pacific Corp
2.150% due 02/05/27		10,000		9,272
2.400% due 02/05/30		120,000		106,212
3.750% due 07/15/25		70,000		70,150
3.750% due 02/05/70		40,000		31,845
3.839% due 03/20/60		90,000		75,361
				4,978,103
Technology - 1.1%
Activision Blizzard Inc 1.350% due 09/15/30		58,000		46,620
Analog Devices Inc 2.800% due 10/01/41		20,000		15,706
Apple Inc
2.450% due 08/04/26		140,000		134,189
3.450% due 02/09/45		140,000		122,071
Broadcom Inc
2.450% due 02/15/31 ~		500,000		402,218
3.137% due 11/15/35 ~		300,000		228,230
3.187% due 11/15/36 ~		26,000		19,801
3.469% due 04/15/34 ~		300,000		244,559
CGI Inc (Canada)
1.450% due 09/14/26		300,000		265,167
2.300% due 09/14/31		90,000		72,327
Dell International LLC 6.200% due 07/15/30		60,000		62,509
Intel Corp
1.600% due 08/12/28		130,000		113,882
4.750% due 03/25/50		50,000		49,182
KLA Corp
3.300% due 03/01/50		50,000		39,707
4.650% due 07/15/32		97,000		99,021
Leidos Inc 2.300% due 02/15/31		35,000		27,918
Marvell Technology Inc 2.950% due 04/15/31		30,000		25,208

	Principal Amount		Value
Microchip Technology Inc
0.972% due 02/15/24		$120,000		$114,034
0.983% due 09/01/24		72,000		67,199
Microsoft Corp
2.525% due 06/01/50		250,000		184,453
2.675% due 06/01/60		5,000		3,593
2.921% due 03/17/52		10,000		7,904
3.041% due 03/17/62		25,000		19,446
3.300% due 02/06/27		90,000		89,488
3.450% due 08/08/36		10,000		9,444
NVIDIA Corp
2.850% due 04/01/30		30,000		27,491
3.500% due 04/01/40		70,000		61,399
3.500% due 04/01/50		60,000		51,072
3.700% due 04/01/60		40,000		33,671
NXP BV (China)
2.500% due 05/11/31		85,000		69,965
3.250% due 05/11/41		90,000		67,898
Oracle Corp
1.650% due 03/25/26		110,000		98,720
2.875% due 03/25/31		190,000		156,730
2.950% due 04/01/30		20,000		17,100
Renesas Electronics Corp (Japan) 1.543% due 11/26/24 ~		300,000		280,368
Roper Technologies Inc 1.750% due 02/15/31		100,000		78,020
Take-Two Interactive Software Inc 3.700% due 04/14/27		79,000		76,757
Texas Instruments Inc 1.750% due 05/04/30		20,000		17,173
VMware Inc
1.400% due 08/15/26		100,000		88,541
4.700% due 05/15/30		165,000		159,260
Workday Inc
3.500% due 04/01/27		102,000		97,625
3.700% due 04/01/29		50,000		46,818
3.800% due 04/01/32		80,000		73,182
Xilinx Inc 2.375% due 06/01/30		153,000		135,050
				4,100,716
Utilities - 1.4%
Alabama Power Co 1.450% due 09/15/30		400,000		324,967
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		191,585
APA Infrastructure Ltd 4.200% due 03/23/25 ~		40,000		39,719
Atmos Energy Corp 2.850% due 02/15/52		60,000		43,006
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		71,105
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		18,653
3.950% due 04/01/50		10,000		8,695
Consumers Energy Co 3.250% due 08/15/46		45,000		36,312
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		19,137

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

69

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Duquesne Light Holdings Inc 2.775% due 01/07/32 ~		$60,000		$49,265
Edison International 5.750% due 06/15/27		70,000		71,104
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		88,227
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		400,000		387,806
Entergy Arkansas LLC
2.650% due 06/15/51		45,000		31,284
3.050% due 06/01/23		300,000		299,224
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		36,148
Evergy Inc 2.900% due 09/15/29		130,000		114,857
Eversource Energy 4.600% due 07/01/27		91,000		91,816
Fells Point Funding Trust 3.046% due 01/31/27 ~		135,000		124,603
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		127,129
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		34,185
ITC Holdings Corp 2.950% due 05/14/30 ~		65,000		57,372
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		125,000		123,615
New York State Electric & Gas Corp 2.150% due 10/01/31 ~		300,000		247,892
NextEra Energy Capital Holdings Inc 5.000% due 07/15/32		185,000		189,704
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		72,519
2.450% due 12/02/27 ~		90,000		77,360
OGE Energy Corp 0.703% due 05/26/23		35,000		34,118
Pacific Gas and Electric Co
1.367% due 03/10/23		85,000		83,726
1.700% due 11/15/23		345,000		332,655
2.100% due 08/01/27		20,000		16,782
2.500% due 02/01/31		30,000		22,975
2.950% due 03/01/26		50,000		45,495
3.150% due 01/01/26		200,000		183,393
3.250% due 02/16/24		115,000		112,078
3.300% due 08/01/40		10,000		6,910
3.450% due 07/01/25		85,000		80,020
3.500% due 08/01/50		20,000		13,397
3.750% due 08/15/42		33,000		22,392
PacifiCorp 4.150% due 02/15/50		80,000		72,332
PG&E Wildfire Recovery Funding LLC 4.263% due 06/01/38		30,000		30,220
Public Service Co of Oklahoma 3.150% due 08/15/51		120,000		88,320
San Diego Gas & Electric Co 2.950% due 08/15/51		100,000		73,967
Southern California Edison Co
1.200% due 02/01/26		95,000		85,105
3.700% due 08/01/25		300,000		295,381

	Principal Amount		Value
4.125% due 03/01/48		$60,000		$49,481
Southern Co Gas Capital Corp 3.950% due 10/01/46		75,000		61,500
Southern Power Co 5.150% due 09/15/41		70,000		66,095
Union Electric Co 3.900% due 04/01/52		51,000		44,990
Virginia Electric and Power Co 6.350% due 11/30/37		90,000		103,988
Vistra Operations Co LLC 4.875% due 05/13/24 ~		92,000		91,641
Xcel Energy Inc 4.600% due 06/01/32		200,000		198,545
				5,192,795
Total Corporate Bonds & Notes (Cost $114,823,005)				100,961,389
SENIOR LOAN NOTES - 2.0%
Basic Materials - 0.0%
Asplundh Tree Expert LLC Term B 3.416% (USD LIBOR + 1.750%) due 09/04/27 §		76,949		74,696
INEOS US Petrochem LLC Term B 4.416% (USD LIBOR + 2.750%) due 01/29/26 §		39,301		37,188
				111,884
Communications - 0.3%
Altice France SA Term B-12 (France) 4.732% (USD LIBOR + 3.688%) due 01/31/26 §		237,850		217,038
Charter Communications Operating LLC
Term B-1 3.420% (USD LIBOR + 1.750%) due 04/30/25 §		214,063		209,024
Term B-2 3.420% (USD LIBOR + 1.750%) due 02/01/27 §		197,213		188,677
CSC Holdings LLC
Term B 3.574% (USD LIBOR + 2.250%) due 01/15/26 §		49,488		46,065
Term B-5 3.824% (USD LIBOR + 2.500%) due 04/15/27 §		29,325		27,355
Nexstar Media Inc Term B-4 4.166% (USD LIBOR + 2.500%) due 09/19/26 §		152,093		150,002
Zayo Group Holdings Inc Term B 4.666% (USD LIBOR + 3.000%) due 03/09/27 §		90,000		80,800
				918,961
Consumer, Cyclical - 0.4%
Air Canada Term B (Canada) 4.250% (USD LIBOR + 3.500%) due 08/11/28 ± §		110,000		101,750

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

70

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Alterra Mountain Co Term B 5.166% (USD LIBOR + 3.500%) due 08/17/28 §		$77,395		$74,033
Caesars Resort Collection LLC Term B-1 5.166% (USD LIBOR + 3.500%) due 07/20/25 §		68,775		66,561
Clarios Global LP Term B 4.916% (USD LIBOR + 3.250%) due 04/30/26 ± §		163,011		152,008
Great Outdoors Group LLC Term B-2 5.416% (USD LIBOR + 3.750%) due 03/05/28 §		49,253		45,169
GVC Holdings Gibraltar Ltd Term B-4 (United Kingdom) 3.743% (USD LIBOR + 2.250%) due 03/16/27 §		49,550		47,423
Harbor Freight Tools USA Inc Term B 4.416% (USD LIBOR + 2.750%) due 10/19/27 §		118,299		105,175
Hunter Douglas Inc Term B (Netherlands) 4.842% (SOFR + 3.500%) due 02/25/29 §		350,000		302,167
Nascar Holdings LLC Term B 4.166% (USD LIBOR + 2.500%) due 10/18/26 §		176,712		171,148
PCI Gaming Authority Term B 4.166% (USD LIBOR + 2.500%) due 05/31/26 §		32,362		31,047
Petco Health & Wellness Co Inc Term B 5.500% (USD LIBOR + 3.250%) due 03/04/28 §		52,918		49,955
Scientific Games International Inc Term B 4.357% (SOFR + 3.000%) due 04/14/29 §		200,000		187,958
Station Casinos LLC Term B-1 3.920% (USD LIBOR + 2.250%) due 02/08/27 §		118,441		111,742
UFC Holdings LLC Term B-3 3.500% (USD LIBOR + 2.750%) due 04/29/26 §		225,091		210,460
				1,656,596
Consumer, Non-Cyclical - 0.5%
AlixPartners LLP Term B 4.416% (USD LIBOR + 2.750%) due 02/04/28 §		246,875		234,840
Eyecare Partners LLC 6.000% (USD LIBOR + 3.750%) due 02/20/27 §		48,950		45,238
Froneri US Inc Term B 3.916% (USD LIBOR + 2.250%) due 01/31/27 §		206,539		190,876
Gainwell Acquisition Corp Term B 6.250% (USD LIBOR + 4.000%) due 10/01/27 §		187,372		178,238
Garda World Security Corp Term B (Canada) 5.900% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		31,949

	Principal Amount		Value
Global Medical Response Inc Term B 5.250% (USD LIBOR + 4.250%) due 10/02/25 §		$128,650		$120,007
Horizon Therapeutics USA Inc Term B-2 3.375% (USD LIBOR + 1.750%) due 03/15/28 §		32,568		31,509
ICON Luxembourg SARL Term B (Luxembourg) 4.563% (USD LIBOR + 2.250%) due 07/01/28 §		187,012		181,090
Medline Borrower LP Term B 4.916% (USD LIBOR + 3.250%) due 10/21/28 §		229,425		213,202
Phoenix Guarantor Inc Term B 5.142% (USD LIBOR + 3.500%) due 03/05/26 §		79,000		73,988
Phoenix Newco Inc 4.310% (USD LIBOR + 3.250%) due 11/15/28 §		69,825		65,947
PRA Health Sciences Inc Term B 4.563% (USD LIBOR + 2.250%) due 07/01/28 §		46,594		45,119
Triton Water Holdings Inc Term B 5.750% (USD LIBOR + 3.500%) due 03/31/28 §		227,700		203,412
Verscend Holding Corp Term B 5.666% (USD LIBOR + 4.000%) due 08/27/25 §		58,894		56,489
				1,671,904
Diversified - 0.0%
First Eagle Holdings Inc Term B 4.750% (USD LIBOR + 2.500%) due 02/02/27 §		28,050		26,273
Financial - 0.4%
Allspring Buyer LLC Term B 5.563% (SOFR + 3.250%) due 11/01/28 §		128,678		123,530
AmWINS Group Inc Term B 3.916% (USD LIBOR + 2.250%) due 02/19/28 §		216,701		204,963
Asurion LLC
Term B-7 4.666% (USD LIBOR + 3.000%) due 11/03/24 §		145,641		137,194
Term B-8 4.916% (USD LIBOR + 3.250%) due 12/23/26 §		196,527		178,716
Term B-9 4.916% (USD LIBOR + 3.250%) due 07/31/27 §		59,250		53,769
Avolon (US) LLC Term B-5 (Ireland) 3.845% (USD LIBOR + 2.250%) due 12/01/27 §		49,250		46,926
Deerfield Dakota Holding LLC Term B 5.275% (SOFR + 3.750%) due 04/09/27 §		225,892		213,356

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

71

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
FleetCor Technologies Operating Co LLC Term B-4 3.416% (USD LIBOR + 1.750%) due 04/30/28 §		$128,701		$124,208
Focus Financial Partners LLC Term B-3 3.666% (SOFR + 2.000%) due 07/03/24 §		77,699		74,630
Jane Street Group LLC Term B 4.416% (USD LIBOR + 2.750%) due 01/26/28 §		196,067		188,653
The Edelman Financial Engines Center LLC Term B 5.166% (USD LIBOR + 3.500%) due 04/07/28 §		58,064		53,636
VFH Parent LLC Term B 4.434% (SOFR + 3.000%) due 01/13/29 §		90,000		85,388
				1,484,969
Industrial - 0.3%
Ali Group North America Corp Term B due 12/20/28 ∞		240,000		230,000
Brookfield WEC Holdings Inc Term B 4.416% (USD LIBOR + 2.750%) due 08/01/25 §		39,400		37,356
Brown Group Holding LLC Term B 4.166% (USD LIBOR + 2.500%) due 06/07/28 §		148,796		142,054
Energizer Holdings Inc 3.875% (USD LIBOR + 2.250%) due 12/22/27 §		39,500		37,599
II-VI Inc Term B due 07/01/29 ∞		120,000		115,260
Quikrete Holdings Inc
Term B 4.291% (USD LIBOR + 2.625%) due 01/31/27 §		246,212		232,132
Term B-1 4.666% (USD LIBOR + 3.000%) due 06/11/28 §		119,700		113,378
TransDigm Inc Term F 3.916% (USD LIBOR + 2.250%) due 12/09/25 §		9,848		9,376
XPO Logistics Inc Term B 2.870% (USD LIBOR + 1.750%) due 02/23/25 §		215,000		205,248
				1,122,403
Technology - 0.1%
Cloudera Inc Term B 5.416% (USD LIBOR + 3.750%) due 10/08/28 §		89,775		82,892
Dcert Buyer Inc 5.666% (USD LIBOR + 4.000%) due 10/16/26 §		205,570		194,949

	Principal Amount		Value
Magenta Buyer LLC 5.980% (USD LIBOR + 4.750%) due 07/27/28 §		$148,000		$133,694
				411,535
Total Senior Loan Notes (Cost $7,856,045)				7,404,525
MORTGAGE-BACKED SECURITIES - 36.4%
Collateralized Mortgage Obligations - Commercial - 4.9%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		869,125
ACRE Commercial Mortgage Ltd (Cayman)
2.442% (USD LIBOR + 0.830%) due 12/18/37 ~ §		344,518		340,811
3.012% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		174,865
AREIT Trust 3.508% (SOFR + 2.734%) due 04/15/37 ~ §		44,954		44,576
Ashford Hospitality Trust 2.325% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		582,177
BAMLL Commercial Mortgage Securities Trust 4.091% due 08/10/38 ~ §		300,000		290,820
BAMLL Re-REMIC Trust
2.043% due 11/26/47 ~ §		190,000		178,907
5.840% due 08/10/45 ~ §		1,546,302		510,280
BBCMS Trust (IO) 1.426% due 07/15/54 §		1,939,977		155,014
Benchmark Mortgage Trust 3.458% due 03/15/55		300,000		281,404
BPR Trust 2.574% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		315,861
BX Commercial Mortgage Trust 3.667% due 03/11/44 ~ §		230,000		186,705
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		693,840
Commercial Mortgage Trust
2.321% due 01/10/38 ~ §		300,000		266,522
3.545% due 02/10/36 ~		1,000,000		950,556
4.298% due 02/10/48 §		90,000		84,227
CSMC Trust
2.257% due 08/15/37 ~		978,834		903,982
4.348% (USD LIBOR + 3.024%) due 12/15/22 ~ §		429,037		427,298
4.373% due 09/15/37 ~		830,000		620,861
5.063% (USD LIBOR + 3.739%) due 09/16/25 ~ §		560,000		536,071
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		843,945
Fannie Mae
1.707% due 11/25/31 §		300,000		254,974
2.081% due 04/25/32 ±		1,050,000		912,257
3.273% due 02/25/29		30,000		29,224
3.610% due 02/25/31		70,000		69,777
3.700% due 01/25/36		100,000		100,249

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

72

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Fannie Mae (IO) 2.241% due 01/25/31 §		$4,917,472		$558,305
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.290% due 11/25/30 §		3,235,000		267,175
1.306% due 10/25/30 §		2,700,000		223,911
1.364% due 12/25/29		1,490,000		110,155
2.400% due 03/25/32		400,000		360,082
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		347,665
Freddie Mac Multifamily Structured Credit Risk 2.726% (SOFR + 1.800%) due 07/25/41 ~ §		368,685		333,558
Freddie Mac Multifamily WI Certificates 1.981% due 02/25/32		400,000		346,168
FREMF Mortgage Trust 3.270% (USD LIBOR + 2.150%) due 01/25/26 ~ §		121,578		120,989
3.690% due 01/25/26 ~ §		350,000		329,773
4.009% due 01/25/50 ~ §		415,000		407,583
4.067% due 12/25/46 ~ §		300,000		298,323
FRR Re-REMIC Trust 0.422% due 10/27/46 ~ §		100,000		95,663
Government National Mortgage Association
1.450% due 01/16/63		311,961		262,313
2.850% due 11/16/47 §		39,827		37,846
Government National Mortgage Association (IO)
0.323% due 01/16/53 §		3,928,041		37,898
0.433% due 04/16/47 §		2,264,105		26,728
0.640% due 02/16/61 §		694,714		42,521
GS Mortgage Securities Trust 3.124% (USD LIBOR + 1.800%) due 09/15/31 ~ §		1,038,034		919,565
JP Morgan Chase Commercial Mortgage Securities Trust
5.509% (USD LIBOR + 4.000%) due 01/16/37 ~ §		68,709		63,832
5.574% (USD LIBOR + 4.250%) due 12/15/36 ~ §		280,000		218,892
8.074% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		211,255
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		160,523
MF1 Ltd (Cayman) 3.443% (SOFR + 2.164%) due 07/15/35 ~ §		78,812		78,410
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		22,686		11,234
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		335,992
PFP Ltd (Cayman) 2.909% (USD LIBOR + 1.400%) due 04/14/38 ~ §		261,987		246,798
SLG Office Trust 2.585% due 07/15/41 ~		235,000		199,976
TTAN 2.175% (USD LIBOR + 0.850%) due 03/15/38 ~ §		398,982		384,608

	Principal Amount		Value
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		$68,024		$66,163
Wells Fargo Commercial Mortgage Trust 2.474% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		193,010
Wells Fargo Commercial Mortgage Trust (IO)
1.334% due 03/15/50 §		4,075,422		177,631
1.677% due 08/15/54 §		1,293,636		126,364
				18,225,237
Collateralized Mortgage Obligations - Residential - 7.3%
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		243,590		228,034
Alternative Loan Trust
2.044% (USD LIBOR + 0.420%) due 05/25/35 §		160,220		146,450
3.044% due 06/25/37 §		50,928		43,300
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,311,679		261,141
Anchor Mortgage Trust 2.600% due 10/25/26 ~		340,000		328,575
Banc of America Funding Trust 2.966% due 05/25/35 §		9,069		8,898
Bayview Financing Trust 4.280% (USD LIBOR + 3.000%) due 11/10/22 ~ §		148,050		148,984
BCAP LLC Trust 4.737% due 03/26/37 ~		16,899		16,729
Bear Stearns Adjustable Rate Mortgage Trust
2.282% due 01/25/35 §		96,205		97,774
2.915% due 08/25/33 §		12,459		12,112
3.088% due 10/25/36 §		2,530		2,332
Bear Stearns ALT-A Trust
2.752% due 05/25/35 §		9,259		8,910
2.954% due 11/25/36 §		36,286		20,495
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		235,900
CFMT LLC
0.946% due 12/26/30 ~ §		200,724		198,350
1.374% due 02/25/31 ~ §		665,000		638,831
Chase Mortgage Finance Trust
2.624% due 02/25/37 §		82,210		80,102
2.863% due 09/25/36 §		33,782		29,017
ChaseFlex Trust 1.924% (USD LIBOR + 0.300%) due 08/25/37 §		224,295		195,818
Chevy Chase Funding LLC
1.205% due 05/25/35 ~ §		579,751		456,164
1.874% (USD LIBOR + 0.250%) due 08/25/35 ~ §		7,959		7,468
Citigroup Mortgage Loan Trust Inc 3.790% (US Treasury + 2.150%) due 09/25/35 §		2,497		2,451
Countrywide Home Loan Mortgage Pass-Through Trust 2.264% (USD LIBOR + 0.640%) due 03/25/35 §		5,621		5,165
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		23,660		18,514

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

73

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
CSMC Trust
1.538% due 02/25/66 ~ §		$328,401		$312,076
1.668% due 09/27/60 ~ §		499,272		474,777
2.000% due 01/25/60 ~ §		430,381		405,508
3.548% (USD LIBOR + 1.750%) due 07/25/47 ~ §		124,266		121,218
Downey Saving & Loan Association Mortgage Loan Trust 1.792% (USD LIBOR + 0.180%) due 04/19/47 §		70,358		79,070
Eurosail-UK PLC (United Kingdom) 2.540% (GBP LIBOR + 0.950%) due 06/13/45 ~ §		GBP 410,711		496,227
Fannie Mae
2.000% due 08/25/50		$300,000		251,842
3.125% (US PRIME - 1.625%) due 11/25/23 §		11,015		10,874
3.500% due 09/25/45		126,975		120,627
3.500% due 11/25/57		756,375		756,447
5.500% due 04/25/35		246,809		265,171
Fannie Mae (IO)
2.500% due 01/25/49		877,327		130,189
4.000% due 03/25/43		119,679		18,013
4.000% due 04/25/43		465,771		76,384
4.376% (6.000% - USD LIBOR) due 11/25/45 §		895,516		122,688
4.476% (6.100% - USD LIBOR) due 09/25/46 §		245,226		23,336
Fannie Mae Connecticut Avenue Securities 5.624% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		455,050
FMC GMSR Issuer Trust
3.650% due 02/25/24 ~ §		630,000		625,204
Freddie Mac REMICS
3.000% due 08/15/48		50,792		48,403
4.000% due 04/25/52		100,000		97,771
8.000% due 04/15/30		37,765		41,674
Freddie Mac REMICS (IO)
2.000% due 10/25/50		89,169		12,570
2.500% due 05/25/49		285,968		40,796
2.500% due 09/25/50		157,009		23,569
3.500% due 04/15/43		142,847		22,519
4.000% due 04/15/43		53,867		3,015
Freddie Mac Strips (IO) 4.101% (6.100% - USD LIBOR) due 08/15/44 §		117,761		14,546
Freddie Mac Structured Agency Credit Risk Debt Notes
3.924% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		143,490
5.624% (USD LIBOR + 4.000%) due 08/25/24 §		83,685		84,363
Government National Mortgage Association
1.103% (USD LIBOR + 0.300%) due 05/20/68 §		239,822		237,217
1.253% (USD LIBOR + 0.450%) due 07/20/70 §		246,080		240,817

	Principal Amount		Value
1.303% (USD LIBOR + 0.500%) due 06/20/69 §		$135,718		$134,184
1.403% (USD LIBOR + 0.600%) due 07/20/65 §		562,305		558,236
1.603% (USD LIBOR + 0.800%) due 06/20/66 §		450,330		449,269
1.603% (USD LIBOR + 0.800%) due 07/20/66 §		780,737		778,915
1.968% (USD LIBOR + 0.750%) due 04/20/67 §		444,535		439,334
2.083% (USD LIBOR + 1.280%) due 01/20/71 §		845,148		856,805
2.083% (USD LIBOR + 1.280%) due 02/20/71 §		595,768		610,457
3.096% due 09/20/66 §		560,944		578,879
Government National Mortgage Association (IO)
1.617% due 03/20/71 §		8,082,935		293,435
2.500% due 08/20/50		168,815		23,801
2.500% due 09/20/50		87,270		12,363
2.500% due 10/20/50		176,825		25,526
3.944% (6.100% - USD LIBOR) due 10/16/46 §		160,380		29,232
4.000% due 11/20/44		367,929		64,674
4.500% due 11/16/45		154,913		31,236
4.555% (6.150% - USD LIBOR) due 02/20/46 §		790,343		118,017
Great Hall Mortgages PLC (United Kingdom) 2.193% (USD LIBOR + 0.130%) due 06/18/39 ~ §		135,044		132,556
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		547,976
GSR Mortgage Loan Trust
6.000% due 11/25/35		390,817		214,847
6.000% due 07/25/37		200,696		150,170
HarborView Mortgage Loan Trust
1.784% (USD LIBOR + 0.320%) due 05/25/38 §		161,623		138,502
1.952% (USD LIBOR + 0.340%) due 12/19/36 §		99,285		86,428
2.052% (USD LIBOR + 0.440%) due 05/19/35 §		141,928		130,773
2.721% due 02/25/36 §		36,412		14,593
3.154% due 08/19/36 §		81,854		75,158
Hawksmoor Mortgages (United Kingdom) 1.703% (SONIA + 1.050%) due 05/25/53 ~ §		GBP 909,783		1,107,831
JP Morgan Mortgage Trust
2.904% due 07/25/35 §		$6,217		6,248
3.500% due 10/25/48 ~ §		208,506		197,230
5.750% due 01/25/36		10,602		5,968
Ludgate Funding PLC (United Kingdom) 1.849% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 372,193		420,471
Merrill Lynch Mortgage Investors Trust 2.387% due 11/25/35 §		$172,732		167,548
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		489,582		478,034

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

74

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		$72,114		$69,924
3.500% due 12/25/57 ~ §		424,529		415,402
OBX Trust 2.274% (USD LIBOR + 0.650%) due 06/25/57 ~ §		443,520		434,958
PRPM LLC 2.115% due 01/25/26 ~ §		276,825		264,195
Radnor RE Ltd (Bermuda) 3.626% (SOFR + 2.700%) due 12/27/33 ~ §		590,000		553,276
RALI Trust 6.000% due 03/25/37		590,574		506,968
Reperforming Loan REMIC Trust
1.964% (USD LIBOR + 0.340%) due 06/25/35 ~ §		17,489		17,204
1.964% (USD LIBOR + 0.340%) due 01/25/36 ~ §		101,003		96,555
Seasoned Credit Risk Transfer Trust
3.250% due 11/25/61		192,284		184,205
3.500% due 05/25/57		268,729		264,775
3.500% due 06/25/57		280,250		275,959
4.250% due 09/25/60 ~		620,000		562,319
ST Phillip Villa due 09/01/34 #		660,000		670,106
Towd Point Mortgage Funding PLC (United Kingdom)
0.627% (SONIA + 0.900%) due 05/20/45 ~ §		GBP 1,100,879		1,337,393
1.361% (SONIA + 0.900%) due 07/20/45 ~ §		1,123,725		1,366,950
2.099% (SONIA + 1.144%) due 10/20/51 ~ §		735,640		893,330
Towd Point Mortgage Trust
3.000% due 04/25/60 ~ §		$240,000		197,936
3.193% due 10/25/53 ~ §		300,000		273,539
3.250% due 10/25/57 ~ §		180,000		168,519
4.000% due 11/25/47 ~		166,919		160,684
Two 4.780% (USD LIBOR + 3.000%) due 02/08/23 ~ §		750,000		755,625
WaMu Mortgage Pass-Through Certificates Trust 3.125% due 02/25/37 §		82,216		77,690
				27,373,173
Fannie Mae - 19.3%
due 09/15/50 #		200,000		203,191
due 07/01/52 #		1,550,000		1,556,357
due 07/01/52 #		2,950,000		2,909,841
due 07/01/52 #		3,400,000		3,270,641
due 08/01/52 #		4,500,000		4,323,851
due 08/01/52 #		8,100,000		8,115,504
due 08/01/52 #		9,100,000		8,960,834
due 08/15/52 #		11,100,000		10,329,938
due 09/01/52 #		400,000		400,021
0.970% due 07/01/27		1,172,554		1,050,681
1.090% due 04/01/28		506,000		448,453
1.275% due 04/01/30		732,774		624,696
1.370% due 03/01/30		657,548		568,768

	Principal Amount		Value
1.410% due 12/01/30		$1,210,000		$1,020,767
1.440% due 01/01/31		1,142,000		964,582
1.460% due 12/01/30		715,000		605,811
1.560% due 01/01/31		500,000		426,774
1.677% (US FED + 1.200%) due 10/01/44 §		4,934		5,032
1.782% (USD LIBOR + 1.507%) due 11/01/32 §		22,757		22,542
1.870% due 05/01/31		350,000		305,623
2.000% due 12/01/41 - 03/01/52		1,001,703		884,186
2.043% (US Treasury + 2.043%) due 09/01/35 §		6,698		6,693
2.140% due 12/01/33		250,000		219,376
2.149% due 02/01/32 §		219,427		194,436
2.160% due 12/01/33		300,000		263,760
2.500% due 09/01/36 - 09/01/61		7,758,330		6,999,278
2.525% (US Treasury + 2.360%) due 11/01/34 §		14,011		14,569
2.550% due 10/01/30		160,000		149,092
2.810% due 04/01/25		30,000		29,581
2.930% due 06/01/30		76,970		73,580
3.000% due 09/01/28 - 07/01/60		8,078,971		7,648,986
3.160% due 05/01/29		38,373		37,607
3.250% due 05/01/29		59,003		58,139
3.450% due 03/01/29		38,632		38,517
3.468% due 03/01/30		78,535		77,945
3.500% due 12/01/34 - 09/01/61		3,281,844		3,193,824
3.610% due 01/01/37		459,087		453,008
3.620% due 05/01/32		499,388		499,640
3.968% (COFI + 1.928%) due 12/01/36 §		773		788
4.000% due 06/01/25 - 06/01/57		1,037,702		1,046,266
4.000% due 08/01/59		362,003		363,229
4.500% due 06/01/24 - 09/01/57		2,274,441		2,320,224
5.000% due 02/01/35 - 01/01/59		342,388		361,258
5.500% due 07/01/22 - 05/01/58		1,080,806		1,166,852
6.000% due 02/01/33 - 07/01/41		124,473		135,153
				72,349,894
Freddie Mac - 2.3%
1.500% due 10/01/41 - 11/01/41		437,394		374,782
1.672% (USD LIBOR + 1.345%) due 09/01/35 §		2,691		2,735
2.000% due 09/01/41 - 04/01/51		745,747		665,262
2.120% (USD LIBOR + 1.870%) due 09/01/35 §		5,768		5,720
2.339% (US Treasury + 2.250%) due 11/01/31 §		734		726
2.500% due 10/01/50 - 02/01/51		492,727		449,478
2.850% due 03/01/33		1,292,234		1,219,484
2.876% (USD LIBOR + 1.619%) due 11/01/47 §		137,420		135,905
3.000% due 09/01/32 - 06/01/52		939,214		887,616
3.008% (USD LIBOR + 1.628%) due 11/01/48 §		366,346		360,941
3.087% (USD LIBOR + 1.621%) due 02/01/50 §		220,305		218,340
3.250% (US Treasury + 2.250%) due 04/01/32 §		4,856		4,868

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

75

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
3.476% (USD LIBOR + 1.734%) due 06/01/35 §		$20,609		$21,251
3.500% due 04/01/33 - 06/01/46		709,158		701,717
4.000% due 11/01/33 - 07/01/49		3,060,800		3,073,961
4.500% due 11/01/44 - 09/01/50		150,314		152,876
5.000% due 08/01/48 - 01/01/49		171,131		176,882
5.500% due 04/01/38 - 05/01/40		263,679		282,788
6.000% due 03/01/23		634		665
				8,735,997
Government National Mortgage Association - 2.6%
due 07/20/52 #		700,000		697,143
due 08/20/52 #		100,000		101,117
due 09/20/52 #		100,000		101,719
due 09/20/52 #		300,000		302,180
2.000% due 12/20/50		292,673		257,228
2.500% due 01/20/51		1,312,474		1,199,481
2.815% due 07/20/71 §		254,942		237,611
2.939% due 10/20/70 §		357,752		337,352
3.000% due 09/15/42 - 04/20/52		2,136,005		2,010,544
3.090% due 12/20/71 §		290,489		274,455
3.500% due 01/20/46 - 02/20/52		2,308,126		2,267,185
3.774% (US Treasury + 1.734%) due 10/20/71 §		251,826		261,551
3.888% (US Treasury + 1.838%) due 08/20/71 §		244,827		255,546
4.000% due 11/20/47 - 12/20/51		465,284		467,260
4.500% due 06/20/48 - 01/20/49		268,499		274,838
5.000% due 10/15/38 - 06/20/52		469,255		490,312
5.000% due 06/20/52		246,639		253,807
				9,789,329
Total Mortgage-Backed Securities (Cost $146,140,767)				136,473,630
ASSET-BACKED SECURITIES - 9.1%
ACE Securities Corp Home Equity Loan Trust 2.599% (USD LIBOR + 0.975%) due 07/25/35 §		126,935		126,264
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		296,244
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		505,400
Ameriquest Mortgage Securities Inc
2.494% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		244,927
3.679% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		336,092
AMSR Trust
2.006% due 11/17/37 ~		365,000		334,202
2.327% due 10/17/38 ~		128,000		112,473
2.751% due 06/17/38 ~ §		350,000		293,783
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		198,177
Ares XL CLO Ltd (Cayman) 1.914% (USD LIBOR + 0.870%) due 01/15/29 ~ §		269,137		266,150
Argent Securities Inc
2.444% (USD LIBOR + 0.820%) due 02/25/34 §		395,767		373,057

	Principal Amount		Value
2.749% (USD LIBOR + 1.125%) due 11/25/34 §		$429,849		$425,891
Asset-Backed Funding Certificates Trust 2.324% (USD LIBOR + 0.700%) due 06/25/34 §		37,530		36,100
Avoca CLO XVII DAC (Netherlands) 0.820% (EUR LIBOR + 0.820%) due 10/15/32 ~ §		EUR 300,000		306,592
Bear Stearns Asset-Backed Securities I Trust
1.824% (USD LIBOR + 0.200%) due 12/25/36 §		$3,668		3,666
1.864% (USD LIBOR + 0.240%) due 12/25/36 §		1,224,819		1,193,971
2.629% (USD LIBOR + 1.005%) due 06/25/35 §		158,391		156,284
Business Jet Securities LLC
2.918% due 04/15/36 ~		245,730		220,025
2.981% due 11/15/35 ~		381,541		350,608
Carlyle Global Market Strategies CLO Ltd 2.361% (USD LIBOR + 0.950%) due 08/14/30 ~ §		300,000		295,601
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,250		91,280
CBAM Ltd (Cayman) 2.064% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		785,587
Citigroup Mortgage Loan Trust 2.299% (USD LIBOR + 0.675%) due 11/25/45 ~ §		52,638		52,579
CLNC Ltd (Cayman) 2.874% (SOFR + 1.364%) due 08/20/35 ~ §		664,327		654,091
College Ave Student Loans LLC 3.060% due 07/26/55 ~		390,000		344,819
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		349,281
Countrywide Asset-Backed Certificates
1.764% (USD LIBOR + 0.140%) due 07/25/37 §		228,382		211,356
2.224% (USD LIBOR + 0.600%) due 06/25/36 §		179,896		178,499
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		610,053
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		111,670
DataBank Issuer 2.060% due 02/27/51 ~		250,000		226,529
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		181,890		170,029
Dryden 36 Senior Loan Fund (Cayman) 2.064% (USD LIBOR + 1.020%) due 04/15/29 ~ §		282,665		278,849
Exeter Automobile Receivables Trust
5.300% due 09/15/27		160,000		160,886
6.760% due 09/15/28		400,000		405,246
First Franklin Mortgage Loan Trust 1.744% (USD LIBOR + 0.120%) due 11/25/36 §		507,312		472,033

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

76

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
FirstKey Homes Trust
2.389% due 08/17/38 ~		$300,000		$261,331
2.668% due 10/19/37 ~		500,000		457,597
4.500% due 07/17/39 ~ ±		350,000		310,117
FMC GMSR Issuer Trust
3.620% due 07/25/26 ~ §		300,000		272,204
3.850% due 10/25/26 ~ §		210,000		188,000
4.450% due 01/25/26 ~ §		500,000		464,224
FORT CRE Issuer LLC 2.753% (SOFR + 1.850%) due 02/23/39 ~ §		300,000		288,817
Foundation Finance Trust 1.270% due 05/15/41 ~		183,339		169,636
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		195,584
Freed ABS Trust due 08/20/29 # ~		240,000		239,996
Freedom 6.180% (USD LIBOR + 4.400%) due 03/25/23 ~ §		300,000		300,750
Gallatin CLO VIII Ltd (Cayman) 2.134% (USD LIBOR + 1.090%) due 07/15/31 ~ §		300,000		295,586
Gallatin CLO IX Ltd (Cayman) 2.148% (USD LIBOR + 1.050%) due 01/21/28 ~ §		280,582		278,272
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		483,913
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		88,404		88,063
1.140% due 11/17/25 ~		145,000		140,440
1.640% due 10/15/26 ~		75,000		70,757
Goldentree Loan Management US CLO 2 Ltd (Cayman) 1.973% (USD LIBOR + 0.910%) due 11/20/30 ~ §		400,000		393,101
GSAA Home Equity Trust
1.824% (USD LIBOR + 0.200%) due 03/25/37 §		375,108		127,311
2.674% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		235,603
6.000% due 08/25/47		148,263		133,863
Hildene Community Funding CDO Ltd (Cayman) 2.600% due 11/01/35 ~		280,000		257,006
Home Equity Asset Trust 2.524% (USD LIBOR + 0.900%) due 11/25/34 §		51,673		51,560
Jamestown CLO XV Ltd (Cayman) 2.384% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,077,491
JP Morgan Mortgage Acquisition Trust 1.924% (USD LIBOR + 0.300%) due 01/25/37 §		160,000		154,729
KKR CLO 18 Ltd (Cayman) 1.984% (USD LIBOR + 0.940%) due 07/18/30 ~ §		300,000		295,200

	Principal Amount		Value
KREF Ltd 2.957% (SOFR + 1.450%) due 02/17/39 ~ §		$300,000		$290,488
Lendmark Funding Trust
1.900% due 11/20/31 ~		450,000		391,186
6.600% due 07/20/32 ~		400,000		400,782
LFT CRE Ltd (Cayman) 3.274% (USD LIBOR + 1.950%) due 06/15/39 ~ §		250,000		241,949
LoanCore Issuer Ltd (Cayman) 2.454% (USD LIBOR + 1.130%) due 05/15/28 ~ §		29,043		28,987
LP LMS 3.228% due 10/15/28 ~		185,301		184,552
Madison Park Euro Funding XIV DAC (Ireland) 0.800% (EUR LIBOR + 0.800%) due 07/15/32 ~ §		EUR 300,000		304,754
Madison Park Funding Ltd (Cayman) 3.262% (USD LIBOR + 0.750%) due 04/15/29 ~ §		$291,593		287,736
Magnetite XVIII Ltd (Cayman) 2.291% (USD LIBOR + 0.880%) due 11/15/28 ~ §		295,794		292,679
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		430,000		426,739
Marlette Funding Trust 1.810% due 12/15/31 ~		400,000		356,321
Mastr Asset-Backed Securities Trust 1.844% (USD LIBOR + 0.220%) due 10/25/36 §		573,250		207,595
Merrill Lynch Mortgage Investors Trust 1.944% (USD LIBOR + 0.320%) due 04/25/37 §		323,782		193,078
MF1 Ltd (Cayman) 2.142% (SOFR + 1.350%) due 02/19/37 ~ §		300,000		290,127
National Collegiate Student Loan Trust 1.984% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		740,738
Navient Student Loan Trust 2.774% (USD LIBOR + 1.150%) due 07/26/66 ~ §		139,949		140,147
New Century Home Equity Loan Trust 2.344% (USD LIBOR + 0.720%) due 10/25/35 §		588,022		576,455
NRZ Excess Spread-Collateralized Notes
3.104% due 07/25/26 ~		357,049		325,888
3.844% due 12/25/25 ~		239,492		227,696
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		194,478		178,183
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		106,872
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		98,339
Option One Mortgage Loan Trust 1.754% (USD LIBOR + 0.130%) due 07/25/37 §		732,383		562,870
OZLM VIII Ltd (Cayman) 2.024% (USD LIBOR + 0.980%) due 10/17/29 ~ §		289,339		286,924

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

77

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		$298,971		$292,646
Palmer Square European Loan Funding DAC (Ireland) 0.720% (EUR LIBOR + 0.720%) due 10/15/31 ~ §		EUR 300,000		309,815
PNMAC GMSR Issuer Trust 5.176% (SOFR + 4.250%) due 05/25/27 ~ §		$150,000		150,491
PRET LLC 2.487% due 10/25/51 ~ §		370,516		355,445
Progress Residential Trust 2.106% due 04/17/38 ~		565,000		489,362
Rad CLO 5 Ltd (Cayman) 2.304% (USD LIBOR + 1.120%) due 07/24/32 ~ §		600,000		587,921
RASC Trust 1.964% (USD LIBOR + 0.340%) due 04/25/37 §		184,597		176,339
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		182,799
3.040% due 03/17/31 ~		191,000		168,441
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		91,981
SBA Small Business Investment Cos 3.548% due 09/10/28		168,768		166,274
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		312,093
Securitized Asset-Backed Receivables LLC Trust
1.754% (USD LIBOR + 0.130%) due 05/25/37 §		52,347		41,642
1.904% (USD LIBOR + 0.280%) due 05/25/36 §		142,921		83,932
Sierra Timeshare Receivables Funding LLC 1.350% due 09/20/38 ~		226,412		214,760
SMB Private Education Loan Trust 2.310% due 01/15/53 ~		150,000		136,746
Structured Asset Investment Loan Trust 2.344% (USD LIBOR + 0.720%) due 07/25/35 §		185,588		179,287
STWD Ltd (Cayman) 3.295% (SOFR + 1.194%) due 07/15/38 ~ §		734,454		731,036
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		163,993		157,231
TRTX Issuer Ltd (Cayman) 3.223% (SOFR + 1.264%) due 10/15/34 ~ §		418,738		417,063
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		433,195
United States Small Business Administration
2.690% due 07/01/44		50,296		46,453
2.980% due 04/01/39		45,315		44,054
Upstart Securitization Trust 0.870% due 03/20/31 ~		108,788		107,653
US Auto Funding Trust 5.130% due 12/15/25 ~		300,000		291,284
VCAT LLC 2.289% due 12/26/50 ~		373,464		360,828

	Principal Amount		Value
Venture XXVIII CLO Ltd (Cayman) 2.053% (USD LIBOR + 0.990%) due 07/20/30 ~ §		$300,000		$295,834
VOLT XCII LLC 1.893% due 02/27/51 ~		120,351		114,771
VOLT XCIII LLC 1.893% due 02/27/51 ~		443,392		422,039
VOLT XCIV LLC 2.240% due 02/27/51 ~		296,677		283,123
Wachovia Mortgage Loan Trust 2.314% (USD LIBOR + 0.690%) due 10/25/35 §		815,679		751,408
Westlake Automobile Receivables Trust 5.480% due 09/15/27 ~		290,000		289,516
Total Asset-Backed Securities (Cost $34,627,593)				34,235,992
U.S. TREASURY OBLIGATIONS - 17.0%
U.S. Treasury Bonds - 9.6%
1.125% due 08/15/40		460,000		317,993
1.250% due 05/15/50		1,414,000		900,265
1.375% due 08/15/50		1,745,000		1,149,417
1.625% due 11/15/50		400,000		281,508
1.750% due 08/15/41		2,655,000		2,020,600
1.875% due 02/15/41		1,400,000		1,098,590
1.875% due 02/15/51		4,450,000		3,340,107
1.875% due 11/15/51		1,135,000		851,959
2.000% due 11/15/41		225,000		178,787
2.000% due 02/15/50		960,000		744,375
2.000% due 08/15/51		765,000		591,590
2.250% due 05/15/41		1,015,000		847,366
2.250% due 08/15/46		50,000		40,357
2.250% due 02/15/52		1,760,000		1,448,975
2.375% due 02/15/42		1,330,000		1,128,214
2.375% due 05/15/51		1,380,000		1,165,507
2.875% due 05/15/43		1,700,000		1,551,649
2.875% due 08/15/45		1,300,000		1,181,984
2.875% due 05/15/52		2,205,000		2,083,208
3.000% due 05/15/42		600,000		562,969
3.000% due 08/15/48		300,000		283,606
3.125% due 05/15/42		10,240,000		9,996,800
3.125% due 02/15/43		102,000		97,000
3.125% due 08/15/44		1,800,000		1,706,625
3.375% due 05/15/44		900,000		889,066
3.500% due 02/15/39		150,000		156,826
3.625% due 02/15/44		69,000		70,854
3.875% due 08/15/40		320,000		345,188
4.250% due 05/15/39		400,000		457,242
4.625% due 02/15/40		400,000		476,359
				35,964,986
U.S. Treasury Notes - 7.4%
0.250% due 11/15/23		10,000		9,638
0.250% due 07/31/25		2,000,000		1,836,602
0.375% due 11/30/25		210,000		191,855
0.500% due 02/28/26		940,000		856,979
0.500% due 10/31/27		1,675,000		1,463,662
0.625% due 10/15/24		150,000		142,143

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
0.750% due 03/31/26		$180,000		$165,347
0.875% due 06/30/26		194,000		178,116
0.875% due 09/30/26		166,300		151,905
1.250% due 03/31/28		670,000		605,408
1.375% due 11/15/31		88,500		76,774
1.500% due 02/15/30		95,000		85,344
1.750% due 03/15/25		3,500,000		3,384,199
1.875% due 02/28/29		700,000		650,754
2.500% due 08/15/23		900,000		895,605
2.625% due 05/31/27		6,775,000		6,647,704
2.750% due 04/30/27		40,000		39,464
2.750% due 05/31/29		3,755,000		3,681,660
2.875% due 10/31/23		1,000,000		999,101
2.875% due 04/30/29		1,340,000		1,324,506
2.875% due 05/15/32		3,380,000		3,342,503
3.250% due 06/30/29		980,000		991,639
				27,720,908
Total U.S. Treasury Obligations (Cost $69,878,575)				63,685,894
FOREIGN GOVERNMENT BONDS & NOTES - 3.2%
Argentine Republic Government International (Argentina)
0.500% due 07/09/30		417,100		98,929
1.000% due 07/09/29		18,460		4,244
3.500% due 07/09/41		250,000		67,428
Brazilian Government (Brazil) 5.625% due 02/21/47		610,000		471,405
Chile Government (Chile) 2.550% due 01/27/32		200,000		170,292
Chile Government International (Chile) 3.500% due 01/31/34		300,000		267,463
China Government (China)
3.310% due 11/30/25 ~		CNY 2,000,000		305,213
3.380% due 11/21/24 ~		500,000		76,134
3.390% due 05/21/25 ~		1,000,000		152,880
Colombia Government (Colombia)
4.125% due 02/22/42		$200,000		124,765
5.625% due 02/26/44		200,000		144,386
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 11,033,000,000		708,008
7.000% due 05/15/27		9,084,000,000		626,535
7.500% due 06/15/35		1,622,000,000		109,640
Israel Government (Israel) 4.125% due 01/17/48		$600,000		554,630
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 140,307,015		1,084,256
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		$380,000		238,239
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 4,240,000		190,417
7.750% due 11/13/42		56,350,000		2,451,636
8.000% due 11/07/47		14,560,000		646,245
8.500% due 05/31/29		2,780,000		134,301
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		165,096
4.125% due 01/21/26		200,000		200,513
4.350% due 01/15/47		300,000		229,732

	Principal Amount		Value
Panama Government (Panama)
2.252% due 09/29/32		$300,000		$234,647
4.500% due 04/16/50		200,000		163,248
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		693,508
Peruvian Government (Peru)
5.625% due 11/18/50		$30,000		31,164
6.350% due 08/12/28 ~		PEN 1,800,000		443,681
6.550% due 03/14/37		$150,000		163,064
Republic of Poland Government (Poland) 4.000% due 01/22/24		200,000		200,309
Romanian Government International (Romania) 3.000% due 02/27/27 ~		300,000		265,231
Russian Federal (Russia)
6.900% due 05/23/29		RUB 34,809,000		56,960
7.000% due 08/16/23		26,040,000		42,611
7.050% due 01/19/28		107,902,000		176,567
7.250% due 05/10/34		5,970,000		9,769
7.650% due 04/10/30		39,790,000		65,111
7.700% due 03/16/39		65,580,000		107,313
Total Foreign Government Bonds & Notes (Cost $18,082,241)				11,875,570
MUNICIPAL BONDS - 0.2%
New York State Urban Development Corp 1.346% due 03/15/26		$700,000		644,952
Regents of the University of California Medical Center Pooled Revenue ‘N’ 3.706% due 05/15/20		120,000		87,664
State of California 7.625% due 03/01/40		180,000		243,800
Total Municipal Bonds (Cost $1,124,624)				976,416
SHORT-TERM INVESTMENTS - 16.2%
Corporate Notes - 0.2%
Pacific Gas and Electric Co 2.380% (SOFR + 1.150%) due 11/14/22 §		300,000		298,796
Southern California Edison Co 1.858% (SOFR + 0.470%) due 12/02/22 §		300,000		299,359
				598,155
Foreign Government Issues - 0.5%
Bank of Israel Bill - Makam (Israel)
(0.737)% due 09/07/22		ILS 1,600,000		458,707
(0.111)% due 10/07/22		3,400,000		973,681
0.931% due 03/02/23		1,300,000		369,871

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

79

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Letras Del Tesoro En Pesos A Descuento (Argentina) 51.282% due 09/30/22		ARS 800,000		$2,682
				1,804,941
	Shares
Money Market Fund - 6.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		23,518,703		23,518,703
	Principal Amount
U.S. Government Agency Issue - 0.2%
Federal Home Loan Banks
1.705% due 08/30/22		$300,000		299,153
2.791% due 03/24/23		660,000		646,845
				945,998
U.S. Treasury Bills - 9.0%
1.591% due 09/15/22		34,100,000		33,986,618
Total Short-Term Investments (Cost $60,987,821)				60,854,415
TOTAL INVESTMENTS - 111.0% (Cost $453,560,685)				416,535,388
TOTAL SECURITIES SOLD SHORT - (0.5%) (PROCEEDS $1,846,980)				(1,869,727	)
DERIVATIVES - (0.1%)				(428,568	)
OTHER ASSETS & LIABILITIES, NET - (10.4%)				(38,901,970	)
NET ASSETS - 100.0%				$375,335,123

Notes to Schedule of Investments

(a) The average amount of borrowings by the Fund on sale-buyback financing transactions during the three-month period ended June 30, 2022 was $2,169,510 at a weighted average interest rate of 0.571%.

(b) Securities sold short outstanding as of June 30, 2022 were as follows:

Description	Principal Amount		Value
Mortgage-Backed Securities - (0.5%)
Fannie Mae
due 07/01/52 #		$1,500,000		($1,349,414	)
due 08/15/52 #		600,000		(520,313	)
Total Securities Sold Short (Proceeds $1,846,980)				($1,869,727	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

80

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(c) Open futures contracts outstanding as of June 30, 2022 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		09/22		31		$2,228,901		$2,142,410		($86,491	)
Australia 10-Year Bonds		09/22		16		1,322,733		1,313,076		(9,657	)
CAD FX		09/22		4		317,922		310,800		(7,122	)
EUR FX		09/22		19		2,555,275		2,502,775		(52,500	)
Euribor		12/22		8		2,081,357		2,072,007		(9,350	)
Euro-Bobl		09/22		9		1,185,368		1,171,304		(14,064	)
Euro-Bund		09/22		8		1,295,025		1,247,312		(47,713	)
Eurodollar		12/22		177		43,123,834		42,617,175		(506,659	)
Eurodollar		06/23		32		7,725,051		7,725,200		149
Eurodollar		09/23		8		1,980,992		1,935,100		(45,892	)
Eurodollar		12/23		26		6,311,567		6,298,825		(12,742	)
Euro-OAT		09/22		7		1,046,964		1,016,208		(30,756	)
GBP FX		09/22		2		156,386		152,487		(3,899	)
JPY FX		09/22		2		186,004		185,387		(617	)
Long Gilt		09/22		1		143,765		138,748		(5,017	)
MXN FX		09/22		68		1,701,750		1,664,640		(37,110	)
SOFR		09/23		42		10,137,776		10,166,625		28,849
U.S. Treasury 5-Year Notes		09/22		1,027		115,087,185		115,280,750		193,565
U.S. Treasury 10-Year Notes		09/22		109		12,717,187		12,919,906		202,719
U.S. Treasury Long Bonds		09/22		81		11,264,106		11,228,625		(35,481	)
U.S. Treasury Ultra Long Bonds		09/22		84		12,465,093		12,964,875		499,782
										19,994
Short Futures Outstanding
Euro-BTP		09/22		18		2,182,570		2,322,425		(139,855	)
Euro-Bund		09/22		19		3,038,208		2,962,366		75,842
Euro-Buxl		09/22		3		560,922		514,208		46,714
Euro-OAT		09/22		7		997,443		1,016,208		(18,765	)
Japan 10-Year Bonds		09/22		4		4,396,879		4,381,191		15,688
SOFR		12/22		41		9,937,183		9,947,112		(9,929	)
U.S. Fed Funds		07/22		25		10,266,232		10,243,267		22,965
U.S. Treasury 2-Year Notes		09/22		156		32,583,590		32,762,438		(178,848	)
U.S. Treasury 10-Year Notes		09/22		500		59,046,780		59,265,625		(218,845	)
U.S. Treasury Long Bonds		09/22		4		558,529		554,500		4,029
U.S. Treasury Ultra 10-Year Notes		09/22		1		123,623		127,375		(3,752	)
										(404,756	)
Total Futures Contracts										($384,762	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

81

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(d) Forward foreign currency contracts outstanding as of June 30, 2022 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	2,598,594	USD	1,943,839	07/22	CIT		$—		($149,907	)
AUD	297,000	USD	214,522	07/22	HSB		—		(9,510	)
AUD	2,406,000	USD	1,657,012	07/22	HSB		3,791		—
BRL	4,034,907	USD	852,685	07/22	BNP		—		(86,198	)
BRL	1,483,900	USD	284,000	08/22	JPM		—		(4,011	)
CAD	10,392,239	USD	8,314,086	07/22	CIT		—		(240,775	)
CAD	318,000	USD	243,884	07/22	CIT		3,158		—
CLP	5,854,149	USD	7,165	07/22	SCB		—		(808	)
CNH	1,022,045	USD	159,581	07/22	JPM		—		(6,905	)
EUR	416,059	NOK	4,346,490	07/22	CIT		—		(4,884	)
EUR	428,000	USD	456,997	07/22	BRC		—		(8,328	)
EUR	3,250,000	USD	3,396,816	07/22	CIT		13,273		—
EUR	3,107,000	USD	3,268,564	07/22	HSB		—		(11,515	)
EUR	46,000	USD	49,394	07/22	RBS		—		(1,172	)
EUR	50,000	USD	53,786	07/22	SCB		—		(1,371	)
GBP	1,501,519	USD	1,961,720	07/22	GSC		—		(133,316	)
GBP	90,000	USD	112,566	08/22	DUB		—		(2,913	)
GBP	100,000	USD	126,066	08/22	HSB		—		(4,230	)
IDR	5,288,104,119	USD	367,663	07/22	CIT		—		(13,644	)
INR	28,773,782	USD	374,595	07/22	JPM		—		(10,922	)
JPY	307,999,896	USD	2,492,312	07/22	GSC		—		(219,694	)
JPY	36,632,000	USD	268,514	07/22	GSC		1,780		—
JPY	15,760,641	USD	116,000	07/22	HSB		195		—
JPY	11,800,000	USD	88,771	08/22	SCB		—		(1,536	)
JPY	97,600,000	USD	718,140	08/22	UBS		3,398		—
MXN	67,000	USD	3,276	10/22	UBS		—		(5	)
MXN	16,500,000	USD	823,070	07/22	CIT		—		(5,388	)
MXN	20,000,000	USD	968,073	07/22	CIT		23,056		—
MXN	8,795,000	USD	425,807	07/22	MSC		10,043		—
NOK	5,391,481	EUR	566,000	07/22	CIT		—		(46,311	)
NOK	9,499	EUR	1,000	07/22	GSC		—		(84	)
NOK	4,893,166	EUR	515,000	07/22	MSC		—		(43,409	)
NOK	1,703,802	USD	177,000	07/22	DUB		—		(3,972	)
NOK	11,613,828	USD	1,186,853	08/22	BRC		—		(6,581	)
PEN	94,251	USD	25,699	07/22	DUB		—		(1,151	)
PEN	97,100	USD	25,715	07/22	SCB		—		(427	)
PEN	469,665	USD	125,804	08/22	BRC		—		(3,582	)
PEN	1,280,561	USD	338,818	08/22	JPM		—		(5,749	)
USD	524,876	AUD	761,000	07/22	BRC		—		(423	)
USD	81,262	AUD	115,000	07/22	CIT		1,873		—
USD	839,276	AUD	1,200,000	07/22	JPM		10,945		—
USD	152,680	AUD	220,000	07/22	SCB		819		—
USD	359,830	AUD	522,000	07/22	UBS		—		(494	)
USD	1,657,229	AUD	2,406,000	08/22	HSB		—		(3,928	)
USD	787,212	BRL	4,034,907	07/22	MSC		20,725		—
USD	284,000	BRL	1,482,480	08/22	HSB		4,279		—
USD	3,575,536	CAD	4,626,526	07/22	CIT		—		(18,625	)
USD	2,455,142	CNH	15,706,035	07/22	JPM		108,928		—
USD	277,003	DKK	1,861,181	07/22	DUB		14,757		—
USD	258,805	DKK	1,845,000	08/22	SCB		—		(1,708	)
USD	520,574	EUR	498,000	07/22	BRC		—		(1,477	)
USD	160,378	EUR	152,000	07/22	BRC		1,038		—
USD	154,914	EUR	148,000	07/22	CIT		—		(377	)
USD	279,626	EUR	262,000	07/22	CIT		4,721		—
USD	3,214,698	EUR	2,981,000	07/22	HSB		89,734		—
USD	5,710,283	EUR	5,213,538	07/22	MSC		239,937		—
USD	3,274,508	EUR	3,107,000	08/22	HSB		11,387		—
USD	895,594	GBP	741,919	07/22	GSC		—		(7,842	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

82

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	83,479	GBP	69,000		08/22		DUB		$—		($588	)
USD	7,256,981	GBP	5,883,000		08/22		DUB		89,366		—
USD	357,698	IDR	5,288,104,119		07/22		CIT		3,679		—
USD	752,233	ILS	2,399,860		10/22		DUB		60,164		—
USD	315,428	ILS	1,000,000		10/22		HSB		27,049		—
USD	380,156	ILS	1,289,375		03/23		DUB		4,571		—
USD	501,539	ILS	1,600,160		09/22		JPM		41,199		—
USD	144,379	INR	11,309,924		07/22		JPM		1,432		—
USD	873,630	JPY	117,400,000		08/22		DUB		5,714		—
USD	114,037	JPY	14,400,000		08/22		HSB		7,580		—
USD	82,963	JPY	10,838,442		08/22		JPM		2,836		—
USD	1,297,078	MXN	26,613,000		07/22		CIT		—		(21,769	)
USD	2,255,867	MXN	45,400,000		07/22		CIT		6,004		—
USD	573,304	MXN	11,853,000		07/22		MSC		—		(14,089	)
USD	1,086,140	MXN	21,894,948		07/22		MSC		1,104		—
USD	63,000	NOK	624,487		07/22		HSB		—		(408	)
USD	177,000	NOK	1,708,851		07/22		UBS		3,459		—
USD	871,025	NOK	8,665,000		08/22		DUB		—		(9,567	)
USD	231,651	NOK	2,300,000		08/22		HSB		—		(2,090	)
USD	85,178	PEN	353,082		11/22		SCB		—		(5,719	)
USD	2,037,742	PEN	7,750,958		08/22		JPM		21,751		—
ZAR	4,736,125	USD	319,998		07/22		MSC		—		(29,449	)
Total Forward Foreign Currency Contracts									$843,745		($1,146,851	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

83

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(e) Purchased options outstanding as of June 30, 2022 were as follows:

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Cost		Value
Call - U.S. Treasury 10-Year Notes (07/22)		$117.00		07/01/22	CME		1		$117,000		$314		$1,531
Call - U.S. Treasury 10-Year Notes (07/22)		118.25		07/01/22	CME		1		118,250		330		453
Call - U.S. Treasury 10-Year Notes (08/22)		117.00		07/22/22	CME		7		819,000		6,231		13,453
Call - U.S. Treasury 10-Year Notes (08/22)		117.25		07/22/22	CME		1		117,250		877		1,735
Call - U.S. Treasury 30-Year Bonds (08/22)		134.50		07/22/22	CME		3		403,500		5,865		13,875
Call - U.S. Treasury 30-Year Bonds (08/22)		136.00		07/22/22	CME		2		272,000		3,488		6,906
Call - AUD-FX (08/22)		69.00		08/05/22	CME		1		69,000		1,102		1,180
Call - JPY-FX (08/22)		74.00		08/05/22	CME		1		92,500		1,377		1,600
											19,584		40,733
Put - U.S. Treasury 10-Year Notes (07/22)		118.00		07/01/22	CME		1		118,000		236		109
Put - U.S. Treasury 5-Year Notes (08/22)		112.00		07/22/22	CME		2		224,000		1,176		1,047
Put - U.S. Treasury 10-Year Notes (08/22)		118.00		07/22/22	CME		3		354,000		2,505		2,110
Put - U.S. Treasury 10-Year Notes (08/22)		118.25		07/22/22	CME		2		236,500		1,769		1,625
Put - Euro-Bund (08/22)		EUR 148.00		07/22/22	EUX		1		EUR 148,000		1,605		—
											7,291		4,891
Total Options on Futures											$26,875		$45,624
Total Purchased Options											$26,875		$45,624

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

84

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(f) Premiums received and value of written options outstanding as of June 30, 2022 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counterparty	Notional Amount		Premium		Value
Call - BRL versus USD		BRL 5.62		08/09/22	HSB		$1,400,000		$21,711		($10,474	)
Call - AUD versus USD		$0.74		08/11/22	BRC		AUD 900,000		5,192		(696	)
									26,903		(11,170	)
Put - NOK versus USD		NOK 9.25		07/13/22	DUB		$700,000		5,565		(74	)
Total Foreign Currency Options									$32,468		($11,244	)

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counterparty

Notional Amount

Premium

Value

Call - 1-Year Interest Rate Swap

Receive

1-Day USD-SOFR

2.993%

10/11/23

MSC

$2,800,000

$18,914

($21,867

)

Put - 1-Year Interest Rate Swap

Pay

1-Day USD-SOFR

2.993%

10/11/23

MSC

2,800,000

18,914

(15,735

)

Total Interest Rate Swaptions

$37,828

($37,602

)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (07/22)		$117.25		07/01/22		CME		3		$351,750		$792		($3,891	)
Call - U.S. Treasury 10-Year Notes (07/22)		117.75		07/01/22		CME		1		117,750		170		(844	)
Call - U.S. Treasury 5-Year Notes (08/22)		111.00		07/22/22		CME		2		222,000		981		(2,922	)
Call - U.S. Treasury 5-Year Notes (08/22)		111.50		07/22/22		CME		14		1,561,000		10,265		(15,203	)
Call - U.S. Treasury 5-Year Notes (08/22)		112.00		07/22/22		CME		33		3,696,000		15,857		(25,523	)
Call - U.S. Treasury 10-Year Notes (08/22)		116.50		07/22/22		CME		3		349,500		2,463		(6,937	)
Call - U.S. Treasury 10-Year Notes (08/22)		117.50		07/22/22		CME		10		1,175,000		4,858		(15,625	)
Call - U.S. Treasury 10-Year Notes (08/22)		118.00		07/22/22		CME		45		5,310,000		19,656		(55,547	)
Call - U.S. Treasury 10-Year Notes (08/22)		120.00		07/22/22		CME		3		360,000		542		(1,172	)
Call - U.S. Treasury 30-Year Bonds (08/22)		138.00		07/22/22		CME		2		276,000		1,871		(4,344	)
Call - U.S. Treasury 30-Year Bonds (08/22)		139.00		07/22/22		CME		1		139,000		967		(1,656	)
Call - Eurodollar (12/22)		96.50		12/19/22		CME		24		5,790,000		15,850		(17,250	)
Call - Eurodollar (12/22)		97.00		12/19/22		CME		169		40,982,500		132,420		(58,094	)
Call - Eurodollar (12/22)		99.00		12/19/22		CME		2		495,000		646		(62	)
												207,338		(209,070	)
Put - U.S. Treasury 10-Year Notes (07/22)		117.50		07/01/22		CME		1		117,500		358		(31	)
Put - U.S. Treasury 10-Year Notes (07/22)		117.75		07/01/22		CME		1		117,750		61		(63	)
Put - U.S. Treasury 10-Year Notes (07/22)		117.50		07/08/22		CME		8		940,000		1,924		(1,875	)
Put - U.S. Treasury 10-Year Notes (07/22)		117.75		07/08/22		CME		3		353,250		1,073		(891	)
Put - U.S. Treasury 30-Year Bonds (07/22)		137.00		07/08/22		CME		5		685,000		2,788		(2,656	)
Put - U.S. Treasury 5-Year Notes (08/22)		110.00		07/22/22		CME		4		440,000		1,907		(313	)
Put - U.S. Treasury 10-Year Notes (08/22)		115.00		07/22/22		CME		1		115,000		467		(109	)
Put - U.S. Treasury 10-Year Notes (08/22)		117.00		07/22/22		CME		3		351,000		2,057		(1,172	)
Put - U.S. Treasury 30-Year Bonds (08/22)		134.00		07/22/22		CME		4		536,000		6,149		(1,687	)
												16,784		(8,797	)
Total Options on Futures												$224,122		($217,867	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

85

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Options on Securities

Description	Exercise Price		Expiration Date		Counterparty		Notional Amount		Premium		Value
Call - Fannie Mae 3.500% due 08/11/52		$98.91		08/04/22		JPM		$400,000		$1,563		($114	)
Put - Fannie Mae 3.500% due 08/11/52		96.91		08/04/22		JPM		400,000		2,000		(5,067	)
Put - Fannie Mae 4.000% due 08/11/52		98.09		08/04/22		JPM		2,200,000		10,828		(13,385	)
Put - Fannie Mae 4.500% due 08/11/52		99.77		08/04/22		JPM		900,000		2,391		(4,409	)
Put - Fannie Mae 4.500% due 08/11/52		99.83		08/04/22		JPM		1,300,000		3,453		(6,656	)
Put - Fannie Mae 4.500% due 09/14/52		99.66		09/07/22		JPM		2,000,000		7,500		(16,690	)
										26,172		(46,207	)
Total Options on Securities										$27,735		($46,321	)
Total Written Options										$322,153		($313,034	)

(g) Swap agreements outstanding as of June 30, 2022 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 06/30/22 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Colombia	Q		1.000%		06/20/27	MSC		2.912%		$500,000		($41,494	)		($28,266	)		($13,228	)
						Exchange
Rolls-Royce PLC	Q		1.000%		12/20/24	ICE		3.163%		EUR 800,000		(42,717	)		(4,034	)		(38,683	)
Apache Corp	Q		1.000%		06/20/26	ICE		2.317%		$220,000		(10,269	)		(11,403	)		1,134
General Electric Co	Q		1.000%		06/20/26	ICE		1.530%		400,000		(7,633	)		2,736			(10,369	)
Apache Corp	Q		1.000%		12/20/26	ICE		2.488%		524,000		(30,619	)		(15,568	)		(15,051	)
Boeing Co	Q		1.000%		12/20/26	ICE		2.445%		300,000		(16,959	)		(1,695	)		(15,264	)
Stellantis N.V.	Q		5.000%		12/20/26	ICE		2.168%		EUR 300,000		37,476			68,879			(31,403	)
British Telecommunications PLC	Q		1.000%		06/20/28	ICE		1.673%		300,000		(11,520	)		(1,477	)		(10,043	)
												(82,241	)		37,438			(119,679	)
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection												($123,735	)		$9,172			($132,907	)

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

Referenced Obligation	Payment Frequency	Fixed Deal Pay Rate		Expiration Date		Exchange	Notional Amount (3)		Value (5)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX iTraxx Main 37 5Y	Q		1.000%		06/20/27	ICE		EUR 400,000		$3,588		$1,026		$2,562
CDX HY 38 5Y	Q		5.000%		06/20/27	ICE		$990,000		27,528		25,800		1,728
										$31,116		$26,826		$4,290

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

Referenced Obligation	Payment Frequency	Fixed Deal Receive Rate		Expiration Date		Exchange	Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX IG 38 5Y	Q		1.000%		06/20/27	ICE		$40,671,000		($467	)		$366,025		($366,492	)
CDX HY 38 5Y	Q		5.000%		06/20/27	ICE		2,784,870		(77,435	)		117,097		(194,532	)
CDX iTraxx Main 37 5Y	Q		5.000%		06/20/27	ICE		EUR 2,700,000		(84,011	)		179,801		(263,812	)
										($161,913	)		$662,923		($824,836	)
Total Credit Default Swaps										($254,532	)		$698,921		($953,453	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

86

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

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

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

Interest Rate Swaps - Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.800%	3-Month USD-LIBOR	S / Q	CME		08/22/23		$500,000		$1,900			$—			$1,900
1.320%	1-Day USD-SOFR	A / A	LCH		12/21/23		3,900,000		(72,905	)		(21,636	)		(51,269	)
0.000%	1-Day JPY-TONAR	A / A	LCH		03/17/24		JPY 1,300,000,000		(9,652	)		19,440			(29,092	)
0.820%	3-Month USD-LIBOR	S / Q	CME		06/04/24		$16,241,000		(378,590	)		—			(378,590	)
3.530%	1-Day USD-SOFR	A / A	CME		06/21/24		19,600,000		109,094			3,976			105,118
12.233%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		BRL 9,400,000		(13,921	)		—			(13,921	)
12.275%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		11,400,000		(14,717	)		—			(14,717	)
3.130%	1-Day USD-SOFR	A / A	CME		06/21/25		$10,100,000		54,043			2,282			51,761
(0.068%)	1-Day JPY-TONAR	S / S	LCH		09/18/26		JPY 120,000,000		(9,326	)		—			(9,326	)
(0.097%)	1-Day JPY-TONAR	S / S	LCH		09/24/26		82,000,000		(7,196	)		105			(7,301	)
3.370%	U.S. CPI Urban Consumers	Z / Z	LCH		11/18/26		$2,264,000		(34,157	)		35,125			(69,282	)
11.980%	Brazil CETIP Interbank	Z / Z	CME		01/04/27		BRL 5,200,000		(29,402	)		—			(29,402	)
1.550%	1-Day USD-SOFR	A / A	CME		03/04/27		$1,715,000		(84,177	)		(2,783	)		(81,394	)
0.300%	1-Day JPY-TONAR	S / S	LCH		03/20/28		JPY 166,000,000		4,422			24,874			(20,452	)
7.450%	28-Day MXN TIIE	L / L	CME		07/18/29		MXN 36,630,000		(141,514	)		25,626			(167,140	)
2.770%	U.S. CPI Urban Consumers	Z / Z	LCH		10/20/31		$1,646,000		(42,850	)		1,451			(44,301	)
0.750%	6-Month EUR-LIBOR	A / S	LCH		06/15/32		EUR 5,100,000		(684,914	)		(253,275	)		(431,639	)
0.750%	1-Day GBP-SONIA	A / A	LCH		03/16/52		GBP 500,000		(184,239	)		(110,908	)		(73,331	)
									($1,538,101	)		($275,723	)		($1,262,378	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

87

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (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)
3.970%	U.S. CPI Urban Consumers	Z / Z		LCH		11/18/23		$2,264,000		$68,114			($12,824	)		$80,938
2.950%	U.S. CPI Urban Consumers	Z / Z		LCH		10/20/26		1,646,000		61,159			(753	)		61,912
1.520%	1-Day USD-SOFR	A / A		CME		11/20/26		2,574,000		77,669			(4,070	)		81,739
0.710%	1-Day USD-SOFR	A / A		CME		05/15/27		3,187,000		297,143			7,221			289,922
1.350%	3-Month USD-LIBOR	S / Q		CME		02/15/28		2,514,000		208,269			(17,382	)		225,651
1.130%	1-Day USD-SOFR	A / A		CME		08/15/28		3,533,000		308,234			21,151			287,083
1.220%	1-Day USD-SOFR	A / A		CME		08/15/28		1,931,000		158,158			(125	)		158,283
2.850%	1-Day USD-SOFR	A / A		CME		02/15/29		1,491,000		(9,816	)		(2,177	)		(7,639	)
1.733%	1-Day USD-SOFR	A / A		CME		10/20/31		1,646,000		70,137			9,257			60,880
2.000%	1-Day USD-SOFR	A / A		CME		03/18/32		853,000		52,023			6,914			45,109
2.000%	1-Day USD-SOFR	A / A		CME		12/21/32		200,000		13,610			16,815			(3,205	)
0.800%	1-Day JPY-TONAR	S / S		LCH		10/22/38		JPY 10,000,000		(719	)		—			(719	)
0.785%	1-Day JPY-TONAR	S / S		LCH		11/12/38		13,260,000		(645	)		46			(691	)
0.500%	1-Day JPY-TONAR	A / A		LCH		03/15/42		103,000,000		49,447			29,385			20,062
0.662%	1-Day JPY-TONAR	A / A		LCH		04/19/42		6,000,000		1,587			—			1,587
0.560%	1-Day USD-SOFR	A / A		CME		07/20/45		$805,000		297,638			12,421			285,217
0.740%	1-Day USD-SOFR	A / A		CME		08/19/45		374,000		126,638			—			126,638
0.641%	1-Day JPY-TONAR	S / S		CME		05/09/46		JPY 187,300,000		123,103			250			122,853
1.520%	1-Day USD-SOFR	A / A		CME		02/15/47		$1,797,000		377,203			11,244			365,959
1.729%	1-Day USD-SOFR	A / A		CME		02/15/47		140,000		24,064			—			24,064
1.650%	1-Day USD-SOFR	A / A		CME		08/15/47		2,281,000		430,114			253,988			176,126
2.500%	1-Day USD-SOFR	A / A		CME		04/21/52		549,000		10,717			512			10,205
0.800%	1-Day JPY-TONAR	A / A		LCH		06/15/52		JPY 194,000,000		87,197			736			86,461
0.750%	1-Day GBP-SONIA	A / A		LCH		09/21/52		GBP 1,800,000		669,758			382,827			286,931
1.750%	1-Day USD-SOFR	A / A		CME		12/21/52		$1,900,000		325,964			368,789			(42,825	)
										$3,826,766			$1,084,225			$2,742,541
Total Interest Rate Swaps										$2,288,665			$808,502			$1,480,163
Total Swap Agreements										$2,034,133			$1,507,423			$526,710

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

88

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(h) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$67,557			$67,557			$—			$—
	Corporate Bonds & Notes		100,961,389			—			100,961,389			—
	Senior Loan Notes		7,404,525			—			7,150,767			253,758
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		18,225,237			—			17,312,980			912,257
	Collateralized Mortgage Obligations - Residential		27,373,173			—			27,373,173			—
	Fannie Mae		72,349,894			—			72,349,894			—
	Freddie Mac		8,735,997			—			8,735,997			—
	Government National Mortgage Association		9,789,329			—			9,789,329			—
	Total Mortgage-Backed Securities		136,473,630			—			135,561,373			912,257
	Asset-Backed Securities		34,235,992			—			33,925,875			310,117
	U.S. Treasury Obligations		63,685,894			—			63,685,894			—
	Foreign Government Bonds & Notes		11,875,570			—			11,875,570			—
	Municipal Bonds		976,416			—			976,416			—
	Short-Term Investments		60,854,415			23,518,703			37,335,712			—
	Derivatives:
	Credit Contracts
	Swaps		5,424			—			5,424			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		843,745			—			843,745			—
	Purchased Options		2,780			—			2,780			—
	Total Foreign Currency Contracts		846,525			—			846,525			—
	Interest Rate Contracts
	Futures		1,090,302			1,090,302			—			—
	Purchased Options		42,844			—			42,844			—
	Swaps		2,956,399			—			2,956,399			—
	Total Interest Rate Contracts		4,089,545			1,090,302			2,999,243			—
	Total Assets - Derivatives		4,941,494			1,090,302			3,851,192			—
	Total Assets		421,476,882			24,676,562			395,324,188			1,476,132
Liabilities	Due to Custodian		(588,802	)		—			(588,802	)		—
	Securities Sold Short
	Mortgaged-Backed Securities		(1,869,727	)		—			(1,869,727	)		—
	Derivatives:
	Credit Contracts
	Swaps		(958,877	)		—			(958,877	)		—
	Foreign Currency Contracts
	Futures		(187,739	)		(187,739	)		—			—
	Forward Foreign Currency Contracts		(1,146,851	)		—			(1,146,851	)		—
	Written Options		(11,244	)		—			(11,244	)		—
	Total Foreign Currency Contracts		(1,345,834	)		(187,739	)		(1,158,095	)		—
	Interest Rate Contracts
	Futures		(1,287,325	)		(1,287,325	)		—			—
	Written Options		(301,790	)		—			(301,790	)		—
	Swaps		(1,476,236	)		—			(1,476,236	)		—
	Total Interest Rate Contracts		(3,065,351	)		(1,287,325	)		(1,778,026	)		—
	Total Liabilities - Derivatives		(5,370,062	)		(1,475,064	)		(3,894,998	)		—
	Total Liabilities		(7,828,591	)		(1,475,064	)		(6,353,527	)		—
	Total		$413,648,291			$23,201,498			$388,970,661			$1,476,132

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

89

PACIFIC FUNDS

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Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 47.0%
Basic Materials - 1.1%
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$110,000		$108,276
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		200,000		198,723
Ecolab Inc 1.650% due 02/01/27		100,000		91,515
LYB International Finance III LLC 1.250% due 10/01/25		276,000		250,055
Nucor Corp
2.000% due 06/01/25		130,000		122,463
3.950% due 05/23/25		100,000		99,540
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		448,731
Westlake Corp 0.875% due 08/15/24		50,000		47,760
				1,367,063
Communications - 2.6%
Charter Communications Operating LLC 4.908% due 07/23/25		740,000		742,721
Cox Communications Inc 3.150% due 08/15/24 ~		330,000		322,426
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		225,819
Rogers Communications Inc (Canada) 3.200% due 03/15/27 ~		310,000		294,318
SES SA (Luxembourg) 3.600% due 04/04/23 ~		98,000		96,917
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		450,000		449,029
The Walt Disney Co 1.750% due 01/13/26		180,000		167,600
T-Mobile USA Inc
2.250% due 02/15/26		290,000		261,508
3.500% due 04/15/25		190,000		186,070
Verizon Communications Inc
1.450% due 03/20/26		330,000		302,381
2.625% due 08/15/26		390,000		369,200
				3,417,989
Consumer, Cyclical - 5.8%
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		113,159		100,919
Brunswick Corp 0.850% due 08/18/24		320,000		295,976
Daimler Trucks Finance North America LLC (Germany) 1.625% due 12/13/24 ~		300,000		282,318
General Motors Co
4.875% due 10/02/23		330,000		333,385
5.400% due 10/02/23		420,000		426,482
General Motors Financial Co Inc 2.900% due 02/26/25		420,000		401,367
Genuine Parts Co 1.750% due 02/01/25		100,000		94,304

	Principal Amount		Value
Hasbro Inc 3.000% due 11/19/24		$560,000		$545,683
Hyatt Hotels Corp 1.300% due 10/01/23		150,000		145,326
Hyundai Capital America
0.800% due 01/08/24 ~		240,000		228,127
0.875% due 06/14/24 ~		100,000		93,555
1.000% due 09/17/24 ~		120,000		111,486
2.375% due 02/10/23 ~		270,000		266,622
2.850% due 11/01/22 ~		121,000		120,709
Lowe’s Cos Inc 3.350% due 04/01/27		60,000		57,788
Magallanes Inc 3.755% due 03/15/27 ~		700,000		657,192
Marriott International Inc 3.600% due 04/15/24		480,000		475,866
Nissan Motor Acceptance Co LLC
2.600% due 09/28/22 ~		195,000		194,061
2.650% due 07/13/22 ~		30,000		29,996
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		460,000		452,521
Nordstrom Inc 2.300% due 04/08/24		40,000		38,272
QVC Inc 4.850% due 04/01/24		100,000		93,653
Ross Stores Inc 4.600% due 04/15/25		920,000		930,823
Stellantis Finance US Inc 1.711% due 01/29/27 ~		400,000		348,159
Toyota Motor Credit Corp 3.950% due 06/30/25		295,000		296,352
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		69,785		60,458
Volkswagen Group of America Finance LLC (Germany)
2.700% due 09/26/22 ~		200,000		199,705
3.950% due 06/06/25 ~		400,000		392,926
				7,674,031
Consumer, Non-Cyclical - 6.6%
AbbVie Inc
2.600% due 11/21/24		465,000		450,635
2.950% due 11/21/26		520,000		493,086
3.200% due 05/14/26		50,000		48,254
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		120,000		118,244
Astrazeneca Finance LLC (United Kingdom) 1.200% due 05/28/26		380,000		344,418
BAT International Finance PLC (United Kingdom)
1.668% due 03/25/26		420,000		372,358
4.448% due 03/16/28		360,000		341,160
Becton Dickinson and Co
3.363% due 06/06/24		190,000		188,175
3.734% due 12/15/24		116,000		115,565
Cardinal Health Inc
3.200% due 03/15/23		210,000		209,999
3.500% due 11/15/24		540,000		534,917
Cargill Inc 3.500% due 04/22/25 ~		140,000		139,017

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

90

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Constellation Brands Inc 3.600% due 05/09/24		$170,000		$169,486
CSL Finance PLC (Australia) 3.850% due 04/27/27 ~		70,000		69,397
CVS Health Corp
2.875% due 06/01/26		130,000		123,950
3.000% due 08/15/26		100,000		95,779
HCA Inc 3.125% due 03/15/27 ~		260,000		236,447
Health Care Service Corp 1.500% due 06/01/25 ~		380,000		351,841
HPHT Finance 19 Ltd (Hong Kong) 2.875% due 11/05/24 ~		200,000		195,805
Humana Inc
1.350% due 02/03/27		40,000		35,008
3.850% due 10/01/24		50,000		49,973
4.500% due 04/01/25		450,000		453,704
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		400,000		387,635
3.500% due 02/11/23 ~		250,000		248,657
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		300,000		279,016
Mondelez International Inc 2.625% due 03/17/27		190,000		177,849
PeaceHealth Obligated Group 1.375% due 11/15/25		80,000		73,726
PerkinElmer Inc 0.850% due 09/15/24		360,000		333,479
Perrigo Finance Unlimited Co 3.900% due 12/15/24		510,000		477,927
Royalty Pharma PLC 0.750% due 09/02/23		380,000		366,083
S&P Global Inc 2.450% due 03/01/27 ~		500,000		468,385
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		110,000		108,822
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		400,000		379,196
UnitedHealth Group Inc 3.700% due 05/15/27		220,000		219,394
Viatris Inc 1.650% due 06/22/25		90,000		81,565
				8,738,952
Energy - 4.9%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		460,000		444,669
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		520,000		487,043
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		370,000		379,254
7.000% due 06/30/24		580,000		601,466
Devon Energy Corp 8.250% due 08/01/23		140,000		145,571
Enbridge Inc (Canada)
2.500% due 01/15/25		310,000		298,555
2.500% due 02/14/25		150,000		144,122
Energy Transfer LP
2.900% due 05/15/25		120,000		114,180
4.250% due 03/15/23		300,000		299,929

	Principal Amount		Value
4.250% due 04/01/24		$30,000		$30,022
5.875% due 01/15/24		570,000		581,578
Eni SPA (Italy) 4.000% due 09/12/23 ~		540,000		537,607
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		90,000		87,730
2.600% due 10/15/25 ~		180,000		168,313
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		315,000		318,079
5.625% due 03/01/25		130,000		132,745
5.750% due 05/15/24		200,000		204,143
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		200,000		193,588
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		140,000		129,985
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		630,000		627,768
4.000% due 12/21/25 ~		150,000		149,257
The Williams Cos Inc 3.700% due 01/15/23		375,000		375,644
				6,451,248
Financial - 19.2%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		350,000		323,551
4.125% due 07/03/23		300,000		297,129
4.500% due 09/15/23		390,000		388,381
4.875% due 01/16/24		300,000		298,611
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		400,000		400,497
Air Lease Corp 2.250% due 01/15/23		175,000		173,260
American Campus Communities Operating Partnership LP REIT 4.125% due 07/01/24		350,000		352,108
American Express Co
2.250% due 03/04/25		440,000		423,225
3.375% due 05/03/24		120,000		119,247
American Tower Corp REIT 2.400% due 03/15/25		170,000		160,819
Athene Global Funding
1.716% due 01/07/25 ~		430,000		401,619
2.514% due 03/08/24 ~		530,000		512,759
Avolon Holdings Funding Ltd (Ireland)
2.875% due 02/15/25 ~		250,000		230,262
3.950% due 07/01/24 ~		130,000		124,564
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		800,000		772,167
Banco Santander SA (Spain) 3.892% due 05/24/24		400,000		398,265
Bank of America Corp
0.976% due 04/22/25		300,000		282,433
1.734% due 07/22/27		210,000		187,029
3.384% due 04/02/26		200,000		194,125
3.841% due 04/25/25		150,000		149,374
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		690,000		690,087
Bank of Montreal (Canada) 3.700% due 06/07/25		280,000		277,914

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

91

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		$590,000		$560,625
Barclays PLC (United Kingdom) 1.007% due 12/10/24		400,000		379,923
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		400,160
BNP Paribas SA (France) 2.591% due 01/20/28 ~		400,000		360,101
BPCE SA (France) 5.700% due 10/22/23 ~		800,000		812,249
Brighthouse Financial Global Funding 1.000% due 04/12/24 ~		240,000		226,737
Brixmor Operating Partnership LP REIT 3.650% due 06/15/24		150,000		147,945
Capital One Financial Corp
2.636% due 03/03/26		270,000		255,274
3.500% due 06/15/23		130,000		129,309
Citigroup Inc
0.981% due 05/01/25		250,000		234,418
4.140% due 05/24/25		200,000		199,362
CNO Global Funding
1.650% due 01/06/25 ~		300,000		283,249
1.750% due 10/07/26 ~		600,000		530,860
Corebridge Financial Inc 3.500% due 04/04/25 ~		170,000		165,337
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		200,000		185,793
Crown Castle International Corp REIT
1.050% due 07/15/26		300,000		259,972
2.900% due 03/15/27		210,000		193,838
Danske Bank AS (Denmark)
3.773% due 03/28/25 ~		400,000		393,664
5.375% due 01/12/24 ~		560,000		565,409
Equitable Financial Life Global Funding
1.100% due 11/12/24 ~		250,000		234,189
1.400% due 07/07/25 ~		510,000		469,214
HSBC Holdings PLC (United Kingdom)
1.162% due 11/22/24		400,000		382,154
2.099% due 06/04/26		630,000		582,732
Jackson Financial Inc 1.125% due 11/22/23 ~		280,000		269,243
Jackson National Life Global Funding 1.750% due 01/12/25 ~		300,000		283,173
JPMorgan Chase & Co
0.824% due 06/01/25		280,000		261,920
4.080% due 04/26/26		680,000		672,459
KeyCorp 3.878% due 05/23/25		80,000		79,462
LeasePlan Corp NV (Netherlands) 2.875% due 10/24/24 ~		400,000		383,383
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		400,000		377,564
Mitsubishi UFJ Financial Group Inc (Japan) 0.953% due 07/19/25		440,000		411,004
Mizuho Financial Group Cayman 2 Ltd (Japan) 4.200% due 07/18/22 ~		230,000		230,156
Morgan Stanley
1.164% due 10/21/25		210,000		194,787
2.630% due 02/18/26		260,000		248,380

	Principal Amount		Value
3.620% due 04/17/25		$580,000		$573,065
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		478,287
Park Aerospace Holdings Ltd (Ireland)
4.500% due 03/15/23 ~		185,000		184,378
5.250% due 08/15/22 ~		190,000		190,010
Protective Life Global Funding 3.218% due 03/28/25 ~		300,000		293,559
Public Storage REIT 1.451% (SOFR + 0.470%) due 04/23/24 §		140,000		138,089
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		280,000		278,831
Santander Holdings USA Inc 2.490% due 01/06/28		190,000		167,844
SBA Tower Trust REIT
1.631% due 05/15/51 ~		70,000		62,700
1.884% due 07/15/50 ~		70,000		64,707
2.836% due 01/15/50 ~		230,000		222,147
3.448% due 03/15/48 ~		320,000		317,439
Simon Property Group LP REIT 2.000% due 09/13/24		130,000		124,411
Standard Chartered PLC (United Kingdom)
1.822% due 11/23/25 ~		400,000		370,737
3.950% due 01/11/23 ~		390,000		389,127
Synchrony Financial 4.250% due 08/15/24		260,000		258,669
The Charles Schwab Corp 2.450% due 03/03/27		490,000		457,365
The Goldman Sachs Group Inc
0.925% due 10/21/24		410,000		392,338
3.500% due 04/01/25		270,000		265,021
The Western Union Co 2.850% due 01/10/25		480,000		460,811
Truist Financial Corp 1.851% (SOFR + 0.400%) due 06/09/25 §		200,000		194,234
Wells Fargo & Co
2.188% due 04/30/26		190,000		177,998
3.908% due 04/25/26		230,000		226,491
Willis North America Inc 3.600% due 05/15/24		180,000		177,426
WP Carey Inc REIT 4.600% due 04/01/24		315,000		316,759
				25,303,914
Industrial - 1.8%
Amcor Flexibles North America Inc 4.000% due 05/17/25		140,000		138,607
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		34,894
Canadian Pacific Railway Co (Canada) 1.750% due 12/02/26		150,000		135,857
Carrier Global Corp 2.242% due 02/15/25		120,000		114,176
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		187,482
Parker-Hannifin Corp 3.650% due 06/15/24		310,000		308,203

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

92

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		$95,000		$94,749
3.450% due 07/01/24 ~		265,000		259,581
Republic Services Inc 2.500% due 08/15/24		155,000		150,202
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		400,000		389,514
4.125% due 07/15/23 ~		530,000		525,742
				2,339,007
Technology - 1.7%
CDW LLC 5.500% due 12/01/24		80,000		80,432
Fortinet Inc 1.000% due 03/15/26		190,000		167,282
Marvell Technology Inc 4.200% due 06/22/23		140,000		139,842
Microchip Technology Inc
0.972% due 02/15/24		320,000		304,092
0.983% due 09/01/24		270,000		251,997
2.670% due 09/01/23		410,000		403,353
NXP BV (China)
2.700% due 05/01/25		100,000		95,164
3.875% due 06/18/26		110,000		106,103
4.400% due 06/01/27		30,000		29,562
4.875% due 03/01/24		190,000		191,966
Qorvo Inc 1.750% due 12/15/24 ~		130,000		121,692
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		43,509
Take-Two Interactive Software Inc
3.300% due 03/28/24		85,000		83,921
3.550% due 04/14/25		60,000		59,073
Workday Inc 3.500% due 04/01/27		100,000		95,711
				2,173,699
Utilities - 3.3%
Alexander Funding Trust 1.841% due 11/15/23 ~		240,000		229,901
APA Infrastructure Ltd (Australia) 4.200% due 03/23/25 ~		430,000		426,976
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		400,000		351,481
Eversource Energy 4.200% due 06/27/24		265,000		265,971
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		304,253
NextEra Energy Capital Holdings Inc
1.875% due 01/15/27		320,000		288,861
4.450% due 06/20/25		180,000		181,424
NRG Energy Inc 3.750% due 06/15/24 ~		260,000		255,253
Pacific Gas and Electric Co 3.500% due 06/15/25		270,000		255,950
Sempra Energy 3.300% due 04/01/25		130,000		127,128
Southern California Gas Co 2.950% due 04/15/27		180,000		170,526

	Principal Amount		Value
The AES Corp 3.300% due 07/15/25 ~		$310,000		$291,322
Vistra Operations Co LLC
3.550% due 07/15/24 ~		1,060,000		1,024,190
5.125% due 05/13/25 ~		220,000		218,238
				4,391,474
Total Corporate Bonds & Notes (Cost $63,244,066)				61,857,377
MORTGAGE-BACKED SECURITIES - 12.5%
Collateralized Mortgage Obligations - Commercial - 3.3%
Austin Fairmont Hotel Trust 2.374% (USD LIBOR + 1.050%) due 09/15/32 ~ §		115,000		112,379
BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		123,451
Bank 2019-BNK 19 2.263% due 08/15/61		65,389		62,634
Bank 2019-BNK 24 2.056% due 11/15/62		72,733		70,599
BCP Trust 2.123% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		67,349
BIG Commercial Mortgage Trust 3.619% (SOFR + 2.340%) due 02/15/39 ~ §		100,000		96,725
BPR Trust 2.474% (USD LIBOR + 1.150%) due 09/15/38 ~ §		105,000		100,178
BX Commercial Mortgage Trust
2.244% (USD LIBOR + 0.920%) due 10/15/36 ~ §		75,543		74,282
2.725% (USD LIBOR + 1.400%) due 06/15/38 ~ §		99,248		94,007
3.891% (SOFR + 3.141%) due 06/15/27 ~ §		100,000		98,619
BX Trust 2.970% (USD LIBOR + 1.646%) due 10/15/36 ~ §		75,000		70,138
CGDB Commercial Mortgage Trust 2.974% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		339,558
Commercial Mortgage Trust
3.221% due 10/10/48		114,030		113,716
3.754% due 02/10/37 ~ §		120,000		110,721
3.926% due 03/10/48 §		65,000		62,508
4.701% due 03/10/47		195,000		193,414
4.854% due 08/10/47 ~ §		100,000		91,775
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		74,190		72,631
Extended Stay America Trust 3.025% (USD LIBOR + 1.700%) due 07/15/38 ~ §		114,297		110,821
Great Wolf Trust 2.957% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		139,789

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
GS Mortgage Securities Corp Trust 2.925% (USD LIBOR + 1.600%) due 05/15/26 ~ §		$100,000		$95,608
InTown Hotel Portfolio Trust 2.975% (USD LIBOR + 1.650%) due 01/15/33 ~ §		100,000		98,668
JP Morgan Chase Commercial Mortgage Securities Trust
2.674% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		368,264
2.924% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		115,886
3.095% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		196,841
3.495% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		156,384
KIND Trust 3.074% (USD LIBOR + 1.750%) due 08/15/38 ~ §		130,000		122,430
KKR Industrial Portfolio Trust
2.324% (USD LIBOR + 1.000%) due 12/15/37 ~ §		75,000		71,745
2.574% (USD LIBOR + 1.250%) due 12/15/37 ~ §		75,000		71,205
MHC Trust 2.424% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		86,110
Morgan Stanley Capital I Trust 3.283% due 11/10/36 ~ §		255,000		228,020
New Orleans Hotel Trust 2.613% (USD LIBOR + 1.289%) due 04/15/32 ~ §		284,757		272,336
Shelter Growth CRE Issuer Ltd (Cayman) 2.404% (USD LIBOR + 1.080%) due 09/15/36 ~ §		51,272		50,149
SLIDE Fund Trust 3.424% (USD LIBOR + 2.100%) due 06/15/31 ~ §		119,255		114,898
				4,253,838
Collateralized Mortgage Obligations - Residential - 5.7%
Angel Oak Mortgage Trust
1.068% due 05/25/66 ~ §		58,636		53,373
1.115% due 01/25/66 ~ §		25,202		23,354
1.579% due 05/25/65 ~ §		39,278		37,455
1.691% due 04/25/65 ~ §		17,478		16,755
Barclays Mortgage Loan Trust 1.747% due 09/25/51 ~ §		151,825		141,544
Bayview MSR Opportunity Master Fund Trust (Cayman) 2.500% due 06/25/51 ~ §		118,181		109,033
BINOM Securitization Trust 2.625% due 06/25/56 ~ §		86,352		79,841
COLT Mortgage Loan Trust
1.167% due 06/25/66 ~ §		74,454		66,305
1.419% due 09/27/66 ~ §		81,832		71,134
1.506% due 04/27/65 ~ §		18,744		18,027
Connecticut Avenue Securities Trust due 06/25/42 ~ #		200,000		200,000

	Principal Amount		Value
1.926% (SOFR + 1.000%) due 12/25/41 ~ §		$51,335		$50,264
2.126% (SOFR + 1.200%) due 01/25/42 ~ §		191,562		186,579
2.826% (SOFR + 1.900%) due 04/25/42 ~ §		113,218		111,415
2.926% (SOFR + 2.000%) due 03/25/42 ~ §		64,357		63,143
3.026% (SOFR + 2.100%) due 03/25/42 ~ §		96,648		95,009
3.698% (SOFR + 2.750%) due 05/25/42 ~ §		39,036		38,963
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		66,163		58,734
0.973% due 05/25/65 ~ §		36,148		34,706
1.260% due 04/25/66 ~ §		66,163		59,678
Eagle RE Ltd (Bermuda) 2.476% (SOFR + 1.550%) due 04/25/34 ~ §		150,000		148,728
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		40,911		37,502
0.931% due 06/25/66 ~ §		67,465		61,294
1.241% due 09/25/66 ~ §		87,733		77,443
1.291% due 06/25/66 ~ §		67,465		60,953
1.550% due 09/25/66 ~ §		87,733		77,389
Fannie Mae Connecticut Avenue Securities
2.824% (USD LIBOR + 1.200%) due 01/25/30 §		9,308		9,299
2.974% (USD LIBOR + 1.350%) due 09/25/29 §		5,391		5,361
Flagstar Mortgage Trust
2.474% (USD LIBOR + 0.850%) due 03/25/50 ~ §		61,890		58,637
3.500% due 10/25/49 ~ §		34,456		33,220
4.000% due 09/25/48 ~ §		40,073		39,514
Freddie Mac STACR REMIC Trust
1.626% (SOFR + 0.700%) due 08/25/33 ~ §		10,645		10,565
1.776% (SOFR + 0.850%) due 09/25/41 ~ §		68,500		66,191
1.876% (SOFR + 0.950%) due 12/25/41 ~ §		115,000		111,320
2.426% (SOFR + 1.500%) due 10/25/41 ~ §		100,000		91,513
2.926% (SOFR + 2.000%) due 04/25/42 ~ §		123,859		121,989
3.026% (SOFR + 2.100%) due 03/25/42 ~ §		78,745		78,104
3.126% (SOFR + 2.200%) due 05/25/42 ~ §		105,109		103,844
3.474% (USD LIBOR + 1.850%) due 02/25/50 ~ §		101,385		100,457
4.724% (USD LIBOR + 3.100%) due 03/25/50 ~ §		100,664		99,960
Freddie Mac Structured Agency Credit Risk Debt Notes
1.726% (SOFR + 0.800%) due 08/25/33 ~ §		32,681		32,474
2.726% (SOFR + 1.800%) due 11/25/41 ~ §		45,000		40,644

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
3.729% (SOFR + 2.950%) due 06/25/42 ~ §		$85,000		$85,159
Freddie Mac Whole Loan Securities Trust 3.850% due 05/25/47 ~ §		15,037		14,857
Galton Funding Mortgage Trust
2.832% due 01/25/60 ~ §		145,000		133,799
3.339% due 10/25/59 ~ §		140,000		134,287
3.500% due 11/25/57 ~ §		19,087		18,312
4.000% due 02/25/59 ~ §		19,017		18,777
GS Mortgage-Backed Securities Corp Trust
1.017% due 07/25/61 ~ §		46,793		43,819
2.500% due 10/25/51 ~ §		190,767		173,676
GS Mortgage-Backed Securities Trust
1.957% due 07/25/44 ~ §		2,675		2,684
2.500% due 01/25/52 ~ §		93,868		86,020
2.500% due 06/25/52 ~ §		227,131		208,140
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		124,740		115,492
Imperial Fund Mortgage Trust 1.516% due 09/25/56 ~ §		82,104		73,172
Mello Mortgage Capital Acceptance 2.500% due 10/25/51 ~ §		100,565		92,156
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		49,624		48,226
New Residential Mortgage Loan Trust
1.650% due 05/24/60 ~ §		24,667		23,821
2.464% due 01/26/60 ~ §		45,041		43,402
2.500% due 06/25/51 ~ §		86,454		79,225
2.500% due 09/25/51 ~ §		214,355		196,433
2.710% due 11/25/59 ~ §		82,082		78,087
NLT Trust
1.162% due 08/25/56 ~ §		228,156		207,299
1.520% due 08/25/56 ~ §		92,140		83,658
OBX Trust
1.054% due 07/25/61 ~ §		79,116		68,741
1.072% due 02/25/66 ~ §		52,844		49,910
2.374% (USD LIBOR + 0.750%) due 02/25/60 ~ §		40,875		39,937
2.500% due 05/25/51 ~ §		135,092		123,494
2.574% (USD LIBOR + 0.950%) due 02/25/60 ~ §		20,961		20,576
2.824% (USD LIBOR + 1.200%) due 06/25/59 ~ §		53,327		52,274
3.000% due 05/25/60 ~ §		30,009		28,062
3.500% due 12/25/49 ~ §		24,370		23,338
3.500% due 02/25/60 ~ §		89,183		84,421
Oceanview Mortgage Trust 2.500% due 12/25/51 ~ §		107,769		98,758
PSMC Trust
2.500% due 03/25/51 ~ §		193,798		176,871
2.500% due 05/25/51 ~ §		149,561		136,870
Sequoia Mortgage Trust
4.000% due 06/25/48 ~ §		34,268		33,727
4.000% due 08/25/48 ~ §		14,697		14,610
4.500% due 08/25/48 ~ §		2,450		2,437
SG Residential Mortgage Trust
1.381% due 05/25/65 ~ §		32,790		31,187
2.703% due 09/25/59 ~ §		7,098		6,956
3.166% due 03/27/62 ~ §		101,906		97,478

	Principal Amount		Value
STACR Trust
2.874% (USD LIBOR + 1.250%) due 02/25/47 ~ §		$15,948		$15,918
Starwood Mortgage Residential Trust
0.943% due 05/25/65 ~ §		50,758		48,532
1.162% due 08/25/56 ~ §		68,861		62,116
2.408% due 02/25/50 ~ §		115,611		112,332
2.610% due 09/27/49 ~ §		1,309		1,309
Towd Point Mortgage Trust
2.250% due 07/25/56 ~ §		1,470		1,467
2.750% due 10/25/56 ~ §		9,783		9,709
2.750% due 04/25/57 ~ §		21,307		21,191
3.750% due 05/25/58 ~ §		54,215		53,079
UWM Mortgage Trust 2.500% due 09/25/51 ~ §		40,822		37,668
Verus Securitization Trust
0.918% due 02/25/64 ~ §		54,991		53,322
1.052% due 01/25/66 ~ §		45,797		41,810
1.977% due 03/25/60 ~ §		24,407		23,984
2.724% due 01/25/60 ~ §		115,549		113,495
3.100% due 11/25/59 ~ §		94,867		92,658
3.117% due 07/25/59 ~ §		93,311		93,184
3.288% due 01/25/67 ~ §		165,826		155,379
4.910% due 06/25/67 ~ §		335,000		332,618
Vista Point Securitization Trust
1.763% due 03/25/65 ~ §		2,711		2,710
2.496% due 04/25/65 ~ §		33,315		32,209
Wells Fargo Mortgage Backed Securities Trust 2.500% due 12/25/50 ~ §		161,556		147,686
				7,484,237
Fannie Mae - 2.1%
due 07/01/52 #		425,000		419,214
due 07/01/52 #		585,000		587,399
2.000% due 10/01/50		59,041		51,624
2.500% due 01/01/52 - 02/01/52		338,758		305,873
3.000% due 08/01/32 - 06/01/52		534,460		505,883
3.500% due 01/01/48 - 01/01/52		123,949		120,512
4.500% due 04/01/26 - 01/01/50		278,078		284,093
5.000% due 09/01/25 - 09/01/49		252,029		262,239
6.000% due 11/01/35 - 02/01/49		223,841		247,919
				2,784,756
Freddie Mac - 0.3%
2.500% due 01/01/52		53,515		48,359
3.000% due 05/01/31		165,091		165,004
4.000% due 02/01/50		89,682		89,645
4.500% due 03/01/49		19,239		19,404
5.000% due 12/01/41		46,379		47,597
7.000% due 03/01/39		21,931		23,594
7.500% due 06/01/38		22,502		24,336
				417,939
Government National Mortgage Association - 1.1%
due 07/20/52 #		502,000		487,881
due 07/20/52 #		255,000		258,825
3.000% due 09/20/47		152,463		145,599
4.000% due 10/20/50		99,001		99,295
5.000% due 01/20/48 - 12/20/48		325,451		336,382
5.500% due 09/15/45 - 02/20/49		146,890		159,241
				1,487,223
Total Mortgage-Backed Securities (Cost $17,178,277)				16,427,993

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

95

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 8.4%
AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		$115,000		$107,560
0.970% due 02/18/26		85,000		83,200
1.060% due 08/18/26		80,000		76,120
1.210% due 12/18/26		65,000		60,835
1.290% due 06/18/27		140,000		128,815
1.590% due 10/20/25		165,000		159,608
1.800% due 12/18/25		160,000		152,235
Amur Equipment Finance Receivables VII LLC 2.800% due 03/20/25 ~		330,000		327,899
Applebee’s Funding LLC 4.194% due 06/05/49 ~		257,400		250,607
Arbor Realty Commercial Real Estate Notes Ltd
2.394% (USD LIBOR + 1.070%) due 08/15/34 ~ §		150,000		145,092
2.674% (USD LIBOR + 1.350%) due 11/15/36 ~ §		110,000		107,211
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		186,966
Avis Budget Rental Car Funding AESOP LLC
3.330% due 03/20/24 ~		260,000		258,804
4.950% due 03/20/25 ~		100,000		100,090
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 ~ §		425,085		417,888
Blackbird Capital Aircraft Lease Securitization Ltd 2.487% due 12/16/41 ~ §		79,089		73,929
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		180,369		173,585
BSPRT Issuer Ltd (Cayman) 2.279% (SOFR + 1.500%) due 02/15/37 ~ §		185,000		178,388
CarMax Auto Owner Trust
0.850% due 06/15/26		277,000		257,918
2.340% due 11/17/25		105,000		102,323
Cedar Funding XIV CLO Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		249,847
CIFC Funding Ltd (Cayman) 2.234% (USD LIBOR + 1.050%) due 04/24/30 ~ §		500,000		493,750
CNH Equipment Trust 3.010% due 04/15/24		20,620		20,641
Dryden 86 CLO Ltd (Cayman) 2.144% (USD LIBOR + 1.100%) due 07/17/34 ~ §		250,000		241,920
Elara HGV Timeshare Issuer LLC
2.690% due 03/25/30 ~		23,442		22,855
2.730% due 04/25/28 ~		69,049		68,154
Exeter Automobile Receivables Trust
3.020% due 06/15/28		165,000		153,370
3.850% due 07/17/28		130,000		126,512

	Principal Amount		Value
Ford Credit Auto Lease Trust 4.180% due 10/15/25		$190,000		$187,760
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		103,231
2.040% due 12/15/26		185,000		177,130
GM Financial Automobile Leasing Trust 2.560% due 07/22/24		95,000		94,185
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		80,627
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		37,777		37,247
2.960% due 12/26/28 ~		15,741		15,413
Hyundai Auto Receivables Trust 1.600% due 12/15/26		150,000		142,669
Madison Park Funding Ltd (Cayman) 2.114% (USD LIBOR + 1.070%) due 07/15/33 ~ §		250,000		244,656
MF1 Ltd (Cayman) 2.692% (USD LIBOR + 1.080%) due 10/16/36 ~ §		110,000		106,650
MVW LLC 2.730% due 10/20/37 ~		48,792		46,542
MVW Owner Trust
2.420% due 12/20/34 ~		135,914		133,434
2.890% due 11/20/36 ~		137,740		133,254
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		100,632		91,457
1.170% due 09/16/69 ~		36,742		34,476
1.220% due 07/15/69 ~		126,858		121,161
2.230% due 07/15/70 ~		209,594		195,410
2.400% due 10/15/68 ~		55,616		53,615
2.460% due 11/15/68 ~		168,872		160,241
2.640% due 05/15/68 ~		185,873		179,660
Navistar Financial Dealer Note Master Trust
2.574% (USD LIBOR + 0.950%) due 07/25/25 ~ §		190,000		189,957
2.974% (USD LIBOR + 1.350%) due 07/25/25 ~ §		180,000		180,034
OCP CLO Ltd (Cayman)
2.183% (USD LIBOR + 1.120%) due 07/20/29 ~ §		410,444		405,860
2.594% (USD LIBOR + 1.550%) due 07/15/30 ~ §		250,000		241,053
Octane Receivables Trust
1.210% due 09/20/28 ~		72,201		69,837
4.900% due 05/22/28 ~		100,000		98,507
Palmer Square CLO Ltd (Cayman) 2.491% (USD LIBOR + 1.080%) due 11/15/31 ~ §		250,000		244,571
Santander Bank NA 1.833% due 12/15/31 ~		182,977		177,886
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		125,000		123,226
1.670% due 10/15/27		70,000		65,171
2.560% due 04/17/28		200,000		190,485
3.760% due 07/16/29		185,000		179,016
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		239,389
2.520% due 11/20/24 ~		165,000		161,671

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

96

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
3.850% due 03/22/27 ~		$30,000		$29,432
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		49,444		46,060
3.510% due 07/20/37 ~		49,394		47,330
SMB Private Education Loan Trust
1.290% due 07/15/53 ~		72,033		65,351
2.824% (USD LIBOR + 1.500%) due 04/15/32 ~ §		141,119		141,139
3.600% due 01/15/37 ~		78,210		76,362
Symphony CLO XXIII Ltd (Cayman) 2.064% (USD LIBOR + 1.020%) due 01/15/34 ~ §		250,000		244,625
Symphony Static CLO I Ltd (Cayman) 2.634% (USD LIBOR + 1.450%) due 10/25/29 ~ §		250,000		240,215
Synchrony Credit Card Master Note Trust 3.870% due 05/15/26		150,000		148,244
World Omni Auto Receivables Trust 1.640% due 08/17/26		120,000		115,719
World Omni Select Auto Trust
0.840% due 06/15/26		125,000		121,527
1.250% due 10/15/26		140,000		135,041
Total Asset-Backed Securities (Cost $11,402,625)				11,042,648
U.S. TREASURY OBLIGATIONS - 30.6%
U.S. Treasury Notes - 30.6%
0.375% due 08/15/24		250,000		236,518
1.750% due 03/15/25		1,595,000		1,542,228
2.500% due 04/30/24		410,000		406,485
2.500% due 05/31/24		35,335,000		35,018,917
2.750% due 05/15/25		3,130,000		3,106,281
Total U.S. Treasury Obligations (Cost $40,245,384)				40,310,429
MUNICIPAL BONDS - 0.1%
Golden State Tobacco Securitization Corp 1.711% due 06/01/24		100,000		96,179
Long Island Power Authority 0.764% due 03/01/23		75,000		73,837
Total Municipal Bonds (Cost $175,000)				170,016
SHORT-TERM INVESTMENTS - 1.7%
Corporate Notes - 0.1%
Pacific Gas and Electric Co 2.384% (SOFR + 1.150%) due 11/14/22 §		25,000		24,900

	Shares		Value
Money Market Fund - 1.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		2,141,539		$2,141,539
Total Short-Term Investments (Cost $2,166,539)				2,166,439
TOTAL INVESTMENTS - 100.3% (Cost $134,411,891)				131,974,902
DERIVATIVES - (0.1%)				(70,388	)
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(262,363	)
NET ASSETS - 100.0%				$131,642,151

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of June 30, 2022 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		09/22		33		$6,966,034		$6,930,515		($35,519	)
U.S. Treasury Ultra 10-Year Notes		09/22		1		129,408		127,375		(2,033	)
										(37,552	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		09/22		43		4,790,538		4,826,750		(36,212	)
U.S. Treasury 10-Year Notes		09/22		13		1,544,282		1,540,906		3,376
										(32,836	)
Total Futures Contracts										($70,388	)

(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 June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$61,857,377			$—			$61,857,377		$—
	Mortgage-Backed Securities		16,427,993			—			16,427,993		—
	Asset-Backed Securities		11,042,648			—			11,042,648		—
	U.S. Treasury Obligations		40,310,429			—			40,310,429		—
	Municipal Bonds		170,016			—			170,016		—
	Short-Term Investments		2,166,439			2,141,539			24,900		—
	Derivatives:
	Interest Rate Contracts
	Futures		3,376			3,376			—		—
	Total Assets		131,978,278			2,144,915			129,833,363		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(73,764	)		(73,764	)		—		—
	Total Liabilities		(73,764	)		(73,764	)		—		—
	Total		$131,904,514			$2,071,151			$129,833,363		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES —34.4%
Azerbaijan - 1.3%
International Bank of Azerbaijan OJSC 3.500% due 09/01/24 ~		$250,000		$242,500
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		237,000		233,256
				475,756
Brazil - 2.5%
CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		175,538
Itau Unibanco Holding SA 6.125% due 12/12/22 ~		350,000		336,079
MC Brazil Downstream Trading SARL 7.250% due 06/30/31 ~		300,000		239,203
Rede D’or Finance SARL 4.500% due 01/22/30 ~		164,000		138,712
				889,532
Chile - 0.9%
Antofagasta PLC 5.625% due 05/13/32 ~		325,000		313,625
China - 3.0%
Agile Group Holdings Ltd 5.500% due 05/17/26 ~		200,000		65,412
Kaisa Group Holdings Ltd 9.950% due 07/23/25 ~		200,000		27,241
Logan Group Co Ltd 5.750% due 01/14/25 ~		250,000		55,404
Powerlong Real Estate Holdings Ltd 6.950% due 07/23/23 ~		200,000		38,000
Prosus NV 3.257% due 01/19/27 ~		625,000		543,667
Sunac China Holdings Ltd 6.800% due 10/20/24 * ~ y		200,000		29,514
Tencent Holdings Ltd 3.925% due 01/19/38 ~		400,000		341,967
				1,101,205
Colombia - 0.1%
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		29,129
Czech Republic - 0.8%
Energo-Pro AS 8.500% due 02/04/27 ~		$300,000		286,540
Ghana - 1.2%
Kosmos Energy Ltd
7.125% due 04/04/26 ~		300,000		255,419
7.500% due 03/01/28 ~		225,000		186,869
				442,288
Hong Kong - 0.6%
Melco Resorts Finance Ltd 5.625% due 07/17/27 ~		325,000		218,327

	Principal Amount		Value
India - 0.6%
Adani Electricity Mumbai Ltd 3.949% due 02/12/30 ~		$275,000		$224,833
Israel - 5.5%
Bank Hapoalim BM 3.255% due 01/21/32 ~		425,000		365,500
Energean Israel Finance Ltd
4.875% due 03/30/26 ~		375,000		332,363
5.375% due 03/30/28 ~		400,000		339,860
ICL Group Ltd 6.375% due 05/31/38 ~		250,000		248,750
Leviathan Bond Ltd
5.750% due 06/30/23 ~		150,000		148,307
6.125% due 06/30/25 ~		250,000		236,024
6.500% due 06/30/27 ~		325,000		301,145
				1,971,949
Macau - 0.3%
Studio City Finance Ltd 5.000% due 01/15/29 ~		200,000		103,569
Malaysia - 2.7%
1MDB Global Investments Ltd 4.400% due 03/09/23 ~		1,000,000		969,855
Mexico - 4.5%
Banco Mercantil del Norte SA 5.875% due 01/24/27 ~		250,000		207,500
Cemex SAB de CV 5.125% due 06/08/26 ~		200,000		170,331
Comision Federal de Electricidad 5.000% due 09/29/36 ~		237,000		223,022
Petroleos Mexicanos
5.350% due 02/12/28		275,000		218,960
5.950% due 01/28/31		150,000		110,168
6.625% due 06/15/35		75,000		51,381
6.700% due 02/16/32		200,000		152,920
6.750% due 09/21/47		376,000		233,479
6.840% due 01/23/30		350,000		276,337
				1,644,098
Netherlands - 0.4%
United Group BV 4.625% due 08/15/28 ~		EUR 175,000		141,002
Nigeria - 0.7%
IHS Holding Ltd 5.625% due 11/29/26 ~		$325,000		267,891
Qatar - 1.1%
QIB Sukuk Ltd 3.982% due 03/26/24 ~		400,000		401,670

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Saudi Arabia - 0.8%
SA Global Sukuk Ltd 0.946% due 06/17/24 ~		$300,000		$283,488
South Africa - 3.4%
Absa Group Ltd 6.375% due 05/27/26 ~		325,000		295,068
Sasol Financing USA LLC
4.375% due 09/18/26		225,000		198,660
5.500% due 03/18/31		350,000		270,053
Stillwater Mining Co
4.000% due 11/16/26 ~		325,000		271,619
4.500% due 11/16/29 ~		250,000		198,125
				1,233,525
Supranational - 0.7%
Africa Finance Corp 2.875% due 04/28/28 ~		300,000		260,370
Ukraine - 0.2%
NPC Ukrenergo 6.875% due 11/09/26 ~		275,000		70,026
United Arab Emirates - 1.8%
Galaxy Pipeline Assets Bidco Ltd 2.160% due 03/31/34 ~		768,688		655,059
United States - 0.5%
LCPR Senior Secured Financing DAC 5.125% due 07/15/29 ~		200,000		167,381
Venezuela - 0.8%
Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ y		113,000		6,752
8.500% due 10/27/22 * ~ y		1,360,500		244,890
9.000% due 11/17/22 * ~ y		239,354		14,780
9.750% due 05/17/35 * ~ y		306,278		17,955
12.750% due 02/17/23 * ~ y		117,000		7,225
				291,602
Total Corporate Bonds & Notes (Cost $15,733,890)				12,442,720
CONVERTIBLE CORPORATE BONDS & NOTES - 1.0%
United Arab Emirates - 1.0%
Abu Dhabi National Oil Co 0.700% due 06/04/24 ~		400,000		370,000
Total Convertible Corporate Bonds & Notes (Cost $375,925)				370,000
FOREIGN GOVERNMENT BONDS & NOTES - 52.3%
Angola - 2.4%
Angolan Government International
8.000% due 11/26/29 ~		275,000		218,474
8.750% due 04/14/32 ~		625,000		501,877
9.125% due 11/26/49 ~		200,000		142,290
				862,641
Argentina - 2.2%
Argentine Republic Government International
0.500% due 07/09/30 §		1,800,000		426,931

	Principal Amount		Value
1.500% due 07/09/35 §		$1,225,000		$265,364
3.500% due 07/09/41 §		250,000		67,428
3.875% due 01/09/38 §		150,000		42,896
				802,619
Bahamas - 1.0%
Bahamas Government International 6.000% due 11/21/28 ~		500,000		356,579
Brazil - 4.7%
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		BRL 10,300,000		1,697,038
Colombia - 2.2%
Colombia Government International
5.000% due 06/15/45		$200,000		134,410
5.200% due 05/15/49		200,000		136,160
5.625% due 02/26/44		450,000		324,869
6.125% due 01/18/41		250,000		196,723
				792,162
Dominican Republic - 1.2%
Dominican Republic International
4.875% due 09/23/32 ~		250,000		192,984
6.000% due 02/22/33 ~		275,000		229,779
				422,763
Ecuador - 1.4%
Ecuador Government International
0.500% due 07/31/40 ~		250,000		102,720
1.000% due 07/31/35 ~		525,000		254,090
5.000% due 07/31/30 ~		250,000		162,818
				519,628
Egypt - 1.6%
Egypt Government International
7.903% due 02/21/48 ~		200,000		114,964
8.500% due 01/31/47 ~		600,000		357,262
8.875% due 05/29/50 ~		200,000		122,077
				594,303
El Salvador - 0.9%
El Salvador Government International
6.375% due 01/18/27 ~		50,000		17,139
7.125% due 01/20/50 ~		450,000		144,031
7.625% due 09/21/34 ~		108,000		33,670
7.625% due 02/01/41 ~		300,000		95,682
7.650% due 06/15/35 ~		125,000		41,026
				331,548
Hungary - 1.8%
Hungary Government International 5.250% due 06/16/29 ~		650,000		649,317
Indonesia - 2.1%
Indonesia Treasury 5.500% due 04/15/26		IDR 11,800,000,000		778,218

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Iraq - 2.6%
Iraq International 5.800% due 01/15/28 ~		$1,050,000		$946,370
Ivory Coast - 2.5%
Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 1,050,000		794,781
5.875% due 10/17/31 ~		125,000		102,804
				897,585
Mexico - 4.9%
Mexican Bonos 7.750% due 11/23/34		MXN 35,900,000		1,612,255
Mexico Government International 4.350% due 01/15/47		$200,000		153,155
				1,765,410
Nigeria - 2.2%
Nigeria Government International
7.143% due 02/23/30 ~		300,000		212,850
8.250% due 09/28/51 ~		375,000		234,643
8.375% due 03/24/29 ~		450,000		343,688
				791,181
Oman - 1.7%
Oman Government International
6.500% due 03/08/47 ~		200,000		168,544
6.750% due 01/17/48 ~		525,000		454,414
				622,958
Poland - 1.1%
Republic of Poland Government 7.586% due 07/25/24		PLN 2,000,000		383,567
Romania - 2.9%
Romanian Government International
1.375% due 12/02/29 ~		EUR 100,000		75,875
2.000% due 01/28/32 ~		175,000		125,586
2.000% due 04/14/33 ~		525,000		358,107
2.750% due 04/14/41 ~		150,000		92,156
2.875% due 04/13/42 ~		175,000		107,975
3.750% due 02/07/34 ~		325,000		256,771
3.875% due 10/29/35 ~		50,000		38,890
				1,055,360
Saudi Arabia - 1.4%
Saudi Government International 4.500% due 10/26/46 ~		$550,000		502,986
South Africa - 4.7%
Republic of South Africa Government 8.875% due 02/28/35		ZAR 17,124,000		882,738
Republic of South Africa Government International
5.000% due 10/12/46		$350,000		226,793
5.650% due 09/27/47		200,000		137,070
5.750% due 09/30/49		425,000		291,552

	Principal Amount		Value
7.300% due 04/20/52		$225,000		$180,495
				1,718,648
South Korea - 2.1%
Korea International 2.000% due 06/19/24		300,000		292,975
The Korea Development Bank 1.805% (USD LIBOR + 0.350%) due 02/18/23 §		475,000		474,942
				767,917
Sri Lanka - 1.2%
Sri Lanka Government International
6.200% due 05/11/27 * ~ y		200,000		65,063
6.350% due 06/28/24 * ~ y		200,000		64,976
6.825% due 07/18/26 * ~ y		200,000		69,424
6.850% due 11/03/25 * ~ y		675,000		222,604
				422,067
Tunisia - 1.4%
Tunisian Republic
5.625% due 02/17/24 ~		EUR 100,000		61,740
5.750% due 01/30/25 ~		$200,000		111,786
6.375% due 07/15/26 ~		EUR 575,000		327,980
				501,506
Ukraine - 1.4%
State Agency of Roads of Ukraine 6.250% due 06/24/28 ~		$700,000		178,436
Ukraine Government International
6.876% due 05/21/29 ~		300,000		74,340
7.750% due 09/01/25 ~		200,000		50,700
7.750% due 09/01/26 ~		450,000		118,494
7.952% due 05/31/40 ~ §		300,000		76,077
				498,047
Venezuela - 0.4%
Venezuela Government International
7.750% due 10/13/22 * ~ y		85,000		6,588
8.250% due 10/13/24 * ~ y		166,100		14,118
9.000% due 05/07/23 * ~ y		73,000		6,205
9.250% due 09/15/27 * y		252,000		22,050
9.250% due 05/07/28 * ~ y		121,000		10,588
11.750% due 10/21/26 * ~ y		768,700		67,261
12.750% due 08/23/22 * ~ y		211,000		18,462
				145,272
Zambia - 0.3%
Zambia Government International 8.500% due 04/14/24 * ~ y		200,000		121,956
Total Foreign Government Bonds & Notes (Cost $24,514,435)				18,947,646

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 6.7%
Money Market Fund - 6.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		2,420,340		$2,420,340
Total Short-Term Investment (Cost $2,420,340)				2,420,340
TOTAL INVESTMENTS - 94.4% (Cost $43,044,590)				34,180,706
DERIVATIVES - 0.0%				16,834
OTHER ASSETS & LIABILITIES, NET - 5.6%				2,029,750
NET ASSETS - 100.0%				$36,227,290

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $1,010,411 or 2.8% of the Fund’s net assets were in default as of June 30, 2022.

(b) Open futures contracts outstanding as of June 30, 2022 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bund		09/22		5		$801,228		$779,570		$21,658
U.S. Treasury 5-Year Notes		09/22		16		1,752,469		1,796,000		(43,531	)
Total Futures Contracts										($21,873	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(c) Forward foreign currency contracts outstanding as of June 30, 2022 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
CLP	1,015,000,000	USD	1,146,633	07/22		HSB		$—		($46,830	)
COP	2,300,000,000	USD	567,089	07/22		CIT		—		(15,627	)
CZK	17,800,000	USD	758,153	07/22		JPM		—		(6,927	)
EUR	50,000	USD	52,170	07/22		HSB		280		—
HUF	285,000,000	USD	755,580	07/22		JPM		—		(5,299	)
PLN	3,300,000	USD	748,415	07/22		JPM		—		(14,679	)
USD	1,285,328	BRL	6,800,000	07/22		CIT		—		(4,051	)
USD	547,249	CLP	515,000,000	07/22		CIT		—		(10,779	)
USD	529,932	CLP	500,000,000	07/22		HSB		—		(11,843	)
USD	1,517,272	CNH	10,200,000	07/22		JPM		—		(6,315	)
USD	551,559	COP	2,300,000,000	07/22		JPM		96		—
USD	26,085	EUR	25,000	07/22		HSB		—		(140	)
USD	2,638,048	EUR	2,509,785	07/22		JPM		5,327		—
USD	771,084	IDR	11,200,000,000	07/22		JPM		22,337		—
USD	735,581	MXN	14,900,000	07/22		JPM		—		(2,008	)
USD	735,463	TRY	13,200,000	07/22		JPM		—		(43,725	)
USD	1,334,956	ZAR	21,400,000	07/22		CIT		22,936		—
USD	255,999	ZAR	4,200,000	07/22		JPM		—		(1,501	)
Total Forward Foreign Currency Contracts								$50,976		($169,724	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(d) Swap agreements outstanding as of June 30, 2022 were as follows:

Interest Rate Swaps - Long

Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
6.110%		1-Day INR-OIS		S / S		LCH		06/15/27		INR 75,000,000		($30,789	)		$2,300		($33,089	)
5.130%		6-Month CZK-PRIBOR		A / S		LCH		09/21/27		CZK 87,700,000		(36,539	)		—		(36,539	)
6.670%		6-Month PLN-WIBOR		A / S		LCH		09/21/27		PLN 10,700,000		(20,171	)		—		(20,171	)
												($87,499	)		$2,300		($89,799	)

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)
5.870%		1-Day INR-OIS		S / S		LCH		06/15/24		INR 183,000,000		$34,170			$1,549		$32,621
6.110%		1-Day INR-OIS		S / S		LCH		06/15/27		313,000,000		128,492			—		128,492
2.790%		1-Day THB-THOR		Q / Q		LCH		09/21/27		THB 29,800,000		(3,933	)		—		(3,933	)
3.223%		3-Month KRW-KWCDC		Q / Q		LCH		09/21/27		KRW 4,500,000,000		49,900			—		49,900
4.812%		6-Month CZK-PRIBOR		A / S		LCH		09/21/32		CZK 48,500,000		15,743			—		15,743
6.363%		6-Month PLN-WIBOR		A / S		LCH		09/21/32		PLN 6,050,000		24,431			—		24,431
												$248,803			$1,549		$247,254
Total Interest Rate Swaps												$161,304			$3,849		$157,455
Total Swap Agreements												$161,304			$3,849		$157,455

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$12,442,720			$—			$12,442,720			$—
	Convertible Corporate Bonds & Notes		370,000			—			370,000			—
	Foreign Government Bonds & Notes		18,947,646			—			18,947,646			—
	Short-Term Investment		2,420,340			2,420,340			—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		50,976			—			50,976			—
	Interest Rate Contracts
	Futures		21,658			21,658			—			—
	Swaps		251,187			—			251,187			—
	Total Interest Rate Contracts		272,845			21,658			251,187			—
	Total Assets - Derivatives		323,821			21,658			302,163			—
	Total Assets		34,504,527			2,441,998			32,062,529			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(169,724	)		—			(169,724	)		—
	Interest Rate Contracts
	Futures		(43,531	)		(43,531	)		—			—
	Swaps		(93,732	)		—			(93,732	)		—
	Total Interest Rate Contracts		(137,263	)		(43,531	)		(93,732	)		—
	Total Liabilities - Derivatives		(306,987	)		(43,531	)		(263,456	)		—
	Total Liabilities		(306,987	)		(43,531	)		(263,456	)		—
	Total		$34,197,540			$2,398,467			$31,799,073			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

105

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Basic Materials - 1.9%
Air Products and Chemicals Inc		1,405		$337,875
The Sherwin-Williams Co		7,530		1,686,042
				2,023,917
Communications - 17.0%
Alphabet Inc ‘A’ *		2,807		6,117,183
Alphabet Inc ‘C’ *		907		1,984,017
Amazon.com Inc *		61,689		6,551,989
Bumble Inc ‘A’ *		4,636		130,503
Charter Communications Inc ‘A’ *		2,305		1,079,962
Match Group Inc *		9,080		632,785
Meta Platforms Inc ‘A’ *		6,716		1,082,955
Shopify Inc ‘A’ (Canada) *		1,560		48,734
				17,628,128
Consumer, Cyclical - 3.0%
Chipotle Mexican Grill Inc *		462		603,954
Dollar Tree Inc *		2,892		450,718
Hilton Worldwide Holdings Inc		8,748		974,877
Lululemon Athletica Inc *		1,510		411,641
NIKE Inc ‘B’		7,002		715,605
				3,156,795
Consumer, Non-Cyclical - 22.7%
Abbott Laboratories		17,932		1,948,312
Becton Dickinson and Co		3,790		934,349
Block Inc *		3,511		215,786
Boston Scientific Corp *		42,389		1,579,838
Clarivate PLC *		28,358		393,042
Colgate-Palmolive Co		16,737		1,341,303
CoStar Group Inc *		13,550		818,555
Danaher Corp		10,581		2,682,495
Edwards Lifesciences Corp *		11,648		1,107,608
Equifax Inc		4,427		809,167
ICON PLC (Ireland) *		4,163		902,122
STERIS PLC		2,432		501,357
The Estee Lauder Cos Inc ‘A’		6,397		1,629,124
Thermo Fisher Scientific Inc		4,859		2,639,798
TransUnion		12,000		959,880
UnitedHealth Group Inc		1,052		540,339
Verisk Analytics Inc		9,426		1,631,546
Vertex Pharmaceuticals Inc *		5,241		1,476,861
Zoetis Inc		8,785		1,510,054
				23,621,536
Energy - 0.9%
EOG Resources Inc		3,972		438,667
Hess Corp		4,351		460,945
				899,612
Financial - 12.7%
American Express Co		3,406		472,140
American Tower Corp REIT		4,007		1,024,149
Aon PLC ‘A’		5,536		1,492,948
Arthur J Gallagher & Co		1,768		288,255
CME Group Inc		7,049		1,442,930
Equinix Inc REIT		455		298,944

	Shares		Value
Mastercard Inc ‘A’		11,520		$3,634,330
The Charles Schwab Corp		21,756		1,374,544
Visa Inc ‘A’		15,992		3,148,665
				13,176,905
Industrial - 3.6%
AMETEK Inc		8,897		977,691
Canadian Pacific Railway Ltd (Canada)		11,850		827,604
Johnson Controls International PLC		10,560		505,613
Vulcan Materials Co		9,985		1,418,869
				3,729,777
Technology - 35.8%
Adobe Inc *		9,550		3,495,873
Apple Inc		38,301		5,236,513
Applied Materials Inc		4,899		445,711
ASML Holding NV (Netherlands)		1,919		913,214
Atlassian Corp PLC ‘A’ *		1,539		288,409
Autodesk Inc *		3,818		656,543
Black Knight Inc *		4,227		276,403
Cadence Design Systems Inc *		6,248		937,387
Electronic Arts Inc		7,868		957,142
Intuit Inc		6,330		2,439,835
Lam Research Corp		2,067		880,852
Microsoft Corp		50,200		12,892,866
MSCI Inc		4,364		1,798,623
NVIDIA Corp		13,964		2,116,803
Roper Technologies Inc		1,374		542,249
salesforce.com Inc *		6,592		1,087,944
ServiceNow Inc *		2,702		1,284,855
Synopsys Inc *		2,393		726,754
Take-Two Interactive Software Inc *		2,009		246,163
				37,224,139
Total Common Stocks (Cost $41,827,109)				101,460,809
SHORT-TERM INVESTMENT - 2.5%
Money Market Fund - 2.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		2,558,352		2,558,352
Total Short-Term Investment (Cost $2,558,352)				2,558,352
TOTAL INVESTMENTS - 100.1% (Cost $44,385,461)				104,019,161
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(119,468	)
NET ASSETS - 100.0%				$103,899,693

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

106

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$101,460,809		$101,460,809		$—		$—
	Short-Term Investment		2,558,352		2,558,352		—		—
	Total		$104,019,161		$104,019,161		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

107

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Basic Materials - 3.4%
Air Products and Chemicals Inc		11,792		$2,835,740
PPG Industries Inc		17,906		2,047,372
				4,883,112
Communications - 13.0%
Alphabet Inc ‘A’ *		1,298		2,828,679
Booking Holdings Inc *		1,082		1,892,407
Charter Communications Inc ‘A’ *		6,774		3,173,822
Cisco Systems Inc		74,448		3,174,463
Comcast Corp ‘A’		62,427		2,449,636
DISH Network Corp ‘A’ *		104,600		1,875,478
Motorola Solutions Inc		15,667		3,283,803
				18,678,288
Consumer, Cyclical - 1.6%
The Home Depot Inc		8,233		2,258,065
Consumer, Non-Cyclical - 13.7%
Amgen Inc		7,682		1,869,031
Becton Dickinson and Co		7,733		1,906,417
Elevance Health Inc		7,867		3,796,457
Johnson & Johnson		18,253		3,240,090
Merck & Co Inc		18,054		1,645,983
PepsiCo Inc		13,315		2,219,078
UnitedHealth Group Inc		9,607		4,934,443
				19,611,499
Energy - 9.0%
Chevron Corp		25,405		3,678,136
ConocoPhillips		64,922		5,830,645
Enterprise Products Partners LP		139,573		3,401,394
				12,910,175
Financial - 24.5%
American Express Co		32,321		4,480,337
American Tower Corp REIT		11,700		2,990,403
Bank of America Corp		163,122		5,077,988
Berkshire Hathaway Inc ‘B’ *		8,589		2,344,969
JPMorgan Chase & Co		42,714		4,810,023
Marsh & McLennan Cos Inc		14,140		2,195,235
The Bank of New York Mellon Corp		40,236		1,678,244
The Charles Schwab Corp		46,227		2,920,622
The Progressive Corp		18,844		2,190,992
The Travelers Cos Inc		12,479		2,110,573
US Bancorp		30,641		1,410,099
Visa Inc ‘A’		15,141		2,981,111
				35,190,596
Industrial - 20.3%
Deere & Co		15,313		4,585,784
Honeywell International Inc		9,636		1,674,833
Illinois Tool Works Inc		11,386		2,075,098
Martin Marietta Materials Inc		5,390		1,612,904
Northrop Grumman Corp		7,574		3,624,689
Otis Worldwide Corp		22,922		1,619,898
Raytheon Technologies Corp		56,450		5,425,409
TE Connectivity Ltd		38,975		4,410,021

	Shares		Value
United Parcel Service Inc ‘B’		16,203		$2,957,696
Vertiv Holdings Co		137,503		1,130,275
				29,116,607
Technology - 4.8%
Apple Inc		4,723		645,728
Intel Corp		53,773		2,011,648
Microsoft Corp		5,778		1,483,964
Oracle Corp		22,003		1,537,350
QUALCOMM Inc		9,069		1,158,474
				6,837,164
Utilities - 6.4%
Edison International		41,876		2,648,238
Sempra Energy		43,920		6,599,859
				9,248,097
Total Common Stocks (Cost $77,701,467)				138,733,603
SHORT-TERM INVESTMENT - 3.3%
Money Market Fund - 3.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		4,680,805		4,680,805
Total Short-Term Investment (Cost $4,680,805)				4,680,805
TOTAL INVESTMENTS - 100.0% (Cost $82,382,272)				143,414,408
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(63,244	)
NET ASSETS - 100.0%				$143,351,164

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

108

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

June 30, 2022 (Audited)

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$138,733,603		$138,733,603		$—		$—
	Short-Term Investment		4,680,805		4,680,805		—		—
	Total		$143,414,408		$143,414,408		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

109

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.5%
Basic Materials - 5.5%
Axalta Coating Systems Ltd *		33,602		$742,940
Element Solutions Inc		41,849		744,912
Ingevity Corp *		10,332		652,363
				2,140,215
Communications - 3.2%
Open Lending Corp ‘A’ *		34,030		348,127
Q2 Holdings Inc *		14,834		572,147
Vivid Seats Inc ‘A’		41,086		306,913
				1,227,187
Consumer, Cyclical - 12.9%
Brunswick Corp		7,621		498,261
F45 Training Holdings Inc *		23,630		92,866
Genius Sports Ltd (United Kingdom) *		47,356		106,551
JetBlue Airways Corp *		36,503		305,530
Leslie’s Inc *		39,521		599,929
Manchester United PLC ‘A’ (United Kingdom)		46,254		514,344
Methode Electronics Inc		10,706		396,550
Ollie’s Bargain Outlet Holdings Inc *		4,671		274,421
On Holding AG ‘A’ (Switzerland) *		9,911		175,326
Penn National Gaming Inc *		13,377		406,928
Petco Health & Wellness Co Inc *		31,397		462,792
Skechers USA Inc ‘A’ *		20,642		734,442
Visteon Corp *		4,475		463,521
				5,031,461
Consumer, Non-Cyclical - 25.2%
Abcam PLC (United Kingdom) *		24,834		356,932
Adaptive Biotechnologies Corp *		9,893		80,034
Allovir Inc *		10,109		39,425
Annexon Inc *		9,842		37,104
BioAtla Inc *		6,433		18,334
Bioxcel Therapeutics Inc *		5,418		71,518
Boyd Group Services Inc (Canada)		3,616		389,523
Bright Horizons Family Solutions Inc *		4,105		346,955
Bruker Corp		7,907		496,243
Certara Inc *		25,287		542,659
Collegium Pharmaceutical Inc *		10,036		177,838
Envista Holdings Corp *		6,950		267,853
European Wax Center Inc ‘A’		12,471		219,739
Evo Payments Inc ‘A’ *		29,229		687,466
Guardant Health Inc *		2,469		99,599
Harmony Biosciences Holdings Inc *		4,875		237,754
HealthEquity Inc *		6,745		414,076
Immunocore Holdings PLC ADR (United Kingdom) *		4,355		162,485
Lyell Immunopharma Inc *		12,778		83,313
Maravai LifeSciences Holdings Inc ‘A’ *		11,510		326,999
MaxCyte Inc *		29,687		140,420
Neurocrine Biosciences Inc *		2,718		264,951
Nuvei Corp (Canada) *		5,028		181,863
Oatly Group AB ADR *		37,977		131,400
Olink Holding AB ADR (Sweden) *		6,310		95,912
Optinose Inc *		23,596		86,361
Oxford Nanopore Technologies PLC (United Kingdom) *		33,553		113,438
Paylocity Holding Corp *		1,073		187,153

	Shares		Value
Payoneer Global Inc *		63,809		$250,131
Prelude Therapeutics Inc *		6,209		32,411
PROCEPT BioRobotics Corp *		4,225		138,115
Recursion Pharmaceuticals Inc ‘A’ *		16,795		136,711
Remitly Global Inc *		47,758		365,826
Ritchie Bros Auctioneers Inc (Canada)		9,842		640,321
Sabre Corp *		52,945		308,669
Sana Biotechnology Inc *		9,894		63,618
Silk Road Medical Inc *		4,722		171,834
SpringWorks Therapeutics Inc *		5,389		132,677
Syneos Health Inc *		11,711		839,445
The Duckhorn Portfolio Inc *		16,182		340,793
Twist Bioscience Corp *		4,610		161,166
				9,839,064
Energy - 3.0%
ChampionX Corp		20,652		409,942
Magnolia Oil & Gas Corp ‘A’		25,346		532,013
Shoals Technologies Group Inc ‘A’ *		14,388		237,114
				1,179,069
Financial - 12.2%
Big Yellow Group PLC REIT (United Kingdom)		19,516		313,125
First Interstate BancSystem Inc ‘A’		17,527		667,954
Focus Financial Partners Inc ‘A’ *		13,136		447,412
GCM Grosvenor Inc ‘A’		35,856		245,613
Hamilton Lane Inc ‘A’		11,249		755,708
Innovative Industrial Properties Inc REIT		2,087		229,299
Prosperity Bancshares Inc		8,973		612,587
STAG Industrial Inc REIT		19,564		604,136
United Community Banks Inc		12,087		364,906
WisdomTree Investments Inc		102,611		520,238
				4,760,978
Industrial - 14.4%
Advanced Drainage Systems Inc		4,499		405,225
Advanced Energy Industries Inc		9,757		712,066
CryoPort Inc *		12,958		401,439
Gerresheimer AG (Germany)		7,173		468,593
GFL Environmental Inc (Canada)		21,266		548,663
Hydrofarm Holdings Group Inc *		19,171		66,715
Knight-Swift Transportation Holdings Inc		9,990		462,437
Kratos Defense & Security Solutions Inc *		14,402		199,900
Littelfuse Inc		2,074		526,879
Saia Inc *		988		185,744
Sensata Technologies Holding PLC		18,078		746,802
The AZEK Co Inc *		40,081		670,956
Trex Co Inc *		3,846		209,299
				5,604,718
Technology - 21.1%
ACV Auctions Inc ‘A’ *		48,662		318,249
Alkami Technology Inc *		29,348		407,644
Avalara Inc *		3,842		271,245
CACI International Inc ‘A’ *		2,124		598,501
Corsair Gaming Inc *		20,343		267,104
Definitive Healthcare Corp *		11,963		274,312
DoubleVerify Holdings Inc *		17,439		395,342
Endava PLC ADR (United Kingdom) *		2,637		232,768
Everbridge Inc *		6,008		167,563
ExlService Holdings Inc *		6,003		884,422
Expensify Inc ‘A’ *		13,536		240,805

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

110

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
Five9 Inc *		3,927		$357,907
Keywords Studios PLC (Ireland)		21,210		566,625
nCino Inc *		5,895		182,273
Outset Medical Inc *		6,079		90,334
Paycor HCM Inc *		17,624		458,224
Procore Technologies Inc *		7,532		341,877
Rapid7 Inc *		9,489		633,865
TaskUS Inc ‘A’ (Philippines) *		19,781		333,508
Thoughtworks Holding Inc *		35,484		500,679
WNS Holdings Ltd ADR (India) *		9,465		706,468
				8,229,715
Total Common Stocks (Cost $51,649,026)				38,012,407
SHORT-TERM INVESTMENT - 2.6%
Money Market Fund - 2.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		1,001,113		1,001,113
Total Short-Term Investment (Cost $1,001,113)				1,001,113
TOTAL INVESTMENTS - 100.1% (Cost $52,650,139)				39,013,520
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(39,136	)
NET ASSETS - 100.0%				$38,974,384

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,140,215		$2,140,215		$—		$—
	Communications		1,227,187		1,227,187		—		—
	Consumer, Cyclical		5,031,461		5,031,461		—		—
	Consumer, Non-Cyclical		9,839,064		9,368,694		470,370		—
	Energy		1,179,069		1,179,069		—		—
	Financial		4,760,978		4,447,853		313,125		—
	Industrial		5,604,718		5,136,125		468,593		—
	Technology		8,229,715		7,663,090		566,625		—
	Total Common Stocks		38,012,407		36,193,694		1,818,713		—
	Short-Term Investment		1,001,113		1,001,113		—		—
	Total		$39,013,520		$37,194,807		$1,818,713		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

111

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.9%
Basic Materials - 4.0%
AdvanSix Inc		13,410		$448,430
Allegheny Technologies Inc *		31,360		712,186
Carpenter Technology Corp		5,829		162,687
HB Fuller Co		11,690		703,855
Innospec Inc		5,750		550,793
				2,577,951
Communications - 2.6%
A10 Networks Inc		40,476		582,045
Casa Systems Inc *		95,562		375,559
Criteo SA ADR (France) *		29,441		718,360
				1,675,964
Consumer, Cyclical - 18.5%
Blue Bird Corp *		38,583		355,349
Citi Trends Inc *		15,930		376,745
Dana Inc		42,870		603,181
Dine Brands Global Inc		10,550		686,594
Genesco Inc *		12,870		642,342
H&E Equipment Services Inc		20,465		592,871
Hilton Grand Vacations Inc *		15,220		543,811
IMAX Corp *		41,920		708,029
KB Home		26,690		759,597
Light & Wonder Inc *		6,820		320,472
MillerKnoll Inc		29,610		777,855
Papa John’s International Inc		8,056		672,837
REV Group Inc		68,000		739,160
Sally Beauty Holdings Inc *		52,782		629,161
Six Flags Entertainment Corp *		29,200		633,640
SkyWest Inc *		26,049		553,541
Taylor Morrison Home Corp *		38,048		888,801
The Goodyear Tire & Rubber Co *		79,110		847,268
The Shyft Group Inc		29,227		543,330
				11,874,584
Consumer, Non-Cyclical - 11.7%
Acadia Healthcare Co Inc *		15,910		1,075,993
Adtalem Global Education Inc *		22,130		796,016
Herc Holdings Inc		7,470		673,421
Integra LifeSciences Holdings Corp *		16,390		885,552
Korn Ferry		12,572		729,427
Nomad Foods Ltd (United Kingdom) *		47,504		949,605
Pediatrix Medical Group Inc *		50,830		1,067,938
Syneos Health Inc *		8,220		589,210
The Hain Celestial Group Inc *		31,079		737,815
				7,504,977
Energy - 4.8%
Helmerich & Payne Inc		23,360		1,005,882
HF Sinclair Corp		18,669		843,092
Infrastructure and Energy Alternatives Inc *		78,596		631,126
Magnolia Oil & Gas Corp ‘A’		27,350		574,076
				3,054,176
Financial - 34.8%
1st Source Corp		15,154		687,992
Associated Banc-Corp		43,492		794,164

	Shares		Value
Bank of Marin Bancorp		13,118		$416,890
BankUnited Inc		26,648		947,869
Berkshire Hills Bancorp Inc		33,800		837,226
Broadstone Net Lease Inc REIT		46,470		953,100
Carter Bankshares Inc *		32,322		426,650
Cousins Properties Inc REIT		18,946		553,792
First BanCorp		72,430		935,071
HarborOne Bancorp Inc		58,695		809,404
Heritage Financial Corp		31,510		792,792
Independence Realty Trust Inc REIT		51,956		1,077,048
Independent Bank Group Inc		11,169		758,487
Moelis & Co ‘A’		21,160		832,646
National Storage Affiliates Trust REIT		11,416		571,599
NETSTREIT Corp REIT		35,520		670,262
Pacific Premier Bancorp Inc		19,653		574,654
Physicians Realty Trust REIT		63,081		1,100,763
Premier Financial Corp		17,740		449,709
Sandy Spring Bancorp Inc		14,123		551,786
Selective Insurance Group Inc		13,015		1,131,524
STAG Industrial Inc REIT		22,242		686,833
Stifel Financial Corp		8,595		481,492
Synovus Financial Corp		21,590		778,319
Texas Capital Bancshares Inc *		16,461		866,507
The Hanover Insurance Group Inc		5,520		807,300
TriCo Bancshares		16,219		740,235
Umpqua Holdings Corp		32,940		552,404
Webster Financial Corp		17,333		730,586
WSFS Financial Corp		19,607		786,045
				22,303,149
Industrial - 14.6%
ArcBest Corp		15,050		1,059,068
Arcosa Inc		15,954		740,744
Belden Inc		13,094		697,517
Cactus Inc ‘A’		19,880		800,568
Dycom Industries Inc *		11,080		1,030,883
GATX Corp		1,863		175,420
Great Lakes Dredge & Dock Corp *		56,129		735,851
Ichor Holdings Ltd *		21,780		565,844
Kirby Corp. *		10,250		623,610
Masonite International Corp *		8,397		645,142
Star Bulk Carriers Corp (Greece)		23,630		590,514
Terex Corp		20,927		572,772
The Manitowoc Co Inc *		33,720		355,072
TTM Technologies Inc *		63,636		795,450
				9,388,455
Technology - 6.1%
ACI Worldwide Inc *		28,735		743,949
Change Healthcare Inc *		44,390		1,023,634
CommVault Systems Inc *		10,549		663,532
Kulicke & Soffa Industries Inc (Singapore)		8,930		382,293
MagnaChip Semiconductor Corp (South Korea) *		43,022		625,110
Unisys Corp *		37,410		450,042
				3,888,560
Utilities - 2.8%
IDACORP Inc		10,190		1,079,325

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

112

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PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
Southwest Gas Holdings Inc		8,360		$727,989
				1,807,314
Total Common Stocks (Cost $57,152,097)				64,075,130
SHORT-TERM INVESTMENT - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		382,462		382,462
Total Short-Term Investment (Cost $382,462)				382,462
TOTAL INVESTMENTS - 100.5% (Cost $57,534,559)				64,457,592
OTHER ASSETS & LIABILITIES, NET - (0.5%)				(350,897	)
NET ASSETS - 100.0%				$64,106,695

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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$64,075,130		$64,075,130		$—		$—
	Short-Term Investment		382,462		382,462		—		—
	Total		$64,457,592		$64,457,592		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

113

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
WARRANTS - 0.1%
Switzerland - 0.1%
Cie Financiere Richemont SA Exercise @ CHF67.00 Exp 11/22/23 *		30,788		$16,770
Total Warrants (Cost $0)				16,770
PREFERRED STOCKS - 1.2%
Brazil - 1.2%
Banco Bradesco SA		182,159		598,327
Total Preferred Stocks (Cost $598,273)				598,327
COMMON STOCKS - 93.7%
Brazil - 4.3%
Ambev SA		231,700		592,371
Americanas SA		90,715		233,485
Lojas Renner SA		68,588		295,796
NU Holdings Ltd ‘A’ *		52,181		195,157
Pagseguro Digital Ltd ‘A’ *		14,889		152,463
Vale SA ADR		41,227		603,151
WEG SA		16,943		85,630
				2,158,053
Chile - 0.1%
Banco Santander Chile		1,066,381		43,055
China - 28.2%
Alibaba Group Holding Ltd *		85,800		1,223,971
BeiGene Ltd ADR *		3,725		602,891
Brii Biosciences Ltd *		76,500		82,287
Huazhu Group Ltd		3,300		12,814
Huazhu Group Ltd ADR		46,166		1,758,925
JD.com Inc ADR		1,151		73,917
Meituan ‘B’ * ~		48,500		1,210,283
MicroTech Medical Hangzhou Co Ltd ‘H’ * ~		17,400		22,050
NetEase Inc ADR		19,545		1,824,721
New Horizon Health Ltd * ~		21,500		64,887
Silergy Corp		3,000		242,578
Sunny Optical Technology Group Co Ltd		17,200		282,024
Tencent Holdings Ltd		20,681		936,128
Wuxi Biologics Cayman Inc * ~		125,500		1,162,811
Yum China Holdings Inc		50,295		2,439,307
Zai Lab Ltd ADR *		12,073		418,692
ZTO Express Cayman Inc		4,113		110,183
ZTO Express Cayman Inc ADR		56,085		1,539,533
				14,008,002
Egypt - 0.3%
Commercial International Bank Egypt SAE		84,614		167,585
France - 5.0%
Kering SA		1,565		811,025

	Shares		Value
L’Oreal SA		82		$28,471
Pernod Ricard SA		8,928		1,650,562
				2,490,058
Hong Kong - 4.6%
AIA Group Ltd		188,000		2,054,195
Prudential PLC		19,650		239,331
				2,293,526
India - 19.6%
Housing Development Finance Corp Ltd		118,800		3,286,806
Infosys Ltd		57,465		1,068,075
Kotak Mahindra Bank Ltd		116,195		2,457,495
Oberoi Realty Ltd *		30,116		282,604
Tata Consultancy Services Ltd		51,776		2,150,097
Zee Entertainment Enterprises Ltd		182,571		497,687
				9,742,764
Indonesia - 0.8%
P.T. Bank Central Asia Tbk		781,900		380,738
Italy - 1.6%
Ermenegildo Zegna Holditalia SPA *		8,569		90,403
PRADA SPA		121,700		684,404
				774,807
Mexico - 8.8%
America Movil SAB de CV ‘L’ ADR		26,104		533,305
Fomento Economico Mexicano SAB de CV		111,918		755,396
Grupo Mexico SAB de CV ‘B’		473,162		1,971,989
Wal-Mart de Mexico SAB de CV		316,660		1,089,677
				4,350,367
Peru - 0.3%
Credicorp Ltd		1,368		164,037
Philippines - 2.2%
Ayala Land Inc		698,000		324,442
SM Investments Corp		43,867		624,225
SM Prime Holdings Inc		244,314		162,584
				1,111,251
Poland - 0.3%
InPost SA *		27,290		158,120
Russia - 0.0%
Novatek PJSC GDR ± W		24,056		—
Polyus PJSC ± W		3,943		—
Polyus PJSC GDR ~ ± W		3,877		—
Sberbank of Russia PJSC * ± W		14,210		—
TCS Group Holding PLC GDR * ± W		7,899		—
Yandex NV ‘A’ * ± W		65,568		—
South Africa - 0.9%
FirstRand Ltd		117,848		453,530
South Korea - 6.6%
Coupang Inc *		10,027		127,844
LG Chem Ltd		1,849		734,574

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

114

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
NAVER Corp		2,601		$485,156
Samsung Biologics Co Ltd * ~		1,709		1,044,826
Samsung Electronics Co Ltd		19,575		863,402
				3,255,802
Switzerland - 1.5%
Cie Financiere Richemont SA ‘A’		6,912		743,477
Taiwan - 8.6%
MediaTek Inc		44,000		965,852
Taiwan Semiconductor Manufacturing Co Ltd		205,995		3,301,349
				4,267,201
Total Common Stocks (Cost $36,938,708)				46,562,373
SHORT-TERM INVESTMENT - 4.5%
Money Market Fund - 4.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		2,254,756		2,254,756
Total Short-Term Investment (Cost $2,254,756)				2,254,756
TOTAL INVESTMENTS - 99.5% (Cost $39,791,737)				49,432,226
OTHER ASSETS & LIABILITIES, NET - 0.5%				258,657
NET ASSETS - 100.0%				$49,690,883

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

115

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$16,770		$16,770		$—		$—
	Preferred Stocks		598,327		598,327		—		—
	Common Stocks
	Brazil		2,158,053		2,158,053		—		—
	Chile		43,055		43,055		—		—
	China		14,008,002		8,657,986		5,350,016		—
	Egypt		167,585		—		167,585		—
	France		2,490,058		—		2,490,058		—
	Hong Kong		2,293,526		—		2,293,526		—
	India		9,742,764		—		9,742,764		—
	Indonesia		380,738		—		380,738		—
	Italy		774,807		90,403		684,404		—
	Mexico		4,350,367		4,350,367		—		—
	Peru		164,037		164,037		—		—
	Philippines		1,111,251		—		1,111,251		—
	Poland		158,120		—		158,120		—
	South Africa		453,530		—		453,530		—
	South Korea		3,255,802		127,844		3,127,958		—
	Switzerland		743,477		—		743,477		—
	Taiwan		4,267,201		—		4,267,201		—
	Total Common Stocks		46,562,373		15,591,745		30,970,628		—
	Short-Term Investment		2,254,756		2,254,756		—		—
	Total		$49,432,226		$18,461,598		$30,970,628		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

116

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Canada - 9.1%
Barrick Gold Corp		7,430		$131,437
CAE Inc *		5,775		142,311
Canadian Imperial Bank of Commerce		4,376		212,511
Canadian Pacific Railway Ltd		8,243		575,767
Suncor Energy Inc		9,140		320,667
Thomson Reuters Corp		3,462		360,912
				1,743,605
China - 0.3%
Zai Lab Ltd *		14,900		51,517
Denmark - 2.4%
Novo Nordisk AS ‘B’		4,200		465,790
France - 12.8%
Airbus SE		1,839		179,872
BNP Paribas SA		7,602		363,619
Dassault Systemes SE		2,470		91,491
EssilorLuxottica SA		2,159		327,332
L’Oreal SA		1,634		567,334
LVMH Moet Hennessy Louis Vuitton SE		952		583,460
Teleperformance		1,068		329,781
				2,442,889
Germany - 2.8%
adidas AG		1,326		235,539
Deutsche Boerse AG		1,745		293,032
				528,571
Hong Kong - 3.3%
AIA Group Ltd		57,348		626,617
Ireland - 4.7%
CRH PLC		9,513		328,283
ICON PLC *		2,629		569,704
				897,987
Israel - 1.0%
Nice Ltd ADR *		1,010		194,374
Italy - 1.6%
Intesa Sanpaolo SPA		161,707		302,630
Japan - 10.1%
Daiichi Sankyo Co Ltd		3,100		78,841
Hoya Corp		3,170		271,298
Keyence Corp		1,160		397,808
MonotaRO Co Ltd		5,356		79,878
Nidec Corp		1,900		117,737
Olympus Corp		22,089		447,638
Recruit Holdings Co Ltd		10,300		303,339
Shiseido Co Ltd		5,700		229,751
				1,926,290
Netherlands - 4.5%
Adyen NV * ~		156		225,129

	Shares		Value
Argenx SE *		593		$223,533
ASML Holding NV		894		422,360
				871,022
Portugal - 2.7%
EDP - Energias de Portugal SA		109,473		510,181
Spain - 4.9%
Amadeus IT Group SA *		5,257		294,361
Cellnex Telecom SA ~		3,477		135,319
Iberdrola SA		23,710		246,855
Industria de Diseno Textil SA		11,498		261,297
				937,832
Sweden - 4.0%
Atlas Copco AB ‘A’		53,432		500,126
Sandvik AB		16,760		273,139
				773,265
Switzerland - 4.9%
Alcon Inc		4,302		301,663
Givaudan SA		40		140,988
Straumann Holding AG		660		79,508
TE Connectivity Ltd		3,687		417,184
				939,343
United Kingdom - 16.1%
3i Group PLC		13,621		184,617
Ashtead Group PLC		2,657		111,776
Burberry Group PLC		11,476		230,225
Compass Group PLC		18,778		385,538
Diageo PLC		13,257		572,606
Dr. Martens PLC		22,039		64,229
Linde PLC		1,797		516,998
London Stock Exchange Group PLC		5,922		552,592
Ocado Group PLC *		5,252		50,066
RELX PLC		3,550		96,387
Rentokil Initial PLC		54,458		315,691
				3,080,725
United States - 11.7%
Accenture PLC ‘A’		809		224,619
Atlassian Corp PLC ‘A’ *		493		92,388
Nestle SA		7,253		847,678
Roche Holding AG		1,563		522,511
Schlumberger NV		10,390		371,546
SolarEdge Technologies Inc *		623		170,503
				2,229,245
Total Common Stocks (Cost $18,902,102)				18,521,883

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

117

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.4%
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		273,238		$273,238
Total Short-Term Investment (Cost $273,238)				273,238
TOTAL INVESTMENTS - 98.3% (Cost $19,175,340)				18,795,121
OTHER ASSETS & LIABILITIES, NET - 1.7%				323,969
NET ASSETS - 100.0%				$19,119,090

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

118

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Canada		$1,743,605		$1,743,605		$—		$—
	China		51,517		—		51,517		—
	Denmark		465,790		—		465,790		—
	France		2,442,889		—		2,442,889		—
	Germany		528,571		—		528,571		—
	Hong Kong		626,617		—		626,617		—
	Ireland		897,987		569,704		328,283		—
	Israel		194,374		194,374		—		—
	Italy		302,630		—		302,630		—
	Japan		1,926,290		—		1,926,290		—
	Netherlands		871,022		—		871,022		—
	Portugal		510,181		—		510,181		—
	Spain		937,832		—		937,832		—
	Sweden		773,265		—		773,265		—
	Switzerland		939,343		417,184		522,159		—
	United Kingdom		3,080,725		—		3,080,725		—
	United States		2,229,245		859,056		1,370,189		—
	Total Common Stocks		18,521,883		3,783,923		14,737,960		—
	Short-Term Investment		273,238		273,238		—		—
	Total		$18,795,121		$4,057,161		$14,737,960		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

119

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.6%
Australia - 3.4%
EBOS Group Ltd		6,800		$165,436
GUD Holdings Ltd		31,895		175,860
Imdex Ltd		104,934		133,597
Inghams Group Ltd		182,165		324,750
Nanosonics Ltd *		30,219		70,032
Servcorp Ltd		34,476		78,467
SomnoMed Ltd *		34,140		28,514
				976,656
Austria - 1.4%
Mayr Melnhof Karton AG		1,300		222,214
Wienerberger AG		8,200		177,060
				399,274
Belgium - 1.6%
Econocom Group SA		47,300		165,399
Fagron		17,000		275,560
				440,959
Brazil - 1.6%
Hypera SA		38,384		279,219
YDUQS Participacoes SA		66,449		166,330
				445,549
Canada - 2.8%
CCL Industries Inc ‘B’		4,400		207,968
ECN Capital Corp		18,200		77,907
Open Text Corp		9,300		351,784
The North West Co Inc		5,500		142,243
				779,902
Cayman - 0.3%
Patria Investments Ltd ‘A’		5,600		74,032
China - 4.6%
Best Pacific International Holdings Ltd		476,170		118,939
Far East Horizon Ltd		328,643		276,062
Precision Tsugami China Corp Ltd		121,178		152,731
Qingdao Port International Co Ltd ‘H’ ~		367,901		172,799
Shenzhen YUTO Packaging Technology Co Ltd ‘A’		51,520		227,492
TravelSky Technology Ltd ‘H’		145,890		284,477
Xingda International Holdings Ltd		374,000		69,955
				1,302,455
Denmark - 0.6%
Spar Nord Bank AS		16,300		173,088
Finland - 2.2%
Huhtamaki Oyj		6,100		242,666
Kamux Corp		16,000		130,702
Nanoform Finland PLC *		12,000		44,202
Rovio Entertainment Oyj ~		30,200		208,295
				625,865
France - 3.8%
Altarea SCA REIT		1,800		246,947
Antin Infrastructure Partners SA		4,500		106,200

	Shares		Value
Elior Group SA * ~		50,000		$111,840
Lectra		3,500		128,572
Maisons du Monde SA ~		15,800		157,977
Thermador Groupe		1,900		171,434
Vicat SA		5,800		160,526
				1,083,496
Germany - 5.6%
DIC Asset AG		20,400		225,718
DWS Group GmbH & Co KGaA ~		3,700		97,545
JOST Werke AG ~		4,000		149,727
Norma Group SE		4,200		94,133
Rheinmetall AG		1,040		239,996
Stabilus SE		2,600		127,796
Synlab AG		10,700		186,406
Takkt AG		9,300		146,560
Talanx AG		8,600		328,733
				1,596,614
Greece - 0.6%
Mytilineos SA		11,600		171,704
Hong Kong - 1.4%
ASMPT Ltd		30,868		262,726
Sino Land Co Ltd		99,892		147,508
				410,234
Hungary - 0.9%
Richter Gedeon Nyrt		14,715		266,312
Indonesia - 0.9%
P.T. Avia Avian Tbk		2,297,424		125,686
P.T. Selamat Sempurna Tbk		1,411,000		125,988
				251,674
Ireland - 2.5%
AerCap Holdings NV *		3,197		130,885
Dalata Hotel Group PLC *		43,900		159,867
Irish Residential Properties REIT PLC ◇		166,000		220,233
Mincon Group PLC		146,700		185,250
				696,235
Italy - 1.0%
Banca Generali SPA		4,800		135,903
Recordati Industria Chimica e Farmaceutica SPA		3,500		152,632
				288,535
Japan - 21.3%
Amano Corp		9,600		166,119
ASKUL Corp		14,100		168,518
Capcom Co Ltd		7,300		177,579
Daikyonishikawa Corp		28,285		108,617
Daiwa Industries Ltd		9,700		78,523
Dexerials Corp		6,700		178,823
Dip Corp		5,200		144,712
GMO internet Inc		14,200		245,715
Inaba Denki Sangyo Co Ltd		7,900		155,018
Isuzu Motors Ltd		21,100		233,395
Lixil Corp		9,800		184,197
Maruwa Co Ltd		1,900		216,783

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

120

PACIFIC FUNDS

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
Meitec Corp		9,900		$159,596
MINEBEA MITSUMI Inc		10,900		185,772
Mitani Corp		7,700		85,955
Nihon Parkerizing Co Ltd		25,300		166,577
Nishimoto Co Ltd		5,181		145,416
NSD Co Ltd		14,100		246,306
PALTAC Corp		8,300		257,904
Park24 Co Ltd *		3,900		53,926
Persol Holdings Co Ltd		10,800		197,188
Renesas Electronics Corp *		47,100		426,225
Roland Corp		7,100		210,925
S Foods Inc		14,500		334,236
San-Ai Obbli Co Ltd		28,600		202,743
Ship Healthcare Holdings Inc		15,100		269,508
Sugi Holdings Co Ltd		4,800		210,845
SUMCO Corp		12,700		165,162
TechnoPro Holdings Inc		3,900		78,289
TIS Inc		12,400		326,253
TKC Corp		2,200		53,432
Tsuruha Holdings Inc		3,700		201,333
				6,035,590
Mexico - 2.6%
Bolsa Mexicana de Valores SAB de CV		141,678		250,109
Gruma SAB de CV ‘B’		20,658		228,107
				478,216
Netherlands - 1.3%
Amsterdam Commodities NV		9,700		229,731
Arcadis NV		4,200		140,669
				370,400
Norway - 0.7%
Europris ASA ~		41,300		193,866
Peru - 0.5%
Intercorp Financial Services Inc		6,033		141,172
Philippines - 1.7%
Century Pacific Food Inc *		588,687		235,539
Robinsons Land Corp		750,203		235,435
				470,974
Singapore - 2.8%
HRnetgroup Ltd		256,365		143,082
Mapletree Industrial Trust REIT		118,047		220,988
The Hour Glass Ltd		179,369		299,716
Wing Tai Holdings Ltd		91,700		114,903
				778,689
South Korea - 1.8%
Hyundai Marine & Fire Insurance Co Ltd		5,054		120,808
Soulbrain Co Ltd		1,600		282,537
Vitzrocell Co Ltd		11,400		101,651
				504,996
Spain - 3.2%
Cia de Distribucion Integral Logista Holdings SA		14,800		290,012
CIE Automotive SA		9,400		234,078
Grupo Catalana Occidente SA		9,300		290,699

	Shares		Value
Prosegur Cia de Seguridad SA		53,600		$95,035
				909,824
Sweden - 2.3%
BHG Group AB *		25,400		80,764
Dustin Group AB ~		30,300		173,467
Granges AB		21,200		159,262
Hexpol AB		21,700		185,826
Nordnet AB publ		3,300		43,443
				642,762
Taiwan - 3.0%
International Games System Co Ltd		11,155		280,676
Sporton International Inc		34,529		203,381
Test Research Inc		65,916		132,043
Tripod Technology Corp		36,091		135,408
Yageo Corp		9,520		98,731
				850,239
Tanzania - 0.4%
Helios Towers PLC *		74,840		110,597
Thailand - 0.7%
Star Petroleum Refining PCL		616,053		211,276
United Kingdom - 14.0%
Ashtead Technology Holdings PLC *		62,500		168,900
B&M European Value Retail SA		38,165		170,799
Biffa PLC ~		49,851		227,442
Bodycote PLC		17,812		114,623
Grainger PLC		75,804		259,481
Harbour Energy PLC		34,351		152,601
Hiscox Ltd		20,600		236,320
Hyve Group PLC *		91,494		82,373
Informa PLC *		27,518		177,783
J D Wetherspoon PLC *		26,328		200,270
JET2 PLC *		13,960		154,156
John Wood Group PLC *		112,824		214,251
Lancashire Holdings Ltd		43,060		211,622
LSL Property Services PLC		54,135		220,760
On the Beach Group PLC * ~		74,750		129,914
Pets at Home Group PLC		26,800		100,874
Reach PLC		95,329		116,392
Sabre Insurance Group PLC ~		61,459		153,743
Savills PLC		14,594		179,947
Tate & Lyle PLC		36,506		334,541
Vistry Group PLC		14,425		146,923
WH Smith PLC *		12,102		208,026
				3,961,741
United States - 4.1%
Adient PLC *		4,100		121,483
Adtalem Global Education Inc *		6,500		233,805
Antero Resources Corp *		7,865		241,062
GCC SAB de CV		40,603		251,559
GrafTech International Ltd		28,172		199,176
Impro Precision Industries Ltd ~		196,179		54,253
Ovintiv Inc		3,100		136,989

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

121

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
RHI Magnesita NV		7,200		$174,586
				1,412,913
Total Common Stocks (Cost $31,552,384)				27,055,839
EXCHANGE-TRADED FUND - 2.0%
iShares MSCI India		14,100		555,117
Total Exchange-Traded Fund (Cost $630,555)				555,117
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		351,277		351,277
Total Short-Term Investment (Cost $351,277)				351,277
TOTAL INVESTMENTS - 98.8% (Cost $32,534,216)				27,962,233
OTHER ASSETS & LIABILITIES, NET - 1.2%				328,112
NET ASSETS - 100.0%				$28,290,345

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

122

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a) Restricted securities as of June 30, 2022 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Irish Residential Properties REIT PLC (Acq 10/29/21)		$278,367		$220,233		0.8%

(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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$976,656		$28,514		$948,142		$—
	Austria		399,274		—		399,274		—
	Belgium		440,959		—		440,959		—
	Brazil		445,549		445,549		—		—
	Canada		779,902		779,902		—		—
	Cayman		74,032		74,032		—		—
	China		1,302,455		271,670		1,030,785		—
	Denmark		173,088		—		173,088		—
	Finland		625,865		44,202		581,663		—
	France		1,083,496		277,634		805,862		—
	Germany		1,596,614		—		1,596,614		—
	Greece		171,704		—		171,704		—
	Hong Kong		410,234		—		410,234		—
	Hungary		266,312		—		266,312		—
	Indonesia		251,674		125,686		125,988		—
	Ireland		696,235		696,235		—		—
	Italy		288,535		—		288,535		—
	Japan		6,035,590		—		6,035,590		—
	Mexico		478,216		478,216		—		—
	Netherlands		370,400		229,731		140,669		—
	Norway		193,866		—		193,866		—
	Peru		141,172		141,172		—		—
	Philippines		470,974		235,539		235,435		—
	Singapore		778,689		—		778,689		—
	South Korea		504,996		—		504,996		—
	Spain		909,824		—		909,824		—
	Sweden		642,762		—		642,762		—
	Taiwan		850,239		—		850,239		—
	Tanzania		110,597		—		110,597		—
	Thailand		211,276		—		211,276		—
	United Kingdom		3,961,741		1,597,289		2,364,452		—
	United States		1,412,913		1,238,327		174,586		—
	Total Common Stocks		27,055,839		6,663,698		20,392,141		—
	Exchange-Traded Fund		555,117		555,117		—		—
	Short-Term Investment		351,277		351,277		—		—
	Total		$27,962,233		$7,570,092		$20,392,141		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

123

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Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.7%
Germany - 0.7%
Henkel AG & Co KGaA		7,557		$467,632
Total Preferred Stocks (Cost $547,415)				467,632
COMMON STOCKS - 97.1%
Argentina - 0.1%
YPF SA ADR *		16,274		53,053
Austria - 0.8%
ams-OSRAM AG *		19,922		180,234
Erste Group Bank AG		14,165		359,951
				540,185
Belgium - 0.8%
Ageas SA		11,967		527,656
Brazil - 2.0%
Atacadao SA		31,830		101,388
Cia de Saneamento Basico do Estado de Sao Paulo		71,120		570,895
Telefonica Brasil SA		44,828		405,756
Ultrapar Participacoes SA		106,198		250,405
				1,328,444
Burkina Faso - 0.4%
Endeavour Mining PLC		13,603		281,423
Canada - 2.2%
ARC Resources Ltd		22,475		283,382
Barrick Gold Corp		35,932		635,342
Cameco Corp		14,302		300,628
Kinross Gold Corp		71,319		255,322
				1,474,674
China - 0.8%
Dongfeng Motor Group Co Ltd ‘H’		671,978		511,575
Finland - 1.6%
Nokia OYJ		146,910		680,936
Wartsila OYJ Abp		47,473		372,129
				1,053,065
France - 12.5%
AXA SA		40,601		927,390
BNP Paribas SA		15,181		726,137
Carrefour SA		26,765		475,114
Cie de Saint-Gobain		19,229		830,871
Dassault Aviation SA		2,334		364,484
Engie SA		76,085		880,985
Orange SA		57,998		683,424
Renault SA *		15,664		395,452
Rexel SA		16,233		250,832
SCOR SE		12,159		261,894

	Shares		Value
Societe Generale SA		28,092		$621,106
TotalEnergies SE		36,238		1,907,458
				8,325,147
Germany - 4.6%
CECONOMY AG		37,408		104,876
Continental AG		6,082		426,888
Daimler Truck Holding AG *		23,611		621,817
Fresenius SE & Co KGaA		25,320		770,031
HeidelbergCement AG		14,498		699,982
Mercedes-Benz Group AG		7,867		456,902
				3,080,496
Hong Kong - 1.4%
CK Asset Holdings Ltd		98,770		701,792
WH Group Ltd ~		281,396		217,797
				919,589
India - 0.8%
Canara Bank		104,126		240,232
Oil & Natural Gas Corp Ltd		116,651		223,354
Zee Entertainment Enterprises Ltd		28,782		78,459
				542,045
Indonesia - 1.0%
P.T. Bank Mandiri Persero Tbk		1,294,435		691,249
Ireland - 1.3%
AIB Group PLC		136,276		311,024
Bank of Ireland Group PLC		90,095		569,453
				880,477
Italy - 3.9%
Assicurazioni Generali SPA		35,332		564,350
BPER Banca		165,467		272,744
Eni SPA		85,301		1,011,727
UniCredit SPA		77,949		744,907
				2,593,728
Japan - 27.5%
Alfresa Holdings Corp		19,524		262,501
Alps Alpine Co Ltd		24,640		250,379
Benesse Holdings Inc		1,599		25,875
Dai-ichi Life Holdings Inc		35,911		664,188
DeNA Co Ltd		18,627		260,145
Eisai Co Ltd		3,938		166,499
Fuji Media Holdings Inc		11,965		101,342
Hino Motors Ltd		69,733		358,954
Honda Motor Co Ltd		49,038		1,182,360
Inpex Corp		45,238		484,964
Isuzu Motors Ltd		47,458		524,951
Japan Airlines Co Ltd *		29,518		507,167
JGC Holdings Corp		37,002		475,268
Kamigumi Co Ltd		12,049		232,925
Kirin Holdings Co Ltd		29,982		473,627
Makita Corp		15,451		382,977
Mitsubishi Estate Co Ltd		44,342		642,664
Mitsubishi Heavy Industries Ltd		9,170		320,507
Mitsubishi UFJ Financial Group Inc		174,323		932,637
MS&AD Insurance Group Holdings Inc		22,744		697,408
Nikon Corp		29,754		343,118

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

124

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
Nippon Television Holdings Inc		23,009		$204,741
Nissan Motor Co Ltd		111,998		438,653
Nomura Holdings Inc		53,825		195,552
Ono Pharmaceutical Co Ltd		35,819		920,164
Resona Holdings Inc		201,298		752,958
Shimamura Co Ltd		5,071		445,565
Stanley Electric Co Ltd		20,293		333,145
Subaru Corp		32,032		566,597
Sumitomo Electric Industries Ltd		50,563		558,748
Sumitomo Heavy Industries Ltd		15,169		335,791
Sumitomo Mitsui Financial Group Inc		16,963		504,227
Sumitomo Mitsui Trust Holdings Inc		22,117		683,547
Sumitomo Rubber Industries Ltd		23,247		198,799
T&D Holdings Inc		73,898		884,600
Taiheiyo Cement Corp		15,021		223,812
Takeda Pharmaceutical Co Ltd		20,374		572,272
THK Co Ltd		20,114		378,864
Tsuruha Holdings Inc		5,282		287,417
Yamato Holdings Co Ltd		32,214		515,526
				18,291,434
Luxembourg - 0.4%
RTL Group SA		7,202		301,665
Malaysia - 0.5%
CIMB Group Holdings Bhd		281,517		316,798
Mexico - 0.2%
America Movil SAB de CV ‘L’ ADR		6,897		140,906
Netherlands - 5.8%
ABN AMRO Bank NV ~		43,344		487,037
ING Groep NV		49,658		489,211
Koninklijke Philips NV		21,691		465,240
PostNL NV		51,956		157,402
Shell PLC		86,828		2,261,243
				3,860,133
Norway - 0.1%
Norsk Hydro ASA		14,292		80,768
Russia - 0.0%
Gazprom PJSC ADR * ± W		11,628		—
LUKOIL PJSC ADR * ± W		1,019		—
Mobile TeleSystems PJSC ADR ± W		13,793		—
Sberbank of Russia PJSC ADR * ± W		9,967		—
VEON Ltd ADR *		63,844		29,368
				29,368
South Africa - 1.5%
Anglo American PLC		17,376		621,167
MTN Group Ltd		12,823		104,349
Old Mutual Ltd		387,455		262,604
				988,120
South Korea - 4.8%
Coway Co Ltd		7,954		393,540
Hankook Tire & Technology Co Ltd		9,187		234,206
Hyundai Mobis Co Ltd		2,915		449,310

	Shares		Value
KB Financial Group Inc		17,669		$659,819
KT Corp ADR		50,706		707,856
Shinhan Financial Group Co Ltd		26,502		759,931
				3,204,662
Spain - 1.0%
CaixaBank SA		195,245		683,758
Sweden - 0.8%
SKF AB ‘B’		34,091		505,784
Switzerland - 7.2%
Adecco Group AG		19,857		676,823
Holcim Ltd		17,886		767,123
Julius Baer Group Ltd		2,502		116,068
Novartis AG		16,924		1,434,827
The Swatch Group AG		2,006		476,502
UBS Group AG		82,508		1,333,885
				4,805,228
Taiwan - 1.5%
Catcher Technology Co Ltd		80,278		447,830
Hon Hai Precision Industry Co Ltd		145,629		534,625
				982,455
Thailand - 1.3%
Kasikornbank PCL		121,466		522,082
Kasikornbank PCL NVDR		73,365		313,071
				835,153
Turkey - 0.5%
Turk Telekomunikasyon AS		324,179		171,011
Turkcell Iletisim Hizmetleri AS		179,664		175,275
				346,286
United Kingdom - 9.8%
Babcock International Group PLC *		69,228		261,339
BAE Systems PLC		25,368		256,825
BP PLC		329,011		1,544,869
BT Group PLC		282,190		641,350
Centrica PLC *		262,012		255,865
easyJet PLC *		83,235		373,863
J Sainsbury PLC		153,754		382,642
Kingfisher PLC		89,242		266,698
Land Securities Group PLC REIT		40,476		328,462
Marks & Spencer Group PLC *		52,233		86,656
Standard Chartered PLC		133,020		1,004,221
The British Land Co PLC REIT		58,927		322,352
WPP PLC		79,032		798,322
				6,523,464
Total Common Stocks (Cost $66,979,661)				64,698,788

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

125

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		751,664		$751,664
Total Short-Term Investment (Cost $751,664)				751,664
TOTAL INVESTMENTS - 98.9% (Cost $68,278,740)				65,918,084
OTHER ASSETS & LIABILITIES, NET - 1.1%				708,786
NET ASSETS - 100.0%				$66,626,870

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

126

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PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$467,632		$—		$467,632		$—
	Common Stocks
	Argentina		53,053		53,053		—		—
	Austria		540,185		—		540,185		—
	Belgium		527,656		—		527,656		—
	Brazil		1,328,444		1,328,444		—		—
	Burkina Faso		281,423		281,423		—		—
	Canada		1,474,674		1,474,674		—		—
	China		511,575		—		511,575		—
	Finland		1,053,065		—		1,053,065		—
	France		8,325,147		—		8,325,147		—
	Germany		3,080,496		—		3,080,496		—
	Hong Kong		919,589		—		919,589		—
	India		542,045		—		542,045		—
	Indonesia		691,249		—		691,249		—
	Ireland		880,477		—		880,477		—
	Italy		2,593,728		—		2,593,728		—
	Japan		18,291,434		—		18,291,434		—
	Luxembourg		301,665		—		301,665		—
	Malaysia		316,798		—		316,798		—
	Mexico		140,906		140,906		—		—
	Netherlands		3,860,133		—		3,860,133		—
	Norway		80,768		—		80,768		—
	Russia		29,368		29,368		—		—
	South Africa		988,120		—		988,120		—
	South Korea		3,204,662		707,856		2,496,806		—
	Spain		683,758		—		683,758		—
	Sweden		505,784		—		505,784		—
	Switzerland		4,805,228		—		4,805,228		—
	Taiwan		982,455		—		982,455		—
	Thailand		835,153		—		835,153		—
	Turkey		346,286		—		346,286		—
	United Kingdom		6,523,464		—		6,523,464		—
	Total Common Stocks		64,698,788		4,015,724		60,683,064		—
	Short-Term Investment		751,664		751,664		—		—
	Total		$65,918,084		$4,767,388		$61,150,696		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

127

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PF MULTI-ASSET FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 65.9%
Basic Materials - 0.8%
DuPont de Nemours Inc 2.521% (USD LIBOR + 1.110%) due 11/15/23 §		$2,500,000		$2,512,448
Glencore Funding LLC (Australia)
3.000% due 10/27/22 ~		1,600,000		1,595,752
4.625% due 04/29/24 ~		2,000,000		2,001,967
Nucor Corp 3.950% due 05/23/25		500,000		497,698
				6,607,865
Communications - 3.0%
AT&T Inc 2.901% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,776,293
Charter Communications Operating LLC 2.936% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		503,977
eBay Inc 1.900% due 03/11/25		2,500,000		2,350,562
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,805,626
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		5,393,450		5,398,377
Verizon Communications Inc 0.750% due 03/22/24		5,000,000		4,772,621
				24,607,456
Consumer, Cyclical - 3.7%
Aptiv PLC 2.396% due 02/18/25		1,000,000		955,897
Brunswick Corp 0.850% due 08/18/24		2,500,000		2,312,313
Daimler Trucks Finance North America LLC (Germany) 3.500% due 04/07/25 ~		2,250,000		2,206,121
Delta Air Lines Inc 4.500% due 10/20/25 ~		3,000,000		2,917,833
DR Horton Inc
2.500% due 10/15/24		2,000,000		1,914,292
4.375% due 09/15/22		1,000,000		1,000,785
Ford Motor Credit Co LLC 2.366% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,193,267
General Motors Financial Co Inc
1.050% due 03/08/24		2,000,000		1,897,237
1.200% due 10/15/24		2,350,000		2,187,217
Hyatt Hotels Corp 1.300% due 10/01/23		2,500,000		2,422,101
Magallanes Inc 3.282% (SOFR + 1.780%) due 03/15/24 ~ §		2,910,000		2,902,374
Marriott International Inc 3.600% due 04/15/24		1,000,000		991,387
Toyota Motor Credit Corp 2.900% due 03/30/23		3,000,000		3,001,541

	Principal Amount		Value
Walgreens Boots Alliance Inc 0.950% due 11/17/23		$2,800,000		$2,709,597
				30,611,962
Consumer, Non-Cyclical - 8.3%
AmerisourceBergen Corp 0.737% due 03/15/23		1,042,000		1,022,261
Baxter International Inc 1.322% due 11/29/24		4,650,000		4,370,711
Bayer US Finance II LLC (Germany) 2.839% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,183,835
Cigna Corp 3.402% (USD LIBOR + 0.890%) due 07/15/23 §		4,000,000		4,003,599
Cintas Corp No 2 3.450% due 05/01/25		1,000,000		997,562
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,729,190
Constellation Brands Inc 3.600% due 05/09/24		1,400,000		1,395,769
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		4,000,000		3,811,763
Elevance Health Inc 2.375% due 01/15/25		1,200,000		1,156,701
General Mills Inc 2.054% (USD LIBOR + 1.010%) due 10/17/23 §		6,000,000		6,015,879
Gilead Sciences Inc 0.750% due 09/29/23		2,812,000		2,722,839
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		2,150,000		2,078,527
Global Payments Inc 1.500% due 11/15/24		750,000		704,711
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,243,964
Humana Inc
0.650% due 08/03/23		2,800,000		2,710,420
4.500% due 04/01/25		500,000		504,115
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		1,500,000		1,395,082
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		2,855,371
McKesson Corp 1.300% due 08/15/26		1,000,000		890,504
Mondelez International Holdings Netherlands BV 0.750% due 09/24/24 ~		2,000,000		1,870,394
Mondelez International Inc 2.125% due 03/17/24		1,500,000		1,463,034
PerkinElmer Inc 0.550% due 09/15/23		2,700,000		2,601,304
Philip Morris International Inc 1.125% due 05/01/23		2,000,000		1,962,802
Quanta Services Inc 0.950% due 10/01/24		1,750,000		1,619,934
Royalty Pharma PLC 0.750% due 09/02/23		3,500,000		3,371,815

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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June 30, 2022 (Unaudited)

	Principal Amount		Value
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		$5,100,000		$4,877,497
Thermo Fisher Scientific Inc 1.215% due 10/18/24		3,200,000		3,035,174
Zimmer Biomet Holdings Inc 1.450% due 11/22/24		1,750,000		1,648,907
				69,243,664
Energy - 1.6%
Enbridge Inc (Canada) 2.500% due 02/14/25		1,250,000		1,201,013
Energy Transfer LP
3.600% due 02/01/23		3,400,000		3,391,126
4.250% due 03/15/23		1,519,000		1,518,639
Kinder Morgan Inc
3.792% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,000,816
5.625% due 11/15/23 ~		915,000		932,047
MPLX LP
3.375% due 03/15/23		3,500,000		3,491,359
3.500% due 12/01/22		1,606,000		1,605,478
				13,140,478
Financial - 32.4%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		3,300,000		3,146,538
AIG Global Funding 0.650% due 06/17/24 ~		1,000,000		940,415
Air Lease Corp 2.625% due 07/01/22		1,500,000		1,500,000
American Express Co 2.250% due 03/04/25		1,500,000		1,442,813
3.375% due 05/03/24		2,400,000		2,384,943
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,577,908
Athene Global Funding 0.950% due 01/08/24 ~		4,550,000		4,320,690
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		600,000		574,909
Banco Santander SA (Spain) 2.706% due 06/27/24		2,900,000		2,816,983
2.746% due 05/28/25		1,250,000		1,185,370
Bank of America Corp
1.843% due 02/04/25		7,500,000		7,235,472
3.384% due 04/02/26		3,000,000		2,911,869
3.841% due 04/25/25		3,500,000		3,485,389
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		7,000,000		6,785,700
Citigroup Inc
0.776% due 10/30/24		1,200,000		1,144,763
0.981% due 05/01/25		2,100,000		1,969,115
1.678% due 05/15/24		600,000		588,195
2.014% due 01/25/26		3,600,000		3,376,686
2.544% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,777,076
Citizens Bank NA 3.182% (USD LIBOR + 0.950%) due 03/29/23 §		2,000,000		2,002,283

	Principal Amount		Value
Cooperatieve Rabobank UA (Netherlands)
0.375% due 01/12/24		$2,000,000		$1,903,195
3.057% (USD LIBOR + 0.860%) due 09/26/23 ~ §		2,500,000		2,512,037
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,650,000		1,604,740
Credit Suisse AG (Switzerland)
0.495% due 02/02/24		3,000,000		2,829,504
1.000% due 05/05/23		1,750,000		1,713,297
Danske Bank AS (Denmark) 0.976% due 09/10/25 ~		3,150,000		2,903,115
F&G Global Funding 0.900% due 09/20/24 ~		2,000,000		1,856,189
Fifth Third Bank NA 1.800% due 01/30/23		2,000,000		1,982,944
GLP Capital LP REIT 3.350% due 09/01/24		1,000,000		959,476
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		2,650,000		2,542,071
0.976% due 05/24/25		3,500,000		3,266,541
1.162% due 11/22/24		3,600,000		3,439,386
2.455% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,281,940
JPMorgan Chase & Co
0.824% due 06/01/25		2,500,000		2,338,569
0.969% due 06/23/25		2,350,000		2,198,892
2.074% (USD LIBOR + 0.890%) due 07/23/24 §		700,000		697,224
2.595% due 02/24/26		5,500,000		5,233,961
MassMutual Global Funding II 0.600% due 04/12/24 ~		10,000,000		9,491,503
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,905,875
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,012,338
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		4,350,000		4,190,498
0.953% due 07/19/25		7,000,000		6,538,700
3.837% due 04/17/26		2,000,000		1,974,383
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		2,917,870
Morgan Stanley
0.529% due 01/25/24		4,000,000		3,922,197
0.731% due 04/05/24		3,000,000		2,925,804
0.790% due 05/30/25		2,900,000		2,702,146
2.591% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		700,380
New York Life Global Funding 0.400% due 10/21/23 ~		1,650,000		1,590,998
Nomura Holdings Inc (Japan) due 07/03/25 #		2,000,000		2,011,685
Principal Life Global Funding II 0.750% due 08/23/24 ~		2,000,000		1,869,880
Protective Life Global Funding 0.781% due 07/05/24 ~		2,500,000		2,348,659
3.218% due 03/28/25 ~		1,250,000		1,223,165
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,078,641

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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June 30, 2022 (Unaudited)

	Principal Amount		Value
Royal Bank of Canada (Canada)
0.500% due 10/26/23		$4,500,000		$4,354,846
0.650% due 07/29/24		7,500,000		7,052,600
0.750% due 10/07/24		12,000,000		11,215,275
1.600% due 01/21/25		4,000,000		3,789,584
Skandinaviska Enskilda Banken AB (Sweden)
0.550% due 09/01/23 ~		5,000,000		4,833,600
1.900% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,470,785
Societe Generale SA (France) 2.226% due 01/21/26 ~		1,900,000		1,772,594
Standard Chartered PLC (United Kingdom)
1.214% due 03/23/25 ~		2,900,000		2,736,111
1.319% due 10/14/23 ~		2,000,000		1,985,770
3.885% due 03/15/24 ~		1,000,000		997,282
Sumitomo Mitsui Financial Group Inc (Japan)
1.402% due 09/17/26		8,000,000		7,068,368
1.844% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,506,723
The Bank of Nova Scotia (Canada)
0.650% due 07/31/24		7,500,000		7,036,333
1.450% due 01/10/25		5,000,000		4,736,935
The Charles Schwab Corp 0.750% due 03/18/24		3,000,000		2,879,891
The Goldman Sachs Group Inc 0.657% due 09/10/24		4,400,000		4,212,432
1.757% due 01/24/25		5,750,000		5,531,924
The Toronto-Dominion Bank (Canada)
1.450% due 01/10/25		7,000,000		6,624,872
1.684% (USD LIBOR + 0.640%) due 07/19/23 §		4,500,000		4,495,739
UBS AG (Switzerland)
0.450% due 02/09/24 ~		5,000,000		4,743,122
1.375% due 01/13/25 ~		9,000,000		8,435,592
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,453,283
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,579,612
VICI Properties LP REIT 4.375% due 05/15/25		1,850,000		1,809,789
Wells Fargo & Co 1.654% due 06/02/24		1,750,000		1,710,016
3.908% due 04/25/26		3,250,000		3,200,420
Westpac Banking Corp (Australia)
1.019% due 11/18/24		4,200,000		3,944,757
3.650% due 05/15/23		3,251,000		3,251,530
				268,264,705
Industrial - 4.4%
Amcor Flexibles North America Inc 4.000% due 05/17/25		3,200,000		3,168,150
Berry Global Inc 0.950% due 02/15/24		2,850,000		2,701,230
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,130,231
Carlisle Cos Inc 0.550% due 09/01/23		2,400,000		2,315,999
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,835,735

	Principal Amount		Value
Jabil Inc 1.700% due 04/15/26		$1,000,000		$896,759
Parker-Hannifin Corp 3.650% due 06/15/24		1,250,000		1,242,754
Penske Truck Leasing Co LP
1.200% due 11/15/25 ~		2,000,000		1,787,902
2.700% due 11/01/24 ~		1,000,000		960,802
Ryder System Inc 2.500% due 09/01/24		3,000,000		2,896,666
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		5,930,404
TD SYNNEX Corp 1.250% due 08/09/24 ~		3,800,000		3,549,474
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		6,623,751
The Boeing Co 4.508% due 05/01/23		1,500,000		1,504,123
				36,543,980
Technology - 4.2%
Apple Inc 0.750% due 05/11/23		2,450,000		2,408,127
CGI Inc (Canada) 1.450% due 09/14/26		2,000,000		1,767,781
DXC Technology Co 1.800% due 09/15/26		1,000,000		899,387
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,788,479
Hewlett Packard Enterprise Co
1.450% due 04/01/24		1,000,000		960,378
2.250% due 04/01/23		2,100,000		2,085,475
Infor Inc 1.450% due 07/15/23 ~		2,700,000		2,628,020
Microchip Technology Inc 0.972% due 02/15/24		4,950,000		4,703,915
Oracle Corp
1.650% due 03/25/26		1,800,000		1,615,419
2.500% due 04/01/25		5,450,000		5,185,069
Qorvo Inc 1.750% due 12/15/24 ~		1,200,000		1,123,314
Salesforce Inc 0.625% due 07/15/24		3,600,000		3,409,226
VMware Inc
0.600% due 08/15/23		1,750,000		1,692,074
4.500% due 05/15/25		2,350,000		2,358,775
				34,625,439
Utilities - 7.5%
American Electric Power Co Inc
0.750% due 11/01/23		2,450,000		2,357,584
1.000% due 11/01/25		500,000		450,113
Black Hills Corp 1.037% due 08/23/24		2,500,000		2,339,301
CenterPoint Energy Resources Corp 2.111% (USD LIBOR + 0.500%) due 03/02/23 §		490,000		488,700
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,367,565

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
Consumers Energy Co 0.350% due 06/01/23		$4,000,000		$3,890,798
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		977,082
DTE Energy Co 1.050% due 06/01/25		1,000,000		920,745
Edison International 4.950% due 04/15/25		1,500,000		1,505,267
Emera US Finance LP (Canada) 0.833% due 06/15/24		2,550,000		2,382,775
Entergy Louisiana LLC 0.620% due 11/17/23		1,361,000		1,311,792
Evergy Inc 2.450% due 09/15/24		4,176,000		4,018,691
Eversource Energy 4.200% due 06/27/24		1,650,000		1,656,045
Mississippi Power Co 1.838% (SOFR + 0.300%) due 06/28/24 §		1,900,000		1,863,426
NextEra Energy Capital Holdings Inc
0.650% due 03/01/23		2,500,000		2,457,944
4.450% due 06/20/25		1,250,000		1,259,889
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,774,601
Pacific Gas and Electric Co 3.250% due 02/16/24		3,000,000		2,923,778
Public Service Enterprise Group Inc
0.800% due 08/15/25		2,800,000		2,531,597
0.841% due 11/08/23		5,200,000		4,991,144
Sempra Energy 3.300% due 04/01/25		2,100,000		2,053,613
Southern California Edison Co
0.700% due 08/01/23		4,550,000		4,411,533
1.100% due 04/01/24		1,300,000		1,237,506
The AES Corp 3.300% due 07/15/25 ~		3,000,000		2,819,250
Virginia Electric and Power Co 3.750% due 05/15/27		1,350,000		1,337,235
Vistra Operations Co LLC 4.875% due 05/13/24 ~		3,600,000		3,585,965
WEC Energy Group Inc 0.800% due 03/15/24		2,500,000		2,375,599
Xcel Energy Inc 0.500% due 10/15/23		650,000		625,781
				61,915,319
Total Corporate Bonds & Notes (Cost $568,235,878)				545,560,868
SENIOR LOAN NOTES - 0.7%
Communications - 0.2%
Charter Communications Operating LLC Term B-2 3.420% (USD LIBOR + 1.750%) due 02/01/27 §		1,989,770		1,903,651

	Principal Amount		Value
Consumer, Cyclical - 0.2%
Hilton Worldwide Finance LLC Term B-2 3.374% (USD LIBOR + 1.750%) due 06/21/26 §		$2,000,000		$1,920,500
Consumer, Non-Cyclical - 0.3%
United Rentals North America Inc Term B 3.416% (USD LIBOR + 1.750%) due 10/31/25 §		1,989,664		1,991,085
Total Senior Loan Notes (Cost $5,935,368)				5,815,236
ASSET-BACKED SECURITIES - 4.6%
AmeriCredit Automobile Receivables Trust 0.280% due 06/18/24		250,796		250,524
CarMax Auto Owner Trust 0.220% due 02/15/24		113,350		113,261
Ford Credit Auto Owner Trust 3.440% due 02/15/25		1,750,000		1,749,989
GM Financial Consumer Automobile Receivables Trust 0.230% due 11/16/23		2,743		2,741
Magnetite Ltd (Cayman)
1.844% (USD LIBOR + 0.800%) due 01/18/28 ~ §		10,779,638		10,674,734
2.024% (USD LIBOR + 0.980%) due 04/15/31 ~ §		1,665,000		1,644,282
Palmer Square Loan Funding Ltd (Cayman)
1.284% (SOFR + 1.050%) due 04/15/30 ~ §		9,500,000		9,391,450
1.863% (USD LIBOR + 0.800%) due 07/20/29 ~ §		7,290,724		7,199,590
2.278% (USD LIBOR + 0.800%) due 02/20/28 ~ §		2,440,848		2,426,522
2.524% (USD LIBOR + 1.000%) due 11/25/28 ~ §		725,863		722,174
Santander Drive Auto Receivables Trust 0.370% due 08/15/24		3,105,090		3,098,351
Stratus CLO Ltd (Cayman) 1.863% (USD LIBOR + 0.800%) due 12/29/29 ~ §		973,666		961,704
Total Asset-Backed Securities (Cost $38,598,867)				38,235,322
U.S. TREASURY OBLIGATIONS - 29.1%
U.S. Treasury Notes - 29.1%
0.125% due 09/30/22		30,000,000		29,875,502
0.125% due 11/30/22 ‡		87,000,000		86,203,140
0.125% due 02/28/23 ‡		10,000,000		9,830,401
0.500% due 03/15/23		5,000,000		4,922,437
1.375% due 10/15/22		25,000,000		24,949,692
1.500% due 01/15/23 ‡		30,000,000		29,813,292
1.750% due 07/15/22		10,000,000		10,002,077
1.750% due 06/30/24 ‡		10,000,000		9,761,719

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

	Principal Amount		Value
1.750% due 07/31/24 ‡		$10,000,000		$9,751,172
2.000% due 07/31/22		10,000,000		10,007,058
2.625% due 02/28/23		2,100,000		2,098,921
2.750% due 05/15/25		2,500,000		2,481,055
2.875% due 06/15/25		11,000,000		10,957,031
Total U.S. Treasury Obligations (Cost $242,515,233)				240,653,497
	Shares
SHORT-TERM INVESTMENTS - 13.6%
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		11,558,890		11,558,890
	Principal Amount
U.S. Treasury Bills - 12.2%
1.055% due 07/28/22		$25,000,000		24,979,891
1.591% due 09/15/22 ‡		22,000,000		21,926,850
1.656% due 09/29/22 ‡		54,500,000		54,277,231
				101,183,972
Total Short-Term Investments (Cost $112,873,601)				112,742,862
TOTAL INVESTMENTS - 113.9% (Cost $968,158,947)				943,007,785
DERIVATIVES - (13.7%)				(113,756,794	)
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,591,810	)
NET ASSETS - 100.0%				$827,659,181

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

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Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a) Swap agreements outstanding as of June 30, 2022 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)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.020%	Z		CIT		09/15/22		$16,452,647		($3,358,062	)		$—		($3,358,062	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.400%	Z		CIT		09/15/22		83,546,714		(13,595,232	)		—		(13,595,232	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.330%	Z		CIT		09/15/22		10,127,554		(2,713,080	)		—		(2,713,080	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.350%	Z		CIT		09/15/22		91,544,568		(10,554,143	)		—		(10,554,143	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.470%	Z		SGN		09/15/22		97,531,801		(8,126,258	)		—		(8,126,258	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.410%	Z		CIT		11/18/22		31,658,636		(6,762,456	)		—		(6,762,456	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.430%	Z		CIT		11/18/22		115,781,392		(9,445,497	)		—		(9,445,497	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.300%	Z		CIT		11/18/22		52,656,949		(16,240,226	)		—		(16,240,226	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.010%	Z		JPM		11/18/22		56,169,131		(9,857,360	)		—		(9,857,360	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.380%	Z		BOA		03/28/23		76,833,921		(14,959,101	)		—		(14,959,101	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%	Z		CIT		03/28/23		46,475,970		(5,382,793	)		—		(5,382,793	)
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.070%	Z		JPM		03/28/23		48,829,835		(6,569,879	)		—		(6,569,879	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%	Z		SGN		03/28/23		8,354,435		(1,708,697	)		—		(1,708,697	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%	Z		SGN		03/28/23		42,416,146		(6,933,473	)		—		(6,933,473	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%	Z		SGN		03/28/23		49,515,270		(4,135,991	)		—		(4,135,991	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%	Z		SGN		03/28/23		5,139,668		(1,384,446	)		—		(1,384,446	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.320%	Z		BOA		06/23/23		35,777,733		78,779			—		78,779
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%	Z		BRC		06/23/23		8,800,107		(4,076	)		—		(4,076	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.300%	Z		BRC		06/23/23		61,123,408		1,491,139			—		1,491,139
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.160%	Z		SGN		06/23/23		29,309,215		658,541			—		658,541
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.190%	Z		SGN		06/23/23		15,179,515		(187,835	)		—		(187,835	)
											($119,690,146	)		$—		($119,690,146	)

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		$1,789,362			$—		$1,789,362
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.250%		Z		CIT		03/28/23		3,633,841		755,920			—		755,920
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.280%		Z		CIT		03/28/23		8,453,749		1,194,492			—		1,194,492
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.390%		Z		SGN		03/28/23		18,401,777		2,193,578			—		2,193,578
												$5,933,352			$—		$5,933,352
Total Swap Agreements												($113,756,794	)		$—		($113,756,794	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

133

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

June 30, 2022 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2022:

		Total Value at June 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$545,560,868			$—		$545,560,868			$—
	Senior Loan Notes		5,815,236			—		5,815,236			—
	Asset-Backed Securities		38,235,322			—		38,235,322			—
	U.S. Treasury Obligations		240,653,497			—		240,653,497			—
	Short-Term Investments		112,742,862			11,558,890		101,183,972			—
	Derivatives:
	Equity Contracts
	Swaps		8,161,811			—		8,161,811			—
	Total Assets - Derivatives		8,161,811			—		8,161,811			—
	Total Assets		951,169,596			11,558,890		939,610,706			—
Liabilities	Derivatives:
	Equity Contracts
	Swaps		(121,918,605	)		—		(121,918,605	)		—
	Total Liabilities		(121,918,605	)		—		(121,918,605	)		—
	Total		$829,250,991			$11,558,890		$817,692,101			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

134

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Consumer, Cyclical - 2.6%
DR Horton Inc		4,918		$325,523
Marriott Vacations Worldwide Corp		6,417		745,655
Travel + Leisure Co		10,021		389,015
				1,460,193
Financial - 96.6%
Agree Realty Corp REIT		12,475		899,822
Alexandria Real Estate Equities Inc REIT		14,386		2,086,402
American Assets Trust Inc REIT		5,975		177,458
American Homes 4 Rent ‘A’ REIT		60,420		2,141,285
American Tower Corp REIT		7,824		1,999,736
Apartment Income REIT Corp		27,612		1,148,659
Apple Hospitality REIT Inc		31,873		467,577
AvalonBay Communities Inc REIT		15,624		3,034,962
Brandywine Realty Trust REIT		9,849		94,944
Broadstone Net Lease Inc REIT		43,307		888,227
Cousins Properties Inc REIT		31,570		922,791
CubeSmart REIT		36,065		1,540,697
DiamondRock Hospitality Co REIT *		54,042		443,685
Digital Realty Trust Inc REIT		3,989		517,892
Equinix Inc REIT		4,847		3,184,576
Equity LifeStyle Properties Inc REIT		20,522		1,446,185
Equity Residential REIT		5,610		405,154
Essex Property Trust Inc REIT		9,445		2,469,962
Extra Space Storage Inc REIT		15,165		2,579,870
First Industrial Realty Trust Inc REIT		28,170		1,337,512
Healthcare Realty Trust Inc REIT		10,166		276,515
Healthcare Trust of America Inc ‘A’ REIT		17,422		486,248
InvenTrust Properties Corp REIT		12,004		309,583
Invitation Homes Inc REIT		67,098		2,387,347
Kilroy Realty Corp REIT		21,658		1,133,363
Medical Properties Trust Inc REIT		53,872		822,625
NETSTREIT Corp REIT		13,714		258,783
Park Hotels & Resorts Inc REIT		22,208		301,363
Prologis Inc REIT		32,110		3,777,741
PS Business Parks Inc REIT		1,670		312,540
Public Storage REIT		4,471		1,397,948
Regency Centers Corp REIT		28,038		1,662,934
Rexford Industrial Realty Inc REIT		23,493		1,352,962
Sabra Health Care REIT Inc		60,923		851,094
Simon Property Group Inc REIT		6,257		593,914
STORE Capital Corp REIT		40,926		1,067,350
Sun Communities Inc REIT		15,359		2,447,610
Terreno Realty Corp REIT		19,750		1,100,667
Ventas Inc REIT		55,657		2,862,440
VICI Properties Inc REIT		88,351		2,631,990
Welltower Inc REIT		11,234		925,120
				54,747,533
Total Common Stocks (Cost $55,328,715)				56,207,726

	Shares		Value
SHORT-TERM INVESTMENT - 0.5%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.330%		273,519		$273,519
Total Short-Term Investment (Cost $273,519)				273,519
TOTAL INVESTMENTS - 99.7% (Cost $55,602,234)				56,481,245
OTHER ASSETS & LIABILITIES, NET - 0.3%				158,428
NET ASSETS - 100.0%				$56,639,673

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

135

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments (Continued)

June 30, 2022 (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 June 30, 2022:

		Total Value at June 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$56,207,726		$56,207,726		$—		$—
	Short-Term Investment		273,519		273,519		—		—
	Total		$56,481,245		$56,481,245		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 137 and 138

136

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

June 30, 2022 (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 June 30, 2022. 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 June 30, 2022.
∞	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 June 30, 2022. The interest rate for fully unfunded terms loans is to be determined.
Y	Issuer filed bankruptcy and/or is in default as of June 30, 2022.
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.
◇	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
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:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Renminbi Offshore (Hong Kong)
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
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
L	Lunar
Q	Quarterly
S	Semiannual
Z	At Maturity
Reference Rate Abbreviations:
AUD Bank Bill	Australian Dollar Bank Bill Rate
COFI	Cost of Funds Index
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
US Treasury	United States Treasury Rate
Other Abbreviations:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
NVDR	Non-Voting Depositary Receipt
PIK	Payment In Kind
REIT	Real Estate Investment Trust

See Supplemental Notes to Schedules of Investments

137

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

June 30, 2022 (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

138

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS

June 30, 2022 (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.

139

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

June 30, 2022 (Unaudited)

Municipal Bonds

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

Foreign Government Bonds and Notes

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

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

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

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

Futures Contracts

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

Option Contracts

Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker- dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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.

140

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

June 30, 2022 (Unaudited)

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended June 30, 2022, are summarized in the following table:

Fund	Unfunded Loan Commitments		Value		Net Unrealized Appreciation (Depreciation)
Pacific Funds Short Duration Income		$72,464		$66,884		($5,580	)
Pacific Funds Core Income		181,159		167,210		(13,949	)
Pacific Funds Strategic Income		213,687		201,489		(12,198	)
Pacific Funds Floating Rate Income		17,346,767		16,446,843		(899,924	)

3. INVESTMENTS IN AFFILIATED FUNDS

A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended June 30, 2022 is as follows:

Fund/Underlying Fund	Beginning Value as of April 1, 2022		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2022
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$6,299,606		$5,463		$40,887		$457,915		($61,314	)		($371,435	)		$5,455,292		561,822
Pacific Funds Floating Rate Income		10,260,383		2,895,407		122,149		807,335		(1,332	)		(635,392	)		11,833,880		1,300,426
Pacific Funds High Income		24,931,159		21,460		303,962		1,798,938		(107,817	)		(2,603,387	)		20,746,439		2,401,208
PF Inflation Managed		12,218,803		10,730		—		899,469		63,720			(809,518	)		10,584,266		1,138,093
PF Managed Bond		77,794,250		67,696		—		5,674,834		(933,619	)		(4,166,994	)		67,086,499		7,084,108
PF Short Duration Bond		25,854,179		2,996,813		—		1,918,483		(62,840	)		(285,233	)		26,584,436		2,774,993
PF Emerging Markets Debt		10,359,165		8,779		—		735,930		(108,206	)		(973,546	)		8,550,262		1,239,168
PF Growth		456,194		390		—		32,708		1,891			(87,949	)		337,818		14,418
PF Large-Cap Value		5,452,948		4,682		—		392,490		(22,000	)		(656,433	)		4,386,707		403,190
PF Small-Cap Value		4,421,095		3,902		—		1,305,948		(114,495	)		(519,188	)		2,485,366		298,006
PF Emerging Markets		3,389,425		2,927		—		1,232,473		(207,208	)		(147,363	)		1,805,308		201,936
PF International Growth		1,006,640		878		—		914,509		(102,197	)		9,188			—		—
PF International Small-Cap		3,390,322		2,926		—		2,203,038		(270,288	)		(93,172	)		826,750		116,117
PF International Value		2,270,960		1,951		—		163,543		(4,873	)		(203,010	)		1,901,485		249,539
PF Multi-Asset		34,241,440		29,166		—		3,126,518		(645,068	)		(5,128,649	)		25,370,371		3,277,826
PF Real Estate		3,454,301		1,014,613		—		269,827		(14,632	)		(560,085	)		3,624,370		258,330
		$225,800,870		$7,067,783		$466,998		$21,933,958		($2,590,278	)		($17,232,166	)		$191,579,249
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$7,778,592		$9,835		$51,745		$370,432		($46,346	)		($494,755	)		$6,928,639		713,557
Pacific Funds Floating Rate Income		9,095,148		4,078,297		117,319		504,059		(3,382	)		(604,910	)		12,178,413		1,338,287
Pacific Funds High Income		22,604,630		28,370		282,336		1,068,552		(83,816	)		(2,419,442	)		19,343,526		2,238,834
PF Inflation Managed		8,862,145		11,349		—		427,420		(21,479	)		(527,470	)		7,897,125		849,153
PF Managed Bond		95,098,759		120,669		—		4,544,938		(768,332	)		(5,517,313	)		84,388,845		8,911,177
PF Short Duration Bond		13,452,807		6,659,200		—		698,683		(11,841	)		(150,260	)		19,251,223		2,009,522
PF Emerging Markets Debt		7,653,649		9,457		—		356,183		(63,302	)		(751,480	)		6,492,141		940,890
PF Growth		6,521,886		8,133		—		306,317		(19,145	)		(1,234,353	)		4,970,204		212,130
PF Large-Cap Value		16,165,233		20,237		—		762,235		(37,885	)		(2,019,027	)		13,366,323		1,228,522
PF Small-Cap Growth		2,961,637		3,783		—		142,475		(58,010	)		(486,129	)		2,278,806		177,201
PF Small-Cap Value		5,878,503		7,057		—		1,601,369		300,764			(1,163,484	)		3,421,471		410,248
PF Emerging Markets		7,512,489		8,439		—		3,002,198		(354,265	)		(445,983	)		3,718,482		415,938
PF International Growth		2,379,798		2,517		—		1,443,575		(763,682	)		505,234			680,292		119,981
PF International Small-Cap		6,011,349		6,039		—		4,234,202		(1,017,130	)		371,898			1,137,954		159,825
PF International Value		8,456,372		10,592		—		398,931		(14,069	)		(775,762	)		7,278,202		955,145
PF Multi-Asset		76,050,439		93,172		—		4,213,830		(907,354	)		(12,137,953	)		58,884,474		7,607,813
PF Real Estate		4,593,986		1361268		—		239,201		(19,479	)		(762,932	)		4,933,642		351,650
		$301,077,422		$12,438,414		$451,400		$24,314,600		($3,888,753	)		($28,614,121	)		$257,149,762
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$15,115,777		$1,283		$100,617		$692,389		($95,357	)		($956,567	)		$13,473,364		1,387,576
Pacific Funds Floating Rate Income		19,768,265		17,422,964		296,834		1,258,828		(98,793	)		(1,404,509	)		34,725,933		3,816,037
Pacific Funds High Income		49,121,354		4,140		613,967		2,233,502		(226,328	)		(5,215,329	)		42,064,302		4,868,553
PF Inflation Managed		19,258,639		1,656		—		893,387		(44,709	)		(1,148,447	)		17,173,752		1,846,640
PF Managed Bond		184,148,179		15,693		—		8,464,948		(1,346,782	)		(10,827,450	)		163,524,692		17,267,655
PF Short Duration Bond		29,234,332		25,647,169		—		1,549,933		(50,623	)		(255,251	)		53,025,694		5,535,041
PF Emerging Markets Debt		14,968,265		1,242		—		670,047		(68,596	)		(1,525,591	)		12,705,273		1,841,344
PF Growth		64,762,868		5,425		—		11,404,145		(2,821,079	)		(9,661,982	)		40,881,087		1,744,818
PF Large-Cap Value		67,955,865		5,714		—		3,082,229		(229,252	)		(8,415,044	)		56,235,054		5,168,663
PF Small-Cap Growth		14,480,701		1,242		—		670,048		(270,032	)		(2,388,213	)		11,153,650		867,313
PF Small-Cap Value		33,533,761		2,898		—		5,802,572		(511,666	)		(4,498,967	)		22,723,454		2,724,635
PF Emerging Markets		24,487,133		2,071		—		9,619,856		(638,098	)		(1,965,344	)		12,265,906		1,372,025
PF International Growth		8,726,755		746		—		4,665,991		(3,158,765	)		2,182,841			3,085,586		544,195
PF International Small-Cap		19,594,384		1,656		—		9,371,666		(1,372,168	)		(857,144	)		7,995,062		1,122,902
PF International Value		23,625,704		1,987		—		1,072,080		(35,840	)		(2,169,704	)		20,350,067		2,670,612
PF Multi-Asset		375,111,682		31,261		—		19,467,994		(4,204,826	)		(60,182,757	)		291,287,366		37,634,027
PF Real Estate		19,965,253		4,356,992		—		984,751		(79,014	)		(3,250,978	)		20,007,502		1,426,051
		$983,858,917		$47,504,139		$1,011,418		$81,904,366		($15,251,928	)		($112,540,436	)		$822,677,744

141

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

June 30, 2022 (Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2022		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2022
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,688,418		$3,796		$38,284		$195,830		($26,936	)		($371,786	)		$5,135,946		528,934
Pacific Funds Floating Rate Income		12,346,693		14,475,127		204,081		676,371		(15,820	)		(1,007,959	)		25,325,751		2,783,050
Pacific Funds High Income		32,745,799		21,694		413,710		1,119,055		(97,065	)		(3,563,048	)		28,402,035		3,287,273
PF Inflation Managed		4,011,991		2,711		—		139,861		(7,451	)		(243,153	)		3,624,237		389,703
PF Managed Bond		67,209,713		45,016		—		2,322,042		(429,929	)		(4,037,103	)		60,465,655		6,384,969
PF Short Duration Bond		4,060,094		24,908,926		—		337,307		(7,303	)		53,623			28,678,033		2,993,532
PF Emerging Markets Debt		8,315,190		5,424		—		279,771		14,998			(909,384	)		7,146,457		1,035,718
PF Growth		56,026,177		36,881		—		8,962,044		(1,137,457	)		(9,738,236	)		36,225,321		1,546,108
PF Large-Cap Value		55,395,982		7,270,117		—		2,016,764		(95,031	)		(7,426,945	)		53,127,359		4,883,029
PF Small-Cap Growth		20,111,409		13,559		—		699,410		(293,245	)		(3,427,662	)		15,704,651		1,221,201
PF Small-Cap Value		31,936,057		21,694		—		8,178,707		173,796			(4,902,690	)		19,050,150		2,284,191
PF Emerging Markets		36,728,940		24,406		—		11,893,907		(3,818,469	)		(114,587	)		20,926,383		2,340,759
PF International Growth		13,736,057		9,220		—		4,028,167		(1,466,508	)		(238,381	)		8,012,221		1,413,090
PF International Small-Cap		20,409,833		13,559		—		7,759,060		(1,921,634	)		(473,703	)		10,268,995		1,442,275
PF International Value		30,350,907		20,067		—		1,035,123		(37,557	)		(2,820,760	)		26,477,534		3,474,742
PF Multi-Asset		397,857,293		260,605		—		15,418,753		(3,413,718	)		(65,306,501	)		313,978,926		40,565,753
PF Real Estate		24,955,600		16,271		—		839,293		(75,703	)		(3,873,516	)		20,183,359		1,438,586
		$821,886,153		$47,149,073		$656,075		$65,901,465		($12,655,032	)		($108,401,791	)		$682,733,013
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Floating Rate Income		$1,588,599		$4,158,512		$37,563		$78,579		($1,761	)		($179,619	)		$5,524,715		607,111
Pacific Funds High Income		4,739,958		15,187		60,342		113,762		(8,703	)		(523,922	)		4,169,100		482,535
PF Short Duration Bond		—		4,102,156		—		17,816		37			17,116			4,101,493		428,131
PF Emerging Markets Debt		1,604,775		5,062		—		37,922		(6,096	)		(167,696	)		1,398,123		202,626
PF Growth		30,847,662		96,592		—		3,456,952		(1,041,288	)		(4,959,271	)		21,486,743		917,061
PF Large-Cap Value		19,164,757		61,253		—		458,846		(35,680	)		(2,436,293	)		16,295,191		1,497,720
PF Small-Cap Growth		12,420,775		40,497		—		303,371		(122,030	)		(2,184,091	)		9,851,780		766,079
PF Small-Cap Value		21,573,238		70,064		—		1,891,536		(125,415	)		(3,182,156	)		16,444,195		1,971,726
PF Emerging Markets		15,752,215		47,748		—		3,118,202		(1,255,231	)		(440,785	)		10,985,745		1,228,831
PF International Growth		10,292,256		31,973		—		1,619,776		(1,085,561	)		(260,423	)		7,358,469		1,297,790
PF International Small-Cap		9,453,656		30,373		—		227,526		(116,706	)		(1,094,448	)		8,045,349		1,129,965
PF International Value		12,031,617		38,472		—		288,200		(10,242	)		(1,131,441	)		10,640,206		1,396,353
PF Multi-Asset		171,234,306		540,298		—		4,052,793		(877,883	)		(28,877,062	)		137,966,866		17,825,176
PF Real Estate		6,421,493		2,789,217		—		178,790		(15,682	)		(1,132,071	)		7,884,167		561,951
		$317,125,307		$12,027,404		$97,905		$15,844,071		($4,702,241	)		($46,552,162	)		$262,152,142

(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 June 30, 2022, 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	75.13%
Pacific Funds Small-Cap Value	42.29%
Pacific Funds ESG Core Bond	88.89%

142